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Important Disclosures

Analyst Certification

The analyst primarily responsible for the preparation of this research report attests to the following: (1) that the views and opinions rendered in this research report reflect his or her personal views about the subject companies or issuers; and (2) that no part of the research analyst’s compensation was, is, or will be directly related to the specific recommendations or views in this research report.

Analyst Certifications and Independence of Research

Each of the 22V Research analysts whose names appear on the front page of this report hereby certify that all the views expressed in this Report accurately reflect our personal views about any and all of the subject securities or issuers and that no part of our compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views of in this Report.

22V Research (the “Company”) is an independent research provider. The Company is not a member of the FINRA or the SIPC and is not a registered broker dealer or investment adviser. 22V Research has no other regulated or unregulated business activities which conflict with its provision of independent research.

22V Research, LLC is a professional services and independent publication organization. 22V Research, LLC is not a securities broker-dealer, not a member of the Financial Industry Regulatory Authority (FINRA), not a registered investment advisor (RIA) and not a member of SIPC.

Securities transactions, when offered, are offered by 22V Securities, LLC through LPS Capital, LLC. Certain employees of 22V Securities, LLC are dually registered as securities representatives of LPS Capital, LLC or Analyst Hub Securities, LLC.  22V Securities, LPS Capital and Analyst Hub Securities are members FINRA, SIPC.

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Current Ratings Definition.

SECTOR OUTPERFORM: An “outperform” rating anticipates the company will outperform the S&P Regional Banking Index (peer group).

SECTOR PERFORM: A “market perform” rating anticipates the company will perform in line with the S&P Regional Banking Index (peer group).

SECTOR UNDERPERFORM: An “underperform” rating anticipates the company will underperform the S&P Regional Banking Index (peer group).

Limitations of Research and Information

This Report has been prepared for distribution to only qualified institutional or professional clients of 22V Research. The contents of this Report represent the views, opinions, and analyses of its authors. The information contained herein does not constitute financial, legal, tax or any other advice. All third-party data presented herein were obtained from publicly available sources which are believed to be reliable; however, the Company makes no warranty, express or implied, concerning the accuracy or completeness of such information. In no event shall the Company be responsible or liable for the correctness of, or update to, any such material or for any damage or lost opportunities resulting from use of this data.

Nothing contained in this Report or any distribution by the Company should be construed as any offer to sell, or any solicitation of an offer to buy, any security or investment. Any research or other material received should not be construed as individualized investment advice. Investment decisions should be made as part of an overall portfolio strategy and you should consult with a professional financial advisor, legal and tax advisor prior to making any investment decision. 22V Research shall not be liable for any direct or indirect, incidental or consequential loss or damage (including loss of profits, revenue or goodwill) arising from any investment decisions based on information or research obtained from 22V Research.

Reproduction and Distribution Strictly Prohibited

No user of this Report may reproduce, modify, copy, distribute, sell, resell, transmit, transfer, license, assign or publish the Report itself or any information contained therein. Notwithstanding the foregoing, clients with access to working models are permitted to alter or modify the information contained therein, provided that it is solely for such client’s own use. This Report is not intended to be available or distributed for any purpose that would be deemed unlawful or otherwise prohibited by any local, state, national or international laws or regulations or would otherwise subject the Company to registration or regulation of any kind within such jurisdiction.

Copyrights, Trademarks, Intellectual Property

22V Research, and any logos or marks included in this Report are proprietary materials. The use of such terms and logos and marks without the express written consent of 22V Research is strictly prohibited. The copyright in the pages or in the screens of the Report, and in the information and material therein, is proprietary material owned by 22V Research unless otherwise indicated. The unauthorized use of any material on this Report may violate numerous statutes, regulations and laws, including, but not limited to, copyright, trademark, trade secret or patent laws.

Social Media Communications Disclosure

This communication is produced and distributed by 22V Applied Research LLC / 22V AI Macro Nexus. It may incorporate or discuss research, analysis, and other materials originally prepared by 22V Research, LLC. 22V Applied Research LLC and 22V Research, LLC operate as separate and distinct businesses.

This communication is provided for informational purposes only. This communication was prepared for an intended audience of institutional and qualified investors, which may include potential retail investors. Past performance is not indicative of future performance.

22V Research, LLC is affiliated with 22V Securities LLC, a FINRA member firm and member of SIPC. Each firm operates as a separate and distinct business. Securities transactions, when offered, are offered by 22V Securities, LLC, through LPS Capital, LLC, Member FINRA/SIPC.

The communication and material have been prepared for informational purposes only and is not an offer, recommendation or solicitation to buy or sell any security, or participate in any specific trading strategy. This communication does not constitute, nor should it be regarded as investment research or a research report or securities recommendation.

The intended recipients of this communication are presumed to be capable of conducting their own independent analysis, risk evaluation, and decision making regarding their investments. The information discussed may not be appropriate for all investors. The material is based on public information available as of the specified date and may be stale thereafter.

The performance and other information presented in this communication is not indicative of future results. The information in this communication has been obtained from sources we consider to be reliable, but we cannot guarantee its accuracy. The information is current only as of the date of this communication, and we do not undertake to update or revise such information following such date.

To the extent that any securities or their issuers are included in this communication, we do not undertake to provide any information about such securities or their issuers in the future. Further, to the extent that any securities or their issuers are included in this communication, each person responsible for the content included in this communication certifies that any views expressed with respect to such securities or their issuers accurately reflect his or her personal views about the same and that no part of his or her compensation was, is, or will be directly or indirectly related to the specific recommendations or views contained in this communication.

The individuals/author(s) principally responsible for the preparation of this communication may receive compensation based upon various factors, including quality and accuracy of their work, firm revenues (including trading revenues), client feedback, and other competitive factors. The individuals/author(s) may also personally hold securities positions referenced in this communication as part of the broader discussion.

This communication is provided on a “where is, as is” basis, and we expressly disclaim any liability for any losses or other consequences of any person’s use of or reliance on the information contained in this communication. The use of third-party data providers makes no warranties or representations of any kind relating to the accuracy, completeness, or timeliness of the data they provide and shall not have liability for any damages of any kind relating to such data.

This information is proprietary, and it and any portion hereof may not be copied, reprinted, forwarded, sold, redistributed or disclosed by the recipient or any third party, by content scraping or extraction, automated processing, or any other form or means, without the prior written consent of 22V Research, LLC. Any unauthorized use is prohibited.

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