Qatar Investment Fund Quarterly Report Q2 2017

RNS Number : 5093K

Qatar Investment Fund PLC

10 July 2017

 

10 July 2017

Qatar Investment Fund plc ("QIF" or the "Company")

Q2 2017 Investment Report

Qatar Investment Fund plc (LSE: QIF), today issues its Q2 2017 Investment Report for the period 1 April 2017 to 30 June 2017, a pdf copy of which can be obtained from QIF's website at: www.qatarinvestmentfund.com.

QIF was established to capitalize on the investment opportunities in Qatar and the Gulf Cooperation Council ("GCC") region, arising from the economic growth being experienced in the area. The Company invests in quoted Qatari equities listed on the Qatar Exchange ("QE") in addition to companies soon to be listed, with a possible allocation of up to 15% in other listed companies elsewhere in the GCC region. The Investment Adviser invests using a top-down screening process combined with fundamental industry and company analysis.

QIF Quarterly Report - Q2 2017

3 months ended 30 June 2017

Highlights

Qatar Investment Fund

Ø Qatar Investment Fund Plc's ("QIF") net asset value per share ("NAV") fell 12.3% vs a fall of 13.1% for the Qatar Exchange Index ("QE").

Qatar

Ø On 5 June 2017, governments of Saudi Arabia, Bahrain, the UAE and Egypt cut ties with Qatar, closing their land, air and sea borders with Qatar.

Ø Subsequently Qatar has refused to comply with the 13 demands made by the Saudi-led quartet and the blockade to continue.

Ø Qatar Petroleum announced plans to significantly raise total output of LNG from 77 million tons a year to 100 million tons annually in 5 to 7 years.

Ø Qatar's GDP grew 2.5% in Q1 2017 vs Q1 2016 (non-hydrocarbon growth 4.9%).

Ø Credit growth: 5.0% in the year to May (public sector growth 12.2%).

Ø Population reached an all-time high of 2.7 million.

Ø The US Fed raised interest rates by 25 bps despite concerns over weak inflation.

Ø The Qatar Central Bank ("QCB") raised its deposit rate by 25 bps to 1.50%

Ø OPEC and non-OPEC members agreed to extend production cuts by nine months to March 2018.

QIF Performance  

Please refer to the IMS on the Company's website www.qatarinvestmentfund.com/publications/quarterly-reports/ for a chart depicting the NAV per share compared to the QIF share price.

On 30 June 2017, the QIF share price was trading at a 19.1% discount to NAV per share.

Historic Performance

	2007 5M	2008	2009	2010	2011	2012	2013	2014	2015	2016	H1 2017
QIF NAV*	13.9%	-36.4%	10.4%	29.9%	1.3%	-4.7%	24.2%	20.6%	-14.6%	-2.6%	-11.0%
QE Index	27.0%	-28.8%	1.1%	24.8%	1.1%	-4.8%	24.2%	18.4%	-15.1%	0.1%	-13.5%
QIF Share Price	15.5%	-67.5%	97.3%	23.0%	-2.3%	2.4%	26.4%	17.4%	-17.0%	-4.5%	-16.0%

Source: Bloomberg, QIC; Note: *Net of dividends paid

Arab neighbours cut ties with Qatar

On 5 June 2017, the governments of Saudi Arabia, Bahrain, the UAE and Egypt cut ties with Qatar, accusing it of supporting terrorism. These countries closed land, air and sea borders with Qatar, giving Qatari nationals within their borders two weeks to leave and instructing their own nationals in Qatar to leave immediately. Yemen, the Maldives and the Tobruk government in Libya subsequently joined the boycott. The four Arab nations issued a 13-point list of demands to Qatar on June 22, which included shutting down of Al Jazeera news channel, toning down its relationship with Iran, cutting ties with certain political groups and shutting down the Turkish military base in Doha. Qatar was asked to respond in ten days, which was later extended by another 48 hours at the request of Kuwait. The deadline ended on 4 July 2017. On 5 July 2017, Saudi led allies decided to continue the blockade after Qatar refused to agree to the demands. The four Arab foreign ministers are expected to meet again in Bahrain to discuss their next move.

Qatar's export dependence on its GCC neighbours is relatively limited; however, imports could become costlier in the near term

Total exports from Qatar to Bahrain, Egypt, Saudi Arabia and the UAE contributed about 3% of Qatar's gross domestic product (GDP) in 2016. Qatar continues to supply gas to the UAE through the Dolphin gas pipeline, despite the severing of diplomatic ties. It pumps around 2 billion cubic feet of gas per day to the UAE.

The majority of Qatari exports are destined for Asia: Japan (20% of total exports in 2015), South Korea (19%), India (12%) and China (6%). Asian countries account for a majority of LNG exports (c.67% in 2016) while the MENA region accounts for a lower share (c.9%). The Investment Adviser does not envisage significant disruption in exports to the Asian region from the current stand-off.

Please refer to the IMS on the Company's website www.qatarinvestmentfund.com/publications/quarterly-reports/ for a chart depicting Qatari exports and imports (as % of GDP) to its neighbours

Imports from Bahrain, Egypt, Saudi Arabia and the UAE accounted for about 3% of Qatar's GDP in 2016. A substantial portion of Qatari imports of consumer and industrial goods (c.17%) arrive in the form of re-exports from UAE ports and other GCC countries. To tackle the land and sea blockade, Qatar has diverted its trade from UAE's Dubai port to Oman's Sohar and Salalah ports.

Qatar has one year reserve of primary materials needed for major construction projects. The Investment Adviser considers the near and medium-term impact on the infrastructure programme is manageable. However, if the current conditions continue, Qatar will have to source building materials from elsewhere, which could possibly widen the budget deficit.

The airspace blockade has forced Qatar Airways to shut down 52 routes and incur additional costs from diverting flights on other routes. Qatar has approached the International Civil Aviation Organization's (ICAO) to resolve the airspace dispute.

Qatar seeks to limit damage from the stand-off with Saudi led allies

While the sanctions have disrupted flows of imports and other materials into Qatar from these neighbouring countries, Qatar has moved to address any potential food and material shortage by sourcing alternative sources of supply.

Qatar is heavily dependent on Saudi Arabia for its food imports (it imports roughly 40% of its food overland through Saudi Arabia), but the Qatari authorities have routed shipments through Iran, India and Turkey, mitigating the impact on food supplies and other materials.

Qatar's Central bank should be able to handle tightening of liquidity

The Saudi central bank has ordered Saudi banks not to increase their exposure to Qatari clients and not to process payments in Qatari riyals. The UAE Central Bank has asked local lenders to run an enhanced customer due diligence for any accounts held in the six Qatari banks.

December 2016 data from the seven Qatari listed banks shows deposits and other funding from GCC countries accounted for c.8.2% of total liabilities (QAR 88.9 billion). At the end of April 2017, Qatari banks' net external debt totaled about USD 50 billion and had an average maturity of less than one year. With a significant portion of this debt in Europe and Asia, Qatari banks should be able to handle any possible withdrawal of Gulf deposits. Moreover, Qatar Investment Authority (QIA) has injected billions of dollars of cash in Qatari banking system to shore up liquidity.

Please refer to the IMS on the Company's website www.qatarinvestmentfund.com/publications/quarterly-reports/ for a chart depicting Qatar banking system liabilities by geography

Expect a negotiated settlement, at some point

The Investment Adviser considers the near and medium term economic impact from the current stand-off for Qatar is largely manageable, given the country's small size (2.7 million population), its wealth (GNI/capita of USD 84,000) and net foreign assets (reserves and investment funds are more than 250% of GDP), as well as its relatively limited trade ties with the blockading nations.

There is room for both sides to come to a negotiated settlement, however, the timing of this is uncertain. In the meantime, the Qatari market is expected to remain volatile, depending on news flow. The Investment Adviser still sees most businesses in Qatar functioning as relatively normally.

Regional Market Overview

In Q2 all GCC markets except Saudi Arabia fell after the news of the blockade. In June 2017, the Qatari market dropped 8.8%, finishing the quarter down 13.1% due to investor concerns about Qatar's trade, labour market and liquidity conditions following the news on the blockade.

The Bloomberg GCC200 index was down 0.2%. Saudi Arabia was the only GCC market which ended the quarter up (+6.1%), following the news of its inclusion in MSCI Emerging Markets watchlist and the promotion to Crown Prince of former Deputy Crown Prince, Mohammed bin Salman.

Falling oil prices added to the market pressure, as crude prices fell c.10% during the quarter, with continuing expansion in US drilling leading to high global supply, despite the OPEC-led agreement to cut production.

Portfolio Structure

Top 10 Holdings

Company Name	Sector	% share of NAV
Qatar National Bank	Banks & Financial Services	13.9%
Masraf Al Rayan	Banks & Financial Services	11.9%
Industries Qatar	Industrials	10.9%
Ooredoo	Telecoms	6.6%
Qatar Electricity & Water Co	Industrials	5.7%
Barwa Real Estate	Real Estate	5.6%
Qatar Gas Transport	Transportation	4.6%
Commercial Bank of Qatar	Banks & Financial Services	4.4%
Gulf International Services	Industrials	3.4%
Qatar National Cement Co	Industrials	3.3%

Source: QIC

In Q2, the Investment Adviser increased the cash holding to 10.0% of NAV, as the Qatari market is expected to remain volatile until a settlement on the rift with the nation's neighbours is reached. The weighting of top 10 holdings is reduced to 70.4% from 71.0% in Q1 2017, primarily due to lower holdings in Qatar National Bank and Gulf International Services.

Country Allocation

As at 30 June 2017, QIF had 26 holdings: 19 in Qatar and 7 in the UAE (Q1 2017: 24 holdings: 18 in Qatar and 6 in the UAE). The Investment Adviser decreased exposure to the UAE to 7.1% from 7.9%, while exposure to Qatar was reduced to 82.9% from 84.3%. Cash at 30 June was 10.0% (Q1 2017: 7.8%).

Please refer to the IMS on the Company's website www.qatarinvestmentfund.com/publications/quarterly-reports/ for a chart depicting the country allocations as at 30 June 2017.

Sector Allocation

Please refer to the IMS on the Company's website www.qatarinvestmentfund.com/publications/quarterly-reports/ for a chart depicting the overall portfolio allocation by sector as at 30 June 2017.      

The Banking sector (including Financial Services) remains a priority sector for QIF at 37.8% of NAV (Q1 2017: 38.8%). QIF tactically went underweight on the sector vs. QE index weighting of 46.4% (Q1 2017: 39.8%), as valuations for some banks look expensive. The index weighting in the banking sector also increased during the quarter following the removal of Ezdan whose weight was redistributed proportionately to the remaining constituents. Qatar National Bank remains QIF's largest holding (13.9% of NAV). For the period between December 2016 to May 2017, credit in Qatar continued to grow (up 5.0%) driven by the public sector (up 12.2%). The Investment Adviser believes that loan growth will continue in the medium to long term, as the Qatari government is expected to continue with its infrastructure development plans, notwithstanding the current standoff. Qatar is also expected to invest hugely on new development projects in North Field in an effort to significantly increase LNG output.

Industrials remain QIF's second largest exposure at 23.3% of NAV (Q1 2017: 23.7%), led by Industries Qatar (10.9% of NAV). The holding in Gulf International Services decreased to 3.4% from 4.5%.

Exposure to the Real Estate sector fell to 10.1% from 11.7%, while holdings in the Telecom sector rose to 7.7% from 5.7%. The exposure to the Transportation and Services & Consumer Goods sectors decreased to 5.9% and 2.3% from 6.8% and 2.6%, respectively. Exposure to the Insurance sector reduced marginally to 2.9% (Q1 2017: 3.0%).

OPEC and non-OPEC members agree to extend production cuts for nine months

OPEC and non-OPEC members, agreed to extend the production cut agreement to March 2018, to help balance the oil market. However, supplies remain high and production from non-participating countries, including the U.S., has risen, capping crude prices far below the USD 60 a barrel level earmarked by the OPEC. Brent crude oil dropped to its lowest level this year on the day of the meeting, as traders expected deeper reductions or a longer duration for the cut. Rising output from Libya and Nigeria (both exempt from the deal to cut production) also contributes. Moreover, the International Energy Agency sees new supplies from competitors of OPEC and its allies outpacing global demand growth next year, making the objective of a balance in demand-supply harder to achieve. Industry experts fear that although the extension of the deal to March 2018 is a good indication, but is insufficient as muted demand would not be able to balance supply until at least the end of 2019.

Qatar: Corporate profits declined 1.0% in Q1 2017

The combined net profit of Qatari listed companies was down 1.0% in Q1 2017 compared to Q1 2016.

Sector Profitability (net profit/loss in QAR 000's)

Sector	Q1 2016	Q1 2017	% change
Banks & Financial Institutions	5,084,488	5,305,048	4.3%
Services &Consumer Goods	536,566	418,269	-22.0%
Industry	1,718,572	1,850,247	7.7%
Insurance	434,377	408,631	-5.9%
Real Estate	1,522,690	1,661,008	9.1%
Telecoms*	878,639	584,113	-33.5%
Transportation	638,312	477,792	-25.1%
Total	10,813,644	10,705,108	-1.0%

Source: Qatar Exchange; *Excluding Vodafone Qatar because of 31^st March year end

Profits in the Banking and Financial Services sector rose 4.3% in Q1 2017. Growth was driven by a 4.2% rise in income of Qatari listed banks. Lending was up 12.1% in FY16, led primarily by the public sector (+25.7%). YTD to March 2017 credit growth remained healthy, up 1.9%, driven by public sector growth (+3.6%). Qatar National Bank, reported a profit growth of 11.8% during the period. Qatar Islamic Bank, Qatar International Islamic Bank, Al Khalij Bank and Doha Bank reported net profit growth of 12.8%, 6.0%, 3.0% and 2.9%, respectively. On the other hand, Commercial Bank of Qatar and Masraf Al Rayyan Bank reported a fall in net profit, down 68.3% and 6.5%, respectively, mainly due to a substantial rise in loan loss provisions.

Profit in the Services & Consumer Goods sector dropped 22.0% during Q1 2017, as all companies in the sector, excluding Qatari German Medical Devices Co. and Widam, reported reduced profits.

Profits in the Industrials sector rose 7.7% during Q1 2017 amid stabilisation in oil prices. This was primarily due to a 33.1% rise in net profit of Industries Qatar on improved product prices. However, the net profit of Gulf International Services continued to decline (down 80.9%). The net profit of Qatar Electricity and Water remained flat YoY during the quarter.

In Q1 2017, the profit of the Insurance sector fell 5.9% compared to Q1 2016, as Qatar Insurance Company and Qatar General & Reinsurance Company reported net profit drops of 6.3% and 19.8%.

Real Estate profits rose 9.1%, mainly driven by the significant gain in net profit of Ezdan (up 61.5%).

The Qatari Telecom sector comprises of Vodafone Qatar and Ooredoo. Vodafone Qatar is excluded from this profit comparison, since its fiscal year ends on 31 March. Ooredoo, reported a 33.5% fall in profit in Q1 2017, mainly due to lower foreign exchange gains compared to Q1 2016.

In the Transportation sector, profits declined 25.1%, as Qatar Navigation Company and Qatar Gas Transport Company reported profit decline of 32.9% and 20.4%. However, Gulf Warehousing Company reported an 8.5% growth in Q1 2017 profit.

Other Recent Developments

S&P downgrades Qatar; whereas Fitch maintains its rating

S&P Global Ratings has lowered Qatar's long-term rating to 'AA-' from 'AA', due to the GCC dispute. Tension between the Arab nations could weigh on Qatar's economic growth and fiscal metrics in the near-term, as related revenues from regional trade will weaken. Given the uncertainties regarding Qatar's response and the measures that may be imposed, S&P will review the impact of the diplomatic rift again on 25 August.

Fitch maintained Qatar's 'AA'/Stable sovereign rating expecting no immediate impact of the current situation on Qatar, but it highlighted that if the dispute persists, the economic and financial implications for Qatar would be more serious.

Qatar to boost its LNG output by 30% to 100 mtpa

Qatar which previously announced new gas development at the North Field, plans to raise its LNG capacity by 30% in the next five to seven years. The new project in the southern section is expected to raise Qatar's total LNG production capacity to 100 million tonnes from the current 77 million tonnes per annum.

Qatar's non-oil exports reach QAR 6.3 billion in the first four months of 2017

Qatar's non-oil exports in April 2017 stood at QAR 1.3 billion, while the total volume of non-oil exports in the first four months of 2017 reached QAR 6.3 billion, according to Qatar Chamber's monthly report. As per the report, non-oil exports fell 27.3% MoM and 18.4% YoY in April 2017.

Qatar introduces a new index to measure production volume of industrial products

Qatar has introduced a new Industrial Production Index (IPI), an index that measures the changes in the volume of production of a selected basket of industrial products. The index consists of four main components: mining (with a weight of 83.6%), manufacturing (15.2%), electricity (0.7%) and water (0.5%).

Qatar's IPI grew 0.6% QoQ in Q1 2017, mainly on account of production increases in crude and natural gas, as well as of refined petroleum products and basic metals. On a yearly basis, the IPI fell 0.2% in Q1 2017, primarily on lower production in the manufacturing segment.

Local banks account for 97% of total QAR 762.2 billion deposits in Qatar

Total deposits in Qatar's banking system stood at QAR 762.2 billion as of May 2017, almost 97% was with local lenders and just over 3% with foreign banks, according to QCB data. Of the total deposits, the private sector share stood at QAR 377.5 billion (c.50%), followed by the public sector at QAR 200.2 billion (26%) and non-residents at QAR 184.6 billion (24%). Moreover, of the total deposits, QAR 519.6 billion (71%) was with conventional lenders and QAR 217.0 billion (29%) with Islamic banks.

Qatar's inflation may rise to an average of 2.8% in 2017 on subsidy cuts, new taxes

According to Fitch Group's BMI Research, Qatar's inflation is expected to average 2.8% in 2017 (2.7% in 2016), as the government has removed long-standing energy subsidies and linked domestic petrol and diesel prices to global markets. The government has announced plans to implement higher taxes on goods deemed harmful to health or the environment and on certain luxury items. BMI expects an interest rate hike of 25 basis points in 2017 and another two similar hikes in 2018 and 2019.

Qatar construction market set to record double-digit growth

According to BMI, Qatar will be among the fastest-growing construction markets globally over the next five years, recording double-digit growth, as the government is committed to meet its infrastructure needs. Qatar's construction market, with a projected 12.1% growth over 2017-21, will benefit from investment into preparations for hosting the FIFA World Cup 2022.

QSE removed Ezdan from the QSE indices

The Index Committee of the Qatar Stock Exchange (QSE) temporarily removed Ezdan Holding Group from the QSE indices, after the company transformed itself into a private joint stock company and is in the process of delisting from QSE. The removal came into effect from May 29, after QFMA approval. Ezdan's weight was proportionately redistributed to the remaining index constituents of the QE Index and the QE Al Rayan Islamic Index. QIF has no holding in Ezdan.

Qatar sells QAR 5.6 billion of government bonds, focuses on long end of the yield curve

On 17 April 2017, QCB announced that it had sold QAR 5.6 billion (USD 1.5 billion) of domestic bonds, with the issuance heavily focused on the long end of the yield curve. The QCB sold QAR 150 million of three-year bonds at a yield of 2.75%, QAR 800 million of five-year at 3.35%, QAR 1.7 billion of seven-year at 4.0%, and QAR 2.9 billion of 10-year at 4.5%.

Qatargas has signed a new SPA with Shell

Qatargas has signed a new sale and purchase agreement (SPA) with Shell, under which it will deliver up to 1.1 million tonnes of LNG a year to Shell for five years.

Qatar sees 7% growth in tourist arrivals to May

The number of tourist arrivals to Qatar increased by 7% to May 2017, compared to the same period last year. Americans and Europeans arrivals contributed most, with a rise of 9% and 14%, respectively.

Leisure visitors increased 27%, demonstrating the success of the diverse leisure options for tourists. We have yet to see the impact of the blockade on tourist numbers.

Qatar's power generation capacity to rise 50% in two years

Qatar's power generation capacity is projected to increase by 50% in the next two years. Plans are in place to increase the country's power capacity to 13.1 GW by 2018. Qatar needs USD 9 billion investment in its power sector from 2016-20, Mena project tracker Venturesonsite noted in its GCC Power Market report.

Qatar's current capacity is 8.8 GW and demand is around 8.2 GW. With the completion of ongoing projects, including the Umm Al Houl plant, the estimated installed capacity is expected to exceed about 11,000 MW of electricity and 490 MIGD of water by the end of 2018.

Macroeconomic Update

According to the Ministry of Development Planning and Statistics (MDPS), the Qatari economy continued to grow in Q1 2017, with GDP rising 2.5% compared to Q1 2016. The non-hydrocarbon sector GDP grew 4.9% YoY, mainly driven by an expansion in construction, financial and insurance services, and real estate activities. The hydrocarbon sector remained flat during the quarter.

The population in Qatar grew by 7.3% YoY in FY16 and 4.0% YTD to 2.7 million at the end of May 2017, an all-time high, driven by the continued influx of expatriates. Population growth is expected to remain strong as large projects continue although we have not yet seen the impact of the blockade on population numbers. Personal consumption is expected remain high and to continue to benefit domestic consumer and services sector companies.

Qatar's recent decision to lift the moratorium on new gas development at North Field could give it a competitive edge after 2020, when the global LNG market is expected to tighten as current low LNG prices are anticipated to deter investment in high cost competing projects, leading to tighter supply and better prices. Qatar's low-cost base gives it a competitive advantage over other established LNG suppliers.

Earlier this year, International Monetary Fund (IMF) indicated that it anticipates economic growth in Qatar to remain the strongest (at 3.4%) in the region in 2017, as preparations in the run-up to the 2022 FIFA World Cup continue to have a positive impact on the economy. However, the economic impact of current situation on Qatar and the region will depend on how deep and sustained the disruptions to trade and financing flows are.

Going forward, the Investment Adviser believes that Qatar's real GDP growth will remain robust in the long term, assuming the GCC dispute reaches some form of negotiated settlement, driven by strong growth in the non-hydrocarbon sector. However, in the near-term economic growth will probably be impacted.

Valuations

Market	Market Cap.	PE (x)		PB (x)	Dividend Yield (%)
	USD million	2017E	2018E	2017E	2017E
Qatar	103,824	13.52	11.83	1.70	3.69
Saudi Arabia	469,991	14.86	13.29	1.56	3.03
Dubai	79,807	10.35	8.60	1.14	4.30
Abu Dhabi	115,908	11.93	10.95	1.32	4.47
Oman	15,121	9.67	9.07	0.90	NA

Source: Bloomberg, Prices as of 29 June 2017

Outlook

The Investment Adviser believes that Qatar is well positioned for continued long-term growth as macroeconomic fundamentals remain strong. However, if the stand-off between Qatar and its neighbours continues, it could have short term impact on economic growth.  While the Investment Adviser believes that there is room for both sides to come to a conclusion, the timing of normalisation in ties is uncertain. A peaceful resolution is most likely and anticipated to happen gradually.

Oil prices above budgeted levels (USD 45) would provide the Qatari government flexibility in continuing its commitment to planned major infrastructural projects in line with the Qatar National Vision 2030. Additionally, Qatar's fiscal buffers and sizeable assets should help it maintain its stable position in the GCC region.

The Qatari government is likely to continue with its investment spending program despite the current situation as it prepares for FIFA 2022, driving the nation's non-hydrocarbon sector growth. Moreover, Qatari authorities plan to invest heavily on new development of gas projects in the North field is expected to improve the contribution to GDP from the hydrocarbon sector.

The Investment Adviser believes that although the Qatari economy is strong enough to sustain the current challenging situation, markets could be volatile until a settlement is reached. Meanwhile, the QIF portfolio is positioned conservatively, with cash having been increased to about 10% to help limit volatility.

Disclaimer

The contents of this document have been prepared by Qatar Insurance Company S.A.Q as Investment Adviser to Qatar Investment Fund PLC ("the Company"). This document has been prepared solely for information purposes and for the use of the recipient. It does not constitute an offer or an invitation by or on behalf of the investment Adviser or the Company to any person to buy or sell any security or investment product.

Any reference to past performance is not necessarily a guide to the future. The information and analyses contained in this publication have been compiled, or arrived at from sources believed to be reliable, but the Investment Adviser does not make any representation as to their accuracy or completeness, and does not accept liability for any loss arising from their use. The investments discussed in this report may not be suitable for all investors and are provided for information purposes only. The ordinary shares and warrants in the Company have not been, and will not be registered under the United States Securities Act of 1933 as amended (the "Securities Act") or qualified for sale under the laws of any state of the United States or under the applicable laws of any of Canada, Australia, Republic of South Africa or Japan and, subject to certain exceptions, may not be offered or sold in the United States or to, or for the account or benefit of, US persons (as such term is defined in Regulation S under the

Securities Act) or to any national, resident or citizen of Canada, Australia, Republic of South Africa or Japan. None of the Company, the Manager or any of their respective members, directors, officers or employees nor any other person accepts any liability whatsoever for any loss, however arising, from any use of such information or opinions.

 

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