Disclosures

Below are five standard disclosures of Material Interests.

1. The analyst has a personal holding of the securities issued by the company, or of derivatives related to such securities.

2. Hoodless Brennan plc or an affiliate owns more than 5% of the issued capital of the company.

3. Hoodless Brennan plc or an affiliate is party to an agreement with the company relating to the provision of corporate broking services, or has been party to such an agreement within the last 12 months. Our corporate broking agreements include a provision that we will prepare and publish research at such times as we consider appropriate.

4. Hoodless Brennan plc or an affiliate has been a lead manager or co-lead manager of a publicly disclosed offer of securities for the company within the last 12 months.

5. Hoodless Brennan plc is a market maker or liquidity provider in the securities issued by the company.

Please also see: 

• The definitions of our analyst ratings

• Our quarterly review of HB recommendations

• Our Conflicts Policy

• Our Risk Warnings