Our recommendation system is based on the absolute upside/downside of a stock. A Buy requires at least 10%
upside; a Hold requires between 5% downside and 15% upside; a Reduce requires at least 1% downside.
Given the volatility of share prices and our predisposition not to change recommendations too frequently, these performance parameters
should be interpreted flexibly. Performance in this context only reflects capital appreciation and the horizon is 6 to 12 months.
The price target is the level the stock should currently trade at if the market supported the analyst's view of the stock,
provided that the necessary catalysts are in place to effects this change in perception, within the performance horizon.
In this way, therefore, the price target abstracts from the need to take a view on the market or sector. If it is felt that
the catalysts are not fully in place to effect a re-rating of the stock to its warranted value the price target will differ
from 'fair' value.
The tables below show the distribution of Rabo International' recommendations. The last column shows the percentage for each recommendation category where Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A., Rabo Securities USA, Inc., and/or their respective affiliates has an investment banking relationship.
The information and opinions in this document were prepared by Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.,
independently of the companies mentioned in this document (further called the "Company"). Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. is registered
with the Dutch Authority for the Financial Markets ("Autoriteit Financiële Markten"). Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. has no authority
whatsoever to give any information or make any representation or warranty on behalf of the Company or any person in connection with any offering of the Company.
In particular, the opinions and projections expressed in this document are entirely those of Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.
and are given as part of its normal research activities and not as a manager or underwriter of any offering or as an agent for the Company or any other person.
This document is not a prospectus or information memorandum whatsoever of the Company and is based on information available to the public.
The information and opinions contained in this document have been compiled or arrived at from sources believed to be reliable, but no representation or warranty,
express or implied, is made as to their accuracy, completeness or correctness. All opinions and estimates expressed in this document are subject to change without notice.
The returns on investments which have been achieved in the past do not serve as a warranty for the future.
This document is for information purposes only and is not, and should not be construed as an offer of sale or subscription to, or as a solicitation for an offer
to buy or subscribe to any securities or derivatives. The information contained in this document is published to assist the recipient, but is not to be relied upon
as authoritative or taken as a substitute for the exercise of judgement by any recipient. Any decision to purchase or subscribe to securities in any offering must
be made solely on the basis of information contained in the prospectus or other offering circular issued by the Company in connection with such offering.
Recipients of this document should consult their own broker-dealer, investment adviser or investment manager in order to determine if an investment in the
securities mentioned in this document would be a suitable investment. None of Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. or its affiliates accept
any liability whatsoever for any direct or consequential loss howsoever arising from any use of this document or its contents or otherwise arising in connection therewith.
Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. or its affiliates, their directors and/or representatives, and/or employees, and/or families may have a long or
short position in any of the securities issued by the Company, or any related investment, at any time, and may make a purchase, and/or sale of any of the securities issued by the Company,
or any related investment, from time to time in the open market, or otherwise, in each case either as principals or as agents. Persons connected with Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.
or other entities of the group to which it belongs may provide or have provided corporate finance and/or other services to the Company.
The distribution of this document in certain jurisdictions may be restricted by law, and recipients into whose possession this document comes should inform themselves about,
and observe, any such restrictions. When this document is distributed in or from the United Kingdom, it is directed only at persons who are authorised or exempted persons
within the meaning of the Financial Services and Markets Act 2000 of the United Kingdom, or any other made thereunder, or to persons of a kind described in Part IV Article 19
of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2001, or to persons who have been categorised as a "market counterparty or intermediate customer"
in accordance with FSA rules. The document is not intended to be distributed, or passed on, directly or indirectly, to any other class of person who may not have professional
experience in matters relating to investments, nor should it be relied upon by such persons. Neither this document nor any copy of it may be taken or transmitted to Japan,
or distributed directly or indirectly in Japan.
The securities discussed in this research report may only be distributed in Canada in accordance with applicable federal, provincial and territorial securities laws and are
available only from persons who are authorized to distribute such securities in the applicable Canadian jurisdiction. Canadian recipients of this research report are advised
that the securities discussed herein may not be eligible for sale in all Canadian jurisdictions. This research report is not, and under no circumstances is it to be construed as,
an advertisement or a public offering in Canada of the securities discussed herein. No securities commission or similar regulatory authority in Canada has reviewed or in any
way passed upon this research report or the merits of the securities discussed herein and any representation to the contrary is an offence.
This report is intended for distribution in the United States solely to "major U.S. institutional investors", as defined in Rule 15a-6 under the Securities Exchange Act of 1934,
and may not be furnished to any other person in the United States. Each major U.S. institutional investor that receives a copy of this research report by its acceptance hereof
represents and agrees that it shall not distribute or provide this research report to any other person. Any U.S. person receiving this report that desires to effect transactions
in any security discussed in this report should effect transactions through Rabo Securities USA, Inc. Rabo Securities USA, Inc. is a U.S. broker dealer subsidiary of
Coöperatieve Centrale Raiffeisen-Boerenleenbank BA (Rabobank Nederland) and is a member of the FINRA.