Disclaimers

Telsey Advisory Group LLC (TAG) is a broker dealer registered with SEC and a member of FINRA offering equity research, trade execution and investment banking services. The Equity Research Department of TAG produces and distributes research products for clients of TAG. This research is for our clients only. TAG research is based on current public information that TAG considers reliable. We seek to update our research as appropriate. Other than certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervals as appropriate in the analyst's judgment. TAG has no obligation to update or amend any information contained in publications. TAG may have investment banking and other business relationships with any of the companies covered by our Equity Research Department. All TAG publications have been prepared in accordance with TAG compliance and conflict management policies. TAG is unconditionally committed to the integrity, objectivity, and independence of its research.

The material and information contained in this Site have been produced and collated by TAG in accordance with best practices and policies and with the utilization of information currently available to it. All reasonable efforts have been made to ensure the accuracy of the contents of the pages of the Site at the time of preparation.

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You hereby understand that TAG may have opinions from time to time with regard to any or all of the securities referenced herein and that those opinions may be different than those obtained by using or stated in parts of this Site.

Each investor must make their own determination of the appropriateness of an investment in any Company referred to in research based on the tax, or other considerations applicable to such investor and its own investment strategy. By virtue of these publications, neither TAG nor any of its employees, nor any data provider or any of its employees is responsible for any investment decision. The price and value of the investments referred to in TAG research and the income from them may fluctuate. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur.

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