Equity Research Coverage May 21, 2021

COMPANY TICKER Mkt. Cap ($M) RATING PRICE TARGET COMPANY TICKER Mkt. Cap ($M) RATING PRICE TARGET China Fawne Jiang 212-312-6712 Enterprise Software Mark Schappel 212-312-6749 Alibaba Group Holdings Ltd. BABA $575,511 Buy $285 Altair Engineering Inc. Class A ALTR $4,867 Buy $70 Autohome, Inc. ATHM $10,866 Buy $135 , Inc. ANSS $29,084 Buy $370 , Inc. BIDU $54,532 Buy $370 Aspen Technology, Inc. AZPN $9,619 Buy $145 iClick Interactive Asia Group Ltd. ICLK $1,090 Buy $24 Blackbaud, Inc. BLKB $3,420 Buy $88 JD.com, Inc. JD $113,310 Buy $112 Churchill Capital Corp II Class A CCX $865 Buy $14 Meituan Class B 3690-HKG $1,659,883 Buy HKD 350 Crescent Acquisition Corp Class A CRSA $925 Buy $14 Momo, Inc. MOMO $2,939 Buy $32 E2open, Inc. ETWO $2,943 Buy $15 NetEase, Inc. NTES $79,486 Buy $140 eGain Corp. EGAN $330 Buy $17 Pinduoduo Inc. PDD $164,181 Buy $176 LivePerson, Inc. LPSN $3,679 Buy $75 Tencent Holdings, Inc. 700-HKG HKD 5,843,410 Buy HKD 690 Manhattan Associates, Inc MANH $8,456 Buy $137 Vipshops Holdings, Inc. VIPS $15,196 Buy $37 Mitek Systems, Inc. MITK $737 Buy $22 Weibo Corp. WB $11,184 Buy $67 Open Text Corp. OTEX $12,639 Buy $56 WiMi Hologram Cloud, Inc. WIMI $404 Buy $7 Pegasystems, Inc. PEGA $9,811 Buy $160 JOYY, Inc. Sponsored ADR Class A YY $6,999 Buy $165 Powerbridge Technologies Co. PBTS $59 Speculative Buy $10 Progress Software Corp. PRGS $1,945 Buy $55 China Consumer Fawne Jiang 212-312-6712 Real Page, Inc. RP NA Hold NA China Online Education Group COE $318 Buy $29 Rimini Street Inc Class A RMNI $541 Buy $13 First High-School Education Group Company LimitedFHS Sponsored$172 ADR Class A Buy $11 Smith Micro Software, Inc. SMSI $275 Buy $9 Huazhu Group Ltd. HTHT $18,666 Buy $76 SPS Commerce, Inc. SPSC $3,420 Buy $120 New Oriental Edu. & Tech. Group EDU $19,873 Buy $18 TS Innovation Acquisitions Corp. Class A TSIA $1,558 Buy $16 TAL Education TAL $30,912 Buy $78 Tyler Technologies TYL $16,439 Buy $490 Trip.com Group Ltd. TCOM $25,766 Buy $52 Varonis Systems, Inc. VRNS $5,015 Buy $68

Entertainment Software & Med. Mike Hickey 720-236-0207 Internet Daniel Kurnos, CFA 561-939-8262 Acies Acquisition Corp. Class A ACAC $269 Buy $15 1-800-FLOWERS FLWS $2,114 Buy $44 , Inc. ATVI $75,037 Buy $125 .com AMZN $1,637,882 Buy $4,400 AMC Entertainment AMC $5,651 Hold NA ANGI Homeservices Inc ANGI $6,961 Buy $20 Cinemark Holdings CNK $2,622 Buy $32 Blucora, Inc. BCOR $787 Buy $21 DraftKings Inc Class A DKNG $35,365 Buy $64 Inc. BKNG $94,670 Hold NA , Inc EA $40,788 Buy $181 Car Gurus, Inc. CARG $3,277 Buy $46 Esports Entertainment Group Inc GMBL $199 Speculative Buy $20 Cars.com, Inc. CARS $943 Buy $18 DeNA Company Limited 2432-TKS ¥266,151 Buy ¥2700 Cinedigm Corp CIDM $222 Speculative Buy $3.50 Genius Sports Limited GENI $3,838 Buy $33 eBay Inc. EBAY $40,515 Buy $79 Glu Mobile GLUU NA Hold NA Expedia, Inc. EXPE $24,859 Buy $215 Golden Nugget Online Gaming, Inc. GNOG $969 Buy $20 Grubhub, Inc. GRUB $5,508 Hold NA Imax Corp. IMAX $1,259 Buy $24 IAC/InterActiveCorp IAC $20,190 Buy $300 Marcus Corp. MCS $601 Buy $26 NCR Corp. NCR $6,347 Buy $52 Motorsport Games, Inc. MSGM $329 Buy $30 Porch Group, Inc. PRCH $1,677 Buy $26 National CineMedia, Inc. NCMI $733 Buy $6 Roku, Inc. Class A ROKU $44,483 Buy $550 Rush Street Interactive RSI $2,754 Buy $25 TrueCar, Inc. TRUE $471 Buy $8 Take Two Interactive TTWO $21,317 Buy $250 Waitr Holdings Inc. WTRH $243 Buy $5 Ubisoft Entertainment, SA UBI-PAR € 7,226 Hold NA Zillow Inc. ZG $27,839 Buy $200 World Wrestling Entertainment WWE $4,172 Buy $62 Zynga, Inc. ZNGA $11,388 Buy $12 Publishing & Broadcasting Daniel Kurnos, CFA 561-939-8262 ViacomCBS Inc VIAC $27,009 Buy $90 Cannabis Mike Hickey 720-236-0207 Chicken Soup for the Soul CSSE $535 Buy $42 Canopy Growth Corp. WEED-TSE CAD 10,575 Hold NA CuriosityStream, Inc. CURI $554 Buy $18 Charlotte's Web Holdings, Inc. CWEB-TSE $601 Speculative Buy $5 Gray Television, Inc. GTN $2,100 Buy $32 Green Thumb Industries GTII-CNQ $7,290 Buy $45 Meredith Corp. MDP $1,620 Buy $43 KushCo Holdings, Inc. KSHB $138 Speculative Buy $2 Nexstar Broadcasting Group, Inc. NXST $6,354 Buy $185 Tilray, Inc. TLRY $6,670 Hold NA Sinclair Broadcasting Group, Inc. SBGI $2,408 Buy $38 The E.W. Scripps Company SSP $1,724 Buy $29 TEGNA, Inc. TGNA $4,226 Buy $24

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Equity Research Coverage May 21, 2021

COMPANY TICKER Mkt. Cap ($M) RATING PRICE TARGET COMPANY TICKER Mkt. Cap ($M) RATING PRICE TARGET Automotive Michael Ward 203-632-6202 Semiconductor & Related Adient plc ADNT $4,351 Buy $59 , Inc. AMD $94,845 Hold NA Aptiv PLC APTV $37,137 Hold NA , Inc. CDNS $34,853 Buy $150 AutoNation, Inc. AN $7,932 Buy $120 Cirrus Logic, Inc. CRUS $4,386 Buy $105 Carvana Co. Class A CVNA $41,667 Hold NA Diodes Incorporated DIOD $3,312 Buy $95 Cooper-Standard Holdings Inc. CPS $502 Buy $46 Ideal Power Inc. IPWR $60 Buy $28 Ford Motor Company F $49,856 Buy $14 Corporation INTC $225,926 Hold NA Forum Merger III Corporation Class A FIII $317 Buy $23 Lattice Semiconductor Corporation LSCC $6,867 Buy $55 General Motors Company GM $80,527 Buy $64 MACOM Technology Solutions Holdings, Inc. MTSI $3,783 Buy $72 Lightning eMotors, Inc ZEV $550 Buy $17 Marvell Technology, Inc. MRVL $31,439 Buy $52 Group 1 Automotive, Inc. GPI $2,876 Buy $214 Products, Inc. MXIM $26,463 Hold NA Lear Corporation LEA $10,871 Buy $227 Corporation NVDA $363,783 Buy $670 Lithia Motors, Inc. Class A LAD $9,028 Buy $435 ON Semiconductor Corporation ON $16,453 Buy $45 Lyft, Inc. Class A LYFT $17,114 Hold NA One Stop Systems, Inc. OSS $112 Speculative Buy $8.00 Magna International Inc. MGA $28,973 Buy $120 Qorvo, Inc. QRVO $20,129 Buy $200 Penske Automotive Group, Inc. PAG $6,855 Buy $112 Silicon Laboratories Inc. SLAB $5,759 Buy $190 Property Solutions Acquisition Corp. PSAC $321 Buy $26 , Inc. SWKS $27,840 Buy $215 Shift Technologies Inc Class A SFT $634 Buy $13 , Inc. SNPS $37,287 Buy $320 Sonic Automotive, Inc. Class A SAH $1,995 Buy $62 Thunder Bridge Acquisition II Ltd Class A THBR $435 Buy $17 Superior Industries International, Inc. SUP $170 Hold NA , Inc. XLNX $30,473 Hold NA Vroom, Inc. VRM $5,922 Hold NA Velodyne Lidar Inc. VLDR $1,952 Buy $25

Coal & Transportation Nate Martin 804-822-1364 Technology, Hardware Mark Miller 703-360-6203 Alliance Resource Partners, L.P. ARLP $776 Buy $7 ACM Research, Inc. ACMR $1,294 Hold NA Alpha Metallurgical Resources, Inc. AMR $274 Hold NA Amtech Systems ASYS $128 Buy $16 Arch Resources, Inc. Class A ARCH $824 Buy $54 Axcelis Technologies ACLS $1,350 Buy $50 CSX Corporation CSX $74,437 Buy $108 Coherent Inc. COHR $6,392 Hold NA Canadian National Railway Co. CNI $75,513 Hold NA II-VI Incorporated IIVI $6,911 Buy $105 Canadian Pacific Railway Ltd. CP $53,708 Hold NA IPG Photonics IPGP $10,864 Buy $230 CONSOL Energy Inc CEIX $462 Buy $14 Intevac, Inc. IVAC $139 Buy $9 Coronado Global Resources Inc. Shs Chess DepositoryCRN-ASX Interests$865 Repr 10 Sh Hold NA MKS Instruments, Inc. MKSI $10,410 Buy $235 Kansas City Southern Railway KSU $26,705 Hold NA nLight, Inc. LASR $1,192 Hold NA Natural Resource Partners L.P. NRP $220 Buy $15 Nova Measuring Instruments Ltd. NVMI $2,657 Buy $105 Norfolk Southern Corporation NSC $69,294 Buy $315 Onto Innovation, Inc. ONTO $3,137 Buy $78 Peabody Energy Corporation BTU $628 Hold NA Seagate Technology plc STX $22,160 Buy $95 Ramaco Resources, Inc. METC $227 Buy $6 Veeco Instruments VECO $1,135 Buy $28 SunCoke Energy, Inc. SXC $587 Buy $8 Western Digital WDC $22,356 Buy $87 Teck Resources Limited Class B TECK $12,207 Buy $25 Union Pacific Corporation UNP $147,442 Buy $242 Aerospace & Defense Josh Sullivan 212-312-6775 Warrior Met Coal, Inc. HCC $860 Hold NA AAR Corporation AIR $1,401 Buy $52 Allegheny Technologies Inc. ATI $2,879 Buy $26 Construction Reuben Garner 703-472-7473 Arconic Inc. ARNC $3,853 Buy $50 Belden Inc. BDC $2,299 Buy $59 Boeing Company BA $133,132 Buy $270 BlueLinx Holdings, Inc. BXC $504 Buy $75 CACI International Inc Class A CACI $6,040 Buy $300 Boise Cascade Co. BCC $2,582 Buy $82 Carpenter Technology Corporation CRS $2,095 Hold NA Builders FirstSource, Inc. BLDR $9,275 Buy $85 Constellium SE Class A CSTM $2,360 Buy $22 Ceasarstone Ltd. CSTE $533 Buy $21 Desktop Metal, Inc. Class A DM $3,146 Buy $28 Herman Miller, Inc. MLHR $2,685 Buy $50 Fortress Transportation & Infrastructure InvestorsFTAI LLC $2,418 Buy $50 HNI Corporation HNI $1,945 Buy $54 HEICO Corporation HEI $17,137 Buy $160 Installed Building Products, Inc. IBP $3,459 Hold NA Howmet Aerospace Inc. HWM $14,676 Hold NA JELD-WEN Holding, Inc. JELD $2,729 Hold NA Jacobs Engineering Group Inc. J $17,791 Buy $160 Landcadia Holdings III, Inc. Class A LCY $656 Buy $18 Kaiser Aluminum Corporation KALU $1,977 Buy $150 Masonite International Corp. DOOR $2,912 Buy $142 Kratos Defense & Security Solutions, Inc. KTOS $2,967 Buy $30 Owens Corning OC $10,886 Buy $124 L3Harris Technologies Inc LHX $44,295 Hold NA Quanex Building Products Corporation NX $884 Buy $30 PAE Incorporated Class A PAE $772 Buy $14 Steelcase Inc. Class A SCS $1,679 Buy $17 Parsons Corporation PSN $4,108 Buy $45 TopBuild Corp. BLD $6,641 Hold NA Raytheon Technologies Corporation RTX $129,131 Hold NA Trex Company, Inc. TREX $11,210 Hold NA Science Applications International Corp. SAIC $5,090 Buy $105 UFP Industries, Inc. UFPI $4,914 Buy $97 Spirit AeroSystems Holdings, Inc. Class A SPR $4,577 Hold NA Ultralife Corporation ULBI $161 Buy $12 VSE Corporation VSEC $563 Buy $57

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Equity Research Coverage May 21, 2021

COMPANY TICKER Mkt. Cap ($M) RATING PRICE TARGET COMPANY TICKER Mkt. Cap ($M) RATING PRICE TARGET Healthcare Technology Bruce Jackson 651-315-2260 Healthcare Services Bill Sutherland 215-380-0276 Biofrontera AG BFRA $191 Buy $7 Amedisys, Inc AMED $8,491 Buy $330 BIOLASE, Inc. BIOL $113 Speculative Buy $2 AMN Healthcare Services AMN $4,218 Buy $105 ChemBio Diagnostics, Inc. CEMI $65 Hold NA Cross Country Healthcare CCRN $584 Hold NA Clene Inc. CLNN $559 Buy $25 Cynergistek, Inc. CTEK $21 Hold NA CNS Pharmaceuticals, Inc. CNSP $48 Speculative Buy $8 Fortress Value Acquisition Corp. II Class A FAII $431 Buy $14 Exact Sciences Corporation EXAS $18,140 Buy $165 GigCapital2, Inc. GIX $199 Buy $14 Flexion Therapeutics, Inc. FLXN $431 Buy $20 Healthcare Services Group, Inc HCSG $2,258 Hold NA Invitae Corporation NVTA $5,510 Hold NA Huron Consulting Group, Inc. HURN $1,235 Buy $72 Hoth Therapeutics, Inc. HOTH $33 Speculative Buy $10 LHC Group, Inc. LHCG $6,238 Buy $250 Harvard Biosciences HBIO $280 Speculative Buy $9 CareCloud, Inc. MTBC $121 Buy $15 NeoGenomics NEO $4,556 Buy $46 Ontrak, Inc. OTRK $571 Buy $40 OncoCyte Corporation OCX $424 Speculative Buy $11 Omnicell, Inc. OMCL $5,885 Buy $160 Orgenesis Inc. ORGS $122 Buy $9 Premier, Inc. PINC $4,240 Buy $42 Seelos Therapeutics, Inc. SEEL $259 Speculative Buy $6 RCM Technologies, Inc. RCMT $42 Buy $5 STAAR Surgical Corporation STAA $5,799 Hold NA Select Medical SEM $5,155 Buy $44 Beauty Health Company Class A SKIN $1,730 Buy $16 SOC Telemed TLMD $689 Buy $10 VolitionRx VNRX $185 Speculative Buy $6 Surgery Partners, Inc. SGRY $3,203 Buy $58 Tabula Rasa Healthcare, Inc. TRHC $1,021 Buy $55 Healthcare & Biotechnology Robert Wasserman 212-312-6764 BioLife Solutions, Inc. BLFS $1,330 Hold NA Special Situations Bill Sutherland 215-380-0276 Bio-Techne Corporation TECH $15,902 Buy $460 Amesite, Inc. AMST $46 Speculative Buy $7 Champions Oncology, Inc. CSBR $131 Speculative Buy $14 cbdMD, Inc. YCBD $170 Speculative Buy $5 Codexis, Inc. CDXS $1,266 Buy $29 Taronis Fuels Inc TRNF $36 Speculative Buy $0.5 Emergent BioSolutions Inc. EBS $3,142 Buy $120 Fortress Biotech, Inc. FBIO $368 Buy $8 Communications Matthew Harrigan 303-548-0448 Halozyme Therapeutics, Inc. HALO $6,078 Buy $55 Altice USA, Inc. ATUS $16,949 Buy $48 Integer Holdings Corporation ITGR $3,057 Buy $105 Corporation CMCSA $252,870 Buy $70 Ligand Pharmaceuticals Incorporated LGND $2,057 Buy $180 , Inc. CHTR $131,068 Buy $775 Nephros, Inc. NEPH $81 Speculative Buy $13 DISH Network Corporation Class A DISH $23,230 Buy $62 Proto Labs, Inc. PRLB $2,506 Buy $135 Frontier Communications Parent, Inc. FYBR $2,632 Buy $40 Liberty Braves Group BATRA $1,435 Buy $33 Biotechnology Aydin Huseynov, M.D., CFA 212-312-6759 Liberty Broadband Corp. LBRDA $31,064 Buy $195 Corporation INCY $18,366 Hold NA Liberty Global plc LBTYA $15,565 Buy $40 Ionis Pharmaceuticals, Inc. IONS $5,154 Hold NA Libery Latin America LILA $3,251 Buy $19 Inovio Pharmaceuticals, Inc. INO $1,485 Buy $15 Liberty Sirius XM Group LSXMA $13,983 Buy $67 Nektar Therapeutics NKTR $3,309 Hold NA , Inc. NFLX $222,442 Sell $448 Neurocrine Biosciences, Inc. NBIX $8,922 Hold NA Ooma Inc OOMA $382 Buy $24 NextCure, Inc. NXTC $229 Buy $17 Sirius XM Holdings Inc SIRI $24,463 Buy $8 Processa Pharmaceuticals, Inc. PCSA $106 Speculative Buy $15 Regeneron Pharmaceuticals, Inc. REGN $54,679 Buy $590 Emerging Growth Salarius Pharmaceuticals, Inc. SLRX $56 Speculative Buy $5 GrowGeneration Corp. GRWG $2,289 Buy $8 Scopus BioPharma Inc. SCPS $95 Speculative Buy $20 Lakeland Industries, Inc. LAKE $213 Buy $31 Trillium Therapeutics Inc. TRIL $866 Buy $21 Voyager Digital Ltd. VYGVF $2,582 Speculative Buy $1.0 Voyager Therapeutics, Inc. VYGR $149 Buy $20 Semiconductors & Related Technology MaxLinear Inc. MXL $2,699 Buy $25 MOSYS, Inc. MOSY $34 Speculative Buy $1 Quicklogic Inc. QUIK $66 Speculative Buy $2

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Equity Research Coverage May 21, 2021

Benchmark Special Purpose Acquisition Company (SPAC) Equity Research

COMPANY TICKER Mkt. Cap ($M) RATING PRICE TARGET COMPANY TICKER Mkt. Cap ($M) RATING PRICE TARGET Entertainment Software & Med. Mike Hickey 720-236-0207 Semiconductor & Related 212-312-6702 Acies Acquisition Corp. Class A ACAC $269 Buy $15 Thunder Bridge Acquisition II Ltd Class A THBR $435 Buy $17 DraftKings Inc Class A DKNG $35,365 Buy $64 Velodyne Lidar Inc. VLDR $1,952 Buy $25 Genius Sports Limited GENI $3,838 Buy $33 Golden Nugget Online Gaming, Inc. GNOG $969 Buy $20 Construction Reuben Garner 703-472-7473 Rush Street Interactive RSI $2,754 Buy $25 Landcadia Holdings III, Inc. Class A LCY $656 Buy $18

Enterprise Software Mark Schappel 212-312-6749 Aerospace & Defense Josh Sullivan 212-312-6775 Churchill Capital Corp II Class A CCX $865 Buy $14 Desktop Metal, Inc. Class A DM $3,146 Buy $28 Crescent Acquisition Corp Class A CRSA $925 Buy $14 PAE Incorporated Class A PAE $772 Buy $14 E2open, Inc. ETWO $2,943 Buy $15 TS Innovation Acquisitions Corp. Class A TSIA $1,558 Buy $16 Healthcare Technology Bruce Jackson 651-315-2260 Beauty Health Company Class A SKIN $1,730 Buy $16 Internet Daniel Kurnos, CFA 561-939-8262 Porch Group, Inc. PRCH $1,677 Buy $26 Healthcare Services Bill Sutherland 215-380-0276 Waitr Holdings Inc. WTRH $243 Buy $5 Fortress Value Acquisition Corp. II Class A FAII $431 Buy $14 GigCapital2, Inc. GIX $199 Buy $14 Publishing & Broadcasting Daniel Kurnos, CFA 561-939-8262 SOC Telemed TLMD $689 Buy $10 CuriosityStream, Inc. CURI $554 Buy $18

Automotive Michael Ward 203-632-6202 Forum Merger III Corporation Class A FIII $317 Buy $23 Lightning eMotors, Inc ZEV $550 Buy $17 Property Solutions Acquisition Corp. PSAC $321 Buy $26 Shift Technologies Inc Class A SFT $634 Buy $13

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Equity Research Coverage May 21, 2021

Important Disclosures

Analyst Certification

The Benchmark Co., LLC analyst(s) whose name(s) appears on the front page of this research report certifies that the recommendations and opinions expressed herein accurately reflect the research analyst's personal views about any and all of the subject securities or issues discussed herein. Furthermore, no part of the research analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by the research analyst(s) in this research report.

Equity Research Ratings System General Disclosures

Firm-Wide Stock Ratings Distribution This publication does not constitute an offer or solicitation of any transaction in any securities referred to herein. Ratings that use the “Speculative” risk qualifier are considered higher-risk. Any As of March 31, 2021 recommendation contained herein may not be suitable for all investors. All Covered Investment The Benchmark Company, LLC makes every effort to use reliable, comprehensive information, but we Companies Banking make no representation that it is accurate or complete. We have no obligation to tell you when Clients information in this report changes apart from when we intend to discontinue research coverage of a subject company. Buy 224 82% 53 24% Hold 48 17% 1 2% Although the information contained in the subject report has been obtained from sources we believe to Sell 1 1% 0 0% be reliable, its accuracy and completeness cannot be guaranteed. This publication and any recommendation contained herein speak only as of the date hereof and are subject to change without notice. The Benchmark Company, LLC and its affiliated companies and Company Ratings employees shall have no obligation to update or amend any information herein. Buy: Stock is expected to outperform the analyst’s defined Sector/Industry Index* over the This publication is being furnished to you for informational purposes only and on the condition that it will not form a primary basis for any investment decision. Each investor must make its own following 6 to 12 months. determination of the appropriateness of an investment in any securities referred to herein based on the Hold: Stock is expected to perform in-line with the analyst’s defined Sector/Industry Index* legal, tax and accounting considerations applicable to such investor and its own investment strategy. By over the following 6 to 12 months. virtue of this publication, none of The Benchmark Company, LLC or any of its employees shall be Sell: Stock is expected to underperform the analyst’s defined Sector/Industry Index* over responsible for any investment decision. the following 6 to 12 months. This report may discuss numerous securities, some of which may not be qualified for sale in certain states and may therefore not be offered to investors in such states. Industry Ratings The “Recent Price” stated on the cover page reflects the nearest closing price prior to the date of Overweight: Analyst’s defined Sector/Industry Index* is expected to outperform the S&P publication. 500 over the following 6 to 12 months. For additional disclosure information regarding the companies in this report, please contact The th th Market Weight: Analyst’s defined Sector/Industry Index* is expected to perform in-line with Benchmark Company, LLC, 150 East 58 Street, 17 Floor, New York, NY 10155, 212-312-6700. the S&P 500 over the following 6 to 12 months. The Benchmark Company is not in any way affiliated with or endorsed by the Menlo Park, California Underweight: Analyst’s defined Sector/Industry Index* is expected to underperform the venture capital firm Benchmark Capital. S&P 500 over the following 6 to 12 months. This report may not be reproduced, distributed, or published without the prior consent of The Benchmark Company, LLC. Copyright © 2021. All rights reserved by The Benchmark Company, LLC.

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