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            DISCLAIMER
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    <p>Cowen and Company LLC (“COWN”) is an agency-focused global brokerage firm that takes on the industry’s toughest challenges, from complicated trades to complex businesses. With clients’ interests as the top priority, COWN delivers comprehensive solutions that span global high-touch and electronic trading, prime brokerage, clearing, commission management and beyond. COWN primarily provides brokerage services on an agency basis, but may operate in a riskless principal and/or net trading capacity, and in connection with certain ETF transactions, may act as principal or engage in hedging strategies with such transactions. </p>
    <p>In the U.S., products and services are offered through Cowen and Company LLC (member NYSE/FINRA/SIPC), of which Prime Services is a division; and its affiliate Westminster Research Associates LLC (member FINRA/SIPC)</p>

    <p>In London, products and services are offered through Cowen Execution Services Limited, which is incorporated in England and Wales (registered with company number 06262150). Cowen Execution Services Limited is authorized and regulated by the Financial Conduct Authority (FCA) of the United Kingdom.</p>
    <p>The material, data and information (collectively “Cowen Information”) that is available from COWN is intended for institutional investor use only; is for informational purposes only; is subject to change at any time; is not intended to provide tax, legal or investment advice; and does not constitute a solicitation or offer to purchase or sell securities. Cowen Information is believed to be reliable, but COWN does not warrant its completeness or accuracy. Clients should read their agreement with COWN carefully as it contains important information and disclosures about the product or service covered by it.(11/17/2022) </p>
    <p>Cowen Inc. and its affiliates are wholly owned, indirect subsidiaries of The Toronto-Dominion Bank.</p>
    <p>Cowen and Company, LLC is a wholly owned, indirect subsidiary of The Toronto-Dominion Bank.</p>
    <p>ATM EXECUTION LLC is a wholly owned, indirect subsidiary of The Toronto-Dominion Bank.</p>
    <p>Westminster Research Associates LLC is a wholly owned, indirect subsidiary of The Toronto-Dominion Bank.</p>


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