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Disclosures Legend

1. The author of, or an individual who assisted in the preparation of, this research (or a member of his/her household), or a person who although not involved in the preparation of the report had or could reasonably be expected to have had access to the substance of the report prior to its dissemination, has a direct ownership position in securities issued by this company.

2. SCM and the company to whom this research relates have agreed that SCM may produce and disseminate non independent research as a service to the company and SCM may receive remuneration for such a service.

3. SCM acts as a market maker or liquidity provider in relation to securities issued by this company.

4. As at the end of the month immediately preceding the date of publication of the research report SCM beneficially owned 5% or more of a class of common equity securities or held a material non-equity financial interest in this company.

5. As at the end of the month immediately preceding the date of publication of the research report the company to whom this research relates or its affiliates beneficially owned 5% or more of the total issued share capital of SCM.

6. SCM has received compensation from this company for the provision of investment banking or financial advisory services within the previous twelve months.

7. SCM has been lead manager or co-lead manager in a public offering of the company’s financial instruments during the last twelve months.

8. Those person (s) identified as the author(s) of this research, or any individual directly involved in the preparation  of this research, have purchased/received shares in the relevant company prior to the public offering of those shares, and such person’s name and details are disclosed above.

9. The author of, or an individual who assisted in the preparation of, this research (or a member of his/her household or associates) is an officer, director or advisory board member of the company.

10. An employee or director of SCM serves on the board of directors of this company.

11. SCM acts as a corporate broker to this company.

12. SCM acts as nominated adviser or as a sponsor to the Company in the UK.

SCM does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that SCM may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.

This research report has been published and distributed in accordance with SCM's Conflicts of Interest policy.