DISCLOSURES

Important Disclosure: The material on this website are being distributed solely for informational purposes only and are not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Any opinions, recommendations, and assumptions included on this website are based upon current market conditions, reflect our judgment as of the date of the published and are subject to change. Any specific securities mentioned are not necessarily held by evergreen and may not be purchased in the future. Past performance is no guarantee of future results. All investments involve risk including the loss of principal. All material presented is compiled from sources believed to be reliable, but accuracy cannot be guaranteed and Evergreen makes no representation as to its accuracy or completeness.

Neither Mr. Williams, Mr. Mauldin, Mr. Mikhailovich, nor Mr. Gave are clients of Evergreen GaveKal. Mr. Williams is engaged by Evergreen to provide general consulting and economic advice. Mr. Gave may be considered to have an indirect ownership interest in Evergreen and has a personal investment in a registered investment company that is managed by Evergreen and GaveKal Capital Limited. Mr. Gave has a direct or indirect ownership interest in GaveKal Capital Limited. Mr. Gave’s family member that does not reside in the same household is a client of Evergreen.