Trading Disclaimers

This material is a product of Cowen and Company, LLC's ("Cowen") Institutional Sales and Trading department, which provides market commentary, trading strategy and ideas to Cowen clients. This material is not a product of Cowen’s Research Department, and you should not regard it as Cowen research or a research report unless the author clearly distinguishes that comments or analysis are attributed to a Cowen Research analyst. Additional information is available upon request. Unless otherwise specifically stated, any views or opinions expressed herein are solely those of the individual author and may differ from the views and opinions expressed by Cowen’s Research Departments or other departments or divisions of Cowen and its affiliates. Research reports and notes produced by the Firm’s Research Department are available from your salesperson or at the Firm’s research website, http://www.cowenresearch.com. This material is provided for informational purposes only and is not intended as a recommendation or an offer or solicitation for the purchase or sale of any security or financial instrument. Cowen and its affiliates may have positions (long or short), effect transactions or make markets in securities or financial instruments mentioned herein (or options with respect thereto), or provide advice or loans to, or participate in the underwriting or restructuring of the obligations of, issuers mentioned herein. The information contained herein is as of the date and time referenced above and Cowen does not undertake any obligation to update such information. All market prices, data and other information are not warranted as to completeness or accuracy and are subject to change without notice. Past performance is not indicative of future results. The investments discussed may fluctuate in price or value. Transactions involving securities and financial instruments mentioned herein (including futures and options) may not be suitable for all investors. Clients should contact their Cowen salespersons to execute transactions or to receive additional information. Should any comments herein make reference to any form of equity option or option strategies please be aware that options are not suitable for all investors. Additional Sales and Trading disclaimers are available at http://www.cowen.com/InstitutionalSalesTrading.html