Disclaimer - FM Sales HK
This material has been prepared by the sales and/or trading desk of ING Bank N.V. (for this purpose being ING Financial Markets, ING Bank N.V. together with any of its affiliates to be referred to as “ING”) and is not a product of the Research Department.
This material has been prepared solely for information and discussion purposes and is for distribution to institutional and professional clients only.
This material is not investment advice. This material should be regarded as a marketing communication, it does not constitute “investment research” as defined in article 24(1) of Commission Directive No. 2006/73/EC implementing the Markets in Financial Instruments Directive. 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.
It is not or an offer or solicitation for the purchase or sale of any financial instrument. While reasonable care has been taken to ensure that the information contained herein is not untrue or misleading at the time of publication, ING makes no representation that it is accurate or complete. The information contained herein is subject to change without notice.
ING and any of its officers, employees, related or discretionary accounts may, to the extent permitted by law, have long or short positions or may otherwise be interested in any transactions or investments (including derivatives) referred to in this document. In addition, ING and/or its affiliated companies may provide banking, insurance or asset management services for, or solicit such business from, any company referred to in this document.
Neither ING nor any of its officers or employees accepts any duty of care to the recipient or any liability for any direct or consequential loss arising from any use of this document or its contents.
Any investments referred to herein may involve significant risk, are not necessarily available in all jurisdictions, may be illiquid and may not be suitable for all investors.
The value of, or income from, any investments referred to herein may fluctuate and/or be affected by changes in exchange rates. Past performance is not indicative of future results and can be misleading. Investors should make their own investigations and investment decisions without relying on this document. Only investors with sufficient knowledge and experience in financial matters to evaluate the merits and risks should consider an investment in any issuer or market discussed herein and other persons should not take any action on the basis of this document. Before making an investment decision you should seek advice from such independent advisers as you deem necessary.
If and when an offer is made, it will be on the basis of offering materials which will be made available to you upon request.
This document is issued: 1) in the United Kingdom only to persons described in Articles 19, 47 and 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and is not intended to be distributed, directly or indirectly, to any other class of persons (including private investors); 2) in Italy only to persons described in Article No. 58 and in Annex No. 3 of Consob Regulation No. 16190/07. In EEA jurisdictions the material is addressed to Mifid Eligible and MIFID Professional counterparties.
Any opinions expressed herein may differ from the opinions expressed by other departments within ING.
ING Wholesale Banking is the marketing name for the corporate and investment banking business of ING Bank N.V. and certain of its subsidiary companies. ING Bank N.V. is incorporated with limited liability in the Netherlands and is authorised by the Dutch Central Bank and regulated by the Netherlands Authority for the Financial Markets. ING Bank N.V., London branch is registered in England (Registration number BR000341).
Neither this document nor any copy hereof may be taken or distributed directly or indirectly into the United States or to any US person.
Copyright and database rights protection exists in this document, and it may not be altered, reproduced, sold or distributed by any person for any purpose without the prior express consent of ING. All rights are reserved.
Additional information is available on request.
Disclaimer for Australian Clients
ING Bank N.V ARBN 32 080 178 196 AFSL N.o. 234557. ING Bank N.V understands that you are a wholesale client within the meaning of section 761G of the Corporations Act (Wholesale Client). Please inform your usual ING contact if you are not a Wholesale Client now or if you cease to be a Wholesale Client at any time in the future.”