Martin Churchill
Editor - Tax Efficient Review
Credo Capital Plc
Direct: +44 020 8458 9003
Tel: +44 020 7291 3200
Fax: +44 020 7291 3290

IMPORTANT LEGAL AND REGULATORY INFORMATION
Please read the following information carefully.

Use of this Website (the 'Website')
The entire content of the Website is subject to international copyright laws and other intellectual property rights with all rights reserved. You may download or print out a hard copy of individual pages and/or sections of the Website, provided that you do not remove any copyright or other proprietary notices. Any downloading or otherwise copying from the Website will not transfer title to any software or material to you. You may not reproduce (in whole or in part), transmit (by electronic means or otherwise), modify, link into, republish, upload, post, distribute or use for any public or commercial purpose by any means or in any manner, any material or information on or downloaded from the Website without the prior written permission of TER.

No Offer or Recommendation
The Website is for informational purposes only and should not be construed as a solicitation or offer, or recommendation to acquire or dispose of any investment or to engage in any other transaction in any jurisdiction.

No Reliance
While TER uses reasonable efforts to obtain information from sources which it believes to be reliable, TER makes no representation that the information or opinions contained in the Website is accurate, reliable or complete. The information and opinions contained in the Website are provided by TER for personal use and informational purposes only and are subject to change without notice. You must in any event conduct your own due diligence and investigations rather than relying on any of the information on the Website. The investments or services referred to on the Website may not be suitable for everyone. If you have any doubts as to suitability, you should seek advice from TER.

Access and Own advice
TER makes no representation that the information or materials on the Website are appropriate for use in all locations, or that any investments or services which are referred to on the Website are available in all jurisdictions, to everyone, or at all. In accessing the Website, you are responsible for compliance with local laws or regulations and for obtaining your own legal, tax and financial advice before entering into any transaction.

No Warranty
The information, material and opinions contained on the Website is provided without any warranty of any kind, express or implied.

Limitations of Liability
Subject to TER's duties and obligations under the FSA rules and the Financial Services and Markets Act 2000 (‘FSMA’), TER will not be liable for any loss or damage suffered by you in connection with the services provided by TER or your use of the Website, including without limitation:
(i) any indirect or consequential loss;
(ii) any loss of profits or opportunity;
(iii) any damage to business or reputation;
(iv) any loss or damage resulting from or related to use of or inability to use any material posted or transmitted on or via the Website;
(v) any loss or damage arising out of or in connection with the access of, use of, performance of, browsing in or linking to other sites from the Website or reliance on any information contained on the Website,except to the extent that such loss or damage arises directly from TER's negligence, fraud or wilful default.

REGULATORY INFORMATION
Section 21 of FSMA
Except where otherwise expressly stated the information on the Website has been issued for the purposes of section 21 of FSMA by Credo Capital plc which is authorised and regulated by the Financial Services Authority.

Tax
The investments and other services and transactions referred to on the Website may have tax consequences and it is important to bear in mind that TER does not provide tax advice. The levels and bases of taxation can change. You should consult your own tax advisers in order to understand any applicable tax consequences.

General public
Some of the investments or services referred to on the Website are not available to the general public. Accordingly, access to certain product information is only available to Qualifying Investors who have accepted TER's Terms and Conditions and to whom TER have issued a user name and password.

Local Regulatory Restrictions
The Website is not intended for distribution to or use by any person in any jurisdiction or country other than the United Kingdom. For the avoidance of doubt the Website is not directed at any person in any jurisdiction where (by reason of that person's nationality, residence or otherwise) the publication or availability of the Website is prohibited. In particular, the promotion and sale of collective investment schemes may be restricted in your jurisdiction. Persons in respect of whom such prohibitions apply must not access the relevant pages on the Website.


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