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Sales & Trading
This communication is market commentary and has been prepared by a member of the Sales and Trading Department which distributes this communication by or through its locally authorized affiliates. Sales and Trading personnel are not research analysts and the information in this communication is not intended to constitute “research” as that term is defined by applicable regulations. This communication is provided for information and discussion purposes only. It does not constitute am offer or solicitation to purchase or sell any financial instruments. The information contained in this communication is based on generally available information and, although obtained from sources believed by us to be reliable, its accuracy and competitiveness is not guaranteed. This communication is not intended to forecast or predict future events. Past performance is not a guarantee or indication of future results. We are not acting as your adviser, fiduciary or agent or managing your account. The information herein does not constitute investment advice and we make no recommendation as to the suitability of any of the products or transactions mentioned. Any trading or investment decisions you take are made in reliance upon your own analysis and judgment and / or that of your advisors and not in reliance on us. Foreign-currency-denominated securities are subject to fluctuations in exchange rates that could have an adverse effect on the value or price of, or income derived from, the investment investors in securities such as ADRs, the values of which are influenced by foreign currencies, effectively assume currency risk. Therefore, prior to entering into any transaction, you should determine, without reliance on us, the economic risks or merits, as well as the legal, tax and accounting characteristics of the transaction. You should also ensure that you are able to assume these risks. No liability is accepted by the Firm for any loss (whether direct, indirect or consequential) and that may arise from any use of the information contained herein or derived here from.

The information used to produce this market commentary is based on sources that CI Capital Research (CICR) believes to be reliable and accurate. This information has not been independently verified and may be condensed or incomplete. CICR does not make any guarantee, representation, or warranty and accepts no responsibility or liability to the accuracy and completeness of such information. Expression of opinion contained herein is based on certain assumptions and with the use of specific financial techniques that reflect the personal opinions of the authors of the commentary and is subject to change without notice. It is acknowledged that different assumptions can always be made and that there is a wide choice of techniques that can be adopted each of which can lead to a different conclusion. Therefore, all that is stated herein is of an indicative and informative nature as forward-looking statements, projections, and fair values quoted may not be realized. Accordingly, CICR does not take any responsibility for decisions made on the basis of the content of this commentary. The information in these materials reflects CICR equity rating on a particular stock. CI Capital Holding, its affiliates, and/or their employees may publish or otherwise express other viewpoints or trading strategies that may conflict with the views included in this report. Please be aware that CI Capital Holding and/or its affiliates, and the investment funds and managed accounts they manage, may take positions contrary to the included equity rating. This material is for informational purposes only and is not an offer to sell or the solicitation of an offer to buy. Ratings and general guidance are not personal recommendations for any particular investor or client and do not take into account the financial, investment, or other objectives or needs of, and may not be suitable for any particular investor or client. Investors and clients should consider this only a single factor in making their investment decision, while taking into account the current market environment. Foreign currency-denominated securities are subject to fluctuations in exchange rates, which could have adverse effect on the value of, price of, or income derived from, the investment. Investors in securities such as ADRs, the values of which are influenced by foreign currencies, effectively assume currency risk. Neither CI Capital Holding nor any officer or employee of CI Capita Holding accepts liability for any direct, indirect, or consequential damages or losses arising from any use of this report or its contents. Full disclaimers and other important disclosures, legal notices and other information (including disclosures for legal persons in the United States) may be included in any attached or linked documents; please read them in full.