Research Report

DISCLAIMER

Contents of this section are provided for general information purposes only and do not constitute an offer to sell or a solicitation of an offer to buy any Security in any jurisdiction in or outside Tunisia. Tunisie Valeurs does not intend to solicit and is not soliciting, any action with respect to any Security or any other contractual relationship with Tunisie Valeurs.

The Contents of this section have not been approved or disapproved by any securities commission or regulatory authority in Tunisia or any other jurisdiction, and Tunisie Valeurs expressly disclaims any duty on Tunisie Valeurs to make disclosure or any filings with any securities commission or regulatory authority, beyond that imposed by applicable local laws. The Contents of this section are neither sufficient for, nor intended by Tunisie Valeurs to be used in connection with, any decision relating to the purchase or sale of any existing or future Securities. Tunisie Valeurs does not intend to provide financial, investment, tax, legal, or accounting advice. Investors considering the purchase or sale of any Securities should consult with their own independent professional advisors.