The global M&A industry has witnessed 21 deals in YTD 2014. The Aranca's global M&As newsletter provides news, updates on latest merger & acquisition across the globe, mainly includes North America, Europe, Asia-Pacific, Middle East and Africa etc.

1. Editor
Ati Ranjan Kumar
AVP–Investment Research
Email: ati.ranjan@aranca.com
Research Team
Jui Kulkarni – Sr. Manager
Swetha K. – Asst. Manager
Ritika Gupta – Senior Analyst
Asha Nagarajan – Analyst
© Aranca 2014. All rights reserved.
www.aranca.com
Aranca is an ISO 27001:2013 certified company
Aranca Brief: Global M&As
Analysis & Commentary
IN THIS ISSUE
Emerging markets and brand expansion – key focus of M&As in F&B
On September 15, 2014, news reports primarily centered on renewed interest by brewing giant Anheuser-Busch InBev to acquire SABMiller in a deal potentially worth USD122 Bn. During YTD 2014, the industry witnessed a series of high profile transactions in F&B (more)
Global M&A activity remains suppressed
In September 2014, global M&A activity remained suppressed, with deal volume declining 5.5% m-o-m; however, deal value increased 17.4% m-o-m. Overall, 1,300 deals, with a total value of USD292.9 Bn, took place during the month. Significant activity was witnessed in Healthcare and High Technology (~14% of global deal value and volume, respectively). (more)
M&A activity in North America remains subdued
In September 2014, M&A activity in North America declined sharply. In fact, volumes fell to the lowest level in 12 months. On m-o-m basis, the deal value and volume fell around 39% to USD89.7 Bn and 7% to 296, respectively. (more)
European M&A activity recovers sharply
M&A activity in Europe recovered sharply, after remaining subdued in August. Deal value surged nearly 615% m-o-m to USD102 Bn from USD14.4 Bn, while deal volume increased around 33% m-o-m. (more)
Asia-Pacific M&As dominated by smaller deals
In September 2014, M&A deal value in Asia-Pacific declined 13% m-o-m to USD40.4 Bn, while deal volume decreased 19% m-o-m. With 86 deals, the Technology sector was the biggest contributor to volume. Small deals (<USD50 Mn) dominated the market, accounting for around 75% of overall volume. (more)
M&A activity in Middle East & Africa recovers
M&A activity in the Middle East & Africa improved in September, with deal value surging 313% m-o-m to USD1.7 Bn. Small deals (<USD50 Mn) accounted for nearly 70% of overall volume. (more)
Global IPO activity rebounds significantly; technology sector dominates
The global IPO market recovered sharply in September 2014, after remaining subdued in August. On m-o-m basis, deal value and volume increased nearly 227% and 53%, respectively. With deals worth USD29.4 Bn, the Technology sector led in terms of value, while Financials outperformed in terms of volume, with 35 IPOs. (more)
Vol: 1.1 – September 2014

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Page | 2
Global M&As – Sep 2014
October 10, 2014
Emerging Markets and Brand Expansion – Key Focus of M&A Activity in F&B
On September 15, 2014, news reports primarily centered on renewed interest by brewing giant Anheuser-Busch InBev to acquire SABMiller in a deal potentially worth USD122 Bn. Discussions on the long-speculated merger between the two brewing behemoths came amid the recent consolidation trend in the Food and Beverage (F&B) industry. During YTD 2014, the industry witnessed a series of high profile transactions, including Suntory Group’s USD14 Bn bid for premium spirits company Beam Inc and Tyson Foods’s USD7.7 Bn acquisition of Hillshire Brands.
Over the past few years, improvement in the global economic sentiment has fuelled M&A activity in the sector. Big-ticket transactions have picked up. In 2013, the number of big-ticket transitions grew 32% YoY to 33. Interestingly, the industry has already witnessed 21 deals in YTD 2014. Over the past few quarters, many F&B giants have merged to expand global footprint while realizing core synergies amid intensifying competition. Developed countries in Europe and North America witnessed majority of the deal activity since the turn of the year; the key theme now is to enter the emerging marketplace. In 2014, more than 27% of the M&A deal targets were from emerging economies; in fact, Asia accounted for the most deals (more than 50%of emerging economies deals). Australia carried out majority of deals in Asia to gain from its strategic positioning, which enables exports to China and other Asian countries.
Increasing deal activity was primarily led by sellers aiming to divest non-core businesses and acquirers intending to add strong brands, expand product lines, and enter growing markets to enhance scale and maintain share in a competitive market. Both strategic and financial buyers are actively investing in emerging economies to gain early mover advantage and benefit from geographic stability. In 2014, Anheuser-Busch InBev bought back Oriental Brewery, which it sold in 2009, to benefit from the growth in South Korea (~2% annually over 2009–12).
A key factor attracting M&A buyers is the opportunity to sell customized products for each emerging market (for instance, coconut-based beverages aided by Coca-Cola’s acquisition of Zico Beverages). Developing markets also enable companies to cut down costs. Rising consumption, income levels, and preference for safe and healthy western foods in emerging nations are adding to the M&A activity. From a valuation perspective, with an EV/EBITDA of ~20x, the average deal multiple for emerging market companies is at a premium to other economies.
Quarterly Big-ticket Deals in F&B Sector (USD Bn) Target-based M&A Activity in F&B (YTD 2014)
Source: Thomson One, Aranca Analysis; *Contains pending and completed deals
Key drivers of M&As and notable deals in the F&B industry in 2014:
Avenue to enter new segments
• Tyson Foods signed a USD7.7 Bn acquisition deal with Hillshire Brands, the largest player in the meat industry. The acquisition is in line with Tyson’s strategy to capture Hillshire’s significant market share in branded packaged meat.
• Post Holdings’s USD2.5 Bn buyout of Michael Foods would expand brand offerings into egg whites and potatoes.
Establish leadership and focus on core business
• Modelez International and D.E. Master Blenders 1753 merged in a USD5 Bn deal aimed at challenging market leader Nestle. The merger also supports the former in expanding its snacks business.
Enhance existing portfolio
• Mars Inc. entered into a USD2.9 Bn deal with Procter and Gamble Company to acquire its Iams, Eukanuba, and Natura brands. The deal strategically compliments Mars Inc’s global Petcare offerings.
Expand footprint in global markets
• Suntory Group signed a USD14 Bn deal with Beam Inc to expand global business, aided by the company’s leading brand portfolio.
With more F&B firms coming up for sale, and both corporate and private equity acquirers seeking to take advantage to expand brand, geography or offerings, we believe M&A activity in the F&B industry, especially in emerging markets, would continue to grow strongly. Also, with more protectionist economies opening up to foreign inflows, activity is likely to gain pace.
Recent M&As in F&B
7.7
18.3
23.6
19.7
8.4
8
11
5
10
6
Q3' 2013
Q4' 2013
Q1' 2014
Q2' 2014
Q3' 2014
Combined Deal Value
Number of Deals
14.9%
4.0%
15.8%
3.9%
65.3%
Emerging Asia
Emerging Europe
Emerging Americas
Emerging Middle East
Developed markets
Merged
Acquired
Acquired
Acquired certain brands of
Acquired
Acquired
Acquired

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Page | 3
Global M&As – Sep 2014
October 10, 2014
Global M&As
In September 2014, global M&A activity continued to be suppressed, with deal volume declining 5.5% m- o-m; however, deal value increased 17.4% m-o-m. Overall, 1,300 deals, with a value of USD292.9 Bn, took place in September.
Cross-border activity remained subdued in most regions; however, Western Europe and North America experienced the largest deals by value. With around 62% of the cross-border deal value, North America recorded the maximum deals.
Significant activity was witnessed in Healthcare and High Technology (~14% of deal value and volume, respectively). The top five deals for the month were spread across sectors.
Top deal of the month
On September 22, 2014, Merck KGaA announced plans to buy Sigma-Aldrich for USD17 Bn to expand into chemicals used in research labs and pharmaceutical manufacturing and reduce dependency on drug development. Merck is expected to pay USD140 a share, representing a premium of 37% to the closing price on September 19, 2014.
Global M&A Deal Activity (Last 12 Months)
Source: Thomson Reuters
Global M&A Deal Activity by Sector (September 2014)
Source: Thomson Reuters
Global Cross-Border Deal Activity (Last 12 Months)
Source: Thomson Reuters
September 2014 – Top 5 Deals
Date Announced
Target
Target Nation
Target Industry
Acquirer
Acquirer Nation
Deal Status
Deal Value (USD Mn)
Sep 29, 2014
UBS AG
Switzerland
Financials
UBS AG
Switzerland
Pending
67,484.9
Sep 22, 2014
Sigma-Aldrich Corp
United States
Materials
Merck KGaA
Germany
Pending
16,946.2
Sep 03. 2014
Hermes International SCA
France
Consumer Staples
Shareholders
France
Pending
8,324.0
Sep 18, 2014
Concur Technologies Inc
United States
High Technology
SAP America Inc
United States
Pending
7,406.5
Sep 29, 2014
Athlon Energy Inc
United States
Energy and Power
Encana Corp
Canada
Pending
6,843.2
Source: Thomson Reuters
0
500
1,000
1,500
2,000
0
150
300
450
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Deal value (USD Bn)(LHS)
Deal volume (RHS)
464
459
412
331
321
Healthcare
Energy and Power
Financials
Industrials
Real Estate
By Deal Value (USD Bn)
2,426
2,247
1,993
1,907
1,888
High Technology
Industrials
Materials
Real Estate
Financials
By Deal Volume
0
100
200
300
0.0
40.0
80.0
120.0
160.0
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Middle East & Africa
Eastern Europe
Latin America & Caribbean
Asia Pacific (Emerging)
Japan
Western Europe
North America
No. of Deals

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Page | 4
M&As in North America – Sep 2014
October 10, 2014
M&As in North America
In September 2014, M&A activity in North America declined sharply in terms of value and volume. In fact, volumes fell to the lowest level in 12 months. On m-o-m basis, deal value and volume fell around 39% to USD89.7 Bn and 7% to 296, respectively.
With 48 deals, the Energy and Power sector saw the highest activity. North America had a mixed share of low- and high-value deals. Low-value deals (<USD50 Mn) accounted for around 49% and high- value deals (>=USD200 Mn) about 26%.
The outbound deal value was nearly twice that of inbound deals. However, in value terms, outbound and inbound deals declined 79% m-o-m and 95% m- o-m, respectively. In terms of deal volume, outbound deals fell 36% m-o-m and inbound deals 26% m-o- m.
Top deal of the month
SAP America Inc. would buy Concur Technologies Inc. for USD7 Bn by the end of this year or early next year. At announcement, the price per share of USD129 stood at a 20% premium over the previous day’s close. According to reports, the deal is expected to be funded by a credit facility agreement to cover the purchase price, targeted debt refinancing, and acquisition-related costs.
M&A Deal Activity in North America (Last 12 Months)
Source: Thomson Reuters
M&A Deal Volume in North America (September 2014)
Source: Thomson Reuters
Cross-Border Deal Activity in North America (Last 12 Months)
Source: Thomson Reuters
September 2014 – Top 5 Deals
Date Announced
Target
Target Nation
Target Industry
Acquirer
Acquirer Nation
Deal Status
Deal Value (USD Mn)
Sep 18, 2014
Concur Technologies Inc.
United States
High Technology
SAP America Inc.
United States
Pending
7,406.5
Sep 29, 2014
Athlon Energy Inc.
United States
Energy and Power
Encana Corp
Canada
Pending
6,843.2
Sep 16, 2014
Glimcher Realty Trust
United States
Real Estate
Washington Prime Group Inc
United States
Pending
4,304.8
Sep 29, 2014
TIBCO Software Inc
United States
High Technology
Vista Equity Partners LLC
United States
Pending
4,036.0
Sep 03, 2014
Standard Life Financial Inc
Canada
Financials
Manufacturers Life Insurance
Canada
Pending
3,674.8
Source: Thomson Reuters
0
150
300
450
0
100
200
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Deal value (USD Bn) (LHS)
Deal volume (RHS)
48
45
34
33
32
Energy and Power
Real Estate
Financials
High Technology
Healthcare
By Sector
151
34
15
13
83
<50
50-100
100-150
150-200
>=200
Deal Size (USD Mn)
By Deal Size
0
25
50
75
100
0
15
30
45
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Value USD Bn
Inbound
Outbound
No. of Deals
Deal Volume

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Page | 5
M&As in Europe – Sep 2014
October 10, 2014
M&As in Europe
M&A activity in Europe recovered sharply, after remaining subdued in August. Deal value surged ~615% m-o-m to USD102.8 Bn from USD14.4 Bn, while deal volume increased ~33% m-o-m.
With 30 deals, the Technology sector witnessed the highest activity, followed by Financials and Real Estate. Most deals were in the low-value category (<USD50 Mn), which accounted for nearly 73% of the deal volume.
In terms of value, the share of outbound to inbound deals was 14:86, with cross-border deals declining 29% m-o-m.
Top deal of the month
On September 19, 2014, Akerma SA offered to buy Bostik SA’s adhesives business for USD2.2 Bn to benefit from growing demand for the Bostik glue brand used in households and construction sites. According to reports, Akerma is paying close to 11 times Bostik’s EBITDA.
M&A Deal Activity in Europe (Last 12 Months)
Source: Thomson Reuters
M&A Deal Volume in Europe (September 2014)
Source: Thomson Reuters
Cross-Border Deal Activity in Europe (Last 12 Months)
Source: Thomson Reuters
September 2014 – Top 5 Deals
Date Announced
Target
Target Nation
Target Industry
Acquirer
Acquirer Nation
Deal Status
Deal Value (USD Mn)
Sep 29, 2014
UBS AG
Switzerland
Financials
UBS AG
Switzerland
Pending
67,484.9
Sep 03, 2014
Hermes International SCA
France
Consumer Staples
Shareholders
France
Pending
8,324.0
Sep 22, 2014
BSH Bosch & Siemens
Germany
Consumer Staples
Robert Bosch GmbH
Germany
Pending
3,853.6
Sep 19, 2014
Bostik SA
France
Materials
Arkema SA
France
Pending
2,232.5
Sep 15, 2014
Get AS
Norway
Media and Entertainment
TDC A/S
Denmark
Pending
2,168.2
Source: Thomson Reuters
0
150
300
450
0
40
80
120
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Deal value (USD Bn) (LHS)
Deal volume (RHS)
30
27
27
25
18
High Technology
Financials
Real Estate
Industrials
Consumer Staples
By Sector
151
15
10
6
25
<50
50-100
100-150
150-200
>=200
Deal Size (USD Mn)
By Deal Size
0
30
60
90
0
15
30
45
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Deal Volume
Value USD Bn
Inbound
Outbound
No. of Deals

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Page | 6
M&As in Asia-Pacific – Sep 2014
October 10, 2014
M&As in Asia-Pacific
M&A activity in Asia-Pacific declined in September 2014. Deal value decreased 13% m-o-m to USD40.4 Bn from USD 46.4 Bn, while deal volume fell 19% m- o-m.
With 86 deals, the Technology sector was the highest contributor to volume. Small deals (<USD50 Mn) dominated the market, with nearly 75% of the overall volume.
With just 28 deals, cross-border activity remained subdued. In terms of value, inbound deals fell 59% m-o-m to USD562.4 Mn, while outbound deals increased 62% m-o-m to USD942.3 Mn.
Top deal of the month
Indonesia-based PT Pertamina announced plans to buy 30% stake in Malaysia’s Murphy Oil Corp. for USD2 Bn in cash. The deal is expected to conclude in two phases, first phase this year and second early next year. Murphy is expected to use the proceeds for drilling activity in Texas, acquisitions, debt reduction, and share buybacks.
M&A Deal Activity in Asia-Pacific (Last 12 Months)
Source: Thomson Reuters
M&A Deal Volume in Asia-Pacific (September 2014)
Source: Thomson Reuters
Cross-Border Deal Activity in Asia-Pacific (Last 12 Months)
Source: Thomson Reuters
September 2014 – Top 5 Deals
Date Announced
Target
Target Nation
Target Industry
Acquirer
Acquirer Nation
Deal Status
Deal Value (USD Mn)
Sep 12, 2014
Sinopec Oilfield Service Corp
China
Energy and Power
Sinopec Yizheng Chem Fibre Co
China
Pending
4,180.3
Sep 01, 2014
Samsung Engineering Co Ltd
South Korea
Energy and Power
Samsung Heavy Industries Co
South Korea
Pending
2,537.9
Sep 30, 2014
Murphy Oil Corp-Oil & Gas
Malaysia
Energy and Power
PT Pertamina Malaysia
Indonesia
Pending
2,000.0
Sep 12, 2014
Shanghai Bakesi Wine Co Ltd
China
Consumer Staples
Shanghai Bairun Flavor
China
Pending
1,949.4
Sep 30, 2014
Bluestar Adisseo Nutrition Grp
Hong Kong
Healthcare
Blue Star New Chem Material Co
China
Pending
1,890.6
Source: Thomson Reuters
0
300
600
900
0
40
80
120
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Deal value (USD Bn) (LHS)
Deal volume (RHS)
86
69
60
46
43
High Technology
Industrials
Materials
Consumer Products
and Services
Real Estate
By Sector
362
40
25
13
41
<50
50-100
100-150
150-200
>=200
Deal Size (USD Mn)
By Deal Size
0
20
40
60
80
0
6
12
18
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Deal Volume
Value USD Bn
Inbound
Outbound
No. of Deals

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Page | 7
M&As in Middle East & Africa – Sep 2014
October 10, 2014
M&As in Middle East & Africa
In September 2014, the volume of M&A deals in the Middle East & Africa region improved 35% m-o-m, whereas deal value surged nearly 313% to USD1.7 Bn.
With seven of the 27 deals, the Financials sector contributed the most to deal volume. Small deals (<USD50 Mn) dominated the market, accounting for nearly 70% of the overall volume.
Cross-border activity recovered sharply from the lows in August, with deal volume increasing 114% m-o-m to 15. The outbound and inbound deal value increased 2284% m-o-m to USD405.4 Mn and 178% to USD218.3 Mn, respectively.
Top deal of the month
TASNEE offered to acquire additional 13% stake in Cristal for USD480 Mn. TASNEE currently holds 66% interest in Cristal.
TASNEE announced plans to utilize its cash reserves and Murabaha banking facilities to fund the transaction. According to reports, the transaction is expected to be completed by the end of this year.
M&A Activity in Middle East and Africa (Last 12 Months)
Source: Thomson Reuters
M&A Deal Volume in Middle East and Africa (September 2014)
Source: Thomson Reuters
Cross-Border Deal Activity in Middle East and Africa (Last 12 Months)
Source: Thomson Reuters
September 2014 – Top 5 Deals
Date Announced
Target
Target Nation
Target Industry
Acquirer
Acquirer Nation
Deal Status
Deal Value (USD Mn)
Sep 28, 2014
Cristal
Saudi Arabia
Materials
TASNEE
Saudi Arabia
Pending
481.5
Sep 15, 2014
Ecobank Transnational Inc
Togo
Financials
QNB
Qatar
Completed
283.0
Sep 04, 2014
AMCON Inc.
Nigeria
Financials
QNB
Qatar
Completed
200.0
Sep 18, 2014
Al Waha Capital PJSC
UAE
Financials
Al Waha Capital PJSC
UAE
Pending
166.8
Sep 14, 2014
Masharef Project
Saudi Arabia
Real Estate
Kinan Intl RE Dvlp Co
Saudi Arabia
Pending
158.3
Source: Thomson Reuters
0
15
30
45
0
4
8
12
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Deal value (USD Bn) (LHS)
Deal volume (RHS)
7
4
4
3
2
Financials
High Technology
Materials
Retail
Consumer Products
and Services
By Sector
19
2
1
2
3
<50
50-100
100-150
150-200
≥200
Deal Size (USD Mn)
By Deal Size
0
8
16
24
0
2
4
6
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Deal Volume
Value USD Bn
Inbound
Outbound
No. of Deals

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Page | 8
Global IPO Market – Sep 2014
October 10, 2014
Global IPO Market
In September 2014, the global IPO market recovered sharply from its 12-month low in August. On m-o-m basis, deal value and volume increased ~227% and ~53%, respectively.
By value, Asia-Pacific witnessed the highest deals (USD148,162 Bn or 36% of IPO value), followed by Europe (29.6%). The region also led in terms of volume, with 40% of the IPO deals, followed by the Americas (33%).
With deals worth USD29.4 Bn, the Technology sector led in terms of value. By volume, Financials dominated with 35 IPOs.
Top IPO of the month:
On September 19, 2014, Alibaba Group Holding Ltd., an internet-based e-commerce firm in China, got listed on the NYSE. The counter started trading at USD92.7 per share, which is 36% above the IPO price, and closed at USD93.89. Alibaba Group initially raised about USD21.8 Bn from the IPO; however, the 38% surge prompted underwriters to exercise an option to sell additional shares, resulting in a nearly USD25 Bn offer, making it the largest IPO in history.
IPO Activity (Last 12 Months)
Source: Thomson Reuters
IPO Activity By Region (Last 12 Months)
Source: Thomson Reuters
IPO Activity by Sector (September 2014)
Source: Thomson Reuters
September 2014 – Top 5 IPOs
Issue Date
Issuer
Issuer Region
Industry
Principal Amount (USD Mn)
Sep 18, 2014
Alibaba Group Holding Ltd
Asia-Pacific (ex Central Asia)
High Technology
25,032.3
Sep 23, 2014
Citizens Financial Group Inc
Americas
Financials
3,461.5
Sep 21, 2014
Center Parcs
Western Europe
Media and Entertainment
3,258.6
Sep 24, 2014
Al Habtoor Group LLC
Africa/Middle East/Central Asia
Industrials
2,500.0
Sep 10, 2014
Recruit Holdings Co Ltd
Japan
Consumer Products and Services
1,716.5
Source: Thomson Reuters
0
150
300
0
10
20
30
40
50
60
70
80
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
IPO Size (USD Bn) (LHS)
Volume (RHS)
1,48,162
1,21,754
1,16,805
13,531
11,280
Asia-Pacific (ex
Central Asia)
Europe
Americas
Africa/Middle
East/Central Asia
Japan
By Value (USD Bn)
792
651
384
77
74
Asia-Pacific (ex
Central Asia)
Americas
Europe
Japan
Africa/Middle
East/Central Asia
By Volume
0
10
20
30
40
0
5
10
15
20
25
30
35
High Technology
Financials
Real Estate
Retail
Healthcare
Consumer Products
and Services
Energy and Power
Consumer Staples
Industrials
Materials
Media and
Entertainment
Telecommunications
Principal Value (USD Bn) (LHS)
Volume (RHS)

9. Disclaimer:
This report is published by Aranca, Inc. Aranca is a customized research and analytics services provider to global clients.
The information contained in this document is confidential and is solely for use of those persons to whom it is addressed and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose.
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Further, this document is not an offer to buy or sell any security, commodity or currency. This document does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. The appropriateness of a particular investment or currency will depend on an investor’s individual circumstances and objectives. The investments referred to in this document may not be suitable for all investors. This document is not to be relied upon and should not be used in substitution for the exercise of independent judgment.
This document may contain certain statements, estimates, and projections with respect to the anticipated future performance of securities, commodities or currencies suggested. Such statements, estimates, and projections are based on information that we consider reliable and may reflect various assumptions made concerning anticipated economic developments, which have not been independently verified and may or may not prove correct. No representation or warranty is made as to the accuracy of such statements, estimates, and projections or as to its fitness for the purpose intended and it should not be relied upon as such. Opinions expressed are our current opinions as of the date appearing on this material only and may change without notice.
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