TRADERS’ TAKEDOWN

22 February 2018

Stories for the Day WATCHLIST

 Ayala Land plans to raise up to Php25B 21-Feb CHG (%)
PSEi 8,613.65 (1.25%)
 PLDT to open data center in Cebu in April
DJIA 24,797.78 (0.67%)
 UnionBank of the Philippines raises Php3B from LTNCD offering
S&P 500 2,701.33 (0.55%)
 Restrictions on foreign investors to ease soon
NASDAQ 7,218.23 (0.22%)
 CIC aims to boost sales of air-conditioners USDPHP 52.12 (0.24%)
 Strong LPG sales fuel Pryce profit in 2017 Source: PSE, Bloomberg, BSP

INDEX MOVERS
Feature of the Day: SM Prime Holdings INDEX GAINERS INDEX LOSERS
SM Prime (SMPH) posted headline core net profit of Php7.55B in 4Q17, up 19% SCC 1.79% MEG -3.28%
YoY and 33% QoQ. For FY17, SMPH registered 16% growth in core income to SECB 1.18% GLO -3.24%
Php27.6B, in line with both BPI Sec and consensus forecasts. The company's DMC 0.58% AEV -2.22%
revenues rose 14% YoY to Php90.9B in FY17A fuelled by the 9% jump in SMPH's RLC 0.50% ALI -2.17%
mall revenues (Php53.2B, 58% of sales). Healthy SSSG (7%) and the contribution PCOR 0.11% AP -2.13%
of new malls drove the rise in mall revenues. We view the news as NEUTRAL since Source: PSE, Bloomberg, BSP
both SMPH's core profit and operating profit were in line with our expectations.
Overall, we are reiterating our HOLD rating on SMPH given the stock's rich
valuations (trading at an FY18F P/E of 33x) and limited upside to our PT. Within i-Trac Sessions for the Month of
the property sector, we continue to prefer ALI, which trades at less restrictive February
valuations (FY18F P/E of 23x). Date Session
Introduction to Stock Market
Feb 5
Dynamics and Website Navigation
Weekly Market Watch Fundamental Investing & Investing
We continue to advise investors to focus on stocks trading at attractive Feb 7
Strategies
valuations, given the PCOMP Index's relatively rich multiples (19.0x FY18F P/E). Technical Analysis: Making Money
Feb 12
As we believe that some key large caps are fairly valued and could lead to near- Using Charts
term profit taking, we recommend switching into mid-cap and small-cap names. To reserve: email bpitradeseminar@bpi.com.ph
At the moment, we see value in consumer plays such as MAXS and RRHI. We
believe these stocks not only trade at undemanding valuations but should also
benefit from the recent passage of comprehensive tax reform.

BPITRADE TOP PICKS (TOP BUY RECOMMENDATIONS)

STOCK 12 Month Short-Term Technical 3 MO

LAST PRICE % Upside Perf REASONS
PICK Price Target Entry Exit (%)

ALI 45.00 51.69 14.9% 40.0 46.0 7.0% Play on regional urbanization story

AP 39.15 51.02 30.3% 38.5 47.0 (2.1%) Vertical integration and capacity expansion

Portfolio of strong restaurant names targetting the

MAXS 17.48 27.60 57.9% 18.5 24.0 (3.5%)
middle income, play on premiumization
Beneficiary of tax reform and growth in middle
RRHI 94.75 115.00 21.4% 94.0 105.0 0.8%
income class
*Entry and Exit Prices are based on the recommendations of BPI Securities Active Advisory Group
*Ratings and Price Targets are based on the recommendations of BPI Securities Research Department
Source: PSE, Bloomberg

This is a product of the BPITrade Sales and BPITrade Research Team. See Appendices for Analyst Certification and important disclosures. 1
BPI Traders’ Takedown – 22 February 2018
BPI SECURITIES VALUATION TABLE
TICKER RATING TARGET LAST PRICE % UPSIDE / FY18F P/E FY17F P/B FY18F Div FY18F ROE FY18F EPS
PRICE (DOWNSIDE) Yield (%) (%) Growth

T AC
ALI
BUY
BUY
1,051.00
51.69
1,080.00
45.00
(2.7%)
14.9%
20.9
23.1
2.7
4.1
0.6%
1.5%
12.3%
16.6%
15.9%
19.6%
AP BUY 51.02 39.15 30.3% 12.4 2.4 4.7% 18.9% 21.5%
BDO HOLD 160.00 150.00 6.7% 19.8 2.2 1.4% 10.9% 23.3%
BLOOM BUY 13.20 14.10 (6.4%) 17.6 5.1 1.1% 25.9% 25.0%
CHIB HOLD 36.40 35.60 2.2% 13.5 1.1 2.8% 7.8% 11.0%
CIC ADD 70.00 62.00 12.9% 22.1 4.0 1.2% 23.0% 15.2%
CNPF BUY 18.00 16.00 12.5% 19.3 3.9 1.2% 18.7% 7.8%
DMC HOLD 16.10 13.82 16.5% 10.5 2.4 3.5% 21.3% 5.6%
DNL BUY 12.70 11.64 9.1% 25.3 5.1 0.9% 18.9% 15.0%
EDC HOLD 5.50 5.52 (0.4%) 8.6 1.7 3.8% 18.4% 16.4%
EMP ADD 8.40 7.56 11.1% 14.5 2.0 2.6% 13.4% 4.0%
EW ADD 35.35 27.95 26.5% 7.2 1.1 0.0% 13.7% 16.3%
GLO BUY 2,000.00 1,790.00 11.7% 17.2 3.7 4.7% 22.3% 3.3%
ICT ADD 68.70 109.90 (37.5%) 22.9 2.0 1.0% 10.1% 2.2%
IMI HOLD 13.50 19.02 (29.0%) 18.9 2.6 1.4% 13.1% 13.5%
JFC BUY 255.00 282.00 (9.6%) 37.8 7.7 0.8% 19.2% 10.5%
MAXS BUY 27.60 17.48 57.9% 17.5 2.5 0.9% 13.7% 13.6%
MBT HOLD 110.00 98.50 11.7% 13.3 1.5 1.5% 10.6% 14.4%
MER HOLD 285.30 330.00 (13.5%) 23.2 5.0 4.5% 21.7% (19.6%)
MRP BUY 9.10 7.91 15.0% 24.7 6.4 0.0% 22.8% (8.6%)
MRSGI BUY 4.80 3.44 39.5% 12.3 1.5 2.3% 12.0% 12.0%
MWC ADD 33.50 28.25 18.6% 9.6 1.2 3.2% 13.8% 13.6%
MWIDE BUY 21.85 19.60 11.5% 20.9 2.6 0.0% 13.8% 32.4%
PIZZA BUY 15.55 16.50 (5.8%) 29.5 6.4 0.6% 19.7% 12.0%
PF BUY 600.00 644.00 (6.8%) 18.1 2.2 0.9% 17.9% 11.1%
PGOLD BUY 56.80 51.00 11.4% 20.1 2.9 0.7% 13.7% 13.4%
PNB BUY 78.30 57.95 35.1% 10.9 0.6 0.0% 5.7% 11.8%
RCB HOLD 54.00 46.50 16.1% 13.0 1.0 1.3% 7.4% 16.6%
RLC BUY 29.50 20.10 46.8% 11.2 1.2 1.8% 10.5% 27.7%
RRHI BUY 115.00 94.75 21.4% 22.2 2.4 0.9% 10.2% 11.5%
RWM HOLD 3.90 3.55 9.9% 22.2 1.3 0.3% 5.6% 220.0%
SCC BUY 52.46 36.95 42.0% 9.7 3.9 3.4% 35.2% (4.5%)
SECB ADD 280.00 257.00 8.9% 18.0 1.8 0.6% 9.8% 17.3%
SM ADD 736.67 985.00 (25.2%) 28.0 3.6 0.9% 12.4% 14.7%
SMPH HOLD 36.12 36.20 (0.2%) 33.5 4.2 0.8% 11.7% 12.5%
SHLPH BUY 79.00 58.10 36.0% 13.7 2.5 5.8% 17.3% 5.1%
TEL BUY 1,750.00 1,572.00 11.3% 14.6 2.8 3.4% 18.2% 4.5%
UBP ADD 95.70 90.00 6.3% 9.6 1.3 2.3% 12.7% 14.3%

SECTOR VALUATIONS
URC
WLCON
ADD
BUY
150.00
9.50
146.20
11.00
2.6%
(13.6%)
29.8
28.2
3.9
3.9
1.8%
0.0%
12.7%
13.1%
3.2%
8.3%
Average 2.2% 22.2 3.3 14.7% 13.4%
Source: PSE, Bloomberg, BSP
Rating System: Buy (>15% Upside); Add (5-15% Upside); Hold (-5% Downside to +5% Upside); Reduce (5-15% Downside); Sell (>15% Downside)
T
SECTOR VALUATION
Source: PSE, Bloomberg, BSP
FY18F
Rating System: Buy (>15% Upside);% Upside
Add (5-15%/Upside);
PT Implied PT Implied
Hold (-5% Downside Forward
to +5% Upside); Current
Reduce (5-15% FY18F
Downside); Div Downside)
Sell (>15% FY18F
SECTOR Rating yoy
(Downside) FY18F P/E P/B P/E P/B Yield ROE
Growth
T
Banking ADD 10.0% 21.0 1.9 16.2 1.7 1.2% 11.3% 18.4%
Conglomerate REDUCE (14.1%) 22.9 2.7 24.1 3.2 1.0% 6.2% 14.2%
Consumer HOLD 3.8% 29.2 4.3 26.5 4.3 1.2% 14.2% 8.8%
Gaming HOLD 0.9% 34.1 4.5 19.9 4.5 0.5% 24.3% 61.7%
Infrastructure ADD 11.5% 30.8 2.9 20.9 2.6 0.0% 13.7% 32.4%
Power BUY 29.4% 15.9 3.5 10.8 2.7 4.4% 8.1% 13.2%
Property ADD 8.0% 34.5 4.2 28.4 4.0 1.0% 14.0% 16.0%
Services SELL (36.1%) 14.7 1.4 22.3 2.1 1.0% 2.1% 4.0%
Telco ADD 11.5% 18.2 3.5 15.7 3.1 4.5% 19.3% 4.0%

RESEARCH TEAM
Haj Narvaez - Conglomerates, Strategy & Economics, Property, Utilities, Power
Riche Levin Lim – Banking, Services, Telco, Consumer, Gaming
Jeo Consunji – Consumer, Industrials
Raphy del Callar - Infrastructure, Power
Fonso Opulencia - Property
This is a product of the BPITrade Sales and BPITrade Research Team. See Appendices for Analyst Certification and important disclosures. 2
BPI Traders’ Takedown – 22 February 2018
CORPORATE NEWS
Ayala Land plans to raise up to Php25B
Ayala Land, Inc. (ALI) plans to raise up to Php25B from a combination of retail bonds, loans, and qualified buyer notes this year to
partially finance its aggressive spending program and to refinance existing debt. ALI said its board of directors approved the plan to
raise as much as Php20B through retail bonds and bilateral term loans. The retail bonds will be issued from the Php50B shelf registration
program the company has with the Securities and Exchange Commission since March 2016. ALI Chief Finance Office Augusto Cesar D.
Bengzon said the company has Php18B left in this debt securities program. Meanwhile, the listed property firm’s board has also
approved the issuance of qualified buyer notes to raise up to Php5B for the refinancing of its short-term loans. ALI has committed to
spend Php110.8B in capital expenditures this year, 21% higher than its actual spending of Php91.4B in 2017, to support the demand for
more residential properties in the country. Around 43% of the capex or Php47.4B will be allotted for residential projects, 17% or Php18.7B
for mall projects, 12% or Php14B for land acquisitions.

PLDT to open data center in Cebu in April

PLDT, Inc. is scheduled to open its 10th Vitro data center the country in April. The telecommunications giant said ePLDT’s newest data
center, located in Cebu, will provide additional 800 racks capacity. This will add to the 8,300 racks it currently has in its first site in Cebu,
along with data centers in Pasig, Parañaque, Taguig, Subic, Clark, Davao and Makati. PLDT Group Chief Revenue Officer and ePLDT
President and CEO Ernesto R. Alberto said ePLDT’s expansion addresses the rising need for data center services in the region. The new
VITRO data center will have 11 layers of physical security and employ the use of biometric devices equipped with finger vein recognition
technology. It will also have 200 Disaster Recovery Seats to address the business continuity requirements of Cebu-based enterprises.

UnionBank of the Philippines raises Php3B from LTNCD offering

UnionBank of the Philippines raised Php3B from its long-term negotiable certificates of deposit (LTNCD), which it wants to use to
improve its maturity profile and help expand its business. The notes will mature in 5.5 years and carry an interest rate of 4.375% to be
paid quarterly until August 21, 2023. The issuance is the first tranche of UnionBank’s Php20-billion LTNCD program approved by the
central bank. UnionBank President and Chief Executive Officer (CEO) Edwin R. Bautista said proceeds from the long-term note offering
will be used for liability management and to support business expansion plans.

Restrictions on foreign investors to ease soon

The new Foreign Investment Negative List (FINL) that, among others, will allow foreign contractors to take on local projects may be
approved by President Rodrigo R. Duterte early next month. Socioeconomic Secretary Ernesto M. Pernia, who heads the National
Economic and Development Authority (NEDA) as director general, said the Cabinet has finalized changes to the existing FINL to allow
increased foreign participation in several sectors. The negative list identifies sectors where foreign investments are limited or are
prohibited. Foreigners can hold up to a 40% stake in companies that operate public utilities; supply materials and goods to state-run
firms, government agencies, and municipal corporations; or those that operate infrastructure or development facilities which need a
public utility franchise. Mr. Pernia previously said that the government will allow contractors overseas to take on foreign-funded projects,
but will keep the limit in place for those financed from local sources.

CIC aims to boost sales of air-conditioners

Concepcion Industrial Corp. (CIC) is aiming to grab a bigger share of the market for air-conditioners, as it launches new products
leveraging on the Internet of Things (IoT). CIC Chairman, CEO and President Raul Joseph A. Concepcion said demand for air-conditioners
is rising amid the economy’s growth and rising income of Filipinos. Mr. Concepcion said the company, which currently has a market
share of 35% for air-conditioners, is targeting middle-class consumers for its new products. CIC’s newly formed Cortex Technologies
Corp. unveiled its first product, the Carrier Smart+Cool system — which controls and tracks the usage of window-type air-conditioners
through a plug connected to the air conditioner. Concepcion-Carrier Air Conditioning Company director Harold Thomas Pernikar, Jr.
said with the Carrier Smart+Cool solutions, the 12% penetration rate for air conditioners could go up to around 15% to 20%.

Strong LPG sales fuel Pryce profit in 2017

Pryce Corp. posted a 29% increase in net income in 2017, driven by higher revenues from sales of liquefied petroleum gas (LPG). The
listed firm, which imports and distributes LPG under the brand name PryceGas among its businesses, said last year’s Php1.25B profit
was within its target. Consolidated revenues rose 37% to Php9.23B in 2017 from Php6.72B. “Sales volume of LPG grew 11% to 210,000
metric tons (MT) from the previous year’s 189,000 MT. Despite this modest volume growth, revenues were up 37% because of the sharp
increases in LPG contract prices during the year,” the company said. In 2017, contract prices averaged USD491 per MT, 42% or USD145
higher than the previous year’s average of USD346 per MT. In value, sales of LPG along with cylinders and accessories stood at Php8.67B,
making up 94% of total revenues. Industrial gas sales amounted to Php391.5M, or 4% of revenues. For 2018, Pryce said it would continue
its expansion projects to increase the storage capacities of its marine terminals.

This is a product of the BPITrade Sales and BPITrade Research Team. See Appendices for Analyst Certification and important disclosures. 3
BPI Traders’ Takedown – 22 February 2018

DIVIDENDS SCHEDULE

Ex-
Type of Payment
Ticker Company Name Dividend Rate Dividend
T Dividend
Date
Date

LR Leisure & Resorts World Corporation Cash Php0.07 2/27/2018 3/27/2018

ACPB2 Ayala Corporation Cash P6.96875 3/4/2018 5/5/2018

ACPB1 Ayala Corporation Cash P6.56250 10/15/2018 11/15/2018

ACPB2 Ayala Corporation Cash P6.96875 10/3/2018 11/5/2018

GTPPB GT Capital Holdings Cash Php12.73725 9/28/2018 10/29/2018

GTPPA GT Capital Holdings Cash Php11.57475 9/28/2018 10/29/2018

GTPPB GT Capital Holdings Cash Php12.73725 6/28/2018 7/28/2018

GTPPA GT Capital Holdings Cash Php11.57475 6/28/2018 7/28/2018

GTPPB GT Capital Holdings Cash Php12.73725 3/27/2018 4/27/2018

GTPPA GT Capital Holdings Cash Php11.57475 3/27/2018 4/27/2018

URC Universal Robina Corporation Cash P1.65 2/21/2018 3/22/2018

URC Universal Robina Corporation Cash P1.50 2/21/2018 3/22/2018

SMCP1 San Miguel Corporation Cash P1.0565625/share 3/5/2018 4/5/2018

SMC2B San Miguel Corporation Cash P1.4296875/share 3/5/2018 4/5/2018

SMC2C San Miguel Corporation Cash P1.50/share 3/5/2018 4/5/2018

SMC2D San Miguel Corporation Cash P1.11433125/share 3/5/2018 4/5/2018

SMC2E San Miguel Corporation Cash P1.18603125/share 3/5/2018 4/5/2018

SMC2F San Miguel Corporation Cash P1.27635/share 3/5/2018 4/5/2018

SMC2G San Miguel Corporation Cash P1.23361875/share 3/5/2018 4/5/2018

SMC2H San Miguel Corporation Cash P1.1854125/share 3/5/2018 4/5/2018

SMC2I San Miguel Corporation Cash P1.18790625/share 3/5/2018 4/5/2018

This is a product of the BPITrade Sales and BPITrade Research Team. See Appendices for Analyst Certification and important disclosures. 4
BPI Traders’ Takedown – 22 February 2018
APPENDIX | GENERAL DISCLAIMER
The information contained herein is based on information obtained from sources considered to be reliable, but does
not make any representation or warranty, express or implied, as to its accuracy, completeness, timeliness or
correctness for any purpose. All the charts and graphs are taken from publicly available sources or derived from
proprietary data. Expressed opinions may be subject to change without prior notice. Any recommendation contained
herein does not pertain to any specific investment objectives, financial situation and the particular needs of any
addressee.

The information herein is published for the information of addressees only and is not to be taken in substitution for
the exercise of judgment by addressees who should obtain separate legal or financial advice. The Company or any
of its related companies or any individuals connected with the group accepts no liability for any direct, special,
indirect, consequential, incidental damages or any other loss or damages of any kind arising from any use of the
information herein (including any error, omission or misstatement herein, negligent or otherwise) or further
communication thereof, even if the Company or any other person has been advised of the possibility thereof.

The information herein is not to be construed as a solicitation to buy or sell any securities, or currency mentioned
therein. The information herein is not intended for distribution to, or use by, any person or entity in any jurisdiction
or country where such distribution or use would be contrary to law or regulation.

Sources:

www.bloomberg.com, www.cnn.com, www.cnbc.com, www.bsp.gov.ph, www.pse.com.ph, www.inquirer.net,

www.bworldonline.com, www.philstar.com, www.interaksyon.com, www.abs-cbnnews.com,
www.thestandard.com.ph, www.mb.com.ph, www.manilatimes.net, www.malaya.com.ph, www.gmanetwork.com,
www.businessmirror.com.ph

This is a product of the BPITrade Sales and BPITrade Research Team. See Appendices for Analyst Certification and important disclosures. 5
BPI Traders’ Takedown – 22 February 2018
APPENDIX | SALES DISCLAIMER
This report was prepared
APPENDIX | SALESbyDISCLAIMER
a sales function within BPI Securities Corporation (“BSC”). Any opinions expressed
herein are solely those of the author and may be different from the views expressed by BSC itself and its other
departments, including the research department. Sales functions are subject to potential conflicts of interest which
the other BSC departments, including the research department, do not encounter.

This report is published for the information of the recipients only. This report is not to be construed as a solicitation
to buy or sell any securities, futures, options or other financial instruments, to participate in any particular trading
strategy or to provide any investment advice or services. Any recommendation contained herein does not pertain
to any specific investment objectives, financial situation and the particular needs of any recipient.

BSC is not a deposit-taking institution and their obligations or liabilities do not represent the obligations or liabilities
of the Bank of the Philippine Islands ("BPI"). Securities and other financial instruments discussed, recommended,
offered, or sold by BSC: (a) are not insured by the Philippine Deposit Insurance Corporation; (b) are not deposits or
other obligations of any insured depository institution (including BPI); and (c) are subject to investment risks,
including the possible loss of the principal amount invested.

BSC may deal or transact in a manner inconsistent with the views discussed in this report. BSC trades or may trade
as principal in the instruments mentioned herein. BSC, its directors, officers and/or employees may have positions
or other interests in, and may effect transactions in, securities mentioned in this report. BSC may make a market in
the instruments discussed herein. The author of this report may know the nature of such positions and strategies.

The assumptions, estimates and opinions expressed in this report are the author's judgment as of the date hereof
and are subject to change without notice. Although this report is based on information obtained from sources
considered to be reliable as of the date hereof, the author does not make any representation or warranty, express
or implied, as to its accuracy, timeliness or completeness for any purpose. Any information is subject to change
without notice and the author is not under any obligation to update or keep current the information contained
herein.

Certain transactions or securities in this report are subject to substantial risk and are not appropriate for all investors.
Past performance is not necessarily a guide to future performance. BSC deals with counterparties on an arm's length
basis. BSC assumes that each counterparty is capable of making an independent evaluation of the merits and risks
of each, and an independent decision on any, transaction.

BSC does not render legal, tax or financial advice, and the information contained in this report should not be
considered as such and should not be taken in substitution for the exercise of judgment by the recipient who should
obtain separate legal, tax or financial advice. No liability whatsoever is accepted for any direct, special, indirect,
consequential, incidental damages or any other loss or damages of any kind arising from any use of the information
herein (including any error, omission or misstatement herein, negligent or otherwise) or further communication
thereof.

This report contains confidential and privileged information for the sole use of the intended recipients. Any review,
retransmission, dissemination or other use of, or taking of any action in reliance upon, this report by persons or
entities other than the intended recipients is strictly prohibited. Receipt and review of this report constitutes your
agreement not to redistribute, retransmit, or disclose to others the contents, opinions, conclusion, or information
contained in this report (including any investment recommendations, estimates or price targets) without first
obtaining expressed permission from an authorized officer of BSC. If you are not the intended recipient, please
contact the sender, immediately delete this communication and maintain the confidentiality of what you may have
read.

E-mail transmission cannot be guaranteed to be secure or error-free. BSC reserves the right to monitor all e-mail
communications. If you would like to stop receiving this report, please contact the sender.

This is a product of the BPITrade Sales and BPITrade Research Team. See Appendices for Analyst Certification and important disclosures. 6
BPI Traders’ Takedown – 22 February 2018
APPENDIX | RESEARCH DISCLAIMER
This report was prepared by an analyst(s) of BSC. Any opinions expressed herein are solely those of the author and
may be different from the views expressed by BSC itself and its other departments.

This report is published for the information of the recipients only. This report is not to be construed as a solicitation
to buy or sell any securities, futures, options or other financial instruments, to participate in any particular trading
strategy or to provide any investment advice or services. Any recommendation contained herein does not pertain to
any specific investment objectives, financial situation and the particular needs of any recipient.

BSC is not a deposit-taking institution and their obligations or liabilities do not represent the obligations or liabilities
of the Bank of the Philippine Islands ("BPI").

Securities and other financial instruments discussed, recommended, offered, or sold by BSC: (a) are not insured by the
Philippine Deposit Insurance Corporation; (b) are not deposits or other obligations of any insured depository
institution (including BPI); and (c) are subject to investment risks, including the possible loss of the principal amount
invested.

BSC may deal or transact in a manner inconsistent with the views discussed in this report. BSC trades or may trade as
principal in the instruments mentioned herein. BSC, its directors, officers and/or employees may have positions or
other interests in, and may effect transactions in, securities mentioned in this report. BSC may make a market in the
instruments discussed herein. The author of this report may know the nature of such positions and strategies.

The author(s) has received assistance from the subject company in this report including but not limited to meetings
with the management of the company. The analysts and/or associates from time to time seek to establish business
or financial relationships with companies covered in their research reports. Consequently, investors should be aware
that BSC and/or the analysts/associates may have one or more conflicts of interests that could affect the objectivity
of this report.

The assumptions, estimates and opinions expressed in this report are the author’s judgment as of the date hereof and
are subject to change without notice. Although this report is based on information obtained from sources considered
to be reliable as of the date hereof, the author does not make any representation or warranty, express or implied, as
to its accuracy, timeliness or completeness for any purpose. Any information is subject to change without notice and
the author is not under any obligation to update or keep current the information contained herein.

Certain transactions or securities in this report are subject to substantial risk and are not appropriate for all investors.
Past performance is not necessarily a guide to future performance. BSC deals with counterparties on an arm’s length
basis. BSC assumes that each counterparty is capable of making an independent evaluation of the merits and risks of
each, and an independent decision on any, transaction.

BSC does not render legal, tax or financial advice, and the information contained in this report should not be
considered as such and should not be taken in substitution for the exercise of judgment by the recipient who should
obtain separate legal, tax or financial advice. No liability whatsoever is accepted for any direct, special, indirect,
consequential, incidental damages or any other loss or damages of any kind arising from any use of the information
herein (including any error, omission or misstatement herein, negligent or otherwise) or further communication
thereof.

This is a product of the BPITrade Sales and BPITrade Research Team. See Appendices for Analyst Certification and important disclosures. 7