• Newbridge Institutional Research is a division of Newbridge Securities Corporation (“Newbridge”), a member firm of the Financial Industry Regulatory Authority and the Securities Investor Protection Corporation.
• Neither the research analyst nor a member of the analyst’s household: (a) serves as an officer, director or advisory board member of any issuer mentioned in the report or (b) has any financial interest in any securities of the subject companies. The analyst has not received any compensation from any of the subject companies in the past 12 months.
• As of the end of the month immediately preceding the date of publication of this report, neither Newbridge nor any of its affiliates beneficially owns 1% or more of any class of common equity securities of any of the subject companies.
• As of the end of the month immediately preceding the date of publication of this report, neither Newbridge nor any of its affiliates has received any compensation from any of the subject companies for any other products or services in the past 12 months. None of the subject companies has been a client of Newbridge during the 12 month period prior to the date of distribution of this report.
• Newbridge and its analyst have no knowledge of any actual, material conflict of interest involving any of the subject companies and our firm.
• Newbridge’s research analysts receive no direct compensation in connection with the firm’s investment banking business. Analysts may be eligible for annual bonus compensation based on the overall profitability of the firm, which takes into account revenues derived from all of the firm’s business activities, including its investment banking business. No analyst receives any compensation which is based on a specific investment banking engagement, transaction or service.
• In the past 12 months, Newbridge has not (a) managed or co-managed a public offering of securities for any of the subject companies or (b) received any investment banking services compensation from any of the subject companies. Newbridge does not expect to receive, and does not intend to seek, compensation for investment banking services from the subject companies in the next three months.
• The information contained herein has been prepared from sources and data we believe to be reliable but we make no representation as to its accuracy or completeness. The views and other information provided herein are subject to change without notice.
• This report is published solely for informational purposes, does not constitute investment advice, and is not an offer or solicitation for the purchase or sale of any securities. This report is issued without regard to the specific investment objectives, financial situation or specific needs of any specific recipient.
• Newbridge does not accept any liability whatsoever for any direct, indirect or consequential damages or losses arising from any use of this report or its contents.
• Newbridge may make a market in the securities of the subject company, and may trade in such securities on a principal basis.

Contact Us with Questions: If you have any questions or concerns, please contact us by email at
info@newbridgesecurities.com or call us at 877-447-9625.