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This communication is provided for information purposes only and is not intended as a recommendation, offer or solicitation for the purchase or sale of any security or financial instrument. This communication is not a complete analysis of all material facts respecting any issuer, industry or security or of your investment objectives, parameters, needs or financial situation. Therefore it is not a sufficient basis alone on which to base an investment decision. The information contained herein is as of the date and time referenced above and TOUR does not undertake any obligation to update such information. All market prices, data and other information are not warranted as to completeness or accuracy and are subject to change without notice.   Past performance is not indicative of future results. The investments discussed may fluctuate in price or value. Changes in rates of exchange may have an adverse effect on the value of investments. Transactions involving financial instruments mentioned herein may not be suitable for all investors. TOUR does not accept any liability whatsoever for any losses (whether direct, indirect, or consequential) arising from reliance on the content of the information contained herein.

TOUR is a registered broker-dealer and a member of FINRA and SIPC. The securities described in desk commentary are subject to numerous risks, including credit risk of the underlying instrument or issuer, market risk and liquidity risk. TOUR and its affiliates are under no obligation to make a market or otherwise provide liquidity in any instrument mentioned in such commentary.

Rule 144A securities may be offered or sold only to Qualified Institutional Buyers (β€œQIBs”) as defined within the meaning of Rule 144A under the Securities Act of 1933, as amended.  Securities discussed in any desk commentary may be rated below investment grade and should only be considered for speculative purposes.

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