research highlights for selected sectors

INSTITUTIONAL INVESTOR 2021: COWEN SECTOR PROFILESResearch Highlights For Selected Sectors

JUNE 2021

WE VALUE YOUR SUPPORTIN THE INSTITUTIONAL INVESTOR POLL

https://www.cowen.com/ii-2021/?utm_source=pdf&utm_medium=referral&utm_campaign=institutional-investor&utm_content=sector-profiles

Vote Cowen 5 stars in the 2021 Institutional Investor All-America Research Survey 2

Cowen’s Value To Clients Over The Last 12 Months

Deep Dives On Emerging Themes

• Published 200+ thematic reports, Ahead Of The Curve® Series.

• Highly differentiated research focused on emerging trends, new ideas, and technology producing disruptive innovation.

• Examples: Liquid Biopsy, Energy Transition, Sustainability & Industrial Technology, Future Of Mobility, Telehealth, Genomic Therapies, Election 2020, Big Tech, U.S. China, DevSecOps, Robotics & Automation, Cannabis, Re-Commerce, HCM, Edge Computing.

COVID Thought Leadership

Expert CallsMarquee Events

• Hosted 436 expert calls and webinars.• Helped clients stay ahead of unfolding

events with rapid speed to market on COVID -19 Virtual Conference.

• Hosted calls with former FDA Commissioner, policy experts, vaccine developers, testing companies & industry experts.

• Energy Transition Call Series, Disruptive Mobility Call Series, Robocalypse Now! Webinar Series, Leaders, Legends, Luminaries & Visionaries Call Series, Clinical & Regulatory KOL Call Series.

High EngagementESG Ratings & New Capabilities• Cowen is one of the first Wall Street

investment firms to include an ESG score in its company equity research reports.

• Expanded Cowen’s coverage by 120 stocks to a total of 815 stocks. Grew our energy/mobility coverage by 30%, establishing end-to-end coverage.

• Strategic investment in PolySign to offer our clients institutional-grade digital asset custody.

• Determined where things are going, how the world is changing, reflected in high client engagement.

• 179k reports published, +6% y/y.• 5.1 million reports read, +23% y/y.• Street-high readership levels of 20% (30%

for Ahead Of The Curve® Series reports).• Sunday client conference calls during

COVID.

• Hosted 33 conferences 41st Annual Health Care Conference 23rd Annual Therapeutics Conference Liquid Biopsy Summit 5th Annual FutureHealth Conference 2020 Cowen Energy Conference Global Transportation & Sustainable

Mobility Conference Mobility Disruption Conference Industrial Technology, Robotics &

Sustainability Conference Communications Infrastructure Summit TMT Conference New Retail Ecosystem CEO Summit

• There isn’t another firm that added more value on COVID & how it played out.

• COVID Virtual Conference• Ahead Of The Curve Series reports on

Diagnostics & Testing, Vaccines & Antibodies.

• Health care & policy expert calls on health care response, vaccine, stimulus, PPP & implementation, Fed reaction.

• COVID Consumer Tracker

3

Cowen 2021 Institutional Investor All-America Research RosterCAPITAL GOODS / INDUSTRIALS

Aerospace & Defense ElectronicsCai von Rumohr, CFAGautam KhannaRoman Schweizer

Airfreight & Surface TransportationJason SeidlMatt ElkottHelane Becker

Business, Education & Professional ServicesBryan Bergin, CFAGeorge MihalosLance Vitanza, CFA

Electrical Equipment & Multi-IndustryJoe Giordano, CFAGautam Khanna

Machinery, Engineering & Construction Joe Giordano, CFA

CONSUMER

AirlinesHelane Becker

Beverage, Household & PersonalCare ProductsVivien Azer

Food ProducersBrian Holland

Gaming & LodgingKevin Kopelman, CFA

Restaurants Andrew Charles, CFA

Retailing / Broadlines & HardlinesOliver Chen, CFAJohn Kernan, CFAMax Rakhlenko, CFA

Retailing / Department Stores & Specialty SoftlinesOliver Chen, CFAJohn Kernan, CFAMax Rakhlenko, CFA

TECHNOLOGY, MEDIA & TELECOM CONTINUED

Internet / Mid & Small CapJohn Blackledge

IT Hardware & Electronics Manufacturing ServicesKrish Sankar

Media Douglas Creutz, CFAStephen GlagolaGregory Williams, CFALance Vitanza, CFA

Payments, Processors & IT ServicesGeorge MihalosBryan Bergin, CFA

Semiconductors & Semiconductors Capital EquipmentMatt RamsayKarl Ackerman, CFA Krish Sankar

Software / Large Cap Shaul EyalDerrick Wood, CFABryan Bergin, CFA

Software / Mid- & Small-Cap Shaul EyalDerrick Wood, CFABryan Bergin, CFA

Telecom & Networking EquipmentPaul SilversteinLance Vitanza, CFA

HEALTH CARE CONTINUED

Biotechnology / Mid- & Small-CapRitu BaralMarc Frahm, Ph.D.Phil Nadeau, Ph.D.Boris Peaker, Ph.D., CFAYaron Werber, MDJoseph Thome, Ph.D.Rick Weissenstein

Health Care Facilities & Managed CareCharles RhyeeGary Taylor Rick Weissenstein

Health Care Technology & DistributionCharles RhyeeGary TaylorRick Weissenstein

Life Science & Diagnostic ToolsDoug SchenkelMax Masucci

Medical Supplies & DevicesJosh Jennings, MDEric Assaraf

Pharmaceuticals / MajorSteve Scala, R.Ph., CFARick Weissenstein

Pharmaceuticals / SpecialtyKen CacciatoreRick Weissenstein

TECHNOLOGY, MEDIA & TELECOM

Cable, Satellite & Telecom ServicesColby SynesaelGregory Williams, CFAPaul GallantLance Vitanza, CFA

Communications Infrastructure Colby SynesaelGregory Williams, CFA

Internet / Large CapJohn Blackledge

© 2021 Cowen and Company, LLC. All rights reserved. Member NYSE, FINRA and SIPC. For your information only, not for further distribution.

ECONOMICS & STRATEGY

ESG ResearchJeff OsborneCowen Research Team

Thematic ResearchCowen Research Team

Washington ResearchChris KruegerJaret SeibergRick WeissensteinPaul GallantRoman SchweizerEric Assaraf

ENERGY

Alternative EnergyJeff OsborneMarc Bianchi, CFAGabe DaoudDavid Deckelbaum, CFAJason Gabelman

Integrated OilJason Gabelman

Oil & Gas Exploration & ProductionGabe DaoudDavid Deckelbaum, CFA

Oil Services & EquipmentMarc Bianchi, CFAJonathan Hunter, CFA

HEALTH CARE

Biotechnology / Large-CapRitu BaralMarc Frahm, Ph.D.Phil Nadeau, Ph.D.Boris Peaker, Ph.D., CFAYaron Werber, MDRick Weissenstein

VOTE COWEN 5 STARS


IN WASHINGTON RESEARCH

VALUE TO CLIENTS• Cowen’s Washington Research Group helped clients stay ahead of rapidly unfolding events in 2020/2021, providing early

client awareness and analysis of policy and legislative developments, including the U.S. pandemic response, potential policy outcomes, timelines, and implications.

• Led numerous client calls with experts (168 hosted conference calls in the LTM and averaging 7 conference calls per week during the early months of the pandemic), hosted marquee events, published in-depth and tactical reports leveraging policy knowledge and a deep network of D.C. relationships.

SELECTED REPORTSAhead Of The Curve® Series: Biden’s First 100 Days In Historical Context, May 2021

Ahead Of The Curve® Series: Shelter From The Storm: Biden's First 100 Days, January 2021Ahead Of The Curve® Series: The Hunt For Dread October: 2021 Policy Impacts, October 2020

Ahead Of The Curve® Series: The Next Two Years For Big Tech In The U.S. And Europe, December 2020Ahead Of The Curve® Series: The U.S. & China In The Ring Of Fire, November 2020

Ahead Of The Curve® Series: The U.S. Cannabis Collective: A State-By-State Overview, April 2021Election 2020: Drug Price Control Prospects Under Different Scenarios, November 2020

EVENTS• 2020 Post Election Forum• Cowen’s Cannabis Catalyst Series• Market Positioning Into The Election• 2021 Policy Impacts: What To Expect• 5th Annual FutureHealth Conference• Biden Tax Plan With Former Senior Congressional Tax Staffer• Semi-Annual DC Day: TMT Policy• What’s Next For Google, Facebook & Apple On Antitrust?• Cowen DC Defense Day• Cowen 42nd Annual Aerospace and Defense Conference• Cowen 41st Annual Health Care Conference

KEY TOPICS• Aerospace & Defense (i.e., U.S.-China, defense spending, national

security policy, new growth areas such as space, AI, and hypersonics)• Financial Services (i.e., banking, credit, housing, cannabis,

cryptocurrency, payments) • Fiscal, Tax & Trade Policy (i.e., stimulus and relief policy, election 2020

& policy implications, tax plans, tariffs) • Health Care Services (i.e., telehealth, ACA), medical devices • Medicare, Pharmaceutical Policy (i.e., drug pricing, FDA policy) • TMT/FCC Policy (i.e., Big tech regulation, semis/semicaps export

controls, broadband pricing)• Trade• ESG

VOTE COWEN 5 STARS ERIC ASSARAF PAUL GALLANT

RICK WEISSENSTEINJARET SEIBERGROMAN SCHWEIZER

CHRIS KRUEGER


IN ALTERNATIVE ENERGY

VALUE TO CLIENTS• The team brings a depth of knowledge across all areas of alternative energy, ESG, smart grid, fuel cells/hydrogen, renewable

& biofuels, industrial gases, batteries, next-gen materials, mobility tech, and the evolution of traditional energy businesses.• We grew our energy/mobility coverage by 30% to 100 stocks in the LTM. We bring unique end-to-end coverage to energy

transition and mobility tech, themes that require expansive thinking.• Prominent stock calls: APTV, AYI, CRNC, ENPH, GTLS, HASI, ITRI.• Detailed modeling of cost structure analysis of new forms of energy vs. traditional energy sources.

SELECTED REPORTSAhead Of The Curve® Series: Sustainable Energy & Industrial Technology Primer, June 2020

Ahead Of The Curve® Series: Future of Mobility Primer, September 2020Ahead Of The Curve® Series: Energy Transition, Part VI: Initiating on Next-Gen Fuels, March 2021

Ahead Of The Curve® Series: Energy Transition, Part V: Industrial Gases And Hydrogen, March 2021Ahead Of The Curve® Series: Energy Transition, Part IV: Initiating On Next-Gen Materials, March 2021

Ahead Of The Curve® Series: Energy Transition, Part III: Power To The People - Initiating On EV Charging, March 2021Ahead Of The Curve® Series: Energy Transition, Part II: A Silver Lining For OFS, January 2021

EVENTS• 2020 Cowen Energy Conference• Global Transportation & Sustainable Mobility Conference• Mobility Disruption Conference• Industrial Technology, Robotics & Sustainability Conference• Energy Transition Call Series• Disruptive Mobility Call Series• Biofuels Expert Call Series• Sustainability & Energy Transition Summit• Energy/Climate Policy Level Set

KEY TOPICS• Solar• Wind• Transportation Solutions • Fuel Cells/Hydrogen • Oil, Gas & OFS • Company Investment Activity • Energy/Climate Policy • Next-Gen Materials • Battery Tech• EV Charging• Industrial Gases• Biofuels

JEFFREY OSBORNE MARC BIANCHI, CFA

JASON GABELMANGABE DAOUD, JR

DAVID DECKELBAUM, CFA

• Renewable Diesel• Lighting• Infrastructure Investment• Agtech• Smart Networks/Connected Devices• Semiconductor Enablers• Carbon Capture & Storage

VOTE COWEN 5 STARS


IN BIOTECHNOLOGY / LARGE-CAP

VALUE TO CLIENTS• Industry-leading biotech team delivering scientific depth across a wide range of therapeutic indications and unparalleled

network of relationships with KOLs, company management teams, policy-makers and key influencers.• Exceptional deep-dive work supporting detailed market models and out-of-consensus stock calls.• Multi-decade tradition of delivering comprehensive, authoritative insights on all facets of the biopharma complex.• High-profile work throughout 2020 and 2021 on COVID vaccine developments, trends and projections supported by

acclaimed specialist KOL call series.

SELECTED REPORTSAhead of The Curve® Series: Breaking COVID-19 Curve With Vaccines And Antibodies, September 2020

Ahead of The Curve® Series: Investor’s Guide To Immuno-Oncology: Focus On Novel Targets, March 202120 Biotech Highlights From Cowen’s 2021 Health Care Conference, March 2021

Therapeutic Categories Outlook, February 2021, October 2020Biotech Quarterly, February 2021, October 2020

ALNY Key Takeaways From Mgmt Webinar: Approaching Inflection With ATTR-CM Opportunity, May 2021Investor Day Updates Bolster Our Confidence In ALXN L-T Prospects And Value, October 2020

EVENTS• 41st Annual Health Care Conference

• 2nd Annual Virtual Oncology Innovation Summit

• 23rd Annual Therapeutics Conference

• Hot Wheels Virtual Bus Tour

• COVID-19 Variants: Will The New Vaccines Remain Effective? Expert Call

• Biopharma And FDA Outlook Calls with Prevision Policy

• Can Large-Cap Biotech Outperform? Investor Webinar

KEY TOPICS • Dominant Biotech Voice on COVID Response

o Calls with world leading vaccine KOLs, former FDA Commissioner Gottlieb, and Prevision Policy on FDA posture

o Daily COVID tracker and 182-page Sept Ahead of the Curve® report• Thought-Leadership in Critical Debates

o KRAS pathway and potential combinations (AMGN)o Competition between Dupixent (REGN) and Tezepelumab (AMGN)o Regulatory prospects for Aducanumab (BIIB) o RNAi therapeutic potential (ALNY)o Durability of ALXN’s C5 portfolio (ALXN/SNY)o Value of SAGE’s GABA/NMDA pipeline (SAGE/BIIB)o VRTX AAT, BMRN Roctavian, GILD prospects, REGN pipeline

PHIL NADEAU, PH.D. YARON WERBER, MD

RICK WEISSENSTEINRITU BARAL

VOTE COWEN 5 STARS


IN BIOTECHNOLOGY / MID- & SMALL-CAPVALUE TO CLIENTS• Dominant Biotechnology Research team with six fundamental analysts and expertise in Washington health care policy.• Industry-leading scientific depth across a wide range of therapeutic indications and unparalleled network of relationships

with KOLs, company management teams, policy-makers and key influencers.• Nearly 200 Biopharma stocks under coverage with a sharp focus on alpha generation and outperformance.• Leading voice identifying under-appreciated assets, inflection points signaled by nuanced data, pipeline potential and

emerging science tied to compelling TAMs.

SELECTED REPORTSAhead of The Curve® Series: Investor’s Guide To Immuno-Oncology: Focus On Novel Targets, March 2021

Ahead of The Curve® Series: The Generalist’s Guide To Vetting A SMID-Cap Biotech Company, February 2021Ahead of The Curve® Series: Trials And Triumphs Of Gene Therapy: A Compendium, January 2021

Ahead of The Curve® Series: The ABCs Of ADCs: Investor Primer On Antibody Drug Conjugates, December 2020Ahead of The Curve® Series: The First-Time Biotech CEO: A Live Wire Act, October 2020

Therapeutic Categories Outlook February 2021, October 2020Biotech Quarterly February 2021, October 2020

EVENTS• 41st Annual Health Care Conference

• 2nd Annual Virtual Oncology Innovation Summit


• Hot Wheels Virtual Bus Tour

• Biopharma And FDA Outlook Calls with Prevision Policy

• Gene Therapy: CMC & Regulatory Summit

• IO Next Summit

KEY TOPICS• Targeted oncology and therapies, cell therapy, gene therapy, KRAS,

immunotherapy.• CNS, novel agents in neuropsychiatry, psilocybin potential in

treatment resistant depression.• Orphan and rare disease, Duchenne’s muscular dystrophy, NASH,

gene editing.• Complement inhibitors in C3G and other renal diseases.• Accelerating ADC development and upcoming catalysts.• Approaches to bispecific antibody development.

RITU BARAL MARC FRAHM, PH.D.

JOSEPH THOME, PH.D.

BORIS PEAKER, PH.D., CFAPHIL NADEAU, PH.D.

YARON WERBER, MDRICK WEISSENSTEIN

VOTE COWEN 5 STARS


IN LIFE SCIENCE & DIAGNOSTIC TOOLS

VALUE TO CLIENTS• Doug brings to bear the insights and knowledge of one of Wall Street’s most experienced Life Science & Diagnostic Tools

analysts in areas of novel science and technology such as liquid biopsy, synthetic biology, next-gen proteomics tools, and bioproduction tools for next-gen therapies.

• Doug was very early in identifying the outlook and market opportunity for COVID-19 testing, potential supply and logistical gaps, company-specific upside potential, and broader implications for the economic reopening.

• Exceptional deep-dive work, initiations, conferences, and C-level meetings.

SELECTED REPORTSAhead Of The Curve® Series: The Liquid Biopsy Primer: Early Detection Of A Huge Opportunity, September 2020

Ahead Of The Curve® Series: The Role of Diagnostics in the COVID-19 “Return to Normalcy”, April 2020

Ahead Of The Curve® Series: 5th Annual Cowen Biopharma End Market Survey, March 2021

Initiations on Burning Rock, 908 Devices, SEER, Amyris, BioLife Solutions, Berkeley Lights

EVENTS• 8th Annual Medtools Conference


• Liquid Biopsy Summit

• 5th Annual FutureHealth Conference

• 41st Annual Health Care Conference

• C-Level Meetings: Adaptive Biotechnologies, Amyris, Bruker, Burning Rock, Codexis, DermTech, Danaher, Exact Sciences, GenMark, Illumina, Invitae, Natera, PerkinElmer, Qiagen, Thermo Fisher Scientific, Twist Biosciences, Waters Corp., 908 Devices

KEY TOPICS• Bioprocessing Platforms• Genetic Testing• Liquid Biopsy• Molecular Diagnostics• New Ordering/Sampling Tools• Next-Generation Sequencing• Serologic Testing• Synthetic Biology

DOUG SCHENKELVOTE COWEN 5 STARS

MAX MASUCCI


IN PHARMACEUTICALS / MAJOR

VALUE TO CLIENTS• Steve and Rick bring to bear decades of experience and relationships with the world’s leading KOL’s and key policy makers.

Many firms do doctor calls and surveys. Cowen uses The doctors and The policy experts.• The team helped clients navigate COVID. They provided invaluable insights and clarity throughout the tumultuous pandemic,

leveraging longstanding KOL relationships to gain perspective on the drug pipeline and clinical trials, drug pricing, and thelikelihood and impact of political reforms on the pharma business.

SELECTED REPORTSPharmaceutical Industry Pulse: Despite Market Crosswinds, Pharma Should Gain Traction As 2021 Unfolds, February 2021

Therapeutic Categories Outlook – Comprehensive Study, February 2021Pharma Pipeline Pulse: More Products, Better Visibility, Despite Pandemic, January 2021

Pharmaceutical Drug Pricing Trends Survey, February 2021Bracketing Risk of Drug Price Reform on Pharma; Stage Setting For PE Re-Rating?, April 2021

Bracketing Exposure of Big Cap Pharma To Biden Tax Reform Proposal, April 2021PD-(L)1 Market Model: Potential Price Erosion Offset By Adjuvant Visibility, April 2021

BTK Inhibitors: Broad Landscape, Big Potential, January 2021

EVENTS• 23rd Annual Therapeutics Conference • 13 KOL calls in 2020 on timely topics including quick reaction calls

with leading KOL’s on new data• Cowen Pre ASCO Call Series• Drug Pricing Calls• COVID Vaccine/Antibody Conference Calls with Leading Vaccine KOL’s

and Former FDA Commissioner Dr. Scott Gottlieb• Call Series with Prevision Policy Consultants Monitoring FDA

Performance Through COVID• 41st Annual Health Care Conference• Pharma Bus Tour featuring meetings with ABBV, AZN, BMY, LLY, JNJ,

GSK, MRK, NVS, PFE, RHHBY, SNY

KEY TOPICS• Immuno-Oncology - PD1/PD L1 market model 9+ companies and 19

tumor types in metastatic and adjuvant setting. • Drug Pricing – 26 Running Drug pricing Survey, Detailed Analyses of

International Reference Pricing Initiatives Under Trump and Drug Pricing Legislation under Biden.

• COVID Response – Multiple Conference Calls With Leading Vaccine KOL’s, COVID Vaccine/Antibody AotC, Started Clinical Trial Monitor

• Deep Dives on Key Emerging Debates – CDK 4/6 Survival Trials and Differentiation; Oral SERD Class, BTK Inhibitors, TIGIT, LLY’s Donanemab.

• Clinical Trial Monitor – Total and recruiting trials, starts, primary completion dates.

STEVE SCALA, R.PH., CFA RICK WEISSENSTEINVOTE COWEN 5 STARS


IN PHARMACEUTICALS / SPECIALTY

VALUE TO CLIENTS• Cowen’s Pharmaceuticals/Specialty team leverages decades of experience with FDA regulatory pathways; intellectual

property strategies, litigation, and game theory; and formulation technologies to understand the nuances that are critical tosuccess in the specialty pharmaceutical space and marries those insights with detailed KOL work on the science and market potential for new therapies.

• HZNP – comprehensive analysis on Tepezza’s launch, demand and P&L implications. BCRX – comprehensive clinician checks and survey leading to a recommendation of one of the better positioned small-cap growth assets. AUPH – consulting work and survey analysis leading to conviction during highly controversial Lupkynis launch. VTRS –negative thesis confirmed.

SELECTED REPORTSAhead of The Curve® Series: Tepezza Survey Reinforces Our Conviction, January 2021

Initiation - BCRX/Orladeyo Provides A Much-Needed HAE Alternative; Pipeline Adds, March 2021AUPH: Conference Highlight: Expert Panel Continues To Reinforce Lupkynis's Potential, September 2020

VTRS: What A Mess - Thesis Confirmed - This Business Model Appears Broken, February 2021JAZZ: Our Conviction Is Growing Even Stronger; Sentiment Continues To Be Turning; Add, January 2021

BHVN: Conference Highlight: Nurtec Remains Leader In Migraine, And Should Accelerate, March 2021

EVENTS• 41st Annual Health Care Conference • 23rd Annual Therapeutics Conference• Update on Emerging Therapies in Lupus Conference Call• Pharmaceutical/Biologics Raw Material and Supply Chain, And China

Exposure• Hosted a KOL panel on Aesthetics• Hosted a KOL panel on Migraine• Hosted a KOL panel on Lupus• Takeda NDR (as the only US-based covering analyst)

KEY TOPICS• Thought leadership panels and surveys in Ophthalmology, Aesthetics,

Parkinson’s, Migraine, Lupus, and Dermatology.• Caution on the current state of the Generic Model (TEVA, MYL, ENDP)

based in thought leadership on Generics, Generic Biologics, and Opioid Litigation.

• RVNC - Clinician Commentary And Survey Indicates Meaningful Enthusiasm For DAXI.

KEN CACCIATORE RICK WEISSENSTEINVOTE COWEN 5 STARS


IN COMMUNICATION INFRASTRUCTURE

VALUE TO CLIENTS• Proprietary channel checks.• Thoughtful differentiated deep dive reports (Edge Computing/5G, Data Centers).• Detailed yet user-friendly working models.• Consistently attend and participate in industry events to help identify current opportunities and long-term trends.• Regulatory policy.• Shifted favorite Tower Idea to American Tower (AMT) from Crown Castle (CCI) post 4Q20 earnings.• NT caution on Equinix (EQIX) coming out of 3Q earnings.

SELECTED REPORTSAhead of The Curve® Series: Livin’ On The Edge Part 1: Evolving Tomorrow’s Internet, May 2020

Communications Infrastructure: State of the Market, February 2021Data Center and Tower Previews, April 2021

Bi-Weekly “Chart of the Week”, April 2021Colony Capital Initiation: Unique Way to Play Comm. Infra Theme, February 2021

State of the Data Center Market, January 2021Top 10 Potential Surprises, January 2021

VRT- Best Ideas for 2021: A Winner in Post-COVID, Data-Driven Environment, December 2020

EVENTS• Annual Communications Infrastructure Summit • Annual Technology, Media, & Telecom Conference• Annual Data Center Bus Tour• Leaders, Legends, Luminaries, and Visionaries Call Series• Semi Annual Cowen Meetings at NAREIT• Washington Research Policy Days• C- Suite level Group investor calls with Akamai Technologies (AKAM)• C- Suite level Group investor calls with Cogent Communications

Holdings Inc (CCOI)• C- Suite level Group investor calls with Colony Capital (CLNY)• C- Suite level Group investor calls with Digital Realty (DLR)• C- Suite level Group investor calls with Equinix (EQIX)

KEY TOPICS• Edge Computing• 5G Ecosystem• C-Band Auction/Spectrum• Small Cells• Data Center Demand• Towers Organic Growth• Regulatory Policy

COLBY SYNESAEL GREGORY WILLIAMS, CFAVOTE COWEN 5 STARS


IN TELECOM AND NETWORKING EQUIPMENT

VALUE TO CLIENTS• High-level industry models and analysis such as Service Provider Capex and Webscale Capex quarterly reports. • Company-specific detailed analysis and research reports.• Huawei Watch Series to gauge the potential benefit for Western-oriented communications equipment suppliers from the

exclusion of Huawei by communications service providers.• Networking Leaders, Legends, Luminaries & Visionaries fireside chat series with renowned leaders in the networking and

communication equipment and optical component industry.• Top stock picks are Ericsson (ERIC) and II-VI Incorporated (IIVI).

SELECTED REPORTSAhead of The Curve® Series: There’s No Place Like Home, November 2020

Ahead of the Curve Series: Livin’ On The Edge, Part 3: Storage & Networking, May 2020Europe Best Ideas ERIC: 5G + Share Gain + Margin, March 2021

Huawei Watch Series, April 2021Networking Leaders, Legends, Luminaries & Visionaries Fireside Chat Takeaways With John Chambers, June 2020

Best Thing to Emerge in Networking In The Past 20 Years, But..., June 2020

EVENTS• 2020 Technology, Media, & Telecom Conference• 5th Annual Networking Bus Tour• 7th Annual Networking Summit• C-Suite investor calls with Calix (CALX)• Compound Semis Summit Series• Networking Leaders, Legends, Luminaries & Visionaries fireside chat

series

KEY TOPICS• Communication service providers• Networking equipment product sector analysis across enterprise• Cloud and service provider customer markets including: campus

switches, data center switches, WLAN, security, network automation, cloud networking, IoT, broadband access systems, optical systems, optical components, SD-WAN, routers, and wireless equipment

PAUL SILVERSTEIN LANCE VITANZA, CFAVOTE COWEN 5 STARS


IN ESG

VALUE TO CLIENTS• Our ESG research brings together the insights and knowledge of the longest-tenured Sustainable Energy and Technology

analyst on Wall Street, the in-depth insights of our 53 publishing analysts, and the policy expertise of Cowen’s Washington Research Group.

• Furthering our commitment to ESG, Cowen is one of the first major Wall Street investment firms to include an ESG score in its company equity research reports to offer a common framework to compare companies.

• We significantly expanded our research coverage of disruptive sustainable businesses in the LTM.

SELECTED REPORTSAhead of The Curve® Series: Sustainable Energy & Industrial Technology Primer, June 2020

Ahead Of The Curve® Series: Future of Mobility Primer, September 2020Cowen's Best ESG Investment Ideas For 2021, March 2021

'21 Sustainability Outlook: Anticipate Continued Momentum And Investor Interest, December 2020Ahead Of The Curve® Series: Gen Z/Millennials: Sustainability Supports Durability, June 2020

Retailing: ESG Leaders & Rankings In Our Coverage Universe, March 2021Business Services: ESG Assessment Across Our Coverage, May 2021

EVENTS• 2020 Cowen Energy Conference• Global Transportation & Sustainable Mobility Conference• Mobility Disruption Conference• Industrial Technology, Robotics & Sustainability Conference• Energy Transition Call Series• Disruptive Mobility Call Series• Biofuels Expert Call Series• Fireside Chat with Ed Bastian CEO, Delta Air Lines• Fireside Chat with Scott Kirby CEO, United Airlines

KEY TOPICS• Energy Transition• Disruptive Mobility• Transportation Technology• Fuel Cells/Hydrogen• Robotics & Automaton• Smart Grid• Wind, Solar, Geothermal• Energy Cost Curves• Energy Efficient Lighting

JEFFREY OSBORNE COWEN RESEARCH TEAM

• Microturbine Technology• Agtech• Water And Flow Control Technology• Re-commerce• Gen Z/Millennials• Social Impact• Food Transparency• Protein Innovations• Healthy & Wellness

VOTE COWEN 5 STARS


IN THEMATIC

VALUE TO CLIENTS• Cowen published 200+ thematic reports in 2020 accompanied by marquee events and expert calls. • We are sharply focused on disruptive innovation - areas that offer the most attractive risk-adjusted growth.• Cowen is emerging as the best-in-class thematic research provider. • Our marquee Ahead Of The Curve® Series of reports is agenda-setting, showcasing the authoritative expertise and thought

leadership synonymous with the Cowen Research brand.• Cowen Research publishes on numerous themes in addition to the 13 highlighted in Themes 2021.

HEALTH CARE Liquid Biopsy, Psychedelics, Synthetic Bio, Bioprocessing Platforms, Genomic Therapies, Telehealth, Medical Robotics, Next-Generation Sequencing, Digital Pharmacy, Targeted Therapies, Cell Therapy, Immuno-Oncology

ENERGY & SUSTAINABILITY

Solar, Wind, Transportation Solutions, Electrification, Hydrogen, Fuel Cells, Battery Tech, EV Charging, Next-Gen Materials, Autonomous Vehicles, Ride-Hailing, Delivery Services, Drone Delivery, AgTech, Biofuels, Renewable Diesel, Lighting, Infrastructure Investment, Smart Networks/Connected Devices, Hydropower, Marine Energy, Carbon Capture & Storage, Geothermal, Space

CONSUMERRe-Commerce, Online Luxury, DTC Brands, Online Consumables Adoption (i.e., Health, Wellness, Beauty, Personal Care, HH Items, Baby & Pet Food), Sustainable Food, Virtual Restaurant Brands, Ghost Kitchens, Meal Delivery, Online Grocery, Micro-Fulfilment Centers, Curbside/At-Home Retail

TECH-ENABLED & BUSINESS SERVICES

Human Capital Management, Robotic Process Automation, Digital Wallet, Mobile Payments, Social Payments, Cryptocurrency, POS Software Platforms

TMTDevSecOps, Edge Computing, AI, Compound Semis, EV Semis, Data Management and Analytics, Customer Data Platforms, CPaaS, IoT, High-Speed Optical Interconnects, Network Automation, Sports Wagering, E-Sports, Over-The-Top Video, 5G

INDUSTRIALS Robotics, Industrial Automation, Advanced Sensing, Augmented Reality, Machine Learning, Machine Vision, Digital Twin, Water And Flow Control Technology, IoT, Fleet Management & Connectivity

CANNABIS Potential U.S. Legislative Catalysts, State Legalization, CBD

VOTE COWEN 5 STARS


IN RETAILING – DEPARTMENTSTORES & SOFTLINESVALUE TO CLIENTS• Access to differentiated data sources, proprietary surveys, industry contacts, and premier private companies.• Creative research on Generation Z and several leading Future of Retail CEO conferences.• Broader & global coverage footprint: department stores, athletic, footwear, broadline, off-price, luxury, mall-based and specialty retail.• Leader in new coverage of disruptive sectors: re-commerce, health & wellness, retail robotics.• Proprietary analysis of sentiment and national consumer tracking complimented by robust financial and sector models.• Private Company Relationships with fast-growing digitally native brands.• Proprietary Monthly Digital Tracker providing actionable investment idea generation.• Collaboration with Healthcare, Technology, and Aerospace teams on converging themes and companies.

SELECTED REPORTSAhead of The Curve® Series: Retail’s Modernization Imperative, July 2020

Ahead of The Curve® Series: Gen Z/Millennials: Sustainability Supports Durability, October 2020Ahead of The Curve® Series: Sneakers As An Alternative Asset Class, Part II, July 2020

The $86bn Re-Commerce Market Opportunity: Leaders & Cowen’s Framework, March 2021Athlete Beat Vol XXVIII: Shifts In Our Conviction List Into Q1/Q2 Recovery, April 2021

Cowen’s Five 2021 Retail Themes: “STAR” Retail Will Shine Bright, January 2021

EVENTS• Consumer Platforms For The Next Generation Summit• New Retail Ecosystem CEO Summit• Broadline & Grocery CEO Summit• Retail Automation Summit• Health, Wellness & Beauty Summit• Tour-de-Tote – Handbag and Accessories CEO Tour• Premier C-Suite access, including NDRs, Conferences, and virtual

headquarters visits: TGT, WMT, JWN, COST, TPR, MYTE, POSH, FTCH, REAL, RVLV, UAA, M, FL, DKS, VFC, BURL

KEY TOPICS• Gen Z and Millennial Annual Survey and Study (NKE, LULU)• Proprietary research on Retail’s intersection with the rise of new

business platforms and online luxury (POSH, MYTE, REAL, RVLV)• Athletic Footwear and Apparel global expansion (NKE, LULU, Adidas, UA)• Off-Price Retail market share gains (TJX, ROST, BURL, GO) • Sustainability and Innovation (WMT, GPS, VFC) • Retail’s Modernization and the Emergence of New Platforms (FTCH,

POSH, REAL)• Health & wellness (ULTA, PLNT)• Robotics and new fulfillment modalities (WMT, TGT)

OLIVER CHEN, CFA JOHN KERNAN, CFA

MAX RAKHLENKO, CFA

VOTE COWEN 5 STARS


IN OIL SERVICES & EQUIPMENT

VALUE TO CLIENTS• Marc provides highly differentiated research in OFS, bringing to bear 15+ years of research and investment experience. He

stands out for his knowledge of Rigonomics as competitor research in the sector has fallen off massively. He possesses deep insight into the industrial gas industry and hydrogen as well as oilfield services’ ability to participate in Energy Transition.

• Strong stock calls. The team correctly called quarterly beats by distributors and offered actionable earnings quick takes with estimate revisions prior to conference calls. Bullish OFS sector call in July 2020. Prominent stock picks: CHX and BKR from Marc Bianchi and DNOW and SOI from Jonathan Hunter.

SELECTED REPORTSAhead of The Curve® Series: Energy Transition, Part V: Industrial Gases and Hydrogen, March 2021

Ahead of The Curve® Series: Energy Transition, Part II: A Silver Lining For OFS, January 2021GTLS Initiation, October 2020

Rigonomics 5.04 - Upgrade SLB / HAL, July 2020Update Reflects Stronger than Expected Completions Activity (SOI), September 2020

Distributors 3Q Preview - Could 4Q Revenues be Flat/Up? (MRC, DNOW), October 2020

EVENTS• Hydrogen Call with CEOs of GTLS and McPhy• Energy Conference with SLB CEO Keynote (Only Major Keynote of

2H20 for SLB)• Quarterly Modeling Tours end of each Q (excluding 4Q b/c of

Conference) • DNOW NDR/Group Lunch meeting

KEY TOPICS• Industrial gas and green hydrogen, SOI Land activity forecasts, rig

counts and E&P capex spending

• In OFS It’s the rig count/capex tracker for sure but also his depth in Rigonomics as research in the sector has fallen off massively.

• Discussed Energy Transition opportunities for the OFS group early on. Our comprehensive Ahead Of The Curve® report in January identified they key categories and each company’s positioning within.

MARC BIANCHI, CFA JONATHAN HUNTER, CFAVOTE COWEN 5 STARS


IN CABLE, SATELLITE & TELECOM SERVICES

VALUE TO CLIENTS• Thoughtful differentiated deep dive reports (At-Home Trends, Fiber-to-the-Home, Starlink).• Industry Databases (Wireless, Broadband).• Detailed yet user friendly working models.• Consistently attend and participate in industry events to help identify current opportunities and long-term trends.• Regulatory Policy.• T-Mobile (TMUS), and Comcast (CMCSA) are top stock picks.

SELECTED REPORTSAhead of The Curve® Series: There’s No Place Like Home, November 2020

Bi-Weekly “Channel Surfing” Report, May 2021Bi-Weekly “Chart of the Week”, April 2021

Cable/Telco/Satellite Video Surveys, April 2021Fiber: The Final Frontier, April 2021

The Current State of Wireless Spectrum, December 2020Wireless Survey, April 2021

EVENTS• Annual Communications Infrastructure Summit • Annual Technology, Media, & Telecom Conference• Washington Research Policy Days• C-Suite investor calls with AT&T (T)• C-Suite investor calls with Verizon (VZ)• C-Suite investor meetings with Frontier Communications (FYBR)

KEY TOPICS• Fiber-to-the-Home• Fixed Wireless Access• Edge Computing• C-Band Auction/Spectrum• Cable Mobile• Dish 5G Build• T-Mobile/Sprint merger• 5G Ecosystem

PAUL GALLANTCOLBY SYNESAEL

GREGORY WILLIAMS, CFA LANCE VITANZA, CFA

• Regulatory Policy• Wireless Market Share Shifts

VOTE COWEN 5 STARS


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