RaboResearch Disclosure

Coöperatieve Rabobank U.A. (CRUA) publishes economic and market reports under the RaboResearch (RR) label. Occasionally the RR Global Economics & Markets (RR GEM) reports may mention names of issuers or (issuer’s) financial instruments. These mentions may result in mandatory regulatory disclosures of potential conflicts of interest of CRUA in respect of the covering analyst(s), an issuer or a financial instrument mentioned in the RR GEM report. With regard to these mentions and mandatory disclosures CRUA would like to state that: • RR’s policy prohibits its analysts from owning or trading of any financial instrument of any issuer in the analyst's area of coverage, likewise the RR policy generally prohibits RR analysts from executing an outside interest at an issuer in the analyst's area of coverage. • CRUA may at any time acquire, hold or dispose of long or short positions (including hedging and trading positions) and trade or otherwise effect transactions for their own account in issuer’s or financial instruments mentioned in the RR GEM reports. In the event such a position is to be disclosed (i.e. passing a to CRUA applicable regulatory threshold) its existence will be disclosed in the registers of the Authority for the Financial Markets in the Netherlands. • CRUA may receive fees for investment banking services from issuers (underwriting, placing of financial instruments as per MiFID II). In case such an issuer is mentioned in a RR GEM report and CRUA has earned such fees during the past 12 months the existence of such fees will be disclosed in the table below. • CRUA acts as a primary dealer for the Kingdom of the Netherlands and the Federal Republic of Germany.