Dear all,

I hope you are well.

Further to our analysis on the ongoing UK-EU trade talks (see here) please see attached our slide deck covering the key issues along with their political and economic implications.

If you would like the recording of a presentation by Holger and myself on the current state of the talks, or would like to discuss these and other economic issues, please get in touch.

Kind regards,

Kallum Pickering

Senior Economist

+44 20 3465 2672

kallum.pickering@berenberg.com

Holger Schmieding

Chief Economist

+44 20 3207 7889

holger.schmieding@berenberg.com

For Berenberg the protection of your data has always been a top priority. Please find information on the processing of personal data here.

Any e-mail message (including any attachment) sent by Berenberg, any of its subsidiaries or any of their employees is strictly confidential and may contain information that is privileged or exempt from disclosure under applicable law. If you have received such message(s) by mistake please notify the sender by return e-mail. We ask you to delete that message (including any attachments) thereafter from your system. Any unauthorised use or dissemination of that message in whole or in part (including any attachment) is strictly prohibited. Please also note that any legally binding representation needs to be signed by two authorised signatories. Therefore we do not send legally binding representations via e-mail. Furthermore we do not accept any legally binding representation and/or instruction(s) via e-mail. In the event of any technical difficulty with any e-mails received from us, please contact the sender or info@berenberg.com. Deutscher disclaimer.