Compliance Disclosures Regarding Institutional Investor Rankings:

While working for Lehman Brothers, Mr. Villagran was personally ranked in 1991, 1993, and 1994 in Institutional Investor’s annual All-America Research Team rankings. These rankings are currently based on surveyed opinions of directors of research and heads of investment at institutions with major securities holdings in the U.S. Those participating in the survey rate their top firms in each sector and then separately rate individual analysts at those firms to create two distinct rankings for each sector. Additional information on the current methodology is available at Institutional Investor’s website. The methodology used in the years Mr. Villagran was ranked is believed to be substantially the same as the methodology currently used, with the exception that participating firm responses were previously weighted based on their assets under management but have been commission-weighted since 2019. Mr. Villagran’s listing in the rankings were each published in the magazine’s October issues of the respective years. Neither Mr. Villagran nor his then-employer provided any direct or indirect compensation to Institutional Investor, the creator and tabulator of the rankings, in connection with obtaining or using the third-party rating.