While Seeking Alpha greatly prefers that analysts use their real names, we recognize that there are valid reasons why analysts might prefer to have their research published under a pseudonym:

• It is not uncommon for Seeking Alpha analysts to do ground-breaking research on potentially fraudulent or unethical companies that could place them at risk.

• Many analysts are investors who are wary of critiquing company management in public using their real name, as they don't want to be cut out of future opportunities to engage with management.

• Most Seeking Alpha analysts are not journalists and don't have the thick skin that comes with that profession. They are investors who often shun publicity, and who wouldn't share their ideas with our readers if they felt it could negatively impact their personal lives.

The use of pseudonyms for these purposes follows the tradition of using pseudonyms to protect free speech in the United States. To cite one example: Alexander Hamilton, James Madison, and John Jay published the Federalist Papers under the collective pseudonym "Publius".

To enable our analysts to reach a broad investment public that's interested in reading and discussing their ideas, Seeking Alpha permits them to remain anonymous to the public if they prefer. Our assumption, as always, is that our readers desire rigorous and insightful research and opinion on the stocks and sectors they follow. The analyst’s name is ultimately less important than the ideas conveyed.

At the same time, Seeking Alpha holds pseudonymous analysts to the same compliance and biographical standards as analysts who write under their real name. We insist on verifying the analyst’s real name and contact information, which we keep confidential. We will maintain a correspondence with the analyst, forwarding the analyst any questions or concerns that may emerge about their articles. Stock positions held by pseudonymous analysts must also be disclosed. All other terms, as outlined in our Terms of Use, apply to pseudonymous analysts.

Furthermore, if an analyst has ever had a settlement, conviction, or SEC action against them, they must publish under their real name. Analysts are not allowed to adopt a real-sounding pseudonym, or use the name of a real company/organization for their pseudonym. In addition, we do not allow analysts to change from one pseudonym to another. Analysts who do not have any SEC action against them may continue to be published under their pseudonym, or may switch to their real name if they decide to change their mind later on. When it comes to pseudonyms, please ensure that it’s unique, professional and finance/investment related.

Analysts writing under a pseudonym must acknowledge the limitations to full anonymity, such as instances where an analyst published under their real name in the past, court orders, or other legal and regulatory requirements. Seeking Alpha enthusiastically co-operates with the SEC. It is in our interest to ensure that our platform is not used for unethical or illegal purposes, compromising Seeking Alpha’s credibility. In addition, analysts should take into account limitations which are beyond Seeking Alpha's control, such as the use of external search engines.

If you would like us to forward communication to a Seeking Alpha analyst who uses a pseudonym, please email: analysts@seekingalpha.com