Disclosures

Qualitative (STARS) and Quantitative Stock Reports Disclosures

S&P GLOBAL™ and S&P CAPITAL IQ™ are used under license. The owner of these trademarks is S&P Global Inc. or its affiliate, which are not affiliated with CFRA or the author of this content.

Stocks are ranked in accordance with the following ranking methodologies:

STARS Stock Reports:  Qualitative STARS recommendations are determined and assigned by equity analysts. For reports containing STARS recommendations refer to the Glossary section of the report for detailed methodology and the definition of STARS rankings.

Quantitative Stock Reports: Quantitative recommendations are determined by ranking a universe of common stocks based on 5 measures or model categories: Valuation, Quality, Growth, Street Sentiment, and Price Momentum. In the U.S., a sixth sub-category for Financial Health will also be displayed. Percentile scores are used to compare each company to all other companies in the same universe for each model category. The five (six) model category scores are then weighted and rolled up into a single percentile ranking for that company. For reports containing quantitative recommendations refer to the Glossary section of the report for detailed methodology and the definition of Quantitative rankings.

STARS Stock Reports and Quantitative Stock Reports: The methodologies used in STARS Stock Reports and Quantitative Stock Reports (collectively, the “S&P Capital IQ Research Reports” or “Research Reports”) reflect different criteria, assumptions and analytical methods and may have differing recommendations.
The methodologies and data used to generate the different types of Research Reports are believed by the author and distributor reasonable and appropriate. Generally, CFRA does not generate reports with different ranking methodologies for the same issuer. However, in the event that different methodologies or data are used on the analysis of an issuer, the methodologies may lead to different views or recommendations on the issuer, which may at times result in contradicting assessments of an issuer. CFRA reserves the right to alter, replace or vary models, methodologies or assumptions from time to time and without notice to clients.

STARS Stock Reports:

S&P Global Equity Research - Global STARS Distribution as of June 30, 2016

Ranking

North America

Europe

Asia

Global

Buy

24.56%

17.78%

30.00%

23.73%

Hold

47.95

57.78

45.00

49.58

Sell

27.49

24.44

25.00

26.69

Total

100.0%

100.0%

100.0%

100.0%

Analyst Certification
STARS Stock Reports are prepared by the equity research analysts of CFRA and S&P Malaysia, under contract to CFRA. All of the views expressed in STARS Stock Reports accurately reflect the research analyst’s personal views regarding any and all of the subject securities or issuers. Analysts generally update stock reports at least four times each year. No part of analyst, CFRA, or S&P Malaysia compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in a STARS Stock Report.

About S&P Capital IQ Equity Research’s Distributors:
This Research Report is published and originally distributed by CFRA US, with the following exceptions: In the UK/EU/EEA, it is published and originally distributed by CFRA UK Limited, an Appointed Representative of Hutchinson Lilley Investments LLP, which is regulated by the Financial Conduct Authority (No. 582181), and in Malaysia by S&P Malaysia, which is regulated by Securities Commission Malaysia, (No. CMSL/A0181/2007) under license from CFRA US, and its subsidiaries do not distribute reports to individual (retail) investors and maintain no responsibility for reports redistributed by third parties such as brokers or financial advisors.

General Disclosure

Notice to all jurisdictions:

Where Research Reports are made available in a language other than Englishthe English version will control and supersede any ambiguities associated with any part or section of a Research Report that has been issued in a foreign language. Neither CFRA nor its affiliates guarantee the accuracy of the translation.

The content of this report and the opinions expressed herein are those of CFRA based upon publicly-available information that CFRA believes to be reliable and the opinions are subject to change without notice. This analysis has not been submitted to, nor received approval from, the United States Securities and Exchange Commission or any other regulatory body. While CFRA exercised due care in compiling this analysis, CFRA AND ALL RELATED ENTITIES SPECIFICALLY DISCLAIM ALL WARRANTIES, EXPRESS OR IMPLIED, to the full extent permitted by law, regarding the accuracy, completeness, or usefulness of this information and assumes no liability with respect to the consequences of relying on this information for investment or other purposes. No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of CFRA. The Content shall not be used for any unlawful or unauthorized purposes. CFRA and any third-party providers, as well as their directors, officers, shareholders, employees or agents do not guarantee the accuracy, completeness, timeliness or availability of the Content.

Past performance is not necessarily indicative of future results. This document may contain forward-looking statements or forecasts; such forecasts are not a reliable indicator of future performance.

This report is not intended to, and does not, constitute an offer or solicitation to buy and sell securities or engage in any investment activity. This report is for informational purposes only. Recommendations in this report are not made with respect to any particular investor or type of investor. Securities, financial instruments or strategies mentioned herein may not be suitable for all investors and this material is not intended for any specific investor and does not take into account an investor's particular investment objectives, financial situations or needs. Before acting on any recommendation in this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice.

Additional information on a subject company may be available upon request.

CFRA’s financial data provider is S&P Global Market Intelligence.  THIS DOCUMENT CONTAINS COPYRIGHTED AND TRADE SECRET MATERIAL DISTRIBUTED UNDER LICENSE FROM S&P GLOBAL MARKET INTELLIGENCE. FOR RECIPIENT’S INTERNAL USE ONLY.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Capital IQ, Inc. (“Capital IQ”). GICS is a service mark of MSCI and Capital IQ and has been licensed for use by CFRA.

For residents of the European Union/European Economic Area: Research reports are originally distributed by CFRA UK Limited (company number 08456139 registered in England & Wales with its registered office address at 131 Edgware Road, London, W2 2AP, United Kingdom). CFRA UK Limited is an Appointed Representative of Hutchinson Lilley Investments LLP, which is regulated by the UK Financial Conduct Authority (No. 582181).

For residents of Malaysia: Research reports are originally produced and distributed by S&P Malaysia, under license from CFRA US. S&P Malaysia is regulated by Securities Commission Malaysia (License No. CMSL/A0181/2007).

For residents of all other countries: Research reports are originally distributed Accounting Research & Analytics, LLC d/b/a CFRA.