Stifel Social Media Disclosure

Stifel Financial Corp. and its affiliated companies ("Stifel") reserve the right to retain, monitor, and reproduce all electronic communications consistent with applicable law. Stifel Financial Corp. is the parent company of Stifel, Nicolaus & Company, Incorporated, Member FINRA, SIPC & NYSE. Neither the information, nor any opinion, nor any other content on this site constitutes a solicitation or offer by Stifel or its affiliates to buy or sell any securities, options, or other financial instruments or provide any investment advice or services. Stifel will not accept purchase or sales orders via Facebook, Instagram, LinkedIn, or Twitter or any electronic messaging systems, and reminds all users not to disclose any personal financial information on Facebook, Instagram, LinkedIn, or Twitter. Stifel is not responsible for third parties that may be linked to this page or to other Facebook, Instagram, LinkedIn, or Twitter pages, including but not limited to content posted by third parties, the privacy and security policies of Facebook, Instagram, LinkedIn, Twitter, or any other third-party sites, or for the products or services offered by any third party. Stifel employees have no expectation of privacy in anything posted herein. All Stifel employee postings must comply with all applicable laws and Stifel policies. All statements and messages are for U.S. residents only and are subject to the following terms:

Stifel Social Media Guidelines

Stifel maintains a presence on LinkedIn, Facebook, Instagram, Twitter, and YouTube but is not affiliated with these social media sites and has no control over how these sites or other third parties will use the information shared on the site. You should be familiar with LinkedIn, Instagram, Facebook, Twitter, and YouTube's privacy and security policies, and you should understand how your information can be displayed and used throughout the site as well as on other third-party sites that may be linked to by LinkedIn, Facebook, Instagram, Twitter, or YouTube. Our social media pages and updates are made by Stifel Financial Corp. and/or its subsidiaries in accordance with the following:

• U.S. residents: Social media updates are made by Stifel Financial Corp. and/or its U.S. subsidiaries.
• EEA and Switzerland residents: Social media updates are made or approved by Stifel Nicolaus Europe Limited, which is authorized and regulated by the Financial Conduct Authority. The products and services outlined in any social media updates are only intended for and available to eligible counterparties and professional clients; they are not intended for or available to retail clients.
• Rest of the world: Stifel Financial Corp. and its subsidiaries are not authorized or regulated in any jurisdiction other than those disclosed above, and our social media updates are not intended or directed at you. Any person accessing our social media updates from such jurisdictions does so at their own risk and on their exclusive initiative. Such persons must satisfy themselves that they are eligible to view and/or act upon any information presented herein.

Information posted via social media is for information purposes only, and not to be regarded as constituting legal, tax, or investment advice by Stifel. The information should not be interpreted as a recommendation, offer, or solicitation to buy or sell any financial instrument to any person in any jurisdiction, The opinions and views expressed are those held by Stifel at the time of publication and may become subject to change without notice at any time. Stifel does not accept orders via social media. Investing involves risk, including the possible loss of principal. The value of investments may go down as well as up. The value of securities and financial instruments is subject to currency exchange rate fluctuation that may have a positive or negative effect on the price of such securities or financial instruments. Stifel does not provide tax advice. Past performance is not necessarily a guide to future performance.

Stifel does and seeks to do business with companies that the Research Analysts may write about on Facebook, Twitter, Instagram, or LinkedIn and/or mention in their research reports. As a result, investors should be aware that Stifel and its affiliates may have a conflict of interest that could affect the objectivity of the Analysts' Reports. Investors should consider the information provided in the links to the Analysts' Reports as only a single factor in making their investment decisions. Nothing Stifel uploads, posts, tweets, or retweets should be interpreted as a recommendation for any particular investment. Your financial advisor is in the best position to know which investments are suitable for you, and Stifel's social media pages are not a substitute for a financial advisor. Thus, do not construe Stifel's uploads, posts, tweets, or retweets as any kind of personal investment advice whatsoever.

For current disclosures for all covered companies by the Equities Research department, please visit the research page at www.stifel.com/research/required-disclosures or www.kbw.com/research/disclosures for KBW covered companies.

For current disclosures for all covered issuers and financial instruments by the Stifel Europe Fixed Income Research department, please visit the Research page at stifelfi.bluematrix.com/sellside/Disclosures.action

INTERACTING WITH STIFEL ON SOCIAL MEDIA SITES

Never disclose any financial or personal information on any social media site or other website. Stifel will never ask you for your Social Security number, account information, passwords, PINs, or other personally identifiable information via social media. Stifel is not responsible for the privacy or security practices of the social media sites. Please review their policies regarding privacy and security practices prior to using any social media sites.

In addition, Stifel does not endorse clicking on links posted by other social media users, as these links may pose risks to your computer or take you to inappropriate sites. The fact that Stifel has retweeted, reposted, liked, or shared links posted by other social media users does not amount to our endorsement of clicking on such links.

If you are a Stifel client and have specific questions about your account or investments, please contact your Stifel Representative.

When accessing any third-party/external sites that may be linked in the social media site, you leave the Stifel page. Stifel does not control or endorse and is not responsible for the contents, operation, or security of these sites. Stifel is not responsible for their terms of use, privacy policies, or any other third-party websites that may be linked to or by their pages. You use these sites at your own risk.

Stifel cannot be responsible for views expressed other than those posted by Stifel. Stifel reserves the right to prohibit posting on our social media pages, as well as the right to delete or edit any posted content or material for any reason and without notice. Stifel prohibits the posting of offensive, derogatory, inflammatory, or illegal comments and statements.

Stifel reserves the right to block or remove objectionable content and users, if possible, in our sole discretion and without notice. Any delay in removing or failure to remove an objectionable posting should not be deemed an endorsement or approval of the posting. If a follower forwards our posts and adds comments, Stifel expressly disclaims any responsibility over the comments and postings.

Stifel retains copies of communications it makes over social media platforms, including posts, uploads, and tweets on LinkedIn, Facebook, Instagram, and Twitter.

LINKS TO THIRD-PARTY SITES AND CONTENT

Stifel and its affiliates may occasionally mention a user, tweet, re-tweet, or repost links to third-party sites. However, Stifel does not, in any manner, endorse, approve, or adopt any company, product, content, data, or information provided by such third-party user, tweet, or third-party site. Stifel has not participated in the development or approval of the content of such third-party sites. Third-party mentions appearing herein are the property of their respective owners.

Any links which Stifel may provide to any other site are provided for informational purposes only. Stifel assumes no responsibility for the content or maintenance of any such site and makes no warranties, express or implied, with respect to any such linked site. Placement of a link to another site on the Stifel social media site does not guarantee the authenticity of information on such site. You should only follow such links if you have satisfied yourself as to the security of such a site. You are responsible for maintaining the security of your own information technology systems, and Stifel makes no representation to you concerning the ability of unauthorized persons to intercept or access information transmitted by or to you through this or any other linked site.

INTELLECTUAL PROPERTY

Unless otherwise noted, the information posted on the Stifel social media page and its contents are the property of Stifel. Users of the Stifel page on the social media site may make single copies of information for their own personal use but are prohibited from selling or republishing any portion of the Stifel page or information provided without the prior written consent of Stifel.