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The material on this Website (the "Material")has been issued in the United Kingdom by Arbuthnot Securities Limited ("Arbuthnot"). Arbuthnot (or any director or employee of Arbuthnot may trade for its or his or her own account as principal, may have underwritten an issue within the last 36 months or may have a long or short position in securities or instruments or any related instrument mentioned in the Material. Brokerage or fees may be earned by Arbuthnot or persons associated with them in respect of any business transacted by them in all or any of the securities or instruments referred to in the Material.

The Material is being made available for information purposes only. It must not be copied or further distributed to any other persons or for any purpose. The Material is derived from sources Arbuthnot believes to be reliable but which has not been independently verified. However, Arbuthnot makes no guarantee of its accuracy and completeness or that it is up to date and is not responsible for error of transmission of factual or analytical data, nor shall Arbuthnot be liable for damages arising out of any person's reliance upon this information. All charts and graphs are from publicly available sources or proprietary data. The opinions in the Material constitute the present judgement of Arbuthnot, which is subject to change without notice. The Material is neither an offer to sell nor the solicitation of an offer to purchase or subscribe to any investment. The information and opinions in the Material are given by Arbuthnot as part of its internal research activity and not as manager or underwriter of an offering or as an agent of the issuer. Accordingly, any decision in connection with an offering in which Arbuthnot has been mandated must be made solely on the basis of the information contained with the Offering Circular to be issued in connection with the offer of the securities, and no reliance is to be placed on any representation other than those contained in the Offering Circular.

The Material is intended for the use of Arbuthnot's professional customers and is not intended for the use of private customers (as defined in the FSA Handbook). No consideration has been given to the particular investment objectives, financial situation or particular needs of any recipient. You must contact Arbuthnot Sales department if you wish to use our services in effecting a transaction in any investments mentioned in the Material.

This research is classified as being a "marketing communication" as defined by the FSA’s Handbook. This is principally because analysts at Arbuthnot Securities are involved in investment banking activities and pitches for new business and consequently this research has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Therefore, the research is not subject to any prohibition on dealing ahead of the dissemination of investment research. Nevertheless, the Firm's Conflict of Interest Management Policy prohibits dealing ahead of research, except in the normal course of market making and to satisfy unsolicited client orders. Please refer to www.arbuthnotsecurities.co.uk for a summary of our conflict of interest management policy in relation to research. This includes organisational controls (departmental structure, a Chinese wall between corporate finance and other departments, etc), procedures on the supervision and remuneration of analysts, a prohibition on analysts receiving inducements for favourable research, editorial controls and review procedures over research recommendations and a prohibition on analysts undertaking personal account dealings in companies covered by them.

Arbuthnot Securities Limited is authorised and regulated by The Financial Services Authority (FSA NO:114265) and is a member of The London Stock Exchange. Registered Office: Arbuthnot House, 20 Ropemaker Street London EC2Y 9AR. Registered in England Number: 762818. VAT NO: 805 3497 28.

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