EQUITY RESEARCH MORNING RESEARCH SUMMARY June 9, 2021

What's Inside Focus Items Estimates & PT Revisions Consumer Growth & eCommerce Brian Nagel, CFA ↑ ICAD O iCAD Inc. OpCo Conference to Yield Insights at an Interesting Juncture for PATH P ↑ UiPath, Inc. Consumer PDSB O ↑ PDS Biotechnology NVIDIA Corp. (NVDA) Rick Schafer Updates NVDA Virtual Bus Tour Notes BIIB O Biogen Inc. Monolithic Power Systems (MPWR) Rick Schafer HELE P Helen of Troy Limited MPWR Virtual Bus Tour Notes INTC P Intel Corp. MPWR O Monolithic Power Systems Marvell Technology Group (MRVL) Rick Schafer MRVL O Marvell Technology Group MRVL Virtual Bus Tour Notes NVDA O NVIDIA Corp. EXCHANGES, INFORMATION Owen Lau, CFA TMDX O TransMedics ANALYTICS & ASSET MANAGERS Estimates/Ratings/Price Target Updates Read-throughs from 2021 Oppenheimer Digital Assets Day Annual Estimates TransMedics (TMDX) Suraj Kalia, CFA Current FY Next FY Ratings Price Targets PROTECT Liver Data

Company Ticker Prev Curr Prev Curr Prev Curr Prev Curr PDS Biotechnology (PDSB) Leland Gershell, MD, Ph.D. ASCO Data Flesh Out Compelling Efficacy; PT to $25 PDS PDSB (0.78) (0.78) (0.93) (0.93) O O $12.00 $25.00 Biotechnology Other Headlines UiPath, Inc. PATH (0.15) (0.09) (0.12) (0.10) P P NA NA

iCAD Inc. ICAD (0.33) (0.30) -- (0.22) O O $28.00 $28.00 Technical Analysis Ari Wald, CFA, CMT Color for Fundamental Focus Calls: GRWG, NVDA, FOCS

Technical Analysis Ari Wald, CFA, CMT European Bounce Consistent with Global Bull

Biogen Inc. (BIIB) Jay Olson, CFA Launch Plans Debunk Misleading Aduhelm Myths

iCAD Inc. (ICAD) Francois Brisebois ICAD Continues to Execute with Another ProFound AI Deal

Intel Corp. (INTC) Rick Schafer INTC Virtual Bus Tour Notes

UiPath, Inc. (PATH) Brian Schwartz Hyper Automation Company Shows Hyper Growth and Margin Improvements in Its F1Q

For analyst certification and important disclosures, see the Disclosure Appendix.

Oppenheimer & Co Inc. 85 Broad Street, New York, NY 10004 Tel: 212-667-7990 Morning Summary - June 9, 2021

TECHNOLOGY Martin Yang, CFA The Daily Meta

TECHNOLOGY Rick Schafer Daily Chip Clips

Helen of Troy Limited (HELE) Rupesh Parikh, CFA A Mixed Outcome for HELE with the Personal Care Asset Sale

2 Morning Summary -June 9, 2021

Snap Commentaries - Equities Updates CONSUMER Brian Nagel, CFA 212-667-8381

OpCo Conference to Yield Insights at an Interesting Juncture for Consumer

On Tues. and Wed., Jun. 15–16, we are hosting our 21st Annual Oppenheimer & Co. Consumer Growth & eCommerce Conference, virtually. Attending this year’s event includes a number of leading, as well as several up-and-coming operators from our expansive Consumer Growth & eCommerce coverage. As we have discussed in our research often, in our view, discretionary retail is now embarking upon a very interesting and potentially volatile period of transition, as pandemic headwinds abate, likely spurring a normalization in spending, and consumers back away at least somewhat from stay-at-home categories and resume pre-COVID-19 activities. We plan to process carefully any incremental learnings from our interactions with senior leadership teams regarding current impressions of the consumer backdrop and how companies are preparing to adapt to any further shifts in spending as well as other topical issues, including hiring amid a tight labor market, persistent inflation, and needs of companies to continue to digitize their business models in order to remain efficient and relevant for shoppers. Top picks into our conference include: AZO, LOVE, GRWG, and PRPL, as well as LOW, as a relative play with large caps and home improvement retail.

Rick Schafer TECHNOLOGY 720-554-1119 NVIDIA Corp. (NVDA - $703.13) Semiconductors & Components

Rating Market Cap Price Target Earnings Type 2021A 2022E 2023E

O $438,050.0M $700.00 EPS 10.01 16.35 18.80

NVDA Virtual Bus Tour Notes

On Tuesday, we hosted Nvidia VP of IR Simona Jankowski and Director of IR Stewart Stecker on our 19th Annual Bus Tour, Virtual Edition. Management remains bullish on the company’s growing artificial intelligence (AI) and gaming opportunities. Supply constraints felt most in gaming as demand continues to outpace supply. Constraints impacting DC less as hyperscalers typically plan/order further ahead. DC demand is expected to accelerate into 2Q/2H, as hyperscale spending rebounds and increasingly favors Al neural network workloads/services. AI accelerator attach remains ~5% on public cloud server installed base but, based on FLOPS, has already exceeded the compute capacity of unaccelerated CPU. A100 remains key growth driver supporting training/inference. Nvidia has ~99% share of AI training, and has made meaningful headway in AI inference. DPU allows roughly 1/3 of compute cycles to be offloaded from the CPU, and adoption is ramping quickly. NVDA deepened its DPU moat by introducing DOCA (DC on Chip) software platform, similar to what CUDA is to GPU. Grace CPU for compute intense supercompute/HPC/hyperscale applications is due early’23. First Grace wins are with Swiss Supercomputing Center and US DoE National Laboratory. Grace completes NVDA's three-pronged approach to DC processor hardware (CPU/GPU/ DPU). Management addressed crypto with two approaches: 1) De-hash GeForce GPU mining by half; and 2) introduction of CMP. As ethereum moves to proof-of-stake, mining demand could drop materially by EOY. NVDA dominates high-performance PC gaming where content/performance/console are driving outsized demand. New 3080Ti are in high demand. GeForce NOW allows NVDA to expand installed base of 200M gamers by appealing to the >1B casual gamers worldwide. NVDA has a $8B

3 Morning Summary -June 9, 2021

design pipeline in Autos, expected to inflect in CY24/CY25 led by Mercedes. ARM acquisition remains on track to close first half CY22.

Rick Schafer TECHNOLOGY 720-554-1119 Monolithic Power Systems (MPWR - $347.03) Semiconductors & Components

Rating Market Cap Price Target Earnings Type 2020A 2021E 2022E

O $15,878.0M $420.00 EPS 5.04 6.50 7.75

MPWR Virtual Bus Tour Notes

On Tuesday, we hosted Monolithic Power CFO Bernie Blegen and Director of Finance Mark Trivette on our 19th Annual Bus Tour. Demand remains strong across verticals/products with no signs of order slowdown. Management's early capacity investments (new 12" fab ramping now and 8" fab slated for this year) are allowing MPS to better capture demand (and share) with the company on track to outpace 2020's ~35% top-line growth. Management is prioritizing capacity to meet DC/auto deliveries. We see long-term growth led by DC/cloud, 5G RAN, and Auto. We see DC/Cloud growth led by QSMod, as MPS share/content increases to 30% (from 5%) and to $70 (from $50), respectively. We see MPS content exceeding $200 in 48V AI- accelerated servers. Management sees ~20% of servers supporting 48V by 2023/2024. We estimate 48V sales approaching ~ $50M this year. Improving hyperscale spend (2H21) and Sapphire Rapids (production volumes 1H22) give added legs to MPS' cloud story. We see 5G RAN as MPS' next major growth pillar (beginning '22), led by QSMod/BMS content of $100s/BTS. MPS drove almost 10% 5G growth in 1Q, despite Huawei loss (nearly 10% 2020 customer), as Tier-2 OEMs aided growth. We see Comms, led by 5G, as MPS' biggest upside driver. Within Auto, ADAS wins (ramping this year) support a >10x content jump to $60/ vehicle. Smart-lighting and braking solutions ramp next year. BMS is more a 2023/2024 opportunity, but potentially doubles MPS auto content. We estimate ~70% auto growth this year, well ahead of management's 30–40% LT target and auto SAAR (up 14%). Management targets 75–125bps of annual operating margin expansion, including 40–50bps of annual GM expansion. We see MPS as the rare semiconductor company capable of delivering structural "20%-plus" annual growth, with GM >60%, as secular greenfield growth drivers continue to multiply and mix improves. We remain long-term buyers.

Rick Schafer TECHNOLOGY 720-554-1119 Marvell Technology Group (MRVL - $48.70) Semiconductors & Components

Rating Market Cap Price Target Earnings Type 2021A 2022E 2023E

O $39,899.0M $60.00 EPS 0.92 1.47 1.99

MRVL Virtual Bus Tour Notes

We met with MRVL CFO Jean Hu and VP of IR Ashish Saran Tuesday on our 19th Annual Bus Tour. Tone of the meeting was bullish as management highlighted structural growth opportunities in 5G RAN, Cloud, and Auto, along with continued rebound in storage. Supply remains tight with networking suffering most. We estimate backlog coverage ~90% for this year. Management doesn’t expect to make a material dent in backlog before EOY as channel inventories are lean and orders remain broadly robust. Supply shortages aren’t expected to abate until next year. Despite constraints, standalone networking (60%) is expected up 20% Y/Y in F2Q (ex. IPHI) led by Cloud and 5G RAN. Cloud continues to see robust demand for DPU. MRVL’s DC/cloud portfolio is bolstered by IPHI’s PAM4 DSP and 200G/400G/800G high-speed interconnects. Management secured multiple 5nm hyperscale cloud design wins with revenues expected to peak in CY24/CY25, significantly above CY20 cloud revenues of ~$400M. In 5G, Samsung and Nokia are poised to ramp in 2H as US/Europe BTS deployments accelerate. We

4 Morning Summary -June 9, 2021

expect China 5G to decline in F2Q before re-accelerating in 2H. Management leaves China 5G rebound as upside and expects the region to contribute <20% to MRVL’s 5G sales for the foreseeable. We see MRVL playing a lead role as a one-stop-shop silicon provider for ORAN and VRAN. We see MRVL ORAN content mirroring content at No. 1 5G RAN customer Samsung (~ $3400/BTS).

EXCHANGES, INFORMATION ANALYTICS & ASSET MANAGERS Owen Lau, CFA 212-667-8166

Read-throughs from 2021 Oppenheimer Digital Assets Day

We hosted our 2021 Digital Assets Day on June 8th. This year, we invited some of the leading crypto-native digital asset companies, as well as traditional players who are leveraging blockchain infrastructure, to meet with institutional investors. In light of the recent higher than usual volatility of BTC and other cryptocurrencies, we covered a wide range of topics. Overall, investors appear to have particular interest in: 1) impact of evolving regulatory environment; 2) current state of retail adoption; 3) institutional adoption; 4) corporate adoption; 5) energy usage and ESG in digital assets; and 6) competitive landscape. We walk away incrementally positive that: 1) more retail crypto products (e.g., credit/debit cards and staking) will come to the market soon, which drives further adoption; 2) institutional interest remains steady while corporate may take a pause on bitcoin investment; and 3) there are misunderstandings about the ESG issues on bitcoin.

Suraj Kalia, CFA HEALTHCARE 212-667-5387 TransMedics (TMDX - $26.15) Medical Devices

Rating Market Cap Price Target Earnings Type 2020A 2021E 2022E

O $722.4M $49.00 EPS (1.16) (0.81) (0.25)

PROTECT Liver Data

Yesterday (6/8) after-close, TransMedics announced presentation of its PROTECT liver 1-year follow-up data at the American Transplant Congress (ATC 2021 - link here). Remember, top-line results had been presented last year, with the trial meeting both the primary and secondary effectiveness and safety endpoints. As we had stated in our May 2020 note (link here), "a comprehensive analysis of the entire data set would be required to assist in our understanding." The 1-year data presentation fills in some of the blanks, and continues to paint an encouraging picture for OCS. We are most interested in DCD cohort relative performance in the two arms, especially since DCD Liver utilization was higher with OCS arm, but survival seems similar to control arm at 1 year.

5 Morning Summary -June 9, 2021

Leland Gershell, MD, Ph.D. HEALTHCARE 212-667-7189 PDS Biotechnology (PDSB - $12.78) Biopharmaceuticals

Rating Market Cap Price Target / Prior Earnings Type 2020A 2021E 2022E

O $284.7M $25.00 / $12.00 EPS (0.89) (0.78) (0.93)

ASCO Data Flesh Out Compelling Efficacy; PT to $25

Following the positive meeting abstract, an oral ASCO presentation of expanded clinical results in advanced, heavily-pretreated HPV-associated cancers strengthens PDS0101's treatment prospects for these challenging malignancies as well as further supports Versamune platform potential for broader cancer immunotherapy. Looking ahead, the data bolsters our confidence in '0101's prospects with Keytruda in the first-line treatment of recurrent/metastatic head and neck cancer, for which initial results could become available by year-end. Together with the ongoing cervical cancer trial (w/MD Anderson), which adds PDS0101 to standard-of-care cisplatin/radiation therapy, these three sets of clinical study results should collectively establish a solid foundation to inform key elements of registrational trial design as well as drive interest in PDSB's technology among larger oncology players. We raise our PT to $25 from $12.

TECHNICAL ANALYSIS Ari Wald, CFA, CMT 212-667-5279

Color for Fundamental Focus Calls: GRWG, NVDA, FOCS

TECHNICAL ANALYSIS Ari Wald, CFA, CMT 212-667-5279

European Bounce Consistent with Global Bull

Jay Olson, CFA HEALTHCARE 212-667-8126 Biogen Inc. (BIIB - $286.14) Biotechnology

Rating Market Cap Price Target Earnings Type 2020A 2021E 2022E

O $43,079.7M $450.00 EPS 33.70 18.40 22.79

Launch Plans Debunk Misleading Aduhelm Myths

BIIB outlined launch plans for Aduhelm debunking a number of misleading myths based on incorrect assumptions. BIIB plans to begin shipping Aduhelm in two weeks and targets diagnosed early-AD MCI patients at 900-plus sites ready to implement treatment with the necessary infrastructure; these are not long-term care or assisted-living facilities. BIIB will not promote Aduhelm for amyloid-negative patients and is partnering with Labcorp and Mayo Clinic Laboratories to help physicians access CSF diagnostics while advocating for PET reimbursement from CMS under a revised coverage policy. Our analysis shows the

6 Morning Summary -June 9, 2021

$56K annual max list price overstates real-world costs as we estimate ~$30K realized net pricing, which we consider favorable based on potentially substantial healthcare cost savings. Details are in the full report, published 6/8.

Francois Brisebois HEALTHCARE 617-428-5533 iCAD Inc. (ICAD - $17.54) Biotechnology

Rating Market Cap Price Target Earnings Type 2020A 2021E / Prior 2022E / Prior

O $437.9M $28.00 EPS (0.43) (0.30) / (0.33) (0.22) / --

ICAD Continues to Execute with Another ProFound AI Deal

ICAD announced that it had signed a WW distribution agreement with Sectra, an international medical imaging IT and cybersecurity company. This will allow ProFound AI and ProFound AI Risk to be offered through the Sectra Amplifier Marketplace. While we haven't adjusted our numbers and don't expect much impact in 2021, we see the agreement as a significant positive as it should de-risk ICAD's ability to deliver continued growth. As Sectra has now won Best in KLAS for PACS for eight consecutive years, we believe the agreement could generate significant revenues especially in the EU, where we estimate it could conservatively add ~7.5M mammography screens annually and ~$15M of revenues. We are encouraged by ICAD's execution and reiterate our Outperform and $28 PT.

Rick Schafer TECHNOLOGY 720-554-1119 Intel Corp. (INTC - $57.37) Semiconductors & Components

Rating Market Cap Price Target Earnings Type 2020A 2021E 2022E

P $231,660.1M NA EPS 5.30 4.60 4.91

INTC Virtual Bus Tour Notes

On Tuesday, we hosted Intel VP & GM of Mobile Client Platform Group, Chris Walker, and Senior Director IR, Ben Thom, on our 19th Annual Bus Tour. The tone of the meeting was positive, with management noting near-term notebook (NB) strength (units +54% Y/Y in 1Q) reflecting WFH/LFH/education/gaming trends. Management doubled its wafer capacity to increase PC CPU supply; however, constraints are still holding back growth. PC unit volumes are expected flat this year, with stronger 1H growth offset by 2H Apple (Mac/mobile modem) roll-off. Longer-term, management sees PC replacement and deeper PC adoption sustaining market growth. There are ~400M PCs worldwide at least four years old (~1/3 commercial), which are due for refresh. In education, the ratio of PCs per 100 students/teachers remains in the single digits, creating an opportunity for new product adoption. Gaming continues to be a driver for DT/NB PCs. Higher low-end education volumes have dragged PC ASPs/ GM; however ex. the education spike, management sees relatively flat ASPs in its base businesses. INTC re-gained some PC share from AMD during 1Q and sees its pace of innovation and product launch schedule driving additional future share gains. Alder Lake (10nm for desktop) is on track to ship in 2H and including Tiger Lake growth (10nm for NB; launched late-2020), 10nm volumes are expected to eclipse 14nm by 2H this year. Meteor Lake (7nm) is expected to launch in 2023. We believe INTC benefits near term from better NB (gaming/thin & light/commercial/education) demand and potential share gains. That said, we see better growth/capital return opportunities elsewhere and maintain our Perform rating.

7 Morning Summary -June 9, 2021

Brian Schwartz TECHNOLOGY 415-399-5732 UiPath, Inc. (PATH - $75.75) SaaS/Applications Software

Rating Market Cap Price Target Earnings Type 2021A 2022E / Prior 2023E / Prior

P $39,597.4M NA EPS (0.02) (0.09) / (0.15) (0.10) / (0.12)

Hyper Automation Company Shows Hyper Growth and Margin Improvements in Its F1Q

UiPath had an impressive first quarter as a public company. In fact, the F1Q results vault PATH to the top echelon for growth in enterprise software. New ARR activity was a record and the top-line outperformance flowed through to a strong operating margin improvement. Negatively, a partial early lock-up release announcement could overhang the stock near-term. Bottom Line: We won’t reprise last month's 40-page initiation report; however, the growth momentum and overall strength the company delivered in F1Q lends good support to our thesis that PATH has open-ended growth as the company exerts its market leading position as the defining pure-play software supplier in RPA to gain share. Our Perform rating is on valuation, but the company is on an uptrend and guidance looks conservative.

TECHNOLOGY Martin Yang, CFA 212-667-7623

The Daily Meta

■ Activision CEO Bobby Kotick still gets paid "way too much", investment group says—PC Gamer ■ 75% of mobile gaming pandemic boost will persist—GI ■ Capcom confirms 4 games set to appear at its E3 showcase—VGC Top 3 of 20 from June 8, rest in full report

TECHNOLOGY Rick Schafer 720-554-1119

Daily Chip Clips

■ Nvidia asks Chinese Regulators to Approve $40 Billion Arm Deal (Reuters via Financial Times) ■ Highlights of the Day: COVID-19 Threatens Taiwan IC Supply Chain (Digitimes) ■ GlobalFoundries Asks Court to Reject IBM Lawsuit (EE Times) ■ GPU Shipments Soared in Q1 2021, to Nvidia’s Benefit (Extreme Tech)

8 Morning Summary -June 9, 2021

Rupesh Parikh, CFA CONSUMER 212-667-5263 Helen of Troy Limited (HELE - $206.61) Food, Grocery & Consumer Products

Rating Market Cap Price Target Earnings Type 2020A 2021E 2022E

P $5,051.6M NA EPS 11.65 11.80 12.75

A Mixed Outcome for HELE with the Personal Care Asset Sale

Yesterday after the close,‎ HELE announced an agreement to sell its mass market Personal Care business excluding the Latin America and Caribbean regions for just $44.7M, below our expectations (proceeds represent substantially all the negotiated value for the total global Personal Care business). We overall view the outcome as mixed. On the positive side, this brings more resolution to divesting the business and enhances the growth profile for HELE's remaining portfolio. On the negative side, the proceeds are weaker than we modeled suggesting greater dilution. Management did not provide enough details to accurately calculate the dilution. Per our math, this could represent a roughly $0.35 EPS net headwind to our $11.80 FY21 (Feb. 2022) EPS estimate.

Oppenheimer Marketing Events June 15-16, 2021 - 21st Annual Consumer Growth and E-Commerce Conference--next Tuesday and Wednesday August 10-11, 2021 - 24th Annual Technology, Internet & Communications Conference

9 Morning Summary -June 9, 2021

Disclosure Appendix Oppenheimer & Co. Inc. does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.

The published date of the recommendations contained in this report can be found by accessing disclosures (https:// opco2.bluematrix.com/sellside/MAR.action). This report was produced at June 9, 2021 07:07 EDT and disseminated at June 9, 2021 07:07 EDT.

Other companies mentioned in this report: 005930-KR 036570-KR 11B-WAR 1337-HK 2432-TKS 251270-KR 3632- JP 3635-TKS 3659-TKS 6460-TKS 6758-TKS 700-HK 7832-TKS 7974-TKS 9684-TKS 9697-TKS 9766- TKS ABI BB AD NA ADS GY ADYEN NA AI FP AIR FP ALFOC-PAR ALV GY AMD AMS SQ ASML ASML NA ATVI AVGO AZO BAS GY BAYN GY BIIB BILI BMW GY BN FP BNP FP BRPHF CDM-LON CDR-WAR COIN CRH ID CRSR CS FP DAI GY DB1 GY DG FP DIB-MIL DPW GY DTE GY E2N-STU EA EL FP EMBRAC.B-OME ENEL IM ENGI FP ENI IM FDEV-LON FLTDF FLTR ID FOCS FP FP FTCVU GBTC GLUU GME GRWG HEAR HELE HUYA IBE SQ IBM ICAD IFX GY INGA NA INTC IPHI ISP IM ITX SQ KER FP KNEBV FH KWS-LON LIN GY LOVE LOW MC FP MPWR MRVL MSFT MTG.B-OME MUV2 GY NFLX NOKIA FH NOKIA-FI NTES NVDA OR FP PATH PDSB PDX-SE PHIA NA PLTK PRPL PRX NA REMEDY-HEL RI FP SAF FP SAN FP SAN SQ SAP SAP GY SF-OME SIE GY SONY STAR.B-SE SU FP TCAPF THQ TM17-LON TMDX TTWO UBI-PAR VIV FP VNA GY VOW3 GY VYGVF ZNGA

Important Disclosure Footnotes for Companies Mentioned in this Report that Are Covered by Oppenheimer & Co. Inc.: Stock Prices as of June 9, 2021 Advanced Micro Devices (AMD - NYSE, 81.58, PERFORM) Activision Blizzard (ATVI - NASDAQ, 96.84, OUTPERFORM) Broadcom Ltd. (AVGO - NYSE, 475.00, OUTPERFORM) AutoZone, Inc. (AZO - NYSE, 1,387.21, OUTPERFORM) Biogen Inc. (BIIB - NASDAQ, 286.14, OUTPERFORM) Coinbase Global (COIN - NASDAQ, 228.79, OUTPERFORM) Electronic Arts Inc. (EA - NASDAQ, 145.21, OUTPERFORM) Focus Financial Partners (FOCS - NASDAQ, 52.00, OUTPERFORM) GrowGeneration Corporation (GRWG - NASDAQ, 42.05, OUTPERFORM) Turtle Beach Corporation (HEAR - NASDAQ, 33.43, OUTPERFORM) Helen of Troy Limited (HELE - NASDAQ, 206.61, PERFORM) iCAD Inc. (ICAD - NASDAQ, 17.54, OUTPERFORM) Intel Corp. (INTC - NASDAQ, 57.37, PERFORM) The Lovesac Company (LOVE - NASDAQ, 83.16, OUTPERFORM) Lowe's Cos. (LOW - NYSE, 189.91, OUTPERFORM) Monolithic Power Systems (MPWR - NASDAQ, 347.03, OUTPERFORM) Marvell Technology Group (MRVL - NASDAQ, 48.70, OUTPERFORM) Microsoft Corporation (MSFT - NASDAQ, 250.79, OUTPERFORM) Netflix, Inc. (NFLX - NASDAQ, 494.74, OUTPERFORM) NVIDIA Corp. (NVDA - NASDAQ, 703.13, OUTPERFORM) UiPath, Inc. (PATH - NYSE, 75.75, PERFORM) PDS Biotechnology (PDSB - NASDAQ, 12.78, OUTPERFORM) Purple Innovation, Inc. (PRPL - NASDAQ, 27.74, OUTPERFORM) SAP SE (SAP - NYSE, 139.88, OUTPERFORM)

10 Morning Summary -June 9, 2021

Sony Corporation (SONY - NYSE, 100.69, OUTPERFORM) TransMedics (TMDX - NASDAQ, 26.15, OUTPERFORM) Take-Two Interactive Software (TTWO - NASDAQ, 184.45, OUTPERFORM) Zynga Inc. (ZNGA - NASDAQ, 10.49, OUTPERFORM)

All price targets displayed in the chart above are for a 12- to- 18-month period. Prior to March 30, 2004, Oppenheimer & Co. Inc. used 6-, 12-, 12- to 18-, and 12- to 24-month price targets and ranges. For more information about target price histories, please write to Oppenheimer & Co. Inc., 85 Broad Street, New York, NY 10004, Attention: Equity Research Department, Business Manager.

Oppenheimer & Co. Inc. Rating System as of January 14th, 2008: Outperform(O) - Stock expected to outperform the S&P 500 within the next 12-18 months. Perform (P) - Stock expected to perform in line with the S&P 500 within the next 12-18 months. Underperform (U) - Stock expected to underperform the S&P 500 within the next 12-18 months. Not Rated (NR) - Oppenheimer & Co. Inc. does not maintain coverage of the stock or is restricted from doing so due to a potential conflict of interest. Oppenheimer & Co. Inc. Rating System prior to January 14th, 2008: Buy - anticipates appreciation of 10% or more within the next 12 months, and/or a total return of 10% including dividend payments, and/or the ability of the shares to perform better than the leading stock market averages or stocks within its particular industry sector. Neutral - anticipates that the shares will trade at or near their current price and generally in line with the leading market averages due to a perceived absence of strong dynamics that would cause volatility either to the upside or downside, and/or will perform less well than higher rated companies within its peer group. Our readers should be aware that when a rating change occurs to Neutral from Buy, aggressive trading accounts might decide to liquidate their positions to employ the funds elsewhere. Sell - anticipates that the shares will depreciate 10% or more in price within the next 12 months, due to fundamental weakness perceived in the company or for valuation reasons, or are expected to perform significantly worse than equities within the peer group.

Distribution of Ratings/IB Services Oppenheimer & Co. Inc.

IB Serv./Past 12 Mos.

Rating Count Percent Count Percent BUY [O/B/OP] 458 70.46 242 52.84 HOLD [N/P/SP] 192 29.54 69 35.94 SELL [UP/S/U] 0 0.00 0 0.00

Although the investment recommendations within the three-tiered, relative stock rating system utilized by Oppenheimer & Co. Inc. do not correlate to buy, hold and sell recommendations, for the purposes of complying with FINRA rules, Oppenheimer & Co. Inc. has assigned buy ratings to securities rated Outperform, hold ratings to securities rated Perform, and sell ratings to securities rated Underperform. Note: Stocks trading under $5 can be considered speculative and appropriate for risk tolerant investors.

In the past 12 months Oppenheimer & Co. Inc. has provided investment banking services for PATH, PDSB, FOCS and GRWG.

11 Morning Summary -June 9, 2021

In the past 12 months Oppenheimer & Co. Inc. has managed or co-managed a public offering of securities for PATH, PDSB, FOCS and GRWG.

In the past 12 months Oppenheimer & Co. Inc. has received compensation for investment banking services from PATH, PDSB, FOCS, GRWG and PRPL.

Oppenheimer & Co. Inc. expects to receive or intends to seek compensation for investment banking services in the next 3 months from PATH, HEAR and THQ.

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