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This communication has been produced and completed by Research Partners AG and is being distributed by Liberum Capital Limited and/or its affiliates outside of Switzerland on the date provided on the front of this report. Research Partners AG is incorporated in and operates under the laws of Switzerland with registered address Hottingerstrasse 12, CH-8032 Zurich (CHE-378.873.866). Liberum Capital Limited (“LCL”) is authorised and regulated by the Financial Conduct Authority (the “FCA”) (firm reference number 465050) and is a member of the London Stock Exchange with registered address Ropemaker Place, 25 Ropemaker Street, London EC2Y 9LY with telephone number 020 3100 2000.
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For EU Investors
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For US Investors
This communication is a marketing communication and has been prepared by Research Partners AG and distributed by LCL and/or its affiliates. Liberum Capital Inc. is a U.S. registered broker-dealer and an affiliate of LCL. This communication is distributed solely to persons who qualify as “Major U.S. Institutional Investors” or “U.S. Institutional Investors” as defined in Rule 15a-6 under the Securities and Exchange Act of 1934. This communication is only for those Major U.S. Institutional Investors and U.S. Institutional Investors whose ordinary business activities involve investing in shares, bonds, and associated securities and/or derivative securities and who have professional experience in such investments. Any person who is not a U.S. Institutional Investor or Major U.S. Institutional Investor must not rely on this communication. The delivery of this research communication to any person in the United States of America is not a recommendation to affect any transactions in the securities discussed herein, nor an endorsement of any opinion expressed herein. Liberum Capital Inc, is a FINRA/SIPC member and is regulated by the Securities and Exchange Commission and takes responsibility for the content of this communication. Any U.S. recipient of this communication that is not a registered broker-dealer or a bank acting in a broker or dealer capacity and that wishes further information regarding the securities or to place an order in any of the above-mentioned securities please contact a registered representative of Liberum Capital Inc. or any other registered broker-dealer. The analyst(s) preparing this report is an employee of Research Partners AG and is resident outside of the United States and is not an associated person(s) or employee(s) of LCL or its affiliates or any U.S. registered broker-dealer.
Analyst Certification: The analyst(s) who prepared this communication hereby certifies that all of the views expressed in this communication 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 communication. Research analysts, and their households, are prohibited from dealing in the securities of a company which they cover in any manner. LCL may make a market in the securities mentioned in the communication and may act as principal with regard to sales and purchases of this security. LCL may have managed or co-managed a public offering of any of the securities mentioned in the past 12 months. LCL may have received compensation for investment banking services from any of the companies mentioned in the past 12 months. LCL may receive compensation for investment banking services from any of the companies mentioned within the next 3 months.
Liberum Capital Inc. does not make a market on other securities mentioned in the communication. Liberum Capital Inc. has not managed or co-managed a public offering of any of the securities mentioned in the past 12 months. Liberum Capital Inc. has not received compensation for investment banking services from any of the companies mentioned in the past 12 months. Liberum Capital Inc. neither expects to receive nor intends to seek compensation for investment banking services from any of the companies mentioned within the next 3 months.
For Canadian Investors
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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.
For Australian Investors
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