Important information and disclosures – marketing communications

This communication is issued and approved for distribution in the United Kingdom and European Economic Area by Northern Trust Securities LLP (‘NTS LLP’). NTS LLP is authorised and regulated by the Financial Conduct Authority.

This communication is provided on a confidential basis for the sole benefit of clients of NTS LLP and may not be reproduced, redistributed or transmitted, in whole or in part, without the prior written consent of NTS LLP. Any unauthorised use is strictly prohibited. This communication is directed to clients that are categorised as eligible counterparties or professional clients within the meaning of Directive 2014/65/EU on markets in financial instruments (‘MiFID II’). NTS LLP does not provide investment services to retail clients.

This communication is a marketing communication prepared by a member of the NTS LLP Sales & Trading department and it not investment research. The content of this communication has not been prepared by a financial analyst or similar; it has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and it is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This communication is not an offer to engage in transactions in specific financial instruments; does not constitute investment advice, does not constitute a personal recommendation and has been prepared without regard to the individual financial circumstances, needs or objectives of individual investors. NTS LLP does not engage in proprietary trading or corporate advisory activities and does not hold a proprietary position in any of the financial instruments or issuers referred to in this communication.

This communication may contain investment recommendations within the meaning of Regulation (EU) No 596/2014 on market abuse (“MAR”); for more information about NTS LLP’s investment recommendations please refer to the author’s MAR link provided above.

About Northern Trust Securities LLP

Northern Trust Securities LLP: registered in England & Wales under number OC324323; registered office: 50 Bank Street, Canary Wharf, London E14 5NT; authorised and regulated by the Financial Conduct Authority; member of the London Stock Exchange.

Notice to U.S. Investors

Northern Trust Securities LLP is not a U.S. registered broker or dealer, and is not registered with the Securities and Exchange Commission or a member of FINRA. This communication is intended only for “major U.S. institutional investors” and is not intended for individual or non-institutional investors and should not be distributed to any such individuals or entities. Interested "major U.S. institutional investors" should contact Northern Trust Securities, Inc. (NTIS), our U.S. registered broker-dealer affiliate, or another U.S.-registered broker-dealer, to effect transactions in any securities discussed herein.

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.

Notice to Hong Kong Investors

This communication is made on behalf of The Northern Trust Company of Hong Kong Limited (CE no. ACO807) (TNTCHK), but has not been prepared, reviewed or approved by TNTCHK. TNTCHK 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), Type 2 (dealing in futures), Type 4 (advising on securities) and Type 9 (asset management) regulated activities pursuant to the Securities and Futures Ordnance of Hong Kong. TNTCHK only deals with 'professional investors' (as defined by the SFO and its subsidiary legislation) and does not hold any client assets.

Confidentiality Notice

This communication is confidential, may be privileged and is meant only for the intended recipient. If you are not the intended recipient, please notify the sender ASAP and delete this message from your system.

Privacy Notice

Please read our Privacy Notice to learn about how we use the personal information you provide and the rights you have in relation to it.

© 2022 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. For Asia-Pacific markets, it is directed to expert, institutional, professional or wholesale clients or investors only and should not be relied upon by retail clients or investors. Issued in the United Kingdom by Northern Trust Securities LLP.