Scott Evans

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Clear Capital Ltd. is an equity research firm founded by Nick Paulson-Ellis in 2003, based in London and Edinburgh with an office in Mumbai. Previously independent, Clear Capital was acquired mid 2008 by the independent UK investment bank Noble Group Ltd. Clear Capital operates since as part of Noble Group's research department. They use Noble Group as their trade name. In addition to fellow subsidiaries within the Noble group, their clientele comprises over 50 institutional investors. Clear Capital is a provider of fundamental equity research. Their core specialty is the UK small and mid-cap market (GBP 100 million to 1.5 billion), complemented by Indian mid-cap equity coverage. They also cover alternative research, including pre-IPO. They are organized in sector teams and focus on sectors such as climate change, healthcare, leisure, media, retail, specialist financials, general insurance, support services and technology.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Clear Capital Ltd. is an equity research firm founded by Nick Paulson-Ellis in 2003, based in London and Edinburgh with an office in Mumbai. Previously independent, Clear Capital was acquired mid 2008 by the independent UK investment bank Noble Group Ltd. Clear Capital operates since as part of Noble Group's research department. They use Noble Group as their trade name. In addition to fellow subsidiaries within the Noble group, their clientele comprises over 50 institutional investors. Clear Capital is a provider of fundamental equity research. Their core specialty is the UK small and mid-cap market (GBP 100 million to 1.5 billion), complemented by Indian mid-cap equity coverage. They also cover alternative research, including pre-IPO. They are organized in sector teams and focus on sectors such as climate change, healthcare, leisure, media, retail, specialist financials, general insurance, support services and technology.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Clear Capital Ltd. is an equity research firm founded by Nick Paulson-Ellis in 2003, based in London and Edinburgh with an office in Mumbai. Previously independent, Clear Capital was acquired mid 2008 by the independent UK investment bank Noble Group Ltd. Clear Capital operates since as part of Noble Group's research department. They use Noble Group as their trade name. In addition to fellow subsidiaries within the Noble group, their clientele comprises over 50 institutional investors. Clear Capital is a provider of fundamental equity research. Their core specialty is the UK small and mid-cap market (GBP 100 million to 1.5 billion), complemented by Indian mid-cap equity coverage. They also cover alternative research, including pre-IPO. They are organized in sector teams and focus on sectors such as climate change, healthcare, leisure, media, retail, specialist financials, general insurance, support services and technology.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Clear Capital Ltd. is an equity research firm founded by Nick Paulson-Ellis in 2003, based in London and Edinburgh with an office in Mumbai. Previously independent, Clear Capital was acquired mid 2008 by the independent UK investment bank Noble Group Ltd. Clear Capital operates since as part of Noble Group's research department. They use Noble Group as their trade name. In addition to fellow subsidiaries within the Noble group, their clientele comprises over 50 institutional investors. Clear Capital is a provider of fundamental equity research. Their core specialty is the UK small and mid-cap market (GBP 100 million to 1.5 billion), complemented by Indian mid-cap equity coverage. They also cover alternative research, including pre-IPO. They are organized in sector teams and focus on sectors such as climate change, healthcare, leisure, media, retail, specialist financials, general insurance, support services and technology.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Clear Capital Ltd. is an equity research firm founded by Nick Paulson-Ellis in 2003, based in London and Edinburgh with an office in Mumbai. Previously independent, Clear Capital was acquired mid 2008 by the independent UK investment bank Noble Group Ltd. Clear Capital operates since as part of Noble Group's research department. They use Noble Group as their trade name. In addition to fellow subsidiaries within the Noble group, their clientele comprises over 50 institutional investors. Clear Capital is a provider of fundamental equity research. Their core specialty is the UK small and mid-cap market (GBP 100 million to 1.5 billion), complemented by Indian mid-cap equity coverage. They also cover alternative research, including pre-IPO. They are organized in sector teams and focus on sectors such as climate change, healthcare, leisure, media, retail, specialist financials, general insurance, support services and technology.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Clear Capital Ltd. is an equity research firm founded by Nick Paulson-Ellis in 2003, based in London and Edinburgh with an office in Mumbai. Previously independent, Clear Capital was acquired mid 2008 by the independent UK investment bank Noble Group Ltd. Clear Capital operates since as part of Noble Group's research department. They use Noble Group as their trade name. In addition to fellow subsidiaries within the Noble group, their clientele comprises over 50 institutional investors. Clear Capital is a provider of fundamental equity research. Their core specialty is the UK small and mid-cap market (GBP 100 million to 1.5 billion), complemented by Indian mid-cap equity coverage. They also cover alternative research, including pre-IPO. They are organized in sector teams and focus on sectors such as climate change, healthcare, leisure, media, retail, specialist financials, general insurance, support services and technology.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Clear Capital Ltd. is an equity research firm founded by Nick Paulson-Ellis in 2003, based in London and Edinburgh with an office in Mumbai. Previously independent, Clear Capital was acquired mid 2008 by the independent UK investment bank Noble Group Ltd. Clear Capital operates since as part of Noble Group's research department. They use Noble Group as their trade name. In addition to fellow subsidiaries within the Noble group, their clientele comprises over 50 institutional investors. Clear Capital is a provider of fundamental equity research. Their core specialty is the UK small and mid-cap market (GBP 100 million to 1.5 billion), complemented by Indian mid-cap equity coverage. They also cover alternative research, including pre-IPO. They are organized in sector teams and focus on sectors such as climate change, healthcare, leisure, media, retail, specialist financials, general insurance, support services and technology.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Clear Capital Ltd. is an equity research firm founded by Nick Paulson-Ellis in 2003, based in London and Edinburgh with an office in Mumbai. Previously independent, Clear Capital was acquired mid 2008 by the independent UK investment bank Noble Group Ltd. Clear Capital operates since as part of Noble Group's research department. They use Noble Group as their trade name. In addition to fellow subsidiaries within the Noble group, their clientele comprises over 50 institutional investors. Clear Capital is a provider of fundamental equity research. Their core specialty is the UK small and mid-cap market (GBP 100 million to 1.5 billion), complemented by Indian mid-cap equity coverage. They also cover alternative research, including pre-IPO. They are organized in sector teams and focus on sectors such as climate change, healthcare, leisure, media, retail, specialist financials, general insurance, support services and technology.

Clear Capital Ltd. is an equity research firm founded by Nick Paulson-Ellis in 2003, based in London and Edinburgh with an office in Mumbai. Previously independent, Clear Capital was acquired mid 2008 by the independent UK investment bank Noble Group Ltd. Clear Capital operates since as part of Noble Group's research department. They use Noble Group as their trade name. In addition to fellow subsidiaries within the Noble group, their clientele comprises over 50 institutional investors. Clear Capital is a provider of fundamental equity research. Their core specialty is the UK small and mid-cap market (GBP 100 million to 1.5 billion), complemented by Indian mid-cap equity coverage. They also cover alternative research, including pre-IPO. They are organized in sector teams and focus on sectors such as climate change, healthcare, leisure, media, retail, specialist financials, general insurance, support services and technology.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Clear Capital Ltd. is an equity research firm founded by Nick Paulson-Ellis in 2003, based in London and Edinburgh with an office in Mumbai. Previously independent, Clear Capital was acquired mid 2008 by the independent UK investment bank Noble Group Ltd. Clear Capital operates since as part of Noble Group's research department. They use Noble Group as their trade name. In addition to fellow subsidiaries within the Noble group, their clientele comprises over 50 institutional investors. Clear Capital is a provider of fundamental equity research. Their core specialty is the UK small and mid-cap market (GBP 100 million to 1.5 billion), complemented by Indian mid-cap equity coverage. They also cover alternative research, including pre-IPO. They are organized in sector teams and focus on sectors such as climate change, healthcare, leisure, media, retail, specialist financials, general insurance, support services and technology.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Clear Capital Ltd. is an equity research firm founded by Nick Paulson-Ellis in 2003, based in London and Edinburgh with an office in Mumbai. Previously independent, Clear Capital was acquired mid 2008 by the independent UK investment bank Noble Group Ltd. Clear Capital operates since as part of Noble Group's research department. They use Noble Group as their trade name. In addition to fellow subsidiaries within the Noble group, their clientele comprises over 50 institutional investors. Clear Capital is a provider of fundamental equity research. Their core specialty is the UK small and mid-cap market (GBP 100 million to 1.5 billion), complemented by Indian mid-cap equity coverage. They also cover alternative research, including pre-IPO. They are organized in sector teams and focus on sectors such as climate change, healthcare, leisure, media, retail, specialist financials, general insurance, support services and technology.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Clear Capital Ltd. is an equity research firm founded by Nick Paulson-Ellis in 2003, based in London and Edinburgh with an office in Mumbai. Previously independent, Clear Capital was acquired mid 2008 by the independent UK investment bank Noble Group Ltd. Clear Capital operates since as part of Noble Group's research department. They use Noble Group as their trade name. In addition to fellow subsidiaries within the Noble group, their clientele comprises over 50 institutional investors. Clear Capital is a provider of fundamental equity research. Their core specialty is the UK small and mid-cap market (GBP 100 million to 1.5 billion), complemented by Indian mid-cap equity coverage. They also cover alternative research, including pre-IPO. They are organized in sector teams and focus on sectors such as climate change, healthcare, leisure, media, retail, specialist financials, general insurance, support services and technology.

Panmure Gordon (UK) Ltd. (PGL) is the stockbroking subsidiary of Panmure Gordon & Co. Ltd. in Great Britain. Headquartered in London, the firm was founded in 2003 and provides corporate finance advice, distributes and trades securities and produces investment research to UK small and mid-cap corporates and investment companies. PGL has access to capital markets via a range of equity and equity-linked products such as IPOs, accelerated book buildings, placings, rights issues, and bought deals. The firm's institutional equities department provides UK-focused research, sales and trading services to institutional investors in the UK, US and Europe.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Panmure Gordon (UK) Ltd. (PGL) is the stockbroking subsidiary of Panmure Gordon & Co. Ltd. in Great Britain. Headquartered in London, the firm was founded in 2003 and provides corporate finance advice, distributes and trades securities and produces investment research to UK small and mid-cap corporates and investment companies. PGL has access to capital markets via a range of equity and equity-linked products such as IPOs, accelerated book buildings, placings, rights issues, and bought deals. The firm's institutional equities department provides UK-focused research, sales and trading services to institutional investors in the UK, US and Europe.

Panmure Gordon (UK) Ltd. (PGL) is the stockbroking subsidiary of Panmure Gordon & Co. Ltd. in Great Britain. Headquartered in London, the firm was founded in 2003 and provides corporate finance advice, distributes and trades securities and produces investment research to UK small and mid-cap corporates and investment companies. PGL has access to capital markets via a range of equity and equity-linked products such as IPOs, accelerated book buildings, placings, rights issues, and bought deals. The firm's institutional equities department provides UK-focused research, sales and trading services to institutional investors in the UK, US and Europe.

Panmure Gordon (UK) Ltd. (PGL) is the stockbroking subsidiary of Panmure Gordon & Co. Ltd. in Great Britain. Headquartered in London, the firm was founded in 2003 and provides corporate finance advice, distributes and trades securities and produces investment research to UK small and mid-cap corporates and investment companies. PGL has access to capital markets via a range of equity and equity-linked products such as IPOs, accelerated book buildings, placings, rights issues, and bought deals. The firm's institutional equities department provides UK-focused research, sales and trading services to institutional investors in the UK, US and Europe.

Panmure Gordon (UK) Ltd. (PGL) is the stockbroking subsidiary of Panmure Gordon & Co. Ltd. in Great Britain. Headquartered in London, the firm was founded in 2003 and provides corporate finance advice, distributes and trades securities and produces investment research to UK small and mid-cap corporates and investment companies. PGL has access to capital markets via a range of equity and equity-linked products such as IPOs, accelerated book buildings, placings, rights issues, and bought deals. The firm's institutional equities department provides UK-focused research, sales and trading services to institutional investors in the UK, US and Europe.

Panmure Gordon (UK) Ltd. (PGL) is the stockbroking subsidiary of Panmure Gordon & Co. Ltd. in Great Britain. Headquartered in London, the firm was founded in 2003 and provides corporate finance advice, distributes and trades securities and produces investment research to UK small and mid-cap corporates and investment companies. PGL has access to capital markets via a range of equity and equity-linked products such as IPOs, accelerated book buildings, placings, rights issues, and bought deals. The firm's institutional equities department provides UK-focused research, sales and trading services to institutional investors in the UK, US and Europe.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Panmure Gordon (UK) Ltd. (PGL) is the stockbroking subsidiary of Panmure Gordon & Co. Ltd. in Great Britain. Headquartered in London, the firm was founded in 2003 and provides corporate finance advice, distributes and trades securities and produces investment research to UK small and mid-cap corporates and investment companies. PGL has access to capital markets via a range of equity and equity-linked products such as IPOs, accelerated book buildings, placings, rights issues, and bought deals. The firm's institutional equities department provides UK-focused research, sales and trading services to institutional investors in the UK, US and Europe.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Execution Noble Research Ltd. (Execution Noble Research) is the Great Britain-based research subsidiary of Banco Espirito Santo Investimento SA, ultimately owned by by Banco Espirito Santo SA (XL: BES) in Portugal. Established as Clear Capital Ltd. by Nick Paulson-Ellis in 2003, the firm was subsequently acquired by Execution Noble, which itself was acquired by Banco Espirito Santo de Investimento SA in 2010. Execution Noble Research is headquartered in London and Lisbon, with additional offices in Madrid, Edinburgh, Dublin, Paris, Warsaw, New York, Mexico City, Sao Paulo, Luanda, Mumbai and Hong Kong The firm aims to produce fundamental, objective ideas, informed by primary data.

Panmure Gordon (UK) Ltd. (PGL) is the stockbroking subsidiary of Panmure Gordon & Co. Ltd. in Great Britain. Headquartered in London, the firm was founded in 2003 and provides corporate finance advice, distributes and trades securities and produces investment research to UK small and mid-cap corporates and investment companies. PGL has access to capital markets via a range of equity and equity-linked products such as IPOs, accelerated book buildings, placings, rights issues, and bought deals. The firm's institutional equities department provides UK-focused research, sales and trading services to institutional investors in the UK, US and Europe.

Panmure Gordon (UK) Ltd. (PGL) is the stockbroking subsidiary of Panmure Gordon & Co. Ltd. in Great Britain. Headquartered in London, the firm was founded in 2003 and provides corporate finance advice, distributes and trades securities and produces investment research to UK small and mid-cap corporates and investment companies. PGL has access to capital markets via a range of equity and equity-linked products such as IPOs, accelerated book buildings, placings, rights issues, and bought deals. The firm's institutional equities department provides UK-focused research, sales and trading services to institutional investors in the UK, US and Europe.