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Our research and documents are made available for information purposes only to ‘peer to peer’ persons who are eligible counterparties or professional institutional clients. The documents are exempt from the general restriction in section 21 of the Financial Services and Markets Act 2000 on the communication of invitations or inducements to engage in investment activity on the grounds that it is being distributed (under article 3 exemption) only to persons of a kind described in section 19(5) article 50 (Investment/market professionals) and 49(2) (High Net Worth companies, unincorporated associations etc.), of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended). The research is not intended to be distributed or passed on, directly or indirectly, to any other class of person. The laws and regulations of other governing countries may also restrict the distribution of this research to such persons outside of the UK. The recipient acknowledges that no financial advice is being provided, and should we require we would be provided evidence to confirm eligibility status is met.

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