Options Disclaimer

DISCLAIMER FOR SALES LITERATURE

The information contained herein is Institutional Sales Literature.  It should not be construed as research, nor was it produced or approved by BGC’s Research Analysts.  Neither this document nor any other statement (oral or otherwise) made at any time in connection herewith is an offer, invitation or recommendation to acquire or dispose of any securities or to enter into any transaction.    Any decision to purchase or subscribe for securities or instruments or enter into any transaction should not be made solely on the basis of the information contained herein.  The information and opinions in this document are subject to change without notice.  Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation.  Past performance is not indicative of future results and BGC disclaims any and all liability for any loss that may arise from use of the information contained herein.  BGC may have positions in or options on the securities mentioned in this document or any related investments or may buy, sell or offer to buy or sell such securities or any related investments as principal or agent on the open market or otherwise.  BGC and/or any of its clients may have acted upon the information or opinions in this document prior to your receipt of this information.  In this notice “BGC” means BGC Financial, L.P. and any of its associated or affiliated companies, subsidiaries, and its directors, representatives or employees.

***Options involve risk and are not suitable for all investors.  For more information regarding trade related disclosures and risks, please see our website at the following link:

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