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Encouraging LAG-3 combo data at SITC

Immutep 12 December 2017 ADR Update
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Immutep

Encouraging LAG-3 combo data at SITC

Initial TACTI-mel data

Pharma & biotech

12 December 2017

ADR research

Price

US$1.76

Market cap

US$42m

ADR/Ord conversion ratio 100/1

Gross cash ($m) at 31 October 2017

12.3

ADRs in issue

23.6m

ADR code

IMMP

ADR exchange

NASDAQ

Underlying exchange

ASX

Depository

BNY

ADR share price performance

52-week high/low

US$2.93

US$1.46

Business description

Immutep Limited (formerly Prima BioMed) is an ASX-listed biotechnology company focused on cancer immunotherapy. Its pipeline is based on three products using a LAG-3 immune control system: IMP321 for cancer chemo-immunotherapy and partnered products IMP731 (GSK) and IMP701 (Novartis).

Next events

Final data from AIPAC safety run-in

Q417

TACTI-mel cohort 3 safety and activity data

Q218

IMP761 preclinical data

TBA

Analysts

Dennis Hulme

+61 (0)2 9258 1161

Maxim Jacobs

+1 646 653 7027

Immutep is a research client of Edison Investment Research Limited

Prima BioMed has changed its name to Immutep Limited following shareholder approval in November. It reported an encouraging 33% preliminary response rate from the first two cohorts of the TACTI-mel trial of IMP321 (eftilagimod alpha) in combination with Keytruda in melanoma patients who had not achieved a meaningful therapeutic benefit from Keytruda monotherapy. The 33% response rate is double the rate we would have anticipated had these patients continued on Keytruda alone, and suggests that IMP321 is working as expected to boost immune responses when combined with immune checkpoint inhibitors (ICIs). The final cohort is expected to be fully recruited by Q417, and efficacy data from all three cohorts are expected in Q218. Our valuation is unchanged at $206m or $8.75/ADR.

Year end

Revenue (US$m)

PTP
(US$m)

EPADR
($)

DPADR
($)

P/E
(x)

Gross yield
(%)

06/16

1.5

(10.4)

(0.47)

0.0

N/A

N/A

06/17

3.1

(6.4)

(0.28)

0.0

N/A

N/A

06/18e

2.7

(6.4)

(0.31)

0.0

N/A

N/A

06/19e

8.0

(0.0)

(0.00)

0.0

N/A

N/A

Note: Converted at A$1/US$0.76 for the table above and throughout the note.

Encouraging preliminary response rate in TACTI-mel

The TACTI-mel trial is using IMP321 (eftilagimod alpha, Immutep’s LAG-3-based antigen presenting cell activator) to enhance efficacy in melanoma patients who have had a suboptimal initial response to the PD1 immune checkpoint inhibitor Keytruda. A poster presentation to the Society for Immunotherapy of Cancer (SITC) conference reported that 58% (7/12) of subjects in cohorts 1 and 2 have experienced a reduction in tumor burden, including 33% (4/12) achieving a tumor response (at least a 50% reduction in tumor burden). The combination has been well tolerated so far. Recruitment in the third and highest dose cohort is expected to complete in Q417, so we expect efficacy data from all three cohorts in Q218.

News from other projects anticipated in CY18

Final results from the 15-patient safety run-in phase of the AIPAC Phase II study of IMP321 plus paclitaxel in breast cancer are expected in Q417, although the previously reported 47% preliminary response rate is not expected to change. The 226-patient AIPAC study is expected to fully recruit in H118 and report first results by mid-2019. News is also expected from the ongoing LAG-3 programs partnered with Novartis and GlaxoSmithKline (GSK).

Valuation: Unchanged at $206m, $8.75 per ADR

Our valuation is unchanged at $206m, which is equal to $8.75 per ADR on an undiluted basis or $6.14 per ADR diluted for options, warrants and convertible notes. The cash balance at 31 October was $12.3m. Company guidance is that cash reserves will be sufficient to fund operations to Q4 CY18, excluding any further milestone payments from partners Novartis and GSK. Milestone revenue would extend the cash runway (we model ~$6m of milestone revenue in FY19).

Encouraging response rate in first TACTI-mel cohorts

Immutep’s chief medical and scientific officer, Dr Frédéric Triebel, reported an encouraging 33% preliminary response rate from the first two cohorts of the Phase I TACTI-mel trial, at the SITC 2017 Annual Meeting in National Harbor, Maryland, on 10-12 November. This study is testing three doses of IMP321 (1, 6 and 30mg/kg) in combination with the anti-PD-1 immune checkpoint inhibitor Keytruda (pembrolizumab, Merck) in 18 patients with advanced melanoma, as shown in Exhibit 1.

Exhibit 1: TACTI-mel Phase I status and preliminary results

Source: Immutep presentation at SITC 2017 Annual Meeting, National Harbor, Maryland

The trial is investigating IMP321 in subjects who have had a suboptimal response to initial treatment with Keytruda. Subjects are assessed after they have undergone a screening period of three cycles (nine weeks) of treatment with Keytruda; patients with stable disease or progressive disease not requiring urgent intervention are eligible to participate in the trial and receive IMP321, starting with the fifth Keytruda cycle at week 13. The green triangle at the left-hand side of Exhibit 2 gives an indication of the typical changes in tumor size in the screening period in patients who would be eligible to participate in the combination immunotherapy trial.

In Exhibit 2, the spider plot of changes in tumor burden shows that 4/12 (33%) of the patients who were treated with IMP321 combination therapy in the first two TACTI-mel cohorts experienced at least a 50% reduction in tumor burden, including three partial responses and one complete response. Exhibit 2 also shows that 7/12 (58%) of patients had at least some tumor shrinkage after IPM321/Keytruda combination therapy.

Exhibit 2: Spider plots of tumor responses from TACTI-mel cohorts 1 and 2

Source: Immutep presentation at SITC 2017 Annual Meeting, National Harbor, Maryland

The design of the TACTI-mel study is unique, as far as we are aware, so we are unable to directly compare the results of this study to any previous study. We have therefore drawn some tentative conclusions by looking at data from two separate studies to estimate the response rate that we might have expected to see if the patients had continued to receive Keytruda monotherapy.

While bearing in mind the small number of patients who have been evaluated to date, and the usual provisos about the limitations of cross-trial comparisons, our analysis suggests that the 33% response rate in the TACTI-mel study in patients who had not gained meaningful therapeutic benefit from Keytruda monotherapy might be double the response rate that would have been expected had these patients continued on Keytruda monotherapy, as outlined below.

Firstly, to understand how quickly melanoma patients typically respond to Keytruda we examined spider plots of individual patient responses over time from a study by Nishino et al1 of 96 melanoma patients treated with Keytruda at the Dana-Farber Cancer Institute and Brigham and Women's Hospital, Boston, Massachusetts. We estimate that in the Nishino study about 75% of the responders had achieved at least a partial response within 12 weeks of commencing treatment with Keytruda.

  Nishino et al. Clin Cancer Res. 2017 Aug 15;23(16):4671-4679. doi: 10.1158/1078-0432.

Secondly, applying this breakdown to the 33% response rate reported for the Keytruda melanoma registration study suggests that, on average, about 25% of melanoma patients would be expected to have responded (significant tumor shrinkage) by 12 weeks, and 8% would achieve a response during the subsequent period of treatment.

Furthermore, in the Nishino study, about 12% of subjects had progressed rapidly during the first 12 weeks of treatment. If the pattern of responses in patient population in TACTI-mel is similar to that in the two studies above, then we would expect that 37% of subjects would be excluded from the study at the end of the screening period because they either progressed rapidly (12%) or achieved at least a partial tumor response within the first 12 weeks (25%), thus leaving about 63% of the screening population eligible to participate in the main study. Therefore, if 8% of the screening population was expected to have a delayed tumor response (ie after 12 weeks), this would be equivalent to 13% of subjects eligible for the main study (ie eight delayed responders per 100 subjects screened, divided by ~63% of subjects eligible to participate in the combination therapy arm).

The response rate of 33% reported for the first two TACTI-mel cohorts is double the predicted 13% response rate based on the calculation outlined above. However, we emphasize that there is considerable uncertainty about the predicted response rate which is based on assumptions derived from two separate studies.

Furthermore, looking at Exhibit 2 we can see that there is a potential for additional patients from cohort 2 to eventually achieve a partial response at future assessment points if their tumors continue to shrink at the current rate, which would boost the overall response rate.

Complete response in a patient who progressed on Keytruda

Exhibit 3 shows that a patient whose disease had progressed on Keytruda monotherapy subsequently experienced a complete response (tumors disappeared altogether) after being treated with the lowest (1 mg/kg) dose of IMP321 in combination with Keytruda.

While delayed responses are a well-recognized (though relatively uncommon) feature of therapy with ICI, this complete response suggests that IMP321 is having the desired effect of boosting immune responses and providing a clinical benefit over ICI monotherapy.

Exhibit 3: TACTI-mel first cohort (1mg/kg IMP321) complete responder

Source: Immutep presentation at SITC 2017 Annual Meeting, National Harbor, Maryland

Exhibit 3: TACTI-mel first cohort (1mg/kg IMP321) complete responder

Source: Immutep presentation at SITC 2017 Annual Meeting, National Harbor, Maryland

No serious adverse events related to IMP321 or the combination of IMP321 with Keytruda have been reported so far; the combination was considered to be safe and well tolerated in advanced metastatic melanoma patients. Recruitment in the third and highest (30mg) dose cohort is well advanced and is expected to be completed in Q417.

Overall response rate among patients entering screening will be an important metric

At this stage Immutep has not reported details of the outcome of post-screening assessments, so we do not know how many patients achieved tumor responses or experienced rapid progression during the screening period. Based on our analysis above, and assuming that subjects are not excluded from the study for reasons other than response or rapid progression, we estimate that the overall response rate (ORR) among patients entering screening could be around 50%, including the patients who responded during screening monotherapy and those who responded to IMP321 combination therapy. However, we emphasize the uncertainty surrounding this estimate which is driven by assumptions drawn from two separate studies.

The low toxicity associated with IMP321 so far could, if confirmed at the therapeutic dose, give it a competitive advantage compared to some of the other combination therapies. The trial design potentially positions IMP321 as an add-on therapy in patients with suboptimal responses in first-line immunotherapy with ICI drugs such as Keytruda and Opdivo.

If the efficacy of combination immunotherapy with IMP321 is confirmed in melanoma, there is the potential to extend its use to other diseases where ICI drugs have been approved, including lung, liver, kidney, bladder, stomach and colon cancers.

Forecasts and valuation maintained

We leave our forecasts and valuation unchanged as we await updated TACTI-mel efficacy data in Q218, and potential news from Novartis and GSK on partnered LAG3 programs.

Exhibit 4: Financial summary

 

US$000s

2015

2016

2017

2018e

2019e

Year end 30 June

IFRS

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

Revenue

 

 

1,015

1,481

3,129

2,660

7,976

Cost of Sales

(6,804)

(5,365)

(5,720)

(5,891)

(4,713)

Gross Profit

(4,350)

(5,307)

(3,304)

(3,403)

(3,505)

EBITDA

 

 

(10,142)

(9,191)

(5,895)

(6,634)

(241)

Operating Profit (before GW and except.)

 

(10,390)

(9,329)

(5,905)

(6,636)

(244)

Intangible Amortization

(772)

(1,515)

(1,283)

(1,301)

(1,184)

Exceptionals

(13,937)

(36,076)

0

0

0

Operating Profit

(25,099)

(46,920)

(7,188)

(7,937)

(1,428)

Other

409

(1,304)

(571)

0

0

Net Interest

146

194

79

279

217

Pre-Tax Profit (norm)

 

 

(9,835)

(10,439)

(6,397)

(6,357)

(27)

Pre-Tax Profit (IFRS)

 

 

(24,543)

(48,029)

(7,680)

(7,658)

(1,211)

Tax

108

898

560

0

0

Profit After Tax (norm)

(9,727)

(9,541)

(5,837)

(6,357)

(27)

Profit After Tax (IFRS)

(24,435)

(47,132)

(7,119)

(7,658)

(1,211)

0.0

0.0

0.0

0.0

0.0

Average Number of Shares Outstanding (m)

1,490.1

2,016.6

2,072.5

2,079.7

2,358.4

Average Number of ADRs Outstanding (m)

14.9

20.2

20.7

20.8

23.6

EPS - normalized (c)

 

 

(0.7)

(0.5)

(0.3)

(0.3)

(0.0)

EPS - IFRS (c)

 

 

(1.6)

(2.3)

(0.3)

(0.4)

(0.1)

Dividend per share (c)

0.0

0.0

0.0

0.0

0.0

Earnings per ADR - normalized (c)

(65.3)

(47.3)

(28.2)

(30.6)

(0.1)

Earnings per ADR - IFRS (c)

(164.0)

(233.7)

(34.4)

(36.8)

(5.1)

Dividend per ADR (c)

0.0

0.0

0.0

0.0

0.0

Gross Margin (%)

N/A

N/A

N/A

N/A

N/A

EBITDA Margin (%)

N/A

N/A

N/A

N/A

N/A

Operating Margin (before GW and except.) (%)

N/A

N/A

N/A

N/A

N/A

BALANCE SHEET

Fixed Assets

 

 

17,450

15,871

14,474

13,176

11,995

Intangible Assets

17,223

15,847

14,455

13,154

11,971

Tangible Assets

226

24

18

21

24

Other

0

0

0

0

0

Current Assets

 

 

6,098

16,470

12,099

10,035

10,005

Stocks

0

0

0

0

0

Debtors

240

128

1,667

1,667

1,667

Cash

5,137

15,868

9,300

7,237

7,207

Other

720

473

1,131

1,131

1,131

Current Liabilities

 

 

(3,329)

(1,119)

(2,001)

(2,001)

(2,001)

Creditors

(2,121)

(1,098)

(1,967)

(1,967)

(1,967)

Short term borrowings

(1,146)

(0)

(0)

(0)

(0)

Short term leases

0

0

0

0

0

Other

(61)

(21)

(33)

(33)

(33)

Long Term Liabilities

 

 

(1,455)

(4,381)

(4,408)

(4,408)

(4,408)

Long term borrowings incl. conv. note

0

(3,821)

(4,392)

(4,392)

(4,392)

Long term leases

0

0

0

0

0

Other long term liabilities

(1,455)

(560)

(16)

(16)

(16)

Net Assets

 

 

18,764

26,841

20,164

16,803

15,592

CASH FLOW

Operating Cash Flow

 

 

(5,917)

(8,811)

(6,544)

(6,634)

(241)

Net Interest

0

216

79

279

217

Tax

(1)

0

0

0

0

Capex

(37)

(21)

(5)

(5)

(6)

Acquisitions/disposals

(15,894)

99

0

0

0

Financing

5,886

20,694

(6)

4,297

0

Dividends

0

0

0

0

0

Other

(125)

0

0

0

0

Net Cash Flow

(16,088)

12,176

(6,477)

(2,063)

(30)

Opening net debt/(cash)

 

 

(17,632)

(3,991)

(12,047)

(4,908)

(2,844)

HP finance leases initiated

0

0

0

0

0

Other

2,447

(4,120)

(663)

(0)

0

Closing net debt/(cash)

 

 

(3,991)

(12,047)

(4,908)

(2,844)

(2,814)

Source: Prima Biomed accounts, Edison Investment Research. Note: Solely for the convenience of the reader the financial summary table has been converted to US$ at a rate of US$0.76 to A$1. Prima reports statutory accounts in Australian dollars. These translations should not be considered representations that any such amounts have been or could be converted into US dollars at the assumed conversion rate.

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 2017 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Immutep 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 2017. “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 12,

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 12,

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 2017 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Immutep 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 2017. “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 12,

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 12,

95 Pitt Street, Sydney

NSW 2000, Australia

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