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This report is not to be relied upon in substitution for the exercise of independent judgment. The value and income of any of the securities or financial instruments mentioned in this document can go up as well as down. The market value may be affected by changes in economic, financial or political factors, time to maturity, market conditions and volatility, or the credit quality of any issuer or reference issuer. Furthermore, foreign currency rates may have a positive or adverse effect on the value, price or income of any security or related investment mentioned in this report.

Many factors may affect the value of a financial instrument, and accordingly, investors effectively assume all risks and may receive back less than they had originally invested. Any investors interested in buying a financial instrument should conduct their own investigation and analysis of the instrument as to the risks involved with transactions on such instrument.

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