The following disclaimers are brought to your attention in respect of communications to you from Comus Capital and/or its regulated associated companies, (hereinafter referred to as "Comus").


E-mails may contain confidential information and as such, should be treated as confidential. They may also contain legally privileged information. They are intended solely for use by the normal or ordinary user of the e-mail address(es) to which the email has been addressed. If you are not the named addressee you must not disseminate, distribute, amend, copy or otherwise act on the contents, including any attachments, of the e-mail. Please notify the sender immediately by e-mail if you have received an e-mail by mistake and immediately delete the e-mail from your system. You may also be asked to confirm that the e-mail received in error has been deleted from your system and/or that you have not made any unauthorised use, disclosure, distribution or copying of the e-mail.

Unless otherwise specifically indicated, the contents of e-mails and attachments, if any, are for informational purposes only. Neither the information nor the opinions expressed in the email and attachments, if any, constitutes or intends to be an offer, or a solicitation of an offer, to buy or sell relevant securities (i.e. securities mentioned herein and options, warrants, or rights to or interests in any such securities), act as an official confirmation of any transaction, or act as an official statement of Jendens. E-mails and attachments, if any, may not be reproduced, distributed or published by you for any purpose except with Comus express written permission. The information on which the communication is based has been obtained from sources we believe to be reliable, but we do not guarantee its accuracy or completeness. All expressions of opinion are subject to change without notice.

E-mail transmissions cannot be guaranteed to be secure or error-free as the email could be intercepted, corrupted, lost, destroyed, arrive late or incomplete, or contain viruses. The sender therefore does not accept any liability whatsoever for any errors or omissions in the contents of the email message or that arises from any data corruption, interception or unauthorised amendment, whether or not these arise as a result of the e-mail transmission.


In respect of any advice and/or recommendation that may be made in respect of investments and/or investment transactions, whether such advice is verbal or written, the following matters are brought to your attention: The value of investments and any income from them may fall as well as rise. Past performance is not a reliable indicator of future results and investors may not get back the full amount invested. No indication or guarantee, whether express or implied, is made in respect of future performance. In the case of investments likely to yield a high income, the income from such investments may fluctuate in value in money terms. Where an investment involves exposure to a foreign currency, then the value of that investment may rise or fall as a result of a change in the rates of exchange. In the case of higher volatility investments, any loss on realisation may be very high (including total loss of investment), as the value of such an investment may fall suddenly and substantially. Where an investment involves exposure to warrants, investors should be aware that a warrant often involves a high degree of gearing so that a relatively small movement in the price of the security, to which the warrant relates, may result in a disproportionately large movement, unfavourable as well as favourable, in the price of the warrant. Where an investment is made in investments that are not readily realisable, it may be difficult for the investor to deal in that investment or to obtain reliable information about its value or the extent of the risks to which it is exposed. Comus, including any associated company, or their employees and officers may have a holding (long or short) in an investment that it knows will be the subject of or included in any advice and/or recommendation, whether verbal or written and made to Comus clients or potential clients. Comus does not advise on the tax consequences of investments and as such, you should seek independent professional tax advice.


This document is produced solely for the purposes of meeting Comus's reporting obligations to its clients and its circulation is restricted to Comus, its clients and their respective advisers or any person entitled to receive a copy under the laws of England and Wales or the Rules of the Financial Services Authority. The information and opinions set out in this document have been obtained or derived from sources that Comus believe to be reliable and accurate, but no warranty of accuracy is given and no liability in respect of any errors or omissions (including any third party liability) is accepted by Comus or any director or employee of Comus. This document does not constitute the distribution of any information or the making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorised or to any person to whom it is unlawful to distribute such a document or make such an offer or solicitation.


With regard to investment research issued by Comus the following should be noted:

Comus's investment research recommendations are issued and approved for distribution to professional clients and eligible counterparties as defined by the FSA Rules. Such research is not directed at, may not be suitable and should not be relied upon by persons who do not fall within this definition. On occasions we may distribute or disseminate third party research recommendations. In all cases, this third party research will be distributed or disseminated in its original form and will be unaltered by Comus.

This document has been prepared and issued by Comus and has been approved for publication in the United Kingdom by Comus, a private limited liability company authorised and regulated by the Financial Services Authority. Neither the information nor the opinions expressed in this document constitute or intend to be an offer, or a solicitation of an offer, to buy or sell relevant securities (i.e. securities mentioned herein and options, warrants, or rights to or interests in any such securities). The information and opinions contained in this document have been compiled from and based upon generally available information which Comus believes to be reliable but the accuracy or completeness of which cannot be guaranteed. All comments and estimates given are statements of Comus opinion only and no express or implied representation or warranty is given or to be implied therefrom. All opinions expressed herein are subject to change without notice. This document does not take into account the specific investment objectives, financial status, attitude to risk or any other specific matters relevant to any person who receives this document and should therefore not be used in substitution for the exercise of judgment by such person. Neither Comus nor any associated company accepts any liability whatsoever for any direct or consequential loss arising from the use of its advice or research publications save where such loss arises as a direct result of Comus or an associated company's negligence. Research publications are issued by Comus or an associated company for private circulation to eligible counterparties, professional clients and professional advisers, ("its clients"), and specifically not to private or retail clients. They may not be reproduced, distributed or published by you for any purpose except with Comus express written permission. Comus or its employees and officers may have a holding (long or short) in an investment which it knows will be the subject of a published research recommendation to clients. It may also have a consulting relationship with a company being reported on. Comus or an associated company may also act as agent of its clients and may have or have undertaken transactions in investments covered by this document prior to your receipt of it. Additional information on the contents of this report is available on request. Not for release, publication or distribution, directly or indirectly, in or into the United States of America.