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This document has been provided to you solely for your information and may not be reproduced or redistributed, in whole or in part to any other person. The information contained in this document 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 this document is being distributed only to and is directed only at 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 an exempt person should not act or rely on this document or any of its contents.

 
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Information is being provided to exempt persons by Equity Development Limited (“ED”) to provide background information about its corporate clients. ED are regulated by the Financial Services Authority, and are retained to act as financial adviser for various clients, some or all of whom may now or in the future have an interest in the contents of this document and/or in the Company.

In the preparation of information, ED has had access to publicly available information, the Company’s management and other sources believed to be reliable. Whilst all reasonable care has been taken to ensure that the facts stated are accurate and that forecasts opinions and expectations contained are fair and reasonable, neither the author nor ED has verified the information and accordingly none of the author, ED nor any of their respective directors, officers or employees makes any representation or warranty, express or implied as to the accuracy or completeness of the information or opinions and shall not be in any way responsible or liable for the contents  of research documents and no reliance should be placed on its accuracy, fairness or completeness. No person accepts any liability whatsoever for any loss howsoever arising from any use of this research information. Nothing in this paragraph shall exclude liability for any representations or warranties made fraudulently in our research.

Any opinions, forecasts or estimates constitute a judgment as at the date of a report. There can be no assurance that future results or events will be consistent with any such opinions, forecasts or estimates.

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ED or its directors or officers may in the future or in the past have had a material investment in the research Company.