Research Dissemination Policy, Disclosures and Disclaimers

Fair Dissemination of Research Reports and Ratings

To the extent reasonably practicable, Research Reports will be disseminated contemporaneously to all of Mackie Research Capital Corporation ("MRCC") customers who are entitled to receive the firm's research. Until such time, Research Analysts will not discuss the contents of their reports with Sales and Trading or Investment Banking employees. MRCC equity research is posted to our proprietary website to ensure eligible clients receive coverage initiations and changes in rating, targets and opinions in a timely manner. Additional distribution may be done by the sales personnel via email, fax or regular mail. Please contact your investment advisor for more information regarding MRCC research.

Disclaimers

The opinions, estimates and projections contained in all Research Reports published by Mackie Research Capital Corporation ("MRCC") are those of MRCC as of the date of publication and are subject to change without notice. MRCC makes every effort to ensure that the contents have been compiled or derived from sources believed to be reliable and that contain information and opinions that are accurate and complete; MRCC makes no representation or warranty, express or implied, in respect thereof, takes no responsibility for any errors and omissions which may be contained therein and accepts no liability whatsoever for any loss arising from any use of or reliance on its Research Reports or its contents. Information may be available to MRCC that is not contained therein. Research Reports disseminated by MRCC are not a solicitation to buy or sell. All securities not available in all jurisdictions.

Potential conflicts of interest

All Mackie Research Capital Corporation ("MRCC") Analysts are compensated based in part on the overall revenues of MRCC, a portion of which are generated by investment banking activities. MRCC may have had, or seek to have, an investment banking relationship with companies mentioned in this report. MRCC and/or its officers, directors and employees may from time to time acquire, hold or sell securities mentioned in our Research Reports as principal or agent. MRCC makes every effort possible to avoid conflicts of interest, however readers should assume that a conflict might exist, and therefore not rely solely on this report when evaluating whether or not to buy or sell the securities of subject companies.

Coverage disclosures

Click here to view our most recent relevant disclosures applicable to all companies under coverage.

Definitions of Ratings

BUY:

The stock is attractively priced relative to the company's fundamentals and we expect it to appreciate significantly from the current price over the next 6 to 12 months.

BUY (Speculative):

The stock is attractively priced relative to the company's fundamentals but carries an above-average level of risk.

HOLD:

The stock is fairly valued, lacks a near term catalyst, or its execution risk is such that we expect it to trade within a narrow range of the current price in the next 6 to 12 months. The longer term fundamental value of the company may be materially higher, but certain milestones/catalysts have yet to be fully realized.

SELL:

The stock is overpriced relative to the company's fundamentals, and we expect it to decline from the current price over the next 6 to 12 months.

UNDER REVIEW:

We are temporarily placing our recommendation under review until further information is disclosed.

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