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KFH Research Limited ("KFHR") has prepared this publication for general information purposes only and this does not constitute a prospectus, offering document or circular or offer, invitation or solicitation to purchase, subscribe for or sell any security, financial product or other investment instrument ("Investments"), or to engage in, lead into, conclude or refrain from engaging in any transaction.

In preparing this publication, KFHR did not take into account the investment objectives, financial situation and particular needs of the recipient. Before making an investment decision on the basis of this publication, the recipient needs to make its own independent decision, preferably, with the assistance of a financial adviser, in evaluating the Investment in light of its particular investment needs, objectives and financial circum- stances. Any Investments discussed may not be suitable for all investors; there are risks involved in trading in or dealing with Investments and it is highlighted that the value, yields, price or income from Investments may go up or down. KFHR does not and shall not be deemed (directly or indirectly) to render any advice as regards the degree of risk of the Investment. This publication does not purport to disclose all the risks associated with the Investment. The recipient should make its own financial, legal and tax determination (including as regards any applicable exchange control regulations).

Changes in rates may have an adverse effect on the value, price or income of Investments. Past performance of any Investment is not indicative of future performance. The price of Investments can and does fluctuate, and an individual Investment may even become valueless. International investors are reminded of the additional risks inherent in international investments, such as currency fluctuations and international stock market or economic conditions, compliance with applicable legislation and registration requirements, which may adversely affect the value of the Investment. Any prices set out in this publication are for indicative purposes only; such prices may vary in accordance with market fluctuations and other market conditions.

The information contained herein has been obtained from sources believed to be reliable but have not been independently verified. KFHR makes no guarantee, representation or warranty and accepts no responsibility or liability as to its accuracy or completeness and it should not be relied upon as such.

The information contained herein is not intended to provide professional advice but merely an independent assessment of the relevant sector, outlook and market feasibility of the business. KFHR shall not be deemed to endorse, recommend, approve, guarantee or promote nor to give any warranty in respect of such information unless otherwise stated by KFHR.

This publication contains forward looking statements which are usually but not always identified by the use of words such as "anticipate", "believe", "estimate", "envisage", "forecast", "intend", "expect", "plan", "predict" and "project" and statements that an event or result "can", "could", "might", "may", "should", or "will", occur or be attained and other like expressions. Forward looking statements are based on assump- tions made and information currently available to KFHR and are subject to certain risks and uncertainties that could cause the actual results to differ materially from those expressed in any forward looking statements. Recipients are cautioned not to place undue relevance on these forward looking statements. Opinions or forward looking statements expressed are subject to change without notice.

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KFHR, its shareholders, associates, subsidiaries, their respective Directors, officers and employees ("Group") may from time to time deal in, trade or have positions  in any Investments (or  related investment) mentioned in this publication.  KFHR   may also act as market maker, underwriter, placement agent, investment banker or other advisor to any issuer (or  party related to the issuer) of the Investments referred to herein; and any member of the Group may have received or may expect to receive remuneration or other benefits for such services or Investments.

The views or opinions expressed herein reflect KFHR's view as of the date of this publication. KFHR accepts no obligation to correct or update the information, opinions or statements in this publication. Copyright protection exists in this publication and it may not be reproduced, distributed or published in whole or in part by any person for any purpose. If you are not the intended recipient you must not use, disclose or distribute the information in this publication in any way.

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