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Halo Provides an Update on Bophelo Bioscience

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Halo Labs Inc. (Halo or the Company) is pleased to provide an update in respect of recent developments for Bophelo Bioscience & Wellness (Pty) Ltd. (Bophelo) in Lesotho, an indirect wholly-owned subsidiary of Halo. Bophelo intends to operate one of the largest-cannabis cultivation sites in the world, and is expected to cultivate and distribute high-quality cannabis, derived from exclusive, proprietary genetics under license from OG DNA Genetics (DNA). The Company is also pursuing a similar license arrangement with Terphogz, cultivator of the Zkittlez cannabis strains. As previously announced, Bophelo has entered into an offtake agreement with Medcan Ltd. (Medcan), located in Malta, that it intends to leverage upon the receipt of a Good Agricultural and Collection Practices (GACP) certification.

The Company is pleased to announce that Andreas Met, Chief Operating Officer and Co-Founder of Halo, will be leading Halos international business operations, and is planning to relocate to Lesotho by the end of 2020. Mr. Met will be tasked with three priorities:

  1. Expanding Bophelos operation to deliver the highest-quality product at scale.
  2. Establishing Halos international distribution base, first in Malta in partnership with Medcan.
  3. Selling to a broad base of potential countries in the EU, including the UK.

Mr. Met stated, Im thrilled to have the opportunity to develop what is expected to be one of the worlds largest grow operations. When we launched our six-acre East Evans Creek grow in Oregon four years ago, that was one of the largest grow sites in Oregon. Bophelo’s nine year license allows it to cultivate, manufacture, import and export cannabis products. The opportunity to oversee a cultivation site that is up to eighty-two times larger at 494 acres (200 hectares) is the opportunity of a lifetime.

Mr. Mets background is well-suited to execute Halos international expansion. Mr. Met conducted the first medical grow on a quarter acre at the Companys East Evans Creek site in 2016. The following year, he oversaw the expansion of East Evans Creek to six acres. At the same time, Mr. Met led the development of all manufacturing and sales activities from the ground up in Oregon. As Mr. Met stated, Ive led the Company in several rapid start-up expansions. Bophelo is no different. We have a solid base, excellent support, and a good management team that we have built up over the past two years. Prior to entering the cannabis industry, Mr. Met worked as a Senior Merchant at Walmart, leading a buying desk with $5B in sales. Mr. Met has extensive experience in the consumer packaged goods industry, having worked at Nabisco, Conagra, Rain Bird and Targus.

Bophelos operating site occupies an ideal location, with ample labor, abundant free water, flat land, good soil and low electricity costs. The favorable high-altitude and low-humidity climate provide clean growing conditions in this mountainous region. With over 200 days of annual sunshine, Bophelo can support as many as three full growing and harvest seasons a year.

Mr. Met continued, Now that travel restrictions are being lifted in Lesotho and South Africa on October 1st, I feel confident in our ability to expand significantly, as we have already cultivated and tested high-quality flower at Bophelo.

Halo is currently working on the final steps to receive full GACP certification for the Bophelo operations, including completing sanitization facilities, implementing security infrastructure, and building out the drying, trimming, and storage facilities. Once these projects are completed, Halo expects to receive GACP certification of the project in the fourth quarter of 2020. Rod Teague, Bophelo General Manager, remarked, Weve come a long way towards reaching this important milestone. Its amazing what the team has accomplished here in Lesotho. Im very much looking forward to exporting our first cannabis to Europe following the receipt of our GACP certification.

Kiran Sidhu, CEO and Founder of Halo, affirms the timeliness of the international expansion: With CAD$14 million in available funds under our loan agreement and our at-the-market equity program in place, we are now in a good financial position to build out Bophelo, leveraging our California and Oregon relationships with world class cannabis breeders to expand this international business.

The January 2020 strategic alliance and seed purchase agreement with DNA, that gives Bophelo exclusive rights to develop new and existing DNA strains of medical cannabis in Lesotho, further ensures the quality and legitimacy of Bophelos products. DNAs cannabis strains already command premium market prices in Canada, the United States and Europe, and are some of the most sought-after cannabis strains and seeds in the world.

Halo is currently in discussions with licensed cannabis cultivators located in Canada, Australia and Israel, regarding potential partnerships and commercial arrangements (including cost and revenue-sharing), that would include financing the build-out of the initial planned 25 acres (10 hectares) at the Bophelo site. Bophelos management is also in ongoing discussions with regional banks and private equity firms regarding potential funding for future expansion at Bophelo. With Covid-19 restrictions in the region beginning to ease, Halo believes that the discussions with banks and regional private equity firms will progress at a quicker pace, and could provide Bophelo with more financing options to consider.

Once built out, the initial 25 acres (10 hectares) could generate up to $187 million of revenue annually, assuming a yield of 3,300 pounds per acre (7.5 metric tons per hectare); an average sale price of $2,500 per kilogram over two harvest per year; and assuming the international export market expands significantly over the next two to five years. This full build-out is expected to cost $13,000,000. Bophelos current off take with MedCan is currently fixed at sale price of $3,000 per kilogram.

About Halo Labs

Halo is a leading, vertically integrated cannabis company that cultivates, extracts, manufactures and distributes quality cannabis flower, oils, and concentrates, and has sold approximately six million grams of oils and concentrates since inception. Halo continues to scale efficiently, partnering with trustworthy leaders in the industry, who value their operational expertise in bringing top-tier products to market. Current growth plans include expansion in key markets in the United States and Africa, with planned geographic expansion into U.K. and Canadian markets. With a consumer-centric focus, Halo markets value-driven, branded, and private-label products across multiple product categories.

Halo is led by a strong, diverse and innovative management team, with deep industry knowledge and blue-chip experience. The Company is currently operating in the United States in California, Oregon, and Nevada. Internationally, the Company is currently cultivating cannabis at Bophelo in Lesotho.

For further information regarding Halo, see Halos disclosure documents on SEDAR at www.sedar.com

About Bophelo Bioscience & Wellness (Pty) Ltd.

Bophelo is based in the Kingdom of Lesotho, Southern Africa and is the holder of one of a limited number of licenses issued in Lesotho for the production of medicinal cannabis products. Situated 70 kilometers from the capital city of Maseru, Bophelos operating site is an ideal location with ample labor, free water, flat land area, and low crime rates. The favorable high altitude, low humidity climate provides clean and organic growing conditions within the mountainous region. With the motto “Sechaba se tlisa lerou” (community brings wealth), Bophelo highlights the value of community and empowerment of the Basotho people with a focus on the development of women and youth. Bophelo is an indirect wholly owned subsidiary of Halo.

For more information about Bophelo, please visit www.bophelo-bioscience.com

About DNA Genetics

Founded in Amsterdam in 2004, DNA Genetics is a global market leader in the production of high-quality cannabis seeds. DNA adopts a professional, responsible and technical approach in development of its cannabis strains.

Over the last decade, DNA has built and curated an extensive genetic library of cannabis strains. To support this, the company has developed proven standard operating procedures for genetic selection, breeding, and cultivation. It has created some of the most well-known products in the market, by combining its high-quality genetics with its expert growing practices. With a win in every single category of the HIGH TIMES Cannabis Cup, many of the top seed companies in the industry use DNA Genetics within their breeding programs.

For more information about DNA Genetics, please visit www.dnagenetics.com

Cautionary Note Regarding Forward-Looking Information and Statements

This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Halos beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Halos control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. The forward-looking information and forward-looking statements contained herein may include, but are not limited to, statements about anticipated operations and expansion by Bophelo, the receipt of GACP certification and the distribution of cannabis cultivated by Bophelo.

By identifying such information and statements in this manner, Halo is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, Halo has made certain assumptions. Although Halo believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. Among others, the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: unexpected costs or delays in the completion of the Company’s proposed dispensaries and other operation; negative results experienced by the Company as a result of general economic conditions or the ongoing COVID-19 pandemic; delays in the ability of the Company to obtain certain regulatory approvals; unforeseen delays or costs in the completion of the Company’s construction projects; adverse changes to demand for cannabis products; ongoing projects by competitors that may impact the relative size of the Companys growing operation; adverse changes in applicable laws; adverse changes in the application or enforcement of current laws, including those related to taxation; increasing costs of compliance with extensive government regulation; changes in general economic, business and political conditions, including changes in the financial markets; risks related to licensing, including the ability to obtain the requisite licenses or renew existing licenses for the Company’s proposed operations; dependence upon third party service providers, skilled labor and other key inputs; and the other risks disclosed in the Company’s annual information form dated April 16, 2020 and available on the Companys profile at www.sedar.com. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.

The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and Halo does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to Halo or persons acting on its behalf is expressly qualified in its entirety by this notice.

Halo Labs

Investor Relations

[email protected]

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AIG Announces Third Quarter 2020 Catastrophe Loss Estimates, including COVID-19 Catastrophe-Related Loss Estimates; and Results of the Life & Retirement and Legacy Annual Actuarial Assumption Update

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American International Group, Inc. (NYSE: AIG) today announced its General Insurance catastrophe losses, including COVID-19 catastrophe-related losses, for the quarter ended September 30, 2020, as well as results of the Life & Retirement and Legacy annual actuarial assumption update.

Third quarter 2020 catastrophe loss estimates, net of reinsurance, in the companys General Insurance segment totaled $790 million, before tax, which include $185 million of estimated catastrophe losses for claims related to COVID-19, principally in its travel, event cancellation, trade credit, property, agriculture and casualty books of business. Third quarter non-COVID-19 catastrophe losses of $605 million reflect windstorms and tropical storms in the Americas and Japan, as well as wildfires on the west coast.

Brian Duperreault, AIGs Chief Executive Officer, said: The third quarter experienced a high frequency of global catastrophe events with low to moderate severity, including the ongoing impact of COVID-19. These events have had a limited impact on AIG as a result of our underwriting discipline, reinsurance programs, revamped risk appetite and the strength of our balance sheet.

AIG also announced the results of its annual actuarial assumption update for the Life & Retirement and Legacy segments. This years update included lower interest rate assumptions, including a decrease in the expected 10 year forward 10-year Treasury rate to approximately 2.8%, updates to mortality assumptions and revised policyholder behavior assumptions, particularly on lapses and deferred acquisition cost amortization.

As a result of this update, AIG recorded a third quarter 2020 charge of $7 million, after-tax ($9 million pre-tax), to net income attributable to AIG common shareholders, reflecting a charge of $22 million, pre-tax, in the Life & Retirement segment and a benefit of $13 million, pre-tax, in the Legacy segment. The $22 million charge is comprised of a charge of $120 million, pre-tax, included in adjusted pre-tax income (APTI), and a benefit of $98 million, pre-tax, reflected in net realized capital losses and deferred acquisition costs related to guaranteed minimum withdrawal benefits. The impact to APTI for the Legacy segment was a benefit of $13 million.

As previously announced, AIG will report third quarter financial results after the market closes on Thursday, November 5, 2020. AIGs press release and financial supplement will be available in the Investors Section of AIGs website at https://www.aig.com. AIG will host a conference call on Friday, November 6, 2020 at 9:00 a.m. ET to review its financial results. The live, listen-only webcast is open to the public and can be accessed in the Investors section of https://www.aig.com. A replay will be available after the call at the same location.

In separate press releases issued today, AIG announced leadership transitions for its executive team and Board of Directors and its intention to separate the Life & Retirement business from AIG.

American International Group, Inc. (AIG) is a leading global insurance organization. AIG member companies provide a wide range of property casualty insurance, life insurance, retirement solutions, and other financial services to customers in more than 80 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. AIG common stock is listed on the New York Stock Exchange.

Additional information about AIG can be found at www.aig.com | YouTube: www.youtube.com/aig | Twitter: @AIGinsurance www.twitter.com/AIGinsurance | LinkedIn: www.linkedin.com/company/aig. These references with additional information about AIG have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.

AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries and jurisdictions, and coverage is subject to underwriting requirements and actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.

The catastrophe loss estimates in this press release involve the exercise of considerable judgment. Due to the complexity of factors contributing to the losses, there can be no assurance that AIGs ultimate losses associated with these events will not differ from these estimates, perhaps materially.

Certain statements in this press release may include projections, goals, assumptions and statements that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and AIG may make related oral forward-looking statements on or following the date hereof. These projections, goals, assumptions and statements are not historical facts but instead represent only AIGs belief regarding future events, many of which, by their nature, are inherently uncertain and outside AIGs control. These projections, goals, assumptions and statements include statements preceded by, followed by or including words such as will, believe, anticipate, expect, intend, plan, focused on achieving, view, target, goal, or estimate. It is possible that AIGs actual results, developments, business decisions and financial condition will differ, possibly materially, from those indicated in these projections, goals, assumptions and statements. Factors that could cause AIGs actual results, developments, business decisions and financial condition to differ, possibly materially, include economic conditions affecting the industries in which AIGs businesses operate. AIG is not under any obligation (and expressly disclaims any obligation) to update or alter any projections, goals, assumptions or other statements, whether written or oral, that may be made from time to time, whether as a result of new information, future events or otherwise.

Sabra Purtill (Investors): [email protected]

Shelley Singh (Investors): [email protected]

Claire Talcott (Media): [email protected]

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AIG to Pursue Separation of Life & Retirement Business

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American International Group, Inc. (NYSE: AIG) today announced its intention to separate its Life & Retirement business from AIG.

The companys executive management team, with assistance from independent financial and legal advisors and oversight from the AIG Board of Directors, conducted a comprehensive review of the companys current composite structure, including strategic, operational, capital and tax implications. As a result of this review, executive management recommended, and the Board has decided to pursue, a separation of the Life & Retirement business from AIG.

AIGs executive management and Board believe a simplified corporate structure will unlock significant value for shareholders and other stakeholders. Although no decisions have been made as to how to achieve a full separation, the Boards intent is to accomplish it in a way that maximizes shareholder value and establishes two independent, market leading companies.

Brian Duperreault, AIGs Chief Executive Officer, stated, Over the last three years, we have taken significant action to de-risk AIG and position the company for profitable growth, including fortifying General Insurance, diversifying Life & Retirement, significantly strengthening AIGs capital and liquidity position, and building a world-class team. This foundational work has positioned AIG to pursue a separation of Life & Retirement enabling both companies to prosper as stand-alone entities.

Peter S. Zaffino, AIGs President & Global Chief Operating Officer, and CEO-elect, stated, Across AIG, we have made significant progress executing on our strategy to deliver value for our clients, distribution partners, shareholders and other stakeholders. Our businesses can be further strengthened by separating Life & Retirement from AIG, which we believe will enable each entity to achieve a more appropriate and sustainable valuation.

Douglas M. Steenland, speaking on behalf of the AIG Board of Directors, added, The Board worked closely with executive management as they conducted a comprehensive review of AIGs composite structure, and AIGs Directors are confident that a separation of Life & Retirement from AIG will create value for shareholders and benefit all stakeholders.

Since late 2017, the General Insurance business has been successfully executing foundational work to reposition its portfolio and reduce volatility through disciplined underwriting and expense control within a clearly defined risk appetite and comprehensive reinsurance strategy. As a market leader, General Insurance will continue to focus on achieving long-term, profitable growth.

As an independent company, the Life & Retirement business will be well positioned to build value for shareholders by leveraging a broad product portfolio and diverse distribution to tailor its offerings to best meet the evolving needs of customers and distributors.

Any separation transaction will be subject to the satisfaction of various conditions and approvals, including approval by the AIG Board of Directors, receipt of insurance and other required regulatory approvals, and satisfaction of any applicable requirements of the Securities and Exchange Commission. No assurance can be given regarding the form that a separation transaction may take or the specific terms or timing thereof, or that a separation will in fact occur.

This news release is not an offer to sell, or a solicitation of an offer to buy, any securities.

In separate press releases issued today, AIG announced leadership transitions for its executive team and Board of Directors and an update on catastrophe losses, including COVID-19 catastrophe-related losses, for the quarter ended September 30, 2020, as well as Life & Retirement and Legacy annual actuarial assumptions.

American International Group, Inc. (AIG) is a leading global insurance organization. AIG member companies provide a wide range of property casualty insurance, life insurance, retirement solutions, and other financial services to customers in more than 80 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. AIG common stock is listed on the New York Stock Exchange.

Additional information about AIG can be found at www.aig.com | YouTube: www.youtube.com/aig | Twitter: @AIGinsurance www.twitter.com/AIGinsurance | LinkedIn: www.linkedin.com/company/aig. These references with additional information about AIG have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.

AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries and jurisdictions, and coverage is subject to underwriting requirements and actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.

Certain statements in this press release may include projections, goals, assumptions and statements that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and AIG may make related oral forward-looking statements on or following the date hereof. These projections, goals, assumptions and statements are not historical facts but instead represent only AIGs belief regarding future events, many of which, by their nature, are inherently uncertain and outside AIGs control. These projections, goals, assumptions and statements include statements preceded by, followed by or including words such as will, believe, anticipate, expect, intend, plan, focused on achieving, view, target, goal, or estimate, and include without limitation statements regarding an intent to separate the Life & Retirement business from AIG, the specific terms or timing of any separation transaction and the potential benefits that may be realized as a result of a separation transaction. It is possible that AIGs actual results, developments, business decisions and financial condition will differ, possibly materially, from those indicated in these projections, goals, assumptions and statements. Factors that could cause AIGs actual results, developments, business decisions and financial condition to differ, possibly materially, include economic conditions affecting the industries in which AIGs businesses operate, the uncertainty of regulatory approvals including in connection with any separation transaction, AIGs ability to satisfy the necessary conditions to consummate a separation transaction on a timely basis or at all, and AIGs ability to successfully separate the Life & Retirement business and realize the anticipated benefits from a separation. AIG is not under any obligation (and expressly disclaims any obligation) to update or alter any projections, goals, assumptions or other statements, whether written or oral, that may be made from time to time, whether as a result of new information, future events or otherwise.

Sabra Purtill (Investors): [email protected]

Shelley Singh (Investors): [email protected]

Claire Talcott (Media): [email protected]

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AIG Announces Leadership Transitions

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American International Group, Inc. (NYSE: AIG) today announced leadership transitions for its executive team and Board of Directors.

The AIG Board of Directors has named Peter S. Zaffino Chief Executive Officer of AIG, effective March 1, 2021, in addition to his current role as President of the company. Mr. Zaffino has also been appointed to serve as a Director, effective immediately.

Brian Duperreault will become Executive Chairman and Douglas M. Steenland, currently Independent Chairman of the Board, will become Lead Independent Director, also effective March 1, 2021.

Mr. Zaffino stated, I am honored to succeed Brian as Chief Executive Officer of AIG and want to thank him and the AIG Board of Directors for this opportunity. I look forward to leading AIGs next phase on our journey to becoming a top performing company.

Mr. Duperreault stated, I want to thank the AIG Directors for their continued support and congratulate Peter on his well-deserved election as the next Chief Executive Officer of AIG. Peter has been instrumental in the significant turnaround and transformation at AIG and his vision, determination and pursuit of excellence will help ensure the companys future success.

Mr. Steenland, speaking on behalf of the Board of Directors, said, We are grateful to Brian for his leadership and expertise in guiding the strategic repositioning of AIGs businesses as market leaders and we look forward to his ongoing contributions as Executive Chairman. We are extremely fortunate to have an executive of Peters caliber and have great confidence about the future of the company under his leadership.

In separate press releases issued today, AIG announced its intention to separate the Life & Retirement business from AIG and provided an update on catastrophe losses, including COVID-19 catastrophe-related losses, for the quarter ended September 30, 2020, as well as Life & Retirement and Legacy annual actuarial assumptions.

American International Group, Inc. (AIG) is a leading global insurance organization. AIG member companies provide a wide range of property casualty insurance, life insurance, retirement solutions, and other financial services to customers in more than 80 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. AIG common stock is listed on the New York Stock Exchange.

Additional information about AIG can be found at www.aig.com | YouTube: www.youtube.com/aig | Twitter: @AIGinsurance www.twitter.com/AIGinsurance | LinkedIn: www.linkedin.com/company/aig. These references with additional information about AIG have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.

AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries and jurisdictions, and coverage is subject to underwriting requirements and actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.

Sabra Purtill (Investors): [email protected]

Shelley Singh (Investors): [email protected]

Claire Talcott (Media): [email protected]

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Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.
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