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The Outlook Disclosure

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The Outlook has been prepared by Accounting Research & Analytics, LLC and/or one of its affiliates. It is published and distributed by by Accounting Research & Analytics, LLC d/b/a CFRA with the following exceptions: In the European Union/European Economic Area, the Industry Surveys are published and distributed by CFRA UK Limited (company number 08456139 registered in England & Wales with its registered office address at PO Box 698, Titchfield House, 69-85 Tabernacle Street, London, EC2A 4RR, United Kingdom). CFRA UK Limited is regulated by the UK Financial Conduct Authority (No. 775171); in Malaysia, the Industry Surveys are published and distributed by CFRA MY Sdn Bhd (Company No. 683377-A) (formerly known as Standard & Poor’s Malaysia Sdn Bhd) (“CFRA Malaysia”) which is regulated by the Securities Commission Malaysia (License No. CMSL/A0181/2007).

The content of this material and the opinions expressed herein are those of CFRA based upon publicly-available information that CFRA believes to be reliable and the opinions are subject to change without notice. This analysis has not been submitted to, nor received approval from, the United States Securities and Exchange Commission or any other regulatory body. While CFRA exercised due care in compiling this analysis, CFRA AND ALL RELATED ENTITIES SPECIFICALLY DISCLAIM ALL WARRANTIES, EXPRESS OR IMPLIED, to the full extent permitted by law, regarding the accuracy, completeness, or usefulness of this information and assumes no liability with respect to the consequences of relying on this information for investment or other purposes. No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of CFRA. The Content shall not be used for any unlawful or unauthorized purposes. CFRA and any third-party providers, as well as their directors, officers, shareholders, employees or agents do not guarantee the accuracy, completeness, timeliness or availability of the Content.

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