FIGterms

This report was prepared by Ford Equity Research solely for the use of its clients and authorized subscribers. Reproduction or distribution in any form is prohibited without the permission of Ford Equity Research. This report is based on public information. Careful efforts are made to present the timeliest and most accurate data possible and information presented has been obtained from sources believed to be reliable. However, accuracy is not guaranteed. Additional information, such as corporate actions, industry and economic factors, and general news which may impact the Ford Equity Research rating may not yet be reflected in the data presented. This report is for information purposes only and should not be construed as an offer to buy or sell any security. Recommendations made in this report may not be suitable for all investors. Recommendations do not take into account the individual user’s investment risk or return objectives or constraints. Ford is not responsible for the results of actions taken based on the information presented. Opinions expressed herein are subject to change without notice. The research process used here is derived solely from a quantitative approach that uses historical data to produce a stock ranking system. Stocks are assigned to one of three ratings based on relative scores. The ratings are Positive, Neutral, and Negative. While stocks rated Positive are expected to be the best performers and those rated Negative are expected to be the worst performers, there is no guarantee that such will be the case on an individual stock basis or on average. Past results are no guarantee of future results.

Ford Equity Research is an independent research firm with no investment banking or brokerage businesses or affiliations. Ford Equity Research, its clients and/or its employees may at times own positions in the companies described in these reports. Ford also has a sister corporation and affiliated investment advisor, Tesserae Capital Advisors, LLC. Tesserae manages portfolios for clients including a long/short hedge fund from which it receives a performance based fee. Tesserae implements Ford’s research and is restricted from executing new buy and sell decisions until Ford’s Research is available to all clients. When Ford publishes a material change in its buy, hold and sell rating for a security, Tesserae must wait 24 hours before it executes any trade in that issue for its client portfolios.

The senior officers of Ford Equity Research, Timothy R. Alward, CFA and Richard Segarra, CFA are also the senior officers of Tesserae Capital Advisors, LLC and have personal investments in the funds it manages.