M&A

M&A

3 Apr. 2017 M&A The season is not over yet Alain BOKOBZA Head of Global Asset Allocation SG Global Research & Strategy Societe Generale (SG) does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that SG may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. PLEASE SEE APPENDIX AT THE END OF THIS REPORT FOR THE ANALYST(S) CERTIFICATION(S), IMPORTANT DISCLOSURES AND DISCLAIMERS AND THE STATUS OF NON-US RESEARCH ANALYSTS. ALTERNATIVELY, VISIT OUR GLOBAL RESEARCH DISCLOSURE WEBSITE Synopsis of M&A report published on 3 April 2017 M&A THE SEASON IS NOT OVER YET 02/28/2020 2 M&A TRENDS Global 3,000,000,000,000 Volume (in $bn), Left HS Europe 18,000 800,000,000,000 Volume (in $bn), Right HS Deal Count, Left HS 5,000 Deal Count, Right HS 2,500,000,000,000 16,000 600,000,000,000 4,000 2,000,000,000,000 14,000 1,500,000,000,000 400,000,000,000 12,000 1,000,000,000,000 3,000 200,000,000,000 500,000,000,000 0

10,000 8,000 0 Acquisitions: pending or completed company takeovers. Source: Bloomberg, SG Cross Asset Research/Equity Strategy 2,000 02/28/2020 3 M&A THE GLOBAL PICTURE IN 2016 Total acquisitions: $2.3tr in 2016 Europe $468bn Asia Pacific $407bn North America $1,313bn LATAM $41bn Middle East & Africa $36bn Acquisitions: pending or completed company takeovers. Source: Bloomberg, SG Cross Asset Research/Equity Strategy 02/28/2020 4 TOP 15 GLOBAL ACQUISITIONS IN 2016 Target name Acquirer name Announced total value ($bn) Announcement date Deal status Time Warner AT&T 107 22/10/2016 Pending

Monsanto Bayer 66 18/05/2016 Pending Reynolds American British American Tobacco 60 21/10/2016 Pending Energy Transfer Sunoco Logistics 51 21/11/2016 Pending Syngenta China National Chemical 46 03/02/2016 Pending NXP Semiconductors QUALCOMM 46 27/10/2016 Pending Spectra Energy Enbridge 42 06/09/2016 Completed

Linde Praxair 40 20/12/2016 Pending Baxalta Shire 36 11/01/2016 Completed Level 3 Communications CenturyLink 34 31/10/2016 Pending ARM Holdings SoftBank 30 18/07/2016 Completed St Jude Medical Abbott Laboratories 30 28/04/2016 Completed Tyco International Johnson Controls Int 29 25/01/2016 Completed

LinkedIn Microsoft 24 13/06/2016 Completed Sky Twenty-First Century Fox 23 09/12/2016 Pending Acquisitions: pending or completed company takeovers. Source: Bloomberg, SG Cross Asset Research/Equity Strategy 02/28/2020 5 M&A AND ECONOMIC CYCLE: NOW IS THE TIME FOR MAJOR DEALS (1) Need to protect pricing power Few deals and the worst ones! We are here Growth period Downturn Major deals Focus on cash management Small acquisitions Start of the M&A cycle Very low M&A activity when deals are cheap Crisis Recovery Need to grow again Source: SG Cross Asset Research/Equity Best deals are rejected 02/28/2020

6 M&A AND ECONOMIC CYCLE: NOW IS THE TIME FOR MAJOR DEALS (2) Source : Financial Sense, SG Cross Asset Research/Equity 02/28/2020 7 THREE REASONS M&A SHOULD CONTINUE IN 2017 (1) 30% Global gearing S&P 500 Free cash flow yield (%) 30% 10 25% 25% 20% 20% 15% 15% 10% 10% 10 8 8 6 6 4 4 2 2 0 0 US Corporate bond yield 11 10

9 8 7 6 5 4 3 Eurozone Corporate bond yield 11 10 9 8 7 6 5 4 3 8 8 6 6 4 4 2 2 0 0 88 991 993 995 997 999 001 003 005 007 009 011 013 015 017 9 /1 /1 /1 /1 /1 /1 /2 /2 /2 /2 /2 /2 /2 /2 /2 12 /01 /01 /01 /01 /01 /01 /01 /02 /02 /02 /02 /02 /02 /03 / 30 04 08 13 17 22 26 31 04 09 13 18 22 27 03 Top left: Gearing = net debt / EV. Dotted line = historical average. World index excluding financials. Top right: Free cash flow yield = Free cash flow / market capitalisation. Dotted line = historical average. Bottom left: BofA Merrill Lynch BBB US Corporate Index (yield to maturity) , Bottom right: IBOXX euro overall BBB 3 Annual Yield. Source: Bloomberg, Datastream, Worldscope, SG Cross Asset Research/Equity Strategy 02/28/2020 8 THREE REASONS M&A SHOULD CONTINUE IN 2017 (2) US Net proft margin Global sales growth 9%

9% 8% 8% 6 2017 2018 4 7% 7% 6% 6% 5% 5% 4% 4% 3% 3% 2 2014 0 1% 0 2016 -4 -2 -4 03 /0 03 2/2 /0 01 03 8/2 1 /0 01 03 2/2 1 /0 01

03 8/2 2 /0 01 03 2/2 2 /0 01 03 8/2 3 /0 01 03 2/2 3 /0 01 03 8/2 4 /0 01 03 2/2 4 /0 01 03 8/2 5 /0 01 03 2/2 5 /0 01 03 8/2 6 /0 01 2/ 6 20 17 1% 31 /1 31 2/1 /0 9 30 8/1 80 /0 9 30 4/1 83 /1 9 30 2/1 86 /0 9 29 8/1 88 /0 9 31 4/1 91 /1 9 31 2/1 94 /0 9 30 8/1 96 /0 9 31 4/2 99 /1 0 31 2/2 02 /0 0 30 8/2 04 /0 0 31 4/2 07 /1 0 31 2/2 10 /0 01 8/ 2 20 15 2% 4 2

2013 -2 2% 6 US market net profit margins (excluding Energy and Financials sectors). Dotted line = historical average. Fiscal year sales growth expectations. Source: Datastream, IBES, Worldscope, SG Cross Asset Research/Equity Strategy 2015 02/28/2020 9 THREE REASONS M&A SHOULD CONTINUE IN 2017 (3) Adapting to new policy framework Source: SG Cross Asset Research/Equity Strategy 02/28/2020 10 A SWOT APPROACH TO M&A DRIVERS HARMFUL EXTERNAL ORIGIN INTERNAL ORIGIN HELPFUL Source : SG Cross Asset Research/Equity Strategy 02/28/2020 11 EUROZONE COMPANIES ARE PARTICULARLY ATTRACTIVE (1) Eurozone equities vs US equities relative price to book value 0.8 0.8 0% US attractive 0.75 0.75 0.7 0.7

0.65 0.65 0.6 0.6 0.55 0.55 0.5 0.5 -20% -40% Orange line: 10-year average. Source: Datastream, MSCI, SG Cross Asset Research/Equity Strategy CONS DISCR MATERIALS MARKET FINANCIALS ENERGY INDUSTRIALS CONS STAPLES UTILITIES 31 -0 31 1-0 -1 7 31 0-0 -0 7 30 7-0 -0 8 29 4-0 -0 9 29 1-1 -1 0 29 0-1 -0 0 30 7-1 -0 1 31 4-1 -0 2 31 1-1 -1 3 31 0-1

-0 3 30 7-1 -0 4 29 4-1 -0 5 31 1-1 -1 6 016 Eurozone attractive T/CM SVS 0.45 IT 0.45 HEALTH CARE -60% 02/28/2020 12 EUROZONE COMPANIES ARE PARTICULARLY ATTRACTIVE (2) US vs Eurozone market capitalisation (in USD) EUR versus USD 1.6 1.6 180 160 1.5 180 MSCI US market cap, US$ 160 1.5 1.4 140 140 120 120 100

100 80 80 1.4 1.3 1.3 1.2 1.2 1.1 1.1 60 MSCI Eurozone market cap, US$ 40 40 1 11 0 14 6 18 2 21 8 25 4 29 0 32 6 36 2 39 8 43 4 47 0 50 6 2 38 74

1 60 Left : EURUSD, Right : 100 = 01/01/07. Market capitalisation in US$. Source: Datastream, MSCI, SG Cross Asset Research/Equity Strategy 02/28/2020 13 BREXIT AND M&A IN THE UK 2016 UK M&A trend 140,000,000,000 Volume (in $bn) UK net balance position in acquisitions Deal Count 575 120,000,000,000 100,000,000,000 550 80,000,000,000 60,000,000,000 525 40,000,000,000 20,000,000,000 0 500 Q1 2016 3 2.6 2.2 1.8 Q2 2016 Q3 2016 GBP vs USD 250,000,000,000 200,000,000,000 Volume (in $bn) 150,000,000,000 100,000,000,000 50,000,000,000 0 -50,000,000,000 -100,000,000,000

-150,000,000,000 -200,000,000,000 -250,000,000,000 Deal Count 200 100 0 -100 -200 Q4 2016 1.4 UK equities PBV relative to EUR equities 1.3 1.2 1.1 1 1.4 0.9 1 0.8 Top left : UK companies as acquirers, sellers or targets. Acquisitions: pending or completed company takeovers. Top right: Acquisitions: pending or completed company takeovers. Bottom right: Price to book value relative to European equities. Grey line: average and +/- standard deviation (dotted lines). Source: Datastream, SG Cross Asset Research/Equity Strategy 02/28/2020 14 WHO BUYS EUROPE 90% European companies as % of acquirers of European targets Who acquired European companies in 2016? 80% 70% 60% 50% Western Europe 34.00% 40%

30% Europe net balance position in acquisitions 250,000,000,000 200,000,000,000 150,000,000,000 100,000,000,000 50,000,000,000 0 -50,000,000,000 -100,000,000,000 Volume (in $bn) Deal Count 700 600 500 400 300 200 100 0 -100 -200 -300 North America 38.00% Weight based on volumes (in US$). Acquisitions: pending or completed company takeovers. Source: Bloomberg, SG Cross Asset Research/ Equity Strategy Asia Pacific 25.00% LATAM 2.00% EMEA 0.99% 02/28/2020 15 US BUYING MORE IN EUROPE THAN EUROPEAN COMPANIES % of European acquisition volumes acquired by US companies 40% 35% 30% 25% 20% 15% 10% % of US acquisition volumes spent to acquire European companies 18% 16% 14%

12% 10% 8% 6% 1 05 0 6 07 0 8 09 10 1 1 12 1 3 14 1 5 16 - - - - - - - - - - - 01 -01 -01 -01 -01 -01 -01 -01 -01 -01 -01 -01 01 01 01 01 01 01 01 01 01 01 01 01 Based on volumes in USD. Acquisitions: pending or completed company takeovers. Source: Bloomberg, SG Cross Asset Research/Equity Strategy 02/28/2020 16 FLOW OF CROSS-CONTINENTAL ACQUISITIONS IN 2016 $104bn $238bn North America $14bn Asia Pacific Europe $113bn $175bn $39bn Acquisitions: pending or completed company takeovers. Source: Bloomberg, SG Cross Asset Research/ Equity Strategy 02/28/2020 17 CHINA IS SHOPPING IN EUROPE Acquisition of European companies by Chinese companies 70,000,000,000 % of European acquisition volumes acquired by China companies 100 Volume (in $bn) 60,000,000,000 14% Deal Count 80 12% 50,000,000,000

40,000,000,000 16% 10% 60 8% 6% 30,000,000,000 40 20,000,000,000 2% 20 10,000,000,000 0 4% 0% 0 Acquisitions: pending or completed company takeovers. Source: Bloomberg, SG Cross Asset Research/Equity Strategy 02/28/2020 18 IN WHICH SECTORS ARE WE LIKELY TO SEE M&A? SCORING THE M&A POTENTIAL WITHIN THE EUROPEAN SECTORS (1) 02/28/2020 20 WHICH EUROPEAN SECTORS COULD BE CONSOLIDATED? (1) 50 Number of US 45 stocks per sector (total = 624) Software & IT Svs (Europe: 10, US: 54) 40 Capital Goods (Europe: 37, US: 35) 35 30

25 Banks (Europe: 34, US: 19) 20 15 10 5 0 0 5 10 15 20 Number of European stocks per sector. (total = 438) 25 30 Based on MSCI AC World standard index & MSCI sector definition, only stocks with a market capitalisation above $3bn are taken into account. Grey line represents the ratio between total US to total European companies. Source: SG Cross Asset Research/Equity Strategy 02/28/2020 21 0% Semiconductors Tech. Hardware Tobacco Internet Retailing Airlines Constr. Materials Oil Services Auto Components Hotels, Rest. & L... Automobiles Food Producers HPC Health Care Svs Retailing (spec.) Metals & Mining Oil & Gas Aerospace & Def. Construction Durables & Leisure Software & IT Svs Beverages Transportation Txt, App. & Luxury Food & Stap. Ret. Pharma. & Biotech.

Telecom Media Real Estate Utilities Chemicals Insurance Banks Capital Goods WHICH EUROPEAN SECTORS COULD BE CONSOLIDATED? (2) Europe and US top 5 companies by sales compared to sector Europe US 100% 80% 60% 40% 20% Estimated sales based on companies with amarket capitalisation above $3bn and worldscope 2016 data (12 months trailing sales as of March 2017), Source: Worldscope, MSCI, Datastream, SG Cross Asset Research/Equity Strategy 02/28/2020 22 0% 2011 based on European historical coverage, Market excluding Financials and Automobiles, only stocks with a market capitalisation above $3bn are taken into account, Source: MSCI, Bloomberg, SG Cross Asset Research/Equity Strategy Aerospace & Def. Durables & Leisure Tech. Hardware Retailing (spec.) Txt, App. & Luxury Software & IT Svs HPC Semiconductors Food Producers Pharma. & Biotech. Auto Components Current Airlines

Hotels, Rest. & Leis. Chemicals Capital Goods Health Care Svs Tobacco 50% Market * Oil Services Food & Stap. Ret. Transportation Metals & Mining Constr. Materials Construction Oil & Gas Beverages Media Telecom Utilities LOOKING AT BALANCE SHEETS European sector gearing (Net Debt/ EV) 2011 40% 30% 20% 10% 02/28/2020 23 22% -2% Tobacco Pharma. & Biotech. Semiconductors Software & IT Svs HPC

Beverages Food Producers Txt, App. & Luxury Durables & Leisure Media Health Care Svs Telecom Retailing (spec.) Chemicals Constr. Materials Capital Goods Auto Components Market * Aerospace & Def. Construction Transportation Metals & Mining Utilities Hotels, Rest. & Leis. Airlines Food & Stap. Ret. Automobiles Tech. Hardware Oil & Gas Oil Services LOOKING AT CASH GENERATION Free Cash Flow to Sales of the European sectors Current 2011 18% 14% 10% 6% 2% 2011 based on European historical coverage, Market excluding Financials, only stocks with a market capitalisation above $3bn are taken into account. Source: MSCI, Bloomberg, SG Cross Asset Research/Equity Strategy 02/28/2020 24 SCORING THE M&A POTENTIAL OF THE EUROPEAN SECTORS (2) Sectors Auto Components Media Pharma. & Biotech Chemicals Software & IT Services Household & Personal Care Oil Services Automobiles

Utilities* Transportation Tobacco Retailing* Construction Materials Food & Staples Retailing* Metals & Mining Capital Goods Beverages Construction* Telecom Aerospace & Defence Durables & Leisure Semiconductors Tech. Hardware & Eqt Airlines* Oil & Gas Hotels, Restaurants & Leisure Food Producers Textiles, Apparel & Luxury Health Care Eqt & Svs Total score Consolidation potential Financial Strength Value creation potential 78% 67% 67% 57% 54% 53% 2 1 1 2 0 0 2 1 1 3 2 3 4 6

6 2 6 5 50% 47% 47% 45% 38% 33% 13% 7% -1% -2% -15% -15% -21% -39% -41% -42% -42% -48% -66% -66% nm 1 1 1 2 0 0 1 2 2 1 1 2 -1 -1 -1 -1 0 0 0 3 0 0 2 1 2 1 -1 -2 -1 0 0 -2

0 2 3 3 1 -3 -2 4 6 6 4 3 5 5 5 4 3 3 3 3 5 3 2 2 2 5 4 -69% -69% -121% 0 0 -1 1 1 0 1 1 1 * Domestic sectors: some scores could be seen as non-meaningful. Source: SG Cross Asset Research/Equity Strategy 02/28/2020 25 M&A SECTOR HEAT MAP: SECTOR SCORING VS SG ANALYSTS VIEW MEDIUM HIGH LOW MEDIUM

HIGH Ranking of M&A potential based on SG analysts LOW Ranking of M&A potential based on our scoring Source: SG Cross Asset Research/Equity Strategy 02/28/2020 26 APPENDIX Report completed on 20 Mar. 2017 20:30 CET APPENDIX ANALYST CERTIFICATION The following named research analyst(s) hereby certifies or certify that (i) the views expressed in the research report accuratel y reflect his or her or their personal views about any and all of the subject securities or issuers and (ii) no part of his or her or their compensation was, is, or will be related, directly or indirectly, to the specific recommendations or views expressed in this report: Alain Bokobza, Charles de Boissezon, Gaelle Blanchard, Arthur van Slooten, Praveen Singh, Sophie Huynh, Brigitte Richard-Hidden, Michala Marcussen, Stephen Gallagher, Guy Stear, Vincent Chaigneau, Michael Haigh, Roland Kaloyan, Frank Benzimra, Vincent Cassot The analyst(s) who author research are employed by SG and its affi liates in locations, including but not limit ed to, Paris, London, New York, Hong Kong, Tokyo, Bangalore, Frankfurt, Madrid, Milan, Seoul and Warsaw. SG EQUITY RESEARCH RATINGS on a 12 month period BUY: absolute total shareholder return forecast of 15% or more over a 12 month period. Equity rating and dispersion relationship 300 HOLD: absolute total shareholder return forecast between 0% and +15% over a 12 month period. 250 SELL: absolute total shareholder return forecast below 0% over a 12 month period. 200 Total shareholder return means forecast share price appreciation plus all forecast cash dividend income, including income from special dividends, paid during the 12 month period. Ratings are determined by the ranges described above at the time of the initiation of coverage or a change in rating (subject to limited management discretion). At other times, ratings may fall outside of these ranges because of market price movements and/or other short term volatility or trading patterns. Such interim deviations from specified ranges will be permitted but will become subject to review by research management. Sector Weighting Definition on a 12 month period: 44% Updated on 01/03/17

43% 150 100 34% 25% 50 13% 28% 0 Buy Hold Companies Covered Sell Cos. w/ Banking Relationship Source: SG Cross Asset Research/Equity The sector weightings are assigned by the SG Equity Research Strategist and are distinct and separate from SG equity research analyst ratings. They are based on the relevant MSCI. OVERWEIGHT: sector expected to outperform the relevant broad market benchmark over the next 12 months. NEUTRAL: sector expected to perform in-line with the relevant broad market benchmark over the next 12 months. UNDERWEIGHT: sector expected to underperform the relevant broad market benchmark over the next 12 months. The Preferred and Least preferred stocks are selected by the covering analyst based on the individual analysts coverage universe and not by the SG Equity Research Strategist. 02/28/2020 27 APPENDIX SG CREDIT RESEARCH OPINIONS AND RECOMMENDATIONS The SG European credit research ratings system is described below. In accordance with such system, credit analysts may have a credit opinion of the company and market recommendations on individual bonds issued by the company and/or its Credit Default Swap (CDS). Credit analysts may also issue credit trade ideas on securities that are short term in nature and may differ from the analyst s longer-term individual bond and CDS recommendations. SGs credit analysts may also issue credit trade ideas on individual company bonds or CDS for which SG does not maintain any credit opinion and/or recommendation. These credit trade ideas may be based on market factors, including, but not limited to, external agency ratings and the instrument(s) spread or relative value to similar credits and/or market indices. CREDIT OPINION AND DISPERSION RELATIONSHIP 200

77% Updated on 01/03/17 180 160 140 120 100 80 36% 60 40 20 12% 11% CREDIT OPINION POSITIVE: Indicates expectations of a general improvement of the 0 issuer's credit quality over the next six to twelve months, with credit Positiv e Companies Covered quality expected to be materially stronger by the end of the designated time horizon. Source: SG Cross Asset Research/Credit STABLE: Indicates expectations of a generally stable trend in the issuer's credit quality over the next six to twelve months, with credit quality expected to be essentially unchanged by the end of the designated time horizon. NEGATIVE: Indicates expectations of a general deterioration of the issuer's credit quality over the next six to twelve months, with the credit quality expected to be materially weaker by the end of the designated time horizon. INDIVIDUAL BOND RECOMENDATIONS: BUY: Indicates likely to outperform its iBoxx subsector by 5% or more HOLD: Indicates likely to be within 5% of the performance of its iBoxx subsector SELL: Indicates likely to underperform its iBoxx subsector by 5% or more INDIVIDUAL CDS RECOMMENDATIONS: SG Credit research evaluates its expectation of how the 5 year CDS is going to perform vis--vis its sector. SELL: CDS spreads should outperform its iTraxx sector performance NEUTRAL: CDS spreads should perform in line with its iTraxx sector performance BUY: CDS spreads should underperform its iTraxx sector performance SECTOR WEIGHTINGS: OVERWEIGHT: Sector spread should outperform its iBoxx corporate index NEUTRAL: Sector spread should perform in line with its iBoxx corporate index UNDERWEIGHT: Sector spread should underperform its iBoxx corporate index 42% 31% Stable Negativ e

Cos. w/ Banking Relationship As of June 1, 2016, European Credit Research of the Banks & Financial Services sector will no longer maintain individual bond and/or CDS recommendations for companies in which it has credit opinions. Any previous individual bond and/or CDS recommendations for this sector are no longer in effect and should not be relied upon. U.S. Credit Research does not currently maintain ratings or credit opinions on individual companies. 02/28/2020 28 APPENDIX CONFLICTS OF INTEREST This research contains the views, opinions and recommendations of Socit Gnrale (SG) credit research analysts and/or strategists. To the extent that this research contains trade ideas based on macro views of economic market conditions or relative value, it may differ from the fundamental credit opinions and recommendations contained in credit sector or company research reports and from the views and opinions of other departments of SG and its affi liates. Credit research analysts and/or strategists routinely consult with SG sales and trading desk personnel regarding market information including, but not limited to, pricing, spread levels and trading activity of a specific fixed income security or financial instrument, sector or other asset class. Trading desks may trade, or have traded, as princ ipal on the basis of the research analyst(s) views and reports. As a general matter, SG and/or its affi liates normally make a market and trade as principal in fixed income securities discussed in research reports. SG has mandatory research policies and procedures that are reasonably designed to (i) ensure that purported facts in research reports are based on reliable information and (ii) to prevent improper selective or tiered dissemination of research reports. In addition, research analysts receive compensation based, in part, on the quality and accuracy of their analysis, client feedback, competitive factors and SGs total revenues including revenues from sales and trading and investment banking. All pricing information included in this report is as of market close, unless otherwise stated. MSCI DISCLAIMER: The MSCI sourced information is the exclusive property of Morgan Stanley Capital International Inc. (MSCI). Without prior written permission of MSCI, this information and any other MSCI intellectual property may not be reproduced, redisseminated or used to create any financial products, including any indices. This information is provided on an as is basis. The user assu mes the entire risk of any use made of this information. MSCI, its affi liates and any third party involved in, or related to, computing or compiling the information hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness f or a particular purpose with respect to any of this information. Without limiting any of the foregoing, in no event shall MSCI, any of its affi liates or any third party involved in, or related to, computing or compiling the information have any liability for any damages of any kind. MSCI, Morgan Stanley Capital International and the MSCI indexes are service marks of MSCI and its affi liates or such similar language as may be provided by or approved in advance by MSCI. 02/28/2020 29 APPENDIX - DISCLAIMER FOR DISCLOSURES PERTAINING TO COMPENDIUM REPORTS OR RECOMMENDATIONS OR ESTIMATES MADE ON SECURITIES OTHER THAN THE PRIMARY SUBJECT OF THIS RESEARCH REPORT, PLEASE VISIT OUR GLOBAL RESEARCH DISCLOSURE WEBSITE AT https://www.sgmarkets.com/go/equity/compliance or call +1 (212).278.6000 in the U.S.. European Specialty Sales If a European specialist sales personnel is listed on the cover of research reports, these employees are in SGs Global Markets division responsible for the sales effort in their sector and are not part of SGs Cross-Asset Research Department. Specialist Sales do not contribute in any manner to the content of research reports in which their names appear. SG has mandatory research policies and procedures that are reasonably designed to (i) ensure that purported facts in research reports are based on reliable information and (ii) to prevent improper selective or tiered dissemination of research reports. The analyst(s) responsible for preparing this report receive compensation that is based on various factors including SGs total revenues, a portion of which are generated by investment banking activities. Non-U.S. Analyst Disclosure: The name(s) of any non-U.S. analysts who contributed to this report and their SG legal entity are listed below. U.S. analysts are employed by SG Americas Securities LLC. The non-U.S. analysts are not registered/qualified with FINRA, may not be associated persons of SGAS and may not be subject to the FINRA restrictions on communications

with a subject company, public appearances and trading securities held in the research analyst(s) account(s): Alain Bokobza Socit Gnrale Paris, Charles de Boissezon Socit Gnrale Paris, Gaelle Blanchard Socit Gnrale Paris, Arthur van Slooten Socit Gnrale Paris, Praveen Singh Socit Gnrale Bangalore, Sophie Huynh Socit Gnrale London, Brigitte Richard-Hidden Socit Gnrale Paris, Michala Marcussen Socit Gnrale Paris, Guy Stear Socit Gnrale Paris, Vincent Chaigneau Socit Gnrale London, Roland Kaloyan Socit Gnrale Paris, Frank Benzimra Socit Gnrale Hong Kong, Vincent Cassot Socit Gnrale Paris, Wei Yao Socit Gnrale Paris, Michel Martinez Socit Gnrale London, Kit Juckes Socit Gnrale London, Alvin Tan Socit Gnrale London, Rgis Chatellier Socit Gnrale London, Jason Daw Socit Gnrale Singapore, Jesper Dannesboe Socit Gnrale London, Stephanie Aymes Socit Gnrale London IMPORTANT DISCLAIMER: The information herein is not intended to be an offer to buy or sell, or a solicitation of an offer to buy or sell, any securities and has been obtained from, or is based upon, sources believed to be reliable but is not guaranteed as to accuracy or completeness. 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