Terms and Conditions

This material has been produced or compiled by Guy Butler Ltd. This document is not, and should not be construed as, an offer or solicitation to sell or buy any investment or product. The information and opinions contained in this document have been derived from sources believed to be reliable and in good faith or constitute Guy Butler Ltd's judgement as at the date of this document but no representation or warranty, express or implied, is made as to their accuracy, completeness or correctness.

Any information contained in this material is not to be relied upon as authoritative or taken in substitution for the exercise of judgement. Redistribution in whole or in part is prohibited. To the full extent legally possible, Guy Butler Ltd accepts no liability whatsoever for any loss arising from any use of the material. This material is for use by Eligible Counterparties and Professional Customers only and it is not intended for Retail Clients as defined by the rules of the Financial Services Authority.

This material may be distributed in the United States solely to "major institutional investors" as defined in Rule 15a-16 of the US Securities Exchange Act 1934.

Whilst Guy Butler Ltd's research department provides an impartial and objective assessment of the securities companies and other matters, this material should be treated as a marketing communication for the purpose of the European Markets in Financial Instruments Directive (MiFID) as it has not been prepared in accordance with the legal requirements designed to promote the independence of research and is not subject to any restrictions on dealing ahead of the dissemination of the material.

Guy Butler Ltd and its officers, directors and employees may own or have position in any investment mentioned herein or any investment related thereto and may from time to time add or dispose of any such investments. Guy Butler Ltd may have an underlying position in the securities of the companies discussed (or investments related thereto) and may sell or buy them from their customers on a principal basis and may also perform or seek to perform underwriting services for or relating to these companies. Guy Butler Ltd's Conflicts of Interest Management Policy can be obtained from your normal contact at Guy Butler Ltd.

There is no certainty that the parameters and assumptions used can be duplicated with actual trades. Any results shown do not reflect the impact of commissions, fees or taxes, unless otherwise stated. Guy Butler Ltd accepts no liability whatsoever for any direct or consequential loss arising from any use of this document or website.

The contents of these pages are copyright © Guy Butler Limited. You may download to a local hard disc and print extracts from this website if for personal, non-commercial use. However, reproduction of part, or all of the contents in any form is prohibited unless for personal, non-commercial use. None of the contents of this website may be copied or otherwise incorporated into or stored in any other website, electronic retrieval system, publication or other work in any form (whether hard copy, electronic or other).

For the avoidance of doubt, framing this site or any part of it is not permitted without express permission. The Conflicts of Interest Management Policy can be view by requesting a copy from your usual contact at Guy Butler Ltd.

Guy Butler Ltd is authorised and regulated by The Financial Services Authority and is a member of the London Stock Exchange.