Desk commentary disclaimer.



This communication has been prepared by Park Walk. “Park Walk” means Park Walk LLC, Park Walk Capital Markets LLC, Park Walk Europe LLP and any of their subsidiaries or affiliates.

This desk commentary material does not constitute a research report under U.S. law and is provided for information purposes only and is not an offer or a solicitation for the purchase or sale of any financial instrument. Any decision to purchase or subscribe for securities in any offering must be based solely on existing public information on such security or the information in the prospectus or other offering document issued in connection with such offering, and not on this document.


This document has been prepared for Qualified Institutional Buyers, sophisticated institutional investors and market professionals only. This material is intended for institutional investors only, and as such may not be disseminated, distributed, forwarded or otherwise disclosed to any other party that is not an institutional investor, as defined under the Financial Industry Regulatory Authority Rule 2210(a)(4).


Further, this communication is confidential and is for the benefit and internal use of the recipient only and solely for the purpose of the recipient’s consideration of the securities/transaction described herein, and no part of it may be reproduced, distributed or transmitted to anyone, even other institutional investors, without the prior written permission of Park Walk.


Park Walk is acting solely as principal and not as fiduciary. Park Walk makes no representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein, or the appropriateness, for any person, of any transaction. Park Walk does not give tax, accounting, regulatory or legal advice to customers, and the information contained herein should not be considered to constitute such advice. Park Walk strongly urges that the recipient seek independent legal, regulatory, accounting and tax advice regarding the contents of this communication to support the recipient’s independent determination regarding the suitability of any strategy or instrument identified herein.


Neither Park Walk nor any of its directors, officers, employees, representatives or agents, accepts any liability whatsoever for any direct, indirect or consequential losses (in contract, tort or otherwise) arising from the use of this communication or its contents or reliance on the information contained herein, except to the extent this would be prohibited by law or regulation.

This document has been prepared by an employee of Park Walk who supports Park Walk’s underwriting, sales and trading activities and who receives compensation based upon various factors, including the overall profitability of Park Walk. Park Walk and its partners, officers, directors, or employees sell to or purchase from customers securities, commodity futures, derivatives, or other financial instruments on a principal basis or as agent for another person and may have interests different or adverse to the interests of the recipient of this communication. All opinions, projections and estimates constitute the judgement of the person providing the information as of the date communicated by such person and are subject to change without notice.

Park Walk’s representatives, other than the author of this communication, may provide oral or written market commentary or trading strategies to Park Walk’s clients that reflect opinions that are contrary to the opinions expressed in this communication.
Park Walk may at any time acquire, hold or dispose of long or short positions (including hedging and trading positions) and trade or otherwise effect transactions for their own account or the account of their customers in the products referred to herein which may impact the performance of a product.

Park Walk is not offering to sell or seeking offers to buy any product or enter into any transaction. Any offer or entry into any transaction requires Park Walk’s subsequent formal agreement, which will be subject to internal approvals and execution of binding transaction documents.

Park Walk is not responsible for information stated to be obtained or derived from third party sources or statistical services. Prices contained in any materials are also subject to change without notice. We shall not be liable for any mistakes or errors in, or delays in updating, the information.


All opinions and estimates are given as of the date hereof and are subject to change. The value of any investment may also fluctuate as a result of market changes. Park Walk is not obliged to inform the recipients of this communication of any change to such opinions or estimates.

Park Walk Capital Markets LLC is a Member of FINRA and SIPC. To visit the FINRA website, please go to www.finra.org. To visit the SIPC website, please go to www.sipc.org.

This marketing communication has been prepared by Park Walk Europe LLP (“PWE” or “the Firm”), which is authorised and regulated by the Financial Conduct Authority (FRN 502209), and is strictly confidential and intended solely for professional clients and eligible counterparties of the Firm to which it is addressed.

PWE believes the information contained herein, which has been prepared from generally available public sources, to be accurate and reliable in all material respects as at the date that this marketing communication has been prepared. The information is presented “as is” and PWE (and any of its directors, officers, employees, advisors, agents or affiliates) makes no representation, warranty or undertaking, express or implied, that the information is accurate, complete, timely, or inclusive of all available data and no liability is accepted of the Firm or such persons for the accuracy, completeness, timeliness, or inclusiveness of this marketing communication.

Any opinions expressed may not be shared by all employees of PWE and are subject to change without notice and do not take into account the particular investment objectives, financial situation, or needs of individual investors. This marketing communication is neither investment advice based on a consideration of the personal circumstances of the addressee, nor is it the result of objective or independent research, or subject to prohibitions or limitations on dealing ahead of dissemination of this marketing communication.

PWE undertakes no obligation or responsibility to update any of the information contained within this marketing communication. Past performance does not guarantee, nor should it be used as an indicator of future performance. The value of investments and the income from them is not guaranteed and can fall as well as rise. This marketing communication is for general guidance only, and it is the responsibility of any person or persons in possession of this marketing communication to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. This information is not intended to provide, and should not be relied upon for accounting, legal or tax advice or investment recommendations. You should consult your tax, legal, accounting or other advisors about the issues discussed herein.

The recipient of this information must make his or her own independent decisions regarding any securities mentioned herein. No reliance should be placed for any purpose upon the information and opinions contained within this marketing communication, and the communication should not serve as a substitute for independent inquiry or judgment.

This marketing communication is not to be disclosed, copied, reproduced, distributed, circulated, edited, modified or otherwise exploited, in whole or in part, to any other party without PWE’s prior written consent. This marketing communication is not legally binding, nor does it constitute an offer or invitation to enter into any type of financial transaction.

This marketing communication is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation.

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