Email Disclaimers

Piper Sandler & Co. Since 1895. Member SIPC and FINRA. Learn more at PiperSandler.com. Piper Sandler corporate headquarters is located at 800 Nicollet Mall, Minneapolis, MN 55402.

Municipal Disclosure

In providing information to a municipal entity or obligated person, Piper Sandler (i) is not recommending an action to any municipal entity or obligated person recipient (ii) is not acting as an advisor to any municipal entity or obligated person and (iii) does not owe a fiduciary duty pursuant to Section 15B of the Exchange Act to any municipal entity or obligated person with respect to the information and material contained in this communication. Piper Sandler is acting for its own interests, and any municipal entity or obligated person recipient of this information should discuss any information and material contained in this communication with any and all internal or external advisors and experts that the municipal entity or obligated person deems appropriate before acting on this information or material.

Institutional Sales and Trading Disclosure

Messages that are a product of the Piper Sandler institutional sales and trading group should not be construed as impartial research or a research report. It is intended for institutional investors only, and is not intended to present sufficient information upon which to base an investment decision. For disclosure information with respect to the companies mentioned in this message, please view research disclosures.

The information regarding the subject companies is based on data obtained from sources deemed to be reliable; it is not guaranteed as to accuracy and does not purport to be complete. This message is solely for informational purposes and is not intended to be used as the primary basis of investment decisions. Piper Sandler has not assessed the suitability of the subject companies for any person. Because of individual client requirements, it is not, and it should not be construed as, advice designed to meet the particular investment needs of any investor. This message is not an offer or the solicitation of an offer to sell or buy any security. Additional information is available upon request.