Analyst(s) Certification
The research analyst(s) who is primarily responsible for this research and whose name is listed on the front cover certifies that: (1) all of the views expressed in this research accurately reflect his or her personal views about any and all of the subject securities or issuers; and (2) no part of any of the research analyst's compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed by the research analyst in this research.
The research analysts responsible for the preparation of this report receive compensation based upon various factors, including the quality and accuracy of research, client feedback, competitive factors, and overall firm revenues. While Strategic Energy Research and Capital LLC, an affiliate of FCG Advisors does not have a dedicated investment banking division, Strategic Energy is occasionally called upon to provide investment banking services which, from time-to-time, may provide revenue to the firm. As a result, such revenues are a part of the overall pool from which compensation is determined and paid.
Important Disclosures
Strategic Energy Research and Capital LLC, an affiliate of FCG Advisors may seek to provide investment banking services to the companies mentioned in this report. From time-to-time, Strategic Energy Research and Capital LLC, an affiliate of FCG Advisors may participate in syndicate groups that distribute or underwrite certain securities. In addition, Strategic Energy Research and Capital LLC, an affiliate of FCG Advisors may, from time-to-time, be asked to provide investment advice to corporations on various matters. As a result, some employees may receive compensation based on revenues from such investment banking and syndicate activities. Strategic Energy Research and Capital LLC, an affiliate of FCG Advisors maintains relationships with companies mentioned in this report that may lead to investment banking relationships.
The authors of this report make the following disclosures: The authors of the report may have positions in any securities mentioned in this report.
Strategic Energy Research and Capital LLC, an affiliate of FCG Advisors does not rate or rank individual securities at this time. Information has been obtained from sources believed to be reliable but Strategic Energy Research and Capital LLC, an affiliate of FCG Advisors does not warrant its completeness or accuracy except with respect to any disclosures relative to a Strategic Energy Research and Capital LLC, an affiliate of FCG Advisors and the analyst's involvement with the issuer. Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. Securities, financial instruments or strategies mentioned herein may not be suitable for all investors. The opinions and recommendations herein do not take into account individual client circumstances, objectives, or needs and are not intended as recommendations of particular securities, financial instruments or strategies to particular clients. The recipient of this report must make its own independent decisions regarding any securities or financial instruments mentioned herein.
Please contact your Strategic Energy Research and Capital LLC, an affiliate of FCG Advisors representative for additional information.
  
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