Sustainable Food & AgTech Market Update

February 2019

Precision Software & Innovative Crop Science Sustainable Food Agriculture Sensing Farming

About Greentech Capital Advisors Our mission is to empower companies and investors who are creating a more efficient and sustainable global infrastructure. We are purpose-built to ensure that our clients achieve success. We have deeply experienced bankers who are sector experts and understand our clients' industries and needs. We reach a vast global network of buyers, growth companies, asset owners and investors, and thereby provide clients with more ways to succeed through a deeper relationship network. We have directly relevant transaction experience which enables us to find creative structures and solutions to close transactions. We are an expert team of 65 professionals working seamlessly on our clients' behalf in New York, Zurich and San Francisco and through a strategic partnership in Japan. Our team of experienced bankers provides conflict-free advice and thoughtful, innovative solutions. Greentech Capital Advisors / 1 Sustainable Food & AgTech February 2019 News

Selected Business > FrieslandCampina, a Dutch multinational dairy cooperative, has announced Developments that it will make 100% of its packaging recyclable by 2025 (FoodBev) > Recombinetics, a gene editing company specializing in agriculture and human therapeutics, spun off its agriculture business into a new company called Acceligen, which will focus on gene editing in animals to improve their overall health and resiliency to diseases and intense climates (AgFunder) > Tastewise, an Israeli food tech startup, has announced the launch of its AI- powered intelligence platform, which is designed to predict rapidly changing Greentech’s Take: food trends and consumer tastes (Global Ag) > Greentech believes > Bühler, Nestlé and Givaudan have launched the Future Food Initiative, a that large joint research program between Swiss universities and industrial partners to incumbents will continue to introduce accelerate the development of healthy food products and sustainable initiatives to improve packaging (FoodBev) their sustainability > Cargill has launched its South America Sustainable Soy Policy in response to practices concerns surrounding soy production and its contribution to deforestation (FoodBev) > Tate & Lyle, a global supplier of food and beverage ingredients, and Earthwatch, an environmental non-profit organization, have partnered to research the sustainability of stevia growth (FoodBev) > Good Catch Foods, a provider of plant-based foods, has launched its plant- based tuna products at Whole Foods and Thrive Market stores (Food Dive) > BrightFarms, a vertical farming company, plans to open three new sustainable greenhouse farms in Massachusetts, New York and North Carolina (Grocery Dive) > has announced its strategic plan to significantly reduce the plastic waste of its private brand packaging; the plan aims to utilize 100% recyclable, reusable or compostable packaging for its private brands by 2025 (Grocery Dive) > Pink Dot, a quick-delivery grocery and convenience chain, has announced an exclusive partnership agreement with Postmates for on-demand delivery services (Grocery Dive) > Walmart and Deliv, a crowdsourced same-day delivery startup, have ended their partnership; Walmart previously used Deliv’s same-day delivery services (Grocery Dive)

Selected Fund > Artesian, a global alternative investment manager, and Grains Research and Announcements Development Corporation (‘GRDC’), an Australian statutory grain research corporation, launched GrainInnovate, a $50mm venture capital fund focused on finding innovative solutions for Australia’s grain industry (Global Ag) > Rabobank announced a new allocation to Rabo Frontier Ventures, a venture capital fund focused on fintech and agtech companies, for $90mm (Global Ag) > Open Prairie, a fund focused on agtech and medical devices, has completed the final close of its Open Prairie Rural Opportunities Fund at $81mm (Global Ag)

Source: Greentech Analysis, Public Disclosures. Greentech Capital Advisors / 2 Sustainable Food & AgTech February 2019 Transactions

Selected > Ÿnsect, a mass-scale breeder of insect feed for the aquaculture and pet Capital Raises nutrition industry, raised $125mm in a Series C round led by Astanor Ventures (AgFunder)

Greentech’s Take: > Motif Ingredients, a spin-off of Ginkgo Bioworks’ food-related genetic engineering business, raised $90mm in a Series A round led by Fonterra > Greentech believes that crop science Ventures and Louis Dreyfus Corp (AgFunder) companies will > Sustainable Bioproducts, a biotechnology company that uses continue to raise microorganisms to convert biological waste into sustainable commercial significant amounts of products, raised $33mm in a Series A round led by 1955 Capital (PRNewswire) capital given their ability to promote > Phylagen, a developer of DNA database software designed to monitor, map resource efficiency in and manage microbiomes, raised $14mm in a Series A round led by Cultivian the agriculture Sandbox Ventures, Breakout Ventures and Working Capital (PRNewswire) industry, although regulatory concerns > Revolution Foods, a provider of healthy school and community meals, remain a risk for these received a $10mm impact investment from Nuveen Investment (Business Wire) companies > Tillable, a provider of an online marketplace for farmland, raised $8mm in a Series A round led by The Production Board and First Round Capital (AgFunder) > AgShift, a provider of a technology platform that autonomously inspects produce for quality and defects, raised an undisclosed sum in an equity round led by CerraCap (Global Ag)

Selected Mergers & > Saputo, the largest Canadian provider of dairy products, acquired Dairy Acquisitions Crest, a British provider of cheeses and butters, spreads and oils, for $1.6bn (Globe Newswire)

Greentech’s Take: > PepsiCo acquired CytoSport, a provider of sports-oriented nutritional > Greentech believes that products, for $465mm (PRNewswire) companies with > Glanbia, a global nutritional products provider, acquired Watson, a provider successful food waste of bakery ingredients, custom nutrient premixes and edible films, for $89mm reduction platforms (Food Business News) will garner substantial acquisition interest as > Wheatsheaf Group acquired Purfresh, a provider of specialized climate producers, packers and control technologies to reduce food and waste during shipping, for an retailers look for ways undisclosed sum (Global Ag) to reduce losses and improve margins

Source: Greentech Analysis, Public Disclosures. Greentech Capital Advisors / 3 Sustainable Food & AgTech Transactions

Capital Raises

Amount Total Disclosed Date Company Raised ($mm) Raised ($mm) Investors Company Description Louis Dreyfus Corp, Fonterra Ventures, Bill 2/26/2019 Motif Ingredients $90.0 $90.0 Gates, Breakthrough Energy Ventures, Ginkgo Bioworks' food-related genetic engineering business Viking Global Investors

2/21/2019 Tillable $8.3 $8.3 The Production Board, First Round Capital Provides an online marketplace for farmland

Develops soil sensors and machine learning technology designed to help 2/21/2019 Teralytic ND ND Macquarie Venture Capital Studio farmers increase output while using fewer resources

Astanor Ventures, VisVires New Protein, 2/20/2019 Ÿnsect $125.0 $149.5 Breeds and farms insect feed for the aquaculture and pet nutrition industry Talis Capital, Idinvest Partners, Bpifrance

2/20/2019 Revolution Foods $10.0 $171.5 Nuveen Investments Provides healthy meals to schools and youth programs

Breakout Ventures, Cultivian Sandbox, Working Capital, AgFunder, 3M Ventures, Dolby Family Ventures, Duck Investors, Develops DNA database software designed to monitor, map and manage 2/14/2019 Phylagen $14.0 $14.0 Blackhorn Ventures, J-Angels, Western microbiomes Technology Investment, Arden Road Investments

Provides a technology platform that autonomously inspects produce for quality 2/12/2019 AgShift ND ND CerraCap and defects

1955 Capital, ADM Ventures, Breakthrough Sustainable Energy Ventures, Danone Manifesto Biotechnology company that uses microorganisms to convert biological waste 2/4/2019 $33.0 $33.0 Bioproducts Ventures, Lauder Partners, Liebelson Family into sustainable commercial products Office

Mergers & Acquisitions

Transaction EV / EV / Date Target Acquiror Value ($mm) Revenue EBITDA Target Description

Canadian food and mineral provider's soy and corn specialty grain 2/26/2019 SunOpta Pipeline Foods $66.5 ND ND business

2/22/2019 Dairy Crest Saputo $1,561.3 2.5x 14.2x Provides dairy products including cheeses and butters, spreads and oils

2/20/2019 Watson Glanbia $89.0 ND ND Provides bakery ingredients, custom nutrient premixes and edible films

2/19/2019 CytoSport PepsiCo $465.0 ND ND Provides sports-oriented nutritional products

Provides specialized climate control technologies designed to reduce food 2/8/2019 Purfresh Wheatsheaf Group ND ND ND and waste during shipping

Source: PitchBook, FactSet, Crunchbase, i3, Public Disclosures. Greentech Capital Advisors / 4 Sustainable Food & AgTech Trading Comparables

Market Enterprise EV as a Multiple of EV as a Multiple of Price as of Value Value (1) EBITDA (2) Revenue (3) Price / Earnings (4) Company 2/28/2019 ($mm) ($mm) 2019E 2020E 2019E 2020E 2019E 2020E Consumer Packaged Foods Nestle CHF90.36 $277,828 $309,080 15.2x 14.3x 3.2x 3.1x 20.9x 19.1x Coca-Cola $45.34 $193,844 $223,512 19.3x 18.0x 6.4x 6.1x 21.7x 20.1x Unilever $40.08 $155,168 $186,160 14.3x 13.2x 3.1x 3.0x 18.5x 16.7x PepsiCo $115.64 $162,438 $183,853 14.0x 13.2x 2.8x 2.7x 21.0x 19.4x LVMH € 302.00 $173,673 $182,100 12.1x 11.3x 3.1x 2.9x 21.3x 19.6x Mondelez International $47.16 $68,107 $85,455 16.2x 15.6x 3.3x 3.2x 19.1x 17.6x Kraft Heinz $33.19 $40,473 $70,749 11.0x 10.9x 2.7x 2.7x 11.8x 11.3x Danone € 66.33 $51,742 $66,345 11.9x 11.1x 2.3x 2.2x 17.2x 15.6x General Mills $47.13 $28,125 $43,723 12.4x 12.1x 2.6x 2.5x 14.9x 14.2x Tyson $61.66 $22,091 $33,814 7.9x 7.6x 0.8x 0.8x 10.3x 9.5x Monster Beverage $63.83 $34,703 $33,756 22.1x 20.1x 8.0x 7.3x 31.4x 27.7x Kellogg Company $56.26 $19,348 $28,478 11.8x 11.4x 2.1x 2.0x 14.1x 13.2x Hormel Foods $43.36 $23,180 $23,296 16.1x 15.4x 2.4x 2.3x 23.6x 22.1x McCormick $135.98 $17,968 $22,580 19.0x 18.0x 4.1x 4.0x 25.8x 23.9x Conagra Brands $23.37 $11,349 $22,550 11.1x 9.9x 2.2x 2.0x 11.0x 10.0x $36.02 $10,843 $20,110 11.0x 11.0x 2.0x 2.1x 14.4x 13.9x J.M. Smucker $105.91 $12,047 $17,930 10.7x 10.6x 2.3x 2.3x 12.9x 12.4x Post $101.88 $6,775 $12,891 10.4x 9.9x 2.2x 2.1x 19.4x 16.5x TreeHouse Foods $60.58 $3,392 $5,526 10.0x 9.6x 1.0x 1.0x 23.8x 20.3x Lancaster Colony Corp $156.77 $4,312 $4,118 18.0x 17.1x 3.1x 3.0x 27.9x 26.4x Aryzta CHF1.14 $1,136 $3,729 10.2x 9.2x 1.0x 0.9x 12.0x 8.1x B&G Foods $24.62 $1,616 $3,240 10.5x 10.3x 2.0x 2.0x 13.4x 12.8x J&J Snack Foods $155.28 $2,917 $2,780 16.1x 15.2x 2.4x 2.3x 30.6x 28.7x Hain Celestial $19.67 $2,048 $2,703 13.4x 12.3x 1.2x 1.2x 26.1x 20.9x

Median 12.3x 11.8x 2.4x 2.3x 19.2x 17.1x Mean 13.5x 12.8x 2.8x 2.7x 19.3x 17.5x

Retail & Meal Delivery $1,639.83 $805,489 $813,102 19.2x 15.0x 3.0x 2.5x NA 41.5x Walmart $98.99 $287,592 $345,041 10.6x 10.4x 0.7x 0.6x 20.8x 19.9x Wholesale $218.74 $96,353 $95,192 14.8x 13.7x 0.6x 0.6x 27.7x 25.5x Target $72.64 $37,906 $50,928 7.8x 7.7x 0.7x 0.6x 13.0x 12.4x $29.33 $23,398 $36,847 6.8x 6.5x 0.3x 0.3x 13.1x 12.0x Tesco £ 2.26 $29,440 $34,330 6.8x 6.3x 0.4x 0.4x 13.8x 12.2x Royal Ahold € 22.68 $30,564 $31,203 6.2x 6.1x 0.4x 0.4x 13.5x 13.0x BJ's Wholesale Club $25.32 $3,477 $5,384 9.5x 9.2x 0.4x 0.4x 17.5x 15.5x $23.32 $2,895 $3,471 10.0x 9.2x 0.6x 0.5x 19.3x 17.3x HelloFresh € 9.58 $1,793 $1,501 NA 23.3x 0.8x 0.7x NA NA Smart & Final $6.20 $471 $1,076 5.8x 5.6x 0.2x 0.2x 13.5x 12.2x Blue Apron $1.07 $209 $268 NA 12.9x 0.5x 0.4x NA NA

Median 8.7x 9.2x 0.5x 0.5x 13.8x 14.3x Mean 9.7x 10.5x 0.7x 0.6x 16.9x 18.1x

Source: FactSet, SEC filings as of 2/28/2019. Values in U.S. Dollars. Share prices shown in local currencies. (1) Enterprise Value = Market Value of Equity + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities. (2) 2018 and 2019 EBITDA Multiples exclude multiples over 35x. (3) 2018 and 2019 Revenue Multiples exclude multiples over 15x. (4) 2018 and 2019 Price/Earnings Multiples exclude multiples over 50x. Greentech Capital Advisors / 5 Sustainable Food & AgTech Trading Comparables (Cont’d)

Market Enterprise EV as a Multiple of EV as a Multiple of Price as of Value Value (1) EBITDA (2) Revenue (3) Price / Earnings (4) Company 2/28/2019 ($mm) ($mm) 2019E 2020E 2019E 2020E 2019E 2020E Distribution Sysco Corp $67.55 $34,684 $42,787 11.8x 11.0x 0.7x 0.7x 18.9x 17.2x Associated British Foods £ 22.43 $23,619 $22,740 8.5x 7.9x 1.1x 1.0x 16.1x 14.6x US Foods $35.24 $7,669 $11,179 9.5x 8.7x 0.4x 0.4x 16.1x 14.2x METRO AG € 14.77 $6,055 $8,792 5.6x 5.7x 0.3x 0.3x 13.3x 14.2x Performance Food Group $38.53 $4,053 $5,344 11.0x 10.1x 0.3x 0.3x 20.1x 18.0x United Natural Foods $15.01 $770 $4,118 6.2x 5.5x 0.2x 0.2x 9.2x 7.7x Core-Mark Holding $31.51 $1,440 $1,778 10.2x 9.4x 0.1x 0.1x 21.6x 19.5x The Chef's Warehouse $32.01 $959 $1,195 13.8x 12.3x 0.8x 0.7x 32.6x 27.3x

Median 9.8x 9.1x 0.4x 0.3x 17.5x 15.9x Mean 9.6x 8.8x 0.5x 0.5x 18.5x 16.6x

Chemicals, Life Science & Large Crop DowDuPont $53.23 $120,021 $148,477 8.2x 7.5x 1.7x 1.7x 13.4x 11.4x Bayer AG € 70.28 $74,630 $119,235 8.7x 7.9x 2.3x 2.2x 10.2x 9.0x FMC Corp $89.50 $12,052 $14,723 12.4x 11.2x 3.3x 3.1x 15.7x 13.4x NuFarm A$5.24 $1,415 $2,569 6.9x 6.4x 1.0x 0.9x 11.9x 10.0x American Vanguard Corp $18.78 $569 $657 10.1x 9.0x 1.4x 1.3x 21.3x 17.9x AgroFresh Solutions $4.31 $220 $613 7.4x NA 3.0x NA NA 32.2x

Median 8.5x 7.9x 2.0x 1.7x 13.4x 12.4x Mean 9.0x 8.4x 2.1x 1.8x 14.5x 15.7x

Seeds & Commodities Nutrien $54.44 $32,776 $39,685 8.5x 8.0x 1.9x 1.9x 18.0x 16.0x Archer Daniels Midland $42.50 $23,804 $29,617 8.2x 7.9x 0.4x 0.4x 12.0x 11.3x Mosaic $31.27 $12,054 $15,942 7.0x 6.8x 1.6x 1.6x 13.2x 12.1x Yara NOK360.10 $11,512 $15,587 7.5x 6.4x 1.1x 1.1x 13.7x 10.8x Bunge Limited $53.08 $7,491 $12,556 8.1x 7.5x 0.3x 0.3x 18.9x 13.8x Olam S$1.96 $4,745 $11,667 NA NA NA NA NA NA Vilmorin & Cie € 56.40 $1,472 $2,464 6.7x 6.2x 1.5x 1.4x 14.0x 12.5x KWS SAAT € 277.50 $2,086 $2,287 11.0x 10.5x 1.8x 1.7x 18.3x 17.2x Sakata Seed JP¥3,775.00 $1,642 $1,477 15.7x 14.2x 2.5x 2.4x 26.3x 24.6x SunOpta C$3.40 $226 $836 16.8x 13.6x 0.7x 0.7x NA NA

Median 8.2x 7.9x 1.5x 1.4x 16.0x 13.2x Mean 9.9x 9.0x 1.3x 1.3x 16.8x 14.8x

Industrial Biotechnology Cosan $11.48 $2,646 $9,524 4.6x 4.7x 0.6x 0.5x 10.6x 14.4x Ingredion $92.45 $6,163 $7,949 7.9x 7.6x 1.4x 1.3x 13.0x 12.3x Darling Ingredients $21.98 $3,619 $5,249 11.1x 10.6x 1.5x 1.4x 22.1x 21.2x Tate & Lyle £ 6.95 $4,322 $4,693 7.8x 7.6x 1.2x 1.2x 13.4x 12.9x MGP Ingredients $81.85 $1,388 $1,415 20.0x 17.7x 3.6x 3.3x 31.4x 27.0x Green Plains $15.60 $640 $1,329 10.6x 7.1x 0.4x 0.4x NA NA Renewable Energy Group $26.57 $991 $987 7.4x NA 0.4x NA 16.7x NA Amyris $4.74 $363 $519 NA 9.5x 2.2x 1.6x NA 17.6x FutureFuel $18.44 $807 $504 NA NA NA NA NA NA Benchmark Holdings £ 0.51 $377 $458 14.4x 10.3x 1.9x 1.7x NA 44.3x

Median 9.3x 8.6x 1.4x 1.4x 15.1x 17.6x Mean 10.5x 9.4x 1.5x 1.4x 17.9x 21.4x

Source: FactSet, SEC filings as of 2/28/2019. Values in U.S. Dollars. Share prices shown in local currencies. (1) Enterprise Value = Market Value of Equity + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities. (2) 2018 and 2019 EBITDA Multiples exclude multiples over 35x. (3) 2018 and 2019 Revenue Multiples exclude multiples over 15x. (4) 2018 and 2019 Price/Earnings Multiples exclude multiples over 50x. Greentech Capital Advisors / 6 Sustainable Food & AgTech Trading Comparables (Cont’d)

Market Enterprise EV as a Multiple of EV as a Multiple of Price as of Value Value (1) EBITDA (2) Revenue (3) Price / Earnings (4) Company 2/28/2019 ($mm) ($mm) 2019E 2020E 2019E 2020E 2019E 2020E Other Agricultural Products Wilmar International S$3.20 $15,165 $35,180 13.6x 12.8x 0.8x 0.7x 12.0x 10.9x Marubeni Corp JP¥794.70 $12,407 $33,645 13.0x 12.5x 0.5x 0.5x 5.6x 5.4x CF Industries $42.20 $9,406 $16,195 9.1x 8.3x 3.3x 3.2x 18.0x 14.1x Scotts Miracle-Gro $81.90 $4,533 $6,797 12.6x 12.1x 2.3x 2.2x 19.1x 17.4x BayWa AG € 24.40 $1,022 $4,688 12.8x 12.1x 0.2x 0.2x 15.2x 12.9x Compass Minerals $52.38 $1,773 $3,111 9.7x 8.0x 2.1x 1.9x 21.1x 13.6x Tata Chemicals ₹ 556.70 $1,994 $2,585 7.9x 7.0x 1.5x 1.4x 12.4x 9.9x Central Garden & Pet $31.28 $1,660 $1,863 8.2x 7.6x 0.8x 0.8x 16.6x 15.0x CVR Partners $4.01 $454 $1,021 7.2x 8.4x 2.4x 2.6x NA NA Bevo Agro C$3.67 $530 $545 NA NA NA NA NA NA

Median 9.7x 8.4x 1.5x 1.4x 15.9x 13.2x Mean 10.5x 9.9x 1.5x 1.5x 15.0x 12.4x

Equipment, Software & Services Deere & Co $164.04 $52,473 $91,400 17.3x 16.8x 2.5x 2.5x 14.3x 12.8x CNH Industrial $10.88 $30,920 $49,592 14.2x 13.6x 1.7x 1.7x 12.3x 11.1x Kubota Corp JP¥1,502.50 $16,636 $22,895 9.8x 9.4x 1.3x 1.3x 12.2x 11.7x Mahindra & Mahindra ₹ 646.55 $11,301 $18,645 16.9x 16.0x 2.3x 2.1x 15.0x 14.2x Toro Co $68.58 $7,279 $7,341 15.6x 14.1x 2.6x 2.5x 23.1x 20.6x AGCO $67.58 $5,290 $6,484 7.5x 6.9x 0.7x 0.7x 14.6x 12.6x Husqvarna kr75.70 $4,720 $5,632 9.2x 8.4x 1.2x 1.2x 15.6x 13.6x Valmont Industries $136.59 $2,997 $3,513 9.1x 8.5x 1.2x 1.2x 16.4x 14.8x Raven Industries $39.92 $1,435 $1,367 14.4x 12.6x 3.2x 3.0x 25.0x 21.8x Alamo Group $96.04 $1,127 $1,178 NA NA 1.1x 1.1x 14.8x 12.8x Jain Irrigation ₹ 56.90 $408 $987 5.2x 4.6x 0.7x 0.6x 6.8x 5.0x Lindsay Corp $92.47 $997 $977 16.2x 13.5x 2.0x 1.9x 32.4x 22.5x Origin Enterprises € 5.42 $775 $817 7.8x 7.5x 0.4x 0.4x 10.1x 9.5x Iteris $4.32 $144 $133 NA 9.2x 1.3x 1.0x NA 15.3x

Median 12.0x 9.4x 1.3x 1.3x 14.8x 13.2x Mean 11.9x 10.8x 1.6x 1.5x 16.4x 14.2x

Food Service Compass Group £ 16.65 $35,125 $39,709 12.2x 11.5x 1.2x 1.1x 19.5x 18.2x Sodexo € 96.58 $16,216 $17,705 10.0x 9.4x 0.7x 0.7x 18.0x 16.8x $30.30 $7,463 $14,600 8.5x 8.1x 0.9x 0.9x 12.5x 11.2x Elior € 12.68 $2,540 $4,621 7.7x 7.2x 0.6x 0.6x 14.5x 13.3x

Median 9.2x 8.7x 0.8x 0.8x 16.3x 15.0x Mean 9.6x 9.1x 0.8x 0.8x 16.1x 14.8x

Source: FactSet, SEC filings as of 2/28/2019. Values in U.S. Dollars. Share prices shown in local currencies. (1) Enterprise Value = Market Value of Equity + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities. (2) 2018 and 2019 EBITDA Multiples exclude multiples over 35x. (3) 2018 and 2019 Revenue Multiples exclude multiples over 15x. (4) 2018 and 2019 Price/Earnings Multiples exclude multiples over 50x. Greentech Capital Advisors / 7 Global Experts in Sustainable Technology and Infrastructure

Zürich New York Tokyo Partnership with    Sangyo Sosei San Francisco Advisory Inc.

Mergers & Asset Capital Strategic Acquisitions Transactions Raising Advisory • Corporate sales • Strategic consulting • Acquisitions • Equity private • Asset sales • IPO preparation • Divestiture placements • Acquisitions • Financial restructuring • Passive equity • Debt private placements • Minority investments • Specialized opinions • Development capital • Project finance advisory • Joint ventures • Independent capital formation • Co-managed public • Fairness opinions offerings markets advice >20 $19bn >21 GW $4bn assignments

Note: As of February 28, 2019.

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This industry update, (the “Monthly Update”) was developed from publicly available information, without any independent investigation or verification thereof by Greentech Capital Advisors, LLC, taken together with its affiliates, (“Greentech”), and Greentech makes no representation or warranty as to the accuracy and completeness of such information. The Monthly Update is not intended to provide, and should not be relied upon for, legal, tax, regulatory, financial, accounting or investment advice. Prior to entering into any transaction advised by Greentech (a “Transaction”), you should determine, without reliance upon Greentech, the economic risks and merits (and independently determine that you are able to assume these risks) as well as the legal, tax and accounting characterizations and consequences of any such Transaction. In this regard, by accepting this Presentation, you acknowledge that (a) Greentech is not in the business of providing (and you are not relying on Greentech for) legal, tax or accounting advice, (b) there may be legal, tax or accounting risks associated with any Transaction, (c) you should receive (and rely on) separate and qualified legal, tax and accounting advice and (d) you should apprise senior management in your organization as to such legal, tax and accounting advice (and any risks associated with any Transaction) and our disclaimers to these matters.

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