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Extending Lancaster along the Rona Ridge

Hurricane Energy 23 November 2016 Update

Hurricane Energy

Extending Lancaster along the Rona Ridge

Company update

Oil & gas

23 November 2016

Price

42.25p

Market cap

£508m

Estimated net cash (£m) at end FY16

39.3

Shares in issue (post raise)

1198.2.m

Free float

53%

Code

HUR

Primary exchange

AIM

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

3.7

47.2

216.4

Rel (local)

6.4

47.6

196.2

52-week high/low

42.2p

9.4p

Business description

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

Next events

Lincoln well result

December 2016

Halifax well result

Q117

Lincoln CPR

H117

Analysts

Sanjeev Bahl

+44 (0)20 3077 5700

Elaine Reynolds

+44 (0)20 3077 5713

Hurricane Energy is a research client of Edison Investment Research Limited

In September 2016, the 205/21a-7 pilot well helped confirm a continuous oil column below Lancaster basement structural closure. Hurricane is looking to extend this play along the Rona Ridge through the exploration of analogues, Lincoln and Halifax. Management estimates combined gross unrisked prospective resource of over 500mmbbls, offering potential for a significant increase to the 300mmbls we currently assume for Lancaster. In our updated valuation, we incorporate the dilutive impact of Hurricane’s October 2016 fund-raise, offset by the inclusion of risked prospective value for Lincoln and Halifax. Our RENAV increases from 73p/share to 75p/share (+3%).

Year end

Revenue (£m)

EBITDA*
(£m)

PBT*
(£m)

Operating cash flow (£m)

Capex (£m)

Net (debt)/
cash (£m)

12/14

0

(8.5)

(9.0)

(4.7)

(36.5)

15.9

12/15

0

(5.4)

(5.5)

(2.6)

(3.4)

9.9

12/16e

0

(4.6)

(4.5)

(4.4)

(86.1)

39.3

12/17e

0

(4.6)

(4.5)

(4.4)

(39.8)

(4.9)

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

Funded to drill Lincoln and Halifax

On 20 October 2016, Hurricane announced a placing and open offer to raise a combined £74.4m (gross proceeds) from existing and new shareholders. Proceeds are to be used to fund a two-well exploration programme targeting delineation of the Greater Lancaster Area extending the basement play along the Rona Ridge. Exploration targets, Lincoln and Halifax, have been partly de-risked by oil discovered in historic exploration wells targeting conventional sandstone above basement. Oil source is therefore viewed as relatively low risk; key risks include seal and trap effectiveness.

EPS funding options

Lancaster EPS development funding is critical for Hurricane to be able to achieve a target of final investment decision in H117 and first oil H119. A number of financing options exist including a combination of farm-out, construction bonds, oil pre-payment facilities and equity. Current cash resources will enable Hurricane to purchase long lead items for the EPS to avoid schedule slippage while development funding options are progressed.

Valuation: Risked upside offsets placing dilution

We incorporate placing dilution and risked value for Lincoln and Halifax prospective in our valuation. The net impact is a 2p/share increase (+3%) in our RENAV, which now stands at 75p/share. This valuation assumes a 300mmbbl Lancaster discovery funded through the EPS phase and full field development by farm-out (farminee 25% IRR). We also include value for 500mmbbls of gross P50 risked prospective resource across Lincoln and Halifax.

Adding Lincoln and Halifax upside

Hurricane has committed to drilling two further exploration wells with the Transocean Spitsbergen, taking advantage of what could potentially be bottom-of-the-cycle rig costs. The two-well programme is targeting delineation of the Greater Lancaster Area (GLA) through drilling of the Lincoln and Halifax prospects. Lincoln (205/26b-A) was spud on 9 November and is to be immediately followed by Halifax, with each well taking approximately 40-45 days to reach target depth.

Exhibit 1: Hurricane licence portfolio map

Exhibit 2: Lancaster 3D surface map

Source: Hurricane Energy

Source: Hurricane Energy

Exhibit 1: Hurricane licence portfolio map

Source: Hurricane Energy

Exhibit 2: Lancaster 3D surface map

Source: Hurricane Energy

Lincoln pre-drill resource estimates and risks

The Lincoln exploration well (205/26b-A) is targeting a Lancaster analogue 9km to the south-west and separated from Lancaster by a sealing fault. Hurricane’s seismic interpretation of Lincoln indicates a well-connected fault network partially de-risking reservoir. In addition, the 205/26-1 well drilled by Arco in 1975 on the down-dip flank of Lincoln discovered traces of oil in sandstone just above basement, de-risking source. Key outstanding prospect risks include trap and seal effectiveness above and below mapped closure. For the basement section, Hurricane proposes the overlying mapped Rona Sand spill point at 2,135m TVDSS, which is supported by oil bleeding from cores of the 205/26-1 well at 2078m TVDSS.

Oil quality at Lincoln is expected to be marginally heavier than at Lancaster as charge is modelled from multiple source kitchens. RPS believes that Lincoln may have received equal charge from the Faroe-Shetland and Back Basin source rocks, giving a co-mingled Lincoln oil density of 30-40°API; this compares to 36-38° API for Lancaster.

Hurricane’s 2013 CPR estimated Lincoln P50 prospective resource at 150mmbbls; however, Hurricane believes that if a continuous oil column can be proven at Lincoln, following the success at Lancaster, and oil down to (ODT) can be located below 2,135m TVDSS, as per Hurricane’s internal prospect model, P50 prospective resource for Lincoln could be up to 250mmbbls.

In our analysis, we assume a 250mmbbl oil prospect with geological probability of success (GPoS) of 25% and commercial chance of success (CCoS) of 15%.

Halifax pre-drill resource estimates and risks

Hurricane was awarded the P2308 licence by the Oil and Gas Authority (OGA) in an out-of-round application in November 2016. Halifax has been de-risked by the Lancaster pilot well (205/21a-7), which encountered a minimum oil down to (ODT) of 1,620m TVDSS, indicating that the oil accumulation is likely to extend beyond the Lancaster block boundary. In addition, source is de-risked at Halifax by the 205/23-2 well, which encountered oil and gas shows in sandstones immediately above basement, as well as oil in basement cuttings. Seismic interpretation indicates a well-defined fault network in the fractured basement, analogous to Lancaster. Key remaining risks include effectiveness of trap and seal below structural closure.

Hurricane has not provided a specific P50 prospective oil volume for Halifax, although management has indicated pre-drill volumes across the two prospects, Lincoln and Halifax total over 500mmbbls P50. We assume Halifax that holds a pre-drill unrisked prospective volume of 250mmbbls gross. We assume the prospect is marginally lower risk than Lincoln based on the Lancaster spill point and lack of sealing fault interpreted between the two structures. We assume a GPoS of 30% and CCoS of 18%. Clearly, there is significant upside to our resource estimates if well results prove a continuous oil column extending from Lancaster through to the Halifax well location along the Rona Ridge.

Lancaster volumes and CPR

As mentioned in our last note, Confirming oil below structural closure, published on 19 September 2016, we currently assume P50 recoverable gross oil volumes at Lancaster of 300mmbbls. This is Edison’s estimate and we expect to have further certainty on mid-case recoverable volumes on publication of Hurricane’s updated Lancaster CPR in H117.

Valuation: Fund-raise extends exploration campaign

We make several changes to our valuation of Hurricane to reflect the company’s fund-raise, announced on 20 October 2016. Use of proceeds includes drilling two additional exploration wells: Lincoln and Halifax, which we include as risked prospective resource.

Fund-raise provides >£70m for delineation of Greater Lancaster Area

On 20 October 2016, Hurricane Energy announced that it had conditionally raised £70m through the issue of 205.9m new shares at 34p/share, with support from existing shareholders including Kerogen and Crystal Amber. In addition to the placing, an open offer to qualifying shareholders is expected to raise a further £4.4m.

While the placing price of 34p/share is at a material discount to our last published RENAV of 73p/share, it provides Hurricane with the capital to pursue two material exploration prospects using the Transocean Spitsbergen, which is currently on location.

Use of proceeds: Exploration drilling and progressing EPS

Proceeds are to be used to drill the Lincoln and Halifax exploration wells and provide capital to purchase long lead items for the Lancaster EPS. Capex to first oil for the Lancaster EPS is estimated at $400m, with final investment decision expected in H117 and first oil targeted for H119 and timing contingent on funding and FPSO contract.

Balance sheet and funding

Hurricane’s cash pile, post fund-raise, should enable it to complete both the Lincoln and Halifax exploration wells and provide for long lead items towards the EPS phase of development. However, further funds will be required for EPS development, with capex to first oil estimated at $400m gross. We understand that Hurricane is looking at a number of funding options including farm-out, construction bonds, oil pre-payment facilities, equity and possibly a combination of these sources of capital. In our analysis, we assume Hurricane farms out for a cost carry in the EPS phase and is able to access $250m of net RBL debt for full field development. Total Lancaster gross capex before first oil is estimated at $3.1bn or $10.3/bbl.

We understand that Hurricane continues to negotiate heads of terms for an FPSO for the EPS phase of development and expect news on progress shortly. We expect lease terms to be favourable in the current market environment.

Updated risked NAV

We have updated our risked NAV to reflect the dilutive impact of Hurricane’s recent fund-raise (relative to our RENAV), as well as including the offsetting impact of value for risked prospective resource at Lincoln and Halifax. Our valuation for Lancaster remains on the basis of 300mmbbls of gross recoverable oil and we assume a farm-down of EPS and full field development, with a farminee generating a 25% point-forward, post-carry IRR. Working interest and per-barrel values shown below include the impact of farm-out and cost carry for Lancaster.

Exhibit 3: Updated Hurricane NAV

 

Recoverable reserves

Net risked

Value per share

Asset

Country

Diluted WI (%)

CCoS
(%)

Gross
(mmboe)

Net
(mmboe)

NPV/boe
($/boe)

Value
($m)

Risked
(p/share)

Number of shares 1,198.2m

Net (debt)/cash at end FY16e

100%

100%

55

3

SG&A (2 years)

100%

100%

-11

-1

Core NAV

 

 

 

 

 

 

44

3

Contingent

Lancaster EPS - 2 wells

UK

48%*

70%

53

25

15.9

281

17

Lancaster FFD (post-EPS)

UK

48%*

57%

247

118

10.2

681

41

Contingent RENAV

 

 

 

300

143

 

962

57

Lincoln

 

100%

15.0%

250

250

3.7

138

8

Halifax

 

100%

18.0%

250

250

3.7

166

10

Total inc exploration RENAV

 

 

 

800

643

 

1,266

75

Source: Edison Investment Research. Note: *$/boe and WI for Lancaster includes impact of cost carry from modelled farm-out. Assumes $/£1.4.

Financials

Our financial forecasts incorporate Hurricane’s fund-raise and capex associated with drilling Lincoln and Halifax, as well as the acquisition of long lead items for Lancaster EPS development. Our FY16 estimates include capex of £86.1m, which we expect to be funded from existing cash resources. Funding will be required to progress the EPS phase of Lancaster in 2017.

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)

228

237

Profit Before Tax (norm)

 

 

(9,025)

(5,523)

(4,513)

(4,504)

Profit Before Tax (FRS 3)

 

 

(9,025)

(5,523)

(4,513)

(4,504)

Tax

19

0

0

0

Profit After Tax (norm)

(9,006)

(5,523)

(4,513)

(4,504)

Profit After Tax (FRS 3)

(9,006)

(5,523)

(4,513)

(4,504)

Average Number of Shares Outstanding (m)

621.4

632.2

1,088.8

1,198.2

EPS - normalised (p)

 

 

(1.4)

(0.9)

(0.4)

(0.4)

EPS - normalised and fully diluted (p)

 

(1.4)

(0.9)

(0.4)

(0.4)

EPS - (IFRS) (p)

 

 

(1.4)

(0.9)

(0.4)

(0.4)

Dividend per share (p)

0.0

0.0

0.0

0.0

BALANCE SHEET

Fixed Assets

 

 

177,653

176,231

262,282

302,007

Intangible Assets

177,308

176,012

176,012

176,012

Tangible Assets

215

89

86,140

125,865

Investments

130

130

130

130

Current Assets

 

 

17,409

10,771

40,176

830

Stocks

0

410

410

410

Debtors

1,553

420

420

420

Cash

15,856

9,941

39,346

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)

(8,103)

Long term borrowings

0

0

0

(4,882)

Other long term liabilities

(7,281)

(3,221)

(3,221)

(3,221)

Net Assets

 

 

186,294

183,510

298,966

294,462

CASH FLOW

Operating Cash Flow

 

 

(4,677)

(2,558)

(4,418)

(4,409)

Net Interest

0

0

0

0

Tax

0

0

0

0

Capex

(36,542)

(3,407)

(86,146)

(39,820)

Acquisitions/disposals

0

0

0

0

Financing

16,783

22

119,969

0

Dividends

0

0

0

0

Net Cash Flow

(24,436)

(5,943)

29,405

(44,229)

Opening net debt/(cash)

 

 

(14,022)

(15,856)

(9,941)

(39,346)

HP finance leases initiated

0

0

0

0

Other

26,270

28

0

0

Closing net debt/(cash)

 

 

(15,856)

(9,941)

(39,346)

4,882

Source: Edison Investment Research

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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