Submitted by Chris Grove

Daily Fantasy Sports Player Survey - 2015

Adam Krejcik, Managing Director of Digital & Interactive Gaming, Eilers Research, LLC

July 14th, 2015 AboutAbout Us:Us

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2 of 36 SurveySurvey overview:Overview

This survey was conducted online between June 18th – July 9th, 2015. This survey was not commissioned by any 3rd party.

Total respondents (n) = 1,420. Note: participants could skip any question and therefore total responses for individual questions may vary.

Survey link was actively promoted on various distribution channels including: social media (i.e. Twitter, Facebook, LinkedIn), industry websites, and proprietary customer databases.

Special thanks to everyone who participated and helped promote this survey. In particular we would like to thank our media partners: RotoGrinders, RotoWire, DFS Report and Legal Sports Report and our strategic partners: Fantini Research and IAGA.

Copyright: All information in this report is property of Eilers Research, LLC and may not be reproduced without express written consent.

3 of 36 Some Key Findings…

We encourage readers to go through this entire report and draw their own conclusion based on the data we have collected. That said, some key findings & highlights include:

. DFS players = millennials (and essentially all males). . Most DFS players also participate in season-long fantasy and many play in more than one league / sport. However, nearly half of all survey participants said they’ve significantly reduced their season-long fantasy activity (after they started playing DFS). . The most common reason cited among participants who said they do not play DFS was “too intimidating / time consuming”. . Most DFS users have been active for under 2-years and would consider themselves “intermediate” players. Most users first heard about DFS though a “friend / referral”. . A majority of DFS users said the “deposit bonus” did not have a major impact on their decision to create an account. . Our survey participants said their favorite DFS site (where they spend most time / money) was DraftKings. DraftKings also received the highest Net Promoter Score at 21. . Over half of our survey participants said they do not play on any other site besides FanDuel & DraftKings; the most popular #3 site among our participants was a tie between Victiv and Fantasy Aces. . Our survey indicates most DFS players spend 10-20 hours a week on research and RotoGrinders is their preferred site (by a wide margin).

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Some More Key Findings…

. Most survey participants said their average total entry fees on a weekly basis was $100 or less. Most participants said $5 or less was their preferred price point for a GPP. . Our survey results indicate that roughly 70% of players are not generating a positive ROI from DFS. Nonetheless, most survey participants said they “love it and would never quit” and the industry as a whole received a Net Promoter Score of 46. “It makes watching sports more fun /engaging” was the most often cited reason for what users love about DFS, while “rake structure” and “unlimited GPP entries” was the most frequently cited response for what users hate about DFS. . Approximately 48% of our survey participants said they used to play real-money online poker, but roughly 98% said they would not substantially limit their DFS playing time if real- money poker was legal & readily available in their state. . Approximately 66% of our survey participants believe DFS is a legal alternative to sports betting, but 94% said they would not significantly reduce their DFS playing time if sports betting was legal & readily available in their state. . Approximately 60% of our survey participants do not visit Las Vegas even once (during an average year). Roughly 45% of our participants said when they visit Las Vegas they typically spend more on food / entertainment versus gambling. . Favorite form of gambling at a casino among survey participants was as follows (ranked highest to lowest): Sports Betting, Blackjack, Poker, Craps, Roulette, Slots, and Baccarat.

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I Background Information

Questions 1-5 of the survey inquired about participant background / demographics.

6 of 36 Survey – Background Information

What is your gender? Our survey results indicate DFS is largely n = 1,237 dominated by males. This differs from season-long Male Female fantasy at 66% males & 34% females, per recent 2% FSTA Market Study - 2015 (conducted by IPSOS).

Our findings are consistent with a FanDuel Demographic Study (2014), which found 95% of its players are male.

98%

What is your ethnicity? n = 1,241

91.6% Our survey results indicate over 90%+ of DFS

players are Caucasian / white.

3.7%

0.7% 2.2% 2.3% 1.3% 0.6%

Native

Hispanic Latinoor

White Caucasian/

Prefer notto answer

Other (pleasespecify)

Asian or Pacific Islander

Blackor African American American Indian or Alaskan

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015” 7 of 36 Daily Fantasy Sports Survey - Background Information

What is your approximate average household income? n = 1,221 Our survey results indicate that 59% of DFS players have an average household income of $250,000 and up 6.6% $75,000 or greater.

$150,000-$250,000 12.4% FSTA Market Study found average household income was $77k/year, while FanDuel $100,000-$150,000 19.7% Demographic Study found $93k/year.

$75,000-$100,000 20.0%

$50,000-$75,000 18.6%

$0-$50,000 22.6% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

What is your age? n = 1,243 Our survey results indicate 51% of DFS players

51 or older 5.5% are between the age of 25-35.

41 to 50 15.0% This is consistent with FSTA Market Study, which 36 to 40 15.3% found average age of 37.7 years old, and FanDuel Demographic Study. 31 to 35 25.5%

25 to 30 25.7%

18 to 24 12.7%

Under 18 0.3%

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015” 8 of 36 Daily Fantasy Sports Survey - Background Information

Where do you live? (Top-10 Responses Shown) n = 1,164 Approximately 40% of our survey participants 14% resided in these 5 states: NY, CA, IL, FL, and PA 12%

10%

8%

6%

4% 2%

0% NY CA IL FL PA TX NJ Canada MI MA

Implied Top-10 States in North America for DFS Popularity* (indexed by adult population) Top-10 states for DFS popularity in North America North Dakota Nevada is based on number of survey respondents from

New York each state (indexed by adult population).

New Jersey * Note: the small population size of North Dakota & Connecticut Eilers Research large database of contacts from Massachesetts Nevada may have skewed results (i.e. over- Illinois indexed) for these two states. Nebraska

Pennsylvania

Minnesota

- 0.50 1.00 1.50 2.00 2.50 3.00 3.50

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015” 9 of 36

II Season -Long Fantasy Preferences & Trends

Questions 6-9 of the survey inquired about participant preferences and trends as it relates to season-long fantasy sports.

10 of 36 Daily Fantasy Sports Survey – Season-long Preferences

I have been playing traditional / season long fantasy sports (Football, Basketball, Baseball, etc.) n = 1,246 Survey results indicate most DFS players also play in season-long leagues and most have been Over 10 years 53.1% playing for over 10 years. Roughly 7% of DFS players “do not play” season-long fantasy.

5 to 10 years 25.0%

1 to 4 years 15.3%

I don't play 6.6% 0.0% 20.0% 40.0% 60.0%

My average season long fantasy sports league entry fee is: n = 1,192

Over $1,001 1.6%

$501-$1,000 2.1% Survey results indicate that average season-long entry fee is $50-$100 for most DFS players. $301-$500 4.7%

$101-$300 25.1%

$50-$100 35.2%

Under $50 31.4%

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0%

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015” 11 of 36 Daily Fantasy Sports Survey – Season-long Preferences

I typically play in "X" number of season-long fantasy leagues during the NFL season? n = 1,168 Survey results indicate most DFS players play in two or more season-long fantasy leagues during 5 or more 15.1% the NFL season.

4 7.9%

3 23.5%

2 30.7%

1 22.9%

0.0% 10.0% 20.0% 30.0% 40.0%

During the year I typically play in at least one other season long fantasy sports league besides NFL? n = 1,222

Survey results indicate most DFS players also play in at least one other season-long fantasy sports False, 38.8% league (ex-NFL) during the year.

True, 61.2%

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015” 12 of 36 Daily Fantasy Sports Survey – Season-long Preferences

Of the 110 respondents who said they did not play DFS the most common listed response (28%) was that “it appears to be too time consuming or intimidating”. The most frequent written responses for “Other” included: “Too many sharks / only top-1% ever win” and “it lacked the social elements / GM features found in season-long fantasy”.

Note: we have excluded these 110 participants results from all the data we have provided throughout this report.

The Reason I do NOT Play Daily Fantasy Sports (DFS): n = 110

Other (please specify) 29.1%

Don't want to risk any money 19.1%

I'm concerned about the legality 10.0%

It appears to be too time consuming or intimidating 28.2%

I don't know what Daily Fantasy Sports are 13.6%

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0%

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015” 13 of 36

III DFSDFS Player Player Profile Habits

Questions 10-17 of the survey inquired about participant background and history as it relates to Daily Fantasy Sports.

14 of 36 Daily Fantasy Sports Survey – Player Profile

I have been playing Daily Fantasy Sports: n = 1,244 Survey results indicate that 62% of DFS players have been active for less than 2-years. Over 3 years 18.2%

2 to 3 years 19.5%

1 to 2 years 30.2%

Less than 1 year 32.1%

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0%

I would consider myself a DFS: n = 1,246

Pro (I do this for a living) 3.0%

Advanced (10-20hrs a week on research, multiple sports, large bankroll) 25.1% Survey results indicate majority (56%) of DFS users categorize themselves as “intermediate” Intermediate 56.1% players.

Beginner (played a few times, limited 1-2 sports, small bankroll) 15.7%

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0%

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015” 15 of 36 Daily Fantasy Sports Survey – Player Profile

I first heard about DFS through: n = 1,238 30.0% Survey results indicate that most users (26%) first 26.0% 24.9% heard about DFS through “friend / referral / word of 25.0% mouth” followed by “web” advertising (25%). 19.6% 20.0% 17.5%

15.0%

10.0% 7.3% 4.7% 5.0%

0.0% TV commercial Radio Social media Web Friend / referral / Other (please (Facebook, (Rotogrinders, word of mouth specify) Twitter, etc.) ESPN, Rotowire) Please rate your experience / opinion of each DFS vertical: (Scale of 1 to 5, with 5 "love it" and "1" hate it. Score of 2.5 = neutral opinion) n = 1,243

NASCAR

MMA

Hockey Survey results indicate that the most popular DFS Soccer sports among users is Football, followed by Golf Baseball and Basketball. Baseball

Basketball

Football

0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00 Football Basketball Baseball Golf Soccer Hockey MMA NASCAR Aggregated score 4.53 3.99 4.10 3.59 2.34 2.96 2.34 2.51

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015” 16 of 36 Daily Fantasy Sports Survey – Player Profile

The "deposit bonus" played a major role in my decision to create my first DFS account? n = 1,239 Survey results indicate that the “deposit bonus” promotion does not play a major role in terms of new account registration.

Yes, 30.2%

No, 69.8%

Since I've started playing DFS I no longer play or have significantly reduced my season long fantasy activity? n = 1,217

Survey results indicate that nearly half of all DFS players have “significantly reduced” there season- long fantasy activity after they begun playing DFS.

Yes, 48.1% No, 51.9%

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015” 17 of 36

IV DFSDFS Usage Player & HabitsPreferences

Questions 18-29 of the survey inquired about participant usage and preferences as it relates to Daily Fantasy Sports.

18 of 36 Daily Fantasy Sports Survey – Usage & Preferences

My favorite DFS site (where I spend most of my time/money) n = 1,217 Our survey participants favored DraftKings over FanDuel, which is also consistent with Net Other (please 6.4% Promoter Score question (asked later in the specify) survey).

DraftKings 50.6%

FanDuel 43.0%

0.0% 20.0% 40.0% 60.0%

Besides FanDuel & DraftKings my next favorite DFS site (where I spend most of my time/money) n= 1,215

56.0%

Outside of the Big 2 our survey participants said they spend a majority of their time/money on Victiv & Fantasy Aces. Notably, our survey implies that over half of all DFS players do not play on any other site besides FD & DK. 13.3% 13.7% 8.1% 5.7% 3.3%

Fantasy Aces DraftDay Victiv Fantasy Feud* I don't play on Other (please any other sites specify)

* Fantasy Feud was not listed as a multiple choice option, % above is based upon # of written-in “Other” responses Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015” 19 of 36 Daily Fantasy Sports Survey – Usage & Preferences

Our survey indicates that “Liquidity / plenty of cash games & GPPs to choose from” was the “Most Important” factor in terms of what makes a user choose a certain DFS site. “Game format / interface / mobile app” and “payout structure” were also considered to be important. The “Least Important” factors included: “My friends play on the site” and “referral & deposit bonus”

Please rate the importance of what makes you play on a certain DFS site (Respondants had to rank each option "Least Important" (1) to "Most Important" (7) and could not choose the same numerical rating for more than one answer) n = 1,206

Referral & deposit bonus / affiliate program

Overlay

Game format / interface / mobile app

Payout structure

My friends play on the site

Liquidity / plenty of cash games & GPPs to choose from

Size of Guaranteed Prize Pools (GPPs)

0.00 1.00 2.00 3.00 4.00 5.00 6.00

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015” 20 of 36 Daily Fantasy Sports Survey – Usage & Preferences

Each week I spend "X" hours engaging in DFS research n = 1,219 Survey results indicate that most users (32%) spend 10-20 hours a week engaging in DFS Over 30 hrs 9.5% research.

20-30 hrs 12.8%

10-20 hrs 32.2%

5-10 hrs 29.8%

Under 5 hours 15.7%

0.0% 10.0% 20.0% 30.0% 40.0%

The website I use most to conduct DFS research: n = 1,205

Other (please specify) 20.3% Survey results indicate that RotoGrinders is by far

ESPN 5.8% the most popular website used to conduct DFS research.

Rotowire 4.3%

Rotogrinders 63.3%

Rotoworld 6.2%

0.0% 20.0% 40.0% 60.0% 80.0%

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015” 21 of 36 Daily Fantasy Sports Survey – Usage & Preferences

My total average entry fees / $ at risk on a weekly basis: n = 1,212 Survey results indicate that most users (42%) spend on average less than $100 a week on DFS. Over $10,000 2.9%

$2,000-$10,000 6.5%

$500-$2,000 14.7%

$100-$500 33.5%

Under $100 42.4%

My favorite / preferred price point for a GPP tournament n = 1,216

Over $1,000 0.2%

$100-$1,000 2.7% Survey results indicate that most users (46%) $30-$100 4.2% prefer GPPs that have a $5 or less entry fee.

$20-$30 13.7%

$5-$20 32.8%

Under $5 46.4%

0.0% 20.0% 40.0% 60.0%

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015” 22 of 36 Daily Fantasy Sports Survey – Usage & Preferences

The most I have ever won in a single week playing DFS: n = 1,214 Survey results indicate that most users (26%) Over $100,000 1.6% single biggest weekly win has been between $100- $500. $20,000-$100,000 5.5%

$5,000-$20,000 14.0% $1,000-$5,000 20.3%

$500-$1,000 15.7%

$100-$500 26.4%

Under $100 16.6%

The most I have ever lost in a single week playing DFS n = 1,216

Over $20,000 1.4% Survey results indicate that most users (38%) $5,000-$20,000 3.5% single biggest weekly loss has been under $100.

$1,000-$5,000 12.0%

$500-$1,000 11.6%

$100-$500 33.6%

Under $100 37.8%

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015” 23 of 36 Daily Fantasy Sports Survey – Usage & Preferences

Our survey results indicate that the ROI for most DFS players is between “Breakeven and +20%”. If we assume that most participants who selected “breakeven to +20%” were likely just breakeven (its human nature to round higher when it comes to investing or wagering and in reality most players are doing worse than they imagine) that would imply that 70% of players are not generating a positive return from DFS. This is consistent with our own due diligence and tournament payout structures at many DFS sites.

My Return on Investment (ROI) from DFS over the trailing 12-month period: n = 1,202

Over 1000% 3.5%

+100% to +1000% 9.8%

+20% to +100% 16.6%

Breakeven to +20% 35.5%

50% loss to breakeven 23.9%

50% loss or worse 10.6%

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0%

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015” 24 of 36

V DFSDFS Player Player Experience Habits

Questions 30-39 of the survey inquired about participant experience and preferences for 3rd party tools & sites.

25 of 36 Daily Fantasy Sports Survey – Player Experience

I typically allocate X% of my bankroll to GPP tournaments: n = 1,203 Survey results indicate that most users (47%) Over 90% allocate less than 10% of their “bankroll” to GPPs.

70% to 90%

50% to 70%

30% to 50%

10% to 30%

10% or less 0.0% 10.0% 20.0% 30.0% 40.0% 50.0%

I would watch a video commercial / fill-out a survey / etc. if it meant I got a free entry into a GPP? n = 1,216

No, 11.5% Survey results indicate that an overwhelming majority of users (88.5%) would watch an advertisement / fill-out a survey if it meant a free entry into a GPP. Yes, 88.5%

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015” 26 of 36 Daily Fantasy Sports Survey – Player Experience

I use 3rd party tools or websites, which cost money to Have you used a lineup optimizer or lineup builder as part conduct DFS research and help me set lineups? of your process to enter lineups? n = 1,208 n = 1,200

Yes, 48.1% No, 48.8% Yes, 51.2% No, 51.9%

If you answered “Yes” to the above question, “the average amount I spend on 3rd party data/resources during a year”: n = 568

Over $1,000 1.2% Survey results indicate that nearly half of all players use 3rd party tools / websites that cost $300-$1,000 10.0% money; of these users 54% spend under $100 or

less per year. $100-$300 34.9%

Under $100 53.9%

0.0% 20.0% 40.0% 60.0%

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015” 27 of 36 Daily Fantasy Sports Survey – Player Experience

My experience playing DFS to date: n = 1,211 Survey results indicate that DFS player experience is overwhelmingly positive with 56% of users saying “I love it, will never quit and I tell everyone I I love it, will never quit and I tell everyone I know about DFS 55.7% know about DFS”.

It's pretty fun and would likely recommend to a friend 40.2%

It’s okay, but would not recommend 3.8%

I hate it and have / plan to quit 0.3%

0.0% 20.0% 40.0% 60.0% Net Promoter Score (NPS) for DFS industry as whole is also strong at 46.

NPS is calculated by taking the percentage of customers who are Promoters and subtracting the percentage who are Detractors.

• Promoters (score 9-10) are loyal enthusiasts who will keep buying and refering others, fueling growth. • Passives (score 7-8) are satisfied but unenthusiastic customers who are vulnerable to competitive offerings. • Detractors (score 0-6) are unhappy customers who can damage your brand and impede growth through negative word-of-mouth.

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015” 28 of 36 Daily Fantasy Sports Survey – Player Experience

The thing I LOVE most about DFS (pls choose most accurate response): n = 1,204

Research / analytical side 25.5% Survey results indicate the aspect that most players “love” about DFS is: “it makes watching the games more fun / engaging”. Notably, “I’ve made a Excitement / thrill factor of having money on the line 31.0% lot of money” was the least cited response.

I've made a lot of money 8.6%

It makes watching games more fun / engaging 35.0%

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0%

The thing I HATE most about DFS (pls choose most accurate response): n = 1,196

Too many sharks / not enough beginner-only games 19.1%

Rake structure 32.4% Survey results indicate the aspect that players

It's taken the fun out of watching sports 0.9% “hate” the most about DFS is: “rake structure” followed closely by “multiple / unlimited entries into Time consuming 10.4% GPPs”.

I've lost a lot of money / hardly ever win 5.4%

Multiple / unlimited entries in GPPs 31.8%

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0%

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015” 29 of 36 Daily Fantasy Sports Survey – Player Experience

FanDuel received a Net Promoter Score of 2 among our survey participants.

DraftKings received a Net Promoter Score of 21 among our survey participants.

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015” 30 of 36 Daily Fantasy Sports Survey – Player Experience

Our survey results indicate that most DFS users (61%) are active paying players on both FanDuel and DraftKings. This indicates, despite varying opinions about each site, a majority of users are still active on both sites.

I'm an active paying player on both FanDuel & DraftKings? n = 1,201

No, 38.8%

Yes, 61.2%

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015” 31 of 36

VI DFSDFS Behavioral Player Habits Background

Questions 40-48 of the survey inquired about participant background & preferences as it relates to the gambling industry.

32 of 36 Daily Fantasy Sports Survey – Behavioral Background

Does this statement accurately reflect you: “I used to play Does this statement accurately reflect your view: “If real- online poker for money”: money online poker was readily available and legal I would n = 1,209 mostly stop playing DFS” n = 1,206

No 97.5%

Yes, 43.8% No, 56.2%

Yes 2.5%

Does this statement accurately reflect your view: “DFS is a Does this statement accurately reflect your view: “If sports’ legal alternative to sports betting”: betting was legal and readily available in my state I would n = 1,205 mostly stop playing DFS”: n = 1,201

No 93.9%

No, 34.5%

Yes, 65.5%

Yes 6.1%

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015” 33 of 36 Daily Fantasy Sports Survey – Behavioral Background

Does this statement accurately reflect your view: “I believe When I go to Las Vegas I typically spend more money on DFS is gambling”: Entertainment (food, beverages, shows, nightlife, etc.) n = 1,204 versus gambling? n = 1,075

True, 41.8% True, 45.3% False, 58.2% False, 54.7%

I visit Las Vegas "X" times a year: I visit a Casino (ex-Las Vegas) "X" times per year: n = 1,205 n = 1,203

5 or more times 2.5% 11 or more 9.1%

4 1.0% 6-10 6.3%

3 3.5% 3-5 16.3%

2 7.2% 2 13.0%

1 26.1% 1 18.8%

0 59.8% 0 36.6%

0.0% 20.0% 40.0% 60.0% 80.0% 0.0% 10.0% 20.0% 30.0% 40.0%

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015” 34 of 36 Daily Fantasy Sports Survey – Behavioral Background

Our survey results indicate that most DFS users’ favorite activity at a casino is Sports Betting, followed by Blackjack and Poker. Baccarat and Slots ranked the lowest in terms of preferred form of gambling at a casino.

My favorite form of gambling at a casino? (Particpants were asked to rank order. Score ranking: 7 = favorite, 1 = least favorite) n = 1,068

Sports Betting 5.59

Blackjack 5.17

Poker 4.91

Craps 3.98

Roulette 3.65

Slots 2.98

Baccarat 1.75

Source: Eilers Research “Daily Fantasy Sports Player Survey – 2015” 35 of 36 SurveyContact overview: Information

For additional information or to inquire about purchasing data-sets & additional DFS related research please contact:

Adam Krejcik Managing Partner, Eilers Research, LLC Email: [email protected] Office: (714) 769-9156 Twitter: @akrejcik, @eilersresearch

Disclosure: Eilers Research, LLC is an independent research firm and is neither a registered broker dealer nor a registered investment advisor. No information contained in this report shall constitute as a recommendation or solicitation to buy or sell a security. Individuals receiving this report should consult with an investment advisor or registered representative before making an investment decision related to any information contained in this report. In addition, Eilers Research, LLC either does, or may seek to do business with any company mentioned in this report. This report was prepared for and distributed to clients of Eilers Research, LLC. If you are not the intended recipient and/or received this report in error, please delete this document and notify Eilers Research, LLC at [email protected], or call 714-769-9154. This report is also protected by federal copyright law. Any unauthorized review, dissemination, or copying of this communication is strictly prohibited. By accessing, reading, storing, distributing and archiving this research report, you hereby agree, fully, and without dispute, to all terms and conditions outlined above.

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