cells

First data on liver enzymes encouraging

Hepion Pharmaceuticals 13 January 2021 Update
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Hepion Pharmaceuticals

First data on liver enzymes encouraging

Clinical update

Pharma & biotech

13 January 2021

Price

US$2.21

Market cap

US$71m

Net cash ($m) at Q320 + offering

45.2

Shares in issue

32.0m

Free float

99.8%

Code

HEPA

Primary exchange

NASDAQ

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

27.0

(31.6)

(59.1)

Rel (local)

22.4

(36.4)

(64.9)

52-week high/low

US$5.74

US$1.15

Business description

Hepion Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing therapeutics for chronic liver disease. The company’s lead asset is CRV431, a cyclophilin inhibitor being developed for the treatment of non-alcoholic steatohepatitis.

Next events

Phase IIa high-dose cohort complete

Q121

Analyst

Nathaniel Calloway

+1 646 653 7036

Hepion Pharmaceuticals is a research client of Edison Investment Research Limited

Hepion has announced interim results from its ongoing Phase IIa study of CRV431 in non-alcoholic steatohepatitis (NASH). The preliminary results are from the low-dose arm of the study (75mg, n=12) and showed a 18.4% decline in alanine aminotransferase (ALT) and a 12.1% decline in aspartate aminotransferase (AST) liver biomarkers after 28 days. Although these data were underpowered for significance, this is the first indication of meaningful clinical activity in this patient group. This is the first look at the potential for this drug and, although small, it is very encouraging.

Year end

Revenue ($m)

PBT*
($m)

EPS*
($)

DPS
($)

P/E
(x)

Yield
(%)

12/18

0.0

(9.8)

(50.18)

0.0

N/A

N/A

12/19

0.0

(7.9)

(3.26)

0.0

N/A

N/A

12/20e

0.0

(17.5)

(1.65)

0.0

N/A

N/A

12/21e

0.0

(18.5)

(0.58)

0.0

N/A

N/A

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

Study designed to provide rapid feedback on activity

The Phase IIa AMBITION study is exploratory, biomarker driven and designed to identify whether CRV431 has the potential to provide a clinical benefit in NASH patients. The course of the study is relatively short (28 days) because it is not designed to observe the clinical resolution of NASH, but rather early indications of clinical activity, such as the ALT and AST biomarkers presented in these data. We expect these data to be analysed with the company’s AI-driven biomarker platform, AI-POWR, after completing dosing in the high-dose (225mg) cohort in Q121.

Data very preliminary but in the right direction

These data are very preliminary because they lack details such as baseline characteristics or a statistical analysis, but they are consistent with what one would expect from a drug that is active in this patient group. Little change was seen in the placebo group by comparison (0.65% reduction in ALT and a 2.52% increase in AST at 28 days). Moreover, these data appear to be consistent with observations in other drugs that are being advanced for the treatment of NASH such as obeticholic acid (OCA) and resmetirom.

Valuation: Increased to $102.4m from $52.5m

We have increased our valuation to $102.4m from $52.5m, although it is lower on a per share basis: $3.20 per basic share versus $5.82 previously. The company underwent a $34.5m offering ($31.7m net) in November 2020, which we believe will be sufficient to finance clinical development until approximately 2023. Additionally, we have increased the probability of success for CRV431 to 15% from 10% following the initial data from the Phase IIa study.

Improvement in liver enzymes is first indication that CRV431 might be active

The primary endpoints of the Phase IIa AMBITION study are to determine the safety, tolerability and pharmacokinetic profile of CRV431 in NASH patients. However, we expect the study to provide useful early insight into the efficacy of the compound. The gold standard for evaluating NASH drugs is improvement in liver fibrosis, but this a very difficult endpoint to assess under the best conditions and would require an extended clinical study to allow patients sufficient time to develop a meaningful and measurable difference in fibrosis. Instead, Hepion opted to carry out a short biomarker study to serve as a ‘first look’ at the activity of the product before moving to more cumbersome studies. The AMBITION study is collecting a range of biomarker data (in addition to the ALT and AST levels presented in these initial data) that the company anticipates will provide a picture of the drug’s clinical activity without having to wait for improvement in fibrosis. Hepion intends to analyse these data with its proprietary AI-POWR platform, although what insight this can provide remains to be seen.

ALT and AST are enzymes that are released from the liver when it is under stress and are widely used biomarkers for liver function. At 28 days after dosing, patients in the 75mg arm (n=12) showed an 18.4% decline in ALT and a 12.1% decline in AST, compared to a 0.65% reduction and a 2.52% increase respectively in the placebo arm (n=6). These data were not statistically significant in this small patient group, but are consistent with what one might expect if the drug were active. These improvements are roughly consistent with what was seen at early timepoints with OCA in its pivotal Phase III study (although detailed data have not been provided apart from graphs). OCA is the NASH treatment advanced by Intercept Pharmaceuticals, which recently received a complete response letter and a request for more data from the FDA. Data from the Phase II study of Madrigal’s resmetirom showed similar reductions in these enzymes (similarly, early data are not broken out). It is worth noting the earliest timepoint for the Madrigal data is after dosing for 12 weeks, three times longer than the data presented for CRV431.

The data from Hepion’s release are very limited, but this is the first window that we have into the activity of this drug in this patient population and these data are consistent with an active drug profile. Caution should be taken when drawing conclusions from such early data, especially for data that do not reach statistical significance, but any information on activity at this stage is helpful. The data presented here are consistent with a drug that would be having an active impact on liver health, but more data will be needed to draw more definitive conclusions. The high-dose (225mg) cohort of the study is planned to complete dosing in Q121 and we expect the complete analysis of the study sometime after that. Additionally, the Phase Ib multiple ascending dose study has been completed and we await a complete analysis of the data (although it was noted previously that no serious adverse events were observed for the primary endpoint of safety). This study examined doses of CRV431 up to 375mg in healthy volunteers.

Valuation

We have increased our valuation to $102.4m from $52.5m, although it is lower on a per share basis at $3.20 per basic share from $5.82. This is driven in large part by the offering completed in Q420 (23m shares issued at $1.50 each), increasing net cash to $45.2m (Q320 pro-forma plus offering) from $17.4m (as of Q220) in our last report. We have also increased the probability of success for CRV431 from 10% to 15% to reflect these newly reported data. We acknowledge these data are very preliminary, but they are incrementally improving our confidence in the program. Our initial assessment of risk was very conservative in the absence of efficacy data in NASH patients and, when complete data from the Phase IIa study are released, we may adjust our valuation further. In addition to the above changes, we have rolled forward our NPVs and adjusted our near term R&D spending as described below.

Exhibit 1: Valuation of Hepion

Program

Market

Prob. of success

Launch Year

Peak Revenue ($m)

Valuation ($m)

CRV431

US

15%

2026

370.8

37.76

Europe

15%

2027

373.0

30.95

R&D & Milestones

(11.51)

Total

57.20

Net cash and equivalents pro-forma (Q320 + offering)

45.23

Total firm value ($m)

102.44

Total basic shares (m)

32.03

Value per basic share ($)

3.20

Convertible preferred stock

0.02

Dilutive options and warrants (m)

0.60

Total diluted shares

32.65

Value per diluted share ($)

3.17

Source: Hepion reports, Edison Investment Research.

Financials

We have adjusted our R&D spending forecasts to align with the current timeline, which includes the delay of a $3m milestone payable to former Ciclofilin shareholders (payable on the completion of a Phase II study) to 2021. This is partially offset in the 2020 forecast by increased R&D and S&A expenses reported in the third quarter ($3.8m and $2.4m respectively, compared to $3.0 and $1.8m in Q220). These effects are carried forward and the net effect on our 2021 forecasts is to increase the expected net loss to $20.9m from $11.5m previously. We assume that some of these expenses are associated with Hepion’s exploratory COVID-19 program.

Hepion underwent a major recapitalization in November 2020, with the offering of 23m in new stock at $1.50 ($34.5m total, $31.7m net). This should provide sufficient capital for the company to fund operations into 2023, including initiating the next stage of its clinical development, which we expect to be a longer-term Phase IIb study focusing on fibrosis. We have reduced our expected financing requirement for the company to $100m ($55m in 2023, and $45m in 2025) from $115m previously.

Exhibit 2: Financial summary

$'000

2018

2019

2020e

2021e

31-December

IFRS

IFRS

IFRS

IFRS

INCOME STATEMENT

Revenue

 

 

0.0

0.0

0.0

0.0

Cost of Sales

0.0

0.0

0.0

0.0

Gross Profit

0.0

0.0

0.0

0.0

R&D

(7,593.7)

(3,184.1)

(12,495.6)

(13,537.3)

SG&A

(7,000.4)

(4,586.0)

(7,154.8)

(7,369.4)

EBITDA

 

 

(14,340.9)

(7,677.2)

(17,238.0)

(18,522.5)

Normalised operating profit

 

 

(14,359.6)

(7,703.9)

(17,266.2)

(18,522.5)

Amortisation of acquired intangibles

0.0

0.0

0.0

0.0

Exceptionals

0.0

0.0

0.0

0.0

Share-based payments

(234.5)

(66.2)

(2,384.2)

(2,384.2)

Reported operating profit

(14,594.2)

(7,770.1)

(19,650.4)

(20,906.7)

Net Interest and financial income

4,608.9

(175.9)

(234.0)

0.0

Joint ventures & associates (post tax)

0.0

0.0

0.0

0.0

Exceptionals

0.0

0.0

0.0

0.0

Profit Before Tax (norm)

 

 

(9,750.8)

(7,879.8)

(17,500.1)

(18,522.5)

Profit Before Tax (reported)

 

 

(9,985.3)

(7,946.0)

(19,884.3)

(20,906.7)

Reported tax

536.0

1,227.3

(33.5)

(35.3)

Profit After Tax (norm)

(9,227.4)

(6,662.7)

(17,529.6)

(18,553.7)

Profit After Tax (reported)

(9,449.3)

(6,718.7)

(19,917.9)

(20,941.9)

Minority interests

0.0

0.0

0.0

0.0

Deemed Dividend

(8,451.9)

(5,442.9)

(5.3)

0.0

Discontinued operations

0.0

0.0

0.0

0.0

Net income (normalised)

(9,227.4)

(6,662.7)

(17,529.6)

(18,553.7)

Net income (reported)

(17,901.1)

(12,161.6)

(19,923.1)

(20,941.9)

Basic average number of shares outstanding (m)

184

2,043

10,598

32,025

EPS - normalised (c)

 

 

(5,018.18)

(326.09)

(165.41)

(57.93)

EPS - diluted normalised ($)

 

 

(50.18)

(3.26)

(1.65)

(0.58)

EPS - basic reported ($)

 

 

(97.35)

(5.95)

(1.88)

(0.65)

Dividend ($)

0.00

0.00

0.00

0.00

BALANCE SHEET

Fixed Assets

 

 

5,221.2

6,043.9

6,004.0

5,840.0

Intangible Assets

1,870.9

1,870.9

1,870.9

1,870.9

Tangible Assets

32.4

57.2

38.3

38.3

Investments & other

3,317.8

4,115.9

4,094.8

3,930.8

Current Assets

 

 

2,968.0

14,388.7

43,432.2

23,033.9

Stocks

0.0

0.0

0.0

0.0

Debtors

0.0

0.0

0.0

0.0

Cash & cash equivalents

2,832.4

13,923.0

42,791.0

22,392.7

Other

135.6

465.7

641.2

641.2

Current Liabilities

 

 

(2,849.9)

(1,251.9)

(4,857.4)

(2,852.8)

Creditors

(748.4)

(491.6)

(2,198.0)

(2,577.5)

Tax and social security

0.0

0.0

0.0

0.0

Short term borrowings

(1,440.0)

0.0

0.0

0.0

Other

(661.4)

(760.3)

(2,659.4)

(275.3)

Long Term Liabilities

 

 

(3,364.3)

(2,995.1)

(3,534.9)

(3,534.9)

Long term borrowings

0.0

0.0

(176.6)

(176.6)

Other long term liabilities

(3,364.3)

(2,995.1)

(3,358.3)

(3,358.3)

Net Assets

 

 

1,975.1

16,185.6

41,043.9

22,486.1

Minority interests

0.0

0.0

0.0

0.0

Shareholders' equity

 

 

1,975.1

16,185.6

41,043.9

22,486.1

CASH FLOW

Op Cash Flow before WC and tax

(14,340.9)

(7,677.2)

(17,238.0)

(18,522.5)

Working capital

(970.5)

(754.6)

3,090.2

(2,004.6)

Exceptional & other

(870.7)

(360.6)

(78.8)

164.0

Tax

536.0

1,227.3

(33.5)

(35.3)

Net operating cash flow

 

 

(15,646.0)

(7,565.1)

(14,260.1)

(20,398.3)

Capex

0.0

(51.5)

(11.4)

0.0

Acquisitions/disposals

0.9

0.0

2.2

0.0

Net interest

0.0

0.0

0.0

0.0

Equity financing

12,192.5

19,826.5

42,960.8

0.0

Dividends

0.0

0.0

0.0

0.0

Other

(1,000.0)

(1,119.4)

0.0

0.0

Net Cash Flow

(4,452.6)

11,090.5

28,691.5

(20,398.3)

Opening net debt/(cash)

 

 

(5,954.0)

(1,392.4)

(13,922.9)

(42,614.5)

FX

0.0

0.0

0.0

0.0

Other non-cash movements

(109.0)

1,440.0

0.0

0.0

Closing net debt/(cash)

 

 

(1,392.4)

(13,922.9)

(42,614.5)

(22,216.1)

Source: Hepion reports, Edison Investment Research.

General disclaimer and copyright

This report has been commissioned by Hepion Pharmaceuticals and prepared and issued by Edison, in consideration of a fee payable by Hepion Pharmaceuticals. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: 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 and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. 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.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, 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 securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. 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, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2021 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

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. 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 (i.e. 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.

United Kingdom

This document is prepared and provided by Edison 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.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison 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. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

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

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

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

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

General disclaimer and copyright

This report has been commissioned by Hepion Pharmaceuticals and prepared and issued by Edison, in consideration of a fee payable by Hepion Pharmaceuticals. Edison Investment Research standard fees are £49,500 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: 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 and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. 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.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, 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 securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. 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, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2021 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

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. 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 (i.e. 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.

United Kingdom

This document is prepared and provided by Edison 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.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison 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. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

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

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

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

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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