Disclosures

Fayd Capital Group carries out no brokerage, corporate finance, or distribution business. We are not paid by the companies we cover and accept no issuer-sponsored research mandates.

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Where an analyst or the firm holds a position in a security discussed in a report, that holding is disclosed in the report itself.

Analyst compensation is not linked to the conclusions of any report, to trading activity, or to relationships with covered companies.

Analysts and staff are subject to a personal dealing policy, including blackout periods around publication of research on a covered security.

Our reports are general research for professional and sophisticated investors. They are not investment advice or personal recommendations, and they do not take account of any reader's circumstances.

Opinions reflect our judgement at the date of publication and may change. Estimates and models involve assumptions that may prove wrong.

Information is drawn from sources believed to be reliable, but its accuracy and completeness are not guaranteed. Past performance is not indicative of future results, and no liability is accepted for any loss arising from reliance on this material.

Figures are as of the date stated on each report and are not updated after publication.

Questions about these disclosures can be sent to research@faydcapital.com.