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Disclosures
Granite Research does and seeks to do business with companies both covered and uncovered by Granite Research. Granite Research does not provide individually tailored investment advice.

This communication is provided for information purposes only. This Granite Research analysis has been prepared without regard to the circumstances and objectives of those who receive it. Granite Research recommends that investors independently evaluate particular investments and strategies and encourages investors to seek the advice of a financial adviser. The appropriateness of an investment or strategy will depend on an investor’s circumstances and objectives. The securities, instruments, or strategies discussed in any Granite Research analysis may not be suitable for all investors, and certain investors may not be eligible to purchase or participate in some or all of them. This Granite Research analysis is not an offer to buy or sell or the solicitation of an offer to buy or sell any security/instrument or to participate in any particular trading strategy. The value of and income from your investments may vary because of changes in interest rates, foreign exchange rates, default rates, prepayment rates, securities/instruments prices, market indexes, operational or financial conditions of companies, or other factors. There may be time limitations on the exercise of options or other rights in securities/instruments transactions. Past performance is not necessarily a guide to future performance. Estimates of future performance are based on assumptions that may not be realized. If provided, and unless otherwise stated, the closing price on the cover page and in documents distributed by Granite Research is that of the primary exchange for the subject company’s securities/instruments. This communication has been prepared based upon information, including market prices, data, and other information, from sources believed to be reliable, but Granite Research does not warrant its completeness or accuracy except with respect to any disclosures relative to Granite Research and/or its affiliates and an analyst’s involvement with any company (or security, other financial product or other asset class) that may be the subject of this communication. Any opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice.

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Granite Research may receive a non-contingent flat fee from companies, ranging from twenty thousand to eighty-five thousand dollars annually, for a combination of conducting the necessary research, publishing the results of that research, and organizing investor meetings. Additionally, Granite Research may receive a negotiated fee from companies with which it is not otherwise contracted to conduct research for organizing investor meetings and/or providing consulting services.

Granite Research has implemented policies and procedures to promote the objectivity of its analysts. Granite Research does not rely on revenues from any single company, including the company engaging the firm for its research services. Granite Research also prohibits companies from compensating it with stock-based or other forms of variable compensation and only accepts cash (or cash equivalents) for its services. Although Granite Research employees may own positions in the securities of companies covered by the firm, Granite Research has implemented strict procedures that prohibit employees from trading securities, including options, directly related to the subjects of its research reports within ten days before and three days after their publication.

All information, including facts and opinions, contained in this report were obtained from sources believed to be reliable but are in no way guaranteed to be complete or accurate.