This presentation has been prepared by National Westminster Bank Plc (“NatWest”) and NatWest Markets Plc and/or NatWest Markets Securities Inc. (collectively “NWM”) or its affiliated entities (together, ”NatWest”/”NWM”, “we” or “us”) exclusively for internal consideration by you (the “Recipient” or “you”). This presentation is incomplete without reference to, and should be viewed solely in conjunction with, any oral briefing provided by NatWest/NWM. NatWest/NWM and its affiliates, connected companies, employees or clients may have an interest or position in, or deal in, transactions or securities (or related securities or derivatives) of the type described in this presentation and may provide, or be seeking to provide, general banking, investment banking, credit and other financial services to any company or issuer of securities or financial instruments of the type referred to in this presentation. This material may constitute an invitation to consider entering into a derivatives transaction under U.S. CFTC Regulations sections 1.71 and 23.605, but is not and shall not be considered as a binding offer to buy or sell any financial instrument or enter into any transaction.
Nothing in this presentation should be construed as legal, tax, regulatory, accounting, finance, investment advice or other advice to you or any other party, or as a recommendation or offer, or solicitation of an offer, by us to purchase securities from you or to sell securities to you as defined under US securities law, or to underwrite any of your securities or extend to you any credit or similar financing, or to conduct any such activities on your behalf and is not intended to form the basis of any investment decision. NatWest/NWM are not acting as advisor or fiduciary in any respect in connection with providing this information. Neither this presentation nor our analyses are, nor purport to be, appraisals or valuations of the assets, securities or business(es) of the Recipient or of any transaction counterparty.
This presentation is based solely upon information provided to NatWest/NWM by the Recipient and/or publicly available information. It reflects prevailing conditions and our initial views as at this date which we reserve the right to change from time to time. In preparing this presentation, we have relied upon and assumed, without verification, the accuracy and completeness of all information available to us, whether from public sources or provided by or on behalf of the Recipient, including any statements with respect to projections or prospects of the Recipient and related assumptions. NatWest/NWM makes no representations or warranties (express or implied) with respect to this presentation, and disclaims all liability for any use by you, your affiliates, connected companies, employees, or your advisers make of it. Any views expressed in this presentation (including statements or forecasts) constitute the judgment of NatWest/NWM as of the date given and are subject to change without notice. NatWest/NWM does not undertake to update this presentation or determine the accuracy or reasonableness of information or assumptions 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. Past performance is not indicative of future performance.
NatWest/NWM transact business with counterparties on an arm’s length basis and on the basis that each counterparty is sophisticated and capable of independently evaluating the merits and risk of each transaction and that the counterparty is making an independent decision regarding any transaction.
This presentation has been prepared in response to a request to provide you with solutions to manage a risk or pursue an opportunity identified by you. This presentation is provided to you on the basis that you understand that NatWest/NWM is not providing you with any "investment advice" within the meaning of Article 53 of the FSMA 2000 (Regulated Activities) Order 2001 and as a result, NatWest/NWM is under no obligation to assess the suitability of the information provided in light of your knowledge and experience, financial situation and/or investment objectives. A consequence of the above is that NatWest/NWM will not provide you with advice on the merits of buying, selling, subscribing for or underwriting (or exercising rights to acquire, dispose of or underwrite) any particular investment instrument. In accepting this information you acknowledge that you have been correctly categorised by NatWest/NWM as a Professional Client for the purposes of the Financial Conduct Authority's rules. As such, you acknowledge that you are capable of interpreting the information provided by NatWest/NWM and using that information to take decisions as regards the merits of investing in particular investment instruments.
This presentation is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. The information in this presentation is confidential and proprietary to NatWest/NWM and is intended for use only by you and should not be reproduced or disclosed (in whole or in part) to any other person without our prior written consent.
Not withstanding the foregoing (but subject to any applicable federal or state securities laws), NatWest/NWM may disclose to any and all persons, without limitation, the tax treatment and tax structure of any transaction contemplated hereby and all materials (including opinions or other tax analyses) relating thereto. IRS Circular 230 Disclosure: NatWest/NWM or affiliated entities do not provide tax advice. Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with us, of any matters addressed herein or for the purpose of avoiding U.S. tax-related penalties.
No banking product or service described herein is or shall be considered as being offered by a US chartered bank or covered by FDIC insurance.
National Westminster Bank Plc. Registered in England & Wales No. 929027. Registered Office: 250 Bishopsgate, London EC2M 4AA. National Westminster Bank Plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
NatWest Markets Plc. Registered in Scotland No. 90312. Registered Office: 36 St Andrew Square, Edinburgh, EH2 2YB. NatWest Markets Plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority and is provisionally registered as a swap dealer with the United States Commodity Futures Trading Commission . Securities business in the United States is conducted through NatWest Markets Securities Inc. a FINRA registered broker-dealer (http://www.finra.org), a SIPC member (www.sipc.org) and a wholly owned subsidiary of NatWest Markets Plc. NatWest Markets Securities Inc. is authorised by NatWest Markets Plc to act as its agent for certain kinds of its activities.
NatWest Markets N.V. is authorised and regulated by De Nederlandsche Bank and the Autoriteit Financiële Markten. NatWest Markets N.V. is a wholly owned direct subsidiary of NatWest Markets Plc. Registered Office: Claude Debussylaan 94, 1082 MD Amsterdam, The Netherlands.
The Royal Bank of Scotland plc and National Westminster Bank Plc are authorised to act as agent for each other.