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Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. Securities recommended, offered or sold by Ladenburg Thalmann & Co. Inc. are subject to investment risks, including the possible loss of some or all of principal invested. Indeed, in the case of some investments, the potential losses may exceed the amount of the initial investment. Ladenburg Thalmann & Co. Inc. accepts no liability for loss arising from the use of the material presented in this report, except that this exclusion of liability does not apply to the extent that such liability arises under specific statutes or regulations applicable to Ladenburg Thalmann & Co. Inc. This information is not to be relied upon in substitution for exercise of independent judgment. Ladenburg Thalmann & Co. Inc. may have issued, and may in the future, issue other reports that are inconsistent with, and reach different conclusions from the information presented. Those reports reflect the different assumptions, views and analytical methods of the analysts who prepared them and Ladenburg Thalmann & Co. Inc. is under no obligation to ensure that such reports are brought to the attention of any recipient of this report. Nothing contained on the website constitutes any opinion with respect to suitability of any security. This information is without regard to the specific investment objectives, financial situation and particular needs of any specific recipient of this information and investment discussed may not be suitable for all investors. Investors should consult with their financial consultant regarding the suitability of investing in any securities or following any investment strategy”