The information contained in this email and in any accompanying research produced or distributed by DISCERN Investment Analytics, Inc. or its affiliates ("DISCERN") is intended solely for the use of institutional investors. Any form of duplication or redistribution of this material is strictly prohibited. Any information provided outside a formal Research Report is not intended by DISCERN to constitute an investment recommendation and should not be interpreted as such. Clients should evaluate a range of factors in addition to any information contained in this email and in any accompanying research before making any investment decision. If appropriate, clients should seek specialized or other professional advice on the merits and risks of any investment, includingappropriate tax advice. The information and opinions expressed are based on current public information and data derived from current public information that we consider reliable, but we do not guarantee its accuracy or completeness. The information and opinions expressed are not offers to sell or solicitations of an offer to buy any security or financial instrument in any jurisdiction in which such offers are prohibited. They do not constitute a personal recommendation or take into account the particular investment objectives, financial situation or needs of individual clients. The information provided on any particular company, security or financial instrument may not reflect events occurring after the date of publication. Past performance is not a guide to future performance, future returns are not guaranteed, and a complete loss of principal may occur.  

DISCERN Investment Analytics, Inc. is registered with the SEC as an Investment Adviser and with the CFTC as a Commodity Trading Adviser. However, neither the SEC nor the CFTC have reviewed, passed on, or endorsed any aspect of this email or its attachments or any other information provided by DISCERN. 

DISCERN Securities, Inc. is a member of FINRA and SIPC.