Berenberg Capital Research Team

Founded in 2002, Natixis Securities Americas LLC is an investment bank and SEC-registered broker/dealer headquartered New York City with offices in several leading U.S. cities and affiliate offices in London and Paris. The firm is a division of Natixis and a subsidiary of Natixis SA. Their client base is located throughout North America and Europe and ranges from the largest mutual fund and pension fund managers to specialist hedge funds. Natixis Securities Americas' sales and trading teams are located in New York, Boston, Los Angeles and Houston. Natixis Securities Americas' research efforts focus on identifying new insights about companies that are not fully reflected in their stock prices. The firm also seeks to provide clients with access to the managements of listed companies and to other industry experts. They arrange for such marketing opportunities, in the form of road shows, conferences, meetings and conference calls. Natixis Securities Americas' institutional trading desk offers clients trading capabilities in equities all over the world. The firm focuses on specific global markets to provide clients with the best possible execution worldwide. Natixis Securities Americas employs a transatlantic approach that examines the effects of technological, market and regulatory developments across both continents on the companies under coverage. In the U.S., they provide in-depth sector coverage on energy (oil services, exploration and production, alternative energy and coal), healthcare (large-cap pharmaceuticals, specialty pharmaceuticals, biotechnology, medical devices and healthcare services) and media (media conglomerates, content creators, interactive TV and new media, as well as technical analysis. In Europe, Natixis Securities Americas applies a country-wide approach to all of the key sectors of France, Germany, Austria and Central and Eastern Europe. Combined, the firm's product offering includes more than 600 stocks. Natixis Securities Americas global trading group specializes in the trading, execution and settlement of international equities. The firm provides 24-hour access to 55 global markets. They cater to broker/dealer and institutional clients, providing ADR and ordinary share executions on an agency or proprietary basis. The firm can accommodate most client trading requirements from basket trading to block orders. To complement their international trading reach, Natixis Securities Americas domestic bulletin board trading group currently markets over 2000 U.S.-based companies. The firm offers their clients innovative trading technology through a proprietary Direct Market Access (DMA) platform, Enabler Direct. This product allows immediate access to a variety of liquidity sources through one anonymous interface. Natixis Securities Americas' global brokerage services group offers services to a select group of professional clients. The firm seeks to partner with banks, broker/dealers, hedge funds and high net-worth clients that can utilize their blend of international capabilities and traditional brokerage services to support and enhance their success. Their global brokerage services group is prominent in international securities, equity trading and brokerage operations in over 55 countries around the world. They have experience in both the pre-trade and post-trade requirements in each of these countries.

Citizens JMP Securities LLC (Citizens JMP) is a full-service investment bank and broker/dealer headquartered in San Francisco, California. The firm was founded by Joseph Jolson in 2002 and was formerly JMP Securities LLC. The firm is a subsidiary of JMP Holding LLC, ultimately held by Citizens Financial Group, Inc. (NYSE: CFG). Citizens JMP provides equity research, institutional brokerage, and investment banking services to public and private growth companies and their investors. They are a research-driven, growth-oriented firm that provides services to small- and mid-sized companies and the institutions that invest in them. The firm specializes in four high-growth sectors of the economy: technology, healthcare, financial services, and real estate.

UBS Securities LLC is an investment bank and registered broker/dealer headquartered in New York City. The firm was founded in 1998 as UBS Warburg LLC. They are a subsidiary of UBS Americas Holding LLC, ultimately held by UBS Group AG (SWX: UBSG, NYSE: UBS) in Switzerland. UBS Securities is a primary dealer in US Government securities and provides a full range of investment banking services which includes corporate finance, mergers and acquisitions, capital markets, trading and sales, fixed-income, equity research, private banking, underwriting and prime brokerage operations. The firm also provides advisory services and access to capital markets for corporate, institutional, intermediary and alternative asset management clients.

Founded in 1984, Noble Financial Capital Markets is a broker/dealer headquartered in Boca Raton, Florida. The firm is a subsidiary of Noble Financial Group, Inc. Noble Financial Capital Markets' sales & trading team provides strategic insight and reliable solutions to nearly 500 of the dominant small-cap money managers in North America. They are members FINRA, SIPC and MSRB. Noble Financial Capital Markets offers a full array of investment services with a particular focus on under-followed, undervalued, out-of-favor small-cap emerging growth companies. Their research coverage universe includes healthcare, business services & software, defense/defense technology, energy, enterprise hardware, and media & entertainment.

Blenheim Capital Management LLC (Blenheim Capital) is an independent hedge fund manager headquartered in Berkeley Heights, New Jersey. The firm was founded by Willem Kooyker in 1998. Blenheim Capital provides investment management services to various clients.

Founded in 2008, WallachBeth Capital LLC is an SEC-registered broker/dealer located in New York City. The firm is an institutional, inter-market-broker providing non-conflicted trade execution and connectivity to the broad spectrum of professional trading market participants and an expansive menu of exchanged-traded products. They specialize in ETFs, listed equity options and index products, OTC derivatives, listed and OTC equities and non-US equities.

Jefferies LLC is a global investment bank and institutional securities firm headquartered in New York City. The firm was founded in 1962 and is a subsidiary of Jefferies Group LLC, ultimately held by Jefferies Financial Group, Inc. (NYSE: JEF). Jefferies provides corporate clients with research and execution services in equity, fixed income, and foreign exchange markets, as well as a full range of investment banking services such as underwriting, mergers and acquisitions, restructuring and recapitalization, and other advisory services, with all businesses operating in the Americas, Europe and Asia.

JPMorgan Securities Plc is a brokerage firm headquartered in London, UK. The firm was founded in 1992 and is a wholly-owned subsidiary of JP Morgan Capital Holdings Ltd., ultimately owned by JPMorgan Chase & Co. (NYSE: JPM) in the US. JPMorgan Securities provides market research, proprietary pricing data and analytics, and trade execution across multiple asset classes such as credit, equities and FX. They help institutional investors, traditional and alternative asset and fund managers, broker dealers and equity issuers meet the demands of changing markets.

Goldman Sachs & Co. LLC (GS&Co.) is a securities brokerage firm headquartered in New York City. Founded in 1927, the firm is a subsidiary of The Goldman Sachs Group, Inc. (NYSE: GS). GS&Co. provides services to help hedge funds manage risk, monitor portfolios, maintain liquidity and build their businesses. They offer clients access to global equity and derivatives markets, as well as foreign exchange, commodities, European Lefts, rates and credit across the Americas, Europe and Asia. The firm proactively monitors capital markets, searching for pockets of liquidity and news that may require changes to those strategies. Integration with the Goldman Sachs network gives clients access to the firm's sectored block trades and their insights into price discovery. Their electronic trading program provides clients with tools to manage their trades from pre-trade analytics to post-trade analysis.

Nomura Securities International, Inc. (NSI) is a registered broker/dealer headquartered in New York City and was founded in 1969. The firm is a division of Nomura Holding America, Inc. and their ultimate parent is Nomura Holdings, Inc. (NYSE: NMR, TYO: 8604, AMS: 8604). NSI provides securities brokerage services, as well as asset management, domestic retail, global markets, global investment banking and global merchant banking services. The firm's fixed-income business consists of bond sales and trading, origination and product supply for securitization deals and real estate-focused asset finance operations (in cooperation with Investment Banking). In the equity markets, NSI offers sales and trading of domestic and foreign stocks on a global basis, primarily for institutional investors.

Oppenheimer & Co., Inc. (Broker) (Oppenheimer-Broker) is the global full-service brokerage division of Oppenheimer & Co., Inc., an investment boutique headquartered in New York City with additional offices nationwide. Founded in 1975, the firm is owned directly by Viner Finance Inc., an indirect subsidiary of Oppenheimer Holdings Inc. (NYSE: OPY). Oppenheimer-Broker offers a full array of brokerage services to retail, institutional, and corporate clients.

Founded in 2001, Macquarie Capital (USA), Inc. is a registered broker/dealer located in New York City. The firm is a subsidiary of Macquarie Bank Ltd. (ASX: MBL). They provide coverage of the following industries: resources, healthcare, security/defense, transportation, financial services, retail/consumer products, TMET (telecommunications, media, entertainment and technology), oil & gas, diversified manufacturing/distribution and infrastructure/utilities. Macquarie Capital (USA), Inc. is a member of FINRA.

Fordham University provides college and university. It offers undergraduate colleges and graduate & professional schools. The company was founded in 1841 and is headquartered in Bronx, NY.

Aurel BGC SAS is the broker/dealer subsidiary of BGC France Holdings SAS. They are headquartered in Paris and were founded in 2008. Aurel BGC provides investment services and research.

Part of Nomura Holdings, Inc., Instinet, Inc. provides financial services. The company is based in New York, NY.

BNY Mellon, NA operates as a nationally chartered commercial bank. The company is headquartered in Pittsburgh, PA.

Joh. Berenberg, Gossler & Co. KG (dba Berenberg Bank) is an independent broker/dealer firm headquartered in Hamburg, Germany. Berenberg Bank provides brokerage services for a range of clients.

Wolfe Research LLC is a FINRA-registered sell-side research firm headquartered in New York City. The firm was founded by Edward Wolfe in 2008 and is a subsidiary of Wolfe Holdco LLC. Wolfe Research provides bespoke research of various stocks in every major GIC sector for institutional clients. The firm has established a reputation for macro research underpinning coverage in Industrials, Utilities/Energy, Consumer/Retail, Financials/REITS, Healthcare and TMT.

Joh. Berenberg, Gossler & Co. KG (United Kingdom) (Berenberg-UK) is the Great Britain-based broker/dealer division of Joh. Berenberg, Gossler & Co. KG, a multinational full-service investment bank in Germany. Headquartered in London, Berenberg-UK was founded in 2003 and provides trading and brokerage services to institutional and corporate clients.

American Enterprise Institute for Public Policy Research provides industrial design services. AEI produces articles from economics, law, political science, defense and foreign policy studies, ethics, theology, health care, and other fields. The company was founded in 1938 and is headquartered in Washington, DC.

Founded in 2002, Maxim Group LLC is a registered broker/dealer located in New York City. The firm provides an array of financial services including: investment banking, equity research, private wealth management, structured products and global institutional equity, fixed-income and derivative sales and trading to a diverse range of corporate clients, institutional investors and high net-worth individuals. Maxim Group's niche is emerging-growth companies in a variety of sectors including healthcare, technology, retail and others. They utilize a fundamental, bottom-up approach to investment recommendations. The firm combines rigorous financial analysis of specific companies and industries with due diligence that includes frequent consults with suppliers, customers, competitors and senior management. The firm focuses on under-covered, small- to-mid-cap companies where valuation levels may be out of sync with fundamental trends. Maxim's coverage universe often represents attractive niche industries where stocks tend to be inefficient. This research coverage fills a void created by the downsized research ranks and shrinking coverage of small- to mid-cap stocks by large investment banks. Maxim Group is a member of FINRA, the MSRB, the SIPC, the ISE, NASDAQ and NYSE Arca.