Email Disclaimer

Fox-Pitt Kelton Cochran Caronia Waller (USA) LLC ("FPK CCW"), Fox-Pitt, Kelton Limited ("FPKL"), Fox-Pitt, Kelton NV ("FPK NV"), Fox-Pitt, Kelton (Asia) Limited ("FPKA") and Fox-Pitt, Kelton Group Limited ("FPKG") are affiliated with Fox-Pitt Kelton Cochran Caronia Waller LLC, J.C. Flowers I LP, J. Christopher Flowers, Swiss Reinsurance Company, Gary W Parr and with each of their corresponding direct and indirect subsidiaries, members, directors, divisions, branches and affiliates. FPKL is authorized and regulated in the United Kingdom by the Financial Services Authority (“FSA”) and is a Member of the London Stock Exchange. FPK CCW is regulated in the United States of America by the Financial Industry Regulatory Authority (“FINRA”). FPKA is regulated in Hong Kong by the Securities and Futures Commission. FPKA Tokyo is an investment adviser regulated in Japan by the Financial Services Agency.

The Fox-Pitt Kelton Cochran Caronia Waller group of companies gathers its data from sources it considers reliable; however, it does not guarantee the accuracy or completeness of the information provided within this publication. The material presented reflects information known to the authors at the time this publication was written, and this information is subject to change. Fox-Pitt Kelton Cochran Caronia Waller (and the related group of companies) makes no warranties regarding the accuracy of this material. Officers, employees and directors in the Fox-Pitt Kelton Cochran Caronia Waller group of companies may hold positions in the securities of the companies discussed or which it advises. This publication does not constitute a recommendation with respect to the securities of any company discussed herein, is not intended to provide information upon which to base an investment decision, and should not be construed as such. Fox-Pitt Kelton Cochran Caronia Waller or its affiliates may from time to time provide investment banking or related services to these companies. The authors of this publication, like all Fox-Pitt Kelton Cochran Caronia Waller employees, receive compensation based upon overall Firm profitability.

Please read and consider the following important information listed below about Company e-mails:

Receipt in Error: The e-mail messages and any files you have received are intended solely for the addressee(s) and may be legally privileged and/or confidential. If you are not the intended recipient please notify the sender, delete the message and all copies of it from your system, and destroy any hard copies. You should not divulge, copy, forward, or use the contents, attachments, or information in any way. Any unauthorized use or disclosure is prohibited and may be unlawful.

Intended Recipient: Any investment-related information provided in Company e-mails or attachments is solely intended for institutional or professional investors. Private or individual investors should disregard any such information contained therein. If you are the intended recipient do not distribute this message without the express written consent of the Company.

Accuracy & Content: E-mail sent through the Internet is not secure. The Company provides no warranty as to the accuracy or completeness of e-mail messages sent over the Internet and accepts no responsibility for changes made after they are sent. Any opinion expressed in an e-mail message is personal to the author, may not necessarily reflect the opinion of the Company, and may be subject to change without notice. The Company will not accept time-sensitive, action-oriented messages or transaction orders electronically.

The Company makes no representations or warranties, express or implied, concerning the accuracy or completeness of any projections, forecasts, estimates or opinions contained in any e-mail messages. Any projections, forecasts or other estimates, including estimates of returns or performance and/or forward looking statements, are indicative only and do not purport to be anything else and may be affected by changes in market conditions.

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.

Regulation: Where investment-related information is provided in Company e-mails or attachments, such information is not a complete analysis of every material fact concerning any company, industry, or security mentioned. The information is provided "AS IS", has been prepared for general distribution, and is circulated for informational purposes only, without regard to any particular reader's investment objectives, financial situation, or means. FPK is not soliciting any action based upon its e-mails or attachments. The information should not be construed as a recommendation, an offer to buy or sell, or a solicitation of an offer to buy or sell any security, financial product, or instrument. This information does not constitute a confirmation of any transaction.

Personal Information: Any personal information contained in an e-mail is provided solely for the purpose stated in the message and must not be disclosed to any third-party or used for any other purpose without consent.

Agreements: This Disclaimer is in addition to any Company Agreement, Customer Agreement, Account Agreement, and/or Electronic Services Agreement that may be displayed by the Company at this website, or clicked through, or otherwise agreed to by any person or entity accessing this Website.

Monitoring: The Company reserves the right to monitor all e-mail.