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Africa Expertise

We are passionate about harnessing our local knowledge and global expertise to unlock Africa’s growing potential.
We leverage our understanding of the diverse economies in Africa to assist our clients in the development of effective regional strategies.
Closer Look

Research

Our research team provides actionable insight and customized analysis services. We have an extensive library of proprietary reports covering Sub-Saharan Africa and work with our clients to deliver tailor made research products. StratLink Africa’s research enables the identification and creation of substantial new business opportunities in Africa.
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Advisory

Advisory

What’s driving Africa’s growth? StratLink Africa provides advisory services to African and Multinational companies seeking optimization of operations and expansion into new markets. Each country in Africa has its own growth trajectory requiring a unique approach to maximize investment decisions. StratLink Africa builds the framework to guide executives in selecting optimal business strategies tailored to each market.
Our Services Include

What We Do

We focus on understanding each client’s unique business and philosophy to create solutions that meet their specific needs

 

CAPITAL ADVISORY

StratLink connects investors to rapidly growing companies in Sub Saharan Africa. We identify investment opportunities with strong growth prospects, experienced management teams and significant barriers to entry.

Our services include:

Origination:
We undertake a top-down analysis of attractive sectors poised for expansion in sub-Saharan Africa and seek individual companies with growth, profitability and exit potential. We identify investment targets that match our investors’ sector, financial return and social impact requirements.

Expansion capital:
Based on a growth plan, we raise strategic debt and equity capital to optimize our client’s capital structure.

Mergers, acquisitions & divestment:
We advise our clients on developing unique risk-reward profiles for each transaction we undertake.

 

CORPORATE ADVISORY

StratLink empowers management teams with strategic and operational support through targeted analysis and recommendations. We develop detailed growth plans and provide an executable road map for implementation.

Our services include:

Growth & Market Entry Strategy:
Assisting companies to expand their operations across geographies to access new markets. We collaborate with companies to develop and execute growth strategies that include regional expansion, formation of alliances, joint ventures and other value-enhancing relationships and acquisitions.

Strategic and operational planning:
Developing essential tools to align investor and management expectations and employee execution. We work in partnership with our clients to develop medium and long-term strategic plans, budget forecasts and define a set of Key Performance Indicators (KPIs) to maximize financial returns and social impact.

Due diligence:
We leverage our sector teams to perform industry and company specific due diligence to test, refine and execute of our clients’ emerging market strategy. We utilize our network of industry experts to ensure our clients are positioned to make informed decisions.

 

RESEARCH

StratLink provides independent analysis on countries, industries and financial markets. With a key focus on Africa, we cover macroeconomics, political risk and capital markets. We use global trends to produce a continual, reflexive analysis of local content with a comprehensive analysis of the factors that impact market entry, government policy and investment decisions.

Our services include:

Market Research:
We conduct integrated quantitative and qualitative research in order to deliver a holistic view of the macro and micro economic factors impacting the private and public sectors in sub-Saharan Africa.

Business Intelligence:
Our research team provides business intelligence solutions and customized analysis services. We have an extensive library of proprietary reports covering sub-Saharan Africa and work with our clients to deliver tailor made research products.

Continue to Research And Insights

TEAM

The StratLink team has experience working across major sectors in the African region and other emerging and frontier markets. Personal and professional leadership are at the core of StratLink’s development program. We strive to espouse the highest ideals and ethics in our work and in relating to our clients, partners and broad set of stakeholders.

Konstantin Makarov

Founding Partner and Managing Director

konstantin@stratlinkglobal.com
LinkedIn Profile


Konstantin is the Founding Partner and Managing Director of StratLink Africa.

With over ten years of experience in the financial markets in general and emerging markets in particular, Konstantin brings a holistic approach addressing challenges facing companies operating in the emerging and frontier economies.

Konstantin was responsible for the launch of StratLink Africa Limited and currently oversees client relationships, business development efforts and research relating to Sub-Saharan Africa and South East Asia. Konstantin is also a lecturer at Addis Ababa University – Institute of Peace and Security Studies.

Konstantin holds a BSc from the University of Massachusetts-Amherst and an MSc from New York University – Stern School of Business in Risk Management.

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Konstantin Makarov

Konstantin Makarov

Founding Partner and Managing Director

Dina Farfel

Partner

Diana@stratlinkglobal.com
LinkedIn Profile


With over twelve years of experience in financial analysis and deal structuring, Dina is responsible for overseeing business development and deal origination for debt and equity financing transactions in Sub-Saharan Africa. Additionally, she provides management oversight of deal teams and leads structuring and deal execution for ongoing transactions.

For the last six years, Dina’s has focused on corporate and investment advisory in emerging and frontier markets. In 2011, Dina launched the Kenyan office for Nova Capital Global Markets, an emerging markets focused investment bank. Previously, Dina was an investment banker at McManus & Miles, a New York based boutique investment bank focused on the U.S. power generation sector. Dina has worked on equity and debt financing transactions totaling around U.S. 1.8 billion.

Dina holds a Bachelor of Business Administration from the University of Massachusetts at Amherst and an MBA from TRIUM, an alliance of London School of Economics, New York University and HEC.

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Dina Farfel

Dina Farfel

Partner

Poonam Vora

Associate

poonam.vora@stratlinkglobal.com
LinkedIn Profile


Poonam Vora brings a varied background of 6 years of experience in equity and fixed income research, corporate finance, actuarial and insurance fields to StratLink Africa, and as the Associate, is responsible for providing management advisory, financial evaluation and research services across various industries.

Prior to joining StratLink, she was with Dyer and Blair Investment focusing on fixed income, banking sector research and in the corporate finance field. She has also worked as a life insurance and investment product manager with Bradford and Bingley in the UK and as an actuarial analyst with Alexander Forbes Financial Services (EA) Ltd.

Poonam holds a BSc in Actuarial Science from City University, London and is currently a Chartered Financial Analyst (CFA) level 3 candidate.

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Poonam Vora

Poonam Vora

Associate

Michael Khasin

Senior Qualitative Analyst

Michael.Khasin@stratlinkglobal.com
LinkedIn Profile


Michael Khasin is the Senior Cultural Analyst in the research group of the Nairobi/New York offices of StratLink Africa. Michael has broad experience in providing socio-cultural expertise to private and government clients on programs designed to promote growth and stability in fragile states, emerging market economies, and developing countries. He has also led strategic level analytical teams in conflict zones and in the research arms of various government departments.

Michael received his M.A. from the War Studies Department of King’s College London in 2009 and his B.A. from the Johns Hopkins University in 2005, where he was a Woodrow Wilson Fellow. Michael is fluent in Russian and French. Prior to joining Stratlink, he was a social scientist for the United States Department of Defense’s cultural programs in Afghanistan and Africa.

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Michael Khasin

Michael Khasin

Senior Qualitative Analyst

Samuel Oyier Odero

Analyst

samuel.oyier@stratlinkglobal.com
LinkedIn Profile


Samuel is currently the Corporate Finance Analyst with StratLink Africa. He has gained experience in Wealth and Investment Management from Cooperative Insurance Company Asset Management (CIC-AM), Supply Chain and Operations Management from British Oxygen Company Kenya (BOC Gases) and accounting experience from Xerox Ltd Uganda. He is a member of The Actuarial Society of Kenya (TASK), and the Kenya Accountants and Secretaries National Examinations Board (KASNEB).

Samuel holds a Bachelor of Science (Hons.) in Financial Engineering from Jomo Kenyatta University of Agriculture and Technology (JKUAT), and is currently in the final stage of the Certified Securities and Investment Analyst Program (CSIA). Samuel has written research papers on Pricing Options (interest rate and equity) and Portfolio Optimization.

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Samuel Oyier Odero

Samuel Oyier Odero

Analyst

Alex Gachuiri Kagotho

Analyst

alex.gachuiri@stratlinkglobal.com
LinkedIn Profile


Alex is currently the Corporate Advisory Analyst with StratLink Africa. He was previously with TransCentury where he joined as an intern and worked his way to the position of an Investment Analyst. During his time at TransCentury, he was involved in the company’s divestiture of Chai Bora Company Limited, the leading tea blending, packing and marketing company in Tanzania, in December 2012. He also undertook internal valuation of the company’s subsidiaries and worked closely with the business development principals in evaluating potential commercial and investment deals.

Alex holds a Bachelor of Arts in Economics (B.A. Econ.) from Moi University. He is an Association of Chartered Certified Accountants (ACCA) finalist and a CFA® level 2 candidate. He also holds a Diploma in Business Information Technology from Strathmore University.

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Alex Gachuiri Kagotho

Alex Gachuiri Kagotho

Analyst

Julians Amboko Oyombe

Research Analyst

julians.amboko@stratlinkglobal.com
LinkedIn Profile


Julians is currently the Research Analyst with StratLink Africa covering macro and micro-economic research and analysis for East and West Africa, a portfolio of nine economies including Kenya, Nigeria and Ghana.

He has extensive experience in economic research and has been trained by the German Society for International Co-operation (GIZ) and the East African Community Secretariat on the structures and procedures of regional integration.

He has worked as an economics and business news correspondent for Nation Media Group and published commentary with leading newspapers.

He holds a Bachelor of Arts (BA) Degree in Economics and Political Science from Kenyatta University.

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Julians Amboko Oyombe

Julians Amboko Oyombe

Research Analyst

Judy Mboya Mwaluko

Administration Specialist

Judy.M.Mwaluko@stratlinkglobal.com
LinkedIn Profile


Judy is currently the Administration Specialist with StratLink Africa.
She is an assertive administration and communications professional.

Judy has experience in administration, corporate communications, public relations, journalism and human resource. She gained her vast experience in journalism from Kenya Broadcasting Corporation (KBC) where she served as a news reporter. She has also worked with Students in Free Enterprise (SIFE) an International non-profit organization on various projects.

She holds a Bachelor of Communications Degree in Electronic Media and Public Relations from Africa Nazarene University.

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Judy Mboya Mwaluko

Judy Mboya Mwaluko

Administration Specialist

Vincent Enos Mutokah

Operations Manager

Enos.V.Mutokah@stratlinkglobal.com
LinkedIn Profile


Enos is currently the Operations Manager with StratLink Africa. Prior to joining StratLink, he worked as the Lead Co-ordinator of the Healer’s Programme - a youth initiative under the PLO Lumumba Foundation that seeks to bring cohesion in Kenya. He also served as the Assistant Projects Officer at the Kenya Hope Foundation.

He is a founding member and the East African Region President of Continental Thought Factory (CTF) - a youth led organization that seeks to inspire young Africans to take their lives to the next level of impact to the society. He is also the founding Chairman of Dreams of Hope Centre - a mentorship organization for children and the youth in the slums of Nairobi.

He holds a Bachelor’s Degree in Journalism and Media Studies from the University of Nairobi. He has also attended several courses including the Million Leaders’ Mandate and Drama for Development at Daystar University and he is currently enrolled for an MBA programme in marketing at United States International University.

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Vincent Enos Mutokah

Vincent Enos Mutokah

Operations Manager

Henry Ruhohi   Chege

Senior Analyst

Henry.Chege@stratlinkglobal.com
LinkedIn Profile


Henry is currently the Senior Analyst at StratLink Africa. He has over 5 years of experience in equity and fixed income research, corporate finance and deal structuring. He previously worked as the Capital Markets Advisor at Finance and Systems Consultants Ltd and has also worked at Fusion Capital Ltd and ABC Capital Ltd.

Henry holds a Bachelor’s degree in Commerce (Finance Option), various professional trainings by the Nairobi Securities Exchange (NSE) and Euromoney Trainers and is currently pursuing a Master of Arts in Economic Policy Management

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Henry Ruhohi   Chege

Henry Ruhohi   Chege

Senior Analyst

Advisory Board

The Advisory Board provides advice to guide StratLink in areas of research management, intellectual property development and management, intellectual property transactions and business, and client interaction. The Board also develops strategic guidelines for Africa focused engagements of our multinational clients.

Byron Roth

Byron Roth is Chairman and CEO of ROTH Capital Partners, LLC. Under his management the firm has raised over $18 billion for small-cap public companies, as well as successfully completed many merger and acquisition and advisory assignments.

Mr. Roth co-founded three small-cap asset management firms; Cortina Asset Management, EAM Investors and GROW Partners. These funds have combined assets under management of approximately $3.5 billion.

Mr. Roth is a member of the University of San Diego Board of Trustees and a Founding Member of the Executive Cabinet for the Athletic Department. He is also a member of the Advisory Council for the Samuel Curtis Johnson Graduate School of Management at Cornell University, and the Executive Board of SMU’s Cox School of Business.

Mr. Roth earned his BBA from the University of San Diego in 1985 and his MBA from the Samuel Curtis Johnson Graduate School of Management at Cornell University in 1987

Byron Roth

Chairman and CEO of ROTH Capital Partners, LLC.

Marlene Ngoyi

Marlene Ngoyi is Deputy Managing Director of BGFI Capital, the investment bank of BGFIGroup, the leading bank in central Africa with a balance sheet in excess of USD$6 billion and a presence in over 10 countries in Africa and Europe.

Ms. Ngoyi joined BGFI Capital from Catalyst Principal partners, a generalist Private Equity Fund focusing on East Africa, where she served a Investment Principal and executed transactions in the FMCG, healthcare and banking sectors in Tanzania and Ethiopia.

Prior to Catalyst, Ms. Ngoyi worked at Grassroots Business Fund, an IFC spin-off focused on impact investing in Latin America, Asia and Africa, where she served as Portfolio Manager for Africa.

She previously worked as a Private Equity Investor at Emerging Capital Partners in Washington DC and at Reliant Equity in Chicago where she executed and managed buyout and growth capital investments across a wide range of sectors. Ms. Ngoyi began her career in Investment Banking at Merrill Lynch in New York, where she executed capital raising and M&A transactions for Fortune 500 companies in the Energy and Power industry.

She holds a Bachelor of Science in Economics and Finance magna cum laude from Bentley College and an MBA from the Harvard Business School.

Marlene Ngoyi

Deputy Managing Director of BGFI Capital

Mirafe Gebriel Marcos

Mirafe Gebriel Marcos is Chief of Staff & Senior Director of Special Projects at the Agricultural Transformation Agency. In this capacity, Mr. Marcos' primary responsibility is increasing the bandwidth of the CEO in such a way as to extend the CEO’s capabilities and impact. Mr. Marcos' responsibilities span across strategic, policy-related, and operational issues, with oversight responsibilities over all programs and support teams. Across all of these areas, Mr. Marcos provides strategic thought partnership, management, operational oversight, and coordination between internal and external actors. Mr. Marcos is the primary point of contact for the CEO with a range of key stakeholders across sectors, particularly with key Federal and Regional Government bodies and Development Partners. Mr. Marcos is also responsible for driving a portfolio of specific activities for the ATA, including overseeing the incubation of new program areas and serving as the focal person for high priority and high-profile government led projects such as the Agriculture Growth Program (AGP).

Prior to joining the ATA, Mr. Marcos worked with the World Bank for ten years in different capacities, including as a Country Economist for Pakistan and Bangladesh and later for Ethiopia. Mr. Marcos is a graduate of the Word Bank's highly competitive Young Professionals Program and has broad international experience, including significant dealings with senior policy makers in other parts of Africa and Asia.

Mr. Marcos holds an MA in Public Administration, with a concentration in Development Economics, from Princeton University, and a BA in Economics from Grinnell College.

Mirafe Gebriel Marcos

Chief of Staff for the Ethiopian Agricultural Transformation Agency

Raymond F. Mui

Raymond is the founding partner of RFM Angel Partners, a firm focused on the discovery of nascent companies that provide practical solutions to real world problems. Target firms exhibit strong management, intellectual property protection, and highly favorable economics that will place the firm in an attractive position for either subsequent venture capital investments, strategic buyouts, or ultimately IPO over an investment horizon of 2-5 years. Raymond draws upon his business and financial experience to assist companies where possible.

Prior to forming RFM Angel Partners, LLC, Raymond was a
global equity portfolio manager at Acadian Asset
Management. During his 23 years there, he has had responsibilities in research, information technology, operations, and for the last 17 years, portfolio management and marketing / client service. Raymond was responsible for creating Acadian's market neutral and long-‐short equity strategies, which grew to several billion dollars in assets under management and included global investors from Asia, Europe, and the United States. Raymond was also the listed lead portfolio manager for many long-‐only developed, emerging, and combined portfolios for selected institutional investors, including foundation, corporate pension, municipality, soverign and sub advisory relationships. Raymond has served on the Executive Committee as well as the Investment Policy, Compliance, and Operating Committees; co-‐head of the Risk Advisory Committee.

Raymond's academic training is focused in finance and computer science:
* MS from New York University in risk management
* MBA from Boston University with a concentration in finance
* MS from California State University, Fullerton in computer science
* BS from University of Michigan, Ann Arbor in computer science

Raymond F. Mui

Founding Partner of RFM Angel Partners

CLIENTS

Our clients range in size and include multinational companies, family owned businesses and Africa’s regional leaders.

Roth Capital | Roth.com


ROTH is a investment banking firm dedicated to the small-cap public market. Since its inception in 1984, ROTH has been an innovator in this market. In the 1990's ROTH participated in underwriting IPOs for small-cap companies. As this market changed, ROTH helped develop the PIPE (private investment in public equity) financing structure. ROTH was one of the first U.S. investment banks to focus on financing small-cap Chinese companies, and established a Representative Office in Shanghai in 2007.

ROTH is a privately owned firm that has built a culture of success and innovation. Our approach is driven by our current principals, who are not only the owners of the business but most of whom have been with us for more than 10 years. Our goal has always been to service the needs of small-cap public companies better than anyone else. To this end, ROTH's exclusive focus is to offer our clients a full spectrum of investment banking services, including capital raising, research coverage, trading and market making, merger and acquisition advisory services, and investor conferences.

Destinations & Adventures | Daitravel.com


Destinations & Adventures is a team of sophisticated travel specialists. We show you the world our way - the unique way - behind the scenes, away from the crowds and in touch with the world’s rich and varied cultures. We redefine the ordinary and arrange the extraordinary in travel. In business for 34 years, we are committed to creating the highest quality trips featuring the finest accommodations and a superior level of personalized service with meticulous attention to detail. Our custom-designed programs feature exotic destinations, dramatic landscapes and moments of pure wonder.

Adelman Travel Group | AdelmanTravel.com


In today’s market, your business is likely faced with the challenge of cost containment – possibly now more than ever. Yet, it is equally important that your valued road warriors are well cared for while traveling so that they may perform to the best of their ability.

When it comes to your travel program, we can help your organization strike that vigilant balance between value and service. You don’t need to sacrifice the personalized service that your business travelers deserve.

As Adelman Travel "architects", we work tirelessly to design a custom travel program using a business plan "blueprint" created just for your company. We do this first by listening carefully to understand your needs and objectives. Then we customize your entire travel supply chain to enhance your end-to-end travel experience. As your strategic partner, we will effectively control your expenses through a long-term commitment to you and the evolving needs of your company.

Perry Ellis International | Perry.com


Perry Ellis International is a leading designer, distributor and licensor of apparel and accessories for men and women. The company, through its wholly owned subsidiaries, owns or licenses a portfolio of brands that include some of the leading names in fashion such as Perry Ellis®, Savane®, Jantzen®, Original Penguin® by Munsingwear®, Cubavera®, Laundry by Shelli Segal®, Gotcha®, Callaway® Golf Apparel, Nike® Swim, C&C California®, Rafaella®, Grand Slam®, and Ben Hogan®

Raka Milk Processors | RakaCheese.com


Raka Milk Processors Ltd was founded in 2001 by a dynamic couple, Rajesh Padia and Kalpa Padia. RAKA, a household brand, commenced production with a modest 200 liters of milk and two varieties of cheese in its product range. It currently has a capacity of 8,000 liters and ten varieties of cheese including cheddar, mozzarella, paneer, halloumi, feta and goat cheese. Having grown 30 fold in the past decade, with an efficient and committed workforce, the company is shaping up to be a market leader in Kenya. It has penetrated the export markets of Juba, Rwanda, Ethiopia, Eritrea, Uganda and Tanzania.

Kenya Commercial Bank (KCB) | KCBBankGroup


Kenya Commercial Bank Ltd is a financial services provider headquartered in Nairobi, Kenya. KCB provides corporate and retail banking services in Kenya and the wider East African region. KCB offers various personal banking products and services. KCB was listed on the Nairobi Stock Exchange in 1988. It is one of the most liquid stocks on the Nairobi Stock Exchange (NSE) appearing regularly among the 5 most traded stocks. The company’s stock is also cross-listed on the Ugandan Stock Exchange (USE), Rwandan Stock Exchange (RSE), and the Dar es Salaam Stock Exchange (DSE).

Socabelec East Africa


Socabelec deals in power generation, filtration systems, generators, control systems, hydraulic systems and spare parts in East Africa. Socabelec delivers a holistic solution, maximizing on the value chain through its supply – install – service model, which ensures that revenue is maximized through maintaining an after sales working relationship with clients, leveraging on its engineering experience and expertise. The company has serviced major projects for various clients for the past 10 years in Kenya. Some of Socabelec’s key clients include Kenya Power and Kenya Pipeline Company. The company’s main products are industrial electricity generation, automation and power generation (diesel & solar) and filtration solutions for heavy vehicles, machines & off road vehicles.

Contact StratLink Today

We are always happy to hear from you

Contact StratLink Today

We are always happy to hear from you

Contact StratLink Today

We are always happy to hear from you

Please, don’t hesitate to write to us

Contact StratLink

Our head office is in Nairobi, Kenya and we maintain satellite offices in New York and Kuala Lumpur.

Address
Delta Riverside, Block 4, 4th Floor
L.R. NO 4275/24
Riverside Drive, Nairobi

Phone
General Inquiries:  +254202572792
Press:  +254202572793
Careers:  +254202572794

Email
info@stratlinkglobal.com

CAREERS AT STRATLINK

The work you do will have a direct effect on business and the community. At StratLink, you will make an impact. We’ve built a culture that values teamwork, collaboration and dialogue and a workplace where people know they will learn, that they’re valued, and that they will make an impact.

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StratLink Africa Ltd Disclaimer Notice

The material prepared by StratLink Africa Ltd ("StratLink ") is our opinion. StratLink believes that it fairly and accurately represents the subject matter reported upon. This report does not include a personal recommendation and does not constitute an offer, or the solicitation of an offer for the sale or purchase of any financial product, service, investment or security mentioned herein. The text, images, and other materials contained or displayed on any StratLink product, service, report, e-mail, or website are proprietary to StratLink and constitute valuable intellectual property. This report is issued only for the information of, and may only be distributed to professional investors, or major institutional investors (as defined in Rule 15a-6 of the US Securities Exchange Act of 1934), and dealers in securities. This publication is confidential and for the information of the addressee only and may not be reproduced in whole or in part, nor copies circulated to any party, without the prior written consent of StratLink. StratLink accepts no liability for any loss resulting from the use of the material presented in this report. This disclaimer of liability may be prohibited, or limited, by specific statutes, laws, or regulations. StratLink affiliates, shareholders, directors, officers, partners, and consultants shall have no liability, contingent or otherwise, for any claims or damages arising in connection with any errors, omissions, or inaccuracies. This report is not to be relied upon in substitution for the exercise of independent judgment.


The investments and strategies discussed here may not be suitable for all investors; if you have any doubts you should consult your investment advisor. The investments discussed may fluctuate in price or value. Whilst every care has been taken in preparing this presentation, Stratlink does not give any representation, warranty or undertaking and accepts no responsibility or liability as to the accuracy, or completeness, of the information in this report


StratLink may have issued, and may in the future issue, reports that are inconsistent with, and which reach different conclusions than, the information presented in this report. Reports may reflect different assumptions, views, analytical methods, and analysts who prepared them, and no part of the analysts compensation was, is, or will be, directly or indirectly related to the specific recommendations or views expressed in this report. All views, opinions, and estimates contained in this document may be changed after publication at any time without notice. Past performance is not indicative of future results and should not be taken as an indication or guarantee of future performance. No warranty, express or implied, is made regarding such performance. The investments and strategies discussed here may not be suitable for all investors or any particular class of investors; if you have any doubts you should consult your investment advisor. All representations, information, opinions, and estimates contained in this report reflect a judgment of the analyst, effective as of its original date of publication by StratLink, and are subject to change without notice. The price, value of, and income from any of the securities mentioned in this report can fall as well as rise. The value of securities is subject to exchange rate fluctuation that may have a positive or adverse effect on the price or income of such securities. Investors in securities and other instruments, the values of which are influenced by currency volatility, must assume this risk. StratLink personnel, or other professionals, may provide oral or written commentary or trading strategies to our clients that reflect opinions that are their own and are contrary to the opinions expressed in StratLink’s research. StratLink is under no obligation to ensure that such other reports are brought to the attention of any recipient of any report. StratLink and its respective affiliates, officers, directors, partners, and consultants, including persons involved in the preparation or issuance of this report may, from time to time (i) have positions in, and buy or sell, the securities of companies referred to in this report (or in related investments); (ii) have a consulting, investment banking or broking relationship with a company referred to in this report; and (iii) to the extent permitted under applicable law, have acted upon or used the information contained or referred to in this report including effecting transactions for their own account in an investment (or related investment) in respect of any company referred to in this report, prior to or immediately following its publication. To the extent applicable and permitted by law or regulation, StratLink believes that the direct author of this report has no position in, fiduciary interest proscribed, nor has been compensated by the subject(s) of this report, or other entities for the content, other than through direct compensation by StratLink.


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