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This report was prepared by investment firm N3 Capital Partners (N3). All recommendations given by N3 are independent and based on latest company, industry and general information publicly available. Greatest possible degree of care and integrity is used to avoid errors and/or misstatements and each research report is reviewed by a senior executive. No influence on the research recommendation is being exerted by either the covered company or other internal N3 departments. N3 Compliance Rules limit analyst ownership position in financial instruments issued by the covered company or derivatives thereof. Analysts are not allowed to involve themselves in any paid activates with the covered companies except as disclosed otherwise. No part of their compensation was, is, or will be directly or indirectly related to specific recommendation(s) or views expressed by them contained in this document. In addition, others within N3, including other departments or staff may have opinions that are inconsistent with the ones expressed in this research report.


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