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Relevant entities and regulators

The Bank of New York Mellon, a banking corporation organized pursuant to the laws of the State of New York, whose registered office is at 240 Greenwich St, NY, NY 10286, USA. The Bank of New York Mellon is supervised and regulated by the New York State Department of Financial Services and the Federal Reserve and is authorized by the Prudential Regulation Authority (“PRA”) (Firm Reference Number: 122467).

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Pursuant to Title VII of The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and the applicable rules thereunder, The Bank of New York Mellon is registered as a swap dealer with the Commodity Futures Trading Commission (“CFTC”), is a swap dealer member of the National Futures Association (NFA ID 0420990) and is conditionally registered as a security-based swap dealer with the Securities Exchange Commission.

BNY Mellon Capital Markets, LLC (“BNYCM”) is a full-service U.S. registered broker-dealer and U.S. registered introducing broker and an indirect wholly owned non-bank subsidiary of The Bank of New York Mellon Corporation (“BNY”). BNY and its affiliates lend and provide other products and services to issuers and others and provide and receive related fees and compensation.  BNYCM is a member of FINRA and SIPC, which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). Explanatory brochure available upon request or at www.sipc.org. SIPC does not protect against loss due to market fluctuation. SIPC protection is not the same as, and should not be confused with, FDIC insurance.

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Disclosures relating to this material

This material may not be distributed or used for the purpose of providing any referenced products or services or making any offers or solicitations in any jurisdiction or in any circumstances in which such products, services, offers or solicitations are unlawful or not authorized, or where there would be, by virtue of such distribution, new or additional registration requirements. This material is not to be distributed in any jurisdiction in which such distribution would be illegal.

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Any proposal in this material is for discussion purposes only, does not bind BNY in any way and is subject to change.  Final terms will be agreed and included in a definitive contract.

If distributed in the UK, this material is a financial promotion. If distributed in the EU, this material is a marketing communication. This material is intended for wholesale/professional clients (or the equivalent only), and is not intended for use by retail clients. Persons who do not have professional experience in matters relating to investments should not rely on this material. BNY will only provide the relevant investment services, and this material is only being distributed, to investment professionals and no other person should act upon it. 

This material is for general information purposes only and is not intended to provide legal, tax, accounting, investment, financial or other professional counsel or advice on any matter and should not be used or relied upon as such.  This material does not constitute a recommendation or advice by BNY of any kind. Use of our products and services is subject to various regulations and regulatory oversight. You should discuss this material with appropriate advisors in the context of your circumstances before acting in any manner on this material or agreeing to use any of the referenced products or services and make your own independent assessment (based on such advice) as to whether the referenced products or services are appropriate or suitable for you.

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Risk information

A client should not enter into any transactions unless it has fully understood all risks and that not all investments will be suitable, and has independently determined that such transactions are appropriate, for the client. Investing in securities and other financial instruments involves risk, including loss of the principal amount invested. Prices may fluctuate and it is possible that such fluctuations may be substantial in response to many factors including, without limitation, general market and market sector conditions, U.S. and global, in addition to company specific conditions. Past performance is not a guide to or indicative of, nor a guarantee of, future performance of any instrument, transaction or financial structure and a loss of original capital may occur.   Additional information is provided on FINRA’s Web site at https://www.finra.org/investors/learn-to-invest/key-investing-concepts/evaluating-investment-performance.

Investment in any floating rate instrument presents unique risks, including the discontinuation of the floating rate reference or any successors or fallbacks thereto. BNY does not guarantee and is not responsible for the availability or continued existence of a floating rate reference associated with any particular instrument. Before investing in any floating rate instrument, please evaluate the risks independently with your financial, tax and other advisors as you deem necessary.

BNY (including its broker-dealer affiliates) may have long or short positions in any currency, derivative or instrument discussed herein. BNY has included data in this material from information generally available to the public from sources believed to be reliable. Any price or other data used for illustrative purposes may not reflect actual current conditions.  

Further information on foreign exchange transactions can be found at:

https://www.bny.com/corporate/global/en/disclaimers/foreign-exchange-disclosures.html.

Derivatives Disclosure. Where distribution of material is subject to the rules of the CFTC, it shall be considered a “solicitation” of derivatives business generally, as such term is used within CFTC Rule 1.71 and 23.605, pursuant to the U.S. Commodity Exchange Act. Derivatives and options carry a high level of risk and are not suitable for all investors. In particular, an option holder may lose the entire amount paid for the option in a relatively short period of time and an options writer may incur significant loss if the price of the underlying interest declines.

Nature of BNY’s role

The terms of any products or services provided by BNY to a client, including without limitation any administrative, valuation, trade execution or other services shall be solely determined by the definitive agreement relating to such products or services. Any products or services provided by BNY shall not be deemed to have been provided as fiduciary or adviser except as expressly provided in such definitive agreement. BNY may enter into a foreign exchange transaction, derivative transaction or collateral arrangement as a counterparty to a client, and its rights as counterparty or secured party under the applicable transactional agreement or collateral arrangement shall take precedence over any obligation it may have as fiduciary or adviser or as service provider under any other agreement.

The Bank of New York Mellon, London Branch (“BNYLB”) is not providing any facilitation or arranging services to you in connection with products/services referenced in this communication. The services will be contracted with and delivered by BNYCM alone and recipients of the services will be entering into the BNYCM contractual documents directly with BNYCM respectively (not BNYLB). Any contractual terms will be subject to approval by BNYCM.

Liability

BNYCM and its affiliates do not make representations as to the actual value to be received in connection with a transaction.  The views expressed within this material are those of the contributors and not necessarily those of BNY. BNY has not independently verified the information contained in this material and makes no representation as to the accuracy, completeness, timeliness, merchantability or fitness for a specific purpose of the information provided in this material. BNY assumes no direct or consequential liability for any errors in or reliance upon this material.

No representations or warranties are made, and BNY assumes no liability, as to the suitability of any products and services described herein for any particular purpose.

Neither BNY nor any other third party provider shall be liable for any errors in or delays in providing or making available the data (including rates, WMR Intraday Spot Rates and WMR Intraday Forward Rates) contained within a service or for any actions taken in reliance on the same, except to the extent that the same is directly caused by its or its employees’ negligence. The WMR Intraday Spot Rates and WMR Intraday Forward Rates are provided by the London Stock Exchange Group plc and/or its group undertakings (“LSEG”). LSEG shall not be liable for any errors in or delays in providing or making available the data contained within this service or for any actions taken in reliance on the same, except to the extent that the same is directly caused by its or its employees’ negligence.

None of BNY, any data vendors used by BNY, nor their sources (“Vendors"), warrants the accuracy or completeness or timeliness of any of the derivatives valuations supplied by BNY or the Vendors. Although the derivatives valuations may be referred to as “valuations” or “prices”, they are prepared by Vendors and in the case of BNY’s proprietary valuation services, by BNY based on inputs from such Vendors through the application of methods, standards of judgment and proprietary models used and developed by each Vendor or BNY, as applicable, and these derivatives valuations may not conform in any way to actual trading prices, prices you may obtain in a sale or purchase, or information available from third parties. A derivatives valuation represents only one view as to the estimated general value of a derivatives instrument at a particular point in time, and therefore is subject to change at any time without notice. Derivatives valuations may incorporate information from the most active markets to which a Vendor or BNY, as applicable, has access and, consequently, may not represent an estimate of the value of the particular derivatives instrument in all or other markets to which BNY or others may have access. None of BNY or the Vendors makes any warranties, express or implied, including but not limited to any warranty of merchantability or fitness for a particular purpose or use or non-infringement in connection with any of the data or anything done or supplied by the Vendors through BNY or by BNY though its proprietary valuation services. Derivatives valuations are being provided by BNY at the client’s request for information purposes only and are not intended as an offer or solicitation for the purchase or sale of a security or a contractual obligation with respect to any derivatives instrument.

Specific disclosure relating to iFlow®

For Material that relates to, originates from or refers to iFlow® or the currency strategy team (for example FX market commentary), the products and services described herein may contain or include certain “forecast” statements that may reflect possible future events based on current expectations. Forecast statements are neither historical facts nor assurances of future performance. Forecast statements typically include, and are not limited to, words such as “anticipate”, “believe”, “estimate”, “expect”, “future”, “intend”, “likely”, “may”, “plan”, “project”, “should”, “will”, or other similar terminology and should NOT be relied upon as accurate indications of future performance or events. Because forecast statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. iFlow® is a registered trademark of The Bank of New York Mellon Corporation under the laws of the United States of America and other countries. iFlow captures select data flows from the firm’s base of assets under custody, as well as from its trading activity with non-custody clients, on an anonymized and aggregated basis. This document is intended for private circulation.  Persons accessing, or reading, this material are required to inform themselves about and to observe any restrictions that apply to the distribution of this information in their jurisdiction.

Specific disclosure relating to FX Overlay

For Material that relates to, originates from or refers to FX Overlay/Currency Administration, FX Overlay is provided under and subject to the terms of a definitive agreement between BNY and the client. BNY exercises no investment discretion thereunder, but acts solely pursuant to the instructions in such agreement or otherwise provided by the client. Unless provided by definitive agreement, BNY is not an agent or fiduciary thereunder, and acts solely as principal in connection with related foreign exchange transactions.

Securities Products: Not FDIC-Insured – Subject to Loss in Value – Not a Deposit of or Guaranteed by a Bank or any Bank Affiliate.

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