These materials are for informational purposes only, and are not intended to be used for trading or investment purposes or as an offer to sell or the solicitation of an offer to buy any security or financial product. This work is based on current public information that the firm considers reliable, but does not represent it is accurate or complete, and it should not be relied on as such. Past performance is not a guide to future performance, future returns and performance are not guaranteed, and a loss of original capital may occur. Actual conditions may vary substantially from estimates which could have a negative impact on the performance of an algorithm. Any assumptions or information contained in this document constitute a judgment only as of the date of this document or on any specified dates and is subject to change without notice. The firm has no obligation to update, modify or amend this report or to otherwise notify a recipient thereof in the event that any opinion, forecast or estimate set forth herein, changes or subsequently becomes inaccurate. This communication is issued by members of the sales or trading teams of the firm. Sales and trading personnel are not research analysts, and the information in this communication is not intended to constitute “research” as that term is defined by applicable regulations. The firm accepts no liability for any loss whether direct, indirect or consequential that may arise from any use of the information contained in or derived from this communication. These materials are for the internal use of the intended recipients only and may contain information proprietary to Deep Value Execution Services, and which may not be reproduced or redistributed in whole or in part without the firm’s prior consent. In the foregoing “Deep Value” and “DV” refer to “Deep Value Execution Services” a division of “Benjamin & Jerold Brokerage I LLC, member FINRA, NYSE, BATS, and SIPC”