DAVY VIEW

We have updated our forecasts for UDG to reflect IFRS 15 and 16. We have made no changes to our underlying assumptions with respect to organic growth rates, investment or cash generation. Our EPS for 2020 and 2021 moves to 51.6c and 54.6c respectively from 53.2c and 56.2c previously. Our updated 2020 forecasts imply 9% constant currency EPS growth. In line with prior practice, we expect UDG will give formal EPS growth guidance with its Q1 trading update in January 2020. As noted previously, following a strong set of FY 2019 results, we think UDG is well positioned for this year.