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					                                                                                                                                     14 February 2008


Irish Equity Morning Meeting Wrap
Contents:                                          Economic View; UK economy unlikely to be bailed out by aggressive interest rate cuts
Economic View - UK economy unlikely to be                          Economist: Dermot O’Leary T +353-1-6419167 E dermot.c.o’
bailed out by aggressive interest rate cuts        Unlike the Federal Reserve, the Bank of England does not appear to be willing to give in to calls
                                                   for aggressive interest rate cuts. In its quarterly Inflation Report yesterday, the Bank set out to
Irish Financials - You’ve been B&B’ed.             scale back expectations for a series of interest rate cuts over the coming few months. To be sure,
                                                   the MPC appears willing to sacrifice some growth to get inflation back to target on the two-year
CRH - Vulcan Materials Q4 and guidance in line
                                                   time horizon and was pretty candid in its views of a slowing of growth coupled with a sharp
CRH - Lafarge beats expectations by 5%
                                                   increase in inflation readings. It is probably the most difficult period that the Bank has had to face
                                                   since it became independent in 1997. Backing up its views on price pressures, inflation was
CRH - Wienerberger highlights growth               described as “rising sharply in the near term” with a profile “significantly higher” than in
prospects in Eastern Europe                        November. It was also mentioned that it is “odds-on” another open letter to the Chancellor would
                                                   have to be written within the next year (a requirement when inflation moves 1% above or below
Economic View/Financials - Significant             the 2% target). In rhetoric not so dissimilar to that of the ECB, Mervyn King stated that the
downward momentum in mortgage lending              Committee would take “whatever measures are necessary to bring inflation back to target”. In
                                                   relation to the outlook for growth, the central projection is weaker and more persistent than that
Smurfit-Kappa - Key takeaway’s from results        in November, primarily reflecting a weaker outlook for world activity, real income growth and
and conference call.                               credit conditions. With consumer spending surveys and data pointing to slower rates of spending
                                                   growth, in the view of the Bank, this may be the beginning of a necessary rebalancing of demand
Elan - Pulling back earnings forecasts on
                                                   away from the consumer to other sectors as household savings increase. This eventuality is
development cost guidance.
                                                   made even more likely due to the slowing nature of the housing market, a slowdown which is
United Drug - Government takes hard line on        being exacerbated by the tightening of credit conditions by the financial institutions. In the Bank’s
pharmacist contract.                               view, UK house prices are not expected to be much above their current rate in four years’ time
                                                   (although yesterday’s RICS survey indicates that house prices are currently falling). We must
Irish Financials - Zurich sees continued growth    remember that the Bank of England has an inflation target to meet. It does not have a dual
in life new business sales in Ireland.             mandate like the Federal Reserve, and so is correct to continue to stress the inflation risks. While
                                                   we still think that UK rates will fall by more than the market currently expects (which is now by a
FBD Holdings - Zurich Financial highlights         further 50bps to 4.75% by the end of the year), the scope for near-term cuts is quite limited if we
competitive commercial.                            take the MPC at its word. The next cut is now likely at the time of the May Inflation Report, when
                                                   the Bank will get an opportunity to discuss the difficult “balancing act” that it clearly faces.
Greencore - Positive IMS
                                                   Irish Financials; You’ve been B&B’ed.
DCC - SerCom reorganisation put in
                                                                   Analyst: Eamonn Hughes T +353-1-6419442 E
C&C Group - Diageo reaffirms guidance
                                                   Bradford & Bingley finished down 23% yesterday, dragging the whole UK bank sector down with
                                                   it. Whilst we commented upon its numbers yesterday, a few follow points are worthy of mention:
                                                   1) Firstly, the SIV (£64m) and CDO (£30m) losses were well-documented yesterday, however,
 Indices                                           the £60m negative fair value adjustment through the balance sheet managed to spook a few
                                 change %          investors we met with in London yesterday – and clearly the market, given the share price
                  Price       -1 day     -5 day
                                                   decline. Whilst this markdown won’t impact regulatory capital, it obviously highlights a lower
 ISEQ            6596.0        -0.78       0.33
                                                   market valuation on the underlying assets, which were treasury related assets held for liquidity.
 FTSE 100        5880.1        -0.51       0.08
                                                   It appears that B&B marked to market right up until the results date, which captures impairments
 FTSE E300       1334.3         0.00       0.93
 Nasdaq          2373.9         2.32       4.18
                                                   in the year to date. This post balance sheet event highlights possible risks since the pre-close
 S&P 500         1367.2         1.36       3.07    stage for many banks on previous impairment guidance. With corporate and bank’s own debt
 Dow Jones      12552.2         1.45       2.89    spreads having moved up in the year to date, instruments that will be held by most banks for
                                                   liquidity purposes, we are all on edge heading into the results season; 2) The second point
 Exchange Rates                                    worthy of note was the uptick in the credit charge. Arrears moved up from 1.62% at the H1 stage
                 Current      -1 day      -5 day   to 1.85% at end FY. This move precipitated a jump in the credit charge from 4bps annualised in
 Stg/€             0.74         0.74        0.75   H1 to 9bps in H2. So with house prices in the UK only starting to go into negative territory, the
 US$/€             1.46         1.46        1.45   worry would be that the charge-off rate could materially increase from here. For the record, we
 CHF/€             1.62         1.62        1.60   are forecasting a 7bps bad debt charge of RWA for BOI in the UK in the year about to finish (end
 JPY/€           157.83      157.88      155.69    March) and 11bps next year (though bear in mind this includes Northern Ireland and the UK
 €/AUD             1.61         1.63        1.62   commercial business). Our trend through the cycle charge on mortgages for all banks is 15bps
 Stg/US$           1.97         1.96        1.94   of RWA. Nevertheless, the B&B trends highlight the commencement of the mortgage credit
                                                   cycle; 3) Finally, all the adjustments to fair value etc., leave the tangible book value sub £1.90
 Commodities                                       per share. Amazingly enough, the share price collapsed 23% to finish at £1.87, sitting on the
                                 change %          tangible book value. So while ROE’s are anticipated to be well ahead of WACC – implying a
                   Price      -1 day     -5 day    multiple of book – the market is still not comfortable with the medium term outlook, so is unwilling
 Brent Oil          93.7        0.40       5.89    to put a premium rating on the bank. It’s not this extreme for all UK – or Irish – banks, but more
 Jet Kerosene      897.5        0.81       6.62    highlights the market’s nervousness around how it values financial institutions. For the Irish
 Gold$/oz          911.4        0.52       0.09

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                                                                                                                       MORNING WRAP

banks, we think the market is looking through current forecasts and valuing the banks as simply the trend ROE over the cost of capital
times the tangible NAV. So there’s no consideration that the ROE for the next few years will be above the trend level, nor taking into
consideration any future value for “g”, the long term growth factor. For instance, AIB’s trend ROE is 13.8% divided by its 9.5% cost of
capital times its end 2007 estimated tangible book gives around €14, which is where the share price resides. However, with the onset
of the credit cycle and the likes of the B&B report and declining asset values (residential and commercial property), its looking like the
market still appears to be reticent about warming up to banks any time soon. Reports from UBS and Commerzbank this morning
highlight further writedowns, though the UBS numbers look in-line with the earlier flagged guidance.

CRH (Buy, Closing Price €25.50); Vulcan Materials Q4 and guidance in line
                                                                 Analyst: Robert Eason T +353-1-6419271 E
Vulcan Materials has reported Q4 earnings of $0.83, stripping out a one-off adjustment from the Florida acquisition, earnings were
$1.12, which compares to consensus of $1.09 and $1.18 in the same period last year. The drivers of this performance were: (i)
Aggregate volumes were down 12%, which was partly offset by continued strength in pricing of 9% (the latter was somewhat impacted
by mix effects); (ii) Asphalt earnings declined slightly in the quarter with price increases of 5% helping to offset most of the 8% decline
in volumes. However, strong pricing through the year left earnings in this segment up “sharply”; and (iii) Concrete, which is more biased
to residential, saw volumes decline by 24%, while prices were up just 1%. In terms of the outlook, management is guiding earnings in
FY08 the range of $4.75 to $5.15, which compares to consensus of $4.87. Management indicated that lead indicators for both highways
and non-residential remain positive, while the residential sector is set for a further double-digit decline. However, it notes some “some
softening in certain categories of private non-residential construction”. Given this backdrop management expects lfl aggregate
shipments to be flat to down 2% (+9-12% including Florida Rock), while pricing will continue to be strong at 8-10%. For the asphalt
operations it expects margins to be broadly flat with price increases offsetting input cost inflation.

Lafarge beats expectations by 5% at operating profit line, expects further growth in 2008
Lafarge this morning released strong Q4 results, with operating income of €800m (+15% yoy) ahead of consensus of €764m (range of
€680m to €795m). Emerging markets were once again the key driver of these results, however, Lafarge also had impressive outturns
from its US and European operations. Despite the challenging housing backdrop, Lafarge’s US operations recorded 12.2% operating
income growth (at constant exchange rates), aided by continued strong pricing. In Europe, it reported a 12.6% rise in operating income
(at constant exchange rates) with France being the key area of strength. In relation to its outlook, management believes the
fundamentals of the sector remain sound, with weakness in the US and Spanish housing markets being offset by continued buoyancy
in Emerging Markets. Lafarge expects 2008 to be another year of earnings growth and reaffirms its 2010 guidance of €15 EPS.

Wienerberger highlights growth prospects in Eastern Europe
Very much in keeping with recent sector results (including Lafarge above), Wienerberger reported strong FY07 results this morning, with
Eastern Europe being the star performer. However, the company did experience a severe slowdown in Q4, as EBIT during the quarter
actually declined yoy (-4% to €68.8m), compared to 18% growth for the full year, led by particularly weak performances in Central-West
Europe and North America (both reporting negative EBIT during the quarter). In relation to Western Europe, Wienerberger does not
anticipate a further downturn in the German market; however, it notes that “there are currently no signs of a significant recovery in
Germany”. Similar, to Lafarge, Wienerberger expects 2008 to be another year of growth, with the main impetus emerging from Eastern
Europe, helping to offset continued weakness in the US and a subdued environment in Western Europe.

Economic View/Financials; Significant downward momentum in mortgage lending at present
                                                       Economist: Dermot O’Leary T +353-1-6419167 E dermot.c.o’
Although we already knew that net mortgage lending increased by 13.4% in the year to December 2007, data yesterday from the Irish
Banking Federation (IBF) gives us full details on gross flows by individual category. In 2007 as a whole, the value of gross mortgage
lending declined by 15.2%, following a 16.9% increase in 2006. Within this, the number of mortgages paid out fell by 22.5% in the year,
while the average mortgage size increased by 9.4%. We had a 13.7% decline in gross lending built into our mortgage assumptions, so,
given that we already had details on the net lending number, this means that the redemptions actually grew at a slower pace than our
original assumptions. The trends across many of the categories weakened progressively throughout the year. For example, the volume
of mover-purchaser mortgages fell by almost a third (-32.3% yoy) in Q4. The volume of mortgages paid to investors fell by 28% yoy in
Q4, while mortgages to FTBs fell by 24% yoy in Q4, all representing deterioration on the growth rates achieved in Q3, although this was
expected given the slowing momentum that we saw as the year progressed. Re-mortgaging continues to be quite robust, with growth
of 6% achieved in volume terms and 13% in value terms. If it were not for the growth in this sector, total gross lending values would
have been down significantly more that the -15% achieved. On an annual basis, mortgage growth has slowed for seven consecutive
months and thus is entering 2008 with a significant degree of downward momentum. Given that the Q4 numbers came in slightly worse
than our original projections, it probably gives some downward risks to our mortgage growth assumptions for 2008 also, where we have
a 7.1% increase in net lending pencilled in (based on a 9% decline in gross lending).

Smurfit-Kappa (Add, Closing Price €8.85); Key takeaway’s from results and conference call.
                                                              Analyst: Robert Eason T +353-1-6419271 E
Yesterday Smurfit-Kappa reported Q4 EBITDA up 8% yoy (flat qoq), which was ahead of our forecasts of €261m (versus consensus of
€265m) due to a temporary fall in recovered fibre prices in November / December. The key take-aways from the results and conference
call were as follows: (i) Management confident on further box increases in 2008– Following an 8% increase in European corrugated
prices in 2007, management is confident of further progress in the current year. Since the trough in Q4’2005, box prices have increased
by c.17%, the company believes 19%/19.5% is achievable in the current year (every 1% move in corrugated prices adds c.€40m to
EBITDA); (ii) Demand is the main uncertainty – While European volumes were weaker in Q4, management noted that it has had a
reasonable start to the year, which was in line with its own expectations. However, we would be cautious on the demand outlook given

                                                                                                                          MORNING WRAP

the general slowdown in global growth; (iii) Input costs – Input cost inflation is likely to remain a challenge this year, particularly energy
and OCC prices. Indeed, management noted that OCC prices are under pressure again in January. While this potentially supports
recycled container board prices, it potentially compresses margins in the short-term due to the lag effects in passing this on into box
prices; and (iv) Prepared to act on capacity – Given capacity announcements by its peers, Smurfit-Kappa has indicated that it is
“examining a further possible capacity rationalisation initiative in 2008”, on which it will report in the Q2 results. Overall, following the
conference call we remain cautious on the outlook for Smurfit-Kappa given slowing markets in an environment of continuing cost
pressures, therefore we are reducing EBITDA (as defined by the company) forecasts for 2008 by 3-4% to €1,090m, representing yoy
growth of 2-3%, which is broadly consistent with company guidance of “modest EBITDA growth”. This leaves it trading on an
EV/EBITDA of circa 5.5x, although low, is broadly in line with the sector, which is likely to remain out of favour in the current economic
climate. We, therefore, reiterate our “Add” recommendation on the stock with a 12-month price target of €10 (previously €13).

Elan (Add, Closing Price $25.45); Pulling back earnings forecasts on development cost guidance.
                                                                      Analyst: Ian Hunter T +353-1-6410498 E
Elan yesterday issued a solid set of Q407 results for a company with one potential blockbuster on the market and another proceeding
through the regulatory process. Losses per share were in line with our forecasts ($0.17 versus $0.16) as a result of stronger than
expected revenue, balanced by greater R&D costs and interest charges. We have now incorporated Elan management’s guidance for
FY08 into our model and run it through to FY09. Given: (i) the increased cost base required to part-fund four large Phase III trials of
AAB-001 for the treatment of mild to moderate Alzheimer’s; (ii) the costs associated with the launch and roll out of Tysabri for the
treatment of Crohn’s; and incorporating (iii) the flagged potential $75m milestone payment to Biogen Idec, we are increasing our forecast
losses per share for FY08 from $0.15 to $0.70. This also incorporates the guided pull back in gross margins, driven by the balance of
Tysabri revenue source (US v. EU affects gross margin) and the impact of the relative increase in manufacturing revenue (lower margin)
as Maxipime revenue (high margin) slips. This runs through to a pull back in forecast earnings for FY09 to $0.24 from $0.43. Revenue
in both years remains virtually unchanged. There was little new to glean from Elan’s conference call, other than that management
highlighted the company’s tax position, which it sees as a strategic advantage over peers. With accumulated losses of over $3bn to work
off when the company returns to profitability, such a milestone (in FY09) could be followed by a rapid ramp up in earnings. Again, the
market has less interest in Elan’s quarterly historic progress than in the broader picture of future promise. As such, this year’s catalysts
remain the sight of AAB-001 Phase II data in mid July (Elan reiterated its goal to have the full data presented at ICAD in late-July) and
continuing progress of Tysabri in both the MS and Crohn’s markets. Given that current valuations of Elan are primarily based on
multiples of peak sales of Tysabri and the Alzheimer’s drug pipeline, none of which have change, we are retaining our Add
recommendation and an unchanged price target.

United Drug (Add, Closing Price €3.97); Government takes hard line on pharmacist contract.
                                                                   Analyst: Ian Hunter T +353-1-6410498 E
Following the protracted debates in a Dail (parliamentary) health committee on Tuesday, which we reported on yesterday, there was
expected to be a vote (again yesterday) on a motion calling for the HSE to postpone the implementation of 8.2% cuts in the drug
wholesale margin and introduction of new contracts for pharmacists. It was also calling for an independent body to review the situation
before any contracts were signed. That was, however, postponed until today to give time to thrash out suitable wording. However, in the
mean time the Taoiseach (Prime Minister) made the Government’s position clear (the HSE is implementing Government policy)
yesterday in the Dail by stating that “the HSE now intends to implement revised arrangements on March 1st”. In effect, the Government
wants pharmacists to sign a new contract now, which allows for dispensing fees to be raised to €5.00 from €3.26 to in some way
compensate for the 8.2% rebate they are going to lose from wholesalers. A new substantive contract would then be developed “as soon
as possible”. The Taoiseach indicated that an independent body, as advocated by the IPU, might be established. This clearly signals
the Government’s intent to stand behind the HSE. It renders the vote on any motion/amendments from the health committee (which
yesterday we noted are of an advisory nature and not binding for the HSE) meaningless. In pure business terms, there should be no
impact on United Drug, as the drug wholesale margin cuts are clearly being fully passed through to the pharmacy sector. However, there
could be some short-term disruption in day to day services should the pharmacy sector decide to take action. Moves mentioned include
not honouring their current contract with the Government to supply drugs under the various medical card schemes (Government insists
this requires three months notice), withdrawing selective services and/or closing for certain periods. All would disrupt the drug supply
system although actual consumption would be unaffected.

Irish Financials; Zurich sees continued growth in life new business sales in Ireland.
                                                                  Analyst: Anna Lalor T +353-1-6410419 E
In its FY07 results this morning, Zurich Financial reported an 11% increase in Global Life new business annualised premium equivalent
(APE) sales, driven by Ireland, along with emerging markets and SE Asia. Irish New business sales increased 31% in euro terms to
US$301m with momentum from 2006 being carried into 2007, with particularly strong growth in pension sales. Irish new business
operating profit came in at US$64m. Pre-tax APE margins declined slightly to 26% (from 26.2% in 2006) and after tax margins declined
to 23% from 23.2% a year earlier. IL&P is expected to have 30% growth in retail Life new business sales in 2007, with an 18.8% pre-
tax profit margin.

FBD Holdings (Add, Closing Price €28.00); Zurich Financial highlights competitive commercial.
                                                                     Analyst: Anna Lalor T +353-1-6410419 E
Zurich Financial released FY07 results this morning in which it has a number of comments on commercial non-life insurance in Ireland.
It highlighted that the commercial lines of business in Ireland, the UK and North America remain competitive and were the worst affected
by pressure on rates. This is the first results comment we have had on the commercial market and it would indicate that there has been
little (if any) abatement in the level of competition on commercial insurance here. There is no comment on whether this relates to just

                                                                                                                         MORNING WRAP

large commercial or is across the board (including smaller businesses where FBD would be more focused at present). However, an
improvement in its European insurance combined ratio of 1.4 percentage points to 67.5% was driven by a favourable development in
prior year claims reserves in Ireland (and 3 other countries). It is possible that Zurich’s large reserve releases in Ireland may be a result
of a change to its reserving policy here. We have continued premium declines built into our FBD model (which includes commercial and
motor insurance). Zurich also indicated that it intends to seek opportunities for growth both organically and through bolt-on acquisitions.

Greencore (Buy, Closing Price €4.30); Positive interim management statement
                                                                      Analyst: Liam Igoe T +353-1-6419450 E
Greencore said this morning that its remains “comfortable” with current market expectations, despite the increased headwind from
adverse currency movements between sterling and the euro (80% of profits are in the sterling area), which, at current levels, would
impact operating profits to the tune of €8m. In its core Convenience Foods business, Greencore has successfully passed on the impact
of the higher input costs (8%-10% of COGS) by means of higher product prices. Demand has been strong in Q1, though somewhat
weaker in January. A combination of the product mix, various product initiatives and pricing will be especially reflected in H2, the net
effect of which will be that growth will be H2 centred in FY08 (as indeed it was last year, where 60% of EPS was in H2, despite H207
being adversely impacted by the poor summer weather). The Ingredients operations are continuing the strong momentum seen last
year, primarily in malt, reflecting the continued rise in international malt prices. Finally, Greencore has confirmed that it is to receive
87.3% of the total restructuring aid allocated to Ireland. The final instalment of €83.4m will be paid in a few weeks time and will also
result in an exceptional positive item of €15m in its interim results. The statement from Greencore underlines the robust nature of its
model arising from clever strategic positioning in the GB convenience foods market over the past five years and also its success in the
micromanagement of its cost base through its “Total Lowest Cost” programme. The positive statement underpins our positive stance on
Greencore, where we have a share price target of €5.30 based on our sum-of-the parts valuation.

DCC (Buy, Closing Price €16.45); SerCom reorganisation put in perspective
                                                        Analyst: Dan Cavanagh T +353-1-641-9162 E
Reports yesterday, claimed that due to a reorganisation of its operations, SerCom (the IT and consumer electronic distribution division
of DCC) is to make approximately 120 redundancies from its Limerick facilities. This development reflects the changing shift in customer
purchasing requirements and in-sourcing arrangements across the DCC group. In recent years SerCom, together with DCC Healthcare,
has placed increasing reliance upon China for product sourcing, whilst internal efforts have been made to maintain the efficiency of the
supply chain operations. These job losses can be seen as part of this on-going and continuous process. Further, within a company of
approximately 7,000 employees, of which c.1,500 work in SerCom, this news must be viewed in perspective with the changing needs
of the business. Within DCC, SerCom accounts for approximately 30% of total group revenues and 24% of operating profits.

C&C Group (Buy, Closing Price €4.38); Diageo reaffirms guidance
                                                                        Analyst: Liam Igoe T +353-1-6419450 E
Daigeo is on track to attain its full-year guidance, after its H1 profit increased by 9%. Within this, global volumes were up 4%, including
3% for Guinness and 5% for Baileys. In relation to Guinness, a 20% increase in marketing was a key factor behind the improved
performance. In GB its sales increased by 8% and increased its share by 0.5%, while in Ireland sales were up 3% with a 1.3%
improvement in market share, helped by a slowdown in the switch from the on to the off-trade by consumers. All else being equal, an
improved result for Diageo in Ireland, would suggest lower market share gain for C&C in the Irish market.

                                                                                                                                                                              MORNING WRAP

Equity Research                                                                                                   Head of Institutional Equities
                                                                                                                  Stephen Donovan          +353-1-641 9102
Head of Research
                                                                                                                  Equity Sales
Eamonn Hughes                       +353-1-641 9442     
                                                                                                                  Lesley Williams          +353-1-667 0222
Financials                                                                                                        Rory Carton              +353-1-667 0222
                                                                                                                  David Donnelly           +353-1-667 0222
Eamonn Hughes                       +353-1-641 9442     
                                                                                                                  Eamon Finnegan            +353-1-667 0222
Anna Lalor                          +353-1-641 0419                             Hubi Kos                 +353-1-667 0222
                                                                                                                  Monika Orlowska          +353-1-667 0222
Building Materials
                                                                                                                  Paddy Power              +353-1-667 0222
Robert Eason                        +353-1-641 9271                             Dudley Shanley           +353-1-667 0222
                                                                                                                  Tom Shaw                 +353-1-667 0222
Peter Gunn                          +353-1-641 6052     

Airlines                                                                                                          Equity Sales Trading
                                                                                                                  Garret Ward              +353-1-667 0222
Joe Gill                            +353-1-641 9191     
                                                                                                                  Glenn Dalton             +353-1-667 0222
Technology/Resources                                                                                              Robert Fallon            +353-1-667 0222
Gerry Hennigan                      +353-1-641 9274                         Catriona Nicholson       +353-1-667 0222
                                                                                                                  Stephen O'Donohoe +353-1-667 0222                 stephen.o'
Pharmaceuticals/Healthcare/Utilities                                                                              Fergal O’Dwyer           +353-1-667 0222          fergal.o’
Ian Hunter                          +353-1-641 0498                             Justin O'Flaherty        +353-1-667 0222          justin.m.o'

Food & Beverage                                                                                                   Equity Trading
Liam Igoe                           +353-1-641 9450                              Martin Tormey            +353-1-667 0222
                                                                                                                  Enda Carroll             +353-1-667 0222
Property                                                                                                          Stephen Clifford         +353-1-667 0222
Dan Cavanagh                        +353-1-641 9162                           Garrett Fitzgibbon       +353-1-667 0222
                                                                                                                  Marie Kavanagh           +353-1-667 0222
Media/Support Services
                                                                                                                  Aisling Manning          +353-1-667 0222
Philip O’Sullivan                   +353-1-641 9150               philip.d.o’                 Kevin McQuillan          +353-1-667 0222
                                                                                                                  Aidan O’Looney           +353-1-667 0222          aidan.d.o'
                                                                                                                  Jack Rearden             +353-1-667 0222
Dermot O’Leary                      +353-1-641 9167               dermot.c.o’                    Mary Taaffe              +353-1-667 0222
                                                                                                                  Derek Tynan              +353-1-667 0222
Deirdre Ryan                        +353-1-641 6005     

                                                                                                                  Corporate Broking
                                                                                                                  Linda Hickey             +353-1-641 6017
                                                                                                                  Caroline Kelly           +353-1-641 9435
                                                                                                                  Fiona Ross               +353-1-641 0446

Goodbody Stockbrokers acts as broker to:
Aer Lingus, AIB, Andor, Datalex, Diageo, First Derivatives, Grafton Group, Greencore, Independent News & Media, Kingspan, Merrion Pharmaceuticals, Norkom, NTR, Prime
Active Capital, Paddy Power, UTV Media,

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the Irish Stock Exchange and their equivalent on the London Stock Exchange. Taxation rates and the basis of taxation are subject to change without notice. Protection of investors under the UK Financial
Services and Markets Act 2000 may not apply. Irish Investor Compensation arrangements will apply. For US Persons Only: This publication is only intended for use in the United States by Major Institutional
Investors. A major Institutional investor is defined under Rule 15a-6 of the Securities Exchange Act 1934 as amended and interpreted by the SEC from time-to-time as having total assets in its own account
or under management in excess of $100 million. Investors should be aware, that where appropriate, research may be disclosed to the issuer (s) in advance of publication in order to correct factual
inaccuracies. Goodbody Stockbrokers are satisfied that such disclosures will not compromise the report’s objectivity Please see for other important disclosures. Goodbody
Stockbrokers has procedures and policies in place to identify and manage any potential conflicts of interest that arise in connection with its research business. Goodbody Stockbrokers analysts and other
staff who are involved in the preparation and dissemination of research operate and have a management reporting line independent to its Corporate Finance business. Chinese walls are in place between
the Corporate Finance arm and the Research arm to ensure that any confidential and or price sensitive information is handled in an appropriate manner.
All material presented in this report, unless specifically indicated otherwise is copyright to Goodbody Stockbrokers. None of the material, nor its content, nor any copy of it, may be altered in any way,
transmitted to, copied or distributed to any other party, without the prior express written permission of Goodbody Stockbrokers. All trademarks, services marks and logos used in this report are trademarks
or service marks or registered trademarks or service marks of Goodbody Stockbrokers.
GSB uses the terms “buy”, “add”, “reduce” and “sell”. The term “buy” means that the analyst expects the security to appreciate in excess of 15% over a twelve month period. The term “add” means that
the analyst expects the security to appreciate by up to 15% over a twelve month period. The term “reduce” means that the analyst expects the security to decline by up to 15% over the next twelve
months. The term “sell” means that the security is expected to decline by in excess of 15% over the next twelve months. In the event that a stock is delisted the firm will automatically cease coverage. If
however the firm ceases to cover a stock for any other reason the firm will disclose this fact.

Goodbody Stockbrokers, Ballsbridge Park, Ballsbridge, Dublin 4, Ireland
T (+ 353 1) 667 0400       F (+ 353 1) 667 0280        W          E

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