Mike W. Beardsley

Merrill Lynch, Pierce, Fenner & Smith, Inc. (MLPFS) is the SEC-registered broker/dealer subsidiary of Merrill Lynch & Co., Inc., ultimately held by Charlotte-based Bank of America Corp. (NYSE: BAC). The firm was founded in 1958 and is headquartered in New York City. In 2010, Banc of America Securities LLC merged with MLPFS and the firm uses the trade name Bank of America Merrill Lynch. MLPFS's global strategy and economics team serves institutional and individual investors using a wide range of macroeconomic disciplines. Their analysis of global issues provides clients with investment ideas, market forecasts, macro overviews and specific sector recommendations across asset classes, regions and disciplines. Their equity research team conducts fundamental analysis on companies globally and provides institutional and retail clients with industry-specific and in-depth research and analysis on numerous industries. The firm's global fixed-income and equity-linked research focuses on fixed-income and equity derivatives, fixed-income strategy, convertibles, commodities, high-yield, mortgages, municipals and global foreign exchange.

JPMorgan Securities LLC (JPMS) is a securities brokerage firm headquartered in New York City. The firm was founded in 1985 and is a subsidiary of JPMorgan Broker-Dealer Holdings, Inc., ultimately held by JPMorgan Chase & Co., Inc. (NYSE: JPM). JPMS provides research on fixed income, credit, derivatives, emerging markets, foreign exchange, structured finance, technical analysis and bond indices. Their equity analysts cover equities throughout North America, EMEA, Asia/Pacific and the emerging markets. The firm's fixed income team formulates trading and portfolio recommendations for investors in global bonds and other fixed-income markets based on valuations, analytics and market dynamics.

Founded in 1999 by Michael Beardsley, Internet Securities, Inc. is a registered investment advisor, investment bank and online brokerage located in Oakland, California. The firm provides investment banking services to companies operating in high-growth market segments within the communications technology, Internet, biotechnology, energy & water, software and real estate industries. Internet Securities' online brokerage and registered investment advisor divisions serve individuals, companies and non-profit organizations.

Pacific Growth Equities, Inc. is a research-driven investment bank located headquartered in San Francisco with an additional office in Boston. The firm specializes in technology-based emerging growth companies. They offer investment banking and brokerage services including public equity offerings, private equity offerings and mergers and acquisitions. Pacific Growth focuses on the life sciences, technology, healthcare and consumer growth companies.

Founded in 2009, Beardsley Research is an independent investment research firm located in Oakland, California. The firm's analysts provide equity research coverage for public companies which operate in high growth sectors including Communications Technology, Internet, Clean Technology, Alternative Energy, Water, Health Care, Industrial, and Special Situations. In general, the firm focuses on relatively underfollowed small-cap stocks with market-cap of $50 million to $1 billion. The majority of companies they follow are US-based; however, they expect an increasing percentage of companies under research coverage will be headquartered in Asia and Europe.