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Northern Advisors, LLC and its affiliates, officers, directors, and employees, will from time to time have long or short positions in, act as principal in, and buy or sell, commodities, futures, currencies, securities or derivatives including options and warrants thereof of covered trading instruments and companies referred to in this research. Northern Advisors, LLC research is not an offer to sell or the solicitation of an offer to buy any commodity, future, currency or security in any jurisdiction where such an offer or solicitation would be illegal. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Clients should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional advice, including tax advice. The price and value of the investments referred to in this research and the income from them may fluctuate. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Certain transactions, including those involving futures, options, and other derivatives, give rise to substantial risk and are not suitable for all investors. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments.
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