- Gross revenue increased 1.8% to R$108.8 million in 4Q11 and 21.3% to R$319.9 million in 2011. Excluding interchangeable watches, revenue rose 14.1% in 4Q11 and 17.8% in 2011.
- Gross profit totaled R$57.4 million in 4Q11, a 0.4% increase. In 2011, gross profit totaled R$166.2 million, a 19.7% increase.
- Adjusted net income increased 34.5% to R$29.5 million in 4Q11 and 39.7% to R$70.3 million in 2011.
Daily Derivatives Report:18 December 2018Axis Direct
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
Daily Derivatives Report:22 November 2018Axis Direct
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
https://simplehai.axisdirect.in/share-stock-prices/nse/MRF-Ltd-391
https://simplehai.axisdirect.in/share-stock-prices/nse/Bharat-Petroleum-Corporation-Ltd-2290
https://simplehai.axisdirect.in/share-stock-prices/nse/Tata-Steel-Ltd-566
https://simplehai.axisdirect.in/share-stock-prices/nse/Tata-Steel-Ltd-566
https://simplehai.axisdirect.in/share-stock-prices/nse/NTPC-Ltd-12001
Daily Derivatives Report:18 December 2018Axis Direct
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
Daily Derivatives Report:22 November 2018Axis Direct
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
https://simplehai.axisdirect.in/share-stock-prices/nse/MRF-Ltd-391
https://simplehai.axisdirect.in/share-stock-prices/nse/Bharat-Petroleum-Corporation-Ltd-2290
https://simplehai.axisdirect.in/share-stock-prices/nse/Tata-Steel-Ltd-566
https://simplehai.axisdirect.in/share-stock-prices/nse/Tata-Steel-Ltd-566
https://simplehai.axisdirect.in/share-stock-prices/nse/NTPC-Ltd-12001
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on new decrees on factoring business, insurance business and agribusiness.
Daily Derivatives Report:19 December 2018Axis Direct
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
Daily Derivatives Report:12 December 2018Axis Direct
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
https://simplehai.axisdirect.in/share-stock-prices/nse/Jet-Airways-(India)-Ltd-5586
Daily Derivatives Report:11 December 2018Axis Direct
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
https://simplehai.axisdirect.in/share-stock-prices/nse/Bharat-Petroleum-Corporation-Ltd-2290
https://simplehai.axisdirect.in/share-stock-prices/nse/Jet-Airways-(India)-Ltd-5586
OKYO Pharma Limited (LSE: OKYO) operates as a life sciences and biotechnology company in the United Kingdom. Its development program includes Chemerin for the treatment of ocular inflammation, dry eye disease, and ocular neuropathic pain; and BAM-8, a non-opiod analgesic. OKYO Pharma Limited is headquartered in London, the United Kingdom.
We at JM financial provides m&a advisory on corporate mergers, acquisitions and divestitures as well as debt and equity financing. To explore more about our financial services, click on our website jmfl.com
Sargon was a high-growth fintech company based in Australia, New Zealand and Hong Kong founded by Phillip Kingston.
It grew to A$60+ billion in assets and A$55+ million in annual recurring revenue (ARR) within 4 years and was backed by Peter Thiel.
This presentation is titled "1HFY20 Preliminary Results & Analysis" and is the last management presentation from the company covering the period of July 1, 2019 to December 31, 2019 with a forecast out to June 30, 2020 (FY20 = Australian 2020 financial year).
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on new decrees on factoring business, insurance business and agribusiness.
Daily Derivatives Report:19 December 2018Axis Direct
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
Daily Derivatives Report:12 December 2018Axis Direct
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
https://simplehai.axisdirect.in/share-stock-prices/nse/Jet-Airways-(India)-Ltd-5586
Daily Derivatives Report:11 December 2018Axis Direct
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
https://simplehai.axisdirect.in/share-stock-prices/nse/Bharat-Petroleum-Corporation-Ltd-2290
https://simplehai.axisdirect.in/share-stock-prices/nse/Jet-Airways-(India)-Ltd-5586
OKYO Pharma Limited (LSE: OKYO) operates as a life sciences and biotechnology company in the United Kingdom. Its development program includes Chemerin for the treatment of ocular inflammation, dry eye disease, and ocular neuropathic pain; and BAM-8, a non-opiod analgesic. OKYO Pharma Limited is headquartered in London, the United Kingdom.
We at JM financial provides m&a advisory on corporate mergers, acquisitions and divestitures as well as debt and equity financing. To explore more about our financial services, click on our website jmfl.com
Sargon was a high-growth fintech company based in Australia, New Zealand and Hong Kong founded by Phillip Kingston.
It grew to A$60+ billion in assets and A$55+ million in annual recurring revenue (ARR) within 4 years and was backed by Peter Thiel.
This presentation is titled "1HFY20 Preliminary Results & Analysis" and is the last management presentation from the company covering the period of July 1, 2019 to December 31, 2019 with a forecast out to June 30, 2020 (FY20 = Australian 2020 financial year).
Ashok Leyland Q3FY15 Preview: Buy at a CMP of Rs51IndiaNotes.com
Expect volumes to grow by 33% YoY (-3.6% QoQ) led by a revival in demand seen in HCV.
- MHCVs volumes are expected to grow by 60% YoY (-6.1% QoQ) as business sentiments and economic activity improve.
- Expect realizations to improve by 17.8% YoY (-1.4% QoQ) on better product mix (higher MHCV share)
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
Here the telegram contact of my personal vendor.
@Pi_vendor_247
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#US
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
2. Gross Revenue
Gross Profit
Adjusted Net
Income
Adj. Earnings
per Share
Rose 1.8% in 4Q11, reaching R$108.8m and 21.3% in 2011, reaching R$319.9m.
Excluding interchangeable band watches, rose 14.1% in 4Q11 and 17.8% in 2011.
Totaled R$57.4m in 4Q11, representing a 0.4% increase and 64.2% margin. In 2011,
totaled R$166.2m, representing a 19.7% increase and 63.4% margin
Increase of 34.5% in 4Q11, reaching R$29.5m and increase of 39.7% in 2011,
reaching R$70.3m.
Reached R$0,39, representing a 13.5% increase in 4Q11. In 2011, reached R$1,00,
representing an increase of 27.2%.
3. Gross Revenue:
• R$108.8 million, +1.8% in 4Q11
• R$319.9 million, +21.3% in 2011
Net Revenue:
• R$89.4 million, +1.3% in 4Q11
• R$262.0 million, +20.0% in 2011
4Q10 4Q11 2010 2011
106.8
108.8
263.6
319.9
4Q10 4Q11 2010 2011
88.3
89.4
218.3
262.0
4. 3Q10 4Q10
3.6%
16.1%
1Q11 2Q11
17.8%
12.8%
3Q11 4Q11
7.5%
6.2%
R$ as a Percentage of the Total (%)
5.5%
24.3%
25.7%
21.1%
13.0%
14.2%
Volume as a Percentage of the Total (%)
• Gross Revenue:
- 4Q11: +14.1% in traditional and -60.6% in interchangeable Total: +2.0%
- 2011: +17.8% in traditional and -71.5% in interchangeable Total: +21.8%
• Increase in 4Q11 share of volume versus 3Q11, along with decrease in share of value,
evidences the promotional strategy pursued with interchangeable band watches.
5. Volume:
• 854 thousand, -4.1% in 4Q11
• 2,447 thousand, +17.1% in 2011
Average Price:
• R$126, +6.4% in 4Q11
• R$128, +4.0% in 2011
Volume (000’) Average Price (R$)
890
854
2,089
4Q10 4Q11 2010 2011
118
126
123
128
2,447
6. • Classic: increased from 64.2% to 70.1% in 4Q11 and from 70.1% to 69.2% in 2011
• Sports: increased from 25.1% to 19.2%, -5.9 p.p and from 26.4% to 20.6% in 2011
• Fashion: stable with10.7% and increased from 11.2% to 11.5% in 2011
64.2%
70.1%
25.1%
19.2%
10.7% 10.7%
0%
20%
40%
60%
80%
100%
4Q10 4Q11
Fashion
Sports
Classic
70.1% 69.2%
23.9% 19.7%
6.0% 11.1%
0%
20%
40%
60%
80%
100%
2010 2011
Fashion
Sports
Classic
7. 66.2% 69.5%
33.8% 30.5%
0%
20%
40%
60%
80%
100%
4Q10 4Q11
Department Stores
and Others
Specialized Stores
•Specialized Stores : performed positively and grew 3.3 p.p in 4Q11 and 0.1 p.p in 2011
• Department Stores and Others: decrease of 3.3 p.p in the quarter and 0.1 p.p in 2011
69.1% 69.2%
30.9% 30.8%
0%
20%
40%
60%
80%
100%
2010 2011
Department Stores
and Others
Specialized Stores
8. • Gross profit:
- R$57.4 million in 4Q11, +0.4% and
- R$166.2 million in 2011, +19.7%.
• Gross Margin reached 64.2% in 4Q11, -0.6p.p. and 63.4% in 2011, -0.2p.p.
4Q10 4Q11 2010 2011
57.2
57.4
138.8
166.2
Gross Profit (R$ m) Gross Margin (%)
64.8%
64.2%
63.6% 63.4%
9. • Adjusted EBITDA:
- R$29.1 million in 4Q11, +4.1% and
- R$78,7 million in 2011, +19.1%
• Adjusted EBITDA Margin reached 32.6% in 4Q11, +0.9 p.p. and 30,0% 2011, -0.2 p.p.
4Q10 4TQ1 2010 2011
28.0
29.1
66.1
78.7
Adjusted EBITDA (R$ m) Adjusted EBITDA Margin (%)
31,7%
32.6%
30.3%
30.0%
10. • Adjusted Net Income:
- R$29.5 million in 4Q11, +34.5% and
- R$70.3 million in 2011, +39,7%
• Adjusted Net Margin reached 32.9% in 4Q11, +8.1 p.p. and 26.8% in 2011, +3.8 p.p.
4Q10 4Q11
21.9
29.5
24.8%
32.9%
Adjusted Net Income (R$m)
2010 2011
50.3
70.3
23.1%
26.8%
Adjusted net margin (%)
11. • Accounts Receivable: -4.8 p.p.
• Inventories: +6.9 p.p. (interchangeable bands: 14,4% of total inventory)
• Accounts Payable: +0.9 p.p.
• Working Capital: +1.2 p.p.
R$ million 4Q11
% Net
Revenue
4Q10
% Net
Revenue
(+) Accounts Receivable 121.6 46.4% 111.7 51.2%
(+) Inventories 84.0 32.0% 54.9 25.2%
(-) Accounts Payable 6.4 2.5% 3.5 1.6%
(=) Working Capital 199.0 75.9% 163.1 74.7%
12. R$ million 4Q10 3Q11 4Q11
Gross Debt (103.8) (9.2) 0.0
(-) Cash (2.0) 66.1 69.8
(=) (Debt)/Net Cash (105.8) 56.9 69.8
• In 4Q11, the Company had net cash of R$69,8 million;
• A portion of these proceeds were used to pay the last installment concerning the acquisition
of the portion that was still owned by the founder of the Company in 2008, and that was
incorporated into the social capital of Grupo Technos in 2010;
• Dividend proposal regards 2011 results of R$34,2 million (R$0,45 per share).
13. The material that follows is a presentation of general background information about Technos S.A. and its subsidiaries (the “Company”), as of the date of the presentation, solely for
meetings held with potential investors in connection with the proposed offering outside of Brazil of common shares of the Company (the “Transaction”). This material does not constitute
offering material in whole or in part, and you must read the offering memorandum related to the Transaction before making an investment decision in respect of the common shares. You
can request the offering memorandum from Credit Suisse Securities (USA) LLC, Itau BBA USA Securities, Inc., and Goldman Sachs & Co. along with their agents (collectively the
“Agents”). The material contained herein is in summary form and does not purport to be complete. You should consult the offering memorandum for more complete information about the
Transaction and your investment decision should be exclusively based on the information contained in the offering memorandum.
This presentation does not constitute an offer or a solicitation or an offer to buy or sell any securities. The material is not targeted to the specific investment objectives, financial situation
or particular needs of any recipient and should not be treated as giving investment advice. No representation or warranty, either express or implied, is made as to the accuracy,
completeness or reliability of the information contained herein. It should not be regarded by recipients as a substitute for the exercise of their own judgment. Any opinions or information
expressed in this material are subject to change without notice and neither the Company nor the Agents are under any obligation to update or keep current the information contained
herein. In addition, the Company has been informed that the Agents, their affiliates, agents, directors, partners and employees may make purchases and/or sales as principals or may act
as market makers or provide investment banking or other services to the Company. The Company, the Agents and their respective affiliates, agents, directors, partners and employees
accept no liability whatsoever for any loss or damage of any kind arising out of the use of all or any part of this material. The common shares will be offered only in jurisdictions where and
to the extent permitted. This presentation is strictly confidential and may not be disclosed to any other person.
This presentation contains statements that are forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the
Exchange Act of 1934, as amended. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or
achievements, and may contain words like “believe”, “anticipate”, “expect”, “envisage”, “estimate”, “intend”, “may”, “will”, “continue” or any other words or phrases of similar meaning.
Such forward-looking statements are only predictions and are not guarantees of future performance. Investors are cautioned that any such forward-looking statements are and will be, as
the case may be, subject to many risks, uncertainties and factors relating to the operations and business environments of the Company that may cause the actual results of the companies
to be materially different from any future results expressed or implied in such forward-looking statements. Although the Company believes that the expectations and assumptions
reflected in the forward-looking statements are reasonable based on information currently available to the Company’s management, the Company cannot guarantee future results or
events. Because of these uncertainties, investors shall not take any investment decision based on these estimates and forward looking statements. The Company and the Agents
expressly disclaim a duty to update any of the forward looking-statements.
Securities may not be offered or sold in the United States unless they are registered or exempt from registration under the Securities Act. The Company’s common shares have not been
and will not be registered under the Securities Act, or under any state securities laws in the United States. Accordingly, the common shares will be offered in the United States only to
qualified institutional buyers (a “QIB”) as that term is defined under Rule 144A under the Securities Act, and outside the United States in accordance with Regulation S of the Securities Act.
By means of your attendance at this presentation, you will be deemed to represent to the Agents that you are a QIB.
This material is intended only to persons who are “qualified investors” (as defined in the Prospectus Directive) (i) who have professional experience in matters relating to investments
falling within Article 19 (5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”) and/or (ii) who are high net worth companies (or
persons to whom it may otherwise be lawfully communicated) falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). This
document must not be acted on or relied on in the United Kingdom by persons who are not relevant persons. In the United Kingdom, any investment or investment activity to which this
document relates is only available to, and will be engaged in with, relevant persons.
You should consult your own legal, regulatory, tax, business, investment, financial and accounting advisers to the extent that you deem necessary, and you must make your own
investment, hedging of trading decision regarding the Transaction based upon your own judgment and advice from such advisers as you deem necessary and not upon any view expressed
in this material.