These memoranda express the views and interpretations of the author alone as of the date indicated and are subject to change without notice. NorthFork Financial (NorthFork) has no duty or obligation to update the information contained herein. Further, NorthFork makes no representation, and it should not be assumed, that past investment performance is an indication of future results. Moreover, wherever there is the potential for profit, there is also the possibility of loss.

These memoranda are being made available for educational purposes only and should not be used for any other purpose, including specific investment advice. The information contained therein do not constitute and should not be construed as offers of advisory services or offers to sell or solicitation to buy any securities or related financial instruments in any jurisdiction. Certain information contained therein is based on information derived from independent third-party sources. NorthFork believes the sources from which such information has been obtained are reliable; however, it cannot guarantee the accuracy of such information and has not independently verified the accuracy or completeness of such information or the assumptions upon which such information is based.