Research Summary May 04, 2020

Today's Topics: LTC, RCM, SWVL, INTC

Focus Research Key Revisions

LTC - ALERT: 1Q20 Largely in Line; Initial COVID-19 Impact Better than Feared Jordan Sadler - (917) 368-2280 - [email protected] LTC’s 1Q20 report was largely steady, with FFO falling in line with consensus and a handful of transaction activity that had been previously announced, including: a $13.5M SNF acquisition; the $72M sale of the remaining Preferred Care assets; and the repurchase of ~615k/shs under LTC’s repurchase program before the program was terminated. The Company also disclosed the initial impact from COVID-19 on its portfolio, as LTC collected 94%+ of its contractual April rent. LTC did not disclose the operational impact on its portfolio from the pandemic and also did not disclose the prevalence of COVID-19 in its facilities; however, we think the percent of April rent collected could temper fear surrounding SNFs (57% of revenues) and we suspect the stock could outperform its healthcare peers in today’s trading. Full report

RCM - ALERT: RCM Fills the CFO Role Donald Hooker, CFA - (917) 368-2378 - [email protected] R1 RCM announced a new CFO, Rachel Wilson, the previous CFO of the Data Centers business unit of Iron Mountain (IRM). She has no specific “healthcare experience;” however, it appears she was selected for her diversified experience across multiple larger organizations as well as her fit with culture and vision of RCM. RCM will report its 1Q20 results tomorrow (May 5) at 8 a.m. ET. The dial-in is: 833-968-2190 (code: 3155137). Full report

For analyst certification and important disclosures, please refer to the Disclosure Appendix. KeyBanc Capital Markets Inc. | Member FINRA/SIPC Research Summary

Other Research Basic Materials P&P - ALERT: Tyson Expects Volume Declines in its F2H (April-September) Adam Josephson, CFA - (917) 368-2289 - [email protected] In an update that's relevant to Sealed Air and our covered containerboard producers, Tyson Foods (the largest U.S. meat producer) said it expects volume declines in its F2H20 (April-September), compared to up 3.7% in F1H20. Historically, 45% of Tyson's sales were to retail and 40% were to foodservice (with the remaining 15% international); during early F3Q, its retail sales accounted for ~2/3 of its total sales. However, the increases in retail sales haven't been sufficient to offset the steep declines in foodservice. Tyson also noted two meaningful operational problems (which have adversely affected its and others' meat production): employee shortages or choices the Company made to ensure employees' health, and plant closures related to COVID-19 infections. When asked about the operating/utilization rate of its plants, Tyson said the situation is "very dynamic". In other words, it's unclear when its plants will come back up. As we've noted earlier, Sealed Air's N.A. food packaging business accounted for 35% of total sales last year, and that business is the Company's most profitable. And for the N.A. containerboard producers, protein accounts for ~10% of box demand, and protein is just one of several box end markets whose near-term prospects are questionable at best (along with durable goods, foodservice, and printing papers). Full report

Consumer Firearms - ALERT: April Adjusted NICS Checks Increase +69.1% Brett Andress, CFA - (216) 689-0360 - [email protected] April adjusted NICS checks (a proxy for retail firearm demand) increased +69.1%, with the two-year stack remaining strong at +62.2% (vs. +67.9% in March). Handguns were +83.5% and long guns were +52.1%. State-level data shows broad-based strength, with growth in 47 states (most dealers in NY and MA were closed). While we had expected strong growth, we believe April cleared an already high bar, with April's growth coming in better than expected, particularly considering the significant +80.3% growth seen last month (which came in only second behind the +94.4% seen in January 2013). We view this strength as indicative of continued fear-based purchases amid social unrest caused by COVID-19. We expect continued positive growth numbers in the coming months as COVID-19 uncertainty lingers, combined with pre-election/politically-driven demand over the MT. Full report

Industrial 5 More Days to Register for KBCM's Industrials & Basic Materials Virtual Conference KBCM Equity Research - - [email protected] Steve Barger - (216) 689-0210 - [email protected] Sean Eastman - (917) 368-2346 - [email protected] Todd Fowler - (216) 689-0219 - [email protected] Philip Gibbs - (216) 689-0312 - [email protected] Jeffrey Hammond - (216) 689-0236 - [email protected] Adam Josephson, CFA - (917) 368-2289 - [email protected] James Picariello, CFA - (216) 689-0447 - [email protected] Aleksey Yefremov - (917) 368-2341 - [email protected] Kenneth Zener - (415) 486-3420 - [email protected] We are excited to inform you that the Industrials & Basic Materials Conference will be moving forward as a virtual experience beginning Tuesday, May 26 – Friday, May 29, 2020.

The event will continue to bring together the industry’s most influential executives and investors to participate in small and medium group meetings, fireside chats and larger company presentations. Full report

May 4, 2020 Pg.2 KBCM Equity Research / [email protected] Research Summary

Trucking - ALERT: On the Spot: KeyBanc Capital Markets Inc. Truckload Spot Rate Index, Wk 18 Todd Fowler - (216) 689-0219 - [email protected] Our proprietary spot rate index improved sequentially last week, potentially signaling an interim bottom in rates as economic activity gradually resumes, combined with some seasonal improvement in freight demand. That said, rates remain well below prior-year and contract levels. Looking ahead, we expect continued sequential improvement as some non-essential business closures are lifted and shelter-in-place orders are relaxed, along with seasonal food and beverage shipments and continuing capacity constraints. Assuming normal seasonal variations and factoring in prior-year comparisons from recent levels, we forecast dry-van spot rates will be down low to mid-single digits in 2020 following a 20% decrease in spot rates in 2019 (Exhibit 1b). Full report

Technology Software Valuation Charts Ending May 1, 2020 KBCM Research Software Team - - [email protected] Josh Beck - 503.821.3878 - [email protected] Alex Kurtz - 503.821.3898 - [email protected] Jason Celino, CFA - 503.821.3945 - [email protected] Steve Enders, CFA - 415.486.3413 - [email protected] Updated software valuation charts for the period ending May 1, 2020. Please find the attached deck for the complete set of charts. Full report

INTC - ALERT: Strategic Acquisition of Moovit Complements Mobileye Division Weston Twigg - 503.821.3875 - [email protected] Intel announced this morning that it has acquired Moovit, a mobility-as-a-service (MaaS) solutions company, for ~$900M ($840M net of Intel Capital equity gain). Moovit, an app that provides public transport and navigation data to simplify urban mobility, will continue to operate as a standalone app and be part of INTC's Mobileye business. INTC was already a strategic investor in Moovit, and had created a partnership to leverage Moovit's data with Mobileye's ADAS (advanced-driver-assistance-systems), so the decision to bring Moovit in-house reinforces INTC's commitment to becoming a full-stack mobility provider. Our model is unchanged as we view the acquisition as more strategic in nature. Full report

KeyBanc Capital Markets Upcoming Events Date Event 5/4 - 5/5 Entegris, Inc. (ENTG) Virtual Company Meeting with Bertrand Loy, President and CEO; Greg Graves, EVP and CFO; and Bill Seymour, VP, IR 5/5 Luxfer Holdings PLC (LXFR) Virtual Company Meeting with Alok Maskara, CEO, and Heather Harding, CFO 5/6 - 5/7 ACCO Brands Corporation (ACCO) Virtual Company Meeting with Boris Elisman, President & CEO, and Neal Fenwick, CFO & Exec VP 5/7 Conference Call: Scott Stevens (President of Dimension Fabricators) 5/15 Sunnova Energy International Inc. (NOVA) Virtual Company Meeting with John Berger, CEO, and Rodney McMahan, VP, IR 5/15 Bill.com Holdings, Inc. (BILL) Virtual Company Meeting with Rene Lacerte, CEO, and John Rettig, CFO

Earnings Releases Date Company Symbol Revenue (M) EPS Time 5/4/2020 CBL Properties CBL AMC May 4, 2020 Pg.3 KBCM Equity Research / [email protected] Research Summary

5/4/2020 Cirrus Logic, Inc. CRUS $271.74 $0.60 AMC 5/4/2020 ACCO Brands Corporation ACCO $393.90 $0.09 AMC 5/4/2020 LTC Properties, Inc. LTC BMO 5/4/2020 Parsley Energy, Inc. PE $0.18 AMC 5/4/2020 Public Service Enterprise Group PEG $3101.68 $1.03 BMO Incorporated 5/4/2020 Regal Beloit Corporation RBC $759.50 $1.24 AMC 5/4/2020 Viper Energy Partners LP VNOM $0.03 AMC 5/4/2020 Westinghouse Air Brake Technologies WAB $2077.40 $0.96 BMO Corporation 5/4/2020 Sempra Energy SRE $3162.08 $2.59 BMO 5/4/2020 Kennametal Inc. KMT $515.50 $0.32 AMC 5/4/2020 Skyworks Solutions, Inc. SWKS $765.98 $1.35 AMC 5/4/2020 Despegar.com, Corp. DESP $78.30 BMO 5/4/2020 Five9, Inc. FIVN $89.59 $0.16 AMC 5/4/2020 Helios Technologies HLIO $130.20 AMC 5/4/2020 Sterling Construction Company, Inc. STRL $282.70 $0.28 AMC 5/4/2020 Texas Roadhouse, Inc. TXRH $668.60 $0.19 AMC 5/4/2020 Westlake Chemical Corporation WLK $0.60 BMO 5/4/2020 AppFolio Inc. APPF $72.78 $0.11 AMC 5/4/2020 Black Stone Minerals, L.P. BSM $0.18 AMC 5/4/2020 WEC Energy Group, Inc. WEC $2358.11 $1.31 BMO 5/4/2020 WideOpenWest, Inc. WOW $283.88 AMC 5/5/2020 FMC Corporation FMC $1.71 AMC 5/5/2020 M.D.C. Holdings, Inc. MDC $0.73 BMO 5/5/2020 OneConnect Financial Technology Co., OCFT $63.61 ($0.20) AMC Ltd. 5/5/2020 Retail Properties of America, Inc. RPAI AMC 5/5/2020 Republic Services, Inc. RSG $2555.10 $0.75 AMC 5/5/2020 Wayfair Inc. W $2000.00 ($2.78) BMO 5/5/2020 Adient PLC ADNT $3524.90 $0.32 BMO 5/5/2020 WestRock Company WRK $0.62 BMO 5/5/2020 Arista Networks, Inc. ANET $526.00 $1.86 AMC 5/5/2020 A.O. Smith Corporation AOS $628.90 $0.37 BMO 5/5/2020 Dominion Energy, Inc. D $4733.17 $1.13 BMO 5/5/2020 Acadia Realty Trust AKR AMC 5/5/2020 Hudson Pacific Properties, Inc. HPP BMO 5/5/2020 Mattel, Inc. MAT AMC 5/5/2020 Occidental Petroleum Corporation OXY ($0.75) AMC 5/5/2020 Healthpeak Properties, Inc. PEAK AMC 5/5/2020 PROS Holdings, Inc. PRO $65.94 ($0.22) AMC 5/5/2020 SBA Communications Corp. SBAC $528.11 AMC

May 4, 2020 Pg.4 KBCM Equity Research / [email protected] Research Summary

5/5/2020 Sealed Air Corporation SEE $0.61 BMO 5/5/2020 STORE Capital Corporation STOR AMC 5/5/2020 XPO Logistics, Inc. XPO $0.45 BMO 5/5/2020 Electronic Arts Inc. EA $1174.35 $0.94 AMC 5/5/2020 Catalent, Inc. CTLT $720.60 $0.55 BMO 5/5/2020 KLA Corporation KLAC $1469.54 $2.58 AMC 5/5/2020 AMETEK, Inc. AME $1204.80 $1.01 BMO 5/5/2020 ArcBest Corporation ARCB $705.30 ($0.25) BMO 5/5/2020 Allegheny Technologies Inc. ATI $0.17 BMO 5/5/2020 Activision Blizzard, Inc. ATVI $1295.64 $0.37 AMC 5/5/2020 TopBuild Corp. BLD $1.37 BMO 5/5/2020 Computer Programs and Systems, Inc. CPSI $68.80 $0.62 AMC 5/5/2020 Diamondback Energy, Inc. FANG $1.20 BMO 5/5/2020 Gates Industrial Corporation plc GTES $737.60 AMC 5/5/2020 Inogen, Inc. INGN $82.90 ($0.11) AMC 5/5/2020 LivePerson, Inc. LPSN $78.40 ($0.25) AMC 5/5/2020 MercadoLibre, Inc. MELI $638.60 $0.33 AMC 5/5/2020 EnPro Industries, Inc. NPO $290.60 BMO 5/5/2020 Otter Tail Corporation OTTR $250.71 $0.68 AMC 5/5/2020 R1 RCM Inc. RCM $312.40 BMO 5/5/2020 Premier, Inc. PINC $317.40 BMO 5/5/2020 AECOM ACM $1494.90 BMO 5/5/2020 Clearwater Paper Corporation CLW $0.06 AMC 5/5/2020 DuPont de Nemours, Inc. DD $0.83 BMO 5/5/2020 Primoris Services Corporation PRIM $668.80 $0.04 BMO 5/5/2020 Welbilt, Inc. WBT $323.20 BMO 5/5/2020 Aptiv PLC APTV $2892.90 $0.18 BMO 5/5/2020 Trane Technologies plc TT $2633.50 $0.45 BMO 5/6/2020 BorgWarner Inc. BWA $1974.20 $0.58 BMO 5/6/2020 NOW Inc. DNOW $628.90 ($0.06) BMO 5/6/2020 Waste Connections, Inc. WCN $0.62 AMC 5/6/2020 Wendy's Company (The) WEN $419.90 $0.09 BMO 5/6/2020 Waste Management, Inc. WM $3735.50 $0.90 BMO 5/6/2020 Equinix, Inc. EQIX AMC 5/6/2020 Essex Property Trust Inc. ESS AMC 5/6/2020 MAA, Inc. MAA AMC 5/6/2020 Shopify Inc. SHOP $443.02 ($0.18) BMO 5/6/2020 Sprout Social, Inc. SPT $29.63 ($0.21) AMC 5/6/2020 Square, Inc. SQ $605.28 AMC 5/6/2020 Cimarex Energy Co. XEC 0.19 AMC 5/6/2020 Albemarle Corporation ALB $0.71 AMC

May 4, 2020 Pg.5 KBCM Equity Research / [email protected] Research Summary

5/6/2020 ANSYS, Inc. ANSS $305.16 $0.78 AMC 5/6/2020 AvalonBay Communities, Inc. AVB AMC 5/6/2020 Berry Corporation BRY 0.25 AMC 5/6/2020 Extra Space Storage Inc. EXR AMC 5/6/2020 GrubHub Inc. GRUB $359.50 AMC 5/6/2020 Kite Realty Group Trust KRG AMC 5/6/2020 Sunrun Inc. RUN $0.07 AMC 5/6/2020 Twilio Inc. TWLO $337.18 ($0.09) AMC 5/6/2020 UDR, Inc. UDR AMC 5/6/2020 WPX Energy, Inc. WPX $0.04 AMC 5/6/2020 Aspen Technology, Inc. AZPN $0.78 AMC 5/6/2020 Jacobs Engineering Group Inc. J $3358.10 $1.24 AMC 5/6/2020 EPR Properties EPR AMC 5/6/2020 Etsy, Inc. ETSY $194.30 $0.17 AMC 5/6/2020 Global Payments Inc. GPN $1730.00 $1.50 BMO 5/6/2020 Getty Realty Corp. GTY BMO 5/6/2020 Healthcare Realty Trust Incorporated HR AMC 5/6/2020 Lyft, Inc. LYFT $698.50 ($1.24) AMC 5/6/2020 Myers Industries, Inc. MYE $0.11 BMO 5/6/2020 Pioneer Natural Resources Co. PXD $0.79 AMC 5/6/2020 Qurate Retail Group QRTEA $2780.00 $0.40 AMC 5/6/2020 Q2 Holdings, Inc. QTWO $93.03 ($0.13) AMC 5/6/2020 Rent-A-Center, Inc. RCII $684.90 $0.56 AMC 5/6/2020 Gibraltar Industries, Inc. ROCK $0.38 BMO 5/6/2020 Ryerson Holding Corporation RYI $0.35 AMC 5/6/2020 SM Energy Company SM ($0.44) AMC 5/6/2020 Talos Energy Inc. TALO ($0.01) AMC 5/6/2020 T-Mobile US, Inc. TMUS $10954.96 AMC 5/6/2020 Trimble Inc. TRMB $795.17 $0.43 AMC 5/6/2020 Watts Water Technologies, Inc. WTS $379.00 $0.91 AMC 5/6/2020 Zynga Inc. ZNGA AMC 5/6/2020 MasterCraft Boat Holdings, Inc. MCFT $0.49 BMO 5/6/2020 Peloton Interactive, Inc. PTON $510.20 ($0.19) AMC 5/6/2020 Advanced Energy Industries, Inc. AEIS $315.18 $0.74 BMO 5/6/2020 Axalta Coating Systems Ltd. AXTA $0.26 BMO 5/6/2020 Cedar Fair, L.P. FUN BMO 5/6/2020 Invacare Corporation IVC $218.00 ($0.30) AMC 5/6/2020 Livongo Health, Inc. LVGO $66.00 AMC 5/6/2020 RealReal, Inc. (The) REAL $81.70 ($0.45) AMC 5/6/2020 RealPage, Inc. RP $279.07 $0.41 AMC 5/6/2020 Welltower Inc. WELL AMC

May 4, 2020 Pg.6 KBCM Equity Research / [email protected] Research Summary

5/6/2020 Central Garden & Pet Company CENTA $693.90 $0.72 AMC 5/6/2020 American Electric Power Company, Inc. AEP $4169.11 $1.15 BMO 5/6/2020 Avanos Medical, Inc. AVNS $171.30 $0.13 BMO 5/6/2020 PayPal Holdings, Inc. PYPL $4810.36 $0.78 AMC 5/7/2020 Brixmor Property Group, Inc. BRX AMC 5/7/2020 Casella Waste Systems, Inc. CWST ($0.01) AMC 5/7/2020 Physicians Realty Trust DOC BMO 5/7/2020 Kimbell Royalty Partners, LP KRP ($0.02) BMO 5/7/2020 Xcel Energy Inc. XEL $3276.77 $0.60 BMO 5/7/2020 Becton, Dickinson and Company BDX $4223.00 $0.90 BMO 5/7/2020 Ball Corporation BLL $0.61 BMO 5/7/2020 Camden Property Trust CPT AMC 5/7/2020 CenterPoint Energy, Inc. CNP $2332.35 $0.42 BMO 5/7/2020 Apartment Investment and Management AIV AMC Company 5/7/2020 CubeSmart CUBE AMC 5/7/2020 Digital Realty Trust, Inc. DLR AMC 5/7/2020 EOG Resources, Inc. EOG $0.50 AMC 5/7/2020 EPAM Systems, Inc. EPAM $642.80 $1.39 BMO 5/7/2020 Glu Mobile Inc. GLUU AMC 5/7/2020 Integer Holdings Corporation ITGR $312.80 $1.06 AMC 5/7/2020 Life Storage, Inc. LSI AMC 5/7/2020 ArcelorMittal S.A. MT $0.05 BMO 5/7/2020 Murphy Oil Corporation MUR ($0.59) BMO 5/7/2020 Uber Technologies, Inc. UBER $3869.00 AMC 5/7/2020 Vonage Holdings Corp. VG $277.35 ($0.01) BMO 5/7/2020 YETI Holdings, Inc. YETI $0.08 BMO 5/7/2020 NetScout Systems, Inc. NTCT $242.00 $0.48 BMO 5/7/2020 Vista Outdoor Inc. VSTO $0.06 BMO 5/7/2020 Bill.com Holdings, Inc. BILL $36.28 AMC 5/7/2020 Malibu Boats, Inc. MBUU $0.97 BMO 5/7/2020 Synaptics, Incorporated SYNA $340.59 $1.52 AMC 5/7/2020 Advanced Disposal Services, Inc. ADSW $394.00 $0.04 BMO 5/7/2020 Cogent Communications, Inc. CCOI $143.59 BMO 5/7/2020 Charles River Laboratories International, CRL $699.20 $1.56 BMO Inc. 5/7/2020 Douglas Emmett, Inc. DEI AMC 5/7/2020 Fidelity National Info. Services FIS $3070.00 $1.27 BMO 5/7/2020 Fiserv, Inc. FISV $3425.45 $0.78 AMC 5/7/2020 ICU Medical, Inc. ICUI $294.60 AMC 5/7/2020 Independence Realty Trust, Inc. IRT BMO 5/7/2020 Jernigan Capital, Inc. JCAP ($1.69) AMC

May 4, 2020 Pg.7 KBCM Equity Research / [email protected] Research Summary

5/7/2020 Lexington Realty Trust LXP BMO 5/7/2020 Magna International Inc. MGA $8563.70 $0.93 BMO 5/7/2020 Redfin Corporation RDFN $174.50 AMC 5/7/2020 TimkenSteel Corporation TMST ($0.03) AMC 5/7/2020 Qorvo, Inc. QRVO $771.36 $1.38 AMC 5/7/2020 Beacon Building Products BECN ($0.34) AMC 5/7/2020 i3 Verticals, Inc. IIIV $39.50 AMC 5/7/2020 MAXIMUS, Inc. MMS $831.50 $0.89 BMO 5/7/2020 Appian Corporation APPN $71.33 ($0.19) AMC 5/7/2020 Bonanza Creek Energy, Inc. BCEI $0.96 AMC 5/7/2020 Colfax Corporation CFX $810.50 $0.35 BMO 5/7/2020 Cooper Tire & Rubber Company CTB $519.00 ($0.35) BMO 5/7/2020 Consolidated Edison, Inc. ED $3635.40 $1.41 AMC 5/7/2020 Evolent Health, Inc. EVH $239.10 ($0.13) AMC 5/7/2020 Acushnet Holdings Corp. GOLF $0.25 BMO 5/7/2020 Gulfport Energy Corporation GPOR $0.05 AMC 5/7/2020 Allscripts Healthcare Solutions, Inc. MDRX $413.00 $0.14 AMC 5/7/2020 Park-Ohio Holdings Corp. PKOH $393.60 $0.56 AMC 5/7/2020 Quanta Services, Inc. PWR $2697.90 $0.42 BMO 5/7/2020 Zillow Group, Inc. Z $1041.30 AMC 5/7/2020 Eversource Energy ES $2430.90 $1.01 BMO 5/7/2020 PDC Energy, Inc. PDCE ($0.09) AMC 5/7/2020 Vivint Solar, Inc. VSLR $0.09 AMC 5/8/2020 Pinnacle West Capital Corporation PNW $748.00 $0.15 BMO 5/8/2020 HMS Holdings Corp. HMSY $163.60 $0.26 BMO 5/8/2020 Avista Corporation AVA $400.92 $0.64 BMO 5/8/2020 Exelon Corporation EXC $9030.30 $0.82 BMO 5/8/2020 Harsco Corporation HSC $385.30 $0.01 BMO 5/8/2020 Domtar Corporation UFS ($0.11) BMO 5/8/2020 Lear Corporation LEA $4201.10 $0.87 BMO 5/8/2020 Noble Energy, Inc. NBL $0.06 BMO 5/8/2020 American Axle & Manufacturing AXL $1143.60 ($0.24) BMO 5/8/2020 GTT Communications, Inc. GTT $427.55 BMO 5/8/2020 Plymouth Industrial REIT, Inc. PLYM BMO 5/8/2020 SeaWorld Entertainment, Inc. SEAS BMO 5/8/2020 Tenneco Inc. TEN $3563.90 ($0.70) BMO 5/8/2020 Ventas Inc. VTR BMO 5/8/2020 Installed Building Products, Inc. IBP $0.68 BMO 5/11/2020 RPT Realty RPT AMC 5/11/2020 Tanger Factory Outlet Centers, Inc. SKT AMC 5/11/2020 Ameren Corporation AEE $1585.86 $0.74 AMC

May 4, 2020 Pg.8 KBCM Equity Research / [email protected] Research Summary

5/11/2020 Entergy Corporation ETR $2678.68 $1.04 BMO 5/11/2020 National Storage Affiliates Trust NSA AMC 5/11/2020 ON Semiconductor Corporation ON $1301.45 $0.19 BMO 5/11/2020 Tencent Music Entertainment Group TME 6264.82 RMB $0.09 AMC 5/11/2020 Under Armour, Inc. UAA $955.20 ($0.20) BMO 5/11/2020 Ethan Allen Interiors Inc. ETH $150.00 $0.02 AMC 5/11/2020 Bloom Energy Corporation BE $294.50 NA AMC 5/11/2020 Cable One, Inc. CABO $321.71 AMC 5/11/2020 Cardlytics Inc. CDLX $45.00 AMC 5/11/2020 Cleveland-Cliffs Inc. CLF ($0.18) BMO 5/11/2020 Continental Resources, Inc. CLR BMO 5/11/2020 DiamondRock Hospitality Company DRH AMC 5/11/2020 Kaman Corporation KAMN $189.30 $0.33 AMC 5/11/2020 Livent Corporation LTHM $0.02 AMC 5/11/2020 National Health Investors, Inc. NHI AMC 5/11/2020 Xenia Hotels & Resorts, Inc. XHR BMO

May 4, 2020 Pg.9 KBCM Equity Research / [email protected] Disclosure Appendix

Important Disclosures R1 RCM Inc. - RCM We expect to receive or intend to seek compensation for investment banking services from R1 RCM Inc. within the next three months. During the past 12 months, R1 RCM Inc. has been a client of the firm or its affiliates for non-securities related services. As of the date of this report, we make a market in R1 RCM Inc.. LTC Properties, Inc. - LTC We have managed or co-managed a public offering of securities for LTC Properties, Inc. within the past 12 months. LTC Properties, Inc. is an investment banking client of ours. We have received compensation for non-investment banking securities related services from LTC Properties, Inc. during the past 12 months. We expect to receive or intend to seek compensation for investment banking services from LTC Properties, Inc. within the next three months. During the past 12 months, LTC Properties, Inc. has been a client of the firm or its affiliates for non-securities related services. As of the date of this report, we make a market in LTC Properties, Inc.. For the three-year history represented in this chart, this stock has been rated Sector Weight.

Software Valuation - SWVL

Intel Corporation - INTC We expect to receive or intend to seek compensation for investment banking services from Intel Corporation within the next three months. During the past 12 months, Intel Corporation has been a client of the firm or its affiliates for non-securities related services. As of the date of this report, we make a market in Intel Corporation. Current research analyst Weston Twigg assumed coverage on 9/24/2018. Any rating and price target activity prior to 9/24/2018 represents the work of a previous research analyst.

Sealed Air Corporation - SEE We expect to receive or intend to seek compensation for investment banking services from Sealed Air Corporation within the next three months. As of the date of this report, we make a market in Sealed Air Corporation.

Reg A/C Certification The research analyst(s) responsible for the preparation of this research report certifies that:(1) all the views expressed in this research report accurately reflect the research analyst's personal views about any and all of the subject securities or issuers; and (2) no part of the research analyst's compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed by the research analyst(s) in this research report.

Three-Year Rating and Price Target History

May 4, 2020 Pg.10 KBCM Equity Research / [email protected] Disclosure Appendix (cont'd)

Rating and Price Target History for: R1 RCM Inc. (RCM) as of 05-01-2020

01/21/19 02/25/19 05/09/19 07/01/19 01/13/20 04/06/20 I:OW:$10 OW:$12 OW:$13 OW:$14 OW:$15 OW:$11 16 14 12 10 8 6 4 2 Q1 Q2 Q3 2018 Q1 Q2 Q3 2019 Q1 Q2 Q3 2020 Q1 Q2

Created by: BlueMatrix

Rating and Price Target History for: LTC Properties, Inc. (LTC) as of 05-01-2020

55 50 45 40 35 30 25 Q1 Q2 Q3 2018 Q1 Q2 Q3 2019 Q1 Q2 Q3 2020 Q1 Q2

For the three-year history represented in this chart, this stock has been rated Sector Weight.

Created by: BlueMatrix

Rating and Price Target History for: Intel Corporation (INTC) as of 05-01-2020

10/26/17 01/25/18 04/26/18 07/04/18 07/26/18 08/20/18 09/24/18 OW:$50 OW:$60 OW:$65 OW:$60 OW:$58 D:NR:NA I:SW:NA 70 65 60 55 50 45 40 35 30 Q1 Q2 Q3 2018 Q1 Q2 Q3 2019 Q1 Q2 Q3 2020 Q1 Q2

Current research analyst Weston Twigg assumed coverage on 9/24/2018. Any rating and price target activity prior to 9/24/2018 represents the work of a previous research analyst.

Created by: BlueMatrix

May 4, 2020 Pg.11 KBCM Equity Research / [email protected] Disclosure Appendix (cont'd)

Rating and Price Target History for: Sealed Air Corporation (SEE) as of 05-01-2020

07/15/19 11/06/19 UW:$39 SW:NA 55 50 45 40 35 30 25 20 15 Q1 Q2 Q3 2018 Q1 Q2 Q3 2019 Q1 Q2 Q3 2020 Q1 Q2

Created by: BlueMatrix

Rating Disclosures

Distribution of Ratings/IB Services Firmwide and by Sector

KeyBanc Capital Markets Healthcare Real Estate Technology IB Serv/Past 12 Mos. IB Serv/Past 12 Mos.

Rating Count Percent Count Percent Rating Count Percent Count Percent

Overweight [OW] 239 44.59 53 22.18 Overweight [OW] 17 43.59 1 5.88

Sector Weight [SW] 282 52.61 47 16.67 Sector Weight [SW] 21 53.85 5 23.81

Underweight [UW] 15 2.80 2 13.33 Underweight [UW] 1 2.56 0 0.00

Rating System

Overweight - We expect the stock to outperform the analyst's coverage sector over the coming 6-12 months.

Sector Weight - We expect the stock to perform in line with the analyst's coverage sector over the coming 6-12 months.

Underweight - We expect the stock to underperform the analyst's coverage sector over the coming 6-12 months.

May 4, 2020 Pg.12 KBCM Equity Research / [email protected] Disclosure Appendix (cont'd)

Other Disclosures KeyBanc Capital Markets is a trade name under which corporate and investment banking products and services of KeyCorp and its subsidiaries, KeyBanc Capital Markets Inc., Member FINRA/SIPC (“KBCMI”), and KeyBank National Association (“KeyBank N.A.”), are marketed.

KeyBanc Capital Markets Inc. (“KBCMI”) does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.

This report has been prepared by KBCMI. The material contained herein is based on data from sources considered to be reliable; however, KBCMI does not guarantee or warrant the accuracy or completeness of the information. It is published for informational purposes only and should not be used as the primary basis of investment decisions. Neither the information nor any opinion expressed constitutes an offer, or the solicitation of an offer, to buy or sell any security. The opinions and estimates expressed reflect the current judgment of KBCMI and are subject to change without notice. This report may contain forward-looking statements, which involve risk and uncertainty. Actual results may differ significantly from the forward-looking statements. This report is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the specific needs of any person or entity.

No portion of an analyst’s compensation is based on a specific banking transaction; however, part of his/her compensation may be based upon overall firm revenue and profitability, of which investment banking is a component. Individuals associated with KBCMI (other than the research analyst(s) listed on page 1 of this research report) may have a position (long or short) in the securities covered in this research report and may make purchases and/or sales of those securities in the open market or otherwise without notice. As required by FINRA Rule 2241(C)(4)(A), financial interest, if any, by any research analysts listed on page 1 of this report will be disclosed in Important Disclosures, Company-specific regulatory disclosures located above in the Disclosure Appendix. KBCMI itself may have a position (long or short) in the securities covered in this research report and may make purchases and/or sales of those securities in the open market or otherwise without notice. As required by FINRA Rule 2241(C)(4)(F), if KBCMI, or its affiliates, beneficially own 1% or more of any class of common equity securities in the subject company(ies) in this research report, it will be disclosed in Important Disclosures, Company-specific regulatory disclosures located above in the Disclosures Appendix. This communication is intended solely for use by KBCMI clients. The recipient agrees not to forward or copy the information to any other person without the express written consent of KBCMI.

Please refer to the analysts' recently published reports for company-specific valuation and risks.

May 4, 2020 Pg.13 KBCM Equity Research / [email protected]