The stocks that are covered in this report are not rated by the Safian Investment Research Division (SIR) of Burnham Securities Inc. or by Burnham Securities Inc. (BSI) The report is provided to you for informational use only and should not be used for considered as offer to sell, buy or subscribe for securities or other financial instruments. SIR and BSI may not have taken steps to ensure that the securities in this report are suitable for you.

The contents of this report do not constitute investment, tax, legal or accounting advice. A recipient who is not a professional investor should seek the advice of an independent advisor prior to making any decisions based on his report. SIR and BSI will not treat you as a customer solely because you have received this report.

Information and opinions presented herein have been obtained from sources believed by SIR and BSI to be reliable, but SIR and BSI make not representation as to the accuracy or completeness of this report, and accept no liability for loss arising from its use, except to the extent such liability may not be waived under applicable laws or regulations. This report is not to be relied upon in substitution for the exercise of your independent judgment. SIR and BSI may have issued reports in the past, or made oral representations, that are inconsistent with, and reach different conclusions from, the information or conclusions presented in this report. SIR and BSI have no duty to update this report.

Past performance is not a guarantee of future results. Opinions contained in this report reflect a judgment as of the day of publication and are subject to change. SIR and BSI have not duty to update this report. Securities’ prices are influenced by economic, political, and marked factors, and may rise and fall. Some investments may have a high level of volatility, and may experience sudden increases and declines in their value, resulting in losses when those investments are sold. In some cases, the loss may exceed the amount of capital invested.

SIR and BSI may to the extent permitted by law participate or invest in financing transactions with the issuers of the securities covered by this report, may carry positions, or conduct transactions in their securities or options. Information on such transactions will be [are] provided in the "Disclosure" section of this report.

Our research professionals are paid in part based on the profitability of SIR and BSI, which includes earnings from investment banking and other businesses. From time to time the authors of this report may buy or sell the securities mentioned in this report or buy or sell securities that are involved in the industry that is the subject of this report. Information on such transactions will be [are] provided in the "Disclosure" section of this report.

DISCLOSURE SECTION:

The following securities mentioned in this report are owned by one of more of the authors of this report or their families: None

CERTIFICATION:

We, Kenneth Safian and Lorraine T. Corbett, hereby certify that all of the views expressed in this report accurately reflect our own personal views about the subject company or companies and its or their securities. We also certify that no part of our compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

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The stocks that are covered in this report are not rated by the Safian Investment Research Division (SIR) of Burnham Securities Inc. or by Burnham Securities Inc. (BSI) The report is provided to you for informational use only and should not be used for considered as offer to sell, buy or subscribe for securities or other financial instruments. SIR and BSI may not have taken steps to ensure that the securities in this report are suitable for you.

The contents of this report do not constitute investment, tax, legal or accounting advice. A recipient who is not a professional investor should seek the advice of an independent advisor prior to making any decisions based on his report. SIR and BSI will not treat you as a customer solely because you have received this report.

Information and opinions presented herein have been obtained from sources believed by SIR and BSI to be reliable, but SIR and BSI make not representation as to the accuracy or completeness of this report, and accept no liability for loss arising from its use, except to the extent such liability may not be waived under applicable laws or regulations. This report is not to be relied upon in substitution for the exercise of your independent judgment. SIR and BSI may have issued reports in the past, or made oral representations, that are inconsistent with, and reach different conclusions from, the information or conclusions presented in this report. SIR and BSI have no duty to update this report.

Past performance is not a guarantee of future results. Opinions contained in this report reflect a judgment as of the day of publication and are subject to change. SIR and BSI have not duty to update this report. Securities’ prices are influenced by economic, political, and marked factors, and may rise and fall. Some investments may have a high level of volatility, and may experience sudden increases and declines in their value, resulting in losses when those investments are sold. In some cases, the loss may exceed the amount of capital invested.

SIR and BSI may to the extent permitted by law participate or invest in financing transactions with the issuers of the securities covered by this report, may carry positions, or conduct transactions in their securities or options. Information on such transactions will be [are] provided in the "Disclosure" section of this report.

Our research professionals are paid in part based on the profitability of SIR and BSI, which includes earnings from investment banking and other businesses.

From time to time the authors of this report may buy or sell the securities mentioned in this report or buy or sell securities that are involved in the industry that is the subject of this report. Information on such transactions will be [are] provided in the "Disclosure" section of this report.

DISCLOSURE SECTION:

The following securities mentioned in this report are owned by one of more of the authors of this report or their families: None

CERTIFICATION:

We, Kenneth Safian, Lorraine T. Corbett, Daniel P. Dillon, John Potusek, and Denise Bosario , hereby certify that all of the views expressed in this report accurately reflect our own personal views about the subject company or companies and its or their securities. We also certify that no part of our compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

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DISCLOSURE INFORMATION

The stocks that are covered in this report are not rated by the Safian Investment Research Division (SIR) of Burnham Securities Inc. or by Burnham Securities Inc. (BSI) The report is provided to you for informational use only and should not be used for considered as offer to sell, buy or subscribe for securities or other financial instruments. SIR and BSI may not have taken steps to ensure that the securities in this report are suitable for you.

The contents of this report do not constitute investment, tax, legal or accounting advice. A recipient who is not a professional investor should seek the advice of an independent advisor prior to making any decisions based on his report. SIR and BSI will not treat you as a customer solely because you have received this report.

Information and opinions presented herein have been obtained from sources believed by SIR and BSI to be reliable, but SIR and BSI make not representation as to the accuracy or completeness of this report, and accept no liability for loss arising from its use, except to the extent such liability may not be waived under applicable laws or regulations. This report is not to be relied upon in substitution for the exercise of your independent judgment. SIR and BSI may have issued reports in the past, or made oral representations, that are inconsistent with, and reach different conclusions from, the information or conclusions presented in this report. SIR and BSI have no duty to update this report.

Past performance is not a guarantee of future results. Opinions contained in this report reflect a judgment as of the day of publication and are subject to change. SIR and BSI have not duty to update this report. Securities’ prices are influenced by economic, political, and marked factors, and may rise and fall. Some investments may have a high level of volatility, and may experience sudden increases and declines in their value, resulting in losses when those investments are sold. In some cases, the loss may exceed the amount of capital invested.

SIR and BSI may to the extent permitted by law participate or invest in financing transactions with the issuers of the securities covered by this report, may carry positions, or conduct transactions in their securities or options. Information on such transactions will be [are] provided in the "Disclosure" section of this report.

Our research professionals are paid in part based on the profitability of SIR and BSI, which includes earnings from investment banking and other businesses.

From time to time the authors of this report may buy or sell the securities mentioned in this report or buy or sell securities that are involved in the industry that is the subject of this report. Information on such transactions will be [are] provided in the "Disclosure" section of this report.

DISCLOSURE SECTION:

The following securities mentioned in this report are owned by one of more of the authors of this report or their families: None

CERTIFICATION:

We, Kenneth Safian, Lorraine T. Corbett, Daniel P. Dillon hereby certify that all of the views expressed in this report accurately reflect our own personal views about the subject company or companies and its or their securities. We also certify that no part of our compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.