Jason Miner, CFA

Sr. Analyst, Bloomberg

Intelligence
Contributing team:
Rick Bourke, Credit
Christopher Perrella, Chemicals

 Todays presentation will be recorded and available for

playback.
At the bottom of the slide window, you will notice that
you can adjust volume and maximize your screen.
Feel free to ask a question by submitting one to the
right of the slides. We will address questions at the
conclusion of the presentation.
A copy of the slides will be emailed to you after the
presentation.

provides
analysis and context on
industries, companies, and
government, litigation,
economic and credit factors
that impact business all
integrated within the
Bloomberg Professional
Service.

($23)
($4)
Unch.

($11)
($10)
($2)

ROI Mentality: Pay for

more yield to maximize
earnings

Low-Cost Mentality:
Minimize spend, cover
costs
10

Change in Spending by Category, U.S. Corn

(USDA, % Yoy)

11

12

Syngenta 2012

DowDuPont 2017-18

Monsanto 2015

Source: Syngenta 2012 Full-Year Results, Monsanto 3Q15 Results, DowDuPont Merger of Equals

13

14

Source: Agribotix

Some claims:
John Deere has claimed 18% better productivity spreading fertilizer
Auburn University found 5% savings on fertilizer and chems from precision Ag
Trimble claims optical spot spray cuts herbicide use 50% in extreme cases
15

Source: Dept. of Agricultural Economics, Purdue Univ. 2015 Precision Agricultural Services Dealership Survey Results

16

17

18

19

Farming Redux
Patience Always Pays
Overview 2015
&
Outlook 2016
Gautam Sirur
Cropnosis Limited

Bloomberg Webinar April 14, 2016

For private circulation only. The information in this document is believed to be correct but cannot be
guaranteed. Opinions constitute our judgement as of this date and are subject to change. The document is
not intended as an offer or solicitation to buy or sell securities.

Cropnosis Consultancy
Focusing on 3 Key Areas
Market Analysis
and Opportunity
Assessment

Strategy Analysis and

Development

Corporate Analysis
& Company
Performance

We aim to work with our clients throughout the lifetime of their projects

Strategic Reviews
R&D Evaluations
Detailed Product & Market Analyses
Competitor Analysis
Benchmarking

Crop Industry Performance: 2015 & 2016 Outlook

The agchems + seeds industry sales in 2015 were $88,836m at exmanufacturer level a decline of 6.9%% over 2014, of which:
Agchems sales declined 7% to $55,762m : vol -4.2%; price +3%,
curr -5.8%
Seeds sales declined 6.8% to $33,074m, Biotech Seeds sales
declined 5.6% to $15,328m vol -5%; price +5%, curr -5.6%
Syngenta & Bayer CropScience remain leaders in agchems sales
Monsanto & DuPont Pioneer remain leaders in seeds+ traits sales

The industry outlook for 2016 is $91,931m projected to grow

+4.4%
Agchems sales forecast growth to $57,669m +3.4%: vol
+6.5%, price+1%, curr -4.1%
Seeds sales forecast growth to $34,262m +3.6% of which
Biotech seeds forecast growth 3.9% to $15,929m; vol +3.5%
price +2.4%, curr -3%
Companies leadership positions remain unchanged
page 22

Crop Protection Chemicals Sales 2015-16F

70000

Agchems Regional Sales

70000

Agchem Sales by Crop

60000
60000
50000

Other crops

50000

US$mio

40000

Soybeans

40000
Asia-Pacific

Rice

EMEA

OilseedRape

30000
Latin America
20000
North America

30000
20000

Maize
Fruit & Veg
Cotton

10000
10000

Cereals

0
2011

0
2011
70000

2012

2010

Year

2010

2010

2015 2016 F
YE

2010 2015 YE 2016 F

03/2016 03/2016

Agchem Sales by Indication

60000
50000

Others

US$mio

Prof Prods

40000

Seed Care

30000

Fungicides

20000

Insecticides

10000

Herbicides

0
2011

page 23

2012

2012

2010

2010

2015 2016 F
YE

Growth contributed by higher area in

maize, soybean, rice and cotton
Currency weakness in Latin America, FSU
offset by price increase achieved in 2015.
Price increase in generic products due to
higher cost price

2016 Forecast Key Issues: Americas (I)

Weather El Nio and La Nia Changes in progress
Brazil dry spells impact safrinha crop yield maize, Argentina wet weather
impacts soybean:
Southern US wet conditions delay corn planting; Wheat belt yield impacted
Dry, warm crop conditions likely for corn, soy belt season impacting yield
Cotton crop expansion, higfh yield.
Grain prices stable flat to up
Argentina switching from wheat to corn; Brazil switching from corn to
soybeans as Argentina prices lower by 10%-15%
US corn area up 3.5%-4% to compensate for lower yields; soybean area
flat; cotton area up 8%-10% as prices firm up to $3.65-$3.85/bu likely with
lower yields, Chinese planting lower in 2016

Farmers anticipate drought, lower yields, thus compensate

with higher planting area

page 24

2016 Forecast Key Issues: Americas (II)

Insect pest populations trend increase in warm weatherL increase
soil, seed treatments and foliar sprays
Higher corn acreage in USA, Canada, Argentina = higher selective
herbicide applications
Newer stacked traits from Monsanto, Pioneer and others
Cotton Xtend varieties drive seed sales, dicamba herbicides
Corn, soybean Intacta seeds increase in North and South
Concurrent growth of selective herbicides.
Exports driven by differential pricing and currency rates
Argentina supplies Brazil with corn; Brazil exports to Argentina ; both
countries export to Asian and European markets.
China's planted area for corn, cotton reduced likely to import more
from Americas.
Demand in Europe and China, Korea for animal feed drives exports.

page 25

2016F Key Issues EMEA, Asia

Europe corn planting increase 4%-6% esp France, Spain,
Eastern Euroope drives sales of herbicides and insecticides
as weather tends to warm temperatures
lRussia, Ukraine, other CIS plant more corn and cereals for
export
lNormal monsoon forecast in Indian subcontinent, SE Asia
expect normal planting for rice, cotton, pulses
l.China govt policy to remove price support for corn, increase
planting to soybean rotation, higher rice area.
lJapan, Australia crop pattern expected to be normal with
tendency to dry out later in season.
l

2016F Key Issues Global - Subsidies

Disbursement of farm payments in USA to hit record high of $ 13.9
bn since the previous Farm Bill. Likely to extend into 2017.
lEurope SPS farm payments to continue, favouring cereal
producers, expected to pay out 57 bn .
lSubsidies can influence farm input purchases when profitability is
low due to low grain prices and lower yields. The money is offset
against cost of seed, crop protection chemicals and fertilizers, not
high-cost machinery.
lIndian government has commiotted approx $ 250m in subsidies to
farmers for losses incurred in 2015
lChinese government has removed price support for corn, to
discourage farmers spending in high-input, low-yielding areas and
switch to soybeans.
l

Seed Sales by Company, Crop, Traits 2010-2016F

18000

Seed+Traits Sales by Crop

16000
14000
12000

Sugar beet etc

10000

Canola OSR

8000

Cotton

6000

Soybean

4000

Maize

2000
0

40000

Seed+Trait Sales by Company

35000
Others
30000

Bayer BioScience

25000

KWS Saat

20000

Dow AgroSciences
Vilmorin

15000

Syngenta
10000

DuPont

5000

Monsanto

0
2010 2010 2010 2010 2010 2020 2016F

Seeds & Biotechnology Key Issues - Americas

New technology platforms for both Monsanto and Dow have been
delayed.
Dow Agro Sciences offers DHT trait (Enlist / Enlist Duo)
herbicide tolerance to 2,4-D and Fops
Potential licensing revenues $ 350m / yr 3-4 yrs from approval in
2016
Potential incremental herbicide sales to all companies $ 150m$200m
Bayer offers glyphosate tolerance trait stacking with glufosinate to
Monsanto potential revenues $ 190m shared with Monsanto
Monsanto offers Xtend (TM) dicamba tolerance potentially
$350m for soybeans and corn from 2016-17l already launched in
cotton
Biologicals and seed enhancement opportunities for major players
from partners like Nopvozymes, AgraQuest, Becker-Underwood, Chr.
Hansen and others

page 29

US Farm Costs & Returns 2015 2016F:

Corn Midwest Average, Low and High Yielding Farms

Farm returns outlook is still positive even if prices decline

Maize downsides Low yield <165 bu/ac with low price <$3.650/bu

page 30

US Farm Costs & Returns 2015 2016F:

Soybean Midwest Average, Low and High
Yielding Farms

Farm returns outlook is still positive even if prices decline

Maize downsides Low yield <165 bu/ac with low price <$3.650/bu

page 31

Medium & Long Term Grain Outlook Strong to 2024F

Crude Oil prices range$38-$45/bbl
Ethanol & Feed consumption improve with
low corn prices
Grain prices lower but farm incomes break
even or slight loss (lower margins).
Low grade cereals:used for feed
Ukraine, Russia-CIS planting affected by
export restrictionst
Drives more hectares in EU for 2016
US corn utilisation feed and ethanol
consumption moves up with addl. export
demand likely from China
Corn price increases slightly in summer
through December 2016
Cereal demand continued growth:
Imports for feed and food growing in
Asia, Mid-East
Biofuel supply mainly EU to 2020

Source: Cropnosis & USDA

page 32

Soybean & Rice Steady Demand through 2024F

Soybean prices driven by
demand

Palm-oil prices move up

Soy price lower in 2015 but increases
gradually in 2016-17
Supplies from LatAm overtake US
exports direct to EU, China
Brazil <> Argentina switch supply
Domestic bio-diesel demand drives
soybean oil & OSR
Feed and industrial demand grows
steadily worldwide
EU and Asia import more soy oil and
meal
Rice stocks stable :
Production in Asia stable due to hybrid
rice seed
Price expected to remain stable with
increased hybrid rice planting
Planting increase globally led by
Thailand, Vietnam, Philippines
GM rice approval in pipeline for potential
launch in India, China by 2014-18

Source: Cropnosis & USDA

page 33

Industry Consolidation to Continue 2016-2018

Private Equity and State Owned companiesplaying increasing role in
consolidation
.
The most significant area are the US-Europe with DuPont-Dow Chem and CNAC with Syngenta follow suit as target
markets in Latin America and North America command distribution networks
Commodity Traders targeted by Chinese, Arab and European investors collaborating with Brazilian companies.
Government backed takeovers likely from Arab countries

Seed Industry consolidation will continue for cereals esp. Wheat,

rice, barley and oilseeds as US companies acquire LatAm and
European businesses
European companies acquire businesses in Asia esp. China and
India

page 34

Crop Progress Calendar

Quarter 1
USDA planting intentions
COCERAL first European crop
estimates.
Mercosur, ANZ, maturing crop,
beginning harvest
35% of herbicide & 25% fungicide
volume in Europe, NAFTA.
Late winter crop Asia insecticide use
Quarter 2
Wheat harvest starts late in USA.
Main herbicide markets in Europe, USA,
Canada.
Half of fungicide volume in Europe,
Cotton, Rice planting in Asia.40% of
herbicide used

page 35

Quarter 3
Half of fungicide volume in Europe,
Insecticides in rice, cotton Asia.
Harvest in Northern Hemisphere.
Planting starts in Australia.
Quarter 4
Planting starts in Latin America.
80 % European wheat planted, 60%
European oilseeds planted.
USDA forecasts for southern
hemisphere harvests released.
Asia-Pacific winter crop 50%
herbicide 40% insecticide, fungicide
begins

 Copyright 2016 Cropnosis Limited

60 Constitution Street, Leith, Edinburgh, EH6 8RR, UK
Tel: +44 (0)15 92 57 23 46 Cell: +44 (0) 79 03 62 11 12
E-mail:gautam.sirur@gmail.com URL:http://www.cropnosis.com

For private circulation only. The information in this document is believed to be correct but cannot be
guaranteed. Opinions constitute our judgement as of this date and are subject to change. The document
is not intended as an offer or solicitation to buy or sell securities.

Bloomberg: N-P-K Outlook

April 2016

Todays Speaker
Neil Fleishman, CFA
Head of Research
Green Markets
Neil Fleishman is the Senior Industry Analyst for Green Markets.
Previously, he worked at the Susquehanna Int. Group as a
trading desk Sector Specialist covering both the industrial and
energy markets for the firm. He also has experience as a
portfolio analyst for Evergreen investments.
Neil developed three Green Markets Global Supply & Demand
Models for nitrogen, DAP/MAP and potash, exclusive new
research that gives users unprecedented visibility into global
commodity markets. He also authored Cost Curve & Analysis
research on urea, potash and phosphates, detailing how supply
and demand will effect pricing dynamics.
Along with these models, Neil regularly provides custom
consultations on fertilizer supply and demand, and is a featured
speaker at numerous industry events.
Neil holds a B.S. in Business Administration (Finance
concentration) from Drexel University, and is a Chartered
Financial Analyst.

Global Outlook
Fertilizer is cyclically over-supplied across all major N-P-K
markets.
Potash (MOP)
Phosphate (DAP/MAP)
Nitrogen (Ammonia/Urea)
Main theme: How bad is it and how long can over-supply
actually last?
Utilization rates are going to continue to decline across
major nutrients but are bottoms in sight?
Supply-Side Discipline, Cost Curves, Project Expectations.

Is Fertilizer Just Another Commodity in the

Global Super-Cycle? Is there anything to see
here?

Source: The Naked Gun: From the Files of Police Squad

Potash (MOP)
Prices down; but major benchmarks now closing in
on the cost-curve.
Potash Prices Down
450
400

Potash
Granular
Cornbelt (st)

350
300

Potash Brazil
CFR Granular

250
200
150

Potash US Gulf
NOLA

100
50
0
1/10/2014

1/10/2015

1/10/2016
Source: Green Markets

MOP Global Cost Curve

Global Potash Cost Curve 2016
$600

Vale

$500

Intrepid Potash

$400
Cost USD

K+S

$300

Arab Potash

$200

Agrium

$100

Various Other

$0
0 5 101520253035404550556065707580
mln mt

Source: Green Markets, Company Reports

Mosaic Corp

Potash (MOP)
Utilization rates not likely to climb until post 2020.
Global Potash Supply and Demand (Base Case)
120.0

90.0%
80.0%

100.0

70.0%

80.0

60.0%

Capacity (Name Plate)

50.0%

Implied Demand (total)

60.0

40.0%

Utilization, %

40.0

30.0%
20.0%

20.0

10.0%

0.0

0.0%
2013

2014

2015e 2016e 2017e 2018e 2019e 2020e 2021e 2022e 2023e 2024e 2025e
Source: Green Markets

Potash (SOP)
SOP premiums likely to persist
SOP Premiums likely to persist
800
700
600
500

SOP California
(st)

400

MOP US Gulf
NOLA (st)

300
200
100
0
1/10/2014

1/10/2015

1/10/2016

Source: Green Markets

Potash (MOP)
Price stabilization likely but meaningful price recovery
this year is un-likely.
China/India contracts ($315/$332, respectively) likely
to be down ~$40-~55.
Green Markets is forecasting total demand of ~$59 mln
mt (MOP) for 2016; some downside risk already
developing.
China imports could slow a bit this year (9.4 mln in
2015) while Brazil imports likely to stay level (8.3 mln in
2015). India likely level to potentially higher (3.5 mln in
2015). North American consumption likely down by ~1
mln mt this year; suggesting imports to drop.

Potash (MOP)
Utilization rates are going to continue to decline.
Canadians will most likely continue to show supply discipline.
Russian / Belarus: While theyve shown some signs of
discipline will likely continue to run all-out when market picks
up.
Green Fields in focus: K+S and Eurochem both highly
probable to produce by end of decade.
Projects likely to ramp-up in a controlled over-supply
fashion though.
Demand growth will likely remain lumpy but climb long-term.
Low price environment good for long-run demand trends.
Consolidation: Small deals more likely than big blockbusters.

Potash (MOP) Project Expectations

Potash GreenFields Mine
Verkhnekamskoe
EuroChem
(Usolskiy)
Gremyachinskoe
EuroChem
(VolgaKaliy)
K+S
Legacy One
Uralkali
Ust-Yayvinsky
Uralkali
Polovodovsky
Belaruskali
Petrikov
BHP
Jansen
Acron
Talitsky
Garlyk Deposit
Turkmenhimiya
(MOP/SOP)
IC Potash
Ochoa (SOP)
Allana (ICL)
Dallol
Yara
Danakil (SOP)
Slavkaly
Belarus
Circum
Danakil (MOP/SOP)
Karnalyte Resources Wynward

StartLocation Capacity up Probability of Completion

2018Russia
3.4 2020 High
2018Russia
4.6 2020 High
Canada
2 2017 High
Russia
2.8 2020+ High
Russia
2.5 2022+ Medium
Belarus
1.5 2019+ High
Canada
10 2023+ Medium
Russia
2 2021+ Medium
Turkmenis
tan
1.4/0.2 2018 Medium
USA
0.714 2018+ High
Ethiopia
1 2020+ Medium High
Ethiopia
0.6 2019+ Medium
Belarus
1.8 2022+ Medium
Ethiopia 2/0.75 2022+ Medium low
Canada
0.625 2021+ Medium Low
Source: Green Markets

Phosphates (DAP/MAP)
Phosphate prices fell but showed relative stablity
600

500

DAP Cornbelt (st)

400

DAP US Gulf NOLA

(st)

300

MAP Brazil Bulk

CFR (mt)

200

100

0
1/10/2014

1/10/2015

1/10/2016

Source: Green Markets

Phosphate (DAP/MAP)
Lower cost MENA capacity in the drivers seat.
2016 Global DAP/MAP Cash Costs per mt (nutrient)
$500

ROW

$450
$400

India

$350

China

USD

$300
$250

Middle East (ex Saudi

Arabia)

$200
$150

North America

$100

FSU

$50
$0
0

10

15

20

25

30

35

40

Capacity mln mt (nutrient)

Source: Green Markets, Company Reports

45

Latin America

Phosphates (DAP/MAP)
DAP/MAP (Nutrient mln mt P205)
60.0

62.0%

50.0

60.0%

40.0

58.0%

30.0

56.0%

20.0

54.0%

10.0

52.0%

0.0

50.0%

Source: Green Markets

Capacity
Implied Demand
Utilization, %

Phosphate (DAP/MAP)
Prices likely to continue to trend side-ways to slightly
higher this year on seasonality and producer discipline.
Green Markets is projecting global demand for
DAP/MAP of 26.8 mln mt (nutrient) for 2016.
Phosphate producers are arguably the most discipline
players right now.
India imports could drop into 2016 (3.1 mln nutrient in
2016), Brazil likely to be level (1.3 mln mt nutrient).
China export levels should begin to level out;
permanently.

Phosphate (DAP/MAP)
Still all about the mega-projects in Saudi-Arabia.
Utilizations likely to start climbing post 2020; but
could happen sooner on additional project delays
and cancellations.
Some of the largest players Mosaic, OCP and
Maaden continue to signal a disciplined supply
approach.
Consolidation likely to occur; but with vertically
integrated players.

Phosphate (DAP/MAP)

Nitrogen (North America Pricing)

Nitrogen Pricing also declining; urea at or below Marginal
Cost Curve
700
600
500
400

Urea Gulf NOLA

Granular (st)

300

UAN Gulf NOLA (st)

200

Tampa Ammonia
CFR (mt)

100

3/10/2016

1/10/2016

11/10/2015

9/10/2015

7/10/2015

5/10/2015

3/10/2015

1/10/2015

11/10/2014

9/10/2014

7/10/2014

5/10/2014

3/10/2014

1/10/2014

Source: Green Markets

Nitrogen (urea)
Global Urea Cost Curve 2016
300

North America

250

West Asia
Oceania

USD Cash Cost

200

East Asia (Ex-China)

South Asia

150

Latin America
Africa

100

Eurasia
Western Europe

50

China
0
0

31

60

91

121

152

182

Capacity mln mt
Source: Green Markets, Company Reports, Bloomberg

213

Central Europe

Nitrogen (Global Urea)

Global Urea S&D
300.0

85.0%

250.0

80.0%

200.0

World Capacity

75.0%

World Demand

150.0

Capacity Utilization, %

70.0%
100.0
65.0%

50.0

0.0

60.0%

Source: Green Markets

Nitrogen
Green Markets is projecting Global urea demand of ~174 mln
mt in 2016 total; and ~120 mln mt ex-China.
Nitrogen pricing; led by urea is likely to be pressured into 2H.
Fundamentals will remain challenging and capacity will keep
climbing.
Dependent on star-up timings North American urea imports
could drop to ~5.5 mln mt this year.
Chinese exports most likely to stay high at ~11-13 mln mt
again.
Brazil imports likely to rise slightly from ~3.5 mln mt.
India likely to import ~8 mln mt in 2016 down from ~9.4 mln
mt.

Nitrogen

Nitrogen

Source: Green Markets

Nitrogen
A large number of projects are still slated to come-online.
Majority are in low-cost regions globally so project
development hasnt slowed down during low-cost
environment.
China shut-downs are more difficult than market expects.
Global capacity additions reduce the need for China to export
urea.
Global utilizations are un-likely to rise un-less China curtails
significant amounts of capacity.
Cost curve (in China) has potential to rise if China curtails
enough coal capacity (which may also be difficult).
India will eventually build capacity / Iran is also a dark horse.

Nitrogen
Global Import/Export Market for Urea could shrink substantially from
capacity additions by key importing countries like North America as export
availability rises.

50.0

250.0

World Import / Export

40.0

200.0

Key Market Import

Reductions

30.0

150.0

20.0

100.0

10.0

50.0

0.0

0.0
2011 2012 2013 2014 2015e 2016e 2017e 2018e 2019e 2020e
Source: Green Markets

Urea mln mt

300.0

Urea mln mt

60.0

Export Availability
Global Urea Capacity

Nitrogen

Can in-land Premiums Persist?

North American Urea Pricing
900
800
700

USD

600

In Land Premium
$

500
400

Urea US Gulf
NOLA (st)

300
200

Urea US
Cornbelt (st)

100
0

Date

Source: Green Markets

Can in-land Premiums Persist?

North American UAN Pricing
500
450
400
350

In Land
Premium $

USD

300
250

UAN US Gulf
NOLA

200
150
100

UAN US
Cornbelt (st)

50
0

Year

Source: Green Markets

Nitrogen
Enough projects slated to come-online to take North America
to self-sufficiency in urea and UAN; while reducing ammonia
imports.
Higher risk of in-land premiums shrinking than producer
commentary lets on, particularly in urea.
UAN premium vanishing is less certain given dominant North
American market share of CF/OCI (~9 mln mt when ramped).
This is also likely an underlying driver for the CF/OCI deal.
Consolidation in Nitrogen markets likely to continue globally.
Pricing power (urea) un-likely to found given fragmentation of
the market.

Conclusions
Utilizations still are still going to decline.
Potash: Controlled ramps and producer discipline are
the key to turning the cycle around.
Phosphates: Cycle could move quick in a couple years
given a limited global project list and disciplined
players in the drivers seat.
Nitrogen: The cycle rests in the hands of Chinese
Producer Discipline.
Questions?

67

68

BI hosts private industry chat-rooms where

analysts moderate anonymous conversations
regarding industry news, events and trends.

We host a weekly Analyst Briefing webinar

series covering a different industry topic each
week:
Prominent guest speakers frequently
contribute to the events
You can register for webinars at
http://www.bloomberg.com/BI

69

The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data (the Services) are owned and distributed by Bloomberg
Finance L.P. (BFLP) in all jurisdictions other than Argentina, Bermuda, China, India, Japan, and Korea (the BLP Countries).
BFLP is a wholly owned subsidiary of Bloomberg L.P. (BLP). BLP provides BFLP with global marketing and operational support
and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries.
Certain functionalities distributed via the Services are available only to sophisticated institutional investors and only where the
necessary legal clearance has been obtained. BFLP, BLP and their affiliates do not guarantee the accuracy of prices or information
in the Services. Nothing in the Services shall constitute or be construed as an offering of financial instruments by BFLP, BLP or
their affiliates, or as investment advice or recommendations by BFLP, BLP or their affiliates of an investment strategy or whether
or not to buy, sell or hold an investment. Information available via the Services should not be considered as information
sufficient upon which to base an investment decision. BLOOMBERG, BLOOMBERG PROFESSIONAL, BLOOMBERG MARKETS,
BLOOMBERG NEWS, BLOOMBERG ANYWHERE, BLOOMBERG TRADEBOOK, BLOOMBERG TELEVISION, BLOOMBERG
RADIO, BLOOMBERG PRESS and BLOOMBERG.COM are trademarks and service marks of BFLP, a Delaware limited
partnership, or its subsidiaries. 2016 Bloomberg Finance L.P. All rights reserved. This document and its contents may not be
forwarded or redistributed without the prior consent of Bloomberg.
Bloomberg Intelligence is a service provided by Bloomberg Finance L.P. and its affiliates. Bloomberg Intelligence shall not
constitute, nor be construed as, investment advice or investment recommendations (i.e., recommendations as to whether or not to
buy, sell, hold, or to enter or not to enter into any other transaction involving any specific interest) or a recommendation as to
an investment or other strategy. No aspect of the Bloomberg Intelligence function is based on the consideration of a customer's
individual circumstances. Bloomberg Intelligence should not be considered as information sufficient upon which to base an
investment decision. You should determine on your own whether you agree with Bloomberg Intelligence.
Bloomberg Intelligence is offered where the necessary legal clearances have been obtained. Bloomberg Intelligence should not be
construed as tax or accounting advice or as a service designed to facilitate any Bloomberg Intelligence subscriber's compliance
with its tax, accounting, or other legal obligations. Employees involved in Bloomberg Intelligence may hold positions in the
securities analyzed or discussed on Bloomberg Intelligence.

70