This e-mail is for the intended recipient only and may contain confidential or privileged information. If you have received this e-mail by mistake, please contact us immediately and completely delete it (and any attachments) and do not forward it or inform any other person of its contents. If you send us messages by e-mail, we take this as your authorisation to correspond with you by e-mail, however, we reserve the right not to execute orders and instructions transmitted by e-mail at any time and without further explanation. If you do not wish to receive any further e-mail correspondence, please let us know. E-mail transmission cannot be guaranteed to be secure or error-free as information could be intercepted, amended, corrupted, lost, destroyed, arrive late or incomplete, or contain viruses. Neither SCB-Julius Baer Securities Co., Ltd. nor the sender accept liability for any errors or omissions in the content of this message which arise as a result of its e-mail transmission. Please note that all e-mail communications to and from the SCB-Julius Baer Securities Co., Ltd. may be monitored. This communication is for informational purposes only. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction.

Where this email attaches and/or contains research publication:

The research to which this notice is attached (‘‘Research’’) has been prepared by a third party and/or SCB-Julius Baer Securities Co., Ltd. (“SCB-JB”) research producer solely for general information purposes to the persons to which has given access and does not constitute an offer or a solicitation to buy, sell or deal with any investment referred to herein or a participation in any trading strategy. The value of shares and any income generated may go down as well as up and is not guaranteed. Past performance is not indicative to future performance. Actual results, performance or events may differ materially from those in such statements due to, among other things, (i) general economic conditions in the markets, (ii) performance of financial markets, including emerging markets, (iii) mortality and morbidity levels and trends, (iv) persistency levels, (v) interest rate levels, (vi) currency exchange rates, and (vii) changes in the policies of governments and /or regulatory authorities. Investors should be aware that any products that are mentioned in this Research have their own particular terms and conditions. This Research is not intended for any specific investor and does not take into account the particular investment objectives, financial situations or needs. The content of this Research is based upon publicly available sources of information which are believed to be reliable. However, because of possible human or mechanical error by a third party research producer, by SCB-JB , by Bank Julius Baer & Co. Ltd. and its affiliates (“Julius Baer”), by any of their branches, subsidiaries or affiliates, or their sources, no guarantee, warranty or representation, express or implied, can be given by the same as to the accuracy, adequacy or completeness of the information contained in this Research and neither third party research producer, Julius Baer nor SCB-JB nor any of their respective branches, subsidiaries or affiliates or sources is responsible for any errors or omissions or for results obtained from use of such information. Neither third party research producer, Julius Baer nor SCB-JB nor any of their branches, subsidiaries, affiliates, officers, directors or employees or sources accepts any liability or responsibility in respect of the information, or any recommendations expressed herein which are subject to change without notice and may only be correct at the stated date of their issue. All rights reserved. This Research is prepared and intended for the person specified only. No part of this Research may be reproduced, modified, distributed, sold, stored in a retrieval system or transmitted in any form or by any means, mechanical, photocopying, recording or otherwise or used commercially without the prior permission of the copyright-holder. The information herein is provided to you solely at your request and is not intended to be either an offer, sale, or invitation for subscription or purchase of any regulated products in Thailand or a solicitation to use Julius Baer's services or the third-party research producer’s services in any way. Neither Julius Baer, a third party research producer, SCB-JB, any of their representatives, directors, employees nor any other entities involved with Julius Baer or a third party research producer make any representations or warranties, expressed or implied, with respect to the completeness or accuracy of any of the information contained in this Research or any other information (whether communicated in written or oral form) made available to you. This Research has not been registered with the Office of the Securities and Exchange Commission or any other competent authorities of Thailand. Accordingly, this Research and any other documents or materials in connection with this Research and any other research material or the offer or sale, or invitation for subscription or purchase of any regulated products may not be circulated or distributed in Thailand, whether directly or indirectly except by a licensed person under Thai law and any other applicable laws, nor may any regulated product be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to the public or any members of the public in Thailand except by a licensed person under Thai law and any other applicable laws. This Research is also NOT intended for distribution outside of Thailand and is made available and distributed by SCB-JB with the permission of Julius Baer or a third-party research producer strictly for use and distribution in Thailand to clients or potential clients of SCB-JB. Neither this Research nor any copy thereof may be sent, taken out of or distributed outside of Thailand. Persons receiving this Research from SCB-JB acknowledge that (a) SCB-JB remains solely responsible for ensuring that the distribution of this Research in Thailand is in compliance with all applicable laws, rules and regulations of Thailand, (b) SCB-JB remains solely responsible for carrying out its own independent analysis of contents of this Research and for ensuring that only suitable clients or potential clients of SCB-JB receive this Research and c) nothing in this Research shall be seen as the provision of investment advice by Julius Baer or a third party producer. Julius Baer or a third party producer shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees or losses (including lost income or profits and opportunity costs) in connection with any use of the contents of this Research by clients or potential clients of SCB-JB. Any inquiries concerning this Research shall be made directly to SCB-JB.

Where this email attaches and/or contains information, material and/or document(s) other than research publication:

The information, material and/or document(s) to which this notice is attached has been prepared solely for general information purposes to the persons to which SCB-Julius Baer Securities Co., Ltd. (“SCB-JB”) has given access and does not constitute an offer or a solicitation to buy or sell any products, use any services or make any investments referred to herein or a participation in any trading strategy. Prospective clients should be aware that any products that are mentioned in this information, material and/or document(s) have their own particular terms and conditions. This information, material and/or document(s) is not intended for any specific investor and does not take into account the particular investment objectives, financial situations or needs. No guarantee, warranty or representation, express or implied, can be given by the same as to the accuracy, adequacy or completeness of the information contained herein and neither SCB-JB, any third party whose name(s) appeared in this information, material and/or document(s) nor any of their respective branches, subsidiaries or affiliates or sources is responsible for any errors or omissions or for results obtained from use of such information. Neither SCB-JB, any third party whose name(s) appeared on this information, material and/or document(s) nor any of their branches, subsidiaries, affiliates, officers, directors or employees or sources accepts any liability or responsibility in respect of the information or any recommendations expressed herein which are subject to change without notice and may only be correct at the stated date of their issue. All rights reserved. No part of this information, material and/or document(s) may be reproduced, modified, distributed, sold, stored in a retrieval system or transmitted in any form or by any means, mechanical, photocopying, recording or otherwise or used commercially without the prior permission of the copyright-holder. The information, material and/or document(s) herein is provided to you solely at your request and is not intended to be either an offer, sale, or invitation for subscription or purchase of any regulated products in Thailand or a solicitation to use Julius Baer's services or the third-party research producer’s services in any way. Neither Bank Julius Baer & Co. Ltd. and its affiliates (“Julius Baer”), a third party research producer, any of their representatives, directors, employees nor any other entities involved with Julius Baer or a third party research producer make any representations or warranties, expressed or implied, with respect to the completeness or accuracy of any of the information contained in this information, material and/or document(s) or any other information (whether communicated in written or oral form) made available to you. This information, material and/or document(s) has not been registered with the Office of the Securities and Exchange Commission or any other competent authorities of Thailand. Accordingly, this information, material and/or document(s) and any other documents or materials in connection with any research material or the offer or sale, or invitation for subscription or purchase of any regulated products may not be circulated or distributed in Thailand, whether directly or indirectly except by a licensed person under Thai law and any other applicable laws, nor may any regulated product be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to the public or any members of the public in Thailand except by a licensed person under Thai law and any other applicable laws. This information, material and/or document(s) is also NOT intended for distribution outside of Thailand and is made available and distributed by SCB-JB with the permission of Julius Baer or a third-party research producer strictly for use and distribution in Thailand to clients or potential clients of SCB-JB. Neither this information, material and/or document(s) nor any copy thereof may be sent, taken out of or distributed outside of Thailand. Persons receiving this information, material and/or document(s) from SCB-JB acknowledge that (a) SCB-JB remains solely responsible for ensuring that the distribution of this information, material and/or document(s) in Thailand is in compliance with all applicable laws, rules and regulations of Thailand, (b) SCB-JB remains solely responsible for carrying out its own independent analysis of contents of this information, material and/or document(s) and for ensuring that only suitable clients or potential clients of SCB-JB receive this information, material and/or document(s) and c) nothing in this information, material and/or document(s) shall be seen as the provision of investment advice by Julius Baer or a third party producer. Julius Baer or a third-party producer shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees or losses (including lost income or profits and opportunity costs) in connection with any use of the contents of this information, material and/or document(s) by clients or potential clients of SCB-JB. Any inquiries concerning this information, material and/or document(s) shall be made directly to SCB-JB.