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Record — Market trends help but costs and forex hinder

Record (LSE: REC)

Last close As at 05/08/2026

GBP0.45

▲ 0.20 (0.45%)

Market capitalisation

GBP89m

More on this equity

Research: Financials

Record — Market trends help but costs and forex hinder

Record’s second quarter update showed an increase in dollar denominated AUME to a new high of over $60bn. Flows were modestly negative but this was well within the normal range of quarterly volatility; the main reasons for a moderate reduction in our earnings estimates are the currency-related reduction in sterling AUME and increased costs to enhance customer service and deal with regulatory changes. After recent weakness the shares trade on below average earnings multiples and offer an attractive yield.

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Written by

Financials

Record

Market trends help but costs and forex hinder

Q218 trading update

Financial services

25 October 2017

Price

45.25p

Market cap

£90m

Net cash and money market instruments (£m) at 31 March 2017, excluding cash consolidated from seed funds and adjusted for the July tender offer.

19.2

Shares in issue

199.1m

Free float

32%

Code

REC

Primary exchange

LSE

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

(7.7)

4.3

66.8

Rel (local)

(10.3)

2.2

53.3

52-week high/low

52.5p

26.5p

Business description

Record is a specialist independent currency manager that provides a number of products and services, including passive and dynamic hedging, and a range of currency for return strategies, including funds and customised segregated accounts.

Next events

H118 results

17 November 2017

Q318 update

19 January 2018

Analysts

Andrew Mitchell

+44 (0)20 3681 2500

Martyn King

+44 (0)20 3077 5745

Record is a research client of Edison Investment Research Limited

Record’s second quarter update showed an increase in dollar denominated AUME to a new high of over $60bn. Flows were modestly negative but this was well within the normal range of quarterly volatility; the main reasons for a moderate reduction in our earnings estimates are the currency-related reduction in sterling AUME and increased costs to enhance customer service and deal with regulatory changes. After recent weakness the shares trade on below average earnings multiples and offer an attractive yield.

Year end

Revenue (£m)

PBT*
(£m)

EPS*
(p)

DPS**
(p)

P/E
(x)

Yield**
(%)

03/16

21.2

7.0

2.54

1.65

17.8

3.6

03/17

23.1

7.9

2.90

2.00

15.6

4.4

03/18e

24.6

8.1

3.11

2.10

14.5

4.6

03/19e

25.0

8.2

3.30

2.20

13.7

4.9

Note: *PBT and EPS exclude non-controlling interests relating to seed investments and EPS are diluted. **Prospective DPS excludes special dividends.

Q218 update

In its second quarter update Record reported that in US dollar terms AUME reached $61.2bn at end September, an increase of 2.2% since the end of June. Dollar weakness over the period resulted in a small reduction in AUME in sterling terms to £45.6bn (£46.1bn end June). Flows during the quarter were modestly negative (-1.7% or $1bn) while positive movements in global equity and other markets added $2bn to AUME with FX movements contributing a further $0.2bn to the dollar-denominated figure. Record has continued to invest in enhancing its service to customers and addressing regulatory changes such as the EMIR-mandated requirement for clients to post collateral against currency positions. This has resulted in some increase in headcount and costs that, together with the reduction in sterling AUME and operational gearing, has resulted in a reduction in our earnings estimates of c 8%.

Outlook

While near-term estimates are trimmed by this combination of currency movements and investment to support enhanced products, on a longer view the focus on client service and the uncertain global macro background (and hence potential volatility) are positive factors in retaining and adding further clients. Currency-for-return products account for less than 10% of AUME and fees at the current run rate but have, as a group, continued to generate positive returns creating the basis for attracting additional allocations over time.

Valuation

Record stands on below average P/E and EV/EBITDA multiples when compared with a group of UK asset managers (page 4). The company remains well capitalised with cash and money market instruments of c £20m at end March after adjusting for the £10m tender offer in July. It is therefore well placed to follow its progressive dividend policy and currently offers an attractive yield of nearly 5%.

Second quarter trading update

Key points from the Q218 update were as follows.

■

AUME in dollar terms increased from $59.9bn at end June to $61.2bn at end September (+2.2%).

■

AUME in sterling terms was slightly down (-1.1%), reflecting dollar weakness.

■

There was a net outflow of $1bn including $0.6bn for dynamic hedging and $0.5bn for passive hedging. There was a $0.1m positive movement on cash and futures.

■

Market and other movements increased AUME by $2.3bn including $2bn from equity and other market movements, $0.2bn from FX movements relating to non-US dollar mandates and a $0.1bn scaling up of AUME within currency-for-return products for mandates with a volatility target. Such scaling (upwards or downwards) in these mandates does not result in a change in fees.

■

Exhibit 1 summarises these changes and illustrates the relatively modest scale of the moves during the quarter. Exhibit 2 shows the longer-term evolution of AUME.

■

A further rough indicator of progress is the number of clients which stood at 59 compared with 58 in June this year and 48 at the end of FY14. This number is based on separate legal entities which can result in lumpy movements if several linked mandates are added or subtracted. In this period one client left (UK dynamic hedging as noted previously) and two joined. Prospectively, there may be some reduction in client numbers as smaller mandates terminate following implementation of the rules requiring collateral to be posted against FX positions.

■

Fee rates remain broadly stable and there were no performance fees in the quarter.

■

Record notes that it has continued to invest in personnel to support innovation and enhanced products. There are also costs relating to regulatory change including EMIR and related collateral management and, to a limited extent MiFID II, as Record will absorb research costs itself.

Exhibit 1: Q218 AUME change analysis

Exhibit 2: Longer-term AUME progression

Source: Record, Edison Investment Research

Source: Record, Edison Investment Research

Exhibit 1: Q218 AUME change analysis

Source: Record, Edison Investment Research

Exhibit 2: Longer-term AUME progression

Source: Record, Edison Investment Research

As a reminder we have included Exhibits 3 and 4 which show the composition of AUME and revenues by segment (the latter is based on indicative fee margins and AUME at the end Q218). The difference between the charts reflects the lower fees rates that apply for passive mandates in particular that nevertheless account for nearly 60% of revenues. Passive mandates also tend to be stickier than other mandates and with more than half of passive AUME based in Switzerland the opening of Record’s Zurich office makes sense and should help strengthen existing and establish new relationships.

Exhibit 3: AUME composition by segment

Exhibit 4: Revenue by segment

Source: Record, Edison Investment Research

Source: Record, Edison Investment Research

Exhibit 3: AUME composition by segment

Source: Record, Edison Investment Research

Exhibit 4: Revenue by segment

Source: Record, Edison Investment Research

Performance for most strategies within currency for return was positive during the quarter with the multi-strategy product (ungeared) showing a positive return of 0.08% with the annualised performance since inception (end July 2012) being +1.52%.

Financials

Reflecting the modest reduction in sterling denominated AUME since the beginning of the year, we have trimmed our revenue assumptions for this year and next by 2%. The combination of operational gearing and an allowance for a slightly higher headcount means that our pre-tax profit and earnings per share estimates are reduced by 8% for both forecast years (see Exhibit 5).

Exhibit 5: Estimate changes

 

Revenue* (£m)

%

PBT* (£m)

%

EPS (p)

%

DPS (p)

%

 

Old

New

chg

Old

New

chg

Old

New

chg

Old

New

chg

03/18e

25.1

24.6

-2%

8.8

8.1

-8%

3.39

3.11

-8%

2.10

2.10

0%

03/19e

25.6

25.0

-2%

9.0

8.2

-8%

3.59

3.30

-8%

2.20

2.20

0%

Source: Record, Edison Investment Research. Note: *Normalised

As in previous estimates we allow for market appreciation of 2% per annum in the hedging mandates to allow for market exposure but do not factor in any incremental mandate wins or losses or changes in asset allocation within existing mandates. There could be significant variation from these assumptions subject to market conditions and success in adding new clients. While currency volatility has recently been relatively subdued (Exhibit 6) the global macroeconomic and geopolitical background continues to highlight the potential for significant surprises and hence spikes in volatility creating a favourable environment for conversations with potential clients.

Exhibit 6: Implied volatility for one year at the money options CHF and EUR versus USD

Source: Bloomberg. Note: CHF = Swiss franc, EUR = euro, USD = US$.

Valuation

We have updated our comparative table which shows P/Es and EBITDA multiples for Record and a selection of UK asset managers. As usual the caveat here is that Record is differentiated by its specialist service offering but AUME is in part linked to stock and other market levels and fees generally depend on the level of AUME, as for conventional asset managers with AUM.

Record trades on below average earnings and EBITDA multiples (Exhibit 7) and, with earnings set to be largely distributed, offers an attractive yield (prospective yield approaching 5%).

Exhibit 7: Earnings and EBITDA multiples for UK fund managers

Price
(local)

Market capitalisation
(£m)

P/E
(x)

EV/EBITDA
(x)

Aberdeen Asset Management

434.0

12,922

14.2

N/A

Ashmore

380.0

2,708

17.3

12.0

City of London Inv Group

405.0

109

10.6

8.1

Impax Asset Management

149.0

190

26.7

39.3

Janus Henderson

35.2

5,353

14.8

11.3

Jupiter

589.5

2,698

17.0

13.7

Liontrust

497.0

246

18.0

18.6

Man Group

189.3

3,129

11.8

Loss

Polar Capital

475.3

441

18.0

18.9

Schroders

3482.0

9,284

16.8

16.6

Average

16.5

17.3

Record

43.3

86

14.9

6.7

Source: Bloomberg, Edison Investment Research. Note: Using calendar 2017 estimated earnings and last reported EBITDA. Priced as at 24 October 2017.

Exhibit 8: Financial summary

£'000s

 

2015

2016

2017

2018e

2019e

March

 

 

IFRS

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

 

 

 

 

 

 

 

Revenue (underlying)

 

 

20,865

21,246

23,128

24,578

25,005

Revenue

 

 

21,057

21,134

23,928

24,578

25,005

Operating expenses

 

 

(13,521)

(14,344)

(15,365)

(16,564)

(16,867)

Operating Profit (before amort. and except.)

 

 

7,536

6,790

8,563

8,014

8,138

Finance income

 

 

146

143

112

64

109

Profit Before Tax

 

 

7,682

6,933

8,675

8,079

8,247

Taxation

(1,708)

(1,523)

(1,540)

(1,616)

(1,649)

Minority interests

 

 

(192)

131

(819)

0

0

Attributable profit

 

 

5,782

5,541

6,316

6,463

6,598

 

 

 

 

 

 

 

 

Normalised revenue (underlying)

 

 

20,865

21,246

23,128

24,578

25,005

Operating expenses (excl. dep'n and amortisation)

 

 

(13,206)

(14,023)

(15,023)

(16,235)

(16,538)

Normalised EBITDA

 

 

7,659

7,223

8,105

8,343

8,467

Depreciation and amortisation

 

 

(315)

(321)

(342)

(329)

(329)

Normalised Operating profits

 

 

7,344

6,902

7,763

8,014

8,138

Finance income

 

 

146

143

112

64

109

Profit Before Tax (norm)

 

 

7,490

7,045

7,875

8,079

8,247

 

 

 

 

 

 

 

 

Normalised revenue/AUME (excl. perf fees) bps

 

 

6.0

5.4

6.0

5.7

5.6

Normalised operating margin (%)

 

 

35.2

32.5

33.6

32.6

32.5

 

 

 

 

 

 

 

 

Average Diluted Shares Outstanding (m)

 

 

218.4

217.9

218.0

207.5

200.1

Basic EPS (p)

 

 

2.66

2.55

2.91

3.13

3.31

EPS - normalised (p)

 

 

2.65

2.54

2.90

3.11

3.30

Dividend per share (p)

 

 

1.65

1.65

2.00

2.10

2.20

Special dividend per share (p)

 

 

0.00

0.00

0.91

1.03

1.11

Total dividend (p)

 

 

1.65

1.65

2.91

3.13

3.31

 

 

 

 

 

 

 

 

BALANCE SHEET

 

 

 

 

 

 

 

Fixed Assets

 

 

3,273

423

1,228

1,129

1,030

Intangible Assets

 

 

504

299

245

115

(15)

Tangible Assets

 

 

129

81

881

912

943

Investments

 

 

2,567

0

0

0

0

Deferred tax assets

 

 

73

43

102

102

102

Current Assets

 

 

37,053

40,541

44,247

34,104

34,527

Debtors

 

 

6,324

5,695

6,972

7,409

7,538

Cash

 

 

12,010

21,720

19,120

8,540

8,834

Money market instruments

 

 

18,100

13,020

18,102

18,102

18,102

Other

 

 

619

106

53

53

53

Current Liabilities

 

 

(4,522)

(3,256)

(3,865)

(4,102)

(4,158)

Creditors

 

 

(2,949)

(2,372)

(3,013)

(3,202)

(3,258)

Other

 

 

(1,573)

(884)

(852)

(900)

(900)

Net Assets

 

 

35,804

37,708

41,610

31,131

31,399

Minority interests

 

 

3,876

4,019

4,779

4,779

4,779

Net assets attributable to ordinary shareholders

 

31,928

33,689

36,831

26,352

26,620

No of shares at year end

 

 

217.5

217.2

221.4

199.1

199.1

NAV per share p

14.7

15.5

16.6

13.2

13.4

CASH FLOW

 

 

 

 

 

 

 

Operating Cash Flow

 

 

6,472

5,509

7,166

6,527

6,744

Capex

 

 

(128)

(29)

(899)

(130)

(130)

Cash flow from investing activities

 

 

0

(39)

(189)

(100)

(100)

Dividends

 

 

(3,266)

(3,750)

(3,592)

(6,942)

(6,329)

Other financing activities

 

 

(2,571)

7,737

(5,222)

(9,936)

109

Other

 

 

0

282

136

0

0

Net Cash Flow

 

 

507

9,710

(2,600)

(10,580)

294

Opening cash/(net debt)

 

 

11,503

12,010

21,720

19,120

8,540

Other

 

 

0

0

0

0

0

Closing net (debt)/cash

 

 

12,010

21,720

19,120

8,540

8,834

Closing net debt/(cash) inc money market instruments

30,110

34,740

37,222

26,642

26,936

 

 

 

 

 

 

 

 

AUME

 

 

 

 

 

 

 

Opening ($'bn)

 

 

51.9

55.4

52.9

58.2

58.29

Net new money flows

 

 

2.9

(1.4)

3.1

(1.0)

0.0

Market/other

 

 

0.6

(1.1)

2.2

1.1

1.1

Closing ($'bn)

 

 

55.4

52.9

58.2

58.3

59.4

Source: Company accounts, 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 Record 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

295 Madison Avenue, 18th Floor

10017, 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

295 Madison Avenue, 18th Floor

10017, 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 Record 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

295 Madison Avenue, 18th Floor

10017, 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

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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