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Stifel Financial Corp. (“Stifel” or the “Company”) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated; Keefe, Bruyette & Woods, Inc.; Miller Buckfire & Co., LLC; Century Securities Associates, Inc.; and Eaton Partners, LLC. Stifel Nicolaus Europe Limited serves Stifel’s broker-dealer clients in the United Kingdom and Europe. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual and professional investors, professional money managers, businesses, and municipalities. Stifel Bank & Trust offers a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A., and Stifel Trust Company Delaware, N.A., offer trust and related services.

All electronic messages sent and received by Stifel associates are subject to review by Stifel. Stifel may retain and reproduce electronic messages for national, state, federal, or other regulatory agencies as required by applicable law.

Any content in this e-mail that could be construed as market commentary or sales literature is commentary and/or strategic ideas provided to Stifel clients, based upon information available to the general public. In the United Kingdom, this material is approved for distribution by Stifel Nicolaus Europe Limited and is intended for use by persons who have suitable investment experience and expertise or by persons to whom it can be lawfully distributed. Such information might include excerpts, abstracts, or other summary material derived from research reports published by Stifel and its affiliates. Readers are directed to the original research report or note to review the Equity Research Analyst's full analysis of the subject company. This e-mail may contain links to or information from third parties. Stifel shall not be held responsible for the content or accuracy of any third-party link or information, nor will it be held responsible for any loss or damage caused by you placing reliability on this third-party information. Although the information contained herein has been prepared from sources believed to be reliable, it is not guaranteed by Stifel, and is not a complete summary or statement of all available data, nor is it considered an offer to buy or sell any securities referred to herein. Past performance is not indicative of future returns.

Stifel and any of its affiliates may have an interest, position, or effect transactions in any of the investments mentioned herein. Any opinions or recommendations expressed herein are solely those of the author or analyst and are subject to change without notice. Unless otherwise specifically indicated, the content of this communication is for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy any securities, futures, options, loans, investment products, or other financial products or services, an official confirmation of any transaction, or an official statement of Stifel or any of its affiliates. Stifel is not an advisor as to legal or taxation matters in any jurisdiction, and this e-mail is not providing any such advice to the recipient.

IMPORTANT NOTICE TO CLIENTS OF U.S. STIFEL ENTITIES: Please do not use e-mail to request or authorize the purchase or sale of any security or commodity, send fund transfer instructions, or otherwise conduct any securities transactions. Any requests, orders, instructions, or time-sensitive messages sent by e-mail cannot be accepted or processed by Stifel. Stifel, its subsidiaries, and its affiliates cannot warrant or guarantee the accuracy of any information sent by Stifel or its subsidiaries and affiliates through e-mail.

CONFIDENTIALITY NOTICE: This e-mail message is private, confidential property of the sender, and the materials may be privileged communications. This e-mail is intended solely for the receipt, use, benefit, and information of the intended recipient indicated above, and it may not be reproduced, retransmitted, circulated, or exploited without the express written consent of Stifel. If you are not the intended recipient, you are hereby notified that any review, disclosure, distribution, copying, or taking of any other action in reference to the contents of this message is strictly prohibited and may result in legal liability on your part. Confidentiality is not waived by mistaken transmission. If you have received this message in error, please notify the sender immediately and delete this message from your system. Internet communications are not secure, and therefore, Stifel and its affiliates do not accept legal responsibility for the contents of this message. We believe that this e-mail and any attachments are free of any virus or other defect that might affect any computer system in which it is received or opened; however, it is the responsibility of the recipient to ensure that this e-mail and any of its attachments are virus-free, and the sender accepts no responsibility for any loss or damage. Outgoing and incoming e-mails and their attachments may be monitored to ensure compliance with law, regulations, or internal policies.

This communication is not intended for distribution to, or use by, any person or entity in any location where such distribution or use would be contrary to law or regulation, or which would subject Stifel or any affiliate to any registration requirement within such location. Each user of the information in this e-mail from any location does so on his or her own initiative and at his or her own risk and is responsible for compliance with all applicable local laws.

STIFEL, NICOLAUS & COMPANY, INCORPORATED
Member SIPC & NYSE
Headquarters: 501 North Broadway, St. Louis, Missouri 63102
(314) 342-2000

KEEFE, BRUYETTE & WOODS
Member SIPC, FINRA & NYSE
Headquarters: 787 Seventh Avenue, 4th Floor, New York, New York 10019
(212) 887-7777

MILLER BUCKFIRE & CO. LLC
Member SIPC & FINRA
Headquarters: 787 7th Avenue, 5th Floor, New York, New York 10019
(212) 895-1800

CENTURY SECURITIES ASSOCIATES, INC.
Member SIPC & FINRA
Headquarters: 501 North Broadway, St. Louis, Missouri 63102
(314) 342-4051

EATON PARTNERS, LLC
Member FINRA
Headquarters: 131 Rowayton Avenue, Rowayton, Connecticut 06853
(203) 831-2970

STIFEL NICOLAUS EUROPE LIMTED
Authorised and regulated by the Financial Conduct Authority, FRN 190412
Member of the London Stock Exchange
Registered Office:
150 Cheapside
London, EN
EC2V 6ET
Registered in England, Company Number 03719559

STIFEL BANK & TRUST
12655 Olive Boulevard, Suite 250, St. Louis, Missouri 63141
(314) 317-6900

You may individually contact the above Stifel affiliates at the address or phone number provided if you do not wish to receive these communications or for additional information and important disclosures. See http://www.stifel.com/disclosures/privacy-notice for Stifel’s privacy notice. To obtain contact information regarding Stifel affiliates not listed above, please call (314) 342-2000.