Market Abuse Regulation
Investment Recommendation Disclosures

This disclosure has been prepared by Commerzbank Aktiengesellschaft (“Commerzbank”). This disclosure is being provided because the content of this communication may contain an Investment Recommendation as defined by the market Abuse Regulation EU No 596/2014 (“MAR”).

No action is required by you in relation to these disclosures.

Unless otherwise stated, this communication and the views expressed therein are of the individual only and may differ from the opinions expressed by other Commerzbank departments. Further information regarding the author of an Investment Recommendation is available on request.

Any statements or opinions contained in this communication are made as at the date and time of dissemination only and there is no intention to update this communication in the future.

All sources of information in this communication are reliable, but where there is any doubt as to the reliability of a particular source, this is clearly indicated.

A summary of the basis of any valuation or methodology and the underlying assumptions used in making an Investment Recommendation can be made available on request.

Where the communication includes or implies a recommendation to “buy” this is a recommendation to initiate a “long” exposure in a particular issuer or financial instrument and where the communication includes or implies a recommendation to “sell” this is a recommendation to initiating a “short” exposure in a particular issuer or financial instrument.

Recommendations may differ over time, and this communication may therefore provide views which differ from previous recommendations made by the same individual in respect of the same issuer or financial instrument during the last 12 months. Please refer to the following link to view information and details regarding previous recommendations in relation to the issuer or financial instruments mentioned in this communication.

Unless stated otherwise, the person or persons responsible for the production of this communication is not aware of any conflicts of interest that may impact the objectivity of this Investment Recommendation. It is possible that the responsible person or persons may have a holding in the financial instrument referred to in this communication.

Commerzbank and its affiliates may have material interests that conflict with the interests of the recipient of this Investment Recommendation. For example they may be dealing as a principal in the financial instrument or issuer mentioned in the Investment Recommendation and may have a long or short position in connection with such dealing. Commerzbank has systems and controls in place for the identification, avoidance, management and disclosure (as appropriate) of conflicts of interest that may arise in the preparation and provision of investment recommendations.