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Cyberhedge Research (“Research”) is not an offer or recommendation to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular trading strategy or be construed as to be a representation or warranty of Cyberhedge (whether express or implied) or its affiliated entities (collectively, the “Cyberhedge Parties” or “Cyberhedge”) regarding the advisability or appropriateness to invest in any security or instrument.

The information and opinions in this Research were prepared by Cyberhedge or one of the other Cyberhedge Parties. Though the information herein is believed to be reliable and has been obtained from public sources believed to be reliable, Cyberhedge makes no representation as to its accuracy or completeness. Hyperlinks to third-party websites in the Research are provided for reader convenience only. Cyberhedge neither endorses the content nor is responsible for the accuracy or security controls of these websites.

Further, none of the contents of the Research is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Reproduction, redistribution or any other form of copying or transmission of the Research without Cyberhedge’s prior written consent is strictly prohibited. Without limiting the generality of the foregoing, the Research and other Cyberhedge intellectual property you access via the Cyberhedge website may not be used as a basis for any financial instruments or products (including, without limitation, passively managed funds and index-linked derivative securities), or used to verify or correct data in any other compilation of data or index, or used to create any other data or index (custom or otherwise), without Cyberhedge’s prior written permission.

In no event shall any of Cyberhedge, its affiliates, any of its or their direct or indirect information providers nor any other third-party involved in, or related to, compiling, computing or creating any of the information contained in the Research (collectively, the “Cyberhedge Parties”) have any liability to any person or entity for any damages, whether direct, indirect, special, incidental, punitive, consequential (including, without limitation, loss of use, lost profits or revenues or any other economic loss) arising in any manner out of your use or inability to use any of the information or date contained in the Research, even if such party might have anticipated, or was advised or notified of, the possibility of such damages.

You agree to indemnify, defend and hold harmless the Cyberhedge parties from and against any claims, losses, damages, liabilities, costs and expenses, including, without limitation, reasonable attorneys’ and experts, fees and costs, as incurred, arising in any manner out of your use of, or inability to use, any information or data contained in the Research.

You acknowledge that (I) the Research and all components thereof constitute copyrighted, database righted, trade secret and/or proprietary information of substantial value to Cyberhedge, (II) that you receive no proprietary rights whatsoever in or to the Research or data or information contained therein, and (III) that title and ownership rights in and to the Research and all the rights therein and legal protections with respect thereto remain exclusively with Cyberhedge. You shall not, and shall not assist any third-party to, assert any rights in the Right or any component thereof or challenge Cyberhedge’s rights therein.

None of the material, nor its content in the Research, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other party, without the prior express written permission of Cyberhedge. Cyberhedge will not treat recipients of this Research as its customers by virtue of their receiving this Research. The legal entities and potential investments in such entities contained or referred to in the Research may not be suitable for you and it is recommended that you consult an independent investment advisor if you are in doubt about such investments or investment services. Nothing in the Research constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate to your individual circumstances, or otherwise constitutes a personal recommendation to you.

Opinions, estimates and projections constitute the current judgment of the author as of the date of this Research. They do not necessarily reflect the opinions of Cyberhedge and are subject to change without notice. Cyberhedge has no obligation to update, modify or amend the Research or to otherwise notify a recipient thereof if any opinion, forecast or estimate contained herein changes or subsequently becomes inaccurate. Coverage and the frequency of changes in market conditions and in both general and company specific economic prospects makes it difficult to update research at defined intervals. Updates are at the sole discretion of the coverage analyst concerned. The financial instruments discussed in the Research may not be suitable for all investors and investors must make their own informed investment decisions. Prices and availability of financial instruments are subject to change without notice and investment transactions can lead to losses as a result of price fluctuations and other factors. If a financial instrument is denominated in a currency other than an investor’s currency, a change in exchange rates may adversely affect the investment. Past performance is not necessarily indicative of future results.

The information we provide is being directed only to persons we believe to be financially sophisticated, who are capable of evaluating investment risks independently, both in general and with regard to particular transactions and investment strategies. If this is not the case, we ask that you inform us immediately.

We and our affiliates, officers, directors, employees, and contractors, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in the Research.

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