Research Disclosures

Regulation AC - The research analyst(s) whose name(s) appear(s) on the front cover of this report certify that: all of the views expressed in this report accurately reflect their personal views about the subject company or companies and its or their securities, and that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

Required Disclosures

Potential Conflicts: Altice NV, BT Group, Charter, Comcast, Deutsche Telekom, eBay, Liberty Global, Microsoft, Netflix, Oracle, Orange, Orange Belgium, Salesforce, ServiceNow, SFR Group, Tableau, Technicolor, T-Mobile US, Vivendi, VMware, Vodafone. – The analyst or a member of the analyst's household owns equity securities in these companies.

For important disclosure information regarding the companies in this report, please call +44 (0)207 959 1300, or send an email to

Buy (B), Neutral (N) and Sell (S) – A Buy-rated stock is projected to outperform the analyst’s industry coverage universe and rise in price over the next 12 months. A Neutral-rated stock is projected to perform in line with the analyst’s industry coverage universe over the next 12 months. A Sell-rated stock is projected to underperform the analyst’s industry coverage universe and decline in price over the next 12 months. Being assigned a Buy or Sell rating is determined by a stock's absolute return potential, related investment risks and other factors, which may include share liquidity, debt refinancing, estimate risk, economic outlook of principal countries of operation, or other company, political, regulatory, competitive, technological or industry considerations. A stock's absolute return potential represents the difference between the current stock price and the target price over a period as defined by the analyst, and may also include dividends or other forms of capital return forecast due to be paid over the target price period, if the analyst considers that they may be material.
Distribution of Ratings - As of 31 March 2019, 37.4% of stocks covered were rated Buy, 35.3% Sell and 27.3% Neutral.

Global Research Disclosures - This globally branded report has been prepared by analysts associated with Arete Research Services LLP ("Arete LLP"), Arete Research, LLC ("Arete LLC"), and Arete Research Asia Ltd. ("Arete Asia"), as indicated on the cover page hereof. This report has been approved for publication and is distributed in the United Kingdom and European Economic Area (EEA) countries by Arete LLP (Registered Number: OC303210, Registered Office: 10 Queen Street Place, London, EC4R 1AG), which is authorized and regulated by the UK Financial Conduct Authority ("FCA"); in North America by Arete LLC (15 Broad St., Boston, MA 02109), a wholly owned subsidiary of Arete LLP, registered as a broker-dealer with the Financial Industry Regulatory Authority ("FINRA"); and in Asia and Australia by Arete Asia (CE No. ATS894, Registered Office: Room 1626, 16F, Man Yee Building, 68 Des Voeux Road, Central, Hong Kong), which is authorized and regulated by the Securities and Futures Commission in Hong Kong. Additional information is available upon request. Reports are prepared using sources believed to be wholly reliable and accurate but which cannot be warranted as to accuracy or completeness. Opinions held are subject to change without prior notice. No Arete director, employee or representative accepts liability for any loss arising from the use of any advice provided. Please see for details of any interests held by Arete representatives in securities discussed and for our conflicts of interest policy.

U.S. Disclosures - Arete provides investment research and related services to institutional clients around the world. Arete receives no compensation from, and purchases no equity securities in, the companies its analysts cover, conducts no investment banking, market-making or proprietary trading, derives no compensation from these activities and will not engage in these activities or receive compensation for these activities in the future. Arete restricts the distribution of its investment research and related services to institutional clients only. This report may be prepared in whole or in part by research analysts employed by non-US affiliates of Arete LLC that are not registered as broker dealers in the United States. These non-US research analysts associated with Arete LLP and Arete Asia are not licensed as research analysts with FINRA or any other U.S. regulatory authority. Additionally, these analysts may not be associated persons of Arete LLC and therefore may not be subject to Rule 2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.

Asian Disclosures - The contents of this document have not been reviewed by any regulatory authority in Asia. You are advised to exercise caution and if you are in doubt about any of the contents of this document, you should obtain independent professional advice. Whilst considerable care has been taken to ensure the information contained within this document is accurate and up-to-date, no warranty is given as to the accuracy or completeness of any information and no liability is accepted for any errors or omissions in such information or any action taken on the basis of this information. The information may not be current and Arete Asia has no obligation to provide any updates or changes.

Australian Disclosures - Australian investors should note that this document will only be distributed to a person in Australia if that person is: a sophisticated or professional investor for the purposes of section 708 of the Corporations Act of Australia; and a wholesale client for the purposes of section 761G of the Corporations Act of Australia. This document is not intended to be distributed or passed on, directly or indirectly, to any other class of persons in Australia. No analysts who prepared this document hold an Australian financial services license. The information in this document has been prepared without taking into account any investor’s investment objectives, financial situation or particular needs. Before acting on the information, the investor should consider its appropriateness with regard to their investment objectives, financial situation and needs. This document has not been prepared specifically for Australian investors. It may contain references to dollar amounts that are not Australian dollars; may contain financial information that is not prepared in accordance with Australian law or practices; may not address risks associated with investment in foreign currency denominated investments; and does not address Australian tax issues. To the extent that this document contains financial product advice, that advice is provided by Arete Research Asia Limited. Arete Research Asia Limited is exempt from the requirement to hold an Australian financial services license under the Corporations Act with respect to the financial services it provides. Arete Research Asia Limited is regulated by the Securities & Futures Commission of Hong Kong under Hong Kong laws, which differ from Australian laws.

General Disclosures - This report is not an offer to sell or the solicitation of an offer to buy any security or in any particular trading strategy in any jurisdiction. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or need of the individual clients. Clients should consider whether any advice or recommendation in this report is suitable for their particular circumstances and, if appropriate, seek professional advice. The price and value of the investments referred to in this report and the income from them may fluctuate. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain instruments. As with all investments, there are inherent risks that each individual should address.

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