cells

On the home straight

RhoVac 28 February 2022 Update
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RhoVac

On the home straight

Company update

Pharma & biotech

28 February 2022

Price

SEK28.40

Market cap

SEK540m

Net cash (SEKm) at end-FY21

29.6

Shares in issue

19.0m

Free float

85%

Code

RHOVAC

Primary exchange

Spotlight Stockholm

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

5.2

18.3

13.8

Rel (local)

10.8

38.9

7.6

52-week high/low

SEK32.20

SEK17.54

Business description

RhoVac is an immunotherapy company listed on the Spotlight stock market in Sweden, with a 100%-owned subsidiary in Denmark. It is developing a peptide-based immunotherapy, RV001, which aims to train the immune system to specifically target cancer cells with metastatic potential. This is a novel approach that could have utility across a range of cancer settings.

Next events

Phase IIb BRaVac study results

May/June 2022

Updates on partnering process

2022

Analyst

Jonas Peciulis

+44 (0)20 3077 5728

RhoVac is a research client of Edison Investment Research Limited

RhoVac’s Phase IIb BRaVac trial has been fully enrolled since September 2021. According to the latest guidance, key results are expected in May or June 2022, which is the most significant catalyst of the investment case so far. The BRaVac trial is investigating RV001, a tissue-agnostic cancer immunotherapy now known as onilcamotide, in prostate cancer patients with localised disease who have relapsed after treatment with curative intent. There is a lack of treatment options in this stage and patients would typically be offered a ‘watchful waiting’ approach even though there already are signs of the cancer reappearing, so the unmet need is high. Our valuation has increased slightly to SEK1.71bn or SEK89.5/share (from SEK84.9/share previously) after rolling the model forward.

Year end

Revenue (SEKm)

PBT*
(SEKm)

EPS*
(SEK)

DPS
(SEK)

P/E
(x)

Yield
(%)

12/20

6.0

(46.9)

(2.06)

0.0

N/A

N/A

12/21

10.2

(62.1)

(2.83)

0.0

N/A

N/A

12/22e

5.9

(38.9)

(1.64)

0.0

N/A

N/A

12/23e

0.0

(45.0)

(2.36)

0.0

N/A

N/A

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

Next steps after the readout

With regards to the next steps after the readout, management has consistently guided that its strategy is to develop RV001 to proof-of-concept stage and then to seek a partnership agreement or sale. In other words, if the data are promising, the goal is to seek some form of reward for shareholders. For this reason, RhoVac had planned a budget sufficient until the readout. This is still the case, but in February 2022, management decided to propose a preferential rights (extended to all shareholders) issue of a convertible loan of c SEK25m in order to secure runway following the readout, so that it could plan the appropriate next steps. The loan is guaranteed and the board will decide whether to approve it on 4 March.

RV001 is tissue-agnostic

Although the ongoing BRaVac trial is investigating RV001 in one indication, the read-across potential to other cancer types is significant, as the target, RhoC protein, is tissue-agnostic, but crucial for the metastatic process. There is potential to expand RV001’s use not only in other settings in prostate cancer, but also to other types of cancer that tend to metastasise (ie malignant cancers). To this end, recently RhoVac conducted a market research project to assess other potential opportunities, which will also prepare the management for any potential negotiation if the readout is positive.

Valuation: SEK1.71bn or SEK89.5/share

Our RhoVac valuation is higher SEK1.71bn or SEK89.5/share due to rolling the model forward, which was partially offset by a lower cash position (SEK29.6m at end-FY21). Our valuation is based solely on RV001 in prostate cancer in a specific setting. Given BRaVac is a Phase IIb proof-of-concept trial, the upcoming readout will be a binary event, so it is a high risk, high reward event, typical for biotechs in this stage. A detailed review of the investment case is in our Outlook report.

The BRaVac study: Key readout approaching

The lead product, RV001, contains a 20 amino acid peptide fraction of the RhoC protein, which is used as a tissue-agnostic cancer immunotherapy. RhoC is a promising target since it is overexpressed in cancer cells with metastatic potential compared with healthy cells across multiple cancer types. RV001 is expected to prevent or limit metastasis by activating T-cells against cells with metastatic potential. This preventive concept differentiates RhoVac from most of the other drug developers in oncology.

RV001 is positioned to target prostate cancer patients with localised disease who have relapsed after treatment with curative intent (ie radical prostatectomy or radiotherapy). A relapse in these patients is known as biochemical recurrence/biochemical failure. Practically the only approach currently used for these patients is ‘watchful waiting’. As an example, the FDA has agreed that RhoVac can use placebo in the control arm in the currently ongoing BRaVac study, a sign that the regulator agrees there is no other option than just waiting. If there was a viable intervention, it would be unethical to use placebo and RhoVac would have been asked to use standard-of-care treatment as the control instead. The lack of available therapy for these patients is also the reason for the FDA granting RhoVac Fast Track Designation in this indication.

The ongoing lead study BRaVac is a double-blind, placebo-controlled Phase IIb study (in at least 180 patients) evaluating RV001 in men with biochemical recurrence following radical prostatectomy or radiotherapy. Since the end of September 2021, RhoVac’s Phase IIb BRaVac trial has been fully enrolled. The primary endpoint is time to PSA progression (doubling), or clinical recurrence or death. Patients with biochemical failure will be included in the study if they:

have had biochemical recurrence where their PSA level reaches ≥0.2ng/mL; and

have PSA doubling time from baseline of between three and 12 months.

During the study, patients’ PSA will be measured to calculate doubling time. RhoVac is aiming to reduce the PSA progression rate (in other words, the doubling time should increase) by 50% compared with the placebo group, an outcome that would be interesting to urologists. PSA progression is a good endpoint for this group of patients in a Phase II trial, mainly because it allows RhoVac to perform a relatively small and fast study. Feedback from both the EMA and FDA was positive on the endpoints. Other studies in the same group of patients are also using PSA endpoints in Phase II stage, for example nivolumab (Bristol-Myers Squibb) and olaparib (AstraZeneca). PSA is known to be a reliable measure of disease progression/metastasis in prostate cancer, especially after the prostate is surgically removed. PSA can only emanate from metastatic prostate cells, making it an ideal proxy for metastatic activity,

Large market opportunity and no competition

Prostate cancer is a common cancer in men over the age of 50. The National Cancer Institute estimates that 248,530 patients in the United States were diagnosed with prostate cancer in 2021 and there were c 34,130 deaths recorded from the disease in the United States during 2021. In our model we assume a treatment price of $50k per patient per year in the United States (30% discount in Europe) with peak sales of $1.8bn reached in five years (Exhibit 1; detailed assumptions are in our last Outlook report).

Virtually the only approach used for the group of patients at which RV001 is targeted in the ongoing Phase IIb trial is so-called ‘watchful waiting’. As a result, in this specific patient population RV001 as a monotherapy would have no competition. Overall, the best-selling prostate cancer drugs in 2020 were branded hormone drugs targeting advanced disease, ie Xtandi (enzalutamide, Astellas) with sales of $4.3bn and Zytiga (abiraterone acetate, Janssen Biotech) with sales of $2.5bn (source: EvaluatePharma).

Valuation

Our RhoVac valuation is slightly higher at SEK1.71bn or SEK89.5/share compared to SEK1.62bn or SEK84.9 per share, due to rolling the model forward, which offsets the lower cash position (SEK29.6m at end-FY21). We make no other changes to our model ahead of the BRaVac trial readout. There is a clear rationale for RV001 to be expanded in other settings, but for now we include a single asset in a single indication in our valuation given the management’s strategy is to focus on partnering or trade sale (although any such event would likely be reflected in the economics of the deal; see below for more details on our approach regarding the licensing deal benchmark use in our rNPV model).

Exhibit 1: Sum-of-the-parts RhoVac valuation

Product

Launch

Peak sales
(US$m)

Unrisked NPV (SEKm)

Technology probability (%)

rNPV
(SEKm)

rNPV/share (SEK)

RV001 – prostate cancer

2027

1,775

6,033.5

20%

1,675.8

88.0

Net cash, last reported

29.6

100%

29.6

1.6

Valuation

6,063.1

1,705.4

89.5

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

Positive Phase IIb study scenarios

In Exhibit 2 below we provide a sensitivity analysis that looks at the potential effect on our valuation of a successful Phase IIb outcome, by rolling forward our model to several future dates during 2022 when the BRaVac data might become available. Assuming the data are positive, we would expect to increase the technological success probability to 40% from our current 20%. Because a successful Phase IIb outcome would also be the first clinical proof-of-concept, we believe this would increase RV001’s potential in other indications (read-across effect). For this reason we would reflect a larger portion of comparable deal economics in our rNPV model (only 40% of the comparable deal economics is reflected at the moment in our rNPV model, as explained in a previous report). There are no historical comparators as to how much this portion should increase in the case of a positive readout, so we will review the totality of data.

Exhibit 2: Phase IIa BRaVac trial read-out sensitivity analysis on RV001’s rNPV (SEK/share)

Deal economics adjustment

rNPV

10%

20%

40%

80%

100%

Readout timing

May 2022

101.50

117.07

148.21

210.47

241.61

June 2022

102.53

118.25

149.70

212.59

244.04

July 2022

103.52

119.40

151.15

214.66

246.41

August 2022

104.56

120.60

152.67

216.82

248.89

Source: Edison Investment Research

Financials

With its FY21 results, RhoVac reported revenue of SEK10.2m, which was the allocated portion of the EU Horizon 2020 grant. The operating loss in FY21 was SEK61.9m versus SEK47.5m a year ago, reflecting the continued R&D uplift as new patients were being enrolled into the BRaVac study in the first part of the year. In addition, the company recognised SEK7.5m in tax credits in FY21. We do not make any changes to our P&L estimates; however, we will review them after the BRaVac data are out and RhoVac decides on the next steps.

The reported end-FY21 cash position was SEK29.6m with no interest-bearing debt. RhoVac will still receive the remaining part of the EU Horizon 2020 grant (c SEK4m). We expect the current cash on hand, the pre-payments and expected proceeds from the grant should be sufficient to fund the remainder of the BRaVac trial.

However, to ensure a sufficient runway to prepare for the next steps after the readout, management decided to propose a preferential rights (extended to all shareholders) issue of a convertible loan amounting to SEK25m. The loan is guaranteed by RhoVac’s largest shareholder M2 Asset Management. The participants will have the option to convert the loan after the readout (expected in May or June 2021) at a price of SEK40/share. Fully converted, the shares issued would correspond to 3.2 % of total shares post issue. The convertibles carry an annual interest rate of 10% of their nominal value and the term is one year. We do not yet include the convertible loan in our valuation model. The board will decide whether to proceed with the issue on 4 March.

Exhibit 3: Financial summary

SEK000s

2020

2021

2022e

2023e

Year end 31 December

Local GAAP

Local GAAP

Local GAAP

Local GAAP

PROFIT & LOSS

Revenue

 

 

6,012

10,191

4,000

0

Cost of Sales

0

0

0

0

Gross Profit

6,012

10,191

4,000

0

Research and development

(45,974)

(63,781)

(45,000)

(45,000)

EBITDA

 

 

(47,468)

(61,856)

(41,000)

(45,000)

Operating Profit (before amort. and except.)

(12,857)

(20,148)

(47,468)

(61,856)

Intangible Amortisation

0

0

0

0

Exceptionals

0

0

0

0

Other

0

0

0

0

Operating Profit

(47,468)

(61,856)

(41,000)

(45,000)

Net Interest

(468)

(220)

148

0

Profit Before Tax (norm)

 

 

(47,936)

(62,076)

(40,852)

(45,000)

Profit Before Tax (reported)

 

 

(47,936)

(62,076)

(40,852)

(45,000)

Tax

7,744

7,503

7,700

0

Profit After Tax (norm)

(40,192)

(54,573)

(33,152)

(45,000)

Profit After Tax (reported)

(40,192)

(54,573)

(33,152)

(45,000)

Average Number of Shares Outstanding (m)

19.0

19.0

19.0

19.0

EPS - normalised (SEK)

 

 

(2.06)

(2.83)

(1.64)

(2.36)

EPS - normalised and fully diluted (SEK)

 

(2.06)

(2.83)

(1.64)

(2.36)

EPS - (reported) (SEK)

 

 

(2.06)

(2.83)

(1.64)

(2.36)

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

 

 

0

0

0

0

Intangible Assets

0

0

0

0

Tangible Assets

0

0

0

0

Investments

0

0

0

0

Current Assets

 

 

101,947

55,830

17,994

10,323

Stocks

0

0

0

0

Debtors

14,619

15,886

7,671

0

Cash

77,524

29,621

0

0

Other

9,804

10,323

10,323

10,323

Current Liabilities

 

 

(7,147)

(14,134)

(7,100)

(5,950)

Creditors

(7,147)

(14,134)

(7,100)

(5,950)

Short term borrowings

0

0

0

0

Long Term Liabilities

 

 

0

0

(2,349)

(40,828)

Long term borrowings

0

0

(2,349)

(40,828)

Other long-term liabilities

0

0

0

0

Net Assets

 

 

94,800

41,696

8,545

(36,455)

CASH FLOW

Operating Cash Flow

 

 

(53,838)

(56,713)

(39,819)

(38,479)

Net Interest

(468)

0

148

0

Tax

3,808

7,576

7,700

0

Capex

0

0

0

0

Acquisitions/disposals

0

0

0

0

Financing

0

0

0

0

Other

(1,521)

1,234

0

0

Dividends

0

0

0

0

Net Cash Flow

(52,019)

(47,903)

(31,970)

(38,479)

Opening net debt/(cash)

 

 

(129,543)

(77,524)

(29,621)

2,349

HP finance leases initiated

0

0

0

0

Other

0

0

0

0

Closing net debt/(cash)

 

 

(77,524)

(29,621)

2,349

40,828

Source: RhoVac accounts, Edison Investment Research


General disclaimer and copyright

This report has been commissioned by RhoVac and prepared and issued by Edison, in consideration of a fee payable by RhoVac. Edison Investment Research standard fees are £60,000 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 2022 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 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

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

General disclaimer and copyright

This report has been commissioned by RhoVac and prepared and issued by Edison, in consideration of a fee payable by RhoVac. Edison Investment Research standard fees are £60,000 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 2022 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 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

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

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