GENERAL DISCLOSURE

We certify that the opinions and predictions set forth in Narwhal Capital Management publications are, for better or worse, our professional beliefs at the time of publication.

We are not under duress or pressure from any of the corporate entities mentioned, nor do we intend to do business with them on the investment banking or advisory side of things. Nor is this a solicitation or inducement to take action, whether buying or selling, based upon the opinions presented. Again, this publication is a summarization of our professional beliefs and actions that have occurred in the past. We are not “selling” nor attempting to convince the reader of any one particular course of action.

Although we are investment advisors, our publications are not to be construed as investment advice. Quite frankly, this publication is a snapshot of our research and opinions. We strive to be as impartial, insightful and accurate as possible. We do base our opinions, analysis, and calculations on information and analysis that we believe to be reliable, but we cannot guarantee that they are either accurate or complete. We may change our minds about any item mentioned and we will not necessarily update them in print. We can guarantee that our research and opinions will sometimes be flat out wrong. This may be from subjective blind spots, mistakes, ignorance, uncertainty of predicting events, or emotional bias. However, we prefer that our predictions/opinions/research be proven right 100% of the time, and that the stocks our clients own go up, not down, therefore you can assume some level of self-interest and “hope” is present in this and all future publications.

Additional information, including management fees and expenses, is provided on Narwhal Capital Management, LLC’s Form ADV Part 2, which is available upon request.

At the time of publication employees of Narwhal Capital Management may or may not have held positions in the securities detailed in this report.

Unless otherwise noted, all financial data for investments accessed via the Bloomberg Terminal.

Finally, we must disclose that PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

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