Goodbody - Disclaimer


Disclaimer
Regulation AC Each of the research analysts primarily responsible for this research report as named herein certify as follows: All of the views expressed in this research report accurately reflect my personal views about any and all of the subject securities and issuers. No part of my compensation was, is, or will be directly or indirectly, related to the specific recommendations or views expressed by me in this research report. Goodbody Stockbrokers acts as broker to: Aer Lingus, AIB, Datalex, Diageo, DCC, FBD, First Derivatives, Grafton Group, Greencore, Kingspan, NTR, Origin Enterprises, Paddy Power, United Drug and UTV Media. Goodbody Stockbrokers, trading as Goodbody, is regulated by the Central Bank of Ireland and is a member of the Irish Stock Exchange and the London Stock Exchange. Goodbody is a member of the FEXCO group of companies. Disclaimer This publication has been approved by Goodbody Stockbrokers. The information has been taken from sources we believe to be reliable, we do not guarantee their accuracy or completeness and any such information may be incomplete or condensed. All opinions and estimates constitute best judgement at the time of publication and are subject to change without notice. The information, tools and material presented in this document are provided to you for information purposes only and are not to be used or considered as an offer or the solicitation of an offer to sell or to buy or subscribe for securities. This document is not to be relied upon in substitution for the exercise of independent judgement. Nothing in this publication constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate to your individual circumstances, or otherwise constitutes a personal recommendation to you. Goodbody Stockbrokers does not advise on the tax consequences of investments and you are advised to contact an independent tax advisor. Please note in particular that the basis and levels of taxation may change without notice. Private customers having access to this document, should not act upon it in anyway but should consult with their independent professional advisors. The price, value and income of certain investments may rise or may be subject to sudden and large falls in value. You may not recover the total amount originally invested. Past performance should not be taken as an indication or guarantee of future performance; neither should simulated performance. The value of securities may be subject to exchange rate fluctuations that may have a positive or adverse effect on the price or income of such securities. Goodbody Stockbrokers and its associated companies and/or its officers may from time to time perform banking or Corporate Finance services including underwriting, managing or advising on a public offering for, or solicit business from any company recommended in this document. They may own or have positions in any securities mentioned herein and may from time to time deal in such securities. Goodbody Stockbrokers is a registered Market Maker to each of the Companies listed on the Irish Stock Exchange. Protection of investors under the UK Financial Services and Markets Act may not apply. Irish Investor Compensation arrangements will apply. For US Persons Only: This publication is only intended for use in the United States by Major Institutional Investors. A Major Institutional Investor is defined under Rule 15a-6 of the Securities Exchange Act 1934 as amended and interpreted by the SEC from time-to-time as having total assets in its own account or under management in excess of $100 million. All material presented in this report, unless specifically indicated otherwise is copyright to Goodbody Stockbrokers. None of the material, nor its content, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other party, without the prior express written permission of Goodbody Stockbrokers. All trademarks, services marks and logos used in this report are trademarks or service marks or registered trademarks or service marks of Goodbody Stockbrokers. GSB uses the terms "buy", "add", "reduce" and "sell". The term "buy" means that the analyst expects the security to appreciate in excess of 15% over a twelve month period. The term "add" means that the analyst expects the security to appreciate by up to 15% over a twelve month period. The term "reduce" means that the analyst expects the security to decline by up to 15% over the next twelve months. The term "sell" means that the security is expected to decline by in excess of 15% over the next twelve months. In the event that a stock is delisted the firm will automatically cease coverage. If however the firm ceases to cover a stock for any other reason the firm will disclose this fact.

Disclaimer

Regulation AC
Each of the research analysts primarily responsible for this research report as named herein certify as follows: All of the views expressed in this research report accurately reflect my personal views about any and all of the subject securities and issuers. No part of my compensation was, is, or will be directly or indirectly, related to the specific recommendations or views expressed by me in this research report.

Goodbody Stockbrokers acts as broker to:
Aer Lingus, AIB, Datalex, Diageo, DCC, FBD, First Derivatives, Grafton Group, Greencore, Kingspan, NTR, Origin Enterprises, Paddy Power, United Drug and UTV Media.

Goodbody Stockbrokers, trading as Goodbody, is regulated by the Central Bank of Ireland and is a member of the Irish Stock Exchange and the London Stock Exchange. Goodbody is a member of the FEXCO group of companies.

Disclaimer
This publication has been approved by Goodbody Stockbrokers. The information has been taken from sources we believe to be reliable, we do not guarantee their accuracy or completeness and any such information may be incomplete or condensed. All opinions and estimates constitute best judgement at the time of publication and are subject to change without notice. The information, tools and material presented in this document are provided to you for information purposes only and are not to be used or considered as an offer or the solicitation of an offer to sell or to buy or subscribe for securities. This document is not to be relied upon in substitution for the exercise of independent judgement. Nothing in this publication constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate to your individual circumstances, or otherwise constitutes a personal recommendation to you. Goodbody Stockbrokers does not advise on the tax consequences of investments and you are advised to contact an independent tax advisor. Please note in particular that the basis and levels of taxation may change without notice. Private customers having access to this document, should not act upon it in anyway but should consult with their independent professional advisors. The price, value and income of certain investments may rise or may be subject to sudden and large falls in value. You may not recover the total amount originally invested. Past performance should not be taken as an indication or guarantee of future performance; neither should simulated performance. The value of securities may be subject to exchange rate fluctuations that may have a positive or adverse effect on the price or income of such securities. Goodbody Stockbrokers and its associated companies and/or its officers may from time to time perform banking or Corporate Finance services including underwriting, managing or advising on a public offering for, or solicit business from any company recommended in this document. They may own or have positions in any securities mentioned herein and may from time to time deal in such securities. Goodbody Stockbrokers is a registered Market Maker to each of the Companies listed on the Irish Stock Exchange. Protection of investors under the UK Financial Services and Markets Act may not apply. Irish Investor Compensation arrangements will apply.

For US Persons Only: This publication is only intended for use in the United States by Major Institutional Investors. A Major Institutional Investor is defined under Rule 15a-6 of the Securities Exchange Act 1934 as amended and interpreted by the SEC from time-to-time as having total assets in its own account or under management in excess of $100 million.

All material presented in this report, unless specifically indicated otherwise is copyright to Goodbody Stockbrokers. None of the material, nor its content, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other party, without the prior express written permission of Goodbody Stockbrokers. All trademarks, services marks and logos used in this report are trademarks or service marks or registered trademarks or service marks of Goodbody Stockbrokers.

GSB uses the terms "buy", "add", "reduce" and "sell". The term "buy" means that the analyst expects the security to appreciate in excess of 15% over a twelve month period. The term "add" means that the analyst expects the security to appreciate by up to 15% over a twelve month period. The term "reduce" means that the analyst expects the security to decline by up to 15% over the next twelve months. The term "sell" means that the security is expected to decline by in excess of 15% over the next twelve months. In the event that a stock is delisted the firm will automatically cease coverage. If however the firm ceases to cover a stock for any other reason the firm will disclose this fact.