Please consult with your advisor for your own personal situation. The research analysts contributing to the report have certified that:

• All the views expressed in the research report accurately reflect his/her personal views about any and all of the subject securities or issues; and
• No part of his/her compensation was, is, or will be, directly or indirectly, related to the specific recommendation or views expressed by him/her in this research report.

This is not intended to serve as a complete analysis of every material fact regarding any company, industry or security. The opinions expressed here reflect our judgment at this date and are subject to change. Information has been obtained from sources we consider to be reliable, but we cannot guarantee the accuracy. This publication is prepared for general information only. This material does not constitute investment advice and is not intended as an endorsement of any specific investment. It does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. Investors should seek advice regarding the appropriateness of investing in any securities or investment strategies discussed or recommended in this report and should understand that statements regarding future prospects may not be realized. Investment involves risk. Market conditions and trends will fluctuate. The value of an investment as well as income associated with investments may rise or fall. Accordingly, investors may receive back less than originally invested. It is not possible to invest directly in an index.  

Past performance is not indicative of future results. International investing, especially in emerging markets, involves special risks, such as currency exchange and price fluctuations, as well as political and economic risks. There are risks involved with investing in small cap companies, including price fluctuations and lower liquidity. Commodities may be subject to greater volatility than investments in traditional securities and pose special risks. Investments in commodities may be affected by overall market movements, changes in interest rates, and other factors such as weather, disease, embargoes, and international economic and political developments.

Forward-looking statements in this presentation involve risks, uncertainties and other factors that may cause actual performance to differ materially from the projections and opinions contained in the presentation. Do not place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of the presentation. The words “may,” “could,” “should,” “would,” “suspect,” “believe,” “expect,” “intend,” “forecast,” and similar expressions identify forward- looking statements. Forward-looking statements are not guarantees of future performance or events. Forward-looking statements involve risks and uncertainties about general economic factors. It is possible that predictions, projections and other forward-looking statements will not be achieved. General factors that could cause our predications or projections to change include general economic, political and market factors; interest and foreign exchange rates; global equity and capital markets; commodities markets; business competition; technological changes; changes in laws and regulations; judicial or regulatory judgments; legal proceedings; and catastrophic events.

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