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cityconfidential newsletters which are published on this website are solely for general information and may not be reproduced or redistributed, in whole or in part to any other person. The information contained in the reports has not been approved for the purposes of Section 21(2) of the Financial Services & Markets Act 2000 of the United Kingdom (‘FSMA’). As such the reports are only available to persons falling within the categories of exempt person described in the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 as amended, (‘the Order’) or pursuant to any applicable exemption under FSMA (together ‘relevant persons’). Any person who is not a relevant person should not act or rely on this document or any of its contents.The reports on this website have been prepared and issued by cityconfidential for distribution in the United Kingdom. The content is intended for professional advisors in the United Kingdom in their role as advisors and is not intended for private individuals or investors. The reports should not be used or considered as an offer or solicitation to buy or sell any financial instrument and is for informational purposes only. Statements and opinions contained in this report represent those of cityconfidential as at the date of the report and not held out as applicable thereafter. Information used in the publication of this report has been compiled from sources believed to be reliable but it has not been independently verified: no representation has been made to its accuracy or completeness, no reliance should be placed on it and no liability is accepted for any loss arising from reliance on it. As the reports have not been prepared in accordance with legal requirements designed to promote independence of research, cityconfidential has decided that due to this and attendance of conflicts of interests, the report should not be regarded as independent or impartial as defined by the rules of the Financial Services Authority.

The reports are intended for intermediate clients, market makers, Self-certified High Net Worth or Self-certified sophisticated investors only. Self certification can be completed free of charge at www.fisma.org. The reports may not be distributed in or into, directly or indirectly to any persons with addresses in Australia, Canada, Japan, The Republic of Ireland, The Republic of South Africa or the United States (or any of its territories or possessions). The reports are provided to relevant persons by cityconfidential to give background information about the corporate client. cityconfidential is owned by Independent Financial Publications, which is authorised and regulated by the Financial Services Authority.

In the preparation of the reports, cityconfidential has had access to publicly available information, the management of the companies which are the subject of the reports and other sources believed to be reliable. Whilst all reasonable care has been taken to ensure that the facts stated in the reports are accurate and that the forecasts, opinions and expectations contained therein are fair and reasonable, cityconfidential does not guarantee the accuracy or completeness of the reports. As such cityconfidential shall not be in any way be responsible or liable for the contents hereof and no reliance should be placed on the accuracy, fairness or completeness of the information contained in the reports. No person accepts any liability whatsoever for any loss howsoever arising from any use of the reports or their contents. Nothing in this paragraph shall exclude liability for any representations or warranties made fraudulently. Any opinions, forecasts or estimates herein constitute a judgment as at the date of the report. There can be no assurance that future results or events will be consistent with any such opinions, forecasts or estimates. This information is subject to change without notice. It may be incomplete or condensed and it may not contain all material information concerning a client company.

The reports do not constitute or form part of and should not be construed as any offer for sale or purchase of (or solicitation of or invitation to make any offer to buy or sell) any securities nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever.

Officers or employees of cityconfidential may in the future or in the past have had a material investment in the company.

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