SALES AND TRADING NOTE

THIS NOTE IS ISSUED TO INSTITUTIONAL INVESTORS AND IS NOT TO BE VIEWED AS AN INVESTMENT RESEARCH REPORT. THE OPINIONS CONTAINED ARE THOSE OF THE SALESPERSON AND ARE FOR GENERAL REFERENCE ONLY.

The information as contained in this Note has been prepared and distributed by Daiwa Capital Markets Hong Kong Limited (“Daiwa”) for private distribution to selected institutional clients of Daiwa and/or its affiliates solely for the purpose of supplying information and it may not be reproduced or distributed (in whole or in part) to any other person without Daiwa’s written consent. Where governing laws require in particular cases, this Note shall be disseminated by the Daiwa entity regulated in local jurisdiction. This Note is not, and should not be construed as, an offer or a solicitation to buy or sell any investment product or service in any jurisdiction.Daiwa is not undertaking to act as your professional adviser or fiduciary and does not represent that any product or service is suitable for you.

The information contained in this Note has been obtained from public sources and such information is believed to be correct and reliable but has not been independently verified and its accuracy and completeness cannot be guaranteed. Accordingly, neither Daiwa nor any its representatives or affiliates accepts any liability or responsibility for the accuracy or completeness of the information on which this document is based. Neither Daiwa nor any of its affiliates makes any guarantee, representation, warranty or undertaking, express or implied, as to the fairness, accuracy, reliability, completeness, adequacy or appropriateness of any information or opinions contained. Information contained herein may not be current due to, among other things, changes in the financial markets or economic environment. Any reference to past performance should not be taken as an indication of future performance.

Unless otherwise stated, all views or opinions herein (including any statement) are solely those of the author as at the date of publication and are published for the general information of the recipients, but are not to be relied upon as authoritative or taken in substitution for the exercise of judgment by any recipient, and are subject to change without notice. Daiwa and/or its affiliates have no obligation to update or amend any information contained in this Note. This Note has been prepared without regard to the financial circumstances, objectives or needs of any particular investor and is not intended to be the sole basis for any evaluation by you of the transaction, security or instrument described herein. Investors must make their own assessment and investigation as they may consider necessary or appropriate before making any investment decision.

Daiwa and/or the relevant sales and trading person has prepared and published this Note wholly independently of any of Daiwa’s affiliates and other Daiwa departments including the research department, and thus any view, comments, opinion and outlook, strategies, target prices/levels expressed in this Note may differ substantially from any similar notes/reports issued by Daiwa’s affiliates and other departments which may have been based upon different sources/methodologies.

Daiwa and/or its affiliates may make markets, effect or have effected a transaction for their own account in the investments referred to in the material contained in this Note or any related investment, including transactions which may be contrary to any analysis herein. On the date of this Note, Daiwa and/or its affiliates and their respective directors and/or representatives and/or employees may have a long or short position in any of the investments mentioned in this Note and may purchase and/or sell the investments at any time, in each case either as principal or as agent. Additionally, Daiwa and/or its affiliates may have, within the previous twelve months, acted as an investment banker or may have provided significant advice or investment services to the companies or in relation to the instruments mentioned in this report.

The securities mentioned in this Note may not be eligible for sale in all jurisdictions or to all categories of investors. This Note is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to any law regulation or rule.

Neither Daiwa nor any of its affiliates accepts any liability whatsoever for any direct, indirect or consequential losses or damages arising from the use of or reliance on any information or opinion contained in this Note.

Asia Ex-Japan / Ex-Singapore

This Note, when distributed in Asia ex-Japan/ex-Singapore, is distributed by Daiwa Capital Markets Hong Kong Limited at Level 26, One Pacific Place, 88 Queensway, Hong Kong and may only be distributed to professional investors in accordance with local regulatory requirements.

Japan

When this Note is distributed in Japan from outside of Japan by Daiwa Capital Markets Hong Kong Limited or by any of its affiliates, such distribution is made relying on Section 58-2 of Financial Instrument Exchange Law of Japan which is deemed applicable and therefore this Note may only be distributed to institutional investors as defined in Section 17-3 of Implementing Ordinance of Financial Instrument Exchange Law of Japan.

United Kingdom / European Economic Area

This Note, when distributed in the United Kingdom, is distributed by Daiwa Capital Markets Europe Limited (“DCME”)at 5 King William Street, London EC4N 7AX, United Kingdom. DCME is authorized and regulated in the UK by The Financial Services Authority (“FSA”). This Note has been produced for marketing purposes and has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. For the avoidance of doubt, this Note is prepared for professional investors only and not intended for Retail Clients as defined in FSA rules and should not be passed on to any such persons. This Note is not a ‘personal recommendation’ within the meaning of the FSA rules. This Note may be distributed in other states of the European Union by DCME.

United States

This Note was produced by Daiwa Capital Markets Hong Kong Limited ("Daiwa HK"), a non-U.S. broker-dealer. It may not be accurate or complete and should not be relied upon as such. When Daiwa HK distributes this Note in the United States, it is distributing the Note in reliance on SEC Rule 15a-6 under the Securities Exchange Act of 1934, as amended, to only major U.S. institutional investors as a communication to the public under FINRA Rule 2211. This Note is not research and has not been approved by Daiwa Capital Markets America Inc. ("DCMA") located at Financial Square, 32 Old Slip, New York, New York 10005, U.S.A., nor does it reflect DCMA's views at any time. This Note is not an offer to sell or the solicitation of any offer to buy securities. DCMA is registered with the United States Securities and Exchange Commission as a broker-dealer and is a member of the Financial Industry Regulatory Authority.

Singapore

This Note, when distributed in Singapore, is distributed by Daiwa Capital Markets Singapore Limited, at 6 Shenton Way #26-08, DBS Building Tower Two, Singapore 068809, Republic of Singapore, to “institutional investors”, “accredited investors” and “expert investors” as defined in Section 4A of the Securities and Futures Act. It is solely for the use of such investors only and shall not be distributed, forwarded, passed on or disseminated to any other person. Investors are advised to consult their financial advisors as to the legal, business, financial, tax and other relevant aspects before participating in any transaction in respect of securities covered by this Note. Such investors should also note that Sections 25, 27 and 36 of the Financial Advisers Act do not apply in respect of this Note.