Disclosures

The opinions, estimates and projections contained herein are not necessarily those of DeMatteo Monness LLC (the “Firm”) and are subject to change without notice.  The opinions, views and/or analyses of the companies and/or industries contained herein generally consist of a summary of a presentation made by one or more industry experts, securities professionals, entrepreneurs, business executives and/or academics at an event sponsored by the Firm and are not necessarily the views or opinions of the individual at the Firm responsible for the preparation of this document.  The Firm sponsors events featuring public and private company executives, industry experts, academics and entrepreneurs who can provide viewpoints and data that are not widely disseminated through other information channels.  The Firm then summarizes the ideas expressed at such events in the form of a written report. The Firm makes every effort to ensure that the contents and summaries are reliable and contain information and opinions which are accurate and complete.  However, the Firm makes no representation or warranty, express or implied, in respect thereof, takes no responsibility for any errors and omissions that may be contained herein and accepts no liability whatsoever for any loss arising from any use of or reliance on this report or its contents.  The Firm will not modify, update or amend any information contained herein and will not notify any recipient of this document in the event that such information becomes stale, inaccurate, incomplete or is affected by subsequent developments relating to such company or industry.  Information may be available to the Firm which is not reflected herein.  This report is not to be construed as an offer to sell, or solicitation for, or any offer to buy, any securities.

 

Analysts are compensated through a base salary and an annual bonus. The amount of an analyst’s annual bonus is related, among other factors, to the Firm’s overall revenues and profitability, and is not tied to any level of investment banking or other similar business in which the Firm engages. Analysts are evaluated largely through an activity-based system that includes some of the following criteria: reports generated, timeliness, knowledge of industry and client feedback.

 

Neither the Firm nor its affiliates, in the aggregate, beneficially own 1% or more of any class of common equity securities issued by any company discussed in the report.

 

Neither the analysts involved in the preparation of this research report nor any member of their household has a financial interest in, or exercises investment discretion or control over, securities of any company discussed in the report.

 

None of the analysts involved in the preparation of this research report has received compensation from any company discussed in this report or knows of any other actual, material conflict of interest regarding this report.

 

Neither the Firm nor its affiliates have received compensation for investment banking services from any company discussed in the report in the last twelve (12) months.

 

Neither the Firm nor its affiliates expect to receive or intend to seek compensation for investment banking services from any company discussed in the report in the next three (3) months.

 

No company discussed in the report is, or during the 12-month period preceding the date of distribution of the report, was, a client of the Firm.

 

No director, officer or employee of the Firm is a director of any company in which the Firm provides research coverage.

 

No analyst involved in the preparation of this report or any member of the analyst’s household serves as an officer, director or advisory board member of any company discussed in the report.

 

The Firm does not act as a market maker in the securities of any company discussed in the report.

 

Regulation AC Disclosure:  The author of this report hereby certifies that (i) to the best of the author’s knowledge, information and belief, the views expressed in this report accurately reflect the views expressed by the speakers invited to participate in the Firm’s event that are summarized herein, (ii) the author knows of no reason to believe that the views expressed by the speakers invited to participate in such event, do not reflect such speakers’ personal views about the subject securities or issuers, and (iii) no part of the author’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations expressed in this research report.

 

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