Important Disclosures

The analyst, The Brogan Equity Research Group (“BERG”), primarily responsible for the preparation of this research report attests to the following: (1) that the views and opinions rendered in this research report reflect his or her personal views about the subject companies or issuers; and (2) that no part of the research analyst’s compensation was, is, or will be directly related to the specific recommendations or views in this research report.

Each of the analysts whose names appear on the front page of this report hereby certify that all the views expressed in this Report accurately reflect our personal views about any and all of the subject securities or issuers and that no part of our compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views of in this Report.

The analysts have no financial interest in the debt or equity securities of the subject company of this report. Further, no member of his household has any financial interest in the securities of the subject company. Neither the analysts, nor any member of his household is an officer, director, or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that is the subject of this research report. The analyst has not received compensation from the subject company. At the time of this research report, the analysts do not know or have reason to know of any other material conflict of interest.

Analyst Attestations

The Brogan Equity Research Group (“BERG”) certifies that the views expressed in this report represent the personal, independent opinions of the analyst(s) involved. Each analyst named affirms that:

• Their views accurately reflect their personal assessments of the securities or issuers discussed;
• No part of their compensation is, or has been, directly or indirectly tied to the specific recommendations or views expressed in this research report.

Analyst Conflicts of Interest

At the time of publication, the analyst(s) and members of their households:

• Do not hold any financial interest (debt or equity) in the securities of the subject company;
• Do not serve as an officer, director, or advisory board member of the subject company;
• Have received no compensation from the subject company;
• Are not aware of any material conflict of interest that could reasonably be expected to influence the objectivity of this report.

The Brogan Equity Research Group (BERG) and Analyst Hub Securities LLC (AHS)

BERG is an independent research provider and a strategic partner of Analyst Hub Securities LLC (“AHS”), an SEC-registered broker-dealer and member of FINRA and SIPC.

As of the date of this publication:

• AHS has not managed or co-managed a public offering of securities for the subject company in the past 12 months;
• AHS has not received investment banking compensation from the subject company in the past 12 months;
• AHS may seek or expects to receive investment banking business from the subject company within the next three months;
• AHS does not beneficially own 1% or more of any class of equity securities of the subject company;
• AHS does not currently make a market in the securities of the subject company;
• AHS and BERG are unaware of any additional material conflict of interest that may influence this research.

Ratings Definitions

(Based on total expected return over the next 12 months, including price appreciation and gross dividend yield):

• Buy – Expected return of +10% or more
• Neutral – Expected return between -10% and +10%
• Sell – Expected return of -10% or more

Limitations of Research and Information

This research report is intended solely for distribution to qualified institutional or professional clients of BERG and AHS. It is not intended for retail distribution.

• The content reflects the views and analytical opinions of BERG at the time of publication and is subject to change without notice;
• The report should not be construed as personalized investment, legal, tax, or financial advice;
• Data sourced from third parties is believed to be reliable, but BERG and AHS make no warranty as to its accuracy or completeness;
• This document does not constitute an offer to buy or sell any security or investment;
• Investment decisions should consider a comprehensive portfolio strategy and be made in consultation with qualified financial advisors;
• BERG and AHS disclaim liability for any direct, indirect, or consequential damages arising from the use of the information herein.

Reproduction and Distribution Policy

The content of this report is the intellectual property of The Brogan Equity Research Group. Except where otherwise permitted:

• Users may not reproduce, republish, copy, distribute, resell, transmit, or publish this report in any form without prior written consent from BERG;
• Clients with access to BERG models may adapt data internally but may not disseminate model outputs or derived content externally;
• The report may not be distributed in any jurisdiction where such distribution is prohibited by law or regulation, or where it would subject BERG or AHS to additional registration requirements.