Disclaimer

Each of the analyses, articles or other financial or investment related posts (collectively “Publications”) published on this website or linked from it is considered to be a Research Material and reflects the author’s personal opinions as at the date of writing. Each Publication is an expression of an analytical and educational point of view and is not and should not be used as an offer or solicitation to buy, sell or in any other way trade securities, commodities, currencies or any other trading instrument, it is not a personalized or any other investment advice, and constitutes no contract between author and the readers the Research Material.

The data and information contained in any of the Research materials is prepared in good faith and consists of publicly available information gathered from public sources which are believed to be reliable, accurate and publicly accessible. The author has not fully or at all verified that information and makes no guarantee or warranty, express or implied, that such information is accurate, timely, complete or fit for any particular purpose. Any prices cited in the Research Material are indicative prices as of the date or time reflected in the Material and as such are not current. Moreover, any past results are not necessarily indicative of future results.

All the Research Materials should be considered valid and current only as of their date of writing or publishing. After the Research Material is written or published there might be corporate, market or macro-economic events which possess the ability to change the author’s views and opinions contained in the Research Material. The author is not in any way obliged to publish or otherwise express any of those changed views or opinions or to change the original Research Material in order to include any of the revised opinions or views. In case any entity or person wishes to check if the views and opinions expressed in the Research Material remain the same, they should contact the author.

The Research Analyst(s) (a.k.a. author of the Research) hereby certifies that unless otherwise stated in the Equity Research he/she does not hold any equity or equity related securities in the issuer. The Research Materials presented by the author are independent researches and as such the author is not paid for writing them by any of the parties discussed. No part of his/her remuneration is linked directly to any specific research recommendations (if any) contained in the Research Material.

The value of any securities may move up or down, and the value of securities denominated in other currencies will also be subject to fluctuations in the relevant exchange rates.

Trading involves risks and there is a potential for substantial losses and is not appropriate for all persons. Institutional investors and readers are considered to have more knowledge, understand the risks and to be able to take risks on their own. Retail investors or readers should turn to other parties and might consider seeking further advice before making any decisions. Furthermore anyone’s investment decision must be based on a number of factors, and in particular their individual financial circumstances or tax position, among others. The author is not responsible and accepts no liability to any party for any actions or lack of actions and any results, including any form of loss, arising in any way from acting upon the Research Material (or Publications). All parties reading this accept that they act or do not act by their own will and they will not hold the author of the Research Material liable for any of their results.

This Research Material is property of its author and may not be re-distributed, reproduced, copied or quoted from, in whole or in part, without the prior written consent of its author.

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