BTIG, LLC has adopted the following principles to eliminate the potential conflicts of interest that may arise out of a relationship between our Investment Banking and Research Departments. They are as follows:

• There is no direct link between compensation for analysts and investment banking;
• BTIG Research Analysts are not compensated for a specific investment banking services transaction;
• A research principal approves all recommendations;
• Investment banking has no input into analyst compensation;
• Discontinuation of coverage is disclosed as well as the rationale for such termination;
• Research reports disclose whether the firm has received or is entitled to receive compensation from a covered company over the past 12 months; and
• This process is monitored to ensure compliance with these principles.