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Terms & Conditions

Hardman Research Ltd, trading as Hardman & Co, is an appointed representative of Capital Markets Strategy Ltd which is authorised and regulated by the Financial Conduct Authority under registration number 600843. Hardman Research Ltd is registered at Companies House with number 8256259.

Hardman & Co provides professional independent research services and the company covered in this note pays us a set fee in order for this research to be made available. The conclusions and opinions expressed in this report reflect the views of the analysts named on the front page. Whilst every reasonable effort has been made to ensure that the information in the research is correct, this cannot be guaranteed. The report is intended to be clear, fair and not misleading.

Hardman & Co has a personal dealing policy which debars staff and consultants from dealing in shares, bonds or other related instruments of companies which pay Hardman for any services, including research. They may be allowed to hold such securities if they were owned prior to joining Hardman or if they were held before the company appointed Hardman. In such cases sales will only be allowed in limited circumstances, generally in the two weeks following publication of figures.

Hardman & Co does not buy or sell shares, either for its own account or for other parties and neither does it undertake investment business. We may provide investment banking services to corporate clients.

Hardman & Co does not make recommendations. Accordingly we do not publish records of our past recommendations. Where a Fair Value price is given in a research note this is the theoretical result of a study of a range of possible outcomes, and not a forecast of a likely share price. Hardman & Co may publish further notes on these securities/companies but has no scheduled commitment and may cease to follow these securities/companies without notice.

This research is provided for the use of the professional investment community, market counterparties and sophisticated and high net worth investors as defined in the rules of the regulatory bodies. It is not intended to be made available to unsophisticated or retail investors. Anyone who is unsure of their categorisation should consult their professional advisors.

This research is neither an offer, nor a solicitation, to buy or sell any security. Past performance of a security is not necessarily a guide to the future and the price of shares and bonds, and the income derived from them, may fall as well as rise and the amount realised may be less than the original sum invested. Shares quoted on the Alternative Investment Market (AIM) are subject to a lighter regulatory regime than those on the main market and may, thus, be subject to more risk. Furthermore AIM shares may not be as marketable as those on the main market.

In some cases research is only issued electronically, whilst in other cases printed research will be received by those on our distribution lists later than those subscribing to research electronically. This report may not be reproduced in whole or in part without prior permission from Hardman & Co.