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REGULATORY DISCLOSURES – The following applies to all of our research reports.

This report has been issued by Redburn (Europe) Limited or one of its affiliates (‘Redburn’), authorised and regulated by the Financial Conduct Authority and is intended for use by professional and business investors only. It is solely for the information of the addressee only and is not an offer, or solicitation of an offer, to sell, or buy, any securities or any derivative instruments or any other rights pertaining thereto. The information in this report has been compiled from sources believed to be reliable but neither Redburn, nor any of its officers or employees makes any representations as to its accuracy or completeness. Any opinions, forecasts or estimates herein constitute a judgement, as at the date of this report, that is subject to change without notice. This report does not have regard to the specific instrument objectives, financial situation and the particular needs of any specific person who may receive this report. Redburn may have disseminated information contained in this report prior to its publication.

Notice for US recipients:

This report is not intended for use or distribution to US corporations that do not meet the definition of a major US institutional investor in the United States or for use by any citizen or resident of the United States.

Redburn (Europe) Limited, its affiliates, and its research analysts, are not members of the Financial Industry Regulatory Authority and are not subject to the FINRA Rules on Research Analysts and Research Reports and the attendant restrictions and required disclosures required by that rule. Redburn (Europe) Limited is a correspondent of Redburn (USA) LLC. All US persons receiving this report and wishing to buy or sell the securities discussed herein should do so through a representative of Redburn (USA) LLC. Redburn (USA) LLC and its affiliates: do not own any class of equity securities issued by any of the companies discussed in this report; have not received, and do not intend to receive, any investment banking compensation from any of the issuers discussed in this report; and, have not acted as manager, or co-manager, of any public offering of securities issued by any of the companies discussed in this report. Neither Redburn (USA) LLC, nor any of its officers, own options, rights or warrants to purchase any of the securities of the issuers whose securities are discussed in this report. Neither Redburn (Europe) Limited, nor Redburn (USA) LLC, make a market in any securities, and do not stand ready to buy from or sell to any customers, as principal, any of the securities discussed in this report.

Where we reference a source as FTSE, the following disclosure is relevant:

“Source: FTSE International Limited (“FTSE”) © FTSE 2018. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data and no party may rely on any FTSE indices, ratings and/or data underlying data contained in this communication. No further distribution of FTSE Data is permitted without FTSE’s express written consent. FTSE does not promote, sponsor or endorse the content of this communication.”


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:


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.


Redburn’s research ratings are currently distributed as follows:

Buy: 40%

Sell: 10%

Neutral: 50%


Redburn may offer investment banking services to the covered issuer. Should this be the case, information about the nature of the service provided and the relationship between the corporate and Redburn will be disclosed at the end of the research report.

In addition, the analyst in charge of the production of this research report may receive a remuneration based upon various factors including overall firm revenues, capturing investment banking activities.


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


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


  • may own 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;
  • may not be itself, nor be it the holding company or a subsidiary of, a company which:
  • may itself, or its holding company or a subsidiary of, a company which:
    • may be a market maker or liquidity provider in the financial instruments of a Covered Company;
    • may be lead manager or co-lead manager over the previous 12 months of any publicly disclosed offer of financial instruments of a Covered Company;
    • may be 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;
    • may be party to an agreement with the Covered Company relating to the production of the research; and
    • may have 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.

(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 and have not been prepared in accordance with requirements to promote the independence of research . 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.

Unless otherwise specifically stated, any views or opinions expressed herein are solely those of the individual author and/or the specific Sales and Trading area from which it originates and may differ from the views or opinions expressed by other areas of Redburn, including the Research Department.

Redburn is not an investment advisor. No investment decision should be made in reliance on such material, which is condensed and incomplete, does not include all risk factors or other matters that may be material, does not take into account individual investment objectives, financial conditions, or needs, and is not a personal recommendation or investment advice or a basis to consider Redburn to be a fiduciary or municipal or other type of advisor. Nothing in this material should be construed as investment, tax, legal, accounting, regulatory or other advice or as creating a fiduciary relationship.


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


Clients can request a list of research recommendations made to them in the last 12 months by sending a request to