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Sales and Trading Commentary Disclaimer

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CONFLICTS OF INTEREST
Barclays is a full service securities firm. In the normal course of offering investment banking products and services to clients, Barclays may act in several capacities (including issuer, market maker and/or liquidity provider, underwriter, distributor, index sponsor, swap counterparty and calculation agent) simultaneously with respect to a product, giving rise to potential conflicts of interest which may impact the performance of a product.
NOT RESEARCH  This communication is from a Barclays Sales and/or Trading desk and is not a product of the Barclays Research department. Furthermore, this communication is not a “research report” as that term is defined in rules 1.71 and 23.605 of the U.S. Commodity Futures Trading Commission, where applicable, because solely for the purpose of complying with such rules it is being conveyed by a business trading unit as a solicitation of derivatives business generally. Any views expressed may differ from those of Barclays Research. Any views and/or commentary in this communication are of the Barclays Sales and/or Trading desk from which it originates (the “Authors”). This communication has not been produced, reviewed or approved by the Barclays Research Department, and is not subject to any prohibition on dealing ahead of the dissemination of research. Any views expressed herein may not be objective or independent of the interests of the Authors or other Barclays Sales and/or Trading desks, who are active participants in the markets, investments or strategies referred to in this communication. This communication is not a personal recommendation and do not take into account whether any product or transaction is suitable for any particular investor. 
BARCLAYS POSITIONS
Barclays, its affiliates and associated personnel may at any time acquire, hold or dispose of long or short positions (including hedging and trading positions) which may impact the performance of a product. 
FOR INFORMATION ONLY  THIS COMMUNICATION IS PROVIDED FOR INFORMATION PURPOSES ONLY AND IT IS SUBJECT TO CHANGE. IT IS INDICATIVE ONLY AND IS NOT BINDING.
NO OFFER  Barclays is not offering to sell or seeking offers to buy any product or enter into any transaction. Any transaction requires Barclays’ subsequent formal agreement which will be subject to internal approvals and binding transaction documents. Without limitation to the foregoing, any transaction may also be subject to review by Barclays against its published Tax Principles.
NO LIABILITY  Barclays is not responsible for the use made of this communication other than the purpose for which it is intended, except to the extent this would be prohibited by law or regulation. 
NO ADVICE  OBTAIN INDEPENDENT PROFESSIONAL ADVICE BEFORE INVESTING OR TRANSACTING. Barclays is not an advisor and will not provide any advice relating to a product. Before making an investment decision, investors should ensure they have sufficient information to ascertain the legal, financial, tax and regulatory consequences of an investment to enable them to make an informed investment decision. 
USE OF WEBLION PORTAL Your use of the WebLion Portal ("WebLion") within the Barclays Live Site is subject to the Barclays Live Terms of Use (the "Terms"). The information provided by Barclays on or about WebLion, including, without limitation, any information about the status and usage of warehouse lending arrangement(s) under a mortgage warehouse loan and security agreement or repurchase agreement between you and Barclays (together with any ancillary agreements, the “Agreement”), is for informational purposes only, and is subject to Barclays’ verification and the correction of errors. Funding/unfunding sale transactions under an Agreement will be agreed to and executed only pursuant to the terms and procedures provided for in the Agreement. 
THIRD PARTY INFORMATION  Barclays is not responsible for information stated to be obtained or derived from third party sources or statistical services. 
PAST & SIMULATED  Any past or simulated past performance (including back-testing) contained herein is no indication as to future performance. 
OPINIONS SUBJECT TO CHANGE  All opinions and estimates are given as of the date hereof and are subject to change. Barclays is not obliged to inform investors of any change to such opinions or estimates. 
NOT FOR RETAIL  This communication is being directed at persons who are professionals and is not intended for retail customer use. 
IMPORTANT DISCLOSURES  For important disclosures you must read, click on the link relevant to your region. Please contact your Barclays representative if you are unable to access.
EMEA EMEA Disclosures
APAC APAC Disclosures
US US Disclosures
CONFIDENTIAL  This communication is confidential and no part of it may be reproduced, distributed or transmitted without the prior written permission of Barclays. 
ABOUT BARCLAYS  Barclays Bank PLC offers premier investment banking products and services to its clients through Barclays Bank PLC. Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority and is a member of the London Stock Exchange. Barclays Bank PLC is registered in England No. 1026167 with its registered office at 1 Churchill Place, London E14 5HP. 
COPYRIGHT  Copyright Barclays Bank PLC, 2016 (all rights reserved). 
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