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This communication has been approved by Partnership Incorporations Limited ("PILinvests") as a financial promotion. PILinvests is authorised and regulated by the Financial Services Authority. Registered in England No. 03011126. Registered Office: 5th Floor, 64 North Row, London, W1K 7DA

Unregulated collective investment schemes and EIS funds of the kind operated by PILinvests carry high risks and an investor could lose all of the capital they invest. Investors should be aware that investments of this kind can be highly speculative, that no established market exists for the trading of these investments and that investors may not be eligible for protection under the Financial Services Compensation Scheme. Unless categorised otherwise and notified accordingly, individual investors are treated as retail clients.

Please note that tax treatments referred to in financial promotions approved or issued by PILinvests are only general indications and will depend on the individual circumstances of the investor. All of PILinvests' fees are described in the relevant scheme documents.