Legal and Required Disclosures

Analyst Certification and Disclosures:
The Research Analyst(s) are responsible for the analysis of any security mentioned in Summit Research reports. The Research Analyst(s) certify that all views expressed in Summit Research reports reflect the Research Analysts personal views. The Research Analyst(s) certifies that no part of his compensation was or is or will be, directly or indirectly, related to the specific recommendations or views expressed by the Research Analyst(s) in this report.

About Summit Research
Summit Research LLC (Summit) operates as a division of W.R. Hambrecht + Co (WRH+Co) and all securities related transactions go through W.R. Hambrecht + Co. W.R. Hambrecht + Co is a FINRA member firm registered as a broker-dealer with the Securities and Exchange Commission and certain state regulators. Certain personnel of Summit are registered representatives of WRH+Co. As registered representatives and independent contractors of WRH+Co, such personnel may have commissions paid to or shared with WRH+Co for transactions placed by Summit clients directly with WRH+Co or with securities firms that may share commissions with WRH+Co in accordance with applicable SEC and FINRA requirements. WRH+Co may receive compensation for investment banking activities. The registered representatives of WRH+Co may receive compensation based on the profitability of WRH+Co, which includes revenue from investment banking activities.

The ratings, price targets, valuation methodologies and company assessments reflect the opinion of the individual analyst and are subject to change at any time. This report is not in any sense a solicitation or offer of the purchase or sale of securities. The factual statements made within this report have been taken from sources we believe to be reliable, but such statements are made without any representation as to accuracy or completeness or otherwise.

This report is solely intended for informational purposes and is provided for institutional and/or professional investors who are expected to make their own investment decisions without over reliance on Summit Research reports. Summit Research does not have any liability for any direct or consequential loss arising from the use of our research reports.

Summit Research Trading Policy
Summit Research seeks to ensure that personal trading activities of our analysts do not conflict with the interest of our clients. Summit Research analysts may hold positions in the securities they cover acquired prior to the employment at the firm, but are barred from trading during the duration of their employment with the firm. Summit Research will disclose if Summit Research analysts holds any securities discussed in the reports published. Pre-approval by the Chief Compliance Officer (“CCO”) is required before analysts may buy or sell any security that is covered by the firm. There is no minimum holding period or any other restriction on type of securities (e.g., equities, bonds, derivatives) that employees can trade.

Summit Research stock ratings
Buy (BUY): The stock is expected to outperform the broader market over the next 12 months, in the analyst’s opinion.
Sell (SELL): The stock is expected to underperform the broader market over the next 12 months, in the analyst’s opinion.
Hold (HOLD): The stock is expected to perform approximately in line with the broader market in the next 12 months, in the analyst’s opinion.

Copyright & User Agreement
The Summit Research reports are for our clients only. No part of this material may be copied or duplicated in any form by any means or redistributed without any prior written consent of Summit Research Partners, L.L.C. Additional information is available upon request. Copyright 2013-16, Summit Research Partners, LLC.