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Please note the above is a sales view only unless specified otherwise. Non-research queries should be directed to your usual sales contact and research specific queries the relevant Analyst/s.All of the information contained herein has been prepared by an Employee of Panmure Gordon (UK) Limited who is a sales person. The opinion expressed is personal to the author and may not reflect the opinions of Panmure Gordon. This communication should not be regarded as investment research and may contain opinions which are different from Panmure Gordon research opinions.

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Analyst Certification. Each of the analysts identified in this report certifies, with respect to the companies or securities that the individual analyses, that (1) the views expressed in this report reflect his or her personal views about all of the subject companies and securities and (2) no part of his or her compensation was, is or will be directly or indirectly dependent on the specific recommendations or views expressed in this report. Please bear in mind that (i) Panmure Gordon (UK) Limited is the employer of the research analyst(s) responsible for the content of this report and (ii) research analysts preparing this report are resident outside the United States and are not associated persons of any US regulated broker-dealer and that therefore the analyst(s) is/are not subject to supervision by a US broker-dealer, and are not required to satisfy the regulatory licensing requirements of FINRA or required to otherwise comply with US rules or regulations regarding, among other things, communications with a subject company, public appearances and trading securities held by a research analyst account.

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