Market Insights & Strategy Global Markets Morning news summary th 8 July 2021 Global News

• Fed keen to be 'well positioned' to act on inflation, other risks, minutes show; officials saw progress toward taper move: Federal Reserve officials last month felt substantial further progress on the US economic recovery "was generally seen as not having yet been met," but agreed they should be poised to act if inflation or other risks materialised, according to the minutes of the central bank's June policy meeting. The minutes showed a divided Fed wrestling with new inflation risks but still relatively high unemployment on account of less clear signal from incoming data. Several participants emphasised “that uncertainty around the economic outlook was elevated and that it was too early to draw firm conclusions about the paths of the labor market and inflation.” Still, "a substantial majority" of the officials saw inflation risks "tilted to the upside," and the Fed as a whole felt it needed to be prepared to act if those risks materialised.

The minutes also showed that "various participants" felt conditions for reducing the central bank's asset purchases would be "met somewhat earlier than they had anticipated, but they were not ready to communicate a timeline due to high uncertainty on the economic outlook. “The committee’s standard of ‘substantial further progress’ was generally seen as not having yet been met, though participants expected progress to continue,” the minutes said. "Participants generally judged that, as a matter of prudent planning, it was important to be well positioned to reduce the pace of asset purchases, if appropriate, in response to unexpected economic developments, including faster-than anticipated progress toward the Committee’s goals or the emergence of risks that could impede the attainment of the Committee’s goals," the FOMC minutes stated. Source: Reuters; Bloomberg

• Fed discussed design for possible standing repo facility, minutes show: Federal Reserve officials continued to discuss in June how they could potentially structure a permanent facility for supporting US money markets, according to minutes from the central bank's last Rakesh Sahu policy meeting released on Wednesday. A "substantial majority" of Fed Director, Market Insights & Strategy policymakers reiterated their support for such a program, which would allow eligible financial institutions to borrow cash on a short-term basis Chavan Bhogaita as needed, saying "the potential benefits of such a facility outweighed Managing Director & Head of Market the potential costs," the minutes from the June 15-16 meeting stated. Insights & Strategy Several participants said the facility must be positioned as a "backstop" for markets, while some said it was important not to charge Please click here to view our recent a rate so high that the program would be stigmatised. In one plan publications on MENA and Global Markets presented to Fed officials, the facility would charge a minimum of

0.25% to firms borrowing cash overnight, the top of the target range Your attentionattention isis drawndrawn to to the the Impo Importantrtant Notice Notice for the Fed's overnight benchmark interest rate. Under that approach, on the finalfinal pagepage of of this this communication communication the facility would be open to primary dealers and then expanded later to include banks that were interested.

0.25% to firms borrowing cash overnight, the top of the target range for the Fed's overnight benchmark interest rate. Under that approach, the facility would be open to primary dealers and then expanded later to include banks that were interested.

Several participants in the discussion said it could be appropriate to adjust the rate over time based on the economy or market conditions. The Fed began intervening in money markets in the fall of 2019 after reserves in the banking system fell too low, leading to a spike in short-term borrowing costs. Money markets were rocked again in March 2020 when the coronavirus pandemic led to a dash for cash, requiring the Fed to increase its repo offerings. In April, Fed officials discussed how having the support available through a permanent facility could allow the central bank to automatically respond to market pressures. Over the past several months, however, the Fed has been dealing with the opposite issue – an excess of cash in the banking system. Use of the Fed's reverse repo facility, which gives firms a place to temporarily park cash with the central bank, reached a record of $992bn on June 30. Source: Reuters

• US job openings edge higher in May, hiring slips: US job openings rose slightly to a new record high in May, but hiring dipped, data showed on Wednesday. Job openings, a measure of labor demand, rose by 16,000 to 9.2 million on the last day of May, the Labor Department said in its monthly Job Openings and Labor Turnover Survey, or JOLTS report, on Wednesday. Economists polled by Reuters had forecast job openings would rise to 9.39 million in May. Vacancies were little changed and the job openings rate was unchanged at 6.0%. Hiring dipped to 5.9 million in May from 6.0 million in the prior month. The government reported last Friday that job growth accelerated in June, as US companies hired the most workers in 10 months, but unemployment rate rose to 5.9% from 5.8% in May.

The JOLTS report also showed the number of people voluntarily leaving their employment in May fell to 3.6 million from 4.0 million in April, although quits levels still rose in the leisure and hospitality, and accommodation and food services sectors. The quits rate is usually seen as a barometer of job market confidence. People quitting their jobs now accounts for more than two-thirds of all job separations and remains well above pre-pandemic levels. Unfilled vacancies increased by 109,000 in other services and there were an additional 46,000 job openings in state and local government education. Vacancies declined in state and local government and the federal government Source: Reuters

• ECB officials said to agree on new inflation goal of 2% and to allow it to overshoot; policy review outcome to be announced later today: European Central Bank policy makers have agreed to raise their inflation goal to 2% and allow room to overshoot it when needed, Bloomberg reported citing officials familiar with the matter. The decision marks a significant change from the previous target of “below, but close to, 2%,” which some policy makers felt was too vague. The consensus emerged at a special meeting on Tuesday and Wednesday to conclude the ECB’s first strategy review in almost 20 years, Bloomberg reported. The revamped strategy could give officials the justification for sustaining ultra-loose monetary policy for longer as they strive to reverse years of below-target inflation, which have weighed on the euro area’s economic potential. It will also be crucial for guiding the central bank’s actions as the economy recovers from the pandemic.

The official results of the review will be published at 1 p.m. on Thursday and ECB president Christine Lagarde will hold a press conference 90 minutes later. The ECB’s appraisal also covers a wide range of other policy issues including how to aid the fight against climate change, the interaction of fiscal and monetary policies, employment trends and globalisation. On climate change, the ECB looks almost certain to use its bank supervision arm to force companies to make greater climate-related disclosures. While inflation is already predicted to rise well above target toward the end of this year, Lagarde and her colleagues have repeatedly said they expect it to subside to below the goal in the medium term. Policy makers are expected to debate after the summer how to exit emergency measures that include an exceptionally flexible €1.85tn ($2.2tn) bond-buying program. Source: Bloomberg 2

• Asian stocks fall, while dollar near three-month high, yields steady amid Fed’s taper debate; Oil steady while investors weigh delta virus spread: Asian stocks slipped Thursday, while dollar traded near its highest in three months and bonds held an advance amid concerns China’s economic rebound may be peaking and as traders digested Federal Reserve minutes indicating a plan for tapering stimulus may be edging closer. Hong Kong Hang Seng index led the loss in as it was down 2% as of 8.20am GST. China’s blue-chips CSI 300 index fell 0.7% and Japan’s Nikkei 225 index was down 0.7%. South Korea’s Kospi index was down 0.7%, while Australia’s S&P/ASX 200 was little changed. The S&P 500 futures were fell 0.2% in Asia, after the index rose 0.3% overnight.

The DXY dollar index, which measures the greenback against six rivals, held its ground at 92.747, up 0.1% from Wednesday, when it touched 92.844 for the first time since April 5. The dollar traded at $1.1795 per euro , just off a three-month peak of $1.17815 touched overnight, when German data raised doubts about the strength of 's economic recovery. The dollar traded 0.1% lower against the yen at 110.53, as the pair continued to be weighed down by a slide in US Treasury yields. The benchmark 10-year Treasury note yielded 1.319% on Thursday in Asia after dipping to a low of 1.295% overnight for the first time since mid-February. The 30-year Treasury yield was at 1.930% after a touching a low of 1.917% overnight.

Oil was steady near $72 a barrel as concern over the delta coronavirus variant rose, and traders waited decision from the OPEC+ group on its output policy. WTI crude fell 9 cents or 0.1% to $72.11 a barrel on the New York Mercantile Exchange as of 8.12am GST, and heading for the biggest weekly loss since March, as the dollar firmed. Brent futures gained 2 cents to $73.45 a barrel on the ICE Futures Europe exchange. The World Health Organization has urged caution on the pace of re-openings, with most regions seeing more infections. Indonesia is in the throes of a major outbreak, Thailand has seen a jump in cases, and Japan is set to declare a state of emergency over the Tokyo Olympics. Source: Bloomberg; Reuters

Middle East & News

• Moody's affirms TAQA’s Aa3 rating and SENAAT’s A3 rating: Moody's Investors Service on Wednesday affirmed the Aa3 ratings of National Energy Company (TAQA) and the A3 ratings of General Holding Corporation PJSC (SENAAT). The rating agency said the outlook on TAQA's ratings remains stable, while that on SENAAT's remains negative. Moody's also said it has withdrawn TAQA's baa1 baseline credit assessment (BCA) and SENAAT's ba1 BCA because it no longer classifies TAQA and SENAAT as Government-Related Issuers (GRI). Moody’s said the decision to withdraw the BCA ratings follows Moody's assignment of ratings to TAQA and SENAAT's parent company Abu Dhabi Developmental Holding Company PJSC. On 21 June 2021, Moody's assigned a first-time issuer rating to ADQ under the Government-Related Issuers (GRI) Methodology. ADQ owns 98.6% of TAQA and 100% of SENAAT and is 100% owned by the Government of Abu Dhabi (Aa2 stable). “As a result, Moody's no longer rates TAQA and SENAAT under the GRI Methodology as Moody's does not normally designate subsidiaries of a GRI as also being GRIs.” Moody’s said in its statement on Wednesday. “The removal of the GRI status has no rating implications on TAQA and SENAAT and their ratings have been affirmed accordingly. Moody's will continue to consider any benefits from indirect government ownership as well as support from ADQ as a strategic shareholder on a qualitative basis.”

Moody’s said the stable outlook on TAQA's ratings reflects the low business risk profile of its power and water activities and links to the Abu Dhabi government in the form of subsidy payments. According to Moody’s, TAQA's Aa3 ratings incorporate a standalone assessment which has the characteristics of a strong Baa profile, but also multi-notch uplift reflecting TAQA's continued strategic importance to ADQ, and therefore, the Government of Abu Dhabi. TAQA's standalone assessment is supported by the stable and transparent regulatory framework for the transmission and distribution of electricity and water in Abu Dhabi, the cost-recovery mechanisms of the regulatory framework and timeliness of subsidy payment.

Moody’s said the negative outlook on SENAAT's ratings reflects the challenging operating environment that its subsidiaries are currently facing with leverage not expected to go back to pre-Covid levels before

3

2022. “SENAAT continues to face a challenging, albeit improving, operating environment and its ratings remain weakly positioned with Moody's adjusted debt to EBITDA increasing to 9.6x in 2020 from 4.4x in 2019, above Moody's guidance for a downgrade of 4.5x,” the rating agency said. Moody's expects leverage to decrease in 2021, as the economies in the GCC region recover somewhat in 2021. According to Moody’s, SENAAT's A3 ratings incorporate a standalone assessment which has the characteristics of a strong Ba profile. The issuer rating reflects SENAAT's continued strategic importance to ADQ, and therefore, the Government of Abu Dhabi with ADQ actively managing the company both on the strategic and operational sides. Source: Moody’s; Bloomberg

• TAQA and Abu Dhabi Ports to develop 2 gigawatt green ammonia project: Abu Dhabi National Energy Company (TAQA), one of the largest listed integrated utilities in the region, and Abu Dhabi Ports (ADP), have signed an MoU to study the development of an industrial-scale green hydrogen to ammonia export project in Abu Dhabi. The proposed green ammonia export facility would be based in Khalifa Industrial Zone Abu Dhabi (KIZAD), TAQA said in a press statement. The statement said the proposed plant would be fuelled by hydrogen produced by an electrolyser facility paired with a 2-gigawatt solar photovoltaic (PV) power plant. The green hydrogen would be turned into liquid ammonia to supply ships converted to use ammonia as a bunker fuel, and for export from Abu Dhabi Ports via specialised gas carriers. Ammonia, which is relatively easier to transport than pure hydrogen, has a number of industrial uses and can also be easily turned back into hydrogen.

Jasim Husain Thabet, TAQA’s Group Chief Executive Officer and Managing Director, said that if the industrial scale facility goes ahead, it would place Abu Dhabi at the heart of the emerging market for green hydrogen. Captain Mohamed Juma Al Shamisi, Group CEO of Abu Dhabi Ports, added that Khalifa Port’s strategic location positions it as a major hub for green hydrogen and its derivatives exports to all international markets. The green ammonia project will feature a storage facility at Khalifa Port, to tap export prospects for green ammonia to Europe and the East Asia. The solar farm, electrolyser and the ammonia production plant will be situated in KIZAD. The ammonia plant will have pipeline connectivity to the Khalifa Port storage facility enabling large volumes of ammonia to be directly delivered to the port. In May, KIZAD had announced plans for the construction of a $1bn green ammonia production facility, through a privately- owned special project vehicle company Helios Industry. Source: Zawya

• Saudi Aramco said to plan more assets sale in multi-billion dollar push: Saudi Aramco, the world’s largest oil company, is planning to raise tens of billions of dollars by selling more stakes in its businesses, Bloomberg reported Wednesday citing a senior company official. The Saudi Arabian state-controlled firm created a new team to review its assets last year, soon after the coronavirus pandemic triggered a plunge in energy prices and strained its balance sheet. Aramco raised $12.4bn by selling leasing rights over oil pipelines to a US-led group of investors in April. The sales will continue in the next few years, according to Abdulaziz Al Gudaimi, senior vice president for corporate development. They will happen “irrespective of any market conditions” and Aramco aims to generate “double-digit billions of dollars,” Al Gudaimi said in an interview. “It’s a strategy meant to create value and create efficiency, it’s not about a specific capital target or financing the dividends of the company.” Gudaimi was appointed last August to lead a new team that focuses on “portfolio optimisation” and reports to Chief Executive Officer Amin Nasser, Bloomberg reported.

Aramco is reviewing what other infrastructure can be monetised and will start seeking investors for a second deal soon, Al Gudaimi said, without commenting further. Proceeds from the oil-pipelines deal and others will be used for “future growth projects,” he said. The $12.4bn transaction for the oil pipelines was more than twice the value of all the foreign direct investment in the kingdom in 2020, Bloomberg reported. Aramco is planning to sell a stake linked to its natural-gas pipelines, Bloomberg has reported earlier. It has subsidiaries and units involved in several other industries. They include power plants, an aviation company, a real-estate arm and an insurance firm. “We will continue unlocking value from our assets,” Al- Gudaimi said. The asset review was planned before oil’s drop in 2020, he said. Aramco raised $6bn from a 3-part bond sale last month. After being almost entirely closed off to foreign portfolio and private-equity

4

investors since it was fully nationalised in the 1980s, Aramco is increasingly courting outside capital. It sold a debut international bond in 2019 to help fund a $70bn acquisition of Saudi Basic Industries Corp. That was followed later the same year by an initial public offering in Riyadh, which raised almost $30bn. Source: Bloomberg

• Saudi PIF-owned Sanabil Investments to hike share capital to $8bn: Riyadh-based investment firm Sanabil Investments, wholly owned by the Saudi wealth fund Public Investment Fund (PIF), said in a statement on Wednesday that PIF approved its share capital increase to SAR 30bn ($8bn) from SAR 20bn. The Saudi Cabinet set up Sanabil in 2009 as closed joint stock company. It is now fully owned by the sovereign wealth fund and is a key player in pushing the government’s Vision 2030 reform agenda. Sanabil implemented its new strategy in 2019 to focus on venture capital, growth strategies and small buyouts, from early to more mature stages of the business lifecycles. It set up the Sanabil 500 MENA Seed Accelerator Fund to benefit Saudi start-ups in their expansion plans. Source: Zawya

• Fire in ship at Dubai's Jebel Ali port under control, authorities said: A fire on a ship at Dubai's Jebel Ali Port, the 's largest transshipment hub, has been brought under control, the government's Dubai Media Office (DMO) said on Wednesday. The fire was caused by an explosion from a "normal accident" in a container holding flammable material, DMO Director General Mona Al Marri told Saudi- owned Al Arabiya television channel. "A fire caused by an explosion within a container on board a ship at Jebel Ali Port has been brought under control; no casualties have been reported," DMO said on Twitter earlier. Source: Reuters

• Major Gulf markets closed lower on Wednesday: Most major stock markets in the Gulf ended lower on Wednesday, extending losses from the previous session. ’s benchmark index fell 0.1%, hit by a 0.9% fall in Al Rajhi Bank and a 0.7% drop in top lender Saudi National Bank. The kingdom has amended its rules on imports from other Gulf Cooperation Council countries to exclude goods made in free zones or using Israeli input from preferential tariff concessions. Dubai’s main share index reversed early losses to finish flat, as declines in property shares were offset by gains in banking stocks. Emaar Properties, Dubai’s largest listed developer, retreated 2.2%, while its unit Emaar Malls dropped 2%. Emaar Properties expects to buy out minority shareholders of Emaar Malls and delist the business by year-end. In Abu Dhabi, the index eased 0.2%, as index heavyweights First Abu Dhabi Bank and telecoms firm Etisalat fell 0.5% each. But International Holding (IHC) ended 0.2% higher, gaining for an eighth consecutive session. Elsewhere in the Gulf, the Bahrain index gained 0.3%, the index fell 0.3% and Kuwait’s benchmark index added 0.4%. Outside the Gulf, Egypt’s blue-chip index rebounded 1.2%, as most of the stocks on the index were in positive territory including Commercial International Bank. Source: Reuters

Market Insights & Strategy FAB Global Markets Email: [email protected] Tel: +971 2 6110 127 Please click here to view our recent publications on MENA and Global Markets

Important Notice: This communication has been prepared by individual personnel of First Abu Dhabi Bank PJSC or its affiliates (collectively, “FAB”) and, accordingly, it may not represent the views of FAB. FAB is licensed and regulated by the Central Bank of the United Arab and its registered office address is P.O. Box 6316, 1 – Al Qurm, Abu Dhabi, the . This communication is directed at persons (i) who have been or can be classified by FAB as eligible counterparties, professional clients or sophisticated investors, (ii) who have experience in matters relating to investments and (iii) other persons to whom it may otherwise lawfully be communicated. No other person should review the contents or access the products or transactions discussed in this communication. All material contained herein, including any proposed terms and conditions, is indicative and for discussion purposes only, is

5

subject to change without notice, is strictly confidential, may not be reproduced and is intended for your consideration only. It does not include a number of terms and conditions that will be included in any actual transaction and final terms and conditions are subject to further discussion and negotiation nor does it purport to identify all applicable risks. This communication is not a commitment to deal in any product, offer financing or enter into any transaction described herein. FAB is not acting as your agent, fiduciary or investment adviser and is not managing your account. The provision of information in this communication is not based on your individual circumstances and must not be relied upon as an assessment of suitability for you of a particular product or transaction. It does not constitute investment advice and FAB makes no recommendation as to the suitability of any of the products or transactions mentioned. Even if FAB possesses information as to your objectives in relation to any transaction, series of transactions or trading strategy, this is not sufficient for, and does not constitute, any assessment of suitability for you of any transaction, series of transactions or trading strategy. Save in those jurisdictions where it is not permissible to make such a statement, FAB hereby informs you that this communication should not be considered as a solicitation or offer to sell or purchase any securities, deal in any product or enter into any transaction. You should make any trading or investment decisions in reliance on your own analysis and judgment and/or that of your independent advisors and not in reliance on FAB and any decision whether or not to adopt any strategy or engage in any transaction will not be FAB’s responsibility. FAB does not provide investment, accounting, tax, financial, legal, regulatory or other advice; such matters as well as the suitability of a potential transaction or product or investment should be discussed with your independent advisors. Prior to dealing in any product or entering into any transaction, you and the senior management in your organization should determine, without reliance on FAB, (i) the economic risks or merits, as well as the investment, accounting, tax, financial, legal and regulatory characteristics and consequences of dealing with any product or entering into the transaction (ii) that you are able to assume these risks, (iii) that such product or transaction is appropriate for a person with your experience, investment goals, financial resources or any other relevant circumstance or consideration. Where you are acting as an adviser or agent, you should evaluate this communication in light of the circumstances applicable to your principal and the scope of your authority. Any prices used herein, unless otherwise specified, are indicative. Although all information has been obtained from, and is based upon sources believed to be reliable, it may be incomplete or condensed, it has not been verified by FAB and its accuracy cannot be guaranteed. FAB makes no representation or warranty, expressed or implied, as to the accuracy of the information, the reasonableness of any assumptions used in calculating any illustrative performance information or the accuracy (mathematical or otherwise) or validity of such information. Any opinions attributed to FAB constitute FAB’s judgment as of the date of the relevant material and are subject to change without notice. Provision of information may cease at any time without reason or notice being given. Commissions and other costs relating to any dealing in any products or entering into any transactions referred to in this communication may not have been taken into consideration. Any scenario analysis or information generated from a model is for illustrative purposes only. Where the communication contains “forward-looking” information, such information may include, but is not limited to, projections, forecasts or estimates of cashflows, yields or return, scenario analyses and proposed or expected portfolio composition. Any forward-looking information is based upon certain assumptions about future events or conditions and is intended only to illustrate hypothetical results under those assumptions (not all of which are specified herein or can be ascertained at this time). It does not represent actual termination or unwind prices that may be available to you or the actual performance of any products and neither does it present all possible outcomes or describe all factors that may affect the value of any applicable investment or product. Actual events or conditions are unlikely to be consistent with, and may differ significantly from, those assumed. FAB shall not be under an obligation to update any information contained in this communication. Illustrative performance results may be based on mathematical models that calculate those results by using inputs that are based on assumptions about a variety of future conditions and events and not all relevant events or conditions may have been considered in developing such assumptions. Accordingly, actual results may vary and the variations may be substantial. The products or transactions identified in any of the illustrative calculations presented herein may therefore not perform as described and actual performance may differ, and may differ substantially, from those illustrated in this communication. When evaluating any forward looking information you should understand the assumptions used and, together with your independent advisors, consider whether they are appropriate for your purposes. You should also note that the models used in any analysis may be proprietary, making the results difficult or impossible for any third party to reproduce. This communication is not intended to predict any future events. Past performance is not indicative of future performance. FAB accepts no responsibility and makes no representation to you or to any third parties for, and has not independently verified, the quality, accuracy, timeliness, continued availability or completeness of any data or calculations contained and/or referred to in this communication and FAB shall not be liable for any special, direct, indirect, incidental or consequential loss or damage which may be sustained because of the use of the information contained and/or referred to in this communication or otherwise arising in connection with the information contained and/or referred to in this communication, provided that this exclusion of liability shall not exclude or limit any liability under any law or regulation applicable to FAB that may not be excluded or restricted. The transactions and any products described herein may be subject to fluctuations of their mark-to- market price or value and such fluctuations may, depending on the type of product or security and the financial 6

environment, be substantial. Where a product or transaction provides for payments linked to or derived from prices or yields of, without limitation, one or more securities, other instruments, indices, rates, assets or foreign currencies, such provisions may result in negative fluctuations in the value of and amounts payable with respect to such product prior to or at redemption. You should consider the implications of such fluctuations with your independent advisers. The products or transactions referred to in this communication may be subject to the risk of loss of some or all of your investment, for instance (and the examples set out below are not exhaustive), as a result of fluctuations in price or value of the product or transaction or a lack of liquidity in the market or the risk that your counterparty or any guarantor fails to perform its obligations or, if this the product or transaction is linked to the credit of one or more entities, any change to the creditworthiness of the credit of any of those entities. FAB (whether through the individual sales and/trading personnel involved in the preparation or issuance of this communication or otherwise) may from time to time have long or short principal positions and/or actively trade, for its own account and those of its customers, by making markets to its clients, in products identical to or economically related to the products or transactions referred to in this communication. FAB may also undertake hedging transactions related to the initiation or termination of a product or transaction, that may adversely affect the market price, rate, index or other market factor(s) underlying the product or transaction and consequently its value. FAB may have an investment banking or other commercial relationship with and access to information from the issuer(s) of securities, products, or other interests underlying a product or transaction. FAB may also have potential conflicts of interest due to the present or future relationships between FAB and any asset underlying the product or transaction, any collateral manager, any reference obligations or any reference entity. Any decision to purchase any product or enter into any transaction referred to in this communication should be based upon the information contained in any associated offering document if one is available (including any risk factors or investment considerations mentioned therein) and/or the terms of any agreement. Any securities which are the subject of this communication have not been and will not be registered under the Securities Act of 1933 as amended (the Securities Act) or any United States securities law, and may not be offered or sold within the United States or to, or for the account or benefit of, any US person, except pursuant to an exemption from, or in a product or transaction, not subject to, the registration requirements of the Securities Act. This communication is not intended for distribution to, or to be used by, any person or entity in any jurisdiction or country which distribution or use would be contrary to law or regulation. FAB may process your personal data to provide you with information or promotional and advertising communications on products, services, other events and campaigns. If you wish not to receive email from the Market Insights team at FAB, please click here to send us your request to unsubscribe, and you shall no longer receive such information. You can also let us know by contacting your usual FAB representative should you wish to no longer receive any such further information. You may be entitled according to the applicable laws to exercise your rights to access, to rectification, to erasure and to portability of your personal data, to restrict the use of and to object to the processing of your personal data. You may exercise any such aforesaid rights by sending your request to FAB at the following address: [email protected].

7