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this report may be derived from Argus research reports, notes, or analyses. The opinions and information contained herein have beenobtained or derived from sources believed to be reliable, but Argus makes no representation as to their timeliness, accuracy orcompleteness or for their fitness for any particular purpose. This report is not an offer to sell or a solicitation of an offer to buy any security.The information and material presented in this report are for general information only and do not specifically address individualinvestment objectives, financial situations or the particular needs of any specific person who may receive this report. Investing in anysecurity or investment strategies discussed may not be suitable for you and it is recommended that you consult an independent investmentadvisor. Nothing in this report constitutes individual investment, legal or tax advice. Argus may issue or may have issued other reportsthat are inconsistent with or may reach different conclusions than those represented in this report, and all opinions are reflective ofjudgments made on the original date of publication. Argus is under no obligation to ensure that other reports are brought to the attentionof any recipient of this report. Argus shall accept no liability for any loss arising from the use of this report, nor shall Argus treat allrecipients of this report as customers simply by virtue of their receipt of this material. Investments involve risk and an investor may incureither profits or losses. Past performance should not be taken as an indication or guarantee of future performance. Argus has providedindependent research since 1934. Argus officers, employees, agents and/or affiliates may have positions in stocks discussed in this report.No Argus officers, employees, agents and/or affiliates may serve as officers or directors of covered companies, or may own more thanone percent of a covered company’s stock. Argus Investors’ Counsel (AIC), a portfolio management business based in Stamford,Connecticut, is a customer of Argus Research Co. (ARC), based in New York.Argus Investors’ Counsel pays Argus Research Co. for research used in the management of the AIC core equity strategy and modelportfolio and UIT products, and has the same access to Argus Research Co. reports as other customers. However, clients and prospectiveclients should note that Argus Investors’ Counsel and Argus Research Co., as units of The Argus Research Group, have certain employeesin common, including those with both research and portfolio management responsibilities, and that Argus Research Co. employeesparticipate in the management and marketing of the AIC core equity strategy and UIT and model portfolio products.
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