External broker reports(aggregated public sources), CMB International

CMB International

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

External broker reports(aggregated public sources)

US Recession Still Likely but Imports to Rebound Sooner, Benefiting India-ASEAN

India: Real GDP to Sustain 8%+ YoY Growth over the Next 18 Months

India Banks - Far Better Credit Metrics Seem Real, With Exceptional Long-Term Loan Growth Outlook

Thematic (Sector/Industry)

China Financials / Thematic (Sector/Industry)

<ul><li>China’s exports continued to drop as overseas demand for goods shrunk with the disinflation trend.</li><li>The recent better-than-expected performance in global economy was mainly supported by the service sector as its boost on global trade was limited.</li><li>In fact, global housing market &amp; home economy dropped sharply due to high base and high rates. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

China’s exports continued to drop as overseas demand for goods shrunk with the disinflation trend.The recent better-than-expected performance in global economy was mainly supported by the service sector as its boost on global trade was limited.In fact, global housing market &amp; home economy dropped sharply due to high base and high rates. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Economy – Foreign trade plunge shows no relief of global recession risk