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This broadcast and its content are to be regarded as marketing material from Little Square Capital and must not be perceived as an investment recommendation or as an investment analysis. Nor should the content be considered investment advice adapted to the individual customer's needs.

In cases where the broadcast deals with specific financial instruments, and any investment recommendations (normally distributed in the form of an investment analysis ahead of the broadcast), reference is made to Little Square Capital's website (littlesquarecapital.com/disclosures/disclaimers/MAR) for information in accordance with Market Abuse Regulation (MAR). This website contains information about distributed investment recommendations and potential conflicts of interest. For the record, please note that the broadcast must not be taken as personal investment advice/recommendation.

The content of the broadcast is based on information from publicly available sources that Little Square Capital regards as reliable, but which have not been independently verified, consequently Little Square Capital gives no guarantee in relation to accuracy and completeness. All statements here reflect Little Square Capital's assessments at the time of the transmission in question, and may subsequently be changed without further notice.

Confidentiality rules and internal rules limit information between different parts of Little Square Capital, and this may prevent employees of Little Square Capital from using or knowing information available in other parts of Little Square Capital which may be relevant to the recipient's decision.

Little Square Capital accepts no responsibility for direct or indirect losses/costs that may arise from the use of information in this broadcast. The broadcast has been prepared by Little Square Capital for the purpose of providing information to investors. 

Little Square Capital Limited (registration number 12442492), is subject to supervision by the Financial Conduct Authority (registration number 942894) of the United Kingdom.

Further information about Little Square Capital can be found at www.littlesquarecapital.com.

This disclaimer appears at the end of every article on The Little Square Post where statements about investment in individual shares appear:

Little Square Capital is authorised and regulated by the Financial Conduct Authority (FCA). The views and opinions expressed in this blog are those of the authors and do not necessarily reflect the official policy or position of Little Square Capital or its affiliates. The information provided in this blog is for general informational purposes only and should not be construed as investment advice or a recommendation to invest in any particular security or asset class.

Investing in private markets involves risks, including illiquidity, lack of transparency, and potential for loss of principal. Before making any investment decisions, investors should carefully consider their investment objectives, level of experience, and risk appetite. Little Square Capital does not guarantee the accuracy, completeness, or reliability of any information or data presented in this blog, and shall not be liable for any errors, omissions, or delays in the content, or for any actions taken in reliance thereon. Investors should seek professional advice before making any investment decisions.

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Little Square Capital Ltd is a Private Limited Company with reg. no. 12442492. Little Square Capital Limited is authorised and regulated by the Financial Conduct Authority (FCA) with a firm reference number 942894. Registered office address: Albany House Claremont Lane, Esher, Surrey, KT10 9FQ, UK.

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The information contained in and accompanying this communication may be confidential, subject to legal privilege, or otherwise protected from disclosure under applicable law. No confidentiality or privilege is waived or lost by any transmission errors. This communication is intended solely for the intended recipient(s), and if you are not the intended recipient, of this communication, please delete and destroy all copies in your possession, notify the sender that you have received this communication in error, and note that any review or dissemination of, or the taking of any action in reliance on, this communication is expressly prohibited.

This e-mail, including any presentation, report or other material attached to it (the “Information”), must be seen as marketing material and not as an investment recommendation within the meaning of Regulation (EU) NO 596/2014 on market abuse (Market Abuse Regulation) and associated rules, implemented in the relevant jurisdiction, unless the criteria for preparing an investment recommendation under Market Abuse Regulation, are met.

Please see Little Square Capital' website (littlesquarecapital.com/discosures/disclaimers/MAR) for information in accordance with the Market Abuse Regulation (MAR) if this Information include an investment recommendation. This website contains information about our published investment recommendations and potential conflicts of interest.

Little Square Capital Ltd is a Private Limited Company with reg. no. 12442492. Little Square Capital Limited is authorised and regulated by the Financial Conduct Authority (FCA) with a firm reference number 942894. Registered office address: Albany House Claremont Lane, Esher, Surrey, KT10 9FQ, UK.

In the United States: 

The Information is being furnished upon request and is primarily intended for distribution to “Major U.S. Institutional Investors” within the meaning of Rule 15a-6 under the U.S. Securities Exchange Act of 1934. Little Square Capital Ltd relies on exemption from U.S. broker-dealer registration under Rule 15a-6. Under Rule 15a-6, we are contacting you as a U.S. institutional investor. A U.S. institutional investor is, among other factors, defined as an entity who owns or controls (or, in the case of an investment adviser, has under management) more than $100 million in aggregate financial assets. If these circumstances no longer apply to your firm, please inform us via info@littlesquarecapital.com as soon as possible.

In Canada:

The Information has been distributed in reliance on the International Dealer Exemption pursuant to NI 31-103 section 8.18.

Please be advised that:

Little Square Capital's Markets division ("Little Square Markets") are not registered as a dealer in the local jurisdiction to make the trade. We provide our services in Canada as an exempt international dealer. The jurisdiction of Little Square Capital and Little Square Markets' head office is England. There may be difficulty enforcing legal rights against Little Square Capital and Little Square Markets, because all or substantially all of their assets may be situated outside of Canada.

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Little Square puts the security of the client at a high priority. Therefore, we have put efforts into ensuring that the message is error and virus-free. Unfortunately, the full security of the email cannot be ensured as, despite our efforts, the data included in emails could be infected, intercepted, or corrupted. Therefore, the recipient should check the email for threats with relevant software, as the sender does not accept liability for any damage inflicted by viewing the content of this email.

E-mail messages may contain computer viruses or other defects, may not be accurately replicated on other systems, or may be intercepted, deleted or interfered with without the knowledge of the sender or the intended recipient. Little Square Capital Limited makes no warranties in relation to these matters. Please note that Little Square Capital Limited reserves the right to intercept, monitor, and retain e-mail messages to and from its systems as permitted by applicable law. If you are not comfortable with the risks associated with e-mail messages, you may decide not to use e-mail to communicate with Little Square Capital Limited.

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The material in this marketing communication is not investment research, a personal investment advice, or a research recommendation, and has accordingly not been prepared in accordance with any requirements designed to promote the independence of investment research nor is it subject to any prohibition on dealing ahead of the dissemination of investment research or any rules regarding suitability. This material has been compiled by Little Square Capital sales and trading from various publicly available news sources. It is not intended to be a comprehensive summary of newsworthy business or economic events nor is it a substitute for Little Square Capital’s Research and it may not be relied upon as such. The information has not been reviewed or approved by, or in conjunction with, Little Square Capital Research. To the extent that the information in this communication reflects the views of Little Square Capital Markets or its affiliates, this information and views expressed are subject to change without notice to you. Although the information set out in this marketing communication is obtained from sources believed to be reliable, Little Square Capital Markets does not guarantee its accuracy or completeness.

Little Square's research reports are freely made available to professional investors through our website. Little Square research products may also be made available through electronic means as a convenience. Little Square Capital provides professional independent research services and all information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable.

To access all Little Square's research, you are entitled to receive in the timeliest manner, please liaise with your company contact or go to http://www.littlesquarecapital.com/resources/equity-research/

Corporate Disclosures:

Analysts' compensation is determined based upon activities and services intended to benefit the investor clients of Little Square Capital and its affiliates ("the Firm"). Like all Firm employees, analysts receive compensation that is impacted by overall firm profitability, which includes revenues from, among other business units, Corporate Access, and Corporate Finance.

For important disclosures regarding the companies that are the subject of their research, including copies of historical disclosures, investors should contact Little Square Investment Research. Valuation and risk assessments can be found in the text of the most recent research note/report regarding the subject company.

Status of Little Square Capital’s research under MiFID II

Some professional investors, who are subject to the new MiFID II rules from 3rd January 2018, may be unclear about the status of Little Square Capital’s research and, specifically, whether it can be accepted without a commercial arrangement.

Little Square Capital is a specialist equity capital markets and advisory firm that provides marketing, capital raising, and corporate finance advisory services to corporate issuer clients. We do not provide any execution services or secondary markets trading services to buy-side investors or otherwise seek to earn commissions or fees from our buy-side clients. Therefore, the research we provide cannot give rise to an inducement.

All research materials produced by Little Square Capital fall into one of three categories:

• Research associated with new issuances (IPOs, private placements, rights issues, etc.) or other fundraising activity that we prepare on the instruction of an issuer client; or

• Industry-specific research that reflect the competitive position of our current and prospective clients, or

• Company-specific or thematic equity research that has been commissioned or paid for by an issuer client as part of an agreement between Little Square Capital and the issuer client or in our capacity as a retained advisor for the issuer client.

Together, we refer to these categories as "Issuer Sponsored Research."

All Issuer Sponsored Research, and therefore all company specific research produced by Little Square Capital, is paid for by our corporate issuer clients. Moreover, such Issuer Sponsored Research is made generally and freely available to the public on our website and/or via research aggregation platforms.

Under COBS 2.3A.19 of the FCA Handbook, such Issuer Sponsored Research is expressly stated to fall within the scope of a minor non-monetary benefit. Therefore, investment managers can receive such research without payment and without breaching obligations relating to inducements and the receipt of investment research.

Little Square Capital does write industry pieces that do not attract any compensation from corporate issuers for the production of the research. In that case, Little Square Capital has not been retained by any corporate issuer to provide research on the industry or any of the companies within the industry. Little Square Capital is providing this research as a service to its clients and investors, and it is not intended to influence or affect any investment decisions. Little Square Capital has no conflicts of interest related to the industry or the companies within it that would impact the impartiality of the research. 

The information in the research is based on publicly available sources believed to be reliable, but Little Square Capital cannot guarantee its accuracy or completeness. Little Square Capital does not endorse or recommend any particular investment in the industry or any of the companies within it, and investors should conduct their own due diligence before making any investment decisions.

Little Square Capital may use these unsponsored industry pieces to solicit interest from companies active in the industry to use our services and contract with us to provide equity research on them. Investors should be aware that Little Square may have a future financial interest in any companies that they solicit interest from and that research on those companies may be affected by this interest.