(a) this document has been prepared for the general information of investors and not as specific advice to any particular recipient or other person;
(b) this document should not be relied on by any recipient or any other person in making any investment decision or otherwise to deal in securities since each recipient must decide whether any express or implied recommendation or advice contained herein is appropriate having regard to the recipient’s own investment objectives, financial situation and particular needs;
(c) before relying on any such recommendation or advice, any recipient should therefore obtain specific professional advice from his adviser or SINO in the light of such investment objectives, financial situation and particular needs;
(d) this document is based on publicly available information, internally developed data, and other sources. No independent verification of the accuracy of those sources has been undertaken. Where any opinion is expressed in this document it is based on the assumptions and limitations mentioned herein and is an expression of present opinion only.

Subject to the above and to any statutory liability which cannot be excluded, SINO:

(a) makes no representation and gives no warranty as to the accuracy or completeness of any recommendation, information or advice herein and disclaims all express or implied conditions and warranties in relation to the contents of this document; and
(b) does not accept any responsibility for any errors or inaccuracies in or omissions from this document (whether negligent or otherwise) and SINO will not be liable to the recipient or any other person in contract, in tort or negligence or otherwise (whether before or after discharge of any contract for supply of this document to the recipient) for any loss or damage (including consequential or economic loss or damage) arising as a result of the recipient or any other person acting or refraining from acting in reliance on any recommendation, information or advice herein.

None of SINO or its securities representatives or associates of its securities representatives, has or will receive, directly or indirectly, in connection with the making of (or dealing by the reader in securities as a result) the recommendations contained herein, any commissions, fees, benefits or other advantages other than any incidental;

(a) commissions, calculated on normal client rates, that may be earned from client transactions in those securities, or
(b) benefits arising from SINO, its securities representatives or associates of its securities representatives, holding interests in the securities the subject of the recommendations contained herein.

SINO in making the recommendations contained herein has not been influenced, either directly or indirectly, by any other pecuniary or other interest of SINO, its securities representatives or associates of its securities representatives.