Investment Rating Criteria

STRONG BUY

The security represents extremely compelling value and is expected to appreciate significantly from the current price over the next 12-18 month time horizon.

BUY

The security represents attractive value and is expected to appreciate significantly from the current price over the next 12-18 month time horizon.

SPECULATIVE BUY

The security is considered a BUY but in the analyst’s opinion possesses certain operational and/or financial risks that may be higher than average.

HOLD

The security represents fair value and no material appreciation is expected over the next 12-18 month time horizon.

SELL

The security represents poor value and is expected to depreciate over the next 12-18 month time horizon.