Corporate Video Disclaimer

This communication has been issued in the UK by Panmure Liberum Limited (“Panmure Liberum”) which is authorised and regulated by the Financial Conduct Authority ("FCA") and is a member of The London Stock Exchange PLC. The registered address of Panmure Liberum is Ropemaker Place, 25 Ropemaker Street, London EC2Y 9LY. Telephone: 020 3100 2000. Panmure Liberum is a subsidiary of Panmure Liberum Group Limited (the “Group”). For more information regarding disclosures relevant to Panmure Liberum or the Group, please email [email protected].

This communication is provided for information purposes only and should not be regarded as an offer or solicitation to buy or sell any security or other financial instrument. This communication is provided with the understanding that Panmure Liberum is not acting in a fiduciary capacity and it is not a personal recommendation to you. This communication has no regard for the specific investment objectives, financial situation and needs of any specific person or entity. The investments discussed in this communication may not be eligible for sale in some states or countries and may not be suitable for all investors. Investors should make their own investment decisions based upon their own financial objectives and financial resources and, if in any doubt, should seek advice from an investment advisor. Panmure Liberum and/or its officers, directors and employees or other members of the Group or their officers, directors and employees may have or take positions in securities of companies mentioned in this communication (or in any related investment) and may from time to time dispose of any such positions and may also provide corporate finance or underwriting services for or relating to those companies, for which it is remunerated. All expressions of opinions, projections, forecasts and estimates constitute a judgment and are those of the author and should not be relied upon and are subject to change without notice.

Panmure Liberum or another member of the Group may have issued research reports or other communications that are inconsistent with and reach different conclusions from, the information contained in this communication. Those communications reflect the different assumptions, views and analytical methods of the individuals that prepared them.

This communication is not guaranteed to be a complete statement or summary of any securities, markets, reports or developments referred to therein. No representation or warranty either expressed or implied, is made nor responsibility of any kind is accepted by Panmure Liberum or the Group , their directors, officers, employees or agents either as to the accuracy or completeness of any information contained in this communication nor should it be relied on as such. Past performance is not necessarily a guide to future performance. Panmure Liberum shall not be liable for any direct or indirect damages, including lost profits, arising in any way from use of all or any of the information contained in this communication.

In the United Kingdom.
Unless stated otherwise, this communication has not been approved pursuant to section 21(2)(b) of FSMA (as amended) and is directed at and for the use of (a) Professional Clients and Eligible Counterparties (such terms as defined by the rules of the FCA) of Panmure Liberum and (b) other persons who are not clients of Panmure Liberum who have expressed interest in receiving it and who are investment professionals (persons having professional experience in matters relating to investments, as defined in Article 19(5) or Article 49(2)(a) to (d) (high net worth companies, unincorporated associations etc) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 (as amended) and any other persons to whom this communication for the purposes of sections 21 of the Financial Services and Markets Act 2000 can otherwise lawfully be communicated).

This communication may not be re-distributed, retransmitted or disclosed, in whole or in part, or in any manner, without the express written consent of Panmure Liberum.

For the purpose of clarity, this communication is not intended for and should not be relied upon by Retail Clients (as defined by the rules of the Financial Conduct Authority).

For EU investors
This communication is being distributed to and is directed only at persons in member states of the European Economic Area ("EEA") who are "qualified investors" within the meaning of article 2(1)(e) of the prospectus directive (directive 2003/71/EC and any amendments thereto (including directive 2010/73/EU to the extent implemented in the relevant EEA member state) and any relevant implementing measures in each relevant EEA member state) ("qualified investors"). Any person in the EEA who receives this communication will be deemed to have represented and agreed that it is a qualified investor. Any such recipient will also be deemed to have represented and agreed that it has not received this communication on behalf of persons in the EEA other than qualified investors or persons in the United Kingdom and other member states (where equivalent legislation exists) for whom the investor has authority to make decisions on a wholly discretionary basis. Panmure Liberim and its affiliates, will rely upon the truth and accuracy of the foregoing representations and agreements. Any person in the EEA who is not a qualified investor should not act or rely on this communication or any of its contents.

For US Investors
This communication is a marketing communication and has been prepared and distributed by Panmure Liberum. Panmure Liberum Inc is a U.S. registered broker-dealer and an affiliate of Panmure Liberum. This communication is distributed solely to persons who qualify as “Major U.S. Institutional Investors” or “U.S. Institutional Investors” as defined in Rule 15a-6 under the Securities and Exchange Act of 1934. This communication is only for those Major U.S. Institutional Investors and U.S. Institutional Investors whose ordinary business activities involve investing in shares, bonds, and associated securities and/or derivative securities and who have professional experience in such investments. Any person who is not a U.S. Institutional Investor or Major U.S. Institutional Investor must not rely on this communication. The delivery of this communication to any person in the United States of America is not a recommendation to affect any transactions in the securities discussed herein, nor an endorsement of any opinion expressed herein. Panmure Liberum Inc is a FINRA/SIPC member and is regulated by the Securities Exchange Commission and takes responsibility for the content of this communication.

Analyst Certification: The analyst(s) who prepared or features in this communication hereby certifies that all of the views expressed in this report accurately reflect his / her personal views about the subject securities or issuers. No part of his/her compensation was, is, or will be directly or indirectly related to the inclusion of specific recommendations or views in their written research reports.

While corporate videos do not constitute research, Analyst(s) responsible for preparing research reports receive compensation that is based upon various factors, including total revenues of Panmure Liberum Inc. and its affiliates, a portion of which may have been generated by investment banking activities of Panmure Liberum Inc. and its affiliates. Panmure Liberum may make a market in the securities of the issuer discussed and may act as principal with regard to sales and purchases of this security.

Any U.S. recipient of this report that is not a registered brokerdealer or a bank acting in a broker or dealer capacity and that wishes further information regarding, or to effect any transaction in, any of the securities discussed in this report, should contact and place orders with Panmure Liberum Inc.

For Canadian Investors
This information is not, and under no circumstances is to be construed as, an advertisement or a public offering of the securities described herein in Canada or any province or territory thereof. Under no circumstances is this information to be construed as an offer to sell securities or as a solicitation of an offer to buy securities in any jurisdiction of Canada. Any offer or sale of the securities described herein in Canada will be made only under an exemption from the requirements to file a prospectus with the relevant Canadian securities regulators and only by a dealer properly registered under applicable securities laws or, alternatively, pursuant to an exemption from the registration requirement in the relevant province or territory of Canada in which such offer or sale is made. This information is not, and under no circumstances is it to be construed as, a prospectus, an offering memorandum, an advertisement or a public offering of any securities in Canada. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon these materials, the information contained herein or the merits of the securities described herein and any representation to the contrary is an offence. If you are located in Canada, this information has been made available to you based on your representation that you are an “accredited investor” as such term is defined in National Instrument 45-106 Prospectus Exemptions and a “permitted client” as such term is defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Under no circumstances is the information contained herein to be construed as investment advice in any province or territory of Canada nor should it be construed as being tailored to the needs of the recipient. Canadian recipients are advised that Panmure Liberum Inc., its affiliates and its authorized agents are not responsible for, nor do they accept, any liability whatsoever for any direct or consequential loss arising from any use of this research report or the information contained herein.

For Swiss Investors
This publication is intended to be distributed to professional investors in circumstances such that there is no public offer. This publication does not constitute a prospectus within the meaning of Articles 652a and 1156 of the Swiss Code of Obligations.

For Australian Investors
This communication is distributed in Australia by Panmure Liberum Limited which is exempt from the requirement to hold an Australian Financial Services Licence. This communication may only be distributed to a "Wholesale Client" (within the meaning of section 761G of the Corporations Act 2001 (Cth) (the “Act”) in reliance of subsection 6(1) of the ASIC Corporations (Foreign Financial Services Providers-Limited Connection) Instrument 2017/182. Panmure Liberum is regulated by the FCA under UK laws, which differ from Australian laws.

For South African Investors
In South Africa, Panmure Liberum Limited holds an exemption from the licensing requirement of the Financial Advisory and Intermediary Services Act, 2002 (as amended) and it is therefore not regulated in South Africa.

Other countries
Laws and regulations of other countries may also restrict the distribution of this report. Persons in possession of this communication should inform themselves about possible legal restrictions and observe accordingly.

Disclosures
Please refer to www.panmureliberum.com/equities/regulatory and compliance for regulatory disclosures