Important Disclosure

The pricing or valuation information contained herein is intended solely for your use and may not be quoted, circulated or otherwise referred to without our express consent.  It is provided for informational purposes only.  Pricing or valuation information contained herein is based on data obtained from one or more of the following: indications of interest, bids, offers, last sale prices or other sources prevailing at approximately the close of business on the relevant date, but which do not necessarily reflect firm bids or offers or actual trade prices.  These prices or valuations are not verified or tested independently by Jefferies Financial Group Inc. (“Jefferies”).  Jefferies is under no obligation to provide any updates to a price or valuation that has been provided.  Jefferies makes no representation or warranty with respect to the accuracy of such pricing or valuation information and is not responsible for losses or damages or claims relating in any way to the pricing or valuation information. The pricing or valuation information provided herein does not constitute offers to purchase or sell any securities at this or any other level. The pricing or valuation information provided herein may differ substantially from actual values or actionable valuations, may vary significantly from price estimates from other sources, do not necessarily reflect Jefferies’ internal bookkeeping or theoretical model-based prices and may be substantially affected by various factors, such as size, underlying volatility, and costs of carry, which were not assessed.

Jefferies and its affiliates may, from time to time, perform investment banking or other services for, or solicit investment banking or other business from, any company referenced herein.  In connection with providing these services, Jefferies and its affiliates and their respective officers, directors, and employees may come into possession of confidential and/or material non-public information with respect to any  referenced company which, if disclosed, might affect your decision to buy or sell or hold an instrument. Under applicable law, Jefferies and its affiliates and their respective officers, directors and employees are prohibited from improperly disclosing or using such information for their personal benefit or for the benefit of any other person, regardless of whether such a person is a customer of Jefferies or its affiliates. Accordingly, should Jefferies and its affiliates and their respective officers, directors, and employees come into possession of confidential or material non-public information with respect to companies discussed herein, they shall be prohibited from communicating such information to you, and neither Jefferies nor its affiliates shall have any responsibility or liability for failing to disclose such information to you as a result of following policies and procedures designed to comply with applicable law.