Disclaimer

1.

The information, opinions or views of third parties expressed in this material are those of the third parties identified, and not those of OCBC Securities.

2.

The information provided herein is intended for general circulation and/or discussion purposes only and may not be published, circulated, reproduced or distributed in whole or in part to any other person without our written consent.

3.

It does not take into account the specific investment objectives, financial situation or particular needs of any particular person. Please seek advice from a financial adviser regarding the suitability of any investment product taking into account your specific investment objectives, financial situation or particular needs before you make a commitment to purchase the investment product. In the event that you choose not to seek advice from a financial adviser you should consider whether the product in question is suitable for you.

4.

This does not constitute an offer or solicitation to buy or sell or subscribe for any security or financial instrument or to enter into a transaction or to participate in any particular trading or investment strategy.

5.

No representation or warranty whatsoever (including without limitation, any representation or warranty as to accuracy, usefulness, adequacy, timeliness or completeness) in respect of any information (including without limitation any statement, figures, opinion, view or estimate) provided herein is given by OCBC Securities and it should not be relied upon. OCBC Securities does not undertake an obligation to update the information or to correct any inaccuracy that may become apparent at a later time. All information presented is subject to change without notice. OCBC Securities shall not be responsible or liable for any loss or damage whatsoever arising directly or indirectly howsoever in connection with or as a result of any person acting on any information provided herein.