The information contained herein is confidential and is for information purposes only. It may not be reproduced, redistributed or passed on directly or indirectly, or published in whole or in part, to any other person for any purpose. No reliance may be placed on the information, representations or opinions contained in this presentation as they may change in the future.

This presentation is directed at persons who have been classified as Professional Clients or Eligible Counterparties only. It does not constitute or form any part of any offer, solicitation, recommendation or invitation to issue, acquire, sell or arrange any transaction in any securities to be issued by the companies mentioned herein nor shall it or any part of it form the basis of or act as an inducement to enter into any contract for any securities in the companies.

Past performance is not a reliable guide to future performance. The value of investments may go down as well as up and you may not get back the amount you originally invested.

Investors should note that changes in rates of exchange may have an adverse effect on the value, price or income of investments. Tax rates and reliefs may change and the value of tax reliefs depends on individual circumstances. The investments underlying this financial product do not take into account the EU criteria for environmentally sustainable economic activities.

The shares of smaller companies may be less liquid and their performance more volatile over shorter time periods. Fund performance figures are net of the ongoing charges and portfolio transaction costs unless otherwise stated.

Chelverton Asset Management Ltd (“CAM”) does not take into account the EU criteria for environmentally sustainable economic activities as it does not distribute funds in Europe.