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Sales and Trading Disclaimer

 
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FOR INSTITUTIONAL & PROFESSIONAL CLIENTS ONLY


This material is from a sales and trading department and is not a product of a research department.


This material has been prepared by personnel in the sales and trading team of Northern Trust Securities LLP (NTSLLP) an affiliate of The Northern Trust Corporation (a list of all the entities that are affiliates of The Northern Trust Corporation is available here (together ‘Northern Trust’) and is not a product of the research department of NTSLLP or Northern Trust.  It is not a research report and is not intended as such.  It is for distribution to institutional and professional clients only and is not intended for retail customer use.

It is provided on a confidential basis and for the sole benefit of NTSLLP’s clients and may not be reproduced, redistributed or transmitted, in whole or in part, without the prior written consent of NTSLLP or Northern Trust. Any unauthorised use is strictly prohibited.

Unless otherwise specifically stated, any views or opinions expressed herein are solely those of the individual author and/or the specific sales and trading area of the affiliate from which it originates and may differ from the views or opinions expressed by other areas of Northern Trust, including the research department.

This material is provided for information purposes only and does not bind NTSLLP or Northern Trust in any way. It is not intended as a recommendation (except to the extent it is an “investment recommendation” under MAR (as defined below)) or an offer or solicitation for the purchase or sale of any security or financial instrument, or to enter into a transaction involving any financial instrument or trading strategy, or as an official confirmation or official valuation of any transaction mentioned herein. Any pricing information provided is indicative only and does not reflect a level where NTSLPP is prepared to execute a trade. NTSLLP is not an advisor. Nothing in this material should be construed as investment, tax, legal, accounting, regulatory or other advice (including within the meaning of Section 15B of the Securities Exchange Act of 1934) or as creating a fiduciary relationship.

MAR Disclosure: Where this material is an “investment recommendation” as that term is defined in Article 3(1) (35) of the EU Market Abuse Regulation (“MAR”), distribution of this material is subject to the relevant provisions of MAR. For more information, please consult: www.aviatelive.com.

Transactions involving securities, financial instruments and strategies mentioned herein may not be suitable for all investors. You are solely responsible for deciding whether any investment or transaction is suitable for you based upon your investment goals, financial situation and tolerance for risk. If you deem it necessary, you must seek independent professional advice to ascertain the investment, legal, tax, accounting, regulatory or other consequences before investing or transacting.

Past or simulated past performance (including back-testing) is not indicative of future results. The investments discussed may fluctuate in price or value. Changes in rates of exchange may have an adverse effect on the value of investments. Any modeling, scenario analysis or other forward-looking information herein (such as projected cashflows, yields or returns) is intended to illustrate hypothetical results based on certain assumptions (not all of which will be specified herein). Actual events or conditions may differ materially from those assumed; therefore, actual results are not guaranteed.

All market prices, data and other information (including that which may be derived from third party sources believed to be reliable) are not warranted as to completeness or accuracy and are subject to change without notice. NTSLLP and/or Northern Trust disclaim any responsibility or liability to the fullest extent permitted by applicable law, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for any loss or damage arising from any reliance on or the use of this material in any way. The information contained herein is as of the date and time referenced only, and neither NTSLLP nor Northern Trust undertake any obligation to update such information.

NTSLLP and/or Northern Trust may have positions (long or short), effect transactions or make markets in securities or financial instruments mentioned herein (or related instruments), or provide advice or loans to, or participate in the underwriting or restructuring of the obligations of, the legal entities mentioned herein. The sales and trading personnel who prepared this material may be compensated in part based on trading activity. Moreover, sales and trading personnel may have acted on the basis of this material either on behalf of NTSLLP and/or Northern trust, or, where permitted, in their personal account. As such, this material should not be relied upon as either objective or independent from the interests of NTSLLP and/or Northern Trust and their associated personnel, which interests may conflict with your interests.

Securities, financial instruments or strategies mentioned herein may not be eligible for sale in all jurisdictions. Clients should contact their salespersons at, and execute transactions through, a NTSLLP or Northern Trust entity qualified in their home jurisdiction unless governing law permits otherwise.

© 2017 Northern Trust Corporation. Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A. Incorporated with limited liability in the U.S. Products and services provided by subsidiaries of Northern Trust Corporation may vary in different markets and are offered in accordance with local regulation. For more information, read our legal and regulatory information about individual market offices.

Northern Trust Asset Management is composed of Northern Trust Investments, Inc., Northern Trust Global Investments Limited, Northern Trust Global Investments Japan, K.K., NT Global Advisors, Inc., 50 South Capital Advisors, LLC, and personnel of The Northern Trust Company of Hong Kong Limited and The Northern Trust Company.

Issued in the United Kingdom by Northern Trust Securities LLP.

The investment recommendations contained herein are not the product of an independent research team.  Northern Trust Securities LLP (and its employees) is physically segregated from other teams, including capital markets teams, at Northern Trust generally, however the personnel involved in producing investment recommendations are not segregated from the sales and trading personnel of Northern Trust Securities LLP.  The personnel who prepared this material may be compensated in part based on the sales and trading activities of Northern Trust Securities LLP.

For legal and regulatory information about our offices and legal entities, visit www.northerntrust.com/terms-and-conditions. The following information is provided to comply with local disclosure requirements: The Northern Trust Company, London Branch; Northern Trust Global Services Limited; Northern Trust Global Investments Limited; Northern Trust Securities LLP. The following information is provided to comply with Article 9(a) of The Central Bank of the UAE’s Board of Directors Resolution No 57/3/1996 Regarding the Regulation for Representative Offices: Northern Trust Global Services Limited, Abu Dhabi Representative Office. The Northern Trust Company of Saudi Arabia - a Saudi closed joint stock company - Capital SAR 52 million. Licensed by the Capital Market Authority - License No. 12163-26 - C.R: 1010366439. Northern Trust Global Services Limited Luxembourg Branch, 6 rue Lou Hemmer, L-1748 Senningerberg, Grand-Duché de Luxembourg, Succursale d’une société de droit étranger RCS B129936. Northern Trust Luxembourg Management Company S.A., 6 rue Lou Hemmer, L-1748 Senningerberg, Grand-Duché de Luxembourg, Société anonyme RCS B99167. Northern Trust (Guernsey) Limited (2651)/Northern Trust Fiduciary Services (Guernsey) Limited (29806)/Northern Trust International Fund Administration Services (Guernsey) Limited (15532) Registered Office: Trafalgar Court Les Banques, St Peter Port, Guernsey GY1 3DA.

For Asia-Pacific markets this material is directed to expert, institutional, professional and wholesale investors only and should not be relied upon by retail clients or investors.

NOTICE TO HONG KONG INVESTORS

This report/ information may be delivered to you by NT Securities Asia Limited (CE n. BBY489) (NT Securities Asia) but has not been prepared, reviewed or approved by NT Securities Asia.
 
NT Securities Asia is incorporated in Hong Kong and is licensed by the Securities and Futures Commission (SFC) of Hong Kong to conduct Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities pursuant to the Securities and Futures Ordinance of Hong Kong.  NT Securities Asia only deals with ‘professional investors’ (as defined by the SFO and its subsidiary legislation) and does not hold any client assets.  In addition, conditions of NT Securities Asia’s licence limit its dealing in securities activities in Hong Kong to communicating offers to effect the dealings in securities to Northern Trust Securities LLP, in the name of the person from whom those offers are received.

 

NOTICE TO AUSTRALIAN INVESTORS

Northern Trust Securities LLP is registered as a foreign company in Australia (ARBN 165 830 937) under the Corporations Act 2001. Northern Trust Securities LLP is relying on the Australian Securities and Investment Commission (ASIC) Class Order CO 03/1099 (Class Order) exemption for UK Financial Conduct Authority (FCA) regulated firms which exempts it from the requirement to hold an Australian financial services license under the Corporations Act 2001. To ensure compliance with the Class Order, Northern Trust Securities LLP does not deal with, or for any clients who are not a “wholesale client” within the meaning by section 761G of the Corporations Act. Northern Trust Securities LLP is authorised and regulated by the Financial Conduct Authority (FCA) under the laws and regulatory requirements of the United Kingdom which are different to Australia. Consequently any offer or other documentation that you receive from us in the course of us providing financial services to you will be prepared in accordance with those laws and regulatory requirements. The UK regulatory requirements refer to legislation, rules enacted pursuant to the legislation and any other relevant policies or documents issued by the FCA.

 

<a name="guy">&nbsp;</a>Guy Gibson

 Guy Gibson

Head of Global Equities
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<a name="guy">&nbsp;</a>Guy Gibson

 Guy Gibson

Head of Global Equities
 

Guy is a Senior Vice President and the Head of Global Equities for Northern Trust’s institutional brokerage business in EMEA and APAC. Guy joined Northern Trust with the acquisition of Aviate Global, where he was a co-founder and CEO of Aviate. He is a member of Northern Trust Securities’ senior leadership and principally responsible for trading and distribution. Guy manages Northern Trust Securities’ sales, trading and operations teams in London, Hong Kong and Sydney.

Guy, has a degree in International Business Management and Finance from Massey University in New Zealand. Prior to founding Aviate, Guy worked at Credit Suisse, Salomon Brothers, Citi and Knight.

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Northern Trust Corporation. Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A. Incorporated with limited liability in the U.S. Products and services provided by subsidiaries of Northern Trust Corporation may vary in different markets and are offered in accordance with local regulation. For more information, read our legal and regulatory information about individual market offices.

This material is directed to professional clients only and is not intended for retail clients.

Issued in the United Kingdom by Northern Trust Securities LLP.