General disclaimer and copyright

This showcase has been commissioned by IP Group and prepared and issued by Curation, in consideration of a fee payable by IP Group. Fees are paid in cash without recourse. Curation may seek additional fees for the provision of content and related IR services for the client but does not get remunerated for any investment banking services.Accuracy of content: All information used in the publication of this showcase has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this showcase and have not sought for this information to be independently verified. Opinions contained in this showcase represent those of Curation at the time of publication. Forward-looking information or statements in this report may contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.Exclusion of Liability: To the fullest extent allowed by law, Curation shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this showcase.No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Curation's solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.Investment in securities mentioned: Curation does not itself hold any positions in the securities mentioned in this report, nor the analysts who responsible for compiling this showcase. However, the respective directors, officers, employees and contractors of Curation may have a position in any or related securities mentioned in this showcase, subject to Curation's policies on personal dealing and conflicts of interest.

United Kingdom

This document is prepared and provided by Curation for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Curation relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This showcase is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Curation does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.