This document summarizes a report on the implications of real estate investments in defined contribution pension schemes in the UK. It finds that:
1) Defined contribution schemes are growing rapidly due to auto-enrollment regulations and have the potential to significantly increase real estate allocations and assets under management.
2) Some new defined contribution schemes have selected real estate as the first alternative asset class in their default funds, with allocations of 5-20% on average.
3) The report recommends increased collaboration between real estate and defined contribution professionals to better understand each other's needs and remove barriers to incorporating illiquid assets like real estate in default funds.
Plan Sponsors looking for lower-cost investment vehiclesDan Brennan
The rise of CITs and their broader availability means that plan sponsors should be evaluating these vehicles as part of their due diligence process when selecting investments for their plan lineup. Given the unique features of CITs compared with mutual funds and the different approaches providers take when constructing their products, evaluating these products may take an extra level of due diligence.
Plan Sponsors looking for lower-cost investment vehiclesDan Brennan
The rise of CITs and their broader availability means that plan sponsors should be evaluating these vehicles as part of their due diligence process when selecting investments for their plan lineup. Given the unique features of CITs compared with mutual funds and the different approaches providers take when constructing their products, evaluating these products may take an extra level of due diligence.
Financial Freedom through Reverse MortgageProjects Kart
The world population structure shows that population worldwide is ageing owing to exaggerated longevity of older folks and small birth rates in developed and most developing countries. Visit www.projectskart.com for more information. In Asian nation alone, statistics show that variety of older as a proportion of population can show a 107% growth, from 113 million in 2016 and 179 million by 2026 severally.
"Crowdfunding for solar: model and implications for Thailand," presented by Sarinee Achavanuntakul at Chulalongkorn University, 31 July, 2013. Part of Thailand's Solar PV Roadmap Initiative - Economics/Finance Working Group #1:
Innovative Business Models and Financing Options for Distributed Solar Systems
A presentation detailing the market background and overview, inefficiencies of the current state of the market and the solution we offer, an explanation of the industry and our key differentiators, our market and customers, our value proposition, marketing and sales strategy, revenue model, technology, business model, and more.
Veteran Silicon Valley attorney Roger Royse will discuss, compare and contrast the various options available to entrepreneurs when it comes to funding their startup.
The speaker will address some common questions when it comes to funding for startups, including:
1) What are the best funding options for entrepreneurs to scale their business?
2) When should entrepreneurs pursue external funding?
3) How do entrepreneurs choose the right investor?
4) What alternative sources of funding are available?
5) How and why should a founder stage their funding rounds?
6) When should a founder think about exiting?
7) How can advisers help with the funding process?
and more!
Public-Private Partnership Advanced Modeling with Legal Analysis - Torontommanongdo
Public-Private Partnership Modeling & Legal Analysis is a Vair Training Specialty Class and focuses uniquely on Public-Private Partnership ("PPP") projects in Canada and their related modeling issues.
Course Participants include: Infrastructure Heads, CFOs, Financial Analysts, Project Finance Teams, Corporate & Structured Finance Teams, Investment & Evaluation Professionals, Business Development Planners, Joint Ventures Specialists, Contactors, Gov\'t Finance Officers/Treasurers, Accountants, PF/PPP Attorneys
Everything You Need to Know about Preemptive RightsOurCrowd
Have you been following the growing trend in continuity funds?
Listen to our 30-minute session with OurCrowd Investment Partner David Stark to learn how professional investors use preemptive rights to get further involved in winning companies.
• Get an insider’s view of how to leverage preemptive rights in startup investing
• Understand the basics of continuity funds and review case studies
• Learn how to get involved at a time when companies are staying private longer
Continuing with our updates on the key aspects of IFRS 9 Implementation, our current post (attached) talks about “Exposure at Default (EAD)” where, possible uses and business interpretation nuances of terms linked to EAD are highlighted. The post enumerates on the computation methods of EAD and the modeling approaches available for each of the methods with key consideration points from Basel and IFRS9 perspectives highlighted in between for the readers.
We look forward to your valuable feedback on the current article or the challenges faced by you in IFRS9 implementation.
Response to FCA crowdfunding consultation simon deane-johns - finalSimon Deane-Johns
My personal response to the UK Financial Conduct Authority's proposed rules to regulated peer-to-peer lending and crowd-investment platforms. Discussion welcome here: http://sdj-thefineprint.blogspot.co.uk/2013/12/response-to-fca-crowdfunding.html
SORTIS Invest is an investment banking boutique focused on mergers & acquisitions, private equity, venture capital and corporate finance.
Company presentation
www.sortis.bg
Investment In Locally Controlled Forestry: Implementation of the GuideThe Forests Dialogue
Chris Buss' presentation at the Second meeting of the Open-Ended Intergovernmental Ad Hoc Expert Group on Forest Financing (AHEG2) 14-18 January 2013 – Vienna, Austria
Presentation on Private Equity for Women EntreprenuersVishwa Trivedi
A Noteworthy presentation laying out basics of private equity as a source of capital enabling aspiring women entrepreneurs to nurture their fledgling business- By Mr. Ranjeet Kulkarni, Sr Consultant, GDA Management Consulting Pvt Ltd. Pune
IFRS 9 defines “Credit Loss” in terms of “Cash Shortfall” or credit loss estimation through projected cash flow discounting. However, there is little explicit information available as to how “Cash Shortfall” should be computed; should it be computed separately or along with “Expected” default path of the borrower, leading to ambiguity around the subject. IFRS 9 has specifically given inputs on PD estimation however, on LGD there is no such specific directives available. The ambiguity around the subject raises a few questions. The blog explores the limits of current knowledge (theoretical and empirical), and offers some preliminary guidance on such questions.
Aptivaa is pleased to launch a series of blogs to apprise readers of some of the key aspects related mostly to Impairment Modeling, for compliance with the new accounting standards (IFRS 9), as well as to have a conversation with the readers about the challenges that banks are facing in their implementation efforts.
Financial Freedom through Reverse MortgageProjects Kart
The world population structure shows that population worldwide is ageing owing to exaggerated longevity of older folks and small birth rates in developed and most developing countries. Visit www.projectskart.com for more information. In Asian nation alone, statistics show that variety of older as a proportion of population can show a 107% growth, from 113 million in 2016 and 179 million by 2026 severally.
"Crowdfunding for solar: model and implications for Thailand," presented by Sarinee Achavanuntakul at Chulalongkorn University, 31 July, 2013. Part of Thailand's Solar PV Roadmap Initiative - Economics/Finance Working Group #1:
Innovative Business Models and Financing Options for Distributed Solar Systems
A presentation detailing the market background and overview, inefficiencies of the current state of the market and the solution we offer, an explanation of the industry and our key differentiators, our market and customers, our value proposition, marketing and sales strategy, revenue model, technology, business model, and more.
Veteran Silicon Valley attorney Roger Royse will discuss, compare and contrast the various options available to entrepreneurs when it comes to funding their startup.
The speaker will address some common questions when it comes to funding for startups, including:
1) What are the best funding options for entrepreneurs to scale their business?
2) When should entrepreneurs pursue external funding?
3) How do entrepreneurs choose the right investor?
4) What alternative sources of funding are available?
5) How and why should a founder stage their funding rounds?
6) When should a founder think about exiting?
7) How can advisers help with the funding process?
and more!
Public-Private Partnership Advanced Modeling with Legal Analysis - Torontommanongdo
Public-Private Partnership Modeling & Legal Analysis is a Vair Training Specialty Class and focuses uniquely on Public-Private Partnership ("PPP") projects in Canada and their related modeling issues.
Course Participants include: Infrastructure Heads, CFOs, Financial Analysts, Project Finance Teams, Corporate & Structured Finance Teams, Investment & Evaluation Professionals, Business Development Planners, Joint Ventures Specialists, Contactors, Gov\'t Finance Officers/Treasurers, Accountants, PF/PPP Attorneys
Everything You Need to Know about Preemptive RightsOurCrowd
Have you been following the growing trend in continuity funds?
Listen to our 30-minute session with OurCrowd Investment Partner David Stark to learn how professional investors use preemptive rights to get further involved in winning companies.
• Get an insider’s view of how to leverage preemptive rights in startup investing
• Understand the basics of continuity funds and review case studies
• Learn how to get involved at a time when companies are staying private longer
Continuing with our updates on the key aspects of IFRS 9 Implementation, our current post (attached) talks about “Exposure at Default (EAD)” where, possible uses and business interpretation nuances of terms linked to EAD are highlighted. The post enumerates on the computation methods of EAD and the modeling approaches available for each of the methods with key consideration points from Basel and IFRS9 perspectives highlighted in between for the readers.
We look forward to your valuable feedback on the current article or the challenges faced by you in IFRS9 implementation.
Response to FCA crowdfunding consultation simon deane-johns - finalSimon Deane-Johns
My personal response to the UK Financial Conduct Authority's proposed rules to regulated peer-to-peer lending and crowd-investment platforms. Discussion welcome here: http://sdj-thefineprint.blogspot.co.uk/2013/12/response-to-fca-crowdfunding.html
SORTIS Invest is an investment banking boutique focused on mergers & acquisitions, private equity, venture capital and corporate finance.
Company presentation
www.sortis.bg
Investment In Locally Controlled Forestry: Implementation of the GuideThe Forests Dialogue
Chris Buss' presentation at the Second meeting of the Open-Ended Intergovernmental Ad Hoc Expert Group on Forest Financing (AHEG2) 14-18 January 2013 – Vienna, Austria
Presentation on Private Equity for Women EntreprenuersVishwa Trivedi
A Noteworthy presentation laying out basics of private equity as a source of capital enabling aspiring women entrepreneurs to nurture their fledgling business- By Mr. Ranjeet Kulkarni, Sr Consultant, GDA Management Consulting Pvt Ltd. Pune
IFRS 9 defines “Credit Loss” in terms of “Cash Shortfall” or credit loss estimation through projected cash flow discounting. However, there is little explicit information available as to how “Cash Shortfall” should be computed; should it be computed separately or along with “Expected” default path of the borrower, leading to ambiguity around the subject. IFRS 9 has specifically given inputs on PD estimation however, on LGD there is no such specific directives available. The ambiguity around the subject raises a few questions. The blog explores the limits of current knowledge (theoretical and empirical), and offers some preliminary guidance on such questions.
Aptivaa is pleased to launch a series of blogs to apprise readers of some of the key aspects related mostly to Impairment Modeling, for compliance with the new accounting standards (IFRS 9), as well as to have a conversation with the readers about the challenges that banks are facing in their implementation efforts.
Like the rest of the financial services industry, insurers are subject to increasingly complex and prescriptive regulations and standards. In the year ahead, insurers will need to focus on the new U.S.Department of Labor fiduciary standard, which is likely to have a significant effect on how insurance products are sold. Moreover, global developments, especially those related to the developing International Capital Standard, will require insurers to closely monitor – and ideally contribute to – official discussions about how globally active insurers should manage capital
C.Y Actuaries Conference 2014: The Future of Asset Management in Cyprus and G...Stephan Cronje
The presentations from the Cronje & Yiannas Actuaries and Consultants Ltd conference held on 28 May 2014 at the Hilton Park Hotel in Nicosia, Cyprus. The title of the conference was "the Future of Asset Management in Cyprus and Greece."
Realising Social Value within Facilities ManagementSunil Shah
Since 2013, the annual Sustainable FM Index has provided a robust and transparent assessment
of the sustainability performance of UK FM providers. This benchmark is intended to drive
sustainability performance improvements within the sector by showcasing achievement and
highlighting excellence. Several of the major companies assessed in the Index have chosen to
become Members, spearheading further research and collaboration on target areas.
The real estate market has been impacted by inflationary prices, increased opportunities for remote work, and racial justice challenges to historical disinvestment in communities of color. This Financial Poise webinar examines the types of real estate projects that help stabilize and strengthen our population centers, including affordable housing and other types of community developments, and explains the various types of economic incentives available to investors who participate in these projects.
Part of the webinar series: REAL ESTATE INVESTING 101 - 2022
See more at https://www.financialpoise.com/webinars/
Are Defined Contribution Plans Ready for Alternative Investments?Callan
Amid the growing popularity of the defined contribution (DC) model, the DC industry continues to look for ways to optimize performance.
The outperformance of defined benefit (DB) plans, and the increasing cross-pollination of DB and DC investment staff, has led some DC plans to take a closer look at alternative investments.
We examine three broad areas of alternative investments in relation to the DC market: real estate, hedge funds, and private equity.
Authors: Sally Haskins, Gary Robertson, Jimmy Veneruso
Liquidity and Performance : Evidence from real estate securities and fundsConsiliacapital
In our latest monthly report we use our databases of real estate securities and funds to analyse the link between liquidity and performance over the cycle.
Blending listed and unlisted real estate for DC pension funds. Latest evidence.Consiliacapital
This report examines the performance implications of adding global listed real estate to an unlisted real estate portfolio for a uk defined contribution pension fund.
January 2014 real estate securities funds monitorConsiliacapital
Monthly performance stats on listed real estate, infrastructure and real asset funds. Special feature on the impact of including global listed to an unlisted real estate allocation for a DC fund.
Listed real estate as a portfolio diversifierConsiliacapital
Listed real estate as a diversifier - This article was published in Professional Investor Magazine for the CFA Society of the UK in Autumn 2013 – www.cfauk.org
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
1. THE IMPLICATIONS FOR PROPERTY OF IPF SPONSORED RESEARCH ON ASSET ALLOCATIONS
WITHIN DEFINED CONTRIBUTION PENSION
SCHEMES
23rd IPD/IPF UK Property Investment
Conference
Brighton
14th November 2013
Alex Moss
Consilia Capital
alex.moss@consiliacapital.com
2. CONTENTS
2
Reasons for the Report
Methodology of the Report
Background findings : the market
Specific conclusions on weightings
Conclusions and next steps
Consilia Capital 2013 www.consiliacapital.com
3. REASONS FOR THE REPORT
3
• Under auto-enrolment, between Oct. 2012 and end 2018, private sector
•
•
•
•
•
•
employers must auto-enrol almost all employees in a DC qualifying scheme
This has added a regulatory overlay to existing changes in market practice ,
i.e. DC has almost completely replaced DB in the private sector
There appeared to be little understanding of the impact this regulatory
change would have on allocations to real estate, and, by definition, providers
of real estate investment vehicles
Therefore, the IPF took the lead in commissioning research to analyse &
evaluate the potential role of real estate in the UK’s new DC workplace
scheme market
Co-sponsors – AREF, EPRA, Institute and Faculty of Actuaries
Report authors – Professors David Blake and Debbie Harrison, Pensions
Institute , Cass Business School
All data, estimates and conclusions in this presentation are from their report:
“Returning to the Core : Rediscovering a Role for Real Estate in Defined
Contribution Pension “Schemes” published Oct. 2013
Consilia Capital 2013 www.consiliacapital.com
4. REASONS FOR THE REPORT: A 50 YEAR PERSPECTIVE
4
UK Pension Funds Real Estate Holdings as % of Total Net Assets 1962-2012
18%
16%
14%
12%
10%
8%
6%
4%
2%
0%
1960
1970
Source: Pensions Institute
Consilia Capital 2013 www.consiliacapital.com
1980
1990
2000
2010
5. METHODOLOGY OF THE REPORT
5
• A series of interviews with participants in the market took place between Sep
2012 and Aug 2013
• This was supplemented by contributions from the Research Steering Group
• All market participants were engaged:
•
•
•
•
Investment Consultants
Platform Providers
Pension Scheme Providers
Third Party Asset Managers
Consilia Capital 2013 www.consiliacapital.com
6. BACKGROUND FINDINGS : THE MARKET
6
Projected size:
• DC auto-enrolment market is projected to increase six-fold by 2030:
from £276bn AUM pre-auto-enrolment (2012)to £1,680bn
Potential for real estate:
• Several new A-E schemes have selected RE as the first illiquid or ‘alternative’
asset class to be incorporated as a core component of their default fund with
weightings of 5-20%; average 10%.
• If all schemes adopt RE at 10%, AUM of RE might be worth £170bn by 2030
Requirements: The Liquidity issue:
• DC platforms require daily pricing and liquidity: but this is not a regulatory
requirement
Consilia Capital 2013 www.consiliacapital.com
7. BACKGROUND FINDINGS : THE MARKET
7
The importance of the default fund:
• the multi-asset investment strategy is designed for the majority of members
who do not wish to make investment decisions
• 90-97% of members in aggregate expected to use this default strategy
• So the asset allocation in the default fund is critical for the future of all asset
classes
Concentration of Providers
• Competition and downward pressure on member charges have triggered
battle to secure market share
• Scale is considered crucial to deliver good quality default funds at low cost
• Likely that fewer than 10 multi-employer schemes will emerge as the
dominant players by 2020
• Their investment philosophy will determine openness of the market to thirdparty RE asset managers
Consilia Capital 2013 www.consiliacapital.com
8. BACKGROUND FINDINGS : THE MARKET
8
Modelling concerns
• No clear consensus re: best asset allocation model for determining the
optimal weighting to real estate relative to other asset classes
• Widespread criticism of mean-variance optimisation models
• Alternative proprietary models in use are not accessible to independent
scrutiny and hence lack transparency
Disconnect between RE and DC participants
• This gap has prevented better mutual understanding and collaboration
• RE says DC knows what it wants but not what it needs
• DC counters by saying we’re the customer: stop telling us what we need and
stop trying to sell us over-engineered solutions
Consilia Capital 2013 www.consiliacapital.com
9. SPECIFIC CONCLUSIONS ON WEIGHTINGS AND STRUCTURES
9
Should DC schemes’ default funds have a weighting in real estate?
• Evidence indicates the beginning of a clear trend towards the inclusion of real
estate as a core asset class in DC default funds, especially in the new schemes
designed for auto-enrolment.
• In addition to the diversification and risk adjusted returns , real estate has
been chosen for its growth potential during the accumulation stage and its
ability to generate reliable inflation-linked cash flows during the
decumulation phase.
What is an appropriate weighting ?
• Wide variation in practice. Some funds have zero. Where real estate is used
the allocation varies from 5% to 20%.
Consilia Capital 2013 www.consiliacapital.com
10. SPECIFIC CONCLUSIONS ON WEIGHTINGS AND STRUCTURES
10
Which scheme offers the examples of the use of real estate?
• Although auto-enrolment is in its infancy, NEST’s decision to allocate 20% to
real assets (currently real estate) is a very significant move.
Which are the most appropriate real estate sub-classes?
• Currently, a hybrid fund of 70% actively managed UK (unlisted) property and
30% passive , Index tracking Global listed real estate is popular.
Is the current liquidity constraint likely to be eroded over time ?
• Subject to debate between DC and real estate practitioners, but no doubt
that a relaxation of daily dealing/pricing requirements is crucial if default
funds are to achieve optimum diversification.
How much of this market will be captured by third party asset managers
• At present vertical integration is the most common business model . For the
NEST allocation structure to become a benchmark multi-employer DC
schemes will need access to such hybrid funds. At present the majority do
not.
Consilia Capital 2013 www.consiliacapital.com
11. CONCLUSIONS AND NEXT STEPS
11
• Real estate is unique as an asset class in that it has an important role to play
throughout the life of a pension scheme:
• First for its growth potential when the scheme is immature
• Then for its stable inflation-matching cash flows when the member
approaches and enters retirement.
• In this report, they argue that real estate needs to ‘return to the core’ and
present evidence that this trend is already well underway.
Suggested next steps
• A cross-market working group of DC and real estate professionals with the
following objectives:
• To gain a better understanding of what RE offers and what DC really needs
• To work toward the removal of artificial barriers to the incorporation of
real (illiquid) asset classes in DC default funds
• To engage with professionals in other real asset classes, e.g., infrastructure
and commodities
• To consult on ‘real asset class’ funds for DC
Consilia Capital 2013 www.consiliacapital.com
12. Disclaimer
12
The information contained in this report was obtained from various sources. No representation or warranty, express or implied, is made, given or intended by or on behalf of
Consilia Capital Limited or any of its directors, officers or employees and no responsibility or liability is accepted by Consilia Capital Limited or any of its directors, officers or
employees as to the accuracy, completeness or fairness of any information, opinions (if any) or analysis (if any) contained in this report. Consilia Capital Limited undertakes no
obligation to update or correct any information contained in this report or revise any opinions (if any) or analysis (if any) in the light of any new information. Notwithstanding the
foregoing, nothing in this paragraph shall exclude liability for any representation or warranty made fraudulently.
This report (including its contents) is confidential and is for distribution in the United Kingdom only to persons who are authorised persons or exempt persons within the meaning
of the Financial Services and Markets Act 2000, or any Order made thereunder, or to persons of a kind described in Article 19(5) (Investment Professionals) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) and, if permitted by applicable law, for distribution outside the United Kingdom to professionals or
institutions whose ordinary business involves them in engaging in investment activities. It is not intended to be distributed or passed on, directly, indirectly, to any other class of
persons. This report may not be copied, reproduced, further distributed to any other person or published, in whole or in part, for any purpose other than with the prior
consent of Consilia Capital Limited. Whilst Consilia Capital Limited may at its sole and absolute discretion consent to the copying or reproduction of this report (whether in whole
or in part) for your usual business purposes no representation or warranty, express or implied, is made, given or intended by or on behalf of Consilia Capital Limited or any of its
directors, officers or employees as to the suitability or fitness of the report for the purpose to which you intend to put the report.
The information, opinions (if any) and analysis (if any) contained in this report do not constitute, or form part of, any offer to sell or issue, or any solicitation of an offer to purchase
or subscribe for, any securities or options, futures or other derivatives ("securities") nor shall this report, or any part of it, or the fact of its distribution, form the basis of, or be
relied on, in connection with any contract.
This report is intended to provide general information only. This document may not cover the issues which recipients may regard as important to their consideration, evaluation
or assessment of the any of the securities mentioned herein, and where such issues have been covered herein no assurance can be given that they have been considered in
sufficient detail for recipients’ purposes. This report does not have regard to any specific investment objectives, the financial situation or the particular requirements of any
recipient. To the extent that this report contains any forward-looking statements, estimates, forecasts, projections and analyses with respect to future events and the anticipated
future performance of the securities referred to herein, such forward-looking statements, estimates, forecasts, projections and analyses were prepared based upon certain
assumptions and an analysis of the information available at the time this report was prepared and may or may not prove to be correct. No representation or warranty, express or
implied, is made, given or intended by or on behalf of Consilia Capital Limited or any of its directors, officers or employees that any estimates, forecasts, projections or analyses
that are used in this report will be realised. These statements, estimates, forecasts, projections and analyses are subject to changes in economic and other circumstances and such
changes may be material. Potential investors should seek financial advice from a person authorised under the Financial Services and Markets Act 2000 who specialises in advising
on the acquisition of securities.
Investors should be aware that the value of and income in respect of any securities may be volatile and may go down as well as up and investors may therefore be unable to
recover their original investment.
Consilia Capital 2013 www.consiliacapital.com