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A slight delay

Sunesis Pharmaceuticals 13 March 2018 Update
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Sunesis Pharmaceuticals

A slight delay

Earnings update

Pharma & biotech

13 March 2018

Price

US$4.07

Market cap

US$139m

Net cash ($m) at 31 December 2017

24.5

Shares in issue

34.2m

Free float

56%

Code

SNSS

Primary exchange

NASDAQ

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

(29.1)

22.1

(1.6)

Rel (local)

(32.3)

16.9

(16.1)

52-week high/low

US$7.4

US$1.8

Business description

Sunesis Pharmaceuticals is a pharmaceutical company focused on oncology. Its lead asset is SNS-062, a BTK inhibitor for CLL for Imbruvica refractory patients. The program is entering a dose escalation Phase Ib/II. It has also developed TAK-580 with partner Takeda, and the preclinical PDK1 inhibitor SNS-510.

Next events

Vecabrutinib Phase II dose announced

Fall 2018

TAK-580 option decision

Mid/late 2018

Analysts

Nathaniel Calloway

+1 646 653 7036

Maxim Jacobs

+1 646 653 7027

Sunesis Pharmaceuticals is a research client of Edison Investment Research Limited

On the YE FY17 conference call, the company provided revised guidance on the dosing portion of its ongoing Phase Ib/II study of vecabrutinib (SNS-062) in chronic lymphocytic leukemia (CLL) and other B-cell cancers. The final dose is expected to be reached in fall 2018 (revised from mid-2018) due to an on-protocol expansion of the second (50mg) dosing cohort because of a dose-limiting adverse event (AE). At this time we do not consider this delay or the AE to be material to the success of the program.

Year end

Revenue ($m)

PBT*
($m)

EPS*
($)

DPS
($)

P/E
(x)

Yield
(%)

12/16

2.5

(38.0)

(2.42)

0.00

N/A

N/A

12/17

0.7

(35.5)

(1.45)

0.00

N/A

N/A

12/18e

0.0

(36.8)

(1.02)

0.00

N/A

N/A

12/19e

0.0

(38.4)

(1.02)

0.00

N/A

N/A

Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

Cohort expansion triggered for 50mg dose

The dose escalation is of a traditional 3+3 design, in which an additional three patients are enrolled if a dose-limiting toxicity (DLT) is observed in the initial three person cohort. A DLT is defined as an AE that prevents the patient from continuing dosing, although this may be an isolated event. The 3+3 design is structured to adapt to such unforeseen events to find the true maximum tolerated dose, although it does trigger a delay before higher doses can be assessed.

Enrolment expanded to include DLBCL and FL

In January, the company expanded the enrolment criteria for the Phase Ib/II trial to also include diffuse large B-cell lymphoma (DLBCL) and follicular lymphoma (FL), two other B-cell cancers. The addition of these indications was made to ensure the timely enrolment of the dosing portion of the trial, although we expect it to complicate the interpretation of the efficacy of the drug in C481S mutants as BTK inhibitors are not currently approved for these indications.

Early dosing data show a cumulative dose response

The company presented data on patients from the first dosing cohort (25mg twice a day) of its ongoing Phase Ib/II trial of vecabrutinib (SNS-062). Two out of the three patients examined had the C481S mutation, confirming in practice data from independent studies. Two of the patients were evaluable for pharmacology and saw potent inhibitions of phosphorylated BTK that increased with repeated dosing, even at this low concentration, further supporting the clinical activity of this drug.

Valuation: $237.8m or $6.92 per basic share

We have increased our valuation of Sunesis to $237.8m or $6.92 per basic share from $125.9m or $3.68. This is driven by adjustments in our pricing assumptions to maintain consistency with current trends, as well as decreasing the corporate tax rate in line with US tax reform and advancing our NPVs. We believe it is premature to draw any conclusions regarding vecabrutinib from the recent announcement.

Vecabrutinib Phase Ib hits a snag

The company provided an update of its ongoing Phase Ib/II clinical trial of vecabrutinib on its year-end FY17 conference call. The trial is currently in the dose escalation portion, examining between 25mg and 500mg twice a day, with plans to expand the study into Phase II once the appropriate dose is found. Progression may be triggered either when the maximum tolerated dose (MTD) or another lower dose with sufficient efficacy is found.

The company announced that in the second dosing cohort (50mg) a patient was unable to proceed due to an adverse event (AE). Whenever a patient is unable to continue treatment due to an AE that cannot be ruled out as non-drug related, this is counted as a dose-limiting toxicity (DLT). As a result, the 50mg cohort was expanded with three additional patients (the standard ‘3+3’ dose escalation trial protocol). Per the protocol, if an additional DLT is observed, 50mg will be considered above the MTD.

The company did not provide any additional detail on the nature or severity of the AE that triggered the withdrawal. We believe that it is premature to draw conclusions regarding the tolerability of the drug as the 3+3 trial design is crafted to adapt to unforeseen terminations of treatment. However, because additional patients will need to be enrolled in this arm, the company has delayed its guidance for completion of the dosing study to fall 2018 from mid-2018.

The company also mentioned that one patient in the 50mg cohort progressed before he or she could complete the study. This detail is not surprising given the severity of these patients and the fact that the 50mg dose is below the expected effective dose (100-300mg).

The company has also added additional clinical sites to the trial and expanded the enrolment criteria to include diffuse large B-cell lymphoma of the activated B-cell subtype (DLBCL-ABC) and follicular lymphoma (FL). This amendment was made to the clinical trial protocol in January 2018. The inclusion of these other indications should speed trial enrolment to help the company maintain the guidance toward completion in fall 2018. However, it may potentially complicate the evaluation of efficacy. Imbruvica is not currently approved for either of these cancers and it is therefore unlikely that these patients will harbour the C481S resistance mutation. This being said, Imbruvica has shown activity in the ABC subtype of DLBCL.1 Likewise, there are signals of activity in FL, but limited to particular genetic subtypes.2 The inclusion of these indications should not affect the interpretation of the dosing data and it should therefore increase the likelihood of delivering the Phase II dose on time. The main focus of the program is on patients with the C841S mutation, but vecabrutinib also has potential activity and is planned to also be examined in unmutated individuals. In addition, if any efficacy is seen in these new indications, the company could potentially include them in the expansion portion of the study.

Wilson WH (2014) Targeting B cell receptor signaling with ibrutinib in diffuse large B cell lymphoma. Nature Med 21, 922-926.

Bartlett NL (2018) Single-Agent Ibrutinib in Relapsed or Refractory Follicular Lymphoma: A Phase 2 Consortium Trial. Blood 131, 182-190.

Preliminary data from first dosing cohort

At the American Society of Hematology annual meeting in December 2017, Sunesis presented some preliminary data from its first dosing cohort in the Phase Ib/II trial. It should be noted that the dose examined in the data (25mg twice a day) is 20 times lower than the maximum that will be examined on the study (500mg twice a day) and we expect a dose well below this will be moved forward. Of the three patients examined, two had C481S mutations. This is important because it provides additional confirmation in practice that a large fraction of patients developing Imbruvica resistance via this mechanism. This is in line with results obtained in other independent studies.3

Woyach JA (2017) BTKC481S-Mediated Resistance to Ibrutinib in Chronic Lymphocytic Leukemia. J Clin Oncol 35, 1437-1443.

These results did not provide any efficacy data, given its preliminary nature. However, the company was able to provide some pharmacologic data demonstrating that the drug was well absorbed and inhibited the generation of phosphorylated BTK (pBTK), the core mechanism of BTK inhibitors. It was found that even at this low dose, the drug effectively inhibited the enzyme and that this inhibition became more pronounced with repeated dosing (Exhibit 1). This provides additional evidence that the drug is working as designed, and is potent, even at this low dose. 85% inhibition of BTK has previously been identified as sufficient for clinical activity during studies of AstraZeneca’s BTK inhibitor Calquence (acalabrutinib).4

  Byrd JC, et al. (2016) Acalabrutinib (ACP-196) in Relapsed Chronic Lymphocytic Leukemia. N Engl J Med. 374, 323-32

Exhibit 1: Inhibition of pBTK formation in two patients

Source: Sunesis

The study also provided some safety data: AEs included low grade headache, back pain, cytopenias and infection. It is hard to draw any conclusions regarding the safety of the drug at this point given the low dose. Cytopenias and infection are on-target AEs for this class and were common in trials of Imbruvica.

Valuation

We have increased our valuation of Sunesis to $237.8m or $6.92 per basic share from $125.9m or $3.68 per basic share. We have decreased the federal corporate tax rate to 20% in accordance with the new US legislation. We have updated our launch pricing assumptions for SNS-510 from $101,000 to $130,000 and for TAK-580 to $146,000 from $138,000 to bring them in line with recent pricing trends for Zydelig (idelalisib, Gilead) and Tafinlar (dabrafinib, GSK) respectively. As previously, our pricing assumes a further 2% yearly growth in prices until launch. We have decreased our gross/net discount for vecabrutinib to 20% (from 30%) to bring it in line with our estimates for Imbruvica (ibrutinib, AbbVie/Janssen). Another factor affecting our valuation is the continued strong growth in Imbruvica market share, which has limited impact on our peak sales estimates but has lifted near-term sales estimates of Imbruvica-resistant patients. We have also advanced our NPVs to the most recent period and adjusted for new net cash. These effects are partially offset by a delay in our expected commercialization of SNS-510 given the company guidance to an IND filing in 2019.

Exhibit 2: Valuation of Sunesis

Development program

Clinical stage

Expected commercialization

Prob. of success

Launch year

Launch Pricing ($)

Peak sales ($m)

Patent/exclusivity protection

Royalty/ margin

rNPV
($m)

TAK-580

Phase Ib

Licensed to Takeda

15%

2021

146,000

777

2032

15%

$38

Vecabrutinib

Phase Ib/II

Proprietary

20%

2022

152,000

666

2034

56%

$176

SNS-510

IND ready

Proprietary

10%

2023

130,000

380

2031

51%

$24

Unallocated costs (discovery programs, administrative costs etc)

($25)

Total

 

 

 

 

 

 

 

 

$213

Net cash and equivalents (YE FY17) ($m)

$24.5

Total firm value ($m)

$237.8

Total basic shares (m)

34.3

Value per basic share ($)

$6.92

Convertible pref stock (m)

6.3

Warrants and options

8.7

Total diluted shares

49.4

Value per diluted share ($)

$5.57

Source: Sunesis reports, Edison Investment Research.

Financials

The company reported results for year-end FY17 on 8 March 2018 and results were largely within our expectations. The company reported losses of $35.5m for the year, driven largely by $21.5m in R&D spending. This spending was slightly lower than previous years ($22.9m in 2016, $23.7m in 2015) largely because of the deprioritization of vosaroxin. We expect R&D spending to remain relatively steady ($20m in 2018) in the near term as the company progresses the ongoing vecabrutinib Phase Ib/II study. The company paid down and refinanced its debt, leaving $7.2m in notes payable (at 8.54%+LIBOR). Principal payments will start in October 2018, unless the company can raise at least $6.5m in additional capital from equity (which will delay principal payments until January 2019). We expect the company to require at least $135m in additional financing before profitability in 2023, which we record as illustrative debt ($25m, $20m, $30m, $40m and $20m in 2018-2022 respectively).

Exhibit 3: Financial summary

$'000s

2016

2017

2018e

2019e

Year end 31 December

US GAAP

US GAAP

US GAAP

US GAAP

PROFIT & LOSS

Revenue

 

 

2,536

669

0

0

Cost of Sales

0

0

0

0

Gross Profit

2,536

669

0

0

Research and development

(22,881)

(21,540)

(19,824)

(19,333)

Selling, general & administrative

(16,115)

(13,548)

(13,634)

(14,043)

EBITDA

 

 

(36,313)

(34,428)

(33,467)

(33,385)

Operating Profit (before GW and except.)

(36,302)

(34,419)

(33,458)

(33,376)

Intangible Amortisation

0

0

0

0

Exceptionals/Other

0

0

0

0

Operating Profit

(36,302)

(34,419)

(33,458)

(33,376)

Net Interest

(1,721)

(1,039)

(3,365)

(5,073)

Other (change in fair value of warrants)

0

0

0

0

Profit Before Tax (norm)

 

 

(38,023)

(35,458)

(36,824)

(38,449)

Profit Before Tax (IFRS)

 

 

(38,023)

(35,458)

(36,824)

(38,449)

Tax

0

0

0

0

Deferred tax

0

0

0

0

Profit After Tax (norm)

(38,023)

(35,458)

(36,824)

(38,449)

Profit After Tax (IFRS)

(38,023)

(35,458)

(36,824)

(38,449)

Average Number of Shares Outstanding (m)

15.7

24.5

36.0

37.6

EPS - normalised ($)

 

 

(2.42)

(1.45)

(1.02)

(1.02)

EPS - IFRS ($)

 

 

(2.42)

(1.45)

(1.02)

(1.02)

Dividend per share ($)

0.0

0.0

0.0

0.0

BALANCE SHEET

Fixed Assets

 

 

3

1,401

11

2

Intangible Assets

0

0

0

0

Tangible Assets

3

20

11

2

Other

0

1,381

0

0

Current Assets

 

 

43,231

32,933

34,085

19,644

Stocks

0

0

0

0

Debtors

0

0

0

0

Cash

42,588

31,750

32,902

18,461

Other

643

1,183

1,183

1,183

Current Liabilities

 

 

(5,814)

(8,901)

(1,708)

(1,704)

Creditors

(2,481)

(1,697)

(1,708)

(1,704)

Short term borrowings

(3,333)

(7,204)

0

0

Long Term Liabilities

 

 

(11,271)

(112)

(39,520)

(59,520)

Long term borrowings

(11,102)

0

(39,408)

(59,408)

Other long term liabilities

(169)

(112)

(112)

(112)

Net Assets

 

 

26,149

25,321

(7,132)

(41,578)

CASH FLOW

Operating Cash Flow

 

 

(36,962)

(36,142)

(31,052)

(34,441)

Net Interest

0

0

0

0

Tax

0

0

0

0

Capex

0

(26)

0

0

Acquisitions/disposals

0

0

0

0

Financing

26,111

32,930

0

0

Dividends

0

0

0

0

Other

0

0

0

0

Net Cash Flow

(10,851)

(3,238)

(31,052)

(34,441)

Opening net debt/(cash)

 

 

(38,596)

(28,153)

(24,546)

6,506

HP finance leases initiated

0

0

0

0

Exchange rate movements

0

0

0

0

Other

408

(369)

0

0

Closing net debt/(cash)

 

 

(28,153)

(24,546)

6,506

40,947

Source: Company data; Edison Investment Research estimates

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Pty Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2018 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Sunesis Pharms. and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Investment Research Pty Ltd (Corporate Authorised Representative (1252501) of Myonlineadvisers Pty Ltd (AFSL: 427484)) and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.
Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2018. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Pty Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2018 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Sunesis Pharms. and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Investment Research Pty Ltd (Corporate Authorised Representative (1252501) of Myonlineadvisers Pty Ltd (AFSL: 427484)) and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.
Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2018. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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