Disclosure Statement

As of the publication date of this report, Arquitos Capital Management and/or its affiliates (Arquitos) own shares and/or options or other securities of the company covered and stand to realize gains in the event that the price of the stock increases. Arquitos may trade in the securities covered at any time and disclaims any duty to provide updates or changes to the information provided. Information in this report will become unreliable due to future market, economic, and operational circumstances.

Arquitos does not warrant or guarantee the timeliness or accuracy of the information listed in this report. All content represents the opinions of Arquitos held in good faith. All information has been obtained from sources believed to be accurate and reliable. However, information in this report is provided without express or implied warranty of any kind.

Any investment involves substantial risks, including the potential for complete loss of principal. Any opinions expressed in this report should not be construed to be an assessment of the quality of the company or security. This report is provided for informational purposes only and is in no way intended to be considered a recommendation to transact in the security discussed. Investors should conduct independent due diligence, with assistance from professional financial, legal and tax experts, on any security or company discussed before making any investment decision.

This report in no way constitutes an offer or solicitation to buy an interest in Arquitos Capital Partners or any of Arquitos Capital Management’s other funds or affiliates. Such an offer may only be made pursuant to the delivery of an approved confidential private offering memorandum to an investor from Arquitos Capital Partners.

The information contained in this document may include, or incorporate by reference, forward-looking statements. These forward-looking statements may turn out to be wrong and can be affected by inaccurate assumptions or by known or unknown risks, uncertainties and other factors.