Nidanilimab transitioning to Phase IIa

Cantargia 3 January 2019 Update
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Cantargia

Nidanilimab transitioning to Phase IIa

Phase I data update

Pharma & biotech

3 January 2019

Price

SEK14.30

Market cap

SEK947m

US$:SEK9.05

Net cash (SEKm) at end Q318

190.7

Shares in issue

66.2m

Free float

90%

Code

CANT

Primary exchange

Nasdaq Stockholm

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

(16.9)

(37.6)

112.2

Rel (local)

(10.9)

(27.0)

131.0

52-week high/low

SEK23.3

SEK6.6

Business description

Cantargia is a clinical-stage biotechnology company based in Sweden, established in 2009 and listed on Nasdaq Stockholm main market. It is developing two antibodies against IL1RAP, nidanilimab (CAN04) and CANxx. Nidanilimab is being studied in a Phase I/II clinical trial CANFOUR in solid tumours focusing on NSCLC and pancreatic cancer.

Next events

Presentation of the complete Phase I data

H119

IND discussions with US FDA

H119

Phase IIa CANFOUR data

Early 2020

Analysts

Jonas Peciulis

+44 (0)20 3077 5728

Alice Nettleton

+44 (0)20 3077 5700

Cantargia is a research client of Edison Investment Research Limited

On 7 December 2018 Cantargia reached an important milestone – the completion of the Phase I part of its Phase I/IIa CANFOUR study with nidanilimab in solid tumours. Patients are now being screened for the Phase IIa part of the study and we expect the first patient to be recruited in the coming weeks, with top-line data expected in early 2020. Cantargia also recently presented fresh pre-clinical data at an antibody conference that support the rationale for developing nidanilimab in combination with chemotherapy. Our valuation has increased to SEK2.28bn or SEK34.5/share reflecting the increased probability of success for nidanilimab.

Year end

Revenue (SEKm)

PBT*
(SEKm)

EPS*
(SEK)

DPS
(SEK)

P/E
(x)

Yield
(%)

12/16

0.0

(47.5)

(2.72)

0.0

N/A

N/A

12/17

0.0

(60.3)

(1.86)

0.0

N/A

N/A

12/18e

0.0

(86.0)

(1.52)

0.0

N/A

N/A

12/19e

0.0

(93.5)

(1.41)

0.0

N/A

N/A

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

Nidanilimab shown to be safe in all 22 patients

The final dose cohort (10mg/kg) was evaluated for safety and tolerability and Cantargia reported that nidanilimab was safe and well tolerated in all patients. There were no dose-limiting toxicities and the most common side effects were infusion-related reactions. Patients are still being assessed for efficacy and biomarker studies and the complete Phase I data will be presented at a scientific conference in H119. Phase IIa screening has started, with the first patient expected to be recruited in the coming weeks. The Phase IIa will test nidanilimab in a larger number of patients, as monotherapy and in combination with chemotherapy (cisplatin/gemcitabine in non-small cell lung cancer (NSCLC), gemcitabine/nab-paclitaxel in pancreatic cancer). Efficacy and safety will also be assessed. Data are expected in early 2020.

Fresh preclinical data support combination approach

Cantargia recently presented some new pre-clinical data at Antibody Engineering and Therapeutics in San Diego in December 2018. Findings from a syngeneic colorectal cancer mouse model (MC38) support the rationale to study nidanilimab in combination with chemotherapy in its Phase IIa trial, especially because this mouse model has a competent immune system.

Valuation: SEK2.28bn or SEK34.5/share

We value Cantargia at SEK2.28bn or SEK34.5/share compared to our previous valuation of SEK1.80bn or SEK27.2/share due to an increased probability of success for nidanilimab and rolling our model forward. Now that the recommended dose has been established, we have increased the probability of success for nidanilimab from 10% to 15%. We leave all other model assumptions unchanged, as described in our initiation report. Cash and short-term investments were SEK190.7m at the end of Q318, which is expected to cover costs up to 2020.

Phase I results: Safety, tolerability, recommended dose

Following the interim data from the Phase I part of the study presented at ESMO conference in October 2018 (see our last note), Cantargia announced on 7 December that the Phase I part of the study was complete (in terms of the safety and tolerability). A total of 22 patients received weekly infusions of between 1mg/kg and 10mg/kg. The results were in line with the interim results in 16 patients in that nidanilimab appears to be well tolerated at the highest dose (10mg/kg), there were no dose-limiting toxicities at the highest dose and the most common treatment-related adverse event was an infusion-related reaction. Infusion-related reactions are common with antibody therapies and accepted as part of the treatment as long as they are manageable. Biomarker and efficacy analyses are ongoing and results will be presented with the other data at a conference in H119.

Next steps

With positive safety and tolerability data and the recommended dose, Cantargia can move to the Phase IIa part of the trial. The first patient is expected to be recruited in the coming weeks. The Phase IIa part of the CANFOUR trial will evaluate nidanilimab as monotherapy and in combination with chemotherapy (cisplatin/gemcitabine in NSCLC, gemcitabine/nab-paclitaxel in pancreatic cancer). The dose from Phase I will be used (10mg/kg). The Phase II will test for efficacy signals and further safety. The results are expected in early 2020. In the case of a positive data readout, Cantargia is open to various pathways for further development including an out-licensing deal. Cantargia previously decided to focus on NSCLC and a pancreatic cancer as lead indications based on high IL1RAP expression (pancreatic cancer 86%, NSCLC 85%) and commercial potential.

Exhibit 1: Phase I/IIa

Source: Cantargia. Note: RP2D – recommended dose for Phase II; PDAC - pancreatic ductal adenocarcinoma.

Fresh pre-clinical data support combination approach

Cantargia presented a poster at Antibody Engineering and Therapeutics in San Diego in December 2018. The poster contained results from pre-clinical studies testing CAN04/CAN04 surrogate antibody 3A9 in combination with cisplatin in two different mouse models. Cisplatin is one of three chemotherapeutic agents that will be tested in combination with nidanilimab in the Phase IIa CANFOUR study (others are gemcitabine and nab-paclitaxel). Cantargia is collecting pre-clinical data that support the scientific rationale for studying nidanilimab in these particular combinations. These agents are commonly used in the treatment of NSCLC and pancreatic cancer.

Lung cancer PDX mouse model

CAN04 was studied in a patient-derived xenograft model, results of which were previously announced, and now published. Cantargia found that treatment with CAN04 + cisplatin resulted in an increased survival and reduced lung tumour growth vs treatment with cisplatin or CAN04 alone (Exhibit 2).

Exhibit 2: CAN04 monotherapy vs CAB04 + cisplatin combination in a LU2503 PDX mouse model: A) survival curves; B) tumour volume

Syngeneic mouse model

Cantargia also tested a CAN04 surrogate antibody 3A9 in combination with cisplatin in a syngeneic mouse model (MC38 colorectal cancer). Syngeneic models are more useful for the development of immunotherapies because they allow testing of immunotherapies in a model where the tumour cells can interact with an intact immune system. Cantargia found that the combination of a nidanilimab mouse surrogate antibody 3A9 + cisplatin was much more effective than 3A9 monotherapy at reducing tumour volume and spleen weight (Exhibit 3). This effect was clearly seen with the highest dose of cisplatin, where at 20 days post-inoculation the mice treated with 3A9 + cisplatin 2.5mg/kg had a much lower tumour volume and spleen weight than mice treated with 3A9 + cisplatin 1.25/kg and controls. These pre-clinical data support the rationale to study nidanilimab in combination with chemotherapy in its Phase IIa clinical study, especially because this mouse model has a fully functioning immune system. We believe this model complements the previous xenograft (PDX) mouse model in lung cancer, which is one of the key indications Cantargia is targeting.

Exhibit 3: Studying CAN04 mouse surrogate antibody (3A9) in a MC38 mouse model. A) 3A9 monotherapy B, C) 3A9 + cisplatin combination therapy

Valuation

We value Cantargia based on a risk-adjusted NPV using a 12.5% discount rate and including net cash at end-Q318, which results in a value of SEK2.28bn or SEK34.5/share vs SEK1.80bn or SEK27.2/share previously. This increase is due to an increased success probability for nidanilimab now that the safety and tolerability part of the Phase I study is concluded (10% to 15%) and rolling our model forward, partially offset by a lower net cash position. We make no other changes to our assumptions, described in detail in our initiation report.

Exhibit 4: Sum-of-the-parts Cantargia valuation

Product

Launch

Peak sales
($m)

Unrisked NPV (SEKm)

Unrisked NPV/share (SEK)

Technology probability (%)

rNPV
(SEKm)

rNPV/share (SEK)

CAN04 - NSCLC

2026

3,091

5,785.4

87.4

15%

885.6

13.4

CAN04 - pancreatic cancer

2024

2,100

5,871.1

88.7

15%

1,204.9

18.2

Net cash at end-Q318

190.7

2.9

100%

190.7

2.9

Valuation

11,847.2

179.0

 

2,281.3

34.5

Source: Edison Investment Research. Note: WACC = 12.5% for product valuations.

We make no changes to our financial estimates, except a small increase to our 2018 estimate for other external expenses related to the relisting. Cantargia had cash and short-term investments of SEK190.7m at the end of Q318. According to the company, the operations are now financed until 2020, which is in line with our model.

Exhibit 5: Financial summary

SEK'000s

2016

2017

2018e

2019e

December

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

Revenue

 

 

0

0

0

0

Cost of Sales

0

0

0

0

Gross Profit

0

0

0

0

Research and development

(35,493)

(44,819)

(65,219)

(77,699)

EBITDA

 

 

(47,557)

(60,010)

(88,514)

(93,815)

Operating Profit (before amort. and except.)

 

 

(47,557)

(60,010)

(88,514)

(93,815)

Intangible Amortisation

0

0

0

0

Exceptionals

0

0

0

0

Other

0

0

0

0

Operating Profit

(47,557)

(60,010)

(88,514)

(93,815)

Net Interest

67

(243)

2,500

360

Profit Before Tax (norm)

 

 

(47,490)

(60,253)

(86,014)

(93,455)

Profit Before Tax (reported)

 

 

(47,490)

(60,253)

(86,014)

(93,455)

Tax

0

0

0

0

Profit After Tax (norm)

(47,490)

(60,253)

(86,014)

(93,455)

Profit After Tax (reported)

(47,490)

(60,253)

(86,014)

(93,455)

Average Number of Shares Outstanding (m)

17.5

32.4

56.6

66.2

EPS - normalised (SEK)

 

 

(2.72)

(1.86)

(1.52)

(1.41)

EPS - normalised fully diluted (SEK)

 

 

(2.72)

(1.86)

(1.52)

(1.41)

EPS - reported (SEK)

 

 

(2.72)

(1.86)

(1.52)

(1.41)

Dividend per share (SEK)

0.0

0.0

0.0

0.0

Gross Margin (%)

N/A

N/A

N/A

N/A

EBITDA Margin (%)

N/A

N/A

N/A

N/A

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

N/A

N/A

N/A

N/A

BALANCE SHEET

Fixed Assets

 

 

2,662

2,957

2,957

2,957

Intangible Assets

0

0

0

0

Tangible Assets

0

0

0

0

Investments

2,662

2,957

2,957

2,957

Current Assets

 

 

35,636

271,126

170,527

77,072

Stocks

0

0

0

0

Debtors

0

0

0

0

Cash

25,904

149,781

58,827

75,372

Other*

9,732

121,345

111,700

1,700

Current Liabilities

 

 

(9,494)

(27,957)

(14,600)

(14,600)

Creditors

(9,494)

(27,957)

(14,600)

(14,600)

Short term borrowings

0

0

0

0

Long Term Liabilities

 

 

0

0

0

0

Long term borrowings

0

0

0

0

Other long term liabilities

0

0

0

0

Net Assets

 

 

28,804

246,126

158,884

65,429

CASH FLOW

Operating Cash Flow

 

 

(42,405)

(40,860)

(103,456)

(93,815)

Net Interest

67

(243)

2,500

360

Tax

0

0

0

0

Capex

0

0

0

0

Acquisitions/disposals

0

0

0

0

Financing

56,225

304,479

0

0

Other

2,376

(139,499)

10,002

110,000

Dividends

0

0

0

0

Net Cash Flow

16,263

123,877

(90,954)

16,545

Opening net debt/(cash)

 

 

(9,641)

(25,904)

(149,781)

(58,827)

HP finance leases initiated

0

0

0

0

Other

0

0

0

0

Closing net debt/(cash)

 

 

(25,904)

(149,781)

(58,827)

(75,372)

Source: Company data, Edison Investment Research. Note: *Mainly short-term investments.

General disclaimer and copyright

This report has been commissioned by Cantargia and prepared and issued by Edison, in consideration of a fee payable by Cantargia. 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 Edison analyst 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.

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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 2019 Edison Investment Research Limited (Edison). All rights reserved FTSE International Limited (“FTSE”) © FTSE 2019. “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.

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Myonlineadvisers Pty Ltd who holds an Australian Financial Services Licence (Number: 427484). 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

Neither this document and associated email (together, the "Communication") constitutes or form part of any offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any securities, nor shall it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. Any decision to purchase shares in the Company in the proposed placing should be made solely on the basis of the information to be contained in the admission document to be published in connection therewith.

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 (nor will such persons be able to purchase shares in the placing).

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

The Investment Research is a publication distributed in the United States by Edison Investment Research, Inc. Edison Investment Research, Inc. is registered as an investment adviser with the Securities and Exchange Commission. 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

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

General disclaimer and copyright

This report has been commissioned by Cantargia and prepared and issued by Edison, in consideration of a fee payable by Cantargia. 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 Edison analyst 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 2019 Edison Investment Research Limited (Edison). All rights reserved FTSE International Limited (“FTSE”) © FTSE 2019. “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.

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Myonlineadvisers Pty Ltd who holds an Australian Financial Services Licence (Number: 427484). 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

Neither this document and associated email (together, the "Communication") constitutes or form part of any offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any securities, nor shall it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. Any decision to purchase shares in the Company in the proposed placing should be made solely on the basis of the information to be contained in the admission document to be published in connection therewith.

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 (nor will such persons be able to purchase shares in the placing).

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

The Investment Research is a publication distributed in the United States by Edison Investment Research, Inc. Edison Investment Research, Inc. is registered as an investment adviser with the Securities and Exchange Commission. 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

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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