Notification on non-independent investment research and risk warning

General

Please note that the contents of this website are not intended for distribution to, or use by, any person in any jurisdiction or country where such distribution or use would be unlawful or otherwise attract for Saxo Bank A/S additional regulatory or business or tax presence compliance requirements in those countries in addition to Denmark that Saxo Bank A/S does not already comply with. It is your responsibility to ascertain the terms of access and usage of the contents in this website comply with the local laws and regulations that you are subject to. In particular, this information is not directed at or intended for “US Persons” within the meaning of the United States Securities Act of 1993, as amended and the United States Securities Exchange Act of 1934, as amended.

Non-Independent Investment Research

Any information which could be construed as investment research has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Further it is not subject to any prohibition on dealing ahead of the dissemination of investment research. Saxo Bank A/S, its owners, subsidiaries, affiliates or employees of the same (collectively “Saxo Bank Group”), may perform services for, solicit business from, hold long or short positions in, or otherwise be interested in the investments (including derivatives), of any issuer mentioned herein.

No Representations/Warranties

None of the information contained herein is intended to and shall not constitute any offer (or solicitation of an offer) to buy or sell any currency, product or financial instrument, to make any investment, or to participate in any particular trading strategy. This information is produced only for value added marketing and/or informational purposes and no member of the Saxo Bank Group makes any representation or warranty, and assumes no liability, for the accuracy or completeness of the information provided herein. In providing this information, neither the content provider nor any member of the Saxo Bank Group has taken into account the investment objectives, special investment goals, financial situation, and specific needs and demands of any recipient and nothing herein is intended as a recommendation for any recipient to invest or divest in a particular manner. No member of the Saxo Bank Group assumes any liability for any recipient sustaining a loss from trading in accordance with a perceived recommendation.

Risk Warning

All investments entail risks and may result in both profits and losses. In particular, investments in leveraged products, such as, but not limited to foreign exchange, derivatives and commodities can be very speculative and profits and losses may fluctuate both violently and rapidly. Speculative trading is not suitable for all investors and all recipients should carefully consider their financial situation and consult financial advisor(s) in order to understand the risks involved and ensure the suitability of their situation prior to making any investment, divestment or entering into any transaction. Any mention herein of any risks may not be, and should not be considered to be a comprehensive disclosure or description of such risks. Any expression of opinion is personal to the author and may not necessarily reflect the opinion of any member of the Saxo Bank Group and all expressions of opinion are subject to change without notice (neither prior nor subsequent).

Past Performance Is No Indication

This website may make reference to past performance. Past performance is not a reliable indicator of future performance. Indications of past performance displayed on this website will not necessarily be repeated in the future. No representation is being made that any investment will or is likely to achieve profits or losses similar to those achieved in the past or that significant losses will be avoided.

Forward-Looking Statements

Where there are statements contained in this website which are not historical facts, such statements could be data obtained as a result of simulated past performance or future performance based on current expectations, estimates, projections, opinions and beliefs of members of the Saxo Bank Group. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Additionally, this website may contain 'forward-looking statements'. Actual events or results or actual performance may differ materially from those reflected or contemplated in such forward-looking statements. None of any opinions that may be inferred from the contents of this website is intended to be relied upon as advice or recommendation of any action. They are intended merely as articulations of personal musings and speculations factually.

This material is confidential and should not be copied, distributed, published or reproduced in whole or in part or disclosed by recipients to any other person.