Important Information Regarding Electronic Communications

This information is intended only for the addressee. Please notify the sender immediately if you are not the intended recipient and delete this message and all copies and backups thereof.

If you are NOT the intended recipient, you may not copy, disclose, or distribute this message or its contents to any other person and any such actions may be unlawful.

FBR reserves the right to monitor, review and record the content of all messages sent to or from this electronic messaging address.

If you are a customer of FBR & Co., Inc. (“FBRC”), please review these additional disclosures:

• Orders and instructions sent electronically to FBRC shall not be binding until a representative of FBRC acknowledges receipt electronically or by telephone. The time of e-mail or instant message delivery does not represent the time of order receipt.
• FBRC will not be liable for any damage suffered arising out of or related to a delay or failure in performance of the e-mail and/or instant messaging communications system.
• E-mail or instant message transmissions cannot be guaranteed to be secure or error-free. FBRC assumes no responsibility for assuring that any e-mail or instant message has not been viewed, altered or forged by a third party without our knowledge.
• This communication is for your information only and is not an offer to sell, or a solicitation of an offer to buy, the securities or instruments mentioned. Any information contained in, or provided by this message is for informational purposes only.
• FBRC or its affiliates may provide advice or may from time to time acquire, hold or sell a position in the securities mentioned herein.
• Unless otherwise indicated, the views expressed are the sender’s and may differ from those of FBRC research or others within the firm.
• This communication may refer to a research publication. For additional information, research reports and important disclosures, contact the sender.
• If you do not wish to receive these messages, please contact the sender.
• Changes to assumptions may have a material impact on any returns detailed. Price and availability are subject to change without notice.
• With respect to indicative values, no representation is made that any transaction can be effected at the values provided. The values provided are not necessarily the values carried on FBRC’s books.