Corporate Client Disclaimer

This document is issued by Zeus Capital Limited (Incorporated in England & Wales No. 4417845), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority (“FCA”) for designated investment business, (Reg No. 224621) and is a member firm of the London Stock Exchange.

Unless otherwise stated any share prices used in this document are taken after market close on the business day prior to the date of publication. The date of the information in this document is as per the date displayed at the top of the document, unless otherwise stated.
This document is for information purposes only and neither the information contained, nor the opinions expressed, within this document constitute or are to be construed as an offer or a solicitation of an offer to buy or sell the securities or other instruments mentioned in it. It or any part of it does not form the basis of and should not be relied upon in connection with any contract. Subject to the nature and contents of the document, the investments described herein are subject to fluctuations in price and/or value and investors may get back less than originally invested. Certain high-volatility investments can be subject to sudden and large falls in value that could equal the amount invested. Certain investments contained in the document may have tax implications for private customers whereby levels and basis of taxation may be subject to change. Zeus Capital Limited does not provide tax advice and investors should seek advice from a tax adviser.

Zeus Capital Limited uses reasonable efforts to obtain information from sources which it believes to be reliable but the contents of this document have been prepared without any substantive analysis being undertaken into the companies concerned or their securities and it has not been independently verified. No representation or warranty, either express or implied, is made nor responsibility of any kind is accepted by Zeus Capital Limited, its directors or employees either as to the accuracy or completeness of any information stated in this document.
Opinions expressed are the current opinions of Zeus Capital Limited as of the date appearing on this material only. The information and opinions are provided for the benefit of Zeus Capital Limited clients as at the date of this document and are subject to change without notice. Opinions and information disclosed in this publication may have been disclosed to the issuer prior to publication and subsequently amended. There is no regular update series for these documents issued by Zeus Capital Limited.

The document is not to be construed as a solicitation or recommendation of investment advice and no personal recommendation is being made to you; the securities referred to may not be suitable for you and should not be relied upon in substitution for the exercise of independent judgement. You should make your own investment decisions based upon your own financial objectives and financial resources. Neither past performance nor forecasts are a reliable indication of future performance and Investors may realise losses on any investments, including possible loss of the principal amount invested. Products are not insured by any government or government agencies and are neither guaranteed, insured, nor a deposit account or other obligation of any depository institution.
Zeus Capital Limited and any company or person connected with it (including its officers, directors and employees) may have a position or holding in any investment mentioned in this document or a related investment, and such positions or holdings may be inconsistent with the contents of this Report, and may from time to time dispose of any such securities or instrument. In the last 12 months Zeus Capital Limited may have been a manager, or co-lead manager, in the underwriting or placement of securities to the issuers of securities mentioned in this document within the last 12 months, or may have had corporate finance mandates or may have received compensation for investment banking services from such companies. Zeus Capital Limited may be, or may have been, party to an agreement with the issuer of the securities mentioned in this document relating to the production of this recommendation. Zeus Capital Limited may receive or may intend to seek compensation for investment banking services from such companies within the next 3 months. A senior executive or director of Zeus Capital Limited or a connected person may be an officer, director or adviser of any issuer of securities mentioned in this document. Accordingly, recipients of this document should not rely on this document being impartial and information may be known to Zeus Capital Limited or persons connected with it which is not reflected in its material.

Zeus Capital Limited had in place a number of mechanisms for identifying and managing potential conflicts which include:

Policies and procedures to identify, consider, manage and monitor potential conflicts of interests.

Internal guidance and training regarding the identification of possible conflicts before they arise.

Procedures to ensure that potential conflicts are escalated to the appropriate level within Zeus Capital Limited.

Internal arrangements (including physical separation and other information barriers) for regulating the flow of information between and within business areas.

Zeus Capital Limited shall not be liable for any direct or indirect damages, including lost profits arising in any way from the information contained in this material. This material is for the use of intended recipients only and only for distribution to professional and institutional investors, i.e. persons who are authorised persons or exempted persons within the meaning of the Financial Services and Markets Act 2000 of the United Kingdom, or persons who have been categorised as professional customers or eligible counterparties under the rules of FCA. It is not intended for retail customers.

This document is being supplied to you by Zeus Capital Limited solely for your information and may not be reproduced, re-distributed or passed to any other person or published in whole or in part for any purpose. This material is not directed at you if Zeus Capital Limited is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you and persons into whose possession this material comes should inform themselves about, and observe any such restrictions.

This document does not constitute an offer of, or an invitation by or on behalf of Zeus Capital Limited or its affiliates or any other company to any person, to buy or sell any security. The information contained herein has been obtained from published information and other sources, which Zeus Capital Limited or its Affiliates consider to be reliable. Zeus Capital Limited does not accept any liability or responsibility whatsoever for the accuracy or completeness of any such information. All estimates, expressions of opinion and other subjective judgments contained herein are made as of the date of this document. By accepting this document, you agree that you have read the above disclaimers, acknowledge them and agree to be bound by all of the foregoing limitations, restrictions and provisions.