Deltec Think About This Oil Is Not Gushing - Page 11

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The information , tools and material presented in this report are provided to you by DIG for information purposes only and are not to be used or considered as an offer or the solicitation of an offer to sell or to buy or subscribe for securities or other financial instruments . DIG may not have taken any steps to ensure that the securities referred to in this report are suitable for any particular investor . DIG will not treat recipients of this report as its customers by virtue of their receiving this report . The investments and services contained or referred to in this report may not be suitable for you and it is recommended that you consult an independent investment advisor if you are in doubt about such investments or investment services . Nothing in this report constitutes investment , legal , accounting or tax advice , or a representation that any investment or strategy is suitable or appropriate to your individual circumstances , or otherwise constitutes a personal recommendation to you . DIG does not advise on the tax consequences of investments and you are advised to contact an independent tax adviser . Information and opinions presented in this report have been obtained or derived from sources believed by DIG to be reliable , but DIG makes no representation as to their accuracy or completeness . DIG accepts no liability for loss arising from the use of the material presented in this report , except that this exclusion of liability does not apply to the extent that such liability arises under specific statutes or regulations applicable to DIG . This report is not to be relied upon in substitution for the exercise of independent judgment . DIG may have issued , and may in the future issue , other communications that are inconsistent with , and reach different conclusions from , the information presented in this report . Those communications reflect the different assumptions , views and analytical methods of the analysts who prepared them and DIG is under no obligation to ensure that such other communications are brought to the attention of any recipient of this report . DIG may , to the extent permitted by law , participate or invest in financing transactions with the issuer ( s ) of the securities referred to in this report , perform services for or solicit business from such issuers , and / or have a position or holding , or other material interest , or effect transactions , in such securities or options thereon , or other investments related thereto . In addition , it may make markets in the securities mentioned in the material presented in this report . Some investments referred to in this report will be offered solely by a single entity and in the case of some investments solely by DIG , or an associate of DIG or DIG may be the only market maker in such investments . Past performance should not be taken as an indication or guarantee of future performance , and no representation or warranty , express or implied , is made regarding future performance . Information , opinions and estimates contained in this report reflect a judgment at its original date of publication by DIG and are subject to change without notice . The price , value of and income from any of the securities or financial instruments mentioned in this report can fall as well as rise . The value of securities and financial instruments is subject to exchange rate fluctuation that may have a positive or adverse effect on the price or income of such securities or financial instruments . Investors in securities such as ADR ' s , the values of which are influenced by currency volatility , effectively assume this risk . Structured securities are complex instruments , typically involve a high degree of risk and are intended for sale only to sophisticated investors who are capable of understanding and assuming the risks involved . The market value of any structured security may be affected by changes in economic , financial and political factors ( including , but not limited to , spot and forward interest and exchange rates ), time to maturity , market conditions and volatility , and the credit quality of any issuer or reference issuer . Any investor interested in purchasing a structured product should conduct their own investigation and analysis of the product and consult with their own professional advisers as to the risks involved in making such a purchase . Some investments discussed in this report may have a high level of volatility . High volatility investments may experience sudden and large falls in their value causing losses when that investment is realised . Those losses may equal your original investment . Indeed , in the case of some investments the potential losses may exceed the amount of initial investment and , in such circumstances , you may be required to pay more money to support those losses . Income yields from investments may fluctuate and , in consequence , initial capital paid to make the investment may be used as part of that income yield . Some investments may not be readily realisable and it may be difficult to sell or realise those investments , similarly it may prove difficult for you to obtain reliable information about the value , or risks , to which such an investment is exposed . This report may provide the addresses of , or contain hyperlinks to , websites . Except to the extent to which the report refers to website material of DIG , DIG has not reviewed any such site and takes no responsibility for the content contained therein . Such address or hyperlink is provided solely for your convenience and information and the content of any such website does not in any way form part of this document . Accessing such website or following such link through this report or DIG ’ s website shall be at your own risk . Please note that this research was originally prepared and issued by DIG solely for distribution to their market professionals and institutional investor customers . Recipients who are not market professionals or institutional investor customers of DIG should seek the advice of their independent financial advisor prior to taking any investment decision based on this report or for any necessary explanation of its contents . If this report is being distributed by a financial institution other than Deltec Investment Advisers Limited , or its affiliates , that financial institution is solely responsible for distribution . This report does not constitute investment advice by DIG to the clients of the distributing financial institution , and neither Deltec Investment Advisers Limited , its affiliates , and their respective officers , directors and employees accept any liability whatsoever for any direct or consequential loss arising from their use of this report or its content . This research may not conform to relevant U . S . or Canadian disclosure requirements . or to the relevant requirements of any other jurisdiction , many of which have their own disclosure requirements . Further , this research report may relate to investments or services of a person outside of the UK or to other matters which are not regulated by the FCA or in respect of which the protections of the FCA for retail clients and / or the Financial Services Compensation Scheme may not be available , and further details as to where this may be the case are available upon request in respect of this report . DIG may provide various services to US municipal entities or obligated persons (" municipalities "), including suggesting individual transactions or trades and entering into such transactions . Any services DIG provides to municipalities are not viewed as “ advice ” within the meaning of Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act . DIG is providing any such services and related information solely on an arm ’ s length basis and not as an advisor or fiduciary to the municipality . In connection with the provision of the any such services , there is no agreement , direct or indirect , between any municipality ( including the officials , management , employees or agents thereof ) and DIG for DIG to provide advice to the municipality . Municipalities should consult with their financial , accounting and legal advisors regarding any such services provided by DIG . In addition , DIG is not acting for direct or indirect compensation to solicit the municipality on behalf of an unaffiliated broker , dealer , municipal securities dealer , municipal advisor , or investment adviser for the purpose of obtaining or retaining an engagement by the municipality for or in connection with Municipal Financial Products , the issuance of municipal securities , or of an investment adviser to provide investment advisory services to or on behalf of the municipality . Information presented is believed to be factual and up-to-date , but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed . All investment strategies have the potential for profit or loss . There are no assurances that any investment or strategy will match or exceed any particular benchmark . Past performance is not a guarantee of future
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