Disclosures Investment Recommendations

The Sales Commentary mails prepared by the Equity Sales team of Kempen & Co Securities is for informational purposes only. Any views and opinions expressed therein do represent the view that the individual employee of the Equity Sales team may hold, on the date and time that the message was disseminated, on markets, potential market developments or corporate events and such views may change at any time without prior notice. We have no obligation to update the information discussed in the Sales Commentary. 

The views and opinions expressed may be different from those of other employees of the Equity Sales team or any other person in Kempen & Co Securities, including the views and opinions of Kempen & Co Research. The views and opinions expressed do not constitute an offer to buy or sell or a solicitation to buy or sell any security or financial instrument.

The Sales Commentary mails may include information which can be regarded as ‘investment recommendation’ as defined by EU Market Abuse Regulation No 596/2014 (“MAR”). MAR imposes requirements on certain communications to clients and where a communication constitutes an ‘Investment Recommendation’, certain disclosures must be provided. These disclosures, which  include statements as to certain potential conflicts of interest and as to changes to previous recommendations, are provided on this page. Furthermore, reference is also made to certain additional disclosures provided on the website of Kempen & Co Research. Should you have any questions, please contact your usual contact in the Equity Sales team of Kempen & Co Securities.

A Sales Commentary disseminated by the Equity Sales team is not a product of Kempen & Co Research nor is it intended to constitute investment research or independent research. As such, the contents of a Sales Commentary has not been prepared in accordance with requirements designed to promote the independence of investment research and it is not subject to any prohibition on dealing ahead of the dissemination of investment research.

Kempen & Co is focused on investment banking, investment management and brokerage services and we may have a relationship with companies mentioned in the Sales Commentary as disseminated by Equity Sales team. As such, Kempen & Co, group companies and/or their officers, affiliates, directors and employees, including persons involved in the preparation or publication of the Sales Commentary, may from time to time (i) perform brokerage, market making activities, liquidity provider services, and/or investment banking services for, or on behalf of any of the companies referred to in this Sales Commentary, or may intend to receive or seek compensation for brokerage and investment banking services from companies mentioned in this Sales Commentary, (ii) have investments, either independently or for the benefit of third parties, in securities or derivatives of securities mentioned in this Sales Commentary, and may trade them in ways contrary to or inconsistent with those discussed in this Sales Commentary, as a broker, market maker, or in any other role. 

Accordingly, information included in Sales Commentaries is not independent from the proprietary interests of Kempen & Co, which may conflict with your interests.

The Sales Commentary is prepared in accordance with Kempen & Co’s general policies and business conduct procedures for managing conflicts of interest including Information and Separation Barriers. Information regarding our conflicts of interest policies are available on request; please contact your customary contact person at Kempen & Co Securities.

Any investments referred to in any Sales Commentary disseminated by the Equity Sales team may involve significant risk, are not necessarily available in all jurisdictions, may be illiquid and may not be suitable for all investors. The contents of a Sales Commentary has been prepared without regard to the individual financial circumstances of objectives of persons who receive it. The appropriateness of a particular investment, as may be described in the Sales Commentary, will depend on the recipient’s individual circumstances. Recipients of Sales Commentary should, without relying on the contents of such Sales Commentary, make their own independent investment decisions and, if necessary, seek professional advice.

Kempen & Co is a brand name of Van Lanschot Kempen N.V. (“Van Lanschot Kempen”). As a bank, Van Lanschot Kempen is subject to the supervision of De Nederlandsche Bank N.V. (“DNB”) and has been issued a license on the basis of Article 2.11 of the Dutch Financial Supervision Act (“Wft”). Van Lanschot Kempen is also registered as financial institution with the Netherlands Authority for the Financial Markets (AFM) in Amsterdam.

Kempen & Co Securities / Equity Sales team, October 2021