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                                                    This communication has been prepared by Shanggu.
                                                 “Shanggu” means any entity within the Shanggus Group of
                                                    companies, where “Shanggu Group” means Shanggu Asset
                                                    Management (Asia) Limited, Shanggu Securities Limited and any of
                                                    their subsidiaries, affiliates, ultimate holding company and any
                                                    subsidiaries or affiliates of such holding company.

Conflict of Interest
                                                    In the normal course of offering investment banking products and
                                                    services to clients, Shanggu may potentially act in several
                                                    capacities (including issuer, underwriter, placing agent or other
                                                    roles) simultaneously with respect to a product, giving rise to
                                                    potential conflicts of interest which may impact the performance of a

Not Research
                                                    This document is not a research product and should not be relied
                                                    upon as such.

For information only
                                                    THIS COMMUNICATION IS PROVIDED FOR INFORMATION
                                                    PURPOSES ONLY AND IT IS SUBJECT TO CHANGE. IT IS
                                                    INDICATIVE ONLY AND IS NOT BINDING.

No offer
                                                    Shanggu is not offering to sell or seeking offers to buy any product
                                                    or enter into any transaction. Any offer or entry into any transaction
                                                    requires Shanggu’s subsequent formal agreement which will be
                                                    subject to internal approvals and execution of binding transaction

No Liability
                                                    Neither Shanggu nor any of its directors, officers, employees,
                                                    representatives or agents, accepts any liability whatsoever for any
                                                    direct, indirect or consequential losses (in contract, tort or
                                                    otherwise) arising from the use of this communication or its
                                                    contents or reliance on the information contained herein, except to
                                                    the extent this would be prohibited by law or regulation.

No Advice
                                                    Shanggu is acting solely as principal and not as fiduciary. Shanggu
                                                    does not provide, and has not provided, any investment advice or
                                                    personal recommendation to you in relation to the transaction
                                                    and/or any related securities described herein and is not
                                                    responsible for providing or arranging for the provision of any
                                                    general financial, strategic or specialist advice, including legal,
                                                    regulatory, accounting, model auditing or taxation advice or
                                                    services or any other services in relation to the transaction and/or
                                                    any related securities described herein. Accordingly Shanggu is
                                                    under no obligation to, and shall not, determine the suitability for
                                                    you of the transaction described herein. You must determine, on
                                                    your own behalf or through independent professional advice,
                                                    the merits, terms, conditions and risks of the transaction described

Third party information
                                                    Shanggu is not responsible for information stated to be obtained or
                                                    derived from third party sources or statistical services.

Past & simulated past performance
                                                    Any past or simulated past performance including back-testing,
                                                    modelling or scenario analysis contained herein is no indication as
                                                    to future performance. No representation is made as to the
                                                    accuracy of the assumptions made within, or completeness of, any
                                                    modelling, scenario analysis or back-testing.

Opinions subject to change
                                                    All opinions and estimates are given as of the date hereof and are
                                                    subject to change. The value of any investment may also fluctuate
                                                    as a result of market changes. Shanggu is not obliged to inform the
                                                    recipients of this communication of any change to such opinions or

Not for retail
                                                    This document is being directed at persons who are professionals
                                                    and is not intended for retail customer use.

                                                    This communication is confidential and is for the benefit and internal
                                                    use of the recipient for the purpose of considering the
                                                    securities/transaction described herein, and no part of it may be
                                                    reproduced, distributed or transmitted without the prior written
                                                    permission of Shanggu.

*The final interpretation is owned by the SG International Group