Equity Research Statistical Review

STEPHENS INC. – EQUITY RESEARCH STATISTICAL REVIEW

January 2019

CONFIDENTIALRefer to pages AND PROPRIETARY61-65 for MLP INFORMATION and REIT OF Company STEPHENS INC|-Specific MEMBER RisksNYSE, SIPC Refer to Appendix on page 66 for Important Disclosures and Analyst Certification

January 2019

Monthly Statistical Review

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

Consumer Healthcare Grocery/C-Store ...... 18 Diagnostics and Life Science Tools ...... 34 Restaurants ...... 19 Healthcare Services ...... 35 Retail/Broadlines ...... 20 Medical Devices & Hospital Supply ...... 36 Retail/Hardlines ...... 21 Industrials Energy Agriculture ...... 37 Exploration and Production ...... 22 Building Materials ...... 38 Oilfield Services ...... 24 Electrical Equipment/Multi-Industry ...... 39 Industrial Products and Services ...... 40 Financial Services Paper and Wood Products ...... 40 Banks-Mid-Atlantic ...... 25 Transportation/Airfreight and Logistics/Maritime ...... 42 Banks-Midwest ...... 26 Transportation/Railroads and Equipment Suppliers ...... 43 Banks-Northeast ...... 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 Media ...... 47 Real Estate Services ...... 32 Specialty Finance ...... 33

Coverage List by Market Capitalization ...... 49 Institutional Sales & Trading ...... 67 Branch Offices ...... 68

© 2019 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

Grocery/C-Store Restaurants Retail/Broadlines Ben Bienvenu, Analyst (501) 377-8511 Will Slabaugh, Managing Director (501) 377-2259 Daniel Imbro, Analyst (501) 377-2055 Tim Perz, CPA, Associate (212) 891-1782 Hugh Gooding, Associate (501) 377-2214 AAP Advance Auto Parts Pooran Sharma, CFA, Associate (212) 891-1794 BJRI BJ’s Restaurants AZO AutoZone, Inc. CASY Casey’s General Stores BOJA Bojangles’, Inc. CPRT Copart, Inc. EAT Brinker International CORE Core-Mark Holding Co. KAR KAR Auction Services, Inc. TAST Carrols Restaurant Group LKQ LKQ Corp. CAPL CrossAmerica Partners LP CAKE Cheesecake Factory, The ORLY O’Reilly Automotive, Inc. KR Kroger Co. CMG Chipotle Mexican Grill MUSA Murphy USA Inc. CHUY Chuy’s Holdings, Inc. TSCO Tractor Supply Co. SFM Sprouts Farmers Market DRI Darden Restaurants YOGA YogaWorks, Inc. UNFI United Natural Foods, Inc. DFRG Del Frisco’s Restaurant Group WMT Walmart Stores, Inc. DENN Denny's Corp. DPZ Domino’s Pizza, Inc. Retail/Hardlines DNKN Dunkin’ Brands Group Rick Nelson, CFA, CPA FRGI Fiesta Restaurant Group Managing Director (312) 292-5768 GTIM Good Times Restaurants Nicholas Zangler, CFA, Associate (312) 292-5753 GRUB GrubHub Inc. ABG Asbury Automotive Group, Inc. HABT Habit Restaurants, Inc. AN AutoNation, Inc. JAX J. Alexander’s Holdings CWH Camping World Holdings MCD McDonald’s Corp. KMX CarMax, Inc. PZZA Papa John’s International CONN Conn’s, Inc. FRSH Papa Murphy’s Holdings DKS Dick’s Sporting Goods, Inc. RRGB Red Robin Gourmet Burgers, Inc. GPI Group 1 Automotive, Inc. QSR Restaurant Brands International HIBB Hibbett Sports, Inc. SBUX Starbucks Corp. LAD Lithia Motors, Inc. TXRH Texas Roadhouse, Inc. LL Lumber Liquidators Holdings WEN Wendy’s Co., The MIK Michaels Companies, The WING Wingstop, Inc. 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 January 2019, Page 2 EQUITY RESEARCH COVERAGE LIST Head of Institutional Equities and Director of Research: Nik Fisken (501) 377-6335

ENERGY

Exploration and Production Exploration and Production Oilfield Services Gail Nicholson, Analyst (301) 904-7466 Drew Lipke, Analyst (501) 377-2108 Tommy Moll, Analyst (501) 377-6306 Fletcher Sipple, Associate (501) 377-2347 Michael Newton, Associate (501) 377-1721 Drew Stevenson, Associate (501) 377-8078 AXAS Abraxas Petroleum Corp. CLR Continental Resources, Inc. BAS Basic Energy Services, Inc. APA Apache Corporation MTDR Matador Resources Co. CJ C & J Energy Services, Inc. CPE Callon Petroleum Co. PXD Pioneer Natural Resources Co. HAL Halliburton Company CDEV Centennial Resource Development, Inc. HP Helmerich & Payne CXO Concho Resources, Inc. HCLP Hi-Crush Partners LP DNR Denbury Resources, Inc. FRAC Keane Group, Inc. DVN Devon Energy Corp. TUSK Mammoth Energy Services FANG Diamondback Energy, Inc. NBR Nabors Industries ESTE Earthstone Energy, Inc. PTEN Patterson-UTI Energy Inc. XOG Extraction Oil & Gas, Inc. PUMP PrpPetro Holding Corp. HES Hess Corp. QES Quintana Energy Services Inc. MUR Murphy Oil Corp. RES RPC, Inc. NBL Noble Energy, Inc. SLB Schlumberger NV OAS Oasis Petroleum, Inc. WTTR Select Energy Services, Inc. PE Parsley Energy, Inc. SPN Superior Energy Services PDCE PDC Energy, Inc. SLCA U.S. Silica Holdings, Inc. QEP QEP Resources, Inc. RRC Range Resources Corp. TALO Talos Energy, Inc. UNT Unit Corp. WLL Whiting Petroleum Corp. WPX WPX Energy, Inc

Monthly Statistical Review Member NYSE, SIPC January 2019, 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 ANCX Access National Corp. ASB Associated Banc-Corp Andrew Terrell, Associate (501) 377-2303 AMNB American National Bankshares BY Byline Bancorp, Inc. ABCB Ameris Bancorp AX Axos Financial, Inc. CHFC Chemical Financial Corp. CCBG Capital City Bank Group CHCO City Holding Co. CTBI Community Trust Bancorp CSTR CapStar Financial Holdings ESXB Community Bankers Trust ICBK County Bancorp CARO Carolina Financial Corp. CNOB ConnectOne Bancorp EQBK Equity Bancshares, Inc. CSFL CenterState Bank Corp. EGBN Eagle Bancorp BUSE First Busey Corp. FBK FB Financial Corporation FNB F.N.B. Corporation FFBC First Financial Bancorp LION Fidelity Southern Corp. FULT Fulton Financial Corp. FRME First Merchants Corp FBNC First Bancorp HBMD Howard Bancorp FMBI First Midwest Bancorp. FHN First Horizon National Corp. ISBC Investors Bancorp, Inc. FMBH First Mid-Illinois Bancshares FSB Franklin Financial Network OLBK Old Line Bancshares FBC Flagstar Bancorp NCOM National Commerce Corp. SASR Sandy Spring Bancorp GWB Great Western Bancorp PNFP Pinnacle Financial Partners, Inc. STL Sterling Bancorp HTLF Heartland Financial USA SFBS ServisFirst Bancshares, Inc. UBSH Union Bankshares Corp. HBNC Horizon Bancorp SMBK SmartFinancial, Inc. UBSI United Bankshares, Inc. LKFN Lakeland Financial Corp. SSB South State Corp. WSBC WesBanco, Inc. MBIN Merchants Bancorp STBZ State Bank Financial Corp. WSFS WSFS Financial Corp. MSBI Midland States Bancorp SNV Synovus Financial Corp. MFSF MutualFirst Financial Inc. UCBI United Community Banks, Inc. ONB Old National Bancorp. QCRH QCR Holdings, Inc. SYBT Stock Yards Bancorp TCF TCF Financial Corp. WTFC Wintrust Financial Corp.

Banks-Northeast Austin Nicholas, Analyst (207) 808-5027 Cooper Brown, Associate (207) 808-3007 Alex Glockner (207) 835-3007 BKU BankUnited, Inc. CBNK Capital Bancorp, Inc. NYCB New York Community Bancorp PBCT People’s United Financial, Inc. SBNY Signature Bank STL Sterling Bancorp VLY Valley National Bancorp

Monthly Statistical Review Member NYSE, SIPC January 2019, 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 Adam Freyaldenhoven, Associate (501) 377-3740 Cooper Brown, Associate (207) 808-3007 Morgan O’Donovan, CFA, Associate (954) 637-2234 Brandon Steverson, Associate (501) 377-8065 Alex Glockner (207) 835-3007 AAN Aaron’s, Inc. ABTX Allegiance Bancshares, Inc. BBT BB&T Corporation AER AerCap Holdings BXS BancorpSouth Bank CFG Citizens Financial Group AL Air Lease Corp. BSVN Bank7 Corp. OZK Bank OZK CMA Comerica Inc. AYR Aircastle Ltd. BOKF BOK Financial Corp. FITB Fifth Third Bancorp ADS Alliance Data Systems BFST Business First Bancshares FRC First Republic Bank ALLY Ally Financial Inc. CADE Cadence Bancorporation HBAN Huntington Bancshares Inc. CRMT America’s Car-Mart, Inc. CBTX CBTX, Inc. KEY KeyCorp. AXP American Express Co. CBSH Commerce Bancshares, Inc. PNC PNC Financial Services Group CIT CIT Group, Inc. CFR Cullen/Frost Bankers, Inc. RF Regions Financial Corp. CACC Credit Acceptance Corp. FBMS First Bancshares Inc. STI SunTrust Banks, Inc. CURO CURO Group Holdings FFIN First Financial Bankshares, Inc. USB U.S. Bancorp DFS Discover Financial Services MYFW First Western Financial ZION Zions Bancorporation ECN-CA ECN Capital GNTY Guaranty Bancshares, Inc. EFN-CA Element Fleet Management Hwc Hancock Whitney Corp. HTH Hilltop Holdings Inc. Banks-West Coast ELVT Elevate Credit, Inc. HOMB Home BancShares, Inc. Tyler Stafford, CFA, Analyst (501) 377-8362 ENVA Enova International IBKC IBERIABANK Corp. Gordon McGuire, Associate (501) 377-3717 EZPW EZCORP, Inc. IBTX Independent Bank Group Brandon Steverson, Associate (501) 377-8065 FCFS FirstCash, Inc. LTXB LegacyTexas Financial Group, Inc. Andrew Terrell, Associate (501) 377-2303 ONDK OnDeck Capital, Inc. NBHC National Bank Holdings Corp. BANR Banner Corp. OMF OneMain Holdings, Inc. OBNK Origin Bancorp, Inc. PPBI Pacific Premier Bancorp RM Regional Management PB Prosperity Bancshares, Inc. PACW PacWest Bancorp RCII Rent-A-Center RNST Renasant Corp. PFBC Preferred Bank SC Santander Consumer USA SFNC Simmons First National Corp. RBB RBB Bancorp, Inc. SLM SLM Corp. STXB Spirit of Texas Bancshares TCBI Texas Capital Bancshares, Inc. SIVB SVB Financial Group SYF Synchrony Financial TSC TriState Capital Holdings, Inc. TCBK TriCo Bancshares WRLD World Acceptance Corp. TBK Triumph Bancorp, Inc. UMPQ Umpqua Holdings Corp. TRMK Trustmark Corp. WAL Western Alliance Bancorp. UMBF UMB Financial Corp. VBTX Veritex Holdings, Inc. Real Estate Services John Campbell, Analyst (501) 377-6362 Carter Trent, Associate (501) 377-8215 BKI Black Knight, Inc. CNNE Cannae Holdings, Inc. CLGX CoreLogic ELLI Ellie Mae, Inc. EXPI eXp World Holdings 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. RP RealPage, Inc. RDFN RedFin Corp. STC Stewart Information Services ZG Zillow, Inc.

Monthly Statistical Review Member NYSE, SIPC January 2019, 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 & Hospital Supply Drew Jones, Analyst (501) 377-2369 Dana Hambly, CFA, Analyst (615) 279-4329 Chris Cooley, CFA, Managing Director, (501) 377-2516 Mason Carrico, Associate (501) 377-8231 Jacob Johnson, CFA, Associate (615) 279-4355 Ross Osborn, Associate (501) 377-8228 TECH Bio-Techne Corp. ACHC Acadia Healthcare Co. ABMD Abiomed, Inc. BRKS Brooks Automation, Inc. ADUS Addus HomeCare Corp. ALGN Align Technology, Inc. CBM Cambrex Corp. AMED Amedisys, Inc. AVNS Avanos Medical CTLT Catalent, Inc. AMN AMN Healthcare Services BSX Boston Scientific Corp. CERS Cerus Corp. BIOS BioScrip, Inc. COO Cooper Companies, The CDXS Codexis, Inc. BKD Brookdale Senior Living CUTR Cutera, Inc. EXAS EXACT Sciences Corp. CSU Capital Senior Living Corp. XRAY DEPTSPLY SIRONA Inc. LGND Ligand Pharmaceuticals Inc. CTRE CareTrust REIT DXCM DexCom, Inc. MYGN Myriad Genetics, Inc. CCRN Cross Country Healthcare ELGX Endologix, Inc. NEOG Neogen Corp. EHC Encompass Health Corp. GKOS Glaukos Corp. NEO Neogenomics Inc. ENSG Ensign Group, The HSIC Henry Schein, Inc. OSUR OraSure Technologies, Inc. GEN Genesis Healthcare, Inc. PODD Insulet Corp. PACB Pacific Biosciences of California HNGR Hanger Inc. IVC Invacare Corp. RGEN Repligen Corp. HCSG Healthcare Services Group NXTM NxStage Medical, Inc. WST West Pharmaceutical Services LHCG LHC Group, Inc. SIEN Sientra, Inc. MD MEDNAX, Inc. STAA STAAR Surgical Co. NHI National Health Investors STE STERIS plc USPH U.S. Physical Therapy TFX Teleflex Inc. UHS Universal Health Services WELL Welltower Inc.

Monthly Statistical Review Member NYSE, SIPC January 2019, Page 6 EQUITY RESEARCH COVERAGE LIST Head of Institutional Equities and Director of Research: Nik Fisken (501) 377-6335

INDUSTRIALS

Agriculture Electrical Equipment/Multi-Industry Transportation/Airfreight and Logistics/Maritime Mark Connelly, Managing Director (212) 871-1781 Rob McCarthy, CFA, Analyst (617) 239-7537 Jack Atkins, Managing Director (501) 377-2298 Ashish Gupta, Associate (212) 891-1709 Brandon Reagan, Associate (617) 239-7510 Andrew Hall, Associate (501) 377-2562 Joan Tong, CFA, Associate (212) 891-1792 AOS A.O. Smith, Inc. ATSG Air Transport Service Group CF CF Industries Holdings AME AMETEK, Inc. AAL American Airlines Group CMP Compass Minerals International EMR Emerson Electric AAWW Atlas Air Worldwide Holdings ETN Eaton Corp. DWDP DowDuPont Inc. CHRW C.H. Robinson Worldwide, Inc. IR Ingersoll-Rand FMC FMC Corporation DAL Delta Air Lines, Inc. IPI Intrepid Potash, Inc. LII Lennox International ECHO Echo Global Logistics MOS Mosaic Company RBC Regal Beloit NTR Nutrien ROK Rockwell Automation Inc. EXPD Expeditors International ROP Roper Industries FDX FedEx Corp. Building Materials FWRD Forward Air Corp. Trey Grooms, Managing Director (501) 377-2318 Industrial Products and Services JBLU JetBlue Airways Corp. Noah Merkousko, Associate (501) 377-8506 Blake Hirschman, Analyst (501) 377-8046 KEX Kirby Corp. Niall Pratt, Associate (501) 377-3721 DXPE DXP Enterprises, Inc. LSTR Landstar System, Inc. AWI Armstrong World Industries DY Dycom Industries MATX Matson Inc. FAST Fastenal Company BECN Beacon Roofing Supply, Inc. LUV Southwest Airlines Co. MTZ MasTec, Inc. BMCH BMC Stock Holdings SAVE Spirit Airlines, Inc. BLDR Builders FirstSource, Inc. MRC MRC Global Inc. UAL United Continental Holdings ROAD Construction Partners Inc. MSM MSC Industrial Direct Co. CBPX Continental Building Products DNOW NOW, Inc. UPS United Parcel Service, Inc. EXP Eagle Materials Inc. ORN Orion Group Holdings, Inc. XPO XPO Logistics FRTA Forterra, Inc. POOL Pool Corp. FBM Foundation Building Materials PWR Quanta Services, Inc. GMS GMS Inc. GWW W.W. Grainger, Inc. IBP Installed Building Products WSO Watsco, Inc. MLM Martin Marietta Materials WCC WESCO International, Inc. DOOR Masonite International Corp. NCS NCI Building Systems Paper and Wood Products SUM Summit Materials LLC Mark Connelly, Managing Director (212) 871-1781 BLD TopBuild Corp. Ashish Gupta, Associate (212) 891-1709 TREX Trex Company, Inc. Joan Tong, CFA, Associate (212) 891-1792 USCR U.S. Concrete, Inc. UFS Domtar Corp. USG USG Corp. IP International Paper Co. VMC Vulcan Materials Company GPK Graphic Packaging LPX Louisiana-Pacific Corp. PKG Packaging Corp of America WRK WestRock Co. WY Weyerhaeuser Co.

Monthly Statistical Review Member NYSE, SIPC January 2019, 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 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. TFII TFI International NSC Norfolk Southern Corp. USX U.S. Xpress R Ryder System, Inc. USAK USA Truck, Inc. SRI Stoneridge Inc. WNC Wabash National Corp. TRN Trinity Industries WERN Werner Enterprises, Inc. UNP Union Pacific Corp. YRCW YRC Worldwide Inc. WBC WABCO Holdings Inc. WAB Wabtec Corp.

Monthly Statistical Review Member NYSE, SIPC January 2019, 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 Brett Huff, CFA, Managing Director (501) 377-8068 Media ACIW ACI Worldwide, Inc. Kyle Evans, Managing Director (501) 377-6376 EPAY Bottomline Technologies Joseph Wei, Associate (501) 377-6372 CSGP CoStar Group, Inc. CBS CBS Corp. EFX Equifax Inc. SSP E.W. Scripps Co. EXPGY Experian plc ETM Entercom Communications FICO FICO GCI Gannett Co. FIS Fidelity National Information Services, Inc. GTN Gray Television, Inc. FDC First Data Corp. LYV Live Nation Entertainment FISV Fiserv, Inc. GPN Global Payments Inc. MDP Meredith Corp. JKHY Jack Henry & Associates NEWM New Media Investment Group RAMP LiveRamp Holdings, Inc. NXST Nexstar Media Group MA Mastercard Inc. SBGI Sinclair Broadcast Group PYPL PayPal Holdings, Inc. TGNA TEGNA Inc. QTWO Q2 Holdings, Inc. TSQ Townsquare Media SQ Square, Inc. TRCO Tribune Media Co. TSS Total System Services, Inc. TRUE TrueCar, Inc. V Visa Inc. WP Worldpay, Inc.

Monthly Statistical Review Member NYSE, SIPC January 2019, Page 9 EQUITY RESEARCH COVERAGE LIST

12/27/2018 12/27/2018 CO M PANY RAT IN G VO L AN ALYST CO M PANY RAT IN G VO L AN ALYST AOS A.O. Smith Equal-Weight Rob McCarthy, CFA BKI Black Knight, Inc. Overweight V John Campbell AAN Aaron's, Inc. Overweight V Vincent Caintic, CFA BMCH BMC Stock Holdings Equal-Weight V Trey Grooms ABMD Abiomed, Inc. Overweight V Chris Cooley, CFA BOJA Bojangles', Inc. Equal-Weight Will Slabaugh AXAS Abraxas Petroleum Corp. Equal-Weight Gail Nicholson BOKF BOK Financial Corp. Overweight Matt Olney, CFA ACHC Acadia Healthcare Co. Overweight V Dana Hambly, CFA BSX Boston Scientific Corp. Overweight Chris Cooley, CFA ANCX Access National Corp. Overweight Austin Nicholas EPAY Bottomline Technologies Equal-Weight V Brett Huff, CFA ACIW ACI Worldwide, Inc. Overweight Brett Huff, CFA EAT Brinker International Equal-Weight Will Slabaugh ADUS Addus HomeCare Corp. Overweight Dana Hambly, CFA BKD Brookdale Senior Living Overweight V Dana Hambly, CFA AAP Advance Auto Parts Equal-Weight V Daniel Imbro BRKS Brooks Automation, Inc. Overweight V Drew Jones AER AerCap Holdings Equal-Weight V Vincent Caintic, CFA BLDR Builders FirstSource, Inc. Equal-Weight V Trey Grooms AL Air Lease Corp. Overweight V Vincent Caintic, CFA BFST Business First Bancshares Overweight Matt Olney, CFA ATSG Air Transport Services Group Overweight Jack Atkins BY Byline Bancorp, Inc. Equal-Weight Terry McEvoy, CFA AYR Aircastle Ltd. Equal-Weight V Vincent Caintic, CFA CJ C & J Energy Services, Inc. Overweight Tommy Moll ALGN Align Technology, Inc. Equal-Weight V Chris Cooley, CFA CHRW C.H. Robinson Worldwide Equal-Weight Jack Atkins ABTX Allegiance Bancshares, Inc. Equal-Weight Matt Olney, CFA CADE Cadence Bancorporation Overweight Matt Olney, CFA ADS Alliance Data Systems Equal-Weight V Vincent Caintic, CFA CPE Callon Petroleum Co. Overweight Gail Nicholson ALLY Ally Financial Inc. Equal-Weight V Vincent Caintic, CFA CBM Cambrex Corp. Overweight V Drew Jones AMED Amedisys, Inc. Equal-Weight V Dana Hambly, CFA CWH Camping World Holdings Overweight V Rick Nelson, CFA, CPA AAL American Airlines Group Equal-Weight Jack Atkins CNI Canadian National Railway Equal-Weight Justin Long AXP American Express Co. Overweight V Vincent Caintic, CFA CP Canadian Pacific Railway Equal-Weight Justin Long AMNB American National Bankshares Equal-Weight Austin Nicholas CNNE Cannae Holdings, Inc. Overweight V John Campbell CRMT America's Car‐Mart, Inc. Equal-Weight V Vincent Caintic, CFA CBNK Capital Bancorp, Inc. Overweight Austin Nicholas ABCB Ameris Bancorp Overweight Tyler Stafford, CFA CCBG Capital City Bank Group Equal-Weight Tyler Stafford, CFA AME AMETEK, Inc. Overweight Rob McCarthy, CFA CSU Capital Senior Living Corp. Overweight V Dana Hambly, CFA AMN AMN Healthcare Services Equal-Weight V Dana Hambly, CFA CSTR CapStar Financial Holdings Equal-Weight Tyler Stafford, CFA APA Apache Corporation Overweight Gail Nicholson CTRE CareTrust REIT Overweight Dana Hambly, CFA ARCB ArcBest Corp. Equal-Weight Brad Delco KMX CarMax, Inc. Equal-Weight Rick Nelson, CFA, CPA ABG Asbury Automotive Overweight Rick Nelson, CFA, CPA CARO Carolina Financial Corp. Equal-Weight Tyler Stafford, CFA ASB Associated Banc‐Corp Equal-Weight Terry McEvoy, CFA TAST Carrols Restaurant Group Overweight Will Slabaugh AAWW Atlas Air Worldwide Holdings Equal-Weight V Jack Atkins CVNA Carvana Co. Equal-Weight V Rick Nelson, CFA, CPA AN AutoNation, Inc. Equal-Weight Rick Nelson, CFA, CPA CASY Casey's General Stores Overweight Ben Bienvenu AZO AutoZone, Inc. Overweight V Daniel Imbro CTLT Catalent, Inc. Equal-Weight V Drew Jones AVNS Avanos Medical Overweight Chris Cooley, CFA CBS CBS Corp. Equal-Weight Kyle Evans AX Axos Financial, Inc. Overweight V Austin Nicholas CBTX CBTX, Inc. Overweight Matt Olney, CFA BXS BancorpSouth Bank Overweight Matt Olney, CFA CGIP Celadon Group, Inc. Suspended Brad Delco OZK Bank OZK Equal-Weight Matt Olney, CFA CDEV Centennial Resource Development Equal-Weight Gail Nicholson BSVN Bank7 Corp. Overweight Matt Olney, CFA CSFL CenterState Bank Corp. Overweight Tyler Stafford, CFA BKU BankUnited, Inc. Overweight Austin Nicholas CERS Cerus Corp. Overweight V Drew Jones BANR Banner Corp. Equal-Weight Tyler Stafford, CFA CF CF Industries Holdings Overweight Mark Connelly BAS Basic Energy Services, Inc. Equal-Weight Tommy Moll CHFC Chemical Financial Corp. Overweight Terry McEvoy, CFA BBT BB&T Corporation Overweight Terry McEvoy, CFA CMG Chipotle Mexican Grill Equal-Weight Will Slabaugh BECN Beacon Roofing Supply Overweight V Trey Grooms CHUY Chuy's Holdings, Inc. Equal-Weight Will Slabaugh BIOS BioScrip, Inc. Overweight V Dana Hambly, CFA CIT CIT Group Inc. Equal-Weight V Vincent Caintic, CFA TECH Bio‐Techne Corp. Equal-Weight V Drew Jones CFG Citizens Financial Group Overweight Terry McEvoy, CFA BJRI BJ's Restaurants Overweight Will Slabaugh CHCO City Holding Co. Equal-Weight Austin Nicholas

Monthly Statistical Review Member NYSE, SIPC January 2019, Page 10 EQUITY RESEARCH COVERAGE LIST

12/27/2018 12/27/2018 CO M PANY RAT IN G VO L AN ALYST CO M PANY RAT IN G VO L AN ALYST CDXS Codexis, Inc. Overweight V Drew Jones EXP Eagle Materials Inc. Overweight V Trey Grooms CMA Comerica Inc. Overweight Terry McEvoy, CFA ESTE Earthstone Energy, Inc. Overweight Gail Nicholson CBSH Commerce Bancshares, Inc. Equal-Weight Matt Olney, CFA ETN Eaton Corp. Overweight Rob McCarthy, CFA ESXB Community Bankers Trust Equal-Weight Austin Nicholas ECHO Echo Global Logistics Overweight Jack Atkins CTBI Community Trust Bancorp Equal-Weight Terry McEvoy, CFA ECN‐CA ECN Capital Overweight V Vincent Caintic, CFA CMP Compass Minerals International Overweight Mark Connelly EFN‐CA Element Fleet Management Equal-Weight V Vincent Caintic, CFA CXO Concho Resources Inc. Equal-Weight Gail Nicholson ELVT Elevate Credit, Inc. Equal-Weight V Vincent Caintic, CFA CNOB ConnectOne Bancorp Equal-Weight Austin Nicholas ELLI Ellie Mae, Inc. Equal-Weight V John Campbell CONN Conn's, Inc. Overweight Rick Nelson, CFA, CPA EMR Emerson Electric Co. Overweight Rob McCarthy, CFA ROAD Construction Partners Inc. Overweight Trey Grooms EHC Encompass Health Corp. Overweight V Dana Hambly, CFA CBPX Continental Building Products Equal-Weight V Trey Grooms ELGX Endologix, Inc. Equal-Weight V Chris Cooley, CFA CLR Continental Resources, Inc. Overweight Drew Lipke ENVA Enova International Overweight V Vincent Caintic, CFA CPRT Copart, Inc. Equal-Weight V Daniel Imbro ETM Entercom Communications Equal-Weight Kyle Evans CLGX CoreLogic Overweight V John Campbell EFX Equifax Inc. Equal-Weight Brett Huff, CFA CORE Core‐Mark Holding Co. Overweight V Ben Bienvenu EQBK Equity Bancshares, Inc. Overweight Terry McEvoy, CFA CSGP CoStar Group, Inc. Overweight Brett Huff, CFA EXAS EXACT Sciences Corp. Equal-Weight V Drew Jones ICBK County Bancorp, Inc. Overweight Terry McEvoy, CFA EXPI eXp World Holdings Overweight V John Campbell CVTI Covenant Transportation Overweight Brad Delco EXPD Expeditors International Equal-Weight Jack Atkins CACC Credit Acceptance Corp. Underweight V Vincent Caintic, CFA EXPGY Experian plc Equal-Weight V Brett Huff, CFA CCRN Cross Country Healthcare Equal-Weight V Dana Hambly, CFA XOG Extraction Oil & Gas Overweight Gail Nicholson CAPL CrossAmerica Partners LP Equal-Weight V Ben Bienvenu EZPW EZCORP, Inc. Equal-Weight V Vincent Caintic, CFA CSX CSX Corp. Overweight Justin Long FNB F.N.B. Corporation Equal-Weight Austin Nicholas CFR Cullen/Frost Bankers, Inc. Equal-Weight Matt Olney, CFA FAST Fastenal Company Overweight Blake Hirschman CURO CURO Group Holdings Overweight V Vincent Caintic, CFA FBK FB Financial Corporation Equal-Weight Tyler Stafford, CFA CUTR Cutera, Inc. Overweight V Chris Cooley, CFA FDX FedEx Corp. Overweight Jack Atkins DAN Dana Incorporated Equal-Weight Justin Long FICO FICO Equal-Weight Brett Huff, CFA DRI Darden Restaurants Overweight Will Slabaugh FNF Fidelity National Financial Overweight John Campbell DFRG Del Frisco's Restaurant Group Equal-Weight Will Slabaugh FIS Fidelity National Information Services Overweight Brett Huff, CFA DAL Delta Air Lines, Inc. Overweight Jack Atkins LION Fidelity Southern Corp. Overweight Tyler Stafford, CFA DNR Denbury Resources, Inc. Equal-Weight Gail Nicholson FRGI Fiesta Restaurant Group Overweight Will Slabaugh DENN Denny's Corp. Overweight Will Slabaugh FITB Fifth Third Bancorp Overweight Terry McEvoy, CFA XRAY DENTSPLY SIRONA Inc. Equal-Weight Chris Cooley, CFA FAF First American Financial Overweight John Campbell DVN Devon Energy Corp. Overweight Gail Nicholson FBNC First Bancorp Equal-Weight Tyler Stafford, CFA DXCM DexCom, Inc. Overweight V Chris Cooley, CFA FBMS First Bancshares Inc. Overweight Matt Olney, CFA FANG Diamondback Energy, Inc. Overweight Gail Nicholson BUSE First Busey Corp. Overweight Terry McEvoy, CFA DKS Dick's Sporting Goods Equal-Weight Rick Nelson, CFA, CPA FDC First Data Corp. Overweight V Brett Huff, CFA DFS Discover Financial Services Equal-Weight V Vincent Caintic, CFA FFBC First Financial Bancorp. Overweight Terry McEvoy, CFA DPZ Domino's Pizza, Inc. Overweight Will Slabaugh FFIN First Financial Bankshares Equal-Weight Matt Olney, CFA UFS Domtar Corp. Overweight Mark Connelly FHN First Horizon National Corp. Equal-Weight Tyler Stafford, CFA DWDP DowDupont Inc. Equal-Weight Mark Connelly FRME First Merchants Corp. Equal-Weight Terry McEvoy, CFA DNKN Dunkin' Brands Group Equal-Weight Will Slabaugh FMBH First Mid‐Illinois Bancshares, Inc. Equal-Weight Terry McEvoy, CFA DXPE DXP Enterprises, Inc. Overweight Blake Hirschman FMBI First Midwest Bancorp. Equal-Weight Terry McEvoy, CFA DY Dycom Industries Overweight V Blake Hirschman FRC First Republic Bank Overweight Terry McEvoy, CFA SSP E.W. Scripps Co. Equal-Weight Kyle Evans MYFW First Western Financial Equal-Weight Matt Olney, CFA EGBN Eagle Bancorp Overweight Austin Nicholas FCFS FirstCash, Inc Equal-Weight V Vincent Caintic, CFA

Monthly Statistical Review Member NYSE, SIPC January 2019, Page 11 EQUITY RESEARCH COVERAGE LIST

12/27/2018 12/27/2018 CO M PANY RAT IN G VO L AN ALYST CO M PANY RAT IN G VO L AN ALYST FISV Fiserv, Inc. Equal-Weight Brett Huff, CFA IR Ingersoll‐Rand Overweight Rob McCarthy, CFA FBC Flagstar Bancorp Equal-Weight Terry McEvoy, CFA IBP Installed Building Products Equal-Weight V Trey Grooms FMC FMC Corporation Overweight Mark Connelly PODD Insulet Corp. Equal-Weight V Chris Cooley, CFA FRTA Forterra, Inc. Equal-Weight Trey Grooms IP International Paper Co. Equal-Weight Mark Connelly FTAI Fortress Transportation and Infrastruct Overweight Justin Long IPI Intrepid Potash, Inc. Overweight Mark Connelly FWRD Forward Air Corp. Equal-Weight Jack Atkins IVC Invacare Corp. Overweight V Chris Cooley, CFA FBM Foundation Building Materials Overweight V Trey Grooms ISBC Investors Bancorp, Inc. Overweight Austin Nicholas FSB Franklin Financial Network Equal-Weight Tyler Stafford, CFA JAX J. Alexander's Holdings Overweight Will Slabaugh RAIL FreightCar America, Inc. Equal-Weight Justin Long JBHT J.B. Hunt Transport Services, Inc. Overweight Brad Delco FULT Fulton Financial Corp. Equal-Weight Austin Nicholas JKHY Jack Henry & Associates Equal-Weight Brett Huff, CFA GCI Gannett Co. Equal-Weight Kyle Evans JBLU JetBlue Airways Corp. Equal-Weight Jack Atkins GATX GATX Corp. Equal-Weight Justin Long KSU Kansas City Southern Equal-Weight Justin Long GWR Genesee & Wyoming Inc. Overweight Justin Long KAR KAR Auction Services, Inc. Equal-Weight Daniel Imbro GEN Genesis Healthcare, Inc. Equal-Weight V Dana Hambly, CFA FRAC Keane Group, Inc. Overweight Tommy Moll GKOS Glaukos Corp. Overweight V Chris Cooley, CFA KEY KeyCorp Overweight Terry McEvoy, CFA GPN Global Payments Inc. Overweight Brett Huff, CFA KEX Kirby Corporation Equal-Weight Jack Atkins GMS GMS Inc. Overweight Trey Grooms KNX Knight‐Swift Transportation Holdings Overweight Brad Delco GTIM Good Times Restaurants Overweight Will Slabaugh KR Kroger Co. Equal-Weight V Ben Bienvenu GPK Graphic Packaging Overweight Mark Connelly LKFN Lakeland Financial Corp. Equal-Weight Terry McEvoy, CFA GTN Gray Television, Inc. Overweight V Kyle Evans LSTR Landstar System, Inc. Overweight Jack Atkins GWB Great Western Bancorp Overweight Terry McEvoy, CFA LTXB LegacyTexas Financial Group, Inc. Overweight Matt Olney, CFA GBX Greenbrier Companies, Inc. Equal-Weight Justin Long TREE LendingTree, Inc. Overweight V John Campbell GPI Group 1 Automotive Overweight Rick Nelson, CFA, CPA LII Lennox International Equal-Weight Rob McCarthy, CFA GRUB GrubHub Inc. Overweight Will Slabaugh LHCG LHC Group, Inc. Overweight V Dana Hambly, CFA GNTY Guaranty Bancshares, Inc. Overweight Matt Olney, CFA LGND Ligand Pharmaceuticals Overweight V Drew Jones HABT Habit Restaurants, Inc. Equal-Weight Will Slabaugh LAD Lithia Motors, Inc. Equal-Weight Rick Nelson, CFA, CPA HAL Halliburton Company Overweight Tommy Moll LYV Live Nation Entertainment Overweight V Kyle Evans HWC Hancock Whitney Corp. Overweight Matt Olney, CFA RAMP LiveRamp Holdings, Inc. Overweight V Brett Huff, CFA HNGR Hanger, Inc. Equal-Weight V Dana Hambly, CFA LKQ LKQ Corp. Overweight V Daniel Imbro HCSG Healthcare Services Group Overweight Dana Hambly, CFA LPX Louisiana‐Pacific Corp. Equal-Weight Mark Connelly HTLD Heartland Express Equal-Weight Brad Delco LL Lumber Liquidators Holdings Equal-Weight Rick Nelson, CFA, CPA HTLF Heartland Financial USA Equal-Weight Terry McEvoy, CFA TUSK Mammoth Energy Services Overweight Tommy Moll HP Helmerich & Payne Overweight Tommy Moll MRTN Marten Transport, Ltd. Equal-Weight Brad Delco HSIC Henry Schein, Inc. Equal-Weight Chris Cooley, CFA MLM Martin Marietta Materials Equal-Weight Trey Grooms HES Hess Corp. Overweight Gail Nicholson DOOR Masonite International Equal-Weight Trey Grooms HIBB Hibbett Sports, Inc. Equal-Weight Rick Nelson, CFA, CPA MTZ MasTec, Inc. Overweight V Blake Hirschman HCLP Hi‐Crush Partners LP Equal-Weight Tommy Moll MA MasterCard Inc. Overweight Brett Huff, CFA HTH Hilltop Holdings Inc. Equal-Weight Matt Olney, CFA MTDR Matador Resources Co. Equal-Weight Drew Lipke HOMB Home BancShares, Inc. Overweight Matt Olney, CFA MATX Matson, Inc. Equal-Weight Jack Atkins HBNC Horizon Bancorp Overweight Terry McEvoy, CFA MCD McDonald's Corp. Equal-Weight Will Slabaugh HBMD Howard Bancorp Overweight Austin Nicholas MD MEDNAX, Inc. Overweight V Dana Hambly, CFA HUBG Hub Group, Inc. Overweight Justin Long MBIN Merchants Bancorp Equal-Weight Terry McEvoy, CFA HBAN Huntington Bancshares Inc. Equal-Weight Terry McEvoy, CFA MDP Meredith Corp. Equal-Weight Kyle Evans IBKC IBERIABANK Corp. Overweight Matt Olney, CFA MSBI Midland States Bancorp Overweight Terry McEvoy, CFA IBTX Independent Bank Group Overweight Matt Olney, CFA MNRO Monro Muffler Brake, Inc. Equal-Weight Rick Nelson, CFA, CPA

Monthly Statistical Review Member NYSE, SIPC January 2019, Page 12 EQUITY RESEARCH COVERAGE LIST

12/27/2018 12/27/2018 CO M PANY RAT IN G VO L AN ALYST CO M PANY RAT IN G VO L AN ALYST MOS Mosaic Company Overweight Mark Connelly PDCE PDC Energy, Inc. Overweight Gail Nicholson MRC MRC Global Inc. Overweight Blake Hirschman PAG Penske Automotive Group Overweight Rick Nelson, CFA, CPA MSM MSC Industrial Direct Co. Overweight Blake Hirschman PBCT People's United Financial Equal-Weight Austin Nicholas MUR Murphy Oil Corp. Equal-Weight Gail Nicholson PNFP Pinnacle Financial Partners Overweight Tyler Stafford, CFA MUSA Murphy USA Inc. Equal-Weight V Ben Bienvenu PXD Pioneer Natural Resources Overweight Drew Lipke MFSF MutualFirst Financial Inc. Equal-Weight Terry McEvoy, CFA PNC PNC Financial Services Group Equal-Weight Terry McEvoy, CFA MYGN Myriad Genetics, Inc. Overweight V Drew Jones POOL Pool Corp. Equal-Weight Blake Hirschman NBR Nabors Industries Equal-Weight Tommy Moll PFBC Preferred Bank Equal-Weight Tyler Stafford, CFA NBHC National Bank Holdings Equal-Weight Matt Olney, CFA PUMP ProPetro Holding Corp. Overweight Tommy Moll NCOM National Commerce Corp. Equal-Weight Tyler Stafford, CFA PB Prosperity Bancshares Equal-Weight Matt Olney, CFA NHI National Health Investors Overweight Dana Hambly, CFA QTWO Q2 Holdings, Inc. Equal-Weight Brett Huff, CFA NCS NCI Building Systems, Inc. Equal-Weight V Trey Grooms QCRH QCR Holdings, Inc. Overweight Terry McEvoy, CFA NEOG Neogen Corp. Equal-Weight V Drew Jones QEP QEP Resources, Inc. Equal-Weight Gail Nicholson NEO Neogenomics Inc. Overweight V Drew Jones PWR Quanta Services, Inc. Overweight V Blake Hirschman NEWM New Media Investment Group Overweight Kyle Evans QNST QuinStreet, Inc. Overweight V John Campbell NYCB New York Community Bancorp Equal-Weight Austin Nicholas QES Quintana Energy Services Overweight Tommy Moll NXST Nexstar Media Group Overweight V Kyle Evans RRC Range Resources Corp. Equal-Weight Gail Nicholson EGOV NIC Inc. Equal-Weight John Campbell RBB RBB Bancorp, Inc. Overweight Tyler Stafford, CFA NNBR NN, Inc. Suspended Justin Long RMAX RE/MAX Holdings Inc. Equal-Weight V John Campbell NBL Noble Energy Overweight Gail Nicholson RLGY Realogy Holdings Corporation Overweight V John Campbell NSC Norfolk Southern Corp. Overweight Justin Long RP RealPage, Inc. Overweight V John Campbell DNOW NOW Inc. Overweight Blake Hirschman RRGB Red Robin Gourmet Burgers Overweight Will Slabaugh NTR Nutrien Overweight Mark Connelly RDFN Redfin Corp. Underweight John Campbell NXTM NxStage Medical, Inc. Equal-Weight Chris Cooley, CFA RBC Regal Beloit Corp. Equal-Weight Rob McCarthy, CFA OAS Oasis Petroleum Inc. Equal-Weight Gail Nicholson RM Regional Management Equal-Weight V Vincent Caintic, CFA ODFL Old Dominion Freight Line Overweight Brad Delco RF Regions Financial Corp. Equal-Weight Terry McEvoy, CFA OLBK Old Line Bancshares Overweight Austin Nicholas RNST Renasant Corp. Equal-Weight Matt Olney, CFA ONB Old National Bancorp. Overweight Terry McEvoy, CFA RCII Rent‐A‐Center Equal-Weight V Vincent Caintic, CFA OLLI Ollie's Bargain Outlet Overweight Rick Nelson, CFA, CPA RGEN Repligen Corp. Overweight V Drew Jones ONDK OnDeck Capital, Inc. Equal-Weight V Vincent Caintic, CFA QSR Restaurant Brands International Overweight Will Slabaugh OMF OneMain Holdings, Inc. Overweight V Vincent Caintic, CFA ROK Rockwell Automation Overweight Rob McCarthy, CFA OSUR OraSure Technologies, Inc. Equal-Weight V Drew Jones ROP Roper Technologies Overweight Rob McCarthy, CFA ORLY O'Reilly Automotive, Inc. Overweight V Daniel Imbro RES RPC, Inc. Equal-Weight Tommy Moll OBNK Origin Bancorp, Inc. Overweight Matt Olney, CFA RUSHA Rush Enterprises, Inc. Overweight Brad Delco ORN Orion Group Holdings, Inc. Overweight V Blake Hirschman R Ryder System, Inc. Equal-Weight Justin Long PACB Pacific Biosciences of California Overweight V Drew Jones SAIA Saia, Inc. Equal-Weight Brad Delco PPBI Pacific Premier Bancorp Equal-Weight Tyler Stafford, CFA SASR Sandy Spring Bancorp Overweight Austin Nicholas PKG Packaging Corp of America Overweight Mark Connelly SC Santander Consumer USA Equal-Weight V Vincent Caintic, CFA PACW PacWest Bancorp Overweight Tyler Stafford, CFA SLB Schlumberger NV Equal-Weight Tommy Moll PZZA Papa John's International Overweight Will Slabaugh SNDR Schneider National Inc. Equal-Weight Brad Delco FRSH Papa Murphy's Holdings Overweight Will Slabaugh WTTR Select Energy Services, Inc. Overweight Tommy Moll PE Parsley Energy, Inc. Equal-Weight Gail Nicholson SFBS ServisFirst Bancshares, Inc. Equal-Weight Tyler Stafford, CFA PRTY Party City Holdco Inc. Overweight Rick Nelson, CFA, CPA SIEN Sientra, Inc. Overweight V Chris Cooley, CFA PTEN Patterson‐UTI Energy Inc. Overweight Tommy Moll SBNY Signature Bank Overweight Austin Nicholas PYPL PayPal Holdings, Inc. Overweight V Brett Huff, CFA SFNC Simmons First National Overweight Matt Olney, CFA

Monthly Statistical Review Member NYSE, SIPC January 2019, Page 13 EQUITY RESEARCH COVERAGE LIST

12/27/2018 12/27/2018 CO M PANY RAT IN G VO L AN ALYST CO M PANY RAT IN G VO L AN ALYST SBGI Sinclair Broadcast Group Overweight V Kyle Evans TSC TriState Capital Holdings Overweight Matt Olney, CFA SLM SLM Corp. Overweight V Vincent Caintic, CFA TBK Triumph Bancorp, Inc. Overweight Matt Olney, CFA SMBK SmartFinancial, Inc. Equal-Weight Tyler Stafford, CFA TRUE TrueCar, Inc. Overweight V Kyle Evans SAH Sonic Automotive Equal-Weight Rick Nelson, CFA, CPA TRMK Trustmark Corporation Equal-Weight Matt Olney, CFA SSB South State Corp. Underweight Tyler Stafford, CFA USB U.S. Bancorp Equal-Weight Terry McEvoy, CFA LUV Southwest Airlines Co. Overweight Jack Atkins USCR U.S. Concrete, Inc. Overweight Trey Grooms SAVE Spirit Airlines, Inc. Overweight Jack Atkins USPH U.S. Physical Therapy Equal-Weight V Dana Hambly, CFA STXB Spirit of Texas Bancshares Overweight Matt Olney, CFA SLCA U.S. Silica Holdings, Inc. Equal-Weight Tommy Moll SFM Sprouts Farmers Market Equal-Weight V Ben Bienvenu USX U.S. Xpress Overweight V Brad Delco SQ Square, Inc. Equal-Weight V Brett Huff, CFA UMBF UMB Financial Corp. Overweight Matt Olney, CFA STAA STAAR Surgical Co. Overweight V Chris Cooley, CFA UMPQ Umpqua Holdings Corp. Equal-Weight Tyler Stafford, CFA SBUX Starbucks Corp. Equal-Weight Will Slabaugh UBSH Union Bankshares Corp. Overweight Austin Nicholas STBZ State Bank Financial Corp. Equal-Weight Tyler Stafford, CFA UNP Union Pacific Corp. Overweight Justin Long STE STERIS plc Overweight Chris Cooley, CFA UNT Unit Corporation Equal-Weight Gail Nicholson STL Sterling Bancorp Overweight Austin Nicholas UBSI United Bankshares, Inc. Equal-Weight Austin Nicholas STC Stewart Information Services Equal-Weight V John Campbell UCBI United Community Banks Equal-Weight Tyler Stafford, CFA SYBT Stock Yards Bancorp Equal-Weight Terry McEvoy, CFA UAL United Continental Holdings, Inc. Overweight Jack Atkins SRI Stoneridge, Inc. Overweight Justin Long UNFI United Natural Foods, Inc. Equal-Weight V Ben Bienvenu SUM Summit Materials LLC Overweight Trey Grooms UPS United Parcel Service, Inc. Equal-Weight Jack Atkins STI SunTrust Banks, Inc. Equal-Weight Terry McEvoy, CFA UHS Universal Health Services Equal-Weight V Dana Hambly, CFA SPN Superior Energy Services Equal-Weight Tommy Moll USAK USA Truck, Inc. Overweight Brad Delco SIVB SVB Financial Group Overweight Tyler Stafford, CFA VLY Valley National Bancorp Equal-Weight Austin Nicholas SYF Synchrony Financial Underweight V Vincent Caintic, CFA VBTX Veritex Holdings Inc. Overweight Matt Olney, CFA SNV Synovus Financial Corp. Equal-Weight Tyler Stafford, CFA V Visa Inc. Overweight Brett Huff, CFA TALO Talos Energy Overweight Gail Nicholson VMC Vulcan Materials Company Overweight Trey Grooms TCF TCF Financial Corp. Equal-Weight Terry McEvoy, CFA GWW W.W. Grainger, Inc. Equal-Weight Blake Hirschman TGNA TEGNA Inc. Overweight V Kyle Evans WNC Wabash National Corp. Equal-Weight Brad Delco TFX Teleflex Inc. Overweight Chris Cooley, CFA WBC WABCO Holdings Inc. Overweight Justin Long TCBI Texas Capital Bancshares Equal-Weight Matt Olney, CFA WAB Wabtec Corp. Overweight Justin Long TXRH Texas Roadhouse, Inc. Equal-Weight Will Slabaugh WMT Walmart Stores, Inc. Overweight Ben Bienvenu TFII‐CA TFI International Overweight Brad Delco WSO Watsco, Inc. Overweight Blake Hirschman CAKE The Cheesecake Factory Equal-Weight Will Slabaugh W Wayfair Inc. Overweight Rick Nelson, CFA, CPA COO The Cooper Companies Equal-Weight Chris Cooley, CFA WELL Welltower Inc. Overweight Dana Hambly, CFA ENSG The Ensign Group Overweight V Dana Hambly, CFA WERN Werner Enterprises, Inc. Overweight Brad Delco MIK The Michaels Companies Overweight Rick Nelson, CFA, CPA WSBC WesBanco, Inc. Overweight Austin Nicholas WEN The Wendy's Co. Overweight Will Slabaugh WCC WESCO International, Inc. Overweight V Blake Hirschman TITN Titan Machinery Inc. Equal-Weight V Rick Nelson, CFA, CPA WST West Pharmaceutical Services Equal-Weight V Drew Jones BLD TopBuild Corp. Equal-Weight V Trey Grooms WAL Western Alliance Bancorp. Overweight Tyler Stafford, CFA TSS Total System Services, Inc. Overweight Brett Huff, CFA WRK WestRock Co. Equal-Weight Mark Connelly TSQ Townsquare Media Equal-Weight Kyle Evans WY Weyerhaeuser Co. Equal-Weight Mark Connelly TSCO Tractor Supply Co. Overweight V Daniel Imbro WLL Whiting Petroleum Corp. Overweight Gail Nicholson TREX Trex Company, Inc. Equal-Weight V Trey Grooms WING Wingstop Inc. Overweight Will Slabaugh TRCO Tribune Media Co. Equal-Weight Kyle Evans WTFC Wintrust Financial Corp. Overweight Terry McEvoy, CFA TCBK TriCo Bancshares Overweight Tyler Stafford, CFA WRLD World Acceptance Corp. Underweight V Vincent Caintic, CFA TRN Trinity Industries, Inc. Equal-Weight Justin Long WP Worldpay, Inc. Overweight Brett Huff, CFA

Monthly Statistical Review Member NYSE, SIPC January 2019, Page 14 EQUITY RESEARCH COVERAGE LIST

12/27/2018 12/27/2018 CO M PANY RAT IN G VO L AN ALYST CO M PANY RAT IN G VO L AN ALYST WPX WPX Energy Overweight Gail Nicholson YRCW YRC Worldwide Inc. Equal-Weight V Brad Delco WSFS WSFS Financial Corp. Overweight Austin Nicholas ZG Zillow, Inc. Overweight V John Campbell XPO XPO Logistics, Inc. Equal-Weight Jack Atkins ZION Zions Bancorporation Equal-Weight Terry McEvoy, CFA YOGA YogaWorks, Inc. Overweight V Daniel Imbro

Source: Stephens Inc.

Monthly Statistical Review Member NYSE, SIPC January 2019, Page 15 COVERAGE CHANGES

Stephens added 5 companies to ADDED Symbol Date RATING Analyst coverage during the month and now Denbury Resources DNR 12/05/18 Equal-Weight Nicholson covers 457 companies. These Hess Corp. HES 12/05/18 Overweight Nicholson companies have an average and Talos Energy TALO 12/05/18 Overweight Nicholson median market capitalization of Unit Corp. UNT 12/05/18 Equal-Weight Nicholson $8.4 billion and $2.1 billion, WPX Energy WPS 12/05/18 Overweight Nicholson respectively.

DROPPED Symbol Date American Railcar Industries ARII 12/05/18 Sonic Corp. SONC 12/10/18

Source: Stephens Inc.

Monthly Statistical Review Member NYSE, SIPC January 2019, Page 16 RATING CHANGES

Rating UPGRADES Symbol To From Date Analyst CF Industries CF Overweight Equal-Weight 12/19/18 Connelly Fifth Third Bancorp FITB Overweight Equal-Weight 12/20/18 McEvoy First Republic FRC Overweight Equal-Weight 12/20/18 McEvoy Guaranty Bancshares GNTY Overweight Equal-Weight 12/19/18 Olney IBERIABANK IBKC Overweight Equal-Weight 12/19/18 Olney UMB Financial UMBF Overweight Equal-Weight 12/19/18 Olney Watsco WSO Overweight Equal-Weight 12/13/18 Hirschman

Rating DOWNGRADES Symbol To From Date Analyst No Downgrades

Source: Stephens Inc.

Monthly Statistical Review Member NYSE, SIPC January 2019, Page 17

GROCERY/C-STORE BEN BIENVENU, 501-377-8511

Ben is a research analyst covering the food and agribusiness and grocery/c-store sectors. Prior to that, he covered the retail broadlines sector. Prior to this position, Ben served as a research associate in the retail broadlines 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. In October 2017 Ben was named to Institutional Investor's 2017 All-American Research Team Rising Stars for his Broadlines Retail research coverage. Ben received a bachelor of arts in business administration from Furman University. Sector Overview: Our research focuses on small-, mid- and large-cap retail operators. The primary industries for which we provide analysis are convenience stores and discount 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/ 12/26/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS CONSUMER Grocery/C-Store, Ben Bienvenu, 501-377-8511, [email protected] Casey's General Stores CASY adj Apr O $126.60 $143.00 36.6 $3.76 $5.00 $5.30 25.3 23.9 $4,634.3 $34.47 Core-Mark Holding Co. CORE adj Dec O/V $24.44 $36.00 45.7 $0.95 $1.35 $1.44 18.1 17.0 $1,117.0 $12.03 CrossAmerica Partners LP CAPL cf Dec E/V $13.53 $18.00 34.4 $2.40 $2.22 $2.52 6.1 5.4 $465.9 $5.02 Kroger Co. KR op Jan E/V $27.73 $30.00 797.7 $2.04 $2.15 $2.19 12.9 12.7 $22,121.4 $7.97 Murphy USA Inc. MUSA adj Dec E/V $74.04 $84.00 32.2 $4.55 $4.32 $4.65 17.1 15.9 $2,387.1 $21.66 Sprouts Farmers Market SFM adj Dec E/V $23.21 $25.00 127.6 $1.01 $1.27 $1.39 18.3 16.7 $2,961.7 $4.90 United Natural Foods UNFI adj Jul E/V $10.14 $18.00 51.3 $3.11 $1.82 $1.99 5.6 5.1 $520.3 $36.62 Walmart Stores,Inc. WMT pf Jan O $90.41 $117.00 2,905.3 $4.41 $4.86 $4.74 18.6 19.1 $262,664.6 $26.38

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC January 2019, 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, 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/ 12/26/2018 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 $51.32 $80.00 21.3 $1.40 $2.35 $2.36 21.8 21.7 $1,092.7 $12.63 Bojangles', Inc. BOJA adj Dec E $16.07 $16.10 37.5 $0.83 $0.68 $0.73 23.6 22.0 $603.4 $7.73 Brinker International EAT adj Jun E $44.49 $45.00 38.6 $3.50 $3.72 $3.84 12.0 11.6 $1,717.3 -$17.61 Carrols Restaurant Group TAST adj Dec O $9.60 $18.00 36.5 $0.20 $0.34 $0.37 28.2 25.9 $350.8 $4.77 Cheesecake Factory, The CAKE adj Dec E $43.09 $55.00 45.3 $2.57 $2.45 $2.63 17.6 16.4 $1,953.5 $13.37 Chipotle Mexican Grill CMG adj Dec E $405.72 $450.00 27.8 $6.60 $8.35 $11.77 48.6 34.5 $11,273.7 $48.68 Chuy's Holdings, Inc. CHUY adj Dec E $18.07 $26.00 17.0 $0.96 $0.89 $0.96 20.3 18.8 $306.3 $11.17 Darden Restaurants DRI adj May O $98.57 $125.00 124.1 $4.81 $5.65 $6.23 17.4 15.8 $12,233.5 $17.77 Del Frisco's Restaurant Group DFRG cs Dec E $6.87 $10.00 33.3 $0.75 ($0.18) ($0.25) NM NM $228.9 $9.31 Denny's Corp. DENN adj Dec O $16.26 $17.00 62.6 $0.59 $0.67 $0.63 24.3 25.8 $1,017.7 -$1.51 Domino's Pizza, Inc. DPZ adj Dec O $248.91 $310.00 41.6 $5.88 $8.49 $9.67 29.3 25.7 $10,353.4 -$63.79 Dunkin' Brands Group DNKN adj Dec E $64.27 $75.00 82.6 $2.07 $2.82 $3.05 22.8 21.1 $5,308.5 $0.09 Fiesta Restaurant Group FRGI cs Dec O $14.61 $32.00 27.3 $0.62 $0.58 $0.85 25.2 17.2 $398.2 $8.62 Good Times Restaurants GTIM op Sep O $2.30 $5.50 12.5 ($0.08) ($0.09) ($0.12) NM NM $28.8 $2.72 GrubHub Inc. GRUB adj Dec O $72.41 $155.00 90.7 $1.20 $1.69 $2.16 42.8 33.5 $6,567.7 $12.88 Habit Restaurants, Inc. HABT adj Dec E $10.65 $16.00 20.7 $0.16 $0.06 $0.01 NM NM $219.9 $5.81 J. Alexander's Holdings JAX op Dec O $7.98 $15.00 14.7 $0.50 $0.46 $0.59 17.3 13.5 $117.3 $7.39 McDonald's Corp. MCD adj Dec E $174.03 $170.00 770.9 $6.65 $7.79 $8.23 22.3 21.1 $134,161.5 -$4.12 Papa John's International PZZA adj Dec O $41.85 $55.00 31.5 $2.67 $1.44 $1.41 29.1 29.7 $1,320.0 -$3.59 Papa Murphy's Holdings FRSH adj Dec O $4.85 $7.00 17.0 $0.15 $0.36 $0.45 13.5 10.8 $82.2 $6.02 Red Robin Gourmet Burgers RRGB adj Dec O $27.00 $36.00 13.0 $2.49 $1.65 $1.86 16.4 14.5 $350.4 $29.91 Restaurant Brands International QSR adj Dec O $52.33 $75.00 251.3 $2.11 $2.66 $2.82 19.7 18.6 $13,151.4 $9.13 Starbucks Corp. SBUX adj Sep E $63.08 $65.00 1,240.6 $2.42 $2.63 $2.97 24.0 21.2 $78,257.1 $0.89 Texas Roadhouse TXRH adj Dec E $59.01 $70.00 71.6 $1.97 $2.26 $2.50 26.1 23.6 $4,222.2 $11.79 Wendy's Co., The WEN adj Dec O $15.53 $20.00 236.8 $0.39 $0.57 $0.66 27.2 23.5 $3,677.0 $2.38 Wingstop, Inc. WING adj Dec O $60.80 $75.00 29.3 $0.71 $0.85 $0.97 71.5 62.7 $1,781.2 -$1.66 Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC January 2019, Page 19

RETAIL/BROADLINES DANIEL IMBRO, 501-377-2055

Daniel is a research analyst covering the retail broadlines sector. Prior to joining Stephens in June 2016, he worked as an intern at Stephens in the equity research department and at Bank of America, Merrill Lynch in the wealth management group. Daniel graduated summa cum laude with a B.S. in economics and business from Hendrix College.

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/ 12/26/2018 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, Daniel Imbro, 501-377-2055, [email protected] Advance Auto Parts AAP adj Dec E/V $155.03 $185.00 72.9 $5.37 $7.10 $8.04 21.8 19.3 $11,300.8 $46.19 AutoZone Inc. AZO adj Aug O/V $839.06 $975.00 25.2 $50.37 $59.51 $63.56 14.1 13.2 $21,148.5 -$59.06 Copart, Inc. CPRT adj Jul E/V $47.43 $53.00 234.0 $1.74 $2.12 $2.39 22.4 19.8 $11,099.3 $6.76 KAR Auction Services KAR op Dec E $47.37 $60.00 134.6 $2.47 $2.91 $3.19 16.3 14.8 $6,376.0 $11.06 LKQ Corp. LKQ op Dec O/V $24.75 $40.00 318.2 $1.88 $2.22 $2.50 11.1 9.9 $7,875.5 $13.58 O'Reilly Automotive, Inc. ORLY adj Dec O/V $344.45 $385.00 80.1 $11.51 $16.15 $18.11 21.3 19.0 $27,591.8 $7.75 Tractor Supply Co. TSCO adj Dec O/V $82.88 $103.00 122.1 $3.34 $4.28 $4.78 19.4 17.3 $10,117.0 $11.32 YogaWorks, Inc. YOGA adj Dec O/V $0.48 $3.00 16.6 ($1.14) ($0.91) ($0.73) NM NM $7.9 $3.34

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC January 2019, 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/ 12/26/2018 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 $64.86 $85.00 19.6 $6.45 $8.38 $8.56 7.7 7.6 $1,271.4 $18.94 AutoNation, Inc. AN op Dec E $34.36 $60.00 89.9 $3.94 $4.49 $4.80 7.7 7.2 $3,089.8 $25.88 Camping World Holdings CWH Dec O/V $11.90 $24.00 37.1 $1.61 $1.33 $2.27 8.9 5.2 $441.3 $1.54 CarMax, Inc. KMX Feb E $62.59 $83.00 171.8 $3.60 $4.81 $5.20 13.0 12.0 $10,752.0 $18.45 Carvana Co. CVNA op Dec E/V $33.74 $66.00 38.8 ($1.21) ($1.65) ($1.27) NM NM $1,310.8 $1.58 Conn's, Inc. CONN op Jan O $18.86 $33.00 31.7 $0.95 $2.27 $2.48 8.3 7.6 $598.4 $17.02 Dick's Sporting Goods, Inc. DKS op Jan E $31.59 $40.00 73.8 $3.01 $3.20 $3.40 9.9 9.3 $2,330.1 $18.84 Group 1 Automotive, Inc. GPI op Dec O $51.22 $97.00 19.2 $7.72 $8.86 $9.77 5.8 5.2 $982.1 $53.80 Hibbett Sports, Inc. HIBB Jan E $14.24 $21.00 18.3 $1.71 $1.38 $1.80 10.3 7.9 $260.4 $16.86 Lithia Motors, Inc. LAD op Dec E $72.73 $106.00 22.5 $8.39 $10.10 $10.60 7.2 6.9 $1,638.5 $43.38 Lumber Liquidators LL op Dec E $10.20 $14.00 28.6 ($1.32) $0.16 $0.51 63.8 20.0 $291.9 $6.94 Michaels Companies MIK op Jan O $13.58 $26.00 157.7 $2.18 $2.37 $2.58 5.7 5.3 $2,141.5 -$8.30 Monro Muffler Brake MNRO op Mar E $68.15 $59.00 33.0 $1.92 $2.37 $2.57 28.8 26.5 $2,248.1 $19.14 Ollie's Bargain Outlet OLLI op Jan O $64.92 $100.00 62.9 $1.25 $1.76 $2.04 36.9 31.8 $4,082.2 $12.85 Party City Holdco Inc. PRTY op Dec O $9.90 $18.00 97.2 $1.19 $1.62 $1.84 6.1 5.4 $962.1 $10.05 Penske Automotive Group, Inc. PAG op Dec O $39.98 $60.00 84.9 $4.28 $5.43 $5.60 7.4 7.1 $3,392.7 $27.92 Sonic Automotive, Inc. SAH op Dec E $13.50 $19.00 30.7 $1.86 $1.90 $2.03 7.1 6.7 $414.7 $18.21 Titan Machinery TITN op Jan E/V $12.80 $23.00 22.2 ($0.12) $0.73 $0.90 17.5 14.2 $284.4 $14.56 Wayfair Inc. W op Dec O $89.81 $135.00 61.8 ($1.97) ($4.32) ($3.85) NM NM $5,550.6 -$0.55

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC January 2019, Page 21

EXPLORATION AND PRODUCTION DREW LIPKE, 501-377-2108

Drew is a research analyst covering the energy exploration & production sector. From April 2017 – August 2018, Drew was senior analyst covering the aerospace & defense sector. Prior to becoming a senior analyst, Drew was a research associate covering the 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. In October 2017 Drew was named to Institutional Investor’s 2017 All-America Research Team Rising Stars for his aerospace & defense coverage.

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/ 12/26/2018 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, Drew Lipke, 501-377-2108 Continental Resources, Inc. CLR op/cf Dec O $39.52 $88.00 376.0 $5.54 $9.29 $10.90 4.3 3.6 $14,860.2 $13.68 Matador Resources Co. MTDR op/cf Dec E $15.89 $29.00 116.3 $3.61 $5.04 $5.97 3.2 2.7 $1,848.5 $10.66 Pioneer Natural Resources Co. PXD op/cf Dec O $130.03 $270.00 170.5 $13.26 $19.74 $28.61 6.6 4.5 $22,165.2 $66.24

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC January 2019, Page 22

EXPLORATION AND PRODUCTION GAIL NICHOLSON, 301-904-7466

Gail Nicholson is a managing director and senior research analyst covering the exploration and production sector. Prior to joining Stephens in September 2018, she was with the KLR Group, for six years before beginning her career in 2008 with Pritchard Capital Partners, LLC. Ms. Nicholson received a BS in economics and a BA in international affairs from The George Washington University. She is based in San Diego, CA.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 12/26/2018 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, Gail Nicholson, 301-904-7466 Abraxas Petroleum Corp. AXAS op/cf Dec E $1.10 $3.00 166.6 $0.33 $0.52 $0.85 2.1 1.3 $183.3 $0.64 Apache Corp. APA op/cf Dec O $27.04 $50.00 379.5 $7.26 $9.54 $10.72 2.8 2.5 $10,262.9 $19.47 Callon Petroleum Co. CPE op/cf Dec O $6.48 $14.00 227.6 $1.31 $1.91 $2.87 0.4 2.3 $1,474.7 $9.20 Centennial Resource Production CDEV op/cf Dec E $11.02 $23.00 264.3 $1.14 $2.45 $3.26 4.5 3.4 $2,912.1 $10.89 Concho Resources Inc. CXO op/cf Dec E $102.57 $185.00 200.3 $11.81 $15.96 $19.08 6.4 5.4 $20,539.6 $59.94 Denbury Resources DNR op/cf Dec E $1.77 $4.00 460.5 $1.33 $1.13 $1.71 1.6 1.0 $815.2 $1.61 Devon Energy Corp. DVN op/cf Dec O $22.71 $50.00 468.2 $7.93 $7.45 $8.26 3.0 2.7 $10,632.8 $17.63 Diamondback Energy, Inc. FANG op/cf Dec O $91.99 $177.00 164.1 $9.15 $14.93 $21.40 6.2 4.3 $15,094.2 $53.53 Earthstone Energy, Inc. ESTE op/cf Mar O $4.54 $11.00 28.6 $2.49 $2.79 $3.45 1.6 1.3 $129.9 $10.12 Extraction Oil & Gas XOG op/cf Dec O $4.40 $17.00 176.2 $1.94 $3.40 $5.07 1.3 0.9 $775.2 $9.41 Hess Corp. HES op/cf Mar O $40.45 $77.00 296.3 $6.13 $6.34 $8.23 6.4 4.9 $11,983.4 $35.07 Murphy Oil Corp. MUR op/cf Dec E $23.82 $38.00 173.1 $5.93 $7.58 $12.95 3.1 1.8 $4,122.2 $26.77 Noble Energy NBL op/cf Dec O $19.08 $40.00 479.8 $4.69 $5.29 $5.93 3.6 3.2 $9,154.6 $20.28 Oasis Petroleum Inc. OAS op/cf Dec E $5.38 $11.00 318.4 $3.57 $2.69 $3.70 2.0 1.5 $1,713.2 $12.54 Parsley Energy, Inc. PE op/cf Dec E $15.97 $31.00 280.2 $2.32 $3.75 $4.61 4.3 3.5 $4,475.3 $18.68 PDC Energy, Inc. PDCE op/cf Dec O $29.24 $72.00 66.1 $9.17 $12.08 $18.12 2.4 1.6 $1,932.2 $38.05 QEP Resources, Inc. QEP op/cf Dec E $5.65 $12.00 236.8 $2.58 $3.91 $2.61 1.4 2.2 $1,337.8 $15.76 Range Resources Corp. RRC op/cf Dec E $10.42 $21.00 249.5 $3.74 $4.29 $4.27 2.4 2.4 $2,599.8 $23.27 Talos Energy, Inc. TALO op/cf Dec O $16.74 $38.00 54.2 NM $11.25 $11.76 1.5 1.4 $906.6 $15.41 Unit Corp. UNT op/cf Dec E $14.92 $25.00 54.1 $5.36 $6.31 $7.36 2.4 2.0 $806.5 $25.45 Whiting Petroleum Corp. WLL op/cf Dec O $21.83 $54.00 91.0 $8.13 $12.48 $14.80 1.7 1.5 $1,986.4 $43.21 WPX Energy, Inc. WPX op/cf Dec O $11.12 $22.00 420.3 $1.32 $2.28 $3.52 4.9 3.2 $4,673.6 $9.78

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC January 2019, Page 23

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/ 12/26/2018 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 $4.11 $9.00 26.6 ($3.72) ($5.76) ($2.86) NM NM $109.2 $12.92 C & J Energy Services CJ Dec O $13.48 $25.00 67.3 $0.37 $0.66 $0.39 20.4 34.6 $907.6 $19.28 Halliburton Company HAL adj Dec O $26.43 $55.00 876.0 $1.22 $1.87 $2.22 14.1 11.9 $23,153.9 $9.53 Helmerich & Payne HP Sep O $47.94 $85.00 109.0 $4.37 $1.63 NE 29.4 NM $5,227.3 $40.21 Hi-Crush Partners LP HCLP cf Dec E $3.49 $7.00 100.9 $0.97 $1.52 $0.49 2.3 7.1 $352.0 $8.94 Keane Group FRAC Dec O $8.24 $18.00 104.7 ($0.34) $0.60 $0.95 13.7 8.7 $862.5 $4.59 Mammoth Energy Services TUSK Dec O $18.16 $35.00 44.8 $1.42 $4.43 $3.73 4.1 4.9 $812.8 $11.39 Nabors Industries NBR Dec E $2.06 $6.00 357.8 ($1.75) ($1.52) ($0.24) NM NM $737.1 $9.25 Patterson-UTI Energy PTEN Dec O $10.46 $20.00 217.4 $0.03 ($0.69) ($0.09) NM NM $2,274.2 $17.90 ProPetro Holding Corp. PUMP Dec O $12.42 $25.00 83.6 $0.17 $1.80 $2.02 6.9 6.1 $1,037.9 $4.98 Quintana Energy Services QES Dec O $3.98 $8.00 33.6 ($0.05) ($0.52) $0.29 NM NM $133.7 $2.47 RPC RES Dec E $10.24 $16.00 214.8 $0.75 $0.86 $0.75 11.9 13.7 $2,199.5 $4.21 Schlumberger NV SLB adj Dec E $36.61 $65.00 1,384.8 $1.50 $1.64 $2.00 22.3 18.3 $50,697.6 $26.62 Select Energy Partners WTTR cf Dec O $6.34 $18.00 80.7 ($0.43) $0.85 $0.96 7.5 6.6 $511.4 $6.18 Superior Energy Services SPN adj Dec E $3.24 $9.00 154.5 ($1.35) ($0.95) ($0.52) NM NM $500.7 $7.39 U.S. Silica Holdings SLCA cf Dec E $10.97 $16.00 77.5 $1.77 $0.32 $0.39 34.3 28.1 $850.3 $17.34

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC January 2019, Page 24

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/ 12/26/2018 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 $21.29 $31.00 20.9 $0.92 $1.67 $1.86 12.7 11.4 $445.7 $20.53 American National Bankshares AMNB Dec E $29.26 NE 8.7 $1.76 $2.68 $2.94 10.9 10.0 $255.0 $24.13 Axos Financial, Inc. AX Jun O/V $25.11 $35.00 62.8 $2.36 $2.87 $3.43 8.7 7.3 $1,577.7 $15.24 Capital Bancorp, Inc. CBNK Dec O $11.47 $14.00 13.5 $0.62 $1.00 $1.10 11.5 10.4 $155.3 $5.94 City Holding Co. CHCO Dec E $67.97 NE 16.6 $3.48 $5.10 $5.04 13.3 13.5 $1,128.8 $32.17 Community Bankers Trust ESXB Dec E $7.29 NE 22.1 $0.33 $0.64 $0.67 11.4 10.9 $161.3 $5.62 ConnectOne Bancorp CNOB Dec E $17.93 NE 32.2 $1.34 $1.85 $2.20 9.7 8.2 $578.1 $17.63 Eagle Bancorp EGBN Dec O $48.48 $60.00 34.3 $2.92 $4.40 $4.78 11.0 10.1 $1,665.2 $27.80 F.N.B. Corporation FNB Dec E $9.83 NE 324.3 $0.61 $1.10 $1.16 8.9 8.5 $3,187.8 $13.30 Fulton Financial Corp. FULT Dec E $15.14 NE 176.1 $0.97 $1.19 $1.44 12.7 10.5 $2,666.1 $12.73 Howard Bancorp HBMD Dec O $14.91 $15.00 19.0 $0.75 ($0.14) $0.99 NM 15.1 $283.8 $13.47 Investors Bancorp, Inc. ISBC Dec O $10.24 $13.00 292.1 $0.43 $0.77 $0.78 13.3 13.1 $2,991.4 $10.21 Old Line Bancshares OLBK Dec O $25.50 $34.00 17.0 $1.35 $1.69 $2.50 15.1 10.2 $433.2 $16.61 Sandy Spring Bancshares SASR Dec O $31.56 $45.00 35.5 $2.20 $2.89 $3.36 10.9 9.4 $1,121.1 $23.50 Union Bankshares Corp. UBSH Dec O $27.79 $40.00 66.0 $1.75 $2.57 $2.92 10.8 9.5 $1,833.8 $23.92 United Bankshares, Inc. UBSI Dec E $30.55 NE 103.2 $1.56 $2.43 $2.50 12.6 12.2 $3,152.3 $30.85 WesBanco, Inc. WSBC Dec O $36.65 $46.00 54.6 $2.14 $2.95 $3.68 12.4 10.0 $2,001.0 $31.68 WSFS Financial Corp. WSFS Dec O $37.52 $56.00 31.4 $50.00 $4.13 $3.70 9.1 10.1 $1,177.0 $23.05

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC January 2019, Page 25

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/ 12/26/2018 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 $19.49 NE 165.8 $1.43 $1.88 $1.99 10.4 9.8 $3,231.1 $20.14 Byline Bancorp, Inc. BY Dec E $15.75 NE 36.3 $0.36 $1.07 $1.58 14.7 10.0 $571.9 $15.29 Chemical Financial Corp. CHFC Dec O $36.85 $52.00 71.4 $2.09 $3.92 $4.30 9.4 8.6 $2,632.7 $37.48 Community Trust Bancorp CTBI Dec E $38.37 NE 17.7 $2.92 $3.33 $3.55 11.5 10.8 $680.4 $30.00 County Bancorp, Inc. ICBK Dec O $19.47 $27.00 6.7 $1.49 $2.15 $2.13 9.1 9.1 $130.4 $19.93 Equity Bancshares, Inc. EQBK Dec O $35.14 $42.00 15.8 $1.64 $2.41 $3.13 14.6 11.2 $555.0 $25.62 First Busey Corp. BUSE Dec O $24.29 $30.00 48.9 $1.48 $2.02 $2.26 12.0 10.7 $1,186.8 $19.21 First Financial Bancorp. FFBC Dec O $23.39 $30.00 97.9 $1.56 $1.97 $2.28 11.9 10.3 $2,290.1 $14.99 First Merchants Corp. FRME Dec E $34.25 NE 49.7 $2.13 $3.20 $3.42 10.7 10.0 $1,700.8 $26.51 First Mid-Illinois Bancshares FMBH Dec E $31.35 NE 16.6 $2.13 $2.67 $3.09 11.7 10.1 $521.3 $24.32 First Midwest Bancorp FMBI Dec E $19.50 $24.00 106.4 $0.96 $1.60 $1.96 12.2 9.9 $2,074.5 $18.16 Flagstar Bancorp FBC Dec E $26.47 NE 57.6 $1.08 $2.96 $3.55 8.9 7.5 $1,525.4 $24.41 Great Western Bancorp GWB Sep O $30.94 $40.00 57.7 $2.45 $2.67 $3.15 11.6 9.8 $1,784.2 $31.24 Heartland Financial USA HTLF Dec E $44.12 NE 34.5 $2.66 $3.58 $4.13 12.3 10.7 $1,520.9 $33.07 Horizon Bancorp HBNC Dec O $15.45 $20.00 38.4 $0.96 $1.40 $1.60 11.0 9.7 $592.8 $11.94 Lakeland Financial Corp. LKFN Dec E $39.52 NE 25.3 $2.24 $3.08 $3.23 12.8 12.2 $999.9 $18.72 Merchants Bancorp MBIN Dec E $19.61 $24.00 28.7 $2.24 $2.12 $2.37 9.3 8.3 $562.7 $11.36 Midland States Bancorp MSBI Dec O $21.59 $27.00 23.7 $0.93 $1.58 $2.50 13.7 8.6 $511.8 $23.35 MutualFirst Financial Inc. MFSF Dec E $25.12 NE 8.6 $1.64 $2.27 $2.61 11.1 9.6 $215.7 $20.34 Old National Bancorp. ONB Dec O $15.22 $20.00 175.1 $0.71 $1.31 $1.40 11.6 10.9 $2,665.4 $14.17 QCR Holdings, Inc. QCRH Dec O $31.75 $41.00 15.7 $2.61 $2.91 $3.63 10.9 8.7 $497.6 $25.38 Source: StephensStock Yards Inc. Bancorpand FactSet Research SYBT Systems Dec E $31.86 NE 22.7 $1.65 $2.36 $2.38 13.5 13.4 $724.7 $14.71 TCF Financial Corp. TCF Dec E $19.24 NE 166.8 $1.43 $1.69 $1.90 11.4 10.1 $3,209.3 $13.96 Wintrust Financial Corp. WTFC Dec O $65.96 $88.00 56.4 $4.40 $6.08 $6.40 10.8 10.3 $3,719.6 $50.96 Monthly Statistical Review Member NYSE, SIPC January 2019, Page 26

BANKS NORTHEAST AUSTIN NICHOLAS, CFA, 207-808-5027

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 12/26/2018 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-Northeast, Austin Nicholas, 207-808-5027, [email protected] BankUnited, Inc. BKU Dec O $29.73 $38.00 103.1 $5.57 $3.00 $2.71 9.9 11.0 $3,064.2 $28.32 New York Community Bancorp NYCB Dec E $9.13 NE 490.3 $0.91 $0.79 $0.76 11.6 12.0 $4,476.8 $12.88 People's United Financial PBCT Dec E $14.37 NE 377.4 $0.97 $1.27 $1.47 11.3 9.8 $5,423.9 $16.09 Signature Bank SBNY Dec O $104.96 $145.00 55.4 $7.14 $9.14 $11.49 11.5 9.1 $5,809.6 $73.33 Sterling Bancorp STL Dec O $16.65 $21.00 224.4 $0.77 $1.95 $2.03 8.5 8.2 $3,736.7 $18.24 Valley National Bancorp VLY Dec E $8.89 NE 331.5 $0.58 $0.74 $0.98 12.0 9.1 $2,947.0 $8.79

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC January 2019, 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) charter holder.

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/ 12/26/2018 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 $31.69 $58.00 47.5 $2.48 $3.30 $4.12 4.3 7.7 $1,505.4 $21.59 Capital City Bank Group CCBG op Dec E $23.28 $24.00 17.1 $0.88 $1.21 $1.68 19.2 13.9 $397.1 $16.73 CapStar Financial Holdings CSTR op Dec E $14.67 $15.00 17.3 $0.40 $1.09 $1.16 1.3 12.6 $253.2 NA Carolina Financial Corp. CARO op Dec E $29.15 $32.00 22.6 $2.06 $2.79 $2.80 10.4 10.4 $657.9 $22.61 CenterState Bank Corp. CSFL op Dec O $20.75 $30.00 95.7 $1.42 $2.08 $2.17 10.0 9.6 $1,985.1 $15.04 FB Financial Corporation FBK op Dec E $34.68 $40.00 30.7 $2.10 $2.63 $2.89 13.2 13.2 $1,065.3 $19.54 Fidelity Southern Corp. LION op Dec O $25.38 $31.00 27.3 $1.31 $1.58 $1.55 16.1 16.4 $692.8 $14.86 First Bancorp FBNC op Dec E $32.62 $34.00 29.7 $1.98 $3.01 $2.82 10.8 10.8 $969.8 $23.38 First Horizon National Corp. FHN op Dec E $13.09 $17.00 323.9 $1.11 $1.38 $1.45 9.5 9.5 $4,240.4 $12.82 Franklin Financial Network FSB op Dec E $26.77 $28.00 14.5 $2.39 $2.74 $2.37 9.8 11.3 $388.9 $23.01 National Commerce Corp. NCOM op Dec E $35.84 $39.00 20.7 $1.97 $2.54 $2.97 14.1 12.1 $741.1 $26.55 Pinnacle Financial Partners PNFP op Dec O $45.87 $60.00 77.9 $3.58 $4.69 $4.96 9.8 9.2 $3,572.8 $47.70 ServisFirst Bancshares, Inc. SFBS op Dec E $31.66 $37.00 53.3 $1.78 $2.51 $2.69 12.6 11.8 $1,687.2 $11.46 SmartFinancial, Inc. SMBK op Dec E $17.97 $20.00 13.9 $1.00 $1.52 $1.72 11.8 10.4 $250.4 $18.46 South State Corp. SSB op Dec U $59.50 $58.00 36.5 $4.80 $5.43 $5.18 11.0 11.5 $2,173.4 $62.81 State Bank Financial Corp. STBZ op Dec E $21.86 $35.00 38.8 $1.63 $2.22 $2.38 9.8 9.2 $848.2 $16.45 Synovus Financial Corp. SNV op Dec E $31.81 $43.00 116.4 $2.39 $3.62 $4.04 8.8 7.9 $3,701.9 $23.85 United Community Banks, Inc. UCBI op Dec E $21.39 $24.00 79.2 $1.62 $2.12 $2.15 10.1 9.9 $1,694.2 $16.80

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC January 2019, 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/ 12/26/2018 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 E $30.68 $37.00 21.8 $1.56 $2.51 $2.88 12.2 10.7 $669.7 $23.20 BancorpSouth Bank BXS op Dec O $25.76 $33.00 99.7 $1.67 $2.22 $2.35 11.6 11.0 $2,567.7 $18.97 Bank7 Corp. BSVN op Dec O $12.16 $23.00 10.2 $1.96 $2.26 $1.76 5.4 6.9 $123.9 $6.79 Bank OZK OZK op Dec E $22.54 $26.00 128.6 $2.94 $3.26 $3.31 6.9 6.8 $2,898.7 $26.98 BOK Financial BOKF op Dec O $73.34 $96.00 72.6 $5.25 $6.84 $7.42 10.7 10.7 $5,327.8 $53.45 Business First Bancshares BFST op Dec O $24.94 $29.00 13.2 $0.81 $1.46 $1.82 17.1 13.7 $329.5 $17.58 Cadence Bancorporation CADE op Dec O $17.24 $23.00 83.6 $1.51 $2.08 $2.05 8.3 8.3 $1,441.7 $16.25 CBTX, Inc. CBTX op Dec O $29.92 $37.00 26.0 $1.45 $1.81 $1.97 16.5 16.5 $776.8 $17.97 Commerce Bancshares, Inc. CBSH op Dec E $55.59 $65.00 111.5 $2.75 $3.63 $3.83 15.3 15.3 $6,200.5 $22.93 Cullen/Frost Bankers, Inc. CFR op Dec E $86.54 $101.00 63.9 $5.52 $6.86 $7.19 12.6 12.6 $5,533.7 $49.68 First Bancshares Inc. FBMS op Dec O $29.26 $37.00 14.8 $1.77 $2.25 $2.83 13.0 13.0 $434.2 $19.92 First Financial Bankshares FFIN op Dec E $56.03 $56.00 67.7 $1.68 $2.24 $2.35 25.0 25.0 $3,794.5 $14.03 First Western Financial MYFW op Dec E $11.16 $14.00 8.0 ($0.16) $0.61 $1.09 18.3 18.3 $88.9 $12.99 Guaranty Bancshares, Inc. GNTY op Dec O $29.09 $34.00 11.9 $1.56 $1.84 $2.24 15.8 15.8 $345.2 $18.75 Hancock Whitney Corp. HWC op Dec O $34.32 $49.00 85.2 $2.90 $3.96 $4.10 8.7 8.7 $2,922.9 $33.86 Hilltop Holdings Inc. HTH op Dec E $17.40 $19.00 94.6 $1.40 $1.53 $1.60 11.4 11.4 $1,646.0 $19.92 Home BancShares, Inc. HOMB op Dec O $16.24 $22.00 172.9 $1.21 $1.76 $1.81 9.2 9.0 $2,808.4 $12.70 IBERIABANK Corp. IBKC op Dec O $64.28 $85.00 55.5 $4.47 $6.58 $7.08 9.8 9.1 $3,570.4 $66.17 Independent Bank Group IBTX op Dec O $46.38 $61.00 30.5 $3.52 $4.55 $5.10 10.2 9.1 $1,413.6 $47.28 LegacyTexas Financial Group LTXB op Dec O $32.21 $39.00 48.5 $2.16 $2.74 $3.27 11.8 9.9 $1,562.4 $19.95 National Bank Holdings Corp. NBHC op Dec E $30.66 $35.00 30.8 $1.20 $2.12 $2.19 14.5 14.0 $943.4 $19.81 Origin Bancorp, Inc. OBNK op Dec O $33.40 $45.00 23.6 $0.94 $2.09 $2.48 16.0 13.5 $788.9 $15.73 Prosperity Bancshares, Inc. PB op Dec E $60.68 $73.00 69.8 $3.94 $4.60 $4.88 13.2 12.4 $4,237.8 $55.03 Renasant Corp. RNST op Dec E $29.61 $36.00 58.7 $2.42 $3.00 $3.27 9.9 9.1 $1,738.6 $30.72 Source: Stephens Inc.Simmons and FactSet First National Research Corp. Systems SFNC op Dec O $23.78 $30.00 92.5 $1.70 $2.39 $2.48 9.9 9.6 $2,200.4 $22.65 Spirit of Texas Bancshares STXB op Dec O $21.48 $26.00 12.0 $0.88 $1.19 $1.75 18.1 12.3 $256.8 $10.13 Texas Capital Bancshares TCBI op Dec E $51.15 $59.00 50.2 $4.15 $6.03 $6.53 8.5 7.8 $2,566.8 $41.35 Monthly Statistical Review Member NYSE, SIPC January 2019, Page 29 TriState Capital Holdings TSC op Dec O $19.26 $25.00 28.9 $1.24 $1.79 $1.93 10.8 10.0 $555.9 $13.61 Triumph Bancorp, Inc. TBK op Dec O $29.52 $40.00 26.3 $1.55 $2.19 $3.09 13.5 9.6 $775.8 $18.35 Trustmark Corp. TRMK op Dec E $28.17 $32.00 67.1 $1.86 $2.20 $2.27 12.8 12.4 $1,889.9 $23.20 UMB Financial UMBF op Dec O $60.71 $75.00 49.9 $3.72 $4.56 $4.69 13.3 12.9 $3,028.0 $43.72 Veritex Holdings, Inc. VBTX op Dec O $21.68 $31.00 24.2 $1.07 $1.81 $2.40 12.0 9.0 $525.2 $20.29

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/ 12/26/2018 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 $42.83 $55.00 770.6 $2.74 $3.98 $4.31 10.8 9.9 $33,005.7 $34.01 Citizens Financial Group CFG Dec O $29.49 $40.00 467.9 $3.27 $3.50 $3.86 8.4 7.6 $13,798.7 $40.80 Comerica Inc. CMA Dec O $67.84 $85.00 161.7 $4.13 $7.21 $8.02 9.4 8.5 $10,969.6 $46.07 Fifth Third Bancorp FITB Dec O $23.53 $27.00 655.6 $2.85 $3.03 $2.80 7.8 8.4 $15,426.6 $21.67 First Republic Bank FRC op Dec O $84.13 $98.00 164.8 $4.31 $4.73 $5.38 17.8 15.6 $13,863.0 $42.23 Huntington Bancshares Inc. HBAN Dec E $11.79 NE 1,061.5 $1.00 $1.22 $1.34 9.7 8.8 $12,515.4 $9.09 KeyCorp. KEY Dec O $14.71 $19.00 1,034.5 $1.13 $1.74 $1.89 8.5 7.8 $15,217.9 $13.09 PNC Financial Services Group PNC Dec E $114.84 NE 461.4 $10.39 $10.72 $11.47 10.7 10.0 $52,990.0 $100.45 Regions Financial Corp. RF Dec E $13.39 NE 1,033.9 $1.00 $1.54 $1.56 8.7 8.6 $13,843.5 $13.55 SunTrust Banks, Inc. STI Dec E $49.20 NE 449.3 $4.48 $5.76 $5.83 8.5 8.4 $22,104.8 $48.16 U.S. Bancorp USB Dec E $45.39 NE 1,616.1 $3.43 $4.10 $4.40 11.1 10.3 $73,354.5 $26.35 Zions Bancorporation ZION Dec E $40.51 NE 192.2 $2.60 $4.06 $4.28 10.0 9.5 $7,785.4 $36.01

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC January 2019, 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/ 12/26/2018 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 $53.80 $56.00 35.4 $2.99 $4.03 $4.44 13.3 12.1 $1,905.0 $38.89 Pacific Premier Bancorp PPBI op Dec E $24.87 $29.00 62.5 $2.02 $2.38 $2.62 10.4 9.5 $1,553.7 $26.86 PacWest Bancorp PACW op Dec O $33.39 $42.00 121.8 $2.99 $3.60 $3.88 9.3 8.6 $4,065.9 $39.09 Preferred Bank PFBC op Dec E $42.79 $49.00 15.3 $3.49 $4.71 $4.86 9.1 8.8 $655.8 $23.48 RBB Bancorp, Inc. RBB op Dec O $17.40 $25.00 18.9 $1.85 $2.07 $2.15 8.4 8.1 $328.4 $16.67 SVB Financial Group SIVB op Dec O $193.18 $290.00 53.3 $9.84 $18.08 $21.45 10.7 9.0 $10,287.0 $79.11 TriCo Bancshares TCBK op Dec O $32.90 $40.00 30.4 $2.04 $2.61 $2.95 12.6 11.2 $1,000.8 $22.03 Umpqua Holdings Corp. UMPQ op Dec E $16.00 $20.00 220.2 $1.06 $1.54 $1.64 10.4 9.8 $3,523.8 $18.24 Western Alliance Bancorp. WAL op Dec O $39.44 $54.00 105.9 $3.09 $4.25 $4.60 9.3 8.6 $4,175.1 $21.14

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC January 2019, 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/ 12/26/2018 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 $44.10 $62.00 149.4 $1.37 $1.83 $2.09 24.1 21.1 $6,588.5 $11.28 Cannae Holdings, Inc. CNNE pf Dec O/V $16.70 $25.00 71.9 $1.68 ($0.34) ($0.19) NM NM $1,200.1 $14.95 CoreLogic CLGX adj Dec O/V $33.40 $51.00 80.6 $2.36 $2.69 $2.69 12.4 12.4 $2,690.7 $12.46 Ellie Mae, Inc. ELLI adj Dec E/V $62.57 $75.00 34.8 $1.62 $1.92 $2.23 32.6 28.1 $2,180.0 $21.48 eXp World Holdings EXPI adj Dec O/V $7.08 $19.00 59.1 ($0.19) ($0.12) $0.04 NM NM $418.7 $0.08 Fidelity National Financial, Inc. FNF pf/cs Dec O $31.03 $43.00 275.2 $2.48 $2.76 $2.80 11.2 11.1 $8,540.2 $16.20 First American Financial Corp. FAF op Dec O $44.87 $64.00 111.8 $3.70 $4.57 $4.55 9.8 9.9 $5,015.9 $31.37 LendingTree, Inc. TREE adj Dec O/V $217.55 $350.00 12.8 $3.75 $5.76 $6.90 37.8 31.5 $2,790.7 $24.57 NIC Inc. EGOV adj Dec E $12.43 $16.00 66.6 $0.83 $0.93 $0.71 13.4 17.5 $827.5 $2.54 QuinStreet, Inc. QNST adj Jun O/V $16.01 $19.00 49.3 $0.45 $0.60 $0.80 26.7 20.0 $789.1 $3.08 Realogy Holdings Corp. RLGY adj Dec O/V $15.94 $24.00 118.2 $1.57 $1.55 $1.72 10.3 9.3 $1,883.4 $19.89 Redfin Corp. RDFN adj Dec U $14.93 $13.00 89.5 ($0.15) ($0.36) ($0.79) NM NM $1,336.6 $2.89 RealPage, Inc. RP adj Dec O/V $47.18 $70.00 93.9 $0.93 $1.48 $1.83 31.9 25.8 $4,430.8 $6.03 RE/MAX Holdings Inc. RMAX adj Dec E/V $30.03 $41.00 17.7 $1.87 $2.25 $2.33 13.3 12.9 $532.9 $26.43 Stewart Information Services STC op Dec E/V $41.69 $47.00 23.7 $2.05 $2.56 $3.08 16.3 13.5 $989.8 $28.34 Zillow, Inc. ZG adj Dec O/V $30.67 $43.00 58.0 $0.54 $0.42 $0.65 73.0 47.2 $1,778.5 $14.00

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC January 2019, 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 charter holder.

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/ 12/26/2018 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 $42.05 $61.00 68.6 $2.56 $3.42 $4.08 4.1 10.3 $2,884.4 $24.68 AerCap Holdings AER adj Dec E/V $38.84 $64.00 147.0 $6.43 $6.98 $6.33 5.6 6.1 $5,708.0 $56.08 Air Lease Corp. AL Dec O/V $29.95 $61.00 110.9 $3.65 $4.63 $5.20 6.5 5.8 $3,322.5 $39.83 Aircastle Ltd. AYR adj Dec E/V $16.78 $24.00 76.2 $2.14 $3.43 $2.29 4.9 7.3 $1,279.1 $24.24 Alliance Data Systems ADS adj Dec E/V $151.68 $227.00 54.5 $18.33 $22.94 $25.91 6.6 5.9 $8,262.6 $33.49 Ally Financial Inc. ALLY adj Dec E/V $22.06 $32.00 413.1 $2.39 $3.23 $3.54 6.8 6.2 $9,112.6 $30.87 America's Car-Mart CRMT adj Apr E/V $75.54 $84.00 6.8 $3.61 $5.73 $6.17 13.2 12.2 $511.9 $33.64 American Express Co. AXP adj Dec O/V $93.84 $131.00 854.3 $6.01 $7.35 $7.94 12.8 11.8 $80,164.0 $21.22 CIT Group Inc. CIT adj Dec E/V $38.04 $55.00 105.6 $3.07 $3.97 $4.68 9.6 8.1 $4,016.8 $53.25 Credit Acceptance Corp. CACC adj Dec U/V $376.29 $381.00 19.3 $20.47 $27.70 $30.21 13.6 12.5 $7,265.8 $79.53 CURO Group Holdings CURO adj Dec O/V $9.62 $22.00 46.0 $2.01 $1.87 $2.76 5.1 3.5 $442.5 $0.16 Discover Financial Services DFS adj Dec E/V $58.13 $89.00 336.0 $5.90 $7.74 $8.41 7.5 6.9 $19,529.7 $28.86 ECN Capital ECN-CA adj/c Dec O/V $3.37 $6.00 319.9 $0.09 $0.16 $0.32 21.1 10.5 $792.4 $4.47 Element Fleet Management EFN-CA adj/c Dec E/V $6.16 $7.00 433.2 $0.83 $0.73 $0.76 8.4 8.1 $1,961.5 $7.92 Elevate Credit, Inc. ELVT adj Dec E/V $4.33 $4.50 43.2 $0.16 $0.26 $0.61 16.7 7.1 $187.0 $2.28 Enova International ENVA adj Dec O/V $19.20 $45.00 34.3 $1.37 $2.59 $3.16 7.4 6.1 $658.1 $8.41 EZCORP, Inc. EZPW adj Sep E/V $7.87 $12.00 51.6 $0.80 $0.87 $0.97 9.0 8.1 $406.2 $13.70 FirstCash, Inc. FCFS adj Dec E/V $70.01 $90.00 43.8 $2.74 $3.56 $4.13 19.7 17.0 $3,068.7 $31.45 OnDeck Capital, Inc. ONDK adj Dec E/V $6.21 $9.00 75.0 $0.06 $0.54 $0.57 11.5 10.9 $466.0 $3.55 OneMain Holdings, Inc. OMF adj Dec O/V $24.70 $43.00 135.8 $3.53 $5.10 $5.65 4.8 4.4 $3,354.1 $24.22 Regional Management RM adj Dec E/V $23.97 $34.00 11.8 $2.41 $3.03 $3.36 7.9 7.1 $282.6 $20.53 Rent-A-Center RCII adj Dec E/V $16.40 $14.00 53.5 ($0.53) $0.87 $1.48 18.9 11.1 $877.6 $5.11 Santander Consumer USA SC adj Dec E/V $17.43 $24.00 359.4 $1.82 $2.60 $2.86 6.7 6.1 $6,263.5 $17.98 SLM Corp. SLM adj Dec O/V $8.43 $15.00 435.7 $0.71 $1.03 $1.22 8.2 6.9 $3,672.6 $4.80 Synchrony Financial SYF adj Dec U/V $23.14 $26.00 718.7 $2.62 $3.56 $4.72 6.5 4.9 $16,631.5 $18.47 Source:World Stephens Acceptanc Inc. Corp. and FactSet Research WRLD Systems Mar U/V $98.99 $65.00 9.9 $6.53 $7.32 $9.01 13.5 11.0 $976.5 $59.34

Monthly Statistical Review Member NYSE, SIPC January 2019, 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/ 12/26/2018 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] Bio-Techne Corp. TECH pf Jun E/V $139.32 $180.00 37.8 $4.47 $4.44 $5.17 31.4 26.9 $5,261.6 $28.69 Brooks Automation, Inc. BRKS adj Sep O/V $25.22 $43.00 72.0 $1.57 $1.01 $1.63 25.0 15.5 $1,814.7 $10.15 Cambrex Corp. CBM adj Dec O/V $37.99 $60.00 33.6 $3.18 $2.95 $2.49 12.9 15.3 $1,274.9 $16.59 Catalent, Inc. CTLT adj Jun E/V $31.04 $41.00 145.4 $1.75 $1.80 $2.03 17.2 15.3 $4,512.3 $8.14 Cerus Corp. CERS pf Dec O/V $4.97 $9.00 135.7 ($0.56) ($0.44) ($0.45) NM NM $674.4 $0.34 Codexis, Inc. CDXS pf Dec O/V $16.05 $25.00 54.0 ($0.32) ($0.06) ($0.09) NM NM $867.0 $0.51 EXACT Sciences Corp. EXAS pf Dec E/V $59.46 $75.00 122.9 ($0.99) ($1.52) ($0.78) NM NM $7,307.6 $4.32 Ligand Pharmaceuticals LGND adj Dec O/V $137.86 $200.00 21.3 $3.26 $6.55 $5.06 21.0 27.2 $2,930.1 $18.90 Myriad Genetics, Inc. MYGN pf Jun O/V $28.61 $52.00 74.8 $1.94 $0.37 $0.99 77.3 28.9 $2,138.9 $13.67 Neogen Corp. NEOG pf May E/V $55.13 $58.00 52.1 $1.21 $1.19 $1.29 46.3 42.7 $2,871.3 $10.83 Neogenomics Inc. NEO Dec O/V $11.90 $19.00 94.0 $0.12 $0.18 $0.24 66.1 49.6 $1,118.8 $2.15 OraSure Technologies, Inc. OSUR pf Dec E/V $11.14 $15.00 61.3 $0.35 $0.41 $0.42 27.2 26.5 $682.6 $4.25 Pacific Biosciences of California PACB pf Dec O/V $7.44 $4.50 149.6 ($0.87) ($0.66) ($0.61) NM NM $1,113.2 $0.74 Repligen Corp. RGEN pf Dec O/V $51.58 $65.00 43.9 $0.70 $0.72 $0.85 71.6 60.7 $2,262.2 $13.57 West Pharmaceutical Services WST pf Dec E/V $96.51 $100.00 74.1 $2.78 $2.90 $3.05 33.3 31.6 $7,149.5 $17.32

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC January 2019, 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. 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/ 12/26/2018 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 $25.91 $46.00 88.3 $2.29 $2.24 $2.26 11.6 11.5 $2,286.7 $29.55 Addus HomeCare Corp. ADUS op Dec O $65.69 $75.00 13.1 $1.60 $1.92 $2.23 34.2 29.5 $860.4 $15.05 Amedisys, Inc. AMED op Dec E/V $113.51 $120.00 31.9 $2.20 $3.55 $3.98 32.0 28.5 $3,619.7 $15.17 AMN Healthcare Services AMN adj Dec E/V $55.69 $56.00 46.9 $2.56 $3.25 $3.47 17.1 16.0 $2,610.1 $11.85 BioScrip, Inc. BIOS adj Dec O/V $3.54 $5.00 128.0 ($0.58) ($0.39) ($0.21) NM NM $453.3 -$0.66 Brookdale Senior Living BKD Dec O/V $6.62 $12.00 187.7 ($3.07) ($3.84) ($1.03) NM NM $1,242.9 $8.00 Capital Senior Living Corp. CSU cs Dec O/V $7.00 $10.00 31.3 $1.56 $1.28 $1.20 5.5 5.8 $218.9 $2.64 CareTrust REIT CTRE Dec O $18.68 $21.00 83.9 $0.36 $0.72 $0.74 25.9 25.2 $1,567.0 $7.88 Cross Country Healthcare CCRN adj Dec E/V $7.50 $9.00 36.3 $0.61 $0.15 $0.26 50.0 28.8 $271.9 $6.62 Encompass Health Corp. EHC adj Dec O/V $61.97 $81.00 98.9 $2.76 $3.61 $3.88 17.2 16.0 $6,130.6 $12.02 Ensign Group, The ENSG adj Dec O/V $38.82 $53.00 52.3 $1.38 $1.84 $2.07 21.1 18.8 $2,031.0 $9.59 Genesis Healthcare, Inc. GEN adj Dec E/V $1.24 $2.00 101.1 ($6.15) ($1.92) ($1.05) NM NM $125.4 -$11.08 Hanger Inc. HNGR op Dec E/V $19.01 $22.00 36.8 $0.02 $0.75 $0.87 25.3 21.9 $700.5 -$0.77 Healthcare Services Group HCSG op Dec O $39.83 $52.00 73.8 $1.19 $1.44 $1.66 27.7 24.0 $2,939.4 $5.45 LHC Group LHCG op Dec O/V $92.64 $110.00 31.4 $2.42 $3.53 $4.16 26.2 22.3 $2,906.5 $25.29 MEDNAX, Inc. MD adj Dec O/V $32.85 $45.00 89.4 $3.34 $3.76 $4.05 8.7 8.1 $2,937.4 $32.72 National Health Investors NHI Dec O $76.16 $82.00 42.2 $3.87 $3.76 $3.82 20.3 19.9 $3,216.3 $31.83 U.S. Physical Therapy USPH cs Dec E/V $102.23 $106.00 12.7 $2.08 $2.53 $2.65 40.4 38.6 $1,296.8 $16.27 Universal Health Services UHS adj Dec E/V $117.43 $136.00 85.3 $7.53 $9.50 $10.03 12.4 11.7 $10,011.5 $52.95 Welltower Inc. WELL Dec O $69.10 $79.00 375.6 $1.27 $2.26 $1.54 30.6 44.9 $25,957.0 $36.87 Source: Stephens Inc. and FactSet Research Systems

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. CareTrust REIT National Health Investors Welltower Inc.

Monthly Statistical Review Member NYSE, SIPC January 2019, Page 35

MEDICAL DEVICES & HOSPITAL SUPPLY 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/ 12/26/2018 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 & Hospital Supply, Chris Cooley, CFA, 501-377-2516, [email protected] Abiomed, Inc. ABMD Mar O/V $307.44 $415.00 45.0 $2.45 $5.03 $4.80 61.1 64.1 $13,847.1 $15.54 Align Technology ALGN pf Dec E/V $210.99 $265.00 80.0 $3.90 $4.87 $6.00 43.3 35.2 $16,875.8 $14.37 Avanos Medical AVNS pf Dec O $43.08 $68.00 47.4 $1.67 $0.95 $1.34 45.3 32.1 $2,043.2 $25.90 Boston Scientific Corp. BSX Dec O $33.68 $42.00 1,383.8 $1.26 $1.37 $1.60 24.6 21.1 $46,606.4 $5.11 Cooper Companies, The COO pf Oct E $244.59 $270.00 49.2 $11.52 $11.65 $13.27 21.0 18.4 $12,041.7 $67.23 Cutera, Inc. CUTR pf Dec O/V $16.41 $40.00 13.9 $0.93 $0.40 $0.55 41.0 29.8 $228.2 $4.81 DexCom, Inc. DXCM pf Dec O/V $116.47 $170.00 88.8 ($0.59) $0.69 $0.24 NM NM $10,347.7 $4.82 DENTSPLY SIRONA Inc. XRAY pf Dec E $37.19 $40.00 222.5 $2.66 $1.97 $2.11 18.9 17.6 $8,276.6 $29.17 Endologix, Inc. ELGX pf Dec E/V $0.69 $3.00 103.5 ($0.80) ($0.90) ($0.79) NM NM $71.4 $0.90 Glaukos Corp. GKOS pf Dec O/V $54.64 $70.00 36.0 $0.15 ($0.60) ($0.23) NM NM $1,968.6 $3.99 Henry Schein, Inc. HSIC pf Dec E $77.44 $70.00 152.4 $3.60 $4.13 $4.49 18.8 17.2 $11,804.8 $18.29 Invacare Corp. IVC adj Dec O/V $3.80 $17.00 33.2 ($2.27) ($1.77) ($1.54) NM NM $126.1 $12.89 Insulet Corp. PODD pf Dec E/V $76.75 $100.00 59.1 ($0.46) ($0.08) $0.46 NM NM $4,534.2 $2.72 NxStage Medical, Inc. NXTM Dec E $28.64 $30.00 66.7 ($0.22) $0.08 $0.25 NM NM $1,909.9 $3.22 Sientra, Inc. SIEN Dec O/V $12.41 $30.00 28.6 ($3.34) ($3.01) ($2.51) NM NM $354.9 $1.42 STAAR Surgical Co. STAA pf Dec O/V $31.10 $56.00 44.1 ($0.02) $0.18 $0.31 NM NM $1,372.5 $1.04 STERIS plc STE pf Mar O $103.34 $125.00 84.5 $4.15 $4.74 $5.52 21.8 18.7 $8,732.2 $37.83 Teleflex Inc. TFX adj Dec O $239.11 $300.00 46.0 $8.40 $9.87 $11.20 24.2 21.3 $10,994.8 $53.81 Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC January 2019, Page 36

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/ 12/26/2018 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 O $42.60 $60.00 230.8 ($0.25) $1.43 $2.45 29.8 17.4 $9,831.7 $15.34 Compass Minerals International CMP op Dec O $40.50 $67.00 33.9 $3.29 $2.29 $3.55 17.7 11.4 $1,371.0 $20.53 DowDuPont Inc. DWDP op Dec E $52.23 $63.00 2,294.2 $3.41 $4.09 $4.58 12.8 11.4 $119,828.4 $43.11 FMC Corporation FMC op Dec O $73.44 $100.00 134.7 $2.72 $6.00 $6.78 12.2 10.8 $9,889.3 $19.96 Intrepid Potash, Inc. IPI op Dec O $2.69 $7.00 131.1 ($0.20) $0.05 $0.24 53.8 11.2 $352.7 $3.15 Mosaic Company MOS op Dec O $29.31 $45.00 385.5 $1.09 $1.96 $2.60 15.0 11.3 $11,298.1 $27.40 Nutrien NTR op Dec O $46.41 $68.00 643.5 $1.43 $2.57 $3.62 18.1 12.8 $29,864.9 $0.00

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC January 2019, Page 37

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/ 12/26/2018 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] Beacon Roofing Supply, Inc. BECN op Sep O/V $31.15 $40.00 68.2 $2.70 $3.07 $3.42 10.1 9.1 $2,123.1 $27.66 BMC Stock Holdings BMCH op Dec E/V $15.18 $19.00 67.4 $1.03 $1.82 $1.52 8.3 10.0 $1,022.5 $11.13 Builders FirstSource, Inc. BLDR op Dec E/V $10.80 $14.00 114.7 $1.27 $1.85 $1.69 5.8 6.4 $1,239.0 $3.31 Construction Partners Inc. ROAD op Sep O $8.99 $14.00 12.0 $0.67 $0.75 $0.82 12.0 11.0 $107.4 $5.82 Continental Building Products CBPX op Dec E/V $25.28 $32.00 36.8 $1.33 $2.07 $2.30 12.2 11.0 $931.4 $8.47 Eagle Materials EXP op Mar O/V $59.92 $90.00 46.9 $4.83 $5.33 $5.65 11.2 10.6 $2,809.6 $29.36 Forterra, Inc. FRTA op Dec E $3.58 $5.00 64.2 ($0.27) ($0.15) $0.10 NM 35.8 $229.9 $2.06 Foundation Building Materials FBM op Dec O/V $8.16 $13.00 42.9 $0.35 $0.41 $0.83 19.9 9.8 $350.0 $8.83 GMS Inc. GMS op Apr O $14.59 $22.00 41.2 $1.91 $3.07 $3.49 4.8 4.2 $600.8 $14.11 Installed Building Products IBP op Dec E/V $33.36 $38.00 31.2 $2.03 $2.60 $2.68 12.8 12.4 $1,041.7 $6.61 Martin Marietta Materials MLM op Dec E $169.85 $204.00 62.7 $7.19 $8.31 $9.23 20.4 18.4 $10,651.6 $74.43 Masonite International DOOR op Dec E $45.35 $61.00 26.5 $3.33 $4.00 $4.54 11.3 10.0 $1,202.7 $25.47 NCI Building Systems NCS op Oct E/V $7.26 $24.00 125.3 $0.80 $1.45 $1.81 5.0 4.0 $910.0 $4.99 Summit Materials LLC SUM op Dec O $12.19 $20.00 111.7 $1.20 $0.46 $0.56 26.5 21.8 $1,361.1 $11.40 TopBuild Corp. BLD op Dec E/V $44.28 $54.00 35.4 $2.77 $4.15 $4.17 10.7 10.6 $1,566.8 $28.00 Trex Company TREX op Dec E/V $57.47 $65.00 58.8 $3.17 $2.62 $2.44 21.9 23.6 $3,376.6 $3.93 U.S. Concrete, Inc. USCR op Dec O $33.23 $50.00 16.8 $2.99 $2.87 $3.54 11.6 9.4 $558.9 $16.84 Vulcan Materials Company VMC op Dec O $96.72 $126.00 132.0 $3.02 $4.00 $4.85 24.2 19.9 $12,771.7 $37.55

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC January 2019, Page 38

ELECTRICAL EQUIPMENT/MULTI-INDUSTRY ROB MCCARTHY, CFA, 617-239-7537

Rob covers the Electrical Equipment/Multi-industry sector. He joins the firm after four years at Stifel Financial where in 2017, Mr. McCarthy was recognized by Institutional Investor as a leading industry analyst. Prior to Stifel Financial, he was an analyst/portfolio manager, with UBS O’Connor LLC (a division of UBS Global Asset Management). Formerly, Mr. McCarthy held sell-side analyst roles with Banc of America Securities, CIBC World Markets, Morgan Stanley and, at the onset of his financial career in 1997, was an associate for the investment banking division of ING Baring Furman Selz LLC. He is a graduate of Dartmouth College and has a J.D. from Duke University School of Law, and an M.B.A. from The Wharton School of Business, The University of Pennsylvania.

Sector Overview: The Electrical Equipment/Multi-industry group covers a wide spectrum of Global multi-national conglomerates to smaller, U.S. based electrical equipment, industrial automation, and general component suppliers, as well as heating, ventilation and air-conditioning (HVAC) manufacturers. It also includes serial acquisition stories in the industrial technology, Industrial Internet of Things (IIOT), and select industrial and commercial applications in Software as a Service (SaaS) businesses. Key endmarkets include construction (both residential and nonresidential), aerospace, defense, medical, oil and gas, industrial and process automation, automotive, chemical, mining, as well as a whole host of smaller niche markets.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 12/26/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS INDUSTRIALS Electrical Equipment/Multi-Industry, Rob McCarthy, 617-239-7537, [email protected] A.O. Smith AOS op Dec E $43.17 $50.00 143.9 $2.17 $2.58 $2.80 16.7 15.4 $6,211.7 $9.60 AMETEK, Inc. AME op Dec O $66.25 $87.00 232.1 $2.61 $3.27 $3.60 20.3 18.4 $15,377.7 $17.42 Eaton Corp. ETN op Dec O $67.79 $96.00 433.4 $4.79 $5.35 $5.95 12.7 11.4 $29,380.2 $39.22 Emerson Electric Co. EMR op Dec O $58.47 $80.00 626.2 $2.35 $3.47 $3.65 16.9 16.0 $36,611.5 $14.22 Ingersoll-Rand IR op Dec O $89.61 $118.00 245.7 $4.51 $5.58 $6.20 16.1 14.5 $22,013.2 $28.62 Lennox International LII op Dec E $215.07 $221.00 40.3 $7.85 $9.21 $12.60 23.4 17.1 $8,663.7 $1.20 Regal Beloit Corp. RBC op Dec E $69.51 $80.00 43.1 $4.87 $5.90 $6.70 11.8 10.4 $2,998.8 $52.49 Rockwell Automation ROK op Dec O $148.58 $200.00 120.7 $6.76 $8.11 $9.20 18.3 16.2 $17,931.2 $13.36 Roper Technologies ROP op Dec O $259.41 $333.00 103.4 $9.43 $11.70 $12.10 22.2 21.4 $26,831.0 $66.97

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC January 2019, Page 39

INDUSTRIAL PRODUCTS AND SERVICES BLAKE HIRSCHMAN, 501-377-8046

Blake is a research analyst covering the Industrial Products and Services sector. Blake was previously an associate with the building materials and construction services team. He joined Stephens Inc. in May 2013. Blake graduated cum laude with a B.S.B.A. in finance from the Sam M. Walton College of Business at the University of Arkansas, where he served as the Treasurer for the Associated Student Government.

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/ 12/26/2018 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, Blake Hirschman, 377-8046, [email protected] DXP Enterprises DXPE Dec O $28.43 $49.00 17.6 $0.65 $1.64 $2.11 17.3 13.5 $499.5 $15.48 Dycom Industries DY pf Jan O/V $53.44 $130.00 31.3 $3.88 $4.75 $6.68 11.3 8.0 $1,672.5 $23.25 Fastenal Company FAST pf Dec O $51.60 $60.00 287.1 $1.92 $2.51 $2.74 20.6 18.8 $14,812.1 $7.29 MasTec, Inc. MTZ adj Dec O/V $40.58 $61.00 78.7 $2.92 $3.65 $4.22 11.1 9.6 $3,192.8 $17.28 MRC Golbal Inc. MRC pf Dec O $12.51 $21.00 90.3 $0.19 $0.92 $1.14 13.6 11.0 $1,130.0 $8.31 MSC Industrial Direct Co. MSM pf Aug O $76.76 $116.00 45.1 $4.05 $5.87 $6.06 13.1 12.7 $3,465.5 $24.82 NOW, Inc. DNOW pf Dec O $11.40 $18.00 108.4 ($0.27) $0.33 $0.59 34.5 19.3 $1,236.0 $10.97 Orion Group Holdings, Inc. ORN Dec O/V $4.49 $9.00 29.0 ($0.14) $0.22 $0.45 20.4 10.0 $130.1 $8.22 Pool Corp. POOL pf Dec E $144.11 $168.00 40.3 $3.99 $5.66 $6.14 25.5 23.5 $5,802.3 $5.55 Quanta Services, Inc. PWR pf Dec O/V $29.78 $49.00 146.0 $1.97 $2.84 $3.28 10.5 9.1 $4,348.8 $24.65 W.W. Grainger, Inc. GWW pf Dec E $278.65 $310.00 56.3 $11.46 $14.94 $15.90 18.7 17.5 $15,693.6 $30.00 Watsco, Inc. WSO pf Dec O $137.92 $180.00 32.1 $5.51 $6.48 $7.09 21.3 19.5 $4,429.7 $34.86 WESCO International, Inc. WCC pf Dec O/V $46.41 $80.00 46.7 $3.93 $4.76 $5.38 9.8 8.6 $2,166.9 $45.09

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC January 2019, 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/ 12/26/2018 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 $36.07 $55.00 62.9 $2.60 $4.45 $5.15 8.1 7.0 $2,268.9 $39.60 Graphic Packaging GPK op Dec O $10.62 $20.00 310.4 $0.63 $0.77 $0.90 13.8 11.8 $3,296.1 $4.17 International Paper Co. IP op Dec E $39.62 $50.00 405.0 $3.55 $5.30 $5.58 7.5 7.1 $16,047.2 $15.79 Louisiana-Pacific Corp. LPX op Dec E $21.53 $30.00 141.2 $2.33 $2.92 $2.20 7.4 9.8 $3,039.6 $11.07 Packaging Corp of America PKG op Dec O $82.64 $110.00 94.5 $6.00 $8.06 $8.50 10.3 9.7 $7,809.2 $23.13 WestRock Co. WRK op Sep E $37.31 $50.00 255.7 $4.08 $4.53 NE 8.2 NM $9,540.5 $45.24 Weyerhaeuser Co. WY op Dec E $21.35 $31.00 749.2 $1.15 $1.27 $1.23 16.8 17.4 $15,995.4 $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 January 2019, 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/ 12/26/2018 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 $21.34 $27.00 59.1 $0.90 $1.31 $1.40 16.3 15.2 $1,260.8 $6.69 American Airlines Group AAL op Dec E $32.29 $37.00 460.6 $5.27 $4.66 $7.50 6.9 4.3 $14,872.2 $8.26 Atlas Air Worldwide Holdings AAWW op Dec E/V $40.94 $65.00 25.6 $4.93 $7.07 $7.15 5.8 5.7 $1,047.7 $70.77 C.H. Robinson Worldwide, Inc. CHRW op Dec E $82.22 $98.00 137.5 $3.35 $4.56 $4.80 18.0 17.1 $11,305.6 $10.22 Delta Air Lines, Inc. DAL op Dec O $50.41 $64.00 685.6 $4.76 $5.60 $6.75 9.0 7.5 $34,562.1 $19.67 Echo Global Logistics ECHO op Dec O $19.98 $35.00 28.5 $0.86 $1.80 $1.85 11.1 10.8 $570.4 $13.17 Expeditors International EXPD Dec E $65.97 $78.00 172.6 $2.49 $3.33 $3.47 19.8 19.0 $11,385.8 $11.29 FedEx Corp. FDX adj May O $160.15 $240.00 261.0 $15.32 $16.05 $17.75 10.0 9.0 $41,806.2 $73.01 Forward Air FWRD op Dec E $54.58 $67.00 29.2 $2.40 $3.02 $3.40 18.1 16.1 $1,593.8 $18.11 JetBlue Airways Corp. JBLU op Dec E $16.07 $18.00 304.8 $1.74 $1.55 $2.25 10.4 7.1 $4,897.9 $15.06 Kirby Corp. KEX op Dec E $67.03 $80.00 59.9 $2.07 $2.81 $3.65 23.9 18.4 $4,012.8 $52.12 Landstar System, Inc. LSTR Dec O $94.12 $139.00 41.1 $3.74 $6.09 $6.55 15.5 14.4 $3,869.7 $15.50 Matson Inc. MATX op Dec E $32.55 $44.00 42.7 $5.40 $2.54 $2.60 12.8 12.5 $1,390.0 $15.96 Southwest Airlines Co. LUV op Dec O $46.72 $63.00 562.3 $3.51 $4.14 $5.30 11.3 8.8 $26,271.0 $17.72 Spirit Airlines, Inc. SAVE op Dec O $57.76 $74.00 68.3 $3.29 $4.35 $7.40 13.3 7.8 $3,943.0 $26.06 United Continental Holdings UAL op Dec O $83.80 $112.00 272.5 $6.84 $9.01 $13.60 9.3 6.2 $22,832.5 $30.69 United Parcel Service UPS adj Dec E $96.61 $125.00 695.2 $6.01 $7.20 $7.70 13.4 12.5 $67,164.4 $1.16 XPO Logistics Inc. XPO op Dec E $55.57 $54.00 126.9 $1.94 $3.27 $4.00 17.0 13.9 $7,054.4 $29.72

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC January 2019, 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/ 12/26/2018 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] Canadian National Railway CNI op/c Dec E $73.46 $92.00 728.3 $4.99 $5.50 $6.40 13.4 11.5 $53,500.9 $17.90 Canadian Pacific Railway CP op/c Dec E $175.27 $236.00 147.7 $11.39 $14.25 $16.55 12.3 10.6 $25,879.3 $35.46 CSX Corp. CSX op Dec O $61.72 $86.00 844.4 $2.30 $3.81 $4.15 16.2 14.9 $52,117.6 $16.53 Dana Incorporated DAN adj Dec E $13.74 $17.00 144.7 $2.52 $2.90 $3.10 4.7 4.4 $1,987.7 $6.99 Fortress Transportation FTAI op Dec O $14.36 $22.00 84.1 $0.14 $0.30 $0.95 47.9 15.1 $1,207.0 $12.50 FreightCar America RAIL op Dec E $6.96 $12.00 12.5 ($1.24) ($1.45) ($0.55) NM NM $86.7 $18.70 GATX Corp. GATX adj Dec E $71.79 $80.00 37.6 $4.69 $5.10 $4.85 14.1 14.8 $2,699.3 $47.31 Genesee & Wyoming Inc. GWR op Dec O $72.36 $95.00 58.4 $2.91 $3.76 $4.45 19.2 16.3 $4,225.2 $57.12 Greenbrier Companies GBX Aug E $39.81 $55.00 32.4 $4.13 $4.30 $4.40 9.3 9.0 $1,287.9 $38.83 Hub Group HUBG Dec O $36.45 $62.00 33.6 $1.80 $2.83 $3.20 12.9 11.4 $1,225.2 $22.57 Kansas City Southern KSU op Dec E $94.56 $120.00 101.7 $5.24 $6.06 $6.95 15.6 13.6 $9,616.5 $44.09 NN, Inc. NNBR op Dec Susp $6.25 NE 42.1 $1.55 NE NE NM NM $263.2 $17.63 Norfolk Southern Corp. NSC op Dec O $147.28 $198.00 272.3 $6.62 $9.28 $10.15 15.9 14.5 $40,111.3 $57.57 Ryder System R op Dec E $48.02 $64.00 53.1 $4.53 $5.80 $6.25 8.3 7.7 $2,549.3 $53.54 Stoneridge Inc. SRI op Dec O $22.82 $35.00 28.5 $1.57 $2.02 $2.05 11.3 11.1 $650.0 $8.66 Trinity Industries TRN Dec E $20.47 $40.00 146.3 $1.49 $1.65 $1.95 12.4 10.5 $2,994.7 $29.83 Union Pacific Corp. UNP op Dec O $136.02 $180.00 736.8 $5.79 $7.90 $8.75 17.2 15.5 $100,218.2 $31.83 Wabtec Corp. WAB op Dec O $69.97 $100.00 96.6 $3.43 $3.85 $4.30 18.2 16.3 $6,760.2 $29.25 WABCO Holdings Inc. WBC op Dec O $104.86 $145.00 52.2 $6.87 $7.65 $7.80 13.7 13.4 $5,470.4 $20.87

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC January 2019, 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 January 2019, Page 44

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

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 12/26/2018 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 $34.15 $40.00 25.7 $1.34 $3.75 $3.20 9.1 10.7 $877.3 $25.40 Celadon Group, Inc. CGIP op Jun Susp $0.93 NE 28.3 $0.98 NE NE NM NM $26.2 $13.27 Covenant Transportation Group CVTI op Dec O $19.22 $35.00 16.0 $0.86 $2.20 $2.60 8.7 7.4 $307.4 $16.11 Heartland Express, Inc. HTLD Dec E $18.02 $19.00 81.9 $0.51 $0.85 $0.95 21.2 19.0 $1,476.3 $6.90 J.B. Hunt Transport Services, Inc. JBHT op Dec O $92.66 $118.00 109.2 $3.61 $5.41 $6.10 17.1 15.2 $10,116.2 $16.76 Knight-Swift Transportation Holdings KNX op Dec O $25.01 $50.00 174.5 $1.17 $2.35 $2.75 10.6 9.1 $4,365.2 $29.43 Marten Transport, Ltd. MRTN op Dec E $16.28 $22.00 54.5 $0.62 $0.99 $1.15 16.4 14.2 $886.7 $9.64 Old Dominion Freight Line ODFL op Dec O $120.46 $155.00 81.8 $4.43 $7.21 $7.65 16.7 15.7 $9,847.6 $27.64 Rush Enterprises, Inc. RUSHA Dec O $33.59 $60.00 30.5 $2.29 $3.55 $3.60 9.5 9.3 $1,022.8 $26.13 Saia, Inc. SAIA op Dec E $54.79 $60.00 25.7 $2.20 $3.90 $4.40 14.0 12.5 $1,407.8 $22.80 Schneider National Inc. SNDR op Dec E $18.25 $27.00 94.0 $0.94 $1.51 $1.70 12.1 10.7 $1,714.9 $10.69 TFI International TFII-CA op/c Dec O $34.31 $56.00 87.4 $2.09 $3.40 $3.60 10.1 9.5 $2,204.1 $15.88 U.S. Xpress USX op Dec O/V $5.38 $15.00 32.8 ($0.08) $1.00 $1.50 5.4 3.6 $176.5 -$0.90 USA Truck, Inc. USAK op Dec O $14.79 $30.00 8.4 ($0.35) $1.48 $2.15 10.0 6.9 $123.7 $8.02 Wabash National Corp. WNC op Dec E $12.89 $15.00 56.0 $1.38 $1.50 $1.65 8.6 7.8 $722.3 $8.79 Werner Enterprises, Inc. WERN Dec O $30.07 $40.00 71.2 $1.24 $2.28 $2.60 13.2 11.6 $2,140.8 $16.36 YRC Worldwide Inc. YRCW op Dec E/V $2.66 $5.00 33.8 ($0.05) $0.81 $0.61 3.3 4.4 $90.0 -$10.80

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC January 2019, 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: 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/ 12/26/2018 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 $26.93 $33.00 116.0 $1.03 $1.32 $1.42 20.4 19.0 $3,123.3 $6.53 Bottomline Technologies EPAY pf Jun E/V $46.43 $64.00 43.1 $1.27 $1.44 $1.64 32.2 28.3 $2,000.8 $7.97 CoStar Group, Inc. CSGP pf Dec O $337.00 $450.00 36.4 $4.59 $8.02 $10.39 42.0 32.4 $12,273.5 $73.43 Equifax Inc. EFX cs Dec E $92.70 $112.00 120.6 $5.96 $5.71 $5.88 16.2 15.8 $11,177.3 $26.43 Experian plc EXPGY adj Mar E/V $23.61 $27.00 917.6 $0.94 $1.03 $1.15 22.9 20.5 $21,663.9 $2.89 FICO FICO adj Sep E $182.27 $200.00 29.0 $6.23 $6.91 $8.53 26.4 21.4 $5,277.6 $9.09 Fidelity National Information Svcs. FIS op/cs Dec O $99.43 $118.00 327.5 $4.28 $5.20 $5.72 19.1 17.4 $32,562.1 $32.54 First Data Corp. FDC pf Dec O/V $16.95 $25.00 567.0 $1.52 $1.40 $1.57 12.1 10.8 $9,610.9 $3.41 Fiserv, Inc. FISV adj Dec E $71.91 $77.00 398.5 $2.56 $3.13 $3.53 23.0 20.4 $28,654.1 $6.58 Global Payments Inc. GPN adj Dec O $101.44 $135.00 158.2 $4.01 $5.18 $6.07 19.6 16.7 $16,049.1 $23.84 Jack Henry & Associates, Inc. JKHY adj Jun E $125.36 $127.00 77.3 $4.73 $3.65 $4.19 34.3 29.9 $9,690.1 $16.42 LiveRamp, Inc. RAMP adj Mar O/V $38.56 $55.00 77.7 $0.94 ($0.42) $0.15 NM NM $2,994.7 $9.63 Mastercard Inc. MA csh/adj Dec O $186.43 $230.00 1,020.9 $4.58 $6.48 $7.59 28.8 24.6 $190,332.2 $5.19 PayPal Holdings PYPL pf Dec O/V $82.80 $108.00 1,178.4 $1.90 $2.40 $2.90 34.5 28.6 $97,568.1 $13.33 Q2 Holdings, Inc. QTWO csh/adj Dec E $47.47 $60.00 43.4 $0.03 $0.11 $0.18 NM NM $2,059.0 $2.54 Square, Inc. SQ pf Dec E/V $55.32 $75.00 308.4 $0.27 $0.45 $0.71 NM 77.9 $17,060.6 $1.99 Total System Services TSS csh Dec O $79.35 $104.00 182.4 $3.37 $4.45 $4.96 17.8 16.0 $14,476.7 $12.39 Visa Inc. V csh/adj Sep O $130.23 $159.00 1,757.2 $4.61 $5.28 $6.19 24.7 21.0 $228,845.6 $12.88 Source:Worldpay, Stephens Inc. Inc. and FactSet Research WP Systems adj Dec O $75.05 $102.00 301.9 $3.37 $4.01 $4.58 18.7 16.4 $22,654.2 $3.28

Monthly Statistical Review Member NYSE, SIPC January 2019, Page 46

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/ 12/26/2018 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 $43.37 $58.00 336.7 $4.40 $5.24 $5.78 8.3 7.5 $14,602.8 $5.16 E.W. Scripps Co. SSP Dec E $15.51 $15.00 68.7 ($0.09) $0.65 $0.39 23.9 39.8 $1,066.2 $11.48 Entercom Communications ETM adj Dec E $5.58 $8.00 138.5 $0.71 $0.84 $1.24 6.6 4.5 $772.7 $12.28 Gannett Co. GCI adj Dec E $8.73 $12.00 113.1 $1.03 $1.04 $0.91 8.4 9.6 $987.4 $9.10 Gray Television, Inc. GTN Dec O/V $14.63 $21.00 82.0 $3.55 $2.30 $1.23 6.4 11.9 $1,200.0 $11.05 Live Nation Entertainment LYV Dec O/V $48.56 $60.00 209.5 ($0.46) ($0.06) $0.45 NM NM $10,175.5 $5.68 Meredith Corp. MDP adj Jun E $49.83 $56.00 39.9 $4.00 $3.67 $1.03 13.6 48.4 $1,987.2 $24.44 Nexstar Media Group NXST Dec O/V $75.70 $105.00 45.6 $10.08 $8.20 $5.14 9.2 14.7 $3,452.8 $34.17 New Media Investment Group NEWM Dec O $11.36 $19.00 60.3 ($0.02) $0.57 $0.50 19.9 22.7 $685.0 $12.67 Sinclair Broadcast Group SBGI Dec O/V $26.62 $35.00 71.8 $5.72 $2.57 $2.02 10.4 13.2 $1,911.1 $15.42 TEGNA Inc. TGNA adj Dec O/V $10.92 $14.00 215.3 $1.16 $1.65 $1.48 6.6 7.4 $2,351.1 $4.63 Townsquare Media TSQ Dec E $4.11 $8.00 14.2 ($0.51) $0.07 $1.00 58.7 4.1 $58.5 $20.56 Tribune Media Co. TRCO adj Dec E $45.21 $46.00 87.7 $1.43 $3.55 $1.31 12.7 34.5 $3,965.0 $36.84 TrueCar, Inc. TRUE adj Dec O/V $8.96 $18.00 104.0 $0.07 $0.12 $0.29 74.7 30.9 $931.9 $3.12

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC January 2019, Page 47 COVERAGE LIST BY MARKET CAPITALIZATION

Cos. Market Cap. Average Market Cap $8.4 Billion 132 > $5 Billion Median Market Cap $2.1 Billion 106 $2 Billion-$5 Billion 150 $500 Million $2 Billion 69 Under $500 Million 457 Active Companies

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 12/26/2018 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 $90.41 $117.00 2,905.3 $4.41 $4.86 $4.74 18.6 19.1 $262,664.6 $26.38 Visa Inc. V csh/adj Sep O $130.23 $159.00 1,757.2 $4.61 $5.28 $6.19 24.7 21.0 $228,845.6 $12.88 Mastercard Inc. MA csh/adj Dec O $186.43 $230.00 1,020.9 $4.58 $6.48 $7.59 28.8 24.6 $190,332.2 $5.19 McDonald's Corp. MCD adj Dec E $174.03 $170.00 770.9 $6.65 $7.79 $8.23 22.3 21.1 $134,161.5 -$4.12 DowDuPont Inc. DWDP op Dec E $52.23 $63.00 2,294.2 $3.41 $4.09 $4.58 12.8 11.4 $119,828.4 $43.11 Union Pacific Corp. UNP op Dec O $136.02 $180.00 736.8 $5.79 $7.90 $8.75 17.2 15.5 $100,218.2 $31.83 PayPal Holdings PYPL pf Dec O/V $82.80 $108.00 1,178.4 $1.90 $2.40 $2.90 34.5 28.6 $97,568.1 $13.33 American Express Co. AXP adj Dec O/V $93.84 $131.00 854.3 $6.01 $7.35 $7.94 12.8 11.8 $80,164.0 $21.22 Starbucks Corp. SBUX adj Sep E $63.08 $65.00 1,240.6 $2.42 $2.63 $2.97 24.0 21.2 $78,257.1 $0.89 U.S. Bancorp USB Dec E $45.39 NE 1,616.1 $3.43 $4.10 $4.40 11.1 10.3 $73,354.5 $26.35 United Parcel Service UPS adj Dec E $96.61 $125.00 695.2 $6.01 $7.20 $7.70 13.4 12.5 $67,164.4 $1.16 Canadian National Railway CNI op/c Dec E $73.46 $92.00 728.3 $4.99 $5.50 $6.40 13.4 11.5 $53,500.9 $17.90 PNC Financial Services Group PNC Dec E $114.84 NE 461.4 $10.39 $10.72 $11.47 10.7 10.0 $52,990.0 $100.45 CSX Corp. CSX op Dec O $61.72 $86.00 844.4 $2.30 $3.81 $4.15 16.2 14.9 $52,117.6 $16.53 Schlumberger NV SLB adj Dec E $36.61 $65.00 1,384.8 $1.50 $1.64 $2.00 22.3 18.3 $50,697.6 $26.62 Boston Scientific Corp. BSX Dec O $33.68 $42.00 1,383.8 $1.26 $1.37 $1.60 24.6 21.1 $46,606.4 $5.11 FedEx Corp. FDX adj May O $160.15 $240.00 261.0 $15.32 $16.05 $17.75 10.0 9.0 $41,806.2 $73.01 Norfolk Southern Corp. NSC op Dec O $147.28 $198.00 272.3 $6.62 $9.28 $10.15 15.9 14.5 $40,111.3 $57.57 Emerson Electric Co. EMR op Dec O $58.47 $80.00 626.2 $2.35 $3.47 $3.65 16.9 16.0 $36,611.5 $14.22 Delta Air Lines, Inc. DAL op Dec O $50.41 $64.00 685.6 $4.76 $5.60 $6.75 9.0 7.5 $34,562.1 $19.67 BB&T Corporation BBT Dec O $42.83 $55.00 770.6 $2.74 $3.98 $4.31 10.8 9.9 $33,005.7 $34.01 Fidelity National Information Svcs. FIS op/cs Dec O $99.43 $118.00 327.5 $4.28 $5.20 $5.72 19.1 17.4 $32,562.1 $32.54 Nutrien NTR op Dec O $46.41 $68.00 643.5 $1.43 $2.57 $3.62 18.1 12.8 $29,864.9 $0.00 Eaton Corp. ETN op Dec O $67.79 $96.00 433.4 $4.79 $5.35 $5.95 12.7 11.4 $29,380.2 $39.22 Fiserv, Inc. FISV adj Dec E $71.91 $77.00 398.5 $2.56 $3.13 $3.53 23.0 20.4 $28,654.1 $6.58 O'Reilly Automotive, Inc. ORLY adj Dec O/V $344.45 $385.00 80.1 $11.51 $16.15 $18.11 21.3 19.0 $27,591.8 $7.75 Roper Technologies ROP op Dec O $259.41 $333.00 103.4 $9.43 $11.70 $12.10 22.2 21.4 $26,831.0 $66.97 Southwest Airlines Co. LUV op Dec O $46.72 $63.00 562.3 $3.51 $4.14 $5.30 11.3 8.8 $26,271.0 $17.72 Welltower Inc. WELL Dec O $69.10 $79.00 375.6 $1.27 $2.26 $1.54 30.6 44.9 $25,957.0 $36.87 Canadian Pacific Railway CP op/c Dec E $175.27 $236.00 147.7 $11.39 $14.25 $16.55 12.3 10.6 $25,879.3 $35.46 Halliburton Company HAL adj Dec O $26.43 $55.00 876.0 $1.22 $1.87 $2.22 14.1 11.9 $23,153.9 $9.53 United Continental Holdings UAL op Dec O $83.80 $112.00 272.5 $6.84 $9.01 $13.60 9.3 6.2 $22,832.5 $30.69

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COVERAGE LIST BY MARKET CAPITALIZATION

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 12/26/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS Worldpay, Inc. WP adj Dec O $75.05 $102.00 301.9 $3.37 $4.01 $4.58 18.7 16.4 $22,654.2 $3.28 Pioneer Natural Resources Co. PXD op/cf Dec O $130.03 $270.00 170.5 $13.26 $19.74 $28.61 6.6 4.5 $22,165.2 $66.24 Kroger Co. KR op Jan E/V $27.73 $30.00 797.7 $2.04 $2.15 $2.19 12.9 12.7 $22,121.4 $7.97 SunTrust Banks, Inc. STI Dec E $49.20 NE 449.3 $4.48 $5.76 $5.83 8.5 8.4 $22,104.8 $48.16 Ingersoll-Rand IR op Dec O $89.61 $118.00 245.7 $4.51 $5.58 $6.20 16.1 14.5 $22,013.2 $28.62 Experian plc EXPGY adj Mar E/V $23.61 $27.00 917.6 $0.94 $1.03 $1.15 22.9 20.5 $21,663.9 $2.89 AutoZone Inc. AZO adj Aug O/V $839.06 $975.00 25.2 $50.37 $59.51 $63.56 14.1 13.2 $21,148.5 -$59.06 Concho Resources Inc. CXO op/cf Dec E $102.57 $185.00 200.3 $11.81 $15.96 $19.08 6.4 5.4 $20,539.6 $59.94 Discover Financial Services DFS adj Dec E/V $58.13 $89.00 336.0 $5.90 $7.74 $8.41 7.5 6.9 $19,529.7 $28.86 Rockwell Automation ROK op Dec O $148.58 $200.00 120.7 $6.76 $8.11 $9.20 18.3 16.2 $17,931.2 $13.36 Square, Inc. SQ pf Dec E/V $55.32 $75.00 308.4 $0.27 $0.45 $0.71 NM 77.9 $17,060.6 $1.99 Align Technology ALGN pf Dec E/V $210.99 $265.00 80.0 $3.90 $4.87 $6.00 43.3 35.2 $16,875.8 $14.37 Synchrony Financial SYF adj Dec U/V $23.14 $26.00 718.7 $2.62 $3.56 $4.72 6.5 4.9 $16,631.5 $18.47 Global Payments Inc. GPN adj Dec O $101.44 $135.00 158.2 $4.01 $5.18 $6.07 19.6 16.7 $16,049.1 $23.84 International Paper Co. IP op Dec E $39.62 $50.00 405.0 $3.55 $5.30 $5.58 7.5 7.1 $16,047.2 $15.79 Weyerhaeuser Co. WY op Dec E $21.35 $31.00 749.2 $1.15 $1.27 $1.23 16.8 17.4 $15,995.4 $11.78 W.W. Grainger, Inc. GWW pf Dec E $278.65 $310.00 56.3 $11.46 $14.94 $15.90 18.7 17.5 $15,693.6 $30.00 Fifth Third Bancorp FITB Dec O $23.53 $27.00 655.6 $2.85 $3.03 $2.80 7.8 8.4 $15,426.6 $21.67 AMETEK, Inc. AME op Dec O $66.25 $87.00 232.1 $2.61 $3.27 $3.60 20.3 18.4 $15,377.7 $17.42 KeyCorp. KEY Dec O $14.71 $19.00 1,034.5 $1.13 $1.74 $1.89 8.5 7.8 $15,217.9 $13.09 Diamondback Energy, Inc. FANG op/cf Dec O $91.99 $177.00 164.1 $9.15 $14.93 $21.40 6.2 4.3 $15,094.2 $53.53 American Airlines Group AAL op Dec E $32.29 $37.00 460.6 $5.27 $4.66 $7.50 6.9 4.3 $14,872.2 $8.26 Continental Resources, Inc. CLR op/cf Dec O $39.52 $88.00 376.0 $5.54 $9.29 $10.90 4.3 3.6 $14,860.2 $13.68 Fastenal Company FAST pf Dec O $51.60 $60.00 287.1 $1.92 $2.51 $2.74 20.6 18.8 $14,812.1 $7.29 CBS Corp. CBS Dec E $43.37 $58.00 336.7 $4.40 $5.24 $5.78 8.3 7.5 $14,602.8 $5.16 Total System Services TSS csh Dec O $79.35 $104.00 182.4 $3.37 $4.45 $4.96 17.8 16.0 $14,476.7 $12.39 First Republic Bank FRC op Dec O $84.13 $98.00 164.8 $4.31 $4.73 $5.38 17.8 15.6 $13,863.0 $42.23 Abiomed, Inc. ABMD Mar O/V $307.44 $415.00 45.0 $2.45 $5.03 $4.80 61.1 64.1 $13,847.1 $15.54 Regions Financial Corp. RF Dec E $13.39 NE 1,033.9 $1.00 $1.54 $1.56 8.7 8.6 $13,843.5 $13.55 Citizens Financial Group CFG Dec O $29.49 $40.00 467.9 $3.27 $3.50 $3.86 8.4 7.6 $13,798.7 $40.80 Restaurant Brands International QSR adj Dec O $52.33 $75.00 251.3 $2.11 $2.66 $2.82 19.7 18.6 $13,151.4 $9.13 Vulcan Materials Company VMC op Dec O $96.72 $126.00 132.0 $3.02 $4.00 $4.85 24.2 19.9 $12,771.7 $37.55 Huntington Bancshares Inc. HBAN Dec E $11.79 NE 1,061.5 $1.00 $1.22 $1.34 9.7 8.8 $12,515.4 $9.09 CoStar Group, Inc. CSGP pf Dec O $337.00 $450.00 36.4 $4.59 $8.02 $10.39 42.0 32.4 $12,273.5 $73.43 Darden Restaurants DRI adj May O $98.57 $125.00 124.1 $4.81 $5.65 $6.23 17.4 15.8 $12,233.5 $17.77 Cooper Companies, The COO pf Oct E $244.59 $270.00 49.2 $11.52 $11.65 $13.27 21.0 18.4 $12,041.7 $67.23 Hess Corp. HES op/cf Mar O $40.45 $77.00 296.3 $6.13 $6.34 $8.23 6.4 4.9 $11,983.4 $35.07 Henry Schein, Inc. HSIC pf Dec E $77.44 $70.00 152.4 $3.60 $4.13 $4.49 18.8 17.2 $11,804.8 $18.29

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COVERAGE LIST BY MARKET CAPITALIZATION

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 12/26/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS Expeditors International EXPD Dec E $65.97 $78.00 172.6 $2.49 $3.33 $3.47 19.8 19.0 $11,385.8 $11.29 C.H. Robinson Worldwide, Inc. CHRW op Dec E $82.22 $98.00 137.5 $3.35 $4.56 $4.80 18.0 17.1 $11,305.6 $10.22 Advance Auto Parts AAP adj Dec E/V $155.03 $185.00 72.9 $5.37 $7.10 $8.04 21.8 19.3 $11,300.8 $46.19 Mosaic Company MOS op Dec O $29.31 $45.00 385.5 $1.09 $1.96 $2.60 15.0 11.3 $11,298.1 $27.40 Chipotle Mexican Grill CMG adj Dec E $405.72 $450.00 27.8 $6.60 $8.35 $11.77 48.6 34.5 $11,273.7 $48.68 Equifax Inc. EFX cs Dec E $92.70 $112.00 120.6 $5.96 $5.71 $5.88 16.2 15.8 $11,177.3 $26.43 Copart, Inc. CPRT adj Jul E/V $47.43 $53.00 234.0 $1.74 $2.12 $2.39 22.4 19.8 $11,099.3 $6.76 Teleflex Inc. TFX adj Dec O $239.11 $300.00 46.0 $8.40 $9.87 $11.20 24.2 21.3 $10,994.8 $53.81 Comerica Inc. CMA Dec O $67.84 $85.00 161.7 $4.13 $7.21 $8.02 9.4 8.5 $10,969.6 $46.07 CarMax, Inc. KMX Feb E $62.59 $83.00 171.8 $3.60 $4.81 $5.20 13.0 12.0 $10,752.0 $18.45 Martin Marietta Materials MLM op Dec E $169.85 $204.00 62.7 $7.19 $8.31 $9.23 20.4 18.4 $10,651.6 $74.43 Devon Energy Corp. DVN op/cf Dec O $22.71 $50.00 468.2 $7.93 $7.45 $8.26 3.0 2.7 $10,632.8 $17.63 Domino's Pizza, Inc. DPZ adj Dec O $248.91 $310.00 41.6 $5.88 $8.49 $9.67 29.3 25.7 $10,353.4 -$63.79 DexCom, Inc. DXCM pf Dec O/V $116.47 $170.00 88.8 ($0.59) $0.69 $0.24 NM NM $10,347.7 $4.82 SVB Financial Group SIVB op Dec O $193.18 $290.00 53.3 $9.84 $18.08 $21.45 10.7 9.0 $10,287.0 $79.11 Apache Corp. APA op/cf Dec O $27.04 $50.00 379.5 $7.26 $9.54 $10.72 2.8 2.5 $10,262.9 $19.47 Live Nation Entertainment LYV Dec O/V $48.56 $60.00 209.5 ($0.46) ($0.06) $0.45 NM NM $10,175.5 $5.68 Tractor Supply Co. TSCO adj Dec O/V $82.88 $103.00 122.1 $3.34 $4.28 $4.78 19.4 17.3 $10,117.0 $11.32 J.B. Hunt Transport Services, Inc. JBHT op Dec O $92.66 $118.00 109.2 $3.61 $5.41 $6.10 17.1 15.2 $10,116.2 $16.76 Universal Health Services UHS adj Dec E/V $117.43 $136.00 85.3 $7.53 $9.50 $10.03 12.4 11.7 $10,011.5 $52.95 FMC Corporation FMC op Dec O $73.44 $100.00 134.7 $2.72 $6.00 $6.78 12.2 10.8 $9,889.3 $19.96 Old Dominion Freight Line ODFL op Dec O $120.46 $155.00 81.8 $4.43 $7.21 $7.65 16.7 15.7 $9,847.6 $27.64 CF Industries Holdings CF op Dec O $42.60 $60.00 230.8 ($0.25) $1.43 $2.45 29.8 17.4 $9,831.7 $15.34 Jack Henry & Associates, Inc. JKHY adj Jun E $125.36 $127.00 77.3 $4.73 $3.65 $4.19 34.3 29.9 $9,690.1 $16.42 Kansas City Southern KSU op Dec E $94.56 $120.00 101.7 $5.24 $6.06 $6.95 15.6 13.6 $9,616.5 $44.09 First Data Corp. FDC pf Dec O/V $16.95 $25.00 567.0 $1.52 $1.40 $1.57 12.1 10.8 $9,610.9 $3.41 WestRock Co. WRK op Sep E $37.31 $50.00 255.7 $4.08 $4.53 NE 8.2 NM $9,540.5 $45.24 Noble Energy NBL op/cf Dec O $19.08 $40.00 479.8 $4.69 $5.29 $5.93 3.6 3.2 $9,154.6 $20.28 Ally Financial Inc. ALLY adj Dec E/V $22.06 $32.00 413.1 $2.39 $3.23 $3.54 6.8 6.2 $9,112.6 $30.87 STERIS plc STE pf Mar O $103.34 $125.00 84.5 $4.15 $4.74 $5.52 21.8 18.7 $8,732.2 $37.83 Lennox International LII op Dec E $215.07 $221.00 40.3 $7.85 $9.21 $12.60 23.4 17.1 $8,663.7 $1.20 Fidelity National Financial, Inc. FNF pf/cs Dec O $31.03 $43.00 275.2 $2.48 $2.76 $2.80 11.2 11.1 $8,540.2 $16.20 DENTSPLY SIRONA Inc. XRAY pf Dec E $37.19 $40.00 222.5 $2.66 $1.97 $2.11 18.9 17.6 $8,276.6 $29.17 Alliance Data Systems ADS adj Dec E/V $151.68 $227.00 54.5 $18.33 $22.94 $25.91 6.6 5.9 $8,262.6 $33.49 LKQ Corp. LKQ op Dec O/V $24.75 $40.00 318.2 $1.88 $2.22 $2.50 11.1 9.9 $7,875.5 $13.58 Packaging Corp of America PKG op Dec O $82.64 $110.00 94.5 $6.00 $8.06 $8.50 10.3 9.7 $7,809.2 $23.13 Zions Bancorporation ZION Dec E $40.51 NE 192.2 $2.60 $4.06 $4.28 10.0 9.5 $7,785.4 $36.01 EXACT Sciences Corp. EXAS pf Dec E/V $59.46 $75.00 122.9 ($0.99) ($1.52) ($0.78) NM NM $7,307.6 $4.32

Monthly Statistical Review Member NYSE, SIPC January 2019, Page 50

COVERAGE LIST BY MARKET CAPITALIZATION

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 12/26/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS Credit Acceptance Corp. CACC adj Dec U/V $376.29 $381.00 19.3 $20.47 $27.70 $30.21 13.6 12.5 $7,265.8 $79.53 West Pharmaceutical Services WST pf Dec E/V $96.51 $100.00 74.1 $2.78 $2.90 $3.05 33.3 31.6 $7,149.5 $17.32 XPO Logistics Inc. XPO op Dec E $55.57 $54.00 126.9 $1.94 $3.27 $4.00 17.0 13.9 $7,054.4 $29.72 Wabtec Corp. WAB op Dec O $69.97 $100.00 96.6 $3.43 $3.85 $4.30 18.2 16.3 $6,760.2 $29.25 Black Knight, Inc. BKI adj Dec O/V $44.10 $62.00 149.4 $1.37 $1.83 $2.09 24.1 21.1 $6,588.5 $11.28 GrubHub Inc. GRUB adj Dec O $72.41 $155.00 90.7 $1.20 $1.69 $2.16 42.8 33.5 $6,567.7 $12.88 KAR Auction Services KAR op Dec E $47.37 $60.00 134.6 $2.47 $2.91 $3.19 16.3 14.8 $6,376.0 $11.06 Santander Consumer USA SC adj Dec E/V $17.43 $24.00 359.4 $1.82 $2.60 $2.86 6.7 6.1 $6,263.5 $17.98 A.O. Smith AOS op Dec E $43.17 $50.00 143.9 $2.17 $2.58 $2.80 16.7 15.4 $6,211.7 $9.60 Commerce Bancshares, Inc. CBSH op Dec E $55.59 $65.00 111.5 $2.75 $3.63 $3.83 15.3 15.3 $6,200.5 $22.93 Encompass Health Corp. EHC adj Dec O/V $61.97 $81.00 98.9 $2.76 $3.61 $3.88 17.2 16.0 $6,130.6 $12.02 Signature Bank SBNY Dec O $104.96 $145.00 55.4 $7.14 $9.14 $11.49 11.5 9.1 $5,809.6 $73.33 Pool Corp. POOL pf Dec E $144.11 $168.00 40.3 $3.99 $5.66 $6.14 25.5 23.5 $5,802.3 $5.55 AerCap Holdings AER adj Dec E/V $38.84 $64.00 147.0 $6.43 $6.98 $6.33 5.6 6.1 $5,708.0 $56.08 Wayfair Inc. W op Dec O $89.81 $135.00 61.8 ($1.97) ($4.32) ($3.85) NM NM $5,550.6 -$0.55 Cullen/Frost Bankers, Inc. CFR op Dec E $86.54 $101.00 63.9 $5.52 $6.86 $7.19 12.6 12.6 $5,533.7 $49.68 WABCO Holdings Inc. WBC op Dec O $104.86 $145.00 52.2 $6.87 $7.65 $7.80 13.7 13.4 $5,470.4 $20.87 People's United Financial PBCT Dec E $14.37 NE 377.4 $0.97 $1.27 $1.47 11.3 9.8 $5,423.9 $16.09 BOK Financial BOKF op Dec O $73.34 $96.00 72.6 $5.25 $6.84 $7.42 10.7 10.7 $5,327.8 $53.45 Dunkin' Brands Group DNKN adj Dec E $64.27 $75.00 82.6 $2.07 $2.82 $3.05 22.8 21.1 $5,308.5 $0.09 FICO FICO adj Sep E $182.27 $200.00 29.0 $6.23 $6.91 $8.53 26.4 21.4 $5,277.6 $9.09 Bio-Techne Corp. TECH pf Jun E/V $139.32 $180.00 37.8 $4.47 $4.44 $5.17 31.4 26.9 $5,261.6 $28.69 Helmerich & Payne HP Sep O $47.94 $85.00 109.0 $4.37 $1.63 NE 29.4 NM $5,227.3 $40.21 First American Financial Corp. FAF op Dec O $44.87 $64.00 111.8 $3.70 $4.57 $4.55 9.8 9.9 $5,015.9 $31.37 JetBlue Airways Corp. JBLU op Dec E $16.07 $18.00 304.8 $1.74 $1.55 $2.25 10.4 7.1 $4,897.9 $15.06 WPX Energy, Inc. WPX op/cf Dec O $11.12 $22.00 420.3 $1.32 $2.28 $3.52 4.9 3.2 $4,673.6 $9.78 Casey's General Stores CASY adj Apr O $126.60 $143.00 36.6 $3.76 $5.00 $5.30 25.3 23.9 $4,634.3 $34.47 Insulet Corp. PODD pf Dec E/V $76.75 $100.00 59.1 ($0.46) ($0.08) $0.46 NM NM $4,534.2 $2.72 Catalent, Inc. CTLT adj Jun E/V $31.04 $41.00 145.4 $1.75 $1.80 $2.03 17.2 15.3 $4,512.3 $8.14 New York Community Bancorp NYCB Dec E $9.13 NE 490.3 $0.91 $0.79 $0.76 11.6 12.0 $4,476.8 $12.88 Parsley Energy, Inc. PE op/cf Dec E $15.97 $31.00 280.2 $2.32 $3.75 $4.61 4.3 3.5 $4,475.3 $18.68 RealPage, Inc. RP adj Dec O/V $47.18 $70.00 93.9 $0.93 $1.48 $1.83 31.9 25.8 $4,430.8 $6.03 Watsco, Inc. WSO pf Dec O $137.92 $180.00 32.1 $5.51 $6.48 $7.09 21.3 19.5 $4,429.7 $34.86 Knight-Swift Transportation Holdings KNX op Dec O $25.01 $50.00 174.5 $1.17 $2.35 $2.75 10.6 9.1 $4,365.2 $29.43 Quanta Services, Inc. PWR pf Dec O/V $29.78 $49.00 146.0 $1.97 $2.84 $3.28 10.5 9.1 $4,348.8 $24.65 First Horizon National Corp. FHN op Dec E $13.09 $17.00 323.9 $1.11 $1.38 $1.45 9.5 9.5 $4,240.4 $12.82 Prosperity Bancshares, Inc. PB op Dec E $60.68 $73.00 69.8 $3.94 $4.60 $4.88 13.2 12.4 $4,237.8 $55.03 Genesee & Wyoming Inc. GWR op Dec O $72.36 $95.00 58.4 $2.91 $3.76 $4.45 19.2 16.3 $4,225.2 $57.12

Monthly Statistical Review Member NYSE, SIPC January 2019, Page 51

COVERAGE LIST BY MARKET CAPITALIZATION

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 12/26/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS Texas Roadhouse TXRH adj Dec E $59.01 $70.00 71.6 $1.97 $2.26 $2.50 26.1 23.6 $4,222.2 $11.79 Western Alliance Bancorp. WAL op Dec O $39.44 $54.00 105.9 $3.09 $4.25 $4.60 9.3 8.6 $4,175.1 $21.14 Murphy Oil Corp. MUR op/cf Dec E $23.82 $38.00 173.1 $5.93 $7.58 $12.95 3.1 1.8 $4,122.2 $26.77 Ollie's Bargain Outlet OLLI op Jan O $64.92 $100.00 62.9 $1.25 $1.76 $2.04 36.9 31.8 $4,082.2 $12.85 PacWest Bancorp PACW op Dec O $33.39 $42.00 121.8 $2.99 $3.60 $3.88 9.3 8.6 $4,065.9 $39.09 CIT Group Inc. CIT adj Dec E/V $38.04 $55.00 105.6 $3.07 $3.97 $4.68 9.6 8.1 $4,016.8 $53.25 Kirby Corp. KEX op Dec E $67.03 $80.00 59.9 $2.07 $2.81 $3.65 23.9 18.4 $4,012.8 $52.12 Tribune Media Co. TRCO adj Dec E $45.21 $46.00 87.7 $1.43 $3.55 $1.31 12.7 34.5 $3,965.0 $36.84 Spirit Airlines, Inc. SAVE op Dec O $57.76 $74.00 68.3 $3.29 $4.35 $7.40 13.3 7.8 $3,943.0 $26.06 Landstar System, Inc. LSTR Dec O $94.12 $139.00 41.1 $3.74 $6.09 $6.55 15.5 14.4 $3,869.7 $15.50 First Financial Bankshares FFIN op Dec E $56.03 $56.00 67.7 $1.68 $2.24 $2.35 25.0 25.0 $3,794.5 $14.03 Sterling Bancorp STL Dec O $16.65 $21.00 224.4 $0.77 $1.95 $2.03 8.5 8.2 $3,736.7 $18.24 Wintrust Financial Corp. WTFC Dec O $65.96 $88.00 56.4 $4.40 $6.08 $6.40 10.8 10.3 $3,719.6 $50.96 Synovus Financial Corp. SNV op Dec E $31.81 $43.00 116.4 $2.39 $3.62 $4.04 8.8 7.9 $3,701.9 $23.85 Wendy's Co., The WEN adj Dec O $15.53 $20.00 236.8 $0.39 $0.57 $0.66 27.2 23.5 $3,677.0 $2.38 SLM Corp. SLM adj Dec O/V $8.43 $15.00 435.7 $0.71 $1.03 $1.22 8.2 6.9 $3,672.6 $4.80 Amedisys, Inc. AMED op Dec E/V $113.51 $120.00 31.9 $2.20 $3.55 $3.98 32.0 28.5 $3,619.7 $15.17 Pinnacle Financial Partners PNFP op Dec O $45.87 $60.00 77.9 $3.58 $4.69 $4.96 9.8 9.2 $3,572.8 $47.70 IBERIABANK Corp. IBKC op Dec O $64.28 $85.00 55.5 $4.47 $6.58 $7.08 9.8 9.1 $3,570.4 $66.17 Umpqua Holdings Corp. UMPQ op Dec E $16.00 $20.00 220.2 $1.06 $1.54 $1.64 10.4 9.8 $3,523.8 $18.24 MSC Industrial Direct Co. MSM pf Aug O $76.76 $116.00 45.1 $4.05 $5.87 $6.06 13.1 12.7 $3,465.5 $24.82 Nexstar Media Group NXST Dec O/V $75.70 $105.00 45.6 $10.08 $8.20 $5.14 9.2 14.7 $3,452.8 $34.17 Penske Automotive Group, Inc. PAG op Dec O $39.98 $60.00 84.9 $4.28 $5.43 $5.60 7.4 7.1 $3,392.7 $27.92 Trex Company TREX op Dec E/V $57.47 $65.00 58.8 $3.17 $2.62 $2.44 21.9 23.6 $3,376.6 $3.93 OneMain Holdings, Inc. OMF adj Dec O/V $24.70 $43.00 135.8 $3.53 $5.10 $5.65 4.8 4.4 $3,354.1 $24.22 Air Lease Corp. AL Dec O/V $29.95 $61.00 110.9 $3.65 $4.63 $5.20 6.5 5.8 $3,322.5 $39.83 Graphic Packaging GPK op Dec O $10.62 $20.00 310.4 $0.63 $0.77 $0.90 13.8 11.8 $3,296.1 $4.17 Associated Banc-Corp ASB Dec E $19.49 NE 165.8 $1.43 $1.88 $1.99 10.4 9.8 $3,231.1 $20.14 National Health Investors NHI Dec O $76.16 $82.00 42.2 $3.87 $3.76 $3.82 20.3 19.9 $3,216.3 $31.83 TCF Financial Corp. TCF Dec E $19.24 NE 166.8 $1.43 $1.69 $1.90 11.4 10.1 $3,209.3 $13.96 MasTec, Inc. MTZ adj Dec O/V $40.58 $61.00 78.7 $2.92 $3.65 $4.22 11.1 9.6 $3,192.8 $17.28 F.N.B. Corporation FNB Dec E $9.83 NE 324.3 $0.61 $1.10 $1.16 8.9 8.5 $3,187.8 $13.30 United Bankshares, Inc. UBSI Dec E $30.55 NE 103.2 $1.56 $2.43 $2.50 12.6 12.2 $3,152.3 $30.85 ACI Worldwide, Inc. ACIW pf/cs Dec O $26.93 $33.00 116.0 $1.03 $1.32 $1.42 20.4 19.0 $3,123.3 $6.53 AutoNation, Inc. AN op Dec E $34.36 $60.00 89.9 $3.94 $4.49 $4.80 7.7 7.2 $3,089.8 $25.88 FirstCash, Inc. FCFS adj Dec E/V $70.01 $90.00 43.8 $2.74 $3.56 $4.13 19.7 17.0 $3,068.7 $31.45 BankUnited, Inc. BKU Dec O $29.73 $38.00 103.1 $5.57 $3.00 $2.71 9.9 11.0 $3,064.2 $28.32 Louisiana-Pacific Corp. LPX op Dec E $21.53 $30.00 141.2 $2.33 $2.92 $2.20 7.4 9.8 $3,039.6 $11.07

Monthly Statistical Review Member NYSE, SIPC January 2019, Page 52

COVERAGE LIST BY MARKET CAPITALIZATION

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 12/26/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS UMB Financial UMBF op Dec O $60.71 $75.00 49.9 $3.72 $4.56 $4.69 13.3 12.9 $3,028.0 $43.72 Regal Beloit Corp. RBC op Dec E $69.51 $80.00 43.1 $4.87 $5.90 $6.70 11.8 10.4 $2,998.8 $52.49 Trinity Industries TRN Dec E $20.47 $40.00 146.3 $1.49 $1.65 $1.95 12.4 10.5 $2,994.7 $29.83 LiveRamp, Inc. RAMP adj Mar O/V $38.56 $55.00 77.7 $0.94 ($0.42) $0.15 NM NM $2,994.7 $9.63 Investors Bancorp, Inc. ISBC Dec O $10.24 $13.00 292.1 $0.43 $0.77 $0.78 13.3 13.1 $2,991.4 $10.21 Sprouts Farmers Market SFM adj Dec E/V $23.21 $25.00 127.6 $1.01 $1.27 $1.39 18.3 16.7 $2,961.7 $4.90 Valley National Bancorp VLY Dec E $8.89 NE 331.5 $0.58 $0.74 $0.98 12.0 9.1 $2,947.0 $8.79 Healthcare Services Group HCSG op Dec O $39.83 $52.00 73.8 $1.19 $1.44 $1.66 27.7 24.0 $2,939.4 $5.45 MEDNAX, Inc. MD adj Dec O/V $32.85 $45.00 89.4 $3.34 $3.76 $4.05 8.7 8.1 $2,937.4 $32.72 Ligand Pharmaceuticals LGND adj Dec O/V $137.86 $200.00 21.3 $3.26 $6.55 $5.06 21.0 27.2 $2,930.1 $18.90 Hancock Whitney Corp. HWC op Dec O $34.32 $49.00 85.2 $2.90 $3.96 $4.10 8.7 8.7 $2,922.9 $33.86 Centennial Resource Production CDEV op/cf Dec E $11.02 $23.00 264.3 $1.14 $2.45 $3.26 4.5 3.4 $2,912.1 $10.89 LHC Group LHCG op Dec O/V $92.64 $110.00 31.4 $2.42 $3.53 $4.16 26.2 22.3 $2,906.5 $25.29 Bank OZK OZK op Dec E $22.54 $26.00 128.6 $2.94 $3.26 $3.31 6.9 6.8 $2,898.7 $26.98 Aaron's, Inc. AAN adj Dec O/V $42.05 $61.00 68.6 $2.56 $3.42 $4.08 4.1 10.3 $2,884.4 $24.68 Neogen Corp. NEOG pf May E/V $55.13 $58.00 52.1 $1.21 $1.19 $1.29 46.3 42.7 $2,871.3 $10.83 Eagle Materials EXP op Mar O/V $59.92 $90.00 46.9 $4.83 $5.33 $5.65 11.2 10.6 $2,809.6 $29.36 Home BancShares, Inc. HOMB op Dec O $16.24 $22.00 172.9 $1.21 $1.76 $1.81 9.2 9.0 $2,808.4 $12.70 LendingTree, Inc. TREE adj Dec O/V $217.55 $350.00 12.8 $3.75 $5.76 $6.90 37.8 31.5 $2,790.7 $24.57 GATX Corp. GATX adj Dec E $71.79 $80.00 37.6 $4.69 $5.10 $4.85 14.1 14.8 $2,699.3 $47.31 CoreLogic CLGX adj Dec O/V $33.40 $51.00 80.6 $2.36 $2.69 $2.69 12.4 12.4 $2,690.7 $12.46 Fulton Financial Corp. FULT Dec E $15.14 NE 176.1 $0.97 $1.19 $1.44 12.7 10.5 $2,666.1 $12.73 Old National Bancorp. ONB Dec O $15.22 $20.00 175.1 $0.71 $1.31 $1.40 11.6 10.9 $2,665.4 $14.17 Chemical Financial Corp. CHFC Dec O $36.85 $52.00 71.4 $2.09 $3.92 $4.30 9.4 8.6 $2,632.7 $37.48 AMN Healthcare Services AMN adj Dec E/V $55.69 $56.00 46.9 $2.56 $3.25 $3.47 17.1 16.0 $2,610.1 $11.85 Range Resources Corp. RRC op/cf Dec E $10.42 $21.00 249.5 $3.74 $4.29 $4.27 2.4 2.4 $2,599.8 $23.27 BancorpSouth Bank BXS op Dec O $25.76 $33.00 99.7 $1.67 $2.22 $2.35 11.6 11.0 $2,567.7 $18.97 Texas Capital Bancshares TCBI op Dec E $51.15 $59.00 50.2 $4.15 $6.03 $6.53 8.5 7.8 $2,566.8 $41.35 Ryder System R op Dec E $48.02 $64.00 53.1 $4.53 $5.80 $6.25 8.3 7.7 $2,549.3 $53.54 Murphy USA Inc. MUSA adj Dec E/V $74.04 $84.00 32.2 $4.55 $4.32 $4.65 17.1 15.9 $2,387.1 $21.66 TEGNA Inc. TGNA adj Dec O/V $10.92 $14.00 215.3 $1.16 $1.65 $1.48 6.6 7.4 $2,351.1 $4.63 Dick's Sporting Goods, Inc. DKS op Jan E $31.59 $40.00 73.8 $3.01 $3.20 $3.40 9.9 9.3 $2,330.1 $18.84 First Financial Bancorp. FFBC Dec O $23.39 $30.00 97.9 $1.56 $1.97 $2.28 11.9 10.3 $2,290.1 $14.99 Acadia Healthcare Co. ACHC adj Dec O/V $25.91 $46.00 88.3 $2.29 $2.24 $2.26 11.6 11.5 $2,286.7 $29.55 Patterson-UTI Energy PTEN Dec O $10.46 $20.00 217.4 $0.03 ($0.69) ($0.09) NM NM $2,274.2 $17.90 Domtar Corp. UFS op Dec O $36.07 $55.00 62.9 $2.60 $4.45 $5.15 8.1 7.0 $2,268.9 $39.60 Repligen Corp. RGEN pf Dec O/V $51.58 $65.00 43.9 $0.70 $0.72 $0.85 71.6 60.7 $2,262.2 $13.57 Monro Muffler Brake MNRO op Mar E $68.15 $59.00 33.0 $1.92 $2.37 $2.57 28.8 26.5 $2,248.1 $19.14

Monthly Statistical Review Member NYSE, SIPC January 2019, Page 53

COVERAGE LIST BY MARKET CAPITALIZATION

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 12/26/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS TFI International TFII-CA op/c Dec O $34.31 $56.00 87.4 $2.09 $3.40 $3.60 10.1 9.5 $2,204.1 $15.88 Simmons First National Corp. SFNC op Dec O $23.78 $30.00 92.5 $1.70 $2.39 $2.48 9.9 9.6 $2,200.4 $22.65 RPC RES Dec E $10.24 $16.00 214.8 $0.75 $0.86 $0.75 11.9 13.7 $2,199.5 $4.21 Ellie Mae, Inc. ELLI adj Dec E/V $62.57 $75.00 34.8 $1.62 $1.92 $2.23 32.6 28.1 $2,180.0 $21.48 South State Corp. SSB op Dec U $59.50 $58.00 36.5 $4.80 $5.43 $5.18 11.0 11.5 $2,173.4 $62.81 WESCO International, Inc. WCC pf Dec O/V $46.41 $80.00 46.7 $3.93 $4.76 $5.38 9.8 8.6 $2,166.9 $45.09 Michaels Companies MIK op Jan O $13.58 $26.00 157.7 $2.18 $2.37 $2.58 5.7 5.3 $2,141.5 -$8.30 Werner Enterprises, Inc. WERN Dec O $30.07 $40.00 71.2 $1.24 $2.28 $2.60 13.2 11.6 $2,140.8 $16.36 Myriad Genetics, Inc. MYGN pf Jun O/V $28.61 $52.00 74.8 $1.94 $0.37 $0.99 77.3 28.9 $2,138.9 $13.67 Beacon Roofing Supply, Inc. BECN op Sep O/V $31.15 $40.00 68.2 $2.70 $3.07 $3.42 10.1 9.1 $2,123.1 $27.66 First Midwest Bancorp FMBI Dec E $19.50 $24.00 106.4 $0.96 $1.60 $1.96 12.2 9.9 $2,074.5 $18.16 Q2 Holdings, Inc. QTWO csh/adj Dec E $47.47 $60.00 43.4 $0.03 $0.11 $0.18 NM NM $2,059.0 $2.54 Avanos Medical AVNS pf Dec O $43.08 $68.00 47.4 $1.67 $0.95 $1.34 45.3 32.1 $2,043.2 $25.90 Ensign Group, The ENSG adj Dec O/V $38.82 $53.00 52.3 $1.38 $1.84 $2.07 21.1 18.8 $2,031.0 $9.59 WesBanco, Inc. WSBC Dec O $36.65 $46.00 54.6 $2.14 $2.95 $3.68 12.4 10.0 $2,001.0 $31.68 Bottomline Technologies EPAY pf Jun E/V $46.43 $64.00 43.1 $1.27 $1.44 $1.64 32.2 28.3 $2,000.8 $7.97 Dana Incorporated DAN adj Dec E $13.74 $17.00 144.7 $2.52 $2.90 $3.10 4.7 4.4 $1,987.7 $6.99 Meredith Corp. MDP adj Jun E $49.83 $56.00 39.9 $4.00 $3.67 $1.03 13.6 48.4 $1,987.2 $24.44 Whiting Petroleum Corp. WLL op/cf Dec O $21.83 $54.00 91.0 $8.13 $12.48 $14.80 1.7 1.5 $1,986.4 $43.21 CenterState Bank Corp. CSFL op Dec O $20.75 $30.00 95.7 $1.42 $2.08 $2.17 10.0 9.6 $1,985.1 $15.04 Glaukos Corp. GKOS pf Dec O/V $54.64 $70.00 36.0 $0.15 ($0.60) ($0.23) NM NM $1,968.6 $3.99 Element Fleet Management EFN-CA adj/c Dec E/V $6.16 $7.00 433.2 $0.83 $0.73 $0.76 8.4 8.1 $1,961.5 $7.92 Cheesecake Factory, The CAKE adj Dec E $43.09 $55.00 45.3 $2.57 $2.45 $2.63 17.6 16.4 $1,953.5 $13.37 PDC Energy, Inc. PDCE op/cf Dec O $29.24 $72.00 66.1 $9.17 $12.08 $18.12 2.4 1.6 $1,932.2 $38.05 Sinclair Broadcast Group SBGI Dec O/V $26.62 $35.00 71.8 $5.72 $2.57 $2.02 10.4 13.2 $1,911.1 $15.42 NxStage Medical, Inc. NXTM Dec E $28.64 $30.00 66.7 ($0.22) $0.08 $0.25 NM NM $1,909.9 $3.22 Banner Corp. BANR op Dec E $53.80 $56.00 35.4 $2.99 $4.03 $4.44 13.3 12.1 $1,905.0 $38.89 Trustmark Corp. TRMK op Dec E $28.17 $32.00 67.1 $1.86 $2.20 $2.27 12.8 12.4 $1,889.9 $23.20 Realogy Holdings Corp. RLGY adj Dec O/V $15.94 $24.00 118.2 $1.57 $1.55 $1.72 10.3 9.3 $1,883.4 $19.89 Matador Resources Co. MTDR op/cf Dec E $15.89 $29.00 116.3 $3.61 $5.04 $5.97 3.2 2.7 $1,848.5 $10.66 Union Bankshares Corp. UBSH Dec O $27.79 $40.00 66.0 $1.75 $2.57 $2.92 10.8 9.5 $1,833.8 $23.92 Brooks Automation, Inc. BRKS adj Sep O/V $25.22 $43.00 72.0 $1.57 $1.01 $1.63 25.0 15.5 $1,814.7 $10.15 Great Western Bancorp GWB Sep O $30.94 $40.00 57.7 $2.45 $2.67 $3.15 11.6 9.8 $1,784.2 $31.24 Wingstop, Inc. WING adj Dec O $60.80 $75.00 29.3 $0.71 $0.85 $0.97 71.5 62.7 $1,781.2 -$1.66 Zillow, Inc. ZG adj Dec O/V $30.67 $43.00 58.0 $0.54 $0.42 $0.65 73.0 47.2 $1,778.5 $14.00 Renasant Corp. RNST op Dec E $29.61 $36.00 58.7 $2.42 $3.00 $3.27 9.9 9.1 $1,738.6 $30.72 Brinker International EAT adj Jun E $44.49 $45.00 38.6 $3.50 $3.72 $3.84 12.0 11.6 $1,717.3 -$17.61 Schneider National Inc. SNDR op Dec E $18.25 $27.00 94.0 $0.94 $1.51 $1.70 12.1 10.7 $1,714.9 $10.69

Monthly Statistical Review Member NYSE, SIPC January 2019, Page 54

COVERAGE LIST BY MARKET CAPITALIZATION

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 12/26/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS Oasis Petroleum Inc. OAS op/cf Dec E $5.38 $11.00 318.4 $3.57 $2.69 $3.70 2.0 1.5 $1,713.2 $12.54 First Merchants Corp. FRME Dec E $34.25 NE 49.7 $2.13 $3.20 $3.42 10.7 10.0 $1,700.8 $26.51 United Community Banks, Inc. UCBI op Dec E $21.39 $24.00 79.2 $1.62 $2.12 $2.15 10.1 9.9 $1,694.2 $16.80 ServisFirst Bancshares, Inc. SFBS op Dec E $31.66 $37.00 53.3 $1.78 $2.51 $2.69 12.6 11.8 $1,687.2 $11.46 Dycom Industries DY pf Jan O/V $53.44 $130.00 31.3 $3.88 $4.75 $6.68 11.3 8.0 $1,672.5 $23.25 Eagle Bancorp EGBN Dec O $48.48 $60.00 34.3 $2.92 $4.40 $4.78 11.0 10.1 $1,665.2 $27.80 Hilltop Holdings Inc. HTH op Dec E $17.40 $19.00 94.6 $1.40 $1.53 $1.60 11.4 11.4 $1,646.0 $19.92 Lithia Motors, Inc. LAD op Dec E $72.73 $106.00 22.5 $8.39 $10.10 $10.60 7.2 6.9 $1,638.5 $43.38 Forward Air FWRD op Dec E $54.58 $67.00 29.2 $2.40 $3.02 $3.40 18.1 16.1 $1,593.8 $18.11 Axos Financial, Inc. AX Jun O/V $25.11 $35.00 62.8 $2.36 $2.87 $3.43 8.7 7.3 $1,577.7 $15.24 CareTrust REIT CTRE Dec O $18.68 $21.00 83.9 $0.36 $0.72 $0.74 25.9 25.2 $1,567.0 $7.88 TopBuild Corp. BLD op Dec E/V $44.28 $54.00 35.4 $2.77 $4.15 $4.17 10.7 10.6 $1,566.8 $28.00 LegacyTexas Financial Group LTXB op Dec O $32.21 $39.00 48.5 $2.16 $2.74 $3.27 11.8 9.9 $1,562.4 $19.95 Pacific Premier Bancorp PPBI op Dec E $24.87 $29.00 62.5 $2.02 $2.38 $2.62 10.4 9.5 $1,553.7 $26.86 Flagstar Bancorp FBC Dec E $26.47 NE 57.6 $1.08 $2.96 $3.55 8.9 7.5 $1,525.4 $24.41 Heartland Financial USA HTLF Dec E $44.12 NE 34.5 $2.66 $3.58 $4.13 12.3 10.7 $1,520.9 $33.07 Ameris Bancorp ABCB op Dec O $31.69 $58.00 47.5 $2.48 $3.30 $4.12 4.3 7.7 $1,505.4 $21.59 Heartland Express, Inc. HTLD Dec E $18.02 $19.00 81.9 $0.51 $0.85 $0.95 21.2 19.0 $1,476.3 $6.90 Callon Petroleum Co. CPE op/cf Dec O $6.48 $14.00 227.6 $1.31 $1.91 $2.87 0.4 2.3 $1,474.7 $9.20 Cadence Bancorporation CADE op Dec O $17.24 $23.00 83.6 $1.51 $2.08 $2.05 8.3 8.3 $1,441.7 $16.25 Independent Bank Group IBTX op Dec O $46.38 $61.00 30.5 $3.52 $4.55 $5.10 10.2 9.1 $1,413.6 $47.28 Saia, Inc. SAIA op Dec E $54.79 $60.00 25.7 $2.20 $3.90 $4.40 14.0 12.5 $1,407.8 $22.80 Matson Inc. MATX op Dec E $32.55 $44.00 42.7 $5.40 $2.54 $2.60 12.8 12.5 $1,390.0 $15.96 STAAR Surgical Co. STAA pf Dec O/V $31.10 $56.00 44.1 ($0.02) $0.18 $0.31 NM NM $1,372.5 $1.04 Compass Minerals International CMP op Dec O $40.50 $67.00 33.9 $3.29 $2.29 $3.55 17.7 11.4 $1,371.0 $20.53 Summit Materials LLC SUM op Dec O $12.19 $20.00 111.7 $1.20 $0.46 $0.56 26.5 21.8 $1,361.1 $11.40 QEP Resources, Inc. QEP op/cf Dec E $5.65 $12.00 236.8 $2.58 $3.91 $2.61 1.4 2.2 $1,337.8 $15.76 Redfin Corp. RDFN adj Dec U $14.93 $13.00 89.5 ($0.15) ($0.36) ($0.79) NM NM $1,336.6 $2.89 Papa John's International PZZA adj Dec O $41.85 $55.00 31.5 $2.67 $1.44 $1.41 29.1 29.7 $1,320.0 -$3.59 Carvana Co. CVNA op Dec E/V $33.74 $66.00 38.8 ($1.21) ($1.65) ($1.27) NM NM $1,310.8 $1.58 U.S. Physical Therapy USPH cs Dec E/V $102.23 $106.00 12.7 $2.08 $2.53 $2.65 40.4 38.6 $1,296.8 $16.27 Greenbrier Companies GBX Aug E $39.81 $55.00 32.4 $4.13 $4.30 $4.40 9.3 9.0 $1,287.9 $38.83 Aircastle Ltd. AYR adj Dec E/V $16.78 $24.00 76.2 $2.14 $3.43 $2.29 4.9 7.3 $1,279.1 $24.24 Cambrex Corp. CBM adj Dec O/V $37.99 $60.00 33.6 $3.18 $2.95 $2.49 12.9 15.3 $1,274.9 $16.59 Asbury Automotive Group, Inc. ABG op Dec O $64.86 $85.00 19.6 $6.45 $8.38 $8.56 7.7 7.6 $1,271.4 $18.94 Air Transport Services Group ATSG op Dec O $21.34 $27.00 59.1 $0.90 $1.31 $1.40 16.3 15.2 $1,260.8 $6.69 Brookdale Senior Living BKD Dec O/V $6.62 $12.00 187.7 ($3.07) ($3.84) ($1.03) NM NM $1,242.9 $8.00 Builders FirstSource, Inc. BLDR op Dec E/V $10.80 $14.00 114.7 $1.27 $1.85 $1.69 5.8 6.4 $1,239.0 $3.31

Monthly Statistical Review Member NYSE, SIPC January 2019, Page 55

COVERAGE LIST BY MARKET CAPITALIZATION

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 12/26/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS NOW, Inc. DNOW pf Dec O $11.40 $18.00 108.4 ($0.27) $0.33 $0.59 34.5 19.3 $1,236.0 $10.97 Hub Group HUBG Dec O $36.45 $62.00 33.6 $1.80 $2.83 $3.20 12.9 11.4 $1,225.2 $22.57 Fortress Transportation FTAI op Dec O $14.36 $22.00 84.1 $0.14 $0.30 $0.95 47.9 15.1 $1,207.0 $12.50 Masonite International DOOR op Dec E $45.35 $61.00 26.5 $3.33 $4.00 $4.54 11.3 10.0 $1,202.7 $25.47 Cannae Holdings, Inc. CNNE pf Dec O/V $16.70 $25.00 71.9 $1.68 ($0.34) ($0.19) NM NM $1,200.1 $14.95 Gray Television, Inc. GTN Dec O/V $14.63 $21.00 82.0 $3.55 $2.30 $1.23 6.4 11.9 $1,200.0 $11.05 First Busey Corp. BUSE Dec O $24.29 $30.00 48.9 $1.48 $2.02 $2.26 12.0 10.7 $1,186.8 $19.21 WSFS Financial Corp. WSFS Dec O $37.52 $56.00 31.4 $50.00 $4.13 $3.70 9.1 10.1 $1,177.0 $23.05 MRC Golbal Inc. MRC pf Dec O $12.51 $21.00 90.3 $0.19 $0.92 $1.14 13.6 11.0 $1,130.0 $8.31 City Holding Co. CHCO Dec E $67.97 NE 16.6 $3.48 $5.10 $5.04 13.3 13.5 $1,128.8 $32.17 Sandy Spring Bancshares SASR Dec O $31.56 $45.00 35.5 $2.20 $2.89 $3.36 10.9 9.4 $1,121.1 $23.50 Neogenomics Inc. NEO Dec O/V $11.90 $19.00 94.0 $0.12 $0.18 $0.24 66.1 49.6 $1,118.8 $2.15 Core-Mark Holding Co. CORE adj Dec O/V $24.44 $36.00 45.7 $0.95 $1.35 $1.44 18.1 17.0 $1,117.0 $12.03 Pacific Biosciences of California PACB pf Dec O/V $7.44 $4.50 149.6 ($0.87) ($0.66) ($0.61) NM NM $1,113.2 $0.74 BJ's Restaurants BJRI adj Dec O $51.32 $80.00 21.3 $1.40 $2.35 $2.36 21.8 21.7 $1,092.7 $12.63 E.W. Scripps Co. SSP Dec E $15.51 $15.00 68.7 ($0.09) $0.65 $0.39 23.9 39.8 $1,066.2 $11.48 FB Financial Corporation FBK op Dec E $34.68 $40.00 30.7 $2.10 $2.63 $2.89 13.2 13.2 $1,065.3 $19.54 Atlas Air Worldwide Holdings AAWW op Dec E/V $40.94 $65.00 25.6 $4.93 $7.07 $7.15 5.8 5.7 $1,047.7 $70.77 Installed Building Products IBP op Dec E/V $33.36 $38.00 31.2 $2.03 $2.60 $2.68 12.8 12.4 $1,041.7 $6.61 ProPetro Holding Corp. PUMP Dec O $12.42 $25.00 83.6 $0.17 $1.80 $2.02 6.9 6.1 $1,037.9 $4.98 Rush Enterprises, Inc. RUSHA Dec O $33.59 $60.00 30.5 $2.29 $3.55 $3.60 9.5 9.3 $1,022.8 $26.13 BMC Stock Holdings BMCH op Dec E/V $15.18 $19.00 67.4 $1.03 $1.82 $1.52 8.3 10.0 $1,022.5 $11.13 Denny's Corp. DENN adj Dec O $16.26 $17.00 62.6 $0.59 $0.67 $0.63 24.3 25.8 $1,017.7 -$1.51 TriCo Bancshares TCBK op Dec O $32.90 $40.00 30.4 $2.04 $2.61 $2.95 12.6 11.2 $1,000.8 $22.03 Lakeland Financial Corp. LKFN Dec E $39.52 NE 25.3 $2.24 $3.08 $3.23 12.8 12.2 $999.9 $18.72 Stewart Information Services STC op Dec E/V $41.69 $47.00 23.7 $2.05 $2.56 $3.08 16.3 13.5 $989.8 $28.34 Gannett Co. GCI adj Dec E $8.73 $12.00 113.1 $1.03 $1.04 $0.91 8.4 9.6 $987.4 $9.10 Group 1 Automotive, Inc. GPI op Dec O $51.22 $97.00 19.2 $7.72 $8.86 $9.77 5.8 5.2 $982.1 $53.80 World Acceptanc Corp. WRLD Mar U/V $98.99 $65.00 9.9 $6.53 $7.32 $9.01 13.5 11.0 $976.5 $59.34 First Bancorp FBNC op Dec E $32.62 $34.00 29.7 $1.98 $3.01 $2.82 10.8 10.8 $969.8 $23.38 Party City Holdco Inc. PRTY op Dec O $9.90 $18.00 97.2 $1.19 $1.62 $1.84 6.1 5.4 $962.1 $10.05 National Bank Holdings Corp. NBHC op Dec E $30.66 $35.00 30.8 $1.20 $2.12 $2.19 14.5 14.0 $943.4 $19.81 TrueCar, Inc. TRUE adj Dec O/V $8.96 $18.00 104.0 $0.07 $0.12 $0.29 74.7 30.9 $931.9 $3.12 Continental Building Products CBPX op Dec E/V $25.28 $32.00 36.8 $1.33 $2.07 $2.30 12.2 11.0 $931.4 $8.47 NCI Building Systems NCS op Oct E/V $7.26 $24.00 125.3 $0.80 $1.45 $1.81 5.0 4.0 $910.0 $4.99 C & J Energy Services CJ Dec O $13.48 $25.00 67.3 $0.37 $0.66 $0.39 20.4 34.6 $907.6 $19.28 Talos Energy, Inc. TALO op/cf Dec O $16.74 $38.00 54.2 NM $11.25 $11.76 1.5 1.4 $906.6 $15.41 Marten Transport, Ltd. MRTN op Dec E $16.28 $22.00 54.5 $0.62 $0.99 $1.15 16.4 14.2 $886.7 $9.64

Monthly Statistical Review Member NYSE, SIPC January 2019, Page 56

COVERAGE LIST BY MARKET CAPITALIZATION

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 12/26/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS Rent-A-Center RCII adj Dec E/V $16.40 $14.00 53.5 ($0.53) $0.87 $1.48 18.9 11.1 $877.6 $5.11 ArcBest Corp. ARCB op Dec E $34.15 $40.00 25.7 $1.34 $3.75 $3.20 9.1 10.7 $877.3 $25.40 Codexis, Inc. CDXS pf Dec O/V $16.05 $25.00 54.0 ($0.32) ($0.06) ($0.09) NM NM $867.0 $0.51 Keane Group FRAC Dec O $8.24 $18.00 104.7 ($0.34) $0.60 $0.95 13.7 8.7 $862.5 $4.59 Addus HomeCare Corp. ADUS op Dec O $65.69 $75.00 13.1 $1.60 $1.92 $2.23 34.2 29.5 $860.4 $15.05 U.S. Silica Holdings SLCA cf Dec E $10.97 $16.00 77.5 $1.77 $0.32 $0.39 34.3 28.1 $850.3 $17.34 State Bank Financial Corp. STBZ op Dec E $21.86 $35.00 38.8 $1.63 $2.22 $2.38 9.8 9.2 $848.2 $16.45 NIC Inc. EGOV adj Dec E $12.43 $16.00 66.6 $0.83 $0.93 $0.71 13.4 17.5 $827.5 $2.54 Denbury Resources DNR op/cf Dec E $1.77 $4.00 460.5 $1.33 $1.13 $1.71 1.6 1.0 $815.2 $1.61 Mammoth Energy Services TUSK Dec O $18.16 $35.00 44.8 $1.42 $4.43 $3.73 4.1 4.9 $812.8 $11.39 Unit Corp. UNT op/cf Dec E $14.92 $25.00 54.1 $5.36 $6.31 $7.36 2.4 2.0 $806.5 $25.45 ECN Capital ECN-CA adj/c Dec O/V $3.37 $6.00 319.9 $0.09 $0.16 $0.32 21.1 10.5 $792.4 $4.47 QuinStreet, Inc. QNST adj Jun O/V $16.01 $19.00 49.3 $0.45 $0.60 $0.80 26.7 20.0 $789.1 $3.08 Origin Bancorp, Inc. OBNK op Dec O $33.40 $45.00 23.6 $0.94 $2.09 $2.48 16.0 13.5 $788.9 $15.73 CBTX, Inc. CBTX op Dec O $29.92 $37.00 26.0 $1.45 $1.81 $1.97 16.5 16.5 $776.8 $17.97 Triumph Bancorp, Inc. TBK op Dec O $29.52 $40.00 26.3 $1.55 $2.19 $3.09 13.5 9.6 $775.8 $18.35 Extraction Oil & Gas XOG op/cf Dec O $4.40 $17.00 176.2 $1.94 $3.40 $5.07 1.3 0.9 $775.2 $9.41 Entercom Communications ETM adj Dec E $5.58 $8.00 138.5 $0.71 $0.84 $1.24 6.6 4.5 $772.7 $12.28 National Commerce Corp. NCOM op Dec E $35.84 $39.00 20.7 $1.97 $2.54 $2.97 14.1 12.1 $741.1 $26.55 Nabors Industries NBR Dec E $2.06 $6.00 357.8 ($1.75) ($1.52) ($0.24) NM NM $737.1 $9.25 Stock Yards Bancorp SYBT Dec E $31.86 NE 22.7 $1.65 $2.36 $2.38 13.5 13.4 $724.7 $14.71 Wabash National Corp. WNC op Dec E $12.89 $15.00 56.0 $1.38 $1.50 $1.65 8.6 7.8 $722.3 $8.79 Hanger Inc. HNGR op Dec E/V $19.01 $22.00 36.8 $0.02 $0.75 $0.87 25.3 21.9 $700.5 -$0.77 Fidelity Southern Corp. LION op Dec O $25.38 $31.00 27.3 $1.31 $1.58 $1.55 16.1 16.4 $692.8 $14.86 New Media Investment Group NEWM Dec O $11.36 $19.00 60.3 ($0.02) $0.57 $0.50 19.9 22.7 $685.0 $12.67 OraSure Technologies, Inc. OSUR pf Dec E/V $11.14 $15.00 61.3 $0.35 $0.41 $0.42 27.2 26.5 $682.6 $4.25 Community Trust Bancorp CTBI Dec E $38.37 NE 17.7 $2.92 $3.33 $3.55 11.5 10.8 $680.4 $30.00 Cerus Corp. CERS pf Dec O/V $4.97 $9.00 135.7 ($0.56) ($0.44) ($0.45) NM NM $674.4 $0.34 Allegiance Bancshares, Inc. ABTX op Dec E $30.68 $37.00 21.8 $1.56 $2.51 $2.88 12.2 10.7 $669.7 $23.20 Enova International ENVA adj Dec O/V $19.20 $45.00 34.3 $1.37 $2.59 $3.16 7.4 6.1 $658.1 $8.41 Carolina Financial Corp. CARO op Dec E $29.15 $32.00 22.6 $2.06 $2.79 $2.80 10.4 10.4 $657.9 $22.61 Preferred Bank PFBC op Dec E $42.79 $49.00 15.3 $3.49 $4.71 $4.86 9.1 8.8 $655.8 $23.48 Stoneridge Inc. SRI op Dec O $22.82 $35.00 28.5 $1.57 $2.02 $2.05 11.3 11.1 $650.0 $8.66 Bojangles', Inc. BOJA adj Dec E $16.07 $16.10 37.5 $0.83 $0.68 $0.73 23.6 22.0 $603.4 $7.73 GMS Inc. GMS op Apr O $14.59 $22.00 41.2 $1.91 $3.07 $3.49 4.8 4.2 $600.8 $14.11 Conn's, Inc. CONN op Jan O $18.86 $33.00 31.7 $0.95 $2.27 $2.48 8.3 7.6 $598.4 $17.02 Horizon Bancorp HBNC Dec O $15.45 $20.00 38.4 $0.96 $1.40 $1.60 11.0 9.7 $592.8 $11.94 ConnectOne Bancorp CNOB Dec E $17.93 NE 32.2 $1.34 $1.85 $2.20 9.7 8.2 $578.1 $17.63

Monthly Statistical Review Member NYSE, SIPC January 2019, Page 57

COVERAGE LIST BY MARKET CAPITALIZATION

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 12/26/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS Byline Bancorp, Inc. BY Dec E $15.75 NE 36.3 $0.36 $1.07 $1.58 14.7 10.0 $571.9 $15.29 Echo Global Logistics ECHO op Dec O $19.98 $35.00 28.5 $0.86 $1.80 $1.85 11.1 10.8 $570.4 $13.17 Merchants Bancorp MBIN Dec E $19.61 $24.00 28.7 $2.24 $2.12 $2.37 9.3 8.3 $562.7 $11.36 U.S. Concrete, Inc. USCR op Dec O $33.23 $50.00 16.8 $2.99 $2.87 $3.54 11.6 9.4 $558.9 $16.84 TriState Capital Holdings TSC op Dec O $19.26 $25.00 28.9 $1.24 $1.79 $1.93 10.8 10.0 $555.9 $13.61 Equity Bancshares, Inc. EQBK Dec O $35.14 $42.00 15.8 $1.64 $2.41 $3.13 14.6 11.2 $555.0 $25.62 RE/MAX Holdings Inc. RMAX adj Dec E/V $30.03 $41.00 17.7 $1.87 $2.25 $2.33 13.3 12.9 $532.9 $26.43 Veritex Holdings, Inc. VBTX op Dec O $21.68 $31.00 24.2 $1.07 $1.81 $2.40 12.0 9.0 $525.2 $20.29 First Mid-Illinois Bancshares FMBH Dec E $31.35 NE 16.6 $2.13 $2.67 $3.09 11.7 10.1 $521.3 $24.32 United Natural Foods UNFI adj Jul E/V $10.14 $18.00 51.3 $3.11 $1.82 $1.99 5.6 5.1 $520.3 $36.62 America's Car-Mart CRMT adj Apr E/V $75.54 $84.00 6.8 $3.61 $5.73 $6.17 13.2 12.2 $511.9 $33.64 Midland States Bancorp MSBI Dec O $21.59 $27.00 23.7 $0.93 $1.58 $2.50 13.7 8.6 $511.8 $23.35 Select Energy Partners WTTR cf Dec O $6.34 $18.00 80.7 ($0.43) $0.85 $0.96 7.5 6.6 $511.4 $6.18 Superior Energy Services SPN adj Dec E $3.24 $9.00 154.5 ($1.35) ($0.95) ($0.52) NM NM $500.7 $7.39 DXP Enterprises DXPE Dec O $28.43 $49.00 17.6 $0.65 $1.64 $2.11 17.3 13.5 $499.5 $15.48 QCR Holdings, Inc. QCRH Dec O $31.75 $41.00 15.7 $2.61 $2.91 $3.63 10.9 8.7 $497.6 $25.38 OnDeck Capital, Inc. ONDK adj Dec E/V $6.21 $9.00 75.0 $0.06 $0.54 $0.57 11.5 10.9 $466.0 $3.55 CrossAmerica Partners LP CAPL cf Dec E/V $13.53 $18.00 34.4 $2.40 $2.22 $2.52 6.1 5.4 $465.9 $5.02 BioScrip, Inc. BIOS adj Dec O/V $3.54 $5.00 128.0 ($0.58) ($0.39) ($0.21) NM NM $453.3 -$0.66 Access National Corp. ANCX Dec O $21.29 $31.00 20.9 $0.92 $1.67 $1.86 12.7 11.4 $445.7 $20.53 CURO Group Holdings CURO adj Dec O/V $9.62 $22.00 46.0 $2.01 $1.87 $2.76 5.1 3.5 $442.5 $0.16 Camping World Holdings CWH Dec O/V $11.90 $24.00 37.1 $1.61 $1.33 $2.27 8.9 5.2 $441.3 $1.54 First Bancshares Inc. FBMS op Dec O $29.26 $37.00 14.8 $1.77 $2.25 $2.83 13.0 13.0 $434.2 $19.92 Old Line Bancshares OLBK Dec O $25.50 $34.00 17.0 $1.35 $1.69 $2.50 15.1 10.2 $433.2 $16.61 eXp World Holdings EXPI adj Dec O/V $7.08 $19.00 59.1 ($0.19) ($0.12) $0.04 NM NM $418.7 $0.08 Sonic Automotive, Inc. SAH op Dec E $13.50 $19.00 30.7 $1.86 $1.90 $2.03 7.1 6.7 $414.7 $18.21 EZCORP, Inc. EZPW adj Sep E/V $7.87 $12.00 51.6 $0.80 $0.87 $0.97 9.0 8.1 $406.2 $13.70 Fiesta Restaurant Group FRGI cs Dec O $14.61 $32.00 27.3 $0.62 $0.58 $0.85 25.2 17.2 $398.2 $8.62 Capital City Bank Group CCBG op Dec E $23.28 $24.00 17.1 $0.88 $1.21 $1.68 19.2 13.9 $397.1 $16.73 Franklin Financial Network FSB op Dec E $26.77 $28.00 14.5 $2.39 $2.74 $2.37 9.8 11.3 $388.9 $23.01 Sientra, Inc. SIEN Dec O/V $12.41 $30.00 28.6 ($3.34) ($3.01) ($2.51) NM NM $354.9 $1.42 Intrepid Potash, Inc. IPI op Dec O $2.69 $7.00 131.1 ($0.20) $0.05 $0.24 53.8 11.2 $352.7 $3.15 Hi-Crush Partners LP HCLP cf Dec E $3.49 $7.00 100.9 $0.97 $1.52 $0.49 2.3 7.1 $352.0 $8.94 Carrols Restaurant Group TAST adj Dec O $9.60 $18.00 36.5 $0.20 $0.34 $0.37 28.2 25.9 $350.8 $4.77 Red Robin Gourmet Burgers RRGB adj Dec O $27.00 $36.00 13.0 $2.49 $1.65 $1.86 16.4 14.5 $350.4 $29.91 Foundation Building Materials FBM op Dec O/V $8.16 $13.00 42.9 $0.35 $0.41 $0.83 19.9 9.8 $350.0 $8.83 Guaranty Bancshares, Inc. GNTY op Dec O $29.09 $34.00 11.9 $1.56 $1.84 $2.24 15.8 15.8 $345.2 $18.75 Business First Bancshares BFST op Dec O $24.94 $29.00 13.2 $0.81 $1.46 $1.82 17.1 13.7 $329.5 $17.58

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COVERAGE LIST BY MARKET CAPITALIZATION

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 12/26/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS RBB Bancorp, Inc. RBB op Dec O $17.40 $25.00 18.9 $1.85 $2.07 $2.15 8.4 8.1 $328.4 $16.67 Covenant Transportation Group CVTI op Dec O $19.22 $35.00 16.0 $0.86 $2.20 $2.60 8.7 7.4 $307.4 $16.11 Chuy's Holdings, Inc. CHUY adj Dec E $18.07 $26.00 17.0 $0.96 $0.89 $0.96 20.3 18.8 $306.3 $11.17 Lumber Liquidators LL op Dec E $10.20 $14.00 28.6 ($1.32) $0.16 $0.51 63.8 20.0 $291.9 $6.94 Titan Machinery TITN op Jan E/V $12.80 $23.00 22.2 ($0.12) $0.73 $0.90 17.5 14.2 $284.4 $14.56 Howard Bancorp HBMD Dec O $14.91 $15.00 19.0 $0.75 ($0.14) $0.99 NM 15.1 $283.8 $13.47 Regional Management RM adj Dec E/V $23.97 $34.00 11.8 $2.41 $3.03 $3.36 7.9 7.1 $282.6 $20.53 Cross Country Healthcare CCRN adj Dec E/V $7.50 $9.00 36.3 $0.61 $0.15 $0.26 50.0 28.8 $271.9 $6.62 NN, Inc. NNBR op Dec Susp $6.25 NE 42.1 $1.55 NE NE NM NM $263.2 $17.63 Hibbett Sports, Inc. HIBB Jan E $14.24 $21.00 18.3 $1.71 $1.38 $1.80 10.3 7.9 $260.4 $16.86 Spirit of Texas Bancshares STXB op Dec O $21.48 $26.00 12.0 $0.88 $1.19 $1.75 18.1 12.3 $256.8 $10.13 American National Bankshares AMNB Dec E $29.26 NE 8.7 $1.76 $2.68 $2.94 10.9 10.0 $255.0 $24.13 CapStar Financial Holdings CSTR op Dec E $14.67 $15.00 17.3 $0.40 $1.09 $1.16 1.3 12.6 $253.2 NA SmartFinancial, Inc. SMBK op Dec E $17.97 $20.00 13.9 $1.00 $1.52 $1.72 11.8 10.4 $250.4 $18.46 Forterra, Inc. FRTA op Dec E $3.58 $5.00 64.2 ($0.27) ($0.15) $0.10 NM 35.8 $229.9 $2.06 Del Frisco's Restaurant Group DFRG cs Dec E $6.87 $10.00 33.3 $0.75 ($0.18) ($0.25) NM NM $228.9 $9.31 Cutera, Inc. CUTR pf Dec O/V $16.41 $40.00 13.9 $0.93 $0.40 $0.55 41.0 29.8 $228.2 $4.81 Habit Restaurants, Inc. HABT adj Dec E $10.65 $16.00 20.7 $0.16 $0.06 $0.01 NM NM $219.9 $5.81 Capital Senior Living Corp. CSU cs Dec O/V $7.00 $10.00 31.3 $1.56 $1.28 $1.20 5.5 5.8 $218.9 $2.64 MutualFirst Financial Inc. MFSF Dec E $25.12 NE 8.6 $1.64 $2.27 $2.61 11.1 9.6 $215.7 $20.34 Elevate Credit, Inc. ELVT adj Dec E/V $4.33 $4.50 43.2 $0.16 $0.26 $0.61 16.7 7.1 $187.0 $2.28 Abraxas Petroleum Corp. AXAS op/cf Dec E $1.10 $3.00 166.6 $0.33 $0.52 $0.85 2.1 1.3 $183.3 $0.64 U.S. Xpress USX op Dec O/V $5.38 $15.00 32.8 ($0.08) $1.00 $1.50 5.4 3.6 $176.5 -$0.90 Community Bankers Trust ESXB Dec E $7.29 NE 22.1 $0.33 $0.64 $0.67 11.4 10.9 $161.3 $5.62 Capital Bancorp, Inc. CBNK Dec O $11.47 $14.00 13.5 $0.62 $1.00 $1.10 11.5 10.4 $155.3 $5.94 Quintana Energy Services QES Dec O $3.98 $8.00 33.6 ($0.05) ($0.52) $0.29 NM NM $133.7 $2.47 County Bancorp, Inc. ICBK Dec O $19.47 $27.00 6.7 $1.49 $2.15 $2.13 9.1 9.1 $130.4 $19.93 Orion Group Holdings, Inc. ORN Dec O/V $4.49 $9.00 29.0 ($0.14) $0.22 $0.45 20.4 10.0 $130.1 $8.22 Earthstone Energy, Inc. ESTE op/cf Mar O $4.54 $11.00 28.6 $2.49 $2.79 $3.45 1.6 1.3 $129.9 $10.12 Invacare Corp. IVC adj Dec O/V $3.80 $17.00 33.2 ($2.27) ($1.77) ($1.54) NM NM $126.1 $12.89 Genesis Healthcare, Inc. GEN adj Dec E/V $1.24 $2.00 101.1 ($6.15) ($1.92) ($1.05) NM NM $125.4 -$11.08 Bank7 Corp. BSVN op Dec O $12.16 $23.00 10.2 $1.96 $2.26 $1.76 5.4 6.9 $123.9 $6.79 USA Truck, Inc. USAK op Dec O $14.79 $30.00 8.4 ($0.35) $1.48 $2.15 10.0 6.9 $123.7 $8.02 J. Alexander's Holdings JAX op Dec O $7.98 $15.00 14.7 $0.50 $0.46 $0.59 17.3 13.5 $117.3 $7.39 Basic Energy Services BAS Dec E $4.11 $9.00 26.6 ($3.72) ($5.76) ($2.86) NM NM $109.2 $12.92 Construction Partners Inc. ROAD op Sep O $8.99 $14.00 12.0 $0.67 $0.75 $0.82 12.0 11.0 $107.4 $5.82 YRC Worldwide Inc. YRCW op Dec E/V $2.66 $5.00 33.8 ($0.05) $0.81 $0.61 3.3 4.4 $90.0 -$10.80 First Western Financial MYFW op Dec E $11.16 $14.00 8.0 ($0.16) $0.61 $1.09 18.3 18.3 $88.9 $12.99

Monthly Statistical Review Member NYSE, SIPC January 2019, Page 59

COVERAGE LIST BY MARKET CAPITALIZATION

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 12/26/2018 Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS FreightCar America RAIL op Dec E $6.96 $12.00 12.5 ($1.24) ($1.45) ($0.55) NM NM $86.7 $18.70 Papa Murphy's Holdings FRSH adj Dec O $4.85 $7.00 17.0 $0.15 $0.36 $0.45 13.5 10.8 $82.2 $6.02 Endologix, Inc. ELGX pf Dec E/V $0.69 $3.00 103.5 ($0.80) ($0.90) ($0.79) NM NM $71.4 $0.90 Townsquare Media TSQ Dec E $4.11 $8.00 14.2 ($0.51) $0.07 $1.00 58.7 4.1 $58.5 $20.56 Good Times Restaurants GTIM op Sep O $2.30 $5.50 12.5 ($0.08) ($0.09) ($0.12) NM NM $28.8 $2.72 Celadon Group, Inc. CGIP op Jun Susp $0.93 NE 28.3 $0.98 NE NE NM NM $26.2 $13.27 YogaWorks, Inc. YOGA adj Dec O/V $0.48 $3.00 16.6 ($1.14) ($0.91) ($0.73) NM NM $7.9 $3.34

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC January 2019, Page 60

MLP AND REIT COMPANY RISKS

CAPL Company Risks

CAPL may not have sufficient cash from operations to enable CAPL to pay the minimum quarterly distribution following establishment of cash reserves and payment of fees and expenses. The amount of cash CAPL have available for distribution to unitholders depends primarily on CAPL cash flow rather than on CAPL profitability, which may prevent CAPL from making cash distributions, even during periods when CAPL record net income. If CAPL are unable to make acquisitions on economically acceptable terms from CST or third parties, CAPL future growth and ability to increase distributions to unitholders will be limited. Any acquisitions, including future sales to CAPL of assets by CST, are subject to substantial risks that could adversely affect CAPL business, financial condition and results of operations and reduce CAPL ability to make distributions to unitholders. The industries in which CAPL operate are subject to seasonal trends, which may affect CAPL earnings and ability to make distributions. Decreases in consumer spending, travel and tourism in the areas CAPL serve could adversely impact CAPL wholesale distribution and retail business. CAPL business, financial condition, results of operations and ability to make quarterly distributions to CAPL unitholders are influenced by changes in demand for, and changes in the prices of, motor fuels, which could adversely affect CAPL margins and CAPL customers’ financial condition, contract performance and trade credit. Both the wholesale motor fuel distribution and the retail motor fuel industries are characterized by intense competition and fragmentation, and CAPL failure to effectively compete could have a material adverse effect on CAPL business, results of operations and ability to make distributions. CAPL are exposed to risks of loss in the event of nonperformance by CAPL wholesale customers and suppliers. Historical and current prices for motor fuel have been volatile and significant changes in such prices in the future may adversely affect CAPL business, results of operations and ability to make distributions. Energy efficiency and new technology may reduce the demand for CAPL motor fuel and adversely affect CAPL operating results. CAPL depend on three principal suppliers for the majority of CAPL motor fuel. A disruption in supply or a change in CAPL relationship with any one of them could have a material adverse effect on CAPL business, results of operations and cash available for distribution. CAPL rely on CAPL suppliers to provide trade credit terms to adequately fund CAPL on-going operations. The convenience store industry is highly competitive and failure to effectively compete could result in lower sales and lower margins. CAPL may incur costs or liabilities as a result of litigation or adverse publicity resulting from concerns over food quality, product safety, health or other issues that could cause consumers to avoid CAPL restaurants. The dangers inherent in the storage and transport of motor fuel could cause disruptions and could expose CAPL to potentially significant losses, costs or liabilities. Pending or future consumer or other litigation could adversely affect CAPL financial condition and results of operations. 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 CAPL, which could have a material adverse effect on CAPL business. CAPL debt levels may limit CAPL flexibility in obtaining additional financing and in pursuing other business opportunities. CAPL credit facility contains operating and financial restrictions that may limit CAPL business and financing activities. CAPL may not be able to lease sites CAPL own or sub-lease sites CAPL lease on favorable terms and any such failure could adversely affect CAPL results of operations and cash available for distribution to CAPL unitholders. The operations at sites CAPL own or lease are subject to inherent risk, operational hazards and unforeseen interruptions and insurance may not adequately cover any such exposure. The occurrence of a significant event or release that is not fully insured could have a material adverse effect on CAPL business, results of operations and cash available for distribution. CAPL are relying on DMI to indemnify CAPL for any costs or expenses that CAPL incur for environmental liabilities and third-party claims, regardless of when a claim is made, that are based on environmental conditions in existence prior to the closing of the IPO at CAPL Predecessor’s sites. To the extent escrow accounts, insurance and/or payments from DMI are not sufficient to cover any such costs or expenses, CAPL business, liquidity and results of operations could be adversely affected. CAPL wholesale motor fuel sales are generated under contracts that must be renegotiated or replaced periodically. If CAPL are unable to successfully renegotiate or replace these contracts, then CAPL results of operations and financial condition could be adversely affected. CAPL are subject to federal, state and local laws and regulations that govern the product quality specifications of the motor fuel that CAPL distribute and sell. CAPL operations are subject to federal, state and local laws and regulations pertaining to environmental protection or operational safety that may require significant expenditures or result in liabilities that could have a material adverse effect on CAPL business. New, stricter environmental laws and regulations could significantly increase CAPL costs, which could adversely affect CAPL results of operations and financial condition. CAPL depend on transportation providers for the transportation of substantially all of CAPL motor fuel. Thus, a change of providers or a significant change in CAPL relationship could have a material adverse effect on CAPL business. CAPL rely heavily on CAPL information technology systems to manage CAPL business, and a disruption of these systems or an act of cyber-terrorism could adversely affect CAPL business. Any terrorist attacks aimed at CAPL facilities and any global and domestic economic repercussions from terrorist activities and the government’s response could adversely affect CAPL business.

Monthly Statistical Review Member NYSE, SIPC January 2019, Page 61

MLP AND REIT COMPANY RISKS

CTRE Company Risks The impact of healthcare reform legislation on us and our tenants cannot accurately be predicted. Tenants that fail to comply with the requirements of, or changes to, governmental reimbursement programs, such as Medicare or Medicaid, may cease to operate or be unable to meet their financial and other contractual obligations to us. Tenants that fail to adhere to HIPAA and the HITECH Act’s privacy and security requirements expose themselves to significant risk that could result in their inability to meet their financial and other contractual obligations to us. Tenants that fail to comply with federal, state and local licensure, certification and inspection laws and regulations may cease to operate our healthcare facilities or be unable to meet their financial and other contractual obligations to us. Our tenants depend on reimbursement from government and other third-party payors; reimbursement rates from such payors may be reduced, which could cause our tenants’ revenues to decline and could affect their ability to meet their obligations to us. The bankruptcy, insolvency or financial deterioration of our tenants could delay or prevent our ability to collect unpaid rents or require us to find new tenants. The geographic concentration of some of our facilities could leave us vulnerable to an economic downturn, regulatory changes or acts of nature in those areas. We pursue acquisitions of additional properties and seek other strategic opportunities in the ordinary course of our business, which may result in the use of a significant amount of management resources or significant costs, and we may not fully realize the potential benefits of such transactions. Increased competition has resulted and may further result in lower net revenues for some of our tenants and may affect their ability to meet their financial and other contractual obligations to us. Required regulatory approvals can delay or prohibit transfers of our healthcare properties, which could result in periods in which we are unable to receive rent for such properties. If we must replace any of our tenants or operators, we may have difficulty identifying replacements and we may be required to incur substantial renovation costs to make certain that our healthcare properties are suitable for other operators and tenants. We may not be able to sell properties when we desire because real estate investments are relatively illiquid, which could materially and adversely affect our business, financial position or results of operations. An increase in market interest rates could increase our interest costs on existing and future debt and could adversely affect our stock price. If we lose our key management personnel, we may not be able to successfully manage our business and achieve our objectives. We or our tenants may experience uninsured or underinsured losses, which could result in a significant loss of the capital we have invested in a property, decrease anticipated future revenues or cause us to incur unanticipated expense. Environmental compliance costs and liabilities associated with real estate properties owned by us may materially impair the value of those investments. We may not be able to engage in desirable strategic transactions and equity issuances because of certain restrictions relating to requirements for tax-free distributions for U.S. federal income tax purposes. In addition, we could be liable for adverse tax consequences resulting from engaging in significant strategic or capital-raising transactions. The ownership by our chief executive officer, Gregory K. Stapley, of shares of Ensign common stock may create, or may create the appearance of, conflicts of interest. We rely on information technology in our operations, and any material failure, inadequacy, interruption or security failure of that technology could harm our business. Our assets may be subject to impairment charges. We have now, and may have in the future, exposure to contingent rent escalators If we do not qualify to be taxed as a REIT, or fail to remain qualified as a REIT, we will be subject to U.S. federal income tax as a regular corporation and could face a substantial tax liability, which could adversely affect our ability to raise capital or service our indebtedness. Qualifying as a REIT involves highly technical and complex provisions of the Code. Legislative or other actions affecting REITs could have a negative effect on us. We could fail to qualify to be taxed as a REIT if income we receive from our tenants is not treated as qualifying income. Dividends payable by REITs do not qualify for the reduced tax rates available for some dividends. REIT distribution requirements could adversely affect our ability to execute our business plan. Even if we remain qualified as a REIT, we may face other tax liabilities that reduce our cash flow. Complying with REIT requirements may cause us to forgo otherwise attractive acquisition opportunities or liquidate otherwise attractive investments. Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities. Even if we qualify to be taxed as a REIT, we could be subject to tax on any unrealized net built-in gains in our assets held before electing to be treated as a REIT.

Monthly Statistical Review Member NYSE, SIPC January 2019, Page 62

MLP AND REIT COMPANY RISKS

NHI Company Risks We depend on the operating success of our tenants and borrowers for collection of our lease and note payments. We depend on the success of property development and construction activities, which may fail to achieve the operating results we expect. We are exposed to the risk that our tenants and borrowers may become subject to bankruptcy or insolvency proceedings for other reasons. We are exposed to risks related to governmental regulations and payors, principally Medicare and Medicaid, and the effect that lower reimbursement rates would have on our tenants’ and borrowers’ business. We are exposed to the risk that the cash flows of our tenants and borrowers would be adversely affected by increased liability claims and liability insurance costs. We are exposed to risks related to environmental laws and the costs associated with liabilities related to hazardous substances. We are exposed to the risk that we may not be fully indemnified by our lessees and borrowers against future litigation. We depend on the success of our future acquisitions and investments. We depend on our ability to reinvest cash in real estate investments in a timely manner and on acceptable terms. We may need to refinance existing debt or incur additional debt in the future, which may not be available on terms acceptable to us. We have covenants related to our indebtedness which impose certain operational limitations and a breach of those covenants could materially adversely affect our financial condition and results of operations. We are exposed to the risk that the illiquidity of real estate investments could impede our ability to respond to adverse changes in the performance of our properties. When interest rates increase, our common stock may decline in price. Certain tenants/operators in our portfolio account for a significant percentage of the rent we expect to generate from our portfolio, and the failure of any of these tenants/operators to meet their obligations to us could materially and adversely affect our business, financial condition and results of operations and our ability to make distributions to our stockholders. We depend on revenues derived mainly from fixed rate investments in real estate assets, while a portion of our debt used to finance those investments bear interest at variable rates. This circumstance creates interest rate risk to the Company. We are exposed to the risk that our assets may be subject to impairment charges. We depend on the ability to continue to qualify for taxation as a Real Estate Investment Trust. We have ownership limits in our charter with respect to our common stock and other classes of capital stock which may delay, defer or prevent a transaction or a change of control that might involve a premium price for our common stock or might otherwise be in the best interests of our stockholders. We are subject to certain provisions of Maryland law and our charter and bylaws that could hinder, delay or prevent a change in control transaction, even if the transaction involves a premium price for our common stock or our stockholders believe such transaction to be otherwise in their best interests. If our efforts to maintain the privacy and security of Company information are not successful, we could incur substantial costs and reputational damage, and could become subject to litigation and enforcement actions.

Monthly Statistical Review Member NYSE, SIPC January 2019, Page 63

MLP AND REIT COMPANY RISKS WELL Company Risks Our investments in and acquisitions of health care and seniors housing properties may be unsuccessful or fail to meet our expectations Our investments in joint ventures could be adversely affected by our lack of exclusive control over these investments, our partners’ insolvency or failure to meet their obligations, and disputes between us and our partners We are exposed to operational risks with respect to our seniors housing operating properties that could adversely affect our revenue and operations Decreases in our operators’ revenues or increases in our operators’ expenses could affect our operators’ ability to make payments to us Increased competition and oversupply may affect our operators’ ability to meet their obligations to us A severe cold and flu season, epidemics or any other widespread illnesses could adversely affect the occupancy of our seniors housing operating and triple-net properties The insolvency or bankruptcy of our tenants, operators, borrowers, managers and other obligors may adversely affect our business, results of operations and financial condition We may not be able to timely reinvest our sale proceeds on terms acceptable to us We depend on Genesis HealthCare (“Genesis”) and Brookdale Senior Living (“Brookdale”) for a significant portion of our revenues and any failure, inability or unwillingness by them to satisfy obligations under their agreements with us could adversely affect us The properties managed by Sunrise Senior Living, LLC (“Sunrise”) account for a significant portion of our revenues and operating income and any adverse developments in its business or financial condition could adversely affect us Ownership of property outside the U.S. may subject us to different or greater risks than those associated with our domestic operations If our tenants do not renew their existing leases, or if we are required to sell properties for liquidity reasons, we may be unable to lease or sell the properties on favorable terms, or at all Our tenants, operators and managers may not have the necessary insurance coverage to insure adequately against losses Our ownership of properties through ground leases exposes us to the loss of such properties upon breach or termination of the ground leases The requirements of, or changes to, governmental reimbursement programs, such as Medicare, Medicaid or government funding, could have a material adverse effect on our obligors’ liquidity, financial condition and results of operations, which could adversely affect our obligors’ ability to meet their obligations to us Our operators’ or tenants’ failure to comply with federal, state, province, local, and industry-regulated licensure, certification and inspection laws, regulations, and standards could adversely affect such operators’ or tenants’ operations, which could adversely affect our operators’ and tenants’ ability to meet their obligations to us The real estate market and our business may be negatively impacted by changes to U.S. tax laws Changes in applicable tax regulations could negatively affect our financial results Unfavorable resolution of pending and future litigation matters and disputes could have a material adverse effect on our financial condition Development, redevelopment and construction risks could affect our profitability We may incur costs to remediate environmental contamination at our properties, which could have an adverse effect on our or our obligors’ business or financial condition Cybersecurity incidents could disrupt our business and result in the loss of confidential information Our success depends on key personnel whose continued service is not guaranteed

Monthly Statistical Review Member NYSE, SIPC January 2019, Page 64

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. 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 January 2019, Page 65

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 09/27/18)

% Investment Banking Clients Rating % (Past 12 Months) BUY 54 27 HOLD 45 11 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

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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.

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Monthly Statistical Review Member NYSE, SIPC January 2019, Page 66 INSTITUTIONAL SALES & TRADING

DAVID HAGEN-PRODUCING 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 Doug Sichol, MD 617.239.7548 Will Greutzmacher, VP 312.292.5793 Wes Zwiegers, VP 501.377.2284

CANADA NEW YORK Jason Bowman, Team Leader, MD 312.292.5761 David Hagen, Producing Sales Manager, 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 Blake James, MD 501.377.3759 Joe Dacus, Team Leader, SVP 501.377.6381 Brett Katzner, MD 212.891.1774 Ben Hearnsberger, VP 501.377.2436 Cody McGrath, MD 501.377.2651 Brittany Morgan, VP 501.377.3725 Michael Mayer 212.891.1787 Dave Norton,VP 212.891.1747 MID-SOUTH & SOUTHWEST Michael Pascarella, MD 212.891.1785 Joe Dacus, Team Leader, SVP 501.377.6381 Jackson Ratcliff, SVP 501.377.2107 Ben Hearnsberger, VP 479.718.7402 Henry Van Wagenburg, VP 212.891.1723 Brittany Morgan, VP 501.377.3725 Bob Weaver 212.891.1769

MID-ATLANTIC David Hagen, Producing Sales Manager, 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 Billy Sherrill, VP 501.377.8513

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

TRADING NEW YORK SALES TRADING LITTLE ROCK 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 Robert Guida 212.891.1768 SALES TRADING BOSTON James Law, MD – Consumer 212.891.1757 Scott Mutryn, MD 617.239.7544 Tommy Roszko, MD – Financial Services 212.891.1758 Brendan O’Brien, VP 617.239.7518

SALES TRADING CHICAGO Trading Little Rock Frank Kalble 312-292-5784 Jason Jarcho, MD – Inds. & Transportation 501.377.2074 Bruce Kos, MD 312.292.5764 Leon Lants, Director of Trading Ops, MD 501.377.6394 Brian Kowieski, MD 312.292.5765 Brian Wardle, MD – Healthcare 501.377.3468

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 Robert Guida 212.891.1768 Tommy Roszko,MD 212.891.1758

Monthly Statistical Review Member NYSE, SIPC January 2019, Page 67 BRANCH OFFICES

ATLANTA 3344 Peachtree Road, Suite 1650 FT. LAUDERDALE PORTLAND Atlanta, GA 30326 110 SE 6th Street Two Union Street 800-862-1690 Ft. Lauderdale, FL 33301 Portland, ME 04101 207-808-5025 AUSTIN FT. WORTH 100 Congress Avenue, Suite 750 777 Main Street, Suite 600 RICHMOND Austin, TX 78701 Ft. Worth, TX 76102 919 E. Main Street, Suite 1000 800-892-7518 877-887-8197 Richmond, VA 804-916-1484 BIRMINGHAM HOT SPRINGS 1728 3rd Avenue North, Suite 320 161 Television Hill Road ROGERS Birmingham, AL 35201 Hot Springs, AR 71913 3100 Market Street, Suite 301 205-847-3900 800-392-8593 Rogers, AR 72758 800-553-0234 BOSTON HOUSTON 99 High Street, Suite 802 9 Greenway Plaza, Suite 1905 SAN FRANCISCO Boston, MA 02110 Houston, TX 77046 101 2nd Street, Suite 850 617-239-7500 713-993-4200 San Francisco, CA 94105 415-548-6900 CHARLOTTE JACKSON 4521 Sharon Road, Suite 200 140 Township Avenue SHREVEPORT Charlotte, NC 28211 Ridgeland, MS 39157 401 Edwards Street, Suite 1100 800-892-7564 601-605-5660 Shreveport, LA 71101 855-803-4600 CHICAGO JONESBORO 191 North Wacker, Suite 1025 2479 Browns Lane ST. PETERSBURG Chicago, IL 60606 Jonesboro, AR 72401 150 2nd Avenue North, Suite 700 312-292-5750 870-819-0300 St. Petersburg, FL 33701 800-755-1476 COLUMBIA MEMPHIS 1320 Main Street, Suite 550 6075 Poplar Avenue, Suite 200 WASHINGTON Columbia, SC 29201 Memphis, TN 38119 601 13th Street NW, Suite 710 North 803-343-0100 901-681-1300 Washington, DC 20005 202-807-0600 CONWAY NASHVILLE 703 Chestnut 3100 West End Avenue, Suite 630 WINSTON-SALEM Conway, AR 72032 Nashville, TN 37203 101 South Stratford Road, Suite 200 800-827-5841 800-732-6847 Winston-Salem, NC 27104 877-301-0501 DALLAS NEW YORK 300 Crescent Court, Suite 600 65 East 55th Street, 22nd Floor Dallas, TX 75201 New York, NY 10022 877-749-9991 212-891-1700

FAYETTEVILLE 3425 N. Futrall Drive, Suite 201 Fayetteville, AR 72703 800-205-8613 Stephens Inc. 111 Center Street • Little Rock, Arkansas 72201 • 800-643-9691 •stephens.com

Monthly Statistical Review Member NYSE, SIPC January 2019, Page 68 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 Transportation/Truckload and Less-Than-Truckload Food and Agribusiness Banks-Mid-Atlantic Diagnostics and Life Science Tools Brad Delco, Analyst (501) 377-8057 Grocery & C-Store Austin Nicholas, Analyst (207) 808-5027 Drew Jones, Analyst (501) 377-2369 Scott Schoenhaus, Associate (212) 891-1707 Ben Bienvenu, Analyst (501) 377-8511 Cooper Brown, Associate (207) 808-3007 Mason Carrico, Associate (501) 377-8231 Tim Perz, CPA, Associate (212) 891-1782 Alex Glockner, Associate (207) 835-3007 Leigh Ann Moseley, Assistant (501) 377-2250 Pooran Sharma, CFA, Associate (212) 891-1794 Leigh Ann Moseley, Assistant (501) 377-2250 TECHNOLOGY, MEDIA AND Leigh Ann Moseley, Assistant (501) 377-2250 Healthcare Services TELECOMMUNICATIONS Banks-Southwest Dana Hambly, CFA, Analyst (615) 279-4329 Restaurants Matt Olney, CFA, Analyst (501) 377-2101 Jacob Johnson, CFA, Associate (615) 279-4355 Business Services Will Slabaugh, Analyst (501) 377-2259 Adam Freyaldenhoven, Associate (501) 377-3740 Grace Tokarski, Assistant (312) 292-5750 Brett Huff, CFA, Analyst (501) 377-8068 Hugh Gooding, Associate (501) 377-2214 Brandon Steverson, Associate (501) 377-8065 Megan Ladd, Assistant (501) 377-8104 Leigh Ann Moseley, Assistant (501) 377-2250 Dena Page, Assistant (501) 377-6368 Managed Care Healthcare Facilities & Services Enterprise and Cloud Infrastructure Banks-Southeast & West Coast Scott Fidel, Analyst (212) 891-1788 Security Software Retail/Broadlines Tyler Stafford, CFA, Analyst (501) 377-8362 Gerard Campagna, Associate (212) 891-1745 Dmitry Netis, Analyst (212) 891-1762 Daniel Imbro, Analyst (501) 377-2055 Gordon McGuire, Associate (501) 377-3717 Ryan MacWilliams, CFA, Associate (212) 891-1789 Leigh Ann Moseley, Assistant (501) 377-2250 Andrew Terrell, Associate (501) 377-2303 Medical Devices & Hospital Supply Dena Page, Assistant (501) 377-6368 Chris Cooley, CFA, Analyst (501) 377-2516 Internet, Video Games and Online Gambling Retail/Hardlines Ross Osborn, Associate (501) 377-8228 Jeff Cohen, Analyst (212) 891-1728 Rick Nelson, CFA, CPA, Banks-Super-Regional & Midwest Leigh Ann Moseley, Assistant (501) 377-2250 Analyst (312) 292-5768 Terry McEvoy, CFA, Analyst (207) 808-5025 Media Nicholas Zangler, CFA, Associate (312) 292-5753 Cooper Brown, Associate (207) 808-3007 Kyle Evans, Analyst (501) 377-6376 Grace Tokarski, Assistant (312) 292-5750 Alex Glockner, Associate (207) 835-3007 INDUSTRIALS Joseph Wei, Associate (501) 377-6372 Leigh Ann Moseley, Assistant (501) 377-2250 Megan Ladd, Assistant (501) 377-8104 Agriculture, Chemicals, and ENERGY Real Estate Services Paper and Wood Products SaaS and Enterprise Software John Campbell, Analyst (501) 377-6362 Mark Connelly, Analyst (212) 891-1781 James Rutherford, Analyst (501) 377-8221 Exploration and Production Carter Trent, Associate (501) 377-8215 Ashish Gupta, Associate (212) 891-1709 Megan Ladd, Assistant (501) 377-8104 Gail Nicholson Dodds, Analyst (301) 904-7466 Megan Ladd, Assistant (501) 377-8104 Joan Tong, CFA, Associate (212) 891-1792 Fletcher Sipple, Associate (501) 377-2347 Megan Ladd, Assistant (501) 377-8104 Specialty Finance Building Materials Vincent Caintic, CFA, Analyst (212) 891-1715 Trey Grooms, Analyst (501) 377-2318 Exploration and Production Morgan O’Donovan, CFA, Associate (954) 637-2234 Noah Merkousko, Associate (501) 377-8506 Drew Lipke, Analyst (501) 377-2108 Niall Pratt, Associate (501) 377-3721 Michael Newton, Associate (212) 891-1721 Dena Page, Assistant (501) 377-6368 Megan Ladd, Assistant (501) 377-8104 Electrical Equipment/Multi-Industry Oilfield Services Rob McCarthy, CFA, Analyst (617) 239-7537 Tommy Moll, Analyst (501) 377-6306 Brandon Reagan, Associate (617) 239-7510 Drew Stevenson, Associate (501) 377-8078 Megan Ladd, Assistant (501) 377-8104 Industrial Products and Services Blake Hirschman, Analyst (501) 377-8046 Leigh Ann Moseley, Assistant (501) 377-2250 EDITORIAL

Machinery Kelley Wilkins Ashish Gupta, Analyst (212) 891-1709 Managing Supervisory Analyst (501) 377-2020

Martha Graham, Supervisory Analyst (501) 377-2260 Transportation/Airfreight and Logistics/Maritime Natacha Hammerstad, Jack Atkins, Analyst (501) 377-2298 Supervisory Analyst (713) 993-4233 Andrew Hall, Associate (501) 377-2562 Jennifer Keeling, Supervisory Analyst (501) 377-8004 (501) 377-2057 Kat Versfelt, Editor (817) 900-5700 Transportation/Railroads and

Equipment Suppliers Justin Long, Analyst (501) 377-2036 Brian Colley, Associate (214) 258-2771 (501) 377-2057 stephens.com