Liberum

This communication is provided for information purposes only and should not be regarded as an offer or solicitation to buy or sell any security or other financial instrument.  This communication has no regard for the specific investment objectives, financial situation and needs of any specific person or entity. LCL and/or its officers, directors and employees may have or take positions in securities of companies mentioned in this communication (or in any related investment) and may from time to time dispose of any such positions and may also provide corporate finance or underwriting services for or relating to those companies, for which it is remunerated.  LCL analysts, including the author of this report, receive compensation based on a number of factors including the quality of research, client feedback, firm profitability and normal competitive factors.  This communication is based on materials and sources that are believed to be reliable; however, they are not independently verified and are not guaranteed as being accurate. All expressions of opinions and estimates constitute a judgement and are those of the author and the research department of LCL only and are subject to change without notice.

This communication is not guaranteed to be a complete statement or summary of any securities, markets, reports or developments referred to therein and no representation or warranty either expressed or implied, is made nor responsibility of any kind is accepted by LCL, its directors, officers, employees or agents either as to the accuracy or completeness of any information contained in this communication nor should it be relied on as such.

This communication has been issued by Liberum Capital Limited (LCL) which is authorised and regulated by the Financial Conduct Authority ("FCA") and is a member of The London Stock Exchange PLC. The registered address of Liberum Capital Limited is Ropemaker Place, 25 Ropemaker Street, London EC2Y 9LY. Telephone: 020 3100 2000.