Podcast Disclosure

Podcast Disclosure: This material is a product of Cowen and Company’s Research Department.

To the extent this podcast discusses any companies which Cowen currently maintains research coverage on, important disclosures can be obtained by contacting:

Compliance Department
Cowen and Company, LLC
599 Lexington Avenue
20th Floor
New York, NY, 10022, USA

In addition, the same important disclosures, with the exception of the valuation method and risks, are available on the Firm’s disclosure website at: cowen.bluematrix.com/sellside/Disclosures.action.

All published research can be obtained on the Firm’s client website: cowenlibrary.bluematrix.com.

Speakers identified as part of TD Cowen Washington Research Group are not Research Analysts, and their comments should not be considered an investment recommendation regarding securities of any company. Speakers who are not identified as members of Cowen and Company are expressing their own opinion, and their statements should not be construed as reflecting the views of TD Cowen. Third party speakers are not subject to FINRA regulation regarding conflicts and disclosure and the viewer should be aware that they may have a financial interest in or other conflicts of interest with any companies discussed. Statements made by third party speakers are not intended as investment opinions or advice. This podcast is produced solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy a security in any state where such offer or solicitation would be illegal. Other than disclosures relating to Cowen and Company, LLC, the information herein is based on sources we believe to be reliable but is not guaranteed by us and does not purport to be a complete statement or summary of the available data. Any opinions expressed herein are statements of our judgment on this date and are subject to change without notice. Any unauthorized use or disclosure is prohibited. Receipt and/or review of this presentation constitutes your agreement not to reproduce, display, modify, distribute, transmit, or disclose to others outside your organization the contents, opinions, conclusion, or information contained in this podcast.

Cowen and Company, LLC is a wholly-owned, indirect subsidiary of The Toronto-Dominion Bank. Cowen and Company, LLC is a member of FINRA, NYSE and SIPC. ® The TD Logo and other trademarks are the property of the Toronto-Dominion Bank.