Milkstone Ltd Terms & Conditions

This research is for communication only to eligible counterparties and professional clients as those terms are defined by the rules of the Financial Services Authority. Its contents are not directed at, may not be suitable for and should not be relied on by retail clients or inexperienced investors. Recipients of this research should consider whether any research in this report is suitable for their particular circumstances and, if appropriate, seek professional advice, including tax advice. The price and value of the investments referred to herein and the income from them may fluctuate. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments.

Some of the investments mentioned in this publication may not be readily liquid investments. Consequently it may be difficult to sell or realise such investments. Some investments discussed in this publication may have a high level of volatility. High volatility investments may experience sudden and large falls in their value which may cause losses. International investing includes risks related to political and economic uncertainties of foreign countries, as well as currency risk.

Past performance is not a guide to the future performance of an investment. The value of investments and the income derived from them may fall as well as rise and investors may not get back the amount invested as future returns are not guaranteed and a loss of original capital may occur.

You should satisfy yourself before reading our investment research that, under the relevant legislation and regulations, Milkstone Limited is permitted to provide you with this material. Milkstone Limited accepts no responsibility whatever for any failure by a person resident outside the United Kingdom to observe the foregoing. The information contained in this publication was obtained from various sources believed to be reliable, but has not been independently verified by Milkstone Limited. Milkstone Limited does not warrant the completeness or accuracy of such information and does not accept any liability with respect to the accuracy or completeness of such information, except to the extent required by applicable law.

The investments referred to in this publication may not be suitable for all recipients. Recipients are urged to base their investment decisions upon their own appropriate investigations. Any loss or other consequence arising from the use of the material contained in this publication shall be the sole and exclusive responsibility of the investor and Milkstone Limited accepts no liability for any such loss or consequence.

In the event of any doubt about any investment, recipients should contact their own investment, legal and/or tax advisers to seek advice regarding the appropriateness of investing.

To the extent permitted by applicable law, no liability whatsoever is accepted for any direct or consequential loss, damages, costs or prejudices whatsoever arising from the use of this publication or its contents.

A Private Limited Company incorporated in England, Company Number 6465425.

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