Information relating to any company or security is for information purposes only and should not be interpreted as a solicitation to buy or sell any security or to make any investment.

The Information in this communication has been compiled from sources believed to be reliable but it has not been independently verified. No representation is made as to its accuracy or completeness, no reliance should be placed on it and no liability is accepted for any loss arising from reliance on it.

All expressions of opinion are subject to change without notice. Opinion may be personal to the author and may not reflect the opinions of Teathers.

Teathers does not produce independent investment research under COBS 12.2.  Its research is non-independent research under COBS 12.3, which means it is a marketing communication under the Markets in Financial Instruments Directive (“MiFID”) and is not required to be prepared in accordance with the legal requirements designed to promote the independence of investment research.  Non independent research is not subject to any prohibition on dealing ahead of the dissemination of research.  However, Teathers is required to have policies to manage the conflicts which may arise in the research production, including preventing dealing ahead. 

Teathers may be remunerated by a company for writing research on that company, in which case, a specific disclosure will be made on the relevant research report.  Each company understands and agrees that the analysis, opinions, projections, forecasts and estimates expressed in such research reports will be honest and unbiased in compliance with Teathers’ Conflicts of Interest and Research Policies and will in no way be influenced by any remuneration received by Teathers from the company.  For further details, please see Teathers’ Research and Conflicts Policies on its website, www.teathers.com.

Please see our website for disclosures of relationships and other material disclosures and our policy relating to equity research. This policy only covers research communicated by persons described in the communication as analysts. Communications from either sales persons or sales traders or anyone else should not be regarded as investment research.

Teathers is a trading name of Straumur-Burdaras Investment Bank hf. (“Straumur”) which is a public limited company, listed in Iceland and is authorised and regulated by the Fjármálaeftirlitið (The Financial Supervisory Authority, Iceland) and subject to limited regulation by the Financial Services Authority in the UK. Details about the extent of our regulation by the Financial Services Authority are available from us on request.

Straumur’s registered address is at Borgartun 25, 105 Reykjavik, Iceland and its London Branch is located at Berkeley Square House, 3rd Floor, Berkeley Square, London, W1J 6BU.

Straumur is a member of the London Stock Exchange.