Dear clients, Our business continues to operate well despite changes made to our set-up in response to the global disruption caused by the Coronavirus. At the start of the crisis, we adapted our IT and operations so that all staff could work remotely if needed. As the situation developed, we implemented a number of changes in our workplaces to provide a safe environment for staff to return to the office, where local regulations and guidelines allowed. Today, this means we have a very flexible solution whereby we can provide a full range of services from the office, remotely or across some combination of both. We are pleased to say that this set-up has proved very effective and is a sustainable solution, for as long as it's needed. With the situation remaining volatile and varying from location to location, our staff will continue to have the flexibility they need in their working arrangements during this time. The health and safety of our people, clients and stakeholders remains our number one priority. Since the beginning of the crisis we have put in place a number of new governance structures including a Group Crisis Management Committee including representatives from each of our business lines plus IT, Business Continuity and HR/Communication plus operational committees for each business line. These groups carefully monitor the situation and continue to adapt our policies and procedures where necessary so that we are operating in line with best practices. In early-2020, the transition from office to home working was quite sudden. The journey back to normality is proving to be a much slower and more uneven journey. Nonetheless, our staff and systems have responded very well during this difficult period and we therefore remain very confident in our ability to serve our clients effectively as the situation continues to evolve. We know that you face many challenges of your own in adapting to this crisis. We will continue to work tirelessly to support you. Kind Regards, Exane Group Management