Disclaimer

Collins Stewart Europe Ltd has issued the content of this site in order to promote its investment services. Collins Stewart Europe Ltd is authorised and regulated by the Financial Services Authority and is a member of the London Stock Exchange and OFEX. Neither the information nor the opinions expressed herein constitutes, or is to be construed as, an offer or a solicitation of an offer to buy or sell investments. Information contained herein is based on sources that we believe to be reliable but we do not represent that it is accurate or complete. Collins Stewart Europe Limited and its affiliates are not responsible for any errors or omissions or for the results obtained from the use of such information. Collins Stewart Europe Ltd and/or connected persons may have used this material, or the research or analysis on which it is based, before publication. Collins Stewart Europe Ltd and/or connected persons may from time to time, as principal or agent, make purchases, sales and/or offers to purchase and/or sell in the open market or otherwise and may have a position or holding in any investment mentioned herein, or a related investment, as a result of engaging in such transactions.

All opinions and estimates included in this report are subject to change without notice. This report is intended for qualified customers of Collins Stewart Europe Limited and its affiliates. The investments discussed in this report may not be suitable for all investors. Investors should make their own investment decisions based upon their own financial objectives and financial resources and it should be noted that investment involves risk. Investors should be aware that the market price of the securities discussed in this report may be volatile. Past performance is not necessarily a guide to future performance and an investor may not get back the amount originally invested. Where investment is made in currencies other than the investor’s base currency, movements in exchange rates will have an effect on the value, either favourable or unfavourable. An investor may not get back the original amount invested and in the case of an illiquid stock the investor may be unable to sell at any price. Any tax relief mentioned are those currently available and are subject to change. Their value depends on the personal circumstances of the investor.

This statement should be read in conjunction with our Terms of Business letter sent to you.

To our US clients, investing in securities of non US issuers entails different risks from those encountered when investing in securities of US issuers, including (1) the issuer may not have filed information with the US Securities and Exchange Commission or another governmental authority; (2) the issuer may provide different or less frequent disclosures regarding its affairs; (3) financial audit standards may differ significantly; (4) fluctuations in the values of national currencies, as well as the potential for governmental restrictions on currency movements, can significantly erode principal and investment returns; and (5) market rules, conventions and practices may differ from US markets, adding to transaction costs or causing delays in the purchase or sale of securities.

The research material contained on this Website has been reviewed by Collins Stewart Inc and US clients are requested to direct all inquiries regarding these materials to Collins Stewart Inc.

Collins Stewart Inc is a member of the National Association of Securities Dealers Inc.

Collins Stewart (CI) Limited and Collins Stewart Asset Management Limited in Guernsey are licensed to conduct business by the Guernsey Financial Services Commission (GFSC) and comply with the rules and regulations of the LSE and the Securities & Futures Authority where applicable and as dictated by the GFSC. Collins Stewart (CI) Limited are licensed in Jersey by the Jersey Financial Services Commission and in the Isle of Man by the Financial Supervision Commission.