Research Disclaimer

Research Disclaimer

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This communication has been issued in the UK 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.

This report has been prepared by its author(s) as non-impartial research in relation to Company (the "Company"), as such that it is inappropriate to characterise it as independent investment research, as it has not been prepared in accordance with UK legal requirements designed to promote the independence of investment research. Therefore, even if it contains a research recommendation, it should be treated as a marketing communication.

The individuals who prepared this communication may be involved in providing other financial services to the company or companies referenced herein or to other companies who might be said to be competitors of the company or companies referenced herein. As a result, both Liberum Capital Limited (“LCL”) and the individual employees who prepared this communication may have responsibilities that conflict with the interests of the persons who receive this communication and information may be known to LCL or persons connected with it which is not reflected in this communication.

LCL has put in place procedures, systems and controls to identify, to prevent (where this is possible) conflicts of interest and also has a conflicts management policy relating to its research and marketing communication activities, which is available on its website, In addition, a list of items which could create a conflict of interest and other material interests in relation to research material is set out on LCL’s website (see “Disclosures” below).

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, projections, forecasts and estimates constitute a judgment and are those of the author and the research department of LCL only, and should not be relied upon and are subject to change without notice. The content of this communication may have been disclosed to the company referenced herein prior to dissemination in order to verify factual accuracy, however the Company takes no responsibility for the accuracy or otherwise of any opinion, projection, forecast or estimate contained within this report.

While LCL endeavours to update its research reports from time to time it is under no obligation to do so. LCL shall not be liable for any direct or indirect damages, including lost profits, arising in any way from use of all or any of the information contained in this communication.

LCL may have issued other reports or communications that are inconsistent with and reach different conclusions from, the information contained in this communications. Those communications reflect the different assumptions, views and analytical methods of the individuals that prepared them.

This communication is not guaranteed to be a complete statement or summary of any securities, markets, reports or developments referred to therein.

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 is provided with the understanding that LCL is not acting in a fiduciary capacity and it is not a personal recommendation to you.

The investments discussed in this communication may not be eligible for sale in some states or countries and may not be suitable for all investors.

Investors should make their own investment decisions based upon their own financial objectives and financial resources and, if in any doubt, should seek advice from an investment advisor.

Past performance is not necessarily a guide to future performance. The stated price of any securities mentioned herein will generally be as at the end of the business day immediately prior to the publication date on this communication unless otherwise stated and is not a representative that any transaction can be effected at this price.

This communication is confidential and may not be re-distributed, retransmitted or disclosed, in whole or in part, or in any manner, without the express written consent of LCL.

For more information on models, please contact the Analyst.

In the United Kingdom
This communication is for the use of (a) Professional Clients and Eligible Counterparties (such terms as defined by the rules of the FCA) of LCL and (b) other persons who are not clients of LCL who have expressed interest in receiving it and who are investment professionals (persons having professional experience in matters relating to investments, as defined in Article 19(5) or Article 49(2)(a) to (d) (high net worth companies, unincorporated associations etc) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 (as amended) and any other persons to whom this communication for the purposes of sections 21 of the Financial Services and Markets Act 2000 can otherwise lawfully be communicated).

For the purpose of clarity, this communication is not intended for and should not be relied upon by Retail Clients (as defined by the rules of the Financial Conduct Authority).

The content includes data provided by FTSE International Limited (“FTSE”) © FTSE 2013. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE under licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and / or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE data is permitted without FTSE’s express written consent.

For EU investors
This communication is being distributed to and is directed only at persons in member states of the European Economic Area ("EEA") who are "qualified investors" within the meaning of article 2(1)(e) of the prospectus directive (directive 2003/71/EC and any amendments thereto (including directive 2010/73/EU to the extent implemented in the relevant EEA member state) and any relevant implementing measures in each relevant EEA member state) ("qualified investors"). Any person in the EEA who receives this communication will be deemed to have represented and agreed that it is a qualified investor. Any such recipient will also be deemed to have represented and agreed that it has not received this communication on behalf of persons in the EEA other than qualified investors or persons in the United Kingdom and other member states (where equivalent legislation exists) for whom the investor has authority to make decisions on a wholly discretionary basis. LCL and its affiliates, will rely upon the truth and accuracy of the foregoing representations and agreements. Any person in the EEA who is not a qualified investor should not act or rely on this communication or any of its contents.

For US Investors
Analyst Certification: The analyst(s) who prepared this report hereby certifies that all of the views expressed in this report accurately reflect his / her personal views about the subject securities or issuers. No part of his/her compensation was, is, or will be directly or indirectly related to the inclusion of specific recommendations or views in this report.

The analyst(s) responsible for preparing research report received compensation that is based upon various factors, including total revenues of Liberum Inc. and its affiliates, a portion of which are or have been generated by investment banking activities of Liberum Inc. and its affiliates. LCL may make a market in the securities of the issuer and may act as principal with regard to sales and purchases of this security.

Any U.S. recipient of this report that is not a registered brokerdealer or a bank acting in a broker or dealer capacity and that wishes further information regarding, or to effect any transaction in, any of the securities discussed in this report, should contact and place orders with Liberum Inc.

For Canadian Investors
This information is not, and under no circumstances is to be construed as, an advertisement or a public offering of the securities described herein in Canada or any province or territory thereof. Under no circumstances is this information to be construed as an offer to sell securities or as a solicitation of an offer to buy securities in any jurisdiction of Canada. Any offer or sale of the securities described herein in Canada will be made only under an exemption from the requirements to file a prospectus with the relevant Canadian securities regulators and only by a dealer properly registered under applicable securities laws or, alternatively, pursuant to an exemption from the registration requirement in the relevant province or territory of Canada in which such offer or sale is made. This information is not, and under no circumstances is it to be construed as, a prospectus, an offering memorandum, an advertisement or a public offering of any securities in Canada. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon these materials, the information contained herein or the merits of the securities described herein and any representation to the contrary is an offence. If you are located in Canada, this information has been made available to you based on your representation that you are an “accredited investor” as such term is defined in National Instrument 45-106 Prospectus Exemptions and a “permitted client” as such term is defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Under no circumstances is the information contained herein to be construed as investment advice in any province or territory of Canada nor should it be construed as being tailored to the needs of the recipient. Canadian recipients are advised that Liberum Capital Inc., its affiliates and its authorized agents are not responsible for, nor do they accept, any liability whatsoever for any direct or consequential loss arising from any use of this research report or the information contained herein.

For Swiss Investors
This publication is intended to be distributed to professional investors in circumstances such that there is no public offer. This publication does not constitute a prospectus within the meaning of Articles 652a and 1156 of the Swiss Code of Obligations.

Other countries
Laws and regulations of other countries may also restrict the distribution of this report. Persons in possession of this communication should inform themselves about possible legal restrictions and observe accordingly.

Please refer to for regulatory disclosures.

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