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Research Disclaimer

THIS IS NON INDEPENDENT RESEARCH AND A MARKETING COMMUNICATION under the FSA Conduct of Business rules. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and it is not subject to any regulatory prohibition on dealing ahead of the dissemination of investment research. Please see the important disclosures and disclaimers, which can be found at the end of this report and are an integral part of it.

This communication is issued in the UK by Singer Capital Markets Limited ("SCM"), authorised and regulated by The Financial Services Authority ("FSA") and a member of The London Stock Exchange. It is intended for the sole use of the person to whom it is addressed and is not intended for private individuals or those classified as Retail Clients.
 
This document is for persons who are Eligible Counterparties or Professional Clients only and is exempt from the general restriction in section 21 of the Financial Services and Markets Act 2000 on the communication of invitations or inducements to engage in investment activity on the grounds that it is being distributed in the United Kingdom only to persons of a kind described in Articles 19(5) (Investment professionals) and 49(2) (High net worth companies, unincorporated associations etc) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended).  It is not intended to be distributed or passed on, directly or indirectly, to any other class of persons.  Laws and regulations of other countries may also restrict the distribution of this report. Persons in possession of this document should inform themselves about possible legal restrictions and observe them accordingly. Any investment to which this document relates is available only to such persons, and other classes of person should not rely on this document. For the purpose of UK regulation, SCM produces independent and non-independent research which is a marketing communication under the FSA Conduct of Business rules. Non-independent research has not been prepared in accordance with the legal requirements to promote independence of investment research nor is it subject to the prohibition on dealing ahead of the dissemination of investment research. However, the firm does have procedures in place to manage conflicts which may arise in the production.
 
This document has been prepared and issued by SCM on the basis of publicly available information, internally developed data and other sources believed to be reliable. All share price performance graphs are sourced from DataStream. The information contained in this publication was obtained from various sources believed to be reliable, but has not been independently verified by SCM. SCM does not warrant the completeness or accuracy of such information and does not accept any liability with respect to the accuracy or completeness of such information, except to the extent required by applicable law. Any opinions, projections, forecasts or estimates in this report are those of the author only, who has acted with a high degree of expertise. They reflect only the current views of the author at the date of this report and are subject to change without notice. SCM has no obligation to update, modify or amend this publication or to otherwise notify a reader or recipient of this publication in the event that any matter, opinion, projection, forecast or estimate contained herein, changes or subsequently becomes inaccurate, or if research on the subject company is withdrawn. The analysis, opinions, projections, forecasts and estimates expressed in this report were in no way affected or influenced by the issuer. The author of this publication benefits financially from the overall success of SCM.
 
This publication is a brief summary and does not purport to contain all available information on the subjects covered. Further information may be available on request. This report may not be reproduced for further publication without the prior written permission of SCM. This publication is for information purposes only and shall not be construed as an offer or solicitation for the subscription or purchase or sale of any securities, or as an invitation, inducement or intermediation for the sale, subscription or purchase of any securities, or for engaging in any other transaction.
 
The investments referred to in this publication may not be suitable for all recipients. Recipients are urged to base their investment decisions upon their own appropriate investigations that they deem necessary. Any loss or other consequence arising from the use of the material contained in this publication shall be the sole and exclusive responsibility of the investor and SCM accepts no liability for any such loss or consequence. In the event of any doubt about any investment, recipients should contact their own investment, legal and/or tax advisers to seek advice regarding the appropriateness of investing. Some of the investments mentioned in this publication may not be readily liquid investments. Certain transactions, including those involving futures, options, and high yield securities, give rise to substantial risk and are not suitable for all investors. Investors should be aware of the additional and special risks associated with securities and investments in emerging markets. Consequently it may be difficult to sell or realise such investments. The past is not necessarily a guide to future performance of an investment. The value of investments and the income derived from them may fall as well as rise and investors may not get back the amount invested. Some investments discussed in this publication may have a high level of volatility. High volatility investments may experience sudden and large falls in their value which may cause losses. International investing includes risks related to political and economic uncertainties of foreign countries, as well as currency risk. To the extent permitted by applicable law, no liability whatsoever is accepted for any direct or consequential loss, damages, costs or prejudices whatsoever arising from the use of this publication or its contents.
 
SCM has written procedures designed to identify and manage potential conflicts of interest that arise in connection with its research business. SCM’s research analysts and other staff involved in issuing and disseminating research reports operate independently of SCM’s Investment Banking business. Information barriers procedures are in place between the research analysts and staff involved in securities trading for the account of SCM or its clients to ensure that price sensitive information is handled according to applicable laws and regulations.
 
SCM may be remunerated by a company for writing research on that company, in which case, a specific disclosure will be made in the relevant research report.  Each company understands and agrees that the analysis, opinions, projections, forecasts and estimates expressed in such research reports will be honest and unbiased in compliance with SCM’s Conflicts of Interests and Research Policies and will in no way be influenced by any remuneration received by SCM from the company.  For further details, please see SCM’s Conflicts of Interest Policy.
 
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