Disclaimer

If you are in any doubt about the action you should take or the contents of this document, you should contact your professional advisers authorised under the Financial Services and Markets Act 2000.

This communication is issued in the UK by Cove Investment Partners LLP. It is intended for the sole use of the person to whom it is addressed and is not intended for private individuals or those classified as Retail Clients other than the Certified and Self-certified persons defined below.

This document (the “Document”) is not independent research and a marketing communication under the FCA Conduct of Business rules. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research. This document is exempt from the general restriction contained in section 21 Financial Services and Markets Act 2000 (the “Act”) relating to the communication of invitations or inducements to engage in investment activity. In issuing this document Cove Investment Partners LLP (the “Company”) is relying on Articles 19, 48, 49, and 50 of the Financial Services and Markets Act 2000 (Financial Promotion) (Order) 2005 (the “FPO”). Details of these exemptions are set out in this document. Applications from persons not falling within such exemptions will be rejected and the offer contained herein is not capable of acceptance by any such person. This document is only intended for release in the United Kingdom and does not constitute an offer, or the solicitation of an offer, in any jurisdiction in which such offer or solicitation is unlawful. Persons in possession of this document should inform themselves about possible legal restrictions and observe them accordingly. An investment may not be suitable for all recipients of this document. A prospective Investor should consider carefully whether an investment is suitable for them in the light of their personal circumstances and the financial resources available to them.

- Investment Professionals within the meaning Article 19(5) of the FPO;

- High Net Worth companies, unincorporated associations, partnerships, and trusts which meet the requirements Article 49 of the FPO;

- Self-certified Sophisticated Investors as defined in Article 50A(1) of the FPO;

- Certified High Net Worth Individuals as defined in Article 48(2) of the FPO.

“Self-certified Sophisticated Investors” as defined in Article 50A(1) of the FPO and “Certified High Net Worth Individuals” as defined in Article 48(2) of the FPO are required to have submitted a signed declaration of their qualification. The requirements that must be met for a person to qualify as Relevant Person are set out below.

The information is restricted to persons entitled to receive it pursuant to the FCA Rules (“Relevant Persons”) and in accordance with the FPO and is only directed at such persons. Such categories of persons will include:

A Certified High Net Worth Individual is someone who has signed a declaration in the previous 12 months from receipt of this Document in accordance with Article 48 of the FPO. It is a requirement of such a certificate that a person either:

1. Had, during the financial year immediately preceding the date on which the certificate is signed, an annual income of not less than £100,000; or

2. Held throughout the financial year immediately preceding the date on which the certificate is signed net assets (other than those excluded by the FPO) to the value of not less than £250,000.

If you are accepting this Document because you fall within the Certified High Net Worth Individual exemption (as defined by the FPO) you confirm that you have signed, within the last 12 months, a statement in the terms required by the FPO.

A Certified Sophisticated Investor is someone who has signed a declaration in the previous 12 months from receipt of the Document in accordance with Article 50(1)(b) of the FPO and is in possession of an appropriately signed current certificate under Article 50(1)(a) certifying that they are sufficiently knowledgeable to understand the risks associated with the investments described in the Document.

If you are accepting the Document because you fall within the Certified Sophisticated Investor exemption (as defined by the FPO) you confirm that you have signed, within the last 12 months, a statement in the terms required by the FPO.

A Self-Certified Sophisticated Investor is someone who has signed a declaration in the previous 12 months from receipt of this Document in accordance with Article 50A of the FPO and is in possession of an appropriately signed statement complying with Part 11 of Schedule 5 of the FPO.

If you are accepting the Document because you fall within the Self-Certified Sophisticated Investor exemption (as defined by the FPO) you confirm that you have signed, within the last 12 months, a statement in the terms required by the FPO.

Any recipient of the Document who does not qualify under the terms of any of the above exemptions must return the Document to the Company and should not read or act upon any of the information contained in it.

This document has been prepared and issued by the Company on the basis of publicly available information, internally developed data and other sources believed to be reliable but has not been independently verified by the Company. The Company does not warrant the completeness or accuracy of such information and does not accept any liability with respect to the accuracy or completeness of such information.

All information and opinions contained in this Document have been provided by the Company’s management and the Document has not been independently verified as to its accuracy. No representation or warranty, express or implied, is given by the Company or any of their respective directors, shareholders, partners, officers, affiliates, employees, advisors or agents (and any warranty expressed or implied by statute is hereby excluded) as to the accuracy or completeness of the contents of the Document, nor is such party under any obligation to update the Document or correct any inaccuracies or omissions in it which may exist or become apparent. The Company has no obligation to notify a reader or recipient of this publication in the event that any matter, opinion, projection, forecast or estimate contained herein, changes or subsequently becomes inaccurate. No responsibility or liability is accepted for any loss or damage howsoever arising that you may suffer as a result of this Document and any and all responsibility and liability is expressly disclaimed by the Company or any of their respective directors, shareholders, partners, officers, affiliates, employees, advisors or agents.

This publication is a brief summary and does not purport to contain all available information on the subjects covered. Further information may be available on request. This publication is for information purposes only and shall not be construed as an offer or solicitation for the subscription or purchase or sale of any securities, or as an invitation, inducement or intermediation for the sale, subscription or purchase of any securities, or for engaging in any other transaction. In addition, it is not intended to form the basis of or act as an inducement to enter into any contract or investment activity, and should not be considered as a recommendation by the Company or any other related person or company.

The investments referred to in this publication may not be suitable for all recipients. Recipients are urged to base their investment decisions upon their own appropriate investigations that they deem necessary. Any loss or other consequence arising from the use of the material contained in this publication shall be the sole and exclusive responsibility of the investor and Cove Investment Partners LLP accepts no liability for any such loss or consequence. In the event of any doubt about any investment, recipients should contact their own investment, legal and/or tax advisers to seek advice regarding the appropriateness of investing. Some of the asset classes and investments mentioned in this publication may not be readily liquid investments. Certain transactions, give rise to substantial risk and are not suitable for all investors. Investors should be aware of the additional and special risks associated with investments in illiquid markets. Consequently it may be difficult to sell or realise such investments. The past is not necessarily a guide to future performance of an investment.

The value of investments and the income derived from them may fall as well as rise and investors may not get back the amount invested. Some investments discussed in this publication may have a high level of volatility. High volatility investments may experience sudden and large falls in their value which may cause losses. International investing includes risks related to political and economic uncertainties of foreign countries, as well as currency and raw commodity price fluctuation risk. To the extent permitted by applicable law, no liability whatsoever is accepted for any direct or consequential loss, damages, costs or prejudices whatsoever arising from the use of this publication or its contents. Receipt of the Document or any information supplied in connection with this Document by any person is or not to be taken as constituting the giving of investment advice or connection with your proposed investment.

This Document should not be considered as recommendation by the Company or its affiliates to invest and each potential Investor much make his own independent assessment of the merits or otherwise of investing and should take his own professional advice. Neither the issue of the Document nor any part of its contents is to be taken as any form of commitment on the part of the Company or any of its subsidiaries or affiliates to proceed with an investment envisaged by the issue of the Document.

Cove Investment Partners LLP is a LLP registered in England and Wales whose registration number is OC368802 and whose registered address is Eighth Floor 6 New Street Square New Fetter Lane London EC4A 3AQ . Cove Investment Partners LLP is authorised and regulated by the Financial Conduct Authority (FCA number 647067).