Looking at other strategic opportunities

Photocure 13 April 2017 Update
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Photocure

Looking at other strategic opportunities

Development update

Pharma & biotech

13 April 2017

Price

NOK33.40

Market cap

NOK720m

NOK8.62/US$

Net cash (NOKm) as at 31 December 2016

169

Shares in issue

21.6m

Free float

89%

Code

PHO

Primary exchange

Oslo

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

(11.9)

(16.5)

(20.5)

Rel (local)

(11.3)

(16.0)

(32.0)

52-week high/low

NOK54.0

NOK27.5

Business description

Photocure specialises in photodynamic therapy. Its bladder cancer imaging product is sold as Hexvix in Europe and Cysview in the US. Photocure handles the marketing in Nordic countries and the US, while Ipsen is its marketing partner in the EU. Cevira is a Phase III-ready product for HPV-related diseases of the cervix and Visonac is a Phase III-ready product for acne.

Next events

Surveillance trial results

Mid-2017

Analysts

Maxim Jacobs

+1 646 653 7027

Nathaniel Calloway

+1 646 653 7036

Photocure is a research client of Edison Investment Research Limited

Photocure recently announced that after seeking partners for Cevira and Visonac for the last few years, it is expanding the search to include outright sale of those products, possible spinoffs or other strategic alternatives. While partnership discussions are continuing, the chances that these will be successful appear diminished. As such, we have removed all partnership related milestones from our model and reduced the probability of success for Cevira from 50% to 20% and for Visonac from 60% to 20% as it is unclear how successful the broadened strategic search will be.

Year end

Revenue (NOKm)

PBT*
(NOKm)

EPS*
(NOK)

DPS
(NOK)

P/E
(x)

Yield
(%)

12/15

134.7

(17.4)

(0.82)

0.0

N/A

N/A

12/16

143.6

12.8

0.59

0.0

N/A

N/A

12/17e

144.0

(42.9)

(1.98)

0.0

N/A

N/A

12/18e

230.6

(1.9)

(0.09)

0.0

N/A

N/A

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

Development risk and commercial concerns

Photocure has indicated that feedback it has received during partnership discussions expressed concerns with regards to development risk with Cevira (key data based on 40 patients out of a 262-patient Phase IIb trial) and the current combination of drug and device for Visonac.

Spinoff appears more likely than outright sale

It appears unlikely that if potential partners were unwilling to pay to own less than 100% of Cevira and Visonac they would want to pay to own 100%, though this might be possible in certain cases as criteria may differ. A spinoff in which a subsidiary is capitalised and then shares sold to outside investors appears the likely scenario for both products.

New board members bring broad, deep experience

On 27 April, Photocure will host its annual meeting in Oslo. It is expected to elect three new board members, including a new chairman. All three have significant operational, consulting and business development experience within the healthcare industry.

Valuation: NOK886m or NOK41 per share

We have decreased our valuation from NOK1,511m or NOK70 per share to NOK886m or NOK41 per share. This is due to the removal of all Visonac and Cevira partnership-related milestones from our model and setting their probabilities of success to 20%. This has reduced our rNPV for Cevira by 67.5% and for Visonac by 75.3%. Together, these two products are now valued at NOK248m ($28.8m). We will review our valuations for these products upon any updates on the new, broader strategic option process. The bulk of our current valuation is now made up of the currently marketed Hexvix/Cysview franchise (NOK469m or NOK22 per share).

Partnership unlikely for Cevira and Visonac

Photocure recently announced that after seeking partners for Cevira and Visonac for the last few years, it is expanding the search to include outright sale of those products, possible spinoffs or other strategic alternatives. While partnership discussions are continuing, the chances that these will be successful appear diminished (a risk that we had highlighted previously). Feedback indicates that there are concerns with regards to development risk with Cevira and the current combination of drug and device for Visonac.

Clinical data risk for Cevira

As a reminder, Cevira is a non-invasive photodynamic therapy based on a gel form of hexylaminolevulinate (HAL) under development for HPV-related (cervical) diseases and has an SPA in place with the FDA. It consists of an HAL gel along with a disposable battery-powered LED device that is inserted next to the cervix. The HAL gel surrounds the cervix and after five hours, the time it takes for the gel to enter infected cells and be metabolised, the device’s LEDs are activated for 4.5 hours. The LEDs then activate the drug and kill the abnormal, precancerous cells (although some normal cells are also killed).

The company ran a 262-patient Phase IIb trial comparing three different concentrations of HAL gel (0.2%, 1% and 5%) to placebo. The primary endpoint was lesion response rate at three months, with a response originally defined as histological regression to CIN1 or normal, cytology of LSIL or less severe and HPV negative. The 0.2% and 1% doses were no different from placebo, although the 5% dose showed a 73% response in confirmed CIN1/2 patients vs 60% placebo (p=0.2). However, there was a statistically significant response in the HAL 5% dose patients with confirmed CIN2. 18 of 19 (95%) patients in the HAL arm compared to 12 of 21 (57%) patients in placebo responded (p<0.001). Importantly, among patients with the oncogenic HPV 16/18 subtypes, which are responsible for 70%1 of cervical cancer cases, HPV clearance was seen in five of six (83%) patients in the HAL arm compared to two of six (33%) in placebo at the six-month point.

  Bosch et al., International Journal of Gynecology and Obstetrics (2006) 94 (Supplement 1), S8-S21.

Also, at the behest of the FDA, the company conducted a reanalysis of the results, which included a new pathological assessment conducted by a panel of three independent pathologists (originally the samples were only read by one pathologist) and applied new clinical success criteria. As a result of this re-read of the results, 76% of HSIL patients in the Cevira group responded compared to 28% in the treatment arm, a statistically significant difference.

Of course, a major caveat here (and potentially a key reason why potential partners are hesitant) is that the previous data are from small numbers of patients. Out of a 262-patient trial, these data come from less than 20% of the total intent-to-treat trial population. Whoever takes over Cevira would either need to run another Phase II to better understand the risk-reward of a Phase III trial or simply stomach the risk with the understanding that they are moving forward with limited data.

Commercial risk for Visonac

Visonac is a photodynamic therapy for moderate to severe inflammatory acne. It is a cream that contains methyl aminolevulinate (MAL) as its active ingredient, which is the same active ingredient as that of Metvix, Photocure’s first approved product for skin cancers, which was divested to Galderma in 2009 for €51m. It works by killing the bacteria P. acnes and decreasing sebum (oil) production.

Visonac therapy consists of applying the cream to the face and allowing it to be absorbed by the skin and bacteria in the pustules for 90 minutes. The cream is then washed off and the face is exposed to red light for 10 minutes. This process is then repeated an additional three times over the next six weeks. In a 153-patient Phase IIb trial, Visonac demonstrated efficacy that was comparable to and possibly slightly better than Solodyn (see Exhibit 1), which in 2011 had sales of $761m in the US. There were no serious adverse events, but 12% of those in the treatment arm (compared to 0% in the placebo arm) dropped out of the trial due to adverse events, mainly burning/pain during illumination, which was an issue seen with Metvix and other MAL studies over the years.

Exhibit 1: Visonac vs Solodyn

Drug

Treatment arm:
% change in inflammatory lesion counts from baseline at week 12

Placebo arm:
% change in inflammatory lesion counts from baseline at week 12

Placebo-adjusted
% change in
lesion counts

p-value

Drop-out rate
due to adverse
events (%)

Solodyn (Study 04, n=451)

43.1

31.7

11.4

p=0.001

3.0

Solodyn (Study 05, n=473)

45.8

30.8

15.0

p<0.001

2.5

Visonac (Phase IIb, n=153)

43.8

26.6

17.2

p=0.003

12.0

Source: FDA, clinicaltrials.gov

The issue with potential partners is that the Phase IIb exclusively used the Nedax full-face lamp. If the Phase III used the same lamp and the product was approved on that data, that would require dermatologists to acquire another light source in order to use Visonac and many dermatologists already have multiple light sources in their office. A new partner might have to run additional Phase II trials with additional light sources in order to increase the chance of having a broader label and enabling dermatologists to use Visonac without additional capital expenditures.

New board members

At the April 27 annual meeting, three new board members are expected to be elected, including a new Chairman. Dr Jan Egberts, the nominee for chairman, has held various business development and management positions at Merck and Johnson & Johnson, leading buyouts. He has also been CEO of a specialty pharma company and a molecular diagnostics company. Currently he is a managing partner of a private equity company focused on healthcare. Dr Johanna Holldack has experience in clinical trials, drug approvals, IPOs and licensing, and has managed several mergers and acquisitions. Gwen Melincoff has held senior business development positions at BTG and Shire and led Shire’s corporate venture fund. Given the experience of these prospective board members, they may assist Photocure in monetising its assets.

Valuation

We have decreased our valuation from NOK1,511m or NOK70 per share to NOK886m or NOK41 per share. This is due to the removal of all Visonac and Cevira partnership related milestones (NOK360m total for Visonac and NOK240m total for Cevira, spread over the next 8-10 years) from our model and setting their probabilities of success to 20% given the company’s inability to consummate a partnership transaction. We continue to expect Photocure to retain 17.5% of the economics as it would likely retain a minority shareholding in any spinoff after outside investors capitalise the company. As mentioned above, we view the probability for an outright sale as low. These changes have reduced our rNPV for Cevira by 67.5% and for Visonac by 75.3%. Together, these two products are now valued at NOK248m ($28.8m). We will review our valuations for these products upon any updates on the new, broader strategic option process.

Exhibit 2: Photocure valuation table

Product

Main indication

Status

Probability of commercialisation

Launch year

Peak sales (NOKm)

Patent protection

Economics

rNPV (NOKm)

Hexvix/Cysview

Bladder cancer detection

Market

100%

Launched

324

2019-20

Fully owned – US and Nordics; partner with Ipsen in EU (35% royalty)

469

Cevira

HPV-related diseases

Phase III

20%

2020

2,399

2030

17.5%

133

Visonac

Acne

Phase III

20%

2020

2,175

2028

17.5%

115

Total

 

 

 

 

 

 

 

717

Cash and cash equivalents (Q416)

169

Total firm value

886

Total basic shares (m)

21.6

Value per basic share (NOK)

41

Options (Q416, m)

0.1

Total number of shares (m)

21.7

Diluted value per share (NOK)

41

Source: Photocure reports, Edison Investment Research

Financials

The Hexvix/Cysview franchise is profitable, with NOK30m in EBITDA in 2016, though the company as a whole had an EBITDA loss of NOK8m over the course of the year. The biggest upside currently to future sales of Hexvix/Cysview is expansion into the US bladder cancer surveillance market, which has 1.2m procedures per year, compared to the current market of 250,000 transurethral resection of the bladder procedures. Photocure is in a pivotal Phase III clinical trial, and it announced as of February 2017 that the trial was fully enrolled. The primary readout will be the number of malignancies that were caught using Hexvix/Cysview that were missed with normal white light cystoscopy. Top-line data are expected in mid-2017.

With NOK169.2m in cash at the end of 2016, no change to our 2017 and 2018 financial forecasts and a continued expectation for 2019 profitability, Photocure should have enough capital to attain profitability.

Exhibit 3: Financial summary

NOK000s

2015

2016

2017e

2018e

Year end 31 December

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

Revenue

 

 

134,717

143,627

143,977

230,576

Cost of Sales

(8,221)

(9,337)

(9,961)

(16,115)

Gross Profit

126,496

134,291

134,015

214,461

Sales, General and Administrative Expenses

(115,025)

(124,647)

(155,808)

(194,760)

Research and Development Expense

(29,558)

(17,652)

(18,534)

(19,276)

EBITDA

 

 

(18,087)

(8,008)

(40,327)

425

Operating Profit (before GW and except.)

(21,986)

(15,861)

(48,180)

(7,428)

Intangible Amortisation

0

0

0

0

Other

0

0

0

0

Exceptionals

0

0

0

0

Operating Profit

(21,986)

(15,861)

(48,180)

(7,428)

Net Interest

4,553

28,640

5,272

5,483

Other

(9,771)

(366)

0

0

Profit Before Tax (norm)

 

 

(17,434)

12,779

(42,908)

(1,945)

Profit Before Tax (FRS 3)

 

 

(27,205)

12,414

(42,908)

(1,945)

Tax

0

(0)

0

0

Deferred tax

(0)

(0)

(0)

(0)

Profit After Tax (norm)

(17,434)

12,779

(42,908)

(1,945)

Profit After Tax (FRS 3)

(27,205)

12,413

(42,908)

(1,946)

Average Number of Shares Outstanding (m)

21.4

21.5

21.7

21.9

EPS - normalised (ore)

 

 

(82)

59

(198)

(9)

EPS - FRS 3 (ore)

 

 

(127)

58

(198)

(9)

Dividend per share (NOK)

0.0

0.0

0.0

0.0

BALANCE SHEET

Fixed Assets

 

 

76,394

74,070

96,127

89,875

Intangible Assets

50,615

26,390

48,706

42,584

Tangible Assets

2,288

1,660

1,401

1,272

Other

23,490

46,020

46,020

46,020

Current Assets

 

 

171,670

212,268

162,945

172,020

Stocks

13,800

17,955

16,621

26,618

Debtors

23,844

12,323

22,167

35,500

Cash

134,026

169,239

111,407

97,152

Other

0

12,750

12,750

12,750

Current Liabilities

 

 

(34,039)

(30,637)

(30,637)

(30,637)

Creditors

(34,039)

(30,637)

(30,637)

(30,637)

Short term borrowings

0

0

0

0

Long Term Liabilities

 

 

(3,960)

(3,758)

(4,134)

(4,547)

Long term borrowings

0

0

0

0

Other long term liabilities

(3,960)

(3,758)

(4,134)

(4,547)

Net Assets

 

 

210,064

251,943

224,301

226,711

CASH FLOW

Operating Cash Flow

 

 

(21,030)

19,193

(28,707)

(13,440)

Net Interest

0

0

0

0

Tax

0

0

0

0

Capex

(14,930)

(21,715)

(31,614)

(3,405)

Acquisitions/disposals

0

33,213

0

0

Financing

0

0

0

0

Dividends

0

0

0

0

Other

2,326

2,394

2,490

2,589

Net Cash Flow

(33,634)

33,085

(57,832)

(14,256)

Opening net debt/(cash)

 

 

(165,245)

(134,026)

(169,239)

(111,407)

HP finance leases initiated

0

0

0

0

Exchange rate movements

2

0

0

0

Other

2413

2129

0

0

Closing net debt/(cash)

 

 

(134,026)

(169,239)

(111,407)

(97,152)

Source: Photocure 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. 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 2017 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Photocure 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 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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245 Park Avenue, 39th Floor

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Sydney +61 (0)2 8249 8342

Level 12, Office 1205

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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 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. 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 2017 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Photocure 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 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

245 Park Avenue, 39th Floor

10167, New York

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

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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