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This document is not independent and should not be relied on as an impartial or objective assessment of its subject matter. Given the foregoing this document is deemed to be a marketing communication and as such has not been prepared in accordance with legal requirements designed to promote the independence of investment research and FDC is not subject to any prohibition on dealing ahead of the dissemination of this document as it would be if it were independent investment research.

The research analyst is primarily responsible for the content of the research document. He/she certifies that all views expressed accords with his/her personal views about the issuer or securities covered in the research document. The contents are based upon sources of information believed to be reliable but no warranty or representation, expressed or implied, is given as to their accuracy or completeness. Any opinion reflects our judgement at the date of publication and neither FDC, nor any of its affiliated or associated companies, nor any of their directors or employees accepts any responsibility in respect of the information or recommendations contained herein which, moreover, are subject to change without notice.

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Please note that unless otherwise stated, the share price used in this publication is taken at the close of business for the previous business day.