IMPORTANT NOTICE PLEASE READ: Glenrock Associates LLC (Glenrock) is a private limited liability corporation (LLC). All information provided by Glenrock is for parties who have received explicit permission to receive such information. Any information provided by Glenrock is for informational purposes only and, while based on information believed to be reliable, no guaranty is given as to its accuracy or completeness. Information, opinions and estimates contained in any Glenrock publications or correspondence constitutes our judgment as of the date written and are subject to change without notice. No Glenrock correspondence is intended as a recommendation to buy or sell any securities or related financial instruments. Any potential investments discussed by Glenrock may not be suitable for the specific investment objectives, financial situation or the specific needs of recipients and should not be relied upon in substitution for the exercise of independent judgment. All information provided by Glenrock is intended Soley for distribution to sophisticated and knowledgeable industry professionals and not for individual investors or the general public. Any securities mentioned by Glenrock maybe highly volatile and could cause substantial losses for those taking positions in such securities. Those interested in such securities should be aware about the risk associated with such securities and should seek professional counseling regarding any potential investment decisions, if needed. Readers should understand that no information in any of our publications is intended as tax, accounting or legal advice, as an offer or solicitation of an offer to sell or buy, or as a sponsorship of any company, security, or fund. All information provided by Glenrock may not be distributed to others or reproduced in any form without our prior consent. Glenrock Associates LLC (and /or its employees, representatives or associates) may from time to time maintain a position in securities or other financial products and may from time to time solicit from or perform, advisory or other services for, the companies mentioned in Glenrock publications. For more information, please contact Glenrock Associates LLC (212) 246-3318.