# 3ABCDEFGHIJKLMNOPQRSTUVWYZ

Red Herring

U.S. term for the preliminary prospectus of a new issue, which may be used to obtain an indication of the market's interest. Key figures are left blank, such as issue price, profit and dividend forecast. Business is not conducted on the basis of this preliminary statement and U.S. law demands a red notice be printed to that effect on the face of the document, hence the term red herring.