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Keefe, Bruyette & Woods, Inc. ("KBW") is a full-service boutique investment bank and broker-dealer that specializes in the financial services sector. KBW is registered with the Securities and Exchange Commission ("SEC") and a member of the Financial Institutions Regulatory Authority, Inc. ("FINRA"), the New York Stock Exchange, Inc. ("NYSE"), and the Securities Investor Protection Corporation ("SIPC"), conducting a full-service investment banking and brokerage business in the United States.

KBW regularly seeks investment banking assignments and compensation from issuers for services including, but not limited to, acting as an underwriter in an offering or financial advisor in a merger or acquisition, or serving as a placement agent in private transactions. KBW and its affiliates and their respective shareholders, directors, officers and/or employees, may from time to time have long or short positions in such securities or in options or other derivative instruments.

KBW maintains a presence on LinkedIn and Twitter but is not affiliated with these social media sites and has no control over how these sites or other third parties will use the information shared on the site. You should be familiar with LinkedIn and Twitter's privacy and security policies, and you should understand how your information can be displayed and used throughout the site as well as other third-party sites that may be linked to by LinkedIn or Twitter. Our social media pages and updates are for U.S. residents only.

KBW does and seeks to do business with companies that the Research Analysts may write about on Twitter and/or mention in their research reports. As a result, investors should be aware that KBW and its affiliates may have a conflict of interest that could affect the objectivity of the Analyst's Reports. Investors should consider the information provided in the links to the Analyst's Report as only a single factor in making their investment decisions. Nothing KBW uploads, posts, tweets, or retweets should be interpreted as a recommendation for any particular investment. Your KBW Representative is in the best position to know which investments are suitable for you, and KBW's social media pages are not a substitute for your Representative. Thus, do not construe KBW's uploads, posts, tweets, or retweets as any kind of personal investment advice whatsoever.

KBW does not accept buy and sell orders via social media. Investing involves risk, including possible loss of principal. For current disclosures for all covered companies, please visit the Research Page at http://www.kbw.com/research/disclosures.

TWITTER DISCLOSURE
KBW reserves the right to retain, monitor, and reproduce all electronic communications consistent with applicable law. Neither the information, nor any opinion, nor any other Content on Twitter constitutes a solicitation or offer by KBW or its affiliates to buy or sell any securities, options or other financial instruments or provide any investment advice or services. KBW will not accept purchase or sales orders via Twitter or any electronic messaging systems, and reminds all users not to disclose any personal financial information on Twitter. KBW is not responsible for third parties that may be linked to its Twitter or other Twitter pages, including but not limited to content posted by third parties, the privacy and security policies of Twitter or any other third-party sites, or for the products or services offered by any third party. All statements and messages are for U.S. residents only. KBW's Twitter communications are intended solely for approved Followers and must not be forwarded or "re-tweeted." These communications are intended for Institutional Client Use Only.

ACCESS TO RESEARCH
KBW research is available to institutional clients in the United States via our secure client access website. For access to KBW's online research site, contact your KBW representative.

The information provided has been prepared from sources believed to be reliable but is not guaranteed by KBW and is not a complete summary or statement of all available data, nor is it considered an offer to buy or sell any securities referred to herein. Opinions expressed are subject to change without notice and do not take into account the particular investment objectives, financial situation or needs of individual investors. Employees of KBW or its affiliates may, at times, release written or oral commentary, technical analysis or trading strategies that differ from the opinions expressed within. Past performance should not and cannot be viewed as an indicator of future performance. KBW makes no representation as to the accuracy or completeness of such information. Neither KBW nor any of its officers or employees accept any liability whatsoever for any direct, indirect or consequential damages or losses arising from any use of the information provided or its content.

This communication is only intended for and will only be distributed to persons residing in any jurisdictions where such distribution or availability would not be contrary to local law or regulation. This communication must not be acted upon or relied on by persons in any jurisdiction other than in accordance with local law or regulation and where such person is an investment professional with the requisite sophistication and resources to understand an investment in such securities of the type communicated and assume the risks associated therewith.

INTERACTING WITH KBW ON SOCIAL MEDIA SITES
Never disclose any financial or personal information on any social media site or other website. KBW will never ask you for your Social Security number, account information, passwords, PINs or other personally identifiable information via social media. KBW is not responsible for the privacy or security practices of the social media sites. Please review their policies regarding privacy and security practices prior to using any social media sites.

In addition, KBW does not endorse clicking on links posted by other social media users, as these links may pose risks to your computer or take you to inappropriate sites. The fact that KBW has retweeted, reposted, liked, or shared links posted by other social media users does not amount to our endorsement of clicking on such links.

If you are a KBW client and have specific questions about your account or investments, please contact your KBW Representative.

When accessing any third-party/external sites that may be linked in the social media site, you leave the KBW page. KBW does not control or endorse and is not responsible for the contents, operation, or security of these sites. KBW is not responsible for their terms of use, privacy policies, or any other third party websites that may be linked to or by their pages. You use these sites at your own risk.

KBW cannot be responsible for views expressed other than those posted by KBW. KBW reserves the right to prohibit posting on our social media pages, as well as the right to delete or edit any posted content or material for any reason and without notice. KBW prohibits the posting of offensive, derogatory, inflammatory, or illegal comments and statements.

KBW reserves the right to block or remove objectionable content and users if possible, in our sole discretion, and without notice. Any delay in removing or failure to remove an objectionable posting should not be deemed an endorsement or approval of the posting. If a follower forwards our posts and adds comments, KBW expressly disclaims any responsibility over the comments and postings.

KBW retains copies of communications it makes over social media platforms, including posts, uploads, and tweets on LinkedIn and Twitter.

LINKS TO THIRD-PARTY SITES AND CONTENT
KBW and its affiliates may occasionally mention a user, tweet, re-tweet or repost links to third-party sites. However, KBW does not, in any manner, endorse, approve, or adopt any company, product, content, data, or information provided by such third party user, tweet, or third party site. KBW has not participated in the development or approval of the content of such third party sites. Third party mentions appearing herein are the property of their respective owners.

Any links which KBW may provide to any other site are provided for informational purposes only. KBW assumes no responsibility for the content or maintenance of any such site and makes no warranties, express or implied, with respect to any such linked site. Placement of a link to another site on the KBW social media site does not guarantee the authenticity of information on such site. You should only follow such links if you have satisfied yourself as to the security of such a site. You are responsible for maintaining the security of your own information technology systems, and KBW makes no representation to you concerning the ability of unauthorized persons to intercept or access information transmitted by or to you through this or any other linked site.

INTELLECTUAL PROPERTY
Unless otherwise noted, the information posted on the KBW social media page and its contents are the property of KBW. Users of the KBW page on the social media site may make single copies of information for their own personal use but are prohibited from selling or republishing any portion of the KBW page or information provided without the prior written consent of KBW.

U.S. REGULATORY INFORMATION

Member NYSE
Member FINRA
SIPC Membership
Business Continuity Plan

SEC Rule 605
SEC Rule 606


EUROPEAN REGULATORY INFORMATION
Authorized and Regulated by the Financial Conduct Authority


For a copy of Keefe, Bruyette & Woods Limited's regulatory disclosures, please call
+44 20 7663 5439

TERMS OF USE & REGULATORY INFORMATION
Please click here to see our Terms of Use & Regulatory Information.

 

INSTANT MESSAGING DISCLAIMER:

Instant messages and any attachments, received by or sent from Keefe Bruyette & Woods, Inc. ("KBW") will be logged by the IM Administrator and are subject to archival, monitoring, or review and/or disclosure to someone other than the recipient.

Instant messages and any attachments may contain confidential information. If you are not the intended recipient, please do not copy, retain, forward, disclose or use the message or its attachments. If you received this instant message in error, immediately notify the sender by return instant message and close out the session. Any other action taken or use of this information by anyone other than the intended recipient is unauthorized.

Communications over the Internet, including instant messages, cannot be guaranteed to be secure or error-free. Instant messages and any attachments are subject to being intercepted and scanned for viruses by authorized KBW personnel.