EC Sept-2019-Screens-Valuations

www.equitycompass.com 2 Stock Screens & Valuations September 2019 www.equitycompass.com 3 Price Stifel/KBW Dvd. Yld. Mkt. Cap. EC Model Focus: Over/Underreaction Symbol Company Name (8/31/19) Analyst (%) ($ Mil) Sector AMG Affiliated Managers Grp. $76.63 Lee* 1.7 3,881 Financials AVNS Avanos Medical, Inc. $33.18 Wise -- 1,583 Health Care Annualized Returns (6/28/02 ‒ 8/31/19) BJRI BJ's Restaurants, Inc. $36.44 O'Cull 1.3 746 Cons. Discretionary BAM Brookfield Asset Mgmt. $51.61 Lee* 1.2 51,390 Financials CLAR Clarus Corp. $11.01 Duffy 0.9 330 Cons. Discretionary S&P 500 8.7% BOOM DMC Global, Inc. $43.43 Gengaro 0.2 636 Industrials EOG EOG Resources, Inc. $74.19 Scialla 1.6 43,057 Energy S&P Equal Weight 10.2% FBC Flagstar Bancorp, Inc. $36.35 George* 0.4 2,053 Financials GLOG GasLog Ltd. $12.30 Nolan 4.9 993 Energy HTBK Heritage Commerce Cp. $11.59 Bohlen* 4.1 504 Financials Stifel Research Focus* 14.2% JAZZ Jazz Pharmaceuticals Plc $128.15 Samimy -- 7,256 Health Care JLL Jones Lang LaSalle, Inc. $134.05 Rahmani* 0.6 6,907 Real Estate 0% 4% 8% 12% 16% OFG OFG Bancorp $20.52 Manna* 1.4 1,054 Financials PENN Penn National Gaming $19.17 Wieczynski -- 2,221 Cons. Discretionary *Performance assumes equal-weighted PNR Pentair Plc $35.92 Jones 2.0 6,036 Industrials positions rebalanced monthly SUPN Supernus Pharmaceut. $27.03 Samimy -- 1,418 Health Care Dividends included in all performances Indices are unmanaged, do not reflect fees and expenses, and are TCF TCF Financial Corp. $38.56 McGratty* 3.6 5,918 Financials not available as direct investments. TKR Timken Co. (The) $40.18 Elliott 2.8 3,055 Industrials Source: EquityCompass, Bloomberg WSBC WesBanco, Inc. $34.22 Mealor* 3.6 1,872 Financials WWW Wolverine World Wide $25.95 Duffy 1.5 2,212 Cons. Discretionary Source: EquityCompass Strategies, FactSet Research Systems Inc. *KBW Analyst

EC Model Focus: Over/Underreaction Price 52-Wk. 52-Wk. Dvd Yld. Mkt. Cap. Symbol Company Name (8/31/19) High Low (%) ($ Mil) Sector High Quality ALB Albemarle Corp. $61.73 $108.74 $58.63 2.4 6,543 Materials BIIB Biogen, Inc. $219.75 $358.41 $216.12 -- 40,532 Health Care Negative Momentum COG Cabot Oil & Gas Corp. $17.12 $27.65 $16.01 2.1 7,163 Energy EMR Emerson Electric Co. $59.59 $79.70 $55.39 3.3 36,654 Industrials EOG EOG Resources, Inc. $74.19 $133.53 $70.83 1.6 43,057 Energy Annualized Returns (11/29/02 — 8/31/19) FFIV F5 Networks, Inc. $128.73 $199.71 $121.36 -- 7,741 Info. Tech. IFF Int'l. Flavors & Frag. $109.75 $152.95 $104.86 2.7 11,719 Materials PFE Pfizer Inc. $35.55 $46.47 $33.97 4.1 196,629 Health Care S&P 500 9.3% RL Ralph Lauren Corp. $88.34 $139.56 $82.69 3.1 4,580 Cons. Discretionary REGN Regeneron Pharmaceut. $290.05 $442.00 $279.39 -- 31,320 Health Care RHI Robert Half Int'l. $53.47 $79.11 $52.33 2.3 6,286 Industrials S&P Equal Weight 10.8% SNA Snap-On, Inc. $148.68 $189.46 $135.29 2.6 8,209 Industrials SIVB SVB Financial Group $194.62 $330.50 $177.70 -- 10,031 Financials TPR Tapestry, Inc. $20.65 $51.35 $18.54 6.5 5,923 Cons. Discretionary Oversold/Quality* 10.1% TIF Tiffany & Co. $84.87 $130.62 $73.04 2.7 10,252 Cons. Discretionary UNH UnitedHealth Grp., Inc. $234.00 $287.94 $208.07 1.8 221,757 Health Care 0% 4% 8% 12% Source: EquityCompass Strategies, FactSet Research Systems Inc. *Performance assumes equal-weighted positions rebalanced monthly Dividends included in all performances Indices are unmanaged, do not reflect fees and expenses, and are not available as direct investments. Source: EquityCompass, Bloomberg

4 Stock Screens & Valuations September 2019 Price 52-Wk. 52-Wk. Dvd. Yld. Mkt. Cap. Price 52-Wk. 52-Wk. Dvd. Yld. Mkt. Cap. Symbol Company (8/31/19) High Low (%) ($ Mil) Symbol Company (8/31/19) High Low (%) ($ Mil) Consumer Discretionary Industrials CHH Choice Hotels Int'l. $90.98 $91.85 $66.71 0.9 5,067 CP Canadian Pacific Rail. $240.75 $247.52 $167.48 1.1 33,431 GRMN Garmin Ltd. $81.57 $89.72 $59.98 2.8 15,507 CPRT Copart, Inc. $75.39 $79.74 $44.61 -- 17,273 GNTX Gentex Corp. $26.60 $27.95 $17.80 1.7 6,777 HEI.A HEICO Corp. $110.36 $113.69 $57.84 0.1 16,617 LULU lululemon athletica $184.67 $194.25 $110.71 -- 22,695 HEI HEICO Corp. $144.67 $147.93 $71.47 0.1 16,617 LVMUY LVMH Moët Hennessy $79.79 $88.00 $54.36 1.3 201,714 IEX IDEX Corp. $164.71 $173.84 $117.72 1.2 12,493 Consumer Staples Information Technology KO Coca-Cola Co. (The) $55.04 $55.34 $44.25 2.9 235,353 INTU Intuit, Inc. $288.36 $295.78 $182.61 0.7 74,755 DEO Diageo Plc $171.28 $176.07 $131.43 2.0 100,939 MA Mastercard, Inc. $281.37 $283.33 $171.89 0.5 282,245 EL Estée Lauder Cos. $197.99 $206.00 $121.47 0.9 43,799 MSFT Microsoft Corp. $137.86 $141.68 $93.96 1.3 1,052,618 HSY Hershey Co. (The) $158.48 $161.41 $99.15 2.0 23,608 PAYC Paycom Software, Inc. $250.12 $259.71 $107.46 -- 14,612 PEP PepsiCo, Inc. $136.73 $137.11 $104.53 2.8 191,172 V Visa, Inc. $180.82 $184.07 $121.60 0.6 312,271 Energy Materials ARCH Arch Coal, Inc. $76.56 $101.92 $72.30 2.4 1,245 APD Air Products & Chem. $225.92 $232.47 $148.44 2.1 49,783 DRQ Dril-Quip, Inc. $45.85 $54.51 $26.62 -- 1,660 BCPC Balchem Corp. $88.79 $117.79 $73.16 0.5 2,873 KMI Kinder Morgan, Inc. $20.27 $21.50 $14.62 4.9 45,887 FMC FMC Corp. $86.33 $92.76 $69.36 1.9 11,260 PUMP ProPetro Holding Corp. $10.65 $25.38 $10.14 -- 1,069 LPX Louisiana-Pacific Cp. $24.04 $32.16 $20.39 2.2 2,972 TRP TC Energy Corp. $51.24 $51.36 $34.58 4.4 47,694 RIO Rio Tinto Plc $50.58 $64.02 $44.62 6.5 63,457 Financials Real Estate ESNT Essent Group Ltd. $48.50 $50.51 $31.08 1.2 4,772 EXR Extra Space Storage $121.92 $123.16 $83.70 3.0 15,669 HLNE Hamilton Lane, Inc. $62.14 $63.34 $31.81 1.6 1,701 FCPT Four Corners Ppty. Tr. $28.49 $29.85 $24.58 4.0 1,949 HLI Houlihan Lokey, Inc. $44.18 $50.00 $34.32 2.8 1,808 JCAP Jernigan Capital, Inc. $19.31 $22.20 $18.76 7.3 429 MKTX MarketAxess Holdings $397.62 $408.37 $172.09 0.5 15,013 LTC LTC Properties, Inc. $48.80 $49.91 $40.11 4.7 1,940 SPGI S&P Global, Inc. $260.19 $266.22 $156.68 0.9 64,085 PLD Prologis, Inc. $83.62 $84.22 $55.21 2.5 52,775 Health Care Utilities/Telecom IRTC iRhythm Technologies $76.12 $98.37 $58.99 -- 1,892 CMCSA Comcast Corp. $44.26 $45.30 $32.61 1.9 200,743 LMAT LeMaitre Vascular, Inc. $31.66 $39.00 $21.79 1.1 628 FB Facebook, Inc. $185.67 $208.66 $123.02 -- 446,671 MDT Medtronic Plc $107.89 $109.70 $81.66 2.0 144,695 SNAP Snap, Inc. $15.83 $18.36 $4.82 -- 17,473 SYK Stryker Corp. $220.66 $223.45 $144.75 0.9 82,329 TWTR Twitter, Inc. $42.65 $43.48 $26.19 -- 32,969 ZTS Zoetis, Inc. $126.42 $128.41 $78.90 0.5 60,373 DIS Walt Disney Co. (The) $137.26 $147.15 $100.35 1.3 247,257 Source: EquityCompass Strategies, FactSet Research Systems Inc. Annualized Returns (11/29/02 — 8/31/19) EC Model Focus: Buy Opinion S&P 500 9.3% Highest Quality Positive Momentum S&P Equal Weight 10.8%

*Performance assumes equal-weighted positions rebalanced monthly Quality/Momentum* 11.3% Dividends included in all performances Indices are unmanaged, do not reflect fees and expenses, and are not available as direct investments. Source: EquityCompass, Bloomberg 0% 4% 8% 12%

EC Model Focus: Buy Opinion Price 52-Wk. 52-Wk. Dvd. Yld. Mkt. Cap. Symbol Company Name (8/31/19) High Low (%) ($ Mil) Sector Over/Underreaction AAP Advance Auto Parts, Inc. $137.95 $186.15 $130.09 0.2 9,848 Cons. Discretionary ALB Albemarle Corp. $61.73 $108.74 $58.63 2.4 6,543 Materials ANTM Anthem, Inc. $261.52 $317.99 $227.16 1.2 66,901 Health Care Annualized Returns (6/28/02 ‒ 8/31/19) BIIB Biogen, Inc. $219.75 $358.41 $216.12 -- 40,532 Health Care CNC Centene Corp. $46.62 $74.49 $44.50 -- 19,282 Health Care EMR Emerson Electric Co. $59.59 $79.70 $55.39 3.3 36,654 Industrials S&P 500 8.7% FFIV F5 Networks, Inc. $128.73 $199.71 $121.36 -- 7,741 Info. Tech. JNPR Juniper Networks, Inc. $23.16 $30.80 $22.42 3.3 8,009 Info. Tech. PFE Pfizer Inc. $35.55 $46.47 $33.97 4.1 196,629 Health Care S&P Equal Weight 10.2% RL Ralph Lauren Corp. $88.34 $139.56 $82.69 3.1 4,580 Cons. Discretionary REGN Regeneron Pharmaceut. $290.05 $442.00 $279.39 -- 31,320 Health Care RHI Robert Half Int'l. $53.47 $79.11 $52.33 2.3 6,286 Industrials Mispriced/Large Cap* 14.1% SNA Snap-On, Inc. $148.68 $189.46 $135.29 2.6 8,209 Industrials TIF Tiffany & Co. $84.87 $130.62 $73.04 2.7 10,252 Cons. Discretionary UNH UnitedHealth Group, Inc. $234.00 $287.94 $208.07 1.8 221,757 Health Care 0% 4% 8% 12% 16% Source: EquityCompass Strategies, FactSet Research Systems Inc. *Performance assumes equal-weighted positions rebalanced monthly Dividends included in all performances Indices are unmanaged, do not reflect fees and expenses, and are not available as direct investments. Source: EquityCompass, Bloomberg www.equitycompass.com 5 Price 52-Wk. 52-Wk. Dvd. Yld. Mkt. Cap. EC Model Focus: Event Driven Symbol Company Name (8/31/19) High Low (%) ($ Mil) Sector ALLY Ally Financial, Inc. $31.35 $34.23 $20.60 2.2 12,240 Financials WTR Aqua America, Inc. $44.29 $44.70 $32.09 2.1 9,557 Utilities BG Bunge Ltd. $53.41 $72.35 $47.26 3.7 7,561 Consumer Staples Annualized Returns (1/31/02 ‒ 8/31/19) BURL Burlington Stores, Inc. $202.49 $209.36 $136.30 -- 13,438 Cons. Discretionary CASY Casey's General Stores $167.85 $173.31 $112.16 0.8 6,172 Consumer Staples CDW CDW Corp. $115.50 $120.82 $74.32 1.0 16,715 Info. Tech. S&P 500 7.9% CBSH Commerce Bancshares $57.07 $68.70 $53.40 1.8 6,263 Financials CCK Crown Holdings, Inc. $65.84 $68.84 $39.05 -- 8,923 Materials DPZ Domino's Pizza, Inc. $226.84 $302.09 $220.90 1.1 9,353 Cons. Discretionary S&P Equal Weight 9.5% FDS FactSet Research Sys. $272.09 $305.38 $188.31 1.1 10,409 Financials FNF Fidelity Nat'l. Fin.l., Inc. $43.94 $44.79 $29.50 2.8 12,058 Financials FIVE Five Below, Inc. $122.87 $148.22 $86.57 -- 6,876 Cons. Discretionary Candidates List* 10.8% GNTX Gentex Corp. $26.60 $27.95 $17.80 1.7 6,777 Cons. Discretionary HLF Herbalife Nutrition Ltd. $34.43 $61.77 $33.62 -- 5,207 Consumer Staples 0% 4% 8% 12% IAC IAC/InterActiveCorp. $254.64 $268.72 $158.29 -- 19,992 Commun. Svcs. IEX IDEX Corp. $164.71 $173.84 $117.72 1.2 12,493 Industrials *Performance assumes equal-weighted INVH Invitation Homes, Inc. $28.76 $29.30 $19.21 1.8 15,464 Real Estate positions rebalanced monthly LEA Lear Corp. $112.26 $167.86 $105.10 2.7 6,853 Cons. Discretionary Dividends included in all performances LII Lennox Int'l., Inc. $253.78 $298.49 $177.36 1.2 9,828 Industrials Indices are unmanaged, do not reflect fees and expenses, and are not available as direct investments. LYV Live Nation Entnmt. $69.51 $73.72 $46.02 -- 14,816 Commun. Svcs. Source: EquityCompass, Bloomberg LULU lululemon athletica, Inc. $184.67 $194.25 $110.71 -- 22,695 Cons. Discretionary MAN ManpowerGroup, Inc. $81.74 $97.96 $61.57 2.7 4,891 Industrials NBIX Neurocrine Biosciences $99.42 $126.98 $64.72 -- 9,105 Health Care ODFL Old Dominion Freight $163.76 $171.87 $115.00 0.4 13,102 Industrials PE Parsley Energy, Inc. $17.91 $31.05 $13.72 0.7 5,035 Energy PAYC Paycom Software, Inc. $250.12 $259.71 $107.46 -- 14,612 Info. Tech. POST Post Holdings, Inc. $99.69 $113.73 $83.88 -- 7,284 Consumer Staples QGEN QIAGEN NV $34.69 $41.55 $32.33 -- 7,873 Health Care RGA Reinsur. Grp. of America $153.97 $163.46 $127.84 1.8 9,663 Financials RPM RPM International, Inc. $67.67 $69.62 $51.95 2.1 8,775 Materials SBNY Signature Bank (NY) $116.65 $137.94 $98.54 1.9 6,427 Financials STE STERIS Plc (Ireland) $154.40 $156.66 $99.14 1.0 13,076 Health Care TER Teradyne, Inc. $52.97 $58.61 $28.73 0.7 9,002 Info. Tech. TOL Toll Brothers, Inc. $36.19 $39.58 $28.68 1.2 5,207 Cons. Discretionary TRU TransUnion $83.65 $85.24 $52.15 0.4 15,709 Industrials OLED Universal Display Corp. $205.47 $218.28 $78.78 0.2 9,679 Info. Tech. USFD US Foods Holding Corp. $40.45 $40.76 $27.51 -- 8,865 Consumer Staples MTN Vail Resorts, Inc. $236.28 $302.76 $179.60 3.0 9,499 Cons. Discretionary VEEV Veeva Systems, Inc. $160.38 $176.90 $79.26 -- 20,861 Health Care VST Vistra Energy Corp. $24.95 $27.86 $20.84 2.0 12,267 Utilities VMW VMware, Inc. $141.44 $206.80 $128.69 -- 15,447 Info. Tech. WPC W.P. Carey, Inc. $89.80 $89.89 $62.12 4.6 15,337 Real Estate XPO XPO Logistics, Inc. $70.86 $116.27 $41.05 -- 6,532 Industrials ZBRA Zebra Technologies Cp. $205.03 $237.15 $140.95 -- 11,095 Info. Tech. Source: EquityCompass Strategies, FactSet Research Systems Inc.

6 Stock Screens & Valuations September 2019 Price 52-Wk. 52-Wk. Dvd. Yld. Mkt. Cap. EC Model Focus: Event Driven Symbol Company Name (8/31/19) High Low (%) ($ Mil) Sector LNT Alliant Energy Corp. $52.45 $53.00 $40.68 2.7 12,458 Utilities Annualized Returns (1/31/06 — 8/31/19) BRO Brown & Brown, Inc. $36.89 $37.02 $25.72 0.9 10,376 Financials CHD Church & Dwight Co. $79.78 $80.99 $54.46 1.1 19,713 Cons. Staples CPRT Copart, Inc. $75.39 $79.74 $44.61 -- 17,273 Industrials S&P 500 8.5% ELS Equity LifeStyle Pptys. $134.72 $137.48 $90.90 1.8 12,264 Real Estate HSIC Henry Schein, Inc. $61.62 $91.35 $56.58 -- 9,136 Health Care S&P Equal Weight ICE Intercontinental Exchg. $93.48 $93.88 $69.69 1.2 52,388 Financials 8.7% OGE OGE Energy Corp. $42.87 $44.41 $35.29 3.4 8,582 Utilities TTC Toro Co. (The) $72.01 $75.25 $52.97 1.2 7,664 Industrials Top 10 Splitters List* 12.9% WRB W.R. Berkley Corp. $71.25 $73.26 $45.91 0.6 13,051 Financials Source: EquityCompass Strategies, FactSet Research Systems Inc. 0% 3% 6% 9% 12% 15% *Performance assumes equal-weighted positions rebalanced monthly Dividends included in all performances Indices are unmanaged, do not reflect fees and expenses, and are not available as direct investments. Source: EquityCompass, Bloomberg

Price Dvd. Yld. Mkt. Cap. Buyback (% of EC Model Focus: Event Driven Symbol Company Name (8/31/19) (%) ($ Mil) Sector Stk. Out.) SEM Select Medical Hldgs. $16.22 -- 2,200 Health Care 22.7% TDS Telephone & Data Sys. $25.20 2.6 2,702 Commun. Services 18.5% Annualized Returns (6/28/02 ‒ 8/31/19) ADM Archer-Daniels-Midland $38.05 3.7 21,193 Consumer Staples 17.7% PDCE PDC Energy, Inc. $31.85 -- 1,995 Energy 16.3% PLAB Photronics, Inc. $10.80 -- 724 Info. Tech. 13.8% S&P 500 Total Return 8.7% PRSC Providence Service Cp. $56.21 -- 729 Health Care 13.7% CPRI Capri Holdings Ltd. $26.38 -- 3,999 Cons. Discretionary 12.5% AVT Avnet, Inc. $41.89 2.0 4,341 Info. Tech. 11.5% S&P 500 Equal Weighted TR 10.2% MRO Marathon Oil Corp. $11.84 1.7 9,520 Energy 10.5% JACK Jack in the Box, Inc. $85.32 1.9 2,203 Cons. Discretionary 9.1% Source: EquityCompass Strategies, FactSet Research Systems Inc. Buyback Top 10* 19.8% *Performance assumes equal-weighted positions rebalanced monthly Dividends included in all performances 0% 7% 14% 21% Indices are unmanaged, do not reflect fees and expenses, and are not available as direct investments. Source: EquityCompass, Bloomberg

S&P Sector Opinion Annualized Returns (6/28/02 — 8/31/19) Health Care Overweight Communication Services Overweight S&P 500 6.5% Energy* Overweight Financials Equal Weight Underweight* 4.7% Industrials Equal Weight Equal Weight* 8.3% Consumer Discretionary* Equal Weight Materials* Equal Weight Overweight* 5.1% Real Estate Equal Weight Consumer Staples* Underweight 0% 3% 6% 9% Information Technology Underweight Utilities Underweight *Performance assumes equal-weighted positions rebalanced monthly *Change since prior month Dividends excluded in all performances Indices are unmanaged, do not reflect fees and expenses, and are not available as direct investments. Source: EquityCompass Strategies Source: EquityCompass, Bloomberg www.equitycompass.com 7 8 Stock Screens & Valuations September 2019 EquityCompass Performance Monitor (Data through 8/31/19) Benchmark Indices 1M 3M 6M YTD 1Y 3Y 5Y 10Y 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 S&P 500 -1.8% 6.3% 5.1% 16.7% 0.9% 10.5% 7.9% 11.1% 13.6% 3.5% -38.5% 23.5% 12.8% 0.0% 13.4% 29.6% 11.4% -0.7% 9.5% 19.4% -6.2% S&P 500 Total Return -1.6 6.9 6.2 18.3 2.9 12.7 10.1 13.4 15.8 5.5 -37.0 26.5 15.1 2.1 16.0 32.4 13.7 1.4 12.0 21.8 -4.4 S&P 500 Equal Weight -3.3 4.5 1.2 14.9 -1.6 7.8 6.1 11.5 14.0 0.0 -41.0 43.3 19.8 -1.9 15.3 33.6 12.4 -4.1 12.5 16.7 -9.4 Dow Jones Ind. Average -1.7 6.4 1.9 13.2 1.7 12.8 9.1 10.8 16.3 6.4 -33.8 18.8 11.0 5.5 7.3 26.5 7.5 -2.2 13.4 25.1 -5.6 SPTR100 Index -1.6 6.9 6.7 17.7 2.6 12.8 10.2 13.0 18.5 6.1 -35.3 22.3 12.5 3.2 16.1 30.4 12.7 2.6 11.4 22.0 -3.9 NASDAQ 100 -2.0 7.9 8.4 21.5 0.5 17.3 13.5 16.8 6.8 18.7 -41.9 53.5 19.2 2.7 16.8 35.0 17.9 8.4 5.9 31.5 -1.0 S&P SmallCap 600 TR -4.5 3.8 -4.9 9.8 -15.1 8.4 8.0 13.2 15.1 -0.3 -31.1 25.6 26.3 1.0 16.3 41.3 5.8 -2.0 26.6 13.2 -8.5 S&P MidCap 400 TR -4.2 4.4 -0.7 14.4 -6.4 8.1 7.2 12.8 10.3 8.0 -36.2 37.4 26.6 -1.7 17.9 33.5 9.8 -2.2 20.7 16.2 -11.1 Russell 1000 -2.0 6.2 4.7 16.9 0.5 10.4 7.7 11.2 13.3 3.9 -39.0 25.5 13.9 -0.5 13.9 30.4 11.1 -1.1 9.7 19.3 -6.6 Sector Indices1 1M 3M 6M YTD 1Y 3Y 5Y 10Y 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 S&P 500 Financials TR -4.9% 3.9% 2.2% 13.8% -3.5% 12.0% 8.8% 9.9% 18.3% -19.3% -55.8% 16.5% 11.7% -17.5% 28.1% 34.9% 14.6% -2.1% 22.0% 21.5% -13.5% S&P 500 Info. Tech. TR -1.5 11.0 12.9 29.0 6.1 22.4 17.2 17.0 8.2 16.1 -43.3 61.2 9.9 2.1 14.3 27.8 19.5 5.4 13.3 38.3 -0.7 S&P 500 Health Care TR -0.6 4.3 -0.5 5.4 -1.1 9.0 8.5 13.7 7.0 6.6 -23.3 18.9 2.2 12.0 17.1 40.6 24.7 6.4 -3.2 21.4 5.9 S&P 500 Industrials TR -2.7 5.6 0.1 18.5 -0.1 9.5 8.1 13.1 12.6 11.4 -40.4 19.8 25.9 -1.3 14.5 39.8 9.1 -3.2 18.0 20.3 -13.8 S&P 500 Energy TR -8.3 -1.6 -10.9 1.4 -21.0 -3.8 -8.1 2.6 23.6 33.8 -35.2 13.1 19.7 4.1 3.9 24.2 -8.4 -21.9 26.2 -1.9 -18.8 S&P 500 Cons. Disc. TR -1.3 7.3 9.0 21.1 2.1 14.9 12.7 17.7 18.2 -13.5 -33.9 40.5 27.1 5.6 23.3 42.4 9.2 9.6 5.5 22.4 0.4 S&P 500 Cons. Staples TR 1.8 9.6 12.2 20.6 15.1 5.9 8.1 11.5 13.6 13.4 -16.1 13.8 13.1 12.9 9.8 25.1 15.0 5.7 4.5 12.6 -9.2 S&P 500 Telecom. Svcs. TR -1.5 6.0 8.7 20.9 9.3 1.6 3.8 8.2 35.4 10.9 -31.4 7.0 16.9 4.6 16.5 9.9 1.5 1.8 21.8 -2.7 -13.7 S&P 500 Utilities TR 5.0 8.1 11.1 19.5 20.0 11.0 10.3 10.9 19.7 18.3 -29.8 10.4 4.1 18.4 0.0 11.9 27.6 -5.9 15.0 11.0 3.0 S&P 500 Real Estate TR 4.8 8.3 14.2 27.8 19.1 ------9.7 -3.3 S&P 500 Materials TR -2.9 8.0 3.8 13.0 -3.2 6.8 3.7 8.7 17.8 21.8 -46.1 47.6 21.5 -10.3 14.1 24.7 6.2 -9.0 15.9 23.1 -15.2 EC Attribute Indices1 1M 3M 6M YTD 1Y 3Y 5Y 10Y 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 EC High Beta Index -9.7% -2.0% -11.0% 7.6% -17.5% 4.5% -0.9% 7.3% 7.9% 6.5% -56.1% 124.7% 32.6% -21.5% 13.9% 39.6% 2.2% -21.5% 25.1% 12.1% -12.5% EC Low Beta Index 3.2 7.2 11.1 20.2 13.6 11.9 10.3 14.9 13.7 2.3 -26.1 11.7 20.1 12.7 13.4 30.8 18.5 1.0 11.3 16.6 -2.1 EC Mega Cap Index -0.7 7.5 5.8 17.0 3.0 11.8 9.6 13.1 12.0 8.5 -35.8 24.8 13.9 0.4 16.4 35.4 13.3 2.6 9.6 21.1 -4.6 EC Micro Cap Index -7.5 -1.8 -10.3 5.8 -17.9 2.3 2.0 10.7 16.2 -7.7 -42.9 148.7 31.5 -11.0 19.8 38.8 8.1 -10.7 28.5 9.3 -13.9 EC High Growth Index -5.9 0.6 -2.8 16.1 -12.5 5.8 2.9 10.4 5.9 13.6 -57.1 60.9 27.4 -17.3 24.6 36.2 6.5 -8.5 18.3 9.1 -10.9 EC Low Growth Index -7.6 2.0 -9.6 4.3 -11.7 5.3 3.6 11.3 27.3 -4.1 -34.1 54.5 24.6 0.0 12.9 36.6 10.5 -7.2 19.0 12.0 -7.3 EC High Financial Quality Index -2.5 6.3 7.0 21.3 5.2 16.1 14.2 15.6 14.3 1.0 -34.0 26.6 21.1 2.2 13.8 30.1 15.6 4.6 20.0 25.9 -4.7 EC Low Financial Quality Index -5.2 0.8 -5.0 11.0 -15.8 1.3 0.1 9.9 13.2 1.9 -54.4 110.2 24.2 -13.6 32.5 36.8 8.0 -7.1 6.9 9.6 -13.7 EC High Fundamental Quality -3.4 3.8 0.8 16.7 -1.9 11.6 9.0 13.5 15.6 6.4 -35.9 37.7 25.2 -1.9 17.7 34.7 7.0 0.3 17.3 20.0 -6.9 EC Low Fundamental Quality -6.8 -1.5 -13.4 4.6 -23.1 1.9 0.6 8.6 19.0 -2.9 -42.8 78.4 33.5 -13.0 21.9 42.2 -2.4 -12.5 25.8 16.0 -19.9 EC High Value Index -1.4 6.8 8.4 32.0 10.4 20.3 12.2 14.7 7.7 4.1 -46.0 47.6 22.2 -3.0 19.8 26.6 13.4 -1.9 -1.6 28.0 7.0 EC Low Value Index -10.1 -0.9 -11.5 2.3 -19.3 1.6 0.1 11.2 13.7 -4.3 -43.6 73.1 31.3 -5.7 20.5 50.7 5.5 -4.4 20.5 11.9 -16.8 EC Div. Index -4.1 2.9 -2.4 11.6 -6.1 7.7 7.0 12.0 18.9 2.7 -35.9 35.1 25.2 -2.5 18.0 32.7 6.8 -3.4 25.9 15.1 -11.0 EC Non Div. Index -6.3 -0.3 -9.9 9.7 -19.3 6.3 3.0 10.1 17.1 3.2 -46.0 81.2 30.1 -13.0 20.4 45.4 0.1 -8.9 15.4 19.8 -14.0 EC High Short Interest Index -3.7 2.3 -1.9 14.1 -3.4 8.9 6.3 12.8 13.2 -8.1 -42.9 56.3 18.6 0.4 17.4 39.7 12.8 -4.6 10.9 17.3 -5.2 EC Low Short Interest Index -3.6 7.3 4.1 20.8 -1.6 13.0 11.6 16.0 18.9 11.0 -42.4 63.4 22.9 -5.1 22.6 42.7 10.5 3.2 24.4 25.3 -10.8 EC High Analysts' Rating Index -4.4 3.5 1.6 20.7 -5.4 8.7 5.5 12.7 14.2 17.0 -41.1 37.6 22.4 -2.0 20.1 39.8 12.6 -2.2 2.0 23.1 -13.2 EC Low Analysts' Rating Index -4.4 2.4 -3.0 9.9 -2.0 9.5 8.9 13.0 16.6 -13.7 -38.3 82.3 20.7 -7.7 14.2 39.4 13.4 -2.9 23.4 12.0 0.7 EC High Price Index -0.9 7.5 7.5 22.5 4.5 13.5 10.5 14.1 13.0 17.6 -41.5 22.0 19.7 -0.8 16.8 33.2 12.5 3.6 4.8 24.6 -3.4 EC Low Price Index -8.0 -2.5 -10.1 6.0 -17.1 1.9 1.5 9.9 17.8 -10.3 -44.2 152.8 27.5 -14.0 16.8 44.4 6.6 -9.9 26.8 6.4 -12.7 EC High Price Momentum Index 0.7 6.3 9.8 21.7 4.6 12.3 9.8 12.2 12.3 18.5 -34.5 3.2 10.6 4.0 12.8 37.0 9.6 4.3 8.4 19.1 -6.2 EC Low Price Momentum Index -10.6 -3.3 -12.6 6.9 -14.2 0.0 -0.6 7.5 17.1 -14.6 -47.0 261.8 24.6 -9.8 14.7 29.8 6.1 -9.1 29.0 4.4 -15.8 EC Underpriced Stocks Index -5.5 1.1 -4.4 15.9 -7.9 7.9 8.6 16.5 21.6 -4.3 -39.1 62.9 40.4 -1.8 30.1 38.6 8.8 3.6 29.5 13.3 -13.3 EC Overpriced Stocks Index -3.5 2.4 -3.3 7.7 -9.8 6.3 3.8 8.5 16.5 2.1 -47.2 44.9 16.3 -5.3 12.8 35.7 -0.1 -7.6 18.4 11.7 -9.4 EC Market Cycle Indices1 1M 3M 6M YTD 1Y 3Y 5Y 10Y 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Early Bull Market Index -10.9% -13.0% -35.3% -17.5% -48.7% -13.0% -16.9% -5.4% 14.9% -15.0% -62.0% 224.0% 27.9% -30.0% 25.1% 31.2% -25.1% -31.4% 10.6% 13.6% -30.3% Mid Bull Market Index -9.0 -6.2 -14.2 2.1 -27.2 -0.5 -2.5 6.9 12.7 9.6 -54.6 70.7 31.2 -14.8 14.3 45.2 -7.0 -2.9 12.5 17.0 -23.0 Late Bull Market Index -0.3 7.7 7.9 28.7 3.5 14.1 9.1 12.8 13.6 29.1 -46.0 17.0 21.5 -10.8 14.6 43.7 10.4 1.8 0.2 25.2 -6.9 Bear Market Index 0.6 6.1 8.8 19.9 7.8 12.5 11.4 14.3 12.8 11.0 -26.2 13.3 13.2 11.4 13.5 33.0 14.4 1.5 10.8 19.8 -1.6 EC Stock Screens1 1M 3M 6M YTD 1Y 3Y 5Y 10Y 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Quality Momentum Stocks 0.9% 9.7% 11.3% 25.1% 10.0% 14.6% 10.6% 14.0% 15.0% 25.7% -34.5% 24.4% 19.9% 5.8% 8.9% 35.3% 7.1% 5.4% 5.3% 24.8% -5.5% Oversold/Quality Stocks -12.5 -3.4 -8.5 3.1 -13.6 -4.6 0.7 13.8 21.5 -7.3 -39.1 33.7 43.2 -0.3 56.9 29.4 12.6 1.3 17.3 -5.7 -13.5 Research Focus List -7.2 4.3 -3.7 16.6 -12.4 7.8 7.8 15.5 16.4 5.5 -50.0 52.2 36.9 5.0 32.8 28.6 6.1 3.8 29.0 15.8 -18.6 Mispriced/Large-Cap Stocks -8.5 4.5 5.8 22.5 2.2 6.6 9.1 17.1 8.1 -6.5 -48.4 50.3 25.0 4.7 38.1 37.7 13.7 11.5 22.5 10.5 -15.3 EC Buyback Top 10 -3.1 9.8 -3.0 14.7 -11.3 16.4 14.6 19.9 30.6 -0.1 -20.7 72.0 23.8 -3.8 34.5 64.2 4.8 9.1 31.5 43.7 -14.5 EC Candidates List -1.8 7.3 4.0 16.7 0.4 16.2 11.1 15.0 11.0 11.2 -34.9 26.7 29.5 -7.2 21.4 34.7 9.1 -0.8 12.5 33.1 -3.5 EC Coverage Universe -5.1% 1.5% -5.7% 10.9% -12.0% 7.2% 5.3% 11.3% 18.3% 2.8% -40.8% 58.2% 28.1% -8.1% 19.5% 38.4% 3.8% -5.8% 21.4% 17.1% -12.3% EC Coverage Univ. (Ex ADRs) -5.0% 1.8% -5.7% 11.4% -12.8% 7.3% 5.6% 11.7% 16.8% 0.9% -40.1% 56.9% 29.1% -6.9% 19.7% 39.7% 4.9% -6.0% 22.3% 15.8% -12.2% 1 Assumes equally weighted positions reconstituted and rebalanced monthly; dividends included. All performances are annualized for periods greater than one year. Source: EquityCompass

www.equitycompass.com 9 Estimate (F12M) MoM Change in EPS Estimates 3200 $200 S&P 500 Change 1 Month 2 Month 6/28/02 – 8/31/2019 Price EPS P/E (x) (%) Direction Direction S&P 500 Price $180 3/31/2018 2640.87 $159.86 16.52 0.75% Up Up - Up 2700 S&P 500 EPS Estimate (F12M) 4/30/2018 2648.05 $162.92 16.25 1.92% Up Up - Up $160 5/31/2018 2705.27 $165.55 16.34 1.61% Up Up - Up $140 6/30/2018 2718.37 $167.14 16.26 0.96% Up Up - Up 2200 7/31/2018 2816.29 $169.46 16.62 1.39% Up Up - Up $120 8/31/2018 2901.52 $171.07 16.96 0.95% Up Up - Up S&P S&P 500 1700 9/30/2018 2913.98 $172.40 16.90 0.78% Up Up - Up $100 10/31/2018 2711.74 $173.40 15.64 0.58% Up Up - Up $80 11/30/2018 2760.17 $172.93 15.96 -0.27% Dn. Up - Dn. 1200

12/31/2018 2506.85 $170.99 14.66 -1.12% Dn. Dn. - Dn. $60 S&P 500EPS Estimates (F12M) 1/31/2019 2704.10 $169.01 16.00 -1.16% Dn. Dn. - Dn. 2/28/2019 2784.49 $169.71 16.41 0.41% Up Dn. - Up 700 $40

3/31/2019 2834.40 $170.41 16.63 0.41% Up Up - Up

Jun-02 Jun-03 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-13 Jun-14 Jun-15 Jun-16 Jun-19 Jun-04 Jun-05 Jun-11 Jun-12 Jun-17 Jun-18

Dec-02 Dec-03 Dec-06 Dec-07 Dec-08 Dec-09 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-05 Dec-10 Dec-11 Dec-17 Dec-18 4/30/2019 2945.83 $172.07 17.12 0.97% Up Up - Up Dec-04 5/31/2019 2752.06 $172.99 15.91 0.53% Up Up - Up 6/30/2019 2941.76 $172.57 17.05 -0.24% Dn. Up - Dn. Based on EquityCompass Bottom-Up Estimates 7/31/2019 2980.38 $173.57 17.17 0.58% Up Dn. - Up Source: EquityCompass, Bloomberg 8/31/2019 2926.46 $173.81 16.84 0.14% Up Up - Up

Estimate (F12M) MoM Change in Sales Estimates 3200 $1600 S&P 500 Change 1 Month 2 Month 6/28/02 – 8/31/2019 Price Sales P/S (x) (%) Direction Direction S&P 500 $1500 S&P 500 Sales Estimate (F12M) 3/31/2018 2640.87 $1,428.30 1.85 -0.27% Dn. Up - Dn. 2700 $1400 4/30/2018 2648.05 $1,442.33 1.84 0.98% Up Dn. - Up $1300 5/31/2018 2705.27 $1,447.71 1.87 0.37% Up Up - Up 6/30/2018 2718.37 $1,452.15 1.87 0.31% Up Up - Up 2200 $1200 7/31/2018 2816.29 $1,468.97 1.92 1.16% Up Up - Up $1100 8/31/2018 2901.52 $1,472.91 1.97 0.27% Up Up - Up

S&P S&P 500 1700 $1000 9/30/2018 2913.98 $1,480.81 1.97 0.54% Up Up - Up 10/31/2018 2711.74 $1,497.39 1.81 1.12% Up Up - Up $900 11/30/2018 2760.17 $1,507.10 1.83 0.65% Up Up - Up 1200 $800

12/31/2018 2506.85 $1,489.65 1.68 -1.16% Dn. Up - Dn. S&P 500Sales Estimates (F12M) $700 1/31/2019 2704.10 $1,519.50 1.78 2.00% Up Dn. - Up 2/28/2019 2784.49 $1,497.76 1.86 -1.43% Dn. Up - Dn. 700 $600

3/31/2019 2834.40 $1,494.35 1.90 -0.23% Dn. Dn. - Dn.

Jun-02 Jun-03 Jun-04 Jun-05 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-06 Jun-07 Jun-13 Jun-14

Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-18 Dec-09 Dec-10 Dec-16 Dec-17 4/30/2019 2945.83 $1,511.50 1.95 1.15% Up Dn. - Up Dec-02 5/31/2019 2752.06 $1,513.37 1.82 0.12% Up Up - Up 6/30/2019 2941.76 $1,512.32 1.95 -0.07% Dn. Up - Dn. Based on EquityCompass Bottom-Up Estimates; Excludes Financials and Real Estate Source: EquityCompass, Bloomberg 7/31/2019 2980.38 $1,523.80 1.96 0.76% Up Dn. - Up 8/31/2019 2926.46 $1,526.26 1.92 0.16% Up Up - Up

Indices are unmanaged, do not reflect fees and expenses, and it is not possible to invest directly in an index.

10 Stock Screens & Valuations September 2019

www.equitycompass.com 11 Important Disclosures EquityCompass Overview: The information contained herein has been prepared from sources believed to be reliable but is not guaranteed and is not a complete summary or statement of all available data nor is it considered an offer to buy or sell any securities referred to herein. Any projections, targets, or estimates in this report are forward looking statements and are based on EquityCompass research, analysis, and assumptions made by the Adviser. Due to rapidly changing market conditions and the complexity of investment decisions, supplemental information and other sources may be required to make informed investment decisions based on your individual investment objectives and suitability specifications. EquityCompass is an affiliated SEC registered investment adviser of Stifel Financial Corp. Portfolios based on EquityCompass strategies are available primarily through Stifel, Nicolaus & Company, Incorporated. Keefe, Bruyette & Woods (KBW) is a Stifel affiliate. Affiliates of EquityCompass may, at times, release written or oral commentary, technical analysis, ortrading strategies that differ from the opinions expressed within. Opinions expressed are subject to change without notice and do not take into account the particular investment objectives, financial situation, or needs of individual investors. Diversification (or asset allocation) does not ensure a profit or protect against loss. Changes in market conditions or a company’s financial condition may impact the company’s ability to continue to pay dividends. Companies may also choose to discontinue dividend payments. The specific securities identified and described herein do not represent all of the securities purchased, sold, or recommended to advisory clients, and the reader should not assume that investments in the securities identified and discussed were or will be profitable. A complete list of all recommendations made by the firm is available upon request.

EquityCompass Index Descriptions: Attribute Indices. The EC Attribute indices measure the returns of stocks with specific characteristics that influence performance. Indices that are identified as High/Low or Mega/Micro are constructed monthly from the top or bottom 10% of the largest 1,000 stocks within the EquityCompass coverage universe (equal weighted and including dividends). The attribute’s measures include beta, market capitalization, long-term earnings growth, financial quality, valuation, short interest, consensus analyst rating, long-term price momentum, and stock price. The EC Dividend and Non-Dividend indices measure the performance of dividend -payers and non-dividend payers. The Underpriced and Overpriced indices represent stocks scoring favorably/unfavorably in the EC Over-Under-reaction model. This model identifies the 20% of stocks with valuations relative to other stocks at extremes below or above their 12-month average. Market Cycle Indices. In addition to indices for specific stock attributes, we calculate Market Cycle indices, which group the attributes that have historically been associated with better relative performance in various stages of a market cycle. The Market Cycle indices are equal-weighted and reconstituted monthly, and represent the 100 stocks within the EC coverage universe with the greatest exposure to the attributes selected. The Early Bull Market index represents stocks identified as high beta, low price, lower financial quality, with extreme valuations and negative long-term price momentum. The Mid-Bull Market index represents stocks identified as low valuation, underpriced, high sales growth, improving operating margins, high ROE, and strong implied EPS growth. The Late Bull Market index represents stocks identified with strong long-term relative price momentum, large market capitalization, high sales growth, favorable consensus analyst rating, and low short interest. The Bear Market index represents stocks with low beta, high financial quality, positive long-term price momentum, average valuation, and high share price. Sector Indices. The Standard & Poor's Sector Indices are capitalization-weighted indices highlighting the individual sector characteristics as defined by the Global Industry Classification Standard (GICS). EquityCompass Benchmark Index Descriptions: The Dow Jones Industrial Average is a price-weighted average of 30 significant stocks traded on the New York Stock Exchange and the Nasdaq. The S&P 500® Index is a broad market index that tracks the performance of 500 stocks from major industries of the U.S. economy. This index is generally considered representative of the U.S. large capitalization market. The S&P 500 Total Return Index tracks both the capital gains of the stocks in the S&P 500 Index over time and assumes that any cash distributions, such as dividends, are reinvested back into the index. Looking at an index's total return displays a more accurate representation of the index's performance. By assuming dividends are reinvested, you effectively have accounted for stocks in an index that do not issue dividends and instead, reinvest their earnings within the underlying company. The S&P 500 Equal Weight Index has the same constituents as the capitalization weighted S&P 500 Index, but each company in this index is allocated a fixed weight. The S&P 100® Index measures the performance of large cap companies in the United States. The index is comprised of 100 major, blue chip companies across multiple industry groups. The S&P MidCap 400® provides investors with a benchmark for mid-sized companies. The index covers over 7% of the U.S. equity market, and seeks to remain an accurate measure of mid-sized companies, reflecting the risk and return characteristics of the broader mid-cap universe on an ongoing basis. The S&P SmallCap 600® covers approximately 3% of the U.S. equities market. Measuring the small cap segment of the market that is typically renowned for poor trading liquidity and financial instability, the index is designed to be an efficient portfolio of companies that meet specific inclusion criteria to ensure that they are investable and financially viable. The NASDAQ Composite index, comprised mostly of technology and growth companies, is a market value-weighted index of all common stocks listed on NASDAQ. The NASDAQ-100 Index includes 100 of the largest domestic and international non-financial securities listed on The Nasdaq Stock Market based on market capitalization. The Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and includes

12 Stock Screens & Valuations September 2019 approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 represents approximately 92% of the U.S. market. The volatility of the S&P 500 Index and any other indices identified in this report may be materially different from the volatility of the model portfolios presented by EquityCompass Strategies. Indices are unmanaged, and it is not possible to invest directly in an index do not reflect fees and expense, and are not available for direct investment. Special Note for Stifel Research and Keefe, Bruyette & Woods (KBW) Research: The opinions expressed in this list are based on a hybrid combination of quantitative/technical (EquityCompass) and fundamental (Stifel Equity Research and KBW Equity Research) analyses. EquityCompass quantitative/technical ratings and opinions can and do differ from Stifel and/or KBW fundamental research opinions. Access to fundamental research is available through Stifel and/or KBW as appropriate. Stifel and KBW research analysts receive compensation that is based upon (among other factors) their respective companies’ overall investment banking revenues. Stifel’s investment rating system is three tiered and KBW’s investment rating system is three tiered, defined respectively below: BUY – Stifel expects a total return of greater than 10% over the next 12 months with total return equal to the percentage price change plus dividend yield. HOLD – Stifel expects a total return between -5% and 10% over the next 12 months with total return equal to the percentage price change plus dividend yield. SELL – Stifel expects a total return below -5% over the next 12 months with total return equal to the percentage price change plus dividend yield. Explanation of Ratings: KBW Research Department provides three core ratings: Outperform, Market Perform, and Underperform, and three ancillary ratings: Suspended, Restricted, and Covered - Not Rated. For purposes of New York Stock Exchange Rule 472 and FINRA Rule 2711, Outperform is classified as a Buy, Market Perform is classified as a Hold, and Underperform is classified as a Sell. Suspended indicates that KBW’s investment rating and/or target price have been temporarily suspended due to applicable regulations and/or KBW policies. Restricted indicates that KBW is precluded from providing an investment rating or price target due to the firm's role in connection with a merger or other strategic financial transaction. Covered - Not Rated indicates that KBW is not providing an investment rating and/or price target due to the lack of publicly available information and/or its inability to adequately quantify the publicly available information to sufficiently produce such metrics. North American Stocks are rated based on an absolute rate of return (percentage price change plus dividend yield). Outperform represents a total rate of return of 15% or greater. Market Perform represents a total rate of return in a range between -5% and +15%. Underperform represents a total rate of return at or below - 5%. European Stocks are rated based on the share price upside to target price relative to the relevant sector index performance on a 12-month horizon. Outperform rated stocks have a greater than 10 percentage point (“pp”) relative performance versus the sector, Market Perform rated stocks between +10pp to -10pp relative performance versus the sector, and Underperform rated stocks a lower than 10pp relative performance versus the sector. The 12-month price target may be determined by the stock’s fundamentally driven fair value and/or other factors (e.g., takeover premium or illiquidity discount). For a copy of any applicable Research report, please contact your Stifel financial advisor. For a discussion of risks to target price, please see Stifel’s and/or KBW’s standalone company reports and notes for all BUY-rated, Outperform, or Market Perform stocks. For current research disclosures applicable to the companies mentioned in this publication that are within Stifel’s coverage universe, please visit the Research Page at www.stifel.com or write to the Stifel Research Department at Stifel, Nicolaus & Company, Incorporated., One South Street, Baltimore, MD 21202. For companies mentioned in this publication that are within KBW’s coverage universe, please visit the Research Page at www.kbw.com or write to the KBW’s Research Department at Keefe, Bruyette & Woods, Inc., The Equitable Building, 787 Seventh Avenue, 4th Floor, New York, NY 10019. General Disclaimer on Performance Information: All performance results presented are done solely for educational and illustrative purposes and are not intended for trading, or to be considered investment advice. No representation is made that any Strategy, model, or model mix will achieve results similar to those shown in these materials. Diversification does not ensure a profit or protect against loss. Changes in market conditions or a company’s financial condition may impact the company’s ability to continue to pay dividends. Companies may also choose to discontinue dividend payments. Performance prior to December 2005 reflects data from Legg Mason EquityCompass published by Legg Mason Wood Walker, Incorporated, the prior owner of part of the Stifel Capital Markets business, during the period of time that the research analysts covering those stocks were employed by Legg Mason Wood Walker, Incorporated. Performance prior to July 2008 reflects data from Stifel EquityCompass published by the Portfolio Strategy Group, part of the Stifel Capital Markets business, during the period of time that the research analysts covering those stocks were employed by Stifel, Nicolaus & Company, Incorporated. Please refer to the Stifel, Nicolaus & Company, Incorporated’s Wrap Program Disclosure Brochure for a more detailed discussion of the program requirement, including the fee schedules applicable to accounts managed using these Strategies. There is no guarantee that the figures or opinions forecasted in this report will be realized or achieved. PAST PERFORMANCE CANNOT AND SHOULD NOT BE VIEWED AS AN INDICATOR OF FUTURE PERFORMANCE. Additional Information Available Upon Request © 2019 EquityCompass Investment Management, LLC, One South Street, 16th Floor, Baltimore, Maryland 21202. All rights reserved.