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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.

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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).

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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.

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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.

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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.