Investment ratings reflect the analyst’s assessment of a stock’s absolute total return potential and attractiveness for investment relative to other stocks within its Coverage Cluster (defined below). There are three investment ratings:

1 – Buy (stocks are expected to have a total return of at least 10% and are the most attractive stocks in a Coverage Cluster),

2 – Neutral (stocks are expected to remain flat or increase in value and are less attractive than Buy rated stocks), and

3 – Underperform (stocks are the least attractive stocks in a Coverage Cluster).

Analysts assign investment ratings considering, among other things, the 0 to 12 month total return expectation for a stock. The current price objective for a stock should be referenced to better understand the total return expectation at any given time. The price objective reflects the analyst’s view of the potential price appreciation (depreciation).