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Analyst Certification (Reg AC)
Walter Teng, CFA, the research analyst denoted by an “AC” on the cover of this report, hereby certifies that
all of the views expressed in this report accurately reflect
his
personal views, which have not been
influenced by considerations of the firm’s business or client relationships.
Neither I, nor a member of my household is an officer, director, or advisory board member of the
issuer(s) or has another significant affiliation with the issuer(s) that is/are the subject of this
research report. There is a possibility that we will from time to time have long or short positions
in,
and buy or sell, the securities or derivatives, if any, referred to in this research.
Conflicts of Interest
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