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The contents of this message, including any attachments, are for informational purposes only with respect to, and are not intended to be, and should not be construed as, an offer to sell or a solicitation to buy, any securities or instruments that may be mentioned. At various times, we may provide advice or may have positions in and effect transactions in securities and or other financial instruments that may be referred to herein. Any opinions or estimates contained herein constitute our judgment as of this date and are subject to change without notice. In considering any performance data herein, each recipient should bear in mind that past performance is not indicative of future results and there can be no assurances that an investment will achieve comparable results.

To comply with IRS regulations, be advised that any discussion of U.S. federal tax issues in this e-mail was not intended or written to be used, and cannot be used by you, (i) to avoid any penalties imposed under the U.S. Internal Revenue Code or (ii) to promote, market or recommend to another party any transaction or matter addressed herein.