Disclosures

Analyst Certification

The analyst(s) principally responsible for the preparation of this research report certify that (i) the views expressed accurately reflect their personal views about the subject company (issuer) and its equity securities, and (ii) no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report. Furthermore, each analyst represents that the individual does not serve as an officer, director, or advisory board member of the subject company and the analyst, nor members of the analyst’s household, does not hold long or short positions in the securities or derivatives of the subject company.

Conflicts of Interest

Thompson Research Group, LLC (“TRG”) has adopted and implemented written policies and procedures reasonably designed to identify and manage conflicts of interest related to the preparation and distribution of institutional equity research. TRG does not make markets in securities and does not provide or seek to provide investment banking services. Analysts receive no compensation in connection with investment banking activities. The research analyst(s) principally responsible for this report has/have not received compensation directly from the subject company. However, all TRG employees, including analysts, may be eligible for non‑product‑specific bonus compensation based on firm‑wide factors, including overall revenues. TRG or its employees, excluding the principal analyst(s) responsible for this report, may conduct transactions in the securities discussed and may hold long or short positions.

Use of Information and Risk Disclosure

This report is intended for qualified and institutional investors, is provided for informational purposes only, and does not constitute an offer or solicitation to buy or sell any security. The information contained herein has been obtained from sources believed to be reliable; however, TRG does not guarantee its accuracy or completeness. Opinions and estimates reflect the analysts’ judgment as of the date of publication and are subject to change without notice. Past performance is not indicative of future results.

Investing involves risk, including the potential loss of principal. Securities discussed may not be suitable for all investors. Investors should independently evaluate each issuer or strategy discussed and consult their own financial, legal, or tax advisers as appropriate.