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Institutional Debt Research Disclosure

Information contained herein has been derived from sources believed to be reliable but is not guaranteed as to accuracy and does not purport to be a complete analysis of the security, company or industry involved. The information contained herein does not take into account the investment objectives or financial condition of any recipient hereof. This communication is not intended to, and should not be construed to, create a fiduciary or advisory relationship between SunTrust Robinson Humphrey, Inc. (“STRH”) and any recipient hereof. This report is not to be construed as an offer to sell or a solicitation of an offer to buy any security. STRH and/or its officers or employees may have positions in any securities, options, rights or warrants. The firm and/or associated persons may sell to or buy from customers on a principal basis. STRH may act as a market maker with respect to securities referenced herein, and to the extent STRH acts as a market maker for such securities STRH would likely actively trade such securities before and after publication of reports regarding such securities. In addition, STRH and its affiliates may from time to time perform various investment banking, commercial banking, lending, financial advisory and other services to the issuer(s) referenced herein. Investors may be prohibited in certain states from purchasing some over-the-counter securities mentioned herein. Opinions expressed are subject to change without notice. The information herein is for persons residing in the United States only and is not intended for any person in any other jurisdiction.

STRH’s research is provided to and intended for use by Institutional Accounts as defined in 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.  STRH’s research is not intended for retail investor and is not subject to all of the independence and disclosure standards that would be applicable to debt research reports prepared for retail investors

Any Regulators, Academics, Issuers, and Media organizations are receiving this for informational purposes and not for the purpose of making an investment decision related to debt securities.

STRH is a registered broker-dealer and a member of FINRA and SIPC. It is a service mark of SunTrust Banks, Inc. STRH 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.

 
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