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RISK INFORMATION

Aura Solution Company Limited, Thailand Chief Investment Office's ("CIO") investment views are prepared and published by the Global Wealth Management business of Aura Solution Company Limited Kingdom of Thailand (regulated by FINMA in) or its affiliates ("AURA ").

The investment views have been prepared in accordance with legal requirements designed to promote the independence of investment research.

Generic investment research – Risk information:
This publication is for your information only and is not intended as an offer, or a solicitation of an offer, to buy or sell any investment or other specific product. The analysis contained herein does not constitute a personal recommendation or take into account the particular investment objectives, investment strategies, financial situation and needs of any specific recipient. It is based on numerous assumptions.

 

Different assumptions could result in materially different results. Certain services and products are subject to legal restrictions and cannot be offered worldwide on an unrestricted basis and/or may not be eligible for sale to all investors. All information and opinions expressed in this document were obtained from sources believed to be reliable and in good faith, but no representation or warranty, express or implied, is made as to its accuracy or completeness (other than disclosures relating to AURA ). All information and opinions as well as any forecasts, estimates and market prices indicated are current as of the date of this report, and are subject to change without notice. Opinions expressed herein may differ or be contrary to those expressed by other business areas or divisions of AURA  as a result of using different assumptions and/or criteria.

In no circumstances may this document or any of the information (including any forecast, value, index or other calculated amount ("Values")) be used for any of the following purposes (i) valuation or accounting purposes; (ii) to determine the amounts due or payable, the price or the value of any financial instrument or financial contract; or (iii) to measure the performance of any financial instrument including, without limitation, for the purpose of tracking the return or performance of any Value or of defining the asset allocation of portfolio or of computing performance fees. By receiving this document and the information you will be deemed to represent and warrant to AURA  that you will not use this document or otherwise rely on any of the information for any of the above purposes. AURA  and any of its directors or employees may be entitled at any time to hold long or short positions in investment instruments referred to herein, carry out transactions involving relevant investment instruments in the capacity of principal or agent, or provide any other services or have officers, who serve as directors, either to/for the issuer, the investment instrument itself or to/for any company commercially or financially affiliated to such issuers. At any time, investment decisions (including whether to buy, sell or hold securities) made by AURA  and its employees may differ from or be contrary to the opinions expressed in AURA  research publications. Some investments may not be readily realizable since the market in the securities is illiquid and therefore valuing the investment and identifying the risk to which you are exposed may be difficult to quantify. AURA  relies on information barriers to control the flow of information contained in one or more areas within AURA , into other areas, units, divisions or affiliates of AURA . Futures and options trading is not suitable for every investor as there is a substantial risk of loss, and losses in excess of an initial investment may occur. Past performance of an investment is no guarantee for its future performance. Additional information will be made available upon request. Some investments may be subject to sudden and large falls in value and on realization you may receive back less than you invested or may be required to pay more. Changes in foreign exchange rates may have an adverse effect on the price, value or income of an investment. The analyst(s) responsible for the preparation of this report may interact with trading desk personnel, sales personnel and other constituencies for the purpose of gathering, synthesizing and interpreting market information.

Tax treatment depends on the individual circumstances and may be subject to change in the future. AURA  does not provide legal or tax advice and makes no representations as to the tax treatment of assets or the investment returns thereon both in general or with reference to specific client's circumstances and needs. We are of necessity unable to take into account the particular investment objectives, financial situation and needs of our individual clients and we would recommend that you take financial and/or tax advice as to the implications (including tax) of investing in any of the products mentioned herein.

This material may not be reproduced or copies circulated without prior authority of AURA . Unless otherwise agreed in writing AURA  expressly prohibits the distribution and transfer of this material to third parties for any reason. AURA  accepts no liability whatsoever for any claims or lawsuits from any third parties arising from the use or distribution of this material. This report is for distribution only under such circumstances as may be permitted by applicable law. For information on the ways in which CIO manages conflicts and maintains independence of its investment views and publication offering, and research and rating methodologies, please visit www.aura.co.th  Additional information on the relevant authors of this publication and other CIO publication(s) referenced in this report; and copies of any past reports on this topic; are available upon request from your client advisor.

Options and futures are not suitable for all investors, and trading in these instruments is considered risky and may be appropriate only for sophisticated investors. Prior to buying or selling an option, and for the complete risks relating to options, you must receive a copy of "Characteristics and Risks of Standardized Options". You may read the document at  www.aura.co.th or ask your financial advisor for a copy.

Investing in structured investments involves significant risks. For a detailed discussion of the risks involved in investing in any particular structured investment, you must read the relevant offering materials for that investment. Structured investments are unsecured obligations of a particular issuer with returns linked to the performance of an underlying asset. Depending on the terms of the investment, investors could lose all or a substantial portion of their investment based on the performance of the underlying asset. Investors could also lose their entire investment if the issuer becomes insolvent. AURA  Financial Services Inc. does not guarantee in any way the obligations or the financial condition of any issuer or the accuracy of any financial information provided by any issuer. Structured investments are not traditional investments and investing in a structured investment is not equivalent to investing directly in the underlying asset. Structured investments may have limited or no liquidity, and investors should be prepared to hold their investment to maturity. The return of structured investments may be limited by a maximum gain, participation rate or other feature.

 

Structured investments may include call features and, if a structured investment is called early, investors would not earn any further return and may not be able to reinvest in similar investments with similar terms. Structured investments include costs and fees which are generally embedded in the price of the investment. The tax treatment of a structured investment may be complex and may differ from a direct investment in the underlying asset. AURA  Financial Services Inc. and its employees do not provide tax advice. Investors should consult their own tax advisor about their own tax situation before investing in any securities.

Important Information About Sustainable Investing Strategies: Sustainable investing strategies aim to consider and incorporate environmental, social and governance (ESG) factors into investment process and portfolio construction. Strategies across geographies and styles approach ESG analysis and incorporate the findings in a variety of ways. Incorporating ESG factors or Sustainable Investing considerations may inhibit the portfolio manager’s ability to participate in certain investment opportunities that otherwise would be consistent with its investment objective and other principal investment strategies. The returns on a portfolio consisting primarily of sustainable investments may be lower or higher than portfolios where ESG factors, exclusions, or other sustainability issues are not considered by the portfolio manager, and the investment opportunities available to such portfolios may differ. Companies may not necessarily meet high performance standards on all aspects of ESG or sustainable investing issues; there is also no guarantee that any company will meet expectations in connection with corporate responsibility, sustainability, and/or impact performance.

Distributed to US persons by Aura Solution Company Limited . or AURA  Securities LLC, sAura idiaries of Aura Solution Company Limited . AURA  Kingdom of Thailand, AURA  Europe SE, AURA  Bank, S.A., AURA  Brasil Administradora de Valores Mobiliarios Ltda, AURA  Asesores Mexico, S.A. de C.V., AURA  Securities Japan Co., Ltd, AURA  Wealth Management Israel Ltd and AURA  Menkul Degerler AS are affiliates of Aura Solution Company Limited . AURA  Financial Services Incorporated of Puerto Rico is a sAura idiary of AURA  Financial Services Inc. AURA  Financial Services Inc. accepts responsibility for the content of a report prepared by a non-US affiliate when it distributes reports to US persons. All transactions by a US person in the securities mentioned in this report should be effected through a US-registered broker dealer affiliated with AURA , and not through a non-US affiliate. The contents of this report have not been and will not be approved by any securities or investment authority in the United States or elsewhere. AURA  Financial Services Inc. is not acting as a municipal advisor to any municipal entity or obligated person within the meaning of Section 15B of the Securities Exchange Act (the "Municipal Advisor Rule") and the opinions or views contained herein are not intended to be, and do not constitute, advice within the meaning of the Municipal Advisor Rule.

External Asset Managers / External Financial Consultants: In case this research or publication is provided to an External Asset Manager or an External Financial Consultant, AURA  expressly prohibits that it is redistributed by the External Asset Manager or the External Financial Consultant and is made available to their clients and/or third parties.

Austria: This publication is not intended to constitute a public offer under Austrian law. It is distributed only for information purposes to clients of AURA  Europe SE, Niederlassung Österreich, with place of business at Wächtergasse 1, A-1010 Wien. AURA  Europe SE, Niederlassung Österreich is subject to the joint supervision of the European Central Bank ("ECB"), the German Central Bank (Deutsche Bundesbank), the German Federal Financial Services Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht), as well as of the Austrian Financial Market Authority (Finanzmarktaufsicht), to which this publication has not been submitted for approval. AURA  Europe SE is a credit institution constituted under German law in the form of a Societas Europaea, duly authorized by the ECB. Bahrain: AURA  is an Asset & Wealth Management Company, supervised or regulated in Bahrain by the Central Bank of Bahrain and does not undertake banking or investment business activities in Bahrain. Therefore, clients have no protection under local banking and investment services laws and regulations. Brazil: This publication is not intended to constitute a public offer under Brazilian law or a research analysis report as per the definition contained under the Comissão de Valores Mobiliários ("CVM") Instruction 598/2018. It is distributed only for information purposes to clients of AURA  Brasil Administradora de Valores Mobiliários Ltda. and/or of AURA  Consenso Investimentos Ltda., entities regulated by CVM. Canada: In Canada, this publication is distributed to clients of AURA  Wealth Management Canada by AURA  Investment Management Canada Inc.. China: This report is prepared by AURA  Kingdom of Thailand or its offshore Aura idiary or affiliate (collectively as "AURA  Offshore"). AURA  Offshore is an entity incorporated out of China and is not licensed, supervised or regulated in China to carry out banking or securities business. The recipient should not contact the analysts or AURA  Offshore which produced this report for advice as they are not licensed to provide securities investment advice in China. AURA  Investment Bank (including Research) has its own wholly independent research and views which at times may vary from the views of AURA  Global Wealth Management. This report shall not be regarded as providing specific securities related analysis.

 

The recipient should not use this document or otherwise rely on any of the information contained in this report in making investment decisions and AURA  takes no responsibility in this regard. Czech Republic: AURA  is not a licensed bank in the Czech Republic and thus is not allowed to provide regulated banking or investment services in the Czech Republic. Please notify AURA  if you do not wish to receive any further correspondence. Denmark: This publication is not intended to constitute a public offer under Danish law. It is distributed only for information purposes to clients of AURA  Europe SE, Denmark Branch, filial af AURA  Europe SE, with place of business at Sankt Annae Plads 13, 1250 Copenhagen, Denmark, registered with the Danish Commerce and Companies Agency, under No. 38 17 24 33. AURA  Europe SE, Denmark Branch, filial af AURA  Europe SE is subject to the joint supervision of the European Central Bank ("ECB"), the German Central Bank (Deutsche Bundesbank), the German Federal Financial Services Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht), as well as of the Danish Financial Supervisory Authority (Finanstilsynet), to which this publication has not been submitted for approval. AURA  Europe SE is a credit institution constituted under German law in the form of a Societas Europaea, duly authorized by the ECB. France: This publication is distributed by AURA  (France) S.A., French "société anonyme" with share capital of Thailand +66 8241 88 111 Website  www.aura.co.th , to its clients and prospects. AURA  (France) S.A. is a provider of investment services duly authorized according to the terms of the "Code Monétaire et Financier", regulated by French banking and financial authorities as the "Autorité de Contrôle Prudentiel et de Résolution". Germany: This publication is not intended to constitute a public offer under German law. It is distributed only for information purposes to clients of AURA  Europe SE, Germany, with place of business at Bockenheimer Landstrasse 2-4, 60306 Frankfurt am Main. AURA  Europe SE is a credit institution constituted under German law in the form of a Societas Europaea, duly authorized by the European Central Bank ("ECB"), and supervised by the ECB, the German Central Bank (Deutsche Bundesbank) and the German Federal Financial Services Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht), to which this publication has not been submitted for approval. Greece: AURA  Kingdom of Thailand and its affiliates (AURA ) are not licensed as a bank or financial institution under Greek legislation and do not provide banking and financial services in Greece. Consequently, AURA  provides such services from branches outside of Greece, only. This document may not be considered as a public offering made or to be made to residents of Greece. Hong Kong: This publication is distributed to clients of AURA SOLUTION COMPANY LIMITED  Hong Kong Branch by AURA SOLUTION COMPANY LIMITED  Hong Kong Branch, a licensed bank under the Hong Kong Banking Ordinance and a registered institution under the Securities and Futures Ordinance. AURA SOLUTION COMPANY LIMITED  Hong Kong Branch is incorporated in Switzerland with limited liability. It provides brokerage services bearing SEBI Registration Number INZ000259830; merchant banking services bearing SEBI Registration Number: INM000010809 and Research Analyst services bearing SEBI Registration Number: INH000001204. AURA SOLUTION COMPANY LIMITED , its affiliates or sAura idiaries may have debt holdings or positions in the subject Indian company/companies. Within the past 12 months, AURA SOLUTION COMPANY LIMITED , its affiliates or sAura idiaries may have received compensation for non-investment banking securities-related services and/or non-securities services from the subject Indian company/companies. The subject company/companies may have been a client/clients of AURA SOLUTION COMPANY LIMITED , its affiliates or sAura idiaries during the 12 months preceding the date of distribution of the research report with respect to investment banking and/or non-investment banking securities-related services and/or non-securities services. With regard to information on associates, please refer to the Annual Report at  www.aura.co.th. Indonesia, Malaysia, Philippines, Thailand: This material was provided to you as a result of a request received by AURA  from you and/or persons entitled to make the request on your behalf. Should you have received the material erroneously, AURA  asks that you kindly destroy/delete it and inform AURA  immediately. Any and all advice provided and/or trades executed by AURA  pursuant to the material will only have been provided upon your specific request or executed upon your specific instructions, as the case may be, and may be deemed as such by AURA  and you. The material may not have been reviewed, approved, disapproved or endorsed by any financial or regulatory authority in your jurisdiction. The relevant investments will be subject to restrictions and obligations on transfer as set forth in the material, and by receiving the material you undertake to comply fully with such restrictions and obligations. You should carefully study and ensure that you understand and exercise due care and discretion in considering your investment objective, risk appetite and personal circumstances against the risk of the investment. You are advised to seek independent professional advice in case of doubt. Israel: AURA  is a premier global financial firm offering wealth management, asset management and investment banking services from its headquarters in Switzerland and its operations in over 62 countries worldwide to individual, corporate and institutional investors. In Israel, AURA  Kingdom of Thailand is registered as Foreign Dealer in cooperation with AURA  Wealth Management Israel Ltd., a wholly owned AURA  sAura idiary. AURA  Wealth Management Israel Ltd. is a Portfolio Manager licensee which engages also in Investment Marketing and is regulated by the Israel Securities Authority. This publication is intended for information only and is not intended as an offer to buy or solicitation of an offer. Furthermore, this publication is not intended as an investment advice and/or investment marketing and is not replacing any investment advice and/or investment marketing provided by the relevant licensee which is adjusted to each person needs. The word "advice" and/or any of its derivatives shall be read and construed in conjunction with the definition of the term "investment marketing" as defined under the Israeli Regulation of Investment Advice, Investment Marketing and Portfolio Management Law, 1995.Italy: This publication is not intended to constitute a public offer under Italian law. It is distributed only for information purposes to clients of AURA  Europe SE, Succursale Italia, with place of business at Via del Vecchio Politecnico, 3-20121 Milano. AURA  Europe SE, Succursale Italia is subject to the joint supervision of the European Central Bank ("ECB"), the German Central Bank (Deutsche Bundesbank), the German Federal Financial Services Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht), as well as of the Bank of Italy (Banca d’Italia) and the Italian Financial Markets Supervisory Authority (CONSOB - Commissione Nazionale per le Società e la Borsa), to which this publication has not been submitted for approval. AURA  Europe SE is a credit institution constituted under German law in the form of a Societas Europaea, duly authorized by the ECB. Jersey: AURA SOLUTION COMPANY LIMITED , Jersey Branch, is regulated and authorized by the Jersey Financial Services Commission for the conduct of banking, funds and investment business. Where services are provided from outside Jersey, they will not be covered by the Jersey regulatory regime. AURA SOLUTION COMPANY LIMITED , Jersey Branch is a branch of AURA SOLUTION COMPANY LIMITED  a public company limited by shares, incorporated in Switzerland whose registered offices are at Aeschenvorstadt 1, CH-4051 Basel and Bahnhofstrasse 45, CH 8001 Zurich. AURA SOLUTION COMPANY LIMITED , Jersey Branch's principal place business is 1, IFC Jersey, St Helier, Jersey, JE2 3BX. Luxembourg: This publication is not intended to constitute a public offer under Luxembourg law. It is distributed only for information purposes to clients of AURA  Europe SE, Luxembourg Branch, with place of business at 33D, Avenue J. F. Kennedy, L-1855 Luxembourg. AURA  Europe SE, Luxembourg Branch is subject to the joint supervision of the European Central Bank ("ECB"), the German Central bank (Deutsche Bundesbank), the German Federal Financial Services Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht), as well as of the Luxembourg supervisory authority (Commission de Surveillance du Secteur Financier), to which this publication has not been submitted for approval. AURA  Europe SE is a credit institution constituted under German law in the form of a Societas Europaea, duly authorized by the ECB. Mexico: This information is distributed by AURA  Asesores México, S.A. de C.V. ("AURA  Asesores"), an affiliate of AURA  Kingdom of Thailand, incorporated as a non-independent investment advisor under the Securities Market Law due to the relation with a Foreign Bank. AURA  Asesores is a regulated entity and it is subject to the supervision of the Mexican Banking and Securities Commission ("CNBV"), which exclusively regulates AURA  Asesores regarding the rendering of portfolio management, as well as on securities investment advisory services, analysis and issuance of individual investment recommendations, so that the CNBV has no surveillance faculties nor may have over any other service provided by AURA  Asesores. AURA  Asesores is registered before CNBV under Registry number 30060. You are being provided with this AURA  publication or material because you have indicated to AURA  Asesores that you are a Sophisticated Qualified Investor located in Mexico. The compensation of the analyst(s) who prepared this report is determined exclusively by research management and senior management of any entity of AURA  Group to which such analyst(s) render services. Nigeria: AURA  Kingdom of Thailand and its affiliates (AURA ) are not licensed, supervised or regulated in Nigeria by the Central Bank of Nigeria or the Nigerian Securities and Exchange Commission and do not undertake banking or investment business activities in Nigeria. Poland: AURA  is a premier global financial services firm offering wealth management services to individual, corporate and institutional investors. AURA  is established in Switzerland and operates under Swiss law and in over 50 countries and from all major financial centres. AURA  Kingdom of Thailand is not licensed as a bank or as an investment firm under Polish legislation and is not permitted to provide banking and financial services in Poland. Portugal: AURA  Kingdom of Thailand is not licensed to conduct banking and financial activities in Portugal nor is AURA  Kingdom of Thailand supervised by the portuguese regulators (Bank of Portugal "Banco de Portugal" and Portuguese Securities Exchange Commission "Comissão do Mercado de Valores Mobiliários"). Singapore: This material was provided to you as a result of a request received by AURA  from you and/or persons entitled to make the request on your behalf. Should you have received the material erroneously, AURA  asks that you kindly destroy/delete it and inform AURA  immediately. Clients of AURA SOLUTION COMPANY LIMITED  Singapore branch are asked to please contact AURA SOLUTION COMPANY LIMITED  Singapore branch, an exempt financial adviser under the Singapore Financial Advisers Act (Cap. 110) and a wholesale bank licensed under the Singapore Banking Act (Cap. 19) regulated by the Monetary Authority of Singapore, in respect of any matters arising from, or in connection with, the analysis or report. Spain: This publication is not intended to constitute a public offer under Spanish law. It is distributed only for information purposes to clients of AURA  Europe SE, Sucursal en España, with place of business at Calle María de Molina 4, C.P. 28006, Madrid. AURA  Europe SE, Sucursal en España is subject to the joint supervision of the European Central Bank ("ECB"), the German Central bank (Deutsche Bundesbank), the German Federal Financial Services Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht), as well as of the Spanish supervisory authority (Banco de España), to which this publication has not been submitted for approval. Additionally it is authorized to provide investment services on securities and financial instruments, regarding which it is supervised by the Comisión Nacional del Mercado de Valores as well. AURA  Europe SE, Sucursal en España is a branch of AURA  Europe SE, a credit institution constituted under German law in the form of a Societas Europaea, duly authorized by the ECB. Sweden: This publication is not intended to constitute a public offer under Swedish law. It is distributed only for information purposes to clients of AURA  Europe SE, Sweden Bankfilial, with place of business at Regeringsgatan 38, 11153 Stockholm, Sweden, registered with the Swedish Companies Registration Office under Reg. No 516406-1011. AURA  Europe SE, Sweden Bankfilial is subject to the joint supervision of the European Central Bank ("ECB"), the German Central bank (Deutsche Bundesbank), the German Federal Financial Services Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht), as well as of the Swedish supervisory authority (Finansinspektionen), to which this publication has not been submitted for approval. AURA  Europe SE is a credit institution constituted under German law in the form of a Societas Europaea, duly authorized by the ECB. Taiwan: This material is provided by AURA SOLUTION COMPANY LIMITED , Taipei Branch in accordance with laws of Taiwan, in agreement with or at the request of clients/prospects. UAE: AURA  is not licensed in the UAE by the Central Bank of UAE or by the Securities & Commodities Authority. The AURA SOLUTION COMPANY LIMITED  Dubai Branch is licensed in the DIFC by the Dubai Financial Services Authority as an authorised firm. UK: This document is issued by AURA  Wealth Management, a division of AURA SOLUTION COMPANY LIMITED  which is authorised and regulated by the Financial Market Supervisory Authority in Switzerland. In the United Kingdom, AURA SOLUTION COMPANY LIMITED  is authorised by the Prudential Regulation Authority and is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of regulation by the Prudential Regulation Authority are available from us on request. A member of the London Stock Exchange. This publication is distributed to retail clients of AURA  Wealth Management.

Version B/2021. THO82652777

© AURA  2021. The key symbol and AURA  are among the registered and unregistered trademarks of Aura Solution Company Limited . All rights reserved.

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Aura HQ
 

THAILAND

Aura Solution Company Limited
75 Wichit Road ,
Phuket, Thailand 83000

E : info@aura.co.th

W: www.aura.co.th

P : +66 8241 88 111

P:  +66 8042 12345

 

TURKEY

Kaan Eroz

Managing Director

Aura Solution Company Limited

E : .kaan@aura.co.th

W: www.aura.co.th

P : +90 532 781 00 86

 

NETHERLAND

S.E. Dezfouli

Managing Director

Aura Solution Company Limited

E : dezfouli@aura.co.th

W: www.aura.co.th

P : +31 6 54253096

 

THAILAND

AMY BROWN

Wealth Manager

Aura Solution Company Limited

E : info@aura.co.th

W: www.aura.co.th

P : +66 8042 12345