Page 20 - ISQ UK_October 2017

DISCLOSURE
Issued by Raymond James Investment Services Limited (Raymond James). The value of investments, and the income from them, can
go down as well as up, and you may not recover the amount of your original investment. Past performance is not a reliable indicator
of future results. Where an investment involves exposure to a foreign currency, changes in rates of exchange may cause the value of
the investment, and the income from it, to go up or down. The taxation associated with a security depends on the individual’s personal
circumstances and may be subject to change.

The information contained in this document is for general consideration only and any opinion or forecast reflects the judgment of the
Research Department of Raymond James & Associates, Inc. as at the date of issue and is subject to change without notice. You should
not take, or refrain from taking, action based on its content and no part of this document should be relied upon or construed as any
form of advice or personal recommendation. The research and analysis in this document have been procured, and may have been acted
upon, by Raymond James and connected companies for their own purposes, and the results are being made available to you on this
understanding. Neither Raymond James nor any connected company accepts responsibility for any direct or indirect or consequential
loss suffered by you or any other person as a result of your acting, or deciding not to act, in reliance upon such research and analysis. If
you are unsure or need clarity upon any of the information covered in this document please contact your wealth manager.

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