All investment recommendations and information stated in the list are based on the producer’s opinion of the relevant market conditions as at the date and time the investment recommendation was disseminated and all investment recommendations may change at any time without prior notice. Investment recommendations produced by one producer may be different or contradictory to those produced by another producer or even by the same producer at different times. The investment recommendations are provided for information purposes only and do not constitute an offer to sell or a solicitation to buy any security or other financial instrument. The investment recommendations may not be suitable for the specific investment objectives, financial situation or individual needs of any recipient and should not be relied upon in substitution for the exercise of your independent judgement. NatWest Markets acts neither as an adviser to, nor owes any fiduciary duty to, any recipient and investment recommendations produced by NatWest Markets are not intended to be and must not be relied upon as investment advice.
You should make your own independent evaluation of the relevance and adequacy of any investment recommendation and make such other investigations as you deem necessary, including by obtaining any independent financial, legal, tax, accounting or other advice, before participating in any transaction in respect of any financial instrument, asset class, market or sector referred to in any investment recommendation listed. You should contact your NatWest Markets sales person if you have any questions or would like to discuss any investment recommendation. NatWest Markets accepts no liability for any direct, indirect or consequential losses (in contract, tort or otherwise) arising from the use of this information or in 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.
NatWest Markets acts solely in an arms-length principal capacity and any investment recommendations should be considered within this context. NatWest Markets and its affiliates, connected companies, employees or clients may have an interest in financial instruments of the type referred to in any of the listed investment recommendation 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 therein. 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.