You should assume that, as of the publication date of a Muddy Waters report, Muddy Waters Related Persons have a position directionally consistent with the views expressed herein (i.e., long or short) in oneor more of the securities of a Covered Issuer or a derivative thereto, and therefore will likely realize significant gains in the event that the prices of either equity or debt securities of a Covered Issuer decline orappreciate. Muddy Waters Research, Muddy Waters Capital and/or the Mud