Research Disclosures

Regulation AC - The research analyst(s) whose name(s) appear(s) on the front cover of this report certify that: all of the views expressed in this report accurately reflect their personal views about the subject company or companies and its or their securities, and that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

Required Disclosures

Potential Conflicts: BT Group, Comcast, Liberty Global, Microsoft, Orange, SanDisk, Technicolor, Telenor, Universal Display, Verizon, Vimpelcom, Vodafone, Yahoo – The analyst or a member of the analyst's household owns equity securities in this co.

For important disclosure information regarding the companies in this report, please call +44 (0)207 959 1300, or send an email to

Rating System: Long (L), Positive (+ve), Neutral (N), Negative (-ve), and Short (S) - Analysts recommend stocks as Long or Short for inclusion in Arete Best Ideas, a monthly publication consisting of the firm's highest conviction recommendations. Being assigned a Long or Short rating is determined by a stock's absolute return potential, related investment risks and other factors which may include share liquidity, debt refinancing, estimate risk, economic outlook of principal countries of operation, or other company or industry considerations. Any stock not assigned a Long or Short rating for inclusion in Arete Best Ideas may be rated Positive or Negative indicating a directional preference relative to the absolute return potential of the analyst's coverage group. Any stock not assigned a Long, Short, Positive or Negative rating is deemed to be Neutral. A stock's absolute return potential represents the difference between the current stock price and the target price over a period as defined by the analyst.
Distribution of Ratings - As of 31 March 2015, 15.0% of stocks covered were rated Long, 29.0% Positive, 11.2% Short, 29.8% Negative and 15.0% deemed Neutral.

Global Research Disclosures - This globally branded report has been prepared by analysts associated with Arete Research Services LLP ("Arete LLP"), Arete Research, LLC ("Arete LLC"), and/or Arete Research Asia Ltd. ("Arete Asia") as indicated on the cover page hereof. This report has been approved for publication and is distributed in the United Kingdom and Europe by Arete LLP (Registered Number: OC303210, Registered Office: Fairfax House, 15 Fulwood Place, London WC1V 6AY), which is authorised and regulated by the UK Financial Conduct Authority ("FCA"); in North America by Arete LLC 15 Broad Street, 1st Floor, Boston, MA, 02109), a wholly owned subsidiary of Arete LLP, registered as a broker-dealer with the Financial Industry Regulatory Authority ("FINRA"); and in Asia by Arete Asia (CE No. ATS894, Registered Office: Unit 2206, Kinwick Centre, 32 Hollywood Road, Hong Kong), which is authorized and regulated by the Securities and Futures Commission in Hong Kong. Additional information is available upon request. Reports are prepared using sources believed to be wholly reliable and accurate but which cannot be warranted as to accuracy or completeness. Opinions held are subject to change without prior notice. No Arete director, employee or representative accepts liability for any loss arising from the use of any advice provided. Please see for details of any interests held by Arete representatives in securities discussed and for our conflicts of interest policy.

Asian Disclosures - The contents of this document have not been reviewed by any regulatory authority in Asia. You are advised to exercise caution and if you are in doubt about any of the contents of this document, you should obtain independent professional advice. Whilst considerable care has been taken to ensure the information contained within this document is accurate and up-to-date, no warranty is given as to the accuracy or completeness of any information and no liability is accepted for any errors or omissions in such information or any action taken on the basis of this information. The information may not be current and no Arete group company has any obligation to provide any updates or changes.
General Disclosures – This research is not an offer to sell or the solicitation of an offer to buy any security or in any particular trading strategy in any jurisdiction. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or need of the individual clients. Clients should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional advice. The price and value of the investments referred to in this research and the income from them may fluctuate. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain instruments. As with all investments, there are inherent risks that each individual should address.
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