Disclosure

1. Reliable Information and Defined Terms

The Research Analyst must ensure that all facts and data included in the research report are obtained from reliable and credible sources. All terminology used in providing research recommendations must be clearly defined to avoid ambiguity and must be applied consistently throughout the report.The sources of information used in preparing the research report must be properly documented and maintained in records by the Research Analyst or the research entity.

2. Rating System, Time Horizon, and Benchmarks

If a rating system is used in the research report, the Research Analyst must clearly define:

• The meaning of each rating category
• The time horizon associated with the rating
• The benchmarks or parameters on which the rating is based

This ensures transparency and clarity for investors.

3. Price Target Disclosure

If the research report includes a rating or price target for the subject company’s securities for a period of at least one year, the report must also include a graphical representation of the daily closing price of such securities. The graph should cover the assigned period or the previous three years, whichever is shorter.

4. Distribution of Third-Party Research Reports

When distributing third-party research reports, the Research Analyst must: a. Review the report to ensure it does not contain any untrue statement of material fact or any false or misleading information. b. Disclose any material conflicts of interest of the third-party research provider, or provide a web link directing recipients to the relevant disclosures.

5. Signing, Dating, and Record Maintenance

All research reports must be duly signed and dated. Reports must be maintained in either physical or electronic form and preserved for a minimum period of five (5) years.If maintained electronically, the research report must be digitally signed to ensure authenticity and compliance.