Disclaimer and Risk Disclosure

Santander Global Corporate Banking is a brand name used by Santander UK plc and Abbey National Treasury Services plc. Registered Office: 2 Triton Square, Regent's Place, London, NW1 3AN, United Kingdom with respective Registered Numbers 2294747 and 2338548. Registered in England and Wales. Santander UK plc and Abbey National Treasury Services plc are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (with respective Financial Services Register numbers 106054 and 146003). You can check this on the Financial Services Register by visiting the FCA's website www.fca.org.uk/register or by contacting the FCA on 0800 111 6768. Santander and the flame logo are registered trademarks.

This document has been prepared by Santander Global Corporate Banking ("SGCB"), for information purposes only and is not binding. No transaction or services related thereto is contemplated without a subsequent formal agreement with SGCB or the Santander Group. The information contained in this document must not be relied upon as investment advice. It does not take into account whether an investment, course of action, or associated risks are suitable for the recipient. This document is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. Investors should seek independent professional financial advice regarding the legal, financial, tax and regulatory consequences of a transaction as well as the suitability and/or appropriateness of making an investment or implementing the investment strategies discussed in this document and should understand that statements regarding future prospects may not be realised. Investors should note that income from such investments, if any, may fluctuate and that the value of such investments may rise or fall. Accordingly, investors may receive back less than they originally invested.

This communication has not been produced, reviewed or approved by the Santander Group's Research Department, and should not be construed as investment research or a research report and is not subject to any prohibition on dealing ahead of the dissemination of research.

Neither the information nor any opinion expressed constitutes a prospectus, offering document, an underwriting commitment or an offer, or an invitation to make an offer, to buy or sell any securities, other investment or any options, futures or derivatives related to securities or investments. No transaction or services related thereto is contemplated without a subsequent formal agreement with Santander UK plc and/or its affiliates ("Santander Group")

The information herein is not intended to predict actual results, which may differ substantially from those reflected. Past performance does not guarantee or predict future performance. The information contained in this document (other than disclosure information relating to the Santander Group) has been obtained from, or are based on, public sources believed to be reliable, but no representation or warranty, express or implied, is made that such information, assumptions, performance data, modelling or scenario analysis is accurate, complete or up to date and it should not be relied upon as such.

Important: You should carefully consider your investment objectives, level of experience and risk appetite before entering into any transactions. Most importantly, do not invest money you cannot afford to lose.

The views and commentary in this document (together, "views") are short-term views of the desk from which it originates (the "Authors"). The views are not objective or independent of the interests of the Authors or other SGCB Trading and/or Sales desks, who are active participants in the markets, investments or strategies referred to herein. This document has been prepared in accordance with the Santander Group policies for managing conflicts of interest. The Santander Group have internal rules of conduct that contain, among other things, procedures to prevent conflicts. Information concerning the management of conflicts of interest and the internal rules of conduct are available upon request. The Santander Group and associated personnel may (a) act in several capacities (including hedging activity and trading positions) in financial instruments which may adversely affect any investment performance referred herein; (b) provide oral or written market commentary or trading strategies to its clients that reflect opinions that may be contrary to the materials discussed herein; (c) act upon the contents of this publication prior to your having received it; (d) and/or effect transactions which are not consistent with the materials discussed herein.

To the fullest extent permitted by law, no Santander Group company accepts any liability whatsoever (including in negligence) for any direct or consequential loss arising from any use of or reliance on material contained in this document. Please note the publication date of this document. It may contain specific information that is no longer current and should not be used to make an investment decision. Unless otherwise indicated, there is no intention to update this document. This document is confidential and for the use of intended recipients only and may not be reproduced (in whole or in part or in any form or manner) or delivered or transmitted to any other person without the prior written consent of SGCB. No part of this document may be copied, conveyed, distributed or furnished to any person or entity in any country in which its distribution is prohibited by law. Furthermore no part of this document may be copied, conveyed, distributed or furnished to any U.S. person, as defined in the U.S. tax code. Any unauthorised use or disclosure is prohibited.