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General Disclaimer
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Limitation of Liability
The information, products and services on this website are provided on an “AS IS,” “WHERE IS” and “WHERE AVAILABLE” basis. Jefferies makes no warranty, express or implied concerning the information or services provided herein. Although the information provided to you on this website is obtained or compiled from sources we believe to be reliable, Jefferies cannot and does not guarantee the accuracy, validity, timeliness or completeness of any information or data made available to you for any particular purpose. Neither Jefferies nor any of its third party providers shall have any responsibility to maintain the data and services made available on this website or to supply any corrections, updates, or releases. Availability of data and services are subject to change without notice.
Neither Jefferies, nor any of its affiliates, directors, officers or employees, nor any third party vendor, will be liable or have any responsibility of any kind for any loss or damage that you incur (i) arising from the use of this website or its contents, (ii) in the event of any failure or interruption of this website, or (iii) resulting from the act or omission of any other party involved in making this website, the data contained herein or the products or services offered on this website available to you, or (iv) arising from any other cause relating to your access to, inability to access, or use of the website or these materials, whether or not the circumstances giving rise to such cause may have been within the control of Jefferies or of any vendor providing software or services. In no event will Jefferies or any such parties be liable to you, whether in contract or tort, for any direct, special, indirect, consequential or incidental damages or any other damages of any kind even if Jefferies or any other such party has been advised of the possibility thereof. Jefferies cannot and does not guarantee continuous, uninterrupted or secure access to the website. Jefferies will not be responsible for any loss or damage that could result from interception by third parties of any information or services made available to you via this website.
Nothing herein shall be construed to waive any liability Jefferies has under applicable U.S. federal or state securities laws.
Suitability, Risk and Appropriateness
This material is provided solely for informational purposes and is not tailored to any recipient, and is not based on, and does not take into account, the particular investment objectives, portfolio holdings, strategy, financial situation, or needs of any recipient. As such, any advice or recommendation on this website or in Jefferies research may not be suitable for a particular recipient. Investors should consider this website and Jefferies research as only one of many factors in making their investment decisions. Securities or financial instruments mentioned in this website may not be suitable or appropriate for all investors or in all geographical areas. Your particular needs, investment objectives and financial situation were not taken into account in the preparation of this website and the materials contained herein. You must make your own independent decisions regarding any securities or financial instruments mentioned herein. The fact that Jefferies has made available to you through the website, investment opinions and other information constitutes neither a recommendation that you enter into a particular transaction nor a representation that any financial instrument is suitable or appropriate for you. You should consider whether an investment strategy or the purchase or sale of any product is appropriate for you in the light of your particular investment needs, objectives and financial circumstances.
The price and value of the investments referred to on this website and any Jefferies research contained herein and the income from them may fluctuate. 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. Changes in rates of exchange may have an adverse effect on the value of investments.
Certain transactions, including those involving futures, options, and other derivatives, give rise to substantial risk and are not suitable for all investors. Investors should review current options disclosure documents which are available at https://www.theocc.com/about/publications/character-risks.jsp. Transaction costs may be significant in option strategies calling for multiple purchase and sales of options such as spreads. Supporting documentation will be supplied upon request.
Information obtained from Third Parties
This site may contain information obtained from third parties. 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, 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. 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.
General Conflicts
Jefferies may trade or make markets for its own account on a principal basis in any securities referenced herein. Jefferies may engage in securities transactions that are inconsistent with this communication and may have long or short positions in such securities.
Jefferies, and its respective officers, directors, and employees, may have long or short positions in, or may buy or sell any of the securities, derivative instruments or other investments mentioned or described on this website or in Jefferies research, either as agent or as principal for their own account.
Jefferies Research
Disclosures and Disclaimers
All Jefferies research is subject to disclaimers and disclosures included in suchresearch, including specific conflict of interest and other disclosures that are required by FINRA and other rules. Any material excerpted or summarized from a research report is subject to the terms of the disclaimer and/or disclosure.
Jefferies may seek to do business with companies covered in Jefferies research. As a result, investors should be aware that Jefferies may have a conflict of interest that could affect the objectivity of information on this website and in Jefferies research.
Jefferies conducts a global full- service, integrated investment banking, investment management, and brokerage business. We have investment banking and other business relationships with a substantial percentage of the companies covered by our research.
Our salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies to our clients and principal trading desks that reflect opinions that are contrary to the opinions expressed in this research. Our asset management area, principal trading desks and investing businesses may make investment decisions that are inconsistent with the recommendations or views expressed in this research.
Limitations on Liability
Any opinions, views and estimates on this website or in research constitute the judgment of the research analyst named herein as of the date of the communication and are subject to change without notice. Jefferies assumes no responsibility to update the information on this website or in Jefferies research and no contractual commitment is formed simply by using this website or accessing research. We seek to update our research as appropriate, but various regulations may prevent us from doing so. Other than certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervals as appropriate in the analyst’s judgment.
Information contained herein has been obtained from sources believed to be reliable, but Jefferies does not warrant its completeness or accuracy. All pricing is indicative as of the close of market for any securities discussed, unless otherwise stated. Past performance is not indicative of future results.
Dissemination of Research
This website and Jefferies research are disseminated and available electronically, and, in some cases, also in printed form. This website and electronic research are simultaneously made available to all clients.
Short-Term Strategies V. Long-Term Research Views
The analysts named in research may have from time to time discussed with our clients, including salespersons and traders, or may discuss in this report, trading strategies that reference catalysts or events that may have a near-term impact on the market price of the equity securities discussed in this report, which impact may be directionally counter to the analysts’ published price target expectations for such stocks. Any such trading strategies are distinct from and do not affect the analysts’ fundamental equity rating for such stocks, which rating reflects a stock’s return potential relative to its coverage group as described herein.
Differing Levels of Service Provided by Research
The level and types of services provided to you may vary as compared to that provided to internal and other
external clients of Jefferies, depending on various factors including your individual preferences as to the
frequency and manner of receiving communication, your risk profile and investment focus and perspective, the size and scope of your overall client relationship with Jefferies, and legal and regulatory constraints.
Supplemental Terms and Conditions
Some of our other websites or pages within this website contain supplemental terms and conditions and additional disclosures and disclaimers, which are in addition to these terms and conditions, disclosures and disclaimers. In the event of a conflict, the supplemental terms and conditions and additional disclosures and disclaimers will govern for those sections or pages.
The information on this website, including research, is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation.
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Enforceability and Governing Law
In the event any of the terms or provisions of this disclaimer shall be held to be unenforceable, the remaining terms and provisions shall be unimpaired and the unenforceable term or provision shall be replaced by such enforceable term or provision as comes closest to the intention underlying the unenforceable term or provision. Your access to and use of this website, and the terms of this disclaimer are governed by the laws of the State of New York.
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For Use in the United Kingdom
This website has been approved by Jefferies International Limited, which is authorized and regulated by the Financial Conduct Authority (“FCA”); 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. This material is intended for use only by persons who have professional experience, or by persons to whom it can otherwise be lawfully distributed.
For Use in Hong Kong
For persons who access or use this website in Hong Kong, this website has been approved by Jefferies Hong Kong Limited, which is licensed by the Securities and Futures Commission of Hong Kong with CE number ATS546 to carry on Type 1 (dealing in securities), Type 2 (dealing in futures contracts), Type 4 (advising on securities) and Type 6 (advising on corporate finance) regulated activities; located at Suite 2201, 22nd Floor, Cheung Kong Center, 2 Queen’s Road Central, Hong Kong; telephone +852 3743 8000. This material is intended for use only by professional investors as defined in the Hong Kong Securities and Futures Ordinance and its subsidiary legislation. Jefferies Hong Kong Limited does not offer all products/services stated in this website. Please contact Jefferies Hong Kong Limited for enquiries.
Other Jurisdictions
Persons who access or use this website in jurisdictions outside those referenced above should inform themselves about and observe any applicable legal requirements in relation to the receipt of this information. The information 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.
For information specific to any specific jurisdiction, please contact your Jefferies sales representative
SIPC Disclosure
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