Terms and Conditions.

All persons using the Melius Research LLC website expressly agree to the foregoing disclaimer as a pre-condition to using this website for any purpose whatsoever.

The materials on this website including, without limitation, the research reports, informational materials and all other issuer-specific information (collectively, “Research”), have been prepared for distribution to only qualified institutional or professional clients. The content of any Research represents the views, opinions, and analyses of its authors and does not constitute financial, legal, tax or any other advice. All third party data presented therein is obtained from publicly available sources which is believed to be reliable; however, the Company makes no warranty, express or implied, concerning the accuracy or completeness of the content of such information. In no event shall the Company 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.

Independence of Research.

Independent Equity Research is provided by Melius Research LLC (the “Company”), a registered investment adviser. The Company is not a member of the FINRA or the SIPC and is not a registered broker dealer. Melius Research LLC has no other regulated or unregulated business activities which conflict with its provision of independent research..

Nothing contained on this website or any distribution by Melius Research LLC 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 advisor, legal and tax advisor prior to making any investment decision. Melius 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 the Company.

Reproduction and Distribution Strictly Prohibited.

Users of the Melius Research LLC website may view and print information and materials on this website for its personal and internal business use provided that all hard copies contain all copyright and other applicable notices. The research reports are produced for the exclusive use of clients of Melius Research LLC. No user of the research reports may reproduce, modify, copy, distribute, sell, resell, transmit, transfer, license, assign or publish the research report itself or any information contained therein. Notwithstanding the foregoing, clients with access to working models are permitted to alter or modify the information contained therein, provided that it is solely for such client’s own use. Registered users shall not use this website at any time for any purpose that is unlawful or prohibited and shall comply with any applicable local, state, national or international laws or regulations or would otherwise subject the Company to registration or regulation of any kind within such jurisdiction when using this website.

Copyrights, Trademarks, Intellectual Property.

Melius Research LLC, and the logos and marks included on the Melius Research LLC website that identifies Melius Research LLC services and products are proprietary materials. The use of such terms and logos and marks without the express written consent of Melius Research LLC is strictly prohibited. The copyright in the pages and in the screens of the website, and in the information and material therein, is proprietary material owned by Melius Research LLC unless otherwise indicated. The unauthorized use of any material on the Melius Research LLC website may violate numerous statutes, regulations and laws, including, but not limited to, copyright, trademark, trade secret or patent laws.