Disclaimer provision for Beyond Ratings’ analysis

This communication has been prepared by individual analyst personnel of BEYOND RATINGS, S.A.S. registered under n° 804 579 720 RCS Bobigny, France, with its registered office at MONTREUIL (93100), 58 Rue des Meuniers. BEYOND RATINGS is a company issued from the RISKERGY consortium which members are Carbone 4, Centre d’Economie de la Sorbonne, Enerdata, Ecole Nationale des Ponts et Chaussées (ENPC) and Global Warning. BEYOND RATINGS is an independent company and no member of the consortium RISKERGY shall be held liable for this communication.

This communication is directed at persons (i) who have been or can be classified by BEYOND RATINGS as eligible counterparties or professional clients, (ii) other persons to whom it may otherwise lawfully be communicated. All material contained herein, including any proposed terms and conditions, is indicative and for information purposes only, is subject to change without notice, is strictly confidential, may not be reproduced and is intended for your use only. It does not include a number of terms and conditions that should be included in any actual transaction and final terms and conditions are subject to further discussion and negotiation nor does it purport to identify all risks (direct or indirect). This communication is not a commitment to deal in any product, securities or government bonds, offer financing or enter into any transaction described herein. BEYOND RATINGS is not acting as your agent, fiduciary or investment adviser and is not managing your account. The provision of information in this communication is not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, securities or government bonds, or transaction. It does not constitute investment advice and BEYOND RATINGS makes no recommendation as to the suitability of any of the products or transactions mentioned. Even if BEYOND RATINGS possesses information as to your objectives in relation to any transaction or series of transactions, this will not be deemed sufficient for any assessment of suitability for you of any transaction or series of transactions. Save in those jurisdictions where it is not permissible to make such a statement, we hereby inform you that this communication should not be considered as a solicitation or offer to sell or purchase any securities or government bonds, deal in any product or enter into any transaction. You should make any sale or investment decisions in reliance on your own analysis and judgment and/or that of your independent advisors and not in reliance on BEYOND RATINGS and any decision whether or not to adopt any strategy or engage in any transaction will not be BEYOND RATINGS’s responsibility. BEYOND RATINGS does not provide investment, accounting, tax, financial or legal advice; such matters as well as the suitability of a potential transaction or product or investment should be discussed with your independent advisors. Prior to dealing in any product or entering into any transaction, you and the senior management in your organization should determine, without reliance on BEYOND RATINGS, (i) the economic risks or merits, as well as the legal, tax and accounting characteristics and consequences of dealing with any product , securities or government bonds or entering into the transaction (ii) that you are able to assume these risks, (iii) that such product, securities or government bonds, or transaction is appropriate for a person with your experience, investment goals, financial resources or any other relevant circumstance or consideration. Where you are acting as an adviser or agent, you should evaluate this communication in light of the circumstances applicable to your principal and the scope of your authority.

Any view expressed in this communication may represent the current views and interpretations of the markets, products or events of individual analyst personnel and may be different from other analyst personnel and may also differ from BEYOND RATINGS’s published research – the views in this communication may be more short term in nature and liable to change more quickly than other views of BEYOND RATINGS which may be more long term. Information in this report may contain projections and forward looking statements that reflect BEYOND RATINGS’s current views with respect to future events and financial performance. These views are based on current assumptions which are subject to various risks and which may change over time. No assurance can be given that future events will occur, that projections will be achieved, or that BEYOND RATINGS’s assumptions are correct. Actual results may differ materially from those projected. Past performance is not indicative of future performance. Some of the investments mentioned in this publication may not be readily liquid investments. Consequently it may be difficult to sell or realise such investments. When evaluating any forward-looking information you should understand the assumptions used and, together with your independent advisors, consider whether they are appropriate for your purposes. On the occasions where information provided includes extracts or summary material derived from reports published by BEYOND RATINGS, you are advised to obtain and review the original piece of reports to see the analyst’s full analysis. Any prices or values used herein, unless otherwise specified, are indicative. Although all information has been obtained from, and is based upon sources believed to be reliable, BEYOND RATINGS is not liable for ensuring the accuracy, completeness or timeless of the information which is provided as general information and for your reference only and should not be relied upon or used as a sole basis for making decisions without consulting primary or more accurate, more comprehensive sources of information. Also note that the models used in any analysis may be proprietary, making the results difficult or impossible for any third party to reproduce. Any reliance upon the information will be at your own risk.

BEYOND RATINGS shall have no liability to the user or to third parties, for the quality, accuracy, timeliness, continued availability or completeness of any data or calculations contained and/or referred to in this communication nor for any special, direct, indirect, incidental or consequential loss or damage which may be sustained because of the use of the information contained and/or referred to in this communication or otherwise arising in connection with the information contained and/or referred to in this communication, provided that this exclusion of liability shall not exclude or limit any liability under any law or regulation applicable to BEYOND RATINGS that may not be excluded or restricted.

BEYOND RATINGS makes no representation or warranty, expressed or implied, as to the accuracy of the information, the reasonableness of any assumptions used in calculating any illustrative performance information or the accuracy (mathematical or otherwise) or validity of such information. Any opinions attributed to BEYOND RATINGS constitute BEYOND RATINGS’s opinion as of the date of the relevant material and are subject to change without notice. Provision of information may cease at any time without reason or notice being given.

This communication is not intended for distribution to, or to be used by, any person or entity in any jurisdiction or country which distribution or use would be contrary to law or regulation.

The information contained in this report contains data compilations, writings and information that are confidential and proprietary to BEYOND RATINGS and protected under copyright and other intellectual property laws, is intended solely for you and may not be reproduced, distributed or otherwise transmitted by you to any other person for any purpose without BEYOND RATINGS’s prior written consent. Any unauthorized publication, use, duplication, dissemination, redistribution, forwarding, printing, copying or disclosure is prohibited by law.