BERENBERG REPORT- BUY RECOMMENDATION, page-14

@ GT3loui - well it's a long post …

Of cource I assume everyone read thewhole report, no one should be that silly not to do so.

My concern is that most people hereread these reports, Alster, Cannacord, Berenberg and cry hooray,target price 15, 22 … because these reports feed their hope of arising sp.

Then comes JCap and is named JCrap.

Do you really believe Berenberg writesa really critical report about Vulcan? Or Alster? – i spoke to Mr.Drebing … so many things he did NOT knew, he thinks only about the narrative and numbers ofvulcan.

All those reports are NOT independent,and you have to read them knowing this, that was my concern „whatit's worth“.

But there ist one big difference: JCapwrites in the very beginning „We are activists, usually on theshort side. We are biased.“ - completely transparent.

All those hyped reports hide theirconnection to Vulcan in the disclosures.