Suitability

R.W. Pressprich produces and distributes debt research reports that are intended for institutional investors that are not subject to the independence and disclosure standards applicable to debt research reports prepared for retail investors.

As a QIB I affirmatively indicate that my company will be exercising independent judgment in evaluating RWP’s recommendations pursuant to Rule 2111 and such affirmation covers transactions in debt securities.

As an Institutional Account of RWP, I wish to receive institutional debt research and forego treatment as a retail investor for the purposes of FINRA Rule 2242.

Qualified as an “Institutional Account” or “Qualified Institutional Buyer” (QIB)

I represent my company meets the requirements to qualify as Institutional Account as defined in FINRA Rule 4512 or as a Qualified Institutional Buyer as defined in Rule144A of the Securities Act.

Institutional Account shall mean the account of a bank, savings and loan association, insurance company or registered investment company, an investment adviser registered either with the SEC under Section 203 of the Investment Advisers Act or with a state securities commission or any agency or office performing like functions, or any corporation, partnership, trust or otherwise with total assets of at least $100 million.

In broad terms, QIBs are institutional investors that own or manage on a discretionary basis at least $100 million worth of securities. A qualified institutional buyer (QIB) is a class of investor that by virtue of being a sophisticated investor, does not require the regulatory protection that the Securities Act's registration provisions give to investors.

Disclaimer

The preceding is an Institutional Trading Desk Note prepared by R.W. Pressprich & Co. The content of this correspondence is not to be construed as an official research report or recommendation by R.W. Pressprich & Co. As salespeople and traders we will be compensated directly from sales commissions generated for transactions involving the securities discussed. While the information contained herein is believed to have been obtained from sources believed to be reliable, there is no guarantee as to its accuracy or completeness. Further, this note represents the personal views of the author only and this limited analysis may not consider all the risks associated with an investment in these securities. Investors should consider this correspondence as a single factor in making an investment decision. R.W. Pressprich & Co. and associated individuals may hold positions in securities discussed herein and make purchase and sales of such securities from time to time.