WEBSITE DISCLAIMER AND AGREEMENT

Legal Notice

M3 Investment Group LLC, a U.S. broker-dealer registered with the U.S. Securities and Exchange Commission and member firm of the Financial Industry Regulatory Authority, Inc., prepared the information contained herein. As used herein, “M3 Investment Group” refers to the following financial institutions: M3 Investment Group LLC and its direct and indirect wholly owned subsidiaries: (i) M3 Capital Partners (UK) LLP, a firm based in the United Kingdom, which is authorized and regulated by the U.K. Financial Conduct Authority; (ii) M3 Investment Group Lux S.a.r.l., a Luxembourg administrative services provider; (iii) M3 Capital Partners Gestora de Recursos Limitada, a Brazilian broker-dealer registered with the Securities Commission of Brazil; (iv) and affiliates of the foregoing. M3 Investment Group LLC (SEC Registration No. 8-53097) maintains its principal office and place of business at 150 South Wacker Drive, Suite 3100, Chicago, IL 60606.  M3 Capital Partners (UK) LLP is registered in England and Wales (registration number OC357912) and maintains its registered office at 6thFloor, 180 Piccadilly, London, United Kingdom, W1J 9ER. M3 Capital Partners Gestora de Recursos Limitada (15.264.376/0001-80) maintains its principal office and place of business at Avenida Presidente Juscelino Kubitschek, N 50 13 Andar, CJ 132, Ataim Bibi, Sao Paulo, Brazil 04543-000. M3 Investment Group Lux S.a.r.l. maintains its principal office and place of business at Aerogolf Center, 1B rue Heienhaff, L-1736 Senningerberg.

By accessing this website, you agree, without qualification or limitation, to the following terms and conditions  (herein referred to as the “Agreement”):

The material on this website is for your information only. It does not constitute an advertisement and should not be construed as investment advice or any recommendation of a transaction. It has been prepared without regard to the specific investment objectives, financial situation or needs or risk profile of any particular person who may receive it. M3 Investment Group is not soliciting any action based upon it. Specifically, this material is not, and is not to be construed as, an offer to buy or sell any security or other financial instrument referred to herein. Furthermore, the information on this website is not intended for distribution to, or use or access by, any person in any jurisdiction where such distribution, use or access would be contrary to applicable law or regulation or which would subject M3 Investment Group to any additional registration or licensing requirements.

The information contained herein is based upon information that M3 Investment Group considers to be reliable at a certain point in time, but M3 Investment Group does not guarantee that it is accurate, complete or current and it should not be relied upon as such, nor does M3 Investment Group undertake any duty to update such information. The information available on this website is subject to change at any time without prior notice, and M3 Investment Group expressly reserves the right to stop maintaining or updating this website or any part hereof without prior notice. With respect to any issuers that might be discussed on this website, M3 Investment Group or its affiliates may act as advisers or lenders to, or may provide, may have provided, or may seek to provide investment banking or other services to such issuers. Such affiliates also may hold positions or make markets in or otherwise trade or effect transactions in the financial instruments discussed herein or the securities of the issuers discussed herein.

The financial instruments or investments discussed herein may be unsuitable for certain investors, depending upon their specific investment experience and objectives, risk profile and financial circumstances. Those accessing this website should make such investigations as are necessary to arrive at an independent evaluation of the merits of the financial instruments or investments discussed herein. In addition, those accessing this website should consult their own legal, tax, accounting and financial advisers regarding the economic benefits and risks of the financial instruments or investments described herein, and the potential legal, regulatory, credit, tax and accounting impact of such financial instruments or investments based upon their individual circumstances before making any decision. Those accessing this website agree that they will make their own independent determination in effecting or entering into any transaction involving such financial instruments or investments, whether or not effected through M3 Investment Group or any of its affiliates.

The materials provided herein may be copyrighted by, and belong exclusively to, M3 Investment Group or its licensor. They may not be copied, reproduced, republished, posted, transmitted or redistributed in any way, without the prior written consent of M3 Investment Group. You may print, download or display one copy of each report herein solely for your personal, non-commercial use provided that the reports are kept intact and include all notes, disclosures and copyright notices. No information herein may be modified or used for any other purpose without the prior written consent of M3 Investnment Group.

You acknowledge that (i) this website and all information contained herein constitute copyrighted, trade secret and/or proprietary information of substantial value to M3 Investment Group, (ii) you receive no proprietary rights whatsoever in or to this website or the information contained herein, and (iii) title and ownership rights in and to this website and the information contained herein and any trademarks, trade names and logos used or displayed herein, and all the rights therein and legal protections with respect thereto, remain exclusively with M3 Investment Group or its licensors. You shall not, and shall not assist any third party to, assert any rights in this website, the information or intellectual property contained, used or displayed herein or any component thereof, or challenge the intellectual property or other rights of M3 Investment Group or its licensors therein.

You may not resell or otherwise transfer or allow the use of any of the information contained in this website (including any research report contained herein), or any part thereof, directly or indirectly, by or for the benefit of, any other person or organization. You agree to treat the information contained herein as proprietary to M3 Investment Group and that you will keep such information confidential. You agree to take all steps reasonably necessary (or requested by M3 Investment Group) to protect the rights of M3 Investment Group herein.

When using a link to a website external to this website, you expressly acknowledge and agree that you are visiting a site which is not affiliated with any M3 Investment Group website and is not operated or controlled by M3 Investment Group. Neither M3 Investment Group nor any of its respective directors, members, officers or employees endorses the information provided in such external websites, nor makes any recommendation, representation or warranty nor accepts any liability or responsibility whatsoever, in respect of the site that you visit or any information provided therein. You access and use these websites at your own risk.

You may link to the website, provided you do so in a way that is fair and legal and does not damage M3 Investment Group’s reputation, but you must not establish a link in such a way as to suggest any form of association, approval or endorsement on the part of M3 Investment Group where none exists and the website must not be framed on any other site.

While M3 Investment Group endeavors to ensure that this website is available 24 hours a day, M3 Investment Group does not guarantee that the website will be available at any time or for any period.

THIS WEBSITE AND ALL INFORMATION CONTAINED HEREIN IS PROVIDED TO YOU ON AN “AS IS” BASIS. NEITHER M3 INVESTMENT GROUP, ANY OF ITS AFFILIATES NOR ANY OTHER PARTY MAKES ANY REPRESENTATION OR WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, WITH RESPECT TO THE INFORMATION CONTAINED HEREIN, AND M3 INVESTMENT GROUP EXPRESSLY DISCLAIMS ANY AND ALL IMPLIED WARRANTIES OF ACCURACY, COMPLETENESS, MERCHANTABILITY FITNESS FOR ANY PARTICULAR PURPOSE, TITLE AND NON-INFRINGEMENT. YOU ASSUME THE ENTIRE RISK OF ANY USE YOU MAY MAKE OF THE INFORMATION CONTAINED HEREIN. IN NO EVENT SHALL M3 INVESTMENT GROUP, ANY OF ITS AFFILIATES OR ANY OTHER PARTY, BE LIABLE TO YOU OR ANY OTHER PARTY FOR ANY DIRECT OR INDIRECT DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY LOST PROFITS, LOST SAVINGS OR OTHER INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF THIS AGREEMENT OR YOUR USE OF, OR INABILITY TO USE, THIS WEBSITE OR THE INFORMATION CONTAINED HEREIN, REGARDLESS OF THE FORM OF ACTION (INCLUDING, WITHOUT LIMITATION, ANY ACTION FOR NEGLIGENCE OR BREACH OF STATUTORY DUTY), EVEN IF M3 INVESTMENT GROUP HAS BEEN ADVISED OF OR OTHERWISE MIGHT HAVE ANTICIPATED THE POSSIBILITY OF SUCH DAMAGES.

If any provision of this Agreement shall for any reason be declared to be void, unenforceable or illegal, the enforceability of this Agreement or any other provision hereof shall not be affected. In addition, the parties agree that such void or illegal provision shall be construed in a manner designed to effectuate its purpose to the fullest extent enforceable under applicable law.

This Agreement shall be governed by and construed in accordance with the laws of the State of Illinois without reference to its conflicts of laws principles, to the extent such principles would result in the application of another state’s laws, and you hereby consent to the exclusive jurisdiction of, and venue in, any federal or state court of competent jurisdiction in such state.

IMPORTANT NOTE TO PERSONS WITHIN THE UNITED KINGDOM

This website is directed only at persons outside the United Kingdom (who are allowed to receive the same without breach of the laws of the jurisdiction in which they are located and without requirement for further registration or authorization or regulation of M3 Investment Group) and at persons within the United Kingdom who are:

(a) Persons authorized under the UK Financial Services and Markets Act 2000 or otherwise having professional experience in matters relating to investments and qualifying as investment professionals under Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (“Financial Promotion Order”); or

(b) Institutions or corporations qualifying as high net worth persons under Article 49 of the Financial Promotion Order, i.e. companies with at least £5m of issued share capital or net assets, companies with more than 20 members and at least £500,000 of issued share capital or net assets, unincorporated bodies with net assets of at least £5m, and trustees of trusts having gross cash and investments of at least £10m.

PLEASE NOTE: M3 Investment Group has adopted a Privacy Policy that governs its use and disclosure of information about its customers and others about whom it has information, including those who access this website. This Privacy Policy is accessible at http://www.m3ig.com/privacy or by clicking on this link.

SECURITY

This website has security measures in place to protect the misuse, dissemination, loss or alternation of information under the control of M3 Investment Group. Website access is closely monitored and any misuse or unauthorized access is reported by M3 Investment Group to the proper authorities.