The views and opinions expressed herein are those of the author and do not necessarily
reflect the views of AZA Capital Management
("AZA"), its affiliates or its employees. This document has been
provided to you solely for information purposes and does not constitute an offer or solicitation of an
offer or any advice or recommendation to purchase any securities or other financial instruments and may
not be construed as such.
The factual information set forth herein has been obtained or derived from sources believed by the author
and AZA to be reliable, but it is not necessarily all-inclusive
and is not guaranteed as to its accuracy and is not to be regarded as a representation or warranty,
express or implied, as to the information’s accuracy or completeness, nor should the attached
information serve as the basis of any investment decision. Past performance is not a guarantee of future
This material is not research and should not be treated as research, and does not represent valuation
judgments with respect to any financial instrument, issuer, security or sector that may be described or
referenced herein and does not represent a formal or official view of
AZA. The views expressed reflect the current views as of the date
hereof and neither the author nor AZA undertakes to advise you of
any changes in the views expressed herein. It should not be assumed that the author or
AZA will make investment recommendations in the future that are
consistent with the views expressed herein, or use any or all of the techniques or methods of analysis
described herein in managing client accounts. AZA and its
affiliates may have positions (long or short) or engage in securities transactions that are not
consistent with the information and views expressed in this document.
The information contained herein is only as current as of the date indicated and may be superseded by
subsequent market events or for other reasons. Charts and graphs provided herein are for illustrative
purposes only. Nothing contained herein constitutes investment, legal, tax or other advice nor is it to
be relied on in making an investment or other decision.
There can be no assurance that an investment strategy will be successful. Historic market trends are not
reliable indicators of actual future market behavior or future performance of any particular investment
which may differ materially and should not be relied upon as such. This material should not be viewed as
a current or past recommendation or a solicitation of an offer to buy or sell any securities or to adopt
any investment strategy.
The information in this document may contain projections or other forward-looking statements regarding
future events, targets, forecasts or expectations regarding the strategies described herein and is only
current as of the date indicated. There is no assurance that such events or targets will be achieved,
and they may be significantly different from that shown here. The information in this document,
including statements concerning financial market trends, is based on current market conditions, which
will fluctuate and may be superseded by subsequent market events or for other reasons.
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