Evercore ISI Sales and Research Disclaimer for the United Kingdom

General

Important Notice. This material is provided for information purposes only and is not intended as a recommendation or an offer or solicitation for the purchase or sale of any security, nor is Evercore ISI soliciting any action by any person based on this material. Within the UK, this report is being directed at or distributed to, (a) persons who fall within the definition of Investment Professionals (set out in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”)); (b) persons falling within the definition of high net worth companies, unincorporated associations, etc. (set out in Article 49(2) of the Order); (c) other persons to whom it may otherwise lawfully be communicated (all such persons together being referred to as “relevant persons”). This report must not be acted on or relied on by persons who are not relevant persons.

The professionals who prepared this material along with salespeople, traders and other Evercore ISI professionals may provide oral or written market commentary, trading strategies and other material to our clients that reflect observations and views that are contrary to those expressed herein or in the opinions expressed in research notes and reports issued by Evercore ISI research analysts. The author of this material may have discussed the information contained herein with others within or outside Evercore ISI and the author and/or such other Evercore ISI personnel may have already acted on the basis of this information (including by communicating the information contained herein to other customers of Evercore ISI). Evercore ISI personnel (including those with whom the author may have consulted in the preparation of this material), and other customers of Evercore ISI may be long or short the financial instruments or other products referred to in this material, may have acquired such positions at prices and market conditions that are no longer available, and may have interests different from or adverse to your interests.

The observations and views expressed herein have been prepared by the individual author and, unless otherwise specifically stated, are solely those of the individual author. The information contained herein is current as of the date appearing on this material and Evercore ISI does not undertake any obligation to update such information. Information presented herein has been obtained or derived from sources believed by Evercore ISI to be reliable, but Evercore ISI makes no representation as to its accuracy or completeness. Any discussions of past performance should not be taken as an indication of future results, and no representation is made regarding future results. No part of this material may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without the prior written consent of Evercore ISI.

Evercore ISI shall not be deemed to have received any order from a customer to purchase or sell any security that is sent electronically (including through any fixed connection or electronic mail or otherwise) until receipt of the order is acknowledged by Evercore ISI personnel.

Email communications may contain viruses or other defects, and Evercore ISI does not accept liability for any such virus or defect, nor does Evercore ISI warrant that email communications are virus or defect free.

Privacy and Data Protection

Evercore ISI handles your personal information in accordance with its privacy notice which can be found here https://www.evercore.com/global-privacy-notice/

European Investment Recommendation Disclosures

The contents of this email may amount to an “investment recommendation”, as defined by the Market Abuse Regulation EU No 596/2014 (“MAR”). Please therefore be aware of the important disclosures outlined below.

This communication was completed and first disseminated at the date and time included in the email/chat. However, it is possible that a dissemination has taken place at an earlier date. Please contact us for further information on dissemination times.

This is a marketing communication and the views expressed herein only represent the views of the author(s) of this communication. Information on the author(s)’s name and job title is included in the communication. The views may differ from the views of another individual of Evercore ISI International Limited, and do not necessarily correspond to, and may differ from, the views of Evercore ISI International Limited.

This marketing communication has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Moreover, the communication is not subject to any prohibition on dealing ahead of dissemination.

Unless otherwise indicated, the information in this communication was based on the author’s own view which is based on information available in the market. Not all sources of information used in this communication may be reliable and any doubt as to reliability of a particular source is clearly indicated.

This communication may be a short term recommendation and, therefore, may not have been based on a substantive analysis of the relevant issuer or financial instrument but on market movements or other temporary factors. In such circumstances, no special methodology for valuation of the company of financial instrument has been applied, and this is why a price target may not have been set. However, if a valuation methodology has been applied to evaluate the financial instrument or issuer referred to in this communication or to set a price target for a financial instrument, a summary of the basis of such valuation, methodology or underlying assumptions and any changes in such valuation, methodology or underlying assumptions are contained within the body of the communication. The relevant date and time for any price of financial instruments referenced in this communication are as at the date of dissemination, unless otherwise indicated.

As this communication is based on market information it must be understood as being a temporary and short term recommendation which only relates to the time period immediately following the time after the communication was sent, unless otherwise stated. This is especially the case where the communication implies a recommendation to buy, sell or hold financial securities. A recommendation to “buy”, “sell” or “hold” is defined by Evercore ISI International Limited to mean:

Buy – the total forecasted return is expected to be greater than 10%
Hold – the total forecasted return is expected to be greater than or equal to 0% and less than or equal to 10%
Sell – the total forecasted return is expected to be less than 0%

All statements and opinions contained in this communication are made as at the date and time of its dissemination and are not held out as being applicable at any point thereafter. This communication will not be updated after its dissemination. It will be made clear if, for whatever reason, an update is made. Please note that any updates will be occasional only.

Please note that several recommendations may have been made in the last 12 months by the same author regarding the same issuer or the same financial instrument and that this communication may provide different views from previous recommendations made. Information and details regarding previous recommendations in relation to the financial instruments or issuer referred to in this communication can be made available by writing to Evercore ISI International Limited, Attn. Legal & Compliance, 15 Stanhope Gate, London, W1K 1LN.

A summary of the general approach taken by Evercore ISI International Limited in relation to conflicts of interest, including procedures in place to identify, manage and control conflicts of interest, is available by writing to Evercore ISI International Limited , Attn. Legal & Compliance, 15 Stanhope Gate, London, W1K 1LN.

The person(s) responsible for the production of this communication declare(s) that, as far as they are aware, there are no relationships or circumstances (including conflicts of interest) that may in any way impair the objectivity of this recommendation. This statement applies equally to any persons closely associated with him or her. However, it is possible that persons making communications in relation to a financial instrument may have a holding in that instrument. As stated Evercore ISI International Limited, however, has controls in place to manage the risks related to such.

Evercore ISI International Limited may at any time have a long or short position in the company/companies mentioned in this communication. Evercore ISI International Limited does not hold a long or short position exceeding 0.5% of the total issued share capital of the issuer.

Evercore ISI International Limited including group companies: (i) may have managed or co-managed a public offering for the issuer in the past 12 months, (ii) may be party to an agreement with the issuer that is the subject of this communication relating to the provision of services of investment firms, and (iii) may be party to an agreement with the issuer that is the subject of this communication relating to the production of this communication. Information relating to this is available by writing to Evercore ISI International Limited, Attn. Legal & Compliance, 15 Stanhope Gate, London, W1K 1LN.

Further detail in relation to relationships with issuers that Evercore ISI International Limited (including group companies) have is available by writing to Evercore ISI International Limited, Attn. Legal & Compliance, 15 Stanhope Gate, London, W1K 1LN.