Disclosure requirements pursuant to the Investment Recommendation Regulation ยง 2-5 (4)

The following table shows quarterly statistics on the overall ratio of Fearnley Securities' recommendations of equities, including a split with respect to issuers where Fearnley Securities has provided investment banking services the last 12 months.

Rating distribution Investment banking relationship
Buy Accumulate Reduce Sell Buy Accumulate Reduce Sell
49% 21% 11% 19% 70% 10% 10% 10%

Last updated 25 April 2017