International Equity Research Disclosures

Set forth below are important disclosures relating to the companies covered by Pali International Limited Investment Research Department. Please note that, in addition to the disclosures provided below, other disclosures, including valuation methodologies used to derive price targets and risks that might prevent companies' securities from reaching such price targets, can be found in the text in Pali's Investment Research's research reports and notes.

Important Disclosures

This research report has been published in accordance with our Research Policy, which is available on written request from Pali International Limited.

For a discussion, if applicable, of the valuation methods used to determine the price targets included in this summary and the risks related to achieving these targets, please refer to the latest relevant published research on these stocks. Research is available through your sales representative and other electronic systems.

This report does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. The securities discussed in this report may not be suitable for all investors. Pali International Limited recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a financial adviser. The appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives.

This report is not an offer to buy or sell any security or to participate in any trading strategy. In addition to any holdings disclosed in the section entitled "Important U.S. Regulatory Disclosures on Subject Companies," Pali International Limited and its Affiliates or its employees not involved in the preparation of this report may have investments in securities or derivatives of securities of companies mentioned in this report, and may trade them in ways different from those discussed in this report. Derivatives may be issued by Pali International Limited or associated persons.

Pali International Limited and its affiliate companies do business that relates to companies covered in its research reports, including market making and specialised trading, risk arbitrage and other proprietary trading, fund management, investment services and investment banking. Pali International Limited sells to and buys from customers the equity securities of companies covered in its research reports on a principal basis.

Pali International Limited makes every effort to use reliable, comprehensive information, but we make no representation that it is accurate or complete. We have no obligation to tell you when opinions or information in this report change apart from when we intend to discontinue research coverage of a subject company.

With the exception of information regarding Pali International Limited, reports prepared by Pali International Limited research personnel are based on public information. Facts and views presented in this report have not been reviewed by, and may not reflect information known to, professionals in other Pali International Limited business areas, including investment banking personnel.

Pali International Limited research personnel conduct site visits from time to time but are prohibited from accepting payment or reimbursement by the company of travel expenses for such visits.

The value of and income from your investments may vary because of changes in interest rates or foreign exchange rates, securities prices or market indexes, operational or financial conditions of companies or other factors. There may be time limitations on the exercise of options or other rights in your securities transactions. Past performance is not necessarily a guide to future performance. Estimates of future performance are based on assumptions that may not be realised.

This publication is disseminated in the United States by Pali Capital, Inc., by Pali International Limited, authorised and regulated by the Financial Services Authority, which disseminates in the U.K. research that it has prepared and approves solely for the purposes of section 21 of the Financial Services and Markets Act 2000, research which has been prepared by any of its affiliates.

Stock Ratings

Different securities firms use a variety of rating terms as well as different rating systems to describe their recommendations. For example, Pali International Limited uses BUY, NEUTRAL, and SELL. Investors should carefully read the "Analyst Stock Rating" of all ratings used in each research report. In addition, since the research report contains more complete information concerning the analyst's views, investors should carefully read the entire research report and not infer its contents from the rating alone. In any case, ratings (or research) should not be used or relied upon as investment advice. An investor's decision to buy or sell a stock should depend on individual circumstances (such as the investor's existing holdings) and other considerations.

Analyst Stock Rating

Pail International uses the following stock rating system:

BUY (We expect that over the next twelve months, the share price will outperform by more than [15]% [the European Telecom Index, defined as ...] [the analyst's coverage universe]).

NEUTRAL (We expect that over the next twelve months, the share price performance will be in between +[15]% and -[15]% that of [the European Telecom Index, defined as ...] [the analyst's coverage universe]).

SELL (We expect that over the next twelve months, the share price will under-perform by more than [15]% [the European Telecom Index, defined as ...] [the analyst's coverage universe]).

Pali Investment Research Ratings Distribution