Disclaimer

The reports are issued by Spin-Off Advisors, L.L.C. for distribution to its professional and institutional investor customers. Moreover, although the information contained herein has been obtained from sources believed to be reliable its accuracy and completeness cannot be guaranteed. In addition, Spin-Off Advisors, L.L.C. and employees of Spin-Off Advisors, L.L.C. may hold positions or effect transactions contrary to recommendations mentioned herein. No copy of the reports may be reproduced, copied, duplicated or electronically forwarded without the expressed written permission of Spin-Off Advisors, L.L.C.