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Churchill Capital Ltd. Burnaby Building, 16 Burnaby Street, Hamilton, HM11, Bermuda is licensed to conduct Investment business by the Bermuda Monetary Authority.

Churchill Capital UK, Ltd: is authorized and regulated by the Financial Conduct Authority (FCA), registered in England, with registered office at Devonshire House, 1 Devonshire Street, London, W1W 5DR. Companies House No. 04691562.

Churchill Capital SAM - agréée sous le numéro SAF/ 2003-02 par la Commission de Contrôle des Activités Financières.

Churchill Capital USA Inc is a US Broker Dealer regulated by FINRA, CRD# 143278, SEC# 8-7547.

Churchill Capital Australia Pty Ltd is regulated by ASIC (AFSL No. 306 207).

Churchill Singapore Pte Ltd (Company Registration No. 200702932G), holds a Capital Markets Services Licence No. CMS100465-1 issued by the Monetary Authority of Singapore.

The above affiliates of Churchill Capital, are collectively known as the Churchill Capital Group.

Churchill Capital USA, Inc. and Churchill Capital Ltd. have notified the Alberta Securities Commission (, the Autorite des marches financiers (,the British Columbia Securities Commission (, the New Brunswick Securities Commission (, the Nova Scotia Securities Commission ( and the Ontario Securities Commission ( that each entity is relying on the "International Dealer" exemption from registration for trades involving Canadian residents.



All research, advice and information provided by Churchill Capital is intended solely for institutional investors.

All information, terms and pricing set forth herein are indicative, based on, among other things, market conditions at the time of writing and are subject to change without notice. This document is for informational purposes only and is neither an offer to sell securities, commodities or other financial instruments nor a solicitation of an offer to buy securities, commodities or other financial instruments. The Churchill Capital Group has prepared the information contained in this document in good faith. However, no warranty (express or implied) is made as to the accuracy, completeness or reliability of any statements, estimates or opinions or other information contained in this document (any of which may change without notice) and to the maximum extent permitted by law, the Churchill Capital Group disclaims all liability and responsibility (including, without limitation, any liability arising from fault or negligence on the part of any or all of the Churchill Capital Group or of any of its members) for any direct or indirect loss or damage which may be suffered by any recipient through relying on anything contained in or omitted from this document. Any reader is strongly advised to make their own enquiries and seek independent professional advice regarding information contained in this document. In no way shall the Churchill Capital Group be deemed to be holding itself out as a fiduciary of the recipient hereof. The recipient must independently evaluate any investment including the tax, legal, accounting and credit aspects of any transaction. Instruments and trading strategies of the type described herein may involve a high degree of risk, and the value of such instruments may be highly volatile and may be adversely affected by the absence of a market to provide liquidity. The Churchill Capital Group, excluding Churchill Capital Australia Pty Ltd, may make markets in the instruments referred to herein but makes no commitment to do so in the future. The Churchill Capital Group and its directors and employees may hold such instruments, or options or rights on such instruments and may, as principal or agent, buy or sell such instruments. This material is proprietary to the Churchill Capital Group and may not be disclosed to third parties. Any unauthorised use, duplication or disclosure of this document is prohibited. The content has been approved for distribution in the UK by Churchill Capital UK Ltd who are authorised and regulated by the Financial Conduct Authority, and for distribution in Australia by Churchill Capital Australia Pty Ltd under authorisation by ASIC.


Any transactions in the securities discussed herein that are executed by Churchill Capital affiliates on behalf of U.S. resident fiduciaries must be effected by Churchill Capital USA, Inc.


For recipients in Canada, the information provided in this document is intended only for "permitted clients", as such term is defined in National Instrument 31-103 - Registration Requirements, Exemptions and Ongoing Registrant Obligations, residing within the Canadian provinces of Alberta, British Columbia, New Brunswick, Nova Scotia, Ontario, and Quebec.


Your personal data are processed for emails management and supervision purposes by CHURCHILL CAPITAL SAM. You may access or update your data, or object to their processing, by writing to: Compliance Officer, CHURCHILL CAPITAL SAM, 12 avenue de Fontvieille, 98000 Monaco. Please be advised that your data may be communicated to judicial, regulatory or administrative authorities legally authorized. Your data are also transferred to our IT hosting and backup subcontractors in the United States and Canada.

Vos données sont exploitées dans le cadre du traitement ayant pour finalité « Gestion de la messagerie électronique professionnelle utilisée à des fins de surveillance ou de contrôle » mis en ouvre par CHURCHILL CAPITAL SAM. Vous disposez d'un droit d'accès, de modification de vos données et d'opposition à leur traitement en écrivant à : Compliance Officer, CHURCHILL CAPITAL SAM, 12 avenue de Fontvieille, 98000 Monaco. Veuillez noter que vos données sont susceptibles d'être communiquées aux autorités judiciaires, réglementaires ou administratives légalement habilitées. Elles sont également transmises à nos prestataires d'hébergement et de sauvegarde de données aux Etats-Unis et au Canada


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