This communication has been prepared by the investment banking division of Barclays, for information purposes only. It is confidential and no part of it may be reproduced, distributed or transmitted without the prior written permission of Barclays.

The views and commentary expressed in this communication may not necessarily reflect the institutional views of Barclays.  They may be based on or informed by the views of Barclays trading and/or distribution desks and may not be objective or independent of the interests of those desks as active participants in the markets, investments or strategies that may be referred to in the communication.  The views and commentary expressed in this communication may also be subject to change at any time; Barclays has no obligation to update them, or any other information contained in this communication.

This communication has not been produced, reviewed or approved by Barclays’ Research department.  It is not investment research or a research recommendation.

This communication is not an invitation or inducement to buy, sell or subscribe to any investment or other product, nor is it investment advice or a recommendation or other statement as to the suitability or otherwise of any investments for any person.  It is directed for information purposes at persons having professional experience in matters relating to investments; it is not intended for use by retail customers and persons who do not have professional experience in matters relating to investments should not rely on it.

None of the members of the Barclays Group, nor any of their respective officers, directors, employees, representatives or agents accepts any liability whatsoever for any direct, indirect or consequential loss arising from any use of this publication or its contents or reliance on the information contained herein. Barclays does not provide tax, legal, accountancy or actuarial advice and nothing contained in this communication should be construed as advice in relation to such matters.

Barclays is not responsible for information stated to be obtained or derived from third party sources or statistical services. Any past or simulated past performance is no indication of future performance. Barclays makes no representation as to the accuracy, completeness or reasonableness of any performance data or scenario analysis in this communication.

The Barclays Group is involved in a wide range of commercial banking, investment banking and other activities out of which conflicting interests or duties may arise. Barclays Group operates in accordance with a conflicts of interest policy that identifies conflicts of interest Barclays Group faces in the ordinary course of its business and establishes organisational and procedural measures to manage those conflicts where it is reasonably able to do so. Members of the Barclays Group may from time to time make a market or deal and/or hold long or short positions as principal or as agent in securities referred to in this communication or any derivatives related thereto, or act as manager, arranger or underwriter of an offering of any such securities or other securities of companies referred to in this communication.

Any investments or products referred to in this communication as “green”, “social”, “sustainable” or equivalent were labelled as such at the time they were issued or originated, which labelling is distinct from the reporting eligibility criteria of Barclays’ own sustainable and transition finance frameworks. Any such investments or products are referenced for information purposes only and Barclays is not making any claims about their continuing sustainability-related characteristics.

This communication is made by Barclays Bank PLC or (in the European Economic Area) by Barclays Bank Ireland PLC. Barclays Group refers to Barclays Bank PLC and its parent and subsidiary undertakings.

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The Australian Securities and Investments Commission (ASIC) has provided certain exemptions to Barclays Bank PLC under paragraph 911A (2) (l) of the Corporations Act 2001 from the requirement to hold an Australian financial services licence in respect of financial services provided to Australian wholesale clients, on the basis that it is regulated in the UK, which ASIC has assessed as having sufficiently equivalent regulation.

Nothing in this communication should be considered investment advice as defined in the Israeli Regulation of Investment Advisory, Investment Marketing and Portfolio Management Law, 1995 (“Advisory Law”). This communication is intended for eligible investors as defined under the Advisory Law who are also sophisticated investors enumerated in the first addendum of the Securities Law, 1968. Barclays does not maintain an investment advisory or an investment marketing license with the Israel Securities Authority (ISA). Barclays provides its services to eligible clients solely pursuant to available exemption under the Advisory Law and a license is not required. Accordingly, Barclays does not maintain insurance coverage pursuant to the Advisory Law.​

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