Important Disclaimer

THIS MESSAGE CONTAINS INSUFFICIENT INFORMATION TO MAKE AN INVESTMENT DECISION.

Please contact your Jefferies representative for copies of the most recent research reports on individual companies.

This material has been produced by one of the following Jefferies Financial Group Inc. (“Jefferies”) group companies:

  •  United States: Jefferies Financial Group Inc. headquartered at 520 Madison Avenue, New York, NY 10022 is a U.S. registered broker dealer.
  •  United Kingdom: Jefferies International Limited, which is authorized and regulated by the Financial Conduct Authority; registered in England and Wales No. 1978621; registered office: Vintners Place, 68 Upper Thames Street, London EC4V 3BJ; telephone +44 (0)20 7029 8000; facsimile +44 (0)20 7029 8010.
  •  Hong Kong: Jefferies Hong Kong Limited, which is licensed by the Securities and Futures Commission of Hong Kong with CE number ATS546; located at Suite 2201, 22nd Floor, Cheung Kong Center, 2 Queen’s Road Central, Hong Kong.
  •  Singapore: Jefferies Singapore Limited, which is licensed by the Monetary Authority of Singapore; located at 80 Raffles Place #15-20, UOB Plaza 2, Singapore 048624, telephone: +65 6551 3950.
  •  Japan: Jefferies (Japan) Limited, Tokyo Branch, which is a securities company registered by the Financial Services Agency of Japan and is a member of the Japan Securities Dealers Association; located at Hibiya Marine Bldg, 3F, 1-5-1 Yuraku-cho, Chiyoda-ku, Tokyo 100-0006; telephone +813 5251 6100; facsimile +813 5251 6101.
  •  India: Jefferies India Private Limited, which is licensed by the Securities and Exchange Board of India as a Merchant Banker (INM000011443) and a Stock Broker with Bombay Stock Exchange Limited (INB011438539) and National Stock Exchange of India Limited (INB231438533) in the Capital Market Segment; located at 42/43, 2 North Avenue, Maker Maxity, Bandra-Kurla Complex, Bandra (East) Mumbai 400 051, India; Tel +91 22 4356 6000.

This material is a marketing communication and is not and should not be construed as investment research or a research report prepared by a research analyst. Any views portrayed in this material may differ from those of the Research Department. This material has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Jefferies has employed appropriate expertise, and is of the belief that the material is clear, fair and not misleading. The information set forth herein was obtained from sources believed to be reliable, but has not been independently verified by Jefferies. Therefore, except for any obligation under applicable rules we do not guarantee its accuracy. 

This material is being furnished for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to purchase any security, future or other financial instrument or product. This material does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. The recipient of this material should take their own independent advice with respect to such matters. It is not intended to form the basis of an investment decision and has not been verified. Jefferies makes no recommendation or representation as to, and accepts no responsibility or liability for, the accuracy or completeness of the information contained herein. 

The information and any opinions contained here are as of the date of this material and, if applicable, the time indicated, and Jefferies does not undertake any obligation to update the information. All market prices, data and other information are not warranted as to the completeness or accuracy and are subject to change without notice. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. The price and value of any investments referred to herein and the income from them may fluctuate. Any simulations, projections, valuations and statistical analyses contained herein have been provided to assist the recipient in the evaluation of the matters described herein; such simulations, projections, valuations and analyses may be based on subjective assessments and assumptions and may utilise one among alternative methodologies that produce differing results; accordingly, such simulations, projections, valuations and statistical analyses (historical or otherwise) are not to be viewed as facts and should not be relied upon as an accurate representation of future events. The information contained herein is based on data obtained from recognized statistical services and other sources believed to be reliable. However, such information has not necessarily been verified by Jefferies, and Jefferies does not make any representations as to its accuracy, timeliness, reliability, effectiveness, or completeness. Jefferies may from time to time issue futures reports based on fundamentals, such as expected trends in supply and demand, as well as reports based on technical factors, such as price and volume movements. Since such reports rely upon different criteria, there may be instances when Jefferies’ conclusions in individual reports are not in concert. Any market views or opinions expressed herein are those of the individual sender, except where such views or opinions are expressly attributed to Jefferies or a named individual. Market views and opinions are current opinions only; Jefferies and the individual sender accept no responsibility to update such views and opinions or to notify the recipient when they have changed.

Jefferies and its affiliates, officers, directors and employees may, directly or indirectly, effect or have effected a transaction for Jefferies’ own account in any investment referred to herein, either before or after the material is published, or may give advice to customers which may differ from or be inconsistent with the information and opinions contained herein or may from time to time hold long or short positions in, buy or sell (on a principal basis or otherwise), or act as market maker in, securities, derivatives, futures or other financial instruments or products related to matters discussed herein and may make trading decisions that are different from or contrary to any of those which may be discussed. Jefferies is not an adviser as to legal, taxation, accounting or regulatory matters in any jurisdiction, and is not providing any advice as to any such matter to the recipient. The recipient of this material should take their own independent advice with respect to such matters. You should be aware of the risks of trading equities, fixed income, foreign exchange or derivative instruments or in non-liquid or emerging market investments. Derivatives generally involve leverage and are therefore more volatile than their underlying cash investments. Your capital may be at risk. Products and services mentioned herein may not have regard to your specific investment objectives, financial situation or particular needs.

This material may contain information obtained from third parties, including ratings from credit ratings agencies such as Standard & Poor’s. Reproduction and distribution of third party content in any form is prohibited except with the prior written permission of the related third party. Third party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. Third party content providers give no express or implied warranties, including, but not limited to, any warranties of merchantability or fitness for a particular purpose or use. Third party content providers shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or profits and opportunity costs) in connection with any use of their content, including ratings. Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. They do not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice.

U.S. OPTIONS ARE NOT SUITABLE FOR ALL INVESTORS.

Please ensure that you have read and understand the current U.S. options risk disclosure document before entering into any U.S. option transaction. The U.S. options disclosure document can be accessed at the following web address: http://optionsclearing.com/about/publications/character-risks.jsp. For additional information on trading U.S. options, please contact Chris Amery, Head of US Derivatives Trading at 212-323-7633.

In the United Kingdom and European Economic Area this material is issued and/or approved for distribution by Jefferies International Limited and is intended for use only by persons who have, or have been assessed as having, suitable professional experience and expertise, or by persons to whom it can be otherwise lawfully distributed. In the member states of the European Economic Area this material is for distribution only to persons who are “qualified investors” within the meaning of article 2(1)(e) of The Prospectus Directive. For Canadian investors, this material is intended for use only by professional or institutional investors. None of the investments or investment services mentioned or described herein is available to other persons or to anyone in Canada who is not a “Designated Institution” as defined by the Securities Act (Ontario). For investors in the Republic of Singapore, this material is intended for use only by accredited, expert or institutional investors as defined by the Securities and Futures Act and is distributed by Jefferies Singapore Limited which is regulated by the Monetary Authority of Singapore. In Japan this material is issued and/or approved for distribution by Jefferies (Japan) Limited to institutional investors only. In Hong Kong, this material is issued and/or approved for distribution by Jefferies Hong Kong Limited and is intended for use only by professional investors as defined in the Hong Kong Securities and Futures Ordinance and its subsidiary legislation. In India this material is issued and/or approved for distribution by Jefferies India Private Limited. In Australia this information is issued solely by Jefferies International Limited and is directed solely at wholesale clients within the meaning of the Corporations Act 2001 of Australia (the “Act”) in connection with their consideration of any investment or investment service that is the subject of this material. Any offer or issue that is the subject of this material does not require, and this material is not, a disclosure document or product disclosure statement within the meaning of the Act. Jefferies International Limited is authorized and regulated by the Financial Conduct Authority under the laws of the United Kingdom, which differ from Australian laws. Jefferies International Limited has obtained relief under Australian Securities and Investments Commission Class Order 03/1099, which conditionally exempts it from holding an Australian financial services license under the Act in respect of the provision of certain financial services to wholesale clients.

Recipients of this material in any other jurisdictions should inform themselves about and observe any applicable legal requirements in relation to the receipt of this material. Products and services mentioned herein may not be eligible for sale or available to residents of certain countries or certain categories of investors. The information contained herein does not constitute an offer or solicitation to buy or sell any security, currency, investment fund or other product, service or information to anyone in any jurisdiction in which an offer or solicitation is not authorized or cannot legally be made or to any person to whom it is unlawful to make an offer or solicitation. This document and all information herein is comprised of information, data and other material owned by either Jefferies or its data providers, which is protected under copyright, trademark and other intellectual property laws. Jefferies and its data providers, as applicable, own all rights, title and interest, including without limitation, all copyrights, in and to all content of this document.  All trademarks, service marks, and logos used in the document are the trademarks service marks, or logos of Jefferies or its data providers, as applicable.  You may not use such names or logos without prior written consent of the relevant owner thereof.  Other than the right to access the document and view information contained therein under the terms and conditions set forth herein, you acquire no ownership, title, right of interest, of any kind in or to any of the content of this document.

THIS PUBLICATION AND ALL CONTENT HEREOF ARE PROVIDED SOLELY ON AN AS IS BASIS, WITHOUT ANY REPRESENTATION OR WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, AND JEFFERIES HEREBY DISCLAIMS ALL SUCH REPRESENTATIONS AND WARRATIES OF FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. ANY USE OF OR RELIANCE UPON THIS PUBLICATION, IN WHOLE OR IN PART, IS SOLELY AT THE USER’S OWN RISK.

Jefferies makes no representation that (i) the content hereof is appropriate or available for use in any particular location or (ii) that any futures, options-on-futures or other products discussed in this document are appropriate or available for use or sale in any jurisdiction. Each user who accesses these materials from any location does so on his or her own initiative and at his or her own risk, and is responsible for compliance with all applicable local laws.  Jefferies reserves the right to limit the availability of this document to any person, geographic area, or jurisdiction it desires, at any time and in its sole discretion. 

All information contained herein is intended solely for your own personal, informational use, and you are not permitted to reproduce, retransmit, disseminate, sell, license, distribute, republish, broadcast, post, circulate or commercially exploit the information in any manner or media without the express written consent of Jefferies, or to use the information for any unlawful purpose.