Important Disclosure

Trading in futures and options on futures is not appropriate for all persons, as the risk of loss is substantial. Therefore only risk capital should be used in futures trading. Information contained herein was prepared without regard to the specific investment objectives, financial situation or needs of any particular participant. Speak to your Financial Advisor to assess whether such trading is appropriate for you.

This publication and all content hereof are intended for informational purposes only and none of the information contained herein or opinions expressed herein should be viewed as an offer or solicitation to buy, sell or otherwise trade futures, options-on-futures, commodities, options, securities or any other investments mentioned herein. All opinions and information contained herein constitute the judgments of Jefferies LLC or its affiliates (collectively “Jefferies”) as of the date of this document and are subject to change without notice. Jefferies and its respective directors, members, officers and employees may, directly or indirectly, effect or have effected a transaction for Jefferies’ own account in any investment referred to herein, either before or after the material is published, or may give advice to customers which may differ from or be inconsistent with the information and opinions contained herein. The information contained herein is based on data obtained from recognized statistical services and other sources believed to be reliable. However, such information has not necessarily been verified by Jefferies, and Jefferies does not make any representations as to its accuracy, currency, reliability, effectiveness or completeness. Jefferies may from time to time issue futures reports based on fundamentals, such as expected trends in supply and demand, as well as reports based on technical factors, such as price and volume movements. Since such reports rely upon different criteria, there may be instances when Jefferies’ conclusions in individual reports are not in concert. Additional information on futures and options-on-futures is available upon request.

Jefferies and its affiliates, officers, directors and employees may from time to time hold long or short positions in, buy or sell (on a principal basis or otherwise), or act as market maker in, securities, derivatives, futures or other financial instruments or products related to matters discussed herein and may make trading decisions that are different from or contrary to any of those which may be discussed. We have made this disclosure because the organisational and administrative arrangements established under our conflicts of interest policies may not be sufficient to ensure with reasonable confidence that the risk of damage to your interests will be prevented. Jefferies is not an adviser as to legal, taxation, accounting or regulatory matters in any jurisdiction, and is not providing any advice as to any such matter to the recipient. This material does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. The recipient of this material should take their own independent advice with respect to such matters. You should be aware of the risks of trading equities, fixed income, foreign exchange or derivative instruments or in non-liquid or emerging market investments. Derivatives generally involve leverage and are therefore more volatile than their underlying cash investments. Your capital may be at risk. Products and services mentioned herein may not have regard to your specific investment objectives, financial situation or particular needs. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. THE RISK OF LOSS ASSOCIATED WITH FUTURES AND OPTIONS TRADING CAN BE SUBSTANTIAL.

All information in this publication is intended solely for your own personal, informational use, and you are not permitted to reproduce, retransmit, disseminate, sell, license, distribute, republish, broadcast, post, circulate or commercially exploit the information in any manner or media without the express written consent of Jefferies, or to use the information for any unlawful purpose. This document and all information herein is comprised of information, data and other material owned by either Jefferies or its data providers, which is protected under copyright, trademark and other intellectual property laws. Jefferies and its data providers, as applicable, own all rights, title and interest, including without limitation, all copyrights, in and to all content of this document. All trademarks, service marks, and logos used in the document are the trademarks, service marks, or logos of Jefferies or its data providers, as applicable. You may not use such names or logos without the prior written consent of the relevant owner thereof. Other than the right to access the document and view the information contained therein under the terms and conditions set forth herein, you acquire no ownership, title, right or interest of any kind in or to any of the content of this publication.

THIS PUBLICATION AND ALL CONTENT HEREOF ARE PROVIDED SOLELY ON AN AS IS BASIS, WITHOUT ANY REPRESENTATION OR WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, AND JEFFERIES HEREBY DISCLAIMS ALL SUCH REPRESENTATIONS AND WARRANTIES, INCLUDING WITHOUT LIMITATION THE IMPLIED WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE AND NO INFRINGEMENT. ANY USE OF OR RELIANCE UPON THIS PUBLICATION, IN WHOLE OR IN PART, IS SOLELY AT THE USER’S OWN RISK. Without limiting the generality of the foregoing, Jefferies makes no representation that (i) the content hereof is appropriate or available for use in any particular location or (ii) that any futures, options-on-futures or other products discussed in this document are appropriate or available for use or sale in any jurisdiction. Each user who accesses these materials from any location does so on his or her own initiative and at his or her own risk, and is responsible for compliance with all applicable local laws. Jefferies reserves the right to limit the availability of this document to any person, geographic area, or jurisdiction it desires, at any time and in its sole discretion. The document may contain links to third-party internet websites or resources. These links are provided as a convenience and Jefferies does not monitor or control the content of such third-party websites. The viewer acknowledges and agrees that Jefferies shall not be held responsible for the accuracy, reliability, currency, effectiveness or completeness of any information, data or other content, advertising, products, or services located on or through any other third-party websites, nor for any loss or damages caused or alleged to have been caused by your accessing, use of, inability to use, or reliance on, any such content. This publication may contain information obtained from third parties, including ratings from credit ratings agencies such as Standard & Poor’s. Reproduction and distribution of third party content in any form is prohibited except with the prior written permission of the related third party. Third party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. Third party content providers give no express or implied warranties, including, but not limited to, any warranties of merchantability or fitness for a particular purpose or use. Third party content providers shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or profits and opportunity costs) in connection with any use of their content, including ratings. Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. They do not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice.

JEFFERIES SHALL IN NO EVENT BE LIABLE FOR ANY DAMAGES OF ANY NATURE WHATSOEVER, INCLUDING, BUT NOT LIMITED TO, DIRECT, INDIRECT, CONSEQUENTIAL, SPECIAL AND PUNITIVE DAMAGES, LOSS OF PROFITS, INVESTMENT LOSSES AND TRADING LOSSES, RESULTING FROM ANY PERSON’S ACCESSING, USE OF, RELIANCE UPON, OR INABILITY TO USE, THIS DOCUMENT OR ANY CONTENT HEREOF, OR ANY INFORMATION, DATA OR MATERIALS ACCESSED VIA LINKS TO THIRD PARTY WEBSITES OR RESOURCES PROVIDED HEREIN, REGARDLESS OF THE FORM OF ACTION (WHETHER BREACH OF CONTRACT OR OTHERWISE), AND EVEN IF JEFFERIES IS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

In the United Kingdom and European Economic Area this material 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 investment experience and expertise, or by persons to whom it can be otherwise lawfully distributed. Jefferies International Limited is authorized and regulated by the Financial Conduct Authority (“FCA”); registered in England and Wales No. 01978621; registered office: 100 Bishopsgate, London EC2N 4JL; telephone +44 (0)20 7548 4000; facsimile +44 (0)20 7548 4203.  In Hong Kong, this material is issued and approved 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 licensed by the Securities and Futures Commission of Hong Kong with CE number ATS546; located at Suite 2201, 22nd Floor, Cheung Kong Center, 2 Queen’s Road Central, Hong Kong. In Singapore, Jefferies Singapore Limited is regulated by the Monetary Authority of Singapore.  For investors in the Republic of Singapore, this material is provided by Jefferies Singapore Limited pursuant to Regulation 32C of the Financial Advisers Regulations.  The material contained in this document is intended solely for accredited, expert or institutional investors, as defined in the Securities and Futures Act (Cap. 289 of Singapore). If there are any matters arising from, or in connection with this material, please contact Jefferies Singapore Limited, located at 80 Raffles Place #15-20, UOB Plaza 2, Singapore 048624, telephone: +65 6551 3950.  In Australia this information is issued solely by Jefferies International Limited and is directed solely at wholesale clients within the meaning of the Corporations Act 2001 of Australia (the “Act”) in connection with their consideration of any investment or investment service that is the subject of this document. Any offer or issue that is the subject of this document does not require, and this document is not, a disclosure document or product disclosure statement within the meaning of the Act. Jefferies International Limited is authorized and regulated by the FCA under the laws of the United Kingdom, which differ from Australian laws. Jefferies International Limited has obtained relief under Australian Securities and Investments Commission Class Order 03/1099, which conditionally exempts it from holding an Australian financial services license under the Act in respect of the provision of certain financial services to wholesale clients. Recipients of this document in any other jurisdictions should inform themselves about and observe any applicable legal requirements in relation to the receipt of this document. Jefferies LLC, Jefferies International Limited, Jefferies Hong Kong Limited, and Jefferies Singapore Limited, are affiliates of Jefferies Group LLC.