Additional Disclosures

Trinity Delta is an equity research house focused on the healthcare, life sciences and related industries. The business is owned by the staff and operates on the basis of a genuine partnership. The team consists of highly qualified industry specialists, who have developed their knowledge and skills working at highly regarded institutions and investment houses. We pride ourselves on working to the highest possible standards, with this professionalism underpinning everything that we do at Trinity Delta.

Trinity Delta provides independent research services and the company covered in the research notes pays us a set fee in order for this research to be made available (technically known as the “issuer pays” model). The conclusions and opinions expressed in the reports reflect the professional views of the analysts named on the front page of every report. Whilst every reasonable effort is made to ensure that the information in the research is correct, this cannot be guaranteed. The report is intended to be clear, fair, and not misleading.

Trinity Delta has a personal dealing policy which debars staff and consultants from dealing in shares, bonds or other related instruments of companies which pay us for any services, including research. They may be allowed to hold such securities if they were owned prior to joining Trinity Delta or if they were held before the company appointed Trinity Delta. In such cases sales will only be allowed in limited circumstances, generally in the two weeks following publication of figures.

Trinity Delta does not buy or sell shares, either for its own account or for other parties and neither does it undertake investment business. We may provide investment banking services to corporate clients.

Trinity Delta does not make recommendations. Accordingly, we do not publish records of our past recommendations. Where a fair value price is given in a research note this is the theoretical result of a study of a range of possible outcomes, and not a forecast of a likely share price.

Trinity Delta may publish further notes on these companies but has no scheduled commitment and may cease to follow these companies without notice.

Trinity Delta provides research for the use of the professional investment community, market counterparties and sophisticated and high net worth investors as defined in the rules of the regulatory bodies. It is not intended to be made available to unsophisticated or retail investors. Anyone who is unsure of their categorisation should consult their professional advisors.

Our research is neither an offer, nor a solicitation, to buy or sell any security. Past performance of a security is not necessarily a guide to the future and the price of shares and bonds, and the income derived from them, may fall as well as rise and the amount realised may be less than the original sum invested.

In some cases research is only issued electronically, whilst in other cases printed research will be received by those on our distribution lists later than those subscribing to research electronically. This report may not be reproduced in whole or in part without prior permission from Trinity Delta.