HCM PILLAR III Disclosures 2009

  HCM Client Order Execution Policy

The information contained herein does not constitute a distribution, an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction in which such distribution or offers is not authorised to any person. In particular, the information herein is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy securities in the United States of America to or the benefit of, United States persons (being residents of the United States of America or partnerships or corporations organised under the laws of the United States of America or any state, territory or possession thereof).

The distribution of the information contained on this website in certain other jurisdictions may be restricted by law and, accordingly, persons who access it are required to inform themselves of and to comply with any such restrictions. Persons interested in acquiring any investment should inform themselves as to: (i) the legal requirements within the countries of the nationality, residence or domicile for such acquisition; (ii) any foreign exchange control requirement which they might encounter on the acquisition or sale of investments; and (iii) the income tax and other tax consequences which might be relevant to the acquisition, holding or disposal of any investment.

This site is not designed for the use of retail clients as defined by the Financial Services Authority (“FSA”) but is aimed at Eligible Counterparties, Professional and elective professional clients (“Clients”).

Please remember that the value of investments and the income from them can go down as well as up (this may partly be the result of exchange rate fluctuations in investments which have an exposure to foreign currencies) and investors may not get back the amount invested.

Spread Betting, CFDs, Futues, options and Forex are leveraged products and carry a high degree of risk to your capital and it is possible to lose significatly more than your initial investment. Only speculate with money you can afford to lose. These products may not be suitable for or available to all investors, therefore ensure you fully understand the risks involved, and seek independent advice if you are unsure.

CONTENTS
The copyright and all other rights in all of the material on this web site are owned by the company listed on the web page (or the material is included with the permission of the rights owner). You may copy material on this web site for your own private or domestic use only. All other copying is prohibited. Whilst Hobart Capital Markets Limited (“Hobart”) tries to ensure that the information on this web site is entirely accurate and complete, they do not accept any liability arising from any inaccuracy or omission in or the use of or reliance on this information on this site. The contents of this site has been issued and approved by Hobart, which is authorised and regulated by the FSA in the United Kingdom.