DISCLAIMER

INVESTOR DISCLOSURES

This material is not a product of a registered investment advisor (RIA) and should not be regarded as research material, investment advice, or a recommendation. This report is provided for informational purposes only and does not constitute an offer or solicitation to buy or sell any securities in any jurisdiction, nor should it be deemed a personal recommendation. Nothing in this report constitutes legal, accounting, or tax advice, or is a representation that any investment or strategy is suitable or appropriate to individual circumstances or otherwise constitutes a personal recommendation. Past performance is not necessarily indicative of future results, future returns are not guaranteed, and loss of principal may occur.

All facts and statistical data have been obtained from sources believed to be reliable, but are not warranted as accurate or complete. All projections, estimates, and expressions of opinion reflect the judgment of the author as of the date hereof and are subject to change without notice. Links to third-party websites are provided for information purposes only. The author is not responsible for the content of any third-party website or for the collection or use of information regarding any website’s users or members. The author accepts no legal responsibility for any errors or omissions, or for losses resulting from investment decisions based on the content of this report.

This report is not directed to, or intended for distribution to or use by, any person or entity in any jurisdiction where such distribution, publication, availability, or use would be prohibited by law or regulation. The author has not authorized financial intermediaries to use or distribute this material unless such use and distribution is made in accordance with applicable law and regulation. Financial intermediaries are required to satisfy themselves that the information in this material is appropriate for any person to whom they provide this material in view of that person’s circumstances and purpose. The author shall not be liable for, and accepts no liability for, the use or misuse of this material by any such financial intermediary.

PROPRIETARY RIGHTS NOTICE

By accepting a copy of this report, you acknowledge and agree as follows:

This report and its contents are the exclusive property of Byron Street Research, except as otherwise expressly stated, and are protected by applicable copyright, trade secret, and other intellectual property laws, which provide for civil and criminal penalties for copyright infringement. The names of other companies and third-party products or services mentioned in this report may be the copyrights, trademarks, or service marks of their respective owners and are protected by applicable law. No intellectual property may be used for any purpose, including use on other materials, presentations, domain names, or metatags, without the prior express written permission of Byron Street Research or the owner of such rights.

This report is confidential and provided to subscribers of Byron Street Research solely for personal, noncommercial use. Except as expressly authorized in writing by Byron Street Research, it may not be copied, reproduced, transmitted, sold, displayed, distributed, published, broadcast, circulated, modified, disseminated, or otherwise commercially exploited in any form or by any means. This report and its contents may not be reproduced, used, or permitted to be used by others (i) for any unlawful purpose; (ii) to create derivative works; (iii) in any software program, including artificial intelligence technologies capable of generating derivative works in a similar style or genre, unless otherwise expressly agreed to in writing by Byron Street Research.