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This site is intended for use by our clients in receipt of our written research, and in receipt of our electronically transmitted SPARCs/ATIS, to allow them to obtain the disclosure of information required by various securities industry regulations. Applicable regulations allow certain disclosure information to be presented on this web site, rather than in a written research report, where that research report discusses six or more covered companies, or when a research report is transmitted electronically. Please note that not all of the applicable disclosures are contained on this site. A review of both the disclosures contained within the written research report as well as those on this site is required in order to review all applicable disclosures for a given research report.

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