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Investment Banking Disclaimer

The information and/or attachment(s) contained in this communication has been prepared by the Investment Banking team at Huatai Securities (USA), Inc and is privileged and confidential intended solely for use by the recipient and others authorized to receive it. If you have received this message in error, please notify the sender immediately and delete this message. You are hereby notified that any disclosure, copying, distribution or taking action in relation of the contents of this information is strictly prohibited and may be unlawful. The information provided here is merely to highlight market developments and does not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein and does not have any regard to your specific investment objectives, financial situation and any of your particular needs. Any views or opinion expressed here are solely those of the individual author and may differ from views and opinions of Huatai Securities (USA), Inc and its affiliates.