This information does not provide individually tailored investment advice. It has been prepared without regard to individual financial circumstances and objectives of persons who read it. The securities discussed herein may not be suitable for all investors. Investors should independently evaluate particular investments and strategies, and seek the advice of a financial adviser. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives. We make every effort to use reliable, comprehensive information, but we make no representation that it is accurate or complete. Opinions expressed herein are subject to change without notice. Estimates of future performance are based on assumptions that may not be realized, and the price of any security mentioned may go down. In the normal course of doing business, we may buy or sell shares of the securities or derivatives (including options and warrants) discussed herein for our personal accounts, our corporate accounts, or our clients’ accounts. The purpose of this information is for discussion purposes only. It does not constitute an offer or solicitation to purchase or sell any securities or other financial products. Investing in securities and other financial products entails certain risks, including the possible loss of the entire principal amount invested. Certain investments in particular, including those involving structured products, futures, options and other derivatives, are complex, may entail substantial risk and are not suitable for all investors. The price and value of, and income produced by, securities and other financial products may fluctuate and may be adversely impacted by exchange rates, interest rates or other factors. Certain securities may not be registered with, or subject to the reporting requirements of, the U.S. Securities and Exchange Commission or any comparable regulatory authority. Information available on such securities may be limited. Investors should obtain advice from their and own tax, financial, legal and other advisers and only make investment decisions on the basis of the investors’ objectives, experience and resources. The analysis contained in this report is based on a number of assumptions. Changes in such assumptions could produce materially different results. This communication is not intended to forecast or predict future events. Past performance is not a guarantee or indication of future results. We have no duty to update this report, and the opinions, estimates and other views expressed in this report may change without notice. No liability whatsoever is accepted for any loss (whether direct, indirect or consequential) that may arise from any use of the information contained in or derived from this report. We do not provide tax advice and nothing contained herein is intended to be, or should be construed as a, tax advice. Recipients of this report should seek tax advice based on the recipient’s own particular circumstances from an independent tax adviser. This information is intended for distribution only in those jurisdictions where such distribution is permitted.

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