Important Disclosures

Analyst Certification

The analyst 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.

Analyst Certifications and Independence of Research

Each of the 22V Research 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.

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Ratings Definitions

Current Ratings Definition

22V Research 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 – our firm’s opinion is that this stock likely will rise by +10% or more over the next 12 months

Neutral – our firm does not recommend that clients buy this stock at the present time

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

Limitations of Research and Information

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