The US Clients section of this website is communicated by Numis Securities Inc. (“INC”) towards certain U.S. investors. INC is registered with the U.S. Securities and Exchange Commission (“SEC”), and is a member of the Financial Industry Regulatory Authority (“FINRA”). The US Clients section of this website relates to the services provided by INC and may contain password-protected access to research material prepared by an affiliate of INC.

For the purposes of UK law, prior to 19 October 2010 research other than Investment Company Research, was produced as Investment Research and was approved under section 21 (1) of FSMA 2000 by Numis Securities Ltd (“Numis”) for communication only to eligible counterparties and professional clients as those terms are defined by the rules and Financial Services Authority. Its content was not directed at, may not be suitable for and should not be relied on by anyone who is not an investment professional including retail clients.

With effect from 19 October 2010 all Research on the following pages of this website is produced in accordance with COBS 12.3 as Non-Independent Research and approved under part IV article 19 of The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “FPO”) by Numis for communication in the United Kingdom only to investment professionals as that term is defined in article 19(5) of the FPO.

The material in the U.S. Section is directed solely at “major U.S. institutional investors” as that term is defined by Rule 15a-6 of the Securities Exchange Act of 1934, as amended (“Exchange Act”).  The material is not directed at, may not be suitable for, and should not be relied on by any entity that does not meet the definition of a “major U.S. institutional investor.”  By accessing the U.S. Section you acknowledge that you are a major U.S. institutional investor.

There are certain references and links on the U.S. Section of this website that relate to Numis Corporation Plc and Numis Securities Limited, the parent companies of INC.  This website, including the U.S. Section, provides general information only, and is not an offer, solicitation, or recommendation to buy or sell any security, product, service, or investment by INC or its affiliates.  The information on this website does not constitute investment advice, and neither INC nor its affiliates (including Numis Corporation Plc and Numis Securities Limited) represents that any investment product or strategy is suitable to your particular investment objectives.  Investments in securities or other financial instruments involve risks, and are not guaranteed.  Past results do not guarantee future performance.  The information available to you through the website is for information purposes only and on the condition that it will not form the sole basis for any investment decision.  Each investor must make its own determination of the appropriateness of an investment in any securities referred to herein based on the tax, or other considerations applicable to such investor and its own investment strategy.  The information contained on this website is subject to change without notice.  It may therefore not be accurate or current.  Neither INC nor any of its directors, officers, employees, affiliates (including Numis Corporation Plc and Numis Securities Limited), or agents shall have any liability for any error or incompleteness of fact or opinion in this website, or lack of care in its preparation or publication.

Unless otherwise stated, all material on this website is protected by copyright Numis Securities Limited 2002.  Numis Securities Limited hereby asserts its rights under the United Kingdom’s 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 Numis Securities Limited.  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, including the U.S. Section, contains hyperlinks that are provided for your information only.  The inclusion of a hyperlink in this website does not imply that INC endorses, recommends or approves any material on the linked page or accessible from it.  By clicking on a hyperlink, you will leave this website and the regulatory protections that attach to certain pages herein.  Neither INC nor any affiliate (including Numis Corporation Plc and Numis Securities Limited) is responsible or otherwise liable 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 and the user should read any terms and conditions applying to the use of any such site carefully.

The material in the U.S. Section of this website has been prepared for certain persons in the United States and is not intended for distribution or use outside the United States.  This material is not directed at you if INC or any affiliate is prohibited or restricted by any legislation or regulation in your or any other applicable jurisdiction from making it available to you.
Legal requirements in various jurisdictions may restrict the information that may be lawfully provided to certain classes of investors.  You should satisfy yourself before accessing the U.S. Section of this website that INC is permitted to provide information about its services and/or the displayed research material to you under relevant legislation and regulations.  Neither INC nor any of its affiliates (including Numis Corporation Plc and Numis Securities Limited) accepts any responsibility whatsoever for any failure by a person resident outside the United States to observe the foregoing.

Research Reports

All research reports provided via  the U.S. Section of this website have been prepared by an affiliate of INC.  These reports are not to be used or considered an offer, solicitation, or recommendation to buy or sell any security.  These reports do not constitute financial advice and the products referenced in such reports may not necessarily be suitable for you.  The research reports are intended for distribution in the United States solely to “major U.S. institutional investors,” as defined under Rule 15a-6 of the Exchange Act, who are expected to make their own investment decisions without undue reliance on these reports.  The information in these reports has been obtained from, and any opinions therein are based upon, sources believed to be reliable, however, neither INC nor any of its affiliates (including Numis Corporation Plc and Numis Securities Limited) makes any representation as to their accuracy or completeness.  All opinions and estimates provided in the research reports reflect the judgment of the preparer as of the date of each report, and are subject to change without notice.

Additional disclosures relating to the specific securities covered in the research reports are provided in such reports and/or on  the U.S. Section.  Further information on the specific securities should be obtained from INC directly, and all orders should be communicated to INC, and not its affiliates.

Use of Client Information and Consent to Recording/Monitoring

INC recognizes the importance of protecting client information from unauthorized use and takes reasonable measures to safeguard client information.  INC advises you that in order to service its clients, client data may be accessed by INC personnel, its affiliates, or agents, as INC deems necessary, and INC shall take appropriate measures to protect client information from unauthorized access or distribution.  You consent to our recording, retention, and use of all information and data that you input or otherwise communicate during your access to and/or use of the website or through any e-mail to or from INC, and any other electronic communication means and the transmittal of the same to our affiliates.  In addition, we may disclose such information to the extent that we determine in good faith to be required by any applicable law, rule, regulation, or order in enforcement of our rights or the defense of claims.  We expressly reserve the right to monitor any and all use of the website, including the U.S. Section.

IRS Circular 230 Disclosure

Please be advised that any discussion of U.S. tax matters contained within this communication (including any attachments) is not intended or written to be used and cannot be used for the purpose of (i) avoiding U.S. tax related penalties or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.