Investment Research Disclaimer

All WHI Institutional research recommendations are intended only for distribution to eligible counterparties and professional clients as defined under the rules of the Financial Services Authority and are not directed at retail clients.   WH Ireland research notes contain investment advice of both a general and specific nature. They have been prepared with all reasonable care and are not knowingly misleading in whole or in part. The information therein is obtained from sources which we consider to be reliable but its accuracy and completeness cannot be guaranteed. The opinions and conclusions given therein are those of WH Ireland Ltd. and are subject to change without notice. Clients are advised that WH Ireland Ltd. and/or its directors and employees may have already acted upon the recommendations contained therein or made use of all information on which they are based. WH Ireland is or may be providing, or has or may have provided within the previous 12 months, significant advice or investment services in relation to some of the investments concerned or related investments. Recommendations may or may not be suitable for individual clients and some securities carry a greater risk than others. Clients are advised that the manager of an investment trust may use gearing as an investment strategy which may increase the risk profile of that investment trust. Clients are advised to contact their investment advisor as to the suitability of each recommendation for their own circumstances before taking any action. No responsibility is taken for any losses, including, without limitation, any consequential loss, which may be incurred by clients acting upon such recommendations. The value of securities and the income from them may fluctuate. It should be remembered that past performance is not necessarily a guide to future performance. For our mutual protection, telephone calls may be recorded and such recordings may be used in the event of a dispute.