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Afentra plc’s website (the “Website”) and the documents contained, or referred to therein, have been provided by Afentra plc (“Afentra”) for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall they, or the fact of their distribution, form the basis of, or be relied upon, in connection with any contract relating to such action. Any opinions, estimates or forecasts regarding Afentra’s performance made by analysts, contained in or referred to in the Website, are theirs alone and do not represent opinions, forecasts or predictions of Afentra or its management. Afentra does not by reference to such analyst(s) imply its endorsement of, or concurrence with, the information, conclusions or recommendations made by such analyst(s). Please note that any persons accessing the Website should make their own investment decisions based upon their own financial objectives and financial resources and, if in any doubt, should seek advice from an independent investment adviser.

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© Tennyson Securities. All rights reserved. Any unauthorised use or distribution is strictly prohibited. This document has been prepared and issued by Tennyson Securities or its associated companies and has been approved for publication in the United Kingdom by Tennyson Securities, a trading name of Shard Capital, which is authorised and regulated by the Financial Conduct Authority (FRN: 538762). Neither the information nor the opinions expressed in this document constitute or intend to be an offer, or a solicitation of an offer, to buy or sell relevant securities (i.e. securities mentioned herein and options, warrants, or rights to or interests in any such securities). The information and opinions contained in this document have been compiled from and based upon generally available information which Tennyson Securities believes to be reliable but the accuracy or completeness of which cannot be guaranteed. All comments and estimates given are statements of Tennyson Securities or an associated company’s opinion only and no express or implied representation or warranty is given or to be implied therefrom. All opinions expressed herein are subject to change without notice. This document does not take into account the specific investment objectives, financial status, attitude to risk or any other specific matters relevant to any person who receives this document and should therefore not be used in substitution for the exercise of judgment by such person. Tennyson Securities nor any associated company accepts any liability whatsoever for any direct or consequential loss arising from the use of its research publications save where such loss arises as a direct result of Tennyson Securities or an associated company’s negligence. The value of the securities and the income from them may fluctuate. It should be remembered that past performance is not a guarantee of future performance. Investments may go down in value as well as up and you may not get back the full amount invested. Research publications are issued by Tennyson Securities or an associated company for private circulation to eligible counterparties, professional clients and professional advisers, (“its clients”), and specifically not to private or retail clients. Moreover, this document is not directed at persons in any jurisdictions in which Shard Capital is prohibited or restricted by any legislation or regulation in those jurisdictions from making it available. Persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. They may not be reproduced, distributed or published by you for any purpose except with Tennyson Securities’ express written permission. Tennyson Securities, an associated company, or their employees and officers may have a holding (long or short) in an investment which it knows will be the subject of a published research recommendation to clients. It may also have a consulting relationship with a company being reported on. Tennyson Securities or an associated company may also act as agent of its clients and may have or have undertaken transactions in investments covered by this document prior to your receipt of it. Additional information on the contents of this report is available on request. Tennyson Securities and its affiliates may collect and use personal data that they receive by any means. Tennyson Securities will only use such data in accordance with the Data Protection Policy, a copy of which can be found at www.shardcapital.com

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Tennyson Securities, a trading name of Shard Capital, is not a registered broker-dealer in the United States and, therefore, is not subject to U.S. rules regarding the preparation of research reports and the independence of research analysts. This report is provided for distribution to major U.S. institutional investors ONLY in reliance on the exemption from registration provided by Rule 15a-6 of the US Securities Exchange Act of 1934, as amended (the “Exchange Act”) and interpretations thereof by the U.S. Securities and Exchange Commission (“SEC”).

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