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Keefe, Bruyette & Woods, Inc. ("KBWI") is a full-service boutique investment bank and broker-dealer that specializes in the financial services sector. KBWI 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. Stifel Nicolaus Europe Limited ("SNEL"), also trading as Keefe, Bruyette & Woods Europe ("KBW Europe") is a United Kingdom-based limited liability company, conducting an investment business regulated by the Financial Conduct Authority ("FCA") in the UK and Europe.

In these Terms of Use, "KBW" means KBWI and KBW Europe. KBWI and KBW Europe are wholly owned subsidiaries of Stifel Financial Corp. and affiliates of Stifel, Nicolaus & Company, Inc.

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AGREEMENT REGARDING USE OF WEB SITE
By accessing this web site, you agree to read and abide by all of the Terms of Use contained on this page or any other terms elsewhere on this web site. You understand that the information on this web site is provided for your personal use and remains the property of KBW. You cannot copy, reproduce, republish, transmit or otherwise distribute any of the information on this web site without KBW's express permission. Improper use of the content of this web site or any copyrighted material or trademark, trade name, trade secret or proprietary information may also be a violation of copyright and other intellectual property rights of KBW.

Only persons who are the registered owners of KBW passwords are permitted to enter any password protected portion of this web site. Unauthorized access or misuse of a password may result in revocation of related password privileges or other legal actions that KBW may feel are appropriate to safeguard password related information. In connection with obtaining a password to access certain areas of this web site, you may be asked to provide certain information or make certain representations as to your qualifications to obtain such access. You confirm that the information you provide is true and correct and agree to promptly notify us of any change in such information which may make the information you provided incorrect or incomplete. If you have obtained a password from KBW, you understand and agree that KBW may transfer certain information concerning you to other providers of web site services to KBW in order to allow you to use this web site. If you have concerns about this, please see our Privacy Policy on this web site. You agree to take appropriate commercially reasonable measures to protect any password you may obtain from KBW from unauthorized use. You will also safeguard personal information about you so that others may not use this information to improperly obtain a KBW password.

The information on this web site is obtained from various sources. We do not warrant the accuracy or completeness of any information on this web site or make any other express warranty relating to this web site. We also disclaim any and all implied warranties, including, but not limited to, warranties of merchantability or fitness for your use. The information may be changed, modified or deleted at any time in the sole discretion of KBW. Information which is dated speaks only as of its date and we have no obligation to update, modify, or amend any dated information. All information is provided on an "as is" basis at your sole risk. You agree that KBW will have no liability to you for any damages which may result from your use of this web site.

The information provided on this website 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 law or regulation or which would subject KBW or any of its affiliates to any registration or qualification requirement within such jurisdiction or country. Unless expressly stated, no information on this web site is, or will be deemed by you to be, an offer to sell, or the solicitation of an offer to buy any securities. This web site is not intended to solicit any interest from you in any specific transaction. All solicitations of interests are governed by and conducted in accordance with the terms of the laws of applicable jurisdictions where specific services are provided by KBW. KBW does not intend the information on this website to be investment advice, and the information presented on this website should not be relied upon to make any investment decision.

KBW does not currently place software on your computer designed to track customer use or otherwise gather information. KBW reserves the right, consistent with applicable law, to implement such tracking software or information in the future for purposes of helping us assess various business practices and service offerings. Although certain third party consultants or vendors assisting us in these endeavors may obtain access to this information to the extent legally permitted, we will not sell this information to any third party for any other commercial purpose. The terms of this Agreement Regarding Use of Web Site are governed by the laws of the State of New York.

KBW RESEARCH REPORTS
Research reports provided by KBW on this web site are password protected. Unauthorized access is prohibited. Research is provided as of its date of publication and there is no representation that it is current as of any other date. We have no obligation to update any of this information. Securities laws and KBW policies may prohibit amendment or modification of research information as of other dates. Information included in research reports is prepared solely by members of the Research Departments of our operating subsidiaries and may not reflect all information concerning a subject company or security in possession of other persons related to KBW. When you read a research report, you need to read all related disclosure information provided by KBW on this web site relating to that report. Among other things, that disclosure explains the meaning of KBW's rating system for securities.

Ratings and estimates included in any KBW research are not recommendations to anyone that they should engage in a transaction in the related securities. We do not make any representation or warranty that the research report contains the information that you need to make an investment decision. Providing you with a password to access the research information does not mean that KBW has made any assessment of the suitability of any transaction in securities for your personal investment. You must make your own individual investment decision in a specific transaction based on your own personal factors, including your investment objectives, financial position, liquidity needs, tax status, risk tolerance and your own assessment of the suitability of the transaction to fit within these factors. If you do not have the requisite level of financial sophistication to make a decision, you should consult with an expert before making any investment decision.

USE OF COOKIES AND OTHER TRACKING DEVICES
A cookie is a small file of letters and numbers that allows tracking of internet page usage. We use analytical cookies which allow us to recognise and count the number of visitors to our website (www.kbw.com) and see how you and others move around it. This only lasts for the period of time you are on the website. We do not embed any cookies onto your computer.

We receive statistical information regarding user access from external service providers who are used to distribute our research product and to allow clients to access the KBW research library. These parties may use a variety of tracking devices on their websites. Please review the information set out in the below section 'Links to other sites' with regard to your responsibility in accessing such sites.

LINKS TO OTHER SITES
Any links which may be provided to any other site are provided solely for information that you may find of use. 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 web site does not guarantee the authenticity of information on such site. You should also be aware that certain types of information may become available to you during your use of our web site through "pop up" screens or other types of links over which we have no control. Forms of software may be placed on your computer which track your internet use or provide information to unrelated parties which you may not want them to have. You should only follow such links if you have satisfied yourself as to the security of such a web 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.

DISRUPTIONS IN SERVICE
A number of factors, such as high internet traffic, transmission problems, system limitations, hardware or software problems or other problems may lead to disruptions from time to time in your ability to access this web site. Many of these factors could be beyond our control and we cannot guarantee that you will be able to access any or all of this web site at a given time or over any period of time.

European Users
In Europe, this website and the information contained in it (this "Website") are made available by KBW Europe. Stifel Nicolaus Europe Limited ("SNEL"), also trading as Keefe, Bruyette & Woods Europe, is registered in England and Wales, no. 03719559 and its registered office is 4th Floor, 150 Cheapside, London EC2V 6ET. Stifel Nicolaus Europe Limited ("SNEL"), also trading as Keefe, Bruyette & Woods Europe, is authorised and regulated by the Financial Conduct Authority (FCA) in the UK entered on the FCA's register, no. 190412 and is a member of the London Stock Exchange. Where this communication constitutes a financial promotion having an effect in the UK for the purposes of the United Kingdom Financial Services and Markets Act 2000, it is issued and approved for distribution (and solely for such purposes) by Keefe, Bruyette & Woods Europe.

This website is provided for informational purposes only and is intended for use only by persons who have professional experience, or by persons to whom it can otherwise be lawfully distributed.

The information featured on this website may relate to services of an entity/person incorporated and operating outside of the UK or to other matters which are not regulated by the FCA. In such case, the provision of such services will not have the benefit of UK regulatory protections, including those provided in respect of the FCA rules and the UK compensation scheme. In particular, KBWI is based outside of the UK and the provision of services by it will not have the benefit of such UK regulatory protection.

Intellectual Property
Unless otherwise noted, this website and its contents are the property of KBW. The posting of information, trademarks and logos on this website shall not limit KBW's ownership interests in such materials. Users of this website may make single copies of information for their own personal use but are prohibited from selling or republishing any portion of this website 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 Europe's regulatory disclosures, please call
+44 20 7663 5439

 

SOCIAL MEDIA DISCLOSURES
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INSTANT MESSAGING DISCLAIMER:

Instant messages and any attachments, received by or sent from Keefe Bruyette & Woods, Inc. ("KBWI") 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.