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Use of the research section of this website is subject to the following terms and legal notices (Conditions).


This research section of the website is a marketing communication and may contain material amounting to a financial promotion for the purposes of the United Kingdom's Financial Services and Markets Act 2000 (FSMA).

This research section has been prepared by Arlington Group Asset Management (Arlington) which is authorised and regulated by the Financial Conduct Authority (FCA) FRN: 172337.

In the United Kingdom, this document is being distributed only to and is directed at: (i) Professional Clients and Eligible Counterparties as defined in the FCA's Handbook of Rules and Guidance; or (ii) persons to whom this document may otherwise lawfully be made available (together Relevant Persons).

Access to this research section is available only to Relevant Persons, and persons of any other description in the UK may not rely on the information in it. Most of the protections provided by the UK regulatory system, and compensation under the UK Financial Services Compensation Scheme, are unlikely to be available.

Outside of the United Kingdom, the contents of this research section are not intended for distribution to, or use by, any person in any jurisdiction or country where such use or distribution would be unlawful. In particular, this information is not directed at or intended for "US Persons" within the meaning of the United States Securities Act of 1993, as amended and the United States Securities Exchange Act of 1934, as amended.

Non-Independent Investment Advice

Any information which could be construed as investment research has not been prepared in accordance with legal requirements designed to promote the independence of investment research.

Further it is not subject to any prohibition on dealing ahead of the dissemination of investment research.

Arlington, its owners, subsidiaries, affiliates or employees of the same, may perform services for, solicit business from, hold long or short positions in, or otherwise be interested in the securities (including derivatives), of any issuer mentioned herein.

Any research report appearing on this research section reflects the objective views of Arlington. However, the companies covered in this research pay us a fee, commission or other remuneration in order that this research may be made available.

No offer

This research and the information contained on it does not constitute or form any part of any offer or invitation to purchase, sell or subscribe for, or any solicitation of any such offer to purchase, sell or subscribe for, any securities (including derivatives), nor shall this research section, or any part of it, form the basis of, or be relied upon in connection with, any contract therefore.

No reliance

The information contained on this research section has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. Arlington is under no obligation to update or keep current the information contained on this research section. None of Arlington or any of its respective affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss whatsoever arising from any use of the information on this research section.

No advice

Nothing contained on this research section constitutes legal, tax or other advice nor is to be relied on in making an investment or other decision.

If you are in any doubt about any opportunities mentioned on this research section, you should obtain appropriate professional advice before making any investment decision.

By accessing this research section, you consent to the above Conditions and, in particular, you confirm that:

1. you are resident in and accessing this research section from the UK and you are a Relevant Person; or

2. you fall outside the scope of any law that seeks to regulate financial promotions both in the country of your residence and in the country in which you are viewing this research section, and therefore by accessing this research section you will not contravene or cause Arlington to contravene any such law.