Disclaimer

This email (the “Email”) has been prepared by Zeus Capital Limited and/or its affiliates (together, “ZCL”) for the exclusive use of the party to whom ZCL sends this Email (the “Recipient”) using information provided by ZCL and other publicly available information.  ZCL does not make any representation or warranty, either express or implied, as to the accuracy, completeness or reliability of the information contained in this Email.  This Email should not be regarded by any party as a substitute for the exercise of its own judgment and all recipients are expected to rely on their own due diligence if they wish to proceed further.

This Email is a financial promotion for the purposes of Section 21 of the Financial Services and Markets Act 2000 and has been approved by ZCL.  The Email is being supplied and directed only at persons in the United Kingdom, who (a) are persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (investment professionals), (b) fall within Article 49(2)(a) to (d) of that Order (high net worth companies, unincorporated associations etc) or (c) persons who are self-certified sophisticated investors who fall within Article 50A of that Order (all such persons being “Relevant Persons”).  Any person who is not a Relevant Person should not act or rely on this document or any of its contents.  Any investment or investment activity to which the Email relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.

It should be noted that past performance cannot be relied on as a guide to future performance.  This Email may contain forward-looking statements with respect to any matter.  All statements other than statements of historical facts are forward looking statements.  All forward-looking statements address matters that involve risks and uncertainties and, accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in these statements.  ZCL undertakes no obligation to update any forward-looking statements contained in this Email or any other forward-looking statements it may make, save in respect of any requirement under applicable law or regulation.  Any forward-looking statements in this Email reflect current views with respect to future events and are subject to these and other risks, uncertainties and assumptions.  No statement in this Email is intended to be a profit forecast or be relied upon as a guide to future performance.  Past performance cannot be relied upon as a guide to future performance and persons needing advice should consult an independent financial adviser.

Any valuations, forecasts, estimates, opinions and projections contained herein involve elements of subjective judgment and analysis.  Any opinions expressed in this material are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or groups of ZCL as a result of using different assumptions and criteria.  Any statements, estimates or projections as to ZCL’ fees or other pricing are accurate only as at the date of this Email.  There is no guarantee that any of these estimates or projections will be achieved.  Actual results will vary from the projections and such variations may be material.

Nothing contained herein is, or shall be relied upon as, a promise or representation as to the past or future.  ZCL, its affiliates, directors, employees and/or agents expressly disclaim any and all liability relating to or resulting from the use of all or any part of this Email or any of the information contained therein except where stated otherwise in any signed engagement letter or other contract between ZCL and any recipient.

This Email has been prepared solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments.  The Recipient should not construe the contents of this Email as legal, tax, accounting or investment advice or a recommendation.  The Recipient should consult its own counsel, tax and financial advisors as to legal and related matters concerning any transaction described herein.  This Email does not purport to be all-inclusive or to contain all of the information that the Recipient may require.  No investment, divestment or other financial decisions or actions should be based solely on the information in this Email.

This Email has been prepared on a confidential basis solely for the use and benefit of the Recipient.  Distribution of this Email to any person other than the Recipient and those persons retained to advise the Recipient, who agree to maintain the confidentiality of this material and be bound by the limitations outlined herein, is unauthorised.  This material must not be copied, reproduced, distributed or passed to others at any time, in whole or in part, without the prior written consent of ZCL.  ZCL specifically prohibits the redistribution of this material and accepts no liability whatsoever for the actions of third parties in this respect.

ZCL is not treating any recipient of this Email as a client (unless otherwise agreed in writing).  Any other person should seek their own independent legal, investment and tax advice as they see fit.  No representation or warranty, express or implied, is made as to any of its contents.

By accepting this Email you agree to be bound by the foregoing limitations and restrictions and, in particular, will be taken to have represented, warranted and undertaken that: (i) you have read and agree to comply with the contents of this notice; (ii) you are a Relevant Person (as defined above) and you will observe the foregoing provisions, limitations and conditions; and (iii) you will not forward the Email to any other person, or reproduce or publish this document, in whole or in part, for any purpose.

Zeus Capital Limited is authorised and regulated by the Financial Conduct Authority.  Its registered office is at 82 King Street, Manchester M2 4WQ.