Analyst Certifications and Important Disclosures

General Disclosures
Copyright 2023. M Science LLC © All rights reserved.

M Science
This report was prepared by personnel associated with:
United States: M Science LLC.
Hong Kong: M Science Hong Kong Limited, which is licensed by the Securities and Futures Commission of Hong Kong with CE number BOT999, located at Suite 2201, 22nd Floor, Cheung Kong Center, 2 Queen’s Road Central, Hong Kong.

In Hong Kong, this report is issued and approved by M Science Hong Kong Limited and is intended for use only by professional investors as defined in the Hong Kong Securities and Futures Ordinance and its subsidiary legislation. References herein to “M Science” shall be deemed references to M Science LLC and/or M Science Hong Kong Limited, as the case may be.

Other Important Disclosures
All material contained in this report is the property of M Science unless otherwise indicated. All trademarks, service marks, logos and trade names used in this report are proprietary to M Science or other respective owners. This report is proprietary, confidential and provided for the exclusive use of the recipient. Any unauthorized use of the content of this report, including the disclosure of confidential information contained within it, is strictly prohibited.

This report is intended for informational purposes only. Under no circumstances is this report to be considered as an offer to sell or solicitation of an offer to buy any securities of any company. M Science provides the information and data contained herein on an “as is,” “as available” basis, without representations or warranties of any kind whatsoever, expressed or implied. The information in this report may be incomplete and may not contain all material information relating to the subject matter of the report. M Science has no authority whatsoever to give any information or make any representation or warranty on behalf of the company or companies that are the subject of this report, any of its shareholders or any other person in connection therewith and this report has not been authorized or approved by said company or companies.

This report is provided solely to clients of M Science. The recipient assumes all risk and liability with regard to any use or application of the data included herein. The data provided herein is not intended to be used as the primary basis for investment decisions and nothing contained herein is, or is intended to be, predictive of the movement of the market prices of the securities of the company or companies discussed in the report. Nothing in this report is, or should be construed to be, designed to meet the particular investment needs of any investor.

All proprietary analyses provided by M Science in this report are derived from M Science’s analytic expertise, market knowledge, and use of the data it collects and licenses.

This report reflects the results of our research as of the date of this report. Our research results are subject to change at any time as new or additional data and information is received and analyzed. M Science undertakes no obligation to update this report, or to provide supplemental information to any client receiving this report, absent a specific arrangement to the contrary between M Science and individual clients. Specifically, M Science provides certain research reports and products to certain of its clients which may be distributed on different frequency schedules. Such reports and products may provide different depths of analysis or a different specific focus and more frequent updates based on levels of service and fees selected by clients. Furthermore, these reports and products may reach conclusions that differ from those reached in other reports and products. 

Any opinions, forecasts or estimates in this report may present a possible outcome on the basis of assumptions set out herein and represent only one possible outcome and are the independent view of the author(s) of this report only. These opinions, forecasts or estimates are subject to risks, uncertainties and assumptions and there can be no assurance that future results or events will be consistent with any such opinions, forecasts or estimates. It should not be assumed that recommendations made in the future will be profitable or will equal the performance of previous recommendations. Comparisons of M Science published estimates to reported results are available by emailing info@mscience.com. 

All research notes, reports, data and other information obtained from M Science are proprietary to M Science and may not be redistributed to or shared with any individual, company or entity without the express prior written consent of M Science. All such information obtained from M Science is the property of M Science unless otherwise indicated and no portion may be directly or indirectly copied, published, reproduced, modified, displayed, sold, transmitted, or redistributed in any medium without the express prior written consent of M Science. Specifically, and without limitation, such information may not be disclosed to members of any sell-side research team, within or outside of your organization. M Science monitors and takes seriously our responsibility to protect the assets and value of our products and services. 

Except as may be expressly stated in the customer agreement between your organization and M Science, in no event shall M Science or its officers, directors, affiliates, shareholders or employees be liable for any damages including any special, incidental or consequential damages that are directly or indirectly related to this report, including, without limitation, lost revenue or anticipated profits or lost business, and in no event shall the total liability of M Science for any and all losses and causes of action (whether in contract or in tort, including negligence or otherwise) arising from this report exceed in the aggregate the subscription fees paid to M Science by the applicable client for this report. 

Notwithstanding the foregoing, nothing contained in these disclosures will constitute a waiver by any client of M Science of any of its legal rights under applicable U.S. federal securities laws or any other laws whose applicability is not permitted to be contractually waived.

This report is not directed to, nor intended for distribution to or use by, any person or entity (1) that is not a client of M Science or (2) that is a citizen or resident or located in any locality, state, country, or other jurisdiction where such distribution, publication, availability, or use would be contrary to law or regulation or which would subject M Science to any registration or licensing requirement within such jurisdiction.

This report is being furnished on a confidential basis and is provided for information and discussion purposes only and is not, and may not be relied on in any manner as, legal or tax advice. It is the responsibility of each recipient of this report to satisfy itself that its receipt and use of this report is in full compliance with the laws and regulations of the relevant jurisdiction(s) and, if in doubt about such compliance, to seek appropriate legal advice.

Analyst Certifications and Important Disclosures
Certification: Each research analyst (“Analyst”) who has prepared, or materially assisted in the preparation of this research report (“Report”) has certified to M Science that the views expressed in it accurately reflect the Analyst’s personal views about any and all of the subject securities or issuers. None of the Analyst’s compensation was, is, or will be directly or indirectly related to the views or recommendations, if any, contained in the Report. M Science is not a registered broker-dealer in any jurisdiction.

Research Analysts and Research Reports

• As of the date of publication of this Report, neither the Analyst nor a member of the Analyst’s team maintained a financial interest in the securities of the subject companies covered in this Report.
•  None of M Science LLC or M Science Hong Kong Limited maintain any securities, futures, commodity or derivatives interests. As a result, prior to the date of publication of this Report, M Science did not maintain any beneficial ownership of a class of common equity of the subject companies covered in this Report.
• None of M Science LLC or M Science Hong Kong Limited engage in the investment banking services business. As such, neither has managed or co-managed a public offering for any of the subject companies’ securities in the past 12 months, received compensation for investment banking services from any of the subject companies in the past 12 months, or expects to receive or intends to seek compensation for investment banking services from any of the subject companies in the next three months.
• None of M Science LLC or M Science Hong Kong Limited is a market maker and neither was making a market in any of the subject companies’ securities at the time this Report was published.
• M Science LLC and M Science Hong Kong Limited are subsidiaries of Jefferies Financial Group Inc. Certain other affiliates of Jefferies Financial Group Inc. are providers of financial services and may have managed or comanaged a public offering of the subject companies’ securities in the past 12 months, received compensation for investment banking services from any of the subject companies in the past 12 months, or expect to receive or intend to seek compensation for investment banking services from any of the subject companies in the next three months. Such affiliates may also engage in market making activities and may make markets in securities of companies discussed in M Science Reports. Each of (i) M Science LLC and M Science Hong Kong Limited, (ii) Jefferies Financial Group Inc. and (iii) each of their affiliates that is a provider of financial services, maintain information barriers along with policies and procedures that (a) manage potential conflicts of interest and (b) prevent the inappropriate, wrongful or unethical disclosure or use of confidential or sensitive information.
• Certain affiliates of Jefferies Financial Group Inc. may be customers of M Science’s reports and/ or products.
• As of the date of publication of this Report, certain affiliates of M Science may have an actual or material conflict of interest with the subject company or subject companies discussed in this Report. Other Jefferies Financial Group Inc. affiliates may issue research on the subject company or subject companies of this Report and such research may be inconsistent with the opinions expressed in this Report.

General Disclosures
Within the 12 months prior to the date of publication of this Report, M Science and/or certain affiliates of M Science may have provided research services and/or products to any or all of the subject companies for remuneration.

2022 Analyst Certifications and Important Disclosures
Certification: Each research analyst (“Analyst”) who has prepared, or materially assisted in the preparation of this research report (“Report”) has certified to M Science that the views expressed in it accurately reflect the Analyst’s personal views about any and all of the subject securities or issuers. None of the Analyst’s compensation was, is, or will be directly or indirectly related to the views or recommendations, if any, contained in the Report. M Science is not a registered broker-dealer in any jurisdiction.

Research Analysts and Research Reports

• As of the date of publication of this Report, neither the Analyst nor a member of the Analyst’s team maintained a financial interest in the securities of the subject companies covered in this Report.
• None of M Science LLC or M Science Hong Kong Limited maintain any securities, futures, commodity or derivatives interests. As a result, prior to the date of publication of this Report, M Science did not maintain any beneficial ownership of a class of common equity of the subject companies covered in this Report.
• None of M Science LLC or M Science Hong Kong engage in the investment banking services business. As such, neither has managed or co-managed a public offering for any of the subject companies’ securities in the past 12 months, received compensation for investment banking services from any of the subject companies in the past 12 months, or expects to receive or intends to seek compensation for investment banking services from any of the subject companies in the next three months.
• None of M Science LLC or M Science Hong Kong Limited is a market maker and neither were making a market in any of the subject companies’ securities at the time this Report was published.
• M Science LLC and M Science Hong Kong Limited are subsidiaries of Jefferies Financial Group Inc. Certain other affiliates of Jefferies Financial Group Inc. are providers of financial services and may have managed or co-managed a public offering of the subject companies’ securities in the past 12 months, received compensation for investment banking services from any of the subject companies in the past 12 months, or expect to receive or intend to seek compensation for investment banking services from any of the subject companies in the next three months. Such affiliates may also engage in market making activities and may make markets in securities of companies discussed in M Science Reports. Each of (i) M Science LLC and M Science Hong Kong Limited, (ii) Jefferies Financial Group Inc. and (iii) each of their affiliates that is a provider of financial services, maintain information barriers along with policies and procedures that (a) manage potential conflicts of interest and (b) prevent the inappropriate, wrongful or unethical disclosure or use of confidential or sensitive information.
• Certain affiliates of Jefferies Financial Group Inc. may be customers of M Science’s reports and/or products.
• As of the date of publication of this Report, certain affiliates of M Science may have an actual or material conflict of interest with the subject company or subject companies discussed in this Report. Other Jefferies Financial Group Inc. affiliates may issue research on the subject company or subject companies of this Report and such research may be inconsistent with the opinions expressed in this Report.

General Disclosures
Within the 12 months prior to the date of publication of this Report, certain affiliates of M Science may have provided research services and/or products to any or all of the subject companies for remuneration.