References in these terms and conditons to:

“Salamanca Capital” are references to Salamanca Capital Investments Limited, a company incorporated the United Kingdom with company no. 04442370. Registered office address: Nash House, St George Street, Mayfair, London, W1S 2FQ. UK VAT registration number: GB 799 1924 63;

“Salamanca Risk” are references to Salamanca Risk Management Limited, a company incorporated in the United Kingdom with company no. 05408866. Registered office address: Nash House, St George Streer, Mayfair, London, W1S 2FQ;

“Salamanca Private Client” are references to Salamanca Private Client Limited, a company incorporated in the United Kingdom with company no. 07255952. Registered office address: Nash House, St George Street, Mayfair, London, W1S 2FQ;

and each of them is a “Salamanca Entity”. The Salamanca Entities are collectively referred to in these terms and conditions as “Salamanca”.

“Salamanca Group” is a collective reference to the following companies: Salamanca Capital, Salamanca Risk and Salamanca Private Clients.

Salamanca Private Clients and Salamanca Capital are not currently FSA regulated and do not currently engage in any regulated activity.

The terms and conditions set out below apply to your use of the Salamanca Capital, Salamanca Private Client and Salamanca Risk websites (referred to collectively as the “Salamanca Websites”) and to all information or materials downloaded from any of those sites (the “Materials”).

By accessing any of the Salamanca Websites you agree to accept and be bound by these terms and conditions. If you do not wish to be bound by these terms and conditions, you should cease using the Salamanca Websites.

Nothing on the Salamanca Websites or in the Materials constitutes or is intended to constitute an invitation or inducement or solicitation to invest or divest, or constitutes or is intended to constitute financial, tax or other advice. You should not act upon any such material without first consulting a financial or other professional adviser.

The information in the Salamanca Websites is only for the attention of the residents of jurisdictions where it can be lawfully disseminated. Because of US legal restrictions operating, US residents of that country are not permitted to access the Salamanca Websites, except with the express permission of a Salamanca Entity. None of the Salamanca Websites or Salamanca Entities is offering any securities or services in the US or to US residents. A "US resident" includes any US person, as well as (i) any natural person who is only temporarily residing outside the United States, (ii) any account of a US person over which a non-US fiduciary has investment discretion or any entity, which, in either case, is being used to circumvent the registration requirements of the US Investment Company Act of 1940, and (iii) any employee benefit or pension plan that does not have as its participants or beneficiaries persons substantially all of whom are not US persons. In addition, for these purposes, if an entity either has been formed or is operated for the purpose of investing in a particular security or obtaining a particular service, or facilitates individual investment decisions, none of the beneficiaries or other interest holders of such entity may be US residents. Terms used in this paragraph (including the term "US person") have the meanings given to them in Regulation S under the US Securities Act of 1933.

It is your responsibility to be aware of and to observe all laws and regulations applicable to you in your country of residence and in any other country the laws of which are capable of affecting you.

Use of the the Salamanca Websites and Materials shall be at your sole risk. Salamanca will not be liable to any person for any direct, indirect, special or consequential, losses, damages or awards of any kind, however caused, as a result of the use of or inability to use, or reliance on, the Salamanca Websites or any Materials. Each Salamanca Entity excludes all warranties, conditions, terms, undertakings and representations (excepting fraudulent misrepresentation) of any kind, express or implied, statutory or otherwise in connection with the Salamanca Websites and the Materials to the fullest extent permitted by law. However, nothing in these terms and conditions shall be taken to limit or exclude any liability for fraud or negligence causing personal injury or death or any other liability that may not lawfully be limited or excluded under any applicable law.

Salamanca give no warranties (express, implied or statutory) as to quality, accuracy, suitability, satisfactory quality or fitness for purpose of the Salamanca Websites or the Materials, or that those Websites or Materials will be provided uninterrupted or free from errors or that any identified defect will be corrected. No warranty of any kind is given that the Salamanca Websites and the Materials, or any server or device by which they are supplied, are free from any virus or other malicious, destructive or corrupting code, programme or macro.

Links to third party websites on this Website are provided solely for your convenience. If you use these links, you leave this Website. The Company has not reviewed all of these third party websites and does not control and is not responsible for these websites or their content or availability. The Company therefore does not endorse or make any representations about them, or any material found there, or any results that may be obtained from using them. If you decide to access any of the third party websites linked to this Website, you do so entirely at your own risk.? Salamanca is not a sponsor, partner, promoter or publisher of any of such websites.

The Materials are the copyright of Salamanca or an affiliated entity and may not be copied, distributed, uploaded, posted, republished, decompiled, disassembled, reverse-engineered or transmitted in any way without the prior, written consent of a Salamanca Entity. You may, however, download one copy for your personal non-commercial use or non-commercial use within the organisation in which you work on condition that you do not delete or change any part of the Materials.

Nothing in these terms and conditions or on the Salamanca Websites should be construed as granting any licence or right to use any mark or get-up displayed on the Salamanca Websites or in the Materials.

We take the privacy of our customers seriously and are concerned to protect your personal data. We will only use your personal data in the manner specified in these terms and conditions. Where you supply personal data by use of any of the Websites, we may use that data for the purposes of our business and in order to keep you informed about our products and/or services. We may use cookies to track your visits to any of the Websites.

Unless indicated otherwise, all information and images are the property of Salamanca. Users of the website may print, copy, download or temporarily store information from this website for their personal use but all intellectual and other property information shall remain the property of Salamanca and no rights in it shall be transferred to users.

Whilst Salamanca uses all reasonable skill and care in compiling the information contained in this website, errors or omissions may occur because of factors inherent in internet systems, e.g. unauthorised access or hardware, software or operator error or malfunction in data transmission.

E-mail messages may not be secure and may be intercepted by third parties. If you send to us an email containing confidential information about you, you agree that you do so at your own risk and that you hold Salamanca harmless from any loss that you may suffer as a result.

Salamanca does not accept responsibility for content of other websites not operated by Salamanca which may be accessed by a link from this website. You must not provide a link from another website to this website without prior written approval from Salamanca.

You must not transmit any virus or item of destructive nature to this website and it is your responsibility to ensure that what you download or use from this website is free from such items.

Telephone calls between you and Salamanca and its subsidiaries may be recorded in order to maintain and improve service.

Salamanca believes that the information on this website is accurate at the date of publication but no warranty of accuracy is given and it may change the website at any time without notice and without obligation to update the information. Salamanca accepts no liability to any third party for any error or omission.

The agreement between Salamanca and you relating to your access to and use of the Websites is governed by and shall be construed in accordance with English law.