Important Information

This information is intended for clients of Ulster Bank Group who are market professionals or business investors and is not intended for use by any other persons. Opinions constitute our judgment at time of publication and are subject to change without notice. It is not an offer or solicitation to buy or sell any securities or any interest in securities. The information including the opinions expressed and the pricing given, is indicative, constitutes our judgement as of the date indicated and is subject to change without notice.

The information is provided on the basis that recipient will make an independent evaluation of the transactions described and their associated risks and seek independent financial advice if unclear about any aspect of the transaction or risks associated with it and places no reliance on us for advice or recommendations of any sort. We will not act as advisor on behalf of or owe any fiduciary duties in connection with any transactions. We make no representations or warranties with respect to the information and specifically disclaim all liability for any use the reader or its advisors make of the information.

The Royal Bank of Scotland plc ('RBS') and its affiliates, connected companies, employees or clients may have an interest in the securities (or related securities, other financial instruments or their related derivatives) ('Securities') mentioned in this information including, in relation to securities, dealing, holding, acting as market-makers, performing financial or advisory service, acting as a manager or co-manager of a public offering. RBS may also have an investment banking relationship with any companies mentioned in this website.

Over-the-counter ('OTC') derivatives can provide significant benefits but may involve a variety of significant risks. OTC derivatives include options, forwards, swaps, swaptions, caps, floors, collars, combinations and variations of such transactions and other contractual arrangements which may all involve or be based upon interest rates, currencies, securities commodities and other underlying interests. The specific risks presented by a particular OTC derivative necessarily depend upon the terms of that transaction and your circumstances. In general, however, all OTC derivatives, involve risks, which include (among others) the risk of adverse or unanticipated market, financial, or political developments, or risk of counterparty. In the event the market has moved against a transaction you have undertaken, you may incur substantial costs if you wish to close out your position. In addition, you may be subjected to operational risks in the event that you do not have in place appropriate internal systems and controls. Entering into OTC derivatives can introduce significant liquidity risk and other risk factors of a complex character.