DISCLAIMER

Use of this website is subject to the following terms and conditions (the "Terms"). Please read these Terms carefully. By accessing this website, you are deemed to have read and accepted these Terms and the regulatory restrictions governing the use of this website. We reserve the right to modify these Terms at any time.

The material available on this website is communicated by Trenchant Limited. To the extent that material on this website is directed at users in the UK, it is issued or approved by Trenchant Limited.

No Offer: Nothing in this website should be construed as an offer, invitation or general solicitation to buy or sell any investments or securities, provide investment advisory services or to engage in any other transaction.

PERMITTED USERS OF THE WEBSITE

Any investments or investment services which may be promoted on this website are not available to private customers. In addition, they may not have been registered with the U.S. Securities and Exchange Commission and as such, may only be available to certain accredited U.S. investors.

COPYRIGHT

This website is subject to copyright with all rights reserved. You may download or print out a hard copy of individual pages and/or sections of this website if you do not remove any copyright or other proprietary notices. Any downloading or other copying from this website will not transfer title to any software or material to you. You may not reproduce (in whole or in part), transmit (by electronic means or otherwise), modify, link into or use for any public or commercial purpose this website without the prior written permission of Trenchant Limited.

PRIVACY

Third parties may be able to access information posted on this website by means of the Internet or otherwise. You acknowledge that communications transmitted by means of this website are public and not private communications. Please do not transmit any confidential information to or through this website.

ACCURACY OF CONTENTS

While Trenchant Limited use reasonable efforts to obtain information from sources which they believe to be reliable, no representation or warranty is given by Trenchant Limited that the information or opinions contained in this website are accurate, reliable or complete. The information and opinions contained in this website are provided by Trenchant Limited for personal use and informational purposes only. You are solely liable for any use you may make of this information. The information is inherently subject to change without notice and may become outdated. You, therefore, should verify any information obtained from this website before you use it.

NO ADVICE

You should not rely on any information or opinions contained in this website in making an investment or other decision but should obtain relevant and specific professional advice. Nothing contained on this website constitutes or should be construed to constitute investment, legal, tax or other advice. The information contained on this website shall in no way be construed to constitute a recommendation with respect to the purchase or sale of any investment.

NO REPRESENTATION OR WARRANTY

No representation, warranty or guarantee of any kind, express or implied is given by Trenchant Limited in respect of any information or opinions contained on this website.