Disclaimer

  • This is a marketing communication which has been prepared by a trader, sales person or analyst of ICBC Standard Bank Plc, or its affiliates (“ICBCS”) and is provided for informational purposes only. The material does not constitute, nor should it be regarded as, investment research. It has not been prepared in accordance with the full legal requirements designed to promote independence of research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

  • Additional information with respect to any security, commodity or other financial instrument, referred to herein may be made available on request. This material is for the general information of institutional and market professional clients of ICBCS and should not be considered to be investment advice. It does not take into account the particular investment objectives, financial situation or needs of individual clients. The information, tools and material presented in this marketing communication are provided to you for information purposes only and are not to be used or considered as an offer or the solicitation of an offer to sell or to buy or subscribe for securities, commodities or other financial instruments, or to participate in any particular trading strategy, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This material is based on information that we consider reliable, but ICBCS does not warrant or represent (expressly or impliedly) that it is accurate, complete, not misleading or as to its fitness for the purpose intended and it should not be relied upon as such. The information and opinions contained in this document were produced by ICBCS as per the date stated and may be subject to change without prior notification. Opinions expressed are our current opinions as of the date appearing on this material only. We endeavour to update the material in this report on a timely basis, but regulatory compliance or other reasons may prevent us from doing so.

  • ICBCS or its employees may from time to time have long or short positions in securities, commodities, warrants, futures, options, derivatives or other financial instruments referred to in this material. ICBCS does and seeks to do business with companies covered in this communication. As a result, investors should be aware that ICBCS may have a conflict of interest that could affect the objectivity of this communication. Investors should consider this communication as only a single factor in making their investment decision.

  • None of the material, nor its content, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other party, without the prior express written permission of ICBCS. All trademarks, service marks and logos used in this communication are trademarks or service marks or registered trademarks or service marks of ICBCS.

  • No representation, warranty or undertaking is given by ICBCs or any other person as to the fairness, adequacy, accuracy, completeness, or fitness for the purposes intended of the statements, information and opinions presented in this report, nor does ICBCS or any other person take responsibility for the consequences of reliance upon any such statement,

  • Additional information is available upon request. Neither ICBCS nor any other person accept liability liability for loss, either directly or indirectly, arising from the use of the material presented in this communication, except that this exclusion of liability does not apply to the extent that liability arises under specific statutes or regulations applicable to ICBCS.

  • The services, securities and investments discussed in this material may not be available to nor suitable for all investors. Investors should make their own investment decisions based upon their own financial objectives and financial resources, and if necessary, should seek professional advice. It should be noted that investment involves risk, including, but not limited to, the risk of capital loss. Past performance is no guide to future performance. In relation to securities denominated in foreign currency, movements in exchange rates will have an effect on the value, either favourable or unfavourable, of such securities. Some investments discussed in this marketing communication may have a high level of volatility. High volatility investments may experience sudden and large falls in their value causing losses when that investment is realised. Those losses may equal your original investment. Indeed, in the case of some investments, the potential losses may exceed the amount of initial investment, and in such circumstances, you may be required to pay more money to support those losses. Income yields from investments may fluctuate and, in consequence, initial capital paid for such investments may be used as part of that income yield. Some investments may not be readily realisable and it may be difficult to sell or realize those investments, similarly it may prove difficult for you to obtain reliable information about the value, or risks, to which such an investment is exposed.

  • In Europe, this communication is distributed by ICBC Standard Bank Plc. 20 Gresham Street, London EC2V 7JE which is authorised by the Prudential Regulation Authority (“PRA”) and regulated by the PRA and the Financial Conduct Authority (“FCA”), and is provided to Professional Investors only.

  • In Hong Kong, this communication is distributed by ICBC Standard Bank Plc, Hong Kong Branch, and is intended solely for use by Professional Investor (as defined in the Hong Kong Securities and Futures Ordinance and its subsidiary legislation) clients and prospective clients of members of ICBC Standard Bank Plc Group. This communication may not be relied on by retail customers or persons to whom this communication may not be provided by law. All enquiries by recipients in Hong Kong must be directed to an ICBC Standard Bank Plc, Hong Kong Branch contact. ICBC Standard Bank Plc, Hong Kong Branch is a fully licensed bank under the Banking Ordinance and is a registered institution under the Securities and Futures Ordinance in Hong Kong. Any investments and services contained or referred to in this presentation may not be suitable for you and it is recommended that you consult an independent investment advisor if you are in doubt about such investments or investment services.

  • In Singapore, the provision of Financial Advisory Services is regulated under the Financial Advisers Act (Cap. 110). Accordingly (and where applicable), this material is provided by ICBC Standard Bank Plc, Singapore Branch pursuant to Regulation 32C of the Financial Advisers Regulations. The material contained in this document is intended solely for Accredited Investors, Expert Investors, or Institutional Investors, as defined under the Securities and Futures Act (Cap. 289) of Singapore. Recipients in Singapore should contact an ICBC Standard Bank Plc, Singapore Branch representative in respect of any matters arising from, or in connection with this material. ICBC Standard Bank Plc, Singapore Branch is regulated by the Monetary Authority of Singapore.

  • If distributed into the United States, this communication is issued by a member of the sales and trading department of ICBCS. Sales and trading department personnel are not research analysts, and the information in this communication is not intended to constitute “research” as that term is defined by applicable regulations. Unless otherwise indicated, any reference to a research report or research recommendation is not intended to represent the whole report and is not in itself considered a recommendation or research report. All views, opinions and estimates expressed in this communication (i) may change without notice and (ii) may differ from those views, opinions and estimates held or expressed by ICBCS or other ICBCS personnel. This communication is being provided to you without regard to your particular circumstances, and any decision to purchase or sell a financial instrument must be made by you independently without reliance on ICBCS. Any decision to purchase or subscribe for any financial instrument in any offering must be based solely on existing public information on such financial instrument and not on this communication. This material is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person. This communication is for informational purposes only and should not be regarded as an offer to sell or as a solicitation of an offer to buy any financial product, an official confirmation of any transaction, or as an official statement of ICBCS, or any of its affiliates. While every care has been taken in preparing this communication, no representation, warranty or undertaking (express or implied) is given and no responsibility or liability is accepted by ICBCS, its subsidiaries, holding companies or affiliates as to the accuracy or completeness of the information contained herein. All opinions and estimates contained in this communication may be changed after publication at any time without notice. Any included projections, opinions, assumptions or estimates are for example only, and they may not represent current or future performance. The information in this communication may not be updated or otherwise revised. Members of ICBCS, their directors, officers and employees may have a long or short position in the instruments mentioned in this communication or related investments, and may add to, dispose of or effect transactions for their own account and ICBCS may perform or seek to perform advisory or banking services in relation thereto. This communication is not intended for the use of private or retail customers. Any communication may be inconsistent, and reach different conclusions, with other ICBCS communications. ICBCS is under no obligation to bring such communications to the attention of recipients of this information.

  • In Canada, any offer or sale of the securities described herein will be made only under an exemption from the requirements to file a prospectus with the relevant Canadian securities regulators and only by a dealer properly registered under applicable securities laws or, alternatively, pursuant to an exemption from the dealer registration requirement in the relevant province or territory of Canada in which such offer or sale is made. Under no circumstances is the information contained herein to be construed as investment advice in any province or territory of Canada and is not tailored to the needs of the recipient. To the extent that the information contained herein references securities of an issuer incorporated, formed or created under the laws of Canada or a province or territory of Canada, any trades in such securities must be conducted through a dealer registered in Canada or, alternatively, pursuant to a dealer registration exemption.

  • In jurisdictions where ICBCS is not already registered or licensed to trade in securities, transactions will only be effected in accordance with applicable securities legislation, which will vary from jurisdiction to jurisdiction and may require that the trade be made in accordance with applicable exemptions from registration or licensing requirements.