Legal Information

Welcome to Matterley website (the "Site"), which is owned and operated by Charles Stanley & Co. Limited ("Charles Stanley"). Matterley is a division of Charles Stanley. By accessing the Site, you agree and acknowledge the following:

1. General Information

1.1 For the purposes of S.21 Financial Services and Markets Act 2000 the whole Site has been approved by Charles Stanley.

1.2 Charles Stanley Group PLC (registered in England No. 48796) is the parent company of Charles Stanley. Please visit www.charlesstanleyplc.co.uk for further information.

1.3 The principal trading companies of Charles Stanley Group PLC are:

Charles Stanley & Co. Limited: Registered in England No. 1903304. Authorised and regulated by the Financial Services Authority (Reg. No. 124412)

EBS Management PLC: Registered in England No. 998606. Authorised and regulated by the Financial Services Authority (Reg. No. 134908)

Garrison Investment Analysis: Registered in England No. 1880462. Authorised and regulated by the Financial Services Authority (Reg. No. 114956)

CS Financial Solutions Limited: Registered in England No. 2131269. Authorised and regulated by the Financial Services Authority (Reg. No. 134771)

Jobson James Financial Services Limited: Registered in England No. 2811969. Authorised and regulated by the Financial Services Authority (Reg. No. 163419)

Rock (Nominees) Limited: Registered in England No. 1115143

Each of the Charles Stanley group of companies has its registered office at 25 Luke Street, London, EC2A 4AR.

1.4 'Charles Stanley' is a registered trade mark of Charles Stanley & Co Limited.

1.5 Charles Stanley's registered VAT number is 524732945.

1.6 For general enquiries by email, please contact Charles Stanley at admin@charles-stanley.co.uk

1.7 Charles Stanley is a member of the London Stock Exchange, London International Financial Futures and Options Exchange, the International Capital Market Association and the Association of Private Client Investment Managers and Stockbrokers.

1.8 This Site should not be regarded as an offer or solicitation to conduct designated investment business, as defined by the UK Financial Services and Markets Act 2000, in any jurisdiction other than the United Kingdom and Member States of the European Community. Any research material on the following pages of this Site has been prepared for persons in the United Kingdom and is not intended for distribution or use outside the United Kingdom. This material is not directed at you if Charles Stanley is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you and in particular is not for distribution in and is not directed at persons in the United States or Canada. You should satisfy yourself before reading it that Charles Stanley is permitted to provide research material concerning investments to you under relevant legislation and regulations. Charles Stanley accepts no responsibility whatever for any failure by a person resident outside the United Kingdom to observe the foregoing.

2. About the Site

2.1 Charles Stanley provides this Site for your information only and does not warrant that it will be uninterrupted or error-free; nor does it make any warranty as to the results that may be obtained from the use of the Site. Other than disclosures relating to Charles Stanley, the information on this Site is based on current public information that it considers reliable, but Charles Stanley does not represent that it is accurate or complete and it should not be relied on as such.

2.2 The Site is provided without warranties or other assurances of any kind. To the fullest extent permitted by law, neither Charles Stanley nor any other party involved in creating, producing or communicating the Site shall be liable for any loss or damage, whether reasonably foreseeable or not, resulting from the use of or inability to use it, including but not limited to interruptions, deletion of files or email, errors, defects, viruses, delays in operation or transmission, or any failure of performance, whether or not resulting from force majeure, communications failure, theft, destruction, or unauthorised access to Charles Stanley's records, programs or services.

2.3 Email messages sent via the Site are not secure. We urge you not to send email to Charles Stanley containing confidential information, or that relating to time sensitive matters. You agree that you do so at your own risk and that you hold Charles Stanley harmless from any loss that you may suffer as a result. An automated delivery receipt does not constitute acceptance of any email; we will either expressly reply or act on your email.

2.4 Nothing in this Legal Information shall operate so as to exclude, limit or restrict Charles Stanley's liability for death or personal injury, for fraud or fraudulent misrepresentation, for damage suffered as a result of any breach of the conditions as to title and quiet enjoyment implied by English law, liability under Part 1 of the Consumer Protection Act 1987 or for any other liability the exclusion or limitation of which is not permitted by English law. These disclaimers do not affect the statutory rights of consumers.

2.5 This Legal Information document shall be governed by and construed in accordance with the laws of England. If any provision shall be unlawful, void or for any reason unenforceable then that provision shall be deemed severable and shall not affect the validity and enforceability of the remaining provisions.

3. Investment Risk Warnings

3.1 You should be aware that there are significant and specific risks associated with any investment strategy, financial instrument and or designated investment outlined in this website. Such strategies are intended solely for those investors that can accept the underlying risks associated with such investments. Investment in any strategy, financial instrument and or designated product contained herein, some of which are unregulated collective investment schemes, are intended for wholesale or institutional investors or and other investors who have the financial understanding and experience to accept and deal with the risks associated with such an investment.

3.2 Charles Stanley and its connected companies, their directors, members, employees and members of their families may from time to time have a personal investment, or may have undertaken a personal transaction or may engage or have engaged in transactions on behalf of other customers, in any security referred to herein or in any related securities and financial instruments. In addition, Charles Stanley, acting as investment manager, may, on behalf of its customers and to the extent permissible by applicable statute and or regulation, have invested in and or seek to invest in funds, territories, financial instruments and or designated investments contained on the website. As a result, the user should be aware that Charles Stanley may have a conflict of interest that could affect the objectivity of any information contained herein.

3.3 You are reminded that past performance should not be seen as an indication or a guarantee to future performance, and no representation or warranty, express or implied, is made regarding future performance. All information on performance is compliant with the legislative and regulatory requirements in the United Kingdom and is in accordance with the FSA's Rules.

3.4 Investment in any financial instrument and or designated investment involve risk, which may include potentially the loss of your original capital. The price and the value of investments and income derived from them can fall as well as rise and investors may not get back the amount originally invested, while some securities carry a higher degree of risk than others. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. All derivative instruments and alternative investments are highly volatile and certain investments may be illiquid, over-the-counter and or in non-publicly quoted securities or in financially distressed companies.

3.5 Investment in emerging markets involves risk factors and special considerations which may not be typically associated with investing in more developed markets. Political or economic change and instability may be more likely to occur and have a greater effect on the economies and markets of emerging countries. Adverse government policies, taxes, restrictions on foreign investment and on foreign exchange conversions and repatriation, foreign exchange fluctuations and developments in legislation and regulations of emerging markets in which investments may be made could result in loss to the investments. The aforementioned statements are not a complete list of the inherent investment risks. With regard to any AIM or OFEX securities and financial instruments, you should be aware that the rules of these markets are less demanding than the rules of the London Stock Exchange and that the risks of these investments may be higher. There may also be less liquidity in these stocks leading to a greater disparity in the buying and selling prices. In addition, certain financial instruments and or designated investments may not be readily realisable and accordingly, it may be difficult to sell or realise them. Similarly it may prove difficult for you to obtain reliable information about the value, or risks, to which such an investment is exposed.

4. Use & Reproduction

4.1 You acknowledge that this Site contains information, data, software, photographs, graphs, videos, typefaces, graphics, music, sounds, and other material (collectively "Content") which is protected by copyright and other intellectual property rights proprietary to Charles Stanley and its licensors.

4.2 You understand that while you may be able to access Content regarding financial information and investments through this Site, such Content does not constitute a recommendation to buy, sell or otherwise trade all or any of the securities mentioned. You understand that you are responsible for your own investment decisions and you are recommended to seek advice concerning suitability from your investment advisor. You agree not to hold Charles Stanley and/or any of its respective offices, employees, agents or affiliates liable for any investment decisions made by you arising from the use of this Site or its Content.

4.3 You understand that while you may be able to access certain research material through this Site, the availability of such information does not constitute a recommendation to buy, sell or otherwise trade all or any of the securities mentioned therein. Charles Stanley accepts no fiduciary duties to the reader of such material and in communicating such research material is not acting in a fiduciary capacity. Neither Charles Stanley nor any of its directors, officers, employees or agents shall have any liability, howsoever arising, for any error or incompleteness of fact or opinion in it or lack of care in its preparation or publication, provided that this shall not exclude liability to the extent that this is impermissible under the law relating to financial services. All statements and opinions are made as of the date on the face of the relevant research material and are not held out as applicable thereafter. Research recommendations are given in good faith but without legal responsibility and are subject to change without notice. You are recommended to seek advice concerning suitability from your investment advisor. Investors should be aware that past performance is not necessarily a guide to the future and that the price of shares and other investments, and the income derived from them, may fall as well as rise and the amount realised may be less than the original sum invested. You agree not to hold Charles Stanley and/or any of its respective officers, employees, agents or affiliates liable for any investment decisions made by you arising from the use of this Site or its Content.

4.4 No part of the Content may without the prior written permission of Charles Stanley be permanently stored, reproduced or copied in any form other than for your reasonable and legitimate business or personal purposes, provided that you maintain all of the Charles Stanley notices (such as all legal notices and disclaimers, copyright notices, trade mark legends, or other proprietary rights).

4.5 Distribution, reselling or reproduction of the Content is strictly prohibited. You may not modify, remove, delete, augment, add to, publish, transmit, participate in the transfer or sale of, create derivative works from, or in any way exploit any of the Content, in whole or in part.

4.6 You may not link to the Site without the prior written consent of Charles Stanley, unless you do so in a way that is fair and legal and does not damage Charles Stanley's reputation or take advantage of it, but you must not establish a link in such a way as to suggest any form of association, approval or endorsement by Charles Stanley where none exists. You must not establish a link from any website that is not owned by you. The Site must not be framed on any other site. Charles Stanley reserves the right to withdraw any linking permission without notice.

4.7 All information provided by International Financial Data Services (UK) Ltd (the "Information") on the Site is owned by or licensed to it and any user is limited to storing, filing in format print and displaying the Information for such user's personal use. In no event shall any user publish, retransmit or redistribute or otherwise reproduce any Information in any format to anyone else for interruption, inaccuracy, error or omission, regardless of cause. Charles Stanley shall not be responsible for any errors in the Information or for any loss or damage, whether or not it was reasonably foreseeable, resulting therefrom. You agree to indemnify and hold harmless Charles Stanley for any cost, charges and damages resulting from breach of this clause.

5. External Sites

By accessing other websites through links that may be provided by Charles Stanley (be it a hypertext link or other referral device), you agree to the following terms and conditions:

5.1 Should you leave this Site via a link contained herein, and view content on any website that is not provided by Charles Stanley, you do so at your own risk. The content to which you link will not have been developed, checked for accuracy or otherwise reviewed by Charles Stanley. Charles Stanley does not guarantee the timelines, sequence, accuracy, adequacy or completeness of such information and Charles Stanley gives no express warranties with respect to the information. Charles Stanley is not responsible for damages or losses caused by any delays, defects or omissions that may exist in the services, information or other content provided in any such website, or for any such site's policy in relation to the use or processing of personal data. Charles Stanley makes no guarantees or representations as to, and shall have no liability for, any electronic content delivered by any third party, including, without limitation, the accuracy, subject matter, quality or timeliness of any electronic content.

5.2 Charles Stanley is not responsible for the accuracy of information contained within websites provided by third parties that may have links to or from its Site. The material available on external websites has been produced by independent providers that are not affiliated with Charles Stanley and nor may they be regulated by the FSA. Any opinions or recommendations expressed on external sites are solely those of the independent providers and are not the opinions or recommendations of Charles Stanley.

5.3 You understand that while some of the linked websites may provide information and news stories about investments, the availability of such information does not constitute a recommendation to buy or sell or otherwise trade all or any of the securities discussed therein. You understand that you are responsible for your own investment decisions and you should seek your own professional advice as to the suitability of any investment mentioned in such information.

6. Data Protection

6.1 In cases where you have provided personal information, Charles Stanley shall only use it to carry out its duties and obligations arising from the provision and use of this Site and Charles Stanley shall at all times comply with the requirements of current data protection legislation.

6.2 If you receive marketing, research or other regular information from Charles Stanley and wish to unsubscribe please email admin@charles-stanley.co.uk .

6.3 All telephone calls are recorded for business purposes.
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7. Other Information

7.1 In order to maintain the security of its systems, protect its staff and detect fraud and other crimes, Charles Stanley reserves the right to monitor all internet communications, including web and email traffic, into and out of its domains. Monitoring includes checks for, but not limited to, viruses and other malignant codes, criminal activity and inappropriate, offensive or otherwise unacceptable use or content.

7.2 Charles Stanley reserves the right to cooperate fully with any investigation by national and international police, regulatory authorities and other officials, and reserves the right to disclose any personal data (including personal or private electronic communication transmitted on this Site) to such officials to the extent requested by them in connection with any such investigation, or as otherwise required by law or regulation.

7.3 Current tax levels and reliefs may change and the value of any relief depends on individual circumstances.

June 2011