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Muddy Waters Capital LLC info@muddywatersresearch Director of Research: Carson C. Block, Esq. Use of Muddy Waters reports is limited by the Terms of Service on its website, which are as follows. To be authorized to access such reports, you must agree to these terms, regardless of whether you have downloaded its reports directly from the Muddy Waters Research website or someone else has supplied the report to you without authorization from Muddy Waters Capital. By downloading from, or viewing material on the Muddy Waters Research website, you agree to the following Terms of Service. You agree that use of Muddy Waters Capital LLCˉs research is at your own risk. In no event will you hold Muddy Waters Capital LLC, Muddy Waters, LLC or any affiliated party liable for any direct or indirect trading losses caused by any information on this site. You further agree to do your own research and due diligence before making any investment decision with respect to securities covered herein. You represent that you have sufficient investment sophistication to critically assess the information, analysis and opinion contained herein. You further agree that you will not communicate the contents of this transcript to any other person unless that person has agreed to be bound by these same terms of service. If you download or receive this transcript as an agent for any other person, you are binding your principal to these same Terms of Service. You should assume that as of the publication date of our reports and research, Muddy Waters Capital LLC (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our clients and/or investors and/or their clients and/or investors, has a short position in all stocks (and/or options, swaps, and other derivatives related to the stock) and bonds covered herein, and therefore stands to realize significant gains in the event that the price of either declines. We intend to continue transacting in the securities of issuers covered on this site for an indefinite period of time, and we may be long, short, or neutral at any time regardless of our initial position and views as stated in our research. This is not an offer to sell or a solicitation of an offer to buy any security, nor shall Muddy Waters offer, sell or buy any security to or from any person through this report or reports on the website. Muddy Waters Capital LLC is registered as an investment advisor only in the United States, but it does not render investment advice to anyone unless it has an investment adviser-client relationship evidenced in writing. If you are in the United Kingdom, you confirm that you are accessing research and materials as or on behalf of:(a) an investment professional falling within Article 19 of the Financial Services and Markets Act 2000(Financial Promotion) Order 2005(the FPO); or (b) high net worth entity falling with
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