CoinShares International — Maintaining AUM leadership in Europe

CoinShares International (OMX: CS)

Last close As at 17/05/2024

SEK65.40

3.80 (6.17%)

Market capitalisation

SEK4,350m

More on this equity

Research: Financials

CoinShares International — Maintaining AUM leadership in Europe

CoinShares International (CS) delivered another solid set of quarterly results, with Q223 EBITDA of £12.8m versus £8.4m in Q123. Its asset management business generated fee revenue of £10.6m (down from £14.2m in Q222, but up from £9.2m in Q123) as total AUM rebounded to £2.14bn at end-June 2023 from £1.44bn at end-2022. Its capital market infrastructure activities (CSCM) posted a £10.0m gain in Q223, bolstered primarily by fixed income, staking and decentralised finance (DeFi) activities. CS is continuing to develop its active asset management business, starting with running its first strategy to generate a track record ahead of the formal launch towards the end of 2023.

Milosz Papst

Written by

Milosz Papst

Director, Financials

Financials

CoinShares International

Maintaining AUM leadership in Europe

Q223 results

Financials

16 August 2023

Price

SEK50.80

Market cap

SEK3,461m

SEK13.8079£

US$1.2738/£

Total equity at end June 2023

£210.7m

Shares in issue

68.1m

Free float

28.5%

Code

CS

Primary exchange

Nasdaq Stockholm

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

7.0

59.0

33.3

Rel (local)

8.9

65.3

33.7

52-week high/low

SEK55.90

SEK19.00

Business description

CoinShares International develops innovative infrastructure, financial products and services for the digital asset class. It manages and provides liquidity for exchange traded products and undertakes proprietary trading in digital assets.

Next events

Q323 results

7 November 2023

Analyst

Milosz Papst

+44 (0)20 3077 5700

CoinShares International is a research client of Edison Investment Research Limited

CoinShares International (CS) delivered another solid set of quarterly results, with Q223 EBITDA of £12.8m versus £8.4m in Q123. Its asset management business generated fee revenue of £10.6m (down from £14.2m in Q222, but up from £9.2m in Q123) as total AUM rebounded to £2.14bn at end-June 2023 from £1.44bn at end-2022. Its capital market infrastructure activities (CSCM) posted a £10.0m gain in Q223, bolstered primarily by fixed income, staking and decentralised finance (DeFi) activities. CS is continuing to develop its active asset management business, starting with running its first strategy to generate a track record ahead of the formal launch towards the end of 2023.

Year
end

Revenue
(£m)

Other gains and
income (£m)

Adjusted EBITDA* (£m)

Adjusted EPS (£)

DPS
(£)

P/E
(x)

Yield
(%)

12/21

80.8

70.9

121.1

1.62

0.0

2.3

N/A

12/22

51.5

(19.6)

(6.5)

0.04

0.0

92.0

N/A

12/23e

40.9

33.9

41.8

0.31

0.0

11.7

N/A

12/24e

53.2

39.4

52.3

0.60

0.0

6.1

N/A

Note: *Sum of revenue, other gains and income (income and gains from capital markets infrastructure and gains on principal investments) less administrative expenses excluding D&A.

Firing on both cylinders

CS’s assets under management (AUM) within its passive asset management business was supported by the rebound in digital asset prices from the end-2022 trough, as well as by limited outflows from XBT Provider products and continued steady, though moderate inflows to CoinShares Physical ETPs. CSCM also delivered good results despite the relatively low volatility and trading volumes in the digital asset markets year-to-date compared to the bull run in 2021. This was assisted by rewards from Ether staking (where CS became more active following the successful Shanghai upgrade enabling withdrawals of staked Ether), as well as higher interest rates and opportunities in the CME futures markets.

Gradual digital asset adoption continues

The regulatory crackdown on key crypto players (combined with still pending US congress legislation for the sector) continues in the US, with the Securities and Exchange Commission filing enforcement actions against Binance and Coinbase in June 2023. In spite of this, there are further signs of interest from traditional finance players in the digital assets space, as illustrated by recent US filings for a Bitcoin spot ETF from BlackRock and Invesco, as well as PayPal’s launch of its own Ethereum-based stablecoin. Moreover, digital asset investment products attracted net inflows in the year to 4 August of c US$365m globally, according to CS data.

Valuation: Upside remains despite recent price rally

Despite increasing by c 67% since our last update note in May 2023, CS’s share price is still well below our fair value estimate in our base case scenario, which currently stands at SEK85.0 (slightly up from SEK79.0 previously). Using a more cautious scenario with digital asset price growth of only 2% pa, we value CS at SEK40.0 (vs SEK34.6 previously).

Continued robust EBITDA in Q223 at £12.8m

CS continues to deliver robust earnings, with Q223 adjusted EBITDA of £12.8m (see Exhibit 1), which represents a c 35% y-o-y increase (after adjusting Q222 for the £17.7m one-off Terra/UST loss), with asset management fees of £10.7m (vs £13.9m in Q222) and capital market infrastructure gains of £10.0m (vs £6.3m in Q222 excluding the above-mentioned one-off loss). As a result, its H123 net profit came in at £16.4m, representing a c 16% annualised return on equity. Its H123 total comprehensive income was somewhat lower at £8.2m due to £8.1m negative sterling to US dollar currency translation differences arising mostly from the accrued XBT Provider fees (which are hedged to US dollars).

Exhibit 1: Q223 results highlights

£m, unless otherwise stated

Q223

Q222

change y-o-y

Q123

change q-o-q

Revenue, of which:

10.7

13.9

-23.1%

9.4

14.1%

XBT Provider

9.8

13.0

-25.0%

8.3

17.0%

CoinShares Physical

0.5

0.6

-22.9%

0.6

-10.4%

Equities platform

0.3

0.6

-39.2%

0.3

2.0%

Other

0.1

(0.1)

NM

0.1

-31.8%

Capital market infrastructure income/gains, of which:

10.0

(11.4)

NM

6.7

49.0%

Liquidity provisioning

0.2

1.6

-89.2%

0.7

-74.5%

Delta Neutral Trading Strategies

2.0

(1.3)

NM

1.4

41.0%

Fixed income activities

3.0

0.8

277.2%

2.2

36.1%

DeFi

6.0

4.9

20.6%

3.0

97.4%

Other

(1.1)

(17.5)

NM

(0.6)

83.3%

Principal investment gains/(losses)

(0.2)

(5.1)

NM

(0.6)

-63.2%

Administrative expenses excluding D&A

(7.5)

(5.8)

29.8%

(6.9)

9.1%

Adjusted EBITDA

12.8

(8.2)

NM

8.4

52.0%

Adjusted EBITDA margin

62.8%

N/A

NM

54.7%

15.0%

Depreciation and amortisation

(1.1)

(0.7)

51.1%

(0.8)

48.2%

Finance expense

(1.5)

(2.4)

-35.9%

(1.3)

20.7%

Income taxes

(0.1)

(0.1)

NM

(0.1)

4.5%

Net income

10.0

(11.4)

NM

6.3

59.7%

Currency translation differences

(4.8)

11.3

NM

(3.4)

41.5%

Total comprehensive income

5.3

(0.1)

NM

2.9

80.5%

Source: CoinShares International data

Asset management: Are XBT Provider trackers really legacy products?

CS’s asset management fees of £10.6m in Q223 still largely came from its XBT Provider products (£9.8m), with CoinShares Physical and the blockchain equities platform delivering £0.5m and £0.3m, respectively. XBT Provider trackers may be considered legacy products, given that: 1) they have synthetic backing from a combination of physical digital assets and derivatives giving rise to increased counterparty risk and 2) they are subject to a quite high 2.5% fee. Therefore, our base scenario in the long term assumes continued net outflows from these products, as earlier buyers realise their capital gains, as was the case in both 2021 and 2022 with net outflows of US$1,173m and US$446m, respectively. However, year-to-date net outflows were quite muted with only US$7.2m in Q223 after US$40.5m in Q123 (see Exhibit 2). This may be due to overall more limited activity in the digital markets (and related products) so far this year. That said, CS highlighted that XBT Provider experienced sustained interest in the Nordic markets with 3,500 new clients per month (as opposed to continued redemptions from professional investors in the US and the rest of Europe). Management highlighted that this may be due to XBT Provider’s strong brand locally and long track record, and the fact that it is available in local currency (Swedish krona).

Exhibit 2: XBT Provider weekly net outflows (US$m)

Source: CoinShares International data

Sustained lower net outflows would be beneficial to CS’s earnings given the higher fee versus newer products (eg the CoinShares Physical Bitcoin ETP charges 0.98% pa). However, we note that CS collects the fees in cash only upon redemption of the respective units, which means that low gross outflows from the products would also limit the near-term cash inflow to CS.

CoinShares Physical ETPs attracted c US$40m of net inflows to the end of June 2023 (of which US$17.8m was in Q223), compared to US$492m and US$278m in 2021 and 2022, respectively. This represents c 19% of the platform’s end-2022 AUM and compares with US$61m (8%) of net inflows for 21Shares and US$153m (48%) for ETC Group, two of its main European competitors (based on data from CS’s weekly funds flows reports). We estimate that with the £1.66bn of ETP AUM at end-June 2023 (vs £1.00bn at end-2022 and £1.10bn at end-June 2022), CS’s market share in the European ETP market stood at c 43% (excluding CS’s seed assets in CoinShares Physical), which is broadly stable versus end-2022 (as price appreciation has been a more important factor than net inflows in the period). CoinShares Physical saw an additional c US$34m of net inflows in July 2023. The blockchain equities platform, which had £0.48bn in AUM at end-June 2023 (vs £0.43bn at end-2022 and £0.56bn at end-June 2022), saw minor outflows of US$14m in the quarter.

Exhibit 3: CS’s assets under management (£m)

Source: CoinShares International data

CSCM: Navigating the muted markets well

CS generated solid £10.0m CSCM gains in an environment marked by limited volatility and trading volumes, as well as still relatively muted sentiment towards digital assets (despite the price rally in the second half of June). Key contributors were DeFi (£6.0m gain in Q223 vs £4.9m in Q222), mostly from Ether staking rewards (received in exchange for providing Ether as collateral to secure the network), and fixed income activities (£3.0m vs £0.8m in Q222), despite a more selective approach to counterparties, as CS’s treasury management and lending book benefit from higher interest rates. CS’s delta neutral trading strategies added another £2.0m, as CS seized opportunities in trading CME futures. Liquidity provisioning related to XBT Provider products generated a modest £0.2m gain amid limited fund flows into and out of the product during Q223.

Exhibit 4: CS’s capital market infrastructure gains (£m)

Source: CoinShares International data

Forecast revisions

We have raised our asset management revenue expectations up by c 9–10% in the coming years, primarily due to lower assumed net outflows from XBT Provider products in 2023 at US$158m (vs US$279m previously) and slightly higher bitcoin and Ether price assumptions (eg we assume end-2023 bitcoin and Ether prices at c US$33,000 and US$2,350, respectively vs US$30,700 and US$2,150 previously, respectively). In our base scenario, we still assume a pick-up in net inflows to CoinShares Physical products in the coming years as digital asset adoption accelerates, though we have trimmed our near-term assumptions for 2023 and 2024 to c US$120m (from c US$220m previously) and US$301m (from c US$365m previously), respectively. We have also increased our forecasted CSCM gains (mostly in FY23 and FY24) on the back of a solid year-to-date performance.

Exhibit 5: Summary of forecast revisions

£m, unless otherwise stated

FY22

FY23e

FY24e

FY25e

Actual

Old

New

diff (%)

Old

New

diff (%)

Old

New

diff (%)

Revenue, of which:

51.5

37.5

40.9

9.0

48.2

53.2

10.3

71.1

77.2

8.6

XBT Provider

46.0

31.9

36.6

14.6

34.2

41.5

21.5

44.9

55.9

24.5

CoinShares Physical and other*

2.3

3.8

2.5

(33.1)

11.3

9.1

(19.7)

22.1

17.4

(21.1)

Block index

1.9

1.5

1.4

(4.6)

2.1

1.9

(7.7)

2.9

2.7

(7.7)

B2C

0.9

0.0

0.0

N/A

0.0

0.0

N/A

0.0

0.0

N/A

Capital market infrastructure income/gains, of which:

(17.4)

26.3

35.1

33.5

30.5

39.4

29.1

40.9

42.5

3.9

Liquidity provisioning

4.5

3.0

1.6

(45.1)

4.6

4.2

(9.7)

4.3

3.9

(8.7)

Delta Neutral Trading Strategies

2.6

4.6

7.3

59.0

5.4

6.6

23.5

12.0

9.8

(18.6)

Fixed income activities

5.0

6.7

9.9

48.1

8.0

9.9

23.5

9.6

9.4

(2.3)

DeFi

13.9

12.0

18.0

49.5

12.5

18.7

49.5

15.0

19.4

29.6

Other

(43.3)

0.0

(1.8)

N/A

0.0

0.0

N/A

0.0

0.0

N/A

Principal investment gains/(losses)

(4.9)

(0.7)

(1.2)

62.1

0.0

0.0

N/A

0.0

0.0

N/A

Administrative expenses excluding D&A

(35.3)

(30.9)

(32.6)

5.5

(37.0)

(39.6)

7.1

(45.7)

(48.9)

7.1

Adjusted EBITDA

(6.5)

31.8

41.8

31.3

41.1

52.3

27.3

65.1

69.6

6.9

Total comprehensive income

3.0

17.4

21.4

23.0

30.4

41.1

35.3

53.6

57.9

8.1

Source: CoinShares data, Edison Investment Research. Note: *Includes fees from CoinShares Physical and Invesco.

Exhibit 6: Financial summary

Year ending 31 December,
£’000s unless otherwise stated

FY18

FY19

FY20

FY21

FY22

FY23e

FY24e

FY25e

FY26e

FY27e

Income Statement

 

 

 

 

 

 

 

 

 

 

Revenues

10,549

11,331

18,389

80,755

51,484

40,929

53,165

77,152

91,420

95,730

Administrative expenses

(10,927)

(9,284)

(14,312)

(32,059)

(38,166)

(35,624)

(42,635)

(51,966)

(60,086)

(65,453)

Other operating income

4,811

529

607

14,665

16,599

14,000

14,700

15,435

16,207

17,017

Profit/(loss) on financial instruments

519,988

(64,553)

(1,398,436)

(2,483,773)

2,001,602

(917,946)

(1,083,642)

(1,812,238)

(662,633)

(633,484)

Realised gain/(loss) on investments

(1,074)

(405)

942

5,287

(2,800)

0

0

0

0

0

Adj EBITDA

12,993

11,171

22,113

121,059

(6,521)

41,826

52,327

69,555

75,222

73,265

EBIT

523,347

(62,382)

(1,392,810)

(2,415,125)

506,719

22,079

33,413

50,899

56,318

54,103

Finance income

693

931

3,793

10,905

12,964

15,637

15,866

15,608

15,856

16,114

Finance expense

(148)

(404)

(1,191)

(7,045)

(6,373)

(6,434)

(7,661)

(7,939)

(7,773)

(8,416)

Pre-tax profit

523,892

(61,855)

(1,390,208)

(2,411,265)

513,310

31,282

41,618

58,567

64,400

61,801

Income taxes

(230)

(269)

(401)

(1,056)

(500)

(444)

(533)

(687)

(744)

(722)

Net income

523,662

(62,124)

(1,390,610)

(2,412,322)

512,810

30,838

41,085

57,880

63,657

61,079

Total comprehensive income

14,407

8,914

18,419

113,443

3,046

21,387

41,085

57,880

63,657

61,079

Adjusted EPS (diluted, £)

N/A

N/A

0.28

1.62

0.04

0.31

0.60

0.85

0.93

0.90

DPS (£)

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

Balance Sheet

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment

214

376

223

510

1,936

1,200

534

(61)

(583)

(1,028)

Digital assets

N/A

N/A

N/A

N/A

112

112

112

112

112

112

Intangible assets

0

7

20

19,781

11,992

11,119

10,246

9,373

8,500

7,627

Investments

6,158

5,585

3,626

24,501

45,020

43,823

43,823

43,823

43,823

43,823

Long term receivables and other

15

323

329

581

1,360

1,360

1,360

1,360

1,360

1,360

Non-current assets

6,387

6,290

4,199

45,372

60,420

57,614

56,075

54,607

53,213

51,895

Trade and other receivables

9,350

27,011

62,274

1,075,971

199,045

629,557

875,547

1,272,475

1,388,047

1,590,636

Digital assets

217,521

427,524

1,826,695

2,736,481

868,944

1,612,462

2,390,100

3,746,113

4,028,886

4,642,044

Cash at bank

32,897

2,350

2,266

11,088

26,565

29,207

36,481

34,888

95,190

155,292

Amounts due from brokers

N/A

39,405

66,518

118,976

233,507

127,347

183,737

292,329

316,499

366,452

Current assets

259,767

496,290

1,957,752

3,942,516

1,328,061

2,398,573

3,485,864

5,345,805

5,828,622

6,754,425

Total assets

266,154

502,580

1,961,951

3,987,888

1,388,480

2,456,187

3,541,939

5,400,412

5,881,835

6,806,319

Share capital

2,214

2,215

31

34

34

34

34

34

34

34

Share premium

111

111

2,387

30,781

30,781

30,781

30,781

30,781

30,781

30,781

Other reserves

104,322

168,813

1,209,630

667,846

(22,500)

(31,951)

(31,951)

(31,951)

(31,951)

(31,951)

Retained earnings

(68,003)

(125,795)

(1,155,551)

(497,727)

195,644

226,482

267,567

325,447

389,104

450,183

Total equity

38,644

45,343

56,497

200,934

203,959

225,346

266,431

324,312

387,968

449,047

Trade payables and other liabilities

227,469

419,340

1,792,936

3,491,612

1,025,734

2,015,926

3,053,621

4,858,364

5,260,063

6,090,260

Amounts due to brokers

N/A

37,631

112,121

292,708

135,385

191,513

198,485

194,335

210,403

243,610

Lease liabilities

0

0

0

0

581

581

581

581

581

581

Current tax liabilities

42

266

398

2,635

236

236

236

236

236

236

Current liabilities

227,510

457,237

1,905,454

3,786,955

1,161,937

2,208,257

3,252,924

5,053,516

5,471,283

6,334,688

Non-current liabilities

0

0

0

0

22,584

22,584

22,584

22,584

22,584

22,584

Total equity and liabilities

266,154

502,580

1,961,951

3,987,888

1,388,480

2,456,187

3,541,939

5,400,412

5,881,835

6,806,319

Ratios

 

 

 

 

 

 

 

 

 

 

Adj. EBITDA margin

52.1%

54.0%

62.8%

85.3%

-19.1%

55.0%

56.5%

58.1%

56.5%

53.5%

Adj. net margin

59.4%

38.4%

47.6%

79.9%

8.9%

28.1%

44.4%

48.4%

47.8%

44.6%

ETP management fee
(% of average AUM)

2.5%

2.5%

2.5%

2.3%

2.2%

1.9%

1.7%

1.5%

1.3%

1.1%

Source: Company data, Edison Investment Research


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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.

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20 Red Lion Street

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London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

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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.

London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

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