Winterflood Securities Limited (“WINS”) produces research materials from time to time, including investment recommendations as referred to in the Market Abuse Regulation 596/2014/EU, which express an opinion in relation to securities and other financial instruments (“Research”).  Such Research is made available to professional investors and institutions subject to, and in accordance with, this disclaimer. 

WINS is authorised and regulated by the Financial Conduct Authority (“FCA”) for the conduct of investment business in the UK.

The Research (and any information, data or materials contained therein) is not intended for distribution to or use by any person or entity in any jurisdiction or country where such distribution would be contrary to local law, rule or regulation. WINS does not conduct investment business in the United Kingdom with private customers and accordingly any services and/or products mentioned or referred to in the Research are not available to such persons via WINS. The Research contains information of a general nature and does not address the circumstances of any particular individual or entity. Nothing in the Research constitutes or shall be implied to constitute advice, including legal, tax, financial and/or other professional advice, and nor does the Research constitute a comprehensive or complete statement of the matters discussed or the law relating thereto.  You are required to acquaint yourself with any local laws and restrictions on the usage of the Research and the availability of any services and/or products related thereto.

For the purpose of UK laws, rules and regulations the Research is classified as being a ‘marketing communication’. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. However, WINS operates a conflicts of interest policy in regard to Research which includes a Personal Account Dealing policy which prohibits market makers from holding a Personal Account Dealing position in any security or other financial instrument they make a market in and the operation of a cultural Chinese wall. A copy of the policy can be obtained by contacting the WINS Compliance Team on +44 20 3100 0000.

Information, data and materials in the Research may not be accurate or current. In particular, but without limitation, information may be rendered inaccurate by changes in applicable laws, rules and regulations and/or by differences in foreign laws, rules and regulations. The prices of the investments referred to in the Research (if any) are indicative only and 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. Before entering into an agreement in respect of an investment referred to in the Research, 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. WINS and its affiliates and/or their officers, directors and employees may have positions in any investments mentioned in the Research (or in any related investments) and may from time to time add to or dispose of any such investments (or related investments).

WINS and its affiliates may act as market maker in the investments discussed in the Research (or in related investments) and/or may sell them to or buy them from customers on a principal basis.

The Research is issued for the information of customers of WINS and is intended for professional investors only. The Research is not intended to provide the basis for any evaluation of an investment decision. Your attention is drawn to the date of issue of the Research and of the opinions expressed therein. Any opinions are those of the market maker and are subject to change without notice. The Research 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, complete or up-to-date. The Research is not and should not be construed as or forming a part of any offer for sale or subscription of, or any invitation to offer to buy or subscribe for, any investments, 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. The Research is made available without responsibility on the part of WINS, who neither assumes nor accepts any responsibility or liability (including for negligence) in relation thereto. No action should be taken or omitted to be taken in reliance upon information, data or materials in the Research. Advice from a suitably qualified professional should always be sought in relation to any particular matter or circumstances. Nothing in this Disclaimer excludes or restricts any duty or liability to a customer which WINS has under the Financial Services & Markets Act 2000, under the Rules of the FCA, or to the extent liability cannot be excluded or restricted under applicable law, rule or regulation.

WINS is, unless otherwise stated, the owner of copyright over the Research. Except for personal use only (including saving to an individual storage medium and printing such extracts from the Research as are necessary for such use) or as permitted by the Copyright Designs and Patents Act 1988, no part of the Research may be published, distributed, extracted, reā€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 publication). WINS reserves the right at any time at its discretion to withdraw or modify the licenses set out above. The above permissions do not apply to any content supplied by third parties. For permitted use of third party content apply to the relevant content owner. The securities and other financial instruments (and any related investments) and investment services described in the Research may not be suitable for all people. Before entering into an agreement in respect of any such investments, you should consult your own investment advisers as to their suitability for you and should understand that statements regarding future prospects may not be realised.

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