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Analyst Certification:

The analyst named in this report certifies that all views expressed in this report accurately reflect the personal views of the analyst with regard to any and all of the subject securities and companies mentioned in this report and no part of the compensation of the analyst was, is, or will be, directly or indirectly, related to the specific recommendation or views expressed by that analyst herein.

Disclosure:

The analyst named in this report does not have any financial interest in the corporations(s) mentioned in this report. Additional information will be made available upon request.

Disclaimer:

Research originating in Hong Kong is issued by MLB Asset Management Limited (“MLB”). MLB, a limited company registered in Hong Kong, is regulated by the Hong Kong Securities and Futures Commission (SFC). The registered office is at Unit 7, 13/F Tower One Lippo Centre, 89 Queensway, Hong Kong. All of the opinions contained in this report constitute the views of the analyst named in this report as of the date this report is issued. The opinions are hence subject to change without notice and are not intended to provide the sole basis of any evaluation of the subject securities and companies mentioned in this report. In relation to producing research, MLB relies on factual information provided by related entities, regulators, and/or other market information providers. MLB endeavors to ensure the information used in the research process is of best possible quality. However, there is no audit carried out and no guarantee is made nor shall be assumed on the accuracy, timeliness, and completeness of the information in this report. Any reference to past performance should not be taken as an indication of future performance.

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