Page 17 - 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 constitutes our judgment 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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Registered in England and Wales number 3779657 Registered Office Broadwalk House 5 Appold Street London EC2A 2AG