SummaCap

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You should not act or rely on the information without seeking the advice of a professional. The website content has been prepared by SummaCap employing appropriate expertise, and in the belief that it is clear, fair and not misleading. Except for any obligation under applicable rules, we do not guarantee its accuracy. This website is designed for the user's own use in reviewing information about SummaCap S.C. (SummaCap). By accessing this website, you agree to the terms and conditions outlined herein. If you do not agree to be bound by and comply with these terms, do not use this site. The contents herein may not be reprinted, sold or redistributed without the written consent of SummaCap. SummaCap is the marketing name for SummaCap S.C., its subsidiaries and certain of its affiliates worldwide. Securities, financial advisory and other investment banking activities are performed by subsidiaries and certain affiliates of SummaCap S.C.

Limitation of Liability

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Neither SummaCap, nor any of its affiliates, directors, officers or employees, nor any third party vendor, will be liable or have any responsibility of any kind for any loss or damage that you incur (i) arising from the use of this website or its contents, (ii) in the event of any failure or interruption of this website, or (iii) resulting from the act or omission of any other party involved in making this website, the data contained herein or the products or services offered on this website available to you, or (iv) arising from any other cause relating to your access to, inability to access, or use of the website or these materials, whether or not the circumstances giving rise to such cause may have been within the control of SummaCap or of any vendor providing software or services. In no event will SummaCap or any such parties be liable to you, whether in contract or tort, for any direct, special, indirect, consequential or incidental damages or any other damages of any kind even if SummaCap or any other such party has been advised of the possibility thereof. SummaCap cannot and does not guarantee continuous, uninterrupted or secure access to the website.

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Nothing herein shall be construed to waive any liability SummaCap has under applicable U.S. federal or state securities laws.

Suitability, Risk and Appropriateness

This material is provided solely for informational purposes and is not tailored to any recipient, and is not based on, and does not take into account, the particular investment objectives, portfolio holdings, strategy, financial situation, or needs of any recipient. As such, any advice or recommendation on this website or in SummaCap research may not
be suitable for a particular recipient. Investors should consider this website and SummaCap research as only one of many factors in making their investment decisions. Securities or financial instruments mentioned in this website may not be suitable or appropriate for all investors or in all geographical areas.

Your particular needs, investment objectives and financial situation were not taken into account in the preparation of this website and the materials contained herein. You must make your own independent decisions regarding any securities or financial instruments mentioned herein. The fact that SummaCap has made available to you through the
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The price and value of the investments referred to on this website and any SummaCap research contained herein and the income from them may fluctuate. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. Changes in rates of exchange may have an adverse effect on the value of investments.

Certain transactions, including those involving futures, options, and other derivatives, give rise to substantial risk and are not suitable for all investors. Investors should review current options disclosure documents which are available at
https://SummaCap.theocc.com/about/publications/character-risks.jsp.

Transaction costs may be significant in option strategies calling for multiple purchase and sales of options
such as spreads. Supporting documentation will be supplied upon request.

Information obtained from Third Parties

This site may contain information obtained from third parties. Reproduction and distribution of third party content in any form is prohibited except with the prior written permission of the related third party. Third party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. Third party content providers give no express or implied warranties, including, but not limited to, any warranties of merchantability or fitness for a particular purpose or use.

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General Conflicts

SummaCap may trade or make markets for its own account on a principal basis in any securities referenced herein. SummaCap may engage in securities transactions that are inconsistent with this communication and may have long or short positions in such securities.

SummaCap, and its respective officers, directors, and employees, may have long or short positions in, or may buy or sell any of the securities, derivative instruments or other investments mentioned or described on this website or in SummaCap research, either as agent or as principal for their own account.

SummaCap Research

Disclosures and Disclaimers

All SummaCap research is subject to disclaimers and disclosures included in such research, including specific conflict of interest and other disclosures that are required by FINRA and other rules. Any material excerpted or summarized from a research report is subject to the terms of the disclaimer and/or disclosure.

 

SummaCap may seek to do business with companies covered in SummaCap research. As a result, investors should be aware that SummaCap may have a conflict of interest that could affect the objectivity of information on this website and in SummaCap research. SummaCap conducts a global full- service, integrated investment banking, investment
management, Global Adivsory, Capital Markets and Regulatory Compliance. We have investment banking and other business relationships with a substantial percentage of the companies covered by our research.

Our salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies to our clients and principal trading desks that reflect opinions that are contrary to the opinions expressed in this research. Our asset management area, principal trading desks and investing businesses may make investment
decisions that are inconsistent with the recommendations or views expressed in this research.

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Limitations on Liability

Any opinions, views and estimates on this website or in research constitute the judgment of the research analyst named herein as of the date of the communication and are subject to change without notice. SummaCap assumes no responsibility to update the information on this website or in SummaCap research and no contractual commitment is formed simply by using this website or accessing research. We seek to update our research as appropriate, but various regulations may prevent us from doing so. Other than certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervals as appropriate in the analyst's judgment.

Information contained herein has been obtained from sources believed to be reliable, but SummaCap does not warrant its completeness or accuracy. All pricing is indicative as of the close of market for any securities discussed, unless otherwise stated. Past performance is not indicative of future results.

Dissemination of Research

This website and SummaCap research are disseminated and available electronically, and, in some cases, also in printed form. This website and electronic research are simultaneously made available to all clients.

Short-Term Strategies v. Long-Term Research Views

The analysts named in research may have from time to time discussed with our clients, including salespersons and traders, or may discuss in this report, trading strategies that reference catalysts or events that may have a near-term impact on the market price of the equity securities discussed in this report, which impact may be directionally counter to the analysts' published price target expectations for such stocks. Any such trading strategies are distinct from and do not affect the analysts' fundamental equity rating for such stocks, which rating reflects a stock's return potential relative to its coverage group as described herein.

Differing Levels of Service provided by Research

The level and types of services provided to you may vary as compared to that provided to internal and other external clients of SummaCap, depending on various factors including your individual preferences as to the frequency and manner of receiving communication, your risk profile and investment focus and perspective, the size and scope of your overall client relationship with SummaCap, and legal and regulatory constraints.

Supplemental Terms and Conditions

Some of our other websites or pages within this website contain supplemental terms and conditions and additional disclosures and disclaimers, which are in addition to these terms and conditions, disclosures and disclaimers. In the event of a conflict, the supplemental terms and conditions and additional disclosures and disclaimers will govern for those sections or pages.

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[Links are solely intended for convenience and are not intended to be an advertisement whatsoever. Linked sites are not necessarily under the control of SummaCap and SummaCap is not responsible for the content of ay linked site. If you decide to access any of the third-party sites linked to this site, you do this entirely at your own risk.]

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Enforceability and Governing Law

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disclaimer.