In accordance with regulatory requirements, we have taken reasonable steps to identify conflicts of interest that exist, or may exist, between Cenkos Securities Plc (“CSP”) and its clients or between the services CSP provides to one client and another.

We have also reviewed the organisational and administrative arrangements in place to manage such conflicts and are of the view that, save for the matters outlined below, they are sufficient to ensure with reasonable confidence, that risk of damage to clients’ interests will be prevented.

From our Conflicts of Interest Policy, we have identified the following areas where we are not certain that we can manage the conflict (or potential conflicts) fully and thus we hereby advise our clients of this fact.

The general nature and/or source of these conflicts are:

• dealing as principal for our or its own account by selling the investment concerned to you or buying it from you;
• matching your transaction with that of another customer by acting on his behalf as well as yours;
• buying investments where we are or a connected company is involved in a new issue, rights issue, takeover or similar transaction concerning the investment or a related investment;
• holding a position in the investment or a related investment; or
• executing or arranging for transactions on behalf of or in the name of any company involved in the transaction.
• we may issue research in relation to the securities in which you are trading however our research reports are made available to all recipients simultaneously and, under no circumstances are CSP’s internal departments given any priority, for example the sales teams and market-makers.
• CSP may provide corporate finance services to a company in relation to whose securities you are entering into a transaction, however, the flow of such information is restricted by a Chinese Wall which ensures physical separation of departments, undue circulation of confidential information and prevents the use of confidential information in ways that may damage market integrity or client interests.
• In carrying out CSP’s business, employees may learn confidential or proprietary information about its clients, their underlying clients, prospective clients and underlying clients or other third parties. However, our employees are required to comply with a policy of independence and disregard any such interest, relationship or arrangement when dealing for you to ensure that you are dealt with in a fair way regardless of any conflict that may arise.

This conflicts disclosure is not intended to, and does not, create rights or duties that would not exist if the disclosure had not been made available, nor does it form part of any contract between Cenkos Securities Plc and any Client.