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Independent Global Research

Independent Global Research provides independent Equity research in all Global Markets.

The research covers M&A transactions in all areas of the world, Capital Structure arbitrage and Spin-Offs in which the target company is based in Europe and has an equity market capitalization greater than $500 million.

Statement of Independence

The directors, officers and employees of Independent Global Research hereby confirm that notwithstanding the existence of any potential conflicts of interest referred to below, the views expressed in Independent Global Researchesearch reports accurately reflect our personal views about the company(ies) and securities covered and that no part of our compensation is in any way related to specific views and recommendations.

With regard to all of the issuers and securities referenced in Independent Global Research research reports, we confirm that we have not been, nor will we be, receiving direct or indirect compensation in exchange for expressing any of the views or specific recommendations contained in the research reports. We further confirm that independent Global research does not provide investment banking services and/or make markets or trade on a principal basis and/or hold any financial interest and/or have any other material conflict

Potential conflicts of interest.

Directors, officers and employees of Independent Global research may, from time to time, buy or sell the securities or related derivative products of the companies referred to in Independent Global research research reports, or have a long or short position or holding in such securities.

Regulatory Status

Independent Global Research is an appointed representative of PH Partners Ltd which is authorised and regulated by the Financial Services Authority ("FSA").