Coegil Observations is prepared by and is the property of Coegil Holdings, Inc. (“Coegil”) and is circulated for informational and educational purposes only. There is no consideration given to the specific needs, objectives, or tolerances of any of the recipients. Additionally, Coegil’s actual positions, in any form, may, and often will, vary from its conclusions discussed herein based on any number of factors relevant to Coegil. Recipients should consult their own advisors before making any decisions based on this report. This report is not an offer to sell or the solicitation of an offer to buy the goods, services, securities, or other investment instruments mentioned. Coegil research utilizes data and information from public, private, and internal sources. While we consider information from external sources to be reliable, we do not assume responsibility for its accuracy. The views expressed herein are solely those of Coegil as of the date of this report and are subject to change without notice. Coegil may have a significant interest in one or more of the positions, goods, services, and/or securities discussed. Those responsible for preparing this report receive compensation based upon various factors, including, among other things, the quality of their work and firm revenues.