Siddharth Rajeev, B.Tech, MBA, CFA Anthony de Ruijter, BA

Siddharth Rajeev, B.Tech, MBA, CFA

Anthony de Ruijter, BA

February 15, 2018

2018 Fundamental Research Corp. “10+ Years of Bringing Undiscovered Investment Opportunities to the Forefront” www.researchfrc.com

PLEASE READ THE IMPORTANT DISCLOSURES AT THE BACK OF THIS REPORT

Wi2Wi Corporation (TSXV: YTY): Earnings Growth in Q3 – FINAL REPORT

Sector/Industry: Electronic Components www.wi2wi.com

Market Data (as of February 14, 2018)

Current Price C$0.17

Fair Value C$0.30

Rating* BUY

Risk* 4

52 Week Range C$0.06 - C$0.19

Shares O/S 145,527,418

Market Cap C$24.74 mm

Current Yield N/A

P/E (forward) N/A

P/B 3.52x

YoY Return 142.86%

YoY TSXV -0.31% *See back of report for rating and risk definitions

* All of the figures are in US$ unless otherwise specified.

Highlights

Wi2Wi Corporation (“Wi2Wi”, “company”) reported a 7.1% YoY revenue decline in Q3-2017 to $2.31 million. Nine-month revenues were down by 1.5% YoY to $7.23 million. Considering that our previous report was published in September 2016, we are not comparing the actual results with our old forecasts.

Net margins have improved QoQ and YoY, as revenue

generation shifts to a higher margin product mix. The company has introduced 10 new products to address

customer specific requirements over the nine months ended September 30, 2017.

At the end of Q3-2017, the company had $2.16 million in

cash ($0.5 million of which is categorized as restricted cash). Working capital and the current ratio were $4.43 million and 3.1x, respectively. The company has no debt.

We are maintaining our fair value estimate at $0.30

per share.

Key Financial Data

(in US$, 1000s); YE - Dec 31 2014 2015 2016 2017E 2018E

Revenues 8,047 14,306 10,045 9,534 11,500

Gross Margin 41.8% 33.4% 34.0% 32.3% 36.1%

EBITDA (357) 634 139 268 525

Net Income 2,019 1,620 7 42 303

EPS (basic) 0.02 0.02 0.00 0.00 0.00

Total Debt 2,926 - - - -

Assets 9,783 7,712 7,620 8,275 9,675

Return on Equity n/a 7.7% 0.7% 0.7% 4.6%

Return on Inv. Capital -17.5% 6.4% -1.0% 1.0% 3.9%

EV / Revenues 2.2 0.5 0.5 1.8 1.5

P / E -17.2 31.1 162.8 453.1 62.7

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Q3 revenues

down 7.1%

YoY

Wi2Wi’s revenues dropped 10.2% QOQ, and 7.1% YOY to $2.31 million in Q3-2017. For the nine month period, revenues dropped 1.5% to $7.23 million. Revenues and gross profits are shown in the table below. Note that segmented revenues were not disclosed by management. STATEMENTS OF OPERATIONS Q3-2016 Q3-2017 Q3-YOY 2016 (9M) 2017 (9M) 9M-YOY

(in US$, 1000's) - YE Dec 31st 30-Sep 30-Sep 30-Sep 30-Sep

Revenues 2,482 2,306 -7% 7,338 7,228 -1.50%

Cost of Revenues 1,660 1,540 4,993 4,914

Gross Profit 822 766 -7% 2,345 2,314 -1%

Source: FRC

Management have advised that the company is transitioning from low margin and highly price sensitive markets, to a higher margin, lower volume product mix in premium markets. Our revenue forecasts for FY2017, and FY2018, are $9.53 million, and $11.5 million,

respectively.

STATEMENTS OF OPERATIONS 2017E 2018E

(in US$, 1000's) - YE Dec 31st 31-Dec 31-Dec

Revenues 9,534 11,500

Cost of Revenues 6,454 7,353

Gross Profit 3,080 4,147

Research and development 937 1,725

Selling, general and administrative 1,823 1,610

Stock based compensation 52 288

Total Operating Expenses 2,812 3,623

EBITDA 268 525

Amortization and Depreciation 198 222

EBIT 70 303

Share listing expense

Securities

Income from transfer of technology

Gain on bargain purchase

(Gain)/loss on conversion of debt

Other expense 10

Interest expense

Income before Income Taxes 80 303

Provision for income tax 38 0

Net Income 42 303 Source: FRC

Go forward strategy: The company introduced 10 new products for the nine months ended September 30, 2017. Furthermore, management reported that production capacity has been

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Gross

margins

increased and manufacturing operations streamlined, though definitive figures were not disclosed. The company expects to continue to invest substantially in R&D, in order to continue development of its product offerings. There is quite a significant time lag between investment in the company’s business segments and realized revenues. Management reports that investment in the Frequency Control and Timing Devices division takes 24-36 months to generate revenues, due to the need for qualification testing, government approval, and the nature of the target markets e.g. Military, Space, and Avionics. Investment in Wireless Connectivity products tends to require 12-24 months (depending on application) before meaningful revenues manifest, with products meant for medical uses potentially requiring longer due to U.S. Food and Drug Administration (“FDA”) requirements. Products with smart home applications may require less time to generate revenues. In addition, the company has expanded its staff in order to accommodate and accentuate future growth. Management have advised that their engineering staff in Hyderabad, India has grown to nine people, from five. We see this as supportive of revenue growth, as R&D is required to support continued product development. Gross margins increased QoQ in Q3-2017 to 33.2%, compared to 30.3% in the previous quarter, but remained flat on a YOY basis. For the nine month period, the company’s gross margin was 32%.

Margins Q3-2016 Q3-2017 2016 (9M) 2017 (9M) Industry AverageElectronic

ComponentsSemiconductor

Gross 33.1% 33.2% 31.96% 32% 23.3% 15.2% 31.4%

EBITDA 1.5% 2.9% -2.5% 2.8% 22.1% 12.8% 31.4%

EBIT -0.7% 0.4% -4.7% 0.8% 11.0% 4.3% 17.7%

Net (normalized) 0.3% 0.7% -3.6% 0.4% 8.3% 3.2% 13.5% Source: FRC

The following table shows the company’s R&D expenses and selling, general and administrative (“SG&A”) expenses as a percentage of revenues. R&D expenses were $0.22 million (down by 17.9% YOY) and SG&A expenses (excl. stock-based compensation) were $0.474 million (down by 0.21% YOY) in Q3-2017. These expenses totaled $0.69 million, or 29.9% of the revenues, up from 29.7% in Q3-2016. However, for the nine months ended September 30, 2017, the sum of these expenses were 28.7% of revenues, down from 32.5% for the nine months ended September 30, 2016. The main reasoning for this included the transitioning of the Wireless Connectivity engineering department to lower-cost Hyderabad (reflecting a drop in R&D expense) and consolidation of SG&A expenses.

Page 4



Expenses (% of Rev.) Q3-2016 Q3-2017 2016 (9M) 2017 (9M)

R&D 10.6% 9.3% 11.8% 10.0%

SG&A 19.1% 20.6% 20.7% 18.7%

Total 29.7% 29.9% 32.5% 28.7%

Source: FRC

Wi2Wi reported EBITDA of $0.2 million, and net income of $27k (EPS: $0.00) for the nine months ended September 30, 2017, versus -$0.18 million and -$0.26 million (EPS: -$0.00) for the nine months ended September 30, 2016. Our base-case forecasts are shown below. STATEMENTS OF OPERATIONS 2017E 2018E 2019E 2020E 2021E 2022E

(in US$, 1000's) - YE Dec 31st 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec

Revenues 9,534 11,500 14,458 18,960 26,021 37,350

Cost of Revenues 6,454 7,353 8,853 11,113 14,695 20,527

Gross Profit 3,080 4,147 5,605 7,847 11,327 16,822

Research and development 937 1,725 2,169 2,844 3,903 5,602

Selling, general and administrative 1,823 1,610 1,880 2,275 2,862 3,735

Stock based compensation 52 288 361 474 651 934

Total Operating Expenses 2,812 3,623 4,410 5,593 7,416 10,271

EBITDA 268 525 1,196 2,254 3,911 6,551

Amortization and Depreciation 198 222 563 854 1,101 1,311

EBIT 70 303 632 1,400 2,810 5,241


Securities

Income from transfer of technology

Gain on bargain purchase

(Gain)/loss on conversion of debt

Other expense 10

Interest expense

Income before Income Taxes 80 303 632 1,400 2,810 5,241

Provision for income tax 38 0 0 0 0 0

Net Income 42 303 632 1,400 2,810 5,241

Source: FRC

We are maintaining our long-term revenue forecast assumptions, including growth of the company’s wireless connectivity segment revenues to $25 million, and revenue growth of 10% p.a. for the company’s frequency control and timing devices segment. However, we extend the company’s $25 million wireless connectivity revenue milestone to 2022 from 2020, as per management’s recent disclosure on the time required to realize revenues on R&D expenditures (as discussed above).

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Cash Flows

Balance

Sheet

Stock Options

and Warrants

Market

Overview

Free cash flows (“FCF”) were $0.91 million in the first nine months of 2017.

Summary of Cash Flows 2016 (9M) 2017 (9M)

(US$, 1000's) 30-Sep 30-Sep

Operating $40 $1,102

Investing -$88 -$193

Financing $0 $185

Effects of Exchange Rate

Net -$48 $1,094

Free Cash Flows to Firm (FCF) -$48 $909 Source: Financials Statements

At the end of Q3-2017, the company had $1.66 million in cash, and $0.5 million in restricted cash, for a total of 2.16 million. Working capital and the current ratio were $4.4 million and 3.1x, respectively. The company has no debt.

Liquidity & Capital Structure 2014 2015 2016 Q3-2017

(US$, 000s) 31-Dec 31-Dec 31-Dec 30-Sep

Cash (1000's) 645 953 563 2157

Working Capital (401) 4,012 4,235 4,434

Current Ratio 1.0 2.8 3.1 3.1

LT Debt (1000's) - - - -

Total Debt (1000's) 2,926 - - -

LT Debt / Capital - - - -

Total Debt / Capital 72.2% - - -

EBIT Interest Coverage - 2.72 - - Source: Financials Statements and FRC

The company currently has 4.57 million options (weighted average exercise price of $0.16), and 12.66 million warrants (weighted average exercise price of $0.09) outstanding. 4.21 million options and 12.5 million warrants are currently in the money. The company has the potential to raise $1.73 million if all the in-the-money options and warrants are exercised. A large portion of the company’s business is in the production of frequency control and timing devices. This involves the production of crystal oscillators, components used in timing devices. Crystal oscillators have extensive applications across multiple industries, including electronics, internet technology, aerospace and defense, and transport. The crystal oscillator market is a largely mature industry, with competition coming mainly from a few large players. According to Markets and Markets, the crystal oscillator market will grow to $3.28 billion by 2022, from $2.4 billion in 2015, representing a CAGR of 4.56%. According to the same source, the wider timing devices market will grow to $5.92 billion by 2022, from $3.89 billion in 2016, representing a CAGR of 7.27%.

Page 6



Internet of Things (“IoT”) is a network of equipment, vehicles, devices and other physical objects that allows for the collection, transmission and exchange of data via the internet. IoT has the potential to influence almost all aspects of life, significantly improve the quality of life for consumers, and the productivity of businesses, while cutting costs. The IoT space is set to expand significantly, with Business Insider Intelligence reporting that there could be up to 22.5 billion IoT devices by 2025. This is up from an estimated 6.6 billion devices in 2016, which represents a CAGR of 27.8%. Furthermore, Business Insider forecasts that between 2016 and 2021, investments in the IoT space will total $4.8 trillion.

Source: Business Insider Intelligence

The outsized forecasts for the potential size of the IoT market are based on IoT’s many applications, commercial and otherwise. The potential benefits of wireless connectivity are relevant to many industries, as demonstrated below:

Heat Map of IoT Opportunities by Industry and Application

Source: Forrester Research

Global mergers and acquisitions (“M&A”) activity has also increased significantly in the

Page 7



Valuation

and Rating

IoT space, with a particularly active year in 2016. Deal activity jumped dramatically to $54 billion over 119 transactions, due to several high-profile transactions including Softbank’s (TSE: 9984) $31.4 billion acquisition of ARM, as well as 5 other deals over $1 billion.

Source: Drake Star Partners, IOT Agenda

Discounted Cash Flow (“DCF”) – Based on our revenue forecasts discussed earlier, our DCF model gives a fair value estimate of C$0.28 per share (previously C$0.26 per share), as shown below: DCF Valuation (US$, 1000s) 2017E 2018E 2019E 2020E 2021E 2022E Terminal

Funds Flow from Operations $82 $812 $1,557 $2,728 $4,561 $7,485

-increase in w/c -$181 $1,067 -$378 -$577 -$903 -$1,444

Cash Flows from Operations -$99 $1,879 $1,179 $2,151 $3,658 $6,041

-capex -$70 -$2,500 -$2,500 -$2,500 -$2,500 -$2,500

Free Cash Flows -$169 -$621 -$1,321 -$349 $1,158 $3,541 $59,792

Present Value -$169 -$564 -$1,080 -$257 $768 $2,112 $35,667

Discount Rate 11.1%

Terminal Growth 3.0%

Present Value $36,477

Cash - Debt $1,657

Fair Value (C$) $38,134

Shares O/S 152,043,990

Value per share (C$) $0.28

Long-term C$: US$ - 1.1 Source: FRC

We used a discount rate of 11.1%, which we estimate is in line with the average of the Electronic Components industry and the Semiconductor industry. Multiple data sources were used to arrive at this estimate. Our DCF model increased as we reduced the corporate tax rate used in our models from 35% to 21%, reflecting recent changes by the Trump administration. The increase in value-per-share, however, is muted due to a substantial increase in outstanding shares since our initiating report, due to an equity financing in April 2017. Comparables Valuation: The following tables show metrics of companies operating in

Page 8



Fair value estimate baseed on EV/R

2022 Revenue Estimate (US$, 000s) $37,350

EV / Revenue (comparables) 2.7

EV Estimate (present value) - US$, 000s $60,155

Cash - Debt (US$, 000s) $1,657

Fair Value Estimate (US$, 000s) $61,812

Fair value per share (C$) $0.47

C$: US$ (long-term average estimate) - 1.1

Risks

the wireless connectivity & frequency control / timing devices markets.

Name EV/Rev EV/EBITDA P/E

Semiconductor 3.6 10.8 21.2

Electronic Components 1.8 10.8 21.8

Average 2.70 10.80 21.50 Source: FRC

As shown below, the average fair value estimate based on EV / Revenue and EV / EBITDA of comparables is C$0.36 per share (previously C$0.28 per share). The increase is due to the increase in valuation multiples in the semiconductor and electrical components industries since our initiating report.

Fair value estimate baseed on EV/EBITDA

2022 EBITDA Estimate (US$, 000s) $6,551

EV / EBITDA 10.8

EV Estimate (present value) - US$, 000s $42,206

Cash - Debt (US$, 000s) $1,657

Fair Value Estimate (US$, 000s) $43,863

Fair value per share (C$) $0.33

Source: FRC

We are maintaining our BUY rating and fair value estimate at C$0.30 per share. The following risks may cause our estimates to differ from actual results (not exhaustive):

The electronic components industry is dominated by large players and is highly competitive.

The industry is rapidly evolving due to technological advancements. There is a significant lag period between investment in new product lines and

generation of revenues. The company’s ability to adapt to technological advancements will play a vital role

in its long-term success. Delays in product roll out in wireless connectivity will negatively impact our

revenue projections.

Page 9



Appendix

STATEMENTS OF OPERATIONS 2014 2015 2016 2017E 2018E

(in US$, 1000's) - YE Dec 31st 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec

Revenues 8,047 14,306 10,045 9,534 11,500

Cost of Revenues 4,687 9,534 6,632 6,454 7,353

Gross Profit 3,360 4,772 3,413 3,080 4,147

Research and development 846 1,358 1,140 937 1,725

Selling, general and administrative 2,711 2,505 2,030 1,823 1,610

Stock based compensation 160 275 104 52 288

Total Operating Expenses 3,717 4,138 3,274 2,812 3,623

EBITDA (357) 634 139 268 525

Amortization and Depreciation 28 239 212 198 222

EBIT (385) 395 (73) 70 303


Securities (25) 28 -30

Income from transfer of technology 2,250

Gain on bargain purchase 678

(Gain)/loss on conversion of debt 1,335

Other expense (234) 138 10

Interest expense (194) (145) -8

Income before Income Taxes 2,090 1,613 27 80 303

Provision for income tax 71 -7 20 38 0

Net Income 2,019 1,620 7 42 303

EPS 0.02 0.02 0.00 0.00 0.00

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BALANCE SHEETS 2014 2015 2016 2017E 2018E


ASSETS

CURRENT

Cash 645 953 563 1,825 1,204

Restricted Cash 500 500 500

A/R 3,448 1,879 1,754 1,430 1,725

Prepaid expenses 256 270 286 236 284

Inventories 3,786 3,086 3,105 2,807 2,206

Other assets 119

Total Current Assets 8,254 6,188 6,208 6,798 5,919

Property and Equipment, Net 1,529 1,524 1,412 1,477 3,755

Total Assets 9,783 7,712 7,620 8,275 9,675

LIABILITIES

Current Liabilities

A/P 5,248 2,006 1,848 1,807 2,573

Deferred revenue 410 170 125 205 248

Bank borrowings

Note payable + Conv debenture + Others 2,926

Provision for income tax 71

Total Current Liabilities 8,655 2,176 1,973 2,012 2,821

Warrant liability

Total Liabilities 8,655 2,176 1,973 2,012 2,821

SHAREHOLDERS EQUITY

Common shares 25,824 28,317 28,317 28,839 28,839

Contributed surplus 3,384 3,679 3,783 3,835 4,123

Accumulated deficit (28,080) (26,460) (26,453) -26,411 -26,108

Total SE 1,128 5,536 5,647 6,263 6,854

Total Liabilities and SE 9,783 7,712 7,620 8,275 9,675

Page 11



STATEMENTS OF CASH FLOWS 2014 2015 2016 2017E 2018E


OPERATING ACTIVITIES

Net income 2,019 1,620 7 42 303

Adjustments for non-cash items:

Depreciation and amortization 28 239 212 198 222

Gain on bargain purchase price (678)

Change in fair value of Legend shares 25 30

Foregin exchange (70) (50)

Forgiveness of Creditor Payables 57

Gain/loss on conversion of debt into equity 234 (1,335)

Share-based compensation 160 295 104 52 288


Change in fair value of warrant liabilities

Amortization of warrants

Trademarks

Funds flow from operations 1,718 769 410 292 812

Changes in assets and liabilities:

A/R (1,501) 1,569 125 324 (295)

Inventories (615) 570 (38) 298 602

Deferred inventory costs (163) 130 19

Funds held on sale of Legend Oil and Gas shares 147

Prepaid expenses and other current assets 70 106 (46) 50 (49)

A/P (191) (1,269) (192) (41) 766

A/P to related parties (125)

Accrued liabilities 488 (1,021) (23)

Income taxes 71 (71)

Deferred revenue 343 (241) (45) 80 42

NET CASH USED IN OPERATING ACTIVITIES 242 542 210 1,003 1,879

Cash Flows from Investing Activities

Additions to property and equipment (52) (234) (100) (263) (2,500)

Proceeds from sale of Legend Oil and Gas shares 16

NET CASH USED IN INVESTING ACTIVITIES (36) (234) (100) (263) (2,500)

Cash Flows from Financing Activities

Proceeds from (repayment of) bank borrowins

Proceeds from (repayment of) bridge loans

Proceeds from note payable to ISE

Proceeds from note payable to related party (500)

Proceeds from note payable to Norton Rose

Proceeds from promissory notes 100

Repayment of promissory notes (150)

Collateral for Line of Credit (500)

Escrow receivable 500

Receipt of investor funds in advance of share issuance

Exercise of stock options

Issuance of common shares for cash 474 522

NET CASH FROM FINANCING ACTIVITIES 424 - (500) 522 -

Net Increase (Decrease) in Cash 630 308 (390) 1,262 (621)

Cash, beginning of period 15 645 953 563 1,825

Cash, at end of period 645 953 563 1,825 1,204

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Fundamental Research Corp. Equity Rating Scale:

Buy – Annual expected rate of return exceeds 12% or the expected return is commensurate with risk Hold – Annual expected rate of return is between 5% and 12% Sell – Annual expected rate of return is below 5% or the expected return is not commensurate with risk Suspended or Rating N/A— Coverage and ratings suspended until more information can be obtained from the company regarding recent events. Fundamental Research Corp. Risk Rating Scale:

1 (Low Risk) - The company operates in an industry where it has a strong position (for example a monopoly, high market share etc.) or operates in a regulated industry. The future outlook is stable or positive for the industry. The company generates positive free cash flow and has a history of profitability. The capital structure is conservative with little or no debt. 2 (Below Average Risk) - The company operates in an industry where the fundamentals and outlook are positive. The industry and company are relatively less sensitive to systematic risk than companies with a Risk Rating of 3. The company has a history of profitability and has demonstrated its ability to generate positive free cash flows (though current free cash flow may be negative due to capital investment). The company’s capital structure is conservative with little to modest use of debt. 3 (Average Risk) - The company operates in an industry that has average sensitivity to systematic risk. The industry may be cyclical. Profits and cash flow are sensitive to economic factors although the company has demonstrated its ability to generate positive earnings and cash flow. Debt use is in line with industry averages, and coverage ratios are sufficient. 4 (Speculative) - The company has little or no history of generating earnings or cash flow. Debt use is higher. These companies may be in start-up mode or in a turnaround situation. These companies should be considered speculative. 5 (Highly Speculative) - The company has no history of generating earnings or cash flow. They may operate in a new industry with new, and unproven products. Products may be at the development stage, testing, or seeking regulatory approval. These companies may run into liquidity issues, and may rely on external funding. These stocks are considered highly speculative.

Disclaimers and Disclosure

The opinions expressed in this report are the true opinions of the analyst about this company and industry. Any “forward looking statements” are our best estimates and opinions based upon information that is publicly available and that we believe to be correct, but we have not independently verified with respect to truth or correctness. There is no guarantee that our forecasts will materialize. Actual results will likely vary. The analyst and Fundamental Research Corp. “FRC” does not own any shares of the subject company, does not make a market or offer shares for sale of the subject company, and does not have any investment banking business with the subject company. Fees were paid by YTY to FRC. The purpose of the fee is to subsidize the high costs of research and monitoring. FRC takes steps to ensure independence including setting fees in advance and utilizing analysts who must abide by CFA Institute Code of Ethics and Standards of Professional Conduct. Additionally, analysts may not trade in any security under coverage. Our full editorial control of all research, timing of release of the reports, and release of liability for negative reports are protected contractually. To further ensure independence, YTY has agreed to a minimum coverage term including four reports. Coverage can not be unilaterally terminated. Distribution procedure: our reports are distributed first to our web-based subscribers on the date shown on this report then made available to delayed access users through various other channels for a limited time. The distribution of FRC’s ratings are as follows: BUY (73%), HOLD (6%), SELL / SUSPEND (21%). To subscribe for real-time access to research, visit http://www.researchfrc.com/subscription.htm for subscription options. This report contains "forward looking" statements. Forward-looking statements regarding the Company and/or stock’s performance inherently involve risks and uncertainties that could cause actual results to differ from such forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products/services in the marketplace; acceptance in the marketplace of the Company's new product lines/services; competitive factors; new product/service introductions by others; technological changes; dependence on suppliers; systematic market risks and other risks discussed in the Company's periodic report filings, including interim reports, annual reports, and annual information forms filed with the various securities regulators. By making these forward looking statements, Fundamental Research Corp. and the analyst/author of this report undertakes no obligation to update these statements for revisions or changes after the date of this report. A report initiating coverage will most often be updated quarterly while a report issuing a rating may have no further or less frequent updates because the subject company is likely to be in earlier stages where nothing material may occur quarter to quarter. Fundamental Research Corp DOES NOT MAKE ANY WARRANTIES, EXPRESSED OR IMPLIED, AS TO RESULTS TO BE OBTAINED FROM USING THIS INFORMATION AND MAKES NO EXPRESS OR IMPLIED WARRANTIES OR FITNESS FOR A PARTICULAR USE. ANYONE USING THIS REPORT ASSUMES FULL RESPONSIBILITY FOR WHATEVER RESULTS THEY OBTAIN FROM WHATEVER USE THE INFORMATION WAS PUT TO. ALWAYS TALK TO YOUR FINANCIAL ADVISOR BEFORE YOU INVEST. WHETHER A STOCK SHOULD BE INCLUDED IN A PORTFOLIO DEPENDS ON ONE’S RISK TOLERANCE, OBJECTIVES, SITUATION, RETURN ON OTHER ASSETS, ETC. ONLY YOUR INVESTMENT ADVISOR WHO KNOWS YOUR UNIQUE CIRCUMSTANCES CAN MAKE A PROPER RECOMMENDATION AS TO THE MERIT OF ANY PARTICULAR SECURITY FOR INCLUSION IN YOUR PORTFOLIO. This REPORT is solely for informative purposes and is not a solicitation or an offer to buy or sell any security. It is not intended as being a complete description of the company, industry, securities or developments referred to in the material. Any forecasts contained in this report were independently prepared unless otherwise stated, and HAVE NOT BEEN endorsed by the Management of the company which is the subject of this report. Additional information is available upon request. THIS REPORT IS COPYRIGHT. YOU MAY NOT REDISTRIBUTE THIS REPORT WITHOUT OUR PERMISSION. Please give proper credit, including citing Fundamental Research Corp and/or the analyst, when quoting information from this report. The information contained in this report is intended to be viewed only in jurisdictions where it may be legally viewed and is not intended for use by any person or entity in any jurisdiction where such use would be contrary to local regulations or which would require any registration requirement within such jurisdiction.

Documents

Siddharth Rajeev, B.Tech, MBA, CFA Anthony de Ruijter, BA