Disclaimer

This research report contains recommendations that are intended only for distribution to professional clients and eligible counterparties as defined under the rules of the Financial Services Authority and is not directed at retail clients. This note contains investment advice of both a general and specific nature. It has been prepared with all reasonable care and is not knowingly misleading in whole or in part. The information is obtained from sources which WH Ireland Limited (MKM's broker and nominated adviser) considers to be reliable but its accuracy and completeness cannot be guaranteed. The opinions and conclusions given herein are those of WH Ireland Limited and are subject to change without notice. Clients are advised that WH Ireland Limited and/or its directors and employees may have already acted upon the recommendations contained herein or made use of all information on which it is based. WH Ireland Limited is or may be providing, or has or may have provided within the previous 12 months, significant advice or investment services in relation to some of the investments concerned or related investments.

Recommendations may or may not be suitable for individual clients and some securities carry a greater risk than others. Clients are advised to contact their investment adviser as to the suitability of each recommendation for their own circumstances before taking any action. No responsibility is taken for any losses, including, without limitation, any consequential loss, which may be incurred by clients acting upon such recommendations. The value of securities and the income from them may fluctuate. It should be remembered that past performance is not necessarily a guide to future performance.

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