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COWEN COLLABORATIVE INSIGHTS February 25, 2019 for an issuer's stock represents the value that the analyst reasonably expects the stock to reach over a performance period of twelve months. Any price targets in equity securities in this report should be considered in the context of all prior published Cowen and Company, LLC equity research reports (including the disclosures in any such equity report or on the Firm's disclosure website), which may or may not include equity research price targets, as well as developments relating to the issuer, its industry and the financial markets. For equity research price target valuation methodology and risks associated with the achievement of any given equity research price target, please see the analyst's equity research report publishing such targets. _ Equity Research Price Targets: Cowen and Company, LLC assigns price targets on all companies covered in equity research unless noted otherwise. The equity research price target Cowen Cross-Asset Research: Due to the nature of the fixed income market, the issuers or debt securities of the issuers discussed in “Cowen Cross-Asset Research” reports do not assign ratings and price targets and may not be continuously followed. Accordingly, investors must regard such branded reports as providing stand-alone analysis and reflecting the analyst's opinion as of the date of the report and should not expect continuing analysis or additional reports relating to such issuers or debt securities of the issuers. From time to time “Cowen Cross-Asset Research” analysts provide investment recommendations on securities that are the subject of this report. These recommendations are intended only as of the time and date of publication and only within the parameters specified in each individual report. “Cowen Cross-Asset Research” investment recommendations are made strictly on a case-by-case basis, and no recommendation is provided as part of an overarching rating system or other set of consistently applied benchmarks. The views expressed in "Cross-Asset Research" report may differ from the views offered in the firm’s equity research reports prepared for our clients. Notice to UK Investors: This publication is produced by Cowen and Company, LLC which is regulated in the United States by FINRA. It is to be communicated only to persons of a kind described in Articles 19 and 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005. It must not be further transmitted to any other person without our consent. 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Copyright, User Agreement and other general information related to this report © 2019 Cowen and Company, LLC. All rights reserved. Member NYSE, FINRA and SIPC. This research report is prepared for the exclusive use of Cowen clients and may not be reproduced, displayed, modified, distributed, transmitted or disclosed, in whole or in part, or in any form or manner, to others outside your organization without the express prior written consent of Cowen. Cowen research reports are distributed simultaneously to all clients eligible to receive such research reports. Any unauthorized use or disclosure is prohibited. Receipt and/or review of this research constitutes your agreement not to reproduce, display, modify, distribute, transmit, or disclose to others outside your organization. All Cowen trademarks displayed in this report are owned by Cowen and may not be used without its prior written consent. Cowen and Company, LLC. New York 646 562 1010 Boston 617 946 3700 San Francisco 415 646 7200 Chicago 312 577 2240 Cleveland 440 331 3531 Atlanta 866 544 7009 Stamford 646 616 3000 Washington, D.C. 202 868 5300 London (affiliate) 44 207 071 7500 COWEN AND COMPANY EQUITY RESEARCH RATING DEFINITIONS Outperform (1): The stock is expected to achieve a total positive return of at least 15% over the next 12 months Market Perform (2): The stock is expected to have a total return that falls between the parameters of an Outperform and Underperform over the next 12 months Underperform (3): Stock is expected to achieve a total negative return of at least 10% over the next 12 months Assumption: The expected total return calculation includes anticipated dividend yield Cowen and Company Equity Research Rating Distribution Distribution of Ratings/Investment Banking Services (IB) as of 12/31/18 Rating Count Ratings Distribution Count IB Services/Past 12 Months Buy (a) 473 64.01% 116 24.52% Hold (b) 259 35.05% 20 7.72% Sell (c) 7 0.95% 0 0.00% (a) Corresponds to “Outperform” rated stocks as defined in Cowen and Company, LLC's equity research rating definitions. (b) Corresponds to "Market Perform” as defined in Cowen and Company, LLC's equity research ratings definitions. (c) Corresponds to “Underperform” as defined in Cowen and Company, LLC's equity research ratings definitions. Cowen and Company Equity Research Rating Distribution Table does not include any company for which the equity research rating is currently suspended or any debt security followed by Cowen Credit Research and Trading. Note: "Buy", "Hold” and "Sell’ are not terms that Cowen and Company, LLC uses in its ratings system and should not be construed as investment options. Rather, these ratings terms are used illustratively to comply with FINRA regulation. 102 COWEN.COM HOUSE_OVERSIGHT_024918