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This is a marketing communication; and (a) has not been prepared in accordance with legal requirements designed to promote the independence of investment research; and (b) is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This material has been produced by McGraw-Hill Financial Research Europe Limited which is authorized and regulated by the Financial Services Authority (FSA) in the United Kingdom and trades as S&P Capital IQ.

This material does not constitute an offer of services in jurisdictions where Standard & Poor's (S&P) and/or its affiliates do not have the necessary licenses.

For residents of the U.K. - This material is only directed at and should only be relied on by persons outside of the United Kingdom or persons who are inside the United Kingdom and who have professional experience of participating in unregulated schemes or who are high net worth persons, as defined in Article 14(5) or Article 22(2) (a) to (d) of the Financial Services and Markets Act 2000 (promotion of CIS) (Exemptions) Order 2005, respectively.

S&P Capital IQ provides fund reports and services as a paid service to fund issuers, fund manager, investors and other financial services professionals. S&P Capital IQ's fund reports are based mainly on public information or information furnished to S&P Capital IQ by the fund or obtained from sources which S&P Capital IQ considers reliable. S&P Capital IQ has a Fund Management Rating System that applies rigorous criteria to arrive at a fund's grading, and generate supporting analytics and commentaries. It does not audit the information and may rely on unaudited information when preparing the fund reports which are for professional clients as defined by the FSA.

Past fund performance is not guarantee of future performance and S&P Capital IQ does not accept any responsibility if, in reliance on a report, an investor acts or fails to act in a particular way. A near final draft of the fund report is disclosed to the fund manager prior to publication for factual verification only, and may be amended by the fund manager.

Under S&P Capital IQ’s Fund Management Rating System when a Fund is rated, the fund grading applies for one year from date of award; however, S&P Capital IQ reserves the right to change the rating during that time. In circumstances where a corporate event or significant change to the fund management's team, strategy or process occurs, the fund grading may be withdrawn and the fund is placed On Hold. This material and/or a fund report is not intended as an offer, solicitation or advice for the purchase or sale of any security or other financial instrument. Securities, financial instruments or strategies mentioned herein and/or in a fund report may not be suitable for all investors. Any opinions expressed herein and/or in a fund report are given in good faith, are subject to change without notice, and are only current as of the stated date of their issue. Prices, values, or income from any securities or investments mentioned herein and or in a fund report may fall against the interests of the investor and the investor may get back less than the amount invested. This material is not intended for any specific investor and does not take into account an investor’s particular investment objectives, financial situations or needs and is not intended as a recommendation of particular securities, financial instruments or strategies to an investor.

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