LEGAL NOTICE

The information contained, or any opinion expressed, on this website is not intended to be construed as a solicitation for the sale of any particular investment nor as providing any investment advice and does not have regard to the specific investment objectives, financial situation, and particular needs of any person to whom it is presented.

This website is intended for residents of the United Kingdom and ,in particular, the information contained on this website is not intended for distribution to, or use by, any person or entity in the United States of America (being residents of the United States of America or partnerships or corporations organised under the laws of the United States of America or any state or territory thereof) or any other jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject PSFM Limited or any affiliates to any requirement to be registered or authorised within such jurisdiction or country. The information contained herein is not intended to be passed to third parties without the prior written consent of PSFM Limited and may not be reproduced in whole or in part, without the permission of PSFM Limited.

The value of investments and the income from them can fall as well as rise. An investor may not get back the amount of money invested. Past performance is not a guide to future performance.

Foreign currency denominated investments are subject to fluctuations in exchange rates that could have a positive or adverse effect on the value of, and income from, the investment.

Investors should consult their professional advisers on the possible tax and other consequences of their holding any investments.

CONTENTS

The copyright and all other rights in all of the material on this website are owned by the company listed on the web page (or the material is included with the permission of the rights owner). You may copy material on this website for your own private or domestic use only. All other copying is prohibited.

The information and analysis contained on this website, have been compiled, or arrived at, from sources believed to be reliable and believed to be correct as at the date of issue, but their accuracy or completeness is not guaranteed. PSFM Limited does not make any representation as to the accuracy or completeness of such information and analysis and does not accept liability for any loss arising from the use hereof.

The content of this website has been issued and approved by PSFM Limited.

Punter Southall Financial Management is a trading style of PSFM Limited.

PSFM Limited is authorised and regulated by the Financial Services Authority. Our FSA Register number is 137684. You can check this on the FSA's Register by visiting the FSA's website www.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234.

Registered in England and Wales No. 2148740 VAT Reg. No. 628 0598 21
Registered Office: 126 Jermyn Street, London SW1Y 4UJ.

DISCLAIMER

The PSFM website is intended for individuals over 18 years of age who are resident in the UK only. The websites and the information contained therein should not be regarded as an offer or solicitation to conduct investment, or non-investment business in any jurisdiction other than the UK. Investors who are resident in or citizens of countries other than the UK may be subject to local restrictions.

The PSFM website may also contain links to, and from, third parties. The information and services offered within these third party websites has been produced by companies independent of PSFM who may not be regulated to conduct investment and non-investment business. Any information, views or opinions accessed via links from the PSFM website are solely those of the relevant provider and are not necessarily shared by PSFM. As such, PSFM accepts no responsibility for these third party websites.

The PSFM website may contain information provided by third parties which is believed by PSFM to be reliable and accurate. However, PSFM does not guarantee this and accepts no liability. You agree and understand that while it may be possible to access third party websites and information through the PSFM website this does not constitute a personal recommendation to buy, sell, or otherwise trade all or any of the investments or non-investment products which may be referred to. Please read PSFM's Legal Statement which applies to information on the PSFM websites and to PSFM's services offered.

Directors or employees within PSFM may have dealt interests in some investments referred to in the PSFM website or any of its links, which are covered by our conflict of interests policy.

Please note that the entire PSFM website, and any entries, passwords or usernames made, are accessible for viewing by PSFM. This information will not be passed to any third parties and will only be utilised for the purposes of assisting you in the event of a query.

Any technical support given by PSFM staff is given in good faith and PSFM cannot accept liability for any data or information held on your computer, which may be lost or damaged in processes advised.

The PSFM website may on occasion use pop-up windows to display certain types of information, please ensure that you have disabled pop-up blockers from your browser when using our website. PSFM will not be held liable for any loss incurred as a result of your inability to view information resulting from the use of pop up blockers.

Please read PSFM's general Terms & Conditions which apply to using this web site and PSFM's services offered. Separate Terms and Conditions may apply to other services.

TERMS & CONDITIONS

LEVEL OF SERVICE
Unless explicitly stated in writing, we do not provide advice and therefore do not have a duty to ensure suitability, thus you will not be entitled to compensation from us if it is established that the service or product is not suitable. It is your responsibility to take into account your circumstances and objectives and then form a judgement as to suitability. Investments can go down in value as well as up and you could get back less than you invest. The past is not a guide to future performance.

DATA PROTECTION
The company ensures that all data will be held in compliance with current and future legislation. You consent to us releasing information about you to regulated entities in order to obtain any quotations/arrange investments or insurance at your request.

The company will keep you informed of financial products and services by email, telephone, fax, post or other reasonable means. If you do not wish to receive marketing material from the company please let us know.

The company will maintain records of data held on clients for a period of 6 years from the date of their last transaction.

For your security, and training purposes, telephone calls may be recorded. They may be used as evidence in the event of any dispute with the company.

You agree to us sharing any information that we hold about you with a fraud reference agency should it be required.

MISCELLANEOUS
We will exercise due care and diligence in the conduct of business but will not be liable to clients for any depreciation in the value of any investments arranged or purchased through us. Investments can fall in value and you could get back less than you invest. Past performance is not a guide to future performance. We reserve the right to amend these Terms & Conditions of Business at our discretion providing notice of any such changes are advised to you. Telephone calls may be recorded and used as evidence in the event of any dispute. If you are an eligible claimant under the rules of the Financial Services Authority, your account will be protected by the Financial Services Compensation Scheme. You may be entitled to compensation from the scheme if we cannot meet our obligations. Compensation is provided for the first £30,000 of any claim in full and 90% of the next £20,000 so the maximum from this scheme would be £48,000. Further information about compensation arrangements is available from the Financial Services Compensation Scheme. These Terms & Conditions shall be governed by and construed in accordance with English law and the parties agree to submit to the exclusive jurisdiction of the English courts. We shall communicate with you in English. All documents will be provided to you in English and it is expected that you will communicate with us in English.

PRIVACY STATEMENT

Introduction

PSFM takes the privacy and security of your personal information very seriously.

When you register and use our website or deal through PSFM we will ask you to provide us with certain information including personal data. This information enables us to provide you with the best service we can and helps us keep you informed with research and information you may be interested in. We will never share this information with any third party outside of the Punter Southall group of companies without your express permission and your data will always be managed with reference to all relevant laws and regulations.

We will also use the data we collect to provide you with the most relevant, personalised and interesting content through our websites, emails, communications and other forms.

This website uses Google Analytics, a web analytics service provided by Google, Inc. ("Google"). Google Analytics uses "cookies", which are text files placed on your computer, to help the website analyse how users use the site. The information generated by the cookie about your use of the website (including your IP address) will be transmitted to and stored by Google on servers in the United States. Google will use this information for the purpose of evaluating your use of the website, compiling reports on website activity for website operators and providing other services relating to website activity and internet usage. Google may also transfer this information to third parties where required to do so by law, or where such third parties process the information on Google's behalf. Google will not associate your IP address with any other data held by Google. You may refuse the use of cookies by selecting the appropriate settings on your browser, however please note that if you do this you may not be able to use the full functionality of this website. By using this website, you consent to the processing of data about you by Google in the manner and for the purposes set out above.

What are Cookies and how do we use them?

'Cookies' are commonly used by many websites. They are small amounts of data that are transferred to your web browser to us or our service providers which help us understand more about the way in which you use our website. We or our service providers may also use your IP-address to collect, amoung other things, internet traffic data and data regarding your browser type and computer.

The information we collect through cookies is used to make improvements to our website and enhance the service we are offering to you.

If you would prefer not to accept Cookies then you can alter your settings within your web browser (e.g. Internet Explorer). Please visit the help section within your browser for instructions on how to do this.

Communications between us

To ensure you are kept fully informed PSFM and other group companies of the Punter Southall Group may contact you by mail, email and other means of communication to provide you with the information on your requested service or product.

We may also provide you with information, special offers, research, and promotions of other investments, products and services. If you don't want to receive information on other products or services you can write us to let us know at the following address: Marketing Department, PSFM, 126 Jermyn Street, London, SW1Y 4UJ.

External links

We will in some places provide links to external websites, where we do so you will be notified that you are leaving the PSFM website and entering the third parties website. PSFM is not responsible for the content of external internet sites.