This material has been prepared for institutional investors only by an institutional trader or sales personnel of MKM Partners LLC. and not by the equity research department. It is not investment research or a research recommendation or a research report, as it does not constitute substantive research or analysis and is not intended to provide a sufficient basis on which to make an investment decision. It is intended only to provide observations, views, opinions, and commentaries of individual traders or sales personnel, which may be different from, or inconsistent with, the observations and views of MKM equity research department analysts, other MKM traders or sales personnel, or the proprietary positions of MKM.

Only the published research reports, from the equity research department and available by contacting your institutional sales representative, represent the official opinion of the firm and contains other important disclosures. Observations and views expressed herein may be changed by the individual trader or sales personnel at any time without notice. It is intended for institutional investors of MKM only, is provided for informational purposes, is intended for your use only and does not constitute an offer, recommendation or solicitation to purchase or sell any of the securities mentioned herein. This material has not been verified for its accuracy and therefore no representation is made nor should it be relied upon as to the fairness, accuracy, completeness or timeliness of the information.

You should assume that the MKM trading desk makes markets and/or currently maintains positions in any of the securities mentioned in the material. The institutional trader providing his views and observations may personally maintain a market in the securities mentioned herein or in purchasing or selling such securities for MKM’s proprietary accounts which may pose a conflict of interest. MKM may participate or invest in transactions with issuers of securities that participate in the markets referred to herein, perform services for or solicit business from such issuers, and/or have a position or effect transactions in the securities or derivatives thereof.