General Disclaimer - Sales and Trading

Crédit Agricole CIB prepares and disseminates market information and its indicative bids and offers for those investments and securities for which it is a market maker to its clients (“General Sales and Trading Communications”). These are prepared by sales, trading, capital markets or other non-research functions, including but not limited to runs, axes, pricing indications, and macro commentary which are provided for factual information purposes only, and based on prices of investments and securities at the time of the dissemination of this communication. These are not intended to assess the individual merits of a particular investment or strategy, are not investment recommendations to buy or sell any financial instrument or to participate in any trading strategy and should not be construed as such.

General Sales and Trading Communications do not constitute investment advice. Certain information contained in our General Sales and Trading Communications may be obtained from third party sources and while such information is believed by Crédit Agricole CIB to be correct and reliable, it has not been independently verified by Crédit Agricole CIB and Crédit Agricole CIB shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on such third party information. Furthermore, the information may not be current due to, among other things, changes in the financial markets or economic environment. Crédit Agricole CIB does not, and has no obligations to update any such information contained in its General Sales and Trading Communications. Any prices or quotations contained herein are indicative only, and do not represent firm quotes as to either price or size and should not be used for valuation purposes.

General Sales and Trading Communications are not intended to forecast or predict future events. Past performance is not a guarantee or indication of future results. Crédit Agricole CIB does not provide recommendations of Buy, Hold or Sell to its General Sales and Trading Communications. General Sales and Trading Communications are produced by non-research functions, including sales and trading, and do not constitute independent investment research and are not prepared under conditions designed to promote the independence of investment research. Crédit Agricole CIB may make markets, provide liquidity and effect transactions in the financial instruments mentioned or described in its General Sales and Trading Communications or enter into a trading strategy in those instruments and may also perform or seek to perform investment banking, brokerage, or other services for any entities which may be contained within the subject or narrative of any such communications.

Benchmarks are subject to on-going reforms, which include changes in methodology, discontinuation and/or replacement. Where implemented, reforms may cause benchmarks to perform differently than in the past or have other consequences which may have a material adverse effect on products and services provided by Crédit Agricole CIB currently and/or in the future. You should therefore consult your own independent advisers and make your own assessment about the potential risks imposed by benchmark reforms, when making any investment decision with respect to a product or service linked to or referencing a benchmark.

The General Sales and Trading Communications are proprietary to Crédit Agricole CIB and may not be quoted, altered in any way, circulated, transmitted to, copied or distributed to any other party or otherwise referred to without the prior written consent of Crédit Agricole CIB.

In addition, sales and trading personnel may also produce and disseminate credit strategy pieces, sales notes, trading and market commentary (“Sales and Trading Commentaries”) which can be regarded as investment recommendations under the European Market Abuse Regulation N° 596/2014 of 16 April 2014 which came into effect 1 July 2016.

The sales and trading staff who produce investment recommendations have received compensation based upon various factors, including individual performance competitive factors, firm revenues, their sales including remuneration from client enquiries arising from the distribution of any trader axes and overall global market revenues.

Sales and Trading Commentaries do not provide a personal recommendation for the recipient and do not take into account the individual financial circumstances, needs or objectives of the recipients. Recipients should therefore seek their own financial, legal, tax or other advice before deciding to invest in any of the instruments mentioned in such documents. Investments in financial instruments carry significant risk, including the possible loss of the principal amount invested. Financial instruments denominated in a foreign currency are subject to exchange rate fluctuations, which may have an adverse effect on the price or value of an investment in such products. Investment Recommendations, including the related securities and prices, are only valid at the time of the dissemination of this communication. In addition, Crédit Agricole CIB may have in the past, or may in the future, be party to an agreement with the issuer relating to the provision of services of investment firms.

The Sales and Trading Commentaries provided does not originate from our independent credit research team which undertake Investment Research and provide recommendations on an independent basis and are located separately from Crédit Agricole CIB’s sales and trading organisational structure. Such Sales and Trading Commentary is not to be considered as independent research, and Crédit Agricole CIB or natural persons may hold positions or other interests concerning such Sales and Trading Commentary.

Crédit Agricole CIB may make markets, provide liquidity and effect transactions in the financial instruments mentioned or described in its Sales and Trading Commentaries or enter into a trading strategy in those instruments and may also perform or seek to perform investment banking, brokerage, or other services for any entities which may be contained within the subject or narrative of any such communications. Certain information contained in our Sales and Trading Commentaries may have been obtained from third party sources and while Crédit Agricole CIB deems/considers such information to be reliable, it has not been independently verified by Crédit Agricole CIB and Crédit Agricole CIB shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on such third party information. Furthermore, the information may not be current due to, among other things, changes in the financial markets or economic environment. Crédit Agricole CIB does not, and has no obligations to update any such information contained in its Sales and Trading Commentaries. Any prices or quotations contained herein are indicative only, do not represent firm quotes as to either price or size and should not be used for valuation purposes.

The recommendations incorporate estimated values (relative value) and the author’s fundamental view on the security. The fundamental credit view of an issuer is based on the analysis of available market and financial data relating to the issuer and/or its securities. The Sales and Trading recommendations remain valid and only at the point of publication, as they are not updated in real time to take account of changes in the financial markets or new news about the issuer or instruments. For further information on the factors used and any methodology used you should contact the author of the relevant Investment Recommendation.

Crédit Agricole CIB will make available its investment recommendations since the latest change or up to for the preceding 12 months upon request.
The Sales and Trading Commentaries are proprietary to Crédit Agricole CIB and may not be quoted, altered in any way, circulated, transmitted to, copied or distributed to any other party or otherwise referred to without the prior written consent of Crédit Agricole CIB.

Further information related to information barriers and admin arrangements in place on managing conflicts can be found in the “Summary Policy for Managing Conflicts of Interest Will open in a new tab ”.

This material is not directed at, or intended for distribution to or use by, any person or entity domiciled or resident in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable laws or regulations of such jurisdictions. No liability is accepted by Crédit Agricole CIB for any damages, losses or costs (whether direct, indirect or consequential) that may arise from any use of this material.

For US Investors: This report is intended solely for persons who qualify as “Major U.S. Institutional Investors” as defined in Rule 15a-6 under the Securities and Exchange Act of 1934 and who deal with Credit Agricole Securities (USA) Inc. This report does not carry all of the independence and disclosure standards of a retail debt research report. The views expressed in this report may differ from those of the Research Department or others within the firm. This report may not be independent of the proprietary trading interests of Credit Agricole Securities (USA) Inc., the trading desk may trade as principal in the securities that are the subject of this report and such trading interests may be contrary to the recommendation in this report. Recipients of this report in the United States wishing to effect a transaction in any security mentioned herein should do so by contacting Credit Agricole Securities (USA) Inc. (a broker-dealer registered with the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA)). The delivery of this report to any person in the United States shall not be deemed a recommendation of Credit Agricole Securities (USA) Inc. to effect any transactions in the securities discussed herein or an endorsement of any opinion expressed herein. This report shall not be re-distributed in the United States without the prior written consent of Credit Agricole Securities (USA) Inc.

Regulatory status: Crédit Agricole CIB is authorised and regulated by the Autorité de Contrôle Prudentiel et de Résolution (the “ACPR”) and supervised by the European Central Bank (the “ECB”), the ACPR and the Autorité des Marchés Financiers (the “AMF”) in France. Crédit Agricole CIB London is authorised by the Prudential Regulation Authority and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the FCA and the PRA are available from Crédit Agricole CIB London on request.
Crédit Agricole Corporate and Investment Bank is a public limited company (“société anonyme”) under French law, incorporated in France under SIREN number 304187701 at the Nanterre Trade and Companies Registry, with limited liability and its head office address at 12, Place des États-Unis, CS 70052, 92547 Montrouge Cedex, France. [It is registered in England and Wales as an overseas company at Companies House under company number FC008194, with a UK establishment at Broadwalk House, 5 Appold Street, London, EC2A 2DA, United Kingdom (UK establishment number BR001975).]

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