Research Guidelines

Definition:

Guidelines prepared by the Syndicate’s counsel in connection with an offering and to be followed by all Syndicate members wishing to publish or distribute Research Reports relating to the issuer. Research Guidelines are ordinarily applicable during a certain period of time during and after the offering or at the termination of stabilization arrangements and trading restrictions with regard to the offering, whichever is later. Failure of a Syndicate member to comply with the Research Guidelines could create a delay or prevention of the offering by regulatory authorities.

SEC Rule 139(a)(1) generally permits issuer-specific research on the issuer or the issuer’s securities as long as the Syndicate member (i) publishes or distributes Research Reports on such types of securities in the regular course of business; and (ii) such publication or distribution does not represent the initiation of publication of Research Reports about the issuer or its securities or re-initiation of such publication following discontinuation of publication of such Research Reports.

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