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Panmure Gordon (UK) Limited (Registered Office)
40 Gracechurch Street
London EC3V 0BT
+44 (0)20 7886 2500
Member of the London Stock Exchange
Authorised and regulated by the Financial Conduct Authority

Panmure Gordon Securities Limited
40 Gracechurch Street
London EC3V 0BT
+44 (0)20 7886 2500
Member of the Financial Industry Regulatory Authority, Inc. (“FINRA”)
Member of the Securities Investor Protection Corporation (“SIPC”)

Distribution of investment ratings for equity research Guide (return targets may be modified by risk or liquidity issues)
Buy: Total return of >10% in next 12 months
Hold: Total return >-10% and <+10% in next 12 months
Sell: Total return <-10% in next 12 months