Notice for Quantitative Desk Commentary

The information, tools and material presented in this sales and trading commentary (this "commentary") have been prepared or distributed by individual Sales Trading personnel of Instinet, LLC ("Instinet"). This commentary is not "research" as that term is defined by U.S. securities laws, rules and regulations. This commentary is intended for institutional investors only, and you shall not redistribute or share the information in this commentary with any third party without Instinet's express prior consent. Affiliates of Instinet may receive this commentary simultaneously with Instinet clients.

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