Important Information and Disclaimers

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5 Imprtant Infrmatin and Disclaimers The accmpanying dcuments have been prepared and issued by The Analyst Research LLP ( The Analyst ). The Analyst is a limited liability partnership authrised and regulated by the Financial Cnduct Authrity ("FCA") f the United Kingdm (firm reference number ) and registered as an investment adviser in the United States f America by the U.S. Securities and Exchange Cmmissin (registratin number ). Registered ffice: Arthur Huse, Chrltn Street, Manchester, M1 3FH. Trading address: 35 Bedfrd Rad, Lndn, SW4 7EF. THE ACCOMPANYING DOCUMENTS ARE MARKETING COMMUNICATIONS. The dcuments are nt independent investment research, and have nt been prepared in accrdance with legal requirements designed t prmte the independence f investment research and, in prducing these dcuments, The Analyst is nt, and has nt been, subject t any prhibitin n dealing ahead f the disseminatin f these dcuments. The accmpanying dcuments are intended nly t prmte the investment research and related advisry services f The Analyst, by using examples and case-studies t give ptential clients f The Analyst a sample f The Analyst s investment research services and hw such services will be prvided. The examples used may be actual investment research issued previusly and/r research in relatin t hypthetical situatins. WITHOUT PREJUDICE TO THE FOREGOING, THESE MARKETING DOCUMENTS DO NOT RECOMMEND OR SUGGEST ANY INVESTMENT STRATEGY, DO NOT EXPRESS A CURRENT INVESTMENT RECOMMENDATION, DO NOT EXPRESS THE VIEWS OF THE ANALYST AS TO THE CURRENT OR FUTURE PRICE OF ANY INVESTMENT, AND MUST NOT BE TREATED AS DOING SO BY RECIPIENTS OF THIS DOCUMENT. The accmpanying dcuments are issued by The Analyst nly t and/r are directed nly at (and The Analyst s services will be made available nly t) persns wh are prfessinal clients r eligible cunterparties (as defined in the rules f the FCA). Persns f any ther descriptin (including, withut limitatin, persns wh are retail clients fr the purpses f the FCA Rules) must nt act r rely n this material, and the services f The Analyst will nt be available t such persns. All cntent within these marketing dcuments (including text, trademarks, illustratins, phtgraphs, graphics, designs, arrangements etc.) are prtected by cpyright and ther prtective laws. The marketing dcuments shuld nt be passed n, duplicated nr reprduced in whle r in part under any circumstances withut The Analyst s express written cnsent. The infrmatin in the accmpanying dcuments is prvided fr infrmatin purpses nly and is nt cmprehensive. These accmpanying dcuments are nt directed t, r intended fr distributin t r use by, any persn r entity wh is a citizen r resident f r lcated in any lcality, state, cuntry r ther jurisdictin where such distributin, publicatin, availability r use wuld be cntrary t law r regulatin which wuld subject The Analyst t any registratin r licensing requirement within such jurisdictin. The financial instruments described in these accmpanying dcuments research may nt be eligible fr sale in all jurisdictins r t certain categries f investrs. The Analyst gives n undertaking that it will update any f the infrmatin, data and pinins in this dcument. The Analyst may at its discretin decide t prvide yu with further data r material, but makes n representatin that such further data r material will be calculated r prduced n the same basis, r in the same frmat, as this material. The Analyst s methdlgy fr determining valuatins and price targets may include, but are nt restricted t, the fllwing methdlgies: analyses f market risk, grwth rate, revenue stream, discunted cash flw ( DCF ), earnings befre interest, tax, depreciatin and amrtisatin ( EBITDA ), earnings per share ( EPS ), cash flw ( CF ), free cash flw ( FCF ), enterprise value ( EV )/EBITDA, price-earnings rati ( PE ), PE/grwth, price/cf, price/fcf, premium (discunt)/average grup EV/EBITDA, premium (discunt)/average grup PE, sum-f-the-parts ( SOTP ), net asset value ( NAV ), dividend returns and return n equity ( ROE ). The investments described in the accmpanying dcuments place an investr s capital at risk (i.e. an investr might lse sme r all f the amunt invested). Past perfrmance is nt necessarily a guide t future perfrmance and an investr may nt get back the amunt riginally invested. The price, value f, and incme frm, any f the financial instruments mentined can rise as well as fall and may be affected by changes in ecnmic, financial and plitical factrs. The accmpanying dcuments d nt seek t prvide an exhaustive statement f the risks assciated with the investments r types f investments referred t. All infrmatin is prvided AS IS with n warranties, and cnfers n rights. If a financial instrument is denminated in a currency ther than the investr's hme currency, a change in exchange rates may adversely affect the price f, value f, r incme derived frm the financial instrument described in this reprt. In additin, investrs in securities such as American Depsitary Receipts ( ADR s), whse values are affected by the currency f the underlying security, effectively assume currency risk. Please nte that in particular the bases and levels f taxatin may change. Any prices stated in this research are fr infrmatin purpses nly and d nt represent valuatins fr individual securities r ther instruments. There is n representatin that any transactin can r culd have been effected at thse prices. Different assumptins, made by The Analyst r any ther surce, may yield substantially different results. The accmpanying dcuments are intended t be fr infrmatin and marketing purpses nly and are nt intended t cnstitute, and shuld nt be cnstrued as, investment advice. These dcuments have n regard fr the specific investment bjectives, financial situatin r needs f any persn. Recipients f these dcuments shuld seek their wn independent financial advice. They are nt and shuld nt be cnstrued as a recmmendatin, ffer r slicitatin fr the purchase r sale f any financial instrument. N liability is accepted by The Analyst fr the reliability, accuracy r cmpleteness f such infrmatin. In n event will The Analyst be liable t any persn fr any direct, indirect, special r cnsequential lsses r damages f any kind arising ut f any use f r reliance n the infrmatin in the accmpanying dcuments, including withut limitatin, any lss f prfit, business interruptin, lss f prgrams r data n yur equipment r therwise. This des nt exclude r restrict any duty r liability that The Analyst has t its custmers under the relevant regulatry systems. TheAnalyst.c.uk