Independent Equity Research is provided by Melius Research LLC (“Melius” or the “Company”). Melius is registered in the State of New York as an investment advisor. The Company is not a member of FINRA or the SIPC and is not a registered broker-dealer. Melius has no undisclosed regulated or unregulated business activities which conflict with or otherwise impair its ability to provide independent research.

Analyst Certifications and Independence of Research.

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

Melius has a contractual agreement with Guggenheim Securities to supply research services. Those services include access to published research and models and to Melius personnel, and could include coverage referrals by Guggenheim, as well as larger bespoke projects including vettings. Decisions on coverage are solely at the discretion of Melius, and fees are not tied to coverage.

Melius may enter into contractual arrangements to provide research services to other public or private companies from time-to-time, which services may include, among other things, the initiation of coverage on select industries or companies. Any such research service arrangements do not affect the independence of Melius research prepared for the benefit of its clients. Ratings and recommendations on companies covered by Melius are determined solely at the discretion of its research analysts and any fees earned under research service arrangements with third parties are not tied to or in any way contingent upon the ratings or recommendations provided on covered companies.

Partners and employees, and their immediate family members, of the Company may hold economic interests in companies we follow.

Limitations of Research and Information.

This report has been prepared solely for the use of qualified institutional investors and other professional clients of the Company and should not be used or relied upon by any other person. 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 for updating any of the information contained in its report.

Nothing contained in this report or any other materials or information prepared and distributed by the Company should be construed as an offer to sell, or a 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 shall not be liable for any loss or damage, direct or indirect, incidental or consequential (including loss of profits, revenue or goodwill) arising out of or relating to any use of this report or any investment decisions resulting therefrom.

Reproduction and Distribution Strictly Prohibited.

No user of this report may reproduce, modify, copy, distribute, sell, resell, transmit, transfer, license, assign or publish the 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. This Report is not intended to be used or distributed for any purpose that would be deemed unlawful or otherwise prohibited by any local, state, national or international laws or regulations or would otherwise subject the Company to registration or regulation of any kind within such jurisdiction.

Copyrights, Trademarks, Intellectual Property.

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

Ratings Definitions and Distribution of Ratings.

Melius uses a three-point rating methodology at the stock level of Buy, Hold, Sell, and a three-point rating at the sector level of Positive, Neutral, and Negative. At both the stock and sector level, the rating is versus the S&P 500.

Therefore, a positive rating at the sector level could, and likely would, be accompanied by a greater than usual positive rating distribution at the stock level. We maintain the view that our work uncovers mispricings that become more pronounced over a longer time horizon, therefore our investment horizon is typically 2 years, though we often will state or include shorter term views as we see catalysts and events that merit the distinction. Our target prices indicate a realistic destination based on current data and over the stated time period. Given the volatility of stock prices and market dynamics, the absolute upside or downside could change dramatically day to day. Therefore, in highly volatile time periods our target prices could indicate variable upside/downside levels and we do not plan on adjusting such levels purely as a result of market movements. In other words, target prices indicate some level of “fair value” which may not necessarily indicate a pending rating change.

For further information please ask your salesperson to consult the Research Department on your behalf.