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Sales and Trading Disclaimer

For Institutional & Professional Investors (the “Recipient”) only. This communication has been prepared by the Sales and Trading Desk at Huatai Securities (USA) Inc, (“Huatai Securities”) for informational purposes only and is not a product of the Research Department. Any views or opinions expressed herein are solely those of the individual author and may differ from those of other areas of Huatai Securities and any of its affiliates.

The information does not constitute a solicitation to purchase, or offer to subscribe for purchase, any securities in any jurisdiction in which the making of such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. In addition, this material may or may not lead to transactions effected between Huatai Securities and the Recipient, and unless and until both Huatai Securities and the Recipient agree to, and sign formal written contracts, it is not intended that either Huatai Securities or the Recipient are, or will be, bound by any terms and conditions.

Nothing in this material should be construed as investment, tax, legal, account, regulatory, or other advice, or as creating a fiduciary relationship.

Any forward-looking statements and analyses herein are solely those of the individual author. These forward-looking statements are subject to significant risks and uncertainties and, accordingly, actual results may differ materially from these forward-looking statements. These forward-looking statements are not a guarantee of future performance. The Recipient of this material should make their own independent evaluation of any transaction and of the relevance and adequacy of the information in this material.