Research department: Investment recommendations since 3rd July 2016 Current as of 17/09/2019 @08.45

Analyst Date ISIN Company Name Recommendation (1) TP(1) Adam Forsyth 09/09/2019 SG9999011118 SIMEC Atlantis Energy Under Review Under Review Adam Forsyth 06/09/2019 SG9999011118 SIMEC Atlantis Energy Under Review Under Review Adam Forsyth 06/09/2019 US7434651060 ProPhotonix Under Review from HOLD Under Review from 3.6p Adam Forsyth 03/09/2019 CY0106502111 DekelOil BUY 12p Adam Forsyth 28/08/2019 GB00B18S7B29 AFC Energy BUY from Under Review 20p from Under Review Adam Forsyth 27/08/2019 GB00B18S7B29 AFC Energy Under Review Under Review Adam Forsyth 26/07/2019 GB00B18S7B29 AFC Energy Under Review Under Review Adam Forsyth 24/07/2019 CY0106502111 DekelOil BUY 12p from 13p Adam Forsyth 15/07/2019 SG9999011118 SIMEC Atlantis Energy Under Review Under Review Adam Forsyth 10/07/2019 SG9999011118 SIMEC Atlantis Energy Under Review Under Review Adam Forsyth 09/07/2019 CY0106502111 DekelOil BUY 13p Adam Forsyth 04/07/2019 CY0106502111 DekelOil BUY 13p Adam Forsyth 28/06/2019 SG9999011118 SIMEC Atlantis Energy Under Review from BUY Under Review from 84p Adam Forsyth 27/06/2019 GB00BTFR4F17 Windar Photonics BUY 81p Adam Forsyth 27/06/2019 CY0106502111 DekelOil BUY 13p Adam Forsyth 26/06/2019 GB00B18S7B29 AFC Energy Under Review Under Review Adam Forsyth 24/06/2019 GB00B18S7B29 AFC Energy Under Review Under Review Adam Forsyth 14/06/2019 US62847T2024 MYCELX Technologies BUY 221p from 295p Adam Forsyth 20/05/2019 GB00B18S7B29 AFC Energy Under Review Under Review Adam Forsyth 17/05/2019 US7434651060 ProPhotonix HOLD from BUY 3.6p from 10.9 Adam Forsyth 15/05/2019 SG9999011118 SIMEC Atlantis Energy BUY 84p Adam Forsyth 13/05/2019 US62847T2024 MYCELX Technologies BUY 295p Adam Forsyth 18/04/2019 AU0000XINAS1 CAP-XX BUY 15.9p from 17p Adam Forsyth 16/04/2019 GB00B1GDWB47 Plutus Powergen BUY 2.6p Adam Forsyth 12/04/2019 GB00B18S7B29 AFC Energy Under Review from BUY Under Review from 61p Adam Forsyth 09/04/2019 GB00B18S7B29 AFC Energy BUY 61p Adam Forsyth 09/04/2019 CY0106502111 DekelOil BUY 13p Adam Forsyth 09/04/2019 CY0106502111 DekelOil BUY from Under Review 13p from Under Review Adam Forsyth 05/04/2019 GB00B1GDWB47 Good Energy BUY from HOLD 232p from Under Review Adam Forsyth 05/04/2019 CH0110303119 Leclanché Under Review from BUY Under Review from CHF3.4 Adam Forsyth 05/04/2019 US7434651060 ProPhotonix BUY 10.9p Adam Forsyth 03/04/2019 US7434651060 ProPhotonix BUY 10.9p Adam Forsyth 02/04/2019 GB00BTFR4F17 Windar Photonics BUY 81p Adam Forsyth 01/04/2019 SG9999011118 SIMEC Atlantis Energy BUY 84p from 86p Adam Forsyth 19/03/2019 GB00B18S7B29 AFC Energy BUY 61p Adam Forsyth 18/03/2019 FR0012650166 ENGIE Eps BUY €15.50 from €17.0 Adam Forsyth 07/03/2019 US7434651060 ProPhotonix BUY 10.9p Adam Forsyth 06/03/2019 AU0000XINAS1 CAP-XX Under Review from BUY Under Review from 17p Adam Forsyth 06/03/2019 CH0110303119 Leclanché BUY CHF3.4 Adam Forsyth 05/03/2019 GB00B1GDWB47 Good Energy HOLD Under Review Adam Forsyth 01/03/2019 US62847T2024 MYCELX Technologies BUY 295p from 276P Adam Forsyth 14/02/2019 US62847T2024 MYCELX Technologies BUY 276p from 251p Adam Forsyth 12/02/2019 GB00BTFR4F17 Windar Photonics BUY 81p from 128p Adam Forsyth 11/02/2019 SG9999011118 SIMEC Atlantis Energy BUY 86p Adam Forsyth 11/02/2019 GB00BTFR4F17 Windar Photonics BUY Under Review from 128p Adam Forsyth 05/02/2019 AU0000XINAS1 CAP-XX BUY 17p Adam Forsyth 30/01/2019 GB00B1GDWB47 Plutus Powergen BUY 2.6p from 3.4p Adam Forsyth 24/01/2019 CH0110303119 Leclanché BUY CHF3.4 Adam Forsyth 17/01/2019 GB00B18S7B29 AFC Energy BUY 61p Adam Forsyth 10/01/2019 CY0106502111 DekelOil Under Review from HOLD Under Review from 4p Adam Forsyth 19/12/2018 SG9999011118 SIMEC Atlantis Energy BUY 86p Adam Forsyth 12/12/2018 CH0110303119 Leclanché BUY CHF3.4 Adam Forsyth 05/12/2018 SG9999011118 SIMEC Atlantis Energy BUY 86p Adam Forsyth 29/11/2018 US62847T2024 MYCELX Technologies BUY 251p from 201p Adam Forsyth 26/11/2018 SG9999011118 SIMEC Atlantis Energy BUY 86p from 81p Adam Forsyth 23/11/2018 CH0110303119 Leclanché BUY CHF3.4 from CHF2.8 Adam Forsyth 22/11/2018 GB00B1GDWB47 Plutus Powergen BUY 3.4p from 3.6p Adam Forsyth 22/11/2018 SG9999011118 SIMEC Atlantis Energy BUY 81p Adam Forsyth 20/11/2018 SG9999011118 SIMEC Atlantis Energy BUY 81p Adam Forsyth 19/11/2018 CY0106502111 DekelOil HOLD 4p Adam Forsyth 19/11/2018 FR0012650166 ENGIE Eps BUY € 17.0 Adam Forsyth 16/11/2018 FR0012650166 ENGIE Eps BUY € 17.0 Adam Forsyth 16/11/2018 GB00B1GDWB47 Plutus Powergen BUY 3.6p Adam Forsyth 16/11/2018 SG9999011118 SIMEC Atlantis Energy BUY 81p Adam Forsyth 15/11/2018 GB00B18S7B29 AFC Energy BUY 61p Adam Forsyth 12/11/2018 CH0110303119 Leclanché BUY CHF2.8 Adam Forsyth 12/11/2018 US7434651060 ProPhotonix BUY 10.9p Adam Forsyth 06/11/2018 SG9999011118 SIMEC Atlantis Energy BUY 81p from 74p Adam Forsyth 02/11/2018 US7434651060 ProPhotonix BUY 10.9p from 18.4p Adam Forsyth 01/11/2018 GB00B18S7B29 AFC Energy BUY 61p Adam Forsyth 31/10/2018 CY0106502111 DekelOil HOLD 4p Adam Forsyth 25/10/2018 SG9999011118 SIMEC Atlantis Energy BUY 74p from 75p Adam Forsyth 22/10/2018 AU0000XINAS1 CAP-XX BUY 17p Adam Forsyth 22/10/2018 SG9999011118 SIMEC Atlantis Energy BUY 75p Adam Forsyth 17/10/2018 AU0000XINAS1 CAP-XX BUY 17p Adam Forsyth 10/10/2018 CY0106502111 DekelOil HOLD 4p Adam Forsyth 09/10/2018 GB00B1GDWB47 Plutus Powergen BUY 3.6p Adam Forsyth 08/10/2018 AU0000XINAS1 CAP-XX BUY 17p Adam Forsyth 08/10/2018 US62847T2024 MYCELX Technologies BUY 201p from 146p Adam Forsyth 06/10/2018 FR0012650166 ENGIE Eps BUY €17 from €14.3 Adam Forsyth 04/10/2018 FR0012650166 ENGIE Eps BUY €14.3 from €14.6 Adam Forsyth 01/10/2018 CH0110303119 Leclanché BUY CHF2.8 from CHF3.0 Adam Forsyth 26/09/2018 AU0000XINAS1 CAP-XX BUY 17p Adam Forsyth 25/09/2018 GB00BTFR4F17 Windar Photonics BUY 128p from 130p Adam Forsyth 24/09/2018 SG9999011118 SIMEC Atlantis Energy BUY 75p Adam Forsyth 14/09/2018 CY0106502111 DekelOil HOLD from Under Review 4p from Under Review Research department: Investment recommendations since 3rd July 2016 Current as of 17/09/2019 @08.45

Adam Forsyth 13/09/2018 CY0106502111 DekelOil Under Review from BUY Under Review from 19p Adam Forsyth 12/09/2018 CH0110303119 Leclanché BUY CHF3.0 Adam Forsyth 12/09/2018 US62847T2024 MYCELX Technologies BUY 146p Adam Forsyth 06/09/2018 US7434651060 ProPhotonix BUY 18.4p Adam Forsyth 03/09/2018 SG9999011118 SIMEC Atlantis Energy BUY 75p Adam Forsyth 21/08/2018 GB00B18S7B29 AFC Energy BUY 61p Adam Forsyth 21/08/2018 AU0000XINAS1 CAP-XX BUY 17p from 18p Adam Forsyth 21/08/2018 FR0012650166 Electro Power Systems BUY from HOLD €14.6 from €15.3 Adam Forsyth 21/08/2018 CH0110303119 Leclanché BUY CHF3.0 Adam Forsyth 21/08/2018 GB00B1GDWB47 Plutus Powergen BUY 3.6p Adam Forsyth 21/08/2018 SG9999011118 SIMEC Atlantis Energy BUY 75p Adam Forsyth 21/08/2018 GB00BTFR4F17 Windar Photonics BUY 130p Adam Forsyth 13/08/2018 SG9999011118 SIMEC Atlantis Energy BUY 75p Adam Forsyth 10/08/2018 US7434651060 ProPhotonix BUY 18.4p from 23.5p Adam Forsyth 30/07/2018 CY0106502111 DekelOil BUY 19p Adam Forsyth 27/07/2018 CH0110303119 Leclanché BUY from Under Review CHF3.0 from Under Review Adam Forsyth 27/07/2018 US62847T2024 MYCELX Technologies BUY 146p from 125p Adam Forsyth 26/07/2018 GB00B18S7B29 AFC Energy BUY 61p Adam Forsyth 19/07/2018 CY0106502111 DekelOil BUY 19p Adam Forsyth 16/07/2018 GB00B18S7B29 AFC Energy BUY 61p Adam Forsyth 13/07/2018 GB00B18S7B29 AFC Energy BUY 61p Adam Forsyth 11/07/2018 SG9999011118 SIMEC Atlantis Energy BUY 75p Adam Forsyth 29/06/2018 GB00BTFR4F17 Windar Photonics BUY 130p Adam Forsyth 28/06/2018 CY0106502111 DekelOil BUY 19p from 22p Adam Forsyth 28/06/2018 CH0110303119 Leclanché Under Review from HOLD Under Review from CHF2.4 Adam Forsyth 26/06/2018 CY0106502111 DekelOil BUY 22p Adam Forsyth 20/06/2018 AU0000XINAS1 CAP-XX BUY 18p Adam Forsyth 18/06/2018 SG9999011118 SIMEC Atlantis Energy BUY 75p Ashley Kelty/Jack Allardyce 17/05/2019 CA78410A1075 SDX Energy BUY 70p from 77p Ashley Kelty/Jack Allardyce 23/04/2019 CA46989Q1000 Jadestone Energy BUY 103p from 97p Ashley Kelty/Jack Allardyce 18/04/2019 GB00B0CY5V57 Serica Energy BUY 166p from 160p Ashley Kelty/Jack Allardyce 11/04/2019 GB0032087826 Amerisur Resources BUY 27p Ashley Kelty/Jack Allardyce 08/04/2019 CA78410A1075 SDX Energy BUY 77p Ashley Kelty/Jack Allardyce 01/04/2019 GB00B580MF54 Hurricane Energy BUY 96p from 94p Ashley Kelty/Jack Allardyce 28/03/2019 GB00B580MF54 Hurricane Energy BUY 94p from 87p Ashley Kelty/Jack Allardyce 22/03/2019 CA78410A1075 SDX Energy BUY 77p Ashley Kelty/Jack Allardyce 18/03/2019 AU000000RRS3 Range Resources Under review from BUY Under Review from 0.17p Ashley Kelty/Jack Allardyce 14/03/2019 CA46989Q1000 Jadestone Energy BUY 97p from 94p Ashley Kelty/Jack Allardyce 08/03/2019 GB0032087826 Amerisur Resources BUY 27p from 22p Ashley Kelty/Jack Allardyce 21/02/2019 GB00B0CY5V57 Serica Energy BUY 160p from 163p Ashley Kelty/Jack Allardyce 13/02/2019 GB00BYNFCH09 RockRose Energy BUY 1107p from 1080p Ashley Kelty/Jack Allardyce 11/02/2019 CA46989Q1000 Jadestone Energy BUY 94p Ashley Kelty/Jack Allardyce 07/02/2019 CA78410A1075 SDX Energy BUY 77p Ashley Kelty/Jack Allardyce 31/01/2019 AU000000RRS3 Range Resources BUY 0.17p from 0.25p Ashley Kelty/Jack Allardyce 28/01/2019 CA78410A1075 SDX Energy BUY 77p from 79p Ashley Kelty/Jack Allardyce 14/01/2019 CA78410A1075 SDX Energy BUY 79p Ashley Kelty/Jack Allardyce 11/01/2019 GB00BF44KY60 Rose Petroleum BUY 9p Ashley Kelty/Jack Allardyce 21/12/2018 AU000000RRS3 Range Resources BUY 0.25p Ashley Kelty/Jack Allardyce 20/12/2018 AU000000RRS3 Range Resources BUY 0.25p from 0.29p Ashley Kelty/Jack Allardyce 12/12/2018 GB0032087826 Amerisur Resources BUY 22p from 21p Ashley Kelty/Jack Allardyce 04/12/2018 GB00BYNFCH09 RockRose Energy BUY 1080p from 1073p Ashley Kelty/Jack Allardyce 04/12/2018 GB00B0CY5V57 Serica Energy BUY 163p from 156p Ashley Kelty/Jack Allardyce 27/11/2018 CA78410A1075 SDX Energy BUY 79p from 83p Ashley Kelty/Jack Allardyce 26/11/2018 GB0032087826 Amerisur Resources BUY 21p Ashley Kelty/Jack Allardyce 26/11/2018 CA78410A1075 SDX Energy BUY 79p from 83p Ashley Kelty/Jack Allardyce 23/11/2018 GB00BYNFCH09 RockRose Energy BUY 1073p from 873p Ashley Kelty/Jack Allardyce 22/11/2018 GB0032087826 Amerisur Resources BUY 21p from 23p Ashley Kelty/Jack Allardyce 07/11/2018 GB00B0CY5V57 Serica Energy BUY 156p from 144p Ashley Kelty/Jack Allardyce 06/11/2018 GB00B0CY5V57 Serica Energy BUY 156p Ashley Kelty/Jack Allardyce 01/11/2018 GB00B0CY5V57 Serica Energy BUY 144p from 116p Ashley Kelty/Jack Allardyce 31/10/2018 GB00B0CY5V57 Serica Energy BUY 145p from 116p Ashley Kelty/Jack Allardyce 25/10/2018 AU000000RRS3 Range Resources BUY 0.29p from 0.33p Ashley Kelty/Jack Allardyce 11/10/2018 IM00B1FPZP63 Chariot Oil & Gas SELL from HOLD 2p from 10p Ashley Kelty/Jack Allardyce 03/10/2018 AU000000RRS3 Range Resources BUY 0.33p from 0.67p Ashley Kelty/Jack Allardyce 03/10/2018 GB00BYNFCH09 RockRose Energy BUY 873p from 641p Ashley Kelty/Jack Allardyce 02/10/2018 IM00B1FPZP63 Chariot Oil & Gas HOLD 10p Ashley Kelty/Jack Allardyce 02/10/2018 GB00BYNFCH09 RockRose Energy BUY 873p from 641p Ashley Kelty/Jack Allardyce 01/10/2018 AU000000RRS3 Range Resources BUY 0.67p Ashley Kelty/Jack Allardyce 01/10/2018 GB00B0CY5V57 Serica Energy BUY 116p Ashley Kelty/Jack Allardyce 26/09/2018 GB00BF44KY60 Rose Petroleum BUY 9p Ashley Kelty/Jack Allardyce 25/09/2018 GB00BF44KY60 Rose Petroleum BUY 9p Ashley Kelty/Jack Allardyce 21/09/2018 GB00B580MF54 Hurricane Energy BUY 87p Ashley Kelty/Jack Allardyce 21/09/2018 GB00BYNFCH09 RockRose Energy BUY 641p Ashley Kelty/Jack Allardyce 20/09/2018 GB00B580MF54 Hurricane Energy BUY 87p Ashley Kelty/Jack Allardyce 20/09/2018 AU000000RRS3 Range Resources BUY 0.67p Ashley Kelty/Jack Allardyce 20/09/2018 GB00BYNFCH09 RockRose Energy BUY 641p Ashley Kelty/Jack Allardyce 14/09/2018 GB0032087826 Amerisur Resources BUY 23p from 24p Ashley Kelty/Jack Allardyce 04/09/2018 GB00B580MF54 Hurricane Energy BUY 87p from 80p Ashley Kelty/Jack Allardyce 28/08/2018 CA78410A1075 SDX Energy BUY 83p Ashley Kelty/Jack Allardyce 20/08/2018 GB00BYNFCH09 RockRose Energy BUY 641p Ashley Kelty/Jack Allardyce 17/08/2018 CA78410A1075 SDX Energy BUY 83p from 81p Ashley Kelty/Jack Allardyce 06/08/2018 GB00B0CY5V57 Serica Energy BUY 116p from 104p Ashley Kelty/Jack Allardyce 31/07/2018 AU000000RRS3 Range Resources BUY 0.67p Ashley Kelty/Jack Allardyce 31/07/2018 AU000000RRS3 Range Resources BUY 0.67p Ashley Kelty/Jack Allardyce 26/07/2018 AU000000RRS3 Range Resources BUY 0.67p from 0.7p Ashley Kelty/Jack Allardyce 24/07/2018 IM00B1FPZP63 Chariot Oil & Gas HOLD 10p Ashley Kelty/Jack Allardyce 23/07/2018 CA78410A1075 SDX Energy BUY 81p Ashley Kelty/Jack Allardyce 16/07/2018 CA78410A1075 SDX Energy BUY 81p from 79p Ashley Kelty/Jack Allardyce 06/07/2018 AU000000RRS3 Range Resources BUY 0.7p Ashley Kelty/Jack Allardyce 03/07/2018 GB00BF44KY60 Rose Petroleum BUY 9p Ashley Kelty/Jack Allardyce 28/06/2018 GB00B0CY5V57 Serica Energy BUY 104p Ashley Kelty/Jack Allardyce 22/06/2018 GB00B1250X28 Lansdowne Oil & Gas BUY 2.0p from 4.4p Ashley Kelty/Jack Allardyce 21/06/2018 CA78410A1075 SDX Energy BUY 79p Ashley Kelty/Jack Allardyce 18/06/2018 CA78410A1075 SDX Energy BUY 79p Research department: Investment recommendations since 3rd July 2016 Current as of 17/09/2019 @08.45

Ashley Kelty/Jack Allardyce 06/06/2018 IM00B1FPZP63 Chariot Oil & Gas HOLD 10p Brian White 17/09/2019 GB00BZ4G2K23 Mereo Biopharma BUY 720p Brian White 06/09/2019 GB0009633180 Dechra BUY 3350p from Under Review Brian White 03/09/2019 CH0011432447 Basilea Pharmaceutica BUY CHF120 Brian White 02/09/2019 GB0009633180 Dechra BUY 2700p from Under Review Brian White 20/08/2019 CH0011432447 Basilea Pharmaceutica BUY CHF120 Brian White 19/08/2019 IE0033024807 UDG Healthcare BUY 900p from 870p Brian White 14/08/2019 GB00BOLCW083 Hikma BUY 2300p from 2200p Brian White 13/08/2019 CH0011432447 Basilea Pharmaceutica BUY CHF120 Brian White 09/08/2019 GB00BOLCW083 Hikma BUY 2200p Brian White 09/08/2019 GB00BZ4G2K23 Mereo Biopharma BUY 720p Brian White 09/08/2019 GB0009895292 AstraZeneca BUY 6600p Brian White 09/08/2019 GB0009252882 GlaxoSmithKline HOLD 1450p Brian White 07/08/2019 IE0033024807 UDG Healthcare BUY 870p Brian White 06/08/2019 CH0011432447 Basilea Pharmaceutica BUY CHF120 Brian White 01/08/2019 GB00BDB6Q760 Diurnal BUY 82p Brian White 28/06/2019 USU9221J1098 Verseon BUY 232p Brian White 17/07/2019 CH0106213793 Polyphor AG BUY Under Review Brian White 28/06/2019 USU9221J1098 Verseon BUY 232p Brian White 31/05/2019 GB00BZ4G2K23 Mereo Biopharma BUY 720p Brian White 30/05/2019 CH0011432447 Basilea Pharmaceutica BUY CHF120 Brian White 30/05/2019 GB00BZ4G2K23 Mereo Biopharma BUY 720p Brian White 21/05/2019 IE0033024807 UDG Healthcare BUY 870p Brian White 17/05/2019 GB00BOLCW083 Hikma BUY 2200p Brian White 10/05/2019 CH0106213793 Polyphor AG UNDER REVIEW from BUY Under Review from CHF59 Brian White 07/05/2019 GB00BZ4G2K23 Mereo Biopharma BUY 720p Brian White 29/04/2019 GB00BZ4G2K23 Mereo Biopharma BUY 720p Brian White 12/04/2019 CH0106213793 Polyphor AG BUY CHF59 Brian White 11/04/2019 GB00BDB6Q760 Diurnal BUY from UNDER REVIEW 82p from Under Review Brian White 09/04/2019 GB00BOLCW083 Hikma BUY 2200p from 2100p Brian White 29/03/2019 CH0106213793 Polyphor AG BUY CHF59 Brian White 28/03/2019 GB00BDB6Q760 Diurnal UNDER REVIEW Under Review Brian White 20/03/2019 GB00BDB6Q760 Diurnal UNDER REVIEW Under Review Brian White 15/03/2019 CH0106213793 Polyphor AG BUY CHF59 Brian White 13/03/2019 GB00BOLCW083 Hikma BUY 2100p Brian White 07/03/2019 GB0009633180 Dechra BUY 2700p Brian White 01/03/2019 CH0011432447 Basilea Pharmaceutica BUY CHF120 Brian White 25/02/2019 GB0009633180 Dechra BUY 2700p Brian White 19/02/2019 CH0011432447 Basilea Pharmaceutica BUY CHF120 Brian White 08/02/2019 CH0011432447 Basilea Pharmaceutica BUY CHF120 Brian White 05/02/2019 GB00BDB6Q760 Diurnal UNDER REVIEW Under Review Brian White 05/02/2019 CH0106213793 Polyphor AG BUY CHF59 Brian White 04/02/2019 USU9221J1098 Verseon BUY 232p Brian White 01/02/2019 GB0000946276 Consort Medical BUY 1180p Brian White 29/01/2019 IE0033024807 UDG Healthcare BUY 870p Brian White 28/01/2019 GB00BDHSP575 Destiny Pharma BUY 330p Brian White 25/01/2019 GB00BDHSP575 Destiny Pharma BUY 330p Brian White 18/01/2019 GB0009633180 Dechra BUY 2700p Brian White 17/01/2019 GB00BZ4G2K23 Mereo Biopharma BUY 720p Brian White 14/01/2019 GB0009633180 Dechra BUY 2700p Brian White 09/01/2019 CH0011432447 Basilea Pharmaceutica BUY CHF120 from CHF108.7 Brian White 07/01/2019 CH0011432447 Basilea Pharmaceutica BUY CHF108.7 Brian White 18/12/2018 GB00BZ4G2K23 Mereo Biopharma BUY 720p Brian White 10/12/2018 CH0011432447 Basilea Pharmaceutica BUY CHF108.7 Brian White 10/12/2018 IE0033024807 UDG Healthcare BUY 870p Brian White 07/12/2018 GB00BZ4G2K23 Mereo Biopharma BUY 720p Brian White 27/11/2018 GB00BZ4G2K23 Mereo Biopharma BUY 720p Brian White 27/11/2018 IE0033024807 UDG Healthcare BUY 870p Brian White 19/11/2018 GB00BSNB6S51 Redx Pharma UR UR Brian White 16/11/2018 GB00BOLCW083 Hikma BUY 2100p from Under Review Brian White 14/11/2018 GB00BSNB6S51 Redx Pharma UR UR Brian White 05/11/2018 GB00BRS65X63 Indivior HOLD 240p from 370p Brian White 05/11/2018 GB00BZ4G2K23 Mereo Biopharma BUY 720p Brian White 01/11/2018 GB00BDHSP575 Destiny Pharma BUY 330p Brian White 25/10/2018 GB00BDHSP575 Destiny Pharma BUY 330p Brian White 08/10/2018 GB0009633180 Dechra BUY 2700p Brian White 08/10/2018 GB00BDB6Q760 Diurnal UNDER REVIEW from BUY Under Review from 220p Brian White 01/10/2018 GB00BDHSP575 Destiny Pharma BUY 330p Brian White 26/09/2018 GB00BDHSP575 Destiny Pharma BUY 330p Brian White 24/09/2018 GB00BDB6Q760 Diurnal BUY 220p Brian White 21/09/2018 IE0033024807 UDG Healthcare BUY 870p from 940p Brian White 20/09/2018 GB00BDB6Q760 Diurnal BUY 220p Brian White 14/09/2018 GB0009633180 Dechra BUY 2700p from Under Review Brian White 13/09/2018 USU9221J1098 Verseon BUY 232p Brian White 11/09/2018 CH0011432447 Basilea Pharmaceutica BUY CHF108.7 Brian White 07/09/2018 USU9221J1098 Verseon BUY 232p Brian White 04/09/2018 GB00BSNB6S51 Redx Pharma UR UR Brian White 03/09/2018 GB0009633180 Dechra BUY Under Review from 2500p Brian White 31/08/2018 GB0009895292 AstraZeneca BUY 6600p Brian White 30/08/2018 GB0009895292 AstraZeneca BUY 6600p from 5600p Brian White 15/08/2018 GB00BOLCW083 Hikma BUY Under Review from 1300p Brian White 14/08/2018 CH0011432447 Basilea Pharmaceutica BUY CHF108.7 Brian White 14/08/2018 GB00BZ4G2K23 Mereo Biopharma BUY 720p Brian White 08/08/2018 GB00BZ4G2K23 Mereo Biopharma BUY 720p Brian White 26/07/2018 GB0009895292 AstraZeneca BUY 5600p Brian White 26/07/2018 GB00BDHSP575 Destiny Pharma BUY 330p Brian White 25/07/2018 GB00BRS65X63 Indivior HOLD 370p Brian White 20/07/2018 GB00BRS65X63 Indivior HOLD 370p from 450p Brian White 18/07/2018 USU9221J1098 Verseon BUY 232p Brian White 17/07/2018 GB00BDHSP575 Destiny Pharma BUY 330p Brian White 25/06/2018 CH0106213793 Polyphor AG BUY CHF59 Brian White 11/06/2018 GB00BRS65X63 Indivior HOLD 440p from 350p Brian White 01/06/2018 IE0033024807 UDG Healthcare BUY 940p from Under Review Ian Poulter 11/06/2019 GB000267504 Dewhurst HOLD 1075p from 950p Jack Allardyce 16/09/2019 CA27887W1005 Eco (Atlantic) Oil & Gas BUY Under Review Jack Allardyce 12/09/2019 GB0032087826 Amerisur Resources BUY 27p Research department: Investment recommendations since 3rd July 2016 Current as of 17/09/2019 @08.45

Jack Allardyce 12/09/2019 GB00B580MF54 Hurricane Energy BUY 96p Jack Allardyce 11/09/2019 AU00000088E2 88 Energy Limited BUY 4.3p Jack Allardyce 03/09/2019 AU000000RRS3 Range Resources Under Review Jack Allardyce 02/09/2019 GB00B580MF54 Hurricane Energy BUY 96p Jack Allardyce 23/08/2019 AU00000088E2 88 Energy Limited BUY 4.3p from 2.7p Jack Allardyce 22/08/2019 AU00000088E2 88 Energy Limited BUY 4.3p from 2.7p Jack Allardyce 22/08/2019 CA78410A1075 SDX Energy BUY 70p Jack Allardyce 12/08/2019 CA27887W1005 Eco (Atlantic) Oil & Gas BUY Under Review from 110p Jack Allardyce 06/08/2019 AU00000088E2 88 Energy Limited BUY 2.7p Jack Allardyce 23/07/2019 GB00BYNFCH09 RockRose Energy BUY 3004p from 1107p Jack Allardyce 15/07/2019 GB00B28YML29 Egdon Resources BUY 20p Jack Allardyce 12/07/2019 GB00B580MF54 Hurricane Energy BUY 96p Jack Allardyce 08/07/2019 CA78410A1075 SDX Energy BUY 70p Jack Allardyce 08/07/2019 CA27887W1005 Eco (Atlantic) Oil & Gas BUY 110p Jack Allardyce 01/07/2019 GB00B580MF54 Hurricane Energy BUY 96p Jack Allardyce 27/06/2019 GB00B28YML29 Egdon Resources BUY 20p Jack Allardyce 26/06/2019 CA78410A1075 SDX Energy BUY 70p Jack Allardyce 26/06/2019 AU00000088E2 88 Energy Limited BUY 2.7p Jack Allardyce 11/06/2019 GB0032087826 Amerisur Resources BUY 27p Jack Allardyce 05/06/2019 GB00B580MF54 Hurricane Energy BUY 96p Jack Allardyce 04/06/2019 GB00B28YML29 Egdon Resources BUY 20p Jack Allardyce/Ashley Kelty 23/05/2019 AU00000088E2 88 Energy Limited BUY 2.7p Jack Allardyce/Ashley Kelty 09/04/2019 GB00B28YML29 Egdon Resources BUY 20p Jack Allardyce/Ashley Kelty 29/03/2019 CA27887W1005 Eco (Atlantic) Oil & Gas BUY 110p Jack Allardyce/Ashley Kelty 28/03/2019 GB00B28YML29 Egdon Resources BUY 20p Jack Allardyce/Ashley Kelty 20/03/2019 AU00000088E2 88 Energy Limited BUY 2.7p Jack Allardyce/Ashley Kelty 18/03/2019 CA27887W1005 Eco (Atlantic) Oil & Gas BUY 110p Jack Allardyce/Ashley Kelty 11/03/2019 GB00B28YML29 Egdon Resources BUY 20p Jack Allardyce/Ashley Kelty 07/03/2019 CA27887W1005 Eco (Atlantic) Oil & Gas BUY 110p Jack Allardyce/Ashley Kelty 04/03/2019 AU00000088E2 88 Energy Limited BUY 2.7p from 4.4p Jack Allardyce/Ashley Kelty 04/03/2019 AU00000088E2 88 Energy Limited BUY 4.4p Jack Allardyce/Ashley Kelty 04/03/2019 GB00B28YML29 Egdon Resources BUY 20p Jack Allardyce/Ashley Kelty 25/02/2019 GB00B28YML29 Egdon Resources BUY 20p Jack Allardyce/Ashley Kelty 21/02/2019 GB00B28YML29 Egdon Resources BUY 20p from 24p Jack Allardyce/Ashley Kelty 20/02/2019 IE00BWVFTP56 San Leon Energy N/R N/A Jack Allardyce/Ashley Kelty 06/02/2019 AU00000088E2 88 Energy Limited BUY 4.4p Jack Allardyce/Ashley Kelty 28/01/2019 GB00B03VVN93 Sirius Petroleum BUY 1.0p Jack Allardyce/Ashley Kelty 25/01/2019 GB00B28YML29 Egdon Resources BUY 24p Jack Allardyce/Ashley Kelty 15/01/2019 GB00B03VVN93 Sirius Petroleum BUY 1.0p from 2.3p Jack Allardyce/Ashley Kelty 10/01/2019 GB0033032904 Faroe Petroleum HOLD from BUY 160p from 195p Jack Allardyce/Ashley Kelty 09/01/2019 GB0033032904 Faroe Petroleum BUY 195p from 202p Jack Allardyce/Ashley Kelty 21/12/2018 GB0033032904 Faroe Petroleum BUY 202p from 195p Jack Allardyce/Ashley Kelty 20/12/2018 GB0033032904 Faroe Petroleum BUY 195p Jack Allardyce/Ashley Kelty 28/11/2018 GB0033032904 Faroe Petroleum BUY 195p from 166p Jack Allardyce/Ashley Kelty 27/11/2018 GB0033032904 Faroe Petroleum BUY 195p from 166p Jack Allardyce/Ashley Kelty 26/11/2018 GB0033032904 Faroe Petroleum BUY 166p Jack Allardyce/Ashley Kelty 05/11/2018 GB0033032904 Faroe Petroleum BUY 195p Jack Allardyce/Ashley Kelty 02/11/2018 GB00B28YML29 Egdon Resources BUY 24p Jack Allardyce/Ashley Kelty 30/10/2018 GB00B28YML29 Egdon Resources BUY 24p Jack Allardyce/Ashley Kelty 18/09/2018 GB0033032904 Faroe Petroleum BUY 166p Jack Allardyce/Ashley Kelty 04/09/2018 GB00B28YML29 Egdon Resources BUY 24p from 25p Jack Allardyce/Ashley Kelty 29/08/2018 GB00B28YML29 Egdon Resources BUY 25p from 26p Jack Allardyce/Ashley Kelty 13/08/2018 GB0033032904 Faroe Petroleum BUY 166p from 155p Jack Allardyce/Ashley Kelty 02/08/2018 GB00B28YML29 Egdon Resources BUY 26p Jack Allardyce/Ashley Kelty 06/07/2018 GB00B28YML29 Egdon Resources BUY 26p Jack Allardyce/Ashley Kelty 02/07/2018 GB00B28YML29 Egdon Resources BUY 26p from 31p Jack Allardyce/Ashley Kelty 29/06/2018 GB0033032904 Faroe Petroleum BUY 155p Jack Allardyce/Ashley Kelty 04/06/2018 GB00B28YML29 Egdon Resources BUY 31p Kevin Ashton 16/10/2018 GB00BYWN0F98 SmartSpace Software BUY 300p Kevin Ashton 10/10/2018 GB0008808825 Gresham Technologies BUY 180p from 250p Kevin Ashton 24/09/2018 IL0011354904 Albert Technologies BUY 80p Kevin Ashton 28/08/2018 GB00B0WY3Y47 AdEPT Telecom BUY 600p Kevin Ashton 31/07/2018 IL0011354904 Albert Technologies BUY 80p Kevin Ashton 27/07/2018 GB00B3CDXQ41 RedstoneConnect BUY from Suspended 300p from Suspended Kevin Ashton 25/07/2018 GB00BLZH2C83 Quartix BUY 400p Kevin Ashton 24/07/2018 GB0008808825 Gresham Technologies BUY 250p Kevin Ashton 05/07/2018 IL0011354904 Albert Technologies BUY 80p Kevin Ashton 04/07/2018 GB0008808825 Gresham Technologies BUY 250p Kevin Ashton 02/07/2018 GB00BLZH2C83 Quartix BUY 400p from 350p Kevin Ashton/Harold Evans 24/07/2019 GB00BLZH2C83 Quartix BUY 400p Kevin Ashton/Harold Evans 09/07/2019 GB00B0WY3Y47 AdEPT Technology BUY 600p Kevin Ashton/Harold Evans 27/06/2019 GB00B0WY3Y47 AdEPT Technology BUY 600p Kevin Ashton/Harold Evans 19/06/2019 GB00BLZH2C83 Quartix BUY 400p Kevin Ashton/Harold Evans 28/05/2019 IL0011354904 Albert Technologies BUY 40p from 80p Kevin Ashton/Harold Evans 03/05/2019 GB00B0WY3Y47 AdEPT Telecom BUY 600p Kevin Ashton/Harold Evans 27/03/2019 GB0008808825 Gresham Technologies BUY 180p Kevin Ashton/Harold Evans 26/03/2019 IL0011354904 Albert Technologies BUY 80p Kevin Ashton/Harold Evans 26/03/2019 IL0011354904 Albert Technologies BUY 80p Kevin Ashton/Harold Evans 26/03/2019 GB00BLZH2C83 Quartix BUY 400p Kevin Ashton/Harold Evans 26/03/2019 GB00BLZH2C83 Quartix BUY 400p Kevin Ashton/Harold Evans 12/03/2019 GB0008808825 Gresham Technologies BUY 180p Kevin Ashton/Harold Evans 25/02/2019 GB00BLZH2C83 Quartix BUY 400p Kevin Ashton/Harold Evans 25/02/2019 GB00BLZH2C83 Quartix BUY 400p Kevin Ashton/Harold Evans 22/01/2019 IL0011354904 Albert Technologies BUY 80p Kevin Ashton/Harold Evans 07/01/2019 GB0008808825 Gresham Technologies BUY 180p Kevin Ashton/Harold Evans 10/12/2018 GB0008808825 Gresham Technologies BUY 180p from 250p Kevin Ashton/Harold Evans 06/12/2018 GB0008808825 Gresham Technologies BUY Under Review from 250p Kevin Ashton/Harold Evans 23/11/2018 Nasstar BUY Kevin Ashton/Harold Evans 13/11/2018 GB00B0WY3Y47 AdEPT Telecom BUY 600p Kevin Ashton/Harold Evans 13/11/2018 GB00B0WY3Y47 AdEPT Telecom BUY 600p Kevin Ashton/Harold Evans 08/11/2018 GB00B0WY3Y47 AdEPT Telecom BUY 600p Kevin Ashton/Harold Evans 08/11/2018 GB00B0WY3Y47 AdEPT Telecom BUY 600p Kevin Ashton/Harold Evans 03/04/2018 GB00B0WY3Y47 AdEPT Telecom BUY 600p Kevin Lapwood 22/08/2019 GB0009589168 Symphony Environmental Tech BUY 21p Kevin Lapwood 25/06/2019 GB00BSM98843 Directa Plus BUY from Under Review 106p from Under Review Kevin Lapwood 18/06/2019 GB00BSM98843 Directa Plus Under Review from BUY Under Review from 80p Research department: Investment recommendations since 3rd July 2016 Current as of 17/09/2019 @08.45

Kevin Lapwood 23/04/2019 GB00BSM98843 Directa Plus BUY 80p Kevin Lapwood 17/04/2019 GB00BSM98843 Directa Plus BUY 80p Kevin Lapwood 01/04/2019 GB00BSM98843 Directa Plus BUY 80p Kevin Lapwood 19/03/2019 GB0009589168 Symphony Environmental Tech BUY 21p Kevin Lapwood 15/03/2019 GB0009589168 Symphony Environmental Tech BUY 21p Kevin Lapwood 18/02/2019 GB00BSM98843 Directa Plus BUY 80p Kevin Lapwood 19/10/2018 GB0009589168 Symphony Environmental Tech BUY 21p from 34p Kevin Lapwood 12/10/2018 GB0009589168 Symphony Environmental Tech BUY 34p Kevin Lapwood 30/08/2018 GB0009589168 Symphony Environmental Tech BUY 34p Kevin Lapwood 06/08/2018 GB0009589168 Symphony Environmental Tech BUY 34p Kevin Lapwood 23/07/2018 GB0009589168 Symphony Environmental Tech BUY 34p Maggie Schooley 23/11/2018 GB00BSM98843 Directa Plus BUY 80p Maggie Schooley 22/11/2018 GB00BSM98843 Directa Plus BUY 80p Maggie Schooley 23/10/2018 GB00BSM98843 Directa Plus BUY 80p Maggie Schooley 26/09/2018 GB00BSM98843 Directa Plus BUY 80p Maggie Schooley 18/06/2018 GB00BSM98843 Directa Plus BUY 80p Maggie Schooley 18/06/2018 GB00BSM98843 Directa Plus BUY 80p Mark Photiades 11/09/2019 GB00BMNQZP86 JD Sports BUY 765p from 640p Mark Photiades 10/09/2019 GB00BMNQZP86 JD Sports BUY 640p Mark Photiades 04/09/2019 GB00B1CKQ739 Dunelm HOLD 875p Mark Photiades 04/09/2019 GB00B4QY1P51 Belvoir Group BUY 160p Mark Photiades 03/09/2019 GB00BZC0LC10 Victoria BUY 650p Mark Photiades 02/09/2019 GB0006957293 Portmeirion BUY 1250p Mark Photiades 28/08/2019 GB00B2PDGW16 WH Smith HOLD 2235p Mark Photiades 22/08/2019 GB0000533728 Laura Ashley Under Review from BUY Under Review from 5.0p Mark Photiades 07/08/2019 GB00BZC0LC10 Victoria BUY 650p Mark Photiades 06/08/2019 GB00BZC0LC10 Victoria BUY 650p Mark Photiades 01/08/2019 GB0006957293 Portmeirion BUY 1250p Mark Photiades 01/08/2019 GB0032089863 Next HOLD 5650p from 5225p Mark Photiades 31/07/2019 GB0032089863 Next HOLD 5225p Mark Photiades 23/07/2019 GB00B05J4D26 United Carpets BUY 6.0p Mark Photiades 22/07/2019 GB00BZC0LC10 Victoria BUY 650p Mark Photiades 18/07/2019 GB00BXB07J71 Gateley Holdings BUY 204p Mark Photiades 18/07/2019 GB00B1CKQ739 Dunelm HOLD 875p from 835p Mark Photiades 17/07/2019 GB00B60BD277 Superdry HOLD 455p Mark Photiades 16/07/2019 GB00BXB07J71 Gateley Holdings BUY 204p Mark Photiades 15/07/2019 GB0006957293 Portmeirion BUY 1250p from 1100p Mark Photiades 11/07/2019 GB00BZC0LC10 Victoria BUY 650p Mark Photiades 10/07/2019 GB00B1CKQ739 Dunelm HOLD 835p Mark Photiades 03/07/2019 GB00BMNQZP86 JD Sports BUY 640p Mark Photiades 03/07/2019 GB00B18P5K83 Topps Tiles HOLD 70p Mark Photiades 27/06/2019 GB00BZC0LC10 Victoria BUY 650p Mark Photiades 21/06/2019 GB0001048619 Ted Baker HOLD from Under Review 900p from Under Review Mark Photiades 21/06/2019 GB0031274896 Marks & Spencer SELL 190p from 265p Mark Photiades 18/06/2019 GB00B8B4R053 Findel BUY 340p Mark Photiades 11/06/2019 GB0001048619 Ted Baker Under Review from BUY Under Review from 1900p Mark Photiades 05/06/2019 GB00B8B4R053 Findel BUY 340p Mark Photiades 23/05/2019 GB00BXB07J71 Gateley Holdings BUY 204p Mark Photiades 22/05/2019 GB0031274896 Marks & Spencer SELL 265p Mark Photiades 21/05/2019 GB00B18P5K83 Topps Tiles HOLD 70p Mark Photiades 21/05/2019 GB00B2PDGW16 WH Smith HOLD 2235p Mark Photiades 16/05/2019 GB00B4QY1P51 Belvoir Lettings BUY 160p Mark Photiades 15/05/2019 GB0006056104 Moss Bros HOLD 23.5p Mark Photiades 14/05/2019 GB0006957293 Portmeirion BUY 1100p from Under Review Mark Photiades 14/05/2019 GB0006957293 Portmeirion BUY Under Review from 130p Mark Photiades 07/05/2019 GB00BZC0LC10 Victoria BUY 650p Mark Photiades 01/05/2019 GB0032089863 Next HOLD 5225p Mark Photiades 30/04/2019 GB00BZC0LC10 Victoria BUY 650p Mark Photiades 17/04/2019 GB00BMNQZP86 JD Sports BUY 640p from 555p Mark Photiades 12/04/2019 GB00B1CKQ739 Dunelm HOLD 835p from 725p Mark Photiades 12/04/2019 GB00B2PDGW16 WH Smith HOLD 2235p from 2120p Mark Photiades 11/04/2019 GB0030927254 ASOS HOLD 3100p from 2500p Mark Photiades 10/04/2019 GB00B4QY1P51 Belvoir Lettings BUY 160p Mark Photiades 03/04/2019 GB00B18P5K83 Topps Tiles HOLD 70p Mark Photiades 02/04/2019 GB00B4QY1P51 Belvoir Lettings BUY 160p Mark Photiades 29/03/2019 GB0006056104 Moss Bros HOLD 23.5p from 28p Mark Photiades 26/03/2019 GB0006056104 Moss Bros HOLD 28p Mark Photiades 26/03/2019 GB0001048619 Ted Baker BUY 1900p from 2030p Mark Photiades 25/03/2019 GB00B058DS79 SpaceandPeople BUY 30p Mark Photiades 21/03/2019 GB0006957293 Portmeirion BUY 1300p from 1250p Mark Photiades 19/03/2019 GB00BF8H6F45 Bonmarché BUY 50p from 65p Mark Photiades 08/03/2019 GB0001048619 Ted Baker BUY 2030p from 2075p Mark Photiades 07/03/2019 GB00B05J4D26 United Carpets BUY 6.0p from 8.7p Mark Photiades 20/02/2019 GB0000533728 Laura Ashley BUY 5.0p from 8.25p Mark Photiades 18/02/2019 GB00BZC0LC10 Victoria BUY 650p from 750p Mark Photiades 14/02/2019 GB00B1CKQ739 Dunelm HOLD 725p from 525p Mark Photiades 13/02/2019 GB00B1CKQ739 Dunelm HOLD 525p Mark Photiades 11/02/2019 GB00BZC0LC10 Victoria BUY 750p Mark Photiades 07/02/2019 GB00B60BD277 Superdry HOLD 455p Mark Photiades 06/02/2019 GB00B8B4R053 Findel BUY 340p Mark Photiades 31/01/2019 GB00B4QY1P51 Belvoir Lettings BUY 160p Mark Photiades 30/01/2019 GB00B058DS79 SpaceandPeople BUY 30p Mark Photiades 29/01/2019 GB00B058DS79 SpaceandPeople BUY 30p from 43p Mark Photiades 29/01/2019 GB00BZC0LC10 Victoria BUY 750p Mark Photiades 25/01/2019 GB00BF8H6F45 Bonmarché BUY 65p Mark Photiades 17/01/2019 GB0006957293 Portmeirion BUY 1250p Mark Photiades 15/01/2019 GB00BMNQZP86 JD Sports BUY 555p Mark Photiades 14/01/2019 GB00BMNQZP86 JD Sports BUY 555p Mark Photiades 14/01/2019 GB0006056104 Moss Bros HOLD 28p from 40p Mark Photiades 14/01/2019 GB0032089863 Next HOLD 5225p from 5500p Mark Photiades 10/01/2019 GB00B4QY1P51 Belvoir Lettings BUY 160p Mark Photiades 10/01/2019 GB0031274896 Marks & Spencer SELL 265p Mark Photiades 09/01/2019 GB0001048619 Ted Baker BUY 2075p Mark Photiades 09/01/2019 GB00B18P5K83 Topps Tiles HOLD 70p Mark Photiades 20/12/2018 GB00B05J4D26 United Carpets BUY 8.7p from 10.5p Mark Photiades 18/12/2018 GB0030927254 ASOS HOLD 2500p from 5400p Research department: Investment recommendations since 3rd July 2016 Current as of 17/09/2019 @08.45

Mark Photiades 18/12/2018 GB00B60BD277 Superdry HOLD from BUY 455p from Under Review Mark Photiades 13/12/2018 GB00BF8H6F45 Bonmarché BUY 65p from 110p Mark Photiades 13/12/2018 GB00BF8H6F45 Bonmarché BUY Under Review from 110p Mark Photiades 12/12/2018 GB00B60BD277 Superdry HOLD from BUY Under Review from 1300p Mark Photiades 28/11/2018 GB00B8B4R053 Findel BUY 340p Mark Photiades 27/11/2018 GB00B4QY1P51 Belvoir Lettings BUY 160p from 145p Mark Photiades 27/11/2018 GB00B18P5K83 Topps Tiles HOLD 70p Mark Photiades 27/11/2018 GB00BZC0LC10 Victoria BUY 750p Mark Photiades 23/11/2018 GB00BXB07J71 Gateley Holdings BUY 204p Mark Photiades 23/11/2018 GB0033195214 Kingfisher HOLD 240p from 255p Mark Photiades 23/11/2018 GB00B2PDGW16 WH Smith HOLD 2120p Mark Photiades 21/11/2018 GB0033195214 Kingfisher HOLD 255p Mark Photiades 20/11/2018 GB00BF8H6F45 Bonmarché BUY 110p Mark Photiades 08/11/2018 GB0031274896 Marks & Spencer SELL 265p from 275p Mark Photiades 08/11/2018 GB00B60BD277 Superdry BUY 1300p Mark Photiades 07/11/2018 GB0031274896 Marks & Spencer SELL 275p Mark Photiades 07/11/2018 GB0001048619 Ted Baker BUY 2075p from 2900p Mark Photiades 06/11/2018 GB0001048619 Ted Baker BUY 2900p Mark Photiades 06/11/2018 GB00BZC0LC10 Victoria BUY 750p from 1050p Mark Photiades 31/10/2018 GB0032089863 Next HOLD 5400p Mark Photiades 31/10/2018 GB00BZC0LC10 Victoria RESTRICTED RESTRICTED Mark Photiades 29/10/2018 GB00B18P5K83 Topps Tiles HOLD 70p Mark Photiades 29/10/2018 GB0009290080 Victoria RESTRICTED RESTRICTED Mark Photiades 19/10/2018 GB00B60BD277 Superdry BUY 1300p from 2000p Mark Photiades 18/10/2018 GB0030927254 ASOS HOLD 5400p Mark Photiades 17/10/2018 GB0030927254 ASOS HOLD 5400p Mark Photiades 12/10/2018 GB00B1CKQ739 Dunelm HOLD 525p Mark Photiades 11/10/2018 GB00B1CKQ739 Dunelm HOLD 525p Mark Photiades 11/10/2018 GB00B2PDGW16 WH Smith HOLD 2120p Mark Photiades 08/10/2018 GB00BZC0LC10 Victoria BUY 1050p Mark Photiades 05/10/2018 GB0001048619 Ted Baker BUY 2900p from 3100p Mark Photiades 04/10/2018 GB0001048619 Ted Baker BUY 3100p Mark Photiades 04/10/2018 GB00B18P5K83 Topps Tiles HOLD 70p from 66p Mark Photiades 03/10/2018 GB00B18P5K83 Topps Tiles HOLD 66p Mark Photiades 28/09/2018 GB00BF8H6F45 Bonmarché BUY 110p from 155p Mark Photiades 28/09/2018 GB00B058DS79 SpaceandPeople BUY 43p Mark Photiades 27/09/2018 GB00BXB07J71 Gateley Holdings BUY 204p Mark Photiades 27/09/2018 GB0032089863 Next HOLD 5500p from 5400p Mark Photiades 25/09/2018 GB0032089863 Next HOLD 5400p Mark Photiades 24/09/2018 GB0033195214 Kingfisher HOLD 255p from 305p Mark Photiades 24/09/2018 GB0006056104 Moss Bros HOLD 40p from 50p Mark Photiades 21/09/2018 GB0033764746 French Connection HOLD 51p from 53p Mark Photiades 20/09/2018 GB0033764746 French Connection HOLD 53p Mark Photiades 20/09/2018 GB00B05J4D26 United Carpets BUY 10.5p from 12.5p Mark Photiades 19/09/2018 GB00BMNQZP86 JD Sports BUY 555p from 525p Mark Photiades 12/09/2018 GB00B1CKQ739 Dunelm HOLD 525p Mark Photiades 11/09/2018 GB00B4QY1P51 Belvoir Lettings BUY 145p Mark Photiades 11/09/2018 GB00BMNQZP86 JD Sports BUY 525p Mark Photiades 10/09/2018 GB00BZC0LC10 Victoria BUY 1050p Mark Photiades 30/08/2018 GB00B2PDGW16 WH Smith HOLD 2120p Mark Photiades 28/08/2018 GB00BZC0LC10 Victoria BUY 1050p Mark Photiades 22/08/2018 GB0000533728 Laura Ashley BUY 8.3p from 9.0p Mark Photiades 16/08/2018 GB0033195214 Kingfisher HOLD 305p Mark Photiades 02/08/2018 GB0006957293 Portmeirion BUY 1250p from 1200p Mark Photiades 01/08/2018 GB0032089863 Next HOLD 5400p Mark Photiades 26/07/2018 GB00BF8H6F45 Bonmarché BUY 155p Mark Photiades 26/07/2018 GB00B8B4R053 Findel BUY 340p Mark Photiades 24/07/2018 GB00BZC0LC10 Victoria BUY 1050p from 960p Mark Photiades 24/07/2018 GB00BZC0LC10 Victoria BUY 960p Mark Photiades 23/07/2018 GB00B05J4D26 United Carpets BUY 12.5p from 15.5p Mark Photiades 17/07/2018 GB00BXB07J71 Gateley Holdings BUY 204p Mark Photiades 13/07/2018 GB0030927254 ASOS HOLD 5400p Mark Photiades 13/07/2018 GB00B1CKQ739 Dunelm HOLD 525p from 565p Mark Photiades 12/07/2018 GB0030927254 ASOS HOLD 5400p Mark Photiades 12/07/2018 GB00B1CKQ739 Dunelm HOLD 565p Mark Photiades 12/07/2018 GB0006957293 Portmeirion BUY 1200p Mark Photiades 09/07/2018 GB00BXB07J71 Gateley Holdings BUY 204p Mark Photiades 06/07/2018 GB00B60BD277 Superdry BUY 2000p Mark Photiades 05/07/2018 GB00B18P5K83 Topps Tiles HOLD 66p from 70p Mark Photiades 04/07/2018 GB00B18P5K83 Topps Tiles HOLD 70p Mark Photiades 02/07/2018 GB00BF8H6F45 Bonmarché BUY 155p Mark Photiades 28/06/2018 GB00BMNQZP86 JD Sports BUY 525p Mark Photiades 26/06/2018 GB0001772945 Carpetright Under Review from HOLD Under Review from 55p Mark Photiades 20/06/2018 GB00B126KH97 Debenhams SELL from HOLD 15p from 20.5p Mark Photiades 19/06/2018 GB00BF8H6F45 Bonmarché BUY 155p Mark Photiades 13/06/2018 GB00BZC0LC10 Victoria BUY 960p Mark Photiades 06/06/2018 GB00B8B4R053 Findel BUY 250p Mark Photiades 06/06/2018 GB00B2PDGW16 WH Smith HOLD 2120p Mark Photiades 06/06/2018 GB00B2PDGW16 WH Smith HOLD 2120p Rob Byde 17/09/2019 GB0002892528 Surface Transforms BUY 35p Rob Byde 10/09/2019 GB0009290080 Ocean Wilsons BUY 1300p Rob Byde 09/09/2019 GB0002892528 Surface Transforms BUY 35p Rob Byde 06/09/2019 GB00BF6P5V92 Xpediator HOLD Under Review Rob Byde 04/09/2019 GB00B9GQVG73 AB Dynamics BUY £32 from £30 Rob Byde 02/09/2019 GB00B9GQVG73 AB Dynamics BUY £30 Rob Byde 16/08/2019 GB0009290080 Ocean Wilsons BUY 1300p from 1500p Rob Byde 14/08/2019 GB0009290080 Ocean Wilsons BUY Under Review from 1500p Rob Byde 01/08/2019 GB00B03HDJ73 Stobart Group BUY 270p Rob Byde 30/07/2019 GB00BF6P5V92 Xpediator HOLD from BUY Under Review from 90p Rob Byde 29/07/2019 IE00BYTBXV33 Ryanair BUY € 14 Rob Byde 18/07/2019 GB00B7KR2P84 easyJet BUY £15 Rob Byde 17/07/2019 IE00BYTBXV33 Ryanair BUY € 14 Rob Byde 16/07/2019 GB0002892528 Surface Transforms BUY 35p from 25p Rob Byde 12/07/2019 GB00BD7V5D43 Kromek BUY 45p Rob Byde 10/07/2019 GB0000600931 Braemar Shipping Services HOLD from BUY 200p from U/R Rob Byde 04/07/2019 GB00B9GQVG73 AB Dynamics BUY £30 Research department: Investment recommendations since 3rd July 2016 Current as of 17/09/2019 @08.45

Rob Byde 01/07/2019 GB00B9GQVG73 AB Dynamics BUY £30 from £28 Rob Byde 28/06/2019 GB0002892528 Surface Transforms BUY from HOLD 25p from Under Review Rob Byde 26/06/2019 GB0031410581 Image Scan HOLD from BUY Under Review from 5.5p Rob Byde 19/06/2019 GB00BD736828 Air Partner HOLD 105p from 115p Rob Byde 19/06/2019 GB00B7KR2P84 easyJet BUY £15 Rob Byde 10/06/2019 GB00B9GQVG73 AB Dynamics BUY £28 from £22 Rob Byde 07/06/2019 GB00B1XFKR57 Pressure Technologies HOLD from BUY Under Review from 180p Rob Byde 06/06/2019 GB00BF6P5V92 Xpediator BUY 90p Rob Byde 29/05/2019 GB00B03HDJ73 Stobart Group BUY 270p Rob Byde 28/05/2019 GB00B1XFKR57 Pressure Technologies BUY 180p Rob Byde 24/05/2019 GB00BDVZYZ77 Royal Mail HOLD 240p from 350p Rob Byde 24/05/2019 IE00BYTBXV33 Ryanair BUY € 14 Rob Byde 21/05/2019 GB00B7KR2P84 easyJet BUY £15 Rob Byde 20/05/2019 IE00BYTBXV33 Ryanair BUY € 14 Rob Byde 17/05/2019 GB00B7KR2P84 easyJet BUY £15 Rob Byde 17/05/2019 GB0009290080 Wincanton BUY 350p from 330p Rob Byde 15/05/2019 GB0009290080 Ocean Wilsons BUY 1500p Rob Byde 09/05/2019 GB00BD7V5D43 Kromek BUY 45p Rob Byde 07/05/2019 GB0002892528 Surface Transforms HOLD from BUY Under Review from 25p Rob Byde 03/05/2019 GB00B03HDJ73 Stobart Group BUY 270p Rob Byde 29/04/2019 GB00BF6P5V92 Xpediator BUY 90p Rob Byde 24/04/2019 GB00B9GQVG73 AB Dynamics BUY £22 from £18 Rob Byde 09/04/2019 GB0009290080 Ocean Wilsons BUY 1500p from 1600p Rob Byde 03/04/2019 GB0009290080 Wincanton BUY 330p Rob Byde 27/03/2019 GB00B9GQVG73 AB Dynamics BUY £18 Rob Byde 15/03/2019 GB0009290080 Ocean Wilsons BUY 1600p Rob Byde 13/03/2019 GB00B03HDJ73 Stobart Group BUY 270p Rob Byde 04/03/2019 GB00BF6P5V92 Xpediator BUY 90p Rob Byde 27/02/2019 GB0031410581 Image Scan BUY 5.50p Rob Byde 26/02/2019 GB0002892528 Surface Transforms BUY from HOLD 25p from Under Review Rob Byde 18/02/2019 GB00BF6P5V92 Xpediator BUY 90p Rob Byde 06/02/2019 IE00BYTBXV33 Ryanair BUY from HOLD € 14 Rob Byde 29/01/2019 GB00BDVZYZ77 Royal Mail HOLD 350p Rob Byde 28/01/2019 GB00BD7V5D43 Kromek BUY 45p Rob Byde 24/01/2019 GB00B3ZP1526 Gama Aviation HOLD Under Review Rob Byde 22/01/2019 GB00B7KR2P84 easyJet BUY £15 Rob Byde 17/01/2019 GB00BF6P5V92 Xpediator BUY 90p Rob Byde 14/01/2019 GB00BD7V5D43 Kromek BUY 45p Rob Byde 04/01/2019 GB00B7KR2P84 easyJet BUY 1500p Rob Byde 04/01/2019 GB00B1XFKR57 Pressure Technologies BUY 180p Rob Byde 04/01/2019 GB00BF6P5V92 Xpediator BUY 90p Rob Byde 02/01/2019 GB00B03HDJ73 Stobart Group BUY 270p Rob Byde 12/12/2018 GB0009290080 Ocean Wilsons BUY 1600p Rob Byde 11/12/2018 GB00B1XFKR57 Pressure Technologies BUY 180p Rob Byde 10/12/2018 GB0031410581 Image Scan BUY from HOLD 5.50p from Under Review Rob Byde 10/12/2018 GB00BD7V5D43 Kromek BUY 45p Rob Byde 10/12/2018 GB00B1XFKR57 Pressure Technologies BUY 180p Rob Byde 04/12/2018 GB0002892528 Surface Transforms HOLD from BUY Under Review from 25p Rob Byde 03/12/2018 GB00B03HDJ73 Stobart Group BUY 270p Rob Byde 26/11/2018 GB00B7KR2P84 easyJet BUY from HOLD £15 from £17.5 Rob Byde 19/11/2018 GB00BD7V5D43 Kromek BUY 45p Rob Byde 19/11/2018 GB00BDVZYZ77 Royal Mail HOLD 350p from 500p Rob Byde 14/11/2018 GB00B9GQVG73 AB Dynamics BUY £18 from £15 Rob Byde 12/11/2018 GB0009290080 Ocean Wilsons BUY 1600p Rob Byde 08/11/2018 GB0000600931 Braemar Shipping Services BUY 330p Rob Byde 08/11/2018 GB0009290080 Wincanton BUY 330p Rob Byde 02/11/2018 GB00BD736828 Air Partner HOLD 115p from Under Review Rob Byde 30/10/2018 GB00B03HDJ73 Stobart Group BUY 270p Rob Byde 29/10/2018 GB00B3ZP1526 Gama Aviation HOLD Under Review Rob Byde 24/10/2018 GB0031410581 Image Scan HOLD Under Review Rob Byde 22/10/2018 IE00BYTBXV33 Ryanair HOLD €14 from €17 Rob Byde 04/10/2018 GB00B9GQVG73 AB Dynamics BUY £15 from Under Review Rob Byde 27/09/2018 GB00BD7V5D43 Kromek BUY 45p Rob Byde 24/09/2018 GB00BF6P5V92 Xpediator BUY 90p Rob Byde 19/09/2018 GB00BD37ZH08 Autins Group HOLD from BUY Under Review from 100p Rob Byde 17/09/2018 GB0002892528 Surface Transforms BUY 25p Rob Byde 14/09/2018 GB0031410581 Image Scan HOLD Under Review Rob Byde 04/09/2018 GB00B9GQVG73 AB Dynamics BUY Under Review Rob Byde 20/08/2018 GB00BD7V5D43 Kromek BUY 45p Rob Byde 20/08/2018 GB00BF6P5V92 Xpediator BUY 90p Rob Byde 16/08/2018 GB0009290080 Ocean Wilsons BUY 1600p from 1450p Rob Byde 14/08/2018 GB0031410581 Image Scan HOLD Under Review Rob Byde 13/08/2018 GB0009290080 Ocean Wilsons BUY 1450p Rob Byde 10/08/2018 GB00BMMV6B79 Clipper Logistics HOLD 330p from Under Review Rob Byde 07/08/2018 GB0031410581 Image Scan HOLD from BUY Under Review from 10p Rob Byde 02/08/2018 GB00B3ZP1526 Gama Aviation BUY from HOLD 270p Rob Byde 31/07/2018 GB00B1XFKR57 Pressure Technologies BUY 180p Rob Byde 23/07/2018 GB00BD37ZH08 Autins Group BUY 100p Rob Byde 23/07/2018 GB00BD7V5D43 Kromek BUY 45p Rob Byde 17/07/2018 GB0009290080 Ocean Wilsons BUY 1450p Rob Byde 10/07/2018 GB00BF6P5V92 Xpediator BUY 90p from Under Review Rob Byde 02/07/2018 GB00BD7V5D43 Kromek BUY 45p Rob Byde 28/06/2018 GB0009290080 Wincanton BUY 330p Rob Byde 14/06/2018 GB00B9GQVG73 AB Dynamics BUY Under Review from £10.00 Rob Byde 13/06/2018 GB00BD37ZH08 Autins Group BUY 100p from Under Review Rob Byde 13/06/2018 GB0002892528 Surface Transforms BUY 25.0p Rob Byde 12/06/2018 GB00B1XFKR57 Pressure Technologies BUY 180p from Under Review Rob Byde 08/06/2018 GB00B1XFKR57 Pressure Technologies BUY Under Review Rob Byde 06/06/2018 GB00BD37ZH08 Autins Group BUY Under Review from 200p Rob Byde 05/06/2018 GB00B3ZP1526 Gama Aviation HOLD 270p Rob Byde 04/06/2018 GB00BDVZYZ77 Royal Mail HOLD 500p from Under Review Rob Byde 04/06/2018 GB00BF6P5V92 Xpediator BUY 75p from 70p Rob Byde 01/06/2018 GB0031410581 Image Scan BUY 10p Research department: Investment recommendations since 3rd July 2016 Current as of 17/09/2019 @08.45

*Please note that this company is not under research coverage

Market price The market price shown above is the market price at the time of the dissemination of the investment recommendation, not the current market price.

*Please note that this company is not under research coverage 1 Recommendations and target price MAR defines investment recommendations as being " information recommending or suggesting an investment strategy, explicitly or implicitly, concerning one or several financial instruments or the issuers, including any opinion as to the present or future value or price of such instruments, intended for distribution channels or for the public " A BUY recommendation means we expect an increase of 10% or more (as determined by the target price) in the value of the financial instrument to which this recommendation relates over the specified time period, or if not otherwise specified, over 12 months. A SELL recommendation means we expect a decrease of 10% or more (as determined by the target price) in the value of the financial instrument to which this recommendation relates over the specified time period, or if not otherwise specified, over 12 A HOLD recommendation means we expect the value of the financial instrument to which this recommendation relates to remain within the range of >-10% to <10% (as determined by the target price) over the specified time period, or if not otherwise

2 TheMarket market price price is the market price at the time of the dissemination of the investment recommendation, not the current market price. 3 Disclosures of interest Disclosures of interests are made with reference to the table below A This research report has been sent to the issuer and it has been amended B Recommendation differs from previous recommendation made during preceding 12 months in relation to the same financial instrument. C The author(s) of this publication has a net long position of more than 0.5% in the issued share capital of the named company. D The author of this publication has a net short position of 0.5% or more in the issued share capital of the named company. E Cantor Fitzgerald Europe owns a net long position exceeding 0.5% of the total issued share capital of the named company. F Cantor Fitzgerald Europe owns a net short position exceeding 0.5% of the total issued share capital of the named company G The named company holds in excess of 5% of the total issued share capital of Cantor Fitzgerald Europe. H Cantor Fitzgerald Europe or one its affiliates is a market maker or liquidity provider in the securities of the relevant issuer I Cantor Fitzgerald Europe, or one of its affiliates, has been a lead manager or co-lead manager over the previous 12 months in a publicly disclosed offer of financial instruments of the named company J Cantor Fitzgerald Europe, or one of its affiliates, is party to an agreement with the named company relating to the provision of services of investment firms, and this agreement has been in effect over the past 12 months or has given rise during the same period to the obligation to pay or receive compensation K Cantor Fitzgerald Europe, or one of its affiliates, is party to an agreement with the named company relating to the production of this recommendation.