IMPORTANT NOTICES: The information contained in this electronic message (including any attachments) is privileged and confidential information intended only for the use of the recipient(s). Please notify the sender by email if you are not the intended recipient. If you are not the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. B. Riley Capital Management, Inc. ("BRCM") does not accept time sensitive, action-oriented messages or transaction orders, including orders to purchase or sell securities, via email or by any other electronic means. BRCM reserves the right to monitor and review the content of all messages sent to or from this email address. Messages sent to or from this email address are stored by a third-party vendor and may be provided to regulators upon request. Neither the sender nor BRCM accepts any liability for any errors or omissions arising as a result of transmission. Any information contained in this electronic message is not an offer or solicitation to buy or sell any security, and while such information has been obtained from sources believed to be reliable, its accuracy is not guaranteed. Any references to the terms of executed transactions should be treated as preliminary only and subject to BRCM's formal written confirmation. This message is for information purposes only and is not an investment recommendation or a solicitation. Past performance is not indicative of future returns. All information is subject to change without notice. Unless indicated, these views are the author's and may differ from those of the firm or others in the firm. BRCM does not represent this is accurate or complete and may not update this information.

As a provider of services that involve compiling personal and sometimes, sensitive information, protecting the confidentiality of that information has been, and will continue to be, a top priority for B. Riley Capital Management, LLC ("BRCM"). BRCM generally collects and uses information about clients in order to deliver quality service to them and to comply with legal and regulatory requirements. Confidential information that BRCM receives from clients on subscription agreements, account opening documentation and/or other forms, may include, but is not limited to, the client's name, address, telephone number, occupation, social security number or tax identification number, and information pertaining to the client's financial status (i.e. net worth, annual income, etc.).

Other than as required or permitted by law, BRCM will not disclose our clients' nonpublic personal information except to any unaffiliated third parties unless BRCM has previously informed the client in agreements, has provided disclosure to the client (with the opportunity to "opt-out"), or has otherwise been authorized by the client.

In the ordinary course of business, BRCM may share information pertaining to a client's account with our affiliates servicing the account, non-affiliated third parties that perform various services for us related to a client's account, such as clearing firms, custodians, fund administrators, auditors and attorneys, and other non-affiliated third parties as required or permitted by law, such as regulatory bodies. Access to client information within BRCM will be limited to those employees and affiliated entities who are involved in offering or administering client accounts. We maintain physical, electronic and procedural safeguards that comply with federal standards to guard client nonpublic information.

If you reside in California, you can make the following requests with respect to your personal information:

• Access - You can request that we disclose to you the categories of personal information collected about you, the categories of sources from which the personal information is collected, the categories of personal information sold (if applicable) or disclosed, the business or commercial purpose for collecting and selling (if applicable) the personal information, the categories of third parties with whom we share the personal information, and/or the specific pieces of personal information collected about you over the past 12 months.
• Deletion - You can request that we delete your personal information that we maintain about you, subject to certain exceptions.
• Opt-out - For purposes of this privacy policy, "sell" means the sale, rental, release, disclosure, dissemination, availability, transfer, or other oral, written, or electronic communication of your personal information to an outside party for monetary or other valuable consideration. Based on our understanding of California law, we do not sell your personal information, so we do not offer the opt-out right.

We will not discriminate against you because you made any of these requests. California residents can make these requests by emailing us at IACompliance@brileyam.com or by calling us toll-free (866) 263-4867. We may deny certain requests, or fulfill a request only in part, based on our legal rights and obligations. For example, we may retain personal information as permitted by law, such as for tax or other record keeping purposes, to maintain an active account, and to process transactions and facilitate customer requests. We will take reasonable steps to verify your identity prior to responding to your requests. The verification steps will vary depending on the sensitivity of the personal information and whether you have an account with us. California residents may designate an authorized agent to make a request on their behalf. When submitting the request, please ensure the authorized agent is identified as an authorized agent. For purposes of these requests, please note the following regarding how we collect and use your personal information as described in this policy:

• We collect and use the following categories of personal information as set forth in the California Consumer Privacy Act of 2018: identifiers; personal information categories listed in Cal. Civ. Code § 1798.80(e); commercial information; internet or other electronic network activity information; and professional or employment-related information.
• We collect these categories of personal information from you, your devices, publicly available sources, our affiliates, our service providers, and our business partners.
• We use these categories of personal information for our business and commercial purposes described above of this Policy.
• We disclose these categories of personal information to our affiliates, service providers, business and advertising partners, law enforcement, and potential acquirers of our business, as described above in this policy.

B. Riley Securities provides you with access to the Bank Deposit Sweep Program ("BDSP") which is a core account investment vehicle used to hold a cash balance that is awaiting initial investment or reinvestment. If you choose to participate, cash balances in your account will be automatically swept into interest-bearing deposit accounts at one or more federally insured banking institutions that participate in B. Riley Security's BDSP. All deposits held at each bank will be eligible to be insured by the Federal Deposit Insurance Corporation (the "FDIC") generally up to a total of $250,000 principal and accrued interest per depositor. For more information about this program and a complete list of disclosures, please contact the Compliance Department.

B. Riley Securities seeks to execute its customers' orders at the most favorable terms reasonably available under prevailing market conditions. B. Riley Securities is responsible for overseeing the selection of the best market for each trade and for ensuring that the customer receives the best price. Details regarding our routing of U.S. equity and option orders are made publicly available, at no cost to you, on a quarterly basis. Please refer to the section entitled "SEC Rule 606: Quarterly Report on Routing of Customer Orders" for more information. B. Riley Securities conducts regular reviews to ensure that clients are getting the best executions on trades.

Download B. Riley Securities Brokerage Commission and Fee Schedule

B. Riley Securities, Inc. ("B. Riley Securities") has a business continuity plan to protect the interests of our clients, shareholders and employees, and to facilitate the recovery of our core businesses in the event of a significant business interruption. The plan outlines core functions and the resources required to conduct them. It also details what we plan to do to recover them in the event of a disaster that affects our ability to function at our main locations. Our business continuity plan addresses: data backup and recovery; mission critical systems; financial and operational assessments; alternative communications with customers, employees and regulators; alternate physical locations of employees; critical supplier, contractor, bank and counter-party impacts; regulatory reporting; and customer assurance of prompt access to funds and securities if B. Riley Securities becomes unable to continue its business. B. Riley Securities is an introducing firm and does not perform its own or others' clearing functions. We do not hold customer's securities or funds. B. Riley Securities employs National Financial Services LLC ("NFS") as the clearing agent for its broker-dealer operations. In this capacity, NFS compares, allocates, clears and settles all B. Riley Securities transactions. NFS maintains our customers' accounts, and in the event of disaster, can grant customers access to them to deliver securities and funds. NFS has implemented a business continuity plan whose primary objectives are to meet the needs of customers. Each NFS department has developed the capabilities to recover both operations and systems. All continuity plans are designed to account for disruptions of various lengths and scopes, and to ensure that critical functions are recovered to meet their business objectives. Critical business groups operate from multiple sites. Dedicated teams within our technology organizations ensure that critical applications and data have sufficient redundancy and availability to minimize the impact of an event. In the event of a significant business interruption that prevents us from remaining in business, we will assure our customers' prompt access to any funds and securities custodied by our clearing agent. In such a catastrophic event, clients are directed to call NFS at (800) 801-9942 to inquire about their holdings and/or place orders. We intend to communicate with customers about the status of our disruptions through our website or by means of telephonic recordings.

Personal checks and wire transfers are the only form of monetary deposits that will be accepted into your account. All incoming checks or wires from third parties must be confirmed with the client at the time of deposit to determine the business reason behind the third-party deposit. B. Riley Securities reserves the right to refuse any deposit.

If you have granted discretionary trading over your account to a third party, you can revoke such discretionary authority for any of your accounts at any time. Should you wish to cancel such discretionary handling of your account, please contact the Compliance Department as listed above.

By transacting with B. Riley Securities, you consent to a pre-dispute arbitration clause in which you agree as follows:

1. All parties have given up the right to sue each other in court, including the right to a trial by jury, except as provided by the rules of the arbitration forum in which a claim is filed.
2. Arbitration awards are generally final and binding; a party's ability to have a court reverse or modify an arbitration award is very limited.
3. The ability of the parties to obtain documents, witness statements, and other discovery is generally more limited in arbitration than in court proceedings.
4. The arbitrators do not have to explain the reason(s) for their award unless, in an eligible case, a joint request for an explained decision has been submitted by all parties to the panel at least 20 days prior to the first scheduled hearing date.
5. The panel of arbitrators will typically include a minority of arbitrators who were or are affiliated with the securities industry.
6. The rules of some arbitration forums may impose time limits for bringing a claim in arbitration. In some cases, a claim that is ineligible for arbitration may be brought in court.
7. The rules of the arbitration forum in which the claim is filed, and any amendments thereto, have been incorporated into this agreement.

All controversies that may arise between you, B. Riley Securities and NFS, concerning any subject matter, issue or circumstance whatsoever (including, but not limited to, controversies concerning any account, order or transaction, or the continuation, performance, interpretation or breach of this or any other agreement between you, B. Riley Securities and NFS whether entered into or arising before, on or after the date this account is opened) shall be determined by arbitration in accordance with the rules then prevailing of FINRA or any United States securities self-regulatory organization or United States securities exchange of which the person, entity or entities against whom the claim is made is a member, as you may designate. If you designate the rules of a United States self-regulatory organization or United States securities exchange and those rules fail to be applied for any reason, then you shall designate the prevailing rules of any other United States securities self-regulatory organization or United States securities exchange of which the person, entity or entities against whom the claim is made is a member. If you do not notify B. Riley Securities in writing of your designation within five (5) days after such failure or after you receive from B. Riley Securities a written demand for arbitration, then you authorize B. Riley Securities and/or NFS to make such designation on your behalf. The designation of the rules of a United States self-regulatory organization or United States securities exchange is not integral to the underlying agreement to arbitrate. You understand that judgment upon any arbitration award may be entered in any court of competent jurisdiction. No person shall bring a putative or certified class action to arbitration, nor seek to enforce any pre-dispute arbitration agreement against any person who has initiated in court a putative class action; or who is a member of a putative class who has not opted out of the class with respect to any claims encompassed by the putative class action until: (i) the class certification is denied; or (ii) the class is decertified; or (iii) the customer is excluded from the class by the court. Such forbearance to enforce an agreement to arbitrate shall not constitute a waiver of any rights under this agreement except to the extent stated herein.

All trades should be affirmed by the contra firm no later than the settlement date. In the event that a trade is not affirmed or is unknown (commonly called "dk'd" or "don't know"), post-settlement interest charges may be incurred and passed along to you as the customer. In the event that you or your firm is short a position and cannot deliver in a timely fashion, please notify [email protected]. Should a potential buy-in occur we will make every attempt to notify you, the customer, at least 24 hours in advance.

IMPORTANT NOTICES: The information contained in this electronic message (including any attachments) is privileged and confidential information intended only for the use of the recipient(s). Please notify the sender by email if you are not the intended recipient. If you are not the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. B. Riley Securities, Inc. ("BRS") reserves the right to monitor and review the content of all messages sent to or from this email address. Messages sent to or from this email address are stored by a third-party vendor and may be provided to regulators upon request. Neither the sender nor BRS accepts any liability for any errors or omissions arising as a result of transmission. Any information contained in this electronic message is for information purposes only and is not an investment recommendation or a solicitation, an offer or solicitation to buy or sell any security. While such information has been obtained from sources believed to be reliable, its accuracy is not guaranteed. All information is subject to change without notice.

Unless indicated, the views included in the message are the author's and may differ from those of the firm or others in the firm. BRS does not represent it is accurate or complete and may not update this information. Any references to the terms of executed transactions should be treated as preliminary only and subject to BRS's formal written confirmation. BRS may make markets and effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein, or derivatives thereof. BRS may also have performed investment banking services for the issuers of such securities. In addition, employees of BRS or its affiliates may have positions and effect transactions in the securities or derivates thereof, and may serve as directors of such issuers.

For additional information, call (888) 295-0155. All rights reserved by B. Riley Securities, Inc., Member FINRA & SIPC.

Customers with a minimum of $250,000 in assets in their B. Riley Securities accounts may be eligible to participate in a fully-paid lending program offered by our clearing firm. In a "fully paid" transaction you can lend a specific security to our clearing firm and in return you will receive collateral in the form of cash and securities held at a custodial bank. In addition, you receive an interest rate-based fee. Participation in this program is optional and requires the completion of additional paperwork. Please note that there are risks associated with participation in this program some of which include:

• Fully-paid securities on loan are not covered under the provisions of the Securities Investor Protection Act of 1970.
• Under the securities lending agreement you relinquish your ability to exercise voting rights.
• Fully paid securities on loan are no longer eligible for margin treatment or buying power calculations.
• Securities that pay dividends will be paid as "cash-in-lieu" which may have different taxable consequences than receipt of actual dividends.

For a full list of disclosures or for more information on this program please contact the Compliance Department as listed above.

Personal checks and wire transfers are the only form of monetary deposits that will be accepted into your retail brokerage account. All incoming checks or wires from 3rd parties must be confirmed with the client at the time of deposit to determine the business reason behind the 3rd party deposit. B. Riley Securities reserves the right to refuse any deposit.

When you place an order with your sales representative, you may specify that your order is handled on either a "not held" or "held" basis. A "not held" order means that you have given B. Riley Securities discretion as to the price and time of execution of your order. If given a "held" order, B. Riley Securities will not have discretion on handling your order and must execute it at the prevailing market price; or, if it's a "held" limit order, any execution will take place at the limit price or better, if available. As "not held" orders give B. Riley Securities the flexibility to work your order to seek to obtain the best execution reasonably available under the prevailing circumstances, your orders will be treated as "not held" unless we are specifically instructed to treat the order differently. Please note that, under FINRA Rules, a "not held" order does not have price protection. Consequently, there is no Limit Order Protection (i.e. no Manning obligation) for these orders and B. Riley Securities is not required to match incoming market orders with unexecuted better-priced limit orders. Nonetheless, any purchase and sale transactions must be consistent with our efforts to provide best execution of your orders. Please notify your sales representative at the time you place your order if you wish your order to be treated other than "not held".

B. Riley Securities is furnishing this disclosure to you to provide some basic facts about purchasing securities on margin, and to alert you to the risks involved with trading securities in a margin account. Before trading stocks in a margin account, you should carefully review this Margin Disclosure and the margin agreement provided to you by B. Riley Securities.

When you purchase securities, you may pay for the securities in full or you may borrow part of the purchase price from your brokerage firm. If you choose to borrow funds in connection with your account, you will be required to open a margin account which will be carried by B. Riley Securities. Securities purchased on margin are collateral of B. Riley Securities and our clearing firm, NFS, for the loan to you. If the securities in your margin account decline in value, so does the value of the collateral supporting your loan. As a result, B. Riley Securities is required to take action, such as issue a margin call and/or sell securities or other assets in any of your accounts, in order to maintain the required level of equity in the account. It is important that you fully understand the risks involved in trading securities on margin. These risks include but are not limited to the following:

• You can lose more funds than you deposit in the margin account.
• The firm can force the sale of securities or other assets in your account(s).
• The firm can sell your securities or assets without contacting you.
• You are not entitled to choose which securities or other assets in your account(s) are liquidated or sold to meet a margin call.
• The firm can increase its "house" maintenance margin requirements at any time and is not required to provide you advance written notice.
• You are not entitled to an extension of time on a margin call.
• You can lose proxy voting rights for securities held in margin accounts.
• You can risk receiving payments-in-lieu of dividends where shares are lent past the ex-dividend date.

B. Riley Securities has entered into a fully disclosed clearing agreement with NFS pursuant to which NFS may perform certain processing, clearing, custodial, and financing functions for your brokerage firm with respect to your account. NFS extends the margin credit to you and carries your margin loan. NFS is a beneficiary of your representations, warranties, acknowledgments, and covenants in the margin agreement (including, without limitation, your authorizations, indemnifications, waivers, and releases) to the same extent as if they were made directly by you to NFS. NFS, in its own name and for its own benefit, is entitled to exercise and enforce directly against you the margin agreement, all other rights granted to your brokerage firm, and the rights of the "firm" and "brokerage firm" described in this disclosure statement.

In addition to the privacy policies of our clearing firm, NFS, (http://fiiscontent.fidelity.com/769536.pdf) B. Riley Securities has in place policies and procedures to ensure that our client's privacy is protected. It is the policy of B. Riley Securities not to disclose our clients' nonpublic personal information except to our affiliates servicing your account, to non-affiliated third-party service providers as allowable by law, or in response to inquiries from regulators or government authorities. Information is shared with our affiliates and vendors servicing your account only in the ordinary course of business. In all other cases where information is shared, express written consent must be acquired from the client. Any party that receives this information will use it only for the services required and as allowable under law and is not permitted to share this information for any other purpose.

In the normal course of business, information pertaining to your account may be shared with non-affiliated third parties that perform various services for us such as clearing firms, custodians, auditors and attorneys, and other non-affiliated third parties as required or permitted by law, such as regulatory bodies. Non-public information that B. Riley Securities receives from you on your new account documents and/or other forms, includes, but is not limited to, your name, address, telephone number, occupation, social security number or tax identification number, and information pertaining to your financial status (i.e. net worth, annual income, etc.). Access to client information within B. Riley Securities will be limited to those employees and service providers who are involved in offering or administering the products and services that we offer. We maintain physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic information. B. Riley Securities will adhere to these policies for both current and former clients and will notify customers of our policy at the time the relationship is established and annually thereafter. In the event that it becomes necessary to disclose any nonpublic information in a means inconsistent with this policy, we will provide you with advanced notice so that you will have the opportunity to opt out of such disclosure should you choose.

If you reside in California, you can make the following requests with respect to your personal information:

• Access - You can request that we disclose to you the categories of personal information collected about you, the categories of sources from which the personal information is collected, the categories of personal information sold (if applicable) or disclosed, the business or commercial purpose for collecting and selling (if applicable) the personal information, the categories of third parties with whom we share the personal information, and/or the specific pieces of personal information collected about you over the past 12 months.
• Deletion - You can request that we delete your personal information that we maintain about you, subject to certain exceptions.
• Opt-out - For purposes of this privacy policy, "sell" means the sale, rental, release, disclosure, dissemination, availability, transfer, or other oral, written, or electronic communication of your personal information to an outside party for monetary or other valuable consideration. Based on our understanding of California law, we do not sell your personal information, so we do not offer the opt-out right.

We will not discriminate against you because you made any of these requests. California residents can make these requests by emailing us at [email protected] or by calling us toll-free (833) 774-0208. We may deny certain requests, or fulfill a request only in part, based on our legal rights and obligations. For example, we may retain personal information as permitted by law, such as for tax or other record keeping purposes, to maintain an active account, and to process transactions and facilitate customer requests. We will take reasonable steps to verify your identity prior to responding to your requests. The verification steps will vary depending on the sensitivity of the personal information and whether you have an account with us. California residents may designate an authorized agent to make a request on their behalf. When submitting the request, please ensure the authorized agent is identified as an authorized agent. For purposes of these requests, please note the following regarding how we collect and use your personal information as described in this policy:

• We collect and use the following categories of personal information as set forth in the California Consumer Privacy Act of 2018: identifiers; personal information categories listed in Cal. Civ. Code § 1798.80(e); commercial information; internet or other electronic network activity information; and professional or employment-related information.
• We collect these categories of personal information from you, your devices, publicly available sources, our affiliates, our service providers, and our business partners.
• We use these categories of personal information for our business and commercial purposes described above of this Policy.
• We disclose these categories of personal information to our affiliates, service providers, business and advertising partners, law enforcement, and potential acquirers of our business, as described above in this policy.

View important research disclosures here.

This represents a summary of certain polices adopted by B. Riley Securities, Inc. concerning conflicts in connection with the production and/or dissemination of Investment Research.

Content and Integrity of Research

Our research is produced for the benefit of our clients, and our policies were created to ensure that research is independent, objective, fair, and clear.

Integrity

Research analysts are required to observe high ethical standards to ensure the integrity of research opinion. Research opinion is subject to content standards, including requirements that analyst have a reasonable basis for any opinion, and that opinions be balanced and accurately reflect the analyst viewpoint.

Our procedures require research analysts to immediately report any potential conflict to Research management and Compliance, who will review the potential conflict to ensure the independence and objectivity of analyst opinion is not compromised.

Research analysts are required to certify the opinion presented in reports and public appearances accurately reflect their views and that no part of the analyst's remuneration was, is, or will be directly or indirectly related to specific recommendations or views expressed in such reports or appearances.

Identification of Conflicts

Our policies address the requirement to identify and manage certain conflicts that may compromise the independence of our research analysts, including potential conflicts involving Research and Investment Banking, Research and Sales & Trading, and Research and other departments.

All our employees are provided copies of our policies and receive training on them, including training addressing the obligation of a research analyst to inform Research senior management and Compliance of any such potential conflict so that it can be reviewed and addressed before research is published.

Our policies include Information Barriers and other controls to restrict the sharing of information between Research and other departments.

Contacts between research analysts and investment Bankers generally require pre-approval by their supervisors and in certain circumstances are monitored or chaperoned by Compliance or Legal.

Our policies also require restricting and/or monitoring of Research during the period surrounding investment banking transactions and other potential restricted periods.

Our policies require Research supervisory approval of all research prior to its publication, with escalation to Compliance as appropriate, as well as a preapproval process for all research analyst public appearances.

Supervision and Remuneration of Research Analysts

The reporting line for all Research personnel, including senior management, is independent from Investment Banking.

Research has sole authority to determine which issuers will receive coverage and the timing and content of coverage, including termination of coverage.

Research analyst remuneration is determined by Research senior management and reviewed by a Research Analyst Compensation Committee, which includes members from outside the Research Department but does not include anyone from Investment Banking. Research analyst remuneration is based on a number of factors, including the quality, scope, and depth of analyst coverage. Analysts are eligible to receive bonus compensation that is based on overall operating revenues, including revenues generated by Investment Banking and Sales & Trading. Investment Banking has no input to analyst compensation or the Research Department's budget.

Research Analyst Activities

Research analysts are not permitted to engage in activities that would compromise the objectivity or integrity of their research.

Considerations include:

Analysts are not permitted to engage in 'pitches' for new business or 'road shows' for new issues of financial instruments, or otherwise engage in marketing of investment banking transactions.

Analysts are not permitted to engage in joint appearances with an issuer or Investment Banking to our Sales & Trading personnel or to clients in connection with an investment banking transaction.

Analysts may engage in vetting or due diligence and certain other activities as approved in connection with potential or actual Investment Banking clients or transactions.

While research analysts are not permitted to engage in solicitations or marketing of specific investment banking transactions to clients, they may serve an educational role for both Sales & Trading and clients in connection with an investment banking transaction.

Research analyst involvement in any activities in connection with a potential or actual investment banking transaction, including vetting or diligence, must be approved by Research senior management and Compliance.

Inducements and Inappropriate Influences

Research analysts are prohibited from receiving any inducement from an issuer or otherwise in connection with research opinion.

Research analysts are not permitted to disseminate proposed initiations of coverage, research opinion, changes in research opinion, and terminations of research opinion outside of the Research Department until published, with certain exceptions specifically approved by senior management and Compliance.

Research analysts are prohibited from directly or indirectly offering favorable research, a specific rating, a specific price target, or threatening to change the timing or content of research or threatening to drop coverage in connection with or in exchange for investment banking and/or sales & trading business.

Investment Banking personnel are prohibited from directing a research analyst to engage in marketing efforts.

Research analysts are prohibited from agreeing to be restricted by an issuer concerning the use of information received from an issuer and must notify Research senior management and Compliance of any such approach.

Research analysts are required to immediately report to Research senior management and Compliance any retaliatory actions by employees or issuers.

All employees are prohibited from engaging in retaliatory action against a research analyst related to analyst opinion.

Research analysts are required to certify the opinions expressed in reports and appearances represent their personal view and that no part of their compensation was, is, or will be directly related to the specific recommendation or viewpoint expressed by the analyst in the report or appearance.

Research analysts are prohibited from engaging in any conduct that would result in them being unable to provide the aforementioned certification.

The Research Department is physically separated from all other offices, including Investment Banking, Sales & Trading, and other departments.

Method and Timing of Publication

Information concerning the timing and content of unpublished Research opinion is limited to Research and Compliance, with certain exceptions specifically approved by Research senior management and Compliance.

Research is distributed to clients and employees simultaneously through B. Riley Securities, Inc.'s usual distribution channels. Prior to its distribution, research report content may not be communicated to anyone except as specifically approved by senior management and Compliance.

When we are involved in particular investment banking or capital markets transactions, we may restrict the distribution of research opinion. Similarly, if research analysts are in possession of material non-public information concerning the issuer, they are required to notify Compliance and will be restricted from publishing or making appearances concerning that issuer. We may also restrict research for other reasons, including required regulatory quiet periods and other business or legal reasons.

Personal Account Trading

Research analysts are subject to personal trading procedures that generally prohibit ownership of issuers they cover, as well as issuers in the same industry, and analysts are generally prohibited from trading in the securities of other issuers about which they possess knowledge of any pending unpublished research opinion. Analysts are required to make written representations concerning these conditions and obtain pre-approval for all transactions prior to trading.

Research analysts' outside business activities must be pre-approved by Research senior management and Compliance. Analysts are prohibited from engaging in outside business activities with issuers they cover and other outside business activities that would compromise their independence and objectivity. Analysts are prohibited from serving as officers or directors of public companies.

Disclosure of Interests

Our research reports provide disclosures as required by applicable regulations and by our policies, including:

• a description of our rating system.
• the distribution of our ratings.

When applicable, except where such disclosure would reveal material non-public information:

• the research analyst owns shares of the subject issuer.
• we or any of our affiliates own more than 1% of the issuer's securities.
• we or any of our affiliates served as a manager or co-manager of an offering of the issuers securities within the past 12 months.
• we or any of our affiliates received compensation for investment banking services within the past 12 months from this issuer.
• we or any of our affiliates expect to receive or intend to seek compensation for investment banking transactions from the issuer within the next three months.
• we or any of our affiliates have received compensation from the issuer for non-investment banking securities services within the past 12 months.
• we or any of our affiliates, currently or within the past 12 months, engaged in lending activity or similar services with the issuer for compensation.
• we or any of our affiliates, has acted as a placement agent on a private offering of the issuer's securities.
• we are a market maker or liquidity provider in the issuer's securities.
• an employee serves as an officer or director of the issuer.
• we and/or the research analyst are subject to any other material conflict of interest of which we are aware at the time of publication.

We may not be required to provide and may elect not to provide, certain disclosures concerning a business relationship with an issuer, when such disclosure would reveal material non-public information regarding specific banking transactions with the subject company.

We may include other disclosures as we consider appropriate.

Last Updated: September 11, 2020

Introduction: What This Privacy Policy Covers

GlassRatner Advisory & Capital Group, LLC, B. Riley Advisory & Valuation Services, LLC, Great American Group Intellectual Property, LLC, and Great American Group Machinery & Equipment, LLC, collectively dba B. Riley Advisory Services ("BRAS", "we" or "our") are committed to protecting your privacy. This privacy policy ("Policy") applies to your interactions with BRAS online and offline, including this website (the "Site") and BRAS services (the "Services"). The purpose of this Policy is to disclose BRAS practices related to information we collect from you and have about you. Please read this Policy carefully.

1. Collection of Your Information

2. Use, Sharing & Disclosure of Your Information

3. California Privacy Rights

4. Minors' Use of the Services

5. Changes to the Privacy Policy

6. International Users

7. Legal Basis for Processing Personal Information

This Policy applies to our Site and Services only. When you visit websites to which we link, you will be interacting with another party that operates under its own privacy and security policies. Personal information you give to another party will be subject to that party's own terms, conditions, and policies - not this Policy. You should review the other party's privacy policy and terms of service before providing your information or using their services. We encourage you to review the privacy policies of any other website or application from which you request products or services.

1. Collection of Your Information

A. Information you provide to us:

We and our service providers may collect information about you when you ask us to contact you, such as:

• your name;
• your address;
• your telephone number;
• your company affiliation, job title, and related information;
• the nature of your request; and/or
• your email address

In addition, if you choose to correspond with us through email, we may retain the content of your email messages together with your email address and our responses.

We and our service providers may also collect information that you provide to us when you apply for a job, such as:

• your work history;
• your resume; and/or
• your academic background

Please see Section II of this Policy to see how we use, share and disclose information you have provided to us.

B. Information we collect through your interaction with our Site:

We and our service providers may automatically collect information from your access device and browser, including:

• what type of browser you use;
• processor type;
• operating system; and
• IP address

As you browse and interact with our Site, we and our service providers may automatically collect information related to your use of the Site, including:

• how often you visit the Site; and
• how you navigate and conduct searches on our Site

Please see Section II of this Policy to see how we may use, share and disclose information we collect through your interaction with our Site or Services.

C. Information we receive from other parties:

We may collect information about you from other sources, including publicly available sources and our Affiliates or our partners, service providers or others, in order to update or supplement information we have collected directly from you. For example, we may use Google Analytics to measure and report statistics about your device, interests, location and interactions on the Site. An "Affiliate" is a company that controls, is controlled by or is under common control with BRAS.

D. Information collected through technological methods:

In addition, we may use, and may allow our service providers to use, technological methods such as cookies or web beacons to collect information about you. Cookies are small pieces of data that may be stored on your computer, mobile device, or other similar device and are used to make the Site easier to use and to analyze use of the site.

E. Retention of Information:

BRAS retains the information we collect for as long as necessary to (i) provide our services to you, (ii) comply with legal obligations, (iii) resolve disputes, and (iv) enforce our agreements.

Please see Sections II and III of this Policy to see how we use, share and disclose information collected through technological methods.

2. Use, Sharing & Disclosure of Your Information

A. How we use your information:

We use the information we collect in a variety of ways, including:

• to operate and improve the Site;
• to understand your use of the Site;
• to communicate with you;
• to notify you about important changes to our website, new services and special opportunities we think you will find valuable; and
• to develop research reporting for us, our Affiliates and third party market research partners.

B. How we share your information:

We may share your information, including in some cases information that specifically identifies, relates to, or could be associated with you, directly or indirectly, ("personal information") such as your name, your email address, your physical address or telephone number, with Affiliates and trusted partners and service providers in ways including the following:

• to help operate the Site and Services;
• to facilitate fulfillment of a transaction or request; and
• to provide research reporting for us, our Affiliates and our service providers.

Examples of service providers may include providers who compile and analyze data collected by us (e.g., Google Analytics), service providers who supplement or match information we have collected with information from other parties, market research companies, website hosts, and email support vendors.

In addition, we may share information in the following circumstances:

• without notice, to law enforcement or government agencies in response to subpoenas, court orders, or other legal process (including civil and criminal) or otherwise as required by law;
• in connection with the actual or potential sale of our business.

Please see Section I of this Policy to see the types of information we collect.

3. California Privacy Rights

If you reside in California, you can make the following requests with respect to your personal information:

• Access - You can request that we disclose to you the categories of personal information collected about you, the categories of sources from which the personal information is collected, the categories of personal information sold (if applicable) or disclosed, the business or commercial purpose for collecting and selling (if applicable) the personal information, the categories of third parties with whom we share the personal information, and/or the specific pieces of personal information collected about you over the past 12 months.
• Deletion - You can request that we delete your personal information that we maintain about you, subject to certain exceptions.
• Opt-out - For purposes of this privacy policy, "sell" means the sale, rental, release, disclosure, dissemination, availability, transfer, or other oral, written, or electronic communication of your personal information to an outside party for monetary or other valuable consideration. Based on our understanding of California law, we do not sell your personal information, so we do not offer the opt-out right.

BRAS will not discriminate against you because you made any of these requests. California residents can make these requests online by emailing us at emailing us at ccpa@brileyadvisoryservices.com or by calling us toll-free at 310-966-1444.

We may deny certain requests, or fulfill a request only in part, based on our legal rights and obligations. For example, we may retain personal information as permitted by law, such as for tax or other record keeping purposes, to maintain an active account, and to process transactions and facilitate customer requests.

We will take reasonable steps to verify your identity prior to responding to your requests. The verification steps will vary depending on the sensitivity of the personal information and whether you have an account with us.

California residents may designate an authorized agent to make a request on their behalf. When submitting the request, please ensure the authorized agent is identified as an authorized agent.

For purposes of these requests, please note the following regarding how we collect and use your personal information as described in this Policy:

• We collect and use the following categories of personal information as set forth in the California Consumer Privacy Act of 2018: identifiers; personal information categories listed in Cal. Civ. Code § 1798.80(e); commercial information; internet or other electronic network activity information; and professional or employment-related information.
• We collect these categories of personal information from you, your devices, publicly available sources, our Affiliates, our service providers, and our business partners.
• We use these categories of personal information for our business and commercial purposes described in Section II of this Policy.
• We disclose these categories of personal information to our Affiliates, service providers, business and advertising partners, law enforcement, and potential acquirers of our business, as described in Section II of this Policy.

4. Minors' Use of the Services

BRAS offers a general audience Site. This Site is not intended for children under the age of 16.

5. Changes to the Privacy Policy

By using the Site or Services, you signify your acceptance to this Policy. If you do not agree to this Policy, please do not use any of the Site or Services. We reserve the right to make changes in this Policy at any time. Please check the Policy each time you use our Site or Services to ensure you are aware of any changes in our privacy practices. Your continued use of our Site or Services will signify your acceptance of the changes to this Policy. Notification of any material changes to this Policy will be posted on the BRAS home page.

If you have any questions about this Policy please contact us at:

B. Riley Advisory Services

11100 Santa Monica Blvd.

Suite 800

Los Angeles, CA 90025

6. International Users

The information we collect from users is processed and maintained in the United States, where privacy laws may not be as protective as in your home country. If you are using our Site or Services from outside of the United States, by providing information to us you are consenting to the transfer of the information to the United States for processing in a manner consistent with this Policy. If you are accessing this website from a European Union member state, you have the right to object to the collection and processing of your personal data as set forth in this Privacy Policy, and if you wish to do so please notify us at the address above. Please bear in mind that if you object this may affect our ability to provide you with the Services.

7. Legal Basis for Processing Personal Information

If you are a visitor from the European Union member state, our legal basis for collecting and using the personal information described above will depend on the personal information concerned and the specific context in which we collect it. We will normally collect personal information from you only where we have your consent to do so, where we need the personal information to perform a contract with you, or where the processing is in our legitimate interests and not overridden by your data protection interests or fundamental rights and freedoms. In some cases, we may also have a legal obligation to collect personal information from you. If we collect and use your personal information in reliance on our legitimate interests (or those of any third party), such legitimate interests include: (i) improving our Site and Services; (ii) responding to inquiries from you; (iii) measuring and improving the effectiveness of our marketing activities; and (iv) transmitting data internally within our company for administrative purposes.

In addition to the privacy policies of our clearing firm, NFS, (http://fiiscontent.fidelity.com/769536.pdf) B. Riley Securities has in place policies and procedures to ensure that our client's privacy is protected. It is the policy of B. Riley Securities not to disclose our clients' nonpublic personal information except to our affiliates servicing your account, to non-affiliated third-party service providers as allowable by law, or in response to inquiries from regulators or government authorities. Information is shared with our affiliates and vendors servicing your account only in the ordinary course of business. In all other cases where information is shared, express written consent must be acquired from the client. Any party that receives this information will use it only for the services required and as allowable under law and is not permitted to share this information for any other purpose.

In the normal course of business, information pertaining to your account may be shared with non-affiliated third parties that perform various services for us such as clearing firms, custodians, auditors and attorneys, and other non-affiliated third parties as required or permitted by law, such as regulatory bodies. Non-public information that B. Riley Securities receives from you on your new account documents and/or other forms, includes, but is not limited to, your name, address, telephone number, occupation, social security number or tax identification number, and information pertaining to your financial status (i.e. net worth, annual income, etc.). Access to client information within B. Riley Securities will be limited to those employees and service providers who are involved in offering or administering the products and services that we offer. We maintain physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic information. B. Riley Securities will adhere to these policies for both current and former clients and will notify customers of our policy at the time the relationship is established and annually thereafter. In the event that it becomes necessary to disclose any nonpublic information in a means inconsistent with this policy, we will provide you with advanced notice so that you will have the opportunity to opt out of such disclosure should you choose.

If you reside in California, you can make the following requests with respect to your personal information:

• Access - You can request that we disclose to you the categories of personal information collected about you, the categories of sources from which the personal information is collected, the categories of personal information sold (if applicable) or disclosed, the business or commercial purpose for collecting and selling (if applicable) the personal information, the categories of third parties with whom we share the personal information, and/or the specific pieces of personal information collected about you over the past 12 months.
• Deletion - You can request that we delete your personal information that we maintain about you, subject to certain exceptions.
• Opt-out - For purposes of this privacy policy, "sell" means the sale, rental, release, disclosure, dissemination, availability, transfer, or other oral, written, or electronic communication of your personal information to an outside party for monetary or other valuable consideration. Based on our understanding of California law, we do not sell your personal information, so we do not offer the opt-out right.

We will not discriminate against you because you made any of these requests. California residents can make these requests by emailing us at ControlRoom@brileyfin.com or by calling us toll-free (833) 774-0208. We may deny certain requests, or fulfill a request only in part, based on our legal rights and obligations. For example, we may retain personal information as permitted by law, such as for tax or other record keeping purposes, to maintain an active account, and to process transactions and facilitate customer requests. We will take reasonable steps to verify your identity prior to responding to your requests. The verification steps will vary depending on the sensitivity of the personal information and whether you have an account with us. California residents may designate an authorized agent to make a request on their behalf. When submitting the request, please ensure the authorized agent is identified as an authorized agent. For purposes of these requests, please note the following regarding how we collect and use your personal information as described in this policy:

• We collect and use the following categories of personal information as set forth in the California Consumer Privacy Act of 2018: identifiers; personal information categories listed in Cal. Civ. Code § 1798.80(e); commercial information; internet or other electronic network activity information; and professional or employment-related information.
• We collect these categories of personal information from you, your devices, publicly available sources, our affiliates, our service providers, and our business partners.
• We use these categories of personal information for our business and commercial purposes described above of this Policy.
• We disclose these categories of personal information to our affiliates, service providers, business and advertising partners, law enforcement, and potential acquirers of our business, as described above in this policy.

Review B. Riley Wealth Management's Privacy Notice to Clients.