Common use of Timing and Manner of Distribution Clause in Contracts

Timing and Manner of Distribution. The timing of publication of research is controlled by our Analysts except when it is necessary to delay publication for specific Compliance reasons, such as withholding publication of research during the period of an offering of new securities. If an analyst has been taken over the Chinese Wall and become privy to unpublished price-sensitive information he will be unable to comment on the matter in question until such time as the information is either time-expired or has been made public. To resolve the potential conflicts involved in selective disclosure of research, when an analyst has formed an intention to write a piece of research and has started to form ideas about the content of the research he must not discuss this intention nor the potential content of the research with anyone outside the research department except for the purpose of checking factual accuracy as set out above, until such time as either the research has been distributed; or the “Research” has been made available on the SVS Securities plc website. Our investment analysts are not permitted to invest on their own account in AIM or ISDX securities.

Timing and Manner of Distribution. The timing of publication of research is controlled by our Analysts except when it is necessary to delay publication for specific Compliance reasons, such as withholding publication of research during the period of an offering of new securities. If an analyst has been taken over the Chinese Wall and become privy to unpublished price-sensitive information he will be unable to comment on the matter in question until such time as the information is either time-expired or has been made public. To resolve the potential conflicts involved in selective disclosure of research, when an analyst has formed an intention to write a piece of research and has started to form ideas about the content of the research he must not discuss this intention nor the potential content of the research with anyone outside the research department except for the purpose of checking factual accuracy as set out above, until such time as either the research has been distributed; or the “Research” has been made available on the SVS Securities plc website. PERSONAL ACCOUNT DEALING Our investment analysts are not permitted to invest on their own account in AIM or ISDX securities.