Trials on track as CDNF readout nears

Herantis Pharma 2 September 2019 Update
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Herantis Pharma

Trials on track as CDNF readout nears

Trading update

Pharma & biotech

2 September 2019

Price

€5.60

Market cap

€34m

Net debt (€m) as at 30 June 2018

0.9

Shares in issue

6.1m

Free float

73.9%

Code

HRTIS

Primary exchange

NASDAQ OMX

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

(3.4)

1.8

(20.0)

Rel (local)

(1.7)

1.8

(8.3)

52-week high/low

€7.1

€4.8

Business description

Herantis Pharma is a Finnish innovative biopharmaceutical company focusing on regenerative medicines for unmet needs. Key assets include CDNF for Parkinson’s disease and Lymfactin for breast cancer associated lymphedema.

Next events

CDNF PD Phase I/II data

H219

Lymfactin Phase II data

End 2020

Analysts

Dr Daniel Wilkinson

+44 (0)20 3077 5734

Dr Susie Jana

+44 (0)20 3077 5700

Dr Sean Conroy

+44 (0)20 3077 5700

Herantis Pharma is a research client of Edison Investment Research Limited

Patient recruitment in the Phase II Lymfactin trial (AdeLE) continues to progress well, aided by the addition (in March) of new treatment centres in Sweden. Initial efficacy and safety data are on track for the end of 2020. Near term, top-line data from Phase I/II asset CDNF in Parkinson’s disease (PD) are expected by the year end; positive data from this trial could serve as validation of the research efforts and could also enable future partnering opportunities. H119 net loss was slightly above expectations as a result of higher than expected R&D, SG&A and financial costs. In March, Herantis raised gross €5.8m enabling a cash runway into late 2020. We value Herantis at €58.7m (€9.7/share) vs €47.9m (€9.7/share) previously.

Year end

Revenue (€m)

PBT*
(€m)

EPS*
(€)

DPS
(€)

P/E
(x)

Yield
(%)

12/17

0.0

(2.2)

(0.5)

0.0

N/A

N/A

12/18

0.0

(4.2)

(0.8)

0.0

N/A

N/A

12/19e

0.0

(5.8)

(1.0)

0.0

N/A

N/A

12/20e

0.0

(4.2)

(0.7)

0.0

N/A

N/A

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

CDNF and Lymfactin inflection points approaching

Top-line efficacy and safety data from the ongoing Phase I/II trial testing CDNF in PD patients are expected by the year end. CDNF is a neuroprotective factor that Herantis hope could have a disease-modifying effect on patients with PD. Additionally, Herantis continues to progress its next generation, non-invasive CDNF and expects to select a lead molecule for development by the year end. Herantis’s second clinical asset, Lymfactin, continues to enrol patients on schedule with new trial sites opened in Stockholm and Uppsala in March. Lymfactin is a gene therapy to stimulate lymph vessel growth as a therapy for breast cancer-related associated secondary lymphedema (BCAL). Phase I 12-month follow-up results announced in April 2019 demonstrated the treatment was safe with no serious adverse events reported. 12-month data from the Phase II AdeLE (adenovirus gene therapy for the treatment of lymphedema) trial in BCAL patients are expected by end 2020.

Financials: Cash runway into late 2020

R&D expenses increased to €1.4m (H118: €1.1m) in H119, reflecting the ongoing Lymfactin Phase II trial in BCAL and the Phase I/II CDNF trial in PD. The net loss grew substantially in H119 to €3.3m (H118: €1.8m) mainly as a result of minimal financial income (compared with €0.78m in H118) and increased financial expenses (H119: €0.41m vs H118: €0.03m) related to the capital raise. Herantis’s cash and cash equivalents of €5.6m suggests it has a cash runway into late 2020.

Valuation: €58.7m or €9.7/share

Our valuation of €58.7m (€9.7/share) vs €47.9m (€9.7/share) previously, includes net debt of €0.9m and is based on an rNPV of CDNF in PD (€3.9/share) and Lymfactin in BCAL (€6.0/share). We have rolled forward our model and updated for both FX and increased number of outstanding shares following the recent capital raise. For a detailed overview of our valuation please see our initiation note.

Successful execution of clinical trials as readouts near

Herantis currently has two ongoing clinical trials; a Phase I/II trial testing its recombinant CDNF (cerebral dopamine neuroprotective factor) in patients with Parkinson’s disease and a Phase II trial testing its Lymfactin gene therapy in patients with BCAL secondary lymphedema.

Neuro-trophic/protective factors (such as CDNF, MANF and GDNF) are endogenous secretory proteins that have been shown to have neuroprotective and neurorestorative effects, presenting the opportunity for their use in the treatment of PD. CDNF-based therapy is being evaluated in a Phase I/II trial by Herantis for its potential neuroprotective and neurorestorative properties in PD. The trial is funded through an EU grant (Horizon 2020). CDNF is dosed intracranially once a month (a two- to three-hour infusion in the outpatient setting) using an implanted drug delivery device with portal access located behind the patient’s ear. Top-line efficacy and safety data are expected by the year end. Herantis’s CDNF is unable to cross the blood brain barrier (BBB) in its current formulation. Since Herantis in-licensed the global rights to a second generation of CDNF (from the University of Helsinki in July 2018), it has been actively developing a non-invasive way of delivering CDNF and expects to select a lead molecule for development by the year end.

Herantis is developing its Phase II asset Lymfactin gene therapy as a potential therapy for BCAL administered as a single-dose injection in combination with lymph node transfer surgery. The Phase I 12-month follow-up results announced in April demonstrated that the treatment was safe with no serious adverse events reported. The study enrolled 15 patients from three universities in Finland (Helsinki, Tampere and Turku). 12-month data from the Phase II AdeLE (adenovirus gene therapy for the treatment of lymphedema) trial in BCAL patients is expected by the end of 2020. If the Phase II AdeLE trial completes successfully, then a Phase III programme in BCAL could be initiated in 2021 either by Herantis or a potential development and commercialisation partner. New trial sites were opened in Stockholm and Uppsala in March 2019.

Financials: Funded through inflection points

In H119, Herantis issued 1.1m new shares (subscription price of €5.20) raising gross €5.8m, which we should enable a cash runway into late 2020. Herantis reported a net loss of €3.3m in H119 (€1.8m in H118). R&D expenses increased to €1.4m (H118: €1.1m), reflecting the advancement of the R&D pipeline. Financial expenses increased substantially to €411,733 (vs €28,817 in H118) due to the one-off costs associated with the capital raise in May. We note the majority of funding for the Phase I/II CDNF trial is through an EU grant. Cash burn amounted to €2.7m in H119 (H118: €1.8m). In the near term, Herantis will continue to be cash consumptive and operate as a non revenue-generating biotech. Cash and cash equivalents at 30 June 2019 were reported at €5.6m and debt was €6.5m (Business Finland loans). Due to higher than expected H119 costs we now forecast an FY19 net loss of €5.8m (vs €4.5m previously). We note that management is considering a secondary listing on the First North Stockholm marketplace. Herantis has previously been granted R&D loans from Business Finland, of which €0.6m remains to be drawn down; in H119 the company drew down €0.25m and we anticipate the remaining €0.6m will be drawn down by the year end. Additionally, the Phase I-II study (TreatER) of CDNF in PD is essentially funded by a grant (Horizon 2020) of €6.0m. We expect Herantis to raise additional capital (through either equity or debt) before late 2020 to fund ongoing operations.

Exhibit 1: Financial summary

Accounts: IFRS, Yr end: December, EUR:

 

 

2016

2017

2018

2019e

2020e

Income statement

 

 

 

 

 

 

 

Total revenues

 

 

25

0

0

0

0

Cost of sales

 

 

0

0

0

0

0

Reported gross profit

 

 

25

0

0

0

0

SG&A (expenses)

 

 

(942)

(1,024)

(1,244)

(1,493)

(1,508)

R&D costs

 

 

(27)

0

0

(2,840)

(1,988)

Other (includes exceptionals)

 

 

(2,273)

(1,703)

(2,424)

232

235

Depreciation

 

 

(1,203)

(1,218)

(1,202)

(1,213)

(910)

Adjusted EBIT

 

 

(4,420)

(3,945)

(4,871)

(5,313)

(4,171)

Reported EBIT

 

 

(4,420)

(3,945)

(4,871)

(5,313)

(4,171)

Finance income/ (expense)

 

 

(4)

1,780

691

(485)

(68)

Other income (expense) (includes exceptionals)

 

 

0

0

0

0

0

Adjusted PBT

 

 

(4,425)

(2,165)

(4,180)

(5,799)

(4,239)

Reported PBT

 

 

(4,425)

(2,165)

(4,180)

(5,799)

(4,239)

Income tax expense

 

 

0

0

0

0

0

Adjusted net income

 

 

(4,425)

(2,165)

(4,180)

(5,799)

(4,239)

Reported net income

 

 

(4,425)

(2,165)

(4,180)

(5,799)

(4,239)

Earnings per share

 

 

 

 

 

 

 

Basic EPS (€)

 

 

(1.1)

(0.5)

(0.8)

(1.0)

(0.7)

Diluted EPS (€)

 

 

(1.1)

(0.5)

(0.8)

(1.0)

(0.7)

Adjusted basic EPS (€)

 

 

(1.1)

(0.5)

(0.8)

(1.0)

(0.7)

Adjusted diluted EPS (€)

 

 

(1.1)

(0.5)

(0.8)

(1.0)

(0.7)

Average number of shares - basic (m)

 

 

4.1

4.2

4.9

5.5

6.1

Average number of shares - diluted (m)

 

 

4.1

4.9

5.5

6.1

6.1

Balance sheet

 

 

 

 

 

 

 

Property, plant and equipment

 

 

9

7

5

4

3

Goodwill

 

 

0

0

0

0

0

Intangible assets

 

 

6,590

5,663

4,735

3,524

2,616

Other non-current assets

 

 

712

392

118

117

116

Total non-current assets

 

 

7,311

6,061

4,857

3,644

2,734

Cash and equivalents

 

 

2,829

5,402

2,186

4,233

904

Inventories

 

 

0

0

0

0

0

Trade and other receivables

 

 

65

109

105

105

105

Other current assets

0

0

0

0

0

Assets classified for sale

 

 

0

0

0

0

0

Total current assets

 

 

2,895

5,511

2,290

4,338

1,009

Non-current loans and borrowings

 

 

8,018

6,022

5,878

6,729

6,729

Trade and other payables

 

 

0

0

0

0

0

Other non-current liabilities

 

 

0

0

0

0

0

Total non-current liabilities

 

 

8,018

6,022

5,878

6,729

6,729

Trade and other payables

 

 

186

278

200

200

200

Current loans and borrowings

 

 

103

547

507

507

507

Other current liabilities

 

 

324

634

651

651

651

Liabilities of assets held for sale

 

 

0

0

0

0

0

Total current liabilities

 

 

613

1,460

1,358

1,358

1,358

Equity attributable to company

 

 

1,575

4,090

(89)

(106)

(4,345)

Non-controlling interest

 

 

0

0

0

0

0

Cashflow statement

 

 

 

 

 

 

 

Profit before tax

 

 

(4,425)

(2,165)

(4,180)

(5,799)

(4,239)

Depreciation of tangible assets

 

 

1,203

1,218

1,202

1,213

910

Amortisation of intangible assets

 

 

0

0

0

0

0

Share based payments

 

 

(0)

(2,021)

(3)

0

0

Other adjustments

 

 

5

240

(688)

485

68

Movements in working capital

 

 

166

372

(79)

0

0

Net cash from operating activities (pre-tax)

 

 

(3,052)

(2,355)

(3,747)

(4,100)

(3,261)

Interest paid / received

 

 

16

(244)

15

(485)

(68)

Income taxes paid

 

 

0

0

0

0

0

Cash from operations (CFO)

 

 

(3,036)

(2,599)

(3,732)

(4,586)

(3,329)

Capex (includes acquisitions)

 

 

(10)

0

0

0

0

Other investing activities

 

 

(61)

(0)

7

0

0

Cash used in investing activities (CFIA)

 

 

(71)

(0)

7

0

0

Proceeds from issue of shares

 

 

0

4,680

0

5,782

0

Movements in debt

 

 

0

0

509

851

0

Other financing activities

 

 

396

492

0

0

0

Cash from financing activities (CFF)

 

 

396

5,172

509

6,633

0

Currency translation differences and other

 

 

0

0

0

0

0

Increase/(decrease) in cash and equivalents

 

 

(2,711)

2,573

(3,216)

2,047

(3,329)

Cash and equivalents at beginning of period

 

 

5,541

2,829

5,402

2,186

4,233

Cash and equivalents at end of period

 

 

2,829

5,402

2,186

4,233

904

Source: Edison Investment Research, Herantis accounts

General disclaimer and copyright

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

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

1,185 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

1,185 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 Herantis and prepared and issued by Edison, in consideration of a fee payable by Herantis. 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 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 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

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

1,185 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

1,185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

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Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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