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THE BROOKLINE BRIEF

Healthcare Equity Capital Markets Update June 2, 2020 Healthcare Equity Capital Markets Update June 2, 2020

Equity Market / New Issue Market Tailwinds Equity Market / New Issue Market Headwinds

› Building upon 2 consecutive quarters of strong new issue activity, investor appetite › In the wake of the largest follow-on offering by any development-stage life sciences for follow-on offerings by life sciences issuers of virtually all shapes and sizes – issuer since at least the beginning of 2010 (1), the financial media’s reaction to ranging from early-stage, micro-cap, and pre-revenue companies to mature, large- Moderna’s mammoth $1.34bn follow-on offering on May 18th highlighted one of the cap, and commercial-stage conglomerates – surged to new highs over the last 2 foremost challenges confronting nearly all early-stage biotech companies in the weeks. During the 9-trading day period ending May 28th, 41 life sciences issuers competition for the investment community’s attention ahead of planned (or raised over $5.9bn via follow-on offerings (including a highly-publicized $1.34bn unplanned) capital raising events. Though most within the life sciences capital offering by mRNA vaccine-maker, Moderna, on May 18th), sending Q2 2020’s total markets appreciate the ambiguity inherent in early-stage data and sympathize with gross proceeds raised to-date to $10.38bn – the highest such quarterly tally since at the need for issuers to showcase early-stage data while simultaneously hedging to least the beginning of 2016, according to Dealogic. With a full month remaining in protect long-run management credibility, generalist investors appeared to recoil at Q2 2020, the surging new issue market has already surpassed its previous quarterly the perception of a bait-and-switch following Moderna’s data release and subsequent high-water-mark set in Q3 2017 ($9.75bn) by over $600mm. equity offering, sending MRNA shares down to $71.67 on May 19th (-5.7% from $76 th › Should the breakneck pace of new issue activity witnessed during May 2020 offering price) and fueling a further sell-off to a recent low of $52.18 on May 27 continue through the remainder of Q2, the life sciences follow-on market in 2020 (-31.3% from $76 offering price). will be poised to record an unprecedented second consecutive quarter with 100+ › Macro headwinds appeared to intensify following renewed efforts by an increasingly follow-on offerings, a feat unmatched by any consecutive 2-quarter stretch during emboldened Beijing to compel the Hong Kong legislature to adopt new, sweeping each of the last 4 years preceding 2020, further highlighting the depth and breadth national security reforms via Article 23 of the Hong Kong Basic Law, the territory’s of investor demand across the red-hot biotech and life sciences new issue market. de-facto constitution signed in 1997. In response to China’s renewed interest in › Though IPO deal volume in 2020 YTD has lagged that of previous campaigns, strong Article 23, the White House moved to officially revoke the “special status” of the pre-IPO pricing dynamics, as well as consistently positive aftermarket returns (both nominally autonomous capitalist enclave, eliminating preferential travel, trade, and shorter-term as well as longer-term) showcase the continued health and impressive customs protocols that had been in place for Hong Kong for nearly 3 decades. resilience of the broader life sciences IPO market amidst a challenging macro › In just the last 2 weeks, 9 prospective new entrants have submitted preliminary IPO environment. To-date, all 14 members of the life sciences IPO Class of 2020 have prospectuses (S-1 or F-1 filings) to the SEC, bringing the total number of pending life priced their offerings at or above the midpoint of the range and 11 have upsized sciences debuts to 16 as of June 1, 2020. Although the appetite for life sciences IPOs their offerings versus initial expectations. The last 7 IPOs have all delivered positive has been consistently robust in 2020 YTD, some have expressed concern that the offer-to-first-trade returns, averaging a +49.1% return on a mean basis. In addition, burgeoning IPO backlog could oversaturate a market that has adjusted to a more 13 of this year's IPOs are trading up offer-to-current and 9 of those 13 deals have limited IPO cadence over the last 5 months. jumped more than 80% since pricing.

Sources: FactSet, Bloomberg, The Wall Street Journal. Market data as of 8:30 AM on June 2, 2020. (1): According to Dealogic transaction data as of June 1, 2020; excludes offerings of commercial-stage and/or non- biopharmaceutical issuers (e.g. medical tools/equipment) that have completed the largest follow-on offerings (as measured by aggregate gross proceeds raised, prior to overallotment) between Jan. 1, 2015 and Jun. 1, 2020. Healthcare Equity Capital Markets Update June 2, 2020 Major US Indices ETF Performance – Monthly Performance Montage (2019 to 2020 YTD)

Yr Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Full Yr / YTD

2020 -0.9% -9.9% -13.9% 10.9% 4.6% 0.4% ------10.5% Dow Jones iShares Dow Jones ETF (DIA) 2019 7.3% 3.7% -0.5% 2.6% -6.6% 7.1% 1.0% -1.6% 1.9% 0.5% 3.9% 1.5% 22.3%

S&P 500 2020 0.0% -7.9% -13.0% 12.7% 4.8% 0.4% ------5.1% SPDR S&P 500 ETF (SPY) 2019 8.0% 3.2% 0.7% 4.1% -6.4% 6.4% 1.5% -1.7% 1.5% 2.2% 3.6% 2.4% 28.8%

NASDAQ 2020 1.8% -6.1% -10.6% 15.9% 6.8% 0.6% ------6.3% Fidelity NASDAQ Comp (ONEQ) 2019 9.8% 3.5% 1.5% 5.1% -7.9% 7.4% 2.2% -2.6% 0.2% 3.8% 4.6% 2.5% 34.5%

Russell 2000 2020 -3.1% -8.8% -21.8% 13.8% 6.6% 1.0% ------15.4% iShares Russell 2000 ETF (IWM) 2019 11.3% 5.2% -3.3% 3.4% -7.9% 6.6% 0.7% -4.9% 1.7% 2.7% 4.1% 2.4% 23.7%

Major US Index ETFs – Performance Since Start of 2020 (1) DOW S&P 500 NASDAQ RUSSELL

(10.46%) (5.07%) +6.34% (15.36%) Major US Index ETF Constituents – Largest Movers Since Start of 2020 (1) D Company Ticker % Chg. S Company Ticker % Chg. O Microsoft MSFT-US 15.9% & Regeneron Pharmaceuticals REGN-US 59.7% Home Depot HD-US 13.2% NVIDIA Corp NVDA-US 49.7% W P Apple AAPL-US 9.6% PayPal Hldgs PYPL-US 42.9% Walmart WMT-US 4.3% Newmont Corp NEM-US 39.2% UnitedHealth Group UNH-US 4.1% MarketAxess MKTX-US 37.1%

Boeing BA-US -53.5% Norwegian Cruise Line NCLH-US -70.4% Exxon Mobil XOM-US -33.7% Carnival CCL-US -66.9% Dow DOW-US -29.5% United Airlines Holdings UAL-US -66.6% JPMorgan Chase JPM-US -29.3% Occidental Petroleum OXY-US -66.5% Raytheon Technologies RTX-US -27.4% TechnipFMC FTI-US -63.4%

N Company Ticker % Chg. R Company Ticker % Chg. A Co-Diagnostics CODX-US 1,910.7% U Novavax Inc NVAX-US 1,227.1% Novavax Inc NVAX-US 1,227.1% Waitr Holdings WTRH-US 626.7% S S Adaptimmune Therapeutics ADAP-US 870.0% Inovio Pharmaceuticals INO-US 350.3% D Genius Brands Intl GNUS-US 860.8% S Mersana Therapeutics MRSN-US 269.5% A Genprex GNPX-US 784.4% E Kala Pharmaceuticals KALA-US 263.1%

Q Akorn AKRXQ-US -95.0% L Centric Brands CTRCQ-US -95.6% Luckin Coffee LK-US -94.8% L Akorn AKRX-US -95.0% Tuesday Morning TUES-US -87.9% Intelsat INTEQ-US -94.4% Novan NOVN-US -87.2% Hertz Global HTZ-US -94.3% Hallmark Financial Svcs HALL-US -86.9% Unit Corp UNTCQ-US -93.8%

Source: FactSet, Bloomberg. Market data as of 8:30 AM on June 2, 2020. (1): Note: Quarter-to-Date performance (% chg.) indexed to each security’s respective closing price on Dec. 31, 2019. Healthcare Equity Capital Markets Update June 2, 2020 Healthcare ETF Performance – Monthly Performance Montage (2019 to 2020 YTD)

Yr Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Full Yr / YTD

2020 -2.7% -6.6% -4.4% 12.6% 3.3% -1.0% ------Health Care Select Sector 0.1% SPDR Fund (XLV) 2019 4.8% 1.1% -1.3% -2.7% -2.2% 6.1% -1.6% -0.6% -0.5% 5.1% 5.0% 2.4% 17.7%

iShares NASDAQ 2020 -5.6% 0.1% -5.4% 15.1% 8.7% -0.5% ------11.3% Biotechnology ETF (IBB) 2019 13.8% 2.8% -2.9% -4.8% -6.1% 9.1% -3.2% -2.6% -3.3% 7.9% 11.5% 0.7% 25.0%

Invesco S&P SmallCap 2020 0.1% -7.0% -14.0% 12.4% 3.6% 0.3% ------6.6% Health Care ETF (PSCH) 2019 9.3% 3.2% -5.8% -0.9% -6.0% 9.6% -0.2% -2.4% -1.2% 3.4% 10.4% -0.2% 20.2%

iShares U.S. Medical 2020 0.1% -8.7% -6.7% 14.2% 4.3% -0.6% ------1.0% Devices ETF (IHI) 2019 7.8% 5.0% 0.5% -2.9% -1.9% 9.1% 2.3% 1.2% -0.8% 0.8% 4.3% 1.7% 32.3%

Major US Index ETFs – Performance Since Start of 2020 (1) XLV IBB PSCH IHI

+0.13% +11.29% (6.57%) +0.97% Major US Index ETF Constituents – Largest Movers Since Start of 2020 (1) X Company Ticker % Chg. I Company Ticker % Chg. L Regeneron Pharmaceuticals REGN-US 59.7% B Inovio Pharmaceuticals INO-US 350.3% ABIOMED ABMD-US 32.6% Moderna MRNA-US 217.9% V B Vertex Pharmaceuticals VRTX-US 30.9% Compugen Ltd CGEN-US 157.0% IDEXX Laboratories Inc IDXX-US 19.6% Translate Bio TBIO-US 142.5% Incyte INCY-US 16.5% Protagonist Therapeutics PTGX-US 134.3%

Universal Health Services UHS-US -27.1% Akorn AKRXQ-US -95.0% HCA Healthcare HCA-US -26.4% Amarin AMRN-US -68.7% Boston Scientific BSX-US -17.1% Precigen PGEN-US -60.6% DENTSPLY SIRONA XRAY-US -16.8% Evolus EOLS-US -57.8% Zimmer Biomet Holdings ZBH-US -14.6% Lexicon Pharmaceuticals LXRX-US -53.7%

P Company Ticker % Chg. I Company Ticker % Chg. S Cytokinetics CYTK-US 97.0% H iRhythm Technologies IRTC-US 83.6% OraSure Technologies OSUR-US 75.8% DexCom DXCM-US 73.1% C I Emergent BioSolutions EBS-US 65.5% Masimo MASI-US 49.9% H Meridian Bioscience VIVO-US 59.7% CryoPort CYRX-US 48.4% Momenta Pharmaceuticals MNTA-US 57.1% AtriCure ATRC-US 44.4%

Akorn AKRX-US -95.0% Axogen AXGN-US -45.7% Cutera CUTR-US -62.9% Inogen INGN-US -43.6% Acorda Therapeutics ACOR-US -62.3% Cantel Medical CMD-US -38.9% ANI Pharma ANIP-US -49.2% Varex Imaging VREX-US -37.0% Cross Country Healthcare CCRN-US -47.2% AngioDynamics ANGO-US -35.2%

Healthcare IPO Market Update IPO Pricing Relative to Initial Filing Range (%) Gross Proceeds ($MM) IPO Count

$5,500 30 Below In Range Above 100% 5,000 IPO Gross Proceeds 6% IPO Count 13% 9% 10% 12% 90% 18% 4,500 Quarterly Median # of IPOs 25 24% 22% 29% 4,000 80% 20 3,500 70% 63% 72% 3,000 17 60% 15 50% 2,500 79% 82% 68% 75% 12 62% 90% 2,000 40% 78% 10 71% 1,500 8 30%

1,000 5 20% 31% 28% 500 10% 14% 14% 8% 9% 12% 0 0 0% Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20 3-Yr Selected Recent Healthcare IPOs Total

Gross Pre-Money Disclosed % Change Offer Offer Within Company Ticker Indication Proceeds Valuation Insider Offer / Date Price Range? (mm) (1) (mm) (2) Participation (%) Current Inari Medical NARI Med Tech (Novel Catheter Devices) 5/21/2020 $19.00 $156 $817 Above 15% 151.3%

ADC Therapeutics ADCT Oncology (B-Cell Lymphoma) 5/14/2020 $19.00 $233 $1,076 Above Yes – Not Specified 90.7% Ayala AYLA Oncology (Rare Cancers) 5/7/2020 $15.00 $55 $138 In Range -- 4.7% Lyra Therapeutics LYRA Spec. Pharma 4/30/2020 $16.00 $56 $150 In Range -- 0.6% ORIC Pharma ORIC Oncology (Solid Tumors) 4/23/2020 $16.00 $120 $373 In Range -- 89.4% Keros Therapeutics KROS Hematologic & Musculoskeletal Disorders 4/7/2020 $16.00 $96 $229 In Range -- 84.4% Zentalis Pharma ZNTL Oncology (Breast Cancer) 4/2/2020 $18.00 $165 $454 In Range 3% 174.2% Imara IMRA Hemoglobinopathies (Sickle Cell) 3/11/2020 $16.00 $75 $211 In Range -- 128.6% Passage Bio PASG CNS (Gene Therapy) 2/27/2020 $18.00 $216 $596 In Range 3% 21.8% Revolution Medicines RVMD Oncology (RAS/mTOR Signaling Pathway) 2/12/2020 $17.00 $238 $796 Above -- 97.5% Beam Therapeutics BEAM Gene Editing (Hematology) 2/5/2020 $17.00 $180 $683 In Range -- 54.0% Arcutis Biotherapeutics ARQT Dermatology 1/30/2020 $17.00 $159 $592 In Range 36% 99.9% Black Diamond Tx BDTX Precision Oncology 1/29/2020 $19.00 $201 $471 Above 2% 109.2% Annovis Bio ANVS CNS (Alzheimer's Disease) 1/28/2020 $6.00 $12 $27 In Range 7% (26.5%) Monopar Therapeutics MNPR Severe Oral Mucositis (SOM) 12/19/2019 $8.00 $9 $90 In Range 68% (3.4%) 89Bio ETNB Hepatology (NASH) 11/11/2019 $16.00 $85 $140 In Range 60% 52.3% Centogene BV CNTG Med Tech (Genetic Testing) 11/7/2019 $14.00 $56 $257 In Range 54% 14.2% Galera Therapeutics GRTX Severe Oral Mucositis (SOM) 11/6/2019 $12.00 $60 $233 Below 67% (18.1%) Oyster Point Pharma OYST Ophthalmology 10/30/2019 $16.00 $80 $282 In Range 44% 82.0% RAPT Therapeutics RAPT Oncology (Solid Tumors) 10/30/2019 $12.00 $36 $226 In Range 44% 65.7% Progyny PGNY Fertility Solutions 10/25/2019 $13.00 $130 $1,202 Below -- 84.6% Cabaletta Bio CABA Autoimmune Diseases (CAAR-T) 10/24/2019 $11.00 $75 $199 Below 5% (21.7%) TFF Pharmaceuticals TFFP Spec. Pharma (Drug Delivery) 10/24/2019 $5.00 $22 $74 In Range -- 16.0% Phathom Pharma PHAT GI Diseases 10/24/2019 $19.00 $182 $500 In Range 3% 122.7% Vir Biotechnology VIR Infectious Diseases (mRNA) 10/10/2019 $20.00 $143 $2,157 In Range -- 76.8%

Source: Dealogic (1) Excludes Shoe; (2) based on fully diluted shares outstanding immediately prior to offering. Note: All offerings <$5mm have been excluded. Includes life sciences, medical technology, and diagnostics companies. Market data as of 8:30 AM on June 2, 2020. Healthcare Equity Capital Markets Update June 2, 2020

Healthcare Follow-On Market Update Median Discount from Filing to Offer (% Change) Gross Proceeds ($MM) Follow-On Count 3-Yr Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20 Median $12,000 Follow On Gross Proceeds 140 Follow-On Count Quarterly Median # of Follow-Ons 120 10,000

103 (Q1) 100 8,000

80 74 6,000 71 -7.0% 60

4,000 -9.2% 40 -9.9% -10.6% -11.4% 2,000 20 -12.0% -12.4% -12.0%

0 0 -14.3% -14.4% Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20 Selected Recent Healthcare Follow-Ons / CMPOs / Registered Directs / PIPEs

Gross Pre-Offer % Change Offer Offer % Change Company Ticker Indication Proceeds Market Cap Offer / Date Price File / Offer (mm) (1) (mm) (2) Current argenx ARGX Immuno-Oncology 5/28/2020 $205.00 $750 $9,135 (3.4%) 10.0% Mersana Therapeutics MRSN Oncology 5/28/2020 $19.00 $152 $1,161 4.5% 11.4% Iovance Biotherapeutics IOVA Immuno-Oncology 5/28/2020 $31.00 $525 $4,143 (18.6%) 6.8% Arcus Biosciences RCUS Immuno-Oncology 5/28/2020 $27.50 $303 $1,299 1.7% 20.1% Marinus Pharmaceuticals MRNS CNS (Depression) 5/28/2020 $2.50 $40 $243 (10.7%) 4.8% Viela Bio VIE Immunology (NMOSD) 5/27/2020 $47.00 $169 $2,631 (21.9%) 2.5% BioCryst Pharmaceuticals BCRX Rare Diseases 5/27/2020 $4.50 $100 $776 (10.6%) 4.2% Penumbra PEN Medical Supplies 5/27/2020 $166.00 $125 $6,002 (3.0%) 6.0% Atara Biotherapeutics ATRA Oncology 5/27/2020 $11.32 $176 $602 at market (2.7%) Cardiff Oncology † CRDF Oncology (Prostate Cancer) 5/27/2020 $2.07 $3 $25 1.7% 44.2% Arena Pharmaceuticals ARNA Metabolic Diseases 5/27/2020 $50.00 $275 $2,913 (14.0%) 17.4% Caladrius Bio † CLBS Cell/Gene Therapy 5/26/2020 $2.06 $4 $27 (0.8%) (8.4%) Zomedica Pharmaceuticals †† ZOM Rare Diseases 5/26/2020 $0.15 $20 $40 (35.1%) 7.9% Genetic Technologies GENE Diagnostics (Genetic Testing) 5/26/2020 $2.00 $8 $20 (7.7%) 5.0% TransMedics Group TMDX Med Tech (Organ Transplant) 5/26/2020 $14.00 $70 $340 (12.5%) (6.6%) Digirad † DRAD Med Tech (Imaging) 5/26/2020 $2.25 $5 $5 (35.5%) 8.9% BioLineRx †† BLRX Oncology 5/26/2020 $1.75 $9 $41 (26.8%) (1.1%) Seneca Biopharma SNCA CNS (ALS) 5/22/2020 $1.00 $5 $15 (18.7%) (7.8%) Geron † GERN Rare Diseases (MDS / AML) 5/22/2020 $1.30 $150 $392 (33.7%) 24.6% Midatech Pharma †† MTP Oncology 5/21/2020 $1.65 $3 $12 (35.3%) (17.6%) ContraFect † CFRX Infectious Diseases 5/21/2020 $4.45 $53 $68 (17.4%) 16.9% Flexion Therapeutics FLXN Musculoskeletal Diseases 5/21/2020 $9.75 $90 $421 (10.7%) 16.6% Windtree Therapeutics †† WINT Cardiovascular Diseases 5/21/2020 $7.25 $20 $113 (38.5%) 5.4% Dynavax Technologies DVAX Infectious Diseases 5/21/2020 $5.00 $70 $496 (11.7%) 58.4% Hoth Therapeutics HOTH Atopic Dermatitis 5/21/2020 $2.75 $5 $37 (13.2%) 4.0%

Source: Dealogic (1) Excludes Shoe; (2) based on basic shares outstanding immediately prior to offering. † and †† denote transactions with <100% warrant coverage and ≥100% warrant coverage, respectively. Dataset excludes transactions classified as convertible offerings and secondary offerings (block trades with no proceeds to issuers). Includes life sciences, medical technology, and diagnostics companies. Market data as of 8:30 AM on June 2, 2020. Healthcare Equity Capital Markets Update June 2, 2020 Firm Overview Our Team Brookline Capital Markets, a division of Arcadia Securities, provides a wide range of capital William Buchanan, Jr. markets and advisory services to emerging growth companies with an emphasis on the Managing Partner 646.248.5085 Life Sciences, Medical Technology and Diagnostics industries. [email protected] Services Provided Healthcare Subsectors Served Scott Katzmann Managing Partner Equity Sales Pre-IPO 646.681.4668 and Trading Financings [email protected] Medical IPOs/ Life Sciences Equity Technology Follow-Ons/ Research Harris Lydon PIPEs Managing Partner Trade 646.248.5185 Capital Facilitation for Markets [email protected] Private Advisory Equities M&A Diagnostics Advisory Graham A. Powis 646.762.0826 Select Recent Transactions [email protected]

Max Breckenridge Specialty Biopharmaceuticals 646.681.4624 Pharmaceuticals Company [email protected] Company Robert Donohue $4,300,000 $5,000,000 $20,000,000 646.681.4650 Capital Markets Advisor Capital Markets Advisor Registered Direct Registered Direct Follow-On Offering [email protected] Ongoing Engagement Ongoing Engagement Co-Placement Agent Co-Placement Agent Co-Manager Michael Fontaine May 2020 April 2020 April 2020 646.248.5091 [email protected]

Matt Hoban 646.603.6720 Yield Opportunities Fund [email protected] Flexible Municipal Income Fund Scotty Katzmann $70,000,000 $110,000,000 $4,800,000 $10,000,000 $920,000,000 646.248.5091 Follow-On Offering IPO Registered Direct Registered Direct IPO [email protected] Financial Advisor Co-Manager Financial Advisor Co-Placement Agent Co-Manager George Kogan April 2020 March 2020 February 2020 February 2020 February 2020 646.248.5087 [email protected]

Henry Moore 646.603.6716 Health Sciences Trust II [email protected]

Michael D. Rhea $13,000,000 $6,000,000 $2,100,000,000 $7,000,000 $4,400,000 646.807.4125 Series A Limited Partnership IPO Follow-On Offering Registered Direct [email protected] Convertible Preferred Stock Financial Advisor Co-Manager Co-Manager Sole Placement Agent Sole Placement Agent Zak Ross-Nash February 2020 January 2020 January 2020 January 2020 February 2020 646.462.4681 [email protected]

Joseph Rudick, M.D. 646.603.6716 [email protected]

J. Reilly Simmons $7,100,000 $10,200,000 $11,000,000 $40,300,000 646.893.7801 Capital Markets Advisor Convertible Note IPO Convertible Note Follow-On Offering [email protected] Completed Engagement Co-Placement Agent Co-Manager Sole Placement Agent Co-Manager January 2020 Patrick Sturgeon December 2019 December 2019 December 2019 December 2019 646.681.4651 [email protected]

Abi Subramanian 646.603.6719 [email protected] Long/Short Equity & Dynamic Income Trust AI Opportunities Fund Jake Ward $35,000,000 $365,000,000 $615,000,000 646.248.5184 Capital Markets Advisor Follow-On Offering Capital Markets Advisor IPO IPO [email protected] Completed Engagement Co-Manager Completed Engagement Co-Manager Co-Manager Samuel Wertheimer, Ph.D. November 2019 November 2019 November 2019 October 2019 December 2019 646.462.4718 [email protected]

Disclaimer No part of this material may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without the prior written consent of Brookline Capital Markets, a division of Arcadia Securities, LLC ("BCM"). BCM does not certify to the accuracy of the information provided or referenced herein, which is for informational purposes only and is not an offer to sell nor a solicitation to buy securities. BCM undertakes no duty to update any information in this material and this material was based on BCM transactional data as of 6/2/2020.