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The information contained in this communication has been prepared by or on behalf of Avellinia Capital LTD (‘AvCap’) and is for discussion purposes only. Information provided does not constitute or include professional legal and tax or any other form of advice and should not be relied on as such. Opinions expressed are those of the authors and may not be shared by all personnel of AvCap. These opinions are subject to change without notice, are for information purposes only and do not constitute an offer or invitation to make an investment in any investment project. Any information is mentioned for reference purposes only which should not be considered a recommendation for purchase or sale. Neither AvCap nor the authors shall be liable to any person for any action taken on the basis of the information provided. Some statements contained in this material concerning goals, strategies, outlook or other non-historical matters may be forward-looking statements and are based on current indicators and expectations. These forward-looking statements speak only as of the date on which they are made, and AvCap and the authors undertake no obligation to update or revise any forward-looking statements. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those contained in the statements. AvCap or the authors may or may not have a position in any project or investment mentioned. This material is proprietary information of AvCap and may not be reproduced or otherwise disseminated in whole or in part without prior written consent by AvCap. AvCap and the authors believe the content to be accurate. However accuracy is not warranted or guaranteed. AvCap and the authors do not assume any liability in the case of incorrectly reported or incomplete information. Unless stated otherwise all information is provided by AvCap. Past performance is not indicative of future results. Information is provided to the recipient solely on the basis that the recipient will make all decisions, regardless of their nature, based on its own independent evaluation and judgment regarding their appropriateness for the recipient's own business. Any decisions made by the recipient will be made independently and separate from this communication and any other material provided by AvCap, and in reliance on the advice of its professional advisors as the recipient may deem necessary and not in reliance on any communication whether written or oral from AvCap. This communication is provided by AvCap on a confidential basis for the recipient's use and may not be publicly disclosed. The information contained herein (a) is for informational purposes only and may not be publicly disclosed, (b) is not an offer to invest in the mentioned project, and (c) may contain estimates and projections which may be incomplete or condensed and may be inaccurate. No representation or warranty, express or implied, is made as to the accuracy or completeness of the information and nothing herein is, or shall be relied upon as, a representation. AvCap has no obligation to update or otherwise revise any such information. Avellinia Capital and AvCap are registered trademarks owned by and trading names used by Avellinia Capital LTD.