7 March 2016

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This is a JM Finn & Co marketing communication which constitutes non-independent research as defined by the FCA


This is a JM Finn & Co marketing communication which constitutes non-independent research as defined by the FCA. It has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to the regulatory prohibition on dealing ahead of the dissemination of investment research. However it is covered by JM Finn & Co’s own research conflicts of interest policy which is available on the JM Finn & Co website at www.jmfinn.com. JM Finn & Co is a trading name of J. M. Finn & Co. Ltd which is registered in England with number 05772581. Authorised and regulated by the Financial Conduct Authority. While JM Finn & Co uses reasonable efforts to obtain information from sources which it believes to be reliable, it makes no representation that the information or opinions contained in this document are accurate, reliable or complete and will not be liable for any errors, nor for any action taken in reliance thereon. This document should not be copied or otherwise reproduced. If you wish to discuss the suitability of any securities mentioned in this document, you should consult your investment adviser. Research recommendations published by JM Finn & Co during the quarter ending December 2015 are categorised: Buy 20%, Hold 60%, Sell 20%. In no case did JM Finn & Co supply material investment banking services to the relevant companies during the previous 12 months.