research recommendation

30research or other information:

1. (a) concerning one or several financial instruments admitted to trading on regulated markets , or in relation to which an application for admission to trading has been made, or issuers of such financial instruments;
2. (b) intended for distribution so that it is, or is likely to become, accessible by a large number of persons, or for the public, but not including:
   1. (i) an informal short-term investment personal recommendation expressed to clients, which originates from inside the sales or trading department, and which is not likely to become publicly available or available to a large number of persons; or
   2. (ii) advice given by a firm to a body corporate in the context of a takeover bid and disclosed only as a result of compliance with a legal or regulatory obligation, including rule 3 of the Takeover Code or its equivalents outside the UK; and
3. (c) which:
   1. (i) explicitly or implicitly, recommends or suggests an investment strategy; or
   2. (ii) directly or indirectly, expresses a particular investment recommendation; or
   3. (iii) expresses an opinion as to the present or future value or price of such instruments.

In this definition, "financial instruments" means the following (as defined in Article 5 of the Prescribed Markets and Qualifying Investments Order and Article 1(3) of the Market Abuse Directive, and which consequently carries the same meaning in the Buy-back and Stabilisation Regulation): 52

1. (a) transferable securities;52
2. (b) units in collective investment undertakings;52
3. (c) money-market instruments;52
4. (d) financial futures contracts, including equivalent cash-settled instruments;52
5. (e) forward interest-rate agreements;52
6. (f) interest-rate, currency and equity swaps;52
7. (g) options to acquire or dispose of any instrument falling into these categories, including equivalent cash-settled instruments. This category includes in particular options on currency and on interest rates;52
8. (h) derivatives on commodities; and 52
9. (i) any other instrument admitted to trading on a regulated market in an EEA State or for which a request for admission to trading on such a market has been made.52