3i: Europe Equity Research

Research evidence excerpt

3i: Europe Equity Research

form or underperform the sector* by 5% or more over the next six months. Underweight - the total return on the security is expected to

underperform the sector* by 5% or more over the next six months. Not Rated (NR): J.P. Morgan has removed the rating and, if applicable, the

price target, for this stock because of either a lack of a sufficient fundamental basis or for legal, regulatory or policy reasons. The previous rating

and, if applicable, the price target, no longer should be relied upon. An NR designation is not a recommendation or a rating. *the sector

comprises those securities covered by the analyst(s) where those securities would be included within the relevant AIC, Datastream or

Morningstar sub-sectors. For hedge funds the following stock recommendation definitions apply: Overweight - the risk-adjusted total return on

the security is expected to outperform the sector over the next six months. Neutral - the risk adjusted total return on the security is not expected

to outperform or underperform the sector over the next six months. Underweight – the risk-adjusted total return on the security is expected to

underperform the sector over the next six months. Not Rated (NR): J.P. Morgan has removed the rating and, if applicable, the price target, for

this stock because of either a lack of a sufficient fundamental basis or for legal, regulatory or policy reasons. The previous rating and, if

applicable, the price target, no longer should be relied upon. An NR designation is not a recommendation or a rating. *the sector comprises those

securities covered by analyst(s) within the relevant J.P. Morgan Cazenove sub-sectors. The J.P. Morgan Cazenove sub-sectors are fund of funds

(multi-manager) and single manager funds.