Roche (Neutral, FV CHF208) - Bryan, Garnier & Co

INDEPENDENT RESEARCH
UPDATE
8th March 2013
Roche
GA-101 holds the keys to the CD20 franchise
Healthcare Fair Value CHF208 (price CHF214.00) NEUTRAL
Bloomberg
Reuters
ROG VX
ROG.VX
12-month High / Low (CHF) 218.3 / 149.2
Market capitalisation (CHFm) 150,348
Enterprise Value (BG estimates CHFm) 155,408
Avg. 6m daily volume ('000 shares) 1,188
Free Float 91.5%
3y EPS CAGR 8.2%
Gearing (12/12) 63%
Dividend yield (12/13e) 3.71%
YE December 12/12 12/13e 12/14e 12/15e
Revenue (CHFm) 45,499 47,904 49,877 51,143
EBIT (CHFm) 14,125 17,209 18,491 19,337
Basic EPS (CHF) 11.16 14.66 16.03 16.89
Diluted EPS (CHF) 13.62 15.04 16.42 17.27
EV/Sales 3.5x 3.2x 3.0x 2.8x
EV/EBITDA 8.4x 8.0x 7.2x 6.6x
EV/EBIT 11.4x 9.0x 8.1x 7.4x
P/E 15.7x 14.2x 13.0x 12.4x
ROCE 42.2 51.0 55.6 57.8
140
135
130
125
120
115
110
105
100
95
7/3/13
90
M A M J J A S O N D J F
ROCHE HOLDING
STOXX EUROPE 600 E - PRICE INDEX
Source: Thomson Reuters Datastream
Can Roche pull off the same thing with the CD20 franchise in 2013 as
it did with the HER2 franchise in 2012? The stakes are similar in size
since Rituxan and Herceptin accounted for 19% and 17% respectively
of the pharma division's sales in 2012. The difference is that GA-101 is
alone whereas Perjeta and Kadcyla are to combine their efforts.
However, GA-101 promises to be more important in sentiment than in
the reality of its contribution in the short term.
• The CLL11 study is the first phase III trial to deliver a clinical verdict on
GA-101 in chronic lymphocytic leukaemia patients with comorbidities,
an indication that enables the roll-out of a rapid market access strategy if
successful. However, CLL only accounts for around 20% of Rituxan
sales and a success does not therefore guarantee that GA-101 could
replace Rituxan in all of its indications. RA is not targeted and results in
NHL are not expected before 2015 at the earliest.
• However, the communication of results in 2013 is set to be key for
assessing the defence lines that could make Roche prevail on top of the
subcutaneous formulation of rituximab. We have factored in sales of
CHF2bn for GA-101 in 2020 such that the failure of CLL11 would
prompt us to cut our FV by a CHF10 per share, while a success would
probably oblige us to wait for other results in order to ensure higher
potential.
• By nature, GA-101 can exercise a far higher antibody-dependent
cytotoxic activity and macrophage-mediated phagocytic activity than
rituximab and induce a different and more potent cell death
programmation. GA-101 seems to have a higher affinity and adhesion
capacity to the CD20 antigen in human B cells than rituximab. This is the
theory for a new generation antibody, which needs to prove the ability to
surpass rituximab by at least 25% in clinical trials.
Analyst:
Sector Analyst Team:
Eric Le Berrigaud
Mathieu Chabert
33(0) 1 56 68 75 33 Martial Descoutures
eleberrigaud@bryangarnier.com
r
r

Roche
Income Statement (CHFm) 2010 2011 2012 2013e 2014e 2015e
Revenues 47,474 42,531 45,499 47,904 49,877 51,143
Change (%) -3.2% -10.4% 7.0% 5.3% 4.1% 2.5%
EBITDA 16,710 16,997 19,051 19,509 20,791 21,637
EBIT 13,486 13,454 14,125 17,209 18,491 19,337
Change (%) 9.9% -0.2% 5.0% 21.8% 7.5% 4.6%
Core EBIT 16,591 15,149 17,160 17,709 18,991 19,837
Financial results (2,272) (1,581) (1,802) (1,061) (843) (755)
Pre-Tax profit 11,211 11,885 12,323 16,149 17,650 18,584
Exceptionals 0.0 0.0 0.0 0.0 0.0 0.0
Tax (2,320) (2,341) (2,550) (3,391) (3,706) (3,903)
Profits from associates (3.0) 12.0 0.0 2.0 2.0 2.0
Minority interests 225 201 234 230 240 250
Net profit 8,666 9,343 9,539 12,528 13,703 14,431
Core Net Income 10,956 10,470 11,643 12,857 14,033 14,761
Change (%) 3.0% -4.4% 11.2% 10.4% 9.1% 5.2%
Cash flow Statement (CHFm)
Operating Cash flows 15,384 15,372 16,838 16,448 17,521 17,525
Change in working capital 1,266 1,166 523 249 479 125
Capex, net 2,559 1,610 2,064 2,200 2,200 2,200
Financial investments, net 309 215 97.0 0.0 0.0 0.0
Dividends 7,196 7,292 7,402 6,347 6,855 7,482
Net debt 19,157 15,566 10,599 5,059 (928) (7,380)
Free Cash flow 11,641 10,945 12,696 12,948 13,686 14,689
Company description
Roche describes itself as the world
leader in biotechnology. True is that
most of its revenues in the
pharmaceuticals division come from
biological, including three drugs that
are among the biggest in oncology
worldwide: Avastin, Rituxan and
Herceptin. They revolutionized their
respective markets. When Roche
bought Genentech’s minority
interests, it took full control of those
assets, including a very promising
R&D pipeline that looks close to
delivering again. Besides pharma,
Roche is also the world leader in
Diagnostics which offers a balance to
its portfolio of activities but also
leverage to try to implement and
develop companion diagnostic tests.
Biosimilars clearly represent the
biggest threat to Roche’s business.
Balance Sheet (CHFm)
Shareholders' funds 11,662 14,482 16,728 23,139 30,227 37,426
+Provisions 3,080 2,733 3,200 3,200 3,200 3,200
+Net debt 19,157 15,566 10,599 5,059 (928) (7,380)
=Invested Capital 33,899 32,781 30,527 31,398 32,499 33,246
Fixed assets 30,481 30,014 27,910 27,732 27,554 27,376
+ Working Capital 6,080 5,871 6,059 6,308 6,787 6,912
+ Other (2,662) (3,104) (3,442) (2,642) (1,842) (1,042)
=Capital Employed 33,899 32,781 30,527 31,398 32,499 33,246
Financial Ratios
Operating margin 28.41 31.63 31.04 35.92 37.07 37.81
Core operating margin 34.95 35.62 37.72 36.97 38.08 38.79
Tax rate 20.69 19.70 20.69 21.00 21.00 21.00
Net margin 23.08 24.62 25.59 26.84 28.13 28.86
ROE (after tax) NM NM 71.75 71.25 56.86 46.56
ROCE (after tax) 37.77 38.58 42.16 50.98 55.63 57.80
Gearing 164 107 63.36 21.87 -3.07 -19.72
Pay out ratio 51.62 55.27 53.95 52.76 52.76 52.76
Number of shares, diluted 857 851 855 855 855 855
Per share data (CHF)
EPS 10.11 10.98 11.16 14.66 16.03 16.89
Restated EPS 10.11 10.98 11.16 14.66 16.03 16.89
Core EPS 12.78 12.30 13.62 15.04 16.42 17.27
change (%) 3.6% -3.8% 10.7% 10.4% 9.1% 5.2%
Goodwill 0.0 0.0 0.0 0.0 0.0 0.0
BV 11.05 14.21 16.96 24.19 32.21 40.34
Operating cash flow 17.95 18.06 19.70 19.25 20.50 20.51
Free Cash flow 13.58 12.86 14.86 15.15 16.01 17.19
Net dividend 6.60 6.80 7.35 7.94 8.66 9.11
Source: Company Data; Bryan, Garnier & Co ests.
2

Roche
1. Rituxan: no. 1 drug at Roche
Rituximab was jointly developed by Genentech and Biogen-Idec and is currently marketed under the
brand names of Rituxan and MabThera by Roche depending on the region. Since 2012, Roche no
longer pays royalties on sales of MabThera with the exception of Canada, with agreements expiring
on the 11th anniversary of the product's marketing in each country. In the US however, Roche pays
Biogen-Idec 30% of the first USD50m in co-marketing profits and 40% of the share exceeding this
threshold. In this respect and as an example, Biogen-Idec received USD1.032bn in 2012, which
corresponds to around 35.4% of the US revenues generated for Roche by Rituxan.
Rituximab is a chimeric monoclonal antibody directed against the CD20 antigen and found primarily
on the surface of B lymphoid cells. It is approved as a treatment for leukaemia and CD20-positive B
cells lymphomas, generally in combination with classic chemotherapies for the induction phases and
in monotherapy for the maintenance phases. It is also approved as a treatment for B cell forms of
rheumatoid arthritis (RA).
However rituximab is a fairly old drug for which the main patents expire between now and the end of
the decade, starting with Europe as of 2014. For this reason complementary or replacement strategies
are being considered, like the one that so far successfully developed in the HER2 franchise. Since
ocrelizumab did not succeed its gamble in RA and the subcutaneous form is only a relative defensive
line, GA-101 is a significant challenge for holding onto if not continuing to develop the group's CD20
franchise, which nevertheless currently accounts for 19% of Roche's pharma sales.
1.1. More than CHF7bn in sales in 2013
1.1.1. 9% growth in 2012
Despite its size and an already apparently high penetration in target markets, Rituxan posted further
robust sales growth of 9% in local currencies during 2012. This growth was fairly homogenous in
geographical terms even though international sales, which include the majority of emerging markets,
outperformed slightly (+13%). Roche said that the main growth drivers remain the ongoing
penetration of the drug in first line maintenance treatments for follicular lymphoma (since the
publication of results of the PRIMA trial and the update of the drug's prescribing information in
October 2010 in Europe and in January 2011 in the US) in developed countries as well as the increase
in market share and the product's duration of use in large B cell lymphomas in emerging markets.
1.1.2. Drivers intact for 2013
No major change in sales growth for Rituxan is expected during the current year and we therefore
estimate that the drug could exceed the threshold of CHF7bn in sales for the first time, depending on
the exchange rates prevailing in 2013.
Note that by late 2013 at the earliest, Roche could obtain a response from the CHMP concerning the
registration filed for in Q4 2012 for the subcutaneous form of rituximab assessed with the objective
to show non-inferiority vs rituximab iv (SABRINA study, 405 patients) in first-line treatment of non-
Hodgkin's follicular lymphoma.
3

Roche
1.2. A more uncertain profile after 2013
After 2013, it is far more difficult to predict the direction that sales of the CD20 franchise could take.
We have left aside ocrelizumab for which a success in the multiple sclerosis market remains very
hypothetical in view of the compound's history and congestion in the segment in terms of new
therapeutics (especially oral ones).
This leaves us two options for opposing Rituxan biosimilars: the subcutaneous form of rituximab and
GA-101. In both cases, the RA share (around one fifth of sales) is not concerned. For the rest, the
subcutaneous form was imagined under the framework of a partnership with Halozyme, owner of the
Enhanze technology, to face patent expiry in Europe where the issue was more acute, whereas the
regulatory procedure was easier (an agreement was not reached with the FDA on a financially and
chronologically acceptable pathway). However, GA-101 is by far the most significant challenge for the
franchise and Roche, not only because it concerns all regions but also potentially all current rituximab
indications in hemato-oncology as well as possible extensions to mantle cell lymphoma and diffuse B
cell lymphoma. This is the product that we are studying in this short note since results of the first
phase III study entitled CLL11 (780 patients, first-line in CLL patients with comorbidity factors) are
expected shortly and are also the culmination point in clinical terms of a fairly calm year for Roche in
2013 on this front.
Fig. 1:
Revenue growth profile for Rituxan by region
8 000
7 000
6 000
5 000
4 000
3 000
2 000
International
Western Europe
Japan
US
1 000
0
2009 2010 2011 2012 2013e 2014e 2015e 2016e 2017e 2018e 2019e 2020e
Source: Company Data; Bryan, Garnier & Co ests.
4

Roche
2. GA-10: what aim?
2.1. What is GA-101?
The position of GA-101 (obinutuzumab) in the hemato-oncology therapeutic arsenal questions more
generally changes in the technology to develop monoclonal antibodies. In 1975, the hybridomes
technique helped get over the first obstacle in monoclonality. In 1984, the technique enabling
production of the first recombinant antibodies, known as chimeric antibodies, made up of regions
partly derived from mice (murine model) and partly from humans (human model), was developed.
Today and tomorrow, the aim is to further improve the technology in order to develop new
generation monoclonal antibodies, the aim of which is not only to move closer to a human model but
among others, to increase the ability to attach itself to the target, recruit immune effectors, amplify
immune mechanisms and intracellular effector mechanisms in order to increase the anti-tumour
effect.
Fig. 2:
Expected changes in activity between first and second generation
antibodies
Source: Cheson BD, Leonard JP. New England Journal of Medicine 2008; 359:613-626
Understanding effector mechanisms seems particularly essential for trying to improve the therapeutic
efficacy of new monoclonal antibodies, whether these are mediated by the Fc fraction of the antibody
(complement) or the antibody itself. As shown in the table in Fig. 2, the nature of GA-101 enables it
to exercise antibody-dependent cytotoxicity activity and phagocytosis activity mediated by
macrophages vastly superior to that of rituximab and to induce a different and increased cell death
induction. In all, GA-101 seems to have a superior affinity and capacity to adhere to the CD20
antigen on human B cells than rituximab. This stems partly from its very structure and from its
glycosylation, which influences the properties and functionalities of the antibody.
Fig. 3:
Type I and II monoclonal antibodies do not induce the same type of cell
death induction
Sources: Umaña P, et al. Blood 2006 ; 108 :Abstract 229 - Mössner E, et al. Blood 2010 ; 115 : 4393-4402
5

Roche
2.2. What do we know at this stage?
Three studies have so far published results, at least partially: the phase II GAUGUIN and GAUSS
studies and the phase III CLL11. The following is an overview.
2.2.1. GAUGUIN: Comparison of two doses
The phase II GAUGUIN study (40 patients) compared two regimes and two doses of GA-101 in
refractory indolent non-Hodgkin's lymphoma, with 400mg in eight cycles or a bolus of 1,600mg
followed by eight cycles of administration of 800mg. The higher dose arm, including 22 patients,
proved far superior with a overall response rate of 55% (12/22), or 82% including stabilisations of the
disease (18/22) at 28 days post-administration of the last dose.
Fig. 4:
Overview of results of GAUGUIN study
Source: Salles G, et al. ASH 2009
2.2.2. GAUSS: First comparative data with rituximab
The phase II study GAUSS (175 patients) provided a first-time head-to-head comparison of GA-101
(obinutuzumab) with rituximab in patients suffering from refractory indolent non-Hodgkin's
lymphoma. They received one or the other drug in an induction phase for four weeks and the
responders then entered a maintenance scheme (perfusion every two months for two years). The
results were published at the ASH congress in 2011.
The biggest subgroup included 149 patients with follicular lymphoma (20-30% of all NHLs), the most
frequent form and therefore often used as a model in clinical trials. The primary endpoint was the
overall response rate (ORR) and the reading was very different depending on whether it was carried
out by the study's investigator or by an independent radiology centre with a difference of 11 and 18
points respectively. During an investor meeting organised at the end of 2011, Roche indicated that a
7/8-point improvement in the ORR would correspond to a hazard ratio of 0.75 in the progressionfree
survival rate (PFS).
Fig. 5:
GAUSS study – response rates
Follicular patients ORR Complete remission rate
GA101 44.6% 12.2%
rituximab 33.3% 5.3%
Based on a central blinded radiology review
GA101 45%
rituximab 27%
Source: Company Data, ASH2011
6

Roche
In terms of tolerance, the differences between the two arms were not significant. Fairly unexpectedly,
patients in the GA-101 arm developed more reactions at the injection point (72% vs. 49%), but these
were generally fairly low to modest in intensity and occurred mostly after the first administration. In
contrast, events noted as severe were less frequent (nine vs. five in the induction phase for example).
2.2.3. CLL11: Success of phase 1 is maintaining suspense
On 31 January, Roche communicated the results of the first stage of the phase III CLLL11 study.
This study recruited 80 patients suffering from chronic lymphoid leukaemia (CLL) with comorbidities,
the aim being to develop a rapid potential market-access strategy, since these patients (which Roche
nevertheless estimates account for around half of the overall target market in CLL) present limited life
expectancy.
Stage 1 of the study compared the combination of GA-101 + chlorambucil vs chlorambucil alone and
included a futility analysis based on progression-free survival in view of stage 2 which compares the
same two arms as well as a third one which is the current standard treatment, namely rituximab +
chlorambucil and whose primary endpoint is compared PFS between the two active arms, while a
number of secondary endpoints have been defined (overall response rate, overall survival, progression
free survival, molecular remission, safety).
The results of the first stage were only partly unveiled and are to be presented in detail at a future
congress.
The press release therefore indicates simply that (i) the DSMB considered the study could continue
until its end, thereby rejecting an argument of futility and (ii) progression-free survival of the disease
was improved between the chlorambucil alone arm and the combination with rituximab.
2.3. What next?
Although four phase III studies are underway, only one is important in the short term, namely CLL11
since none of the others are due to provide clinical results before 2015/2016.
Results of stage 2 of the CLL11 trial are due to be communicated during 2013. In order for the study
to be positive, GA-101 must show a statistically significant superiority compared with Rituxan of
25%.
Fig. 6:
GA-101 : développement Clinique de phase III
Trial Phase Patients Indication Comparator Expected results date
CLL11 ph. III 780 Front-line CLL pts w. comorbidities chlorambucil +/- rituximab 2013 (Roche)
GADOLIN ph. III 360 iNHL second-line bendamustine 2015 (Roche)
GALLIUM ph. III 1,400 Front-line iNHL rituximab induction and maintenance 2023 (clinicaltrials.gov)
GOYA ph. III 1,400 DLBCL +CHOP vs rituximab +CHOP 2019 (clinicaltrials.gov)
Sources: Company Data; clinicaltrials.gov
7

Roche
3. What is at stake?
We could attempt to build a sales model based on epidemiological data of the various pathologies
targeted by anti-CD20 monoclonal antibodies. However, the easiest and probably most accurate way,
since the model is validated, is to base ourselves on current Rituxan sales.
Before going into detailed figures, note that the main challenge is to secure the CD20 franchise to a
maximum as the HER2 franchise was by the successive approvals of Perjeta and Kadcyla, before
biosimilar risk takes shape, even though Roche has estimated that this risk is unlikely to materialise
before 2016. In the event of success, Roche would therefore be capable of protecting two out of the
three major products in the Pharma division that are approaching the end of their lives (which
together represented CHF18.4bn in revenues in 2012, or 52% of total sales in the division), thereby
providing a hugely positive signal, while continuing to build new growth drivers for the future.
In more detailed figures this time, the starting point is rituximab with sales of CHF6.7bn. Roche does
not communicate the breakdown of the product's revenues by indication. Our estimate is that the
weight of inflammation relative to hematology has stopped growing, especially since the group has
now clearly chosen the way of priority for Actemra in RA. We estimate that sales in this field stand at
CHF1-1.1bn, or 15% of overall sales. The challenge for GA-101 is to secure the other 85%.
As shown by Fig. 7, GA-101 is only likely to be genuinely capable of capturing the rituximab market
as the years go by and clinical demonstrations are made. The overall theoretical challenge is probably
superior to Rituxan as a whole at present. Indeed, even if the inflammation part is lost, a product
more efficient than rituximab could aspire to indications that the latter does not have such as mantle
cell lymphoma or diffuse large B cell lymphoma and at a higher price (re. Perjeta and Kadcyla). The
aim is therefore to prolong the success of Rituxan, while extending the sales opportunity. This is of
course a best-case scenario.
Even if an off-label use is possible in the event of a clear success, GA-101 would have to prove
superior to Rituxan in all indications in order to genuinely hope to replace it. In a backdrop of health
spending restrictions, this aim is not particularly credible. While we limit ourselves to the first
indication, namely CLL, we do not believe that it represents more than 20% of Rituxan sales. While
assuming peak sales in 2020 of CHF2bn for GA-101, we are taking a gamble that we consider
balanced and which represents CHF10 per share to our FV. A failure would prompt us to deduct
this amount whereas a success would not prompt us to automatically increase our estimates.
Fig. 7:
How Roche aims to position GA-101
Source: Company Data
8

Roche
Appendix 1: Main contributors to Roche's Oncology franchise
CHFm 2011 2012 dl 2013e dl 2014e dl 2015e dl 2016 dl 2017 dl
MabThera/Rituxan 6 005 6 707 9% 7 131 7 351 7 281 7 117 6 889
US 2 722 3 112 8% 3 284 5% 3 415 4% 3 483 2% 3 483 0% 3 483 0%
Japan 254 291 8% 317 3% 317 0% 317 0% 310 -2% 295 -5%
Western Europe 1 574 1 643 6% 1 753 5% 1 753 0% 1 578 -10% 1 420 -10% 1 207 -15%
International 1 455 1 661 13% 1 777 7% 1 866 5% 1 903 2% 1 903 0% 1 903 0%
Herceptin 5 253 5 889 11% 6 262 6 491 6 548 6 362 6 194
US 1 422 1 663 11% 1 738 1 772 2% 1 790 1% 1 790 0% 1 790 0%
Japan 288 337 11% 371 10% 389 5% 409 5% 409 0% 409 0%
Western Europe 1 941 1 970 3% 2 002 0% 1 962 -2% 1 864 -5% 1 677 -10% 1 510 -10%
International 1 602 1 919 20% 2 152 12% 2 367 10% 2 486 5% 2 486 0% 2 486 0%
Avastin 5 292 5 764 6% 6 222 6 610 6 987 7 076 6 987
US 2 343 2 475 0% 2 629 2 761 5% 2 899 5% 2 957 2% 2 957 0%
Japan 627 769 16% 854 11% 939 10% 1 033 10% 1 000 1 000
Western Europe 1 448 1 510 6% 1 611 5% 1 692 5% 1 776 5% 1 776 0% 1 687 -5%
International 874 1 010 16% 1 128 11% 1 218 8% 1 279 5% 1 343 5% 1 343 0%
Tarceva 1 251 1 314 2% 1 364 1 334 1 257 884 688
US 484 571 12% 602 5% 542 -10% 488 -10% 195 -80% 117 -40%
Japan 92 112 15% 123 10% 136 10% 136 0% 136 0% 129 -5%
Western Europe 370 317 -13% 296 -8% 296 0% 267 -10% 187 -30% 93 -50%
International 305 314 0% 343 9% 360 5% 367 2% 367 0% 349 -5%
Xeloda 1 354 1 523 9% 1 578 1 381 882 782 704
US 517 627 15% 690 10% 552 -20% 110 -80% 55 -50% 50 -10%
Japan 112 128 8% 128 0% 134 5% 134 0% 128 -5% 115 -10%
Western Europe 264 253 -3% 219 -15% 153 -30% 122 -20% 110 -10% 99 -10%
International 461 515 9% 541 5% 541 0% 514 -5% 489 -5% 440 -10%
Perjeta 0 56 304 458 655 905 1 165
Kadcyla 0 0 110 270 450 690 920
Zelboraf 31 234 370 480 580 640 650
Erivedge 0 50 120 180 220 250 280
GA-101 0 0 0 200 520 950 1 330
Source: Company Data; Bryan, Garnier & Co ests.
Appendix 2: Sales estimates breakdown for Rituxan in 2012
RA
16%
aggressive
NHL
42%
indolent
NHL
25%
CLL
17%
Source: Company Data; Bryan, Garnier & Co ests.
9

Roche
Price Chart and Rating History
Roche
220
8/3/13
210
200
190
180
170
160
150
140
130
120
2010 2011 2012
ROCHE HOLDING
Source: Thomson Reuters Datastream
Ratings
Date Ratings Price
30/01/13 NEUTRAL CHF201.4
13/01/12 BUY CHF163.3
18/07/11 NEUTRAL CHF135.9
Target Price
Date
Target price
25/02/13 CHF208
17/01/13 CHF202
17/10/12 CHF188
02/08/12 CHF186
25/04/12 CHF188
12/04/12 CHF182
02/02/12 CHF179
13/01/12 CHF182
08/12/11 CHF166
14/10/11 CHF160
01/09/11 CHF150
18/07/11 CHF154
10

Roche
BUY
NEUTRAL
SELL
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Distribution of stock ratings
BUY ratings 51.4% NEUTRAL ratings 27.5% SELL ratings 21.1%
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11 Analyst has short position The investment analyst or another person involved in the preparation of this Report has a short position in the
securities or derivatives of the Issuer.
12 Analyst has long position The investment analyst or another person involved in the preparation of this Report has a long position in the
securities or derivatives of the Issuer.
13 Bryan Garnier executive is
an officer
A partner, director, officer, employee or agent of the Bryan Garnier Group, or a member of such person’s
household, is a partner, director, officer or an employee of, or adviser to, the Issuer or one of its parents or
subsidiaries. The name of such person or persons is disclosed above.
14 Analyst disclosure The analyst hereby certifies that neither the views expressed in the research, nor the timing of the publication of
the research has been influenced by any knowledge of clients positions and that the views expressed in the
report accurately reflect his/her personal views about the investment and issuer to which the report relates and
that no part of his/her remuneration was, is or will be, directly or indirectly, related to the specific
recommendations or views expressed in the report.
15 Other disclosures Other specific disclosures: Report sent to Issuer to verify factual accuracy (with the recommendation/rating,
price target/spread and summary of conclusions removed).
A copy of the Bryan Garnier & Co Limited conflicts policy in relation to the production of research is available at www.bryangarnier.com
No
No
No
No
No
No
No
No
No
No
No
No
No
Yes
No
11

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