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Confirming oil below structural closure

Hurricane Energy 19 September 2016 Update

Hurricane Energy

Confirming oil below structural closure

Corporate update

Oil & gas

19 September 2016

Price

40.75p

Market cap

£401m

£/US$1.4

Net cash (£m) at end December 2015

9.9

Shares in issue

979m

Free float

88%

Code

HUR

Primary exchange

AIM

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

69.8

    147.0

191.1

Rel (local)

73.4

119.6

171.5

52-week high/low

40.8p

9.4p

Business description

Hurricane Energy is an E&P focused on UKCS fractured basement exploration. It owns 100% in three licences, including the 200mmbbl (last published CPR) Lancaster discovery.

Next events

Lancaster 7 Wells

Q316

Interim results

22 September 2016

Analysts

Sanjeev Bahl

+44 (0)20 3077 5700

Elaine Reynolds

+44 (0)20 3077 5713

Ian McLelland

+44 (0)20 3077 5756

Will Forbes

+44 (0)20 3077 5749

Hurricane Energy is a research client of Edison Investment Research Limited

Preliminary analysis of the Lancaster pilot well confirms a continuous oil column below the basement structural closure. An increase in mid-case estimates of Lancaster oil in place and a higher recovery factor, supported by aquifer drive, could potentially lead to a material increase in recoverable resource estimates. We expect third-party validation of resource upgrades on completion of the 2016 well programme. Ahead of validation, we have increased our estimated early production system (EPS) recoverable volumes to the company’s base-case 53mmbbls and assume full field development P50 recoverable volume of 300mmbo. As a result, our RENAV increases from 41p/share to 73p/share (+78%) based on Edison’s long-term Brent crude price of $70/bbl.

Year end

Revenue (£m)

EBITDA*
(£m)

PBT*
(£m)

Operating
cash flow (£m)

Capex
(£m)

Net (debt)/
cash (£m)

12/14

0.0

(8.5)

(9.0)

(4.7)

(36.5)

15.9

12/15

0.0

(5.4)

(5.5)

(2.6)

(3.4)

9.9

12/16e

0.0

(4.6)

(4.5)

(4.4)

(41.2)

13.6

12/17e

0.0

(4.6)

(4.6)

(4.5)

(13.0)

(3.9)

Note: *EBITDA and PBT are normalised, excluding intangible amortisation, exceptional items and share-based payments.

Oil-down-to (ODT) confirmed below structural closure

A key objective of the 205/21a-7 pilot well was to confirm the location of oil water contact (OWC) and refine the Lancaster resource range which stood at 62-456mmboe. With preliminary analysis indicating a minimum ODT at 1,620m true vertical depth sub-sea (TVDSS), and 240m below structural closure, the pilot well has confirmed Hurricane’s conceptual reservoir model which predicts a continuous oil column across the basement reservoir. Hurricane has high confidence in a field-wide recoverable resource exceeding 200mmbo.

Horizontal well adds second EPS producer

Next up in the Lancaster 7 wells programme is a horizontal well with a 1km lateral which is expected to intersect 13 fault zones. This well will act as a second producer for the early production system (EPS) phase of development. Hurricane expects to move rapidly into FEED, with FID by the end of H117 and first oil by H119, contingent on funding.

Valuation: Incorporating higher resource estimates

Our updated valuation assumes a 53mmbo EPS development and 300mmbo full field development funded through RBL and farm-out. As a result of an increase in resource, de-risked full field development, and better farm-out terms, our RENAV increases from 41p/share to 73p/share (+78%).

Pilot well 205/21a-7 results

Hurricane Energy has released preliminary analysis of the 205/21a-7 Lancaster pilot well. The pilot well confirms the company’s estimates of mid-case ODT and the potential for a continuous oil column.

1.

Pilot well confirms ODT: The pilot well indicates a minimum ODT at 1,620m true vertical depth sub-sea (TVDSS), 240m TVD below structural closure and with fluid samples of mobile oil consistent with previously tested Lancaster oil. Confirmation of minimum ODT at 1,620m TVDSS is below depth at which oil was swabbed in the 205/21a-4 well (1595m TVDSS) and is in line with Hurricane’s prior estimates of mid-case. Hurricane has significantly de-risked the 2014 CPR P50 estimate of Lancaster recoverable resource of 200mmbo and we expect the revised P50 estimate to be in excess of 300mmbo assuming a continuous oil column across the basement reservoir. We note that Hurricane’s last published CPR had assumed a 50% water saturation below structural closure, which should significantly reduce if a continuous oil column is proven. We expect third-party analysis post the completion of the 2016 drilling programme, to include revised resource estimates.

Exhibit 1: Conceptual impact to resource range by confirming CPR 2C ODT and continuous oil column

Source: Hurricane Energy

2.

Confirmation of aquifer drive: Aquifer has been confirmed in a porous and permeable interval. We expect this to be a positive for the field-wide recovery factor and per well EUR as pressure support should drive basement oil towards producers at the crest of the Lancaster structure. Water breakthrough can be mitigated through careful well placement together with production under low drawdown.

3.

Continuous oil column: Wireline and well test data indicate no pressure barriers. We believe this helps reduce the risk of reservoir compartmentalisation and should provide the basis for assuming a continuous oil column within the reservoir.

4.

Commercial flow rates: Drill stem testing (DST) of the basement reservoir yielded a maximum, natural flow rate of 6,600bopd and a maximum flow rate of 11,000bopd (artificial lift with an electrical submersible pump) of good quality 38 degree API oil with no formation water produced. Hurricane has replicated the excellent flows seen in the 2014 DST from the vertical pilot well. We see this as a positive on two fronts: 1) the well design appears to have been optimised in order to avoid formation damage issues incurred in prior well tests. This bodes well for full field development; and 2) oil quality appears consistent with prior well tests – oil is of good quality and flows naturally to surface. We note that the DST was an open hole test so it is difficult to know exactly where formation fluids have emanated from; however, third-party interpretation suggests that flow is from a single fracture connected to the basement.

The pilot well will now be permanently abandoned prior to side-tracking the top-hole to form the 7Z horizontal side-track.

Horizontal sidetrack objectives

Sidetrack 205/21a-7z will be drilled at a similar depth to the existing 205/21a-6 well and around 140m above the shallowest estimated OWC. The well will have a 1km horizontal section and is expected to intersect 13 fault zones. It will be positioned close enough to 205/21a-6 to monitor interference between the wells during the EPS, while remaining far enough away to allow for reservoir drainage. Data gathering will be similar to that in the pilot hole, although wireline logging and PLT cannot be taken in a horizontal section. Once the drilling and testing programme is completed on the two Lancaster 7 wells, the company plans to move rapidly into FEED, with FID by the end of H117 and first oil by H119.

Updated resource assumptions and valuation

We have made several changes to our valuation to reflect the results of the 205/21a-7 pilot well.

1.

Hurricane has been able to replicate flow rates seen in the 205/21a-6 and confirmed the potential for aquifer drive giving us greater comfort in the volume recoverable in the company’s two-well early production system (EPS). We have increased our recovery assumptions to a base-case 53mmbbl recoverable.

2.

Confirmation of ODT at TVDSS 1,620m leads us to believe there is significant resource upside from a CPR estimated P50 of 200mmbo. We have used a preliminary estimate of P50 300mmbo ahead of the third-party resource confirmation. Uncertainty regarding the resource range remains an important investment consideration; however, we believe an updated CPR will show a significant increase in P90 resource as well as higher P50 estimates.

3.

We have increased our geological chance of success (CoS) for oil outside the mapped disclosure to 90% from 70%.

As a result of the modelling changes highlighted above, we believe the full field development (FFD) project has better stand-alone IRR than we previously estimated. We now estimate a P50 stand-alone, point-forward project IRR of 50%, up from 46% (Edison $70/bbl real long-term Brent). This has a positive impact on the working interest we believe Hurricane can retain through farm-out. In our farm-out analysis we continue to assume Hurricane is able to access $250m of net RBL debt and farms-out for a residual cost carry (total Lancaster gross capex prior to first oil is estimated at $3.1bn or $10.3/bbl). In this analysis, we assume a farminee requires a 25% point-forward, post-carry IRR of 25%. Better underlying returns from the development project enable Hurricane to retain a 50% working interest in Lancaster versus our prior estimate of 45%. The net valuation impact of the changes described above is a 78% increase in our RENAV from 41p/share to 73p/share.

Hurricane is funded through the 2016 well programme, although further funds will be required to progress Lancaster through to EPS and FFD. Based on our forecasts, we expect the company to require more funds in 2017. Our financial forecasts assume £3.9m of net debt at year-end 2017. Alternatives to RBL, equity and farm-down being considered for the EPS phase of development include export credit finance available to fund yard costs, which we understand make up the bulk of pre-EPS first oil capex.

Exhibit 2: Hurricane Energy valuation summary – FFD purchased FPSO (base case)

 

 

 

 

Recoverable reserves

 

Net risked

Value per share

Asset

Country

Diluted WI

CoS

Gross

Net

NPV/boe

value

risked

NOSH: 979.4

 

%

%

mmboe

mmboe

$/boe

$m

/share

Net (debt)/cash post well programme

100%

100%

19

1

SG&A (2 years)

100%

100%

(11)

(1)

Core NAV

 

 

 

 

 

 

8

1

Contingent

Lancaster EPS - two wells

UK

50%

70%

53

26

14.5

268

20

Lancaster FFD (post-EPS)

UK

50%

57%

247

124

10.3

723

53

RENAV

 

 

 

300

150

 

999

73

Source: Edison Investment Research. Note: NPV/boe assumes a farm-out will be full capex carry for Hurricane.

At this stage, we do not include value from other discoveries and prospects, as there is no clarity on when appraisal/exploration wells will be drilled and/or funded. This blue-sky exploration/appraisal portfolio is potentially worth a further 13p/share on our estimates. We have not conducted detailed dilution analysis for this portfolio of assets and as such we may be overestimating the commercial chance of success.

Exhibit 3: Hurricane Energy valuation summary – exploration/appraisal portfolio

 

 

 

 

Recoverable reserves

 

Net risked

Value per share

Asset

Country

Diluted WI

CoS

Gross

Net

NPV/boe

value

risked

 

 

%

%

mmboe

mmboe

$/boe

$m

/share

Discovery - on hold

Whirlwind

UK

100%

13%

192

192

2.3

59

4

Strathmore

UK

100%

10%

32

32

0.3

1

0

Long-term exploration upside

Lincoln

UK

100%

7%

150

150

3.6

36

3

Tempest/Typhoon

UK

100%

8%

175

175

2.9

41

3

Lancaster prospective resources

UK

100%

5%

53

53

6.9

18

1

Whirlwind prospective resources

UK

100%

8%

85

85

2.8

19

1

Long-term exploration upside NAV

 

 

 

687

 

174

13

Total long-term valuation including blue-sky upside 

 

 

771

 

735

54

Source: Edison Investment Research

Our financial forecasts for 2016 and 2017 remain unchanged from our last published note, dated 12 July 2016.

Exhibit 4: Financial summary

 

 

£ '000s

2014

2015

2016e

2017e

Dec

 

 

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

Revenue

 

 

0

0

0

0

Operating Expenses

(8,489)

(5,366)

(4,646)

(4,646)

EBITDA

 

 

(8,489)

(5,366)

(4,646)

(4,646)

Operating Profit (before amort. and except.)

 

(8,584)

(5,448)

(4,741)

(4,741)

Exploration expenses

0

0

0

0

Exceptionals

0

0

0

0

Other

0

0

0

0

Operating Profit

(8,584)

(5,448)

(4,741)

(4,741)

Net Interest

(441)

(75)

225

189

Profit Before Tax (norm)

 

 

(9,025)

(5,523)

(4,516)

(4,552)

Profit Before Tax (FRS 3)

 

 

(9,025)

(5,523)

(4,516)

(4,552)

Tax

19

0

0

0

Profit After Tax (norm)

(9,006)

(5,523)

(4,516)

(4,552)

Profit After Tax (FRS 3)

(9,006)

(5,523)

(4,516)

(4,552)

Average Number of Shares Outstanding (m)

621.4

632.2

979.4

979.4

EPS - normalised (p)

 

 

(1.4)

(0.9)

(0.5)

(0.5)

EPS - normalised and fully diluted (p)

 

(1.4)

(0.9)

(0.5)

(0.5)

EPS - (IFRS) (p)

 

 

(1.4)

(0.9)

(0.5)

(0.5)

Dividend per share (p)

0.0

0.0

0.0

0.0

Gross Margin (%)

NA

NA

NA

NA

EBITDA Margin (%)

NA

NA

NA

NA

Operating Margin (before GW and except.) (%)

NA

NA

NA

NA

BALANCE SHEET

Fixed Assets

 

 

177,653

176,231

217,337

230,282

Intangible Assets

177,308

176,012

176,012

176,012

Tangible Assets

215

89

41,195

54,140

Investments

130

130

130

130

Current Assets

 

 

17,409

10,771

14,436

830

Stocks

0

410

410

410

Debtors

1,553

420

420

420

Cash

15,856

9,941

13,606

0

Other

0

0

0

0

Current Liabilities

 

 

(1,487)

(271)

(271)

(271)

Creditors

(1,487)

(271)

(271)

(271)

Short term borrowings

0

0

0

0

Long Term Liabilities

 

 

(7,281)

(3,221)

(3,221)

(7,112)

Long term borrowings

0

0

0

(3,891)

Other long term liabilities

(7,281)

(3,221)

(3,221)

(3,221)

Net Assets

 

 

186,294

183,510

228,281

223,729

CASH FLOW

Operating Cash Flow

 

 

(4,677)

(2,558)

(4,421)

(4,457)

Net Interest

0

0

0

0

Tax

0

0

0

0

Capex

(36,542)

(3,407)

(41,201)

(13,041)

Acquisitions/disposals

0

0

0

0

Financing

16,783

22

49,287

0

Dividends

0

0

0

0

Net Cash Flow

(24,436)

(5,943)

3,665

(17,497)

Opening net debt/(cash)

 

 

(14,022)

(15,856)

(9,941)

(13,606)

HP finance leases initiated

0

0

0

0

Other

26,270

28

0

0

Closing net debt/(cash)

 

 

(15,856)

(9,941)

(13,606)

3,891

Source: Edison Investment Research. Note: Forecasts assume £3.9m of debt at the end of 2017.

Edison, the investment intelligence firm, is the future of investor interaction with corporates. Our team of over 100 analysts and investment professionals work with leading companies, fund managers and investment banks worldwide to support their capital markets activity. We provide services to more than 400 retained corporate and investor clients from our offices in London, New York, Frankfurt, Sydney and Wellington. Edison is authorised and regulated by the 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 Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2016 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Hurricane Energy 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 Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. 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 2016. “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

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 9258 1161

Level 25, Aurora Place

88 Phillip St, Sydney

NSW 2000, Australia

Wellington +64 (0)48 948 555

Level 15, 171 Featherston St

Wellington 6011

New Zealand

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

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 9258 1161

Level 25, Aurora Place

88 Phillip St, Sydney

NSW 2000, Australia

Wellington +64 (0)48 948 555

Level 15, 171 Featherston St

Wellington 6011

New Zealand

Edison, the investment intelligence firm, is the future of investor interaction with corporates. Our team of over 100 analysts and investment professionals work with leading companies, fund managers and investment banks worldwide to support their capital markets activity. We provide services to more than 400 retained corporate and investor clients from our offices in London, New York, Frankfurt, Sydney and Wellington. Edison is authorised and regulated by the 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 Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2016 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Hurricane Energy 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 Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. 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 2016. “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

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 9258 1161

Level 25, Aurora Place

88 Phillip St, Sydney

NSW 2000, Australia

Wellington +64 (0)48 948 555

Level 15, 171 Featherston St

Wellington 6011

New Zealand

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

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 9258 1161

Level 25, Aurora Place

88 Phillip St, Sydney

NSW 2000, Australia

Wellington +64 (0)48 948 555

Level 15, 171 Featherston St

Wellington 6011

New Zealand

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