Issued by Cazenove Capital which is part of the Schroders Group and a trading name of Schroders (C.I.) Ltd ("SCIL"). Registered Office at Regency Court, Glategny Esplanade, St Peter Port, Guernsey GY1 3UF, Channel Islands. Registered number 24546 Guernsey. SCIL is licensed under The Banking Supervision (Bailiwick of Guernsey) Law 1994 and The Protection of Investors (Bailiwick of Guernsey) Law 1987; it is also regulated by the Jersey Financial Services Commission in the conduct of Investment Business.

The value of an investment and the income from it may go down as well as up and investors may not get back the amount originally invested.

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Euan Dangerfield