November 2008

STEPHENS INC. – EQUITY RESEARCH STATISTICAL REVIEW

May 2019

CONFIDENTIALRefer to pages AND PROPRIETARY65-68 for MLP INFORMATION and REIT OF Company STEPHENS INC|-Specific MEMBER RisksNYSE, SIPC Refer to Appendix on page 69 for Important Disclosures and Analyst Certification

May 2019

Monthly Statistical Review

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

Consumer Healthcare Food & Agribusiness ...... 18 Diagnostics and Life Science Tools ...... 35 Grocery/C-Store ...... 19 Healthcare Services ...... 36 Restaurants ...... 20 Managed Care and Healthcare Facilities ...... 37 Retail/Broadlines ...... 21 Medical Devices and Hospital Supply ...... 38 Retail/Hardlines ...... 22 Industrials Energy Agriculture ...... 39 Exploration and Production ...... 23 Building Materials ...... 40 Oilfield Services ...... 25 Chemicals ...... 41 Electrical Equipment/Multi-Industry ...... 42 Financial Services Industrial Products and Services ...... 43 Banks-Mid-Atlantic ...... 26 Paper and Wood Products ...... 44 Banks-Midwest ...... 27 Transportation/Airfreight and Logistics/Maritime ...... 45 Banks-Northeast...... 28 Transportation/Railroads and Equipment Suppliers ...... 46 Banks-Southeast ...... 29 Transportation/Truckload and Less-Than-Truckload ...... 47 Banks-Southwest...... 30 Banks-Super-Regional ...... 31 Technology, Media and Telecommunications Banks-West Coast ...... 32 Business Services ...... 48 Real Estate Services ...... 33 Enterprise and Cloud Infrastructure ...... 49 Specialty Finance ...... 34 Internet, Video Games and Online Gaming ...... 50 Media ...... 51 SaaS and Enterprise Software ...... 52

Coverage List by Market Capitalization ...... 53 Institutional Sales & Trading ...... 70 Branch Offices ...... 71

Head of Institutional Equities and Director of Research: Nik Fisken (501) 377-6335

CONSUMER

Ben Bienvenu, Managing Director Rick Nelson, CFA, CPA, Managing Director Will Slabaugh, Managing Director (501) 377-8511 (312) 292-5768 (501) 377-2259 Tim Perz, Associate (212) 891-1782 Nicholas Zangler, CFA, Senior Associate (312) 292-5753 Niall Pratt, Associate (501) 377-3721 Pooran Sharma, CFA, Associate (212) 891-1794 Retail/Hardlines Restaurants Food & Agribusiness ABG Asbury Automotive Group, Inc. BJRI BJ’s Restaurants CALM Cal-Maine Foods, Inc. AN AutoNation, Inc. EAT Brinker International CVGW Calavo Growers, Inc. CWH Camping World Holdings TAST Carrols Restaurant Group HRL Hormel Foods Corp. KMX CarMax, Inc. CAKE Cheesecake Factory, The LMNR Limoneira Company CVNA Carvana Co. CMG Chipotle Mexican Grill PPC Pilgrim’s Pride Corp. CONN Conn’s, Inc. CHUY Chuy’s Holdings, Inc. SAFM Sanderson Farms, Inc. FND Floor & Décor Holdings DRI Darden Restaurants TSN Tyson Foods, Inc. GPI Group 1 Automotive, Inc. DFRG Del Frisco’s Restaurant Group LAD Lithia Motors, Inc. DENN Denny's Corp. Grocery/C-Store LL Lumber Liquidators Holdings DPZ Domino’s Pizza, Inc. CASY Casey’s General Stores MIK Michaels Companies, The DNKN Dunkin’ Brands Group CORE Core-Mark Holding Co. MNRO Monro Muffler Brake, Inc. FRGI Fiesta Restaurant Group CAPL CrossAmerica Partners LP OLLI Ollie’s Bargain Outlet GTIM Good Times Restaurants KR Kroger Co. PRTY Party City Holdco Inc. GRUB GrubHub Inc. MUSA Murphy USA Inc. PAG Penske Automotive Group, Inc. HABT Habit Restaurants, Inc. SFM Sprouts Farmers Market SAH Sonic Automotive, Inc. JAX J. Alexander’s Holdings WMT Walmart Inc. TITN Titan Machinery Inc. MCD McDonald’s Corp. W Wayfair Inc. PZZA Papa John’s International RRGB Red Robin Gourmet Burgers, Inc. Daniel Imbro, Analyst QSR Restaurant Brands International (501) 377-2055 RUTH Ruth’s Hospitality Group SBUX Starbucks Corp.

TXRH Texas Roadhouse, Inc. Retail/Broadlines WEN Wendy’s Co., The GOLF Acushnet Holdings Corp. WING Wingstop, Inc. AAP Advance Auto Parts

AZO AutoZone, Inc.

ELY Callaway Golf Compnay CPRT Copart, Inc. KAR KAR Auction Services, Inc. LKQ LKQ Corp. ORLY O’Reilly Automotive, Inc. TSCO Tractor Supply Co. YOGA YogaWorks, Inc.

Monthly Statistical Review Member NYSE, SIPC May 2019, Page 2

EQUITY RESEARCH COVERAGE LIST

Head of Institutional Equities and Director of Research: Nik Fisken (501) 377-6335

ENERGY

Drew Lipke, Analyst Tommy Moll, Analyst Gail Nicholson, Managing Director (501) 377-2108 (501) 377-6306 (301) 904-7466 Michael Newton, Associate (501) 377-1721 Cameron Lochridge, Associate (501) 377-8078 Fletcher Sipple, Associate (501) 377-2347

Exploration and Production Oilfield Services Exploration and Production CRZO Carrizo Oil & Gas, Inc. BAS Basic Energy Services, Inc. AXAS Abraxas Petroleum Corp. CLR Continental Resources, Inc. CJ C & J Energy Services, Inc. APA Apache Corporation LLEX Lilis Energy, Inc. WHD Cactus, Inc. CPE Callon Petroleum Co. MTDR Matador Resources Co. BOOM DMC Global CDEV Centennial Resource Development, Inc. PXD Pioneer Natural Resources Co. HAL Halliburton Company CXO Concho Resources, Inc. SM SM Energy Company HP Helmerich & Payne DNR Denbury Resources, Inc. HCLP Hi-Crush Partners LP DVN Devon Energy Corp. FRAC Keane Group, Inc. FANG Diamondback Energy, Inc. TUSK Mammoth Energy Services ESTE Earthstone Energy, Inc. NBR Nabors Industries XOG Extraction Oil & Gas, Inc. NOV National Oilwell Varco, Inc. FLMN Falcon Minerals Corp. PTEN Patterson-UTI Energy Inc. HES Hess Corp. PUMP ProPetro Holding Corp. KRP Kimbell Royalty Partners 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. VNOM Viper Energy Partners LP WLL Whiting Petroleum Corp. WPX WPX Energy, Inc.

Monthly Statistical Review Member NYSE, SIPC May 2019, Page 3

EQUITY RESEARCH COVERAGE LIST

Head of Institutional Equities and Director of Research: Nik Fisken (501) 377-6335

FINANCIAL SERVICES

Vincent Caintic, CFA, Managing Director John Campbell, Analyst Terry McEvoy, CFA, Managing Director (212) 891-1715 (501) 377-6362 (207) 808-5025 Morgan O’Donovan, CFA, Senior Associate (954) 637-2234 Carter Trent, Associate (501) 377-8215 Alex Glockner (207) 835-3007

Specialty Finance Real Estate Services Banks-Midwest AAN Aaron’s, Inc. BKI Black Knight, Inc. ASB Associated Banc-Corp AER AerCap Holdings CNNE Cannae Holdings, Inc. BY Byline Bancorp, Inc. AL Air Lease Corp. CLGX CoreLogic CHFC Chemical Financial Corp. AYR Aircastle Ltd. EXPI eXp World Holdings CTBI Community Trust Bancorp ADS Alliance Data Systems FNF Fidelity National Financial, Inc. ICBK County Bancorp ALLY Ally Financial Inc. FAF First American Financial Corp. EQBK Equity Bancshares, Inc. CRMT America’s Car-Mart, Inc. TREE LendingTree, Inc. BUSE First Busey Corp. AXP American Express Co. EGOV NIC Inc. FFBC First Financial Bancorp CIT CIT Group, Inc. QNST QuinStreet, Inc. FRME First Merchants Corp CACC Credit Acceptance Corp. RMAX RE/MAX Holdings Inc. FMBI First Midwest Bancorp. CURO CURO Group Holdings RLGY Realogy Holdings Corp. FMBH First Mid-Illinois Bancshares DFS Discover Financial Services RP RealPage, Inc. GWB Great Western Bancorp ECN-CA ECN Capital RDFN Redfin Corp. HTLF Heartland Financial USA ELVT Elevate Credit, Inc. STC Stewart Information Services HBNC Horizon Bancorp ENVA Enova International ZG Zillow, Inc. LKFN Lakeland Financial Corp. EZPW EZCORP, Inc. MBIN Merchants Bancorp FCFS FirstCash, Inc. MSBI Midland States Bancorp ONDK OnDeck Capital, Inc. MFSF MutualFirst Financial Inc. OMF OneMain Holdings, Inc. ONB Old National Bancorp. RM Regional Management QCRH QCR Holdings, Inc. RCII Rent-A-Center SYBT Stock Yards Bancorp SC Santander Consumer USA TCF TCF Financial Corp. SLM SLM Corp. WTFC Wintrust Financial Corp. SYF Synchrony Financial WRLD World Acceptance Corp. Banks-Super-Regional BBT BB&T Corporation CFG Citizens Financial Group CMA Comerica Inc. FITB Fifth Third Bancorp FRC First Republic Bank HBAN Huntington Bancshares Inc. KEY KeyCorp. PNC PNC Financial Services Group RF Regions Financial Corp. STI SunTrust Banks, Inc. USB U.S. Bancorp ZION Zions Bancorporation

Monthly Statistical Review Member NYSE, SIPC May 2019, Page 4

EQUITY RESEARCH COVERAGE LIST

Head of Institutional Equities and Director of Research: Nik Fisken (501) 377-6335

FINANCIAL SERVICES

Austin Nicholas, Analyst Matt Olney, CFA, Managing Director Tyler Stafford, CFA, Managing Director (207) 808-5027 (501) 377-2101 (501) 377-8362 Cooper Brown, Senior Associate (207) 228-1707 Adam Freyaldenhoven, Associate (501) 377-3740 Gordon McGuire, Senior Associate (501) 377-3717 Andrew Terrell, Associate (501) 377-2303 Banks-Mid-Atlantic Banks-Southwest AMNB American National Bankshares ABTX Allegiance Bancshares, Inc. Banks-Southeast AX Axos Financial, Inc. BXS BancorpSouth Bank ABCB Ameris Bancorp CBNK Capital Bancorp, Inc. BSVN Bank7 Corp. CCBG Capital City Bank Group CHCO City Holding Co. OZK Bank OZK CSTR CapStar Financial Holdings CBU Community Bank System BOKF BOK Financial Corp. CARO Carolina Financial Corp. ESXB Community Bankers Trust BFST Business First Bancshares CSFL CenterState Bank Corp. CNOB ConnectOne Bancorp CADE Cadence Bancorporation FBK FB Financial Corporation EGBN Eagle Bancorp CBTX CBTX, Inc. LION Fidelity Southern Corp. FNB F.N.B. Corporation CBSH Commerce Bancshares, Inc. FBNC First Bancorp FULT Fulton Financial Corp. CFR Cullen/Frost Bankers, Inc. FHN First Horizon National Corp. HBMD Howard Bancorp FBMS First Bancshares Inc. FSB Franklin Financial Network ISBC Investors Bancorp, Inc. FFIN First Financial Bankshares AMTB Mercantil Bank Holding Corp. OLBK Old Line Bancshares MYFW First Western Financial PNFP Pinnacle Financial Partners, Inc. SASR Sandy Spring Bancorp GNTY Guaranty Bancshares, Inc. SFBS ServisFirst Bancshares, Inc. UBSH Union Bankshares Corp. HWC Hancock Whitney Corp. SMBK SmartFinancial, Inc. UBSI United Bankshares, Inc. HTH Hilltop Holdings Inc. SSB South State Corp. WSBC WesBanco, Inc. HOMB Home BancShares, Inc. SNV Synovus Financial Corp. WSFS WSFS Financial Corp. IBKC IBERIABANK Corp. UCBI United Community Banks, Inc. IBTX Independent Bank Group Banks-Northeast LTXB LegacyTexas Financial Group, Inc. Banks-West Coast BKU BankUnited, Inc. NBHC National Bank Holdings Corp. BANR Banner Corp. NYCB New York Community Bancorp OBNK Origin Bancorp, Inc. COLB Columbia Banking System PBCT People’s United Financial, Inc. PB Prosperity Bancshares, Inc. FIBK First Interstate BancSystem SBNY Signature Bank RNST Renasant Corp. GBCI Glacier Bancorp STL Sterling Bancorp SFNC Simmons First National Corp. HFWA Heritage Financial Corp. VLY Valley National Bancorp STXB Spirit of Texas Bancshares PPBI Pacific Premier Bancorp TCBI Texas Capital Bancshares, Inc. PACW PacWest Bancorp TSC TriState Capital Holdings, Inc. PFBC Preferred Bank TBK Triumph Bancorp, Inc. RBB RBB Bancorp, Inc. TRMK Trustmark Corp. SIVB SVB Financial Group UMBF UMB Financial Corp. TCBK TriCo Bancshares VBTX Veritex Holdings, Inc. UMPQ Umpqua Holdings Corp. WAL Western Alliance Bancorp.

Monthly Statistical Review Member NYSE, SIPC May 2019, Page 5

EQUITY RESEARCH COVERAGE LIST

Head of Institutional Equities and Director of Research: Nik Fisken (501) 377-6335

HEALTHCARE

Chris Cooley, CFA, Managing Director Dana Hambly, CFA, Analyst Drew Jones, Managing Director (501) 377-2516 (615) 279-4329 (501) 377-2369 Ross Osborn, Associate (501) 377-8228 Jacob Johnson, CFA, Senior Associate (615) 279-4355 Mason Carrico, Associate (501) 377-8231

Medical Devices & Hospital Supply Healthcare Services Healthcare Services ABMD Abiomed, Inc. ACHC Acadia Healthcare Co. TECH Bio-Techne Corp. ALGN Align Technology, Inc. ADUS Addus HomeCare Corp. BRKS Brooks Automation, Inc. AVNS Avanos Medical AMED Amedisys, Inc. CBM Cambrex Corp. BSX Boston Scientific Corp. AMN AMN Healthcare Services CTLT Catalent, Inc. COO Cooper Companies, The BIOS BioScrip, Inc. CERS Cerus Corp. CUTR Cutera, Inc. BKD Brookdale Senior Living CDXS Codexis, Inc. XRAY DENTSPLY SIRONA Inc. CSU Capital Senior Living Corp. EXAS EXACT Sciences DXCM DexCom, Inc. CTRE CareTrust REIT LGND Ligand Pharmaceuticals Inc. ELGX Endologix, Inc. CCRN Cross Country Healthcare MYGN Myriad Genetics, Inc. GKOS Glaukos Corp. EHC Encompass Health Corp. NEOG Neogen Corp. PODD Insulet Corp. ENSG Ensign Group, The NEO Neogenomics Inc. IVC Invacare Corp. GEN Genesis Healthcare, Inc. OSUR OraSure Technologies, Inc. SIEN Sientra, Inc. HNGR Hanger Inc. PACB Pacific Biosciences of California STAA STAAR Surgical Co. HCSG Healthcare Services Group RGEN Repligen Corp. STE STERIS plc LHCG LHC Group, Inc. WST West Pharmaceutical Services TFX Teleflex Inc. MD MEDNAX, Inc. NHI National Health Investors Scott Fidel, Managing Director TDOC Teledoc Health, Inc. (212) 891-1788 USPH U.S. Physical Therapy Gerard Campagna, CFA, Senior Associate (212) 891-1745

Managed Care and Healthcare Facilities ANTM Anthem, Inc. CNC Centene Corp. CI Cigna Corp. HCA HCA Healthcare HUM Humana Inc. MGLN Magellan Health MOH Molina Healthcare THC Tenet Healthcare UNH UnitedHealth Group UHS Universal Health Services WCG WellCare Health Plans

Monthly Statistical Review Member NYSE, SIPC May 2019, Page 6

EQUITY RESEARCH COVERAGE LIST

Head of Institutional Equities and Director of Research: Nik Fisken (501) 377-6335

INDUSTRIALS

Jack Atkins, Managing Director Brad Delco, Managing Director Blake Hirschman, Analyst (501) 377-2298 (501) 377-8057 (501) 377-8046 Andrew Hall, Senior Associate (501) 377-2562 Scott Schoenhaus, Senior Associate (212) 891-1707 Raleigh Barnes, Associate (501) 377-2532

Transportation/Airfreight and Logistics/Maritime Transportation/Truckload and Less-Than-Truckload Industrial Products and Services ATSG Air Transport Services Group ARCB ArcBest Corp. ACA Arcosa, Inc. AAL American Airlines Group CVTI Covenant Transportation Group DXPE DXP Enterprises, Inc. AAWW Atlas Air Worldwide Holdings HTLD Heartland Express DY Dycom Industries CHRW C.H. Robinson Worldwide, Inc. JBHT J.B. Hunt Transport Services, Inc. FAST Fastenal Company DAL Delta Air Lines, Inc. KNX Knight-Swift Transportation Holdings, Inc. MTZ MasTec, Inc. ECHO Echo Global Logistics MRTN Marten Transport, Ltd. MRC MRC Global Inc. EXPD Expeditors International ODFL Old Dominion Freight Line, Inc. MSM MSC Industrial Direct Co. FDX FedEx Corp. RUSHA Rush Enterprises, Inc. DNOW NOW, Inc. FWRD Forward Air Corp. SAIA Saia, Inc. POOL Pool Corp. JBLU JetBlue Airways Corp. SNDR Schneider National Inc. PWR Quanta Services, Inc. KEX Kirby Corp. TFII TFI International GWW W.W. Grainger, Inc. LSTR Landstar System, Inc. USX U.S. Xpress WSO Watsco, Inc. MATX Matson Inc. USAK USA Truck, Inc. WCC WESCO International, Inc. LUV Southwest Airlines Co. WNC Wabash National Corp. SAVE Spirit Airlines, Inc. WERN Werner Enterprises, Inc. Justin Long, Managing Director UAL United Continental Holdings YRCW YRC Worldwide Inc (501) 377-2036 UPS United Parcel Service, Inc. Brian Colley, Senior Associate (214) 028-2771 XPO XPO Logistics Inc. Trey Grooms, Managing Director

(501) 377-2318 Transportation/Railroads and Equipment Suppliers Mark Connelly, Managing Director Noah Merkousko, Associate (501) 377-8506 CNI Canadian National Railway (212) 891-1781 CP Canadian Pacific Railway John Rider, CPA, Associate (212) 891-1778 Building Materials CSX CSX Corp. Joan Tong, CFA, Senior Associate (212) 891-1792 BECN Beacon Roofing Supply, Inc. FTAI Fortress Transportation and Infrastructure Investors BMCH BMC Stock Holdings, Inc. RAIL FreightCar America, Inc. Agriculture BLDR Builders FirstSource, Inc. GATX GATX Corp. CF CF Industries Holdings ROAD Construction Partners Inc. GWR Genesee & Wyoming Inc. CMP Compass Minerals International CBPX Continental Building Products GBX Greenbrier Companies DWDP DowDuPont Inc. EXP Eagle Materials Inc. HUBG Hub Group, Inc. FMC FMC Corporation FBM Foundation Building Materials KSU Kansas City Southern IPI Intrepid Potash, Inc. GMS GMS Inc. NSC Norfolk Southern Corp. ICL Israel Chemicals IBP Installed Building Products R Ryder System, Inc. MOS Mosaic Company MLM Martin Marietta Materials SRI Stoneridge Inc. NTR Nutrien DOOR Masonite International Corp. TRN Trinity Industries SUM Summit Materials LLC UNP Union Pacific Corp. Paper and Wood Products BLD TopBuild Corp. WBC WABCO Holdings Inc. UFS Domtar Corp. TREX Trex Company, Inc. WAB Wabtec Corp. IP International Paper Co. USCR U.S. Concrete, Inc. GPK Graphic Packaging VMC Vulcan Materials Company LPX Louisiana-Pacific Corp. PKG Packaging Corp of America WRK WestRock Co. WY Weyerhaeuser Co.

Monthly Statistical Review Member NYSE, SIPC May 2019, Page 7

EQUITY RESEARCH COVERAGE LIST

Head of Institutional Equities and Director of Research: Nik Fisken (501) 377-6335

INDUSTRIALS

Rob McCarthy, CFA, Analyst (617) 239-7537 Brandon Reagan, Associate (501) 377-2214

Electrical Equipment/Multi-Industry AOS A.O. Smith, Inc. AME AMETEK, Inc. EMR Emerson Electric ETN Eaton Corp. IR Ingersoll-Rand LII Lennox International RBC Regal Beloit ROK Rockwell Automation Inc. ROP Roper Technologies

Monthly Statistical Review Member NYSE, SIPC May 2019, Page 8

EQUITY RESEARCH COVERAGE LIST

Head of Institutional Equities and Director of Research: Nik Fisken (501) 377-6335

TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS

Jeff Cohen, Analyst Brett Huff, CFA, Managing Director James Rutherford, Analyst (212) 891-1728 (501) 377-8068 (501) 377-8221 Joel Hoeffler, Associate (501) 377-6312 Internet, Video Games and Online Gambling SaaS and Enterprise Software ATVI Activision Blizzard, Inc. Business Services ADBE Adobe Inc. EA Electronic Arts, Inc. ACIW ACI Worldwide, Inc. BLKB Blackbaud, Inc. GLUU Glu Mobile, Inc. EPAY Bottomline Technologies HUBS HubSpot, Inc. TTWO Take-Two Interactive Software, Inc. CSGP CoStar Group, Inc. CRM Salesforce.com UBSFY Ubisoft Entertainment, SA EFX Equifax Inc. SVMK SVMK Inc. ZNGA Zynga, Inc. EXPGY Experian plc VEEV Veeva Systems Inc. FICO FICO ZEN Zendesk, Inc. FIS Fidelity National Information Services, Inc. Kyle Evans, Managing Director FDC First Data Corp. (501) 377-6376 FISV Fiserv, Inc. Joseph Wei, Associate (501) 377-6372 GPN Global Payments Inc. JKHY Jack Henry & Associates Media RAMP LiveRamp Holdings, Inc. CBS CBS Corp. MA Mastercard Inc. SSP E.W. Scripps Co. PYPL PayPal Holdings, Inc. GCI Gannett Co. QTWO Q2 Holdings, Inc. GTN Gray Television, Inc. SQ Square, Inc. LYV Live Nation Entertainment TSS Total System Services, Inc. MDP Meredith Corp. V Visa Inc. NXST Nexstar Media Group WP Worldpay, Inc. SBGI Sinclair Broadcast Group TGNA TEGNA Inc. TRCO Tribune Media Co. Dmitry Netis, Managing Director TRUE TrueCar, Inc. (212) 891-1762 Ryan MacWilliams, CFA, Senior Associate (212) 891-1789

Enterprise and Cloud Infrastructure Security Software EGHT 8X8, Inc. EVBG Everbridge, Inc. FIVN Five9, Inc. LOGM LogMeIn, Inc. RNG RingCentral, Inc. SMAR Smartsheet, Inc. TWLO Twilio, Inc. VG Vonage Holdings Corp.

Monthly Statistical Review Member NYSE, SIPC May 2019, Page 9

EQUITY RESEARCH COVERAGE LIST

4/25/2019 4/25/2019 COMPANY RATING VOL ANALYST COMPANY RATING EGHT 8X8, Inc. Overweight V Dmitry Netis BBT BB&T Corporation Equal-Weight AOS A.O. Smith Equal-Weight Rob McCarthy, CFA BECN Beacon Roofing Supply Overweight AAN Aaron's, Inc. Overweight V Vincent Caintic, CFA BIOS BioScrip, Inc. Equal-Weight ABMD Abiomed, Inc. Overweight V Chris Cooley, CFA TECH Bio-Techne Corp. Overweight AXAS Abraxas Petroleum Corp. Equal-Weight Gail Nicholson BJRI BJ's Restaurants Overweight ACHC Acadia Healthcare Co. Overweight V Dana Hambly, CFA BKI Black Knight, Inc. Overweight ACIW ACI Worldwide, Inc. Overweight Brett Huff, CFA BLKB Blackbaud, Inc. Equal-Weight ATVI Activision Blizzard Overweight V Jeff Cohen BMCH BMC Stock Holdings Equal-Weight GOLF Acushnet Holdings Corp. Equal-Weight V Daniel Imbro BOKF BOK Financial Corp. Overweight ADUS Addus HomeCare Corp. Overweight Dana Hambly, CFA BSX Boston Scientific Corp. Overweight ADBE Adobe Inc. Equal-Weight V James Rutherford EPAY Bottomline Technologies Equal-Weight AAP Advance Auto Parts Equal-Weight V Daniel Imbro EAT Brinker International Equal-Weight AER AerCap Holdings Equal-Weight V Vincent Caintic, CFA BKD Brookdale Senior Living Overweight AL Air Lease Corp. Overweight V Vincent Caintic, CFA BRKS Brooks Automation, Inc. Overweight ATSG Air Transport Services Group Overweight Jack Atkins BLDR Builders FirstSource, Inc. Equal-Weight AYR Aircastle Ltd. Equal-Weight V Vincent Caintic, CFA BFST Business First Bancshares Overweight ALGN Align Technology, Inc. Equal-Weight V Chris Cooley, CFA BY Byline Bancorp, Inc. Equal-Weight ABTX Allegiance Bancshares, Inc. Equal-Weight Matt Olney, CFA CJ C & J Energy Services, Inc. Overweight ADS Alliance Data Systems Underweight V Vincent Caintic, CFA CHRW C.H. Robinson Worldwide Equal-Weight ALLY Ally Financial Inc. Equal-Weight V Vincent Caintic, CFA WHD Cactus, Inc. Overweight AMED Amedisys, Inc. Equal-Weight V Dana Hambly, CFA CADE Cadence Bancorporation Overweight AAL American Airlines Group Equal-Weight Jack Atkins CVGW Calavo Growers, Inc. Overweight AXP American Express Co. Overweight V Vincent Caintic, CFA ELY Callaway Golf Company Equal-Weight AMNB American National Bankshares Equal-Weight Austin Nicholas CPE Callon Petroleum Co. Overweight CRMT America's Car-Mart, Inc. Equal-Weight V Vincent Caintic, CFA CALM Cal-Maine Foods, Inc. Equal-Weight ABCB Ameris Bancorp Overweight Tyler Stafford, CFA CBM Cambrex Corp. Overweight AME AMETEK, Inc. Overweight Rob McCarthy, CFA CWH Camping World Holdings Overweight AMN AMN Healthcare Services Equal-Weight V Dana Hambly, CFA CNI Canadian National Railway Overweight ANTM Anthem, Inc. Overweight Scott Fidel CP Canadian Pacific Railway Equal-Weight APA Apache Corporation Overweight Gail Nicholson CNNE Cannae Holdings, Inc. Overweight ARCB ArcBest Corp. Equal-Weight Brad Delco CBNK Capital Bancorp, Inc. Overweight ACA Arcosa, Inc. Equal-Weight Blake Hirschman CCBG Capital City Bank Group Equal-Weight ABG Asbury Automotive Overweight Rick Nelson, CFA, CPA CSU Capital Senior Living Corp. Overweight ASB Associated Banc-Corp Equal-Weight Terry McEvoy, CFA CSTR CapStar Financial Holdings Equal-Weight AAWW Atlas Air Worldwide Holdings Equal-Weight V Jack Atkins CTRE CareTrust REIT Overweight AN AutoNation, Inc. Equal-Weight Rick Nelson, CFA, CPA KMX CarMax, Inc. Overweight AZO AutoZone, Inc. Overweight V Daniel Imbro CARO Carolina Financial Corp. Equal-Weight

Monthly Statis tical Review Member NYSE, SIPC May 2019, Page 10

EQUITY RESEARCH COVERAGE LIST

4/25/2019 4/25/2019 COMPANY RATING VOL ANALYST COMPANY RATING CDEV Centennial Resource Development Equal-Weight Gail Nicholson DXCM DexCom, Inc. Overweight CSFL CenterState Bank Corp. Overweight Tyler Stafford, CFA FANG Diamondback Energy, Inc. Overweight CERS Cerus Corp. Overweight V Drew Jones DFS Discover Financial Services Equal-Weight CF CF Industries Holdings Overweight Mark Connelly BOOM DMC Global Overweight CHFC Chemical Financial Corp. Overweight Terry McEvoy, CFA DPZ Domino's Pizza, Inc. Overweight CMG Chipotle Mexican Grill Equal-Weight Will Slabaugh UFS Domtar Corp. Overweight CHUY Chuy's Holdings, Inc. Equal-Weight Will Slabaugh DWDP DowDupont Inc. Equal-Weight CI Cigna Corp. Overweight Scott Fidel DNKN Dunkin' Brands Group Equal-Weight CIT CIT Group Inc. Equal-Weight V Vincent Caintic, CFA DXPE DXP Enterprises, Inc. Overweight CFG Citizens Financial Group Overweight Terry McEvoy, CFA DY Dycom Industries Overweight CHCO City Holding Co. Equal-Weight Austin Nicholas SSP E.W. Scripps Co. Equal-Weight CDXS Codexis, Inc. Overweight V Drew Jones EGBN Eagle Bancorp Equal-Weight COLB Columbia Banking System Equal-Weight None EXP Eagle Materials Inc. Overweight CMA Comerica Inc. Equal-Weight Terry McEvoy, CFA ESTE Earthstone Energy, Inc. Overweight CBSH Commerce Bancshares, Inc. Equal-Weight Matt Olney, CFA ETN Eaton Corp. Overweight CBU Community Bank System Equal-Weight Austin Nicholas ECHO Echo Global Logistics Overweight ESXB Community Bankers Trust Equal-Weight Austin Nicholas ECN-CA ECN Capital Overweight CTBI Community Trust Bancorp Equal-Weight Terry McEvoy, CFA EA Electronic Arts Inc. Overweight CMP Compass Minerals International Overweight Mark Connelly ELVT Elevate Credit, Inc. Equal-Weight CXO Concho Resources Inc. Overweight Gail Nicholson EMR Emerson Electric Co. Overweight CNOB ConnectOne Bancorp Equal-Weight Austin Nicholas EHC Encompass Health Corp. Overweight CONN Conn's, Inc. Overweight Rick Nelson, CFA, CPA ELGX Endologix, Inc. Equal-Weight ROAD Construction Partners Inc. Overweight Trey Grooms ENVA Enova International Overweight CBPX Continental Building Products Equal-Weight V Trey Grooms EFX Equifax Inc. Equal-Weight CLR Continental Resources, Inc. Overweight Drew Lipke EQBK Equity Bancshares, Inc. Overweight CPRT Copart, Inc. Equal-Weight V Daniel Imbro EVBG Everbridge, Inc. Overweight CLGX CoreLogic Equal-Weight V John Campbell EXAS EXACT Sciences Corp. Equal-Weight CORE Core-Mark Holding Co. Overweight V Ben Bienvenu EXPI eXp World Holdings Overweight CSGP CoStar Group, Inc. Overweight Brett Huff, CFA EXPD Expeditors International Equal-Weight ICBK County Bancorp, Inc. Overweight Terry McEvoy, CFA EXPGY Experian plc Equal-Weight CVTI Covenant Transportation Overweight Brad Delco XOG Extraction Oil & Gas Overweight CACC Credit Acceptance Corp. Equal-Weight V Vincent Caintic, CFA EZPW EZCORP, Inc. Equal-Weight CCRN Cross Country Healthcare Equal-Weight V Dana Hambly, CFA FNB F.N.B. Corporation Equal-Weight CAPL CrossAmerica Partners LP Equal-Weight V Ben Bienvenu FLMN Falcon Minerals Corp. Overweight CSX CSX Corp. Overweight Justin Long FAST Fastenal Company Overweight CFR Cullen/Frost Bankers, Inc. Equal-Weight Matt Olney, CFA FBK FB Financial Corporation Equal-Weight CURO CURO Group Holdings Overweight V Vincent Caintic, CFA FDX FedEx Corp. Overweight

Monthly Statis tical Review Member NYSE, SIPC May 2019, Page 11

EQUITY RESEARCH COVERAGE LIST

4/25/2019 4/25/2019 COMPANY RATING VOL ANALYST COMPANY RATING FBMS First Bancshares Inc. Overweight Matt Olney, CFA HCSG Healthcare Services Group Overweight BUSE First Busey Corp. Overweight Terry McEvoy, CFA HTLD Heartland Express Equal-Weight FDC First Data Corp. Equal-Weight V Brett Huff, CFA HTLF Heartland Financial USA Equal-Weight FFBC First Financial Bancorp. Equal-Weight Terry McEvoy, CFA HP Helmerich & Payne Overweight FFIN First Financial Bankshares Equal-Weight Matt Olney, CFA HFWA Heritage Financial Corp. Equal-Weight FHN First Horizon National Corp. Equal-Weight Tyler Stafford, CFA HES Hess Corp. Equal-Weight FIBK First Interstate BancSystem Overweight None HCLP Hi-Crush Partners LP Equal-Weight FRME First Merchants Corp. Equal-Weight Terry McEvoy, CFA HTH Hilltop Holdings Inc. Equal-Weight FMBH First Mid-Illinois Bancshares, Inc. Equal-Weight Terry McEvoy, CFA HOMB Home BancShares, Inc. Overweight FMBI First Midwest Bancorp. Equal-Weight Terry McEvoy, CFA HBNC Horizon Bancorp Overweight FRC First Republic Bank Overweight Terry McEvoy, CFA HRL Hormel Foods Corp. Equal-Weight MYFW First Western Financial Equal-Weight Matt Olney, CFA HBMD Howard Bancorp Equal-Weight FCFS FirstCash, Inc Equal-Weight V Vincent Caintic, CFA HUBG Hub Group, Inc. Overweight FISV Fiserv, Inc. Overweight Brett Huff, CFA HUBS HubSpot, Inc. Overweight FIVN Five9, Inc. Equal-Weight V Dmitry Netis HUM Humana Inc. Overweight FND Floor & Decor Holdings Overweight Rick Nelson, CFA, CPA HBAN Huntington Bancshares Inc. Equal-Weight FMC FMC Corporation Overweight Mark Connelly IBKC IBERIABANK Corp. Overweight FTAI Fortress Transportation and InfrastructuOverweight Justin Long IBTX Independent Bank Group Overweight FWRD Forward Air Corp. Equal-Weight Jack Atkins IR Ingersoll-Rand Overweight FBM Foundation Building Materials Overweight V Trey Grooms IBP Installed Building Products Equal-Weight FSB Franklin Financial Network Equal-Weight Tyler Stafford, CFA PODD Insulet Corp. Equal-Weight RAIL FreightCar America, Inc. Equal-Weight Justin Long IP International Paper Co. Overweight FULT Fulton Financial Corp. Equal-Weight Austin Nicholas IPI Intrepid Potash, Inc. Overweight GCI Gannett Co. Equal-Weight Kyle Evans IVC Invacare Corp. Overweight GATX GATX Corp. Equal-Weight Justin Long ISBC Investors Bancorp, Inc. Overweight GWR Genesee & Wyoming Inc. Equal-Weight Justin Long ICL Israel Chemicals Overweight GEN Genesis Healthcare, Inc. Equal-Weight V Dana Hambly, CFA JAX J. Alexander's Holdings Overweight GBCI Glacier Bancorp Equal-Weight None JBHT J.B. Hunt Transport Services, Inc. Overweight GKOS Glaukos Corp. Overweight V Chris Cooley, CFA JKHY Jack Henry & Associates Equal-Weight GPN Global Payments Inc. Overweight Brett Huff, CFA JBLU JetBlue Airways Corp. Equal-Weight GLUU Glu Mobile Inc. Overweight V Jeff Cohen KSU Kansas City Southern Equal-Weight GMS GMS Inc. Overweight Trey Grooms KAR KAR Auction Services, Inc. Equal-Weight GTIM Good Times Restaurants Overweight Will Slabaugh FRAC Keane Group, Inc. Overweight GPK Graphic Packaging Overweight Mark Connelly KEY KeyCorp Overweight GTN Gray Television, Inc. Overweight V Kyle Evans KRP Kimbell Royalty Partners Overweight GWB Great Western Bancorp Overweight Terry McEvoy, CFA KEX Kirby Corporation Equal-Weight GBX Greenbrier Companies, Inc. Equal-Weight Justin Long KNX Knight-Swift Transportation Holdings Overweight

Monthly Statis tical Review Member NYSE, SIPC May 2019, Page 12

EQUITY RESEARCH COVERAGE LIST

4/25/2019 4/25/2019 COMPANY RATING VOL ANALYST COMPANY RATING LLEX Lilis Energy, Inc. Equal-Weight Drew Lipke NTR Nutrien Overweight LMNR Limoneira Company Overweight V Ben Bienvenu OAS Oasis Petroleum Inc. Equal-Weight LAD Lithia Motors, Inc. Overweight Rick Nelson, CFA, CPA ODFL Old Dominion Freight Line Overweight LYV Live Nation Entertainment Overweight V Kyle Evans OLBK Old Line Bancshares Overweight RAMP LiveRamp Holdings, Inc. Overweight V Brett Huff, CFA ONB Old National Bancorp. Overweight LKQ LKQ Corp. Overweight V Daniel Imbro OLLI Ollie's Bargain Outlet Overweight LOGM LogMeIn, Inc. Equal-Weight V Dmitry Netis ONDK OnDeck Capital, Inc. Equal-Weight LPX Louisiana-Pacific Corp. Overweight Mark Connelly OMF OneMain Holdings, Inc. Overweight LL Lumber Liquidators Holdings Equal-Weight Rick Nelson, CFA, CPA OSUR OraSure Technologies, Inc. Equal-Weight MGLN Magellan Health Equal-Weight V Scott Fidel ORLY O'Reilly Automotive, Inc. Overweight TUSK Mammoth Energy Services Overweight Tommy Moll OBNK Origin Bancorp, Inc. Overweight MRTN Marten Transport, Ltd. Equal-Weight Brad Delco PACB Pacific Biosciences of California Equal-Weight MLM Martin Marietta Materials Overweight Trey Grooms PPBI Pacific Premier Bancorp Equal-Weight DOOR Masonite International Equal-Weight Trey Grooms PKG Packaging Corp of America Overweight MTZ MasTec, Inc. Overweight V Blake Hirschman PACW PacWest Bancorp Overweight MA MasterCard Inc. Overweight Brett Huff, CFA PZZA Papa John's International Overweight MTDR Matador Resources Co. Equal-Weight Drew Lipke PE Parsley Energy, Inc. Overweight MATX Matson, Inc. Overweight Jack Atkins PRTY Party City Holdco Inc. Overweight MCD McDonald's Corp. Overweight Will Slabaugh PTEN Patterson-UTI Energy Inc. Overweight MD MEDNAX, Inc. Overweight V Dana Hambly, CFA PYPL PayPal Holdings, Inc. Overweight AMTB Mercantil Bank Holding Corp. Equal-Weight Tyler Stafford, CFA PDCE PDC Energy, Inc. Overweight MBIN Merchants Bancorp Equal-Weight Terry McEvoy, CFA PAG Penske Automotive Group Overweight MDP Meredith Corp. Equal-Weight Kyle Evans PBCT People's United Financial Equal-Weight MSBI Midland States Bancorp Overweight Terry McEvoy, CFA PPC Pilgrim's Pride Corp. Overweight MOH Molina Healthcare Equal-Weight Scott Fidel PNFP Pinnacle Financial Partners Overweight MNRO Monro Muffler Brake, Inc. Equal-Weight Rick Nelson, CFA, CPA PXD Pioneer Natural Resources Overweight MOS Mosaic Company Overweight Mark Connelly PNC PNC Financial Services Group Equal-Weight MRC MRC Global Inc. Overweight Blake Hirschman POOL Pool Corp. Equal-Weight MSM MSC Industrial Direct Co. Equal-Weight Blake Hirschman PFBC Preferred Bank Equal-Weight MUR Murphy Oil Corp. Equal-Weight Gail Nicholson PUMP ProPetro Holding Corp. Overweight MUSA Murphy USA Inc. Equal-Weight V Ben Bienvenu PB Prosperity Bancshares Equal-Weight MFSF MutualFirst Financial Inc. Equal-Weight Terry McEvoy, CFA QTWO Q2 Holdings, Inc. Equal-Weight MYGN Myriad Genetics, Inc. Overweight V Drew Jones QCRH QCR Holdings, Inc. Overweight NBR Nabors Industries Equal-Weight Tommy Moll QEP QEP Resources, Inc. Equal-Weight NBHC National Bank Holdings Equal-Weight Matt Olney, CFA PWR Quanta Services, Inc. Overweight NHI National Health Investors Overweight Dana Hambly, CFA QNST QuinStreet, Inc. Overweight NOV National Oilwell Varco, Inc. Overweight Tommy Moll QES Quintana Energy Services Overweight

Monthly Statistical Review Member NYSE, SIPC May 2019, Page 13

EQUITY RESEARCH COVERAGE LIST

4/25/2019 4/25/2019 COMPANY RATING VOL ANALYST COMPANY RATING RM Regional Management Equal-Weight V Vincent Caintic, CFA STI SunTrust Banks, Inc. Equal-Weight RF Regions Financial Corp. Equal-Weight Terry McEvoy, CFA SPN Superior Energy Services Equal-Weight RNST Renasant Corp. Equal-Weight Matt Olney, CFA SIVB SVB Financial Group Overweight RCII Rent-A-Center Underweight V Vincent Caintic, CFA SVMK SVMK Inc. Overweight RGEN Repligen Corp. Overweight V Drew Jones SYF Synchrony Financial Equal-Weight QSR Restaurant Brands International Overweight Will Slabaugh SNV Synovus Financial Corp. Equal-Weight RNG RingCentral, Inc. Equal-Weight V Dmitry Netis TTWO Take-Two Interactive Software Overweight ROK Rockwell Automation Overweight Rob McCarthy, CFA TALO Talos Energy Overweight ROP Roper Technologies Overweight Rob McCarthy, CFA TCF TCF Financial Corp. Equal-Weight RES RPC, Inc. Equal-Weight Tommy Moll TGNA TEGNA Inc. Overweight RUSHA Rush Enterprises, Inc. Overweight Brad Delco TDOC Teladoc Health, Inc. Overweight RUTH Ruth's Hospitality Group Equal-Weight Will Slabaugh TFX Teleflex Inc. Overweight R Ryder System, Inc. Equal-Weight Justin Long THC Tenet Healthcare Equal-Weight SAIA Saia, Inc. Equal-Weight Brad Delco TCBI Texas Capital Bancshares Equal-Weight CRM Salesforce.com Overweight V James Rutherford TXRH Texas Roadhouse, Inc. Overweight SAFM Sanderson Farms, Inc. Equal-Weight V Ben Bienvenu TFII-CA TFI International Overweight SASR Sandy Spring Bancorp Overweight Austin Nicholas CAKE The Cheesecake Factory Equal-Weight SC Santander Consumer USA Equal-Weight V Vincent Caintic, CFA COO The Cooper Companies Overweight SLB Schlumberger NV Equal-Weight Tommy Moll ENSG The Ensign Group Overweight SNDR Schneider National Inc. Overweight Brad Delco MIK The Michaels Companies Overweight WTTR Select Energy Services, Inc. Overweight Tommy Moll WEN The Wendy's Co. Overweight SFBS ServisFirst Bancshares, Inc. Equal-Weight Tyler Stafford, CFA TITN Titan Machinery Inc. Equal-Weight SIEN Sientra, Inc. Overweight V Chris Cooley, CFA BLD TopBuild Corp. Equal-Weight SBNY Signature Bank Overweight Austin Nicholas TSS Total System Services, Inc. Overweight SFNC Simmons First National Overweight Matt Olney, CFA TSCO Tractor Supply Co. Overweight SBGI Sinclair Broadcast Group Overweight V Kyle Evans TREX Trex Company, Inc. Equal-Weight SLM SLM Corp. Overweight V Vincent Caintic, CFA TRCO Tribune Media Co. Equal-Weight SM SM Energy Company Overweight Drew Lipke TCBK TriCo Bancshares Overweight SMBK SmartFinancial, Inc. Equal-Weight Tyler Stafford, CFA TRN Trinity Industries, Inc. Equal-Weight SMAR Smartsheet, Inc. Overweight V Dmitry Netis TSC TriState Capital Holdings Overweight SAH Sonic Automotive Equal-Weight Rick Nelson, CFA, CPA TBK Triumph Bancorp, Inc. Overweight SSB South State Corp. Underweight Tyler Stafford, CFA TRUE TrueCar, Inc. Overweight LUV Southwest Airlines Co. Overweight Jack Atkins TRMK Trustmark Corporation Equal-Weight SAVE Spirit Airlines, Inc. Overweight Jack Atkins TWLO Twilio, Inc. Equal-Weight STXB Spirit of Texas Bancshares Overweight Matt Olney, CFA TSN Tyson Foods Overweight SFM Sprouts Farmers Market Equal-Weight V Ben Bienvenu USB U.S. Bancorp Equal-Weight SQ Square, Inc. Equal-Weight V Brett Huff, CFA USCR U.S. Concrete, Inc. Overweight

Monthly Statistical Review Member NYSE, SIPC May 2019, Page 14

EQUITY RESEARCH COVERAGE LIST

4/25/2019 4/25/2019 COMPANY RATING VOL ANALYST COMPANY RATING UNT Unit Corporation Equal-Weight Gail Nicholson WCG WellCare Health Plans Overweight UBSI United Bankshares, Inc. Equal-Weight Austin Nicholas WERN Werner Enterprises, Inc. Overweight UCBI United Community Banks Equal-Weight Tyler Stafford, CFA WSBC WesBanco, Inc. Overweight UAL United Continental Holdings, Inc. Overweight Jack Atkins WCC WESCO International, Inc. Overweight UPS United Parcel Service, Inc. Equal-Weight Jack Atkins WST West Pharmaceutical Services Equal-Weight UNH UnitedHealth Group Overweight Scott Fidel WAL Western Alliance Bancorp. Overweight UHS Universal Health Services Equal-Weight Scott Fidel WRK WestRock Co. Equal-Weight USAK USA Truck, Inc. Overweight Brad Delco WY Weyerhaeuser Co. Overweight VLY Valley National Bancorp Equal-Weight Austin Nicholas WLL Whiting Petroleum Corp. Overweight VEEV Veeva Systems Inc. Equal-Weight V James Rutherford WING Wingstop Inc. Overweight VBTX Veritex Holdings Inc. Overweight Matt Olney, CFA WTFC Wintrust Financial Corp. Overweight VNOM Viper Energy Partners LP Overweight Gail Nicholson WRLD World Acceptance Corp. Underweight V Visa Inc. Overweight Brett Huff, CFA WP Worldpay, Inc. Overweight VG Vonage Holdings Corp. Overweight V Dmitry Netis WPX WPX Energy Overweight VMC Vulcan Materials Company Overweight Trey Grooms WSFS WSFS Financial Corp. Overweight GWW W.W. Grainger, Inc. Equal-Weight Blake Hirschman XPO XPO Logistics, Inc. Equal-Weight WNC Wabash National Corp. Equal-Weight Brad Delco YOGA YogaWorks, Inc. Overweight WBC WABCO Holdings Inc. Equal-Weight Justin Long YRCW YRC Worldwide Inc. Equal-Weight

Source: Stephens Inc.

Monthly Statistical Review Member NYSE, SIPC May 2019, Page 15

COVERAGE CHANGES

Stephens added 5 companies to ADDED Symbol Date RATING Analyst coverage during the month and now Community Bank System CBU 04/09/19 Equal-Weight Nicholas covers 449 companies. These Falcon Minerals FLMN 04/11/19 Overweight Nicholson companies have an average and Ruth’s Hospitality Group RUTH 04/18/19 Equal-Weight Slabaugh median market capitalization of Teledoc Health, Inc. TDOC 04/16/19 Overweight (Vol) Johnson/Hambly $9.8 billion and $2.6 billion, Viper Energy Partners VNOM 04/11/19 Overweight Nicholson respectively.

DROPPED Symbol Date Ellie Mae ELLI 04/17/19 National Commerce NCOM 04/01/19

Source: Stephens Inc.

Monthly Statistical Review Member NYSE, SIPC May 2019, Page 16

RATING CHANGES

Rating UPGRADES Symbol To From Date Analyst CarMax KMX Overweight Equal-Weight 04/01/19 Nelson Lithia Motors LAD Overweight Equal-Weight 04/25/19 Nelson Louisiana-Pacific LPX Overweight Equal-Weight 04/05/19 Connelly Weyerhauser WY Overweight Equal-Weight 04/05/19 Connelly

Rating DOWNGRADES Symbol To From Date Analyst Alliance Data Systems ADS Underweight (Vol) Equal-Weight (Vol) 04/15/19 Caintic Blackbaud BLKB Equal-Weight (Vol) Overweight (Vol) 04/03/19 Rutherford Pacific Biosciences of Calif. PACB Equal-Weight (Vol) Overweight (Vol) 04/02/19 Jones Q2 Holdings QTWO Equal-Weight Overweight 04/03/19 Huff WABCO Holdings WBC Equal-Weight Overweight 03/28/19 Long

Source: Stephens Inc.

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

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

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC May 2019, Page 18

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.

CrossAmerica Partners LP

Source: Stephens Inc. and FactSet Research Systems

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

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.

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC May 2019, Page 20

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.

Source: Stephens Inc. and FactSet Research Systems

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

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.

Source: Stephens Inc. and FactSet Research Systems

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

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.

Source: Stephens Inc. and FactSet Research Systems

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

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.

Source: Stephens Inc. and FactSet Research Systems

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

OILFIELD SERVICES TOMMY MOLL, 501-377-6306

Tommy is an equity research analyst in the Oilfield Services 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.

Source: Stephens Inc. and FactSet Research Systems

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

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

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

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

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC May 2019, Page 26

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

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

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

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC May 2019, Page 27

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

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC May 2019, Page 28

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.

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC May 2019, Page 29

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.

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC May 2019, Page 30

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.

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC May 2019, Page 31

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.

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC May 2019, Page 32

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.

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC May 2019, Page 33

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.

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC May 2019, Page 34

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.

Source: Stephens Inc. and FactSet Research Systems

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

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.

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

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

MANAGED CARE & HEALTHCARE FACILITIES SCOTT FIDEL, 212-891-1788

Scott joined Stephens Inc. in September, 2018 as a Managing Director and leads the firm’s coverage of the Managed Care and Healthcare Facilities sectors. Scott has nearly 20 years of experience covering the Healthcare Services / Managed Care industry on the sell-side, having previously covered the sector as the lead analyst at Credit Suisse, Deutsche Bank, and JPMorgan. Scott began his equity research career as an associate analyst at UBS covering Managed Care. Prior to joining the equity research business, Scott worked as a health care lobbyist in Washington, D.C. Scott was named to the Institutional Investor All-American Research Team for his Managed Care research coverage in both 2013 and 2014. Earlier in his career, he was also recognized as an Institutional Investor All-American Rising Star in both 2003 and 2004. In 2017, Scott was ranked as the #2 sell-side earnings estimator for the Health Care Providers & Services category in the Thomson Reuters Analyst Awards. Scott received his BA in History from the University of Colorado at Boulder.

Sector Overview: The Managed Care industry consists of companies that sell health insurance and pharmacy benefits products and services to employers, federal, state, and local government customers and individuals. These products and services are sold across three primary end markets: 1) Private Health Insurance (Commercial), 2) Medicare, and 3) Medicaid. Our coverage list includes nearly all of the publicly-traded managed care organizations (MCOs). The MCOs in our coverage universe also own and operate a wide variety of assets outside of the managed care business, including: 1) primary care, outpatient, and surgical networks, 2) pharmacy, dental, vision and life insurance businesses, and 3) health care information technology, consulting, and services business. The Healthcare Facilities industry generally includes companies that operate acute care hospitals, nursing homes, and ambulatory surgery centers. In addition, this subsector of the overall healthcare industry also includes specialty operators, outsourced services, and providers of in- home healthcare. Our primary focus is on the acute care hospitals systems. The acute care hospitals in our coverage also operate complimentary assets such as behavioral health facilities, ambulatory surgery centers, and urgent care centers, among others.

Source: Stephens Inc. and FactSet Research Systems

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

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.

Source: Stephens Inc. and FactSet Research Systems

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

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.

Source: Stephens Inc. and FactSet Research Systems

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

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.

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC May 2019, Page 40

CHEMICALS MARK CONNELLY, 201-891-1781

Sector Overview: The chemical industry, probably better thought of as “chemicals and materials,” given the blurred line between the two, extends across the spectrum from industrial gasses to food additives to plastics and carbon fiber. In its entirety, the sector follows global GDP, but new innovations can quickly eclipse existing materials, leading to vastly different growth rates and investment potential, and, as we recently saw with industry leaders Dow and DuPont, size and scale can be as much an impediment to performance as a benefit.

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC May 2019, Page 41

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.

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC May 2019, Page 42

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).

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC May 2019, Page 43

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.

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 May 2019, Page 44

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.

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC May 2019, Page 45

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.

Source: Stephens Inc. and FactSet Research Systems

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

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 (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). 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 industry 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 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.

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC May 2019, Page 47

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.

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC May 2019, Page 48

ENTERPRISE AND CLOUD INFRASTRUCTURE DMITRY NETIS, 212-891-1762

Dmitry is a managing director and senior equity research analyst focusing on cloud communications and software infrastructure. Prior to joining Stephens, he spent 10 years at William Blair & Co. where he was a founding member of TMT team, initially building out the data networking and storage sector and later expanding into cloud communications, infrastructure software and equipment. He began his Wall St. career at Thomas Weisel Partners in 2007. He has over 23 years of experience combined working within and covering the technology industry. Before joining the financial services industry, Mr. Netis held product management, business development, and engineering roles at Conexant Systems and IBM Corp. Mr. Netis holds an M.B.A. from Rensselaer’s Lally School of Management, B.S. in electrical engineering from the University of Rochester, and a master’s degree from Cornell University.

Sector Overview: Software companies developing technology required for enterprise IT and cloud computing delivered or accessed via a network or the internet. The technology covers virtual and on-demand applications and services being delivered through the model known as infrastructure as a service (IaaS), software as a service (SaaS) and platform as a service (PaaS).

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC May 2019, Page 49

INTERNET, VIDEO GAMES AND ONLINE GAMBLING JEFF COHEN, 212-891-1728

Jeff Cohen is an equity research analyst focused on Internet, Video Games and Online Gambling. He joined Stephens Inc. in July 2017 after graduating Columbia Business School with an MBA in Finance and Accounting. Prior to, Jeff was an analyst with Barclays Equity Special Situations Group. He received a BA in Government from Harvard University in 2012. Jeff is Harvard University’s all-time leading lacrosse goal scorer and a former US Lacrosse All-American.

Source: Stephens Inc. and FactSet Research Systems

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

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.

Source: Stephens Inc. and FactSet Research Systems

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

SAAS AND ENTERPRISE SOFTWARE JAMES RUTHERFORD, 501-377-8221

James is a research analyst covering the SaaS and Enterprise Software sector. He originally joined Stephens in May 2013 and has served as an associate on both the Business Services team as well as the Diagnostics and Life Science team. James graduated with a bachelors in Finance from the University of Arkansas at Little Rock.

Sector Overview: Software is transforming nearly every aspect of our personal and professional lives, from the ways consumers shop, bank, and entertain themselves to the ways businesses market to customers, manage workforces, and control supply chains. Within the software arena, our coverage is focused primarily on software-as-a-service (SaaS) companies in the human capital management (HCM) and customer relationship management (CRM) space in addition to various other vertical application providers.

Source: Stephens Inc. and FactSet Research Systems

Monthly Statistical Review Member NYSE, SIPC May 2019, Page 52 COVERAGE LIST BY MARKET CAPITALIZATION

Cos. Market Cap. Average Market Cap $9.8 Billion 143 > $5 Billion Median Market Cap $2.6 Billion 116 $2 Billion-$5 Billion 131 $500 Million $2 Billion 59 Under $500 Million 486 Active Companies

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

COVERAGE LIST BY MARKET CAPITALIZATION

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

COVERAGE LIST BY MARKET CAPITALIZATION

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

COVERAGE LIST BY MARKET CAPITALIZATION

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

COVERAGE LIST BY MARKET CAPITALIZATION

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

COVERAGE LIST BY MARKET CAPITALIZATION

Monthly Statistical Review Member NYSE, SIPC May 2019, Page 58

COVERAGE LIST BY MARKET CAPITALIZATION

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

COVERAGE LIST BY MARKET CAPITALIZATION

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

COVERAGE LIST BY MARKET CAPITALIZATION

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

COVERAGE LIST BY MARKET CAPITALIZATION

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

COVERAGE LIST BY MARKET CAPITALIZATION

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

COVERAGE LIST BY MARKET CAPITALIZATION

Source: Stephens Inc. and FactSet Research Systems

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

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 May 2019, Page 65

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 May 2019, Page 66

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 May 2019, Page 67

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 May 2019, Page 68

APPENDIX

Investment Ratings

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

Distribution of Stephens Inc.'s Ratings (as of 03/29/19)

% Investment Banking Clients Rating % (Past 12 Months) BUY 55 20 HOLD 44 13 SELL 1 25

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

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

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

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

Monthly Statistical Review Member NYSE, SIPC May 2019, Page 69 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 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 Will Greutzmacher, SVP 312.292.5783 Martin Bynum, MD 479.718.7422 Wes Zweigers, VP 501.377.2284 Frank Chiou, MD 212.891.1773 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

ANTHONY PIGNIO-PRODUCING HEAD OF SALES TRADING & EQUITY TRADING

TRADING NEW YORK SALES TRADING LITTLE ROCK Will Bertsch, MD - Energy 212.891.1701 Adam Raines, SVP 501.377.2076 Robert Guida 212.891.1768 Gray Standridge, MD 501.377.2078 James Law, MD – Consumer 212.891.1757 SALES TRADING BOSTON Tommy Roszko, MD – Financial Services 212.891.1758 Scott Mutryn, MD 617.239.7544 Brendan O’Brien, VP 617.239.7518

SALES TRADING CHICAGO TRADING LITTLE ROCK Frank Kalble 312.292.5784 Anthony Pignio, Producing Head of Equity Trading, MD - Technology 501.377.3460 Brian Kowieski, MD 312.292.5765 Jason Jarcho, MD – Inds. & Transportation 501.377.2074 Leon Lants, Director of Trading Ops, MD 501.377.6394 Brian Wardle, MD – Healthcare 501.377.3468 SALES TRADING NEW YORK Jeffrey Castellano, MD 212.891.1738 Matt Delia, MD 212.891.1731 Greg Gaffney, MD 212.891.1741 Robert Guida 212.891.1768 Rhonda Pellegrino, MD 212.891.1753 Tommy Roszko,MD 212.891.1758

Monthly Statistical Review Member NYSE, SIPC May 2019, Page 70 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 May 2019, Page 71 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 INDUSTRIALS TECHNOLOGY, MEDIA AND TELECOMMUNICATIONS Food and Agribusiness Banks-Mid-Atlantic & Northeast Agriculture, Chemicals, and Grocery & C-Store Austin Nicholas, Analyst (207) 808-5027 Paper and Wood Products Business Services Ben Bienvenu, Analyst (501) 377-8511 Cooper Brown, Senior Associate (207) 228-1707 Mark Connelly, Analyst (212) 891-1781 Brett Huff, CFA, Analyst (501) 377-8068 Tim Perz, CPA, Associate (212) 891-1782 Leigh Ann Moseley, Assistant (501) 377-2250 John Rider, CPA, Associate (212) 891-1778 Joel Hoeffler, Associate (501) 377-6312 Pooran Sharma, CFA, Associate (212) 891-1794 Joan Tong, CFA, Senior Associate (212) 891-1792 Megan Ladd, Assistant (501) 377-8104 Leigh Ann Moseley, Assistant (501) 377-2250 Banks-Southwest Tamika Bascombe, Assistant (212) 891-1706 Matt Olney, CFA, Analyst (501) 377-2101 Enterprise and Cloud Infrastructure Restaurants Adam Freyaldenhoven, Associate (501) 377-3740 Building Materials Security Software Will Slabaugh, Analyst (501) 377-2259 Dena Page, Assistant (501) 377-6368 Trey Grooms, Analyst (501) 377-2318 Dmitry Netis, Analyst (212) 891-1762 Niall Pratt, Associate (501) 377-3721 Noah Merkousko, Associate (501) 377-8506 Ryan MacWilliams, CFA, Senior Assoc. (212) 891-1789 Leigh Ann Moseley, Assistant (501) 377-2250 Banks-Southeast & West Coast Dena Page, Assistant (501) 377-6368 Tamika Bascombe, Assistant (212) 891-1706 Tyler Stafford, CFA, Analyst (501) 377-8362 Gordon McGuire, Senior Associate (501) 377-3717 Electrical Equipment/Multi-Industry Internet, Video Games and Online Gambling Retail/Broadlines Andrew Terrell, Associate (501) 377-2303 Rob McCarthy, CFA, Analyst (617) 239-7537 Jeff Cohen, Analyst (212) 891-1728 Daniel Imbro, Analyst (501) 377-2055 Dena Page, Assistant (501) 377-6368 Brandon Reagan, Associate (501) 377-2214 Tamika Bascombe, Assistant (212) 891-1706 Leigh Ann Moseley, Assistant (501) 377-2250 Katie Logan, Assistant (501) 377-2057 Banks-Super-Regional & Midwest Media Retail/Hardlines Terry McEvoy, CFA, Analyst (207) 808-5025 Industrial Products and Services Kyle Evans, Analyst (501) 377-6376 Rick Nelson, CFA, CPA, Alex Glockner, Associate (207) 835-3007 Blake Hirschman, Analyst (501) 377-8046 Joseph Wei, Associate (501) 377-6372 Analyst (312) 292-5768 Leigh Ann Moseley, Assistant (501) 377-2250 Raleigh Barnes, Associate (501) 377-2532 Megan Ladd, Assistant (501) 377-8104 Nicholas Zangler, CFA, Senior Assoc. (312) 292-5753 Leigh Ann Moseley, Assistant (501) 377-2250 Grace Tokarski, Assistant (312) 292-5750 Real Estate Services SaaS and Enterprise Software John Campbell, Analyst (501) 377-6362 Machinery James Rutherford, Analyst (501) 377-8221 Carter Trent, Associate (501) 377-8215 Ashish Gupta, Analyst (212) 891-1709 Megan Ladd, Assistant (501) 377-8104 ENERGY Megan Ladd, Assistant (501) 377-8104 Tamika Bascombe, Assistant (212) 891-1706

Exploration and Production Specialty Finance Transportation/Airfreight and Logistics/Maritime Jack Atkins, Analyst (501) 377-2298 Gail Nicholson Dodds, Analyst (301) 904-7466 Vincent Caintic, CFA, Analyst (212) 891-1715 Michael Newton, Associate (501) 377-2220 Morgan O’Donovan, CFA, Senior Assoc.(954) 637-2234 Andrew Hall, Senior Associate (501) 377-2562 Fletcher Sipple, Associate (501) 377-2347 Tamika Bascombe, Assistant (212) 891-1706 Katie Logan, Assistant (501) 377-2057 Megan Ladd, Assistant (501) 377-8104 HEALTHCARE Transportation/Railroads and Exploration and Production Equipment Suppliers (501) 377-2036 Drew Lipke, Analyst (501) 377-2108 Diagnostics and Life Science Tools Justin Long, Analyst Brian Colley, Senior Associate (214) 258-2771 Michael Newton, Associate (501) 377-2220 Drew Jones, Analyst (501) 377-2369 Katie Logan, Assistant (501) 377-2057 Fletcher Sipple, Associate (501) 377-2347 Mason Carrico, Associate (501) 377-8231

Megan Ladd, Assistant (501) 377-8104 Leigh Ann Moseley, Assistant (501) 377-2250 Transportation/Truckload and

Less-Than-Truckload Oilfield Services Healthcare Services EDITORIAL Tommy Moll, Analyst (501) 377-6306 Brad Delco, Analyst (501) 377-8057 Dana Hambly, CFA, Analyst (615) 279-4329 Cameron Lochridge, Associate (501) 377-8078 Scott Schoenhaus, Senior Associate (212) 891-1707 Jacob Johnson, CFA, Senior Associate (615) 279-4355 Kelley Wilkins Megan Ladd, Assistant (501) 377-8104 Katie Logan, Assistant (501) 377-2057 Grace Tokarski, Assistant (312) 292-5750 Managing Supervisory Analyst (501) 377-2020

Martha Graham, Supervisory Analyst (501) 377-2260 Managed Care and Healthcare Facilities Natacha Hammerstad, Scott Fidel, Analyst (212) 891-1788 Supervisory Analyst (713) 993-4233 Gerard Campagna, CFA, Senior Assoc. (212) 891-1745 Jennifer Keeling, Supervisory Analyst (501) 377-8004 Tamika Bascombe, Assistant (212) 891-1706 Kat Versfelt, Editor (817) 900-5700

Medical Devices & Hospital Supply Chris Cooley, CFA, Analyst (501) 377-2516 Ross Osborn, Associate (501) 377-8228 Leigh Ann Moseley, Assistant (501) 377-2250

stephens.com