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RESEARCH AND RECOMMENDATION DISCLOSURES

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:

RECOMMENDATIONS

Buy: Redburn argues that the stock price will rise by at least 15% over one year. For high beta stocks the hurdle rate may be commensurately higher.
Sell: Redburn argues that the stock price will be lower in 12 months than it is today.
Neutral: Redburn currently has no strong opinion on the likely movement of this stock price.

RECOMMENDATION DISTRIBUTION

Redburn’s research ratings are currently distributed as follows:
Buy: 42%
Sell: 17%
Neutral: 41%
Redburn does not offer investment banking services to corporates. Hence, none of the ratings relate to issuers to whom we have ever supplied investment banking services.

JOB TITLE

All of Redburn’s Fundamental Research is written by employees whose job title is “Analyst”.

FREQUENCY OF RESEARCH

Redburn has no timetable for the publication of research material. Material is published when an analyst believes a report is warranted.

(2) Recommendations issued by our Salesmen or Sales Traders and communicated by telephone, e mail, Bloomberg IM, Alpha Capture Systems or in person. These recommendations 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. These recommendations are issued whenever we consider it relevant.

CONFLICTS OF INTEREST

Redburn (Europe) Limited’s Conflicts of Interest Policy is set out in Regulatory Information at www.redburn.com.

Redburn (Europe) Limited:

  • never owns positions in shares exceeding 0.5% of the issued share capital of a company on which we issue research (“Covered Company”)*;
  • has no shareholder which is a Covered Company;
  • is not itself, nor is it the holding company or a subsidiary of, a company which:
    –   is a market maker or liquidity provider in the financial instruments of a Covered Company;
    –   has ever been involved in a public issue of financial instruments of a Covered Company;
    –   is not a party to an agreement with a Covered Company relating to the provision of services as set out in Sections A and B of Annex I of Directive 2014/65/EU;
    –   is party to an agreement with the Covered Company relating to the production of the research; and
    –   has employees whose remuneration is linked to the provision of services as set out in Sections A and B of Annex I of Directive 2014/65/EU or who would receive or purchase the shares of a Covered Company to which the research relates prior to the public offering of such shares.

IDEAS

IDEAS is a systematic, data-based service for our clients to help them outperform equity markets through active stock and sector selection. Such information is not a recommendation for the purpose of MAR. Our clients can find further information on the methodology behind Ideas at www.redburnideas.com.

LIST OF RECOMMENDATIONS

Clients can request a list of research recommendations made to them in the period from 3 July 2016 by sending a request to ukcompliance@redburn.com.

* Positions in shares only arise as a result of our failure to match our client’s orders precisely.