Boparan - updated analysis

All,

Please find our updated analysis on Boparan here.

- As we are beginning to (carefully) explore the name from the long side, we have done further work on the amount of EBITDA we expect to return to the company from the 2019 reversion in feed prices.

- We have also taken a closer look at the company’s other ties with various Boparan controlled entities and have had to revise our previous opinion to one where a consensual solution would be beneficial to both parties.

- While we have not yet built a model for the name, we do feel increasingly confident in seeing a material improvement in earnings profile over the coming year. While Boparan would need £130m EBITDA for a refinancing, even a partial improvement should have the bonds trade materially higher into such an event at that time.

Wolfgang