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DISCLAIMER

This report is provided for general

information purposes and for use

only by investment professionals

and not by retail investors.

Reliance should not be placed on the

information, forecasts and opinion set

out herein for any investment purposes

and Intelligent Partnership will not

accept any liability arising from such use.

Intelligent Partnership is not authorised

and regulated by the Financial

Conduct Authority and does not

give advice, information or promote

itself to individual retail investors.

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The information has been compiled from

credible sources believed to be reliable,

however it has not been verified and its

accuracy and completeness are

not guaranteed.

The opinions expressed are those of

Intelligent Partnership at the date of

publication and are subject to change

without notice.

No part of this publication may

be reproduced in whole or in part

without the written permission

of Intelligent Partnership.