The last page states that disclosures 1,2 and 8 apply, which...

The last page states that disclosures 1,2 and 8 apply, which relate to the fact that fox Davies expects to perform, and be compensated for, corporate finance and broking services from EXS.

This is always how research works, even for the majors. Broking houses generally don't get paid for research - it is usually an ancillary service.

Obviously they are still incentivized to talk up the stock, like all brokers wanting other paid work from the company. However, a research analyst has his/her reputation on the line with other customers and companies if they get it wrong.