Gotham Morning Update

Gotham Research is an SEC registered investment adviser located in the State of New York. Gotham Research and its representatives are in compliance with the current notice filing requirements imposed upon SEC registered investment advisers by those states in which Gotham Research maintains clients. Gotham Research may only transact business in those states in which it is notice filed or qualifies for an exemption or exclusion from notice filing requirements. Gotham Research's web site is limited to the dissemination of general information regarding its investment advisory services to United States residents residing in states where providing such information is not prohibited by applicable law. Accordingly, the publication of Gotham Research's web site on the Internet should not be construed by any consumer and/or prospective client as Gotham Research's solicitation to effect or attempt to effect transactions in securities or the rendering of personalized investment advice for compensation over the Internet. Furthermore, the information resulting from the use of tools or other information on this Internet site should not be construed, in any manner whatsoever, as the receipt of, or a substitute for, personalized individual advice from Gotham Research. Any subsequent, direct communication by Gotham Research with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. For information pertaining to the registration status of Gotham Research, please contact the United States Securities and Exchange Commission on their web site at www.adviserinfo.sec.gov. A copy of Gotham Research's current written disclosure statement discussing Gotham Research's business operations, services, and fees is available from Gotham Research upon written request. Gotham Research does not make any representations as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Gotham Research's web site or incorporated herein and takes no responsibility therefore. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly. No part of this web site or its contents may be reproduced, redistributed or reused without the express written consent of Gotham Research.