Important Information and Disclosures

THIS VIDEO IS FOR INFORMATIONAL PURPOSES ONLY AND SHOULD NOT BE RELIED UPON AS INVESTMENT OR OTHER PROFESSIONAL ADVICE. This video has been prepared by Arena Investors, LP (together with its affiliates, “Arena” or “Arena Investors”), and the information contained herein is not intended to be taken by, and should not be taken by, any individual recipient as investment, legal, accounting, tax or other professional advice, a recommendation to buy, hold or sell any security, or an offer to sell or a solicitation of offers to purchase any security; no fiduciary, advisory or client relationship is created through this video.

NEITHER THIS VIDEO NOR ANY OF THE INFORMATION HEREIN CONSTITUTES AN OFFER OF OR SOLICITATION FOR ANY ARENA FUND. Offers or solicitations for an investment in a fund managed or sponsored by Arena Investors (a “Fund”) only occur through a confidential private placement memorandum and related purchase documentation, and subject to the terms and conditions contained in such documents and in such Fund’s operative agreements. Those who access this video or any information contained herein do so at their own initiative and are responsible for compliance with local laws or regulations.

THIS VIDEO IS NOT A RECOMMENDATION FOR ANY SECURITY OR PORTFOLIO COMPANY. References to any companies or asset classes are intended to illustrate the application of Arena’s investment process only and should not be used as the basis for making any decision about purchasing, holding or selling any securities. Nothing herein should be interpreted or used in any manner as investment advice.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. Any past performance of Arena or any Fund or investment discussed in this video is not necessarily indicative of the performance of any other Fund, investment or of Arena as a whole, and you should not assume that investments in the future will be profitable or will equal the performance of past investments.

DO NOT RELY ON ANY OPINIONS, PREDICTIONS OR FORWARD-LOOKING STATEMENTS CONTAINED HEREIN. Certain of the information contained in this video may constitute “forward-looking statements” that are inherently unreliable and actual events or results may differ materially from those reflected or contemplated herein. “Forward-looking statements” often include words such as “seeks to” (and terms of similar substance). Forward-looking statements are inherently susceptible to uncertainty and changes in circumstances and actual results may diverge materially from those in Arena’s forward-looking statements. None of Arena or any of its affiliates or representatives makes any assurance as to the accuracy of any such predictions or forward-looking statements. Arena expressly disclaims any obligation or undertaking to update or revise any such forward-looking statements.

Any views or opinions expressed herein reflect the views and opinions of the participants as of the date it was recorded and such views and opinions are subject to change without notice. Arena has no obligation to update the information contained herein.

THIS VIDEO MAY NOT BE COPIED, QUOTED OR REFERENCED WITHOUT ARENA’S PRIOR WRITTEN CONSENT.