Important Disclosures and Disclaimers

The provisions below describe the nature and legal context of the communication which contains these provisions or to which these provisions are linked and of the information being provided to the recipient in the communication.  

  1. The communication is a general commentary on economic and market conditions and types of financial instruments and products provided by a company in the Jefferies Financial Group Inc. corporate family (“Jefferies”). The information contained in the communication was obtained from sources that Jefferies believes are reliable as of the date of the communication, but no express or implied representation or warranty is made as to its accuracy, timeliness, reliability, or completeness.  Jefferies does not undertake any obligation to update the information. Any use of, or reliance on, the information in the communication is solely at the recipient’s own risk.
  2. The communication is not, and should not be construed as, a solicitation or recommendation to purchase or sell securities, currencies, or other financial instruments or to enter into any particular financial transaction. 
  3. Past performance of a market, instrument or product is not a guide to future performance, future returns are not guaranteed, and loss may result from any financial investment or transaction.
  4. The communication is not, and should not be construed as, investment research or a research report prepared by a research analyst. Any views or opinions set out in the communication may differ from those of the research group of Jefferies. The communication has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. 
  5. The communication is not, and should not be construed as, investment, legal, tax, financial, accounting, or other advice and consequently does not create, and should not be construed as creating, any fiduciary or advisory relationship between the recipient and Jefferies. The recipient should not take any action in response to the communication unless the recipient makes its own independent decision to do so after a thorough review of all relevant risks, all relevant information and all the legal, regulatory, credit, accounting and economic consequences of doing so in relation to the recipient’s particular circumstances. No action should be taken solely based on the information provided by Jefferies.
  6. Any market views and opinions expressed in the communication are valid only as of the date of the communication. Jefferies and the individual sender have no responsibility to update such views and opinions or to notify the recipient when they change.
  7. Jefferies transacts business with all parties (other than investment advisory clients) on an arm’s length basis and on the understanding that each such party is a sophisticated party capable of independently evaluating the merits and risks of its investments and transactions. The communication consequently does not create, and should not be construed as creating, any obligation on the part of Jefferies to refrain from taking actions for its own account or the account of clients, either before or after the publication of the communication, that is contrary to or inconsistent with the information in the communication, the interests of the recipient, or both.
  8. The communication may contain information obtained from third parties, including credit rating agencies. Credit ratings are statements of opinions and are not statements of fact. Such third parties have no responsibility for the communication.
  9. All information contained in the communication is intended solely for the use of the recipient and should not be reproduced, retransmitted, disseminated, sold, licensed, distributed, republished, broadcast, posted, circulated or commercially exploited in any manner or media outside the recipient’s organization without the express written consent of Jefferies, or used for any unlawful purpose.
  10. The communication has been produced by one of the following Jefferies entities:
    • United States: Jefferies LLC, an SEC-registered broker dealer, a CFTC-registered futures commission merchant and commodity trading advisor, as well as a member of FINRA and NFA; Jefferies Financial Services, Inc., a CFTC registered swap dealer, an SEC registered OTC derivatives dealer and conditionally-registered security-based swap dealer, as well as an NFA member; each located at 520 Madison Avenue, New York, NY 10022.
    •  United Kingdom: Jefferies International Limited, authorized and regulated by the Financial Conduct Authority and registered in England and Wales No. 1978621; whose registered office is at 100 Bishopsgate, London EC2N 4JL.
    • Dubai:  Jefferies International Limited (Dubai Branch), authorized and regulated by the Dubai Financial Services Authority and registered in Dubai with DIFC License Number CL5726, located at Units No. L31-06 and Unit L31-07, ICD Brookfield Place, Dubai, United Arab Emirates.   
    • Canada: Jefferies Securities, Inc. is registered as an investment dealer in all 13 provinces of Canada and is regulated by the Canadian Investment Industry Regulatory Organization and a member of the Canadian Investor Protection Fund.  Registered office: 40 Temperance Street, Suite 1910, Toronto Ontario M5H 0B4 Canada.
    • Switzerland: Jefferies International Limited, London, Zurich Branch, authorized and regulated by the Swiss Financial Market Supervisory Authority and registered in Switzerland No. CHE-149.885.748, located at Dufourstrasse 49, CH-8008 Zürich, Switzerland.
    • Hong Kong: Jefferies Hong Kong Limited, licensed by the Securities and Futures Commission of Hong Kong, CE number ATS546; located at Level 26, Two International Financial Centre, 8 Finance Street, Central, Hong Kong, China.
    • India: Jefferies India Private Limited (CIN – U74140MH2007PTC200509), licensed by the Securities and Exchange Board of India for: Stock Broker (NSE & BSE) INZ000243033, Research Analyst INH000000701 and Merchant Banker INM000011443, located at Level 16, Express Towers, Nariman Point, Mumbai 400 021, India.
    • Japan: Jefferies (Japan) Limited, Tokyo Branch, registered by the Financial Services Agency of Japan (Director-General of the Kanto Local Finance Bureau (Kinsho) No. 220) and member of the Japan Securities Dealers Association and Type II Financial Instruments Firms Association; located at Tokyo Midtown Hibiya 30th Floor, 1-1-2 Yuraku-cho, Chiyoda-ku, Tokyo 100-0006.
    • Singapore: Jefferies Singapore Limited, registered in Singapore UEN No. 200605049K and licensed by the Monetary Authority of Singapore; located at 80 Raffles Place #15-20, UOB Plaza 2, Singapore 048624.
    • Germany: Jefferies GmbH, authorized and regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht and registered in Germany No. 108812; whose registered office is at Bockenheimer Landstraße 24, 60323, Frankfurt am Main, DE.
    • Australia: Jefferies (Australia) Securities Pty Ltd (ACN 610 977 074), licensed by the Australian Securities & Investments Commission (AFSL No. 487263), located at Level 22, 60 Martin Place, Sydney NSW 2000, Australia.       
  11. In the United Kingdom and countries within Europe but outside of the European Economic Area, the communication is issued and/or approved for distribution by Jefferies International Limited and is intended for use only by persons who have, or have been assessed as having, suitable professional experience and expertise, or by persons to whom it can be otherwise lawfully distributed.
  12. In the European Economic Area, the communication is issued and/or approved for distribution by Jefferies GmbH and is intended for use only by persons who have, or have been assessed as having, suitable professional experience and expertise, or by persons to whom it can be otherwise lawfully distributed. In the member states of the European Economic Area the communication is for distribution only to persons who are “qualified investors” within the meaning of article 2(1)(e) of The Prospectus Directive.
  13. For Canadian investors, the communication is intended for use only by professional or institutional investors. None of the investments or investment services mentioned or described herein is available to other persons or to anyone in Canada who is not a “Designated Institution” as defined by the Securities Act (Ontario).
  14. In Singapore, the communication is distributed by Jefferies Singapore Limited and is intended for use only by accredited, expert or institutional investors (as defined by the Securities and Futures Act 2001 of Singapore (the “SFA”)). Jefferies Singapore Limited is licensed under the SFA as a capital markets services license holder for the regulated activities of “dealing in capital markets products” and “advising on corporate finance” and is also an exempt financial adviser under the Financial Advisers Act 2001. Apart from the foregoing, Jefferies Singapore Limited is not licensed to carry out or produce or issue any materials relating to any other regulated activities not otherwise described above.
  15. In Japan the communication is issued and/or approved for distribution by Jefferies (Japan) Limited, Tokyo Branch to professional investors (as defined by Financial Instruments and Exchange Law) 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.
  16. In Hong Kong, the communication is issued and/or approved for distribution by Jefferies Hong Kong Limited and 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 is not licensed by the Securities and Futures Commission to conduct leveraged foreign exchange trading. Accordingly, any communications relating to leveraged foreign exchange contracts (as defined in the Securities and Futures Ordinance) are not issued or approved for distribution by Jefferies Hong Kong Limited or its staff.
  17. In India the communication is issued and/or approved for distribution by Jefferies India Private Limited. Jefferies India Private Limited is not permitted to be associated with or carry on any business relating to commodities or foreign exchange and therefore any material or communications relating to commodities or foreign exchange are not issued or approved for distribution by Jefferies India Private Limited or its staff.
  18. In Australia, the communication is for distribution only to persons who are “wholesale clients” for the purposes of section 761G of the Corporations Act 2001 (Cth) of Australia (the “Corporations Act”), in connection with their consideration of any investment or investment service that is the subject of the communication. Any offer or issue that is the subject of the communication does not require, and the communication is not, a disclosure document or product disclosure statement within the meaning of the Corporations Act. Jefferies LLC, Jefferies International Limited, Jefferies Hong Kong Limited and Jefferies Singapore Limited are each respectively authorized and regulated as described herein in their home jurisdictions under the laws of their respective home jurisdictions, all of which differ from Australian laws and have each obtained relief under Australian Law, which conditionally exempts them from holding an Australian financial services license under the Corporations Act in respect of the provision of certain financial services to wholesale clients.
  19. Recipients of the communication located in a jurisdiction other than one listed in paragraph 10 are unintended recipients and should ignore the communication.