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European climate on foreign investment

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The changing political and regulatory environment in the European Union

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European climate on foreign investment

  1. 1. Europeanclimatefor foreigninvestment ThechangingpoliticalandregulatoryenvironmentintheEuropeanUnion May 2017
  2. 2. © Brunswick 2017 | 2 Whathashappened?  In a policypaperon tackling globalisationpresentedon 10 May, the EuropeanCommissionraises concernsaboutforeign investors, notablystate-ownedenterprises, takingover “Europeancompanies with keytechnologies forstrategic reasons”. Italsoregrets the lackof reciprocityfor investmentconditions in some countries.While no mention is made of China, thisis a clearnod to severalrecent callsfrom politicians acrossthe Union for a united front in dealingswith Chineseinvestment.  In February2017,the governmentsof France,Germany and Italysent a letter to the EuropeanCommission,calling on it to rethink ruleson foreign investmentinto the EU and to allow Member Statesto block outright a specificforeign investmentor make it subjectto conditions.In March, the EuropeanParliamentcalled forthe creationof a European-level committeeto review “sensitive” foreign investments,with a particular focuson China.Theseactionscome at a time when Chineseinvestmentin Europeincreasedsignificantlyin 2016, and the effectsof globalisationand free tradeare being questionedby populistsin many countries.  While the Commission’s10 Maypaper includesno concretelegislative proposal,it hasbeen interpretedasa request to Member Statesfor a politicalmandateto addressthisissue. The Commissionisexpectedto give a strongerindicationof itsintentionsin the President’State of the Union speechin September, whichmay includea commonapproachto regulatesuchinvestments. EuropeanContext  The backdropto thispolitical rumbling is the rapidincreaseof ChineseDirectInvestmentinto Europeoverthe lastfew years. The China Manufacturing2025strategy, whichaimsto drive an upgradein China’smanufacturingand industrial sectorand to assertitsleadership in high-valueand highlyinnovative segments of the global economy,has drawn many to see politicalmotives alongsideinvestment considerations. A key componentof thisplanis to achievedomestic contentof core components andmaterialsof 40%by 2020and 70%by 2025across tenkey sectors,or so-called‘indigenous production’.  Thisstrategy,together withother economicdrivers,hasled to a wave of deal making by Chinesecompaniesin Europeand beyond,focusingon acquiringknow-howand technology in highlystrategicsectorssuchasnew energy vehicles,industrialrobotics and semiconductors.  The EU is an importantdestinationfor Chineseinvestors,with more than €35 billionof completed transactionsin 2016, anincreaseof 77 per cent from 2015. Chineseinvestmentin Germany rosefrom €1.1billionin 2015to almost€11billionin 2016. It should be noted thatthiscomesafter substantiveinvestmentfrom EU Member StatesacrossChina over the previous 20-30years. As an increasing number of voices from the politicaland the business world are asking Europe to take a more hawkish approach to foreign investments targeting European know-how and strategic industries (along the linesof CFIUS, the Committee on Foreign Investment in the United States), recent politicalactivities certainly indicate substantive policy change in thisfield can be anticipated at some stage. It remains to be seen whetheraction will be taken at pan- European levelor unilaterallyby some countries.
  3. 3. © Brunswick 2017 | 3 Brunswick Group European climate for foreign investment  While China’s efforts to upgrade its industrial base are welcomed by European businesses and politicians, some are wary of the perceived interventionist role played by the Chinese government inthis strategy, which they say is driven by the government’s agenda rather than pure market forces.  This perception of Beijing’s close involvement in outbound investments has stoked twofold fears inEuropean countries: that their own national security could be compromised; and that the Chinese Government’s directives together with financial aid, tilt the playing field infavour of Chinese companies. Some politicians argue Beijing ismaking use of tools such as subsidies, continued support for state-owned enterprises, and state-backing for acquisitions of foreign companies on one hand while limiting market access for foreign business.  Indeed, while private companies are perceived to be working closely with the State on the goals of China Manufacturing 2025, investment by European companies inChina continues to face many barriers, such as joint venture requirements resulting in a comprehensive transfer of technology incertain industries for example, all of which contributed to European investment inChina falling this year to a 10-year low. These concerns peaked in Germany with the acquisition of robot maker Kuka by Chinese appliance maker Midea, and are now widely shared by other large Member States such as France and Italy. Investment flowsbetween China and Europe Source: Rhodium Group/MERICS Source: Rhodium Group/MERICS/Politico Chinese FDIin Europesurges, whileEU FDI in China declines Value of FDI transactions between EU-28 and China, EUR million
  4. 4. Brunswick Group EU-China Trade Relations © Brunswick 2017 | 4 STX France shipyards: How the French government dissuaded Hong Kong’s Genting from bidding Inthesecond half of 2016, thesale process of theSTX France shipyard revealed theFrench State’s interventionist practices when it comes to M&Ain strategic sectors. The shipyards are considered anational “industrial gem” and are representative of aEuropean expertise thattheFrench government is unwilling to see transferred to another country, and even less to China. The French stateholds a33 percent stakein STX France. Thesale of STX France formed part of thebroader sale of thecollapsed South Korean STX shipbuilding group led by theSeoul Central District Court at the end of 2016. Seoul’s Commercial Court identified four interested parties in November 2016, including Italy’s Fincantieri SpAand theNetherlands’ Damen Shipyards. TheHong Kong-based group Genting HK, Malaysian in origin but seen as a“Chinese” company in France, hadto renounce theirformal bid even before it was filed after facing opposition from public officials and representatives of thec.7,000 employees. Whereas two of thebidders quickly dropped outof thecompetition, Genting HK was “very enthusiastic about Saint-Nazaire after having taken over four shipyards in Germany in 2016”, according to France’s most influential daily newspaper Le Monde. Thesame article, however, quotedthree sources reporting that“French public authorities managed to dissuade them”. Another source even added that“two or three weeks were enough to explain to Genting’s leaders how unpopular their intervention was, and to detail the measures theStatewould implement if theywere to proceed [withtheir intention to bid]”. Interestingly, theultimatesuccessof theItalian group Fincantieri did not put an end to theSTX saga. Indeed, Fincantieri iscurrently in a joint venture with thestate-owned ChinaStateShipbuilding Corp., raising concerns of potential technology transfers to China. TheFrench Stateintervened to prevent Fincantieri from holding amajority stake, and brought in another French group, DCNS, into theshipyard’s capital to secure “French interests”. “Currently,the governmenthasthecapacityto oppose an acquisitionthatwe believeisbad for the economic and socialstabilityof thecompany” MichelSapin (Ministerof Economy) Ina number of Member States,we see anti-Chinese rhetoric being taken up by companies involved in deals in an effort to gain political support for their bid. This wasthecase recently in France for example, where one of thecompanies bidding for theacquisition of theSTX France’s shipyards was successfully sidelined by theother contenders because of itsproximity to China. Similar rhetoric isnow being usedby theFrench government to dilute the stake of thefinal bidder, Italian company Ficantieri, who hasvery close links and a technology transfer agreement with ChinaState Shipbuilding Corp., a Chinesestate- owned enterprise. What are the implications?  Companieswishingto investin Europe need to ensure their strategicand financialrationaleforany proposed acquisitionis well understoodby politicaland businessstakeholdersin Europe, soasto counterany concerns it may be partof an orchestrated campaign/”sponsored”by the Chinese Government.  Theymust also invest in communicatingthe company’s mission,itsorigins,itsvalues and its business model.Chinesecompaniesin Europeoften sufferfrom an understandingdeficitfrom the Europeanpublicand politicalworld, whichcan contributeto negative perceptions of aspecificdeal.
  5. 5. © Brunswick 2017 | 5 European responses to Chinese investment to date  Currently, EUlegislationallows Member Statesto prohibitforeign investmentswhichthreatenpublic security and publicorder,but it does not let them takeinto account economiccriteria orthe reciprocity of the investment conditions.A number of Member Statesalsohavespecific legislationin placeallowingthem to review foreign investmentsbut the use of thesedefence mechanismsis lessfrequent than in the caseof the US, China and Australia.Francehasa long historyof vetting and potentially blockingforeign acquisitions under certainconditions,but mostother Europeancountrieslimit themselves to reviewing investmentswhichare linkedto nationalsecurity,suchas defence industryenterprisesor companiesthatare involvedin IT security and theprocessingof state- classifieddocuments,asis the casein Germany,for example.  The German government hasbeen spearheadinga movement in Brussels to broaden EU rulesto allowMember Statesto protectcompaniesworking in strategicsectorsfrom approaches driven by industrialpolicyor aiming for technologytransfers. While Germany hasconsidered implementing stricterrulesbilaterally, itsgovernment hasconcludedthat onlyan EU-wideapproach wouldbe efficient.In February2017,it received the supportof the Frenchand Italian governments,who co-signedthe aforementionedletter to the European Commissionerfor Tradeaskingit to createthe legal basisfor national governments to be able to “intervene in directinvestmentswhichare state- controlled”.  At the sametime, Germany is preparinga new strategyfor itstrade relationswith China,whichsuggests thatthere are two conversations takingplacewithin the Government– one protectionist;and one supportive of increasedtrade.  In response, theEuropean Commissionissaidto be preparinga proposal toallowMember Statesto blockan acquisitionthatis“politically motivated”.In particular,it would focuson the followingsectors: airports,ports,railway infrastructure and relatedsuppliersaswell as high technology,investmentsin raw materials,strategicprojectssuchas the Europeansatelliteprogram "Galileo"or companies activein the nuclearindustry. Thisproposalmay be announcedby the Commission Presidentin September.  For itspart,the EuropeanParliament hasalso been watchingclosely developmentsrelating to Chinese investmentin Europe.The recent proposal bya groupof EPPMEPsfor a new Union actallowingEU interventionin the caseof foreign investmentthat“doesnot complywith market rulesor isfacilitatedby state subsidiesresultingin a likelymarket disturbance”or in the absenceof reciprocityfor Europeaninvestment in the thirdcountryis the latestresponse to the situation.Notethatasthe EuropeanParliamentdoesnot havea right of initiative,any proposalwould need to be made by the European Commissionto be considered for implementation. EU Legislative Process Thelegislative process of the European Union israther complex. TheEuropean Commission is the executive body responsible for proposing legislation, which must thenbe adopted in a co-decision process by theEuropean Council (therepresentatives of theMember States) and theEuropean Parliament (with directly elected members). Any EU-wide legislation on thismatter would need unanimous support from all Member Stateswhich would be incredibly difficult to achieve given thediverging interests. Indeed, Member Statescurrently havelittle appetite to give more powers to theEuropean Commission. They are also competing among each other for attracting new foreign investment, making it unlikely thattheadopted legislation will be very robust –if any agreement will be reached at all. Thepaper released on 10 Mayis an invitation by theEuropean Commission for Member Statesto give it astrong political mandate on thismatter, but also to consider other possible actions instead of protectionist measures. © Brunswick 2017 | 6
  6. 6. Brunswick Group EU-China Trade Relations © Brunswick 2017 | 6 Midea-Kuka:How the Chinese takeoverof a German “pearl” transitionedfrom a threat to a blueprint for future Chinese-German deals Midea is aprivate, listed, Chinese white-goods company with astrong international footprint and previous outbound deal experience. Kuka is a robot manufacturer occasionally called a “pearl” of German industry. Apartnership looked promising, with mutualbenefits for both companies. InMay 2016, Midea formally announced its intention to increase its13.5% stake in Kuka to above 30%. One week after theannouncement, Kuka hostedtheir annual general shareholder meeting, during which various shareholder representatives expressed their concerns about thesale of German technological know-how and potential job losses. Withindays of theshareholder meeting, EUand German politicians publicly commented in opposition toMidea’s offer. EU Digital Commissioner GüntherOettinger commented: “Kuka is asuccessful company in astrategic sector with important significance for thedigital future of European industry. Since there wasno call for help to China,we shouldbe allowed to consider whethera European approach could be abetter solution for Kuka.” Blocking actions suchasan investment cap of 49% were also considered. Some in thepolitical community in Germany, led by thenEconomics Minister Sigmar Gabriel, wanted to examine thedeal under Germany’s Foreign Trade Law. Upon review, thegovernment determined thattheLaw’s scope did not cover companies suchas Kuka, whichis not considered part of acritical industry. Political risks thenescalated asAngela Merkel flew to China for an official visit; thedeal ran therisk of becoming a symbol for imbalanced trade and investment between Chinaand Germany. However, fears were allayed once Midea and Kuka formalized their partnership in an Investment Agreement, in which conditions alleviated concerns by securing jobs and sitesthrough 2023 – farbeyond theindustry standard. With thesuccessfulend of thetender offer period, after whichMidea gained 95% of Kuka’s shares, themedia regularly named Midea‘s investment in Kuka as arole model for otherongoing Chinese-Germany takeover offers. By December 29, 2016 theMidea-Kuka deal had passed all antitrust and foreign investment clearance globally. “TheKuka modelsuggests thatcash alone won’t be enough. Mideapledgedto keep jobs, managementand customer datain Germanyforseven and a halfyears,faroutstripping typicallocalstandards.ThatallayedGermanfearsof technology theftand reassuredclients such as Daimlerthat blueprintswere in safehands.” ReutersBreakingviews(11 October2016) Broader political considerations  Generallyspeaking, theEU and Member StateslikeGermany tend to be in favourof free trade.The backlash againststate-drivenforeign investmentsis specificallydirectedat China,and is balanced bya strong belief thatforeign directinvestmentis positivefor a country. TheEuropean Commissionin particularis strongly committedto free trade,and relieson it as a politicaltool to bring its trading partnerscloserto its own model.The Commissionconsidersreciprocityas crucialfor any free tradepolicy, howeveris also adamantthatthis shouldaim for China to become as open as Europe,rather thanEurope closingitselfto imitateChina.It nonethelessacceptscertainsecurity concernsand is closelymonitoring the recent Chineseacquisitions.
  7. 7. © Brunswick 2017 | 7 Brunswick Group European climate for foreign investment  In a contextwhere any new legislation wouldrequire unanimous agreement by all Member States,diverging interestswithin the EU will matter enormously.  Central and EasternEuropean countriesin particularhavewarmly welcomedChineseinvestmentasa sourceof cashfor their economies,and resent German effortsto curtailsuch investment.They are emerging asone of the top destinations forChinese capital,stronglysupportedby political initiativeslikethe 16+1and the China- Central and EasternEurope CooperationFund.Theirneed for FDI and weak marketpositionmake them an idealplatformfor China to leverage itsgrowing influencein the EU as a whole.Thisenhancedcooperationhas alreadysparked tensionswith both bigger Member Statesand Brussels.  Some Europeanbusinesses,including German companies,are alsosceptical of their governments’attemptsto slow Chineseinvestment.For them, such investmentprovideswelcomecapital in the shortterm whilealsohelping with marketaccessin the longer term: havinga large Chineseshareholderis often a helpfuldooropener in China.  Diverging interestsare alsoapparent withinindividualMember States,with some governmentsleading the charge againstChina in Brusselscontinuingto promoteincreasedChinese investmentin their countries.French Prime MinisterBernardCazeneuve didso in an outspokenmanner during a recent visitto Beijing,justashis government signedthe letter to the EuropeanCommission.The two conversations takingplacein Germany are alsoclearly apparentin France.  At the sametime, considerations on the role of the Chinesegovernment in tradeand investment are alsoat play in the debate on China’sWTO status. Itsstatusasa “non-marketeconomy” (NME),under whichit joinedWTO in 2001, expiredat the end of 2016, causingBeijingto ask to be recognised asa marketeconomyby itstrading partners. TheEU and the US havebeen reluctantto grant it thisstatusasit wouldmake imposingantidumping and countervailingdutieson Chinese importsmore difficultfor them.  China isnot a free market by any standards,but it isentitled by WTO rulesto accessmarket economystatus. Thishasled the EU to considerother means to addresstradedistortions. While thisisa separatedebate from thatof investmentin strategicsectors, it certainly constitutesa backdropto Europeanconcernsof Chinesestate interventionismin all aspectsof its industrialpolicy. Competing Member States with diverging interests Source: Rhodium Group/MERICS
  8. 8. © Brunswick 2017 | 8 The viewfrom the U.S.  CFIUS- The Committeeon Foreign Investmentin the United States (CFIUS)hasthe authorityto review, for nationalsecurityreasons,any transactionthatwouldresultin a foreign entity havingcontrolof a U.S. asset.Historically,the U.S. has supportedan ‘open investment’ approach and CFIUShasnot taken into accounttradeconsiderationsor questions of reciprocity.In a recent interviewwith Bloomberg,Treasury SecretarySteve Mnuchin,saidthat CFIUSwouldcontinueto focuson nationalsecurity issues.  America First?- However in the same interviewhe alsoacceptedthatin “certainthings”the Committee’sremit could beexpandedand, it iscertainly true,thatthe conditionsfor CFIUS reform havenever been greater. An increasein Chineseinvestmentsinto the U.S. since2012and the convergenceof anti-ChinaRepublicans and anti-tradeDemocrats inCongress mean the open investmentapproach is being questioned bysome.  The Hillis on the move - Senate MajorityWhip John Cornyn and Senate MinorityLeaderCharles Schumerare expectedto introduce separatebillssoonaimed at reforming the Committee.Senator Cornyn’sbill is expectedto single outinvestmentsin particularsectors,suchas semiconductors,and investments from particularcountries whichmay require closervetting,while Senator Schumer’sbill is expectedto addan economic“net benefit” test to CFIUS review criteria.The onlyquestionis whether any legislativeeffortcoming outof Congresswill havethe support of the White House.  Pressureon the Administration- There havebeen some noisesfrom the AdministrationthatCFIUScould be usedasa toolfor dealingwith China, but anyattemptat reforming CFIUS– especiallyto includeeconomic considerations– isunlikelyto be politicallyacceptablegiven the knock on effectsto jobsand investment that wouldresultfrom reducingforeign capital.However,sectorswhichare particularlysensitiveincludetelecoms, artificialintelligence,robotics, semiconductorsand satellites,and transactions,whichmay require significantmitigationmeasuresto get them approved, facea more difficult time. The viewfrom China  Chinagoing global – Chinese business willcontinueto seek expansionoverseasdriven by a coolingdomesticeconomy.However, tightening capitalcontrolsand greater scrutinyof investmentoutside investors’core businesswill impact the paceof investmentin the near term.  Belt-Roadand “16+1”– The Belt and RoadInitiative,whichaimsto connect China with Europe,the MiddleEast and Africaalongthe ancientSilk Road landand sea routes, willdrive significantinvestmentinto these countriesstrategicallyprioritizedby the Chinesegovernment. State owned enterprisesmay end up leadingthe charge,with privatebusinessesdriven by theirown businessrationale. A similar situationwill applyto the “16+1”initiative,whichisChina’s strategyto engage with Central and EasternEurope.Investment across both initiatives isfocusedon infrastructure.  Investingin Europe – Europewill remain a topdestination.Chinese investorsare confidentthatthere is growth in the Europeanmarket. Overall,assetvaluationsare attractive in Europeand there are many technologicallyattractivecompanies thatmatchChinesecompanies’needs.  A challengingyear ahead – 2017will be challengingfor ChineseM&A,asthe Chinesegovernment imposesstrict controlon the use of foreign exchangesto containthe outflowof capital.In addition,the European politicalclimateremains uncertain with electionsin key EU member states and Brexit negotiations. Inthe pastmany Chineseinvestorsselected the UK asa gatewayto Europe. This strategyisnow uncertain.  Manage challenges– For all the concernsaboutChineseinvestmentin Europe, itremainsearlydaysin China’s“go global”journey.The volumeof successfulinvestmentsis increasing,but it will be an on-going learning process forChinese companiesto understandthe investmentand regulatory situationin Europeand navigatelocal stakeholders and issues.
  9. 9. © Brunswick 2017 | 9 Looking Ahead  With elections underwayin France, the UK and Germany it is unlikelythat the EuropeanCommissionwill get the politicalimpetusit ishopingfor to swing into legislativeactionthisyear. Althoughthe Frenchand German governments havesignalleda will to cooperate more closelyon a Europeanlevel on thisissue,their new governments will haveother priorities at the beginning of their term. At the same time, the UK’s withdrawalfrom the EU maygive the Franco-German regulatoryapproacha bigger chance to prevail,whichcouldleadto new Europeanregulationon foreign investmentsduring thisEuropean Commission’sterm (whichends mid- 2019).  Furtherafield,DonaldTrump’s electionisalsostartingto impact China’sapproach to Europe.American protectionismmakesEuropean even more importanttradingpartner for China,whichit cannotaffordto lose. PresidentXi Jinping’s call inDavos earlierthisyearin favourof free trade was– cautiously –welcomedin Brussels,but all stakeholders arenow waitingto see whether thiswill be followed byconcreteactionsto open up China.In February, theChinese government releasedplansto relax restrictions onforeign investment and make it easierfor overseascompanies to liston domesticmarkets,which were again welcomedby Europeans.  However,yearsof unfulfilled promises by the ChineseGovernment on economicreformshaveweakened Europeanconfidencein the abilityof Beijing to trulydeliver.The shifting global politicallandscape,slowing growth in Chinaand increasing pressurefrom Europeangovernments may raisethe stakesfor Beijing to open up and preservegoodwill among itskey partners. What does this mean for companies wanting to invest?  It remains to be seen whether thisis the latestsignal of a growing protectionistbacklash against foreign investmentin Europe’smostsensitive industries ormerely the development of a more strategicapproachto protectingspecificsectors.Recent politicalactivitiescertainly indicate substantivepolicychangein thisfield is to be anticipated,althoughany politicalactionwill taketime and unity among EuropeanMember States. ConcernsaroundChineseinvestments are unlikelyto decreasehowever,and may leadto unilateralactionby some countries.  At the sametime, the lack of pan- Europeanactionleadsto the continuationof fragmented national policies.Thismeans foreign investors in Europefacea variety of legislative frameworks and diversepolitical contexts,whichmight make the investmentlandscapemore difficult. EU actionwouldcreatea ‘one-stop- shop’and provideinvestorswith more clarityand more transparencyasto how their investments willbe judged.  In times of politicaland regulatory shiftssuch asthese,whichcan be decisivein drivingmarketoutcomes and determining business environments,the need for clear, concisecommunicationsbetween companiesand their political stakeholders isever important.  For Chinesecompanies lookingto acquirecompaniesin Europe,as much asfor Europeancompanieswelcoming foreign directinvestment,well- plannedstakeholderengagement and communicationscan improvetrust and havea genuine impact onthe potential forthe transactionto succeed: ̶ Understand the context: identifying and understanding the issues that will impact the transaction in the local market and more broadly across Europe is key to anticipate and addressing concerns early in the process. Political considerations can impact a deal as much as financial ones. ̶ Develop a narrative to address these issues: presenting a clear story onthe value of the investment proposed, going beyond the pure financial rationale to explain the benefits to the local economy and society will help mitigate concerns and build political goodwill for the proposed transaction. ̶ Engage the right stakeholders: staying quiet will not keep the deal away from political attention. Building support among relevant stakeholders who can influence perceptions of the company and the proposed transaction will be decisive. Engagement should be sustained throughout the transaction and be adapted toany political developments.  Companies thinkingaboutinvesting in the U.S. should try to situatetheir investmentsin the President’s “AmericaFirst”philosophy. Theyneed to be clearaboutthe rationalefor their transactionand set the right tone from the startby, for example,being able to make a strong,credibleargument aboutthe positiveimpact onU.S.jobs. Thiscan help to manage the external noisethatoften existsaroundCFIUS reviewedtransactionsin the media,on the Hill and among investors.They shouldalsostartto establishearly relationshipswith the Administration – after all,familiaritybreeds trust– by engaging earlyand planning well in advance.
  10. 10. Brunswick Group European climate for foreign investment © Brunswick 2017 | 10 Brunswick Group OfferingatrulyGlobalperspective Brunswick is an advisory firm specializingin critical issues and corporate relations. Aglobal partnership with 24 officesin 14 countries. Founded in 1987, Brunswick hasgrown organically, operating as a single profit centre –allowing usto respond seamlessly to our clients’ needs, wherever theyare in theworld. Ourtrade expertise includes partners across our global network to ensure clients engage with key stakeholders at every level across countries and institutions. Our teams work closely with colleagues worldwide to deliver international intelligence, advice and campaigns.` For more information contact our team UlrichDeupmann Partner, Berlin AlexFinnegan Director, Washington DC Beijingoffice 2605 Twin Towers (East) B12 Jianguomenwai Avenue Beijing, 100022 People’s Republic of China +86 10 5960 8600 beijingoffice@brunswickgroup.com Berlinoffice Taubenstraße 20-22 10117 Berlin Germany +49 30 2067 3360 berlinoffice@brunswickgroup.com Brusselsoffice 27 Avenue des Arts 1040 Brussels Belgium + 32 22 35 65 10 brusselsoffice@brunswickgroup.com Parisoffice 69 Boulevard Haussmann 75008 Paris France +33 1 53 96 83 83 parisoffice@brunswickgroup.com Shanghaioffice Room 2907, United Plaza 1468 Nan Jing Road West Jing’an District Shanghai 200040 People's Republic of China +86 21 6039 6388 shanghaioffice@brunswickgroup.com WashingtonDCoffice 600 Massachusetts Avenue, NW Suite 350 Washington, DC 20001 USA +1 202 393 7337 washingtonoffice@brunswickgroup.com StJohnMoore Partner, Beijing PhilippeBlanchard Managing Partner, Brussels NicolasBouvier Partner, Paris www.brunswickgroup.com Brunswick group contact details

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