Pricing and Valuation Disclaimer

The information and material presented in the attached report are provided to you for informational purposes only and are not to be used or considered as an offer or a solicitation to buy or subscribe for securities or other financial instruments or any advice or recommendation with respect to such securities or other financial instruments. STIFEL does not make any representation or warranty or guarantee as to the completeness, neither accuracy, timeliness nor suitability of any information contained within any part of the report nor that it is free from error. Stifel does not accept any liability (whether in contract, tort or otherwise howsoever and whether or not they have been negligent) for any loss or damage (including, without limitation, loss of profit) which may arise directly or indirectly from use of or reliance on such information. Whilst the information provided has been obtained from sources believed to be reliable, neither STIFEL nor any of its affiliates attests to its accuracy or completeness. STIFEL reserves the right to change any source without restriction or notice. The values quoted for any particular investment are indicative only and are subject to change. These valuations may differ substantially from an actionable value, particularly in volatile market conditions. STIFEL does not represent that any transaction can or could have been effected at such valuations.

Security pricing may vary from actual liquidation value, and custodial statements. Prices shown should only be used as a general guide to portfolio value. No representation is made as to the reasonableness of the assumptions or the accuracy or completeness of the models or information used. No representation is made that such values could actually be achieved upon the disposal of the relevant securities or derivatives by you or that such values are in any way indicative of future performance. The values do not include adjustments for transaction and hedging costs, accounting offsets and provisions, liquidity or credit considerations, counterparty credit risk, STIFEL’s own credit risk, cost of funding in excess of Libor, or other significant factors external to STIFEL’s valuation model and /or prices, which may change the values materially.

STIFEL shall not be liable for any losses, costs, expenses, or damages (incidental, special, consequential, compensatory or punitive) arising directly or indirectly out of the use of or reliance on the information set out herein. STIFEL makes no warranty, express or implied, regarding these valuations including, but not limited to, warranties as to correctness, quality or accuracy of the valuations.

The valuations are intended solely for your private use only. They may not be reproduced, distributed to any third party or otherwise published without the prior written consent of STIFEL. The information is intended for the recipient’s internal use only.

STIFEL is a registered U.S. Broker Dealer with the SEC and a member of SIPC, FINRA and registered with various state securities regulatory authorities.