These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. As a result, there is no research available on these companies. This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities of these companies. The offering is made only by the Prospectus, copies of which may be obtained from the undersigned in any State that lawfully offers these securities.
Additional information is available upon request.
This information is not intended to be used as the primary basis of investment decisions. Because of individual client requirements, it should not be construed as advice designed to meet the particular investment needs of any investor. It is not a representation by us or an offer or the solicitation of an offer to sell or buy any security. Further, a security described in this publication may not be eligible for solicitation in the states in which the client resides. U.S. Bancorp Piper Jaffray individual officers, employees, or members of their families may own the securities mentioned and may purchase or sell those securities in the open market or otherwise.