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This information provided is for the exclusive and confidential use of the addressee only. Any distribution, use or reproduction of this information without the prior written permission of Waterfield is unauthorized and strictly prohibited. This information is prepared specifically at the addressee’s request and is not an official confirmation of any transaction.

The prices, value, income and appreciation of the securities mentioned are based on the information available in public or latest information provided to Waterfield and are subject to change. Waterfield makes every effort to use reliable, comprehensive information; but makes no representations or warranties, express or implied or assumes any liability for the accuracy, completeness, or usefulness of any information contained in this document. No warranty or representation, express or implied, is made by Waterfield, nor does Waterfield accept any liability with respect to the information and data set forth herein.

The information contained in this document is intended solely to provide general guidance on matters of interest for the personal use of the reader, who accepts full responsibility for its use. Recipient should evaluate all investment risks before making any investment decisions. Any forward looking statements made in relation to the product are contingent on a number of risks, uncertainties and other factors that could cause actual results to differ materially from those indicated by the forward looking statements.

Investments in securities are subject to risk including the risk of loss of the initial principal amount invested. Past performance is not indicative of future results. Waterfield, its directors, employees and agents will not be liable for any direct, indirect, incidental or consequential damages sustained or incurred in connection with the use, operation, or inability to use, or reliance on the information contained in this document. This document is intended to serve only as a general source and shall not be construed as a form of recommendation.

Neither Waterfield any of its affiliates has undertaken any regulatory, legal, tax or accounting analysis relating to the suitability of the securities. Recipients should consult their professional tax and accounting advisors for tax or accounting treatment conclusion, prior to acting on the information set forth herein.”