Important Notices

FOR THE ATTENTION OF PERSONS IN THE UK

This document, which is an unapproved financial promotion, is being distributed in the UK only to, and is directed only at persons who are

1. investment professionals as defined in Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Promotion Order") or
2. high net worth companies, unincorporated associations and others falling within Article 49 of the Promotion Order or
3. certified sophisticated investors as defined in Article 50 of the Promotion Order or
4. persons to whom this document may otherwise lawfully be issued or passed on without being accompanied by any further statements and/or warnings as may be required by the Promotion Order (all such persons together being referred to as "Relevant Persons") and accordingly is exempt from the general restriction on communications in section 21 of the Act and, as a result of such exemptions, has not been issued by, and its contents have not been approved by an authorised person.

Persons authorised under the Financial Services and Markets Act 2000 of the United Kingdom (the "Act") may provide this document to their clients pursuant to applicable exemptions in the United Kingdom Financial Services Authority Conduct of Business Sourcebook.

Any onward transmission of this document will constitute a financial promotion issued by the relevant person for which IES Ltd will be responsible.

If any person is in any doubt about whether they fall within one of the categories listed above, they must not rely on or act upon the contents of this document unless they take professional advice that confirms that they fall within one of those categories. Transmission of this document to any other person in the United Kingdom is unauthorised and may contravene the Act.

Any person in any doubt about the securities to which this document relates should consult an authorised person specialising in advising on investments of this type.

As IES Ltd is not regulated by the FSA, investors will not have the benefit of the Financial Services Compensation Scheme and other protections afforded by the Act or any of the rules or regulations made thereunder.