Term of Use

1. Author, regulator and responsibility

Arqaam Capital Limited (“Arqaam”) is incorporated in the Dubai International Financial Centre (“DIFC”) and is authorised and regulated by the Dubai Financial Services Authority ("DFSA") to carry on financial services in and from the DIFC.  Arqaam publishes and distributes (i.e. issues) all research.  Arqaam Capital Research Offshore s.a.l. is a specialist research centre in Beirut, Lebanon, which assists in the production of research issued by Arqaam.


2. Purpose

This document is provided for informational purposes only.  Nothing contained in this document constitutes investment, legal, tax or other advice or guidance and should be disregarded when considering or making investment decisions.  In preparing this document, Arqaam did not take into account the investment objectives, financial situation and particular needs of any particular person.  Accordingly, before acting on this document, investors should independently evaluate the investments and strategies referred to herein and make their own determination of whether it is appropriate in light of their own financial circumstances and objectives.


3. Rating system

Arqaam investment research is based on the analysis of regional and country economics, industries and company fundamentals.  Arqaam company research reflects a long-term (12-month) fair value target for a company or stock.   The ratings bands are:


Total return > 20%


-10% < Total return < 20%


Total return < -10%

In certain circumstances, ratings may differ from those implied by a fair value target using the criteria above.  Arqaam policy is to maintain up-to-date fair value targets on the companies under its coverage, reflecting any material changes to the analyst’s outlook on a company.  Share price volatility may cause a stock to move outside the rating range implied by Arqaam’s fair value target.   Analysts may not necessarily change their ratings ifn this happens, but are expected to dislcose the rationale behind their view to Arqaam clients.


4. Accuracy of information

The information contained in this document is based on current trade, statistical and other public information we consider reliable.  We do not represent or warrant that such information is accurate or complete and it should not be relied upon as such.  Any mention of market rumours has been derived from the markets and is not purported to be fact or reflect our opinions.  Arqaam has no obligation to update, modify or amend this document or to otherwise notify a recipient thereof in the event that any opinion, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.  In accordance with Regulation AC of the 1934 Exchange Act, the views expressed in this research report accurately reflect the research analysts’ personal views about the subject securities or issuers and are subject to change without notice.  No part of the research analysts’ compensation is related to the specific recommendations or views in the research report. 


5. Recipients and sales and marketing restrictions

Nothing in this document should be construed as a solicitation, offer, or recommendation to acquire or dispose of any investment or to engage in any other transaction or to provide any investment advice or service.  This document is directed at Professional Clients and not Retail Clients within the meaning of DFSA rules.  Any investments or financial products referred to herein will only be made available to clients who Arqaam is satisfied qualifies as Professional Clients.  Any other persons in receipt of this document must not rely upon or otherwise act upon it.  This document is only being distributed to investors who meet certain qualifications and to whom an investment or service may be offered or promoted in accordance with relevant country restrictions.  This excludes the US except for SEC registered broker-dealers (or banks in permissable”broker” or “dealer” capacity) acting on a principal or agency capacity, and major US institutional investors in accordance with SEC Rules 15a-6(a)(2).  Details of other relevant country restrictions are set out on our website at http://www.arqaamcapital.com/english/system/footer/terms-of-use.aspx.  Persons into whose possession this document comes are required to inform themselves about and observe such restrictions and should not rely upon or otherwise act upon this document where it is unlawful to make to such person such an offer or invitation or recommendation without compliance with any authorisation, registration or other legal requirements.


6. Risk warnings

Any prices, valuations or forecasts are indicative and are not intended to predict actual results, which may differ substantially from those reflected.  The value of an investment may go up as well as down.  The value of and income from any investment may fluctuate from day to day as a result of changes in relevant economic markets (including, without limitation, foreseeable or unforeseeable changes in interest rates, foreign exchange rates, default rates, prepayment rates, political or financial conditions, etc.).  Past performance is not indicative of future results.  Any opinions, estimates, valuations or projections (target prices and ratings in particular) are inherently imprecise and a matter of judgement.  They are statements of opinion and not of fact, based on current expectations, estimates and projections, and rely on beliefs and assumptions.  Actual outcomes and returns may differ materially from what is expressed or forecasted. There are no guarantees of future performance.  Certain transactions, including those involving futures, options, and other derivatives, give rise to substantial risk and are not suitable for all investors.  This document does not propose to identify or to suggest all of the risks (direct or indirect) which may be associated with the investments and strategies referred to herein.


7. Conflict

Arqaam and its affiliates provide full investment banking services, and they and their directors, officers and employees, may take positions which conflict with the views expressed in this document.  Our salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies to our clients and our proprietary trading desks that reflect opinions that are contrary to the opinions expressed in this document.  Our asset management business, proprietary trading desks and investing businesses may make investment decisions that are inconsistent with the recommendations or views expressed in this document.  Arqaam may have or seek investment banking or other business relationships for which it will receive compensation from the companies that are the subject of this document. Facts and views presented in this document have not been reviewed by, and may not reflect information known to, professionals in other Arqaam business areas, including investment banking personnel.  Emirates NBD PJSC owns 8.32% of Arqaam.


8. No warranty

Arqaam makes no representations or warranties and, to the fullest extent permitted by applicable law, we hereby expressly disclaim any and all express, implied and statutory representations and warranties of any kind, including, without limitation, any warranty as to accuracy, timeliness, completeness, merchantability, fitness for a particular purpose and/or non-infringement.


9. No liability

Arqaam will accept no liability in any event including (without limitation) negligence for any damages or loss of any kind, including (without limitation) direct, indirect, incidental, special or consequential damages, expenses or losses arising out of, or in connection with your use or inability to use this document, or in connection with any error, omission, defect, computer virus or system failure, or loss of any profit, goodwill or reputation, even if expressly advised of the possibility of such loss or damages, arising out of or in connection with your use of this document.  We do not exclude our duties or liabilities under binding applicable law.


10. Copyright and Confidentiality

The entire content of this document is subject to copyright with all rights reserved and the information is private and confidential for your own personal use only.  All information has been sourced from Arqaam unless otherwise specified and may include sensitive information about models and earnings estimates.  This document and the information contained herein may not be reproduced, distributed or transmitted to any other person or incorporated in any way into another document or other material without our prior written consent.


11. Governing law

English law governs this document and these disclaimers and any dispute in relation thereto shall be exclusively referred to the English Courts.