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,


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: Altice Europe, Altice USA, Broadcom, BT Group, Comcast, Criteo, Iliad, Just Eat, Liberty Global, Microsoft, Netflix, Orange, Orange Belgium, ServiceNow, SES S.A, Synaptics, T-Mobile US, TSMC, Vodafone, Zalando, Zuora – The analyst or a member of the analyst's household owns equity securities in these companies.

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

Buy (B), Neutral (N) and Sell (S) – A Buy-rated stock is projected to outperform the analyst’s industry coverage universe and rise in price over the next 12 months. A Neutral-rated stock is projected to perform in line with the analyst’s industry coverage universe over the next 12 months. A Sell-rated stock is projected to underperform the analyst’s industry coverage universe and decline in price over the next 12 months. Being assigned a Buy or Sell 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, political, regulatory, competitive, technological or industry considerations. 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, and may also include dividends or other forms of capital return forecast due to be paid over the target price period, if the analyst considers that they may be material.

Distribution of Ratings - As of 31 March 2021, 50.9% of stocks covered were rated Buy, 24.1% Sell and 25.0% Neutral.

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General Disclosures - This report 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 report is suitable for their particular circumstances and, if appropriate, seek professional advice. The price and value of the investments referred to in this report 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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