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BROKER UPGRADES AND DOWNGRADES & KEY UK CORPORATE SNAPSHOTS 21 July 2017

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Code Company Broker Recomm. From Recomm. To Price From Price To Upgrades OTB On the Beach Group Plc Peel Hunt Buy Buy 450 500 Downgrades OSB OneSavings Bank Plc Peel Hunt Add Add 505 425 Initiate/Neutral/Unchanged AGK Plc Underperform Underperform AVV Aveva Group Plc Credit Suisse Outperform Outperform BRBY Burberry Group Plc Credit Suisse Neutral Neutral DC. Plc Credit Suisse Outperform Outperform DRX Plc Credit Suisse Outperform Outperform ELM Plc Credit Suisse Outperform Outperform EMG Plc Credit Suisse Outperform Outperform ENQ EnQuest Plc Barclays Capital Underweight Underweight 35 35 ETO Entertainment One Ltd Credit Suisse Neutral Neutral GLEN Glencore Plc Credit Suisse Outperform Outperform GSK GlaxoSmithKline Plc Credit Suisse Neutral Neutral

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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 HMSO Plc Credit Suisse Outperform Outperform HTG Hunting Plc Credit Suisse Outperform Outperform Imagination Technologies Group IMG Credit Suisse Neutral Neutral Plc IMI IMI Plc Credit Suisse Outperform Outperform INF Plc Credit Suisse Neutral Neutral INTU Intu Properties Plc Credit Suisse Underperform Underperform ITV ITV Plc Credit Suisse Outperform Outperform IWG IWG Plc Credit Suisse Outperform Outperform JRP JRP Group Plc Credit Suisse Neutral Neutral LSE Group Plc Credit Suisse Outperform Outperform MDC Plc Credit Suisse Neutral Neutral MONY Moneysupermarket.com Group Plc Credit Suisse Neutral Neutral MONY Moneysupermarket.com Group Plc Barclays Capital Equal weight Equal weight 335 335 NG. National Grid Plc Credit Suisse Underperform Underperform 850 850 OCDO Ocado Group Plc Credit Suisse Outperform Outperform PMO Premier Oil Plc Barclays Capital Equal weight Equal weight 72 72 PRU Prudential Plc Barclays Capital Overweight Overweight 1949 1949 ROR Plc Credit Suisse Neutral Neutral RSA RSA Group Plc Credit Suisse Outperform Outperform S32 South32 Ltd Barclays Capital Overweight Overweight SDR Plc Credit Suisse Outperform Outperform SN. Smith & Nephew Plc Credit Suisse Neutral Neutral SPI Spice Plc Credit Suisse Underperform Underperform SSP Solid State Plc Goldman Sachs Neutral 512 TLW Plc Barclays Capital Overweight Overweight 210 210 UBM UBM Plc Credit Suisse Outperform Outperform ULVR Unilever Plc Credit Suisse Neutral Neutral VCT Plc Credit Suisse Outperform Outperform VOD Vodafone Group Plc Credit Suisse Outperform Outperform WEIR Weir Group Plc/The Credit Suisse Outperform Outperform WPP WPP Plc Credit Suisse Outperform Outperform Zero Preference Growth Trust ZPG Credit Suisse Outperform Outperform Plc/The

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BROKER UPGRADES AND DOWNGRADES

& KEY UK CORPORATE SNAPSHOTS

Key UK Corporate Snapshots Today

AIM Beowulf Mining Plc (BEM.L) Announced that Copenhagen Economics has been awarded a contract to study the local and regional economic benefits of a modern and sustainable mining operation at Kallak ("the Project"). The project will build on the work carried out to date, by the company and others, including the 2015 independent socio-economic study initiated by Jokkmokks Kommun, completed by consultants Ramböll, which in its findings concluded that a mining development at Kallak would create direct and indirect jobs, increase tax revenues and slow down population decline, and the 2010 study by the Economics Unit of Luleå University of Technology, 'Mining Investment and Regional Development.

Catalyst Media Group (CMX.L) Announced, in its trading update in respect of Sports Information Services (Holdings) Limited, that SIS had been unsuccessful in acquiring two greyhound tracks and that as a result, there was risk to SIS maintaining a viable greyhound service and that future operating results could therefore be impacted. Therefore, SIS has focused on securing the future of its greyhound business and has announced the acquisition of a number of greyhound track media rights, including the extension of media rights from Ladbrokes Coral's greyhound tracks, thereby ensuring that SIS has a significant and viable Greyhound Service over the next five years. Further, SIS has confirmed that it has also secured supply agreements for its Greyhound and Horseracing content to all of the Major UK bookmaking groups for the next five years.

Deltex Medical Group Plc (DEMG.L) Announced that it has placed 16,296,296 new ordinary shares at 1.0p each in the company (Ordinary Shares) (the Placing) with existing and new private shareholders to raise £550,000 and that the net proceeds will be applied to working capital. Furthermore, the company stated that Turner Pope Investments (TPI) Ltd (TPI) acted as placing agent for the Placing and will be appointed as Joint Broker to the Company on admission of the new Ordinary Shares to trading on AIM. Separately, the company, in its trading update for the six months ended 30 June 2017, announced that overall revenue growth of £0.2 million to £2.9 million has been achieved in the period. Its US revenues were ahead by £0.3 million, while its international sales were £0.1 million lower and UK revenues marginally reduced at 3.0% for the period. Moreover, the company mentioned that four additional major accounts were added in the period with approvals in place at two more. The company’s Cash at 30 June was £0.2 million.

Empresaria Group Plc (EMR.L) Announced, in its trading update ahead of announcing its interim results on 22 August 2017, that it delivered a record first half performance, with net fee income up approximately 26% on the comparable H1 2016 period, with the strongest trading in the UK, Continental Europe and Asia Pacific regions. As such, the board confirms that the group remains on course to meet market expectations for the full year. In line with the Group's strategy to invest in its leading brands, Empresaria has invested in new staff and is bringing together certain brands. The benefits of both are expected to be demonstrated over the coming period.

Gama Aviation Plc (GMAA.L) Announced the signature of two new maintenance support agreements with European fleet operators. The deals cover ten aircraft in total, covering a range of services from inspections to AOG support for the two highly utilised fleets that include five Bombardier Globals, two Bombardier Challengers, two Hawkers and one Beech.

Gfinity Plc (GFIN.L) Announced that it has signed a contract with Eleven Sports to broadcast its newly launched Elite Series, which commenced on 7 July at the Gfinity Arena in London. Eleven Sports will broadcast the content on their TV channels in the United States of America, Belgium, Luxembourg, Italy, Poland, Singapore and Taiwan, bringing the action into more than 70 million homes. Eleven Sports will show live and on-demand coverage of the competition along with preview and review shows, behind the scenes footage, documentary and magazine content and industry interviews and features.

Koovs Plc (KOOV.L) Announced an update on its intention to raise capital as previously announced on 22 May 2017. The company proposed to raise up to £18.9 million via the issue of secured convertible loan notes.

Learning Technologies Group Plc Announced, in its trading update for the half year ended 30 June 2017, that the board expects the Group to achieve (LTG.L) record revenues of not less than £20.8 million for the first half compared to £12.8 million in the first half of 2016, an increase of 62.5%. The Board is pleased to report that the integration of NetDimensions into the Group has been successfully completed on time. Together with NetDimensions, the Group continues to build recurring revenues and to diversify our business outside of the UK market. LTG continues to drive strong operating cash flows. The Group's Interim results will be announced on 18 September 2017.

Magnolia Petroleum Plc (MAGP.L) Announced the divestment of 19 new wells in North Dakota and Oklahoma via two separate transactions for a total of US$411,000. This divestment will raise funds for the company and assists in realigning its forthcoming well investments into core counties. Further, in the first transaction, the company has agreed to farm-out its interest in six Marathon Oil- operated wells targeting the Bakken and Three Forks Sanish formations in North Dakota for an upfront cash consideration of US$150,000 and in the second transaction the company has divested its interest in the thirteen Sympson wells, which it acquired in Q4 of 2015, for an upfront cash consideration of US$261,000.

Mayan Energy Limited (MYN.L) Announced operational developments at its Zink Ranch and Shoats Creek fields in the United States as well as the addition Dr. David S. Kahn, a seasoned oil and gas professional to its advisory team. It revealed in its update the commencement of process of obtaining the regulatory approvals and engaged vendors necessary to implement the work program announced in conjunction with the approximately $2 million farm out of interest in its Zink Ranch and Mathis assets. Re-start of operations of the Lutcher Moore #20 (LM20) well are currently underway. After further evaluation of the Lutcher Moore #14 well, the company has elected to move forward with installation of an inter-meter on the Lutcher Moore #14 well to produce the well on gas lift on an intermittent basis as downhole pressure permits.

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BROKER UPGRADES AND DOWNGRADES

& KEY UK CORPORATE SNAPSHOTS

Metal Tiger Plc (MTR.L) Announced, in its update on Botswana Copper/Silver project, that the Airborne Electromagnetic (AEM) geophysics preliminary interpretation identified 19 potential targets on the T3 Dome while it is the first time an AEM has been trialled in the area of the Kalahari Copper Belt. Anomalies initially ranked A1 - A19 based on the geophysical characteristics of each anomaly in association with its interpreted geological setting, with further classification based on an approximate depth (shallow / mid-depth / deep) of the potential conductive source. T3 Environmental Management Plan (EMP) public review period is due to end in early August and subject to final DEA sign off, four diamond rigs should commence drilling, initially in the immediate T3 Project area.

Midwich Group Plc (MIDW.L) Announced, in its trading update for the six months ended 30 June 2017, that the Group has traded well in the first half, seeing good top line growth across all of its geographies on a constant currency basis helped further by the continued weakness of Sterling. This underlying revenue growth has been delivered whilst maintaining overall gross margins in line with those reported for 2016. The Board is also pleased to note that the new Spanish business, Earpro, acquired in March 2017, has had a very positive start contributing ahead of previous expectations in its first three months. Cash generation in the first half has also been in line with the Board's expectations. As a result of this strong first half performance and on the basis of current indications of positive sales momentum into the second half, the Board anticipates reporting results for the full year comfortably ahead of its previous expectations. Further, it will announce its half year results for the six months ended 30 June 2017 on 12 September 2017.

Qannas Investments Limited (QIL.L) Announced that it intends to return cash to Qualifying Shareholders by way of a Tender Offer and up to 8,888,889 Ordinary Shares, representing approximately 12.9% of the company's issued share capital, may be purchased by the company pursuant to the Tender Offer, to be satisfied by way of a repurchase of shares out of capital. Moreover, the company stated that the price to be paid for each Ordinary Share subject to the Tender Offer is $0.90 and if the maximum number of Ordinary Shares under the Tender Offer is purchased, this will result in an amount of approximately $8.00 million being paid to Qualifying Shareholders.

SolGold Plc (SOLG.L) Announced that a revised magnetic model for the Cascabel porphyry copper-gold exploration tenement in Northern Ecuador has been completed based on ground magnetic data. Drilling to date at Alpala has established a strong correlation between copper-gold grades and magnetic susceptibility in drill core, confirming magnetite as a strong proxy for porphyry style copper-gold mineralisation within the Cascabel project area. Exceptionally high-quality ground magnetic data collected over Cascabel tenement allows upgrade of existing airborne 3D magnetic inversion models. Meanwhile, amended models over greater Alpala replicate subsurface mineralised envelopes and reveal northwest trending line of significant magnetic bodies at Moran, Trivinio, Alpala Northwest, and Alpala Central. The company separately announced that it intends to apply for admission to listing of its ordinary shares on the standard listing segment of the Official List of the UK Listing Authority and admission to trading on London Stock Exchange Plc's main market for listed securities. Hence, the company intends the cancellation of trading of its ordinary shares on the AIM market of the London Stock Exchange.

Sound Energy Plc (SOU.L) Announced that the company is progressing well with its acquisition of various licences in Eastern Morocco from OGIF (the Acquisition) and is expecting completion of the Acquisition at the end of Q3 2017 and on completion of the Acquisition OGIF will be issued with 272.0 million new ordinary shares in the company (the Consideration Shares). Moreover, the company added that various new licence agreements have now been entered into by the company and Morocco's Office National des Hydrocarbures des Mines (ONHYM) and these agreements will come into force at the same time as completion of the Acquisition, which is now only pending approval of the Moroccan Energy and Finance ministries. Additionally, the company revealed that it is progressing seismic and gradiometry surveys which will generate a robust prospect inventory with a view to determining the extent and volume potential of areas not previously surveyed to the North-East and updip of the Lakbir High and to the West on a series of structural highs and rhe entire programme is funded by Schlumberger.

Velocys Plc (VLS.L) Announced that its Fischer-Tropsch (FT) reactors and catalyst meet the performance requirements at a commercial scale and the company is now actively transitioning from its previous focus on technology development, to the commercialisation of its technology in selected high value markets. Moreover, the company mentioned that it has successfully completed the current phase of its development programme and it will continue to maintain an ongoing commercial and operational office in the UK. Also, it will grow its operational base in Houston, Texas and build the capabilities required to take forward its new biorefinery delivery business model with its strategic partners. Separately, the company announced that Susan Robertsonis planning to step down from her position with immediate effect, to pursue other interests. Furthermore, the company notified the appointment of John Tunison as interim CFO.

FTSE 100 British American Tobacco Plc (BATS.L) Announced that it has appointed Lionel L. Nowell, III, Holly Keller Koeppel and Luc Jobin as independent Non-Executive Directors to the Board, subject to and with effect from closing of the proposed acquisition of the remaining 57.8% of Reynolds American Inc. not already held by the company. Under the merger agreement with Reynolds, it was agreed that three of the non-BAT nominated Reynolds directors would be invited to join the Board at closing of the Proposed Acquisition.

Vodafone Group Plc (VOD.L) Announced, in its trading update for the quarter ended 30 June 2017, that its Q1 organic service revenue grew 2.2%, Europe 0.8% and Africa, Middle East & Asia Pacific (AMAP) 7.9%. Good momentum was seen in Europe and robust growth was seen in Italy and Spain, similar underlying trends in Germany and further UK is recovering. India (-13.9%) is stabilising

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BROKER UPGRADES AND DOWNGRADES

& KEY UK CORPORATE SNAPSHOTS

quarter-on-quarter, as low-end share gains mitigate continued unitary price declines. Sustained data growth of 63% was seen, 'more-for-more' propositions stabilising consumer ARPU in Europe. Continued momentum was visible in fixed 300,000 broadband net adds. Further, growth in Enterprise was up by 1.5%, led by share gains in fixed and ongoing success in IoT.

FTSE 250 Acacia Mining Plc (ACA.L) Announced, in its half year results for six months ended 30 June 2017, that its revenues fell to $391.7 million from $504.9 million posted in the same period preceding year. The company's profit before tax stood at $99.5 million, compared to a profit of $101.6 million reported in the previous year. Its diluted earnings per share stood at 15.2c compared to loss of 1.5c reported in the previous year. Separately, no 2017 interim dividend has been declared based on the Group's year-to-date negative free cash flow.

Beazley Plc (BEZ.L) Announced that Clive Washbourn, who has been the company's director since 2006, has stepped down from the board with effect from July 20, 2017. Clive will remain on the board of Beazley Furlonge Ltd, the company's managing agency and on the executive committee.

Capital & Counties Properties Plc Announced that Covent Garden Group Holdings Limited, the holding company for Capco's Covent Garden assets and a (CAPC.L) wholly owned subsidiary of Capco, has signed an agreement with eight institutional investors, for a private placement of £225.0 million senior unsecured notes with maturities ranging from seven to 20 years. The sterling denominated unsecured debt has a weighted average fixed rate coupon of 2.75%. It is expected that closing and funding of the transaction will occur in August.

Close Brothers Group Plc (CBG.L) Announced its scheduled pre-close trading update ahead of its 2017 financial year end. All statements in this release relate to the 11 months to 30 June 2017 unless otherwise indicated. The group will report results for the year to 31 July 2017 on 26 September 2017. The group has continued to perform well across all divisions, consistent with our Q3 trading update. The Banking division has delivered continued growth and good returns, with the loan book up 6.4% year to date at £6.8 billion (31 July 2016: £6.4 billion). Asset Management continued to achieve strong net inflows and benefit from positive market movements. As a result, managed assets are up 9% year to date at £8.8 billion (31 July 2016: £8.0 billion) and total client assets grew 11% to £11.0 billion (31 July 2016: £9.9 billion). The group has performed well year to date and we remain confident in a good result for the current financial year.

Euromoney Plc Announced a trading update for the period from 1 April to 20 July 2017. Since reporting its interim results on May 18, (ERM.L) trading has continued in line with the board's expectations as set out in the interim results announcement. Reported revenues for the quarter to June 30 increased by 13% to £118.4 million, reflecting both the benefit from a favourable Sterling-US Dollar rate and the acquisition of RISI in April. Underlying revenues, at constant exchange rates and including pro-forma prior year comparatives for acquisitions and excluding disposals, increased by 2%, continuing the positive trend in event revenues highlighted in the interim results. Net debt at June 30 was £173.1 million compared to £83.6 million at March 31. The increase during the quarter reflects the £103.3 million cost of the RISI and Layer123 acquisitions and the payment of an interim dividend of £9.4 million, partly offset by the continued strong operating cash flows. Preliminary results for the year to September 30 will be announced on November 23, 2017. The company expects to release a pre-close trading update on September 28.

Homeserve Plc (HSV.L) Announced the following trading update for the period 1 April to 20 July 2017, to coincide with its Annual General Meeting which takes place today. Trading for the period was in line with the expectation it reported at its Preliminary Results on 23 May 2017 of continued strong growth in the current financial year. As previously disclosed, its business continues to be highly seasonal, with FY18 trading expected to be more significantly weighted towards the second half. Momentum in North America remains strong with 2.5 million new households added in the period, driven by 24 new partner signings. The company now has access to 53 million households in North America, and serves 3.1 million customers. It plans to announce its interim results for the six months to 30 September 2017 on 21 November 2017.

Paysafe Group Plc (PAYS.L) Announced that it has received a preliminary, conditional proposal from funds managed by Blackstone and funds managed by CVC Capital Partners (such funds together, the consortium) regarding a possible all cash offer for the entire issued and to be issued share capital of the company by a newly incorporated company jointly owned by funds advised by the consortium members or their respective affiliates. Under the terms of the Possible Offer, the ordinary shareholders of Paysafe would receive 590.0p in cash per ordinary share in Paysafe. Separately, it reported that it has agreed to acquire substantially all the assets of Delta Card Services Inc., the holding company for Merchants' Choice Payment Solutions (MCPS), a payment processor based in the Houston suburb of Shenandoah, Texas. MCPS is a data- focused full service payment processor for merchants and sophisticated, high-volume Independent Sales Organisations (ISOs) in North America.

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BROKER UPGRADES AND DOWNGRADES

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