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BROKER UPGRADES AND DOWNGRADES & KEY UK CORPORATE SNAPSHOTS 05 January 2018

UK Broker Upgrades / Downgrades Please contact us for more information

Code Company Broker Recomm. From Recomm. To Price From Price To Upgrades Jefferies AAL Hold Buy 1500 2000 International CNA Plc Credit Suisse Neutral Outperform 175 170 LRE Ltd JP Morgan Cazenove Underweight Neutral 725 UU. Group Plc Credit Suisse Underperform Neutral 850 Downgrades ADM Admiral Group Plc JP Morgan Cazenove Neutral Underweight 1980 1900 HSTG Hastings Group Holdings Ltd JP Morgan Cazenove Overweight Neutral 350 Initiate/Neutral/Unchanged BBY Plc Liberum Capital Buy Buy 350 350 BOWL Hollywood Bowl Group Plc Peel Hunt Buy Buy 215 215 BVS Bovis Homes Group Plc Peel Hunt Add Add 1180 1180 CAKE Patisserie Holdings Plc Peel Hunt Buy Buy 450 450 CAML Central Asia Metals Plc Peel Hunt Buy Buy 315 315 CARD Card Factory Plc Peel Hunt Buy Buy 400 400 CBG Plc Peel Hunt Buy Buy 1600 1600

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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 CINE Group Plc Peel Hunt Hold Hold 600 600 CKN Clarkson Plc Liberum Capital Buy Buy 3300 3300 DNLM Plc Peel Hunt Hold Hold 620 620 DOM Domino's Pizza Group Plc Peel Hunt Buy Buy 400 400 ECEL Eurocell Plc Peel Hunt Buy Buy 305 305 EIG EI Group Plc Peel Hunt Buy Buy 165 165 FSTA Fuller Smith & Turner Peel Hunt Add Add 1150 1150 GFRD Galliford Try Plc Peel Hunt Buy Buy 1620 1620 GNK Greene King Plc Peel Hunt Add Add 600 600 GOAL Goals Soccer Centres Plc Peel Hunt Add Add 105 105 GYM Gym Group Plc/The Peel Hunt Buy Buy 260 260 JDW JD Wetherspoon Plc Peel Hunt Reduce Reduce 1100 1100 KCOM Kcom Group Plc Peel Hunt Buy Buy 150 150 LMP Londonmetric Property Plc Peel Hunt Add Add 195 195 MAB Mitchells & Butlers Plc Peel Hunt Add Add 300 300 MANX Manx Telecom Plc Peel Hunt Buy Buy 250 250 MARS Marston's Plc Peel Hunt Buy Buy 140 140 MARS Marston's Plc Peel Hunt Buy Buy 140 140 MER Mears Group Plc Peel Hunt Buy Buy 550 550 MNZS John Menzies Plc Peel Hunt Add Add 758 758 MONY Moneysupermarket.com Group Plc Peel Hunt Buy Buy 370 370 MOSB Moss Bros Group Plc Peel Hunt Buy Buy 140 140 NTG Northgate Plc Peel Hunt Buy Buy 575 575 PHP Primary Health Properties Plc Peel Hunt Buy Buy 125 125 POLR Polar Capital Holdings Plc Peel Hunt Buy Buy 560 560 RBG Revolution Bars Group Plc Peel Hunt Buy Buy 240 240 RDI Redefine International Plc Peel Hunt Buy Buy 48 48 RM. RM Plc Peel Hunt Buy Buy 203 203 RNK Rank Group Plc Peel Hunt Buy Buy 265 265 RTN Restaurant Group Plc Peel Hunt Reduce Reduce 250 250 SFR Severfield-Rowen Plc Peel Hunt Buy Buy 100 100 SKY Sky Plc Liberum Capital Buy Buy 1060 1060 SRE Ltd Peel Hunt Buy Buy 68 68 STVG STV Group Plc Peel Hunt Buy Buy 460 460 TEG TEG Group Plc/The Peel Hunt Buy Buy 250 250 TPT Topps Tiles Plc Peel Hunt Buy Buy 100 100 TRS Tarsus Group Plc Peel Hunt Buy Buy 345 345 TW. Taylor Wimpey Plc Peel Hunt Add Add 210 210 VEC Plc Peel Hunt Hold Hold 160 160

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BROKER UPGRADES AND DOWNGRADES

& KEY UK CORPORATE SNAPSHOTS

Key UK Corporate Snapshots Today

AIM ABCAM Plc (ABC.L) Announced, in its unaudited trading update for the six months ended 31 December 2017, that the company expects a revenue growth of approximately 11% on a constant currency basis and approximately 10% on a reported basis. Catalogue revenue grew by over 11%, with all product categories growing ahead of estimated underlying market growth rates. The company’s business in China continues to operate well and it expects revenue growth of over 24% in the first half, ahead of the market growth rate in the territory. Investments in R&D, the organisation, global ERP system, and facilities continue according to plan, and underlying gross margins remain in line with the company’s expectations. It is expected that the US Tax Cuts and Jobs Act would result in a one-off, exceptional non-cash tax credit in the company’s current financial year of between £6 million and 7 million relating to the restatement of certain deferred tax assets and liabilities. The company continues assessing the full impact of the Act and expect to provide a further update of its half year results.

Abzena Plc (ABZA.L) Announced, in its update on its UK and US facilities, that it has commenced for 30,000 square feet of space in Building 900 on the Babraham Research Campus and building has been developed by Imperial College ThinkSpace (Imperial) under a long-lease granted to Imperial for land owned by BBSRC. Furthermore, the company indicated that it is consolidating all its UK operations including the head office functions, biology and chemistry research services groups from its two current buildings on the campus into this new facility during January 2018. The new building has been purpose-built to accommodate company's needs and enables all the Group's UK-based science teams to work together in a single, state-of-the-art facility. Also, the company has entered into an agreement with BBT to run and develop the antibody discovery services formerly provided by BBT's Technology Development Laboratory.

Atlantis Resources Limited (ARL.L) Announced that the company has agreed to sell its stake in its Canadian joint venture to its partner DP Energy, a leading renewable energy developer, at the FORCE facility in the Bay of Fundy, Nova Scotia, Canada. The company has entered into a conditional sale and purchase agreement with DP Energy for the sale of its 50% interest in Atlantis Operations (Canada) Limited (AOCL) which will be renamed after the sale is completed.

Audioboom Group Plc (BOOM.L) Announced that it has signed a multi-year contract to host Casefile, a true crime podcast, on its digital platform. Further, the company noted that the Board is hopeful that the contract will generate potentially material incremental hosting, distribution and advertising revenues from Casefile podcasts in the company's current and future financial years.

Cabot Energy Plc (CAB.L) Announced, in its results from the drilling and flow test of the 10-32 sidetrack well in the Rainbow area in Canada, that the 10-32 sidetrack well kicked off from the original well bore at a depth of 1,244 metres and extended for an additional 988 metres in length and the true vertical depth of the well is 1,541 metres. Further, the well was swab tested over a total period of 38 hours and cleaned up throughout the test and it is expected to produce dry oil once all the completion fluid has been recovered.

Crawshaw Group Plc (CRAW.L) Announced, in its trading update for the 15 week period to 24 December 2017, that continued progress was made in the period against the group's strategy to strengthen its position as the leading value butcher in Britain, delivering great quality fresh meat at amazing value everyday. Total group sales for the 15 week period increased by +0.6% versus the prior year, with group gross margin also increasing by +0.6%. The group has opened two more new factory shop units to complete the five planned for the year, taking the total to 10 factory shops within the 54-shop estate. The board is making progress on re-balancing the portfolio towards the factory shop model, which underpins the long-term profitability of the business, and anticipates a period of transition as the necessary actions are taken.

Deltex Medical Group Plc (DEMG.L) Announced, in its update on trading for the year ended 31 December 2017, that the company’s overall revenues fell to £5.9 million from £6.3 million reported in the same period last year. The company’s cash consumption over the year reduced by approximately £1.0 million to £1.3 million (£0.8 million H1, £0.5 million H2). Also, loss for 2017 expected to be higher than market expectations with some of the impact of lost revenue partially offset by improved margin and reduced overheads, while cash at 31 December was £0.2 million (2016: £0.6 million). Furthermore, the company noted that discussions on the future funding of the Group are in progress and the company expects to be able to make a further announcement in the near future.

Egdon Resources Plc (EDR.L) Announced that the Planning Inspectorate has issued its decision in respect of the Wressle Planning Inquiry. Moreover, the decision made by the Inspector is to reject the appeals by the company against the two planning refusals by North Lincolnshire County Council's Planning Committee in respect of the development of the Wressle oil discovery in licences PEDL180 and PEDL182. Meanwhile, the Planning Inspectorate has advised that it did uphold the company's appeal against the decision to refuse the application to retain the existing planning for the well site, which is now retained until the 28 April 2018.

Europa Oil & Gas (Holdings) (EOG.L) Announced an update from Egdon Resources regarding the Planning Inspectorate's decision in respect of the Wressle Planning Inquiry. The decision made by the Inspector is to reject the appeals by Egdon against the two planning refusals by North Lincolnshire County Council's Planning Committee in respect of the development of the Wressle oil discovery in licences PEDL180 and PEDL182 in North Lincolnshire. However, the Planning Inspectorate has advised that it did uphold Egdon's appeal against the decision to refuse the application to retain the existing planning for the well site, which is now retained until 28 April 2018.

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BROKER UPGRADES AND DOWNGRADES

& KEY UK CORPORATE SNAPSHOTS

Gama Aviation Plc (GMAA.L) Announced that the company has appointed Dr Richard Steeves and Neil Medley to the Board of Gama Aviation Plc. These appointments are in line with the Company's stated ambition to strengthen its leadership team and position the Company for its next stage of growth.

Gear4music (Holdings) Plc (G4M.L) Announced, in its trading update for the four months from 1 September 2017 to 31 December 2017, that it recorded a 42% increase in total sales with continuing strong growth into the UK and Europe during an important trading period. Further, active customer numbers were up by 38% to 450,000 at 31 December 2017, compared with 31 December 2016.

Johnson Service Group Plc (JSG.L) Announced, in its trading update for the six months to 31 December 2017, that the Group has continued to trade well in the second half of the year, with results for the full financial year expected to be slightly ahead of management expectations. Further, the company announced the acquisition of StarCounty Textile Services Limited, which was completed on 11 December 2017.

Kibo Mining Plc (KIBO.L) Announced, in its update on Mbeya Coal to Power Project MOU, that further to the meetings held with the Ministry of Energy (ME) in late December 2017, the ME has called a meeting on Monday 8 January with the company and the Tanzania Electric Supply Company (TANESCO) to finalise the Mbeya Coal to Power Project (MCPP) MOU; accordingly, the company remains optimistic that the MOU will be completed as announced on 18 December 2017.

Motif Bio Plc (MTFB.L) Announced that Graham Lumsden, Chief Executive Officer of the company, will participate in a panel discussion, "Catalysts to Look for in 2018", at the upcoming Cantor Antibiotics Summit in New York, USA. mporium Group Plc (MPM.L) Announced that it has entered into a commercial agreement for its IMPACT technology services with leading media investment management company GroupM UK. Following the successful implementation of IMPACT within a number of GroupM agencies, a commercial agreement has now been signed with the wider group. This agreement provides access to the IMPACT technology across the GroupM agencies.

Petro Matad Limited (MATD.L) Announced that its Block XX Production Sharing Contract (PSC) has been formally extended by the Mineral Resource and Petroleum Authority of Mongolia (MRPAM) for a further two years, to 4 July 2020.

Premier African Minerals Limited Announced that whilst plant throughput during the latter part of December 2017 exceeded the target of 6,000 tonnes in (PREM.L) aggregate ore feed, the ore processed was largely from on-strike development at a diluted ore grade insufficient to achieve planned profitable production. RHA mine management has advised that development to expose stopes has lagged and mining of undiluted ore from stopes will now only be possible from the latter part of Q1 and accordingly, RHA requires additional financial support until this time. Continuing operations at RHA are now dependent on additional sources of capital being provided. New policy statements in Zimbabwe enable 100% foreign ownership of mining projects (outside the diamond and platinum sectors). RHA will complete one final shipment before mid-January and will then suspend production until such time as a commercial and viable agreement is reached with NIEEF to ensure a long- term future for RHA. Premier will continue to incur minimal ongoing care and maintenance costs in relation to RHA whilst the position is resolved. As announced on 2 January 2018, the Board of Premier has decided that a separate listing should be sought for the Zulu Project ("Zulu NewCo") to maximise the value of the project. Premier is currently therefore considering with its advisers a separate listing of Zulu in London. The listing is intended to take place as soon as possible, subject to regulatory and other approvals.

RedT Energy Plc (RED.L) Announced an update on the company's legacy Camco business units, that in line with its strategy of focusing on the continued development and commercialisation of its core energy storage solutions business, the board has elected to cease Camco Carbon activity and has divested its interest in the Camco Africa investment advisory business. This move completes the company's transition to a pure-play energy storage company.

Regal Petroleum Plc (RPT.L) Announced, in its update on operational activities in Ukraine, that the aggregate rate of production from the Mekhediviska-Golotvshinska, Svyrydivske and Vasyschevskoye gas condensate fields at the end of 2017 was approximately 2,800 boepd compared to 1,700 boepd in 2016. Further, the average daily production of gas, condensate and LPG for the period from 1 October 2017 to 31 December 2017 was 276,089 m3/d of gas, 54 m3/d of condensate and 30 m3/d of LPG.

RhythmOne Plc (RTHM.L) Announced that it has commenced an exchange offer (the Offer) on 4 January 2018 for all of the outstanding shares of YuMe, Inc., a leading digital video brand advertising provider, pursuant to the companies' previously announced merger agreement dated 4 September 2017 (the Acquisition). Further, the company notified that subject to the terms and conditions of the Offer, YuMe stockholders who validly tender their shares in the Offer will receive, for each share of YuMe common stock (YuMe Share), $1.70 in cash without interest and 0.7325 ordinary shares of the company. The Acquisition is expected to close in the first calendar quarter of 2018.

San Leon Energy Plc (SLE.L) Announced that discussions with both China Great United Petroleum (Holding) Limited ("CGUP"), originally announced on 28 June 2017, and Geron Energy Investment ("Geron"), originally announced on 21 December 2016, have been terminated. Both CGUP and Geron have confirmed that they do not intend to make an offer for the issued and to be issued share capital of San Leon. As announced on 8 December 2017, discussions continue between San Leon and Midwestern about a transaction that, if concluded, could constitute a Reverse Takeover under the AIM Rules for Companies. Therefore, the Company's ordinary shares will remain suspended from trading pending the termination of these discussions or the publication of an Admission Document. These discussions may or may not lead to a transaction being completed between San Leon and Midwestern.

Thalassa Holdings Limited (THAL.L) Announced, in its update on financial effect of sale of the assets of WGP Group Ltd, that following the sale of the assets

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BROKER UPGRADES AND DOWNGRADES

& KEY UK CORPORATE SNAPSHOTS

of WGP Group Ltd and its subsidiaries, the company's net cash as at 31 December 2017 is estimated at $20.3 million. Whilst total cash of $20.3 million is below the previously estimated cash figure of $21.3 million stated in the Circular to Shareholders dated 1 December 2017 this is due to the purchase of a further 798,250 shares of the company, between 1 December 2017 and 31 December 2017, at an average price of £1.01 per share.

Union Jack Oil Plc (UJO.L) Announced that the Planning Inspectorate has issued its decision in respect of the Wressle Planning Inquiry. The decision made by the Inspector is to reject the appeals by Egdon Resources on behalf of the Wressle joint venture partners against the two planning refusals by North Lincolnshire County Council's Planning Committee in respect of the development of the Wressle oil discovery in licences PEDL180 and PEDL182. However, the Planning Inspectorate has advised that it did uphold the Egdon's appeal on behalf of the Wressle joint venture partners against the decision to refuse the application to retain the existing planning for the well site, which is now retained until the 28 April 2018.

Yu Group Plc (YU..L) Announced that it will provide a trading update of the year ended December 31, 2017, on January 29, 2018.

FTSE 100 easyJet Plc (EZJ.L) Announced that its passengers increased by 9.6% to 81,634,343 for the year ended December 2017, from 74,452,487 in December 2016. Its load factor rose to 93.0% from 91.5% posted in the prior year.

FTSE 250 Clarkson Plc (CKN.L) Announced that the full year results which will be released on March 12, 2018, are expected to be in line with expectations.

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