LEGAL DISCLAIMER

ABOUT THIS WEBSITE

This Website has been issued and approved in the UK by Winterflood Securities Ltd ("WINS"), a Member Firm of the London Stock Exchange, regulated by the Financial Conduct Authority ("FCA") for the conduct of investment business in the UK and incorporated in the UK with limited liability (FCA Register Number 141455). The registered office of WINS is The Atrium Building, Cannon Bridge House, 25 Dowgate Hill, London EC4R 2GA, registered in England, Register Number 02242204. This page (together with the documents referred to on it) tells you the terms of use on which you may make use of this website, whether as a guest or a registered user. Please read these terms of use carefully before you start to use the site. By using this site, you indicate that you accept these terms of use and that you agree to abide by them. If you do not agree to these terms of use, please refrain from using this site.

This website is not directed at, or intended for distribution to or use by, any U.S. citizen, person, or entity that resides in or is located in the United States of America or any other jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation which would subject WINS to any registration or licensing requirements with such jurisdiction. Services are not available to U.S. persons except where such services are permitted under SEC rule 15a6 or other relevant exemptions from SEC Broker/Dealer registration requirements.

INFORMATION ON THIS WEBSITE

The investments and investment services described on this website may not be suitable for all people. Before entering into an agreement in respect of an investment referred to on this Website, you should consult your own investment advisers as to its suitability for you and should understand that statements regarding future prospects may not be realised.

All material on this Website is information of a general nature and does not address the circumstances of any particular individual or entity. Nothing on this Website constitutes professional and/or financial advice nor does any information on this Website constitute a comprehensive or complete statement of the matters discussed or the law relating thereto.

Information on this Website may not be accurate or current. In particular (but without limitation) information may be rendered inaccurate by changes in applicable laws and other regulations. Information on this Website may or may not have been prepared by WINS, but is made available without responsibility on the part of WINS, who neither assumes nor accepts any responsibility or liability (including for negligence) and makes no warranty, express or implied, in relation thereto. No action should be taken or omitted to be taken in reliance upon information on this Website.

The prices of the investments referred to on this Website and the income from them may go down as well as up and investors may realise losses on them. Investments denominated in foreign currencies are exposed to changes in exchange rates which may have a negative as well as a positive effect on their value. Past performance is not indicative of future results. Levels and bases of taxation may change. In the case of investments for which there is no recognised market it may be difficult for investors to sell their investments or to obtain reliable information about its value or the extent of the risk to which it is exposed. WINS reserves the right to change the information available on this Website without notice. WINS expressly disclaim any obligation to keep the information on this Website up-to-date, free of errors or viruses or to maintain uninterrupted access. WINS may stop producing or updating any part of this Website without notice.

Nothing on this website is intended to exclude or restrict any duty or liability which WINS may have under the Financial Services and Markets Act 2000 (or any replacement legislation) or the rules and regulations for the conduct of business made thereunder.

GENERAL

Access to and use of this Website is at your own risk. WINS do not warrant that the use of our Website or any material downloaded from it will not cause damage to any property, including but not limited to loss of data or computer virus infection. WINS will bear no responsibility or liability for your use of any third party vendor's software, products, services or equipment in connection with your access and use of this Website. Your use of the products and services on this website may be monitored by WINS, and the resultant information may be used by WINS for its internal business purposes or in accordance with the rules of any applicable regulatory or self-regulatory organisation. Nothing on this Website constitutes or forms a part of any offer for sale or subscription of, or any invitation to offer to buy or subscribe for, any securities or other financial instruments, nor should it or any part of it form the basis of, or be relied upon in any connection with any contract or commitment whatsoever. Any services described on this website are available solely subject to the terms and conditions of a client engagement agreement which will represent the whole agreement between WINS and the client.

WINS does not conduct investment business in the United Kingdom with private customers and accordingly services and products mentioned or referred to in any advertisements on this site are not available to such persons via WINS. You are required to acquaint yourself with any local laws and restrictions on the usage of this site and the availability of any services described therein. This website is not directed at, or intended for distribution to or use by, any U.S. citizen, person, or entity that resides in or is located in the United States of America or any other jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation which would subject WINS to any registration or licensing requirements with such jurisdiction. Services are not available to U.S. persons except where such services are permitted under SEC rule 15a6 or other relevant exemptions from SEC Broker/Dealer registration requirements. All electronic communications with the Company may be monitored in the UK in accordance with the UK Regulation of Investigatory Powers Act, Lawful Business Practice Regulations, 2000. WINS and its affiliates and/or their officers, directors and employees may have positions in any securities mentioned on this website (or in any related investment) and may from time to time add to or dispose of any such securities (or investment).

WINS and its affiliates may act as market maker or have assumed an underwriting commitment in the securities of companies discussed on this website (or in related investments), may sell them to or buy them from customers on a principal basis and may also perform or seek to perform investment banking or underwriting services for or relating to those companies. Nothing herein excludes or restricts any duty or liability to a customer which WINS has under the Financial Services & Markets Act 2000 or under the Rules of FCA. A recipient who chooses to deal with any person who is not a representative of WINS in the UK will not enjoy the protections afforded by the UK regulatory regime.

RESEARCH ON THIS WEBSITE

Research on this website has been issued for the information of Customers (as defined in the Rules of the Financial Conduct Authority) of WINS. The terminology used within the research reports is intended for professional investors. Research reports are not intended to provide the sole basis for any evaluation of an investment decision. Before publishing any research recommendation, WINS and its associates, employees and/or clients may have acted upon the recommendation or made use of the information on which it is based.

Each research report in these web pages must be read in conjunction with any disclaimer which forms part of it. Your attention is drawn to the date of issue of the information provided and of the opinions expressed therein. Any opinions are those of the WINS investment trust research team and are subject to change without notice and WINS is not under any obligation to update or keep current the information contained herein. The material on this site is based on information obtained from sources believed to be reliable but which have not been independently verified and are not guaranteed as being accurate.

COPYRIGHT OR OTHER NOTICES

WINS is, unless otherwise stated, the owner of copyright and database right in this website and its contents. Except for personal use only (which shall include saving to an individual storage medium and printing such extracts from this site as are necessary for such personal use), or as permitted by the Copyright Designs and Patents Act 1988 or the Copyright and Rights in Databases Regulations 1997 as applicable, no part of this website may be published, distributed, extracted, re-utilised, or reproduced in any material form (including photocopying or storing it in any medium by electronic means and whether or not transiently or incidentally to some other use of this website). WINS reserves the right at any time at its discretion to withdraw or modify the permissions set out above. The above permissions do not apply to any content supplied by third parties, for which you should apply to the relevant content owner for their permission.

USE OF LINKS

Should the viewer leave this site via a link contained herein, and view content that is not provided by WINS, the viewer does so at its own risk. The content to which you link will not have been developed, checked for accuracy, or otherwise reviewed by WINS. WINS is not responsible for damages or losses caused by any delays, defects or omissions that may exist in the services, information or other content provided in such site, whether actual, alleged, consequential or punitive. WINS makes no guarantees or representations as to, and shall have no liability for, any electronic content delivered by any third party, including, without limitation, the accuracy, subject matter, quality or timeliness of any electronic content.

USE OF COOKIES

This website uses Google Analytics, a web analytics service provided by Google, Inc. ("Google"). Google Analytics uses cookies to collect information about how visitors use our site. We use the information to compile reports and to help us improve the site. The cookies collect information in an anonymous form, including the number of visitors to the site, where visitors have come to the site from and the pages they visited. Information on deleting or controlling cookies is available at http://www.aboutcookies.org/. Please note that by deleting our cookies or disabling future cookies you may not be able to access certain areas or features of our site.

THIRD PARTY USER LICENSE AGREEMENT

Any instrument reference data extracted and used from this site may require the recipient to obtain or hold a user license agreement from the relevant exchange or data vendor.

ACCESS TO THE WEBSITE

Whilst we try to ensure that access to the website is always available, from time to time we may need to temporarily restrict access to the website without notice and reserve the right to do so, whether for the purposes of servicing the website or otherwise. We accept no liability, no matter how that may be caused, arising from any loss of access to the website at any time.

You may access most areas of the website without registering your details with us and without us recording any of your personal information, however certain areas of the website may require you to register. If you submit an application to seek access to these areas, you are indicating that you have read our [Privacy Policy, as set out below,] and are willing for us to deal with your data as set out in that policy and in order to provide you access to such areas of the website. We are not obliged to approve your application, and may remove or limit your access or approval at any time and without incurring any liability. If we do grant you access to an otherwise restricted area of the website, your login details are personal to you. You must keep them confidential and not permit or enable another person to use them.

VIRUSES, HACKING AND OTHER OFFENCES

You must not misuse our site by knowingly introducing viruses, Trojans, worms, logic bombs or other material which is malicious or technologically harmful. You must not attempt to gain unauthorised access to our site, the server on which our site is stored or any server, computer or database connected to our site. You must not attack our site via a denial-of-service attack or a distributed denial-of service attack. By breaching this provision, you would commit a criminal offence under the Computer Misuse Act 1990. We will report any such breach to the relevant law enforcement authorities and we will co-operate with those authorities by disclosing your identity to them. In the event of such a breach, your right to use our site will cease immediately.

We will not be liable for any loss or damage caused by a distributed denial-of-service attack, viruses or other technologically harmful material that may infect your computer equipment, computer programs, data or other proprietary material due to your use of our site or to your downloading of any material posted on it, or on any website linked to it.

PRIVACY

WINS will respect your personal information and undertake to comply with all applicable UK Data Protection legislation currently in force. In relation to any personal information provided by you, you agree that WINS may use such information in accordance with the purposes for which your permission has been obtained when providing such information.

In addition to our safeguards, your personal data is protected in the UK by the Data Protection Act 1998. You have certain rights of access under the Data Protection Act 1998 to personal data held or processed by us or on our behalf. Further details of these rights are available on request. We reserve the right to charge for providing such access. Other than as required by law, or as permitted under these user conditions, WINS will not disclose your personal data to any third party without your permission.

LIABILITY

To the extent permitted by law, WINS excludes any liability for any direct, indirect or consequential loss or damage incurred by any user in connection with our site or in connection with the use, inability to use, or results of the use of this site, any websites linked to it and any materials posted on it, including, loss of income or revenue, loss of business, loss of profits or contracts, loss of anticipated savings, loss of data, loss of goodwill and wasted management or office time whether caused by tort (including negligence), breach of contract or otherwise, even if foreseeable, provided that this condition shall not prevent claims for loss of or damage to your tangible property. This provision shall not exclude or restrict any duty or liability which WINS has in relation to you under the FCA rules or FSMA nor does it affect our liability for death or personal injury arising from our negligence, nor our liability for fraudulent misrepresentation or misrepresentation as to a fundamental matter, nor any other liability which cannot be excluded or limited under applicable law.

VARIATION

WINS hereby reserves the right to change these terms and conditions of use and the contents of this website at any time. Any such changes will (as soon as practicable) be posted by WINS on the website and will automatically be binding upon you if you access this website.

SEVERABILITY

No part of these terms and conditions is intended to constitute an exclusion of liability which cannot be excluded under English law. To the extent that any part of these terms and conditions is found to be invalid, unlawful or unenforceable such part shall be severed from the remaining terms and conditions, all of which shall remain in force and effect.

GOVERNING LAW

These terms and conditions shall be governed by, and interpreted in accordance with, English law. You irrevocably agree that the courts of England shall have exclusive jurisdiction to resolve any dispute or claim of whatever nature arising out of or relating to this website, and that the laws of England shall govern such dispute or claim. WINS makes no representation that information contained in this website is appropriate for use in any jurisdiction other than the UK and you hereby acknowledge that this website is directed at the UK only and is not intended for use outside the UK and you agree that WINS will have no responsibility in respect of access to the website from jurisdictions whose laws prohibit such access or where any of the contents of this website may be illegal. Those who choose to access this website from jurisdictions other than the UK do so at their own risk and are solely responsible for compliance with local laws. These terms and conditions constitute the entire agreement between WINS and you with regard to this website and they supersede all prior or contemporaneous communications, agreements and understandings between WINS and you with respect to the subject matter hereof.

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