Monthly Statistical Review

March 2016

Equity Research Team ...... 2 Coverage Changes ...... 7 Rating Changes ...... 8 Estimate Changes ...... 9

Consumer Healthcare Food and Agribusiness ...... 25 Diagnostics and Life Science Tools ...... 45 Healthy Living ...... 26 Healthcare Services ...... 46 Restaurants ...... 27 Medical Devices ...... 47 Retail/Broadlines ...... 28 Retail/Hardlines ...... 29 Industrials Retail/Softlines ...... 30 Building Materials ...... 48 Industrial Products and Services ...... 49 Energy Transportation/Airfreight and Logistics/Maritime ...... 50 Exploration and Production ...... 31 Transportation/Railroad and Transportation Suppliers ...... 51 Master Limited Partnerships ...... 33 Transportation/Truckload and Less-Than Truckload ...... 52 Oilfield Services...... 34 Technology Financial Services Business Services ...... 54 Banks-Mid-Atlantic ...... 35 Infrastructure Software and Security ...... 55 Banks-Midwest ...... 36 Media ...... 56 Banks-Southeast ...... 38 Power & Industrial Technology ...... 57 Banks-Southwest ...... 39 Semiconductors ...... 58 Banks-Super-Regional & Midwest ...... 40 Software as a Service ...... 59 Banks-West Coast ...... 41 Telecommunications Services ...... 60 Business Development Companies ...... 42 Real Estate Services ...... 43 Specialty Finance ...... 44

Coverage List ...... 61 Coverage List by Market Capitalization ...... 64 Institutional Sales ...... 113 Branch Offices ...... 114

Refer to pages 79-111 for MLP and REIT Company-Specific Risks Refer to Appendix on page 112 for Important Disclosures and Analyst Certification

Director of Research: Nik Fisken, CFA (501) 377-6335

CONSUMER Restaurants Retail/Hardlines Will Slabaugh, Managing Director (501) 377-2259 Rick Nelson, CFA, CPA Food and Agribusiness Billy Sherrill, Associate (501) 377-8513 Managing Director (312) 292-5768 Farha Aslam, Managing Director (212) 891-1778 BJRI BJ’s Restaurants Nicholas Zangler, CFA, Associate (501) 377-5753 Greg Nep, Associate (212) 891-1762 BOJA Bojangles’, Inc. ABG Asbury Automotive Group, Inc. Dan Shapiro, Associate (212) 891-1784 BWLD Buffalo Wild Wings, Inc. AN AutoNation, Inc. TAST Carrols Restaurant Group CAB Cabela’s Inc. ANDE Andersons, Inc., The CAKE Cheesecake Factory, The KMX CarMax, Inc. ADM Archer Daniels Midland Co. CMG Chipotle Mexican Grill CONN Conn’s, Inc. BGS B & G Foods, Inc. CHUY Chuy’s Holdings, Inc. DKS Dick’s Sporting Goods, Inc. BG Bunge Ltd. DRI Darden Restaurants GPI Group 1 Automotive, Inc. CALM Cal-Maine Foods, Inc. DFRG Del Frisco’s Restaurant Group HIBB Hibbett Sports, Inc. CVGW Calavo Growers Inc. DENN Denny's Corp. LAD Lithia Motors, Inc. DF Dean Foods Co. DNKN Dunkin’ Brands Group LL Lumber Liquidators Holdings FLO Flowers Foods, Inc. FRGI Fiesta Restaurant Group MIK Michaels Companies, The GPRE Green Plains Inc. GTIM Good Times Restaurants MNRO Monro Muffler Brake, Inc. HRL Hormel Foods Corp. HABT Habit Restaurants, Inc. PRTY Party City Holdco Inc. INGR Ingredion Inc. JAX J. Alexander’s Holdings PAG Penske Automotive Group, Inc. SJM J.M. Smucker Co., The KKD Krispy Kreme Doughnuts, Inc. SAH Sonic Automotive, Inc. PPC Pilgrim's Pride Corp. MCD McDonald’s Corp. TITN Titan Machinery Inc. PF Pinnacle Foods, Inc. FRSH Papa Murphy’s Holdings SAFM Sanderson Farms, Inc. RRGB Red Robin Gourmet Burgers, Inc. Retail/Softlines THS TreeHouse Foods, Inc. QSR Restaurant Brands International Rick Patel, CFA, Analyst (212) 891-1715 TSN Tyson Foods, Inc. SONC Sonic Corp. WWAV WhiteWave Foods Co. Shreya Jawalkar, Associate (212) 821-1709 SBUX Starbucks Corp. ANF Abercrombie & Fitch Co. TXRH Texas Roadhouse, Inc. Healthy Living ARO Aeropostale, Inc. WEN Wendy’s Co., The AEO American Eagle Outfitters Joe Edelstein, CFA, Analyst (312) 292-5762 ZOES Zoe’s Kitchen, Inc. ASNA Ascena Retail Group John Brick, Associate (312) 292-5752 NILE Blue Nile BUFF Blue Buffalo Pet Products Retail/Broadlines BBW Build-A-Bear Workshop MYCC ClubCorp Holdings, Inc. Ben Bienvenu, Analyst (501) 377-8511 CRI Carter’s, Inc. TFM Fresh Market, Inc., The AAP Advance Auto Parts PLCE Children’s Place, The FRPT Freshpet, Inc. AZO AutoZone, Inc. COH Coach, Inc. GNC GNC Holdings, Inc. CASY Casey’s General Stores FOSL Fossil, Inc. SNOW Intrawest Resorts Holdings CPRT Copart, Inc. GIII G-III Apparel Group KR Kroger Co. CORE Core-Mark Holding Co. KATE Kate Spade & Company NGVC Natural Grocers by Vitamin Cottage KORS Michael Kors Holdings CAPL CrossAmerica Partners LP PLNT Planet Fitness, Inc. MOV Movado Group CST CST Brands, Inc. SFS Smart & Final Stores, Inc. OXM Oxford Industries Inc. FRED Fred’s Inc. SFM Sprouts Farmers Market QVCA QVC Group KAR KAR Auction Services, Inc. UNFI United Natural Foods, Inc. RL Ralph Lauren Corp. LKQ LKQ Corp. MTN Vail Resorts, Inc. SIG Signet Jewelers Limited MUSA Murphy USA Inc. TIF Tiffany & Co. VSI Vitamin Shoppe, Inc. ORLY O’Reilly Automotive, Inc. TUMI Tumi Holdings, Inc. WFM Whole Foods Market, Inc. SUN Sunoco LP TSCO Tractor Supply Co. TA TravelCenters of America TUES Tuesday Morning Corp. WMT Wal-Mart Stores, Inc.

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 2 EQUITY RESEARCH COVERAGE LIST

Director of Research: Nik Fisken, CFA (501) 377-6335

ENERGY Master Limited Partnerships Banks-Midwest Matt Schmid, Analyst (817) 900-5716 Terry McEvoy, CFA, Managing Director (207) 808-5025 Exploration and Production BKEP Blueknight Energy Partners Nate Tower, Associate (207) 808-5026 Will Green, Managing Director (817) 900-5712 GPP Green Plains Partners LP Russell Warden, Associate (501) 377-8095 Matt Beeby, Associate (817) 900-5711 JPEP JP Energy Partners ASB Associated Banc-Corp MMLP Martin Midstream Partners John Durham, Associate (817) 900-5715 EQBK Equity Bancshares, Inc. PAA Plains All American Pipeline Josh Stevens, Associate (817) 900-5713 PAGP Plains GP Holdings FMBI First Midwest Bancorp. AXAS Abraxas Petroleum Corp. WPT World Point Terminals FMER FirstMerit Corporation CPE Callon Petroleum Co. ONB Old National Bancorp. CRZO Carrizo Oil & Gas, Inc. Oilfield Services PVTB PrivateBancorp, Inc. CHK Chesapeake Energy Corp. Matthew Marietta, Analyst (713) 993-4211 TLMR Talmer Bancorp, Inc. CXO Concho Resources Inc. EOG EOG Resources, Inc. Brooks Braden, Associate (713) 993-4204 WTFC Wintrust Financial Corp. EPE EP Energy Corp. Christopher Denison, Associate (713) 993-4205 XCO EXCO Resources, Inc. ATW Atwood Oceanics, Inc. Banks-Midwest GPOR Gulfport Energy Corp. BHI Baker Hughes Inc. Erik Zwick, CFA, Analyst (302) 234-4294 HK Halcon Resources BAS Basic Energy Services, Inc. Nate Tower, Associate (207) 808-5026 LPI Laredo Petroleum, Inc. CJES C&J Energy Services, Inc. Russell Warden, Associate (501) 377-8095 OAS Oasis Petroleum Inc. ESV Ensco plc ABCW Anchor BanCorp Wisconsin PE Parsley Energy, Inc. FTK Flotek Industries, Inc. BKMU Bank Mutual Corp. PQ PetroQuest Energy, Inc. HAL Halliburton Co. CTBI Community Bancorp PXD Pioneer Natural Resources Co. HLX Helix Energy Solutions Group ICBK County Bancorp RRC Range Resources Corp. RSPP RSP Permian, Inc. HP Helmerich & Payne BUSE First Busey Corp. SWN Southwestern Energy Co. HOS Hornbeck Offshore Services FFBC First Financial Bancorp WLL Whiting Petroleum Corp. KEG Key Energy Services, Inc. FRME First Merchants Corp. NBR Nabors Industries GWB Great Western Bancorp Exploration and Production NE Noble Corp. HBNC Horizon Bancorp Ben Wyatt, Analyst (817) 900-5714 PKD Parker Drilling Co. LKFN Lakeland Financial Corp. Matt Beeby, Associate (817) 900-5711 PTEN Patterson-UTI Energy MSFG MainSource Financial Group John Durham, Associate (817) 900-5715 PES Pioneer Energy Services MFSF MutualFirst Financial Inc. Josh Stevens, Associate (817) 900-5713 RDC Rowan Companies PRK Park National Corp. AR Antero Resources Corp. RES RPC, Inc. SYBT Stock Yards Bancorp XEC Cimarex Energy SLB Schlumberger Ltd. YCB Your Community Bankshares CLR Continental Resources, Inc. SSE Seventy Seven Energy Inc. DVN Devon Energy Corp. SPN Superior Energy Services, Inc. Banks-Southeast FANG Diamondback Energy, Inc. SLCA U.S. Silica Holdings, Inc. Tyler Stafford, Analyst (501) 377-8362 ESTE Earthstone Energy, Inc. WFT Weatherford International Gordon McGuire, Associate (501) 377-3717 EGN Energen Corp. Wes Zwiegers, Associate (501) 377-2284 MTDR Matador Resources Co. ABCB Ameris Bancorp MRD Memorial Resource Development FINANCIAL SERVICES AVNU Avenue Financial Holdings PDCE PDC Energy, Inc. BNCN BNC Bancorp QEP QEP Resources, Inc. RICE Rice Energy Inc. Banks-Mid-Atlantic CCBG Capital City Bank Group SN Sanchez Energy Corp. Austin Nicholas, Analyst (207) 808-5027 LION Fidelity Southern Corp. SYRG Synergy Resources Corp. Russell Warden, Associate (501) 377-8095 FHN First Horizon National Corp. AMNB American National Bankshares FSB Franklin Financial Network CHCO City Holding Co. NCOM National Commerce Corp. ESXB Community Bankers Trust PSTB Park Sterling Corp. UBSH Union Bankshares Corp. PNFP Pinnacle Financial Partners, Inc. SFBS ServisFirst Bancshares, Inc. SSB South State Corp. STBZ State Bank Financial Corp. SNV Synovus Financial Corp. UCBI United Community Banks, Inc. YDKN Yadkin Financial Corp.

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 3 EQUITY RESEARCH COVERAGE LIST

Director of Research: Nik Fisken, CFA (501) 377-6335

Banks-Southwest Banks-West Coast HEALTHCARE Matt Olney, CFA, Managing Director (501) 377-2101 Tyler Stafford, Analyst (501) 377-8362 Aaron Fogle, Associate (501) 377-8065 Gordon McGuire, Associate (501) 377-3717 Diagnostics and Life Science Tools Matthew Sealy, Associate (501) 377-3721 Wes Zwiegers, Associate (501) 377-2284 Drew Jones, Analyst (501) 377-2369 ABTX Allegiance Bancshares, Inc. PACW PacWest Bancorp Garrett Phelps, Associate (501) 377-8221 BXS BancorpSouth, Inc. SIVB SVB Financial Group ABAX Abaxis, Inc. OZRK Bank of the Ozarks, Inc. UMPQ Umpqua Holdings Corp. TECH Bio-Techne Corp. BOKF BOK Financial Corp. CBM Cambrex Corp. CBSH Commerce Bancshares, Inc. Business Development Companies CERS Cerus Corp. CFR Cullen/Frost Bankers, Inc. EXAS EXACT Sciences Corp. Matt Schmid, Analyst (817) 900-5716 FFIN First Financial Bankshares, Inc. MYGN Myriad Genetics, Inc. CPTA Capitala Finance Corp. HBHC Hancock Holding Co. NEOG Neogen Corp. HTH Hilltop Holdings Inc. GARS Garrison Capital Inc. NEO Neogenomics Inc. HOMB Home BancShares, Inc. MRCC Monroe Capital Corp. OSUR OraSure Technologies, Inc. IBKC IBERIABANK Corp. SCM Stellus Capital Investment PACB Pacific Biosciences of California IBTX Independent Bank Group TCAP Triangle Capital Corp. RGEN Repligen Corp. LTXB LegacyTexas Financial Group, Inc. TEAR TearLab Corp. MSL MidSouth Bancorp, Inc. Real Estate Services TRIB Trinity Biotech plc NBHC National Bank Holdings Corp. John Campbell, Analyst (501) 377-6362 WOOF VCA, Inc. PB Prosperity Bancshares, Inc. Hayden Blair, Associate (501) 377-8215 VCYT Veracyte, Inc. RNST Renasant Corp. RATE Bankrate, Inc. SFNC Simmons First National Corp. BKFS Black Knight Financial Services, Inc. Healthcare Services OKSB Southwest Bancorp, Inc. CLGX CoreLogic Dana Hambly, CFA, Analyst (615) 279-4329 TCBI Texas Capital Bancshares, Inc. ELLI Ellie Mae, Inc. Jacob Johnson, CFA, Associate (615) 279-4355 TSC TriState Capital Holdings, Inc. FNF Fidelity National Financial, Inc. ACHC Acadia Healthcare Co. UMBF UMB Financial Corp. FAF First American Financial Corp. VBTX Veritex Holdings, Inc. ADPT Adeptus Health Inc. FNFV FNFV Group ADUS Addus HomeCare Corp. TREE LendingTree, Inc. AIRM Air Methods Corp. Banks-Super-Regional EGOV NIC Inc. AMSG AMSURG Corporation Terry McEvoy, CFA, Managing Director (207) 808-5025 QNST QuinStreet, Inc. BIOS BioScrip, Inc. Nate Tower, Associate (207) 808-5026 RMAX RE/MAX Holdings Inc. BKD Brookdale Senior Living Russell Warden, Associate (501) 377-8095 RLGY Realogy Holdings Corp. CSU Capital Senior Living Corp. STC Stewart Information Services BBT BB&T Corporation ENSG Ensign Group, The ZG Zillow, Inc. CMA Comerica Inc. GEN Genesis Healthcare, Inc. FITB Fifth Third Bancorp HGR Hanger Inc. FRC First Republic Bank Specialty Finance MD MEDNAX, Inc. HBAN Huntington Bancshares Inc. J.R. Bizzell, Analyst (501) 377-8237 HLTH Nobilis Health Corp. KEY KeyCorp. AAN Aaron’s, Inc. SCAI Surgical Care Affiliates PNC PNC Financial Services Group CRMT America’s Car-Mart, Inc. TMH Team Health Holdings, Inc. RF Regions Financial Corp. CPSS Consumer Portfolio Services USPH U.S. Physical Therapy STI SunTrust Banks, Inc. OMF OneMain Holdings, Inc. USB U.S. Bancorp RM Regional Management ZION Zions Bancorporation RCII Rent-A-Center SC Santander Consumer USA WRLD World Acceptance Corp.

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 4 EQUITY RESEARCH COVERAGE LIST

Director of Research: Nik Fisken, CFA (501) 377-6335

Medical Devices Industrial Products and Services Transportation/Railroad and Transportation Suppliers Chris Cooley, CFA, Managing Director, (501) 377-2516 Matt Duncan, CFA, Managing Director (501) 377-3723 Justin Long, Managing Director (501) 377-2036 Blevin Brown, Associate (501) 377-8506 Blake Anderson, Associate (501) 377-6312 Brian Colley, Associate (501) 377-8231 ABMD Abiomed, Inc. Will Steinwart, Associate (501) 377-8303 ARII American Railcar Industries ALGN Align Technology, Inc. AIMC Altra Industrial Motion Corp. CSX CSX Corp. AVGR Avinger, Inc. AIT Applied Industrial Technologies, Inc. DAN Dana Holding Corp. BSX Boston Scientific Corp. DXPE DXP Enterprises, Inc. COO Cooper Companies, The FRM Furmanite Corp. FTAI Fortress Transportation and Infrastructure Investors DXCM DexCom, Inc. GLDD Great Lakes Dredge & Dock RAIL FreightCar America, Inc. ELGX Endologix, Inc. KAMN Kaman Corp. GMT GATX Corp. PODD Insulet Corp. MTZ MasTec, Inc. GWR Genesee & Wyoming Inc. LDRH LDR Holding Corp. MTRX Matrix Service Co. GBX Greenbrier Companies NXTM NxStage Medical, Inc. MG Mistras Group, Inc. HUBG Hub Group, Inc. RTIX RTI Surgical, Inc. MRC MRC Global Inc. KSU Kansas City Southern SIRO Sirona Dental Systems, Inc. MSM MSC Industrial Direct Co. NNBR NN, Inc. STAA STAAR Surgical Co. DNOW NOW, Inc. NSC Norfolk Southern Corp. STE STERIS plc ORN Orion Marine Group, Inc. R Ryder System, Inc. TFX Teleflex Inc. POOL Pool Corp. PWR Quanta Services, Inc. SRI Stoneridge Inc. TISI Team, Inc. TRN Trinity Industries INDUSTRIALS GWW W.W. Grainger, Inc. UNP Union Pacific Corp. WBC WABCO Holdings Inc. WSO Watsco, Inc. Building Materials WCC WESCO International, Inc. WAB Wabtec Corp. Trey Grooms, Managing Director (501) 377-2318 Blake Hirschman, Associate (501) 377-8046 Transportation/Airfreight and Logistics/Maritime Transportation/Truckload and Less-Than Truckload Drew Lipke, Associate (501) 377-2108 Jack Atkins, Managing Director (501) 377-2298 Brad Delco, Managing Director (501) 377-8057 BECN Beacon Roofing Supply, Inc. Jonathan Deng, Associate (501) 377-2021 Scott Schoenhaus, Associate (501) 377-2532 BLDR Builders FirstSource, Inc. Andrew Hall, Associate (501) 377-2562 ARCB ArcBest Corp. CBPX Continental Building Products ATSG Air Transport Service Group CGI Celadon Group, Inc. EXP Eagle Materials Inc. AAWW Atlas Air Worldwide Holdings CVTI Covenant Transportation Group IBP Installed Building Products CHRW C.H. Robinson Worldwide, Inc. HTLD Heartland Express MLM Martin Marietta Materials ECHO Echo Global Logistics JBHT J.B. Hunt Transport Services, Inc. DOOR Masonite International Corp. EXPD Expeditors International NCS NCI Building Systems KNX Knight Transportation, Inc. FDX FedEx Corp. PGEM Ply Gem Holdings, Inc. MRTN Marten Transport, Ltd. FWRD Forward Air Corp. PII Polaris Industries Inc. ODFL Old Dominion Freight Line, Inc. STCK BMC Stock Holdings KEX Kirby Corp. RUSHA Rush Enterprises, Inc. SUM Summit Materials LLC LSTR Landstar System, Inc. SAIA Saia, Inc. BLD TopBuild Corp. MATX Matson Inc. SWFT Swift Transportation Co. TREX Trex Company, Inc. UPS United Parcel Service, Inc. USAK USA Truck, Inc. USCR U.S. Concrete, Inc. INT World Fuel Services WNC Wabash National Corp. USG USG Corp. XPO XPO Logistics WERN Werner Enterprises, Inc. VMC Vulcan Materials Company YRCW YRC Worldwide Inc.

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 5 EQUITY RESEARCH COVERAGE LIST

Director of Research: Nik Fisken, CFA (501) 377-6335

TECHNOLOGY Media Software as a Service Kyle Evans, Managing Director (501) 377-6376 Alex Zukin, Analyst (415) 548-6907 Business Services Tommy Moll, Associate (501) 377-6306 Scott Wilson, Associate (415) 548-6906 ADBE Adobe Systems Inc. Brett Huff, CFA, Managing Director (501) 377-8068 SSP E.W. Scripps Co. CALD CallidusCloud James Rutherford, Associate (501) 377-2303 ETM Entercom Communications CSOD Cornerstone OnDemand, Inc. ACIW ACI Worldwide, Inc. GTN Gray Television, Inc. DWRE Demandware, Inc. ACXM Acxiom Corp. MEG Media General GWRE Guidewire Software, Inc. ADS Alliance Data Systems MDP Meredith Corp. HUBS HubSpot, Inc. EPAY Bottomline Technologies NXST Nexstar Broadcasting Group MKTO Marketo, Inc. CSGP CoStar Group, Inc. SBGI Sinclair Broadcasting Group N NetSuite Inc. EFX Equifax Inc. TTGT TechTarget, Inc. CRM Salesforce.com EXPGY Experian plc TGNA TEGNA Inc. SQI SciQuest, Inc. FICO FICO TSQ Townsquare Media NOW ServiceNow, Inc. FIS Fidelity National Information Services, Inc. TYL Tyler Technologies, Inc. FISV Fiserv, Inc. TRCO Tribune Media Co. GPN Global Payments Inc. TRUE TrueCar, Inc. ULTI Ultimate Software HPY Heartland Payment Systems, Inc. WDAY Workday, Inc. JKHY Jack Henry & Associates Power & Industrial Technology ZEN Zendesk, Inc. MCHX Marchex, Inc. Ben Hearnsberger, Analyst (512) 542-3272 FUEL Rocket Fuel Inc. Brandon Wright, Associate (512) 542-3273 Telecommunications Services RUBI Rubicon Project, Inc. DDD 3D Systems Corp. Barry McCarver, Managing Director (501) 377-8131 TSS Total System Services, Inc. ENS Enersys Inc. Brian Hawthorne, Associate (501) 377-6372 TUBE TubeMogul, Inc. ESE ESCO Technologies ATNI Atlantic Tele-Network, Inc. XONE ExOne Company, The CBB Cincinnati Bell Inc. Infrastructure Software and Security FARO FARO Technologies, Inc. CCOI Cogent Communications Group Jonathan Ruykhaver, CFA, Managing Dir. (615) 279-4331 FLIR FLIR Systems, Inc. CSAL Communications Sales & Leasing Nathan Leiphardt, Associate (615) 279-4376 ITRI Itron, Inc. CNSL Consolidated Communications Holdings HIVE Aerohive Networks, Inc. MTLS Materialise NV COR CoreSite Realty Corp. CUDA Barracuda Networks, Inc. MTSC MTS Systems Corp. CONE CyrusOne, Inc. CHKP Check Point Software Tech. EQIX Equinix, Inc. CTXS Citrix Systems, Inc. NATI National Instruments Corp. FTR Frontier Communications Corp. FEYE FireEye, Inc. POWR PowerSecure International GTT GTT Communications, Inc. FTNT Fortinet, Inc. PRLB Proto Labs, Inc. IMPV Imperva, Inc. RAVN Raven Industries HCOM Hawaiian Telcom Holdco BLOX Infoblox Inc. SSYS Stratasys Ltd. LVLT Level 3 Communications, Inc. LOGM LogMeIn, Inc. VJET Voxeljet AG MITL Mitel Networks Corp. NTCT NetScout Systems, Inc. QTS QTS Realty Trust PANW Palo Alto Networks, Inc. Semiconductors SHOR ShoreTel, Inc. PFPT Proofpoint, Inc. Harsh Kumar, Managing Director (901) 681-1344 WIN Windstream Corp. QLYS Qualys, Inc. Richard Sewell, Associate (901) 681-1345 ZAYO Zayo Group Holdings RHT Red Hat, Inc. ADI Analog Devices, Inc. SPLK Splunk, Inc. BELFB Bel Fuse Inc. SYMC Symantec Corp. VRNS Varonis Systems, Inc. CREE Cree, Inc. IDTI Integrated Device Technology KN Knowles Corp. MTSI M/A-COM Technology Solutions MCHP Microchip Technology MSCC Microsemi Corp. QRVO Qorvo, Inc. SMTC Semtech Corp. SLAB Silicon Laboratories, Inc. SWKS Skyworks Solutions, Inc.

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 6

COVERAGE CHANGES

ADDITIONS Symbol Date RATING Analyst Stephens added 1 companies to coverage during the month and now Devon Energy Corp. DVN 02/02/16 Equal-Weight Wyatt covers 515 companies. These companies have an average and median market capitalization of $4.9 billion and $1.5 billion, respectively. In the past three years, Stephens has increased the number of companies under DELETIONS Symbol Date coverage by more than 30%. Atlas Energy ATLS 02/19/16 Atlas Resource Partners ARP 02/19/16 Atmel Corp. ATML 02/19/16 Diodes DIOD 02/19/16 Dun & Bradstreet DNB 02/19/16 Genomic Health GHDX 02/19/16 Intersil ISIL 02/19/16 Luminex LMNX 02/19/16 OmniVision Technologies OVTI 01/29/16 Rex Energy REXX 02/19/16 Ryerson RYI 02/19/16 SolarWinds, Inc. SWI 02/06/16

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 7

RATING CHANGES

Rating ______UPGRADES Symbol To From Date Analyst First Merchants FRME Overweight Equal-Weight 01/29/16 Zwick Level 3 Communications LVLT Overweight Equal-Weight 02/05/16 McCarver Pinnacle Financial Partners PNFP Overweight Equal-Weight 01/29/16 Stafford Rush Enterprises RUSHA Overweight Equal-Weight 02/16/16 Delco Tyson Foods TSN Overweight Equal-Weight 02/17/16 Aslam

Rating ______DOWNGRADES Symbol To From Date Analyst Anchor BanCorp ABCW Equal-Weight Overweight 02/02/16 Zwick EP Energy EPE Underweight Equal-Weight 02/25/16 Green EXACT Sciences EXAS Equal-Weight (Vol) Overweight (Vol) 02/25/16 Jones Flowers Foods FLO Equal-Weight Overweight 02/11/16 Aslam Laredo Petroleum LPI Underweight Equal-Weight (Vol) 02/18/16 Green Pool Corp. POOL Equal-Weight Overweight 02/02/16 Duncan PowerSecure International POWR Equal-Weight (Vol) Overweight (Vol) 02/25/16 Hearnsberger

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 8 MOST RECENT ESTIMATE CHANGES

SYMBOL COMPANY NAME ANALYST FYE CURRENT PREVIOUS

AAN Aaron's Bizzell 2016 $2.30 $2.40 ABAX Abaxis Jones 2017 $1.45 $1.51 ABMD Abiomed Cooley 2016 $1.18 $0.99 ABMD Abiomed Cooley 2017 $1.38 $1.36 ACHC Acadia Healthcare Hambly 2016 $2.81 $2.75 ACXM Acxiom Huff 2016 $0.53 $0.45 ACXM Acxiom Huff 2017 $0.65 $0.61 ADPT Adeptus Health Hambly 2016 $2.57 $2.02 ADPT Adeptus Health Hambly 2017 $3.25 $2.64 AAP Advance Auto Parts Bienvenu 2016 $8.98 $9.38 HIVE Aerohive Networks Ruykhaver 2016 ($0.28) ($0.32) ALGN Align Technology Cooley 2016 $2.02 $2.16 ABTX Allegiance Bancshares Olney 2016 $1.48 $1.52 ABTX Allegiance Bancshares Olney 2017 $1.71 $1.80 ADS Alliance Data Systems Huff 2016 $16.80 $17.13 ADS Alliance Data Systems Huff 2017 $19.30 $19.35 AIMC Altra Industrial Motion Duncan 2017 $1.72 $1.76 AMNB American National Bankshares Nicholas 2016 $1.80 $1.82 AMNB American National Bankshares Nicholas 2017 $1.90 $1.98 ARII American Railcar Industries Long 2016 $5.30 $6.30 ARII American Railcar Industries Long 2017 $3.65 $5.35 CRMT America's Car‐Mart Bizzell 2016 $1.87 $1.56 CRMT America's Car‐Mart Bizzell 2017 $2.27 $2.43 ABCB Ameris Bancorp Stafford 2016 $2.26 $2.30 ABCB Ameris Bancorp Stafford 2017 $2.57 $2.70 AMSG AMSURG Hambly 2016 $4.29 $3.85 ADI Analog Devices Kumar 2016 $2.66 $2.52 ABCW Anchor BanCorp Zwick 2016 $1.71 $1.72 ANDE Andersons, The Aslam 2016 $2.20 $2.30 AR Antero Resources Wyatt 2016 $4.08 $4.00 AR Antero Resources Wyatt 2017 $3.82 $3.52

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 9 MOST RECENT ESTIMATE CHANGES

SYMBOL COMPANY NAME ANALYST FYE CURRENT PREVIOUS ARCB ArcBest Delco 2017 $1.75 $1.74 ADM Archer Daniels Midland Aslam 2016 $2.30 $2.85 ABG Asbury Automotive Nelson 2016 $5.63 $6.17 ASB Associated Banc‐Corp McEvoy 2016 $1.27 $1.32 ASB Associated Banc‐Corp McEvoy 2017 $1.32 $1.50 AAWW Atlas Air Worldwide Holdings Atkins 2016 $5.25 $4.65 AAWW Atlas Air Worldwide Holdings Atkins 2017 $5.20 $4.75 ATW Atwood Oceanics Marietta 2016 $5.03 $3.74 ATW Atwood Oceanics Marietta 2017 ($0.01) $0.64 AN AutoNation Nelson 2016 $4.20 $4.45 AN AutoNation Nelson 2016 $4.40 $4.20 AN AutoNation Nelson 2017 $4.68 $4.43 AVNU Avenue Financial Holdings Stafford 2016 $0.89 $0.80 AVNU Avenue Financial Holdings Stafford 2017 $1.08 $1.09 BGS B&G Foods Aslam 2016 $2.15 $2.22 BHI Baker Hughes Marietta 2016 ($0.22) ($0.11) BHI Baker Hughes Marietta 2017 $1.10 $1.34 BXS Bancorpsouth Olney 2016 $1.52 $1.51 BXS Bancorpsouth Olney 2017 $1.63 $1.52 BKMU Bank Mutual Zwick 2016 $0.39 $0.40 OZRK Bank of the Ozarks Olney 2016 $2.55 $2.68 OZRK Bank of the Ozarks Olney 2017 $2.86 $3.27 RATE Bankrate Campbell 2016 $0.71 $0.73 RATE Bankrate Campbell 2016 $0.57 $0.71 RATE Bankrate Campbell 2017 $0.66 $0.80 BBT BB&T Corp. McEvoy 2016 $2.85 $2.94 BBT BB&T Corp. McEvoy 2017 $3.10 $3.48 BBT BB&T Corp. McEvoy 2016 $2.87 $2.85 BBT BB&T Corp. McEvoy 2017 $3.15 $3.10 BECN Beacon Roofing Supply Grooms 2016 $1.91 $1.80 BECN Beacon Roofing Supply Grooms 2017 $2.21 $2.31 BELFB Bel Fuse Kumar 2016 $1.53 $2.19

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 10 MOST RECENT ESTIMATE CHANGES

SYMBOL COMPANY NAME ANALYST FYE CURRENT PREVIOUS TECH Bio‐Techne Jones 2016 $3.47 $3.42 TECH Bio‐Techne Jones 2017 $3.62 $3.80 BJRI BJ's Restaurants Slabaugh 2016 $1.91 $2.00 BKFS Black Knight Financial Services Campbell 2016 $1.11 $1.09 NILE Blue Nile Patel 2016 $0.90 $0.98 BNCN BNC Bancorp Stafford 2016 $1.68 $1.67 BNCN BNC Bancorp Stafford 2017 $1.89 $1.93 BOKF BOK Financial Olney 2016 $4.41 $4.36 BOKF BOK Financial Olney 2017 $4.73 $4.92 BSX Boston Scientific Cooley 2016 $1.06 $1.10 BSX Boston Scientific Cooley 2017 $1.19 $1.23 EPAY Bottomline Technologies Huff 2016 $1.48 $1.52 EPAY Bottomline Technologies Huff 2017 $1.68 $1.82 BKD Brookdale Senior Living Hambly 2016 $2.46 $2.53 BKD Brookdale Senior Living Hambly 2017 $2.65 $2.81 BWLD Buffalo Wild Wings Slabaugh 2016 $6.21 $6.60 BLDR Builders FirstSource Grooms 2016 $1.04 $0.98 BG Bunge Aslam 2016 $5.20 $6.65 CHRW C.H. Robinson Atkins 2016 $3.75 $3.80 CAB Cabela's Nelson 2016 $3.17 $3.13 CALD CallidusCloud Zukin 2016 $0.29 $0.28 CPE Callon Petroleum Green 2016 $0.91 $0.93 CBM Cambrex Corp. Jones 2016 $2.33 $2.05 CCBG Capital City Bank Group Stafford 2016 $0.71 $0.70 CCBG Capital City Bank Group Stafford 2017 $0.86 $0.92 CRZO Carrizo Oil & Gas Green 2016 $3.86 $4.05 CRZO Carrizo Oil & Gas Green 2017 $2.85 $3.27 CASY Casey's General Stores Bienvenu 2016 $5.53 $5.82 CASY Casey's General Stores Bienvenu 2017 $5.62 $5.66 CHKP Check Point Software Ruykhaver 2016 $4.45 $4.58 CMG Chipotle Mexican Grill Slabaugh 2016 $7.75 $11.25 CMG Chipotle Mexican Grill Slabaugh 2017 $14.50 $15.00

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 11 MOST RECENT ESTIMATE CHANGES

SYMBOL COMPANY NAME ANALYST FYE CURRENT PREVIOUS XEC Cimerax Energy Wyatt 2016 $2.93 $5.48 XEC Cimerax Energy Wyatt 2017 $5.70 $7.92 CBB Cincinnati Bell McCarver 2016 $0.03 ($0.01) CHCO City Holding Co. Nicholas 2016 $3.11 $3.14 CHCO City Holding Co. Nicholas 2017 $3.20 $3.44 MYCC ClubCorp Holdings Edelstein 2016 ($0.04) $0.29 CMA Comerica McEvoy 2016 $2.78 $2.95 CMA Comerica McEvoy 2017 $2.85 $3.50 CBSH Commerce Bancshares Olney 2016 $2.65 $2.69 CBSH Commerce Bancshares Olney 2017 $2.83 $2.94 ESXB Community Bankers Trust Nicholas 2016 $0.44 $0.46 ESXB Community Bankers Trust Nicholas 2017 $0.47 $0.50 CTBI Community Trust Bancorp Zwick 2016 $2.77 $2.80 CTBI Community Trust Bancorp Zwick 2017 $2.90 $3.00 CONN Conn's Nelson 2016 $1.24 $1.29 CONN Conn's Nelson 2017 $1.82 $1.92 CPSS Consumer Portfolio Services Bizzell 2016 $1.04 $1.20 CBPX Continental Building Products Grooms 2016 $1.01 $1.08 CPRT Copart Bienvenu 2016 $1.96 $1.92 CPRT Copart Bienvenu 2017 $2.15 $2.13 CLGX CoreLogic Campbell 2016 $2.09 $2.29 COR CoreSite Realty McCarver 2016 $1.14 $1.08 CSOD Cornerstone OnDemand Zukin 2016 $0.02 $0.11 ICBK County Bancorp Zwick 2016 $1.70 $1.73 ICBK County Bancorp Zwick 2016 $1.85 $2.00 CAPL CrossAmerica Partners Bienvenu 2016 $2.69 $2.59 CST CST Brands Bienvenu 2016 $1.76 $1.48 CFR Cullen/Frost Bankers Olney 2016 $4.50 $4.54 CFR Cullen/Frost Bankers Olney 2017 $4.71 $4.82 CONE CyrusOne McCarver 2016 $0.30 $0.23 CONE CyrusOne McCarver 2017 $0.65 $0.52 DAN Dana Holding Long 2017 $1.75 $1.80

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 12 MOST RECENT ESTIMATE CHANGES

SYMBOL COMPANY NAME ANALYST FYE CURRENT PREVIOUS DF Dean Foods Aslam 2016 $1.65 $1.30 DF Dean Foods Aslam 2017 $1.65 $1.38 DWRE Demandware Zukin 2016 $0.23 $0.21 DENN Denny's Slabaugh 2016 $0.47 $0.46 DVN Devon Energy Wyatt 2016 $1.71 $4.08 DVN Devon Energy Wyatt 2017 $2.46 $3.68 DXCM DexCom Cooley 2016 $0.02 $0.14 DXCM DexCom Cooley 2017 $0.67 $0.80 FANG Diamondback Energy Wyatt 2016 $3.47 $3.68 FANG Diamondback Energy Wyatt 2017 $5.41 $5.17 DKS Dick's Sporting Goods Nelson 2016 $3.23 $3.25 DIOD Diodes Kumar 2016 $1.13 $1.12 DNKN Dunkin' Brands Slabaugh 2016 $2.21 $2.20 EXP Eagle Materials Grooms 2016 $3.40 $3.35 EXP Eagle Materials Grooms 2017 $3.89 $3.99 ECHO Echo Global Logistics Atkins 2016 $1.35 $1.30 ECHO Echo Global Logistics Atkins 2017 $1.55 $1.50 ELLI Ellie Mae Campbell 2016 $1.97 $1.79 ELLI Ellie Mae Campbell 2017 $2.85 $2.49 ELGX Endologix Cooley 2016 ($1.08) ($0.53) ELGX Endologix Cooley 2016 ($1.24) ($1.08) ELGX Endologix Cooley 2017 ($0.66) ($0.40) EGN Energen Wyatt 2016 $1.68 $4.14 EGN Energen Wyatt 2017 $2.51 $4.98 ENS EnerSys Hearnsberger 2016 $3.89 $4.00 ENS EnerSys Hearnsberger 2017 $4.10 $4.40 ENSG Ensign Group Hambly 2017 $1.61 $1.60 ETM Entercom Communications Evans 2016 $0.97 $0.93 EPE EP Energy Green 2016 $3.34 $3.88 EPE EP Energy Green 2017 $1.19 $1.97 EFX Equifax Huff 2016 $5.05 $4.96 EQIX Equinix McCarver 2016 $3.98 $5.61

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 13 MOST RECENT ESTIMATE CHANGES

SYMBOL COMPANY NAME ANALYST FYE CURRENT PREVIOUS EQBK Equity Bancshares McEvoy 2016 $1.47 $1.48 EQBK Equity Bancshares McEvoy 2017 $1.60 $1.65 ESE ESCO Technologies Hearnsberger 2016 $1.97 $1.92 ESE ESCO Technologies Hearnsberger 2017 $2.25 $2.18 EXPD Expeditors International Atkins 2016 $2.45 $2.50 EXPD Expeditors International Atkins 2017 $2.65 $2.75 EXPGY Experian Huff 2016 $0.86 $0.87 EXPGY Experian Huff 2017 $0.92 $0.96 FARO FARO Technologies Hearnsberger 2016 $0.80 $0.78 FICO FICO Huff 2016 $4.85 $4.54 FICO FICO Huff 2017 $5.25 $4.96 FNF Fidelity National Financial Campbell 2016 $2.59 $2.56 FNF Fidelity National Financial Campbell 2017 $2.88 $2.89 FIS Fidelity National Info. Services Huff 2016 $3.70 $3.91 LION Fidelity Southern Corp. Stafford 2016 $1.50 $1.59 LION Fidelity Southern Corp. Stafford 2017 $1.67 $1.80 FRGI Fiesta Restaurant Group Slabaugh 2016 $1.65 $1.70 FITB Fifth Third Bank McEvoy 2016 $1.53 $1.54 FITB Fifth Third Bank McEvoy 2017 $1.55 $1.69 FEYE FireEye Ruykhaver 2016 ($1.30) ($1.29) FAF First American Financial Campbell 2016 $2.81 $2.77 FFBC First Financial Bancorp. Zwick 2016 $1.37 $1.38 FFBC First Financial Bancorp. Zwick 2017 $1.45 $1.47 FFIN First Financial Bankshares Olney 2016 $1.64 $1.65 FFIN First Financial Bankshares Olney 2017 $1.72 $1.74 FHN First Horizon National Corp. Stafford 2016 $0.89 $0.87 FHN First Horizon National Corp. Stafford 2017 $0.98 $1.05 FRME First Merchants Zwick 2016 $1.92 $1.95 FRME First Merchants Zwick 2017 $2.00 $2.10 FMBI First Midwest Bancorp McEvoy 2016 $1.21 $1.30 FMBI First Midwest Bancorp McEvoy 2017 $1.20 $1.47 FRC First Republic Bank McEvoy 2016 $3.55 $3.60

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 14 MOST RECENT ESTIMATE CHANGES

SYMBOL COMPANY NAME ANALYST FYE CURRENT PREVIOUS FRC First Republic Bank McEvoy 2017 $4.10 $4.20 FMER FirstMerit McEvoy 2016 $1.29 $1.35 FISV Fiserv Huff 2016 $4.40 $4.30 FLIR FLIR Systems Hearnsberger 2016 $1.65 $1.69 FTK Flotek Industries Marietta 2016 ($0.08) ($0.07) FLO Flowers Foods Aslam 2016 $1.00 $1.10 FNFV FNFV Group Campbell 2016 $0.06 ($1.30) FTNT Fortinet Ruykhaver 2016 $0.68 $0.67 FWRD Forward Air Atkins 2016 $2.40 $2.52 FWRD Forward Air Atkins 2017 $2.75 $2.85 FOSL Fossil Patel 2016 $3.33 $4.00 FSB Franklin Financial Network Stafford 2016 $2.14 $2.22 FSB Franklin Financial Network Stafford 2017 $2.88 $3.01 FRED Fred's Bienvenu 2016 $0.30 $0.37 RAIL FreightCar America Long 2016 $1.55 $2.25 RAIL FreightCar America Long 2017 $1.00 $1.40 FTR Frontier Communications McCarver 2016 ($0.12) $0.00 FTR Frontier Communications McCarver 2017 $0.02 $0.12 GWR Genesee & Wyoming Long 2016 $3.60 $4.00 GWR Genesee & Wyoming Long 2107 $3.75 $3.85 GEN Genesis Healthcare Hambly 2016 $0.21 $0.25 GEN Genesis Healthcare Hambly 2017 $0.40 $0.34 GHDX Genomic Health Jones 2016 ($0.26) ($0.14) GNC GNC Holdings Edelstein 2016 $3.16 $2.99 GNC GNC Holdings Edelstein 2017 $3.38 $3.16 GTIM Good Times Restaurants Slabaugh 2016 ($0.14) ($0.12) GTIM Good Times Restaurants Slabaugh 2017 $0.05 $0.06 GLDD Great Lakes Dredge & Dock Duncan 2016 ($0.01) $0.08 GLDD Great Lakes Dredge & Dock Duncan 2017 $0.12 $0.22 GWB Great Western Bancorp Zwick 2016 $2.22 $2.23 GWB Great Western Bancorp Zwick 2017 $2.41 $2.45 GPRE Green Plains Aslam 2016 $0.35 $0.75

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 15 MOST RECENT ESTIMATE CHANGES

SYMBOL COMPANY NAME ANALYST FYE CURRENT PREVIOUS GPP Green Plains Partners Schmid 2017 $2.10 $2.11 GPI Group 1 Automotive Nelson 2016 $7.41 $7.72 GPOR Gulfport Energy Green 2016 $2.84 $3.04 GPOR Gulfport Energy Green 2017 $3.54 $3.11 HBHC Hancock Holding Co. Olney 2016 $1.89 $1.91 HBHC Hancock Holding Co. Olney 2017 $2.02 $2.16 HP Helmerich & Payne Marietta 2016 ($0.92) ($0.95) HP Helmerich & Payne Marietta 2017 ($1.21) ($1.28) HIBB Hibbett Sports Nelson 2016 $3.13 $3.15 HTH Hilltop Holdings Olney 2016 $1.59 $1.64 HTH Hilltop Holdings Olney 2017 $1.76 $1.81 HOMB Home BancShares Olney 2016 $2.38 $2.43 HOMB Home BancShares Olney 2017 $2.64 $2.70 HBNC Horizon Bancorp Zwick 2016 $2.43 $2.40 HBNC Horizon Bancorp Zwick 2017 $2.60 $2.50 HRL Hormel Foods Aslam 2016 $1.55 $2.95 HRL Hormel Foods Aslam 2017 $1.65 $3.15 HUBG Hub Group Long 2016 $2.20 $2.10 HUBG Hub Group Long 2017 $2.40 $2.35 HUBS HubSpot Zukin 2016 ($0.70) ($0.67) HBAN Huntington Bancshares McEvoy 2016 $0.81 $0.87 HBAN Huntington Bancshares McEvoy 2017 $0.90 $0.98 IBKC IBERIABANK Olney 2016 $4.54 $4.55 IBKC IBERIABANK Olney 2017 $4.84 $5.06 IMPV Imperva Ruykhaver 2016 $0.21 $0.33 IBTX Independent Bank Group Olney 2016 $2.76 $2.79 IBTX Independent Bank Group Olney 2017 $3.08 $3.27 PODD Insulet Cooley 2016 ($0.74) ($0.84) IDTI Integrated Device Technology Kumar 2016 $1.34 $1.32 IDTI Integrated Device Technology Kumar 2017 $1.52 $1.42 SNOW Intrawest Resorts Holdings Edelstein 2016 $0.80 $0.76 SNOW Intrawest Resorts Holdings Edelstein 2017 $0.09 $0.08

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 16 MOST RECENT ESTIMATE CHANGES

SYMBOL COMPANY NAME ANALYST FYE CURRENT PREVIOUS SJM J.M. Smucker Aslam 2017 $6.38 $6.50 JKHY Jack Henry Huff 2016 $2.84 $2.78 JKHY Jack Henry Huff 2017 $3.06 $3.14 KAR KAR Auction Services Nelson 2016 $2.11 $1.93 KEY KeyCorp McEvoy 2016 $1.14 $1.20 KEY KeyCorp McEvoy 2017 $1.25 $1.45 KEX Kirby Corp. Atkins 2016 $3.25 $3.60 KEX Kirby Corp. Atkins 2017 $3.20 $4.00 KN Knowles Kumar 2016 $0.85 $1.01 LKFN Lakeland Financial Zwick 2016 $2.93 $2.95 LKFN Lakeland Financial Zwick 2017 $3.00 $3.10 LSTR Landstar System Atkins 2016 $3.32 $3.45 LSTR Landstar System Atkins 2017 $3.65 $3.75 LPI Laredo Petroleum Green 2016 $1.23 $1.16 LPI Laredo Petroleum Green 2017 $0.90 $0.70 LDRH LDR Holding Cooley 2016 ($0.95) ($0.58) LDRH LDR Holding Cooley 2017 $0.00 $0.03 LTXB LegacyTexas Financial Group Olney 2016 $1.78 $1.85 LTXB LegacyTexas Financial Group Olney 2017 $1.92 $2.08 TREE LendingTree Campbell 2016 $3.34 $3.33 LVLT Level 3 Communications McCarver 2016 $1.76 $2.26 LVLT Level 3 Communications McCarver 2017 $1.95 $2.56 LAD Lithia Motors Nelson 2016 $7.45 $7.35 LMNX Luminex Jones 2016 $0.67 $0.72 MKTO Marketo Zukin 2016 ($0.49) ($0.67) MLM Martin Marietta Materials Grooms 2016 $6.65 $6.49 MTZ MasTec Duncan 2016 $1.32 $1.48 MTDR Matador Resources Wyatt 2016 $1.18 $1.52 MTRX Matrix Service Co. Duncan 2016 $1.51 $1.56 MTRX Matrix Service Co. Duncan 2017 $1.70 $1.82 MATX Matson Atkins 2016 $2.40 $2.65 MATX Matson Atkins 2017 $2.85 $3.00

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 17 MOST RECENT ESTIMATE CHANGES

SYMBOL COMPANY NAME ANALYST FYE CURRENT PREVIOUS MD MEDNAX Hambly 2016 $4.26 $4.27 MD MEDNAX Hambly 2017 $4.74 $4.79 MRD Memorial Resource Development Wyatt 2016 $1.84 $1.73 KORS Michael Kors Patel 2016 $4.42 $4.33 KORS Michael Kors Patel 2017 $4.50 $4.46 MCHP Microchip Technology Kumar 2016 $2.64 $2.60 MCHP Microchip Technology Kumar 2017 $2.89 $2.87 MSCC Microsemi Kumar 2016 $3.16 $3.19 MSL MidSouth Bancorp Olney 2016 $0.48 $0.50 MSL MidSouth Bancorp Olney 2017 $0.69 $0.70 MRC MRC Global Duncan 2016 ($0.52) ($0.19) MRC MRC Global Duncan 2017 ($0.22) $0.26 MTSC MTS Systems Hearnsberger 2016 $3.17 $3.16 MUSA Murphy USA Bienvenu 2016 $4.19 $3.83 MUSA Murphy USA Bienvenu 2017 $3.96 $3.68 MFSF MutualFirst Financial Zwick 2016 $1.58 $1.55 MYGN Myriad Genetics Jones 2016 $1.63 $1.61 MYGN Myriad Genetics Jones 2017 $1.87 $1.94 NBHC National Bank Holdings Olney 2016 $0.86 $0.80 NBHC National Bank Holdings Olney 2017 $0.93 $0.98 NCOM National Commerce Stafford 2016 $1.47 $1.48 NCOM National Commerce Stafford 2017 $1.68 $1.70 NGVC National Grocers Edelstein 2017 $0.98 $0.95 NATI National Instruments Hearnsberger 2016 $1.26 $1.30 NTCT NetScout Ruykhaver 2017 $2.00 $2.22 N NetSuite Zukin 2016 $0.44 $0.29 N NetSuite Zukin 2017 $0.62 $0.63 EGOV NIC Campbell 2016 $0.75 $0.76 NE Noble Corp. Marietta 2016 $0.80 $1.03 DNOW NOW, Inc. Duncan 2016 ($1.12) ($0.74) DNOW NOW, Inc. Duncan 2017 ($0.90) ($0.46) NXTM NxStage Medical Cooley 2016 ($0.15) ($0.16)

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 18 MOST RECENT ESTIMATE CHANGES

SYMBOL COMPANY NAME ANALYST FYE CURRENT PREVIOUS NXTM NxStage Medical Cooley 2017 ($0.05) ($0.02) ODFL Old Dominion Freight Line Delco 2016 $3.55 $3.50 ONB Old National Bancorp McEvoy 2016 $1.01 $1.03 ONB Old National Bancorp McEvoy 2017 $1.07 $1.15 OSUR OraSure Technologies Jones 2016 $0.16 $0.12 ORLY O'Reilly Automotive Bienvenu 2016 $10.71 $10.35 PACB Pacific Biosciences Jones 2016 ($0.96) ($0.84) PACW PacWest Bancorp Stafford 2016 $2.79 $2.80 PACW PacWest Bancorp Stafford 2017 $2.95 $3.07 PRK Park National Zwick 2016 $5.58 $5.60 PRK Park National Zwick 2017 $5.70 $5.80 PSTB Park Sterling Corp. Stafford 2016 $0.42 $0.43 PSTB Park Sterling Corp. Stafford 2017 $0.52 $0.56 PTEN Patterson‐UTI Energy Marietta 2016 ($2.36) ($2.15) PTEN Patterson‐UTI Energy Marietta 2017 ($1.90) ($1.67) PDCE PDC Energy Wyatt 2016 $9.79 $10.32 PDCE PDC Energy Wyatt 2017 $8.62 $8.76 PAG Penske Automotive Nelson 2016 $3.88 $4.02 PNFP Pinnacle Financial Partners Stafford 2016 $3.01 $3.04 PNFP Pinnacle Financial Partners Stafford 2017 $3.57 $3.67 PXO Pioneer Natural Resources Green 2016 $7.97 $9.96 PXO Pioneer Natural Resources Green 2017 $7.69 $9.37 PAA Plains All American Pipeline Schmid 2016 $1.93 $2.05 PAGP Plains GP Holdings Schmid 2016 $0.93 $0.94 PNC PNC Financial Services McEvoy 2016 $7.40 $7.46 PNC PNC Financial Services McEvoy 2017 $7.70 $8.06 POOL Pool Corp. Duncan 2016 $3.28 $3.26 POOL Pool Corp. Duncan 2017 $3.70 $3.73 POWR PowerSecure International Hearnsberger 2016 $0.55 $0.70 PVTB PrivateBancorp McEvoy 2016 $2.41 $2.52 PVTB PrivateBancorp McEvoy 2017 $2.60 $2.95 PFPT Proofpoint Ruykhaver 2016 ($0.23) ($0.19)

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 19 MOST RECENT ESTIMATE CHANGES

SYMBOL COMPANY NAME ANALYST FYE CURRENT PREVIOUS PB Prosperity Bancshares Olney 2016 $4.02 $4.05 PB Prosperity Bancshares Olney 2017 $4.13 $4.26 PRLB Proto Labs Hearnsberger 2016 $2.25 $2.30 QEP QEP Resources Wyatt 2016 $2.69 $2.72 QEP QEP Resources Wyatt 2017 $3.18 $3.06 QRVO Qorvo Kumar 2016 $4.28 $4.07 QRVO Qorvo Kumar 2017 $5.07 $5.33 QTS QTS Realty McCarver 2016 $0.71 $0.60 QLYS Qualys Ruykhaver 2016 $0.76 $0.88 PWR Quanta Services Duncan 2016 $1.77 $1.92 QNST QuinStreet Campbell 2016 $0.06 $0.09 RL Ralph Lauren Patel 2016 $6.28 $6.84 RL Ralph Lauren Patel 2017 $6.45 $7.75 RRGB Red Robin Gourmet Burgers Slabaugh 2016 $3.60 $3.56 RM Regional Management Bizzell 2016 $2.14 $2.12 RF Regions Financial McEvoy 2016 $0.88 $0.90 RF Regions Financial McEvoy 2017 $0.91 $1.00 RNST Renasant Corp. Olney 2017 $2.49 $2.50 RCII Rent‐A‐Center Bizzell 2016 $1.90 $2.26 QSR Restaurant Brands International Slabaugh 2016 $1.34 $1.31 FUEL Rocket Fuel Huff 2016 ($1.41) ($1.23) RTIX RTI Surgical Cooley 2016 $0.18 $0.26 RTIX RTI Surgical Cooley 2017 $0.25 $0.35 RUBI Rubicon Project Huff 2016 $0.77 $0.73 RUSHA Rush Enterprises Delco 2016 $1.20 $1.85 RUSHA Rush Enterprises Delco 2017 $1.60 $2.00 R Ryder System Long 2016 $6.10 $6.65 R Ryder System Long 2017 $6.40 $7.45 SAIA Saia Delco 2016 $1.60 $1.50 SAIA Saia Delco 2017 $1.65 $1.60 SAFM Sanderson Farms Aslam 2016 $6.25 $5.10 SQI SciQuest Zukin 2016 $0.33 $0.35

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 20 MOST RECENT ESTIMATE CHANGES

SYMBOL COMPANY NAME ANALYST FYE CURRENT PREVIOUS SFBS ServisFirst Bancshares Stafford 2016 $2.72 $2.75 SFBS ServisFirst Bancshares Stafford 2017 $3.09 $3.19 SHOR ShoreTel McCarver 2016 $0.25 $0.23 SHOR ShoreTel McCarver 2017 $0.25 $0.24 SLAB Silicon Labs Kumar 2016 $2.24 $2.18 SFNC Simmons First National Corp. Olney 2016 $3.43 $3.45 SFNC Simmons First National Corp. Olney 2017 $3.63 $3.70 SIRO Sirona Dental Systems Cooley 2016 $4.30 $4.29 SWKS Skyworks Solutions Kumar 2016 $5.65 $5.94 SAH Sonic Automotive Nelson 2016 $2.11 $2.00 SSB South State Corp. Stafford 2016 $4.38 $4.43 SSB South State Corp. Stafford 2017 $4.62 $4.70 OKSB Southwest Bancorp Olney 2016 $1.10 $1.12 OKSB Southwest Bancorp Olney 2017 $1.18 $1.26 STBZ State Bank Financial Stafford 2016 $1.17 $1.18 STBZ State Bank Financial Stafford 2017 $1.27 $1.30 STE STERIS Cooley 2016 $3.52 $3.54 STC Stewart Information Services Campbell 2016 $3.21 $3.34 STC Stewart Information Services Campbell 2017 $3.77 $3.71 SYBT Stock Yards Bancorp Zwick 2016 $2.55 $2.60 SYBT Stock Yards Bancorp Zwick 2017 $2.65 $2.75 SUM Summit Materials Grooms 2016 $1.31 $1.23 SUM Summit Materials Grooms 2017 $1.64 $1.58 STI SunTrust Banks McEvoy 2016 $3.33 $3.41 STI SunTrust Banks McEvoy 2017 $3.40 $3.45 SCAI Surgical Care Affiliates Hambly 2016 $2.20 $2.28 SCAI Surgical Care Affiliates Hambly 2017 $2.41 $2.47 SIVB SVB Financial Group Stafford 2016 $7.53 $8.10 SIVB SVB Financial Group Stafford 2017 $8.54 $10.08 SYMC Symantec Ruykhaver 2016 $1.35 $1.33 SYMC Symantec Ruykhaver 2017 $1.13 $1.05 SNV Synovus Financial Stafford 2016 $1.93 $1.97

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 21 MOST RECENT ESTIMATE CHANGES

SYMBOL COMPANY NAME ANALYST FYE CURRENT PREVIOUS SNV Synovus Financial Stafford 2017 $2.12 $2.20 TLMR Talmer Bancorp McEvoy 2016 $1.15 $1.17 TMH Team Health Holdings Hambly 2016 $2.87 $2.88 TMH Team Health Holdings Hambly 2017 $3.32 $3.33 TTGT TechTarget Evans 2016 $0.40 $0.41 TFX Teleflex Cooley 2016 $7.06 $7.24 TCBI Texas Capital Bancshares Olney 2016 $3.05 $3.10 TCBI Texas Capital Bancshares Olney 2017 $3.26 $3.72 TXRH Texas Roadhouse Slabaugh 2016 $1.69 $1.67 TREX Trex Company Grooms 2016 $2.01 $1.91 TREX Trex Company Grooms 2017 $2.35 $2.15 TRN Trinity Industries Long 2016 $2.20 $3.70 TRN Trinity Industries Long 2017 $1.50 $3.00 TSC TriState Capital Holdings Olney 2016 $0.90 $1.00 TSC TriState Capital Holdings Olney 2107 $1.15 $1.25 TUES Tuesday Morning Bienvenu 2016 $0.08 $0.22 TUES Tuesday Morning Bienvenu 2017 $0.27 $0.34 TUMI Tumi Holdings Patel 2016 $0.95 $1.01 TYL Tyler Technologies Zukin 2016 $3.39 $3.36 TYL Tyler Technologies Zukin 2017 $3.79 $3.71 TSN Tyson Foods Aslam 2016 $4.10 $3.60 TSN Tyson Foods Aslam 2017 $4.40 $3.90 USB U.S. Bancorp McEvoy 2016 $3.31 $3.39 USB U.S. Bancorp McEvoy 2017 $3.40 $3.62 ULTI Ultimate Software Zukin 2016 $3.18 $3.09 UMBF UMB Financial Olney 2016 $3.06 $3.19 UMBF UMB Financial Olney 2017 $3.30 $3.44 UMPQ Umpqua Holdings Stafford 2016 $1.23 $1.27 UMPQ Umpqua Holdings Stafford 2017 $1.33 $1.42 UBSH Union Bankshares Nicholas 2016 $1.64 $1.68 UBSH Union Bankshares Nicholas 2017 $1.70 $1.88 UCBI United Community Banks Stafford 2017 $1.50 $1.54

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 22 MOST RECENT ESTIMATE CHANGES

SYMBOL COMPANY NAME ANALYST FYE CURRENT PREVIOUS UPS United Parcel Service Atkins 2016 $5.85 $5.82 USG USG Corp. Grooms 2016 $1.38 $1.25 USG USG Corp. Grooms 2017 $1.51 $1.42 VRNS Varonis Systems Ruykhaver 2016 ($0.44) ($0.41) WOOF VCA Jones 2016 $2.76 $2.66 VBTX Veritex Holdings Olney 2016 $1.03 $1.07 VBTX Veritex Holdings Olney 2017 $1.21 $1.23 VSI Vitamin Shoppe Edelstein 2016 $2.25 $2.21 VSI Vitamin Shoppe Edelstein 2017 $2.37 $2.39 VJET Voxeljet AG Hearnsberger 2016 (€1.05) (€2.31) VMC Vulcan Materials Grooms 2016 $3.22 $3.06 VMC Vulcan Materials Grooms 2017 $4.40 $4.03 WNC Wabash National Delco 2016 $1.50 $1.40 WBC WABCO Holdings Long 2016 $5.40 $6.20 WBC WABCO Holdings Long 2017 $6.30 $7.10 WAB Wabtec Long 2016 $4.30 $4.25 WAB Wabtec Long 2017 $4.50 $4.55 WMT Wal‐Mart Bienvenu 2017 $4.13 $4.16 WSO Watsco Duncan 2016 $5.54 $5.52 WSO Watsco Duncan 2017 $6.24 $6.30 WFT Weatherford International Marietta 2016 ($0.56) ($0.73) WFT Weatherford International Marietta 2017 ($0.31) ($0.40) WWAV WhiteWave Foods Aslam 2016 $1.35 $1.42 WFM Whole Foods Market Edelstein 2016 $1.53 $1.59 WFM Whole Foods Market Edelstein 2017 $1.53 $1.58 WTFC Wintrust Financial Corp. McEvoy 2016 $3.34 $3.48 WTFC Wintrust Financial Corp. McEvoy 2017 $3.50 $3.75 WRLD World Acceptance Bizzell 2016 $9.73 $10.46 WRLD World Acceptance Bizzell 2017 $9.28 $10.45 INT World Fuel Services Atkins 2016 $2.95 $3.10 INT World Fuel Services Atkins 2017 $3.30 $3.35 YDKN Yadkin Financial Stafford 2016 $1.59 $1.62

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 23 MOST RECENT ESTIMATE CHANGES

SYMBOL COMPANY NAME ANALYST FYE CURRENT PREVIOUS YDKN Yadkin Financial Stafford 2017 $1.92 $1.96 YCB Your Community Bankshares Zwick 2016 $2.85 $2.86 YCB Your Community Bankshares Zwick 2017 $2.95 $2.98 ZAYO Zayo Group Holdings McCarver 2016 $0.04 ($0.01) ZAYO Zayo Group Holdings McCarver 2017 $0.43 $0.57 ZEN Zendesk Zukin 2016 ($0.31) ($0.23) ZEN Zendesk Zukin 2017 ($0.18) ($0.09) ZG Zillow Campbell 2016 $0.09 $0.33 ZG Zillow Campbell 2017 $0.53 $0.76 ZION Zions Bancorporation McEvoy 2016 $1.83 $1.92 ZION Zions Bancorporation McEvoy 2017 $2.00 $2.30

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 24

FOOD AND AGRIBUSINESS FARHA ASLAM, 212-891-1778

Farha leads the firm's food and agribusiness equity research coverage. She joined Stephens Inc. in December 2004. Prior to joining Stephens, Ms. Aslam was part of Merrill Lynch’s equity research effort since 1999 where she worked on such companies as Kellogg, Kraft Foods, and the J.M. Smucker Company. Ms. Aslam received a B.A. from the University of California in 1991 and an MBA in finance from Columbia University in 1996.

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

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS CONSUMER Food and Agribusiness, Farha Aslam, 212-891-1778, [email protected] Andersons, The ANDE Dec E $26.62 $28.00 28.0 $1.36 $2.20 $2.70 12.1 9.9 $766.3 $27.99 Archer Daniels Midland Co. ADM op Dec E $33.85 $37.00 596.7 $2.60 $2.30 $3.05 14.7 11.1 $20,199.7 $30.09 B & G Foods, Inc. BGS op Dec O $39.20 $39.00 58.0 $1.44 $1.55 $2.15 25.3 18.2 $2,272.7 $8.05 Bunge Ltd. BG adj Dec O $49.59 $75.00 142.5 $4.88 $5.20 $6.25 9.5 7.9 $7,064.5 $40.41 Cal-Maine Foods, Inc. CALM op May E/V $52.62 $50.00 43.7 $3.33 $8.00 $5.10 6.6 10.3 $2,299.4 $16.49 Calavo Growers Inc. CVGW op Oct O $55.51 $65.00 17.4 $1.61 $2.25 NE 24.7 NM $964.9 $11.42 Dean Foods DF op Dec O $19.10 $22.00 91.7 $1.23 $1.65 $1.65 11.6 11.6 $1,751.2 $5.97 Flowers Foods, Inc. FLO op Dec E $17.10 $22.00 212.2 $0.92 $1.00 $1.08 17.1 15.8 $3,628.0 $5.80 Green Plains Inc. GPRE op Dec E $14.62 $21.00 37.9 $0.18 $0.36 $1.05 40.6 13.9 $562.5 $21.05 Hormel Foods HRL Oct O $43.71 $50.00 528.5 $1.32 $1.55 $1.65 28.2 26.5 $23,098.9 $7.88 Ingredion Inc. INGR op Dec O $101.65 $105.00 71.6 $5.88 $6.40 $6.95 15.9 14.6 $7,307.3 $30.33 J.M. Smucker Co., The SJM op Apr O $127.76 $130.00 119.7 $5.38 $5.80 $6.38 22.0 20.0 $15,289.7 $61.21 Pilgrim's Pride Corp. PPC op Dec O/V $23.09 $25.00 255.2 $2.60 $2.05 $2.30 11.3 10.0 $5,883.9 $4.94 Pinnacle Foods, Inc. PF op Dec E $42.29 $47.00 116.6 $1.74 $1.90 $2.13 22.3 19.9 $4,931.3 $14.95 Sanderson Farms SAFM Oct O $85.17 $95.00 22.6 $9.52 $6.25 $9.75 13.6 8.7 $1,922.5 $45.73 TreeHouse Foods, Inc. THS op Dec O $84.72 $105.00 54.7 $3.20 $3.10 $4.10 27.3 20.7 $4,777.8 $42.21 Tyson Foods TSN op Sep O $65.38 $75.00 293.1 $3.15 $4.10 $4.40 15.9 14.9 $19,225.1 $26.89 WhiteWave Foods Co. WWAV op Dec O $38.18 $55.00 176.2 $1.19 $1.35 $1.55 28.3 24.6 $6,727.4 $6.87

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 25

HEALTHY LIVING JOE EDELSTEIN, CFA 312-292-5762

Joe is a research analyst covering the healthy living sector. He joined Stephens in May 2011 as a member of the hardline retail team. Prior to joining Stephens, Joe served as a summer equity analyst at Invesco Ltd. and earlier held equity research roles at BMO Capital Markets and Raymond James Financial. Joe graduated with a BSBA, cum laude, from the University of Arkansas, and he holds an MBA from Goizueta Business School at Emory University. He earned the Chartered Financial Analyst designation in 2010.

Sector Overview: Our research focus is on growth companies that benefit from consumer trends toward Healthy Living. We provide in-depth research coverage beyond what is typically provided by Wall Street. We seek companies that reinforce the value proposition and create sustainable competitive positioning through cost advantages or their ability to manage scarce resources. For Healthy Living retailers, we seek companies with competitive advantage related to the major elements that drive consumer choice.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS CONSUMER Healthy Living, Joe Edelstein, CFA, 312-292-5762, [email protected] ClubCorp Holdings, Inc. MYCC Dec O $11.38 $27.00 64.8 $0.15 ($0.04) $0.25 NM 45.5 $736.8 $2.78 Blue Buffalo Pet Products BUFF op Dec E $17.08 $21.00 196.1 $0.54 $0.60 $0.71 28.5 24.1 $3,350.5 ($0.17) Fresh Market, The TFM op Jan O/V $23.23 $33.00 48.6 $1.61 $1.55 $1.52 15.0 15.3 $1,091.6 $7.54 Freshpet, Inc. FRPT op Dec E $6.69 $8.00 33.5 ($0.50) ($0.22) ($0.04) NM NM $224.2 $3.07 GNC Holdings, Inc. GNC op Dec O $28.26 $36.00 74.2 $2.93 $3.16 $3.38 8.9 8.4 $2,098.1 $5.67 Intrawest Resorts Holdings SNOW Jun O/V $8.22 $16.00 45.2 ($0.15) $0.80 $0.09 10.3 91.3 $371.7 $3.84 Kroger Co. KR op Jan E $38.70 $43.00 973.4 $1.76 $2.04 $2.27 19.0 17.0 $37,721.8 $6.47 Natural Grocers by Vitamin Cottage NGVC op Sep O/V $19.64 $27.00 22.5 $0.72 $0.79 $0.98 24.9 20.0 $441.8 $5.13 Planet Fitness PLNT op Dec E $14.42 $19.00 98.7 $0.38 $0.52 $0.60 27.7 24.0 $527.7 ($0.19) Smart & Final Stores, Inc. SFS op Dec E $15.89 $19.00 73.8 $0.73 $0.69 $0.83 23.0 19.1 $1,171.7 $7.01 Sprouts Farmers Market SFM op Dec E/V $25.21 $26.00 153.6 $0.72 $0.83 $0.95 30.4 26.5 $3,872.0 $5.32 United Natural Foods, Inc. UNFI op Jul O/V $37.57 $68.00 50.3 $2.85 $2.79 $3.08 13.5 12.2 $1,890.6 $28.23 Vail Resorts, Inc. MTN Jul O $127.66 $135.00 36.2 $3.15 $3.75 $4.49 34.0 28.4 $4,626.4 $20.49 Vitamin Shoppe, Inc. VSI op Dec O $27.00 $40.00 29.1 $2.11 $2.25 $2.37 12.0 11.4 $786.3 $19.41 Whole Foods Market, Inc. WFM op Sep E/V $30.72 $34.00 328.0 $1.62 $1.53 $1.53 20.1 20.1 $10,077.4 $9.95

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 26

RESTAURANTS WILL SLABAUGH, 501-377-2259

Will is a research analyst leading the restaurant industry. Previously, Will was a research associate in the IT services and digital marketing industries and an analyst in the Corporate Finance department, where he focused on various industries including consumer, information technology and telecommunications services. Will joined Stephens in 2007. He graduated with honors and holds a B.S. in international business from the Sam M. Walton College of Business at the University of Arkansas. Sector Overview: The restaurant industry is broad and fragmented due to the diversity of offerings and level of service. While we seek to take a holistic view of the industry, the majority of our coverage is focused on companies in the casual dining segment, though we also follow the quick-service (QSR) segment, family dining segment and quick/fast casual. We believe that key industry trends to watch in the coming quarters and years will include operating cost containment amid unstable commodity prices, consumer sentiment and discretionary spend, a scarcity of strong concept growth, as well as broader macroeconomic indicators.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS CONSUMER Restaurants, Will Slabaugh, 501-377-2259, [email protected] BJ's Restaurants BJRI adj Dec O $43.11 $58.00 25.2 $1.65 $1.91 $2.20 22.6 19.6 $1,039.0 $13.17 Bojangles', Inc. BOJA adj Dec E/V $14.68 $20.00 36.0 NA $0.81 $0.85 18.1 17.3 $527.8 $4.15 Buffalo Wild Wings, Inc. BWLD adj Dec O/V $158.40 $190.00 19.1 $5.17 $6.21 $7.23 25.5 21.9 $2,996.5 $34.66 Carrols Restaurant Group TAST adj Dec O $12.75 $15.00 35.5 ($1.21) ($0.15) $0.21 NM 60.7 $456.8 $2.64 Cheesecake Factory, The CAKE adj Dec O $50.59 $58.00 49.2 $2.37 $2.65 $2.95 19.1 17.1 $2,488.4 $11.76 Chipotle Mexican Grill CMG adj Dec U $514.86 $375.00 31.2 $15.09 $7.75 $14.50 66.4 35.5 $15,468.5 $76.99 Chuy's Holdings, Inc. CHUY adj Dec O $31.06 $36.00 16.5 $0.69 $0.88 $1.02 35.3 30.5 $511.8 $8.03 Darden Restaurants DRI adj May E $63.32 $66.00 128.1 $2.67 $3.33 $3.80 19.0 16.7 $8,119.9 $15.53 Del Frisco's Restaurant Group DFRG adj Dec O $15.40 $18.00 23.3 $0.83 $0.80 $0.92 19.3 16.7 $358.9 $9.31 Denny's Corp. DENN adj Dec O $10.32 $12.00 80.6 $0.42 $0.47 $0.54 22.0 19.1 $831.2 ($0.09) Dunkin' Brands Group DNKN adj Dec E $46.23 $44.00 92.6 $1.93 $2.21 $2.48 20.9 18.6 $4,237.8 ($2.38) Fiesta Restaurant Group FRGI adj Dec O/V $37.46 $55.00 26.8 $1.54 $1.65 $1.92 22.7 19.5 $1,005.1 $8.81 Good Times Restaurants GTIM adj Sep O/V $4.28 $8.00 12.3 ($0.07) ($0.14) $0.05 NM 85.6 $52.5 $2.99 Habit Restaurants, Inc. HABT adj Dec O/V $19.83 $34.00 13.8 $0.19 $0.28 $0.33 70.8 60.1 $272.9 $2.84 J. Alexander's Holdings JAX adj Dec O $9.01 $14.00 15.0 $0.38 $0.57 $0.67 15.8 13.4 $135.2 NA Krispy Kreme Doughnuts KKD adj Jan O/V $14.19 $20.00 62.9 $0.70 $0.78 $0.90 18.2 15.8 $894.5 $3.99 McDonald's Corp. MCD Dec O $117.06 $130.00 918.2 $4.94 $5.42 $6.02 21.6 19.4 $107,488.0 $9.05 Papa Murphy's Holdings FRSH adj Dec O $9.89 $16.00 17.0 $0.44 $0.44 $0.50 22.5 19.8 $167.6 $5.51 Red Robin Gourmet Burgers RRGB adj Dec O $62.96 $75.00 13.9 $3.31 $3.60 $4.25 17.5 14.8 $858.1 $27.47 Restaurant Brands International QSR adj Dec E $33.17 $36.00 225.8 $1.17 $1.34 $1.55 24.8 21.4 $7,488.0 NA Sonic Corp. SONC Aug O $28.16 $35.00 49.3 $1.10 $1.30 $1.51 21.7 18.6 $1,383.2 $0.34 Starbucks Corp. SBUX Sep E $58.11 $56.00 1,484.8 $1.58 $1.89 $2.21 30.7 26.3 $85,892.4 $3.92 Texas Roadhouse TXRH adj Dec O $42.39 $42.00 70.1 $1.37 $1.69 $1.95 25.1 21.7 $2,973.4 $9.38 Wendy's Co., The WEN adj Dec O $9.49 $13.00 273.5 $0.33 $0.35 $0.42 27.1 22.6 $2,581.3 $2.58 Zoe's Kitchen, Inc. ZOES adj Dec E/V $29.67 $32.00 19.4 $0.03 $0.07 $0.13 NM NM $575.1 $6.30 Monthly Statistical Review Member NYSE, SPIC March 2016, Page 27

RETAIL/BROADLINE BEN BIENVENU, 901-681-1347

Ben is a research analyst covering the retail broadlines sector. Prior to this position, Ben served as a research associate in the same sector beginning in June 2012. Prior to joining Stephens, Ben worked in the Large Corporate Lending group of Regions Financial Corporation, where he participated in underwriting syndicated debt transactions for companies in a variety of industries. Ben received a bachelor of arts in business administration from Furman University.

Sector Overview: Our research focuses on small-, mid- and large-cap growth retail operators. The primary industries for which we provide analysis are aftermarket automotive, convenience stores, discount retailers and high-growth specialty retailers. We look for retailers that have solid fundamentals, operate in strong markets, offer differentiated services and have experienced management teams that can execute business strategies.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS CONSUMER Retail/Broadline, Ben Bienvenu, 501-377-8511, [email protected] Advance Auto Parts AAP adj Dec E/V $150.42 $150.00 73.2 $7.84 $8.98 $9.96 16.8 15.1 $11,027.9 $33.56 AutoZone Inc. AZO Aug O/V $777.83 $875.00 30.5 $36.03 $40.89 $46.16 19.0 16.9 $23,496.7 ($55.49) Casey's General Stores CASY adj Apr O $109.37 $142.00 39.0 $4.68 $5.53 $5.62 19.8 19.5 $4,266.2 $25.88 Copart, Inc. CPRT adj Jul O/V $36.77 $45.00 120.2 $1.64 $1.96 $2.15 18.8 17.1 $4,421.1 $8.46 Core-Mark Holding Co. CORE adj Dec O/V $75.57 $89.00 23.1 $2.26 $2.36 $2.97 32.0 25.4 $1,742.1 $20.74 CrossAmerica Partners LP CAPL cf Dec O/V $21.04 $25.00 25.6 $2.25 $2.69 $2.71 7.8 7.8 $455.0 $8.60 CST Brands Inc. CST adj Dec E/V $33.10 $32.00 75.6 $2.06 $1.76 $1.92 18.8 17.2 $2,502.9 $11.72 Fred's Inc. FRED adj Jan E/V $14.51 $15.00 37.4 ($0.17) $0.10 $0.30 NM 48.4 $541.9 $10.97 KAR Auction Services KAR op Dec O $34.74 $47.00 137.1 $1.90 $2.11 $2.32 16.5 15.0 $4,778.0 $10.08 LKQ Corp. LKQ op Dec O/V $25.94 $37.00 305.5 $1.27 $1.40 $1.59 18.5 16.3 $7,924.4 $9.94 Murphy USA Inc. MUSA adj Dec O/V $64.55 $69.00 41.7 $3.23 $4.19 $3.96 15.4 16.3 $3,018.8 $19.01 O'Reilly Automotive, Inc. ORLY Dec O/V $263.77 $305.00 98.6 $9.17 $10.71 $12.26 24.6 21.5 $25,780.1 $20.07 Sunoco LP SUN cf Dec O $30.59 $47.00 52.4 $3.21 $4.05 $4.70 7.6 6.5 $1,602.1 $33.40 Tractor Supply Co. TSCO Dec O/V $85.59 $99.00 134.3 $2.66 $3.00 $3.42 28.5 25.0 $11,446.8 $10.37 TravelCenters of America TA adj Dec O/V $8.44 $16.00 38.4 $1.62 $1.04 $1.24 8.1 6.8 $324.1 $14.35 Tuesday Morning Corp. TUES adj Jun E/V $6.57 $6.00 44.4 $0.24 $0.08 $0.27 82.1 24.3 $291.4 $5.27 Wal-Mart Stores,Inc. WMT pf Jan E $67.12 $60.00 3,201.9 $4.58 $4.13 $4.25 16.3 15.8 $214,911.1 $25.16

Please see the detailed risk section for each MLP at the end of this report.

Investors should also review the risk factors identified by the companies as disclosed in the documents filed by each company with the SEC which can be viewed by clicking the following company names: CrossAmerica Partners LP, Sunoco LP

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 28

RETAIL/HARDLINES RICK NELSON, CPA, CFA, 312-292-5768

Rick is a managing director leading the retail/hardlines practice. Before joining Stephens in 1998, he was a managing director at Nesbitt Burns Securities, Inc. and Duff & Phelps Capital Markets, Inc. Rick has been a Wall Street Journal All-Star Analyst for stock selection in specialty retailing and recognized in the Institutional Investor research poll. He holds a B.S. and M.B.A. from Miami University (Ohio). Rick is a CPA and CFA charter holder and is licensed as a supervisory analyst.

Sector Overview: Our research focus is on small- and mid-cap growth retailers. We provide in-depth research coverage beyond what is typically provided by Wall Street, and we have special expertise in the specialty retailing, sporting goods and automotive retailing segments. We seek retailers with competitive advantage as to the major elements that drive store choice, including: merchandise assortment and presentation, location, store format, shopping environment, customer service and day-to-day execution. Retailers must provide a good value proposition for consumers. We look for strong management with a well-defined business strategy and the ability to execute those plans.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS CONSUMER Retail/Hardlines, Rick Nelson, CPA, CFA, 312-292-5768, [email protected] Asbury Automotive Group, Inc. ABG op Dec O $58.40 $77.00 25.4 $5.56 $5.63 $6.39 10.4 9.1 $1,444.5 $12.39 AutoNation, Inc. AN op Dec E $51.34 $68.00 107.2 $3.98 $4.40 $4.68 11.7 11.0 $5,504.9 $21.20 Cabela's Inc. CAB op Dec E $47.81 $48.00 69.3 $2.88 $3.17 $3.43 15.1 13.9 $3,242.4 $26.05 CarMax, Inc. KMX Feb E $45.19 $54.00 202.6 $2.73 $3.05 $3.42 14.8 13.2 $8,845.0 $14.74 Conn's, Inc. CONN op Jan E $15.97 $27.00 32.3 $1.69 $1.24 $1.82 12.9 8.8 $515.0 $18.35 Dick's Sporting Goods, Inc. DKS op Jan E $42.02 $42.00 93.7 $2.87 $2.86 $3.23 14.7 13.0 $3,785.2 $14.54 Group 1 Automotive, Inc. GPI op Dec E $56.07 $85.00 23.7 $6.87 $7.41 $7.76 7.6 7.2 $1,313.2 $40.90 Hibbett Sports, Inc. HIBB Jan O $35.18 $57.00 23.7 $2.87 $2.85 $3.13 12.3 11.2 $801.6 $13.49 Lithia Motors, Inc. LAD op Dec O $94.02 $132.00 23.7 $7.02 $7.45 $7.75 12.6 12.1 $2,227.7 $29.95 Lumber Liquidators LL Dec E $11.39 $13.00 27.1 $2.31 ($1.63) ($0.28) NM NM $308.5 $10.93 Michaels Companies MIK Jan O $22.47 $33.00 210.0 $1.46 $1.71 $1.95 13.1 11.5 $4,695.4 ($9.58) Monro Muffler Brake MNRO Mar O $67.82 $80.00 33.3 $1.88 $2.04 $2.27 33.2 29.9 $2,183.5 $15.92 Party City Holdco Inc. PRTY op Dec O $9.38 $23.00 119.3 NM $1.01 $1.30 9.3 7.2 $1,118.6 $7.41 Penske Automotive Group, Inc. PAG op Dec O $37.07 $50.00 90.1 $3.66 $3.88 $4.10 9.6 9.0 $3,338.9 $20.37 Sonic Automotive, Inc. SAH op Dec E $18.34 $22.00 37.8 $1.97 $2.11 $2.22 8.7 8.3 $692.9 $13.88 Titan Machinery TITN Jan E/V $8.85 $11.00 21.6 ($0.09) ($0.03) $0.03 NM NM $190.9 $17.09

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 29

RETAIL/SOFTLINES RICK PATEL, CFA, 212-891-1715

Rick is a research analyst and leads the firm’s research coverage of the retail/softlines industry. Prior to joining Stephens in March 2013, Rick spent 5 years at Bank of America Merrill Lynch equity research, where he led the firm’s coverage of small and mid-cap retailers in the jewelry/luxury, p\off-price, and children’s apparel industries. From 2000-2007, he was at Lehman Brothers equity research as an associate on the major pharmaceutical team for 4 years, and as a senior analyst for the life science tools & diagnostics industry for 3 years. Rick received an M.B.A. from the NYU-Stern School of Business and is a CFA charter holder. He also holds a B.S. in finance, B.S. in biology and B.A. in economics from Rutgers University.

Sector Overview: Our research focus is on small- and mid-cap retailers in the jewelry and accessories areas. Our research approach entails thorough quantitative and financial analysis at the macroeconomic and company-specific levels. We aim to differentiate our research by having very detailed financial models for each company. We are drawn to retailers that have growth opportunities and competitive advantages through strong merchandising, marketing and operations. We also look for strong management with a well-defined business strategy and ability to execute on growth initiatives.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS CONSUMER Retail/Softlines, Rick Patel, CFA, 212-891-1715, [email protected] Abercrombie & Fitch Co. ANF adj Jan U/V $27.80 $19.00 67.2 $1.54 $1.10 $1.30 25.3 21.4 $1,868.3 $18.84 Aeropostale, Inc. ARO adj Jan E/V $0.19 $0.50 80.0 ($1.42) ($1.54) ($0.84) NM NM $15.3 ($0.20) American Eagle Outfitters AEO adj Jan E/V $14.71 $18.00 195.4 $0.63 $1.08 $1.16 13.6 12.7 $2,863.1 $6.19 Ascena Retail Group ASNA adj Jul O/V $8.01 $18.00 195.1 $0.41 $0.75 $0.93 10.7 8.6 $1,569.7 $9.50 Blue Nile NILE adj Dec O/V $26.48 $28.00 11.5 $0.90 $0.90 $1.10 29.4 24.1 $305.4 $1.01 Build-A-Bear Workshop BBW adj Dec E/V $13.95 $15.00 16.4 $1.16 $1.09 $1.21 12.8 11.5 $228.6 $6.07 Carter's, Inc. CRI adj Dec O/V $88.19 $110.00 52.0 $4.61 $5.19 NE 17.0 NM $4,585.0 $16.19 Coach, Inc. COH adj Jun E/V $37.89 $35.00 277.5 $1.92 $1.90 $2.15 19.9 17.6 $10,514.3 $9.25 Fossil, Inc. FOSL adj Dec E/V $45.96 $38.00 48.1 $4.51 $3.33 $3.58 13.8 12.8 $2,211.5 $19.38 G-III Apparel Group GIII adj Jan O/V $49.98 $70.00 45.5 $2.12 $2.75 $3.17 18.2 15.8 $2,275.9 $19.44 Kate Spade & Co. KATE adj Dec O/V $19.00 $33.00 127.7 $0.25 $0.50 $0.88 38.0 21.6 $2,426.2 $1.36 Michael Kors Holdings KORS adj Mar E/V $55.44 $55.00 179.4 $4.28 $4.42 $4.50 12.5 12.3 $10,203.7 $11.01 Movado Group MOV adj Jan E/V $28.63 $28.00 16.4 $1.14 $2.08 $2.31 13.8 12.4 $469.1 $19.01 Oxford Industries OXM adj Jan O/V $70.98 $90.00 16.6 $3.46 $3.57 $4.00 19.9 17.7 $1,176.9 $19.58 QVC Group QVCA adj Dec O/V $25.95 $35.00 467.6 $1.50 $1.81 $1.98 14.3 13.1 $12,134.5 $12.39 Ralph Lauren Corp. RL adj Mar O/V $89.96 $110.00 58.1 $7.88 $6.28 $6.45 14.3 13.9 $5,229.6 $44.92 Signet Jewelers Limited SIG adj Jan O/V $97.97 $155.00 79.5 $5.63 $6.81 $7.88 14.4 12.4 $7,791.8 $35.79 The Children's Place PLCE adj Jan E/V $67.17 $65.00 20.0 $3.05 $3.54 $3.96 19.0 17.0 $1,341.2 $27.34 Tiffany & Co. TIF adj Jan E/V $64.94 $70.00 128.2 $4.20 $3.78 $3.97 17.2 16.4 $8,326.1 $22.26 Tumi Holdings, Inc. TUMI adj Dec O/V $17.99 $21.00 67.9 $0.97 $0.95 $1.05 18.9 17.1 $1,221.2 $6.86

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 30

EXPLORATION AND PRODUCTION WILL GREEN, 817-900-5712

Will is a research analyst covering the exploration and production sector. Will joined Stephens Inc. in May 2007 as a research associate in the industrials group with a focus on the building materials & construction services sector and was promoted to analyst in July 2010. He holds a B.A. in computer science and a B.A. in psychology from the University of Arkansas.

Sector Overview: We focus on the Energy Exploration & Production sector which explores, produces, and sells oil and natural gas. The companies we follow focus on discovering, acquiring, and developing conventional and unconventional oil and natural gas reserves, domestically. We believe E&P’s will perform well as development drilling in new focus areas contributes to production growth in a modestly bullish commodity price environment.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS ENERGY Exploration and Production, Will Green, 817-900-5712, [email protected] Abraxas Petroleum Corp. AXAS op/cf Dec O/V $0.87 $2.00 106.2 $0.81 $0.42 $0.34 2.1 2.6 $92.5 $1.42 Callon Petroleum Co. CPE op/cf Dec O/V $5.96 $9.00 80.1 $2.02 $1.32 $0.91 4.5 6.5 $466.8 $4.35 Carrizo Oil & Gas, Inc. CRZO op/cf Dec O/V $21.36 $30.00 58.4 $7.16 $3.86 $2.85 5.5 7.5 $1,246.1 $11.13 Chesapeake Energy Corp. CHK op/cf Dec NR $2.69 NE 665.1 $7.04 $3.30 $1.19 0.8 2.3 $1,789.0 $1.84 Concho Resources Inc. CXO op/cf Dec O $91.54 $95.00 129.1 $15.60 $12.08 $9.81 7.6 9.3 $11,821.9 $50.99 EOG Resources, Inc. EOG op/cf Dec E $69.52 $60.00 549.2 $15.42 $7.13 $4.69 9.8 14.8 $38,217.5 $24.17 EP Energy Corp. EPE op/cf Dec U $1.73 $1.00 248.8 $5.45 $3.34 $1.19 0.5 1.5 $429.0 $2.50 EXCO Resources XCO op/cf Dec E $0.96 NE 282.1 $1.15 $0.43 ($0.04) 2.2 NM $271.4 ($2.12) Gulfport Energy Corp. GPOR op/cf Dec E $26.42 $25.00 108.2 $3.33 $2.84 $3.54 9.3 7.5 $2,861.9 $18.82 Halcon Resources HK op/cf Dec E $0.44 NE 590.2 $1.28 $0.67 $1.91 0.7 0.2 $53.4 $3.91 Laredo Petroleum, Inc. LPI op/cf Dec U $4.39 $3.00 213.8 $1.80 $1.23 $0.90 3.6 4.9 $938.4 $0.62 Oasis Petroleum Inc. OAS op/cf Dec O/V $4.53 $8.00 180.6 $7.91 $5.12 $1.77 0.9 2.6 $795.1 $16.60 Parsley Energy, Inc. PE op/cf Dec O $16.55 $21.00 134.9 $1.46 $1.19 $1.61 13.9 10.3 $2,261.1 $8.87 PetroQuest Energy, Inc. PQ op/cf Dec E $0.45 NE 66.0 $1.91 $0.29 ($0.29) 1.6 NM $31.6 ($1.48) Pioneer Natural Resources Co. PXD op/cf Dec O $119.33 $150.00 163.3 $10.38 $7.97 $7.69 15.0 15.5 $19,482.7 $56.02 Range Resources Corp. RRC op/cf Dec O $23.36 $48.00 169.4 $6.33 $4.26 $3.61 5.5 6.5 $3,956.5 $18.22 RSP Permian, Inc. RSPP op/cf Dec E $20.44 $25.00 100.8 $1.93 $2.76 $1.60 7.4 12.8 $2,060.5 $18.02 Southwestern Energy Co. SWN op/cf Dec E $6.83 $7.00 457.1 $6.44 $3.73 $1.60 1.8 4.3 $2,626.0 $7.05 Whiting Petroleum Corp. WLL op/cf Dec E $3.72 $7.00 204.1 $15.74 $4.92 $2.73 0.8 1.4 $759.4 $23.72

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 31

EXPLORATION AND PRODUCTION BEN WYATT, 817-900-5714

Ben is a research analyst covering the exploration and production and master limited partnership sectors. Ben joined Stephens in August 2010 as a research associate to assist in developing the exploration & production practice. In May 2012, Ben was promoted to research analyst in order to develop the MLP practice for Stephens. He received his B.S.B.A. in finance from the University of Arkansas and his M.B.A. from Texas Christian University.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS ENERGY Exploration and Production, Ben Wyatt, 817-900-5714, [email protected] Antero Resources Corp. AR op/cf Dec E $24.04 $23.00 277.1 $3.04 $4.08 $3.82 5.9 6.3 $6,660.3 $22.04 Cimarex Energy XEC op/cf Dec E $84.88 $85.00 84.8 $8.16 $2.93 $5.70 29.0 14.9 $8,048.3 $29.51 Continental Resources, Inc. CLR op/cf Dec E $17.92 $24.00 372.7 $9.40 $4.40 $3.10 4.1 5.8 $6,684.3 $12.87 Devon Energy Corp. DVN op/cf Dec E $19.41 $22.00 520.7 $13.14 $1.71 $2.46 11.4 7.9 $9,904.8 $16.86 Diamondback Energy, Inc. FANG op/cf Dec O $71.72 $78.00 71.4 $6.64 $3.47 $5.41 20.7 13.3 $5,120.6 $30.85 Earthstone Energy, Inc. ESTE op/cf Mar O $11.43 $16.00 17.5 $2.97 $1.90 $1.39 6.0 8.2 $158.0 $22.89 Energen Corp. EGN op/cf Dec E $24.83 $29.00 97.0 $8.74 $1.68 $2.51 14.8 9.9 $2,409.9 $36.78 Matador Resources Co. MTDR op/cf Dec O/V $15.77 $21.00 85.6 $3.63 $2.47 $1.18 6.4 13.4 $1,349.9 $8.37 Memorial Resource Development MRD op/cf Dec O $8.45 $17.00 205.3 $1.51 $1.75 $1.84 4.8 4.6 $1,734.9 $3.89 PDC Energy, Inc. PDCE op/cf Dec E $49.93 $58.00 40.4 $10.63 $9.79 $8.62 5.1 5.8 $2,010.7 $31.91 QEP Resources, Inc. QEP op/cf Dec E $10.33 $15.00 176.8 $5.91 $2.69 $3.18 3.8 3.2 $1,825.7 $22.48 Rice Energy Inc. RICE op/cf Dec O/V $8.76 $15.00 136.4 $1.44 $2.42 $2.19 3.6 4.0 $1,194.7 $11.49 Sanchez Energy Corp. SN op/cf Dec E/V $2.68 $4.00 61.9 $7.86 $4.07 $2.99 0.7 0.9 $165.9 ($11.99) Synergy Resources Corp. SYRG op/cf Aug E $6.00 $8.00 110.0 $1.21 $0.49 $0.71 12.2 8.5 $756.7 $4.64

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 32

MASTER LIMITED PARTNERSHIPS MATT SCHMID, 817-900-5716

Matt is a research analyst covering master limited partnerships and business development companies. Matt joined Stephens in May 2011 as a research associate covering consumer finance and moved to the exploration and production sector in May 2012. He received a B.B.A. in finance and the business honors program from the University of Texas at Austin in 2004 as well as an M.B.A. from the University of Texas at Austin in 2011. Sector Overview: We focus on the MLP sector which encompasses midstream, exploration & production, propane, coal, general partners and non-traditional MLPs. We believe energy MLPs will continue to perform well as the demand for infrastructure build-out continues in existing and emerging plays while other MLPs will continue to offer investors above average total return potential.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS ENERGY Master Limited Partnerships, Matt Schmid, 817-900-5716, [email protected] Blueknight Energy Partners BKEP op/cf Dec O $4.85 $8.00 33.0 $0.87 $1.09 $0.97 4.4 5.0 $160.1 ($2.74) Green Plains Partners LP GPP cf Dec O $13.07 $22.00 31.8 $1.70 $1.95 $2.10 6.7 6.2 $207.8 $2.06 JP Energy Partners LP JPEP cf Dec O $4.06 $8.00 36.6 $0.46 $1.04 $1.15 3.9 3.5 $75.0 $15.29 Martin Midstream Partners MMLP cf Dec E $14.57 $25.00 35.5 $2.91 $3.23 $3.28 4.5 4.4 $516.6 $11.83 Plains All American Pipeline PAA op/cf Dec O $20.59 $35.00 368.9 $2.18 $1.93 $2.79 10.7 7.4 $8,189.2 $19.82 Plains GP Holdings, L.P. PAGP cf Dec O $7.07 $13.00 136.1 $0.91 $0.93 $0.94 7.6 7.5 $1,606.3 $7.76 World Point Terminals WPT cf Dec O $13.50 $18.00 34.9 $1.48 $1.53 $1.53 8.8 8.8 $248.1 $5.65

Please see the detailed risk section for each MLP at the end of this report.

Investors should also review the risk factors identified by the companies as disclosed in the documents filed by each company with the SEC which can be viewed by clicking on each company below.

Blueknight Energy Partners Martin Midstream Partners World Point Terminals Green Plains Partners LP Plains All American Pipeline JP Energy Partners Plains GP Holdings

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 33

OILFIELD SERVICES MATTHEW MARIETTA, 713-993-4211

Matthew is a research analyst covering the oilfield services sector in the Houston office. He began his career at Stephens in September 2011 as a research associate where he assisted in the development of the exploration & production practice. Matthew has over four years of energy industry experience in both E&P and service companies in a variety of capacities. He is a graduate from Texas Christian University, Neeley School of Business in 2008 with a bachelor degree in business administration in finance.

Sector Overview: We focus on the Oilfield Services industry which provides services and equipment to oil and natural gas exploration and production companies. The companies we follow target all phases of the drilling, completion and production processes. We believe the industry is positioned for continued growth.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS ENERGY Oilfield Services, Matthew Marietta, 713-993-4211, [email protected] Atwood Oceanics, Inc. ATW adj Sep O $6.21 $12.00 64.8 $7.71 $5.03 ($0.01) 1.2 NM $402.2 $46.07 Baker Hughes BHI adj Dec O $41.91 $59.00 436.1 ($0.48) ($0.22) $1.10 NM 38.1 $18,350.5 $39.93 Basic Energy Services BAS adj Dec E $1.88 NE 42.6 $0.45 ($4.43) ($5.21) NM NM $79.3 $3.75 C&J Energy Services, Inc. CJES adj Dec E $1.09 NE 120.4 $1.20 ($2.33) ($3.02) NM NM $131.3 $7.90 Ensco plc ESV adj Dec E $8.28 $10.00 235.5 $4.22 $2.00 $0.92 4.1 9.0 $1,949.7 $38.26 Flotek Industries FTK adj Dec O $6.76 $16.00 53.6 $0.01 ($0.08) $0.50 NM 13.5 $362.3 $5.50 Halliburton Company HAL adj Dec O $32.46 $36.00 858.0 $1.56 $0.53 $1.37 61.2 23.7 $27,861.8 $18.07 Helix Energy Solutions Group HLX adj Dec O $3.61 $7.50 106.1 $1.76 $0.21 ($0.05) 17.2 NM $383.2 $15.77 Helmerich & Payne HP adj Sep O $51.32 $54.00 108.2 $2.95 ($0.92) ($1.21) NM NM $5,543.1 $44.64 Hornbeck Offshore Services HOS adj Dec E $7.02 $6.00 35.8 $2.40 $1.05 ($0.35) 6.7 NM $251.7 $40.34 Key Energy Services KEG adj Dec E $0.22 NE 157.6 ($0.37) ($1.19) ($1.06) NM NM $34.7 $1.86 Nabors Industries NBR adj Dec E $6.93 $8.00 284.1 $1.05 ($0.37) ($1.23) NM NM $2,290.9 $15.88 Noble Corp. NE adj Dec O $7.62 $9.50 241.9 $2.61 $0.80 $0.54 9.5 14.1 $1,843.8 $27.69 Parker Drilling PKD adj Dec E $1.24 $1.50 123.2 $0.32 ($0.34) ($0.82) NM NM $152.7 $4.92 Patterson-UTI Energy PTEN 18 Dec E $14.94 $10.00 147.2 ($0.95) ($2.36) ($1.90) NM NM $2,198.9 $17.88 Pioneer Energy Services PES adj Dec E $1.23 $1.50 64.5 $0.30 ($0.78) ($1.31) NM NM $79.3 $6.03 Rowan Companies RDC adj Dec E $11.76 $10.00 124.8 $3.18 $2.15 $0.10 5.5 NM $1,467.8 $37.22 RPC, Inc. RES Dec E $12.49 $8.00 217.0 ($0.47) ($0.68) ($0.34) NM NM $2,710.4 $4.39 Schlumberger Ltd. SLB adj Dec O $72.21 $78.00 1,261.1 $3.36 $2.20 $2.97 32.8 24.3 $90,495.5 $30.09 Seventy Seven Energy SSE adj Dec E $0.38 NE 56.9 $0.40 ($3.33) ($4.13) NM NM $22.8 $2.99 Superior Energy Services SPN adj Dec O $9.17 $14.00 150.8 $1.79 ($1.30) ($2.07) NM NM $1,382.2 $16.27 U.S. Silica Holdings, Inc. SLCA op Dec E $16.23 $15.00 53.4 $2.44 $0.25 ($0.87) 64.9 NM $866.4 $7.45 Weatherford International WFT adj Dec E $6.08 $6.50 779.0 ($0.33) ($0.56) ($0.31) NM NM $4,739.3 $7.30

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 34

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

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

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

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS FINANCIAL SERVICES Banks-Mid-Atlantic, Austin Nicholas, 207-808-5027, [email protected] American National Bankshares AMNB Dec E $24.83 NE 8.6 $1.73 $1.80 $1.90 13.8 13.1 $214.1 $22.76 City Holding Co. CHCO Dec E $43.73 NE 15.3 $3.53 $3.11 $3.20 14.1 13.7 $669.1 $27.34 Community Bankers Trust ESXB Dec O $4.88 $6.00 21.9 ($0.12) $0.44 $0.50 11.1 9.8 $106.7 $4.71 Union Bankshares Corp. UBSH Dec O $22.20 $27.00 44.9 $1.49 $1.64 $1.70 13.5 13.1 $994.2 $22.23

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 35

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

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

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

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS FINANCIAL SERVICES Banks-Midwest, Terry McEvoy, CFA, 207-808-5025, [email protected] Associated Banc-Corp ASB Dec E $16.87 NE 150.3 $1.19 $1.27 $1.32 13.3 12.8 $2,525.5 $18.77 Equity Bancshares, Inc. EQBK Dec O $20.85 $25.00 7.2 $1.55 $1.47 $1.60 14.2 13.0 $171.2 $16.36 FirstMerit Corp. FMER Dec E $19.24 NE 165.8 $1.33 $1.29 NE 14.9 NM $3,189.1 $17.13 First Midwest Bancorp FMBI Dec O $16.47 $20.00 78.0 $1.06 $1.21 $1.20 13.6 13.7 $1,290.0 $14.73 Old National Bancorp. ONB Dec O $11.09 $14.00 114.5 $1.00 $1.01 $1.07 11.0 10.4 $1,267.6 $12.89 PrivateBancorp, Inc. PVTB Dec E $33.66 NE 79.1 $2.32 $2.41 $2.60 14.0 12.9 $2,662.4 $20.90 Talmer Bancorp, Inc. TLMR Dec E $16.82 NE 66.1 $0.82 $1.15 NE 14.6 NM $1,112.3 $10.81 Wintrust Financial Corp. WTFC Dec O $42.21 $50.00 48.4 $2.94 $3.34 $3.50 12.6 12.1 $2,042.2 $43.12

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 36

BANKS MIDWEST ERIK ZWICK, CFA, 302-234-4294

Erik joined Stephens in May 2015 as a senior research analyst covering Midwest banks. He has over ten years of bank and thrift equity analysis experience with Super Regional and Midwest banks having previously worked as an analyst at Sterne Agee and as an associate at Oppenheimer & Co. Erik holds a B.A. in Economics from Bates College and is a Chartered Financial Analyst (CFA) charterholder. He is a member of the CFA Institute and the CFA Society of Philadelphia.

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

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS FINANCIAL SERVICES Banks-Midwest, Erik Zwick, CFA, 302-234-4294, [email protected] Anchor BanCorp Wisconsin ABCW Dec E $41.06 NE 9.6 $3.66 $1.72 NE 23.9 NM $394.1 $37.49 Bank Mutual Corp. BKMU Dec E $7.39 NE 45.5 $0.31 $0.35 $0.39 21.1 18.9 $335.8 $6.09 Community Trust Bancorp CTBI Dec E $33.77 NE 17.5 $2.66 $2.77 $2.90 12.2 11.6 $592.2 $27.12 County Bancorp, Inc. ICBK Dec E $19.69 NE 5.8 $1.82 $1.70 $1.85 11.6 10.6 $113.6 $1.43 First Busey Corp. BUSE Dec O $18.82 $22.00 28.7 $1.32 $1.51 $1.75 12.5 10.8 $540.0 $12.95 First Financial Bancorp. FFBC Dec E $16.97 NE 61.7 $1.21 $1.37 $1.45 12.4 11.7 $1,046.0 $13.17 First Merchants Corp. FRME Dec O $22.10 $27.00 40.6 $1.72 $1.95 $2.10 11.3 10.5 $897.8 $20.23 Great Western Bancorp GWB Sep O $24.23 $31.00 55.2 $1.93 $2.22 $2.41 10.9 10.1 $1,338.4 $26.43 Horizon Bancorp HBNC Dec O $24.22 $29.00 11.9 $1.91 $2.43 $2.60 10.0 9.3 $289.2 $22.26 Lakeland Financial Corp. LKFN Dec O $42.10 $46.00 16.6 $2.75 $2.93 $3.00 14.4 14.0 $696.6 $23.37 MainSource Financial Group MSFG Dec O $20.57 $25.00 21.6 $1.62 $1.81 $2.00 11.4 10.3 $443.9 $17.51 MutualFirst Financial Inc. MFSF Dec E $24.00 NE 7.4 $1.48 $1.62 $1.58 14.8 15.2 $178.1 $18.27 Park National Corp. PRK Dec E $83.97 NE 15.4 $5.26 $5.58 $5.70 15.0 14.7 $1,287.3 $46.68 Stock Yards Bancorp SYBT Dec E $37.36 NA 14.9 $2.49 $2.55 $2.65 14.7 14.1 $557.4 $18.90 Your Community Bankshares YCB Dec O $31.59 $37.00 5.4 $2.29 $2.85 $2.95 11.1 10.7 $170.8 $22.84

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 37

BANKS-SOUTHEAST TYLER STAFFORD 501-377-8362

Tyler is a research analyst covering the regional banks sector. Tyler began his career at Stephens in September 2011 as a research associate within the regional banks sector. Prior to joining Stephens, he was a credit analyst for Regions Financial Corporation from 2008 to 2011. Tyler graduated from Harding University with a B.B.A. in management and received a masters in finance from the University of Memphis.

Sector Overview: Our Regional Banks team covers small-to-mid-cap stocks throughout the U.S. Our coverage may focus on attractive long-term investments or on growth companies that have distinct growth advantage. In addition, the banking industry remains highly fragmented and we seek to identify companies that can capitalize on industry consolidation. The Southeast Region primarily includes regional banks located in Alabama, Florida, Georgia, North Carolina, South Carolina and Tennessee.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS FINANCIAL SERVICES Banks-Southeast, Tyler Stafford, 501-377-8362, [email protected] Ameris Bancorp ABCB op Dec O $26.40 $33.00 32.2 $1.42 $2.26 $2.57 11.7 10.3 $850.4 $15.60 Avenue Financial Holdings AVNU op Dec E $17.96 $19.00 10.3 $0.69 $0.89 $1.08 20.2 16.6 $185.4 $8.75 BNC Bancorp BNCN op Dec O $20.49 $26.00 40.8 $1.48 $1.68 $1.89 12.2 10.8 $835.5 $13.70 Capital City Bank Group CCBG op Dec E $14.53 $15.00 17.1 $0.53 $0.71 $0.86 20.5 16.9 $249.1 $15.96 Fidelity Southern Corp. LION op Dec E $14.61 $17.00 23.1 $1.67 $1.50 $1.67 9.7 8.7 $337.6 $12.83 First Horizon National Corp. FHN Dec E $11.95 $13.00 234.2 $0.83 $0.89 $0.98 13.4 13.4 $2,851.1 $9.33 Franklin Financial Network FSB op Dec E $25.62 $29.00 10.5 $1.52 $2.14 $2.88 12.0 8.9 $269.7 $16.88 National Commerce Corp. NCOM op Dec E $21.92 $24.00 10.8 $1.07 $1.47 $1.68 14.9 13.0 $237.3 $18.00 Park Sterling Corp. PSTB op Dec E $6.21 $7.00 44.9 $0.41 $0.42 $0.52 14.8 11.9 $278.5 $6.33 Pinnacle Financial Partners PNFP op Dec O $45.51 $57.00 40.9 $2.62 $3.01 $3.57 15.1 12.7 $1,861.4 $28.25 ServisFirst Bancshares, Inc. SFBS op Dec E $36.06 $42.00 25.9 $2.39 $2.72 $3.09 13.3 11.7 $936.6 $16.63 South State Corp. SSB op Dec E $61.93 $69.00 24.2 $4.30 $4.38 $4.62 14.1 13.4 $1,496.4 $43.84 State Bank Financial Corp. STBZ op Dec O $18.75 $22.00 37.1 $1.14 $1.17 $1.27 16.0 14.8 $695.2 $14.47 Synovus Financial Corp. SNV op Dec O $26.49 $32.00 130.6 $1.65 $1.93 $2.12 13.7 12.5 $3,431.7 $22.19 United Community Banks, Inc. UCBI op Dec E $16.67 $19.00 63.2 $1.27 $1.42 $1.50 11.7 11.1 $1,103.5 $14.11 Yadkin Financial Corp. YDKN op Dec O $21.88 $26.00 31.1 $1.49 $1.59 $1.92 13.8 11.4 $679.9 $17.56

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 38

BANKS-SOUTHWEST MATT OLNEY, CFA, 501-377-2101

Matt is a managing director leading the regional banks practice. He joined Stephens in 2004 as an associate analyst covering the regional banks sector. In 2007, he became a research analyst covering small cap banks and thrifts in the Southeast. Prior to joining Stephens Inc., Matt resided in Houston, TX, where he worked in various roles for Wells Fargo, UBS and Enron. He holds a B.B.A. with a focus in finance and management information systems from the University of Oklahoma. Matt earned his Chartered Financial Analyst designation in 2007.

Sector Overview: Our Regional Banks team covers small-to-mid-cap stocks throughout the U.S. Our coverage may focus on attractive long-term investments or on growth companies that have distinct growth advantage. In addition, the banking industry remains highly fragmented and we seek to identify companies that can capitalize on industry consolidation. The Southwest Region primarily includes regional banks located in Texas, Oklahoma, Arkansas, Louisiana, Mississippi and Missouri.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS FINANCIAL SERVICES Banks-Southwest, Matt Olney, CFA, 501-377-2101, [email protected] Allegiance Bancshares, Inc. ABTX op Dec O $17.42 $21.00 12.8 $1.49 $1.48 $1.71 11.8 10.2 $223.2 $19.96 BancorpSouth, Inc. BXS op Dec E $19.60 $23.00 94.0 $1.47 $1.52 $1.63 12.9 12.0 $1,847.1 $17.50 Bank of the Ozarks, Inc. OZRK op Dec O $37.85 $44.00 90.4 $2.10 $2.55 $2.86 14.8 13.2 $3,432.8 $16.16 BOK Financial BOKF op Dec E $49.44 $52.00 67.7 $4.10 $4.41 $4.73 11.2 11.2 $3,257.8 $45.36 Commerce Bancshares, Inc. CBSH op Dec E $42.18 $40.00 97.5 $2.51 $2.65 $2.83 15.9 15.9 $4,085.6 $22.81 Cullen/Frost Bankers, Inc. CFR op Dec E $48.79 $52.00 62.0 $4.28 $4.50 $4.71 10.8 10.8 $3,024.1 $46.64 First Financial Bankshares FFIN op Dec E $26.34 $24.00 66.0 $1.56 $1.64 $1.72 16.1 16.1 $1,739.1 $12.11 Hancock Holding Co. HBHC op Dec E $22.93 $22.00 77.4 $1.78 $1.89 $2.02 12.1 12.1 $1,774.7 $31.14 Hilltop Holdings Inc. HTH op Dec O $15.53 $21.00 98.9 $1.19 $1.45 $1.59 10.7 10.7 $1,535.9 $17.35 Home BancShares, Inc. HOMB op Dec O $39.36 $42.00 70.1 $2.04 $2.38 $2.64 16.5 14.9 $2,760.0 $16.05 IBERIABANK Corp. IBKC op Dec O $47.96 $53.00 41.1 $4.19 $4.54 $4.84 10.6 9.9 $1,972.8 $60.74 Independent Bank Group IBTX op Dec E $26.53 $34.00 17.1 $2.34 $2.76 $3.08 9.6 8.6 $488.1 $31.81 LegacyTexas Financial Group LTXB op Dec E $17.62 $21.00 47.6 $1.55 $1.78 $1.92 9.9 9.2 $839.5 $16.64 MidSouth Bancorp, Inc. MSL op Dec E $6.98 $7.00 11.4 $0.85 $0.48 $0.69 14.5 10.1 $79.3 $15.21 National Bank Holdings Corp. NBHC op Dec E $19.37 $21.00 30.3 $0.24 $0.86 $0.93 22.5 20.8 $588.1 $20.34 Prosperity Bancshares, Inc. PB op Dec E $40.70 $44.00 70.0 $4.09 $4.02 $4.13 10.1 9.9 $2,877.9 $49.46 Renasant Corp. RNST op Dec E $31.12 $35.00 40.3 $2.09 $2.34 $2.49 13.3 12.5 $1,253.9 $25.65 Simmons First National Corp. SFNC op Dec O $41.18 $51.00 29.9 $3.18 $3.43 $3.63 12.0 11.3 $1,246.8 $33.89 Southwest Bancorp, Inc. OKSB op Dec O $14.78 $17.00 20.1 $0.97 $1.07 $1.17 13.8 12.6 $297.6 $14.80 Texas Capital Bancshares TCBI op Dec E $31.33 $36.00 45.8 $2.91 $3.05 $3.26 10.3 9.6 $1,437.6 $34.67 TriState Capital Holdings TSC op Dec O $11.90 $15.00 28.0 $0.81 $0.96 $1.15 12.4 10.3 $337.8 $11.44 UMB Financial UMBF op Dec E $48.77 $46.00 49.3 $2.61 $3.06 $3.30 15.9 14.8 $2,409.0 $38.56 Veritex Holdings, Inc. VBTX op Dec O $12.70 $16.00 10.7 $0.87 $1.03 $1.21 12.3 10.5 $136.0 $12.76

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 39

BANKS-SUPER-REGIONAL & MIDWEST TERRY MCEVOY, CFA, 207-808-5025

Sector Overview: Our research focus is on U.S. Super-Regional Banks, which we define as banks with assets over $50 billion and under $500 billion. Each of these banks operates mostly in multiple contiguous states and provide traditional banking products. Certain Super-Regional Banks have made investments within fee generating business such as insurance, capital markets or asset management to diversify their revenue stream. Fundamentally, the banking sector is well-capitalized and should see an acceleration in earnings growth when the Federal Reserve begins raising interest rates.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS FINANCIAL SERVICES Banks-Super-Regional, Terry McEvoy, CFA, 207-808-5025, [email protected] BB&T Corporation BBT Dec O $32.00 $38.00 780.2 $2.55 $2.87 $3.15 11.1 10.2 $24,970.8 $31.66 Comerica Inc. CMA Dec O $33.89 $42.00 176.7 $2.85 $2.78 $2.85 12.2 11.9 $5,964.6 $43.11 Fifth Third Bancorp FITB Dec E $15.05 NE 794.3 $2.04 $1.53 $1.55 9.8 9.7 $11,815.5 $19.90 First Republic Bank FRC op Dec E $59.77 NE 145.2 $3.17 $3.55 $4.10 16.8 14.6 $8,703.3 $30.85 Huntington Bancshares Inc. HBAN Dec E $8.54 NE 796.7 $0.81 $0.81 $0.90 10.5 9.5 $6,789.5 $7.76 KeyCorp. KEY Dec O $10.54 $13.00 835.6 $1.06 $1.14 $1.25 9.2 8.4 $8,715.8 $12.51 PNC Financial Services Group PNC Dec E $82.30 NE 507.8 $7.40 $7.40 $7.70 11.1 10.7 $41,479.2 $81.86 Regions Financial Corp. RF Dec O $7.42 $9.50 1,305.5 $0.75 $0.88 $0.91 8.4 8.2 $9,555.7 $12.23 SunTrust Banks, Inc. STI Dec E $33.42 NE 505.0 $3.58 $3.33 $3.40 10.0 9.8 $16,877.0 $43.66 U.S. Bancorp USB Dec O $38.44 $46.00 1,753.6 $3.16 $3.31 $3.40 11.6 11.3 $67,077.8 $22.89 Zions Bancorporation ZION Dec E $20.68 NE 204.3 $1.21 $1.83 $2.00 11.3 10.3 $4,226.3 $32.67

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 40

BANKS-WEST COAST TYLER STAFFORD 501-377-8362

Sector Overview: Our Regional Banks team covers small-to-mid-cap stocks throughout the U.S. Our coverage may focus on attractive long-term investments or on growth companies that have distinct growth advantage. In addition, the banking industry remains highly fragmented and we seek to identify companies that can capitalize on industry consolidation. The West Coast Region primarily includes regional banks located in California and the Pacific Northwest.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS FINANCIAL SERVICES Banks-West Coast, Tyler Stafford, 501-377-8362, [email protected] PacWest Bancorp PACW op Dec E $31.46 $37.00 120.2 $2.90 $2.79 $2.95 11.3 10.7 $3,819.7 $36.22 SVB Financial Group SIVB op Dec O $83.48 $125.00 51.5 $6.62 $7.53 $8.54 11.1 9.8 $4,308.4 $61.66 Umpqua Holdings Corp. UMPQ op Dec E $14.77 $17.00 220.2 $1.16 $1.23 $1.33 12.0 11.1 $3,251.9 $17.49

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 41

BUSINESS DEVELOPMENT COMPANIES MATT SCHMID, 817-900-5716

Sector Overview: Business Development Companies are non-bank lenders that provide debt and equity financing to primarily private middle market businesses.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS FINANCIAL SERVICES Business Development Companies, Matt Schmid, 817-900-5716, [email protected] Capitala Finance Corp. CPTA op Dec E $10.49 $17.00 15.8 $1.54 $1.64 $1.84 6.4 5.7 $165.4 $17.95 Garrison Capital Inc. GARS op Dec O $11.19 $17.00 16.8 $1.31 $1.75 $1.56 6.4 7.2 $187.5 $15.29 Monroe Capital Corp. MRCC op Dec O $12.13 $17.00 12.9 $1.57 $1.61 $1.64 7.5 7.4 $156.0 $14.11 Stellus Capital Investment SCM op Dec E $7.88 $13.00 12.5 $1.34 $1.26 $1.35 6.3 5.8 $98.3 $14.01 Triangle Capital Corp. TCAP op Dec O $17.71 $25.00 33.5 $2.08 $2.14 $2.30 8.3 7.7 $590.1 $15.48

Please see the detailed risk section for each BDC at the end of this report.

Investors should also review the risk factors identified by the companies as disclosed in the documents filed by each company with the SEC which can be viewed by clicking on each company below.

Capitala Financial Corp. Garrison Capital Stellus Capital Investment Corp. Monroe Capital Corp Triangle Capital Corp.

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 42

REAL ESTATE SERVICES JOHN CAMPBELL, 501-377-6362

John is a research analyst covering the real estate services sector. John joined Stephens in May 2011 as a research associate in the business services and insurance brokerage space. He was promoted into a lead analyst role in February 2014. Prior to joining Stephens Inc., John was a senior strategy planning analyst at FedEx Corporation where he focused on the development and implementation of corporate strategy. He graduated from the University of Mississippi in 2005 with a B.A. in banking & finance and later received an M.B.A. in 2011 from the University of Mississippi.

Sector Overview: We see three dominant trends that are shaping the U.S. residential housing market. First, slow unit growth of new/existing home sales driven by higher rates, student debt inhibiting first-time buyers, and low levels of home equity limiting the trade-up market. Second, the consolidation of mortgage lending driven by the economic recession and the government’s response to it. Third, lenders giving larger share of wallet to fewer vendors and outsourcing more functions surrounding mortgage underwriting to third parties in response to regulatory factors. To win in this market, we think real estate services providers will need to run a tight operation to drive high incremental margins from the limited demand curve they face, drive revenue growth with share taking via organic cross sales or M&A to offer more services, and offering centralized/bundled products.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS FINANCIAL SERVICES Real Estate Services, John Campbell, 501-377-6362, [email protected] Bankrate, Inc. RATE adj Dec O $12.68 $14.00 99.4 $0.70 $0.57 $0.66 22.2 19.2 $1,260.1 $8.32 Black Knight Financial Services, Inc. BKFS adj Dec E/V $28.49 $31.00 152.7 $0.96 $1.11 $1.27 25.7 22.4 $1,936.9 $5.29 CoreLogic CLGX adj Dec O/V $35.04 $47.00 88.2 $1.33 $1.86 $2.09 18.8 16.8 $3,088.7 $11.23 Ellie Mae, Inc. ELLI adj Dec O/V $84.49 $79.00 29.8 $1.70 $1.97 $2.85 42.9 29.6 $2,498.1 $9.85 Fidelity National Financial, Inc. FNF pf/cs Dec O $32.91 $40.00 283.0 $2.17 $2.59 $2.88 12.7 11.4 $9,133.1 $21.49 First American Financial Corp. FAF op Dec E $37.00 $40.00 108.7 $2.59 $2.81 $2.99 13.2 12.4 $4,023.0 $24.74 FNFV Group FNFV pf/cs Dec O/V $10.01 $12.50 75.8 $0.33 $0.06 $0.21 NM 47.7 $782.5 $13.38 LendingTree, Inc. TREE adj Dec O/V $69.94 $130.00 12.4 $1.59 $2.79 $3.34 25.1 20.9 $858.0 $9.77 NIC Inc. EGOV adj Dec E $17.84 $21.00 65.6 $0.70 $0.75 $0.81 23.8 22.0 $1,171.2 $2.17 QuinStreet, Inc. QNST adj Jun E/V $2.84 $3.75 45.1 $0.05 $0.06 $0.28 47.3 10.1 $128.5 $2.90 Realogy Holdings Corp. RLGY adj Dec E/V $30.10 $50.00 146.5 $1.09 $1.48 $2.22 20.3 13.6 $4,417.3 $16.28 RE/MAX Holdings Inc. RMAX adj Dec O/V $33.34 $43.00 12.3 $1.51 $1.61 $1.78 20.7 18.7 $561.4 $19.94 Stewart Information Services STC op Dec O/V $34.46 $44.00 23.4 $1.94 $3.21 $3.77 10.7 9.1 $804.3 $27.31 Zillow, Inc. ZG adj Dec O/V $21.02 $26.00 53.3 $0.05 $0.09 $0.53 NM 39.7 $1,120.8 $15.05

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 43

SPECIALTY FINANCE J.R. BIZZELL, 501-377-8237

J.R. is a research analyst covering the specialty finance industry. He began his career at Stephens in 2011 as a research associate where he assisted in the development of the restaurant practice. J.R. obtained his B.S. in biology from Rhodes College in Memphis, TN.

Sector Overview: Specialty Finance companies are generally non-bank institutions that provide credit and other financial services to a target niche.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS FINANCIAL SERVICES Specialty Finance, J.R. Bizzell, 501-377-8237, [email protected] Aaron's, Inc. AAN op Dec O $22.18 $30.00 72.6 $2.15 $2.30 $2.55 9.6 8.7 $1,610.1 $18.51 America's Car-Mart, Inc. CRMT Apr E $25.65 $28.00 8.5 $3.26 $1.87 $2.27 13.7 11.3 $210.9 $27.26 Consumer Portfolio Services CPSS adj Dec O/V $4.37 $7.00 25.9 $1.10 $1.04 $1.16 4.2 3.8 $113.3 $5.97 OneMain Holdings, Inc. OMF Dec O $24.59 $62.00 134.5 $2.07 $2.14 $5.37 11.5 4.6 $3,306.9 $22.18 Regional Management RM adj/cs Dec E $14.24 $18.00 12.9 $1.82 $2.14 $2.54 6.7 5.6 $183.9 $15.30 Rent-A-Center RCII adj Dec E $12.49 $12.00 53.1 $2.07 $1.90 $2.10 6.6 5.9 $662.8 $26.43 Santander Consumer USA SC Dec O $10.12 $15.00 357.9 $2.41 $2.00 $2.20 5.1 4.6 $3,622.0 $12.41 World Acceptance Corp. WRLD adj Mar E $33.70 $38.00 8.9 $10.88 $9.73 $9.28 3.5 3.6 $300.7 $39.13

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 44

DIAGNOSTICS AND LIFE SCIENCE TOOLS DREW JONES, 501-377-2369

Drew is a research analyst leading the diagnostics and life science tools sector. Drew joined Stephens in November 2007 as an associate in the medical technology sector and was promoted to analyst in August 2010. Prior to Stephens, he spent two years at Morgan Keegan covering homeland security technology. Drew holds a B.A. From the University of the South and an MBA from the Owen Graduate School of Management at Vanderbilt University.

Sector Overview: The Diagnostics and Life Science Tools industry consists of companies that design, manufacture, and distribute diagnostic products to the medical, veterinary, and food/animal safety markets. Our focus is on emerging diagnostic technologies in fields of molecular diagnostics, immunodiagnostics, and clinical chemistry. It is our belief that diagnostics will play an increasingly important role in healthcare looking forward with increased focus on catching diseases early in the disease state to reduce costs. Additionally, we believe the personalized medicine movement is only in its infant stages, and in the future, we feel therapeutic decisions will be custom tailored to the individual to best fit the individual patient’s genetic makeup. We look to cover companies that support these emerging trends, which we believe have the potential to revolutionize the way medicine is practiced. Additionally, we look for companies with strong fundamentals including solid management, large market opportunities, strong intellectual property positions, and innovative/value adding products.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS HEALTHCARE Diagnostics and Life Science Tools, Drew Jones, 501-377-2369, [email protected] Abaxis, Inc. ABAX pf Mar E/V $39.58 $44.00 22.7 $0.93 $1.34 $1.45 29.5 27.3 $896.2 $10.24 Bio-Techne Corp. TECH pf Jun E/V $86.80 $92.00 37.2 $3.40 $3.47 $3.62 25.0 24.0 $3,228.2 $23.03 Cambrex Corp. CBM pf Dec O/V $38.39 $49.00 31.8 $2.06 $2.33 $2.52 16.5 15.2 $1,220.8 $9.78 Cerus Corp. CERS pf Dec O/V $5.10 $9.00 97.1 ($0.52) ($0.58) ($0.48) NM NM $495.4 $0.98 EXACT Sciences Corp. EXAS pf Dec E/V $5.87 $7.00 97.5 ($1.71) ($1.61) NE NM NM $565.5 $3.39 Myriad Genetics, Inc. MYGN pf Jun O/V $35.30 $47.00 69.8 $1.45 $1.63 $1.87 21.7 18.9 $2,515.2 $9.90 Neogen Corp. NEOG pf May E/V $49.00 $51.00 37.4 $0.90 $1.05 $1.26 46.7 38.9 $1,834.8 $9.79 Neogenomics Inc. NEO Dec O/V $6.06 $9.00 60.4 $0.03 $0.00 $0.10 NM 60.6 $367.3 $1.01 OraSure Technologies, Inc. OSUR pf Dec E/V $6.54 $7.00 56.5 $0.17 $0.16 $0.24 40.9 27.3 $369.4 $2.82 Pacific Biosciences of California PACB pf Dec O/V $8.69 $12.00 80.0 ($0.72) ($0.96) ($0.96) NM NM $669.5 $0.55 Repligen Corp. RGEN pf Dec O/V $25.44 $42.00 32.9 $0.40 $0.44 NE 57.8 NM $838.1 $3.59 TearLab Corp. TEAR pf Dec O/V $0.84 $5.00 33.7 ($0.74) ($0.91) ($0.79) NM NM $28.3 $0.10 Trinity Biotech plc TRIB Dec O/V $9.78 $22.00 23.1 $0.72 $0.44 $0.48 22.2 20.4 $231.9 $8.89 VCA, Inc. WOOF pf Dec E $51.36 $55.00 80.6 $2.38 $2.76 $3.11 18.6 16.5 $4,141.8 $14.70 Veracyte, Inc. VCYT Dec O/V $6.16 $14.00 27.7 ($1.36) ($1.30) ($1.20) NM NM $170.4 $2.36

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 45

HEALTHCARE SERVICES DANA HAMBLY, CFA, 615-279-4329

Dana is a research analyst covering healthcare services. Dana joined Stephens in February 2012 as a research associate and was promoted to analyst in January 2013. Prior to joining Stephens he was a research associate at Jefferies & Company from 2006 to 2011 covering various healthcare sectors including healthcare services, healthcare IT and distribution. Dana holds a B.A. from Georgetown University and an MBA from the Owen Graduate School of Management at Vanderbilt University.

Sector Overview: Healthcare Services generally includes companies that operate healthcare facilities such as hospitals, nursing homes, and ambulatory surgery centers. In addition, this subsector of the overall healthcare industry also includes specialty operators, outsourced services and providers of healthcare to patients where they reside. Our primary focus is on niche providers of healthcare to highly specific patients, markets and/or service areas. Our coverage list includes companies in such areas as ambulatory surgery, emergency medical transport and care, behavioral healthcare, dialysis, home health, long-term care and animal health.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS HEALTHCARE Healthcare Services, Dana Hambly, CFA, 615-279-4329, [email protected] Acadia Healthcare Co. ACHC adj Dec O/V $54.96 $78.00 83.2 $2.23 $2.81 $3.30 19.6 16.7 $4,571.7 $23.58 Adeptus Health Inc. ADPT adj Dec O/V $52.17 $70.00 14.3 $1.37 $2.57 $3.25 20.3 16.1 $743.8 $4.33 Addus HomeCare Corp. ADUS Dec O $21.75 $27.00 11.1 $1.14 $1.07 $1.33 20.3 16.4 $241.6 $12.40 Air Methods Corp. AIRM op Dec O/V $38.49 $51.00 39.3 $2.56 $2.88 $3.39 13.4 11.4 $1,512.8 $14.32 AMSURG Corporation AMSG adj Dec O/V $71.49 $90.00 54.3 $3.46 $4.29 $4.63 16.7 15.4 $3,881.2 $33.21 BioScrip, Inc. BIOS adj Dec O/V $2.08 $3.25 68.8 ($1.30) ($0.34) ($0.11) NM NM $143.0 ($0.98) Brookdale Senior Living BKD cs Dec O/V $14.43 $20.00 184.8 $2.40 $2.46 $2.65 5.9 5.4 $2,668.0 $13.31 Capital Senior Living Corp. CSU cs Dec O/V $15.92 $30.00 29.5 $1.51 $1.64 $1.82 9.7 8.7 $469.9 $4.73 Ensign Group, The ENSG adj Dec O/V $19.71 $24.00 50.7 $1.27 $1.46 $1.61 13.5 12.2 $999.7 $8.32 Genesis Healthcare, Inc. GEN adj Dec O/V $1.81 $3.00 73.6 $0.22 $0.21 $0.40 8.6 4.5 $133.2 ($1.12) Hanger Inc. HGR op Dec E/V $12.79 $24.00 35.3 $1.95 $1.62 $1.86 7.9 6.9 $451.4 $16.66 MEDNAX, Inc. MD adj Dec E $66.51 $68.00 94.0 $4.07 $4.26 $4.74 15.6 14.0 $6,238.7 $25.92 Nobilis Health Corp. HLTH Dec O/V $2.63 $8.00 77.7 $0.07 $0.25 $0.16 10.5 16.4 $193.7 NA Surgical Care Affiliates SCAI adj Dec E/V $42.19 $42.00 39.6 $2.02 $2.20 $2.41 19.2 17.5 $1,677.2 $9.57 Team Health Holdings TMH adj Dec O/V $38.01 $48.00 73.5 $2.65 $2.87 $3.32 13.2 11.4 $2,795.2 $7.80 U.S. Physical Therapy USPH cs Dec E/V $50.96 $54.00 12.4 $1.71 $1.75 $1.95 29.1 26.1 $633.0 $12.80

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 46

MEDICAL DEVICES CHRIS COOLEY, CFA, 501-377-2516

Chris is a managing director leading the medical devices and hospital supply sector. Chris joined Stephens in July 2010 and has over 20 years of equity research experience. He was ranked #3 for stock selection by the Wall Street Journal All-Star Analyst Survey as well as StarMine/ Financial Times in 2011 and was ranked #1 for stock selection by both the Wall Street Journal All-Star Analyst Survey and by StarMine /Financial Times for his work in the sector during 2009. Additionally, Chris has received votes in the Institutional Investor All-Star annual survey for his work in the sector. Prior to joining Stephens, Chris began his professional career with Dean Witter and also worked for Cargill, Inc., Morgan Keegan, SunTrust Equitable Securities and FTN Equity Capital Markets. Chris received a masters in business administration, with concentrations in finance and operations management from the University of Tennessee and a bachelor of science degree in economics from the University of Arkansas.

Sector Overview: The Medical Devices industry consists of companies that design, manufacture, and distribute various devices used in the diagnosis and treatment of a wide variety of medical conditions. The primary market driver remains demographic trends - the U.S. Census Bureau projects that roughly 40% of the U.S. population will be 45 years of age or older by 2008. These demographic trends coupled with Americans’ higher expectations relating to lifestyle/quality of life issues and demands for access to the latest medical technologies will drive growth for the industry. The Medical Devices team is focused on companies with technologies that are well positioned to benefit from these ongoing trends. We look for companies within our areas of focus that we believe have significant market opportunities, innovative and value adding products, quality management teams, and solid fundamentals.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS HEALTHCARE Medical Devices, Chris Cooley, CFA, 501-377-2516, [email protected] Abiomed, Inc. ABMD adj Mar O/V $80.89 $128.00 42.4 $3.10 $1.18 $1.38 68.6 58.6 $3,432.7 $7.81 Align Technology ALGN pf Dec O/V $63.32 $70.00 79.5 $1.77 $2.02 $2.75 31.3 23.0 $5,033.3 $10.03 Avinger, Inc. AVGR Dec O/V $15.69 $23.00 12.6 ($8.41) ($4.37) ($3.14) NM NM $198.0 $2.12 Boston Scientific Corp. BSX Dec O $17.33 $21.00 1,345.2 $0.93 $1.06 $1.19 16.3 14.6 $23,312.2 $4.69 Cooper Companies, The COO pf Oct E $141.44 $145.00 48.6 $7.44 $7.68 $8.85 18.4 16.0 $6,844.3 $55.28 DexCom, Inc. DXCM pf Dec O/V $64.45 $110.00 81.7 ($0.27) $0.02 $0.67 NM 96.2 $5,268.2 $2.38 Endologix, Inc. ELGX pf Dec O/V $8.02 $17.00 81.0 ($0.75) ($1.24) ($0.66) NM NM $652.9 $1.46 Insulet Corp. PODD pf Dec E/V $29.26 $32.00 56.9 ($0.19) ($1.02) ($0.74) NM NM $1,665.7 $1.42 LDR Holding Corp. LDRH Dec O/V $20.71 $37.00 29.2 ($0.57) ($0.95) $0.00 NM NM $605.0 $6.52 NxStage Medical, Inc. NXTM Dec O $14.09 $24.00 63.7 ($0.24) ($0.15) ($0.05) NM NM $902.8 $3.00 RTI Surgical, Inc. RTIX adj Dec E/V $3.31 $5.00 57.8 $0.20 $0.18 $0.25 18.4 13.2 $191.3 $3.09 Sirona Dental Systems SIRO pf Sep E/V $104.87 $105.00 55.9 $3.98 $4.30 $4.60 24.4 22.8 $5,875.6 $23.94 STAAR Surgical Co. STAA pf Dec O/V $6.20 $10.00 39.9 $0.02 ($0.01) $0.09 NM 68.9 $247.3 $0.99 STERIS plc STE pf Mar O $63.39 $89.00 85.9 $2.99 $3.52 $4.00 18.0 15.8 $5,445.1 $34.84 Teleflex Inc. TFX adj Dec O $132.46 $147.00 41.6 $5.73 $6.25 $7.06 21.2 18.8 $5,510.6 $44.56

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 47

BUILDING MATERIALS TREY GROOMS, 501-377-2318

Trey is a managing director leading the building materials sector. Trey joined Stephens Inc. in July 2001 as an analyst in the Corporate Finance department focusing on several industries including home building and land development, life sciences, food, and consumer products. He then became an associate in Equity Research in April 2003, covering the information technology and services industry and was promoted to analyst in January 2006. Trey holds a B.B.A. in finance from the University of Arkansas at Little Rock.

Sector Overview: Building Materials is focused on identifying companies with exposure to the residential replacement and new construction markets, as well as infrastructure and other public works construction markets. We seek to identify companies that possess strong growth opportunities, leading market positions, unique value-added services and proprietary products. The areas of focus include Construction Materials, Installation & Distribution, and Specialty Products.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS INDUSTRIALS Building Materials, Trey Grooms, 501-377-2318, [email protected] Beacon Roofing Supply, Inc. BECN op/cs Sep E/V $34.01 $42.00 59.2 $1.37 $1.91 $2.21 17.8 15.4 $2,014.5 $20.46 BMC Stock Holdings STCK op Dec O/V $15.00 $19.00 65.4 $0.50 $0.57 $0.89 26.3 16.9 $980.8 $5.85 Builders FirstSource, Inc. BLDR op Dec O/V $7.35 $14.00 109.3 $0.15 $0.31 $1.04 23.7 7.1 $854.6 $1.42 Continental Building Products CBPX op Dec E/V $16.30 $18.00 42.2 $0.84 $1.01 $1.17 16.1 13.9 $679.6 $7.07 Eagle Materials EXP op Mar O/V $60.95 $74.00 49.3 $3.41 $3.40 $3.89 17.9 15.7 $3,005.4 $21.28 Installed Building Products IBP op Dec O/V $21.91 $28.00 31.4 $0.46 $0.82 $1.17 26.7 18.7 $687.2 $3.34 Martin Marietta Materials MLM op Dec O $142.74 $162.00 66.1 $4.47 $6.65 $8.06 21.5 17.7 $9,182.6 $62.95 Masonite International DOOR op Dec E $50.80 $72.00 30.4 ($0.65) $1.32 $2.87 38.5 17.7 $1,543.5 $20.94 NCI Building Systems NCS op Oct O/V $10.83 $14.00 74.1 $0.43 $0.59 $0.74 18.4 14.6 $801.0 $3.70 Ply Gem Holdings, Inc. PGEM op Dec O/V $10.21 $15.00 68.1 ($0.26) $0.50 $1.09 20.4 9.4 $695.3 ($1.19) Polaris Industries, Inc. PII op Dec E $87.67 $77.00 65.6 $6.75 $6.26 $6.91 14.0 12.7 $5,694.7 $15.11 Summit Materials LLC SUM op Dec O $17.07 $21.00 49.8 $0.76 $1.31 $1.64 13.0 10.4 $849.2 $5.29 TopBuild Corp. BLD op Dec O/V $26.95 $39.00 37.7 $0.80 $1.35 $1.86 20.0 14.5 $1,015.5 $22.61 Trex Company TREX op Dec E/V $42.45 $44.00 29.9 $1.67 $2.01 $2.35 21.1 18.1 $1,267.0 $3.77 U.S. Concrete, Inc. USCR op Dec O $56.02 $70.00 14.7 $2.21 $4.19 $3.79 13.4 14.8 $821.0 $8.39 USG Corp. USG op Dec E/V $20.22 $23.00 145.7 $1.77 $1.38 $1.51 14.7 13.4 $2,945.4 $9.86 Vulcan Materials Company VMC op Dec O $97.35 $112.00 133.3 $2.24 $3.22 $4.40 30.2 22.1 $12,978.6 $33.41

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 48

INDUSTRIAL PRODUCTS AND SERVICES MATT DUNCAN, CFA, 501-377-3723

Matt is a managing director leading the industrial products and services practice. Matt joined Stephens in January 2000 and has been an analyst since May 2004. He previously covered the cardiology devices segment of the medical devices industry and was a member of the medical devices research team for over five years. He graduated magna cum laude with a B.S.B.A. in finance from the University of Arkansas in May 2000 where he served as President of the Finance Club and was selected as an Outstanding Finance Student.

Sector Overview: Our Industrial Products and Services research team focuses primarily on two industry sub-segments: 1) industrial distribution firms and 2) engineering and construction (E&C)/ industrial service firms. The industrial distribution industry is large and highly fragmented, with over 100,000 participants in North America. We look for distribution companies that have leading market positions in their product verticals, a meaningful amount of operating leverage and/or differentiated service platforms. Within the E&C and industrial service industry, we focus on small- to mid-cap companies with an emphasis on those that serve energy end markets (oil & gas and power generation).

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS INDUSTRIALS Industrial Products and Services, Matt Duncan, CFA, 501-377-3723, [email protected] Altra Industrial Motion Corp. AIMC op Dec E/V $23.84 $25.00 26.1 $1.64 $1.45 $1.72 16.4 13.9 $620.2 $9.59 Applied Industrial Technologies AIT pf Jun E $37.93 $36.00 69.5 $2.80 $2.50 $2.82 15.2 13.5 $1,489.0 $17.99 DXP Enterprises DXPE Dec O/V $14.70 $26.00 14.4 $3.67 $1.64 $0.92 9.0 16.0 $211.7 $14.05 Furmanite Corp. FRM pf Dec O/V $5.28 $10.00 37.9 $0.34 $0.34 $0.45 15.5 11.7 $200.8 $3.88 Great Lakes Dredge & Dock GLDD op Dec E/V $3.40 $4.00 60.7 ($0.14) ($0.01) $0.12 NM 28.3 $205.5 $4.17 Kaman Corp. KAMN pf Dec E $43.38 $39.00 27.8 $2.36 $2.44 $2.46 17.8 17.6 $1,175.2 $20.06 MasTec, Inc. MTZ pf Dec O/V $14.22 $20.00 79.9 $1.57 $0.55 $1.32 25.9 10.8 $1,136.0 $12.78 Matrix Service Co. MTRX pf Jun O/V $17.21 $23.00 27.3 $1.28 $1.51 $1.70 11.4 10.1 $463.4 $11.40 Mistras Group, Inc. MG pf May E/V $21.75 $23.00 29.6 $0.58 $0.84 $0.96 25.9 22.7 $628.4 $8.72 MRC Golbal Inc. MRC pf Dec O/V $11.01 $13.00 101.8 $0.44 ($0.52) ($0.22) NM NM $1,125.3 $13.37 MSC Industrial Direct Co. MSM pf Aug E $68.85 $64.00 61.4 $3.74 $3.58 $3.82 19.2 18.0 $3,319.9 $19.12 NOW, Inc. DNOW pf Dec E/V $15.01 $12.00 107.1 ($0.60) ($1.12) ($0.90) NM NM $1,609.1 $15.47 Orion Marine Group ORN Dec O/V $3.49 $6.50 27.3 $0.25 ($0.32) $0.34 NM 10.3 $95.2 $8.28 Pool Corp. POOL pf Dec E $80.32 $84.00 43.8 $2.90 $3.28 $3.70 24.5 21.7 $3,421.7 $6.13 Quanta Services, Inc. PWR pf Dec O/V $18.52 $24.00 152.9 $1.11 $1.77 NE 10.5 NM $2,831.4 $20.39 Team, Inc. TISI pf May O/V $24.28 $40.00 21.8 $2.00 $1.78 $2.28 13.6 10.6 $530.2 $16.09 W.W. Grainger, Inc. GWW pf Dec E $215.97 $210.00 62.6 $11.94 $11.54 $12.98 18.7 16.6 $13,396.4 $37.93 Watsco, Inc. WSO Dec O $126.62 $136.00 32.5 $4.90 $5.54 $6.24 22.9 20.3 $3,830.1 $27.08 WESCO International, Inc. WCC pf Dec E/V $43.46 $43.00 47.2 $4.18 $3.55 NE 12.2 NM $1,833.9 $41.81

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 49

TRANSPORTATION/AIRFREIGHT AND LOGISTICS/MARITIME JACK ATKINS, 501-377-2298

Jack is a research analyst covering the airfreight and logistics/maritime sectors. He joined Stephens in August 2007 as a research associate in the Industrials group, with a primary focus on industrial distribution and service companies. He was promoted to analyst on the transportation research team in August 2011. Jack holds a B.A. in history from Auburn University and an M.A. with a concentration in history from Virginia Tech.

Sector Overview: Logistics is the function by which the owner of goods outsources various elements of the supply chain to a third party. The global supply chain services and solutions industry consists of air and ocean freight forwarding, contract logistics, domestic ground transportation, customs clearances, distribution, inbound logistics, warehousing and supply chain management. Among the factors impacting the industry are the outsourcing of supply chain activities, increased global trade and sourcing, increased demand for time-definite delivery of goods, and the need for advanced information technology systems.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS INDUSTRIALS Transportation/Airfreight and Logistics/Maritime, Jack Atkins, 501-377-2298, [email protected] Air Transport Services Group ATSG Dec E $11.53 $10.00 64.4 $0.55 $0.56 $0.66 20.6 17.5 $736.6 $5.76 Atlas Air Worldwide Holdings AAWW op Dec E/V $36.58 $40.00 24.6 $5.01 $5.25 $5.20 7.0 7.0 $901.2 $60.39 C.H. Robinson Worldwide, Inc. CHRW op Dec O $70.23 $76.00 143.6 $3.51 $3.75 $4.05 18.7 17.3 $10,058.6 $7.85 Echo Global Logistics ECHO op Dec O $24.89 $31.00 30.9 $1.19 $1.35 $1.55 18.4 16.1 $770.2 $13.10 Expeditors International EXPD Dec O $45.47 $60.00 186.4 $2.40 $2.45 $2.65 18.6 17.2 $8,476.2 $9.88 FedEx Corp. FDX adj May O $133.49 $195.00 276.6 $8.95 $10.55 $12.20 12.7 10.9 $36,791.9 $54.20 Forward Air FWRD Dec O $40.63 $50.00 31.0 $2.26 $2.40 $2.75 16.9 14.8 $1,241.0 $16.43 Kirby Corp. KEX op Dec O $55.99 $58.00 54.0 $4.11 $3.25 $3.20 17.2 17.5 $3,012.6 $41.26 Landstar System, Inc. LSTR Dec E $58.38 $58.00 43.2 $3.38 $3.32 $3.65 17.6 16.0 $2,476.5 $11.09 Matson Inc. MATX op Dec O $38.39 $58.00 43.6 $2.90 $2.40 $2.85 16.0 13.5 $1,672.0 $9.90 United Parcel Service UPS adj Dec E $96.87 $110.00 696.1 $5.43 $5.85 $6.25 16.6 15.5 $67,435.4 $2.17 World Fuel Services INT op Dec E $46.17 $44.00 70.8 $2.75 $2.95 $3.30 15.7 14.0 $3,268.8 $26.34 XPO Logistics Inc. XPO op Dec E/V $27.55 $27.00 108.4 ($0.83) ($0.68) $0.94 NM 29.3 $2,985.8 $25.53

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 50

TRANSPORTATION/RAILROAD AND TRANSPORTATION SUPPLIERS JUSTIN LONG, 501-377-2036

Justin currently serves as a research analyst covering the railroads & transportation suppliers and has been with Stephens since 2008. Previously, he spent two and a half years as a research associate in the transportation industry focused on the railroad, transportation supplier and trucking verticals. Prior to that time, he was a participant in Stephens’ Corporate Finance Analyst Program from 2008 – 2010. Justin graduated Phi Beta Kappa from Rhodes College with a B.A. in economics and business administration.

Sector Overview: Railroads are an important part of the U.S. economy. Since 1980, railroads have captured an increasing share of U.S. freight shipments. Railroads accounted for approximately 27% of the ton-miles of U.S. freight moved in 1980, and 38% by 2005. Rail growth has average 2.5%/year vs. total freight growth of 1.2%/year. In terms of tons, coal represents the largest proportion of railroad shipments. In 2007, coal represented approximately 44% of total tons. Other large commodity groups include chemicals, farm products, non-metallic minerals and miscellaneous mixed shipments. In terms of revenue, coal is still the largest, but the miscellaneous mixed shipments category, which consists primarily of intermodal, is becoming an increasingly large part of total railroad revenue. Other significant revenue drivers are chemicals, farm products, food, and automotive equipment. Some commodities are particularly dependent on rail transportation. According to the Association of American Railroads (AAR), 70% of domestically produced automobiles, 70% of coal and 35% U.S. grain move by rail. Currently there are 7 Class I railroads and over 550 short-line and intermediate railroads.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS INDUSTRIALS Transportation/Railroad and Transportation Suppliers, Justin Long, 501-377-2036, [email protected] American Railcar Industries ARII op Dec E $37.25 $35.00 19.9 $6.46 $5.30 $3.65 7.0 10.2 $733.2 $27.03 CSX Corp. CSX op Dec O $24.49 $29.00 975.0 $2.00 $1.75 $1.90 14.0 12.9 $23,587.5 $11.97 Dana Holding Corp. DAN adj Dec E $11.87 $13.00 149.4 $1.73 $1.65 $1.75 7.2 6.8 $1,773.0 $4.85 Fortress Transportation and InfrastruFTAI op Dec O $8.94 $20.00 75.7 $0.39 $0.20 $0.55 44.7 16.3 $676.9 $15.79 FreightCar America RAIL op Dec E $16.20 $18.00 12.3 $2.34 $1.55 $1.00 10.5 16.2 $199.7 $17.98 GATX Corp. GMT op Dec E $41.59 $42.00 42.4 $5.38 $5.35 $4.70 7.8 8.8 $1,763.4 $29.95 Genesee & Wyoming Inc. GWR op Dec O $55.77 $68.00 56.9 $3.70 $3.60 $3.75 15.5 14.9 $3,173.0 $44.89 Greenbrier Companies GBX Aug E $23.44 $29.00 28.6 $6.10 $6.00 $3.50 3.9 6.7 $670.3 $26.99 Hub Group HUBG Dec E $36.33 $36.00 35.7 $2.01 $2.20 $2.40 16.5 15.1 $1,294.6 $17.15 Kansas City Southern KSU op Dec O $81.17 $84.00 109.1 $4.50 $4.15 $4.65 19.6 17.5 $8,806.9 $35.45 NN, Inc. NNBR op Dec E $11.67 $17.00 26.8 $1.28 $1.27 $1.60 9.2 7.3 $313.2 $12.81 Norfolk Southern Corp. NSC op Dec O $73.94 $87.00 297.8 $5.11 $5.30 $5.80 14.0 12.7 $22,048.8 $40.93 Ryder System R op Dec O $56.39 $70.00 53.4 $6.13 $6.10 $6.40 9.2 8.8 $3,016.5 $37.19 Stoneridge Inc. SRI op Dec E $11.88 $16.00 27.9 $0.52 $0.86 $1.05 13.8 11.3 $331.6 $3.07 Trinity Industries TRN Dec E $15.64 $19.00 152.9 $5.08 $2.20 $1.50 7.1 10.4 $2,390.7 $26.49 Union Pacific Corp. UNP op Dec O $80.09 $91.00 854.1 $5.41 $5.35 $5.70 15.0 14.1 $67,789.3 $24.24 Wabtec Corp. WAB op Dec O $67.39 $83.00 96.5 $4.10 $4.30 $4.50 15.7 15.0 $6,195.2 $20.57 WABCO Holdings Inc. WBC op Dec O $95.00 $107.00 56.8 $5.63 $5.40 $6.30 17.6 15.1 $5,396.5 $13.86

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 51

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

Brad is a research analyst covering the truckload and less-than-truckload sectors. Brad joined the transportation research team in August 2009 after serving four years in the Corporate Finance department at Stephens. At that time he served as an associate covering the truckload and less-than-truckload sector before being promoted to research analyst in November 2010 covering the rail and transport supplier universe. He transitioned back to covering the truckload and less-than-truckload in January 2013. Brad holds a B.S. in business, magna cum laude, from Wake Forest University.

Sector Overview: Truckload industry (TL) by Department of Transportation (DOT) definition is characterized by shipments of 10,000 pounds or more and is approximately $65 billion in size. Concentration within the industry is very fragmented with approximately 50,000 carriers, and labor tends to be predominately non-union. TL carriers transport trailer-load shipments bound for a single destination, and routes tend to be irregular with few terminals (used mainly for maintenance). There are several sub-categories including dry-van, flatbed, temperature-controlled, tanker, regional and expedited. Operations vary depending on length of haul, which falls into three service categories: long-haul (over 1,000 miles), medium-haul (600-1,000 miles) and short-haul (less than 600 miles). Rates (a proxy for pricing) have not kept pace with inflation (CPI) over the last 15 years. Profitability is defined in terms of operating ratios (one minus operating margin) and tends to vary from 82% to 99%. Growth is usually a function of shipper-driven consolidation and conversion of private fleets.

Sector Overview: Less-Than-Truckload (LTL) industry provides transportation of partial-load shipments that go to one or more destinations or full trailer-load shipments going to multiple destinations. The LTL is a $39 billion industry and is comprised of two distinct segments, national LTL and regional LTL. The national LTL participants operate a "hub-and-spoke" network with an average length of haul of 1,200 to 1,400 miles. Growth is dependent on accelerated economic activity and competitor failures. The estimated size of the national LTL segment is $12 billion. The regional LTL segment is characterized by numerous carriers, typically non-union, that operate a modified hub-and-spoke network, with an average length of haul of 200 to 600 miles for most freight. Growth in this segment is dependent on consolidation within the marketplace, the shift toward more regionalized freight patterns by shippers, and general economic growth. The regional LTL segment is highly fragmented, with the top 20 participants accounting for roughly 50% of the estimated $27 billion market.

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 52

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

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS INDUSTRIALS Transportation/Truckload and Less-Than-Truckload, Brad Delco, 501-377-8057, [email protected] ArcBest Corp. ARCB op Dec E $19.70 $20.00 25.9 $1.79 $1.40 $1.75 14.1 11.3 $511.5 $22.77 Celadon Group, Inc. CGI op Jun O $9.12 $14.00 27.9 $1.51 $1.25 $1.40 7.3 6.5 $254.2 $13.21 Covenant Transportation Group CVTI op Dec O $22.06 $26.00 15.7 $1.89 $1.75 $2.00 12.6 11.0 $346.5 $10.75 Heartland Express, Inc. HTLD Dec O $18.95 $21.00 86.1 $0.84 $0.75 $0.90 25.3 21.1 $1,594.0 $5.59 J.B. Hunt Transport Services, Inc. JBHT op Dec O $75.80 $82.00 114.6 $3.74 $3.85 $4.30 19.7 17.6 $8,548.3 $11.41 Knight Transportation, Inc. KNX op Dec O $25.06 $30.00 80.9 $1.47 $1.35 $1.55 18.6 16.2 $2,027.9 $8.81 Marten Transport, Ltd. MRTN op Dec O $16.57 $21.00 33.6 $1.00 $0.95 $1.00 17.4 16.6 $542.8 12..5 Old Dominion Freight Line ODFL op Dec O $63.42 $72.00 84.6 $3.57 $3.55 $3.90 17.9 16.3 $5,364.3 $19.39 Rush Enterprises, Inc. RUSHA Dec O $16.68 $22.00 30.3 $1.61 $1.20 $1.60 13.9 10.4 $505.5 $20.92 Saia, Inc. SAIA op Dec E $25.82 $26.00 25.1 $2.15 $1.60 $1.65 16.1 15.6 $649.0 $17.02 Swift Transportation Co. SWFT op Dec O $17.69 $22.00 85.6 $1.57 $1.45 $1.65 12.2 10.7 $1,514.6 $4.32 USA Truck, Inc. USAK op Dec E $16.72 $16.00 10.1 $1.27 $0.90 $1.00 18.6 16.7 $163.2 $9.94 Wabash National Corp. WNC op Dec E $11.55 $13.00 66.5 $1.49 $1.50 $1.25 7.7 9.2 $768.0 $6.61 Werner Enterprises, Inc. WERN Dec E $26.69 $27.00 72.0 $1.73 $1.60 $1.75 16.7 15.3 $1,921.7 $13.00

YRC Worldwide Inc. YRCW op Dec U/V $7.91 NE 47.8 ($7.38) ($3.25) ($2.64) NM NM $258.0 ($3.96)

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 53

BUSINESS SERVICES BRETT HUFF, CFA, 501-377-8068

Brett is a managing director leading the business services team. He joined Stephens Inc. in April 2005 as research associate covering title, insurance broker and financial services technology companies. Prior to joining Stephens, he was an associate analyst at Southwest Securities focused on the specialty retail industry. He also previously worked at OpenAir, Inc., a private software company in Boston which was subsequently purchased by NetSuite, Inc., where he held Director of Product Management and Director of Marketing positions. Prior to that, he worked at Deloitte Consulting as a management consultant. Brett obtained his A.B. in social studies from Harvard University and received an M.B.A., focusing on finance and strategy, from the Kellogg School of Management at Northwestern University.

Sector Overview: Our business services practice has two parts: data/IT companies and payment processing/bank technology. For the data/IT market, the first major use case is helping marketers target advertising more effectively. We think the companies that will win in this market are those that have superior data assets and strong advertiser relationships/customers. The second major use case is helping banks and corporates make better underwriting decisions. We think the winning companies here will be those with superior data assets, with an international opportunity, and with the proven ability to innovate and cross sell. For payment processing/bank technology, we see two primary markets: selling services to banks and selling services to merchants. For the bank focused companies, we think the winning companies will have established the role of trusted IT advisor to the bank, will leverage that status to cross sell additional products/take share of wallet from point solutions to help offset price compression, and will have developed or bought higher-growth/higher- margin payment assets to drive incremental margin. For the merchant focused market, we think the winning companies will have a method to differentiate their services from standard merchant acquiring offerings.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS TECHNOLOGY Business Services, Brett Huff, CFA, 501-377-8068, [email protected] ACI Worldwide, Inc. ACIW pf/cs Dec E $18.33 $25.00 118.3 $1.03 $1.05 $1.09 17.5 16.8 $2,167.7 $5.06 Acxiom Corp. ACXM cs Mar O/V $20.12 $27.00 77.9 $0.49 $0.53 $0.65 38.0 31.0 $1,563.8 $9.05 Alliance Data Systems ADS adj/cs Dec O/V $210.76 $275.00 61.1 $15.06 $16.80 $19.30 12.5 10.9 $12,885.4 $32.90 Bottomline Technologies EPAY pf/cs Jun O/V $27.74 $35.00 40.8 $1.31 $1.48 $1.68 18.7 16.5 $1,131.5 $8.49 CoStar Group, Inc. CSGP pf Dec O $172.88 $230.00 32.5 $3.30 $1.77 $3.61 97.7 47.9 $5,616.7 $46.48 Equifax Inc. EFX cs Dec O $104.44 $111.00 118.5 $4.49 $5.05 $5.71 20.7 18.3 $12,397.0 $19.47 Y adj Mar O/V $16.02 $20.00 960.3 $0.95 $0.86 $0.92 18.6 17.4 $15,377.8 NA Experian plc EXPG FICO FICO cs Sep E $95.59 $78.00 31.4 $4.15 $4.85 $5.25 19.7 18.2 $2,999.4 $13.97 Fidelity National Information Svcs. FIS op/cs Dec O $59.18 $74.00 282.2 $3.21 $3.70 $4.39 16.0 13.5 $19,174.0 $33.04 Fiserv, Inc. FISV adj Dec E $98.29 $91.00 228.5 $3.87 $4.40 $5.00 22.3 19.7 $21,912.5 $12.50 Global Payments Inc. GPN op/cs May E $61.89 $65.00 129.9 $2.52 $2.87 $3.18 21.6 19.5 $8,005.3 $6.06 Heartland Payment Systems HPY pf Dec E $94.25 $73.00 36.8 $1.34 $2.89 $3.37 32.6 28.0 $3,425.5 $8.63 Jack Henry & Associates, Inc. JKHY Jun E $83.91 $78.00 79.9 $2.59 $2.84 $3.06 29.5 27.4 $6,617.3 $11.42 Marchex, Inc. MCHX csh Dec E/V $4.30 $5.00 37.1 $0.25 $0.20 $0.13 21.5 33.1 $158.4 $4.39 Rocket Fuel Inc. FUEL pf Dec E/V $3.13 $3.50 43.0 ($0.97) ($1.41) ($1.26) -2.2 -2.5 $134.7 $3.25 Rubicon Project, Inc. RUBI pf Dec O/V $16.08 $27.00 44.4 $1.11 $0.77 $1.03 20.9 15.6 $713.6 $4.96 Total System Services TSS adj/cs Dec E $43.70 $53.00 184.0 $2.46 $2.56 $2.66 17.1 16.4 $8,040.3 $10.20 TubeMogul, Inc. TUBE Dec O/V $11.82 $20.00 34.6 ($0.29) ($0.55) ($0.52) NM NM $414.3 $3.51

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 54

INFRASTRUCTURE SOFTWARE AND SECURITY JONATHAN RUYKHAVER, CFA, 615-279-4331

Jonathan B. Ruykhaver, CFA, is a managing director covering infrastructure software and security. Prior to joining Stephens in March 2012, Jonathan covered the infrastructure software sector at Morgan Keegan, ThinkEquity LLC and Raymond James. He holds the Chartered Financial Analyst designation and has over 12 years of experience as a sell-side analyst in the technology sector. Jonathan is a graduate of Tufts University and he participated in a masters of applied economics program at the University of Michigan

Sector Overview: Infrastructure Software and Security represents technologies which secure, connect and optimize the performance of core IT systems, applications and business processes.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS TECHNOLOGY Infrastructure Software and Security, Jonathan Ruykhaver, CFA, 615-279-4331, [email protected] Aerohive Networks, Inc. HIVE pf Dec E/V $4.97 $6.00 48.1 ($0.57) ($0.28) ($0.01) NM NM $243.6 $0.71 Barracuda Networks, Inc. CUDA pf Feb E/V $12.47 $15.00 53.2 $0.28 $0.35 $0.38 35.6 32.8 $662.2 ($0.50) Check Point Software Tech. CHKP pf Dec O $82.80 $88.00 180.0 $4.17 $4.54 $5.01 18.2 16.5 $14,974.8 $19.62 Citrix Systems CTXS pf Dec E/V $69.58 $72.00 156.3 $4.34 $4.70 $5.34 14.8 13.0 $10,713.9 $12.20 FireEye, Inc. FEYE pf Dec E/V $15.41 $15.00 160.6 ($1.61) ($1.30) ($0.53) NM NM $2,474.3 $6.69 Fortinet, Inc. FTNT pf Dec O/V $27.30 $43.00 172.3 $0.51 $0.68 $0.82 40.1 33.3 $4,702.8 $4.61 Imperva, Inc. IMPV pf Dec O/V $41.78 $62.00 31.4 $0.11 $0.21 $0.60 NM 69.6 $1,313.1 $7.24 Infoblox Inc. BLOX pf Jul O/V $16.25 $20.00 59.9 $0.38 $0.42 $0.52 38.7 31.3 $972.5 $4.84 LogMeIn, Inc. LOGM pf Dec O/V $50.48 $50.00 26.0 $1.66 $1.74 $2.10 29.0 24.0 $1,265.1 $8.01 NetScout Systems, Inc. NTCT pf Mar E/V $20.29 $25.00 99.1 $2.03 $1.90 $2.00 10.7 10.1 $2,000.0 $25.96 Palo Alto Networks, Inc. PANW pf Jul O/V $127.94 $163.00 85.9 $0.86 $1.73 $2.64 74.0 48.5 $10,991.2 $7.29 Proofpoint, Inc. PFPT pf Dec O/V $44.74 $68.00 43.8 ($0.35) ($0.23) $0.11 NM NM $1,827.2 $1.49 Qualys, Inc. QLYS pf Dec E/V $23.94 $24.00 34.2 $0.70 $0.76 $0.89 31.5 26.9 $818.6 $5.32 Red Hat, Inc. RHT pf Feb O/V $65.36 $90.00 182.8 $1.60 $1.86 $2.17 35.1 30.1 $11,936.4 $7.48 Splunk, Inc. SPLK pf Jan O/V $36.58 $50.00 129.7 $0.09 $0.15 $0.21 NM NM $4,744.6 $6.49 Symantec Corp. SYMC pf Mar E $19.29 $21.00 652.2 $1.88 $1.35 $1.13 14.3 17.1 $12,581.4 $8.67 Varonis Systems, Inc. VRNS pf Dec O/V $18.12 $20.00 25.8 ($0.54) ($0.44) ($0.32) NM NM $472.5 $3.06

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 55

MEDIA KYLE EVANS, 501-377-6376

Kyle is a managing director leading the Media practice in equity research at Stephens, where he has worked for over 15 years. He joined the research department in 1999 as an associate in the Internet Media and Ad Technology groups, and eventually became lead analyst over the Internet and Business Services groups. In 2009, Kyle took an operational position as VP of Digital at Stephens Media, a holding company with 13 dailies and over 60 weeklies, magazines and specialty publications. Prior to joining Stephens, Kyle worked at the Medical College of Virginia in the Neuropsychology department. He graduated with a B.A. in Psychology from Denison University and an M.A. in Psychology from the University of Richmond.

Sector Overview: Our practice encompasses all media channels, including digital, print, TV, radio, and outdoor. We have a strong interest in hybrid and transitioning business models, and recommendations are informed by our analysis of industry trends, including consumer use patterns, shifting ad spend, consolidation, defensibility of markets, and disruptive new products and services.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS TECHNOLOGY Media, Kyle Evans, 501-377-6376, [email protected] E.W. Scripps Co. SSP Dec E $18.56 $22.00 71.9 $0.18 ($0.48) $1.12 NM 16.6 $1,335.2 $10.64 Entercom Communications ETM adj Dec E $11.60 $12.00 32.5 $0.87 $0.97 $1.00 12.0 11.6 $377.2 $8.75 Gray Television, Inc. GTN Dec O/V $10.82 $22.00 66.1 $0.82 $0.54 $1.42 20.0 7.6 $715.3 $5.77 Media General MEG Dec E $15.97 $16.00 127.9 $0.59 ($0.29) $0.95 NM 16.8 $2,050.0 $11.08 Meredith Corp. MDP adj Jun E $43.32 $44.00 37.7 $3.30 $3.19 $3.71 13.6 11.7 $1,634.2 $21.21 Nexstar Broadcasting Group NXST Dec O/V $40.87 $60.00 30.6 $2.02 $2.34 $4.39 17.5 9.3 $1,252.8 $1.84 Sinclair Broadcasting Group SBGI Dec E $29.46 $35.00 68.8 $1.79 $3.25 $2.47 9.1 11.9 $2,026.6 $5.04 TEGNA Inc. TGNA adj Dec O/V $24.15 $30.00 221.7 $1.44 $2.49 $1.97 9.7 12.3 $5,353.9 $9.62 Townsquare Media TSQ Dec O $10.10 $13.00 9.9 NA $0.44 $1.19 23.0 8.5 $100.4 $20.20 Tribune Media Co. TRCO Dec E $30.96 $42.00 94.1 $4.62 $1.22 $1.70 25.4 18.2 $2,914.7 $45.67 TechTarget, Inc. TTGT adj Dec O/V $6.80 $10.00 32.3 $0.34 $0.40 $0.53 17.0 12.8 $219.7 $4.99 TrueCar, Inc. TRUE adj Dec E/V $4.82 $7.00 82.7 ($0.13) ($0.21) ($0.18) NM NM $398.5 $2.94

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 56

POWER & INDUSTRIAL TECHNOLOGY BEN HEARNSBERGER, 512-542-3272

Ben is a research analyst leading the power & industrial technology practice. Ben joined the IT services and Internet research practice at Stephens as an associate in March 2011 and moved to the trucking Rrsearch practice as an associate in January 2013. He holds a degree in finance from Wake Forest University and a Juris Doctor from the University of Arkansas School of Law.

Sector Overview: Our power & industrial technology group is focused on companies with enabling technologies that improve and enhance manufacturing across industry verticals or companies with technology products and services that are critical in the development and testing of next generation devices. These companies tend to be leaders in their respective fields and play into global themes such as nanoscale products, next generation manufacturing, 3D CAD, shrinking device architectures, remote sensors and resource optimization.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS TECHNOLOGY Power & Industrial Technology, Ben Hearnsberger, 512-542-3272, [email protected] 3D Systems Corp. DDD pf Dec O/V $10.18 $12.00 112.1 $0.70 $0.05 $0.10 NM NM $1,141.0 $11.15 EnerSys Inc. ENS pf Mar E $50.08 $53.00 43.4 $4.32 $3.89 $4.10 12.9 12.2 $2,175.2 $23.36 ESCO Technologies ESE pf Sep O $35.16 $44.00 25.8 $1.73 $1.97 $2.25 17.8 15.6 $908.0 $22.63 ExOne Company, The XONE Dec E/V $8.92 $10.00 14.5 ($1.52) ($1.81) ($0.92) NM NM $142.3 $6.33 FARO Technologies, Inc. FARO Dec O/V $26.95 $32.00 17.4 $0.74 $0.80 $1.25 33.7 21.6 $468.8 $19.89 FLIR Systems, Inc. FLIR pf Dec E/V $31.24 $29.00 140.3 $1.56 $1.65 $1.77 18.9 17.6 $4,315.3 $11.76 Itron, Inc. ITRI pf Dec Susp $40.05 NE 39.3 $1.90 NE NE NM NM $1,517.8 $22.07 Materialise NV MTLS € Dec E/V $5.67 $9.00 47.1 $0.06 ($0.10) ($0.01) NM NM $267.3 $1.81 MTS Systems Corp. MTSC Sep E/V $55.19 $55.00 14.8 $3.00 $3.17 $3.35 17.4 16.5 $814.7 $17.16 National Instruments Corp. NATI pf Dec O/V $28.80 $34.00 127.3 $1.00 $1.26 $1.40 22.9 20.6 $3,680.0 $8.35 PowerSecure International POWR pf Dec E/V $9.87 $18.75 22.5 ($0.31) $0.24 $0.55 41.1 17.9 $221.9 $7.19 Proto Labs, Inc. PRLB pf Dec O/V $63.29 $72.00 26.2 $1.97 $2.25 $2.85 28.1 22.2 $1,655.9 $12.52 Raven Industries RAVN pf Jan E/V $15.35 $16.00 37.3 $0.86 $0.48 $0.62 32.0 24.8 $560.4 $7.83 Stratasys Ltd. SSYS pf Dec E/V $18.28 $25.00 52.3 $2.30 $0.11 $0.45 NM 40.6 $951.1 $26.40 Voxeljet AG VJET €/adj Dec O/V $4.25 $6.00 18.6 ($1.22) ($2.88) ($1.05) NM NM $79.1 $3.44

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 57

SEMICONDUCTORS HARSH KUMAR, 901-821-7434

Harsh is a managing director and leads the firm’s research efforts in the semiconductor sector. Prior to joining Stephens in April 2012, Harsh covered the semiconductor sector at Morgan Keegan for 12 years with a focus on small and mid-cap companies. Prior to Morgan Keegan, Harsh worked at Roth Capital Partners for 2 years concentrating on semiconductor and technology research. Harsh has been ranked Best on the Street by the Wall Street Journal. Harsh received a BS in engineering (production engineering) from University of Poona, India and an MBA in finance from University of Texas at Arlington.

Sector Overview: Stephens. Inc. Semiconductor group is focused on researching companies in the semiconductor sector. These companies produce semiconductors, or “chips,” that enable all of the hardware functionality in technology which forms the basis of all key modern technological concepts such as computing, connectivity, storage, the cloud and others. Our expertise and coverage is focused on small and mid-capitalized companies with an emphasis on analog semiconductors and communications chips.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS TECHNOLOGY Semiconductors, Harsh Kumar, 901-821-7434, [email protected] Analog Devices ADI Oct E/V $51.81 $55.00 310.0 $3.17 $2.66 $3.06 19.5 16.9 $16,062.1 $16.11 Bel Fuse BELFB pf Dec O/V $14.47 $30.00 9.7 $1.60 $1.53 NE 9.5 NM $140.6 $19.53 Cree, Inc. CREE pf Jun O/V $30.60 $40.00 103.1 $0.63 $1.07 $1.46 28.6 21.0 $3,088.5 $23.18 Integrated Device Technology IDTI pf Mar O/V $19.11 $32.00 146.7 $0.92 $1.34 $1.52 14.3 12.6 $2,587.0 $5.56 Knowles Corp. KN pf Dec O/V $11.24 $17.00 88.5 $0.65 $0.85 $1.01 13.2 11.1 $994.1 $11.38 M/A-COM Technology Solutions MTSI adj Sep O/V $37.97 $50.00 53.1 $1.29 $1.98 $2.57 19.2 14.8 $2,016.1 $8.02 Microchip Technology MCHP pf Mar E/V $43.68 $55.00 203.1 $2.66 $2.64 $2.89 16.5 15.1 $8,888.9 $10.49 Microsemi Corp. MSCC pf Sep O/V $33.24 $45.00 111.5 $2.73 $3.16 $4.10 10.5 8.1 $3,692.9 $12.69 Qorvo, Inc. QRVO pf Mar O/V $42.17 $70.00 141.3 $3.91 $4.28 $5.07 9.9 8.3 $5,781.7 $41.41 Semtech Corp. SMTC pf Jan O/V $18.14 $32.00 65.3 $1.54 $0.86 $1.32 21.1 13.7 $1,177.3 $7.85 Silicon Laboratories Inc. SLAB pf Dec E/V $40.42 $48.00 41.6 $2.22 $2.24 $2.63 18.0 15.4 $1,679.6 $17.84 Skyworks Solutions SWKS pf Sep O/V $63.71 $90.00 191.2 $5.27 $5.65 $6.25 11.3 10.2 $12,211.2 $16.60

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 58

SOFTWARE AS A SERVICE ALEX ZUKIN, 415-548-6907

Alex is a research analyst covering the enterprise software as a service segment in the San Francisco office. He previously was a research associate covering infrastructure software. Prior to joining Stephens in 2012, Alex was a Vice President and research associate covering the infrastructure software sector for Morgan Keegan and ThinkEquity. Alex holds both a B.S. in business administration and a B.A in economics from the University of California, Berkeley.

Sector Overview: Enterprise Software as a Service represents companies that deliver enterprise applications that have greater agility, flexibility and lower total cost of ownership while delivering greater organizational value than legacy premise based systems.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS TECHNOLOGY Software as a Service, Alex Zukin, 415-548-6907, [email protected] Adobe Systems ADBE pf Nov O/V $83.42 $115.00 498.8 $2.08 $2.73 $3.54 30.6 23.6 $41,570.7 $13.72 CallidusCloud CALD pf Dec O/V $13.49 $18.00 56.1 $0.20 $0.29 $0.45 46.5 30.0 $757.1 $2.26 Cornerstone OnDemand, Inc. CSOD pf Dec O/V $27.80 $33.00 54.5 ($0.39) $0.02 $0.66 NM 42.1 $1,513.9 $0.19 Demandware, Inc. DWRE pf Dec O/V $32.56 $40.00 37.7 $0.29 $0.23 $0.83 141.6 39.2 $1,227.1 $7.66 Guidewire Software, Inc. GWRE pf Jul O/V $47.80 $55.00 71.5 $0.65 $0.65 $0.89 73.5 53.7 $3,417.3 $9.84 HubSpot, Inc. HUBS pf Dec O/V $36.53 $50.00 34.1 ($0.74) ($0.70) ($0.37) NM NM $1,245.6 $3.64 Marketo, Inc. MKTO pf Dec O/V $15.53 $25.00 43.3 ($0.61) ($0.49) $0.01 NM NM $672.5 $2.31 NetSuite Inc. N pf Dec E/V $55.26 $70.00 79.5 $0.22 $0.44 $0.62 NM 89.1 $4,419.9 $3.91 Salesforce.com CRM pf Jan O/V $62.52 $95.00 664.0 $0.75 $1.01 $1.34 61.9 46.7 $41,513.3 $7.15 ServiceNow, Inc. NOW pf Dec O/V $52.55 $80.00 159.0 $0.41 $0.56 $0.98 93.8 53.6 $8,355.5 $3.27 SciQuest, Inc. SQI pf Dec E/V $11.59 $13.00 27.8 $0.29 $0.33 $0.41 35.1 28.3 $322.8 $6.69 Tyler Technologies TYL pf Dec O $121.67 $170.00 36.1 $2.54 $3.39 $3.79 35.9 32.1 $4,449.7 $23.81 Ultimate Software ULTI pf Dec O/V $164.97 $223.00 28.7 $2.65 $3.18 $4.14 51.9 39.8 $4,727.4 $11.66 Workday, Inc. WDAY pf Jan O/V $57.56 $60.00 112.0 ($0.34) ($0.05) ($0.03) NM NM $6,446.7 $5.86 Zendesk, Inc. ZEN pf Dec O/V $18.18 $25.00 88.7 ($0.30) ($0.31) ($0.18) NM NM $1,612.5 $3.31

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 59

TELECOMMUNICATIONS SERVICES BARRY MCCARVER, 501-377-8131

Barry is a managing director leading the telecommunications services sector. Barry joined Stephens in June 1998 as an associate analyst covering specialty manufacturing, moving in September 1999 to financial services technology and insurance brokerage. He was promoted to research analyst in January 2003, and in August he took over the firm's bank and thrifts practice. In July of 2008 Barry was tapped to establish the firm’s telecomm services practice. Previously, Barry worked as a buy-side analyst for Longer Investments Inc. of Fayetteville, Arkansas. He graduated with a B.S.B.A. in finance from the University of Arkansas in 1998.

Sector Overview: While the Telecommunications Services industry has historically consisted of companies providing residential and enterprise voice solutions, the continued rollout of new broadband technologies has spurred significant convergence among service providers and now includes voice, video, and data. Our focus is network operators that are increasingly building out their delivery systems with fiber-to-the-node, and in some cases, to the premise, in order to keep in line with rising bandwidth demand and to power their bundled triple and quadruple-play product offerings (IPTV, wireless, wire line, and high-speed data). Industry participants include large and small wire line networks (ILECs), competitive local exchange carriers (CLECs), regional wireless, national wireless/RBOC, cable providers, broadband service providers, and mobile payment providers.

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS TECHNOLOGY Telecommunications Services, Barry McCarver, 501-377-8131, [email protected] Atlantic Tele-Network ATNI pf Dec E $78.68 $70.00 16.4 $3.07 $2.00 $2.57 39.3 30.6 $1,263.8 $42.34 Cincinnati Bell CBB pf Dec E $3.20 $3.75 209.9 $0.07 $0.03 ($0.02) NM NM $671.7 ($2.28) Cogent Communications Group CCOI pf Dec E $34.50 $39.00 45.2 ($0.10) $0.05 $0.48 NM 71.9 $1,558.9 $0.02 Communications Sales & Leasing CSAL adj Dec O $17.14 $32.00 150.6 NA $0.17 $0.20 NM 85.7 $2,580.4 ($7.29) Consolidated Communications Holdi CNSL adj Dec E $21.03 $23.00 50.5 $0.72 $0.78 $0.66 27.0 31.9 $1,062.2 $5.57 CoreSite Realty Corp. COR adj Dec O $65.11 $68.00 30.6 $1.03 $1.14 $1.26 57.1 51.7 $1,995.6 $9.52 CyrusOne, Inc. CONE Dec O $38.64 $48.00 66.3 ($0.30) $0.30 $0.65 NM 59.4 $2,559.7 $11.89 Equinix, Inc. EQIX pf Dec E $295.01 $337.00 62.0 $3.78 $3.98 $6.04 74.1 48.8 $17,668.2 $25.99 Frontier Communications FTR pf Dec O $5.30 $6.50 1,168.2 $0.13 ($0.12) $0.02 NM NM $6,191.5 $5.01 GTT Communications GTT pf Dec O $14.60 $28.00 35.6 ($0.61) $0.06 $0.57 NM 25.6 $520.3 $2.28 Hawaiian Telcom Holdco HCOM pf Dec E $22.53 $29.00 11.5 $1.00 $0.72 $0.64 31.3 35.2 $258.3 $28.22 Level 3 Communications LVLT pf Dec O $48.66 $63.00 356.3 $1.82 $1.76 $1.95 27.6 25.0 $17,336.0 $28.42 Mitel Networks Corp. MITL pf Dec O $7.10 $12.00 120.3 $0.92 $0.73 $0.70 9.7 10.1 $857.4 $4.97 QTS Realty Trust QTS Dec E $43.53 $52.00 41.0 $0.49 $0.71 $0.85 61.3 51.2 $1,794.6 $15.19 ShoreTel, Inc. SHOR pf Jun O $7.28 $12.00 65.6 $0.31 $0.25 $0.25 29.1 29.1 $485.5 $2.98 Windstream Corp. WIN pf Dec E $6.61 $7.00 101.0 ($2.23) ($2.70) ($2.81) NM NM $667.9 $1.73 Zayo Group Holdings ZAYO pf Jun O $23.73 $29.00 243.9 ($0.37) $0.04 $0.43 NM 55.2 $5,786.7 $5.10

Please see the detailed risk section for each REIT at the end of this report. Investors should also review the risk factors identified by the companies as disclosed in the documents filed by each company with the SEC which can be viewed by clicking on the following company names. Communications Sales & Leasing CoreSite Realty CyrusOne, Inc. Equinix, Inc. QTS Realty

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 60 COVERAGE LIST

DDD 3D Systems Corp. CUDA Barracuda Networks, Inc. COH Coach, Inc. EOG EOG Resources, Inc. AAN Aaron’s, Inc. BAS Basic Energy Services, Inc. CCOI Cogent Communications Group EPE EP Energy Corp. ABAX Abaxis, Inc. BECN Beacon Roofing Supply, Inc. CMA Comerica Inc. EFX Equifax Inc. ANF Abercrombie & Fitch Co. BELFB Bel Fuse Inc. CBSH Commerce Bancshares, Inc. EQIX Equinix, Inc. ABMD Abiomed, Inc. TECH Bio-Techne Corp. CSAL Communications Sales & Leasing EQBK Equity Bancshares, Inc. AXAS Abraxas Petroleum Corp. BIOS BioScrip, Inc. ESXB Community Bankers Trust ESE ESCO Technologies ACHC Acadia Healthcare Co. BJRI BJ’s Restaurants CTBI Community Trust Bancorp EXAS EXACT Sciences Corp. ACIW ACI Worldwide, Inc. BKFS Black Knight Financial Services CXO Concho Resources Inc. XCO EXCO Resources, Inc. ACXM Acxiom Corp. BUFF Blue Buffalo Pet Products CONN Conn's, Inc. XONE ExOne Company, The ADUS Addus HomeCare Corp. NILE Blue Nile CNSL Consolidated Comms. Holdings EXPD Expeditors International ADPT Adeptus Health Inc. BKEP Blueknight Energy Partners CPSS Consumer Portfolio Services EXPGY Experian plc ADBE Adobe Systems Inc. STCK BMC Stock Holdings, Inc. CBPX Continental Building Products FARO FARO Technologies, Inc. AAP Advance Auto Parts BNCN BNC Bancorp CLR Continental Resources, Inc. FDX FedEx Corp. HIVE Aerohive Networks, Inc. BOJA Bojangles’, Inc. COO Cooper Companies (The) FICO FICO ARO Aeropostale, Inc. BOKF BOK Financial Corp. CPRT Copart, Inc. FNF Fidelity National Financial AIRM Air Methods Corp. BSX Boston Scientific Corp. CORE Core-Mark Holding Co. FIS Fidelity National Info. Services ATSG Air Transport Services Group EPAY Bottomline Technologies CLGX CoreLogic LION Fidelity Southern Corp. ALGN Align Technology BKD Brookdale Senior Living COR CoreSite Realty Corp. FRGI Fiesta Restaurant Group ABTX Allegiance Bancshares, Inc. BWLD Buffalo Wild Wings, Inc. CSOD Cornerstone OnDemand, Inc. FITB Fifth Third Bancorp ADS Alliance Data Systems BBW Build-A-Bear Workshop CSGP CoStar Group, Inc. FEYE FireEye, Inc. AIMC Altra Industrial Motion Corp. BLDR Builders FirstSource, Inc. ICBK County Bancorp FAF First American Financial Corp. CRMT America’s Car-Mart, Inc. BG Bunge Ltd. CVTI Covenant Transportation Group BUSE First Busey Corp. AEO American Eagle Outfitters CJES C & J Energy Services, Inc. CREE Cree, Inc. FFBC First Financial Bancorp. AMNB American National Bankshares CHRW C.H. Robinson Worldwide CAPL CrossAmerica Partners LP FFIN First Financial Bankshares, Inc. ARII American Railcar Industries CAB Cabela’s Inc. CST CST Brands Inc. FHN First Horizon National Corp. ABCB Ameris Bancorp CALM Cal-Maine Foods, Inc. CSX CSX Corp. FRME First Merchants Corp. AMSG AMSURG Corp. CVGW Calavo Growers Inc. CFR Cullen/Frost Bankers, Inc. FMBI First Midwest Bancorp. ADI Analog Devices, Inc. CALD CallidusCloud CONE CyrusOne, Inc. FRC First Republic Bank ABCW Anchor BanCorp Wisconsin CPE Callon Petroleum Co. DAN Dana Holding Corp. FMER FirstMerit Corporation ANDE Andersons, Inc., The CBM Cambrex Corp. DRI Darden Restaurants FISV Fiserv, Inc. AR Antero Resources Corp. CCBG Capital City Bank Group DF Dean Foods Co. FLIR FLIR Systems, Inc. AIT Applied Industrial Tech. CSU Capital Senior Living DFRG Del Frisco’s Restaurant Group FTK Flotek Industries, Inc. ARCB ArcBest Corp. CPTA Capitala Finance Corp. DWRE Demandware, Inc. FLO Flowers Foods, Inc. ADM Archer Daniels Midland Co. KMX CarMax, Inc. DENN Denny's Corp. FNFV FNFV Group ABG Asbury Automotive Group CRZO Carrizo Oil & Gas, Inc. DVN Devon Energy Corp. FTNT Fortinet, Inc. ASNA Ascena Retail Group TAST Carrols Restaurant Group DXCM DexCom, Inc. FTAI Fortress Transportation ASB Associated Banc-Corp CRI Carter’s, Inc. FANG Diamondback Energy, Inc. FWRD Forward Air Corp. ATNI Atlantic Tele-Network, Inc. CASY Casey’s General Stores DKS Dick’s Sporting Goods, Inc. FOSL Fossil, Inc. AAWW Atlas Air Worldwide Holdings CGI Celadon Group, Inc. DNKN Dunkin’ Brands Group FSB Franklin Financial Network ATW Atwood Oceanics, Inc. CERS Cerus Corp. DXPE DXP Enterprises, Inc. FRED Fred’s Inc. AN AutoNation, Inc. CHKP Check Point Software Tech. SSP E.W. Scripps Co. RAIL FreightCar America, Inc. AZO AutoZone Inc. CAKE Cheesecake Factory, The EXP Eagle Materials Inc. TFM Fresh Market, The AVNU Avenue Financial Holdings CHK Chesapeake Energy Corp. ESTE Earthstone Energy, Inc. FRPT Freshpet, Inc. AVGR Avinger, Inc. PLCE Children’s Place, The ECHO Echo Global Logistics FTR Frontier Communications Corp. BGS B & G Foods, Inc. CMG Chipotle Mexican Grill ELLI Ellie Mae, Inc. FRM Furmanite Corp. BBT BB&T Corporation CHUY Chuy’s Holdings, Inc. ELGX Endologix, Inc. GIII G-III Apparel Group BHI Baker Hughes Inc. XEC Cimarex Energy EGN Energen Corp. GARS Garrison Capital Inc. BXS BancorpSouth, Inc. CBB Cincinnati Bell Inc. ENS EnerSys Inc. GMT GATX Corp. OZRK Bank of the Ozarks, Inc. CTXS Citrix Systems, Inc. ESV Ensco plc GWR Genesee & Wyoming Inc. BKMU Bank Mutual Corp. CHCO City Holding Co. ENSG Ensign Group, The GEN Genesis Healthcare, Inc. RATE Bankrate, Inc. MYCC ClubCorp Holdings, Inc. ETM Entercom Communications GPN Global Payments Inc.

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 61

COVERAGE LIST GNC GNC Holdings, Inc. KEX Kirby Corp. NATI National Instruments Corp. QEP QEP Resources, Inc. GTIM Good Times Restaurants KNX Knight Transportation NGVC Natural Grocers by Vitamin QRVO Qorvo, Inc. GTN Gray Television, Inc. KN Knowles Corp. NCS NCI Building Systems QTS QTS Realty Trust GLDD Great Lakes Dredge & Dock KKD Krispy Kreme Doughnuts, Inc. NEOG Neogen Corp. QLYS Qualys, Inc. GWB Great Western Bancorp KR Kroger Co. NEO Neogenomics Inc. PWR Quanta Services, Inc. GPRE Green Plains Inc. LKFN Lakeland Financial Corp. NTCT NetScout Systems, Inc. QNST QuinStreet, Inc. GPP Green Plains Partners LP LSTR Landstar System, Inc. N NetSuite Inc. QVCA QVC Group GBX Greenbrier Companies LPI Laredo Petroleum, Inc. NXST Nexstar Broadcasting Group RL Ralph Lauren Corp. GPI Group 1 Automotive, Inc. LDRH LDR Holding Corp. EGOV NIC Inc. RRC Range Resources Corp. GTT GTT Communications, Inc. LTXB LegacyTexas Financial Group, Inc. NNBR NN, Inc. RAVN Raven Industries GWRE Guidewire Software, Inc. TREE LendingTree, Inc. NE Noble Corp. RMAX RE/MAX Holdings Inc. GPOR Gulfport Energy Corp. LVLT Level 3 Communications, Inc. HLTH Nobilis Health Corp. RLGY Realogy Holdings Corp. HABT Habit Restaurants, Inc. LAD Lithia Motors, Inc. NSC Norfolk Southern Corp. RHT Red Hat, Inc. HK Halcon Resources LKQ LKQ Corp. DNOW NOW, Inc. RRGB Red Robin Gourmet Burgers HAL Halliburton Co. LOGM LogMeIn, Inc. NXTM NxStage Medical, Inc. RM Regional Management HBHC Hancock Holding Co. LL Lumber Liquidators Holdings ORLY O’Reilly Automotive, Inc. RF Regions Financial Corp. HGR Hanger Inc. MTSI M/A-COM Technology Solutions OAS Oasis Petroleum Inc. RNST Renasant Corp. HLIT Harmonic Inc. MSFG MainSource Financial Group ODFL Old Dominion Freight Line RCII Rent-A-Center HCOM Hawaiian Telcom Holdco MCHX Marchex, Inc. ONB Old National Bancorp. RGEN Repligen Corp. HTLD Heartland Express MKTO Marketo, Inc. OMF OneMain Holdings, Inc. QSR Restaurant Brands International HPY Heartland Payment Systems, Inc. MRTN Marten Transport, Ltd. OSUR OraSure Technologies, Inc. RICE Rice Energy Inc. HLX Helix Energy Solutions Group MLM Martin Marietta Materials ORN Orion Marine Group, Inc. FUEL Rocket Fuel Inc. HP Helmerich & Payne MMLP Martin Midstream Partners OXM Oxford Industries Inc. RDC Rowan Companies HIBB Hibbett Sports, Inc. DOOR Masonite International Corp. PACB Pacific Biosciences of California RES RPC, Inc. HTH Hilltop Holdings Inc. MTZ MasTec, Inc. PACW PacWest Bancorp RSPP RSP Permian, Inc. HOMB Home BancShares, Inc. MTDR Matador Resources Co. PANW Palo Alto Networks, Inc. RTIX RTI Surgical, Inc. HBNC Horizon Bancorp MTLS Materialise NV FRSH Papa Murphy’s Holdings RUBI Rubicon Project, Inc. HRL Hormel Foods Corp. MTRX Matrix Service Company PRK Park National Corp. RUSHA Rush Enterprises, Inc. HOS Hornbeck Offshore Services MATX Matson Inc. PSTB Park Sterling Corp. R Ryder System, Inc. HUBG Hub Group, Inc. MCD McDonald’s Corp. PKD Parker Drilling Co. SAIA Saia, Inc. HUBS HubSpot, Inc. MEG Media General PE Parsley Energy, Inc. CRM Salesforce.com HBAN Huntington Bancshares, Inc. MD MEDNAX, Inc. PRTY Party City Holdco Inc. SN Sanchez Energy Corp. IBKC IBERIABANK Corp. MRD Memorial Resource Dev. PTEN Patterson-UTI Energy SAFM Sanderson Farms, Inc. IMPV Imperva, Inc. MDP Meredith Corp. PDCE PDC Energy, Inc. SC Santander Consumer USA IBTX Independent Bank Group KORS Michael Kors Holdings PAG Penske Automotive Group, Inc. SLB Schlumberger Ltd. BLOX Infoblox Inc. MIK Michaels Companies, The PQ PetroQuest Energy, Inc. SQI SciQuest, Inc. INGR Ingredion Inc. MCHP Microchip Technology PPC Pilgrim's Pride Corp. SMTC Semtech Corp. IBP Installed Building Products MSCC Microsemi Corp. PNFP Pinnacle Financial Partners SFBS ServisFirst Bancshares, Inc. PODD Insulet Corp. MSL MidSouth Bancorp, Inc. PF Pinnacle Foods, Inc. NOW ServiceNow, Inc. IDTI Integrated Device Technology MG Mistras Group, Inc. PES Pioneer Energy Services SSE Seventy Seven Energy Inc. SNOW Intrawest Resorts Holdings MITL Mitel Networks Corp. PXD Pioneer Natural Resources Co. SHOR ShoreTel, Inc. ITRI Itron, Inc. MNRO Monro Muffler Brake, Inc. PAA Plains All American Pipeline SIG Signet Jewelers Limited JAX J. Alexander’s Holdings MRCC Monroe Capital Corp. PAGP Plains Group Holdings SLAB Silicon Laboratories, Inc. JBHT J.B. Hunt Transport Svcs., Inc. MOV Movado Group PLNT Planet Fitness, Inc. SFNC Simmons First National Corp. SJM J.M. Smucker Co., The MRC MRC Global Inc. PGEM Ply Gem Holdings, Inc. SBGI Sinclair Broadcasting Group JPEP JP Energy Partners MSM MSC Industrial Direct Co. PNC PNC Financial Services Group SIRO Sirona Dental Systems, Inc. JKHY Jack Henry & Associates MTSC MTS Systems Corp. PII Polaris Industries Inc. SWKS Skyworks Solutions, Inc. KAMN Kaman Corp. MUSA Murphy USA Inc. POOL Pool Corp. SFS Smart & Final Stores, Inc. KSU Kansas City Southern MFSF MutualFirst Financial Inc. POWR PowerSecure International SAH Sonic Automotive, Inc. KAR KAR Auction Services, Inc. MYGN Myriad Genetics, Inc. PVTB PrivateBancorp, Inc. SONC Sonic Corp. KATE Kate Spade & Co. NBR Nabors Industries PFPT Proofpoint, Inc. SSB South State Corp. KEG Key Energy Services, Inc. NBHC National Bank Holdings Corp. PB Prosperity Bancshares OKSB Southwest Bancorp, Inc. KEY KeyCorp. NCOM National Commerce Corp. PRLB Proto Labs, Inc. SWN Southwestern Energy Co.

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COVERAGE LIST SPLK Splunk, Inc. TTGT TechTarget, Inc. UMBF UMB Financial Corp. WSO Watsco, Inc. LEAF Springleaf Holdings, Inc. TGNA TEGNA Inc. UMPQ Umpqua Holdings WFT Weatherford International SFM Sprouts Farmers Market TFX Teleflex Inc. UBSH Union Bankshares Corp. WEN Wendy’s Co. STAA STAAR Surgical Co. TCBI Texas Capital Bancshares, Inc. UNP Union Pacific Corp. WERN Werner Enterprises SBUX Starbucks Corp. TXRH Texas Roadhouse, Inc. UCBI United Community Banks, Inc. WCC WESCO International, Inc. STBZ State Bank Financial Corp. TIF Tiffany & Co. UNFI United Natural Foods, Inc. WWAV WhiteWave Foods Co. SCM Stellus Capital Investment TITN Titan Machinery Inc. UPS United Parcel Service, Inc. WLL Whiting Petroleum STE STERIS plc BLD TopBuild Corp. USB U.S. Bancorp WFM Whole Foods Market, Inc. STC Stewart Information Services TSS Total System Services, Inc. USCR U.S. Concrete, Inc. WIN Windstream Corp. SYBT Stock Yards Bancorp TSQ Townsquare Media USPH U.S. Physical Therapy WTFC Wintrust Financial Corp. SRI Stoneridge Inc. TSCO Tractor Supply Co. SLCA U.S. Silica Holdings, Inc. WDAY Workday, Inc. SSYS Stratasys Ltd. TA TravelCenters of America USAK USA Truck, Inc. WRLD World Acceptance Corp. SUM Summit Materials LLC THS TreeHouse Foods, Inc. USG USG Corp. INT World Fuel Services SUN Sunoco LP TREX Trex Company, Inc. MTN Vail Resorts, Inc. WPT World Point Terminals STI SunTrust Banks, Inc. TCAP Triangle Capital Corp. VRNS Varonis Systems, Inc. XPO XPO Logistics Inc. SPN Superior Energy Services TRCO Tribune Media Co. WOOF VCA, Inc. YDKN Yadkin Financial Corp. SCAI Surgical Care Affiliates TRIB Trinity Biotech Plc VCYT Veracyte, Inc. YCB Your Community Bankshares SIVB SVB Financial Group TRN Trinity Industries VBTX Veritex Holdings, Inc. YRCW YRC Worldwide Inc. SWFT Swift Transportation TSC TriState Capital Holdings, Inc. VSI Vitamin Shoppe, Inc. ZAYO Zayo Group Holdings SYMC Symantec Corp. TRUE TrueCar, Inc. VJET Voxeljet AG ZEN Zendesk, Inc. SYRG Synergy Resources Corp. TUBE TubeMogul, Inc. VMC Vulcan Materials Company ZG Zillow, Inc. SNV Synovus Financial Corp. TUES Tuesday Morning Corp. GWW W.W. Grainger, Inc. ZION Zions Bancorporation TLMR Talmer Bancorp, Inc. TUMI Tumi Holdings, Inc. WNC Wabash National Corp. ZOES Zoe’s Kitchen, Inc. TISI Team, Inc. TYL Tyler Technologies, Inc. WBC WABCO Holdings Inc. TMH Team Health Holdings, Inc. TSN Tyson Foods WAB Wabtec Corp. TEAR TearLab Corp. ULTI Ultimate Software WMT Wal-Mart Stores, Inc.

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 63

COVERAGE LIST BY MARKET CAPITALIZATION

# Cos. Market Cap. Average Market Cap $4.9 Billion 104 > $5 Billion Median Market Cap $1.5 Billion 110 $2 Billion-$5 Billion 185 $500 Million $2 Billion 116 Under $500 Million 515 Under Coverage

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS MARKET CAP > $5 BILLION Wal-Mart Stores,Inc. WMT pf Jan E $67.12 $60.00 3,201.9 $4.58 $4.13 $4.25 16.3 15.8 $214,911.1 $25.16 McDonald's Corp. MCD Dec O $117.06 $130.00 918.2 $4.94 $5.42 $6.02 21.6 19.4 $107,488.0 $9.05 Schlumberger Ltd. SLB adj Dec O $72.21 $78.00 1,261.1 $3.36 $2.20 $2.97 32.8 24.3 $90,495.5 $30.09 Starbucks Corp. SBUX Sep E $58.11 $56.00 1,484.8 $1.58 $1.89 $2.21 30.7 26.3 $85,892.4 $3.92 Union Pacific Corp. UNP op Dec O $80.09 $91.00 854.1 $5.41 $5.35 $5.70 15.0 14.1 $67,789.3 $24.24 United Parcel Service UPS adj Dec E $96.87 $110.00 696.1 $5.43 $5.85 $6.25 16.6 15.5 $67,435.4 $2.17 U.S. Bancorp USB Dec O $38.44 $46.00 1,753.6 $3.16 $3.31 $3.40 11.6 11.3 $67,077.8 $22.89 Adobe Systems ADBE pf Nov O/V $83.42 $115.00 498.8 $2.08 $2.73 $3.54 30.6 23.6 $41,570.7 $13.72 Salesforce.com CRM pf Jan O/V $62.52 $95.00 664.0 $0.75 $1.01 $1.34 61.9 46.7 $41,513.3 $7.15 PNC Financial Services Group PNC Dec E $82.30 NE 507.8 $7.40 $7.40 $7.70 11.1 10.7 $41,479.2 $81.86 EOG Resources, Inc. EOG op/cf Dec E $69.52 $60.00 549.2 $15.42 $7.13 $4.69 9.8 14.8 $38,217.5 $24.17 Kroger Co. KR op Jan E $38.70 $43.00 973.4 $1.76 $2.04 $2.27 19.0 17.0 $37,721.8 $6.47 FedEx Corp. FDX adj May O $133.49 $195.00 276.6 $8.95 $10.55 $12.20 12.7 10.9 $36,791.9 $54.20 Halliburton Company HAL adj Dec O $32.46 $36.00 858.0 $1.56 $0.53 $1.37 61.2 23.7 $27,861.8 $18.07 O'Reilly Automotive, Inc. ORLY Dec O/V $263.77 $305.00 98.6 $9.17 $10.71 $12.26 24.6 21.5 $25,780.1 $20.07 BB&T Corporation BBT Dec O $32.00 $38.00 780.2 $2.55 $2.87 $3.15 11.1 10.2 $24,970.8 $31.66 CSX Corp. CSX op Dec O $24.49 $29.00 975.0 $2.00 $1.75 $1.90 14.0 12.9 $23,587.5 $11.97 AutoZone Inc. AZO Aug O/V $777.83 $875.00 30.5 $36.03 $40.89 $46.16 19.0 16.9 $23,496.7 ($55.49) Boston Scientific Corp. BSX Dec O $17.33 $21.00 1,345.2 $0.93 $1.06 $1.19 16.3 14.6 $23,312.2 $4.69 Hormel Foods HRL Oct O $43.71 $50.00 528.5 $1.32 $1.55 $1.65 28.2 26.5 $23,098.9 $7.88 Norfolk Southern Corp. NSC op Dec O $73.94 $87.00 297.8 $5.11 $5.30 $5.80 14.0 12.7 $22,048.8 $40.93 Fiserv, Inc. FISV adj Dec E $98.29 $91.00 228.5 $3.87 $4.40 $5.00 22.3 19.7 $21,912.5 $12.50 Archer Daniels Midland Co. ADM op Dec E $33.85 $37.00 596.7 $2.60 $2.30 $3.05 14.7 11.1 $20,199.7 $30.09 Pioneer Natural Resources Co. PXD op/cf Dec O $119.33 $150.00 163.3 $10.38 $7.97 $7.69 15.0 15.5 $19,482.7 $56.02 Tyson Foods TSN op Sep O $65.38 $75.00 293.1 $3.15 $4.10 $4.40 15.9 14.9 $19,225.1 $26.89 Fidelity National Information Svcs. FIS op/cs Dec O $59.18 $74.00 282.2 $3.21 $3.70 $4.39 16.0 13.5 $19,174.0 $33.04 Baker Hughes BHI adj Dec O $41.91 $59.00 436.1 ($0.48) ($0.22) $1.10 NM 38.1 $18,350.5 $39.93 Equinix, Inc. EQIX pf Dec E $295.01 $337.00 62.0 $3.78 $3.98 $6.04 74.1 48.8 $17,668.2 $25.99 Level 3 Communications LVLT pf Dec O $48.66 $63.00 356.3 $1.82 $1.76 $1.95 27.6 25.0 $17,336.0 $28.42 SunTrust Banks, Inc. STI Dec E $33.42 NE 505.0 $3.58 $3.33 $3.40 10.0 9.8 $16,877.0 $43.66 Analog Devices ADI Oct E/V $51.81 $55.00 310.0 $3.17 $2.66 $3.06 19.5 16.9 $16,062.1 $16.11

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 64

COVERAGE LIST BY MARKET CAPITALIZATION

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS Chipotle Mexican Grill CMG adj Dec U $514.86 $375.00 31.2 $15.09 $7.75 $14.50 66.4 35.5 $15,468.5 $76.99 Experian plc EXPGY adj Mar O/V $16.02 $20.00 960.3 $0.95 $0.86 $0.92 18.6 17.4 $15,377.8 NA J.M. Smucker Co., The SJM op Apr O $127.76 $130.00 119.7 $5.38 $5.80 $6.38 22.0 20.0 $15,289.7 $61.21 Check Point Software Tech. CHKP pf Dec O $82.80 $88.00 180.0 $4.17 $4.54 $5.01 18.2 16.5 $14,974.8 $19.62 W.W. Grainger, Inc. GWW pf Dec E $215.97 $210.00 62.6 $11.94 $11.54 $12.98 18.7 16.6 $13,396.4 $37.93 Vulcan Materials Company VMC op Dec O $97.35 $112.00 133.3 $2.24 $3.22 $4.40 30.2 22.1 $12,978.6 $33.41 Alliance Data Systems ADS adj/cs Dec O/V $210.76 $275.00 61.1 $15.06 $16.80 $19.30 12.5 10.9 $12,885.4 $32.90 Symantec Corp. SYMC pf Mar E $19.29 $21.00 652.2 $1.88 $1.35 $1.13 14.3 17.1 $12,581.4 $8.67 Equifax Inc. EFX cs Dec O $104.44 $111.00 118.5 $4.49 $5.05 $5.71 20.7 18.3 $12,397.0 $19.47 Skyworks Solutions SWKS pf Sep O/V $63.71 $90.00 191.2 $5.27 $5.65 $6.25 11.3 10.2 $12,211.2 $16.60 QVC Group QVCA adj Dec O/V $25.95 $35.00 467.6 $1.50 $1.81 $1.98 14.3 13.1 $12,134.5 $12.39 Red Hat, Inc. RHT pf Feb O/V $65.36 $90.00 182.8 $1.60 $1.86 $2.17 35.1 30.1 $11,936.4 $7.48 Concho Resources Inc. CXO op/cf Dec O $91.54 $95.00 129.1 $15.60 $12.08 $9.81 7.6 9.3 $11,821.9 $50.99 Fifth Third Bancorp FITB Dec E $15.05 NE 794.3 $2.04 $1.53 $1.55 9.8 9.7 $11,815.5 $19.90 Tractor Supply Co. TSCO Dec O/V $85.59 $99.00 134.3 $2.66 $3.00 $3.42 28.5 25.0 $11,446.8 $10.37 Advance Auto Parts AAP adj Dec E/V $150.42 $150.00 73.2 $7.84 $8.98 $9.96 16.8 15.1 $11,027.9 $33.56 Palo Alto Networks, Inc. PANW pf Jul O/V $127.94 $163.00 85.9 $0.86 $1.73 $2.64 74.0 48.5 $10,991.2 $7.29 Citrix Systems CTXS pf Dec E/V $69.58 $72.00 156.3 $4.34 $4.70 $5.34 14.8 13.0 $10,713.9 $12.20 Coach, Inc. COH adj Jun E/V $37.89 $35.00 277.5 $1.92 $1.90 $2.15 19.9 17.6 $10,514.3 $9.25 Michael Kors Holdings KORS adj Mar E/V $55.44 $55.00 179.4 $4.28 $4.42 $4.50 12.5 12.3 $10,203.7 $11.01 Whole Foods Market, Inc. WFM op Sep E/V $30.72 $34.00 328.0 $1.62 $1.53 $1.53 20.1 20.1 $10,077.4 $9.95 C.H. Robinson Worldwide, Inc. CHRW op Dec O $70.23 $76.00 143.6 $3.51 $3.75 $4.05 18.7 17.3 $10,058.6 $7.85 Devon Energy Corp. DVN op/cf Dec E $19.41 $22.00 520.7 $13.14 $1.71 $2.46 11.4 7.9 $9,904.8 $16.86 Regions Financial Corp. RF Dec O $7.42 $9.50 1,305.5 $0.75 $0.88 $0.91 8.4 8.2 $9,555.7 $12.23 Martin Marietta Materials MLM op Dec O $142.74 $162.00 66.1 $4.47 $6.65 $8.06 21.5 17.7 $9,182.6 $62.95 Fidelity National Financial, Inc. FNF pf/cs Dec O $32.91 $40.00 283.0 $2.17 $2.59 $2.88 12.7 11.4 $9,133.1 $21.49 Microchip Technology MCHP pf Mar E/V $43.68 $55.00 203.1 $2.66 $2.64 $2.89 16.5 15.1 $8,888.9 $10.49 CarMax, Inc. KMX Feb E $45.19 $54.00 202.6 $2.73 $3.05 $3.42 14.8 13.2 $8,845.0 $14.74 Kansas City Southern KSU op Dec O $81.17 $84.00 109.1 $4.50 $4.15 $4.65 19.6 17.5 $8,806.9 $35.45 KeyCorp. KEY Dec O $10.54 $13.00 835.6 $1.06 $1.14 $1.25 9.2 8.4 $8,715.8 $12.51 First Republic Bank FRC op Dec E $59.77 NE 145.2 $3.17 $3.55 $4.10 16.8 14.6 $8,703.3 $30.85 J.B. Hunt Transport Services, Inc. JBHT op Dec O $75.80 $82.00 114.6 $3.74 $3.85 $4.30 19.7 17.6 $8,548.3 $11.41 Expeditors International EXPD Dec O $45.47 $60.00 186.4 $2.40 $2.45 $2.65 18.6 17.2 $8,476.2 $9.88 ServiceNow, Inc. NOW pf Dec O/V $52.55 $80.00 159.0 $0.41 $0.56 $0.98 93.8 53.6 $8,355.5 $3.27 Tiffany & Co. TIF adj Jan E/V $64.94 $70.00 128.2 $4.20 $3.78 $3.97 17.2 16.4 $8,326.1 $22.26 Plains All American Pipeline PAA op/cf Dec O $20.59 $35.00 368.9 $2.18 $1.93 $2.79 10.7 7.4 $8,189.2 $19.82

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 65

COVERAGE LIST BY MARKET CAPITALIZATION

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS Darden Restaurants DRI adj May E $63.32 $66.00 128.1 $2.67 $3.33 $3.80 19.0 16.7 $8,119.9 $15.53 Cimarex Energy XEC op/cf Dec E $84.88 $85.00 84.8 $8.16 $2.93 $5.70 29.0 14.9 $8,048.3 $29.51 Total System Services TSS adj/cs Dec E $43.70 $53.00 184.0 $2.46 $2.56 $2.66 17.1 16.4 $8,040.3 $10.20 Global Payments Inc. GPN op/cs May E $61.89 $65.00 129.9 $2.52 $2.87 $3.18 21.6 19.5 $8,005.3 $6.06 LKQ Corp. LKQ op Dec O/V $25.94 $37.00 305.5 $1.27 $1.40 $1.59 18.5 16.3 $7,924.4 $9.94 Signet Jewelers Limited SIG adj Jan O/V $97.97 $155.00 79.5 $5.63 $6.81 $7.88 14.4 12.4 $7,791.8 $35.79 Restaurant Brands International QSR adj Dec E $33.17 $36.00 225.8 $1.17 $1.34 $1.55 24.8 21.4 $7,488.0 NA Ingredion Inc. INGR op Dec O $101.65 $105.00 71.6 $5.88 $6.40 $6.95 15.9 14.6 $7,307.3 $30.33 Bunge Ltd. BG adj Dec O $49.59 $75.00 142.5 $4.88 $5.20 $6.25 9.5 7.9 $7,064.5 $40.41 Cooper Companies, The COO pf Oct E $141.44 $145.00 48.6 $7.44 $7.68 $8.85 18.4 16.0 $6,844.3 $55.28 Huntington Bancshares Inc. HBAN Dec E $8.54 NE 796.7 $0.81 $0.81 $0.90 10.5 9.5 $6,789.5 $7.76 WhiteWave Foods Co. WWAV op Dec O $38.18 $55.00 176.2 $1.19 $1.35 $1.55 28.3 24.6 $6,727.4 $6.87 Continental Resources, Inc. CLR op/cf Dec E $17.92 $24.00 372.7 $9.40 $4.40 $3.10 4.1 5.8 $6,684.3 $12.87 Antero Resources Corp. AR op/cf Dec E $24.04 $23.00 277.1 $3.04 $4.08 $3.82 5.9 6.3 $6,660.3 $22.04 Jack Henry & Associates, Inc. JKHY Jun E $83.91 $78.00 79.9 $2.59 $2.84 $3.06 29.5 27.4 $6,617.3 $11.42 Workday, Inc. WDAY pf Jan O/V $57.56 $60.00 112.0 ($0.34) ($0.05) ($0.03) NM NM $6,446.7 $5.86 MEDNAX, Inc. MD adj Dec E $66.51 $68.00 94.0 $4.07 $4.26 $4.74 15.6 14.0 $6,238.7 $25.92 Wabtec Corp. WAB op Dec O $67.39 $83.00 96.5 $4.10 $4.30 $4.50 15.7 15.0 $6,195.2 $20.57 Frontier Communications FTR pf Dec O $5.30 $6.50 1,168.2 $0.13 ($0.12) $0.02 NM NM $6,191.5 $5.01 Comerica Inc. CMA Dec O $33.89 $42.00 176.7 $2.85 $2.78 $2.85 12.2 11.9 $5,964.6 $43.11 Pilgrim's Pride Corp. PPC op Dec O/V $23.09 $25.00 255.2 $2.60 $2.05 $2.30 11.3 10.0 $5,883.9 $4.94 Sirona Dental Systems SIRO pf Sep E/V $104.87 $105.00 55.9 $3.98 $4.30 $4.60 24.4 22.8 $5,875.6 $23.94 Zayo Group Holdings ZAYO pf Jun O $23.73 $29.00 243.9 ($0.37) $0.04 $0.43 NM 55.2 $5,786.7 $5.10 Qorvo, Inc. QRVO pf Mar O/V $42.17 $70.00 141.3 $3.91 $4.28 $5.07 9.9 8.3 $5,781.7 $41.41 Polaris Industries, Inc. PII op Dec E $87.67 $77.00 65.6 $6.75 $6.26 $6.91 14.0 12.7 $5,694.7 $15.11 CoStar Group, Inc. CSGP pf Dec O $172.88 $230.00 32.5 $3.30 $1.77 $3.61 97.7 47.9 $5,616.7 $46.48 Helmerich & Payne HP adj Sep O $51.32 $54.00 108.2 $2.95 ($0.92) ($1.21) NM NM $5,543.1 $44.64 Teleflex Inc. TFX adj Dec O $132.46 $147.00 41.6 $5.73 $6.25 $7.06 21.2 18.8 $5,510.6 $44.56 AutoNation, Inc. AN op Dec E $51.34 $68.00 107.2 $3.98 $4.40 $4.68 11.7 11.0 $5,504.9 $21.20 STERIS plc STE pf Mar O $63.39 $89.00 85.9 $2.99 $3.52 $4.00 18.0 15.8 $5,445.1 $34.84 WABCO Holdings Inc. WBC op Dec O $95.00 $107.00 56.8 $5.63 $5.40 $6.30 17.6 15.1 $5,396.5 $13.86 Old Dominion Freight Line ODFL op Dec O $63.42 $72.00 84.6 $3.57 $3.55 $3.90 17.9 16.3 $5,364.3 $19.39 TEGNA Inc. TGNA adj Dec O/V $24.15 $30.00 221.7 $1.44 $2.49 $1.97 9.7 12.3 $5,353.9 $9.62 DexCom, Inc. DXCM pf Dec O/V $64.45 $110.00 81.7 ($0.27) $0.02 $0.67 NM 96.2 $5,268.2 $2.38 Ralph Lauren Corp. RL adj Mar O/V $89.96 $110.00 58.1 $7.88 $6.28 $6.45 14.3 13.9 $5,229.6 $44.92 Diamondback Energy, Inc. FANG op/cf Dec O $71.72 $78.00 71.4 $6.64 $3.47 $5.41 20.7 13.3 $5,120.6 $30.85 Align Technology ALGN pf Dec O/V $63.32 $70.00 79.5 $1.77 $2.02 $2.75 31.3 23.0 $5,033.3 $10.03

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 66

COVERAGE LIST BY MARKET CAPITALIZATION

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS MARKET CAP $2 BILLION - $5 BILLION Pinnacle Foods, Inc. PF op Dec E $42.29 $47.00 116.6 $1.74 $1.90 $2.13 22.3 19.9 $4,931.3 $14.95 KAR Auction Services KAR op Dec O $34.74 $47.00 137.1 $1.90 $2.11 $2.32 16.5 15.0 $4,778.0 $10.08 TreeHouse Foods, Inc. THS op Dec O $84.72 $105.00 54.7 $3.20 $3.10 $4.10 27.3 20.7 $4,777.8 $42.21 Splunk, Inc. SPLK pf Jan O/V $36.58 $50.00 129.7 $0.09 $0.15 $0.21 NM NM $4,744.6 $6.49 Weatherford International WFT adj Dec E $6.08 $6.50 779.0 ($0.33) ($0.56) ($0.31) NM NM $4,739.3 $7.30 Ultimate Software ULTI pf Dec O/V $164.97 $223.00 28.7 $2.65 $3.18 $4.14 51.9 39.8 $4,727.4 $11.66 Fortinet, Inc. FTNT pf Dec O/V $27.30 $43.00 172.3 $0.51 $0.68 $0.82 40.1 33.3 $4,702.8 $4.61 Michaels Companies MIK Jan O $22.47 $33.00 210.0 $1.46 $1.71 $1.95 13.1 11.5 $4,695.4 ($9.58) Vail Resorts, Inc. MTN Jul O $127.66 $135.00 36.2 $3.15 $3.75 $4.49 34.0 28.4 $4,626.4 $20.49 Carter's, Inc. CRI adj Dec O/V $88.19 $110.00 52.0 $4.61 $5.19 NE 17.0 NM $4,585.0 $16.19 Acadia Healthcare Co. ACHC adj Dec O/V $54.96 $78.00 83.2 $2.23 $2.81 $3.30 19.6 16.7 $4,571.7 $23.58 Tyler Technologies TYL pf Dec O $121.67 $170.00 36.1 $2.54 $3.39 $3.79 35.9 32.1 $4,449.7 $23.81 Copart, Inc. CPRT adj Jul O/V $36.77 $45.00 120.2 $1.64 $1.96 $2.15 18.8 17.1 $4,421.1 $8.46 NetSuite Inc. N pf Dec E/V $55.26 $70.00 79.5 $0.22 $0.44 $0.62 NM 89.1 $4,419.9 $3.91 Realogy Holdings Corp. RLGY adj Dec E/V $30.10 $50.00 146.5 $1.09 $1.48 $2.22 20.3 13.6 $4,417.3 $16.28 FLIR Systems, Inc. FLIR pf Dec E/V $31.24 $29.00 140.3 $1.56 $1.65 $1.77 18.9 17.6 $4,315.3 $11.76 SVB Financial Group SIVB op Dec O $83.48 $125.00 51.5 $6.62 $7.53 $8.54 11.1 9.8 $4,308.4 $61.66 Casey's General Stores CASY adj Apr O $109.37 $142.00 39.0 $4.68 $5.53 $5.62 19.8 19.5 $4,266.2 $25.88 Dunkin' Brands Group DNKN adj Dec E $46.23 $44.00 92.6 $1.93 $2.21 $2.48 20.9 18.6 $4,237.8 ($2.38) Zions Bancorporation ZION Dec E $20.68 NE 204.3 $1.21 $1.83 $2.00 11.3 10.3 $4,226.3 $32.67 VCA, Inc. WOOF pf Dec E $51.36 $55.00 80.6 $2.38 $2.76 $3.11 18.6 16.5 $4,141.8 $14.70 Commerce Bancshares, Inc. CBSH op Dec E $42.18 $40.00 97.5 $2.51 $2.65 $2.83 15.9 15.9 $4,085.6 $22.81 First American Financial Corp. FAF op Dec E $37.00 $40.00 108.7 $2.59 $2.81 $2.99 13.2 12.4 $4,023.0 $24.74 Range Resources Corp. RRC op/cf Dec O $23.36 $48.00 169.4 $6.33 $4.26 $3.61 5.5 6.5 $3,956.5 $18.22 AMSURG Corporation AMSG adj Dec O/V $71.49 $90.00 54.3 $3.46 $4.29 $4.63 16.7 15.4 $3,881.2 $33.21 Sprouts Farmers Market SFM op Dec E/V $25.21 $26.00 153.6 $0.72 $0.83 $0.95 30.4 26.5 $3,872.0 $5.32 Watsco, Inc. WSO Dec O $126.62 $136.00 32.5 $4.90 $5.54 $6.24 22.9 20.3 $3,830.1 $27.08 PacWest Bancorp PACW op Dec E $31.46 $37.00 120.2 $2.90 $2.79 $2.95 11.3 10.7 $3,819.7 $36.22 Dick's Sporting Goods, Inc. DKS op Jan E $42.02 $42.00 93.7 $2.87 $2.86 $3.23 14.7 13.0 $3,785.2 $14.54 Microsemi Corp. MSCC pf Sep O/V $33.24 $45.00 111.5 $2.73 $3.16 $4.10 10.5 8.1 $3,692.9 $12.69 National Instruments Corp. NATI pf Dec O/V $28.80 $34.00 127.3 $1.00 $1.26 $1.40 22.9 20.6 $3,680.0 $8.35 Flowers Foods, Inc. FLO op Dec E $17.10 $22.00 212.2 $0.92 $1.00 $1.08 17.1 15.8 $3,628.0 $5.80 Santander Consumer USA SC Dec O $10.12 $15.00 357.9 $2.41 $2.00 $2.20 5.1 4.6 $3,622.0 $12.41 Bank of the Ozarks, Inc. OZRK op Dec O $37.85 $44.00 90.4 $2.10 $2.55 $2.86 14.8 13.2 $3,432.8 $16.16 Abiomed, Inc. ABMD adj Mar O/V $80.89 $128.00 42.4 $3.10 $1.18 $1.38 68.6 58.6 $3,432.7 $7.81 Synovus Financial Corp. SNV op Dec O $26.49 $32.00 130.6 $1.65 $1.93 $2.12 13.7 12.5 $3,431.7 $22.19

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 67

COVERAGE LIST BY MARKET CAPITALIZATION

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS MARKET CAP $2 BILLION - $5 BILLION Heartland Payment Systems HPY pf Dec E $94.25 $73.00 36.8 $1.34 $2.89 $3.37 32.6 28.0 $3,425.5 $8.63 Pool Corp. POOL pf Dec E $80.32 $84.00 43.8 $2.90 $3.28 $3.70 24.5 21.7 $3,421.7 $6.13 Guidewire Software, Inc. GWRE pf Jul O/V $47.80 $55.00 71.5 $0.65 $0.65 $0.89 73.5 53.7 $3,417.3 $9.84 Blue Buffalo Pet Products BUFF op Dec E $17.08 $21.00 196.1 $0.54 $0.60 $0.71 28.5 24.1 $3,350.5 ($0.17) Penske Automotive Group, Inc. PAG op Dec O $37.07 $50.00 90.1 $3.66 $3.88 $4.10 9.6 9.0 $3,338.9 $20.37 MSC Industrial Direct Co. MSM pf Aug E $68.85 $64.00 61.4 $3.74 $3.58 $3.82 19.2 18.0 $3,319.9 $19.12 OneMain Holdings, Inc. OMF Dec O $24.59 $62.00 134.5 $2.07 $2.14 $5.37 11.5 4.6 $3,306.9 $22.18 World Fuel Services INT op Dec E $46.17 $44.00 70.8 $2.75 $2.95 $3.30 15.7 14.0 $3,268.8 $26.34 BOK Financial BOKF op Dec E $49.44 $52.00 67.7 $4.10 $4.41 $4.73 11.2 11.2 $3,257.8 $45.36 Umpqua Holdings Corp. UMPQ op Dec E $14.77 $17.00 220.2 $1.16 $1.23 $1.33 12.0 11.1 $3,251.9 $17.49 Cabela's Inc. CAB op Dec E $47.81 $48.00 69.3 $2.88 $3.17 $3.43 15.1 13.9 $3,242.4 $26.05 Bio-Techne Corp. TECH pf Jun E/V $86.80 $92.00 37.2 $3.40 $3.47 $3.62 25.0 24.0 $3,228.2 $23.03 FirstMerit Corp. FMER Dec E $19.24 NE 165.8 $1.33 $1.29 NE 14.9 NM $3,189.1 $17.13 Genesee & Wyoming Inc. GWR op Dec O $55.77 $68.00 56.9 $3.70 $3.60 $3.75 15.5 14.9 $3,173.0 $44.89 CoreLogic CLGX adj Dec O/V $35.04 $47.00 88.2 $1.33 $1.86 $2.09 18.8 16.8 $3,088.7 $11.23 Cree, Inc. CREE pf Jun O/V $30.60 $40.00 103.1 $0.63 $1.07 $1.46 28.6 21.0 $3,088.5 $23.18 Cullen/Frost Bankers, Inc. CFR op Dec E $48.79 $52.00 62.0 $4.28 $4.50 $4.71 10.8 10.8 $3,024.1 $46.64 Murphy USA Inc. MUSA adj Dec O/V $64.55 $69.00 41.7 $3.23 $4.19 $3.96 15.4 16.3 $3,018.8 $19.01 Ryder System R op Dec O $56.39 $70.00 53.4 $6.13 $6.10 $6.40 9.2 8.8 $3,016.5 $37.19 Kirby Corp. KEX op Dec O $55.99 $58.00 54.0 $4.11 $3.25 $3.20 17.2 17.5 $3,012.6 $41.26 Eagle Materials EXP op Mar O/V $60.95 $74.00 49.3 $3.41 $3.40 $3.89 17.9 15.7 $3,005.4 $21.28 FICO FICO cs Sep E $95.59 $78.00 31.4 $4.15 $4.85 $5.25 19.7 18.2 $2,999.4 $13.97 Buffalo Wild Wings, Inc. BWLD adj Dec O/V $158.40 $190.00 19.1 $5.17 $6.21 $7.23 25.5 21.9 $2,996.5 $34.66 XPO Logistics Inc. XPO op Dec E/V $27.55 $27.00 108.4 ($0.83) ($0.68) $0.94 NM 29.3 $2,985.8 $25.53 Texas Roadhouse TXRH adj Dec O $42.39 $42.00 70.1 $1.37 $1.69 $1.95 25.1 21.7 $2,973.4 $9.38 USG Corp. USG op Dec E/V $20.22 $23.00 145.7 $1.77 $1.38 $1.51 14.7 13.4 $2,945.4 $9.86 Tribune Media Co. TRCO Dec E $30.96 $42.00 94.1 $4.62 $1.22 $1.70 25.4 18.2 $2,914.7 $45.67 Prosperity Bancshares, Inc. PB op Dec E $40.70 $44.00 70.0 $4.09 $4.02 $4.13 10.1 9.9 $2,877.9 $49.46 American Eagle Outfitters AEO adj Jan E/V $14.71 $18.00 195.4 $0.63 $1.08 $1.16 13.6 12.7 $2,863.1 $6.19 Gulfport Energy Corp. GPOR op/cf Dec E $26.42 $25.00 108.2 $3.33 $2.84 $3.54 9.3 7.5 $2,861.9 $18.82 First Horizon National Corp. FHN Dec E $11.95 $13.00 234.2 $0.83 $0.89 $0.98 13.4 13.4 $2,851.1 $9.33 Quanta Services, Inc. PWR pf Dec O/V $18.52 $24.00 152.9 $1.11 $1.77 NE 10.5 NM $2,831.4 $20.39 Team Health Holdings TMH adj Dec O/V $38.01 $48.00 73.5 $2.65 $2.87 $3.32 13.2 11.4 $2,795.2 $7.80 Home BancShares, Inc. HOMB op Dec O $39.36 $42.00 70.1 $2.04 $2.38 $2.64 16.5 14.9 $2,760.0 $16.05 RPC, Inc. RES Dec E $12.49 $8.00 217.0 ($0.47) ($0.68) ($0.34) NM NM $2,710.4 $4.39 Brookdale Senior Living BKD cs Dec O/V $14.43 $20.00 184.8 $2.40 $2.46 $2.65 5.9 5.4 $2,668.0 $13.31

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 68

COVERAGE LIST BY MARKET CAPITALIZATION

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS MARKET CAP $2 BILLION - $5 BILLION PrivateBancorp, Inc. PVTB Dec E $33.66 NE 79.1 $2.32 $2.41 $2.60 14.0 12.9 $2,662.4 $20.90 Southwestern Energy Co. SWN op/cf Dec E $6.83 $7.00 457.1 $6.44 $3.73 $1.60 1.8 4.3 $2,626.0 $7.05 Integrated Device Technology IDTI pf Mar O/V $19.11 $32.00 146.7 $0.92 $1.34 $1.52 14.3 12.6 $2,587.0 $5.56 Wendy's Co., The WEN adj Dec O $9.49 $13.00 273.5 $0.33 $0.35 $0.42 27.1 22.6 $2,581.3 $2.58 Communications Sales & Leasing CSAL adj Dec O $17.14 $32.00 150.6 NA $0.17 $0.20 NM 85.7 $2,580.4 ($7.29) CyrusOne, Inc. CONE Dec O $38.64 $48.00 66.3 ($0.30) $0.30 $0.65 NM 59.4 $2,559.7 $11.89 Associated Banc-Corp ASB Dec E $16.87 NE 150.3 $1.19 $1.27 $1.32 13.3 12.8 $2,525.5 $18.77 Myriad Genetics, Inc. MYGN pf Jun O/V $35.30 $47.00 69.8 $1.45 $1.63 $1.87 21.7 18.9 $2,515.2 $9.90 CST Brands Inc. CST adj Dec E/V $33.10 $32.00 75.6 $2.06 $1.76 $1.92 18.8 17.2 $2,502.9 $11.72 Ellie Mae, Inc. ELLI adj Dec O/V $84.49 $79.00 29.8 $1.70 $1.97 $2.85 42.9 29.6 $2,498.1 $9.85 Cheesecake Factory, The CAKE adj Dec O $50.59 $58.00 49.2 $2.37 $2.65 $2.95 19.1 17.1 $2,488.4 $11.76 Landstar System, Inc. LSTR Dec E $58.38 $58.00 43.2 $3.38 $3.32 $3.65 17.6 16.0 $2,476.5 $11.09 FireEye, Inc. FEYE pf Dec E/V $15.41 $15.00 160.6 ($1.61) ($1.30) ($0.53) NM NM $2,474.3 $6.69 Kate Spade & Co. KATE adj Dec O/V $19.00 $33.00 127.7 $0.25 $0.50 $0.88 38.0 21.6 $2,426.2 $1.36 Energen Corp. EGN op/cf Dec E $24.83 $29.00 97.0 $8.74 $1.68 $2.51 14.8 9.9 $2,409.9 $36.78 UMB Financial UMBF op Dec E $48.77 $46.00 49.3 $2.61 $3.06 $3.30 15.9 14.8 $2,409.0 $38.56 Trinity Industries TRN Dec E $15.64 $19.00 152.9 $5.08 $2.20 $1.50 7.1 10.4 $2,390.7 $26.49 Cal-Maine Foods, Inc. CALM op May E/V $52.62 $50.00 43.7 $3.33 $8.00 $5.10 6.6 10.3 $2,299.4 $16.49 Nabors Industries NBR adj Dec E $6.93 $8.00 284.1 $1.05 ($0.37) ($1.23) NM NM $2,290.9 $15.88 G-III Apparel Group GIII adj Jan O/V $49.98 $70.00 45.5 $2.12 $2.75 $3.17 18.2 15.8 $2,275.9 $19.44 B & G Foods, Inc. BGS op Dec O $39.20 $39.00 58.0 $1.44 $1.55 $2.15 25.3 18.2 $2,272.7 $8.05 Parsley Energy, Inc. PE op/cf Dec O $16.55 $21.00 134.9 $1.46 $1.19 $1.61 13.9 10.3 $2,261.1 $8.87 Lithia Motors, Inc. LAD op Dec O $94.02 $132.00 23.7 $7.02 $7.45 $7.75 12.6 12.1 $2,227.7 $29.95 Fossil, Inc. FOSL adj Dec E/V $45.96 $38.00 48.1 $4.51 $3.33 $3.58 13.8 12.8 $2,211.5 $19.38 Patterson-UTI Energy PTEN 18 Dec E $14.94 $10.00 147.2 ($0.95) ($2.36) ($1.90) NM NM $2,198.9 $17.88 Monro Muffler Brake MNRO Mar O $67.82 $80.00 33.3 $1.88 $2.04 $2.27 33.2 29.9 $2,183.5 $15.92 EnerSys Inc. ENS pf Mar E $50.08 $53.00 43.4 $4.32 $3.89 $4.10 12.9 12.2 $2,175.2 $23.36 ACI Worldwide, Inc. ACIW pf/cs Dec E $18.33 $25.00 118.3 $1.03 $1.05 $1.09 17.5 16.8 $2,167.7 $5.06 GNC Holdings, Inc. GNC op Dec O $28.26 $36.00 74.2 $2.93 $3.16 $3.38 8.9 8.4 $2,098.1 $5.67 RSP Permian, Inc. RSPP op/cf Dec E $20.44 $25.00 100.8 $1.93 $2.76 $1.60 7.4 12.8 $2,060.5 $18.02 Media General MEG Dec E $15.97 $16.00 127.9 $0.59 ($0.29) $0.95 NM 16.8 $2,050.0 $11.08 Wintrust Financial Corp. WTFC Dec O $42.21 $50.00 48.4 $2.94 $3.34 $3.50 12.6 12.1 $2,042.2 $43.12 Knight Transportation, Inc. KNX op Dec O $25.06 $30.00 80.9 $1.47 $1.35 $1.55 18.6 16.2 $2,027.9 $8.81 Sinclair Broadcasting Group SBGI Dec E $29.46 $35.00 68.8 $1.79 $3.25 $2.47 9.1 11.9 $2,026.6 $5.04 M/A-COM Technology Solutions MTSI adj Sep O/V $37.97 $50.00 53.1 $1.29 $1.98 $2.57 19.2 14.8 $2,016.1 $8.02 Beacon Roofing Supply, Inc. BECN op/cs Sep E/V $34.01 $42.00 59.2 $1.37 $1.91 $2.21 17.8 15.4 $2,014.5 $20.46

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 69

COVERAGE LIST BY MARKET CAPITALIZATION

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS MARKET CAP $2 BILLION - $5 BILLION PDC Energy, Inc. PDCE op/cf Dec E $49.93 $58.00 40.4 $10.63 $9.79 $8.62 5.1 5.8 $2,010.7 $31.91 NetScout Systems, Inc. NTCT pf Mar E/V $20.29 $25.00 99.1 $2.03 $1.90 $2.00 10.7 10.1 $2,000.0 $25.96

MARKET CAP $500 MILLION - $2 BILLION CoreSite Realty Corp. COR adj Dec O $65.11 $68.00 30.6 $1.03 $1.14 $1.26 57.1 51.7 $1,995.6 $9.52 IBERIABANK Corp. IBKC op Dec O $47.96 $53.00 41.1 $4.19 $4.54 $4.84 10.6 9.9 $1,972.8 $60.74 Ensco plc ESV adj Dec E $8.28 $10.00 235.5 $4.22 $2.00 $0.92 4.1 9.0 $1,949.7 $38.26 Black Knight Financial Services, Inc. BKFS adj Dec E/V $28.49 $31.00 152.7 $0.96 $1.11 $1.27 25.7 22.4 $1,936.9 $5.29 Sanderson Farms SAFM Oct O $85.17 $95.00 22.6 $9.52 $6.25 $9.75 13.6 8.7 $1,922.5 $45.73 Werner Enterprises, Inc. WERN Dec E $26.69 $27.00 72.0 $1.73 $1.60 $1.75 16.7 15.3 $1,921.7 $13.00 United Natural Foods, Inc. UNFI op Jul O/V $37.57 $68.00 50.3 $2.85 $2.79 $3.08 13.5 12.2 $1,890.6 $28.23 Abercrombie & Fitch Co. ANF adj Jan U/V $27.80 $19.00 67.2 $1.54 $1.10 $1.30 25.3 21.4 $1,868.3 $18.84 Pinnacle Financial Partners PNFP op Dec O $45.51 $57.00 40.9 $2.62 $3.01 $3.57 15.1 12.7 $1,861.4 $28.25 BancorpSouth, Inc. BXS op Dec E $19.60 $23.00 94.0 $1.47 $1.52 $1.63 12.9 12.0 $1,847.1 $17.50 Noble Corp. NE adj Dec O $7.62 $9.50 241.9 $2.61 $0.80 $0.54 9.5 14.1 $1,843.8 $27.69 Neogen Corp. NEOG pf May E/V $49.00 $51.00 37.4 $0.90 $1.05 $1.26 46.7 38.9 $1,834.8 $9.79 WESCO International, Inc. WCC pf Dec E/V $43.46 $43.00 47.2 $4.18 $3.55 NE 12.2 NM $1,833.9 $41.81 Proofpoint, Inc. PFPT pf Dec O/V $44.74 $68.00 43.8 ($0.35) ($0.23) $0.11 NM NM $1,827.2 $1.49 QEP Resources, Inc. QEP op/cf Dec E $10.33 $15.00 176.8 $5.91 $2.69 $3.18 3.8 3.2 $1,825.7 $22.48 QTS Realty Trust QTS Dec E $43.53 $52.00 41.0 $0.49 $0.71 $0.85 61.3 51.2 $1,794.6 $15.19 Chesapeake Energy Corp. CHK op/cf Dec NR $2.69 NE 665.1 $7.04 $3.30 $1.19 0.8 2.3 $1,789.0 $1.84 Hancock Holding Co. HBHC op Dec E $22.93 $22.00 77.4 $1.78 $1.89 $2.02 12.1 12.1 $1,774.7 $31.14 Dana Holding Corp. DAN adj Dec E $11.87 $13.00 149.4 $1.73 $1.65 $1.75 7.2 6.8 $1,773.0 $4.85 GATX Corp. GMT op Dec E $41.59 $42.00 42.4 $5.38 $5.35 $4.70 7.8 8.8 $1,763.4 $29.95 Dean Foods DF op Dec O $19.10 $22.00 91.7 $1.23 $1.65 $1.65 11.6 11.6 $1,751.2 $5.97 Core-Mark Holding Co. CORE adj Dec O/V $75.57 $89.00 23.1 $2.26 $2.36 $2.97 32.0 25.4 $1,742.1 $20.74 First Financial Bankshares FFIN op Dec E $26.34 $24.00 66.0 $1.56 $1.64 $1.72 16.1 16.1 $1,739.1 $12.11 Memorial Resource Development MRD op/cf Dec O $8.45 $17.00 205.3 $1.51 $1.75 $1.84 4.8 4.6 $1,734.9 $3.89 Silicon Laboratories Inc. SLAB pf Dec E/V $40.42 $48.00 41.6 $2.22 $2.24 $2.63 18.0 15.4 $1,679.6 $17.84 Surgical Care Affiliates SCAI adj Dec E/V $42.19 $42.00 39.6 $2.02 $2.20 $2.41 19.2 17.5 $1,677.2 $9.57 Matson Inc. MATX op Dec O $38.39 $58.00 43.6 $2.90 $2.40 $2.85 16.0 13.5 $1,672.0 $9.90 Insulet Corp. PODD pf Dec E/V $29.26 $32.00 56.9 ($0.19) ($1.02) ($0.74) NM NM $1,665.7 $1.42 Proto Labs, Inc. PRLB pf Dec O/V $63.29 $72.00 26.2 $1.97 $2.25 $2.85 28.1 22.2 $1,655.9 $12.52 Meredith Corp. MDP adj Jun E $43.32 $44.00 37.7 $3.30 $3.19 $3.71 13.6 11.7 $1,634.2 $21.21 Zendesk, Inc. ZEN pf Dec O/V $18.18 $25.00 88.7 ($0.30) ($0.31) ($0.18) NM NM $1,612.5 $3.31 Aaron's, Inc. AAN op Dec O $22.18 $30.00 72.6 $2.15 $2.30 $2.55 9.6 8.7 $1,610.1 $18.51

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COVERAGE LIST BY MARKET CAPITALIZATION

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS MARKET CAP $500 MILLION - $2 BILLION NOW, Inc. DNOW pf Dec E/V $15.01 $12.00 107.1 ($0.60) ($1.12) ($0.90) NM NM $1,609.1 $15.47 Plains GP Holdings, L.P. PAGP cf Dec O $7.07 $13.00 136.1 $0.91 $0.93 $0.94 7.6 7.5 $1,606.3 $7.76 Sunoco LP SUN cf Dec O $30.59 $47.00 52.4 $3.21 $4.05 $4.70 7.6 6.5 $1,602.1 $33.40 Heartland Express, Inc. HTLD Dec O $18.95 $21.00 86.1 $0.84 $0.75 $0.90 25.3 21.1 $1,594.0 $5.59 Ascena Retail Group ASNA adj Jul O/V $8.01 $18.00 195.1 $0.41 $0.75 $0.93 10.7 8.6 $1,569.7 $9.50 Acxiom Corp. ACXM cs Mar O/V $20.12 $27.00 77.9 $0.49 $0.53 $0.65 38.0 31.0 $1,563.8 $9.05 Cogent Communications Group CCOI pf Dec E $34.50 $39.00 45.2 ($0.10) $0.05 $0.48 NM 71.9 $1,558.9 $0.02 Masonite International DOOR op Dec E $50.80 $72.00 30.4 ($0.65) $1.32 $2.87 38.5 17.7 $1,543.5 $20.94 Hilltop Holdings Inc. HTH op Dec O $15.53 $21.00 98.9 $1.19 $1.45 $1.59 10.7 10.7 $1,535.9 $17.35 Itron, Inc. ITRI pf Dec Susp $40.05 NE 39.3 $1.90 NE NE NM NM $1,517.8 $22.07 Swift Transportation Co. SWFT op Dec O $17.69 $22.00 85.6 $1.57 $1.45 $1.65 12.2 10.7 $1,514.6 $4.32 Cornerstone OnDemand, Inc. CSOD pf Dec O/V $27.80 $33.00 54.5 ($0.39) $0.02 $0.66 NM 42.1 $1,513.9 $0.19 Air Methods Corp. AIRM op Dec O/V $38.49 $51.00 39.3 $2.56 $2.88 $3.39 13.4 11.4 $1,512.8 $14.32 South State Corp. SSB op Dec E $61.93 $69.00 24.2 $4.30 $4.38 $4.62 14.1 13.4 $1,496.4 $43.84 Applied Industrial Technologies AIT pf Jun E $37.93 $36.00 69.5 $2.80 $2.50 $2.82 15.2 13.5 $1,489.0 $17.99 Rowan Companies RDC adj Dec E $11.76 $10.00 124.8 $3.18 $2.15 $0.10 5.5 NM $1,467.8 $37.22 Asbury Automotive Group, Inc. ABG op Dec O $58.40 $77.00 25.4 $5.56 $5.63 $6.39 10.4 9.1 $1,444.5 $12.39 Texas Capital Bancshares TCBI op Dec E $31.33 $36.00 45.8 $2.91 $3.05 $3.26 10.3 9.6 $1,437.6 $34.67 Sonic Corp. SONC Aug O $28.16 $35.00 49.3 $1.10 $1.30 $1.51 21.7 18.6 $1,383.2 $0.34 Superior Energy Services SPN adj Dec O $9.17 $14.00 150.8 $1.79 ($1.30) ($2.07) NM NM $1,382.2 $16.27 Matador Resources Co. MTDR op/cf Dec O/V $15.77 $21.00 85.6 $3.63 $2.47 $1.18 6.4 13.4 $1,349.9 $8.37 The Children's Place PLCE adj Jan E/V $67.17 $65.00 20.0 $3.05 $3.54 $3.96 19.0 17.0 $1,341.2 $27.34 Great Western Bancorp GWB Sep O $24.23 $31.00 55.2 $1.93 $2.22 $2.41 10.9 10.1 $1,338.4 $26.43 E.W. Scripps Co. SSP Dec E $18.56 $22.00 71.9 $0.18 ($0.48) $1.12 NM 16.6 $1,335.2 $10.64 Group 1 Automotive, Inc. GPI op Dec E $56.07 $85.00 23.7 $6.87 $7.41 $7.76 7.6 7.2 $1,313.2 $40.90 Imperva, Inc. IMPV pf Dec O/V $41.78 $62.00 31.4 $0.11 $0.21 $0.60 NM 69.6 $1,313.1 $7.24 Hub Group HUBG Dec E $36.33 $36.00 35.7 $2.01 $2.20 $2.40 16.5 15.1 $1,294.6 $17.15 First Midwest Bancorp FMBI Dec O $16.47 $20.00 78.0 $1.06 $1.21 $1.20 13.6 13.7 $1,290.0 $14.73 Park National Corp. PRK Dec E $83.97 NE 15.4 $5.26 $5.58 $5.70 15.0 14.7 $1,287.3 $46.68 Old National Bancorp. ONB Dec O $11.09 $14.00 114.5 $1.00 $1.01 $1.07 11.0 10.4 $1,267.6 $12.89 Trex Company TREX op Dec E/V $42.45 $44.00 29.9 $1.67 $2.01 $2.35 21.1 18.1 $1,267.0 $3.77 LogMeIn, Inc. LOGM pf Dec O/V $50.48 $50.00 26.0 $1.66 $1.74 $2.10 29.0 24.0 $1,265.1 $8.01 Atlantic Tele-Network ATNI pf Dec E $78.68 $70.00 16.4 $3.07 $2.00 $2.57 39.3 30.6 $1,263.8 $42.34 Bankrate, Inc. RATE adj Dec O $12.68 $14.00 99.4 $0.70 $0.57 $0.66 22.2 19.2 $1,260.1 $8.32 Renasant Corp. RNST op Dec E $31.12 $35.00 40.3 $2.09 $2.34 $2.49 13.3 12.5 $1,253.9 $25.65 Nexstar Broadcasting Group NXST Dec O/V $40.87 $60.00 30.6 $2.02 $2.34 $4.39 17.5 9.3 $1,252.8 $1.84

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COVERAGE LIST BY MARKET CAPITALIZATION

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS MARKET CAP $500 MILLION - $2 BILLION Simmons First National Corp. SFNC op Dec O $41.18 $51.00 29.9 $3.18 $3.43 $3.63 12.0 11.3 $1,246.8 $33.89 Carrizo Oil & Gas, Inc. CRZO op/cf Dec O/V $21.36 $30.00 58.4 $7.16 $3.86 $2.85 5.5 7.5 $1,246.1 $11.13 HubSpot, Inc. HUBS pf Dec O/V $36.53 $50.00 34.1 ($0.74) ($0.70) ($0.37) NM NM $1,245.6 $3.64 Forward Air FWRD Dec O $40.63 $50.00 31.0 $2.26 $2.40 $2.75 16.9 14.8 $1,241.0 $16.43 Demandware, Inc. DWRE pf Dec O/V $32.56 $40.00 37.7 $0.29 $0.23 $0.83 141.6 39.2 $1,227.1 $7.66 Tumi Holdings, Inc. TUMI adj Dec O/V $17.99 $21.00 67.9 $0.97 $0.95 $1.05 18.9 17.1 $1,221.2 $6.86 Cambrex Corp. CBM pf Dec O/V $38.39 $49.00 31.8 $2.06 $2.33 $2.52 16.5 15.2 $1,220.8 $9.78 Rice Energy Inc. RICE op/cf Dec O/V $8.76 $15.00 136.4 $1.44 $2.42 $2.19 3.6 4.0 $1,194.7 $11.49 Semtech Corp. SMTC pf Jan O/V $18.14 $32.00 65.3 $1.54 $0.86 $1.32 21.1 13.7 $1,177.3 $7.85 Oxford Industries OXM adj Jan O/V $70.98 $90.00 16.6 $3.46 $3.57 $4.00 19.9 17.7 $1,176.9 $19.58 Kaman Corp. KAMN pf Dec E $43.38 $39.00 27.8 $2.36 $2.44 $2.46 17.8 17.6 $1,175.2 $20.06 Smart & Final Stores, Inc. SFS op Dec E $15.89 $19.00 73.8 $0.73 $0.69 $0.83 23.0 19.1 $1,171.7 $7.01 NIC Inc. EGOV adj Dec E $17.84 $21.00 65.6 $0.70 $0.75 $0.81 23.8 22.0 $1,171.2 $2.17 3D Systems Corp. DDD pf Dec O/V $10.18 $12.00 112.1 $0.70 $0.05 $0.10 NM NM $1,141.0 $11.15 MasTec, Inc. MTZ pf Dec O/V $14.22 $20.00 79.9 $1.57 $0.55 $1.32 25.9 10.8 $1,136.0 $12.78 Bottomline Technologies EPAY pf/cs Jun O/V $27.74 $35.00 40.8 $1.31 $1.48 $1.68 18.7 16.5 $1,131.5 $8.49 MRC Golbal Inc. MRC pf Dec O/V $11.01 $13.00 101.8 $0.44 ($0.52) ($0.22) NM NM $1,125.3 $13.37 Zillow, Inc. ZG adj Dec O/V $21.02 $26.00 53.3 $0.05 $0.09 $0.53 NM 39.7 $1,120.8 $15.05 Party City Holdco Inc. PRTY op Dec O $9.38 $23.00 119.3 NM $1.01 $1.30 9.3 7.2 $1,118.6 $7.41 Talmer Bancorp, Inc. TLMR Dec E $16.82 NE 66.1 $0.82 $1.15 NE 14.6 NM $1,112.3 $10.81 United Community Banks, Inc. UCBI op Dec E $16.67 $19.00 63.2 $1.27 $1.42 $1.50 11.7 11.1 $1,103.5 $14.11 Fresh Market, The TFM op Jan O/V $23.23 $33.00 48.6 $1.61 $1.55 $1.52 15.0 15.3 $1,091.6 $7.54 Consolidated Communications Holdi CNSL adj Dec E $21.03 $23.00 50.5 $0.72 $0.78 $0.66 27.0 31.9 $1,062.2 $5.57 First Financial Bancorp. FFBC Dec E $16.97 NE 61.7 $1.21 $1.37 $1.45 12.4 11.7 $1,046.0 $13.17 BJ's Restaurants BJRI adj Dec O $43.11 $58.00 25.2 $1.65 $1.91 $2.20 22.6 19.6 $1,039.0 $13.17 TopBuild Corp. BLD op Dec O/V $26.95 $39.00 37.7 $0.80 $1.35 $1.86 20.0 14.5 $1,015.5 $22.61 Fiesta Restaurant Group FRGI adj Dec O/V $37.46 $55.00 26.8 $1.54 $1.65 $1.92 22.7 19.5 $1,005.1 $8.81 Ensign Group, The ENSG adj Dec O/V $19.71 $24.00 50.7 $1.27 $1.46 $1.61 13.5 12.2 $999.7 $8.32 Union Bankshares Corp. UBSH Dec O $22.20 $27.00 44.9 $1.49 $1.64 $1.70 13.5 13.1 $994.2 $22.23 Knowles Corp. KN pf Dec O/V $11.24 $17.00 88.5 $0.65 $0.85 $1.01 13.2 11.1 $994.1 $11.38 BMC Stock Holdings STCK op Dec O/V $15.00 $19.00 65.4 $0.50 $0.57 $0.89 26.3 16.9 $980.8 $5.85 Infoblox Inc. BLOX pf Jul O/V $16.25 $20.00 59.9 $0.38 $0.42 $0.52 38.7 31.3 $972.5 $4.84 Calavo Growers Inc. CVGW op Oct O $55.51 $65.00 17.4 $1.61 $2.25 NE 24.7 NM $964.9 $11.42 Stratasys Ltd. SSYS pf Dec E/V $18.28 $25.00 52.3 $2.30 $0.11 $0.45 NM 40.6 $951.1 $26.40 Laredo Petroleum, Inc. LPI op/cf Dec U $4.39 $3.00 213.8 $1.80 $1.23 $0.90 3.6 4.9 $938.4 $0.62 ServisFirst Bancshares, Inc. SFBS op Dec E $36.06 $42.00 25.9 $2.39 $2.72 $3.09 13.3 11.7 $936.6 $16.63

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COVERAGE LIST BY MARKET CAPITALIZATION

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS MARKET CAP $500 MILLION - $2 BILLION ESCO Technologies ESE pf Sep O $35.16 $44.00 25.8 $1.73 $1.97 $2.25 17.8 15.6 $908.0 $22.63 NxStage Medical, Inc. NXTM Dec O $14.09 $24.00 63.7 ($0.24) ($0.15) ($0.05) NM NM $902.8 $3.00 Atlas Air Worldwide Holdings AAWW op Dec E/V $36.58 $40.00 24.6 $5.01 $5.25 $5.20 7.0 7.0 $901.2 $60.39 First Merchants Corp. FRME Dec O $22.10 $27.00 40.6 $1.72 $1.95 $2.10 11.3 10.5 $897.8 $20.23 Abaxis, Inc. ABAX pf Mar E/V $39.58 $44.00 22.7 $0.93 $1.34 $1.45 29.5 27.3 $896.2 $10.24 Krispy Kreme Doughnuts KKD adj Jan O/V $14.19 $20.00 62.9 $0.70 $0.78 $0.90 18.2 15.8 $894.5 $3.99 U.S. Silica Holdings, Inc. SLCA op Dec E $16.23 $15.00 53.4 $2.44 $0.25 ($0.87) 64.9 NM $866.4 $7.45 Red Robin Gourmet Burgers RRGB adj Dec O $62.96 $75.00 13.9 $3.31 $3.60 $4.25 17.5 14.8 $858.1 $27.47 LendingTree, Inc. TREE adj Dec O/V $69.94 $130.00 12.4 $1.59 $2.79 $3.34 25.1 20.9 $858.0 $9.77 Mitel Networks Corp. MITL pf Dec O $7.10 $12.00 120.3 $0.92 $0.73 $0.70 9.7 10.1 $857.4 $4.97 Builders FirstSource, Inc. BLDR op Dec O/V $7.35 $14.00 109.3 $0.15 $0.31 $1.04 23.7 7.1 $854.6 $1.42 Ameris Bancorp ABCB op Dec O $26.40 $33.00 32.2 $1.42 $2.26 $2.57 11.7 10.3 $850.4 $15.60 Summit Materials LLC SUM op Dec O $17.07 $21.00 49.8 $0.76 $1.31 $1.64 13.0 10.4 $849.2 $5.29 LegacyTexas Financial Group LTXB op Dec E $17.62 $21.00 47.6 $1.55 $1.78 $1.92 9.9 9.2 $839.5 $16.64 Repligen Corp. RGEN pf Dec O/V $25.44 $42.00 32.9 $0.40 $0.44 NE 57.8 NM $838.1 $3.59 BNC Bancorp BNCN op Dec O $20.49 $26.00 40.8 $1.48 $1.68 $1.89 12.2 10.8 $835.5 $13.70 Denny's Corp. DENN adj Dec O $10.32 $12.00 80.6 $0.42 $0.47 $0.54 22.0 19.1 $831.2 ($0.09) U.S. Concrete, Inc. USCR op Dec O $56.02 $70.00 14.7 $2.21 $4.19 $3.79 13.4 14.8 $821.0 $8.39 Qualys, Inc. QLYS pf Dec E/V $23.94 $24.00 34.2 $0.70 $0.76 $0.89 31.5 26.9 $818.6 $5.32 MTS Systems Corp. MTSC Sep E/V $55.19 $55.00 14.8 $3.00 $3.17 $3.35 17.4 16.5 $814.7 $17.16 Stewart Information Services STC op Dec O/V $34.46 $44.00 23.4 $1.94 $3.21 $3.77 10.7 9.1 $804.3 $27.31 Hibbett Sports, Inc. HIBB Jan O $35.18 $57.00 23.7 $2.87 $2.85 $3.13 12.3 11.2 $801.6 $13.49 NCI Building Systems NCS op Oct O/V $10.83 $14.00 74.1 $0.43 $0.59 $0.74 18.4 14.6 $801.0 $3.70 Oasis Petroleum Inc. OAS op/cf Dec O/V $4.53 $8.00 180.6 $7.91 $5.12 $1.77 0.9 2.6 $795.1 $16.60 Vitamin Shoppe, Inc. VSI op Dec O $27.00 $40.00 29.1 $2.11 $2.25 $2.37 12.0 11.4 $786.3 $19.41 FNFV Group FNFV pf/cs Dec O/V $10.01 $12.50 75.8 $0.33 $0.06 $0.21 NM 47.7 $782.5 $13.38 Echo Global Logistics ECHO op Dec O $24.89 $31.00 30.9 $1.19 $1.35 $1.55 18.4 16.1 $770.2 $13.10 Wabash National Corp. WNC op Dec E $11.55 $13.00 66.5 $1.49 $1.50 $1.25 7.7 9.2 $768.0 $6.61 Andersons, The ANDE Dec E $26.62 $28.00 28.0 $1.36 $2.20 $2.70 12.1 9.9 $766.3 $27.99 Whiting Petroleum Corp. WLL op/cf Dec E $3.72 $7.00 204.1 $15.74 $4.92 $2.73 0.8 1.4 $759.4 $23.72 CallidusCloud CALD pf Dec O/V $13.49 $18.00 56.1 $0.20 $0.29 $0.45 46.5 30.0 $757.1 $2.26 Synergy Resources Corp. SYRG op/cf Aug E $6.00 $8.00 110.0 $1.21 $0.49 $0.71 12.2 8.5 $756.7 $4.64 Adeptus Health Inc. ADPT adj Dec O/V $52.17 $70.00 14.3 $1.37 $2.57 $3.25 20.3 16.1 $743.8 $4.33 ClubCorp Holdings, Inc. MYCC Dec O $11.38 $27.00 64.8 $0.15 ($0.04) $0.25 NM 45.5 $736.8 $2.78 Air Transport Services Group ATSG Dec E $11.53 $10.00 64.4 $0.55 $0.56 $0.66 20.6 17.5 $736.6 $5.76 American Railcar Industries ARII op Dec E $37.25 $35.00 19.9 $6.46 $5.30 $3.65 7.0 10.2 $733.2 $27.03

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COVERAGE LIST BY MARKET CAPITALIZATION

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS MARKET CAP $500 MILLION - $2 BILLION Gray Television, Inc. GTN Dec O/V $10.82 $22.00 66.1 $0.82 $0.54 $1.42 20.0 7.6 $715.3 $5.77 Rubicon Project, Inc. RUBI pf Dec O/V $16.08 $27.00 44.4 $1.11 $0.77 $1.03 20.9 15.6 $713.6 $4.96 Lakeland Financial Corp. LKFN Dec O $42.10 $46.00 16.6 $2.75 $2.93 $3.00 14.4 14.0 $696.6 $23.37 Ply Gem Holdings, Inc. PGEM op Dec O/V $10.21 $15.00 68.1 ($0.26) $0.50 $1.09 20.4 9.4 $695.3 ($1.19) State Bank Financial Corp. STBZ op Dec O $18.75 $22.00 37.1 $1.14 $1.17 $1.27 16.0 14.8 $695.2 $14.47 Sonic Automotive, Inc. SAH op Dec E $18.34 $22.00 37.8 $1.97 $2.11 $2.22 8.7 8.3 $692.9 $13.88 Installed Building Products IBP op Dec O/V $21.91 $28.00 31.4 $0.46 $0.82 $1.17 26.7 18.7 $687.2 $3.34 Yadkin Financial Corp. YDKN op Dec O $21.88 $26.00 31.1 $1.49 $1.59 $1.92 13.8 11.4 $679.9 $17.56 Continental Building Products CBPX op Dec E/V $16.30 $18.00 42.2 $0.84 $1.01 $1.17 16.1 13.9 $679.6 $7.07 Fortress Transportation and InfrastruFTAI op Dec O $8.94 $20.00 75.7 $0.39 $0.20 $0.55 44.7 16.3 $676.9 $15.79 Marketo, Inc. MKTO pf Dec O/V $15.53 $25.00 43.3 ($0.61) ($0.49) $0.01 NM NM $672.5 $2.31 Cincinnati Bell CBB pf Dec E $3.20 $3.75 209.9 $0.07 $0.03 ($0.02) NM NM $671.7 ($2.28) Greenbrier Companies GBX Aug E $23.44 $29.00 28.6 $6.10 $6.00 $3.50 3.9 6.7 $670.3 $26.99 Pacific Biosciences of California PACB pf Dec O/V $8.69 $12.00 80.0 ($0.72) ($0.96) ($0.96) NM NM $669.5 $0.55 City Holding Co. CHCO Dec E $43.73 NE 15.3 $3.53 $3.11 $3.20 14.1 13.7 $669.1 $27.34 Windstream Corp. WIN pf Dec E $6.61 $7.00 101.0 ($2.23) ($2.70) ($2.81) NM NM $667.9 $1.73 Rent-A-Center RCII adj Dec E $12.49 $12.00 53.1 $2.07 $1.90 $2.10 6.6 5.9 $662.8 $26.43 Barracuda Networks, Inc. CUDA pf Feb E/V $12.47 $15.00 53.2 $0.28 $0.35 $0.38 35.6 32.8 $662.2 ($0.50) Endologix, Inc. ELGX pf Dec O/V $8.02 $17.00 81.0 ($0.75) ($1.24) ($0.66) NM NM $652.9 $1.46 Saia, Inc. SAIA op Dec E $25.82 $26.00 25.1 $2.15 $1.60 $1.65 16.1 15.6 $649.0 $17.02 U.S. Physical Therapy USPH cs Dec E/V $50.96 $54.00 12.4 $1.71 $1.75 $1.95 29.1 26.1 $633.0 $12.80 Mistras Group, Inc. MG pf May E/V $21.75 $23.00 29.6 $0.58 $0.84 $0.96 25.9 22.7 $628.4 $8.72 Altra Industrial Motion Corp. AIMC op Dec E/V $23.84 $25.00 26.1 $1.64 $1.45 $1.72 16.4 13.9 $620.2 $9.59 LDR Holding Corp. LDRH Dec O/V $20.71 $37.00 29.2 ($0.57) ($0.95) $0.00 NM NM $605.0 $6.52 Community Trust Bancorp CTBI Dec E $33.77 NE 17.5 $2.66 $2.77 $2.90 12.2 11.6 $592.2 $27.12 Triangle Capital Corp. TCAP op Dec O $17.71 $25.00 33.5 $2.08 $2.14 $2.30 8.3 7.7 $590.1 $15.48 National Bank Holdings Corp. NBHC op Dec E $19.37 $21.00 30.3 $0.24 $0.86 $0.93 22.5 20.8 $588.1 $20.34 Zoe's Kitchen, Inc. ZOES adj Dec E/V $29.67 $32.00 19.4 $0.03 $0.07 $0.13 NM NM $575.1 $6.30 EXACT Sciences Corp. EXAS pf Dec E/V $5.87 $7.00 97.5 ($1.71) ($1.61) NE NM NM $565.5 $3.39 Green Plains Inc. GPRE op Dec E $14.62 $21.00 37.9 $0.18 $0.36 $1.05 40.6 13.9 $562.5 $21.05 RE/MAX Holdings Inc. RMAX adj Dec O/V $33.34 $43.00 12.3 $1.51 $1.61 $1.78 20.7 18.7 $561.4 $19.94 Raven Industries RAVN pf Jan E/V $15.35 $16.00 37.3 $0.86 $0.48 $0.62 32.0 24.8 $560.4 $7.83 Stock Yards Bancorp SYBT Dec E $37.36 NA 14.9 $2.49 $2.55 $2.65 14.7 14.1 $557.4 $18.90 Marten Transport, Ltd. MRTN op Dec O $16.57 $21.00 33.6 $1.00 $0.95 $1.00 17.4 16.6 $542.8 12..5 Fred's Inc. FRED adj Jan E/V $14.51 $15.00 37.4 ($0.17) $0.10 $0.30 NM 48.4 $541.9 $10.97 First Busey Corp. BUSE Dec O $18.82 $22.00 28.7 $1.32 $1.51 $1.75 12.5 10.8 $540.0 $12.95

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COVERAGE LIST BY MARKET CAPITALIZATION

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS MARKET CAP $500 MILLION - $2 BILLION Team, Inc. TISI pf May O/V $24.28 $40.00 21.8 $2.00 $1.78 $2.28 13.6 10.6 $530.2 $16.09 Bojangles', Inc. BOJA adj Dec E/V $14.68 $20.00 36.0 NA $0.81 $0.85 18.1 17.3 $527.8 $4.15 Planet Fitness PLNT op Dec E $14.42 $19.00 98.7 $0.38 $0.52 $0.60 27.7 24.0 $527.7 ($0.19) GTT Communications GTT pf Dec O $14.60 $28.00 35.6 ($0.61) $0.06 $0.57 NM 25.6 $520.3 $2.28 Martin Midstream Partners MMLP cf Dec E $14.57 $25.00 35.5 $2.91 $3.23 $3.28 4.5 4.4 $516.6 $11.83 Conn's, Inc. CONN op Jan E $15.97 $27.00 32.3 $1.69 $1.24 $1.82 12.9 8.8 $515.0 $18.35 Chuy's Holdings, Inc. CHUY adj Dec O $31.06 $36.00 16.5 $0.69 $0.88 $1.02 35.3 30.5 $511.8 $8.03 ArcBest Corp. ARCB op Dec E $19.70 $20.00 25.9 $1.79 $1.40 $1.75 14.1 11.3 $511.5 $22.77 Rush Enterprises, Inc. RUSHA Dec O $16.68 $22.00 30.3 $1.61 $1.20 $1.60 13.9 10.4 $505.5 $20.92

MARKET CAP < $500 MILLION Cerus Corp. CERS pf Dec O/V $5.10 $9.00 97.1 ($0.52) ($0.58) ($0.48) NM NM $495.4 $0.98 Independent Bank Group IBTX op Dec E $26.53 $34.00 17.1 $2.34 $2.76 $3.08 9.6 8.6 $488.1 $31.81 ShoreTel, Inc. SHOR pf Jun O $7.28 $12.00 65.6 $0.31 $0.25 $0.25 29.1 29.1 $485.5 $2.98 Varonis Systems, Inc. VRNS pf Dec O/V $18.12 $20.00 25.8 ($0.54) ($0.44) ($0.32) NM NM $472.5 $3.06 Capital Senior Living Corp. CSU cs Dec O/V $15.92 $30.00 29.5 $1.51 $1.64 $1.82 9.7 8.7 $469.9 $4.73 Movado Group MOV adj Jan E/V $28.63 $28.00 16.4 $1.14 $2.08 $2.31 13.8 12.4 $469.1 $19.01 FARO Technologies, Inc. FARO Dec O/V $26.95 $32.00 17.4 $0.74 $0.80 $1.25 33.7 21.6 $468.8 $19.89 Callon Petroleum Co. CPE op/cf Dec O/V $5.96 $9.00 80.1 $2.02 $1.32 $0.91 4.5 6.5 $466.8 $4.35 Matrix Service Co. MTRX pf Jun O/V $17.21 $23.00 27.3 $1.28 $1.51 $1.70 11.4 10.1 $463.4 $11.40 Carrols Restaurant Group TAST adj Dec O $12.75 $15.00 35.5 ($1.21) ($0.15) $0.21 NM 60.7 $456.8 $2.64 CrossAmerica Partners LP CAPL cf Dec O/V $21.04 $25.00 25.6 $2.25 $2.69 $2.71 7.8 7.8 $455.0 $8.60 Hanger Inc. HGR op Dec E/V $12.79 $24.00 35.3 $1.95 $1.62 $1.86 7.9 6.9 $451.4 $16.66 MainSource Financial Group MSFG Dec O $20.57 $25.00 21.6 $1.62 $1.81 $2.00 11.4 10.3 $443.9 $17.51 Natural Grocers by Vitamin Cottage NGVC op Sep O/V $19.64 $27.00 22.5 $0.72 $0.79 $0.98 24.9 20.0 $441.8 $5.13 EP Energy Corp. EPE op/cf Dec U $1.73 $1.00 248.8 $5.45 $3.34 $1.19 0.5 1.5 $429.0 $2.50 TubeMogul, Inc. TUBE Dec O/V $11.82 $20.00 34.6 ($0.29) ($0.55) ($0.52) NM NM $414.3 $3.51 Atwood Oceanics, Inc. ATW adj Sep O $6.21 $12.00 64.8 $7.71 $5.03 ($0.01) 1.2 NM $402.2 $46.07 TrueCar, Inc. TRUE adj Dec E/V $4.82 $7.00 82.7 ($0.13) ($0.21) ($0.18) NM NM $398.5 $2.94 Anchor BanCorp Wisconsin ABCW Dec E $41.06 NE 9.6 $3.66 $1.72 NE 23.9 NM $394.1 $37.49 Helix Energy Solutions Group HLX adj Dec O $3.61 $7.50 106.1 $1.76 $0.21 ($0.05) 17.2 NM $383.2 $15.77 Entercom Communications ETM adj Dec E $11.60 $12.00 32.5 $0.87 $0.97 $1.00 12.0 11.6 $377.2 $8.75 Intrawest Resorts Holdings SNOW Jun O/V $8.22 $16.00 45.2 ($0.15) $0.80 $0.09 10.3 91.3 $371.7 $3.84 OraSure Technologies, Inc. OSUR pf Dec E/V $6.54 $7.00 56.5 $0.17 $0.16 $0.24 40.9 27.3 $369.4 $2.82 Neogenomics Inc. NEO Dec O/V $6.06 $9.00 60.4 $0.03 $0.00 $0.10 NM 60.6 $367.3 $1.01 Flotek Industries FTK adj Dec O $6.76 $16.00 53.6 $0.01 ($0.08) $0.50 NM 13.5 $362.3 $5.50

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COVERAGE LIST BY MARKET CAPITALIZATION

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS MARKET CAP < $500 MILLION Del Frisco's Restaurant Group DFRG adj Dec O $15.40 $18.00 23.3 $0.83 $0.80 $0.92 19.3 16.7 $358.9 $9.31 Covenant Transportation Group CVTI op Dec O $22.06 $26.00 15.7 $1.89 $1.75 $2.00 12.6 11.0 $346.5 $10.75 TriState Capital Holdings TSC op Dec O $11.90 $15.00 28.0 $0.81 $0.96 $1.15 12.4 10.3 $337.8 $11.44 Fidelity Southern Corp. LION op Dec E $14.61 $17.00 23.1 $1.67 $1.50 $1.67 9.7 8.7 $337.6 $12.83 Bank Mutual Corp. BKMU Dec E $7.39 NE 45.5 $0.31 $0.35 $0.39 21.1 18.9 $335.8 $6.09 Stoneridge Inc. SRI op Dec E $11.88 $16.00 27.9 $0.52 $0.86 $1.05 13.8 11.3 $331.6 $3.07 TravelCenters of America TA adj Dec O/V $8.44 $16.00 38.4 $1.62 $1.04 $1.24 8.1 6.8 $324.1 $14.35 SciQuest, Inc. SQI pf Dec E/V $11.59 $13.00 27.8 $0.29 $0.33 $0.41 35.1 28.3 $322.8 $6.69 NN, Inc. NNBR op Dec E $11.67 $17.00 26.8 $1.28 $1.27 $1.60 9.2 7.3 $313.2 $12.81 Lumber Liquidators LL Dec E $11.39 $13.00 27.1 $2.31 ($1.63) ($0.28) NM NM $308.5 $10.93 Blue Nile NILE adj Dec O/V $26.48 $28.00 11.5 $0.90 $0.90 $1.10 29.4 24.1 $305.4 $1.01 World Acceptance Corp. WRLD adj Mar E $33.70 $38.00 8.9 $10.88 $9.73 $9.28 3.5 3.6 $300.7 $39.13 Southwest Bancorp, Inc. OKSB op Dec O $14.78 $17.00 20.1 $0.97 $1.07 $1.17 13.8 12.6 $297.6 $14.80 Tuesday Morning Corp. TUES adj Jun E/V $6.57 $6.00 44.4 $0.24 $0.08 $0.27 82.1 24.3 $291.4 $5.27 Horizon Bancorp HBNC Dec O $24.22 $29.00 11.9 $1.91 $2.43 $2.60 10.0 9.3 $289.2 $22.26 Park Sterling Corp. PSTB op Dec E $6.21 $7.00 44.9 $0.41 $0.42 $0.52 14.8 11.9 $278.5 $6.33 Habit Restaurants, Inc. HABT adj Dec O/V $19.83 $34.00 13.8 $0.19 $0.28 $0.33 70.8 60.1 $272.9 $2.84 EXCO Resources XCO op/cf Dec E $0.96 NE 282.1 $1.15 $0.43 ($0.04) 2.2 NM $271.4 ($2.12) Franklin Financial Network FSB op Dec E $25.62 $29.00 10.5 $1.52 $2.14 $2.88 12.0 8.9 $269.7 $16.88 Materialise NV MTLS € Dec E/V $5.67 $9.00 47.1 $0.06 ($0.10) ($0.01) NM NM $267.3 $1.81 Hawaiian Telcom Holdco HCOM pf Dec E $22.53 $29.00 11.5 $1.00 $0.72 $0.64 31.3 35.2 $258.3 $28.22 YRC Worldwide Inc. YRCW op Dec U/V $7.91 NE 47.8 ($7.38) ($3.25) ($2.64) NM NM $258.0 ($3.96) Celadon Group, Inc. CGI op Jun O $9.12 $14.00 27.9 $1.51 $1.25 $1.40 7.3 6.5 $254.2 $13.21 Hornbeck Offshore Services HOS adj Dec E $7.02 $6.00 35.8 $2.40 $1.05 ($0.35) 6.7 NM $251.7 $40.34 Capital City Bank Group CCBG op Dec E $14.53 $15.00 17.1 $0.53 $0.71 $0.86 20.5 16.9 $249.1 $15.96 World Point Terminals WPT cf Dec O $13.50 $18.00 34.9 $1.48 $1.53 $1.53 8.8 8.8 $248.1 $5.65 STAAR Surgical Co. STAA pf Dec O/V $6.20 $10.00 39.9 $0.02 ($0.01) $0.09 NM 68.9 $247.3 $0.99 Aerohive Networks, Inc. HIVE pf Dec E/V $4.97 $6.00 48.1 ($0.57) ($0.28) ($0.01) NM NM $243.6 $0.71 Addus HomeCare Corp. ADUS Dec O $21.75 $27.00 11.1 $1.14 $1.07 $1.33 20.3 16.4 $241.6 $12.40 National Commerce Corp. NCOM op Dec E $21.92 $24.00 10.8 $1.07 $1.47 $1.68 14.9 13.0 $237.3 $18.00 Trinity Biotech plc TRIB Dec O/V $9.78 $22.00 23.1 $0.72 $0.44 $0.48 22.2 20.4 $231.9 $8.89 Build-A-Bear Workshop BBW adj Dec E/V $13.95 $15.00 16.4 $1.16 $1.09 $1.21 12.8 11.5 $228.6 $6.07 Freshpet, Inc. FRPT op Dec E $6.69 $8.00 33.5 ($0.50) ($0.22) ($0.04) NM NM $224.2 $3.07 Allegiance Bancshares, Inc. ABTX op Dec O $17.42 $21.00 12.8 $1.49 $1.48 $1.71 11.8 10.2 $223.2 $19.96 PowerSecure International POWR pf Dec E/V $9.87 $18.75 22.5 ($0.31) $0.24 $0.55 41.1 17.9 $221.9 $7.19 TechTarget, Inc. TTGT adj Dec O/V $6.80 $10.00 32.3 $0.34 $0.40 $0.53 17.0 12.8 $219.7 $4.99

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COVERAGE LIST BY MARKET CAPITALIZATION

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS MARKET CAP < $500 MILLION American National Bankshares AMNB Dec E $24.83 NE 8.6 $1.73 $1.80 $1.90 13.8 13.1 $214.1 $22.76 DXP Enterprises DXPE Dec O/V $14.70 $26.00 14.4 $3.67 $1.64 $0.92 9.0 16.0 $211.7 $14.05 America's Car-Mart, Inc. CRMT Apr E $25.65 $28.00 8.5 $3.26 $1.87 $2.27 13.7 11.3 $210.9 $27.26 Green Plains Partners LP GPP cf Dec O $13.07 $22.00 31.8 $1.70 $1.95 $2.10 6.7 6.2 $207.8 $2.06 Great Lakes Dredge & Dock GLDD op Dec E/V $3.40 $4.00 60.7 ($0.14) ($0.01) $0.12 NM 28.3 $205.5 $4.17 Furmanite Corp. FRM pf Dec O/V $5.28 $10.00 37.9 $0.34 $0.34 $0.45 15.5 11.7 $200.8 $3.88 FreightCar America RAIL op Dec E $16.20 $18.00 12.3 $2.34 $1.55 $1.00 10.5 16.2 $199.7 $17.98 Avinger, Inc. AVGR Dec O/V $15.69 $23.00 12.6 ($8.41) ($4.37) ($3.14) NM NM $198.0 $2.12 Nobilis Health Corp. HLTH Dec O/V $2.63 $8.00 77.7 $0.07 $0.25 $0.16 10.5 16.4 $193.7 NA RTI Surgical, Inc. RTIX adj Dec E/V $3.31 $5.00 57.8 $0.20 $0.18 $0.25 18.4 13.2 $191.3 $3.09 Titan Machinery TITN Jan E/V $8.85 $11.00 21.6 ($0.09) ($0.03) $0.03 NM NM $190.9 $17.09 Garrison Capital Inc. GARS op Dec O $11.19 $17.00 16.8 $1.31 $1.75 $1.56 6.4 7.2 $187.5 $15.29 Avenue Financial Holdings AVNU op Dec E $17.96 $19.00 10.3 $0.69 $0.89 $1.08 20.2 16.6 $185.4 $8.75 Regional Management RM adj/cs Dec E $14.24 $18.00 12.9 $1.82 $2.14 $2.54 6.7 5.6 $183.9 $15.30 MutualFirst Financial Inc. MFSF Dec E $24.00 NE 7.4 $1.48 $1.62 $1.58 14.8 15.2 $178.1 $18.27 Equity Bancshares, Inc. EQBK Dec O $20.85 $25.00 7.2 $1.55 $1.47 $1.60 14.2 13.0 $171.2 $16.36 Your Community Bankshares YCB Dec O $31.59 $37.00 5.4 $2.29 $2.85 $2.95 11.1 10.7 $170.8 $22.84 Veracyte, Inc. VCYT Dec O/V $6.16 $14.00 27.7 ($1.36) ($1.30) ($1.20) NM NM $170.4 $2.36 Papa Murphy's Holdings FRSH adj Dec O $9.89 $16.00 17.0 $0.44 $0.44 $0.50 22.5 19.8 $167.6 $5.51 Sanchez Energy Corp. SN op/cf Dec E/V $2.68 $4.00 61.9 $7.86 $4.07 $2.99 0.7 0.9 $165.9 ($11.99) Capitala Finance Corp. CPTA op Dec E $10.49 $17.00 15.8 $1.54 $1.64 $1.84 6.4 5.7 $165.4 $17.95 USA Truck, Inc. USAK op Dec E $16.72 $16.00 10.1 $1.27 $0.90 $1.00 18.6 16.7 $163.2 $9.94 Blueknight Energy Partners BKEP op/cf Dec O $4.85 $8.00 33.0 $0.87 $1.09 $0.97 4.4 5.0 $160.1 ($2.74) Marchex, Inc. MCHX csh Dec E/V $4.30 $5.00 37.1 $0.25 $0.20 $0.13 21.5 33.1 $158.4 $4.39 Earthstone Energy, Inc. ESTE op/cf Mar O $11.43 $16.00 17.5 $2.97 $1.90 $1.39 6.0 8.2 $158.0 $22.89 Monroe Capital Corp. MRCC op Dec O $12.13 $17.00 12.9 $1.57 $1.61 $1.64 7.5 7.4 $156.0 $14.11 Parker Drilling PKD adj Dec E $1.24 $1.50 123.2 $0.32 ($0.34) ($0.82) NM NM $152.7 $4.92 BioScrip, Inc. BIOS adj Dec O/V $2.08 $3.25 68.8 ($1.30) ($0.34) ($0.11) NM NM $143.0 ($0.98) ExOne Company, The XONE Dec E/V $8.92 $10.00 14.5 ($1.52) ($1.81) ($0.92) NM NM $142.3 $6.33 Bel Fuse BELFB pf Dec O/V $14.47 $30.00 9.7 $1.60 $1.53 NE 9.5 NM $140.6 $19.53 Veritex Holdings, Inc. VBTX op Dec O $12.70 $16.00 10.7 $0.87 $1.03 $1.21 12.3 10.5 $136.0 $12.76 J. Alexander's Holdings JAX adj Dec O $9.01 $14.00 15.0 $0.38 $0.57 $0.67 15.8 13.4 $135.2 NA Rocket Fuel Inc. FUEL pf Dec E/V $3.13 $3.50 43.0 ($0.97) ($1.41) ($1.26) -2.2 -2.5 $134.7 $3.25 Genesis Healthcare, Inc. GEN adj Dec O/V $1.81 $3.00 73.6 $0.22 $0.21 $0.40 8.6 4.5 $133.2 ($1.12) C&J Energy Services, Inc. CJES adj Dec E $1.09 NE 120.4 $1.20 ($2.33) ($3.02) NM NM $131.3 $7.90 QuinStreet, Inc. QNST adj Jun E/V $2.84 $3.75 45.1 $0.05 $0.06 $0.28 47.3 10.1 $128.5 $2.90

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COVERAGE LIST BY MARKET CAPITALIZATION

Shares ANNUAL P/E P/E Market Ftnt. Rating/ 24-Feb Price Out. EARNINGS PER SHARE Ratio Ratio Cap Company Tkr Code FYE Volatility Price Target Mil. LFYA FY1E FY2E FY1E FY2E ($ Mil) BVPS MARKET CAP < $500 MILLION County Bancorp, Inc. ICBK Dec E $19.69 NE 5.8 $1.82 $1.70 $1.85 11.6 10.6 $113.6 $1.43 Consumer Portfolio Services CPSS adj Dec O/V $4.37 $7.00 25.9 $1.10 $1.04 $1.16 4.2 3.8 $113.3 $5.97 Community Bankers Trust ESXB Dec O $4.88 $6.00 21.9 ($0.12) $0.44 $0.50 11.1 9.8 $106.7 $4.71 Townsquare Media TSQ Dec O $10.10 $13.00 9.9 NA $0.44 $1.19 23.0 8.5 $100.4 $20.20 Stellus Capital Investment SCM op Dec E $7.88 $13.00 12.5 $1.34 $1.26 $1.35 6.3 5.8 $98.3 $14.01 Orion Marine Group ORN Dec O/V $3.49 $6.50 27.3 $0.25 ($0.32) $0.34 NM 10.3 $95.2 $8.28 Abraxas Petroleum Corp. AXAS op/cf Dec O/V $0.87 $2.00 106.2 $0.81 $0.42 $0.34 2.1 2.6 $92.5 $1.42 Pioneer Energy Services PES adj Dec E $1.23 $1.50 64.5 $0.30 ($0.78) ($1.31) NM NM $79.3 $6.03 Basic Energy Services BAS adj Dec E $1.88 NE 42.6 $0.45 ($4.43) ($5.21) NM NM $79.3 $3.75 MidSouth Bancorp, Inc. MSL op Dec E $6.98 $7.00 11.4 $0.85 $0.48 $0.69 14.5 10.1 $79.3 $15.21 Voxeljet AG VJET €/adj Dec O/V $4.25 $6.00 18.6 ($1.22) ($2.88) ($1.05) NM NM $79.1 $3.44 JP Energy Partners LP JPEP cf Dec O $4.06 $8.00 36.6 $0.46 $1.04 $1.15 3.9 3.5 $75.0 $15.29 Halcon Resources HK op/cf Dec E $0.44 NE 590.2 $1.28 $0.67 $1.91 0.7 0.2 $53.4 $3.91 Good Times Restaurants GTIM adj Sep O/V $4.28 $8.00 12.3 ($0.07) ($0.14) $0.05 NM 85.6 $52.5 $2.99 Key Energy Services KEG adj Dec E $0.22 NE 157.6 ($0.37) ($1.19) ($1.06) NM NM $34.7 $1.86 PetroQuest Energy, Inc. PQ op/cf Dec E $0.45 NE 66.0 $1.91 $0.29 ($0.29) 1.6 NM $31.6 ($1.48) TearLab Corp. TEAR pf Dec O/V $0.84 $5.00 33.7 ($0.74) ($0.91) ($0.79) NM NM $28.3 $0.10 Seventy Seven Energy SSE adj Dec E $0.38 NE 56.9 $0.40 ($3.33) ($4.13) NM NM $22.8 $2.99 Aeropostale, Inc. ARO adj Jan E/V $0.19 $0.50 80.0 ($1.42) ($1.54) ($0.84) NM NM $15.3 ($0.20)

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 78

MLP AND REIT COMPANY RISKS

BKEP Company Risks

BKEP may not have sufficient cash from operations following the establishment of cash reserves and payment of fees and expenses, including cost reimbursements to the General Partner, to enable them to make cash distributions to holders of their units at the current distribution rate.

BKEP’s cash available for distributions to unitholders could be negatively impacted if they are unable to extend existing storage contracts or enter into new storage contracts at the Cushing terminal.

BKEP depends on certain key customers for a portion of its revenues and are exposed to credit risks of these customers. The loss of or material nonpayment or nonperformance by any of these key customers could adversely affect cash flow and results of operations.

BKEP is exposed to the credit risks of its third-party customers in the ordinary course of gathering activities. Any material nonpayment or nonperformance by third-party customers could reduce BKEPs ability to make distributions to its unitholders.

The amount of cash BKEP has available for distribution to holders of its units depends primarily on BKEP’s cash flow and not solely on earnings reflected in its financial statements. Consequently, even if BKEP is profitable and is otherwise able to pay distributions, they may not be able to make cash distributions to holders of units.

BKEP’s debt levels under the credit agreement may limit their ability to make distributions and flexibility in obtaining additional financing and in pursuing other business opportunities.

BKEP may not be able to raise sufficient capital to grow their business.

If BKEP borrows funds to make any permitted quarterly distributions, the ability to pursue acquisitions and other business opportunities may be limited and BKEP’s operations may be materially and adversely affected.

BKEP is indirectly exposed to commodity price volatility.

BKEP’s revenues from third-party customers are generated under contracts that must be renegotiated periodically and that allow the customer to reduce or suspend performance in some circumstances, which could cause revenues from those contracts to decline and reduce the ability to make distributions to BKEP’s unitholders.

Certain of BKEP’s asphalt services contracts have short terms, and certain leases relating to the asphalt operations may be terminated upon short notice. BKEP is not fully insured against all risks incident to its business and could incur substantial liabilities as a result.

A significant decrease in demand for crude oil and/or finished asphalt products in the areas served by BKEP storage facilities and pipelines could reduce the ability to make distributions to BKEP’s unitholders.

A material decrease in the production of crude oil from the oil fields served by BKEP pipelines could materially reduce the ability to make distributions to BKEP’s unitholders.

A material decrease in the production of liquid asphalt cement could materially reduce BKEP’s ability to make distributions to unitholders. BKEP faces intense competition in gathering, transportation, terminalling and storage activities. Competition from other providers of crude oil gathering, transportation, terminalling and storage services that are able to supply BKEP’s customers with those services at a lower price could reduce BKEP’s ability to make distributions to its unitholders.

Some of BKEP’s pipeline systems are dependent upon interconnections with other crude oil pipelines to reach end markets.

If BKEP is unable to make acquisitions on economically acceptable terms, BKEP’s future growth may be limited.

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MLP AND REIT COMPANY RISKS

If BKEP acquires assets that are distinct and separate from existing terminalling, storage, gathering and transportation operations, it could subject them to additional business and operating risks.

Expanding BKEP’s business by constructing new assets subjects them to risks that projects may not be completed on schedule and that the costs associated with projects may exceed their expectations, which could cause the cash available for distribution to BKEP’s unitholders to be less than anticipated.

BKEP may incur significant costs and liabilities as a result of pipeline integrity management program testing and any necessary pipeline repair, or preventative or remedial measures, which could have a material adverse effect on BKEP’s results of operations.

BKEP may be subject to significant costs related to environmental investigations and/or remediation activities at its asphalt facilities.

BKEP’s operations are subject to environmental and worker safety laws and regulations that may expose them to significant costs and liabilities. Failure to comply with these laws and regulations could adversely affect the ability to make distributions to BKEP’s unitholders.

Adoption of legislation and regulatory measures targeting greenhouse gas (GHG) emissions could affect BKEP’s operations, expose them to significant costs and liabilities, and reduce demand for the products they transport.

BKEP’s business involves many hazards and operational risks, including adverse weather conditions, which could cause them to incur substantial liabilities. BKEP does not own all of the land on which BKEP’s pipelines and facilities are located, which could disrupt their operations.

BKEP could experience increased severity or frequency of accidents and other claims.

Changes in trucking regulations may increase BKEP’s costs and negatively impact the results of operations.

Terrorist or cyber-attacks and threats, escalation of military activity in response to these attacks or acts of war could have a material adverse effect on BKEP’s business, financial condition or results of operations.

Vitol and Charlesbank control BKEP’s General Partner, which has sole responsibility for conducting BKEP business and managing their operations. BKEP’s General Partner has conflicts of interest with them and limited fiduciary duties, which may permit it to favor its own interests to the detriment of BKEP’s unitholders.

BKEP’s partnership agreement limits their General Partner’s fiduciary duties to holders of BKEP’s units and restricts the remedies available to holders of their units for actions taken by BKEP’s General Partner that might otherwise constitute breaches of fiduciary duty.

Vitol and Charlesbank may compete with BKEP, which could adversely affect BKEP’s existing business and limit their ability to acquire additional assets or businesses.

Cost reimbursements due to BKEP’s General Partner and its affiliates for services provided, which are determined by BKEP’s General Partner, may be substantial and will reduce their cash available for distribution to unitholders.

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 80

MLP AND REIT COMPANY RISKS

COR Company Risks

Any of the following risks could materially and adversely affect our business, results of operations or financial condition. The risks and uncertainties described below are those that we currently believe may materially affect our company. Additional risks and uncertainties of which we are unaware or that we currently deem immaterial also may become important factors that affect our company.

Global economic conditions could adversely affect our liquidity and financial condition.

General economic conditions and the cost and availability of capital may be adversely affected in some or all of the markets in which we own properties and conduct our operations. Turbulence in the U.S., European and other international financial markets and economies may adversely affect our ability, and the ability of our tenants, to replace or renew maturing liabilities on a timely basis, access the capital markets to meet liquidity and capital expenditure requirements and may result in adverse effects on our, and our tenants', financial condition and results of operations.

In addition, our access to funds under our revolving credit facility and other lines of credit we may enter into depend on the ability of the lenders that are parties to such facilities to meet their funding commitments to us. We cannot assure you that long-term disruptions in the global economy and the return of tighter credit conditions among, and potential failures or nationalizations of, third party financial institutions as a result of such disruptions will not have an adverse effect on our lenders. If our lenders are not able to meet their funding commitments to us, our business, results of operation, cash flows and financial condition could be adversely affected.

If we do not have sufficient cash flow to continue operating our business and are unable to borrow additional funds, access our existing lines of credit or raise equity or debt capital, we may need to find alternative ways to increase our liquidity. Such alternatives may include, without limitation, curtailing development activity, disposing of one or more of our properties possibly on disadvantageous terms or entering into or renewing leases on less favorable terms than we otherwise would.

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 81

MLP AND REIT COMPANY RISKS

CAPL Company Risks We may not have sufficient cash from operations to enable us to pay the minimum quarterly distribution following establishment of cash reserves and payment of fees and expenses.

We may not have sufficient cash each quarter to pay the minimum quarterly distribution of at least $0.4375 per unit, or $1.75 per unit per year. The minimum quarterly distribution is an amount that must be paid to holders of our common units, including any arrearages, before any distributions may be made to holders of our subordinated units, to the extent that any distributions are made.

The amount of cash we can distribute on our units principally depends upon the amount of cash we generate from our operations, which will fluctuate from quarter to quarter based on, among other things: Demand for motor fuel products in the markets we serve, including seasonal fluctuations, and the margin per gallon we earn selling and distributing motor fuel; The industries in which we operate are subject to seasonal trends, which may cause our operating costs to fluctuate, affecting our earnings; Severe storms could adversely affect our business by damaging our suppliers’ operations or lowering our sales volumes; Competition from other companies that sell motor fuel products or operate convenience stores in our targeted market areas; The inability to identify and acquire suitable sites or to negotiate acceptable leases for such sites; The potential inability to obtain adequate financing to fund our expansion; The level of our operating costs, including payments to CST; Prevailing economic conditions Regulatory actions affecting the supply of or demand for motor fuel, our operations, our existing contracts or our operating costs; and Volatility of prices for motor fuel. In addition, the actual amount of cash we will have available for distribution will depend on other factors such as: The level of capital expenditures we make; The restrictions contained in our credit agreements; Our debt service requirements; The cost of acquisitions; Fluctuations in our working capital needs; Our ability to borrow under our credit agreements to make distributions to our unitholders; and

The amount, if any, of cash reserves established by our General Partner in its discretion. We do not have a legal obligation to pay quarterly distributions at our minimum quarterly distribution rate or at any other rate. There is no guarantee that we will distribute quarterly cash distributions to our unitholders in any quarter. See “Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities—Cash Distribution Policy”.

The amount of cash we have available for distribution to unitholders depends primarily on our cash flow rather than on our profitability, which may prevent us from making cash distributions, even during periods when we record net income.

The amount of cash we have available for distribution depends primarily on our cash flow, and not solely on profitability, which will be affected by non-cash items. As a result, we may make cash distributions during periods when we record losses for financial accounting purposes and may not make cash distributions during periods when we record net income for financial accounting purposes.

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 82

MLP AND REIT COMPANY RISKS

CONE Company Risks

A small number of customers account for a significant portion of our revenue. The loss or significant reduction in business from one or more of our large customers could significantly harm our business, financial condition and results of operations, and impact the amount of cash available for distribution to our stockholders. A significant percentage of our customer leases expire each year or are on a month-to-month basis, and many of our leases contain early termination provisions. If leases with our customers are not renewed on the same or more favorable terms or are terminated early by our customers, our business, financial condition and results of We generate a substantial portion of our revenue by servicing a limited geographic area, which makes us more susceptible to regional economic downturns. Even if we have additional space available for lease at any one of our data centers, our ability to meet existing customer requirements or lease this space to existing or We do not own all of the buildings in which our data centers are located. Instead, we lease or sublease certain of our data center spaces and the ability to retain these leases or subleases could be a significant risk to our ongoing operations. Any losses to our properties that are not covered by insurance, or that exceed our coverage limits, could adversely affect our business, financial condition and results of operations. Our growth depends on the development of our properties and our ability to successfully lease those properties, and any delays or unexpected costs associated with such projects or the ability to lease such properties may harm our growth prospects, future business, financial condition and results of operations. We are dependent upon third-party suppliers for power and certain other services, and we are vulnerable to service failures of our third-party suppliers and to price increases by such suppliers. We depend on third parties to provide network connectivity to the customers in our data centers, and any delays or disruptions in connectivity may adversely affect our business, financial condition and results of operations. The loss of access to key third-party technical service providers and suppliers could adversely affect our current and any future development projects. The long sales cycle for data center services may adversely affect our business, financial condition and results of operations. Our international activities are subject to special risks different from those faced by us in the United States, and we may not be able to effectively manage our international business. We may be unable to identify and complete acquisitions and successfully operate acquired properties. Our customers may choose to develop or relocate into new data centers or expand their own existing data centers, which could result in the loss of one or more key customers or reduce demand for our newly developed data centers. A decrease in the demand for data center space could adversely affect our business, financial condition and results of operations. We may have difficulty managing our growth. To fund our growth strategy and refinance our indebtedness, we depend on external sources of capital, which may not be available to us on commercially reasonable terms or at all. Level of indebtedness and debt service obligations could have adverse effects on our business. The agreements governing our indebtedness place restrictions on us and our subsidiaries, reducing operational flexibility and creating default risks. We may become subject to litigation or threatened litigation which may divert management time and attention, require us to pay damages and expenses or restrict the operation of our business. We could incur significant costs related to environmental matters. We may incur significant costs complying with the Americans with Disabilities Act, or ADA, and similar laws, which could materially adversely affect our financial condition and operating results. We may be adversely affected by regulations related to climate change.

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 83

MLP AND REIT COMPANY RISKS

We may be subject to unknown or contingent liabilities related to properties or businesses that we acquire for which we may have limited or no recourse against the sellers. We have limited operating history as a REIT or an independent public company, and our inexperience may impede our ability to successfully manage our business or implement effective internal controls. Our failure to successfully implement our new information technology system could adversely affect our business. We face significant competition and may be unable to lease vacant space, renew existing leases or re-lease space as leases expire, which may adversely affect our business, financial condition and results of operations. The loss of any of our key personnel, including our executive officers or key sales associates, could adversely affect our business, financial condition and results of operations. Our data center infrastructure may become obsolete, and we may not be able to upgrade our power and cooling systems cost-effectively, or at all. Declining real estate valuations and impairment charges could adversely affect our earnings and financial condition. Any failure of the National IX Platform could lead to significant costs and disruptions that could reduce our revenue and harm our business reputation and financial results. Risks Related to the Real Estate Industry Our performance and value are subject to risks associated with real estate assets and with the real estate industry. Illiquidity of real estate investments, particularly our data centers, could significantly impede our ability to respond to adverse changes in the performance of our properties, which could harm our financial condition. Our rights and the rights of our stockholders to take action against our directors and officers are limited. Conflicts of interest exist or could arise in the future with our operating partnership or its partners. As of December 31, 2014, CBI owned 4.9% of our outstanding shares of common stock and 40.8% of our operating partnership units and has the right to nominate a Our charter and bylaws and the partnership agreement of our operating partnership contain provisions that may delay, defer or prevent an acquisition of our common stock or a change in control. Certain provisions of Maryland law may limit the ability of a third-party to acquire control of us. We assumed liabilities in connection with the formation transactions, including unknown liabilities. If we fail to remain qualified as a REIT, we will be subject to U.S. federal income tax as a regular corporation and could face a substantial tax liability, which would reduce the amount of cash available for distribution to our stockholders. Qualifying as a REIT involves highly technical and complex provisions of the Code. Dividends payable by REITs do not qualify for the reduced tax rates available for some dividends. REIT distribution requirements could adversely affect our ability to execute our business plan. Complying with REIT requirements may cause us to liquidate or forgo otherwise attractive opportunities. Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities. CBI may in the future acquire a significant percentage of our stock, which may result in a penalty tax if it causes certain rents we receive to be non-qualifying rents for purposes of the REIT requirements. Legislative or other actions affecting REITs could have a negative effect on us. Our cash available for distribution to stockholders may not be sufficient to make distributions at expected levels, and we may need to borrow in order to make such distributions; consequently, we may not be able to make such distributions in full. Future offerings of debt, which would be senior to our common stock upon liquidation, and/or preferred equity securities which may be senior to our common stock for purposes of distributions or upon liquidation, may adversely affect the market price of our common stock. Increases in market interest rates may cause potential investors to seek higher dividend yields and therefore reduce demand for our common stock and result in a decline in our stock price. The number of shares available for future sale could adversely affect the market price of our common stock. The market price and trading volume of our common stock may be volatile. Our earnings and cash distributions will affect the market price of shares of our common stock.

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 84

MLP AND REIT COMPANY RISKS

CSAL Company Risks

The Spin-Off and the related transactions pose a number of risks, including:

We may be unable to achieve some or all of the benefits that we expect to achieve from the Spin-Off;

If the Spin-Off were to fail to qualify as a tax-free transaction for U.S. federal income tax purposes, Windstream, Windstream Holdings’ shareholders and we could be subject to significant tax liabilities and, in certain circumstances, we could be required to indemnify Windstream for material taxes pursuant to indemnification obligations under the Tax Matters Agreement that we will enter into with Windstream;

Our agreements with Windstream may not reflect terms that would have resulted from negotiations with unaffiliated third parties;

The historical and pro forma financial information included in this information statement may not be a reliable indicator of future results;

The Spin-Off could give rise to disputes or other unfavorable effects, which could materially and adversely affect our business, financial position or results of operation;

If we do not qualify as a REIT, or fail to remain qualified as a REIT, we will be subject to U.S. federal income tax as a regular corporation and could face a substantial tax liability, which would reduce the amount of cash available for distribution to our shareholders;

Complying with the REIT requirements may cause us to forego otherwise attractive acquisition opportunities or liquidate otherwise attractive investments;

We will be dependent on Windstream Holdings to make payments to us under the Master Lease, and an event that materially and adversely affects Windstream’s business, financial position or results of operations could materially and adversely affect our business, financial position or results of operation;

Our level of indebtedness could materially and adversely affect our financial position, including reducing funds available for other business purposes and reducing operational flexibility, and we may have future capital needs and may not be able to obtain additional financing on acceptable terms;

Covenants in our debt agreements may limit our operational flexibility, and a covenant breach or default could materially and adversely affect our business, financial position or results of operations; and

Our business is subject to government regulations and changes in current or future laws or regulations could restrict our ability to operate our business in the manner currently contemplated.

These and other risks related to the Spin-Off and our business are discussed in greater detail under the heading “Risk Factors” in this information statement. You should read and consider all of these risks carefully.

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 85

MLP AND REIT COMPANY RISKS

EQIX Company Risks

We may not qualify or remain qualified as a REIT. As a REIT, failure to make required distributions would subject us to federal corporate income tax. We may be required to borrow funds or raise equity to satisfy our REIT distribution requirements. Legislative or other actions affecting REITs could have a negative effect on us or our stockholders. Complying with REIT requirements may limit our flexibility or cause us to forego otherwise attractive opportunities. There are uncertainties relating to our estimate of our 2015 Special Distributions and the expected value of the deemed distributions associated with the 2015 Conversion Rate Adjustments, as well as the percentage of common stock and cash we may distribute in the 2015 Special Distributions. As a REIT, we are limited in our ability to fund distribution payments using cash generated through our TRSs. Our planned extensive use of TRSs, including for certain of our international operations, may cause us to fail to qualify as a REIT. Our cash distributions are not guaranteed and may fluctuate. Even if we qualify as a REIT, some of our business activities are subject to corporate level income tax and foreign taxes, which will continue to reduce our cash flows, and we will have potential deferred and contingent tax liabilities. Restrictive loan covenants could prevent us from satisfying REIT distribution requirements. Complying with REIT requirements may limit our ability to hedge effectively and increase the cost of our hedging and may cause us to incur tax liabilities. We have limited experience operating as a REIT, which may adversely affect our financial condition, results of operations, cash flow, per share trading price of our common stock and ability to forecast dividends. Distributions payable by REITs generally do not qualify for preferential tax rates. Our certificate of incorporation contains restrictions on the ownership and transfer of our stock, though they may not be successful in preserving our REIT status. Acquisitions present many risks, and we may not realize the financial or strategic goals that were contemplated at the time of any transaction. Our substantial debt could adversely affect our cash flows and limit our flexibility to raise additional capital. Global economic uncertainty and debt issues could adversely impact our business and financial condition. The market price of our stock may continue to be highly volatile, and the value of an investment in our common stock may decline. If we are not able to generate sufficient operating cash flows or obtain external financing, our ability to fund incremental expansion plans may be limited. Fluctuations in foreign currency exchange rates in the markets in which we operate internationally could harm our results of operations. Changes in U.S. or foreign tax laws, regulations, or interpretations thereof, including changes to tax rates, may adversely affect our financial statements and cash taxes. We are continuing to invest in our expansion efforts but may not have sufficient customer demand in the future to realize expected returns on these investments. Our offerings have a long sales cycle that may harm our revenues and operating results. Any failure of our physical infrastructure or offerings could lead to significant costs and disruptions that could reduce our revenue and harm our business reputation and financial results. We are currently making significant investments in our back office information technology systems, including those surrounding the customer experience from initial quote to customer billing, and upgrading our worldwide financial application suite. Difficulties, distractions or disruptions to these efforts may interrupt our normal operations and adversely affect our business and operating results. The insurance coverage that we purchase may prove to be inadequate. Our construction of additional new IBX data centers or IBX data center expansions could involve significant risks to our business. Environmental regulations may impose upon us new or unexpected costs. If we are unable to recruit or retain qualified personnel, our business could be harmed. We may not be able to compete successfully against current and future competitors. Our business could be harmed by prolonged power outages or shortages, increased costs of energy or general lack of availability of electrical resources. If our internal controls are found to be ineffective, our financial results or our stock price may be adversely affected.

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 86

MLP AND REIT COMPANY RISKS

If we cannot effectively manage our international operations, and successfully implement our international expansion plans, our revenues may not increase and our business and results of operations would be harmed. Economic uncertainty in developing markets could adversely affect our revenue and earnings. The use of high power density equipment may limit our ability to fully utilize our older IBX data centers. We expect our operating results to fluctuate. Our days sales outstanding (DSO) of our accounts receivables have been increasing. We may incur goodwill and other intangible asset impairment charges, or impairment charges to our property, plant and equipment, which could result in a significant reduction to our earnings. We have incurred substantial losses in the past and may incur additional losses in the future. The failure to obtain favorable terms when we renew our IBX data center leases, or the failure to renew such leases, could harm our business and results of operations. We depend on a number of third parties to provide Internet connectivity to our IBX data centers; if connectivity is interrupted or terminated, our operating results and cash flow could be materially and adversely affected. We may be vulnerable to security breaches which could disrupt our operations and have a material adverse effect on our financial performance and operating results. We have government customers, which subjects us to risks including early termination, audits, investigations, sanctions and penalties. Because we depend on the development and growth of a balanced customer base, including key magnet customers, failure to attract, grow and retain this base of customers could harm our business and operating results. We may be subject to securities class action and other litigation, which may harm our business and results of operations. We may not be able to protect our intellectual property rights. Government regulation may adversely affect our business. Industry consolidation may have a negative impact on our business model. Terrorist activity throughout the world and military action to counter terrorism could adversely impact our business. We have various mechanisms in place that may discourage takeover attempts.

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 87

MLP AND REIT COMPANY RISKS

GARS Company Risks We have a limited operating history as a business development company. The lack of experience of our Investment Adviser in operating under the constraints imposed on us as a business development company and RIC may hinder the achievement of our investment objectives. We depend upon key personnel of Garrison Investment Group and its affiliates. If our Investment Adviser is unable to manage our investments effectively, we may be unable to achieve our investment objective. The highly competitive market for investment opportunities in which we operate may limit our investment opportunities. Global capital markets could enter a period of severe disruption and instability. These conditions have historically affected and could again materially and adversely affect debt and equity capital markets in the United States and around the world and our business. We have elected to be treated as a RIC and intend to qualify annually for such treatment. If we are unable to qualify as a RIC, we will be subject to corporate- level income tax. Our returns will be reduced by any U.S. corporate income tax that our subsidiaries pay. Non-U.S. stockholders may be adversely affected by a scheduled change in U.S. federal income tax law. We may have difficulty paying our required distributions if we recognize income before or without receiving cash representing such income. Regulations governing our operation as a business development company, including those related to the issuance of senior securities, will affect our ability to, and the way in which we, raise additional debt or equity capital. Our strategy involves a high degree of leverage. We intend to continue to finance our investments with borrowed money, which will magnify the potential for gain or loss on amounts invested and may increase the risk of investing in us. The risks of investment in a highly leverage fund include volatility and possible distribution restrictions. Any failure on our part to maintain our status as a business development company would reduce our operating flexibility. Because we expect to distribute substantially all of our ordinary income and net realized capital gains to our stockholders, we will need additional capital to finance our growth and such capital may not be available on favorable terms, or at all. We are subject to risks associated with the CLO. The Retained Notes are subordinated obligations of the CLO. The Retained Notes are a highly leveraged investment. The interests of investors in certain of the Class A Notes and Class B Notes may not be aligned with our interests, and we may have no control over remedies. CLO may fail to meet certain asset coverage tests, which would have an adverse effect on the time of payments to us. Restructurings of investments held by the CLO may decrease their value and reduce amounts payable on the Retained Notes. We may not receive cash from the CLO. The CLO depends on the managerial expertise available to the collateral manager and its key personnel. Our ability to transfer the Retained Notes is limited. We may not be able to redeem the Secured Notes prior to September 25, 2015. The holders of the Class A-1R Notes may fail to advance funds to us as required. The CLO may be required to redeem the Secured Notes upon the occurrence of certain tax events. Failure of a court to enforce certain non-petition obligations may adversely affect us. The CLO is subject to various conflicts of interest involving Deutsche Bank Trust Company Americas. Since we are using debt to finance our investments, and we may use additional debt financing going forward, changes in interest rates may affect our cost of capital and net investment income. We are subject to risks associated with the GLC Trust 2013-2 Notes. We may not receive cash from GLC Trust 2013-2. We may not replicate the historical results achieved by other entities managed or sponsored by members of our investment committee or by Garrison Investment Group or its affiliates. There are significant potential conflicts of interest that could affect our investment returns. There may be conflicts related to obligations our investment committee, our Investment Adviser or its affiliates have to other clients.

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 88

MLP AND REIT COMPANY RISKS

Our investment committee, our Investment Adviser or its affiliates may, from time to time, possess material non-public information, limiting our investment discretion. Our incentive fee structure may create incentives for our Investment Adviser that are not fully aligned with the interests of our stockholders and may induce our Investment Adviser to make speculative investments. The valuation process for certain of our portfolio holdings creates a conflict of interest. We have conflicts related to other arrangements with our Investment Adviser or its affiliates. The Investment Advisory Agreement with Garrison Capital Advisers, the Administration Agreement with Garrison Capital Administrator and the sub-collateral management agreement between GF 2013-2 Manager and Garrison Capital Advisers were not negotiated on an arm’s length basis and may not be as favorable to us as if they had been negotiated with an unaffiliated third party. Our Investment Adviser may be paid incentive compensation even if we incur a net loss, and we cannot recover any portion of the incentive fee previously paid. We will be exposed to risks associated with changes in interest rates. Our portfolio investments will be recorded at fair value as determined in good faith by our board of directors. As a result, there will be uncertainty as to the value of our portfolio investments. The lack of liquidity in our investments may adversely affect our business. We may experience fluctuations in our quarterly results. Changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy. We may expose ourselves to risks if we engage in hedging transactions. Our board of directors may change our investment objective, operating policies and strategies without prior notice or stockholder approval. We are highly dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect the market price of our common stock and our ability to pay dividends and other distributions. We may not be approved for an SBIC license. Our investments may be risky, and you could lose all or part of your investment. We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we are not limited with respect to the proportion of our assets that may be invested in securities of a single issuer. Our portfolio may be concentrated in a limited number of portfolio companies and industries, which would subject us to a risk of significant loss if any of these companies defaults on its obligations under any of its debt instruments or if there is a downturn in a particular industry. We may hold the debt securities and loans of leveraged companies that may, due to the significant volatility of such companies, enter into bankruptcy proceedings. Our portfolio companies may be unable to repay or refinance outstanding principal on their loans at or prior to maturity, and rising interests rates may make it more difficult for portfolio companies to make periodic payments on their loans. Economic recessions or downturns could impair our portfolio companies and harm our operating results. We may be subject to risks associated with syndicated loans. We are subject to risks associated with unsecured consumer loans. Unsecured consumer loans are not secured by any collateral or guaranteed or insured by any third party, and we must rely on our third party servicer(s) to pursue collection against any borrower. We may acquire consumer loans from borrowers who have tarnished credit ratings or limited credit history, are considered higher than average credit risks, and may present a higher risk of loan delinquency or default. We do not have significant historical performance data about performance on the consumer loans. Loss rates on the consumer loans may increase. Loss rates on the consumer loans may increase as a result of economic conditions beyond our control and beyond the control of the borrower. We may not realize gains from our equity investments. Our failure to make follow-on investments in our portfolio companies could impair the value of our portfolio, and our ability to make follow-on investments in certain portfolio companies may be restricted.

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 89

MLP AND REIT COMPANY RISKS

Because we generally do not hold controlling equity interests in our portfolio companies, we will not be in a position to exercise control over our portfolio companies or to prevent decisions by management of our portfolio companies that could decrease the value of our investments. Defaults by our portfolio companies will harm our operating results. Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies. Our Investment Adviser’s liability is limited under the Investment Advisory Agreement and the sub-collateral management agreement, and we have agreed to indemnify our Investment Adviser against certain liabilities, which may lead our Investment Adviser to act in a riskier manner on our behalf than it would when acting for its own account. Our portfolio companies may prepay loans, which prepayment may reduce our yields if capital returned cannot be invested in transactions with equal or greater expected yields. The disposition of our investments may result in contingent liabilities. Provisions of the General Corporation Law of the State of Delaware and our certificate of incorporation and bylaws could deter takeover attempts and have an adverse effect on the price of our common stock and the rights of our common stockholders. Our Investment Adviser can resign on 60 days’ notice, and we may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations. Our Administrator can resign on 60 days’ notice, and we may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations. Investments in securities of foreign companies, if any, may involve significant risks in addition to the risks inherent in U.S. investments. We incur significant costs as a result of being a publicly traded company. We are an “emerging growth company,” and we do not know if such status will make our common stock less attractive to investors. Efforts to comply with Section 404 of the Sarbanes-Oxley Act will involve significant expenditures, and non-compliance with Section 404 of the Sarbanes- Oxley Act may adversely affect us and the market price of our common stock. Investing in our common stock may involve an above average degree of risk. Shares of closed-end investment companies, including business development companies, often trade at a discount to their net asset value. There is a risk that investors in our equity securities may not receive distributions or that our distributions may not grow over time and a portion of our distributions may be a return of capital. The market price of our securities may fluctuate significantly. Our stockholders could experience dilution in their ownership percentage if they do not participate in our dividend reinvestment plan. Sales of substantial amounts of our common stock in the public market may have an adverse effect on the market price of our common stock.

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 90

MLP AND REIT COMPANY RISKS

GPP Company Risks

We may not have sufficient cash from operations following the establishment of cash reserves and payment of fees and expenses, including cost reimbursements to our general partner and its affiliates, to enable us to pay the minimum quarterly distribution to our unitholders. Our pro forma financial data are not necessarily representative of the results of what we would have achieved and may not be a reliable indicator of our future results. The assumptions underlying the forecast of distributable cash flow that we include in “Our Cash Distribution Policy and Restrictions on Distributions” are inherently uncertain and are subject to significant business, economic, financial, regulatory and competitive risks and uncertainties that could cause actual results to differ materially from those forecasted. The services we provide under commercial agreements with Green Plains Trade will initially account for a substantial portion of our revenues. Therefore, we will be subject to the business risks of Green Plains Trade and, as a result of its direct ownership by our parent, to the business risks of our parent. If Green Plains Trade is unable to satisfy its obligations under the commercial agreements with us for any reason, our revenues would decline and our financial condition, results of operations, cash flows and ability to make distributions to our unitholders would be adversely affected. Ethanol production and marketing is a highly competitive business subject to changing market demands and regulatory environments. Any change in our parent’s business or financial strategy to meet such demands or requirements may negatively impact our parent’s financial condition, results of operations or cash flows and, in turn, may adversely affect our financial condition, results of operations, cash flows and ability to make distributions to our unitholders. Our substantial dependence on our parent’s ethanol production plants could adversely affect our financial condition, results of operations, cash flows and ability to make distributions to our unitholders. Green Plains Trade may suspend, reduce or terminate its obligations under the commercial agreements with us in certain circumstances, which could have a material adverse effect on our financial condition, results of operations, cash flows and ability to make distributions to our unitholders. If Green Plains Trade satisfies only its minimum commitments under the commercial agreements between Green Plains Trade and us that provide for minimum commitments, or if we are unable to renew or extend any commercial agreements with Green Plains Trade, our ability to make distributions to our unitholders will be reduced. We do not own our railcar fleet and our railcar assets are subject to lease agreements with several lessors. As our railcar leases expire, Green Plains Trade’s minimum take-or-pay capacity commitment will be reduced proportionately. If we do not enter into new commercial arrangements with respect to rail transportation services, our ability to make distributions to our unitholders may be reduced. Railcars used to transport ethanol and other fuels may need to be retrofitted or replaced to meet new rail safety standards. Rail logistical problems may cause delays in the transportation of our products which could negatively impact our financial performance. The ethanol industry is dependent on government usage mandates affecting ethanol production and any changes to such regulation could adversely affect the market for ethanol and our results of operations. We may not be able to increase our third-party revenues significantly or at all due to competition and other factors, which could limit our ability to grow and extend our dependence on our parent. If we are unable to make acquisitions on economically acceptable terms from third parties, our future growth would be limited, and any acquisitions we may make may reduce, rather than increase, our cash flows and ability to make distributions to our unitholders. Our right of first offer to acquire any of our parent’s new ethanol storage assets, fuel terminal facilities or ethanol or transportation fuel assets is subject to risks and uncertainty, and ultimately we may not acquire any of those assets. Any inability to maintain required regulatory permits may impede or completely prohibit our parent’s and our operations. Additionally, any change in environmental and safety regulations, or violations thereof, could impede each of our parent’s and our ability to successfully operate our respective businesses. Restrictions in our new revolving credit facility could adversely affect our business, results of operations, ability to make distributions to our unitholders and the value of our units. Debt we incur in the future may limit our flexibility to obtain financing and to pursue other business opportunities. Our parent’s existing debt arrangements requiring it to abide by certain restrictive loan covenants may adversely affect our ability to grow our business, our ability to pay cash distributions to our unitholders and our credit ratings and profile. Our ability to obtain credit in the future may also be affected by our parent’s credit ratings. Meeting the requirements of evolving environmental, health and safety laws and regulations, and in particular those related to climate change, could adversely affect our financial performance. Our business is impacted by environmental risks inherent in our operations. We are subject to regulation by multiple governmental agencies, which could have a material adverse effect on our financial condition, results of operations, cash flows and ability to make distributions to our unitholders.

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 91

MLP AND REIT COMPANY RISKS

Replacement technologies that are under development might result in the obsolescence of corn-derived ethanol, which could adversely affect our financial results. Future demand for ethanol is uncertain and may be affected by changes to federal mandates, public perception, consumer acceptance and overall consumer demand for transportation fuel, any of which could negatively affect demand for ethanol and our results of operations. Increased federal support of cellulosic ethanol may result in increased competition to corn-derived ethanol producers. Pursuant to the JOBS Act, our independent registered public accounting firm will not be required to attest to the effectiveness of our internal control over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act of 2002 for so long as we are an emerging growth company. Our insurance policies do not cover all losses, costs or liabilities that we may experience, and insurance companies that currently insure companies in the energy industry may cease to do so or substantially increase premiums. The loss of key personnel could adversely affect our ability to operate. We do not have any employees and rely solely on employees of our parent and its affiliates. Increases in interest rates could adversely affect our business. Terrorist attacks, cyber-attacks, threats of war or actual war, or failure of our or our parent’s internal computer network and applications to operate as designed may negatively affect our and our parent’s financial condition, results of operations, cash flows and ability to make distributions to our unitholders.

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 92

MLP AND REIT COMPANY RISKS

JPEP Company Risks

In order to pay the minimum quarterly distribution of $0.3250 per unit per quarter, or $1.30 per unit on an annualized basis, we require available cash of approximately $12.0 million per quarter, or $48.0 million per year. We may not have sufficient available cash from operating surplus each quarter to enable us to pay the minimum quarterly distribution.

The amount of cash we can distribute on our units principally depends upon the amount of cash we generate from our operations, which will fluctuate from quarter to quarter based on, among other things: · the price of, and the demand for, crude oil, refined products and NGLs in the markets we serve; · the volumes of crude oil that we gather, transport and store, the throughput volumes at our refined products terminals and our NGL sales volumes; · the fees we receive for the crude oil, refined products and NGL volumes we handle; · pressures from our competitors, some of which may have significantly greater resources than us; · the cost of propane that we buy for resale, including due to disruptions in its supply, and whether we are able to pass along cost increases to our customers; · competitive pressures from other energy sources such as natural gas, which could reduce existing demand for propane; · the risk of contract cancellation, non-renewal or failure to perform by our customers, and our inability to replace such contracts and/or customers; · leaks or releases of hydrocarbons into the environment that result in significant costs and liabilities; · the level of our operating, maintenance and general and administrative expenses; and · regulatory action affecting our existing contracts, our operating costs or our operating flexibility.

In addition, the actual amount of cash we will have available for distribution will depend on other factors, some of which are beyond our control, including: · the level of capital expenditures we make; · our cost of acquisitions, if any; · our debt service requirements and other liabilities; · expenses that our general partner incurs on our behalf and are reimbursed by us, which expenses are not subject to any caps or other limits pursuant to our partnership agreement; · fluctuations in our working capital needs; · our ability to borrow funds and access the capital markets; · restrictions contained in our revolving credit facility and other debt agreements; · the amount of cash reserves established by our general partner; and · other business risks affecting our cash levels

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 93

MLP AND REIT COMPANY RISKS

MMLP Company Risks

MMLP may not have sufficient cash after the establishment of cash reserves and payment of its general partner's expenses to enable MMLP to pay the minimum quarterly distribution each quarter.

Restrictions in MMLP’s credit facility may prevent them from making distributions to unitholders.

If MMLP does not have sufficient capital resources for acquisitions or opportunities for expansion, growth will be limited.

MMLP may not be able to obtain funding on acceptable terms or at all because of the deterioration of the credit and capital markets. This may hinder or prevent MMLP from meeting their future capital needs.

MMLP is exposed to counterparty risk in its credit facility and related interest rate protection agreements.

The impacts of climate-related initiatives at the international, federal and state levels remain uncertain at this time.

MMLP’s recent and future acquisitions may not be successful, may substantially increase MMLP’s indebtedness and contingent liabilities and may create integration difficulties.

Adverse weather conditions, including droughts, hurricanes, tropical storms and other severe weather, could reduce MMLP’s results of operations and ability to make distributions to unitholders.

If MMLP incurs material liabilities that are not fully covered by insurance, such as liabilities resulting from accidents on rivers or at sea, spills, fires or explosions, the results of operations and ability to make distributions to unitholders could be adversely affected.

The price volatility of petroleum products and by-products could reduce MMlp’s liquidity and results of operations and ability to make distributions to unitholders. Increasing energy prices could adversely affect MMLP’s results of operations.

Increased competition from alternative natural gas transportation and storage options and alternative fuel sources could have a significant financial impact on MMLP. Demand for MMLP’s terminalling and storage services is substantially dependent on the level of offshore oil and gas exploration, development and production activity.

MMLP’s NGL and sulfur-based fertilizer products are subject to seasonal demand and could cause revenues to vary. The highly competitive nature of MMLP’s industry could adversely affect results of operations and ability to make distributions to unitholders.

MMLP’s business is subject to compliance with environmental laws and regulations that may expose them to significant costs and liabilities and adversely affect MMLP’s results of operations and ability to make distributions to unitholders. The loss or insufficient attention of key personnel could negatively impact MMLP’s results of operations and ability to make distributions to unitholders.

MMLP’s loss of significant commercial relationships with Martin Resource Management could adversely impact the results of operations and ability to make distributions to unitholders.

MMLP’s business would be adversely affected if operations at MMLP’s transportation, terminalling and storage and distribution facilities experienced significant interruptions. MMLP’s business would also be adversely affected if the operations of its customers and suppliers experienced significant interruptions.

Political, regulatory and economic factors may significantly affect MMLP’s operations, the manner in which they conduct business and slow the rate of growth.

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 94

MLP AND REIT COMPANY RISKS

MMLP’s marine transportation business would be adversely affected if they do not satisfy the requirements of the Jones Act or if the Jones Act were modified or eliminated. MMLP’s marine transportation business would be adversely affected if the U.S. Government purchases or requisitions any of MMLP’s vessels under the Merchant Marine Act.

Regulations affecting the domestic tank vessel industry may limit MMLP’s ability to do business, increase costs and adversely impact results of operations and ability to make distributions to unitholders.

MMLP’s interest rate swap activities may have a material adverse effect on MMLP’s earnings, profitability, liquidity, cash flows and financial condition. The industry in which MMLP operats is highly competitive, and increased competitive pressure could adversely affect business and operating results.

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 95

MLP AND REIT COMPANY RISKS

MRCC Company Risks We have a limited operating history as a business development company and a RIC, and MC Advisors has limited experience managing a business development company or a RIC; we may not be able to operate our business successfully or generate sufficient revenue to make or sustain distributions to our stockholders. We depend upon MC Advisors’ senior management for our success, and upon its access to the investment professionals of Monroe Capital and its affiliates. Our business model depends to a significant extent upon strong referral relationships with financial institutions, sponsors and investment professionals. Any inability of MC Advisors to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business. Our financial condition and results of operation depend on our ability to manage our business effectively. There may be conflicts related to obligations that MC Advisors’ senior investment professionals and members of its investment committee have to other clients. MC Advisors or its investment committee may, from time to time, possess material nonpublic information, limiting our investment discretion. Our incentive fee structure may create incentives for MC Advisors that are not fully aligned with the interests of our stockholders. Our incentive fee may induce MC Advisors to make certain investments, including speculative investments. The Investment Advisory and Management Agreement with MC Advisors and the Administration Agreement with MC Management were not negotiated on an arm’s length basis and may not be as favorable to us as if they had been negotiated with an unaffiliated third-party. Our ability to enter into transactions with our affiliates is restricted, which may limit the scope of investments available to us. We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses. We will be subject to corporate-level federal income tax if we are unable to qualify or maintain qualification as a RIC under Subchapter M of the Code. An extended continuation of the disruption in the capital markets and the credit markets could negatively affect our business. We may have difficulty paying our required distributions if we recognize income before, or without, receiving cash representing such income. Regulations governing our operation as a business development company affect our ability to and the way in which we raise additional capital. We maintain a credit facility and may use other borrowed funds to make investments or fund our business operations, which exposes us to risks typically associated with leverage and increases the risk of investing in us. Pending legislation may allow us to incur additional leverage. We are subject to risks associated with our credit facility. To the extent we use debt to finance our investments, changes in interest rates will affect our cost of capital and net investment income. We will be exposed to risks associated with changes in interest rates. MRCC SBIC will be subject to SBA regulations. SBA regulations limit the amount that may be borrowed from the SBA by an SBIC. MRCC SBIC, as an SBIC, is limited in its ability to make distributions to us, which could result in us being unable to meet the minimum distribution requirements to maintain our status as a RIC. If we do not invest a sufficient portion of our assets in qualifying assets, we could fail to qualify as a business development company, which would have a material adverse effect on our business, financial condition and results of operations. Many of our portfolio investments will be recorded at fair value as determined in good faith by our Board and, as a result, there may be uncertainty as to the value of our portfolio investments. We may experience fluctuations in our quarterly operating results. Changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy. Our Board may change our investment objective, operating policies and strategies without prior notice or stockholder approval, the effects of which may be adverse. MC Advisors can resign on 60 days’ notice, and we may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations. MC Management can resign on 60 days’ notice from its role as our administrator under the Administration Agreement, and we may not be able to find a suitable replacement within that time, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations. We are an “emerging growth company,” and we do not know if such status will make our common stock less attractive to investors. Efforts to comply with the Sarbanes-Oxley Act involve significant expenditures, and non-compliance with the Sarbanes-Oxley Act may adversely affect us and the market price of our common stock.

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 96

MLP AND REIT COMPANY RISKS

As an emerging growth company, we intend to follow certain permitted corporate governance practices instead of the otherwise applicable SEC and NASDAQ requirements, which may result in less protection than is accorded to investors in a non-emerging growth company. We depend on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect the market price of our common stock We may incur lender liability as a result of our lending activities. We may incur liability as a result of providing managerial assistance to our portfolio companies. MC Advisors may not be able to achieve the same or similar returns as those achieved by our senior management and investment teams while they were employed at prior positions. Economic recessions or downturns could impair our portfolio companies and harm our operating results. Current market conditions have materially and adversely affected debt and equity capital markets in the United States and around the world. Our investments in leveraged portfolio companies may be risky, and you could lose all or part of your investment. Our portfolio companies will likely consist primarily of lower middle-market, privately owned companies, which may present a greater risk of loss than loans to larger companies. Loans may become nonperforming for a variety of reasons. The lack of liquidity in our investments may adversely affect our business. Price declines and illiquidity in the corporate debt markets may adversely affect the fair value of our portfolio investments, reducing our net asset value through increased net unrealized depreciation. Our portfolio companies may prepay loans, which prepayment may reduce stated yields if capital returned cannot be invested in transactions with equal or greater expected yields. To the extent original issue discount and payment-in-kind interest constitute a portion of our income, we will be exposed to typical risks associated with such income being required to be included in taxable and accounting income prior to receipt of cash representing such income. We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we are not limited by the 1940 Act with respect to the proportion of our assets that may be invested in securities of a single issuer. We may hold the debt securities of leveraged companies that may, due to the significant volatility of such companies, enter into bankruptcy proceedings. Our failure to make follow-on investments in our portfolio companies could impair the value of our portfolio. Because we do not hold controlling equity interests in our portfolio companies, we may not be able to exercise control over our portfolio companies or to prevent decisions by management of our portfolio companies that could decrease the value of our investments. Defaults by our portfolio companies will harm our operating results. Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies. Investments in securities of foreign companies, if any, may involve significant risks in addition to the risks inherent in U.S. investments. We may be subject to risks associated with syndicated loans. The disposition of our investments may result in contingent liabilities. We may be subject to additional risks if we engage in hedging transactions and/or invest in foreign securities. We may not realize gains from our equity investments. We may not be able to pay distributions, our distributions may not grow over time and/or a portion of our distributions may be a return of capital. We may choose to pay a portion of our dividends in our own stock, in which case you may be required to pay tax in excess of the cash you receive. Investing in our common stock may involve an above-average degree of risk. Shares of closed-end investment companies, including business development companies, often trade at a discount to their net asset value. Provisions of the Maryland General Corporation Law and our charter and bylaws could deter takeover attempts and have an adverse effect on the price of our common stock. The market price of our common stock may fluctuate significantly.

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 97

MLP AND REIT COMPANY RISKS

PAA Company Risks

PAA may not be able to fully implement or capitalize upon planned growth projects.

PAA’s results of operations are influenced by the overall forward market for crude oil, and certain market structures or the absence of pricing volatility may adversely impact PAA’s results.

A natural disaster, catastrophe, terrorist attack or other event, including attacks on PAA’s electronic and computer systems, could interrupt operations and/or result in severe personal injury, property damage and environmental damage, which could have a material adverse effect on PAA’s financial position, results of operations and cash flows.

If PAA does not make acquisitions or if they make acquisitions that fail to perform as anticipated, future growth may be limited. PAA’s acquisition strategy involves risks that may adversely affect its business.

PAA’s growth strategy requires access to new capital. Tightened capital markets or other factors that increase PAA’s cost of capital could impair its ability to grow.

Loss of PAA’s investment grade credit rating or the ability to receive open credit could negatively affect its ability to purchase crude oil, natural gas and NGL supplies or to capitalize on market opportunities. PAA is exposed to the credit risk of its customers in the ordinary course of business activities.

PAA’s risk policies cannot eliminate all risks. In addition, any non-compliance with PAA’s risk policies could result in significant financial losses.

PAA’s operations are also subject to laws and regulations relating to protection of the environment and wildlife, operational safety, climate change and related matters that may expose PAA to significant costs and liabilities.

PAA’s profitability depends on the volume of crude oil, refined product, natural gas and NGL shipped, processed, purchased, stored, fractionated and/or gathered at or through the use of PAA’s facilities, which can be negatively impacted by a variety of factors outside of PAA’s control.

Fluctuations in demand, which can be caused by a variety of factors outside of PAA’s control, can negatively affect operating results. PAA’s assets are subject to federal, state and provincial regulation. Rate regulation or a successful challenge to the rates charged on PAA’s U.S. and Canadian pipeline systems may reduce the amount of cash PAA generates.

Some of PAA’s operations cross the U.S./Canada border and are subject to cross-border regulation.

PAA sales of oil, natural gas, NGL and other energy commodities, and related transportation and hedging activities, expose them to potential regulatory risks.

The adoption and implementation of new statutory and regulatory requirements for derivative transactions could have an adverse impact on PAA’s ability to hedge risks associated with its business and increase the working capital requirements to conduct these activities.

Legislation and regulatory initiatives relating to hydraulic fracturing could reduce domestic production of crude oil and natural gas. PAA may not be able to compete effectively in the transportation, facilities and supply and logistics activities, and PAA’s business is subject to the risk of a capacity overbuild of midstream energy infrastructure in the areas where PAA operates.

PAA may in the future encounter increased costs related to, and lack of availability of, insurance. The terms of PAA’s indebtedness may limit its ability to borrow additional funds or capitalize on business opportunities. In addition, PAA’s future debt level may limit its future financial and operating flexibility.

Increases in interest rates could adversely affect PAA’s business and the trading price of its units. Changes in currency exchange rates could adversely affect PAA’s operating results.

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MLP AND REIT COMPANY RISKS

An impairment of goodwill or intangibles could reduce PAA’s earnings.

PAA’s natural gas storage facilities may not be able to deliver as anticipated, which could prevent PAA from meeting the contractual obligations and cause PAA to incur significant costs.

Marine transportation of crude oil has inherent operating risks. Maritime claimants could arrest the vessels carrying PAA’s cargos. PAA is dependent on use of third-party assets for certain of its operations.

Non-utilization of certain assets, such as PAA’s leased rail cars, could significantly reduce its profitability due fixed costs incurred to obtain the right to use such assets.

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 99

MLP AND REIT COMPANY RISKS

PAGP Company Risks

Our cash flow will be entirely dependent upon the ability of PAA to make cash distributions to AAP, and the ability of AAP to make cash distributions to us. The IDRs AAP is entitled to receive may be limited or modified without the consent of our shareholders, which may reduce cash distributions to you.

Any modification to the IDRs may be based on assumptions that may not be realized, which may reduce cash distributions to you. A reduction in PAA's distributions will disproportionately affect the amount of cash distributions to which AAP is currently entitled.

PAA may issue additional limited partner interests or other equity securities, which may increase the risk that PAA will not have sufficient available cash to maintain or increase its cash distribution level.

If distributions on our Class A shares are not paid with respect to any fiscal quarter, including those at the anticipated initial distribution rate, our Class A shareholders will not be entitled to receive that quarter's payments in the future.

Our cash distribution policy and PAA's cash distribution policy limit our ability to grow.

Our rate of growth may be reduced to the extent we purchase equity interests from PAA, which will reduce the relative percentage of the cash we receive from the IDRs. Restrictions in AAP's credit facility could limit its ability to make distributions to us, thereby limiting our ability to make distributions to our Class A shareholders.

Substantially all of AAP's assets, including the IDRs and its indirect 2% general partner interest in PAA, are pledged under AAP's credit facility.

Our shareholders will not elect or have the power to remove our general partner and until certain conditions are met will not vote on our general partner's directors. Upon completion of this offering, the Existing Owners will own a sufficient number of shares to allow them to prevent the removal of our general partner.

You will experience immediate and substantial dilution of $ per Class A share in the net tangible book value of your Class A shares.

Our general partner may cause us to issue additional Class A shares or other equity securities, including equity securities that are senior to our Class A shares, or cause AAP to issue additional securities, in each case without your approval, which may adversely affect you.

The ownership of our general partner may be transferred to a third party who could replace our current management team without shareholder consent.

If PAA's unitholders remove PAA GP, AAP may be required to sell or exchange its indirect general partner interest and its IDRs and we would lose the ability to manage and control PAA. You may not have limited liability if a court finds that shareholder action constitutes control of our business.

If in the future we cease to manage and control PAA, we may be deemed to be an investment company under the Investment Company Act of 1940. Our partnership agreement restricts the rights of shareholders owning 20% or more of our shares.

If PAA's general partner, which is owned by AAP, is not fully reimbursed or indemnified for obligations and liabilities it incurs in managing the business and affairs of PAA, its value, and, therefore, the value of our Class A shares, could decline.

The price of our Class A shares may be volatile, and a trading market that will provide you with adequate liquidity may not develop. Our Class A shares and PAA's common units may not trade in relation or proportion to one another.

An increase in interest rates may cause the market price of our shares to decline.

Future sales of our Class A shares in the public market could reduce our Class A share price, and any additional capital raised by us through the sale of equity or convertible securities may dilute your ownership in us. The underwriters of this offering may waive or release parties to the lock-up agreements entered into in connection with this offering, which could adversely affect the price of our Class A shares.

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 100

MLP AND REIT COMPANY RISKS

The Existing Owners hold a majority of the combined voting power of our Class A and Class B shares.

If we or PAA fails to establish and maintain effective internal control over financial reporting, our ability to accurately report our financial results could be adversely affected.

If we or PAA fails to develop or maintain an effective system of internal controls, we may not be able to accurately report our financial results or prevent fraud. As a result, our shareholders could lose confidence in our financial reporting, which would harm our business and the trading price of our Class A shares.

A valuation allowance on our deferred tax asset could reduce our earnings.

The NYSE does not require a limited partnership like us to comply with certain of its corporate governance requirements. Conflicts of interest may arise as a result of our organizational structure and the relationships among us, PAA, our respective general partners, the Existing Owners and affiliated entities.

The duties of our general partner's officers and directors may conflict with those of GP LLC who act on behalf of PAA GP and our general partner's officers and directors may face conflicts of interest in the allocation of administrative time between our business and PAA's business.

Our partnership agreement defines our general partner's duties to us and contains provisions that reduce the remedies available to our shareholders for actions that might otherwise be challenged as breaches of fiduciary or other duties under state law.

By purchasing our Class A shares, each Class A shareholder automatically agrees to be bound by the provisions of our partnership agreement. The Existing Owners may have interests that conflict with holders of our Class A shares.

If we are presented with business opportunities, PAA will have the first right to pursue such opportunities. Our general partner's affiliates and the Existing Owners may compete with us.

Our general partner has a call right that may require you to sell your Class A shares at an undesirable time or price.

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 101

MLP AND REIT COMPANY RISKS QTS Company Risks

Set forth below are the risks that we believe are material to our stockholders. You should carefully consider the following risks in evaluating our Company and our business. If any of the risks discussed in this Form 10-K were to occur, our business, prospects, financial condition, liquidity, funds from operations and results of operations and our ability to service our debt and make distributions to our stockholders could be materially and adversely affected, which we refer to herein collectively as a “material adverse effect on us,” the market price of our common stock could decline significantly and you could lose all or part of your investment. Some statements in this Form 10-K, including statements in the following risk factors, constitute forward-looking statements. Please refer to the section entitled “Special Note Regarding Forward-Looking Statements” at the beginning of this Form 10-K.

Risks Related to Our Business and Operations Because we are focused on the ownership, operation and redevelopment of data centers, any decrease in the demand for data center space or managed services could have a material adverse effect on us. Because our portfolio of properties consists entirely of data centers, or properties to be converted to data centers, we are subject to risks inherent in investments in a single industry. Adverse developments in the data center market or in the industries in which our customers operate could lead to a decrease in the demand for data center space or managed services, which could have a greater material adverse effect on us than if we owned a more diversified real estate portfolio. These adverse developments could include: a decline in the technology industry, such as a decrease in the use of mobile or web-based commerce, industry slowdowns, business layoffs or downsizing, relocations of businesses, increased costs of complying with existing or new government regulations and other factors; a slowdown in the growth of the Internet generally as a medium for commerce and communication; a downturn in the market for data center space generally such as oversupply of or reduced demand for space; and the rapid development of new technologies or the adoption of new industry standards that render our or our customers’ current products and services obsolete or unmarketable and, in the case of our customers, that contribute to a downturn in their businesses, increasing the likelihood of a default under their leases or that they become insolvent or file for bankruptcy protection. To the extent that any of these or other adverse conditions occur, they are likely to impact market rents for, and cash flows from, our data center space, which could have a material adverse effect on us. Our data center infrastructure may become obsolete or unmarketable and we may not be able to upgrade our power, cooling, security or connectivity systems cost-effectively or at all. The markets for the data centers we own and operate, as well as certain of the industries in which our customers operate, are characterized by rapidly changing technology, evolving industry standards, frequent new service introductions, shifting distribution channels and changing customer demands. As a result, the infrastructure at our data centers may become obsolete or unmarketable due to demand for new processes and/or technologies, including, without limitation: (i) new processes to deliver power to, or eliminate heat from, computer systems; (ii) customer demand for additional redundancy capacity; or (iii) new technology that permits lower levels of critical load and heat removal than our data centers are currently designed to provide. In addition, the systems that connect our data centers to the Internet and other external networks may become outdated, including with respect to latency, reliability and diversity of connectivity. When customers demand new processes or technologies, we may not be able to upgrade our data centers on a cost effective basis, or at all, due to, among other things, increased expenses to us that cannot be passed on to customers or insufficient revenue to fund the necessary capital expenditures. The obsolescence of our power and cooling systems and/or our inability to upgrade our data centers, including associated connectivity, could reduce revenue at our data centers and could have a material adverse effect on us. Furthermore, potential future regulations that apply to industries we serve may require customers in those industries to seek specific requirements from their data centers that we are unable to provide. These may include physical security regulations applicable to the defense industry and government.

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 102

MLP AND REIT COMPANY RISKS SCM Company Risks We have a limited operating history as a business development company and Stellus Capital Management has limited experience managing a business development company, and, as a result, we may not be able to operate our business successfully or generate sufficient revenue to make or sustain distributions to our stockholders. We are dependent upon key personnel of Stellus Capital Management for our future success. If Stellus Capital Management were to lose any of its key personnel, our ability to achieve our investment objective could be significantly harmed. Our business model depends to a significant extent upon strong referral relationships. Any inability of Stellus Capital Management to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business. Our financial condition, results of operations and cash flows will depend on our ability to manage our business effectively. There are significant potential conflicts of interest that could negatively affect our investment returns. The senior investment team and other investment professionals of Stellus Capital Management may, from time to time, possess material non-public information, limiting our investment discretion. The incentive fee structure we have with Stellus Capital Management may create incentives that are not fully aligned with the interests of our stockholders. Our incentive fee may induce Stellus Capital Management to make speculative investments. We may be obligated to pay Stellus Capital Management incentive compensation even if we incur a loss and may pay more than 20.0% of our net capital gains because we cannot recover payments made in previous years. The involvement of our interested directors in the valuation process may create conflicts of interest. There are conflicts related to other arrangements with Stellus Capital Management. The investment advisory agreement and the administration agreement with Stellus Capital Management were not negotiated on an arm’s length basis and may not be as favorable to us as if they had been negotiated with an unaffiliated third party. The time and resources that Stellus Capital Management devote to us may be diverted, and we may face additional competition due to the fact that Stellus Capital Management and its affiliates are not prohibited from raising money for, or managing, another entity that makes the same types of investments that we target. Our incentive fee arrangements with Stellus Capital Management may vary from those of other investment funds, account or investment vehicles managed by Stellus Capital Management, which may create an incentive for Stellus Capital Management to devote time and resources to a higher fee-paying fund. Stellus Capital Management’s liability is limited under the investment advisory agreement and we have agreed to indemnify Stellus Capital Management against certain liabilities, which may lead Stellus Capital Management to act in a riskier manner on our behalf than it would when acting for its own account. Our ability to enter into transactions with our affiliates will be restricted, which may limit the scope of investments available to us. Our ability to sell or otherwise exit investments in which affiliates of Stellus Capital Management also have an investment may be restricted, which may have a materially adverse impact on our ability to manage our investment portfolio. We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses. We will be subject to corporate-level income tax and may default under our revolving credit facility if we are unable to maintain our qualification as a RIC under Subchapter M of the Code. We will need to raise additional capital to grow because we must distribute most of our income. You may not receive distributions, or our distributions may not grow over time. We may have difficulty paying our required distributions if we recognize income before, or without, receiving cash representing such income. PIK interest payments we receive will increase our assets under management and, as a result, will increase the amount of base management fees and incentive fees payable by us to Stellus Capital Management. development company affect our ability to, and the way in which we, raise additional capital. As a business development company, the necessity of raising additional capital may expose us to risks, including the typical risks associated with leverage. Because we finance our investments with borrowed money, the potential for gain or loss on amounts invested in us is magnified and may increase the risk of investing in us.

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 103

MLP AND REIT COMPANY RISKS Substantially all of our assets are subject to security interests under the Credit Facility or claims of the SBA with respect to SBA-guaranteed debentures we may issue and, if we default on our obligations thereunder, we may suffer adverse consequences, including foreclosure on our assets. Because we use debt to finance our investments and may in the future issue senior securities including preferred stock and debt securities, if market interest rates were to increase, our cost of capital could increase, which could reduce our net investment income. Provisions in the Credit Facility or any other future borrowing facility may limit our discretion in operating our business. We may in the future determine to fund a portion of our investments with preferred stock, which would magnify the potential for gain or loss and the risks of investing in us in the same way as our borrowings. Adverse developments in the credit markets may impair our ability to enter into any other future borrowing facility. If we do not invest a sufficient portion of our assets in qualifying assets, we could fail to maintain our qualification as a business development company or be precluded from investing according to our current business strategy. Most of our portfolio investments are recorded at fair value as determined in good faith by our board of directors and, as a result, there may be uncertainty as to the value of our portfolio investments. We may expose ourselves to risks if we engage in hedging transactions. We may experience fluctuations in our quarterly operating results. We are an “emerging growth company” under the JOBS Act, and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our common stock less attractive to investors. If we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results or prevent fraud. As a result, stockholders could lose confidence in our financial and other public reporting, which would harm our business and the trading price of our common stock. Our status as an “emerging growth company” under the JOBS Act may make it more difficult to raise capital as and when we need it. New or modified laws or regulations governing our operations may adversely affect our business. Our board of directors may change our investment objective, operating policies and strategies without prior notice or stockholder approval. Any failure to comply with SBA regulations could have an adverse effect on our SBIC subsidiary’s operations. Our wholly-owned SBIC subsidiary may be unable to make distributions to us that will enable us to maintain RIC status, which could result in the imposition of an entity-level tax. Pending legislation may allow us to incur additional leverage. Our board of directors is authorized to reclassify any unissued shares of common stock into one or more classes of preferred stock, which could convey special rights and privileges to its owners. Provisions of the Maryland General Corporation Law and of our charter and bylaws could deter takeover attempts and have an adverse impact on the price of our common stock. Stellus Capital Management can resign as our investment adviser or administrator upon 60 days’ notice and we may not be able to find a suitable replacement within that time, or at all, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations. We are highly dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect the market price of our common stock and our ability to make distributions to our stockholders. The current state of the economy and financial markets increases the likelihood of adverse effects on our financial position and results of operations. Economic recessions or downturns could impair our portfolio companies, which would harm our operating results. Our investments in leveraged portfolio companies may be risky, and we could lose all or part of our investment. We may hold the loans and debt securities of leveraged companies that may, due to the significant operating volatility typical of such companies, enter into bankruptcy proceedings. Our investments in private and middle-market portfolio companies are risky, and we could lose all or part of our investment. The lack of liquidity in our investments may adversely affect our business. Price declines and illiquidity in the corporate debt markets may adversely affect the fair value of our portfolio investments, reducing our net asset value through increased net unrealized depreciation.

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 104

MLP AND REIT COMPANY RISKS Our failure to make follow-on investments in our portfolio companies could impair the value of our portfolio. Because we generally do not hold controlling equity interests in our portfolio companies, we may not be able to exercise control over our portfolio companies or to prevent decisions by management of our portfolio companies that could decrease the value of our investments. Defaults by our portfolio companies will harm our operating results. Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and ability to make stockholder distributions and result in a decline in the market price of our shares. Uncertainty relating to the LIBOR calculation process may adversely affect the value of our portfolio of the LIBOR-indexed, floating-rate debt securities. Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies. If we make subordinated investments, the obligors or the portfolio companies may not generate sufficient cash flow to service their debt obligations to us. The disposition of our investments may result in contingent liabilities. Shares of closed-end investment companies, including business development companies, frequently trade at a discount from their net asset value. There is a risk that you may not receive distributions or that our distributions may not grow over time and a portion of our distributions may be a return of capital. Stockholders may experience dilution in their ownership percentage if they do not participate in our dividend reinvestment plan. Our shares might trade at premiums that are unsustainable or at discounts from net asset value. Investing in our securities may involve an above average degree of risk. The market price of our securities may fluctuate significantly. Sales of substantial amounts of our common stock may have an adverse effect on the market price of our common stock. The Notes are unsecured and therefore are effectively subordinated to any secured indebtedness we have incurred or may incur in the future. The Notes are structurally subordinated to the indebtedness and other liabilities of any future subsidiaries. The indenture under which the Notes is issued contains limited protection for holders of the Notes. An active trading market for the Notes may not develop, which could limit the market price of the Notes. Moreover, the Notes are not expected to be rated, which may subject them to greater volatility than rated notes and particularly, greater than similar securities with an investment grade rating. We may choose to redeem the Notes when prevailing interest rates are relatively low. If we default on our obligations to pay our other indebtedness, we may not be able to make payments on the Notes.

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 105

MLP AND REIT COMPANY RISKS SUN Company Risks

Susser is our largest customer, and we are dependent on Susser for a significant majority of our revenues. Therefore, we are indirectly subject to the business risks of Susser. If Susser changes its business strategy, is unable to satisfy its obligations under our various commercial agreements for any reason, or significantly reduces the volume of motor fuel it purchases under the Susser Distribution Contract, our revenues will decline and our financial condition, results of operations, cash flows and ability to make distributions to our unitholders will be adversely affected. For the year ended December 31, 2014, Susser accounted for approximately 60% of our revenues, 20% of our gross profit and 60% of our motor fuel volumes sold. We are the exclusive distributor of motor fuel to Susser’s existing Stripes® convenience stores and independently operated consignment locations pursuant to our long-term, fee based fuel distribution agreement with Susser (the “Susser Distribution Contract”). We are subject to the risk of nonpayment or nonperformance by Susser under the Susser Distribution Contract. Furthermore, the Susser Distribution Contract does not impose any minimum volume obligations on Susser and Susser will have a limited ability to remove Stripes® convenience stores from the Susser Distribution Contract. If Susser changes its business strategy or significantly reduces the volume of motor fuel it purchases for its Stripes® convenience stores and independently operated consignment locations, our cash flows will be adversely impacted. Any event, whether in our areas of operation or otherwise, that materially and adversely affects Susser's financial condition, results of operation or cash flows may adversely affect our ability to sustain or increase cash distributions to our unitholders. Finally, we have no control over Susser, our largest source of revenue and our primary customer. Susser may elect to pursue a business strategy that does not favor us and our business. Our general partner and its affiliates, including Susser and ETP, have conflicts of interest with us and limited fiduciary duties and they may favor their own interests to the detriment of us and our unitholders. We may not have sufficient cash from operations following the establishment of cash reserves and payment of costs and expenses, including cost reimbursements to our general partner, to enable us to pay the minimum quarterly distribution to our unitholders. We may not have sufficient cash each quarter to pay the full amount of our minimum quarterly distribution of $0.4375 per unit, or $1.75 per unit per year, which will require us to have available cash of approximately $15.3 million per quarter, or $61.3 million per year, based on the number of common and subordinated units outstanding as of December 31, 2014. The amount of cash we can distribute on our common and subordinated units principally depends upon the amount of cash we generate from our operations, which will fluctuate from quarter to quarter based on a number of factors, some of which are beyond our control, including, among other things: Our financial condition and results of operations are influenced by changes in the prices of motor fuel, which may adversely impact our margins, our customers' financial condition and the availability of trade credit. Our operating results are influenced by prices for motor fuel, pricing volatility and the market for such products. General economic and political conditions, acts of war or terrorism and instability in oil producing regions, particularly in the Middle East and South America, could significantly impact crude oil supplies and petroleum costs. Significant increases and volatility in petroleum costs could impact consumer demand for motor fuel and convenience merchandise. This volatility makes it extremely difficult to predict the impact future petroleum costs fluctuations will have on our operating results and financial condition. Our recent acquisition of MACS and Aloha increases our exposure to such volatility due to the inherently greater degree of volatility in retail, versus wholesale, motor fuel margins. Additionally, with the consummation of the MACS and Aloha acquisitions, we are now subject to dealer tank wagon pricing structures at certain locations further contributing to margin volatility. A significant change in any of these factors could materially impact both wholesale and retail fuel margins, the volume of motor fuel we distribute or sell at retail, and overall customer traffic, each of which in turn could have a material adverse effect on our business and results of operations and cash available for distribution to our unitholders. In addition, when prices for motor fuel rise, some of our customers may have insufficient credit to purchase motor fuel from us at their historical volumes. Higher prices for motor fuel may also reduce our access to trade credit support or cause it to become more expensive. Significant decreases in wholesale motor fuel prices could also result in lower motor fuel gross margins per gallon due to the reduction in value of discounts from our suppliers.

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 106

MLP AND REIT COMPANY RISKS TCAP Company Risks Our financial condition and results of operations will depend on our ability to manage and deploy capital effectively. Market volatility and the condition of the debt and equity capital markets could negatively impact our financial condition and stock price. Our investment portfolio is and will continue to be recorded at fair value as determined in good faith by our Board of Directors and, as a result, there is and will continue to be uncertainty as to the value of our portfolio investments. Volatility or a prolonged disruption in the credit markets could materially damage our business. We operate in a highly competitive market for investment opportunities. We are dependent upon our executives for our future success. Our success depends on attracting and retaining qualified personnel in a competitive environment. Our business model depends to a significant extent upon strong referral relationships, and our inability to maintain or develop these relationships, as well as the failure of these relationships to generate investment opportunities, could adversely affect our business. Our long-term ability to fund new investments and make distributions to our stockholders could be limited if we are unable to renew, extend, replace or expand our credit facility, or if financing becomes more expensive or less available. Regulations governing our operation as a business development company will affect our ability to, and the way in which we raise additional capital. In addition to regulatory limitations on our ability to raise capital, our credit facility contains various covenants, which, if not complied with, could accelerate our repayment obligations under the credit facility, thereby materially and adversely affecting our liquidity, financial condition, results of operations and ability to pay distributions. The impact of recent financial reform legislation on us is uncertain. Our SBIC subsidiaries are licensed by the SBA, and therefore subject to SBA regulations. SBA regulations limit the outstanding dollar amount of SBA-guaranteed debentures that may be issued by an SBIC or group of SBICs under common control. Because we borrow money and may in the future issue additional securities including preferred stock and debt securities, the potential for gain or loss on amounts invested in us is magnified and may increase the risk of investing in us. We may in the future determine to fund a portion of our investments with preferred stock, which would magnify the potential for gain or loss and the risks of investing in us in the same way as our borrowings. We may experience fluctuations in our quarterly results. Our ability to enter into and exit investment transactions with our affiliates is restricted. Our Board of Directors may change our investment objectives, operating policies and strategies without prior notice or stockholder approval, the effects of which may be adverse. We will be subject to corporate-level U.S. federal income tax if we are unable to maintain our status as a regulated investment company under Subchapter M of the Code, which will adversely affect our results of operations and financial condition. We may not be able to pay our stockholders distributions, our distributions may not grow over time, a portion of distributions paid to our stockholders may be a return of capital and investors in our debt securities may not receive all of the interest income to which they are entitled. We may have difficulty paying our required distributions if we recognize income before or without receiving cash representing such income. You may have a current tax liability on distributions you elect to reinvest in our common stock but would not receive cash from such distributions to pay such tax liability. Our SBIC subsidiaries, as SBICs, may be unable to make distributions to us that may harm our ability to meet regulated investment company requirements, which could result in the imposition of an entity-level tax.

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 107

MLP AND REIT COMPANY RISKS Because we intend to distribute substantially all of our income to our stockholders to maintain our status as a regulated investment company, we will continue to need additional capital to finance our growth and regulations governing our operation as a business development company will affect our ability to, and the way in which we, raise additional capital and make distributions. Changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy. Efforts to comply with the Sarbanes-Oxley Act involve significant expenditures, and non-compliance with the Sarbanes-Oxley Act may adversely affect us. We could face losses and potential liability if intrusion, viruses or similar disruptions to our technology jeopardize our confidential information or that of users of our technology. Our investments in portfolio companies may be risky, and we could lose all or part of our investment. The lack of liquidity in our investments may adversely affect our business. We may not have the funds or ability to make additional investments in our portfolio companies. Our portfolio companies may incur debt or issue securities that rank equally with, or senior to, our investments in such companies. There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims. Second priority liens on collateral securing loans that we make to our portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay in full both the first priority creditors and us. Our investments in foreign companies may involve significant risks in addition to the risks inherent in U.S. investments. If we do not invest a sufficient portion of our assets in qualifying assets, we could fail to qualify as a business development company or be precluded from investing according to our current business strategy. We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we are not limited with respect to the proportion of our assets that may be invested in securities of a single issuer. We generally will not control our portfolio companies. Economic recessions or downturns could impair our portfolio companies and harm our operating results. The recent volatility of oil and natural gas prices could impair certain of our portfolio companies' operations and ability to satisfy obligations to their respective lenders and investors, including us, which could negatively impact our financial condition. Financial results may be affected adversely if one or more of our portfolio investments defaults on its loans or fails to perform as we expect. Potential writedowns or losses with respect to portfolio investments existing and to be made in the future could adversely affect our results of operations, cash flows, dividend level, net asset value and stock price. Any unrealized losses we experience on our loan portfolio may be an indication of future realized losses, which could reduce our income available for distribution. Defaults by our portfolio companies may harm our operating results. Changes in interest rates may affect our cost of capital and results of operations. We may not realize gains from our equity investments. We are dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect our liquidity, financial condition or results of operations. Shares of closed-end investment companies, including business development companies, frequently trade at a discount to their net asset value. Investing in our securities may involve an above average degree of risk. The market price of our securities may be volatile and fluctuate significantly. We may be unable to invest a significant portion of the net proceeds raised from our offerings on acceptable terms, which would harm our financial condition and operating results.

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 108

MLP AND REIT COMPANY RISKS If we sell common stock at a discount to our net asset value per share, stockholders who do not participate in such sale will experience immediate dilution in an amount that may be material. Provisions of the Maryland General Corporation Law and our charter and bylaws could deter takeover attempts and have an adverse impact on the price of our common stock. The trading market or market value of our publicly issued debt securities may be volatile. Our credit ratings, if any, may not reflect all risks of an investment in our debt securities. Terms relating to redemption may materially adversely affect the return on our debt securities. There is a risk that investors in our common stock may not receive a specified level of dividends or that our dividends may not grow over time and that investors in our debt securities may not receive all of the interest income to which they are entitled. Our stockholders will experience dilution in their ownership percentage if they opt out of our dividend reinvestment plan. Future offerings of additional debt securities, which would be senior to our common stock upon liquidation, or equity securities, which could dilute our existing stockholders and may be senior to our common stock for the purposes of distributions, may harm the value of our common stock. Terrorist attacks, acts of war or national disasters may affect any market for our securities, impact the businesses in which we invest and harm our business, operating results and financial condition.

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 109

MLP AND REIT COMPANY RISKS WPT Company Risks

Please note that us, we and our refers to World Point Terminals, LP.

Our business would be adversely affected if the operations of our customers experienced significant interruptions. In certain circumstances, the obligations of many of our key customers under their terminal services agreements may be reduced, suspended or terminated, which would adversely affect our financial condition and results of operations.

Our financial results depend on the demand for the light refined products, heavy refined products, crude oil and other related services that we perform at our terminals, among other factors, and general economic downturns could result in lower demand for these products for a sustained period of time.

We depend on Apex and a relatively limited number of our other customers for a significant portion of our revenues. The loss of, or material nonpayment or nonperformance by, Apex or any one or more of our other customers could adversely affect our ability to make cash distributions to you.

If Apex satisfies only its minimum obligations under, or if we are unable to renew or extend, the terminaling services agreements we have with it, our ability to make distributions to our unitholders will be reduced. Apex’s or our parent’s level of indebtedness could adversely affect our ability to grow our business, our ability to make cash distributions to our unitholders and our credit ratings and profile.

We are exposed to the credit risk of our customers, and any material nonpayment or nonperformance by our key customers could adversely affect our financial results and cash available for distribution. Our operations are subject to operational hazards and unforeseen interruptions, including interruptions from hurricanes, floods or severe storms, for which we may not be adequately insured.

Reduced volatility in energy prices, certain market structures (including backwardated markets) or new government regulations could discourage our storage customers from holding positions in refined petroleum products or crude oil, which could adversely affect the demand for our storage services.

Some of our current terminal services agreements are automatically renewing on a short-term basis, and may be terminated at the end of the current renewal term upon requisite notice. If one or more of our current terminal services agreements is terminated and we are unable to secure comparable alternative arrangements our financial condition and results of operations will be adversely affected. Competition from other terminals that are able to supply our customers with comparable storage capacity at a lower price could adversely affect our financial condition and results of operations.

Our expansion of existing assets and construction of new assets may not result in revenue increases and will be subject to regulatory, environmental, political, legal and economic risks, which could adversely affect our operations and financial condition.

If we are unable to make acquisitions on economically acceptable terms, our future growth would be limited, and any acquisitions we make may reduce, rather than increase, our cash generated from operations on a per unit basis.

Our right of first offer to acquire Apex’s existing terminaling assets and any terminaling and ancillary assets that it may acquire or construct in the future is subject to risks and uncertainty, and ultimately we may not acquire any of those assets.

Our operations are subject to federal and state laws and regulations relating to product quality specifications and we could be subject to damages based on claims brought against us by our customers or lose customers as a result of the failure of products we distribute to meet certain quality specifications.

Revenues we generate from excess storage fees vary based upon the product volume handled at our terminals and the activity levels of our customers. Any short- or long-term decrease in the demand for the light refined products, heavy refined products and crude oil we handle, or any interruptions to the operations of certain of our customers, could reduce the amount of cash we generate and adversely affect our ability to make distributions to our unitholders.

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 110

MLP AND REIT COMPANY RISKS Any reduction in the capability of our customers to obtain access to barge facilities, third party pipelines or other transportation facilities, or to continue utilizing them at current costs, could cause a reduction of volumes transported through our terminals.

Many of our terminal and storage assets have been in service for several decades, which could result in increased maintenance or remediation expenditures, which could adversely affect our business, results of operations, financial condition and our ability to make cash distributions to our unitholders.

We may incur significant costs and liabilities in complying with environmental, health and safety laws and regulations, which are complex and frequently changing. We could incur significant costs and liabilities in responding to contamination that occurs at our facilities. Climate change legislation or regulations restricting emissions of greenhouse gases could result in increased operating and capital costs and reduced demand for our storage services. Debt we incur in the future may limit our flexibility to obtain financing and to pursue other business opportunities.

Restrictions in our revolving credit facility could adversely affect our business, financial condition, results of operations, ability to make distributions to unitholders and value of our common units. Increases in interest rates could adversely impact our unit price, our ability to issue equity or incur debt for acquisitions or other purposes, and our ability to make cash distributions at our intended levels. The adoption of derivatives legislation by Congress could have an adverse impact on our customers’ ability to hedge risks associated with their business.

Our executive officers and certain key personnel are critical to our business, and these officers and key personnel may not remain with us in the future.

If we fail to develop or maintain an effective system of internal controls, we may not be able to report our financial results timely and accurately or prevent fraud, which would likely have a negative impact on the market price of our common units.

None of the proceeds from the sale of common units by the selling unitholder in this offering will be available to fund our operations or to pay distributions. Terrorist attacks aimed at our facilities or surrounding areas could adversely affect our business.

Our general partner and its affiliates, including our sponsors, have conflicts of interest with us and limited duties, and they may favor their own interests to the detriment of us and our unitholders. Our general partner intends to limit its liability regarding our obligations.

Our partnership agreement requires that we distribute all of our available cash, which could limit our ability to grow and make acquisitions. Actions taken by our general partner may affect the amount of cash available for distribution to unitholders or accelerate the right to convert subordinated units. Our partnership agreement replaces our general partner’s fiduciary duties to holders of our common units with contractual standards governing its duties.

Our partnership agreement restricts the remedies available to holders of our common and subordinated units for actions taken by our general partner that might otherwise constitute breaches of fiduciary duty. Our parent and other affiliates of our general partner, including Apex, may compete with us.

Our sponsors, as the initial owners of our incentive distribution rights, may elect to cause us to issue common units to them in connection with a resetting of the target distribution levels related to the incentive distribution rights, without the approval of the conflicts committee of their board of directors or the holders of our common units. This could result in lower distributions to holders of our common units.

Holders of our common units have limited voting rights and are not entitled to elect our general partner or its directors. Even if holders of our common units are dissatisfied, they cannot initially remove our general partner without its consent.

Unitholders will experience immediate and substantial dilution in pro forma net tangible book value of $15.25 per common unit. Our general partner interest or the control of our general partner may be transferred to a third party without unitholder consent. Our general partner has a limited call right that may require unitholders to sell their common units at an undesirable time or price. We may issue additional units without unitholder approval, which would dilute existing unitholder ownership interests.

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 111

APPENDIX

Investment Ratings

OVERWEIGHT (O) – The stock’s total return is expected to be greater than the total return of the company’s industry sector, on a risk-adjusted basis, over the next 12 months.

EQUAL-WEIGHT (E) – The stock’s total return is expected to be equivalent to the total return of the company’s industry sector, on a risk-adjusted basis, over the next 12 months.

UNDERWEIGHT (U) – The stock’s total return is expected to be less than the total return of the company’s industry sector, on a risk-adjusted basis, over the next 12 months.

VOLATILE (V) – The stock’s price volatility is potentially higher than that of the company’s industry sector. The company stock ratings may reflect the analyst’s subjective assessment of risk factors that could impact the company’s business.

Distribution of Stephens Inc.'s Ratings (as of 12/31/15)

% Investment Banking Clients Rating % (Past 12 Months) BUY 55 18 HOLD 45 9 SELL 1 0

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

This report has been prepared solely for informative purposes as of its stated date and is not a solicitation, or an offer, to buy or sell any security. It does not purport to be a complete description of the securities, markets or developments referred to in the material. Information included in the report was obtained from internal and external sources which we consider reliable, but we have not independently verified such information and do not guarantee that it is accurate or complete. Such information is believed to be accurate on the date of issuance of the report, and all expressions of opinion apply on the date of issuance of the report. No subsequent publication or distribution of this report shall mean or imply that any such information or opinion remains current at any time after the stated date of the report. Prices, yields, and availability are subject to change with the market. Nothing in this report is intended, or should be construed, as legal, accounting, regulatory or tax advice. Any discussion of tax attributes is provided for informational purposes only, and each investor should consult his/her/its own tax advisors regarding any and all tax implications or tax consequences of any investment in securities discussed in this report. We do not undertake to advise you of any changes in any such information or opinion. Additional information available upon request.

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

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 112 INSTITUTIONAL SALES

BOB STATEN-MANAGER OF INSTITUTIONAL EQUITY SALES AND EQUITY TRADING

BOSTON NEW YORK Ken Murphy – Team Leader 617.239.7515 Blake James-Prod. Sales Mgr. 501.377.3759 Emily Green 617.239.7516 Martin Bynum 501.377.2255 Doug Sichol 617.239.7548 Joe Dacus 501.377.6381 Matt Deuschle 501.377.2120 Sawyer Dunigan 501.377.8376 CANADA Dave Greene 501.377.3492 Paolo DiPasquale – Team Leader 214.258.2770 Ara Hallajian 212.891.1739 Katie Huff 501.377.2432 Elizabeth Kadin 212.891.1726 MID-ATLANTIC Mark Levin 501.377.2257 Jim Klepper-Team Leader 501.377.2436 Cody McGrath 501.377.2651 Jennifer Imbro 501.377.8102 Jackson Ratcliff 501.377.2107 Lane Stafford 501.377.3706 Carrie Yang 501.377.2124

MIDWEST SOUTHWEST Louis Wilson-Team Leader 312.292.5769 Brittany Davidson 501.377.3725 Jason Bowman 312.292.5761 Blake Jones 501.377.8167 Michael Muratore 312.292.5767 Ally Redecki 312.292.5758

EUROPE WEST COAST Brittany Davidson 501.377.3725 Doug Seelicke-Team Leader 501.377.8088 Blake Jones 501.377.8167 Andy Rogers 501.377.2256

Capital Markets Marketing Analyst Robert Strauss 501.377.8295

LEON LANTS-HEAD OF EQUITY TRADING

SALES TRADING LITTLE ROCK TRADING NEW YORK Jeanie Brown 501.377.2088 James Law - Consumer 212.891.1757 Scott Nelson 501.377.3773 Anthony Pignio - Technology 212.891.1741 Adam Raines 501.377.2076 Gray Standridge 501.377.2078 TRADING LITTLE ROCK John Blackwell – Healthcare 501.377.2557 SALES TRADING BOSTON Lucy Dehner – Financial Services 501.377.6394 Scott Mutryn 617.239.7544 Jason Jarcho – Inds. & Transportation 501.377.2074 Brendan O’Brien 617.239.7518 Leon Lants – Financial Services 501.377.2267 Jerry Pawloski 617.239.7514 Brian Wardle - Energy 501.377.3468

SALES TRADING CHICAGO AGENCY TRADING Bruce Kos 312.292.5764 Luke Coop 501.377.8029 Brian Kowieski 312.292.5765 Bill Franks 501.377.3405

SALES TRADING NEW YORK Michael Conte-Head of Sales Trading 212.891.1724 George Boudria 212.891.1737 Bill Burchfield 212.891.1736 Jeffrey Castellano 212.891.1738 Matt Delia 212.891.1731 Rhonda LeDoux 212.891.1753 Tommy Roszko 212.891.1758

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 113 BRANCH OFFICES

ATLANTA 3344 Peachtree Road, Suite 1650 FAYETTEVILLE NEW YORK Atlanta, GA 30326 3425 N. Futrall Drive, Suite 201 65 East 55th Street, 22nd Floor 800-862-1690 Fayetteville, AR 72703 New York, NY 10022 800-205-8613 212-891-1700 AUSTIN 100 Congress Avenue, Suite 750 FT. WORTH PORTLAND Austin, TX 78701 777 Main Street, Suite 600 Two Union Street 800-892-7518 Ft. Worth, TX 76102 Portland, ME 04101 877-887-8197 207-808-5025 BATON ROUGE 445 North Boulevard HOT SPRINGS ROGERS Baton Rouge, LA 70802 161 Television Hill Road 3100 Market Street, Suite 301 877-514-0249 Hot Springs, AR 71913 Rogers, AR 72758 800-392-8593 800-553-0234 BOSTON 99 High Street HOUSTON SAN FRANCISCO Boston, MA 02110 9 Greenway Plaza, Suite 1905 101 2nd Street, Suite 850 617-239-7500 Houston, TX 77046 San Francisco, CA 94105 713-993-4200 415-548-6900 CHARLOTTE 4521 Sharon Road, Suite 200 JACKSON SHREVEPORT Charlotte, NC 28211 140 Township Avenue 401 Edwards Street, Suite 1100 800-892-7564 Ridgeland, MS 39157 Shreveport, LA 71101 601-605-5660 855-803-4600 CHICAGO 191 North Wacker, Suite 1025 JONESBORO ST. PETERSBURG Chicago, IL 60606 2479 Browns Lane 150 2nd Avenue North, Suite 700 312-292-5750 Jonesboro, AR 72401 St. Petersburg, FL 33701 870-819-0300 800-755-1476 COLUMBIA 1320 Main Street, Suite 550 MEMPHIS WILMINGTON Columbia, SC 29201 6075 Poplar Avenue, Suite 200 724 Yorklyn Road, Suite 260 803-343-0100 Memphis, TN 38119 Hockessin, DE 19707 302-234-4294 CONWAY NASHVILLE 703 Chestnut 3100 West End Avenue, Suite 630 WINSTON-SALEM Conway, AR 72032 Nashville, TN 37203 101 South Stratford Road, Suite 200 800-827-5841 800-732-6847 Winston-Salem, NC 27104 877-301-0501 DALLAS 300 Crescent Court, Suite 600 Dallas, TX 75201 877-749-9991

111 Center Street • Little Rock, Arkansas 72201 • 800-643-9691 •stephens.com

Monthly Statistical Review Member NYSE, SPIC March 2016, Page 114 Stephens Research Department Directory

Director of Research: Nik Fisken, CFA (501) 377-6335 Executive Assistant/Supervisor: Dena Page (501) 377-6368

CONSUMER FINANCIAL SERVICES HEALTHCARE TECHNOLOGY

Food and Agribusiness Banks-Mid-Atlantic Diagnostics and Life Science Tools Business Services Farha Aslam, Analyst (212) 891-1778 Austin Nicholas, Analyst (207) 808-5027 Drew Jones, Analyst (501) 377-2369 Brett Huff, CFA, Analyst (501) 377-8068 Greg Nep, Associate (212) 891-1762 Nate Tower, Associate (207) 808-5026 Garrett Phelps, Associate (501) 377-8221 James Rutherford, Associate (501) 377-2303 Dan Shiparo, Associate (212) 891-1784 Russell Warden, Associate (501) 377-8095 Christy Barker, Assistant (501) 377-2057 Sonja Kenyon, Assistant (501) 377-8104 Yerlie Chatelain, Assistant (212) 891-1706 Christy Barker, Assistant (501) 377-2057 Healthcare Services Infrastructure Software and Security Healthy Living Banks-Midwest Dana Hambly, CFA, Analyst (615) 279-4329 Jonathan Ruykhaver, CFA, Joe Edelstein, CFA, Analyst (312) 292-5762 Erik Zwick, CFA, Analyst (302) 234-4294 Jacob Johnson, CFA, Associate (615) 279-4355 Analyst (615) 279-4331 John Brick, Associate (312) 292-5752 Nate Tower, Associate (207) 808-5026 Christy Barker, Assistant (501) 377-2057 Nathan Leiphardt, Associate (615) 279-4376 Grace Tokarski, Assistant (312) 292-5750 Russell Warden, Associate (501) 377-8095 Sonja Kenyon, Assistant (501) 377-8104 Christy Barker, Assistant (501) 377-2057 Medical Devices Restaurants Chris Cooley, CFA, Analyst (501) 377-2516 Media Will Slabaugh, Analyst (501) 377-2259 Banks-Southwest Blevin Brown, Associate (501) 377-8506 Kyle Evans, Analyst (501) 377-6376 Billy Sherrill, Associate (501) 377-8513 Matt Olney, CFA, Analyst (501) 377-2101 Christy Barker, Assistant (501) 377-2057 Tommy Moll, Associate (501) 377-6306 Angela Crowe, Assistant (501) 377-2347 Aaron Fogle, Associate (501) 377-8065 Christy Barker, Assistant (501) 377-2057 Matthew Sealy, Associate (501) 377-3721 INDUSTRIALS Retail/Broadlines Angela Crowe, Assistant (501) 377-2347 Power & Industrial Technology Ben Bienvenu, Analyst (501) 377-8511 Building Materials Ben Hearnsberger, Analyst (512) 542-3272 Angela Crowe, Assistant (501) 377-2347 Banks-Southeast & West Coast Trey Grooms, Analyst (501) 377-2318 Brandon Wright, Associate (512) 542-3273 Tyler Stafford, Analyst (501) 377-8362 Blake Hirschman, Associate (501) 377-8046 Sonja Kenyon, Assistant (501) 377-8104 Retail/Hardlines Gordon McGuire, Associate (501) 377-3717 Drew Lipke, Associate (501) 377-2108 Rick Nelson, CFA, CPA, Wes Zwiegers, Associate (501) 377-2284 Christy Barker, Assistant (501) 377-2057 Semiconductors Analyst (312) 292-5768 Angela Crowe, Assistant (501) 377-2347 Harsh Kumar, Analyst (901) 681-1344 Nicholas Zangler, CFA, Associate (312) 292-5753 Industrial Products and Services Richard Sewell, Associate (901) 681-1345 Grace Tokarski, Assistant (312) 292-5750 Banks-Super-Regional & Midwest Matt Duncan, CFA, Analyst (501) 377-3723 Angela Crowe, Assistant (501) 377-2347 Terry McEvoy, CFA, Analyst (207) 808-5025 Blake Anderson, Associate (501) 377-6312 Retail/Softlines Nate Tower, Associate (207) 808-5026 Will Steinwart, Associate (501) 377-8303 Software as a Service Rick Patel, CFA, Analyst (212) 891-1715 Russell Warden, Associate (501) 377-8095 Angela Crowe, Assistant (501) 377-2347 Alex Zukin, Analyst (415) 548-6907 Shreya Jawalkar, Associate (212) 891-1709 Christy Barker, Assistant (501) 377-2057 Scott Wilson, Associate (415) 548-6906 Yerlie Chatelain, Assistant (212) 891-1706 Transportation/Airfreight and Logistics/Maritime Sonja Kenyon, Assistant (501) 377-8104 Business Development Companies Jack Atkins, Analyst (501) 377-2298 ENERGY Matt Schmid, Analyst (817) 900-5716 Jonathan Deng, Associate (501) 377-2021 Telecommunications Services Barry McCarver, Analyst (501) 377-8131 Kat Gregg, Assistant (817) 900-5700 Andrew Hall, Associate (501) 377-2562 Brian Hawthorne, Associate (501) 377-6372 Exploration and Production Sonja Kenyon, Assistant (501) 377-8104 Christy Barker, Assistant (501) 377-2057 Will Green, Analyst (817) 900-5712 Real Estate Services Transportation/Railroad and Matt Beeby, Associate (817) 900-5711 John Campbell, Analyst (501) 377-6362

John Durham, Associate (817) 900-5715 Hayden Blair, Associate (501) 377-8215 Transportation Suppliers Josh Stevens, Associate (817) 900-5713 Sonja Kenyon, Assistant (501) 377-8104 Justin Long, Analyst (501) 377-2036 Kat Gregg, Assistant (817) 900-5700 Brian Colley, Associate (501) 377-8231 Specialty Finance Sonja Kenyon, Assistant (501) 377-8104 Exploration and Production J.R. Bizzell, Analyst (501) 377-8237 PRODUCT MANAGEMENT GROUP Transportation/Truckload and Ben Wyatt, Analyst (817) 900-5714 Angela Crowe, Assistant (501) 377-2347 Less-Than-Truckload Matt Beeby, Associate (817) 900-5711 Kelley Wilkins, Director Brad Delco, Analyst (501) 377-8057 John Durham, Associate (817) 900-5715 Supervisory Analyst (501) 377-2020 Scott Schoenhaus, Associate (501) 377-2532 Josh Stevens, Associate (817) 900-5713 Martha Graham, Supv. Analyst (501) 377-2260 Sonja Kenyon, Assistant (501) 377-8104 Kat Gregg, Assistant (817) 900-5700 Jennifer Keeling, Supv. Analyst (501) 377-8004

Natacha Hammerstad, Editor (713) 993-4233

Master Limited Partnerships Matt Schmid, Analyst (817) 900-5716 Kat Gregg, Assistant (817) 900-5700

Oilfield Services Matthew Marietta, Analyst (713) 993-4211 Brooks Braden, Associate (713) 993-4204 Chris Denison, Associate (713) 993-4205 Kat Gregg, Assistant (817) 900-5700 stephens.com