Equity Research Coverage July 26, 2021

COMPANY TICKER Mkt. Cap ($M) RATING PRICE TARGET COMPANY TICKER Mkt. Cap ($M) RATING PRICE TARGET China Internet Fawne Jiang 212-312-6712 Enterprise Software Mark Schappel 212-312-6749 Alibaba Group Holdings Ltd. BABA $572,852 Buy $282 Altair Engineering Inc. Class A ALTR $5,113 Buy $70 Autohome, Inc. ATHM $6,714 Hold NA , Inc. ANSS $31,845 Buy $370 , Inc. BIDU $62,820 Buy $370 Aspen Technology, Inc. AZPN $9,920 Buy $145 iClick Interactive Asia Group Ltd. ICLK $691 Buy $24 Blackbaud, Inc. BLKB $3,500 Buy $88 JD.com, Inc. JD $116,662 Buy $112 dMY Technology Group, Inc. III Class A DMYI $1,973 Buy $18 Meituan Class B 3690-HKG $1,690,069 Buy HKD 350 E2open, Inc. ETWO $2,594 Buy $17 Momo, Inc. MOMO $2,564 Buy $30 eGain Corp. EGAN $356 Buy $17 NetEase, Inc. NTES $76,937 Buy $140 Latch Inc LTCH $1,677 Buy $16 Inc. PDD $121,958 Buy $176 LivePerson, Inc. LPSN $4,354 Buy $75 Tencent Holdings, Inc. 700-HKG HKD 5,095,423 Buy HKD 690 LiveVox Holding, Inc. Class A LVOX $756 Buy $14 Vipshops Holdings, Inc. VIPS $11,731 Buy $37 Manhattan Associates, Inc MANH $9,489 Buy $150 Weibo Corp. WB $13,479 Buy $67 Mitek Systems, Inc. MITK $834 Buy $22 WiMi Hologram Cloud, Inc. WIMI $324 Buy $7 Open Text Corp. OTEX $14,007 Buy $56 JOYY, Inc. Sponsored ADR Class A YY $4,367 Buy $165 Pegasystems, Inc. PEGA $11,117 Buy $160 Progress Software Corp. PRGS $2,025 Buy $55 China Consumer Fawne Jiang 212-312-6712 Rimini Street Inc Class A RMNI $717 Buy $13 China Online Education Group COE $82 Hold NA Skillsoft Corp Class A SKIL $1,245 Buy $14 First High-School Education Group Company LimitedFHS Sponsored$146 ADR Class A Buy $11 Smith Micro Software, Inc. SMSI $304 Buy $9 Huazhu Group Ltd. HTHT $16,003 Buy $76 SPS Commerce, Inc. SPSC $3,611 Buy $120 New Oriental Edu. & Tech. Group EDU $6,663 Hold NA Tyler Technologies TYL $20,282 Buy $490 TAL Education TAL $3,869 Hold NA Varonis Systems, Inc. VRNS $6,689 Buy $68 Trip.com Group Ltd. TCOM $18,215 Buy $51

Entertainment Software & Med. Mike Hickey 720-236-0207 Internet Daniel Kurnos, CFA 561-939-8262 , Inc. ATVI $71,097 Buy $125 1-800-FLOWERS FLWS $2,041 Buy $44 AMC Entertainment AMC $18,561 Hold NA .com AMZN $1,844,130 Buy $4,400 Cinemark Holdings CNK $1,891 Buy $32 ANGI Homeservices Inc ANGI $6,068 Buy $20 DraftKings Inc Class A DKNG $39,168 Buy $64 Blucora, Inc. BCOR $784 Buy $24 , Inc EA $41,429 Buy $181 Inc. BKNG $90,422 Hold NA Esports Entertainment Group Inc GMBL $191 Speculative Buy $20 Car Gurus, Inc. CARG $3,306 Buy $46 DeNA Company Limited 2432-TKS ¥273,313 Buy ¥2700 Cars.com, Inc. CARS $844 Buy $18 Genius Sports Limited GENI $2,862 Buy $33 Cinedigm Corp CIDM $242 Speculative Buy $3.50 Glu Mobile GLUU NA Hold NA eBay Inc. EBAY $50,100 Buy $79 Golden Nugget Online Gaming, Inc. GNOG $877 Buy $20 Expedia, Inc. EXPE $23,743 Buy $215 Imax Corp. IMAX $1,006 Buy $25 Grubhub, Inc. GRUB $17,778 Hold NA Marcus Corp. MCS $494 Buy $26 Horizon Acquisition Corporation Class A HZAC $675 Buy $18 Motorsport Games, Inc. MSGM $249 Buy $30 IAC/InterActiveCorp IAC $11,735 Buy $200 PLAYSTUDIOS, Inc. Class A MYPS $727 Buy $15 NCR Corp. NCR $5,837 Buy $52 National CineMedia, Inc. NCMI $280 Buy $6 Porch Group, Inc. PRCH $1,751 Buy $26 Roblox Corp. Class A RBLX $46,629 Sell $75 Roku, Inc. Class A ROKU $62,711 Buy $550 Rush Street Interactive RSI $2,126 Buy $25 TrueCar, Inc. TRUE $539 Buy $8 Take Two Interactive TTWO $20,042 Buy $250 Waitr Holdings Inc. WTRH $190 Buy $5 Ubisoft Entertainment, SA UBI-PAR € 6,960 Sell € 44 Zillow Inc. ZG $27,749 Buy $200 World Wrestling Entertainment WWE $3,743 Buy $62 Zynga, Inc. ZNGA $11,378 Buy $12 Publishing & Broadcasting Daniel Kurnos, CFA 561-939-8262 ViacomCBS Inc VIAC $26,645 Buy $90 Cannabis Mike Hickey 720-236-0207 Chicken Soup for the Soul CSSE $523 Buy $42 Canopy Growth Corp. WEED-TSE CAD 9,682 Hold NA CuriosityStream, Inc. CURI $576 Buy $18 Charlotte's Web Holdings, Inc. CWEB-TSE $565 Speculative Buy $5 Gray Television, Inc. GTN $2,057 Buy $32 Green Thumb Industries GTII-CNQ $8,520 Buy $45 Meredith Corp. MDP $1,919 Buy $43 KushCo Holdings, Inc. KSHB $143 Speculative Buy $2 Nexstar Broadcasting Group, Inc. NXST $6,180 Buy $185 Tilray, Inc. TLRY $6,104 Hold NA Sinclair Broadcasting Group, Inc. SBGI $2,149 Buy $38 The E.W. Scripps Company SSP $1,567 Buy $29 TEGNA, Inc. TGNA $3,819 Buy $24

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Equity Research Coverage July 26, 2021

COMPANY TICKER Mkt. Cap ($M) RATING PRICE TARGET COMPANY TICKER Mkt. Cap ($M) RATING PRICE TARGET Automotive Michael Ward 203-632-6202 Semiconductor & Related Technology Cody Acree, CFA 214-355-1811 Adient plc ADNT $3,787 Buy $59 , Inc. AMD $111,964 Buy $100 Aptiv PLC APTV $42,568 Hold NA Skyworks Solutions, Inc. SWKS $31,807 Buy $220 AutoNation, Inc. AN $8,357 Buy $165 indie Semiconductor, Inc. Class A INDI $1,189 Buy $17 Carvana Co. Class A CVNA $58,424 Hold NA Cooper-Standard Holdings Inc. CPS $416 Buy $35 Semiconductor & Related Technology David Williams 214-455-0099 Electric Last Mile Solutions, Inc. Class A ELMS $1,131 Buy $23 Corporation INTC $215,021 Hold NA Faraday Future Intelligent Electric Inc. FFIE $3,859 Buy $26 Ford Motor Company F $55,165 Buy $16 Technology, Hardware Mark Miller 703-360-6203 General Motors Company GM $79,700 Buy $64 ACM Research, Inc. ACMR $1,666 Hold NA Group 1 Automotive, Inc. GPI $3,064 Buy $214 Amtech Systems ASYS $135 Buy $16 Lear Corporation LEA $10,045 Buy $227 Axcelis Technologies ACLS $1,262 Buy $50 Lightning eMotors, Inc ZEV $478 Buy $17 Coherent Inc. COHR $6,373 Hold NA Lithia Motors, Inc. LAD $11,300 Buy $435 II-VI Incorporated IIVI $7,488 Buy $105 Lyft, Inc. Class A LYFT $18,083 Hold NA IPG Photonics IPGP $11,544 Buy $235 Magna International Inc. MGA $24,366 Buy $120 Intevac, Inc. IVAC $154 Buy $9 NextGen Acquisition Corporation Class A NGAC $465 Buy $22 MKS Instruments, Inc. MKSI $9,155 Buy $235 Penske Automotive Group, Inc. PAG $6,583 Buy $112 nLight, Inc. LASR $1,405 Hold NA Shift Technologies Inc Class A SFT $711 Buy $13 Nova Measuring Instruments Ltd. NVMI $2,754 Buy $110 Sonic Automotive, Inc. Class A SAH $2,037 Buy $62 Onto Innovation, Inc. ONTO $3,295 Buy $78 Superior Industries International, Inc. SUP $215 Hold NA Seagate Technology plc STX $19,564 Buy $102 Vroom, Inc. VRM $5,267 Hold NA Veeco Instruments VECO $1,134 Buy $28 WDC $19,536 Buy $92 Coal & Transportation Nate Martin 804-822-1364 Alliance Resource Partners, L.P. ARLP $930 Buy $7 Aerospace & Defense Josh Sullivan 212-312-6775 Alpha Metallurgical Resources, Inc. AMR $439 Hold NA AAR Corporation AIR $1,287 Buy $52 Arch Resources, Inc. Class A ARCH $929 Buy $62 Allegheny Technologies Inc. ATI $2,525 Buy $26 CSX Corporation CSX $73,970 Buy $36 Arconic Inc. ARNC $3,668 Buy $50 Canadian National Railway Co. CNI $74,785 Hold NA Boeing Company BA $129,547 Buy $270 Canadian Pacific Railway Ltd. CP $49,146 Hold NA CACI International Inc Class A CACI $6,326 Buy $300 CONSOL Energy Inc CEIX $654 Buy $20 Carpenter Technology Corporation CRS $1,816 Hold NA Coronado Global Resources Inc. Shs Chess DepositoryCRN-ASX Interests Repr$1,377 10 Sh Hold NA Constellium SE Class A CSTM $2,457 Buy $22 Kansas City Southern Railway KSU $24,688 Hold NA Desktop Metal, Inc. Class A DM $2,269 Buy $22 Norfolk Southern Corporation NSC $66,394 Buy $315 Fortress Transportation & Infrastructure InvestorsFTAI LLC $2,565 Buy $50 Peabody Energy Corporation BTU $1,074 Hold NA HEICO Corporation HEI $17,445 Buy $160 Ramaco Resources, Inc. METC $265 Buy $6 Howmet Aerospace Inc. HWM $14,063 Hold NA SunCoke Energy, Inc. SXC $551 Buy $8 Jacobs Engineering Group Inc. J $17,436 Buy $160 Teck Resources Limited Class B TECK $11,191 Buy $27 Kaiser Aluminum Corporation KALU $1,822 Buy $150 Union Pacific Corporation UNP $143,565 Buy $250 Kratos Defense & Security Solutions, Inc. KTOS $3,323 Buy $30 Warrior Met Coal, Inc. HCC $910 Hold NA L3Harris Technologies Inc LHX $46,583 Hold NA NavSight Holdings Inc Class A NSH $286 Buy $22 Construction Reuben Garner 703-472-7473 Osprey Technology Acquisition Corp Class A SFTW $473 Buy $20 Belden Inc. BDC $2,138 Buy $59 PAE Incorporated Class A PAE $872 Buy $14 BlueLinx Holdings, Inc. BXC $387 Buy $75 Parsons Corporation PSN $4,019 Buy $45 Boise Cascade Co. BCC $1,953 Buy $82 Raytheon Technologies Corporation RTX $130,010 Hold NA Builders FirstSource, Inc. BLDR $9,399 Buy $85 Science Applications International Corp. SAIC $5,107 Buy $105 Ceasarstone Ltd. CSTE $452 Buy $21 Spirit AeroSystems Holdings, Inc. Class A SPR $4,515 Hold NA Herman Miller, Inc. MLHR $3,372 Buy $61 Ultralife Corporation ULBI $132 Buy $12 HNI Corporation HNI $1,727 Buy $54 VSE Corporation VSEC $659 Buy $57 Installed Building Products, Inc. IBP $3,509 Hold NA JELD-WEN Holding, Inc. JELD $2,537 Hold NA Hillman Solutions Corp. HLMN $2,324 Buy $18 Masonite International Corp. DOOR $2,697 Buy $142 Owens Corning OC $9,838 Buy $124 Quanex Building Products Corporation NX $814 Buy $33 Steelcase Inc. Class A SCS $1,593 Buy $18 TopBuild Corp. BLD $6,574 Hold NA Trex Company, Inc. TREX $11,534 Hold NA UFP Industries, Inc. UFPI $4,500 Buy $97

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Equity Research Coverage July 26, 2021

COMPANY TICKER Mkt. Cap ($M) RATING PRICE TARGET COMPANY TICKER Mkt. Cap ($M) RATING PRICE TARGET Healthcare Technology Bruce Jackson 651-315-2260 Healthcare Services Bill Sutherland 215-380-0276 Alpha Healthcare Acquisition Corp Class A AHAC $128 Buy $18 Amedisys, Inc AMED $8,599 Buy $330 Biofrontera AG BFRA $187 Buy $8 AMN Healthcare Services AMN $4,652 Buy $105 BIOLASE, Inc. BIOL $89 Speculative Buy $2 ATI Physical Therapy, Inc. Class A ATIP $1,729 Buy $14 ChemBio Diagnostics, Inc. CEMI $62 Hold NA Cross Country Healthcare CCRN $585 Hold NA Clene Inc. CLNN $468 Buy $25 Healthcare Services Group, Inc HCSG $1,991 Hold NA CNS Pharmaceuticals, Inc. CNSP $45 Speculative Buy $8 Huron Consulting Group, Inc. HURN $1,047 Buy $72 Exact Sciences Corporation EXAS $20,234 Buy $165 LHC Group, Inc. LHCG $6,778 Buy $260 Flexion Therapeutics, Inc. FLXN $319 Buy $20 CareCloud, Inc. MTBC $117 Buy $15 Invitae Corporation NVTA $5,631 Hold NA Ontrak, Inc. OTRK $496 Buy $40 Hoth Therapeutics, Inc. HOTH $33 Speculative Buy $10 Omnicell, Inc. OMCL $6,537 Buy $160 Harvard Biosciences HBIO $326 Speculative Buy $9 Premier, Inc. PINC $4,323 Buy $42 NeoGenomics NEO $5,594 Buy $46 RCM Technologies, Inc. RCMT $46 Buy $5 OncoCyte Corporation OCX $494 Speculative Buy $11 Select Medical SEM $5,291 Buy $50 Orgenesis Inc. ORGS $125 Buy $9 SOC Telemed TLMD $469 Buy $10 Seelos Therapeutics, Inc. SEEL $237 Speculative Buy $6 Surgery Partners, Inc. SGRY $4,649 Buy $73 STAAR Surgical Corporation STAA $6,185 Hold NA Tabula Rasa Healthcare, Inc. TRHC $1,065 Buy $55 Beauty Health Company Class A SKIN $2,447 Buy $22 UpHealth Inc UPH $781 Buy $14 VolitionRx VNRX $162 Speculative Buy $6 Special Situations Bill Sutherland 215-380-0276 Bioprocessing/Life Sciences Robert Wasserman 212-312-6764 Amesite, Inc. AMST $42 Speculative Buy $7 Anebulo Pharmaceuticals, Inc. ANEB $164 Buy $15 cbdMD, Inc. YCBD $147 Speculative Buy $5 BioLife Solutions, Inc. BLFS $1,886 Hold NA Taronis Fuels Inc TRNF $88 Speculative Buy $0.5 Bio-Techne Corporation TECH $18,450 Buy $460 Champions Oncology, Inc. CSBR $140 Speculative Buy $14 Communications Matthew Harrigan 303-548-0448 Codexis, Inc. CDXS $1,351 Buy $29 Altice USA, Inc. ATUS $15,850 Buy $48 Danaher Corporation DHR $207,938 Buy $330 Corporation CMCSA $268,123 Buy $72 Emergent BioSolutions Inc. EBS $3,450 Buy $120 , Inc. CHTR $137,124 Buy $820 Fortress Biotech, Inc. FBIO $298 Buy $8 DISH Network Corporation Class A DISH $21,980 Buy $62 Halozyme Therapeutics, Inc. HALO $6,107 Buy $55 Frontier Communications Parent, Inc. FYBR $7,151 Buy $40 Integer Holdings Corporation ITGR $3,031 Buy $105 Grupo Televisa, S.A.B. Sponsored ADR TV $6,396 Buy $19 Ligand Pharmaceuticals Incorporated LGND $2,032 Buy $180 Liberty Braves Group BATRA $1,450 Buy $33 Nephros, Inc. NEPH $93 Speculative Buy $13 Liberty Broadband Corp. LBRDA $33,351 Buy $211 Proto Labs, Inc. PRLB $2,389 Buy $135 Liberty Global plc LBTYA $14,716 Buy $40 Thermo Fisher Scientific Inc. TMO $209,193 Buy $580 Libery Latin America LILA $3,329 Buy $20 Liberty Sirius XM Group LSXMA $15,574 Buy $67 Biotechnology Aydin Huseynov, M.D., CFA 212-312-6759 , Inc. NFLX $228,118 Sell $448 Corporation INCY $17,440 Buy $89 Ooma Inc OOMA $424 Buy $27 Ionis Pharmaceuticals, Inc. IONS $5,361 Hold NA Sirius XM Holdings Inc SIRI $26,304 Buy $8 Inovio Pharmaceuticals, Inc. INO $1,708 Buy $15 T-Mobile US, Inc. TMUS $179,548 Buy $200 Nektar Therapeutics NKTR $3,010 Hold NA WideOpenWest, Inc. WOW $1,938 Buy $25 Neurocrine Biosciences, Inc. NBIX $9,315 Hold NA Zoom Video Communications, Inc. Class A ZM $107,071 Hold NA NextCure, Inc. NXTC $195 Buy $17 Processa Pharmaceuticals, Inc. PCSA $109 Speculative Buy $15 Semiconductors & Related Technology Regeneron Pharmaceuticals, Inc. REGN $62,472 Buy $636 , Inc. CDNS $40,535 Buy $150 Salarius Pharmaceuticals, Inc. SLRX $39 Speculative Buy $5 Cirrus Logic, Inc. CRUS $4,856 Buy $105 Scopus BioPharma Inc. SCPS $74 Speculative Buy $20 Diodes Incorporated DIOD $3,444 Buy $95 Trillium Therapeutics Inc. TRIL $740 Buy $21 Ideal Power Inc. IPWR $94 Buy $28 Voyager Therapeutics, Inc. VYGR $118 Buy $20 Lattice Semiconductor Corporation LSCC $7,378 Buy $55 MACOM Technology Solutions Holdings, Inc. MTSI $4,141 Buy $72 Consumer John Lawrence 901-371-7448 Marvell Technology, Inc. MRVL $48,285 Buy $52 Hibbett Inc HIBB $1,465 Buy $110 Products, Inc. MXIM $26,643 Hold NA Holley Inc. HLLY $1,428 Buy $15 MaxLinear Inc. MXL $3,198 Buy $25 MOSYS, Inc. MOSY $40 Speculative Buy $1 Corporation NVDA $487,385 Buy $670 ON Semiconductor Corporation ON $15,522 Buy $45 One Stop Systems, Inc. OSS $95 Speculative Buy $8.00 Qorvo, Inc. QRVO $21,739 Buy $200 Quicklogic Inc. QUIK $65 Speculative Buy $2 Silicon Laboratories Inc. SLAB $6,518 Buy $190 , Inc. SNPS $43,495 Buy $320 , Inc. XLNX $33,897 Hold NA Velodyne Lidar Inc. VLDR $1,519 Buy $25

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Equity Research Coverage July 26, 2021

Benchmark Special Purpose Acquisition Company (SPAC) Equity Research

COMPANY TICKER Mkt. Cap ($M) RATING PRICE TARGET COMPANY TICKER Mkt. Cap ($M) RATING PRICE TARGET Entertainment Software & Med. Mike Hickey 720-236-0207 Semiconductor & Related Technology Cody Acree, CFA 214-355-1811 PLAYSTUDIOS, Inc. Class A MYPS $727 Buy $15 indie Semiconductor, Inc. Class A INDI $1,189 Buy $17 DraftKings Inc Class A DKNG $39,168 Buy $64 Genius Sports Limited GENI $2,862 Buy $33 Construction Reuben Garner 703-472-7473 Golden Nugget Online Gaming, Inc. GNOG $877 Buy $20 Hillman Solutions Corp. HLMN $2,324 Buy $18 Rush Street Interactive RSI $2,126 Buy $25 Aerospace & Defense Josh Sullivan 212-312-6775 Enterprise Software Mark Schappel 212-312-6749 Desktop Metal, Inc. Class A DM $2,269 Buy $22 dMY Technology Group, Inc. III Class A DMYI $1,973 Buy $18 NavSight Holdings Inc Class A NSH $286 Buy $22 E2open, Inc. ETWO $2,594 Buy $17 Osprey Technology Acquisition Corp Class A SFTW $473 Buy $20 Latch Inc LTCH $1,677 Buy $16 PAE Incorporated Class A PAE $872 Buy $14 LiveVox Holding, Inc. Class A LVOX $756 Buy $14 Skillsoft Corp Class A SKIL $1,245 Buy $14 Healthcare Technology Bruce Jackson 651-315-2260 Alpha Healthcare Acquisition Corp Class A AHAC $128 Buy $18 Internet Daniel Kurnos, CFA 561-939-8262 Beauty Health Company Class A SKIN $2,447 Buy $22 Porch Group, Inc. PRCH $1,751 Buy $26 Clene Inc. CLNN $468 Buy $25 Waitr Holdings Inc. WTRH $190 Buy $5 Healthcare Services Bill Sutherland 215-380-0276 Publishing & Broadcasting Daniel Kurnos, CFA 561-939-8262 ATI Physical Therapy, Inc. Class A ATIP $1,729 Buy $14 CuriosityStream, Inc. CURI $576 Buy $18 SOC Telemed TLMD $469 Buy $10 Horizon Acquisition Corporation Class A HZAC $675 Buy $18 UpHealth Inc UPH $781 Buy $14

Automotive Michael Ward 203-632-6202 Consumer John Lawrence 901-371-7448 Electric Last Mile Solutions, Inc. Class A ELMS $1,131 Buy $23 Holley Inc. HLLY $1,428 Buy $15 Faraday Future Intelligent Electric Inc. FFIE $3,859 Buy $26 Lightning eMotors, Inc ZEV $478 Buy $17 NextGen Acquisition Corporation Class A NGAC $465 Buy $22 Shift Technologies Inc Class A SFT $711 Buy $13

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Equity Research Coverage July 26, 2021

Important Disclosures

Analyst Certification

The Benchmark Co., LLC analyst(s) whose name(s) appears on the front page of this research report certifies that the recommendations and opinions expressed herein accurately reflect the research analyst's personal views about any and all of the subject securities or issues discussed herein. Furthermore, no part 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(s) in this research report.

Equity Research Ratings System General Disclosures

Firm-Wide Stock Ratings Distribution This publication does not constitute an offer or solicitation of any transaction in any securities referred to herein. Ratings that use the “Speculative” risk qualifier are considered higher-risk. Any As of June 30, 2021 recommendation contained herein may not be suitable for all investors. All Covered Investment The Benchmark Company, LLC makes every effort to use reliable, comprehensive information, but we Companies Banking make no representation that it is accurate or complete. We have no obligation to tell you when Clients information in this report changes apart from when we intend to discontinue research coverage of a subject company. Buy 240 84% 48 20% Hold 45 16% 0 0% Although the information contained in the subject report has been obtained from sources we believe to Sell 1 0% 0 0% be reliable, its accuracy and completeness cannot be guaranteed. This publication and any recommendation contained herein speak only as of the date hereof and are subject to change without notice. The Benchmark Company, LLC and its affiliated companies and Company Ratings employees shall have no obligation to update or amend any information herein. Buy: Stock is expected to outperform the analyst’s defined Sector/Industry Index* over the This publication is being furnished to you for informational purposes only and on the condition that it will not form a primary basis for any investment decision. Each investor must make its own following 6 to 12 months. determination of the appropriateness of an investment in any securities referred to herein based on the Hold: Stock is expected to perform in-line with the analyst’s defined Sector/Industry Index* legal, tax and accounting considerations applicable to such investor and its own investment strategy. By over the following 6 to 12 months. virtue of this publication, none of The Benchmark Company, LLC or any of its employees shall be Sell: Stock is expected to underperform the analyst’s defined Sector/Industry Index* over responsible for any investment decision. the following 6 to 12 months. This report may discuss numerous securities, some of which may not be qualified for sale in certain states and may therefore not be offered to investors in such states. Industry Ratings The “Recent Price” stated on the cover page reflects the nearest closing price prior to the date of Overweight: Analyst’s defined Sector/Industry Index* is expected to outperform the S&P publication. 500 over the following 6 to 12 months. For additional disclosure information regarding the companies in this report, please contact The th th Market Weight: Analyst’s defined Sector/Industry Index* is expected to perform in-line with Benchmark Company, LLC, 150 East 58 Street, 17 Floor, New York, NY 10155, 212-312-6700. the S&P 500 over the following 6 to 12 months. The Benchmark Company is not in any way affiliated with or endorsed by the Menlo Park, California Underweight: Analyst’s defined Sector/Industry Index* is expected to underperform the venture capital firm Benchmark Capital. S&P 500 over the following 6 to 12 months. This report may not be reproduced, distributed, or published without the prior consent of The Benchmark Company, LLC. Copyright © 2021. All rights reserved by The Benchmark Company, LLC.

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