The information in this report has been taken from sources believed to be reliable but the author does not warrant its accuracy or completeness. Any opinions expressed herein reflect the author’s judgment at this date and are subject to change. This document is for private circulation and for general information only. It is not intended as an offer or solicitation with respect to the purchase or sale of any security or as personalised investment advice, and is prepared without regard to individual financial circumstances and objectives of those who receive it. The author does not assume any liability for any loss which may result from the reliance by any person or persons upon any such information or opinions. These views are given without responsibility on the part of the author. This communication is being made and distributed in the United Kingdom and elsewhere only to persons having professional experience in matters relating to investments, being investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005. Any investment or investment activity to which this communication relates is available only to and will be engaged in only with such persons.
Persons who receive this communication (other than investment professionals referred to above) should not rely upon or act upon this communication. No part of this report may be reproduced or circulated without the prior written permission of the issuing company.