Legal and Regulatory Information

Ravenscroft Investments Limited (“RIL”) is the parent company of the group and is registered in Guernsey with company number 73472 and its registered office address is PO Box 222, 20 New Street, St Peter Port, Guernsey GY1 4JG.

The following wholly owned entities are direct or indirect subsidiaries of RIL:

Ravenscroft is the trading name of RCIL and RCSL, both of which are licensed and regulated by the Guernsey Financial Services Commission (“GFSC”) to conduct investment business. RCIL is also regulated by the Jersey Financial Services Commission (“JFSC”) to conduct investment and funds services business. RCIL is a member of TISE and relevant transactions are subject to the rules of TISE. All calls will be recorded and monitored for training and security purposes.

Huntress (CI) Nominees Limited and Bull & Bear Nominees Limited are Ravenscroft’s nominee vehicles for the segregation of client assets.

The price and value of the investments referred to in this material, and the income from them, may go down as well as up and investors may realise losses on any investments. Past performance is not a guide to future performance and may not be repeated. Future returns are not guaranteed and a loss of principal may occur. If you wish to know if any of the products or services covered in this material are right for you, or your clients, please contact the Ravenscroft team or another qualified financial adviser.

This material is for your information only and is not intended to be used by anyone other than you. This is not an offer or solicitation with respect to the purchase or sale of any security. This material is intended only to facilitate your discussions with Ravenscroft as to the opportunities available to our clients.

The given material is subject to change and, although based upon information which we consider reliable, it is not guaranteed as to accuracy or completeness and it should not be relied upon as such. The material is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and makes no implied or express recommendations concerning the manner in which any client's account should or would be handled, as appropriate investment strategies depend upon clients' investment objectives.

This material does not constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it would be unlawful to make such offer or solicitation. It is the responsibility of any person or persons in possession of this material to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction.

Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant to the subscription, purchase, holding, exchange, redemption or disposal of any investments. Ravenscroft does not provide tax advice to its clients and all investors are strongly advised to consult with their tax advisors regarding any potential investment. Opinions expressed are our current opinions. Any historical price(s) or value(s) are also only as of the date indicated. While we endeavour to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so.

Certain transactions, including those involving futures, options and high yield securities and investments in emerging markets may give rise to substantial risk and may not be suitable for all investors. Foreign currency denominated investments are subject to fluctuations in exchange rates that could have an adverse effect on the value or price of, or income derived from, the investment; such investments are also subject to fluctuations in exchange rates that could have an adverse effect on the value or price of, or income derived from, the investments; such investments are also subject to the possible imposition of exchange control regulations or other laws or restrictions applicable to such investments.

Investments referred to in this material are not necessarily available in all jurisdictions, may be illiquid and may not be suitable for all investors. Investors should consider whether an investment is suitable for their particular circumstances and seek advice from Ravenscroft. The price and value of investments referred to in this material and the income from them may go down as well as up and investors may realise losses on any investments. Past performance is not a guide to future performance. Future returns are not guaranteed and a loss of principal may occur.

Moody Credit Ratings

All Moody Credit Ratings, furnished by Ravenscroft are proprietary to the Ravenscroft’s licensors. No Moody Credit Ratings so furnished may be copied or otherwise reproduced, repackaged, further transmitted, transferred, disseminated, distributed, redistributed, sold, resold, leased, rented, licensed, sublicensed, altered, modified, adapted, or stored for subsequent use for any such purpose, in whole or in part, in any form or manner or by any means whatsoever, by subscriber or any other person or entity, without Ravenscroft’s licensors’ permission.

All Moody Credit Ratings furnished pursuant is obtained by Ravenscroft from sources believed by it to be accurate and reliable. however, because of the possibility of human and mechanical error as well as other factors, all Moody Credit Ratings are provided "as is” without warranty of any kind, and Ravenscroft (and Ravenscroft’s Licensors), in particular, expressly disclaim all representations and warranties with respect to the Moody Credit Ratings, express or implied, and whether oral or written, including without limitation (a) any warranty, as to the accuracy, timeliness, completeness, or the results to be obtained from use of the Moody Credit Ratings, (b) the implied warranties of noninfringement, merchantability or fitness for a particular purpose even if client has been informed of Moody’s agreement no. 00110228.0

Such purpose; and (c) any warranties arising by implication or from course of performance, course of dealing, or usage of trade. To the extent permitted by law, under no circumstance shall Ravenscroft (or Ravenscroft’s Licensors) have any liability to you or any other person or entity for (a) any loss, damage or other injury in whole or in part caused by, resulting from or relating to, any error (negligent or otherwise), or any other circumstance or contingency within or outside the control of Ravenscroft or any of its directors, officers, employees or agents, or licensors, in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any Moody Credit Ratings, or (b) any direct, indirect, special, consequential, incidental or compensatory damages whatsoever (including, without limitation, lost profits), even if client shall have been advised in advance of the possibility of such damages, in either case caused by, resulting from or relating to the use of, or inability to use, any Moody Credit Ratings.

Ravenscroft Holdings Limited (“RHL”) is the parent company of the entities listed below, which are all registered in Guernsey.  RHL is also registered in Guernsey with company number 61986 and its registered office address is PO Box 222, 20 New Street, St Peter Port, Guernsey GY1 4JG.

The following companies are wholly owned, directly or indirectly, by RHL:

*Ravenscroft Corporate Finance Limited is licensed and regulated by the Guernsey Financial Services Commission to conduct investment business.