This website of Programmes for Wealth International ("PWI") is not directed to any person in any jurisdiction where (by reason of that person's nationality, residence or otherwise) the publication or availability of this PWI website is prohibited.Persons in respect of whom such prohibitions apply must not access this PWI website.In particular, this website is not to be regarded as a solicitation for business for persons resident in the United Kingdom, United States of America, and Hong Kong.

PWI accepts no responsibility and makes no representation or warranty that access to the information provided hereinafter (the "Information") will be uninterrupted or error-free or that the Information does not contain any contaminating or destructive elements. PWI believes that the Information is correct at the date of publication, but no representation or warranty of accuracy or completeness is given by PWI. The Information is provided for information only and should not form the basis of any contract or investment decision. PWI, other members of the group of which PWI is a member, its associated companies and its employees, agents and contractors accept no liability for any error, omission or misstatement in or arising from the Information or any loss or damage arising from any use made of the Information. PWI has taken all reasonable care in producing this website, but it does not contend that it will provide complete answers to all investment decisions. Perhaps, not all the information may be appropriate or relevant to you and you should therefore not rely solely on the website when making your investment decisions.

The past is not necessarily a guide to the future performance of an investment. The value of investments may fall as well as rise and investors may not get back the amount invested. Changes in rates of foreign exchange may cause the value of investments to go up or down. Furthermore, the value of Shares may be adversely affected by fluctuations in exchange rate between the investor’s reference currency and the base currency of the Fund. Nothing contained in the Information shall be construed as a recommendation to acquire or dispose of any investment or to engage in any other transaction. In considering any investment, you should make your own independent assessment and seek your own professional financial and legal advice. If you are unable to ascertain whether a particular investment is a suitable investment for you, it is recommended that you contact a professional adviser qualified to give such advice.

There are special considerations associated with investing in:

1. Emerging country securities:
   Including restrictions on foreign investment and on repatriation of capital, currency fluctuations, potential price volatility and lesser liquidity of shares, political and economic risks, including the risk of nationalisation or expropriation of assets and the risk of war. Settlement systems may be less well organised and less developed. Debt may not be rated by any internationally recognised credit rating organisation. There are also varying levels of government supervision and regulation of exchanges, financial institutions and issuers in various countries. In addition, accounting, auditing, financial and other reporting standards are not equivalent to those of more developed countries, and therefore less information may be available than in more developed countries.

2. Securities of small capitalisation companies:
   These securities involve greater risk and the markets for such securities may be more volatile and less liquid.

3. High yield securities:
   Investment in higher yielding securities is speculative as it generally entails increased credit and material risk. Such securities are subject to the risk of an issuer’s inability to meet principal and interest payment on the obligations (credit risk) and mat be subject to price volatility due to such factors as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity.

The Information shall not constitute an offer to sell or solicitation to purchase any securities. No action has been or will be taken in any jurisdiction that would permit a public offering of any securities or possession or distribution of the Information.

In providing the Information, PWI is not acting and is not authorised to act for any third party. Neither PWI nor any of its officers, employees or agents is authorised to make any representation or warranty or otherwise enter into any obligation on behalf of any third party.

The Information may be protected under intellectual property laws (including laws protecting copyright and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose.