Research Disclaimers

Additional Information Regarding Investment Research Issued by The Analyst

This page provides additional information relating to all investment research issued by The Analyst Research LLP ("The Analyst"), which is authorised and regulated by the Financial Conduct Authority ("FCA") of the United Kingdom (registration number 605593).

All investment research issued by The Analyst (collectively and individually referred to as "Research") is subject to, and must be read in conjunction with, this additional information, which supplements the Important Information and Disclaimer set out on the Research.

The remuneration of The Analyst's investment analysts is not tied to investment banking transactions performed by The Analyst or by any company which is a member of The Analyst's corporate group or which is otherwise affiliated to The Analyst (an "Affiliated Company"). The Analyst has not supplied investment banking services to any issuers who were the subject of any Research.

The Analyst, its Affiliated Companies, and their respective members, officers, directors, and employees may have long or short positions in, or may buy or sell any of the securities, derivative instruments or other investments mentioned or described in Research, either as agent or as principal for their own account. In accordance with the firm’s compliance policies, all relevant transactions require the prior written approval of the firm’s Compliance Officer or his delegate. No person may undertake personal transactions in financial instruments to which Research relates, or in any related financial instrument, contrary to the firm’s current recommendations, except in exceptional circumstances and with the prior written approval of the Compliance Officer or his delegate. Controls are in place to ensure compliance with the firm’s policies in this area.

The Analyst currently issues the following research recommendations: Strong Buy, Buy, No Recommendation, and Short. Being assigned a recommendation is determined by an investment's return potential or the likelihood of the realisation of the return. The table below sets out both The Analyst's general definition of each such recommendation and the proportion of recommendations in the last quarter that fell into each category of recommendation:

Recommendation Definition Proportion of total recommendations (as at 23 March 2016)
Strong Buy A stock with significant long-term upside (generally 50-100%+ over a 1-2+ year timeframe). 23%
Buy A stock with considerable upside (generally 20%+) either in the short or long term. 26%
Short A stock with significant downside that The Analyst recommends selling (if already owned) or shorting. 51%

The Analyst and its Affiliated Companies make no representation or warranty in relation to the accuracy, completeness or reliability of the information contained in its Research. Research is not intended to be an exhaustive statement on the financial instruments, issuers, markets or developments referred to in its Research. Any opinions expressed in Research are subject to change without notice. The analysis contained in The Analyst's Research is based on numerous assumptions. Different assumptions could result in materially different results.Save as otherwise disclosed on this page, or in the Important Information and Disclaimer attached to each piece of Research, The Analyst is not aware of any relationships or circumstances relating to it, its Affiliated Companies, its investment analysts, or its other employees, which could reasonably be expected to impair the objectivity of its Research.

Nothing in The Analyst's Research constitutes a representation that any investment strategy or recommendation contained in the Research is suitable or appropriate to a recipient's individual circumstances. The Analyst does not represent or undertake that recipients of The Analyst's Research will obtain profits, nor will it share with such recipients any investment profits, nor accept any liability for any investment losses or tax consequences that they may suffer. Investments in any financial instruments involve risks, and recipients of Research should exercise prudence in making their investment decisions. The Analyst's Research should not be regarded by recipients as a substitute for obtaining independent investment advice and/or the exercise of their own judgement, and is not to be relied upon by recipients. Neither The Analyst nor any of its Affiliated Companies, nor any of their, members, directors, employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of The Analyst's Research.

The investments discussed in Research may fluctuate in price or value. Investors may get back less than they invested. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security or related instrument mentioned in Research. The Analyst's Research does not contain an exhaustive statement of the risks associated with the investments or types of investments referred to in the Research.

Any prices stated in The Analyst's Research are for information purposes only and do not represent valuations for individual securities or other instruments. There is no representation that any transaction can or could have been effected at those prices. Different assumptions, by The Analyst or any other source, may yield substantially different results.

Where Research relates to companies in the financial services sector, recipients should be aware that The Analyst provides equity research and related services to companies within that sector. Any company mentioned in such Research, or an affiliated company thereof, may therefore be a past, current or potential future client of The Analyst and recipients should note that this may theoretically impact on the objectivity of the Research.

Subject to our compliance rules and all applicable laws and regulations the partners and employees of The Analyst may have long or short positions in, or may buy or sell any of the securities, derivative instruments or other investments mentioned or described in Research, either as agent or as principal for their own account. A list of current positions can be found here.

© 2017 The Analyst. THE ANALYST and THE ANALYST logo are trademarks of The Analyst or connected persons.

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