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Victor Hugo is an independent market strategist and asset manager, manager of Genometry Fund Trio Portfolios an Authorised Financial Services Provider. These portfolios may invest long and short or long only. Victor Hugo's information is published in South Africa and from time to time in various global media.

Janet Hugo is a Certified Financial Planner with specialist knowledge in estate planning, retirement - and long- term investing, employee benefits, life assurance and offshore investing.

Victor Hugo, Janet Hugo, Hugo Capital, and their associated companies, subscribers, owners of Internet sites on which information is published and portfolios managed -- will often be invested in shares, strategies and products recommended. Other than advertising revenue or normal commissions paid by service providers to whom we introduce accounts or where we appear as partners at www.HugoCapital.com, Hugo Capital does not receive nor would expect to receive any commissions or other type of remuneration from the companies whose shares are recommended, unless stated explicitly.

Various companies may advertise or provide information about their operations on www.HugoCapital.com or in complimentary and paid-for subscriber publications. Information published and recommendations made are for information purposes only and are not intended to constitute financial advice.

Due to the practical constraints of publishing and research, we cannot guarantee that our information is complete or accurate or current. We do not provide all information that may be relevant to your investment profile and needs. Opinions expressed have inherent limitations relative to individual investors. We may refer to technical factors but not investment fundamentals or vice versa. Fundamental factors and risk should be considered by each investor in the context of individual investment strategy. Before investors embark on active strategies or act on information and recommendations, they should be aware of the risk implications of trading and active strategies and should obtain professional advice from a registered financial advisor or stock broker in connection with inter alia the following issues: whether the advice relied on and intended investment is appropriate to the individual's circumstances, risk profile and financial goals; whether the investor is aware of and appreciates the true risks of stock market related investments and leveraged investments; whether the investor understands that whatever recommendation is given in good faith may not be appropriate after publication in fast changing market circumstances; that recommendations are liable to change without notice; the need to be aware of the taxation implications of active investment strategies.

Research capacity constraints prevent us from analysing all the information that is relevant to our recommendations before publishing. Persons who act or rely on the information and recommendations we publish, do so at their own risk. All forecasts and recommendations are based on opinion. Markets change direction with consensus beliefs, which may change at any time and without warning. In a dynamic environment, our recommendations may also change without notice, between publication and being read. Changed recommendations may not be updated soon enough to be useful. Sustained success on the stock and futures markets is closely linked to capital management, protecting capital and profits and following a strategy according to individual risk profile. It is seldom a good idea to invest more than 10% of your assets in any one fund or instrument. The price to sell an investment will most often differ according to individualstrategyandriskcapability.

By subscribing to or reading any Hugo Capital information service published on the Internet or otherwise, the reader waives any claim and indemnifies Victor Hugo and Hugo Capital and its directors and any of their associated companies, publishers and employees in respect of any losses or damages incurred, whether as a result of reliance on opinions expressed, forecasts, recommendations made, or otherwise. Our information, strategies and software may be a useful investment or trading tool, but the trader/investor remains responsible for the outcome of his/her decisions and none of the information published and systems or software used -- offer any implied warranty or representation as to effectiveness.

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