None of the information, whether in part or full, should be copied, reproduced or redistributed in any form nor should it be regarded as constituting an offer by GMG to enter into any contract and or agreement nor is it a solicitation of an offer for any designated investment in countries outside of the United Kingdom.

The content of the website is aimed solely at the class of investor that meets the Financial Services Authority ("the FSA") qualifying categories under the FSA's Conduct of Business Rules and to whom it may lawfully be directed to under the Financial Services and Markets Act 2000, namely Intermediate Customers and Market Counterparties. If you do not meet these categories then you should not proceed further. If you have any doubt concerning your regulatory categorisation, please contact GMG's Compliance department.

The information below explains the legal and regulatory notices in relation to this website. If you agree to the conditions contained herein (the "Terms") and wish to access the remainder of the website, then you are reminded that your agreement to proceed constitutes a binding legal agreement.

Please read the Terms carefully as they may be subject to change without prior notification. By accessing any page of this website, you agree to be bound by the Terms contained herein. If you do not at any time agree to the Terms, then please exit this website. By continuing to access this website following any changes, means that you accept in full such changes without any recourse for their notification to you. By agreeing to the Terms, you have agreed to be categorised as a qualifying investor as set out above and GMG cannot be held responsible for any misinterpretations that you may make in accessing this website.

Potential investors in the United Kingdom are advised that most if not all the protection afforded by the United Kingdom regulatory system may not apply to any investments and that compensation and redress will not be available under the United Kingdom Financial Services Compensation Scheme and Financial Ombudsman Service.

By proceeding in accessing the remainder of this website, you agree to the exclusion by GMG and or any of its representatives of any liability, including without limitation any liability arising from any loss or any other financial disadvantage or damage, whether direct or consequential, in respect of errors and or omissions by GMG and or any of its representatives and or any relevant third parties in respect of the content of this website. The contents of this website are based on sources of information believed to be reliable but not independently verified. However, save to the extent required by applicable legislation and or regulation, no guarantee, warranty or representation, whether expressed and or implied is given as to its accuracy or completeness. GMG and any of its representatives do not accept any liability or responsibility in respect of the information or any views expressed herein. The information does not constitute advice or a personal recommendation for which the duty of suitability would be owed by us, and you should therefore seek your own advice as to the suitability of any investment matter mentioned herein.

This website may include from time to time statements that are based on GMG's current opinions, expectations and or projections. GMG and or any of its representatives undertake no obligation to update or revise any such statements. If you have accessed this website through the use of a hyperlink from another website, GMG does not accept any liability or responsibility for the accuracy of information contained in the sites of other providers that may have links to any part of this website or to whom this website might be linked.

This website contains hyperlinks that are provided for your information only. By clicking on such a hyperlink, you will leave this website and the regulatory protections that attach to certain pages herein. GMG is not responsible for and accepts no liability whatever 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. You should satisfy yourself before accessing the relevant pages of this website that GMG is permitted to provide information about its services and/or research material to you under relevant legislation and regulations. GMG accepts no responsibility what so ever for any failure by a person resident outside the United Kingdom to observe the foregoing.

You should be aware that there are significant risks associated with any investment strategy outlined in this website. Such strategies are intended solely for those investors that meet the qualifying categories highlighted above and that can accept the underlying risks associated with such investments.

Any research material on the following pages of this website has been approved under section 21(1) of FSMA 2000 by GMG for communication only to market counterparties and intermediate customers 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 private customers. GMG does not provide investment advisory services to private customers.

Such research material is not an offer or a solicitation to buy or sell any security. It does not constitute a personal recommendation and recipients must satisfy themselves that any dealing is appropriate in the light of their own understanding, appraisal of risk and reward, objectives, experience, financial and operational resources. GMG accepts no fiduciary duties to the reader of such material and in communicating such research material is not acting in a fiduciary capacity. Neither GMG nor any of its directors, officers, employees or agents shall have any liability, howsoever arising, for any error or incompleteness of fact or opinion in it or lack of care in its preparation or publication; provided that this shall not exclude liability to the extent that this is impermissible under the law relating to financial services. All statements and opinions are made as of the date on the face of the relevant research material and are not held out as applicable thereafter.

GMG or one or more of its associates or a director or an employee of GMG or of an associate may from time to time have a position, or may have undertaken or may undertake an own account transaction, in a security referred to in the relevant research material or in a related security. Such a position or such a transaction may relate to the market making activities of GMG or to other activities of GMG. GMG or one or more of its associates may from time to time have a broking, advisory or other relationship with a company the subject of or referred to in the relevant research material, including acting as that company's official or sponsoring broker and providing corporate finance or other financial services.

You are reminded that past performance should not necessarily be seen as an indication to future performance. The value of investments and income derived from them can fall as well as rise and investors may not get back the amount originally invested, while some securities carry a higher degree of risk than others Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. All derivative instruments and alternative investments are highly volatile and certain investments may be illiquid, over-the-counter and non-publicly quoted securities and or in financially distressed companies.

Investment in emerging markets involves risk factors and special considerations which may not be typically associated with investing in more developed markets. Political or economic change and instability may be more likely to occur and have a greater effect on the economies and markets of emerging countries. Adverse government policies, taxes, restrictions on foreign investment and on foreign exchange conversions and repatriation, foreign exchange fluctuations and developments in legislation and regulations of emerging markets in which investments may be made could result in loss to the investments. The aforementioned statements are not a complete list and or categorisation of the inherent investment risks. With regard to any AIM or OFEX stocks, you should be aware that the rules of these markets are less demanding than the rules of the London Stock Exchange and that the risks of these investments may be higher. There may also be less liquidity in these stocks leading to a greater disparity in the buying and selling prices.

The provision of information in this website does not constitute an offer for securities to any person in the United States or to any US Person as defined under the Securities Act of 1933 and as amend. This website and any information contained herein is not directed to any person in the United States. Any investment vehicle referred to in this website is neither registered under the Securities Act 1933 of the US nor is it registered under the Investment Company Act of 1940. This means that such investments cannot be offered for sale or be sold in the US, its territories or protectorates under its jurisdiction, nor to its nationals, citizens or residents in any of the afore mentioned applicable areas.

Gulf Merchant Group LLP and/or companies connected with it and/or the officers and employees of those companies may have a position or engage in transactions in any of the securities mentioned herein or in related securities.

No information contained in this website should be deemed to constitute the provision of financial, investment or any other professional advice whether expressed, implied and or in any way. GMG does not accept liability or responsibility for any misinterpretation by the recipient of any information contained within this website. Taxation on any investment will be dependent on individual financial circumstances and the country of residence and GMG does not accept any liability or responsibility for such circumstances. All information on performance is compliant with the regulatory requirements in the United Kingdom and is in accordance with the FSA's Rules, as amended.

The copyright /proprietary rights in this website and, unless otherwise indicated, the contents, including all information, graphics, codes, text and design are exclusively the property of Gulf Merchant Group LLP and cannot be reproduced or distributed and transmitted without expressed written authority. Access to this website is confirmation that you have read, understood and accepted these terms, conditions and disclaimers.

Conditions of use:

Copyright

All website design, text, graphics, the selection and arrangement thereof and all software compilations, underlying source code, software and all other materials on this web site are copyright of GMG. All rights reserved. Any use of materials on this website including reproduction, modification, and distribution or re-publication without the express prior written permission of GMG is strictly prohibited.

To the fullest extent permitted by law GMG, its directors, employees or other representatives will be liable for damages arising out of or in connection with the use of this web site or the information, content or materials included on this website. This limitation applies to all damages of any kind, including, without limitation, direct, indirect and consequential losses, loss of data, profit or income, loss of or damage to property and claims by third parties.

Privacy Policy

The privacy and security of our clients and users is very important to us. At GMG we are committed to safeguarding the privacy of our users as far as possible, while providing an informative and valuable service.

From time to time, GMG or companies of the same group may collect personal information from you including, for example, your name, job title and contact details. Once collected, GMG will be the sole owner of the information collected through this website. GMG will not sell, share or rent this information to any third party in any way other than those described in this statement.

All entities within the same group as GMG are registered for data protection purposes and as a result have obligations under the Data Protection Act 1998 to collect and treat all information obtained by GMG fairly.

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