Interest Disclosures and Disclaimers of Sales Communication

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Interest Disclosures

The information provided in this communication has been prepared by Guosen Securities (HK) Brokerage Co. Ltd., but is not a product of the Research Department of Guosen Securities (HK) Brokerage Co. Ltd. and its associated companies (collectively ��Guosen Securities (HK)��). This communication is a market communication and should, therefore, not be considered as a research report in any case, though it may refer to research reports of or the views of a research analyst of Guosen Securities (HK) or Guosen Securities Co. Ltd. (collectively ��Guosen Securities Group��). Unless otherwise indicated, all views and comments expressed herein are the author��s personal views and may differ from or conflict with those of the Research Departments of Guosen Securities Group. The author is not commenting on fundamentals of any company or security mentioned.

The content of this communication does not constitute any buying/selling or dealing agreement in relation to the securities mentioned. Guosen Securities (HK) may be seeking or will seek investment banking or other business with the listed companies mentioned. Employees of Guosen Securities (HK) may have personal investment interests in the listed companies mentioned.

Disclaimers

This communication is based on information available to the public that we consider reliable, however, Guosen Securities (HK) has not verified such information and does not guarantee its authenticity, accuracy or completeness. This communication has been prepared for informational purposes only without regard to any particular investment objective, financial situation or need of individual clients and does not constitute a personal investment recommendation to anyone. Clients are wholly responsible for any investment decision based on this communication. Clients are advised to consider whether any advice contained herein is suitable for their particular circumstances. This communication is not intended to be an offer to buy or sell or a solicitation of an offer to buy or sell any security mentioned.

Any estimates, projections or predictions (including in tabular form) given in this communication are intended to be forward-looking statements. Although Guosen Securities (HK) believes that the expectations in such forward-looking statement are reasonable, it can give no assurance that any forward-looking statements will prove to be correct. Such estimates are subject to actual known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those projected. These forward-looking statements speak only as of the date of this communication. The price of securities may fluctuate up or down, it may become valueless. It is as likely that losses will be incurred rather than profit made as a result of buying and selling securities. Guosen Securities (HK) expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in its expectations or any change in circumstances upon which such statement is based.

This communication is for distribution only to clients of Guosen Securities (HK). Without Guosen Securities (HK)��s written authorization, any form of quotation, reproduction or transmission to third parties is prohibited, or may be subject to legal action. Such information and opinions contained therein are subject to change and may be amended without any notification. This communication is not directed at, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject Guosen Securities (HK) to any registration or licensing requirement within such jurisdiction.