This material has been prepared by Cairn Capital Limited which is authorised and regulated by the Financial Services Authority (the "FSA"). It is directed exclusively to eligible counterparties and professional clients and is not directed to retail clients (each as defined in the rules of the FSA). Cairn Capital Limited does not deal for or advise or otherwise offer any investment services to retail clients and any investments or services to which the material may relate are not available to retail clients. This material is not intended to provide a basis on which to make an investment decision and does not constitute a recommendation or take into account the investment objectives, financial situations, or needs of any particular person. The price and value of the investments referred to in this material and the income from them may fluctuate. Past performance is not necessarily a guide to future performance and future returns are not guaranteed.