Analyst Certification

Each research analyst primarily responsible for the content of this research report certifies that : (1) the views expressed in this research report accurately reflect his or her personal views about any or all of the subject securities or issuers referred to in this report and (2) no part of his or her compensation was, is, or will be, directly or indirectly related to the specific recommendations or views expressed in this report.

Regulatory and other important information

J&E Davy, trading as Davy, is regulated by the Central Bank of Ireland. Davy is a member of the Irish Stock Exchange and the London Stock Exchange. In the UK, Davy is authorised by the Central Bank of Ireland and authorised and subject to limited regulation by the Financial Conduct Authority. Details about the extent of our authorisation and regulation by the Financial Conduct Authority are available from us on request. No part of this document is to be reproduced without our written permission. This publication is solely for information purposes and does not constitute an offer or solicitation to buy or sell securities. This document does not constitute investment advice and has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. The securities/strategy discussed in this report may not be suitable or appropriate for all investors. The value of investments can fall as well as rise and there is no guarantee that investors will receive back their capital invested. Past performance and simulated performance are not a reliable guide to future performance. Projected returns are estimates only and are not a reliable guide to the future performance of this investment. Forecasted returns depend on assumptions that involve subjective judgment and on analysis that may or may not be correct. Any information related to the tax status of the securities discussed herein is not intended to provide tax advice or to be used as tax advice. You should consult your tax adviser about the rules that apply in your individual circumstances.

This document has been prepared and issued by Davy on the basis of publicly available information, internally developed data and other sources believed to be reliable. While all reasonable care has been taken in the preparation of this document, we do not guarantee the accuracy or completeness of the information contained herein. Any opinion expressed (including estimates and forecasts) may be subject to change without notice. We or any of our connected or affiliated companies or their employees may have a position in any of the securities or may have provided, within the last 12 months, significant advice or investment services in relation to any of the securities or related investments referred to in this document.

While reasonable care has been taken in the preparation of the information contained in this document, no warranty or representation, express or implied, is or will be provided by Davy or any of its shareholders, subsidiaries or affiliated entities or any person, firm or body corporate under its control or under common control or by any of their respective directors, officers, employees, agents, advisers and representatives, all of whom expressly disclaim any and all liability for the contents of, or omissions from, this document, the information or opinions on which it is based and/or whether it is a reasonable summary of the securities in this document and for any other written or oral communication transmitted or made available to the recipient or any of its officers, employees, agents or representatives.

Neither Davy nor any of its shareholders, subsidiaries, affiliated entities or any person, form or body corporate under its control or under common control or their respective directors, officers, agents, employees, advisors, representatives or any associated entities (each an “Indemnified Party”) will be responsible or liable for any costs, losses or expenses incurred by investors in connection with the information contained in this document. The investor indemnifies and holds harmless Davy and each Indemnified Party for any losses, liabilities or claims, joint or several, howsoever arising, except upon such Indemnified Party’s bad faith or gross negligence.

Share ownership policy

Davy allows analysts to own shares in companies they issue recommendations on, subject to strict compliance with our internal rules regarding own-account trading by staff members.

Readers should be aware that analysts writing in this publication may own shares in the stocks covered. If you require further details, please contact research@davy.ie.

We are satisfied that our internal policy on share ownership does not compromise the objectivity of analysts in issuing recommendations.

Conflicts of interest

Our conflicts of interest management policy is available at www.davy.ie/ConflictsOfInterest.

Davy acts as stockbroker to Abbey; Aminex; Amryt Pharmaceuticals; Bank of Ireland; C&C; CPL; CRH; Dalata Hotel Group; DCC; Falcon Oil & Gas; Fyffes; GAN; Glanbia; Green REIT; Greencoat Renewables; Hostelworld; Independent News & Media; Kenmare; Kerry Group; Mainstay Medical; Malin Corporation; Minco; Mincon; Norish; Origin Enterprises; Ormonde Mining; Ovoca Resources; permanent tsb Group; Petroneft; Providence; Ryanair; Smurfit Kappa Group; Total Produce; Tullow Oil and UDG Healthcare.

The remuneration of the analyst(s) who prepared this report is based on various factors including company profitability, which may be affected to some extent by revenues derived from investment banking.

Davy is registered to act as market-maker in the securities of certain companies included in this report by the Irish Stock Exchange, London Stock Exchange, ChiX and Euronext. Details are available at www.davy.ie/RegulatoryDisclosures.

Davy may have acted, in the past 12 months, as lead manager/co-lead manager of a publicly disclosed offer of the securities in certain companies included in this report. Details are available at www.davy.ie/RegulatoryDisclosures.

Investors should be aware that Davy may have provided investment banking services to, and received compensation from, certain companies included in this report in the past 12 months or may provide such services in the future. The term investment banking services includes acting as broker as well as the provision of corporate finance services such as underwriting and managing or advising on a public offer. Details are available at www.davy.ie/RegulatoryDisclosures.

Davy may have a shareholding in certain companies included in this report which exceeds 5% of their total issued share capital. Details are available at www.davy.ie/RegulatoryDisclosures. These shareholdings include proprietary positions and discretionary holdings. This disclosure represents the position of Davy as of close of business on the Friday preceding issue of this report.

From time to time, Davy may hold a long or short position exceeding 0.5% of the total issued share capital of securities referred to in a report. Where this is the case, it will be disclosed in the relevant report. Details are available at www.davy.ie/RegulatoryDisclosures

Other important disclosures

A description of this company is available at www.davy.ie/RegulatoryDisclosures.

A summary of our standard valuation methods is available at www.davy.ie/ValuationMethodologies.

All prices used in this report are as of close on the previous trading day unless otherwise indicated.

A summary of existing and previous ratings for each company under coverage, together with an indication of which of these companies Davy has provided investment banking services to is available at www.davy.ie/ratings.

The data contained in this research note have been compiled by our independent analysts, based on a combination of publicly-available information and the analysts assumptions and modelling. Further information is available upon request.

The date and time of completion and of dissemination of all Davy Research reports are the same unless otherwise stated under 'Other important disclosures' in the relevant report.

This document does not constitute or form part of any offer, solicitation or invitation to subscribe or purchase any securities, nor shall it or any part of it form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. Any decision to purchase or subscribe for securities in any offering must be made solely on the basis of the information contained in the prospectus or other offering circular issued by the company concerned in connection with such an offering.

This document has been prepared by its authors independently of the company or companies covered. Davy has no authority whatsoever to give any information or make any representation or warranty on behalf of the company or companies. In particular, the opinions, estimates and projections expressed in it are entirely those of the analysts and are not given as an agent or financial adviser of the company or companies.

In the UK, this document is restricted to (i) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order.

US Securities Exchange Act, 1934

This report is only distributed in the US to major institutional investors as defined by S15a-6 of the Securities Exchange Act, 1934 as amended. By accepting this report, a US recipient warrants that it is a major institutional investor as defined and shall not distribute or provide this report or any part thereof, to any other person.

Distribution of research to clients of Davy Securities in the US

Davy Securities distributes third-party research produced by its affiliate, J&E Davy.

Davy Securities is regulated by the Central Bank of Ireland. Davy Securities is a member of FINRA and SIPC.

Davy Securities does not act as a market-maker.

Davy Securities or an affiliate holds a proprietary position and/or controls on a discretionary basis more than 1% of the total issued share capital of Norish and Ormonde Mining. This information was current as at the last business day of the month preceding the date of the report.

An affiliate of Davy Securities may have acted, in the past 12 months, as lead manager/co-lead manager of a publicly disclosed offer of the securities in certain companies included in this report.

Investors should be aware that Davy Securities or an affiliate may have provided investment banking or non-investment-banking services to, and received compensation from, certain companies included in this report in the past 12 months or may provide such services in the next three months. The term investment banking services includes acting as broker as well as the provision of corporate finance services such as underwriting and managing or advising on a public offer. Details are available at www.davy.ie/RegulatoryDisclosures.

Confidentiality and copyright statement

Davy, Research Department, Davy House, 49 Dawson St., Dublin 2, Ireland.

Confidential © Davy 2017.