Marla Backer

Founded in 2002, Research Associates LLC is an independent sell-side research boutique headquartered in New York City. They provide customized fundamental research analysis. The firm has no investment banking efforts and therefore does not have any underwriting relationship. They also do not manage equity investments therefore have no investment interest in the stocks under coverage

Morgan Stanley & Co. LLC is a registered broker-dealer subsidiary of Morgan Stanley Domestic Holdings, Inc., ultimately owned by Morgan Stanley (NYSE: MS) in the US. Headquartered in New York City, the firm was founded in 1987 and provides debt and equity services including underwriting, M&A advice, securities dealing and brokerage and trade execution. Their client base ranges from large global institutional investors to hedge funds at the cutting edge of innovation in the industry.

Bear, Stearns & Co., Inc. is a global investment banking, securities trading and brokerage firm located in New York City with additional offices in Dallas, Boston and San Francisco. The firm is a subsidiary Bear Sterns Cos., Inc. (NYSE: BSC). Their equity research team consists of senior analysts located throughout the world. In addition to domestic coverage, they have research teams focusing on Latin America, Asia and Europe. The analysts use a bottom-up approach to stock selection. The Bear Stearns fixed-income research department provides coverage of every sector of the fixed-income universe. The financial analytics and structured transactions group (F.A.S.T) provides investment research, fixed-income portfolio management and analytical systems, trading technology and general financial expertise. The group also provides a broad range of services to financial institutions including asset-liability management, balance sheet restructuring, receivables-based financing analysis, security and portfolio analysis, peer analysis, and historical and real-time market-based information.

Citigroup Global Markets, Inc. (Broker) (CGMI-Broker) is the broker/dealer division of Citigroup Global Markets, Inc., an investment bank headquartered in New York City with additional offices across the US. The firm was founded in 2004 and is a subsidiary of Citigroup Financial Products, Inc., ultimately held by Citigroup, Inc. (NYSE: C). CGMI-Broker covers all market capitalizations of the major global indices and provides macro and quantitative analysis of global markets and sector trends. Their core focus of the group is to help investing clients make informed decisions by providing value-added, independent, insightful analysis.

Founded in 2003, Soleil Securities Corp. is a broker/dealer headquartered in New York City. The firm is a subsidiary of Ticonderoga Securities LLC and their ultimate parent is Cayman Islands-based GEROVA Financial Group Ltd. (NYSE: GFC). Soleil Securities Corp. is a member of FINRA and the SIPC. The firm offers in-depth company-specific equity research to institutional clients. They provide coverage across a variety of significant growth sectors of the economy. Soleil Securities Corp.'s research process integrates macroeconomic considerations with investment-relevant policy insights. They seek to produce alpha-generating, actionable information that can help their clients achieve their investment objectives. The firm covers the following industries: (1) basic materials including agricultural chemicals, specialty chemicals and paper/forest products (2) capital goods and industrials including autos and auto parts (3) consumer including gaming, lodging, eTravel, agribusiness, sustainable agriculture, specialty foods, specialty retail, homebuilders and retailing/automotive (4) financial institutions including financial services, property and casualty and regional banks (5) healthcare including pharmaceuticals, medical technology, biotechnology and medical devices (6) special situations (7) strategy and policy (8) technology including software/Internet, semiconductors and solar power (9) telecommunications and telecommunications equipment (10) transportation (11) airlines and (12) utilities

Founded in 2004, Hudson Square Research, Inc. is an institutional fundamental equity research firm located in New York City. They focus on the specialty retail, technology, digital media, telecommunications and consumer sectors. The firm employs both bottom-up and top-down methodologies to assess valuation, risk and opportunity. Hudson Square Research seeks to provide timely and relevant insights that are driven by proprietary channel checks and value chain analysis.

Brean Capital is an independent investment bank and registered broker/dealer headquartered in New York City. The firm was founded in 1973 and provides equity research, corporate finance and advisory investment banking, equity institutional sales and trading, and asset management to institutional investors and corporate clients. Their fixed income business provides sales, trading, research and banking services on a wide range of mortgage and asset-backed, US Treasury and government agency securities, structured products, corporate bonds, and municipal debt. The fixed income sales team employs a highly analytical approach to bond selection, trade execution, and overall bond portfolio management. Under the guidance of fixed income strategists, the fixed income team uses a combination of qualitative and quantitative analyses to create custom investment portfolios and develop targeted, executable bond trading strategies to complement their clients? balance sheets.

Ascendiant Capital Markets LLC is a registered broker-dealer headquartered in Irvine, California. The firm is a subsidiary of Ascendiant Capital Partners LLC, which is owned by Ascendiant Capital Group LLC. Ascendiant Capital Markets was founded in 2010 and advises on and facilitates debt and equity securities offerings through private placements and provides assistance with mergers and acquisitions. The firm focuses on public and private growth companies, and institutional, accredited, and strategic investors.