Research Disclosures

Sandler O’Neill + Partners, L.P. (“Sandler O’Neill”) has provided summary information in the table available here to comply with the requirements of the Investment Protection Standards adopted by the California State Treasurer’s Office. The information presented in the table was accurate as of the end of the last calendar quarter, and therefore may not reflect the current views of the Sandler O’Neill Equity Research Department. In particular, there may have been intervening changes to the research analysts’ recommendations, price targets, valuation methodologies and risk factors associated with any given security. In addition, Sandler O’Neill may have initiated or terminated coverage on companies following the end of the last calendar quarter.

Investors should not rely solely on this information in making an investment decision.

The information contained in the table was obtained from various sources that Sandler O’Neill believes to be reliable, but Sandler O’Neill does not guarantee its accuracy or completeness. The information and opinions contained in this section are subject to change without notice.

The information contained in the table does not constitute an offer, or a solicitation of an offer, to buy or sell any securities or other financial instruments, including the securities of companies listed in the table. The table has been prepared to comply with a regulatory mandate and does not take into account the financial position, particular needs or investment objectives of any individual or entity. The securities listed in the table may not be suitable for all investors. Investors must make their own determination of the appropriateness of an investment in any securities based on the legal, tax and accounting considerations applicable to such investors and their own investment strategy. Investors are cautioned that statements regarding future prospects may not be realized and that past performance is not necessarily indicative of future performance.

No information contained in this table may be reproduced or redistributed by any person for any purpose without the written consent of Sandler O’Neill.