AP Disclaimer

This message has been prepared by personnel of BTIG Asia (“BTIG”) for BTIG’s Institutional Clients only. It is not a research report and is not intended as such.

Non-Reliance and Risk Disclosure: The information contained herein has been gathered from multiple sources and is believed to be reliable. However, BTIG has not independently verified the accuracy of the content and does not make any representations as to the accuracy or completeness of this information. This material should not be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. We are not soliciting any action based on this material. It is for the general information of our clients. It does not constitute a recommendation or take into account the particular investment objectives, financial conditions, or needs of individual clients. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. The price and value of the investments referred to in this material and the income from them may go down as well as up, and investors may realize losses on any investments. Past performance is not a guide to future performance. Future returns are not guaranteed, and a loss of original capital may occur. We do not provide tax, accounting, or legal advice to our clients, and all investors are advised to consult with their tax, accounting, or legal advisers regarding any potential investment. Foreign-currency-denominated securities are subject to fluctuations in exchange rates that could have an adverse effect on the value or price of, or income derived from, the investment. In addition, investors in securities such as ADRs, the values of which are influenced by foreign currencies, effectively assume currency risk. BTIG does not engage in investment banking or market making, and does not receive compensation from any public companies for such activities. BTIG does not produce, author, or create any equity research products of its own for customers.

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