Commercial progress across portfolio

NetScientific 15 December 2017 Update
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NetScientific

Commercial progress across portfolio

Commercial update

Pharma & biotech

15 December 2017

Price

73.50p

Market cap

£51m

US$1.32/£

Net cash (£m) at 30 June 2017

11.1

Shares in issue

69.0m

Free float

20%

Code

NSCI

Primary exchange

AIM

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

2.1

77.1

12.2

Rel (local)

1.0

74.1

3.2

52-week high/low

73.5p

40.8p

Business description

NetScientific is an IP commercialisation group focused on healthcare with an investment strategy focused on sourcing, funding and commercialising technologies. Its portfolio of four core investments and one material investment is focused on three main sectors: digital health (Wanda), diagnostics (Vortex, ProAxsis, Glycotest) and therapeutics (PDS Biotechnology).

Next events

Glycotest, PDS, Vortex and ProAxsis financing

2018

Glycotest opening CLIA lab

H118

PDS and Merck Phase II initiation

H118

Analysts

Maxim Jacobs

+1 646 653 7027

Nathaniel Calloway

+1 646 653 7036

NetScientific is a research client of Edison Investment Research Limited

Within the month of November 2017, NetScientific portfolio companies had a series of announcements reflecting increased adoption of their products. ProAxsis announced increased sales of its research kits and guided to over £1m in sales in 2018. Wanda’s partner Health Resource Solutions announced that it would be expanding the deployment of the app to all of its applicable patients. Finally, Vortex announced the first commercial sale of its VTX-1 liquid biopsy platform.

Year end

Revenue (£m)

PBT*
(£m)

EPS*
(p)

DPS
(p)

P/E
(x)

Yield
(%)

12/15

0.1

(11.3)

(24.4)

0.0

N/A

N/A

12/16

0.5

(12.3)

(20.6)

0.0

N/A

N/A

12/17e

0.6

(9.5)

(12.5)

0.0

N/A

N/A

12/18e

3.5

(12.0)

(14.5)

0.0

N/A

N/A

Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.

ProAxsis: Research kit catching on

ProAxsis announced that it had tripled the number of orders for its Active Neutrophil Elastase Immunoassay (NEIA) kit in H217 over H117, partially as a result of a high number (75%) of repeat orders, and is on a run-rate to surpass £1m in sales in 2018. Outside of the near-term revenue, this is encouraging for both the adoption of further research kits and for the company’s point of care neutrophil elastase assay, NEATstik, which was CE marked in September 2017.

Wanda: 72% reduction in rehospitalisation

The decision of Health Resource Solutions (HRS) to expand the deployment of Wanda was made based on an analysis of the product that revealed that it reduced the rate of rehospitalisation of patients using it by 72% (to 4.5% overall). The product had a 74% compliance rate, and HRS stated that it enabled the company to improve its quality of care without increasing workload for clinicians. This is strong evidence of the utility of this product in the commercial setting.

Vortex: First liquid biopsy device sold

Vortex has been in the process of a soft launch of its VTX-1 liquid biopsy device through placements with opinion leaders. This has resulted in increased awareness of the product and inclusion in peer-reviewed publications, and recently culminated in the first commercial sale. This is an important milestone, but there remains a high degree of uncertainty regarding the commercial viability of the device.

Valuation: Increased to £62.1m or 90p per share

We have increased our valuation of NetScientific to £62.1m or 90p per share, from £57.3m or 83p per share. We have increased the value of ProAxsis and Wanda, offset by a reduction in Vortex, based on the commercial updates. Otherwise, our valuation remains unchanged. The companies still require additional financing (recorded as a £16m shortfall) and NetScientific has announced ongoing financing efforts for Glycotest, PDS, Vortex and ProAxsis, which are expected to close in 2018.

Sales of ProAxsis research kits accelerate

NetScientific announced in November 2017 that ProAxsis has seen a significant increase in the number of orders for its Active Neutrophil Elastase Immunoassay (NEIA). This product incorporates the company’s proprietary ProteaseTag technology into a kit designed for research purposes, and the customers of this kit include academic and pharmaceutical company scientists. The product was previously provided by request only, but with increasing demand, the company has recently contracted distributer Diagenics Ltd. to market the product in the UK and Ireland. The company stated that H217 sales were three times that of H117, and that it expects a run rate of over £1m in 2018. This is driven in part by a high number of repeat customers: 75% of 2017 customers ordered more product.

ProAxsis’s ProteaseTag technology uses a small chemical probe that selectively binds to and immobilises activated proteases allowing them to be detected and quantified via ELISA. Other assays either detect the concentration of target proteases regardless of activation state or measure the bulk proteolytic activity from all proteases, whereas ProteaseTags provide a more direct measurement of activity from a single enzyme. This is deployed in the NEIA to provide a measurement of neutrophil elastase (NE) activity, an important biomarker for immune activation. The company also recently CE marked a point of care version of the test, NEATstik, which it intends to market for the detection of exacerbations associated with the lung diseases cystic fibrosis (CF) and chronic obstructive pulmonary disease (COPD). The company recently announced a collaboration with National Jewish Health, a US hospital system and leader in respiratory disease research, to investigate NEATstik in its CF and COPD patients in a clinical trial.

Besides the immediate aspect of increased revenue from sales of the NIEA kit, we believe that this is an encouraging sign for the commercialisation of the NEATstik. The NIEA kit has a range of applicable uses in the research setting outside of CF and COPD, but its increased adoption signals the increased recognition by the research community of the value of measuring NE activity. Moreover, the acceptance of the ProteaseTag brand may have a positive impact on launches of future kits into the research market for other proteases besides NE. The next ProteaseTag kit to be launched will detect active plasmin, an enzyme important for the prevention of thrombosis. The company is also developing other immunoassays for different protease targets important for pulmonary fibrosis and acute respiratory distress syndrome, among others.

Positive feedback and expanded deployment of Wanda

Wanda is currently contracted to provide its application platform of the same name to the home healthcare provider Health Resource Solutions (HRS) Home Health, which recently announced in November 2017 that it would expand the deployment of the platform to all of its patients. The Wanda app is a digital health solution for the monitoring and engagement of patients with chronic health conditions, and the current implementation provides support for patients with congestive heart failure and COPD.

HRS Home Health reported that the decision to expand Wanda’s deployment was made after an analysis of patient outcomes in its network. Patients using Wanda had a 4.5% probability of being readmitted to the hospital, a reduction of 72%. Moreover, compliance with the application was 74%. HRS went on to state that the platform allowed the company to identify “variances during care delivery” and implement “prevention and intervention techniques.” This is highly encouraging for Wanda as it is a direct demonstration of the value proposition that the company offers, and these results can be further leveraged to gain other provider contracts.

Wanda currently has two other contracts with home healthcare providers (A to Z Home Health Care and 24Hr HomeCare). However, the company deprioritised this sales channel in 2017 after failing to gain traction. The company currently markets to other players in the healthcare space with significant vested interests in patient outcomes, including hospitals, payers, and accountable care organisations. We believe that these recent results are encouraging regardless of the setting and we expect to see further sales acceleration.

Vortex sells first liquid biopsy kit

Vortex announced in November 2017 that it had received its first commercial order for the VTX-1 liquid biopsy system. The company officially soft-launched the platform in early 2017 and has been focused on placements of the device with targeted opinion leaders. The goal was to drive acceptance of the platform in the scientific community, as evidenced by a recent publication in which it was used to isolate circulating tumour cells (CTCs) for genomics. This commercial sale is encouraging because it suggests that there has been some degree of positive feedback, although we await further sales to fully assess the commercial viability of the product.

The VTX-1 device is an application of the company’s proprietary microfluidic process of isolating CTCs. The platform leverages the differential size and flow properties of CTCs to isolate them from other cells in the blood. Unlike other isolation methods that require the trapping of CTCs with ligands that bind the cells, this technique leaves the CTCs in a pristine state such that they can be further differentiated with labelling or cultured and expanded. Each purification of CTCs requires the use of a disposable microfluidic chip, which may lead to recurring sales in addition to the placement of the capital device.

Valuation

We have increased our valuation of NetScientific to £62.1m or 90p per share, from £57.3m or 83p per share. We increased the valuation of ProAxsis to £8.1m (for NetScientific’s share) from £6.3m to reflect the increased demand for the NEIA kit, as well as an increased ramp rate for the launch of NEATstik on the back of increased interest. Finally, we have increased the probability of success for Wanda to 7.5% from 5.0% (resulting in an increase in value to NetScientific to £12.2m from £8.3m), because we find the metrics released by HRS to be highly supportive of the product’s value, which may help it address the significant commercial hurdles that it has faced. This is offset by reduced revenue expectations for 2017. We have reduced the valuation of Vortex’s stake to £15.6m from £15.9m to also reflect lower than expected revenue in 2017. We believe that the first commercial sale of VTX-1 is encouraging but, due to its lateness in the year, we do not expect significant recurring revenue in 2017.

Exhibit 1: Valuation of NetScientific

Portfolio company

Prob. of success

Profitability

Peak sales (£m)

Margin

rNPV (£m)

Ownership

Share Value (£m)

Vortex

15.0%

2020

138

43%

16.5

95.0%

15.6

Wanda

7.5%

2019

326

52%

16.7

70.9%

11.8

ProAxsis

15.0%

2020

47

51%

14.4

56.5%

8.1

Glycotest

10.0%

2020

113

51%

12.1

87.5%

10.6

PDS

10.0%

2022

270

56%

28.1

17.4%

4.9

Total

 

 

 

 

 

 

51.0

Net cash and equivalents (H117) (£m)

11.1

Total firm value (£m)

62.1

Total shares (m)

69.0

Value per share (p)

90

Source: NetScientific reports, Edison Investment Research

Financials

We have decreased our expected revenue to £0.56m for 2017 (from £1.4m) and to £3.5m for 2018 (from £3.8m), to reflect a slower than expected ramp-up for Vortex and Wanda. This is offset by faster than expected ramp for the NEIA kit from ProAxsis. The other adjustments to our forecasts are to reflect the associated expenses with these sales and our models are otherwise unchanged. NetScientific has not provided any additional updates on its ongoing fund-raising activity. It previously stated that Glycotest and PDS financings were expected to close in H217 although, given the lateness in the year, we expect these to occur in 2018. It also previously guided to Vortex and ProAxsis Series As in H118. We currently record the financing shortfall as £16m in illustrative debt in 2018.

Exhibit 2: Financial summary

£000s

2014

2015

2016

2017e

2018e

Year end 31 December

IFRS

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

Revenue

 

 

24

122

518

559

3,462

Cost of Sales

0

(6)

(255)

(104)

(821)

Gross Profit

24

116

263

454

2,641

Research and development

(3,098)

(7,256)

(7,443)

(6,343)

(7,197)

Selling, general & administrative

(3,212)

(4,260)

(5,001)

(4,488)

(5,839)

EBITDA

 

 

(6,352)

(11,530)

(12,570)

(10,753)

(10,609)

Operating Profit (before GW and except.)

(6,286)

(11,400)

(12,429)

(10,539)

(10,395)

Intangible Amortisation

0

0

0

0

0

Exceptionals/Other

(948)

(1,518)

(666)

0

0

Operating Profit

(7,234)

(12,918)

(13,095)

(10,539)

(10,395)

Net Interest

77

78

86

1,082

(1,587)

Other (change in fair value of warrants)

0

0

(49)

(46)

0

Profit Before Tax (norm)

 

 

(6,209)

(11,322)

(12,343)

(9,457)

(11,983)

Profit Before Tax (IFRS)

 

 

(7,157)

(12,840)

(13,058)

(9,503)

(11,983)

Tax

30

94

(18)

47

60

Deferred tax

0

0

0

0

0

Profit After Tax (norm)

(6,179)

(11,229)

(12,361)

(9,409)

(11,923)

Profit After Tax (IFRS)

(7,127)

(12,746)

(13,076)

(9,455)

(11,923)

Minority interest

702

1,905

1,881

1,945

1,937

Profit After Tax after minority interest (FRS 3)

(6,425)

(10,842)

(11,195)

(7,511)

(9,986)

Average Number of Shares Outstanding (m)

35.9

38.2

51.1

60.1

69.0

EPS - normalised (p)

 

 

(15.3)

(24.4)

(20.6)

(12.5)

(14.5)

EPS - IFRS (p)

 

 

(18)

(28)

(22)

(13)

(14)

Dividend per share (p)

0

0

0

0

0

BALANCE SHEET

Fixed Assets

 

 

3,040

2,946

4,054

3,057

4,519

Intangible Assets

10

1

0

0

0

Tangible Assets

348

285

779

1,161

1,543

Other

2,681

2,660

3,275

1,896

2,976

Current Assets

 

 

17,720

23,799

11,034

10,013

13,127

Stocks

0

0

0

186

692

Debtors

853

560

1,578

1,119

346

Cash

16,867

23,239

9,456

8,708

12,088

Other

0

0

0

0

0

Current Liabilities

 

 

(1,324)

(2,206)

(2,172)

(2,151)

(2,564)

Creditors

(1,281)

(2,156)

(2,044)

(2,028)

(2,441)

Short term borrowings

(43)

(50)

(128)

(123)

(123)

Long Term Liabilities

 

 

(740)

0

(80)

(80)

(15,874)

Long term borrowings

(687)

0

(80)

(80)

(15,874)

Other long term liabilities

(53)

0

0

0

0

Net Assets

 

 

18,696

24,538

12,836

10,839

(792)

Minority Interest

(1,098)

(1,805)

(3,875)

(5,820)

(7,757)

Shareholder Equity

 

 

17,598

22,733

8,961

5,019

(8,549)

CASH FLOW

Operating Cash Flow

 

 

(6,698)

(10,752)

(12,939)

(8,917)

(9,210)

Net Interest

67

38

43

(2)

(1,587)

Tax

19

83

112

47

60

Capex

(336)

(299)

(457)

(596)

(596)

Acquisitions/disposals

(2,181)

(144)

(1,261)

1,053

(1,080)

Financing

0

18,208

0

8,083

0

Dividends

0

0

0

0

0

Other

119

39

66

0

0

Net Cash Flow

(9,010)

7,172

(14,436)

(331)

(12,413)

Opening net debt/(cash)

 

 

(25,069)

(16,136)

(23,189)

(9,248)

(8,504)

HP finance leases initiated

0

0

0

0

0

Exchange rate movements

(140)

(212)

(603)

166

0

Other

218

92

1,098

(578)

0

Closing net debt/(cash)

 

 

(16,136)

(23,189)

(9,248)

(8,504)

3,909

Source: NetScientific reports, Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority (Financial Conduct Authority). Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Pty Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER

Copyright 2017 Edison Investment Research Limited. All rights reserved. This report has been commissioned by NetScientific and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable; however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Investment Research Pty Ltd (Corporate Authorised Representative (1252501) of Myonlineadvisers Pty Ltd (AFSL: 427484)) and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

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295 Madison Avenue, 18th Floor

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US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205, 95 Pitt Street

Sydney, NSW 2000

Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

New York, NY10017

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205, 95 Pitt Street

Sydney, NSW 2000

Australia

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority (Financial Conduct Authority). Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Pty Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER

Copyright 2017 Edison Investment Research Limited. All rights reserved. This report has been commissioned by NetScientific and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable; however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Investment Research Pty Ltd (Corporate Authorised Representative (1252501) of Myonlineadvisers Pty Ltd (AFSL: 427484)) and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

New York, NY10017

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205, 95 Pitt Street

Sydney, NSW 2000

Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

New York, NY10017

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205, 95 Pitt Street

Sydney, NSW 2000

Australia

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