US Investors

Seaport Global Securities LLC ("SPGS"), a member of the FINRA and SIPC, and a broker-dealer registered with the SEC makes no representation or warranty regarding the correctness of any information contained herein, or the appropriateness, for any person, of any transaction. The information in this email and its attachments is confidential and intended solely for the attention and use of the named addressee(s) and may be exempt from disclosure under applicable law. If you are not the intended recipient or a person responsible for delivering it to the intended recipient, you are not authorized to and must not disclose, copy, distribute, or retain this message or any part of it.

This document is NOT a research report under U.S. law. This document has been prepared for Qualified Institutional Buyers, sophisticated institutional investors and market professionals only. This document is a product of SPGS or its affiliates and has been prepared by an employee who may support underwriting, sales and trading activities.

Desk Note material is provided for information purposes only and is not an offer or a solicitation for the purchase or sale of any financial instrument. Any decision to purchase or subscribe for securities in any offering must be based solely on existing public information on such security or the information in the prospectus or other offering document issued in connection with such offering, and not on this document.

Although information has been obtained from and is based on sources believed to be reliable, we do not guarantee its accuracy, and it may be incomplete or condensed. All opinions, projections and estimates constitute the judgment of the person providing the information as of the date communicated by such person and are subject to change without notice. Prices also are subject to change without notice.

Materials prepared by the author of Desk Notes are based on publicly available information. Facts and ideas in Desk Note have not been reviewed by and may not reflect information known to professionals in other business areas of SPGS and its affiliates, including investment banking personnel.

UK and European Investors

In the UK this Marketing Communication is solely intended for professional clients as defined in the FCA Handbook and has been approved by The Seaport Group Europe LLP ("SGE") or Sea Port Group Securities (Europe) LLP ("SPGS(E)") which are authorised and regulated by the UK Financial Conduct Authority (Financial Conduct Register no: 526965/543239).

This marketing communication has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This document is being provided to the addressed recipients for information only and on a strictly confidential basis.

This document is not to be disclosed, copied, reproduced, distributed or passed, in whole or in part, to any other party. This document does not constitute an offer or invitation for the sale or purchase of securities or any of the properties or assets described in it.

The information provided should not be relied on for any purpose and should not in any way serve as a substitute for other enquiries and procedures that would (or should) otherwise be undertaken.

No representation or warranty, expressed or implied, is or will be made and, save in the case of fraud, no responsibility or liability is or will be accepted by SGE or SPGS(E) or by any of their directors, officers, servants, advisers, agents or affiliates as to or in relation to the accuracy, sufficiency or completeness of this document or the information forming the basis of the document or for any reliance placed on the document by any person whatsoever.

No representation or warranty, expressed or implied, is or will be made as to the achievement or reasonableness of, and no reliance should be placed on, any projection, targets, estimates, forecasts and nothing in this document should be relied on as a promise or representation as to the future.

This material is prepared for general circulation and does not have regard to the particular circumstances or needs of any specific person who may read it. Recipients should not regard the report as a substitute for the exercise of their own judgment.

If you are unsure of the suitability for you of any investment opportunity contained within this document please contact a financial advisor prior to taking any further action.



Seaport Global Securities LLC is not registered in Canada, but relies on the International Dealer Exemption in each province. This report was not prepared in accordance with Canadian research disclosure requirements. The information contained herein is not, and under no circumstances is to be construed as, a prospectus, an advertisement, a public offering, an offer to sell securities described herein, solicitation of an offer to buy securities described herein, in Canada or any province or territory thereof. Any offer or sale of the securities described herein in Canada will be made only under an exemption from the requirements to file a prospectus with the relevant Canadian securities regulators and only by a dealer properly registered under applicable securities laws or, alternatively, pursuant to an exemption from the dealer registration requirement in the relevant province or territory of Canada in which such offer or sale is made. Under no circumstances is the information contained herein to be construed as investment advice in any province or territory of Canada and is not tailored to the needs of the recipient. To the extent that the information contained herein references securities of an issuer incorporated, formed or created under the laws of Canada or a province or territory of Canada, any trades in such securities must be conducted through a dealer registered in Canada. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon these materials, the information contained herein or the merits of the securities described herein and any representation to the contrary is an offence.