This website is communicated by Fox-Davies Capital ('FDC'). FDC is authorised and regulated by the Financial Services Authority and is entered on the latter's Register, www.fsa.gov.uk/register, under number 210414.

There are pages on this website ('relevant pages') that relate to the services provided by FDC in the areas of investment banking (or which contain research material prepared by FDC). These services constitute designated investment business in respect of which FDC is authorised and regulated by the Financial Services Authority.

The material in the relevant pages is directed solely at market counterparties and intermediate customers as those terms are defined by the rules of the Financial Services Authority. The material is not directed at, may not be suitable for and should not be relied on by private customers. FDC does not provide investment advisory services to private customers. By accessing the relevant pages you acknowledge that you are not a private customer.

The material in the relevant pages is not an offer or a solicitation to buy or sell any security. Neither FDC nor any of its directors, officers, employees or agents shall have any liability, howsoever arising, for any error or incompleteness of fact or opinion in it or lack of care in its preparation or publication; provided that this shall not exclude liability to the extent that this is impermissible under the law relating to financial services. All statements and opinions are liable to change without notice. FDC or one or more of its associates or a director or an employee of FDC or of an associate may from time to time have a position, or may have undertaken or may undertake an own account transaction, in a security referred to in the material that follows or in a related security. FDC or one or more of its associates may from time to time have a broking, advisory or other relationship with a company the subject of or referred to in the material in the relevant pages, including acting as that company's official or sponsoring broker and providing corporate finance or other financial services.

Unless otherwise stated all material on this website is copyright Fox-Davies Capital. FDC hereby asserts its rights under the Copyright, Designs and Patents Act 1988 to be identified as the author of this work. All rights to the material in this website are reserved to FDC. By using the pages of this website, and/or by reading the material within it, you agree that you will use the information only for your internal business purposes and that you will not otherwise download, copy, transmit or distribute in any way any of this material in whole or in part.

This website contains hyperlinks that are provided for your information only. By clicking on such a hyperlink, you will leave this website and the regulatory protections that attach to certain pages herein. FDC is not responsible for and accepts no liability whatever for the content of any website that you access from such a hyperlink or for any reliance placed by you or any other person on the information contained therein. Any such website may be subject to its own disclaimers and copyright restrictions.

The material in this website has been prepared for persons in the United Kingdom and is not intended for distribution or use outside the United Kingdom. This material is not directed at you if FDC is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you.

FDC is not a US registered broker-dealer, thus transactions by major US institutional investors in any securities must be effected through a US registered broker-dealer, in conformity with SEC Rule 15a-6.

You should satisfy yourself before accessing the relevant pages of this website that FDC is permitted to provide information about its services and/or research material to you under relevant legislation and regulations. FDC accepts no responsibility whatever for any failure by a person resident outside the United Kingdom to observe the foregoing.