United States – ICAP Corporates LLC Sector Specialist Sales and Trading Desk

This material was prepared by Sector Specialist Sales and Trading personnel of ICAP Corporates LLC (“ICAP”). This information is not a publication of ICAP Corporates LLC’s research department (“ICAP Research”) and it has not been reviewed or approved by any employee of ICAP Research. Any summary of ICAP Research notes and reports, and any reference or link to ICAP Research notes and reports, are qualified in their entirety by the views of ICAP Research.

This communication, all information and /or opinions therein (collectively the “Data”) is for informational purposes only. This Data does not constitute and should not be construed as an offer, bid, or a solicitation of an offer, to purchase or sell any securities or financial instruments. The Data is obtained from sources believed to be reliable. ICAP, however, provides no guarantees regarding the Data's currency, accuracy, timeliness, completeness or fitness for any particular purpose. Any prices included in the Data are indicative prices as of the date and time reflected and thus are not current. In addition, past results are not necessarily indicative of future results. This material was prepared without regard to the specific investment objectives, financial situation or particular needs of a specific recipient. The reader is required to make its own investment decisions, using as necessary the advice of independent advisors or consultants.

ICAP reserves the right to modify the Data from time to time without notice and in its sole discretion at any time, but undertakes no duty to update information or to supply corrections. The Data is intended for the sole use of the person or firm to whom it is provided, and you are not permitted to reproduce, retransmit, disseminate, sell, distribute, republish, broadcast, post, circulate or commercially exploit the Data in any manner, or to use the Data for any unlawful purpose.