Broker Upgrades and Downgrades & Key Uk

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BROKER UPGRADES AND DOWNGRADES & KEY UK CORPORATE SNAPSHOTS 16 January 2018

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Code Company Broker Recomm. From Recomm. To Price From Price To Upgrades ABF Associated British Foods Plc Barclays Capital Equal weight Overweight 3290 3380 AFX Alpha FX Group Plc Liberum Capital Buy Buy 550 630 CMS Communisis Plc Liberum Capital Buy Buy 75 85 HTG Hunting Plc Morgan Stanley Underweight Overweight 450 860 HWDN Howden Joinery Group Plc Liberum Capital Buy Buy 506 540 SGP Superdry Plc Berenberg Buy Buy 2050 2260 STCK Stock Spirits Group Plc Berenberg Buy Buy 207 340 TPK Travis Perkins Plc Liberum Capital Buy Buy 1650 1720 TYMN Tyman Plc Liberum Capital Buy Buy 384 410 Downgrades BLT BHP Billiton Plc Morningstar Hold Sell FDP First Derivatives Plc Berenberg Buy Hold 4200 4200 INCH Inchcape Plc Berenberg Buy Hold 860 825 PMO Premier Oil Plc RBC Capital Markets Outperform Sector Perform 100 RPC RPC Group Plc Berenberg Buy Hold 1120 920

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Code Company Broker Recomm. From Recomm. To Price From Price To Initiate/Neutral/Unchanged BOKU Boku Inc Peel Hunt Buy 105 CARD Card Factory Plc Liberum Capital Hold Hold 240 240 CPC City Pub Group Plc Liberum Capital Buy 200 FAN Volution Group Plc Liberum Capital Buy Buy 240 240 FERG Ferguson Plc Liberum Capital Buy Buy 5800 5800 GFRD Galliford Try Plc Liberum Capital Buy Buy 1550 1550 GFTU Grafton Group Plc Liberum Capital Hold Hold 860 860 GKN GKN Plc Peel Hunt Buy Buy 500 500 JD. JD Sports Fashion Plc Peel Hunt Buy Buy 500 500 RDI Redefine International Plc Peel Hunt Buy Buy 48 48 SBRE Sabre Insurance Group Plc Peel Hunt Add 315 SBRE Sabre Insurance Group Plc Berenberg Buy 320 SFE Safestyle UK Plc Liberum Capital Buy Buy 200 200 SHI SIG Plc Liberum Capital Sell Sell 157 157 WAND Wandisco Plc Peel Hunt Buy Buy 1000 1000 WJG Watkin Jones Plc Peel Hunt Buy Buy 230 230

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Key UK Corporate Snapshots Today

AIM 1PM Plc (OPM.L) Announced, in its interim results for the six-month period ended 30 November 2017, that revenues rose to £13.9 million from £7.9 million reported in the same period last year. The company’s profit before tax stood at £3.4 million compared to a profit of £2.0 million reported in the previous year. The basic earnings per share stood at 3.23p compared to earnings of 3.08p in the previous year. The company’s cash and cash equivalents stood at £1.6 million (2016: £2.0 million). Alpha FX Group Plc (AFX.L) Announced, in its trading update for the year ending 31 December 2017, that the Board is pleased to report that revenue for the year is ahead of expectations and is expected to be £13.5 million and added that the Group has made significant progress across all of its key strategic goals. Moreover, a key benefit of the IPO has been the ability to attract and retain the highest quality staff, with total headcount having increased from 30 to 51 over the year and despite this investment, underlying operating profit margin is expected to be in line with expectations. Additionally, the recruitment of a number of staff that are bilingual and fluent in foreign languages has enabled Alpha to steadily expand into select European territories and the Group has already been successful in onboarding European clients as a result. The Group intends to publish its maiden full year results on 21 March 2018. Altyn Plc (ALTN.L) Announced the production and development update for 2017 in relation to the Sekisovskoye mine, and at its prospective development at Karasuyskoye. Underground ore mined increased to 287,389 tonnes ("t") (2016: 100,673t), a growth of 185%. Ore milled amounted to 332,947t (2016: 262,546t) and included the processing of approximately 45000 tonnes of lower grade stockpiled ore used for operational reasons. A recovery rate of 83.54 per cent was achieved for the year, (2016: 80.20%), this is expected to increase again as the low-grade ore is phased out. Gold production was 16,717 ounces ("oz") (2016: 10,970oz), a 52.4% increase from the prior year. The Company is in the final stages of negotiations to obtain finance from a number of interested parties for the expansion and development of the mine. This will enable the Company to move production in the future to the planned output levels of 60,000t increasing to 80,000t per month. The Company will update shareholders in the near term. Anglo Asian Mining Plc (AAZ.L) Announced, in its production and operations review for its Gedabek gold, copper and silver mining and production contract area in western Azerbaija for the year ended 31 December 2017, that 71,461 gold equivalent ounces ("GEOs") were produced during FY 2017 and the production for FY 2017 was just over 1% lower than FY 2016 of 72,304 GEOs. Arden Partners Plc (ARDN.L) Announced, in its audited results for the year ended 31 October 2017, that revenues rose to £10.5 million from £5.9 million recorded in the previous year. Profit after tax stood at £0.7 million, compared to a loss of £0.5 million. The Board proposes a final dividend to shareholders for the first time since 2014 of 1p per share. Crossrider Plc (CROS.L) Announced, in its trading update for the year ended 31 December 2017, that revenues are expected to be in the region of $65.8 million, which is approximately 16.0% rise from the previous year. Further, the adjusted EBITDA for the year is expected to be increase by 29.0% to approximately $8.3 million. Curtis Banks Group Plc (CBP.L) Announced, in its trading update year ended 31 December 2017, that trading during 2017 has been in line with management expectations and the business is well positioned for further growth in 2018. Dekeloil Plc (DKL.L) Announced, in its production update for the year ended 31 December 2017, that it achieved record CPO volumes for a Q4 period which, at 7,055 tonnes, were 48.9% higher than Q4 2016, while the company produced 38,736 tonnes of CPO in 2017 (FY 2016: 39,111 tonnes). Moreover, the company expects to report a record full year financial performance largely driven by an 18.3% increase in average selling year-on-year CPO prices to €680.0 (2016: €575.0). Distil Plc (DIS.L) Announced, in its trading update, that the company is to report higher levels of sales during the third quarter including the important Christmas period. On a yearly basis revenues and volumes climbed by 19%, supported by a 11% increase in brand marketing investment. The year to date sales for the nine month period April to December increased 21% in revenue and 29% in volume, with marketing investment increasing 23%. Growth in volumes ahead of revenues reflect the return to growth in Licensed sales for Blavod Black Vodka, mainly through Europe and Duty free. Ferrum Crescent Limited (FCR.L) Announced that Mr Daniel Smith has been appointed to the Board of the company as a Non-Executive Director, as well as assuming the role of Company Secretary, both with immediate effect. Also, the company has appointed Minerva Corporate Pty Ltd (Minerva Corporate), a company which is part-owned and controlled by Mr Smith, to support its finance and administrative functions. These changes form part of an ongoing programme by the Board to identify and implement efficiencies and cost savings. Genedrive Plc (GDR.L) Announced the successful results of the first field study of the company's GenedriveR Hetaptitis C (HCV) ID Kit in Africa. The study, performed in Johannesburg at Lancet Laboratories, one of the leading private pathology testing laboratories operating throughout Africa, was designed to verify the company's HCV's assay performace across the diverse genotypes which are prevalent in Africa compared to Europe. Gordon Dadds Group Plc (GOR.L) Announced that it has completed the acquisition of specialist technology solicitors, White & Black Limited for £2.918 million plus the amounts realised from £0.52 million of debtors and work-in-progress. White & Black has net cash of approximately £1.0 million. Moreover, the acquisition will be funded from existing cash resources. Hummingbird Resources Plc (HUM.L) Announced, in its review of activities during Q4 2017, that the company has commenced gold production on budget and on schedule and it has commissioned the 1.24Mtpa carbon-in-leach circuit processing plant at Yanfolila. IG Design Group Plc (IGR.L) Announced, in its quarterly trading update, that trading has continued to be strong up to and throughout the Christmas period, following a positive performance reported over the first six months ending 30 September 2017. The Group expects to deliver record revenues in FY18 with the continued expansion of its global footprint outside the UK, for which the Board expects will account for over 70% of sales by destination. All regions are on track to achieve year on year

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revenue and profit growth. As a result, the company has upgraded the Group's full year performance, with diluted earnings per share expected to be ahead of current market expectations and delivering strong year-on-year growth. It continues to see strong cash conversion across the Group and expects average leverage for FY18 to follow the progress made in recent years and be significantly below an average of two times. Immunodiagnostic Systems Holdings Announced that the company has entered a partnership agreement with Technogenetics srl (TGS) to enable IDS to sell Plc (IDH.L) TGS's range of assay kits under the IDS brand, on a global basis. TGS produces a broad range of CE approved CLIA automated assay kits for use in the fields of autoimmune and infectious disease diagnostics, which have been developed for the IDS iSYS analyser. This agreement follows a more restricted arrangement where IDS sold a limited number of the TGS assays in a small number of European countries. The new agreement, which runs for an initial period of ten years, gives IDS the right, subject to obtaining the necessary regulatory approvals, to sell the kits under the IDS brand on a worldwide basis. Instem Plc (INS.L) Announced, in its trading update for the year ended 31 December 2017, that financial results for the year are expected to be in-line with market expectations, with net cash as on 31 December 2017 at £3.1 million. Further, all areas of the business have made a positive contribution to the financial performance, with many new client wins, as well as existing customers extending their use of the company’s products and services. Separately, it also announced that it has been award of a new two-year SEND (Standard for the Exchange of Nonclinical Data) outsourced services contract by a top five global nonclinical contract research organisation, valuing in excess of £1.7 million over an initial two year period. K3 Capital Group Plc (K3C.L) Announced, in its half year results for six months ended 30 November 2017, that revenues rose to £7,536 million from £5,638 million posted in the same period preceding year. The company’s profit before tax stood at £3,214 million, compared to a profit of £1,966 million reported in the previous year. The basic and diluted earnings per share stood at 0.06p compared to earnings of 1.90p reported in the previous year. The company further stated that the board has approved an interim dividend of 2.85p per share. The company’s cash and cash equivalents stood at £4,969 million. Minerals and Financial Investments Announced, in the results for the mineralogical tests on the LS-1 deposit for its 49%-owned investment, TH Crestgate Limited (MAFL.L) GmbH, that deposit's current resource is 4.5Mt, with a zinc equivalent grade of 8.2%. Further, the volcanogenic massive sulphide ore bodies of the Iberian Pyrite Belt (IPB) have the potential to be both large and poly-metallic. These ore bodies are normally zinc, lead and copper rich, as is the Lagoa Salgada ore body, situated at the north-central edge of the IPB. Further, the lead is mostly as galena within the massive sulphide and has a relatively high liberation average of 62% on a first grind. NetScientific Plc (NSCI.L) Announced, in its portfolio update, that Glycotest successfully completed a clinical evaluation of its HCC Panel for Hepatocellular Carcinoma (HCC), the most common form of liver cancer. Glycotest continues to work with its potential partner and expects to close the Series A within 1Q18. Meanwhile, Vortex is focused on clinical assay development and beginning clinical research studies utilising existing assays optimised for use with CTCs, targeting lung cancer diagnostics. Vortex expects to make these assays available for use with the output of the VTX-1 system during 2018. Separately, ProAxsis has expanded its contract with Diagenics, as the distribution partner for the recently launched CE Marked Plasmin Immunoassay across the UK and Ireland. However, Wanda has begun to roll out its remote health management technology to Chicago-based health group Health Resource Solutions' patient network, and aims to expand this to all patients. Phoenix Global Mining Limited Announced that a Non-Executive Chairman, Marcus Edwards-Jones, has been appointed as an Executive Chairman to (PGM.L) the Board, with immediate effect. Plutus PowerGen Plc (PPG.L) Announced that its two flexible generation sites in Ipswich have been energised, which is part of the company's strategy to roll-out nine 20MW renewable green diesel-powered sites in tandem with Rockpool Investments LLP. Premier African Minerals Limited Announced that the ongoing discussions with the National Indigenisation and Economic Development Fund (NIEEF), (PREM.L) which has an interest of 51% in RHA Tungsten Mine (RHA) in Zimbabwe, are progressing well. At a meeting in Harare last week, NIEEF has reaffirmed the current policy change in Zimbabwe with regards to the indigenization requirements and has indicated NIEEF's willingness to agree a mechanism to restructure its ownership of RHA. Discussions on proposed contract amendments between the company and NIEEF to achieve this are expected to be progressed during the coming weeks. Premier Technical Services Grp Plc Announced that its results for the year ended 31 December 2017 are anticipated to be in line with the Board's (PTSG.L) expectations. In addition, the Board expects that the results for the year ended 31 December 2018 will be materially ahead of current market forecasts. This reflects the strength of the Group's order book and successful integration, and ongoing progress at its recently acquired businesses. Further, The Board is also pleased to confirm that the integration of the 'Best' Lightning Protection business acquired on 4 July 2017 has progressed very well and is nearly complete. Furthermore, the UK Sprinklers business we acquired in September 2017 has been fully integrated into the Group and is trading 50% ahead of the acquired business with a very strong order book and pipeline. Savannah Resources Plc (SAV.L) Announced that the company has submitted three applications to the Ministry of Mineral Resources and Energy in Mozambique for mining leases for the Mutamba Heavy Mineral Sands Projects which it is evaluating in a consortium with Rio Tinto. Science in Sport Plc (SIS.L) Announced, in its pre-close trading update for the 12 months ended 31 December 2017, that the company traded well in 2017 and expects to report a full year result in line with expectations. The sales increased 28% to £15.6 million compared with the same period the previous year (2016: £12.2 million). Continued investment in the company's scienceinsport.com platform and operations resulted in a 58% increase in direct sales year on year to £4.6m. Third-party Online retailers delivered robust growth of 27% to £3.9 million. Retail sales including distributors outgrew the market at 13.8% to £7.1 million.

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SimiGon Limited (SIM.L) Announced, in its trading update for the year ended 31 December 2017, that expects to report revenue of approximately $4.3 million and an adjusted net loss of approximately $1.1 million for the Period. Furthermore, procedural delays in concluding the signatory processes over the significant contract with the Israeli Air Force were resolved later in the Period than expected, whilst the company continued to invest in research and development making major advances in simulation streaming, graphic engine capabilities, and Training Management System infrastructure to further improve SIMbox technology and increase market penetration across military and civilian training markets. The Board consider that the company is now well placed for the coming financial year and beyond. Touchstone Exploration Inc. (TXP.L) Announced that the company achieved crude oil sales of 1,536 and 1,337 barrels per day (bbls/d) in November and December 2017, respectively. Also, the November and December 2017 crude oil production averaged 1,435 bbls/d, while average production for the fourth quarter of 2017 was 1,448 bbls/d, representing an increase of 1.0% from the third quarter of 2017. Further, realized average prices for November and December crude oil volumes stood at $56.54 per barrel and $57.18 per barrel, respectively. Also, the company revealed that production from the four wells drilled in 2017 remained strong, while preparation of the initial four 2018 drilling program locations has commenced. ValiRx Plc (VAL.L) Announced an update on the clinical progress and results of VAL401, the anti-cancer compound developed by ValiSeek, the joint venture between ValiRx and Tangent Reprofiling Limited. Following on from the announcement on 12 December 2017 regarding the overall survival results from the completed Phase II Clinical Trial of VAL401 in Tbilisi, Georgia, in the treatment of late stage non-small cell lung cancer, the Company is pleased to release further positive data on the results from this trial. The data analysed by Ariana, a leading digital health Company focused on developing advanced therapeutic decision support systems, shows that the VAL401 treatment has a measureable improvement on patient quality of Life, in addition to a positive impact on the disease. Response for the treatment has been systematically characterised using Ariana's KEMR (Knowledge Extraction and Management) advanced Artificial intelligence technology to identify provide positive relations between response and pharmacokinetic parameters and between response and pre-treatment with particular chemotherapies. This may be indicative of the potential for combining VAL401 with these particular chemotherapies. Velocys Plc (VLS.L) Announced that its Oklahoma City gas-to-liquids plant has met the necessary requirements to be submitted for qualification under the Renewable Fuel Standard (RFS) in the US. As a result, the facility has submitted a certain number of RIN (Renewable Identification Number) credits to the US Environmental Protection Agency's (EPA) registration system. WANdisco Plc (WAND.L) Announced, in its trading update of the second half and full year results to 31 December 2017. The company recorded bookings in 2017, up 45% higher on yearly basis, to $22.5 million. Bookings in H2 2017 up 28% on yearly basis, to $12.3 million. Big Data bookings for WANdisco Fusion were up by 121% in 2017 to $15.7 million. The Source Code Management bookings came in line with expectations. Further, the company announced a new $5.0 million term loan facility with Silicon Valley Bank, with an additional $3.0 million revolving credit facility. Also, it successfully placed 2.97 million shares on 4 December 2017, raising gross proceeds of $22.0 million. Finally, cash of $27.4 million, including $4.0 million from the new growth capital facility, at 31 December 2017.

FTSE 100 BP Plc (BP..L) Announced that the Court Supervised Settlement Program (CSSP) established as part of the Deepwater Horizon (DWH) class action settlement is winding down. The company now expects to take a post-tax non-operating charge of around $1.7 billion in its fourth quarter 2017 results for the remaining Business Economic Loss (BEL) and other claims associated with the CSSP. The cash impact is expected to be spread over a multi-year period. The charge results primarily from significantly higher claims determinations issued by the CSSP in the fourth quarter and the continuing effect of the Fifth Circuit's adverse May 2017 ruling on the matching of revenues with expenses when evaluating BEL claims. Cash payments related to DWH in 2018 are now anticipated to be around $3.0 billion, compared to the company's third- quarter estimate of just over $2.0 billion.

Rio Tinto Plc (RIO.L) Announced that the business performed well in the fourth quarter and finished the year in line with guidance across all major products. Further, the company disclosed that it shipped 90.0 million tonnes of iron ore from its world-class Pilbara assets, a record quarter which demonstrates the system's growing flexibility, while total shipments for 2017 of 330.1 million tonnes were in line with guidance. Moreover, Bauxite production of 50.8 million tonnes was 6.0% higher than 2016 and in line with upwardly revised full year guidance. Additionally, aluminium production of 3.6 million tonnes was in line with guidance, while mined copper production of 478.1 thousand tonnes was 9.0% lower than 2016 due primarily to the impact of a 43 day strike at Escondida in the first quarter. The company stated that production and shipment guidance for 2018 remains unchanged.

FTSE 250 Ashmore Group Plc (ASHM.L) Announced, in its update to its assets under management (AuM) in respect of the quarter ended 31 December 2017, that assets under management increased by $4.5 billion during the period, with net inflows of $3.6 billion and positive investment performance of $0.9 billion. Further, the company added that the continued strong net inflows in the quarter are consistent with this stage in the cycle as investors appreciate the high returns available and look to address underweight positions. Also, the company delivered positive absolute performance in the quarter across both fixed income and equities product ranges while performance was flat in alternatives and overlay/liquidity.

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Dunelm Group Plc (DNLM.L) Announced, in its second quarter trading update, that total revenue for the second quarter rose by 13.6% to £297.5 million and total like-for-like revenue grew by 3.4%.

Euromoney Institutional Investor Plc Announced that the European Commission is conducting an unannounced inspection at the Brussels office of its RISI (ERM.L) business. The Commission is investigating the sector of Kraft paper in the European Union/European Economic Area. RISI is committed to working fully with the Commission during this process. The person responsible for arranging for the release of this announcement on behalf of Euromoney is Tim Bratton.

Greggs Plc (GRG.L) Announced, in its fourth quarter trading update, that total sales grew by 7.4% and company-managed shop like-for-like sales grew by 3.7%. In the fourth quarter company-managed like-for-like sales grew by 3.0%. During the year, the company opened 131 new shops (including 45 franchised units) and closed 41, growing the estate to 1,854 shops trading as at 30 December 2017. Further, full year results are expected to be in line with management's previous expectations. Looking forward it expects industry-wide cost pressures to continue in the year ahead, albeit at a lower level than it has experienced in 2017.

Halma Plc (HLMA.L) Announced, in its US tax reform update, that the company expects the recently enacted US Tax Cuts and Jobs Act (the Act) to positively impact the company's future US after tax adjusted earnings, primarily due to the reduction in the US federal corporate income tax rate from 35% to 21% applicable from 1 January 2018. For the year to 31 March 2018 the company currently anticipates that the announced changes will have a small positive impact on the company's effective tax rate on adjusted profits which the company has previously guided will be in line with the H1 effective tax rate of 22.3%.

JD Sports Fashion Plc (JD..L) Announced, in its trading update for the performance following the Christmas period, that the positive levels of performance announced in our interim results statement have continued through the second half, including the key Christmas period. Like for like store sales in the second half across the company combined Sports and Outdoor fascias, have been maintained at approximately 3% with additional sales growth arising from both material growth in online trade and continuing overseas space expansion. Further, the company is confident that its headline profit before tax for the year ending 3 February 2018 will reach around £300 million.

John Laing Infrastructure Fund Announced that it has 9 operational PPP projects where Carillion Plc are the Facilities Management (FM) provider, 4 Limited (JLIF.L) schools projects, 4 emergency services projects and 1 road project. The company's asset management team have been aware of the issues affecting Carillion and have had contingency plans in place for some time. These have involved discussions with a number of potential replacement providers and the Investment Adviser is in the process of implementing these contingency plans and seeking to appoint alternative FM providers on all of the 9 projects to replace Carillion. The company believes that the compulsory liquidation of Carillion should have no material impact on the company. The company will continue to manage the situation as it develops and provide further updates as appropriate.

National Express Group Plc (NEX.L) Announced the impact of the US Tax Cuts and Jobs Act. It stated that our initial assessment indicates an anticipated reduction in the Group's effective tax rate from 1st January 2018. We forecast our ETR will reduce from the anticipated high 20s, to the low 20s, in percentage points. It is also expected that the measures outlined in the Act will lead to a small tax credit in 2017. This is due to the revaluation of deferred tax balances and will be included in the Group's 2017 full year results. The Group closed 2017 with a continuation of the positive trading momentum identified in our 4th December 2017 statement. The group will provide more detail on both the impact of the Act and our trading performance in the Group's 2017 Preliminary Results announcement on 1st March 2018.

Provident Financial Plc (PFG.L) Announced, in its trading update for the financial year ended 31 December 2017, that Vanquis Bank and Moneybarn both traded satisfactorily through the final quarter of the year, while the Consumer Credit Division (CCD) is expected to report a pre-exceptional loss of approximately £120.0 million which is at the upper end of the guidance provided in August 2017. Meanwhile, Home credit management delivered substantial improvements in customer service and operational performance since August and the business enters 2018 with nearly 530,000 active customers, up from approximately 500,000 at September 2017.

Savills Plc (SVS.L) Announced that Jeremy Helsby will retire as Group Chief Executive at the end of 2018 after a 39 year career at Savills, 11 of them as Group Chief Executive. Jeremy will be succeeded by Mark Ridley, currently CEO of Savills UK and Europe, effective 1 January 2019. Mark will join the Board of Savills plc as Deputy Group Chief Executive on 1 May 2018.

Spire Healthcare Group Plc (SPI.L) Announced, in its post-close trading update, that revenue is expected to be in the range of £929.0 million to £932.0 million. Its underlying EBITDA is expected to be in the range of £149.0 million to £151.0 million. Further, net debt expected as at December 31, 2017, is of approximately £465.0 million. The company intends to make its preliminary announcement of the FY17 results on Friday, March 2, 2018.

Tate & Lyle Plc (TATE.L) Announced that it has appointed Nick Hampton as Chief Executive of the company with effect from 01 April 2018.

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