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.
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.
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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 December 2013, 9.6% of stocks covered were rated Long, 22.4% Positive, 13.8% Short, 37.2% Negative and 17.0% deemed Neutral.
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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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