This communication is provided for general information only and should not be viewed as a recommendation or a solicitation of an offer to buy, sell or hold a security, investment or derivative, or as a recommendation to adopt any investment strategy. No representation is made that any of the services, securities or investments referred to herein are suitable for any particular investor. The information may discuss general market activity or industry trends and is not intended to be relied upon as a forecast, research or investment advice. The economic and market views presented herein reflect Investec Asset Management’s (‘Investec’) judgment as at the date shown and are subject to change without notice. There is no guarantee that views and opinions expressed will be correct, and Investec’s intentions to buy or sell particular securities in the future may change. The investment views, analysis and market opinions expressed may not reflect those of Investec as a whole, and different views may be expressed based on different investment objectives. No representation is being made that any investment will or is likely to achieve profits or losses similar to those achieved in the past, or that significant losses will be avoided.