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

Stocks closed mixed Wednesday after spending much of the day in negative territory amid speculation the Fed may not provide as much economic stimulus as previously expected (S&P 500 -0.3%, Dow -0.4%, Nasdaq +0.2%). A WSJ article said the central bank’s debt purchases may amount to several hundred billion dollars over a few months, which would come up shy of estimates ranging from $500 billion to $1 trillion. On the economic front, new home sales rose more-than-predicted in September, advancing 6.6% to an annual pace of 307K units. Meanwhile, orders for durable goods increased 3.3% last month after a decline of 1.3% in August, and mortgage applications for purchasing and refinancing posted a gain last week as fixed-term mortgages sported near-record low interest rates.

Morning Markets Briefing
Market Commentary: October 28th, 2010 A snapshot of the markets through the lens of ConvergEx.

Correlations Between Fruit Flies and Market Rallies
Summary: Rallies in the equity markets seem to die premature deaths, so we have pulled forward our customary monthly analysis of asset price correlations a few days to assess what the recent updraft in equities means to price movements. After all, who knows how long the good times will roll? Good news here – October’s rally was accompanied by modest but perceptible moves lower for industry correlations in stocks. That’s a healthy sign, as this increases the amount of diversification available to equity investors. If there is a cautionary lesson from the October data, it is that the overarching fundamental of dollar weakness pushed precious metals correlations higher with respect to financial assets. That should correct itself over time, but in the near term any dollar strength could leave both stocks (financial assets) and precious metals (physical assets) moving lower in a coordinated fashion.

Fruit flies (drosophilia melanogaster to you Classics buffs out there) are extremely useful to scientists because they die quickly. More accurately, they are born, grow, breed and die in just a few weeks, which make them ideal organisms to test theories of genetic mutation. You wouldn’t think that a little fly has much in common with people, but they share about 75% of all known human disease genes and researchers use them to assess treatments for everything from Parkinson’s to drug addiction. Their short life spans allow scientists to quickly assess genetic mutations in the offspring of treated flies, rather than waiting weeks or months longer for other lab animals to go through a life cycle. Market rallies in 2010 have had about the same longevity as the average fruit fly (or so it seems), so I have pulled up our customary monthly analysis of asset price correlations by a few days to put the September-October move under the microscope. There is mostly good news in the data, but a cautious note or two. We

have attached our customary charts and table to this report, and they provide additional useful color to the points we’ll make below.

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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The good news is that industry sector correlations have dropped again in October for U.S. stocks. The chief reason to invest in a diversified portfolio of assets like equities is because not all of them move together at the same time. For much of the year, however, correlations among the 10 major industrial sectors of the market have been inordinately elevated, especially during market declines. That is especially damaging to investors, since there is essentially “nowhere to hide.” Our data from October’s trading shows that correlations for the likes of tech, energy, industrials and other groups dropped for the second straight month when compared to overall market action. Only Health Care actually increased its correlation to the S&P 500. Granted, correlations by definition only go to 100%, and many industry groups were in the +90% camp just 3 months ago. But a rally accompanied by lower correlations is cause for optimism, and we’ll take it. If there is a source of concern it is that the weakness of the dollar has clearly fueled the risk asset rally of the last 2 months. That much is visible from the sharply higher correlations between precious metals and stocks in October. Gold, for example, is only priced in dollars so it is a good proxy for concerns over dollar weakness. Precious metals have been winning investments because investors are looking for ways to hedge potential volatility in financial assets. If they are, in the near term, tied at the proverbial “dollar-hip,” any move higher for the greenback might spell a common pullback for both. I will close out this brief note with one additional, if geeky, point: there appears to be a strong correlation, if not causation, between the CBOE VIX Index and the average correlation among U.S. equity industry groups. Over the past year the correlation between “Fear” (as measured by the VIX) and how much the 10 industrial sectors track the market exceeds 60%. In other words, as the benefits of diversification wane (correlations increase), the price of insurance in the options market tends to rise. That makes sense, since rising correlations make sell offs even harder to bear with every stock in a portfolio more likely to be down together.

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Name

Symbol

Current (10/26/10) 86.25% 90.70% 90.66% 61.47% 84.38% 84.72% 88.57% 91.56% 85.24% 79.11% 57.49% 57.33% 90.47% 81.74% 64.11% 55.17% 2.94% 40.54% -2.80%

1 Month Ago (10/1/10) 91.12% 87.03% 95.63% 71.02% 87.14% 87.42% 93.78% 96.97% 95.45% 86.67% -13.44% 14.83% 94.42% 90.55% 83.38% 47.27% -41.41% 46.12% -68.98%

Historical 30-Days Correlation Against S&P 500 2 Months Ago 3 Months Ago Change in absolute correlation* Change in absolute correlation* Change in absolute correlation*

(8/31/10)
92.95% 82.26% 94.90% 81.42% 88.43% 92.46% 95.11% 93.88% 97.72% 90.50% 13.34% 43.75% 92.92% 91.37% 79.13% 60.59% -40.61% 61.11% -42.55%

(07/30/10)
94.56% 86.13% 95.73% 83.28% 83.14% 90.93% 95.99% 95.25% 94.16% 89.96% 20.11% 43.19% 92.15% 88.40% 86.78% 30.84% -50.33% 86.12% -13.35%

from 1 mo ago
4.87 3.67 4.97 9.55 2.76 2.70 5.21 5.41 10.21 7.56 70.93 42.50 3.95 8.81 19.27 7.90 44.35 5.58 66.18

from 1 mo ago to 2 mos ago
1.83 4.77 0.73 10.40 1.29 5.04 1.33 3.09 2.27 3.83 26.78 28.92 1.50 0.82 4.25 13.32 0.80 14.99 26.43

from 2 mos ago to 3 mos ago
1.61 3.87 0.83 1.86 5.29 1.53 0.88 1.37 3.56 0.54 6.77 0.56 0.77 2.97 7.65 29.75 9.72 25.01 29.20
Source: IVolatility.com

Energy Health Industrials Utilities Consumer Staples Telecomm Technology Consumer Discretionary Financials Materials Gold Silver EAFE Index Emerging Markets Australian Dollar Euro Japanese Yen High Yield Corporate Bond Investment Grade Bond

XLE XLV XLI XLU XLP IYZ XLK XLY XLF XLB GLD SLV EFA EEM FXA FXE FXY HYG LQD

*Red indicates increasing correlation; green indicates decreasing correlation

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 Energy and materials fell for a second day as the dollar index rose 0.5% and oil prices snapped a 3-day win streak, while COP slid -1.2% in light of higher commodities prices and improved refining margins, despite posting 3rd quarter earnings that nearly doubled. Elsewhere in earnings news, S sank 9.9% after reporting better subscriber numbers but a wider quarterly loss, and retailer JNY (-21.2%) plunged on weaker-than-expected net income and sharply rising cotton prices. On the tech front, AAPL (-0.1%) again delayed the release of its white iPhone, this time until spring 2011. Aimed to rival AMZN’s (-1.4%) Kindle, BKS (-0.1%) unveiled a color touch screen version of its Nook electronic reader.
Important Earnings Today (with Estimates) From… DRE: $0.26 HS: $0.82 MMM: $1.51 CRI: $0.74 IART: $0.66 CELG: $0.64 EK: $-0.31 NLY: $0.67 CEPH: $1.79 EMN: $2.22 IRM: $0.29 AN: $0.42 EVR: $0.34 KBR: $0.43 SHAW: $0.56 CLF: $2.59 EXPE: $0.55 LLL: $2.02 CME: $3.66 AVP: $0.47 XOM: $1.40 LEA: $1.06 CMS: $0.45 BLL: $1.43 FII: $0.38 LPS: $0.89 UTHR: $0.54 CCE: $0.54 FSLR: $1.96 LVLT: $-0.11 CL: $1.19 BX: $0.25 LZ: $2.65 VRSN: $0.22 FO: $0.74 BMC: $0.61 CLI: $0.68 DOW: $0.41 BEN: $1.74 BC: $-0.32 GNW: $0.25 MXIM: $0.37 DUK: $0.42 CAH: $0.53 Important Conferences/Corporate Meetings Today:
None Prior Day SPX (High – 1183.84; Low – 1171.70; Close – 1182.45): Three Day (High – 1193.00; Low – 1167.75):

S&P Futures
MFE: $0.51 MJN: $0.57 MET: $1.03 MSFT: $0.55 MCRS: $0.34 MWW: $0.00 MCO: $0.46 MOT: $0.10 NBL: $0.81 OMX: $0.12 OCR: $0.49 OSK: $1.38 PNW: $2.01 QSFT: $0.32 RTN: $1.13 RGC: $0.08 WM: $0.59 REV: $0.42 HOT: $0.22 SUN: $0.44 TEL: $0.70 XEL: $0.54
Source: Bloomberg

One Day (High –1186.25; Low – 1167.75):

Source: Thomson ONE
5

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FIXED INCOME Ten-year Treasury notes declined for a 6th consecutive day, the longest losing streak in roughly 2 years, after new home sales rose more than expected and amid speculation the Fed may be more conservative with its monetary easing strategy than previously anticipated. Benchmark yields rose 8 bps to 2.72%, while 30-year yields added 6 bps to end the day at 4.05% and 2-year rates were little changed at 0.41%. Meanwhile, the government’s $35 billion 5-year note auction drew a yield of 1.330% and saw coverage of 2.82 times, lower than at September’s sale but higher than the average of 2.76 times over the past 10 offerings.

Source: Bloomberg

Source: Bloomberg

Today’s Important Economic Indicators/Events (with Consensus): Jobless Claims (8:30am EST): 455K EIA Natural Gas Report (10:30am EST)

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U.S. EQUITY OPTIONS
SPX – The underlying index ended little changed on the day (-0.3 %) recovering late in the day from a mild selloff (-1.1% intraday). Although the implied volatility, as measured by the VIX, popped a bit on the early selloff in the underlying index (+11 %), this was largely reversed as the underling rally muted the uncertainties expressed in rising premiums, as the VIX ended +2 %. Trading in SPX options was mixed, with some notable bearish trades in both out of the money calls and puts. The December 1250 calls were sold 8,000 times @ $5.90. In a couple of ‘disaster put trades’ , the January 750 puts were bought 5,000 times: half @ $0.80 and half @$0.85. The November 875 were also bought about 10,000 times @ $0.15. Also, The was also a calendar put spread were the December 900 puts were sold for $1.00 vs. buying the January 800 puts @ $1.20, 7,000 times (approximately delta neutral). ETF- The market traded in negative territory throughout the day and the VIX managed to come in after reaching its highs midday. In broad-based products we highlight a large print in UUP (US Dollar Index Bullish Fund) as paper bought 55,400 Mar 23 calls and 105,500 Mar 24 calls in what was a bullish call stupid. In other trading we saw a bearish trade in XLK (Technology) as one investor rolled a long put spread; the Dec 23/20 put spread was sold roughly 110,000 times while the Mar 23/20 put spread was bought roughly 150,000 times. In other sector flow we saw an investor position for upside in XLF (Financial) through the outright purchase of the Dec 15 calls 50,000 times. Lastly in the international space, EEM (Emerging Markets) saw a volatility seller through the Jan12 50 / 35 put spread delta neutral, while in EFA an investor sold the Dec 59 calls 14,000 times.
CURRENT IMPLIED VOLATILITY / CURRENT HISTORICAL VOLATILITY 10/22/2010 10/25/2010 10/26/2010 10/27/2010 30-Day Implied Vol
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 MFE PTV MKC DTV PNW XEL SYMC GENZ VAR CHRW CEPH MYL MJN K MA ORLY PCG EIX SJM TJX NI VRSN BBY QCOM FSLR DHI FISV AN COH NRG BMC MDP MFE PTV DTV PNW SYMC VAR GENZ CEPH ORLY K MA FSLR MJN EIX PCG TJX VRSN BBY CFN FII SJM BMS DHI GME QCOM MKC CHRW MYL XEL NI

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

10/21/2010
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

6.07 7.36 20.87 33.75 46.41 27.90 17.05 34.32 31.29 19.25 33.77 51.38 34.57 18.71 20.76 26.15 30.98 31.83 32.61 28.67 22.33 24.52 44.30 40.06 29.43

BIGGEST MOVERS
Top 10 CCE AVP RHI DTE MDP FDX GME KG ESRX CEG 530.72% 32.24% 25.80% 25.74% 21.91% 19.23% 15.87% 13.95% 13.53% 13.22% 30-Day Implied Vol 24.44 50.99 35.40 18.52 36.25 28.82 40.06 8.26 33.24 32.75 Bottom MKC XEL BRCM LIFE MCK S MOLX MYL CHRW NVLS 10 -53.21% -46.10% -45.88% -44.61% -42.58% -32.29% -31.83% -25.41% -24.06% -21.44% 30-Day Implied Vol 17.15 17.09 31.77 23.95 23.63 45.43 31.47 29.02 21.49 30.54

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.

7

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

-0.45% -1.04% -1.70% -0.96% -0.28%
Shares Traded

Energy Health Industrials Utilities Consumer Staples
Currency

XLE XLV XLI XLU XLP

-0.42% -0.61% -0.74% -0.41% -0.52%

4.07% 0.16% 15.87% 1.84% 7.93%
YTD Perf

Telecomm Technology Consumer Discretionary Financials Materials
Currency

IYZ XLK XLY XLF XLB

-0.95% 0.33% -0.62% 0.07% -0.95%

9.14% 6.06% 17.94% 1.25% 4.55%

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 Financial Select SPDR PowerShares QQQ iShares Russell 2000 Index
Name

SPY EEM XLF QQQQ IWM

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

174,307,690 68,764,762 52,321,848 48,149,986 46,775,639
Daily Return

Australian Dollar British Pound Sterling Canadian Dollar Euro Japanese Yen
Name

FXA FXB FXC FXE FXY

-1.32% -0.46% -0.45% -0.63% -0.26%

8.12% -2.67% 1.92% -4.02% 13.56%
YTD Perf

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

FXM FXS FXF UDN UUP

-0.21% -0.70% -0.54% -0.48% 0.58%

4.75% 5.35% 4.20% -1.13% -1.86%

Prior Day Top Performers
Ticker Category

VIX ETNs
Ticker 1-Day Perf

Fixed Income ETFs
Ticker 1-Day Perf YTD Perf

Direxion Daily Semicondct Bull 3X Shares PowerShares DB Base Metals Dble Shrt ETN Direxion Daily China Bear 3X Shares ProShares UltraShort MSCI Pacific ex-Jpn Direxion Daily Emrg Mkts Bear 3X Shares

SOXL BOM CZI JPX EDZ

N/A Bear Market Bear Market Bear Market Bear Market

9.19% 7.51% 6.32% 5.49% 5.11%

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

1.63%

-61.46%

0.09%

-2.45%

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

AGG LQD HYG SHY IEF TLT

-0.19% -0.26% -0.11% -0.05% -0.58% -0.88%

4.71% 7.24% 3.20% 1.69% 10.34% 10.38%

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

Gold Silver Natural Gas

GLD SLV UNG

-1.04% -0.95% 0.74%

20.70% 39.43% -45.93%

Crude Oil EAFE Index Emerging Markets SPDRs

USO EFA EEM SPY

-0.73% -0.96% -1.70% -0.45%

-9.83% 2.37% 10.12% 6.12%

Major Index Changes:
None

ETFs in the Headlines and Blogs:
The Problems with Physical Commodity ETFs - http://seekingalpha.com/article/232559-the-problems-with-physical-commodity-etfs Why base-metal physical ETFs could be a bad deal - http://ftalphaville.ft.com/blog/2010/10/27/384851/why-base-metal-physical-etfs-could-be-a-bad-deal/

8

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Top Online Social Networking Stories
Latest Popular Digg.com Business News Entitlement nation: More are living off tax revenues, and fewer are providing them - http://articles.chicagotribune.com/2010-09-21/news/ct-edit-benefits20100921_1_tax-policy-center-entitlement-levies A shift toward working from home: Software makes it easier for companies, employees - http://articles.chicagotribune.com/2010-08-16/business/ct-biz0816-on-the-job-20100816_1_virtual-workers-telecommuting-yorkville-home Chevy runs deep: 2010’s top 5 rebranding fails - http://www.mlive.com/auto/index.ssf/2010/10/chevy_runs_deep_and_2010s_top.html Why Apple won’t buy Facebook – or Sony - http://tech.fortune.cnn.com/2010/10/26/why-apple-wont-buy-facebook-or-sony/ Calculated Risk DataQuick: California Mortgage Defaults Rise in Third Quarter - http://www.calculatedriskblog.com/2010/10/dataquick-california-mortgage-defaults.html Philly Fed September State Coincident Indexes - http://www.calculatedriskblog.com/2010/10/philly-fed-september-state-coincident.html ATA: Truck Tonnage Index increases in September: “Economy barely growing” - http://www.calculatedriskblog.com/2010/10/ata-truck-tonnage-indexincreases-in.html Real House Prices, Price-to-Rent Ratio - http://www.calculatedriskblog.com/2010/10/real-house-prices-price-to-rent-ratio.html The Wall Street Journal Fed Gears Up for Stimulus - http://online.wsj.com/article/SB10001424052702303891804575576533845166848.html Putting a Price on Professors - http://online.wsj.com/article/SB10001424052748703735804575536322093520994.html The Big Picture Is Google a Monopoly? - http://www.ritholtz.com/blog/2010/10/is-google-a-monopoly/ Bespoke Investment Group Netflix Headed to S&P 500? - http://www.bespokeinvest.com/thinkbig/2010/10/26/netflix-nflx-headed-to-sp-500.html Revenue Beat Rates - http://www.bespokeinvest.com/thinkbig/2010/10/26/revenue-beat-rates.html Bespoke’s Commodity Snapshot - http://www.bespokeinvest.com/thinkbig/2010/10/26/bespokes-commodity-snapshot.html New 52-Week Highs by Sector - http://www.bespokeinvest.com/thinkbig/2010/10/26/new-52-week-highs-by-sector.html The Baseline Scenario Shape-Shifting Deficit Hawks - http://baselinescenario.com/2010/10/26/shape-shifting-deficit-hawks/ Zero Hedge Greece Caught Lying by Eurostat Again, As Budget Deficit Revised from 3% Initially to Over 15% of GDP - http://www.zerohedge.com/article/greece-caughtlying-eurostat-again-budget-deficit-revised-3-initially-over-15-gdp Trading Olives and Feta Cheese for Submarines Is a Losing Proposition - http://www.zerohedge.com/article/guest-post-trading-olives-and-feta-cheesesubmarines-losing-proposition
9

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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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