DISCLOSURES

Analyst Certification

This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Exotix Capital's research. This report has been produced by [X] who is the Analyst (the "Analyst").

Exotix Research – Explanation of Research Recommendations

Buy recommendation means an expected tightening of the hard currency bond to the relevant OECD benchmark bond of more than 50bp within the next 180 days. Or for local currency bond or forex investments an expected profit in US$ terms of more than 10%.
Sell recommendation means - an expected widening of the hard currency bond to the relevant OECD benchmark bond of more than 50bp within the next 180 days. Or for local currency bond or forex investments an expected loss in US$ terms of more than 10%.
Hold recommendation means an upside or downside of less than the above within a trading range of 180 days.

The recommendations are based on data generally available in the market and reflect the prices, volatility, corporate information and general economic data available at the time of publication together with historical information in respect of the security(ies) or issuer(s). Further information in respect of the basis of any valuation is available from the analyst on request.

Conflicts of Interest

<At the time of writing, the analyst has a financial interest in certain of the companies covered in this document.>. The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.

Exotix Partners LLP and its subsidiaries ("Exotix Capital") provide specialist investment banking services to trading professionals in the wholesale markets. Exotix Capital draws together liquidity and matches buyers and sellers so that deals can be executed by its customers. Exotix Capital may at any time, hold a trading position in the securities and financial instruments discussed in this report. Exotix Capital has procedures in place to identify and manage any potential conflicts of interests that arise in connection with its research. A copy of Exotix Capital’s conflict of interest policy is available at www.exotix.com/regulatory-information.

Exotix Capital does not generally produce maintenance research and as a result there is no planned frequency of research reports for securities under coverage, save that Exotix Capital will aim to produce updates as appropriate and as soon as practicable. Other than this, research reports are produced on an ad hoc basis.

Fixed income recommendations as at 17 May 2018:

Buy

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Sell

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Hold

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Preparation

This report was prepared by Exotix Partners LLP, which is authorised to engage in securities activities in the United Kingdom. Exotix Partners LLP is authorised and regulated by the UK’s Financial Conduct Authority under FCA register no. 586420.

This report is not an advertisement of securities. Opinions expressed herein may differ or be contrary to opinions expressed by other business areas or groups of Exotix Capital as a result of using different assumptions and criteria.

The information and opinions contained in this report are subject to change without notice, and Exotix Capital is under no obligation to update or keep current the information contained herein or in any other medium.

Distribution

This report is not intended for distribution to the public and may not be reproduced, redistributed or published, in whole or in part, for any purpose without the written permission of Exotix Capital. Exotix Capital shall accept no liability whatsoever for the actions of third parties in this respect. This report is for distribution only under such circumstances as may be permitted by applicable law.

This report may not be used to create any financial instruments or products or any indices. Neither Exotix Capital, nor its members, directors, representatives, or employees accept any liability for any direct or consequential loss or damage arising out of the use of all or any part of the information herein.

United Kingdom: Approved and distributed by Exotix Partners LLP only to Eligible Counterparties or Professional Clients (as defined in the FCA Handbook). The information herein does not apply to, and should not be relied upon by, Retail Clients (as defined in the FCA Handbook); neither the FCA’s protection rules nor compensation scheme may be applied.

United States: This research report is provided for distribution to U.S. institutional investors in accordance with the exemption from registration provided by Rule 15a-6 under the U.S. Securities Act of 1934, as amended and all relevant guidance by the U.S. Securities and Exchange Commission (“SEC”) with respect thereto.

Exotix USA, Inc. is the U.S. distributor of this report. Exotix USA, Inc is regulated by the Securities and Exchange Commission and is a member of FINRA and SIPC. Subject to the terms set forth herein, Exotix USA Inc. accepts responsibility for the contents of this report to the extent that it is delivered to a US person other than a Major U.S. Institutional Investor as defined in Rule 15a-6. Any U.S. person receiving this research report and wishing to effect transactions in any security discussed in the report or any related derivative instrument should do so through via a registered representative at Exotix USA, Inc. (Telephone: +1 (212) 551 3480).

UAE: Approved for distribution in the Dubai International Financial Centre by Exotix Partners LLP (Dubai) which is regulated by the Dubai Financial Services Authority (“DFSA”). Material is intended only for persons who meet the criteria for Professional Clients under the Rules of the DFSA and no other person should act upon it.

Nigeria: Distributed by EFCP Limited, an authorised dealing member of The Nigerian Stock Exchange, which is regulated by the Securities and Exchange Commission.

Other distribution: The distribution of this report in other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restriction.

Disclaimers

This report has been prepared for information purposes only. The information presented herein does not comprise a prospectus of securities for the purposes of EU Directive 2003/71/EC. Any decision to purchase securities in any proposed offering should be made solely on the basis of the information to be contained in the final prospectus published in relation to such offering. This report does not form a fiduciary relationship or constitute advice and is not and should not be construed as an offer, or a solicitation of an offer, or an invitation or inducement to engage in investment activity, and cannot be relied upon as a representation that any particular transaction necessarily could have been or can be effected at the stated price.

The information and opinions contained in this report have been derived from sources believed to be reliable and in good faith or constitute Exotix Capital's judgment as at the date of this report but no representation or warranty, express or implied, is made as to their accuracy, completeness or correctness and any opinions are subject to change and may be superseded without notice.

Past performance is not necessarily a guide to future performance and no representation or warranty, express or implied, is made by Exotix Capital with respect to future performance. Income from investments may fluctuate. The price or value of the investments to which this report relates,

either directly or indirectly, may fall or rise against the interest of investors. Any recommendation or opinion contained in this report may become outdated as a consequence of changes in the environment in which the issuer of the securities under analysis operates, in addition to changes in the estimates and forecasts, assumptions and valuation methodology used herein.

This report has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient, even if sent only to a single recipient. This report is not guaranteed to be a complete statement or summary of any securities, markets, reports or developments referred to in this report. You should always exercise independent judgment in relation to the securities mentioned herein. Neither Exotix Capital nor any of its members, directors, or employees shall have any liability, however arising, for any error, inaccuracy or incompleteness of fact or opinion in this report or lack of care in this report’s preparation or publication, or any losses or damages (whether direct or indirect) which may arise from the use of this report.

Exotix Capital and/or its members, directors or employees may have interests, or long or short positions, and may at any time make purchases or sales as a principal or agent of the securities referred to herein. Exotix Capital may rely on information barriers, such as “Chinese Walls” to control the flow of information within the areas, units, divisions, groups of Exotix Capital.

Investing in any non-U.S. securities or related financial instruments (including ADRs) discussed in this report may present certain risks. The securities of non-U.S. issuers may not be registered with, or be subject to the regulations of, the U.S. Securities and Exchange Commission. Information on such non-U.S. securities or related financial instruments may be limited. Foreign companies may not be subject to audit and reporting standards and regulatory requirements comparable to those in effect within the United States. The value of any investment or income from any securities or related financial instruments discussed in this report denominated in a currency other than U.S. dollars is subject to exchange rate fluctuations that may have a positive or adverse effect on the value of or income from such securities or related financial instruments.

Frontier and Emerging Market laws and regulations governing investments in securities markets may not be sufficiently developed or may be subject to inconsistent or arbitrary interpretation or application. Frontier and Emerging Market securities are often not issued in physical form and registration of ownership may not be subject to a centralised system. Registration of ownership of certain types of securities may not be subject to standardised procedures and may even be effected on an ad hoc basis. The value of investments in Frontier and Emerging Market securities may also be affected by fluctuations in available currency rates and exchange control regulations.

Not all of these or other risks associated with the relevant company, market or instrument which are the subject matter of the report are necessarily considered.

© Exotix Partners LLP, 2018. All rights reserved.

Exotix Capital is a registered trade mark of Exotix Partners LLP

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