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The documents/presentations/research issued on this website is prepared by John Paul Smith for investment professionals and institutional investors only. The information and opinions expressed herein have been prepared in good faith from sources believed to be reliable, and supplied to John Paul Smith. As such, its contents do not necessarily reflect the views of John Paul Smith or any of its directors, officers or employees. John Paul Smith does not accept responsibility for the accuracy and completeness of the information herein, nor does he accept liability from any loss arising from the use hereof or make any representations as to its accuracy and completeness. Any opinions forecasts or estimates herein constitute a judgment as at the date of this report. The information, recommendations and other materials presented in this document are provided for information purposes only and should not be considered as an offer or solicitation to buy or sell securities or financial instruments or products. The contents of this document also constitute factual, objective and neutral research/analysis and, as such, does not amount to “advice” for purposes of the Financial Advisory and Intermediary Services Act, 2002. Where prices of securities are mentioned, these are mid-market prices as at the close of business on the business day immediately preceding the date of the research. A summary of our policies for managing conflicts and our research policy is also available from our website at http://www.Ecstrat.com. This document is protected by copyright, is the property of John Paul Smith and may contain information that is confidential and therefore must not be disseminated or reproduced in whole or in part without prior approval from Ecstrat and the relevant research analyst or Strategist. Any use of graphs, text or other material from this report by the recipient must acknowledge John Paul Smith as the source and requires advance authorisation.

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© John Paul Smith 2020