Gratry & Company, LLC (“Gratry”) is registered with the Securities and Exchange Commission (“SEC”) as an investment adviser under the Investment Advisers Act of 1940*.  All information contained herein is for informational purposes and should not be construed as investment advice.  It does not constitute an offer, solicitation or recommendation to purchase any security or investment advisory services nor shall any such security or investment advisory service be offered or sold to any person in any jurisdiction in which such offer, solicitation, recommendation, purchase or sale would be unlawful under the securities laws of such jurisdiction.

*SEC registration does not imply any specific level of skill or training.