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The views expressed in this and all research reports accurately reflect the personal views of the research analyst responsible for the content of the report.  The research analyst further certifies that he receives no compensation that is directly or indirectly related to the specific recommendations or views contained within this report.

This publication does not constitute and should not be construed as an offer or the solicitation of any transaction to buy or sell any securities or any instruments or any derivatives of the securities mentioned herein or to participate in any particular trading strategies. Although the information contained herein has been obtained from recognized services, and sources believed to be reliable, its accuracy or completeness cannot be guaranteed. Opinions, estimates or projections expressed in this report may make assumptions regarding economic, industry and political considerations and constitute current opinions, at the time of issuance, which are subject to change without notice.
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