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Investment Bank

Investment Bank

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Important Non-Research Content Disclosures

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Personal Use Only

All information contained herein shall only be used by the recipient for his/her own personal reference. Any other use, including any disclosure or distribution to of any information to any third party, requires the express written permission of Barclays.

For Information Purposes Only

The views, written or otherwise, expressed in this publication or video are those of the author(s) or speaker(s) alone and are subject to change without notice. Barclays Bank PLC and/or one or more of its affiliates, including the Investment Bank of Barclays Bank PLC (collectively and each individually, “Barclays”) has no obligation to update this publication or video. Any views expressed in this publication or video are those of the author(s) or speaker(s) alone and are subject to change without notice. Such views or statements do not necessarily reflect the views and opinions of Barclays, its affiliates, or its employees. This information is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. Barclays makes no representations as to accuracy, completeness, timeliness, suitability or validity of any information presented herein and will not be liable for any errors, omissions, or delays in this information or any losses, injuries or damages arising from its display or use and no representation is made that any returns will be achieved through its use.

NO ACTION HAS BEEN MADE OR WILL BE TAKEN IN CONNECTION HEREWITH THAT WOULD PERMIT AN OFFERING OF ANY SECURITIES OF ANY ENTITY APPEARING IN THIS PUBLICATION OR VIDEO IN ANY JURISDICTION IN WHICH ACTION FOR THAT PURPOSE IS REQUIRED. NO OFFERS, SALES, RESALES OR DELIVERY OF ANY SECURITIES OR DISTRIBUTION OF ANY OFFERING MATERIAL RELATING TO ANY SECURITIES MAY BE MADE IN OR FROM ANY JURISDICTION EXCEPT IN CIRCUMSTANCES WHICH WILL RESULT IN COMPLIANCE WITH ANY APPLICABLE LAWS AND REGULATIONS AND WHICH WILL NOT IMPOSE ANY OBLIGATION ON BARCLAYS. THIS PUBLICATION OR VIDEO DOES NOT DISCLOSE ALL THE RISKS AND OTHER SIGNIFICANT ISSUES RELATED TO AN INVESTMENT IN ANY SECURITIES. THE INFORMATION CONTAINED IN THIS PUBLICATION OR VIDEO IS NOT INTENDED TO BE DISTRIBUTED TO ANY PROSPECTIVE OR ACTUAL INVESTORS. 

Information Provided May Not Be Accurate Or Complete And May Be Sourced From Third Parties

All information, whether proprietary to Barclays or a third party, is provided "as is" and Barclays makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to any information included herein.  Other than disclosures relating to Barclays, the information contained in this publication or video has been obtained from sources that Barclays believes to be reliable, but Barclays makes no representations that the information contained herein is accurate, reliable, complete, or appropriate for use by all investors in all locations.  Further, Barclays does not guarantee the accuracy or completeness of information which is obtained from, or is based upon, trade and statistical services or other third party sources.  Because of the possibility of human and mechanical errors as well as other factors, Barclays is not responsible for any errors or omissions in the information contained herein.  Barclays is not responsible for, and makes no warranties whatsoever as to, the content of any third-party web site accessed via a hyperlink contained herein and such information is not incorporated by reference.

Information Provided Is Not Indicative Of Future Results

Any data or information on past performance, modelling or back-testing contained herein is not necessarily indicative of future results.  All levels, prices and spreads are historical and do not represent current market levels, prices or spreads, some or all of which may have changed.  The information referenced herein or any of the results derived from any analytic tools or reports referenced herein are not intended to predict actual results and no assurances are given with respect thereto.  The value of and income from any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity).

No Liability

To the extent permitted by law, in no event shall Barclays, nor any affiliate, nor any of their respective officers, directors, partners, employees or third party licensors have any liability, direct or indirect, including but not limited to (a) any special, punitive, indirect, or consequential damages; or (b) any lost profits, lost revenue, loss of anticipated savings or loss of opportunity or other financial loss, even if notified or advised of the possibility of such damages or potential loss, arising from any use of the information provided herein.  

No Advice

The information provided does not constitute investment advice or take into account the individual financial circumstances or objectives of the clients who receive it.  You should consult with your own accounting, legal or other advisors as to the adequacy of this information for your purposes. This document is not advertising or marketing any financial investment product, service or transaction.

Not Barclays Research

These materials have not been produced, reviewed or approved by Barclays’ Research Department and the contents are not Investment Research, Non-Independent Research, Research Recommendations, personal recommendations or any other form of recommendation and is not subject to any prohibition on dealing ahead of the dissemination of research.

Not for retail

This communication is being directed at persons who are professionals and is not intended for retail customer use.

No Use For Valuation Purposes

No data or price information should be used for any valuation, trading, settlement, accounting purposes or other related functions.

Not Available In All Jurisdictions

Not all products or services mentioned are available in all jurisdictions.  No offers, sales, resales, or delivery of any products or services described herein or any offering materials relating to any such products or services may be made in or from any jurisdiction except in circumstances which will result with compliance with any applicable laws and regulations and which will not impose any obligations on Barclays.

Tax Disclaimer

Barclays does not provide tax advice and nothing contained herein should be construed to be tax advice. Accordingly, you should seek advice based on your particular circumstances from an independent tax advisor.

Intellectual Property

© 2018 Barclays. All rights reserved. Barclays is a registered trademark of Barclays PLC, used under license. No part of this document may be reproduced or redistributed in any manner without the prior written permission of Barclays.

Barclays offers investment banking products and services to its clients through Barclays Bank PLC. Barclays Bank PLC is authorised in the United Kingdom by the UK Prudential Regulation Authority and regulated by the UK Financial Conduct Authority and the UK Prudential Regulation Authority and is registered in England No. 1026167. Registered Office: 1 Churchill Place, London E14 5HP, United Kingdom. Barclays undertakes its US securities and investment banking business in the name of its wholly-owned subsidiary Barclays Capital Inc., an SIPC and FINRA member.

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