Information and analytical services and materials are provided by VAlentijn SRL as part of the services specified and are not an independent activity. The Company reserves the right to refuse service to persons not meeting the criteria for clients, or those subject to bans / restrictions on such services in accordance with the European Union laws. Restrictions may also be imposed by the internal procedures and controls of IPO Access. Additional information is available upon request. Investing in securities and other financial instruments always involves the risk of capital loss. The client must personally acknowledge this, including by reading the Risk Disclosure Notice. Opinions and estimates represent our judgments as of the date hereof and are subject to change without notice. Fees, charges and other expenses may reduce the financial performance of your investment. Past returns do not guarantee future returns. This material is not intended to be an offer or solicitation to buy or sell any financial instrument. The opinions and recommendations provided herein do not consider any individual circumstances, goals or needs of the client and do not constitute an investment advisory service. Recipients of this report must make their own independent decisions in relation to any securities or financial instruments referred to herein. The information has been obtained from sources that Valentijn Srl believes to be reliable; its affiliates and/or subsidiaries do not guarantee completeness or accuracy of such information, save for disclosures related to IPO Access and/or its affiliates/agents and analyst's interactions with the issuer being the subject of research. All prices provided are indicative closing prices for the securities in question, unless otherwise specified.