Important Disclaimers

Analyst Certification and Independence of Research

Each of the Fermium Research, LLC analysts whose names appear on the front page of this report hereby certify that all the views expressed in this Report accurately reflect our personal views about any and all of the industries, subject securities or issuers and that no part of our compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views of in this Report.

Fermium Research, LLC is an independent equity research provider and is not a member of the FINRA or the SIPC and is not a registered broker dealer or investment adviser. Fermium Research, LLC has no other regulated or unregulated business activities which conflict with its provision of independent research.

Limitations of Research and Information

This Report has been prepared for distribution only to qualified institutional or professional clients of Fermium Research, LLC. The contents of this Report represent the views, opinions, and analyses of its authors. The information contained herein does not constitute financial, legal, tax or any other advice. All third-party data presented herein were obtained from publicly available sources which are believed to be reliable; however, the Company makes no warranty, express or implied, concerning the accuracy or completeness of such information. In no event shall the Company be responsible or liable for the correctness of, or obligation to update, any such material or for any damage or lost opportunities resulting from use of this data. Nothing contained in this Report or any distribution by the Company should be construed as any offer to sell, or any solicitation of an offer to buy, any security or investment. Any research or other material received should not be construed as individualized investment advice. Investment decisions should be made as part of an overall portfolio strategy and you should consult with a professional financial, legal and tax advisor prior to making any investment decision. There are inherent risks to investing.  The value of, and any income from, any investments may vary because of changes in interest rates, tax and tariff rates, or a myriad of other factors. Fermium Research, LLC shall not be liable for any direct or indirect, incidental or consequential loss or damage (including loss of profits, revenue or goodwill) arising from any investment decisions based on information or research obtained from Fermium Research, LLC.  Past performance should not be taken as an indication or guaranty of future performance and no representation or warranty, express or implied, is made regarding future performance.  The publisher and/or its individual officers, employees, or members of their families might, from time to time, have a position in the securities mentioned and may purchase or sell these securities in the future.

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