Panmure Gordon & Co

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This document has been produced by LiquidMetrix for Panmure Gordon (UK) Limited ("Panmure Gordon") which is authorised and regulated in the United Kingdom by the Financial Conduct Authority. This presentation has been prepared from publicly available information, internally developed data and other sources believed to be reliable. No representation, warranty or undertaking (express or implied) is given and no responsibility is accepted by Panmure Gordon, or by any of its officers, employees or agents for the completeness or accuracy of any information contained in, or of any omissions from, this presentation or any supplementary information made available to any interested party or its advisers, and any liability in respect of such information or omissions is hereby expressly disclaimed. Neither this presentation nor any part of it constitutes an offer, invitation or recommendation to buy, sell, subscribe for or issue any securities or a solicitation of any such offer or invitation and shall not form the basis of any contract with Panmure Gordon. Opinions expressed herein are subject to change without notice. In providing this presentation, Panmure Gordon undertakes no obligation to provide the recipient with access to any further information or to correct any inaccuracies or omissions which may become apparent. Panmure Gordon, its associated companies, its connected companies, and its and their officers, employees and agents may own or have positions in securities of companies or issuers mentioned therein and may also seek to provide financial advisory, banking and other services for any such companies or issuers. This presentation and its content are confidential and should not be distributed, published or reproduced (in whole or in part) and are intended for the use of the recipient only. Any other person or persons who receive a copy of this presentation should not act upon it and Panmure Gordon accepts no liability or responsibility whatsoever for any actions taken by such persons in reliance on this publication. By accepting this document, you agree to be bound by the foregoing limitations. Panmure Gordon (UK) Limited Member of the London Stock Exchange Authorised and regulated by the Financial Conduct Authority