Important Disclosures

The analyst, Gordon L. Johnson II, primarily responsible for the preparation of this research report attests to the following: (1) that the views and opinions rendered in this research report reflect his or her personal views about the subject companies or issuers; and (2) that no part of the research analyst’s compensation was, is, or will be directly related to the specific recommendations or views in this research report.

Each of the analysts whose names appear on the front page of this report hereby certify that all the views expressed in this Report accurately reflect our personal views about any and all of the subject securities or issuers and that no part of our compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views of in this Report.

The analysts have no financial interest in the debt or equity securities of the subject company of this report. Further, no member of his household has any financial interest in the securities of the subject company. Neither the analysts, nor any member of his household is an officer, director, or advisory board member of the issuer(s) or has another significant affiliation with the issuer(s) that is the subject of this research report. The analyst has not received compensation from the subject company. At the time of this research report, the analysts do not know or have reason to know of any other material conflict of interest.

GLJ Research

GLJ Research (”GLJ”) is a strategic partner of Analyst Hub Securities LLC (“AHS”). AHS is an SEC- registered broker-dealer and member of FINRA and SIPC. AHS has not managed or co-managed a public offering for the subject company and has not received compensation for investment banking activity from the company in the 12 months prior to publication. AHS expects to receive or intends to seek investment banking business from the subject company in the next three months. AHS does not hold a beneficial ownership of more than 1% or more of any class of common equity securities of the subject company. AHS does not make a market in the securities of the subject company of this report at the time of publication. AHS is unaware of any other material conflict of interest of the research analyst or an associated person of the member with the ability to influence the content of a research report.

Ratings Definitions

Current Ratings Definition

GLJ Research and AHS recommendations are based on a stock’s total forecasted return over the next 12 months. Total forecasted return is equal to the expected percentage price return plus gross dividend yield. We divide our stocks under coverage into three primary ratings categories, with the following return guidelines:

Buy –

We expect the stock price to appreciate by 10% or more over the next 12 months

Neutral –

We expect the stock price to change by less than 10% within the next 12 months

Sell –

Our firm’s opinion is that this stock likely will be down by 10% or more over the next 12 months

Limitation Of Research And Information.

This report has been prepared for distribution to only qualified institutional or professional clients of GLJ and AHS. The contents of this report represent the views, opinions, and analyses of its authors. The information contained herein does not constitute financial, legal, tax or any other advice. All third-party data presented herein were obtained from publicly available sources which are believed to be reliable; however, GLJ and AHS makes no warranty, express or implied, concerning the accuracy or completeness of such information. In no event shall GLJ and AHS be responsible or liable for the correctness of, or update to, any such material or for any damage or lost opportunities resulting from use of this data.

Nothing contained in this report or any distribution by GLJ and AHS should be construed as any offer to sell, or any solicitation of an offer to buy, any security or investment. Any research or other material received should not be construed as individualized investment advice. Investment decisions should be made as part of an overall portfolio strategy and you should consult with a professional financial advisor, legal and tax advisor prior to making any investment decision. Neither GLJ nor AHS shall be liable for any direct or indirect, incidental or consequential loss or damage (including loss of profits, revenue or goodwill) arising from any investment decisions based on information or research obtained from GLJ and AHS.

Reproduction And Distribution Strictly Prohibited.

No user of this report may reproduce, modify, copy, distribute, sell, resell, transmit, transfer, license, assign or publish the report itself
or any information contained therein. Notwithstanding the foregoing, clients with access to working models are permitted to alter or modify the information contained therein, provided that it is solely for such client’s own use. This report is not intended to be available or distributed for any purpose that would be deemed unlawful or otherwise prohibited by any local, state, national or international laws or regulations or would otherwise subject GLJ and AHS to registration or regulation of any kind within such jurisdiction.

Copyrights, Trademarks, Intellectual Property.

Any logos or marks included in this report are proprietary materials of GLJ and AHS. The use of such terms and logos and marks without the express written consent of GLJ and AHS is strictly prohibited. The copyright in the pages or in the screens of the report, and in the information and material therein, is proprietary material owned by GLJ and AHS unless otherwise indicated. The unauthorized use of any material on this report may violate numerous statutes, regulations and laws, including, but not limited to, copyright, trademark, trade secret or patent laws.