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Regulatory Statement

Notice for UK recipients
This research product is designed for professional investor clients only. This report has been issued by ACF Equity Research [ACF]. ACF is regulated by the Financial Conduct Authority [FCA] but ACF does not give investment advice. However ACF conducts its business to match the highest regulatory standards available as its minimum internal standard and we believe ACF operates at a higher level of transparency than the FCA legislates is necessary. ACF believes that it is the portfolio/fund/money manager that is best placed to make investment decisions. ACF research is designed strictly for professional investors only as defined by MiFID and the Financial Conduct Authority (“FCA”). This research product is solely for the information of the addressee only and is not an offer, or solicitation of an offer, to sell, or buy, any securities or any derivative instruments or any other rights pertaining thereto. The information in this report has been compiled from sources believed to be reliable but neither ACF Equity Research, nor any of its officers or employees makes any representations as to its accuracy or completeness. Any opinions, forecasts or estimates herein constitute a judgement, as at the date of this report, that is subject to change without notice. This report does not have regard to the specific instrument objectives, financial situation and the particular needs of any specific person who may receive this report. ACF Equity Research may have disseminated information contained in this report prior to its publication.

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Notice for US recipients
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