Sales and Trading Disclaimer

This document is for information purposes only. It is for institutional use only and is not research. For research, please go to Under no circumstances should this document be used or considered as an offer to sell or a solicitation to buy the securities or other instruments mentioned in it. The information in this document has been obtained from sources believed reliable, but BCP Securities LLC makes no representations concerning the truth or accuracy of the content or substance of this document, or of the future market value of any securities, notes, or private claims mentioned within. This document is a product of the BCP sales or trading desk and is not a research report. The trading desk trades or may trade as principal and has or may have proprietary positions in the securities (or related derivatives) that are the subject of this document. Opinions expressed herein constitute our opinion as of the date published and are subject to change without notice, and BCP Securities LLC makes no representations that it will endeavor to update its analysis upon any change of circumstances. All views expressed accurately reflect the author’s personal views about the subjects, securities and/or issuers. The products mentioned in this document may not be eligible for sale in some states or countries. BCP Securities LLC, its affiliated companies, and/or its officers, directors, or shareholders, may from time to time have long or short positions in the financial instruments of the companies mentioned in this document, or may serve in an advisory capacity with respect to such instruments. 2018 BCP Securities LLC.