Ladenburg Thalmann Co. Inc. Research Universe (as …

1 Ladenburg Thalmann Co. Inc. Research Universe (as of July 27, 2018). ~ Please refer to important disclosure information on the last page of this Universe ~. EPS $ EPS $ EPS $ EPS $ Market Cap Price Company Symbol Rating Close Price $ Fiscal Year End FY17(A) FY18(E) FY19(E) FY20(E) ($ millions). Target($). Jeffrey S. Cohen , email: Healthcare Biotechnology Tenax Therapeutics, Inc. TENX BUY December ( ) ( ) ( ) 10 Healthcare Equipment Amedica Corporation AMDA NEUTRAL December ( )E ( ) ( ) 2 Avinger, Inc. AVGR BUY December ( ) ( ) ( ) ( ) 9 CHF Solutions, Inc. CHFS BUY December ( ) ( ) ( ) ( ) 11 ChromaDex Corporation CDXC BUY December ( ) ( ) ( ) 254 Corindus Vascular Robotics, Inc. CVRS BUY December ( ) ( ) ( ) 200 CryoLife, Inc. CRY BUY December 1,136 Dynatronics Corp. DYNT BUY June ( ) ( ) ( ) 23 InVivo Therapeutics Holdings Corp. NVIV BUY December ( ) ( ) ( ) ( ) 4 Mazor Robotics Ltd. MZOR BUY December ( ) 1,676 Microbot Medical Inc. MBOT BUY December ( ) ( ) ( ) ( ) 28 Neovasc, Inc.

2 NVCN BUY December ( ) ( ) ( ) 63 Opsens Inc. OPS BUY August ( ) ( ) ( ) ( ) 81 Orthofix International OFIX BUY December 1,133 ReShape Lifesciences Inc. RSLS BUY December ( ) ( ) ( ) ( ) 6 SeaSpine Holdings Corporation SPNE BUY December ( ) ( ) ( ) ( ) 179 TransEnterix, Inc. TRXC NEUTRAL December ( ) ( ) ( ) 1,128 Viveve Medical, Inc. VIVE BUY December ( ) ( ) ( ) ( ) 80 Zynex, Inc. ZYXI BUY December 95 Life Sciences Tools & Services Celsius Holdings, Inc. CELH BUY December ( ) ( ) ( ) 229 The closing price is as of the prior business day's close Bi-Annual EPS numbers. Denotes Institutional Clients Only. Estimates are FFO, not EPS. Estimates are NII per share, not EPS. * : EPS values are in Euros Page 1. Ladenburg Thalmann Co. Inc. Research Universe (as of July 27, 2018). ~ Please refer to important disclosure information on the last page of this Universe ~. EPS $ EPS $ EPS $ EPS $ Market Cap Price Company Symbol Rating Close Price $ Fiscal Year End FY17(A) FY18(E) FY19(E) FY20(E) ($ millions).

3 Target($). Kevin DeGeeter , email: Healthcare Biotechnology and Diagnostics ADMA Biologics, Inc. ADMA BUY December ( ) ( ) ( ) 322 Aviragen Therapeutics, Inc. AVIR NEUTRAL NA June ( ) ( ) NA NA. BioTime, Inc. BTX BUY December ( ) ( ) ( ) 311 Catalyst Biosciences, Inc. CBIO BUY December ( ) ( ) ( ) 118 Cidara Therapeutics, Inc. CDTX BUY December ( ) ( ) ( ) 125 ContraFect Corporation CFRX BUY December ( ) ( ) ( ) 161 Curetis * BUY December ( ) ( ) ( ) 74 Exact Sciences Corporation EXAS NEUTRAL December ( ) ( ) ( ) ( ) 7,547 NA. Genomic Health Inc. GHDX NEUTRAL December ( ) 1,989 NA. Interpace Diagnostics Group, Inc. IDXG BUY December ( ) ( ) ( ) 30 Invitae Corporation NVTA BUY December ( ) ( ) ( ) 585 Kindred Biosciences, Inc. KIN BUY December ( ) ( ) ( ) 454 Melinta Therapeutics Inc. MLNT BUY December ( ) ( ) ( ) 302 Mesoblast Ltd. MESO BUY June ( ) ( ) ( ) 651 Molecular Templates, Inc. MTEM BUY December ( ) ( ) ( ) 143 Novavax, Inc. NVAX BUY December ( ) ( ) ( ) 462 Opko Health, Inc.

4 OPK BUY December ( ) ( ) ( ) 2,781 Paratek Pharmaceuticals, Inc. PRTK BUY December ( ) ( ) ( ) 330 Synergy Pharmaceuticals Inc. SGYP BUY December ( ) ( ) ( ) 424 VBI Vaccines, Inc. VBIV BUY December ( ) ( ) ( ) 144 Vericel Corporation VCEL BUY December ( ) ( ) ( ) 429 The closing price is as of the prior business day's close Bi-Annual EPS numbers. Denotes Institutional Clients Only. Estimates are FFO, not EPS. Estimates are NII per share, not EPS. * : EPS values are in Euros Page 2. Ladenburg Thalmann Co. Inc. Research Universe (as of July 27, 2018). ~ Please refer to important disclosure information on the last page of this Universe ~. EPS $ EPS $ EPS $ EPS $ Market Cap Price Company Symbol Rating Close Price $ Fiscal Year End FY17(A) FY18(E) FY19(E) FY20(E) ($ millions). Target($). Jon R. Hickman , email: Consumer Discretionary Advertising Dolphin Entertainment, Inc. DLPN BUY December 40 Inuvo, Inc. INUV BUY December 22 IZEA, Inc. IZEA BUY December ( ) ( ) 14 SITO Mobile, Ltd.

5 SITO BUY December ( ) 59 Financials Multi-Sector Holdings The Herzfeld Caribbean Basin Fund, Inc. CUBA BUY June 41 Multi-Sector Holdings Closed End Funds Firsthand Technology Value Fund SVVC BUY December 101 GSV Capital Corp. GSVC BUY December 147 Healthcare Life Sciences Tools & Services Calyxt, Inc. CLXT BUY December ( ) ( ) ( ) ( ) 548 Yield10 Bioscience, Inc. YTEN BUY December ( ) ( ) ( ) ( ) 14 Industrials Information Technology Computer Storage & Peripherals ZAGG Incorporated ZAGG BUY December 461 Electrical Components Energous Corporation WATT BUY December ( ) ( ) 362 ParkerVision, Inc. PRKR BUY December ( ) 18 Internet Software & Services Yatra Online, Inc. YTRA BUY March ( ) ( ) 246 Telecom Services Wireless Telecom & Services Boingo Wireless, Inc. WIFI BUY December 954 Digital Turbine, Inc. APPS BUY March ( ) ( ) 105 iPass, Inc. IPAS BUY December ( ) ( ) 26 The closing price is as of the prior business day's close Bi-Annual EPS numbers. Denotes Institutional Clients Only.

6 Estimates are FFO, not EPS. Estimates are NII per share, not EPS. * : EPS values are in Euros Page 3. Ladenburg Thalmann Co. Inc. Research Universe (as of July 27, 2018). ~ Please refer to important disclosure information on the last page of this Universe ~. EPS $ EPS $ EPS $ EPS $ Market Cap Price Company Symbol Rating Close Price $ Fiscal Year End FY17(A) FY18(E) FY19(E) FY20(E) ($ millions). Target($). Michael Higgins , email: Healthcare BioPharmaceuticals Eiger BioPharmaceuticals Inc. EIGR BUY December ( ) ( ) 144 Flex Pharma Inc. FLKS NEUTRAL December ( ) ( ) ( ) 15 NA. Intec Pharma Ltd. NTEC BUY December ( ) ( ) ( ) 146 Marinus Pharmaceuticals, Inc. MRNS BUY December ( ) ( ) ( ) 300 Ovid Therapeutics, Inc. OVID BUY December ( ) ( ) ( ) 237 Palatin Technologies, Inc. PTN BUY June ( ) 195 SAGE Therapeutics Inc. SAGE BUY December ( ) ( ) ( ) 7,100 Savara Inc. SVRA BUY December ( ) ( ) ( ) 401 SCYNEXIS Inc. SCYX BUY December ( ) ( ) ( ) 80 Zynerba Pharmaceuticals Inc.

7 ZYNE BUY December ( ) ( ) ( ) 127 The closing price is as of the prior business day's close Bi-Annual EPS numbers. Denotes Institutional Clients Only. Estimates are FFO, not EPS. Estimates are NII per share, not EPS. * : EPS values are in Euros Page 4. Ladenburg Thalmann Co. Inc. Research Universe (as of July 27, 2018). ~ Please refer to important disclosure information on the last page of this Universe ~. EPS $ EPS $ EPS $ EPS $ Market Cap Price Company Symbol Rating Close Price $ Fiscal Year End FY17(A) FY18(E) FY19(E) FY20(E) ($ millions). Target($). Matthew L. Kaplan , email: Healthcare Biotechnology AIT Therapeutics, Inc. AITB BUY March ( ) ( ) ( ) 28 Albireo Pharma, Inc. ALBO BUY December ( ) ( ) ( ) 381 Antares Pharma, Inc. ATRS BUY December ( ) ( ) 433 Aradigm Corporation ARDM NEUTRAL December ( ) ( ) 22 NA. Ardelyx Inc. ARDX BUY December ( ) ( ) ( ) 258 Avadel Pharmaceuticals plc AVDL BUY December ( ) 230 Axsome Therapeutics, Inc. AXSM BUY December ( ) ( ) ( ) 68 BioDelivery Sciences International BDSI BUY December ( ) ( ) 166 Corcept Therapeutics Inc.

8 CORT BUY December 1,516 Dova Pharmaceuticals, Inc. DOVA BUY December ( ) ( ) ( ) 666 Eyenovia, Inc. EYEN BUY December ( ) ( ) ( ) 60 Intra-Cellular Therapies, Inc. ITCI BUY December ( ) ( ) ( ) 1,190 Keryx Biopharmaceuticals Inc. KERX BUY December ( ) ( ) 495 Lipocine Inc. LPCN BUY December ( ) ( ) ( ) 30 MediciNova Inc. MNOV BUY December ( ) ( ) ( ) 410 Reata Pharmaceuticals, Inc. RETA BUY December ( ) ( ) ( ) 2,112 RedHill Biopharma Ltd. RDHL BUY December ( ) ( ) ( ) 209 Stemline Therapeutics, Inc. STML BUY December ( ) ( ) ( ) 493 TG Therapeutics, Inc. TGTX BUY December ( ) ( ) ( ) 901 United Therapeutics Corporation UTHR NEUTRAL December 5,473 Urogen Pharma Ltd. URGN BUY December ( ) ( ) ( ) 717 The closing price is as of the prior business day's close Bi-Annual EPS numbers. Denotes Institutional Clients Only. Estimates are FFO, not EPS. Estimates are NII per share, not EPS. * : EPS values are in Euros Page 5. Ladenburg Thalmann Co. Inc. Research Universe (as of July 27, 2018).

9 ~ Please refer to important disclosure information on the last page of this Universe ~. EPS $ EPS $ EPS $ EPS $ Market Cap Price Company Symbol Rating Close Price $ Fiscal Year End FY17(A) FY18(E) FY19(E) FY20(E) ($ millions). Target($). Wangzhi Li, , email: Healthcare Biotechnology Alpine Immune Sciences, Inc. ALPN BUY December ( ) ( ) ( ) 119 Arcturus Therapeutics, Inc. ARCT BUY December ( ) ( ) ( ) 86 BeiGene, Ltd. BGNE BUY December ( ) ( ) ( ) 9,307 Bellicum Pharmaceuticals, Inc. BLCM BUY December ( ) ( ) ( ) 269 Cellectar Biosciences, Inc. CLRB BUY December ( ) ( ) ( ) 9 Cellectis CLLS BUY December ( ) ( ) ( ) 1,277 Checkpoint Therapeutics, Inc. CKPT BUY December ( ) ( ) ( ) 92 Exicure, Inc. XCUR BUY December ( ) ( ) ( ) 228 Krystal Biotech, Inc. KRYS BUY December ( ) ( ) ( ) 176 Leap Therapeutics, Inc. LPTX BUY December ( ) ( ) ( ) 120 Tocagen, Inc. TOCA BUY December ( ) ( ) ( ) 177 Trillium Therapeutics Inc. TRIL BUY December ( ) ( ) ( ) 74 Zymeworks Inc.

10 ZYME BUY December ( ) ( ) ( ) 407 The closing price is as of the prior business day's close Bi-Annual EPS numbers. Denotes Institutional Clients Only. Estimates are FFO, not EPS. Estimates are NII per share, not EPS. * : EPS values are in Euros Page 6. Ladenburg Thalmann Co. Inc. Research Universe (as of July 27, 2018). ~ Please refer to important disclosure information on the last page of this Universe ~. EPS $ EPS $ EPS $ EPS $ Market Cap Price Company Symbol Rating Close Price $ Fiscal Year End FY17(A) FY18(E) FY19(E) FY20(E) ($ millions). Target($). John J. Massocca , email: Financials Diversified REITs Agree Realty Corp. ADC BUY December 1,657 EPR Properties EPR NEUTRAL December 4,922 NA. Essential Properties Realty Trust EPRT BUY December 840 Four Corners Property Trust Inc. FCPT BUY December 1,566 Gaming and Leisure Properties, Inc. GLPI BUY December 7,767 Getty Realty Corp. GTY BUY December 1,166 Gladstone Commercial Corp. GOOD NEUTRAL December 563 NA. Gladstone Land Corp.