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Analyst Certification:

The research analyst(s) principally responsible for the preparation of this research report hereby certify that all of the opinions and recommendations expressed in this research report accurately reflect their personal views about any and all of the subject securities or issuers covered within.  Ockham Research also certifies that no part of the analyst(s) compensation was, directly or indirectly, related to the specific recommendation or views expressed in this research report.

All Reports Prepared By: The Ockham Research Team

Companies Analyzed:

Ockham Research covers over 5400 securities and ADR’s.  Collectively, we refer to all companies covered as the Ockham Research coverage universe.  Ockham Research does not have association with a specialist or market maker that makes a market in the stocks or options of any issuers covered.

This website discusses securities, some of which may not be qualified for sale in certain states and may therefore not be offered to investors in those prohibited states. This report should not be interpreted as providing investment services. Investing in non-U.S. securities including ADRs involves significant risks such as variability of exchange rates that may have adverse effects on the value or price of income derived from the security. It is possibly that securities of some foreign companies may be less liquid and prices more volatile than securities of U.S. companies. Securities of non-U.S. issuers may not be registered with or subject to Securities and Exchange Commission reporting requirements; therefore, data concerning such issuers may be less complete or limited.