Swan Advisor Services

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Thomas Lee is a minority investor in Swan.

This research is for the clients of FSInsight only. For important disclosures and rating histories regarding sectors or companies that are the subject of this report, please contact your sales representative or FSInsight at 150 East 52nd Street, New York, NY, 10022 USA. Analyst Certification (Reg AC) Sean Farrell, the research analyst denoted by an “AC” on the cover of this report, hereby certifies that all of the views expressed in this report accurately reflect my personal views, which have not been influenced by considerations of the firm’s business or client relationships. Neither I (Sean Farrell), nor a member of my household is an officer, director, or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that is/are the subject of this research report. There is a possibility that we will from time to time have long or short positions in and buy or sell, the securities or derivatives, if any, referred to in this research. Thomas Lee is a minority investor in Swan. Note that due to Swan’s early stage of development, only select excerpts of Swan’s full financial statements were included in this report. Conflicts of Interest This research contains the views, opinions, and recommendations of FSInsight. This report is intended for research and educational purposes. Analyst Industry/Sector Views Positive (+): The analyst expects the performance of his industry/sector coverage universe over the next 6-18 months to be attractive vs. the relevant broad market benchmark, being the S&P 500 for North America. Neutral (N): The analyst expects the performance of his or her industry/sector coverage universe over the next 6-18 months to be in line with the relevant broad market benchmark, being the S&P 500 for North America. Negative (-): The analyst expects his or her industry coverage universe over the next 6-18 months to underperform vs. the relevant broad market benchmark, being the S&P 500 for North America. 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