Disclaimer

The corresponding material has been prepared by an associate of Robert W. Baird & Co. Incorporated other than a Baird Research associate or Baird's Research Department. The material is intended for institutional investors only and is provided for their informational purposes only and is not an offer, recommendation or solicitation to buy or sell any of the securities mentioned above. The material does not constitute, nor should it be regarded as, investment research or a research report or securities recommendation. It is not substantive research or analysis and does not provide information reasonably sufficient upon which to base an investment decision. Investors should independently evaluate particular investments and strategies. The material is merely intended to provide factual information and/or Baird associates’ personal observations or views, which may be different from or inconsistent with the observations and views of Baird's research analysts, other Baird personnel, or the proprietary positions held by Baird. The accuracy of the corresponding information has not been verified or confirmed; accordingly, no representation or warranty, expressed or otherwise, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or timeliness of the information. Observations or views expressed in the material, if any, may be changed by the associate at any time without notice, and neither Baird nor the associate undertakes any duty to update the information provided. In addition, the material has not been tailored to meet the needs or any particular client. The material may have previously been communicated to Baird's trading desk or other Baird clients. You should assume that Baird makes markets and/or currently maintains positions in any of the securities mentioned in the material. Additionally, in the case of an institutional trader providing his or her observations or views on such securities, the trader may be personally responsible for making a market in such securities or in buying or selling such securities for Baird's proprietary accounts, thus presenting a direct conflict of interest in potentially motivating the trader to provide his or her observations and views on a particular security in order to support the firm's trading position or strategy. Baird may also provide services or solicit business from, or participate or invest in transactions with, or effect transactions for the issuers of the securities mentioned in the material. Not all Baird clients will receive this or other similar material. The level and types of services and materials that Baird provides to clients may vary depending on various factors such as client preference, client need, client investment focus and perspective, and the size and scope of the client relationship with Baird. 

Not all transactions are suitable for every investor. This brief statement does not disclose all of the risks and other significant aspects of entering into any particular transaction. Prior to undertaking any trade, you should discuss with your professional tax, ERISA, legal, accounting, regulatory or other adviser how such particular trade(s) may affect you.

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