Joh. Berenberg, Gossler & Co. KG is a Kommanditgesellschaft (a German form of limited partnership) established under the laws of the Federal Republic of Germany registered with the Commercial Register at the Local Court of the City of Hamburg under registration number HRA 42659 with its registered office at Neuer Jungfernstieg 20, 20354 Hamburg, Germany. A list of partners is available for inspection at our London Branch at 60 Threadneedle Street, London, EC2R 8HP, United Kingdom. Joh. Berenberg, Gossler & Co. KG is authorised by the German Federal Financial Supervisory Authority (BaFin) and subject to limited regulation by the Financial Conduct Authority, firm reference number 222782. Details about the extent of our regulation by the Financial Conduct Authority are available from us on request. For further information as well as specific information on Joh. Berenberg, Gossler & Co. KG, its head office and its foreign branches in the European Union please refer to http://www.berenberg.de/en/corporate-disclosures.html All messages have been produced for information purposes, they are not investment research within the meaning of § 34b or § 31 of the German Securities Trading Act (Wertpapierhandelsgesetz), no investment advice or recommendation to buy financial instruments. The messages do not claim completeness regarding the information on the developments referred to in them. On no account should they be regarded as a substitute for the recipient’s procuring information for himself or exercising his own judgements. The messages may include certain descriptions, statements, estimates, and conclusions underlining potential developments based on assumptions, which may turn out to be incorrect. Berenberg and/or its employees accept no liability whatsoever for any direct or consequential loss or damages of any kind arising out of the use of these messages or any part of its content. For full economics reports please visit our website at https://www.berenberg.de/crm.html or contact capitalmarkets@berenberg.de. For full economics reports please visit our website at: here or contact capitalmarkets@berenberg.de.