Biotech with Solid Pipeline and 'Solid Partnership Outlook'

Disclosures from Ladenburg Thalmann, Molecular Templates Inc., Company Update, Oct. 24, 2017

ANALYST CERTIFICATION

I, Kevin DeGeeter, attest that the views expressed in this research report accurately reflect my personal views about the subject security and issuer. Furthermore, no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report, provided, however, that:

The research analyst primarily responsible for the preparation of this research report has or will receive compensation based upon various factors, including the volume of trading at the firm in the subject security, as well as the firm’s total revenues, a portion of which is generated by investment banking activities.

COMPANY SPECIFIC DISCLOSURES

Ladenburg Thalmann & Co. Inc. makes a market in Molecular Templates, Inc.

Ladenburg Thalmann & Co. Inc received compensation for investment banking services from Molecular Templates, Inc. within the past 12 months.

Ladenburg Thalmann & Co. Inc had an investment banking relationship with Molecular Templates, Inc. within the last 12 months.

Ladenburg Thalmann & Co Inc. acted in an advisory capacity for Molecular Templates, Inc. in the last 12 months.

Ladenburg Thalmann & Co. Inc acted as Financial Advisor in the merger between Threshold Pharma Inc. (THLD) and Molecular Templates Inc. (MTEM).