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IMPORTANT DISCLOSURES: This publication has been prepared by the staff of Highland Associates, Inc. for distribution to, among others, Highland Associates, Inc. clients. Highland Associates is registered with the United States Security and Exchange Commission under the Investment Advisors Act of 1940. Highland Associates is a wholly owned subsidiary of Regions Bank, which in turn is a wholly owned subsidiary of Regions Financial Corporation. The information and material contained herein is provided solely for general information purposes only. To the extent these materials reference Regions Bank data, such materials are not intended to be reflective or indicative of, and should not be relied upon as, the results of operations, financial conditions or performance of Regions Bank. Unless otherwise specifically stated, any views, opinions, analyses, estimates and strategies, as the case may be (“views"), expressed in this content are those of the respective authors and speakers named in those pieces and may differ from those of Regions Bank and/or other Regions Bank employees and affiliates. Views and estimates constitute our judgment as of the date of these materials, are often based on current market conditions, and are subject to change without notice. Any examples used are generic, hypothetical and for illustration purposes only. Any prices/ quotes/statistics included have been obtained from sources believed to be reliable, but Highland Associates, Inc. does not warrant their completeness or accuracy. This information in no way constitutes research and should not be treated as such. The views expressed herein should not be construed as individual investment advice for any particular person or entity and are not intended as recommendations of particular securities, financial instruments, strategies or banking services for a particular person or entity. The names and marks of other companies or their services or products may be the trademarks of their owners and are used only to identify such companies or their services or products and not to indicate endorsement, sponsorship, or ownership by Regions or Highland Associates. Employees of Highland Associates, Inc., may have positions in securities or their derivatives that may be mentioned in this report. Additionally, Highland’s clients and companies affiliated with Highland Associates may hold positions in the mentioned companies in their portfolios or strategies. This material does not constitute an offer or an invitation by or on behalf of Highland Associates to any person or entity to buy or sell any security or financial instrument or engage in any banking service. Nothing in these materials constitutes investment, legal, accounting or tax advice.

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