Tigress producesinvestment research for informational purposes only and is not a solicitationto buy or sell any securities or services from any companies or issuersmentioned herein or to participate in any particular trading strategy or in anyjurisdiction in which such an offer or solicitation would violate applicablelaws or regulations.
Tigress research isdistributed in the United States by Tigress Financial Partners LLC a registeredbroker dealer with the Securities and Exchange Commission (SEC) and a member ofthe Financial Industry Regulatory Authority (FINRA) and in Brazil by GradualInvestmentos, Gradual CCTVM S/A, a financial institution authorized by theCentral Bank of Brazil.
The informationcontained in our published reports has been obtained or derived from sourcesbelieved to be reliable but its accuracy and completeness is not guaranteed andshould not be the sole basis of any investment decision but only to be used asa factor in the investment decision process.
Our research reportsare not intended to provide individually tailored investment advice and arebeen prepared without regard to the individual financial circumstances andinvestment objectives of any person(s) receiving them. The analysis andconclusions herein are not a complete analysis of every material factrespecting any company, industry, or security. The opinions expressed in thisreport reflect the judgment of the author(s) at this date and are subject tochange without further notice. Tigress Financial Partners is under noobligation to provide updates to recipients of any previously issued reports orrecommendations.
The market value andexpected income from any investment may vary because of changes in interestrates or foreign exchange rates, securities prices or market indexes,operational or financial conditions of the underlying companies or otherfactors. Past performance is not indicative of future performance. Estimates offuture performance, research ratings and target prices are based on assumptionsthat may not be realized. Unless otherwise stated, the cover page provides themost recently available closing price on the primary exchange for the subjectcompany's securities/instruments
Securities areoffered through Tigress Financial Partners LLC a SEC Registered Broker Dealerand registered investment advisor and a member of FINRA/MSRB/SIPC which clearsits securities transactions and provides custody of client accounts on a fullydisclosed basis through Pershing LLC, a subsidiary of The Bank of New YorkMellon.
Securities in youraccount are protected up to $500,000 of which $250,000 can be for claims forcash awaiting reinvestment. Please note that SIPC does not protect against lossdue to market fluctuation. For additional information please go to www.sipc.org.
In addition to SIPCprotection, Pershing provides Tigress Financial Partners LLC client accountscoverage in excess of SIPC limits from Lloyd's of London, in conjunction withother insurance companies. The excess of SIPC coverage provides an aggregate losslimit of $1 billion for eligible securities over all client accounts and aper-client loss limit of $1.9 million for cash awaiting reinvestment within theaggregate loss limit of $1 billion. The excess of SIPC coverage does notprotect against loss due to market fluctuation. For additional informationplease go to www.lloyds.com.
Pershing's excess ofSIPC coverage is provided by Lloyd's of London in conjunction with XL SpecialtyInsurance Co., Axis Specialty Europe Ltd., Great Lakes Reinsurance (UK) PLC andIronshore Specialty Insurance Co.
