Notice of Disclaimers

Each member of the Vertical Research Partners group is a provider of equity research and consulting services. We are not a registered broker-dealer and do not trade or carry proprietary positions with firm capital in any covered or other securities.

Our research reports and website are provided as general and impersonalized business and financial information and commentary. Our research reports and website have been prepared without regard to the financial circumstances or objectives of any particular person. This content does not constitute investment advisory services or a recommendation, offer or solicitation to purchase, sell or otherwise trade in relation to any particular security. We are not responsible for the consequences of any trading conducted in reliance on any of our content. The appropriateness of a particular security or strategy for any investor will depend on the investor's individual circumstances and objectives. The securities and strategies that may be discussed in our content may not be suitable for any particular investor. Investors should independently evaluate particular securities and strategies with the assistance of their financial advisers.

Although the information contained in our research reports and website has been obtained from sources we believe to be reliable, the accuracy and completeness of such information cannot be guaranteed. We make no warranties or representations regarding the accuracy, completeness, usefulness or timeliness of such information or of any of our opinions or other content. We assume no responsibility to anyone relying on such information, opinions or other content for their particular purposes. Such information, opinions and other content are subject to change without notice. We assume no responsibility to update or amend them. No member of the Vertical Research Partners group has responsibility for any content on this website that is redistributed by any third party.

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If any provision in any of the disclaimers above is held to be invalid or unenforceable, then the remaining provisions shall continue in full force and effect.