This communication has been prepared by Barclays Capital Inc. (together with its affiliates, "Barclays"). Any views and commentary in this communication (together, “Views”) are short-term views of the Barclays Trading and/or Distribution desk from which it originates (the “Authors”). This communication has not been produced, reviewed or approved by Barclays’s Research Department and is not Investment Research or a Research Recommendation.

The Views are not objective or independent of the interests of the Authors or other Barclays Trading and/or Distribution desks, who are active participants in the markets, investments or strategies referred to herein. Barclays and its associated personnel may at any time acquire, hold or dispose of positions (including hedging and trading positions and performing or soliciting investment banking or other services) which may impact the performance of a product described in the Views.

The Views are not a personal recommendation and do not take into account whether any product or transaction is suitable for any particular investor. You should 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.

This communication is provided for information purposes only, is subject to change and is not binding. Any pricing included in this communication is indicative only. Barclays is not offering to sell or seeking offers to buy any product or enter into any transaction. Any transaction requires our subsequent formal agreement which will be subject to internal approvals and binding transaction documents.

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. 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 (including back-testing) contained herein is no indication as to future performance. Barclays makes no representation as to the accuracy, completeness or reasonableness of any performance data, modeling, back-testing or scenario analysis in these materials. This communication is being directed at persons who are professionals and is not intended for retail customer use.

Barclays Capital Inc. is a U.S. registered broker/dealer affiliate of Barclays Bank PLC and a member of SIPC, NYSE, FINRA and NFA. Barclays Capital Inc. operates out of 745 Seventh Avenue, New York, NY 10019. Where required pursuant to applicable U.S. laws, rules and/or regulations, Barclays Capital Inc. accepts responsibility for the distribution of this document in the United States to U.S. Persons.

IRS Circular 230 Disclosure

Barclays does not provide tax advice. Please note that (i) any discussion of US tax matters contained in this communication (including any attachments) cannot be used by you for the purpose of avoiding tax penalties; (ii) this communication was written to support the Views addressed herein; and (iii) you should seek advice based on your particular circumstances from an independent tax advisor.