Research produced by the Provider is not intended for distribution to, or use by, any person in any jurisdiction or country where such distribution or use would be unlawful. It is your responsibility to ascertain the terms of access and usage of the contents of research comply with the local laws and regulations that you are subject to.

Non independency of research

Research produced by the Provider is non-independent research and a marketing communication. It has not been prepared in accordance with legal requirements designed to promote the independence of research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. The Provider has policies in place to manage the conflicts of interests which may arise around the production of research.


Our analysts have not been, nor are or will be, receiving direct or indirect compensation in exchange for expressing any of the views or the specific recommendation contained in our reports, and confirm that none of the compensation of our analysts was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in our reports.


Risk warning

None of the research is intended to constitute any offer or solicitation to buy or sell any product or financial instrument, to make any investment, or to participate in any particular trading strategy. This information is produced only for value added marketing and/or informational purposes and no member of the Provider makes any representation or warranty, and assumes no liability, for the accuracy or completeness of the information provided herein.

The Provider has not taken into account the investment objectives, special investment goals, financial situation, and specific needs and demands of any recipient and nothing herein is intended as a recommendation for any recipient to invest or divest in a particular manner. No member of the Provider’s group assumes any liability for any recipient sustaining a loss from trading in accordance with a perceived recommendation.

The prices of the investments referred to in this research and the related income from them may go down as well as up and investors may realise losses on them. Neither past performance nor forecasts are a reliable indicator of future results. Neither the Provider nor any of its employees or agents shall have any liability, howsoever arising, for any error, inaccuracy or incompleteness of fact or opinion in it or lack of care in its preparation or publication.


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