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It is a commentary on market conditions and types of financial products. Please contact your Jefferies representative for copies of the most recent research reports on individual companies.  This material has been produced by one of the following affiliates of Jefferies Group LLC (“Jefferies”):

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U.S. OPTIONS ARE NOT SUITABLE FOR ALL INVESTORS.  Please ensure that you have read and understand the current U.S. options risk disclosure document before entering into any U.S. option transaction. The U.S. options disclosure document can be accessed at the following web address:  For additional information on trading U.S. options, please contact the U.S. Options group at    +1 (212) 284-3480.

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In Japan this material is issued and/or approved for distribution by Jefferies (Japan) Limited, Tokyo Branch to institutional investors only.  Jefferies (Japan) Limited, Tokyo Branch will not issue or approve for distribution any material relating to any product that Jefferies (Japan) Limited, Tokyo Branch is not licensed to deal in or provide services for, including commodities, foreign exchange, futures and options.

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Please note that, with respect to the information in this document, Jefferies: (i) is not acting as a municipal advisor, financial advisor or fiduciary to any person or entity; (ii) will not have any duties or liability to any person or entity; and (iii) is not recommending an action to you.  The information provided is not intended to be and should not be construed as “advice” within the meaning of Section 15B of the Securities Exchange Act of 1934.  The recipient should consult with its own financial and/or municipal, legal, accounting, tax, and other advisors to the extent it deems appropriate.

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