2015 Valuation Handbook – Guide to Cost of Capital and Data Published Therein in Connection with Their Internal Business Operations

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201 Valuation Handbook Guide to Cost of Capital Industry Risk Premia Company List Cover image: Duff & Phelps Cover design: Tim Harms

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ISBN 978-1-119-172895 (Set) ISBN 978-1-119-12789-5 (Update 1) ISBN 978-1-119-12790-1 (Update 2) ISBN 978-1-119-12795-6 (Update 3)

Printed in the United States of America

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2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 2 Industry Risk Premia Company List About the Data

The information and data presented in the 2015 Valuation Handbook – Guide to Cost of Capital and the online Risk Premium Toolkit and the online Cost of Capital Analyzer has been obtained with the greatest of care from sources believed to be reliable, but is not guaranteed to be complete, accurate or timely. Duff & Phelps, LLC (www.duffandphelps.com) and/or its data providers expressly disclaim any liability, including incidental or consequential damages, arising from the use of the 2015 Valuation Handbook – Guide to Cost of Capital and/or the online Risk Premium Toolkit and/or the online Cost of Capital Analyzer or any errors or omissions that may be contained in the 2015 Valuation Handbook – Guide to Cost of Capital and/or the online Risk Premium Toolkit and/or the online Cost of Capital Analyzer, or any other product (existing or to be developed) based upon the methodology and/or data published herein. One of the primary sources of raw data used to produce the derived data and information herein is Morningstar, Inc. Use of raw data from Morningstar to produce the derived data and information herein does not necessarily constitute agreement by Morningstar, Inc. of any investment philosophy or strategy presented in this publication.

2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 3 Industry Risk Premia Company List About Duff & Phelps

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2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 4 Industry Risk Premia Company List NOTE: The full-information beta analysis employed to form the industry risk premia provided in Table 5.7 of the Valuation Handbook – Guide to Cost of Capital uses a cross-sectional regression in which a company’s exposure to an industry (as deﬁned by SIC code) is based on a sales-based weighted methodology. Any given company’s exposure vis-à-vis “sales” to any given industry can vary from less than 1.0% to 100.0%. The full-information beta approach enables the inclusion of these companies’ participation in the industry in the beta calculation.1

Ideally,ÕoneÕwouldÕlikeÕtoÕhaveÕaÕsamplingÕofÕbetasÕfromÕmanyÕ“pureÕplay”ÕguidelineÕpublicÕcompaniesÕ whenÕestimatingÕaÕproxyÕbeta.Õ“PureÕplay”ÕcompaniesÕareÕcompaniesÕwithÕsay,ÕatÕleastÕ75.0%ÕofÕ revenue from a single Standard Industrial Classiﬁcation (SIC) code. In some industries the largestÖ participantsÕmayÕbeÕconglomeratesÕforÕwhichÕparticipationÕinÕtheÕgivenÕindustryÕisÕaÕsmallÖpartÕofÕtheirÕ overallÕrevenues.ÕForÕexample,ÕasÕofÕDecemberÕ201ÕtheÕpercentageÕofÕGeneralÕElectric’sÕsalesÕinÕSICÕ 351Õ(EnginesÕandÕTurbines)ÕwasÕlessÕthanÕ20.0%ÕofÕtheÕcompany’sÕoverallÕsales,ÕsoÕinÕaÕstrictlyÕpure- playÕbetaÕanalysisÕGeneralÕElectricÕwouldÕbeÕexcluded.ÕHowever,ÕGeneralÕElectricÕwasÕarguablyÕtheÕ dominantÖparticipantÕinÕthisÕindustry,ÕwithÕ5.%ÕofÕallÕsales.2Õ CompaniesÕthatÕhaveÕexposureÕaÕgivenÕ industryÕ(evenÕifÕlimited)ÕcanÕbeÕincludedÕinÕtheÕanalysisÕwhenÕfull-informationÕbetaÕmethodologyÕisÕ employed.

ToÖbeÖclear:ÖTheÕcompaniesÕincludedÕinÕtheÕfull-informationÕbetaÕanalysisÕusedÕtoÕcreateÕtheÕindustryÕ riskÕpremiaÕinÕtheÕ6ALUATIONÖ(ANDBOOKÕareÕnotÖnecessarilyÕ“pureÕplay”Õcompanies:

x You many notice companies included in each industry that may seem out of place. However, these companies only impact the full-information betas (and thus the industry risk premia) by the weighted sales exposure the company has to the given industry.

x You may also notice companies listed in multiple industries. For example, General Electric was a participant in SIC 351 (Engines and Turbines), but was also a participant in SIC 363 (Household Appliances), and SIC 384 (Surgical, Medical, And Dental Instruments and Supplies).

TheÕinformationÕinÕtheÕÖ6ALUATIONÖ(ANDBOOKÖkÖ'UIDEÖTOÖ#OSTÖOFÖ#APITAL)NDUSTRYÖ2ISKÖ0REMIAÖ #OMPANYÖ,ISTÖisÕforÕuseÕinÕconjunctionÕwithÕtheÕdataÕfoundÕinÕtheÕ201ÖValuationÖHandbook’sÖExhibitÕ 5.7Õ(IndustryÕRiskÕPremia)Õonly.Õ ToÕlearnÕmore,ÕseeÕChapterÕ5,Õ“BasicÕBuildingÕBlocksÕofÕtheÕCostÕofÕ EquityÕCapitalÕ–ÕBetasÕandÕIndustryÕRiskÕPremia”ÕinÕtheÕ201ÖValuationÖHandbook.

1 TheÕfull-informationÕbetasÕpublishedÕinÕtheÕ201ÖValuationÖHandbookÖ@MCÕHMÕSGDÕENQLDQÕ2!!(Õ6ALUATIONÖ9EARBOOKÖ@QDÕA@RDCÕNMÕ@MÕ@QSHBKDÕÕ by Paul D. Kaplan and James D. Peterson: "Full-Information Industry Betas”, Financial Management, Summer 1998. 2 As of the most recently completed ﬁscal year, and in the context of the 3, U.S. companies included in the full information beta analysis usedÕtoÕcreateÕExhibitÕ5.7ÕinÕtheÕ201ÖValuationÖHandbook.ÕSource:ÕStandardÕandÕPoor’sÕResearchÖInsightÕdatabase.

2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 5 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014

SIC CODE 01 NACCO INDUSTRIES -CL A AVALON OIL AND GAS INC ALICO INC PEABODY ENERGY CORP BAKER HUGHES INC CHIQUITA BRANDS INTL INC RHINO RESOURCE PARTNERS LP BAKKEN RESOURCES INC MONSANTO CO SINOCOKING COAL & COKE CHEM BARNWELL INDUSTRIES NUTRASTAR INTERNATIONAL INC SUNCOKE ENERGY INC BASIC ENERGY SERVICES INC ROYAL HAWAIIAN ORCHARDS-LP TECO ENERGY INC BILL BARRETT CORP S&W SEED CO VECTREN CORP BLACK HILLS CORP SEABOARD CORP WALTER ENERGY INC BLACK RIDGE OIL & GAS INC SINO AGRO FOOD INC WESTMORELAND COAL CO BLACKSANDS PETROLEUM INC SKYPEOPLE FRUIT JUICE INC WESTMORELAND RES PARTNERS LP BONANZA CREEK ENERGY INC TEJON RANCH CO BPZ RESOURCES INC TWO RIVERS WATER & FARMING SIC CODE 122 BREITBURN ENERGY PARTNERS LP YASHENG GROUP ALLIANCE HOLDINGS GP LP C&J ENERGY SERVICES INC LIMONEIRA CO ALLIANCE RESOURCE PTNRS -LP CABOT OIL & GAS CORP ALPHA NATURAL RESOURCES INC CAL DIVE INTERNATIONAL INC SIC CODE 10 ARCH COAL INC CALLON PETROLEUM CO/DE ALLIED NEVADA GOLD CORP BLACK HILLS CORP CAMAC ENERGY INC CHEVRON CORP BORNEO RESOURCE INVESTMENTS CARBON NATURAL GAS CO CLIFFS NATURAL RESOURCES INC CLIFFS NATURAL RESOURCES INC CARRIZO OIL & GAS INC COEUR MINING INC CLOUD PEAK ENERGY INC CENTERPOINT ENERGY INC COMSTOCK MINING INC CONSOL ENERGY INC CHENIERE ENERGY INC FREEPORT-MCMORAN INC NACCO INDUSTRIES -CL A CHESAPEAKE ENERGY CORP GOLD RESOURCE CORP PEABODY ENERGY CORP CHEVRON CORP GOLDEN MINERALS CO RHINO RESOURCE PARTNERS LP CIMAREX ENERGY CO HECLA MINING CO SINOCOKING COAL & COKE CHEM CLAYTON WILLIAMS ENERGY INC LAYNE CHRISTENSEN CO SUNCOKE ENERGY INC CLEAN HARBORS INC MEDINAH MINERALS INC TECO ENERGY INC COMSTOCK RESOURCES INC MOLYCORP INC VECTREN CORP CONCHO RESOURCES INC NEW JERSEY MINING CO WALTER ENERGY INC CONOCOPHILLIPS NEWMONT MINING CORP WESTMORELAND COAL CO CONSOL ENERGY INC NORANDA ALUMINUM HOLDING CP WESTMORELAND RES PARTNERS LP CONTANGO OIL & GAS CO SOUTHERN COPPER CORP CONTINENTAL RESOURCES INC STEEL PARTNERS HOLDINGS LP SIC CODE 13 CRESTWOOD EQUITY PARTNERS LP STILLWATER MINING CO ABRAXAS PETROLEUM CORP/NV CSI COMPRESSCO LP SOLITARIO EXPLORATION & RLTY ACCESS MIDSTREAM PARTNERS LP CUBIC ENERGY INC ADAMS RESOURCES & ENERGY INC DAWSON GEOPHYSICAL CO SIC CODE 12 AEGION CORP DAYBREAK OIL & GAS INC ALLIANCE HOLDINGS GP LP AMERICAN EAGLE ENERGY CORP DCP MIDSTREAM PARTNERS LP ALLIANCE RESOURCE PTNRS -LP AMERICAN ENERGY GROUP LTD DEEP DOWN INC ALPHA NATURAL RESOURCES INC AMERICAN INTERNATIONAL INDS DENBURY RESOURCES INC ARCH COAL INC ANADARKO PETROLEUM CORP DEVON ENERGY CORP BLACK HILLS CORP APACHE CORP DIAMOND OFFSHRE DRILLING INC BORNEO RESOURCE INVESTMENTS APPROACH RESOURCES INC DUNE ENERGY INC CLIFFS NATURAL RESOURCES INC ARETE INDUSTRIES INC EAGLE ROCK ENERGY PARTNRS LP CLOUD PEAK ENERGY INC ATLAS ENERGY LP EARTHSTONE ENERGY INC -OLD CONSOL ENERGY INC ATWOOD OCEANICS ECOLAB INC

2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 6 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014

ECOSPHERE TECHNOLOGIES INC LOEWS CORP RED MOUNTAIN RESOURCES INC EMERALD OIL INC LRR ENERGY LP REGENCY ENERGY PARTNERS LP ENBRIDGE ENERGY PRTNRS -LP LUCAS ENERGY INC RESERVE PETROLEUM CO ENDEAVOUR INTERNATIONAL CORP MACQUARIE INFRASTRUCT CO LLC RESOLUTE ENERGY CORP ENERGEN CORP MAGELLAN PETROLEUM CORP REX ENERGY CORP ENERGY TRANSFER PARTNERS -LP MAGNUM HUNTER RESOURCES CORP RHINO RESOURCE PARTNERS LP ENTERPRISE PRODS PRTNRS -LP MARATHON OIL CORP RING ENERGY INC EOG RESOURCES INC MARKWEST ENERGY PARTNERS LP ROSETTA RESOURCES INC EOS PETRO INC MASSIVE INTERACTIVE INC ROYALE ENERGY INC EQT CORP MDU RESOURCES GROUP INC RPC INC ESCALERA RESOURCES CO MEMORIAL PRODUCTION PRTRS LP SANCHEZ ENERGY CORP EV ENERGY PARTNERS LP MEXCO ENERGY CORP SANCHEZ PRODUCTION PARTNERS EVOLUTION PETROLEUM CORP MID-CON ENERGY PARTNERS -LP SANDRIDGE ENERGY INC EXCO RESOURCES INC MILLER ENERGY RESOURCES INC SARATOGA RESOURCES INC EXXON MOBIL CORP MURPHY OIL CORP SM ENERGY CO FAR EAST ENERGY CORP NATIONAL FUEL GAS CO SOUTHWESTERN ENERGY CO FERRELLGAS PARTNERS -LP NEW CONCEPT ENERGY INC STEEL EXCEL INC FIELDPOINT PETROLEUM CORP NEW WESTERN ENERGY CORP STEEL PARTNERS HOLDINGS LP FORBES ENERGY SERVICES LTD NEWFIELD EXPLORATION CO STONE ENERGY CORP FOREST OIL CORP -OLD NITRO PETROLEUM INC SUPERIOR ENERGY SERVICES INC FREEPORT-MCMORAN INC NOBLE ENERGY INC SWIFT ENERGY CO FX ENERGY INC NORTHERN OIL & GAS INC SYNERGY RESOURCES CORP GASTAR EXPLORATION INC NUVERRA ENVIRONMENTAL SOLUTN TARGA RESOURCES PARTNERS LP GEOMET INC OASIS PETROLEUM INC TENGASCO INC GLOBAL GEOPHYSICAL SVCS INC OCCIDENTAL PETROLEUM CORP TETRA TECHNOLOGIES INC/DE GOODRICH PETROLEUM CORP OCEANEERING INTERNATIONAL TGC INDUSTRIES INC GRAN TIERRA ENERGY INC OGE ENERGY CORP TN-K ENERGY GROUP INC GULFPORT ENERGY CORP OIL STATES INTL INC TRANS ENERGY INC HALCON RESOURCES CORP ONEOK INC TRIANGLE PETROLEUM CORP HALLIBURTON CO ONEOK PARTNERS -LP U S ENERGY CORP/WY HARBINGER GROUP INC PANHANDLE OIL & GAS INC U S LIME & MINERALS HELIX ENERGY SOLUTIONS GROUP PARKER DRILLING CO UNIT CORP HELMERICH & PAYNE PATTERSON-UTI ENERGY INC VAALCO ENERGY INC HERCULES OFFSHORE INC PDC ENERGY INC VANGUARD NATURAL RESOURCES HESS CORP PEGASI ENERGY RESOURCES CORP VOC ENERGY TRUST HKN INC PENN VIRGINIA CORP W&T OFFSHORE INC HOLLYFRONTIER CORP PETROQUEST ENERGY INC WARREN RESOURCES INC HOUSTON AMERN ENERGY CORP PIONEER ENERGY SERVICES CORP WESTERN GAS PARTNERS LP HYDROCARB ENERGY CORP PIONEER NATURAL RESOURCES CO WESTERN REFINING INC ISRAMCO INC PLUM CREEK TIMBER CO INC WHITING PETROLEUM CORP KEY ENERGY SERVICES INC POSTROCK ENERGY CORP WILLBROS GROUP INC LAREDO OIL INC PRIMEENERGY CORP WILLIAMS PARTNERS LP LAREDO PETROLEUM INC QEP RESOURCES INC WPX ENERGY INC LEGACY RESERVES LP QUESTAR CORP ENERJEX RESOURCES INC LILIS ENERGY INC QUICKSILVER RESOURCES INC EXTERRAN PARTNERS LP LINN ENERGY LLC RANGE RESOURCES CORP CASPIAN SERVICES INC

2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 7 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014

SIC CODE 131 EAGLE ROCK ENERGY PARTNRS LP MARATHON OIL CORP ABRAXAS PETROLEUM CORP/NV EARTHSTONE ENERGY INC -OLD MARKWEST ENERGY PARTNERS LP ACCESS MIDSTREAM PARTNERS LP EMERALD OIL INC MASSIVE INTERACTIVE INC ADAMS RESOURCES & ENERGY INC ENBRIDGE ENERGY PRTNRS -LP MDU RESOURCES GROUP INC AMERICAN EAGLE ENERGY CORP ENDEAVOUR INTERNATIONAL CORP MEMORIAL PRODUCTION PRTRS LP AMERICAN ENERGY GROUP LTD ENERGEN CORP MEXCO ENERGY CORP AMERICAN INTERNATIONAL INDS ENERGY TRANSFER PARTNERS -LP MID-CON ENERGY PARTNERS -LP ANADARKO PETROLEUM CORP ENTERPRISE PRODS PRTNRS -LP MILLER ENERGY RESOURCES INC APACHE CORP EOG RESOURCES INC MURPHY OIL CORP APPROACH RESOURCES INC EOS PETRO INC NATIONAL FUEL GAS CO ARETE INDUSTRIES INC EQT CORP NEW CONCEPT ENERGY INC ATLAS ENERGY LP ESCALERA RESOURCES CO NEW WESTERN ENERGY CORP AVALON OIL AND GAS INC EV ENERGY PARTNERS LP NEWFIELD EXPLORATION CO BAKKEN RESOURCES INC EVOLUTION PETROLEUM CORP NITRO PETROLEUM INC BARNWELL INDUSTRIES EXCO RESOURCES INC NOBLE ENERGY INC BILL BARRETT CORP EXXON MOBIL CORP NORTHERN OIL & GAS INC BLACK HILLS CORP FAR EAST ENERGY CORP OASIS PETROLEUM INC BLACK RIDGE OIL & GAS INC FIELDPOINT PETROLEUM CORP OCCIDENTAL PETROLEUM CORP BLACKSANDS PETROLEUM INC FOREST OIL CORP -OLD OGE ENERGY CORP BONANZA CREEK ENERGY INC FREEPORT-MCMORAN INC ONEOK INC BPZ RESOURCES INC FX ENERGY INC ONEOK PARTNERS -LP BREITBURN ENERGY PARTNERS LP GASTAR EXPLORATION INC PANHANDLE OIL & GAS INC CABOT OIL & GAS CORP GEOMET INC PATTERSON-UTI ENERGY INC CALLON PETROLEUM CO/DE GOODRICH PETROLEUM CORP PDC ENERGY INC CAMAC ENERGY INC GRAN TIERRA ENERGY INC PEGASI ENERGY RESOURCES CORP CARBON NATURAL GAS CO GULFPORT ENERGY CORP PENN VIRGINIA CORP CARRIZO OIL & GAS INC HALCON RESOURCES CORP PETROQUEST ENERGY INC CENTERPOINT ENERGY INC HARBINGER GROUP INC PIONEER ENERGY SERVICES CORP CHENIERE ENERGY INC HELIX ENERGY SOLUTIONS GROUP PIONEER NATURAL RESOURCES CO CHESAPEAKE ENERGY CORP HESS CORP PLUM CREEK TIMBER CO INC CHEVRON CORP HKN INC POSTROCK ENERGY CORP CIMAREX ENERGY CO HOLLYFRONTIER CORP PRIMEENERGY CORP CLAYTON WILLIAMS ENERGY INC HOUSTON AMERN ENERGY CORP QEP RESOURCES INC COMSTOCK RESOURCES INC HYDROCARB ENERGY CORP QUESTAR CORP CONCHO RESOURCES INC ISRAMCO INC QUICKSILVER RESOURCES INC CONOCOPHILLIPS LAREDO OIL INC RANGE RESOURCES CORP CONSOL ENERGY INC LAREDO PETROLEUM INC RED MOUNTAIN RESOURCES INC CONTANGO OIL & GAS CO LEGACY RESERVES LP REGENCY ENERGY PARTNERS LP CONTINENTAL RESOURCES INC LILIS ENERGY INC RESERVE PETROLEUM CO CRESTWOOD EQUITY PARTNERS LP LINN ENERGY LLC RESOLUTE ENERGY CORP CUBIC ENERGY INC LOEWS CORP REX ENERGY CORP DAYBREAK OIL & GAS INC LRR ENERGY LP RHINO RESOURCE PARTNERS LP DCP MIDSTREAM PARTNERS LP LUCAS ENERGY INC RING ENERGY INC DENBURY RESOURCES INC MACQUARIE INFRASTRUCT CO LLC ROSETTA RESOURCES INC DEVON ENERGY CORP MAGELLAN PETROLEUM CORP ROYALE ENERGY INC DUNE ENERGY INC MAGNUM HUNTER RESOURCES CORP SANCHEZ ENERGY CORP

2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 8 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014

SANCHEZ PRODUCTION PARTNERS GLOBAL GEOPHYSICAL SVCS INC PIONEER ENERGY SERVICES CORP SANDRIDGE ENERGY INC HALLIBURTON CO SANDRIDGE ENERGY INC SARATOGA RESOURCES INC HELIX ENERGY SOLUTIONS GROUP UNIT CORP SM ENERGY CO HELMERICH & PAYNE SOUTHWESTERN ENERGY CO HERCULES OFFSHORE INC SIC CODE 1389 STONE ENERGY CORP ISRAMCO INC AEGION CORP SWIFT ENERGY CO KEY ENERGY SERVICES INC BASIC ENERGY SERVICES INC SYNERGY RESOURCES CORP LOEWS CORP C&J ENERGY SERVICES INC TENGASCO INC MAGNUM HUNTER RESOURCES CORP CAL DIVE INTERNATIONAL INC TN-K ENERGY GROUP INC NUVERRA ENVIRONMENTAL SOLUTN CLEAN HARBORS INC TRANS ENERGY INC OASIS PETROLEUM INC ECOSPHERE TECHNOLOGIES INC TRIANGLE PETROLEUM CORP OCEANEERING INTERNATIONAL FERRELLGAS PARTNERS -LP U S ENERGY CORP/WY OIL STATES INTL INC FORBES ENERGY SERVICES LTD U S LIME & MINERALS PARKER DRILLING CO HALLIBURTON CO UNIT CORP PATTERSON-UTI ENERGY INC HELIX ENERGY SOLUTIONS GROUP VAALCO ENERGY INC PIONEER ENERGY SERVICES CORP MAGNUM HUNTER RESOURCES CORP VANGUARD NATURAL RESOURCES REGENCY ENERGY PARTNERS LP NUVERRA ENVIRONMENTAL SOLUTN VOC ENERGY TRUST RPC INC OASIS PETROLEUM INC W&T OFFSHORE INC SANDRIDGE ENERGY INC OCEANEERING INTERNATIONAL WARREN RESOURCES INC STEEL EXCEL INC OIL STATES INTL INC WESTERN GAS PARTNERS LP STEEL PARTNERS HOLDINGS LP REGENCY ENERGY PARTNERS LP WESTERN REFINING INC SUPERIOR ENERGY SERVICES INC RPC INC WHITING PETROLEUM CORP TETRA TECHNOLOGIES INC/DE STEEL EXCEL INC WILLIAMS PARTNERS LP TGC INDUSTRIES INC STEEL PARTNERS HOLDINGS LP WPX ENERGY INC TRIANGLE PETROLEUM CORP SUPERIOR ENERGY SERVICES INC ENERJEX RESOURCES INC UNIT CORP TETRA TECHNOLOGIES INC/DE WILLBROS GROUP INC TRIANGLE PETROLEUM CORP SIC CODE 138 EXTERRAN PARTNERS LP WILLBROS GROUP INC AEGION CORP CASPIAN SERVICES INC ATWOOD OCEANICS SIC CODE 15 BAKER HUGHES INC SIC CODE 1381 BEAZER HOMES USA INC BASIC ENERGY SERVICES INC ATWOOD OCEANICS CAMPUS CREST COMMUNITIES INC C&J ENERGY SERVICES INC BAKER HUGHES INC CHINA HOUSING & LAND DEV INC CAL DIVE INTERNATIONAL INC BASIC ENERGY SERVICES INC COMSTOCK HOLDING COS INC CHESAPEAKE ENERGY CORP CHESAPEAKE ENERGY CORP D R HORTON INC CLAYTON WILLIAMS ENERGY INC CLAYTON WILLIAMS ENERGY INC DILLARDS INC -CL A CLEAN HARBORS INC DIAMOND OFFSHRE DRILLING INC HOVNANIAN ENTRPRS INC -CL A CSI COMPRESSCO LP FX ENERGY INC KB HOME DAWSON GEOPHYSICAL CO HALLIBURTON CO LENNAR CORP DEEP DOWN INC HELMERICH & PAYNE M/I HOMES INC DIAMOND OFFSHRE DRILLING INC HERCULES OFFSHORE INC MASTEC INC ECOLAB INC ISRAMCO INC MDC HOLDINGS INC ECOSPHERE TECHNOLOGIES INC KEY ENERGY SERVICES INC MERITAGE HOMES CORP FERRELLGAS PARTNERS -LP LOEWS CORP NVR INC FORBES ENERGY SERVICES LTD PARKER DRILLING CO POPE RESOURCES/DE -LP FX ENERGY INC PATTERSON-UTI ENERGY INC PULTEGROUP INC

2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 9 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014

RYLAND GROUP INC STERLING CONSTRUCTION CO INC SIC CODE 17 STANDARD PACIFIC CORP TUTOR PERINI CORP ABM INDUSTRIES INC TOLL BROTHERS INC VECTREN CORP AMERICAN ELECTRIC TECH INC TUTOR PERINI CORP WILLBROS GROUP INC APOGEE ENTERPRISES INC WORTHINGTON INDUSTRIES ARGAN INC SIC CODE 162 BARNWELL INDUSTRIES SIC CODE 153 AEGION CORP BROADWIND ENERGY INC BEAZER HOMES USA INC ALPHA NATURAL RESOURCES INC CHEMED CORP COMSTOCK HOLDING COS INC BIOSHAFT WATER TECHNOLOGY COMFORT SYSTEMS USA INC D R HORTON INC DYCOM INDUSTRIES INC EMCOR GROUP INC HOVNANIAN ENTRPRS INC -CL A ENERGY SERVICES OF AMERICA FLUOR CORP KB HOME FLUOR CORP FURMANITE CORP LENNAR CORP GOLDFIELD CORP GLOBAL POWER EQUIPMENT GROUP M/I HOMES INC GREAT LAKES DREDGE & DOCK CP GREAT LAKES DREDGE & DOCK CP MDC HOLDINGS INC JACOBS ENGINEERING GROUP INC HARSCO CORP MERITAGE HOMES CORP JUHL ENERGY INC INTEGRATED ELECTRICAL SVCS NVR INC KBR INC MATRIX SERVICE CO POPE RESOURCES/DE -LP MASTEC INC OTTER TAIL CORP PULTEGROUP INC MDU RESOURCES GROUP INC PIKE CORP RYLAND GROUP INC MYR GROUP INC QUANTA SERVICES INC STANDARD PACIFIC CORP ORION MARINE GROUP INC TUTOR PERINI CORP TOLL BROTHERS INC PERNIX GROUP INC UIL HOLDINGS CORP PRIMORIS SERVICES CORP VISCOUNT SYSTEMS INC SIC CODE 16 QUANTA SERVICES INC WPCS INTERNATIONAL INC AEGION CORP SOUTHWEST GAS CORP ALPHA NATURAL RESOURCES INC VECTREN CORP SIC CODE 173 BIOSHAFT WATER TECHNOLOGY WILLBROS GROUP INC AMERICAN ELECTRIC TECH INC CONSOL ENERGY INC ARGAN INC DYCOM INDUSTRIES INC SIC CODE 1623 EMCOR GROUP INC ENERGY SERVICES OF AMERICA AEGION CORP INTEGRATED ELECTRICAL SVCS FLUOR CORP DYCOM INDUSTRIES INC OTTER TAIL CORP GOLDFIELD CORP ENERGY SERVICES OF AMERICA PIKE CORP GRANITE CONSTRUCTION INC GOLDFIELD CORP QUANTA SERVICES INC GREAT LAKES DREDGE & DOCK CP JUHL ENERGY INC UIL HOLDINGS CORP INDIA GLOBALIZATION CAPITAL KBR INC VISCOUNT SYSTEMS INC JACOBS ENGINEERING GROUP INC MASTEC INC WPCS INTERNATIONAL INC JUHL ENERGY INC MYR GROUP INC KBR INC PRIMORIS SERVICES CORP MASTEC INC QUANTA SERVICES INC MDU RESOURCES GROUP INC SOUTHWEST GAS CORP MYR GROUP INC VECTREN CORP ORION MARINE GROUP INC WILLBROS GROUP INC PERNIX GROUP INC PRIMORIS SERVICES CORP QUANTA SERVICES INC SOUTHWEST GAS CORP

2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 10 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 SIC CODE 20 KEURIG GREEN MOUNTAIN INC SIC CODE 203 ALTRIA GROUP INC KRISPY KREME DOUGHNUTS INC ARMANINO FOODS DISTINCTION ARCHER-DANIELS-MIDLAND CO LANCASTER COLONY CORP B&G FOODS INC ARMANINO FOODS DISTINCTION LEUCADIA NATIONAL CORP CALAVO GROWERS INC B&G FOODS INC LIFEWAY FOODS INC CAMPBELL SOUP CO BOB EVANS FARMS MCCORMICK & CO INC CLOROX CO/DE BOSTON BEER INC -CL A MEAD JOHNSON NUTRITION CO CONAGRA FOODS INC BOULDER BRANDS INC MEDIFAST INC INVENTURE FOODS INC BRIDGFORD FOODS CORP MENDOCINO BREWING CO INC KELLOGG CO BROWN-FORMAN -CL B MGP INGREDIENTS INC LANCASTER COLONY CORP CALAVO GROWERS INC MOJO ORGANICS INC SENECA FOODS CORP CAMPBELL SOUP CO MOLSON COORS BREWING CO SMUCKER (JM) CO CASTLE BRANDS INC MONDELEZ INTERNATIONAL INC TREEHOUSE FOODS INC CHEESECAKE FACTORY INC MONSTER BEVERAGE CORP CHINA FRUITS CORP NATIONAL BEVERAGE CORP SIC CODE 204 CHINA MODERN AGRL INFO INC OMEGA PROTEIN CORP ARCHER-DANIELS-MIDLAND CO CHIQUITA BRANDS INTL INC PANERA BREAD CO COLGATE-PALMOLIVE CO CIRTRAN CORP PAPA JOHNS INTERNATIONAL INC DARLING INGREDIENTS INC CLOROX CO/DE PENFORD CORP GENERAL MILLS INC COCA-COLA BTLNG CONS PEPSICO INC INGREDION INC COCA-COLA CO PICO HOLDINGS INC KELLOGG CO COCA-COLA ENTERPRISES INC PILGRIM'S PRIDE CORP KRISPY KREME DOUGHNUTS INC COLGATE-PALMOLIVE CO PRIMO WATER CORP MGP INGREDIENTS INC CONAGRA FOODS INC PULSE BEVERAGE CORP PANERA BREAD CO CONSTELLATION BRANDS -CL A REEDS INC PAPA JOHNS INTERNATIONAL INC CRYSTAL ROCK HOLDINGS INC ROCKY MOUNTAIN CHOC FACT INC PENFORD CORP DARLING INGREDIENTS INC ROYAL HAWAIIAN ORCHARDS-LP PEPSICO INC DEAN FOODS CO SANDERSON FARMS INC DIAMOND FOODS INC SANFILIPPO JOHN B&SON SIC CODE 208

DR PEPPER SNAPPLE GROUP INC SEABOARD CORP ALTRIA GROUP INC DU PONT (E I) DE NEMOURS SENECA FOODS CORP BOSTON BEER INC -CL A FARMER BROS CO SENSIENT TECHNOLOGIES CORP BROWN-FORMAN -CL B FLOWERS FOODS INC SKYPEOPLE FRUIT JUICE INC CASTLE BRANDS INC GENERAL MILLS INC SMUCKER (JM) CO CHINA FRUITS CORP GLOBAL CLEAN ENERGY HOLDINGS SNYDERS-LANCE INC CIRTRAN CORP GOLDEN ENTERPRISES SUNWIN STEVIA INTL INC COCA-COLA BTLNG CONS HAIN CELESTIAL GROUP INC SYNUTRA INTERNATIONAL INC COCA-COLA CO HERSHEY CO TOOTSIE ROLL INDUSTRIES INC COCA-COLA ENTERPRISES INC HORMEL FOODS CORP TREEHOUSE FOODS INC CONSTELLATION BRANDS -CL A INGLES MARKETS INC -CL A TYSON FOODS INC -CL A CRYSTAL ROCK HOLDINGS INC INGREDION INC WILLAMETTE VALLEY VINEYARDS DR PEPPER SNAPPLE GROUP INC INTL FLAVORS & FRAGRANCES YOUNGEVITY INTERNATIONAL INC INTL FLAVORS & FRAGRANCES INVENTURE FOODS INC Z-TRIM HOLDINGS INC JONES SODA CO J & J SNACK FOODS CORP CELSIUS HOLDINGS INC MENDOCINO BREWING CO INC

JONES SODA CO MOJO ORGANICS INC KELLOGG CO MOLSON COORS BREWING CO 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 11 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014

MONSTER BEVERAGE CORP YOUNGEVITY INTERNATIONAL INC SIC CODE 25 NATIONAL BEVERAGE CORP Z-TRIM HOLDINGS INC AARON'S INC PEPSICO INC AMERICAN LOCKER GROUP INC PRIMO WATER CORP SIC CODE 22 B/E AEROSPACE INC PULSE BEVERAGE CORP ALBANY INTL CORP -CL A BASSETT FURNITURE INDS REEDS INC CROWN CRAFTS INC COMPASS DIVERSIFIED HOLDINGS SENSIENT TECHNOLOGIES CORP CULP INC ETHAN ALLEN INTERIORS INC SKYPEOPLE FRUIT JUICE INC DIXIE GROUP INC FLEXSTEEL INDUSTRIES INC SUNWIN STEVIA INTL INC ENNIS INC HILL-ROM HOLDINGS INC WILLAMETTE VALLEY VINEYARDS HAMPSHIRE GROUP LTD HNI CORP CELSIUS HOLDINGS INC HANESBRANDS INC HOOKER FURNITURE CORP INTERFACE INC INVACARE CORP SIC CODE 2086 MARTHA STEWART LIVING OMNIMD JOHNSON CONTROLS INC CHINA FRUITS CORP MOHAWK INDUSTRIES INC KIMBALL INTERNATIONAL -CL B CIRTRAN CORP UNIFI INC KNOLL INC COCA-COLA BTLNG CONS LA-Z-BOY INC COCA-COLA CO SIC CODE 23 LEAR CORP COCA-COLA ENTERPRISES INC ALPHA PRO TECH LTD LEGGETT & PLATT INC CRYSTAL ROCK HOLDINGS INC AMERICAN APPAREL INC MILLER (HERMAN) INC DR PEPPER SNAPPLE GROUP INC BEBE STORES INC NORTEK INC JONES SODA CO CARTER'S INC POWIN CORP MOJO ORGANICS INC CINTAS CORP SELECT COMFORT CORP MONSTER BEVERAGE CORP COLUMBIA SPORTSWEAR CO STANLEY FURNITURE CO INC NATIONAL BEVERAGE CORP CROCS INC STEELCASE INC PEPSICO INC DELTA APPAREL INC TEMPUR SEALY INTL INC PRIMO WATER CORP ELLIS PERRY INTL INC VIRCO MFG. CORP PULSE BEVERAGE CORP EVER-GLORY INTL GROUP INC REEDS INC G-III APPAREL GROUP LTD SIC CODE 251 CELSIUS HOLDINGS INC GUESS INC AARON'S INC HANESBRANDS INC BASSETT FURNITURE INDS SIC CODE 209 HORIYOSHI WORLDWIDE INC COMPASS DIVERSIFIED HOLDINGS CHIQUITA BRANDS INTL INC ICAHN ENTERPRISES LP ETHAN ALLEN INTERIORS INC CONAGRA FOODS INC JOE'S JEANS INC FLEXSTEEL INDUSTRIES INC DIAMOND FOODS INC KATE SPADE & CO HOOKER FURNITURE CORP DU PONT (E I) DE NEMOURS KNOLL INC KNOLL INC FARMER BROS CO OXFORD INDUSTRIES INC LA-Z-BOY INC GOLDEN ENTERPRISES PVH CORP LEGGETT & PLATT INC INVENTURE FOODS INC QUIKSILVER INC POWIN CORP KEURIG GREEN MOUNTAIN INC RALPH LAUREN CORP SELECT COMFORT CORP MCCORMICK & CO INC RAVEN INDUSTRIES INC STANLEY FURNITURE CO INC MEDIFAST INC SUPERIOR UNIFORM GROUP INC TEMPUR SEALY INTL INC PEPSICO INC UNDER ARMOUR INC SENECA FOODS CORP UNIFIRST CORP SMUCKER (JM) CO URBAN OUTFITTERS INC TREEHOUSE FOODS INC VF CORP TYSON FOODS INC -CL A

2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 12 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 SIC CODE 26 VERSO CORP NEW YORK TIMES CO -CL A 3M CO WAUSAU PAPER CORP QUAD/GRAPHICS INC AVERY DENNISON CORP SALEM COMMUNICATIONS CORP BEMIS CO INC SIC CODE 267 SCHOLASTIC CORP CANTEL MEDICAL CORP 3M CO STANDARD REGISTER CO CENVEO INC AVERY DENNISON CORP TIME WARNER INC CLEARWATER PAPER CORP BEMIS CO INC WILEY (JOHN) & SONS -CL A CLOROX CO/DE CENVEO INC CSS INDUSTRIES INC CLOROX CO/DE SIC CODE 28 DOMTAR CORP CSS INDUSTRIES INC 22ND CENTURY GROUP INC EAGLE MATERIALS INC GRAPHIC PACKAGING HOLDING CO ABBOTT LABORATORIES GLATFELTER KIMBERLY-CLARK CORP ACADIA PHARMACEUTICALS INC GRAPHIC PACKAGING HOLDING CO NATIONAL PRESTO INDS INC ACELRX PHARMACEUTICALS INC GREIF INC -CL A ORCHIDS PAPER PRODUCTS ACORDA THERAPEUTICS INC INTL PAPER CO PROCTER & GAMBLE CO ACURA PHARMACEUTICALS INC KAPSTONE PAPER & PACKAGING ROCK-TENN CO ADVAXIS INC KIMBERLY-CLARK CORP SEALED AIR CORP AEGERION PHARMACEUTICALS INC MEADWESTVACO CORP SHINER INTERNATIONAL INC AEMETIS INC MERCER INTL INC ZAGG INC AEOLUS PHARMACEUTICALS INC NATIONAL PRESTO INDS INC AFFYMAX INC NEENAH PAPER INC SIC CODE 27 AGENUS INC ORCHIDS PAPER PRODUCTS A. H. BELO CORP AIR PRODUCTS & CHEMICALS INC ORIENT PAPER INC ACCO BRANDS CORP AIRGAS INC PACKAGING CORP OF AMERICA BARNES & NOBLE INC AKORN INC PROCTER & GAMBLE CO BIGLARI HOLDINGS INC ALBEMARLE CORP RAYONIER INC CABLEVISION SYS CORP -CL A ALERE INC ROCK-TENN CO CAMBIUM LEARNING GROUP INC ALEXION PHARMACEUTICALS INC SCHWEITZER-MAUDUIT INTL INC CBS CORP ALEXZA PHARMACTCLS INC SEALED AIR CORP CENVEO INC ALIMERA SCIENCES INC SHINER INTERNATIONAL INC CHAMPION INDUSTRIES INC ALLERGAN INC SONOCO PRODUCTS CO COURIER CORP ALLIQUA BIOMEDICAL INC VERSO CORP CTM MEDIA HOLDINGS INC ALNYLAM PHARMACEUTICALS INC WAUSAU PAPER CORP DAILY JOURNAL CORP AMAG PHARMACEUTICALS INC WEYERHAEUSER CO DELUXE CORP AMERICAN BIO MEDICA CORP ZAGG INC DONNELLEY (R R) & SONS CO AMERICAN VANGUARD CORP EMMIS COMMUNICATIONS CP-CL A AMGEN INC SIC CODE 262 ENNIS INC AMICUS THERAPEUTICS INC CLEARWATER PAPER CORP EW SCRIPPS -CL A AMPLIPHI BIOSCIENCES CORP DOMTAR CORP GANNETT CO AMYRIS INC GLATFELTER JOURNAL COMMUNICATIONS INC ANACOR PHARMACEUTICALS INC INTL PAPER CO LEE ENTERPRISES INC ANDERSONS INC KIMBERLY-CLARK CORP MARTHA STEWART LIVING OMNIMD ANIKA THERAPEUTICS INC NEENAH PAPER INC MATTHEWS INTL CORP -CL A AOXING PHARMACEUTICAL CO INC ORIENT PAPER INC MCCLATCHY CO -CL A APRICUS BIOSCIENCES INC PACKAGING CORP OF AMERICA MEREDITH CORP ARIAD PHARMACEUTICALS INC SCHWEITZER-MAUDUIT INTL INC MULTI-COLOR CORP ARQULE INC 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 13 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 ARRAY BIOPHARMA INC CHROMADEX CORP ENZON PHARMACEUTICALS INC ARROWHEAD RESEARCH CORP CHURCH & DWIGHT INC ERBA DIAGNOSTICS INC ASHLAND INC CLEAN DIESEL TECHNOLOGIES ESTERLINE TECHNOLOGIES CORP ATHERSYS INC CLEVELAND BIOLABS INC EXELIXIS INC AUXILIUM PHARMA INC CLOROX CO/DE FERRO CORP AVANIR PHARMACEUTICALS INC CODEXIS INC FIBROCELL SCIENCE INC AVEO PHARMACEUTICALS INC COLGATE-PALMOLIVE CO FITLIFE BRANDS INC AVON PRODUCTS COLUMBIA LABORATORIES INC FLEXIBLE SOLUTIONS INTL INC AXIALL CORP CORCEPT THERAPEUTICS INC FLOTEK INDUSTRIES INC BACTERIN INTL HOLDINGS INC CORGENIX MEDICAL CORP FMC CORP BALCHEM CORP -CL B CTI BIOPHARMA CORP FULLER (H. B.) CO BAXTER INTERNATIONAL INC CUBIST PHARMACEUTICALS INC FUTUREFUEL CORP BG MEDICINE INC CURIS INC GALENA BIOPHARMA INC BIO-TECHNE CORP CVR ENERGY INC GELTECH SOLUTIONS INC BIOCRYST PHARMACEUTICALS INC CVR PARTNERS LP GENOMIC HEALTH INC BIODEL INC CYANOTECH CORP GENVEC INC BIODELIVERY SCIENCES INTL CYCLACEL PHARMACEUTICALS GEOVAX LABS INC BIOGEN IDEC INC CYTEC INDUSTRIES INC GERON CORP BIOLARGO INC CYTOKINETICS INC GEVO INC BIOMARIN PHARMACEUTICAL INC CYTORI THERAPEUTICS INC GILEAD SCIENCES INC BIOMERICA INC CYTRX CORP GNC HOLDINGS INC BIOSPECIFICS TECHNOLOGIES CP DARA BIOSCIENCES INC GRACE (W R) & CO BIOTIME INC DENDREON CORP GREEN PLAINS INC BLYTH INC DEPOMED INC GULF RESOURCES INC BRISTOL-MYERS SQUIBB CO DERMA SCIENCES INC HALOZYME THERAPEUTICS INC CABOT CORP DETREX CORP HAWKINS INC CABOT MICROELECTRONICS CORP DIADEXUS INC HEMISPHERX BIOPHARMA INC CALGON CARBON CORP DISCOVERY LABORATORIES INC HESKA CORP CAMBREX CORP DOW CHEMICAL HEXCEL CORP CCA INDUSTRIES INC DS HEALTHCARE GROUP INC HONEYWELL INTERNATIONAL INC CEL-SCI CORP DU PONT (E I) DE NEMOURS HOSPIRA INC CELANESE CORP DURECT CORP HUBEI MINKANG PHARMACEUTICAL CELGENE CORP DYADIC INTERNATIONAL INC HUNTSMAN CORP CELLDEX THERAPEUTICS INC DYAX CORP IBIO INC CELLULAR BIOMEDICINE GROUP DYNAMIC MATERIALS CORP IDEXX LABS INC CELSION CORP DYNASIL CORP OF AMERICA IGI LABORATORIES INC CENTRUS ENERGY CORP DYNAVAX TECHNOLOGIES CORP IKONICS CORP CERUS CORP EASTMAN CHEMICAL CO ILLINOIS TOOL WORKS CF INDUSTRIES HOLDINGS INC ECOLAB INC IMMUNOGEN INC CHASE CORP ELITE PHARMACEUTICALS INC IMMUNOMEDICS INC CHEMBIO DIAGNOSTICS INC ELIZABETH ARDEN INC IMPAX LABORATORIES INC CHINA BIOLOGIC PRODUCTS INC EMERGENT BIOSOLUTIONS INC INCYTE CORP CHINA GREEN AGRICULTURE INC ENDOCYTE INC INERGETICS INC CHINA HEALTH INDUSTRIES HLDG ENERGIZER HOLDINGS INC INNOPHOS HOLDINGS INC CHINA PHARMA HOLDINGS INC ENTERPRISE PRODS PRTNRS -LP INNOSPEC INC CHINA XD PLASTICS CO LTD ENZO BIOCHEM INC INSITE VISION INC 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 14 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014

INSYS THERAPEUTICS INC MYLAN INC PLURISTEM THERAPEUTICS INC INTEGRATED BIOPHARMA INC MYRIAD GENETICS INC POLYONE CORP INTEGRATED ENVIRO TECH LTD NANOSPHERE INC POZEN INC INTELGENX TECHNOLOGIES CORP NATURAL ALTERNATIVES PPG INDUSTRIES INC INTER PARFUMS INC NATURES SUNSHINE PRODS INC PRAXAIR INC INTERLEUKIN GENETICS INC NAVIDEA BIOPHARMACEUTICALS PROCTER & GAMBLE CO INTERNATIONAL ISOTOPES INC NEKTAR THERAPEUTICS PROGENICS PHARMACEUTICAL INC INTERNATIONAL STEM CELL CORP NEOGEN CORP PROPHASE LABS INC INTL FLAVORS & FRAGRANCES NEOSTEM INC PROTALIX BIOTHERAPEUTICS INC IRONWOOD PHARMACEUTICALS INC NEURALSTEM INC PSIVIDA CORP ISIS PHARMACEUTICALS INC NEWLINK GENETICS CORP PURE BIOSCIENCE INC JOHNSON & JOHNSON NEWMARKET CORP QUIDEL CORP KADANT INC NORANDA ALUMINUM HOLDING CP RBC LIFE SCIENCES INC KERYX BIOPHARMACEUTICALS INC NORTHERN TECH INTL REGENERON PHARMACEUTICALS KMG CHEMICALS INC NORTHWEST BIOTHERAPEUTICS RELIV INTERNATIONAL INC KOPPERS HOLDINGS INC NOVABAY PHARMACEUTICALS INC RENTECH INC KRATON PERFORMANCE POLYMERS NOVAVAX INC RENTECH NITROGEN PARTNERS LP KRONOS WORLDWIDE INC NPS PHARMACEUTICALS INC REPLIGEN CORP LANDEC CORP NUTRACEUTICAL INTL CORP REVLON INC -CL A LANNETT CO INC NUTRASTAR INTERNATIONAL INC REX AMERICAN RESOURCES CORP LAPOLLA INDUSTRIES INC OCATA THERAPEUTICS INC REYNOLDS AMERICAN INC LAUDER (ESTEE) COS INC -CL A OCCIDENTAL PETROLEUM CORP RIGEL PHARMACEUTICALS INC LESCARDEN INC OCEAN BIO-CHEM INC ROCK CREEK PHARMACEUTICALS LEXICON PHARMACEUTICALS INC OCULUS INNOVATIVE SCIENCES ROCKWELL MEDICAL INC LIFEVANTAGE CORP OLIN CORP ROCKWOOD HOLDINGS INC LIGAND PHARMACEUTICAL INC OM GROUP INC ROGERS CORP LILLY (ELI) & CO OMEROS CORP RPM INTERNATIONAL INC LIVEWIRE ERGOGENICS INC OMNOVA SOLUTIONS INC SAGENT PHARMACEUTICALS INC LSB INDUSTRIES INC ONCOGENEX PHARMACEUTICALS SALIX PHARMACEUTICALS LTD LUNA INNOVATIONS INC OPEXA THERAPEUTICS INC SANGAMO BIOSCIENCES INC MANNATECH INC OPKO HEALTH INC SAREPTA THERAPEUTICS INC MARTIN MARIETTA MATERIALS ORAGENICS INC SCHULMAN (A.) INC MARTIN MIDSTREAM PARTNERS LP ORASURE TECHNOLOGIES INC SCHWEITZER-MAUDUIT INTL INC MASCO CORP OREXIGEN THERAPEUTICS INC SCICLONE PHARMACEUTICALS INC MEADWESTVACO CORP OSIRIS THERAPEUTICS INC SCOTTS MIRACLE-GRO CO MEDICINES CO OXIS INTERNATIONAL INC SEACOR HOLDINGS INC MEDICINOVA INC PACIFIC ETHANOL INC SEALED AIR CORP MEDIVATION INC PACIRA PHARMACEUTICALS INC SEATTLE GENETICS INC MERCK & CO PAIN THERAPEUTICS INC SENSIENT TECHNOLOGIES CORP MERIDIAN BIOSCIENCE INC PDL BIOPHARMA INC SHERWIN-WILLIAMS CO MGP INGREDIENTS INC PEREGRINE PHARMACEUTICLS INC SIGA TECHNOLOGIES INC MIMEDX GROUP INC PERNIX THERAPEUTICS HOLDINGS SIGMA-ALDRICH CORP MINERALS TECHNOLOGIES INC PFIZER INC SKYSTAR BIO-PHARMACEUTICAL MOMENTA PHARMACEUTICALS INC PHARMACYCLICS INC SOLIGENIX INC MONSANTO CO PHARMATHENE INC SORRENTO THERAPEUTICS INC MOSAIC CO PLASMATECH BIOPHARMACEUTICLS SPECTRUM PHARMACEUTICALS INC

2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 15 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 STEMCELLS INC CUMBERLAND PHARMACEUTICALS SIC CODE 2819 STEPAN CO GREENHUNTER RESOURCES INC ALBEMARLE CORP SUCAMPO PHARMACEUTICALS INC LPATH INC BIOLARGO INC SUNESIS PHARMACEUTICALS INC CABOT CORP SUNWIN STEVIA INTL INC SIC CODE 281 CALGON CARBON CORP SURMODICS INC AIR PRODUCTS & CHEMICALS INC CENTRUS ENERGY CORP SYNAGEVA BIOPHARMA CORP AIRGAS INC CLEAN DIESEL TECHNOLOGIES SYNALLOY CORP ALBEMARLE CORP CYTEC INDUSTRIES INC SYNUTRA INTERNATIONAL INC AXIALL CORP DETREX CORP TARGACEPT INC BALCHEM CORP -CL B FLEXIBLE SOLUTIONS INTL INC TAXUS CARDIUM PHARMACEUTICLS BIOLARGO INC GRACE (W R) & CO TENAX THERAPEUTICS INC CABOT CORP GULF RESOURCES INC TERRA NITROGEN CO -LP CALGON CARBON CORP INNOPHOS HOLDINGS INC TETRA TECHNOLOGIES INC/DE CENTRUS ENERGY CORP LSB INDUSTRIES INC TG THERAPEUTICS INC CHURCH & DWIGHT INC MARTIN MARIETTA MATERIALS THERAPEUTICSMD INC CLEAN DIESEL TECHNOLOGIES MARTIN MIDSTREAM PARTNERS LP THERAVANCE INC CYTEC INDUSTRIES INC MINERALS TECHNOLOGIES INC THERMO FISHER SCIENTIFIC INC DETREX CORP NORANDA ALUMINUM HOLDING CP THRESHOLD PHARMACEUTICALS FERRO CORP ROCKWOOD HOLDINGS INC TIANYIN PHARMACEUTICAL CO FLEXIBLE SOLUTIONS INTL INC SYNALLOY CORP TITAN PHARMACEUTICALS INC FMC CORP TETRA TECHNOLOGIES INC/DE TOR MINERALS INTL INC GRACE (W R) & CO TUPPERWARE BRANDS CORP GULF RESOURCES INC SIC CODE 282 ULURU INC HUNTSMAN CORP ASHLAND INC UNITED THERAPEUTICS CORP INNOPHOS HOLDINGS INC AXIALL CORP UNITED-GUARDIAN INC INNOSPEC INC CELANESE CORP USANA HEALTH SCIENCES INC KRONOS WORLDWIDE INC CHINA XD PLASTICS CO LTD VALERO ENERGY CORP LSB INDUSTRIES INC DOW CHEMICAL VALHI INC MARTIN MARIETTA MATERIALS DU PONT (E I) DE NEMOURS VALSPAR CORP MARTIN MIDSTREAM PARTNERS LP EASTMAN CHEMICAL CO VANDA PHARMACEUTICALS INC MINERALS TECHNOLOGIES INC ESTERLINE TECHNOLOGIES CORP VENAXIS INC NORANDA ALUMINUM HOLDING CP HEXCEL CORP VERMILLION INC OCCIDENTAL PETROLEUM CORP HONEYWELL INTERNATIONAL INC VERTEX PHARMACEUTICALS INC OLIN CORP HUNTSMAN CORP VICAL INC PRAXAIR INC IKONICS CORP VIVUS INC ROCKWOOD HOLDINGS INC KADANT INC WAFERGEN BIO-SYSTEMS INC SYNALLOY CORP KRATON PERFORMANCE POLYMERS WD-40 CO TETRA TECHNOLOGIES INC/DE LAPOLLA INDUSTRIES INC WESTLAKE CHEMICAL CORP TOR MINERALS INTL INC MGP INGREDIENTS INC XENOPORT INC VALHI INC OMNOVA SOLUTIONS INC

XOMA CORP POLYONE CORP YOUNGEVITY INTERNATIONAL INC ROGERS CORP

ZEP INC SCHULMAN (A.) INC

ZIOPHARM ONCOLOGY INC SCHWEITZER-MAUDUIT INTL INC

ZOGENIX INC STEPAN CO

BIOSTAR PHARMACEUTICALS INC 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 16 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 SIC CODE 2821 ANIKA THERAPEUTICS INC CYANOTECH CORP ASHLAND INC AOXING PHARMACEUTICAL CO INC CYCLACEL PHARMACEUTICALS AXIALL CORP APRICUS BIOSCIENCES INC CYTOKINETICS INC CELANESE CORP ARIAD PHARMACEUTICALS INC CYTORI THERAPEUTICS INC CHINA XD PLASTICS CO LTD ARQULE INC CYTRX CORP DOW CHEMICAL ARRAY BIOPHARMA INC DARA BIOSCIENCES INC DU PONT (E I) DE NEMOURS ARROWHEAD RESEARCH CORP DENDREON CORP EASTMAN CHEMICAL CO ATHERSYS INC DEPOMED INC HEXCEL CORP AUXILIUM PHARMA INC DERMA SCIENCES INC HUNTSMAN CORP AVANIR PHARMACEUTICALS INC DIADEXUS INC IKONICS CORP AVEO PHARMACEUTICALS INC DISCOVERY LABORATORIES INC KRATON PERFORMANCE POLYMERS BACTERIN INTL HOLDINGS INC DS HEALTHCARE GROUP INC LAPOLLA INDUSTRIES INC BALCHEM CORP -CL B DURECT CORP MGP INGREDIENTS INC BAXTER INTERNATIONAL INC DYADIC INTERNATIONAL INC OMNOVA SOLUTIONS INC BG MEDICINE INC DYAX CORP POLYONE CORP BIO-TECHNE CORP DYNASIL CORP OF AMERICA SCHULMAN (A.) 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NEURALSTEM INC SANGAMO BIOSCIENCES INC NEWLINK GENETICS CORP SAREPTA THERAPEUTICS INC

NORTHWEST BIOTHERAPEUTICS SCICLONE PHARMACEUTICALS INC

NOVABAY PHARMACEUTICALS INC SEATTLE GENETICS INC

NOVAVAX INC SIGA TECHNOLOGIES INC

NPS PHARMACEUTICALS INC SIGMA-ALDRICH CORP NUTRACEUTICAL INTL CORP SKYSTAR BIO-PHARMACEUTICAL

NUTRASTAR INTERNATIONAL INC SOLIGENIX INC

OCATA THERAPEUTICS INC SORRENTO THERAPEUTICS INC 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 18 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 SIC CODE 2834 INTELGENX TECHNOLOGIES CORP SOLIGENIX INC ABBOTT LABORATORIES IRONWOOD PHARMACEUTICALS INC SUCAMPO PHARMACEUTICALS INC ACELRX PHARMACEUTICALS INC ISIS PHARMACEUTICALS INC SUNESIS PHARMACEUTICALS INC ACURA PHARMACEUTICALS INC JOHNSON & JOHNSON TARGACEPT INC AEOLUS PHARMACEUTICALS INC KERYX BIOPHARMACEUTICALS INC TG THERAPEUTICS INC AGENUS INC LANDEC CORP THERAPEUTICSMD INC AKORN INC LANNETT CO INC THERAVANCE INC ALEXZA PHARMACTCLS INC LESCARDEN INC THRESHOLD PHARMACEUTICALS ALIMERA SCIENCES INC LIFEVANTAGE CORP TIANYIN PHARMACEUTICAL CO ALLERGAN INC LIGAND PHARMACEUTICAL INC TITAN PHARMACEUTICALS INC ALNYLAM PHARMACEUTICALS INC LILLY (ELI) & CO ULURU INC AOXING PHARMACEUTICAL CO INC LIVEWIRE ERGOGENICS INC UNITED THERAPEUTICS CORP APRICUS BIOSCIENCES INC MANNATECH INC UNITED-GUARDIAN INC AUXILIUM PHARMA INC MEDICINES CO USANA HEALTH SCIENCES INC AVANIR PHARMACEUTICALS INC MERCK & CO VERTEX PHARMACEUTICALS INC BALCHEM CORP -CL B MYLAN INC VIVUS INC BIODELIVERY SCIENCES INTL NATURAL ALTERNATIVES YOUNGEVITY INTERNATIONAL INC BIOSPECIFICS TECHNOLOGIES CP NATURES SUNSHINE PRODS INC ZOGENIX INC BLYTH INC NEKTAR THERAPEUTICS BIOSTAR PHARMACEUTICALS INC BRISTOL-MYERS SQUIBB CO NEOGEN CORP CUMBERLAND PHARMACEUTICALS CELGENE CORP NORTHWEST BIOTHERAPEUTICS CHINA HEALTH INDUSTRIES HLDG NOVABAY PHARMACEUTICALS INC SIC CODE 2835 CHINA PHARMA HOLDINGS INC NUTRASTAR INTERNATIONAL INC ABBOTT LABORATORIES CHROMADEX CORP OCULUS INNOVATIVE SCIENCES ALERE INC CLEVELAND BIOLABS INC ONCOGENEX PHARMACEUTICALS AMAG PHARMACEUTICALS INC COLUMBIA LABORATORIES INC OPKO HEALTH INC AMERICAN BIO MEDICA CORP CORCEPT THERAPEUTICS INC OXIS INTERNATIONAL INC BG MEDICINE INC CUBIST PHARMACEUTICALS INC PACIRA PHARMACEUTICALS INC BIO-TECHNE CORP CYCLACEL PHARMACEUTICALS PAIN THERAPEUTICS INC BIOMERICA INC CYTOKINETICS INC PERNIX THERAPEUTICS HOLDINGS CHEMBIO DIAGNOSTICS INC DEPOMED INC PFIZER INC CORGENIX MEDICAL CORP DERMA SCIENCES INC PLASMATECH BIOPHARMACEUTICLS ENZO BIOCHEM INC DS HEALTHCARE GROUP INC POZEN INC ERBA DIAGNOSTICS INC DURECT CORP PROCTER & GAMBLE CO GENOMIC HEALTH INC ELITE PHARMACEUTICALS INC PROPHASE LABS INC HESKA CORP FITLIFE BRANDS INC RBC LIFE SCIENCES INC IDEXX LABS INC GENVEC INC REGENERON PHARMACEUTICALS IMMUNOMEDICS INC GNC HOLDINGS INC RELIV INTERNATIONAL INC INTERLEUKIN GENETICS INC HOSPIRA INC REYNOLDS AMERICAN INC INTERNATIONAL ISOTOPES INC HUBEI MINKANG PHARMACEUTICAL RIGEL PHARMACEUTICALS INC LEXICON PHARMACEUTICALS INC IGI LABORATORIES INC ROCK CREEK PHARMACEUTICALS LUNA INNOVATIONS INC IMPAX LABORATORIES INC ROCKWELL MEDICAL INC MERIDIAN BIOSCIENCE INC INERGETICS INC SAGENT PHARMACEUTICALS INC MYRIAD GENETICS INC INSITE VISION INC SALIX PHARMACEUTICALS LTD NANOSPHERE INC INSYS THERAPEUTICS INC SCICLONE PHARMACEUTICALS INC NAVIDEA BIOPHARMACEUTICALS INTEGRATED BIOPHARMA INC SKYSTAR BIO-PHARMACEUTICAL NEOGEN CORP 2015 Valuation Handbook - 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CERUS CORP OSIRIS THERAPEUTICS INC CHINA BIOLOGIC PRODUCTS INC PDL BIOPHARMA INC

CODEXIS INC PHARMATHENE INC

CTI BIOPHARMA CORP PLURISTEM THERAPEUTICS INC 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 20 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 SIC CODE 2844 SIC CODE 2869 CYTEC INDUSTRIES INC AVON PRODUCTS AEMETIS INC DOW CHEMICAL CCA INDUSTRIES INC AMYRIS INC DYNAMIC MATERIALS CORP CHURCH & DWIGHT INC CELANESE CORP FERRO CORP COLGATE-PALMOLIVE CO DOW CHEMICAL FLOTEK INDUSTRIES INC ELIZABETH ARDEN INC DU PONT (E I) DE NEMOURS FULLER (H. B.) CO ENERGIZER HOLDINGS INC EASTMAN CHEMICAL CO GELTECH SOLUTIONS INC INTER PARFUMS INC ENTERPRISE PRODS PRTNRS -LP HAWKINS INC JOHNSON & JOHNSON FMC CORP IKONICS CORP LAUDER (ESTEE) COS INC -CL A FUTUREFUEL CORP ILLINOIS TOOL WORKS PROCTER & GAMBLE CO GEVO INC NORTHERN TECH INTL REVLON INC -CL A GREEN PLAINS INC POLYONE CORP TUPPERWARE BRANDS CORP INTL FLAVORS & FRAGRANCES PURE BIOSCIENCE INC KMG CHEMICALS INC RPM INTERNATIONAL INC SIC CODE 286 MGP INGREDIENTS INC WD-40 CO AEMETIS INC NEWMARKET CORP AMYRIS INC PACIFIC ETHANOL INC SIC CODE 2899 AXIALL CORP REX AMERICAN RESOURCES CORP ALBEMARLE CORP CABOT CORP SEACOR HOLDINGS INC CABOT MICROELECTRONICS CORP CELANESE CORP SENSIENT TECHNOLOGIES CORP CYTEC INDUSTRIES INC DOW CHEMICAL STEPAN CO GELTECH SOLUTIONS INC DU PONT (E I) DE NEMOURS VALERO ENERGY CORP HAWKINS INC EASTMAN CHEMICAL CO WESTLAKE CHEMICAL CORP NORTHERN TECH INTL ENTERPRISE PRODS PRTNRS -LP POLYONE CORP FLOTEK INDUSTRIES INC SIC CODE 287 PURE BIOSCIENCE INC FMC CORP AMERICAN VANGUARD CORP RPM INTERNATIONAL INC FUTUREFUEL CORP ANDERSONS INC WD-40 CO GEVO INC CF INDUSTRIES HOLDINGS INC GREEN PLAINS INC CHINA GREEN AGRICULTURE INC SIC CODE 29 HUNTSMAN CORP CVR ENERGY INC ALON USA ENERGY INC INTL FLAVORS & FRAGRANCES CVR PARTNERS LP AURASOURCE INC KMG CHEMICALS INC DOW CHEMICAL BLUEKNIGHT ENERGY PRTNRS LP KOPPERS HOLDINGS INC DU PONT (E I) DE NEMOURS CALUMET SPECIALTY PRODS -LP MEADWESTVACO CORP FMC CORP CARLISLE COS INC MGP INGREDIENTS INC MONSANTO CO CHEVRON CORP NEWMARKET CORP MOSAIC CO CVR ENERGY INC OM GROUP INC RENTECH INC DELEK US HOLDINGS INC PACIFIC ETHANOL INC RENTECH NITROGEN PARTNERS LP EXXON MOBIL CORP REX AMERICAN RESOURCES CORP SCOTTS MIRACLE-GRO CO GENESIS ENERGY -LP SEACOR HOLDINGS INC TERRA NITROGEN CO -LP HEADWATERS INC SENSIENT TECHNOLOGIES CORP HOLLYFRONTIER CORP STEPAN CO SIC CODE 289 ICAHN ENTERPRISES LP VALERO ENERGY CORP ALBEMARLE CORP LAPOLLA INDUSTRIES INC WESTLAKE CHEMICAL CORP CABOT CORP MARATHON PETROLEUM CORP GREENHUNTER RESOURCES INC CABOT MICROELECTRONICS CORP NUSTAR ENERGY LP CHASE CORP PEGASI ENERGY RESOURCES CORP 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 21 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 PLASTIC2OIL INC ENPRO INDUSTRIES INC HANDY & HARMAN LTD QUAKER CHEMICAL CORP ENTEGRIS INC ICAHN ENTERPRISES LP SOLAZYME INC FEMALE HEALTH CO JARDEN CORP SYNTHESIS ENERGY SYSTEMS INC FERRO CORP LANDEC CORP TARGA RESOURCES CORP FLOWSERVE CORP LOUISIANA-PACIFIC CORP TESORO CORP GOODYEAR TIRE & RUBBER CO LYDALL INC TRECORA RESOURCES GREIF INC -CL A MASCO CORP VALERO ENERGY CORP GRIFFON CORP MYERS INDUSTRIES INC VULCAN MATERIALS CO HANDY & HARMAN LTD NEWELL RUBBERMAID INC WESTERN REFINING INC ICAHN ENTERPRISES LP NN INC WILLIAMS COS INC JARDEN CORP OTTER TAIL CORP LANDEC CORP OURPETS CO SIC CODE 291 LOUISIANA-PACIFIC CORP RAVEN INDUSTRIES INC ALON USA ENERGY INC LYDALL INC ROGERS CORP BLUEKNIGHT ENERGY PRTNRS LP MASCO CORP SEALED AIR CORP CALUMET SPECIALTY PRODS -LP MYERS INDUSTRIES INC SILGAN HOLDINGS INC CHEVRON CORP NEWELL RUBBERMAID INC TREDEGAR CORP CVR ENERGY INC NIKE INC -CL B TUPPERWARE BRANDS CORP DELEK US HOLDINGS INC NN INC UFP TECHNOLOGIES INC EXXON MOBIL CORP OMNOVA SOLUTIONS INC VISKASE COMPANIES INC GENESIS ENERGY -LP OTTER TAIL CORP HOLLYFRONTIER CORP OURPETS CO SIC CODE 3089 ICAHN ENTERPRISES LP RAVEN INDUSTRIES INC 3M CO MARATHON PETROLEUM CORP ROGERS CORP ALPHA PRO TECH LTD NUSTAR ENERGY LP SEALED AIR CORP APTARGROUP INC TARGA RESOURCES CORP SILGAN HOLDINGS INC ARMSTRONG WORLD INDUSTRIES TESORO CORP SPAN-AMERICA MEDICAL SYS INC AXION INTL HOLDINGS INC TRECORA RESOURCES TREDEGAR CORP CORE MOLDING TECHNOLOGIES VALERO ENERGY CORP TUPPERWARE BRANDS CORP CRANE CO WESTERN REFINING INC UFP TECHNOLOGIES INC ENTEGRIS INC WILLIAMS COS INC VISKASE COMPANIES INC FERRO CORP WEST PHARMACEUTICAL SVSC INC HANDY & HARMAN LTD SIC CODE 30 ICAHN ENTERPRISES LP 3M CO SIC CODE 308 JARDEN CORP AEP INDUSTRIES INC 3M CO LOUISIANA-PACIFIC CORP ALPHA PRO TECH LTD AEP INDUSTRIES INC LYDALL INC APTARGROUP INC ALPHA PRO TECH LTD MASCO CORP ARMSTRONG WORLD INDUSTRIES APTARGROUP INC MYERS INDUSTRIES INC AXION INTL HOLDINGS INC ARMSTRONG WORLD INDUSTRIES NEWELL RUBBERMAID INC COOPER TIRE & RUBBER CO AXION INTL HOLDINGS INC NN INC CORE MOLDING TECHNOLOGIES CORE MOLDING TECHNOLOGIES OURPETS CO CRANE CO CRANE CO SILGAN HOLDINGS INC CROCS INC ENTEGRIS INC TUPPERWARE BRANDS CORP CTI INDUSTRIES CORP FERRO CORP VISKASE COMPANIES INC

DANA HOLDING CORP GREIF INC -CL A DECKERS OUTDOOR CORP GRIFFON CORP 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 22 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 SIC CODE 31 SIC CODE 327 FREEPORT-MCMORAN INC BROWN SHOE CO INC CHINA ADVANCED CONSTR MATLS FRIEDMAN INDUSTRIES INC COACH INC CONTINENTAL MATERIALS CORP GENERAL CABLE CORP/DE DECKERS OUTDOOR CORP EAGLE MATERIALS INC GENERAL STEEL HOLDINGS INC MADDEN STEVEN LTD GRANITE CONSTRUCTION INC GIBRALTAR INDUSTRIES INC ROCKY BRANDS INC HEADWATERS INC GLOBE SPECIALTY METALS INC SKECHERS U S A INC MONARCH CEMENT CO HANDY & HARMAN LTD TANDY LEATHER FACTORY INC SMITH-MIDLAND CORP HARSCO CORP VERA BRADLEY INC TRINITY INDUSTRIES HAYNES INTERNATIONAL INC WOLVERINE WORLD WIDE U S CONCRETE INC HORSEHEAD HOLDING CORP MCRAE INDUSTRIES -CL A USG CORP HUBBELL INC -CL B PHOENIX FOOTWEAR GROUP INC VULCAN MATERIALS CO INSTEEL INDUSTRIES INTERNATIONAL WIRE GRP HLDGS SIC CODE 32 SIC CODE 329 KAISER ALUMINUM CORP

ABAKAN INC ABAKAN INC LEGGETT & PLATT INC ALBANY INTL CORP -CL A ALBANY INTL CORP -CL A LINDSAY CORP APOGEE ENTERPRISES INC ARMSTRONG WORLD INDUSTRIES MATERION CORP ARMSTRONG WORLD INDUSTRIES CARBO CERAMICS INC MATTHEWS INTL CORP -CL A CARBO CERAMICS INC CHARLES & COLVARD LTD METALICO INC CHARLES & COLVARD LTD CORNING INC METHODE ELECTRONICS INC CHINA ADVANCED CONSTR MATLS CPS TECHNOLOGIES CORP MUELLER INDUSTRIES CONTINENTAL MATERIALS CORP MATERION CORP MUELLER WATER PRODUCTS INC CORNING INC MINERALS TECHNOLOGIES INC NORANDA ALUMINUM HOLDING CP CPS TECHNOLOGIES CORP NANOPHASE TECHNOLOGIES CORP NORTHWEST PIPE CO EAGLE MATERIALS INC OIL DRI CORP AMERICA NUCOR CORP GRANITE CONSTRUCTION INC OWENS CORNING OM GROUP INC HEADWATERS INC SCIO DIAMOND TECHNOLOGY CORP OPTICAL CABLE CORP JARDEN CORP USG CORP PRECISION CASTPARTS CORP LIBBEY INC RTI INTL METALS INC MATERION CORP SIC CODE 33 SCHNITZER STEEL INDS -CL A MINERALS TECHNOLOGIES INC AK STEEL HOLDING CORP STEEL DYNAMICS INC MOHAWK INDUSTRIES INC ALLEGHENY TECHNOLOGIES INC STURM RUGER & CO INC MONARCH CEMENT CO AMERICAN SUPERCONDUCTOR CP SUNCOKE ENERGY INC NANOPHASE TECHNOLOGIES CORP AMPHENOL CORP SUTOR TECHNOLOGY GROUP LTD OIL DRI CORP AMERICA APOLLO SOLAR ENERGY INC SYNALLOY CORP OWENS CORNING BELDEN INC TIMKEN CO OWENS-ILLINOIS INC BERKSHIRE HATHAWAY TREDEGAR CORP PPG INDUSTRIES INC CARPENTER TECHNOLOGY CORP U S ANTIMONY CORP SCIO DIAMOND TECHNOLOGY CORP CENTURY ALUMINUM CO UNITED STATES STEEL CORP SMITH-MIDLAND CORP CHINA PRECISION STEEL INC UNVL STAINLESS & ALLOY PRODS TRINITY INDUSTRIES COMMERCIAL METALS VALMONT INDUSTRIES INC U S CONCRETE INC CORNING INC WORTHINGTON INDUSTRIES USG CORP CURTISS-WRIGHT CORP ALCOA INC

VULCAN MATERIALS CO DYNAMIC MATERIALS CORP YASHENG GROUP EASTERN CO

ENCORE WIRE CORP 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 23 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 SIC CODE 331 BERKSHIRE HATHAWAY GENERAL FINANCE CORP/DE AK STEEL HOLDING CORP CARPENTER TECHNOLOGY CORP GRAHAM CORP ALLEGHENY TECHNOLOGIES INC CENTURY ALUMINUM CO GRIFFON CORP CARPENTER TECHNOLOGY CORP CORNING INC HANDY & HARMAN LTD CHINA PRECISION STEEL INC ENCORE WIRE CORP HARSCO CORP COMMERCIAL METALS GENERAL CABLE CORP/DE HNI CORP FRIEDMAN INDUSTRIES INC HANDY & HARMAN LTD ILLINOIS TOOL WORKS GENERAL STEEL HOLDINGS INC HUBBELL INC -CL B LEGGETT & PLATT INC GIBRALTAR INDUSTRIES INC INTERNATIONAL WIRE GRP HLDGS LIFETIME BRANDS INC HAYNES INTERNATIONAL INC KAISER ALUMINUM CORP LSB INDUSTRIES INC INSTEEL INDUSTRIES METHODE ELECTRONICS INC MASCO CORP LEGGETT & PLATT INC MUELLER INDUSTRIES MEADWESTVACO CORP LINDSAY CORP OPTICAL CABLE CORP MFRI INC NORTHWEST PIPE CO RTI INTL METALS INC MOBILE MINI INC NUCOR CORP TREDEGAR CORP MUELLER WATER PRODUCTS INC SCHNITZER STEEL INDS -CL A ALCOA INC NATIONAL PRESTO INDS INC STEEL DYNAMICS INC NCI BUILDING SYSTEMS INC SUNCOKE ENERGY INC SIC CODE 34 NF ENERGY SAVING CORP SUTOR TECHNOLOGY GROUP LTD 6D GLOBAL TECHNOLOGIES NUCOR CORP SYNALLOY CORP ACME UNITED CORP OLIN CORP TIMKEN CO ALLIANT TECHSYSTEMS INC OMEGA FLEX INC UNITED STATES STEEL CORP AMERICAN ELECTRIC TECH INC P & F INDUSTRIES -CL A UNVL STAINLESS & ALLOY PRODS AMPCO-PITTSBURGH CORP PARK OHIO HOLDINGS CORP VALMONT INDUSTRIES INC APOGEE ENTERPRISES INC PARKER-HANNIFIN CORP WORTHINGTON INDUSTRIES ARTS WAY MFG INC PGT INC AZZ INC PRAXAIR INC SIC CODE 3312 BABCOCK & WILCOX CO QEP CO INC AK STEEL HOLDING CORP BALL CORP QUANEX BUILDING PRODUCTS ALLEGHENY TECHNOLOGIES INC BARNES GROUP INC RTI INTL METALS INC CARPENTER TECHNOLOGY CORP BLOUNT INTL INC SERVOTRONICS INC COMMERCIAL METALS BURNHAM HOLDINGS INC SHILOH INDUSTRIES INC GENERAL STEEL HOLDINGS INC CAMERON INTERNATIONAL CORP SILGAN HOLDINGS INC NUCOR CORP CHART INDUSTRIES INC SIMPSON MANUFACTURING INC SCHNITZER STEEL INDS -CL A CHICAGO RIVET & MACHINE CO SMITH & WESSON HOLDING CORP STEEL DYNAMICS INC CIRCOR INTL INC SNAP-ON INC SUNCOKE ENERGY INC CLARCOR INC SPECTRUM BRANDS HOLDINGS INC SUTOR TECHNOLOGY GROUP LTD COMMERCIAL METALS STANDEX INTERNATIONAL CORP TIMKEN CO COMPASS DIVERSIFIED HOLDINGS STANLEY BLACK & DECKER INC UNITED STATES STEEL CORP COMPX INTERNATIONAL INC STARRETT (L.S.) CO -CL A UNVL STAINLESS & ALLOY PRODS CONTINENTAL MATERIALS CORP STEEL DYNAMICS INC CRANE CO STURM RUGER & CO INC SIC CODE 335 CROWN HOLDINGS INC SUN HYDRAULICS CORP

ALLEGHENY TECHNOLOGIES INC DREW INDUSTRIES INC SYSTEMAX INC AMERICAN SUPERCONDUCTOR CP EASTERN CO TASER INTERNATIONAL INC AMPHENOL CORP FLOWSERVE CORP TECHPRECISION CORP BELDEN INC FORTUNE BRANDS HOME & SECUR THT HEAT TRANSFER TECH INC 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 24 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 TRIMAS CORP QUANEX BUILDING PRODUCTS SIC CODE 35 TRINITY INDUSTRIES STANDEX INTERNATIONAL CORP 3D SYSTEMS CORP VALHI INC STANLEY BLACK & DECKER INC AAON INC VALMONT INDUSTRIES INC STEEL DYNAMICS INC AAR CORP WATTS WATER TECHNOLOGIES INC SYSTEMAX INC ABTECH HOLDINGS INC WORTHINGTON INDUSTRIES THT HEAT TRANSFER TECH INC ACCO BRANDS CORP BULOVA TECHNOLOGIES GP INC TRIMAS CORP ACORN ENERGY INC TRINITY INDUSTRIES ACTUANT CORP -CL A SIC CODE 342 VALMONT INDUSTRIES INC ADEPT TECHNOLOGY INC ACME UNITED CORP WORTHINGTON INDUSTRIES AG&E HOLDINGS INC BLOUNT INTL INC AGCO CORP COMPX INTERNATIONAL INC SIC CODE 3443 AIR PRODUCTS & CHEMICALS INC EASTERN CO ARTS WAY MFG INC ALAMO GROUP INC FORTUNE BRANDS HOME & SECUR BABCOCK & WILCOX CO ALTRA INDUSTRIAL MOTION CORP HANDY & HARMAN LTD BURNHAM HOLDINGS INC AMERESCO INC ILLINOIS TOOL WORKS CHART INDUSTRIES INC AMERICAN COMMERCE SOLUTION LIFETIME BRANDS INC GENERAL FINANCE CORP/DE AMPCO-PITTSBURGH CORP QEP CO INC GRAHAM CORP AMTECH SYSTEMS INC SERVOTRONICS INC LSB INDUSTRIES INC APPLE INC SIMPSON MANUFACTURING INC MOBILE MINI INC APPLIED MATERIALS INC SNAP-ON INC STANDEX INTERNATIONAL CORP ARTS WAY MFG INC SPECTRUM BRANDS HOLDINGS INC THT HEAT TRANSFER TECH INC ARUBA NETWORKS INC STANLEY BLACK & DECKER INC TRIMAS CORP ASTEC INDUSTRIES INC STARRETT (L.S.) CO -CL A TRINITY INDUSTRIES ASTRO-MED INC VALHI INC WORTHINGTON INDUSTRIES AXCELIS TECHNOLOGIES INC BABCOCK & WILCOX CO SIC CODE 344 SIC CODE 349 BALQON CORP 6D GLOBAL TECHNOLOGIES BARNES GROUP INC BLOUNT INTL INC AMERICAN ELECTRIC TECH INC CAMERON INTERNATIONAL CORP BREEZE-EASTERN CORP APOGEE ENTERPRISES INC CIRCOR INTL INC BRIGGS & STRATTON ARTS WAY MFG INC COMPASS DIVERSIFIED HOLDINGS BROADWIND ENERGY INC BABCOCK & WILCOX CO CRANE CO BROCADE COMMUNICATIONS SYS BURNHAM HOLDINGS INC FLOWSERVE CORP BROOKS AUTOMATION INC CHART INDUSTRIES INC LEGGETT & PLATT INC BRUNSWICK CORP COMMERCIAL METALS MEADWESTVACO CORP BTU INTERNATIONAL INC CONTINENTAL MATERIALS CORP MFRI INC C&J ENERGY SERVICES INC DREW INDUSTRIES INC MUELLER WATER PRODUCTS INC CALGON CARBON CORP GENERAL FINANCE CORP/DE NF ENERGY SAVING CORP CAMERON INTERNATIONAL CORP GRAHAM CORP OMEGA FLEX INC CANTEL MEDICAL CORP GRIFFON CORP PARKER-HANNIFIN CORP CAPSTONE TURBINE CORP HARSCO CORP RTI INTL METALS INC CARLISLE COS INC LSB INDUSTRIES INC SUN HYDRAULICS CORP CATERPILLAR INC MOBILE MINI INC TECHPRECISION CORP CAVITATION TECHNOLOGIES INC NCI BUILDING SYSTEMS INC WATTS WATER TECHNOLOGIES INC CAVIUM INC

CECO ENVIRONMENTAL CORP NUCOR CORP PGT INC CHECKPOINT SYSTEMS INC 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 25 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 CHICAGO RIVET & MACHINE CO GENERAL ELECTRIC CO MITEK SYSTEMS INC CISCO SYSTEMS INC GEOSPACE TECHNOLOGIES CORP MODINE MANUFACTURING CO CLARCOR INC GLOBAL POWER EQUIPMENT GROUP MOOG INC -CL A CLEANTECH SOLUTIONS INTL INC GORMAN-RUPP CO NATIONAL OILWELL VARCO INC COLFAX CORP GRACO INC NATURAL GAS SERVICES GROUP COLUMBUS MCKINNON CORP GULF ISLAND FABRICATION INC NAVISTAR INTERNATIONAL CORP COMMUN INTELLIGENCE HARDINGE INC NCR CORP CONCURRENT COMPUTER CP HARSCO CORP NETAPP INC CONTINENTAL MATERIALS CORP HEWLETT-PACKARD CO NETGEAR INC CRANE CO HILLENBRAND INC NEWELL RUBBERMAID INC CRAY INC IDENTIV INC NL INDUSTRIES CRYO-CELL INTERNATIONAL INC IDEX CORP NN INC CUBIC CORP IGO INC NORDSON CORP CUMMINS INC ILLINOIS TOOL WORKS NORTEK INC CURTISS-WRIGHT CORP INFINERA CORP OCEANEERING INTERNATIONAL CVD EQUIPMENT CORP INNOVATIVE SOLTNS & SUPP INC OIL STATES INTL INC DATARAM CORP INTEL CORP ORMAT TECHNOLOGIES INC DEERE & CO INTELLICHECK MOBILISA INC OSHKOSH CORP DIEBOLD INC INTERNATIONAL BALER CORP OTTER TAIL CORP DIGI INTERNATIONAL INC INTERNATIONAL DISPENSING CP OUTERWALL INC DONALDSON CO INC INTERPHASE CORP OVERLAND STORAGE INC DOT HILL SYSTEMS CORP INTEVAC INC P & F INDUSTRIES -CL A DOUGLAS DYNAMICS INC INTL BUSINESS MACHINES CORP PACCAR INC DOVER CORP INTL LOTTERY & TOTALIZATOR PALL CORP DRESSER-RAND GROUP INC ITT CORP PAR TECHNOLOGY CORP DRIL-QUIP INC JOHN BEAN TECHNOLOGIES PARK OHIO HOLDINGS CORP ECHELON CORP JOY GLOBAL INC PARKER-HANNIFIN CORP ELECTRONICS FOR IMAGING INC JUNIPER NETWORKS INC PITNEY BOWES INC EMC CORP/MA KADANT INC PMFG INC EMERSON ELECTRIC CO KENNAMETAL INC POWER SOLUTIONS INTL INC EMULEX CORP KEY TECHNOLOGY INC PRIMO WATER CORP ENERGY RECOVERY INC KULICKE & SOFFA INDUSTRIES PROCERA NETWORKS INC ENPRO INDUSTRIES INC LAM RESEARCH CORP PROFIRE ENERGY INC ENTEGRIS INC LANTRONIX INC QUALSTAR CORP ESCALADE INC LENNOX INTERNATIONAL INC QUANTUM CORP ESCO TECHNOLOGIES INC LEXMARK INTL INC -CL A QUMU CORP EXTERRAN HOLDINGS INC LINCOLN ELECTRIC HLDGS INC RADISYS CORP EXTREME NETWORKS INC LINDSAY CORP RBC BEARINGS INC FINISAR CORP LYDALL INC REGAL-BELOIT CORP FLOTEK INDUSTRIES INC MAGNEGAS CORP RIVERBED TECHNOLOGY INC FLOWSERVE CORP MANITEX INTERNATIONAL INC ROCKWELL AUTOMATION FMC TECHNOLOGIES INC MANITOWOC CO ROPER INDUSTRIES INC/DE FORTINET INC MATTHEWS INTL CORP -CL A SANDISK CORP FUEL SYSTEMS SOLUTIONS INC MATTSON TECHNOLOGY INC SCIENTIFIC GAMES CORP FUEL TECH INC MFRI INC SILICON GRAPHICS INTL CORP GENCOR INDUSTRIES INC MIDDLEBY CORP SNAP-ON INC 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 26 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 SPX CORP ENPRO INDUSTRIES INC DOUGLAS DYNAMICS INC STANDARD MOTOR PRODS FUEL SYSTEMS SOLUTIONS INC DOVER CORP STANDEX INTERNATIONAL CORP GENERAL ELECTRIC CO DRIL-QUIP INC STANLEY BLACK & DECKER INC GLOBAL POWER EQUIPMENT GROUP EXTERRAN HOLDINGS INC SUPER MICRO COMPUTER INC NAVISTAR INTERNATIONAL CORP FLOTEK INDUSTRIES INC TAYLOR DEVICES INC ORMAT TECHNOLOGIES INC FMC TECHNOLOGIES INC TECUMSEH PRODUCTS CO POWER SOLUTIONS INTL INC GENERAL ELECTRIC CO TENNANT CO XZERES CORP GULF ISLAND FABRICATION INC TEREX CORP HARSCO CORP TIMKEN CO SIC CODE 352 HILLENBRAND INC TITAN INTERNATIONAL INC AGCO CORP JOHN BEAN TECHNOLOGIES TOMI ENVIRONMENTAL SOLUTINS ALAMO GROUP INC JOY GLOBAL INC TORO CO ARTS WAY MFG INC KENNAMETAL INC TRANSACT TECHNOLOGIES INC BLOUNT INTL INC MANITEX INTERNATIONAL INC TRIMAS CORP DEERE & CO MANITOWOC CO TRIO-TECH INTERNATIONAL LINDSAY CORP NATIONAL OILWELL VARCO INC TRW AUTOMOTIVE HOLDINGS CORP OTTER TAIL CORP NATURAL GAS SERVICES GROUP TWIN DISC INC SNAP-ON INC OCEANEERING INTERNATIONAL ULTRATECH INC TITAN INTERNATIONAL INC OIL STATES INTL INC UNISYS CORP TORO CO OSHKOSH CORP UNITED TECHNOLOGIES CORP VALMONT INDUSTRIES INC PACCAR INC USA TECHNOLOGIES INC PROFIRE ENERGY INC VALMONT INDUSTRIES INC SIC CODE 3523 TEREX CORP

VEECO INSTRUMENTS INC AGCO CORP TRIMAS CORP VERIFONE SYSTEMS INC ALAMO GROUP INC UNITED TECHNOLOGIES CORP WAVE SYSTEMS CORP -CL A ARTS WAY MFG INC WORTHINGTON INDUSTRIES WESTERN DIGITAL CORP BLOUNT INTL INC WORTHINGTON INDUSTRIES DEERE & CO SIC CODE 3531 WSI INDUSTRIES INC LINDSAY CORP ASTEC INDUSTRIES INC XEROX CORP OTTER TAIL CORP CATERPILLAR INC XPLORE TECHNOLOGIES CORP SNAP-ON INC DEERE & CO XYLEM INC TITAN INTERNATIONAL INC DOUGLAS DYNAMICS INC XZERES CORP TORO CO HARSCO CORP ZEBRA TECHNOLOGIES CP -CL A VALMONT INDUSTRIES INC KENNAMETAL INC CROSSROADS SYSTEMS INC OSHKOSH CORP SIC CODE 353 PACCAR INC

SIC CODE 351 ACORN ENERGY INC TEREX CORP BABCOCK & WILCOX CO ACTUANT CORP -CL A WORTHINGTON INDUSTRIES

BRIGGS & STRATTON ASTEC INDUSTRIES INC BROADWIND ENERGY INC BALQON CORP

BRUNSWICK CORP BREEZE-EASTERN CORP

CAMERON INTERNATIONAL CORP C&J ENERGY SERVICES INC

CAPSTONE TURBINE CORP CAMERON INTERNATIONAL CORP

CLEANTECH SOLUTIONS INTL INC CATERPILLAR INC CUMMINS INC COLUMBUS MCKINNON CORP

DRESSER-RAND GROUP INC DEERE & CO 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 27 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 SIC CODE 3533 ENERGY RECOVERY INC SIC CODE 356 ACORN ENERGY INC ENTEGRIS INC ABTECH HOLDINGS INC ACTUANT CORP -CL A GEOSPACE TECHNOLOGIES CORP ADEPT TECHNOLOGY INC C&J ENERGY SERVICES INC INTEVAC INC ALTRA INDUSTRIAL MOTION CORP CAMERON INTERNATIONAL CORP JOHN BEAN TECHNOLOGIES AMPCO-PITTSBURGH CORP DOVER CORP KADANT INC BRIGGS & STRATTON DRIL-QUIP INC KEY TECHNOLOGY INC CECO ENVIRONMENTAL CORP EXTERRAN HOLDINGS INC KULICKE & SOFFA INDUSTRIES CLARCOR INC FLOTEK INDUSTRIES INC LAM RESEARCH CORP COLFAX CORP FMC TECHNOLOGIES INC MAGNEGAS CORP DONALDSON CO INC GENERAL ELECTRIC CO MATTHEWS INTL CORP -CL A ENPRO INDUSTRIES INC GULF ISLAND FABRICATION INC MATTSON TECHNOLOGY INC ESCO TECHNOLOGIES INC NATIONAL OILWELL VARCO INC PRIMO WATER CORP FLOWSERVE CORP NATURAL GAS SERVICES GROUP QUMU CORP FUEL TECH INC OCEANEERING INTERNATIONAL TOMI ENVIRONMENTAL SOLUTINS GENCOR INDUSTRIES INC OIL STATES INTL INC TRIO-TECH INTERNATIONAL GORMAN-RUPP CO PROFIRE ENERGY INC ULTRATECH INC GRACO INC TRIMAS CORP VEECO INSTRUMENTS INC IDEX CORP ILLINOIS TOOL WORKS SIC CODE 354 SIC CODE 3559 INTERNATIONAL BALER CORP ACTUANT CORP -CL A 3D SYSTEMS CORP ITT CORP ARTS WAY MFG INC AAR CORP LYDALL INC CHICAGO RIVET & MACHINE CO AIR PRODUCTS & CHEMICALS INC MATTHEWS INTL CORP -CL A COLFAX CORP AMTECH SYSTEMS INC MFRI INC HARDINGE INC APPLIED MATERIALS INC NL INDUSTRIES ILLINOIS TOOL WORKS AXCELIS TECHNOLOGIES INC NN INC KENNAMETAL INC BROOKS AUTOMATION INC NORDSON CORP LINCOLN ELECTRIC HLDGS INC BTU INTERNATIONAL INC PALL CORP NEWELL RUBBERMAID INC CAVITATION TECHNOLOGIES INC PMFG INC P & F INDUSTRIES -CL A CRYO-CELL INTERNATIONAL INC RBC BEARINGS INC PARK OHIO HOLDINGS CORP CVD EQUIPMENT CORP REGAL-BELOIT CORP STANLEY BLACK & DECKER INC ENERGY RECOVERY INC ROCKWELL AUTOMATION ENTEGRIS INC ROPER INDUSTRIES INC/DE SIC CODE 355 INTEVAC INC SPX CORP

3D SYSTEMS CORP KULICKE & SOFFA INDUSTRIES TAYLOR DEVICES INC AAR CORP LAM RESEARCH CORP TIMKEN CO AIR PRODUCTS & CHEMICALS INC MAGNEGAS CORP TWIN DISC INC AMTECH SYSTEMS INC MATTSON TECHNOLOGY INC WSI INDUSTRIES INC APPLIED MATERIALS INC QUMU CORP XYLEM INC AXCELIS TECHNOLOGIES INC TOMI ENVIRONMENTAL SOLUTINS ZEBRA TECHNOLOGIES CP -CL A

BROOKS AUTOMATION INC TRIO-TECH INTERNATIONAL BTU INTERNATIONAL INC ULTRATECH INC

CAVITATION TECHNOLOGIES INC VEECO INSTRUMENTS INC

CLEANTECH SOLUTIONS INTL INC

CRYO-CELL INTERNATIONAL INC

CVD EQUIPMENT CORP 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 28 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 SIC CODE 3561 EMC CORP/MA SIC CODE 3572 AMPCO-PITTSBURGH CORP EMULEX CORP DATARAM CORP COLFAX CORP ESCALADE INC DOT HILL SYSTEMS CORP FLOWSERVE CORP EXTREME NETWORKS INC EMC CORP/MA GORMAN-RUPP CO FINISAR CORP INTEL CORP GRACO INC FORTINET INC NETAPP INC IDEX CORP HEWLETT-PACKARD CO OVERLAND STORAGE INC ITT CORP IDENTIV INC QUALSTAR CORP ROPER INDUSTRIES INC/DE IGO INC QUANTUM CORP SPX CORP INFINERA CORP SANDISK CORP XYLEM INC INNOVATIVE SOLTNS & SUPP INC SILICON GRAPHICS INTL CORP INTEL CORP WESTERN DIGITAL CORP SIC CODE 3569 INTELLICHECK MOBILISA INC

ABTECH HOLDINGS INC INTERPHASE CORP SIC CODE 3577 ADEPT TECHNOLOGY INC INTL BUSINESS MACHINES CORP ACCO BRANDS CORP ESCO TECHNOLOGIES INC INTL LOTTERY & TOTALIZATOR ASTRO-MED INC FUEL TECH INC JUNIPER NETWORKS INC COMMUN INTELLIGENCE INTERNATIONAL BALER CORP LANTRONIX INC FINISAR CORP MATTHEWS INTL CORP -CL A LEXMARK INTL INC -CL A FORTINET INC NORDSON CORP MITEK SYSTEMS INC HEWLETT-PACKARD CO PALL CORP NCR CORP IDENTIV INC PMFG INC NETAPP INC IGO INC TAYLOR DEVICES INC NETGEAR INC INNOVATIVE SOLTNS & SUPP INC WSI INDUSTRIES INC OUTERWALL INC LEXMARK INTL INC -CL A OVERLAND STORAGE INC MITEK SYSTEMS INC SIC CODE 357 PAR TECHNOLOGY CORP RADISYS CORP ACCO BRANDS CORP PITNEY BOWES INC TRANSACT TECHNOLOGIES INC AG&E HOLDINGS INC PROCERA NETWORKS INC WAVE SYSTEMS CORP -CL A APPLE INC QUALSTAR CORP XEROX CORP ARUBA NETWORKS INC QUANTUM CORP CROSSROADS SYSTEMS INC ASTRO-MED INC RADISYS CORP BROCADE COMMUNICATIONS SYS RIVERBED TECHNOLOGY INC SIC CODE 358 CAVIUM INC SANDISK CORP AAON INC CHECKPOINT SYSTEMS INC SCIENTIFIC GAMES CORP AMERESCO INC CISCO SYSTEMS INC SILICON GRAPHICS INTL CORP CALGON CARBON CORP COMMUN INTELLIGENCE SUPER MICRO COMPUTER INC CANTEL MEDICAL CORP CONCURRENT COMPUTER CP TRANSACT TECHNOLOGIES INC CARLISLE COS INC CRAY INC UNISYS CORP CONTINENTAL MATERIALS CORP CUBIC CORP USA TECHNOLOGIES INC CRANE CO DATARAM CORP VERIFONE SYSTEMS INC DOVER CORP DIEBOLD INC WAVE SYSTEMS CORP -CL A EMERSON ELECTRIC CO DIGI INTERNATIONAL INC WESTERN DIGITAL CORP ILLINOIS TOOL WORKS DOT HILL SYSTEMS CORP XEROX CORP INTERNATIONAL DISPENSING CP DOVER CORP XPLORE TECHNOLOGIES CORP LENNOX INTERNATIONAL INC ECHELON CORP CROSSROADS SYSTEMS INC MANITOWOC CO ELECTRONICS FOR IMAGING INC MIDDLEBY CORP 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 29 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 MODINE MANUFACTURING CO ANDREA ELECTRONICS CORP CTS CORP NORTEK INC API TECHNOLOGIES CORP CUI GLOBAL INC SPX CORP APPLIED DNA SCIENCES INC CUMMINS INC STANDARD MOTOR PRODS APPLIED MICRO CIRCUITS CORP CYPRESS SEMICONDUCTOR CORP STANDEX INTERNATIONAL CORP ARISTA POWER INC DEWEY ELECTRONICS CORP TECUMSEH PRODUCTS CO AROTECH CORP DIGIMARC CORP TENNANT CO ARRIS GROUP INC DIGITAL ALLY INC UNITED TECHNOLOGIES CORP ASCENT SOLAR TECHNOLOGIES DIGITAL POWER CORP ASTRONICS CORP DIODES INC SIC CODE 3585 ATMEL CORP DOVER CORP AAON INC AVIAT NETWORKS INC DSP GROUP INC AMERESCO INC AVX CORP E DIGITAL CORP CONTINENTAL MATERIALS CORP AXION POWER INTL INC ECHOSTAR CORP DOVER CORP AXT INC ELECSYS CORP EMERSON ELECTRIC CO AZZ INC ELECTRO SCIENTIFIC INDS INC ILLINOIS TOOL WORKS BABCOCK & WILCOX CO ELECTRONIC SYSTEM TECH INC LENNOX INTERNATIONAL INC BEL FUSE INC EMAGIN CORP MANITOWOC CO BELDEN INC EMCORE CORP MODINE MANUFACTURING CO BENCHMARK ELECTRONICS INC EMERSON ELECTRIC CO NORTEK INC BLACK BOX CORP EMERSON RADIO CORP SPX CORP BLONDER TONGUE LABS INC EMRISE CORP STANDARD MOTOR PRODS BOEING CO ENERGIZER HOLDINGS INC STANDEX INTERNATIONAL CORP BROADCOM CORP -CL A ENERGY FOCUS INC TECUMSEH PRODUCTS CO BRUKER CORP ENERSYS INC UNITED TECHNOLOGIES CORP CALAMP CORP ENGLOBAL CORP CALIX INC ENTERTAINMENT GAMING ASIA SIC CODE 36 CARLISLE COS INC ENTROPIC COMMUNICATIONS INC ACTIVE POWER INC CATERPILLAR INC ENVIRONMENTAL TECTONICS CORP ACUITY BRANDS INC CHECKPOINT SYSTEMS INC ESCO TECHNOLOGIES INC ADTRAN INC CHINA BAK BATTERY INC ESPEY MFG & ELECTRONICS CORP ADVANCED ENERGY INDS INC CHINA RECYCLING ENERGY CORP EVANS & SUTHERLAND CMP CORP ADVANCED MICRO DEVICES CHYRONHEGO CORP EXAR CORP ADVANCED PHOTONIX INC -CL A CIENA CORP EXIDE TECHNOLOGIES AEROVIRONMENT INC CIRRUS LOGIC INC FAIRCHILD SEMICONDUCTOR INTL ALLIANCE FIBER OPTIC PRODUCT CIRTRAN CORP FEDERAL SIGNAL CORP ALLIED MOTION TECHNOLOGIES CLEARFIELD INC FIRST SOLAR INC ALTERA CORP CLEARONE INC FRANKLIN ELECTRIC CO INC ALTIGEN COMMUNICATIONS INC COHU INC FRANKLIN WIRELESS CORP AMERICAN ELECTRIC TECH INC COMARCO INC FREQUENCY ELECTRONICS INC AMERICAN SUPERCONDUCTOR CP COMMUNICATIONS SYSTEMS INC GENERAC HOLDINGS INC AMETEK INC COMPASS DIVERSIFIED HOLDINGS GENERAL DYNAMICS CORP AMKOR TECHNOLOGY INC COMTECH TELECOMMUN GENERAL ELECTRIC CO AMPHENOL CORP CORNING INC GENTEX CORP ANADIGICS INC COSTAR TECHNOLOGIES INC GIGA-TRONICS INC ANALOG DEVICES CREE INC GIGOPTIX INC ANDALAY SOLAR INC CREXENDO INC GLOBAL EAGLE ENTERTAINMENT 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 30 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 GLOBE SPECIALTY METALS INC LRAD CORP ORBITAL SCIENCES CORP GRAFTECH INTERNATIONAL LTD LSI INDUSTRIES INC ORION ENERGY SYSTEMS INC GREATBATCH INC MACE SECURITY INTL INC OSI SYSTEMS INC GSI TECHNOLOGY INC MAGNETEK INC PARK ELECTROCHEMICAL CORP GT ADVANCED TECHNOLOGIES INC MATERION CORP PCTEL INC HARBINGER GROUP INC MAXIM INTEGRATED PRODUCTS PERICOM SEMICONDUCTOR CORP HARMAN INTERNATIONAL INDS MAXLINEAR INC PHOTRONICS INC HARMONIC INC MAXWELL TECHNOLOGIES INC PIONEER POWER SOLUTIONS INC HARRIS CORP MERU NETWORKS INC PIXELWORKS INC HEI INC METHODE ELECTRONICS INC PLANAR SYSTEMS INC HEICO CORP MICREL INC PLANTRONICS INC HIGHPOWER INTERNATIONAL INC MICROCHIP TECHNOLOGY INC PLEXUS CORP HUBBELL INC -CL B MICRON TECHNOLOGY INC PLUG POWER INC HUTCHINSON TECHNOLOGY INC MICROPAC INDUSTRIES INC PMC-SIERRA INC IEC ELECTRONICS CORP MICROSEMI CORP POLYCOM INC IEH CORP MICROSOFT CORP POWELL INDUSTRIES INC II-VI INC MICROVISION INC POWER INTEGRATIONS INC IKANOS COMMUNICATIONS INC MICROWAVE FILTER CO INC POWIN CORP IMATION CORP MIDDLEBY CORP PREFORMED LINE PRODUCTS CO INPHI CORP MONOLITHIC POWER SYSTEMS INC PROBE MANUFACTURING INC INRAD OPTICS INC MOOG INC -CL A PROCTER & GAMBLE CO INTEGRATED DEVICE TECH INC MOSYS INC PROPHOTONIX LTD INTEGRATED SILICON SOLUTION MOTORCAR PARTS OF AMER INC PULSE ELECTRONICS CORP INTEL CORP MOTOROLA SOLUTIONS INC QLOGIC CORP INTERSIL CORP -CL A MRV COMMUNICATIONS INC QORVO INC INTL RECTIFIER CORP MULTI-FINELINE ELECTRON INC QUALCOMM INC INVENSENSE INC NACCO INDUSTRIES -CL A QUALSTAR CORP IPG PHOTONICS CORP NAPCO SECURITY TECH INC QUICKLOGIC CORP ITERIS INC NATIONAL PRESTO INDS INC R F INDUSTRIES LTD IXYS CORP NEOPHOTONICS CORP REGAL-BELOIT CORP JABIL CIRCUIT INC NETLIST INC RELM WIRELESS CORP JARDEN CORP NEWELL RUBBERMAID INC REMY INTERNATIONAL INC JDS UNIPHASE CORP NEWPORT CORP REVOLUTION LIGHTING TECHNLGS JOHNSON CONTROLS INC NORTECH SYSTEMS INC ROCKWELL AUTOMATION JOHNSON OUTDOORS INC -CL A NORTEK INC ROFIN SINAR TECHNOLOGIES INC KEMET CORP NOVATEL WIRELESS INC ROGERS CORP KEY TRONIC CORP NUMEREX CORP -CL A RUBICON TECHNOLOGY INC KIMBALL INTERNATIONAL -CL B NVE CORP SANMINA CORP KOPIN CORP NVIDIA CORP SEMILEDS CORP KOSS CORP OCEAN POWER TECHNOLOGIES INC SEMTECH CORP L-3 COMMUNICATIONS HLDGS INC OCLARO INC SERVOTRONICS INC LATTICE SEMICONDUCTOR CORP OM GROUP INC SEVCON INC LGL GROUP INC OMNIVISION TECHNOLOGIES INC SHORETEL INC LINEAR TECHNOLOGY CORP ON SEMICONDUCTOR CORP SIGMA DESIGNS INC LITTELFUSE INC OPLINK COMMUNICATIONS INC SIGMATRON INTERNATIONAL INC LOJACK CORP ORBIT INTERNATIONAL CORP SILICON IMAGE INC 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 31 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 SILICON LABORATORIES INC VISHAY PRECISION GROUP INC ENGLOBAL CORP SKULLCANDY INC VITESSE SEMICONDUCTOR CORP FRANKLIN ELECTRIC CO INC SKYWORKS SOLUTIONS INC VOXX INTERNATIONAL CORP GENERAC HOLDINGS INC SL INDUSTRIES INC WESTELL TECH INC -CL A GLOBE SPECIALTY METALS INC SMITH (A O) CORP WHIRLPOOL CORP GRAFTECH INTERNATIONAL LTD SMTC CORP WIRELESS TELECOM GROUP INC PLUG POWER INC SOCKET MOBILE INC WOODWARD INC REGAL-BELOIT CORP SOLAR POWER INC XILINX INC ROCKWELL AUTOMATION SOLITRON DEVICES INC ZBB ENERGY CORP SERVOTRONICS INC SONO-TEK CORP ZHONE TECHNOLOGIES INC SEVCON INC SPARTON CORP REAL GOODS SOLAR INC SL INDUSTRIES INC SPECTRUM BRANDS HOLDINGS INC FUELCELL ENERGY INC SOLAR POWER INC SPIRE CORP VICON INDUSTRIES INC SUNEDISON INC SPX CORP XENONICS HOLDINGS INC THERMON GROUP HOLDINGS INC STANDARD MOTOR PRODS UQM TECHNOLOGIES INC STANDEX INTERNATIONAL CORP SIC CODE 361 WOODWARD INC STONERIDGE INC AMERICAN ELECTRIC TECH INC REAL GOODS SOLAR INC STR HOLDINGS INC ELECSYS CORP SUNEDISON INC EMERSON ELECTRIC CO SIC CODE 3621 SUNPOWER CORP GENERAL ELECTRIC CO ALLIED MOTION TECHNOLOGIES SYNAPTICS INC LITTELFUSE INC AMERICAN SUPERCONDUCTOR CP SYPRIS SOLUTIONS INC MAGNETEK INC AMETEK INC TECHNICAL COMMUNICATIONS CP MAXWELL TECHNOLOGIES INC BABCOCK & WILCOX CO TESSERA TECHNOLOGIES INC OCEAN POWER TECHNOLOGIES INC CATERPILLAR INC TEXAS INSTRUMENTS INC PIONEER POWER SOLUTIONS INC CUMMINS INC THERMON GROUP HOLDINGS INC POWELL INDUSTRIES INC DEWEY ELECTRONICS CORP TOROTEL INC PULSE ELECTRONICS CORP EMERSON ELECTRIC CO TRIMBLE NAVIGATION LTD SL INDUSTRIES INC FRANKLIN ELECTRIC CO INC TRIQUINT SEMICONDUCTOR INC SPX CORP GENERAC HOLDINGS INC TRW AUTOMOTIVE HOLDINGS CORP VECTREN CORP PLUG POWER INC TTM TECHNOLOGIES INC REGAL-BELOIT CORP UBIQUITI NETWORKS INC SIC CODE 362 SERVOTRONICS INC ULTRA CLEAN HOLDINGS INC ACTIVE POWER INC SL INDUSTRIES INC ULTRALIFE CORP ADVANCED ENERGY INDS INC UQM TECHNOLOGIES INC

UNIVERSAL DISPLAY CORP AEROVIRONMENT INC UNIVERSAL ELECTRONICS INC ALLIED MOTION TECHNOLOGIES

UNIVERSAL SECURITY INSTRUMNT AMERICAN SUPERCONDUCTOR CP

UQM TECHNOLOGIES INC AMETEK INC

VASCO DATA SEC INTL INC ANDALAY SOLAR INC

VECTREN CORP ARISTA POWER INC VIASAT INC BABCOCK & WILCOX CO

VIASYSTEMS GROUP INC CATERPILLAR INC

VICOR CORP CHINA RECYCLING ENERGY CORP VIDEO DISPLAY CORP CUMMINS INC

VISCOUNT SYSTEMS INC DEWEY ELECTRONICS CORP VISHAY INTERTECHNOLOGY INC EMERSON ELECTRIC CO 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 32 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 SIC CODE 3629 EMERSON RADIO CORP L-3 COMMUNICATIONS HLDGS INC ACTIVE POWER INC HARMAN INTERNATIONAL INDS LOJACK CORP ADVANCED ENERGY INDS INC KOSS CORP MACE SECURITY INTL INC AEROVIRONMENT INC LRAD CORP MERU NETWORKS INC ANDALAY SOLAR INC SKULLCANDY INC MICROSOFT CORP ARISTA POWER INC UNIVERSAL ELECTRONICS INC MOTOROLA SOLUTIONS INC CHINA RECYCLING ENERGY CORP VOXX INTERNATIONAL CORP MRV COMMUNICATIONS INC ENGLOBAL CORP NAPCO SECURITY TECH INC SL INDUSTRIES INC SIC CODE 366 NOVATEL WIRELESS INC SOLAR POWER INC ADTRAN INC NUMEREX CORP -CL A SUNEDISON INC ALTIGEN COMMUNICATIONS INC OPLINK COMMUNICATIONS INC THERMON GROUP HOLDINGS INC ANDREA ELECTRONICS CORP ORBITAL SCIENCES CORP API TECHNOLOGIES CORP PCTEL INC SIC CODE 363 APPLIED DNA SCIENCES INC PLANTRONICS INC GENERAL ELECTRIC CO ARRIS GROUP INC POLYCOM INC JARDEN CORP AVIAT NETWORKS INC PULSE ELECTRONICS CORP MIDDLEBY CORP BELDEN INC R F INDUSTRIES LTD NACCO INDUSTRIES -CL A BLACK BOX CORP RELM WIRELESS CORP NATIONAL PRESTO INDS INC BLONDER TONGUE LABS INC SHORETEL INC NEWELL RUBBERMAID INC BOEING CO SOCKET MOBILE INC NORTEK INC CALAMP CORP STONERIDGE INC PROCTER & GAMBLE CO CALIX INC TECHNICAL COMMUNICATIONS CP SMITH (A O) CORP CHECKPOINT SYSTEMS INC UBIQUITI NETWORKS INC WHIRLPOOL CORP CHYRONHEGO CORP UNIVERSAL SECURITY INSTRUMNT CIENA CORP VASCO DATA SEC INTL INC SIC CODE 364 CLEARONE INC VIASAT INC

ACUITY BRANDS INC COHU INC VISCOUNT SYSTEMS INC ASTRONICS CORP COMMUNICATIONS SYSTEMS INC WESTELL TECH INC -CL A AZZ INC COMTECH TELECOMMUN WIRELESS TELECOM GROUP INC BRUKER CORP CREXENDO INC ZHONE TECHNOLOGIES INC COMMUNICATIONS SYSTEMS INC DSP GROUP INC VICON INDUSTRIES INC EMRISE CORP ECHOSTAR CORP ENERGY FOCUS INC ELECTRONIC SYSTEM TECH INC SIC CODE 3661 HUBBELL INC -CL B EMRISE CORP ADTRAN INC LSI INDUSTRIES INC ENTERTAINMENT GAMING ASIA ALTIGEN COMMUNICATIONS INC ORION ENERGY SYSTEMS INC ESCO TECHNOLOGIES INC API TECHNOLOGIES CORP POWIN CORP FEDERAL SIGNAL CORP BELDEN INC PREFORMED LINE PRODUCTS CO FRANKLIN WIRELESS CORP CALIX INC REVOLUTION LIGHTING TECHNLGS FREQUENCY ELECTRONICS INC CIENA CORP ULTRALIFE CORP GENERAL DYNAMICS CORP COMMUNICATIONS SYSTEMS INC XENONICS HOLDINGS INC GENTEX CORP CREXENDO INC GLOBAL EAGLE ENTERTAINMENT EMRISE CORP SIC CODE 365 HARMONIC INC FRANKLIN WIRELESS CORP

COSTAR TECHNOLOGIES INC HARRIS CORP FREQUENCY ELECTRONICS INC DIGITAL ALLY INC ITERIS INC GLOBAL EAGLE ENTERTAINMENT E DIGITAL CORP JDS UNIPHASE CORP MERU NETWORKS INC 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 33 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 MICROSOFT CORP SIC CODE 3669 DIGITAL POWER CORP MRV COMMUNICATIONS INC APPLIED DNA SCIENCES INC DIODES INC NOVATEL WIRELESS INC CHECKPOINT SYSTEMS INC DOVER CORP PLANTRONICS INC FEDERAL SIGNAL CORP ELECSYS CORP POLYCOM INC GENTEX CORP EMAGIN CORP PULSE ELECTRONICS CORP LOJACK CORP EMCORE CORP SHORETEL INC MACE SECURITY INTL INC ENTROPIC COMMUNICATIONS INC WESTELL TECH INC -CL A NAPCO SECURITY TECH INC ESPEY MFG & ELECTRONICS CORP ZHONE TECHNOLOGIES INC NUMEREX CORP -CL A EXAR CORP STONERIDGE INC FAIRCHILD SEMICONDUCTOR INTL SIC CODE 3663 UNIVERSAL SECURITY INSTRUMNT FIRST SOLAR INC ANDREA ELECTRONICS CORP VASCO DATA SEC INTL INC GIGA-TRONICS INC ARRIS GROUP INC VISCOUNT SYSTEMS INC GIGOPTIX INC AVIAT NETWORKS INC VICON INDUSTRIES INC GSI TECHNOLOGY INC BLACK BOX CORP GT ADVANCED TECHNOLOGIES INC BLONDER TONGUE LABS INC SIC CODE 367 HEI INC BOEING CO ADVANCED ENERGY INDS INC HEICO CORP CALAMP CORP ADVANCED MICRO DEVICES HUTCHINSON TECHNOLOGY INC CHYRONHEGO CORP ADVANCED PHOTONIX INC -CL A IEC ELECTRONICS CORP CLEARONE INC ALLIANCE FIBER OPTIC PRODUCT IEH CORP COHU INC ALTERA CORP II-VI INC COMTECH TELECOMMUN AMKOR TECHNOLOGY INC IKANOS COMMUNICATIONS INC DSP GROUP INC AMPHENOL CORP INPHI CORP ECHOSTAR CORP ANADIGICS INC INRAD OPTICS INC ELECTRONIC SYSTEM TECH INC ANALOG DEVICES INTEGRATED DEVICE TECH INC ENTERTAINMENT GAMING ASIA API TECHNOLOGIES CORP INTEGRATED SILICON SOLUTION ESCO TECHNOLOGIES INC APPLIED MICRO CIRCUITS CORP INTEL CORP GENERAL DYNAMICS CORP ASCENT SOLAR TECHNOLOGIES INTERSIL CORP -CL A HARMONIC INC ATMEL CORP INTL RECTIFIER CORP HARRIS CORP AVX CORP INVENSENSE INC ITERIS INC AXT INC IPG PHOTONICS CORP JDS UNIPHASE CORP BEL FUSE INC IXYS CORP L-3 COMMUNICATIONS HLDGS INC BENCHMARK ELECTRONICS INC JABIL CIRCUIT INC MOTOROLA SOLUTIONS INC BROADCOM CORP -CL A JDS UNIPHASE CORP OPLINK COMMUNICATIONS INC CARLISLE COS INC KEMET CORP ORBITAL SCIENCES CORP CIRRUS LOGIC INC KEY TRONIC CORP PCTEL INC CIRTRAN CORP KIMBALL INTERNATIONAL -CL B R F INDUSTRIES LTD CLEARFIELD INC KOPIN CORP RELM WIRELESS CORP COMARCO INC LATTICE SEMICONDUCTOR CORP SOCKET MOBILE INC COMPASS DIVERSIFIED HOLDINGS LGL GROUP INC TECHNICAL COMMUNICATIONS CP CORNING INC LINEAR TECHNOLOGY CORP UBIQUITI NETWORKS INC CREE INC LSI INDUSTRIES INC VIASAT INC CTS CORP MATERION CORP WIRELESS TELECOM GROUP INC CUI GLOBAL INC MAXIM INTEGRATED PRODUCTS

CYPRESS SEMICONDUCTOR CORP MAXLINEAR INC DIGIMARC CORP METHODE ELECTRONICS INC 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 34 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 MICREL INC SILICON IMAGE INC SANMINA CORP MICROCHIP TECHNOLOGY INC SILICON LABORATORIES INC SIGMATRON INTERNATIONAL INC MICRON TECHNOLOGY INC SKYWORKS SOLUTIONS INC SMTC CORP MICROPAC INDUSTRIES INC SMTC CORP TTM TECHNOLOGIES INC MICROSEMI CORP SOLITRON DEVICES INC VIASYSTEMS GROUP INC MICROVISION INC SPARTON CORP MICROWAVE FILTER CO INC SPIRE CORP SIC CODE 3674 MONOLITHIC POWER SYSTEMS INC STANDEX INTERNATIONAL CORP ADVANCED MICRO DEVICES MOOG INC -CL A STONERIDGE INC ADVANCED PHOTONIX INC -CL A MOSYS INC STR HOLDINGS INC ALLIANCE FIBER OPTIC PRODUCT MULTI-FINELINE ELECTRON INC SUNEDISON INC ALTERA CORP NEOPHOTONICS CORP SUNPOWER CORP AMKOR TECHNOLOGY INC NETLIST INC SYNAPTICS INC ANADIGICS INC NORTECH SYSTEMS INC SYPRIS SOLUTIONS INC ANALOG DEVICES NVE CORP TESSERA TECHNOLOGIES INC API TECHNOLOGIES CORP NVIDIA CORP TEXAS INSTRUMENTS INC APPLIED MICRO CIRCUITS CORP OCLARO INC TOROTEL INC ASCENT SOLAR TECHNOLOGIES OMNIVISION TECHNOLOGIES INC TRIMBLE NAVIGATION LTD ATMEL CORP ON SEMICONDUCTOR CORP TRIQUINT SEMICONDUCTOR INC AXT INC ORBIT INTERNATIONAL CORP TRW AUTOMOTIVE HOLDINGS CORP BROADCOM CORP -CL A OSI SYSTEMS INC TTM TECHNOLOGIES INC CIRRUS LOGIC INC PARK ELECTROCHEMICAL CORP ULTRA CLEAN HOLDINGS INC CREE INC PERICOM SEMICONDUCTOR CORP UNIVERSAL DISPLAY CORP CYPRESS SEMICONDUCTOR CORP PHOTRONICS INC VIASYSTEMS GROUP INC DIODES INC PIXELWORKS INC VICOR CORP EMCORE CORP PLANAR SYSTEMS INC VIDEO DISPLAY CORP ENTROPIC COMMUNICATIONS INC PLEXUS CORP VISHAY INTERTECHNOLOGY INC EXAR CORP PMC-SIERRA INC VISHAY PRECISION GROUP INC FAIRCHILD SEMICONDUCTOR INTL POWER INTEGRATIONS INC VITESSE SEMICONDUCTOR CORP FIRST SOLAR INC PROBE MANUFACTURING INC VOXX INTERNATIONAL CORP GIGOPTIX INC PROPHOTONIX LTD XILINX INC GSI TECHNOLOGY INC PULSE ELECTRONICS CORP GT ADVANCED TECHNOLOGIES INC QLOGIC CORP SIC CODE 3672 HEI INC QORVO INC API TECHNOLOGIES CORP II-VI INC QUALCOMM INC BENCHMARK ELECTRONICS INC IKANOS COMMUNICATIONS INC QUALSTAR CORP CIRTRAN CORP INPHI CORP QUICKLOGIC CORP COMPASS DIVERSIFIED HOLDINGS INTEGRATED DEVICE TECH INC R F INDUSTRIES LTD ELECSYS CORP INTEGRATED SILICON SOLUTION ROGERS CORP IEC ELECTRONICS CORP INTEL CORP RUBICON TECHNOLOGY INC JABIL CIRCUIT INC INTERSIL CORP -CL A SANMINA CORP LSI INDUSTRIES INC INTL RECTIFIER CORP SEMILEDS CORP METHODE ELECTRONICS INC INVENSENSE INC SEMTECH CORP MULTI-FINELINE ELECTRON INC IPG PHOTONICS CORP SEVCON INC PARK ELECTROCHEMICAL CORP IXYS CORP SIGMA DESIGNS INC PLEXUS CORP JDS UNIPHASE CORP SIGMATRON INTERNATIONAL INC PROBE MANUFACTURING INC KOPIN CORP 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 35 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 LATTICE SEMICONDUCTOR CORP TRIMBLE NAVIGATION LTD ELECTRO SCIENTIFIC INDS INC LINEAR TECHNOLOGY CORP TRIQUINT SEMICONDUCTOR INC EMERSON ELECTRIC CO LSI INDUSTRIES INC TRW AUTOMOTIVE HOLDINGS CORP ENERGIZER HOLDINGS INC MATERION CORP ULTRA CLEAN HOLDINGS INC ENERSYS INC MAXIM INTEGRATED PRODUCTS UNIVERSAL DISPLAY CORP ENVIRONMENTAL TECTONICS CORP MAXLINEAR INC VICOR CORP EVANS & SUTHERLAND CMP CORP MICREL INC VISHAY INTERTECHNOLOGY INC EXIDE TECHNOLOGIES MICROCHIP TECHNOLOGY INC VISHAY PRECISION GROUP INC GREATBATCH INC MICRON TECHNOLOGY INC VITESSE SEMICONDUCTOR CORP HARBINGER GROUP INC MICROPAC INDUSTRIES INC XILINX INC HIGHPOWER INTERNATIONAL INC MICROSEMI CORP IMATION CORP MONOLITHIC POWER SYSTEMS INC SIC CODE 3679 JOHNSON CONTROLS INC MOSYS INC ADVANCED ENERGY INDS INC JOHNSON OUTDOORS INC -CL A NEOPHOTONICS CORP CLEARFIELD INC MOTORCAR PARTS OF AMER INC NETLIST INC COMARCO INC NEWPORT CORP NVE CORP CORNING INC OM GROUP INC NVIDIA CORP DIGIMARC CORP REMY INTERNATIONAL INC OCLARO INC DIGITAL POWER CORP ROFIN SINAR TECHNOLOGIES INC OMNIVISION TECHNOLOGIES INC EMAGIN CORP SONO-TEK CORP ON SEMICONDUCTOR CORP ESPEY MFG & ELECTRONICS CORP SPECTRUM BRANDS HOLDINGS INC OSI SYSTEMS INC GIGA-TRONICS INC STANDARD MOTOR PRODS PERICOM SEMICONDUCTOR CORP HEICO CORP ULTRALIFE CORP PHOTRONICS INC HUTCHINSON TECHNOLOGY INC ZBB ENERGY CORP PIXELWORKS INC INRAD OPTICS INC FUELCELL ENERGY INC PMC-SIERRA INC KEY TRONIC CORP POWER INTEGRATIONS INC KIMBALL INTERNATIONAL -CL B SIC CODE 37 PROPHOTONIX LTD LGL GROUP INC ACTUANT CORP -CL A QLOGIC CORP MICROVISION INC AEROVIRONMENT INC QORVO INC MICROWAVE FILTER CO INC AIR METHODS CORP QUALCOMM INC MOOG INC -CL A AIR T INC QUICKLOGIC CORP NORTECH SYSTEMS INC AIR TRANSPORT SERVICES GROUP RUBICON TECHNOLOGY INC ORBIT INTERNATIONAL CORP ALLIANT TECHSYSTEMS INC SEMILEDS CORP PLANAR SYSTEMS INC AMERICAN AXLE & MFG HOLDINGS SEMTECH CORP PULSE ELECTRONICS CORP AMERICAN RAILCAR INDS INC SIGMA DESIGNS INC QUALSTAR CORP ARCTIC CAT INC SILICON IMAGE INC ROGERS CORP ASTRONICS CORP SILICON LABORATORIES INC SPARTON CORP ASTROTECH CORP SKYWORKS SOLUTIONS INC STONERIDGE INC AUTOLIV INC SOLITRON DEVICES INC SYNAPTICS INC BARNES GROUP INC SPIRE CORP VICOR CORP BOEING CO STR HOLDINGS INC VOXX INTERNATIONAL CORP BORGWARNER INC SUNEDISON INC BRUNSWICK CORP SUNPOWER CORP SIC CODE 369 BUTLER NATIONAL CORP SYPRIS SOLUTIONS INC AROTECH CORP CARLISLE COS INC TESSERA TECHNOLOGIES INC AXION POWER INTL INC CHINA AUTOMOTIVE SYSTEMS INC TEXAS INSTRUMENTS INC CHINA BAK BATTERY INC CLARCOR INC 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 36 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 CLEAN DIESEL TECHNOLOGIES LYDALL INC SIC CODE 371 COMMERCIAL VEHICLE GROUP INC MARINE PRODUCTS CORP ACTUANT CORP -CL A COMPASS DIVERSIFIED HOLDINGS MERITOR INC AMERICAN AXLE & MFG HOLDINGS COMPX INTERNATIONAL INC MILLER INDUSTRIES INC/TN ARCTIC CAT INC CONRAD INDUSTRIES INC MODINE MANUFACTURING CO AUTOLIV INC COOPER-STANDARD HOLDINGS INC MOOG INC -CL A BORGWARNER INC CPI AEROSTRUCTURES INC NAVISTAR INTERNATIONAL CORP CARLISLE COS INC CRANE CO NORTHROP GRUMMAN CORP CHINA AUTOMOTIVE SYSTEMS INC CUMMINS INC ORBITAL SCIENCES CORP CLARCOR INC CURTISS-WRIGHT CORP OSHKOSH CORP CLEAN DIESEL TECHNOLOGIES DANA HOLDING CORP PACCAR INC COMMERCIAL VEHICLE GROUP INC DORMAN PRODUCTS INC POLARIS INDUSTRIES INC COMPASS DIVERSIFIED HOLDINGS DREW INDUSTRIES INC POWIN CORP COOPER-STANDARD HOLDINGS INC DUCOMMUN INC PRECISION CASTPARTS CORP CUMMINS INC DYNAMIC MATERIALS CORP PURADYN FILTER TECHNOLOGIES DANA HOLDING CORP ENOVA SYSTEMS INC QUANTUM FUEL SYS TECH WORLDW DORMAN PRODUCTS INC FEDERAL SIGNAL CORP RAYTHEON CO DREW INDUSTRIES INC FEDERAL-MOGUL HOLDINGS CORP ROCKWELL COLLINS INC ENOVA SYSTEMS INC FIDELITY NATL FINL FNF GROUP SIFCO INDUSTRIES FEDERAL SIGNAL CORP FORD MOTOR CO SKYLINE CORP FEDERAL-MOGUL HOLDINGS CORP FREIGHTCAR AMERICA INC SORL AUTO PARTS INC FIDELITY NATL FINL FNF GROUP FUEL SYSTEMS SOLUTIONS INC SPARTAN MOTORS INC FORD MOTOR CO GENCORP INC SPIRIT AEROSYSTEMS HOLDINGS FUEL SYSTEMS SOLUTIONS INC GENERAL DYNAMICS CORP STRATTEC SECURITY CORP GENTEX CORP GENERAL ELECTRIC CO SUPERIOR INDUSTRIES INTL GENTHERM INC GENTEX CORP SUPREME INDUSTRIES INC GRACO INC GENTHERM INC SYPRIS SOLUTIONS INC HONEYWELL INTERNATIONAL INC GRACO INC TENNECO INC ICAHN ENTERPRISES LP GREENBRIER COMPANIES INC TESLA MOTORS INC ILLINOIS TOOL WORKS HARLEY-DAVIDSON INC TEXTRON INC ITT CORP HEICO CORP THOR INDUSTRIES INC JOHNSON CONTROLS INC HEXCEL CORP TITAN INTERNATIONAL INC LEAR CORP HONEYWELL INTERNATIONAL INC TOWER INTERNATIONAL INC LIQTECH INTERNATIONAL INC HUNTINGTON INGALLS IND INC TRANSDIGM GROUP INC LYDALL INC ICAHN ENTERPRISES LP TRIMAS CORP MERITOR INC ILLINOIS TOOL WORKS TRINITY INDUSTRIES MILLER INDUSTRIES INC/TN ITT CORP TRIUMPH GROUP INC MODINE MANUFACTURING CO JOHNSON CONTROLS INC TRW AUTOMOTIVE HOLDINGS CORP NAVISTAR INTERNATIONAL CORP JOHNSON OUTDOORS INC -CL A UNITED TECHNOLOGIES CORP OSHKOSH CORP KAMAN CORP VOXX INTERNATIONAL CORP PACCAR INC KANDI TECHNOLOGIES GROUP WABASH NATIONAL CORP POWIN CORP KREISLER MANUFACTURING CORP WABCO HOLDINGS INC PURADYN FILTER TECHNOLOGIES LEAR CORP WABTEC CORP QUANTUM FUEL SYS TECH WORLDW LIQTECH INTERNATIONAL INC WINNEBAGO INDUSTRIES SORL AUTO PARTS INC LMI AEROSPACE INC WORLD SURVEILLANCE GROUP INC SPARTAN MOTORS INC LOCKHEED MARTIN CORP ZAP STRATTEC SECURITY CORP 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 37 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 SUPERIOR INDUSTRIES INTL FEDERAL-MOGUL HOLDINGS CORP GENERAL DYNAMICS CORP SUPREME INDUSTRIES INC FIDELITY NATL FINL FNF GROUP GENERAL ELECTRIC CO SYPRIS SOLUTIONS INC FUEL SYSTEMS SOLUTIONS INC HEICO CORP TENNECO INC GENTEX CORP HEXCEL CORP TESLA MOTORS INC GENTHERM INC HONEYWELL INTERNATIONAL INC TEXTRON INC GRACO INC KAMAN CORP THOR INDUSTRIES INC HONEYWELL INTERNATIONAL INC KREISLER MANUFACTURING CORP TITAN INTERNATIONAL INC ICAHN ENTERPRISES LP LMI AEROSPACE INC TOWER INTERNATIONAL INC ILLINOIS TOOL WORKS LOCKHEED MARTIN CORP TRANSDIGM GROUP INC ITT CORP MOOG INC -CL A TRW AUTOMOTIVE HOLDINGS CORP JOHNSON CONTROLS INC NORTHROP GRUMMAN CORP VOXX INTERNATIONAL CORP LEAR CORP PRECISION CASTPARTS CORP WABASH NATIONAL CORP LIQTECH INTERNATIONAL INC ROCKWELL COLLINS INC WABCO HOLDINGS INC LYDALL INC SIFCO INDUSTRIES WINNEBAGO INDUSTRIES MERITOR INC SPIRIT AEROSYSTEMS HOLDINGS ZAP MODINE MANUFACTURING CO TEXTRON INC NAVISTAR INTERNATIONAL CORP TRANSDIGM GROUP INC SIC CODE 3711 POWIN CORP TRIUMPH GROUP INC DREW INDUSTRIES INC PURADYN FILTER TECHNOLOGIES UNITED TECHNOLOGIES CORP FEDERAL SIGNAL CORP QUANTUM FUEL SYS TECH WORLDW WORLD SURVEILLANCE GROUP INC FORD MOTOR CO SORL AUTO PARTS INC NAVISTAR INTERNATIONAL CORP STRATTEC SECURITY CORP SIC CODE 3728 OSHKOSH CORP SUPERIOR INDUSTRIES INTL AIR METHODS CORP PACCAR INC SYPRIS SOLUTIONS INC AIR T INC SPARTAN MOTORS INC TENNECO INC ASTRONICS CORP TESLA MOTORS INC TEXTRON INC CPI AEROSTRUCTURES INC TOWER INTERNATIONAL INC TITAN INTERNATIONAL INC CRANE CO ZAP TRANSDIGM GROUP INC CURTISS-WRIGHT CORP TRW AUTOMOTIVE HOLDINGS CORP DUCOMMUN INC SIC CODE 3714 VOXX INTERNATIONAL CORP DYNAMIC MATERIALS CORP ACTUANT CORP -CL A WABCO HOLDINGS INC HEXCEL CORP AMERICAN AXLE & MFG HOLDINGS HONEYWELL INTERNATIONAL INC ARCTIC CAT INC SIC CODE 372 KAMAN CORP AUTOLIV INC AEROVIRONMENT INC LMI AEROSPACE INC BORGWARNER INC AIR METHODS CORP MOOG INC -CL A CARLISLE COS INC AIR T INC NORTHROP GRUMMAN CORP CHINA AUTOMOTIVE SYSTEMS INC AIR TRANSPORT SERVICES GROUP PRECISION CASTPARTS CORP CLARCOR INC ASTRONICS CORP ROCKWELL COLLINS INC CLEAN DIESEL TECHNOLOGIES BARNES GROUP INC SPIRIT AEROSYSTEMS HOLDINGS COMMERCIAL VEHICLE GROUP INC BOEING CO TRANSDIGM GROUP INC COMPASS DIVERSIFIED HOLDINGS BUTLER NATIONAL CORP TRIUMPH GROUP INC

COOPER-STANDARD HOLDINGS INC CPI AEROSTRUCTURES INC CUMMINS INC CRANE CO

DANA HOLDING CORP CURTISS-WRIGHT CORP

DORMAN PRODUCTS INC DUCOMMUN INC

ENOVA SYSTEMS INC DYNAMIC MATERIALS CORP 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 38 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 SIC CODE 38 CANTEL MEDICAL CORP FEI CO 3M CO CARDICA INC FIRSTIME DESIGN LTD ABAXIS INC CARDINAL HEALTH INC FLIR SYSTEMS INC ABBOTT LABORATORIES CARDIOVASCULAR SYSTEMS INC FLUIDIGM CORP ABIOMED INC CAREFUSION CORP FONAR CORP ACCURAY INC CAS MEDICAL SYSTEMS INC FORMFACTOR INC ACORN ENERGY INC CEMTREX INC FOSSIL GROUP INC ADVANSOURCE BIOMATERIALS CP CEPHEID INC FREQUENCY ELECTRONICS INC AEHR TEST SYSTEMS CESCA THERAPEUTICS INC GENERAL ELECTRIC CO AETHLON MEDICAL INC CHART INDUSTRIES INC GENMARK DIAGNOSTICS INC AFFYMETRIX INC CINTAS CORP GEOSPACE TECHNOLOGIES CORP AGILENT TECHNOLOGIES INC COGNEX CORP GIGA-TRONICS INC ALIGN TECHNOLOGY INC COHERENT INC GREATBATCH INC ALLERGAN INC COHU INC GRIFFON CORP ALPHA PRO TECH LTD COMPASS DIVERSIFIED HOLDINGS GUIDED THERAPEUTICS INC ALPHATEC HOLDINGS INC CONMED CORP HAEMONETICS CORP AMERICAN SCIENCE ENGINEERING COOPER COMPANIES INC HANSEN MEDICAL INC AMETEK INC CORNING INC HARVARD BIOSCIENCE INC ANALOGIC CORP CRYOLIFE INC HILL-ROM HOLDINGS INC ANGIODYNAMICS INC CUBIC CORP HOLOGIC INC ANTARES PHARMA INC CUI GLOBAL INC HONEYWELL INTERNATIONAL INC ARADIGM CORP CUTERA INC HURCO COMPANIES INC ARRHYTHMIA RESEARCH TECH CYBERONICS INC I D SYSTEMS INC ASTRO-MED INC CYBEROPTICS CORP ICAD INC ATRICURE INC CYNOSURE INC ICU MEDICAL INC ATRION CORP CYTOSORBENTS CORP IDEX CORP ATRM HOLDINGS INC DANAHER CORP II-VI INC AVERY DENNISON CORP DATA I/O CORP ILLINOIS TOOL WORKS AVID TECHNOLOGY INC DELCATH SYSTEMS INC ILLUMINA INC AXOGEN INC DENTSPLY INTERNATL INC IMAGE SENSING SYSTEMS INC BADGER METER INC DEXCOM INC IMPLANT SCIENCES CORP BALL CORP DIGIRAD CORP INOVIO PHARMACEUTICALS INC BALLANTYNE STRONG INC DOMTAR CORP INSPIREMD INC BARD (C.R.) INC DYNASIL CORP OF AMERICA INSULET CORP BAXANO SURGICAL INC DYNATRONICS CORP INTEGRA LIFESCIENCES HLDGS BAXTER INTERNATIONAL INC EDWARDS LIFESCIENCES CORP INTEST CORP BECTON DICKINSON & CO ELECTRO-SENSORS INC INTEVAC INC BIO-KEY INTERNATIONAL INC ELECTROMED INC INTRICON CORP BIO-RAD LABORATORIES INC EMERSON ELECTRIC CO INTUITIVE SURGICAL INC BIOANALYTICAL SYSTEMS INC ENDOLOGIX INC INVACARE CORP BIOLASE INC ENVIRONMENTAL TECTONICS CORP ION GEOPHYSICAL CORP BOSTON SCIENTIFIC CORP ESCO TECHNOLOGIES INC IRIDEX CORP BOVIE MEDICAL CORP ESTERLINE TECHNOLOGIES CORP ITRON INC BROOKS AUTOMATION INC EXACTECH INC ITT CORP BRUKER CORP EXELIS INC IXIA BSD MEDICAL CORP/DE FARO TECHNOLOGIES INC JOHNSON & JOHNSON 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 39 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 JOHNSON CONTROLS INC REFLECT SCIENTIFIC INC WATERS CORP KEWAUNEE SCIENTIFIC CORP REPRO MEDSYSTEMS INC WEST PHARMACEUTICAL SVSC INC KIPS BAY MEDICAL INC RESMED INC WIRELESS TELECOM GROUP INC KLA-TENCOR CORP RETRACTABLE TECHNOLOGIES INC WRIGHT MEDICAL GROUP INC KVH INDUSTRIES INC ROPER INDUSTRIES INC/DE XCERRA CORP L-3 COMMUNICATIONS HLDGS INC RTI SURGICAL INC ZELTIQ AESTHETICS INC LANDAUER INC RUDOLPH TECHNOLOGIES INC ZIMMER HOLDINGS INC LIGHTPATH TECHNOLOGIES INC SANUWAVE HEALTH INC ZYNEX INC LORILLARD INC SCHMITT INDUSTRIES INC/OR CASCADE MICROTECH INC LUMINEX CORP SEQUENOM INC MGC DIAGNOSTICS CORP MASIMO CORP SIERRA MONITOR CORP TRIMEDYNE INC MECHANICAL TECHNOLOGY INC SIRONA DENTAL SYSTEMS INC MEDTRONIC INC SPAN-AMERICA MEDICAL SYS INC SIC CODE 381 MELA SCIENCES INC SPARTON CORP ACORN ENERGY INC MERIT MEDICAL SYSTEMS INC SPECTRANETICS CORP ANALOGIC CORP MESA LABORATORIES INC SPECTRASCIENCE INC BALL CORP METTLER-TOLEDO INTL INC SPIRE CORP CUBIC CORP MIKROS SYSTEMS CORP SPY INC EXELIS INC MILESTONE SCIENTIFIC INC ST JUDE MEDICAL INC FLIR SYSTEMS INC MITCHAM INDUSTRIES INC STAAR SURGICAL CO GRIFFON CORP MKS INSTRUMENTS INC STEREOTAXIS INC I D SYSTEMS INC MOCON INC STERIS CORP IMAGE SENSING SYSTEMS INC MOOG INC -CL A STRYKER CORP ITT CORP MOVADO GROUP INC SUTRON CORP KVH INDUSTRIES INC MSA SAFETY INC SYMMETRY MEDICAL INC L-3 COMMUNICATIONS HLDGS INC MTS SYSTEMS CORP SYNERGETICS USA INC NORTHROP GRUMMAN CORP NANOMETRICS INC TEARLAB CORP ORBIT INTERNATIONAL CORP NATUS MEDICAL INC TEL-INSTRUMENT ELECTRONICS RAYTHEON CO NEUROMETRIX INC TELEDYNE TECHNOLOGIES INC TELEDYNE TECHNOLOGIES INC NEWELL RUBBERMAID INC TELEFLEX INC NEWPORT CORP TELKONET INC SIC CODE 382 NORTEK INC TERADYNE INC ACORN ENERGY INC NORTHROP GRUMMAN CORP THERMO FISHER SCIENTIFIC INC AEHR TEST SYSTEMS NUVASIVE INC THORATEC CORP AFFYMETRIX INC NXSTAGE MEDICAL INC TRANSGENOMIC INC AGILENT TECHNOLOGIES INC ORBIT INTERNATIONAL CORP TRIMBLE NAVIGATION LTD AMETEK INC OSI SYSTEMS INC UNILENS VISION INC ANALOGIC CORP PACIFIC BIOSCIENCES OF CALIF UNILIFE CORP ASTRO-MED INC PALL CORP UROLOGIX INC ATRM HOLDINGS INC PERCEPTRON INC UTAH MEDICAL PRODUCTS INC BADGER METER INC PERKINELMER INC VAPOR CORP/NV BECTON DICKINSON & CO POSITRON CORP VARIAN MEDICAL SYSTEMS INC BIO-KEY INTERNATIONAL INC PRO-DEX INC/CO VASCULAR SOLUTIONS INC BIO-RAD LABORATORIES INC RAVEN INDUSTRIES INC VASOMEDICAL INC BIOANALYTICAL SYSTEMS INC RAYTHEON CO VISION-SCIENCES INC BROOKS AUTOMATION INC REALD INC VOLCANO CORP BRUKER CORP 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 40 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 CEMTREX INC MITCHAM INDUSTRIES INC SIC CODE 3825 CEPHEID INC MKS INSTRUMENTS INC ACORN ENERGY INC CESCA THERAPEUTICS INC MOCON INC AEHR TEST SYSTEMS COGNEX CORP MTS SYSTEMS CORP AGILENT TECHNOLOGIES INC COHERENT INC NANOMETRICS INC ANALOGIC CORP COHU INC NEWPORT CORP ATRM HOLDINGS INC CORNING INC NORTEK INC COHU INC CUI GLOBAL INC PACIFIC BIOSCIENCES OF CALIF DATA I/O CORP CYBEROPTICS CORP PERCEPTRON INC ESCO TECHNOLOGIES INC DANAHER CORP PERKINELMER INC FORMFACTOR INC DATA I/O CORP RAVEN INDUSTRIES INC FREQUENCY ELECTRONICS INC DYNASIL CORP OF AMERICA ROPER INDUSTRIES INC/DE GIGA-TRONICS INC ELECTRO-SENSORS INC RUDOLPH TECHNOLOGIES INC INTEST CORP EMERSON ELECTRIC CO SCHMITT INDUSTRIES INC/OR ITRON INC ESCO TECHNOLOGIES INC SEQUENOM INC IXIA ESTERLINE TECHNOLOGIES CORP SIERRA MONITOR CORP TEL-INSTRUMENT ELECTRONICS FARO TECHNOLOGIES INC SUTRON CORP TERADYNE INC FEI CO TEL-INSTRUMENT ELECTRONICS WIRELESS TELECOM GROUP INC FLIR SYSTEMS INC TELKONET INC XCERRA CORP FLUIDIGM CORP TERADYNE INC CASCADE MICROTECH INC FORMFACTOR INC THERMO FISHER SCIENTIFIC INC FREQUENCY ELECTRONICS INC TRANSGENOMIC INC SIC CODE 3826 GEOSPACE TECHNOLOGIES CORP TRIMBLE NAVIGATION LTD AFFYMETRIX INC GIGA-TRONICS INC VISION-SCIENCES INC AGILENT TECHNOLOGIES INC HARVARD BIOSCIENCE INC VOLCANO CORP BECTON DICKINSON & CO HONEYWELL INTERNATIONAL INC WATERS CORP BIO-RAD LABORATORIES INC HURCO COMPANIES INC WIRELESS TELECOM GROUP INC BROOKS AUTOMATION INC IDEX CORP XCERRA CORP BRUKER CORP II-VI INC CASCADE MICROTECH INC CEPHEID INC ILLINOIS TOOL WORKS COHERENT INC ILLUMINA INC SIC CODE 3823 CORNING INC IMPLANT SCIENCES CORP AMETEK INC FEI CO INTEST CORP BIOANALYTICAL SYSTEMS INC FLUIDIGM CORP INTEVAC INC COGNEX CORP HARVARD BIOSCIENCE INC ION GEOPHYSICAL CORP DANAHER CORP ILLUMINA INC ITRON INC EMERSON ELECTRIC CO METTLER-TOLEDO INTL INC IXIA ESTERLINE TECHNOLOGIES CORP PACIFIC BIOSCIENCES OF CALIF JOHNSON CONTROLS INC FLIR SYSTEMS INC PERKINELMER INC KEWAUNEE SCIENTIFIC CORP HURCO COMPANIES INC SEQUENOM INC KLA-TENCOR CORP MESA LABORATORIES INC THERMO FISHER SCIENTIFIC INC LIGHTPATH TECHNOLOGIES INC MKS INSTRUMENTS INC TRANSGENOMIC INC LUMINEX CORP MTS SYSTEMS CORP VOLCANO CORP MECHANICAL TECHNOLOGY INC ROPER INDUSTRIES INC/DE WATERS CORP

MESA LABORATORIES INC RUDOLPH TECHNOLOGIES INC

METTLER-TOLEDO INTL INC SCHMITT INDUSTRIES INC/OR

MIKROS SYSTEMS CORP TELKONET INC 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 41 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 SIC CODE 3829 BAXANO SURGICAL INC INOVIO PHARMACEUTICALS INC ASTRO-MED INC BAXTER INTERNATIONAL INC INSPIREMD INC BIO-KEY INTERNATIONAL INC BECTON DICKINSON & CO INSULET CORP CEMTREX INC BIOLASE INC INTEGRA LIFESCIENCES HLDGS COHU INC BOSTON SCIENTIFIC CORP INTRICON CORP DANAHER CORP BOVIE MEDICAL CORP INTUITIVE SURGICAL INC FARO TECHNOLOGIES INC BSD MEDICAL CORP/DE INVACARE CORP GEOSPACE TECHNOLOGIES CORP CANTEL MEDICAL CORP IRIDEX CORP IMPLANT SCIENCES CORP CARDICA INC JOHNSON & JOHNSON INTEVAC INC CARDINAL HEALTH INC KIPS BAY MEDICAL INC ION GEOPHYSICAL CORP CARDIOVASCULAR SYSTEMS INC LANDAUER INC LUMINEX CORP CAREFUSION CORP LORILLARD INC MECHANICAL TECHNOLOGY INC CAS MEDICAL SYSTEMS INC MASIMO CORP MIKROS SYSTEMS CORP CHART INDUSTRIES INC MEDTRONIC INC MITCHAM INDUSTRIES INC CINTAS CORP MELA SCIENCES INC MOCON INC COMPASS DIVERSIFIED HOLDINGS MERIT MEDICAL SYSTEMS INC MTS SYSTEMS CORP CONMED CORP MESA LABORATORIES INC NANOMETRICS INC COOPER COMPANIES INC MILESTONE SCIENTIFIC INC NORTEK INC CRYOLIFE INC MOOG INC -CL A SIERRA MONITOR CORP CUTERA INC MSA SAFETY INC SUTRON CORP CYBERONICS INC NATUS MEDICAL INC TRIMBLE NAVIGATION LTD CYNOSURE INC NEUROMETRIX INC CYTOSORBENTS CORP NEWELL RUBBERMAID INC SIC CODE 384 DANAHER CORP NUVASIVE INC 3M CO DELCATH SYSTEMS INC NXSTAGE MEDICAL INC ABAXIS INC DENTSPLY INTERNATL INC OSI SYSTEMS INC ABBOTT LABORATORIES DEXCOM INC PALL CORP ABIOMED INC DIGIRAD CORP POSITRON CORP ACCURAY INC DOMTAR CORP PRO-DEX INC/CO ADVANSOURCE BIOMATERIALS CP DYNATRONICS CORP REFLECT SCIENTIFIC INC AETHLON MEDICAL INC EDWARDS LIFESCIENCES CORP REPRO MEDSYSTEMS INC ALIGN TECHNOLOGY INC ELECTROMED INC RESMED INC ALLERGAN INC ENDOLOGIX INC RETRACTABLE TECHNOLOGIES INC ALPHA PRO TECH LTD ENVIRONMENTAL TECTONICS CORP ROPER INDUSTRIES INC/DE ALPHATEC HOLDINGS INC EXACTECH INC RTI SURGICAL INC AMERICAN SCIENCE ENGINEERING FONAR CORP SANUWAVE HEALTH INC ANALOGIC CORP GENERAL ELECTRIC CO SIRONA DENTAL SYSTEMS INC ANGIODYNAMICS INC GENMARK DIAGNOSTICS INC SPAN-AMERICA MEDICAL SYS INC ANTARES PHARMA INC GREATBATCH INC SPARTON CORP ARADIGM CORP GUIDED THERAPEUTICS INC SPECTRANETICS CORP ARRHYTHMIA RESEARCH TECH HAEMONETICS CORP SPECTRASCIENCE INC ATRICURE INC HANSEN MEDICAL INC SPIRE CORP ATRION CORP HILL-ROM HOLDINGS INC ST JUDE MEDICAL INC AVERY DENNISON CORP HOLOGIC INC STEREOTAXIS INC AXOGEN INC ICAD INC STERIS CORP BARD (C.R.) INC ICU MEDICAL INC STRYKER CORP 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 42 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 SYMMETRY MEDICAL INC INTEGRA LIFESCIENCES HLDGS NEWELL RUBBERMAID INC SYNERGETICS USA INC KIPS BAY MEDICAL INC REFLECT SCIENTIFIC INC TEARLAB CORP MEDTRONIC INC RTI SURGICAL INC TELEFLEX INC MELA SCIENCES INC SPAN-AMERICA MEDICAL SYS INC THORATEC CORP MERIT MEDICAL SYSTEMS INC STERIS CORP UNILIFE CORP MESA LABORATORIES INC STRYKER CORP UROLOGIX INC MOOG INC -CL A SYMMETRY MEDICAL INC UTAH MEDICAL PRODUCTS INC NEUROMETRIX INC VAPOR CORP/NV VAPOR CORP/NV NUVASIVE INC WEST PHARMACEUTICAL SVSC INC VARIAN MEDICAL SYSTEMS INC NXSTAGE MEDICAL INC WRIGHT MEDICAL GROUP INC VASCULAR SOLUTIONS INC PALL CORP ZIMMER HOLDINGS INC VASOMEDICAL INC REPRO MEDSYSTEMS INC VISION-SCIENCES INC RETRACTABLE TECHNOLOGIES INC SIC CODE 3845 VOLCANO CORP SPIRE CORP ABAXIS INC WEST PHARMACEUTICAL SVSC INC STRYKER CORP ACCURAY INC WRIGHT MEDICAL GROUP INC SYMMETRY MEDICAL INC ALIGN TECHNOLOGY INC ZELTIQ AESTHETICS INC SYNERGETICS USA INC ANALOGIC CORP ZIMMER HOLDINGS INC TELEFLEX INC ARRHYTHMIA RESEARCH TECH ZYNEX INC UNILIFE CORP BOSTON SCIENTIFIC CORP MGC DIAGNOSTICS CORP VASCULAR SOLUTIONS INC BOVIE MEDICAL CORP TRIMEDYNE INC BSD MEDICAL CORP/DE SIC CODE 3842 CANTEL MEDICAL CORP SIC CODE 3841 3M CO CAS MEDICAL SYSTEMS INC ABIOMED INC ABBOTT LABORATORIES CONMED CORP AETHLON MEDICAL INC ADVANSOURCE BIOMATERIALS CP COOPER COMPANIES INC ANGIODYNAMICS INC ALLERGAN INC CUTERA INC ANTARES PHARMA INC ALPHA PRO TECH LTD CYBERONICS INC ARADIGM CORP ALPHATEC HOLDINGS INC CYNOSURE INC ATRICURE INC AVERY DENNISON CORP DANAHER CORP ATRION CORP AXOGEN INC DEXCOM INC BARD (C.R.) INC CAREFUSION CORP DIGIRAD CORP BAXANO SURGICAL INC CHART INDUSTRIES INC DYNATRONICS CORP BAXTER INTERNATIONAL INC CINTAS CORP ELECTROMED INC BECTON DICKINSON & CO CRYOLIFE INC FONAR CORP BOSTON SCIENTIFIC CORP DOMTAR CORP GENERAL ELECTRIC CO CARDICA INC EDWARDS LIFESCIENCES CORP GENMARK DIAGNOSTICS INC CARDINAL HEALTH INC ENVIRONMENTAL TECTONICS CORP GREATBATCH INC CARDIOVASCULAR SYSTEMS INC EXACTECH INC GUIDED THERAPEUTICS INC CAREFUSION CORP HILL-ROM HOLDINGS INC HANSEN MEDICAL INC COMPASS DIVERSIFIED HOLDINGS INTEGRA LIFESCIENCES HLDGS HOLOGIC INC CYTOSORBENTS CORP INTRICON CORP ICAD INC DELCATH SYSTEMS INC INVACARE CORP INOVIO PHARMACEUTICALS INC ENDOLOGIX INC JOHNSON & JOHNSON INSPIREMD INC EXACTECH INC LORILLARD INC INSULET CORP HAEMONETICS CORP MILESTONE SCIENTIFIC INC INTUITIVE SURGICAL INC ICU MEDICAL INC MSA SAFETY INC IRIDEX CORP 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 43 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 LANDAUER INC HILLENBRAND INC IROBOT CORP MASIMO CORP INTL GAME TECHNOLOGY MATTHEWS INTL CORP -CL A MEDTRONIC INC IROBOT CORP MULTIMEDIA GAMES HOLDING CO NATUS MEDICAL INC JAKKS PACIFIC INC POLYPORE INTERNATIONAL INC NXSTAGE MEDICAL INC JOHNSON OUTDOORS INC -CL A POWIN CORP OSI SYSTEMS INC LEAPFROG ENTERPRISES INC SINCLAIR BROADCAST GP -CL A POSITRON CORP LEATT CORP SUMMER INFANT INC PRO-DEX INC/CO MATTEL INC TRANS-LUX CORP RESMED INC MATTHEWS INTL CORP -CL A ROPER INDUSTRIES INC/DE MICROSOFT CORP SIC CODE 3999 SANUWAVE HEALTH INC MULTIMEDIA GAMES HOLDING CO BLYTH INC SPARTON CORP NAUTILUS INC BOOMERANG SYSTEMS INC SPECTRANETICS CORP NEWELL RUBBERMAID INC CYALUME TECHNOLOGIES HLDGS SPECTRASCIENCE INC POLYPORE INTERNATIONAL INC ENTERTAINMENT GAMING ASIA ST JUDE MEDICAL INC POWIN CORP INTL GAME TECHNOLOGY STEREOTAXIS INC SINCLAIR BROADCAST GP -CL A IROBOT CORP STRYKER CORP SUMMER INFANT INC MATTHEWS INTL CORP -CL A TEARLAB CORP TRANS-LUX CORP MULTIMEDIA GAMES HOLDING CO THORATEC CORP TRIMAS CORP POLYPORE INTERNATIONAL INC UROLOGIX INC POWIN CORP UTAH MEDICAL PRODUCTS INC SIC CODE 394 SUMMER INFANT INC VARIAN MEDICAL SYSTEMS INC BLACK DIAMOND INC VASOMEDICAL INC BROWNIE'S MARINE GROUP INC SIC CODE 40 VISION-SCIENCES INC BRUNSWICK CORP ALLIANT ENERGY CORP VOLCANO CORP CALLAWAY GOLF CO BERKSHIRE HATHAWAY ZELTIQ AESTHETICS INC COMPASS DIVERSIFIED HOLDINGS CSX CORP ZYNEX INC ESCALADE INC FREIGHTCAR AMERICA INC MGC DIAGNOSTICS CORP GAMING PARTNERS INTL CORP GENESEE & WYOMING INC -CL A TRIMEDYNE INC HASBRO INC KANSAS CITY SOUTHERN JAKKS PACIFIC INC MATSON INC SIC CODE 39 JOHNSON OUTDOORS INC -CL A NORFOLK SOUTHERN CORP BERGIO INTERNATIONAL INC LEAPFROG ENTERPRISES INC PROVIDENCE AND WORCESTER RR BLACK DIAMOND INC LEATT CORP SWIFT TRANSPORTATION CO BLYTH INC MATTEL INC UNION PACIFIC CORP BOOMERANG SYSTEMS INC MICROSOFT CORP UNITED STATES STEEL CORP

BRADY CORP NAUTILUS INC

BROWNIE'S MARINE GROUP INC

BRUNSWICK CORP SIC CODE 399

CALLAWAY GOLF CO BLYTH INC

COMPASS DIVERSIFIED HOLDINGS BOOMERANG SYSTEMS INC

CYALUME TECHNOLOGIES HLDGS BRADY CORP DAKTRONICS INC CYALUME TECHNOLOGIES HLDGS

ENTERTAINMENT GAMING ASIA DAKTRONICS INC

ESCALADE INC ENTERTAINMENT GAMING ASIA

GAMING PARTNERS INTL CORP HILLENBRAND INC

HASBRO INC INTL GAME TECHNOLOGY 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 44 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 SIC CODE 4011 BLUEKNIGHT ENERGY PRTNRS LP WERNER ENTERPRISES INC BERKSHIRE HATHAWAY CELADON GROUP INC YRC WORLDWIDE INC CSX CORP CON-WAY INC GENESEE & WYOMING INC -CL A COVENANT TRANSPORTATION GRP SIC CODE 44 KANSAS CITY SOUTHERN FEDEX CORP AGL RESOURCES INC MATSON INC FORWARD AIR CORP AMERICAN ELECTRIC POWER CO NORFOLK SOUTHERN CORP FRP HOLDINGS INC GATX CORP PROVIDENCE AND WORCESTER RR HEARTLAND EXPRESS INC GULFMARK OFFSHORE INC SWIFT TRANSPORTATION CO HUNT (JB) TRANSPRT SVCS INC HERCULES OFFSHORE INC UNION PACIFIC CORP INTERNATIONAL ISOTOPES INC HORIZON LINES INC UNITED STATES STEEL CORP KNIGHT TRANSPORTATION INC HORNBECK OFFSHORE SVCS INC LANDSTAR SYSTEM INC INTL SHIPHOLDING CORP SIC CODE 42 MARTEN TRANSPORT LTD KIRBY CORP ADAMS RESOURCES & ENERGY INC OLD DOMINION FREIGHT MARTIN MIDSTREAM PARTNERS LP ARCBEST CORP P.A.M. TRANSPORTATION SVCS MATSON INC BLUEKNIGHT ENERGY PRTNRS LP QUALITY DISTRIBUTION INC ODYSSEY MARINE EXPLORATION CAPITAL PROPERTIES INC SAIA INC RAND LOGISTICS INC CELADON GROUP INC SENECA FOODS CORP SEACOR HOLDINGS INC CON-WAY INC SWIFT TRANSPORTATION CO SINO-GLOBAL SHIPPING AMERICA COVENANT TRANSPORTATION GRP UNITED PARCEL SERVICE INC TIDEWATER INC FEDEX CORP UNIVERSAL TRUCKLOAD SERVICES FORWARD AIR CORP USA TRUCK INC SIC CODE 45 FRP HOLDINGS INC WERNER ENTERPRISES INC ABM INDUSTRIES INC HEARTLAND EXPRESS INC XPO LOGISTICS INC AIR METHODS CORP HUNT (JB) TRANSPRT SVCS INC YRC WORLDWIDE INC AIR T INC INTERNATIONAL ISOTOPES INC AIR TRANSPORT SERVICES GROUP IRON MOUNTAIN INC SIC CODE 4213 ALASKA AIR GROUP INC KNIGHT TRANSPORTATION INC ADAMS RESOURCES & ENERGY INC ALLEGIANT TRAVEL CO LANDSTAR SYSTEM INC ARCBEST CORP AMERICAN AIRLINES GROUP INC MARTEN TRANSPORT LTD CELADON GROUP INC ATLAS AIR WORLDWIDE HLDG INC OLD DOMINION FREIGHT CON-WAY INC BRISTOW GROUP INC P.A.M. TRANSPORTATION SVCS COVENANT TRANSPORTATION GRP DELTA AIR LINES INC QUALITY DISTRIBUTION INC FEDEX CORP FEDEX CORP SAIA INC FRP HOLDINGS INC HAWAIIAN HOLDINGS INC SENECA FOODS CORP HEARTLAND EXPRESS INC JETBLUE AIRWAYS CORP SWIFT TRANSPORTATION CO HUNT (JB) TRANSPRT SVCS INC MACQUARIE INFRASTRUCT CO LLC UNITED PARCEL SERVICE INC INTERNATIONAL ISOTOPES INC PHI INC UNIVERSAL TRUCKLOAD SERVICES KNIGHT TRANSPORTATION INC REPUBLIC AIRWAYS HLDGS INC USA TRUCK INC LANDSTAR SYSTEM INC SAKER AVIATION SERVICES INC WERNER ENTERPRISES INC MARTEN TRANSPORT LTD SKYWEST INC XPO LOGISTICS INC OLD DOMINION FREIGHT SOUTHWEST AIRLINES YRC WORLDWIDE INC P.A.M. TRANSPORTATION SVCS SPIRIT AIRLINES INC QUALITY DISTRIBUTION INC UNITED CONTINENTAL HLDGS INC

SIC CODE 421 SAIA INC

ADAMS RESOURCES & ENERGY INC SWIFT TRANSPORTATION CO

ARCBEST CORP USA TRUCK INC 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 45 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 SIC CODE 451 SUNOCO LOGISTICS PARTNERS LP KNIGHT TRANSPORTATION INC AIR T INC TESORO CORP MARTEN TRANSPORT LTD AIR TRANSPORT SERVICES GROUP TESORO LOGISTICS LP NEXT 1 INTERACTIVE INC ALASKA AIR GROUP INC TRANSMONTAIGNE PARTNERS LP NORTHROP GRUMMAN CORP ALLEGIANT TRAVEL CO ORBITZ WORLDWIDE INC AMERICAN AIRLINES GROUP INC SIC CODE 4612 OWENS & MINOR INC DELTA AIR LINES INC BLUEKNIGHT ENERGY PRTNRS LP RADIANT LOGISTICS INC FEDEX CORP ENBRIDGE ENERGY PRTNRS -LP ROADRUNNER TRANS SVCS HLDGS HAWAIIAN HOLDINGS INC GENESIS ENERGY -LP RYDER SYSTEM INC JETBLUE AIRWAYS CORP HOLLYFRONTIER CORP SEABOARD CORP REPUBLIC AIRWAYS HLDGS INC MAGELLAN MIDSTREAM PRTNRS LP SINO-GLOBAL SHIPPING AMERICA SKYWEST INC MARATHON PETROLEUM CORP SWIFT TRANSPORTATION CO SOUTHWEST AIRLINES PLAINS ALL AMER PIPELNE -LP UNIVERSAL TRUCKLOAD SERVICES SPIRIT AIRLINES INC SPECTRA ENERGY PARTNERS LP USA TRUCK INC UNITED CONTINENTAL HLDGS INC SUNOCO LOGISTICS PARTNERS LP WERNER ENTERPRISES INC TESORO CORP XPO LOGISTICS INC SIC CODE 4512 TESORO LOGISTICS LP ALASKA AIR GROUP INC SIC CODE 473 ALLEGIANT TRAVEL CO SIC CODE 4613 C H ROBINSON WORLDWIDE INC AMERICAN AIRLINES GROUP INC BUCKEYE PARTNERS LP CHINA AUTO LOGISTICS INC DELTA AIR LINES INC ENERGY TRANSFER EQUITY LP CLOUD PEAK ENERGY INC HAWAIIAN HOLDINGS INC ENERGY TRANSFER PARTNERS -LP CON-WAY INC JETBLUE AIRWAYS CORP GAS NATURAL INC ECHO GLOBAL LOGISTICS INC REPUBLIC AIRWAYS HLDGS INC HOLLY ENERGY PARTNERS LP EXPEDITORS INTL WASH INC SKYWEST INC LACLEDE GROUP INC FORWARD AIR CORP SOUTHWEST AIRLINES MAGELLAN MIDSTREAM PRTNRS LP GREENBRIER COMPANIES INC SPIRIT AIRLINES INC NUSTAR ENERGY LP HUB GROUP INC -CL A UNITED CONTINENTAL HLDGS INC SUNOCO LOGISTICS PARTNERS LP JANEL WORLD TRADE LTD TRANSMONTAIGNE PARTNERS LP KNIGHT TRANSPORTATION INC SIC CODE 46 MARTEN TRANSPORT LTD

BLUEKNIGHT ENERGY PRTNRS LP SIC CODE 47 NORTHROP GRUMMAN CORP BUCKEYE PARTNERS LP AMBASSADORS GROUP INC OWENS & MINOR INC DELEK US HOLDINGS INC AMERICAN RAILCAR INDS INC RADIANT LOGISTICS INC ENBRIDGE ENERGY PRTNRS -LP ANDERSONS INC ROADRUNNER TRANS SVCS HLDGS ENERGY TRANSFER EQUITY LP C H ROBINSON WORLDWIDE INC RYDER SYSTEM INC ENERGY TRANSFER PARTNERS -LP CHINA AUTO LOGISTICS INC SEABOARD CORP GAS NATURAL INC CLOUD PEAK ENERGY INC SINO-GLOBAL SHIPPING AMERICA GENESIS ENERGY -LP CON-WAY INC SWIFT TRANSPORTATION CO HOLLY ENERGY PARTNERS LP ECHO GLOBAL LOGISTICS INC UNIVERSAL TRUCKLOAD SERVICES HOLLYFRONTIER CORP EXPEDIA INC USA TRUCK INC LACLEDE GROUP INC EXPEDITORS INTL WASH INC WERNER ENTERPRISES INC MAGELLAN MIDSTREAM PRTNRS LP FORWARD AIR CORP XPO LOGISTICS INC

MARATHON PETROLEUM CORP GATX CORP NUSTAR ENERGY LP GREENBRIER COMPANIES INC

PLAINS ALL AMER PIPELNE -LP HUB GROUP INC -CL A

SPECTRA ENERGY PARTNERS LP JANEL WORLD TRADE LTD 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 46 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 SIC CODE 48 IDT CORP UNIFIEDONLINE INC 8X8 INC IHEARTMEDIA INC UNILAVA CORP ALASKA COMMUNICATIONS SYS GP INCONTACT INC UNITED ONLINE INC ALTEVA INTELIQUENT INC US CELLULAR CORP AMC NETWORKS INC IRIDIUM COMMUNICATIONS INC VERIZON COMMUNICATIONS INC AT&T INC JOURNAL COMMUNICATIONS INC VIACOM INC ATLANTIC TELE-NETWORK INC KRATOS DEFENSE & SECURITY VIASAT INC BEASLEY BROADCAST GROUP INC LENCO MOBILE INC VOLTARI CORP BOINGO WIRELESS INC LEVEL 3 COMMUNICATIONS INC VONAGE HOLDINGS CORP CABLEVISION SYS CORP -CL A LICT CORP WINDSTREAM HOLDINGS INC CBS CORP LIN MEDIA LLC YOU ON DEMAND HOLDINGS INC CENTURYLINK INC MADISON SQUARE GARDEN CO CHARTER COMMUNICATIONS INC MEREDITH CORP SIC CODE 481 CHINA YIDA HOLDING CO NEUSTAR INC ALASKA COMMUNICATIONS SYS GP CIG WIRELESS CORP NEW ULM TELECOM INC ALTEVA CINCINNATI BELL INC NEXSTAR BROADCASTING GROUP AT&T INC COGENT COMMUNICATIONS HLDGS NEXT 1 INTERACTIVE INC ATLANTIC TELE-NETWORK INC COMCAST CORP NII HOLDINGS INC CABLEVISION SYS CORP -CL A CONSOLIDATED COMM HLDGS INC NTELOS HOLDINGS CORP CENTURYLINK INC CROWN MEDIA HOLDINGS INC NTN BUZZTIME INC CINCINNATI BELL INC CTC MEDIA INC ORBCOMM INC COGENT COMMUNICATIONS HLDGS CUMULUS MEDIA INC OTELCO INC CONSOLIDATED COMM HLDGS INC DELTATHREE INC PENDRELL CORP ELEPHANT TALK COMM INC DIGITALGLOBE INC PREMIERE GLOBAL SERVICES INC EMPIRE DISTRICT ELECTRIC CO DIRECTV RADIO ONE INC EQUINIX INC DISCOVERY COMMUNICATIONS INC RIGNET INC FRONTIER COMMUNICATIONS CORP DISH NETWORK CORP SAGA COMMUNICATIONS -CL A GENERAL COMMUNICATION -CL A DISNEY (WALT) CO SALEM COMMUNICATIONS CORP HAWAIIAN TELCOM HOLDCO INC ECHOSTAR CORP SBA COMMUNICATIONS CORP HC2 HOLDINGS INC ELEPHANT TALK COMM INC SCRIPPS NETWORKS INTERACTIVE IDT CORP EMMIS COMMUNICATIONS CP-CL A SHENANDOAH TELECOMMUN CO LEVEL 3 COMMUNICATIONS INC EMPIRE DISTRICT ELECTRIC CO SINCLAIR BROADCAST GP -CL A LICT CORP ENTERCOM COMMUNICATIONS CORP SIRIUS XM HOLDINGS INC NEW ULM TELECOM INC ENTRAVISION COMMUNICATIONS SOHU.COM INC NII HOLDINGS INC EQUINIX INC SOUTHERN CO NTELOS HOLDINGS CORP EW SCRIPPS -CL A SPANISH BROADCASTING SYS INC OTELCO INC FRONTIER COMMUNICATIONS CORP SPOK HOLDINGS INC SHENANDOAH TELECOMMUN CO FUSION TELECOMMUNICATIONS SPRINT CORP SOUTHERN CO GANNETT CO STARZ SPOK HOLDINGS INC GENERAL COMMUNICATION -CL A TELENAV INC SPRINT CORP GLOBALSTAR INC TELEPHONE & DATA SYSTEMS INC TELEPHONE & DATA SYSTEMS INC GRAHAM HOLDINGS CO TIME WARNER CABLE INC UNILAVA CORP GRAY TELEVISION INC TIME WARNER INC US CELLULAR CORP GTT COMMUNICATIONS INC TIVO INC VERIZON COMMUNICATIONS INC HAWAIIAN TELCOM HOLDCO INC TOWERSTREAM CORP WINDSTREAM HOLDINGS INC HC2 HOLDINGS INC TWENTY-FIRST CENTURY FOX INC 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 47 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 SIC CODE 4812 SIC CODE 483 SIC CODE 4832

AT&T INC AMC NETWORKS INC BEASLEY BROADCAST GROUP INC ATLANTIC TELE-NETWORK INC BEASLEY BROADCAST GROUP INC CUMULUS MEDIA INC CINCINNATI BELL INC CBS CORP EMMIS COMMUNICATIONS CP-CL A GENERAL COMMUNICATION -CL A CHINA YIDA HOLDING CO ENTERCOM COMMUNICATIONS CORP NII HOLDINGS INC COMCAST CORP ENTRAVISION COMMUNICATIONS NTELOS HOLDINGS CORP CTC MEDIA INC IDT CORP SHENANDOAH TELECOMMUN CO CUMULUS MEDIA INC IHEARTMEDIA INC SOUTHERN CO DISNEY (WALT) CO RADIO ONE INC SPOK HOLDINGS INC EMMIS COMMUNICATIONS CP-CL A SAGA COMMUNICATIONS -CL A SPRINT CORP ENTERCOM COMMUNICATIONS CORP SALEM COMMUNICATIONS CORP TELEPHONE & DATA SYSTEMS INC ENTRAVISION COMMUNICATIONS SIRIUS XM HOLDINGS INC UNILAVA CORP EW SCRIPPS -CL A SPANISH BROADCASTING SYS INC US CELLULAR CORP GRAHAM HOLDINGS CO VERIZON COMMUNICATIONS INC GRAY TELEVISION INC SIC CODE 4833 IDT CORP AMC NETWORKS INC SIC CODE 4813 IHEARTMEDIA INC CBS CORP ALASKA COMMUNICATIONS SYS GP JOURNAL COMMUNICATIONS INC CHINA YIDA HOLDING CO ALTEVA LIN MEDIA LLC COMCAST CORP AT&T INC MEREDITH CORP CTC MEDIA INC ATLANTIC TELE-NETWORK INC NEXSTAR BROADCASTING GROUP DISNEY (WALT) CO CABLEVISION SYS CORP -CL A NTN BUZZTIME INC ENTRAVISION COMMUNICATIONS CENTURYLINK INC RADIO ONE INC EW SCRIPPS -CL A CINCINNATI BELL INC SAGA COMMUNICATIONS -CL A GRAHAM HOLDINGS CO COGENT COMMUNICATIONS HLDGS SALEM COMMUNICATIONS CORP GRAY TELEVISION INC CONSOLIDATED COMM HLDGS INC SCRIPPS NETWORKS INTERACTIVE IHEARTMEDIA INC ELEPHANT TALK COMM INC SINCLAIR BROADCAST GP -CL A JOURNAL COMMUNICATIONS INC EMPIRE DISTRICT ELECTRIC CO SIRIUS XM HOLDINGS INC LIN MEDIA LLC EQUINIX INC SPANISH BROADCASTING SYS INC MEREDITH CORP FRONTIER COMMUNICATIONS CORP STARZ NEXSTAR BROADCASTING GROUP GENERAL COMMUNICATION -CL A TIME WARNER INC NTN BUZZTIME INC HAWAIIAN TELCOM HOLDCO INC TWENTY-FIRST CENTURY FOX INC SAGA COMMUNICATIONS -CL A HC2 HOLDINGS INC VIACOM INC SCRIPPS NETWORKS INTERACTIVE

IDT CORP SINCLAIR BROADCAST GP -CL A LEVEL 3 COMMUNICATIONS INC SPANISH BROADCASTING SYS INC

LICT CORP STARZ

NEW ULM TELECOM INC TIME WARNER INC

OTELCO INC TWENTY-FIRST CENTURY FOX INC

SHENANDOAH TELECOMMUN CO VIACOM INC

SPRINT CORP

TELEPHONE & DATA SYSTEMS INC

VERIZON COMMUNICATIONS INC

WINDSTREAM HOLDINGS INC

2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 48 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 SIC CODE 484 TOWERSTREAM CORP DOMINION RESOURCES INC CABLEVISION SYS CORP -CL A UNIFIEDONLINE INC DTE ENERGY CO CBS CORP UNILAVA CORP DUKE ENERGY CORP CHARTER COMMUNICATIONS INC UNITED ONLINE INC EDISON INTERNATIONAL COMCAST CORP VIASAT INC EL PASO ELECTRIC CO CROWN MEDIA HOLDINGS INC VOLTARI CORP EMPIRE DISTRICT ELECTRIC CO DIRECTV VONAGE HOLDINGS CORP ENERGEN CORP DISCOVERY COMMUNICATIONS INC ENERGY TRANSFER EQUITY LP DISH NETWORK CORP SIC CODE 49 ENERGY TRANSFER PARTNERS -LP GANNETT CO AES CORP ENLINK MIDSTREAM PARTNERS LP GRAHAM HOLDINGS CO AGL RESOURCES INC ENTERGY CORP MADISON SQUARE GARDEN CO ALANCO TECHNOLOGIES INC ENTERPRISE PRODS PRTNRS -LP NEXT 1 INTERACTIVE INC ALLETE INC EQT CORP RADIO ONE INC ALLIANT ENERGY CORP EXELON CORP SHENANDOAH TELECOMMUN CO AMEREN CORP FIRSTENERGY CORP TELEPHONE & DATA SYSTEMS INC AMERESCO INC GAS NATURAL INC TIME WARNER CABLE INC AMERICAN DG ENERGY INC GENIE ENERGY LTD TIME WARNER INC AMERICAN ELECTRIC POWER CO GREAT PLAINS ENERGY INC TIVO INC AMERICAN STATES WATER CO HAWAIIAN ELECTRIC INDS TWENTY-FIRST CENTURY FOX INC AMERICAN WATER WORKS CO INC HERITAGE-CRYSTAL CLEAN INC YOU ON DEMAND HOLDINGS INC AQUA AMERICA INC HUDSON TECHNOLOGIES INC ARTESIAN RESOURCES -CL A IDACORP INC SIC CODE 489 ATLAS PIPELINE PARTNER LP INTEGRYS ENERGY GROUP INC 8X8 INC ATMOS ENERGY CORP JUHL ENERGY INC BOINGO WIRELESS INC AVALON HOLDINGS CORP LACLEDE GROUP INC CIG WIRELESS CORP AVISTA CORP LOEWS CORP DELTATHREE INC BERKSHIRE HATHAWAY MACQUARIE INFRASTRUCT CO LLC DIGITALGLOBE INC BLACK HILLS CORP MAUI LAND & PINEAPPLE CO DISH NETWORK CORP CADIZ INC MDU RESOURCES GROUP INC ECHOSTAR CORP CALIFORNIA WATER SERVICE GP MGE ENERGY INC FUSION TELECOMMUNICATIONS CALPINE CORP MIDDLESEX WATER CO GLOBALSTAR INC CASELLA WASTE SYS INC -CL A N-VIRO INTERNATIONAL CORP GTT COMMUNICATIONS INC CENTERPOINT ENERGY INC NATIONAL FUEL GAS CO INCONTACT INC CHESAPEAKE UTILITIES CORP NEW JERSEY RESOURCES CORP INTELIQUENT INC CLEAN HARBORS INC NEXTERA ENERGY INC IRIDIUM COMMUNICATIONS INC CLECO CORP NISKA GAS STORAGE PARTNERS KRATOS DEFENSE & SECURITY CMS ENERGY CORP NISOURCE INC LENCO MOBILE INC COMMERCIAL METALS NORTHEAST UTILITIES NEUSTAR INC CONNECTICUT WATER SVC INC NORTHWEST NATURAL GAS CO ORBCOMM INC CONSOLIDATED EDISON INC NORTHWESTERN CORP PENDRELL CORP CORNING NATURAL GAS HLDG CP NRG ENERGY INC PREMIERE GLOBAL SERVICES INC COVANTA HOLDING CORP OGE ENERGY CORP RIGNET INC CRESTWOOD EQUITY PARTNERS LP ONEOK INC SBA COMMUNICATIONS CORP CRESTWOOD MIDSTREAM PTNRS LP ONEOK PARTNERS -LP SOHU.COM INC DCP MIDSTREAM PARTNERS LP ORMAT TECHNOLOGIES INC TELENAV INC DELTA NATURAL GAS CO INC OTTER TAIL CORP 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 49 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 PEGASI ENERGY RESOURCES CORP WGL HOLDINGS INC ORMAT TECHNOLOGIES INC PEPCO HOLDINGS INC WILLIAMS COS INC OTTER TAIL CORP PERMA-FIX ENVIRONMENTAL SVCS WILLIAMS PARTNERS LP PEPCO HOLDINGS INC PG&E CORP WISCONSIN ENERGY CORP PG&E CORP PIEDMONT NATURAL GAS CO XCEL ENERGY INC PINNACLE WEST CAPITAL CORP PINNACLE WEST CAPITAL CORP YORK WATER CO PNM RESOURCES INC PNM RESOURCES INC AMERICAN MIDSTREAM PRTNRS LP PORTLAND GENERAL ELECTRIC CO PORTLAND GENERAL ELECTRIC CO BOARDWALK PIPELINE PRTNRS-LP PPL CORP POWERSECURE INTL INC ITC HOLDINGS CORP PUBLIC SERVICE ENTRP GRP INC PPL CORP KINDER MORGAN INC SCANA CORP PUBLIC SERVICE ENTRP GRP INC SEABOARD CORP PURE CYCLE CORP SIC CODE 491 SEMPRA ENERGY QUESTAR CORP ALLETE INC SOUTH JERSEY INDUSTRIES INC REGENCY ENERGY PARTNERS LP ALLIANT ENERGY CORP SOUTHERN CO REPUBLIC SERVICES INC AMEREN CORP TECO ENERGY INC SCANA CORP AMERICAN ELECTRIC POWER CO UGI CORP SEABOARD CORP AMERICAN STATES WATER CO UIL HOLDINGS CORP SEMGROUP CORP AVISTA CORP UNITIL CORP SEMPRA ENERGY BLACK HILLS CORP VECTREN CORP SHARPS COMPLIANCE CORP CENTERPOINT ENERGY INC WESTAR ENERGY INC SJW CORP CLECO CORP WGL HOLDINGS INC SOUTH JERSEY INDUSTRIES INC CMS ENERGY CORP WISCONSIN ENERGY CORP SOUTHERN CO CONSOLIDATED EDISON INC XCEL ENERGY INC SOUTHWEST GAS CORP DOMINION RESOURCES INC ITC HOLDINGS CORP SOUTHWESTERN ENERGY CO DTE ENERGY CO SPECTRA ENERGY CORP DUKE ENERGY CORP SIC CODE 492 SPECTRA ENERGY PARTNERS LP EDISON INTERNATIONAL AGL RESOURCES INC STERICYCLE INC EL PASO ELECTRIC CO ALLIANT ENERGY CORP TARGA RESOURCES CORP EMPIRE DISTRICT ELECTRIC CO ATLAS PIPELINE PARTNER LP TARGA RESOURCES PARTNERS LP ENTERGY CORP ATMOS ENERGY CORP TECO ENERGY INC EXELON CORP BLACK HILLS CORP TEXCOM INC FIRSTENERGY CORP CENTERPOINT ENERGY INC TRANS ENERGY INC GREAT PLAINS ENERGY INC CHESAPEAKE UTILITIES CORP TRC COS INC HAWAIIAN ELECTRIC INDS CMS ENERGY CORP TWO RIVERS WATER & FARMING IDACORP INC CONSOLIDATED EDISON INC U S GEOTHERMAL INC INTEGRYS ENERGY GROUP INC CORNING NATURAL GAS HLDG CP UGI CORP MDU RESOURCES GROUP INC CRESTWOOD EQUITY PARTNERS LP UIL HOLDINGS CORP MGE ENERGY INC CRESTWOOD MIDSTREAM PTNRS LP UNITIL CORP NEW JERSEY RESOURCES CORP DCP MIDSTREAM PARTNERS LP US ECOLOGY INC NEXTERA ENERGY INC DELTA NATURAL GAS CO INC VALHI INC NISOURCE INC DOMINION RESOURCES INC VECTREN CORP NORTHEAST UTILITIES DTE ENERGY CO WASTE CONNECTIONS INC NORTHWEST NATURAL GAS CO EMPIRE DISTRICT ELECTRIC CO WASTE MANAGEMENT INC NORTHWESTERN CORP ENERGEN CORP WESTAR ENERGY INC NRG ENERGY INC ENERGY TRANSFER EQUITY LP WESTMORELAND COAL CO OGE ENERGY CORP ENERGY TRANSFER PARTNERS -LP 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 50 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 ENLINK MIDSTREAM PARTNERS LP SIC CODE 4922 QUESTAR CORP ENTERPRISE PRODS PRTNRS -LP AGL RESOURCES INC SEMPRA ENERGY EQT CORP ATLAS PIPELINE PARTNER LP SOUTHWESTERN ENERGY CO GAS NATURAL INC ATMOS ENERGY CORP TARGA RESOURCES CORP INTEGRYS ENERGY GROUP INC CENTERPOINT ENERGY INC TARGA RESOURCES PARTNERS LP LACLEDE GROUP INC CHESAPEAKE UTILITIES CORP VECTREN CORP LOEWS CORP CRESTWOOD EQUITY PARTNERS LP KINDER MORGAN INC MDU RESOURCES GROUP INC CRESTWOOD MIDSTREAM PTNRS LP MGE ENERGY INC DCP MIDSTREAM PARTNERS LP SIC CODE 4924 NATIONAL FUEL GAS CO ENERGY TRANSFER EQUITY LP AGL RESOURCES INC NEW JERSEY RESOURCES CORP ENERGY TRANSFER PARTNERS -LP ATMOS ENERGY CORP NISKA GAS STORAGE PARTNERS ENTERPRISE PRODS PRTNRS -LP CENTERPOINT ENERGY INC NISOURCE INC EQT CORP CHESAPEAKE UTILITIES CORP NORTHEAST UTILITIES LOEWS CORP CMS ENERGY CORP NORTHWEST NATURAL GAS CO MDU RESOURCES GROUP INC CONSOLIDATED EDISON INC ONEOK INC NATIONAL FUEL GAS CO DOMINION RESOURCES INC ONEOK PARTNERS -LP NISKA GAS STORAGE PARTNERS DTE ENERGY CO PEGASI ENERGY RESOURCES CORP NISOURCE INC EMPIRE DISTRICT ELECTRIC CO PIEDMONT NATURAL GAS CO NORTHEAST UTILITIES ENERGEN CORP QUESTAR CORP NORTHWEST NATURAL GAS CO GAS NATURAL INC REGENCY ENERGY PARTNERS LP ONEOK PARTNERS -LP INTEGRYS ENERGY GROUP INC SCANA CORP PEGASI ENERGY RESOURCES CORP LACLEDE GROUP INC SEMGROUP CORP QUESTAR CORP MDU RESOURCES GROUP INC SEMPRA ENERGY REGENCY ENERGY PARTNERS LP MGE ENERGY INC SOUTH JERSEY INDUSTRIES INC SCANA CORP NATIONAL FUEL GAS CO SOUTHWEST GAS CORP SEMGROUP CORP NEW JERSEY RESOURCES CORP SOUTHWESTERN ENERGY CO SEMPRA ENERGY NISOURCE INC SPECTRA ENERGY CORP SPECTRA ENERGY CORP NORTHEAST UTILITIES SPECTRA ENERGY PARTNERS LP SPECTRA ENERGY PARTNERS LP NORTHWEST NATURAL GAS CO TARGA RESOURCES CORP TARGA RESOURCES PARTNERS LP PIEDMONT NATURAL GAS CO TARGA RESOURCES PARTNERS LP TRANS ENERGY INC QUESTAR CORP TECO ENERGY INC WGL HOLDINGS INC SCANA CORP TRANS ENERGY INC WILLIAMS COS INC SEMPRA ENERGY UGI CORP WILLIAMS PARTNERS LP SOUTH JERSEY INDUSTRIES INC UIL HOLDINGS CORP AMERICAN MIDSTREAM PRTNRS LP SOUTHWEST GAS CORP UNITIL CORP BOARDWALK PIPELINE PRTNRS-LP SPECTRA ENERGY CORP VECTREN CORP TECO ENERGY INC WGL HOLDINGS INC SIC CODE 4923 UGI CORP WILLIAMS COS INC AGL RESOURCES INC UIL HOLDINGS CORP WILLIAMS PARTNERS LP ALLIANT ENERGY CORP UNITIL CORP XCEL ENERGY INC BLACK HILLS CORP WGL HOLDINGS INC AMERICAN MIDSTREAM PRTNRS LP CORNING NATURAL GAS HLDG CP XCEL ENERGY INC

BOARDWALK PIPELINE PRTNRS-LP DELTA NATURAL GAS CO INC KINDER MORGAN INC DTE ENERGY CO

ENLINK MIDSTREAM PARTNERS LP

ONEOK INC 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 51 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 SIC CODE 494 ARMCO METALS HOLDINGS INC MASCO CORP AMERICAN STATES WATER CO ARROW ELECTRONICS INC MSC INDUSTRIAL DIRECT -CL A AMERICAN WATER WORKS CO INC AVNET INC MWI VETERINARY SUPPLY AQUA AMERICA INC B/E AEROSPACE INC MYERS INDUSTRIES INC ARTESIAN RESOURCES -CL A BEACON ROOFING SUPPLY INC NATIONAL OILWELL VARCO INC CADIZ INC BLUELINX HOLDINGS INC NEWPARK RESOURCES CALIFORNIA WATER SERVICE GP CASELLA WASTE SYS INC -CL A NUCOR CORP CONNECTICUT WATER SVC INC CASTLE (A M) & CO OLYMPIC STEEL INC MAUI LAND & PINEAPPLE CO CCOM GROUP INC OWENS & MINOR INC MIDDLESEX WATER CO CHINA AUTO LOGISTICS INC PACCAR INC PURE CYCLE CORP CINCINNATI BELL INC PAPA JOHNS INTERNATIONAL INC SJW CORP CLOUD PEAK ENERGY INC PARK OHIO HOLDINGS CORP TWO RIVERS WATER & FARMING COAST DISTRIBUTION SYSTEMS PATRICK INDUSTRIES INC YORK WATER CO COMMERCIAL METALS PATTERSON COMPANIES INC COPART INC PEABODY ENERGY CORP SIC CODE 495 CUMMINS INC PFSWEB INC ALANCO TECHNOLOGIES INC DENTSPLY INTERNATL INC POOL CORP AVALON HOLDINGS CORP DIGITAL RIVER INC RAYONIER INC CASELLA WASTE SYS INC -CL A DXP ENTERPRISES INC RELIANCE STEEL & ALUMINUM CO CLEAN HARBORS INC EMPIRE RESOURCES INC RICHARDSON ELECTRONICS LTD COMMERCIAL METALS ENVIROSTAR INC SCANSOURCE INC HERITAGE-CRYSTAL CLEAN INC EPLUS INC SCHEIN (HENRY) INC HUDSON TECHNOLOGIES INC ESSEX RENTAL CORP SCHNITZER STEEL INDS -CL A N-VIRO INTERNATIONAL CORP FOSTER (LB) CO SIGNATURE GROUP HOLDINGS INC PERMA-FIX ENVIRONMENTAL SVCS GEEKNET INC STEEL DYNAMICS INC PURE CYCLE CORP GENUINE PARTS CO SUBURBAN PROPANE PRTNRS -LP REPUBLIC SERVICES INC GOOGLE INC TAITRON COMPONENTS -CL A SHARPS COMPLIANCE CORP GRAINGER (W W) INC TAL INTERNATIONAL GROUP INC STERICYCLE INC H&E EQUIPMENT SERVICES INC TECH DATA CORP TEXCOM INC HANDY & HARMAN LTD TESSCO TECHNOLOGIES INC TRC COS INC HANGER INC TETRA TECHNOLOGIES INC/DE US ECOLOGY INC HOUSTON WIRE & CABLE CO TORO CO VALHI INC HUTTIG BUILDING PRODUCTS INC TRANSCAT INC WASTE CONNECTIONS INC ICAHN ENTERPRISES LP TRIO-TECH INTERNATIONAL WASTE MANAGEMENT INC INDUSTRIAL SERVICES AMER INC TWIN DISC INC INFOSONICS CORP UNITED AMERICAN HEALTHCARE SIC CODE 50 INGRAM MICRO INC UNITED STATIONERS INC

AAR CORP INSIGHT ENTERPRISES INC USG CORP ACTIVISION BLIZZARD INC JOHNSON OUTDOORS INC -CL A VASOMEDICAL INC ADDVANTAGE TECHNOLOGIES GP KAMAN CORP VCA INC ADVANCE AUTO PARTS INC KAR AUCTION SERVICES INC WASTE MANAGEMENT INC AIRGAS INC KATE SPADE & CO WATSCO INC AMERICAN INTERNATIONAL INDS LAWSON PRODUCTS WAYSIDE TECHNOLOGY GROUP INC ANIXTER INTL INC LKQ CORP WESCO AIRCRAFT HOLDINGS INC APPLIANCE RECYCLING CTR AMER LSB INDUSTRIES INC WESCO INTL INC APPLIED INDUSTRIAL TECH INC MANITEX INTERNATIONAL INC WILLIS LEASE FINANCE CORP 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 52 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 WIRELESS XCESSORIES GRP INC SIC CODE 5045 TAITRON COMPONENTS -CL A SYNNEX CORP ACTIVISION BLIZZARD INC TESSCO TECHNOLOGIES INC UNIVERSAL POWER GROUP INC ARROW ELECTRONICS INC WESCO INTL INC AVNET INC WIRELESS XCESSORIES GRP INC SIC CODE 501 DIGITAL RIVER INC UNIVERSAL POWER GROUP INC ADVANCE AUTO PARTS INC EPLUS INC AMERICAN INTERNATIONAL INDS GEEKNET INC SIC CODE 5065 CHINA AUTO LOGISTICS INC INGRAM MICRO INC ADDVANTAGE TECHNOLOGIES GP COAST DISTRIBUTION SYSTEMS INSIGHT ENTERPRISES INC ANIXTER INTL INC COPART INC PFSWEB INC ARROW ELECTRONICS INC CUMMINS INC SCANSOURCE INC AVNET INC GENUINE PARTS CO TECH DATA CORP CINCINNATI BELL INC KAR AUCTION SERVICES INC UNITED STATIONERS INC GOOGLE INC LKQ CORP WAYSIDE TECHNOLOGY GROUP INC INFOSONICS CORP MYERS INDUSTRIES INC SYNNEX CORP INGRAM MICRO INC PACCAR INC RICHARDSON ELECTRONICS LTD SCHNITZER STEEL INDS -CL A SIC CODE 505 SCANSOURCE INC ARMCO METALS HOLDINGS INC TAITRON COMPONENTS -CL A SIC CODE 504 CASTLE (A M) & CO TESSCO TECHNOLOGIES INC ACTIVISION BLIZZARD INC CLOUD PEAK ENERGY INC ARROW ELECTRONICS INC COMMERCIAL METALS SIC CODE 508 AVNET INC EMPIRE RESOURCES INC AAR CORP DENTSPLY INTERNATL INC FOSTER (LB) CO AIRGAS INC DIGITAL RIVER INC ICAHN ENTERPRISES LP APPLIED INDUSTRIAL TECH INC EPLUS INC NUCOR CORP B/E AEROSPACE INC GEEKNET INC OLYMPIC STEEL INC DXP ENTERPRISES INC HANDY & HARMAN LTD PEABODY ENERGY CORP ENVIROSTAR INC HANGER INC RELIANCE STEEL & ALUMINUM CO ESSEX RENTAL CORP INGRAM MICRO INC STEEL DYNAMICS INC GENUINE PARTS CO INSIGHT ENTERPRISES INC H&E EQUIPMENT SERVICES INC MWI VETERINARY SUPPLY SIC CODE 506 KAMAN CORP OWENS & MINOR INC ADDVANTAGE TECHNOLOGIES GP LAWSON PRODUCTS PATTERSON COMPANIES INC ANIXTER INTL INC LSB INDUSTRIES INC PFSWEB INC ARROW ELECTRONICS INC MANITEX INTERNATIONAL INC SCANSOURCE INC AVNET INC MSC INDUSTRIAL DIRECT -CL A SCHEIN (HENRY) INC CINCINNATI BELL INC NATIONAL OILWELL VARCO INC TECH DATA CORP DXP ENTERPRISES INC TAL INTERNATIONAL GROUP INC TRIO-TECH INTERNATIONAL GENUINE PARTS CO TETRA TECHNOLOGIES INC/DE UNITED AMERICAN HEALTHCARE GOOGLE INC TORO CO UNITED STATIONERS INC HOUSTON WIRE & CABLE CO TRANSCAT INC VASOMEDICAL INC INFOSONICS CORP TWIN DISC INC VCA INC INGRAM MICRO INC WESCO AIRCRAFT HOLDINGS INC WAYSIDE TECHNOLOGY GROUP INC PATRICK INDUSTRIES INC WILLIS LEASE FINANCE CORP

SYNNEX CORP RICHARDSON ELECTRONICS LTD

SCANSOURCE INC

SIGNATURE GROUP HOLDINGS INC 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 53 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 SIC CODE 51 INTL PAPER CO SIC CODE 512 ACETO CORP LACLEDE GROUP INC ACETO CORP ADAMS RESOURCES & ENERGY INC LANDEC CORP AMERISOURCEBERGEN CORP ALLIANCE ONE INTL INC MARATHON PETROLEUM CORP CARDINAL HEALTH INC AMCON DISTRIBUTING CO MARTIN MIDSTREAM PARTNERS LP CHINA JO-JO DRUGSTORES INC AMERISOURCEBERGEN CORP MCKESSON CORP EXPRESS SCRIPTS HOLDING CO AMREP CORP NATIONAL FUEL GAS CO INTEGRATED BIOPHARMA INC ANDATEE CHINA MARINE FUEL NATURAL HEALTH TRENDS CORP MCKESSON CORP ANDERSONS INC NU SKIN ENTERPRISES -CL A NATURAL HEALTH TRENDS CORP ASHLAND INC NUSTAR ENERGY LP NU SKIN ENTERPRISES -CL A BERKSHIRE HATHAWAY OILTANKING PARTNERS LP PERFUMANIA HOLDINGS INC BLUEKNIGHT ENERGY PRTNRS LP ONEOK INC PHARMERICA CORP BOSS HOLDINGS INC PDC ENERGY INC PRESTIGE BRANDS HOLDINGS CALAVO GROWERS INC PERFUMANIA HOLDINGS INC RBC LIFE SCIENCES INC CAMPBELL SOUP CO PHARMERICA CORP SALLY BEAUTY HOLDINGS INC CARDINAL HEALTH INC PLAINS ALL AMER PIPELNE -LP CASTLE (A M) & CO POLYONE CORP SIC CODE 514 CENTRAL ENERGY PARTNERS LP PRESTIGE BRANDS HOLDINGS BERKSHIRE HATHAWAY CENTRAL GARDEN & PET CO PVH CORP CALAVO GROWERS INC CHAMPION INDUSTRIES INC QEP RESOURCES INC CAMPBELL SOUP CO CHEFS' WAREHOUSE INC RAVE RESTAURANT GROUP INC CENTRAL GARDEN & PET CO CHENIERE ENERGY INC RBC LIFE SCIENCES INC CHEFS' WAREHOUSE INC CHENIERE ENERGY PARTNERS LP ROSE ROCK MIDSTREAM LP COFFEE HOLDING CO INC CHESAPEAKE ENERGY CORP SALLY BEAUTY HOLDINGS INC CONSUMER CAPITAL GROUP INC CHINA JO-JO DRUGSTORES INC SCANA CORP FOREVERGREEN WORLDWIDE CORP COFFEE HOLDING CO INC SEABOARD CORP LANDEC CORP CONSTELLATION BRANDS -CL A SEMGROUP CORP RAVE RESTAURANT GROUP INC CONSUMER CAPITAL GROUP INC SINO AGRO FOOD INC SINO AGRO FOOD INC CORE MARK HOLDING CO INC SOUTH JERSEY INDUSTRIES INC SPARTANNASH CO CTD HOLDINGS INC SPARTANNASH CO SPECTRUM BRANDS HOLDINGS INC DCP MIDSTREAM PARTNERS LP SPECTRUM BRANDS HOLDINGS INC SUPERVALU INC DELTA NATURAL GAS CO INC STEELCASE INC SYSCO CORP EDUCATIONAL DEVELOPMENT CORP SUBURBAN PROPANE PRTNRS -LP UNITED NATURAL FOODS INC ENERGY TRANSFER PARTNERS -LP SUNOCO LOGISTICS PARTNERS LP ENTERPRISE PRODS PRTNRS -LP SUPERVALU INC SIC CODE 517

EXPRESS SCRIPTS HOLDING CO SWISHER HYGIENE INC ADAMS RESOURCES & ENERGY INC FOREVERGREEN WORLDWIDE CORP SYSCO CORP ANDATEE CHINA MARINE FUEL GENESCO INC TESORO LOGISTICS LP ASHLAND INC GENESIS ENERGY -LP UGI CORP BLUEKNIGHT ENERGY PRTNRS LP GENUINE PARTS CO UNITED NATURAL FOODS INC CENTRAL ENERGY PARTNERS LP GLOBAL PARTNERS LP UNIVERSAL CORP/VA CHENIERE ENERGY INC GREEN PLAINS INC WESTERN REFINING INC CHENIERE ENERGY PARTNERS LP HAWKINS INC WEYCO GROUP INC CHESAPEAKE ENERGY CORP HESS CORP WORLD FUEL SERVICES CORP DCP MIDSTREAM PARTNERS LP INNERWORKINGS INC XEROX CORP DELTA NATURAL GAS CO INC INTEGRATED BIOPHARMA INC ENERGY TRANSFER PARTNERS -LP 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 54 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 ENTERPRISE PRODS PRTNRS -LP SIC CODE 5172 SIC CODE 533 GENESIS ENERGY -LP ADAMS RESOURCES & ENERGY INC ALCO STORES INC GLOBAL PARTNERS LP ASHLAND INC BIG LOTS INC HESS CORP CHENIERE ENERGY INC DOLLAR GENERAL CORP LACLEDE GROUP INC CHESAPEAKE ENERGY CORP DOLLAR TREE INC MARATHON PETROLEUM CORP DELTA NATURAL GAS CO INC FAMILY DOLLAR STORES MARTIN MIDSTREAM PARTNERS LP ENERGY TRANSFER PARTNERS -LP FREDS INC NATIONAL FUEL GAS CO GENESIS ENERGY -LP PRICESMART INC NUSTAR ENERGY LP GLOBAL PARTNERS LP SEARS HOLDINGS CORP OILTANKING PARTNERS LP HESS CORP TARGET CORP ONEOK INC LACLEDE GROUP INC TUESDAY MORNING CORP PDC ENERGY INC MARATHON PETROLEUM CORP WAL-MART STORES INC PLAINS ALL AMER PIPELNE -LP MARTIN MIDSTREAM PARTNERS LP QEP RESOURCES INC ONEOK INC SIC CODE 54 ROSE ROCK MIDSTREAM LP PDC ENERGY INC AMCON DISTRIBUTING CO SCANA CORP PLAINS ALL AMER PIPELNE -LP CALAVO GROWERS INC SEMGROUP CORP SCANA CORP FRESH MARKET INC SOUTH JERSEY INDUSTRIES INC SOUTH JERSEY INDUSTRIES INC GNC HOLDINGS INC SUBURBAN PROPANE PRTNRS -LP SUBURBAN PROPANE PRTNRS -LP INGLES MARKETS INC -CL A SUNOCO LOGISTICS PARTNERS LP UGI CORP KRISPY KREME DOUGHNUTS INC TESORO LOGISTICS LP WORLD FUEL SERVICES CORP KROGER CO UGI CORP QKL STORES INC WESTERN REFINING INC SIC CODE 53 ROCKY MOUNTAIN CHOC FACT INC WORLD FUEL SERVICES CORP ALCO STORES INC SAFEWAY INC ANDERSONS INC SPARTANNASH CO SIC CODE 5171 BELK INC SUPERVALU INC ANDATEE CHINA MARINE FUEL BIG LOTS INC TESORO CORP BLUEKNIGHT ENERGY PRTNRS LP BON-TON STORES INC UNITED NATURAL FOODS INC CENTRAL ENERGY PARTNERS LP COSTCO WHOLESALE CORP VILLAGE SUPER MARKET -CL A CHENIERE ENERGY PARTNERS LP DILLARDS INC -CL A VITAMIN SHOPPE INC DCP MIDSTREAM PARTNERS LP DOLLAR GENERAL CORP WEIS MARKETS INC ENTERPRISE PRODS PRTNRS -LP DOLLAR TREE INC WHOLE FOODS MARKET INC GLOBAL PARTNERS LP FAMILY DOLLAR STORES MARTIN MIDSTREAM PARTNERS LP FREDS INC SIC CODE 541 NATIONAL FUEL GAS CO KOHL'S CORP FRESH MARKET INC NUSTAR ENERGY LP MACY'S INC INGLES MARKETS INC -CL A OILTANKING PARTNERS LP PENNEY (J C) CO KROGER CO PLAINS ALL AMER PIPELNE -LP PRICESMART INC QKL STORES INC QEP RESOURCES INC SEARS HOLDINGS CORP SAFEWAY INC ROSE ROCK MIDSTREAM LP TARGET CORP SPARTANNASH CO SEMGROUP CORP TUESDAY MORNING CORP SUPERVALU INC SUNOCO LOGISTICS PARTNERS LP WAL-MART STORES INC TESORO CORP

TESORO LOGISTICS LP UNITED NATURAL FOODS INC WESTERN REFINING INC VILLAGE SUPER MARKET -CL A

WEIS MARKETS INC

WHOLE FOODS MARKET INC 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 55 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 SIC CODE 55 DSW INC SIC CODE 562 ADVANCE AUTO PARTS INC ELLIS PERRY INTL INC ANN INC ALON USA ENERGY INC EXPRESS INC ASCENA RETAIL GROUP INC AMERICA'S CAR-MART INC FINISH LINE INC -CL A BODY CENTRAL CORP ASBURY AUTOMOTIVE GROUP INC FOOT LOCKER INC CACHE INC AUTONATION INC FRANCESCAS HOLDINGS CORP CATO CORP -CL A AUTOZONE INC G-III APPAREL GROUP LTD CHICOS FAS INC CARMAX INC GAP INC CHRISTOPHER & BANKS CORP CASEYS GENERAL STORES INC GENESCO INC DELIAS INC CLEAN ENERGY FUELS CORP GORDMANS STORES INC DESTINATION MATERNITY CORP DELEK US HOLDINGS INC L BRANDS INC FRANCESCAS HOLDINGS CORP GROUP 1 AUTOMOTIVE INC LULULEMON ATHLETICA INC G-III APPAREL GROUP LTD LITHIA MOTORS INC -CL A MADDEN STEVEN LTD L BRANDS INC MARINEMAX INC MENS WEARHOUSE INC NEW YORK & CO INC O'REILLY AUTOMOTIVE INC NEW YORK & CO INC WET SEAL INC -CL A PANTRY INC NORDSTROM INC PENSKE AUTOMOTIVE GROUP INC PACIFIC SUNWEAR CALIF INC SIC CODE 565 PEP BOYS-MANNY MOE & JACK RALPH LAUREN CORP ABERCROMBIE & FITCH -CL A RUSH ENTERPRISES INC ROSS STORES INC AMERN EAGLE OUTFITTERS INC SONIC AUTOMOTIVE INC -CL A SHOE CARNIVAL INC BUCKLE INC TITAN MACHINERY INC SKECHERS U S A INC CITI TRENDS INC TRAVELCENTERS OF AMERICA LLC STAGE STORES INC DESTINATION XL GROUP INC VALERO ENERGY CORP STEIN MART INC GAP INC WEST MARINE INC TJX COMPANIES INC NORDSTROM INC WESTERN REFINING INC UNIFIRST CORP PACIFIC SUNWEAR CALIF INC URBAN OUTFITTERS INC ROSS STORES INC SIC CODE 56 WET SEAL INC -CL A STAGE STORES INC ABERCROMBIE & FITCH -CL A WEYCO GROUP INC STEIN MART INC AEROPOSTALE INC WOLVERINE WORLD WIDE TJX COMPANIES INC AMERN EAGLE OUTFITTERS INC XCEL BRANDS INC URBAN OUTFITTERS INC ANN INC ZUMIEZ INC ZUMIEZ INC

ASCENA RETAIL GROUP INC B. RILEY FINANCIAL INC SIC CODE 566

BODY CENTRAL CORP B. RILEY FINANCIAL INC

BUCKLE INC DECKERS OUTDOOR CORP CACHE INC DSW INC

CATO CORP -CL A FINISH LINE INC -CL A

CHICOS FAS INC FOOT LOCKER INC

CHILDRENS PLACE INC GENESCO INC

CHRISTOPHER & BANKS CORP MADDEN STEVEN LTD CINTAS CORP SHOE CARNIVAL INC

CITI TRENDS INC SKECHERS U S A INC

DECKERS OUTDOOR CORP WEYCO GROUP INC

DELIAS INC WOLVERINE WORLD WIDE

DESTINATION MATERNITY CORP

DESTINATION XL GROUP INC 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 56 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 SIC CODE 57 JAMBA INC DICKS SPORTING GOODS INC AARON'S INC KONA GRILL INC DOVER SADDLERY INC ALJ REGIONAL HOLDINGS INC LUBYS INC ENERGY TRANSFER PARTNERS -LP APPLE INC MCDONALD'S CORP EVINE LIVE INC APPLIANCE RECYCLING CTR AMER NATHAN'S FAMOUS INC EXPRESS SCRIPTS HOLDING CO BED BATH & BEYOND INC PANERA BREAD CO EZCORP INC -CL A BEST BUY CO INC PAPA JOHNS INTERNATIONAL INC FERRELLGAS PARTNERS -LP CONN'S INC POPEYES LOUISIANA KITCHEN FIRST CASH FINANCIAL SVCS GAMESTOP CORP RAVE RESTAURANT GROUP INC FLANIGANS ENTERPRISES INC HAVERTY FURNITURE RCI HOSPITALITY HLDGS INC FOOT LOCKER INC HHGREGG INC RED ROBIN GOURMET BURGERS FOSSIL GROUP INC MATTRESS FIRM HOLDING CORP ROCKY MOUNTAIN CHOC FACT INC GAIAM INC NACCO INDUSTRIES -CL A RUBY TUESDAY INC GEEKNET INC PCM INC RUTHS HOSPITALITY GROUP INC HANCOCK FABRICS INC PIER 1 IMPORTS INC/DE SONIC CORP HEALTHWAREHOUSE.COM INC RADIOSHACK CORP STARBUCKS CORP HIBBETT SPORTS INC TJX COMPANIES INC STEEL PARTNERS HOLDINGS LP HSN INC TRANS WORLD ENTMT CORP TEXAS ROADHOUSE INC IAC/INTERACTIVECORP WILLIAMS-SONOMA INC WENDY'S CO ICTV BRANDS INC YUM BRANDS INC INTEGRATED BIOPHARMA INC SIC CODE 58 BRAZIL FAST FOOD CORP KIRKLAND'S INC ARK RESTAURANTS CORP L BRANDS INC BIGLARI HOLDINGS INC SIC CODE 59 LIBERATOR MEDICAL HLDGS INC BJ'S RESTAURANTS INC 1-800-FLOWERS.COM LIBERTY INTERACTIVE CORP BOB EVANS FARMS ABERCROMBIE & FITCH -CL A LIFETIME BRANDS INC BRAVO BRIO RESTAURANT GP INC AMAZON.COM INC LULULEMON ATHLETICA INC BRINKER INTL INC AMERICAN POWER GROUP CORP MOVADO GROUP INC BUFFALO WILD WINGS INC AMERIGAS PARTNERS -LP NUTRISYSTEM INC CARROLS RESTAURANT GROUP INC ASCENDANT SOLUTIONS INC OFFICE DEPOT INC CHEESECAKE FACTORY INC BARNES & NOBLE INC OMNICARE INC CHIPOTLE MEXICAN GRILL INC BIG 5 SPORTING GOODS CORP OVERSTOCK.COM INC COSI INC BIOSCRIP INC PC CONNECTION INC CRACKER BARREL OLD CTRY STOR BLUCORA INC PCM INC DARDEN RESTAURANTS INC BLUE NILE INC PERFUMANIA HOLDINGS INC DENNYS CORP BOOKS-A-MILLION INC PETMED EXPRESS INC DINEEQUITY INC BUILD-A-BEAR WORKSHOP INC PETSMART INC DOMINO'S PIZZA INC CABELAS INC RITE AID CORP DUNKIN' BRANDS GROUP INC CASH AMERICA INTL INC SALLY BEAUTY HOLDINGS INC EAT AT JOES LTD CHARLES & COLVARD LTD SOTHEBY'S FAMOUS DAVES OF AMERICA INC CHINA JO-JO DRUGSTORES INC SPEEDWAY MOTORSPORTS INC FIDELITY NATL FINL FNF GROUP CONSUMER CAPITAL GROUP INC STAMPS.COM INC FLANIGANS ENTERPRISES INC CRESTWOOD EQUITY PARTNERS LP STAPLES INC FRISCH'S RESTAURANTS INC CVS HEALTH CORP STAR GAS PARTNERS -LP GRANITE CITY FOOD & BREWERY DAVITA HEALTHCARE PARTNERS SUBURBAN PROPANE PRTNRS -LP HEALTHCARE SERVICES GROUP DECKERS OUTDOOR CORP SUNLINK HEALTH SYSTEMS INC JACK IN THE BOX INC DELIAS INC SYSTEMAX INC 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 57 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 TANDY LEATHER FACTORY INC SIC CODE 594 SYSTEMAX INC TIFFANY & CO BARNES & NOBLE INC US AUTO PARTS NETWORK INC TUCOWS INC BIG 5 SPORTING GOODS CORP VITAMIN SHOPPE INC UGI CORP BLUE NILE INC WILLIAMS-SONOMA INC ULTA SALON COSMETCS & FRAG BOOKS-A-MILLION INC WORLD WRESTLING ENTMT INC UNITEDHEALTH GROUP INC BUILD-A-BEAR WORKSHOP INC GLACIER WATER SERVICES US AUTO PARTS NETWORK INC CABELAS INC VITAMIN SHOPPE INC DICKS SPORTING GOODS INC SIC CODE 5961 WALGREENS BOOTS ALLIANCE INC FOSSIL GROUP INC 1-800-FLOWERS.COM WESTERN CAPITAL RESOURCES HANCOCK FABRICS INC ABERCROMBIE & FITCH -CL A WGL HOLDINGS INC HIBBETT SPORTS INC AMAZON.COM INC WILLIAMS-SONOMA INC MOVADO GROUP INC BLUCORA INC WORLD WRESTLING ENTMT INC OFFICE DEPOT INC CABELAS INC GLACIER WATER SERVICES SPEEDWAY MOTORSPORTS INC CHARLES & COLVARD LTD STAPLES INC CONSUMER CAPITAL GROUP INC SIC CODE 591 TIFFANY & CO DECKERS OUTDOOR CORP ASCENDANT SOLUTIONS INC DELIAS INC BIOSCRIP INC SIC CODE 596 DOVER SADDLERY INC CHINA JO-JO DRUGSTORES INC 1-800-FLOWERS.COM EVINE LIVE INC CVS HEALTH CORP ABERCROMBIE & FITCH -CL A FOOT LOCKER INC DAVITA HEALTHCARE PARTNERS AMAZON.COM INC GAIAM INC EXPRESS SCRIPTS HOLDING CO BLUCORA INC GEEKNET INC HEALTHWAREHOUSE.COM INC CABELAS INC HSN INC LIBERATOR MEDICAL HLDGS INC CHARLES & COLVARD LTD IAC/INTERACTIVECORP OMNICARE INC CONSUMER CAPITAL GROUP INC ICTV BRANDS INC PETMED EXPRESS INC DECKERS OUTDOOR CORP INTEGRATED BIOPHARMA INC RITE AID CORP DELIAS INC LIBERTY INTERACTIVE CORP SUNLINK HEALTH SYSTEMS INC DOVER SADDLERY INC LIFETIME BRANDS INC UNITEDHEALTH GROUP INC EVINE LIVE INC NUTRISYSTEM INC WALGREENS BOOTS ALLIANCE INC FOOT LOCKER INC OFFICE DEPOT INC

GAIAM INC OVERSTOCK.COM INC GEEKNET INC PC CONNECTION INC

HSN INC PCM INC

IAC/INTERACTIVECORP STAMPS.COM INC

ICTV BRANDS INC STAPLES INC

INTEGRATED BIOPHARMA INC SYSTEMAX INC LIBERTY INTERACTIVE CORP US AUTO PARTS NETWORK INC

LIFETIME BRANDS INC VITAMIN SHOPPE INC

WILLIAMS-SONOMA INC LULULEMON ATHLETICA INC NUTRISYSTEM INC WORLD WRESTLING ENTMT INC

OFFICE DEPOT INC

OVERSTOCK.COM INC

PC CONNECTION INC

PCM INC

STAMPS.COM INC

STAPLES INC 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 58 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 SIC CODE 599 WESTERN UNION CO BANK SOUTH CAROLINA CORP 1-800-FLOWERS.COM WEX INC BANKFINANCIAL CORP KIRKLAND'S INC 1ST CAPITAL BANK BANKGUAM HOLDING CO L BRANDS INC 1ST CENTURY BANCSHARES INC BANKUNITED INC PERFUMANIA HOLDINGS INC 1ST CONSTITUTION BANCORP BANKWELL FINANCIAL GROUP INC PETSMART INC 1ST ENTERPRISE BANK BANNER CORP SALLY BEAUTY HOLDINGS INC 1ST SOURCE CORP BAR HARBOR BANKSHARES SOTHEBY'S ACCESS NATIONAL CORP BAYLAKE CORP TANDY LEATHER FACTORY INC ACNB CORP BB&T CORP TUCOWS INC AJS BANCORP INC BBCN BANCORP INC ULTA SALON COSMETCS & FRAG ALERUS FINANCIAL CORP BBX CAPITAL CORP WESTERN CAPITAL RESOURCES ALLEGHENY VALLEY BANCORP INC BCB BANCORP INC ALLIANCE BANCORP OF PA BEAR STATE FINANCIAL INC SIC CODE 5999 AMB FINANCIAL CORP BENEFICIAL BANCORP INC KIRKLAND'S INC AMERIANA BANCORP BERKSHIRE HILLS BANCORP INC L BRANDS INC AMERICAN BUSINESS BANK/CA BFC FINANCIAL CORP -CL A PERFUMANIA HOLDINGS INC AMERICAN NATL BANKSHARES BNC BANCORP PETSMART INC AMERICAN RIVER BANKSHARES BNCCORP INC SALLY BEAUTY HOLDINGS INC AMERIS BANCORP BOFI HOLDING INC SOTHEBY'S AMERISERV FINANCIAL INC/PA BOK FINANCIAL CORP TANDY LEATHER FACTORY INC AMES NATIONAL CORP BOSTON PRIVATE FINL HOLDINGS TUCOWS INC ANCHOR BANCORP/WA BRIDGE BANCORP INC ULTA SALON COSMETCS & FRAG ARROW FINANCIAL CORP BRIDGE CAPITAL HOLDINGS WESTERN CAPITAL RESOURCES ASB BANCORP INC BROADWAY FINANCIAL CORP/DE ASSOCIATED BANC-CORP BROOKLINE BANCORP INC SIC CODE 60 ASTORIA FINANCIAL CORP BRYN MAWR BANK CORP

CALIF FIRST NATIONAL BANCORP ATHENS BANCSHARES CORP BSB BANCORP INC CAPITAL ONE FINANCIAL CORP ATLANTIC COAST FINANCIAL CP C&F FINANCIAL CORP CASS INFORMATION SYSTEMS INC AVIDBANK HOLDINGS INC CALIFORNIA REPUBLIC BANCORP CITIGROUP INC BAKER BOYER BANCORP CAMBRIDGE BANCORP CMS ENERGY CORP BANC OF CALIFORNIA INC CAMDEN NATIONAL CORP COMMUNITY BANKERS TRUST CORP BANCFIRST CORP/OK CAPE BANCORP INC DISCOVER FINANCIAL SVCS INC BANCORP INC CAPITAL CITY BK GROUP INC EURONET WORLDWIDE INC BANCORPSOUTH INC CAPITOL FEDERAL FINL INC GLOBAL CASH ACCESS HOLDINGS BANK FIRST NATIONAL CORP CARDINAL FINANCIAL CORP HAWAIIAN ELECTRIC INDS BANK KY FINANCIAL CORP CAROLINA BANK HOLDINGS INC HEARTLAND PAYMENT SYSTEMS BANK MUTUAL CORP CARTER BANK & TRUST HIGHER ONE HOLDINGS INC BANK OF AMERICA CORP CASCADE BANCORP HILLTOP HOLDINGS INC BANK OF COMMERCE HOLDINGS CATHAY GENERAL BANCORP MASTERCARD INC BANK OF HAWAII CORP CB FINANCIAL SERVICES INC MONEYGRAM INTERNATIONAL INC BANK OF MARIN BANCORP CCFNB BANCORP INC NET 1 UEPS TECHNOLOGIES INC BANK OF MCKENNEY CENTERSTATE BANKS INC PAYMENT DATA SYSTEMS INC BANK OF NEW YORK MELLON CORP CENTRAL FEDERAL CORP STEEL PARTNERS HOLDINGS LP BANK OF THE CAROLINAS CENTRAL PACIFIC FINANCIAL CP SWS GROUP INC BANK OF THE JAMES FINANCIAL CENTRAL VALLEY CMNTY BANCORP VISA INC BANK OF THE OZARKS INC CENTRUE FINANCIAL CORP 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 59 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 CENTURY BANCORP INC/MA EAGLE BANCORP INC/MD FIRST FINANCIAL CORP/IN CHARTER FINANCIAL CORP/MD EAGLE BANCORP MONTANA INC FIRST FINANCIAL NORTHWEST CHEMICAL FINANCIAL CORP EAGLE FINANCIAL SERVICES INC FIRST FINANCIAL SERVICE CORP CHEMUNG FINANCIAL CORP EAST WEST BANCORP INC FIRST FINL BANCORP INC/OH CHESAPEAKE FINL SHARES INC EASTERN VA BANKSHARES INC FIRST FINL BANKSHARES INC CHEVIOT FINANCIAL CORP ELMIRA SVGS BANK ELMIRA/NY FIRST HORIZON NATIONAL CORP CHICOPEE BANCORP INC EMBASSY BANCORP INC FIRST INTERNET BANCORP CITIZENS & NORTHERN CORP EMCLAIRE FINANCIAL CORP FIRST INTERSTATE BANCSYSTEM CITIZENS COMMUNITY BANCORP EMPIRE BANCORP INC FIRST KEYSTONE CORP CITIZENS FINANCIAL SVCS INC ENTERPRISE BANCORP INC/MA FIRST LONG ISLAND CORP CITIZENS FIRST CORP ENTERPRISE FINL SERVICES CP FIRST MERCHANTS CORP CITIZENS HOLDING CO ESB FINANCIAL CORP FIRST MIDWEST BANCORP INC CITY HOLDING CO ESSA BANCORP INC FIRST NATIONAL BANK ALASKA CITY NATIONAL CORP EVANS BANCORP INC FIRST NATIONAL CORP/VA CLIFTON BANCORP INC F & M BANK CORP FIRST NATL CMNTY BANCORP INC CNB FINANCIAL CORP/PA F N B CORP/FL FIRST NIAGARA FINANCIAL GRP COBIZ FINANCIAL INC FARMERS & MERCHANTS BANCORP FIRST NORTHN CMNTY BANCORP CODORUS VALLEY BANCORP FARMERS CAPITAL BANK CORP FIRST REPUBLIC BANK COLONIAL FINANCIAL SVCS INC FARMERS NATL BANC CORP/OH FIRST SAVINGS FINANCIAL GP COLONY BANKCORP INC FAUQUIER BANKSHARES INC FIRST SECURITY GROUP INC COLUMBIA BANKING SYSTEM INC FFD FINANCIAL CORP FIRST SOUTH BANCORP INC/VA COMERICA INC FIDELITY D & D BANCORP INC FIRST UNITED CORP COMMERCE BANCSHARES INC FIDELITY SOUTHERN CORP FIRST WEST VIRGINIA BANCORP COMMERCIAL NATL FINL CP/PA FIFTH THIRD BANCORP FIRSTMERIT CORP COMMUNITY BANCORP INC/VT FINANCIAL INSTITUTIONS INC FLAGSTAR BANCORP INC COMMUNITY BANK SYSTEM INC FIRST ADVANTAGE BANCORP FLUSHING FINANCIAL CORP COMMUNITY BK SHARES INC/IN FIRST BANCORP INC/ME FORESIGHT FINANCIAL GROUP COMMUNITY FINANCIAL CORP FIRST BANCORP P R FOX CHASE BANCORP INC COMMUNITY SHORES BANK CORP FIRST BANCORP/NC FRANKLIN FINANCIAL CORP/VA COMMUNITY TRUST BANCORP INC FIRST BANCSHARES INC/MO FRANKLIN FINANCIAL SVCS CORP COMMUNITY WEST BANCSHARES FIRST BANCSHARES INC/MS FULTON FINANCIAL CORP COMMUNITYONE BANCORP FIRST BANK GEORGIA CAROLINA BANCSHARES CONNECTONE BANCORP INC FIRST BANKERS TRUSTSHARES GERMAN AMERICAN BANCORP INC CORDIA BANCORP INC FIRST BUSEY CORP GLACIER BANCORP INC CORTLAND BANCORP FIRST CAPITAL INC GLEN BURNIE BANCORP CROGHAN BANCSHARES INC FIRST CENTURY BANKSHARES INC GREAT AMERICAN BANCORP INC CSB BANCORP INC/OH FIRST CITIZENS BANC CORP GREAT SOUTHERN BANCORP CU BANCORP/CA FIRST CITIZENS BANCSH -CL A GREATER SACRAMENTO BANCORP CULLEN/FROST BANKERS INC FIRST CITIZENS BANCSHRS INC GUARANTY BANCORP CVB FINANCIAL CORP FIRST CLOVER LEAF FINANCIAL GUARANTY FED BANCSHARES INC DCB FINANCIAL CORP FIRST CMNTY BANCSHARES INC HAMPDEN BANCORP INC DELANCO BANCORP INC FIRST CMNTY FINL PARTNERS HAMPTON ROADS BANKSHARES INC DENMARK BANCSHARES INC FIRST COMMONWLTH FINL CP/PA HANCOCK HOLDING CO DIME COMMUNITY BANCSHARES FIRST COMMUNITY CORP/SC HANMI FINANCIAL CORP DIMECO INC FIRST CONNECTICUT BANCORP HARLEYSVILLE SVGS FINL CORP DNB FINANCIAL CORP FIRST DEFIANCE FINANCIAL CP HEARTLAND BANCCORP 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 60 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 HEARTLAND FINANCIAL USA INC M&F BANCORP INC OCWEN FINANCIAL CORP HERITAGE BANKSHARES INC MACATAWA BANK CORP OFG BANCORP HERITAGE COMMERCE CORP MACKINAC FINANCIAL CORP OHIO LEGACY CORP HERITAGE FINANCIAL CORP MAGYAR BANCORP INC OHIO VALLEY BANC CORP HERITAGE FINANCIAL GP INC MAINSOURCE FINL GROUP INC OLD LINE BANCSHARES INC HERITAGE OAKS BANCORP MALVERN BANCORP INC OLD NATIONAL BANCORP HF FINANCIAL CORP MB FINANCIAL INC/MD OLD POINT FINANCIAL CORP HILLS BANCORPORATION MBT FINANCIAL CORP OLD SECOND BANCORP INC/IL HINGHAM INSTN FOR SAVINGS MERCANTILE BANK CORP OMNIAMERICAN BANCORP INC HMN FINANCIAL INC MERCHANTS BANCSHARES INC/VT ONEIDA FINANCIAL CORP HOME BANCORP INC MERIDIAN BANCORP INC (MD) OPTIMUMBANK HOLDINGS INC HOME BANCSHARES INC META FINANCIAL GROUP INC ORITANI FINANCIAL CORP HOME CITY FINANCIAL CORP METAIRIE BANK & TRUST CO ORRSTOWN FINANCIAL SVCS INC HOME FEDERAL BANCORP INC/LA METRO BANCORP INC OTTAWA SAVINGS BANCORP INC HOPFED BANCORP INC MID PENN BANCORP INC PACIFIC CONTINENTAL CORP HORIZON BANCORP/IN MIDDLEBURG FINANCIAL CORP PACIFIC FINANCIAL CORP HUDSON CITY BANCORP INC MIDDLEFIELD BANC CORP PACIFIC MERCANTILE BANCORP HUDSON VALLEY HOLDING CORP MIDSOUTH BANCORP INC PACIFIC PREMIER BANCORP INC HUNTINGTON BANCSHARES MIDWESTONE FINANCIAL GROUP PACWEST BANCORP IBERIABANK CORP MONARCH COMMUNITY BANCORP PALMETTO BANCSHARES INC IDAHO INDEPENDENT BK COEUR MONARCH FINANCIAL HLDGS INC PARK NATIONAL CORP IF BANCORP INC MSB FINANCIAL CORP PARK STERLING CORP INDEPENDENT BANK CORP/MA MUTUALFIRST FINANCIAL INC PARKE BANCORP INC INDEPENDENT BANK CORP/MI N B T BANCORP INC PATHFINDER BANCORP INC INTERVEST BANCSHARES CORP NASB FINANCIAL INC PATRIOT NATIONAL BANCORP INC INTL BANCSHARES CORP NATIONAL BANKSHARES INC VA PEAPACK-GLADSTONE FINL CORP INVESTORS BANCORP INC NATIONAL PENN BANCSHARES INC PENNS WOODS BANCORP INC IOWA FIRST BANCSHARES CORP NAUGATUCK VALLEY FINANCIAL PEOPLE'S UNITED FINL INC JACKSONVILLE BANCORP INC/FL NB & T FINANCIAL GROUP INC PEOPLES BANCORP AUBURN IN JACKSONVILLE BANCORP INC/MD NEW HAMPSHIRE THRIFT BNCSHRS PEOPLES BANCORP INC/OH JEFFERSONVILLE BANCORP NEW PEOPLES BANKSHARES INC PEOPLES BANCORP NC INC JPMORGAN CHASE & CO NEW YORK CMNTY BANCORP INC PEOPLES FEDERAL BANCSHS INC KATAHDIN BANKSHARES CORP NEWBRIDGE BANCORP PEOPLES FINANCIAL CORP/MS KEARNY FINANCIAL CORP NORTHEAST BANCORP/ME PEOPLES FINANCIAL SERVICES KENTUCKY BANCSHARES INC NORTHEAST COMMUNITY BANCORP PERPETUAL FEDERAL SAVINGS BK KEYCORP NORTHEAST INDIANA BANCORP PINNACLE BANCSHARES LAKE SHORE BANCORP INC NORTHERN TRUST CORP PINNACLE FINL PARTNERS INC LAKELAND BANCORP INC NORTHFIELD BANCORP INC PLUMAS BANCORP LAKELAND FINANCIAL CORP NORTHRIM BANCORP INC PNC FINANCIAL SVCS GROUP INC LAPORTE BANCORP INC NORTHWEST BANCSHARES INC POAGE BANKSHARES INC LEGACY TEX FINANCIAL GRP INC NORWOOD FINANCIAL CORP POPULAR INC LITTLE BANK INC OAK RIDGE FINANCIAL SERVICES PORTER BANCORP INC LNB BANCORP INC OAK VALLEY BANCORP PREFERRED BANK LOS ANGELES LOUISIANA BANCORP INC OCEAN SHORE HOLDING CO PREMIER FINANCIAL BANCORP LYONS BANCORP INC OCEANFIRST FINANCIAL CORP PREMIER VALLEY BANK/CA M & T BANK CORP OCONEE FEDERAL FINANCIAL CP PRIVATEBANCORP INC 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 61 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 PROSPERITY BANCSHARES INC STATE STREET CORP VALLEY FINANCIAL CORP PROVIDENT FINANCIAL HOLDINGS STERLING BANCORP VALLEY NATIONAL BANCORP PROVIDENT FINANCIAL SVCS INC STEWARDSHIP FINANCIAL CORP VILLAGE BANK AND TRUST FINL PRUDENTIAL BANCORP INC STOCK YARDS BANCORP INC VIRGINIA NATIONAL BANKSHARES PSB HOLDINGS INC STONEGATE BANK/FL VSB BANCORP INC/NY PSB HOLDINGS INC/WI STURGIS BANCORP INC WASHINGTON FEDERAL INC PUGET SOUND BANK SUFFOLK BANCORP WASHINGTON TR BANCORP INC PULASKI FINANCIAL CORP SUMMIT FINANCIAL GROUP INC WATERSTONE FINANCIAL INC QCR HOLDINGS INC SUMMIT STATE BANK WAYNE SAVINGS BANCSHARES INC QNB CORP SUN BANCORP INC/NJ WEBSTER FINANCIAL CORP REGIONS FINANCIAL CORP SUNTRUST BANKS INC WELLS FARGO & CO RENASANT CORP SUSQUEHANNA BANCSHARES INC WESBANCO INC REPUBLIC BANCORP INC/KY SUSSEX BANCORP WEST BANCORPORATION INC REPUBLIC FIRST BANCORP INC SVB FINANCIAL GROUP WESTAMERICA BANCORPORATION RIVER CITY BANK/CA SYNOVUS FINANCIAL CORP WESTERN ALLIANCE BANCORP RIVER VALLEY BANCORP TCF FINANCIAL CORP WESTFIELD FINANCIAL INC RIVERVIEW BANCORP INC TERRITORIAL BANCORP INC WILLIAM PENN BANCORP INC RIVERVIEW FINANCIAL CORP TEXAS CAPITAL BANCSHARES INC WILSHIRE BANCORP INC ROYAL BANCSHARES/PA -CL A TFS FINANCIAL CORP WINTRUST FINANCIAL CORP S & T BANCORP INC TIDELANDS BANCSHARES INC WOLVERINE BANCORP INC SALISBURY BANCORP INC TIMBERLAND BANCORP INC WSFS FINANCIAL CORP SANDY SPRING BANCORP INC TOMPKINS FINANCIAL CORP WVS FINANCIAL CORP SB FINANCIAL GROUP INC TOWN & COUNTRY FINANCIAL CP XENITH BANKSHARES INC SEACOAST BANKING CORP/FL TOWNEBANK YADKIN FINANCIAL CORP SECURITY CALIFORNIA BANCORP TRI CITY BANKSHARES CORP ZIONS BANCORPORATION SELECT BANCORP INC TRICO BANCSHARES SEVERN BANCORP INC TRUSTCO BANK CORP/NY SIC CODE 602 SHORE BANCSHARES INC TRUSTMARK CORP CALIF FIRST NATIONAL BANCORP SI FINANCIAL GROUP INC TWO RIVER BANCORP CAPITAL ONE FINANCIAL CORP SIERRA BANCORP/CA U S BANCORP CASS INFORMATION SYSTEMS INC SIGNATURE BANK/NY UMB FINANCIAL CORP CITIGROUP INC SIMMONS FIRST NATL CP -CL A UMPQUA HOLDINGS CORP CMS ENERGY CORP SIMPLICITY BANCORP INC UNION BANKSHARES CORP COMMUNITY BANKERS TRUST CORP SOUND FINANCIAL BANCORP INC UNION BANKSHARES INC HILLTOP HOLDINGS INC SOUTH STATE CORP UNITED BANCORP INC/OH STEEL PARTNERS HOLDINGS LP SOUTHCOAST FINANCIAL CORP UNITED BANKSHARES INC/WV 1ST CAPITAL BANK SOUTHEASTERN BANK FINL CORP UNITED COMMUNITY BANCORP 1ST CENTURY BANCSHARES INC SOUTHERN BANC CO INC UNITED COMMUNITY BANKS INC 1ST CONSTITUTION BANCORP SOUTHERN FIRST BANKSHARES UNITED COMMUNITY FINL CORP 1ST ENTERPRISE BANK SOUTHERN MISSOURI BANCP INC UNITED FINANCIAL BANCORP INC 1ST SOURCE CORP SOUTHERN NATIONAL BANCORP VA UNITED SEC BANCSHARES INC ACNB CORP SOUTHSIDE BANCSHARES INC UNITED SECURITY BANCSHARS CA ALERUS FINANCIAL CORP SOUTHWEST BANCORP INC UNITY BANCORP INC ALLEGHENY VALLEY BANCORP INC SOUTHWEST GEORGIA FINL CORP UNIVERSITY BANCORP INC AMERICAN BUSINESS BANK/CA STANDARD FINANCIAL CORP UNIVEST CORP OF PENNSYLVANIA AMERICAN NATL BANKSHARES STATE BANK FINANCIAL CORP VALLEY COMMERCE BANCORP AMERICAN RIVER BANKSHARES 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 62 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 AMERIS BANCORP CAROLINA BANK HOLDINGS INC DENMARK BANCSHARES INC AMERISERV FINANCIAL INC/PA CARTER BANK & TRUST DIMECO INC AMES NATIONAL CORP CASCADE BANCORP DNB FINANCIAL CORP ARROW FINANCIAL CORP CATHAY GENERAL BANCORP EAGLE BANCORP INC/MD ASSOCIATED BANC-CORP CB FINANCIAL SERVICES INC EAGLE FINANCIAL SERVICES INC ATHENS BANCSHARES CORP CCFNB BANCORP INC EAST WEST BANCORP INC AVIDBANK HOLDINGS INC CENTERSTATE BANKS INC EASTERN VA BANKSHARES INC BAKER BOYER BANCORP CENTRAL PACIFIC FINANCIAL CP EMBASSY BANCORP INC BANCFIRST CORP/OK CENTRAL VALLEY CMNTY BANCORP EMCLAIRE FINANCIAL CORP BANCORP INC CENTRUE FINANCIAL CORP EMPIRE BANCORP INC BANCORPSOUTH INC CENTURY BANCORP INC/MA ENTERPRISE BANCORP INC/MA BANK FIRST NATIONAL CORP CHEMICAL FINANCIAL CORP ENTERPRISE FINL SERVICES CP BANK KY FINANCIAL CORP CHEMUNG FINANCIAL CORP EVANS BANCORP INC BANK OF AMERICA CORP CHESAPEAKE FINL SHARES INC F & M BANK CORP BANK OF COMMERCE HOLDINGS CITIZENS & NORTHERN CORP F N B CORP/FL BANK OF HAWAII CORP CITIZENS FINANCIAL SVCS INC FARMERS & MERCHANTS BANCORP BANK OF MARIN BANCORP CITIZENS FIRST CORP FARMERS CAPITAL BANK CORP BANK OF MCKENNEY CITIZENS HOLDING CO FARMERS NATL BANC CORP/OH BANK OF NEW YORK MELLON CORP CITY HOLDING CO FAUQUIER BANKSHARES INC BANK OF THE CAROLINAS CITY NATIONAL CORP FIDELITY D & D BANCORP INC BANK OF THE JAMES FINANCIAL CNB FINANCIAL CORP/PA FIDELITY SOUTHERN CORP BANK OF THE OZARKS INC COBIZ FINANCIAL INC FIFTH THIRD BANCORP BANK SOUTH CAROLINA CORP CODORUS VALLEY BANCORP FINANCIAL INSTITUTIONS INC BANKGUAM HOLDING CO COLONIAL FINANCIAL SVCS INC FIRST BANCORP INC/ME BANKUNITED INC COLONY BANKCORP INC FIRST BANCORP P R BANKWELL FINANCIAL GROUP INC COLUMBIA BANKING SYSTEM INC FIRST BANCORP/NC BANNER CORP COMERICA INC FIRST BANCSHARES INC/MS BAR HARBOR BANKSHARES COMMERCE BANCSHARES INC FIRST BANK BAYLAKE CORP COMMERCIAL NATL FINL CP/PA FIRST BANKERS TRUSTSHARES BB&T CORP COMMUNITY BANCORP INC/VT FIRST BUSEY CORP BBCN BANCORP INC COMMUNITY BANK SYSTEM INC FIRST CENTURY BANKSHARES INC BNC BANCORP COMMUNITY BK SHARES INC/IN FIRST CITIZENS BANC CORP BNCCORP INC COMMUNITY FINANCIAL CORP FIRST CITIZENS BANCSH -CL A BOK FINANCIAL CORP COMMUNITY SHORES BANK CORP FIRST CITIZENS BANCSHRS INC BOSTON PRIVATE FINL HOLDINGS COMMUNITY TRUST BANCORP INC FIRST CMNTY BANCSHARES INC BRIDGE BANCORP INC COMMUNITY WEST BANCSHARES FIRST CMNTY FINL PARTNERS BRIDGE CAPITAL HOLDINGS COMMUNITYONE BANCORP FIRST COMMONWLTH FINL CP/PA BRYN MAWR BANK CORP CONNECTONE BANCORP INC FIRST COMMUNITY CORP/SC BSB BANCORP INC CORDIA BANCORP INC FIRST CONNECTICUT BANCORP C&F FINANCIAL CORP CORTLAND BANCORP FIRST FINANCIAL CORP/IN CALIFORNIA REPUBLIC BANCORP CROGHAN BANCSHARES INC FIRST FINL BANCORP INC/OH CAMBRIDGE BANCORP CSB BANCORP INC/OH FIRST FINL BANKSHARES INC CAMDEN NATIONAL CORP CU BANCORP/CA FIRST HORIZON NATIONAL CORP CAPE BANCORP INC CULLEN/FROST BANKERS INC FIRST INTERNET BANCORP CAPITAL CITY BK GROUP INC CVB FINANCIAL CORP FIRST INTERSTATE BANCSYSTEM CARDINAL FINANCIAL CORP DCB FINANCIAL CORP FIRST KEYSTONE CORP 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 63 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 FIRST LONG ISLAND CORP JEFFERSONVILLE BANCORP OPTIMUMBANK HOLDINGS INC FIRST MERCHANTS CORP JPMORGAN CHASE & CO ORRSTOWN FINANCIAL SVCS INC FIRST MIDWEST BANCORP INC KATAHDIN BANKSHARES CORP PACIFIC CONTINENTAL CORP FIRST NATIONAL BANK ALASKA KENTUCKY BANCSHARES INC PACIFIC FINANCIAL CORP FIRST NATIONAL CORP/VA KEYCORP PACIFIC MERCANTILE BANCORP FIRST NATL CMNTY BANCORP INC LAKELAND BANCORP INC PACIFIC PREMIER BANCORP INC FIRST NORTHN CMNTY BANCORP LAKELAND FINANCIAL CORP PACWEST BANCORP FIRST REPUBLIC BANK LEGACY TEX FINANCIAL GRP INC PALMETTO BANCSHARES INC FIRST SECURITY GROUP INC LITTLE BANK INC PARK NATIONAL CORP FIRST SOUTH BANCORP INC/VA LNB BANCORP INC PARK STERLING CORP FIRST UNITED CORP LYONS BANCORP INC PARKE BANCORP INC FIRST WEST VIRGINIA BANCORP M & T BANK CORP PATRIOT NATIONAL BANCORP INC FIRSTMERIT CORP M&F BANCORP INC PEAPACK-GLADSTONE FINL CORP FORESIGHT FINANCIAL GROUP MACATAWA BANK CORP PENNS WOODS BANCORP INC FRANKLIN FINANCIAL SVCS CORP MACKINAC FINANCIAL CORP PEOPLES BANCORP INC/OH FULTON FINANCIAL CORP MAINSOURCE FINL GROUP INC PEOPLES BANCORP NC INC GEORGIA CAROLINA BANCSHARES MB FINANCIAL INC/MD PEOPLES FINANCIAL CORP/MS GERMAN AMERICAN BANCORP INC MERCANTILE BANK CORP PEOPLES FINANCIAL SERVICES GLACIER BANCORP INC MERCHANTS BANCSHARES INC/VT PINNACLE BANCSHARES GLEN BURNIE BANCORP METAIRIE BANK & TRUST CO PINNACLE FINL PARTNERS INC GREAT SOUTHERN BANCORP METRO BANCORP INC PLUMAS BANCORP GREATER SACRAMENTO BANCORP MID PENN BANCORP INC PNC FINANCIAL SVCS GROUP INC GUARANTY BANCORP MIDDLEBURG FINANCIAL CORP POPULAR INC GUARANTY FED BANCSHARES INC MIDDLEFIELD BANC CORP PORTER BANCORP INC HAMPTON ROADS BANKSHARES INC MIDSOUTH BANCORP INC PREFERRED BANK LOS ANGELES HANCOCK HOLDING CO MIDWESTONE FINANCIAL GROUP PREMIER FINANCIAL BANCORP HANMI FINANCIAL CORP MONARCH FINANCIAL HLDGS INC PREMIER VALLEY BANK/CA HEARTLAND BANCCORP N B T BANCORP INC PRIVATEBANCORP INC HEARTLAND FINANCIAL USA INC NATIONAL BANKSHARES INC VA PROSPERITY BANCSHARES INC HERITAGE BANKSHARES INC NATIONAL PENN BANCSHARES INC PSB HOLDINGS INC/WI HERITAGE COMMERCE CORP NB & T FINANCIAL GROUP INC PUGET SOUND BANK HERITAGE FINANCIAL CORP NEW PEOPLES BANKSHARES INC QCR HOLDINGS INC HERITAGE OAKS BANCORP NEWBRIDGE BANCORP QNB CORP HILLS BANCORPORATION NORTHEAST BANCORP/ME REGIONS FINANCIAL CORP HOME BANCSHARES INC NORTHERN TRUST CORP RENASANT CORP HORIZON BANCORP/IN NORTHRIM BANCORP INC REPUBLIC BANCORP INC/KY HUDSON VALLEY HOLDING CORP NORWOOD FINANCIAL CORP REPUBLIC FIRST BANCORP INC HUNTINGTON BANCSHARES OAK RIDGE FINANCIAL SERVICES RIVER CITY BANK/CA IBERIABANK CORP OAK VALLEY BANCORP RIVERVIEW FINANCIAL CORP IDAHO INDEPENDENT BK COEUR OFG BANCORP ROYAL BANCSHARES/PA -CL A INDEPENDENT BANK CORP/MA OHIO LEGACY CORP S & T BANCORP INC INDEPENDENT BANK CORP/MI OHIO VALLEY BANC CORP SALISBURY BANCORP INC INTERVEST BANCSHARES CORP OLD LINE BANCSHARES INC SANDY SPRING BANCORP INC INTL BANCSHARES CORP OLD NATIONAL BANCORP SB FINANCIAL GROUP INC IOWA FIRST BANCSHARES CORP OLD POINT FINANCIAL CORP SEACOAST BANKING CORP/FL JACKSONVILLE BANCORP INC/FL OLD SECOND BANCORP INC/IL SECURITY CALIFORNIA BANCORP 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 64 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 SELECT BANCORP INC UNITED SECURITY BANCSHARS CA BROOKLINE BANCORP INC SHORE BANCSHARES INC UNITY BANCORP INC CAPITOL FEDERAL FINL INC SIERRA BANCORP/CA UNIVERSITY BANCORP INC CENTRAL FEDERAL CORP SIGNATURE BANK/NY UNIVEST CORP OF PENNSYLVANIA CHARTER FINANCIAL CORP/MD SIMMONS FIRST NATL CP -CL A VALLEY COMMERCE BANCORP CHEVIOT FINANCIAL CORP SOUTH STATE CORP VALLEY FINANCIAL CORP CHICOPEE BANCORP INC SOUTHCOAST FINANCIAL CORP VALLEY NATIONAL BANCORP CITIZENS COMMUNITY BANCORP SOUTHEASTERN BANK FINL CORP VILLAGE BANK AND TRUST FINL CLIFTON BANCORP INC SOUTHERN FIRST BANKSHARES VIRGINIA NATIONAL BANKSHARES DELANCO BANCORP INC SOUTHERN NATIONAL BANCORP VA VSB BANCORP INC/NY DIME COMMUNITY BANCSHARES SOUTHSIDE BANCSHARES INC WASHINGTON TR BANCORP INC EAGLE BANCORP MONTANA INC SOUTHWEST BANCORP INC WEBSTER FINANCIAL CORP ELMIRA SVGS BANK ELMIRA/NY SOUTHWEST GEORGIA FINL CORP WELLS FARGO & CO ESB FINANCIAL CORP STATE BANK FINANCIAL CORP WESBANCO INC ESSA BANCORP INC STATE STREET CORP WEST BANCORPORATION INC FFD FINANCIAL CORP STEWARDSHIP FINANCIAL CORP WESTAMERICA BANCORPORATION FIRST ADVANTAGE BANCORP STOCK YARDS BANCORP INC WESTERN ALLIANCE BANCORP FIRST BANCSHARES INC/MO STONEGATE BANK/FL WILSHIRE BANCORP INC FIRST CAPITAL INC SUFFOLK BANCORP WINTRUST FINANCIAL CORP FIRST CLOVER LEAF FINANCIAL SUMMIT FINANCIAL GROUP INC XENITH BANKSHARES INC FIRST DEFIANCE FINANCIAL CP SUMMIT STATE BANK YADKIN FINANCIAL CORP FIRST FINANCIAL NORTHWEST SUN BANCORP INC/NJ ZIONS BANCORPORATION FIRST FINANCIAL SERVICE CORP SUNTRUST BANKS INC FIRST NIAGARA FINANCIAL GRP SUSQUEHANNA BANCSHARES INC SIC CODE 603 FIRST SAVINGS FINANCIAL GP SUSSEX BANCORP HAWAIIAN ELECTRIC INDS FLAGSTAR BANCORP INC SVB FINANCIAL GROUP SWS GROUP INC FLUSHING FINANCIAL CORP SYNOVUS FINANCIAL CORP ACCESS NATIONAL CORP FOX CHASE BANCORP INC TCF FINANCIAL CORP AJS BANCORP INC FRANKLIN FINANCIAL CORP/VA TEXAS CAPITAL BANCSHARES INC ALLIANCE BANCORP OF PA GREAT AMERICAN BANCORP INC TIDELANDS BANCSHARES INC AMB FINANCIAL CORP HAMPDEN BANCORP INC TOMPKINS FINANCIAL CORP AMERIANA BANCORP HARLEYSVILLE SVGS FINL CORP TOWN & COUNTRY FINANCIAL CP ANCHOR BANCORP/WA HERITAGE FINANCIAL GP INC TOWNEBANK ASB BANCORP INC HF FINANCIAL CORP TRI CITY BANKSHARES CORP ASTORIA FINANCIAL CORP HINGHAM INSTN FOR SAVINGS TRICO BANCSHARES ATLANTIC COAST FINANCIAL CP HMN FINANCIAL INC TRUSTMARK CORP BANC OF CALIFORNIA INC HOME BANCORP INC TWO RIVER BANCORP BANK MUTUAL CORP HOME CITY FINANCIAL CORP U S BANCORP BANKFINANCIAL CORP HOME FEDERAL BANCORP INC/LA UMB FINANCIAL CORP BBX CAPITAL CORP HOPFED BANCORP INC UMPQUA HOLDINGS CORP BCB BANCORP INC HUDSON CITY BANCORP INC UNION BANKSHARES CORP BEAR STATE FINANCIAL INC IF BANCORP INC UNION BANKSHARES INC BENEFICIAL BANCORP INC INVESTORS BANCORP INC UNITED BANCORP INC/OH BERKSHIRE HILLS BANCORP INC JACKSONVILLE BANCORP INC/MD UNITED BANKSHARES INC/WV BFC FINANCIAL CORP -CL A KEARNY FINANCIAL CORP UNITED COMMUNITY BANKS INC BOFI HOLDING INC LAKE SHORE BANCORP INC UNITED SEC BANCSHARES INC BROADWAY FINANCIAL CORP/DE LAPORTE BANCORP INC 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 65 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 LOUISIANA BANCORP INC STURGIS BANCORP INC FFD FINANCIAL CORP MAGYAR BANCORP INC TERRITORIAL BANCORP INC FIRST ADVANTAGE BANCORP MALVERN BANCORP INC TFS FINANCIAL CORP FIRST CAPITAL INC MBT FINANCIAL CORP TIMBERLAND BANCORP INC FIRST CLOVER LEAF FINANCIAL MERIDIAN BANCORP INC (MD) TRUSTCO BANK CORP/NY FIRST DEFIANCE FINANCIAL CP META FINANCIAL GROUP INC UNITED COMMUNITY BANCORP FIRST FINANCIAL SERVICE CORP MONARCH COMMUNITY BANCORP UNITED COMMUNITY FINL CORP FIRST SAVINGS FINANCIAL GP MSB FINANCIAL CORP UNITED FINANCIAL BANCORP INC FLAGSTAR BANCORP INC MUTUALFIRST FINANCIAL INC WASHINGTON FEDERAL INC FLUSHING FINANCIAL CORP NASB FINANCIAL INC WATERSTONE FINANCIAL INC FOX CHASE BANCORP INC NAUGATUCK VALLEY FINANCIAL WAYNE SAVINGS BANCSHARES INC FRANKLIN FINANCIAL CORP/VA NEW HAMPSHIRE THRIFT BNCSHRS WESTFIELD FINANCIAL INC GREAT AMERICAN BANCORP INC NEW YORK CMNTY BANCORP INC WILLIAM PENN BANCORP INC HF FINANCIAL CORP NORTHEAST COMMUNITY BANCORP WOLVERINE BANCORP INC HMN FINANCIAL INC NORTHEAST INDIANA BANCORP WSFS FINANCIAL CORP HOME BANCORP INC NORTHFIELD BANCORP INC WVS FINANCIAL CORP HOME CITY FINANCIAL CORP NORTHWEST BANCSHARES INC HOME FEDERAL BANCORP INC/LA OCEAN SHORE HOLDING CO SIC CODE 6035 HOPFED BANCORP INC OCEANFIRST FINANCIAL CORP HAWAIIAN ELECTRIC INDS HUDSON CITY BANCORP INC OCONEE FEDERAL FINANCIAL CP SWS GROUP INC IF BANCORP INC OCWEN FINANCIAL CORP ACCESS NATIONAL CORP KEARNY FINANCIAL CORP OMNIAMERICAN BANCORP INC AJS BANCORP INC LAKE SHORE BANCORP INC ONEIDA FINANCIAL CORP AMB FINANCIAL CORP LAPORTE BANCORP INC ORITANI FINANCIAL CORP ASTORIA FINANCIAL CORP MAGYAR BANCORP INC OTTAWA SAVINGS BANCORP INC ATLANTIC COAST FINANCIAL CP MALVERN BANCORP INC PATHFINDER BANCORP INC BANC OF CALIFORNIA INC META FINANCIAL GROUP INC PEOPLE'S UNITED FINL INC BANK MUTUAL CORP MONARCH COMMUNITY BANCORP PEOPLES BANCORP AUBURN IN BBX CAPITAL CORP MSB FINANCIAL CORP PEOPLES FEDERAL BANCSHS INC BCB BANCORP INC MUTUALFIRST FINANCIAL INC PERPETUAL FEDERAL SAVINGS BK BEAR STATE FINANCIAL INC NASB FINANCIAL INC POAGE BANKSHARES INC BENEFICIAL BANCORP INC NAUGATUCK VALLEY FINANCIAL PROVIDENT FINANCIAL HOLDINGS BFC FINANCIAL CORP -CL A NEW HAMPSHIRE THRIFT BNCSHRS PROVIDENT FINANCIAL SVCS INC BOFI HOLDING INC NORTHEAST COMMUNITY BANCORP PRUDENTIAL BANCORP INC BROADWAY FINANCIAL CORP/DE NORTHEAST INDIANA BANCORP PSB HOLDINGS INC BROOKLINE BANCORP INC NORTHFIELD BANCORP INC PULASKI FINANCIAL CORP CAPITOL FEDERAL FINL INC NORTHWEST BANCSHARES INC RIVER VALLEY BANCORP CENTRAL FEDERAL CORP OCEAN SHORE HOLDING CO RIVERVIEW BANCORP INC CHARTER FINANCIAL CORP/MD OCEANFIRST FINANCIAL CORP SEVERN BANCORP INC CHICOPEE BANCORP INC OCONEE FEDERAL FINANCIAL CP SI FINANCIAL GROUP INC CITIZENS COMMUNITY BANCORP OCWEN FINANCIAL CORP SIMPLICITY BANCORP INC CLIFTON BANCORP INC OMNIAMERICAN BANCORP INC SOUND FINANCIAL BANCORP INC DELANCO BANCORP INC ORITANI FINANCIAL CORP SOUTHERN BANC CO INC DIME COMMUNITY BANCSHARES OTTAWA SAVINGS BANCORP INC SOUTHERN MISSOURI BANCP INC EAGLE BANCORP MONTANA INC PATHFINDER BANCORP INC STANDARD FINANCIAL CORP ELMIRA SVGS BANK ELMIRA/NY PEOPLES BANCORP AUBURN IN STERLING BANCORP ESSA BANCORP INC PEOPLES FEDERAL BANCSHS INC 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 66 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 PERPETUAL FEDERAL SAVINGS BK ONEIDA FINANCIAL CORP CONSUMER PORTFOLIO SVCS INC POAGE BANKSHARES INC PEOPLE'S UNITED FINL INC CREDIT ACCEPTANCE CORP PROVIDENT FINANCIAL HOLDINGS PROVIDENT FINANCIAL SVCS INC D R HORTON INC PSB HOLDINGS INC PRUDENTIAL BANCORP INC DEERE & CO PULASKI FINANCIAL CORP SOUTHERN MISSOURI BANCP INC DINEEQUITY INC RIVER VALLEY BANCORP STANDARD FINANCIAL CORP DISCOVER FINANCIAL SVCS INC RIVERVIEW BANCORP INC STURGIS BANCORP INC ENCORE CAPITAL GROUP INC SEVERN BANCORP INC TIMBERLAND BANCORP INC EPLUS INC SI FINANCIAL GROUP INC UNITED COMMUNITY FINL CORP FANNIE MAE SIMPLICITY BANCORP INC UNITED FINANCIAL BANCORP INC FEDERAL AGRICULTURE MTG CP SOUND FINANCIAL BANCORP INC WAYNE SAVINGS BANCSHARES INC FEDERAL HOME LOAN MORTG CORP SOUTHERN BANC CO INC WVS FINANCIAL CORP FIRST MARBLEHEAD CORP STERLING BANCORP FLEETCOR TECHNOLOGIES INC TERRITORIAL BANCORP INC SIC CODE 609 FORD MOTOR CO TFS FINANCIAL CORP DISCOVER FINANCIAL SVCS INC GATX CORP TRUSTCO BANK CORP/NY EURONET WORLDWIDE INC GENERAL ELECTRIC CO UNITED COMMUNITY BANCORP GLOBAL CASH ACCESS HOLDINGS HARBINGER GROUP INC WASHINGTON FEDERAL INC HEARTLAND PAYMENT SYSTEMS HARLEY-DAVIDSON INC WATERSTONE FINANCIAL INC HIGHER ONE HOLDINGS INC HEWLETT-PACKARD CO WESTFIELD FINANCIAL INC MASTERCARD INC HFF INC WILLIAM PENN BANCORP INC MONEYGRAM INTERNATIONAL INC HILLTOP HOLDINGS INC WOLVERINE BANCORP INC NET 1 UEPS TECHNOLOGIES INC HOVNANIAN ENTRPRS INC -CL A WSFS FINANCIAL CORP PAYMENT DATA SYSTEMS INC IMPAC MORTGAGE HOLDINGS INC VISA INC IMPERIAL HOLDINGS INC SIC CODE 6036 WESTERN UNION CO INTL BUSINESS MACHINES CORP ALLIANCE BANCORP OF PA WEX INC KAR AUCTION SERVICES INC AMERIANA BANCORP KB HOME ANCHOR BANCORP/WA SIC CODE 61 LENDINGTREE INC ASB BANCORP INC ALLIANCE DATA SYSTEMS CORP LENNAR CORP BANKFINANCIAL CORP ALTRIA GROUP INC M/I HOMES INC BERKSHIRE HILLS BANCORP INC AMERICAN EXPRESS CO MANHATTAN BRIDGE CAPITAL INC CHEVIOT FINANCIAL CORP APOLLO GLOBAL MANAGEMENT LLC MARLIN BUSINESS SERVICES INC ESB FINANCIAL CORP ATLANTICUS HOLDINGS CORP MDC HOLDINGS INC FIRST BANCSHARES INC/MO BOEING CO MERITAGE HOMES CORP FIRST FINANCIAL NORTHWEST CABELAS INC MICROFINANCIAL INC FIRST NIAGARA FINANCIAL GRP CALIF FIRST NATIONAL BANCORP NAVIENT CORP HAMPDEN BANCORP INC CAPITAL ONE FINANCIAL CORP NAVISTAR INTERNATIONAL CORP HARLEYSVILLE SVGS FINL CORP CARMAX INC NELNET INC HERITAGE FINANCIAL GP INC CASH AMERICA INTL INC NEWSTAR FINANCIAL INC HINGHAM INSTN FOR SAVINGS CATERPILLAR INC NEWTEK BUSINESS SERVICES CP INVESTORS BANCORP INC CATO CORP -CL A NORDSTROM INC JACKSONVILLE BANCORP INC/MD CAVCO INDUSTRIES INC NVR INC LOUISIANA BANCORP INC CHINA AUTO LOGISTICS INC OPPENHEIMER HOLDINGS INC MBT FINANCIAL CORP CINCINNATI FINANCIAL CORP PACCAR INC MERIDIAN BANCORP INC (MD) CIT GROUP INC PHH CORP NEW YORK CMNTY BANCORP INC CONN'S INC PRA GROUP INC 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 67 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 PRIMERICA INC SIC CODE 615 NEWTEK BUSINESS SERVICES CP PSM HOLDINGS INC ALLIANCE DATA SYSTEMS CORP PACCAR INC PULTEGROUP INC ALTRIA GROUP INC PRA GROUP INC QC HOLDINGS INC BOEING CO RAYMOND JAMES FINANCIAL CORP CALIF FIRST NATIONAL BANCORP SIC CODE 6159 REDWOOD TRUST INC CATERPILLAR INC ALTRIA GROUP INC RESOURCE AMERICA INC CHINA AUTO LOGISTICS INC BOEING CO RYLAND GROUP INC CINCINNATI FINANCIAL CORP CALIF FIRST NATIONAL BANCORP SECURITY NATL FINL CP -CL A CIT GROUP INC CATERPILLAR INC SIGNATURE GROUP HOLDINGS INC CONSUMER PORTFOLIO SVCS INC CIT GROUP INC SNAP-ON INC DEERE & CO CONSUMER PORTFOLIO SVCS INC SOTHEBY'S DINEEQUITY INC DINEEQUITY INC STANDARD PACIFIC CORP ENCORE CAPITAL GROUP INC GENERAL ELECTRIC CO STEWART INFORMATION SERVICES FLEETCOR TECHNOLOGIES INC HEWLETT-PACKARD CO TEXTRON INC FORD MOTOR CO IMPERIAL HOLDINGS INC WALKER & DUNLOP INC GENERAL ELECTRIC CO INTL BUSINESS MACHINES CORP WALTER INVESTMENT MGMT CORP HARBINGER GROUP INC NEWSTAR FINANCIAL INC WESTERN CAPITAL RESOURCES HARLEY-DAVIDSON INC PHH CORP WORLD ACCEPTANCE CORP/DE HEWLETT-PACKARD CO RESOURCE AMERICA INC IMPERIAL HOLDINGS INC SIGNATURE GROUP HOLDINGS INC SIC CODE 614 INTL BUSINESS MACHINES CORP AMERICAN EXPRESS CO KAR AUCTION SERVICES INC SIC CODE 616 ATLANTICUS HOLDINGS CORP MANHATTAN BRIDGE CAPITAL INC APOLLO GLOBAL MANAGEMENT LLC CABELAS INC NAVISTAR INTERNATIONAL CORP CAVCO INDUSTRIES INC CAPITAL ONE FINANCIAL CORP NEWSTAR FINANCIAL INC D R HORTON INC CARMAX INC NEWTEK BUSINESS SERVICES CP HFF INC CASH AMERICA INTL INC PACCAR INC HOVNANIAN ENTRPRS INC -CL A CATO CORP -CL A PHH CORP IMPAC MORTGAGE HOLDINGS INC CIT GROUP INC PRA GROUP INC KB HOME CONN'S INC RESOURCE AMERICA INC LENDINGTREE INC CREDIT ACCEPTANCE CORP SIGNATURE GROUP HOLDINGS INC LENNAR CORP DISCOVER FINANCIAL SVCS INC M/I HOMES INC FIRST MARBLEHEAD CORP SIC CODE 6153 MDC HOLDINGS INC NAVIENT CORP ALLIANCE DATA SYSTEMS CORP MERITAGE HOMES CORP NELNET INC CHINA AUTO LOGISTICS INC NVR INC NORDSTROM INC CINCINNATI FINANCIAL CORP OPPENHEIMER HOLDINGS INC QC HOLDINGS INC CIT GROUP INC PHH CORP RAYMOND JAMES FINANCIAL CORP DEERE & CO PSM HOLDINGS INC SNAP-ON INC ENCORE CAPITAL GROUP INC PULTEGROUP INC SOTHEBY'S FLEETCOR TECHNOLOGIES INC REDWOOD TRUST INC TEXTRON INC FORD MOTOR CO RYLAND GROUP INC WESTERN CAPITAL RESOURCES HARBINGER GROUP INC SECURITY NATL FINL CP -CL A WORLD ACCEPTANCE CORP/DE HARLEY-DAVIDSON INC STANDARD PACIFIC CORP

KAR AUCTION SERVICES INC STEWART INFORMATION SERVICES MANHATTAN BRIDGE CAPITAL INC WALKER & DUNLOP INC

NAVISTAR INTERNATIONAL CORP WALTER INVESTMENT MGMT CORP 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 68 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 SIC CODE 6162 EVERCORE PARTNERS INC RAYMOND JAMES FINANCIAL CORP APOLLO GLOBAL MANAGEMENT LLC FBR & CO RESOURCE AMERICA INC CAVCO INDUSTRIES INC FEDERATED INVESTORS INC SCHWAB (CHARLES) CORP D R HORTON INC FINANCIAL ENGINES INC SEI INVESTMENTS CO HOVNANIAN ENTRPRS INC -CL A FORTRESS INVESTMENT GRP LLC STIFEL FINANCIAL CORP IMPAC MORTGAGE HOLDINGS INC FRANKLIN RESOURCES INC SWS GROUP INC KB HOME GAMCO INVESTORS INC TD AMERITRADE HOLDING CORP LENNAR CORP GFI GROUP INC TETON ADVISORS INC M/I HOMES INC GLOBAL ARENA HOLDINGS INC TOWERS WATSON & CO MDC HOLDINGS INC GOLDMAN SACHS GROUP INC U S GLOBAL INVESTORS INC MERITAGE HOMES CORP GREENHILL & CO INC VALUE LINE INC NVR INC HARTFORD FINANCIAL SERVICES VIRTUS INVESTMENT PTNRS INC OPPENHEIMER HOLDINGS INC HCC INSURANCE HOLDINGS INC WADDELL&REED FINL INC -CL A PHH CORP HENNESSY ADVISORS INC WESTWOOD HOLDINGS GROUP INC PSM HOLDINGS INC ICAHN ENTERPRISES LP WILLDAN GROUP INC PULTEGROUP INC INTERACTIVE BROKERS GROUP WISDOMTREE INVESTMENTS INC REDWOOD TRUST INC INTERCONTINENTAL EXCHANGE WORLD ENERGY SOLUTIONS INC RYLAND GROUP INC INTL FCSTONE INC WRIGHT INVESTORS SERVICE SECURITY NATL FINL CP -CL A INVESTMENT TECHNOLOGY GP INC ZIEGLER COS INC STANDARD PACIFIC CORP JANUS CAPITAL GROUP INC STEWART INFORMATION SERVICES JMP GROUP LLC SIC CODE 621 WALKER & DUNLOP INC JONES LANG LASALLE INC AMERICAN INTERNATIONAL GROUP KKR & CO LP AMERIPRISE FINANCIAL INC SIC CODE 62 LADENBURG THALMANN FINL SERV BGC PARTNERS INC AFFILIATED MANAGERS GRP INC LEGG MASON INC CITIGROUP INC AMERICAN INTERNATIONAL GROUP LEUCADIA NATIONAL CORP E TRADE FINANCIAL CORP AMERIPRISE FINANCIAL INC LPL FINANCIAL HOLDINGS INC FBR & CO APOLLO GLOBAL MANAGEMENT LLC MANNING & NAPIER INC GFI GROUP INC ARCHER-DANIELS-MIDLAND CO MARKETAXESS HOLDINGS INC GLOBAL ARENA HOLDINGS INC BANKRATE INC MBIA INC GOLDMAN SACHS GROUP INC BERKSHIRE HATHAWAY MCGRAW HILL FINANCIAL INTERACTIVE BROKERS GROUP BGC PARTNERS INC MERRIMAN HOLDINGS INC INTL FCSTONE INC BLACKROCK INC MORGAN STANLEY INVESTMENT TECHNOLOGY GP INC BLACKSTONE GROUP LP MSCI INC JMP GROUP LLC CALAMOS ASSET MANAGEMENT INC NASDAQ OMX GROUP INC KKR & CO LP CBOE HOLDINGS INC NATIONAL HOLDINGS CORP LADENBURG THALMANN FINL SERV CIFC CORP OCH-ZIFF CAPITAL MGMT LP LEUCADIA NATIONAL CORP CITIGROUP INC OPPENHEIMER HOLDINGS INC LPL FINANCIAL HOLDINGS INC CME GROUP INC OTC MARKETS GROUP INC MARKETAXESS HOLDINGS INC COHEN & STEERS INC PACIFIC WEBWORKS INC MERRIMAN HOLDINGS INC COWEN GROUP INC PIPER JAFFRAY COS INC MORGAN STANLEY DIAMOND HILL INVESTMENT GRP PRICE (T. ROWE) GROUP NATIONAL HOLDINGS CORP E TRADE FINANCIAL CORP PRIMERICA INC OPPENHEIMER HOLDINGS INC EATON VANCE CORP PRINCIPAL FINANCIAL GRP INC PIPER JAFFRAY COS INC ELLINGTON FINANCIAL LLC PRUDENTIAL FINANCIAL INC PRIMERICA INC ENVESTNET INC PZENA INVESTMENT MANAGEMENT RAYMOND JAMES FINANCIAL CORP 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 69 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 STIFEL FINANCIAL CORP PACIFIC WEBWORKS INC HCC INSURANCE HOLDINGS INC SWS GROUP INC PIPER JAFFRAY COS INC HENNESSY ADVISORS INC TD AMERITRADE HOLDING CORP PRICE (T. ROWE) GROUP ICAHN ENTERPRISES LP WADDELL&REED FINL INC -CL A PRINCIPAL FINANCIAL GRP INC JANUS CAPITAL GROUP INC ZIEGLER COS INC PRUDENTIAL FINANCIAL INC JONES LANG LASALLE INC PZENA INVESTMENT MANAGEMENT KKR & CO LP SIC CODE 628 RAYMOND JAMES FINANCIAL CORP LEGG MASON INC AFFILIATED MANAGERS GRP INC RESOURCE AMERICA INC MANNING & NAPIER INC APOLLO GLOBAL MANAGEMENT LLC SCHWAB (CHARLES) CORP MBIA INC BANKRATE INC SEI INVESTMENTS CO MCGRAW HILL FINANCIAL BERKSHIRE HATHAWAY STIFEL FINANCIAL CORP MERRIMAN HOLDINGS INC BLACKROCK INC SWS GROUP INC MORGAN STANLEY BLACKSTONE GROUP LP TETON ADVISORS INC MSCI INC CALAMOS ASSET MANAGEMENT INC TOWERS WATSON & CO OCH-ZIFF CAPITAL MGMT LP CIFC CORP U S GLOBAL INVESTORS INC PACIFIC WEBWORKS INC COHEN & STEERS INC VALUE LINE INC PIPER JAFFRAY COS INC COWEN GROUP INC VIRTUS INVESTMENT PTNRS INC PRICE (T. ROWE) GROUP DIAMOND HILL INVESTMENT GRP WESTWOOD HOLDINGS GROUP INC PRINCIPAL FINANCIAL GRP INC E TRADE FINANCIAL CORP WILLDAN GROUP INC PRUDENTIAL FINANCIAL INC EATON VANCE CORP WISDOMTREE INVESTMENTS INC PZENA INVESTMENT MANAGEMENT ELLINGTON FINANCIAL LLC WRIGHT INVESTORS SERVICE RAYMOND JAMES FINANCIAL CORP ENVESTNET INC RESOURCE AMERICA INC EVERCORE PARTNERS INC SIC CODE 6282 SCHWAB (CHARLES) CORP FEDERATED INVESTORS INC AFFILIATED MANAGERS GRP INC SEI INVESTMENTS CO FINANCIAL ENGINES INC APOLLO GLOBAL MANAGEMENT LLC TETON ADVISORS INC FORTRESS INVESTMENT GRP LLC BERKSHIRE HATHAWAY TOWERS WATSON & CO FRANKLIN RESOURCES INC BLACKROCK INC U S GLOBAL INVESTORS INC GAMCO INVESTORS INC BLACKSTONE GROUP LP VALUE LINE INC GOLDMAN SACHS GROUP INC CALAMOS ASSET MANAGEMENT INC VIRTUS INVESTMENT PTNRS INC GREENHILL & CO INC CIFC CORP WESTWOOD HOLDINGS GROUP INC HARTFORD FINANCIAL SERVICES COHEN & STEERS INC WISDOMTREE INVESTMENTS INC HCC INSURANCE HOLDINGS INC COWEN GROUP INC WRIGHT INVESTORS SERVICE

HENNESSY ADVISORS INC DIAMOND HILL INVESTMENT GRP ICAHN ENTERPRISES LP E TRADE FINANCIAL CORP

JANUS CAPITAL GROUP INC EATON VANCE CORP

JONES LANG LASALLE INC ELLINGTON FINANCIAL LLC

KKR & CO LP ENVESTNET INC

LEGG MASON INC EVERCORE PARTNERS INC MANNING & NAPIER INC FEDERATED INVESTORS INC

MBIA INC FINANCIAL ENGINES INC

FORTRESS INVESTMENT GRP LLC MCGRAW HILL FINANCIAL MERRIMAN HOLDINGS INC FRANKLIN RESOURCES INC

MORGAN STANLEY GAMCO INVESTORS INC MSCI INC GOLDMAN SACHS GROUP INC

OCH-ZIFF CAPITAL MGMT LP GREENHILL & CO INC

OTC MARKETS GROUP INC HARTFORD FINANCIAL SERVICES 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 70 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 SIC CODE 63 HALLMARK FINANCIAL SERVICES STEWART INFORMATION SERVICES A V HOMES INC HANOVER INSURANCE GROUP INC SYMETRA FINANCIAL CORP AETNA INC HARTFORD FINANCIAL SERVICES TORCHMARK CORP AFFIRMATIVE INS HOLDINGS INC HCC INSURANCE HOLDINGS INC TRAVELERS COS INC AFLAC INC HCI GROUP INC TRIPLE-S MANAGEMENT CORP ALLEGHANY CORP HEALTH NET INC UNICO AMERICAN CORP ALLSTATE CORP HILLTOP HOLDINGS INC UNITED FIRE GROUP INC AMERCO HORACE MANN EDUCATORS CORP UNITED INSURANCE HOLDINGS CO AMERICAN EQTY INVT LIFE HLDG HUMANA INC UNITEDHEALTH GROUP INC AMERICAN FINANCIAL GROUP INC INDEPENDENCE HOLDING CO UNIVERSAL AMERICAN CORP AMERICAN INDEPENDENCE CORP INFINITY PROPERTY & CAS CORP UNIVERSAL INSURANCE HLDGS AMERICAN INTERNATIONAL GROUP INVESTORS HERITAGE CAP CORP UNUM GROUP AMERICAN NATIONAL INSURANCE INVESTORS TITLE CO UTG INC AMERIPRISE FINANCIAL INC KANSAS CITY LIFE INS CO WELLCARE HEALTH PLANS INC AMERISAFE INC KEMPER CORP/DE AMTRUST FINANCIAL SERVICES LINCOLN NATIONAL CORP SIC CODE 631 ANTHEM INC LOEWS CORP AETNA INC ASSURANT INC MARKEL CORP ALLSTATE CORP ATLANTIC AMERICAN CORP MBIA INC AMERCO BALDWIN & LYONS -CL B MDC HOLDINGS INC AMERICAN EQTY INVT LIFE HLDG BERKLEY (W R) CORP MEADOWBROOK INS GROUP INC AMERICAN FINANCIAL GROUP INC BERKSHIRE HATHAWAY MERCURY GENERAL CORP AMERICAN INTERNATIONAL GROUP BIGLARI HOLDINGS INC METLIFE INC AMERICAN NATIONAL INSURANCE BIOSCRIP INC MGIC INVESTMENT CORP/WI AMERIPRISE FINANCIAL INC CBIZ INC MOLINA HEALTHCARE INC AMTRUST FINANCIAL SERVICES CENTENE CORP NATIONAL INTERSTATE CORP CIGNA CORP CHUBB CORP NATIONAL SEC GROUP INC CINCINNATI FINANCIAL CORP CIGNA CORP NATIONAL WESTERN LIFE -CL A CITIZENS INC CINCINNATI FINANCIAL CORP NAVIGATORS GROUP INC CNA FINANCIAL CORP CITIZENS INC OLD REPUBLIC INTL CORP CNO FINANCIAL GROUP INC CNA FINANCIAL CORP PHOENIX COMPANIES INC ERIE INDEMNITY CO -CL A CNO FINANCIAL GROUP INC PRIMERICA INC FBL FINANCIAL GROUP INC-CL A COVANTA HOLDING CORP PRINCIPAL FINANCIAL GRP INC GENWORTH FINANCIAL INC DAVITA HEALTHCARE PARTNERS PROASSURANCE CORP HARTFORD FINANCIAL SERVICES DONEGAL GROUP INC PROGRESSIVE CORP-OHIO HORACE MANN EDUCATORS CORP DUKE ENERGY CORP PROTECTIVE LIFE CORP INDEPENDENCE HOLDING CO EMC INSURANCE GROUP INC PRUDENTIAL FINANCIAL INC INVESTORS HERITAGE CAP CORP EMPLOYERS HOLDINGS INC RADIAN GROUP INC KANSAS CITY LIFE INS CO ERIE INDEMNITY CO -CL A REINSURANCE GROUP AMER INC KEMPER CORP/DE EXTRA SPACE STORAGE INC RLI CORP LINCOLN NATIONAL CORP FBL FINANCIAL GROUP INC-CL A RUSH ENTERPRISES INC LOEWS CORP FEDERATED NATIONAL HLDG CO SAFETY INSURANCE GROUP INC METLIFE INC FIDELITY NATL FINL FNF GROUP SECURITY NATL FINL CP -CL A NATIONAL SEC GROUP INC FIRST ACCEPTANCE CORP SELECTIVE INS GROUP INC NATIONAL WESTERN LIFE -CL A FIRST AMERICAN FINANCIAL CP STANCORP FINANCIAL GROUP INC PHOENIX COMPANIES INC GENWORTH FINANCIAL INC STATE AUTO FINANCIAL CORP PRIMERICA INC 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 71 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 PRINCIPAL FINANCIAL GRP INC BERKSHIRE HATHAWAY DONEGAL GROUP INC PROTECTIVE LIFE CORP CIGNA CORP DUKE ENERGY CORP PRUDENTIAL FINANCIAL INC CNO FINANCIAL GROUP INC EMC INSURANCE GROUP INC REINSURANCE GROUP AMER INC GENWORTH FINANCIAL INC EMPLOYERS HOLDINGS INC SECURITY NATL FINL CP -CL A HCC INSURANCE HOLDINGS INC ERIE INDEMNITY CO -CL A SYMETRA FINANCIAL CORP INDEPENDENCE HOLDING CO EXTRA SPACE STORAGE INC TORCHMARK CORP PROTECTIVE LIFE CORP FEDERATED NATIONAL HLDG CO TRIPLE-S MANAGEMENT CORP STANCORP FINANCIAL GROUP INC FIRST ACCEPTANCE CORP UNITED FIRE GROUP INC TORCHMARK CORP FIRST AMERICAN FINANCIAL CP UNIVERSAL AMERICAN CORP UNIVERSAL AMERICAN CORP HALLMARK FINANCIAL SERVICES UNUM GROUP UNUM GROUP HANOVER INSURANCE GROUP INC UTG INC HARTFORD FINANCIAL SERVICES SIC CODE 6324 HCC INSURANCE HOLDINGS INC SIC CODE 632 AETNA INC HCI GROUP INC AETNA INC AMERICAN INDEPENDENCE CORP HILLTOP HOLDINGS INC AFLAC INC ANTHEM INC HORACE MANN EDUCATORS CORP AMERICAN INDEPENDENCE CORP ASSURANT INC INFINITY PROPERTY & CAS CORP AMERICAN NATIONAL INSURANCE BIOSCRIP INC KEMPER CORP/DE ANTHEM INC CENTENE CORP LOEWS CORP ASSURANT INC CIGNA CORP MARKEL CORP ATLANTIC AMERICAN CORP DAVITA HEALTHCARE PARTNERS MDC HOLDINGS INC BERKSHIRE HATHAWAY HEALTH NET INC MEADOWBROOK INS GROUP INC BIOSCRIP INC HUMANA INC MERCURY GENERAL CORP CENTENE CORP MOLINA HEALTHCARE INC NATIONAL INTERSTATE CORP CIGNA CORP TRIPLE-S MANAGEMENT CORP NATIONAL SEC GROUP INC CNO FINANCIAL GROUP INC UNITEDHEALTH GROUP INC NAVIGATORS GROUP INC DAVITA HEALTHCARE PARTNERS WELLCARE HEALTH PLANS INC OLD REPUBLIC INTL CORP GENWORTH FINANCIAL INC PROGRESSIVE CORP-OHIO HCC INSURANCE HOLDINGS INC SIC CODE 633 RLI CORP HEALTH NET INC AFFIRMATIVE INS HOLDINGS INC RUSH ENTERPRISES INC HUMANA INC ALLEGHANY CORP SAFETY INSURANCE GROUP INC INDEPENDENCE HOLDING CO ALLSTATE CORP SELECTIVE INS GROUP INC MOLINA HEALTHCARE INC AMERCO STATE AUTO FINANCIAL CORP PROTECTIVE LIFE CORP AMERICAN FINANCIAL GROUP INC TRAVELERS COS INC STANCORP FINANCIAL GROUP INC AMERICAN INTERNATIONAL GROUP TRIPLE-S MANAGEMENT CORP TORCHMARK CORP AMERICAN NATIONAL INSURANCE UNICO AMERICAN CORP TRIPLE-S MANAGEMENT CORP AMERISAFE INC UNITED FIRE GROUP INC UNITEDHEALTH GROUP INC AMTRUST FINANCIAL SERVICES UNITED INSURANCE HOLDINGS CO UNIVERSAL AMERICAN CORP ATLANTIC AMERICAN CORP UNIVERSAL INSURANCE HLDGS UNUM GROUP BALDWIN & LYONS -CL B WELLCARE HEALTH PLANS INC BERKLEY (W R) CORP SIC CODE 635 BIGLARI HOLDINGS INC AMERICAN INTERNATIONAL GROUP SIC CODE 6321 CHUBB CORP ASSURANT INC AFLAC INC CINCINNATI FINANCIAL CORP CBIZ INC AMERICAN NATIONAL INSURANCE CNA FINANCIAL CORP GENWORTH FINANCIAL INC ATLANTIC AMERICAN CORP COVANTA HOLDING CORP HCC INSURANCE HOLDINGS INC 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 72 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 KEMPER CORP/DE CBRE GROUP INC SJW CORP MARKEL CORP CENTERPOINT ENERGY INC SONO-TEK CORP MBIA INC CHINA HOUSING & LAND DEV INC SOUTHWESTERN ENERGY CO MGIC INVESTMENT CORP/WI COMSTOCK HOLDING COS INC ST JOE CO PROASSURANCE CORP CONNECTICUT WATER SVC INC STANCORP FINANCIAL GROUP INC RADIAN GROUP INC CONSOLIDATED TOMOKA LAND CO STONEMOR PARTNERS LP RLI CORP CONTINENTAL MATERIALS CORP STRATUS PROPERTIES INC STATE AUTO FINANCIAL CORP DELTIC TIMBER CORP TEJON RANCH CO TRAVELERS COS INC DINEEQUITY INC TRIO-TECH INTERNATIONAL FIRST ACCEPTANCE CORP VAIL RESORTS INC SIC CODE 64 FIRST CHOICE HEALTHCARE SLT VECTOR GROUP LTD ARTHUR J GALLAGHER & CO FIRST HARTFORD CORP VESTIN REALTY MORTGAGE II BROWN & BROWN INC FORD MOTOR CO W P CAREY INC CORVEL CORP FOREST CITY ENTRPRS -CL A WEYERHAEUSER CO CRAWFORD & CO FORESTAR GROUP INC WISCONSIN ENERGY CORP EHEALTH INC FRP HOLDINGS INC WYNDHAM WORLDWIDE CORP FORTEGRA FINANCIAL CORP GENCORP INC HARBINGER GROUP INC GRIFFIN LAND & NURSERIES INC SIC CODE 651 HEALTH NET INC HELMERICH & PAYNE AARON'S INC HMS HOLDINGS CORP HOMEFED CORP ALICO INC HOOPER HOLMES INC HOWARD HUGHES CORP AMERCO LANDSTAR SYSTEM INC ICAHN ENTERPRISES LP AMERICAN FINANCIAL GROUP INC LIFE PARTNERS HOLDINGS INC IMPAC MORTGAGE HOLDINGS INC AMERICAN REALTY INVESTORS MARSH & MCLENNAN COS INCOME OPPORTUNITY RLTY INVS BOOKS-A-MILLION INC NEWTEK BUSINESS SERVICES CP INTERGROUP CORP CAPITAL PROPERTIES INC PROGRESSIVE CORP-OHIO INTERVAL LEISURE GROUP CONSOLIDATED TOMOKA LAND CO PROTECTIVE LIFE CORP JONES LANG LASALLE INC CONTINENTAL MATERIALS CORP TENET HEALTHCARE CORP KENNEDY-WILSON HOLDINGS INC DINEEQUITY INC UNICO AMERICAN CORP MAUI LAND & PINEAPPLE CO FIRST ACCEPTANCE CORP VERISK ANALYTICS INC MAYS (J.W.) INC FIRST CHOICE HEALTHCARE SLT WALTER INVESTMENT MGMT CORP MEADWESTVACO CORP FIRST HARTFORD CORP NATIONAL AMERN UNIV HLDG INC FOREST CITY ENTRPRS -CL A SIC CODE 65 NEW ENGLAND REALTY ASSC -LP FRP HOLDINGS INC A V HOMES INC OCH-ZIFF CAPITAL MGMT LP GRIFFIN LAND & NURSERIES INC AARON'S INC OIL STATES INTL INC HELMERICH & PAYNE ALICO INC PICO HOLDINGS INC INTERGROUP CORP AMERCO PROGREEN PROPERTIES INC MAUI LAND & PINEAPPLE CO AMERICAN FINANCIAL GROUP INC PRUDENTIAL FINANCIAL INC MAYS (J.W.) INC AMERICAN INTERNATIONAL INDS READING INTL INC -CL A NATIONAL AMERN UNIV HLDG INC AMERICAN REALTY INVESTORS RED LION HOTELS CORP NEW ENGLAND REALTY ASSC -LP AMREP CORP REIS INC OCH-ZIFF CAPITAL MGMT LP BARNWELL INDUSTRIES RESOURCE AMERICA INC OIL STATES INTL INC BGC PARTNERS INC REX AMERICAN RESOURCES CORP PROGREEN PROPERTIES INC BLUE RIDGE REAL ESTATE CO SANTA FE FINANCIAL CORP READING INTL INC -CL A BOOKS-A-MILLION INC SERVICE CORP INTERNATIONAL RED LION HOTELS CORP CAPITAL PROPERTIES INC SHERWIN-WILLIAMS CO REX AMERICAN RESOURCES CORP 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 73 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 SANTA FE FINANCIAL CORP STONEMOR PARTNERS LP ST JOE CO SHERWIN-WILLIAMS CO WYNDHAM WORLDWIDE CORP STRATUS PROPERTIES INC SJW CORP TEJON RANCH CO SONO-TEK CORP SIC CODE 655 VAIL RESORTS INC STANCORP FINANCIAL GROUP INC A V HOMES INC WEYERHAEUSER CO STRATUS PROPERTIES INC AMREP CORP TEJON RANCH CO BARNWELL INDUSTRIES SIC CODE 67 VECTOR GROUP LTD CBRE GROUP INC AARON'S INC VESTIN REALTY MORTGAGE II CHINA HOUSING & LAND DEV INC ACACIA RESEARCH CORP W P CAREY INC DELTIC TIMBER CORP ACADIA REALTY TRUST FIRST HARTFORD CORP AG MORTGAGE INVESTMENT TRUST SIC CODE 6512 FOREST CITY ENTRPRS -CL A AGREE REALTY CORP AARON'S INC FORESTAR GROUP INC ALEXANDER'S INC AMERCO GENCORP INC ALEXANDRIA R E EQUITIES INC AMERICAN FINANCIAL GROUP INC HOMEFED CORP ALLIANCEBERNSTEIN HOLDING LP AMERICAN REALTY INVESTORS HOWARD HUGHES CORP AMERCO BOOKS-A-MILLION INC ICAHN ENTERPRISES LP AMERICAN ASSETS TRUST INC DINEEQUITY INC INCOME OPPORTUNITY RLTY INVS AMERICAN CAMPUS COMMUNITIES FIRST ACCEPTANCE CORP MAUI LAND & PINEAPPLE CO AMERICAN CAPITAL AGENCY CORP FIRST CHOICE HEALTHCARE SLT MEADWESTVACO CORP AMERICAN CAPITAL LTD FOREST CITY ENTRPRS -CL A PICO HOLDINGS INC AMERICAN INTERNATIONAL GROUP FRP HOLDINGS INC SERVICE CORP INTERNATIONAL AMERICAN TOWER CORP GRIFFIN LAND & NURSERIES INC ST JOE CO ANNALY CAPITAL MANAGEMENT HELMERICH & PAYNE STRATUS PROPERTIES INC ANWORTH MTG ASSET CORP MAYS (J.W.) INC TEJON RANCH CO APARTMENT INVST & MGMT CO READING INTL INC -CL A VAIL RESORTS INC APOLLO COMMERCIAL RE FIN INC RED LION HOTELS CORP WEYERHAEUSER CO APOLLO INVESTMENT CORP SHERWIN-WILLIAMS CO APOLLO RESIDENTIAL MTG INC SONO-TEK CORP SIC CODE 6552 ARBOR REALTY TRUST INC STRATUS PROPERTIES INC A V HOMES INC ARES CAPITAL CORP VECTOR GROUP LTD AMREP CORP ARLINGTON ASSET INVESTMENT VESTIN REALTY MORTGAGE II BARNWELL INDUSTRIES ASHFORD HOSPITALITY TRUST W P CAREY INC CBRE GROUP INC ASSOCIATED ESTATES RLTY CORP CHINA HOUSING & LAND DEV INC AVALONBAY COMMUNITIES INC SIC CODE 653 DELTIC TIMBER CORP AVISTA CORP BGC PARTNERS INC FIRST HARTFORD CORP BERKSHIRE INCOME REALTY INC BLUE RIDGE REAL ESTATE CO FOREST CITY ENTRPRS -CL A BIMINI CAPITAL MANAGEMENT CHINA HOUSING & LAND DEV INC FORESTAR GROUP INC BIOMED REALTY TRUST INC COMSTOCK HOLDING COS INC GENCORP INC BLACKROCK KELSO CAPITAL CORP CONNECTICUT WATER SVC INC HOMEFED CORP BLACKSTONE MORTGAGE TR INC IMPAC MORTGAGE HOLDINGS INC HOWARD HUGHES CORP BOSTON PROPERTIES INC INTERVAL LEISURE GROUP ICAHN ENTERPRISES LP BP PRUDHOE BAY ROYALTY TRUST JONES LANG LASALLE INC INCOME OPPORTUNITY RLTY INVS BRANDYWINE REALTY TRUST KENNEDY-WILSON HOLDINGS INC MAUI LAND & PINEAPPLE CO BRT REALTY TRUST PRUDENTIAL FINANCIAL INC MEADWESTVACO CORP BUILD-A-BEAR WORKSHOP INC RESOURCE AMERICA INC PICO HOLDINGS INC CAMDEN PROPERTY TRUST 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 74 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 CAMPUS CREST COMMUNITIES INC EQUITY COMMONWEALTH HUDSON PACIFIC PPTYS INC CAPITAL ONE FINANCIAL CORP EQUITY LIFESTYLE PROPERTIES HUGOTON ROYALTY TRUST CAPITAL SOUTHWEST CORP EQUITY ONE INC ICONIX BRAND GROUP INC CAPSTEAD MORTGAGE CORP EQUITY RESIDENTIAL IDACORP INC CBL & ASSOCIATES PPTYS INC ESSEX PROPERTY TRUST IMAGE SENSING SYSTEMS INC CEDAR REALTY TRUST INC EXCEL TRUST INC INLAND REAL ESTATE CORP CEVA INC EXTRA SPACE STORAGE INC INTERDIGITAL INC CHATHAM LODGING TRUST FEDERAL REALTY INVESTMENT TR INTL RECTIFIER CORP CHEROKEE INC/DE FELCOR LODGING TRUST INC INVENT VENTURES INC CHESAPEAKE LODGING TRUST FIDUS INVESTMENT CORP INVESCO MORTGAGE CAPITAL INC CHIMERA INVESTMENT CORP FIFTH STREET FINANCE CORP INVESTORS REAL ESTATE TRUST CHOICE HOTELS INTL INC FIRST INDL REALTY TRUST INC ISTAR FINANCIAL INC CHURCHILL DOWNS INC FIRST POTOMAC REALTY TRUST ITUS CORP CITIGROUP INC FIRSTHAND TECHNOLOGY VALU FD KAYNE ANDERSON ENERGY DEV CO COACH INC FORESTAR GROUP INC KCAP FINANCIAL INC COLONY FINANCIAL INC FRANKLIN STREET PROPERTIES KILROY REALTY CORP COMPETITIVE TECHNOLOGIES INC FRP HOLDINGS INC KIMCO REALTY CORP CONOCOPHILLIPS FULL CIRCLE CAPITAL CORP KITE REALTY GROUP TRUST CORENERGY INFRASTRUCTURE TR GENERAL GROWTH PPTYS INC KRISPY KREME DOUGHNUTS INC CORESITE REALTY CORP GETTY REALTY CORP LANDEC CORP COUSINS PROPERTIES INC GLADSTONE CAPITAL CORP LASALLE HOTEL PROPERTIES CROSS TIMBERS ROYALTY TRUST GLADSTONE COMMERCIAL CORP LEXINGTON REALTY TRUST CUBESMART GLIMCHER REALTY TRUST LTC PROPERTIES INC DCT INDUSTRIAL TRUST INC GNC HOLDINGS INC LUBYS INC DDR CORP GOLUB CAPITAL BDC INC LULULEMON ATHLETICA INC DIAMONDROCK HOSPITALITY CO GOVERNMENT PPTYS INCOME TR MACERICH CO DIGITAL REALTY TRUST INC GRAMERCY PROPERTY TRUST INC MACK-CALI REALTY CORP DINEEQUITY INC GREAT NORTHERN IRON ORE PPTY MADDEN STEVEN LTD DISNEY (WALT) CO GREENSHIFT CORP MAIN STREET CAPITAL CORP DOLBY LABORATORIES INC GUESS INC MARINE PETROLEUM TRUST DOMINION RES BLACK WARRIOR GYRODYNE CO OF AMERICA INC MARRIOTT INTL INC DORCHESTER MINERALS -LP HARRIS & HARRIS GROUP MCEWEN MINING INC DOUGLAS EMMETT INC HATTERAS FINANCIAL CORP MCG CAPITAL CORP DREAMWORKS ANIMATION INC HAWAIIAN ELECTRIC INDS MEDALLION FINANCIAL CORP DST SYSTEMS INC HCP INC MEDICAL PROPERTIES TRUST DTS INC HEALTH CARE REIT INC MEDLEY CAPITAL CORP DUKE REALTY CORP HEALTHCARE REALTY TRUST INC MESA ROYALTY TRUST DUPONT FABROS TECHNOLOGY INC HERCULES TECH GROWTH CAP INC MESABI TRUST DYNEX CAPITAL INC HERSHA HOSPITALITY TRUST MFA FINANCIAL INC E DIGITAL CORP HEWLETT-PACKARD CO MICROCHIP TECHNOLOGY INC EASTGROUP PROPERTIES HIGHWOODS PROPERTIES INC MID-AMERICA APT CMNTYS INC EASTMAN CHEMICAL CO HMG COURTLAND PROPERTIES MMA CAPITAL MGMT LLC EDUCATION REALTY TRUST INC HOME PROPERTIES INC MONMOUTH RE INVESTMENT CP ELLIS PERRY INTL INC HORIZON TECHNOLOGY FINANCE MVC CAPITAL INC ENVIROSTAR INC HOSPITALITY PROPERTIES TRUST NATIONAL HEALTH INVESTORS EPR PROPERTIES HOST HOTELS & RESORTS INC NATIONAL RETAIL PROPERTIES 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 75 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 NATURAL ALTERNATIVES RAMBUS INC TERRENO REALTY CORP NATURAL RESOURCE PARTNERS LP RAMCO-GERSHENSON PROPERTIES TEXAS PACIFIC LAND TRUST NAUTILUS INC RAND CAPITAL CORP THL CREDIT INC NAVIENT CORP RAYONIER INC TICC CAPITAL CORP NETWORK-1 TECHNOLOGIES INC REALTY INCOME CORP TIDELANDS ROYALTY TRUST B NEW MOUNTAIN FINANCE CORP RED LION HOTELS CORP TORCHMARK CORP NEW YORK MORTGAGE TRUST INC REDWOOD TRUST INC TRIANGLE CAPITAL CORP NEWCASTLE INVESTMENT CORP REGENCY CENTERS CORP TWO HARBORS INVESTMENT CORP NEWTEK BUSINESS SERVICES CP RESOURCE AMERICA INC U S GLOBAL INVESTORS INC NOBLE ROMANS INC RESOURCE CAPITAL CORP UDR INC NORTH EUROPEAN OIL RTY TR RETAIL OPPORTUNITY INVTS CP UMH PROPERTIES INC NORTHEAST UTILITIES RHINO RESOURCE PARTNERS LP UNIVERSAL HEALTH RLTY INCOME NORTHSTAR REALTY FINANCE CP RLJ LODGING TRUST UNWIRED PLANET INC NVIDIA CORP ROCKY MOUNTAIN CHOC FACT INC VENTAS INC OHA INVESTMENT CORP ROUSE PROPERTIES INC VESTIN REALTY MORTGAGE I INC OMEGA HEALTHCARE INVS INC ROYAL GOLD INC VESTIN REALTY MORTGAGE II ONE LIBERTY PROPERTIES INC RUTHS HOSPITALITY GROUP INC VORNADO REALTY TRUST OXFORD LANE CAPITAL CORP RYMAN HOSPITALITY PPTYS INC WASHINGTON REIT PACIFIC OFFICE PROPERTIES TR SABINE ROYALTY TRUST WEINGARTEN REALTY INVST PANERA BREAD CO SABRA HEALTH CARE REIT INC WEYERHAEUSER CO PAPA JOHNS INTERNATIONAL INC SAN JUAN BASIN ROYALTY TR WHITESTONE REIT PARKWAY PROPERTIES INC SAUL CENTERS INC WINMARK CORP PEBBLEBROOK HOTEL TRUST SENIOR HOUSING PPTYS TRUST WINTHROP REALTY TRUST PENNANTPARK FLOATING RT CAP SEQUENTIAL BRANDS GROUP INC XCEL BRANDS INC PENNANTPARK INVESTMENT CORP SIMON PROPERTY GROUP INC AMERICA FIRST MULTIFAMILY-LP PENNSYLVANIA RE INVS TRUST SL GREEN REALTY CORP CYS INVESTMENTS INC PENNYMAC MORTGAGE INVEST TR SOLAR CAPITAL LTD GLADSTONE INVESTMENT CORP/DE PEREGRINE PHARMACEUTICLS INC SOLAR SENIOR CAPITAL LTD SARATOGA INVESTMENT CORP PERMIAN BASIN ROYALTY TRUST SOTHEBY'S CORP OFFICE PPTYS TR INC PICO HOLDINGS INC SOTHERLY HOTELS INC FIRST REAL ESTATE INV TR NJ PIEDMONT OFFICE REALTY TRUST SOVRAN SELF STORAGE INC LIBERTY PROPERTY TRUST PLUM CREEK TIMBER CO INC SPECTRA ENERGY CORP URSTADT BIDDLE PROPERTIES POPEYES LOUISIANA KITCHEN ST JOE CO POST PROPERTIES INC STAG INDUSTRIAL INC SIC CODE 679 POTLATCH CORP STARWOOD PROPERTY TRUST INC AARON'S INC PRECISION AUTO CARE INC STRATEGIC HOTELS & RESORTS ACACIA RESEARCH CORP PREFERRED APARTMENT CMNTYS SUMMIT HOTEL PROPERTIES INC ACADIA REALTY TRUST PRESIDENTIAL RLTY NEW -CL B SUN COMMUNITIES INC AG MORTGAGE INVESTMENT TRUST PROLOGIS INC SUNSTONE HOTEL INVESTORS INC AGREE REALTY CORP PROSPECT CAPITAL CORP SUPERTEL HOSPITALITY INC ALEXANDER'S INC PS BUSINESS PARKS SWK HOLDINGS CORP ALEXANDRIA R E EQUITIES INC PUBLIC SERVICE ENTRP GRP INC SWS GROUP INC ALLIANCEBERNSTEIN HOLDING LP PUBLIC STORAGE TANGER FACTORY OUTLET CTRS AMERCO QUALCOMM INC TAUBMAN CENTERS INC AMERICAN ASSETS TRUST INC RAIT FINANCIAL TRUST TC PIPELINES LP AMERICAN CAMPUS COMMUNITIES RALPH LAUREN CORP TEJON RANCH CO AMERICAN CAPITAL AGENCY CORP 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 76 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 AMERICAN CAPITAL LTD CORESITE REALTY CORP GETTY REALTY CORP AMERICAN INTERNATIONAL GROUP COUSINS PROPERTIES INC GLADSTONE CAPITAL CORP AMERICAN TOWER CORP CROSS TIMBERS ROYALTY TRUST GLADSTONE COMMERCIAL CORP ANNALY CAPITAL MANAGEMENT CUBESMART GLIMCHER REALTY TRUST ANWORTH MTG ASSET CORP DCT INDUSTRIAL TRUST INC GNC HOLDINGS INC APARTMENT INVST & MGMT CO DDR CORP GOLUB CAPITAL BDC INC APOLLO COMMERCIAL RE FIN INC DIAMONDROCK HOSPITALITY CO GOVERNMENT PPTYS INCOME TR APOLLO INVESTMENT CORP DIGITAL REALTY TRUST INC GRAMERCY PROPERTY TRUST INC APOLLO RESIDENTIAL MTG INC DINEEQUITY INC GREAT NORTHERN IRON ORE PPTY ARBOR REALTY TRUST INC DISNEY (WALT) CO GREENSHIFT CORP ARES CAPITAL CORP DOLBY LABORATORIES INC GUESS INC ARLINGTON ASSET INVESTMENT DOMINION RES BLACK WARRIOR GYRODYNE CO OF AMERICA INC ASHFORD HOSPITALITY TRUST DORCHESTER MINERALS -LP HARRIS & HARRIS GROUP ASSOCIATED ESTATES RLTY CORP DOUGLAS EMMETT INC HATTERAS FINANCIAL CORP AVALONBAY COMMUNITIES INC DREAMWORKS ANIMATION INC HAWAIIAN ELECTRIC INDS AVISTA CORP DST SYSTEMS INC HCP INC BERKSHIRE INCOME REALTY INC DTS INC HEALTH CARE REIT INC BIMINI CAPITAL MANAGEMENT DUKE REALTY CORP HEALTHCARE REALTY TRUST INC BIOMED REALTY TRUST INC DUPONT FABROS TECHNOLOGY INC HERCULES TECH GROWTH CAP INC BLACKROCK KELSO CAPITAL CORP DYNEX CAPITAL INC HERSHA HOSPITALITY TRUST BLACKSTONE MORTGAGE TR INC E DIGITAL CORP HEWLETT-PACKARD CO BOSTON PROPERTIES INC EASTGROUP PROPERTIES HIGHWOODS PROPERTIES INC BP PRUDHOE BAY ROYALTY TRUST EASTMAN CHEMICAL CO HMG COURTLAND PROPERTIES BRANDYWINE REALTY TRUST EDUCATION REALTY TRUST INC HOME PROPERTIES INC BRT REALTY TRUST ELLIS PERRY INTL INC HORIZON TECHNOLOGY FINANCE BUILD-A-BEAR WORKSHOP INC ENVIROSTAR INC HOSPITALITY PROPERTIES TRUST CAMDEN PROPERTY TRUST EPR PROPERTIES HOST HOTELS & RESORTS INC CAMPUS CREST COMMUNITIES INC EQUITY COMMONWEALTH HUDSON PACIFIC PPTYS INC CAPITAL ONE FINANCIAL CORP EQUITY LIFESTYLE PROPERTIES HUGOTON ROYALTY TRUST CAPITAL SOUTHWEST CORP EQUITY ONE INC ICONIX BRAND GROUP INC CAPSTEAD MORTGAGE CORP EQUITY RESIDENTIAL IDACORP INC CBL & ASSOCIATES PPTYS INC ESSEX PROPERTY TRUST IMAGE SENSING SYSTEMS INC CEDAR REALTY TRUST INC EXCEL TRUST INC INLAND REAL ESTATE CORP CEVA INC EXTRA SPACE STORAGE INC INTERDIGITAL INC CHATHAM LODGING TRUST FEDERAL REALTY INVESTMENT TR INTL RECTIFIER CORP CHEROKEE INC/DE FELCOR LODGING TRUST INC INVENT VENTURES INC CHESAPEAKE LODGING TRUST FIDUS INVESTMENT CORP INVESCO MORTGAGE CAPITAL INC CHIMERA INVESTMENT CORP FIFTH STREET FINANCE CORP INVESTORS REAL ESTATE TRUST CHOICE HOTELS INTL INC FIRST INDL REALTY TRUST INC ISTAR FINANCIAL INC CHURCHILL DOWNS INC FIRST POTOMAC REALTY TRUST ITUS CORP CITIGROUP INC FIRSTHAND TECHNOLOGY VALU FD KAYNE ANDERSON ENERGY DEV CO COACH INC FORESTAR GROUP INC KCAP FINANCIAL INC COLONY FINANCIAL INC FRANKLIN STREET PROPERTIES KILROY REALTY CORP COMPETITIVE TECHNOLOGIES INC FRP HOLDINGS INC KIMCO REALTY CORP CONOCOPHILLIPS FULL CIRCLE CAPITAL CORP KITE REALTY GROUP TRUST CORENERGY INFRASTRUCTURE TR GENERAL GROWTH PPTYS INC KRISPY KREME DOUGHNUTS INC 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 77 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 LANDEC CORP PAPA JOHNS INTERNATIONAL INC SAN JUAN BASIN ROYALTY TR LASALLE HOTEL PROPERTIES PARKWAY PROPERTIES INC SAUL CENTERS INC LEXINGTON REALTY TRUST PEBBLEBROOK HOTEL TRUST SENIOR HOUSING PPTYS TRUST LTC PROPERTIES INC PENNANTPARK FLOATING RT CAP SEQUENTIAL BRANDS GROUP INC LUBYS INC PENNANTPARK INVESTMENT CORP SIMON PROPERTY GROUP INC LULULEMON ATHLETICA INC PENNSYLVANIA RE INVS TRUST SL GREEN REALTY CORP MACERICH CO PENNYMAC MORTGAGE INVEST TR SOLAR CAPITAL LTD MACK-CALI REALTY CORP PEREGRINE PHARMACEUTICLS INC SOLAR SENIOR CAPITAL LTD MADDEN STEVEN LTD PERMIAN BASIN ROYALTY TRUST SOTHEBY'S MAIN STREET CAPITAL CORP PICO HOLDINGS INC SOTHERLY HOTELS INC MARINE PETROLEUM TRUST PIEDMONT OFFICE REALTY TRUST SOVRAN SELF STORAGE INC MARRIOTT INTL INC PLUM CREEK TIMBER CO INC SPECTRA ENERGY CORP MCEWEN MINING INC POPEYES LOUISIANA KITCHEN ST JOE CO MCG CAPITAL CORP POST PROPERTIES INC STAG INDUSTRIAL INC MEDALLION FINANCIAL CORP POTLATCH CORP STARWOOD PROPERTY TRUST INC MEDICAL PROPERTIES TRUST PRECISION AUTO CARE INC STRATEGIC HOTELS & RESORTS MEDLEY CAPITAL CORP PREFERRED APARTMENT CMNTYS SUMMIT HOTEL PROPERTIES INC MESA ROYALTY TRUST PRESIDENTIAL RLTY NEW -CL B SUN COMMUNITIES INC MESABI TRUST PROLOGIS INC SUNSTONE HOTEL INVESTORS INC MFA FINANCIAL INC PROSPECT CAPITAL CORP SUPERTEL HOSPITALITY INC MICROCHIP TECHNOLOGY INC PS BUSINESS PARKS SWK HOLDINGS CORP MID-AMERICA APT CMNTYS INC PUBLIC SERVICE ENTRP GRP INC SWS GROUP INC MMA CAPITAL MGMT LLC PUBLIC STORAGE TANGER FACTORY OUTLET CTRS MONMOUTH RE INVESTMENT CP QUALCOMM INC TAUBMAN CENTERS INC MVC CAPITAL INC RAIT FINANCIAL TRUST TC PIPELINES LP NATIONAL HEALTH INVESTORS RALPH LAUREN CORP TEJON RANCH CO NATIONAL RETAIL PROPERTIES RAMBUS INC TERRENO REALTY CORP NATURAL ALTERNATIVES RAMCO-GERSHENSON PROPERTIES TEXAS PACIFIC LAND TRUST NATURAL RESOURCE PARTNERS LP RAND CAPITAL CORP THL CREDIT INC NAUTILUS INC RAYONIER INC TICC CAPITAL CORP NAVIENT CORP REALTY INCOME CORP TIDELANDS ROYALTY TRUST B NETWORK-1 TECHNOLOGIES INC RED LION HOTELS CORP TORCHMARK CORP NEW MOUNTAIN FINANCE CORP REDWOOD TRUST INC TRIANGLE CAPITAL CORP NEW YORK MORTGAGE TRUST INC REGENCY CENTERS CORP TWO HARBORS INVESTMENT CORP NEWCASTLE INVESTMENT CORP RESOURCE AMERICA INC U S GLOBAL INVESTORS INC NEWTEK BUSINESS SERVICES CP RESOURCE CAPITAL CORP UDR INC NOBLE ROMANS INC RETAIL OPPORTUNITY INVTS CP UMH PROPERTIES INC NORTH EUROPEAN OIL RTY TR RHINO RESOURCE PARTNERS LP UNIVERSAL HEALTH RLTY INCOME NORTHEAST UTILITIES RLJ LODGING TRUST UNWIRED PLANET INC NORTHSTAR REALTY FINANCE CP ROCKY MOUNTAIN CHOC FACT INC VENTAS INC NVIDIA CORP ROUSE PROPERTIES INC VESTIN REALTY MORTGAGE I INC OHA INVESTMENT CORP ROYAL GOLD INC VESTIN REALTY MORTGAGE II OMEGA HEALTHCARE INVS INC RUTHS HOSPITALITY GROUP INC VORNADO REALTY TRUST ONE LIBERTY PROPERTIES INC RYMAN HOSPITALITY PPTYS INC WASHINGTON REIT PACIFIC OFFICE PROPERTIES TR SABINE ROYALTY TRUST WEINGARTEN REALTY INVST PANERA BREAD CO SABRA HEALTH CARE REIT INC WEYERHAEUSER CO 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 78 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 WHITESTONE REIT ELLIS PERRY INTL INC AMERICAN ASSETS TRUST INC WINMARK CORP ENVIROSTAR INC AMERICAN CAMPUS COMMUNITIES WINTHROP REALTY TRUST GNC HOLDINGS INC AMERICAN CAPITAL AGENCY CORP XCEL BRANDS INC GREENSHIFT CORP AMERICAN TOWER CORP AMERICA FIRST MULTIFAMILY-LP GUESS INC ANNALY CAPITAL MANAGEMENT CYS INVESTMENTS INC HEWLETT-PACKARD CO ANWORTH MTG ASSET CORP GLADSTONE INVESTMENT CORP/DE ICONIX BRAND GROUP INC APARTMENT INVST & MGMT CO SARATOGA INVESTMENT CORP IMAGE SENSING SYSTEMS INC APOLLO COMMERCIAL RE FIN INC CORP OFFICE PPTYS TR INC INTERDIGITAL INC APOLLO RESIDENTIAL MTG INC FIRST REAL ESTATE INV TR NJ INTL RECTIFIER CORP ARBOR REALTY TRUST INC LIBERTY PROPERTY TRUST ITUS CORP ASHFORD HOSPITALITY TRUST URSTADT BIDDLE PROPERTIES KRISPY KREME DOUGHNUTS INC ASSOCIATED ESTATES RLTY CORP LANDEC CORP AVALONBAY COMMUNITIES INC SIC CODE 6792 LUBYS INC BERKSHIRE INCOME REALTY INC BP PRUDHOE BAY ROYALTY TRUST LULULEMON ATHLETICA INC BIMINI CAPITAL MANAGEMENT CROSS TIMBERS ROYALTY TRUST MADDEN STEVEN LTD BIOMED REALTY TRUST INC DOMINION RES BLACK WARRIOR MARRIOTT INTL INC BLACKSTONE MORTGAGE TR INC DORCHESTER MINERALS -LP MICROCHIP TECHNOLOGY INC BOSTON PROPERTIES INC FORESTAR GROUP INC NATURAL ALTERNATIVES BRANDYWINE REALTY TRUST HUGOTON ROYALTY TRUST NAUTILUS INC BRT REALTY TRUST MARINE PETROLEUM TRUST NETWORK-1 TECHNOLOGIES INC CAMDEN PROPERTY TRUST MESA ROYALTY TRUST NOBLE ROMANS INC CAMPUS CREST COMMUNITIES INC NORTH EUROPEAN OIL RTY TR NVIDIA CORP CAPSTEAD MORTGAGE CORP PERMIAN BASIN ROYALTY TRUST PANERA BREAD CO CBL & ASSOCIATES PPTYS INC SABINE ROYALTY TRUST PAPA JOHNS INTERNATIONAL INC CEDAR REALTY TRUST INC SAN JUAN BASIN ROYALTY TR PEREGRINE PHARMACEUTICLS INC CHATHAM LODGING TRUST TEJON RANCH CO POPEYES LOUISIANA KITCHEN CHESAPEAKE LODGING TRUST TEXAS PACIFIC LAND TRUST PRECISION AUTO CARE INC CHIMERA INVESTMENT CORP TIDELANDS ROYALTY TRUST B QUALCOMM INC COLONY FINANCIAL INC RALPH LAUREN CORP CORENERGY INFRASTRUCTURE TR SIC CODE 6794 RAMBUS INC CORESITE REALTY CORP AARON'S INC RED LION HOTELS CORP COUSINS PROPERTIES INC ACACIA RESEARCH CORP ROCKY MOUNTAIN CHOC FACT INC CUBESMART BUILD-A-BEAR WORKSHOP INC RUTHS HOSPITALITY GROUP INC DCT INDUSTRIAL TRUST INC CEVA INC SEQUENTIAL BRANDS GROUP INC DDR CORP CHEROKEE INC/DE SOTHEBY'S DIAMONDROCK HOSPITALITY CO CHOICE HOTELS INTL INC UNWIRED PLANET INC DIGITAL REALTY TRUST INC COACH INC WINMARK CORP DOUGLAS EMMETT INC COMPETITIVE TECHNOLOGIES INC XCEL BRANDS INC DUKE REALTY CORP CONOCOPHILLIPS DUPONT FABROS TECHNOLOGY INC DINEEQUITY INC SIC CODE 6798 DYNEX CAPITAL INC DISNEY (WALT) CO ACADIA REALTY TRUST EASTGROUP PROPERTIES DOLBY LABORATORIES INC AG MORTGAGE INVESTMENT TRUST EDUCATION REALTY TRUST INC DREAMWORKS ANIMATION INC AGREE REALTY CORP EPR PROPERTIES DTS INC ALEXANDER'S INC EQUITY COMMONWEALTH E DIGITAL CORP ALEXANDRIA R E EQUITIES INC EQUITY LIFESTYLE PROPERTIES 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 79 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 EQUITY ONE INC NEW YORK MORTGAGE TRUST INC TAUBMAN CENTERS INC EQUITY RESIDENTIAL NEWCASTLE INVESTMENT CORP TERRENO REALTY CORP ESSEX PROPERTY TRUST NORTHSTAR REALTY FINANCE CP TWO HARBORS INVESTMENT CORP EXCEL TRUST INC OMEGA HEALTHCARE INVS INC UDR INC EXTRA SPACE STORAGE INC ONE LIBERTY PROPERTIES INC UMH PROPERTIES INC FEDERAL REALTY INVESTMENT TR PACIFIC OFFICE PROPERTIES TR UNIVERSAL HEALTH RLTY INCOME FELCOR LODGING TRUST INC PARKWAY PROPERTIES INC VENTAS INC FIRST INDL REALTY TRUST INC PEBBLEBROOK HOTEL TRUST VESTIN REALTY MORTGAGE I INC FIRST POTOMAC REALTY TRUST PENNSYLVANIA RE INVS TRUST VORNADO REALTY TRUST FRANKLIN STREET PROPERTIES PENNYMAC MORTGAGE INVEST TR WASHINGTON REIT GENERAL GROWTH PPTYS INC PIEDMONT OFFICE REALTY TRUST WEINGARTEN REALTY INVST GETTY REALTY CORP PLUM CREEK TIMBER CO INC WEYERHAEUSER CO GLADSTONE COMMERCIAL CORP POST PROPERTIES INC WHITESTONE REIT GLIMCHER REALTY TRUST POTLATCH CORP WINTHROP REALTY TRUST GOVERNMENT PPTYS INCOME TR PREFERRED APARTMENT CMNTYS CYS INVESTMENTS INC GRAMERCY PROPERTY TRUST INC PRESIDENTIAL RLTY NEW -CL B CORP OFFICE PPTYS TR INC GYRODYNE CO OF AMERICA INC PROLOGIS INC FIRST REAL ESTATE INV TR NJ HATTERAS FINANCIAL CORP PS BUSINESS PARKS LIBERTY PROPERTY TRUST HCP INC PUBLIC STORAGE URSTADT BIDDLE PROPERTIES HEALTH CARE REIT INC RAIT FINANCIAL TRUST HEALTHCARE REALTY TRUST INC RAMCO-GERSHENSON PROPERTIES SIC CODE 6799 HERSHA HOSPITALITY TRUST RAYONIER INC ALLIANCEBERNSTEIN HOLDING LP HIGHWOODS PROPERTIES INC REALTY INCOME CORP AMERCO HMG COURTLAND PROPERTIES REDWOOD TRUST INC AMERICAN INTERNATIONAL GROUP HOME PROPERTIES INC REGENCY CENTERS CORP ARES CAPITAL CORP HOSPITALITY PROPERTIES TRUST RESOURCE AMERICA INC ARLINGTON ASSET INVESTMENT HOST HOTELS & RESORTS INC RESOURCE CAPITAL CORP AVISTA CORP HUDSON PACIFIC PPTYS INC RETAIL OPPORTUNITY INVTS CP CAPITAL ONE FINANCIAL CORP INLAND REAL ESTATE CORP RLJ LODGING TRUST CHURCHILL DOWNS INC INVESCO MORTGAGE CAPITAL INC ROUSE PROPERTIES INC CITIGROUP INC INVESTORS REAL ESTATE TRUST RYMAN HOSPITALITY PPTYS INC DST SYSTEMS INC ISTAR FINANCIAL INC SABRA HEALTH CARE REIT INC EASTMAN CHEMICAL CO KILROY REALTY CORP SAUL CENTERS INC HAWAIIAN ELECTRIC INDS KIMCO REALTY CORP SENIOR HOUSING PPTYS TRUST IDACORP INC KITE REALTY GROUP TRUST SIMON PROPERTY GROUP INC INVENT VENTURES INC LASALLE HOTEL PROPERTIES SL GREEN REALTY CORP MCG CAPITAL CORP LEXINGTON REALTY TRUST SOTHERLY HOTELS INC MMA CAPITAL MGMT LLC LTC PROPERTIES INC SOVRAN SELF STORAGE INC NAVIENT CORP MACERICH CO STAG INDUSTRIAL INC NEW MOUNTAIN FINANCE CORP MACK-CALI REALTY CORP STARWOOD PROPERTY TRUST INC NEWTEK BUSINESS SERVICES CP MEDICAL PROPERTIES TRUST STRATEGIC HOTELS & RESORTS NORTHEAST UTILITIES MFA FINANCIAL INC SUMMIT HOTEL PROPERTIES INC PICO HOLDINGS INC MID-AMERICA APT CMNTYS INC SUN COMMUNITIES INC PUBLIC SERVICE ENTRP GRP INC MONMOUTH RE INVESTMENT CP SUNSTONE HOTEL INVESTORS INC SPECTRA ENERGY CORP NATIONAL HEALTH INVESTORS SUPERTEL HOSPITALITY INC ST JOE CO NATIONAL RETAIL PROPERTIES TANGER FACTORY OUTLET CTRS SWK HOLDINGS CORP 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 80 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 SWS GROUP INC ACI WORLDWIDE INC BLACKBAUD INC TC PIPELINES LP ACORN ENERGY INC BLUCORA INC TORCHMARK CORP ACTIVISION BLIZZARD INC BOOZ ALLEN HAMILTON HLDG CP U S GLOBAL INVESTORS INC ACTUA CORP BOTTOMLINE TECHNOLOGIES INC VESTIN REALTY MORTGAGE II ACTUATE CORP BRIDGELINE DIGITAL INC AMERICA FIRST MULTIFAMILY-LP ACXIOM CORP BRINKS CO ADEPT TECHNOLOGY INC BROADRIDGE FINANCIAL SOLUTNS SIC CODE 70 ADVENT SOFTWARE INC BROADSOFT INC CHOICE HOTELS INTL INC AEROCENTURY CORP BROADVISION INC COMSTOCK MINING INC AGILYSYS INC BSQUARE CORP HYATT HOTELS CORP AIR LEASE CORP CA INC INTERGROUP CORP AIR TRANSPORT SERVICES GROUP CACI INTL INC -CL A LOEWS CORP AKAMAI TECHNOLOGIES INC CADENCE DESIGN SYSTEMS INC MARCUS CORP ALERE INC CAI INTERNATIONAL INC MARRIOTT INTL INC ALJ REGIONAL HOLDINGS INC CALIF FIRST NATIONAL BANCORP MARRIOTT VACATIONS WORLDWIDE ALLDIGITAL HOLDINGS INC CALLIDUS SOFTWARE INC MAUI LAND & PINEAPPLE CO ALLIANCE DATA SYSTEMS CORP CAMBIUM LEARNING GROUP INC MORGANS HOTEL GROUP CO ALLSCRIPTS HEALTHCARE SOLTNS CARBONITE INC RED LION HOTELS CORP ALTEVA CARDTRONICS INC SANTA FE FINANCIAL CORP AMBASSADORS GROUP INC CAREVIEW COMMUNICATIONS INC ST JOE CO AMERICAN EXPRESS CO CASS INFORMATION SYSTEMS INC STARWOOD HOTELS&RESORTS WRLD AMERICAN INTERNATIONAL GROUP CBS CORP STRATUS PROPERTIES INC AMERICAN SOFTWARE -CL A CDI CORP TROPICANA ENTERTAINMENT INC AMN HEALTHCARE SERVICES INC CENTURYLINK INC VAIL RESORTS INC AMREP CORP CERNER CORP VIAD CORP ANSYS INC CHESAPEAKE UTILITIES CORP WYNDHAM WORLDWIDE CORP AOL INC CHINA AUTO LOGISTICS INC ARC DOCUMENT SOLUTIONS INC CHINANET ONLINE HOLDINGS SIC CODE 72 ARI NETWORK SERVICES INC CHOICE HOTELS INTL INC BLOCK H & R INC ASCENT CAPITAL GROUP INC CIBER INC BLUCORA INC ASPEN TECHNOLOGY INC CICERO INC CARRIAGE SERVICES INC ASTEA INTERNATIONAL INC CIENA CORP G&K SERVICES INC -CL A ASURE SOFTWARE INC CIMETRIX INC MEDIFAST INC AT&T INC CINCINNATI BELL INC NATIONAL HOLDINGS CORP ATHENAHEALTH INC CINEDIGM CORP REGIS CORP/MN AUTHENTIDATE HOLDING CORP CINTAS CORP SECURITY NATL FINL CP -CL A AUTOBYTEL INC CITRIX SYSTEMS INC SERVICE CORP INTERNATIONAL AUTODESK INC CLEARTRONIC INC STONEMOR PARTNERS LP AUTOMATIC DATA PROCESSING COGNIZANT TECH SOLUTIONS WEIGHT WATCHERS INTL INC AUTOZONE INC COLLABRX INC AUXILIO INC COLLECTORS UNIVERSE INC SIC CODE 73 AWARE INC COMMAND SECURITY CORP

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Guide to Cost of Capital (data through December 2014) 87 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 XO GROUP INC DAILY JOURNAL CORP NATIONAL INSTRUMENTS CORP YAHOO INC DATATRAK INTERNATIONAL INC NET MEDICAL XPRESS SOLUTIONS ZILLOW INC DATAWATCH CORP NETSOL TECHNOLOGIES INC ZIX CORP DEALERTRACK TECHNOLOGIES INC NIC INC ZYNGA INC DESTINY MEDIA TECHNOLOGIES NUANCE COMMUNICATIONS INC VOICE MOBILITY INTL INC DISNEY (WALT) CO ORACLE CORP ADOBE SYSTEMS INC DRONE AVIATION HOLDING CORP PACIFIC WEBWORKS INC IHS INC EBIX INC PAREXEL INTERNATIONAL CORP PROGRESS SOFTWARE CORP EGAIN CORP PARK CITY GROUP INC ELECTRONIC ARTS INC PASSUR AEROSPACE INC SIC CODE 7372 ELECTRONICS FOR IMAGING INC PDF SOLUTIONS INC ACCELERIZE INC EMC CORP/MA PEGASYSTEMS INC ACI WORLDWIDE INC EPIQ SYSTEMS INC PICO HOLDINGS INC ACORN ENERGY INC FIDELITY NATIONAL INFO SVCS PITNEY BOWES INC ACTIVISION BLIZZARD INC GLU MOBILE INC PROS HOLDINGS INC ACTUATE CORP GSE SYSTEMS INC PTC INC ADVENT SOFTWARE INC GUIDANCE SOFTWARE INC QAD INC ALERE INC HEARTLAND PAYMENT SYSTEMS QLIK TECHNOLOGIES INC ALLDIGITAL HOLDINGS INC HEWLETT-PACKARD CO QUMU CORP ALLSCRIPTS HEALTHCARE SOLTNS IMAGE SENSING SYSTEMS INC QUOTEMEDIA INC AMERICAN SOFTWARE -CL A IMMERSION CORP REALNETWORKS INC ANSYS INC IMPERVA INC REALPAGE INC ASPEN TECHNOLOGY INC INFORMATICA CORP RED HAT INC ASTEA INTERNATIONAL INC INFRAX SYSTEMS INC ROSETTA STONE INC AUTHENTIDATE HOLDING CORP INTEL CORP SALESFORCE.COM INC AUTODESK INC INTERACTIVE INTELLIGENCE GRP SCHEIN (HENRY) INC AUTOZONE INC INTERCORE INC SCIQUEST INC BRIDGELINE DIGITAL INC INTERSECTIONS INC SEACHANGE INTERNATIONAL INC BROADSOFT INC INTL BUSINESS MACHINES CORP SEBRING SOFTWARE INC BSQUARE CORP INTUIT INC SELECTICA INC CA INC ION GEOPHYSICAL CORP SIMULATIONS PLUS INC CADENCE DESIGN SYSTEMS INC JIVE SOFTWARE INC SIZMEK INC CALLIDUS SOFTWARE INC JUNIPER NETWORKS INC SMITH MICRO SOFTWARE INC CAMBIUM LEARNING GROUP INC KEYW HOLDING CORP SOFTECH INC CAREVIEW COMMUNICATIONS INC LEXMARK INTL INC -CL A SOLARWINDS INC CIENA CORP LIONBRIDGE TECHNOLOGIES INC SOLERA HOLDINGS INC CIMETRIX INC LOGMEIN INC SONIC FOUNDRY INC CITRIX SYSTEMS INC MAJESCO ENTERTAINMENT CO SPOK HOLDINGS INC COMMVAULT SYSTEMS INC MAM SOFTWARE GROUP INC SPS COMMERCE INC COMPUWARE CORP MCKESSON CORP SS&C TECHNOLOGIES HLDGS INC CONCUR TECHNOLOGIES INC MEDASSETS INC STATE AUTO FINANCIAL CORP CORNERSTONE ONDEMAND INC MGT CAPITAL INVESTMENTS INC SUPPORT.COM INC COUNTERPATH CORP MICROSOFT CORP SYMANTEC CORP COVER-ALL TECHNOLOGIES INC MICROSTRATEGY INC SYNOPSYS INC CTI GROUP HOLDINGS INC MOBIQUITY TECHNOLOGIES INC SYSTEMAX INC DAEGIS INC MONOTYPE IMAGING HOLDINGS TAKE-TWO INTERACTIVE SFTWR 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 88 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 TANGOE INC MERGE HEALTHCARE INC GLOBAL PAYMENTS INC TIBCO SOFTWARE INC MRV COMMUNICATIONS INC HARRIS CORP TIGERLOGIC CORP NASDAQ OMX GROUP INC HEARTLAND PAYMENT SYSTEMS TYLER TECHNOLOGIES INC NCI INC IGATE CORP ULTIMATE SOFTWARE GROUP INC NEOMEDIA TECHNOLOGIES INC INFORMATION SERVICES GROUP UNITEDHEALTH GROUP INC NETSCOUT SYSTEMS INC INNODATA INC VERTICAL COMPUTER SYS INC NETSUITE INC INTERNAP CORP VIRNETX HOLDING CORP NORTHROP GRUMMAN CORP JETPAY CORP VIRTRA SYSTEMS INC OMNICELL INC NASDAQ OMX GROUP INC WAVE SYSTEMS CORP -CL A ORACLE CORP NELNET INC XCELMOBILITY INC QUALITY SYSTEMS INC NEWTEK BUSINESS SERVICES CP ZYNGA INC RACKSPACE HOSTING INC PAID INC ADOBE SYSTEMS INC ROCKWELL COLLINS INC PFSWEB INC PROGRESS SOFTWARE CORP ROOMLINX INC PLANET PAYMENT INC ROVI CORP PLASTIC2OIL INC SIC CODE 7373 SAPIENT CORP SAFEWAY INC ALLSCRIPTS HEALTHCARE SOLTNS SONUS NETWORKS INC SYKES ENTERPRISES INC AWARE INC STREAMLINE HEALTH SOLUTIONS SYMANTEC CORP BALLANTYNE STRONG INC SYNTEL INC SYNTEL INC BROADRIDGE FINANCIAL SOLUTNS TELECOMMUNICATION SYS INC TRIPLE-S MANAGEMENT CORP BROADVISION INC TELEDYNE TECHNOLOGIES INC XEROX CORP CACI INTL INC -CL A TERADATA CORP CERNER CORP TYLER TECHNOLOGIES INC SIC CODE 7375 CLEARTRONIC INC UNISYS CORP ACTUA CORP COMMUNICATIONS SYSTEMS INC VERINT SYSTEMS INC ACXIOM CORP COMPUTER PROGRAMS & SYSTEMS VIRTUALSCOPICS INC AKAMAI TECHNOLOGIES INC CREXENDO INC VMWARE INC -CL A ALTEVA DATALINK CORP VOLT INFO SCIENCES INC AMBASSADORS GROUP INC DYNTEK INC AOL INC EMC CORP/MA SIC CODE 7374 ARI NETWORK SERVICES INC ENERNOC INC ACXIOM CORP ASURE SOFTWARE INC EXELIS INC ALJ REGIONAL HOLDINGS INC ATHENAHEALTH INC F5 NETWORKS INC ALLIANCE DATA SYSTEMS CORP AUTOBYTEL INC FAIR ISAAC CORP ALLSCRIPTS HEALTHCARE SOLTNS BLACKBAUD INC FALCONSTOR SOFTWARE INC AUTOMATIC DATA PROCESSING BLUCORA INC HENRY (JACK) & ASSOCIATES AUXILIO INC BOTTOMLINE TECHNOLOGIES INC IMAGEWARE SYSTEMS INC CINTAS CORP CAMBIUM LEARNING GROUP INC INFINITE GROUP INC COMPUTER SERVICES INC CARBONITE INC INKSURE TECHNOLOGIES INC CSG SYSTEMS INTL INC CENTURYLINK INC LATTICE INC DIRECT INSITE CORP CHINA AUTO LOGISTICS INC LEIDOS HOLDINGS INC DST SYSTEMS INC CHOICE HOTELS INTL INC MANHATTAN ASSOCIATES INC EBAY INC COLLABRX INC MANTECH INTL CORP EQUIFAX INC CONVERSANT INC MEDIDATA SOLUTIONS INC EXLSERVICE HOLDINGS INC CORELOGIC INC MENTOR GRAPHICS CORP FIDELITY NATIONAL INFO SVCS COSTAR GROUP INC MERCURY SYSTEMS INC FISERV INC CREXENDO INC 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 89 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 CROWDGATHER INC ONSTREAM MEDIA CORP CHESAPEAKE UTILITIES CORP DAEGIS INC ONVIA INC CIBER INC DEMAND MEDIA INC OPTIMIZERX CORP COGNIZANT TECH SOLUTIONS DISCOVERY COMMUNICATIONS INC ORACLE CORP COMPUTER SCIENCES CORP EARTHLINK HOLDINGS CORP PACIFIC WEBWORKS INC COMPUTER TASK GROUP INC EBAY INC PANDORA MEDIA INC DECISIONPOINT SYSTEMS INC ECO-SHIFT POWER CORP PRICELINE GROUP INC EDGEWATER TECHNOLOGY INC EMC CORP/MA QUINSTREET INC GUIDANCE SOFTWARE INC EQUIFAX INC RADIO ONE INC HELIOS AND MATHESON ANALYTIC FACTSET RESEARCH SYSTEMS INC REMARK MEDIA INC HEWLETT-PACKARD CO FTI CONSULTING INC RENTRAK CORP INTERCLOUD SYSTEMS INC FUSION TELECOMMUNICATIONS SAJAN INC INTL BUSINESS MACHINES CORP GANNETT CO SALEM COMMUNICATIONS CORP KEYW HOLDING CORP GLOWPOINT INC SKECHERS U S A INC LOCKHEED MARTIN CORP GOOGLE INC SOHU.COM INC MGT CAPITAL INVESTMENTS INC GRAHAM HOLDINGS CO SPARK NETWORKS INC MICROSOFT CORP GROUPON INC SPEED COMMERCE INC NCR CORP HAWAIIAN TELCOM HOLDCO INC SPINE PAIN MANAGEMENT INC ORACLE CORP HEALTHSTREAM INC SYNCHRONOSS TECHNOLOGIES PERFICIENT INC HOMEAWAY INC TECHTARGET INC PHARMA-BIO SERV INC IAC/INTERACTIVECORP THESTREET INC PTC INC IDT CORP TRAVELZOO INC QUADRANT 4 SYSTEMS CORP INCONTACT INC TRIPADVISOR INC SYNTEL INC INTERNAP CORP TUCOWS INC VECTREN CORP INTERNET AMERICA INC UNILAVA CORP VIRTUSA CORP INTERSECTIONS INC UNITED ONLINE INC VOLT INFO SCIENCES INC INUVO INC UNIVERSAL HEALTH SVCS INC VSE CORP IZEA INC USELL.COM INC WIDEPOINT CORP J2 GLOBAL INC VERISIGN INC ZIX CORP KIWIBOX COM INC WEB.COM GROUP INC LIMELIGHT NETWORKS INC WEBMD HEALTH CORP SIC CODE 738 LINKEDIN CORP WHERE FOOD COMES FROM INC 1-800-FLOWERS.COM LIVEPERSON INC XO GROUP INC ABM INDUSTRIES INC LOCAL CORP YAHOO INC AMERICAN EXPRESS CO LOOKSMART LTD ZILLOW INC AMREP CORP MARCHEX INC ARC DOCUMENT SOLUTIONS INC MCGRAW HILL FINANCIAL SIC CODE 7379 ASCENT CAPITAL GROUP INC MEETME INC ACXIOM CORP B. RILEY FINANCIAL INC MERCADOLIBRE INC ADEPT TECHNOLOGY INC BRINKS CO MMRGLOBAL INC AGILYSYS INC CARDTRONICS INC MOBILESMITH INC AMERICAN SOFTWARE -CL A CASS INFORMATION SYSTEMS INC MODUSLINK GLOBAL SOLUTIONS ASPEN TECHNOLOGY INC CINCINNATI BELL INC MONSTER WORLDWIDE INC AT&T INC CINEDIGM CORP MORNINGSTAR INC BLACK BOX CORP COLLECTORS UNIVERSE INC NEWTEK BUSINESS SERVICES CP BOOZ ALLEN HAMILTON HLDG CP COMMAND SECURITY CORP NIC INC CA INC CONVERGYS CORP 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 90 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 EW SCRIPPS -CL A IPASS INC SIC CODE 78 FORRESTER RESEARCH INC ITEX CORP CARMIKE CINEMAS INC GARTNER INC MARCHEX INC CINEDIGM CORP GREEN DOT CORP NATIONAL RESEARCH CORP CINEMARK HOLDINGS INC INTERNATIONAL MONETARY SYS NELNET INC COMCAST CORP INTERVAL LEISURE GROUP PITNEY BOWES INC DISNEY (WALT) CO INTL FCSTONE INC RESEARCH SOLUTIONS INC DREAMWORKS ANIMATION INC IPASS INC RPX CORP GENIUS BRANDS INTL INC ITEX CORP SERVICESOURCE INTL INC GLOBAL EAGLE ENTERTAINMENT IVEDA SOLUTIONS INC SOTHEBY'S MARCUS CORP MARCHEX INC STARTEK INC NETFLIX INC NATIONAL RESEARCH CORP STUDIO ONE MEDIA INC POINT.360 NELNET INC TELETECH HOLDINGS INC READING INTL INC -CL A PITNEY BOWES INC TOTAL SYSTEM SERVICES INC REGAL ENTERTAINMENT GROUP RESEARCH SOLUTIONS INC VIAD CORP SCHOLASTIC CORP RPX CORP WIZARD WORLD INC STARZ SECUREALERT INC WORLD ENERGY SOLUTIONS INC TIME WARNER INC SERVICESOURCE INTL INC TWENTY-FIRST CENTURY FOX INC SHUTTERFLY INC SIC CODE 75 VIACOM INC SOTHEBY'S ABM INDUSTRIES INC WORLD WRESTLING ENTMT INC STARTEK INC AMERCO STUDIO ONE MEDIA INC ARCBEST CORP SIC CODE 781 TELETECH HOLDINGS INC AVIS BUDGET GROUP INC COMCAST CORP TOTAL SYSTEM SERVICES INC CAR CHARGING GROUP INC DISNEY (WALT) CO VIAD CORP MONRO MUFFLER BRAKE INC DREAMWORKS ANIMATION INC WIZARD WORLD INC PENSKE AUTOMOTIVE GROUP INC GENIUS BRANDS INTL INC WORLD ENERGY SOLUTIONS INC RYDER SYSTEM INC POINT.360 SP PLUS CORP SCHOLASTIC CORP SIC CODE 7389 WERNER ENTERPRISES INC STARZ 1-800-FLOWERS.COM TIME WARNER INC AMERICAN EXPRESS CO SIC CODE 76 TWENTY-FIRST CENTURY FOX INC AMREP CORP AQUA AMERICA INC VIACOM INC ARC DOCUMENT SOLUTIONS INC BROOKS AUTOMATION INC WORLD WRESTLING ENTMT INC B. RILEY FINANCIAL INC EXTERRAN HOLDINGS INC CARDTRONICS INC INTEGRATED ELECTRICAL SVCS SIC CODE 7812 CASS INFORMATION SYSTEMS INC KIRBY CORP COMCAST CORP CINCINNATI BELL INC NEW JERSEY RESOURCES CORP DISNEY (WALT) CO CINEDIGM CORP PEPCO HOLDINGS INC DREAMWORKS ANIMATION INC COLLECTORS UNIVERSE INC PHI INC GENIUS BRANDS INTL INC CONVERGYS CORP SNAP-ON INC SCHOLASTIC CORP FORRESTER RESEARCH INC SOUTH JERSEY INDUSTRIES INC STARZ GARTNER INC TEAM INC TIME WARNER INC

GREEN DOT CORP TWENTY-FIRST CENTURY FOX INC INTERNATIONAL MONETARY SYS VIACOM INC

INTERVAL LEISURE GROUP WORLD WRESTLING ENTMT INC INTL FCSTONE INC 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 91 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 SIC CODE 79 LAS VEGAS SANDS CORP MGM RESORTS INTERNATIONAL ALL AMERICAN SPORTPARK INC NATIONAL CINEMEDIA INC AVALON HOLDINGS CORP SIC CODE 799 NEVADA GOLD & CASINOS INC BOWL AMERICA INC -CL A ALL AMERICAN SPORTPARK INC PINNACLE ENTERTAINMENT INC BOYD GAMING CORP AVALON HOLDINGS CORP PREMIER EXHIBITIONS INC BRUNSWICK CORP BOYD GAMING CORP RED LION HOTELS CORP CEDAR FAIR -LP CEDAR FAIR -LP TIX CORP CENTURY CASINOS INC CENTURY CASINOS INC VAIL RESORTS INC CHINA YIDA HOLDING CO CHINA YIDA HOLDING CO WYNN RESORTS LTD CHURCHILL DOWNS INC CHURCHILL DOWNS INC COMCAST CORP COMCAST CORP SIC CODE 80 CONSOLIDATED TOMOKA LAND CO CONSOLIDATED TOMOKA LAND CO AAC HOLDINGS INC DISNEY (WALT) CO DISNEY (WALT) CO ACADIA HEALTHCARE CO INC DOVER DOWNS GAMING & ENTMT DOVER DOWNS GAMING & ENTMT ADCARE HEALTH SYSTEMS INC DOVER MOTORSPORTS INC EMPIRE RESORTS INC ADDUS HOMECARE CORP DREAMWORKS ANIMATION INC FULL HOUSE RESORTS INC ALLIANCE HEALTHCARE SVCS INC EMPIRE RESORTS INC GLOBAL HEALTHCARE REIT ALMOST FAMILY INC FULL HOUSE RESORTS INC ICAHN ENTERPRISES LP AMEDISYS INC GLOBAL HEALTHCARE REIT INTL GAME TECHNOLOGY AMERICAN CARESOURCE HLDGS ICAHN ENTERPRISES LP ISLE OF CAPRI CASINOS INC AMERICAN SHARED HSPTL SERV INTL GAME TECHNOLOGY LAKES ENTERTAINMENT INC AMSURG CORP INTL SPEEDWAY CORP -CL A LIFE TIME FITNESS INC APOLLO MEDICAL HOLDINGS INC ISLE OF CAPRI CASINOS INC MGM RESORTS INTERNATIONAL BIO REFERENCE LABS LAKES ENTERTAINMENT INC MONARCH CASINO & RESORT INC BIOCORRX INC LIFE TIME FITNESS INC NATIONAL CINEMEDIA INC BIOSCRIP INC LIVE NATION ENTERTAINMENT NEVADA GOLD & CASINOS INC BIOTELEMETRY INC MADISON SQUARE GARDEN CO PENN NATIONAL GAMING INC BIRNER DENTAL MGMT SVCS INC MARTHA STEWART LIVING OMNIMD PINNACLE ENTERTAINMENT INC BROOKDALE SENIOR LIVING INC MGM RESORTS INTERNATIONAL PREMIER EXHIBITIONS INC CATASYS INC MONARCH CASINO & RESORT INC RED LION HOTELS CORP CHEMED CORP NATIONAL CINEMEDIA INC RYMAN HOSPITALITY PPTYS INC CNS RESPONSE INC NEVADA GOLD & CASINOS INC TIX CORP COMBIMATRIX CORP PENN NATIONAL GAMING INC TOWN SPORTS INTL HOLDINGS COMMUNITY HEALTH SYSTEMS INC PINNACLE ENTERTAINMENT INC VAIL RESORTS INC CRYOLIFE INC PREMIER EXHIBITIONS INC WYNN RESORTS LTD DAVITA HEALTHCARE PARTNERS RADIO ONE INC LAS VEGAS SANDS CORP DIVERSICARE HEALTHCARE SVCS RED LION HOTELS CORP ENSIGN GROUP INC RYMAN HOSPITALITY PPTYS INC SIC CODE 7999 ENZO BIOCHEM INC SPEEDWAY MOTORSPORTS INC ALL AMERICAN SPORTPARK INC EXAMWORKS GROUP INC STEEL EXCEL INC CHURCHILL DOWNS INC FIRST CHOICE HEALTHCARE SLT STRATUS PROPERTIES INC DOVER DOWNS GAMING & ENTMT FIVE STAR QUALITY CARE INC TIX CORP EMPIRE RESORTS INC FONAR CORP TOWN SPORTS INTL HOLDINGS FULL HOUSE RESORTS INC FOUNDATION HEALTHCARE INC VAIL RESORTS INC GLOBAL HEALTHCARE REIT GENTIVA HEALTH SERVICES INC WILHELMINA INTERNATIONAL INC ICAHN ENTERPRISES LP HANGER INC WYNN RESORTS LTD ISLE OF CAPRI CASINOS INC HCA HOLDINGS INC 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 92 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 HEALTHSOUTH CORP SIC CODE 806 HEALTHWAYS INC HEALTHWAYS INC AAC HOLDINGS INC HOOPER HOLMES INC HOOPER HOLMES INC ACADIA HEALTHCARE CO INC INFUSYSTEM HOLDINGS INC INFUSYSTEM HOLDINGS INC CATASYS INC IPC HEALTHCARE INC IPC HEALTHCARE INC COMMUNITY HEALTH SYSTEMS INC MILLENNIUM HEALTHCARE INC KINDRED HEALTHCARE INC HCA HOLDINGS INC NET MEDICAL XPRESS SOLUTIONS LABORATORY CP OF AMER HLDGS HEALTHSOUTH CORP SELECT MEDICAL HOLDINGS CORP LANDAUER INC KINDRED HEALTHCARE INC LHC GROUP INC LIFEPOINT HOSPITALS INC SIC CODE 8099 LIFEPOINT HOSPITALS INC SELECT MEDICAL HOLDINGS CORP AMERICAN SHARED HSPTL SERV MEDNAX INC SKILLED HEALTHCARE GROUP INC APOLLO MEDICAL HOLDINGS INC MILLENNIUM HEALTHCARE INC SUNLINK HEALTH SYSTEMS INC BIOTELEMETRY INC NATIONAL HEALTHCARE CORP TENET HEALTHCARE CORP CNS RESPONSE INC NEOGENOMICS INC UNIVERSAL HEALTH SVCS INC CRYOLIFE INC NET MEDICAL XPRESS SOLUTIONS EXAMWORKS GROUP INC ONCOLOGIX TECH INC SIC CODE 807 HEALTHWAYS INC OPKO HEALTH INC ALLIANCE HEALTHCARE SVCS INC HOOPER HOLMES INC PSYCHEMEDICS CORP BIO REFERENCE LABS INFUSYSTEM HOLDINGS INC QUEST DIAGNOSTICS INC COMBIMATRIX CORP MILLENNIUM HEALTHCARE INC RADNET INC ENZO BIOCHEM INC NET MEDICAL XPRESS SOLUTIONS RESPONSE GENETICS INC FIRST CHOICE HEALTHCARE SLT SELECT MEDICAL HOLDINGS CORP FONAR CORP SIC CODE 82 SEQUENOM INC LABORATORY CP OF AMER HLDGS AMERICAN PUBLIC EDUCATION SKILLED HEALTHCARE GROUP INC LANDAUER INC APOLLO EDUCATION GROUP INC STERIS CORP NEOGENOMICS INC BRIDGEPOINT EDUCATION INC SUNLINK HEALTH SYSTEMS INC OPKO HEALTH INC BROADVIEW INSTITUTE INC TENET HEALTHCARE CORP PSYCHEMEDICS CORP CAPELLA EDUCATION CO TRANSGENOMIC INC QUEST DIAGNOSTICS INC CAREER EDUCATION CORP U S PHYSICAL THERAPY INC RADNET INC CHINA EDUCATION ALLIANCE INC UNIVERSAL HEALTH SVCS INC RESPONSE GENETICS INC CREATIVE LEARNING CORP SEQUENOM INC CUBIC CORP SIC CODE 805 STERIS CORP DEVRY EDUCATION GROUP INC ADCARE HEALTH SYSTEMS INC TRANSGENOMIC INC EDUCATION MANAGEMENT CORP BROOKDALE SENIOR LIVING INC FRANKLIN COVEY CO DIVERSICARE HEALTHCARE SVCS SIC CODE 809 GP STRATEGIES CORP ENSIGN GROUP INC AMERICAN SHARED HSPTL SERV GRAHAM HOLDINGS CO FIVE STAR QUALITY CARE INC APOLLO MEDICAL HOLDINGS INC GRAND CANYON EDUCATION INC GENTIVA HEALTH SERVICES INC BIOCORRX INC ITT EDUCATIONAL SERVICES INC KINDRED HEALTHCARE INC BIOTELEMETRY INC K12 INC LHC GROUP INC CATASYS INC KORN/FERRY INTERNATIONAL NATIONAL HEALTHCARE CORP CNS RESPONSE INC LEARNING TREE INTL INC SKILLED HEALTHCARE GROUP INC CRYOLIFE INC LINCOLN EDUCATIONAL SERVICES

DAVITA HEALTHCARE PARTNERS NATIONAL AMERN UNIV HLDG INC EXAMWORKS GROUP INC STRAYER EDUCATION INC

FOUNDATION HEALTHCARE INC UNIVERSAL TECHNICAL INST

HANGER INC 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 93 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 SIC CODE 822 EMCOR GROUP INC PRGX GLOBAL INC AMERICAN PUBLIC EDUCATION ENGLOBAL CORP QUEST DIAGNOSTICS INC APOLLO EDUCATION GROUP INC EXACT SCIENCES CORP RAINMAKER SYSTEMS INC BRIDGEPOINT EDUCATION INC EXLSERVICE HOLDINGS INC RAMBUS INC BROADVIEW INSTITUTE INC EXPONENT INC RENTECH INC CAPELLA EDUCATION CO FLUOR CORP RESEARCH FRONTIERS INC CAREER EDUCATION CORP FORRESTER RESEARCH INC RESOURCES CONNECTION INC DEVRY EDUCATION GROUP INC FTI CONSULTING INC ROBERT HALF INTL INC EDUCATION MANAGEMENT CORP FURMANITE CORP ROOT9B TECHNOLOGIES INC GRAHAM HOLDINGS CO GARTNER INC SBA COMMUNICATIONS CORP GRAND CANYON EDUCATION INC GEO GROUP INC SENOMYX INC ITT EDUCATIONAL SERVICES INC GP STRATEGIES CORP SEVION THERAPEUTICS INC LINCOLN EDUCATIONAL SERVICES HACKETT GROUP INC SIGMA LABS INC NATIONAL AMERN UNIV HLDG INC HEALTHSTREAM INC SUPERCONDUCTOR TECHNOLOGIES STRAYER EDUCATION INC HEARTLAND PAYMENT SYSTEMS SURMODICS INC UNIVERSAL TECHNICAL INST HEIDRICK & STRUGGLES INTL TEAM INC HILL INTERNATIONAL INC TETRA TECH INC SIC CODE 87 HURON CONSULTING GROUP INC TOWERS WATSON & CO AECOM INC ICF INTERNATIONAL INC TRANSCAT INC AF OCEAN INVESTMENT MGMT CO INDUSTRIAL SERVICES AMER INC TRC COS INC ALBANY MOLECULAR RESH INC JETPAY CORP TRIO-TECH INTERNATIONAL AMERESCO INC KELLY SERVICES INC -CL A TSS INC AMERISOURCEBERGEN CORP LANDAUER INC VCA INC ANIXTER INTL INC LAYNE CHRISTENSEN CO VERSAR INC APOLLO EDUCATION GROUP INC LIGHTBRIDGE CORP VSE CORP ARGAN INC LIME ENERGY CO WILLDAN GROUP INC AUTOMATIC DATA PROCESSING LUMINEX CORP AVISTA CORP LUNA INNOVATIONS INC SIC CODE 871 BIOANALYTICAL SYSTEMS INC MAGELLAN HEALTH INC AECOM INC BIOTELEMETRY INC MANHATTAN SCIENTIFICS INC AMERESCO INC BUTLER NATIONAL CORP MATTERSIGHT CORP ARGAN INC CARTESIAN INC MAXIMUS INC CDI CORP CBIZ INC METABOLIX INC ECOLOGY AND ENVIRONMENT INC CDI CORP MISTRAS GROUP INC EMCOR GROUP INC CELLULAR BIOMEDICINE GROUP NAVIGANT CONSULTING INC ENGLOBAL CORP CHARLES RIVER LABS INTL INC OCEANEERING INTERNATIONAL FLUOR CORP CHINA GREEN AGRICULTURE INC OMNICARE INC FURMANITE CORP CHINANET ONLINE HOLDINGS ORION ENERGY SYSTEMS INC LAYNE CHRISTENSEN CO CHROMADEX CORP PAREXEL INTERNATIONAL CORP LIME ENERGY CO COMSCORE INC PARKER DRILLING CO MISTRAS GROUP INC CORPORATE EXECUTIVE BRD CO PAYCHEX INC OCEANEERING INTERNATIONAL CORRECTIONS CORP AMER PDI INC PARKER DRILLING CO COVANCE INC PEN INC PIKE CORP CROSS COUNTRY HEALTHCARE INC PHARMA-BIO SERV INC RENTECH INC CRYOLIFE INC PIKE CORP ROOT9B TECHNOLOGIES INC ECOLOGY AND ENVIRONMENT INC PRESSURE BIOSCIENCES INC SBA COMMUNICATIONS CORP 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 94 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 TETRA TECH INC SIC CODE 873 METABOLIX INC TRC COS INC ALBANY MOLECULAR RESH INC OMNICARE INC VERSAR INC BIOANALYTICAL SYSTEMS INC PAREXEL INTERNATIONAL CORP VSE CORP BIOTELEMETRY INC PEN INC WILLDAN GROUP INC CHARLES RIVER LABS INTL INC PRESSURE BIOSCIENCES INC CHINA GREEN AGRICULTURE INC QUEST DIAGNOSTICS INC SIC CODE 8711 COVANCE INC RAMBUS INC AECOM INC CRYOLIFE INC RESEARCH FRONTIERS INC AMERESCO INC EXACT SCIENCES CORP SENOMYX INC ARGAN INC EXLSERVICE HOLDINGS INC SEVION THERAPEUTICS INC CDI CORP FORRESTER RESEARCH INC SIGMA LABS INC ECOLOGY AND ENVIRONMENT INC GARTNER INC SUPERCONDUCTOR TECHNOLOGIES EMCOR GROUP INC HEALTHSTREAM INC SURMODICS INC ENGLOBAL CORP LANDAUER INC FLUOR CORP LUMINEX CORP SIC CODE 874 FURMANITE CORP LUNA INNOVATIONS INC AECOM INC LAYNE CHRISTENSEN CO MANHATTAN SCIENTIFICS INC AF OCEAN INVESTMENT MGMT CO LIME ENERGY CO METABOLIX INC AMERISOURCEBERGEN CORP MISTRAS GROUP INC OMNICARE INC ANIXTER INTL INC OCEANEERING INTERNATIONAL PAREXEL INTERNATIONAL CORP APOLLO EDUCATION GROUP INC PARKER DRILLING CO PEN INC BUTLER NATIONAL CORP PIKE CORP PHARMA-BIO SERV INC CARTESIAN INC RENTECH INC PRESSURE BIOSCIENCES INC CELLULAR BIOMEDICINE GROUP ROOT9B TECHNOLOGIES INC QUEST DIAGNOSTICS INC CHINANET ONLINE HOLDINGS SBA COMMUNICATIONS CORP RAMBUS INC CHROMADEX CORP TETRA TECH INC RESEARCH FRONTIERS INC COMSCORE INC TRC COS INC SENOMYX INC CORPORATE EXECUTIVE BRD CO VERSAR INC SEVION THERAPEUTICS INC CORRECTIONS CORP AMER VSE CORP SIGMA LABS INC CROSS COUNTRY HEALTHCARE INC WILLDAN GROUP INC SUPERCONDUCTOR TECHNOLOGIES EXPONENT INC SURMODICS INC FTI CONSULTING INC SIC CODE 872 TEAM INC GARTNER INC AUTOMATIC DATA PROCESSING TRANSCAT INC GEO GROUP INC AVISTA CORP TRIO-TECH INTERNATIONAL GP STRATEGIES CORP CBIZ INC VCA INC HACKETT GROUP INC FTI CONSULTING INC HEIDRICK & STRUGGLES INTL HEARTLAND PAYMENT SYSTEMS SIC CODE 8731 HILL INTERNATIONAL INC JETPAY CORP ALBANY MOLECULAR RESH INC HURON CONSULTING GROUP INC KELLY SERVICES INC -CL A BIOANALYTICAL SYSTEMS INC ICF INTERNATIONAL INC PAYCHEX INC BIOTELEMETRY INC INDUSTRIAL SERVICES AMER INC PRGX GLOBAL INC CHARLES RIVER LABS INTL INC LIGHTBRIDGE CORP RESOURCES CONNECTION INC COVANCE INC MAGELLAN HEALTH INC ROBERT HALF INTL INC CRYOLIFE INC MATTERSIGHT CORP

MAXIMUS INC EXACT SCIENCES CORP LUNA INNOVATIONS INC NAVIGANT CONSULTING INC

MANHATTAN SCIENTIFICS INC ORION ENERGY SYSTEMS INC 2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 95 Industry Risk Premia Company List 2015 Industry Risk Premium Company List Through December 2014 PAREXEL INTERNATIONAL CORP PDI INC PHARMA-BIO SERV INC RAINMAKER SYSTEMS INC ROOT9B TECHNOLOGIES INC TOWERS WATSON & CO TSS INC WILLDAN GROUP INC

SIC CODE 8742

AF OCEAN INVESTMENT MGMT CO ANIXTER INTL INC APOLLO EDUCATION GROUP INC CARTESIAN INC CELLULAR BIOMEDICINE GROUP CHINANET ONLINE HOLDINGS COMSCORE INC CORPORATE EXECUTIVE BRD CO CROSS COUNTRY HEALTHCARE INC EXPONENT INC FTI CONSULTING INC GARTNER INC GP STRATEGIES CORP HACKETT GROUP INC HEIDRICK & STRUGGLES INTL HILL INTERNATIONAL INC HURON CONSULTING GROUP INC ICF INTERNATIONAL INC MATTERSIGHT CORP MAXIMUS INC NAVIGANT CONSULTING INC ORION ENERGY SYSTEMS INC PAREXEL INTERNATIONAL CORP PDI INC PHARMA-BIO SERV INC ROOT9B TECHNOLOGIES INC TOWERS WATSON & CO

2015 Valuation Handbook - Guide to Cost of Capital (data through December 2014) 96 Industry Risk Premia Company List