Important Disclosures: Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by First Foundation Advisors), or any non-investment- related content made reference to directly or indirectly in this newsletter will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from First Foundation Advisors. To the extent that a reader has any questions regarding the applicability of any specific issue discussed here to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. First Foundation Advisors is neither a law firm nor a certified public accounting firm, and no portion of the newsletter content should be construed as legal or accounting advice. If you are a First Foundation Advisors client, please remember to contact First Foundation Advisors, in writing, if there are any changes in your personal/financial situation or investment objectives, for the purpose of reviewing/evaluating/ revising our previous recommendations and/or services. A copy of the First Foundation Advisors’ current written disclosure statement discussing our advisory services and fees is available upon request. First Foundation Inc. provides two separate and distinct services: (1) investment advisory services through First Foundation Advisors, as an SEC-registered investment advisor, and (2) banking, trust services, and philanthropic and family consulting through First Foundation Bank and insurance services through the bank’s subsidiary, First Foundation Insurance Services. Clients may engage First Foundation for either or all services. However, no investment advisory client is required to engage First Foundation Bank for banking services, and no banking client is required to engage First Foundation Advisors for investment advisory services.