These views are subject to change at any time based upon market or other conditions and are current as of May 2014. While all material is deemed to be reliable, accuracy and completeness cannot be guaranteed. The information, analyses and opinions set forth herein are intended to serve as general information only and should not be relied upon by any individual or entity as advice or recommendations specific to that individual entity. Anyone using this material should consult with their own attorney, accountant, financial or tax adviser or consultants on whom they rely for investment advice specific to their own circumstances.

This material is not an offer, solicitation or recommendation to purchase any security.

Forward-looking statements included herein are made as of May 2014, and the company undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. The forward-looking statements are qualified by certain risks and uncertainties that could cause actual results and events to differ materially from what is contemplated by the forward-looking statements.

Please remember that all investments carry some level of risk, including the potential loss of principal invested.

Returns represent past performance, are not a guarantee of future performance, and are not indicative of any specific investment. Returns of one year or longer are annualized

Investments in emerging or developing markets involve exposure to economic structures that are generally less diverse and mature, and to political systems which can be expected to have less stability than those of more developed countries. Securities may be less liquid and more volatile than U.S. and longer-established non-U.S. markets.

Diversification does not assure profit or protect against loss in declining markets.