DISCLAIMER The information contained in this website ("the Website") is issued by FPP Asset Management LLP ("FPP"), 34 Brook Street, London, W1K 5DN. FPP Asset Management LLP is authorised and regulated in the UK by the Financial Conduct Authority. This is not intended to exclude or restrict any liability under the rules of Financial Conduct Authority ("the FCA Rules") or FSMA. The distribution of the information contained in the Website in certain countries may be restricted by law and persons who access it are required to inform themselves and to comply with any such restrictions. The information is not intended to be published or made available to any person in any jurisdiction where doing so would contravene any applicable laws or regulations. All investments and services mentioned on this website are directed only at those who are Eligible Counterparties and Professional Clients as defined by the Financial Services and Markets Act 2000 of the United Kingdom. Investments and services to which this website relates are available only to such persons. By accessing the Website you confirm that you are aware of the laws in your own jurisdiction relating to the provision and sale of funds and related financial services products and you warrant and represent that you will not pass on or utilise the information contained in the Website in a manner that could constitute a breach of such laws by FPP or any other person. The Website does not constitute an offer or solicitation in any jurisdiction in which such an offer or solicitation is not authorised or to any person to whom it is unlawful to make such an offer or solicitation. The Website is provided for information purposes only and does not constitute investment, legal, tax or other advice or any recommendation to buy or sell any of the Funds or stocks mentioned. Prospective investors should take appropriate professional advice before making any investment decision. Investments in the Funds are to be made on the terms of the relevant prospectus and no reliance should be placed on the information contained in the Website. FPP makes every effort to keep the content of the Website accurate and up to date and while the information contained in the Website has been taken from sources which FPP consider to be reliable, no warranty is given that such information is accurate or complete and it should not be relied upon on as such. Any opinions expressed on the Website reflect FPP’s judgment at the date of issue of the relevant report and are subject to change without notice. FPP will not be responsible for any liability for loss or damage of any kind which arises, directly or indirectly, from the use of the information contained in the Website. The value of investments may go down as well as up and may be affected by change in rates of exchange. Investors may not get back the amount invested. Reference should be made to the prospectus in respect of the relevant Fund for further details of the financial commitments and risks involved in connection with an investment in the each Fund. Past performance is not necessarily a guide to future returns. The Website is protected by copyright. The use of any trademarks and logos displayed on the Website without FPP’s prior written consent is strictly prohibited. Information on the Website may not be published or redistributed without FPP’s prior written consent. FPP accepts no responsibility for the content, of any other websites linked to the Website nor any products or services offered through such websites. The use of such other websites is at the user’s own risk. FPP collects certain personal information about you such as your name, address, telephone number, email address details and other information when it is voluntarily submitted to FPP on the Website. Such information is used by FPP to ensure compliance with its obligations under the FCA Rules and FSMA as well as for internal purposes. By submitting personal information you are consenting to such information being processed by FPP for such purposes and agree that FPP has the right to use and store such data on its internal systems for the purpose of providing services to you. BY CLICKING "I AGREE" AT THE END OF THESE TERMS, YOU ARE AGREEING THAT YOU HAVE READ, UNDERSTAND AND ACCEPT THESE TERMS, WILL ABIDE BY THESE TERMS IN ITS THEN CURRENT FORM AND ARE LEGALLY BOUND BY THESE TERMS. Disclaimer Authorised and Regulated by the Financial Conduct Authority © 2014 FPP Asset Management LLP. All Rights Reserved. Website designed and developed by Emperor - www.emperordesign.co.uk