Important Disclosures and Legal Disclaimers

This document and all of the information presented herein is intended to provide educational content and general market commentary only. No statements included herein relate to or contain any offer of Istari Capital Management LP’s (“Istari’s”) investment advisory services, nor does any content herein, including but not limited to any case studies or referenced companies, constitute an offer to sell or the solicitation of any offer to buy any security or shares or interest in any of Istari’s current or future private investment funds, which may only be made at the time a qualified offeree receives the applicable confidential private placement memorandum, subscription documents and governing documents.

This document and the views expressed herein do not relate to the investment objectives, financial situation, suitability, or needs of any specific person who may receive this document and should not be taken as investment advice. Information contained in this document is current only as of the date specified in this document and does not purport to present a complete picture of Istari or the funds and accounts managed by Istari.

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The information included in this document is based upon information reasonably available to Istari as of the date noted herein. Furthermore, the information included in this document has been obtained from sources that Istari believes to be reliable; however, these sources cannot be guaranteed as to their accuracy or completeness. Except for the historical information contained herein, the matters addressed in this document, including projections, market outlooks, assumptions and estimates, are forward-looking statements that are based on certain assumptions, and involve risks and uncertainties, including risks and changes affecting markets generally. Projections and other forward-looking statements are inherently uncertain, and actual results may differ from the projections and other forward-looking statements contained herein due to reasons that may not be foreseeable. Analyses and opinions contained herein incorporate assumptions that, if altered, can change such analyses or opinions. No representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information contained herein, by Istari, its members, partners or employees, and no liability is accepted by such persons for the accuracy or completeness of any such information.

Certain information contained herein constitutes “forward-looking statements,” which can be identified by the use of terms such as “may”, “will”, “should”, “expect”, “anticipate”, “project”, “estimate”, “intend”, “continue”, “target” or “believe” (or the negatives thereof) or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or actual performance of investments may differ materially from those reflected or contemplated in such forward-looking statements. No representation or warranty is made as to such forward-looking statements.

The information herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations. A recipient of this article should consult his or her tax, legal, accounting or other advisors about the matters discussed herein.

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