London 4 Coleman St. London EC2R 5TA T 020 7600 1660 F 020 7600 1661

Bristol 31 Great George St. Bristol BS1 5QD T 0117 921 0550 F 0117 921 0475

Leeds 33 Park Place Leeds LS1 2RY T 0113 220 6240 F 0113 220 6262

Bury St Edmunds 60 Abbeygate St. Bury St Edmunds Suffolk IP33 1LB T 01284 770700 F 01284 763241

Ipswich Knapton Court Turret Lane Off Lower Brook St. Ipswich IP4 1DL T 01473 228100 F 01473 228150

Cardiff 14 St Andrews Crescent Cardiff CF10 3DD T 02920 558800 F 02920 228989

This is a JM Finn & Co marketing communication which constitutes non-independent research as defined by the FCA. It has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to the regulatory prohibition on dealing ahead of the dissemination of investment research. However it is covered by JM Finn & Co’s own research conflicts of interest policy which is available on the JM Finn & Co website at www.jmfinn.com. JM Finn & Co is a trading name of J. M. Finn & Co. Ltd which is registered in England with number 05772581. Authorised and regulated by the Financial Conduct Authority. While JM Finn & Co uses reasonable efforts to obtain information from sources which it believes to be reliable, it makes no representation that the information or opinions contained in this document are accurate, reliable or complete and will not be liable for any errors, nor for any action taken in reliance thereon. This document should not be copied or otherwise reproduced. If you wish to discuss the suitability of any securities mentioned in this document, you should consult your investment adviser. Research recommendations published by JM Finn & Co during the quarter ending December 2015 are categorised: Buy 20%, Hold 60%, Sell 20%. In no case did JM Finn & Co supply material investment banking services to the relevant companies during the previous 12 months.

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