This is Non-Independent Research, as defined by the Financial Conduct Authority. Not intended for Retail Client distribution. All data is accurate as of the report date, unless otherwise specified.
This material is intended for, and directed at, wholesale or professional investors only and should not be distributed to or relied on by retail clients in any circumstances. It is provided for information purposes only.
This 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, you will ensure that you fully understand the potential risks and return of such transaction and determine whether it is appropriate for you given your objectives, experience, financial and operational resources, and other relevant circumstances. Nothing in this material constitutes an offer or invitation to enter into any engagement or transaction or an offer or invitation for the sale, purchase, exchange or transfer of any securities or a recommendation to enter into any transaction, nor is it intended to form the basis of any investment decision. Neither National Westminster Bank Plc, NatWest Markets Plc, NatWest Markets N.V. (and/or any branches) nor any of its affiliates (collectively, “NatWest”) is soliciting any specific action based on this material. The material does not take into account the particular investment objectives, financial conditions, or needs of individual clients. NatWest will not act and has not acted as your legal, tax, regulatory or accounting adviser and is not providing you with any investment advice nor does NatWest owe any fiduciary duties to you in connection with this, and/or any related transaction and no reliance may be placed on NatWest for investment advice or recommendations of any sort.
NatWest 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 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 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 is subject to change, is indicative only and is not binding. Whilst it is based on information believed to be reliable, no guarantee is given that it is accurate or complete. NatWest makes no representation, warranty, undertaking or assurance of any kind, express or implied, as to the adequacy, accuracy, completeness or reasonableness of this material, nor does it accept any obligation to any recipient to update, correct or determine the reasonableness of such information or assumptions contained herein. Any views or opinions expressed in the material (including statements or forecasts) constitute the judgement of NatWest as of the date indicated and are subject to change without notice. The stated price of any securities mentioned herein is as of the date indicated and is not a representation that any transaction can be affected at this price. NatWest 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. 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.
The information contained herein is confidential, is intended for use by only by you and may not be reproduced or disclosed (in whole or in part) to any other person without our consent.
National Westminster Bank Plc. Registered in England & Wales No. 929027. Registered Office: 250 Bishopsgate, London EC2M 4AA. National Westminster Bank Plc is authorised by the Prudential Regulation Authority, and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
