IMPORTANT DISCLOSURES to Receive Price Charts on the Companies Mentioned in This Report, Please Contact BB&T Capital Markets Research at 800-552-7757 X8785

IMPORTANT DISCLOSURES To receive price charts on the companies mentioned in this report, please contact BB&T Capital Markets Research at 800-552-7757 x8785.

BB&T Capital Markets rating distribution by percentage (as of July 27, 2016): All companies All companies under coverage to which it has provided under coverage: investment banking services in the previous 12 months: Buy (1) 42.33% Buy (1) 28.86% Hold (2) 54.55% Hold (2) 17.71% Underweight/Sell (3) 3.12% Underweight/Sell (3) 36.36% Not Rated (NR) 0.00% Not Rated (NR) 0.00% BB&T Capital Markets Ratings System: The BB&T Capital Markets Equity Research Department Stock Rating System consists of three separate ratings. The appropriate rating is determined by a stock’s estimated 12-month total return potential, which consists of the percentage price change to the 12-month price target and the current yield on anticipated dividends. A 12-month price target is the analyst’s best estimate of the market price of the stock in 12 months. A 12-month price target is highly subjective and the result of numerous assumptions, including company, industry, and market fundamentals, both on an absolute and relative basis, as well as investor sentiment, which can be highly volatile. The definition of each rating is as follows: Buy (1): estimated total return potential greater than or equal to 10%, Hold (2): estimated total return potential greater than or equal to 0% and less than 10%, Underweight (3): estimated total return potential less than 0% B: Buy H: Hold UW: Underweight NR: Not Rated NA: Not Applicable NM: Not Meaningful SP: Suspended Stocks rated Buy (1) are required to have a published 12-month price target, while it is not required on stocks rated Hold (2) and Underweight (3). The BB&T Capital Markets Equity Research Department REIT Rating System is determined by a stock’s total return potential relative to our current REIT sector return expectations. Our stock “relative rating” system may be explained as follows: Buy: If the BB&TCM price target for the common stock implies a total return (price appreciation plus dividend yield) approximately 2.5 percentage points in excess of the midpoint of our REIT sector forecasts over the next 12 months, we rate the security Buy. Hold: If the BB&TCM price target for the common stock implies a total return (price appreciation plus dividend yield) that lies within 2.5 percentage points of our REIT sector FTM forecast, either above or below, we rate the security Hold. Underweight: If the BB&TCM price target for the common stock implies a total return (price appreciation plus dividend yield) approximately 2.5 percentage points below the midpoint of our REIT sector FTM forecast, we rate the security Underweight. Investors should note that the percentage point spread and the midpoint of total sector returns used for our rating will likely change on occasion, based on shifts in our forecasted risk and return environment for the sector overall. The BB&TCM REIT team will revisit risk and return forecasts from time to time as macroeconomic events and relative value shifts unfold. Philosophically, we intend to maintain our distribution of Buy, Hold, and Underweight ratings regardless of the total sector return expectations, meaning: our stock-specific ratings will remain relative to the REIT sector, not an absolute total return basis. BB&T Capital Markets Equity Research Disclosures as of July 27, 2016 BB&T Capital Markets makes a market in the securities of Aaron's, Inc., Advance Auto Parts, Inc., Atlas Air Worldwide Holdings, Inc., Asbury Automotive Group, Inc., AECOM, Accuride Corporation, Archer-Daniels-Midland Company, American Eagle Outfitters, Inc., Apollo Investment Corporation, Applied Industrial Technologies, Inc., AK Steel Holding Corporation, Albemarle Corporation, Alarm.com Holdings, Inc., Allison Transmission Holdings, Inc., American National Bankshares Inc., The Andersons, Inc., Abercrombie & Fitch Co., Aegean Marine Petroleum Network Inc., A. O. Smith Corporation, Apple Hospitality REIT, Inc., ArcBest Corporation, Ares Capital Corporation, American Railcar Industries, Inc., Alliance Resource Partners, L.P., Ascent Capital Group, Inc., Astec Industries, Inc., Atmos Energy Corporation, Air Transport Services Group, Inc., AvalonBay Communities, Inc., American Vanguard Corporation, Avery Dennison Corporation, Armstrong World Industries, Inc., Anixter International Inc., Axalta Coating Systems Ltd., Acuity Brands, Inc., AutoZone, Inc., AZZ incorporated, Booz Allen Hamilton Holding Corporation, Bed Bath & Beyond Inc., Best Buy Co., Inc., The Brink’s Company, Belden Inc., Brandywine Realty Trust, Beacon Roofing Supply, Inc., Bunge Limited, General Cable Corporation, Big Lots, Inc., The Buckle, Inc., Builders FirstSource, Inc., Boot Barn Holdings, Inc., Global Brass and Copper Holdings, Inc., Burlington Stores, Inc., Babcock & Wilcox Enterprises, Inc., Boston Properties, Inc., CACI International Inc., CAI International, Inc., Caleres, Inc., Cal-Maine Foods, Inc., Chicago Bridge & Iron Company N.V., Continental Building Products, Inc., Cabot Corporation, Calgon Carbon Corporation, Cabot Microelectronics Corporation, Coeur Mining, Inc., Colfax Corporation, Celadon Group, Inc., City Holding Company, The Chefs' Warehouse, Inc., Chemtura Corporation, C. H. Robinson Worldwide, Inc., Chico's FAS, Inc., CIRCOR International, Inc., CLARCOR Inc., Cloud Peak Energy Inc., Chatham Lodging Trust, Cliffs Natural Resources Inc., Clean Harbors, Inc., Columbus McKinnon Corporation, Cummins Inc., Compass Minerals International, Inc., Canadian National Railway Co., CNX Coal Resources LP, Compass Diversified Holdings, Coach, Inc., Columbia Sportswear Company, CoreSite Realty Corporation, Core-Mark Holding Company, Inc., Canadian Pacific Railway Ltd., Chesapeake Utilities Corporation, Camden Property Trust, Capitala Finance Corp., CSX Corporation, Cooper Tire & Rubber Company, Cubic Corporation, CubeSmart, Covanta Holding Corporation, Calavo Growers, Inc., Covenant Transportation Group, Inc., CEMEX, S.A.B. de C.V., Darling Ingredients Inc., Donaldson Company, Inc., Diana Containerships Inc., Deckers Outdoor Corporation, Dean Foods Company, DuPont Fabros Technology, Inc., Dollar General Corporation, Digital Realty Trust, Inc., Dollar Tree, Inc., Dorman Products, Inc., Duke Realty Corporation, DSW Inc., Diana Shipping Inc., Dycom Industries, Inc., Echo Global Logistics, Inc., Engility Holdings, Inc., Equity LifeStyle Properties, Inc., EMCOR Group, Inc., Equity Residential, ESCO Technologies Inc., Essex Property Trust, Inc., Eagle Materials Inc., Expeditors Int'l of Washington, Inc., Express, Inc., Extra Space Storage Inc., Fastenal Company, Freeport-McMoRan Inc., Federal-Mogul Corporation, Fidus Investment Corporation, FedEx Corp., Foresight Energy LP, Fenix Parts, Inc., The Finish Line, Inc., Five Below, Inc., Comfort Systems USA, Inc., Foot Locker, Inc., Flowers Foods, Inc., Fluor Corporation, Flowserve Corporation, Fred's, Inc., Forward Air Corporation, The Greenbrier Companies, Inc., Genesco Inc., Graco Inc., GameStop Corp., Global Medical REIT Inc., Genuine Parts Company, Green Plains Inc., The Gap, Inc., W. R. Grace & Co., Ferroglobe PLC, Granite Construction Inc., Genesee & Wyoming Inc., W.W. Grainger, Inc., The Hain Celestial Group, Inc., HD Supply Holdings, Inc., hhgregg, Inc., Highwoods Properties, Inc., Hecla Mining Company, HNI Corporation, Hallador Energy Company, Hooker Furniture Corp., Hormel Foods Corporation, Hercules Capital, Inc., Heartland Express, Inc., Hub Group, Inc., Hexcel Corporation, Installed Building Products, Inc., IDEX Corporation, Ingredion Inc., Summit Hotel Properties, Inc., World Fuel Services Corporation, Illinois Tool Works Inc., J.B. Hunt Transport Services, Inc., John Bean Technologies Corporation, Jacobs Engineering Group Inc., Joy Global Inc., KAR Auction Services, Inc., Kate Spade & Company, KBR, Inc., Kirby Corporation, Kennametal Inc., Knoll, Inc., Knight Transportation, Inc., Michael Kors Holdings Limited, The Kroger Co., Kilroy Realty Corporation, Kansas City Southern, Lithia Motors, Inc., Lancaster Colony Corporation, L Brands, Inc., Leidos Holdings, Inc., Lincoln Electric Holdings, Inc., LKQ Corporation, Snyder's-Lance, Inc., Lindsay Corporation, Landstar System, Inc., lululemon athletica inc., LA-Z-BOY Incorporated, Mid-America Apartment Communities, Inc., Main Street Capital Corporation, ManTech International Corporation, Matson, Inc., Middleburg Financial Corporation, Manitowoc Foodservice, Inc., The Middleby Corporation, McCormick & Company, Incorporated, Herman Miller, Inc., Martin Marietta Materials, Inc., Monro Muffler Brake, Inc., Monsanto Company, MRC Global Inc., Monroe Capital Corporation, Marten Transport, Ltd., MSC Industrial Direct Co., Inc., The Manitowoc Company, Inc., MasTec Inc., Mueller Water Products, Inc., MYR Group Inc., Navistar International Corporation, NCI Building Systems, Inc., Nordson Corporation, Newmont Mining Corporation, Ingevity Corporation, New Jersey Resources Corporation, NIKE, Inc., New Mountain Finance Corporation, National Retail Properties, Inc., Natural Resource Partners L.P., Norfolk Southern Corporation, Nucor Corporation, Owens Corning, Old Dominion Freight Line, Inc., Office Depot, Inc., Orion Engineered Carbons S.A., ONE Gas, Inc. , Omega Protein Corporation, O'Reilly Automotive, Inc., Orion Group Holdings, Inc., OSI Systems, Inc., PACCAR, Inc., Performance Food Group Company, Ply Gem Holdings, Inc., Pier 1 Imports, Inc., Prologis, Inc., Pentair plc, Piedmont Natural Gas Company, Inc., Post Holdings, Inc., Pilgrim's Pride Corporation, Post Properties, Inc., Primoris Services Corporation, Public Storage, Quanta Services, Inc., Ryder System, Inc., Rent-A-Center, Inc., Royal Gold, Inc., Sturm, Ruger & Company, Inc., Restoration Hardware Holdings, Inc., Ralph Lauren Corporation, Radiant Logistics, Inc., RLJ Lodging Trust, Rand Logistics, Inc., Ross Stores, Inc., Roadrunner Transportation Systems, Inc., Republic Services, Inc., Rush Enterprises, Inc., Sanderson Farms, Inc., Sonic Automotive, Inc., Saia, Inc., Science Applications International Corporation, Sally Beauty Holdings Inc., Southern Copper Corporation, Steelcase Inc., Sprouts Farmers Markets, Inc., Smart & Final Stores, Inc., Sunstone Hotel Investors, Inc., Steven Madden, Ltd., Skechers U.S.A., Inc., U.S. Silica Holdings, Inc., SL Green Realty Corp., Solar Capital, Ltd., Standard Motor Products, Inc., Spartan Motors, Inc., Staples, Inc., Stoneridge, Inc., Sovran Self Storage, Inc., Seaspan Corporation, STAG Industrial, Inc., Steel Dynamics, Inc., Summit Materials, Inc., Solar Senior Capital Ltd., Stillwater Mining Company, Swift Transportation Company, Smith & Wesson Holding Corporation, Southwest Gas Corporation, SunCoke Energy, SunCoke Energy Partners, L.P., Standex International Corporation, Sensient Technologies Corporation, Synalloy Corporation, SYSCO Corporation, Triangle Capital Corporation, Teck Resources Limited, THL Credit, Inc., The Container Store Group, Inc., Terex Corporation, TreeHouse Foods, Inc., Interface, Inc., Team, Inc., The TJX Companies, Inc., The Timken Company, Trex Company, Inc., Trinity Industries, Inc., Tractor Supply Company, Tyson Foods, Inc., Titan International, Inc., Under Armour, Inc., Union Bankshares Corporation, UDR, Inc., Universal Logistics Holdings, Inc., Ulta Salon, Cosmetics & Fragrance, Inc., United Natural Foods, Inc., Union Pacific Corporation, United Parcel Service, Inc., Urban Outfitters, Inc., U.S. Concrete, Inc., USG Corporation, Vale S.A., Vectrus, Inc., V.F. Corporation, Vulcan Materials Co., Valmont Industries, Inc., Vista Outdoor Inc., Wabtec Corporation, Walgreens Boots Alliance, Inc., WABCO Holdings Inc., WESCO International, Inc., Waste Connections, Inc., Werner Enterprises, Inc., Whole Foods Market, Inc., WGL Holdings, Inc., WhiteHorse Finance, Inc., Westmoreland Coal Company, Waste Management, Inc., Wabash National Corporation, Williams- Sonoma, Inc., Watsco, Inc., Watts Water Technologies, Inc., United States Steel Corporation, XPO Logistics, Inc., Xylem Inc., YRC Worldwide Inc. and Zumiez Inc.. BB&T Capital Markets has managed or co-managed a public offering of securities for AvalonBay Communities, Inc., Axalta Coating Systems Ltd., Builders FirstSource, Inc., CubeSmart, Dollar General Corporation, Digital Realty Trust, Inc., Duke Realty Corporation, Essex Property Trust, Inc., Fidus Investment Corporation, Fenix Parts, Inc., Global Medical REIT Inc., HD Supply Holdings, Inc., Highwoods Properties, Inc., Hercules Capital, Inc., Summit Hotel Properties, Inc., J.B. Hunt Transport Services, Inc., The Kroger Co., LKQ Corporation, Mid-America Apartment Communities, Inc., Monroe Capital Corporation, NCI Building Systems, Inc., National Retail Properties, Inc., O'Reilly Automotive, Inc., Performance Food Group Company, Piedmont Natural Gas Company, Inc., Ryder System, Inc., Republic Services, Inc., Sunstone Hotel Investors, Inc., Sovran Self Storage, Inc., Seaspan Corporation, Summit Materials, Inc., SYSCO Corporation, Triangle Capital Corporation, THL Credit, Inc., TreeHouse Foods, Inc., Under Armour, Inc., Walgreens Boots Alliance, Inc., WESCO International, Inc., Waste Connections, Inc. and WGL Holdings, Inc. in the last 12 months. BB&T Capital Markets has received compensation for investment banking services from AvalonBay Communities, Inc., Axalta Coating Systems Ltd., Builders FirstSource, Inc., CubeSmart, Dollar General Corporation, Digital Realty Trust, Inc., Duke Realty Corporation, Essex Property Trust, Inc., Fidus Investment Corporation, Fenix Parts, Inc., Global Medical REIT Inc., HD Supply Holdings, Inc., Highwoods Properties, Inc., Hercules Capital, Inc., Summit Hotel Properties, Inc., J.B. Hunt Transport Services, Inc., The Kroger Co., LKQ Corporation, Mid-America Apartment Communities, Inc., Monroe Capital Corporation, NCI Building Systems, Inc., National Retail Properties, Inc., O'Reilly Automotive, Inc., Performance Food Group Company, Piedmont Natural Gas Company, Inc., Ryder System, Inc., Republic Services, Inc., Sunstone Hotel Investors, Inc., Sovran Self Storage, Inc., Seaspan Corporation, Summit Materials, Inc., SYSCO Corporation, Triangle Capital Corporation, THL Credit, Inc., TreeHouse Foods, Inc., Under Armour, Inc., Walgreens Boots Alliance, Inc., WESCO International, Inc., Waste Connections, Inc. and WGL Holdings, Inc. in the last 12 months. BB&T Capital Markets expects to receive or intends to seek compensation for investment banking services from Aaron's, Inc., Advance Auto Parts, Inc., Atlas Air Worldwide Holdings, Inc., Asbury Automotive Group, Inc., AECOM, Accuride Corporation, Archer-Daniels-Midland Company, American Eagle Outfitters, Inc., Apollo Investment Corporation, Applied Industrial Technologies, Inc., AK Steel Holding Corporation, Albemarle Corporation, Alarm.com Holdings, Inc., Allison Transmission Holdings, Inc., American National Bankshares Inc., The Andersons, Inc., Abercrombie & Fitch Co., Aegean Marine Petroleum Network Inc., A. O. Smith Corporation, Apple Hospitality REIT, Inc., ArcBest Corporation, Ares Capital Corporation, American Railcar Industries, Inc., Alliance Resource Partners, L.P., Ascent Capital Group, Inc., Astec Industries, Inc., Atmos Energy Corporation, Air Transport Services Group, Inc., AvalonBay Communities, Inc., American Vanguard Corporation, Avery Dennison Corporation, Armstrong World Industries, Inc., Anixter International Inc., Axalta Coating Systems Ltd., Acuity Brands, Inc., AutoZone, Inc., AZZ incorporated, Booz Allen Hamilton Holding Corporation, Bed Bath & Beyond Inc., Best Buy Co., Inc., The Brink’s Company, Belden Inc., Brandywine Realty Trust, Beacon Roofing Supply, Inc., Bunge Limited, General Cable Corporation, Big Lots, Inc., The Buckle, Inc., Builders FirstSource, Inc., Boot Barn Holdings, Inc., Global Brass and Copper Holdings, Inc., Burlington Stores, Inc., Babcock & Wilcox Enterprises, Inc., Boston Properties, Inc., CACI International Inc., CAI International, Inc., Caleres, Inc., Cal-Maine Foods, Inc., Chicago Bridge & Iron Company N.V., Continental Building Products, Inc., Cabot Corporation, Calgon Carbon Corporation, Cabot Microelectronics Corporation, Coeur Mining, Inc., Colfax Corporation, Celadon Group, Inc., City Holding Company, The Chefs' Warehouse, Inc., Chemtura Corporation, C. H. Robinson Worldwide, Inc., Chico's FAS, Inc., CIRCOR International, Inc., CLARCOR Inc., Cloud Peak Energy Inc., Chatham Lodging Trust, Cliffs Natural Resources Inc., Clean Harbors, Inc., Columbus McKinnon Corporation, Cummins Inc., Compass Minerals International, Inc., Canadian National Railway Co., CNX Coal Resources LP, Compass Diversified Holdings, Coach, Inc., Columbia Sportswear Company, CoreSite Realty Corporation, Core-Mark Holding Company, Inc., Canadian Pacific Railway Ltd., Chesapeake Utilities Corporation, Camden Property Trust, Capitala Finance Corp., CSX Corporation, Cooper Tire & Rubber Company, Cubic Corporation, CubeSmart, Covanta Holding Corporation, Calavo Growers, Inc., Covenant Transportation Group, Inc., CEMEX, S.A.B. de C.V., Darling Ingredients Inc., Donaldson Company, Inc., Diana Containerships Inc., Deckers Outdoor Corporation, Dean Foods Company, DuPont Fabros Technology, Inc., Dollar General Corporation, Digital Realty Trust, Inc., Dollar Tree, Inc., Dorman Products, Inc., Duke Realty Corporation, DSW Inc., Diana Shipping Inc., Dycom Industries, Inc., Echo Global Logistics, Inc., Engility Holdings, Inc., Equity LifeStyle Properties, Inc., EMCOR Group, Inc., Equity Residential, ESCO Technologies Inc., Essex Property Trust, Inc., Eagle Materials Inc., Expeditors Int'l of Washington, Inc., Express, Inc., Extra Space Storage Inc., Fastenal Company, Freeport-McMoRan Inc., Federal-Mogul Corporation, Fidus Investment Corporation, FedEx Corp., Foresight Energy LP, Fenix Parts, Inc., The Finish Line, Inc., Five Below, Inc., Comfort Systems USA, Inc., Foot Locker, Inc., Flowers Foods, Inc., Fluor Corporation, Flowserve Corporation, Fred's, Inc., Forward Air Corporation, The Greenbrier Companies, Inc., Genesco Inc., Graco Inc., GameStop Corp., Global Medical REIT Inc., Genuine Parts Company, Green Plains Inc., The Gap, Inc., W. R. Grace & Co., Ferroglobe PLC, Granite Construction Inc., Genesee & Wyoming Inc., W.W. Grainger, Inc., The Hain Celestial Group, Inc., HD Supply Holdings, Inc., hhgregg, Inc., Highwoods Properties, Inc., Hecla Mining Company, HNI Corporation, Hallador Energy Company, Hooker Furniture Corp., Hormel Foods Corporation, Hercules Capital, Inc., Heartland Express, Inc., Hub Group, Inc., Hexcel Corporation, Installed Building Products, Inc., IDEX Corporation, Ingredion Inc., Summit Hotel Properties, Inc., World Fuel Services Corporation, Illinois Tool Works Inc., J.B. Hunt Transport Services, Inc., John Bean Technologies Corporation, Jacobs Engineering Group Inc., Joy Global Inc., KAR Auction Services, Inc., Kate Spade & Company, KBR, Inc., Kirby Corporation, Kennametal Inc., Knoll, Inc., Knight Transportation, Inc., Michael Kors Holdings Limited, The Kroger Co., Kilroy Realty Corporation, Kansas City Southern, Lithia Motors, Inc., Lancaster Colony Corporation, L Brands, Inc., Leidos Holdings, Inc., Lincoln Electric Holdings, Inc., LKQ Corporation, Snyder's-Lance, Inc., Lindsay Corporation, Landstar System, Inc., lululemon athletica inc., LA-Z-BOY Incorporated, Mid-America Apartment Communities, Inc., Main Street Capital Corporation, ManTech International Corporation, Matson, Inc., Middleburg Financial Corporation, Manitowoc Foodservice, Inc., The Middleby Corporation, McCormick & Company, Incorporated, Herman Miller, Inc., Martin Marietta Materials, Inc., Monro Muffler Brake, Inc., Monsanto Company, MRC Global Inc., Monroe Capital Corporation, Marten Transport, Ltd., MSC Industrial Direct Co., Inc., The Manitowoc Company, Inc., MasTec Inc., Mueller Water Products, Inc., MYR Group Inc., Navistar International Corporation, NCI Building Systems, Inc., Nordson Corporation, Newmont Mining Corporation, Ingevity Corporation, New Jersey Resources Corporation, NIKE, Inc., New Mountain Finance Corporation, National Retail Properties, Inc., Natural Resource Partners L.P., Norfolk Southern Corporation, Nucor Corporation, Owens Corning, Old Dominion Freight Line, Inc., Office Depot, Inc., Orion Engineered Carbons S.A., ONE Gas, Inc. , Omega Protein Corporation, O'Reilly Automotive, Inc., Orion Group Holdings, Inc., OSI Systems, Inc., PACCAR, Inc., Performance Food Group Company, Ply Gem Holdings, Inc., Pier 1 Imports, Inc., Prologis, Inc., Pentair plc, Piedmont Natural Gas Company, Inc., Post Holdings, Inc., Pilgrim's Pride Corporation, Post Properties, Inc., Primoris Services Corporation, Public Storage, Quanta Services, Inc., Ryder System, Inc., Rent-A-Center, Inc., Royal Gold, Inc., Sturm, Ruger & Company, Inc., Restoration Hardware Holdings, Inc., Ralph Lauren Corporation, Radiant Logistics, Inc., RLJ Lodging Trust, Rand Logistics, Inc., Ross Stores, Inc., Roadrunner Transportation Systems, Inc., Republic Services, Inc., Rush Enterprises, Inc., Sanderson Farms, Inc., Sonic Automotive, Inc., Saia, Inc., Science Applications International Corporation, Sally Beauty Holdings Inc., Southern Copper Corporation, Steelcase Inc., Sprouts Farmers Markets, Inc., Smart & Final Stores, Inc., Sunstone Hotel Investors, Inc., Steven Madden, Ltd., Skechers U.S.A., Inc., U.S. Silica Holdings, Inc., SL Green Realty Corp., Solar Capital, Ltd., Standard Motor Products, Inc., Spartan Motors, Inc., Staples, Inc., Stoneridge, Inc., Sovran Self Storage, Inc., Seaspan Corporation, STAG Industrial, Inc., Steel Dynamics, Inc., Summit Materials, Inc., Solar Senior Capital Ltd., Stillwater Mining Company, Swift Transportation Company, Smith & Wesson Holding Corporation, Southwest Gas Corporation, SunCoke Energy, SunCoke Energy Partners, L.P., Standex International Corporation, Sensient Technologies Corporation, Synalloy Corporation, SYSCO Corporation, Triangle Capital Corporation, Teck Resources Limited, THL Credit, Inc., The Container Store Group, Inc., Terex Corporation, TreeHouse Foods, Inc., Interface, Inc., Team, Inc., The TJX Companies, Inc., The Timken Company, Trex Company, Inc., Trinity Industries, Inc., Tractor Supply Company, Tyson Foods, Inc., Titan International, Inc., Under Armour, Inc., Union Bankshares Corporation, UDR, Inc., Universal Logistics Holdings, Inc., Ulta Salon, Cosmetics & Fragrance, Inc., United Natural Foods, Inc., Union Pacific Corporation, United Parcel Service, Inc., Urban Outfitters, Inc., U.S. Concrete, Inc., USG Corporation, Vale S.A., Vectrus, Inc., V.F. Corporation, Vulcan Materials Co., Valmont Industries, Inc., Vista Outdoor Inc., Wabtec Corporation, Walgreens Boots Alliance, Inc., WABCO Holdings Inc., WESCO International, Inc., Waste Connections, Inc., Werner Enterprises, Inc., Whole Foods Market, Inc., WGL Holdings, Inc., WhiteHorse Finance, Inc., Westmoreland Coal Company, Waste Management, Inc., Wabash National Corporation, Williams-Sonoma, Inc., Watsco, Inc., Watts Water Technologies, Inc., United States Steel Corporation, XPO Logistics, Inc., Xylem Inc., YRC Worldwide Inc. and Zumiez Inc. in the next three months. BB&T Capital Markets or its affiliates beneficially own 1% or more of the common stock of Hooker Furniture Corp. as calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934. Aaron's, Inc., Applied Industrial Technologies, Inc., AutoZone, Inc., Big Lots, Inc., CSX Corporation, Dollar General Corporation, Dorman Products, Inc., Eagle Materials Inc., Flowers Foods, Inc., Flowserve Corporation, Genesco Inc., GameStop Corp., HNI Corporation, J.B. Hunt Transport Services, Inc., Kirby Corporation, Main Street Capital Corporation, Matson, Inc., Middleburg Financial Corporation, Natural Resource Partners L.P., Owens Corning, O'Reilly Automotive, Inc., Republic Services, Inc., Steelcase Inc., U.S. Silica Holdings, Inc., Sovran Self Storage, Inc., Sensient Technologies Corporation, Synalloy Corporation, SYSCO Corporation, Trex Company, Inc., Tractor Supply Company, Waste Connections, Inc. and WGL Holdings, Inc. is, or during the past 12 months was, a client of BB&T Capital Markets, which provided noninvestment banking, securities-related services to, and received compensation from Aaron's, Inc., Applied Industrial Technologies, Inc., AutoZone, Inc., Big Lots, Inc., CSX Corporation, Dollar General Corporation, Dorman Products, Inc., Eagle Materials Inc., Flowers Foods, Inc., Flowserve Corporation, Genesco Inc., GameStop Corp., HNI Corporation, J.B. Hunt Transport Services, Inc., Kirby Corporation, Main Street Capital Corporation, Matson, Inc., Middleburg Financial Corporation, Natural Resource Partners L.P., Owens Corning, O'Reilly Automotive, Inc., Republic Services, Inc., Steelcase Inc., U.S. Silica Holdings, Inc., Sovran Self Storage, Inc., Sensient Technologies Corporation, Synalloy Corporation, SYSCO Corporation, Trex Company, Inc., Tractor Supply Company, Waste Connections, Inc. and WGL Holdings, Inc. for such services. The analyst or employees of BB&T Capital Markets with the ability to influence the substance of this report knows the foregoing facts. An affiliate of BB&T Capital Markets received compensation from Aaron's, Inc., Advance Auto Parts, Inc., AECOM, American Eagle Outfitters, Inc., Applied Industrial Technologies, Inc., Albemarle Corporation, The Andersons, Inc., Apple Hospitality REIT, Inc., ArcBest Corporation, American Railcar Industries, Inc., Alliance Resource Partners, L.P., Astec Industries, Inc., Atmos Energy Corporation, Air Transport Services Group, Inc., AvalonBay Communities, Inc., Armstrong World Industries, Inc., Acuity Brands, Inc., AutoZone, Inc., AZZ incorporated, Brandywine Realty Trust, Beacon Roofing Supply, Inc., General Cable Corporation, Big Lots, Inc., The Buckle, Inc., Babcock & Wilcox Enterprises, Inc., CAI International, Inc., Calgon Carbon Corporation, Cabot Microelectronics Corporation, The Chefs' Warehouse, Inc., Chico's FAS, Inc., CIRCOR International, Inc., CLARCOR Inc., Cloud Peak Energy Inc., Clean Harbors, Inc., Columbus McKinnon Corporation, Compass Minerals International, Inc., CNX Coal Resources LP, Compass Diversified Holdings, Coach, Inc., Core-Mark Holding Company, Inc., Camden Property Trust, Cooper Tire & Rubber Company, Cubic Corporation, Covanta Holding Corporation, Darling Ingredients Inc., Donaldson Company, Inc., Deckers Outdoor Corporation, Dean Foods Company, Dollar General Corporation, Dollar Tree, Inc., Duke Realty Corporation, DSW Inc., Dycom Industries, Inc., Echo Global Logistics, Inc., EMCOR Group, Inc., Essex Property Trust, Inc., Eagle Materials Inc., Extra Space Storage Inc., The Finish Line, Inc., Comfort Systems USA, Inc., Foot Locker, Inc., Flowers Foods, Inc., Fluor Corporation, Flowserve Corporation, Fred's, Inc., The Greenbrier Companies, Inc., Genesco Inc., GameStop Corp., Genuine Parts Company, Ferroglobe PLC, Granite Construction Inc., Genesee & Wyoming Inc., W.W. Grainger, Inc., hhgregg, Inc., Highwoods Properties, Inc., Hecla Mining Company, HNI Corporation, Hallador Energy Company, Hooker Furniture Corp., Installed Building Products, Inc., Ingredion Inc., World Fuel Services Corporation, J.B. Hunt Transport Services, Inc., KBR, Inc., Kirby Corporation, Kennametal Inc., Knoll, Inc., The Kroger Co., Kansas City Southern, Lithia Motors, Inc., LKQ Corporation, Snyder's-Lance, Inc., Landstar System, Inc., Mid-America Apartment Communities, Inc., Main Street Capital Corporation, Matson, Inc., The Middleby Corporation, Martin Marietta Materials, Inc., Monro Muffler Brake, Inc., The Manitowoc Company, Inc., MasTec Inc., MYR Group Inc., Nordson Corporation, National Retail Properties, Inc., Natural Resource Partners L.P., Nucor Corporation, Owens Corning, Old Dominion Freight Line, Inc., O'Reilly Automotive, Inc., Orion Group Holdings, Inc., Prologis, Inc., Piedmont Natural Gas Company, Inc., Pilgrim's Pride Corporation, Post Properties, Inc., Primoris Services Corporation, Public Storage, Quanta Services, Inc., Ryder System, Inc., Rent-A-Center, Inc., Sturm, Ruger & Company, Inc., Roadrunner Transportation Systems, Inc., Republic Services, Inc., Sanderson Farms, Inc., Saia, Inc., Steelcase Inc., Sunstone Hotel Investors, Inc., U.S. Silica Holdings, Inc., Standard Motor Products, Inc., Sovran Self Storage, Inc., STAG Industrial, Inc., Steel Dynamics, Inc., Swift Transportation Company, Smith & Wesson Holding Corporation, SunCoke Energy, SunCoke Energy Partners, L.P., Standex International Corporation, Sensient Technologies Corporation, Synalloy Corporation, SYSCO Corporation, Triangle Capital Corporation, TreeHouse Foods, Inc., Interface, Inc., Team, Inc., The Timken Company, Trex Company, Inc., Trinity Industries, Inc., Tractor Supply Company, Tyson Foods, Inc., Under Armour, Inc., UDR, Inc., United Natural Foods, Inc., Union Pacific Corporation, V.F. Corporation, Vulcan Materials Co., Wabtec Corporation, Walgreens Boots Alliance, Inc., WESCO International, Inc., Waste Connections, Inc., WGL Holdings, Inc., Waste Management, Inc., Williams-Sonoma, Inc., Watsco, Inc., Watts Water Technologies, Inc., United States Steel Corporation and Zumiez Inc. for products or services other than investment banking services during the past 12 months. The analyst or employees of BB&T Capital Markets with the ability to influence the substance of this report know or have reason to know the foregoing facts. ADDITIONAL INFORMATION AVAILABLE UPON REQUEST For valuation methodology and related risk factors on Buy (1)–rated stocks, please refer to the body text of this report or to individual reports on any covered companies referenced in this report. The analyst(s) principally responsible for preparation of this report received compensation that is based upon many factors, including the firm’s overall investment banking revenue. OTHER DISCLOSURES The information and statistics in this report have been obtained from sources we believe are reliable but we do not warrant their accuracy or completeness. We do not undertake to advise the reader as to changes in figures or our views. This is not a solicitation of an order to buy or sell any securities. BB&T Capital Markets, a division of BB&T Securities, LLC, member FINRA/SIPC, is a wholly owned nonbank subsidiary of BB&T Corporation. The securities sold, offered or recommended are not a deposit, not FDIC insured, not guaranteed by a bank, not guaranteed by any federal government agency and may go down in value. The opinions expressed are those of the analyst(s) and not those of BB&T Corporation or its executives.