Disclaimer

This website is owned and maintained by NatWest Markets Plc (“NWM Plc”), on behalf of NatWest Markets Securities Inc. (“NWMSI”), a member of the NatWest Group, who is the publisher and issuer of the website. The services and information on this website ("Material") are provided for corporate and institutional customers or prospective corporate and institutional customers of NWM Plc, NatWest Markets N.V. (“NWMNV”), NatWest Markets Securities Japan (“NWMSJ”) and NWMSI including any associated branches and together referred to as NatWest Markets.

The Material is intended for your sole use and is provided to you on the understanding that, before entering into any transaction referred to in this material, and/ or any related transaction (together, the “Transaction”), you will ensure that you fully understand the potential risks and return of the Transaction and determine whether the Transaction is appropriate for you given your objectives, experience, financial and operational resources, and other relevant circumstances. Nothing in this material constitutes an offer, solicitation or invitation to enter into any engagement or transaction or an offer or invitation for the sale, purchase, exchange or transfer of any securities, as defined under US securities law, or a recommendation to enter into any transaction, nor is it intended to form the basis of any investment decision. Nothing herein shall be construed as a commitment, express or implied, on the part of NatWest Markets or any of our affiliates to underwrite or purchase securities, arrange or provide credit or to commit any capital, nor does it obligate NatWest Markets or any of our affiliates to enter into any commitment to finance.  The material does not take into account the particular investment objectives, financial conditions, or needs of individual clients or whether any transaction is suitable for any particular investor.

NatWest Markets transacts business with counterparties on an arm’s length basis and on the basis that each counterparty is sophisticated and capable of independently evaluating the merits and risk of each transaction and that the counterparty is making an independent decision regarding any transaction.

NatWest Markets will not act and has not acted as your legal, tax, regulatory, accounting or investment adviser; nor does NatWest Markets owe any fiduciary duties to you in connection with the Transaction and no reliance may be placed on NatWest Markets for investment advice or recommendations of any sort. You should make your own independent evaluation of the relevance and adequacy of the information contained in this document and make such other investigations as you deem necessary including obtaining independent financial advice, before participating in any transaction in relation to the securities referred to in this document. This material is not intended for distribution to, or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. NatWest Markets engages in transactions through different affiliated entities.  If you enter into transactions with such other NatWest Markets entities, you should carefully review any terms and conditions, disclosures and other information from such other entities. As an example, if you engage in over-the-counter derivatives with NWM Plc, you should review such information or materials as provided by NWM Plc. 

NatWest Markets and its affiliates, connected companies, employees or clients may have an interest in financial instruments of the type described in this material and/or in related financial instruments giving rise to potential conflicts of interest which may impact the performance of such financial instruments. Such interests may include, but are not limited to, (a) dealing in, trading, holding or acting as market-maker or liquidity provider in such financial instruments and any reference obligations; (b) entering into hedging strategies on behalf of issuer clients and their affiliates, investor clients or for itself or its affiliates and connected companies; and (c) providing banking, credit and other financial services to any company or issuer of securities or financial instruments referred to herein. NatWest Markets and its affiliates, connected companies, employees or clients may at any time acquire, hold or dispose of long or short positions (including hedging and trading positions) which may impact the performance of a financial instrument.

This material has been prepared for information purposes only, does not constitute an analysis of all potentially material issues and is subject to change at any time without prior notice. NatWest Markets does not undertake to update you of such changes. It is indicative only and is not binding. Other than as indicated, this document has been prepared on the basis of publicly available information believed to be reliable but no representation, warranty, undertaking or assurance of any kind, express or implied, is made as to the adequacy, accuracy, completeness or reasonableness of this material, nor does NatWest Markets accept any obligation to any recipient to update, correct or determine the reasonableness of such information or assumptions contained herein. NatWest Markets and each of its respective affiliates accepts no liability whatsoever for any direct, indirect or consequential losses (in contract, tort or otherwise) arising from the use of this material or reliance on the information contained herein. However this shall not restrict, exclude or limit any duty or liability to any person under any applicable laws or regulations of any jurisdiction which may not lawfully be disclaimed.

Notwithstanding the foregoing (but subject to any applicable federal or state securities laws), NatWest Markets and the recipient may disclose to any and all persons, without limitation, the tax treatment and tax structure of any transaction contemplated hereby and all materials (including opinions or other tax analyses) relating thereto. IRS Circular 230 Disclosure: NatWest Markets does not provide tax advice. Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with NatWest Markets of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties.

NatWest Markets Plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority and is provisionally registered as a swap dealer with the United States Commodity Futures Commission. NatWest Markets N.V. is incorporated with limited liability in the Netherlands, authorised and regulated by De Nederlandsche Bank and the Autoriteit Financiële Markten. It has its seat at Amsterdam, the Netherlands, and is registered in the Commercial Register under number 33002587. Registered Office: Claude Debussylaan 94, Amsterdam, the Netherlands. Branch Reg No. in England BR001029. Agency agreements exist between different members of NatWest Group. Securities business in the United States is conducted through NatWest Markets Securities Inc., a FINRA registered broker-dealer (http://www.finra.org), a SIPC member (www.sipc.org) and a wholly owned indirect subsidiary of NatWest Group plc. NatWest Markets Securities Inc. is authorized by NatWest Markets Plc to act as its agent for certain kinds of its activities.

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