Viceroy Research LLC is an investigative financial research group registered in Delaware, USA.

Our reports and any statements made in connection with them contain the authors' opinions, which have been based upon publicly available facts, field research, information, and analysis through our due diligence process. All expressions of opinion are based upon the facts and information contained in our reports and are subject to change without notice. Nothing in any report should be interpreted as implying the existence of any material fact not disclosed or identified therein. We do not undertake to update or supplement any reports or any of the information, analysis, and opinion contained in them.

We have a good-faith belief that the factual assertions contained herein are supported by the sources cited or otherwise identified in the report and that the opinions expressed herein are supported by those factual assertions. We believe those sources to be accurate and reliable and, to the best of our knowledge and belief, not to owe any fiduciary duty or duty of confidentiality to the issuer with respect to any information provided to us. However, all such information is presented “as is,” without warranty of any kind - whether express or implied.

In no event will we be liable for any direct or indirect trading losses caused by any information available in this report. Think critically about our reports and do your own research and analysis before making any investment decisions. We do not provide investment advice and are not registered, nor required to register, as an investment advisor in any jurisdiction. By downloading, reading or otherwise using our research reports, you agree to do your own research and due diligence before making any investment decision with respect to securities discussed herein, and by doing so, you represent to us that you have sufficient investment sophistication to critically assess the information, analysis and opinions in this report. You should seek the advice of a securities professional regarding your stock transactions.

Our website, all documents contained herein including our reports or any information herein should not be interpreted as an offer, a solicitation of an offer, invitation, marketing of services or products, advertisement, inducement, or representation of any kind, nor as investment advice or a recommendation to buy or sell any investment products or to make any type of investment, or as an opinion on the merits or otherwise of any particular investment or investment strategy.

Any examples or interpretations of investments and investment strategies or trade ideas are intended for illustrative and educational purposes only and are not indicative of the historical or future performance or the chances of success of any particular investment and/or strategy. Viceroy does not establish price targets for any security issued by or related to the target of any report. Any opinion of value reflects only Viceroy’s own view based upon the information in each report.

You should assume that the authors, along with or through Viceroy’s members, partners, affiliates, employees, and/or consultants, have a direct or indirect interest/position in all stocks (and/or options, swaps, and other derivative securities related to the stock) and bonds covered herein, and therefore stand to realize monetary gains in the event that the price of either declines. Viceroy also frequently enters arrangements with capital providers pursuant to which those capital providers establish positions in a target company. We also enter relationships with market participants pursuant to which we receive compensation for pre-publication disclosure of all or a portion of the information contained in a report; we may additionally receive compensation via other arrangements which vary widely. In no case do we make any recommendations to, control, or otherwise influence trading by such counterparties or affiliates.

Viceroy expects to continue transacting directly and/or indirectly in the securities of issuers covered herein for an indefinite period and may be long, short, or neutral at any time hereafter regardless of their initial recommendation. Our investments are subject to our risk management guidance, which may result in the de-risking of some or all our positions at any time following publication of any report or letter depending on security-specific, market or other relevant conditions. While Viceroy generally continues to research and engage in further publication regarding any particular target, readers should assume that as of the time you read any individual report, we may have covered or closed some or all of our initial positions at the time of publication. Viceroy assumes no duty with respect to disclosure or maintenance of the trading positions of any third party including those with whom it has a contractual relationship.