Disclaimer for Electronic Communications.

Note to email recipients

This email may contain confidential or privileged information. If you are not the intended recipient please delete it and notify the sender immediately by email: you may not copy it  or use it for any purpose, nor disclose its contents to any other person.  Email transmissions are not secure. This email and attachments are believed to be free of any virus but it is the responsibility of the recipient to ensure that they are virus free. Replies to this email may be monitored by SMBC Nikko Capital Markets Limited ("CM Ltd") for operational or business reasons.

Any opinions expressed in this email and/or attachments are those of the author and do not necessarily represent those of CM Ltd.  Opinions and information are indicative only and are subject to change without notice.  The information herein has been obtained from sources believed to be reliable but is not guaranteed. Any investments discussed may not be suitable for all investors.

This document is for information purposes only.  This material should not be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. It does not constitute any offer, recommendation or solicitation to any person to enter into any transaction or to adopt any hedging, trading or investment strategy.  Past performance is not a guarantee or a reliable indicator of future results; the value, price or income from investments may fall as well as rise.

CM Ltd does not furnish specific legal, taxation, or accounting advice; if you consider such advice necessary you should consult your own advisers. CM Ltd and/or a connected company may have a position that may be affected by any of the instruments, indices or rates mentioned in this document.  CM Ltd accepts no liability for any loss or  damage arising out of the use of this information.

SMBC Nikko Capital Markets Limited is authorised and regulated by the Financial Conduct Authority. REGISTERED IN ENGLAND NO.2418137; REGISTERED OFFICE: One New Change,  London EC4M 9AF

Instant Messaging and Chatrooms

This communication may contain confidential or privileged information. If you are not the intended recipient please delete it and notify the sender immediately by email: you may not copy it or use it for any purpose, nor disclose its contents to any other person. Instant Messaging communications are not secure. This communication and attachments are believed to be free of any virus but it is the responsibility of the recipient to ensure that they are virus free. Replies to this communication may be monitored by SMBC Nikko Capital Markets Limited ("CM Ltd") for operational or business reasons. Any opinions expressed in this communication and/or attachments are those of the author and do not necessarily represent those of CM Ltd. Opinions and information are indicative only and are subject to change without notice. The information herein has been obtained from sources believed to be reliable but is not guaranteed. Any investments discussed may not be suitable for all investors.   This communication is for information purposes only.  It does not constitute any offer, recommendation or solicitation to any person to enter into any transaction or to adopt any hedging, trading or investment strategy.  Past performance is not a guarantee or a reliable indicator of future results; the value, price or income from investments may fall as well as rise. CM Ltd does not furnish specific legal, taxation, or accounting advice; if you consider such advice necessary you should consult your own advisers. CM Ltd and/or a connected company may have a position that may be affected by any of the instruments, indices or rates mentioned in this document. CM Ltd accepts no liability for any loss or damage arising out of the use of this information.

SMBC Nikko Capital Markets Limited is authorised and regulated by the Financial Conduct Authority. REGISTERED IN ENGLAND NO.2418137; REGISTERED OFFICE: One New Change, London, EC4M 9AF