Equity Research Statistical Review

STEPHENS INC. – EQUITY RESEARCH STATISTICAL REVIEW

April 2018

CONFIDENTIALRefer to pages AND PROPRIETARY63-85 for MLP INFORMATIO and REITN OF Company-Specific STEPHENS INC| MEMBER Risks NYSE, SIPC Refer to Appendix on page 86 for Important Disclosures and Analyst Certification

April 2018

Monthly Statistical Review

Equity Research Industry Coverage List ...... 2 Equity Research Company Coverage List ...... 10 Coverage Changes ...... 16 Rating Changes ...... 17

Consumer Healthcare Food and Agribusiness ...... 18 Diagnostics and Life Science Tools ...... 34 Restaurants ...... 19 Healthcare Services ...... 35 Retail/Broadlines ...... 20 Medical Devices ...... 36 Retail/Hardlines ...... 21 Industrials Energy Aerospace & Defense ...... 37 Exploration and Production ...... 22 Agriculture ...... 38 Master Limited Partnerships ...... 24 Building Materials ...... 39 Oilfield Services...... 25 Industrial Products and Services ...... 40 Paper and Wood Products ...... 41 Financial Services Transportation/Airfreight and Logistics/Maritime ...... 42 Banks-Mid-Atlantic ...... 26 Transportation/Railroads and Equipment Suppliers ...... 43 Banks-Midwest ...... 27 Transportation/Truckload and Less-Than-Truckload ...... 44 Banks-Southeast ...... 28 Banks-Southwest ...... 29 Technology, Media and Telecommunications Banks-Super-Regional ...... 30 Business Services ...... 46 Banks-West Coast ...... 31 Infrastructure Software and Security ...... 47 Real Estate Services ...... 32 Media ...... 48 Specialty Finance ...... 33

Coverage List by Market Capitalization ...... 49 Institutional Sales & Trading ...... 87 Branch Offices ...... 88

© 2018 Stephens Inc. 111 Center Street Little Rock, AR 72201 501-377-2000 800-643-9691 stephens.com Member NYSE, SIPC EQUITY RESEARCH COVERAGE LIST Head of Institutional Equities and Director of Research: Nik Fisken (501) 377-6335

CONSUMER

Restaurants Food and Agribusiness Will Slabaugh, Managing Director (501) 377-2259 Retail/Broadlines Farha Aslam, Managing Director (212) 891-1778 Hugh Gooding, Associate (501) 377-2214 Ben Bienvenu, Analyst (501) 377-8511 Greg Nep, CFA, Associate (212) 891-1762 BJRI BJ’s Restaurants Daniel Imbro, Associate (501) 377-2055 Tim Perz, CPA, Associate (212) 891-1782 BOJA Bojangles’, Inc. AAP Advance Auto Parts Pooran Sharma, CFA, Associate (212) 891-1794 EAT Brinker International AZO AutoZone, Inc. ANDE Andersons, Inc., The TAST Carrols Restaurant Group CASY Casey’s General Stores CAKE Cheesecake Factory, The ADM Archer Daniels Midland Co. CPRT Copart, Inc. BGS B & G Foods, Inc. CMG Chipotle Mexican Grill CHUY Chuy’s Holdings, Inc. CORE Core-Mark Holding Co. BG Bunge Ltd. CAPL CrossAmerica Partners LP CALM Cal-Maine Foods, Inc. DRI Darden Restaurants KAR KAR Auction Services, Inc. CVGW Calavo Growers Inc. DFRG Del Frisco’s Restaurant Group KR Kroger Co. DF Dean Foods Co. DENN Denny's Corp. LKQ LKQ Corp. FLO Flowers Foods, Inc. DPZ Domino’s Pizza, Inc. GPRE Green Plains Inc. DNKN Dunkin’ Brands Group MUSA Murphy USA Inc. HRL Hormel Foods Corp. FRGI Fiesta Restaurant Group ORLY O’Reilly Automotive, Inc. TWNK Hostess Brands, Inc. GTIM Good Times Restaurants SFM Sprouts Farmers Market INGR Ingredion Inc. HABT Habit Restaurants, Inc. TSCO Tractor Supply Co. SJM J.M. Smucker Co., The JAX J. Alexander’s Holdings UNFI United Natural Foods, Inc. PPC Pilgrim's Pride Corp. MCD McDonald’s Corp. WMT Walmart Stores, Inc. PZZA Papa John’s International PF Pinnacle Foods, Inc. YOGA YogaWorks, Inc. FRSH Papa Murphy’s Holdings SAFM Sanderson Farms, Inc. THS TreeHouse Foods, Inc. RRGB Red Robin Gourmet Burgers, Inc. QSR Restaurant Brands International Retail/Hardlines TSN Tyson Foods, Inc. Rick Nelson, CFA, CPA SONC Sonic Corp. SBUX Starbucks Corp. Managing Director (312) 292-5768 TXRH Texas Roadhouse, Inc. Nicholas Zangler, CFA, Associate (501) 377-5753 WEN Wendy’s Co., The ABG Asbury Automotive Group, Inc. WING Wingstop, Inc. AN AutoNation, Inc. ZOES Zoe’s Kitchen, Inc. CWH Camping World Holdings KMX CarMax, Inc. CONN Conn’s, Inc. DKS Dick’s Sporting Goods, Inc. GPI Group 1 Automotive, Inc. HIBB Hibbett Sports, Inc. LAD Lithia Motors, Inc. LL Lumber Liquidators Holdings MIK Michaels Companies, The MNRO Monro Muffler Brake, Inc. OLLI Ollie’s Bargain Outlet PRTY Party City Holdco Inc. PAG Penske Automotive Group, Inc. SAH Sonic Automotive, Inc. TITN Titan Machinery Inc. W Wayfair Inc.

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 2 EQUITY RESEARCH COVERAGE LIST Head of Institutional Equities and Director of Research: Nik Fisken (501) 377-6335

ENERGY

Exploration and Production Will Green, Managing Director (817) 900-5712 Exploration and Production Master Limited Partnerships Matt Beeby, Associate (817) 900-5711 Ben Wyatt, Analyst (817) 900-5714 Matt Schmid, Analyst (817) 900-5716 John Durham, Associate (817) 900-5715 Matt Beeby, Associate (817) 900-5711 BKEP Blueknight Energy Partners AXAS Abraxas Petroleum Corp. John Durham, Associate (817) 900-5715 ETE Energy Transfer Equity LP CPE Callon Petroleum Co. AR Antero Resources Corp. ETP Energy Transfer Partners LP CRZO Carrizo Oil & Gas, Inc. XEC Cimarex Energy GPP Green Plains Partners LP CDEV Centennial Resource Production CLR Continental Resources, Inc. KRP Kimbell Royalty Partners CHK Chesapeake Energy Corp. DVN Devon Energy Corp. MMLP Martin Midstream Partners CXO Concho Resources Inc. FANG Diamondback Energy, Inc. PAA Plains All American Pipeline EOG EOG Resources, Inc. ESTE Earthstone Energy, Inc. PAGP Plains GP Holdings EPE EP Energy Corp. EGN Energen Corp. SNMP Sanchez Midstream Partners GPOR Gulfport Energy Corp. XOG Extraction Oil & Gas SUN Sunoco LP HK Halcon Resources JONE Jones Energy, Inc. WMB Williams Companies LPI Laredo Petroleum, Inc. LLEX Lilis Energy, Inc. WPZ Williams Partners LP OAS Oasis Petroleum Inc. MRO Marathon Oil Corp. PE Parsley Energy, Inc. MTDR Matador Resources Co. Oilfield Services PXD Pioneer Natural Resources Co. MUR Murphy Oil Corp. Tommy Moll, Analyst (501) 377-6306 RRC Range Resources Corp. PDCE PDC Energy, Inc. Drew Stevenson, Associate (501) 377-8078 RSPP RSP Permian, Inc. QEP QEP Resources, Inc. BAS Basic Energy7 Services, Inc. SWN Southwestern Energy Co. REI Ring Energy, Inc. CJ C & J Energy Services, Inc. WLL Whiting Petroleum Corp. SN Sanchez Energy Corp. HP Helmerich & Payne SBOW SilverBow Resources, Inc. FRAC Keane Group, Inc. SRCI SRC Energy Inc. TUSK Mammoth Energy Services NBR Nabors Industries PTEN Patterson-UTI Energy Inc. PUMP PrpPetro Holding Corp. QES Quintana Energy Services Inc. RES RPC, Inc. SPN Superior Energy Services

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 3 EQUITY RESEARCH COVERAGE LIST Head of Institutional Equities and Director of Research: Nik Fisken (501) 377-6335

FINANCIAL SERVICES

Banks-Mid-Atlantic Banks-Midwest Banks-Southeast Austin Nicholas, Analyst (207) 808-5027 Terry McEvoy, CFA, Managing Director (207) 808-5025 Tyler Stafford, CFA, Analyst (501) 377-8362 Cooper Brown, Associate (207) 808-3007 Cooper Brown, Associate (207) 808-3007 Gordon McGuire, Associate (501) 377-3717 Alex Glockner (207) 835-3007 Alex Glockner (207) 835-3007 Brandon Steverson, Associate (501) 377-8065 Nate Tower, Associate (207) 808-5026 Nate Tower, Associate (207) 808-5026 Andrew Terrell, Associate (501) 377-2303 ANCX Access National Corp. ASB Associated Banc-Corp ABCB Ameris Bancorp AMNB American National Bankshares BY Byline Bancorp, Inc. BNCN BNC Bancorp BKU BankUnited, Inc. CHFC Chemical Financial Corp. CCBG Capital City Bank Group BOFI BofI Holding, Inc. CTBI Community Trust Bancorp CSTR CapStar Financial Holdings CHCO City Holding Co. ICBK County Bancorp CARO Carolina Financial Corp. ESXB Community Bankers Trust EQBK Equity Bancshares, Inc. CSFL CenterState Banks, Inc. EGBN Eagle Bancorp BUSE First Busey Corp. FBK FB Financial Corporation EVBS Eastern Virginia Bankshares FFBC First Financial Bancorp LION Fidelity Southern Corp. FNB F.N.B. Corporation FRME First Merchants Corp FBNC First Bancorp FULT Fulton Financial Corp. FMBI First Midwest Bancorp. FHN First Horizon National Corp. HBMD Howard Bancorp FMBH First Mid-Illinois Bancshares FSB Franklin Financial Network ISBC Investors Bancorp, Inc. FBC Flagstar Bancorp NCOM National Commerce Corp. NYCB New York Community Bancorp GWB Great Western Bancorp PNFP Pinnacle Financial Partners, Inc. OLBK Old Line Bancshares HBNC Horizon Bancorp SFBS ServisFirst Bancshares, Inc. PBCT People’s United Financial, Inc. LKFN Lakeland Financial Corp. SSB South State Corp. SASR Sandy Spring Bancorp MSFG MainSource Financial Group STBZ State Bank Financial Corp. SBNY Signature Bank MBIN Merchants Bancorp SNV Synovus Financial Corp. STL Sterling Bancorp MSBI Midland States Bancorp UCBI United Community Banks, Inc. UBSH Union Bankshares Corp. MFSF MutualFirst Financial Inc. UBSI United Bankshares, Inc. ONB Old National Bancorp. VLY Valley National Bancorp QCRH QCR Holdings, Inc. WSBC WesBanco, Inc. SYBT Stock Yards Bancorp WSFS WSFS Financial Corp. TCF TCF Financial Corp. XBKS Xenith Bankshares, Inc. WTFC Wintrust Financial Corp.

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 4 EQUITY RESEARCH COVERAGE LIST Head of Institutional Equities and Director of Research: Nik Fisken (501) 377-6335

Banks-Southwest Banks-Super-Regional Specialty Finance Matt Olney, CFA, Managing Director (501) 377-2101 Terry McEvoy, CFA, Managing Director (207) 808-5025 Vincent Caintic, CFA, Analyst (212) 891-1715 Brandon Steverson, Associate (501) 377-8065 Cooper Brown, Associate (207) 808-3007 Kelsey Burhans, Associate (212) 891-1721 Andrew Terrell, Associate (501) 377-2303 Alex Glockner (207) 835-3007 Morgan O’Donovan, CFA, Associate (954) 637-2234 ABTX Allegiance Bancshares, Inc. Nate Tower, Associate (207) 808-5026 AAN Aaron’s, Inc. BXS BancorpSouth Bank BBT BB&T Corporation AER AerCap Holdings OZRK Bank of the Ozarks BOKF BOK Financial Corp. CFG Citizens Financial Group AL Air Lease Corp. CADE Cadence Bancorporation CMA Comerica Inc. AYR Aircastle Ltd. CBTX CBTX, Inc. FITB Fifth Third Bancorp ADS Alliance Data Systems CBSH Commerce Bancshares, Inc. FRC First Republic Bank ALLY Ally Financial Inc. CFR Cullen/Frost Bankers, Inc. HBAN Huntington Bancshares Inc. CRMT America’s Car-Mart, Inc. FBMS First Bancshares Inc. KEY KeyCorp. AXP American Express Co. FFIN First Financial Bankshares, Inc. PNC PNC Financial Services Group CIT CIT Group, Inc. GNTY Guaranty Bancshares, Inc. RF Regions Financial Corp. CACC Credit Acceptance Corp. HBHC Hancock Holding Co. STI SunTrust Banks, Inc. CURO CURO Group Holdings HTH Hilltop Holdings Inc. USB U.S. Bancorp DFS Discover Financial Services HOMB Home BancShares, Inc. ECN-CA ECN Capital IBKC IBERIABANK Corp. ZION Zions Bancorporation IBTX Independent Bank Group EFN-CA Element Fleet Management LTXB LegacyTexas Financial Group, Inc. Banks-West Coast ELVT Elevate Credit, Inc. NBHC National Bank Holdings Corp. Tyler Stafford, CFA, Analyst (501) 377-8362 ENVA Enova International PB Prosperity Bancshares, Inc. Gordon McGuire, Associate (501) 377-3717 EZPW EZCORP, Inc. RNST Renasant Corp. Brandon Steverson, Associate (501) 377-8065 FCFS FirstCash, Inc. SFNC Simmons First National Corp. Andrew Terrell, Associate (501) 377-2303 OMF OneMain Holdings, Inc. TCBI Texas Capital Bancshares, Inc. BANR Banner Corp. RM Regional Management TSC TriState Capital Holdings, Inc. PPBI Pacific Premier Bancorp RCII Rent-A-Center TBK Triumph Bancorp, Inc. PACW PacWest Bancorp SC Santander Consumer USA TRMK Trustmark Corp. PFBC Preferred Bank SYF Synchrony Financial UMBF UMB Financial Corp. VBTX Veritex Holdings, Inc. RBB RBB Bancorp, Inc. WRLD World Acceptance Corp. SIVB SVB Financial Group UMPQ Umpqua Holdings Corp. WAL Western Alliance Bancorp.

Real Estate Services John Campbell, Analyst (501) 377-6362 BKI Black Knight, Inc. CNNE Cannae Holdings, Inc. CLGX CoreLogic ELLI Ellie Mae, Inc. FNF Fidelity National Financial, Inc. FAF First American Financial Corp. TREE LendingTree, Inc. EGOV NIC Inc. QNST QuinStreet, Inc. RMAX RE/MAX Holdings Inc. RLGY Realogy Holdings Corp. RDFN RedFin Corp. STC Stewart Information Services ZG Zillow, Inc.

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 5 EQUITY RESEARCH COVERAGE LIST Head of Institutional Equities and Director of Research: Nik Fisken (501) 377-6335

HEALTHCARE

Diagnostics and Life Science Tools Healthcare Services Medical Devices Drew Jones, Analyst (501) 377-2369 Dana Hambly, CFA, Analyst (615) 279-4329 Chris Cooley, CFA, Managing Director, (501) 377-2516 James Rutherford, Associate (501) 377-8221 Jacob Johnson, CFA, Associate (615) 279-4355 ABMD Abiomed, Inc. ABAX Abaxis, Inc. ACHC Acadia Healthcare Co. ALGN Align Technology, Inc. TECH Bio-Techne Corp. ADUS Addus HomeCare Corp. BSX Boston Scientific Corp. BRKS Brooks Automation, Inc. AMED Amedisys, Inc. COO Cooper Companies, The CBM Cambrex Corp. BIOS BioScrip, Inc. CUTR Cutera, Inc. CTLT Catalent, Inc. BKD Brookdale Senior Living DXCM DexCom, Inc. CERS Cerus Corp. CSU Capital Senior Living Corp. ELGX Endologix, Inc. EXAS EXACT Sciences Corp. CTRE CareTrust REIT GKOS Glaukos Corp. LGND Ligand Pharmaceuticals Inc. ENSG Ensign Group, The HYH Halyard Health, Inc. MYGN Myriad Genetics, Inc. EVHC Envision Healthcare Holdings HSIC Henry Schein, Inc. NEOG Neogen Corp. GEN Genesis Healthcare, Inc. PODD Insulet Corp. NEO Neogenomics Inc. HNGR Hanger Inc. IVC Invacare Corp. OSUR OraSure Technologies, Inc. LHCG LHC Group, Inc. NXTM NxStage Medical, Inc. PACB Pacific Biosciences of California MD MEDNAX, Inc. SIEN Sientra, Inc. RGEN Repligen Corp. NHI National Health Investors STAA STAAR Surgical Co. WST West Pharmaceutical Services HLTH Nobilis Health Corp. STE STERIS plc USPH U.S. Physical Therapy TFX Teleflex Inc. UHS Universal Health Services WELL Welltower Inc.

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 6 EQUITY RESEARCH COVERAGE LIST Head of Institutional Equities and Director of Research: Nik Fisken (501) 377-6335

INDUSTRIALS

Aerospace & Defense Industrial Products and Services Transportation/Airfreight and Logistics/Maritime Drew Lipke, Analyst (501) 377-2108 Matt Duncan, CFA, Managing Director (501) 377-3723 Jack Atkins, Managing Director (501) 377-2298 Luke Latourette, Associate (501) 377-8321 Will Steinwart, Associate (501) 377-8303 Andrew Hall, Associate (501) 377-2562 AIN Albany International Corp. AIMC Altra Industrial Motion Corp. ATSG Air Transport Service Group ESE ESCO Technologies DXPE DXP Enterprises, Inc. AAL American Airlines Group DY Dycom Industries FLIR FLIR Systems, Inc. AAWW Atlas Air Worldwide Holdings FAST Fastenal Company CHRW C.H. Robinson Worldwide, Inc. HEI HEICO Corporation MTZ MasTec, Inc. HXL Hexcel Corp. MG Mistras Group, Inc. DAL Delta Air Lines, Inc. PII Polaris Industries, Inc. MRC MRC Global Inc. ECHO Echo Global Logistics TXT Textron Inc. MSM MSC Industrial Direct Co. EXPD Expeditors International TDG TransDigm Group Inc. DNOW NOW, Inc. FDX FedEx Corp. WWD Woodward, Inc. ORN Orion Group Holdings, Inc. FWRD Forward Air Corp. POOL Pool Corp. JBLU JetBlue Airways Corp. Agriculture PRIM Primoris Service Corp. KEX Kirby Corp. Mark Connelly, Managing Director (212) 871-1781 PWR Quanta Services, Inc. LSTR Landstar System, Inc. Ashish Gupta, Associate (212) 891-1709 TISI Team, Inc. MATX Matson Inc. GWW W.W. Grainger, Inc. Joan Tong, CFA, Associate (212) 891-1792 LUV Southwest Airlines Co. WSO Watsco, Inc. CF CF Industries Holdings SAVE Spirit Airlines, Inc. DWDP DowDuPont Inc. WCC WESCO International, Inc. UAL United Continental Holdings FMC FMC Corporation UPS United Parcel Service, Inc. IPI Intrepid Potash, Inc. Paper and Wood Products XPO XPO Logistics MOS Mosaic Company Mark Connelly, Managing Director (212) 871-1781 NTR Nutrien Ashish Gupta, Associate (212) 891-1709 Joan Tong, CFA, Associate (212) 891-1792 Building Materials UFS Domtar Corp. Trey Grooms, Managing Director (501) 377-2318 IP International Paper Co. Blake Hirschman, Associate (501) 377-8046 GPK Graphic Packaging AWI Armstrong World Industries KS KapStone Paper and Packaging BECN Beacon Roofing Supply, Inc. LPX Louisiana-Pacific Corp. BMCH BMC Stock Holdings PKG Packaging Corp of America BLDR Builders FirstSource, Inc. WRK WestRock Co. CBPX Continental Building Products WY Weyerhaeuser Co. EXP Eagle Materials Inc. FRTA Forterra, Inc. FBM Foundation Building Materials GMS GMS Inc. IBP Installed Building Products MLM Martin Marietta Materials DOOR Masonite International Corp. NCS NCI Building Systems PGEM Ply Gem Holdings, Inc. SUM Summit Materials LLC BLD TopBuild Corp. TREX Trex Company, Inc. USCR U.S. Concrete, Inc. USG USG Corp. VMC Vulcan Materials Company

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 7 EQUITY RESEARCH COVERAGE LIST Head of Institutional Equities and Director of Research: Nik Fisken (501) 377-6335

INDUSTRIALS

Transportation/Railroads and Equipment Suppliers Transportation/Truckload and Less-Than Truckload Justin Long, Managing Director (501) 377-2036 Brad Delco, Managing Director (501) 377-8057 Brian Colley, Associate (501) 377-8231 Tyler DuBay, Associate (501) 377-2065 ARII American Railcar Industries Scott Schoenhaus, Associate (212) 891-1707 CNI Canadian National Railway ARCB ArcBest Corp. CP Canadian Pacific Railway CGI Celadon Group, Inc. CSX CSX Corp. CVTI Covenant Transportation Group DAN Dana Incorporated HTLD Heartland Express FTAI Fortress Transportation and Infrastructure Investors JBHT J.B. Hunt Transport Services, Inc. RAIL FreightCar America, Inc. KNX Knight-Swift Transportation Holdings, Inc. GATX GATX Corp. MRTN Marten Transport, Ltd. GWR Genesee & Wyoming Inc. ODFL Old Dominion Freight Line, Inc. GBX Greenbrier Companies RUSHA Rush Enterprises, Inc. HUBG Hub Group, Inc. SAIA Saia, Inc. KSU Kansas City Southern SNDR Schneider National Inc. NNBR NN, Inc. USAK USA Truck, Inc. NSC Norfolk Southern Corp. WNC Wabash National Corp. R Ryder System, Inc. WERN Werner Enterprises, Inc. SRI Stoneridge Inc. YRCW YRC Worldwide Inc. TRN Trinity Industries UNP Union Pacific Corp. WBC WABCO Holdings Inc. WAB Wabtec Corp.

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 8 EQUITY RESEARCH COVERAGE LIST Head of Institutional Equities and Director of Research: Nik Fisken (501) 377-6335

TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS

Business Services Infrastructure Software and Security Media Brett Huff, CFA, Managing Director (501) 377-8068 Jonathan Ruykhaver, CFA, Managing Dir. (615) 279-4331 Kyle Evans, Managing Director (501) 377-6376 Blake Anderson, Associate (501) 377-6312 Steven Couche, Associate (615) 279-4379 Daniel Fritsche, Associate (501) 377-8288 ACIW ACI Worldwide, Inc. CHKP Check Point Software Tech. CBS CBS Corp. ACXM Acxiom Corp. CYBR CyberArk Software SSP E.W. Scripps Co. EPAY Bottomline Technologies FEYE FireEye, Inc. ETM Entercom Communications CSGP CoStar Group, Inc. FTNT Fortinet, Inc. GCI Gannett Co. EFX Equifax Inc. IMPV Imperva, Inc. GTN Gray Television, Inc. EXPGY Experian plc LOGM LogMeIn, Inc. LYV Live Nation Entertainment FICO FICO MIME Mimecast Limited FIS Fidelity National Information Services, Inc. NTCT NetScout Systems, Inc. MDP Meredith Corp. FDC First Data Corp. NEWR New Relic, Inc. NEWM New Media Investment Group FISV Fiserv, Inc. PANW Palo Alto Networks, Inc. NXST Nexstar Media Group GPN Global Payments Inc. PFPT Proofpoint, Inc. SBGI Sinclair Broadcast Group JKHY Jack Henry & Associates QLYS Qualys, Inc. TGNA TEGNA Inc. MA Mastercard Inc. RHT Red Hat, Inc. TSQ Townsquare Media PYPL PayPal Holdings, Inc. NOW ServiceNow, Inc. TRCO Tribune Media Co. SQ Square, Inc. SPLK Splunk, Inc. TRUE TrueCar, Inc. TSS Total System Services, Inc. SYMC Symantec Corp. VNTV Vantiv, Inc. VRNS Varonis Systems, Inc.

V Visa Inc.

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 9 EQUITY RESEARCH COVERAGE LIST

3/28/2018 3/28/2018 COMPANY RATING VOL ANALYST COMPANY RATING VOL ANALYST AAN Aaron's, Inc. Overweight V Vincent Caintic, CFA TECH Bio‐Techne Corp. Equal‐Weight V Drew Jones ABAX Abaxis, Inc. Equal‐Weight V Drew Jones BJRI BJ's Restaurants Overweight Will Slabaugh ABMD Abiomed, Inc. Overweight V Chris Cooley, CFA BKI Black Knight, Inc. Overweight V John Campbell AXAS Abraxas Petroleum Corp. Overweight V Will Green BKEP Blueknight Energy Partners Overweight Matt Schmid ACHC Acadia Healthcare Co. Overweight V Dana Hambly, CFA BMCH BMC Stock Holdings Overweight V Trey Grooms ANCX Access National Corp. Overweight Austin Nicholas BOFI BofI Holding, Inc. OverweightAustin V Nicholas ACIW ACI Worldwide, Inc. Overweight Brett Huff, CFA BOJA Bojangles', Inc. Equal‐Weight Will Slabaugh ACXM Acxiom Corporation Overweight V Brett Huff, CFA BOKF BOK Financial Corp. Overweight Matt Olney, CFA ADUS Addus HomeCare Corp. Overweight Dana Hambly, CFA BSX Boston Scientific Corp. Overweight Chris Cooley, CFA AAP Advance Auto Parts Equal‐Weight V Ben Bienvenu EPAY Bottomline Technologies Equal‐Weight V Brett Huff, CFA AER AerCap Holdings Overweight V Vincent Caintic, CFA EAT Brinker International Equal‐Weight Will Slabaugh AL Air Lease Corp. Overweight V Vincent Caintic, CFA BKD Brookdale Senior Living Overweight V Dana Hambly, CFA ATSG Air Transport Services Group Overweight Jack Atkins BRKS Brooks Automation, Inc. Overweight V Drew Jones AYR Aircastle Ltd. Equal‐Weight V Vincent Caintic, CFA BLDR Builders FirstSource, Inc. Overweight V Trey Grooms AIN Albany International Corp. Equal‐Weight V Drew Lipke BG Bunge Ltd. Overweight Farha Aslam ALGN Align Technology, Inc. Equal‐Weight V Chris Cooley, CFA BY Byline Bancorp, Inc. Equal‐Weight Terry McEvoy, CFA ABTX Allegiance Bancshares, Inc. Overweight Matt Olney, CFA CJ C & J Energy Services, Inc. Overweight Tommy Moll ADS Alliance Data Systems Overweight V Vincent Caintic, CFA CHRW C.H. Robinson Worldwide Overweight Jack Atkins ALLY Ally Financial Inc. Underweight V Vincent Caintic, CFA CADE Cadence Bancorporation Overweight Matt Olney, CFA AIMC Altra Industrial Motion Overweight V Matt Duncan, CFA CVGW Calavo Growers, Inc. Overweight Farha Aslam AMED Amedisys, Inc. Equal‐Weight V Dana Hambly, CFA CPE Callon Petroleum Co. Overweight V Will Green AAL American Airlines Group Equal‐Weight Jack Atkins CALM Cal‐Maine Foods, Inc. Overweight Farha Aslam AXP American Express Co. Equal‐Weight V Vincent Caintic, CFA CBM Cambrex Corp. Overweight V Drew Jones AMNB American National Bankshares Equal‐Weight Austin Nicholas CWH Camping World Holdings Overweight V Rick Nelson, CFA, CPA ARII American Railcar Industries Equal‐Weight Justin Long CNI Canadian National Railway Equal‐Weight Justin Long CRMT America's Car‐Mart, Inc. Equal‐Weight V Vincent Caintic, CFA CP Canadian PacificRailway Equal‐Weight Justin Long ABCB Ameris Bancorp Overweight Tyler Stafford, CFA CNNE Cannae Holdings, Inc. Overweight V John Campbell AR Antero Resources Corp. Equal‐Weight Ben Wyatt CCBG Capital City Bank Group Equal‐Weight Tyler Stafford, CFA ARCB ArcBest Corp. Equal‐Weight Brad Delco CSU Capital Senior Living Corp. Overweight V Dana Hambly, CFA ADM Archer Daniels Midland Overweight Farha Aslam CSTR CapStar Financial Holdings Equal‐Weight Tyler Stafford, CFA AWI Armstrong World Industries Equal‐Weight Trey Grooms CTRE CareTrust REIT Overweight Dana Hambly, CFA ABG Asbury Automotive Overweight Rick Nelson, CFA, CPA KMX CarMax, Inc. Equal‐Weight Rick Nelson, CFA, CPA ASB Associated Banc‐Corp Equal‐Weight Terry McEvoy, CFA CARO Carolina Financial Corp. Equal‐Weight Tyler Stafford, CFA AAWW Atlas Air Worldwide Holdings Equal‐Weight V Jack Atkins CRZO Carrizo Oil & Gas, Inc. Overweight V Will Green AN AutoNation, Inc. Equal‐Weight Rick Nelson, CFA, CPA TAST Carrols Restaurant Group Overweight Will Slabaugh AZO AutoZone, Inc. Equal‐Weight V Ben Bienvenu CASY Casey's General Stores Overweight Ben Bienvenu BGS B & G Foods Inc. Overweight Farha Aslam CTLT Catalent, Inc. Equal‐Weight V Drew Jones BXS BancorpSouth Bank Overweight Matt Olney, CFA CBS CBS Corp. Equal‐Weight Kyle Evans OZRK Bank of the Ozarks Equal‐Weight Matt Olney, CFA CBTX CBTX, Inc. Overweight Matt Olney, CFA BKU BankUnited, Inc. Overweight Austin Nicholas CGI Celadon Group, Inc. Suspended Brad Delco BANR Banner Corp. Equal‐Weight Tyler Stafford, CFA CDEV Centennial Resource Development Overweight Will Green BAS Basic Energy Services, Inc. Equal‐Weight Tommy Moll CSFL CenterState Banks, Inc. Equal‐Weight Tyler Stafford, CFA BBT BB&T Corporation Overweight Terry McEvoy, CFA CERS Cerus Corp. Overweight V Drew Jones BECN Beacon Roofing Supply Equal‐Weight V Trey Grooms CF CF Industries Holdings Equal‐Weight Mark Connelly BIOS BioScrip, Inc. Overweight V Dana Hambly, CFA CHKP Check Point Software Tech. Equal‐Weight Jonathan Ruykhaver, CFA

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 10 EQUITY RESEARCH COVERAGE LIST

3/28/2018 3/28/2018 COMPANY RATING VOLANALYST COMPANY RATING VOLANALYST CHFC Chemical Financial Corp. Overweight Terry McEvoy, CFA DXPE DXP Enterprises, Inc. Overweight V Matt Duncan, CFA CHK Chesapeake Energy Corp. Equal‐Weight Will Green DY Dycom Industries Overweight V Matt Duncan, CFA CMG Chipotle Mexican Grill Equal‐Weight Will Slabaugh SSP E.W. Scripps Co. Equal‐Weight Kyle Evans CHUY Chuy's Holdings, Inc. Overweight Will Slabaugh EGBN Eagle Bancorp Overweight Austin Nicholas XEC Cimarex Energy Equal‐Weight Ben Wyatt EXP Eagle Materials Inc. Overweight V Trey Grooms CIT CIT Group Inc. Overweight V Vincent Caintic, CFA ESTE Earthstone Energy, Inc. Overweight Ben Wyatt CFG Citizens Financial Group Overweight Terry McEvoy, CFA ECHO Echo Global Logistics Overweight Jack Atkins CHCO City Holding Co. Equal‐Weight Austin Nicholas ECN‐CA ECN Capital Overweight V Vincent Caintic, CFA CMA Comerica Inc. Overweight Terry McEvoy, CFA EFN‐CA Element Fleet Management Overweight V Vincent Caintic, CFA CBSH Commerce Bancshares, Inc. Equal‐Weight Matt Olney, CFA ELVT Elevate Credit, Inc. Equal‐Weight V Vincent Caintic, CFA ESXB Community Bankers Trust Equal‐Weight Austin Nicholas ELLI Ellie Mae, Inc. Equal‐Weight V John Campbell CTBI Community Trust Bancorp Equal‐Weight Terry McEvoy, CFA EHC Encompass Health Corp. Overweight V Dana Hambly, CFA CXO Concho Resources Inc. Overweight Will Green ELGX Endologix, Inc. Equal‐Weight V Chris Cooley, CFA CONN Conn's, Inc. Overweight Rick Nelson, CFA, CPA EGN Energen Corp. Overweight Ben Wyatt CBPX Continental Building Products Equal‐Weight V Trey Grooms ETE Energy Transfer Equity LP Equal‐Weight Matt Schmid CLR Continental Resources, Inc. Overweight Ben Wyatt ETP Energy Transfer Partners L.P. Overweight Matt Schmid CPRT Copart, Inc. Overweight V Ben Bienvenu ENVA Enova International Overweight V Vincent Caintic, CFA CLGX CoreLogic Overweight V John Campbell ETM Entercom Communications Equal‐Weight Kyle Evans CORE Core‐Mark Holding Co. Equal‐Weight V Ben Bienvenu EVHC Envision Healthcare Corp. Equal‐Weight V Dana Hambly, CFA CSGP CoStar Group, Inc. Overweight Brett Huff, CFA EOG EOG Resources, Inc. Equal‐Weight Will Green ICBK County Bancorp, Inc. Overweight Terry McEvoy, CFA EPE EP Energy Corp. Underweight Will Green CVTI Covenant Transportation Overweight Brad Delco EFX Equifax Inc. Equal‐Weight Brett Huff, CFA CACC Credit Acceptance Corp. Underweight V Vincent Caintic, CFA EQBK Equity Bancshares, Inc. Equal‐Weight Terry McEvoy, CFA CAPL CrossAmerica Partners LP Equal‐Weight V Ben Bienvenu ESE ESCO Technologies Equal‐Weight Drew Lipke CSX CSX Corp. Overweight Justin Long EXAS EXACT Sciences Corp. Equal‐Weight V Drew Jones CFR Cullen/Frost Bankers, Inc. Equal‐Weight Matt Olney, CFA EXPD Expeditors International Equal‐Weight Jack Atkins CURO CURO Group Holdings Overweight V Vincent Caintic, CFA EXPGY Experian plc Equal‐Weight V Brett Huff, CFA CUTR Cutera, Inc. Overweight V Chris Cooley, CFA XOG Extraction Oil & Gas Overweight Ben Wyatt CYBR CyberArk Software Equal‐Weight V Jonathan Ruykhaver, CFA EZPW EZCORP, Inc. Equal‐Weight V Vincent Caintic, CFA DAN Dana Incorporated Equal‐Weight Justin Long FNB F.N.B. Corporation Equal‐Weight Austin Nicholas DRI Darden Restaurants Overweight Will Slabaugh FAST Fastenal Company Overweight Matt Duncan, CFA DF Dean Foods Co. Equal‐Weight Farha Aslam FBK FB Financial Corporation Overweight Tyler Stafford, CFA DFRG Del Frisco's Restaurant Group Overweight Will Slabaugh FDX FedEx Corp. Overweight Jack Atkins DAL Delta Air Lines, Inc. Overweight Jack Atkins FICO FICO Equal‐Weight Brett Huff, CFA DENN Denny's Corp. Overweight Will Slabaugh FNF Fidelity National Financial Overweight John Campbell XRAY DENTSPLY SIRONA Inc. Overweight Chris Cooley, CFA FIS Fidelity National Information ServicesOverweight Brett Huff, CFA DVN Devon Energy Corp. Overweight Ben Wyatt LION Fidelity Southern Corp. Equal‐Weight Tyler Stafford, CFA DXCM DexCom, Inc. Overweight V Chris Cooley, CFA FRGI Fiesta Restaurant Group Equal‐Weight V Will Slabaugh FANG Diamondback Energy, Inc. Overweight Ben Wyatt FITB Fifth Third Bancorp Equal‐Weight Terry McEvoy, CFA DKS Dick's Sporting Goods Equal‐Weight Rick Nelson, CFA, CPA FEYE FireEye, Inc. Overweight V Jonathan Ruykhaver, CFA DFS Discover Financial Services Underweight V Vincent Caintic, CFA FAF First American Financial Overweight John Campbell DPZ Domino's Pizza, Inc. Overweight Will Slabaugh FBNC First Bancorp Equal‐Weight Tyler Stafford, CFA UFS Domtar Corp. Overweight Mark Connelly FBMS First Bancshares Inc. Overweight Matt Olney, CFA DWDP DowDupont Inc. Overweight Mark Connelly BUSE First Busey Corp. Overweight Terry McEvoy, CFA DNKN Dunkin' Brands Group Equal‐Weight Will Slabaugh FDC First Data Corp. Overweight V Brett Huff, CFA

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 11 EQUITY RESEARCH COVERAGE LIST

3/28/2018 3/28/2018 COMPANY RATING VOLANALYST COMPANY RATING VOLANALYST FFBC First Financial Bancorp. Overweight Terry McEvoy, CFA HP Helmerich & Payne Equal‐Weight Tommy Moll FFIN First Financial Bankshares Equal‐Weight Matt Olney, CFA HSIC Henry Schein, Inc. Equal‐Weight Chris Cooley, CFA FHN First Horizon National Corp. Equal‐Weight Tyler Stafford, CFA HXL Hexcel Corp. Overweight Drew Lipke FRME First Merchants Corp. Overweight Terry McEvoy, CFA HIBB Hibbett Sports, Inc. Equal‐Weight Rick Nelson, CFA, CPA FMBH First Mid‐Illinois Bancshares, Inc. Equal‐Weight Terry McEvoy, CFA HTH Hilltop Holdings Inc. Equal‐Weight Matt Olney, CFA FMBI First Midwest Bancorp. Overweight Terry McEvoy, CFA HOMB Home BancShares, Inc. Overweight Matt Olney, CFA FRC First Republic Bank Equal‐Weight Terry McEvoy, CFA HBNC Horizon Bancorp Overweight Terry McEvoy, CFA FCFS FirstCash, Inc Equal‐Weight V Vincent Caintic, CFA HRL Hormel Foods Corp. Overweight Farha Aslam FISV Fiserv, Inc. Equal‐Weight Brett Huff, CFA TWNK Hostess Brands, Inc. Overweight Farha Aslam FBC Flagstar Bancorp Equal‐Weight Terry McEvoy, CFA HBMD Howard Bancorp Overweight Austin Nicholas FLIR FLIR Systems, Inc. Overweight Drew Lipke HUBG Hub Group, Inc. Overweight Justin Long FLO Flowers Foods, Inc. Equal‐Weight Farha Aslam HBAN Huntington Bancshares Inc. Equal‐Weight Terry McEvoy, CFA FMC FMC Corporation Equal‐Weight Mark Connelly IBKC IBERIABANK Corp. Equal‐Weight Matt Olney, CFA FRTA Forterra, Inc. Equal‐Weight Trey Grooms IMPV Imperva, Inc. Overweight V Jonathan Ruykhaver, CFA FTNT Fortinet, Inc. Equal‐Weight V Jonathan Ruykhaver, CFA IBTX Independent Bank Group Overweight Matt Olney, CFA FTAI Fortress Transportation and InfrastrucOverweight Justin Long INGR Ingredion Inc. Overweight Farha Aslam FWRD Forward Air Corp. Overweight Jack Atkins IBP Installed Building Products Overweight V Trey Grooms FBM Foundation Building Materials Overweight V Trey Grooms PODD Insulet Corp. Equal‐Weight V Chris Cooley, CFA FSB Franklin Financial Network Equal‐Weight Tyler Stafford, CFA IP International Paper Co. Equal‐Weight Mark Connelly RAIL FreightCar America, Inc. Equal‐Weight Justin Long IPI Intrepid Potash, Inc. Equal‐Weight Mark Connelly FULT Fulton Financial Corp. Equal‐Weight Austin Nicholas IVC Invacare Corp. Overweight V Chris Cooley, CFA GCI Gannett Co. Equal‐Weight Kyle Evans ISBC Investors Bancorp, Inc. Overweight Austin Nicholas GATX GATX Corp. Equal‐Weight Justin Long JAX J. Alexander's Holdings Overweight Will Slabaugh GWR Genesee & Wyoming Inc. Overweight Justin Long JBHT J.B. Hunt Transport Services, Inc. Overweight Brad Delco GEN Genesis Healthcare, Inc. Equal‐Weight V Dana Hambly, CFA JKHY Jack Henry & Associates Equal‐Weight Brett Huff, CFA GKOS Glaukos Corp. Overweight V Chris Cooley, CFA JBLU JetBlue Airways Corp. Equal‐Weight Jack Atkins GPN Global Payments Inc. Overweight Brett Huff, CFA JONE Jones Energy, Inc. Equal‐Weight Ben Wyatt GMS GMS Inc. Overweight Trey Grooms KSU Kansas City Southern Equal‐Weight Justin Long GTIM Good Times Restaurants Overweight V Will Slabaugh KS KapStone Paper and Packaging Equal‐Weight Mark Connelly GPK Graphic Packaging Overweight Mark Connelly KAR KAR Auction Services, Inc. Equal‐Weight Ben Bienvenu GTN Gray Television, Inc. Overweight V Kyle Evans FRAC Keane Group, Inc. Overweight Tommy Moll GWB Great Western Bancorp Overweight Terry McEvoy, CFA KEY KeyCorp Overweight Terry McEvoy, CFA GPRE Green Plains Inc. Overweight Farha Aslam KRP Kimbell Royalty Partners Overweight Matt Schmid GPP Green Plains Partners LP Overweight Matt Schmid KEX Kirby Corporation Equal‐Weight Jack Atkins GBX Greenbrier Companies, Inc. Equal‐Weight Justin Long KNX Knight‐Swift Transportation Holdings Overweight Brad Delco GPI Group 1 Automotive Equal‐Weight Rick Nelson, CFA, CPA KR Kroger Co. Equal‐Weight V Ben Bienvenu GNTY Guaranty Bancshares, Inc. Equal‐Weight Matt Olney, CFA LKFN Lakeland Financial Corp. Equal‐Weight Terry McEvoy, CFA GPOR Gulfport Energy Corp. Overweight Will Green LSTR Landstar System, Inc. Overweight Jack Atkins HABT Habit Restaurants, Inc. Overweight Will Slabaugh LPI Laredo Petroleum, Inc. Equal‐Weight Will Green HK Halcon Resources Overweight Will Green LTXB LegacyTexas Financial Group, Inc. Equal‐Weight Matt Olney, CFA HYH Halyard Health, Inc. Overweight Chris Cooley, CFA TREE LendingTree, Inc. Overweight V John Campbell HBHC Hancock Holding Co. Equal‐Weight Matt Olney, CFA LHCG LHC Group, Inc. Overweight V Dana Hambly, CFA HNGR Hanger, Inc. Equal‐Weight V Dana Hambly, CFA LGND Ligand Pharmaceuticals Overweight V Drew Jones HTLD Heartland Express Equal‐Weight Brad Delco LLEX Lilis Energy, Inc. Overweight Ben Wyatt HEI HEICO Corporation Equal‐Weight Drew Lipke LAD Lithia Motors, Inc. Overweight Rick Nelson, CFA, CPA

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 12 EQUITY RESEARCH COVERAGE LIST

3/28/2018 3/28/2018 COMPANY RATING VOLANALYST COMPANY RATING VOLANALYST LYV Live Nation Entertainment Overweight V Kyle Evans HLTH Nobilis Health Corp. Overweight V Dana Hambly, CFA LKQ LKQ Corp. Overweight V Ben Bienvenu NSC Norfolk Southern Corp. Overweight Justin Long LOGM LogMeIn, Inc. Overweight V Jonathan Ruykhaver, CFA DNOW NOW Inc. Overweight V Matt Duncan, CFA LPX Louisiana‐Pacific Corp. Equal‐Weight Mark Connelly NTR Nutrien Overweight Mark Connelly LL Lumber Liquidators Holdings Equal‐Weight Rick Nelson, CFA, CPA NXTM NxStage Medical, Inc. Equal‐Weight Chris Cooley, CFA MSFG MainSource Financial Group Equal‐Weight Terry McEvoy, CFA OAS Oasis Petroleum Inc. Overweight V Will Green TUSK Mammoth Energy Services Overweight Tommy Moll ODFL Old Dominion Freight Line Overweight Brad Delco MRO Marathon Oil Corp. Equal‐Weight Ben Wyatt OLBK Old Line Bancshares Overweight Austin Nicholas MRTN Marten Transport, Ltd. Overweight Brad Delco ONB Old National Bancorp. Overweight Terry McEvoy, CFA MLM Martin Marietta Materials Equal‐Weight Trey Grooms OLLI Ollie's Bargain Outlet Overweight Rick Nelson, CFA, CPA MMLP Martin Midstream Partners Overweight Matt Schmid OMF OneMain Holdings, Inc. Overweight V Vincent Caintic, CFA DOOR Masonite International Equal‐Weight Trey Grooms OSUR OraSure Technologies, Inc. Overweight V Drew Jones MTZ MasTec, Inc. Overweight V Matt Duncan, CFA ORLY O'Reilly Automotive, Inc. Overweight V Ben Bienvenu MA MasterCard Inc. Overweight Brett Huff, CFA ORN Orion Group Holdings, Inc. Overweight V Matt Duncan, CFA MTDR Matador Resources Co. Overweight Ben Wyatt PACB Pacific Biosciences of California Overweight V Drew Jones MATX Matson, Inc. Equal‐Weight Jack Atkins PPBI Pacific Premier Bancorp Equal‐Weight Tyler Stafford, CFA MCD McDonald's Corp. Overweight Will Slabaugh PKG Packaging Corp of America Overweight Mark Connelly MD MEDNAX, Inc. Overweight V Dana Hambly, CFA PACW PacWest Bancorp Overweight Tyler Stafford, CFA MBIN Merchants Bancorp Overweight Terry McEvoy, CFA PANW Palo Alto Networks, Inc. Overweight V Jonathan Ruykhaver, CFA MDP Meredith Corp. Equal‐Weight Kyle Evans PZZA Papa John's International Overweight Will Slabaugh MSBI Midland States Bancorp Overweight Terry McEvoy, CFA FRSH Papa Murphy's Holdings Overweight Will Slabaugh MIME Mimecast Limited Overweight V Jonathan Ruykhaver, CFA PE Parsley Energy, Inc. Overweight Will Green MG Mistras Group, Inc. Equal‐Weight V Matt Duncan, CFA PRTY Party City Holdco Inc. Overweight Rick Nelson, CFA, CPA MNRO Monro Muffler Brake, Inc. Equal‐Weight Rick Nelson, CFA, CPA PTEN Patterson‐UTI Energy Inc. Overweight Tommy Moll MOS Mosaic Company Overweight Mark Connelly PYPL PayPal Holdings, Inc. Overweight V Brett Huff, CFA MRC MRC Global Inc. Overweight V Matt Duncan, CFA PDCE PDC Energy, Inc. Overweight Ben Wyatt MSM MSC Industrial Direct Co. Overweight Matt Duncan, CFA PAG Penske Automotive Group Overweight Rick Nelson, CFA, CPA MUR Murphy Oil Corp. Overweight Ben Wyatt PBCT People's United Financial Equal‐Weight Austin Nicholas MUSA Murphy USA Inc. Equal‐Weight V Ben Bienvenu PPC Pilgrim's Pride Corp. Overweight V Farha Aslam MFSF MutualFirst Financial Inc. Equal‐Weight Terry McEvoy, CFA PNFP Pinnacle Financial Partners Overweight Tyler Stafford, CFA MYGN Myriad Genetics, Inc. Overweight V Drew Jones PF Pinnacle Foods, Inc. Overweight Farha Aslam NBR Nabors Industries Equal‐Weight Tommy Moll PXD Pioneer Natural Resources Overweight Will Green NBHC National Bank Holdings Equal‐Weight Matt Olney, CFA PAA Plains All American Pipeline Overweight Matt Schmid NCOM National Commerce Corp. Equal‐Weight Tyler Stafford, CFA PAGP Plains GP Holdings, L.P. Overweight Matt Schmid NHI National Health Investors Overweight Dana Hambly, CFA PGEM Ply Gem Holdings, Inc. Equal‐Weight V Trey Grooms NCS NCI Building Systems, Inc. Equal‐Weight V Trey Grooms PNC PNC Financial Services Group Equal‐Weight Terry McEvoy, CFA NEOG Neogen Corp. Equal‐Weight V Drew Jones PII Polaris Industries Inc. Equal‐Weight Drew Lipke NEO Neogenomics Inc. Overweight V Drew Jones POOL Pool Corp. Equal‐Weight Matt Duncan, CFA NTCT NetScout Systems, Inc. Equal‐Weight V Jonathan Ruykhaver, CFA PFBC Preferred Bank Overweight Tyler Stafford, CFA NEWM New Media Investment Group Overweight Kyle Evans PRIM Primoris Service Corp. Equal‐Weight V Matt Duncan, CFA NEWR New Relic, Inc. Overweight V Jonathan Ruykhaver, CFA PFPT Proofpoint, Inc. Overweight V Jonathan Ruykhaver, CFA NYCB New York Community Bancorp Equal‐Weight Austin Nicholas PUMP ProPetro Holding Corp. Overweight Tommy Moll NXST Nexstar Media Group Overweight V Kyle Evans PB Prosperity Bancshares Equal‐Weight Matt Olney, CFA EGOV NIC Inc. Equal‐Weight John Campbell QCRH QCR Holdings, Inc. Overweight Terry McEvoy, CFA NNBR NN, Inc. Equal‐Weight Justin Long QEP QEP Resources, Inc. Equal‐Weight Ben Wyatt

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 13 EQUITY RESEARCH COVERAGE LIST

3/28/2018 3/28/2018 COMPANY RATING VOLANALYST COMPANY RATING VOLANALYST QLYS Qualys, Inc. Overweight V Jonathan Ruykhaver, CFA SQ Square, Inc. Overweight V Brett Huff, CFA PWR Quanta Services, Inc. Overweight V Matt Duncan, CFA SRCI SRC Energy Inc. Overweight Ben Wyatt QNST QuinStreet, Inc. Overweight V John Campbell STAA STAAR Surgical Co. Equal‐Weight V Chris Cooley, CFA QES Quintana Energy Services Overweight Tommy Moll SBUX Starbucks Corp. Equal‐Weight Will Slabaugh RRC Range Resources Corp. Overweight Will Green STBZ State Bank Financial Corp. Equal‐Weight Tyler Stafford, CFA RBB RBB Bancorp, Inc. Overweight Tyler Stafford, CFA STE STERIS plc Overweight Chris Cooley, CFA RMAX RE/MAX Holdings Inc. Equal‐Weight V John Campbell STL Sterling Bancorp Overweight Austin Nicholas RLGY Realogy Holdings Corporation Overweight V John Campbell STC Stewart Information Services Equal‐Weight V John Campbell RP RealPage, Inc. Overweight V John Campbell SYBT Stock Yards Bancorp Equal‐Weight Terry McEvoy, CFA RHT Red Hat, Inc. Overweight V Jonathan Ruykhaver, CFA SRI Stoneridge, Inc. Overweight Justin Long RRGB Red Robin Gourmet Burgers Overweight Will Slabaugh SUM Summit Materials LLC Overweight Trey Grooms RDFN Redfin Corp. Underweight John Campbell SUN Sunoco LP Equal‐Weight Matt Schmid RM Regional Management Equal‐Weight V Vincent Caintic, CFA STI SunTrust Banks, Inc. Overweight Terry McEvoy, CFA RF Regions Financial Corp. Equal‐Weight Terry McEvoy, CFA SPN Superior Energy Services Equal‐Weight Tommy Moll RNST Renasant Corp. Equal‐Weight Matt Olney, CFA SIVB SVB Financial Group Overweight Tyler Stafford, CFA RCII Rent‐A‐Center Underweight V Vincent Caintic, CFA SYMC Symantec Corp. Equal‐Weight Jonathan Ruykhaver, CFA RGEN Repligen Corp. Overweight V Drew Jones SYF Synchrony Financial Equal‐Weight V Vincent Caintic, CFA QSR Restaurant Brands International Overweight Will Slabaugh SNV Synovus Financial Corp. Overweight Tyler Stafford, CFA REI Ring Energy, Inc. Overweight Ben Wyatt TCF TCF Financial Corp. Equal‐Weight Terry McEvoy, CFA RES RPC, Inc. Equal‐Weight Tommy Moll TISI Team, Inc. Overweight V Matt Duncan, CFA RSPP RSP Permian, Inc. Overweight Will Green TGNA TEGNA Inc. Equal‐Weight Kyle Evans RUSHA Rush Enterprises, Inc. Overweight Brad Delco TFX Teleflex Inc. Overweight Chris Cooley, CFA RRyder System, Inc. Equal‐Weight Justin Long TCBI Texas Capital Bancshares Equal‐Weight Matt Olney, CFA SAIA Saia, Inc. Equal‐Weight Brad Delco TXRH Texas Roadhouse, Inc. Overweight Will Slabaugh SN Sanchez Energy Corp. Equal‐Weight V Ben Wyatt TXT Textron Inc. Equal‐Weight V Drew Lipke SNMP Sanchez Midstream Partners Overweight Matt Schmid ANDE The Andersons, Inc. Equal‐Weight Farha Aslam SAFM Sanderson Farms, Inc. Equal‐Weight Farha Aslam CAKE The Cheesecake Factory Equal‐Weight Will Slabaugh SASR Sandy Spring Bancorp Overweight Austin Nicholas COO The Cooper Companies Equal‐Weight Chris Cooley, CFA SC Santander Consumer USA Equal‐Weight V Vincent Caintic, CFA ENSG The Ensign Group Overweight V Dana Hambly, CFA SNDR Schneider National Inc. Equal‐Weight Brad Delco SJM The J.M. Smucker Co. Equal‐Weight Farha Aslam NOW ServiceNow, Inc. Overweight V Jonathan Ruykhaver, CFA MIK The Michaels Companies Overweight Rick Nelson, CFA, CPA SFBS ServisFirst Bancshares, Inc. Equal‐Weight Tyler Stafford, CFA WEN The Wendy's Co. Overweight Will Slabaugh SIEN Sientra, Inc. Overweight V Chris Cooley, CFA TITN Titan Machinery Inc. Equal‐Weight V Rick Nelson, CFA, CPA SBNY Signature Bank Overweight Austin Nicholas BLD TopBuild Corp. Overweight V Trey Grooms SBOW SilverBow Resources, Inc. Overweight Ben Wyatt TSS Total System Services, Inc. Overweight Brett Huff, CFA SFNC Simmons First National Overweight Matt Olney, CFA TSQ Townsquare Media Equal‐Weight Kyle Evans SBGI Sinclair Broadcast Group Overweight V Kyle Evans TSCO Tractor Supply Co. Equal‐Weight V Ben Bienvenu SAH Sonic Automotive Equal‐Weight Rick Nelson, CFA, CPA TDG TransDigm Group Inc. Equal‐Weight V Drew Lipke SONC Sonic Corporation Overweight Will Slabaugh THS TreeHouse Foods, Inc. Equal‐Weight Farha Aslam SSB South State Corp. Equal‐Weight Tyler Stafford, CFA TREX Trex Company, Inc. Equal‐Weight V Trey Grooms LUV Southwest Airlines Co. Overweight Jack Atkins TRCO Tribune Media Co. Equal‐Weight Kyle Evans SWN Southwestern Energy Co. Equal‐Weight Will Green TRN Trinity Industries, Inc. Equal‐Weight Justin Long SAVE Spirit Airlines, Inc. Overweight Jack Atkins TSC TriState Capital Holdings Overweight Matt Olney, CFA SPLK Splunk, Inc. Overweight V Jonathan Ruykhaver, CFA TBK Triumph Bancorp, Inc. Overweight Matt Olney, CFA SFM Sprouts Farmers Market Equal‐Weight V Ben Bienvenu TRUE TrueCar, Inc. Overweight V Kyle Evans

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 14 EQUITY RESEARCH COVERAGE LIST

3/28/2018 3/28/2018 COMPANY RATING VOL ANALYST COMPANY RATING VOL ANALYST TRMK Trustmark Corporation Equal‐Weight Matt Olney, CFA WMT Walmart Stores, Inc. Overweight Ben Bienvenu TSN Tyson Foods Overweight Farha Aslam WSO Watsco, Inc. Equal‐Weight Matt Duncan, CFA USB U.S. Bancorp Equal‐Weight Terry McEvoy, CFA W Wayfair Inc. Overweight Rick Nelson, CFA, CPA USCR U.S. Concrete, Inc. Overweight Trey Grooms WELL Welltower Inc. Overweight Dana Hambly, CFA USPH U.S. Physical Therapy Equal‐Weight V Dana Hambly, CFA WERN Werner Enterprises, Inc. Overweight Brad Delco UMBF UMB Financial Corp. Equal‐Weight Matt Olney, CFA WSBC WesBanco, Inc. Overweight Austin Nicholas UMPQ Umpqua Holdings Corp. Equal‐Weight Tyler Stafford, CFA WCC WESCO International, Inc. Overweight V Matt Duncan, CFA UBSH Union Bankshares Corp. Overweight Austin Nicholas WST West Pharmaceutical Services Equal‐Weight V Drew Jones UNP Union Pacific Corp. Overweight Justin Long WAL Western Alliance Bancorp. Overweight Tyler Stafford, CFA UBSI United Bankshares, Inc. Equal‐Weight Austin Nicholas WRK WestRock Co. Equal‐Weight Mark Connelly UCBI United Community Banks Equal‐Weight Tyler Stafford, CFA WY Weyerhaeuser Co. Equal‐Weight Mark Connelly UAL United Continental Holdings, Inc. Equal‐Weight Jack Atkins WLL Whiting Petroleum Corp. Overweight Will Green UNFI United Natural Foods, Inc. Equal‐Weight V Ben Bienvenu WMB Williams Companies Equal‐Weight Matt Schmid UPS United Parcel Service, Inc. Equal‐Weight Jack Atkins WPZ Williams Partners LP Overweight Matt Schmid UHS Universal Health Services Equal‐Weight V Dana Hambly, CFA WING Wingstop Inc. Overweight Will Slabaugh USAK USA Truck, Inc. Overweight Brad Delco WTFC Wintrust Financial Corp. Equal‐Weight Terry McEvoy, CFA USG USG Corp. Equal‐Weight V Trey Grooms WWD Woodward, Inc. Overweight Drew Lipke VLY Valley National Bancorp Equal‐Weight Austin Nicholas WRLD World Acceptance Corp. Underweight V Vincent Caintic, CFA VRNS Varonis Systems, Inc. Overweight V Jonathan Ruykhaver, CFA WP Worldpay, Inc. Overweight Brett Huff, CFA VBTX Veritex Holdings Inc. Overweight Matt Olney, CFA WSFS WSFS Financial Corp. Overweight Austin Nicholas VVisa Inc. Overweight Brett Huff, CFA XPO XPO Logistics,Inc. Equal‐Weight Jack Atkins VMC Vulcan Materials Company Overweight Trey Grooms YOGA YogaWorks, Inc. Overweight V Ben Bienvenu GWW W.W. Grainger, Inc. Equal‐Weight Matt Duncan, CFA YRCW YRC Worldwide Inc. Overweight V Brad Delco WNC Wabash National Corp. Equal‐Weight Brad Delco ZG Zillow, Inc. Overweight V John Campbell WBC WABCO Holdings Inc. Overweight Justin Long ZION Zions Bancorporation Equal‐Weight Terry McEvoy, CFA WAB Wabtec Corp. Overweight Justin Long ZOES Zoe's Kitchen, Inc. Equal‐Weight V Will Slabaugh

Source: Stephens Inc.

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 15 COVERAGE CHANGES

Stephens added 3 companies to ADDED Symbol Date RATING Analyst coverage during the month and now Albany International Corp. AIN 03/05/18 Equal-Weight (Vol) Lipke covers 502 companies. These Cutera, Inc. CUTR 03/12/18 Overweight (Vol) Cooley companies have an average and Quintana Energy Services QES 03/06/18 Overweight Moll median market capitalization of $8.7 billion and $2.7 billion, respectively.

DROPPED Symbol Date Enterprise Software (analyst departure) 03/28/18

Source: Stephens Inc.

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 16 RATING CHANGES

Rating UPGRADES Symbol To From Date Analyst Darden Restaurants DRI Overweight Equal-Weight 03/26/18 Slabaugh Stoneridge SRI Overweight Equal-Weight 03/20/18 Long

Rating DOWNGRADES Symbol To From Date Analyst

Source: Stephens Inc.

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 17

FOOD AND AGRIBUSINESS FARHA ASLAM, 212-891-1778

Farha leads the firm's food and agribusiness equity research coverage. She joined Stephens Inc. in December 2004. Prior to joining Stephens, Ms. Aslam was part of Merrill Lynch’s equity research effort since 1999 where she worked on such companies as Kellogg, Kraft Foods, and the J.M. Smucker Company. Ms. Aslam received a B.A. from the University of California in 1991 and an MBA in finance from Columbia University in 1996.

Sector Overview: Our Food and Agribusiness team covers small- to mid-cap stocks that primarily encompass commodity-based, branded food-based and ethanol and grain storage-based companies. We aggregate coverage across the entire food supply chain, with respect to worldwide commodity markets. Our base coverage includes closely following consumer trends, commodity cycles, international trade policies, government regulations, and seasonal weather patterns.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS CONSUMER Food and Agribusiness, Farha Aslam, 212-891-1778, [email protected] Andersons, The ANDE Dec E $32.70 $40.00 28.5 $1.15 $2.15 $2.35 15.2 13.9 $931.2 $28.74 Archer Daniels Midland Co. ADM op Dec O $42.80 $50.00 558.9 $2.43 $2.95 $3.25 14.5 13.2 $23,919.8 $32.88 B & G Foods, Inc. BGS op Dec O $24.30 $35.00 66.6 $2.11 $2.15 $2.30 11.3 10.6 $1,618.2 $13.25 Bunge Ltd. BG adj Dec O $73.06 $90.00 140.7 $1.93 $4.00 $5.00 18.3 14.6 $10,279.5 $45.92 Cal-Maine Foods, Inc. CALM op May O $45.60 $50.00 43.8 ($1.54) $2.05 $2.45 22.2 18.6 $1,996.1 $17.35 Calavo Growers Inc. CVGW op Oct O $91.25 $110.00 17.5 $2.16 $3.15 $3.70 29.0 24.7 $1,600.8 $13.87 Dean Foods DF op Dec E $8.63 $9.00 91.3 $0.80 $0.60 $0.80 14.4 10.8 $788.0 $7.20 Flowers Foods, Inc. FLO op Dec E $21.40 $22.00 210.6 $0.89 $1.05 $1.10 20.4 19.5 $4,507.0 $5.94 Green Plains Inc. GPRE op Dec O $16.65 $32.00 41.1 ($0.86) $1.00 $1.56 16.7 10.7 $683.5 $22.93 Hormel Foods HRL Oct O $33.66 $38.00 529.5 $1.57 $1.97 $1.95 17.1 17.3 $17,824.1 $9.34 Hostess Brands, Inc. TWNK op Dec O $14.60 $20.00 99.9 $0.64 $0.67 $0.77 21.8 19.0 $1,457.9 $11.33 Ingredion Inc. INGR op Dec O $127.15 $156.00 72.2 $7.70 $8.30 $8.90 15.3 14.3 $9,184.8 $40.16 J.M. Smucker Co., The SJM op Apr E $123.30 $125.00 113.6 $7.72 $8.25 $9.15 14.9 13.5 $14,005.0 $60.39 Pilgrim's Pride Corp. PPC op Dec O/V $24.90 $40.00 248.8 $2.68 $3.40 $3.65 7.3 6.8 $6,194.0 $7.42 Pinnacle Foods, Inc. PF op Dec O $53.79 $65.00 119.0 $2.55 $2.90 $3.10 18.5 17.4 $6,402.8 $19.99 Sanderson Farms SAFM Oct E $123.16 $130.00 22.8 $12.30 $10.85 $10.75 11.4 11.5 $2,812.5 $62.84 TreeHouse Foods, Inc. THS op Dec E $38.11 $40.00 56.4 $2.82 $2.00 $2.45 19.1 15.6 $2,149.6 $39.96 Tyson Foods TSN op Sep O $72.93 $82.00 297.6 $5.31 $6.50 $7.25 11.2 10.1 $21,703.7 $29.23

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 18

RESTAURANTS WILL SLABAUGH, 501-377-2259

Will is a research analyst leading the restaurant industry. Previously, Will was a research associate in the IT services and digital marketing industries and an analyst in the Corporate Finance department, where he focused on various industries including consumer, information technology and telecommunications services. Will joined Stephens in 2007. He graduated with honors and holds a B.S. in international business from the Sam M. Walton College of Business at the University of Arkansas. Sector Overview: The majority of our coverage is focused on companies in the casual dining segment, though we also follow the quick-service (QSR) segment, family dining segment and quick/fast casual. We believe that key industry trends to watch in the coming quarters and years will include operating cost containment amid unstable commodity prices, consumer sentiment and discretionary spend, a scarcity of strong concept growth, as well as broader macroeconomic indicators. Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS CONSUMER Restaurants, Will Slabaugh, 501-377-2259, [email protected] BJ's Restaurants BJRI adj Dec O $44.50 $45.00 20.5 $1.40 $1.75 $1.96 25.4 22.7 $912.4 $12.63 Bojangles', Inc. BOJA adj Dec E $13.65 $12.00 37.0 $0.83 $0.66 $0.69 20.7 19.8 $505.0 $7.73 Brinker International EAT adj Jun E $36.09 $40.00 46.3 $3.18 $3.50 $3.80 10.3 9.5 $1,672.7 -$10.19 Carrols Restaurant Group TAST adj Dec O $11.25 $18.00 36.5 $0.20 $0.22 $0.25 51.1 45.0 $411.1 $4.77 Cheesecake Factory, The CAKE adj Dec E $48.00 $48.00 45.9 $2.57 $2.75 $2.92 17.5 16.4 $2,203.2 $13.37 Chipotle Mexican Grill CMG adj Dec E $319.51 $285.00 27.9 $6.72 $8.90 $10.85 35.9 29.4 $8,923.9 $48.68 Chuy's Holdings, Inc. CHUY adj Dec O $25.65 $28.00 17.0 $0.96 $1.14 $1.28 22.5 20.0 $435.2 $11.17 Darden Restaurants DRI adj May O $84.38 $105.00 123.5 $4.02 $4.76 $5.33 17.7 15.8 $10,423.8 $16.76 Del Frisco's Restaurant Group DFRG cs Dec O $14.35 $18.00 20.3 $0.75 $0.68 $0.82 21.1 17.5 $291.9 $9.31 Denny's Corp. DENN adj Dec O $15.34 $18.00 64.3 $0.59 $0.62 $0.67 24.7 22.9 $985.9 -$1.51 Domino's Pizza, Inc. DPZ adj Dec O $233.87 $245.00 43.1 $5.88 $7.82 $9.23 29.9 25.3 $10,072.8 -$63.76 Dunkin' Brands Group DNKN adj Dec E $59.81 $66.00 82.3 $2.07 $2.63 $2.93 22.7 20.4 $4,919.9 $0.09 Fiesta Restaurant Group FRGI cs Dec E/V $18.05 $20.00 27.3 $0.62 $0.47 $0.70 38.4 25.8 $491.9 $8.62 Good Times Restaurants GTIM op Sep O/V $3.00 $8.00 12.5 ($0.18) ($0.13) ($0.07) NM NM $37.4 $2.78 Habit Restaurants, Inc. HABT adj Dec O $8.60 $15.00 20.4 $0.16 $0.03 $0.03 NM NM $175.8 $5.81 J. Alexander's Holdings JAX op Dec O $11.00 $14.00 14.7 $0.50 $0.56 $0.62 19.6 17.7 $161.7 $7.39 McDonald's Corp. MCD adj Dec O $158.41 $185.00 797.2 $6.65 $7.37 $7.90 21.5 20.1 $126,282.2 -$4.12 Papa John's International PZZA adj Dec O $57.69 $70.00 33.5 $2.67 $2.50 $3.00 23.1 19.2 $1,934.8 -$3.59 Papa Murphy's Holdings FRSH adj Dec O $5.06 $7.00 17.0 $0.15 $0.25 $0.35 20.2 14.5 $85.8 $6.02 Red Robin Gourmet Burgers RRGB adj Dec O $58.30 $80.00 13.0 $2.51 $2.65 $3.00 22.0 19.4 $755.5 $29.91 Restaurant Brands International QSR adj Dec O $55.61 $75.00 243.9 $2.11 $2.65 $2.82 21.0 19.7 $13,565.3 $9.13 Sonic Corp. SONC adj Aug O $25.24 $32.00 38.5 $1.25 $1.46 $1.70 17.3 14.8 $970.7 -$5.02 Starbucks Corp. SBUX adj Sep E $57.90 $58.00 1,405.3 $2.07 $2.49 $2.73 23.3 21.2 $81,367.7 $3.81 Texas Roadhouse TXRH adj Dec O $57.49 $62.00 71.4 $1.97 $2.35 $2.63 24.5 21.9 $4,102.3 $11.79 Wendy's Co., The WEN adj Dec O $17.42 $20.00 239.4 $0.39 $0.55 $0.62 31.7 28.1 $4,170.6 $2.38 Wingstop, Inc. WING adj Dec O $47.27 $50.00 29.1 $0.69 $0.75 $0.88 63.0 53.7 $1,375.3 -$1.66 Source: Zoe'sStephens Kitchen, Inc. Inc. and FactSet Research ZOES Systems adj Dec E/V $14.33 $15.00 19.6 ($0.09) ($0.21) ($0.19) NM NM $280.7 $6.70

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 19

RETAIL/BROADLINE BEN BIENVENU, 901-681-1347

Ben is a research analyst covering the retail broadlines sector. Prior to this position, Ben served as a research associate in the same sector beginning in June 2012. Prior to joining Stephens, Ben worked in the Large Corporate Lending group of Regions Financial Corporation, where he participated in underwriting syndicated debt transactions for companies in a variety of industries. Ben received a bachelor of arts in business administration from Furman University.

Sector Overview: Our research focuses on small-, mid- and large-cap growth retail operators. The primary industries for which we provide analysis are aftermarket automotive, convenience stores, discount retailers and high-growth specialty retailers. We look for retailers that have solid fundamentals, operate in strong markets, offer differentiated services and have experienced management teams that can execute business strategies.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS CONSUMER Retail/Broadline, Ben Bienvenu, 501-377-8511, [email protected] Advance Auto Parts AAP adj Dec E/V $115.98 $113.00 74.0 $5.37 $6.44 $6.76 18.0 17.2 $8,580.0 $46.19 AutoZone Inc. AZO Aug E/V $637.25 $725.00 26.9 $43.33 $49.10 $56.12 13.0 11.4 $17,142.7 -$51.32 Casey's General Stores CASY adj Apr O $107.45 $140.00 37.5 $4.48 $4.09 $5.34 26.3 20.1 $4,034.4 $30.71 Copart, Inc. CPRT adj Jul O/V $49.83 $54.00 232.0 $1.29 $1.79 $2.29 27.8 21.8 $11,560.3 $4.76 Core-Mark Holding Co. CORE adj Dec E/V $21.30 $23.00 46.1 $0.95 $1.13 $1.33 18.8 16.0 $983.0 $12.03 CrossAmerica Partners LP CAPL cf Dec E/V $20.34 $27.00 34.1 $2.40 $2.87 $3.19 7.1 6.4 $693.8 $5.02 KAR Auction Services KAR op Dec E $53.82 $57.00 134.4 $2.47 $2.96 $3.40 18.2 15.8 $7,233.9 $11.06 Kroger Co. KR op Jan E/V $23.62 $22.00 870.0 $2.04 $2.02 $2.02 11.7 11.7 $20,549.4 $7.94 LKQ Corp. LKQ op Dec O/V $37.50 $50.00 309.6 $1.88 $2.35 $2.56 16.0 14.6 $11,610.8 $13.58 Murphy USA Inc. MUSA adj Dec E/V $72.00 $75.00 33.5 $4.55 $4.92 $5.39 14.6 13.4 $2,413.5 $21.66 O'Reilly Automotive, Inc. ORLY Dec O/V $242.72 $300.00 83.3 $11.51 $15.64 $17.50 15.5 13.9 $20,218.6 $7.75 Sprouts Farmers Market SFM adj Dec E/V $23.43 $25.00 133.1 $1.01 $1.25 $1.43 18.7 16.4 $3,117.8 $4.90 Tractor Supply Co. TSCO Dec E/V $60.00 $79.00 123.9 $3.34 $4.02 $4.41 14.9 13.6 $7,432.6 $11.32 United Natural Foods UNFI adj Jul E/V $42.69 $51.00 50.4 $2.57 $3.10 $3.56 13.8 12.0 $2,152.0 $33.23 Walmart Stores,Inc. WMT pf Jan O $87.77 $108.00 2,962.4 $4.41 $4.92 $5.21 17.8 16.8 $260,008.2 NM YogaWorks, Inc. YOGA Dec O/V $2.86 $6.00 16.4 ($1.28) ($1.13) ($0.58) NM NM $46.9 -$1.89

Source: Stephens Inc. and FactSet Research Systems

Please see the detailed risk section for each MLP at the end of this report.

Investors should also review the risk factors identified by the companies as disclosed in the documents filed by each company with the SEC which can be viewed by clicking the following company names: CrossAmerica Partners LP

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 20

RETAIL/HARDLINES RICK NELSON, CPA, CFA, 312-292-5768

Rick is a managing director leading the retail/hardlines practice. Before joining Stephens in 1998, he was a managing director at Nesbitt Burns Securities, Inc. and Duff & Phelps Capital Markets, Inc. Rick has been a Wall Street Journal All-Star Analyst for stock selection in specialty retailing and recognized in the Institutional Investor research poll. He holds a B.S. and M.B.A. from Miami University (Ohio). Rick is a CPA and CFA charter holder and is licensed as a supervisory analyst.

Sector Overview: Our research focus is on small- and mid-cap growth retailers. We provide in-depth research coverage beyond what is typically provided by Wall Street, and we have special expertise in the specialty retailing, sporting goods and automotive retailing segments. We seek retailers with competitive advantage as to the major elements that drive store choice, including: merchandise assortment and presentation, location, store format, shopping environment, customer service and day-to-day execution. Retailers must provide a good value proposition for consumers. We look for strong management with a well-defined business strategy and the ability to execute those plans.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS CONSUMER Retail/Hardlines, Rick Nelson, CPA, CFA, 312-292-5768, [email protected] Asbury Automotive Group, Inc. ABG op Dec O $65.55 $81.00 20.8 $6.45 $7.71 $8.04 8.5 8.2 $1,365.8 $18.94 AutoNation, Inc. AN op Dec E $45.85 $60.00 91.8 $3.94 $4.88 $5.02 9.4 9.1 $4,210.2 $25.88 Camping World Holdings CWH Dec O/V $30.48 $54.00 36.7 $1.61 $2.95 $3.38 10.3 9.0 $1,120.1 $1.54 CarMax, Inc. KMX Feb E $60.64 $70.00 180.8 $3.26 $3.81 $4.09 15.9 14.8 $10,966.6 $16.66 Conn's, Inc. CONN op Jan O $32.35 $44.00 31.4 ($0.38) $1.08 $2.98 30.0 10.9 $1,014.9 $16.72 Dick's Sporting Goods, Inc. DKS op Jan E $34.33 $28.00 82.7 $3.01 $2.93 $3.07 11.7 11.2 $2,838.9 NM Group 1 Automotive, Inc. GPI op Dec E $63.43 $86.00 20.9 $7.72 $8.30 $8.55 7.6 7.4 $1,326.4 $53.80 Hibbett Sports, Inc. HIBB Jan E $23.40 $22.00 19.1 $1.71 $1.91 $2.15 12.3 10.9 $446.7 NM Lithia Motors, Inc. LAD op Dec O $99.12 $134.00 24.0 $8.39 $10.60 $11.40 9.4 8.7 $2,381.0 $43.38 Lumber Liquidators LL Dec E $23.48 $27.00 28.5 ($1.32) $0.90 $1.43 26.1 16.4 $668.9 $6.94 Michaels Companies MIK op Jan O $19.99 $26.00 181.9 $2.18 $2.26 $2.40 8.8 8.3 $3,636.8 -$8.30 Monro Muffler Brake MNRO Mar E $52.25 $48.00 32.8 $1.85 $1.90 $2.34 27.5 22.3 $1,713.5 $17.78 Ollie's Bargain Outlet OLLI op Jan O $58.90 $56.00 61.7 $0.97 $1.23 $1.44 47.9 40.9 $3,631.6 $10.72 Party City Holdco Inc. PRTY op Dec O $15.75 $23.00 96.4 $1.19 $1.84 $2.04 8.6 7.7 $1,518.2 $10.05 Penske Automotive Group, Inc. PAG op Dec O $43.05 $60.00 86.1 $4.28 $4.98 $5.12 8.6 8.4 $3,706.9 $27.92 Sonic Automotive, Inc. SAH op Dec E $18.15 $23.00 30.4 $1.86 $2.34 $2.36 7.8 7.7 $551.5 $18.21 Titan Machinery TITN op Jan E/V $19.75 $21.00 22.1 ($0.65) ($0.18) $0.09 NM NM $436.4 $14.71 Wayfair Inc. W op Dec O $65.14 $79.00 57.8 ($1.97) ($2.73) ($2.01) NM NM $3,762.6 -$0.55

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 21

EXPLORATION AND PRODUCTION WILL GREEN, 817-900-5712

Will is a research analyst covering the exploration and production sector. Will joined Stephens Inc. in May 2007 as a research associate in the industrials group with a focus on the building materials & construction services sector and was promoted to analyst in July 2010. He holds a B.A. in computer science and a B.A. in psychology from the University of Arkansas.

Sector Overview: We focus on the Energy Exploration & Production sector which explores, produces, and sells oil and natural gas. The companies we follow focus on discovering, acquiring, and developing conventional and unconventional oil and natural gas reserves, domestically. We believe E&P’s will perform well as development drilling in new focus areas contributes to production growth in a modestly bullish commodity price environment.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS ENERGY Exploration and Production, Will Green, 817-900-5712, [email protected] Abraxas Petroleum Corp. AXAS op/cf Dec O/V $2.17 $3.00 165.9 $0.28 $0.31 $0.62 7.0 3.5 $360.0 $0.64 Callon Petroleum Co. CPE op/cf Dec O/V $12.50 $22.00 201.9 $1.31 $1.79 $2.16 0.4 5.8 $2,524.4 $9.20 Carrizo Oil & Gas, Inc. CRZO op/cf Dec O/V $15.57 $45.00 81.4 $5.93 $7.31 $9.34 2.1 1.7 $1,268.0 $4.55 Centennial Resource Production CDEV op/cf Dec O $17.61 $27.00 264.9 $1.15 $2.48 $3.44 7.1 5.1 $4,664.4 $10.89 Chesapeake Energy Corp. CHK op/cf Dec E $2.99 $5.00 909.2 $1.21 $2.05 $2.05 1.5 1.5 $2,718.6 -$2.39 Concho Resources Inc. CXO op/cf Dec O $143.25 $205.00 149.1 $12.11 $14.06 $16.58 10.2 8.6 $21,354.0 $59.94 EOG Resources, Inc. EOG op/cf Dec E $103.82 $114.00 578.6 $8.36 $11.42 $12.59 9.1 8.2 $60,074.2 $28.15 EP Energy Corp. EPE op/cf Dec U $1.27 NE 251.3 $1.47 $1.48 $1.39 0.9 0.9 $319.2 $1.56 Gulfport Energy Corp. GPOR op/cf Dec O $9.18 $18.00 183.1 $3.46 $3.90 $3.85 2.4 2.4 $1,680.7 $16.94 Halcon Resources HK op/cf Dec O $4.84 $13.00 158.6 $0.77 $0.81 $1.79 6.0 2.7 $767.6 $7.18 Laredo Petroleum, Inc. LPI op/cf Dec E $8.65 $10.00 242.5 $1.56 $2.33 $2.38 3.7 3.6 $2,097.5 $3.16 Oasis Petroleum Inc. OAS op/cf Dec O/V $8.03 $13.00 317.4 $2.45 $3.13 $3.76 2.6 2.1 $2,548.4 $12.54 Parsley Energy, Inc. PE op/cf Dec O $27.34 $50.00 264.1 $2.10 $3.45 $4.36 7.9 6.3 $7,219.2 $18.68 Pioneer Natural Resources Co. PXD op/cf Dec O $167.52 $232.00 170.3 $12.87 $17.83 $21.65 9.4 7.7 $28,528.8 $66.24 Range Resources Corp. RRC op/cf Dec O $14.34 $44.00 248.5 $3.74 $3.79 $4.66 3.8 3.1 $3,564.0 $23.27 RSP Permian, Inc. RSPP op/cf Dec O $45.00 $53.00 159.4 $3.27 $5.30 $6.88 8.5 6.5 $7,174.8 $27.25 Southwestern Energy Co. SWN op/cf Dec E $4.32 NE 587.1 $2.27 $1.94 $2.17 2.2 2.0 $2,536.1 $3.86 Whiting Petroleum Corp. WLL op/cf Dec O $32.83 $60.00 92.3 $7.72 $12.20 $13.16 2.7 2.5 $3,031.1 $43.21

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 22

EXPLORATION AND PRODUCTION BEN WYATT, 817-900-5714

Ben is a research analyst covering the exploration and production and master limited partnership sectors. Ben joined Stephens in August 2010 as a research associate to assist in developing the exploration & production practice. In May 2012, Ben was promoted to research analyst in order to develop the MLP practice for Stephens. He received his B.S.B.A. in finance from the University of Arkansas and his M.B.A. from Texas Christian University.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS ENERGY Exploration and Production, Ben Wyatt, 817-900-5714, [email protected] Antero Resources Corp. AR op/cf Dec E $19.21 $26.00 316.5 $3.98 $4.52 $5.35 4.3 3.6 $6,080.4 $25.76 Cimarex Energy XEC cf Dec E $92.75 $113.00 95.4 $12.33 $16.31 $16.91 5.7 5.5 $8,851.9 $26.91 Continental Resources, Inc. CLR op/cf Dec O $57.31 $70.00 375.2 $5.57 $8.93 $9.94 6.4 5.8 $21,503.6 $13.68 Devon Energy Corp. DVN op/cf Dec O $31.20 $53.00 526.1 $4.63 $4.58 $5.12 6.8 6.1 $16,414.3 $17.63 Diamondback Energy, Inc. FANG op/cf Dec O $124.67 $159.00 98.2 $8.61 $14.41 $19.69 8.7 6.3 $12,238.5 $53.53 Earthstone Energy, Inc. ESTE op/cf Mar O $9.63 $16.00 27.8 $0.81 $1.13 $1.79 8.5 5.4 $268.0 $10.12 Energen Corp. EGN op/cf Dec O $60.78 $74.00 97.2 $7.28 $10.86 $13.33 5.6 4.6 $5,907.6 $35.40 Extraction Oil & Gas XOG op/cf Dec O $11.18 $26.00 172.8 $1.85 $4.22 $5.78 2.6 1.9 $1,931.5 $9.41 Jones Energy, Inc. JONE op/cf Dec E $0.85 $1.00 92.0 $1.99 $0.07 $0.59 12.2 1.4 $78.6 $5.21 Lilis Energy, Inc. LLEX op/cf Dec O $3.92 $5.00 53.5 ($0.56) ($0.40) $0.56 NM 7.0 $209.7 -$0.58 Marathon Oil Corp. MRO op/cf Dec E $15.32 $20.00 849.7 $2.50 $4.00 $4.47 3.8 3.4 $13,016.8 $13.77 Matador Resources Co. MTDR op/cf Dec O $28.75 $40.00 109.2 $3.17 $4.11 $5.24 7.0 5.5 $3,140.9 $10.66 Murphy Oil Corp. MUR op/cf Dec O $25.37 $34.00 173.0 $6.27 $8.90 $8.63 2.9 2.9 $4,389.9 $26.77 PDC Energy, Inc. PDCE op/cf Dec O $49.01 $70.00 65.9 $8.82 $12.02 $16.24 4.1 3.0 $3,228.8 $38.05 QEP Resources, Inc. QEP op/cf Dec E $9.40 $11.00 240.9 $2.49 $2.73 $4.00 3.4 2.4 $2,264.8 $15.76 Ring Energy, Inc. REI op/cf Dec O $14.25 $20.00 60.4 $0.77 $2.00 $2.83 7.1 5.0 $860.5 $6.58 Sanchez Energy Corp. SN op/cf Dec E/V $3.00 $7.00 84.8 $6.37 $4.40 $4.95 0.7 0.6 $254.5 -$5.59 SilverBow Resources, Inc. SBOW op/cf Dec O $28.62 $42.00 11.6 $9.43 $12.85 $14.63 2.2 2.0 $332.0 $16.72 SRC Energy Inc. SRCI op/cf Dec O $9.20 $14.00 241.8 $1.35 $2.01 $2.64 4.6 3.5 $2,224.4 $5.42

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 23

MASTER LIMITED PARTNERSHIPS MATT SCHMID, 817-900-5716

Matt is a research analyst covering master limited partnerships and business development companies. Matt joined Stephens in May 2011 as a research associate covering consumer finance and moved to the exploration and production sector in May 2012. He received a B.B.A. in finance and the business honors program from the University of Texas at Austin in 2004 as well as an M.B.A. from the University of Texas at Austin in 2011. Sector Overview: We focus on the MLP sector which encompasses midstream, exploration & production, propane, coal, general partners and non-traditional MLPs. We believe energy MLPs will continue to perform well as the demand for infrastructure build-out continues in existing and emerging plays while other MLPs will continue to offer investors above average total return potential.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS ENERGY Master Limited Partnerships, Matt Schmid, 817-900-5716, [email protected] Blueknight Energy Partners BKEP op/cf Dec O $4.15 $6.00 40.3 $0.60 $0.51 $0.67 8.1 6.2 $167.3 $11.31 Energy Transfer Equity LP ETE cf Dec E $14.25 $20.00 1,079.1 $1.15 $0.92 $1.38 15.5 10.3 $15,377.8 -$1.52 Energy Transfer Partners LP ETP cf Dec O $16.09 $29.00 1,164.0 $2.72 $2.67 $2.72 6.0 5.9 $18,729.2 $22.79 Green Plains Partners LP GPP cf Dec O $17.20 $24.00 15.9 $2.01 $2.12 $2.35 8.1 7.3 $273.7 -$1.95 Kimbell Royalty Partners KRP cf Dec O $17.95 $22.00 16.8 $1.17 $1.49 $1.46 12.0 12.3 $302.2 $15.87 Martin Midstream Partners MMLP cf Dec O $13.35 $20.00 38.4 $2.33 $1.92 $2.32 7.0 5.8 $513.0 $7.57 Plains All American Pipeline PAA op/cf Dec O $21.61 $28.00 725.2 $2.04 $1.81 $1.97 11.9 11.0 $15,671.7 $11.95 Plains GP Holdings, L.P. PAGP cf Dec O $21.42 $29.00 157.0 $2.33 $1.70 $1.20 12.6 17.9 $3,363.2 $10.86 Sanchez Midstream Partners SNMP cf Dec O $10.95 $18.00 15.0 $1.49 $2.17 $2.57 5.0 4.3 $163.9 -$1.96 Sunoco LP SUN cf Dec E $25.63 $30.00 82.5 $3.24 $3.59 $3.70 7.1 6.9 $2,114.1 $19.53 Williams Companies WMB cf Dec E $24.78 $32.00 827.3 $2.42 $1.75 $1.87 14.2 13.3 $20,501.2 $11.69 Williams Partners LP WPZ cf Dec O $34.44 $43.00 957.5 $3.46 $2.94 $3.14 11.7 11.0 $32,977.3 $22.60

Source: Stephens Inc. and FactSet Research Systems

Please see the detailed risk section for each MLP at the end of this report.

Investors should also review the risk factors identified by the companies as disclosed in the documents filed by each company with the SEC which can be viewed by clicking on each company below.

Blueknight Energy Partners Martin Midstream Partners Sunoco LP Energy Transfer Equity's LP Plains All American Pipeline Williams Partners LP Energy Transfer Partners LP Plains GP Holdings Green Plains Partners Sanchez Midstream Partners Kimbell Royalty Partners

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 24

OILFIELD SERVICES TOMMY MOLL, 501-377-6306

Tommy is an equity research analyst in the Oilfield Services practice. Previously, he was a research associate in the Media practice at Stephens, where he joined in 2014. Earlier in his career, Tommy worked at another investment bank in natural resources equity research and special situations investing. He has also worked in economics research at the Peterson Institute. Tommy holds a bachelor’s degree from William & Mary, a master’s from the London School of Economics, and a JD from Columbia.

Sector Overview: We focus on the Oilfield Services industry, which provides services and equipment to oil and natural gas exploration and production companies. The companies that we follow target all phases of the drilling and completion process.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS ENERGY Oilfield Services, Tommy Moll, 501-377-6306, [email protected] Basic Energy Services BAS Dec E $14.11 $20.00 26.4 ($3.72) ($0.53) $0.87 NM 16.2 $372.7 $12.92 C & J Energy Services CJ Dec O $24.14 $35.00 68.5 $0.37 $3.34 $6.25 7.2 3.9 $1,653.6 $19.28 Helmerich & Payne HP Sep E $64.58 $75.00 108.9 ($1.20) $4.34 ($0.24) 14.9 NM $7,030.6 $38.35 Keane Group FRAC Dec O $14.26 $24.00 112.2 ($0.34) $1.35 $1.81 10.6 7.9 $1,600.6 $4.59 Mammoth Energy Services TUSK Dec O $29.77 $36.00 44.5 $1.42 $4.66 $1.19 6.4 25.0 $1,324.8 $11.39 Nabors Industries NBR Dec E $6.85 $8.00 315.5 ($1.75) ($0.94) ($0.58) NM NM $2,161.4 $9.25 Patterson-UTI Energy PTEN Dec O $17.19 $25.00 222.3 $0.03 ($0.12) $0.24 NM 71.6 $3,821.1 $17.90 ProPetro Holding Corp. PUMP Dec O $15.53 $21.00 83.0 $0.17 $1.63 $1.91 9.5 8.1 $1,289.6 $4.98 Quintana Energy Services QES Dec O $8.96 $14.00 33.0 ($0.37) ($0.03) $0.18 NM 49.8 $296.0 $3.08 RPC RES Dec E $17.05 $25.00 215.7 $0.75 $1.60 $1.98 10.7 8.6 $3,678.1 $4.21 Superior Energy Services SPN adj Dec E $8.26 $11.00 154.2 ($1.35) ($0.75) ($0.35) NM NM $1,274.0 $7.39

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 25

BANKS MID-ATLANTIC AUSTIN NICHOLAS, CFA, 207-808-5027

Austin Nicholas is a research analyst covering the Mid-Atlantic banking sector. He joined Stephens in April 2015 and has spent over five years working in regional bank equity research covering Super Regional and Midwest banks. Prior to joining the firm, he was a Research Associate at Sterne Agee (1 year) and Oppenheimer & Co. (4 years) covering the same space. Austin holds a B.A. in economics from Colby College.

Sector Overview: Our Regional Banks team covers small- to mid-cap stocks throughout the U.S. Our coverage may focus on attractive long-term investments or on growth companies that have distinct market share gain advantages. Also, the banking industry remains highly fragmented and we seek to identify companies that can capitalize on industry consolidation. The Mid-Atlantic Region primarily includes regional and community banks located in Delaware, Washington DC, Maryland, New Jersey, New York, Pennsylvania, Virginia, & West Virginia.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS FINANCIAL SERVICES Banks-Mid-Atlantic, Austin Nicholas, 207-808-5027, [email protected] Access National Corp. ANCX Dec O $28.92 $32.00 20.5 $0.92 $2.00 $2.25 14.5 12.9 $593.8 $20.53 American National Bankshares AMNB Dec E $38.15 NE 8.7 $1.76 $2.55 $2.90 15.0 13.2 $331.0 $24.13 BankUnited, Inc. BKU Dec O $39.68 $47.00 106.0 $5.57 $3.20 $3.25 12.4 12.2 $4,206.8 $28.32 BofI Holding, Inc. BOFI Jun O/V $39.87 $45.00 62.5 $2.08 $2.44 $3.18 16.3 12.5 $2,491.8 $13.05 City Holding Co. CHCO Dec E $69.52 NE 15.5 $3.48 $4.52 $4.60 15.4 15.1 $1,078.2 $32.17 Community Bankers Trust ESXB Dec E $9.10 NE 22.1 $0.33 $0.60 $0.74 15.2 12.3 $200.9 $5.62 Eagle Bancorp EGBN Dec O $60.25 $69.00 34.2 $2.92 $4.40 $4.80 13.7 12.6 $2,058.7 $27.80 F.N.B. Corporation FNB Dec E $13.32 NE 323.5 $0.61 $1.14 $1.25 11.7 10.7 $4,308.6 $13.30 Fulton Financial Corp. FULT Dec E $17.85 NE 175.3 $0.97 $1.25 $1.38 14.3 12.9 $3,128.9 $12.73 Howard Bancorp HBMD Dec O $19.65 $24.00 19.0 $0.75 $1.25 $1.62 15.7 12.1 $372.6 $13.47 Investors Bancorp, Inc. ISBC Dec O $13.57 $15.50 304.0 $0.43 $0.75 $0.82 18.1 16.5 $4,124.6 $10.21 New York Community Bancorp NYCB Dec E $12.95 NE 490.2 $0.91 $0.92 $1.00 14.1 13.0 $6,348.3 $12.88 Old Line Bancshares OLBK Dec O $33.28 $36.00 12.6 $1.35 $2.22 $2.64 15.0 12.6 $418.2 $16.61 People's United Financial PBCT Dec E $18.46 NE 347.1 $0.97 $1.27 $1.40 14.5 13.2 $6,407.7 $16.09 Sandy Spring Bancshares SASR Dec O $38.72 $45.00 35.6 $2.20 $3.08 $3.48 12.6 11.1 $1,380.1 $23.50 Signature Bank SBNY Dec O $141.16 $165.00 53.7 $7.14 $11.10 $12.00 12.7 11.8 $7,577.9 $73.33 Sterling Bancorp STL Dec O $22.35 $30.00 224.7 $0.77 $1.80 $2.05 12.4 10.9 $5,022.2 $18.24 Union Bankshares Corp. UBSH Dec O $36.89 $44.00 65.8 $1.71 $2.55 $2.95 14.5 12.5 $2,429.0 $23.92 United Bankshares, Inc. UBSI Dec E $35.00 NE 105.0 $1.56 $2.48 $2.64 14.1 13.3 $3,676.5 $30.85 Valley National Bancorp VLY Dec E $12.47 NE 330.8 $0.58 $0.90 $1.00 13.9 12.5 $4,125.1 $8.79 WesBanco, Inc. WSBC Dec O $42.63 $45.00 44.1 $2.14 $2.95 $3.18 14.5 13.4 $1,878.1 $31.68 WSFS Financial Corp. WSFS Dec O $48.05 $56.00 31.4 $2.53 $3.38 $3.78 14.2 12.7 $1,509.0 $23.05

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 26

BANKS MIDWEST TERRY MCEVOY, CFA, 207-808-5025

Terry is managing director and research analyst following the U.S. banking sector. Prior to joining the firm in May 2015, Terry served as head of Bank Research at Sterne Agee, leading a group of six senior equity analysts that formally covered 140+ bank stocks. Terry spent 13 years in a similar role at Oppenheimer & Co. Prior to that, he worked for five years as a bank analyst at Tucker Anthony Capital Markets. Terry was named the #3 Earnings Estimator in the Commercial Banking industry by Financial Times/Starmine in 2008 when profitability within the sector hit an important inflection point. In 2010 the Financial Times/Starmine named him the #2 Stock Picker in the Commercial Banking industry which was the first year in nearly a decade the sector outperformed the S&P 500. Terry was one of the founding members/ Board of Directors of the CFA Society of Maine.

Sector Overview: Our Regional Banks team covers small- to mid-cap stocks throughout the U.S. Our coverage may focus on attractive long-term investments or on growth companies that have distinct market share gain advantages. Also, the banking industry remains highly fragmented and we seek to identify companies that can capitalize on industry consolidation. In addition to full service banks that serve both retail and commercial customers, our Midwest coverage includes banks that have a specialty focus including middle market commercial clients as well as the agricultural industry. The Midwest Region primarily includes regional and community banks located in Illinois, Indiana, Iowa, Michigan, Minnesota, Ohio, South Dakota, and Wisconsin.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS FINANCIAL SERVICES Banks-Midwest, Terry McEvoy, CFA, 207-808-5025, [email protected] Associated Banc-Corp ASB Dec E $24.65 NE 170.2 $1.43 $1.75 $1.89 14.1 13.0 $4,195.4 $20.14 Byline Bancorp, Inc. BY Dec E $23.06 NE 29.3 $0.36 $1.29 $1.60 17.9 14.4 $675.8 $15.29 Chemical Financial Corp. CHFC Dec O $54.11 $64.00 71.3 $2.09 $3.95 $4.50 13.7 12.0 $3,858.2 $37.48 Community Trust Bancorp CTBI Dec E $45.65 NE 17.7 $2.92 $3.30 $3.40 13.8 13.4 $808.5 $30.00 County Bancorp, Inc. ICBK Dec O $28.85 $34.00 6.6 $1.50 $2.15 $2.35 13.4 12.3 $191.6 $19.93 Equity Bancshares, Inc. EQBK Dec E $38.96 NE 14.6 $1.64 $2.73 $3.10 14.3 12.6 $569.0 $25.62 First Busey Corp. BUSE Dec O $29.73 $36.00 48.6 $1.48 $2.13 $2.27 14.0 13.1 $1,445.9 $19.21 First Financial Bancorp. FFBC Dec O $28.55 $33.00 62.1 $1.57 $2.15 $2.45 13.3 11.7 $1,772.8 $14.99 First Merchants Corp. FRME Dec O $41.93 $49.00 49.5 $2.13 $2.93 $3.20 14.3 13.1 $2,075.8 $26.51 First Mid-Illinois Bancshares FMBH Dec E $36.43 NE 12.7 $2.13 $2.50 $2.70 14.6 13.5 $461.7 $24.32 First Midwest Bancorp FMBI Dec O $24.48 $28.00 103.0 $0.96 $1.75 $1.94 14.0 12.6 $2,521.6 $18.16 Flagstar Bancorp FBC Dec E $35.50 NE 57.3 $1.08 $3.15 $3.60 11.3 9.9 $2,034.9 $24.41 Great Western Bancorp GWB Sep O $40.15 $49.00 58.8 $2.45 $2.72 $3.25 14.8 12.4 $2,362.2 $29.83 Horizon Bancorp HBNC Dec O $29.94 $34.00 25.5 $1.44 $2.15 $2.35 13.9 12.7 $763.9 $17.90 Lakeland Financial Corp. LKFN Dec E $46.40 NE 25.3 $2.24 $2.90 $3.15 16.0 14.7 $1,173.3 $18.72 MainSource Financial Group MSFG Dec E $39.54 NE 25.6 $1.62 $2.12 $2.31 18.7 17.1 $1,012.4 $20.83 Merchants Bancorp MBIN Dec O $22.38 $24.00 28.7 $2.24 $2.18 $2.45 10.3 9.1 $642.0 $11.36 Midland States Bancorp MSBI Dec O $31.27 $38.00 23.6 $0.93 $2.20 $2.80 14.2 11.2 $738.4 $23.35 MutualFirst Financial Inc. MFSF Dec E $36.15 NE 8.6 $1.64 $2.40 $2.80 15.1 12.9 $310.0 $20.34 Old National Bancorp. ONB Dec O $16.95 $20.00 152.1 $0.71 $1.21 $1.35 14.0 12.6 $2,577.5 $14.17 QCR Holdings, Inc. QCRH Dec O $45.05 $53.00 13.9 $2.61 $3.30 $3.55 13.7 12.7 $627.6 $25.38 Source: StephensStock Inc. Yards and Bancorp FactSet Research SYBT Systems Dec E $35.35 NE 22.7 $1.65 $2.25 $2.35 15.7 15.0 $803.0 $14.71 TCF Financial Corp. TCF Dec E $22.48 NE 170.7 $1.43 $1.67 $1.80 13.5 12.5 $3,837.5 $13.96 Wintrust Financial Corp. WTFC Dec E $84.38 NE 56.2 $4.40 $5.45 $6.20 15.5 13.6 $4,744.1 $50.96 Monthly Statistical Review Member NYSE, SIPC April 2018, Page 27

BANKS-SOUTHEAST TYLER STAFFORD, CFA 501-377-8362

Tyler is a research analyst covering the regional banks sector. Tyler began his career at Stephens in September 2011 as a research associate within the regional banks sector. Prior to joining Stephens, he was a credit analyst for Regions Financial Corporation from 2008 to 2011. Tyler graduated from Harding University with a B.B.A. in management and received a masters in finance from the University of Memphis. Tyler is a Chartered Financial Analyst (CFA) charterholder.

Sector Overview: Our Regional Banks team covers small-to-mid-cap stocks throughout the U.S. Our coverage may focus on attractive long-term investments or on growth companies that have distinct growth advantage. In addition, the banking industry remains highly fragmented and we seek to identify companies that can capitalize on industry consolidation. The Southeast Region primarily includes regional banks located in Alabama, Florida, Georgia, North Carolina, South Carolina and Tennessee.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS FINANCIAL SERVICES Banks-Southeast, Tyler Stafford, CFA, 501-377-8362, [email protected] Ameris Bancorp ABCB op Dec O $52.45 $65.00 38.2 $2.48 $3.62 $4.40 14.5 11.9 $2,005.7 $21.59 Capital City Bank Group CCBG op Dec E $25.29 $26.00 17.0 $0.88 $1.41 $1.72 17.9 14.7 $430.9 $16.73 CapStar Financial Holdings CSTR op Dec E $18.83 $18.00 11.6 $0.40 $1.09 $1.16 17.3 16.2 $218.1 $12.61 Carolina Financial Corp. CARO op Dec E $39.03 $43.00 21.1 $2.08 $2.95 $3.28 13.2 11.9 $822.0 $22.61 CenterState Banks, Inc. CSFL op Dec E $26.66 $30.00 83.6 $1.42 $1.81 $2.10 14.7 12.7 $2,229.5 $15.04 FB Financial Corporation FBK op Dec O $40.50 $49.00 30.7 $2.10 $3.12 $3.36 13.0 13.0 $1,241.4 $19.54 Fidelity Southern Corp. LION op Dec E $23.02 $24.00 27.0 $1.31 $1.64 $1.73 14.0 13.3 $622.3 $14.86 First Bancorp FBNC op Dec E $35.95 $41.00 29.6 $1.98 $2.84 $3.03 12.7 12.7 $1,065.7 $23.38 First Horizon National Corp. FHN op Dec E $18.62 $21.50 326.8 $1.11 $1.44 $1.65 12.9 12.9 $6,085.7 $12.82 Franklin Financial Network FSB op Dec E $32.30 $36.00 13.3 $2.41 $2.72 $3.00 11.9 10.8 $428.1 $23.01 National Commerce Corp. NCOM op Dec E $43.55 $48.00 17.2 $1.97 $2.86 $3.27 15.2 13.3 $749.9 $26.55 Pinnacle Financial Partners PNFP op Dec O $63.80 $74.00 77.9 $3.58 $4.66 $5.01 13.7 12.7 $4,969.2 $47.70 ServisFirst Bancshares, Inc. SFBS op Dec E $41.08 $44.00 53.1 $1.78 $2.57 $2.92 16.0 14.1 $2,180.6 $11.46 South State Corp. SSB op Dec E $85.65 $98.00 36.8 $4.80 $6.13 $6.26 14.0 13.7 $3,148.5 $62.81 State Bank Financial Corp. STBZ op Dec E $30.00 $32.00 39.0 $1.63 $2.12 $2.26 14.2 13.3 $1,170.4 $16.45 Synovus Financial Corp. SNV op Dec O $49.36 $56.00 118.7 $2.39 $3.49 $3.80 14.1 13.0 $5,858.1 $23.85 United Community Banks, Inc. UCBI op Dec E $31.65 $34.00 79.1 $1.62 $2.11 $2.31 15.0 13.7 $2,503.9 $16.80

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 28

BANKS-SOUTHWEST MATT OLNEY, CFA, 501-377-2101

Matt is a managing director leading the regional banks practice. He joined Stephens in 2004 as an associate analyst covering the regional banks sector. In 2007, he became a research analyst covering small cap banks and thrifts in the Southeast. Prior to joining Stephens Inc., Matt resided in Houston, TX, where he worked in various roles for Wells Fargo, UBS and Enron. He holds a B.B.A. with a focus in finance and management information systems from the University of Oklahoma. Matt earned his Chartered Financial Analyst designation in 2007.

Sector Overview: Our Regional Banks team covers small-to-mid-cap stocks throughout the U.S. Our coverage may focus on attractive long-term investments or on growth companies that have distinct growth advantage. In addition, the banking industry remains highly fragmented and we seek to identify companies that can capitalize on industry consolidation. The Southwest Region primarily includes regional banks located in Texas, Oklahoma, Arkansas, Louisiana, Mississippi and Missouri.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS FINANCIAL SERVICES Banks-Southwest, Matt Olney, CFA, 501-377-2101, [email protected] Allegiance Bancshares, Inc. ABTX op Dec O $38.80 $45.00 13.3 $1.56 $2.47 $2.98 15.7 13.0 $515.5 $23.20 BancorpSouth Bank BXS op Dec O $31.65 $39.00 85.6 $1.67 $2.31 $2.58 13.7 12.3 $2,710.7 $18.97 Bank of the Ozarks OZRK op Dec E $47.32 $56.00 129.2 $2.94 $3.69 $4.32 12.8 11.0 $6,112.9 $26.98 BOK Financial BOKF op Dec O $98.12 $104.00 65.5 $5.25 $6.48 $6.92 15.1 15.1 $6,423.8 $53.45 Cadence Bancorporation CADE op Dec O $27.08 $32.00 83.6 $1.51 $1.83 $2.11 14.8 14.8 $2,264.6 $16.25 CBTX, Inc. CBTX op Dec O $29.20 $33.00 25.9 $1.45 $1.65 $1.81 17.7 17.7 $757.6 $17.97 Commerce Bancshares, Inc. CBSH op Dec E $59.21 $58.00 106.9 $2.89 $3.37 $3.61 17.6 17.6 $6,329.1 $24.08 Cullen/Frost Bankers, Inc. CFR op Dec E $104.69 $110.00 63.8 $5.52 $6.24 $6.86 16.8 16.8 $6,675.1 $49.68 First Bancshares Inc. FBMS op Dec O $31.80 $37.00 12.3 $1.77 $2.22 $2.61 14.3 14.3 $392.4 $19.92 First Financial Bankshares FFIN op Dec E $46.30 $45.00 67.6 $1.68 $2.02 $2.16 22.9 22.9 $3,128.7 $14.03 Guaranty Bancshares, Inc. GNTY op Dec E $33.42 $35.00 11.1 $1.56 $2.04 $2.34 16.4 16.4 $369.6 $18.75 Hancock Holding Co. HBHC op Dec E $51.45 $58.00 86.8 $2.90 $3.70 $4.12 13.9 13.9 $4,464.7 $33.86 Hilltop Holdings Inc. HTH op Dec E $23.43 $29.00 96.0 $1.41 $1.90 $2.05 12.3 12.3 $2,249.0 $19.92 Home BancShares, Inc. HOMB op Dec O $22.65 $29.00 173.7 $1.21 $1.73 $1.90 13.1 11.9 $3,934.6 $12.70 IBERIABANK Corp. IBKC op Dec E $77.50 $90.00 53.9 $4.47 $6.50 $6.94 11.9 11.2 $4,174.9 $66.17 Independent Bank Group IBTX op Dec O $69.90 $81.00 28.3 $3.52 $4.70 $5.43 14.9 12.9 $1,981.4 $47.28 LegacyTexas Financial Group LTXB op Dec E $42.59 $46.00 48.2 $2.16 $3.05 $3.27 14.0 13.0 $2,052.8 $19.95 National Bank Holdings Corp. NBHC op Dec E $33.18 $34.00 30.4 $1.20 $1.83 $2.00 18.1 16.6 $1,008.5 $19.81 Prosperity Bancshares, Inc. PB op Dec E $71.84 $76.00 69.8 $3.94 $4.75 $5.04 15.1 14.3 $5,016.7 $55.03 Renasant Corp. RNST op Dec E $42.22 $47.00 49.4 $2.42 $3.11 $3.33 13.6 12.7 $2,084.7 $30.72 Simmons First National Corp. SFNC op Dec O $28.50 $33.00 92.2 $1.70 $2.31 $2.53 12.3 11.3 $2,627.8 $22.65 Texas Capital Bancshares TCBI op Dec E $88.45 $104.00 49.7 $4.15 $5.82 $6.48 15.2 13.6 $4,392.5 $41.35 TriState Capital Holdings TSC op Dec O $23.30 $28.00 28.9 $1.24 $1.50 $1.89 15.5 12.3 $673.6 $13.61 Triumph Bancorp, Inc. TBK op Dec O $40.70 $47.00 20.8 $1.55 $2.66 $3.15 15.3 12.9 $847.6 $18.35 Source: StephensTrustmark Inc. Corp. and FactSet Research TRMK Systems op Dec E $31.13 $34.00 68.4 $1.86 $2.11 $2.28 14.8 13.7 $2,128.6 $23.20 UMB Financial UMBF op Dec E $72.46 $81.00 50.0 $3.72 $4.41 $4.79 16.4 15.1 $3,625.5 $43.72 Veritex Holdings, Inc. VBTX op Monthly Dec Statistical O Review $27.70 Member $34.00 NYSE, 24.1SIPC $1.07 $1.80 $2.12 15.4 13.1 April $667.7 2018, $20.29Page 29

BANKS-SUPER-REGIONAL TERRY MCEVOY, CFA, 207-808-5025

Sector Overview: Our research focus is on U.S. Super-Regional Banks, which we define as banks with assets over $50 billion and under $500 billion. Each of these banks operates mostly in multiple contiguous states and provide traditional banking products. Certain Super-Regional Banks have made investments within fee generating business such as insurance, capital markets or asset management to diversify their revenue stream. Fundamentally, the banking sector is well-capitalized and should see an acceleration in earnings growth when the Federal Reserve begins raising interest rates.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS FINANCIAL SERVICES Banks-Super-Regional, Terry McEvoy, CFA, 207-808-5025, [email protected] BB&T Corporation BBT Dec O $51.53 $58.00 777.4 $2.74 $4.04 $4.36 12.8 11.8 $40,057.4 $34.01 Citizens Financial Group CFG Dec O $41.55 $50.00 487.7 $3.27 $3.39 $3.87 12.3 10.7 $20,264.6 $40.80 Comerica Inc. CMA Dec O $94.27 $100.00 172.6 $4.13 $6.51 $7.15 14.5 13.2 $16,275.2 $46.07 Fifth Third Bancorp FITB Dec E $31.56 NE 687.0 $2.85 $2.30 $2.52 13.7 12.5 $21,681.2 $21.67 First Republic Bank FRC op Dec E $91.51 NE 161.8 $4.31 $4.65 $5.49 19.7 16.7 $14,803.9 $42.23 Huntington Bancshares Inc. HBAN Dec E $15.02 NE 1,102.3 $1.00 $1.21 $1.32 12.4 11.4 $16,557.1 $9.09 KeyCorp. KEY Dec O $19.27 $24.00 1,052.2 $1.13 $1.64 $1.80 11.8 10.7 $20,275.7 $13.09 PNC Financial Services Group PNC Dec E $149.45 NE 471.6 $10.39 $10.27 $11.70 14.6 12.8 $70,479.1 $100.45 Regions Financial Corp. RF Dec E $18.28 NE 1,122.7 $1.00 $1.35 $1.49 13.5 12.3 $20,523.8 $13.55 SunTrust Banks, Inc. STI op Dec O $66.56 $77.00 467.3 $4.48 $5.00 $5.46 13.3 12.2 $31,106.1 $48.16 U.S. Bancorp USB Dec E $50.07 NE 1,650.8 $3.51 $4.20 $4.51 11.9 11.1 $82,657.1 $26.35 Zions Bancorporation ZION Dec E $52.17 NE 196.5 $2.60 $3.60 $4.00 14.5 13.0 $10,252.1 $36.01

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 30

BANKS-WEST COAST TYLER STAFFORD 501-377-8362

Sector Overview: Our Regional Banks team covers small-to-mid-cap stocks throughout the U.S. Our coverage may focus on attractive long-term investments or on growth companies that have distinct growth advantage. In addition, the banking industry remains highly fragmented and we seek to identify companies that can capitalize on industry consolidation. The West Coast Region primarily includes regional banks located in California and the Pacific Northwest.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS FINANCIAL SERVICES Banks-West Coast, Tyler Stafford, CFA, 501-377-8362, [email protected] Banner Corp. BANR op Dec E $55.60 $59.00 32.6 $2.99 $3.36 $3.62 16.5 15.4 $1,814.0 $38.89 Pacific Premier Bancorp PPBI op Dec E $40.30 $47.00 46.2 $2.02 $2.77 $3.20 14.5 12.6 $1,862.7 $26.86 PacWest Bancorp PACW op Dec O $48.91 $60.00 125.8 $2.99 $3.62 $4.25 13.5 11.5 $6,151.8 $38.65 Preferred Bank PFBC op Dec O $64.08 $75.00 13.2 $3.49 $4.66 $5.38 13.8 11.9 $845.1 $23.48 RBB Bancorp, Inc. RBB op Dec O $26.99 $30.00 15.9 $1.47 $1.81 $2.00 14.9 13.5 $429.4 $16.67 SVB Financial Group SIVB op Dec O $235.81 $295.00 52.9 $9.84 $14.54 $17.35 16.2 13.6 $12,472.0 $79.11 Umpqua Holdings Corp. UMPQ op Dec E $21.36 $24.00 220.4 $1.06 $1.32 $1.64 16.2 13.0 $4,708.6 $18.24 Western Alliance Bancorp. WAL op Dec O $57.36 $68.00 105.7 $3.09 $4.14 $4.74 13.9 12.1 $6,061.1 $21.14

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 31

REAL ESTATE SERVICES JOHN CAMPBELL, 501-377-6362

John is a research analyst covering the real estate services sector. John joined Stephens in May 2011 as a research associate in the business services and insurance brokerage space. He was promoted into a lead analyst role in February 2014. Prior to joining Stephens Inc., John was a senior strategy planning analyst at FedEx Corporation where he focused on the development and implementation of corporate strategy. He graduated from the University of Mississippi in 2005 with a B.A. in banking & finance and later received an M.B.A. in 2011 from the University of Mississippi.

Sector Overview: We see three dominant trends that are shaping the U.S. residential housing market. First, slow unit growth of new/existing home sales driven by higher rates, student debt inhibiting first-time buyers, and low levels of home equity limiting the trade-up market. Second, the consolidation of mortgage lending driven by the economic recession and the government’s response to it. Third, lenders giving larger share of wallet to fewer vendors and outsourcing more functions surrounding mortgage underwriting to third parties in response to regulatory factors. To win in this market, we think real estate services providers will need to run a tight operation to drive high incremental margins from the limited demand curve they face, drive revenue growth with share taking via organic cross sales or M&A to offer more services, and offering centralized/bundled products.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS FINANCIAL SERVICES Real Estate Services, John Campbell, 501-377-6362, [email protected] Black Knight, Inc. BKI adj Dec O/V $46.70 $55.00 150.1 $1.37 $1.76 $2.08 26.5 22.5 $7,011.4 $11.28 Cannae Holdings, Inc. CNNE pf Dec O/V $18.93 $22.00 70.9 $1.68 ($0.53) ($0.47) NM NM $1,341.3 $14.95 CoreLogic CLGX adj Dec O/V $44.91 $52.00 81.5 $2.36 $2.71 $2.90 16.6 15.5 $3,659.5 $12.46 Ellie Mae, Inc. ELLI adj Dec E/V $90.50 $92.00 34.3 $1.62 $1.94 $2.70 46.6 33.5 $3,103.2 $21.48 Fidelity National Financial, Inc. FNF pf/cs Dec O $39.81 $46.00 274.4 $2.48 $2.76 $3.02 14.4 13.2 $10,925.4 $16.20 First American Financial Corp. FAF op Dec O $58.11 $70.00 110.7 $3.70 $4.48 $4.85 13.0 12.0 $6,434.0 $31.37 LendingTree, Inc. TREE adj Dec O/V $330.60 $420.00 12.2 $3.75 $5.42 $7.44 61.0 44.4 $4,047.9 $24.57 NIC Inc. EGOV adj Dec E $13.25 $15.00 67.1 $0.83 $0.85 $0.76 15.6 17.4 $889.3 $2.54 QuinStreet, Inc. QNST adj Jun O/V $12.66 $11.50 46.2 $0.10 $0.36 $0.46 35.2 27.5 $585.3 $2.60 Realogy Holdings Corp. RLGY adj Dec O/V $27.75 $33.00 130.8 $1.57 $1.89 $2.07 14.7 13.4 $3,629.9 $19.89 Redfin Corp. RDFN adj Dec U $22.35 $17.00 81.8 ($0.15) $0.00 $0.22 NM NM $1,827.7 $2.89 RealPage, Inc. RP adj Dec O/V $51.10 $59.00 83.1 $0.92 $1.46 $1.83 35.0 27.9 $4,246.1 $6.03 RE/MAX Holdings Inc. RMAX adj Dec E/V $60.15 $60.00 17.7 $1.87 $1.97 $2.21 30.5 27.2 $1,064.5 $26.43 Stewart Information Services STC op Dec E/V $43.96 $49.00 23.7 $2.05 $3.28 $3.75 13.4 11.7 $1,043.7 $28.34 Zillow, Inc. ZG adj Dec O/V $53.41 $52.00 56.8 $0.54 $0.92 $1.40 58.1 38.2 $3,032.5 $14.00

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 32

SPECIALTY FINANCE VINCENT CAINTIC, CFA 212-891-1715

Vincent Caintic is a Managing Director and equity research analyst covering the Specialty Finance sector. Since 2007, Vincent has covered several sectors within the financial institutions universe including specialty finance, banks, and insurance. Vincent joined Stephens in 2016 from previous research roles at Macquarie, Morgan Stanley, and Wells Fargo. Prior to equity research, Vincent was an actuary and financial analyst. Vincent received his B.A. in economics from the University of Chicago. He is a CFA charterholder.

Sector Overview: Specialty Finance companies are generally non-bank institutions that provide credit and other financial services to a target niche.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS FINANCIAL SERVICES Specialty Finance, Vincent Caintic, CFA, 212-891-1715, [email protected] Aaron's, Inc. AAN adj Dec O/V $45.57 $61.00 70.1 $2.30 $2.56 $3.44 4.1 13.2 $3,193.5 $24.68 AerCap Holdings AER adj Dec O/V $50.17 $64.00 153.0 $6.43 $5.80 $6.44 8.7 7.8 $7,675.6 $56.08 Air Lease Corp. AL Dec O/V $42.02 $61.00 103.6 $3.65 $4.23 $5.26 9.9 8.0 $4,354.2 $39.83 Aircastle Ltd. AYR adj Dec E/V $19.84 $24.00 78.5 $2.14 $2.32 $2.49 8.6 8.0 $1,558.2 $24.24 Alliance Data Systems ADS adj Dec O/V $221.90 $304.00 55.5 $18.33 $22.58 $26.46 9.8 8.4 $12,306.8 $33.49 Ally Financial Inc. ALLY adj Dec U/V $26.59 $29.00 433.4 $2.39 $2.90 $3.23 9.2 8.2 $11,524.7 $30.87 America's Car-Mart CRMT adj Apr E/V $50.45 $55.00 6.9 $2.55 $3.29 $4.26 15.3 11.8 $349.1 $30.61 American Express Co. AXP adj Dec E/V $92.21 $97.00 860.1 $6.00 $7.07 $7.58 13.0 12.2 $79,314.0 $21.22 CIT Group Inc. CIT adj Dec O/V $51.53 $60.00 130.8 $3.07 $4.27 $5.64 12.1 9.1 $6,738.6 $53.25 Credit Acceptance Corp. CACC adj Dec U/V $324.61 $257.00 19.3 $20.47 $25.55 $26.87 12.7 12.1 $6,268.2 $79.53 CURO Group Holdings CURO adj Dec O/V $17.18 $23.00 45.6 $2.01 $2.28 $3.20 7.5 5.4 $782.7 $0.16 Discover Financial Services DFS adj Dec U/V $70.28 $73.00 353.6 $5.90 $7.30 $7.68 9.6 9.2 $24,847.5 $28.86 ECN Capital ECN-CA adj/c Dec O/V $3.42 $6.00 379.5 $0.15 $0.20 $0.28 17.1 12.2 $1,007.0 $4.47 Element Fleet Management EFN-CA adj/c Dec O/V $4.01 $7.00 380.4 $0.83 $0.70 $0.70 5.7 5.7 $1,183.5 $7.92 Elevate Credit, Inc. ELVT adj Dec E/V $7.00 $8.00 42.2 $0.16 $0.76 $0.95 9.2 7.4 $295.6 $2.28 Enova International ENVA adj Dec O/V $22.00 $22.00 33.6 $1.37 $2.08 $2.49 10.6 8.8 $740.3 $8.41 EZCORP, Inc. EZPW adj Sep E/V $13.00 $15.00 51.5 $0.60 $0.93 $1.01 14.0 12.9 $669.4 $12.18 FirstCash, Inc. FCFS adj Dec E/V $79.65 $77.00 46.6 $2.74 $3.24 $3.60 24.6 22.1 $3,708.1 $31.45 OneMain Holdings, Inc. OMF adj Dec O/V $29.47 $43.00 135.6 $3.53 $4.77 $5.18 6.2 5.7 $3,996.3 $24.22 Regional Management RM adj Dec E/V $31.36 $30.00 11.7 $2.41 $3.24 $3.58 9.7 8.8 $366.6 $20.53 Rent-A-Center RCII adj Dec U/V $8.70 $5.00 53.4 ($0.53) $0.35 $0.69 24.9 12.6 $464.7 $5.11 Santander Consumer USA SC adj Dec E/V $16.04 $22.00 360.6 $1.82 $2.00 $2.17 8.0 7.4 $5,784.2 $17.98 Synchrony Financial SYF adj Dec E/V $33.11 $42.00 760.2 $2.62 $3.16 $3.67 10.5 9.0 $25,170.8 $18.47 World Acceptanc Corp. WRLD adj Mar U/V $102.75 $65.00 9.1 $8.38 $7.35 $9.18 14.0 11.2 $933.1 $52.50

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 33

DIAGNOSTICS AND LIFE SCIENCE TOOLS DREW JONES, 501-377-2369

Drew is a research analyst leading the diagnostics and life science tools sector. Drew joined Stephens in November 2007 as an associate in the medical technology sector and was promoted to analyst in August 2010. Prior to Stephens, he spent two years at Morgan Keegan covering homeland security technology. Drew holds a B.A. From the University of the South and an MBA from the Owen Graduate School of Management at Vanderbilt University.

Sector Overview: The Diagnostics and Life Science Tools industry consists of companies that design, manufacture, and distribute diagnostic products to the medical, veterinary, and food/animal safety markets. Our focus is on emerging diagnostic technologies in fields of molecular diagnostics, immunodiagnostics, and clinical chemistry. It is our belief that diagnostics will play an increasingly important role in healthcare looking forward with increased focus on catching diseases early in the disease state to reduce costs. Additionally, we believe the personalized medicine movement is only in its infant stages, and in the future, we feel therapeutic decisions will be custom tailored to the individual to best fit the individual patient’s genetic makeup. We look to cover companies that support these emerging trends, which we believe have the potential to revolutionize the way medicine is practiced. Additionally, we look for companies with strong fundamentals including solid management, large market opportunities, strong intellectual property positions, and innovative/value adding products.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS HEALTHCARE Diagnostics and Life Science Tools, Drew Jones, 501-377-2369, [email protected] Abaxis, Inc. ABAX pf Mar E/V $68.61 $60.00 22.7 $1.27 $1.17 $1.41 58.6 48.7 $1,557.3 $11.81 Bio-Techne Corp. TECH pf Jun E/V $147.43 $142.00 37.5 $3.72 $4.28 $4.76 34.4 31.0 $5,524.8 $25.42 Brooks Automation, Inc. BRKS adj Sep O/V $26.57 $36.00 70.4 $1.23 $1.34 $1.60 19.8 16.6 $1,871.3 $8.70 Cambrex Corp. CBM adj Dec O/V $52.30 $61.00 34.4 $3.18 $2.93 $3.01 17.8 17.4 $1,796.6 $16.59 Catalent, Inc. CTLT adj Jun E/V $40.53 $45.00 133.3 $1.46 $1.68 $1.87 24.1 21.7 $5,403.4 $5.79 Cerus Corp. CERS pf Dec O/V $5.52 $9.00 129.6 ($0.56) ($0.50) ($0.40) NM NM $715.4 $0.34 EXACT Sciences Corp. EXAS pf Dec E/V $39.82 $50.00 120.9 ($0.99) ($0.89) ($0.12) NM NM $4,815.9 $4.32 Ligand Pharmaceuticals LGND adj Dec O/V $162.01 $162.00 21.1 $3.26 $4.25 $4.88 38.1 33.2 $3,419.2 $18.90 Myriad Genetics, Inc. MYGN pf Jun O/V $29.67 $45.00 69.9 $1.06 $1.15 $1.28 25.8 23.2 $2,072.4 $11.38 Neogen Corp. NEOG pf May E/V $66.64 $65.00 51.5 $1.15 $1.19 $1.34 56.0 49.7 $3,433.5 $9.26 Neogenomics Inc. NEO Dec O/V $8.20 $11.00 80.5 $0.13 $0.17 $0.24 48.2 34.2 $660.2 $2.15 OraSure Technologies, Inc. OSUR pf Dec O/V $16.79 $19.00 61.0 $0.35 $0.30 $0.43 56.0 39.0 $1,023.6 $4.25 Pacific Biosciences of California PACB pf Dec O/V $2.18 $5.50 130.7 ($0.87) ($0.68) ($0.65) NM NM $284.9 $0.74 Repligen Corp. RGEN pf Dec O/V $35.46 $50.00 43.6 $0.70 $0.72 $0.81 49.3 43.8 $1,545.6 $13.57 West Pharmaceutical Services WST pf Dec E/V $86.50 $101.00 74.0 $2.78 $2.80 $3.06 30.9 28.3 $6,396.8 $17.32

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 34

HEALTHCARE SERVICES DANA HAMBLY, CFA, 615-279-4329

Dana is a research analyst covering healthcare services. Dana joined Stephens in February 2012 as a research associate and was promoted to analyst in January 2013. Prior to joining Stephens he was a research associate at Jefferies & Company from 2006 to 2011 covering various healthcare sectors including healthcare services, healthcare IT and distribution. Dana holds a B.A. from Georgetown University and an MBA from the Owen Graduate School of Management at Vanderbilt University.

Sector Overview: Healthcare Services generally includes companies that operate healthcare facilities such as hospitals, nursing homes, and ambulatory surgery centers. In addition, this subsector of the overall healthcare industry also includes specialty operators, outsourced services and providers of healthcare to patients where they reside. Our primary focus is on niche providers of healthcare to highly specific patients, markets and/or service areas. Our coverage list includes companies in such areas as ambulatory surgery, emergency medical transport and care, behavioral healthcare, dialysis, home health, long-term care and animal health.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS HEALTHCARE Healthcare Services, Dana Hambly, CFA, 615-279-4329, [email protected] Acadia Healthcare Co. ACHC adj Dec O/V $39.06 $43.00 88.3 $2.30 $2.44 $2.69 16.0 14.5 $3,447.9 $29.55 Addus HomeCare Corp. ADUS op Dec O $46.35 $43.00 11.6 $1.60 $1.90 $2.00 24.4 23.2 $537.8 $15.05 Amedisys, Inc. AMED op Dec E/V $60.22 $60.00 34.0 $2.20 $2.99 $3.23 20.1 18.6 $2,046.6 $15.17 BioScrip, Inc. BIOS adj Dec O/V $2.53 $4.00 127.7 ($0.58) ($0.31) ($0.13) NM NM $323.1 -$0.66 Brookdale Senior Living BKD Dec O/V $6.82 $12.00 186.6 ($3.07) ($1.14) ($0.84) NM NM $1,272.4 $8.00 Capital Senior Living Corp. CSU cs Dec O/V $10.98 $16.00 30.5 $1.55 $1.62 $1.73 6.8 6.3 $334.6 $2.64 CareTrust REIT CTRE Dec O $13.47 $16.00 76.1 $0.36 $0.69 $0.81 19.5 16.6 $1,025.6 $7.88 Encompass Health Corp. EHC adj Dec O/V $57.08 $62.00 98.1 $2.76 $3.35 $3.67 17.0 15.6 $5,601.8 $12.02 Ensign Group, The ENSG adj Dec O/V $26.72 $28.00 51.5 $1.38 $1.83 $1.97 14.6 13.6 $1,375.7 $9.59 Envision Healthcare Corp. EVHC adj Dec E/V $38.43 $43.00 121.0 $2.82 $3.61 $4.03 10.6 9.5 $4,649.5 $53.93 Genesis Healthcare, Inc. GEN adj Dec E/V $1.56 $2.00 97.2 ($6.15) ($1.39) ($1.29) NM NM $151.7 -$11.08 Hanger Inc. HNGR op Dec E/V $16.00 $17.00 36.3 $0.39 $0.44 $0.57 36.4 28.1 $581.3 $1.81 LHC Group LHCG op Dec O/V $60.09 $74.00 18.3 $2.42 $3.09 $3.41 19.4 17.6 $1,098.7 $25.29 MEDNAX, Inc. MD adj Dec O/V $55.44 $62.00 94.4 $3.34 $4.35 $4.73 12.7 11.7 $5,232.6 $32.72 National Health Investors NHI Dec O $67.75 $79.00 41.5 $3.87 $3.83 $3.94 17.7 17.2 $2,813.8 $31.83 Nobilis Health Corp. HLTH Dec O/V $1.70 $3.00 78.2 $0.24 $0.22 $0.24 7.7 7.1 $132.9 $1.93 U.S. Physical Therapy USPH cs Dec E/V $81.95 $75.00 12.7 $2.08 $2.44 $2.58 33.6 31.8 $1,038.4 $16.27 Universal Health Services UHS adj Dec E/V $121.38 $120.00 87.0 $7.53 $9.77 $10.42 12.4 11.6 $10,559.0 $52.95 Welltower Inc. WELL Dec O $54.86 $61.00 372.0 $1.27 $2.41 $1.59 22.8 34.5 $20,406.2 $36.87

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 35

MEDICAL DEVICES CHRIS COOLEY, CFA, 501-377-2516

Chris is a managing director leading the medical devices and hospital supply sector. Chris joined Stephens in July 2010 and has over 20 years of equity research experience. He was ranked #3 for stock selection by the Wall Street Journal All-Star Analyst Survey as well as StarMine/ Financial Times in 2011 and was ranked #1 for stock selection by both the Wall Street Journal All-Star Analyst Survey and by StarMine /Financial Times for his work in the sector during 2009. Additionally, Chris has received votes in the Institutional Investor All-Star annual survey for his work in the sector. Prior to joining Stephens, Chris began his professional career with Dean Witter and also worked for Cargill, Inc., Morgan Keegan, SunTrust Equitable Securities and FTN Equity Capital Markets. Chris received a masters in business administration, with concentrations in finance and operations management from the University of Tennessee and a bachelor of science degree in economics from the University of Arkansas.

Sector Overview: The Medical Devices industry consists of companies that design, manufacture, and distribute various devices used in the diagnosis and treatment of a wide variety of medical conditions. The primary market driver remains demographic trends - the U.S. Census Bureau projects that roughly 40% of the U.S. population will be 45 years of age or older by 2008. These demographic trends coupled with Americans’ higher expectations relating to lifestyle/quality of life issues and demands for access to the latest medical technologies will drive growth for the industry. The Medical Devices team is focused on companies with technologies that are well positioned to benefit from these ongoing trends. We look for companies within our areas of focus that we believe have significant market opportunities, innovative and value adding products, quality management teams, and solid fundamentals.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS HEALTHCARE Medical Devices, Chris Cooley, CFA, 501-377-2516, [email protected] Abiomed, Inc. ABMD adj Mar O/V $282.99 $274.00 44.3 $1.16 $2.24 $3.23 NM 87.6 $12,530.2 $10.35 Align Technology ALGN pf Dec E/V $244.42 $230.00 80.1 $2.89 $4.40 $5.21 55.6 46.9 $19,586.6 $14.37 Boston Scientific Corp. BSX Dec O $26.68 $34.00 1,374.9 $1.26 $1.39 $1.52 19.2 17.6 $36,682.6 $5.11 Cooper Companies, The COO pf Oct E $225.15 $270.00 49.0 $9.70 $11.74 $12.77 19.2 17.6 $11,037.3 $65.08 Cutera, Inc. CUTR pf Dec O/V $48.80 $60.00 13.6 $0.93 $1.02 $1.41 47.8 34.6 $662.9 $4.81 DexCom, Inc. DXCM pf Dec O/V $73.28 $70.00 87.0 ($0.56) ($0.27) ($0.09) NM NM $6,375.1 $4.82 DENTSPLY SIRONA Inc. XRAY pf Dec O $49.95 $75.00 227.4 $2.66 $2.75 $3.01 18.2 16.6 $11,357.4 $29.17 Endologix, Inc. ELGX pf Dec E/V $4.08 $6.00 83.7 ($0.80) ($0.91) ($0.78) NM NM $341.6 $0.90 Glaukos Corp. GKOS pf Dec O/V $30.50 $36.00 34.7 $0.15 ($0.39) ($0.22) NM NM $1,059.6 $3.99 Halyard Health, Inc. HYH pf Dec O $46.00 $51.00 46.9 $1.67 $1.40 $1.29 32.9 35.7 $2,158.5 $25.90 Henry Schein, Inc. HSIC pf Dec E $66.27 $67.00 153.7 $3.60 $4.14 $4.41 16.0 15.0 $10,185.3 $18.29 Invacare Corp. IVC Dec O/V $17.25 $21.00 32.9 ($2.34) ($1.44) ($0.15) NM NM $567.1 $12.89 Insulet Corp. PODD pf Dec E/V $84.97 $81.00 58.4 ($0.46) ($0.40) $0.39 NM NM $4,961.5 $2.72 NxStage Medical, Inc. NXTM Dec E $24.64 $30.00 66.3 ($0.22) $0.08 $0.25 NM 98.6 $1,634.1 $3.22 Sientra, Inc. SIEN Dec O/V $9.06 $18.00 19.6 ($3.34) ($2.79) ($1.94) NM NM $178.0 $1.42 STAAR Surgical Co. STAA pf Dec E/V $14.75 $13.00 41.4 ($0.02) ($0.03) $0.18 NM 81.9 $610.9 $1.04 STERIS plc STE pf Mar O $91.20 $100.00 84.8 $3.77 $4.13 $4.68 22.1 19.5 $7,738.1 $32.94 Teleflex Inc. TFX adj Dec O $253.10 $300.00 45.0 $8.40 $9.55 $11.04 26.5 22.9 $11,401.9 $53.81 Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 36

AEROSPACE & DEFENSE DREW LIPKE, 501-377-2108

Drew is a research analyst covering the aerospace & defense sector. Prior to that he was a research associate covering building materials and construction services sector. Prior to joining Stephens research in September 2014, he spent 7 years in Stephens institutional equity sales department. Drew received a bachelor of business administration in finance from the Terry College of Business at the University of Georgia.

Sector Overview: Our aerospace and defense coverage is focused on identifying companies with attractive growth and defensible leading market positions in commercial aerospace, defense, and select attractive outdoor recreation manufacturers. In commercial aerospace, airline traffic has proven to be resilient, as traffic growth has averaged 5.5% annually since 1990. Original equipment manufacturers backlog is at record levels while cancellations remain near historical lows as capacity is needed to meet growing demand in emerging markets and replacement demand in developed economies. This traffic growth and increased airline load factors drives demand for aftermarket parts. On the defense side, the industry appears poised for growth following years of budgetary constraints and we seek to identify unique opportunities with attractive growth profiles in this market.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS INDUSTRIALS Aerospace & Defense, Drew Lipke, 501-377-2108, [email protected] Albany International Corp. AIN op/cf Dec E/V $61.75 $64.00 29.0 $1.65 $2.28 $2.60 27.1 23.8 $1,790.8 $17.70 ESCO Technologies ESE Sep E $57.70 $65.00 25.8 $2.07 $3.59 $2.85 16.1 20.2 $1,491.3 $26.01 FLIR Systems FLIR adj Dec O $49.17 $59.00 138.9 $1.88 $2.10 $2.23 23.4 22.0 $6,830.7 $13.21 HEICO Corporation HEI adj Oct E $86.98 $88.00 42.2 $1.71 $2.25 $2.34 38.7 37.2 $3,673.0 $10.99 Hexcel Corp. HXL adj Dec O $64.16 $82.00 89.7 $2.68 $3.02 $3.56 21.2 18.0 $5,752.0 $16.69 Polaris Industries, Inc. PII op Dec E $112.70 $132.00 63.1 $2.70 $6.18 $7.33 18.2 15.4 $7,108.9 $14.77 Textron Inc. TXT Dec E/V $57.60 $65.00 259.3 $1.15 $2.97 $3.39 19.4 17.0 $14,937.6 $21.60 TransDigm Group TDG adj Sep E/V $300.79 $275.00 52.2 $12.38 $17.29 $16.42 17.4 18.3 $15,700.0 -$56.83 Woodward, Inc. WWD adj Sep O $70.98 $89.00 61.3 $3.16 $3.37 $4.06 21.1 17.5 $4,349.2 $22.47

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 37

AGRICULTURE MARK CONNELLY, 201-891-1781

Mark joined Stephens Inc. in July 2017 covering agriculture, chemicals, and paper and wood products. Mr. Connelly has covered the various materials sectors for over twenty years, at CSLA Americas, Credit Suisse, and JP Morgan. Mark holds a BA in accounting, and an MBA in finance from the Stern School of Business at New York University.

Sector Overview: The agriculture sector comprises agricultural inputs, farmland, technology, and grain and oilseed production (“Agribusiness” takes over at the harvest). The industry is global in nature, with many of the most important events, trends, and investable ideas coming in Asia, India, Russia, and Latin America. Our analysis focuses mainly on global macro trends, while company coverage includes mined and manufactured fertilizer, crop protection chemicals, precision ag technology, seed, and ag-biotech producers. While the U.S. is likely to remain the global leader in farm productivity and food production, the rate of change in productivity in India and Asia (and secondarily, Brazil and Argentina), will have a powerful impact on the outlook for North American based ag producers.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS INDUSTRIALS Agriculture, Mark Connelly, 212-891-1781, [email protected] CF Industries Holdings CF op Dec E $36.49 $43.00 233.2 ($0.25) $1.02 $2.22 35.8 16.4 $8,511.2 $15.34 DowDuPont Inc. DWDP op Dec O $62.41 $83.00 2,325.9 $3.41 $4.05 $4.90 15.4 12.7 $145,162.2 $43.11 FMC Corporation FMC op Dec E $73.11 $91.00 134.5 $2.72 $5.40 $6.30 13.5 11.6 $9,832.1 $19.96 Intrepid Potash, Inc. IPI op Dec E $3.50 $3.75 130.5 ($0.19) $0.16 $0.27 21.9 13.0 $456.8 $3.15 Mosaic Company MOS op Dec O $23.57 $37.00 385.2 $1.09 $1.54 $2.73 15.3 8.6 $9,079.8 $27.40 Nutrien NTR op Dec O $45.81 $57.00 644.2 $4.13 $2.23 $3.13 20.5 14.6 $29,510.7 $0.00

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 38

BUILDING MATERIALS TREY GROOMS, 501-377-2318

Trey is a managing director leading the building materials sector. Trey joined Stephens Inc. in July 2001 as an analyst in the Corporate Finance department focusing on several industries including home building and land development, life sciences, food, and consumer products. He then became an associate in Equity Research in April 2003, covering the information technology and services industry and was promoted to analyst in January 2006. Trey holds a B.B.A. in finance from the University of Arkansas at Little Rock.

Sector Overview: Building Materials is focused on identifying companies with exposure to the residential replacement and new construction markets, as well as infrastructure and other public works construction markets. We seek to identify companies that possess strong growth opportunities, leading market positions, unique value-added services and proprietary products. The areas of focus include Construction Materials, Installation & Distribution, and Specialty Products.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS INDUSTRIALS Building Materials, Trey Grooms, 501-377-2318, [email protected] Armstrong World Industries AWI op Dec E $55.80 $64.00 53.1 $3.03 $3.70 $4.27 15.1 13.1 $2,963.3 $7.95 Beacon Roofing Supply, Inc. BECN op Sep E/V $52.87 $63.00 68.0 $2.68 $3.58 $4.52 14.8 11.7 $3,593.5 $26.32 BMC Stock Holdings BMCH op Dec O/V $19.50 $23.00 67.1 $1.03 $1.42 $1.68 13.7 11.6 $1,309.2 $11.13 Builders FirstSource, Inc. BLDR op Dec O/V $19.61 $27.00 114.1 $1.27 $1.87 $2.05 10.5 9.6 $2,237.9 $3.31 Continental Building Products CBPX op Dec E/V $27.75 $30.00 37.4 $1.33 $1.72 $1.97 16.1 14.1 $1,039.0 $8.47 Eagle Materials EXP op Mar O/V $100.14 $132.00 48.6 $4.19 $5.03 $6.48 19.9 15.5 $4,869.3 $24.84 Forterra, Inc. FRTA op Dec E $8.36 $9.00 64.3 ($0.27) ($0.04) $0.24 NM 34.8 $537.4 $2.06 Foundation Building Materials FBM op Dec O/V $14.71 $16.00 42.8 $0.34 $0.40 $0.62 36.8 23.7 $629.2 $8.83 GMS Inc. GMS op Apr O $30.48 $41.00 41.0 $1.71 $2.00 $2.70 15.2 11.3 $1,250.6 $12.56 Installed Building Products IBP op Dec O/V $59.55 $71.00 31.9 $2.03 $2.76 $3.37 21.6 17.7 $1,897.4 $6.61 Martin Marietta Materials MLM op Dec E $201.79 $242.00 62.8 $7.20 $8.56 $10.05 23.6 20.1 $12,673.0 $74.43 Masonite International DOOR op Dec E $59.95 $77.00 28.0 $3.33 $4.12 $5.07 14.6 11.8 $1,678.7 $25.47 NCI Building Systems NCS op Oct E/V $17.40 $20.00 66.1 $0.80 $1.29 $1.60 13.5 10.9 $1,150.9 $4.46 Ply Gem Holdings, Inc. PGEM op Dec E/V $21.65 $20.00 68.6 $1.30 $1.01 $1.41 21.4 15.4 $1,484.3 $1.20 Summit Materials LLC SUM op Dec O $29.72 $37.00 110.0 $1.19 $1.35 $1.73 22.0 17.2 $3,268.9 $11.40 TopBuild Corp. BLD op Dec O/V $76.58 $82.00 35.5 $2.77 $3.95 $4.58 19.4 16.7 $2,721.8 $28.00 Trex Company TREX op Dec E/V $106.30 $99.00 29.4 $3.17 $4.15 $4.70 25.6 22.6 $3,127.9 $7.86 U.S. Concrete, Inc. USCR op Dec O $58.70 $84.00 16.7 $2.99 $4.79 $6.01 12.3 9.8 $977.7 $16.84 USG Corp. USG op Dec E/V $40.38 $38.00 141.1 $1.82 $2.35 $2.80 17.2 14.4 $5,695.8 $13.09 Vulcan Materials Company VMC op Dec O $111.30 $148.00 132.3 $3.02 $4.39 $5.52 25.4 20.2 $14,730.3 $37.55

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 39

INDUSTRIAL PRODUCTS AND SERVICES MATT DUNCAN, CFA, 501-377-3723

Matt is a managing director leading Stephens’ Industrial Products and Services equity research practice. Matt joined Stephens in June 2000 and has been an analyst since May 2004. He has covered the distribution industry at Stephens since 2006, with a focus on industrial, energy and residential distribution companies. He has also covered the engineering & construction industry since 2006. Matt graduated magna cum laude with a B.S.B.A. in finance from the University of Arkansas in May 2000. In 2003, Matt earned the Chartered Financial Analyst (CFA) designation.

Sector Overview: Our Industrial Products and Services research team focuses primarily on two industry sub-segments: 1) industrial distribution firms and 2) engineering and construction (E&C)/ industrial service firms. The industrial distribution industry is large and highly fragmented, with over 100,000 participants in North America. We look for distribution companies that have leading market positions in their product verticals, a meaningful amount of operating leverage and/or differentiated service platforms. Within the E&C and industrial service industry, we focus on small- to mid-cap companies with an emphasis on those that serve energy end markets (oil & gas and power generation).

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS INDUSTRIALS Industrial Products and Services, Matt Duncan, CFA, 501-377-3723, [email protected] Altra Industrial Motion Corp. AIMC op Dec O/V $45.65 $52.00 29.3 $2.05 $2.40 $2.68 19.0 17.0 $1,338.0 $13.65 DXP Enterprises DXPE Dec O/V $38.81 $48.00 17.4 $0.65 $1.26 $1.75 30.8 22.2 $675.0 $15.48 Dycom Industries DY pf Jan O/V $103.87 $140.00 31.2 $3.88 $5.76 $7.48 18.0 13.9 $3,239.5 $21.60 Fastenal Company FAST pf Dec O $53.18 $62.00 287.6 $1.92 $2.52 $2.76 21.1 19.3 $15,297.1 $7.29 MasTec, Inc. MTZ adj Dec O/V $45.50 $65.00 82.8 $2.93 $3.45 $4.04 13.2 11.3 $3,768.5 $17.28 Mistras Group, Inc. MG pf Dec E/V $18.40 $22.00 28.3 $0.43 $0.80 $0.98 23.0 18.8 $519.8 $9.56 MRC Golbal Inc. MRC pf Dec O/V $15.91 $24.00 92.2 $0.17 $0.86 $1.14 18.5 14.0 $1,466.2 $8.31 MSC Industrial Direct Co. MSM pf Aug O $90.13 $114.00 45.1 $4.05 $5.12 $5.96 17.6 15.1 $4,060.8 $21.73 NOW, Inc. DNOW pf Dec O/V $9.82 $13.00 107.7 ($0.34) $0.07 $0.44 NM 22.3 $1,057.3 $10.97 Orion Group Holdings, Inc. ORN Dec O/V $6.30 $9.00 28.3 ($0.14) $0.13 $0.44 48.5 14.3 $178.2 $8.22 Pool Corp. POOL pf Dec E $143.76 $160.00 40.4 $4.21 $5.50 $6.06 26.1 23.7 $5,807.3 $5.55 Primoris Service Corp. PRIM pf Dec E/V $24.61 $28.00 51.5 $1.10 $1.60 $1.76 15.4 14.0 $1,268.2 $10.82 Quanta Services, Inc. PWR pf Dec O/V $33.87 $49.00 153.7 $1.97 $2.70 $3.10 12.5 10.9 $5,207.3 $24.65 Team, Inc. TISI pf Dec O/V $13.20 $22.00 30.0 ($0.81) ($0.07) $0.91 NM 14.5 $395.8 $15.27 W.W. Grainger, Inc. GWW pf Dec E $277.48 $264.00 56.1 $11.46 $13.58 $14.64 20.4 19.0 $15,554.7 $30.00 Watsco, Inc. WSO Dec E $176.09 $169.00 32.0 $5.54 $6.76 $7.40 26.0 23.8 $5,635.9 $34.86 WESCO International, Inc. WCC pf Dec O/V $60.50 $80.00 47.1 $3.93 $4.68 $5.32 12.9 11.4 $2,846.9 $45.09

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 40

PAPER AND WOOD PRODUCTS MARK CONNELLY, 201-891-1781

Sector Overview: The paper and wood products industry is a mature group of commodity businesses with little growth, and in some cases, dramatic demand decline (newsprint, for example). Yet historically, there has been little correlation between demand growth and stock performance, and often little correlation even between commodity prices and demand. Two decades of M&A have improved the situation somewhat, but large discrepancies in stock performance tend to be explained mainly by vastly different capital allocation decisions, even among direct competitors, and structural inefficiencies brought about in large part by the M&A decisions of large producers. Our analysis focuses mainly on the structural and behavioral differences which help explain historical performance gaps, but also provide significant insight into expected future behavior and performance.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS INDUSTRIALS Paper and Wood Products, Mark Connelly, 212-891-1781, [email protected] Domtar Corp. UFS op Dec O $42.36 $55.00 62.7 $2.60 $3.53 $4.95 12.0 8.6 $2,655.8 $39.60 Graphic Packaging GPK op Dec O $15.23 $23.00 309.7 $0.63 $0.92 $1.23 16.6 12.4 $4,717.0 $4.17 International Paper Co. IP op Dec E $52.38 $66.00 412.9 $3.55 $5.69 $6.59 9.2 7.9 $21,629.9 $15.79 KapStone Paper and Packaging KS op Dec E $34.41 $35.00 97.4 $1.10 $1.30 $2.25 26.5 15.3 $3,350.9 $11.72 Louisiana-Pacific Corp. LPX op Dec E $28.41 $32.00 145.0 $2.33 $2.78 $2.60 10.2 10.9 $4,120.5 $11.07 Packaging Corp of America PKG op Dec O $111.18 $136.00 94.4 $6.00 $8.12 $9.52 13.7 11.7 $10,489.8 $23.13 WestRock Co. WRK op Sep E $63.16 $74.00 255.1 $2.62 $4.20 $5.88 15.0 10.7 $16,111.9 $40.64 Weyerhaeuser Co. WY op Dec E $35.02 $35.00 755.2 $1.15 $1.35 $1.41 25.9 24.8 $26,447.9 $11.78

Please see the detailed risk section for each REIT at the end of this report.

Investors should also review the risk factors identified by the companies as disclosed in the documents filed by each company with the SEC which can be viewed by clicking on each company below.

Weyerhaeuser Co.

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 41

TRANSPORTATION/AIRFREIGHT AND LOGISTICS/MARITIME JACK ATKINS, 501-377-2298

Jack is a research analyst covering the airfreight and logistics/maritime sectors. He joined Stephens in August 2007 as a research associate in the Industrials group, with a primary focus on industrial distribution and service companies. He was promoted to analyst on the transportation research team in August 2011. Jack holds a B.A. in history from Auburn University and an M.A. with a concentration in history from Virginia Tech.

Sector Overview: Logistics is the function by which the owner of goods outsources various elements of the supply chain to a third party. The global supply chain services and solutions industry consists of air and ocean freight forwarding, contract logistics, domestic ground transportation, customs clearances, distribution, inbound logistics, warehousing and supply chain management. Among the factors impacting the industry are the outsourcing of supply chain activities, increased global trade and sourcing, increased demand for time-definite delivery of goods, and the need for advanced information technology systems.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS INDUSTRIALS Transportation/Airfreight and Logistics/Maritime, Jack Atkins, 501-377-2298, [email protected] Air Transport Services Group ATSG op Dec O $22.66 $32.00 59.2 $0.90 $1.20 $1.30 18.9 17.4 $1,342.3 $6.69 American Airlines Group AAL op Dec E $50.85 $62.00 473.1 $5.27 $6.20 $7.35 8.2 6.9 $24,059.1 $8.26 Atlas Air Worldwide Holdings AAWW op Dec E/V $59.25 $69.00 25.4 $4.93 $6.00 NE 9.9 NM $1,507.0 $70.77 C.H. Robinson Worldwide, Inc. CHRW op Dec O $91.69 $108.00 139.7 $3.35 $4.60 $4.95 19.9 18.5 $12,813.6 $10.22 Delta Air Lines, Inc. DAL op Dec O $53.93 $71.00 706.9 $4.94 $6.25 $7.10 8.6 7.6 $38,123.8 $19.67 Echo Global Logistics ECHO op Dec O $26.30 $40.00 28.0 $0.86 $1.30 $1.65 20.2 15.9 $737.1 $13.17 Expeditors International EXPD Dec E $61.62 $72.00 176.5 $2.49 $2.95 $3.20 20.9 19.3 $10,878.5 $11.29 FedEx Corp. FDX adj May O $234.80 $306.00 267.2 $12.31 $15.13 $17.40 15.5 13.5 $62,742.1 $59.92 Forward Air FWRD op Dec O $52.01 $74.00 29.6 $2.37 $2.90 $3.35 17.9 15.5 $1,538.7 $18.11 JetBlue Airways Corp. JBLU op Dec E $20.17 $24.00 321.9 $1.75 $1.92 $2.23 10.5 9.0 $6,491.9 $15.06 Kirby Corp. KEX op Dec E $74.30 $89.00 59.7 $2.07 $2.75 $3.30 27.0 22.5 $4,435.5 $52.12 Landstar System, Inc. LSTR Dec O $107.20 $138.00 42.0 $3.74 $5.35 $6.00 20.0 17.9 $4,501.4 $15.50 Matson Inc. MATX op Dec E $28.19 $36.00 42.4 $5.40 $2.15 $2.45 13.1 11.5 $1,196.6 $15.96 Southwest Airlines Co. LUV op Dec O $56.25 $76.00 588.0 $3.50 $4.75 $5.40 11.8 10.4 $33,072.2 $17.72 Spirit Airlines, Inc. SAVE op Dec O $36.99 $51.00 68.2 $3.32 $2.90 $4.00 12.8 9.2 $2,523.2 $26.06 United Continental Holdings UAL op Dec E $67.91 $76.00 284.7 $6.76 $7.50 $9.00 9.1 7.5 $19,334.0 $30.69 United Parcel Service UPS adj Dec E $102.68 $134.00 688.3 $6.01 $7.25 $7.90 14.2 13.0 $70,672.0 $1.16 XPO Logistics Inc. XPO op Dec E $98.23 $95.00 119.9 $1.94 $3.42 $3.85 28.7 25.5 $11,774.9 $29.72

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 42

TRANSPORTATION/RAILROAD AND TRANSPORTATION SUPPLIERS JUSTIN LONG, 501-377-2036

Justin currently serves as a research analyst covering the railroads & transportation suppliers and has been with Stephens since 2008. Previously, he spent two and a half years as a research associate in the transportation industry focused on the railroad, transportation supplier and trucking verticals. Prior to that time, he was a participant in Stephens’ Corporate Finance Analyst Program from 2008 – 2010. Justin graduated Phi Beta Kappa from Rhodes College with a B.A. in economics and business administration.

Sector Overview: Railroads are an important part of the U.S. economy. Since 1980, railroads have captured an increasing share of U.S. freight shipments. Railroads accounted for approximately 27% of the ton-miles of U.S. freight moved in 1980, and 38% by 2005. Rail growth has average 2.5%/year vs. total freight growth of 1.2%/year. In terms of tons, coal represents the largest proportion of railroad shipments. In 2007, coal represented approximately 44% of total tons. Other large commodity groups include chemicals, farm products, non-metallic minerals and miscellaneous mixed shipments. In terms of revenue, coal is still the largest, but the miscellaneous mixed shipments category, which consists primarily of intermodal, is becoming an increasingly large part of total railroad revenue. Other significant revenue drivers are chemicals, farm products, food, and automotive equipment. Some commodities are particularly dependent on rail transportation. According to the Association of American Railroads (AAR), 70% of domestically produced automobiles, 70% of coal and 35% U.S. grain move by rail. Currently there are 7 Class I railroads and over 550 short-line and intermediate railroads.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS INDUSTRIALS Transportation/Railroads and Equipment Suppliers, Justin Long, 501-377-2036, [email protected] American Railcar Industries ARII op Dec E $37.02 $44.00 19.1 $1.83 $2.70 $2.95 13.7 12.5 $706.5 $34.77 Canadian National Railway CNI op/c Dec E $71.57 $82.00 740.2 $4.99 $5.35 $6.00 13.4 11.9 $52,975.0 $17.90 Canadian Pacific Railway CP op/c Dec E $174.36 $191.00 147.7 $11.39 $13.25 $14.60 13.2 11.9 $25,745.0 $35.46 CSX Corp. CSX op Dec O $54.31 $66.00 887.2 $2.30 $3.05 $3.55 17.8 15.3 $48,185.8 $16.53 Dana Incorporated DAN adj Dec E $24.99 $32.00 145.5 $2.52 $3.05 $3.25 8.2 7.7 $3,635.0 $6.99 Fortress Transportation FTAI op Dec O $15.85 $20.00 82.8 $0.14 $0.40 $0.70 39.6 22.6 $1,312.0 $12.50 FreightCar America RAIL op Dec E $13.10 $16.00 12.4 ($1.24) ($2.05) ($0.45) NM NM $162.9 $18.70 GATX Corp. GATX adj Dec E $67.87 $69.00 37.8 $4.69 $4.65 $4.85 14.6 14.0 $2,565.9 $47.31 Genesee & Wyoming Inc. GWR op Dec O $70.14 $85.00 61.9 $2.91 $3.80 $4.60 18.5 15.2 $4,345.1 $57.12 Greenbrier Companies GBX Aug E $50.15 $55.00 28.7 $3.76 $4.30 $3.45 11.7 14.5 $1,439.4 $35.72 Hub Group HUBG Dec O $40.85 $59.00 33.7 $1.80 $2.40 $2.95 17.0 13.8 $1,377.4 $22.57 Kansas City Southern KSU op Dec E $107.59 $113.00 103.1 $5.24 $6.50 $7.30 16.6 14.7 $11,087.6 $44.09 NN, Inc. NNBR op Dec E $23.60 $27.00 27.6 $1.56 $1.45 $1.90 16.3 12.4 $650.7 NM Norfolk Southern Corp. NSC op Dec O $133.97 $172.00 303.6 $6.62 $8.65 $9.55 15.5 14.0 $40,676.6 $57.57 Ryder System R op Dec E $71.17 $81.00 53.1 $4.53 $5.70 $6.45 12.5 11.0 $3,781.1 $53.54 Stoneridge Inc. SRI op Dec O $27.04 $32.00 28.2 $1.57 $2.00 $2.15 13.5 12.6 $762.0 $8.66 Trinity Industries TRN Dec E $32.22 $40.00 150.8 $1.49 $1.25 $1.70 25.8 19.0 $4,859.5 $29.83 Union Pacific Corp. UNP op Dec O $130.76 $150.00 787.2 $5.79 $7.60 $8.55 17.2 15.3 $102,930.2 $31.83 Wabtec Corp. WAB op Dec O $80.03 $89.00 96.1 $3.43 $3.80 $4.25 21.1 18.8 $7,690.2 $29.25 WABCO Holdings Inc. WBC op Dec O $132.61 $172.00 53.7 $6.87 $7.45 $8.20 17.8 16.2 $7,125.8 $20.87 Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 43

TRANSPORTATION/TRUCKLOAD AND LESS-THAN-TRUCKLOAD BRAD DELCO, 501-377-8057

Brad is a research analyst covering the truckload and less-than-truckload sectors. Brad joined the transportation research team in August 2009 after serving four years in the Corporate Finance department at Stephens. At that time he served as an associate covering the truckload and less-than-truckload sector before being promoted to research analyst in November 2010 covering the rail and transport supplier universe. He transitioned back to covering the truckload and less-than-truckload in January 2013. Brad holds a B.S. in business, magna cum laude, from Wake Forest University.

Sector Overview: Truckload industry (TL) by Department of Transportation (DOT) definition is characterized by shipments of 10,000 pounds or more and is approximately $65 billion in size. Concentration within the industry is very fragmented with approximately 50,000 carriers, and labor tends to be predominately non-union. TL carriers transport trailer-load shipments bound for a single destination, and routes tend to be irregular with few terminals (used mainly for maintenance). There are several sub-categories including dry-van, flatbed, temperature-controlled, tanker, regional and expedited. Operations vary depending on length of haul, which falls into three service categories: long-haul (over 1,000 miles), medium-haul (600-1,000 miles) and short-haul (less than 600 miles). Rates (a proxy for pricing) have not kept pace with inflation (CPI) over the last 15 years. Profitability is defined in terms of operating ratios (one minus operating margin) and tends to vary from 82% to 99%. Growth is usually a function of shipper-driven consolidation and conversion of private fleets.

Sector Overview: Less-Than-Truckload (LTL) industry provides transportation of partial-load shipments that go to one or more destinations or full trailer-load shipments going to multiple destinations. The LTL is a $39 billion industry and is comprised of two distinct segments, national LTL and regional LTL. The national LTL participants operate a "hub-and-spoke" network with an average length of haul of 1,200 to 1,400 miles. Growth is dependent on accelerated economic activity and competitor failures. The estimated size of the national LTL segment is $12 billion. The regional LTL segment is characterized by numerous carriers, typically non-union, that operate a modified hub-and-spoke network, with an average length of haul of 200 to 600 miles for most freight. Growth in this segment is dependent on consolidation within the marketplace, the shift toward more regionalized freight patterns by shippers, and general economic growth. The regional LTL segment is highly fragmented, with the top 20 participants accounting for roughly 50% of the estimated $27 billion market.

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 44

TRANSPORTATION/TRUCKLOAD AND LESS-THAN-TRUCKLOAD BRAD DELCO, 501-377-8057

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS INDUSTRIALS Transportation/Truckload and Less-Than-Truckload, Brad Delco, 501-377-8057, [email protected] ArcBest Corp. ARCB op Dec E $31.45 $39.00 25.6 $1.36 $2.40 $2.70 13.1 11.6 $806.4 $25.40 Celadon Group, Inc. CGI op Jun Susp $3.70 NE 28.3 $0.98 NE NE NM NM $104.7 $13.27 Covenant Transportation Group CVTI op Dec O $29.52 $36.00 16.0 $0.86 $1.80 $2.30 16.4 12.8 $471.8 $16.11 Heartland Express, Inc. HTLD Dec E $17.97 $19.00 83.3 $0.51 $0.63 $0.80 28.5 22.5 $1,497.1 $6.90 J.B. Hunt Transport Services, Inc. JBHT op Dec O $114.92 $140.00 109.8 $3.61 $5.25 $6.35 21.9 18.1 $12,612.9 $16.76 Knight-Swift Transportation Holdings KNX op Dec O $45.50 $60.00 178.2 $1.21 $2.30 $2.75 19.8 16.5 $8,107.6 $29.43 Marten Transport, Ltd. MRTN op Dec O $22.55 $25.00 54.5 $0.62 $1.00 $1.20 22.6 18.8 $1,228.5 $9.64 Old Dominion Freight Line ODFL op Dec O $142.11 $156.00 82.4 $4.43 $6.40 $7.35 22.2 19.3 $11,706.2 $27.64 Rush Enterprises, Inc. RUSHA Dec O $41.47 $65.00 31.4 $2.29 $2.90 $3.15 14.3 13.2 $1,302.2 $26.13 Saia, Inc. SAIA op Dec E $73.55 $78.00 25.7 $2.20 $3.70 $4.40 19.9 16.7 $1,888.5 $22.80 Schneider National Inc. SNDR op Dec E $25.81 $30.00 93.9 $0.94 $1.40 $1.60 18.4 16.1 $2,423.2 $10.69 USA Truck, Inc. USAK op Dec O $24.37 $30.00 8.3 ($0.35) $1.20 $2.00 20.3 12.2 $202.0 $8.02 Wabash National Corp. WNC op Dec E $20.21 $27.00 57.7 $1.38 $1.95 $1.85 10.4 10.9 $1,165.1 $8.79 Werner Enterprises, Inc. WERN Dec O $36.10 $48.00 72.5 $1.24 $2.00 $2.40 18.1 15.0 $2,615.5 $16.36 YRC Worldwide Inc. YRCW op Dec O/V $8.48 $19.00 33.9 ($0.05) $1.00 $2.25 8.5 3.8 $287.2 -$10.80

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 45

BUSINESS SERVICES BRETT HUFF, CFA, 501-377-8068

Brett is a managing director leading the business services team. He joined Stephens Inc. in April 2005 as research associate covering title, insurance broker and financial services technology companies. Prior to joining Stephens, he was an associate analyst at Southwest Securities focused on the specialty retail industry. He also previously worked at OpenAir, Inc., a private software company in Boston which was subsequently purchased by NetSuite, Inc., where he held Director of Product Management and Director of Marketing positions. Prior to that, he worked at Deloitte Consulting as a management consultant. Brett obtained his A.B. in social studies from Harvard University and received an M.B.A., focusing on finance and strategy, from the Kellogg School of Management at Northwestern University.

Sector Overview: Our business services practice has two parts: data/IT companies and payment processing/bank technology. For the data/IT market, the first major use case is helping marketers target advertising more effectively. We think the companies that will win in this market are those that have superior data assets and strong advertiser relationships/customers. The second major use case is helping banks and corporates make better underwriting decisions. We think the winning companies here will be those with superior data assets, with an international opportunity, and with the proven ability to innovate and cross sell. For payment processing/bank technology, we see two primary markets: selling services to banks and selling services to merchants. For the bank focused companies, we think the winning companies will have established the role of trusted IT advisor to the bank, will leverage that status to cross sell additional products/take share of wallet from point solutions to help offset price compression, and will have developed or bought higher-growth/higher- margin payment assets to drive incremental margin. For the merchant focused market, we think the winning companies will have a method to differentiate their services from standard merchant acquiring offerings.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS Business Services, Brett Huff, CFA, 501-377-8068, [email protected] ACI Worldwide, Inc. ACIW pf/cs Dec O $23.53 $31.00 115.9 $1.03 $1.13 $1.47 20.8 16.0 $2,727.2 $6.53 Acxiom Corp. ACXM adj Mar O/V $28.05 $32.00 78.7 $0.71 $0.87 $0.91 32.2 30.8 $2,206.6 $9.44 Bottomline Technologies EPAY pf Jun E/V $37.84 $39.00 40.7 $1.00 $1.15 $1.36 32.9 27.8 $1,539.3 $7.00 CoStar Group, Inc. CSGP pf Dec O $356.03 $395.00 36.1 $4.59 $7.19 $9.81 49.5 36.3 $12,850.9 $73.43 Equifax Inc. EFX cs Dec E $119.04 $122.00 120.1 $5.96 $5.87 $6.44 20.3 18.5 $14,294.2 $26.43 Experian plc EXPGY adj Mar E/V $21.78 $23.00 918.2 $0.88 $0.95 $1.08 22.9 20.2 $19,997.8 $2.83 FICO FICO adj Sep E $167.51 $164.00 30.1 $4.89 $6.16 $7.15 27.2 23.4 $5,037.5 $14.10 Fidelity National Information Svcs. FIS op/cs Dec O $95.32 $115.00 331.2 $4.43 $5.20 $5.82 18.3 16.4 $31,568.0 $32.54 First Data Corp. FDC pf Dec O/V $15.83 $21.00 482.9 $1.52 $1.39 $1.58 11.4 10.0 $7,645.0 $3.41 Fiserv, Inc. FISV adj Dec E $70.74 $146.00 413.2 $5.12 $6.22 $7.18 11.4 9.9 $29,230.9 $6.58 Global Payments Inc. GPN adj Dec O $110.08 $125.00 159.5 $4.01 $4.98 $5.89 22.1 18.7 $17,559.7 $23.84 Jack Henry & Associates, Inc. JKHY Jun E $119.54 $117.00 77.3 $3.14 $4.58 $3.89 26.1 30.7 $9,235.9 $13.33 Mastercard Inc. MA csh/adj Dec O $170.35 $187.00 1,037.2 $4.58 $6.08 $7.11 28.0 24.0 $176,694.9 $5.19 PayPal Holdings PYPL pf Dec O/V $75.06 $88.00 1,200.2 $1.90 $2.26 $2.68 33.2 28.0 $90,084.0 $13.33 Square, Inc. SQ pf Dec O/V $47.39 $50.00 283.4 $0.27 $0.47 $0.75 NM 63.2 $13,431.8 $1.99 Total System Services TSS csh Dec O $84.85 $94.00 181.7 $3.37 $4.16 $4.87 20.4 17.4 $15,419.5 $12.39 Visa Inc. V csh/adj Sep O $116.99 $137.00 1,802.6 $3.48 $4.45 $5.26 26.3 22.2 $210,889.1 $11.98 Source: StephensWorldpay, Inc. Inc. and FactSet Research WP Systems adj Dec O $80.44 $89.00 299.9 $3.37 $3.71 $4.69 21.7 17.2 $24,120.6 $3.28

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 46

INFRASTRUCTURE SOFTWARE AND SECURITY JONATHAN RUYKHAVER, CFA, 615-279-4331

Jonathan B. Ruykhaver, CFA, is a managing director covering infrastructure software and security. Prior to joining Stephens in March 2012, Jonathan covered the infrastructure software sector at Morgan Keegan, ThinkEquity LLC and Raymond James. He holds the Chartered Financial Analyst designation and has over 12 years of experience as a sell-side analyst in the technology sector. Jonathan is a graduate of Tufts University and he participated in a masters of applied economics program at the University of Michigan.

Sector Overview: Infrastructure Software and Security represents technologies which secure, connect and optimize the performance of core IT systems, applications and business processes.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS Infrastructure Software and Security, Jonathan Ruykhaver, CFA, 615-279-4331, [email protected] Check Point Software Tech. CHKP pf Dec E $99.04 $110.00 163.4 $5.33 $5.72 NE 17.3 NM $16,187.4 NM CyberArk Software CYBR pf Dec E/V $50.00 $50.00 35.6 $1.16 $1.21 $1.47 41.3 34.0 $1,778.9 $10.03 FireEye, Inc. FEYE pf Dec O/V $16.83 $23.00 191.6 ($0.16) $0.03 $0.17 NM 99.0 $3,224.2 $4.05 Fortinet, Inc. FTNT pf Dec E/V $52.28 $48.00 168.0 $1.04 $1.44 $1.68 36.3 31.1 $8,784.3 $3.51 Imperva, Inc. IMPV pf Dec O/V $43.10 $61.00 34.8 $1.06 $1.45 $1.65 29.7 26.1 $1,500.1 $9.20 LogMeIn, Inc. LOGM pf Dec O/V $111.65 $140.00 52.4 $4.26 $5.51 $6.18 20.3 18.1 $5,853.9 $60.19 Mimecast Limited MIME pf Mar O/V $34.66 $42.00 57.8 $0.09 ($0.01) $0.18 NM NM $2,003.8 $1.47 NetScout Systems, Inc. NTCT pf Mar E/V $25.55 $28.00 87.3 $1.92 $1.42 $1.61 18.0 15.9 $2,229.7 $26.47 New Relic, Inc. NEWR pf Mar O/V $72.50 $70.00 55.4 ($0.49) ($0.05) $0.25 NM NM $4,019.5 $3.51 Palo Alto Networks, Inc. PANW pf Jul O/V $176.90 $195.00 91.8 $2.71 $3.87 $4.58 45.7 38.6 $16,247.9 $8.30 Proofpoint, Inc. PFPT pf Dec O/V $112.30 $115.00 50.5 $0.84 $1.00 $1.54 112.3 72.9 $5,676.3 $4.63 Qualys, Inc. QLYS pf Dec O/V $71.15 $70.00 38.6 $1.09 $1.42 $1.64 50.1 43.4 $2,748.4 $8.90 Red Hat, Inc. RHT pf Feb O/V $146.20 $170.00 177.0 $3.05 $3.41 $3.93 42.9 37.2 $25,878.0 NM ServiceNow, Inc. NOW pf Dec O/V $159.68 $175.00 174.7 $1.19 $1.86 NE 85.8 NM $27,896.1 $3.35 Splunk, Inc. SPLK pf Jan O/V $95.94 $115.00 141.5 $0.62 $1.00 $1.42 95.9 67.6 $13,571.5 NM Symantec Corp. SYMC pf Mar E $25.64 $29.00 620.0 $1.18 $1.62 $1.89 15.8 13.6 $15,896.3 $5.74 Varonis Systems, Inc. VRNS pf Dec O/V $59.20 $60.00 28.3 $0.24 $0.02 $0.34 NM NM $1,674.6 $3.60

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 47

MEDIA KYLE EVANS, 501-377-6376

Kyle is a managing director leading the Media practice in equity research at Stephens, where he has worked for over 15 years. He joined the research department in 1999 as an associate in the Internet Media and Ad Technology groups, and eventually became lead analyst over the Internet and Business Services groups. In 2009, Kyle took an operational position as VP of Digital at Stephens Media, a holding company with 13 dailies and over 60 weeklies, magazines and specialty publications. Prior to joining Stephens, Kyle worked at the Medical College of Virginia in the Neuropsychology department. He graduated with a B.A. in Psychology from Denison University and an M.A. in Psychology from the University of Richmond.

Sector Overview: Our practice encompasses all media channels, including digital, print, TV, radio, and outdoor. We have a strong interest in hybrid and transitioning business models, and recommendations are informed by our analysis of industry trends, including consumer use patterns, shifting ad spend, consolidation, defensibility of markets, and disruptive new products and services.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS Media, Kyle Evans, 501-377-6376, [email protected] CBS Corp. CBS Dec E $51.88 $64.00 344.7 $4.40 $5.18 $5.84 10.0 8.9 $17,884.3 $5.16 E.W. Scripps Co. SSP Dec E $12.11 $18.00 69.7 $0.79 ($0.22) $0.59 NM 20.5 $844.4 $11.48 Entercom Communications ETM adj Dec E $9.50 $12.00 137.4 $0.98 $0.91 $0.96 10.4 9.9 $1,305.4 $12.28 Gannett Co. GCI adj Dec E $9.93 $12.00 112.8 $1.03 $1.02 $0.93 9.7 10.7 $1,120.3 $9.10 Gray Television, Inc. GTN Dec O/V $12.80 $19.00 83.6 $3.55 $2.09 $1.47 6.1 8.7 $1,070.0 $11.05 Live Nation Entertainment LYV Dec O/V $41.92 $47.00 208.2 ($0.23) ($0.36) $0.53 NM 79.1 $8,726.4 $5.68 Meredith Corp. MDP adj Jun E $53.35 $66.00 39.6 $4.00 $3.35 $3.97 15.9 13.4 $2,114.0 $22.36 Nexstar Media Group NXST Dec O/V $65.90 $84.00 46.1 $10.08 $8.61 $6.90 7.7 9.6 $3,038.6 $34.17 New Media Investment Group NEWM Dec O $17.30 $19.00 53.2 $0.70 ($0.25) $0.69 NM 25.1 $921.0 $12.67 Sinclair Broadcast Group SBGI Dec O/V $31.30 $47.00 76.1 $2.60 $1.90 $3.12 16.5 10.0 $2,381.3 $15.42 TEGNA Inc. TGNA adj Dec E $11.36 $14.00 215.6 $2.33 $1.13 $1.49 10.1 7.6 $2,449.4 $4.63 Townsquare Media TSQ Dec E $7.99 $9.00 13.8 ($0.51) $1.06 $1.19 7.5 6.7 $110.6 $20.56 Tribune Media Co. TRCO adj Dec E $40.63 $45.00 87.5 $2.13 $1.05 $1.76 38.7 23.1 $3,554.7 $36.84 TrueCar, Inc. TRUE adj Dec O/V $9.18 $18.00 100.6 $0.07 $0.10 $0.28 91.8 32.8 $923.1 $3.12

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 48 COVERAGE LIST BY MARKET CAPITALIZATION

Cos. Market Cap. Average Market Cap $8.7 Billion 166 > $5 Billion Median Market Cap $2.7 Billion 132 $2 Billion-$5 Billion 147 $500 Million $2 Billion 58 Under $500 Million 502 Under Coverage

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS Walmart Stores,Inc. WMT pf Jan O $87.77 $108.00 2,962.4 $4.41 $4.92 $5.21 17.8 16.8 $260,008.2 NM Visa Inc. V csh/adj Sep O $116.99 $137.00 1,802.6 $3.48 $4.45 $5.26 26.3 22.2 $210,889.1 $11.98 Mastercard Inc. MA csh/adj Dec O $170.35 $187.00 1,037.2 $4.58 $6.08 $7.11 28.0 24.0 $176,694.9 $5.19 DowDuPont Inc. DWDP op Dec O $62.41 $83.00 2,325.9 $3.41 $4.05 $4.90 15.4 12.7 $145,162.2 $43.11 McDonald's Corp. MCD adj Dec O $158.41 $185.00 797.2 $6.65 $7.37 $7.90 21.5 20.1 $126,282.2 -$4.12 Union Pacific Corp. UNP op Dec O $130.76 $150.00 787.2 $5.79 $7.60 $8.55 17.2 15.3 $102,930.2 $31.83 PayPal Holdings PYPL pf Dec O/V $75.06 $88.00 1,200.2 $1.90 $2.26 $2.68 33.2 28.0 $90,084.0 $13.33 U.S. Bancorp USB Dec E $50.07 NE 1,650.8 $3.51 $4.20 $4.51 11.9 11.1 $82,657.1 $26.35 Starbucks Corp. SBUX adj Sep E $57.90 $58.00 1,405.3 $2.07 $2.49 $2.73 23.3 21.2 $81,367.7 $3.81 American Express Co. AXP adj Dec E/V $92.21 $97.00 860.1 $6.00 $7.07 $7.58 13.0 12.2 $79,314.0 $21.22 United Parcel Service UPS adj Dec E $102.68 $134.00 688.3 $6.01 $7.25 $7.90 14.2 13.0 $70,672.0 $1.16 PNC Financial Services Group PNC Dec E $149.45 NE 471.6 $10.39 $10.27 $11.70 14.6 12.8 $70,479.1 $100.45 FedEx Corp. FDX adj May O $234.80 $306.00 267.2 $12.31 $15.13 $17.40 15.5 13.5 $62,742.1 $59.92 EOG Resources, Inc. EOG op/cf Dec E $103.82 $114.00 578.6 $8.36 $11.42 $12.59 9.1 8.2 $60,074.2 $28.15 Canadian National Railway CNI op/c Dec E $71.57 $82.00 740.2 $4.99 $5.35 $6.00 13.4 11.9 $52,975.0 $17.90 CSX Corp. CSX op Dec O $54.31 $66.00 887.2 $2.30 $3.05 $3.55 17.8 15.3 $48,185.8 $16.53 Norfolk Southern Corp. NSC op Dec O $133.97 $172.00 303.6 $6.62 $8.65 $9.55 15.5 14.0 $40,676.6 $57.57 BB&T Corporation BBT Dec O $51.53 $58.00 777.4 $2.74 $4.04 $4.36 12.8 11.8 $40,057.4 $34.01 Delta Air Lines, Inc. DAL op Dec O $53.93 $71.00 706.9 $4.94 $6.25 $7.10 8.6 7.6 $38,123.8 $19.67 Boston Scientific Corp. BSX Dec O $26.68 $34.00 1,374.9 $1.26 $1.39 $1.52 19.2 17.6 $36,682.6 $5.11 Southwest Airlines Co. LUV op Dec O $56.25 $76.00 588.0 $3.50 $4.75 $5.40 11.8 10.4 $33,072.2 $17.72 Williams Partners LP WPZ cf Dec O $34.44 $43.00 957.5 $3.46 $2.94 $3.14 11.7 11.0 $32,977.3 $22.60 Fidelity National Information Svcs. FIS op/cs Dec O $95.32 $115.00 331.2 $4.43 $5.20 $5.82 18.3 16.4 $31,568.0 $32.54 SunTrust Banks, Inc. STI op Dec O $66.56 $77.00 467.3 $4.48 $5.00 $5.46 13.3 12.2 $31,106.1 $48.16 Nutrien NTR op Dec O $45.81 $57.00 644.2 $4.13 $2.23 $3.13 20.5 14.6 $29,510.7 $0.00 Fiserv, Inc. FISV adj Dec E $70.74 $146.00 413.2 $5.12 $6.22 $7.18 11.4 9.9 $29,230.9 $6.58 Pioneer Natural Resources Co. PXD op/cf Dec O $167.52 $232.00 170.3 $12.87 $17.83 $21.65 9.4 7.7 $28,528.8 $66.24 ServiceNow, Inc. NOW pf Dec O/V $159.68 $175.00 174.7 $1.19 $1.86 NE 85.8 NM $27,896.1 $3.35 Weyerhaeuser Co. WY op Dec E $35.02 $35.00 755.2 $1.15 $1.35 $1.41 25.9 24.8 $26,447.9 $11.78 Red Hat, Inc. RHT pf Feb O/V $146.20 $170.00 177.0 $3.05 $3.41 $3.93 42.9 37.2 $25,878.0 NM Canadian Pacific Railway CP op/c Dec E $174.36 $191.00 147.7 $11.39 $13.25 $14.60 13.2 11.9 $25,745.0 $35.46 Synchrony Financial SYF adj Dec E/V $33.11 $42.00 760.2 $2.62 $3.16 $3.67 10.5 9.0 $25,170.8 $18.47

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 49

COVERAGE LIST BY MARKET CAPITALIZATION

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS Discover Financial Services DFS adj Dec U/V $70.28 $73.00 353.6 $5.90 $7.30 $7.68 9.6 9.2 $24,847.5 $28.86 Worldpay, Inc. WP adj Dec O $80.44 $89.00 299.9 $3.37 $3.71 $4.69 21.7 17.2 $24,120.6 $3.28 American Airlines Group AAL op Dec E $50.85 $62.00 473.1 $5.27 $6.20 $7.35 8.2 6.9 $24,059.1 $8.26 Archer Daniels Midland Co. ADM op Dec O $42.80 $50.00 558.9 $2.43 $2.95 $3.25 14.5 13.2 $23,919.8 $32.88 Tyson Foods TSN op Sep O $72.93 $82.00 297.6 $5.31 $6.50 $7.25 11.2 10.1 $21,703.7 $29.23 Fifth Third Bancorp FITB Dec E $31.56 NE 687.0 $2.85 $2.30 $2.52 13.7 12.5 $21,681.2 $21.67 International Paper Co. IP op Dec E $52.38 $66.00 412.9 $3.55 $5.69 $6.59 9.2 7.9 $21,629.9 $15.79 Continental Resources, Inc. CLR op/cf Dec O $57.31 $70.00 375.2 $5.57 $8.93 $9.94 6.4 5.8 $21,503.6 $13.68 Concho Resources Inc. CXO op/cf Dec O $143.25 $205.00 149.1 $12.11 $14.06 $16.58 10.2 8.6 $21,354.0 $59.94 Kroger Co. KR op Jan E/V $23.62 $22.00 870.0 $2.04 $2.02 $2.02 11.7 11.7 $20,549.4 $7.94 Regions Financial Corp. RF Dec E $18.28 NE 1,122.7 $1.00 $1.35 $1.49 13.5 12.3 $20,523.8 $13.55 Williams Companies WMB cf Dec E $24.78 $32.00 827.3 $2.42 $1.75 $1.87 14.2 13.3 $20,501.2 $11.69 Welltower Inc. WELL Dec O $54.86 $61.00 372.0 $1.27 $2.41 $1.59 22.8 34.5 $20,406.2 $36.87 KeyCorp. KEY Dec O $19.27 $24.00 1,052.2 $1.13 $1.64 $1.80 11.8 10.7 $20,275.7 $13.09 Citizens Financial Group CFG Dec O $41.55 $50.00 487.7 $3.27 $3.39 $3.87 12.3 10.7 $20,264.6 $40.80 O'Reilly Automotive, Inc. ORLY Dec O/V $242.72 $300.00 83.3 $11.51 $15.64 $17.50 15.5 13.9 $20,218.6 $7.75 Experian plc EXPGY adj Mar E/V $21.78 $23.00 918.2 $0.88 $0.95 $1.08 22.9 20.2 $19,997.8 $2.83 Align Technology ALGN pf Dec E/V $244.42 $230.00 80.1 $2.89 $4.40 $5.21 55.6 46.9 $19,586.6 $14.37 United Continental Holdings UAL op Dec E $67.91 $76.00 284.7 $6.76 $7.50 $9.00 9.1 7.5 $19,334.0 $30.69 Energy Transfer Partners LP ETP cf Dec O $16.09 $29.00 1,164.0 $2.72 $2.67 $2.72 6.0 5.9 $18,729.2 $22.79 CBS Corp. CBS Dec E $51.88 $64.00 344.7 $4.40 $5.18 $5.84 10.0 8.9 $17,884.3 $5.16 Hormel Foods HRL Oct O $33.66 $38.00 529.5 $1.57 $1.97 $1.95 17.1 17.3 $17,824.1 $9.34 Global Payments Inc. GPN adj Dec O $110.08 $125.00 159.5 $4.01 $4.98 $5.89 22.1 18.7 $17,559.7 $23.84 AutoZone Inc. AZO Aug E/V $637.25 $725.00 26.9 $43.33 $49.10 $56.12 13.0 11.4 $17,142.7 -$51.32 Huntington Bancshares Inc. HBAN Dec E $15.02 NE 1,102.3 $1.00 $1.21 $1.32 12.4 11.4 $16,557.1 $9.09 Devon Energy Corp. DVN op/cf Dec O $31.20 $53.00 526.1 $4.63 $4.58 $5.12 6.8 6.1 $16,414.3 $17.63 Comerica Inc. CMA Dec O $94.27 $100.00 172.6 $4.13 $6.51 $7.15 14.5 13.2 $16,275.2 $46.07 Palo Alto Networks, Inc. PANW pf Jul O/V $176.90 $195.00 91.8 $2.71 $3.87 $4.58 45.7 38.6 $16,247.9 $8.30 Check Point Software Tech. CHKP pf Dec E $99.04 $110.00 163.4 $5.33 $5.72 NE 17.3 NM $16,187.4 NM WestRock Co. WRK op Sep E $63.16 $74.00 255.1 $2.62 $4.20 $5.88 15.0 10.7 $16,111.9 $40.64 Symantec Corp. SYMC pf Mar E $25.64 $29.00 620.0 $1.18 $1.62 $1.89 15.8 13.6 $15,896.3 $5.74 TransDigm Group TDG adj Sep E/V $300.79 $275.00 52.2 $12.38 $17.29 $16.42 17.4 18.3 $15,700.0 -$56.83 Plains All American Pipeline PAA op/cf Dec O $21.61 $28.00 725.2 $2.04 $1.81 $1.97 11.9 11.0 $15,671.7 $11.95 W.W. Grainger, Inc. GWW pf Dec E $277.48 $264.00 56.1 $11.46 $13.58 $14.64 20.4 19.0 $15,554.7 $30.00 Total System Services TSS csh Dec O $84.85 $94.00 181.7 $3.37 $4.16 $4.87 20.4 17.4 $15,419.5 $12.39 Energy Transfer Equity LP ETE cf Dec E $14.25 $20.00 1,079.1 $1.15 $0.92 $1.38 15.5 10.3 $15,377.8 -$1.52 Fastenal Company FAST pf Dec O $53.18 $62.00 287.6 $1.92 $2.52 $2.76 21.1 19.3 $15,297.1 $7.29 Textron Inc. TXT Dec E/V $57.60 $65.00 259.3 $1.15 $2.97 $3.39 19.4 17.0 $14,937.6 $21.60

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COVERAGE LIST BY MARKET CAPITALIZATION

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS First Republic Bank FRC op Dec E $91.51 NE 161.8 $4.31 $4.65 $5.49 19.7 16.7 $14,803.9 $42.23 Vulcan Materials Company VMC op Dec O $111.30 $148.00 132.3 $3.02 $4.39 $5.52 25.4 20.2 $14,730.3 $37.55 Equifax Inc. EFX cs Dec E $119.04 $122.00 120.1 $5.96 $5.87 $6.44 20.3 18.5 $14,294.2 $26.43 J.M. Smucker Co., The SJM op Apr E $123.30 $125.00 113.6 $7.72 $8.25 $9.15 14.9 13.5 $14,005.0 $60.39 Splunk, Inc. SPLK pf Jan O/V $95.94 $115.00 141.5 $0.62 $1.00 $1.42 95.9 67.6 $13,571.5 NM Restaurant Brands International QSR adj Dec O $55.61 $75.00 243.9 $2.11 $2.65 $2.82 21.0 19.7 $13,565.3 $9.13 Square, Inc. SQ pf Dec O/V $47.39 $50.00 283.4 $0.27 $0.47 $0.75 NM 63.2 $13,431.8 $1.99 Marathon Oil Corp. MRO op/cf Dec E $15.32 $20.00 849.7 $2.50 $4.00 $4.47 3.8 3.4 $13,016.8 $13.77 CoStar Group, Inc. CSGP pf Dec O $356.03 $395.00 36.1 $4.59 $7.19 $9.81 49.5 36.3 $12,850.9 $73.43 C.H. Robinson Worldwide, Inc. CHRW op Dec O $91.69 $108.00 139.7 $3.35 $4.60 $4.95 19.9 18.5 $12,813.6 $10.22 Martin Marietta Materials MLM op Dec E $201.79 $242.00 62.8 $7.20 $8.56 $10.05 23.6 20.1 $12,673.0 $74.43 J.B. Hunt Transport Services, Inc. JBHT op Dec O $114.92 $140.00 109.8 $3.61 $5.25 $6.35 21.9 18.1 $12,612.9 $16.76 Abiomed, Inc. ABMD adj Mar O/V $282.99 $274.00 44.3 $1.16 $2.24 $3.23 NM 87.6 $12,530.2 $10.35 SVB Financial Group SIVB op Dec O $235.81 $295.00 52.9 $9.84 $14.54 $17.35 16.2 13.6 $12,472.0 $79.11 Alliance Data Systems ADS adj Dec O/V $221.90 $304.00 55.5 $18.33 $22.58 $26.46 9.8 8.4 $12,306.8 $33.49 Diamondback Energy, Inc. FANG op/cf Dec O $124.67 $159.00 98.2 $8.61 $14.41 $19.69 8.7 6.3 $12,238.5 $53.53 XPO Logistics Inc. XPO op Dec E $98.23 $95.00 119.9 $1.94 $3.42 $3.85 28.7 25.5 $11,774.9 $29.72 Old Dominion Freight Line ODFL op Dec O $142.11 $156.00 82.4 $4.43 $6.40 $7.35 22.2 19.3 $11,706.2 $27.64 LKQ Corp. LKQ op Dec O/V $37.50 $50.00 309.6 $1.88 $2.35 $2.56 16.0 14.6 $11,610.8 $13.58 Copart, Inc. CPRT adj Jul O/V $49.83 $54.00 232.0 $1.29 $1.79 $2.29 27.8 21.8 $11,560.3 $4.76 Ally Financial Inc. ALLY adj Dec U/V $26.59 $29.00 433.4 $2.39 $2.90 $3.23 9.2 8.2 $11,524.7 $30.87 Teleflex Inc. TFX adj Dec O $253.10 $300.00 45.0 $8.40 $9.55 $11.04 26.5 22.9 $11,401.9 $53.81 DENTSPLY SIRONA Inc. XRAY pf Dec O $49.95 $75.00 227.4 $2.66 $2.75 $3.01 18.2 16.6 $11,357.4 $29.17 Kansas City Southern KSU op Dec E $107.59 $113.00 103.1 $5.24 $6.50 $7.30 16.6 14.7 $11,087.6 $44.09 Cooper Companies, The COO pf Oct E $225.15 $270.00 49.0 $9.70 $11.74 $12.77 19.2 17.6 $11,037.3 $65.08 CarMax, Inc. KMX Feb E $60.64 $70.00 180.8 $3.26 $3.81 $4.09 15.9 14.8 $10,966.6 $16.66 Fidelity National Financial, Inc. FNF pf/cs Dec O $39.81 $46.00 274.4 $2.48 $2.76 $3.02 14.4 13.2 $10,925.4 $16.20 Expeditors International EXPD Dec E $61.62 $72.00 176.5 $2.49 $2.95 $3.20 20.9 19.3 $10,878.5 $11.29 Universal Health Services UHS adj Dec E/V $121.38 $120.00 87.0 $7.53 $9.77 $10.42 12.4 11.6 $10,559.0 $52.95 Packaging Corp of America PKG op Dec O $111.18 $136.00 94.4 $6.00 $8.12 $9.52 13.7 11.7 $10,489.8 $23.13 Darden Restaurants DRI adj May O $84.38 $105.00 123.5 $4.02 $4.76 $5.33 17.7 15.8 $10,423.8 $16.76 Bunge Ltd. BG adj Dec O $73.06 $90.00 140.7 $1.93 $4.00 $5.00 18.3 14.6 $10,279.5 $45.92 Zions Bancorporation ZION Dec E $52.17 NE 196.5 $2.60 $3.60 $4.00 14.5 13.0 $10,252.1 $36.01 Henry Schein, Inc. HSIC pf Dec E $66.27 $67.00 153.7 $3.60 $4.14 $4.41 16.0 15.0 $10,185.3 $18.29 Domino's Pizza, Inc. DPZ adj Dec O $233.87 $245.00 43.1 $5.88 $7.82 $9.23 29.9 25.3 $10,072.8 -$63.76 FMC Corporation FMC op Dec E $73.11 $91.00 134.5 $2.72 $5.40 $6.30 13.5 11.6 $9,832.1 $19.96 Jack Henry & Associates, Inc. JKHY Jun E $119.54 $117.00 77.3 $3.14 $4.58 $3.89 26.1 30.7 $9,235.9 $13.33 Ingredion Inc. INGR op Dec O $127.15 $156.00 72.2 $7.70 $8.30 $8.90 15.3 14.3 $9,184.8 $40.16

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COVERAGE LIST BY MARKET CAPITALIZATION

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS Mosaic Company MOS op Dec O $23.57 $37.00 385.2 $1.09 $1.54 $2.73 15.3 8.6 $9,079.8 $27.40 Chipotle Mexican Grill CMG adj Dec E $319.51 $285.00 27.9 $6.72 $8.90 $10.85 35.9 29.4 $8,923.9 $48.68 Cimarex Energy XEC cf Dec E $92.75 $113.00 95.4 $12.33 $16.31 $16.91 5.7 5.5 $8,851.9 $26.91 Fortinet, Inc. FTNT pf Dec E/V $52.28 $48.00 168.0 $1.04 $1.44 $1.68 36.3 31.1 $8,784.3 $3.51 Live Nation Entertainment LYV Dec O/V $41.92 $47.00 208.2 ($0.23) ($0.36) $0.53 NM 79.1 $8,726.4 $5.68 Advance Auto Parts AAP adj Dec E/V $115.98 $113.00 74.0 $5.37 $6.44 $6.76 18.0 17.2 $8,580.0 $46.19 CF Industries Holdings CF op Dec E $36.49 $43.00 233.2 ($0.25) $1.02 $2.22 35.8 16.4 $8,511.2 $15.34 Knight-Swift Transportation Holdings KNX op Dec O $45.50 $60.00 178.2 $1.21 $2.30 $2.75 19.8 16.5 $8,107.6 $29.43 STERIS plc STE pf Mar O $91.20 $100.00 84.8 $3.77 $4.13 $4.68 22.1 19.5 $7,738.1 $32.94 Wabtec Corp. WAB op Dec O $80.03 $89.00 96.1 $3.43 $3.80 $4.25 21.1 18.8 $7,690.2 $29.25 AerCap Holdings AER adj Dec O/V $50.17 $64.00 153.0 $6.43 $5.80 $6.44 8.7 7.8 $7,675.6 $56.08 First Data Corp. FDC pf Dec O/V $15.83 $21.00 482.9 $1.52 $1.39 $1.58 11.4 10.0 $7,645.0 $3.41 Signature Bank SBNY Dec O $141.16 $165.00 53.7 $7.14 $11.10 $12.00 12.7 11.8 $7,577.9 $73.33 Tractor Supply Co. TSCO Dec E/V $60.00 $79.00 123.9 $3.34 $4.02 $4.41 14.9 13.6 $7,432.6 $11.32 KAR Auction Services KAR op Dec E $53.82 $57.00 134.4 $2.47 $2.96 $3.40 18.2 15.8 $7,233.9 $11.06 Parsley Energy, Inc. PE op/cf Dec O $27.34 $50.00 264.1 $2.10 $3.45 $4.36 7.9 6.3 $7,219.2 $18.68 RSP Permian, Inc. RSPP op/cf Dec O $45.00 $53.00 159.4 $3.27 $5.30 $6.88 8.5 6.5 $7,174.8 $27.25 WABCO Holdings Inc. WBC op Dec O $132.61 $172.00 53.7 $6.87 $7.45 $8.20 17.8 16.2 $7,125.8 $20.87 Polaris Industries, Inc. PII op Dec E $112.70 $132.00 63.1 $2.70 $6.18 $7.33 18.2 15.4 $7,108.9 $14.77 Helmerich & Payne HP Sep E $64.58 $75.00 108.9 ($1.20) $4.34 ($0.24) 14.9 NM $7,030.6 $38.35 Black Knight, Inc. BKI adj Dec O/V $46.70 $55.00 150.1 $1.37 $1.76 $2.08 26.5 22.5 $7,011.4 $11.28 FLIR Systems FLIR adj Dec O $49.17 $59.00 138.9 $1.88 $2.10 $2.23 23.4 22.0 $6,830.7 $13.21 CIT Group Inc. CIT adj Dec O/V $51.53 $60.00 130.8 $3.07 $4.27 $5.64 12.1 9.1 $6,738.6 $53.25 Cullen/Frost Bankers, Inc. CFR op Dec E $104.69 $110.00 63.8 $5.52 $6.24 $6.86 16.8 16.8 $6,675.1 $49.68 JetBlue Airways Corp. JBLU op Dec E $20.17 $24.00 321.9 $1.75 $1.92 $2.23 10.5 9.0 $6,491.9 $15.06 First American Financial Corp. FAF op Dec O $58.11 $70.00 110.7 $3.70 $4.48 $4.85 13.0 12.0 $6,434.0 $31.37 BOK Financial BOKF op Dec O $98.12 $104.00 65.5 $5.25 $6.48 $6.92 15.1 15.1 $6,423.8 $53.45 People's United Financial PBCT Dec E $18.46 NE 347.1 $0.97 $1.27 $1.40 14.5 13.2 $6,407.7 $16.09 Pinnacle Foods, Inc. PF op Dec O $53.79 $65.00 119.0 $2.55 $2.90 $3.10 18.5 17.4 $6,402.8 $19.99 West Pharmaceutical Services WST pf Dec E/V $86.50 $101.00 74.0 $2.78 $2.80 $3.06 30.9 28.3 $6,396.8 $17.32 DexCom, Inc. DXCM pf Dec O/V $73.28 $70.00 87.0 ($0.56) ($0.27) ($0.09) NM NM $6,375.1 $4.82 New York Community Bancorp NYCB Dec E $12.95 NE 490.2 $0.91 $0.92 $1.00 14.1 13.0 $6,348.3 $12.88 Commerce Bancshares, Inc. CBSH op Dec E $59.21 $58.00 106.9 $2.89 $3.37 $3.61 17.6 17.6 $6,329.1 $24.08 Credit Acceptance Corp. CACC adj Dec U/V $324.61 $257.00 19.3 $20.47 $25.55 $26.87 12.7 12.1 $6,268.2 $79.53 Pilgrim's Pride Corp. PPC op Dec O/V $24.90 $40.00 248.8 $2.68 $3.40 $3.65 7.3 6.8 $6,194.0 $7.42 PacWest Bancorp PACW op Dec O $48.91 $60.00 125.8 $2.99 $3.62 $4.25 13.5 11.5 $6,151.8 $38.65 Bank of the Ozarks OZRK op Dec E $47.32 $56.00 129.2 $2.94 $3.69 $4.32 12.8 11.0 $6,112.9 $26.98 First Horizon National Corp. FHN op Dec E $18.62 $21.50 326.8 $1.11 $1.44 $1.65 12.9 12.9 $6,085.7 $12.82

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COVERAGE LIST BY MARKET CAPITALIZATION

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS Antero Resources Corp. AR op/cf Dec E $19.21 $26.00 316.5 $3.98 $4.52 $5.35 4.3 3.6 $6,080.4 $25.76 Western Alliance Bancorp. WAL op Dec O $57.36 $68.00 105.7 $3.09 $4.14 $4.74 13.9 12.1 $6,061.1 $21.14 Energen Corp. EGN op/cf Dec O $60.78 $74.00 97.2 $7.28 $10.86 $13.33 5.6 4.6 $5,907.6 $35.40 Synovus Financial Corp. SNV op Dec O $49.36 $56.00 118.7 $2.39 $3.49 $3.80 14.1 13.0 $5,858.1 $23.85 LogMeIn, Inc. LOGM pf Dec O/V $111.65 $140.00 52.4 $4.26 $5.51 $6.18 20.3 18.1 $5,853.9 $60.19 Pool Corp. POOL pf Dec E $143.76 $160.00 40.4 $4.21 $5.50 $6.06 26.1 23.7 $5,807.3 $5.55 Santander Consumer USA SC adj Dec E/V $16.04 $22.00 360.6 $1.82 $2.00 $2.17 8.0 7.4 $5,784.2 $17.98 Hexcel Corp. HXL adj Dec O $64.16 $82.00 89.7 $2.68 $3.02 $3.56 21.2 18.0 $5,752.0 $16.69 USG Corp. USG op Dec E/V $40.38 $38.00 141.1 $1.82 $2.35 $2.80 17.2 14.4 $5,695.8 $13.09 Proofpoint, Inc. PFPT pf Dec O/V $112.30 $115.00 50.5 $0.84 $1.00 $1.54 112.3 72.9 $5,676.3 $4.63 Watsco, Inc. WSO Dec E $176.09 $169.00 32.0 $5.54 $6.76 $7.40 26.0 23.8 $5,635.9 $34.86 Encompass Health Corp. EHC adj Dec O/V $57.08 $62.00 98.1 $2.76 $3.35 $3.67 17.0 15.6 $5,601.8 $12.02 Bio-Techne Corp. TECH pf Jun E/V $147.43 $142.00 37.5 $3.72 $4.28 $4.76 34.4 31.0 $5,524.8 $25.42 Catalent, Inc. CTLT adj Jun E/V $40.53 $45.00 133.3 $1.46 $1.68 $1.87 24.1 21.7 $5,403.4 $5.79 MEDNAX, Inc. MD adj Dec O/V $55.44 $62.00 94.4 $3.34 $4.35 $4.73 12.7 11.7 $5,232.6 $32.72 Quanta Services, Inc. PWR pf Dec O/V $33.87 $49.00 153.7 $1.97 $2.70 $3.10 12.5 10.9 $5,207.3 $24.65 FICO FICO adj Sep E $167.51 $164.00 30.1 $4.89 $6.16 $7.15 27.2 23.4 $5,037.5 $14.10 Sterling Bancorp STL Dec O $22.35 $30.00 224.7 $0.77 $1.80 $2.05 12.4 10.9 $5,022.2 $18.24 Prosperity Bancshares, Inc. PB op Dec E $71.84 $76.00 69.8 $3.94 $4.75 $5.04 15.1 14.3 $5,016.7 $55.03 Pinnacle Financial Partners PNFP op Dec O $63.80 $74.00 77.9 $3.58 $4.66 $5.01 13.7 12.7 $4,969.2 $47.70 Insulet Corp. PODD pf Dec E/V $84.97 $81.00 58.4 ($0.46) ($0.40) $0.39 NM NM $4,961.5 $2.72 Dunkin' Brands Group DNKN adj Dec E $59.81 $66.00 82.3 $2.07 $2.63 $2.93 22.7 20.4 $4,919.9 $0.09 Eagle Materials EXP op Mar O/V $100.14 $132.00 48.6 $4.19 $5.03 $6.48 19.9 15.5 $4,869.3 $24.84 Trinity Industries TRN Dec E $32.22 $40.00 150.8 $1.49 $1.25 $1.70 25.8 19.0 $4,859.5 $29.83 EXACT Sciences Corp. EXAS pf Dec E/V $39.82 $50.00 120.9 ($0.99) ($0.89) ($0.12) NM NM $4,815.9 $4.32 Wintrust Financial Corp. WTFC Dec E $84.38 NE 56.2 $4.40 $5.45 $6.20 15.5 13.6 $4,744.1 $50.96 Graphic Packaging GPK op Dec O $15.23 $23.00 309.7 $0.63 $0.92 $1.23 16.6 12.4 $4,717.0 $4.17 Umpqua Holdings Corp. UMPQ op Dec E $21.36 $24.00 220.4 $1.06 $1.32 $1.64 16.2 13.0 $4,708.6 $18.24 Centennial Resource Production CDEV op/cf Dec O $17.61 $27.00 264.9 $1.15 $2.48 $3.44 7.1 5.1 $4,664.4 $10.89 Envision Healthcare Corp. EVHC adj Dec E/V $38.43 $43.00 121.0 $2.82 $3.61 $4.03 10.6 9.5 $4,649.5 $53.93 Flowers Foods, Inc. FLO op Dec E $21.40 $22.00 210.6 $0.89 $1.05 $1.10 20.4 19.5 $4,507.0 $5.94 Landstar System, Inc. LSTR Dec O $107.20 $138.00 42.0 $3.74 $5.35 $6.00 20.0 17.9 $4,501.4 $15.50 Hancock Holding Co. HBHC op Dec E $51.45 $58.00 86.8 $2.90 $3.70 $4.12 13.9 13.9 $4,464.7 $33.86 Kirby Corp. KEX op Dec E $74.30 $89.00 59.7 $2.07 $2.75 $3.30 27.0 22.5 $4,435.5 $52.12 Texas Capital Bancshares TCBI op Dec E $88.45 $104.00 49.7 $4.15 $5.82 $6.48 15.2 13.6 $4,392.5 $41.35 Murphy Oil Corp. MUR op/cf Dec O $25.37 $34.00 173.0 $6.27 $8.90 $8.63 2.9 2.9 $4,389.9 $26.77 Air Lease Corp. AL Dec O/V $42.02 $61.00 103.6 $3.65 $4.23 $5.26 9.9 8.0 $4,354.2 $39.83 Woodward, Inc. WWD adj Sep O $70.98 $89.00 61.3 $3.16 $3.37 $4.06 21.1 17.5 $4,349.2 $22.47

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COVERAGE LIST BY MARKET CAPITALIZATION

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS Genesee & Wyoming Inc. GWR op Dec O $70.14 $85.00 61.9 $2.91 $3.80 $4.60 18.5 15.2 $4,345.1 $57.12 F.N.B. Corporation FNB Dec E $13.32 NE 323.5 $0.61 $1.14 $1.25 11.7 10.7 $4,308.6 $13.30 RealPage, Inc. RP adj Dec O/V $51.10 $59.00 83.1 $0.92 $1.46 $1.83 35.0 27.9 $4,246.1 $6.03 AutoNation, Inc. AN op Dec E $45.85 $60.00 91.8 $3.94 $4.88 $5.02 9.4 9.1 $4,210.2 $25.88 BankUnited, Inc. BKU Dec O $39.68 $47.00 106.0 $5.57 $3.20 $3.25 12.4 12.2 $4,206.8 $28.32 Associated Banc-Corp ASB Dec E $24.65 NE 170.2 $1.43 $1.75 $1.89 14.1 13.0 $4,195.4 $20.14 IBERIABANK Corp. IBKC op Dec E $77.50 $90.00 53.9 $4.47 $6.50 $6.94 11.9 11.2 $4,174.9 $66.17 Wendy's Co., The WEN adj Dec O $17.42 $20.00 239.4 $0.39 $0.55 $0.62 31.7 28.1 $4,170.6 $2.38 Valley National Bancorp VLY Dec E $12.47 NE 330.8 $0.58 $0.90 $1.00 13.9 12.5 $4,125.1 $8.79 Investors Bancorp, Inc. ISBC Dec O $13.57 $15.50 304.0 $0.43 $0.75 $0.82 18.1 16.5 $4,124.6 $10.21 Louisiana-Pacific Corp. LPX op Dec E $28.41 $32.00 145.0 $2.33 $2.78 $2.60 10.2 10.9 $4,120.5 $11.07 Texas Roadhouse TXRH adj Dec O $57.49 $62.00 71.4 $1.97 $2.35 $2.63 24.5 21.9 $4,102.3 $11.79 MSC Industrial Direct Co. MSM pf Aug O $90.13 $114.00 45.1 $4.05 $5.12 $5.96 17.6 15.1 $4,060.8 $21.73 LendingTree, Inc. TREE adj Dec O/V $330.60 $420.00 12.2 $3.75 $5.42 $7.44 61.0 44.4 $4,047.9 $24.57 Casey's General Stores CASY adj Apr O $107.45 $140.00 37.5 $4.48 $4.09 $5.34 26.3 20.1 $4,034.4 $30.71 New Relic, Inc. NEWR pf Mar O/V $72.50 $70.00 55.4 ($0.49) ($0.05) $0.25 NM NM $4,019.5 $3.51 OneMain Holdings, Inc. OMF adj Dec O/V $29.47 $43.00 135.6 $3.53 $4.77 $5.18 6.2 5.7 $3,996.3 $24.22 Home BancShares, Inc. HOMB op Dec O $22.65 $29.00 173.7 $1.21 $1.73 $1.90 13.1 11.9 $3,934.6 $12.70 Chemical Financial Corp. CHFC Dec O $54.11 $64.00 71.3 $2.09 $3.95 $4.50 13.7 12.0 $3,858.2 $37.48 TCF Financial Corp. TCF Dec E $22.48 NE 170.7 $1.43 $1.67 $1.80 13.5 12.5 $3,837.5 $13.96 Patterson-UTI Energy PTEN Dec O $17.19 $25.00 222.3 $0.03 ($0.12) $0.24 NM 71.6 $3,821.1 $17.90 Ryder System R op Dec E $71.17 $81.00 53.1 $4.53 $5.70 $6.45 12.5 11.0 $3,781.1 $53.54 MasTec, Inc. MTZ adj Dec O/V $45.50 $65.00 82.8 $2.93 $3.45 $4.04 13.2 11.3 $3,768.5 $17.28 Wayfair Inc. W op Dec O $65.14 $79.00 57.8 ($1.97) ($2.73) ($2.01) NM NM $3,762.6 -$0.55 FirstCash, Inc. FCFS adj Dec E/V $79.65 $77.00 46.6 $2.74 $3.24 $3.60 24.6 22.1 $3,708.1 $31.45 Penske Automotive Group, Inc. PAG op Dec O $43.05 $60.00 86.1 $4.28 $4.98 $5.12 8.6 8.4 $3,706.9 $27.92 RPC RES Dec E $17.05 $25.00 215.7 $0.75 $1.60 $1.98 10.7 8.6 $3,678.1 $4.21 United Bankshares, Inc. UBSI Dec E $35.00 NE 105.0 $1.56 $2.48 $2.64 14.1 13.3 $3,676.5 $30.85 HEICO Corporation HEI adj Oct E $86.98 $88.00 42.2 $1.71 $2.25 $2.34 38.7 37.2 $3,673.0 $10.99 CoreLogic CLGX adj Dec O/V $44.91 $52.00 81.5 $2.36 $2.71 $2.90 16.6 15.5 $3,659.5 $12.46 Michaels Companies MIK op Jan O $19.99 $26.00 181.9 $2.18 $2.26 $2.40 8.8 8.3 $3,636.8 -$8.30 Dana Incorporated DAN adj Dec E $24.99 $32.00 145.5 $2.52 $3.05 $3.25 8.2 7.7 $3,635.0 $6.99 Ollie's Bargain Outlet OLLI op Jan O $58.90 $56.00 61.7 $0.97 $1.23 $1.44 47.9 40.9 $3,631.6 $10.72 Realogy Holdings Corp. RLGY adj Dec O/V $27.75 $33.00 130.8 $1.57 $1.89 $2.07 14.7 13.4 $3,629.9 $19.89 UMB Financial UMBF op Dec E $72.46 $81.00 50.0 $3.72 $4.41 $4.79 16.4 15.1 $3,625.5 $43.72 Beacon Roofing Supply, Inc. BECN op Sep E/V $52.87 $63.00 68.0 $2.68 $3.58 $4.52 14.8 11.7 $3,593.5 $26.32 Range Resources Corp. RRC op/cf Dec O $14.34 $44.00 248.5 $3.74 $3.79 $4.66 3.8 3.1 $3,564.0 $23.27 Tribune Media Co. TRCO adj Dec E $40.63 $45.00 87.5 $2.13 $1.05 $1.76 38.7 23.1 $3,554.7 $36.84

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 54

COVERAGE LIST BY MARKET CAPITALIZATION

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS Acadia Healthcare Co. ACHC adj Dec O/V $39.06 $43.00 88.3 $2.30 $2.44 $2.69 16.0 14.5 $3,447.9 $29.55 Neogen Corp. NEOG pf May E/V $66.64 $65.00 51.5 $1.15 $1.19 $1.34 56.0 49.7 $3,433.5 $9.26 Ligand Pharmaceuticals LGND adj Dec O/V $162.01 $162.00 21.1 $3.26 $4.25 $4.88 38.1 33.2 $3,419.2 $18.90 Plains GP Holdings, L.P. PAGP cf Dec O $21.42 $29.00 157.0 $2.33 $1.70 $1.20 12.6 17.9 $3,363.2 $10.86 KapStone Paper and Packaging KS op Dec E $34.41 $35.00 97.4 $1.10 $1.30 $2.25 26.5 15.3 $3,350.9 $11.72 Summit Materials LLC SUM op Dec O $29.72 $37.00 110.0 $1.19 $1.35 $1.73 22.0 17.2 $3,268.9 $11.40 Dycom Industries DY pf Jan O/V $103.87 $140.00 31.2 $3.88 $5.76 $7.48 18.0 13.9 $3,239.5 $21.60 PDC Energy, Inc. PDCE op/cf Dec O $49.01 $70.00 65.9 $8.82 $12.02 $16.24 4.1 3.0 $3,228.8 $38.05 FireEye, Inc. FEYE pf Dec O/V $16.83 $23.00 191.6 ($0.16) $0.03 $0.17 NM 99.0 $3,224.2 $4.05 Aaron's, Inc. AAN adj Dec O/V $45.57 $61.00 70.1 $2.30 $2.56 $3.44 4.1 13.2 $3,193.5 $24.68 South State Corp. SSB op Dec E $85.65 $98.00 36.8 $4.80 $6.13 $6.26 14.0 13.7 $3,148.5 $62.81 Matador Resources Co. MTDR op/cf Dec O $28.75 $40.00 109.2 $3.17 $4.11 $5.24 7.0 5.5 $3,140.9 $10.66 Fulton Financial Corp. FULT Dec E $17.85 NE 175.3 $0.97 $1.25 $1.38 14.3 12.9 $3,128.9 $12.73 First Financial Bankshares FFIN op Dec E $46.30 $45.00 67.6 $1.68 $2.02 $2.16 22.9 22.9 $3,128.7 $14.03 Trex Company TREX op Dec E/V $106.30 $99.00 29.4 $3.17 $4.15 $4.70 25.6 22.6 $3,127.9 $7.86 Sprouts Farmers Market SFM adj Dec E/V $23.43 $25.00 133.1 $1.01 $1.25 $1.43 18.7 16.4 $3,117.8 $4.90 Ellie Mae, Inc. ELLI adj Dec E/V $90.50 $92.00 34.3 $1.62 $1.94 $2.70 46.6 33.5 $3,103.2 $21.48 Nexstar Media Group NXST Dec O/V $65.90 $84.00 46.1 $10.08 $8.61 $6.90 7.7 9.6 $3,038.6 $34.17 Zillow, Inc. ZG adj Dec O/V $53.41 $52.00 56.8 $0.54 $0.92 $1.40 58.1 38.2 $3,032.5 $14.00 Whiting Petroleum Corp. WLL op/cf Dec O $32.83 $60.00 92.3 $7.72 $12.20 $13.16 2.7 2.5 $3,031.1 $43.21 Armstrong World Industries AWI op Dec E $55.80 $64.00 53.1 $3.03 $3.70 $4.27 15.1 13.1 $2,963.3 $7.95 WESCO International, Inc. WCC pf Dec O/V $60.50 $80.00 47.1 $3.93 $4.68 $5.32 12.9 11.4 $2,846.9 $45.09 Dick's Sporting Goods, Inc. DKS op Jan E $34.33 $28.00 82.7 $3.01 $2.93 $3.07 11.7 11.2 $2,838.9 NM National Health Investors NHI Dec O $67.75 $79.00 41.5 $3.87 $3.83 $3.94 17.7 17.2 $2,813.8 $31.83 Sanderson Farms SAFM Oct E $123.16 $130.00 22.8 $12.30 $10.85 $10.75 11.4 11.5 $2,812.5 $62.84 Qualys, Inc. QLYS pf Dec O/V $71.15 $70.00 38.6 $1.09 $1.42 $1.64 50.1 43.4 $2,748.4 $8.90 ACI Worldwide, Inc. ACIW pf/cs Dec O $23.53 $31.00 115.9 $1.03 $1.13 $1.47 20.8 16.0 $2,727.2 $6.53 TopBuild Corp. BLD op Dec O/V $76.58 $82.00 35.5 $2.77 $3.95 $4.58 19.4 16.7 $2,721.8 $28.00 Chesapeake Energy Corp. CHK op/cf Dec E $2.99 $5.00 909.2 $1.21 $2.05 $2.05 1.5 1.5 $2,718.6 -$2.39 BancorpSouth Bank BXS op Dec O $31.65 $39.00 85.6 $1.67 $2.31 $2.58 13.7 12.3 $2,710.7 $18.97 Domtar Corp. UFS op Dec O $42.36 $55.00 62.7 $2.60 $3.53 $4.95 12.0 8.6 $2,655.8 $39.60 Simmons First National Corp. SFNC op Dec O $28.50 $33.00 92.2 $1.70 $2.31 $2.53 12.3 11.3 $2,627.8 $22.65 Werner Enterprises, Inc. WERN Dec O $36.10 $48.00 72.5 $1.24 $2.00 $2.40 18.1 15.0 $2,615.5 $16.36 Old National Bancorp. ONB Dec O $16.95 $20.00 152.1 $0.71 $1.21 $1.35 14.0 12.6 $2,577.5 $14.17 GATX Corp. GATX adj Dec E $67.87 $69.00 37.8 $4.69 $4.65 $4.85 14.6 14.0 $2,565.9 $47.31 Oasis Petroleum Inc. OAS op/cf Dec O/V $8.03 $13.00 317.4 $2.45 $3.13 $3.76 2.6 2.1 $2,548.4 $12.54 Southwestern Energy Co. SWN op/cf Dec E $4.32 NE 587.1 $2.27 $1.94 $2.17 2.2 2.0 $2,536.1 $3.86 Callon Petroleum Co. CPE op/cf Dec O/V $12.50 $22.00 201.9 $1.31 $1.79 $2.16 0.4 5.8 $2,524.4 $9.20

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COVERAGE LIST BY MARKET CAPITALIZATION

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS Spirit Airlines, Inc. SAVE op Dec O $36.99 $51.00 68.2 $3.32 $2.90 $4.00 12.8 9.2 $2,523.2 $26.06 First Midwest Bancorp FMBI Dec O $24.48 $28.00 103.0 $0.96 $1.75 $1.94 14.0 12.6 $2,521.6 $18.16 United Community Banks, Inc. UCBI op Dec E $31.65 $34.00 79.1 $1.62 $2.11 $2.31 15.0 13.7 $2,503.9 $16.80 BofI Holding, Inc. BOFI Jun O/V $39.87 $45.00 62.5 $2.08 $2.44 $3.18 16.3 12.5 $2,491.8 $13.05 TEGNA Inc. TGNA adj Dec E $11.36 $14.00 215.6 $2.33 $1.13 $1.49 10.1 7.6 $2,449.4 $4.63 Union Bankshares Corp. UBSH Dec O $36.89 $44.00 65.8 $1.71 $2.55 $2.95 14.5 12.5 $2,429.0 $23.92 Schneider National Inc. SNDR op Dec E $25.81 $30.00 93.9 $0.94 $1.40 $1.60 18.4 16.1 $2,423.2 $10.69 Murphy USA Inc. MUSA adj Dec E/V $72.00 $75.00 33.5 $4.55 $4.92 $5.39 14.6 13.4 $2,413.5 $21.66 Sinclair Broadcast Group SBGI Dec O/V $31.30 $47.00 76.1 $2.60 $1.90 $3.12 16.5 10.0 $2,381.3 $15.42 Lithia Motors, Inc. LAD op Dec O $99.12 $134.00 24.0 $8.39 $10.60 $11.40 9.4 8.7 $2,381.0 $43.38 Great Western Bancorp GWB Sep O $40.15 $49.00 58.8 $2.45 $2.72 $3.25 14.8 12.4 $2,362.2 $29.83 QEP Resources, Inc. QEP op/cf Dec E $9.40 $11.00 240.9 $2.49 $2.73 $4.00 3.4 2.4 $2,264.8 $15.76 Cadence Bancorporation CADE op Dec O $27.08 $32.00 83.6 $1.51 $1.83 $2.11 14.8 14.8 $2,264.6 $16.25 Hilltop Holdings Inc. HTH op Dec E $23.43 $29.00 96.0 $1.41 $1.90 $2.05 12.3 12.3 $2,249.0 $19.92 Builders FirstSource, Inc. BLDR op Dec O/V $19.61 $27.00 114.1 $1.27 $1.87 $2.05 10.5 9.6 $2,237.9 $3.31 NetScout Systems, Inc. NTCT pf Mar E/V $25.55 $28.00 87.3 $1.92 $1.42 $1.61 18.0 15.9 $2,229.7 $26.47 CenterState Banks, Inc. CSFL op Dec E $26.66 $30.00 83.6 $1.42 $1.81 $2.10 14.7 12.7 $2,229.5 $15.04 SRC Energy Inc. SRCI op/cf Dec O $9.20 $14.00 241.8 $1.35 $2.01 $2.64 4.6 3.5 $2,224.4 $5.42 Acxiom Corp. ACXM adj Mar O/V $28.05 $32.00 78.7 $0.71 $0.87 $0.91 32.2 30.8 $2,206.6 $9.44 Cheesecake Factory, The CAKE adj Dec E $48.00 $48.00 45.9 $2.57 $2.75 $2.92 17.5 16.4 $2,203.2 $13.37 ServisFirst Bancshares, Inc. SFBS op Dec E $41.08 $44.00 53.1 $1.78 $2.57 $2.92 16.0 14.1 $2,180.6 $11.46 Nabors Industries NBR Dec E $6.85 $8.00 315.5 ($1.75) ($0.94) ($0.58) NM NM $2,161.4 $9.25 Halyard Health, Inc. HYH pf Dec O $46.00 $51.00 46.9 $1.67 $1.40 $1.29 32.9 35.7 $2,158.5 $25.90 United Natural Foods UNFI adj Jul E/V $42.69 $51.00 50.4 $2.57 $3.10 $3.56 13.8 12.0 $2,152.0 $33.23 TreeHouse Foods, Inc. THS op Dec E $38.11 $40.00 56.4 $2.82 $2.00 $2.45 19.1 15.6 $2,149.6 $39.96 Trustmark Corp. TRMK op Dec E $31.13 $34.00 68.4 $1.86 $2.11 $2.28 14.8 13.7 $2,128.6 $23.20 Sunoco LP SUN cf Dec E $25.63 $30.00 82.5 $3.24 $3.59 $3.70 7.1 6.9 $2,114.1 $19.53 Meredith Corp. MDP adj Jun E $53.35 $66.00 39.6 $4.00 $3.35 $3.97 15.9 13.4 $2,114.0 $22.36 Laredo Petroleum, Inc. LPI op/cf Dec E $8.65 $10.00 242.5 $1.56 $2.33 $2.38 3.7 3.6 $2,097.5 $3.16 Renasant Corp. RNST op Dec E $42.22 $47.00 49.4 $2.42 $3.11 $3.33 13.6 12.7 $2,084.7 $30.72 First Merchants Corp. FRME Dec O $41.93 $49.00 49.5 $2.13 $2.93 $3.20 14.3 13.1 $2,075.8 $26.51 Myriad Genetics, Inc. MYGN pf Jun O/V $29.67 $45.00 69.9 $1.06 $1.15 $1.28 25.8 23.2 $2,072.4 $11.38 Eagle Bancorp EGBN Dec O $60.25 $69.00 34.2 $2.92 $4.40 $4.80 13.7 12.6 $2,058.7 $27.80 LegacyTexas Financial Group LTXB op Dec E $42.59 $46.00 48.2 $2.16 $3.05 $3.27 14.0 13.0 $2,052.8 $19.95 Amedisys, Inc. AMED op Dec E/V $60.22 $60.00 34.0 $2.20 $2.99 $3.23 20.1 18.6 $2,046.6 $15.17 Flagstar Bancorp FBC Dec E $35.50 NE 57.3 $1.08 $3.15 $3.60 11.3 9.9 $2,034.9 $24.41 Ameris Bancorp ABCB op Dec O $52.45 $65.00 38.2 $2.48 $3.62 $4.40 14.5 11.9 $2,005.7 $21.59 Mimecast Limited MIME pf Mar O/V $34.66 $42.00 57.8 $0.09 ($0.01) $0.18 NM NM $2,003.8 $1.47

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 56

COVERAGE LIST BY MARKET CAPITALIZATION

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS Cal-Maine Foods, Inc. CALM op May O $45.60 $50.00 43.8 ($1.54) $2.05 $2.45 22.2 18.6 $1,996.1 $17.35 Independent Bank Group IBTX op Dec O $69.90 $81.00 28.3 $3.52 $4.70 $5.43 14.9 12.9 $1,981.4 $47.28 Papa John's International PZZA adj Dec O $57.69 $70.00 33.5 $2.67 $2.50 $3.00 23.1 19.2 $1,934.8 -$3.59 Extraction Oil & Gas XOG op/cf Dec O $11.18 $26.00 172.8 $1.85 $4.22 $5.78 2.6 1.9 $1,931.5 $9.41 Installed Building Products IBP op Dec O/V $59.55 $71.00 31.9 $2.03 $2.76 $3.37 21.6 17.7 $1,897.4 $6.61 Saia, Inc. SAIA op Dec E $73.55 $78.00 25.7 $2.20 $3.70 $4.40 19.9 16.7 $1,888.5 $22.80 WesBanco, Inc. WSBC Dec O $42.63 $45.00 44.1 $2.14 $2.95 $3.18 14.5 13.4 $1,878.1 $31.68 Brooks Automation, Inc. BRKS adj Sep O/V $26.57 $36.00 70.4 $1.23 $1.34 $1.60 19.8 16.6 $1,871.3 $8.70 Pacific Premier Bancorp PPBI op Dec E $40.30 $47.00 46.2 $2.02 $2.77 $3.20 14.5 12.6 $1,862.7 $26.86 Redfin Corp. RDFN adj Dec U $22.35 $17.00 81.8 ($0.15) $0.00 $0.22 NM NM $1,827.7 $2.89 Banner Corp. BANR op Dec E $55.60 $59.00 32.6 $2.99 $3.36 $3.62 16.5 15.4 $1,814.0 $38.89 Cambrex Corp. CBM adj Dec O/V $52.30 $61.00 34.4 $3.18 $2.93 $3.01 17.8 17.4 $1,796.6 $16.59 Albany International Corp. AIN op/cf Dec E/V $61.75 $64.00 29.0 $1.65 $2.28 $2.60 27.1 23.8 $1,790.8 $17.70 CyberArk Software CYBR pf Dec E/V $50.00 $50.00 35.6 $1.16 $1.21 $1.47 41.3 34.0 $1,778.9 $10.03 First Financial Bancorp. FFBC Dec O $28.55 $33.00 62.1 $1.57 $2.15 $2.45 13.3 11.7 $1,772.8 $14.99 Monro Muffler Brake MNRO Mar E $52.25 $48.00 32.8 $1.85 $1.90 $2.34 27.5 22.3 $1,713.5 $17.78 Gulfport Energy Corp. GPOR op/cf Dec O $9.18 $18.00 183.1 $3.46 $3.90 $3.85 2.4 2.4 $1,680.7 $16.94 Masonite International DOOR op Dec E $59.95 $77.00 28.0 $3.33 $4.12 $5.07 14.6 11.8 $1,678.7 $25.47 Varonis Systems, Inc. VRNS pf Dec O/V $59.20 $60.00 28.3 $0.24 $0.02 $0.34 NM NM $1,674.6 $3.60 Brinker International EAT adj Jun E $36.09 $40.00 46.3 $3.18 $3.50 $3.80 10.3 9.5 $1,672.7 -$10.19 C & J Energy Services CJ Dec O $24.14 $35.00 68.5 $0.37 $3.34 $6.25 7.2 3.9 $1,653.6 $19.28 NxStage Medical, Inc. NXTM Dec E $24.64 $30.00 66.3 ($0.22) $0.08 $0.25 NM 98.6 $1,634.1 $3.22 B & G Foods, Inc. BGS op Dec O $24.30 $35.00 66.6 $2.11 $2.15 $2.30 11.3 10.6 $1,618.2 $13.25 Calavo Growers Inc. CVGW op Oct O $91.25 $110.00 17.5 $2.16 $3.15 $3.70 29.0 24.7 $1,600.8 $13.87 Keane Group FRAC Dec O $14.26 $24.00 112.2 ($0.34) $1.35 $1.81 10.6 7.9 $1,600.6 $4.59 Aircastle Ltd. AYR adj Dec E/V $19.84 $24.00 78.5 $2.14 $2.32 $2.49 8.6 8.0 $1,558.2 $24.24 Abaxis, Inc. ABAX pf Mar E/V $68.61 $60.00 22.7 $1.27 $1.17 $1.41 58.6 48.7 $1,557.3 $11.81 Repligen Corp. RGEN pf Dec O/V $35.46 $50.00 43.6 $0.70 $0.72 $0.81 49.3 43.8 $1,545.6 $13.57 Bottomline Technologies EPAY pf Jun E/V $37.84 $39.00 40.7 $1.00 $1.15 $1.36 32.9 27.8 $1,539.3 $7.00 Forward Air FWRD op Dec O $52.01 $74.00 29.6 $2.37 $2.90 $3.35 17.9 15.5 $1,538.7 $18.11 Party City Holdco Inc. PRTY op Dec O $15.75 $23.00 96.4 $1.19 $1.84 $2.04 8.6 7.7 $1,518.2 $10.05 WSFS Financial Corp. WSFS Dec O $48.05 $56.00 31.4 $2.53 $3.38 $3.78 14.2 12.7 $1,509.0 $23.05 Atlas Air Worldwide Holdings AAWW op Dec E/V $59.25 $69.00 25.4 $4.93 $6.00 NE 9.9 NM $1,507.0 $70.77 Imperva, Inc. IMPV pf Dec O/V $43.10 $61.00 34.8 $1.06 $1.45 $1.65 29.7 26.1 $1,500.1 $9.20 Heartland Express, Inc. HTLD Dec E $17.97 $19.00 83.3 $0.51 $0.63 $0.80 28.5 22.5 $1,497.1 $6.90 ESCO Technologies ESE Sep E $57.70 $65.00 25.8 $2.07 $3.59 $2.85 16.1 20.2 $1,491.3 $26.01 Ply Gem Holdings, Inc. PGEM op Dec E/V $21.65 $20.00 68.6 $1.30 $1.01 $1.41 21.4 15.4 $1,484.3 $1.20 MRC Golbal Inc. MRC pf Dec O/V $15.91 $24.00 92.2 $0.17 $0.86 $1.14 18.5 14.0 $1,466.2 $8.31

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 57

COVERAGE LIST BY MARKET CAPITALIZATION

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS Hostess Brands, Inc. TWNK op Dec O $14.60 $20.00 99.9 $0.64 $0.67 $0.77 21.8 19.0 $1,457.9 $11.33 First Busey Corp. BUSE Dec O $29.73 $36.00 48.6 $1.48 $2.13 $2.27 14.0 13.1 $1,445.9 $19.21 Greenbrier Companies GBX Aug E $50.15 $55.00 28.7 $3.76 $4.30 $3.45 11.7 14.5 $1,439.4 $35.72 Sandy Spring Bancshares SASR Dec O $38.72 $45.00 35.6 $2.20 $3.08 $3.48 12.6 11.1 $1,380.1 $23.50 Hub Group HUBG Dec O $40.85 $59.00 33.7 $1.80 $2.40 $2.95 17.0 13.8 $1,377.4 $22.57 Ensign Group, The ENSG adj Dec O/V $26.72 $28.00 51.5 $1.38 $1.83 $1.97 14.6 13.6 $1,375.7 $9.59 Wingstop, Inc. WING adj Dec O $47.27 $50.00 29.1 $0.69 $0.75 $0.88 63.0 53.7 $1,375.3 -$1.66 Asbury Automotive Group, Inc. ABG op Dec O $65.55 $81.00 20.8 $6.45 $7.71 $8.04 8.5 8.2 $1,365.8 $18.94 Air Transport Services Group ATSG op Dec O $22.66 $32.00 59.2 $0.90 $1.20 $1.30 18.9 17.4 $1,342.3 $6.69 Cannae Holdings, Inc. CNNE pf Dec O/V $18.93 $22.00 70.9 $1.68 ($0.53) ($0.47) NM NM $1,341.3 $14.95 Altra Industrial Motion Corp. AIMC op Dec O/V $45.65 $52.00 29.3 $2.05 $2.40 $2.68 19.0 17.0 $1,338.0 $13.65 Group 1 Automotive, Inc. GPI op Dec E $63.43 $86.00 20.9 $7.72 $8.30 $8.55 7.6 7.4 $1,326.4 $53.80 Mammoth Energy Services TUSK Dec O $29.77 $36.00 44.5 $1.42 $4.66 $1.19 6.4 25.0 $1,324.8 $11.39 Fortress Transportation FTAI op Dec O $15.85 $20.00 82.8 $0.14 $0.40 $0.70 39.6 22.6 $1,312.0 $12.50 BMC Stock Holdings BMCH op Dec O/V $19.50 $23.00 67.1 $1.03 $1.42 $1.68 13.7 11.6 $1,309.2 $11.13 Entercom Communications ETM adj Dec E $9.50 $12.00 137.4 $0.98 $0.91 $0.96 10.4 9.9 $1,305.4 $12.28 Rush Enterprises, Inc. RUSHA Dec O $41.47 $65.00 31.4 $2.29 $2.90 $3.15 14.3 13.2 $1,302.2 $26.13 ProPetro Holding Corp. PUMP Dec O $15.53 $21.00 83.0 $0.17 $1.63 $1.91 9.5 8.1 $1,289.6 $4.98 Superior Energy Services SPN adj Dec E $8.26 $11.00 154.2 ($1.35) ($0.75) ($0.35) NM NM $1,274.0 $7.39 Brookdale Senior Living BKD Dec O/V $6.82 $12.00 186.6 ($3.07) ($1.14) ($0.84) NM NM $1,272.4 $8.00 Primoris Service Corp. PRIM pf Dec E/V $24.61 $28.00 51.5 $1.10 $1.60 $1.76 15.4 14.0 $1,268.2 $10.82 Carrizo Oil & Gas, Inc. CRZO op/cf Dec O/V $15.57 $45.00 81.4 $5.93 $7.31 $9.34 2.1 1.7 $1,268.0 $4.55 GMS Inc. GMS op Apr O $30.48 $41.00 41.0 $1.71 $2.00 $2.70 15.2 11.3 $1,250.6 $12.56 FB Financial Corporation FBK op Dec O $40.50 $49.00 30.7 $2.10 $3.12 $3.36 13.0 13.0 $1,241.4 $19.54 Marten Transport, Ltd. MRTN op Dec O $22.55 $25.00 54.5 $0.62 $1.00 $1.20 22.6 18.8 $1,228.5 $9.64 Matson Inc. MATX op Dec E $28.19 $36.00 42.4 $5.40 $2.15 $2.45 13.1 11.5 $1,196.6 $15.96 Element Fleet Management EFN-CA adj/c Dec O/V $4.01 $7.00 380.4 $0.83 $0.70 $0.70 5.7 5.7 $1,183.5 $7.92 Lakeland Financial Corp. LKFN Dec E $46.40 NE 25.3 $2.24 $2.90 $3.15 16.0 14.7 $1,173.3 $18.72 State Bank Financial Corp. STBZ op Dec E $30.00 $32.00 39.0 $1.63 $2.12 $2.26 14.2 13.3 $1,170.4 $16.45 Wabash National Corp. WNC op Dec E $20.21 $27.00 57.7 $1.38 $1.95 $1.85 10.4 10.9 $1,165.1 $8.79 NCI Building Systems NCS op Oct E/V $17.40 $20.00 66.1 $0.80 $1.29 $1.60 13.5 10.9 $1,150.9 $4.46 Gannett Co. GCI adj Dec E $9.93 $12.00 112.8 $1.03 $1.02 $0.93 9.7 10.7 $1,120.3 $9.10 Camping World Holdings CWH Dec O/V $30.48 $54.00 36.7 $1.61 $2.95 $3.38 10.3 9.0 $1,120.1 $1.54 LHC Group LHCG op Dec O/V $60.09 $74.00 18.3 $2.42 $3.09 $3.41 19.4 17.6 $1,098.7 $25.29 City Holding Co. CHCO Dec E $69.52 NE 15.5 $3.48 $4.52 $4.60 15.4 15.1 $1,078.2 $32.17 Gray Television, Inc. GTN Dec O/V $12.80 $19.00 83.6 $3.55 $2.09 $1.47 6.1 8.7 $1,070.0 $11.05 First Bancorp FBNC op Dec E $35.95 $41.00 29.6 $1.98 $2.84 $3.03 12.7 12.7 $1,065.7 $23.38 RE/MAX Holdings Inc. RMAX adj Dec E/V $60.15 $60.00 17.7 $1.87 $1.97 $2.21 30.5 27.2 $1,064.5 $26.43

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 58

COVERAGE LIST BY MARKET CAPITALIZATION

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS Glaukos Corp. GKOS pf Dec O/V $30.50 $36.00 34.7 $0.15 ($0.39) ($0.22) NM NM $1,059.6 $3.99 NOW, Inc. DNOW pf Dec O/V $9.82 $13.00 107.7 ($0.34) $0.07 $0.44 NM 22.3 $1,057.3 $10.97 Stewart Information Services STC op Dec E/V $43.96 $49.00 23.7 $2.05 $3.28 $3.75 13.4 11.7 $1,043.7 $28.34 Continental Building Products CBPX op Dec E/V $27.75 $30.00 37.4 $1.33 $1.72 $1.97 16.1 14.1 $1,039.0 $8.47 U.S. Physical Therapy USPH cs Dec E/V $81.95 $75.00 12.7 $2.08 $2.44 $2.58 33.6 31.8 $1,038.4 $16.27 CareTrust REIT CTRE Dec O $13.47 $16.00 76.1 $0.36 $0.69 $0.81 19.5 16.6 $1,025.6 $7.88 OraSure Technologies, Inc. OSUR pf Dec O/V $16.79 $19.00 61.0 $0.35 $0.30 $0.43 56.0 39.0 $1,023.6 $4.25 Conn's, Inc. CONN op Jan O $32.35 $44.00 31.4 ($0.38) $1.08 $2.98 30.0 10.9 $1,014.9 $16.72 MainSource Financial Group MSFG Dec E $39.54 NE 25.6 $1.62 $2.12 $2.31 18.7 17.1 $1,012.4 $20.83 National Bank Holdings Corp. NBHC op Dec E $33.18 $34.00 30.4 $1.20 $1.83 $2.00 18.1 16.6 $1,008.5 $19.81 ECN Capital ECN-CA adj/c Dec O/V $3.42 $6.00 379.5 $0.15 $0.20 $0.28 17.1 12.2 $1,007.0 $4.47 Denny's Corp. DENN adj Dec O $15.34 $18.00 64.3 $0.59 $0.62 $0.67 24.7 22.9 $985.9 -$1.51 Core-Mark Holding Co. CORE adj Dec E/V $21.30 $23.00 46.1 $0.95 $1.13 $1.33 18.8 16.0 $983.0 $12.03 U.S. Concrete, Inc. USCR op Dec O $58.70 $84.00 16.7 $2.99 $4.79 $6.01 12.3 9.8 $977.7 $16.84 Sonic Corp. SONC adj Aug O $25.24 $32.00 38.5 $1.25 $1.46 $1.70 17.3 14.8 $970.7 -$5.02 World Acceptanc Corp. WRLD adj Mar U/V $102.75 $65.00 9.1 $8.38 $7.35 $9.18 14.0 11.2 $933.1 $52.50 Andersons, The ANDE Dec E $32.70 $40.00 28.5 $1.15 $2.15 $2.35 15.2 13.9 $931.2 $28.74 TrueCar, Inc. TRUE adj Dec O/V $9.18 $18.00 100.6 $0.07 $0.10 $0.28 91.8 32.8 $923.1 $3.12 New Media Investment Group NEWM Dec O $17.30 $19.00 53.2 $0.70 ($0.25) $0.69 NM 25.1 $921.0 $12.67 BJ's Restaurants BJRI adj Dec O $44.50 $45.00 20.5 $1.40 $1.75 $1.96 25.4 22.7 $912.4 $12.63 NIC Inc. EGOV adj Dec E $13.25 $15.00 67.1 $0.83 $0.85 $0.76 15.6 17.4 $889.3 $2.54 Ring Energy, Inc. REI op/cf Dec O $14.25 $20.00 60.4 $0.77 $2.00 $2.83 7.1 5.0 $860.5 $6.58 Triumph Bancorp, Inc. TBK op Dec O $40.70 $47.00 20.8 $1.55 $2.66 $3.15 15.3 12.9 $847.6 $18.35 Preferred Bank PFBC op Dec O $64.08 $75.00 13.2 $3.49 $4.66 $5.38 13.8 11.9 $845.1 $23.48 E.W. Scripps Co. SSP Dec E $12.11 $18.00 69.7 $0.79 ($0.22) $0.59 NM 20.5 $844.4 $11.48 Carolina Financial Corp. CARO op Dec E $39.03 $43.00 21.1 $2.08 $2.95 $3.28 13.2 11.9 $822.0 $22.61 Community Trust Bancorp CTBI Dec E $45.65 NE 17.7 $2.92 $3.30 $3.40 13.8 13.4 $808.5 $30.00 ArcBest Corp. ARCB op Dec E $31.45 $39.00 25.6 $1.36 $2.40 $2.70 13.1 11.6 $806.4 $25.40 Stock Yards Bancorp SYBT Dec E $35.35 NE 22.7 $1.65 $2.25 $2.35 15.7 15.0 $803.0 $14.71 Dean Foods DF op Dec E $8.63 $9.00 91.3 $0.80 $0.60 $0.80 14.4 10.8 $788.0 $7.20 CURO Group Holdings CURO adj Dec O/V $17.18 $23.00 45.6 $2.01 $2.28 $3.20 7.5 5.4 $782.7 $0.16 Halcon Resources HK op/cf Dec O $4.84 $13.00 158.6 $0.77 $0.81 $1.79 6.0 2.7 $767.6 $7.18 Horizon Bancorp HBNC Dec O $29.94 $34.00 25.5 $1.44 $2.15 $2.35 13.9 12.7 $763.9 $17.90 Stoneridge Inc. SRI op Dec O $27.04 $32.00 28.2 $1.57 $2.00 $2.15 13.5 12.6 $762.0 $8.66 CBTX, Inc. CBTX op Dec O $29.20 $33.00 25.9 $1.45 $1.65 $1.81 17.7 17.7 $757.6 $17.97 Red Robin Gourmet Burgers RRGB adj Dec O $58.30 $80.00 13.0 $2.51 $2.65 $3.00 22.0 19.4 $755.5 $29.91 National Commerce Corp. NCOM op Dec E $43.55 $48.00 17.2 $1.97 $2.86 $3.27 15.2 13.3 $749.9 $26.55 Enova International ENVA adj Dec O/V $22.00 $22.00 33.6 $1.37 $2.08 $2.49 10.6 8.8 $740.3 $8.41

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COVERAGE LIST BY MARKET CAPITALIZATION

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS Midland States Bancorp MSBI Dec O $31.27 $38.00 23.6 $0.93 $2.20 $2.80 14.2 11.2 $738.4 $23.35 Echo Global Logistics ECHO op Dec O $26.30 $40.00 28.0 $0.86 $1.30 $1.65 20.2 15.9 $737.1 $13.17 Cerus Corp. CERS pf Dec O/V $5.52 $9.00 129.6 ($0.56) ($0.50) ($0.40) NM NM $715.4 $0.34 American Railcar Industries ARII op Dec E $37.02 $44.00 19.1 $1.83 $2.70 $2.95 13.7 12.5 $706.5 $34.77 CrossAmerica Partners LP CAPL cf Dec E/V $20.34 $27.00 34.1 $2.40 $2.87 $3.19 7.1 6.4 $693.8 $5.02 Green Plains Inc. GPRE op Dec O $16.65 $32.00 41.1 ($0.86) $1.00 $1.56 16.7 10.7 $683.5 $22.93 Byline Bancorp, Inc. BY Dec E $23.06 NE 29.3 $0.36 $1.29 $1.60 17.9 14.4 $675.8 $15.29 DXP Enterprises DXPE Dec O/V $38.81 $48.00 17.4 $0.65 $1.26 $1.75 30.8 22.2 $675.0 $15.48 TriState Capital Holdings TSC op Dec O $23.30 $28.00 28.9 $1.24 $1.50 $1.89 15.5 12.3 $673.6 $13.61 EZCORP, Inc. EZPW adj Sep E/V $13.00 $15.00 51.5 $0.60 $0.93 $1.01 14.0 12.9 $669.4 $12.18 Lumber Liquidators LL Dec E $23.48 $27.00 28.5 ($1.32) $0.90 $1.43 26.1 16.4 $668.9 $6.94 Veritex Holdings, Inc. VBTX op Dec O $27.70 $34.00 24.1 $1.07 $1.80 $2.12 15.4 13.1 $667.7 $20.29 Cutera, Inc. CUTR pf Dec O/V $48.80 $60.00 13.6 $0.93 $1.02 $1.41 47.8 34.6 $662.9 $4.81 Neogenomics Inc. NEO Dec O/V $8.20 $11.00 80.5 $0.13 $0.17 $0.24 48.2 34.2 $660.2 $2.15 NN, Inc. NNBR op Dec E $23.60 $27.00 27.6 $1.56 $1.45 $1.90 16.3 12.4 $650.7 NM Merchants Bancorp MBIN Dec O $22.38 $24.00 28.7 $2.24 $2.18 $2.45 10.3 9.1 $642.0 $11.36 Foundation Building Materials FBM op Dec O/V $14.71 $16.00 42.8 $0.34 $0.40 $0.62 36.8 23.7 $629.2 $8.83 QCR Holdings, Inc. QCRH Dec O $45.05 $53.00 13.9 $2.61 $3.30 $3.55 13.7 12.7 $627.6 $25.38 Fidelity Southern Corp. LION op Dec E $23.02 $24.00 27.0 $1.31 $1.64 $1.73 14.0 13.3 $622.3 $14.86 STAAR Surgical Co. STAA pf Dec E/V $14.75 $13.00 41.4 ($0.02) ($0.03) $0.18 NM 81.9 $610.9 $1.04 Access National Corp. ANCX Dec O $28.92 $32.00 20.5 $0.92 $2.00 $2.25 14.5 12.9 $593.8 $20.53 QuinStreet, Inc. QNST adj Jun O/V $12.66 $11.50 46.2 $0.10 $0.36 $0.46 35.2 27.5 $585.3 $2.60 Hanger Inc. HNGR op Dec E/V $16.00 $17.00 36.3 $0.39 $0.44 $0.57 36.4 28.1 $581.3 $1.81 Equity Bancshares, Inc. EQBK Dec E $38.96 NE 14.6 $1.64 $2.73 $3.10 14.3 12.6 $569.0 $25.62 Invacare Corp. IVC Dec O/V $17.25 $21.00 32.9 ($2.34) ($1.44) ($0.15) NM NM $567.1 $12.89 Sonic Automotive, Inc. SAH op Dec E $18.15 $23.00 30.4 $1.86 $2.34 $2.36 7.8 7.7 $551.5 $18.21 Addus HomeCare Corp. ADUS op Dec O $46.35 $43.00 11.6 $1.60 $1.90 $2.00 24.4 23.2 $537.8 $15.05 Forterra, Inc. FRTA op Dec E $8.36 $9.00 64.3 ($0.27) ($0.04) $0.24 NM 34.8 $537.4 $2.06 Mistras Group, Inc. MG pf Dec E/V $18.40 $22.00 28.3 $0.43 $0.80 $0.98 23.0 18.8 $519.8 $9.56 Allegiance Bancshares, Inc. ABTX op Dec O $38.80 $45.00 13.3 $1.56 $2.47 $2.98 15.7 13.0 $515.5 $23.20 Martin Midstream Partners MMLP cf Dec O $13.35 $20.00 38.4 $2.33 $1.92 $2.32 7.0 5.8 $513.0 $7.57 Bojangles', Inc. BOJA adj Dec E $13.65 $12.00 37.0 $0.83 $0.66 $0.69 20.7 19.8 $505.0 $7.73 Fiesta Restaurant Group FRGI cs Dec E/V $18.05 $20.00 27.3 $0.62 $0.47 $0.70 38.4 25.8 $491.9 $8.62 Covenant Transportation Group CVTI op Dec O $29.52 $36.00 16.0 $0.86 $1.80 $2.30 16.4 12.8 $471.8 $16.11 Rent-A-Center RCII adj Dec U/V $8.70 $5.00 53.4 ($0.53) $0.35 $0.69 24.9 12.6 $464.7 $5.11 First Mid-Illinois Bancshares FMBH Dec E $36.43 NE 12.7 $2.13 $2.50 $2.70 14.6 13.5 $461.7 $24.32 Intrepid Potash, Inc. IPI op Dec E $3.50 $3.75 130.5 ($0.19) $0.16 $0.27 21.9 13.0 $456.8 $3.15 Hibbett Sports, Inc. HIBB Jan E $23.40 $22.00 19.1 $1.71 $1.91 $2.15 12.3 10.9 $446.7 NM

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COVERAGE LIST BY MARKET CAPITALIZATION

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS Titan Machinery TITN op Jan E/V $19.75 $21.00 22.1 ($0.65) ($0.18) $0.09 NM NM $436.4 $14.71 Chuy's Holdings, Inc. CHUY adj Dec O $25.65 $28.00 17.0 $0.96 $1.14 $1.28 22.5 20.0 $435.2 $11.17 Capital City Bank Group CCBG op Dec E $25.29 $26.00 17.0 $0.88 $1.41 $1.72 17.9 14.7 $430.9 $16.73 RBB Bancorp, Inc. RBB op Dec O $26.99 $30.00 15.9 $1.47 $1.81 $2.00 14.9 13.5 $429.4 $16.67 Franklin Financial Network FSB op Dec E $32.30 $36.00 13.3 $2.41 $2.72 $3.00 11.9 10.8 $428.1 $23.01 Old Line Bancshares OLBK Dec O $33.28 $36.00 12.6 $1.35 $2.22 $2.64 15.0 12.6 $418.2 $16.61 Carrols Restaurant Group TAST adj Dec O $11.25 $18.00 36.5 $0.20 $0.22 $0.25 51.1 45.0 $411.1 $4.77 Team, Inc. TISI pf Dec O/V $13.20 $22.00 30.0 ($0.81) ($0.07) $0.91 NM 14.5 $395.8 $15.27 First Bancshares Inc. FBMS op Dec O $31.80 $37.00 12.3 $1.77 $2.22 $2.61 14.3 14.3 $392.4 $19.92 Basic Energy Services BAS Dec E $14.11 $20.00 26.4 ($3.72) ($0.53) $0.87 NM 16.2 $372.7 $12.92 Howard Bancorp HBMD Dec O $19.65 $24.00 19.0 $0.75 $1.25 $1.62 15.7 12.1 $372.6 $13.47 Guaranty Bancshares, Inc. GNTY op Dec E $33.42 $35.00 11.1 $1.56 $2.04 $2.34 16.4 16.4 $369.6 $18.75 Regional Management RM adj Dec E/V $31.36 $30.00 11.7 $2.41 $3.24 $3.58 9.7 8.8 $366.6 $20.53 Abraxas Petroleum Corp. AXAS op/cf Dec O/V $2.17 $3.00 165.9 $0.28 $0.31 $0.62 7.0 3.5 $360.0 $0.64 America's Car-Mart CRMT adj Apr E/V $50.45 $55.00 6.9 $2.55 $3.29 $4.26 15.3 11.8 $349.1 $30.61 Endologix, Inc. ELGX pf Dec E/V $4.08 $6.00 83.7 ($0.80) ($0.91) ($0.78) NM NM $341.6 $0.90 Capital Senior Living Corp. CSU cs Dec O/V $10.98 $16.00 30.5 $1.55 $1.62 $1.73 6.8 6.3 $334.6 $2.64 SilverBow Resources, Inc. SBOW op/cf Dec O $28.62 $42.00 11.6 $9.43 $12.85 $14.63 2.2 2.0 $332.0 $16.72 American National Bankshares AMNB Dec E $38.15 NE 8.7 $1.76 $2.55 $2.90 15.0 13.2 $331.0 $24.13 BioScrip, Inc. BIOS adj Dec O/V $2.53 $4.00 127.7 ($0.58) ($0.31) ($0.13) NM NM $323.1 -$0.66 EP Energy Corp. EPE op/cf Dec U $1.27 NE 251.3 $1.47 $1.48 $1.39 0.9 0.9 $319.2 $1.56 MutualFirst Financial Inc. MFSF Dec E $36.15 NE 8.6 $1.64 $2.40 $2.80 15.1 12.9 $310.0 $20.34 Kimbell Royalty Partners KRP cf Dec O $17.95 $22.00 16.8 $1.17 $1.49 $1.46 12.0 12.3 $302.2 $15.87 Quintana Energy Services QES Dec O $8.96 $14.00 33.0 ($0.37) ($0.03) $0.18 NM 49.8 $296.0 $3.08 Elevate Credit, Inc. ELVT adj Dec E/V $7.00 $8.00 42.2 $0.16 $0.76 $0.95 9.2 7.4 $295.6 $2.28 Del Frisco's Restaurant Group DFRG cs Dec O $14.35 $18.00 20.3 $0.75 $0.68 $0.82 21.1 17.5 $291.9 $9.31 YRC Worldwide Inc. YRCW op Dec O/V $8.48 $19.00 33.9 ($0.05) $1.00 $2.25 8.5 3.8 $287.2 -$10.80 Pacific Biosciences of California PACB pf Dec O/V $2.18 $5.50 130.7 ($0.87) ($0.68) ($0.65) NM NM $284.9 $0.74 Zoe's Kitchen, Inc. ZOES adj Dec E/V $14.33 $15.00 19.6 ($0.09) ($0.21) ($0.19) NM NM $280.7 $6.70 Green Plains Partners LP GPP cf Dec O $17.20 $24.00 15.9 $2.01 $2.12 $2.35 8.1 7.3 $273.7 -$1.95 Earthstone Energy, Inc. ESTE op/cf Mar O $9.63 $16.00 27.8 $0.81 $1.13 $1.79 8.5 5.4 $268.0 $10.12 Sanchez Energy Corp. SN op/cf Dec E/V $3.00 $7.00 84.8 $6.37 $4.40 $4.95 0.7 0.6 $254.5 -$5.59 CapStar Financial Holdings CSTR op Dec E $18.83 $18.00 11.6 $0.40 $1.09 $1.16 17.3 16.2 $218.1 $12.61 Lilis Energy, Inc. LLEX op/cf Dec O $3.92 $5.00 53.5 ($0.56) ($0.40) $0.56 NM 7.0 $209.7 -$0.58 USA Truck, Inc. USAK op Dec O $24.37 $30.00 8.3 ($0.35) $1.20 $2.00 20.3 12.2 $202.0 $8.02 Community Bankers Trust ESXB Dec E $9.10 NE 22.1 $0.33 $0.60 $0.74 15.2 12.3 $200.9 $5.62 County Bancorp, Inc. ICBK Dec O $28.85 $34.00 6.6 $1.50 $2.15 $2.35 13.4 12.3 $191.6 $19.93 Orion Group Holdings, Inc. ORN Dec O/V $6.30 $9.00 28.3 ($0.14) $0.13 $0.44 48.5 14.3 $178.2 $8.22 Sientra, Inc. SIEN Dec O/V $9.06 $18.00 19.6 ($3.34) ($2.79) ($1.94) NM NM $178.0 $1.42

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COVERAGE LIST BY MARKET CAPITALIZATION

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 3/28/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS Habit Restaurants, Inc. HABT adj Dec O $8.60 $15.00 20.4 $0.16 $0.03 $0.03 NM NM $175.8 $5.81 Blueknight Energy Partners BKEP op/cf Dec O $4.15 $6.00 40.3 $0.60 $0.51 $0.67 8.1 6.2 $167.3 $11.31 Sanchez Midstream Partners SNMP cf Dec O $10.95 $18.00 15.0 $1.49 $2.17 $2.57 5.0 4.3 $163.9 -$1.96 FreightCar America RAIL op Dec E $13.10 $16.00 12.4 ($1.24) ($2.05) ($0.45) NM NM $162.9 $18.70 J. Alexander's Holdings JAX op Dec O $11.00 $14.00 14.7 $0.50 $0.56 $0.62 19.6 17.7 $161.7 $7.39 Genesis Healthcare, Inc. GEN adj Dec E/V $1.56 $2.00 97.2 ($6.15) ($1.39) ($1.29) NM NM $151.7 -$11.08 Nobilis Health Corp. HLTH Dec O/V $1.70 $3.00 78.2 $0.24 $0.22 $0.24 7.7 7.1 $132.9 $1.93 Townsquare Media TSQ Dec E $7.99 $9.00 13.8 ($0.51) $1.06 $1.19 7.5 6.7 $110.6 $20.56 Celadon Group, Inc. CGI op Jun Susp $3.70 NE 28.3 $0.98 NE NE NM NM $104.7 $13.27 Papa Murphy's Holdings FRSH adj Dec O $5.06 $7.00 17.0 $0.15 $0.25 $0.35 20.2 14.5 $85.8 $6.02 Jones Energy, Inc. JONE op/cf Dec E $0.85 $1.00 92.0 $1.99 $0.07 $0.59 12.2 1.4 $78.6 $5.21 YogaWorks, Inc. YOGA Dec O/V $2.86 $6.00 16.4 ($1.28) ($1.13) ($0.58) NM NM $46.9 -$1.89 Good Times Restaurants GTIM op Sep O/V $3.00 $8.00 12.5 ($0.18) ($0.13) ($0.07) NM NM $37.4 $2.78

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 62

MLP AND REIT COMPANY RISKS

BKEP Company Risks

BKEP may not have sufficient cash from operations following the establishment of cash reserves and payment of fees and expenses, including cost reimbursements to the General Partner, to enable them to make cash distributions to holders of their units at the current distribution rate. BKEP’s cash available for distributions to unitholders could be negatively impacted if they are unable to extend existing storage contracts or enter into new storage contracts at the Cushing terminal. BKEP depends on certain key customers for a portion of its revenues and are exposed to credit risks of these customers. The loss of or material nonpayment or nonperformance by any of these key customers could adversely affect cash flow and results of operations. BKEP is exposed to the credit risks of its third-party customers in the ordinary course of gathering activities. Any material nonpayment or nonperformance by third-party customers could reduce BKEPs ability to make distributions to its unitholders. The amount of cash BKEP has available for distribution to holders of its units depends primarily on BKEP’s cash flow and not solely on earnings reflected in its financial statements. Consequently, even if BKEP is profitable and is otherwise able to pay distributions, they may not be able to make cash distributions to holders of units. BKEP’s debt levels under the credit agreement may limit their ability to make distributions and flexibility in obtaining additional financing and in pursuing other business opportunities. BKEP may not be able to raise sufficient capital to grow their business. If BKEP borrows funds to make any permitted quarterly distributions, the ability to pursue acquisitions and other business opportunities may be limited and BKEP’s operations may be materially and adversely affected. BKEP is indirectly exposed to commodity price volatility. BKEP’s revenues from third-party customers are generated under contracts that must be renegotiated periodically and that allow the customer to reduce or suspend performance in some circumstances, which could cause revenues from those contracts to decline and reduce the ability to make distributions to BKEP’s unitholders. Certain of BKEP’s asphalt services contracts have short terms, and certain leases relating to the asphalt operations may be terminated upon short notice. BKEP is not fully insured against all risks incident to its business and could incur substantial liabilities as a result. A significant decrease in demand for crude oil and/or finished asphalt products in the areas served by BKEP storage facilities and pipelines could reduce the ability to make distributions to BKEP’s unitholders. A material decrease in the production of crude oil from the oil fields served by BKEP pipelines could materially reduce the ability to make distributions to BKEP’s unitholders. A material decrease in the production of liquid asphalt cement could materially reduce BKEP’s ability to make distributions to unitholders. BKEP faces intense competition in gathering, transportation, terminalling and storage activities. Competition from other providers of crude oil gathering, transportation, terminalling and storage services that are able to supply BKEP’s customers with those services at a lower price could reduce BKEP’s ability to make distributions to its unitholders. Some of BKEP’s pipeline systems are dependent upon interconnections with other crude oil pipelines to reach end markets. If BKEP is unable to make acquisitions on economically acceptable terms, BKEP’s future growth may be limited. If BKEP acquires assets that are distinct and separate from existing terminalling, storage, gathering and transportation operations, it could subject them to additional business and operating risks. Expanding BKEP’s business by constructing new assets subjects them to risks that projects may not be completed on schedule and that the costs associated with projects may exceed their expectations, which could cause the cash available for distribution to BKEP’s unitholders to be less than anticipated. BKEP may incur significant costs and liabilities as a result of pipeline integrity management program testing and any necessary pipeline repair, or preventative or remedial measures, which could have a material adverse effect on BKEP’s results of operations. BKEP may be subject to significant costs related to environmental investigations and/or remediation activities at its asphalt facilities. BKEP’s operations are subject to environmental and worker safety laws and regulations that may expose them to significant costs and liabilities. Failure to comply with these laws and regulations could adversely affect the ability to make distributions to BKEP’s unitholders. Adoption of legislation and regulatory measures targeting greenhouse gas (GHG) emissions could affect BKEP’s operations, expose them to significant costs and liabilities, and reduce demand for the products they transport. BKEP’s business involves many hazards and operational risks, including adverse weather conditions, which could cause them to incur substantial liabilities. BKEP does not own all of the land on which BKEP’s pipelines and facilities are located, which could disrupt their operations. BKEP could experience increased severity or frequency of accidents and other claims.

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MLP AND REIT COMPANY RISKS

Changes in trucking regulations may increase BKEP’s costs and negatively impact the results of operations. Terrorist or cyber-attacks and threats, escalation of military activity in response to these attacks or acts of war could have a material adverse effect on BKEP’s business, financial condition or results of operations. Vitol and Charlesbank control BKEP’s General Partner, which has sole responsibility for conducting BKEP business and managing their operations. BKEP’s General Partner has conflicts of interest with them and limited fiduciary duties, which may permit it to favor its own interests to the detriment of BKEP’s unitholders. BKEP’s partnership agreement limits their General Partner’s fiduciary duties to holders of BKEP’s units and restricts the remedies available to holders of their units for actions taken by BKEP’s General Partner that might otherwise constitute breaches of fiduciary duty. Vitol and Charlesbank may compete with BKEP, which could adversely affect BKEP’s existing business and limit their ability to acquire additional assets or businesses. Cost reimbursements due to BKEP’s General Partner and its affiliates for services provided, which are determined by BKEP’s General Partner, may be substantial and will reduce their cash available for distribution to unitholders.

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MLP AND REIT COMPANY RISKS

CAPL Company Risks We may not have sufficient cash from operations to enable us to pay the minimum quarterly distribution following establishment of cash reserves and payment of fees and expenses. We may not have sufficient cash each quarter to pay the minimum quarterly distribution of at least $0.4375 per unit, or $1.75 per unit per year. The minimum quarterly distribution is an amount that must be paid to holders of our common units, including any arrearages, before any distributions may be made to holders of our subordinated units, to the extent that any distributions are made. The amount of cash we can distribute on our units principally depends upon the amount of cash we generate from our operations, which will fluctuate from quarter to quarter based on, among other things: Demand for motor fuel products in the markets we serve, including seasonal fluctuations, and the margin per gallon we earn selling and distributing motor fuel; The industries in which we operate are subject to seasonal trends, which may cause our operating costs to fluctuate, affecting our earnings; Severe storms could adversely affect our business by damaging our suppliers’ operations or lowering our sales volumes; Competition from other companies that sell motor fuel products or operate convenience stores in our targeted market areas; The inability to identify and acquire suitable sites or to negotiate acceptable leases for such sites; The potential inability to obtain adequate financing to fund our expansion; The level of our operating costs, including payments to CST; Prevailing economic conditions Regulatory actions affecting the supply of or demand for motor fuel, our operations, our existing contracts or our operating costs; and Volatility of prices for motor fuel. In addition, the actual amount of cash we will have available for distribution will depend on other factors such as: The level of capital expenditures we make; The restrictions contained in our credit agreements; Our debt service requirements; The cost of acquisitions; Fluctuations in our working capital needs; Our ability to borrow under our credit agreements to make distributions to our unitholders; and The amount, if any, of cash reserves established by our General Partner in its discretion. We do not have a legal obligation to pay quarterly distributions at our minimum quarterly distribution rate or at any other rate. There is no guarantee that we will distribute quarterly cash distributions to our unitholders in any quarter. See “Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities—Cash Distribution Policy”. The amount of cash we have available for distribution to unitholders depends primarily on our cash flow rather than on our profitability, which may prevent us from making cash distributions, even during periods when we record net income. The amount of cash we have available for distribution depends primarily on our cash flow, and not solely on profitability, which will be affected by non-cash items. As a result, we may make cash distributions during periods when we record losses for financial accounting purposes and may not make cash distributions during periods when we record net income for financial accounting purposes.

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 65

MLP AND REIT COMPANY RISKS

ETE Company Risks

Cash distributions are not guaranteed and may fluctuate with ETE’s performance or other external factors. ETE’s cash flow depends primarily on the cash distributions they receive from ETE partnership interests, including the incentive distribution rights, in ETP and Sunoco LP and, therefore, ETE cash flow is dependent upon the ability of ETP and Sunoco LP to make distributions in respect of those partnership interests. ETE may issue an unlimited number of limited partner interests without the consent of their Unitholders, which will dilute Unitholders’ ownership interest in ETE and may increase the risk that ETE will not have sufficient available cash to maintain or increase ETE’s per unit distribution level. ETP, Sunoco Logistics and Sunoco LP may issue additional Common Units, which may increase the risk that each Partnership will not have sufficient available cash to maintain or increase its per unit distribution level. Unitholders have limited voting rights and are not entitled to elect the General Partner or its directors. In addition, even if Unitholders are dissatisfied, they cannot easily remove the General Partner. ETE’s General Partner may, in its sole discretion, approve the issuance of partnership securities and specify the terms of such partnership securities. The control of ETE’s General Partner may be transferred to a third party without Unitholder consent. ETE is dependent on third parties, including key personnel of ETP under a shared services agreement, to provide the financial, accounting, administrative and legal services necessary to operate the business. Cost reimbursements due to ETE’s General Partner may be substantial and may reduce their ability to pay the distributions to their Unitholders. A reduction in ETP’s, Sunoco LP’s or Sunoco Logistics’ distributions will disproportionately affect the amount of cash distributions to which ETE is entitled. The consolidated debt level and debt agreements of ETP, Sunoco Logistics and Sunoco LP and those of their subsidiaries may limit the distributions ETE receives from ETP, Sunoco Logistics and Sunoco LP, as well as ETE’s future financial and operating flexibility. ETE does not have the same flexibility as other types of organizations to accumulate cash, which may limit cash available to service ETE debt or to repay debt at maturity. A downgrade of ETE’s credit ratings could impact ETE and their subsidiaries’ liquidity, access to capital and costs of doing business, and maintaining credit ratings is under the control of independent third parties. ETE’s subsidiaries are not prohibited from competing with ETE. Capital projects will require significant amounts of debt and equity financing which may not be available to ETP on acceptable terms, or at all. Increases in interest rates could materially adversely affect ETE’s business, results of operations, cash flows and financial condition. Unitholders may have liability to repay distributions. ETE has a holding company structure in which their subsidiaries conduct ETE operations and own ETE operating assets. Unitholders may not have limited liability if a court finds that unitholder actions constitute control of ETE business. ETE’s debt level and debt agreements may limit their ability to make distributions to Unitholders and may limit ETE future financial and operating flexibility and may require asset sales. ETE’s General Partner has a limited call right that may require Unitholders to sell their units at an undesirable time or price. Although ETE controls ETP and Sunoco LP through ETE’s ownership of their general partners, ETP’s and Sunoco LP’s general partners owe fiduciary duties to ETP and ETP’s unitholders and Sunoco LP and Sunoco LP’s unitholders, respectively, which may conflict with ETE’s interests. The fiduciary duties of ETE’s General Partner’s officers and directors may conflict with those of ETP’s or Sunoco LP’s respective general partners. Potential conflicts of interest may arise among ETE’s General Partner, its affiliates and ETE. ETE’s General Partner and its affiliates have limited fiduciary duties to ETE, which may permit them to favor their own interests to the detriment of ETE. ETE’s partnership agreement limits their General Partner’s fiduciary duties to ETE and restricts the remedies available for actions taken by ETE’s General Partner that might otherwise constitute breaches of fiduciary duty. The general partner’s absolute discretion in determining the level of cash reserves may adversely affect ETE’s ability to make cash distributions to their Unitholders. ETP and Sunoco LP do not control, and therefore may not be able to cause or prevent certain actions by, certain of their joint ventures. ETP and Sunoco LP are exposed to the credit risk of their respective customers and derivative counterparties, and an increase in the nonpayment and nonperformance by their respective customers or derivative counterparties could reduce their respective ability to make distributions to their Unitholders, including to ETE. Income from ETP’s midstream, transportation, terminalling and storage operations is exposed to risks due to fluctuations in the demand for and price of natural gas, NGLs and oil that are beyond ETE’s control.

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MLP AND REIT COMPANY RISKS

A material decrease in demand or distribution of crude oil available for transport through Sunoco Logistics’ pipelines or terminal facilities could materially and adversely affect ETE results of operations, financial position, or cash flows. An interruption of supply of crude oil to ETE facilities could materially and adversely affect ETE’s results of operations and revenues. ETP is affected by competition from other midstream, transportation and storage and retail marketing companies. ETP may be unable to retain or replace existing midstream, transportation, terminalling and storage customers or volumes due to declining demand or increased competition in oil, natural gas and NGL markets, which would reduce revenues and limit future profitability. ETP’s midstream facilities and transportation pipelines are attached to basins with naturally declining production, which it may not be able to replace with new sources of supply. ETP is entirely dependent upon third parties for the supply of refined products such as gasoline and diesel for its retail marketing business. The profitability of certain activities in ETP’s natural gas gathering, processing, transportation and storage operations is largely dependent upon natural gas commodity prices, price spreads between two or more physical locations and market demand for natural gas and NGLs. The use of derivative financial instruments could result in material financial losses by ETP and Sunoco LP. ETP’s natural gas and NGL revenues depend on their customers’ ability to use ETP’s pipelines and third-party pipelines over which ETE has no control. The inability to continue to access lands owned by third parties, including tribal lands, could adversely affect ETE’s ability to operate and adversely affect thier financial results. ETP may not be able to fully execute its growth strategies if they encounter increased competition for qualified assets. An impairment of goodwill and intangible assets could reduce ETE earnings. If ETP and Sunoco LP do not make acquisitions on economically acceptable terms, their future growth could be limited. If ETP does not continue to construct new pipelines, their future growth could be limited. Expanding ETP’s business by constructing new pipelines and related facilities subjects ETP to risks. ETP depends on certain key producers for a significant portion of their supplies of natural gas. The loss of, or reduction in, any of these key producers could adversely affect ETP’s business and operating results. ETP depends on key customers to transport natural gas through their pipelines. Mergers among Sunoco Logistics’ customers and competitors could result in lower volumes being shipped on its pipelines or products stored in or distributed through its terminals, or reduced crude oil marketing margins or volumes. A portion of Sunoco Logistics’ general and administrative services have been outsourced to third-party service providers. Fraudulent activity or misuse of proprietary data involving its outsourcing partners could expose ETE to additional liability. ETP’s interstate natural gas pipelines are subject to laws, regulations and policies governing the rates they are allowed to charge for their services, which may prevent ETE from fully recovering their costs. The interstate natural gas pipelines are subject to laws, regulations and policies governing terms and conditions of service, which could adversely affect their business and operations. Rate regulation or market conditions may not allow ETP to recover the full amount of increases in the costs of its crude oil and products pipeline operations. State regulatory measures could adversely affect the business and operations of ETP’s midstream and intrastate pipeline and storage assets. Certain of ETP’s assets may become subject to regulation. ETP may incur significant costs and liabilities resulting from performance of pipeline integrity programs and related repairs. Federal and state legislative and regulatory initiatives relating to pipeline safety that require the use of new or more stringent safety controls or result in more stringent enforcement of applicable legal requirements could subject ETE to increased capital costs, operational delays and costs of operation. ETP’s business involves the generation, handling and disposal of hazardous substances, hydrocarbons and wastes and may be adversely affected by environmental and worker health and safety laws and regulations. Product liability claims and litigation could adversely affect ETE’s business and results of operations. The adoption of climate change legislation or regulations restricting emissions of greenhouse gases could result in increased operating costs and reduced demand for the services ETE provides. The adoption of the Dodd-Frank Act could have an adverse effect on ETE’s ability to use derivative instruments to reduce the effect of commodity price, interest rate and other risks associated with ETE’s business, resulting in ETE operations becoming more volatile and ETE cash flows less predictable. A natural disaster, catastrophe or other event could result in severe personal injury, property damage and environmental damage, which could curtail ETP’s operations and otherwise materially adversely affect their cash flow. Terrorist attacks aimed at ETE facilities could adversely affect its business, results of operations, cash flows and financial condition.

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MLP AND REIT COMPANY RISKS

Additional deepwater drilling laws and regulations, delays in the processing and approval of drilling permits and exploration and oil spill-response plans, and other related restrictions arising after the Deepwater Horizon incident in the Gulf of Mexico may have a material adverse effect on ETE business, financial condition, or results of operations. ETE’s business is subject to federal, state and local laws and regulations that govern the product quality specifications of the petroleum products that they store and transport. ETE’s business could be affected adversely by union disputes and strikes or work stoppages by Panhandle’s and Sunoco, Inc.’s unionized employees. Governmental regulations and policies, particularly in the areas of taxation, energy and the environment, have a significant impact on ETE’s retail marketing business. ETE has outsourced various functions related to their retail marketing business to third-party service providers, which decreases ETE’s control over the performance of these functions. Disruptions or delays of their third-party outsourcing partners could result in increased costs, or may adversely affect service levels. Fraudulent activity or misuse of proprietary data involving ETE’s outsourcing partners could expose them to additional liability. ETE’s operations could be disrupted if their information systems fail, causing increased expenses and loss of sales. Cybersecurity breaches and other disruptions could compromise ETE’s information and operations, and expose them to liability, which would cause ETE’s business and reputation to suffer. The costs of providing pension and other postretirement health care benefits and related funding requirements are subject to changes in pension fund values, changing demographics and fluctuating actuarial assumptions and may have a material adverse effect on ETE’s financial results. ETE’s contract compression operations depend on particular suppliers and are vulnerable to parts and equipment shortages and price increases, which could have a negative impact on results of operations. A material decrease in demand or distribution of crude oil available for transport through Sunoco Logistics’ pipelines or terminal facilities could materially and adversely affect ETE’s results of operations, financial position, or cash flows. An interruption of supply of crude oil to ETE facilities could materially and adversely affect their results of operations and revenues. LCL is dependent on project financing to fund the costs necessary to construct the liquefaction project. If project financing is unavailable to supply the funding necessary to complete the liquefaction project, LCL may not be able to secure alternative funding and affirmative FID may not be achieved. The liquefaction project is subject to the right of each of LCL and BG to withdraw from the project in its sole discretion at any time prior to an affirmative FID. The construction of the liquefaction project remains subject to further approvals and some approvals may be subject to further conditions, review and/or revocation. ETE’s tax treatment depends on their continuing status as a partnership for federal income tax purposes, as well as ETE not being subject to a material amount of additional entity-level taxation by individual states. If the IRS were to treat ETE or ETP as a corporation for federal income tax purposes or if ETE or ETP become subject to a material amount of entity-level taxation for state tax purposes, then their cash available for distribution would be substantially reduced. ETE has subsidiaries that will be treated as corporations for federal income tax purposes and subject to corporate-level income taxes. ETE treats each purchaser of Common Units as having the same tax benefits without regard to the actual Common Units purchased. The IRS may challenge this treatment, which could result in a Unitholder owing more tax and may adversely affect the value of the Common Units. ETE prorates our items of income, gain, loss and deduction between transferors and transferees of their units each month based upon the ownership of ETE units on the first business day of each month, instead of on the basis of the date a particular unit is transferred. The IRS may challenge aspects of ETE’s proration method, and if successful, they would be required to change the allocation of items of income, gain, loss and deduction among ETE Unitholders. A Unitholder whose units are the subject of a securities loan (e.g. a loan to a “short seller”) to cover a short sale of units may be considered as having disposed of those units. If so, the Unitholder would no longer be treated for tax purposes as a partner with respect to those units during the period of the loan and may recognize gain or loss from the disposition. ETP has adopted certain valuation methodologies in determining unitholder’s allocations of income, gain, loss and deduction. The IRS may challenge these methods or the resulting allocations, and such a challenge could adversely affect the value of ETP’s Common Units and ETE’s Common Units. The sale or exchange of 50% or more of ETE capital and profits interests during any twelve month period will result in the termination of their partnership for federal income tax purposes. Unitholders will likely be subject to state and local taxes and return filing requirements in states where they do not live as a result of investing in ETE Common Units. There is no assurance when or if the merger will be completed. The merger is subject to the receipt of consents and approvals from governmental entities that may impose conditions that could have an adverse effect on ETE and ETC. The pendency of the merger could adversely affect ETE’s business and operations. ETE may experience difficulties in integrating the WMB business. The completion of the merger may result in ratings organizations and/or securities analysts taking actions that may adversely affect the business, financial condition, results of operations and cash flows of ETE, ETC and ETE’s subsidiaries (including ETP, Sunoco Logistics and Sunoco LP), and the market price of ETE, ETC’s and ETE’s subsidiaries’ securities.

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MLP AND REIT COMPANY RISKS

ETP Company Risks

Cash distributions are not guaranteed and may fluctuate with ETP’s performance and other external factors. ETP may sell additional limited partner interests, diluting existing interests of Unitholders. Sunoco Logistics and Sunoco LP may issue additional common units, which may increase the risk that Sunoco Logistics or Sunoco LP will not have sufficient available cash to maintain or increase their per unit distribution level. Future sales of ETP units or other limited partner interests in the public market could reduce the market price of Unitholders’ limited partner interests. Unitholders may not have limited liability if a court finds that Unitholder actions constitute control of ETP’s business. ETP’s debt level and debt agreements may limit their ability to make distributions to Unitholders and may limit ETP’s future financial and operating flexibility. Capital projects will require significant amounts of debt and equity financing, which may not be available to ETP on acceptable terms, or at all. Increases in interest rates could adversely affect ETP’s business, results of operations, cash flows and financial condition. The credit and risk profile of ETP’s General Partner and its owners could adversely affect their credit ratings and profile. Unitholders have limited voting rights and are not entitled to elect the General Partner or its directors. In addition, even if Unitholders are dissatisfied, they cannot easily remove the General Partner. ETP’s General Partner may, in its sole discretion, approve the issuance of partnership securities and specify the terms of such partnership securities. The control of ETP’s General Partner may be transferred to a third party without Unitholder consent. Unitholders may be required to sell their units to the General Partner at an undesirable time or price. The interruption of distributions to ETP from our operating subsidiaries and equity investees may affect ETP’s ability to satisfy their obligations and to make distributions to their partners. A reduction in Sunoco Logistics’ distributions will disproportionately affect the amount of cash distributions to which ETP is entitled. Sunoco Logistics is not prohibited from competing with ETP. Cost reimbursements due to ETP’s General Partner may be substantial and may reduce their ability to pay the distributions to Unitholders. Unitholders may have liability to repay distributions. ETP has a holding company structure in which their subsidiaries conduct ETP operations and own ETP operating assets. ETP does not have the same flexibility as other types of organizations to accumulate cash, which may limit cash available to service ETP debt or to repay debt at maturity. A downgrade of ETP’s credit ratings could impact them and their subsidiaries’ liquidity, access to capital and costs of doing business, and maintaining credit ratings is under the control of independent third parties. ETP’s partnership agreement limits their General Partner’s fiduciary duties to ETP Unitholders and restricts the remedies available to Unitholders for actions taken by their General Partner that might otherwise constitute breaches of fiduciary duty. Some of ETP’s executive officers and directors face potential conflicts of interest in managing their business. The General Partner’s absolute discretion in determining the level of cash reserves may adversely affect ETP’s ability to make cash distributions to their Unitholders. ETP’s General Partner has conflicts of interest and limited fiduciary responsibilities that may permit their General Partner to favor its own interests to the detriment of Unitholders. Affiliates of ETP’s General Partner may compete with ETP. ETP does not control, and therefore may not be able to cause or prevent certain actions by, certain of ETP’s joint ventures. ETP is exposed to the credit risk of their customers and derivative counterparties, and an increase in the nonpayment and nonperformance by ETP’s customers or derivative counterparties could reduce their ability to make distributions to ETP’s Unitholders. Income from ETP’s midstream, transportation, terminalling and storage operations is exposed to risks due to fluctuations in the demand for and price of natural gas, NGLs and oil that are beyond ETP’s control. ETP is affected by competition from other midstream, transportation, terminalling and storage and retail marketing companies. ETP may be unable to retain or replace existing midstream, transportation, terminalling and storage customers or volumes due to declining demand or increased competition in oil, natural gas and NGL markets, which would reduce their revenues and limit ETP’s future profitability. ETP’s midstream facilities and transportation pipelines are attached to basins with naturally declining production, which they may not be able to replace with new sources of supply. ETP is entirely dependent upon third parties for the supply of refined products such as gasoline and diesel for their retail marketing business. The profitability of certain activities in ETP’s natural gas gathering, processing, transportation and storage operations are largely dependent upon natural gas commodity prices, price spreads between two or more physical locations and market demand for natural gas and NGLs. The use of derivative financial instruments could result in material financial losses by ETP.

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MLP AND REIT COMPANY RISKS

ETP’s natural gas and NGL revenues depend on their customers’ ability to use ETP pipelines and third-party pipelines over which ETP has no control. The inability to continue to access lands owned by third parties could adversely affect ETP’s ability to operate and their financial results. ETP may not be able to fully execute their growth strategy if they encounter increased competition for qualified assets An impairment of goodwill and intangible assets could reduce ETP’s earnings. If ETP does not make acquisitions on economically acceptable terms, their future growth could be limited. If ETP does not continue to construct new pipelines, their future growth could be limited. Expanding ETP’s business by constructing new pipelines and related facilities subjects them to risks. ETP depends on certain key producers for their supply of natural gas and the loss of any of these key producers could adversely affect their financial results. ETP’s intrastate transportation and storage and interstate transportation and storage operations depend on key customers to transport natural gas through ETP pipelines and the pipelines of ETP’s joint ventures. ETP’s interstate natural gas pipelines are subject to laws, regulations and policies governing the rates they are allowed to charge for their services, which may prevent ETP from fully recovering their costs. ETP’s interstate natural gas pipelines are subject to laws, regulations and policies governing terms and conditions of service, which could adversely affect ETP’s business and results of operations. Rate regulation or market conditions may not allow ETP to recover the full amount of increases in the costs of ETP’s crude oil and products pipeline operations. State regulatory measures could adversely affect the business and operations of ETP’s midstream and intrastate pipeline and storage assets. Certain of ETP’s assets may become subject to regulation. ETP may incur significant costs and liabilities resulting from performance of pipeline integrity programs and related repairs. Federal and state legislative and regulatory initiatives relating to pipeline safety that require the use of new or more stringent safety controls or result in more stringent enforcement of applicable legal requirements could subject ETP to increased capital costs, operational delays and costs of operation. ETP’s business involves the generation, handling and disposal of hazardous substances, hydrocarbons and wastes and may be adversely affected by environmental and worker health and safety laws and regulations. Product liability claims and litigation could adversely affect ETP’s business and results of operations. The adoption of climate change legislation or regulations restricting emissions of greenhouse gases could result in increased operating costs and reduced demand for the services ETP provides. The adoption of the Dodd-Frank Act could have an adverse effect on ETP’s ability to use derivative instruments to reduce the effect of commodity price, interest rate and other risks associated with their business, resulting in ETP operations becoming more volatile and their cash flows less predictable. A natural disaster, catastrophe or other event could result in severe personal injury, property damage and environmental damage, which could curtail ETP operations and otherwise materially adversely affect their cash flow and, accordingly, affect the market price of ETP Common Units. Terrorist attacks aimed at ETP facilities could adversely affect their business, results of operations, cash flows and financial condition. Additional deepwater drilling laws and regulations, delays in the processing and approval of drilling permits and exploration, development, oil spill response and decommissioning plans, and other related developments may have a material adverse effect on ETP’s business, financial condition, or results of operations. ETP’s business is subject to federal, state and local laws and regulations that govern the product quality specifications of the petroleum products that they store and transport. ETP’s business could be affected adversely by union disputes and strikes or work stoppages by unionized employees. Governmental regulations and policies, particularly in the areas of taxation, energy and the environment, have a significant impact on ETP’s retail marketing business. ETP has outsourced various functions related to their retail marketing business to third-party service providers, which decreases ETP’s control over the performance of these functions. Disruptions or delays of ETP’s third-party outsourcing partners could result in increased costs, or may adversely affect service levels. Fraudulent activity or misuse of proprietary data involving ETP’s outsourcing partners could expose them to additional liability. ETP’s operations could be disrupted if their information systems fail, causing increased expenses and loss of sales. Cybersecurity breaches and other disruptions could compromise ETP’s information and operations, and expose them to liability, which would cause ETP’s business and reputation to suffer. The costs of providing pension and other postretirement health care benefits and related funding requirements are subject to changes in pension fund values, changing demographics and fluctuating actuarial assumptions and may have a material adverse effect on ETP’s financial results. ETP’s contract compression operations depend on particular suppliers and are vulnerable to parts and equipment shortages and price increases, which could have a negative impact on results of operations. Mergers among Sunoco Logistics’ customers and competitors could result in lower volumes being shipped on its pipelines or products stored in or distributed through its terminals, or reduced crude oil marketing margins or volumes. A portion of Sunoco Logistics’ general and administrative services have been outsourced to third-party service providers. Fraudulent activity or misuse of proprietary data involving its outsourcing partners could expose ETP to additional liability.

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MLP AND REIT COMPANY RISKS

A material decrease in demand or distribution of crude oil available for transport through Sunoco Logistics’ pipelines or terminal facilities could materially and adversely affect ETP’s results of operations, financial position, or cash flows. An interruption of supply of crude oil to ETP facilities could materially and adversely affect ETP’s results of operations and revenues. LCL is dependent on project financing to fund the costs necessary to construct the liquefaction project. If project financing is unavailable to supply the funding necessary to complete the liquefaction project, LCL may not be able to secure alternative funding and affirmative FID may not be achieved. The liquefaction project is subject to the right of each of LCL and BG to withdraw from the project in its sole discretion at any time prior to an affirmative FID. The construction of the liquefaction project remains subject to further approvals and some approvals may be subject to further conditions, review and/or revocation. ETP’s tax treatment depends on their status as a partnership for federal income tax purposes, as well as ETP not being subject to a material amount of entity level taxation by individual states. If the Internal Revenue Service (“IRS”) were to treat ETP as a corporation for federal income tax purposes or if ETP became subject to a material amount of entity-level taxation for state tax purposes, then ETP’s cash available for distribution would be substantially reduced. If the IRS contests the federal income tax positions ETP takes, the market for ETP’s Common Units may be adversely affected and the costs of any such contest will reduce cash available for distributions to their Unitholders. Recently enacted legislation alters the procedures for assessing and collecting taxes due for taxable years beginning after December 31, 2017, in a manner that could substantially reduce cash available for distribution to you. Unitholders may be required to pay taxes on their share of ETP’s income even if they do not receive any cash distributions from ETP. Tax gain or loss on disposition of ETP’s Common Units could be more or less than expected. Tax-exempt entities and non-U.S. persons face unique tax issues from owning Common Units that may result in adverse tax consequences to them. ETP has subsidiaries that will be treated as corporations for federal income tax purposes and subject to corporate-level income taxes. ETP treats each purchaser of Common Units as having the same tax benefits without regard to the actual Common Units purchased. The IRS may challenge this treatment, which could result in a Unitholder owing more tax and may adversely affect the value of the Common Units. ETP prorates their items of income, gain, loss and deduction between transferors and transferees of ETP’s units each month based upon the ownership of ETP’s units on the first business day of each month, instead of on the basis of the date a particular unit is transferred. The IRS may challenge aspects of ETP’s proration method, and, if successful, ETP would be required to change the allocation of items of income, gain, loss and deduction among their Unitholders. A Unitholder whose units are the subject of a securities loan (e.g. a loan to a “short seller”) to cover a short sale of units may be considered as having disposed of those units. If so, the Unitholder would no longer be treated for tax purposes as a partner with respect to those units during the period of the loan and may recognize gain or loss from the disposition. ETP has adopted certain valuation methodologies in determining Unitholder’s allocations of income, gain, loss and deduction. The IRS may challenge these methods or the resulting allocations, and such a challenge could adversely affect the value of ETP’s common units. The sale or exchange of 50% or more of ETP’s capital and profit interests during any twelve month period will result in the termination of ETP’s partnership for federal income tax purposes. Unitholders will likely be subject to state and local taxes and return filing requirements in states where they do not live as a result of investing in ETP’s Common Units.

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 71

MLP AND REIT COMPANY RISKS

FUN Company Risks

FUN competes for discretionary spending and discretionary free-time with many other entertainment alternatives and is subject to factors that generally affect the recreation and leisure industry, including general economic conditions. The operating season at most of FUN parks is of limited duration, which can magnify the impact of adverse conditions or events occurring within that operating season. Bad or extreme weather conditions can adversely impact attendance at FUN parks, which in turn would reduce FUN revenues. The high fixed cost structure of amusement park operations can result in significantly lower margins if revenues decline. FUN business depends on its ability to meet workforce needs. Increased costs of labor and employee health and welfare benefits may impact FUNs results of operations. If FUN loses key personnel, FUN business may be adversely affected. FUN growth strategy may not achieve the anticipated results. Cyber-security risks and the failure to maintain the integrity of internal or customer data could result in damages to FUN’s reputation and/or subject the Company to costs, fines or lawsuits. There is a risk of incidents occurring at amusement parks, which may reduce attendance and negatively impact FUN revenues. FUN operations, FUN workforce and FUN ownership of property subject us to various laws and regulatory compliance, which may create uncertainty regarding future expenditures and liabilities. Unanticipated construction delays in completing capital improvement projects in FUN parks and resort facilities, significant ride downtime, or other unplanned park closures could adversely affect FUN revenues. Instability in general economic conditions could impact FUN profitability and liquidity while increasing FUN exposure to counter-party risk. Variable rate indebtedness subjects us to the risk of higher interest rates, which could cause FUN future debt service obligations to increase. The amount of FUN indebtedness could adversely affect FUN’s ability to raise additional capital to fund FUN operations, limit FUN’s ability to react to changes in the economy or the industry and prevent FUN from fulfilling its obligations under its debt agreements. FUN’s tax treatment is dependent on its status as a partnership for federal income tax purposes. If the tax laws were to treat FUN as a corporation or FUN becomes subject to a material amount of entity-level taxation, it may substantially reduce the amount of cash available for distribution to FUN unitholders. Other factors, including local events, natural disasters and terrorist activities, could adversely impact park attendance and FUN revenues.

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 72

MLP AND REIT COMPANY RISKS

GPP Company Risks

We may not have sufficient cash from operations following the establishment of cash reserves and payment of fees and expenses, including cost reimbursements to our general partner and its affiliates, to enable us to pay the minimum quarterly distribution to our unitholders. Our pro forma financial data are not necessarily representative of the results of what we would have achieved and may not be a reliable indicator of our future results. The assumptions underlying the forecast of distributable cash flow that we include in “Our Cash Distribution Policy and Restrictions on Distributions” are inherently uncertain and are subject to significant business, economic, financial, regulatory and competitive risks and uncertainties that could cause actual results to differ materially from those forecasted. The services we provide under commercial agreements with Green Plains Trade will initially account for a substantial portion of our revenues. Therefore, we will be subject to the business risks of Green Plains Trade and, as a result of its direct ownership by our parent, to the business risks of our parent. If Green Plains Trade is unable to satisfy its obligations under the commercial agreements with us for any reason, our revenues would decline and our financial condition, results of operations, cash flows and ability to make distributions to our unitholders would be adversely affected. Ethanol production and marketing is a highly competitive business subject to changing market demands and regulatory environments. Any change in our parent’s business or financial strategy to meet such demands or requirements may negatively impact our parent’s financial condition, results of operations or cash flows and, in turn, may adversely affect our financial condition, results of operations, cash flows and ability to make distributions to our unitholders. Our substantial dependence on our parent’s ethanol production plants could adversely affect our financial condition, results of operations, cash flows and ability to make distributions to our unitholders. Green Plains Trade may suspend, reduce or terminate its obligations under the commercial agreements with us in certain circumstances, which could have a material adverse effect on our financial condition, results of operations, cash flows and ability to make distributions to our unitholders. If Green Plains Trade satisfies only its minimum commitments under the commercial agreements between Green Plains Trade and us that provide for minimum commitments, or if we are unable to renew or extend any commercial agreements with Green Plains Trade, our ability to make distributions to our unitholders will be reduced. We do not own our railcar fleet and our railcar assets are subject to lease agreements with several lessors. As our railcar leases expire, Green Plains Trade’s minimum take-or-pay capacity commitment will be reduced proportionately. If we do not enter into new commercial arrangements with respect to rail transportation services, our ability to make distributions to our unitholders may be reduced. Railcars used to transport ethanol and other fuels may need to be retrofitted or replaced to meet new rail safety standards. Rail logistical problems may cause delays in the transportation of our products which could negatively impact our financial performance. The ethanol industry is dependent on government usage mandates affecting ethanol production and any changes to such regulation could adversely affect the market for ethanol and our results of operations. We may not be able to increase our third-party revenues significantly or at all due to competition and other factors, which could limit our ability to grow and extend our dependence on our parent. If we are unable to make acquisitions on economically acceptable terms from third parties, our future growth would be limited, and any acquisitions we may make may reduce, rather than increase, our cash flows and ability to make distributions to our unitholders. Our right of first offer to acquire any of our parent’s new ethanol storage assets, fuel terminal facilities or ethanol or transportation fuel assets is subject to risks and uncertainty, and ultimately we may not acquire any of those assets. Any inability to maintain required regulatory permits may impede or completely prohibit our parent’s and our operations. Additionally, any change in environmental and safety regulations, or violations thereof, could impede each of our parent’s and our ability to successfully operate our respective businesses. Restrictions in our new revolving credit facility could adversely affect our business, results of operations, ability to make distributions to our unitholders and the value of our units. Debt we incur in the future may limit our flexibility to obtain financing and to pursue other business opportunities. Our parent’s existing debt arrangements requiring it to abide by certain restrictive loan covenants may adversely affect our ability to grow our business, our ability to pay cash distributions to our unitholders and our credit ratings and profile. Our ability to obtain credit in the future may also be affected by our parent’s credit ratings. Meeting the requirements of evolving environmental, health and safety laws and regulations, and in particular those related to climate change, could adversely affect our financial performance. Our business is impacted by environmental risks inherent in our operations. We are subject to regulation by multiple governmental agencies, which could have a material adverse effect on our financial condition, results of operations, cash flows and ability to make distributions to our unitholders.

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MLP AND REIT COMPANY RISKS

Replacement technologies that are under development might result in the obsolescence of corn-derived ethanol, which could adversely affect our financial results. Future demand for ethanol is uncertain and may be affected by changes to federal mandates, public perception, consumer acceptance and overall consumer demand for transportation fuel, any of which could negatively affect demand for ethanol and our results of operations. Increased federal support of cellulosic ethanol may result in increased competition to corn-derived ethanol producers. Pursuant to the JOBS Act, our independent registered public accounting firm will not be required to attest to the effectiveness of our internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act of 2002 for so long as we are an emerging growth company. Our insurance policies do not cover all losses, costs or liabilities that we may experience, and insurance companies that currently insure companies in the energy industry may cease to do so or substantially increase premiums. The loss of key personnel could adversely affect our ability to operate. We do not have any employees and rely solely on employees of our parent and its affiliates. Increases in interest rates could adversely affect our business. Terrorist attacks, cyber-attacks, threats of war or actual war, or failure of our or our parent’s internal computer network and applications to operate as designed may negatively affect our and our parent’s financial condition, results of operations, cash flows and ability to make distributions to our unitholders.

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 74

MLP AND REIT COMPANY RISKS

MMLP Company Risks

MMLP may not have sufficient cash after the establishment of cash reserves and payment of its general partner's expenses to enable MMLP to pay the minimum quarterly distribution each quarter. Restrictions in MMLP’s credit facility may prevent them from making distributions to unitholders. If MMLP does not have sufficient capital resources for acquisitions or opportunities for expansion, growth will be limited. MMLP may not be able to obtain funding on acceptable terms or at all because of the deterioration of the credit and capital markets. This may hinder or prevent MMLP from meeting their future capital needs. MMLP is exposed to counterparty risk in its credit facility and related interest rate protection agreements. The impacts of climate-related initiatives at the international, federal and state levels remain uncertain at this time. MMLP’s recent and future acquisitions may not be successful, may substantially increase MMLP’s indebtedness and contingent liabilities and may create integration difficulties. Adverse weather conditions, including droughts, hurricanes, tropical storms and other severe weather, could reduce MMLP’s results of operations and ability to make distributions to unitholders. If MMLP incurs material liabilities that are not fully covered by insurance, such as liabilities resulting from accidents on rivers or at sea, spills, fires or explosions, the results of operations and ability to make distributions to unitholders could be adversely affected. The price volatility of petroleum products and by-products could reduce MMlp’s liquidity and results of operations and ability to make distributions to unitholders. Increasing energy prices could adversely affect MMLP’s results of operations. Increased competition from alternative natural gas transportation and storage options and alternative fuel sources could have a significant financial impact on MMLP. Demand for MMLP’s terminalling and storage services is substantially dependent on the level of offshore oil and gas exploration, development and production activity. MMLP’s NGL and sulfur-based fertilizer products are subject to seasonal demand and could cause revenues to vary. The highly competitive nature of MMLP’s industry could adversely affect results of operations and ability to make distributions to unitholders. MMLP’s business is subject to compliance with environmental laws and regulations that may expose them to significant costs and liabilities and adversely affect MMLP’s results of operations and ability to make distributions to unitholders. The loss or insufficient attention of key personnel could negatively impact MMLP’s results of operations and ability to make distributions to unitholders. MMLP’s loss of significant commercial relationships with Martin Resource Management could adversely impact the results of operations and ability to make distributions to unitholders. MMLP’s business would be adversely affected if operations at MMLP’s transportation, terminalling and storage and distribution facilities experienced significant interruptions. MMLP’s business would also be adversely affected if the operations of its customers and suppliers experienced significant interruptions. Political, regulatory and economic factors may significantly affect MMLP’s operations, the manner in which they conduct business and slow the rate of growth. MMLP’s marine transportation business would be adversely affected if they do not satisfy the requirements of the Jones Act or if the Jones Act were modified or eliminated. MMLP’s marine transportation business would be adversely affected if the U.S. Government purchases or requisitions any of MMLP’s vessels under the Merchant Marine Act. Regulations affecting the domestic tank vessel industry may limit MMLP’s ability to do business, increase costs and adversely impact results of operations and ability to make distributions to unitholders. MMLP’s interest rate swap activities may have a material adverse effect on MMLP’s earnings, profitability, liquidity, cash flows and financial condition. The industry in which MMLP operats is highly competitive, and increased competitive pressure could adversely affect business and operating results.

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 75

MLP AND REIT COMPANY RISKS

PAA Company Risks

PAA may not be able to fully implement or capitalize upon planned growth projects. PAA’s results of operations are influenced by the overall forward market for crude oil, and certain market structures or the absence of pricing volatility may adversely impact PAA’s results. A natural disaster, catastrophe, terrorist attack or other event, including attacks on PAA’s electronic and computer systems, could interrupt operations and/or result in severe personal injury, property damage and environmental damage, which could have a material adverse effect on PAA’s financial position, results of operations and cash flows. If PAA does not make acquisitions or if they make acquisitions that fail to perform as anticipated, future growth may be limited. PAA’s acquisition strategy involves risks that may adversely affect its business. PAA’s growth strategy requires access to new capital. Tightened capital markets or other factors that increase PAA’s cost of capital could impair its ability to grow. Loss of PAA’s investment grade credit rating or the ability to receive open credit could negatively affect its ability to purchase crude oil, natural gas and NGL supplies or to capitalize on market opportunities. PAA is exposed to the credit risk of its customers in the ordinary course of business activities. PAA’s risk policies cannot eliminate all risks. In addition, any non-compliance with PAA’s risk policies could result in significant financial losses. PAA’s operations are also subject to laws and regulations relating to protection of the environment and wildlife, operational safety, climate change and related matters that may expose PAA to significant costs and liabilities. PAA’s profitability depends on the volume of crude oil, refined product, natural gas and NGL shipped, processed, purchased, stored, fractionated and/or gathered at or through the use of PAA’s facilities, which can be negatively impacted by a variety of factors outside of PAA’s control. Fluctuations in demand, which can be caused by a variety of factors outside of PAA’s control, can negatively affect operating results. PAA’s assets are subject to federal, state and provincial regulation. Rate regulation or a successful challenge to the rates charged on PAA’s U.S. and Canadian pipeline systems may reduce the amount of cash PAA generates. Some of PAA’s operations cross the U.S./Canada border and are subject to cross-border regulation. PAA sales of oil, natural gas, NGL and other energy commodities, and related transportation and hedging activities, expose them to potential regulatory risks. The adoption and implementation of new statutory and regulatory requirements for derivative transactions could have an adverse impact on PAA’s ability to hedge risks associated with its business and increase the working capital requirements to conduct these activities. Legislation and regulatory initiatives relating to hydraulic fracturing could reduce domestic production of crude oil and natural gas. PAA may not be able to compete effectively in the transportation, facilities and supply and logistics activities, and PAA’s business is subject to the risk of a capacity overbuild of midstream energy infrastructure in the areas where PAA operates. PAA may in the future encounter increased costs related to, and lack of availability of, insurance. The terms of PAA’s indebtedness may limit its ability to borrow additional funds or capitalize on business opportunities. In addition, PAA’s future debt level may limit its future financial and operating flexibility. Increases in interest rates could adversely affect PAA’s business and the trading price of its units. Changes in currency exchange rates could adversely affect PAA’s operating results. An impairment of goodwill or intangibles could reduce PAA’s earnings. PAA’s natural gas storage facilities may not be able to deliver as anticipated, which could prevent PAA from meeting the contractual obligations and cause PAA to incur significant costs. Marine transportation of crude oil has inherent operating risks. Maritime claimants could arrest the vessels carrying PAA’s cargos. PAA is dependent on use of third-party assets for certain of its operations. Non-utilization of certain assets, such as PAA’s leased rail cars, could significantly reduce its profitability due fixed costs incurred to obtain the right to use such assets.

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 76

MLP AND REIT COMPANY RISKS

PAGP Company Risks

Our cash flow will be entirely dependent upon the ability of PAA to make cash distributions to AAP, and the ability of AAP to make cash distributions to us. The IDRs AAP is entitled to receive may be limited or modified without the consent of our shareholders, which may reduce cash distributions to you. Any modification to the IDRs may be based on assumptions that may not be realized, which may reduce cash distributions to you. A reduction in PAA's distributions will disproportionately affect the amount of cash distributions to which AAP is currently entitled. PAA may issue additional limited partner interests or other equity securities, which may increase the risk that PAA will not have sufficient available cash to maintain or increase its cash distribution level. If distributions on our Class A shares are not paid with respect to any fiscal quarter, including those at the anticipated initial distribution rate, our Class A shareholders will not be entitled to receive that quarter's payments in the future. Our cash distribution policy and PAA's cash distribution policy limit our ability to grow. Our rate of growth may be reduced to the extent we purchase equity interests from PAA, which will reduce the relative percentage of the cash we receive from the IDRs. Restrictions in AAP's credit facility could limit its ability to make distributions to us, thereby limiting our ability to make distributions to our Class A shareholders. Substantially all of AAP's assets, including the IDRs and its indirect 2% general partner interest in PAA, are pledged under AAP's credit facility. Our shareholders will not elect or have the power to remove our general partner and until certain conditions are met will not vote on our general partner's directors. Upon completion of this offering, the Existing Owners will own a sufficient number of shares to allow them to prevent the removal of our general partner. You will experience immediate and substantial dilution of $ per Class A share in the net tangible book value of your Class A shares. Our general partner may cause us to issue additional Class A shares or other equity securities, including equity securities that are senior to our Class A shares, or cause AAP to issue additional securities, in each case without your approval, which may adversely affect you. The ownership of our general partner may be transferred to a third party who could replace our current management team without shareholder consent. If PAA's unitholders remove PAA GP, AAP may be required to sell or exchange its indirect general partner interest and its IDRs and we would lose the ability to manage and control PAA. You may not have limited liability if a court finds that shareholder action constitutes control of our business. If in the future we cease to manage and control PAA, we may be deemed to be an investment company under the Investment Company Act of 1940. Our partnership agreement restricts the rights of shareholders owning 20% or more of our shares. If PAA's general partner, which is owned by AAP, is not fully reimbursed or indemnified for obligations and liabilities it incurs in managing the business and affairs of PAA, its value, and, therefore, the value of our Class A shares, could decline. The price of our Class A shares may be volatile, and a trading market that will provide you with adequate liquidity may not develop. Our Class A shares and PAA's common units may not trade in relation or proportion to one another. An increase in interest rates may cause the market price of our shares to decline. Future sales of our Class A shares in the public market could reduce our Class A share price, and any additional capital raised by us through the sale of equity or convertible securities may dilute your ownership in us. The underwriters of this offering may waive or release parties to the lock-up agreements entered into in connection with this offering, which could adversely affect the price of our Class A shares. The Existing Owners hold a majority of the combined voting power of our Class A and Class B shares. If we or PAA fails to establish and maintain effective internal control over financial reporting, our ability to accurately report our financial results could be adversely affected. If we or PAA fails to develop or maintain an effective system of internal controls, we may not be able to accurately report our financial results or prevent fraud. As a result, our shareholders could lose confidence in our financial reporting, which would harm our business and the trading price of our Class A shares. A valuation allowance on our deferred tax asset could reduce our earnings. The NYSE does not require a limited partnership like us to comply with certain of its corporate governance requirements. Conflicts of interest may arise as a result of our organizational structure and the relationships among us, PAA, our respective general partners, the Existing Owners and affiliated entities. The duties of our general partner's officers and directors may conflict with those of GP LLC who act on behalf of PAA GP and our general partner's officers and directors may face conflicts of interest in the allocation of administrative time between our business and PAA's business. Our partnership agreement defines our general partner's duties to us and contains provisions that reduce the remedies available to our shareholders for actions that might otherwise be challenged as breaches of fiduciary or other duties under state law. By purchasing our Class A shares, each Class A shareholder automatically agrees to be bound by the provisions of our partnership agreement. The Existing Owners may have interests that conflict with holders of our Class A shares. If we are presented with business opportunities, PAA will have the first right to pursue such opportunities. Our general partner's affiliates and the Existing Owners may compete with us. Our general partner has a call right that may require you to sell your Class A shares at an undesirable time or price.

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 77

MLP AND REIT COMPANY RISKS SPP Company Risks Because all of our revenue relating to the operation of the Catarina gathering system is expected to be derived from Sanchez Energy, any development that materially and adversely affects Sanchez Energy’s operations, financial condition or market reputation could have a material and adverse impact on us.

We are substantially dependent on Sanchez Energy as our only current customer for utilization of the Catarina gathering system, and we expect to derive a substantial majority of our revenues relating to the Catarina gathering system from Sanchez Energy for the foreseeable future. As a result, any event, whether in our area of operations or otherwise,that adversely affects Sanchez Energy’s production, drilling and completion schedule, financial condition, leverage, market reputation, liquidity, results of operations or cash flows may adversely affect our revenues and cash available for distribution. Accordingly, we are indirectly subject to the business risks of Sanchez Energy, including, among others:

 the speculative nature of drilling wells;  a reduction in or slowing of Sanchez Energy’s development program, which would directly and adversely impact demand for our gathering and processing services;  a decline in natural gas, NGLs and oil prices, which have recently been extremely volatile and have declined rapidly;  the availability of capital on an economic basis to fund Sanchez Energy’s exploration and development activities;  Sanchez Energy’s ability to replace reserves;  Sanchez Energy’s drilling and operating risks, including potential environmental liabilities;  Sanchez Energy’s ability to finance its operations and development activities;  transportation capacity constraints and interruptions;  adverse effects of governmental and environmental regulation; and  losses from pending or future litigation

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 78

MLP AND REIT COMPANY RISKS SUN Company Risks Cash distributions are not guaranteed and may fluctuate with SUN’s performance and other external factors. General economic, financial, and political conditions may materially adversely affect SUN’s results of operations and financial conditions. A significant decrease in demand for motor fuel, including increased consumer preference for alternative motor fuels or improvements in fuel efficiency, in the areas SUN serves would reduce SUN’s ability to make distributions to SUN’s unitholders. The industries in which SUN operate are subject to seasonal trends, which may cause SUN’s operating costs to fluctuate, affecting SUN’s cash flow. The dangers inherent in the storage and transportation of motor fuel could cause disruptions in SUN’s operations and could expose us to potentially significant losses, costs or liabilities. SUN’s financial condition and results of operations are influenced by changes in the prices of motor fuel, which may adversely impact SUN’s margins, SUN’s customers’ financial condition and the availability of trade credit. SUN’s fuel storage terminals are subject to operational and business risks which, if occur, may adversely affect SUN’s financial condition, results of operations, cash flows and ability to make distributions to SUN’s unitholders. Negative events or developments associated with SUN’s branded suppliers could have an adverse impact on SUN’s revenues. Severe weather could adversely affect SUN’s business by damaging SUN’s suppliers’ or SUN’s customers’ facilities or communications networks. SUN’s concentration of stores along the U.S.-Mexico border increases SUN’s exposure to certain cross-border risks that could adversely affect SUN’s business and financial condition by lowering SUN’s sales revenues. The wholesale motor fuel distribution industry is characterized by intense competition and fragmentation. Failure to effectively compete could result in lower margins. The convenience store industry is highly competitive and impacted by new entrants. Failure to effectively compete could result in lower sales and lower margins. Wholesale cost increases in tobacco products, including excise tax increases on cigarettes, could adversely impact SUN’s revenues and profitability. Failure to comply with state laws regulating the sale of alcohol and cigarettes may result in the loss of necessary licenses and the imposition of fines and penalties on us, which could have a material adverse effect on SUN’s business. SUN currently depend on a limited number of principal suppliers in each of SUN’s operating areas for a substantial portion of SUN’s merchandise inventory and SUN’s products and ingredients for SUN’s food service facilities. A disruption in supply or a change in either relationship could have a material adverse effect on SUN’s business. SUN may be subject to adverse publicity resulting from concerns over food quality, product safety, health or other negative events or developments that could cause consumers to avoid SUN’s retail locations. SUN’s growth depends, in part, on SUN’s ability to open and profitably operate new retail convenience stores and to successfully integrate acquired sites and businesses in the future. If SUN is unable to make acquisitions on economically acceptable terms from third parties, SUN’s future growth and ability to increase distributions to unitholders will be limited. SUN’s operations are subject to federal, state and local laws and regulations pertaining to environmental protection and operational safety that may require significant expenditures or result in liabilities that could have a material adverse effect on SUN’s business. SUN is subject to federal, state and local laws and regulations that govern the product quality specifications of refined petroleum products SUN purchases, store, transport, and sell to SUN’s distribution customers. Future litigation could adversely affect SUN’s financial condition and results of operations. SUN’s business and SUN’s reputation could be adversely affected by the failure to protect sensitive customer, employee or vendor data or to comply with applicable regulations relating to data security and privacy. Because SUN depends on SUN’s senior management’s experience and knowledge of SUN’s industry, SUN could be adversely affected were SUN to lose key members of SUN’s senior management team. SUN competes with other businesses in SUN’s market with respect to attracting and retaining qualified employees. SUN is not fully insured against all risks incident to SUN’s business.

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 79

MLP AND REIT COMPANY RISKS Terrorist attacks and threatened or actual war may adversely affect SUN’s business. SUN relies on SUN’s information technology systems to manage numerous aspects of SUN’s business, and a disruption of these systems or an act of cyber- terrorism could adversely affect SUN’s business. SUN relies on SUN’s suppliers to provide trade credit terms to adequately fund SUN’s ongoing operations. SUN’s future debt levels may impair SUN’s financial condition. Increases in interest rates could reduce the amount of cash SUN has available for distributions as well as the relative value of those distributions to yield- oriented investors, which could cause a decline in the market value of SUN’s common units. The credit agreement governing SUN’s revolving credit facility and the indentures governing SUN’s senior notes have substantial restrictions and financial covenants that may restrict SUN’s business and financing activities and SUN’s ability to pay distributions to SUN’s unitholders. SUN depends on cash flow generated by SUN’s subsidiaries. The swaps regulatory provisions of the Dodd-Frank Act and the rules adopted thereunder could have an adverse effect on SUN’s ability to use derivative instruments to reduce the effect of changes in commodity prices and interest rates and other risks associated with SUN’s business.

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 80

MLP AND REIT COMPANY RISKS WPZ Company Risks

The pendency of the proposed ETC Merger between Energy Transfer and Williams could adversely affect WPZ’s business and operations. The notes WPZ acquired from ACMP in the ACMP Merger contain provisions that would require WPZ to make an offer to repurchase such notes should WPZ’s credit be downgraded within a period of ninety days following the completion of the proposed ETC Merger. WPZ is exposed to the credit risk of their customers and counterparties, including Chesapeake Energy Corporation and its affiliates, and WPZ’s credit risk management will not be able to completely eliminate such risk. WPZ may not be able to sell assets or, if they are able to sell assets, to raise a sufficient amount of capital from such asset sales. In addition, the timing to enter into and close any asset sales could be significantly different than WPZ’s expected timeline. Prices for NGLs, olefins, natural gas, oil and other commodities, are volatile and this volatility has and could continue to adversely affect WPZ’s financial results, cash flows, access to capital and ability to maintain their existing businesses. Downgrades of WPZ’s credit ratings, which are determined outside of their control by independent third parties, impact WPZ’s liquidity, access to capital, and their costs of doing business. WPZ’s ability to obtain credit in the future could be affected by Williams’ credit ratings. The long-term financial condition of WPZ’s natural gas transportation and midstream businesses is dependent on the continued availability of natural gas supplies in the supply basins that they access and demand for those supplies in WPZ’s traditional markets. WPZ may not be able to grow or effectively manage their growth. WPZ does not own all of the interests in the Partially Owned Entities, which could adversely affect their ability to operate and control these assets in a manner beneficial to WPZ. WPZ may not have sufficient cash from operations to enable them to pay cash distributions or to maintain current or expected levels of cash distributions following establishment of cash reserves and payment of fees and expenses, including payments to WPZ’s general partner. WPZ is required to deduct estimated maintenance capital expenditures from operating surplus, which may result in less cash available for distribution to unitholders than if actual maintenance capital expenditures were deducted. An impairment of WPZ’s assets, including goodwill, property, plant and equipment, intangible assets, and/or equity-method investments, could reduce their earnings. WPZ’s industry is highly competitive and increased competitive pressure could adversely affect WPZ’s business and operating results. WPZ may not be able to replace, extend, or add additional customer contracts or contracted volumes on favorable terms, or at all, which could affect their financial condition, the amount of cash available to pay distributions, and WPZ’s ability to grow. Some of WPZ’s businesses, including their Central business, are exposed to supplier concentration risks arising from dependence on a single or a limited number of suppliers. WPZ will conduct certain operations through joint ventures that may limit their operational flexibility or require them to make additional capital contributions. WPZ’s operations are subject to operational hazards and unforeseen interruptions. WPZ does not insure against all potential risks and losses and could be seriously harmed by unexpected liabilities or by the inability of their insurers to satisfy WPZ’s claims. WPZ’s assets and operations, as well as their customers’ assets and operations, can be adversely affected by weather and other natural phenomena. Acts of terrorism could have a material adverse effect on WPZ’s business, financial condition, results of operations and cash flows. WPZ’s business could be negatively impacted by security threats, including cybersecurity threats, and related disruptions. The natural gas sales, transportation and storage operations of WPZ’s gas pipelines are subject to regulation by the FERC, which could have an adverse impact on their ability to establish transportation and storage rates that would allow them to recover the full cost of operating their respective pipelines, including a reasonable rate of return. WPZ’s operations are subject to environmental laws and regulations, including laws and regulations relating to climate change and greenhouse gas emissions, which may expose WPZ to significant costs, liabilities and expenditures that could exceed expectations. If third-party pipelines and other facilities interconnected to WPZ’s pipelines and facilities become unavailable to transport natural gas and NGLs or to treat natural gas, WPZ’s revenues and cash available to pay distributions could be adversely affected. The operation of WPZ’s businesses might be adversely affected by changes in government regulations or in their interpretation or implementation, or the introduction of new laws or regulations applicable to their businesses or their customers.

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 81

MLP AND REIT COMPANY RISKS Certain of WPZ’s gas pipeline services are subject to long-term, fixed-price contracts that are not subject to adjustment, even if WPZ’s cost to perform such services exceeds the revenues received from such contracts. WPZ’s operating results for certain components of their business might fluctuate on a seasonal basis. WPZ does not own all of the land on which their pipelines and facilities are located, which could disrupt WPZ’s operations. Difficult conditions in the global financial markets and the economy in general could negatively affect WPZ’s business and results of operations. Restrictions in WPZ’s debt agreements and the amount of their indebtedness may affect WPZ’s future financial and operating flexibility. Institutional knowledge residing with current employees nearing retirement eligibility or with WPZ’s former employees might not be adequately preserved. WPZ’s hedging activities might not be effective and could increase the volatility of their results. WPZ’s investments and projects located outside of the United States expose them to risks related to the laws of other countries, and the taxes, economic conditions, fluctuations in currency rates, political conditions and policies of foreign governments. These risks might delay or reduce WPZ’s realization of value from their international projects. Failure of WPZ’s service providers or disruptions to WPZ’s outsourcing relationships might negatively impact their ability to conduct WPZ’s business. The execution of the integration strategy following WPZ’s merger with Access Midstream Partners, L.P. (“ACMP”) in February 2015 (the “ACMP Merger”) may not be successful. WPZ’s allocation from Williams for costs for its defined benefit pension plans and other postretirement benefit plans are affected by factors beyond WPZ’s and Williams’ control. Increases in interest rates could adversely impact WPZ’s unit price, their ability to issue equity or incur debt for acquisitions or other purposes, and their ability to make cash distributions at WPZ’s intended levels. Williams, through its ownership of Access Midstream Ventures, L.L.C. (“Access Midstream Ventures”), indirectly owns and controls WPZ’s general partner, which has sole responsibility for conducting WPZ’s business and managing WPZ’s operations. WPZ’s general partner has limited duties to them and it and its affiliates, including Williams and Access Midstream Ventures, and may have conflicts of interest with WPZ and may favor their own interests to the detriment of WPZ and WPZ’s common unitholders. WPZ’s partnership agreement limits their general partner’s duties to unitholders and restricts the remedies available to such unitholders for actions taken by WPZ’s general partner that might otherwise constitute breaches of fiduciary duty. Affiliates of WPZ’s general partner, including Williams, are not limited in their ability to compete with them and may exclude them from opportunities with which they are involved. In addition, all of the executive officers and certain of the directors of WPZ’s general partner are also officers and/or directors of Williams, and these persons will owe fiduciary duties to Williams. Holders of WPZ’s common units have limited voting rights and are not entitled to elect their general partner or its directors, which could reduce the price at which the common units will trade. Cost reimbursements due to WPZ’s general partner and its affiliates will reduce cash available to pay distributions to unitholders. Even if public unitholders are dissatisfied, they have little ability to remove WPZ’s general partner without the consent of Williams. The control of WPZ’s general partner may be transferred to a third party without unitholder consent. WPZ may issue additional common units without unitholder approval, which would dilute unitholder ownership interests. The existence and eventual sale of common units or securities convertible into common units, whether held by Williams or which may be issued in acquisitions and eligible for future sale, may adversely affect the price of WPZ’s common units. WPZ’s general partner may elect to cause them to issue common units to it in connection with a resetting of the target distribution levels related to its incentive distribution rights, without the approval of the conflicts committee of its board of directors or the holders of WPZ’s common units. This could result in lower distributions to holders of WPZ’s common units. WPZ’s general partner has a limited call right that may require unitholders to sell their common units at an undesirable time or price. WPZ’s partnership agreement restricts the voting rights of unitholders owning 20 percent or more of their common units. Your liability may not be limited if a court finds that unitholder action constitutes control of WPZ’s business. Unitholders may have liability to repay distributions that were wrongfully distributed to them. WPZ’s tax treatment depends on WPZ’s status as a partnership for U.S. federal income tax purposes, as well as WPZ not being subject to a material amount of entity-level taxation by states and localities. If the Internal Revenue Service (the “IRS”) were to treat WPZ as a corporation for U.S. federal income tax purposes or if WPZ were to become subject to a material amount of entity-level taxation for state or local tax purposes, then their cash available for distribution to unitholders would be substantially reduced.

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 82

MLP AND REIT COMPANY RISKS The U.S. federal income tax treatment of publicly traded partnerships or an investment in WPZ’s common units could be subject to potential legislative, judicial or administrative changes and differing interpretations, possibly on a retroactive basis. WPZ prorates their items of income, gain, loss and deduction between transferors and transferees of the common units each month based upon the ownership of the common units on the first day of each month, instead of on the basis of the date a particular common unit is transferred. The IRS may challenge this treatment, which could change the allocation of items of income, gain, loss and deduction among WPZ’s unitholders. An IRS contest of the U.S. federal income tax positions WPZ takes may adversely impact the market for the common units, and the costs of any contest will reduce their cash available for distribution to WPZ’s unitholders and general partner. Unitholders will be required to pay taxes on their share of WPZ’s income even if unitholders do not receive any cash distributions from them. The tax gain or loss on the disposition of the common units could be different than expected. WPZ’s partnership agreement limits their general partner’s duties to unitholders and restricts the remedies available to such unitholders for actions taken by WPZ’s general partner that might otherwise constitute breaches of fiduciary duty. Tax-exempt entities and non-U.S. persons face unique tax issues from owning common units that may result in adverse tax consequences to them. WPZ treats each purchaser of common units in the same calendar month as having the same tax benefits without regard to the actual common units purchased. The IRS may challenge this treatment, which could adversely affect the value of the common units. Unitholders will likely be subject to state and local taxes and return filing requirements as a result of investing in WPZ’s common units. The sale or exchange of 50 percent or more of the total interest in WPZ’s capital and profits within a 12-month period will result in a termination of their partnership for U.S. federal income tax purposes. WPZ has adopted certain valuation methodologies in determining a unitholder’s allocations of income, gain, loss and deduction. The IRS may challenge these methodologies or the resulting allocations, and such a challenge could adversely affect the value of the common units. A unitholder whose common units are loaned to a “short seller” to effect a short sale of common units may be considered as having disposed of those common units. If so, the unitholder would no longer be treated for U.S. federal income tax purposes as a partner with respect to those common units during the period of the loan and may recognize gain or loss from the disposition.

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 83

MLP AND REIT COMPANY RISKS

WY Company Risks The industries in which we operate are sensitive to macroeconomic conditions and consequently are highly cyclical. The overall levels of demand for the products we manufacture and distribute reflect fluctuations in levels of end-user demand, which consequently impact our sales and profitability. End-user demand depends in part on general macroeconomic conditions, both in the U.S. and globally, as well as on local economic conditions. Current economic conditions in the United States reflect growth at or below historical trends and general business uncertainty. Global economic conditions reflect issues such as inflation and slowing growth in emerging countries. The construction and homebuilding industries continue to recover from the severe downturn caused by the overall collapse of credit markets and recession of 2009. However, construction activity remains below pre-recession and trend levels. Our Wood Products segment is highly dependent on the strength of the homebuilding industry. The decline in home construction activity due to the recession resulted in depressed prices of and reduced demand for wood products and building materials. This resulted in lower prices and demand for logs and reduced harvests in our Timberlands segment. The length and magnitude of industry cycles vary over time and by product, but generally reflect changes in macroeconomic conditions and levels of industry capacity. Those conditions have improved since the recession, but if macroeconomic conditions do not continue to improve we could experience lower sales volume and smaller margins.

Many of our products are commodities that are widely available from other producers. Because commodity products have few distinguishing properties from producer to producer, competition for these products is based primarily on price, which is determined by supply relative to demand and competition from substitute products. In addition, prices for our products are affected by many other factors outside of our control. As a result, we have little influence over the timing and extent of price changes, which often are volatile. Our profitability with respect to these products depends, in part, on managing our costs, particularly raw material and energy costs, which represent significant components of our operating costs and can fluctuate based upon factors beyond our control. Both sales and profitability of our products are subject to volatility due to market forces beyond our control.

Excess supply of logs and wood products may adversely affect prices and margins. Our industry may increase harvest levels, which could lead to an oversupply of logs. Wood products producers may likewise expand manufacturing capacity, which could lead to an oversupply of manufactured wood products. Any occurrence, continuation or increase of industry oversupply to our markets could adversely affect our prices and margins.

High unemployment, low demand and low levels of consumer confidence can adversely affect our business and results of operations. Our business is dependent upon the health of the U.S. housing market. Demand for homes is sensitive to changes in economic conditions such as the level of employment, consumer confidence, consumer income, the availability of financing and interest rate levels. The legacy of the housing bubble, its collapse and ensuing credit crisis was tightened credit requirements and a reduced number of mortgage loans available for financing home purchases. Although credit conditions have eased, they remain more restrictive than prior to the housing bubble. Demand for new homes also has been adversely affected by factors such as limited wage growth and weak consumer confidence. Additionally, rising student loan debt among younger adults is limiting access to mortgage financing and home ownership. Foreclosure rates and distress sales of houses, have fallen significantly and are less of an impact compared to the years immediately following the housing collapse.

Homebuyers’ ability to qualify for and obtain affordable mortgages could be affected by changes in interest rates, government sponsored entities and private mortgage insurance companies supporting the mortgage market.

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 84

MLP AND REIT COMPANY RISKS Access to affordable mortgage financing is critical to the health of the U.S. housing market. Recently, the U.S. Federal Reserve increased its benchmark interest rate, and further increases are expected in 2017. Generally, increases in interest rates make mortgage financing more difficult for home buyers to obtain, which could negatively affect demand for housing and, in turn, for our products.

Another significant role of the federal government in supporting mortgage lending has been through its sponsorship of Fannie Mae and Freddie Mac. As a result of turbulence in credit markets and the mortgage finance industry in the last few years, the effect of the federal government’s conservatorship of these government sponsored entities on the short-term and long-term demand for new housing remains unclear. The liquidity provided to the mortgage industry by Fannie Mae and Freddie Mac, both of which purchase home mortgages and mortgage-backed securities originated by mortgage lenders, has been critical to the housing market. However, there have been questions and concerns about the future purpose of Fannie Mae and Freddie Mac, and a number of proposals to curtail their activities over time are under review. Limitations or restrictions on the availability of financing by these entities could also adversely affect interest rates and the availability of mortgage financing.

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 85

APPENDIX

Investment Ratings

OVERWEIGHT (O) – The stock’s total return is expected to be greater than the total return of the company’s industry sector, on a risk-adjusted basis, over the next 12 months. EQUAL-WEIGHT (E) – The stock’s total return is expected to be equivalent to the total return of the company’s industry sector, on a risk-adjusted basis, over the next 12 months. UNDERWEIGHT (U) – The stock’s total return is expected to be less than the total return of the company’s industry sector, on a risk-adjusted basis, over the next 12 months. VOLATILE (V) – The stock’s price volatility is potentially higher than that of the company’s industry sector. The company stock ratings may reflect the analyst’s subjective assessment of risk factors that could impact the company’s business.

Distribution of Stephens Inc.'s Ratings (as of 03/29/18)

% Investment Banking Clients Rating % (Past 12 Months) BUY 56 27 HOLD 43 13 SELL 1 0

Codes NA-Not Applicable NR-Not Rated ADJ-Adjusted EPS CS-Cash EPS NM-Not Meaningful Susp-Rating Suspended ADJE-Adjusted EBITDA Per Share OP-Operating EPS NE-No Estimate UR-Under Review C-Canadian Dollars PF-Pro forma EPS

Certain investment programs offered by Stephens to clients sometimes engage in purchases or sales of securities that are consistent or inconsistent with Research Analyst recommendations. These programs are managed on a discretionary basis, or provide investment recommendations, by program managers in the exercise of their independent judgment and analysis. Stephens’ directors, officers and employees are allowed to participate in these programs subject to established account minimums and applicable compliance restrictions.

This report has been prepared solely for informative purposes as of its stated date and is not a solicitation, or an offer, to buy or sell any security. It does not purport to be a complete description of the securities, markets or developments referred to in the material. Information included in the report was obtained from internal and external sources which we consider reliable, but we have not independently verified such information and do not guarantee that it is accurate or complete. Such information is believed to be accurate on the date of issuance of the report, and all expressions of opinion apply on the date of issuance of the report. No subsequent publication or distribution of this report shall mean or imply that any such information or opinion remains current at any time after the stated date of the report. We do not undertake to advise you of any changes in any such information or opinion. Prices, yields, and availability are subject to change with the market. Nothing in this report is intended, or should be construed, as legal, accounting, regulatory or tax advice. Any discussion of tax attributes is provided for informational purposes only, and each investor should consult his/her/its own tax advisors regarding any and all tax implications or tax consequences of any investment in securities discussed in this report. Please note that we provide supplemental news and analysis in Quick Takes blogs available to clients on our website. If applicable, when reading research on Business Development Companies, you should consider carefully the investment objectives, charges, risks, fees and expenses of the investment company before investing. The prospectus, and, if available, the summary prospectus, contain this and other information about the investment company. You can obtain a current prospectus, and, if available, a summary prospectus, by calling your financial consultant. Please read the prospectus, and, if available, the summary prospectus, carefully before investing as it contains information about the previous referenced factors and other important information. Also, please note other reports filed with the Securities and Exchange Commission by the relevant investment company at www.sec.gov. Please also note that the report may include one or more links to external or third-party websites. Stephens Inc. has not independently verified the information contained on such websites and can provide no assurance as to the reliability of such information, and there can be no assurance that any opinions expressed on such websites reflect the opinions of Stephens Inc. or its management. Additional information available upon request.

Each analyst primarily responsible for the preparation of a portion or portions of this report certifies that (i) all views expressed by the analyst accurately reflect the analyst’s personal views about the subject companies and their securities, and (ii) no part of the analyst’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by the analyst in this report. This report constitutes a compendium report (covers six or more subject companies). As such, Stephens Inc. chooses to provide specific disclosures for the companies mentioned by reference. To access current disclosures for the companies in this report, clients should refer to https://stephens2.bluematrix.com/sellside/Disclosures.action or contact your Stephens Inc. representative for additional information.

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 86 INSTITUTIONAL SALES & TRADING

LOUIS WILSON-SALES MANAGER

BOSTON MIDWEST Ken Murphy, Team Leader, MD 617.239.7515 Jason Bowman, Team Leader, MD 312.292.5761 Dan Gilroy, VP 617-239-7516 Brandon Bowers, SVP 312.292.5786 William Newell, SVP 617.239.7522 Will Greutzmacher, VP 312.292.5793 Doug Sichol, MD 617.239.7548 Wes Zwiegers, VP 501.377.2284

CANADA NEW YORK Jason Bowman, Team Leader, MD 312.292.5761 David Hagen, Team Leader, MD 212.891.1726 Brandon Bowers, SVP 312.292.5786 Martin Bynum, MD 479.718.7422 Will Greutzmacher, SVP 312.292.5783 Frank Chiou, MD 212.891.1773 Wes Zweigers, VP 501-377-2284 Sawyer Dunigan 501.377.8376 Katie Huff, MD 501.377.2432 EUROPE Ara Hallajian, MD 212.891.1739 Joe Dacus, Team Leader, SVP 501.377.6381 Blake James, MD 501.377.3759 Brittany Morgan, VP 501.377.3725 Brett Katzner, MD 212.891.1774 Ben Hearnsberger, VP 501.377.2436 Cody McGrath, MD 501.377.2651 Michael Mayer 212.891.1787 MID-SOUTH & SOUTHWEST Dave Norton,VP 212.891.1747 Joe Dacus, Team Leader, SVP 501.377.6381 Michael Pascarella, MD 212.891.1785 Jennifer Crosby, VP 501.377.8102 Jackson Ratcliff, SVP 501.377.2107 Ben Hearnsberger, VP 501.377.2436 Henry Van Wagenburg, VP 212.891.1723 Brittany Morgan, VP 501.377.3725 Lane Stafford, VP 501.377.3706 MID-ATLANTIC David Hagen, Team Leader, MD 212.891.1726 Henry Van Wagenburg, VP 212.891.1723 Jackson Ratcliff, SVP 501.377.2107

WEST COAST Doug Seelicke, Team Leader, MD 501.377.8088 Andy Rogers, MD 501.377.2256 Tyler Mills 501.377.6332

MICHAEL CONTE – PRODUCING HEAD OF SALES TRADING ANTHONY PIGNIO-PRODUCING HEAD OF EQUITY TRADING

SALES TRADING LITTLE ROCK TRADING NEW YORK Jeanie Brown, MD 501.377.2088 Anthony Pignio, Producing Head of Equity Trading, MD - 212.891.1701 Adam Raines, SVP 501-377-2076 Technology Gray Standridge, MD 501.377.2078 Will Bertsch, MD - Energy 212.891.1701 James Law, MD – Consumer 212.891.1757 Tommy Roszko, MD – Financial Services 212.891.1758

SALES TRADING BOSTON Trading Little Rock Scott Mutryn, MD 617.239.7544 Jason Jarcho, MD – Inds. & Transportation 501.377.2074 Brendan O’Brien, VP 617.239.7518 Leon Lants, Director of Trading Ops, MD 501.377.6394 Brian Wardle, MD – Healthcare 501.377.3468 SALES TRADING CHICAGO Frank Kalble 312-292-5784 Bruce Kos, MD 312.292.5764 Brian Kowieski, MD 312.292.5765

SALES TRADING NEW YORK Michael Conte, Producing Head of Sales Trading, MD 212.891.1724 Bill Burchfield, MD 212.891.1736 Jeffrey Castellano, MD 212.891.1738 Matt Delia, MD 212.891.1731 Greg Gaffney, MD 212.891.1741 Rhonda Pellegrino, MD 212.891.1753 Tommy Roszko,MD 212.891.1758

Monthly Statistical Review Member NYSE, SIPC April 2018, Page 87 BRANCH OFFICES

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Monthly Statistical Review Member NYSE, SIPC April 2018, Page 88 Stephens Research Department Directory

Head of Institutional Equities and Director of Research: Nik Fisken (501) 377-6335 Executive Assistant: Dena Page (501) 377-6368

CONSUMER FINANCIAL SERVICES HEALTHCARE TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS Food and Agribusiness Banks-Mid-Atlantic Diagnostics and Life Science Tools Farha Aslam, Analyst (212) 891-1778 Austin Nicholas, Analyst (207) 808-5027 Drew Jones, Analyst (501) 377-2369 Business Services Gregory Nep, CFA, Associate (212) 891-1762 Cooper Brown, Associate (207) 808-3007 James Rutherford, Associate (501) 377-8221 Brett Huff, CFA, Analyst (501) 377-8068 Tim Perz, CPA, Associate (212) 891-1782 Alex Glockner, Associate (207) 835-3007 Megan Ladd, Assistant (501) 377-8104 Blake Anderson, Associate (501) 377-6312 Pooran Sharma, CFA, Associate (212) 891-1794 Nate Tower, Associate (207) 808-5026 Megan Ladd, Assistant (501) 377-8104 Yerlie Chatelain, Assistant (212) 891-1706 Leigh Ann Moseley, Assistant (501) 377-2250 Healthcare Services Dana Hambly, CFA, Analyst (615) 279-4329 Infrastructure Software and Security Restaurants Banks-Southwest Jacob Johnson, CFA, Associate (615) 279-4355 Jonathan Ruykhaver, CFA, Will Slabaugh, Analyst (501) 377-2259 Matt Olney, CFA, Analyst (501) 377-2101 Grace Tokarski, Assistant (312) 292-5750 Analyst (615) 279-4331 Hugh Gooding, Associate (501) 377-2214 Brandon Steverson, Associate (501) 377-8065 Steven Couche, Associate (615) 279-4376 Leigh Ann Moseley, Assistant (501) 377-2250 Andrew Terrell, Associate (501) 377-2303 Medical Devices Kat Versfelt, Assistant (817) 900-5700 Dena Page, Assistant (501) 377-6368 Chris Cooley, CFA, Analyst (501) 377-2516 Megan Ladd, Assistant (501) 377-8104 Media Retail/Broadlines Banks-Southeast & West Coast Kyle Evans, Analyst (501) 377-6376 Ben Bienvenu, Analyst (501) 377-8511 Tyler Stafford, CFA, Analyst (501) 377-8362 INDUSTRIALS Daniel Fritsche, Associate (501) 377-8288 Daniel Imbro, Associate (501) 377-2055 Gordon McGuire, Associate (501) 377-3717 Megan Ladd, Assistant (501) 377-8104 Lauren Collins, Assistant (501) 377-2057 Brandon Steverson, Associate (501) 377-8065 Aerospace & Defense Andrew Terrell, Associate (501) 377-2303 Drew Lipke, Analyst (501) 377-2108 Retail/Hardlines Dena Page, Assistant (501) 377-6368 Luke Latourette, Associate (501) 377-8321 Rick Nelson, CFA, CPA, Lauren Collins, Assistant (501) 377-2057 Analyst (312) 292-5768 Banks-Super-Regional & Midwest Nicholas Zangler, CFA, Associate (312) 292-5753 Terry McEvoy, CFA, Analyst (207) 808-5025 Agriculture, Chemicals, and Grace Tokarski, Assistant (312) 292-5750 Cooper Brown, Associate (207) 808-3007 Paper and Wood Products Alex Glockner, Associate (207) 835-3007 Mark Connelly, Analyst (212) 891-1781 Nate Tower, Associate (207) 808-5026 Ashish Gupta, Associate (212) 891-1709 ENERGY Leigh Ann Moseley, Assistant (501) 377-2250 Joan Tong, CFA, Associate (212) 891-1792 Yerlie Chatelain, Assistant (212) 891-1706 Exploration and Production Business Development Companies Will Green, Analyst (817) 900-5712 Matt Schmid, Analyst (817) 900-5716 Building Materials Matt Beeby, Associate (817) 900-5711 Kat Versfelt, Assistant (817) 900-5700 Trey Grooms, Analyst (501) 377-2318 John Durham, Associate (817) 900-5715 Blake Hirschman, Associate (501) 377-8046 Kat Versfelt, Assistant (817) 900-5700 Real Estate Services Dena Page, Assistant (501) 377-6368 John Campbell, Analyst (501) 377-6362 Exploration and Production Megan Ladd, Assistant (501) 377-8104 Industrial Products and Services Ben Wyatt, Analyst (817) 900-5714 Matt Duncan, CFA, Analyst (501) 377-3723 Matt Beeby, Associate (817) 900-5711 Specialty Finance Will Steinwart, Associate (501) 377-8303 John Durham, Associate (817) 900-5715 Vincent Caintic, CFA, Analyst (212) 891-1715 Leigh Ann Moseley, Assistant (501) 377-2250 Kat Versfelt, Assistant (817) 900-5700 Morgan O’Donovan, CFA, Associate (954) 637-2234 Kelsey Burhans, Associate (212) 891-1721 Transportation/Airfreight and Logistics/Maritime Master Limited Partnerships Yerlie Chatelain, Assistant (212) 891-1706 Jack Atkins, Analyst (501) 377-2298 Matt Schmid, Analyst (817) 900-5716 Andrew Hall, Associate (501) 377-2562 PRODUCT MANAGEMENT GROUP Lauren Collins, Assistant (501) 377-2057 Kat Versfelt, Assistant (817) 900-5700

Kelley Wilkins, Director Transportation/Railroads and Oilfield Services Supervisory Analyst (501) 377-2020 Equipment Suppliers Tommy Moll, Analyst (501) 377-6306 Martha Graham, Supervisory Analyst (501) 377-2260 Drew Stevenson, Associate (501) 377-8078 Justin Long, Analyst (501) 377-2036 Jennifer Keeling, Supervisory Analyst (501) 377-8004 Megan Ladd, Assistant (501) 377-8104 Brian Colley, Associate (212) 891-1744 Natacha Hammerstad, Lauren Collins, Assistant (501) 377-2057 Supervisory Analyst (713) 993-4233

Transportation/Truckload and Less-Than-Truckload Brad Delco, Analyst (501) 377-8057 Tyler DuBay, Associate (501) 377-2065 Scott Schoenhaus, Associate (212) 891-1707 Lauren Collins, Assistant (501) 377-2057 stephens.com