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Debt Trading Desk Commentary Disclosure

This electronic communication has been prepared by SunTrust Robinson Humphrey, Inc.’s Debt Trading Desk for distribution to SunTrust Robinson Humphrey, Inc. (“STRH”) clientele. This communication is not intended for public dissemination and the recipient is prohibited from sharing this information. This communication has been prepared for institutional accounts, as defined within FINRA Rule 4512(c) , who (1) are capable of evaluating investment risks independently, both in general and with regard to all transactions and investment strategies involving a security or securities; and (2) will exercise independent judgment in evaluating the recommendations of any broker-dealer or its associated persons. This communication is not a product of STRH’s Fixed Income Research Department. Any trading desk commentary may be inconsistent, and reach different conclusions, with other STRH trading desk material or research reports. STRH is under no obligation to bring them to the attention of recipients of this information. This communication may also include market commentary prepared by the individual author on specific companies or instruments that STRH’s Fixed Income Research Department may or may not cover. The person distributing any trading desk commentary may have already provided any strategy or idea to the STRH Debt Trading Desk, which may have already acted on the strategy or idea. STRH and its affiliates may seek to do business with the companies mentioned in such material and may have either a long or short position in the securities or products mentioned in such material.

This communication is provided for information purposes only and is not intended as a recommendation, offer or solicitation for the purchase or sale of any security or financial instrument. This communication is not a complete analysis of all material facts respecting any issuer, industry or security or of your investment objectives, parameters, needs or financial situation. Therefore it is not a sufficient basis alone on which to base an investment decision. Should this communication also include an attached research report produced by STRH’s Fixed Income Research Department, it will be appropriately labeled. STRH and its affiliates may have positions (long or short), effect transactions or make markets in the securities or financial instruments mentioned herein. STRH may also provide advice or loans to, or participate in the underwriting or restructuring of the obligations of the issuers mentioned herein. The information contained herein is as of the date and time referenced above and STRH does not undertake any obligation to update such information. All market prices, data and other information are not warranted as to completeness or accuracy and are subject to change without notice.   Past performance is not indicative of future results. The investments discussed may fluctuate in price or value. Changes in rates of exchange may have an adverse effect on the value of investments. Transactions involving financial instruments mentioned herein may not be suitable for all investors. STRH does not accept any liability whatsoever for any losses (whether direct, indirect, or consequential) arising from reliance on the content of the information contained herein.

STRH is a registered broker-dealer and a member of FINRA and SIPC. It is a service mark of SunTrust Banks, Inc. SunTrust Robinson Humphrey, Inc. is owned by SunTrust Banks, Inc. ("SunTrust") and affiliated with SunTrust Investment Services, Inc. Despite this affiliation, securities recommended, offered, sold by, or held at STRH and at SunTrust Investment Services, Inc. (i) are not insured by the Federal Deposit Insurance Corporation; (ii) are not deposits or other obligations of any insured depository institution (including SunTrust Bank); and (iii) are subject to investment risks, including the possible loss of the principal amount invested. SunTrust Bank may have a lending relationship with companies mentioned herein.

The securities described in trading desk commentary are subject to numerous risks, including credit risk of the underlying instrument or issuer, market risk and liquidity risk. STRH and its affiliates are under no obligation to make a market or otherwise provide liquidity in any instrument mentioned in such commentary.

Rule 144A securities may be offered or sold only to Qualified Institutional Buyers (“QIBs”) as defined within the meaning of Rule 144A under the Securities Act of 1933, as amended.  Securities discussed in any trading desk commentary may be rated below investment grade and should only be considered for speculative purposes.

Copyright 2019 SunTrust Robinson Humphrey, Inc. All rights reserved. Reproduction or quotation in whole or part without permission is forbidden.