This document has been issued in the UK by Singer Capital Markets Securities Limited (SCM) which is authorised and regulated by the Financial Conduct Authority (“FCA”) and is a member of The London Stock Exchange PLC. This report has been prepared by its author(s) as non-impartial research in relation to Company (the “Company”), and is provided for background information only.

For the purposes of the Conflicts of Interest disclosures below reference to Singer Capital Markets (“SCM”) should be taken as meaning Singer Capital Markets Securities Limited and Singer Capital Markets Advisory LLP as applicable, authorised and regulated by the Financial Conduct Authority.

The analyst(s) responsible for preparing this research report or sections of this report, in whole or in part, hereby certify/ies that, with respect to any and all of the securities or issuers that the analyst(s) cover(s) in this report, the views expressed in this report accurately reflect the individual research analyst’s personal views. In addition, no part of the research analyst’s compensation was, is, or will be directly or indirectly, related to the specific recommendations or view expressed in this report or summary.

1. The analyst, connected person, or person involved in the preparation of this report has a position in securities issued by this company.
2. SCM has created this research as a paid for service, and as such it is classified as issuer sponsored research.
3. SCM acts as a market maker or liquidity provider in relation to securities issued by this company.
4. SCM has a proprietary holding of 5% or more of the securities issued by this company.
5. The company to which this research relates owns 5% or more of the share capital in SCM.
6. SCM owns a net long or short position exceeding the threshold of 0.5% of the total issued share capital of the issuer.
7. SCM has been lead manager or co-lead manager over the previous 12 months of any publicly disclosed offer of securities of the company or in any related derivatives.
8. SCM is party to an agreement with the issuer and has received compensation from the company for the provision of investment banking or financial advisory services within the previous 12 months.
9. The analyst, connected person, or person involved in the preparation of this report 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.

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.

SCM utilises the following ratings system for stocks under formal coverage:

Target prices and recommendations are based on analyst expectations of total return over the next 12 months.

Buy, Hold, Sell (see definitions below):

BUY is +10% or above expected total return over the next 12 months.

HOLD is between 0% and +10% expected total return over the next 12 months.

SELL is less than 0% expected total return over the next 12 months.

UNDER REVIEW – a temporary situation, usually less than 24 hours, to flag there is likely to be a change to numbers and/ or recommendation pending further clarification.

CORPORATE – Singer does not currently have forecasts in place for this company.

CORPORATE (INVESTMENT FUNDS) – Singer does not provide a target price of recommendation for Investment Funds stocks.

Temporary movements by stocks across the boundaries of these categories due to share price volatility will not necessarily trigger a recommendation change.

Where applicable CP means Current Price, TP means Target Price, and TR means Total Return.

The valuation methodology used may vary from stock to stock and from analyst to analyst. As a result, the relevant valuation methodology will be stated within the body of the relevant research. These methods are all based on generally accepted industry practices. Any valuation is dependent upon the subjective opinion of the analyst carrying out the valuation.

Our research is primarily event driven and as a result, there is no planned frequency for updates and rather updates will be published as and when the analyst believes there is a reason to publish.