Phase IIa in agitation of the elderly initiated

Bionomics 29 May 2018 Update
Download PDF

Bionomics

Phase IIa in agitation of the elderly initiated

Clinical update

Pharma & biotech

 

29 May 2018

Price

A$0.54

Market cap

A$261m

A$1.25/US$

Net cash (A$m) at 31 March 2018

12.9

Shares in issue

482.8m

Free float

83%

Code

BNO

Primary exchange

ASX

Secondary exchange

OTCQX

Share price performance

%

1m

3m

12m

Abs

(5.3)

25.6

56.5

Rel (local)

(6.4)

25.7

48.3

52-week high/low

A$0.6

A$0.3

Business description

Bionomics is a clinical-stage pharmaceutical company with two small molecule discovery platforms: ionX for ion channel targets and MultiCore chemistry for rapid candidate identification. The company is testing BNC210 in Phase IIb for post-traumatic stress disorder and Phase IIa for agitation. It also had a programme licensed to Merck in Phase I for royalties and US$506m in upfronts and milestones.

Next events

Merck collab. Phase I complete

H118

BNC210 PTSD Phase II complete

H218

Analysts

Nathaniel Calloway

+1 646 653 7036

Maxim Jacobs

+1 646 653 7027

Bionomics is a research client of Edison Investment Research Limited

Bionomics announced on 23 May 2018 it has initiated a Phase IIa study of its α7 nicotinic receptor inhibitor for the treatment of agitation in the elderly in a hospital setting. Agitation is a common problem (13-24%) in patients with dementia, and we expect the trial to focus primarily on this population. It will enrol a target of 40 patients across Australia and is expected to provide top-line data in calendar Q119.

Year end

Revenue (A$m)

PBT* (A$m)

EPS* (A$)

DPS (A$)

P/E (x)

Yield (%)

06/16

8.1

(16.7)

(0.04)

0.00

N/A

N/A

06/17

18.6

(4.4)

(0.01)

0.00

N/A

N/A

06/18e

17.5

(7.1)

(0.01)

0.00

N/A

N/A

06/19e

5.1

(28.4)

(0.05)

0.00

N/A

N/A

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

Significant need with poor options

Agitation in patients with Alzheimer’s disease and other forms of dementia is a significant burden on the healthcare system because of the increased needs of these patients. One study estimated costs of £29,000 to £57,000 per affected patient per year in the UK. Moreover, pharmacologic treatment options are limited to benzodiazepines; these are sedating and anti-psychotics, which have a black-box warning for increased mortality in these patients.

Novel mechanism may provide a solution

BNC210 holds the potential for being a non-sedating anxiolytic, thereby potentially enabling it to be used in patients with agitation both in the acute and chronic setting. The company previously presented data from its Phase II anxiety study showing that the drug inhibited the activation of the amygdalae, a region of the brain rich in α7 receptor and associated with fear and emotional responses, which points to the potential utility of this drug for the treatment of agitation.

Posttraumatic stress disorder fully enrolled

In April 2018 the company announced that its Phase IIb study of BNC210 in posttraumatic stress disorder (PTSD) was fully enrolled and on schedule to report top-line results in calendar H218. The trial has 193 patients being observed over 12 weeks, with the primary outcome as improvement in the functional PTSD symptom rating, Clinician-Administered PTSD Scale for DSM-5 (CAPS-5).

Valuation: Increased to A$492m or A$1.02

We have increased our valuation of Bionomics to A$492m or A$1.02 per basic share from A$418.7m or A$0.87 per basic share. This increase is largely driven by the inclusion of the agitation indication in our models (A$47.6m) with a 20% probability of success. Additionally the increase is driven by rolling forward our NPVs to the most recent period. The company ended fiscal Q318 with A$32.3m in cash and A$19.4m in debt.

Expanding BNC210 into agitation  

On 23 May 2018 Bionomics announced that it had initiated a clinical study of BNC210 for the treatment of agitation in the elderly in a hospital setting. Agitation is a common neuropsychiatric symptom typically associated with dementia. Agitation in this population represents a significant burden on the healthcare system. There are 1.4 million patients in nursing home care in the US, of which approximately 80% have dementia of some form (predominantly Alzheimer’s disease). One report estimated the prevalence of agitation at between 13% and 24% at any given time in dementia patients.1 A study examining the costs of agitation in British Alzheimer’s disease patients found costs of £29,000 to £57,000 per affected patient per year in the form of increased health and social care costs.2

Steinberg M, et al. (2008) Point and 5-year period prevalence of neuropsychiatric symptoms in dementia: the Cache County Study. Int J Geriatr Psychiatry 23, 170-177.

Morris S, et al. (2015) Monetary costs of agitation in older adults with Alzheimer's disease in the UK: prospective cohort study. Brit J Med Open 5, e007382.

Unfortunately, there are limited options for the treatment of dementia-related agitation. There are no approved medications for this indication. Benzodiazepines can be used for the short-term alleviation of symptoms but, given their sedating effects and the development of tolerance, they are not generally considered appropriate for long-term treatment. Anti-depressants such as SSRIs can be prescribed for patients with depression, which is common in dementia patients, and frequently have agitation as a comorbidity. Anti-psychotics can be helpful in alleviating underlying psychosis, which may be a causative factor in agitation, and these agents have gained the most widespread use of pharmacologic treatments. However, all antipsychotics carry a black-box warning for the treatment of dementia patients because their use is associated with increased mortality.

BNC210’s novel mechanism of action positions it as a potential solution to the limitations associated with other pharmaceutical treatments. It has anxiolytic activity, which may provide acute relief from symptoms, similar to benzodiazepines but without the sedating side effects that limit routine use. Moreover, the company previously demonstrated in its Phase IIa study that BNC210 reduces the activation of the amygdalae (Exhibit 1), a region of the brain associated with fear and emotion. One manifestation in this study (among others) was decreased threat avoidance behaviour in the Joystick Operated Runway Task (JORT) (Exhibit 2). It is therefore plausible that the drug may reduce emotional arousal in dementia patients.

Exhibit 1: Reduction in amygdala activation from low-dose BNC210

Exhibit 2: Threat avoidance behaviour in the JORT

Source: Bionomics. Note: *p<0.05.

Source: Bionomics. Note: *p<0.05, **p<0.01.

Exhibit 1: Reduction in amygdala activation from low-dose BNC210

Source: Bionomics. Note: *p<0.05.

Exhibit 2: Threat avoidance behaviour in the JORT

Source: Bionomics. Note: *p<0.05, **p<0.01.

The Phase IIa study will be randomized, double-blind and placebo controlled. Approximately 40 patients from geriatric hospital wards in Australia will be enrolled and monitored over a five-day treatment and a two-day follow-up period. Based on these parameters, the study should be quick, and the company expects to report results in Q1 of calendar year 2019. The primary endpoint of the study will be improvement in agitation symptoms as measured on the Pittsburgh Agitation Scale (PAS). The PAS is a 16-point assessment over four behaviour groups: vocalization (complaints, yelling), motor agitation (pacing, banging), aggressiveness (threats, violent gestures) and resisting care. Secondary endpoints for the study include safety and tolerability and improvement in clinical global impression scale (CGI-I).

PTSD trial fully enrolled

In April 2018, the company reported that it had fully enrolled its Phase II PTSD study. The study was designed for enrolment of up to 192 patients. 193 patients were enrolled and are being monitored over the course of 12 weeks. The primary endpoint of the study is improvement in CAPS-5, with secondary endpoints of impact of the drug on individual symptom clusters of the CAPS-5 (arousal and reactivity, avoidance, negative alterations in cognition and mood, intrusion symptoms), anxiety using the Hamilton Anxiety Rating Scale and on depression using the Montgomery-Asberg Depression Rating Scale. Given the range of effects being investigated, we expect the data from this study to be rich and to inform future clinical directions outside of PTSD. The company announced that top-line results are expected in H2 of calendar year 2018.

Valuation

We have increased our valuation of Bionomics to A$492m or A$1.02 per basic share from A$418.7m or A$0.87 per basic share. This increase is largely driven by the inclusion of the agitation indication in our models. We assign a 20% probability of success for the programme given the limited data on BNC210 and the difficulty in developing a drug for this particular indication. We assume that the company will be able to bring the drug to market in FY23 following a 320-person Phase III. We model peak penetration of 10% into the market of institutionalized dementia patients with aggression in Europe and the US.

Our valuation is additionally increased by advancing our NPVs to the most recent period. We expect to update our valuation with the release of data from the ongoing PTSD study in calendar H218. We may add indications at this time if the results are suggestive of broader applications. The company has completed the Phase I clinical study of BNC101 in colorectal cancer (CRC). The company previously stated at an interim update that no safety issues were observed, and it provided an update in a poster presentation at the AACR 2018 meeting that no biomarkers of gut toxicity were observed. However, it has not released detailed results from the trial. We expect to update our valuation following the release of these data.

Exhibit 3: Valuation of Bionomics

Programme

Market

Prob. of success

Launch year

Peak sales (A$m)

Margin/ Royalty

rNPV (A$m)

BNC210

PTSD

30%

2022

916.3

54%

349.7

BNC210

Agitation

20%

2023

259.0

52%

47.6

BNC101

CRC

10%

2025

1103.3

55%

80.2

Merck collaboration milestones

Alzheimer's associated cognitive dysfunction

10%

2025

1821.0

5%

17.1

CRO business

6.6

4%

1.3

Unallocated costs

(16.7)

Total

 

 

 

 

 

$479.2

Net cash and equivalents (FQ318) (A$m)

$12.9

Total firm value (A$m)

$492.1

Total shares (m)

482.8

Value per share (A$)

$1.02

Dilutive warrants and options (m)

52.34

Total diluted shares

535.1

Value per diluted share (A$)

0.97

Source: Edison Investment research, Bionomics reports

Financials

The company recently provided an update on cash flows for fiscal Q318. Operational cashflow was roughly breakeven for the period following the receipt of A$8.1m in government incentive payments, leaving the company’s cash balance largely unchanged at A$32.2m. Debt also remained steady at A$19.4m. Our forecasts remain largely unchanged at this time. We record the company’s future financing shortfall as A$35m in illustrated debt in FY20, although these needs can potentially be met through licensing activity.

Exhibit 4: Financial summary

$'000

2015

2016

2017

2018e

2019e

30-June

IFRS

IFRS

IFRS

IFRS

IFRS

INCOME STATEMENT

Revenue

 

 

6,827

8,143

18,606

17,500

5,100

Cost of Sales

0

0

0

0

0

Gross Profit

6,827

8,143

18,606

17,500

5,100

EBITDA

 

 

(15,665)

(15,449)

(3,214)

(6,005)

(27,140)

Normalised operating profit

 

 

(16,176)

(16,071)

(3,671)

(6,461)

(27,596)

Amortisation of acquired intangibles

(1,203)

(1,316)

(1,286)

(1,286)

(1,286)

Exceptionals

532

1,131

0

0

0

Share-based payments

(515)

(400)

(504)

(504)

(504)

Reported operating profit

(17,362)

(16,656)

(5,461)

(8,251)

(29,386)

Net Interest

85

(668)

(766)

(677)

(813)

Joint ventures & associates (post tax)

0

0

0

0

0

Exceptionals

0

0

0

0

0

Profit Before Tax (norm)

 

 

(16,091)

(16,738)

(4,437)

(7,138)

(28,409)

Profit Before Tax (reported)

 

 

(17,277)

(17,324)

(6,227)

(8,928)

(30,199)

Reported tax

328

732

(523)

1,920

1,275

Profit After Tax (norm)

(15,786)

(16,031)

(4,810)

(5,603)

(27,209)

Profit After Tax (reported)

(16,949)

(16,592)

(6,750)

(7,008)

(28,923)

Minority interests

0

0

0

0

0

Other comprehensive income

3,313

968

(114)

0

0

Net income (normalised)

(12,473)

(15,063)

(4,924)

(5,603)

(27,209)

Net income (reported)

(13,637)

(15,624)

(6,864)

(7,008)

(28,923)

Basic average number of shares outstanding (m)

418

457

481

505

531

EPS - basic normalised (c)

 

 

(3.78)

(3.51)

(1.00)

(1.11)

(5.13)

EPS - diluted normalised (c)

 

 

(3.78)

(3.48)

(0.98)

(1.08)

(5.02)

EPS - basic reported (c)

 

 

(4.06)

(3.63)

(1.40)

(1.39)

(5.45)

Dividend (c)

0.00

0.00

0.00

0.00

0.00

BALANCE SHEET

Fixed Assets

 

 

31,251

31,723

29,597

28,096

26,676

Intangible Assets

27,416

28,504

26,595

25,229

23,943

Tangible Assets

3,451

2,835

2,618

2,484

2,350

Investments & other

384

384

384

384

384

Current Assets

 

 

37,881

58,086

54,478

50,085

22,602

Stocks

410

439

426

426

426

Debtors

9,069

11,003

9,893

9,758

9,825

Cash & cash equivalents

26,558

45,450

42,874

38,615

11,066

Other

1,844

1,194

1,286

1,286

1,286

Current Liabilities

 

 

(13,706)

(11,386)

(13,889)

(6,885)

(8,431)

Creditors

(6,466)

(5,855)

(3,673)

(5,231)

(6,777)

Tax and social security

0

0

0

0

0

Short term borrowings

(5,460)

(2,732)

(8,496)

0

0

Other

(1,780)

(2,799)

(1,720)

(1,654)

(1,654)

Long Term Liabilities

 

 

(23,460)

(34,260)

(29,733)

(37,089)

(35,060)

Long term borrowings

(9,317)

(18,437)

(10,014)

(19,365)

(19,365)

Other long term liabilities

(14,143)

(15,824)

(19,719)

(17,724)

(15,695)

Net Assets

 

 

31,966

44,163

40,454

34,208

5,788

Minority interests

0

0

0

0

0

Shareholders' equity

 

 

31,966

44,163

40,454

34,208

5,788

CASH FLOW

Op Cash Flow before WC and tax

(15,665)

(15,449)

(3,214)

(6,005)

(27,140)

Working capital

17,290

(327)

51

1,408

2,145

Exceptional & other

3,310

417

1,723

(1,657)

(3,343)

Tax

0

0

0

0

0

Net operating cash flow

 

 

4,936

(15,360)

(1,440)

(6,254)

(28,337)

Capex

(846)

(197)

(248)

(323)

(323)

Acquisitions/disposals

(391)

69

0

0

0

Net interest

941

1,232

1,201

1,204

1,111

Equity financing

269

28,222

144

283

0

Dividends

0

0

0

0

0

Other

0

0

0

0

0

Net Cash Flow

4,908

13,967

(342)

(5,090)

(27,549)

Opening net debt/(cash)

 

 

(6,856)

(11,781)

(24,281)

(24,364)

(19,250)

FX

17

(9)

(10)

(24)

0

Other non-cash movements

0

(1,457)

435

0

0

Closing net debt/(cash)

 

 

(11,781)

(24,281)

(24,364)

(19,250)

8,299

Source: Edison Investment research, Bionomics reports

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 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 2018 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Bionomics 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 2018. “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

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 4, 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

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 4, 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 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 2018 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Bionomics 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 2018. “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

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 4, 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

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Share this with friends and colleagues