Investments in futures, options and foreign exchange can fluctuate in value, investors should therefore be aware that they may not realise the initial amount invested, and indeed may incur additional liabilities.

Investments in futures, options and foreign exchange entail above average risk, investors should therefore carefully consider whether their financial circumstances permit them to invest and, if necessary, seek the advice of an Independent Financial Advisor.

Some services described are not available to all investors. Services may also not be available to certain customers due to legal and/or regulatory constraints either in the United Kingdom or elsewhere.

The contents of this electronic mail may have been changed without the knowledge of the sender. KBW Associates does not, and will not, consider itself legally bound by the contents of any electronic mail which appears to have originated from within the Company.

If you believe you have been sent an e-mail from KBW Associates which is inappropriate, please contact the Compliance Department on 44 (0) 20 3405 4197. KBW Associates is authorised and regulated by the Financial Services Authority.



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