coterra energy inc. price & volume chart price target: n/a

October 15, 2021

Initiating Coverage

Energy: Exploration & Production

Nick Pope | Senior Analyst [email protected] | (646) 535-7673

Rating: NeutralPrice Target: N/A

Price Target Metrics:N/A

Current Price: $20.75Float: 798.0MM

Diluted Shares: 818.4MM

Short Interest: 39.2MM

Average Daily Volume: 16,875k

52 Week Range: $13.95 - $23.09

Market Cap: $16,981MMWorking Capital: $609MM

Long Term Debt: $2,934MM

Enterprise Value (E&P): $19,307MM

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ESTIMATES $ (MMs except multiples & EPS)2020 2021 2022

Daily Production (Mboepd)Q1 (Mar) 276.6A 219.7A 646.2E

Q2 (Jun) 254.7A 237.1A 653.6E

Q3 (Sep) 249.4A 623.0E 661.0E

Q4 (Dec) 229.5A 638.4E 668.0E

FY 252.5A 431.2E 657.3E

EPSQ1 (Mar) $0.72A $2.03A $1.10E

Q2 (Jun) $(0.51)A $2.09A $0.84E

Q3 (Sep) $0.51A $0.72E $0.87E

Q4 (Dec) $1.03A $1.08E $0.92E

FY $1.73A $4.09E $3.73E

EBITDAQ1 (Mar) $309.6A $402.9A $1,397E

Q2 (Jun) $145.8A $407.2A $1,130E

Q3 (Sep) $245.5A $1,008E $1,172E

Q4 (Dec) $263.6A $1,377E $1,225E

FY $964.6A $3,195E $4,924E

CFPSQ1 (Mar) $3.07A $3.95A $1.67E

Q2 (Jun) $1.42A $3.82A $1.34E

Q3 (Sep) $2.24A $1.19E $1.39E

Q4 (Dec) $2.45A $1.64E $1.45E

FY $9.16A $6.70E $5.85EOur historical estimates are based on XEC and are the combinedcompany in 3Q21 and onward.

Coterra Energy Inc.(NYSE: CTRA)

Initiating (continuing) coverage on Coterra

Summary:We are simultaneously dropping coverage of Cimarex Energy (XEC - formerly Buyrated) and initiating coverage of Coterra Energy (CTRA) with a Neutral rating after thecompletion of the merger of Cimarex and Cabot (COG), and the rebranding of thecompany. We had previously been modeling Cimarex as a post-merger combined entitywith Cabot, so our production and EBITDA estimates for 2022 remain largely intact (withcommodity adjustments and adjusted timing for closing of the transaction). We thinkthe diversified asset base provides some cash flow stability, the core assets providesolid returns, and the aggressive shareholder return program is laudable. However, thevaluation is fairly in line with the group as it's trading at 3.8x YE 2021 / 2022 EBITDAand our estimate of free cash flow of 20% in 2022.HighlightsThe combined companies are focused on operations in Permian (former XECasset), Mid-Continent (former XEC asset), and Appalachia (former COG asset). Ourproduction model looks at quarterly capital efficiency, and we estimate the combinedcompany's asset in the Delaware of the Permian and the Marcellus assets in Appalachiahave very comparable capital efficiencies (we use a 20:1 gas ratio, 3:1 NGL ratio inour calculations). We estimate the average cost of adding production in our model forthe Delaware Permian at $11,500/boepd (trailing four quarters) and has been $12,100/boepd in the Marcellus (trailing four quarters). Our estimates indicate the Mid-Continentassets have a fairly higher cost of capital at $15,000/boepd, though we expect littleoperated activity in the basin in the near term. We expect the company's drilling andcompleting activity will be focused in the Permian where it is operating 5 rigs, and in theMarcellus, where it is operating 3 rigs. Activity in the Mid-Continent has been weightedto non-op activity, and the company has operated one-rig intermittently in the region.Over the next two years, we expect moderate production growth in the Permian, andwe think Marcellus production has limited growth potential due to regional pipeline andprocessing constraints and expect somewhat flat production. We expect Mid-Continentproduction to see mild declines.CTRA is focusing on free cash flow and strong shareholder returns - and weestimate free cash flow of 20% in 2022. Strong 2022 free cash flow and the planned50% payout should keep dividends near levels of its recently announced special dividend(we are modeling a quarterly dividend of $0.55-$0.6/sh each quarter in 2022) as weestimate 2022 would see a payout of ~$2B to shareholders (an implied yield of ~10%).The dividend yield will be one of the highest in the broader E&P group, by our estimate,but the free cash flow metric of 20% is much closer to the group median of 16% in 2022.Our estimates include the combined companies for the full 3Q21 and going forward.We think the diversified asset base, and aggressive shareholder return policy arecompelling, but valuation is near the broader E&P group on free cash flow andmultiples, with little organic growth expected in the near term. We are estimating20% free cash flow yield in 2022, which is near the broader E&P group of 14%, andwe estimate the company is trading at 3.8x YE 2021 / 2022 EBITDA, near the groupmultiple of 4.1x. Our expectation of dividends (expecting 10% yield in 2022) should putthe company near the top of the sector, though its payout ratio is much higher than thegroup. We think the company should trade near the group multiple with its diversifiedassets and commodity-base with well operations in known basins.Company Description: Coterra is a Houston-based E&P company with assets focused in the Permian, Mid-Continent,and Appalachia. It was formed upon the merger of Cimarex Energy and Cabot Oil & Gas.

SEE ANALYST CERTIFICATION AND OTHER IMPORTANT DISCLOSURES ON PAGES 4 - 7 OF THIS REPORT.

.

Coterra Energy2Q21

AssumptionsCommodity Assumptions

NYMEX Futures as of 10/11/2021

Gas ($/MMBtu) Oil ($/Bbl) NGL ($/Bbl)

1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q FY2014 $4.93 $4.58 $3.90 $3.73 $4.28 2014 $98.65 $103.01 $96.44 $72.39 $92.56 2014 $31.65 $26.79 $25.19 $19.56 $25.76

2015 $2.91 $2.72 $2.72 $2.08 $2.61 2015 $49.24 $57.86 $45.98 $41.70 $48.67 2015 $14.63 $13.37 $12.58 $12.62 $13.29

2016 $1.98 $1.95 $2.81 $2.99 $2.44 2016 $38.63 $43.42 $46.95 $47.08 $44.04 2016 $11.40 $14.29 $13.68 $17.54 $14.24

2017 $3.31 $3.18 $3.00 $2.94 $3.11 2017 $51.80 $48.30 $48.12 $55.40 $50.91 2017 $19.33 $17.58 $20.43 $23.41 $20.20

2018 $2.98 $2.80 $2.90 $3.65 $3.08 2018 $62.88 $67.93 $69.72 $58.67 $64.80 2018 $21.40 $23.31 $28.49 $23.02 $24.07

2019 $3.16 $2.64 $2.29 $2.50 $2.64 2019 $54.83 $59.77 $56.40 $56.98 $57.00 2019 $19.54 $15.17 $12.56 $14.52 $15.43

2020 $1.97 $1.72 $1.97 $2.66 $2.08 2020 $45.54 $27.99 $40.91 $42.63 $39.28 2020 $11.39 $12.10 $14.57 $15.53 $13.41

2021 $2.69 $2.85 $4.09 $5.57 $3.81 2021 $57.70 $63.02 $70.60 $77.01 $67.14 2021 $21.93 $22.19 $29.27 $34.56 $27.03

2022 $5.43 $3.87 $3.89 $4.03 $4.30 2022 $78.60 $76.59 $74.57 $72.19 $75.47 2022 $32.93 $26.90 $25.30 $25.22 $27.56

2023 $4.24 $3.20 $3.28 $3.46 $3.54 2023 $69.92 $68.21 $66.34 $65.32 $67.43 2023 $24.41 $21.40 $20.73 $20.74 $21.81

2024 $4.26 $3.22 $3.29 $3.48 $3.56 2024 $70.27 $68.55 $66.67 $65.65 $67.77 2024 $24.54 $21.51 $20.83 $20.84 $21.92

2025 $4.29 $3.24 $3.31 $3.49 $3.58 2025 $70.62 $68.89 $67.01 $65.98 $68.11 2025 $24.66 $21.61 $20.94 $20.94 $22.02

Gas Adder= $0.00 Oil Adder= $0.00 NGL Adder= $0.00

Input pricing to use flat prices, othwerwise leave 0 Escalators Commodity Price . . . . 0.5% Gas

Flat Gas Price $0.00 Period Ending 0.5% Oil

Flat Oil Price $0.00 0.5% NGL

Flat NGL Price $0.00

G&A Costs . . . 0%

Shares Outstanding:Common Shares Outstanding 414.0 as of 2Q21 LOE Costs . . . 0%

Dilutive Shares 405.0Convertible Shares 0.0 Service & Drilling Costs . . . 0%

Total Potential Shares 819.0Dividend Discount Rate 10%

Price CTRA 20.84$ YE2018 YE2019 YE2020 YE2021 YE2022 9.6%

Market Cap 17,068$ 17068 17068 17068 17068 17068 current

Net Debt 2,326$ 847 2124 1852 1794 346

Enterprise Val 19,394$ 17916 19192 18920 18862 17415

Forward EBITDAx 1482 965 3195 4924 4566

19.9x 5.9x 3.8x 3.8x

FCF Yield 12.0% 19.8%

Valuation BreakdownValuation

Rsk Rsrv Discounted Value

PROVED RESERVES (at YE20) (MBOE) Net CF $/BOE R/P /Share

U.S. Proved Reserves - PDP 447.1 $6,126 $13.70 6.5 $7.50

COG PDP 1,436.1 $9,321 6.49 $11.40

Adjustment YTD = PUD CAPEX - CF from by proved reserves $0 $0.00Total Value Of Proved Reserves 1,883 $15,448 $18.90

BALANCE SHEET (As of 2Q21): Value /Share

Long-Term Debt ($2,934) ($3.60)

Other Liabilities (excludes taxes, ARO, & derivative liabilities) ($288) ($0.40)

Net Working Capital (excludes ARO and derivative liabilities) $609 $0.70

Investments & Other Assets (excludes goodwill) $74 $0.10

Preferred Stock (Liquidation Value) $0 $0.00

Open Slot 0.0 $0.00

Open Slot 0.0 $0.00Net Balance Sheet ($2,539) ($3.10)

FUTURE COSTS & OTHER Value /Share

Discounted Future Cash G&A (Proved Reserves) ($641) ($0.34) ($0.80)

Discounted Cash Taxes (Proved Reserves) Tax Shield 85% ($682) ($0.80)

Gathering and Marketing 8.0x EBITDA Multiple $72 $0.10

Adjustment: QTD CF Variance To Forecast $0 $0.00

Present Value Of Hedges ($506) ($0.60)Other Costs / Revenue ($1,758) ($2.10)

Value Of Proved Reserves (After Taxes, Balance Sheet, & Hedges) $11,150 $13.60

RISKED POTENTIAL Rsk Rsrv Disc Future undrilled whole program one well Value

(Everything Unbooked at YE20) (MBoe) Net CF $/BOE $/acre $/well $/well /Share

Delaware - Culberson - Wolfcamp - Oil 1,241 5,913 $4.77 $24,235 $6,231 $0 $7.20

MidCon - xxx - Woodford - NGL 63 164 $2.63 $511 $3,002 $0 $0.20

Appalachia - Susquehanna - Marcellus- Gas 1,745 9,838 $5.64 $83,429 $13,148 $0 $12.00

Other 0 0 $0 $0 $0 $0.00

$0.00

Adjustment for YTD = Exploration CAPEX - CF from potential reserves $0 $0.00

Discounted Future Cash G&A (Potential Reserves) (625) ($0.80)

Discounted Cash Taxes (Potential Reserves) (715) ($0.90)Total Potential NAV 3,048 $14,560 $17.80

Total Current NAV / Share $25,710 $31.40

Coterra Energy Inc. (CTRA) Initiating Coverage October 15, 2021

Seaport Research Partners Equity Research

in millions except per share data 1Q20A 2Q20A 3Q20A 4Q20E 1Q21A 2Q21A 3Q21E 4Q21E 1Q22E 2Q22E 3Q22E 4Q22E 2020E 2021E 2022E

Production

Oil (MBpd) 89.8 78.0 71.6 67.8 68.6 72.7 75.5 78.5 80.7 82.4 84.0 85.5 76.7 73.8 83.2

NGL (MBpd) 71.1 67.4 77.3 63.5 57.8 67.0 67.5 68.5 68.8 69.1 69.6 70.0 69.8 65.2 69.4

Gas (MMcfpd) 694.3 656.0 603.4 589.5 560.0 584.2 2880.1 2948.4 2980.4 3012.5 3044.3 3074.8 635.6 1752.8 3028.3

Total (MBoepd) 276.6 254.7 249.4 229.5 219.7 237.1 623.0 638.4 646.2 653.6 661.0 668.0 252.5 431.2 657.3

Unhedged Revenue 459.5$ 239.0$ 390.7$ 423.0$ 669.6$ 698.6$ 1,527.1$ 1,971.1$ 1,926.2$ 1,578.4$ 1,596.2$ 1,627.9$ 1,512.2$ 4,866.3$ 6,728.8$

Hedge Revenue 43.1 64.0 13.6 -0.9 -62.0 -86.0 -124.9 -185.3 -125.4 -57.1 -28.7 -4.6 119.8 -458.2 -215.7

Total Revenue 502.6 303.0 404.3 422.1 607.6 612.6 1402.2 1785.8 1800.9 1521.3 1567.5 1623.4 1631.9 4408.1 6513.1

Operating Costs

Lease Operating Expenses 87.2$ 64.3$ 62.0$ 71.7$ 74.8$ 77.4$ 106.0$ 102.8$ 101.8$ 104.1$ 106.4$ 107.5$ 285.3$ 361.0$ 419.8$

Gathering & Transport 54.9 53.3 53.1 52.0 63.6 59.3 197.7 199.7 197.7 196.3 197.7 197.7 213.4 520.3 789.4

Severance & Other Taxes 31.0 16.5 22.8 9.4 41.0 40.2 53.4 69.0 67.4 55.2 55.9 57.0 79.7 203.7 235.5

Exploration 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

DD&A - E&P (inc. asset retirement) 219.8 196.6 159.6 134.6 115.2 113.2 226.4 232.0 229.7 234.9 240.2 242.7 710.6 686.8 947.6

G&A - Cash 25.5 26.2 28.6 30.7 25.3 25.0 40.0 40.0 39.2 38.4 38.8 39.2 111.0 130.2 155.6

G&A - Non-Cash 6.4 6.7 9.7 7.0 8.5 7.9 20.1 19.4 17.4 17.8 18.2 18.4 29.9 55.9 72.0

Unit Operating Costs ($/BOE)

Lease Operating Expenses $3.47 $2.78 $2.70 $3.40 $3.78 $3.59 $1.85 $1.75 $1.75 $1.75 $1.75 $1.75 $3.09 $2.29 $1.75

Gathering & Transport 2.18 $2.30 $2.32 $2.46 $3.22 $2.75 $3.45 $3.40 $3.40 $3.30 $3.25 $3.22 2.31 3.31 3.29

Severance & Other Taxes 1.23 0.71 0.99 0.45 2.07 1.87 0.93 1.17 1.16 0.93 0.92 0.93 0.86 1.29 0.98

Exploration - - - - - - - - - - - - - - -

DD&A - E&P (inc. asset retirement) 8.73 8.48 6.96 6.37 5.82 5.25 3.95 3.95 3.95 3.95 3.95 3.95 7.69 4.36 3.95

G&A - Cash 1.01 1.13 1.25 1.45 1.28 1.16 0.70 0.68 0.67 0.65 0.64 0.64 1.20 0.83 0.65

G&A - Non-Cash 0.25 0.29 0.42 0.33 0.43 0.37 0.35 0.33 0.30 0.30 0.30 0.30 0.32 0.35 0.30

Interest Expense $10.0 $10.1 $11.1 $11.7 $11.5 $12.0 $21.3 $21.3 $21.3 $21.3 $21.3 $21.3 $42.9 $66.1 $85.2

Avg Shares Outstanding (basic) 99.8 99.9 100.0 100.1 100.1 100.2 817.8 818.3 818.3 818.8 819.3 819.8 100.0 462.0 819.0

Avg Shares Outstanding (diluted) 99.8 102.1 100.0 100.1 100.2 100.3 817.9 818.4 818.4 818.9 819.4 819.9 100.5 462.1 819.1

Period End Share Count 102.1 102.0 102.0 102.8 102.8 102.8

Recurring EPS $0.72 ($0.51) $0.51 $1.03 $2.03 $2.09 $0.72 $1.08 $1.10 $0.84 $0.87 $0.92 $1.73 $4.09 $3.73

Discretionary Cash Flow 306.4$ 144.5$ 224.4$ 245.0$ 395.2$ 382.6$ 975.6$ 1,344.2$ 1,364.3$ 1,097.7$ 1,138.9$ 1,191.9$ 920.3$ 3,097.7$ 4,792.8$

DCFPS $3.07 $1.42 $2.24 $2.45 $3.95 $3.82 $1.19 $1.64 $1.67 $1.34 $1.39 $1.45 $9.16 $6.70 $5.85

EBITDA (all ops) 309.6$ 145.8$ 245.5$ 263.6$ 402.9$ 407.2$ 1,008.3$ 1,376.9$ 1,397.0$ 1,130.4$ 1,171.6$ 1,224.6$ 964.6$ 3,195.3$ 4,923.6$

CAPEX (292.5)$ (164.1)$ (72.7)$ (117.0)$ (133.5)$ (170.6)$ (372.8)$ (367.4)$ (353.0)$ (358.0)$ (353.6)$ (355.7)$ (646.3)$ (1,044.3)$ (1,420.3)$

Acquisitions -$ -$ -$ (4.6)$ (0.3)$ 0.0$ -$ -$ -$ -$ -$ -$ (4.6)$ (0.3)$ -$

LT + ST Debt 1,985.8$ 1,986.3$ 1,986.8$ 1,987.3$ 1,987.8$ 1,988.3$ 2,934.5$ 2,934.5$ 2,934.5$ 2,934.5$ 2,934.5$ 2,934.5$ 1,987.3$ 2,934.5$ 2,934.5$

Shareholder Equity 2,789.5$ 1,850.8$ 1,543.8$ 1,553.5$ 1,663.8$ 1,756.1$ 4,418.9$ 4,484.0$ 4,936.7$ 5,130.5$ 5,352.4$ 5,614.2$ 1,553.5$ 4,484.0$ 5,614.2$



Coterra Energy Inc. (CTRA) DisclosuresI, Nick Pope, hereby certify: (1) that all of the views expressed in this report accurately reflect my personal views about any and all of the subject securities or issuers;and (2) that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

As with all employees of Seaport Global Securities LLC, a portion of our analysts’ compensation is paid from the total collection of revenues from all areas of thefirm including but not limited to Investment Banking and Sales and Trading departments. In no instance are research analysts’ compensation directly derived fromInvestment Banking revenues.

Risks & Considerations for Coterra Energy Inc. (CTRA)● Natural gas activity levels, given that much of Coterra's natural gas assets are held by production, could prove to be non-linear in

the future making production and cash flow less predictable.● Coterra historically has not been an active participant in energy commodities hedge markets, rendering its cash flow more volatile

than cash flow of other E&P companies more active in the hedging markets.● With a production stream roughly equal between crude oil and natural gas, Coterra shares may be seen as less attractive in robust

crude oil markets as compared to shares of other E&P companies with oilier production profiles.● Exposure to volatile crude oil, natural gas and natural gas liquids prices.● Increased costs of drilling and completing wells and gathering, processing and transporting production.● Ready access to the factors of production.● Negative revisions to reserve values.● Unfavorable environmental policies.● Unforeseen delays in initiating production.● Inability to procure sufficient gathering, processing, or transportation capacity.● Critical assessments of comparable companies.● In addition to the above-mentioned company-specific factors, E&P companies in general, due to the largely homogeneous nature

of their produced hydrocarbons, are subject to the negative impact of sector rotation within the larger equity market. Similarly, manyE&P companies remain dependent on access to third-party financing to fund their future growth initiatives as well as to hedge againstlarge moves in commodity prices. Access to professional talent, given the unique technical requirements necessary to operate anoil and gas company, also represents a unilateral risk to E&P companies.

Risks & Considerations for Cimarex Energy Co. (XEC)● Natural gas activity levels, given that much of Cimarex’s natural gas assets are held by production, could prove to be non-linear in the future making production

and cash flow less predictable.● Cimarex historically has not been an active participant in energy commodities hedge markets, rendering its cash flow more volatile than cash flow of other E&P

companies more active in the hedging markets.● With a production stream roughly equal between crude oil and natural gas, XEC shares may be seen as less attractive in robust crude oil markets as compared

to shares of other E&P companies with oilier production profiles.● Exposure to volatile crude oil, natural gas and natural gas liquids prices.● Increased costs of drilling and completing wells and gathering, processing and transporting production.● Ready access to the factors of production.● Negative revisions to reserve values.● Unfavorable environmental policies.● Unforeseen delays in initiating production.● Inability to procure sufficient gathering, processing, or transportation capacity.● Critical assessments of comparable companies.● In addition to the above-mentioned company-specific factors, E&P companies in general, due to the largely homogeneous nature of their produced hydrocarbons,

are subject to the negative impact of sector rotation within the larger equity market. Similarly, many E&P companies remain dependent on access to third-partyfinancing to fund their future growth initiatives as well as to hedge against large moves in commodity prices. Access to professional talent, given the unique technicalrequirements necessary to operate an oil and gas company, also represents a unilateral risk to E&P companies.

Other Companies Mentioned in This Report• Cimarex Energy Co. (XEC: $87.20, Buy, PT $85) • Cabot Oil & Gas Corp. (COG: $20.75)

Price Target Metrics for Coterra Energy Inc. (CTRA)N/A

Price Target Metrics for Cimarex Energy Co. (XEC)5.0x YE2021 EV / 2022 EBITDAX



Rating and Price Target History for: Coterra Energy Inc. (CTRA) as of 10-14-2021

282624222018161412

Q3 2019 Q1 Q2 Q3 2020 Q1 Q2 Q3 2021 Q1 Q2 Q3

Created by: BlueMatrix

Rating and Price Target History for: Cimarex Energy Co. (XEC) as of 09-30-2021

100

80

60

40

20

0Q3 2019 Q1 Q2 Q3 2020 Q1 Q2 Q3 2021 Q1 Q2 Q3

10/18/18BUY:$139.00

12/10/18BUY:$125.00

02/21/19BUY:$100.00

10/10/19BUY:$60.00

07/27/20I:BUY:$38.00

01/27/21BUY:$51.00

05/06/21BUY:$85.00

Created by: BlueMatrix

Please contact Seaport Global Securities LLC, for important disclosure information for covered companies. Contact the Director of Equity Research at (949) 274-8052or write to Seaport Global Securities LLC, 600 Anton Boulevard, Suite 1700, Costa Mesa, CA 92626.Clients should also refer to https://sgsecurities.bluematrix.com/sellside/Disclosures.action for price charts, as well as specific disclosures for covered companies.

Explanation of RatingsSeaport Global Securities analyst ratings include (effective Feb. 1, 2017):

Buy - The investment outlook and risk/reward over the following 12 months are favorable on an absolute basis and relative to the peer group.Neutral - The investment outlook and risk/reward over the following 12 months are neutral on an absolute basis and relative to the peer group.Sell - The investment outlook and risk/reward over the following 12 months are unfavorable on an absolute basis and relative to the peer group.NA - A rating is not assigned.

Prior to Feb 1., 2017, Seaport Global Securities analyst ratings included:Buy - The investment outlook and risk/reward over the following 12 months are very favorable on an absolute basis and relative to the peer group.Speculative Buy - The investment outlook over the following 12 months is very favorable on an absolute basis and relative to the peer group, however, thereis higher than average risk associated with the investment that could result in material loss.Accumulate - The investment outlook and risk/reward over the following 12 months are favorable on an absolute basis and relative to the peer group.Neutral - The investment outlook and risk/reward over the following 12 months are neutral on an absolute basis and relative to the peer group.Reduce - The investment outlook and risk/reward over the following 12 months are unfavorable on an absolute basis and relative to the peer group.Sell - The investment outlook and risk/reward over the following 12 months are very unfavorable on an absolute basis and relative to the peer group.NA - A rating is not assigned.

Ratings DistributionResearch Coverage Investment Banking Clients*

Rating Count % of Total Count % of Total % of RatingCategory

Buy 140 61.4% 10 100.0% 7.1%Neutral 87 38.2% 0 0.0% 0.0%Sell 1 0.4% 0 0.0% 0.0%Total 228 100.0% 10 100.0% 4.4%

*Investment banking clients are companies for whom Seaport Global Securities has provided investment banking services in theprevious 12 months.Note: Ratings Distribution as of September 30, 2021

Seaport Global Securities LLC is a U.S. registered broker-dealer, member FINRA and SiPC. Seaport Research Partners LLC is a registered investment advisor. Thismaterial has been prepared by Seaport Research Partners, which provides brokerage services as a division (dba Seaport Research Partners) of Seaport GlobalSecurities LLC, and provides investment advisory services through Seaport Research Partners LLC. Seaport Global Securities LLC and Seaport Research PartnersLLC are subsidiaries of Seaport Global Holdings LLC. Seaport Global Securities LLC and Seaport Research Partners LLC employ appropriate expertise, and in the



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