Effective as of April 20, 2018

The information contained herein is confidential information regarding Standard Diversified Inc. and its affiliates (collectively, “Standard Diversified”). Material presented herein is believed to be reliable, but none of Standard Diversified or any of its affiliates or employees makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein and nothing contained herein shall be relied upon as such or as a promise or representation as to the past or future performance of Standard Diversified. Information and opinions are as of the date stated above only and are subject to change without notice. Standard Diversified has no obligation to inform the recipient when information contained herein changes or is updated. Additional information is available on request. You acknowledge that any of your requests for information are unsolicited and information provided or made available by Standard Diversified shall neither constitute nor be construed as investment advice from Standard Diversified to you or to form an investment advisory relationship, or any other client relationship between you and Standard Diversified. Standard Diversified is not responsible for any damages or loss related to the use of the website or any materials contained herein or from any computer virus, malfunction or other failure.

The content and information contained on Standard Diversified’s website has been prepared solely for informational purposes and do not constitute investment advice, or legal or tax advice, or an offer to buy or sell or a solicitation of any offer to buy or sell any security or to participate in any trading strategy.