General Disclaimer

This message has been prepared by personnel of one or more affiliates of the BTIG franchise (“BTIG”). It is not a research report and is not intended as such.

Non-Reliance and Risk Disclosure: This material should not be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. We are not soliciting any action based on this material. It is for the general information of our clients. It does not constitute a recommendation or take into account the particular investment objectives, financial conditions, or needs of individual clients. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. The price and value of the investments referred to in this material and the income from them may go down as well as up, and investors may realize losses on any investments. Past performance is not a guide to future performance. Future returns are not guaranteed, and a loss of original capital may occur. We do not provide tax, accounting, or legal advice to our clients, and all investors are advised to consult with their tax, accounting, or legal advisers regarding any potential investment. Certain transactions – including those involving futures, options, equity swaps, and other derivatives as well as non-investment-grade securities – give rise to substantial risk and may not be available to or suitable for all investors. If you have any questions about whether you are eligible to enter into these transactions with BTIG, please contact your sales representative. Please ensure that you have read and understood the current options disclosure document before entering into any options transactions. Current United States listed options disclosure documents are available from our operations personnel or at This material is not for distribution to retail clients, as that term is defined under The European Union Markets in Financial Instruments Directive (2004/39/EC) and any investments, including derivatives, mentioned in this material will not be made available by us to any such retail client. Foreign-currency-denominated securities are subject to fluctuations in exchange rates that could have an adverse effect on the value or price of, or income derived from, the investment. In addition, investors in securities such as ADRs, the values of which are influenced by foreign currencies, effectively assume currency risk. The material is based on information that we consider reliable, but we do not represent that it is accurate, complete and/or up to date, and it should not be relied on as such.

Legal Entities disseminating this Material: This material is disseminated in the United States by BTIG, LLC (which is a member of FINRA, NFA, NASDAQ and SIPC). You may obtain information about SIPC, including the SIPC brochure, by contacting SIPC (website:; phone: 202-371-8300). It is disseminated by separate but affiliated entities of BTIG, LLC in the following locations: in Australia by BTIG Australia Ltd (BTIG Australia Limited. ACN: 128 554 601; a member of ASIC and ASE); in Hong Kong by BTIG Hong Kong Limited (an SFC approved broker-dealer); in Japan by BTIG Japan KK; in Norway by BTIG Norway AS (registered with the NFSA); in Singapore by BTIG Singapore Pte Ltd (registered and licensed with MAS); and in the UK by BTIG Ltd (authorized and regulated by the Financial Conduct Authority and member of the London Stock Exchange). Unless governing law permits otherwise, you must contact a BTIG entity in your home jurisdiction if you want to use our services in effecting a transaction in the securities mentioned in this material.

Reproduction and Re-Distribution: No part of this material may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without our prior written consent. Notwithstanding anything herein to the contrary, and except as required to enable compliance with applicable securities law, you (and each of your employees, representatives and other agents) may disclose to any and all persons the U.S. federal income and state tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without BTIG imposing any limitation of any kind.

Orders and Instructions: Action oriented, time sensitive instructions or transactions sent via e-mail are not considered accepted until you receive a confirmation that we have received your instructions.