Regulatory disclosures

Redburn (Europe) Limited is authorised and regulated by the Financial Conduct Authority (“FCA) and is registered as an investment adviser with the Securities and Exchange Commission (“SEC”). Redburn (Europe) Limited and its two subsidiaries, Redburn (USA) LLC and Redburn (France) SA (together, “Redburn Atlantic”) are members of the Rothschild & Co group (“R&Co.”). Redburn (USA) LLC is registered with the SEC and is a member of the Financial Industry Regulatory Authority (“FINRA”) and the Securities Investor Protection Corporation (“SIPC”). Redburn (France) SA is an investment firm authorised and regulated by the Autorité de Contrôle Prudentiel et de Résolution (“ACPR”) and the Autorité des marchés financiers (“AMF”).

All Redburn Atlantic products and services are intended for Professional Clients and Eligible Counterparties only. The information used to create or provide Redburn Atlantic’s products and services has been compiled from sources believed to be reliable, however, neither Redburn Atlantic nor any of its officers or employees, make any representations or warranties as to its accuracy or completeness. Any opinions, forecasts or estimates issued by Redburn Atlantic constitute a judgement, as at the date of issuance, that is subject to change without notice and Redburn Atlantic has no obligation to update those opinions, forecasts or estimates. The recipient agrees that Redburn Atlantic shall have no liability for any misstatement or omission or fact or any opinion expressed, nor for the consequences of any reliance upon any statement, conclusion or opinion. The information contained on Redburn Atlantic’s website, as well as in any investment recommendations does not constitute an offer, or solicitation of an offer, to sell, or buy, any securities or any derivative instruments or any other rights pertaining thereto. Nothing in any of Redburn Atlantic’s products or services should be construed as investment, tax, legal, accounting, regulatory or other advice or as creating a fiduciary relationship.

Structural conflict of interest

Redburn Atlantic or another member of the R&Co. group may offer investment banking services to issuers that are the subject of investment recommendations. Should this be the case, information about the nature of the service provided and the relationship between the issuer and Redburn Atlantic will be disclosed on Redburn Atlantic’s disclosure webpage https://disclosures.redburnatlantic.com/. In addition, employees that make or produce investment recommendations may receive a remuneration based upon various factors including overall firm revenues, which include investment banking revenues. Research, Sales, and Sales Trading remunerations are not linked to investment banking or capital markets transactions activities.

Each Analyst, Salesperson and Sales Trader is primarily responsible for the content of their investment recommendations, and in whole or in part, certifies that all of the views expressed accurately reflect his or her personal views about any and all of the subject securities or issuers.

Investment recommendations

Redburn Atlantic issues two types of recommendation falling within the definition of investment recommendation set out in Article 3(35) of the Market Abuse Regulation (EU) as that legislation has effect in the UK by virtue of the European Union (Withdrawal) Act 2018 (“UK MAR”). These are 1. investment research and 2. marketing communications:

1. Investment Research: Independent research and additional notes and updates issued by Redburn Atlantic’s Analysts on issuers which it covers on an on-going basis. Information on investment research reports can be found here https://disclosures.redburnatlantic.com/.

In each investment research report. Analysts will issue one of the following recommendations:

Buy: Redburn Atlantic argues that the stock price will rise by at least 15% over one year.

Sell: Redburn Atlantic argues that the stock price will be lower over one year.

Neutral: Redburn Atlantic argues that the stock price will trade within the above ranges.

Details of Redburn Atlantic’s research recommendations can be found on the disclosure webpage https://disclosures.redburnatlantic.com/. All of Redburn Atlantic’s investment research is written by employees whose job title is “Analyst”.

Redburn Atlantic has no timetable for the publication of investment research reports. An investment research report is published when an Analyst believes a report is warranted.

2. Marketing Communications: Marketing communications are recommendations issued by Sales or Sales Traders and are usually communicated by telephone, email, Bloomberg IM, Alpha Capture Systems or in person. These recommendations have not been prepared in accordance with requirements to promote the independence of research. They are valid only at the time they are made and are subject to change without notice. They are based on the provider’s view of company news or investment research reports published by Analysts. In the latter case, they are not considered to be a new recommendation but a reiteration of investment research reports. These recommendations are issued whenever Redburn Atlantic considers it relevant.

Unless otherwise specifically stated, any views or opinions expressed in any marketing communication are solely those of the individual author and/or the specific Sales and Sales Trading area from which it originates and may differ from the views or opinions expressed by other areas of Redburn Atlantic, including the Research Department.

No investment decision should be made in reliance on such marketing communication, which is condensed and incomplete, does not include all risk factors or other matters that may be material, does not take into account individual investment objectives, financial conditions, or needs, and is not a personal recommendation or investment advice or a basis to consider Redburn Atlantic to be a fiduciary or municipal or other type of adviser.

List of recommendations

Clients can request a list of investment recommendations made to them via marketing communications in the last 12 months by sending a request to ukcompliance@redburnatlantic.com

IDEAS

IDEAS is a systematic, data-based service for Redburn Atlantic’s clients to help them seek to outperform equity markets through active stock and sector selection. Such information is not investment research. Unless otherwise specifically stated, any views or opinions expressed herein are solely those of the individual author and/or the IDEAS team and may differ from the views or opinions expressed by other areas of Redburn Atlantic, including the Research Department Clients can find further information on the methodology behind IDEAS at https://ideas.redburnatlantic.com/ideas/index.

Charts

Charts is a technical analysis service for Redburn Atlantic’s clients. Such information is not investment research. Unless otherwise specifically stated, any views or opinions expressed herein are solely those of the individual author and/or the Technical Analysis team and may differ from the views or opinions expressed by other areas of Redburn Atlantic, including the Research Department. Clients can find further information on the methodology behind Charts at https://research.redburnatlantic.com/technical-analysis/.

Notice for US recipients

Redburn Atlantic’s products and services are intended distribution in the United States only to Major U.S. Institutional Investors as that term is defined for purposes of SEC Rule 15a-6.

Redburn (Europe) Limited is not a member of FINRA, and as such its Analysts are not subject to FINRA’s rules on research analysts and research reports, including FINRA restrictions on communications with a subject company, public appearances, and trading securities held by a research analyst account. Redburn (Europe) Limited is a correspondent of Redburn (USA) LLC, a SEC-registered broker-dealer. All US persons receiving research reports and wishing to buy or sell the securities discussed herein should do so through a representative of Redburn (USA) LLC.