Important Notice

Nothing contained herein is intended as specific investment advice and no person should make any investment decision based solely on any recommendation or analysis provided in this communication. The information contained herein is based on sources believed to be reliable, but is not warranted by the editor or any affiliate and may be inaccurate, unreliable, out-dated or incomplete. Except as otherwise indicated, any opinions expressed herein reflect the editors judgment at the time provided, but such opinions are subject to change without notice, and may differ or be contrary to opinions expressed by other business areas or personnel of the editor as a result of using different assumptions and criteria. We do not undertake to advise you of changes in its opinion or information. Neither the information, nor any opinion contained herein constitutes a solicitation or offer by the editor to buy or sell any securities, futures or other financial instruments, nor shall any such security, future or other financial instrument be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful under the securities laws of such jurisdiction. No information or opinion contained herein should be used in connection with any such offer or solicitation. the editor does not provide tax or legal advice. You should not construe information contained herein as rendering tax or legal advice. The products and services discussed herein may have tax consequences and, therefore, you should consult your tax and legal advisors in order to understand the tax consequences of any product or service mentioned.
The information herein, including any expression of opinion, has been obtained from or is based upon sources believed to be reliable but is not guaranteed as to accuracy or completeness although the editor believe it to be fair and not misleading or deceptive. the editor may from time to time deal in, profit from the trading of, hold or act as market-makers or act as advisers, brokers or bankers in relation to the securities, or derivatives thereof, of persons, firms or entities mentioned in this document or be represented on the board of such persons, firms or entities. Employees of the editor, or individuals connected to them may from time to time have a position in or be holding any of the investments or related investments mentioned in this document. the editor is under no obligation to disclose or take account of this document when advising or dealing with or for their customers. The views of the editor reflected in this document may change without notice. To the maximum extent possible at law, the editor does not accept any liability whatsoever arising from the use of the material or information contained herein. Dealing in warrants and/or derivative products such as futures, options, and contracts for differences has specific risks and other significant aspects. You should not deal in these products unless you understand their nature and the extent of your exposure to risk. This document is not intended for use by or targeted at private customers. Should a private customer obtain a copy of this report they should not base their investment decisions solely on the basis of this document but must seek independent financial advice.

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