CMS (HK) Research Highlights

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1 Jun 13, 2014 (Friday) 晨会报告 CMS (HK) Research Highlights 2H14 Oil & Gas Industry Outlook Key Points of View for 2H14 - Crude oil price expectations shift upward vs. the beginning of the year as the situation in Ukraine puts a risk premium on global crude oil prices. But Ukraine premium should start to dissipate during 2H H14 Brent crude averaging US$108.5/bbl should, -1%YoY. We expect 2015E to be US$105.5/bbl, -2.3%YoY. E&P earnings growth will now be more dependent on production growth while being subjugated to a declining price environment. - China shale gas development showing green shoots. Shale gas spending should accelerate during 2H14 and into Drillers should continue to thrive. - The opening of Xinjiang Province for private oil & gas investment benefits PetroChina and SPT Energy who have the biggest footprint in the area. - Headwinds in the global rig market has impacted sector valuation. The S&P 500 Oil & Gas Drilling Index is currently near the -1std dev from its mid-cycle valuation multiple. Hence, we believe offshore OFS companies, like COSL, will continue to have limited upside during 2H14. - Sector catalyst: Higher than expected crude oil price; quicker shale gas success; & increase in asset sales. - Top picks among sub-sectors: PetroChina (Oil producers), SPT Energy (Oil service providers), Chu Kong Pipe (Oil equipment manufactures) and New Ocean Energy (Oil/gas distributors). HK Indices Last price chg % chg HSI Finance Properties Utilities 23, , , , Commerce&Industry 14, HSCEI 10, HSCCI 4, HKSPGEM World Indices Last price chg % chg FTSE 100 DAX 30 6, , CAC 40 4, DJIA 16, S&P500 1, Nasdaq Composite 4, Nikkei , Asia-Pacific Indices Last price chg % chg KOSPI 2, TWSE 9, STI 3, India BSE 30 25, S&P/ASX 200 5, HSI One Year Jun-13 Oct-13 Feb-14 Jun-14 HSCEI One Year Jun-13 Oct-13 Feb-14 Jun-14 Source:Bloomberg China Merchants Securities (HK) Research of 14

2 A-share Research Highlights (CMS Research Center) Real Estate Industry Investment Strategy 2H14 [Xie Yaxuan and Liao Shuang, June 11, 2014] We believe policy fine-tuning will continue, and the possibility of further liquidity loosening cannot be ruled out. We suggest allocation to industry leaders to enjoy the rebound amid mini-stimulus and expectations of monetary policy loosening. We expect the sector to achieve 20% relative return this year. In the medium to long term, industry fundamentals are on a downward trend. We favor companies with large room for market expansion, substantial progress in transformation and are in-line with the direction of national strategic development. Pay attention to the Beijing-Tianjin-Hebei theme and achievement of the SOE reform at the current stage. We recommend China Vanke ( CH), Poly Real Estate Group ( CH), China Fortune Land ( CH), Yango Group ( CH) and Macrolink Real Estate ( CH). Given the weak demand in the real economy and the difficulty in meeting the economic target of the year, we believe market condition tends to be neutral to loose in the second half of the year. We expect property transactions to stabilize in Q3 and rebound in Q4 amid gradual credit recovery. We believe mini-stimulus in the property sector is likely, considering the higher local fiscal pressure and capital chain break of local property companies. Some cities with large inventory have started to fine-tune the purchase quota policies. We believe this trend will continue in the second half of the year, which will support demand to some extent. Sentiment remains low over the year. The period of pursuit of sales volume at the cost of prices will come. Growing number and reduced size of families will provide stable incremental demand. We believe the land market will remain weak during the year. First tier property companies with sufficient funds and national focus to smooth the fluctuation in some areas are able to outperform the broader market. Expect to see a wave of M&As and rising concentration ratio in the industry. Securities Industry Investment Strategy 2H14 [Hong Jinping, June 11, 2014] Based on the thesis of Joseph Alois Schumpeter, an Austrian economist, dynamic instability is a normal phenomenon in a healthy economy, while evolution can hardly emerge in stability and balanced condition. It is impossible for the securities industry to transit collectively from traditional securities firms to modern investment banks. Plenty of mergers and acquisitions, withdrawals and difficult evolutions are inevitable during such transformation. We can see the beginning of such destruction in the examples of Sinolink ( CH) and Zhongshan Securities, but it is just the beginning. This affirms more changes to the companies in the industry in the next 2-3 years, and bottom-up selections may sound more expedient instead of looking at sector-wise trend. Based on the performance of 1H14, in particular April and May, stocks of securities firms fell short of expectation. 1H 2014 saw 13% decrease, and only 4.8% increase has been delivered since April, significantly lower than the surge of 10-20% during the period of the Innovation Conference in the previous two years. In contrast to just expectation in 1H, focus of 2H will be the launch of new business, and the business of option products and market making system will facilitate new investment strategies and funds to the market. The results of securities firms will be boosted, and so as the performance of their shares. Global Commodity Last price chg % chg Brent Oil Gold LME Aluminum LME Copper BDI API Coal Exchange /Currency /Bond Market USD/RMB USD/HKD 1-YR RMB NDF EUR/USD 3-M Libor 3-M Shibor 1, , , Last price chg % chg YR US T-Note Yield Brent Oil One Year Jun-13 Nov-13 Apr-14 Gold Commodity One Year Jun-13 Oct-13 Feb-14 Jun-14 LME Aluminum Commodity One Year Jun-13 Oct-13 Mar-14 Source:Bloomberg 2 of 14

3 Timetable for the launch of new business is clear: Market making system in August, Shanghai-Hong Kong Stock Connect as soon as October, and the regulators have also set clear expectation and schedule for consolidated account ( 一码通 ), ETF and stock option, which have increased the certainty of the securities firms new business, as well as the attention from the market. Steady growth maintained: The securities industry accomplished a net profit of RMB20.7 bn for the first 4 months of the year, up 22.5% YoY, of which brokerage and proprietary business contributed 39% and 25% of revenue respectively. We estimate the net profit of the industry for the year to maintain at 25-30%. Brokerage business may not delivery significant growth, but securities investment, capital intermediary and the IPO business which is going to resume will provide support to profits. Although we can be sure that the time being will be the turning point for the innovation and transformation of the securities industry, and huge potential can be created by transforming to modern investment banks in future, sufficient understanding on the costs of reform and difficulty of transformation in the short run is still needed. We will still need to watch between destruction and re-balancing. Recommendation: Securities firms that have advantages in developing new business, including Sinolink ( CH); possible beneficiaries of reform in ownership, including Huatai ( CH) and Guoyuan ( CH); large securities firms with strong presence, including CITIC ( CH) and Haitong ( CH). Risk factors: Progress in developing innovative business slower than expected. 3 of 14

4 What to Watch LME Copper Commodity One Year 8000 Economic Data HK:Nil US:PPI Date Ticker Stock Name Earnings 2014/06/ TERN PROPERTIES 2014/06/ WONDERFUL SKY 2014/06/ BEP INT'L HOLD 2014/06/ ROMA GROUP 2014/06/ JC GROUP HLDG Date Ticker Stock Name Issue Price 6000 Jun-13 Oct-13 Mar-14 BDI One Year Jun-13 Oct-13 Feb-14 API Coal One Year Jun-13 Oct-13 Feb-14 Source:Bloomberg 4 of 14

5 China Merchants Securities (Hong Kong) Stock Pool Update Weekly Stock Code Short Name Rating Price Currency Latest Price 12- Month Target Price Upside Potential EPS Currency EPS P/E 1-Month 2013E 2014E 2015E 2013E 2014E 2015E Performance Analyst Textiles, Apparel & Luxury Goods 589 Ports Neutral HKD % RMB % Ivy Zhao 1880 Belle Neutral HKD % RMB % Ivy Zhao 1368 Xtep Buy HKD % RMB % Ivy Zhao 2020 Anta Sports Buy HKD % RMB % Ivy Zhao Degrees Neutral HKD % RMB % Ivy Zhao 1968 Peak Sport Buy HKD % RMB % Ivy Zhao 2331 Li Ning Buy HKD % RMB N.A % Ivy Zhao 3818 China Dongxiang Buy HKD % RMB % Ivy Zhao 1234 China Lilang Buy HKD % RMB % Ivy Zhao 891 Trinity Buy HKD % HKD % Ivy Zhao Metals & Mining 1818 Zhaojin Mining Neutral HKD % RMB % Li Xiang 2899 Zijin Mining Neutral HKD % RMB % Li Xiang 358 Jiangxi Copper Sell HKD % RMB % Li Xiang 3993 CMOC Neutral HKD % RMB % Li Xiang 2600 Chalco Neutral HKD % RMB N.A. N.A. 3.6% Li Xiang 1378 China Hongqiao Buy HKD % RMB % Li Xiang 486 Rusal Neutral HKD % USD N.A % Li Xiang Environmental Protection 257 CHINA EVERBRIGHT Buy HKD % HKD % Li Xiang 895 DONGJIANG Buy HKD N.A. RMB N.A. N.A. N.A. N.A. Li Xiang 5 of 14

6 Stock Price Latest 12- Month Upside EPS EPS P/E 1-Month Short Name Rating Code Currency Price Target Price Potential Currency 2013E 2014E 2015E 2013E 2014E 2015E Performance Analyst ENVIRONMENTAL Auto & Others 1211 BYD Company Neutral HKD % RMB % Colleen Li 489 Dongfeng Group Buy HKD % RMB % Colleen Li 175 Geely Auto Buy HKD % RMB % Colleen Li 2333 Greatwall Motor Buy HKD % RMB % Colleen Li 1114 Brilliance Chi Buy HKD % RMB % Colleen Li 425 Minth Group Buy HKD % RMB % Colleen Li 1728 Zhengtong Auto Buy HKD % RMB % Colleen Li 881 Zhongsheng Hldg Neutral HKD % RMB % Colleen Li 1766 CSR Buy HKD % RMB % Colleen Li 3898 CSR Times Electric Buy HKD % RMB % Colleen Li Oil & Gas 857 Petro China Buy HKD % RMB % Michael Yuk 386 Sinopec Corp Buy HKD % RMB % Michael Yuk 883 CNOOC Buy HKD % RMB % Michael Yuk 603 China Oil & Gas Neutral HKD % HKD % Michael Yuk 342 Newocean Energy Buy HKD % HKD % Michael Yuk 467 United Energy Gp Buy HKD % HKD % Michael Yuk Oil & Gas Services/Equipment 3899 CIMC Enric Buy HKD % RMB % Michael Yuk 3337 Anton Oilfield Buy HKD % RMB % Michael Yuk 1938 Chu Kong Pipe Buy HKD % RMB % Michael Yuk 2883 China Oilfield Buy HKD % RMB % Michael Yuk 6 of 14

7 Stock Price Latest 12- Month Upside EPS EPS P/E 1-Month Short Name Rating Code Currency Price Target Price Potential Currency 2013E 2014E 2015E 2013E 2014E 2015E Performance Analyst 3303 Jutal Oil Ser Buy HKD % RMB % Michael Yuk 1623 Hilong Buy HKD % RMB % Michael Yuk Property 688 China Overseas Buy HKD % HKD % DuanFeiqin 1109 China Res Land Buy HKD % HKD % DuanFeiqin 3333 Evergrande Buy HKD % HKD % DuanFeiqin 3900 Greentown China Buy HKD % HKD % DuanFeiqin 754 Hopson Dev Hold Buy HKD % HKD % DuanFeiqin 978 Ch Merchant Land Buy HKD % HKD % DuanFeiqin 1918 SUNAC Buy HKD % HKD % DuanFeiqin Consumer Discretionary 1833 Intime Buy HKD % RMB % Gloria Wang 1700 Springland Neutral HKD % RMB % Gloria Wang 493 GOME Buy HKD % RMB % Gloria Wang 653 Bonjour Holdings Neutral HKD % HKD % Gloria Wang 1169 Haier Electronics Buy HKD % RMB % Gloria Wang 178 Sa Sa International Buy HKD % HKD % Gloria Wang Telecommunication 941 China Mobile Neutral HKD % RMB % Jeff Hao 762 China Unicom Neutral HKD % RMB % Jeff Hao 728 China Telecom Neutral HKD % RMB % Jeff Hao Information Technology 700 Tencent Buy HKD % RMB % Jeff Hao 3888 Kingsoft Buy HKD % RMB % Jeff Hao 7 of 14

8 Stock Price Latest 12- Month Upside EPS EPS P/E 1-Month Short Name Rating Code Currency Price Target Price Potential Currency 2013E 2014E 2015E 2013E 2014E 2015E Performance Analyst 1661 Wisdom Buy HKD % RMB % Jeff Hao 777 Netdragon Buy HKD % RMB % Jeff Hao 354 Chinasoft Neutral HKD % RMB % Jeff Hao 268 Kingdee Neutral HKD % RMB % Jeff Hao Port 144 China Merchant Hldg Neutral HKD % HKD % Kate Li 1199 Cosco Pacific Buy HKD % USD % Kate Li Shipping 368 Sinotrans Shipping Neutral HKD % USD % Kate Li 316 OOIL Buy HKD % USD % Kate Li 2866 CSCL Neural HKD % RMB N.A % Kate Li Alternative Energy 3800 GCL-Poly Energy Buy HKD % HKD N.A % Yin Lei 750 Singyes Solar Buy HKD % RMB % Yin Lei 2208 Goldwind Buy HKD % RMB % Yin Lei 916 Longyuan Power Neutral HKD % RMB % Yin Lei 1798 Datang Power Neutral HKD % RMB % Yin Lei 182 China Wind Power Buy HKD % HKD % Yin Lei 819 Tianneng Power Buy HKD % RMB % Yin Lei Food & Beverage 322 Tingyi Buy HKD % USD % Ling Hua 2319 Mengniu Dairy Buy HKD % RMB % Ling Hua 151 Want Want China Neutral HKD % USD % Ling Hua 345 Vitasoy Neutral HKD % HKD % Ling Hua 8 of 14

9 Stock Price Latest 12- Month Upside EPS EPS P/E 1-Month Short Name Rating Code Currency Price Target Price Potential Currency 2013E 2014E 2015E 2013E 2014E 2015E Performance Analyst Machinery & Equipment 1157 Zoomlion Neutral HKD % RMB % Jiao Yiding 631 Sany International Neutral HKD % RMB % Jiao Yiding 3339 Lonking Buy HKD % RMB % Jiao Yiding Engineering 1829 CMEC Buy HKD % RMB % Jiao Yiding Electricity 902 Huaneng Power Buy HKD % RMB % Vera Liang 991 Datang Power Neutral HKD % RMB % Vera Liang 1071 Huadian Power Buy HKD % RMB % Vera Liang 2380 China Power Buy HKD % RMB % Vera Liang Semi and Hardware Technology 992 Lenovo Buy HKD % USD % Alex Ng 2382 Sunny Optical Neutral HKD % RMB % Alex Ng 732 Truly Buy HKD % HKD % Alex Ng 2018 AAC Tech Neutral HKD % RMB % Alex Ng 2618 TCL Comm Buy HKD % HKD % Alex Ng 2369 Coolpad Group Buy HKD % HKD % Alex Ng Pharmaceuticals & Medical Devices 2348 Dawnrays Pharma Buy HKD % RMB % Jonathan Hsu 460 Sihuan Pharm Buy HKD % RMB % Jonathan Hsu 1177 Sino Biopharm Buy HKD % HKD % Jonathan Hsu 1093 CSPC Pharm Buy HKD % HKD % Jonathan Hsu 1099 Sinopharm Buy HKD % RMB % Jonathan Hsu 9 of 14

10 Stock Price Latest 12- Month Upside EPS EPS P/E 1-Month Short Name Rating Code Currency Price Target Price Potential Currency 2013E 2014E 2015E 2013E 2014E 2015E Performance Analyst 2877 Shineway Pharm Neutral HKD % RMB % Jonathan Hsu 1515 Phoenix Healthcare Buy HKD % RMB % Jonathan Hsu 1061 Essex Bio-tech Buy HKD % HKD % Jonathan Hsu Industrial Goods 2283 TK group Buy HKD % HKD % Ling Hua 10 of 14

11 HSI Index Components Performance Code Name Price Chg 1D (%) Last price HSCEI Index Components Performance Code Name Price Chg 1D 1 CHEUNG KONG TSINGTAO BREW-H CLP HLDGS LTD JIANGSU EXPRES-H HONG KG CHINA GS MAANSHAN IRON-H WHARF HLDG SINOPEC SHANG-H HSBC HLDGS PLC ANGANG STEEL-H POWER ASSETS HOL JIANGXI COPPER-H HANG SENG BK SINOPEC CORP-H HENDERSON LAND D CHINA RAIL GR-H HUTCHISON WHAMPO DONGFENG MOTOR-H SHK PPT CHINA COMM SER-H NEW WORLD DEV ZHEJIANG EXPRESS SWIRE PACIFIC-A BEIJING CAP AI-H BANK EAST ASIA CHINA TELECOM-H MTR CORP AIR CHINA LTD-H SINO LAND CO PETROCHINA CO-H HANG LUNG PROPER HUANENG POWER-H CHINA MERCHANT ANHUI CONCH-H CITIC PACIFIC CHINA CONST BA-H CHINA RES ENTERP DATANG INTL PO-H CATHAY PAC AIR CHINA CITIC BK-H ESPRIT HLDGS CHINA SHENHUA-H SINOPEC CORP-H HARBIN ELECTRIC HKEX CHINA SHIPPING-H LI & FUNG LTD YANZHOU COAL-H YUE YUEN INDUS CHINA RAIL CN-H CHINA OVERSEAS IND & COMM BK-H TENCENT CHINA COM CONS-H CHINA UNICOM HON CHINA COAL ENE-H PETROCHINA CO-H CHINA COSCO HO-H CNOOC LTD PING AN INSURA-H CHINA CONST BA-H PICC PROPERTY & CHINA MOBILE ALUMINUM CORP-H CHINA SHENHUA-H CHINA LIFE INS-H COSCO PAC LTD SHANGHAI ELECT-H IND & COMM BK-H GUANGZHOU R&F -H FIH MOBILE LTD CHINA SHIPPING-H PING AN INSURA-H CHINA OILFIELD-H BOC HONG KONG HO ZIJIN MINING-H ALUMINUM CORP-H CHINA NATL BDG-H CHINA LIFE INS-H BANK OF COMMUN-H BANK OF COMMUN-H CHINA MERCH BK-H BANK OF CHINA-H BANK OF CHINA-H CMOC-H (%) 11 of 14

12 A+H Company Performance Last price Name(H) Code (H) Price (H) Code (A) Price (A) Spread (%) NORTHEAST ELEC-H SHANDONG XINHU-H TIANJIN CAP-H JINGCHENG MAC CHONGQING IRON-H SHENJI GROUP-H SINOPEC YIZHEN-H SINOPEC SHANG-H JINGWEI TEXTIL-H BEIJING NORTH-H DATANG INTL PO-H BAIYUNSHAN PH-H ALUMINUM CORP-H YANZHOU COAL-H JIANGXI COPPER-H MAANSHAN IRON-H CHINA SOUTHERN-H CHINA CITIC BK-H DONGFANG ELECT-H HISENSE KELON -H SHENZHEN EXPRE-H ANHUI EXPRESS-H GUANGSHEN RAIL-H ZTE CORP-H CHINA SHIPPING-H GUANGZHOU SHIP-H LUOYANG GLASS-H NANJING PANDA-H IND & COMM BK-H BANK OF CHINA-H HUADIAN POWER-H BANK OF COMMUN-H AIR CHINA LTD-H SINOPEC CORP-H HUANENG POWER-H CHINA MERCH BK-H TSINGTAO BREW-H CHINA LIFE INS-H PING AN INSURA-H JIANGSU EXPRES-H WEICHAI POWER-H ANGANG STEEL-H ANHUI CONCH-H of 14

13 Recently Published Research Date published Name of report Analyst 12-Jun-14 HK Stock Market Machinery Sector Outlook Yiding JIAO 10-Jun-14 Eurozone Monthly Chart Book (June 2014) Lynn Song, Cliff Zhao, David Xie 10-Jun-14 China Wind Power Operator Yin Lei 9-Jun-14 Truly International (732 HK) Alex Ng 5-Jun-14 China Dongxiang (3818 HK ) Ivy Zhao 4-Jun-14 Belle(1880 HK) Ivy Zhao 4-Jun-14 Environmental protection Li Xiang 4-Jun-14 May Eurozone Flash HICP inflation Lynn Song, Cliff Zhao, David Xie 3-Jun-14 Macau Gaming Angela Han Lee 3-Jun-14 ikang Healthcare Group (KANG US) Jonathan Hsu 30-May-14 Kingsoft (3888.HK) Jeff Hao 30-May-14 SPT Energy (1251.HK) Michael Yuk 30-May-14 HK Stock Market Fund Flows Lynn Song, Cliff Zhao, David Xie 28-May-14 HK Market Strategy Bi-weekly Cliff Zhao, Zi chen Xu, George Chen 27-May-14 SinoMedia(623 HK) Jeff Hao 26-May-14 Tingyi Holding (322 HK) Hua Ling 23-May-14 Dongjiang Environmental(895 HK) Li Xiang 23-May-14 May Eurozone Flash Composite PMI Lynn SONG 22-May-14 China Gas Distributors Michael Yuk 21-May-14 Sunac China Holdings Limited (1918 HK) Kate Li, Duan Feiqin 19-May-14 GCL -Poly Energy (3800 HK) Yin Lei 19-May-14 China Hardware Technology Alex Ng 16-May-14 Environmental protection solid waste treatment Li Xiang 16-May-14 Eurozone 1Q14 GDP unchanged Lynn Song, Cliff Zhao, David Xie 15-May-14 Japan 1Q14 GDP exceeded forecasts Lynn Song, Cliff Zhao, David Xie 14-May-14 Zoomlion (1157 HK) Yiding Jiao 14-May-14 Takeaways from the Expert Conference of the Ministry of Ivy Zhao 12-May-14 HK Market Strategy Bi-weekly_(Vol. 08,2014) Cliff Zhao, Zi chen Xu, George Chen 12-May-14 Chinese Property Duan Feiqin 8-May-14 Dawnrays Pharma (2348.HK) Jonathan Hsu 8-May-14 Metals and Mining Sector Li Xiang 8-May-14 Optics Valley Union(798 HK) Duan Feiqin 8-May-14 Retail Remains Slump, E-comm Grows quickly Ivy Zhao 7-May-14 Bottom XINJIANG of Form Goldwind-H(2208.HK) Yin Lei 6-May-14 SANY HEAVY EQUIP(631.HK) Yiding JIAO 6-May-14 Hong Kong Property Kate Li 6-May-14 Datang International (991.HK) Vera Liang 2-May in 20: Eurozone Monthly Chart Book (May 2014) Lynn Song, Cliff Zhao, David Xie 2-May-14 April Eurozone Flash HICP inflation rebounded to 0.7% Lynn Song, Cliff Zhao, David Xie 30-Apr-14 YoY Sinopec (386 HK) Michael Yuk 30-Apr-14 HK Market Strategy Bi-weekly_(Vol. 07,2014) Cliff Zhao, Zi chen Xu, George Chen 13 of 14

14 RATING DEFINITION & DISCLAIMER INDUSTRY OVERWEIGHT NEUTRAL UNDERWEIGHT DEFINITION Expected to outperform the market index by > 10% over the next 12 months Expected to outperform or underperform the market index by 10% or less over the next twelve months Expected to underperform the market index by >10% over the next 12 months COMPANY BUY NEUTRAL SELL DEFINITION Expected to outperform the market index by >10% over the next twelve months Expected to outperform or underperform the market index by 10% or less over the next twelve months Expected to underperform the market index by >10% over the next twelve months DISCLAIMER This document is prepared by China Merchants Securities (HK) Co., Limited ( CMS HK ). CMS HK is a licensed corporation to carry on Type 1 (dealing in securities), Type 2 (dealing in futures), Type 4 (advising on securities), Type 6 (advising on corporate finance) and Type 9 (asset management) regulated activities under the Securities and Futures Ordinance (Chapter 571). This document is for information purpose only. Neither the information nor opinion expressed shall be construed, expressly or impliedly, as an advice, offer or solicitation of an offer, invitation, advertisement, inducement, recommendation or representation of any kind or form whatsoever to buy or sell any security, financial instrument or any investment or other specific product. The securities, instruments or strategies discussed in this document may not be suitable for all investors, and certain investors may not be eligible to participate in some or all of them. Certain services and products are subject to legal restrictions and cannot be offered worldwide on an unrestricted basis and/or may not be eligible for sale to all investors. The information and opinions, and associated estimates and forecasts, contained herein have been obtained from or are based on sources believed to be reliable. CMS HK, its holding or affiliated companies, or any of its or their directors, officers or employees ( CMS Group ) do not represent or warrant, expressly or impliedly, that it is accurate, correct or complete and it should not be relied upon. CMS Group will not accept any responsibility or liability whatsoever for any use of or reliance upon this document or any of the content thereof. The contents and information in this document are only current as of the date of their publication and will be subject to change without prior notice. Past performance is not indicative of future performance. Estimates of future performance are based on assumptions that may not be realized. The analysis contained herein is based on numerous assumptions. Different assumptions could result in materially different results. Opinions expressed herein may differ or be contrary to those expressed by other business divisions or other members of CMS Group as a result of using different assumptions and/or criteria. This document has been prepared without regard to the individual financial circumstances and investment objectives of the persons who receive it. Use of any information herein shall be at the sole discretion and risk of the user. Investors are advised to independently evaluate particular investments and strategies, take financial and/or tax advice as to the implications (including tax) of investing in any of the securities or products mentioned in this document, and make their own investment decisions without relying on this publication. CMS Group may have a long or short position, make markets, act as principal or agent, or engage in transactions in securities of companies referred to in this document and may also perform or seek to perform investment banking services or provide advisory or other services for those companies. This document is for the use of intended recipients only and this document may not be reproduced, distributed or published in whole or in part for any purpose without the prior consent of CMS Group. CMS Group will not be liable for any claims or lawsuits from any third parties arising from the use or distribution of this document. This document is for distribution only under such circumstances as may be permitted by applicable law. This document is not directed at you if CMS Group is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you. In particular, this document is only made available to certain US persons to whom CMS Group is permitted to make available according to US securities laws, but cannot otherwise be made available, distributed or transmitted, whether directly or indirectly, into the US or to any US person. This document also cannot be distributed or transmitted, whether directly or indirectly, into Japan and Canada and not to the general public in the People s Republic of China (for the purpose of this document, excluding Hong Kong, Macau and Taiwan). 14 of 14