This content has been prepared by Collective Hospitality (“CH”) and provided to the recipient for general information and discussion purposes only and does not purport to be comprehensive.

This document has not been prepared with regard to the specific investment objectives, financial situation or particular needs of any specific recipient. It is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments or assets, to effect any transaction, or to conclude any legal act of any kind whatsoever. It should not be regarded by recipients as a substitute for the exercise of their own judgment or inquiry. Prior to entering into a transaction or commercial arrangement, the recipient should consult with its own legal, tax, financial, accounting and other specialist advisers. Any estimates, opinions or projections contained in this document involve elements of subjective judgment and analysis, and reflect financial, economic, market and other conditions prevailing as of this date. They should be regarded as indicative, preliminary and for illustrative purposes only. There is no guarantee that any of these estimates or projections will be achieved. Past performance is not necessarily indicative of future results. Actual results will vary from the projections and such variations may be material. Any opinions expressed in this document are views held by CH and are subject to change without notice and may differ or be contrary to opinions expressed as a result of using different assumptions and criteria. CH is under no obligation to update or keep current the information contained herein.

The information contained in this document has not been verified. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the subject matter referred to in this document. To the maximum extent permitted by law, neither CH, any of its related corporate bodies or any of their respective officers, employees, contractors, agents, advisers or other representatives accept or assume any liability or duty of care for any loss or damage arising out of the use of all or any part of this document or reliance upon the information contained herein.

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