Terms & Conditions

The commentary provided has been produced for reference and is not independent research or a research recommendation and should therefore not be relied upon as such. It is made to you on a confidential basis, provided for informational purposes, and does not constitute an invitation or offer to subscribe for or purchase any of the products or services mentioned. The information provided is not intended to be used as a general guide to investing and does not constitute investment advice or as a source of any specific investment recommendations as it has not been prepared with regard to the specific investment objectives or financial situation of any particular person. You are advised to make your own independent judgment (with the advice of your professional advisers as necessary) with respect to the risks and consequences of any matter contained herein.

Sale Capital expressly disclaims any liability and responsibility for any damage or loss you may suffer from your use of or reliance of the information contained herein.Predictions, projections or forecasts contained herein are not necessarily indicative of actual future events and are subject to change without notice. You are cautioned not to place undue reliance on such statements. While all reasonable care has been taken in preparing thiscommunication, Sale Capital makes no representation or warranty as to its accuracy or completeness.

Any opinions or views of third parties expressed in this material are those of the third parties identified, and not of Sale Capital. Some of the information appearing herein may have been obtained from public sources and while Sale Capital believes such information to be reliable, it has not been independently verified by Sale Capital.

This communication is not independent of Sale Capital’s own trading strategies or positions. Therefore, it is possible, and you should assume, that Sale Capital has a material interest in one or more of the financial instruments mentioned herein. If specific companies are mentioned in this communication, please note that Sale Capital may at times seek to do business with the companies covered in this communication; hold a position in, or have economic exposure to, such companies; and/or invest in the financial products issued by these companies. Further, Sale Capital may be involved in activities such as dealing in, holding, acting as market makers or performing financial or advisory services in relation to any of the products referred to in this communication. Accordingly, Sale Capital may have a conflict of interest that could affect the objectivity of this communication.

Sale Capital, is licensed as a Financial Services Provider in terms of
Section 8 of the Financial Advisory and Intermediary Services Act 37 of 2002
bearing Financial Services Provider number 23497.