Disclaimer

Important notice/addressee:
Information and assessments provided herein ("Information") was created by Commerzbank International S.A. and is a marketing communication according to the Luxembourg Financial Sector Trading Act. This Information is generally directed to clients of Commerzbank International S.A.
No offer; no individual investment advice
The information contained herein has been compiled for informational purposes only. This document does not constitute individual investment advice, an offer or an invitation to buy or sell any securities or any other financial instruments or to enter into any other transaction with regard thereto. It is not intended to nor is it able to substitute giving investment advice suitable and appropriate to the client's individual circumstances. Sources of information; terms and conditions with regard to updates The information contained herein was compiled with due diligence and care. Essential information is based on sources which Commerzbank International S.A. deems trustworthy. No representation is made as to the accuracy or completeness of the information contained herein. Ratings and evaluations reflect the opinion of the creator at the time of the creation of the document. Whether and in what time interval this document is updated is not defined prior to publication.
Depiction of performance
Past performance is no guarantee for future results.
System regarding Investment Ratings
The Investment Rating describes the central analysis of the respective product by Commerzbank's analyst-experts based on general market and product conditions. It does not constitute individual investment advice. For further information on our system regarding votes please refer to www.commerzbanking.de/wphg.
Other interest of Commerzbank International S.A./Commerzbank AG; note regarding possible conflicts of interest
As a universal bank Commerzbank International S.A. or any other member of Commerzbank Group may entertain an extensive business relationship (including but not limited investment banking services, credit transactions). Commerzbank may in the cause of this relationship gain knowledge that are not accounted for in this information. Furthermore it is possible that Commerzbank International S.A., a member of Commerzbank Group or a customer of Commerzbank AG may have entered into transactions in or in connection with the security mentioned herein. The Commerzbank Group or its employees may own, buy or sell equities, bonds and their derivatives at any time if they deem it appropriate. The Commerzbank Group offers banking services to interested parties. The Commerzbank Group does not assume liability or responsibility of any kind for any expenses, losses or damage arising in any way in connection with the use of any part of this presentation.
Additional note to recipients in the following countries
UK: This communication is issued by Commerzbank International S.A. and has been made approved for distribution in the UK by Commerzbank AG London Branch. Commerzbank AG, London Branch is authorised by Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our regulation by the Financial Conduct Authority and Prudential Regulation Authority are available from us on request. All the products or services listed in the presentation / sheet are provided by Commerzbank International S.A., the subsidiary of Commerzbank AG. The products or services will be introduced by Commerzbank AG London Branch. Personalised investment advice or consultation is provided by Commerzbank International S.A. or by a relevant external advisor only.

Bank address:		Address CSSF:
Commerzbank International S.A.		CSSF - Commission de Surveillance du Secteur Financier
25, rue Edward Steichen; L-2540 Luxemburg		110, route d'Arlon; L-2991 Luxemburg