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Website Disclosures – MAR Recommendations

Redburn (Europe) Limited (“Redburn”) issues two types of “recommendation” falling within the definition of investment recommendation set out in Article 3(35) of the Market Abuse Regulation (EU 596/2014) (“MAR”). These are:

(1) Independent research and additional notes and updates issued by our analysts on companies which we cover on an on-going basis. Further information on such research can be found in Regulatory Information at www.redburn.com.

(2) Recommendations issued by our Salesmen or Sales Traders and communicated by telephone, e mail, Bloomberg IM, Alpha Capture Systems or in person. This note provides the regulatory information required by MAR in respect of these recommendations.

Recommendations made by our Salesmen and Sales Traders are essentially marketing communications. They are valid only at the time they are made and are subject to change without notice. They are based on the provider’s view of company news or research published by Redburn analysts. In the latter case, they are not considered to be a new recommendation but a reiteration of our published research. We have no schedule for issuing recommendations and they are issued whenever we consider it relevant.

Redburn’s business consists of agency stockbroking in European stocks and the issue of independent research on such stocks. It has no conflicts of interest in relation to its research or recommendations since it has no corporate finance, capital markets or other fund raising activities, no corporate broking activities and it does not trade for its own account.

Clients can request a copy of all recommendations made to them in the period from 3 July 2016 on application to ukcompliance@redburn.com.