Research Disclaimers

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DISCLAIMER

For research reports on non-Indian securities: The research reports are issued by Haitong International Research Limited (“HTIRL”), a wholly owned subsidiary of Haitong International Securities Group Limited (“HTISGL”) and a licensed corporation to carry on Type 4 regulated activity (advising on securities) for the purpose of the Securities and Futures Ordinance (Cap. 571) of Hong Kong, with the assistance of Haitong International Japaninvest KK (“HTIJIKK”), a wholly owned subsidiary of HTISGL and which is regulated as an Investment Adviser by the Kanto Finance Bureau of Japan.

For research reports on Indian securities:The research reports are issued by Haitong Securities India Private Limited (“HSIPL”), an Indian company and a Securities and Exchange Board of India (“SEBI”) registered Stock Broker, Merchant Banker and Research Analyst that, inter alia, produces and distributes research reports covering listed entities on the BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”) (collectively referred to as “Indian Exchanges”). HSIPL was acquired and became part of the Haitong International Securities Group of Companies (“HTISG”) on 22 December 2016.

All the research reports are globally branded under the name Haitong International and approved for distribution by Haitong International Securities Company Limited (“HTISCL”) and/or Haitong International Investment Services Limited (“HTIIS”), and/or any other members within HTISG in their respective jurisdictions.

Except for permission to download a single copy for personal use, the research reports may not be reproduced, retransmitted, displayed, redistributed or re-published in whole or in part by any recipient for any purpose, without the prior express consent of Haitong International. Haitong International accepts no liability whatsoever for the actions of third parties in this respect.

The information and opinions contained in the research reports have been compiled or arrived at from sources believed to be reliable and in good faith but no representation or warranty, express or implied, is made by HTIRL, HTISCL, HTIIS, HSIPL, HTIJIKK or any other members within HTISG from which the research reports may be received, as to their accuracy, completeness or correctness. All opinions expressed are as of the date of the research reports produced and are subject to change without notice. The research reports are for information purpose only. Descriptions of any companies or their securities mentioned herein are not intended to be complete and the research reports are not, and should not be construed expressly or impliedly as, an offer to buy or sell securities. The securities referred to in the research reports may not be eligible for purchase or sale in some jurisdictions. If an investment product is denominated in a currency other than an investor's home currency, a change in exchange rates may adversely affect the investment. Past performance is not necessarily indicative of future results. Certain transactions, including those involving derivatives, give rise to substantial risk and are not suitable for all investors. You should also bear in mind that recommendations in the research reports are not tailor-made for you. The analysts have not taken into account your unique financial circumstances, such as your financial situation and risk appetite. You must, therefore, analyze and should, where applicable, consult your own legal, tax, accounting, financial and other professional advisers to evaluate whether the recommendations suits you before investment. Neither HTISG nor any of its directors, employees or agents accept any liability whatsoever for any direct or consequential loss arising from any use of the materials contained in the research reports.

HTISG and our affiliates, officers, directors, and employees, excluding the analysts responsible for the content of the research reports, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in research reports. Sales, traders, and other professionals of HTISG may provide oral or written market commentary or trading strategies to the relevant clients and the companies within HTISG that reflect opinions that are contrary to the opinions expressed in research reports. HTISG may make investment decisions that are inconsistent with the recommendations or views expressed in research reports. HTI is under no obligation to ensure that such other trading decisions, ideas or recommendations are brought to the attention of any recipient of HTI’s research reports.

Non U.S. Analyst Disclosure: The HTI analyst(s) listed on the cover of research reports is (are) not registered or qualified as a research analyst with FINRA and are not subject to U.S. FINRA Rule 2241 restrictions on communications with companies that are the subject of the research; public appearances; and trading securities by a research analyst.

DISTRIBUTION AND REGIONAL NOTICES:

Except as otherwise indicated below, any Recipient wishing to discuss research reports or effect any transaction in any security discussed in HTI’s research should contact the Haitong International salesperson in their own country or region.

Notice to Hong Kong investors: The research reports are distributed by Haitong International Securities Company Limited (“HTISCL”) and/or Haitong International Investment Services Limited (“HTIIS”), both licensed corporations to carry on Type 1 regulated activity (dealing in securities) in Hong Kong. The research reports do not constitute a solicitation or an offer of securities or an invitation to the public within the meaning of the SFO. The research reports are only to be circulated to "Professional Investors" as defined in the SFO. The research reports have not been reviewed by the Securities and Futures Commission. You should not make investment decisions solely on the basis of the information contained in the research reports.

Notice to U.S. investors: As described above, the research reports were prepared by HTIRL, HSIPL or HTIJIKK. Neither HTIRL, HSIPL, HTIJIKK, nor any of the non U.S. HTISG affiliates is registered in the United States and, therefore, is not subject to U.S. rules regarding the preparation of research reports and the independence of research analysts. The research reports are provided for distribution to major U.S. institutional investors€ and U.S. institutional investors€ in reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended. Any U.S. recipient of the research reports wishing to effect any transaction to buy or sell securities or related financial instruments based on the information provided in the research reports should do so only through Haitong International Securities (USA) Inc. (€œHTI USA€), located 340 Madison Avenue, 12th Floor, New York, NY 10173; telephone 212-351-6040. HTI USA is a broker-dealer registered in the U.S. with the U.S. Securities and Exchange Commission (the €œSEC€) and a member of the Financial Industry Regulatory Authority, Inc. (€œFINRA€). HTI USA is not responsible for the preparation of the research reports nor for the analysis contained therein. Under no circumstances should any U.S. recipient of the research reports contact the analyst directly or effect any transaction to buy or sell securities or related financial instruments directly through HSIPL, HTIRL or HTIJIKK. The HSIPL, HTIRL or HTIJIKK analyst(s) whose name appears in the research reports is not registered or qualified as a research analyst with FINRA and, therefore, may not be subject to FINRA Rule 2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account. Investing in any non-U.S. securities or related financial instruments (including ADRs) discussed in the research reports may present certain risks. The securities of non-U.S. issuers may not be registered with, or be subject to U.S. regulations. 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 U.S. The value of any investment or income from any securities or related financial instruments discussed in the research reports 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.

Rule 606 Quarterly Report
Haitong International Securities (USA) Inc.
340 Madison Avenue, 12th Floor
New York, NY 10173

SEC-Required Report on Routing of Customer Orders
Haitong International Securities (USA) Inc. has prepared this report pursuant to a U.S. Securities and Exchange Commission rule requiring all brokerage firms to make publicly available quarterly reports on their order routing practices. The report provides information on the routing of “non-directed orders any order that the customer has not specifically instructed to be routed to a particular venue for execution. For these non-directed orders, Haitong International Securities (USA) Inc. has selected the execution venue on behalf of its customers.

The report is divided into four sections: one for securities listed on the New York Stock Exchange and reported as a Network A eligible security; one for securities listed on The Nasdaq Stock Market; one for securities listed on the American Stock Exchange or regional exchanges and reported as a Network B eligible security; and one for exchange-listed options. For each section, this report identifies the venues most often selected by Haitong International Securities (USA) Inc. and sets forth the percentage of various types of orders routed to the venues.

For Quarter Ending on Sep 30, 2018
Securities Listed on New York Stock Exchange/Network A Eligible Security
Venue % of Non-Directed Orders Market Orders Limit Orders Other Orders Citigroup Global Markets Inc. 100.00% 0% 100% 0%

Securities Listed on The Nasdaq Stock Market
Venue % of Non-Directed Orders Market Orders Limit Orders Other Orders Citigroup Global Markets Inc. 100.00% 0% 100% 0%

Securities Listed on American Stock Exchange or Regional Exchanges/Network B Eligible Security
Venue % of Non-Directed Orders Market Orders Limit Orders Other Orders Citigroup Global Markets Inc. 100.00% 0% 100% 0%

For Quarter Ending on Jun 30, 2018
Securities Listed on New York Stock Exchange/Network A Eligible Security
Venue % of Non-Directed Orders Market Orders Limit Orders Other Orders Citigroup Global Markets Inc. 100.00% 0% 100% 0%

Securities Listed on The Nasdaq Stock Market
Venue % of Non-Directed Orders Market Orders Limit Orders Other Orders Citigroup Global Markets Inc. 100.00% 0% 100% 0%

Securities Listed on American Stock Exchange or Regional Exchanges/Network B Eligible Security
Venue % of Non-Directed Orders Market Orders Limit Orders Other Orders Citigroup Global Markets Inc. 100.00% 0% 100% 0%

For Quarter Ending on Mar 31, 2018
Securities Listed on New York Stock Exchange/Network A Eligible Security
Venue % of Non-Directed Orders Market Orders Limit Orders Other Orders Citigroup Global Markets Inc. 100.00% 0% 100% 0%

Securities Listed on The Nasdaq Stock Market
Venue % of Non-Directed Orders Market Orders Limit Orders Other Orders Citigroup Global Markets Inc. 100.00% 0% 100% 0%

Securities Listed on American Stock Exchange or Regional Exchanges/Network B Eligible Security
Venue % of Non-Directed Orders Market Orders Limit Orders Other Orders Citigroup Global Markets Inc. 100.00% 0% 100% 0%

Material Relationships with Venues
Material Aspects of Relationship with venues:

All inquiries by U.S. recipients should be directed to:

Haitong International Securities (USA) Inc.
340 Madison Avenue, 12th Floor, New York, NY 10173
Attn: Sales Desk at 212-351-6050

People’s Republic of China (PRC): In the PRC, the research reports are directed for the sole use of those who receive the research reports in accordance with the applicable PRC laws and regulations. Further, the information on the research reports does not constitute "production and business activities in the PRC" under relevant PRC laws. The research reports do not constitute a public offer of the security, whether by sale or subscription, in the PRC. Further, no legal or natural persons of the PRC may directly or indirectly purchase any of the security or any beneficial interest therein without obtaining all prior PRC government approvals or licenses that are required, whether statutorily or otherwise. Persons who come into possession of this research are required to observe these restrictions.

Notice to Canadian Investors: Under no circumstances are the research reports to be construed as an offer to sell securities or as a solicitation of an offer to buy securities in any jurisdiction of Canada. Any offer or sale of the securities described herein in Canada will be made only under an exemption from the requirements to file a prospectus with the relevant Canadian securities regulators and only by Haitong International Securities (USA) Inc., a dealer relying on the “international dealer exemption” under National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (“NI 31-103”) in Alberta, British Columbia, Ontario and Quebec. The research reports are not, and under no circumstances should be construed as, a prospectus, an offering memorandum, an advertisement or a public offering of any securities in Canada. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon the research reports, the information contained therein or the merits of the securities described therein and any representation to the contrary is an offence. Upon receipt of the research reports, each Canadian recipient will be deemed to have represented that the investor is an “accredited investor” as such term is defined in section 1.1 of National Instrument 45-106 Prospectus Exemptions or, in Ontario, in section 73.3(1) of the Securities Act (Ontario), as applicable, and a “permitted client” as such term is defined in section 1.1 of NI 31-103, respectively.

Notice to Singapore investors: The research reports are provided in Singapore by or through Haitong International Securities (Singapore) Pte Ltd (“HTISSPL”) [Co Reg No 201306644N], which is an Exempt Financial Adviser as defined in the Financial Advisers Act (“FAA”) and regulated by the Monetary Authority of Singapore, and is only provided to accredited investors, expert investors and institutional investors, as defined in Section 4A of the Securities and Futures Act, Cap. 289. Recipients of the research report are to contact HTISSPL in respect of any matters arising from, or in connection with, the research reports. If you are an accredited investor or expert investor, please be informed that in our dealings with you, we are relying on certain exemptions to the Financial Advisers Act. Cap. 110 (“FAA”) - (1) the exemption in Regulation 33 of the Financial Advisers Regulations (“FAR”), which exempts us from complying with Section 25 of the FAA on disclosure of product information to clients; (2) the exemption set out in Regulation 34 of the FAR, which exempts us from complying with Section 27 of the FAA on recommendations; and (3) the exemption set out in Regulation 35 of the FAR, which exempts us from complying with Section 36 of the FAA on disclosure of certain interests in securities.

Notice to Japanese investors: The research reports are distributed by Haitong International Japaninvest KK (“HTIJIKK”), which is regulated as an Investment Adviser by the Kanto Finance Bureau of Japan. The research reports are solely and exclusively directed at, and made available only to, “Qualified Institutional Investors” as defined in the Financial Instruments and Exchange Law of Japan.

Notice to UK investors: The research reports are distributed by Haitong International Securities (UK) Limited, which is authorised and regulated by the UK Financial Conduct Authority. The research reports (and any advice contained therein) are directed only at, and made available only to, professional clients and eligible counterparties (as defined in the Financial Conduct Authority’s rules) who are clients of Haitong International Securities (UK) Limited.

Notice to Australian investors: The research reports are distributed in Australia by Haitong International Securities (Singapore) Pte Ltd, Haitong International Securities Company Limited, and Haitong International Securities (UK) Limited in reliance on ASIC Class Order 03/1102, 03/1103 or 03/1099, respectively, which exempts those HTISG entities from the requirement to hold an Australian financial services license under the Corporations Act 2001 in respect of the financial services it provides to wholesale clients in Australia. A copy of the ASIC Class Orders may be obtained at the following website, www.legislation.gov.au. Financial services provided by Haitong International Securities (Singapore) Pte Ltd, Haitong International Securities Company Limited, and Haitong International Securities (UK) Limited are regulated under foreign laws and regulatory requirements, which are different from the laws applying in Australia.

Notice to Indian investors: The research reports are distributed by Haitong Securities India Private Limited (“HSIPL”), an Indian company and a Securities and Exchange Board of India (“SEBI”) registered Stock Broker, Merchant Banker and Research Analyst that, inter alia, produces and distributes research reports covering listed entities on the BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”) (collectively referred to as “Indian Exchanges”). This research is solely and exclusively directed at, and made available only to, Institutional Investors in India.

The research reports are intended for the recipients only and may not be reproduced or redistributed without the written consent of an authorized signatory of HTISG. Copyright: Haitong International Securities Group Limited 2016. All rights reserved.