Nicholas Colas (Chief Market Strategist): 212 448 6095 or ncolas@convergex.

com Christine Clark: 212 448 6085 or cclark@convergex.com Beth Reed: 212 448 6096 or breed@convergex.com

Equities gained Monday after a weak dollar lifted shares of materials companies, though bank stocks remained under pressure as the foreclosure crisis continues (S&P 500 +0.21%, Dow +0.28%, Nasdaq +0.46%). The dollar index was down 0.5% on the day, falling near its 2010 low, after the G20 agreed over the weekend to put an end to competitive currency devaluation practices. On the economic front, existing home sales rose more than predicted in September – climbing to an annual pace of 4.53 million units – in a 2nd consecutive month of improvement. Though a double-dip recession is not expected, a survey from the National Association for Business Economics, showed that economists’ outlook for the remainder of 2010 has become increasingly pessimistic.

Morning Markets Briefing
Market Commentary: October 26th, 2010 A snapshot of the markets through the lens of ConvergEx.

Bank Stocks & Financials ETFs – Stockholders Sell, ETF Buyers Wait
Summary: One common way to think about equity prices is as a measure of supply/demand for a given security. Bank stocks, for example, have recently seen a flood of supply on the back of investors’ concern over sloppy foreclosure practices. Over the past two weeks four of the five largest weights in the S&P Large Cap Financials group have traded anywhere from 20% (Citibank) to 100% increased volume (Bank of America). Now here’s the strange part: the largest ETF that tracks this index (symbol XLF) is actually down 6% in terms of daily average volume over the past 2 weeks. In past financial sector meltdowns, the XLF had a front seat to the show, trading large slugs of its entire share count daily and altering its share count frequently – and occasionally dramatically – to keep its shares in supply/demand balance. We believe that the disparity between trading volumes in underlying stocks and ETFs shows that the selling is coming from large owners of specific names, rather than “macro” players negative on the group. Indeed, it is those “macro” buyers that may be the first to show up on the buy side.

Bank stocks have been the “Bad News Bears” of the recent – and continuing – U.S. equity market rally. Investors were aware for much of the year that this group would be held back by nagging concerns over real estate values and the health of the consumer. That much was in the stocks. The new problems – sloppy and seemingly fraudulent practices in the “plumbing” of the foreclosure machine – were clearly a surprise even to investors familiar with the intricacies of this arcane process long before the 2008 financial crisis hit.

Market Commentary – Pages 1-4, Equities/Conferences & Earnings – Page 5, Fixed Income – Page 6, Options – Page 7, Exchange-Traded Funds/Indexes – Page 8, Social Media & Internet Blogs Top Stories – Page 9
©2010 BNY ConvergEx Executi`on Solutions LLC. May not be redistributed without express permission. All rights reserved

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Nicholas Colas (Chief Market Strategist): 212 448 6095 or ncolas@convergex.com Christine Clark: 212 448 6085 or cclark@convergex.com Beth Reed: 212 448 6096 or breed@convergex.com

In the simplest terms, the foreclosure mess has pushed a lot of investors to reconsider their positions on both money center and regional banks. That comes through in recent volatility around these names, of course. But if you look at the first slide attached to this note, you will see that the trading in this group is higher than historical norms as well. In a world where overall stock market volumes continue to decline, seven of the 10 largest money centers/large regionals have seen their 2 week average trading volume rise above their six month averages. This has been especially pronounced in the larger names, with Bank of America seeing 2x normal volumes and Wells Fargo up 58% in terms of incremental shares traded. In contrast, trading in the largest exchange traded fund (ETF) dedicated to large cap financial stocks (Select Sector SPRD – Financials, symbol XLF) has been downright sluggish (down 6% in the last two weeks versus the last 6 months). That’s no fault of the XLF – it is still the “Big Dog” in the Financials ETF space with $5.6 billion in assets and a 42% market share of all dedicated financials sector ETFs listed in the U.S. It’s year-to-date performance is 1.4%, which may not match ETFs linked to other financials indices, but isn’t bad considering how tough the sector has been. Its top ten holdings, which include many of the names that have been recently hit – JP Morgan, Berkshire, Wells Fargo, Bank of America, Citigroup, Goldman Sachs, US Bancorp, American Express, MetLife, and Morgan Stanley - are 54% of the total weightings in the fund. The XLF used to be the front row seat when the financials heated up (or should we say “melted down”), and its sideline status in the recent upheaval means there is a different game afoot. Here’s the backdrop to that assessment: • ETFs are different from stocks from many perspectives, but one of the most important ones is that their daily share counts regularly vary. For larger ETFs, such as the XLF, the number of shares in the fund changes every day, and often over the course of the day. The reason for this is the creation/redemption process, where select brokers trading these securities can fulfill client buy/sell orders by working with the ETF provider to make/redeem new shares. It is what mutual funds have done for years as money comes into/out of the their funds, but in the case of ETFs it happens on the fly over the course of the day. Back in the “Bad old days” of the 2007/2008/2009 financial crisis, the creation/redemption process for the XLF had to work extremely hard to balance supply/demand for shares. The accompanying chart shows an overlay of the 2007/2008/2009/2010 historical change in shares outstanding for the fund. In 2007, the shares out for XLF could vary 10-20% from one week to the next. In 2008, that variation began to shrink down to 5-10% volatility. Now, the change in the XLF share count is effectively zero. Incremental demand is essentially entirely satisfied with organic supply. That has not changed in the past two weeks. • The same trend occurs when you look at daily shares traded versus shares outstanding. As amazing as this may seem now, at the peak of the 2007-2008 crisis the XLF saw daily share volumes that equaled the shares outstanding. It is as if every share found a new owner every day, and sometimes even more. Now, the trading in XLF is down to 20-30% daily turnover – a big drop from essentially 100% just a few years ago. Every share is held for an average of 3-5 days. That is still a lot of turnover, but it is important to note that this product has a lot of uses for the institutional investment community. It is a hedge against an individual stock position in the sector, for example. Long your favorite financial and short the XLF against it. High frequency traders constantly arbitrage ETFs and their underlying assets, and that is also a source of trading volume for this (and pretty much all other) exchange traded funds. So 20% turnover may well represent some kind of lower bound for ETF trading in a popular fund.

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Nicholas Colas (Chief Market Strategist): 212 448 6095 or ncolas@convergex.com Christine Clark: 212 448 6085 or cclark@convergex.com Beth Reed: 212 448 6096 or breed@convergex.com

In summary, if you just looked at the XLF you would be forgiven for thinking that absolutely nothing is going on in the financials. It is as if the XLF can’t read the newspaper. Well, it can’t, but you get the idea. To the ETF world, the foreclosure mess is simply not an interesting – or investible – event. This leads to two closing points: • • The big bank stocks are being sold by large institutional owners. There seems to be little-to-no pressure from ETF-based “fast money” traders. Volumes for the XLF are down, and supply/demand looks to be well harmonized. Such has not been the case during past periods of financial turmoil. Macro players don’t think the selling is over. One reason for the still-growing popularity of ETFs is their ability to let investors pinpoint macro themes and leave actual stock selection to an index. The big investment wins in 2010 have, after all, had a strong macro flair to them: long industrials for a weak dollar play, long gold (same reason), long Treasuries, etc. The lack of any pickup in volume for the XLF is a signal that this constituency doesn’t yet see a bottom in financial stocks.

So we’ll keep track of the trading volumes and share creation/redemption in the XLF as a sign that a new buyer base is warming up to the bank stocks.

3

Nicholas Colas (Chief Market Strategist): 212 448 6095 or ncolas@convergex.com Christine Clark: 212 448 6085 or cclark@convergex.com Beth Reed: 212 448 6096 or breed@convergex.com

4

Nicholas Colas (Chief Market Strategist): 212 448 6095 or ncolas@convergex.com Christine Clark: 212 448 6085 or cclark@convergex.com Beth Reed: 212 448 6096 or breed@convergex.com

U.S. EQUITIES In earnings news, RSH sank 8.8% after reporting an unexpected drop in quarterly gross margin thank to weakness in electronics accessories and higher demand for lower-margin mobile handsets. AMGN (+0.7%) and TXN (+1.1%) advanced ahead of after-the-bell earnings announcements. Meanwhile, shares of cable and satellite companies strengthened after Barclays raised price targets on CMCSA (+1.6%), DTV (+1.2%), CVC (-0.2%) and TWC (+0.9%), while in financial land BAC fell 2.5% as a WSJ report revealed the bank admitted to some mistakes in foreclosure files while beginning the process of resubmitting documents in more than 100K cases.
Important Earnings Today (with Estimates) From… FISV: $1.00 AFL: $1.39 BRCM: $0.56 COH: $0.55 F: $0.37 ARG: $0.81 CMP: $0.77 CBT: $0.66 IBKC: $0.54 AKS: $-0.34 CSL: $0.68 DV: $0.95 ATI: $0.15 DWA: $0.35 ILMN: $0.24 CATY: $0.05 JCI: $0.57 ANAT: $1.24 CBG: $0.17 DEP: $0.37 JLL: $0.95 AVX: $0.34 DD: $0.34 CE: $0.74 BIIB: $1.20 EQIX: $0.27 LII: $ 0.83 CNC: $0.47 LIFE: $0.78 BXP: $1.02 CHRW: $0.61 FFIV: $0.55 MEE: $-0.14 BMY: $0.53 CIT: $0.50 FIS: $0.51 NOV: $0.90 MHP: $1.09 MDP: $0.50 NBR: $0.23 NVLS: $0.84 MCK: $1.08 NLC: $0.39 MYL: $0.42 Important Conferences/Corporate Meetings Today:
Security Research Associates Fall Growth Stock Conference – San Francisco, CA Prior Day SPX (High – 1196.14; Low – 1184.74; Close – 1185.62): Three Day (High – 1193.00; Low – 1173.25):

S&P Futures
PNRA: $0.74 TLAB: $0.14 UA: $0.60 QEP: $0.33 UIS: $0.86 STR: $0.14 X: $0.22 RYN: $0.58 VLO: $0.47 RF: $-0.10 RFMD: $0.14 WLT: $2.59 WU: $0.34 RCL: $1.56 WYN: $0.63 SHW: $1.68 SKT: $0.65 Source: Bloomberg AMTD: $0.23 TFX: $0.97
One Day (High –1193.00; Low – 1180.50):

Source: Thomson ONE
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Nicholas Colas (Chief Market Strategist): 212 448 6095 or ncolas@convergex.com Christine Clark: 212 448 6085 or cclark@convergex.com Beth Reed: 212 448 6096 or breed@convergex.com

FIXED INCOME The Treasury’s $10 billion sale of 5-year TIPS drew a negative yield (-0.55%) for the first time, suggesting investors anticipate the central bank’s presumed QE2 strategy will spark inflation in the economy. Coverage at the auction was solid at 2.84 times, while indirect bidders accounted for 39.4% of the purchases versus an average of 38.5%. Benchmark yields were little changed at 2.56% and the yield on the long bond closed 2 bps lower after trading down as much as 7 bps intraday. The Fed next meets November 2-3 after which it is widely expected to provide details about a second round of monetary easing.

Source: Bloomberg

Source: Bloomberg

Today’s Important Economic Indicators/Events (with Consensus): Case-Shiller HPI (9:00am EST) Conference Board Consumer Confidence (10:00am EST): 50.0 FHFA House Price Index State Street Investor Confidence Index

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Nicholas Colas (Chief Market Strategist): 212 448 6095 or ncolas@convergex.com Christine Clark: 212 448 6085 or cclark@convergex.com Beth Reed: 212 448 6096 or breed@convergex.com

U.S. EQUITY OPTIONS
SPX – A day spent entirely in positive territory for the underlying index (+0.1% to +1.1%, ending + 0.2 %). Despite the positive, quiet day in the underlying index, the implied volatility as measured by the VIX also spent the entire day in positive territory (0.1% to +6%, ending +6%). There were some buyers of options, but the increasing uncertainty surrounding the potential market reaction to upcoming elections and Fed actions is more likely the explanation for the expansion in option premium. We did note several sizable SPX option trades. The November 1100 puts were bought outright over 10,000 times @ $3.00 and the December 995 puts were sold outright 5,000 times at $2.50. There were also several trades which were designed to limit the risk of a significant upside or downside move. On the upside, the November 1260/1275 call spread was bought 3,000 time @ $0.60. On the downside, the December 850/1000 put spread was bought 4,000 times @ $ 1.35. ETF – The market managed to close in positive territory after selling off the day’s highs, and options volume was below expected. In International ETF, EEM (Emerging Markets), we highlight a large 1X2 put spread as paper bought 12,000 Jan 36 puts vs. selling 24,000 Jan 30 puts. In sector flow, we note cautious trading in XRT (Retail) as paper bought the 43 / 39 / 35 put fly 5,600 times on the wings. We also saw investors buying volatility in XLB (Materials) through the purchase of 10,000 Dec 32 puts delta neutral and in XME (Metals and Mining) paper bought the Dec 61 calls 10,000 times delta neutral.
Rank
1 2 3 4 5 6 7 8 9 1 0 1 1 1 2 1 3 1 4 1 5 1 6 1 7 1 8 1 9 20 21 22 23 24 25

10/19/2010
MFE DTV RSH PNW PTV BMC MYL VRSN HSP SYMC CHRW EBAY MJN SJM GENZ TSS MDP CA XEL ORLY HD CEPH FIS K STJ VAR IFF CLX TJX AAPL IBM M FRX

CURRENT IMPLIED VOLATILITY / CURRENT HISTORICAL VOLATILITY 10/20/2010 10/21/2010 10/22/2010 10/25/2010 30-Day Implied Vol
PTV MFE MKC DTV EFX RSH BMC MYL MJN EBAY TSS HSP K CHRW SYMC CA MDP VAR SJM VRSN NI AN GENZ PPL HRS FIS CEPH HD ORLY XEL PNW MDP MFE DTV RSH MYL MJN EFX SYMC PTV CHRW BMC VAR CA CEPH MDP K GENZ Q SJM VRSN AN ORLY CNP TJX NI HRS PPL TSS EBAY MKC HSP MFE MKC PNW DTV GENZ MJN RSH MYL SYMC CEPH Q CHRW VAR ORLY MDP VRSN BMC K PTV HSP TJX AN SJM HRS HAR CA EFX CNP NI MFE MKC DTV MJN GENZ SYMC MYL CEPH CHRW K VAR TJX SJM ORLY PTV VRSN MDP BMC NRG BBY COH AN PCG FISV DHI HAR HRS HSP Q RSH PNW

7.05 35.03 20.55 37.74 16.83 43.13 35.50 35.35 25.81 18.85 26.82 26.25 22.42 28.43 3.95 30.15 36.63 48.50 27.77 29.73 34.18 33.89 19.76 23.45 45.81

BIGGEST MOVERS
Top 10 BBY SLM BF/B WEC KG FTR KSS CLF DF CFN 43.71% 27.61% 22.25% 20.79% 20.30% 18.94% 17.53% 14.72% 14.00% 13.74% 30-Day Implied Vol 29.73 30.80 19.73 18.78 8.21 24.51 28.09 46.76 46.73 32.00 Bottom RSH PNW Q EMN AVP ROP LO DOW HCBK VTR 10 -55.90% -42.36% -12.54% -12.02% -11.84% -10.83% -10.04% -9.31% -8.02% -7.68% 30-Day Implied Vol 34.89 21.03 28.16 31.77 38.29 22.33 15.66 34.38 19.30 26.89

We ranked the S&P 500 companies from the highest to lowest 30 day implied to historical volatility ratio. Above we identify the 10 most positive and negative movers. The table to the left represents the 25 highest 30 day implied to historical volatility ratios within the S&P 500 companies. The green represents names new to the list while the red represents names that have fallen out.

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Nicholas Colas (Chief Market Strategist): 212 448 6095 or ncolas@convergex.com Christine Clark: 212 448 6085 or cclark@convergex.com Beth Reed: 212 448 6096 or breed@convergex.com

Exchange-Traded Funds/Indexes
Prior Day Peformance of Largest ETFs by Assets
Name (Net Assets*) Ticker Category Daily Return Sector Ticker 1-Day Perf

S&P 500 Sector ETFs
YTD Perf Sector Ticker 1-Day Perf YTD Perf

SPDRs SPDR Gold Shares iShares MSCI Emerging Markets Index iShares MSCI EAFE Index iShares S&P 500 Index
Name

SPY GLD EEM EFA IVV

Large Blend N/A Diversified Emerging Mkts Foreign Large Blend Large Blend

0.54% 0.86% 1.09% 0.35% 0.23%
Shares Traded

Energy Health Industrials Utilities Consumer Staples
Currency

XLE XLV XLI XLU XLP

0.27% 0.61% 0.34% -0.22% 0.24%

4.30% 1.13% 17.27% 2.51% 9.10%
YTD Perf

Telecomm Technology Consumer Discretionary Financials Materials
Currency

IYZ XLK XLY XLF XLB

0.48% 0.50% 0.66% -0.35% 2.16%

10.06% 5.67% 18.21% 1.04% 6.18%

Prior Day Top Volume ETFs
Ticker Category Ticker 1-Day Perf

Currency ETFs
Ticker 1-Day Perf YTD Perf

SPDRs iShares MSCI Emerging Markets Index PowerShares QQQ Financial Select SPDR iShares Russell 2000 Index
Name

SPY EEM QQQQ XLF IWM

Large Blend Diversified Emerging Mkts Large Growth Specialty - Financial Small Blend

122,862,048 54,021,521 42,300,395 36,230,429 35,813,596
Daily Return

Australian Dollar British Pound Sterling Canadian Dollar Euro Japanese Yen
Name

FXA FXB FXC FXE FXY

0.97% 0.30% 0.66% 0.29% 0.73%

10.21% -2.89% 2.74% -2.61% 14.88%
YTD Perf

Mexican Peso Swedish Krona Swiss Franc USD Index Bearish USD Index Bullish
Bonds

FXM FXS FXF UDN UUP

0.17% 0.77% 0.94% 0.44% -0.45%

5.79% 8.55% 6.36% 0.00% -3.08%

Prior Day Top Performers
Ticker Category

VIX ETNs
Ticker 1-Day Perf

Fixed Income ETFs
Ticker 1-Day Perf YTD Perf

IQ South Korea Small Cap ETF ELEMENTS MLCX Biofuels Index TR ETN Direxion Daily China Bull 3X Shares iPath DJ-UBS Cotton TR Sub-Idx ETN ProShares Ultra MSCI Pacific ex-Japan

SKOR FUE CZM BAL UXJ

N/A N/A Pacific/Asia ex-Japan Stk N/A N/A

32.37% 8.50% 6.09% 6.09% 4.12%

iPath S&P 500 VIX VXX Short-Term Futures ETN iPath S&P 500 VIX VXZ Mid-Term Futures ETN

-1.40%

-62.87%

-1.21%

-2.51%

Aggregate Investment Grade High Yield 1-3 Year Treasuries 7-10 Year Treasuries 20+ Year Treasuries
ETF

AGG LQD HYG SHY IEF TLT

0.04% 0.36% 0.39% 0.02% -0.03% 0.29%

5.16% 8.09% 3.15% 1.82% 11.73% 13.10%

Others
ETF Ticker 1-Day Perf YTD Perf Ticker 1-Day Perf YTD Perf

Gold Silver Natural Gas

GLD SLV UNG

0.86% 1.49% 0.21%

21.94% 39.67% -47.02%

Crude Oil EAFE Index Emerging Markets SPDRs

USO EFA EEM SPY

0.23% 0.35% 1.09% 0.54%

-9.45% 4.00% 12.12% 6.55%

Major Index Changes:
None

ETFs in the Headlines and Blogs:
GLTR: A Precious Metals ETF Basket with Fixed Ounce Weightings - http://seekingalpha.com/article/231838-gltr-a-precious-metals-etf-basket-with-fixed-ounceweightings Copper Exchange-Traded Fund Is Planned by JPMorgan - http://www.businessweek.com/news/2010-10-25/copper-exchange-traded-fund-is-planned-byjpmorgan.html
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Nicholas Colas (Chief Market Strategist): 212 448 6095 or ncolas@convergex.com Christine Clark: 212 448 6085 or cclark@convergex.com Beth Reed: 212 448 6096 or breed@convergex.com

Top Online Social Networking Stories
Latest Popular Digg.com Business News Mobile Ad Spend to Pass $1 Bil - http://www.brandweek.com/bw/content_display/news-and-features/digital/e3i493aa786b5893edce8343b1db1631572 Nokia Outdoes iPhone in Smartphone Sales 2 to 1 - http://www.brandweek.com/bw/content_display/news-andfeatures/digital/e3i493aa786b5893edce8343b1db1631572 Customer Relations Fiascos - http://blog.getsatisfaction.com/2010/10/11/customer-relations-fiascos/ Calculated Risk Chicago Fed: Economic activity slowed further in September - http://www.calculatedriskblog.com/2010/10/chicago-fed-economic-activity-slowed.html Short Sales vs. Foreclosures - http://www.calculatedriskblog.com/2010/10/short-sales-vs-foreclosures.html Number of Bank Failures: 2010 about to surpass 2009 - http://www.calculatedriskblog.com/2010/10/number-of-bank-failures-2010-about-to.html Impact of BofA Foreclosure Moratorium on North San Diego County - http://www.calculatedriskblog.com/2010/10/impact-of-bofa-foreclosuremoratorium.html The Becker-Posner Blog Will the Earnings of Women Overtake Those of Men? (Becker) - http://www.becker-posner-blog.com/2010/10/will-the-earnings-of-women-overtake-thoseof-men-becker.html Male and Female Earnings Trends (Posner) - http://www.becker-posner-blog.com/2010/10/male-and-female-earnings-trendsposner.html The Big Picture TBP Guide to Earnings Calls & Town Halls - http://www.ritholtz.com/blog/2010/10/guide-to-earnings-calls/ 15 Inviolable Rules for Dealing with Wall Street - http://www.ritholtz.com/blog/2010/10/15-inviolable-rules-for-dealing-with-wall-street/ Housing Cartons - http://www.ritholtz.com/blog/2010/10/housing-cartoons/ Big Money on Wall Street - http://www.ritholtz.com/blog/2010/10/big-money-on-wall-street/ ‘Should have paid the extra $2 an hour…’ - http://www.ritholtz.com/blog/2010/10/extra-2-an-hour/ Chamber of Commerce to Buy US Elections - http://www.ritholtz.com/blog/2010/10/chamber-of-commerce-to-buy-us-elections/ Bespoke Investment Group What Lack of Innovation? - http://www.bespokeinvest.com/thinkbig/2010/10/22/what-lack-of-innovation.html The Baseline Scenario Food and Finance - http://baselinescenario.com/2010/10/24/food-and-finance/ Zero Hedge Goldman: The Fed Needs to Print $4 Trillion in New Money - http://www.zerohedge.com/article/goldman-fed-needs-print-4-trillion-new-money An Interactive Look at America’s Poor - http://www.zerohedge.com/article/interactive-look-americas-poor
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Nicholas Colas (Chief Market Strategist): 212 448 6095 or ncolas@convergex.com Christine Clark: 212 448 6085 or cclark@convergex.com Beth Reed: 212 448 6096 or breed@convergex.com

GENERAL DISCLOSURES
This presentation discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions. It is provided for general informational purposes only and should not be relied on for any other purpose. It is not, and is not intended to be, research, a recommendation or investment advice, as it does not constitute substantive research or analysis, nor an offer to sell or the solicitation of offers to buy any BNY ConvergEx Execution Solutions LLC (“ConvergEx”) product or service in any jurisdiction. It does not take into account the particular investment objectives, restrictions, tax and financial situations or other needs of any specific client or potential client. In addition, the information is not intended to provide sufficient basis on which to make an investment decision. Please consult with your financial and other advisors before buying or selling any securities or other assets. This presentation is for qualified investors and NOT for retail investors. Please be advised that options carry a high level of risk and are not suitable for all investors. To receive a copy of the Options Disclosure Document please contact the ConvergEx Compliance Department at (800) 367-8998. The opinions and information herein are current only as of the date appearing on the cover. ConvergEx has no obligation to provide any updates or changes to such opinions or information. The economic and market assumptions and forecasts are subject to high levels of uncertainty that may affect actual performance. Such assumptions and forecasts may prove untrue or inaccurate and should be viewed as merely representative of a broad range of possibilities. They are subject to significant revision and may change materially as market, economic, political and other conditions change. Past performance is not indicative of future results, which may vary significantly. The value of investments and the income derived from investments can go down as well as up. Future returns are not guaranteed, and a loss of principal may occur. The information and statements provided herein do not provide any assurance or guarantee as to returns that may be realized from investments in any securities or other assets. This material does not purport to contain all of the information that an interested party may desire and, in fact, provides only a limited view of a particular market. The opinions expressed in this presentation are those of various authors, and do not necessarily represent the opinions of ConvergEx or its affiliates. This material has been prepared by ConvergEx and is not a product, nor does it express the views, of other departments or divisions of BNY ConvergEx Group, LLC and its affiliates.

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