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BROKER UPGRADES AND DOWNGRADES & KEY UK CORPORATE SNAPSHOTS 26 February 2018

UK Upgrades / Downgrades Please contact us for more information

Code Company Broker Recomm. From Recomm. To Price From Price To Upgrades BP. BP Plc RBC Capital Markets Sector Perform Outperform 550 570 CNA Plc RBC Capital Markets Sector Perform Outperform Downgrades AA. AA Plc Berenberg Sell Sell 100 65 CTR Charles Taylor Consulting Plc Peel Hunt Hold 290 290 RTN Restaurant Group Plc Peel Hunt Reduce Reduce 250 220 Initiate/Neutral/Unchanged Zero Preference Growth Trust ZPG Peel Hunt Buy Buy 410 410 Plc/The RMV Rightmove Plc Peel Hunt Hold Hold 4400 4400 PURP Purplebricks Group Plc Peel Hunt Buy Buy 460 460 PPB Betfair Plc Peel Hunt Reduce Reduce 7500 7500 OTB On the Beach Group Plc Peel Hunt Buy Buy 600 600 OCDO Ocado Group Plc Peel Hunt Buy Buy 570 570 888 Plc Peel Hunt Buy Buy 320 320 ABC Abcam Plc Peel Hunt Hold Hold 1100 1100

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BROKER UPGRADES AND DOWNGRADES

& KEY UK CORPORATE SNAPSHOTS

Code Company Broker Recomm. From Recomm. To Price From Price To Initiate/Neutral/Unchanged AO. AO World Plc Peel Hunt Buy Buy 145 145 AUTO Auto Trader Group Plc Peel Hunt Buy Buy 400 400 BOO boohoo.com Plc Peel Hunt Buy Buy 300 300 Charter Court CCFS Peel Hunt Buy Buy 305 305 Grp Plc CMCX CMC Markets Plc Peel Hunt Buy Buy 210 210 CRDA Croda International Plc Liberum Capital Hold Hold 4300 4300 EVE eve Sleep plc Peel Hunt Buy Buy 135 135 FOUR Group Plc Peel Hunt Add Add 2050 2050 G4M Gear4music Holdings PLC Peel Hunt Buy Buy 1000 1000 GNS Liberum Capital Hold Hold 2400 2400 GOCO Gocompare.Com Group PLC Peel Hunt Buy Buy 140 140 GVC GVC Holdings Plc Peel Hunt Buy Buy 1200 1200 HL. Plc Peel Hunt Add Add 1600 1600 HSW Hostelworld Group Plc Peel Hunt Hold Hold 400 400 JE. Just Eat Plc Peel Hunt Buy Buy 1199 1199 LGEN Legal & General Group Plc Citigroup Buy Buy 306 306 MONY Moneysupermarket.com Group Plc Peel Hunt Hold Hold 370 370 MTRO Metro Bank Plc Citigroup Neutral Neutral 3900 3900 PTEC Ltd Citigroup Buy Buy 1000 1000 PURE PureCircle Ltd Liberum Capital Hold Hold 500 500 RDI Redefine International Plc Peel Hunt Buy Buy 48 48 REL RELX Plc Citigroup Neutral Neutral 1560 1560 SLP Sylvania Platinum Ltd Liberum Capital Buy Buy 26 26 SRP Group Plc Liberum Capital Sell Sell 80 80 SXX Sirius Minerals Plc Liberum Capital Buy Buy 60 60 UTG Unite Group Plc Liberum Capital Buy Buy 850 850

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BROKER UPGRADES AND DOWNGRADES

& KEY UK CORPORATE SNAPSHOTS

Key UK Corporate Snapshots Today

AIM Altona Energy Plc (ANR.L) Announced that the company has engaged the services of a local and highly experienced consulting exploration geologist, Brenton Newell, to work with the company in the initial stages of its project.

Altus Strategies Plc (ALS.L) Announced that it has been granted six permits comprising the Zaer exploration licence in Central Morocco, targeting copper, tungsten and tin mineralisation. The Company also announced that, in line with its Project Generator model, it has also relinquished four early stage licences in Morocco.

Cabot Energy Plc (CAB.L) Notes the operational update from Rockhopper that at the Civita gas field, production during 2017 averaged approximately 130 boepd. However, in early February, a depressurisation event occurred at the Civita pipeline and as a result production is temporarily suspended and work has commenced to remedy the issue and resume production. Further, Rockhopper and the company continue to work towards the completion of the previously announced transaction to divest certain non-core onshore assets in Italy, including Civita, to the company.

Caledonia Mining Corporation Plc Announced that a fatality has occurred in the Blanket Quartz Reef area of the Blanket Mine in Zimbabwe. Management (CMCL.L) has notified the Minister of Mines and Mining Development and the Inspector of Mines and will provide all the necessary assistance to the Ministry of Mines Inspectorate Department in its enquiry into this incident. Production in the section has stopped pending an investigation.

Concurrent Technologies Plc (CNC.L) Announced a further addition to its range of VPX I/O boards. The BA 2TR/501 is a multi-channel Gigabit Ethernet board providing a convenient method of introducing up to 4 additional fast networking interfaces within a system. The board can be used alongside the Company's range of high performance processors and is available in variants suitable for both commercial and harsh environments. The BA 2TR/502 is particularly suitable for the growing number of command, control, communicate and compute applications in the military and aerospace markets where additional networking capability is often required.

Condor Gold Plc (CNR.L) Announced that it has formally submitted an amendment to an Environmental and Social Impact Assessment (ESIA) to the Ministry of Environment and Natural Resources in Nicaragua (MARENA), which is part of an application for an Environmental Permit, to construct and operate a processing plant with capacity to process up to 2,800 tonnes per day or 1 million tonnes per annum, without the need to resettle approximately 330 houses or 1,000 people.

Connemara Mining Company Plc Announced an update on strategic financing to raise £900,000 through the issue of 21,686,747 new ordinary shares at a (CON.L) price of 4.15p per share, with Metal Tiger plc to subscribe for £200,000. Directors (John Teeling and Jim Finn) to convert outstanding unpaid historic salaries totalling £199,500 into Company equity at the placing price of 4.15p through the issue of 4,807,228 shares. Further, Board restructuring with Patrick Cullen to become Executive Director and full-time Chief Executive Officer and John Teeling becomes Non-Executive Chairman. Michael McNeilly (Chief Executive Officer of Metal Tiger plc) and David Cockbill (Corporate Finance Executive at First Equity Limited) to become new Non-Executive Directors of the Company and previous Non-Executive Directors Vivion Byrne, Danesh Varma and Gavin Berkenheger to step down from the board. Also, Monies raised will enable the acceleration of operational activities across the Company's gold and zinc portfolio in Ireland.

Destiny Pharma Plc (DEST.L) Announced that the US Food and Drug Administration (FDA) has accepted an Investigational New Drug application (IND) for the company's lead clinical drug candidate, XF-73. This is being developed for the prevention of post-surgical staphylococcal infections such as Methicillin Resistant Staphylococcus aureus (MRSA).

Draper Esprit Plc (GROW.L) Announced that it has made two new investments in Europe's top seed funds, Join Capital in Berlin and Icebreaker in Finland. Commitments have also been made to three other funds based in London, Cambridge and Ireland. The total commitment is £12 million across all five funds.

Eckoh Plc (ECK.L) Announced that it has secured a four-year contract to provide its Secure Payments solution, CallGuard, to a US Fortune 250 retailer, and a partnership with a global payments solutions company in the US.

Feedback Plc (FDBK.L) Announced, in its results for the six months ended 30 November 2017, that revenues rose to £0.229 million from £0.204 million posted in the same period preceding year. The company’s loss before tax stood at £0.352 million, compared to a loss of £0.130 million reported in the previous year. The basic and diluted loss per share stood at 0.14p compared to loss of 0.06p reported in the previous year. The company’s cash and cash equivalents stood at £0.267 million.

Gfinity Plc (GFIN.L) Announced that it has, once again, been named by Microsoft Studios' Turn 10 Studios as the Global Tournament Operator for the Forza Racing Championship (ForzaRC) 2018. Under the arrangement, the company will manage all league operations, including online qualifiers and LAN-based (Local Area Network) events, together with adjudication framework which supports all competitive gameplay. Welcoming players of all skill levels, the ForzaRC invites Forza Motorsport 7 players to compete for more than $0.25 million in prizes.

GlobalData Plc (DATA.L) Announced that the company is in advanced discussions concerning the possible acquisition of Energy, Construction and Financial Services data and analytics companies, Research Views Limited, Progressive Ventures Limited, Progressive Media Ventures Limited and their respective subsidiaries (together the Target Group), private companies owned by Mike Danson (CEO,) and a number of other minority shareholders including Wayne Lloyd (Managing Director) (the Vendors) (the Acquisition). It is envisaged that the Target Group will be re-organised prior to completion of the

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BROKER UPGRADES AND DOWNGRADES

& KEY UK CORPORATE SNAPSHOTS

Acquisition to form a single group owned by Research Views Limited. It is currently expected that the consideration for the Acquisition is to be satisfied through the issue of approximately 18 million new ordinary shares in the company to the Vendors, representing approximately 17.6% of the company's current issued share capital. The Board intends that appropriate lock-in and orderly market arrangements will be put in place.

Goldplat Plc (GDP.L) Announced, in its interim results for the six months ended 31 December 2017, that revenues rose to £18.3 million from £14.4 million reported in the same period last year. The company’s profit before tax stood at £0.832 million compared to a profit of £1.4 million reported in the previous year. The basic earnings per share stood at 0.11p compared to earnings of 0.46p in the previous year. The company’s cash and cash equivalents stood at £1.2 million (2016: £0.885 million).

Gulf Investment Fund Plc (GIF.L) Announced, in its interim results for the six months ended 31 December 2017, that its total net expense stood at £1.6 million, compared to £8.7 million in the preceding year. Retained loss after tax was £2.7 million compared to £7.4 million. The company’s basic and diluted loss per share was 2.6c, compared to 6.41c.

Mereo BioPharma Group Plc (MPH.L) Announced the appointment of Wills Hughes-Wilson as the head of patient access and commercial planning.

One Media IP Group Plc (OMIP.L) Announced, in its full year results for the year ended 31 October 2017, that its reported revenue stood at £2.34 million, compared to £2.05 million in the preceding year. Profit after tax was £0.27 million compared to £0.06 million. The company’s diluted earnings per share was 0.35p, compared to 0.08p.

Pacific Industrial & Log REIT Plc Announced, in its trading update, that it remains remain focused on growing its portfolio of urban logistics assets, (PILR.L) enabling its diverse tenant base to meet the challenges of e-commerce, modern logistics and changing infrastructure demands. The Company expects to pay total dividends of not less than 6.0p per share in respect of the financial year to 31 March 2018. The Company's loan facility with Santander has been extended to a five-year term from December 2017 at a margin of 210bps. The loan-to-value across the Company's portfolio is currently 39%. The Board anticipates that year-end earnings and portfolio valuation to 31 March 2018 would be in line with market expectations. Preliminary results would be announced in May 2018. In addition, the Board is considering various potential acquisitions and the necessary equity and debt financing to complete them.

Pathfinder Minerals Plc (PFP.L) Announced, further to the company's announcement on 21 February 2018, the company stated that it received on 23 February 2018 a communication from a representative of General Jacinto Veloso, in consequence of which the company is informed that currently there is no ongoing settlement negotiation for the return of the Licences. Moreover, the company added that while the Board remains open to resuming a dialogue on a reasonable basis, it is focused on enforcing the company's rights through the judicial process and is confident in the company's legal position.

Quartix Holdings PLC (QTX.L) Announced, in its final results for the year ended 31 December 2017, that revenues rose to £24.5 million from £23.3 million reported in the same period last year. The company's profit before tax stood at £6.6 million compared to a profit of £6.5 million reported in the previous year. The diluted earnings per share stood at 12.21p compared to earnings of 12.7p in the previous year. The company's board has recommended a final dividend of 11.1p per share, payable on 4 May 2018 to shareholders on the register as at 6 April 2018.

Rambler Metals & Mining Plc (RMM.L) Announced that the company's President & Chief Executive Officer, Norman Williams, will attend the BMO Capital Markets 27th Annual Global Metals & Mining Conference in Hollywood, Florida from February 25-28, 2018.

Rockhopper Exploration Plc (RKH.L) Announced, in its Greater Mediterranean portfolio update, that the current production from the Abu Sennan concession in Egypt has been maintained from end-2017 levels at approximately 4,000 boepd gross (approximately 880 boepd net to the company). H2 2017 production exceeded budget through continuous production optimisation primarily at the El Salmiya field. Subject to securing a suitable rig, drilling is expected to commence in April 2018 for approximately six months with total capital expenditure, net to the company's 22% interest, of approximately $3 million. Meanwhile, the company has recently received a gross payment of $3 million from Egyptian General Petroleum Corporation (EGPC) towards its outstanding receivables balance. Also, production at the Guendalina gas field in Italy continues to perform to forecast with 2017 production averaging approximately 290 boepd net to the company.

RTC Group Plc (RTC.L) Announced, in its final results for the year ended 31 December 2017, that revenues rose to £71.7 million from £67.9 million reported in the same period last year. The company’s profit before tax stood at £1.3 million compared to a profit of £1.1 million reported in the previous year. The basic earnings per share stood at 8.06p compared to earnings of 5.80p in the previous year. The company’s board declared a final dividend of 2.3p per share, payable on 2 July 2018 to shareholders on the register as at 8 June 2018.

Savannah Resources Plc (SAV.L) Announced a revised JORC 2012-Compliant Inferred Mineral Resource Estimate and an initial Exploration Target for the Mina do Barroso Lithium Project ('Mina do Barroso' or the 'Project'), located in northern Portugal. Mineral Resource Estimate covers three of at least eight known pegmatites on the Mina do Barroso Mining Lease. Further drilling is now underway utilising both Reverse Circulation (RC) and diamond drill rigs, targeting both down dip and strike extensions of currently defined Mineral Resource Estimate. The company remains on track to make a development decision by the end of the year.

Stratex International Plc (STI.L) Announced that it has received a corporate update from private Australian company Aforo Resources Limited (Aforo), in which it holds a 7.84% interest. Aforo has sold its project in Cote d'Ivoire for gross proceeds of $0.225 million, it has also signed JV/Option agreements for two gold projects in Burkina Faso, including Nordgold's Niare gold project where a non-JORC gold resource of 98,000 oz at 1.36 g/t Au has been defined.

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BROKER UPGRADES AND DOWNGRADES

& KEY UK CORPORATE SNAPSHOTS

Sylvania Platinum Limited (SLP.L) Announced, in its interim financial results for the six months ended 31 December 2017, that revenues rose to $28.2 million from $24.6 million reported in the same period last year. The company's profit before tax stood at $7.9 million compared to a profit of $6.7 million reported in the previous year. The basic earnings per share stood at 1.88c compared to earnings of 1.56c in the previous year. The company's cash and cash equivalents stood at $12.64 million (2016: $12.67 million).

Ten Lifestyle Group Plc (TENG.L) Announced that it has won a multi-year contract with one of America's Premier Private and Business Banks, headquartered in California, to provide concierge services to its high and ultra-high-net-worth clients. Ten would provide members with a premium travel and lifestyle concierge service, including access to unique offers, benefits, and localised events, as well as access to its leading digital platform among other services.

Water Intelligence Plc (WATR.L) Announced a contract between our , Australia corporate location and Hunter Water Corporation, a state-owned water company. The multi-year contract should add at least $300,000 AUD to our already growing location's sales for 2018 with similar amounts expected over each of the next two years. There are also opportunities to increase the scope of work and income to the Sydney operation. This contract is an illustration of both Water Intelligence's multinational growth strategy and its increasing ability to unlock cross-sales opportunities across corporate, franchise and municipal lines of business. The contract with Hunter Water continues the momentum for layering-on of municipal work to American and Australian Leak Detection locations after the 2016 acquisition of NRW, a UK-based municipal leak detection business with multinational execution experience.

Wolf Minerals Limited (WLFE.L) Announced that following an internal reorganisation and a consolidation of support functions it has changed its Registered Office and Principal Place of Business. Accordingly, the company's new address is Level 5, 35 Havelock Street, West Perth, Western Australia, 6005, Australia and the new principal place of business is Drakelands Mine, Drakelands, Plymouth, Devon PL7 5B5, .

FTSE 100 Anglo American Plc (AAL.L) Announced that it has completed the sale of its 88.17% interest in the Drayton thermal coal mine and Drayton South project, located in New South Wales, Australia, to Malabar Coal Limited, following the announcement of the sale and purchase agreement in May 2017. The terms of the transaction remain confidential.

Associated British Foods Plc (ABF.L) Announced, in its pre-close period trading update, that it expects adjusted operating profit to be in line with that for the same period last year, and a lower net financial expense and lower group effective tax rate will lead to progress in adjusted earnings per share. Cash flow for the full year would also be in line with expectation. Capital expenditure would be at the same level as last year. For the full year, the outlook for the group is unchanged with progress expected in both adjusted operating profit and adjusted earnings per share.

Bunzl Plc (BNZL.L) Announced, in its final results for the year ended 31 December 2017, that revenues rose to £8580.0 million from £7429.0 million reported in the same period last year. The company's profit before tax stood at £409.3 million compared to a profit of £362.9 million reported in the previous year. The basic earnings per share stood at 94.2p compared to earnings of 80.7p in the previous year. The company's board declared a final dividend of 32.0 per share, payable on 2 July 2018 to shareholders on the register as at 25 May 2018.

Hammerson Plc (HMSO.L) Announced, in its final results for the year ended 31 December 2017, that operating profit rose to £585.40 million from £435.50 million reported in the same period last year. The company’s profit before tax stood at £413.40 million compared to a profit of £322.80 million reported in the previous year. The basic earnings per share stood at 49.0p compared to earnings of 40.20p in the previous year. Separately, the company announced that it has declared a final dividend of 14.80p per share, payable on 26 April 2018 to shareholders on the register as at 16 March 2018.

Vodafone Group Plc (VOD.L) Announced that it will become Samsung's exclusive strategic telecoms partner in selected European markets to develop and launch a range of consumer Internet of Things (IoT) 'Smart Home' product and services. Further, the company added that the "V-Home by Vodafone" suite brings together Samsung's "SmartThings" open platform and the "V by Vodafone" consumer IoT system (launched in November 2017*) to offer consumers simple but powerful home automation, security and safety products and services.

FTSE 250 Plc (ASCL.L) Announced, in its audited results for the year ended 31 December 2017, that its total revenue stood at £375.8 million, compared to £299.6 million in the preceding year. Total profit for the year was £18 million compared to £15.6 million. The company’s diluted earnings per share for continuing operations was 5.4p, compared to 3.2p.

Dechra Pharmaceuticals Plc (DPH.L) Announced, in its interim results for the six months ended 31 December 2017, that revenues rose to £194.1 million from £172.6 million reported in the same period last year. The company’s profit before tax stood at £18.98 million compared to a profit of £12.75 million reported in the previous year. The basic earnings per share stood at 28.80p compared to earnings of 10.72p in the previous year. The company’s board declared an interim dividend of 7.33p per share, payable on 6 April 2018 to shareholders whose names are on the Register of Members at close of business on 9 March 2018.

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BROKER UPGRADES AND DOWNGRADES

& KEY UK CORPORATE SNAPSHOTS

Greencoat UK Wind Plc (UKW.L) Announced, in its final results for the year ended 31 December 2017, that its reported total income stood at £81.74 million, compared to £78.93 million in the preceding year. Profit after tax was £59.87 million compared to £61.36 million. The company’s diluted earnings per share was 7.59p, compared to 10.56p. The company declared a final dividend of 6.49p per share.

Hiscox Limited (HSX.L) Announced, in its annual year results for the year ended 31 December 2017, that total income rose to £1997.7 million from £1783.2 million posted in the same period preceding year. The company’s profit before tax stood at £30.8 million, compared to a profit of £354.5 million reported in the previous year. The basic earnings per share stood at 9.3p compared to earnings of 119.8p reported in the previous year. The company’s cash and cash equivalents stood at £642.8 million. The company also announced the current estimates for Syndicate 33 and Syndicate 6104's 2016 and 2017 accounts.

Melrose Industries Plc (MRO.L) Announced, in its updates in respect of regulatory clearances relating to its Offer for GKN, that the United States: the Federal Trade Commission has granted early termination of the applicable waiting period under the Hart Scott Rodino Act, thereby providing clearance in respect of US anti-trust. Canada: the Competition Bureau has issued a no-action letter to Melrose noting that it does not intend to make an application under section 92 of the Competition Act, thereby confirming the completion of its review and effective clearance in respect of Canadian anti-trust.

Senior Plc (SNR.L) Announced, in its final results for the year ended 31 December 2017, that revenues rose to £1023.4 million from £917.0 million reported in the same period last year. The company’s profit before tax stood at £52.2 million compared to a profit of £55.5 million reported in the previous year. The basic earnings per share stood at 14.39p compared to earnings of 10.84p in the previous year. The company’s board proposed a final dividend of 4.90p per share, payable on 31 May 2018 to shareholders on the register at close of business on 4 May 2018.

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The information above is published solely for information purposes and is not to be construed as a solicitation or an offer to buy or sell any securities, or related financial instruments. It does not constitute a personal recommendation as defined by the Financial Conduct Authority or take into account the particular investment objectives, financial situations or needs of individual investors.

The information above is obtained from public information and sources considered reliable. However, the accuracy thereof cannot be guaranteed by us. This is a marketing communication document and has not been prepared in accordance with legal requirements designed to pr omote independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

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None of Shard Capital Partners, or any of its or their officers, employees or agents accept any responsibility or liability whatsoever for any loss however arising from any use of this document or its contents or otherwise arising in connection therewith. The value of the securities and the income from them may fluctuate. It should be remembered that past performance is not a guarantee of future performance. Investments may go down in value as well as up and you may not get back the full amount invested. The listing requirements for securities listed on AIM or ISDX are less demanding and trading in them may be less liquid than main markets. If you are unsure of the suitability of share dealing specifically for you then you should contact an Independent Financial Adviser, authorised by the Financial Conduct Authority. By accepting this document, you agree to be bound by the disclaimer stated above. Further information on Shard Capital Partner’s policy regarding potential conflicts of interest in the context of investment research and Shard Capital Partner’s policy on disclosure and conflicts in general are available on request.

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