Important Information

The information in this material is for illustration and discussion purposes only. It is not intended to be, nor should it be construed or used as, investment, tax or legal advice, any recommendation or opinion regarding the appropriateness or suitability of any investment.

No representation is made that the investment advice, investment process, or risk management techniques of Cornerstone Capital Inc. (together with its affiliates, “Cornerstone”) or that a client’s objectives or goals will or are likely to be achieved or successful or that any underlying investment will make any profit or will not sustain losses. All investments involve risk. Cornerstone may engage in investment practices or trading strategies, or give investment advice, that may increase the risk of investment loss and a loss of principal may occur. The risk management techniques that may be utilized by Cornerstone cannot provide any assurance that a client will not be exposed to risks of significant trading losses. An investor is subject to potential loss of his/her investment.

Any descriptions involving investment process, investment advice, investment examples, statistical analysis, investment strategies or risk management techniques are provided for illustration purposes only, will not apply in all situations, may not be fully indicative of any present or future investments, may be changed in the discretion of Cornerstone and are not intended to reflect performance. Portfolio characteristics and limits reflect guidelines only and are implemented, and may change, in the discretion of Cornerstone. To the extent that Cornerstone is given discretionary authority, investments will be selected by, and will vary in the discretion of, Cornerstone and are subject to availability and market conditions, among other factors.

A client’s actual returns and volatility will depend on a variety of factors including overall market conditions and the ability of Cornerstone and/or the client to implement the client’s investment objectives and policies. Investments are subject to the risks of market volatility, which may be severe. Such market volatility may be caused by, among other events, unpredictable economic and political events that may cause sudden and severe reductions in the value of investments.

Any opinions, assumptions, assessments, statements or the like (collectively, “Statements”) regarding future events or which are forward-looking, including regarding portfolio characteristics and limits, constitute only subjective views, beliefs, outlooks, estimations or intentions of Cornerstone, should not be relied on, are subject to change due to a variety of factors, including fluctuating market conditions and economic factors, and involve inherent risks and uncertainties, both general and specific, many of which cannot be predicted or quantified and are beyond Cornerstone’s control. Future evidence and actual results (including actual composition and investment characteristics of an investment portfolio) could differ materially from those set forth in, contemplated by, or underlying these Statements, which are subject to change without notice. In light of these risks and uncertainties, there can be no assurance and no representation is given that these Statements are now, or will prove to be accurate, or complete in any way. Cornerstone undertakes no responsibility or obligation to revise or update such Statements. Statements expressed herein may not necessarily be shared by all personnel of Cornerstone.

This material is as of the date indicated, is not complete, is subject to change and does not contain material information regarding Cornerstone or any specific investment or investment advice. No representation is made with respect to the accuracy, completeness or timeliness of information and Cornerstone assumes no obligation to update or otherwise revise such information. Unless the context otherwise requires, the term “investor” and “client” may be used interchangeably.

This information is confidential, is the property of Cornerstone, is intended only for intended recipients and their authorized agents and representatives and may not be reproduced or distributed to any other person without prior written consent.