Disclaimer

Cenkos Channel Islands is a trading name of Cenkos Channel Islands Limited ("CCIL") and Cenkos Channel Islands Investment Management Limited("CCIIML"). Cenkos Investment Management is a trading name of CCIIML. CCIL and CCIIML are licensed and regulated by the Guernsey Financial Services Commission and CCIL is a member of both the London Stock Exchange and the Channel Islands Stock Exchange.  Registered Office of CCIL: PO Box 222, The Market Buildings, Fountain Street, St. Peter Port, Guernsey, GY1 4JG.  Registration No. 42906.  Registered Office of CCIIML: PO Box 222, The Market Buildings, Fountain Street, St. Peter Port, Guernsey, GY1 4JG.  Registration No. 49397. Cenkos Channel Islands is the registered business name of Cenkos Jersey Limited ("CJL").  CJL is regulated by the Jersey Financial Services Commission in the conduct of Investment Business.  Registered Office of CJL: PO Box 419, 13 Broad Street, St. Helier, Jersey, JE4 5QH.  Registered No. 99050.

This material is for your information only and is not intended to be used by anyone other than you.  This is not an offer or solicitation with respect to the purchase or sale of any security.  This e-mail is intended only to facilitate your discussions with Cenkos Channel Islands as to the opportunities available to our clients.  The given material is subject to change and, although based upon information which we consider reliable, it is not guaranteed as to accuracy or completeness and it should not be relied upon as such.  The material is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and makes no implied or express recommendations concerning the manner in which any client's account should or would be handled, as appropriate investment strategies depend upon clients' investment objectives.  This material does not constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it would be unlawful to make such offer or solicitation.  It is the responsibility of any person or persons in possession of this material to inform themselves of and to observe all applicable laws and regulations of any relevant jurisdiction.  Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant to the subscription, purchase, holding, exchange, redemption or disposal of any investments.  Cenkos Channel Islands does not provide tax advice to its clients and all investors are strongly advised to consult with their tax advisors regarding any potential investment.  Opinions expressed are our current opinions as of the date of this e-mail only.  Any historical price(s) or value(s) are also only as of the date indicated.  While we endeavour to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so.  Certain transactions, including those involving futures, options and high yield securities and investments in emerging markets may give rise to substantial risk and may not be suitable for all investors.  Foreign currency denominated investments are subject to fluctuations in exchange rates that could have an adverse effect on the value or price of, or income derived from, the investment; such investments are also subject to fluctuations in exchange rates that could have an adverse effect on the value or price or, or income derived from, the investments; such investments are also subject to the possible imposition of exchange control regulations or other laws or restrictions applicable to such investments.  Investments referred to in this material are not necessarily available in all jurisdictions, may be illiquid and may not be suitable for all investors.  Investors should consider whether an investment is suitable for their particular circumstances and seek advice from Cenkos Channel Islands.  The price and value of investments referred to in this material and the income from them may go down as well as up and investors may realise losses on any investments.  Past performance is not a guide to future performance.  Future returns are not guaranteed and a loss of principal may occur.