Page 23 - ISQ UK JANUARY 2020

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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