SMBC Nikko Securities (Hong Kong) Limited

Disclaimer for Investment Recommendations

Any publication which originates from the Fixed Income Sales and Trading Department or Equity Department of SMBC Nikko Securities (Hong Kong) Limited (which is a licensed corporation with the Securities and Futures Commission of Hong Kong. “SMBC Nikko HK”) is not prepared by SMBC Nikko HK. Such publication does not constitute “investment research”, as such term is defined under the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission and should not be construed as such. SMBC Nikko HK may conduct certain businesses involving our Affiliates. “Affiliate” shall mean any entity that directly or indirectly controls, is controlled by or is under common control with SMBC Nikko HK, which includes our ultimate holding company (Sumitomo Mitsui Financial Group, Inc.) and all its subsidiaries and affiliates, including but not limited to our parent company (SMBC Nikko Securities Inc.), SMBC Nikko Securities America, Inc., SMBC Nikko Capital Markets Limited, Sumitomo Mitsui Banking Corporation, SMBC Bank EU AG, SMBC Nikko Securities (Singapore) Pte. Ltd., and where applicable, their respective successors and assigns. From time to time, we may distribute investment recommendations prepared or published by an Affiliate. Therefore, please refer to relevant disclaimers set out in such investment recommendations and/or the website(s) of such applicable Affiliate. To the extent applicable and permitted, such disclaimers of investment recommendations shall be incorporated by reference herein, including disclaimers of SMBC Nikko Capital Market Limited at https://www.smbcgroup.com/emea/legal/.

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