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Notice to US Investors:

Rule 15a6 Disclosure
This Report was prepared, approved, published, and distributed by Avior Capital Markets (Pty) Limited (“Avior” or the “Foreign Counterparty“), which is located outside of the United States (together “Foreign Counterparty“). Avior Capital Markets US LLC (“Avior US“), a US registered broker-dealer, distributes this Report in the US on behalf of the Foreign Counterparty. Only major U.S. institutional investors (as defined in Rule 15a-6 under the US Securities Exchange Act of 1934 (the “Exchange Act“) may receive this Report under the exemption in Rule 15a-6. A US institutional investor must effect any transaction in the securities described in this Report through Avior US.

Neither the Report nor any analyst who prepared or approved the Report is subject to US legal requirements or the Financial Industry Regulatory Authority, Inc. (“FINRA“) or other US regulatory requirements concerning research reports or research analysts. The Foreign Counterparty is not a registered broker-dealer under the Exchange Act nor is it a member of the Financial Industry Regulatory Authority, Inc., or any other US self-regulatory organisation.

Analyst Certification
In connection with the companies or securities that; each analyst identified in this Report certifies that:

The views expressed on the subject companies and securities in this Report reflect their personal views

No part of his or her compensation was, is or will be directly or indirectly dependent on the specific recommendations or views expressed in this Report.

Note that:
(i) The Foreign Counterparty is the employer of the research analyst(s) responsible for the content of this Report, and
(ii) Research analysts preparing this Report are resident outside the United States and are not associated persons of any US regulated broker-dealer. Therefore, the analyst(s) are not subject to supervision by a US broker-dealer and are not required to satisfy the regulatory licensing requirements of FINRA or required to otherwise comply with US rules or regulations regarding, among other things, communications with a subject company, public appearances and trading securities held by a research analyst account.

Important US Regulatory Disclosures on Subject Companies
Analysts of the Foreign Counterparty produced this material solely for informational purposes and the use of the intended recipient. No person may reproduce, this Report under any circumstances. No person may copy or make this Report available to any other person other than the intended recipient.

Avior US distributes this Report in the United States of America. The Foreign Counterparty distributes this Report elsewhere in the world. This document is not an offer, or invitation by or on behalf of Avior US, the Foreign Counterparty, their affiliates, or any other person, to buy or sell any security.

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Neither Avior US nor the Foreign Counterparty has managed or co-managed a public offering of securities for the subject company in the past 12 months, have not received compensation for investment banking services from the subject company in the past 12 months and do not expect to receive and does not intend to seek compensation for investment banking services from the subject company in the next three months. Avior US and the Foreign Counterparty have not owned any class of equity securities of the subject company. There are no other actual, material conflicts of interest of Avior US and the Foreign Counterparty at the time of the publication of this Report. As of the publication of this Report, Avior US nor the Foreign Counterparty makes a market in the subject securities.

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Notice to UK Investors:

This Report, prepared by Avior, is distributed in the United Kingdom (“UK“) by Avior Capital Markets International Limited (“Avior UK“), regulated by the Financial Conduct Authority (FRN: 191074), on behalf of the Foreign Counterparty. This Report, including any recommendations in respect thereof, may only be distributed to, and relied on by, qualifying investors, who are permitted to receive same in the UK.

Securities, money market instruments, strategies, financial or investment instruments mentioned herein may not be suitable for all investors. The information and opinions provided in this Report do not constitute a personal recommendation and take no account of the investor’s individual circumstances. Investors should consider this Report as only a single factor in making any investment decisions and, if appropriate, should seek advice from an investment advisor. This Report is not an offer, or invitation by or on behalf of Avior UK, the Foreign Counterparty, their affiliates, or any other person, to buy or sell any security.

Avior UK does not assume any responsibility, or liability of any nature whatsoever, arising from or in connection with the content, use, reliance or dissemination of the Report or any recommendation in respect thereof and disclaims any such liability.

Avior Capital Markets US LLC is a FINRA registered broker-dealer (CRD # 172595) formed for that purpose in the State of Delaware with its principal office at 630 Fifth Avenue, 45 Rockefeller Plaza Suite 2335, New York, New York, 10111

Avior Capital Markets (Pty) Ltd is a registered South African company (Reg No. 2007/01723607), and its registered address is Ground Floor, 90 Rivonia Road, Sandhurst, Sandton, 2916. Avior Capital Markets (Pty) Ltd is a Regulated member of the Johannesburg Stock Exchange (JSE).

Avior Capital Derivatives and Fixed Income (Pty) Ltd is a registered South African company (Reg No. 2005/006914/07), and its registered address is 10th Floor, 117 on Strand, 117 Strand Street, Cape Town, 8001. Avior Capital Derivatives and Fixed Income (Pty) Ltd is a Regulated member of the JSE, The Cape Town Stock Exchange (CTSE) and Authorised Financial Services Provider (FSP 54596).

Avior Capital Markets International Limited is a Scotland Registered Company (Co. Reg. SC194085). Its registered address is 10 South Street, Elgin, Scotland IV30 1LE. Avior Capital Markets International Limited in the UK, who are authorised and regulated by the Financial Conduct Authority.