Sales Disclosures ITD

This communication is a product of the U.S. Institutional Trading Desk of Oppenheimer & Co. Inc. (“Oppenheimer” or “Firm”) for Institutional Investors Only. It was not prepared, reviewed or approved by the U.S. Equity Research Department of Oppenheimer, and should not be construed as research nor considered independent research. This commentary is provided by the Oppenheimer U.S. Institutional Trading Desk. It is provided, for informational purposes only, to Institutional Investor clients of Oppenheimer in the United States and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such offer or solicitation would be prohibited. Use by other than the intended recipients is prohibited.

Indices are unmanaged, hypothetical portfolios of securities that are often used as a benchmark in evaluating the relative performance of a particular investment. An index should only be compared with a mandate that has a similar investment objective. An index is not available for direct investment, does not reflect any of the costs associated with buying and selling individual securities or management fees.

The securities mentioned in this communication may not be suitable for all types of investors. It does not take into account the investment objectives, financial situation or specific needs of any particular client of Oppenheimer. Recipients should consider this communication as only a single factor in making an investment decision and should not rely solely on its content as a substitution for the exercise of independent judgment of the merits and risks of investments. Before making an investment decision with respect to any security mentioned in this commentary, the recipient should consider whether such security is appropriate given the recipient's particular investment needs, objectives and financial circumstances. Oppenheimer will not treat non-client recipients as its clients solely by virtue of their receiving this commentary.

Past performance is not a guarantee of future results, and no representation or warranty, express or implied, is made regarding future performance of any security mentioned in this commentary. The price of the securities mentioned in this commentary and the income they may produce may fluctuate and/or be adversely affected by exchange rates, and investors may realize losses on investments in such securities, including the loss of investment principal. Oppenheimer accepts no liability for any loss arising from the use of information contained in this commentary, except to the extent that liability may arise under specific statutes or regulations applicable to Oppenheimer.

Information, opinions and statistical data contained in this commentary were obtained or derived from sources believed to be reliable, but Oppenheimer does not represent that any such information, opinion or statistical data is accurate or complete and they should not be relied upon as such. It is not to be construed as a representation by us or as an offer or the solicitation of an offer to buy or sell any security. Disclosures: Sources of aforementioned news/data/research are obtained from a variety of what Oppenheimer believes to be reliable sources. Specific source disclosure may be made within the body of this communication.