MuddyWatersCapitalLLCinfo@muddywatersresearch.comDirectorofResearch:CarsonC.BlockTheseTermsofUsegoverncurrentreportspublishedbyMuddyWatersResearchandsupersedeanypriorTermsofUseforolderreportsofMuddyWatersResearch,whichyoumaydownloadfromtheMuddyWatersResearch’swebsite.Youshouldassumethat,asofthepublicationdateofaMuddyWatersreport,MuddyWatersRelatedPersonshaveapositiondirectionallyconsistentwiththeviewsexpressedherein(i.e.,longorshort)inoneormoreofthesecuritiesofaCoveredIssueroraderivativethereto,andthereforewilllikelyrealizesignificantgainsintheeventthatthepricesofeitherequityordebtsecuritiesofaCoveredIssuerdeclineorappreciate.MuddyWatersResearch,MuddyWatersCapitaland/ortheMuddyWatersRelatedPersonsintendtocontinuetransactinginthesecuritiesofCoveredIssuersforanindefiniteperiodafteraninitialreportonaCoveredPerson,andsuchpersonmaybelong,short,orneutralatanytimehereafterregardlessoftheirinitialpositionandviewsasstatedasofthedateofthispresentation.NoMuddyWatersRelatedPersonhasanydutytoupdatethispresentationand/orupdateyouonanyposition,ifany,wemayhaveintheCoveredIssuer’ssecurities.MuddyWatersCapitaldoesnotrenderinvestmentadvicetoanyoneunlessithasaninvestmentadviser-clientrelationshipwiththatpersonevidencedinwriting.YouunderstandandagreethatMuddyWatersCapitaldoesnothaveanyinvestmentadvisoryrelationshipwithyouordoes...
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