Disclosures and Disclaimers

The above report consists of edited excerpts of interviews with professional institutional investors. The interviews and editing were conducted by Revelare Partners’ (”RVLR”) analysts Andrew Peters and David Shook.

These reports reflect the views of various institutional investor clients who were interviewed by RVLR. The reports do not reflect the personal views of Mr. Peters or Mr. Shook. RVLR analyst compensation is in no way tied to any specific recommendation or view in this report.

RVLR analysts may or may not have a financial interest in the debt or equity securities of any subject company mentioned in this report. Further, a member of any RVLR analyst’s household may, at any given time, possess a financial interest in any security named in this report.

Neither the analysts, nor any member of his household, is an officer, director, or advisory board member of any company or issuer named in this report. At the time of this research report, the analysts do not know of any other material conflict of interest.

Revelare Partners is an independent research publication firm that focuses on the financial markets. RVLR is not a Registered Investment Advisor, FINRA Member Firm, or Member of SIPC. No information contained in any RVLR report should be considered financial, tax or legal advice. When making any financial, tax or legal decision, you should always consider consulting a
professional advisor.

This report has been prepared for distribution to only qualified institutional or professional clients of RVLR. 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, RVLR makes no warranty, express or implied, concerning the accuracy or completeness of such information.

In no event shall RVLR be responsible or liable for the correctness of, or
update to, 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 RVLR 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 from RVLR should not be construed as individualized investment advice.

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