Important Disclosures.

The Vertical Market Intelligence Group, LLC, (hereinbelow and throughout the website, “Vertical Market Intelligence Group”) is a New York domiciled limited liability company that publishes investigative reports on issuers and securities. Vertical Market Intelligence Group is not a registered investment advisor and is not acting as a broker-dealer under any federal or state securities laws.

The Vertical Market Intelligence Group HK Limited is a Hong Kong  limited company and wholly owned subsidiary of Vertical Market Intelligence Group.

Vertical Market Intelligence Group reports are intended to provide general and impersonalized business and financial information and commentary and are prepared without regard to the financial circumstances or objectives of any particular person. Such reports are not intended to be a complete analysis of the securities discussed therein and, accordingly, are insufficient by themselves upon which to base an investment decision. The appropriateness of a particular security or strategy will depend on an investor’s individual circumstances and objectives, and the securities and strategies discussed in this publication may not be suitable for any particular investor. Investors should independently evaluate particular securities and strategies with the assistance of their own financial advisers.

Vertical Market Intelligence Group reports are not intended to be a recommendation of or the solicitation for the purchase, sale or otherwise trading of any particular security. The use of the terms “bullish” and “bearish” when referring to an issuer or security is intended to convey the contributors’ general impression of the of the issuer or security and is not intended to represent a buy or sell recommendation.

Vertical Market Intelligence Group reports are for the sole use of their intended recipients, all of whom are institutional investors who are knowledgeable of the securities industry and able to adequately assess the information provided as it applies to their investment decision-making process.

Vertical Market Intelligence Group strives to ensure that the information provided in its reports is accurate as of the publication date. However, Vertical Market Intelligence Group and its employees make no representation that the information provided therein is accurate or complete. Further, Vertical Market Intelligence Group has no obligation to update its reports should such information subsequently change.

Vertical Market Intelligence Group as well as its affiliates, managers, members, officers, and employees, other than contributors, editors, and other individuals with pre-publication access to Vertical Market Intelligence Group reports may from time to time (a) maintain long or short positions in, (b) act as a market maker or principally trade in, or (c) buy and sell the securities (or derivatives securities thereof) covered in Vertical Market Intelligence Group reports.

Vertical Market Intelligence Group is an affiliate of the registered broker-dealer The Vertical Trading Group, LLC, dba The Vertical Group, a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state securities regulators. Vertical Market Intelligence Group employees are not registered representatives of The Vertical Group. Vertical Market Intelligence Group reports are reviewed before publication by a licensed supervisory analyst of The Vertical Group. Under a licensing agreement, The Vertical Group is authorized to distribute Vertical Market Intelligence Group reports to its institutional clients.

Electronic Communications Disclosure

Vertical Market Intelligence Group’s electronic communications, such as e-mail and text messages, and any attachment thereto, is a confidential communication between Vertical Market Intelligence Group and its intended recipients. If you received an electronic communication from Vertical Market Intelligence Group and are not a named addressee, you should not disseminate, distribute or copy the communication. Please notify the sender immediately and delete the message from your system.

To the extent permitted by applicable law, Vertical Market Intelligence Group may monitor and store electronic communications. Such communications may be produced to regulatory authorities or others with a legal right to the information.

Electronic communications are not a reliable means of communication and cannot be guaranteed to be timely, secure or error-free.