Legal NoticeThis document has been written by our Strategist and Economist teams within the BNP Paribas group of companies (collectively“BNPP”); it does not purport to be an exhaustive analysis, and may be subject to conflicts of interest resulting from their interaction withsales and trading which could affect the objectivity of this report. This document is non-independent research for the purpose of the UKFinancial Conduct Authority rules.For the purposes of the recast Markets in Financial Instruments Directive (2014/65/EU) (MiFID II), non- independent research constitutes a marketing communication. This document is not investment research for the purposes of MiFID II. Ithas not been prepared in accordance with legal requirements designed to provide the independence of investment research, and is notsubject to any prohibition on dealing ahead of the dissemination of investment research. The content in this document/communication may also contain “Research” as defined under the MiFID II unbundling rules. If thedocument/communication contains Research, it is intended for those firms who are either in scope of the MiFID II unbundling rules andhave signed up to one of the BNPP Global Markets Research packages, or firms that are out of scope of the MiFID II unbundling rules andtherefore not required to pay for Research under MiFID II. Please note that it is your firm’s responsibility to ensure that you do not view oruse the Research content in this document if your firm has not signed up to one of the BNPP Global Markets Research packages, exceptwhere your firm is out of scope of the MiFID II unbundling rules.STEER is a trade mark of BNPP.This document constitutes a marketing communication and has been prepared by BNPP for, and is directed at, (a) Professional Clients and EligibleCounterparties as defined by the recast Markets in Financial Instruments Directive (2014/65/EU) (MiFID II), and (b) where relevant, persons whohave professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (FinancialPromotion) Order 2005, and at other persons to whom it may lawfully be communicated (together “Relevant Persons”) under the regulations of anyrelevant jurisdiction. Any investment or investment activity to which this document relates is available only to and will be engaged in only withRelevant Persons. Any person who is not a Relevant Person should not act or rely on this document or its content.Securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors.The information and opinions contained in this document have been obtained from, or are based on, public sources believed to be reliable, but thereis no guarantee of the accuracy, completeness or fitness for any particular purpose of such information and such information may not have beenindependently verified by BNPP or by any person.None of BNPP, any of its subsidiary undertakings or affiliates or its members, directors, officers,agents or employees accepts any responsibility or liability whatsoever or makes any representation or warranty, express or implied, as to theaccuracy and completeness of the information or any opinions based thereon and contained in this document and it should not be relied upon assuch. This document does not constitute or form any part of any offer to sell or issue and is not a solicitation of any offer to purchase any financialinstrument, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on, in connection with any contract or investmentdecision. To the extent that any transaction is subsequently entered into between the recipient and BNPP, such transaction will be entered into uponsuch terms as may be agreed by the parties in the relevant documentation. Information and opinions contained in this document are published for the information of recipients, but are not to be relied upon as authoritative ortaken in substitution for the exercise of judgment by any recipient, are subject to change without notice and not intended to provide the sole basis ofany evaluation of the instruments discussed herein. In providing this document, BNPP does not offer investment, financial, legal, tax or any othertype of advice to, nor has any fiduciary duties towards, recipients. Any reference to past performance is not indicative of future performance, whichmay be better or worse than prior results.Any hypothetical, past performance simulations are the result of estimates made by BNPP, as of a givenmoment, on the basis of parameters, market conditions, and historical data selected by BNPP, and should not be used as guidance, in any way, offuture performance. To the fullest extent permitted by law, no BNPP group company accepts any liability whatsoever (including in negligence) forany direct or consequential loss arising from any use of or reliance on material contained in this document even where advised of the possibility ofsuch losses. All estimates and opinions included in this document are made as of the date of this document. Unless otherwise indicated in thisdocument there is no intention to update this document. BNPP may make a market in, or may, as principal or agent, buy or sell securities of any issuer or person mentioned in this document or derivativesthereon. Prices, yields and other similar information included in this document are included for information purposes however numerous factors willaffect market pricing at any particular time, such information may be subject to rapid change and there is no certainty that transactions could beexecuted at any specified price.BNPP may have a financial interest in any issuer or person mentioned in this document, including a long or short position in their securities and/oroptions, futures or other derivative instruments based thereon, or vice versa. BNPP, including its officers and employees may serve or have servedas an officer, director or in an advisory capacity for any person mentioned in this document. BNPP may, from time to time, solicit, perform or haveperformed investment banking, underwriting or other services (including acting as adviser, manager, underwriter or lender) within the last 12 monthsfor any person referred to in this document. BNPP may be a party to an agreement with any person relating to the production of this document.BNPP may to the extent permitted by law, have acted upon or used the information contained herein, or the analysis on which it was based, beforethe document was published. BNPP may receive or intend to seek compensation for investment banking services in the next three months from orin relation to any person mentioned in this document. Any person mentioned in this document may have been provided with relevant sections of thisdocument prior to its publication in order to verify its factual accuracy.This document is for information purposes only and there is no assurance that a transaction(s) will be entered into on such indicative terms. Anyindicative price(s) contained herein have been prepared in good faith in accordance with BNPP’s own internal models and calculation methodsand/or are based on or use available price sources where considered relevant. Indicative price(s) based on different models or assumptions mayyield different results. Numerous factors may affect the price(s), which may or may not be taken into account. Therefore, these indicative price(s)may vary significantly from indicative price(s) obtained from other sources or market participants. BNPP expressly disclaims any responsibility forthe accuracy or completeness of its own internal models or calculation methods, the accuracy or reliability of any price sources used, any errors oromissions in computing or disseminating these indicative price(s), and for any use you make of the price(s) provided. The indicative price(s) do notrepresent (i) the actual terms o