DISCLAIMER

Cheshire Capital Management (“CCM”) is an alternative investment management business. The information contained herein is not, and should not be read as, an offer or recommendation to buy or sell or a solicitation of an offer or recommendation to buy or sell any securities. The information contained is not, and should not be seen as, a recommendation to use any particular investment strategy. The investment strategies discussed may not be suitable for everyone. Investors need to review an investment strategy for their own situation before making any investment decision. The opinions, estimates, projections, comments on financial market trends and other information contained constitute a judgment and are as of the date of the material, are subject to change without notice at any time in reaction to shifting market conditions and other factors and should not be construed as personalised investment advice. CCM has no obligation to provide any updates or changes to such information. Past performance is not indicative of future results. The opinions presented cannot be viewed as an indicator of future performance. It should not be assumed that investments made in the future will be profitable or will equal the performance represented. More recent returns may be more or less than those shown. Investing entails risk, including possible loss of principal. CCM does not guarantee any minimum level of investment performance or the success of any investment strategy. CCM does not offer or provide any regulated activities as specified by the Regulated Activities Order 2001.