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Primary Health Properties — Funded for growth

Primary Health Properties (LSE: PHP)

Last close As at 05/08/2026

GBP0.96

▲ 0.05 (0.05%)

Market capitalisation

GBP2,481m

More on this equity

Research: Real Estate

Primary Health Properties — Funded for growth

With a successfully completed £115m (gross) equity raise behind it, PHP is well funded for continuing growth in its investment portfolio, targeting returns that are supportive the progressive dividend policy, now in its 22nd year. The prospects for cash deployment look positive, with a c £151m pipeline of investment prospects, of which more than a third are at a highly advanced stage of negotiation. Reduced gearing leaves Primary Health Properties (PHP) well placed to seize additional opportunities that may arise, with the NHS commissioning of primary healthcare investment finally showing signs of acceleration, and the Republic of Ireland (RoI) operation becoming established, with a fourth asset recently added.

Written by

Martyn King

Director, Financials. Property and Insurance

Real Estate

Primary Health Properties

Funded for growth

Capital increase completed

Real estate

14 May 2018

Price

113.8p

Market cap

£832m

Balance sheet net debt (£m)
at 31 December 2017

726.6

Net LTV at 31 December 2017

52.9%

Shares in issue

730.7m

Free float

98%

Code

PHP

Primary exchange

LSE

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

3.8

1.2

0.5

Rel (local)

(2.3)

(6.9)

(4.0)

52-week high/low

123.14p

108.8p

Business description

Primary Health Properties is a long-term investor in primary healthcare property in the UK and, more recently, Ireland. Assets are mainly long-let to GPs and the NHS or HSE, organisations backed by the UK and Irish governments, respectively. The tenant profile and long average lease duration provide an exceptionally secure rental income stream.

Next events

Interim results

July 2018

Analysts

Martyn King

+44 (0)20 3077 5745

Andrew Mitchell

+44 (0)20 3681 2500

Primary Health Properties is a research client of Edison Investment Research Limited

With a successfully completed £115m (gross) equity raise behind it, PHP is well funded for continuing growth in its investment portfolio, targeting returns that are supportive the progressive dividend policy, now in its 22nd year. The prospects for cash deployment look positive, with a c £151m pipeline of investment prospects, of which more than a third are at a highly advanced stage of negotiation. Reduced gearing leaves Primary Health Properties (PHP) well placed to seize additional opportunities that may arise, with the NHS commissioning of primary healthcare investment finally showing signs of acceleration, and the Republic of Ireland (RoI) operation becoming established, with a fourth asset recently added.

Year end

Revenue (£m)

EPRA earnings*
(£m)

EPS*
(p)

DPS (p)

EPRA** NAV/share (p)

P/NAV
(x)

Yield
(%)

12/16

67.4

26.7

4.7

5.125

91.1

1.25

4.5

12/17

72.5

31.0

5.1

5.250

100.7

1.13

4.6

12/18e

77.1

36.4

5.1

5.400

105.0

1.08

4.7

12/19e

82.6

42.2

5.4

5.500

108.4

1.05

4.8

Note:*Diluted EPRA basis, excludes valuation movements and other exceptional items. **EPRA basis adjusts for fair value of derivative interest rate contracts and convertible bond.

Strong pipeline for deployment of funds

PHP has raised £115m (gross), issuing 106.5m new shares (a 17% increase) at 108p, a premium to the end-FY17 EPRA NAV per share of 100.7p. The proceeds will be used to selectively grow the investment portfolio. Of the £151m investment pipeline, £57m is agreed subject to contract. We have not changed our assumption of £100m a year of investment commitments in each of FY18 and FY19, but the size of the pipeline and reduced LTV offer the potential for more investment and higher earnings than we forecast. Our FY19 EPRA earnings forecast increases c 13% but EPS is c 2% lower. Our DPS forecasts are unchanged (FY19 cover 101%) while LTV falls to 45.0% from 51.9%.

Strong growth prospects in UK and RoI

In both the UK and RoI, there is broad political will to reform healthcare provision, placing more emphasis on primary care to meet the increasing healthcare needs of growing and ageing populations. The requirement for larger, more flexible, higher-quality premises will provide significant investment opportunities for PHP and others in coming years, and there are signs in the UK that NHS new build commissioning is finally beginning to accelerate as new structures and strategies bed down.

Valuation: Secure, dividend growth underpinned

Our DPS estimates are unchanged despite the increase in share count, and our forecasts show the FY18 DPS substantially (99%) covered for a yield of 4.7%. Revenues are supported by secure, long-term income, substantially subject to upwards-only review, with little exposure to the economic cycle, or fluctuations in occupancy. The reduction in gearing makes faster asset and income growth possible, should opportunities arise.

Funded for growth

Successful £115m capital raise, ahead of target

PHP first announced its proposed capital increase to fund ongoing acquisitions on 23 March 2017. It said it would seek to raise £100m (gross), at 108p per share, with the ability to increase the size of the issue by up to 25% depending upon the strength of investor demand. The firm placing and placing, open offer and offer for subscription duly received shareholder approval and closed on 18 April with valid applications and commitments amounting to £115m, representing the issue of 106.5m new shares, a 17% increase, taking the total number of issued shares to 730.7m. Over the medium term, the proceeds are intended to be selectively applied alongside existing and future debt facilities, to enable PHP to continue its strategy of portfolio growth while targeting returns capable of supporting the progressive dividend policy. PHP has a strong pipeline of investment opportunities, discussed below, but will initially pay down some of the debt drawn on its revolving debt facilities totalling £129m, as a matter of financial efficiency and saving on debt costs.

Strong pipeline of investment opportunities

In the issue prospectus, PHP provided some more details of its pipeline of investment opportunities, amounting to £151m, of which c 54% is in the UK (£81.8m) and the balance in RoI (€79.0m). Around 40% (five opportunities with an anticipated total acquisition cost of £57m) of the pipeline represents potential transactions at an advanced stage of negotiation, with terms agreed subject to contract and matters in the hands of solicitors for documenting and completion. Another 10 opportunities with an anticipated total acquisition cost of £94m are nearing that state or are at the stage where PHP is in the course of agreeing terms with the sellers. As noted below, PHP has subsequently completed a €5.8m acquisition in the RoI.

Exhibit 1: Pipeline summary

Number of opportunities

Anticipated total acquisition cost

Subject to contract

5

£57m

Other opportunities

10

£94m

Source: PHP. Note: All figures unaudited. As at date of prospectus

PHP says that if all of the opportunities shown in Exhibit 1 were to reach the stage of completion, for which there is no guarantee, the estimated annual rent they would generate is £8.2m (or a blended yield of 5.4–5.5% on cost). We would expect the RoI opportunities to represent a higher yield than UK opportunities, and for development opportunities to provide a higher yield than for standing assets in the same territory.

We note that the average lot size of this pipeline is c £10m, roughly twice that of the existing portfolio, and a favourable indicator of the quality of the assets. As we noted in our recent company study, in an environment in which investor interest in primary healthcare assets remains strong, causing yields to tighten, a selective and disciplined approach to acquisitions is required. Larger, more modern assets and those with the flexibility to adapt and change are more likely to provide superior long-term rental growth and sustained value creation.

Having completed the €20m acquisition of a large, modern 6,500 sqm healthcare facility in Mallow, County Cork in February 2018, subsequent to the capital increase, PHP has acquired a fourth asset in the RoI. The Mountmellick Primary Healthcare Centre, acquired for €5.8m, has a floor area of 1,600 sqm and comes with a separate c 230 sqm pharmacy, with both elements fully let. The Irish Health Service Executive (HSE) accounts for 65% of the total rent roll and the unexpired lease term is more than 18 years. There are now 308 assets in the PHP portfolio, with a gross value of more than £1.375bn and a contracted rent roll of £73.5m. Within this, the value of the Irish portfolio has now reached more than €40m (c 3%) but should increase further given the share of RoI assets in the pipeline and the overall RoI opportunity.

In addition to the investment pipeline, PHP has ongoing asset management initiatives, enhancing and extending existing assets to meet the evolving needs of tenants, increase rents, extend/re-gear leases and increase property valuations. Outstanding commitments totalled £5.7m at end FY17 and with the prospectus, the adviser disclosed it is working on additional asset management projects that will potentially commit £11.3m of capital if approved.

Estimate revisions

Our revised estimates reflect the increased number of shares and new capital raised, with relatively little change in our underlying assumptions.

■

Share count increased by 106.5m with gross proceeds of £115m and net proceeds assumed at £111.6m after issuance costs.

■

We continue to assume full conversion of the remaining convertible bonds (conversion price 97.5p) by end May 2019, and our share count also increases with the assumption that 5% of dividends are paid in scrip.

■

We have not adjusted our assumption of £100m of new investment commitments in each of FY18 and FY19, although there is clearly room for this to be exceeded, given the current pipeline of opportunities. We have made modest changes to the assumed profile of investment, with a slightly increased share of completed RoI assets in the mix, consistent with the H118 trend.

■

Our model assumes the use of excess cash to reduce borrowings near-term, which in turn reduces interest costs.

■

Our forecast for end FY19 net debt reduces to £714m from £824m previously, and the net LTV reduces to 45.0% from 51.9%.

Exhibit 2: Estimate summary

Revenue (£m)

EPRA earnings

Diluted EPRA EPS (p)

DPS (p)

Dividend cover

EPRA NAVPS (p)

Old

New

% diff

Old

New

% diff

Old

New

% diff

Old

New

% diff

Old

New

% diff

Old

New

% diff

12/18e

76.9

77.1

0.2%

34.1

36.4

6.9%

5.4

5.1

-6.0%

5.400

5.400

0.0%

100%

99%

-1.4%

105.1

105.0

-0.1%

12/19e

82.2

82.6

0.5%

37.5

42.2

12.7%

5.5

5.4

-1.9%

5.500

5.500

0.0%

105%

101%

N/A

109.1

108.4

-0.7%

Source: Edison Investment Research

Our forecast revenues increase modestly due to the changes in our assumed investment mix, while interest costs decline and EPRA earnings increase, 6.9% in FY18 and 12.7% in FY19. The increase in our forecast EPRA earnings does not fully offset the increase in share count, such that diluted EPRA EPS reduces by 6% in FY18 and 1.9% in FY19. We make no change to our forecast DPS growth, although dividend cover is slightly reduced. With the new shares issued at 108p, a premium to the end-FY17 EPRA NAV per share of 100.7p, the issue of shares had no dilutive impact on NAV per share, even allowing for issuance costs. Our new forecasts show a slightly reduced NAV per share as a result of lower retained earnings after dividends.

Exhibit 3: Financial summary

£'000s

2015

2016

2017

2018e

2019e

Year end 31 December

IFRS

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

Revenue

 

 

63.1

67.4

72.5

77.1

82.6

Cost of Sales

(0.9)

(0.9)

(1.2)

(1.2)

(1.3)

Gross Profit

62.3

66.6

71.3

75.9

81.4

Administrative expenses

(6.8)

(7.3)

(8.7)

(9.2)

(9.5)

EBITDA

 

 

55.5

59.2

62.6

66.7

71.8

Other income and expenses

0.0

0.0

0.0

0.0

0.0

Non-recurring items

0.0

0.0

0.0

0.0

0.0

Net valuation gain on property portfolio

39.8

20.7

64.5

21.8

24.0

Operating profit before financing costs

 

 

95.2

79.9

127.1

88.5

95.8

Net Interest

(33.7)

(32.5)

(31.6)

(30.3)

(29.6)

Non-recurring finance income/expense

0.0

0.0

0.0

0.0

0.0

Early loan repayment fees

0.0

(0.0)

0.0

0.0

0.0

Fair value gain/(loss) on interest rate derivatives and convertible bond, and swap amortisation

(5.5)

(3.7)

(3.6)

0.0

0.0

Profit Before Tax

 

 

56.0

43.7

91.9

58.2

66.2

Tax

0.0

0.0

0.0

0.0

0.0

Profit After Tax (FRS 3)

 

 

56.0

43.7

91.9

58.2

66.2

Adjusted for the following:

Net gain/(loss) on revaluation

(39.8)

(20.7)

(64.5)

(21.8)

(24.0)

Fair value gain/(loss) on derivatives & convertible bond

5.5

3.7

3.6

0.0

0.0

Profit on termination of finance lease

0.0

0.0

0.0

0.0

0.0

Early loan repayment fees

0.0

0.0

0.0

0.0

0.0

Issue costs of convertible bond

0.0

0.0

0.0

0.0

0.0

EPRA basic earnings

 

 

21.7

26.7

31.0

36.4

42.2

Period end number of shares (m)

446.3

598.2

619.4

768.5

794.2

Average Number of Shares Outstanding (m)

445.6

560.0

600.7

709.4

783.2

Fully diluted average number of shares outstanding (m)

530.2

644.6

665.5

753.7

793.2

EPS - fully diluted (p)

 

 

11.2

7.3

14.7

8.0

8.5

EPRA EPS (p)

 

 

4.9

4.8

5.2

5.1

5.4

Diluted EPRA EPS (p)

 

 

 

4.7

5.1

5.1

5.4

Dividend per share (p)

5.000

5.125

5.250

5.400

5.500

Dividend cover

97.6%

100.0%

98.6%

98.7%

101.2%

BALANCE SHEET

Non-current assets

 

 

1,100.6

1,220.2

1,361.9

1,471.6

1,589.2

Investment properties

1,100.6

1,220.2

1,361.9

1,471.6

1,589.2

Other non-current assets

0.0

0.0

0.0

0.0

0.0

Current Assets

 

 

7.0

8.4

10.5

9.3

13.7

Cash & equivalents

2.9

5.1

3.8

4.3

8.3

Other current assets

4.2

3.3

6.7

5.0

5.4

Current Liabilities

 

 

(34.9)

(32.3)

(33.9)

(34.8)

(35.9)

Current borrowing

(0.9)

(0.8)

(0.8)

(0.8)

(0.8)

Other current liabilities

(34.0)

(31.5)

(33.1)

(34.0)

(35.1)

Non-current liabilities

 

 

(727.4)

(697.1)

(751.7)

(676.3)

(743.4)

Non-current borrowings

(696.9)

(667.6)

(729.6)

(654.2)

(721.3)

Other non-current liabilities

(30.6)

(29.5)

(22.1)

(22.1)

(22.1)

Net Assets

 

 

345.4

499.2

586.8

769.8

823.5

Derivative interest rate swaps

35.3

33.3

24.5

24.8

24.8

Change in fair value of convertible bond

10.9

12.5

12.3

12.3

12.3

EPRA net assets

 

 

391.6

545.0

623.6

806.9

860.6

IFRS NAV per share (p)

77.4

83.5

94.7

100.2

103.7

EPRA NAV per share (p)

87.7

91.1

100.7

105.0

108.4

CASH FLOW

Operating Cash Flow

 

 

57.1

56.8

60.1

69.2

72.7

Net Interest & other financing charges

(35.6)

(45.9)

(37.8)

(27.3)

(27.4)

Tax

0.0

(0.1)

0.0

0.0

0.0

Acquisitions/disposals

(29.5)

(97.4)

(75.4)

(87.9)

(93.6)

Net proceeds from issue of shares

(0.1)

145.2

(0.1)

111.6

0.0

Debt drawn/(repaid)

20.0

(31.8)

82.3

(30.0)

92.0

Equity dividends paid (net of scrip)

(21.1)

(24.7)

(29.8)

(35.1)

(39.6)

Other

0.0

0.0

(0.6)

0.0

0.0

Net change in cash

(9.2)

2.2

(1.3)

0.5

4.1

Opening cash & equivalents

 

 

12.1

2.9

5.1

3.8

4.3

Closing net cash & equivalents

 

 

2.9

5.1

3.8

4.3

8.3

Debt

(697.7)

(668.4)

(730.4)

(655.0)

(722.1)

Net debt

(694.9)

(663.3)

(726.6)

(650.8)

(713.8)

Net LTV

62.7%

53.7%

52.9%

44.2%

45.0%

Source: Company data, 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. 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 Primary Health Properties 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 Limited (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 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 Primary Health Properties 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 Limited (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. 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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.

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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

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

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