This communication has been prepared by sales or trading personnel of Instinet, LLC, member SIPC ("Instinet" or the "Firm"), for distribution to Instinet's clients.
Any views expressed herein are solely those of the person(s) who prepared this communication, except where the message states otherwise and the sender is authorized to state them to be the views of such other party. The views are current as of the date of the commentary and are subject to change without notice. This communication, including any trading ideas, market commentary, research summary or other information is not a recommendation for any particular customer to take or refrain from taking any action with respect to any securities or strategies discussed herein and does not constitute an offer or solicitation with respect to the purchase or sale of any security. The communication does not take into account the particular investment objectives, financial situation or needs of individual clients and does not purport to meet the objectives or needs of the addressee(s) or any other individual or account. This communication and related material may have been received contemporaneously by affiliates of Instinet or other Instinet clients. This communication is approved for distribution to institutional clients only.
If this communication contains one or more trading ideas (including any trading calls), such views are based on current market conditions, factors or trends, and are subject to change without notice. They may differ from, or be inconsistent with, the views of other personnel within Instinet or other general market information, commentary or research.
This communication is not a research report. It does not contain an analysis or information sufficient upon which to base an investment decision with respect to any security or trading strategy. The person(s) who prepared this communication is not a research analyst and is not licensed or registered as such with the Financial Industry Regulatory Authority (FINRA). This communication is not subject to Regulation AC under the Exchange Act or other rules that provide for the independence of research analysts or investment research. Conflicts of interest may exist as a result of the interactions between the person(s) who prepared this communication and other personnel of Instinet or its affiliates. Among other things, the person(s) who prepared this communication may receive compensation based, directly or indirectly, on commissions or profits earned by Instinet on transactions performed in securities mentioned herein, including any transaction by you.
The information, tools and material presented in this communication are based on the observations and views of Instinet's sales or trading personnel of various market and trading data, including, but not limited to, trading volumes, oversold/undersold indicators and other technical information, market color, published news stories or research prepared by the research provider.
If this communication references a research report, you are directed to the referenced report for the complete information and important disclosures. Investment research products are produced by Instinet. Instinet also distributes research products prepared by the Nomura Group ("Nomura"). Instinet is an affiliate of Nomura. Nomura research products and services are offered in the United States by Nomura Securities International, Inc., member SIPC ("NSI") and are distributed to subscribers through http://www.nomuranow.com/research. Instinet clients that are not subscribers to Nomura research may receive the research after it has been made available to Nomura clients who are subscribers. Please contact your Instinet sales representative if you need assistance with accessing research.
Complete copies of any research reports prepared by Nomura that are referenced in this communication, and related disclosures, are available at http://www.nomuranow.com/research. These reports may contain dated information and are made available for historical purposes only. They should not be relied upon in substitution for the exercise of independent judgment, are intended for your use only, and may not be transmitted to other parties. Contact your Instinet sales representative at 212-310-9510 if you need any assistance with accessing the reports.
Any recipient of this communication who wishes to effect a transaction in any non-U.S. security or related financial instrument based on the information contained in any referenced research report should do so through Instinet.
This material is (1) for your information only; (2) not to be construed as an offer to sell or a solicitation of an offer to buy any security mentioned herein; and (3) based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such. Any projections, valuations or statistical analyses are provided to assist the recipient in its independent evaluation of the matters described herein. They may be based on subjective assessments and assumptions and may use methodologies that produce different results and, to the extent that they are based on historical information, they should not be relied upon as an accurate prediction of future performance.
Nothing herein shall form the basis of or be relied on in connection with any contract or commitment whatsoever. Neither Instinet nor any other person accepts any liability whatsoever for any loss (howsoever arising and whether direct or consequential) from any use of the information contained herein or otherwise arising in connection herewith.
We do not provide legal, accounting or tax advice. In compliance with Internal Revenue Service Circular 230, we hereby notify you that any discussion of tax matters set forth herein was not intended or written to be used, and cannot be used by any person, for the purposes of avoiding tax-related penalties under federal, state or local tax law. Each person should seek legal, accounting and tax advice based on its particular circumstances from independent advisors.
Instinet or its affiliates may from time to time participate or invest in transactions with issuers of securities which are the subject of this communication. Instinet may act as principal for its own account or agent for another customer with respect to any purchase or sale of securities that are the subject of this communication, including any trading ideas, market commentary, research summary or research referenced or contained therein, by addressee(s). Instinet typically effects principal transactions only in connection with bona fide errors, ADR creation/redemption services and other situations not involving the Firm purposely assuming investment risk. Instinet may act as a selling agent for its affiliates when acting as manager or co-manager of a public offering.
Instinet's affiliates may from time to time perform investment banking or other services (including acting as advisor, manager or lender) for or solicit investment banking or other business from, companies mentioned herein. Instinet's affiliates may make a market or deal as principal in the securities mentioned in this document or in options, futures, or other derivatives based thereon. In addition, Instinet and its affiliates, and its or their shareholders, directors, officers and/or employees may from time to time have long or short positions in such securities or in options, futures, or other derivative instruments based thereon.
If this material has been distributed by electronic transmission, such as e-mail, then such transmission cannot be guaranteed to be secure or error-free as information could be intercepted, corrupted, lost, destroyed, arrive late or incomplete, or contain viruses. The sender therefore does not accept liability for any errors or omissions in the contents of this material, which may arise as a result of electronic transmission. If verification is required, please request a hard-copy version. Instinet is a registered broker-dealer in the United States and a member of SIPC. Instinet is affiliated with Nomura Holdings, Inc., a publicly traded company, and its subsidiaries and branches worldwide.
Rev. 11-14-2016
IMPORTANT NOTICE TO UNITED KINGDOM AND EUROPEAN UNION CLIENTS: This material has been approved for distribution in the United Kingdom and European Union by IEL which is authorised and regulated by the Financial Conduct Authority. It is not intended for distribution to retail clients. It is intended only for investors who "eligible market counterparties" or "professional clients" are as defined by the FCA, and may not, therefore, be redistributed to other classes of investors. We are not your designated investment adviser and this information is therefore provided on the basis that you have such knowledge and experience to evaluate its merits and risks, and are capable of undertaking your own objective analysis of the investment and its suitability to meet your requirements. It does not constitute a personal recommendation as defined by the FCA, or take into account the particular investment objectives, financial situations or needs of individual investors.