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March 31, 2018

Note: The "Industry Risk Premia Company List" (this document) provides a list of the U.S. Companies used to calculate each of the industry risk premia (RPi) included in the Cost of Capital Navigator (data through March 31, 2018), "Industry Risk Premia (RPi)". The information herein is specific to the Cost of Capital Navigator (data through March 31, 2018), and is not applicable to any other book, update, or document. Industry Risk Premia Company List

The “Industry Risk Premia Company List” (this document) provides a list of the U.S. companies used to calculate each of the industry risk premia (RPi) calculated as of March 31, 2018 and included in the online Cost of Capital Navigator platform.1 The information herein is specific to the industry risk premia (RPi) calculated as of March 31, 2018, and is not applicable to any other book, update, or document.2

The Valuation Handbook – U.S. Guide to Cost of Capital was published from 2014–2017, and included the U.S. cost of capital data inputs (equity risk premia, size premia, industry risk premia, risk premia over the risk-free rate, risk-free rates) that were previously published in the Ibbotson Associates/Morningstar Stocks, Bonds, Bills, and Inflation (SBBI) Valuation Yearbook and the Duff & Phelps Risk Premium Report. This data can be used to develop cost of equity capital estimates (using both the build-up method and CAPM) for an individual business, business ownership interest, security, or intangible asset.

Starting in 2018, the essential valuation data previously published in the Valuation Handbook – U.S. Guide to Cost of Capital (including the industry risk premia previously published therein) will be available exclusively in the new online Cost of Capital Navigator platform. A physical book that includes the data exhibits is not commercially available. To learn more about the online Cost of Capital Navigator, visit: dpcostofcapital.com.

1 Industry Risk Premia were previously published in Table 3-5, “Industry Premia Estimates” in the former Morningstar Associates/Ibbotson® SBBI® Valuation Yearbook. In the Duff & Phelps Valuation Handbook – U.S. Guide to Cost of Capital (published 2014–2017) and now in the new Duff & Phelps online Cost of Capital Navigator platform these premia are still called

“industry risk premia”, but the nomenclature used for this term is changed from “IRP” to “RPi”. 2 Starting with December 31, 2013, Duff & Phelps has produced separate “Industry Risk Premia Company List” documents for industry risk premia calculated as of each March, June, September, and December. These were originally associated with the 2014–2017 Valuation Handbook – U.S. Guide to Cost of Capital hardcover books, but starting in December 2017 are associated with the industry risk premia now available on the new online Cost of Capital Navigator platform.

2018 Cost of Capital Navigator (data through March 2018); 2 Industry Risk Premia Company List The Companies Used to Calculate RPi Are Not Necessarily “Pure Play” Companies

The industry risk premia used in the Cost of Capital Navigator (formerly found in Appendix 3a of the 2017 Valuation Handbook – U.S. Guide to Cost of Capital and its Quarterly Updates) are derived from full-information betas. “Full- information” beta analysis uses a cross-sectional regression designed to capture the impact that a company’s individual business segments (defined here by SIC code) have upon the overall business beta.3

Ideally, one would like to have a sampling of betas from many “pure play” guideline public companies when estimating a proxy beta. “Pure play” companies are companies with say, at least 75% of revenue from a single Standard Industrial Classification (SIC) code. However, in some industries the largest participants may be conglomerates for which participation in the given industry is a small part of their overall revenues. In a strictly pure-play analysis, these companies would be excluded, even though they may be the dominant participant in the industry. The full-information beta approach enables the inclusion of these companies’ participation in the industry in the beta calculation.

As such, the companies included in the full-information beta analysis used to create the industry risk premia in the Cost of Capital Navigator and its Quarterly Updates are not necessarily “pure play” companies:

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

• You may also notice companies listed in multiple industries. For example, General Electric is a participant in SIC 351 (Engines and Turbines), but is also a participant in SIC 364 (Electric Lighting and Wiring Equipment), and SIC 384 (Surgical, Medical, And Dental Instruments and Supplies).

For a detailed discussion of Industry Risk Premia, please refer to Chapter 5, “Basic Building Blocks of the Cost of Equity Capital – Betas and Industry Risk Premia” located in the “Resources” section of the online Cost of Capital Navigator platform.

3 The full-information betas shown in the Cost of Capital Navigator (and in the former Valuation Handbook – U.S. Guide to Cost of Capital, and in the SBBI® Valuation Yearbook before that) are based on an article by Paul D. Kaplan and James D. Peterson: "Full- Information Industry Betas”, Financial Management, Summer 1998.

2018 Cost of Capital Navigator (data through March 2018); 3 Industry Risk Premia Company List Appendix 1 Industry Risk Premia Company List (data through March 2018)

Appendix 1 is a list of the U.S. companies used to calculate each of the industry risk premia in the Cost of Capital Navigator (data through March 31, 2018).

2018 Cost of Capital Navigator (data through March 2018); 4 Industry Risk Premia Company List SIC 13 EXCO RESOURCES INC SANCHEZ ENERGY CORP ABRAXAS PETROLEUM CORP/NV EXXON MOBIL CORP SM ENERGY CO ADAMS RESOURCES & ENERGY FIELDPOINT PETROLEUM CORP SOUTHWESTERN ENERGY CO INC FRONTIER OILFIELD SRVCS INC SPINDLETOP OIL & GAS CO AEGION CORP GASTAR EXPLORATION INC SRC ENERGY INC ANADARKO PETROLEUM CORP GRAN TIERRA ENERGY INC STEEL PARTNERS HOLDINGS LP ANTERO MIDSTREAM PARTNERS GULFPORT ENERGY CORP STONE ENERGY CORP LP HALLIBURTON CO SUMMIT MIDSTREAM PARTNERS ANTERO RESOURCES CORP HELIX ENERGY SOLUTIONS LP APACHE CORP GROUP SUPERIOR ENERGY SERVICES INC APPROACH RESOURCES INC HELMERICH & PAYNE TENGASCO INC ARCHROCK PARTNERS LP HESS CORP TETRA TECHNOLOGIES INC/DE ATLAS ENERGY GROUP LLC HIGH POINT RESOURCES CORP TORCHLIGHT ENERGY BAKKEN RESOURCES INC HOUSTON AMERN ENERGY CORP RESOURCES BARNWELL INDUSTRIES INDEPENDENCE CONTRACT UNIT CORP BLACK RIDGE OIL & GAS INC DRLLNG USA COMPRESSION PRTNRS LP BONANZA CREEK ENERGY INC ION GEOPHYSICAL CORP VAALCO ENERGY INC BREITBURN ENERGY PARTNERS ISRAMCO INC VIKING ENERGY GROUP LP JONES ENERGY INC VOC ENERGY TRUST CABOT OIL & GAS CORP LAREDO OIL INC W&T OFFSHORE INC CALLON PETROLEUM CO/DE LAREDO PETROLEUM INC WESTERN GAS PARTNERS LP CAMBER ENERGY INC LEGACY RESERVES LP WHITING PETROLEUM CORP CARBON NATURAL GAS CO LOEWS CORP WILLIAMS PARTNERS LP CARRIZO OIL & GAS INC LONESTAR RESOURCES US INC WPX ENERGY INC CHESAPEAKE ENERGY CORP MARATHON OIL CORP CHEVRON CORP MATADOR RESOURCES CO SIC 138 CIMAREX ENERGY CO MEXCO ENERGY CORP AEGION CORP CLEAN HARBORS INC MID-CON ENERGY PARTNERS -LP ARCHROCK PARTNERS LP CNX RESOURCES CORPORATION MINERALS TECHNOLOGIES INC CLEAN HARBORS INC COBALT INTL ENERGY INC MURPHY OIL CORP CSI COMPRESSCO LP CONCHO RESOURCES INC NATIONAL FUEL GAS CO CYPRESS ENERGY PARTNERS LP CONOCOPHILLIPS NEW CONCEPT ENERGY INC DAWSON GEOPHYSICAL CO CONTANGO OIL & GAS CO NEWFIELD EXPLORATION CO DIAMOND OFFSHRE DRILLING INC CONTINENTAL RESOURCES INC NOBLE ENERGY INC ECOLAB INC CRESTWOOD EQUITY PARTNERS NORTHERN OIL & GAS INC ECO-STIM ENERGY SOLUTIONS LP OASIS PETROLEUM INC ENERGY & TECHNOLOGY CORP CSI COMPRESSCO LP OCCIDENTAL PETROLEUM CORP ENSERVCO CORP CYPRESS ENERGY PARTNERS LP OCEANEERING INTERNATIONAL FRONTIER OILFIELD SRVCS INC DAWSON GEOPHYSICAL CO OIL STATES INTL INC HALLIBURTON CO DAYBREAK OIL & GAS INC ONEOK INC HELIX ENERGY SOLUTIONS DCP MIDSTREAM LP PANHANDLE OIL & GAS INC GROUP DENBURY RESOURCES INC PAR PACIFIC HOLDINGS INC HELMERICH & PAYNE DEVON ENERGY CORP INDEPENDENCE CONTRACT PARKER DRILLING CO DIAMOND OFFSHRE DRILLING INC DRLLNG PATTERSON-UTI ENERGY INC DIAMONDBACK ENERGY INC ION GEOPHYSICAL CORP PDC ENERGY INC DYNEGY INC ISRAMCO INC PETROQUEST ENERGY INC EARTHSTONE ENERGY INC LOEWS CORP PIONEER ENERGY SERVICES CORP ECLIPSE RESOURCES CORP MINERALS TECHNOLOGIES INC PIONEER NATURAL RESOURCES ECOLAB INC CO OCEANEERING INTERNATIONAL ECO-STIM ENERGY SOLUTIONS QEP RESOURCES INC OIL STATES INTL INC ENERGEN CORP RANGE RESOURCES CORP PARKER DRILLING CO ENERGY & TECHNOLOGY CORP RESERVE PETROLEUM CO PATTERSON-UTI ENERGY INC ENERJEX RESOURCES INC RESOLUTE ENERGY CORP PIONEER ENERGY SERVICES CORP ENSERVCO CORP REX ENERGY CORP RPC INC ENTERPRISE PRODS PRTNRS -LP RICE MIDSTREAM PARTNERS LP SAEXPLORATION HOLDINGS INC EOG RESOURCES INC RING ENERGY INC STEEL PARTNERS HOLDINGS LP EP ENERGY CORP ROYALE ENERGY INC SUPERIOR ENERGY SERVICES INC EQT CORP RPC INC TETRA TECHNOLOGIES INC/DE ERIN ENERGY CORP RSP PERMIAN INC UNIT CORP EV ENERGY PARTNERS LP SAEXPLORATION HOLDINGS INC USA COMPRESSION PRTNRS LP EVOLUTION PETROLEUM CORP

2018 Cost of Capital Navigator (data through March 2018); 5 Industry Risk Premia Company List

SIC 1381 GIBRALTAR INDUSTRIES INC MYR GROUP INC

DIAMOND OFFSHRE DRILLING INC GREEN BRICK PARTNERS INC PRIMORIS SERVICES CORP

HALLIBURTON CO HOVNANIAN ENTRPRS INC -CL A QUANTA SERVICES INC HELMERICH & PAYNE KB HOME SOUTHWEST GAS HOLDINGS INC

INDEPENDENCE CONTRACT KBR INC VECTREN CORP DRLLNG LENNAR CORP WILLBROS GROUP INC ISRAMCO INC LGI HOMES INC LOEWS CORP M/I HOMES INC SIC 1623 PARKER DRILLING CO MDC HOLDINGS INC AEGION CORP PATTERSON-UTI ENERGY INC MERITAGE HOMES CORP DYCOM INDUSTRIES INC PIONEER ENERGY SERVICES CORP NEW HOME COMPANY INC ENERGY SERVICES OF AMERICA UNIT CORP NVR INC GOLDFIELD CORP

POPE RESOURCES/DE -LP KBR INC SIC 1389 PULTEGROUP INC MASTEC INC AEGION CORP TAYLOR MORRISON HOME CORP MATRIX SERVICE CO CLEAN HARBORS INC TOLL BROTHERS INC MYR GROUP INC CYPRESS ENERGY PARTNERS LP TRI POINTE GROUP INC PRIMORIS SERVICES CORP ECO-STIM ENERGY SOLUTIONS TUTOR PERINI CORP QUANTA SERVICES INC ENERGY & TECHNOLOGY CORP WILLIAM LYON HOMES SOUTHWEST GAS HOLDINGS INC ENSERVCO CORP WORTHINGTON INDUSTRIES VECTREN CORP FRONTIER OILFIELD SRVCS INC WILLBROS GROUP INC HALLIBURTON CO SIC 16 HELIX ENERGY SOLUTIONS AECOM SIC 17 GROUP AEGION CORP APOGEE ENTERPRISES INC MINERALS TECHNOLOGIES INC AMERESCO INC ARGAN INC OCEANEERING INTERNATIONAL DYCOM INDUSTRIES INC BARNWELL INDUSTRIES OIL STATES INTL INC ENERGY SERVICES OF AMERICA CHEMED CORP PATTERSON-UTI ENERGY INC FLUOR CORP COMFORT SYSTEMS USA INC PIONEER ENERGY SERVICES CORP GOLDFIELD CORP EMCOR GROUP INC RPC INC GRANITE CONSTRUCTION INC GLOBAL POWER EQUIPMENT STEEL PARTNERS HOLDINGS LP GROUP GREAT LAKES DREDGE & DOCK CP SUPERIOR ENERGY SERVICES INC IES HOLDINGS INC GULF ISLAND FABRICATION INC TETRA TECHNOLOGIES INC/DE INSTALLED BLDG PRODUCTS INC JACOBS ENGINEERING GROUP INC USA COMPRESSION PRTNRS LP MATRIX SERVICE CO KBR INC

MASTEC INC QUANTA SERVICES INC SIC 14 MATRIX SERVICE CO TUTOR PERINI CORP CINER RESOURCES LP MDU RESOURCES GROUP INC COMPASS MINERALS INTL INC MYR GROUP INC SIC 20 EAGLE MATERIALS INC ORION GROUP HOLDINGS INC ALKALINE WATER COMPANY INC EMERGE ENERGY SERVICES LP PRIMORIS SERVICES CORP ALTRIA GROUP INC FAIRMOUNT SANTROL HOLDINGS QUANTA SERVICES INC AMERICAN LORAIN CORP HI-CRUSH PARTNERS LP SOUTHWEST GAS HOLDINGS INC ARCHER-DANIELS-MIDLAND CO INTREPID POTASH INC STERLING CONSTRUCTION CO INC B&G FOODS INC MARTIN MARIETTA MATERIALS TUTOR PERINI CORP BARFRESH FOOD GROUP INC MDU RESOURCES GROUP INC VECTREN CORP BOSTON BEER INC -CL A MINERALS TECHNOLOGIES INC WILLBROS GROUP INC BRIDGFORD FOODS CORP MOSAIC CO BROWN FORMAN CORP NATURAL RESOURCE PARTNERS SIC 162 CALAVO GROWERS INC LP CAMPBELL SOUP CO SUMMIT MATERIALS INC AEGION CORP CASTLE BRANDS INC U S CONCRETE INC DYCOM INDUSTRIES INC CHEESECAKE FACTORY INC U S LIME & MINERALS ENERGY SERVICES OF AMERICA CLOROX CO/DE U S SILICA HOLDINGS INC FLUOR CORP COCA-COLA BTLNG CONS VULCAN MATERIALS CO GOLDFIELD CORP COCA-COLA CO GULF ISLAND FABRICATION INC COLGATE-PALMOLIVE CO SIC 15 JACOBS ENGINEERING GROUP INC COMPASS DIVERSIFIED HOLDINGS A V HOMES INC KBR INC MASTEC INC CONAGRA BRANDS INC BEAZER HOMES USA INC MATRIX SERVICE CO CONSTELLATION BRANDS -CL A CENTURY COMMUNITIES INC MDU RESOURCES GROUP INC CRAFT BREW ALLIANCE INC D R HORTON INC DARLING INGREDIENTS INC

2018 Cost of Capital Navigator (data through March 2018); 6 Industry Risk Premia Company List

DEAN FOODS CO CAMPBELL SOUP CO SIC 2086

DR PEPPER SNAPPLE GROUP INC CLOROX CO/DE ALKALINE WATER COMPANY INC

FARMER BROS CO CONAGRA BRANDS INC BARFRESH FOOD GROUP INC

FLOWERS FOODS INC KELLOGG CO COCA-COLA BTLNG CONS FOREVERGREEN WORLDWIDE LANCASTER COLONY CORP COCA-COLA CO CORP LANDEC CORP DR PEPPER SNAPPLE GROUP INC FRESHPET INC MAMAMANCINI'S HOLDINGS INC FUTURE FINTECH GROUP INC FUTURE FINTECH GROUP INC PINNACLE FOODS INC JONES SODA CO GENERAL MILLS INC SENECA FOODS CORP MOJO ORGANICS INC HAIN CELESTIAL GROUP INC SMUCKER (JM) CO MONSTER BEVERAGE CORP HERSHEY CO TREEHOUSE FOODS INC NATIONAL BEVERAGE CORP HORMEL FOODS CORP NEW AGE BEVERAGES CORP INGLES MARKETS INC -CL A SIC 204 PEPSICO INC INGREDION INC ARCHER-DANIELS-MIDLAND CO REEDS INC INTL FLAVORS & FRAGRANCES COLGATE-PALMOLIVE CO TREEHOUSE FOODS INC J & J SNACK FOODS CORP COMPASS DIVERSIFIED HOLDINGS JONES SODA CO CONAGRA BRANDS INC SIC 23 KELLOGG CO DARLING INGREDIENTS INC ALPHA PRO TECH LTD LANCASTER COLONY CORP FRESHPET INC CAREDX INC LANDEC CORP GENERAL MILLS INC CARTER'S INC LEUCADIA NATIONAL CORP INGREDION INC CINTAS CORP LIFEWAY FOODS INC KELLOGG CO COLUMBIA SPORTSWEAR CO MAMAMANCINI'S HOLDINGS INC MGP INGREDIENTS INC COMPASS DIVERSIFIED HOLDINGS MCCORMICK & CO INC PAPA JOHNS INTERNATIONAL INC CROCS INC MEDIFAST INC PEPSICO INC ELLIS PERRY INTL INC MGP INGREDIENTS INC SMUCKER (JM) CO EVER-GLORY INTL GROUP INC MOJO ORGANICS INC TREEHOUSE FOODS INC G-III APPAREL GROUP LTD MOLSON COORS BREWING CO GUESS INC MONDELEZ INTERNATIONAL INC SIC 208 HANESBRANDS INC MONSTER BEVERAGE CORP ALKALINE WATER COMPANY INC JASON INDUSTRIES INC NATHAN'S FAMOUS INC ALTRIA GROUP INC LULULEMON ATHLETICA INC NATIONAL BEVERAGE CORP ARCHER-DANIELS-MIDLAND CO NAKED BRAND GROUP INC NEW AGE BEVERAGES CORP BARFRESH FOOD GROUP INC OXFORD INDUSTRIES INC PAPA JOHNS INTERNATIONAL INC BOSTON BEER INC -CL A PVH CORP PARADISE INC BROWN FORMAN CORP RALPH LAUREN CORP PEPSICO INC CASTLE BRANDS INC TALON INTERNATIONAL INC PILGRIM'S PRIDE CORP COCA-COLA BTLNG CONS UNIFIRST CORP PINNACLE FOODS INC COCA-COLA CO VF CORP REEDS INC CONSTELLATION BRANDS -CL A VINCE HOLDING CORP ROCKY MOUNTAIN CHOC FACT CRAFT BREW ALLIANCE INC INC DR PEPPER SNAPPLE GROUP INC SIC 24 ROYAL HAWAIIAN ORCHARDS-LP FUTURE FINTECH GROUP INC AMERICAN WOODMARK CORP SANDERSON FARMS INC INTL FLAVORS & FRAGRANCES ARTS WAY MFG INC SANFILIPPO JOHN B&SON JONES SODA CO BOISE CASCADE CO SENECA FOODS CORP MGP INGREDIENTS INC BUILDERS FIRSTSOURCE SENOMYX INC MOJO ORGANICS INC CAVCO INDUSTRIES INC SMUCKER (JM) CO MOLSON COORS BREWING CO FORTUNE BRANDS HOME & SNYDERS-LANCE INC MONSTER BEVERAGE CORP SECUR SUNWIN STEVIA INTL INC NATIONAL BEVERAGE CORP KEWEENAW LAND ASSN LTD TOFUTTI BRANDS INC NEW AGE BEVERAGES CORP KOPPERS HOLDINGS INC TOOTSIE ROLL INDUSTRIES INC PEPSICO INC LOUISIANA-PACIFIC CORP TREEHOUSE FOODS INC REEDS INC MASCO CORP TRUETT-HURST INC SENOMYX INC MOHAWK INDUSTRIES INC TYSON FOODS INC -CL A SUNWIN STEVIA INTL INC NOBILITY HOMES INC WILLAMETTE VALLEY VINEYARDS TREEHOUSE FOODS INC PATRICK INDUSTRIES INC YOUNGEVITY INTERNATIONAL INC TRUETT-HURST INC PLY GEM HOLDINGS INC

POTLATCHDELTIC CORP SIC 203 WILLAMETTE VALLEY VINEYARDS QUANEX BUILDING PRODUCTS B&G FOODS INC RAYONIER ADVANCED MATERIALS CALAVO GROWERS INC RENTECH INC

2018 Cost of Capital Navigator (data through March 2018); 7 Industry Risk Premia Company List

SKYLINE CORP MERCER INTL INC NEW MEDIA INVESTMENT GROUP TREX CO INC NEENAH PAPER INC NEW YORK TIMES CO -CL A

UNIVERSAL FOREST PRODS INC ORCHIDS PAPER PRODUCTS NEWS CORP WEYERHAEUSER CO ORIENT PAPER INC QUAD/GRAPHICS INC

PACKAGING CORP OF AMERICA SALEM MEDIA GROUP INC

SIC 25 PROCTER & GAMBLE CO SCHOLASTIC CORP

BASSETT FURNITURE INDS RAYONIER ADVANCED MATERIALS SHUTTERFLY INC RESOLUTE FOREST PRODUCTS COMPASS DIVERSIFIED HOLDINGS TRONC INC INC CONTAINER STORE GROUP VALUE LINE INC SCHWEITZER-MAUDUIT INTL INC ETHAN ALLEN INTERIORS INC WILEY (JOHN) & SONS -CL A SONOCO PRODUCTS CO FLEXSTEEL INDUSTRIES INC WESTROCK CO HG HOLDINGS INC SIC 28 HILL-ROM HOLDINGS INC ZAGG INC 22ND CENTURY GROUP INC

HNI CORP ABBOTT LABORATORIES SIC 262 HOOKER FURNITURE CORP ABBVIE INC CLEARWATER PAPER CORP INVACARE CORP ABEONA THERAPEUTICS INC DOMTAR CORP KIMBALL INTERNATIONAL -CL B ACADIA PHARMACEUTICALS INC GLATFELTER KNOLL INC ACCELERATE DIAGNOSTICS INC INTL PAPER CO LA-Z-BOY INC ACCELERON PHARMA INC KIMBERLY-CLARK CORP LEAR CORP ACELRX PHARMACEUTICALS INC NEENAH PAPER INC LEGGETT & PLATT INC ACHAOGEN INC ORIENT PAPER INC MILLER (HERMAN) INC ACORDA THERAPEUTICS INC PACKAGING CORP OF AMERICA NOVA LIFESTYLE INC ACURA PHARMACEUTICALS INC RESOLUTE FOREST PRODUCTS SLEEP NUMBER CORPORATION ADAMAS PHARMACEUTICALS INC INC STEELCASE INC ADAMIS PHARMACEUTICALS SCHWEITZER-MAUDUIT INTL INC CORP TEMPUR SEALY INTL INC

VIRCO MFG. CORP ADMA BIOLOGICS INC SIC 267 ADVAXIS INC 3M CO SIC 251 ADVERUM BIOTECHNOLOGIES AVERY DENNISON CORP AEMETIS INC BASSETT FURNITURE INDS BEMIS CO INC AGENUS INC COMPASS DIVERSIFIED HOLDINGS CENVEO INC AGILENT TECHNOLOGIES INC CONTAINER STORE GROUP CLOROX CO/DE AGIOS PHARMACEUTICALS ETHAN ALLEN INTERIORS INC CSS INDUSTRIES INC AGROFRESH SOLUTIONS INC FLEXSTEEL INDUSTRIES INC EDGEWELL PERSONAL CARE CO AIR PRODUCTS & CHEMICALS INC HG HOLDINGS INC ORCHIDS PAPER PRODUCTS AKEBIA THERAPEUTICS INC HOOKER FURNITURE CORP PROCTER & GAMBLE CO AKORN INC LA-Z-BOY INC ZAGG INC ALBEMARLE CORP LEGGETT & PLATT INC ALDER BIOPHARMACEUTICALS NOVA LIFESTYLE INC SIC 27 INC SLEEP NUMBER CORPORATION A. H. BELO CORP ALEXION PHARMACEUTICALS INC TEMPUR SEALY INTL INC ACCO BRANDS CORP ALIMERA SCIENCES INC

ALJ REGIONAL HOLDINGS INC ALLIQUA BIOMEDICAL INC SIC 26 ALNYLAM PHARMACEUTICALS BARNES & NOBLE INC 3M CO INC BIGLARI HOLDINGS INC AVERY DENNISON CORP AMAG PHARMACEUTICALS INC CBS CORP BEMIS CO INC AMERICAN CRYOSTEM CORP CENVEO INC CENVEO INC AMERICAN VANGUARD CORP DAILY JOURNAL CORP CLEARWATER PAPER CORP AMGEN INC DELUXE CORP CLOROX CO/DE AMICUS THERAPEUTICS INC DONNELLEY (R R) & SONS CO AMPHASTAR PHARMACEUTICLS CSS INDUSTRIES INC EMMIS COMMUNICATIONS CP-CL INC DOMTAR CORP A AMPLIPHI BIOSCIENCES CORP EAGLE MATERIALS INC ENNIS INC AMYRIS INC EDGEWELL PERSONAL CARE CO FRANKLIN COVEY CO ANDERSONS INC GLATFELTER HOUGHTON MIFFLIN HARCOURT GRAPHIC PACKAGING HOLDING CO ANI PHARMACEUTICALS INC

CO LEE ENTERPRISES INC ANIKA THERAPEUTICS INC

GREIF INC -CL A MATTHEWS INTL CORP -CL A ANTHERA PHARMACEUTCLS INC

INTL PAPER CO MCCLATCHY CO -CL A APPLIED GENETIC TECHNOLOGIES

KAPSTONE PAPER & PACKAGING MEREDITH CORP APRICUS BIOSCIENCES INC

KIMBERLY-CLARK CORP MULTI-COLOR CORP ARATANA THERAPEUTICS

2018 Cost of Capital Navigator (data through March 2018); 8 Industry Risk Premia Company List

ARENA PHARMACEUTICALS INC CONCERT PHARMACEUTICLS INC GEVO INC

ARGOS THERAPEUTICS INC CORBUS PHARMACEUTICALS GILEAD SCIENCES INC HLDGS ARQULE INC GRACE (W R) & CO CORCEPT THERAPEUTICS INC ARRAY BIOPHARMA INC GREEN PLAINS INC CORIUM INTERNATIONAL INC ARROWHEAD PHARMACEUTICALS GULF RESOURCES INC CORMEDIX INC ASHLAND GLOBAL HOLDINGS INC HALOZYME THERAPEUTICS INC COTY INC ASTERIAS BIOTHERAPEUTICS INC HAWKINS INC CTD HOLDINGS INC AVEO PHARMACEUTICALS INC HEAT BIOLOGICS INC CTI BIOPHARMA CORP AVID BIOSERVICES INC HERON THERAPEUTICS INC CUMBERLAND AVON PRODUCTS HESKA CORP PHARMACEUTICALS AYTU BIOSCIENCE INC HEXCEL CORP CURIS INC BALCHEM CORP -CL B HONEYWELL INTERNATIONAL INC CV SCIENCES INC BAXTER INTERNATIONAL INC HUNTSMAN CORP CVR PARTNERS LP BELLICUM PHARMACEUTICALS IBIO INC INC CYANOTECH CORP IDERA PHARMACEUTICALS INC BERRY GLOBAL GROUP INC CYCLACEL PHARMACEUTICALS IDEXX LABS INC BIOAMBER INC CYTOKINETICS INC IKONICS CORP BIOCEPT INC CYTORI THERAPEUTICS INC ILLINOIS TOOL WORKS BIOCRYST PHARMACEUTICALS CYTRX CORP IMMUCELL CORP INC DEPOMED INC IMMUNE DESIGN CORP BIODELIVERY SCIENCES INTL DERMIRA INC IMMUNOGEN INC BIOGEN INC DICERNA PHARMACEUTICALS INC IMMUNOMEDICS INC BIOMARIN PHARMACEUTICAL INC DMC GLOBAL INC IMPAX LABORATORIES INC BIOSPECIFICS TECHNOLOGIES CP DOWDUPONT INC INCYTE CORP BIOSTAR PHARMACEUTICALS INC DURECT CORP INFINITY PHARMACEUTICALS INC BIO-TECHNE CORP DYADIC INTERNATIONAL INC INNOPHOS HOLDINGS INC BIOTIME INC DYNAVAX TECHNOLOGIES CORP INNOSPEC INC BLUEBIRD BIO INC EAGLE PHARMACEUTICALS INC INNOVIVA INC BRISTOL-MYERS SQUIBB CO EASTMAN CHEMICAL CO INSYS THERAPEUTICS INC CABOT CORP ECOLAB INC INTELGENX TECHNOLOGIES CORP CABOT MICROELECTRONICS EDGEWELL PERSONAL CARE CO CORP INTER PARFUMS INC EGALET CORP CALADRIUS BIOSCIENCES INC INTL FLAVORS & FRAGRANCES ELEVEN BIOTHERAPEUTICS INC CALGON CARBON CORP INTRA-CELLULAR THERAPIES INC ELITE PHARMACEUTICALS INC CALITHERA BIOSCIENCES INC INTREXON CORP EMERGENT BIOSOLUTIONS INC IONIS PHARMACEUTICALS INC CAMBREX CORP ENANTA PHARMACEUTICALS INC IRONWOOD PHARMACEUTICALS CAREDX INC ENTERPRISE PRODS PRTNRS -LP INC CATALENT INC ENZO BIOCHEM INC ISORAY INC CELANESE CORP ENZON PHARMACEUTICALS INC JOHNSON & JOHNSON CELGENE CORP EPIZYME INC JUNIPER PHARMACEUTICALS INC CELLDEX THERAPEUTICS INC ESTERLINE TECHNOLOGIES CORP JUNO THERAPEUTICS INC CELLULAR BIOMEDICINE GROUP EXELIXIS INC KARYOPHARM THERAPEUTICS CELSION CORP EYEGATE PHARMACEUTICALS INC INC CENTRUS ENERGY CORP FATE THERAPEUTICS INC KERYX BIOPHARMACEUTICALS CERUS CORP INC FC GLOBAL REALTY INC CF INDUSTRIES HOLDINGS INC KMG CHEMICALS INC FERRO CORP CHASE CORP KOPPERS HOLDINGS INC FIBROCELL SCIENCE INC CHEMBIO DIAGNOSTICS INC KRATON CORP FIBROGEN INC CHEMOCENTRYX INC KRONOS WORLDWIDE INC FITLIFE BRANDS INC CHIMERIX INC LANDEC CORP FIVE PRIME THERAPEUTICS INC CHINA GREEN AGRICULTURE INC LANNETT CO INC FLEX PHARMA INC CHINA PHARMA HOLDINGS INC LAUDER (ESTEE) COS INC -CL A FLEXION THERAPEUTICS INC CHINA XD PLASTICS CO LTD LEXICON PHARMACEUTICALS INC FLOTEK INDUSTRIES INC CHROMADEX CORP LIFEVANTAGE CORP FMC CORP CHURCH & DWIGHT INC LIGAND PHARMACEUTICAL INC FULLER (H. B.) CO CLOROX CO/DE LILLY (ELI) & CO FUTUREFUEL CORP CLOVIS ONCOLOGY INC LSB INDUSTRIES INC GENOCEA BIOSCIENCES INC COHERUS BIOSCIENCES INC LUMINEX CORP GENOMIC HEALTH INC COLGATE-PALMOLIVE CO LUNA INNOVATIONS INC GEOVAX LABS INC CONATUS PHARMACEUTICALS MABVAX THERAPEUTICS HLDGS GERON CORP INC

2018 Cost of Capital Navigator (data through March 2018); 9 Industry Risk Premia Company List

MACROGENICS INC PLATFORM SPECIALTY TESARO INC PRODUCTS MANNATECH INC TETRA TECHNOLOGIES INC/DE POLYONE CORP MANNKIND CORP TETRAPHASE PHARMACEUTICALS PORTOLA PHARMACEUTICALS INC MARTIN MARIETTA MATERIALS TG THERAPEUTICS INC PPG INDUSTRIES INC MASCO CORP THERAPEUTICSMD INC PRAXAIR INC MATERION CORP THERMO FISHER SCIENTIFIC INC PROCTER & GAMBLE CO MEDICINES CO TITAN PHARMACEUTICALS INC PROGENICS PHARMACEUTICAL MEI PHARMA INC TOR MINERALS INTL INC INC MERCK & CO TRACON PHARMACEUTICALS INC PROPHASE LABS INC MERIDIAN BIOSCIENCE INC ULTRAGENYX PHARMACEUTICAL PROTALIX BIOTHERAPEUTICS INC MERRIMACK PHARMACEUTICALS ULURU INC PSIVIDA CORP MIMEDX GROUP INC UNITED THERAPEUTICS CORP PTC THERAPEUTICS INC MINERALS TECHNOLOGIES INC UNITED-GUARDIAN INC QUIDEL CORP MOMENTA PHARMACEUTICALS USANA HEALTH SCIENCES INC INC RADIUS HEALTH INC VALERO ENERGY CORP MONSANTO CO RAYONIER ADVANCED MATERIALS VALHI INC MOSAIC CO REGENERON PHARMACEUTICALS VANDA PHARMACEUTICALS INC MUSCLEPHARM CORP REGULUS THERAPEUTICS INC VERACYTE INC MYOS RENS TECHNOLOGY INC RELIV INTERNATIONAL INC VERICEL CORP MYRIAD GENETICS INC REPLIGEN CORP VERMILLION INC NANOSTRING TECHNOLOGIES INC RETROPHIN INC VERTEX PHARMACEUTICALS INC NATURES SUNSHINE PRODS INC REVANCE THERAPEUTICS INC VICAL INC NEKTAR THERAPEUTICS REVLON INC -CL A VITALITY BIOPHARMA INC NEOGEN CORP REX AMERICAN RESOURCES CORP VITAMIN SHOPPE INC NEUROCRINE BIOSCIENCES INC RIGEL PHARMACEUTICALS INC VITRO DIAGNOSTICS INC NEWELL BRANDS INC RIOT BLOCKCHAIN INC VIVUS INC NEWLINK GENETICS CORP ROCKWELL MEDICAL INC WD-40 CO NEWMARKET CORP ROGERS CORP WESTLAKE CHEMICAL CORP NORTHERN TECH INTL RPM INTERNATIONAL INC WESTLAKE CHEMICAL PRTNRS LP NORTHWEST BIOTHERAPEUTICS SANGAMO THERAPEUTICS INC WINDTREE THERAPEUTICS INC NOVAVAX INC SAREPTA THERAPEUTICS INC XENCOR INC NU SKIN ENTERPRISES -CL A SCHULMAN (A.) INC XOMA CORP NUTRA PHARMA CORP SCHWEITZER-MAUDUIT INTL INC XTANT MEDICAL HOLDINGS INC OCCIDENTAL PETROLEUM CORP SCOTT'S LIQUID GOLD YIELD10 BIOSCIENCE INC OCEAN BIO-CHEM INC SCOTTS MIRACLE-GRO CO YOUNGEVITY INTERNATIONAL INC OCI PARTNERS LP SCYNEXIS INC ZIOPHARM ONCOLOGY INC OCULAR THERAPEUTIX INC SEATTLE GENETICS INC ZOETIS INC OLIN CORP SENSIENT TECHNOLOGIES CORP ZOGENIX INC OMEROS CORP SHERWIN-WILLIAMS CO

SIGA TECHNOLOGIES INC OMNOVA SOLUTIONS INC SIC 281 SKINVISIBLE INC ONCOMED PHARMACEUTICALS AIR PRODUCTS & CHEMICALS INC ONCONOVA THERAPEUTICS INC SOLIGENIX INC ALBEMARLE CORP OPHTHOTECH CORP SONOMA PHARMACEUTICALS INC BALCHEM CORP -CL B SORRENTO THERAPEUTICS INC ORAMED PHARMACEUTICALS INC CABOT CORP SPARK THERAPEUTICS INC ORASURE TECHNOLOGIES INC SPECTRUM BRANDS HOLDINGS CALGON CARBON CORP OREXIGEN THERAPEUTICS INC INC CENTRUS ENERGY CORP ORGANOVO HOLDINGS INC SPECTRUM PHARMACEUTICALS CF INDUSTRIES HOLDINGS INC OTONOMY INC INC CHURCH & DWIGHT INC OVASCIENCE INC STEMLINE THERAPEUTICS INC DOWDUPONT INC PACIFIC ETHANOL INC STEPAN CO FMC CORP PACIRA PHARMACEUTICALS INC SUNESIS PHARMACEUTICALS INC GRACE (W R) & CO PALATIN TECHNOLOGIES INC SUNWIN STEVIA INTL INC GULF RESOURCES INC PDL BIOPHARMA INC SUPERNUS PHARMACEUTICALS INNOPHOS HOLDINGS INC PERNIX THERAPEUTICS INC INNOSPEC INC HOLDINGS SURMODICS INC KRONOS WORLDWIDE INC PFENEX INC SYNALLOY CORP LSB INDUSTRIES INC PFIZER INC SYNERGY CHC CORP MARTIN MARIETTA MATERIALS PHIBRO ANIMAL HEALTH CORP SYNERGY PHARMACEUTICALS INC MINERALS TECHNOLOGIES INC PHILLIPS 66 T2 BIOSYSTEMS INC OCCIDENTAL PETROLEUM CORP PIERIS PHARMACEUTICALS INC TELIGENT INC

2018 Cost of Capital Navigator (data through March 2018); 10 Industry Risk Premia Company List

OLIN CORP STEPAN CO BIODELIVERY SCIENCES INTL

PRAXAIR INC BIOGEN INC

SPECTRUM BRANDS HOLDINGS SIC 283 BIOMARIN PHARMACEUTICAL INC INC 22ND CENTURY GROUP INC BIOSPECIFICS TECHNOLOGIES CP SYNALLOY CORP ABBOTT LABORATORIES BIOSTAR PHARMACEUTICALS INC TETRA TECHNOLOGIES INC/DE ABBVIE INC BIO-TECHNE CORP TOR MINERALS INTL INC ABEONA THERAPEUTICS INC BIOTIME INC VALHI INC ACADIA PHARMACEUTICALS INC BLUEBIRD BIO INC

ACCELERATE DIAGNOSTICS INC BRISTOL-MYERS SQUIBB CO SIC 2819 ACCELERON PHARMA INC CALADRIUS BIOSCIENCES INC ALBEMARLE CORP ACELRX PHARMACEUTICALS INC CALITHERA BIOSCIENCES INC CABOT CORP ACHAOGEN INC CAMBREX CORP CALGON CARBON CORP ACORDA THERAPEUTICS INC CAREDX INC CF INDUSTRIES HOLDINGS INC ACURA PHARMACEUTICALS INC CATALENT INC DOWDUPONT INC ADAMAS PHARMACEUTICALS INC CELGENE CORP GULF RESOURCES INC ADAMIS PHARMACEUTICALS CELLDEX THERAPEUTICS INC INNOPHOS HOLDINGS INC CORP CELLULAR BIOMEDICINE GROUP LSB INDUSTRIES INC ADMA BIOLOGICS INC CELSION CORP MARTIN MARIETTA MATERIALS ADVAXIS INC CERUS CORP MINERALS TECHNOLOGIES INC ADVERUM BIOTECHNOLOGIES CHEMBIO DIAGNOSTICS INC SPECTRUM BRANDS HOLDINGS AGENUS INC CHEMOCENTRYX INC INC AGILENT TECHNOLOGIES INC CHIMERIX INC SYNALLOY CORP AGIOS PHARMACEUTICALS CHINA PHARMA HOLDINGS INC TETRA TECHNOLOGIES INC/DE AKEBIA THERAPEUTICS INC CHROMADEX CORP AKORN INC CLOVIS ONCOLOGY INC SIC 282 ALDER BIOPHARMACEUTICALS COHERUS BIOSCIENCES INC ASHLAND GLOBAL HOLDINGS INC INC CONATUS PHARMACEUTICALS CELANESE CORP ALEXION PHARMACEUTICALS INC INC CHINA XD PLASTICS CO LTD ALIMERA SCIENCES INC CONCERT PHARMACEUTICLS INC DOWDUPONT INC ALLIQUA BIOMEDICAL INC CORBUS PHARMACEUTICALS ALNYLAM PHARMACEUTICALS EASTMAN CHEMICAL CO HLDGS INC ESTERLINE TECHNOLOGIES CORP CORCEPT THERAPEUTICS INC AMAG PHARMACEUTICALS INC HEXCEL CORP CORIUM INTERNATIONAL INC AMERICAN CRYOSTEM CORP HONEYWELL INTERNATIONAL INC CORMEDIX INC AMGEN INC IKONICS CORP CTD HOLDINGS INC AMICUS THERAPEUTICS INC KRATON CORP CTI BIOPHARMA CORP AMPHASTAR PHARMACEUTICLS NEWELL BRANDS INC CUMBERLAND INC PHARMACEUTICALS OLIN CORP AMPLIPHI BIOSCIENCES CORP CURIS INC OMNOVA SOLUTIONS INC ANI PHARMACEUTICALS INC CV SCIENCES INC POLYONE CORP ANIKA THERAPEUTICS INC CYANOTECH CORP RAYONIER ADVANCED MATERIALS ANTHERA PHARMACEUTCLS INC CYCLACEL PHARMACEUTICALS ROGERS CORP APPLIED GENETIC TECHNOLOGIES CYTOKINETICS INC SCHULMAN (A.) INC APRICUS BIOSCIENCES INC CYTORI THERAPEUTICS INC SCHWEITZER-MAUDUIT INTL INC ARATANA THERAPEUTICS CYTRX CORP STEPAN CO ARENA PHARMACEUTICALS INC DEPOMED INC

ARGOS THERAPEUTICS INC DERMIRA INC SIC 2821 ARQULE INC DICERNA PHARMACEUTICALS INC ASHLAND GLOBAL HOLDINGS INC ARRAY BIOPHARMA INC DURECT CORP CELANESE CORP ARROWHEAD PHARMACEUTICALS DYADIC INTERNATIONAL INC CHINA XD PLASTICS CO LTD ASTERIAS BIOTHERAPEUTICS INC DYNAVAX TECHNOLOGIES CORP DOWDUPONT INC AVEO PHARMACEUTICALS INC EAGLE PHARMACEUTICALS INC EASTMAN CHEMICAL CO AVID BIOSERVICES INC EGALET CORP HEXCEL CORP AYTU BIOSCIENCE INC ELEVEN BIOTHERAPEUTICS INC IKONICS CORP BALCHEM CORP -CL B ELITE PHARMACEUTICALS INC KRATON CORP BAXTER INTERNATIONAL INC EMERGENT BIOSOLUTIONS INC OLIN CORP BELLICUM PHARMACEUTICALS ENANTA PHARMACEUTICALS INC OMNOVA SOLUTIONS INC INC ENZO BIOCHEM INC POLYONE CORP BIOCEPT INC ENZON PHARMACEUTICALS INC SCHULMAN (A.) INC BIOCRYST PHARMACEUTICALS INC EPIZYME INC SCHWEITZER-MAUDUIT INTL INC

2018 Cost of Capital Navigator (data through March 2018); 11 Industry Risk Premia Company List

EXELIXIS INC MERRIMACK PHARMACEUTICALS SIGA TECHNOLOGIES INC EYEGATE PHARMACEUTICALS INC MIMEDX GROUP INC SOLIGENIX INC

FATE THERAPEUTICS INC MOMENTA PHARMACEUTICALS SONOMA PHARMACEUTICALS INC INC FIBROCELL SCIENCE INC SORRENTO THERAPEUTICS INC MUSCLEPHARM CORP FIBROGEN INC SPARK THERAPEUTICS INC MYOS RENS TECHNOLOGY INC FITLIFE BRANDS INC SPECTRUM PHARMACEUTICALS MYRIAD GENETICS INC INC FIVE PRIME THERAPEUTICS INC NANOSTRING TECHNOLOGIES INC STEMLINE THERAPEUTICS INC FLEX PHARMA INC NATURES SUNSHINE PRODS INC SUNESIS PHARMACEUTICALS INC FLEXION THERAPEUTICS INC NEKTAR THERAPEUTICS SUNWIN STEVIA INTL INC GENOCEA BIOSCIENCES INC NEOGEN CORP SUPERNUS PHARMACEUTICALS GENOMIC HEALTH INC NEUROCRINE BIOSCIENCES INC INC GEOVAX LABS INC NEWLINK GENETICS CORP SURMODICS INC GERON CORP NORTHWEST BIOTHERAPEUTICS SYNERGY CHC CORP GILEAD SCIENCES INC NOVAVAX INC SYNERGY PHARMACEUTICALS INC HALOZYME THERAPEUTICS INC NU SKIN ENTERPRISES -CL A T2 BIOSYSTEMS INC HEAT BIOLOGICS INC NUTRA PHARMA CORP TELIGENT INC HERON THERAPEUTICS INC OCULAR THERAPEUTIX INC TESARO INC HESKA CORP OMEROS CORP TETRAPHASE PHARMACEUTICALS IBIO INC ONCOMED PHARMACEUTICALS TG THERAPEUTICS INC IDERA PHARMACEUTICALS INC ONCONOVA THERAPEUTICS INC THERAPEUTICSMD INC IDEXX LABS INC OPHTHOTECH CORP THERMO FISHER SCIENTIFIC INC IMMUCELL CORP ORAMED PHARMACEUTICALS INC TITAN PHARMACEUTICALS INC IMMUNE DESIGN CORP ORASURE TECHNOLOGIES INC TRACON PHARMACEUTICALS INC IMMUNOGEN INC OREXIGEN THERAPEUTICS INC ULTRAGENYX PHARMACEUTICAL IMMUNOMEDICS INC ORGANOVO HOLDINGS INC ULURU INC IMPAX LABORATORIES INC OTONOMY INC UNITED THERAPEUTICS CORP INCYTE CORP OVASCIENCE INC UNITED-GUARDIAN INC INFINITY PHARMACEUTICALS INC PACIRA PHARMACEUTICALS INC USANA HEALTH SCIENCES INC INNOVIVA INC PALATIN TECHNOLOGIES INC VANDA PHARMACEUTICALS INC INSYS THERAPEUTICS INC PDL BIOPHARMA INC VERACYTE INC INTELGENX TECHNOLOGIES CORP PERNIX THERAPEUTICS VERICEL CORP INTRA-CELLULAR THERAPIES INC HOLDINGS VERMILLION INC INTREXON CORP PFENEX INC VERTEX PHARMACEUTICALS INC IONIS PHARMACEUTICALS INC PFIZER INC VICAL INC IRONWOOD PHARMACEUTICALS PHIBRO ANIMAL HEALTH CORP VITALITY BIOPHARMA INC INC PIERIS PHARMACEUTICALS INC VITAMIN SHOPPE INC ISORAY INC PORTOLA PHARMACEUTICALS INC VITRO DIAGNOSTICS INC JOHNSON & JOHNSON PROCTER & GAMBLE CO VIVUS INC JUNIPER PHARMACEUTICALS INC PROGENICS PHARMACEUTICAL JUNO THERAPEUTICS INC WINDTREE THERAPEUTICS INC INC KARYOPHARM THERAPEUTICS XENCOR INC PROPHASE LABS INC INC XOMA CORP PROTALIX BIOTHERAPEUTICS INC KERYX BIOPHARMACEUTICALS XTANT MEDICAL HOLDINGS INC INC PSIVIDA CORP YIELD10 BIOSCIENCE INC LANDEC CORP PTC THERAPEUTICS INC YOUNGEVITY INTERNATIONAL INC LANNETT CO INC QUIDEL CORP ZIOPHARM ONCOLOGY INC LEXICON PHARMACEUTICALS INC RADIUS HEALTH INC ZOETIS INC LIFEVANTAGE CORP REGENERON PHARMACEUTICALS ZOGENIX INC LIGAND PHARMACEUTICAL INC REGULUS THERAPEUTICS INC

LILLY (ELI) & CO RELIV INTERNATIONAL INC SIC 2834 LUMINEX CORP REPLIGEN CORP ABBOTT LABORATORIES LUNA INNOVATIONS INC RETROPHIN INC ACELRX PHARMACEUTICALS INC MABVAX THERAPEUTICS HLDGS REVANCE THERAPEUTICS INC ACURA PHARMACEUTICALS INC MACROGENICS INC RIGEL PHARMACEUTICALS INC ADAMAS PHARMACEUTICALS INC MANNATECH INC RIOT BLOCKCHAIN INC ADAMIS PHARMACEUTICALS MANNKIND CORP ROCKWELL MEDICAL INC CORP

MEDICINES CO SANGAMO THERAPEUTICS INC AGENUS INC

MEI PHARMA INC SAREPTA THERAPEUTICS INC AKORN INC MERCK & CO SCYNEXIS INC ALIMERA SCIENCES INC

MERIDIAN BIOSCIENCE INC SEATTLE GENETICS INC ALNYLAM PHARMACEUTICALS INC

2018 Cost of Capital Navigator (data through March 2018); 12 Industry Risk Premia Company List

AMPHASTAR PHARMACEUTICLS PERNIX THERAPEUTICS THERMO FISHER SCIENTIFIC INC INC HOLDINGS VERACYTE INC ANI PHARMACEUTICALS INC PFIZER INC VERMILLION INC APRICUS BIOSCIENCES INC PROCTER & GAMBLE CO

BALCHEM CORP -CL B PROPHASE LABS INC SIC 2836 BAXTER INTERNATIONAL INC REGENERON PHARMACEUTICALS 22ND CENTURY GROUP INC BIODELIVERY SCIENCES INTL RELIV INTERNATIONAL INC ABBVIE INC BIOSPECIFICS TECHNOLOGIES CP RIGEL PHARMACEUTICALS INC ABEONA THERAPEUTICS INC BIOSTAR PHARMACEUTICALS INC ROCKWELL MEDICAL INC ACADIA PHARMACEUTICALS INC BRISTOL-MYERS SQUIBB CO SOLIGENIX INC ACCELERON PHARMA INC CATALENT INC SONOMA PHARMACEUTICALS INC ACHAOGEN INC CELGENE CORP SUNESIS PHARMACEUTICALS INC ACORDA THERAPEUTICS INC CHINA PHARMA HOLDINGS INC SUPERNUS PHARMACEUTICALS ADMA BIOLOGICS INC CORCEPT THERAPEUTICS INC INC ADVAXIS INC CORIUM INTERNATIONAL INC SYNERGY CHC CORP ADVERUM BIOTECHNOLOGIES CUMBERLAND TELIGENT INC AGIOS PHARMACEUTICALS PHARMACEUTICALS TG THERAPEUTICS INC AKEBIA THERAPEUTICS INC CV SCIENCES INC THERAPEUTICSMD INC ALDER BIOPHARMACEUTICALS CYCLACEL PHARMACEUTICALS TITAN PHARMACEUTICALS INC INC CYTOKINETICS INC ULURU INC ALEXION PHARMACEUTICALS INC DEPOMED INC UNITED THERAPEUTICS CORP ALLIQUA BIOMEDICAL INC DURECT CORP UNITED-GUARDIAN INC AMERICAN CRYOSTEM CORP EAGLE PHARMACEUTICALS INC USANA HEALTH SCIENCES INC AMGEN INC EGALET CORP VERTEX PHARMACEUTICALS INC AMICUS THERAPEUTICS INC ELITE PHARMACEUTICALS INC VITALITY BIOPHARMA INC AMPHASTAR PHARMACEUTICLS EYEGATE PHARMACEUTICALS INC VITAMIN SHOPPE INC INC

FITLIFE BRANDS INC VIVUS INC AMPLIPHI BIOSCIENCES CORP

FLEX PHARMA INC YOUNGEVITY INTERNATIONAL INC ANIKA THERAPEUTICS INC

FLEXION THERAPEUTICS INC ZOETIS INC ANTHERA PHARMACEUTCLS INC

IMPAX LABORATORIES INC ZOGENIX INC APPLIED GENETIC TECHNOLOGIES

INFINITY PHARMACEUTICALS INC ARATANA THERAPEUTICS

INNOVIVA INC SIC 2835 ARENA PHARMACEUTICALS INC

INSYS THERAPEUTICS INC ABBOTT LABORATORIES ARGOS THERAPEUTICS INC

INTELGENX TECHNOLOGIES CORP ACCELERATE DIAGNOSTICS INC ARQULE INC

IONIS PHARMACEUTICALS INC AGILENT TECHNOLOGIES INC ARRAY BIOPHARMA INC IRONWOOD PHARMACEUTICALS AMAG PHARMACEUTICALS INC ARROWHEAD PHARMACEUTICALS INC AVID BIOSERVICES INC ASTERIAS BIOTHERAPEUTICS INC JOHNSON & JOHNSON AYTU BIOSCIENCE INC AVEO PHARMACEUTICALS INC JUNIPER PHARMACEUTICALS INC BIOCEPT INC BELLICUM PHARMACEUTICALS KARYOPHARM THERAPEUTICS INC BIO-TECHNE CORP INC BIOCRYST PHARMACEUTICALS KERYX BIOPHARMACEUTICALS CAREDX INC INC INC CHEMBIO DIAGNOSTICS INC BIOGEN INC LANNETT CO INC ENZO BIOCHEM INC BIOMARIN PHARMACEUTICAL INC LIFEVANTAGE CORP GENOMIC HEALTH INC BIO-TECHNE CORP LIGAND PHARMACEUTICAL INC HESKA CORP BIOTIME INC LILLY (ELI) & CO IDEXX LABS INC BLUEBIRD BIO INC MANNATECH INC IMMUCELL CORP CALADRIUS BIOSCIENCES INC MANNKIND CORP IMMUNOMEDICS INC CALITHERA BIOSCIENCES INC MEDICINES CO LEXICON PHARMACEUTICALS INC CELLDEX THERAPEUTICS INC MEI PHARMA INC LUMINEX CORP CELLULAR BIOMEDICINE GROUP MERCK & CO LUNA INNOVATIONS INC CELSION CORP MUSCLEPHARM CORP MERIDIAN BIOSCIENCE INC CERUS CORP MYOS RENS TECHNOLOGY INC MYRIAD GENETICS INC CHEMOCENTRYX INC NATURES SUNSHINE PRODS INC NANOSTRING TECHNOLOGIES INC CHIMERIX INC NEKTAR THERAPEUTICS NEOGEN CORP CLOVIS ONCOLOGY INC NEOGEN CORP ORASURE TECHNOLOGIES INC COHERUS BIOSCIENCES INC NORTHWEST BIOTHERAPEUTICS QUIDEL CORP CONATUS PHARMACEUTICALS NU SKIN ENTERPRISES -CL A RIOT BLOCKCHAIN INC INC

PACIRA PHARMACEUTICALS INC SURMODICS INC CONCERT PHARMACEUTICLS INC

T2 BIOSYSTEMS INC

2018 Cost of Capital Navigator (data through March 2018); 13 Industry Risk Premia Company List

CORBUS PHARMACEUTICALS OVASCIENCE INC STEPAN CO HLDGS PALATIN TECHNOLOGIES INC CORMEDIX INC PDL BIOPHARMA INC SIC 2844 CTD HOLDINGS INC PFENEX INC AVON PRODUCTS CTI BIOPHARMA CORP PIERIS PHARMACEUTICALS INC CHURCH & DWIGHT INC CURIS INC PORTOLA PHARMACEUTICALS INC COLGATE-PALMOLIVE CO CYTORI THERAPEUTICS INC PROGENICS PHARMACEUTICAL COTY INC CYTRX CORP INC EDGEWELL PERSONAL CARE CO DERMIRA INC PROTALIX BIOTHERAPEUTICS INC FC GLOBAL REALTY INC DICERNA PHARMACEUTICALS INC PSIVIDA CORP INTER PARFUMS INC DYADIC INTERNATIONAL INC PTC THERAPEUTICS INC JOHNSON & JOHNSON DYNAVAX TECHNOLOGIES CORP RADIUS HEALTH INC LAUDER (ESTEE) COS INC -CL A ELEVEN BIOTHERAPEUTICS INC REGULUS THERAPEUTICS INC PROCTER & GAMBLE CO EMERGENT BIOSOLUTIONS INC REPLIGEN CORP REVLON INC -CL A ENANTA PHARMACEUTICALS INC RETROPHIN INC SCOTT'S LIQUID GOLD ENZON PHARMACEUTICALS INC REVANCE THERAPEUTICS INC SKINVISIBLE INC EPIZYME INC SANGAMO THERAPEUTICS INC

EXELIXIS INC SAREPTA THERAPEUTICS INC SIC 286 FATE THERAPEUTICS INC SCYNEXIS INC AEMETIS INC FIBROCELL SCIENCE INC SEATTLE GENETICS INC AMYRIS INC FIBROGEN INC SIGA TECHNOLOGIES INC ASHLAND GLOBAL HOLDINGS INC FIVE PRIME THERAPEUTICS INC SORRENTO THERAPEUTICS INC BALCHEM CORP -CL B GENOCEA BIOSCIENCES INC SPARK THERAPEUTICS INC BIOAMBER INC GEOVAX LABS INC SPECTRUM PHARMACEUTICALS INC CELANESE CORP GERON CORP STEMLINE THERAPEUTICS INC EASTMAN CHEMICAL CO GILEAD SCIENCES INC SYNERGY PHARMACEUTICALS INC ENTERPRISE PRODS PRTNRS -LP HALOZYME THERAPEUTICS INC TESARO INC FLOTEK INDUSTRIES INC HEAT BIOLOGICS INC TETRAPHASE PHARMACEUTICALS FUTUREFUEL CORP HERON THERAPEUTICS INC TRACON PHARMACEUTICALS INC GEVO INC HESKA CORP ULTRAGENYX PHARMACEUTICAL GREEN PLAINS INC IBIO INC VANDA PHARMACEUTICALS INC HUNTSMAN CORP IDERA PHARMACEUTICALS INC VERICEL CORP INTL FLAVORS & FRAGRANCES IMMUNE DESIGN CORP VICAL INC KMG CHEMICALS INC IMMUNOGEN INC VITRO DIAGNOSTICS INC KOPPERS HOLDINGS INC INCYTE CORP WINDTREE THERAPEUTICS INC KRATON CORP INTRA-CELLULAR THERAPIES INC XENCOR INC NEWMARKET CORP INTREXON CORP XOMA CORP OCI PARTNERS LP ISORAY INC XTANT MEDICAL HOLDINGS INC PACIFIC ETHANOL INC JUNO THERAPEUTICS INC YIELD10 BIOSCIENCE INC PHIBRO ANIMAL HEALTH CORP LANDEC CORP ZIOPHARM ONCOLOGY INC PHILLIPS 66 MABVAX THERAPEUTICS HLDGS REX AMERICAN RESOURCES CORP MACROGENICS INC SIC 284 SENSIENT TECHNOLOGIES CORP MERIDIAN BIOSCIENCE INC STEPAN CO MERRIMACK PHARMACEUTICALS AVON PRODUCTS VALERO ENERGY CORP CHURCH & DWIGHT INC MIMEDX GROUP INC WESTLAKE CHEMICAL CORP MOMENTA PHARMACEUTICALS CLOROX CO/DE WESTLAKE CHEMICAL PRTNRS LP INC COLGATE-PALMOLIVE CO

NEUROCRINE BIOSCIENCES INC COTY INC SIC 2869 NEWLINK GENETICS CORP ECOLAB INC AEMETIS INC NOVAVAX INC EDGEWELL PERSONAL CARE CO ASHLAND GLOBAL HOLDINGS INC NUTRA PHARMA CORP FC GLOBAL REALTY INC BALCHEM CORP -CL B OCULAR THERAPEUTIX INC IKONICS CORP BIOAMBER INC OMEROS CORP INTER PARFUMS INC CELANESE CORP ONCOMED PHARMACEUTICALS JOHNSON & JOHNSON EASTMAN CHEMICAL CO ONCONOVA THERAPEUTICS INC LAUDER (ESTEE) COS INC -CL A ENTERPRISE PRODS PRTNRS -LP OPHTHOTECH CORP OCEAN BIO-CHEM INC FUTUREFUEL CORP ORAMED PHARMACEUTICALS INC PROCTER & GAMBLE CO GEVO INC OREXIGEN THERAPEUTICS INC REVLON INC -CL A GREEN PLAINS INC ORGANOVO HOLDINGS INC SCOTT'S LIQUID GOLD INTL FLAVORS & FRAGRANCES OTONOMY INC SKINVISIBLE INC

2018 Cost of Capital Navigator (data through March 2018); 14 Industry Risk Premia Company List

KMG CHEMICALS INC PHILLIPS 66 LOUISIANA-PACIFIC CORP NEWMARKET CORP QUAKER CHEMICAL CORP MASCO CORP

OCI PARTNERS LP RENEWABLE ENERGY GROUP INC MYERS INDUSTRIES INC SENSIENT TECHNOLOGIES CORP TRECORA RESOURCES NN INC

STEPAN CO TYSON FOODS INC -CL A OURPETS CO VALERO ENERGY CORP VALERO ENERGY CORP PARADISE INC

VULCAN MATERIALS CO RAVEN INDUSTRIES INC

SIC 287 ROGERS CORP

AGROFRESH SOLUTIONS INC SIC 30 SEALED AIR CORP

AMERICAN VANGUARD CORP ADVANCED DRAINAGE SYSTEMS SILGAN HOLDINGS INC

ANDERSONS INC ALPHA PRO TECH LTD TREDEGAR CORP

CF INDUSTRIES HOLDINGS INC AMERITYRE CORP TUPPERWARE BRANDS CORP

CHINA GREEN AGRICULTURE INC APTARGROUP INC UFP TECHNOLOGIES INC

CVR PARTNERS LP ASPEN AEROGELS INC VISKASE COMPANIES INC

DOWDUPONT INC BERRY GLOBAL GROUP INC FMC CORP COOPER TIRE & RUBBER CO SIC 3089

MONSANTO CO CORE MOLDING TECHNOLOGIES ALPHA PRO TECH LTD MOSAIC CO CRANE CO APTARGROUP INC

PLATFORM SPECIALTY CROCS INC CORE MOLDING TECHNOLOGIES PRODUCTS CTI INDUSTRIES CORP CRANE CO SCOTTS MIRACLE-GRO CO DANA INC GREYSTONE LOGISTICS INC

DECKERS OUTDOOR CORP LOUISIANA-PACIFIC CORP SIC 289 EDGEWELL PERSONAL CARE CO MASCO CORP ALBEMARLE CORP ENPRO INDUSTRIES INC MYERS INDUSTRIES INC BERRY GLOBAL GROUP INC ESCO TECHNOLOGIES INC NN INC CABOT CORP FLOWSERVE CORP OURPETS CO CABOT MICROELECTRONICS GOODYEAR TIRE & RUBBER CO PARADISE INC CORP GREIF INC -CL A SILGAN HOLDINGS INC CALGON CARBON CORP GREYSTONE LOGISTICS INC TUPPERWARE BRANDS CORP CHASE CORP LOUISIANA-PACIFIC CORP VISKASE COMPANIES INC DMC GLOBAL INC MASCO CORP FLOTEK INDUSTRIES INC MYERS INDUSTRIES INC SIC 31 FULLER (H. B.) CO NIKE INC -CL B CALERES INC HAWKINS INC NN INC DECKERS OUTDOOR CORP IKONICS CORP OURPETS CO MADDEN STEVEN LTD ILLINOIS TOOL WORKS PARADISE INC MCRAE INDUSTRIES -CL A INNOSPEC INC RAVEN INDUSTRIES INC ROCKY BRANDS INC NORTHERN TECH INTL ROGERS CORP SKECHERS U S A INC POLYONE CORP SEALED AIR CORP TANDY LEATHER FACTORY INC RPM INTERNATIONAL INC SILGAN HOLDINGS INC TAPESTRY INC WD-40 CO TREDEGAR CORP VERA BRADLEY INC

TUPPERWARE BRANDS CORP WOLVERINE WORLD WIDE SIC 29 UFP TECHNOLOGIES INC ANDEAVOR VERU INC SIC 32 BLUEKNIGHT ENERGY PRTNRS LP VISKASE COMPANIES INC ALBANY INTL CORP -CL A CALUMET SPECIALTY PRODS -LP WEST PHARMACEUTICAL SVSC ALEXANDER & BALDWIN INC CARLISLE COS INC INC APOGEE ENTERPRISES INC CHEVRON CORP

ARMSTRONG WORLD INDUSTRIES CVR ENERGY INC SIC 308 CARBO CERAMICS INC CVR REFINING LP ADVANCED DRAINAGE SYSTEMS CHARLES & COLVARD LTD DARLING INGREDIENTS INC ALPHA PRO TECH LTD CHINA ADVANCED CONSTR DELEK US HOLDINGS INC APTARGROUP INC MATLS DELTA AIR LINES INC ASPEN AEROGELS INC CONTINENTAL BUILDING PRODS EXXON MOBIL CORP BERRY GLOBAL GROUP INC CONTINENTAL MATERIALS CORP HOLLYFRONTIER CORP CORE MOLDING TECHNOLOGIES CORNING INC MARATHON PETROLEUM CORP CRANE CO CPS TECHNOLOGIES CORP MURPHY USA INC EDGEWELL PERSONAL CARE CO EAGLE MATERIALS INC NUSTAR ENERGY LP ESCO TECHNOLOGIES INC GRANITE CONSTRUCTION INC PAR PACIFIC HOLDINGS INC GREIF INC -CL A LIBBEY INC PBF ENERGY INC GREYSTONE LOGISTICS INC MINERALS TECHNOLOGIES INC

2018 Cost of Capital Navigator (data through March 2018); 15 Industry Risk Premia Company List

MOHAWK INDUSTRIES INC HAYNES INTERNATIONAL INC COMMERCIAL METALS MONARCH CEMENT CO HUBBELL INC NUCOR CORP

NANOPHASE TECHNOLOGIES INSTEEL INDUSTRIES SCHNITZER STEEL INDS -CL A CORP KAISER ALUMINUM CORP STEEL DYNAMICS INC OIL DRI CORP AMERICA LEGGETT & PLATT INC SUNCOKE ENERGY INC OWENS CORNING LINDSAY CORP SUNCOKE ENERGY PARTNERS LP OWENS-ILLINOIS INC LIQUIDMETAL TECHNOLOGIES TIMKENSTEEL CORP SMITH-MIDLAND CORP MATERION CORP UNITED STATES STEEL CORP TRINITY INDUSTRIES MATTHEWS INTL CORP -CL A UNVL STAINLESS & ALLOY PRODS U S CONCRETE INC METHODE ELECTRONICS INC VALMONT INDUSTRIES INC USG CORP MUELLER INDUSTRIES VULCAN MATERIALS CO NORTHWEST PIPE CO SIC 335

NUCOR CORP ALLEGHENY TECHNOLOGIES INC SIC 327 REAL INDUSTRY INC AMERICAN SUPERCONDUCTOR CP ALEXANDER & BALDWIN INC SCHNITZER STEEL INDS -CL A AMPHENOL CORP CHINA ADVANCED CONSTR STEEL DYNAMICS INC CARPENTER TECHNOLOGY CORP MATLS SUNCOKE ENERGY INC CENTURY ALUMINUM CO CONTINENTAL BUILDING PRODS SUNCOKE ENERGY PARTNERS LP CORNING INC CONTINENTAL MATERIALS CORP SYNALLOY CORP ENCORE WIRE CORP EAGLE MATERIALS INC THOR INDUSTRIES INC GENERAL CABLE CORP/DE GRANITE CONSTRUCTION INC TIMKENSTEEL CORP GLOBAL BRASS & COPPER HLDGS MONARCH CEMENT CO TREDEGAR CORP HUBBELL INC SMITH-MIDLAND CORP U S ANTIMONY CORP KAISER ALUMINUM CORP TRINITY INDUSTRIES UNITED STATES STEEL CORP METHODE ELECTRONICS INC U S CONCRETE INC UNVL STAINLESS & ALLOY PRODS MUELLER INDUSTRIES USG CORP VALMONT INDUSTRIES INC THOR INDUSTRIES INC VULCAN MATERIALS CO WEBCO INDUSTRIES INC TREDEGAR CORP

WORTHINGTON INDUSTRIES SIC 329 SIC 34 ALBANY INTL CORP -CL A SIC 331 ACME UNITED CORP ARMSTRONG WORLD INDUSTRIES AK STEEL HOLDING CORP AIR INDUSTRIES GROUP INC CARBO CERAMICS INC ALLEGHENY TECHNOLOGIES INC AMPCO-PITTSBURGH CORP CHARLES & COLVARD LTD CARPENTER TECHNOLOGY CORP APOGEE ENTERPRISES INC CORNING INC COMMERCIAL METALS ARC GROUP WORLDWIDE INC CPS TECHNOLOGIES CORP FRIEDMAN INDUSTRIES INC ARGAN INC MINERALS TECHNOLOGIES INC GIBRALTAR INDUSTRIES INC AXON ENTERPRISE INC NANOPHASE TECHNOLOGIES CORP HAYNES INTERNATIONAL INC BALL CORP

OIL DRI CORP AMERICA INSTEEL INDUSTRIES BARNES GROUP INC

OWENS CORNING LEGGETT & PLATT INC BERKSHIRE HATHAWAY

LINDSAY CORP BWX TECHNOLOGIES INC

SIC 33 LIQUIDMETAL TECHNOLOGIES CHART INDUSTRIES INC

AK STEEL HOLDING CORP NORTHWEST PIPE CO CHICAGO RIVET & MACHINE CO NUCOR CORP CIRCOR INTL INC ALLEGHENY TECHNOLOGIES INC AMERICAN AXLE & MFG SCHNITZER STEEL INDS -CL A COMMERCIAL METALS

HOLDINGS STEEL DYNAMICS INC COMPASS DIVERSIFIED HOLDINGS

AMERICAN SUPERCONDUCTOR CP SUNCOKE ENERGY INC COMPX INTERNATIONAL INC

AMPHENOL CORP SUNCOKE ENERGY PARTNERS LP CONTINENTAL MATERIALS CORP

CARPENTER TECHNOLOGY CORP SYNALLOY CORP CRANE CO

CENTURY ALUMINUM CO TIMKENSTEEL CORP CROWN HOLDINGS INC

COMMERCIAL METALS UNITED STATES STEEL CORP EASTERN CO

CORNING INC UNVL STAINLESS & ALLOY PRODS EDGEWELL PERSONAL CARE CO

DMC GLOBAL INC VALMONT INDUSTRIES INC EMERSON ELECTRIC CO

EASTERN CO WEBCO INDUSTRIES INC FEDERAL SCREW WORKS

ENCORE WIRE CORP WORTHINGTON INDUSTRIES FLOWSERVE CORP

FREEPORT-MCMORAN INC FORTUNE BRANDS HOME &

FRIEDMAN INDUSTRIES INC SIC 3312 SECUR

GENERAL CABLE CORP/DE AK STEEL HOLDING CORP GENERAL FINANCE CORP/DE

GIBRALTAR INDUSTRIES INC ALLEGHENY TECHNOLOGIES INC GRAHAM CORP

GLOBAL BRASS & COPPER HLDGS CARPENTER TECHNOLOGY CORP GRIFFON CORP

HARSCO CORP HARSCO CORP

2018 Cost of Capital Navigator (data through March 2018); 16 Industry Risk Premia Company List

HC2 HOLDINGS INC SIC 344 AAON INC

HNI CORP AIR INDUSTRIES GROUP INC ACTUANT CORP -CL A ADVANCED EMISSIONS ILLINOIS TOOL WORKS APOGEE ENTERPRISES INC SOLUTIONS JASON INDUSTRIES INC ARGAN INC AEROHIVE NETWORKS INC LEGGETT & PLATT INC BWX TECHNOLOGIES INC AG&E HOLDINGS INC LIFETIME BRANDS INC CHART INDUSTRIES INC AGCO CORP MASCO CORP COMMERCIAL METALS AIR PRODUCTS & CHEMICALS INC MCRAE INDUSTRIES -CL A CONTINENTAL MATERIALS CORP AIR T INC MUELLER WATER PRODUCTS INC FORTUNE BRANDS HOME & SECUR ALAMO GROUP INC NATIONAL PRESTO INDS INC GENERAL FINANCE CORP/DE ALTRA INDUSTRIAL MOTION CORP NCI BUILDING SYSTEMS INC GRAHAM CORP AMPCO-PITTSBURGH CORP NOVUS ROBOTICS INC GRIFFON CORP AMTECH SYSTEMS INC NUCOR CORP HARSCO CORP APPLIED MATERIALS INC OLIN CORP HC2 HOLDINGS INC ARC GROUP WORLDWIDE INC OMEGA FLEX INC NCI BUILDING SYSTEMS INC ARCHROCK INC ORBITAL ATK INC NUCOR CORP ARISTA NETWORKS INC PARK OHIO HOLDINGS CORP PGT INNOVATIONS INC ARTS WAY MFG INC PARKER-HANNIFIN CORP QUANEX BUILDING PRODUCTS ASTEC INDUSTRIES INC PERMA-PIPE INTERNATIONAL HOL STANDEX INTERNATIONAL CORP AXCELIS TECHNOLOGIES INC PGT INNOVATIONS INC STANLEY BLACK & DECKER INC BRIGGS & STRATTON PRAXAIR INC STEEL DYNAMICS INC BROADWIND ENERGY INC QEP CO INC THT HEAT TRANSFER TECH INC BROOKS AUTOMATION INC QUANEX BUILDING PRODUCTS TRIMAS CORP BRUNSWICK CORP SHILOH INDUSTRIES INC TRINITY INDUSTRIES CALGON CARBON CORP SILGAN HOLDINGS INC VALMONT INDUSTRIES INC CANTEL MEDICAL CORP SIMPSON MANUFACTURING INC WORTHINGTON INDUSTRIES CAPSTONE TURBINE CORP SNAP-ON INC SPECTRUM BRANDS HOLDINGS CARLISLE COS INC

INC SIC 3443 CATERPILLAR INC

STANDEX INTERNATIONAL CORP ARGAN INC CAVITATION TECHNOLOGIES INC

STANLEY BLACK & DECKER INC BWX TECHNOLOGIES INC CAVIUM INC

STARRETT (L.S.) CO -CL A CHART INDUSTRIES INC CCUR HOLDINGS INC

STEEL DYNAMICS INC GENERAL FINANCE CORP/DE CECO ENVIRONMENTAL CORP

SUN HYDRAULICS CORP GRAHAM CORP CHICAGO RIVET & MACHINE CO

THT HEAT TRANSFER TECH INC STANDEX INTERNATIONAL CORP CISCO SYSTEMS INC

TRIMAS CORP THT HEAT TRANSFER TECH INC COLFAX CORP

TRINITY INDUSTRIES TRIMAS CORP COLUMBUS MCKINNON CORP

VALMONT INDUSTRIES INC TRINITY INDUSTRIES CONTINENTAL MATERIALS CORP

VISTA OUTDOOR INC WORTHINGTON INDUSTRIES CRANE CO WATTS WATER TECHNOLOGIES CRAY INC INC SIC 349 CSP INC WORTHINGTON INDUSTRIES ARC GROUP WORLDWIDE INC CUBIC CORP

BARNES GROUP INC CUMMINS INC SIC 342 CIRCOR INTL INC CURTISS-WRIGHT CORP ACME UNITED CORP COMPASS DIVERSIFIED HOLDINGS CVD EQUIPMENT CORP COMPX INTERNATIONAL INC CRANE CO DEERE & CO EASTERN CO FLOWSERVE CORP DIEBOLD NIXDORF INC EDGEWELL PERSONAL CARE CO LEGGETT & PLATT INC DIGI INTERNATIONAL INC EMERSON ELECTRIC CO MUELLER WATER PRODUCTS INC DONALDSON CO INC FORTUNE BRANDS HOME & NOVUS ROBOTICS INC DOUGLAS DYNAMICS INC SECUR OMEGA FLEX INC DOVER CORP ILLINOIS TOOL WORKS PARKER-HANNIFIN CORP DOWDUPONT INC LIFETIME BRANDS INC PERMA-PIPE INTERNATIONAL HOL DRIL-QUIP INC QEP CO INC SUN HYDRAULICS CORP EKSO BIONICS HOLDINGS INC SIMPSON MANUFACTURING INC WATTS WATER TECHNOLOGIES ELECTRONICS FOR IMAGING INC SNAP-ON INC INC EMERSON ELECTRIC CO SPECTRUM BRANDS HOLDINGS INC ENPRO INDUSTRIES INC SIC 35 STANLEY BLACK & DECKER INC ENTEGRIS INC 3D SYSTEMS CORP STARRETT (L.S.) CO -CL A ESCO TECHNOLOGIES INC A10 NETWORKS INC EVERI HOLDINGS INC

2018 Cost of Capital Navigator (data through March 2018); 17 Industry Risk Premia Company List

EXONE CO OIL STATES INTL INC CAPSTONE TURBINE CORP EXTREME NETWORKS INC OMNICELL INC CUMMINS INC

FINISAR CORP ORMAT TECHNOLOGIES INC ENPRO INDUSTRIES INC FLOWSERVE CORP OSHKOSH CORP GENERAL ELECTRIC CO

FORTINET INC PACCAR INC GLOBAL POWER EQUIPMENT GROUP FORUM ENERGY TECH INC PALO ALTO NETWORKS INC NAVISTAR INTERNATIONAL CORP FUEL TECH INC PARK OHIO HOLDINGS CORP GENCOR INDUSTRIES INC PARKER-HANNIFIN CORP ORMAT TECHNOLOGIES INC

GENERAL ELECTRIC CO PDF SOLUTIONS INC SIC 353 GEOSPACE TECHNOLOGIES CORP PITNEY BOWES INC ACTUANT CORP -CL A GLASSBRIDGE ENTERPRISES INC PROFIRE ENERGY INC ARCHROCK INC GLOBAL POWER EQUIPMENT PROTO LABS INC GROUP ASTEC INDUSTRIES INC QUALSTAR CORP GORMAN-RUPP CO CATERPILLAR INC QUANTUM CORP GRACO INC COLUMBUS MCKINNON CORP RADISYS CORP HARDINGE INC DEERE & CO RBC BEARINGS INC HARSCO CORP DOUGLAS DYNAMICS INC REGAL BELOIT CORP HILLENBRAND INC DOVER CORP REXNORD CORP HP INC DRIL-QUIP INC RISK(GEORGE) INDUSTRIES INC HYSTER-YALE MATERIALS FORUM ENERGY TECH INC RMG NETWORKS HOLDING CORP HNDLNG GENERAL ELECTRIC CO ROCKWELL AUTOMATION IDEX CORP HARSCO CORP ROPER TECHNOLOGIES INC ILLINOIS TOOL WORKS HILLENBRAND INC SCIENTIFIC GAMES CORP INFINERA CORP HYSTER-YALE MATERIALS SHARING ECONOMY INTL INC INNOVATIVE SOLTNS & SUPP INC HNDLNG SNAP-ON INC INTELLICHECK INC JASON INDUSTRIES INC SPX CORP INTERNATIONAL BALER CORP JOHN BEAN TECHNOLOGIES STANDARD MOTOR PRODS INTEVAC INC KENNAMETAL INC STANDEX INTERNATIONAL CORP INTL BUSINESS MACHINES CORP MANITEX INTERNATIONAL INC STANLEY BLACK & DECKER INC ITT INC MANITOWOC CO TAYLOR DEVICES INC JASON INDUSTRIES INC NATIONAL OILWELL VARCO INC TENNANT CO JOHN BEAN TECHNOLOGIES NATURAL GAS SERVICES GROUP TERADYNE INC JUNIPER NETWORKS INC OCEANEERING INTERNATIONAL TEREX CORP KADANT INC OIL STATES INTL INC TIMKEN CO KENNAMETAL INC OSHKOSH CORP TITAN INTERNATIONAL INC KEY TECHNOLOGY INC PACCAR INC TORO CO KULICKE & SOFFA INDUSTRIES PROFIRE ENERGY INC TRANSACT TECHNOLOGIES INC LAM RESEARCH CORP TEREX CORP TRIMAS CORP LENNOX INTERNATIONAL INC TRIMAS CORP TRIO-TECH INTERNATIONAL LINCOLN ELECTRIC HLDGS INC UNITED TECHNOLOGIES CORP TWIN DISC INC LINDSAY CORP WORTHINGTON INDUSTRIES UNITED TECHNOLOGIES CORP LYDALL INC USA TECHNOLOGIES INC MANITEX INTERNATIONAL INC SIC 3533 VALMONT INDUSTRIES INC MANITOWOC CO ACTUANT CORP -CL A VEECO INSTRUMENTS INC MATTHEWS INTL CORP -CL A ARCHROCK INC VERIFONE SYSTEMS INC MIDDLEBY CORP DOVER CORP VIAVI SOLUTIONS INC MITEK SYSTEMS INC DRIL-QUIP INC WESTERN DIGITAL CORP MODINE MANUFACTURING CO FORUM ENERGY TECH INC WORTHINGTON INDUSTRIES MOOG INC -CL A GENERAL ELECTRIC CO WSI INDUSTRIES INC MUELLER INDUSTRIES KENNAMETAL INC XERIUM TECHNOLOGIES INC NATIONAL OILWELL VARCO INC NATIONAL OILWELL VARCO INC XEROX CORP NATURAL GAS SERVICES GROUP NATURAL GAS SERVICES GROUP XPLORE TECHNOLOGIES CORP NAVISTAR INTERNATIONAL CORP OCEANEERING INTERNATIONAL XYLEM INC NCR CORP OIL STATES INTL INC ZEBRA TECHNOLOGIES CP -CL A NETAPP INC PROFIRE ENERGY INC

NETGEAR INC TRIMAS CORP SIC 351 NL INDUSTRIES BRIGGS & STRATTON NN INC SIC 354 BROADWIND ENERGY INC NORDSON CORP ACTUANT CORP -CL A BRUNSWICK CORP OCEANEERING INTERNATIONAL ARC GROUP WORLDWIDE INC

2018 Cost of Capital Navigator (data through March 2018); 18 Industry Risk Premia Company List

ARTS WAY MFG INC LYDALL INC XEROX CORP

CHICAGO RIVET & MACHINE CO NL INDUSTRIES XPLORE TECHNOLOGIES CORP COLFAX CORP NN INC ZEBRA TECHNOLOGIES CP -CL A

HARDINGE INC NORDSON CORP

ILLINOIS TOOL WORKS OMNICELL INC SIC 3577

KENNAMETAL INC RBC BEARINGS INC FINISAR CORP

LINCOLN ELECTRIC HLDGS INC REGAL BELOIT CORP FORTINET INC

PARK OHIO HOLDINGS CORP REXNORD CORP HP INC

STANLEY BLACK & DECKER INC ROCKWELL AUTOMATION INNOVATIVE SOLTNS & SUPP INC

ROPER TECHNOLOGIES INC MITEK SYSTEMS INC

SIC 355 TAYLOR DEVICES INC RADISYS CORP

3D SYSTEMS CORP TERADYNE INC RISK(GEORGE) INDUSTRIES INC

ADVANCED EMISSIONS TIMKEN CO RMG NETWORKS HOLDING CORP SOLUTIONS TWIN DISC INC TRANSACT TECHNOLOGIES INC AIR T INC WSI INDUSTRIES INC XEROX CORP AMTECH SYSTEMS INC XYLEM INC ZEBRA TECHNOLOGIES CP -CL A APPLIED MATERIALS INC

AXCELIS TECHNOLOGIES INC SIC 357 SIC 358 BROOKS AUTOMATION INC A10 NETWORKS INC AAON INC CAVITATION TECHNOLOGIES INC AEROHIVE NETWORKS INC CALGON CARBON CORP CVD EQUIPMENT CORP AG&E HOLDINGS INC CANTEL MEDICAL CORP DOWDUPONT INC ARISTA NETWORKS INC CARLISLE COS INC ENTEGRIS INC CAVIUM INC CONTINENTAL MATERIALS CORP EXONE CO CCUR HOLDINGS INC CRANE CO GEOSPACE TECHNOLOGIES CORP CISCO SYSTEMS INC DOVER CORP INTEVAC INC CRAY INC EMERSON ELECTRIC CO JOHN BEAN TECHNOLOGIES CSP INC ILLINOIS TOOL WORKS KADANT INC CUBIC CORP LENNOX INTERNATIONAL INC KEY TECHNOLOGY INC DIEBOLD NIXDORF INC MIDDLEBY CORP KULICKE & SOFFA INDUSTRIES DIGI INTERNATIONAL INC MODINE MANUFACTURING CO LAM RESEARCH CORP ELECTRONICS FOR IMAGING INC MUELLER INDUSTRIES MATTHEWS INTL CORP -CL A EVERI HOLDINGS INC SPX CORP PDF SOLUTIONS INC EXTREME NETWORKS INC STANDARD MOTOR PRODS PROTO LABS INC FINISAR CORP STANDEX INTERNATIONAL CORP SHARING ECONOMY INTL INC FORTINET INC TENNANT CO TRIO-TECH INTERNATIONAL GLASSBRIDGE ENTERPRISES INC UNITED TECHNOLOGIES CORP VEECO INSTRUMENTS INC HP INC XERIUM TECHNOLOGIES INC INFINERA CORP SIC 3585

INNOVATIVE SOLTNS & SUPP INC AAON INC SIC INTELLICHECK INC CONTINENTAL MATERIALS CORP 356 INTL BUSINESS MACHINES CORP DOVER CORP AIR PRODUCTS & CHEMICALS INC JUNIPER NETWORKS INC EMERSON ELECTRIC CO ALTRA INDUSTRIAL MOTION CORP MITEK SYSTEMS INC ILLINOIS TOOL WORKS AMPCO-PITTSBURGH CORP NCR CORP LENNOX INTERNATIONAL INC BRIGGS & STRATTON NETAPP INC MODINE MANUFACTURING CO CARLISLE COS INC NETGEAR INC MUELLER INDUSTRIES CECO ENVIRONMENTAL CORP PALO ALTO NETWORKS INC SPX CORP DONALDSON CO INC PITNEY BOWES INC STANDARD MOTOR PRODS EKSO BIONICS HOLDINGS INC QUALSTAR CORP STANDEX INTERNATIONAL CORP ENPRO INDUSTRIES INC QUANTUM CORP UNITED TECHNOLOGIES CORP ESCO TECHNOLOGIES INC RADISYS CORP FLOWSERVE CORP RISK(GEORGE) INDUSTRIES INC SIC 36 FUEL TECH INC RMG NETWORKS HOLDING CORP 3M CO GENCOR INDUSTRIES INC SCIENTIFIC GAMES CORP ACUITY BRANDS INC GORMAN-RUPP CO TRANSACT TECHNOLOGIES INC ADTRAN INC GRACO INC USA TECHNOLOGIES INC ADVANCED ENERGY INDS INC IDEX CORP VERIFONE SYSTEMS INC ADVANCED MICRO DEVICES ILLINOIS TOOL WORKS VIAVI SOLUTIONS INC AEROVIRONMENT INC INTERNATIONAL BALER CORP WESTERN DIGITAL CORP ITT INC AFTERMASTER INC

2018 Cost of Capital Navigator (data through March 2018); 19 Industry Risk Premia Company List

ALLIED MOTION TECHNOLOGIES ENSYNC INC MICROCHIP TECHNOLOGY INC

AMERICAN ELECTRIC TECH INC ENVIRONMENTAL TECTONICS MICRON TECHNOLOGY INC CORP AMERICAN SUPERCONDUCTOR CP MICROSEMI CORP ESPEY MFG & ELECTRONICS CORP AMETEK INC MICROWAVE FILTER CO INC FEDERAL SIGNAL CORP AMKOR TECHNOLOGY INC MKS INSTRUMENTS INC FIRST SOLAR INC AMPHENOL CORP MONOLITHIC POWER SYSTEMS FLUX POWER HOLDINGS INC INC ANALOG DEVICES FRANKLIN ELECTRIC CO INC MOOG INC -CL A ANDREA ELECTRONICS CORP FUELCELL ENERGY INC MOSYS INC APPLE INC GENERAC HOLDINGS INC MOTORCAR PARTS OF AMER INC APPLIED OPTOELECTRONICS INC GENERAL DYNAMICS CORP MOTOROLA SOLUTIONS INC ARC GROUP WORLDWIDE INC GENERAL ELECTRIC CO NACCO INDUSTRIES -CL A AROTECH CORP GENTEX CORP NAPCO SECURITY TECH INC ASCENT SOLAR TECHNOLOGIES GENTHERM INC NEONODE INC ASTRONICS CORP GIGA-TRONICS INC NEOPHOTONICS CORP AVIAT NETWORKS INC GLOBAL EAGLE ENTERTAINMENT NEWELL BRANDS INC AVX CORP GLOBAL POWER EQUIPMENT NORTECH SYSTEMS INC AXT INC GROUP NRG ENERGY INC BEL FUSE INC GRAHAM HOLDINGS CO NVE CORP BELDEN INC GSI TECHNOLOGY INC NVIDIA CORP BENCHMARK ELECTRONICS INC HARMONIC INC OCEAN POWER TECHNOLOGIES BLACK BOX CORP HARRIS CORP INC BLONDER TONGUE LABS INC HEICO CORP OCLARO INC BOLLENTE COS INC HIGHPOWER INTERNATIONAL INC ON SEMICONDUCTOR CORP CALAMP CORP HRG GROUP INC ORBITAL ATK INC CALIX INC HUBBELL INC ORION ENERGY SYSTEMS INC CAPSTONE COS INC IDEAL POWER INC OSI SYSTEMS INC CARLISLE COS INC IEC ELECTRONICS CORP PARK ELECTROCHEMICAL CORP CATERPILLAR INC IEH CORP PARKERVISION INC CBAK ENERGY TECHNOLOGY INC INFOSONICS CORP -OLD PCTEL INC CEMTREX INC INPHI CORP PHOTRONICS INC CHINA RECYCLING ENERGY CORP INSEEGO CORP PIONEER POWER SOLUTIONS INC CIENA CORP INTEGER HOLDINGS CORP PIXELWORKS INC CINTAS CORP INTEGRATED DEVICE TECH INC PLANTRONICS INC CIRRUS LOGIC INC INTEL CORP PLEXUS CORP CLEARFIELD INC INTERMOLECULAR INC PLUG POWER INC CLEARONE INC INTERSECTIONS INC POWELL INDUSTRIES INC COMMSCOPE HOLDING CO INC IPG PHOTONICS CORP POWER INTEGRATIONS INC COMMUNICATIONS SYSTEMS INC JABIL INC POWERVERDE INC COMPASS DIVERSIFIED HOLDINGS JOHNSON OUTDOORS INC -CL A PREFORMED LINE PRODUCTS CO COMTECH TELECOMMUN KEMET CORP PROCTER & GAMBLE CO CORNING INC KEY TRONIC CORP PROPHOTONIX LTD CREE INC KIMBALL ELECTRONICS INC QORVO INC CTS CORP KNOWLES CORP QUALCOMM INC CUI GLOBAL INC KOPIN CORP QUALSTAR CORP CUMMINS INC L3 TECHNOLOGIES INC QUICKLOGIC CORP CYPRESS SEMICONDUCTOR CORP LATTICE SEMICONDUCTOR CORP R F INDUSTRIES LTD DEWEY ELECTRONICS CORP LGL GROUP INC REAL GOODS SOLAR INC DIGITAL ALLY INC LITTELFUSE INC REGAL BELOIT CORP DIODES INC LOCKHEED MARTIN CORP RELM WIRELESS CORP DPW HOLDINGS INC LRAD CORP RESONANT INC DSP GROUP INC LSI INDUSTRIES INC REVOLUTION LIGHTING ECHOSTAR CORP TECHNLGS M/ACOM TECHNOLOGY ELECTR TELE-COMMUNCTN SOLUTIONS RICHARDSON ELECTRONICS LTD

ELECTRO SCIENTIFIC INDS INC MAGNACHIP SEMICONDUCTOR RISK(GEORGE) INDUSTRIES INC

EMAGIN CORP CORP ROCKWELL AUTOMATION

EMCORE CORP MAXIM INTEGRATED PRODUCTS ROGERS CORP

EMERSON RADIO CORP MAXLINEAR INC RUBICON TECHNOLOGY INC

ENERGOUS CORP MAXWELL TECHNOLOGIES INC SANMINA CORP

ENERSYS MERCURY SYSTEMS INC SEMILEDS CORP

ENPHASE ENERGY INC METHODE ELECTRONICS INC

2018 Cost of Capital Navigator (data through March 2018); 20 Industry Risk Premia Company List

SEMTECH CORP CUMMINS INC CALIX INC

SIGMA DESIGNS INC DEWEY ELECTRONICS CORP CIENA CORP SIGMATRON INTERNATIONAL INC FRANKLIN ELECTRIC CO INC CINTAS CORP

SILICON LABORATORIES INC GENERAC HOLDINGS INC CLEARONE INC SINGING MACHINE CO INC GENTHERM INC COMMSCOPE HOLDING CO INC

SKYWORKS SOLUTIONS INC GLOBAL POWER EQUIPMENT COMMUNICATIONS SYSTEMS INC GROUP SMITH (A O) CORP COMTECH TELECOMMUN IDEAL POWER INC SMTC CORP DSP GROUP INC PIONEER POWER SOLUTIONS INC SONO-TEK CORP ECHOSTAR CORP POWERVERDE INC SPARTON CORP ELECTR TELE-COMMUNCTN REGAL BELOIT CORP SPECTRUM BRANDS HOLDINGS FEDERAL SIGNAL CORP INC ROCKWELL AUTOMATION GENERAL DYNAMICS CORP STANDARD MOTOR PRODS SUN HYDRAULICS CORP GENTEX CORP STANDEX INTERNATIONAL CORP TECOGEN INC GLOBAL EAGLE ENTERTAINMENT STONERIDGE INC THERMON GROUP HOLDINGS INC HARMONIC INC STR HOLDINGS INC UQM TECHNOLOGIES INC HARRIS CORP SUN HYDRAULICS CORP WEC ENERGY GROUP INC INFOSONICS CORP -OLD SUNPOWER CORP WOODWARD INC INSEEGO CORP SUPERCONDUCTOR INTERSECTIONS INC TECHNOLOGIES SIC 3621 L3 TECHNOLOGIES INC SYNAPTICS INC ALLIED MOTION TECHNOLOGIES TECHNICAL COMMUNICATIONS LOCKHEED MARTIN CORP AMERICAN SUPERCONDUCTOR CP CP MOTOROLA SOLUTIONS INC AMETEK INC TECOGEN INC NAPCO SECURITY TECH INC CATERPILLAR INC TEXAS INSTRUMENTS INC NEONODE INC CUMMINS INC THERMON GROUP HOLDINGS INC ORBITAL ATK INC DEWEY ELECTRONICS CORP TOROTEL INC PARKERVISION INC FRANKLIN ELECTRIC CO INC TTM TECHNOLOGIES INC PCTEL INC GENERAC HOLDINGS INC TURTLE BEACH CORP PLANTRONICS INC GLOBAL POWER EQUIPMENT UBIQUITI NETWORKS INC QUALCOMM INC GROUP ULTRA CLEAN HOLDINGS INC RELM WIRELESS CORP PIONEER POWER SOLUTIONS INC RISK(GEORGE) INDUSTRIES INC UNIVERSAL DISPLAY CORP POWERVERDE INC TECHNICAL COMMUNICATIONS UNIVERSAL ELECTRONICS INC REGAL BELOIT CORP CP UQM TECHNOLOGIES INC TECOGEN INC UBIQUITI NETWORKS INC VASCO DATA SEC INTL INC UQM TECHNOLOGIES INC VASCO DATA SEC INTL INC VECTREN CORP WEC ENERGY GROUP INC VIASAT INC VIASAT INC VICON INDUSTRIES INC VIAVI SOLUTIONS INC SIC 364 WESTELL TECH INC -CL A VICON INDUSTRIES INC ACUITY BRANDS INC WIRELESS TELECOM GROUP INC VICOR CORP ASTRONICS CORP

VIDEO DISPLAY CORP CAPSTONE COS INC SIC 3663 VISHAY INTERTECHNOLOGY INC COMMUNICATIONS SYSTEMS INC ANDREA ELECTRONICS CORP VISHAY PRECISION GROUP INC GENERAL ELECTRIC CO APPLE INC VOXX INTERNATIONAL CORP GRAHAM HOLDINGS CO ARC GROUP WORLDWIDE INC VUZIX CORP HUBBELL INC AVIAT NETWORKS INC WEC ENERGY GROUP INC LSI INDUSTRIES INC BLACK BOX CORP WESTELL TECH INC -CL A ORION ENERGY SYSTEMS INC BLONDER TONGUE LABS INC WHIRLPOOL CORP PREFORMED LINE PRODUCTS CO CALAMP CORP WIRELESS TELECOM GROUP INC REVOLUTION LIGHTING CLEARONE INC WOODWARD INC TECHNLGS COMMSCOPE HOLDING CO INC XILINX INC COMTECH TELECOMMUN XPERI CORPORATION SIC 366 DSP GROUP INC ADTRAN INC ECHOSTAR CORP SIC 362 ANDREA ELECTRONICS CORP GENERAL DYNAMICS CORP AEROVIRONMENT INC APPLE INC HARMONIC INC ALLIED MOTION TECHNOLOGIES ARC GROUP WORLDWIDE INC HARRIS CORP AMERICAN SUPERCONDUCTOR CP AVIAT NETWORKS INC L3 TECHNOLOGIES INC AMETEK INC BLACK BOX CORP LOCKHEED MARTIN CORP CATERPILLAR INC BLONDER TONGUE LABS INC MOTOROLA SOLUTIONS INC CHINA RECYCLING ENERGY CORP CALAMP CORP NEONODE INC

2018 Cost of Capital Navigator (data through March 2018); 21 Industry Risk Premia Company List

PARKERVISION INC LSI INDUSTRIES INC TTM TECHNOLOGIES INC

PCTEL INC M/ACOM TECHNOLOGY ULTRA CLEAN HOLDINGS INC SOLUTIONS QUALCOMM INC UNIVERSAL DISPLAY CORP MAGNACHIP SEMICONDUCTOR RELM WIRELESS CORP VIAVI SOLUTIONS INC CORP TECHNICAL COMMUNICATIONS VICOR CORP CP MAXIM INTEGRATED PRODUCTS VIDEO DISPLAY CORP UBIQUITI NETWORKS INC MAXLINEAR INC VISHAY INTERTECHNOLOGY INC VIASAT INC MERCURY SYSTEMS INC VISHAY PRECISION GROUP INC WIRELESS TELECOM GROUP INC METHODE ELECTRONICS INC VOXX INTERNATIONAL CORP MICROCHIP TECHNOLOGY INC XILINX INC SIC 367 MICRON TECHNOLOGY INC XPERI CORPORATION 3M CO MICROSEMI CORP

MICROWAVE FILTER CO INC ADVANCED ENERGY INDS INC SIC 3672 MKS INSTRUMENTS INC ADVANCED MICRO DEVICES MONOLITHIC POWER SYSTEMS BENCHMARK ELECTRONICS INC AMKOR TECHNOLOGY INC INC COMPASS DIVERSIFIED HOLDINGS AMPHENOL CORP MOOG INC -CL A IEC ELECTRONICS CORP ANALOG DEVICES MOSYS INC JABIL INC APPLIED OPTOELECTRONICS INC NEOPHOTONICS CORP LSI INDUSTRIES INC ASCENT SOLAR TECHNOLOGIES NORTECH SYSTEMS INC METHODE ELECTRONICS INC AVX CORP NRG ENERGY INC PARK ELECTROCHEMICAL CORP AXT INC NVE CORP PLEXUS CORP BEL FUSE INC NVIDIA CORP ROGERS CORP BELDEN INC OCLARO INC SANMINA CORP BENCHMARK ELECTRONICS INC ON SEMICONDUCTOR CORP SIGMATRON INTERNATIONAL INC CARLISLE COS INC OSI SYSTEMS INC SMTC CORP CEMTREX INC PARK ELECTROCHEMICAL CORP TTM TECHNOLOGIES INC CIRRUS LOGIC INC PHOTRONICS INC CLEARFIELD INC PIXELWORKS INC SIC 3674 COMPASS DIVERSIFIED HOLDINGS PLEXUS CORP ADVANCED MICRO DEVICES CORNING INC PLUG POWER INC AMKOR TECHNOLOGY INC CREE INC POWER INTEGRATIONS INC ANALOG DEVICES CTS CORP PROPHOTONIX LTD APPLIED OPTOELECTRONICS INC CUI GLOBAL INC QORVO INC ASCENT SOLAR TECHNOLOGIES CYPRESS SEMICONDUCTOR CORP QUALCOMM INC AXT INC DIODES INC QUALSTAR CORP CIRRUS LOGIC INC DPW HOLDINGS INC QUICKLOGIC CORP CREE INC EMAGIN CORP R F INDUSTRIES LTD CYPRESS SEMICONDUCTOR CORP EMCORE CORP REAL GOODS SOLAR INC DIODES INC ENPHASE ENERGY INC RESONANT INC EMCORE CORP ESPEY MFG & ELECTRONICS CORP RICHARDSON ELECTRONICS LTD ENPHASE ENERGY INC FIRST SOLAR INC ROGERS CORP FIRST SOLAR INC GIGA-TRONICS INC RUBICON TECHNOLOGY INC GSI TECHNOLOGY INC GSI TECHNOLOGY INC SANMINA CORP INPHI CORP HEICO CORP SEMILEDS CORP INTEGRATED DEVICE TECH INC IEC ELECTRONICS CORP SEMTECH CORP INTEL CORP IEH CORP SIGMA DESIGNS INC INTERMOLECULAR INC INPHI CORP SIGMATRON INTERNATIONAL INC IPG PHOTONICS CORP INTEGRATED DEVICE TECH INC SILICON LABORATORIES INC KIMBALL ELECTRONICS INC INTEL CORP SKYWORKS SOLUTIONS INC KOPIN CORP INTERMOLECULAR INC SMTC CORP LATTICE SEMICONDUCTOR CORP IPG PHOTONICS CORP SPARTON CORP M/ACOM TECHNOLOGY JABIL INC SOLUTIONS STANDEX INTERNATIONAL CORP KEMET CORP MAGNACHIP SEMICONDUCTOR STONERIDGE INC CORP KEY TRONIC CORP STR HOLDINGS INC KIMBALL ELECTRONICS INC MAXIM INTEGRATED PRODUCTS SUNPOWER CORP MAXLINEAR INC KNOWLES CORP SUPERCONDUCTOR MERCURY SYSTEMS INC KOPIN CORP TECHNOLOGIES MICROCHIP TECHNOLOGY INC L3 TECHNOLOGIES INC SYNAPTICS INC MICRON TECHNOLOGY INC LATTICE SEMICONDUCTOR CORP TEXAS INSTRUMENTS INC MICROSEMI CORP LGL GROUP INC TOROTEL INC

2018 Cost of Capital Navigator (data through March 2018); 22 Industry Risk Premia Company List

MONOLITHIC POWER SYSTEMS VICOR CORP FREIGHTCAR AMERICA INC INC VOXX INTERNATIONAL CORP GENERAL DYNAMICS CORP MOSYS INC GENERAL ELECTRIC CO NEOPHOTONICS CORP SIC 369 GENERAL MOTORS CO NRG ENERGY INC AROTECH CORP GENTEX CORP NVE CORP CBAK ENERGY TECHNOLOGY INC GENTHERM INC NVIDIA CORP ELECTRO SCIENTIFIC INDS INC GREENBRIER COMPANIES INC OCLARO INC ENERGOUS CORP GREENKRAFT INC ON SEMICONDUCTOR CORP ENERSYS GULF ISLAND FABRICATION INC OSI SYSTEMS INC ENSYNC INC HARLEY-DAVIDSON INC PHOTRONICS INC ENVIRONMENTAL TECTONICS HEICO CORP PIXELWORKS INC CORP HEXCEL CORP PLUG POWER INC FLUX POWER HOLDINGS INC HONEYWELL INTERNATIONAL INC POWER INTEGRATIONS INC FUELCELL ENERGY INC HUNTINGTON INGALLS IND INC PROPHOTONIX LTD HIGHPOWER INTERNATIONAL INC ILLINOIS TOOL WORKS QORVO INC INTEGER HOLDINGS CORP ITT INC QUALCOMM INC JOHNSON OUTDOORS INC -CL A JOHNSON OUTDOORS INC -CL A QUICKLOGIC CORP MOTORCAR PARTS OF AMER INC KAMAN CORP REAL GOODS SOLAR INC SONO-TEK CORP KANDI TECHNOLOGIES GROUP RESONANT INC SPECTRUM BRANDS HOLDINGS KRATOS DEFENSE & SECURITY RUBICON TECHNOLOGY INC INC LCI INDUSTRIES SEMILEDS CORP STANDARD MOTOR PRODS LEAR CORP SEMTECH CORP LEO MOTORS INC SIGMA DESIGNS INC SIC 37 LIQTECH INTERNATIONAL INC SILICON LABORATORIES INC ACTUANT CORP -CL A LOCKHEED MARTIN CORP SKYWORKS SOLUTIONS INC AEROJET ROCKETDYNE HOLDINGS LYDALL INC STR HOLDINGS INC AEROVIRONMENT INC MALIBU BOATS INC SUNPOWER CORP AIR INDUSTRIES GROUP INC MARINE PRODUCTS CORP SYNAPTICS INC AIR T INC MERITOR INC TEXAS INSTRUMENTS INC ALLISON TRANSMISSION HLDGS MILLER INDUSTRIES INC/TN ULTRA CLEAN HOLDINGS INC AMERICAN AXLE & MFG MODINE MANUFACTURING CO UNIVERSAL DISPLAY CORP HOLDINGS MOOG INC -CL A VIAVI SOLUTIONS INC AMERICAN RAILCAR INDS INC NAVISTAR INTERNATIONAL CORP VISHAY INTERTECHNOLOGY INC AUTOLIV INC NORTHROP GRUMMAN CORP VISHAY PRECISION GROUP INC BARNES GROUP INC OMNITEK ENGINEERING CORP XILINX INC BLUE BIRD CORP ORBITAL ATK INC XPERI CORPORATION BOEING CO OSHKOSH CORP

BORGWARNER INC PACCAR INC SIC 3679 BRUNSWICK CORP POLARIS INDUSTRIES INC ADVANCED ENERGY INDS INC BUTLER NATIONAL CORP PURADYN FILTER TECHNOLOGIES CEMTREX INC CARLISLE COS INC RAYTHEON CO CLEARFIELD INC CDTI ADVANCED MATERIALS INC ROCKWELL COLLINS INC CORNING INC CHINA AUTOMOTIVE SYSTEMS SIFCO INDUSTRIES INC DPW HOLDINGS INC SORL AUTO PARTS INC COMMERCIAL VEHICLE GROUP EMAGIN CORP SPARTAN MOTORS INC INC ESPEY MFG & ELECTRONICS CORP CONRAD INDUSTRIES INC SPIRIT AEROSYSTEMS HOLDINGS GIGA-TRONICS INC COOPER-STANDARD HOLDINGS STRATTEC SECURITY CORP HEICO CORP INC SUPERIOR INDUSTRIES INTL KEY TRONIC CORP CPI AEROSTRUCTURES INC TENNECO INC LGL GROUP INC CRANE CO TESLA INC MICROWAVE FILTER CO INC CUMMINS INC TEXTRON INC MKS INSTRUMENTS INC CURTISS-WRIGHT CORP THOR INDUSTRIES INC MOOG INC -CL A DANA INC TITAN INTERNATIONAL INC NORTECH SYSTEMS INC DONALDSON CO INC TOWER INTERNATIONAL INC QUALSTAR CORP DORMAN PRODUCTS INC TRANSDIGM GROUP INC ROGERS CORP DUCOMMUN INC TRINITY INDUSTRIES SPARTON CORP FEDERAL SIGNAL CORP TRIUMPH GROUP INC STONERIDGE INC FORD MOTOR CO UNITED TECHNOLOGIES CORP SUPERCONDUCTOR FOX FACTORY HOLDING CP VISTEON CORP TECHNOLOGIES VOXX INTERNATIONAL CORP

2018 Cost of Capital Navigator (data through March 2018); 23 Industry Risk Premia Company List

WABASH NATIONAL CORP WABASH NATIONAL CORP VISTEON CORP

WABCO HOLDINGS INC WABCO HOLDINGS INC VOXX INTERNATIONAL CORP WABTEC CORP WINNEBAGO INDUSTRIES WABCO HOLDINGS INC

WINNEBAGO INDUSTRIES

SIC 3711 SIC 372 SIC 371 FEDERAL SIGNAL CORP AEROVIRONMENT INC

ACTUANT CORP -CL A FORD MOTOR CO AIR INDUSTRIES GROUP INC ALLISON TRANSMISSION HLDGS GENERAL MOTORS CO AIR T INC

AMERICAN AXLE & MFG LCI INDUSTRIES BARNES GROUP INC HOLDINGS LEO MOTORS INC BOEING CO AUTOLIV INC NAVISTAR INTERNATIONAL CORP BUTLER NATIONAL CORP BLUE BIRD CORP OSHKOSH CORP CPI AEROSTRUCTURES INC BORGWARNER INC PACCAR INC CRANE CO CARLISLE COS INC POLARIS INDUSTRIES INC CURTISS-WRIGHT CORP CDTI ADVANCED MATERIALS INC SPARTAN MOTORS INC DUCOMMUN INC CHINA AUTOMOTIVE SYSTEMS TESLA INC GENERAL DYNAMICS CORP INC TOWER INTERNATIONAL INC GENERAL ELECTRIC CO COMMERCIAL VEHICLE GROUP INC HEICO CORP

COOPER-STANDARD HOLDINGS SIC 3714 HEXCEL CORP INC ACTUANT CORP -CL A HONEYWELL INTERNATIONAL INC CUMMINS INC ALLISON TRANSMISSION HLDGS KAMAN CORP

DANA INC AMERICAN AXLE & MFG LOCKHEED MARTIN CORP HOLDINGS DONALDSON CO INC MOOG INC -CL A AUTOLIV INC DORMAN PRODUCTS INC NORTHROP GRUMMAN CORP BLUE BIRD CORP FEDERAL SIGNAL CORP ROCKWELL COLLINS INC BORGWARNER INC FORD MOTOR CO SIFCO INDUSTRIES CARLISLE COS INC GENERAL MOTORS CO SPIRIT AEROSYSTEMS HOLDINGS CDTI ADVANCED MATERIALS INC GENTEX CORP TEXTRON INC CHINA AUTOMOTIVE SYSTEMS GENTHERM INC TRANSDIGM GROUP INC INC GREENKRAFT INC COMMERCIAL VEHICLE GROUP TRIUMPH GROUP INC ILLINOIS TOOL WORKS INC UNITED TECHNOLOGIES CORP ITT INC COOPER-STANDARD HOLDINGS KANDI TECHNOLOGIES GROUP INC SIC 3728

LCI INDUSTRIES CUMMINS INC AIR INDUSTRIES GROUP INC LEAR CORP DANA INC AIR T INC LEO MOTORS INC DONALDSON CO INC CPI AEROSTRUCTURES INC LIQTECH INTERNATIONAL INC DORMAN PRODUCTS INC CRANE CO LYDALL INC GENTEX CORP CURTISS-WRIGHT CORP MERITOR INC GENTHERM INC DUCOMMUN INC MILLER INDUSTRIES INC/TN GREENKRAFT INC HEXCEL CORP MODINE MANUFACTURING CO ILLINOIS TOOL WORKS HONEYWELL INTERNATIONAL INC NAVISTAR INTERNATIONAL CORP ITT INC KAMAN CORP OMNITEK ENGINEERING CORP KANDI TECHNOLOGIES GROUP MOOG INC -CL A OSHKOSH CORP LCI INDUSTRIES NORTHROP GRUMMAN CORP PACCAR INC LEAR CORP ROCKWELL COLLINS INC POLARIS INDUSTRIES INC LIQTECH INTERNATIONAL INC SPIRIT AEROSYSTEMS HOLDINGS PURADYN FILTER TECHNOLOGIES LYDALL INC TRANSDIGM GROUP INC SORL AUTO PARTS INC MERITOR INC TRIUMPH GROUP INC SPARTAN MOTORS INC MODINE MANUFACTURING CO

STRATTEC SECURITY CORP NAVISTAR INTERNATIONAL CORP SIC 38 SUPERIOR INDUSTRIES INTL OMNITEK ENGINEERING CORP 3M CO TENNECO INC POLARIS INDUSTRIES INC ABAXIS INC TESLA INC PURADYN FILTER TECHNOLOGIES ABBOTT LABORATORIES TEXTRON INC SORL AUTO PARTS INC ABIOMED INC THOR INDUSTRIES INC STRATTEC SECURITY CORP ACCURAY INC TITAN INTERNATIONAL INC SUPERIOR INDUSTRIES INTL ACORN ENERGY INC TOWER INTERNATIONAL INC TENNECO INC AEHR TEST SYSTEMS TRANSDIGM GROUP INC TEXTRON INC AETHLON MEDICAL INC VISTEON CORP TITAN INTERNATIONAL INC AGILENT TECHNOLOGIES INC VOXX INTERNATIONAL CORP TRANSDIGM GROUP INC

2018 Cost of Capital Navigator (data through March 2018); 24 Industry Risk Premia Company List

ALIGN TECHNOLOGY INC ESTERLINE TECHNOLOGIES CORP MASIMO CORP

ALPHA PRO TECH LTD FARO TECHNOLOGIES INC MECHANICAL TECHNOLOGY INC ALPHATEC HOLDINGS INC FC GLOBAL REALTY INC MEDIZONE INTL INC

AMETEK INC FLEXPOINT SENSOR SYSTEMS INC MERIT MEDICAL SYSTEMS INC ANALOGIC CORP FLIR SYSTEMS INC MESA LABORATORIES INC

ANGIODYNAMICS INC FLUIDIGM CORP METTLER-TOLEDO INTL INC ANTARES PHARMA INC FONAR CORP MICRON SOLUTIONS INC

ARADIGM CORP FORMFACTOR INC MIKROS SYSTEMS CORP ASTROTECH CORP FREQUENCY ELECTRONICS INC MILESTONE SCIENTIFIC INC

ATRICURE INC GENERAL ELECTRIC CO MISONIX INC ATRION CORP GENMARK DIAGNOSTICS INC MITCHAM INDUSTRIES INC

AVID TECHNOLOGY INC GEOSPACE TECHNOLOGIES CORP MKS INSTRUMENTS INC AVINGER INC GI DYNAMICS INC MSA SAFETY INC

AXOGEN INC GIGA-TRONICS INC MTS SYSTEMS CORP AYTU BIOSCIENCE INC GLOBUS MEDICAL INC MUELLER WATER PRODUCTS INC

BADGER METER INC GOPRO INC NANOMETRICS INC BALL CORP GRATITUDE HEALTH INC NATUS MEDICAL INC

BECTON DICKINSON & CO GRIFFON CORP NETGEAR INC BIOANALYTICAL SYSTEMS INC HAEMONETICS CORP NEUROMETRIX INC

BIOLASE INC HALYARD HEALTH INC NORTHROP GRUMMAN CORP BIOLIFE SOLUTIONS INC HARVARD BIOSCIENCE INC NUVASIVE INC

BIONIK LABORATORIES CORP HEALTHIER CHOICES MNGMT ORBIT INTERNATIONAL CORP CORP BIO-RAD LABORATORIES INC OSI SYSTEMS INC HILL-ROM HOLDINGS INC BIO-TECHNE CORP PACIFIC BIOSCIENCES OF CALIF HOLOGIC INC BOSTON SCIENTIFIC CORP PERCEPTRON INC HONEYWELL INTERNATIONAL INC BRUKER CORP PERKINELMER INC HURCO COMPANIES INC CANTEL MEDICAL CORP PRECISION OPTICS CORP INC I D SYSTEMS INC CARDINAL HEALTH INC PRECISION THERAPEUTICS INC ICAD INC CARDIOVASCULAR SYSTEMS INC RAYTHEON CO ICU MEDICAL INC CEMTREX INC REFLECT SCIENTIFIC INC IDEX CORP CHART INDUSTRIES INC RESHAPE LIFESCIENCES INC II-VI INC CHF SOLUTIONS INC RESMED INC ILLINOIS TOOL WORKS CINTAS CORP RETRACTABLE TECHNOLOGIES ILLUMINA INC INC CODA OCTOPUS GROUP INC IMAGE SENSING SYSTEMS INC ROCKWELL COLLINS INC COGNEX CORP INOGEN INC ROPER TECHNOLOGIES INC COHERENT INC INOVIO PHARMACEUTICALS INC RTI SURGICAL INC COHU INC INSPIREMD INC RUDOLPH TECHNOLOGIES INC CONMED CORP INSULET CORP SCHMITT INDUSTRIES INC/OR COOPER COMPANIES INC INTEGER HOLDINGS CORP SCIENTIFIC INDUSTRIES INC CORINDUS VASCULAR ROBOTICS INTEGRA LIFESCIENCES HLDGS SECOND SIGHT MEDICAL PRODS CORNING INC INTEGRITY APPLICATIONS INC SEMLER SCIENTIFIC INC CRYOLIFE INC INTERSECT ENT INC SPX CORP CRYOPORT INC INTEST CORP STAAR SURGICAL CO CUBIC CORP INTRICON CORP STEREOTAXIS INC CUI GLOBAL INC INTUITIVE SURGICAL INC STRATA SKIN SCIENCES INC CUTERA INC INVACARE CORP STRYKER CORP DANAHER CORP ION GEOPHYSICAL CORP TEARLAB CORP DATA I/O CORP IRADIMED CORP TELEDYNE TECHNOLOGIES INC DENTSPLY SIRONA INC IRIDEX CORP TELEFLEX INC DOMTAR CORP ITRON INC TEL-INSTRUMENT ELECTRONICS DYNASIL CORP OF AMERICA ITT INC TERADYNE INC EDWARDS LIFESCIENCES CORP JOHNSON & JOHNSON THERMO FISHER SCIENTIFIC INC EKSO BIONICS HOLDINGS INC K2M GROUP HOLDINGS INC TRANSENTERIX INC ELECTROMED INC KEYSIGHT TECHNOLOGIES INC TRIMBLE INC ELECTRO-SENSORS INC KLA-TENCOR CORP UNITED HEALTH PRODUCTS INC EMERSON ELECTRIC CO L3 TECHNOLOGIES INC UTAH MEDICAL PRODUCTS INC ENDOLOGIX INC ENVIRONMENTAL TECTONICS LAKELAND INDUSTRIES INC VARIAN MEDICAL SYSTEMS INC CORP LEMAITRE VASCULAR INC VISUALANT INC

ESCO TECHNOLOGIES INC LGL GROUP INC VIVEVE MEDICAL INC

2018 Cost of Capital Navigator (data through March 2018); 25 Industry Risk Premia Company List

VPR BRANDS LP FORMFACTOR INC MTS SYSTEMS CORP WATERS CORP FREQUENCY ELECTRONICS INC ROPER TECHNOLOGIES INC

WEST PHARMACEUTICAL SVSC GEOSPACE TECHNOLOGIES CORP RUDOLPH TECHNOLOGIES INC INC GIGA-TRONICS INC SCHMITT INDUSTRIES INC/OR WESTELL TECH INC -CL A HARVARD BIOSCIENCE INC WINLAND HOLDINGS CORP HONEYWELL INTERNATIONAL INC SIC 3825 WIRELESS TELECOM GROUP INC HURCO COMPANIES INC ACORN ENERGY INC WOUND MANAGEMENT TECH INC IDEX CORP AEHR TEST SYSTEMS XCERRA CORP II-VI INC COHU INC XYLEM INC ILLINOIS TOOL WORKS DATA I/O CORP ZIMMER BIOMET HOLDINGS INC ILLUMINA INC ESCO TECHNOLOGIES INC ZYNEX INC INTEST CORP FORMFACTOR INC

ION GEOPHYSICAL CORP FREQUENCY ELECTRONICS INC SIC 381 ITRON INC GIGA-TRONICS INC ACORN ENERGY INC KEYSIGHT TECHNOLOGIES INC INTEST CORP ANALOGIC CORP KLA-TENCOR CORP ITRON INC BALL CORP LGL GROUP INC KEYSIGHT TECHNOLOGIES INC CODA OCTOPUS GROUP INC MECHANICAL TECHNOLOGY INC SPX CORP CUBIC CORP MESA LABORATORIES INC TEL-INSTRUMENT ELECTRONICS ESTERLINE TECHNOLOGIES CORP METTLER-TOLEDO INTL INC TERADYNE INC FLIR SYSTEMS INC MIKROS SYSTEMS CORP WESTELL TECH INC -CL A GRIFFON CORP MITCHAM INDUSTRIES INC WIRELESS TELECOM GROUP INC I D SYSTEMS INC MKS INSTRUMENTS INC XCERRA CORP IMAGE SENSING SYSTEMS INC MTS SYSTEMS CORP ITT INC MUELLER WATER PRODUCTS INC SIC 3826 L3 TECHNOLOGIES INC NANOMETRICS INC AGILENT TECHNOLOGIES INC NORTHROP GRUMMAN CORP NETGEAR INC BECTON DICKINSON & CO ORBIT INTERNATIONAL CORP PACIFIC BIOSCIENCES OF CALIF BIO-RAD LABORATORIES INC RAYTHEON CO PERCEPTRON INC BIO-TECHNE CORP ROCKWELL COLLINS INC PERKINELMER INC BRUKER CORP TELEDYNE TECHNOLOGIES INC ROPER TECHNOLOGIES INC COHERENT INC

RUDOLPH TECHNOLOGIES INC CORNING INC SIC 382 SCHMITT INDUSTRIES INC/OR DANAHER CORP ACORN ENERGY INC SCIENTIFIC INDUSTRIES INC FLUIDIGM CORP AEHR TEST SYSTEMS SPX CORP HARVARD BIOSCIENCE INC AGILENT TECHNOLOGIES INC TEL-INSTRUMENT ELECTRONICS ILLUMINA INC AMETEK INC TERADYNE INC METTLER-TOLEDO INTL INC ASTROTECH CORP THERMO FISHER SCIENTIFIC INC PACIFIC BIOSCIENCES OF CALIF BADGER METER INC TRIMBLE INC PERKINELMER INC BECTON DICKINSON & CO VISUALANT INC THERMO FISHER SCIENTIFIC INC BIOANALYTICAL SYSTEMS INC WATERS CORP WATERS CORP BIO-RAD LABORATORIES INC WESTELL TECH INC -CL A BIO-TECHNE CORP WINLAND HOLDINGS CORP SIC 3829 BRUKER CORP WIRELESS TELECOM GROUP INC ASTROTECH CORP CEMTREX INC XCERRA CORP CEMTREX INC COGNEX CORP XYLEM INC FARO TECHNOLOGIES INC COHERENT INC FLEXPOINT SENSOR SYSTEMS INC COHU INC SIC 3823 GEOSPACE TECHNOLOGIES CORP CORNING INC AMETEK INC ION GEOPHYSICAL CORP CUI GLOBAL INC BIOANALYTICAL SYSTEMS INC MECHANICAL TECHNOLOGY INC DANAHER CORP COGNEX CORP MIKROS SYSTEMS CORP DATA I/O CORP DANAHER CORP MITCHAM INDUSTRIES INC DYNASIL CORP OF AMERICA ELECTRO-SENSORS INC MTS SYSTEMS CORP ELECTRO-SENSORS INC EMERSON ELECTRIC CO NANOMETRICS INC EMERSON ELECTRIC CO ESTERLINE TECHNOLOGIES CORP NETGEAR INC ESCO TECHNOLOGIES INC HURCO COMPANIES INC TRIMBLE INC ESTERLINE TECHNOLOGIES CORP LGL GROUP INC VISUALANT INC FARO TECHNOLOGIES INC MESA LABORATORIES INC WINLAND HOLDINGS CORP FLEXPOINT SENSOR SYSTEMS INC MKS INSTRUMENTS INC FLUIDIGM CORP

2018 Cost of Capital Navigator (data through March 2018); 26 Industry Risk Premia Company List

SIC 384 ICU MEDICAL INC SIC 3841

3M CO INOGEN INC 3M CO

ABAXIS INC INOVIO PHARMACEUTICALS INC ABIOMED INC

ABBOTT LABORATORIES INSPIREMD INC AETHLON MEDICAL INC

ABIOMED INC INSULET CORP ANGIODYNAMICS INC

ACCURAY INC INTEGER HOLDINGS CORP ANTARES PHARMA INC

AETHLON MEDICAL INC INTEGRA LIFESCIENCES HLDGS ARADIGM CORP

ALIGN TECHNOLOGY INC INTEGRITY APPLICATIONS INC ATRICURE INC

ALPHA PRO TECH LTD INTERSECT ENT INC ATRION CORP

ALPHATEC HOLDINGS INC INTRICON CORP AVINGER INC

ANALOGIC CORP INTUITIVE SURGICAL INC BECTON DICKINSON & CO

ANGIODYNAMICS INC INVACARE CORP BOSTON SCIENTIFIC CORP

ANTARES PHARMA INC IRADIMED CORP CARDINAL HEALTH INC

ARADIGM CORP IRIDEX CORP CARDIOVASCULAR SYSTEMS INC

ATRICURE INC JOHNSON & JOHNSON ENDOLOGIX INC

ATRION CORP K2M GROUP HOLDINGS INC GI DYNAMICS INC

AVINGER INC LAKELAND INDUSTRIES INC GLOBUS MEDICAL INC

AXOGEN INC LEMAITRE VASCULAR INC HAEMONETICS CORP

AYTU BIOSCIENCE INC MASIMO CORP HILL-ROM HOLDINGS INC

BECTON DICKINSON & CO MEDIZONE INTL INC ICU MEDICAL INC

BIOLASE INC MERIT MEDICAL SYSTEMS INC IRADIMED CORP

BIOLIFE SOLUTIONS INC MESA LABORATORIES INC K2M GROUP HOLDINGS INC

BIONIK LABORATORIES CORP MICRON SOLUTIONS INC LEMAITRE VASCULAR INC

BOSTON SCIENTIFIC CORP MILESTONE SCIENTIFIC INC MERIT MEDICAL SYSTEMS INC

CANTEL MEDICAL CORP MISONIX INC MESA LABORATORIES INC

CARDINAL HEALTH INC MSA SAFETY INC MISONIX INC

CARDIOVASCULAR SYSTEMS INC NATUS MEDICAL INC NEUROMETRIX INC

CHART INDUSTRIES INC NEUROMETRIX INC NUVASIVE INC

CHF SOLUTIONS INC NUVASIVE INC PRECISION THERAPEUTICS INC

CINTAS CORP OSI SYSTEMS INC RETRACTABLE TECHNOLOGIES INC CONMED CORP PERKINELMER INC STRATA SKIN SCIENCES INC COOPER COMPANIES INC PRECISION OPTICS CORP INC STRYKER CORP CORINDUS VASCULAR ROBOTICS PRECISION THERAPEUTICS INC TELEFLEX INC CRYOLIFE INC REFLECT SCIENTIFIC INC TRANSENTERIX INC CRYOPORT INC RESHAPE LIFESCIENCES INC WEST PHARMACEUTICAL SVSC CUTERA INC RESMED INC INC RETRACTABLE TECHNOLOGIES DANAHER CORP INC DENTSPLY SIRONA INC ROPER TECHNOLOGIES INC SIC 3842 DOMTAR CORP RTI SURGICAL INC ABBOTT LABORATORIES EDWARDS LIFESCIENCES CORP SECOND SIGHT MEDICAL PRODS ALPHA PRO TECH LTD EKSO BIONICS HOLDINGS INC SEMLER SCIENTIFIC INC ALPHATEC HOLDINGS INC ELECTROMED INC AXOGEN INC ENDOLOGIX INC STEREOTAXIS INC BIONIK LABORATORIES CORP ENVIRONMENTAL TECTONICS STRATA SKIN SCIENCES INC CANTEL MEDICAL CORP CORP STRYKER CORP CHART INDUSTRIES INC FC GLOBAL REALTY INC TEARLAB CORP CINTAS CORP FONAR CORP TELEFLEX INC CRYOLIFE INC GENERAL ELECTRIC CO TRANSENTERIX INC CRYOPORT INC GENMARK DIAGNOSTICS INC UNITED HEALTH PRODUCTS INC DOMTAR CORP GI DYNAMICS INC UTAH MEDICAL PRODUCTS INC EDWARDS LIFESCIENCES CORP GLOBUS MEDICAL INC VARIAN MEDICAL SYSTEMS INC ENVIRONMENTAL TECTONICS GRATITUDE HEALTH INC VIVEVE MEDICAL INC CORP HAEMONETICS CORP VPR BRANDS LP HEALTHIER CHOICES MNGMT WEST PHARMACEUTICAL SVSC HALYARD HEALTH INC CORP HEALTHIER CHOICES MNGMT INC HONEYWELL INTERNATIONAL INC CORP WOUND MANAGEMENT TECH INC INTEGRA LIFESCIENCES HLDGS HILL-ROM HOLDINGS INC ZIMMER BIOMET HOLDINGS INC INTERSECT ENT INC HOLOGIC INC ZYNEX INC INTRICON CORP HONEYWELL INTERNATIONAL INC INVACARE CORP ICAD INC JOHNSON & JOHNSON

2018 Cost of Capital Navigator (data through March 2018); 27 Industry Risk Premia Company List

LAKELAND INDUSTRIES INC TEARLAB CORP GREEN PLAINS INC

MEDIZONE INTL INC UTAH MEDICAL PRODUCTS INC HEARTLAND EXPRESS INC MILESTONE SCIENTIFIC INC VARIAN MEDICAL SYSTEMS INC HUNT (JB) TRANSPRT SVCS INC

MSA SAFETY INC VIVEVE MEDICAL INC KNIGHT-SWIFT TRPTN HLDGS INC REFLECT SCIENTIFIC INC ZYNEX INC LANDSTAR SYSTEM INC

RTI SURGICAL INC MARTEN TRANSPORT LTD

STRYKER CORP SIC 39 OLD DOMINION FREIGHT

TELEFLEX INC 3M CO P.A.M. TRANSPORTATION SVCS

UNITED HEALTH PRODUCTS INC AEROGROW INTERNATIONAL INC PATRIOT TRANSPORTATION HLDG

VPR BRANDS LP BERGIO INTERNATIONAL INC RYDER SYSTEM INC

WOUND MANAGEMENT TECH INC BRADY CORP SAIA INC

ZIMMER BIOMET HOLDINGS INC BROWNIE'S MARINE GROUP INC SENECA FOODS CORP

BRUNSWICK CORP SINO-GLOBAL SHIPPING AMERICA

SIC 3845 CALLAWAY GOLF CO SPRAGUE RESOURCES LP

ABAXIS INC CLARUS CORPORATION UNITED PARCEL SERVICE INC

ACCURAY INC COMPASS DIVERSIFIED HOLDINGS UNIVERSAL LOGISTICS HLDGS

ALIGN TECHNOLOGY INC DAKTRONICS INC USA TRUCK INC

ANALOGIC CORP ESCALADE INC WERNER ENTERPRISES INC

AYTU BIOSCIENCE INC HASBRO INC YRC WORLDWIDE INC

BIOLIFE SOLUTIONS INC HILLENBRAND INC BOSTON SCIENTIFIC CORP IROBOT CORP SIC 421

CANTEL MEDICAL CORP JAKKS PACIFIC INC ADAMS RESOURCES & ENERGY INC CHF SOLUTIONS INC JASON INDUSTRIES INC ARCBEST CORP CONMED CORP JOHNSON OUTDOORS INC -CL A BASSETT FURNITURE INDS COOPER COMPANIES INC KINGOLD JEWELRY INC BLUEKNIGHT ENERGY PRTNRS LP CORINDUS VASCULAR ROBOTICS MATTEL INC C H ROBINSON WORLDWIDE INC CUTERA INC NAUTILUS INC COVENANT TRANSPORTATION DANAHER CORP NEWELL BRANDS INC GRP EKSO BIONICS HOLDINGS INC SINCLAIR BROADCAST GP -CL A FEDEX CORP ELECTROMED INC TALON INTERNATIONAL INC FORWARD AIR CORP FC GLOBAL REALTY INC TRANS-LUX CORP HEARTLAND EXPRESS INC FONAR CORP TRIMAS CORP HUNT (JB) TRANSPRT SVCS INC GENERAL ELECTRIC CO VISTA OUTDOOR INC KNIGHT-SWIFT TRPTN HLDGS INC GENMARK DIAGNOSTICS INC LANDSTAR SYSTEM INC GRATITUDE HEALTH INC SIC 394 MARTEN TRANSPORT LTD HALYARD HEALTH INC BROWNIE'S MARINE GROUP INC OLD DOMINION FREIGHT HOLOGIC INC BRUNSWICK CORP P.A.M. TRANSPORTATION SVCS ICAD INC CALLAWAY GOLF CO PATRIOT TRANSPORTATION HLDG INOGEN INC CLARUS CORPORATION RYDER SYSTEM INC INOVIO PHARMACEUTICALS INC COMPASS DIVERSIFIED HOLDINGS SAIA INC INSPIREMD INC ESCALADE INC SENECA FOODS CORP INSULET CORP HASBRO INC SINO-GLOBAL SHIPPING AMERICA INTEGER HOLDINGS CORP JAKKS PACIFIC INC UNITED PARCEL SERVICE INC INTEGRITY APPLICATIONS INC JOHNSON OUTDOORS INC -CL A UNIVERSAL LOGISTICS HLDGS INTUITIVE SURGICAL INC MATTEL INC USA TRUCK INC IRIDEX CORP NAUTILUS INC WERNER ENTERPRISES INC MASIMO CORP NEWELL BRANDS INC YRC WORLDWIDE INC MICRON SOLUTIONS INC VISTA OUTDOOR INC

NATUS MEDICAL INC SIC 4213 OSI SYSTEMS INC SIC 42 ADAMS RESOURCES & ENERGY PERKINELMER INC ADAMS RESOURCES & ENERGY INC INC PRECISION OPTICS CORP INC ARCBEST CORP ARCBEST CORP RESHAPE LIFESCIENCES INC BASSETT FURNITURE INDS BASSETT FURNITURE INDS RESMED INC C H ROBINSON WORLDWIDE INC BLUEKNIGHT ENERGY PRTNRS LP ROPER TECHNOLOGIES INC COVENANT TRANSPORTATION C H ROBINSON WORLDWIDE INC SECOND SIGHT MEDICAL PRODS GRP COVENANT TRANSPORTATION SEMLER SCIENTIFIC INC FEDEX CORP GRP STEREOTAXIS INC HEARTLAND EXPRESS INC FEDEX CORP STRYKER CORP HUNT (JB) TRANSPRT SVCS INC FORWARD AIR CORP KNIGHT-SWIFT TRPTN HLDGS INC

2018 Cost of Capital Navigator (data through March 2018); 28 Industry Risk Premia Company List

LANDSTAR SYSTEM INC JETBLUE AIRWAYS CORP GREENBRIER COMPANIES INC

MARTEN TRANSPORT LTD SKYWEST INC HUB GROUP INC -CL A OLD DOMINION FREIGHT SOUTHWEST AIRLINES MARTEN TRANSPORT LTD

P.A.M. TRANSPORTATION SVCS SPIRIT AIRLINES INC MONAKER GROUP INC PATRIOT TRANSPORTATION HLDG UNITED CONTINENTAL HLDGS INC NORTHROP GRUMMAN CORP

RYDER SYSTEM INC RADIANT LOGISTICS INC

SAIA INC SIC 46 RYDER SYSTEM INC

USA TRUCK INC ANDEAVOR SINO-GLOBAL SHIPPING AMERICA WERNER ENTERPRISES INC ANDEAVOR LOGISTICS LP UNIVERSAL LOGISTICS HLDGS

YRC WORLDWIDE INC ANTERO MIDSTREAM PARTNERS WERNER ENTERPRISES INC LP XPO LOGISTICS INC BLUEKNIGHT ENERGY PRTNRS LP SIC 45 AAR CORP BUCKEYE PARTNERS LP SIC 473 DELEK LOGISTICS PARTNERS LP ABM INDUSTRIES INC C H ROBINSON WORLDWIDE INC ENBRIDGE ENERGY PRTNRS -LP AIR T INC CLOUD PEAK ENERGY INC FERRELLGAS PARTNERS -LP AIR TRANSPORT SERVICES COCA-COLA BTLNG CONS GROUP HOLLY ENERGY PARTNERS LP DONNELLEY (R R) & SONS CO ALASKA AIR GROUP INC HOLLYFRONTIER CORP ECHO GLOBAL LOGISTICS INC ALLEGIANT TRAVEL CO MAGELLAN MIDSTREAM PRTNRS EXPEDITORS INTL WASH INC AMERICAN AIRLINES GROUP INC LP FORWARD AIR CORP ATLAS AIR WORLDWIDE HLDG INC MARATHON PETROLEUM CORP GREENBRIER COMPANIES INC BOEING CO MPLX LP HUB GROUP INC -CL A BRISTOW GROUP INC NUSTAR ENERGY LP MARTEN TRANSPORT LTD DELTA AIR LINES INC PBF ENERGY INC NORTHROP GRUMMAN CORP ERA GROUP INC PBF LOGISTICS LP RADIANT LOGISTICS INC FEDEX CORP PHILLIPS 66 PARTNERS LP RYDER SYSTEM INC HAWAIIAN HOLDINGS INC PLAINS ALL AMER PIPELNE -LP SINO-GLOBAL SHIPPING AMERICA JETBLUE AIRWAYS CORP SHELL MIDSTREAM PARTNERS LP UNIVERSAL LOGISTICS HLDGS MACQUARIE INFRASTRUCTURE CP SPECTRA ENERGY PARTNERS LP WERNER ENTERPRISES INC PHI INC SPIRE INC XPO LOGISTICS INC SAKER AVIATION SERVICES INC TRANSMONTAIGNE PARTNERS LP

USD PARTNERS LP SKYWEST INC SIC 48 SOUTHWEST AIRLINES VALERO ENERGY PARTNERS LP 8X8 INC SPIRIT AIRLINES INC ALASKA COMMUNICATIONS SYS SIC 4612 TRIUMPH GROUP INC GP ANDEAVOR UNITED CONTINENTAL HLDGS INC AMC NETWORKS INC BLUEKNIGHT ENERGY PRTNRS LP VSE CORP AMERICAN TOWER CORP DELEK LOGISTICS PARTNERS LP AT&T INC FERRELLGAS PARTNERS -LP SIC 451 ATN INTERNATIONAL INC HOLLYFRONTIER CORP AIR T INC BEASLEY BROADCAST GROUP INC MARATHON PETROLEUM CORP AIR TRANSPORT SERVICES BOINGO WIRELESS INC GROUP MPLX LP CBS CORP ALASKA AIR GROUP INC PBF ENERGY INC CENTURYLINK INC ALLEGIANT TRAVEL CO PBF LOGISTICS LP CHARTER COMMUNICATIONS INC AMERICAN AIRLINES GROUP INC PLAINS ALL AMER PIPELNE -LP CIBL INC DELTA AIR LINES INC SHELL MIDSTREAM PARTNERS LP CINCINNATI BELL INC FEDEX CORP SPECTRA ENERGY PARTNERS LP COGENT COMMUNICATIONS HAWAIIAN HOLDINGS INC USD PARTNERS LP HLDGS

JETBLUE AIRWAYS CORP COMCAST CORP

SKYWEST INC SIC 47 CONSOLIDATED COMM HLDGS INC SOUTHWEST AIRLINES ANDERSONS INC CUMULUS MEDIA INC SPIRIT AIRLINES INC C H ROBINSON WORLDWIDE INC DIGERATI TECHNOLOGIES INC UNITED CONTINENTAL HLDGS INC CLOUD PEAK ENERGY INC DISCOVERY COMMUNICATIONS COCA-COLA BTLNG CONS INC SIC 4512 DONNELLEY (R R) & SONS CO DISH NETWORK CORP ALASKA AIR GROUP INC ECHO GLOBAL LOGISTICS INC DISNEY (WALT) CO ALLEGIANT TRAVEL CO EXPEDIA GROUP INC EMMIS COMMUNICATIONS CP-CL AMERICAN AIRLINES GROUP INC EXPEDITORS INTL WASH INC A

DELTA AIR LINES INC FORWARD AIR CORP ENTERCOM COMMUNICATIONS CORP HAWAIIAN HOLDINGS INC GATX CORP

2018 Cost of Capital Navigator (data through March 2018); 29 Industry Risk Premia Company List

ENTRAVISION COMMUNICATIONS WORLD WRESTLING ENTMT INC FRONTIER COMMUNICATIONS CORP EW SCRIPPS -CL A ZAYO GROUP HOLDINGS INC FRONTIER COMMUNICATIONS GCI LIBERTY INC -OLD

CORP SIC 481 HAWAIIAN TELCOM HOLDCO INC FUSION TELECOMMUNICATIONS HC2 HOLDINGS INC ALASKA COMMUNICATIONS SYS GCI LIBERTY INC -OLD GP IDT CORP

GLOBAL EAGLE ENTERTAINMENT AT&T INC LICT CORP

GLOBALSTAR INC ATN INTERNATIONAL INC NEW ULM TELECOM INC NORTH STATE TELECOMMUN GOGO INC CENTURYLINK INC CORP GRAHAM HOLDINGS CO CIBL INC OTELCO INC GRAY TELEVISION INC CINCINNATI BELL INC PARETEUM CORP GTT COMMUNICATIONS INC COGENT COMMUNICATIONS HLDGS SPRINT CORP HAWAIIAN TELCOM HOLDCO INC CONSOLIDATED COMM HLDGS HC2 HOLDINGS INC TELEPHONE & DATA SYSTEMS INC INC VERIZON COMMUNICATIONS INC HEMISPHERE MEDIA GROUP INC FRONTIER COMMUNICATIONS WINDSTREAM HOLDINGS INC IDT CORP CORP ZAYO GROUP HOLDINGS INC IHEARTMEDIA INC GCI LIBERTY INC -OLD

IRIDIUM COMMUNICATIONS INC HAWAIIAN TELCOM HOLDCO INC SIC 483 KVH INDUSTRIES INC HC2 HOLDINGS INC AMC NETWORKS INC LIBERTY MEDIA SIRIUSXM GROUP IDT CORP BEASLEY BROADCAST GROUP INC LICT CORP LICT CORP CBS CORP MEREDITH CORP NEW ULM TELECOM INC COMCAST CORP MSG NETWORKS INC NORTH STATE TELECOMMUN CUMULUS MEDIA INC NEW ULM TELECOM INC CORP DISNEY (WALT) CO NEWS CORP OTELCO INC EMMIS COMMUNICATIONS CP-CL NEXSTAR MEDIA GROUP PARETEUM CORP A NORTH STATE TELECOMMUN SHENANDOAH TELECOMMUN CO ENTERCOM COMMUNICATIONS CORP SOUTHERN CO CORP NTN BUZZTIME INC SPOK HOLDINGS INC ENTRAVISION COMMUNICATIONS ORBCOMM INC SPRINT CORP EW SCRIPPS -CL A OTELCO INC TELEPHONE & DATA SYSTEMS INC GRAHAM HOLDINGS CO PARETEUM CORP T-MOBILE US INC GRAY TELEVISION INC PDVWIRELESS INC US CELLULAR CORP HEMISPHERE MEDIA GROUP INC RIGNET INC VERIZON COMMUNICATIONS INC IHEARTMEDIA INC SAGA COMMUNICATIONS -CL A WINDSTREAM HOLDINGS INC LIBERTY MEDIA SIRIUSXM GROUP SALEM MEDIA GROUP INC ZAYO GROUP HOLDINGS INC MEREDITH CORP SCRIPPS NETWORKS NEXSTAR MEDIA GROUP INTERACTIVE SIC 4812 SAGA COMMUNICATIONS -CL A SEVEN STARS CLOUD GROUP INC AT&T INC SALEM MEDIA GROUP INC SHENANDOAH TELECOMMUN CO ATN INTERNATIONAL INC SCRIPPS NETWORKS SINCLAIR BROADCAST GP -CL A SHENANDOAH TELECOMMUN CO INTERACTIVE SIRIUS XM HOLDINGS INC SOUTHERN CO SINCLAIR BROADCAST GP -CL A SOUTHERN CO SPOK HOLDINGS INC SIRIUS XM HOLDINGS INC SPOK HOLDINGS INC SPRINT CORP TEGNA INC SPRINT CORP TELEPHONE & DATA SYSTEMS INC TIME WARNER INC TEGNA INC T-MOBILE US INC TOWNSQUARE MEDIA INC TELENAV INC US CELLULAR CORP TRIBUNE MEDIA CO TELEPHONE & DATA SYSTEMS INC VERIZON COMMUNICATIONS INC TWENTY-FIRST CENTURY FOX INC TIME WARNER INC VIACOM INC T-MOBILE US INC SIC 4813 TOWERSTREAM CORP ALASKA COMMUNICATIONS SYS SIC 4832 TOWNSQUARE MEDIA INC GP BEASLEY BROADCAST GROUP INC TRIBUNE MEDIA CO ATN INTERNATIONAL INC CUMULUS MEDIA INC TWENTY-FIRST CENTURY FOX INC CENTURYLINK INC EMMIS COMMUNICATIONS CP-CL US CELLULAR CORP CIBL INC A VERIZON COMMUNICATIONS INC ENTERCOM COMMUNICATIONS CINCINNATI BELL INC VIACOM INC COGENT COMMUNICATIONS CORP

VIASAT INC HLDGS IHEARTMEDIA INC CONSOLIDATED COMM HLDGS VONAGE HOLDINGS CORP LIBERTY MEDIA SIRIUSXM GROUP INC WINDSTREAM HOLDINGS INC SAGA COMMUNICATIONS -CL A

2018 Cost of Capital Navigator (data through March 2018); 30 Industry Risk Premia Company List

SALEM MEDIA GROUP INC TELENAV INC EQT MIDSTREAM PARTNERS LP

SIRIUS XM HOLDINGS INC TOWERSTREAM CORP EVERSOURCE ENERGY TOWNSQUARE MEDIA INC VIASAT INC EXELON CORP

VONAGE HOLDINGS CORP FIRSTENERGY CORP

SIC 4833 ZAYO GROUP HOLDINGS INC GENIE ENERGY LTD

AMC NETWORKS INC GLYECO INC

CBS CORP SIC 49 GREAT PLAINS ENERGY INC

COMCAST CORP AES CORP HAWAIIAN ELECTRIC INDS

DISNEY (WALT) CO ALLETE INC HERITAGE-CRYSTAL CLEAN INC

ENTRAVISION COMMUNICATIONS ALLIANT ENERGY CORP HUDSON TECHNOLOGIES INC

EW SCRIPPS -CL A AMEREN CORP IDACORP INC

GRAHAM HOLDINGS CO AMERICAN ELECTRIC POWER CO KINDER MORGAN INC

GRAY TELEVISION INC AMERICAN MIDSTREAM PRTNRS LOEWS CORP LP HEMISPHERE MEDIA GROUP INC MDU RESOURCES GROUP INC AMERICAN STATES WATER CO IHEARTMEDIA INC MERIDIAN WASTE SOLUTIONS INC AMERICAN WATER WORKS CO INC MEREDITH CORP MGE ENERGY INC ANTERO RESOURCES CORP NEXSTAR MEDIA GROUP MIDDLESEX WATER CO AQUA AMERICA INC SAGA COMMUNICATIONS -CL A NATIONAL FUEL GAS CO ARTESIAN RESOURCES -CL A SCRIPPS NETWORKS NEW JERSEY RESOURCES CORP INTERACTIVE ATMOS ENERGY CORP NEXEO SOLUTIONS INC SINCLAIR BROADCAST GP -CL A ATN INTERNATIONAL INC NEXTERA ENERGY INC TEGNA INC AVALON HOLDINGS CORP NEXTERA ENERGY PARTNERS LP TIME WARNER INC AVISTA CORP NGL ENERGY PARTNERS LP TRIBUNE MEDIA CO BERKSHIRE HATHAWAY NISOURCE INC TWENTY-FIRST CENTURY FOX INC BLACK HILLS CORP NORTHWEST NATURAL GAS CO VIACOM INC BLUE DOLPHIN ENERGY CO NORTHWESTERN CORP BOARDWALK PIPELINE PRTNRS- NRG ENERGY INC SIC 484 LP NRG YIELD INC AT&T INC CADIZ INC OGE ENERGY CORP CBS CORP CALIFORNIA WATER SERVICE GP ONE GAS INC CHARTER COMMUNICATIONS INC CALPINE CORP ONEOK INC COMCAST CORP CASELLA WASTE SYS INC -CL A ORMAT TECHNOLOGIES INC DISCOVERY COMMUNICATIONS CENTERPOINT ENERGY INC OTTER TAIL CORP INC CHESAPEAKE UTILITIES CORP PAR PACIFIC HOLDINGS INC DISH NETWORK CORP CLEAN HARBORS INC PATTERN ENERGY GROUP INC MSG NETWORKS INC CMS ENERGY CORP PERMA-FIX ENVIRONMENTAL NEWS CORP CNX MIDSTREAM PARTNERS LP SVCS SEVEN STARS CLOUD GROUP INC COMMERCIAL METALS PINNACLE WEST CAPITAL CORP TELEPHONE & DATA SYSTEMS INC COMPASS DIVERSIFIED HOLDINGS PNM RESOURCES INC TIME WARNER INC CONSOLIDATED EDISON INC PORTLAND GENERAL ELECTRIC

TWENTY-FIRST CENTURY FOX INC CORNING NATURAL GAS HLDG CP CO

WORLD WRESTLING ENTMT INC COVANTA HOLDING CORP PPL CORP CRESTWOOD EQUITY PARTNERS PREMIER HOLDING CORP LP SIC 489 PUBLIC SERVICE ENTRP GRP INC DOMINION ENERGY INC 8X8 INC PURE CYCLE CORP DOMINION ENRG MIDSTRM PRT AMERICAN TOWER CORP QUEST RESOURCE HOLDING CORP LP BOINGO WIRELESS INC REPUBLIC SERVICES INC DTE ENERGY CO DIGERATI TECHNOLOGIES INC SCANA CORP DUKE ENERGY CORP FUSION TELECOMMUNICATIONS SEMPRA ENERGY EDISON INTERNATIONAL GLOBAL EAGLE ENTERTAINMENT SHARPS COMPLIANCE CORP EL PASO ELECTRIC CO GLOBALSTAR INC SJW GROUP ENABLE MIDSTREAM PARTNERS GOGO INC LP SOUTH JERSEY INDUSTRIES INC SOUTHCROSS ENERGY PRTNRS GTT COMMUNICATIONS INC ENERGY TRANSFER EQUITY LP LP IDT CORP ENERGY TRANSFER PARTNERS - LP SOUTHERN CO IRIDIUM COMMUNICATIONS INC ENLINK MIDSTREAM LLC SOUTHWEST GAS HOLDINGS INC KVH INDUSTRIES INC ENLINK MIDSTREAM PARTNERS SOUTHWESTERN ENERGY CO NTN BUZZTIME INC LP SPECTRA ENERGY PARTNERS LP ORBCOMM INC ENTERGY CORP SPINDLETOP OIL & GAS CO PDVWIRELESS INC ENTERPRISE PRODS PRTNRS -LP SPIRE INC RIGNET INC EQT CORP

2018 Cost of Capital Navigator (data through March 2018); 31 Industry Risk Premia Company List

STERICYCLE INC PORTLAND GENERAL ELECTRIC SCANA CORP CO STRATEGIC ENVIRONMTL& SEMPRA ENERGY ENERGY PPL CORP SOUTH JERSEY INDUSTRIES INC TALLGRASS ENERGY PRT LP PUBLIC SERVICE ENTRP GRP INC SOUTHCROSS ENERGY PRTNRS

TARGA RESOURCES CORP SCANA CORP LP TERRAFORM POWER INC SEMPRA ENERGY SOUTHERN CO

U S GEOTHERMAL INC SOUTH JERSEY INDUSTRIES INC SOUTHWEST GAS HOLDINGS INC UGI CORP SOUTHERN CO SOUTHWESTERN ENERGY CO

UNITIL CORP TERRAFORM POWER INC SPECTRA ENERGY PARTNERS LP US ECOLOGY INC UNITIL CORP SPINDLETOP OIL & GAS CO

VECTREN CORP VECTREN CORP SPIRE INC WASTE MANAGEMENT INC WEC ENERGY GROUP INC TALLGRASS ENERGY PRT LP

WEC ENERGY GROUP INC WESTAR ENERGY INC TARGA RESOURCES CORP WESTAR ENERGY INC WGL HOLDINGS INC UGI CORP

WESTERN GAS EQUITY PRTNRS XCEL ENERGY INC UNITIL CORP LP VECTREN CORP WESTMORELAND COAL CO SIC 492 WEC ENERGY GROUP INC WGL HOLDINGS INC ALLIANT ENERGY CORP WESTERN GAS EQUITY PRTNRS WILLIAMS COS INC LP AMEREN CORP XCEL ENERGY INC WGL HOLDINGS INC AMERICAN MIDSTREAM PRTNRS YORK WATER CO LP WILLIAMS COS INC

ANTERO RESOURCES CORP XCEL ENERGY INC

SIC 491 ATMOS ENERGY CORP ALLETE INC BLACK HILLS CORP SIC 4922

ALLIANT ENERGY CORP BLUE DOLPHIN ENERGY CO AMERICAN MIDSTREAM PRTNRS LP AMEREN CORP BOARDWALK PIPELINE PRTNRS- LP ANTERO RESOURCES CORP AMERICAN ELECTRIC POWER CO CENTERPOINT ENERGY INC ATMOS ENERGY CORP AMERICAN STATES WATER CO CHESAPEAKE UTILITIES CORP BLUE DOLPHIN ENERGY CO AVISTA CORP CMS ENERGY CORP BOARDWALK PIPELINE PRTNRS- BLACK HILLS CORP LP CENTERPOINT ENERGY INC CNX MIDSTREAM PARTNERS LP CNX MIDSTREAM PARTNERS LP CONSOLIDATED EDISON INC CMS ENERGY CORP CRESTWOOD EQUITY PARTNERS CORNING NATURAL GAS HLDG CP CONSOLIDATED EDISON INC LP CRESTWOOD EQUITY PARTNERS CORNING NATURAL GAS HLDG CP DOMINION ENRG MIDSTRM PRT LP DOMINION ENERGY INC LP DOMINION ENERGY INC ENABLE MIDSTREAM PARTNERS DTE ENERGY CO DOMINION ENRG MIDSTRM PRT LP DUKE ENERGY CORP LP ENERGY TRANSFER EQUITY LP EDISON INTERNATIONAL DTE ENERGY CO ENERGY TRANSFER PARTNERS - EL PASO ELECTRIC CO DUKE ENERGY CORP LP ENTERGY CORP ENABLE MIDSTREAM PARTNERS ENLINK MIDSTREAM LLC EVERSOURCE ENERGY LP ENTERPRISE PRODS PRTNRS -LP ENERGY TRANSFER EQUITY LP EXELON CORP EQT CORP ENERGY TRANSFER PARTNERS - FIRSTENERGY CORP EQT MIDSTREAM PARTNERS LP LP GREAT PLAINS ENERGY INC ENLINK MIDSTREAM LLC LOEWS CORP HAWAIIAN ELECTRIC INDS ENLINK MIDSTREAM PARTNERS MDU RESOURCES GROUP INC IDACORP INC LP NATIONAL FUEL GAS CO MDU RESOURCES GROUP INC ENTERPRISE PRODS PRTNRS -LP NORTHWEST NATURAL GAS CO NEW JERSEY RESOURCES CORP EQT CORP SEMPRA ENERGY NEXTERA ENERGY INC EQT MIDSTREAM PARTNERS LP SOUTHCROSS ENERGY PRTNRS NEXTERA ENERGY PARTNERS LP LP EVERSOURCE ENERGY NISOURCE INC SPECTRA ENERGY PARTNERS LP KINDER MORGAN INC NORTHWEST NATURAL GAS CO SPINDLETOP OIL & GAS CO LOEWS CORP NORTHWESTERN CORP TALLGRASS ENERGY PRT LP MDU RESOURCES GROUP INC NRG ENERGY INC WESTERN GAS EQUITY PRTNRS NATIONAL FUEL GAS CO NRG YIELD INC LP NEW JERSEY RESOURCES CORP OGE ENERGY CORP WGL HOLDINGS INC NISOURCE INC ORMAT TECHNOLOGIES INC WILLIAMS COS INC NORTHWEST NATURAL GAS CO OTTER TAIL CORP ONE GAS INC PINNACLE WEST CAPITAL CORP SIC 4923 ONEOK INC PNM RESOURCES INC ALLIANT ENERGY CORP PAR PACIFIC HOLDINGS INC

2018 Cost of Capital Navigator (data through March 2018); 32 Industry Risk Premia Company List

BLACK HILLS CORP CLEAN HARBORS INC INDUSTRIAL SERVICES AMER INC CHESAPEAKE UTILITIES CORP COMMERCIAL METALS INPIXON

CORNING NATURAL GAS HLDG CP COMPASS DIVERSIFIED HOLDINGS INSIGHT ENTERPRISES INC DTE ENERGY CO COVANTA HOLDING CORP JOHNSON OUTDOORS INC -CL A

ENLINK MIDSTREAM PARTNERS GLYECO INC KAMAN CORP LP HERITAGE-CRYSTAL CLEAN INC KLX INC EQT CORP HUDSON TECHNOLOGIES INC LAWSON PRODUCTS KINDER MORGAN INC MERIDIAN WASTE SOLUTIONS INC LKQ CORP ONEOK INC NEXEO SOLUTIONS INC MANITEX INTERNATIONAL INC SEMPRA ENERGY NGL ENERGY PARTNERS LP MRC GLOBAL INC SOUTHWEST GAS HOLDINGS INC PERMA-FIX ENVIRONMENTAL MSC INDUSTRIAL DIRECT -CL A SOUTHWESTERN ENERGY CO SVCS NOW INC TARGA RESOURCES CORP QUEST RESOURCE HOLDING CORP NUCOR CORP VECTREN CORP REPUBLIC SERVICES INC OLYMPIC STEEL INC SHARPS COMPLIANCE CORP ORION ENERGY SYSTEMS INC SIC 4924 STERICYCLE INC OWENS & MINOR INC AMEREN CORP STRATEGIC ENVIRONMTL& PACCAR INC ATMOS ENERGY CORP ENERGY PAPA JOHNS INTERNATIONAL INC CENTERPOINT ENERGY INC US ECOLOGY INC PARK OHIO HOLDINGS CORP CMS ENERGY CORP WASTE MANAGEMENT INC PATRICK INDUSTRIES INC CONSOLIDATED EDISON INC PATTERSON COMPANIES INC DOMINION ENERGY INC SIC 50 PFSWEB INC DTE ENERGY CO AAR CORP POOL CORP DUKE ENERGY CORP ACTIVISION BLIZZARD INC RAYONIER INC EVERSOURCE ENERGY ADDVANTAGE TECHNOLOGIES GP RELIANCE STEEL & ALUMINUM CO MDU RESOURCES GROUP INC ALPHABET INC RICHARDSON ELECTRONICS LTD A-MARK PRECIOUS METALS INC NATIONAL FUEL GAS CO RYERSON HOLDING CORP ANIXTER INTL INC NEW JERSEY RESOURCES CORP APPLIANCE RECYCLING CTR SCANSOURCE INC NISOURCE INC AMER SCHEIN (HENRY) INC NORTHWEST NATURAL GAS CO APPLIED INDUSTRIAL TECH INC SCHNITZER STEEL INDS -CL A ONE GAS INC ARROW ELECTRONICS INC SPRAGUE RESOURCES LP PAR PACIFIC HOLDINGS INC AVNET INC STEEL DYNAMICS INC SCANA CORP SUBURBAN PROPANE PRTNRS - BEACON ROOFING SUPPLY INC SEMPRA ENERGY LP BLUELINX HOLDINGS INC SOUTH JERSEY INDUSTRIES INC SYNNEX CORP BOISE CASCADE CO SOUTHERN CO SYSCO CORP BSQUARE CORP SPIRE INC SYSTEMAX INC CCOM GROUP INC UGI CORP TAITRON COMPONENTS -CL A CDW CORP UNITIL CORP TECH DATA CORP CENTRAL STEEL & WIRE CO WEC ENERGY GROUP INC TESSCO TECHNOLOGIES INC CHINA AUTO LOGISTICS INC WGL HOLDINGS INC TETRA TECHNOLOGIES INC/DE CINCINNATI BELL INC XCEL ENERGY INC TORO CO CLOUD PEAK ENERGY INC TRANSCAT INC COMMERCIAL METALS SIC 494 TRIO-TECH INTERNATIONAL COPART INC ALLETE INC TWIN DISC INC CUMMINS INC AMERICAN STATES WATER CO UNIFIRST CORP DXP ENTERPRISES INC AMERICAN WATER WORKS CO INC WASTE MANAGEMENT INC ENVIROSTAR INC ANTERO RESOURCES CORP WATSCO INC EPLUS INC WAYSIDE TECHNOLOGY GROUP AQUA AMERICA INC ESSENDANT INC INC ARTESIAN RESOURCES -CL A FASTENAL CO WESCO AIRCRAFT HOLDINGS INC CADIZ INC FOSTER (LB) CO WESCO INTL INC CALIFORNIA WATER SERVICE GP FRANKLIN ELECTRIC CO INC

MIDDLESEX WATER CO GENUINE PARTS CO SIC 504 PURE CYCLE CORP GRAINGER (W W) INC ACTIVISION BLIZZARD INC SJW GROUP H&E EQUIPMENT SERVICES INC ARROW ELECTRONICS INC YORK WATER CO HD SUPPLY HOLDINGS INC AVNET INC

HOUSTON WIRE & CABLE CO SIC 495 BSQUARE CORP HUTTIG BUILDING PRODUCTS INC CDW CORP AVALON HOLDINGS CORP INDEPENDENCE ENERGY CORP EPLUS INC CASELLA WASTE SYS INC -CL A

2018 Cost of Capital Navigator (data through March 2018); 33 Industry Risk Premia Company List

ESSENDANT INC STEEL DYNAMICS INC ANTERO RESOURCES CORP

INDEPENDENCE ENERGY CORP BERKSHIRE HATHAWAY

INPIXON SIC 506 BLUEKNIGHT ENERGY PRTNRS LP

INSIGHT ENTERPRISES INC ADDVANTAGE TECHNOLOGIES GP BOSS HOLDINGS INC

OWENS & MINOR INC ALPHABET INC C H ROBINSON WORLDWIDE INC

PATTERSON COMPANIES INC ANIXTER INTL INC CALAVO GROWERS INC

PFSWEB INC ARROW ELECTRONICS INC CARDINAL HEALTH INC

SCANSOURCE INC AVNET INC CENTRAL GARDEN & PET CO

SCHEIN (HENRY) INC CINCINNATI BELL INC CHEFS' WAREHOUSE INC

SYNNEX CORP DXP ENTERPRISES INC CHENIERE ENERGY INC

SYSCO CORP GENUINE PARTS CO CHENIERE ENERGY PARTNERS LP

SYSTEMAX INC HOUSTON WIRE & CABLE CO CHINA JO-JO DRUGSTORES INC

TECH DATA CORP ORION ENERGY SYSTEMS INC COFFEE HOLDING CO INC

TRIO-TECH INTERNATIONAL PATRICK INDUSTRIES INC CONAGRA BRANDS INC

UNIFIRST CORP RICHARDSON ELECTRONICS LTD CORE MARK HOLDING CO INC WAYSIDE TECHNOLOGY GROUP SCANSOURCE INC COSMOS HOLDINGS INC INC TAITRON COMPONENTS -CL A CROSSAMERICA PARTNERS LP

TESSCO TECHNOLOGIES INC DELEK LOGISTICS PARTNERS LP SIC 5045 EDUCATIONAL DEVELOPMENT WESCO INTL INC ACTIVISION BLIZZARD INC CORP

ARROW ELECTRONICS INC ENTERPRISE PRODS PRTNRS -LP SIC 5065 AVNET INC EXPRESS SCRIPTS HOLDING CO ADDVANTAGE TECHNOLOGIES GP BSQUARE CORP GENESIS ENERGY -LP ALPHABET INC CDW CORP GENUINE PARTS CO ANIXTER INTL INC EPLUS INC GLOBAL PARTNERS LP ARROW ELECTRONICS INC ESSENDANT INC GREEN PLAINS INC AVNET INC INPIXON HAWKINS INC CINCINNATI BELL INC INSIGHT ENTERPRISES INC INNERWORKINGS INC RICHARDSON ELECTRONICS LTD PFSWEB INC INNOVATIVE FOOD HOLDINGS SCANSOURCE INC SCANSOURCE INC KAPSTONE PAPER & PACKAGING TAITRON COMPONENTS -CL A SYNNEX CORP LANDEC CORP TESSCO TECHNOLOGIES INC SYSTEMAX INC MARATHON PETROLEUM CORP MARTIN MIDSTREAM PARTNERS TECH DATA CORP SIC 508 WAYSIDE TECHNOLOGY GROUP LP AAR CORP INC MCKESSON CORP APPLIED INDUSTRIAL TECH INC MOSAIC CO DXP ENTERPRISES INC SIC 505 NATIONAL FUEL GAS CO ENVIROSTAR INC A-MARK PRECIOUS METALS INC NATURAL HEALTH TRENDS CORP FRANKLIN ELECTRIC CO INC CENTRAL STEEL & WIRE CO NEWPARK RESOURCES GENUINE PARTS CO CLOUD PEAK ENERGY INC NEXEO SOLUTIONS INC H&E EQUIPMENT SERVICES INC COMMERCIAL METALS NGL ENERGY PARTNERS LP KAMAN CORP FOSTER (LB) CO NUSTAR ENERGY LP KLX INC MRC GLOBAL INC NUSTAR GP HOLDINGS LLC LKQ CORP NUCOR CORP PAR PACIFIC HOLDINGS INC MANITEX INTERNATIONAL INC OLYMPIC STEEL INC PLAINS ALL AMER PIPELNE -LP MSC INDUSTRIAL DIRECT -CL A RELIANCE STEEL & ALUMINUM CO PLAINS GP HOLDINGS LP NOW INC RYERSON HOLDING CORP POLYONE CORP TETRA TECHNOLOGIES INC/DE SPRAGUE RESOURCES LP PREMIER INC TORO CO STEEL DYNAMICS INC PRESTIGE BRANDS HOLDINGS TRANSCAT INC RAVE RESTAURANT GROUP INC TWIN DISC INC SIC 5051 RITE AID CORP WESCO AIRCRAFT HOLDINGS INC A-MARK PRECIOUS METALS INC SALLY BEAUTY HOLDINGS INC

CENTRAL STEEL & WIRE CO SCANA CORP SIC 51 COMMERCIAL METALS SEMGROUP CORP ACETO CORP FOSTER (LB) CO SOUTH JERSEY INDUSTRIES INC ADAMS RESOURCES & ENERGY SPARTANNASH CO MRC GLOBAL INC INC SPECTRUM BRANDS HOLDINGS NUCOR CORP ALLIANCE ONE INTL INC INC OLYMPIC STEEL INC AMCON DISTRIBUTING CO SPIRE INC RELIANCE STEEL & ALUMINUM CO AMERISOURCEBERGEN CORP SPRAGUE RESOURCES LP RYERSON HOLDING CORP ANDERSONS INC

2018 Cost of Capital Navigator (data through March 2018); 34 Industry Risk Premia Company List

SUBURBAN PROPANE PRTNRS - GLOBAL PARTNERS LP LP MARATHON PETROLEUM CORP SIC 54 SUNOCO LP MARTIN MIDSTREAM PARTNERS AMCON DISTRIBUTING CO SUPERVALU INC LP ANDEAVOR SYSCO CORP NATIONAL FUEL GAS CO CASEYS GENERAL STORES INC UGI CORP NGL ENERGY PARTNERS LP GNC HOLDINGS INC UNITED NATURAL FOODS INC NUSTAR ENERGY LP HEALTHIER CHOICES MNGMT UNIVERSAL CORP/VA NUSTAR GP HOLDINGS LLC CORP

USD PARTNERS LP PAR PACIFIC HOLDINGS INC INGLES MARKETS INC -CL A VERITIV CORP PLAINS ALL AMER PIPELNE -LP KROGER CO

VERTEX ENERGY INC PLAINS GP HOLDINGS LP NATURAL GROCERS VITAMIN CTGE WALGREENS BOOTS ALLIANCE SCANA CORP INC ROCKY MOUNTAIN CHOC FACT SEMGROUP CORP WEYCO GROUP INC INC SOUTH JERSEY INDUSTRIES INC WORLD FUEL SERVICES CORP SMART & FINAL STORES INC SPIRE INC SPARTANNASH CO SPRAGUE RESOURCES LP SPROUTS FARMERS MARKET SIC 512 SUBURBAN PROPANE PRTNRS - SUPERVALU INC ACETO CORP LP UNITED NATURAL FOODS INC AMERISOURCEBERGEN CORP SUNOCO LP VILLAGE SUPER MARKET -CL A CARDINAL HEALTH INC UGI CORP VITAMIN SHOPPE INC CHINA JO-JO DRUGSTORES INC USD PARTNERS LP WEIS MARKETS INC COSMOS HOLDINGS INC VERTEX ENERGY INC

EXPRESS SCRIPTS HOLDING CO WORLD FUEL SERVICES CORP SIC 541 MCKESSON CORP ANDEAVOR NATURAL HEALTH TRENDS CORP SIC 5171 CASEYS GENERAL STORES INC PREMIER INC BLUEKNIGHT ENERGY PRTNRS LP HEALTHIER CHOICES MNGMT PRESTIGE BRANDS HOLDINGS CHENIERE ENERGY INC CORP RITE AID CORP CHENIERE ENERGY PARTNERS LP INGLES MARKETS INC -CL A SALLY BEAUTY HOLDINGS INC DELEK LOGISTICS PARTNERS LP KROGER CO WALGREENS BOOTS ALLIANCE ENTERPRISE PRODS PRTNRS -LP INC SMART & FINAL STORES INC GLOBAL PARTNERS LP SPARTANNASH CO NATIONAL FUEL GAS CO SIC 514 SPROUTS FARMERS MARKET NGL ENERGY PARTNERS LP BERKSHIRE HATHAWAY SUPERVALU INC NUSTAR ENERGY LP C H ROBINSON WORLDWIDE INC UNITED NATURAL FOODS INC NUSTAR GP HOLDINGS LLC CALAVO GROWERS INC VILLAGE SUPER MARKET -CL A PAR PACIFIC HOLDINGS INC CENTRAL GARDEN & PET CO WEIS MARKETS INC PLAINS ALL AMER PIPELNE -LP

CHEFS' WAREHOUSE INC PLAINS GP HOLDINGS LP SIC 5411 COFFEE HOLDING CO INC SEMGROUP CORP HEALTHIER CHOICES MNGMT CONAGRA BRANDS INC SPRAGUE RESOURCES LP CORP INNOVATIVE FOOD HOLDINGS USD PARTNERS LP INGLES MARKETS INC -CL A LANDEC CORP KROGER CO RAVE RESTAURANT GROUP INC SIC 53 SMART & FINAL STORES INC SPARTANNASH CO ANDERSONS INC SPARTANNASH CO SPECTRUM BRANDS HOLDINGS BIG LOTS INC SPROUTS FARMERS MARKET INC BON-TON STORES INC SUPERVALU INC SUPERVALU INC COSTCO WHOLESALE CORP UNITED NATURAL FOODS INC SYSCO CORP DILLARDS INC -CL A VILLAGE SUPER MARKET -CL A UNITED NATURAL FOODS INC DOLLAR GENERAL CORP WEIS MARKETS INC

DOLLAR TREE INC SIC 517 FIVE BELOW INC ADAMS RESOURCES & ENERGY SIC 55 INC FREDS INC ADVANCE AUTO PARTS INC KOHL'S CORP ANTERO RESOURCES CORP AMERICA'S CAR-MART INC MACY'S INC BLUEKNIGHT ENERGY PRTNRS LP ASBURY AUTOMOTIVE GROUP INC PENNEY (J C) CO CHENIERE ENERGY INC AUTONATION INC PRICESMART INC CHENIERE ENERGY PARTNERS LP AUTOZONE INC SEARS HOLDINGS CORP CROSSAMERICA PARTNERS LP CARMAX INC TARGET CORP DELEK LOGISTICS PARTNERS LP CLEAN ENERGY FUELS CORP TUESDAY MORNING CORP ENTERPRISE PRODS PRTNRS -LP GROUP 1 AUTOMOTIVE INC WALMART INC GENESIS ENERGY -LP LITHIA MOTORS INC -CL A

2018 Cost of Capital Navigator (data through March 2018); 35 Industry Risk Premia Company List

MARINEMAX INC URBAN OUTFITTERS INC MCDONALD'S CORP MURPHY USA INC ZUMIEZ INC MERITAGE HOSPITALITY GROUP

O'REILLY AUTOMOTIVE INC NATHAN'S FAMOUS INC

PENSKE AUTOMOTIVE GROUP INC SIC 57 PAPA JOHNS INTERNATIONAL INC RUSH ENTERPRISES INC ALJ REGIONAL HOLDINGS INC PAPA MURPHY'S HOLDINGS INC

SONIC AUTOMOTIVE INC -CL A APPLIANCE RECYCLING CTR POTBELLY CORP AMER TITAN MACHINERY INC RAVE RESTAURANT GROUP INC TRAVELCENTERS OF AMERICA BED BATH & BEYOND INC RCI HOSPITALITY HLDGS INC LLC BEST BUY CO INC RED ROBIN GOURMET BURGERS CONN'S INC ROCKY MOUNTAIN CHOC FACT

SIC 56 CONTAINER STORE GROUP INC

ABERCROMBIE & FITCH -CL A GAMESTOP CORP RUTHS HOSPITALITY GROUP INC

AMERN EAGLE OUTFITTERS INC HAVERTY FURNITURE SHAKE SHACK INC

ASCENA RETAIL GROUP INC MILLER (HERMAN) INC SONIC CORP

BOOT BARN HOLDINGS INC PIER 1 IMPORTS INC/DE SPYR INC

BUCKLE INC RH STARBUCKS CORP

BURLINGTON STORES INC SEARS HOMETOWN & OUTLET TEXAS ROADHOUSE INC STR CATO CORP -CL A THE ONE GROUP HOSPITALITY TILE SHOP HOLDINGS INC CHICOS FAS INC WENDY'S CO TJX COMPANIES INC CHILDRENS PLACE INC YUM BRANDS INC TRANS WORLD ENTMT CORP CHRISTOPHER & BANKS CORP ZOE'S KITCHEN INC WILLIAMS-SONOMA INC CITI TRENDS INC

DECKERS OUTDOOR CORP SIC 59 SIC 58 DESTINATION XL GROUP INC 1-800-FLOWERS.COM ARAMARK DSW INC AMAZON.COM INC ARK RESTAURANTS CORP EXPRESS INC AMERIGAS PARTNERS -LP BIGLARI HOLDINGS INC FINISH LINE INC -CL A BARNES & NOBLE INC BJ'S RESTAURANTS INC FOOT LOCKER INC BLUESTEM GROUP INC BLOOMIN' BRANDS INC FRANCESCAS HOLDINGS CORP CAFEPRESS INC BRAVO BRIO RESTAURANT GP INC GAP INC CHARLES & COLVARD LTD BRINKER INTL INC GENESCO INC CHINA JO-JO DRUGSTORES INC CANNAE HOLDINGS INC G-III APPAREL GROUP LTD CRESTWOOD EQUITY PARTNERS CANTERBURY PARK HOLDING HANESBRANDS INC LP CORP CVS HEALTH CORP L BRANDS INC CARROLS RESTAURANT GROUP DAVITA INC LULULEMON ATHLETICA INC INC DICKS SPORTING GOODS INC NEW YORK & CO INC CHANTICLEER HOLDINGS INC DIPLOMAT PHARMACY INC NORDSTROM INC CHEESECAKE FACTORY INC EVINE LIVE INC RALPH LAUREN CORP CHIPOTLE MEXICAN GRILL INC EXPRESS SCRIPTS HOLDING CO ROSS STORES INC CRACKER BARREL OLD CTRY EZCORP INC -CL A SHOE CARNIVAL INC STOR FERRELLGAS PARTNERS -LP SKECHERS U S A INC CRAFT BREW ALLIANCE INC FIRSTCASH INC STAGE STORES INC DARDEN RESTAURANTS INC FLANIGANS ENTERPRISES INC TAILORED BRANDS INC DAVE & BUSTER'S ENTMT INC FTD COMPANIES INC TJX COMPANIES INC DEL FRISCOS RESTURNT GRP INC GCI LIBERTY INC UNIFIRST CORP DENNYS CORP HC2 HOLDINGS INC URBAN OUTFITTERS INC DINE BRANDS GLOBAL INC HIBBETT SPORTS INC VINCE HOLDING CORP DIVERSIFIED RESTAURANT HLDGS KIRKLAND'S INC WOLVERINE WORLD WIDE DOMINO'S PIZZA INC L BRANDS INC ZUMIEZ INC DUNKIN' BRANDS GROUP INC EL POLLO LOCO HOLDINGS INC LIBERTY INTERACTV CP QVC GRP

SIC 565 FAMOUS DAVES OF AMERICA INC LIQUIDITY SERVICES INC

ABERCROMBIE & FITCH -CL A FIESTA RESTAURANT GROUP INC LULULEMON ATHLETICA INC MICHAELS COS INC BUCKLE INC FLANIGANS ENTERPRISES INC NGL ENERGY PARTNERS LP CITI TRENDS INC GIGGLES N' HUGS INC NUTRISYSTEM INC DESTINATION XL GROUP INC GOOD TIMES RESTAURANTS INC OFFICE DEPOT INC GAP INC HABIT RESTAURANTS INC (THE) OVERSTOCK.COM INC NORDSTROM INC HEALTHCARE SERVICES GROUP PC CONNECTION INC ROSS STORES INC JACK IN THE BOX INC PCM INC STAGE STORES INC KONA GRILL INC PETMED EXPRESS INC TJX COMPANIES INC LUBYS INC

2018 Cost of Capital Navigator (data through March 2018); 36 Industry Risk Premia Company List

RITE AID CORP 1ST SOURCE CORP CALIF FIRST NATIONAL BANCORP RLJ ENTERTAINMENT INC ACCESS NATIONAL CORP CAMDEN NATIONAL CORP

SALLY BEAUTY HOLDINGS INC ACNB CORP CANANDAIGUA NATIONAL CORP STAR GROUP LP ALERUS FINANCIAL CORP CAPITAL CITY BK GROUP INC

SUBURBAN PROPANE PRTNRS - AMB FINANCIAL CORP CAPITAL ONE FINANCIAL CORP LP AMERICAN BUSINESS BANK/CA CAPITOL FEDERAL FINL INC SUNLINK HEALTH SYSTEMS INC AMERICAN NATL BANKSHARES CAROLINA FINANCIAL CORP TANDY LEATHER FACTORY INC AMERICAN RIVER BANKSHARES CAROLINA TRUST BANCSHARES TIFFANY & CO AMERICAN RIVIERA BANK CARTER BANK & TRUST TRANS WORLD ENTMT CORP AMERIS BANCORP CARVER BANCORP INC UGI CORP AMERISERV FINANCIAL INC/PA CASS INFORMATION SYSTEMS ULTA BEAUTY INC INC AMES NATIONAL CORP UNITEDHEALTH GROUP INC CATHAY GENERAL BANCORP ANCHOR BANCORP/WA US AUTO PARTS NETWORK INC CB FINANCIAL SERVICES INC ARROW FINANCIAL CORP WALGREENS BOOTS ALLIANCE CENTERSTATE BANK CORP ASSOCIATED BANC-CORP INC CENTRAL FEDERAL CORP ATHENS BANCSHARES CORP WAYFAIR INC CENTRAL PACIFIC FINANCIAL CP ATLANTIC COAST FINANCIAL CP WGL HOLDINGS INC CENTRAL VALLEY CMNTY AUBURN BANCORP INC WORLD WRESTLING ENTMT INC BANCORP AUBURN NATIONAL BANCORP CENTURY BANCORP INC/MA AVIDBANK HOLDINGS INC SIC 591 CHARTER FINANCIAL CORP/MD BANC OF CALIFORNIA INC CHINA JO-JO DRUGSTORES INC CHEMICAL FINANCIAL CORP BANCFIRST CORP/OK CVS HEALTH CORP CHEMUNG FINANCIAL CORP BANCORP INC DAVITA INC CHESAPEAKE FINL SHARES INC BANCORP OF NEW JERSEY INC DIPLOMAT PHARMACY INC CHOICEONE FINANCIAL SERVICES BANCORPSOUTH BANK EXPRESS SCRIPTS HOLDING CO CITIGROUP INC BANK FIRST NATIONAL CORP PETMED EXPRESS INC CITIZENS & NORTHERN CORP BANK OF AMERICA CORP RITE AID CORP CITIZENS BANCORP VA INC BANK OF COMMERCE HOLDINGS SUNLINK HEALTH SYSTEMS INC CITIZENS COMMUNITY BANCORP BANK OF HAWAII CORP UNITEDHEALTH GROUP INC CITIZENS FINANCIAL GROUP INC BANK OF MARIN BANCORP WALGREENS BOOTS ALLIANCE CITIZENS FINANCIAL SVCS INC BANK OF NEW YORK MELLON INC CITIZENS FIRST CORP CORP CITY HOLDING CO BANK OF THE JAMES FINANCIAL SIC 596 CIVISTA BANCSHARES INC BANK OF THE OZARKS 1-800-FLOWERS.COM CLIFTON BANCORP INC BANK SOUTH CAROLINA CORP AMAZON.COM INC CMS ENERGY CORP BANKFINANCIAL CORP BLUESTEM GROUP INC CNB FINANCIAL CORP/PA BANKGUAM HOLDING CO CAFEPRESS INC COASTWAY BANCORP INC BANKUNITED INC CHARLES & COLVARD LTD COBIZ FINANCIAL INC BANKWELL FINANCIAL GROUP INC CHINA JO-JO DRUGSTORES INC CODORUS VALLEY BANCORP BANNER CORP EVINE LIVE INC COLONY BANKCORP INC BAR HARBOR BANKSHARES FTD COMPANIES INC COLUMBIA BANKING SYSTEM INC BAY BANCORP INC GCI LIBERTY INC COMERICA INC BB&T CORP LIBERTY INTERACTV CP QVC GRP COMMERCE BANCSHARES INC BBX CAPITAL CORPORATION LIQUIDITY SERVICES INC COMMERCIAL NATL FINL CP/PA BCB BANCORP INC LULULEMON ATHLETICA INC COMMUNITIES FIRST FINANCIAL BEAR STATE FINANCIAL INC NUTRISYSTEM INC COMMUNITY BANCORP INC/VT BENCHMARK BANKSHARES INC OFFICE DEPOT INC COMMUNITY BANK SYSTEM INC BENEFICIAL BANCORP INC OVERSTOCK.COM INC COMMUNITY BANKERS TRUST BERKSHIRE HILLS BANCORP INC PC CONNECTION INC CORP BLUE HILLS BANCORP INC PCM INC COMMUNITY FINANCIAL CORP BNCCORP INC RLJ ENTERTAINMENT INC COMMUNITY SHORES BANK CORP BOFI HOLDING INC COMMUNITY TRUST BANCORP TRANS WORLD ENTMT CORP BOK FINANCIAL CORP INC US AUTO PARTS NETWORK INC BOSTON PRIVATE FINL HOLDINGS COMMUNITY WEST BANCSHARES WAYFAIR INC BRIDGE BANCORP INC CONNECTONE BANCORP INC WORLD WRESTLING ENTMT INC BROADWAY FINANCIAL CORP/DE CORTLAND BANCORP

BROOKLINE BANCORP INC COUNTY BANCORP INC SIC 60 BRYN MAWR BANK CORP CROGHAN BANCSHARES INC 1ST CAPITAL BANK BSB BANCORP INC CSB BANCORP INC/OH 1ST CONSTITUTION BANCORP C&F FINANCIAL CORP CULLEN/FROST BANKERS INC

2018 Cost of Capital Navigator (data through March 2018); 37 Industry Risk Premia Company List

CUSTOMERS BANCORP INC FIRST FINL BANKSHARES INC HOME LOAN FINANCIAL CORP

CVB FINANCIAL CORP FIRST FOUNDATION INC HOMESTREET INC DELANCO BANCORP INC FIRST GUARANTY BANCSHARES HOMETRUST BANCSHARES INC

DENMARK BANCSHARES INC FIRST HORIZON NATIONAL CORP HOPE BANCORP INC DIME COMMUNITY BANCSHARES FIRST INTERNET BANCORP HOPFED BANCORP INC

DIMECO INC FIRST INTERSTATE BANCSYSTEM HORIZON BANCORP/IN DISCOVER FINANCIAL SVCS FIRST KEYSTONE CORP HUNTINGTON BANCSHARES

DNB FINANCIAL CORP FIRST LONG ISLAND CORP IBERIABANK CORP EAGLE BANCORP INC/MD FIRST MERCHANTS CORP IDAHO INDEPENDENT BK COEUR

EAGLE BANCORP MONTANA INC FIRST MID ILL BANCSHARES INC IF BANCORP INC EAGLE FINANCIAL SERVICES INC FIRST MIDWEST BANCORP INC INDEPENDENT BANK CORP/MA

EAST WEST BANCORP INC FIRST NATIONAL BANK ALASKA INDEPENDENT BANK CORP/MI ELMIRA SVGS BANK ELMIRA/NY FIRST NORTHN CMNTY BANCORP INDEPENDENT BK GRP INC

EMBASSY BANCORP INC FIRST NORTHWEST BANCRP INTL BANCSHARES CORP EMCLAIRE FINANCIAL CORP FIRST REPUBLIC BANK INTL FCSTONE INC

EMPIRE BANCORP INC FIRST ROBINSON FINANCIAL CP INVESTAR HOLDING CORP ENTEGRA FINANCIAL CORP FIRST SAVINGS FINANCIAL GP INVESTORS BANCORP INC

ENTERPRISE BANCORP INC/MA FIRST UNITED CORP IOWA FIRST BANCSHARES CORP ENTERPRISE FINL SERVICES CP FIRST US BANCSHARES INC JACKSONVILLE BANCORP INC/MD

ESSA BANCORP INC FIRST WEST VIRGINIA BANCORP JEFFERSONVILLE BANCORP EURONET WORLDWIDE INC FLAGSTAR BANCORP INC JOHN MARSHALL BANCORP INC

EVANS BANCORP INC FLUSHING FINANCIAL CORP JPMORGAN CHASE & CO EVERI HOLDINGS INC FNB BANCORP CALIF KATAHDIN BANKSHARES CORP

EXCHANGE BK SANTA ROSA CALIF FNBH BANCORP INC KEARNY FINANCIAL CORP F & M BANK CORP FNCB BANCORP INC KENTUCKY BANCSHARES INC

F N B CORP/FL FORESIGHT FINANCIAL GROUP KENTUCKY FIRST FEDERAL BNCRP FARMERS & MERCHANTS FRANKLIN FINANCIAL SVCS CORP BANCORP KEYCORP FRANKLIN FINL NETWORK INC FARMERS & MERCHANTS KISH BANCORP INC FREEDOM BANK OF VIRGINIA BANK/CA KS BANCORP INC FS BANCORP INC FARMERS & MERCHANTS BCP/OH LAKELAND BANCORP INC FSB BANCORP INC FARMERS CAPITAL BANK CORP LAKELAND FINANCIAL CORP FULTON FINANCIAL CORP FARMERS NATL BANC CORP/OH FVCBANKCORP INC LANDMARK BANCORP INC/KS FAUQUIER BANKSHARES INC GERMAN AMERICAN BANCORP LCNB CORP FCB FINANCIAL HOLDINGS INC INC LEDYARD FINANCIAL GROUP INC FIDELITY D & D BANCORP INC GLACIER BANCORP INC LEGACY TEX FINANCIAL GRP INC FIDELITY SOUTHERN CORP GREAT AMERICAN BANCORP INC M & T BANK CORP FIFTH THIRD BANCORP GREAT SOUTHERN BANCORP MACATAWA BANK CORP FINANCIAL INSTITUTIONS INC GREAT WESTERN BANCORP INC MACKINAC FINANCIAL CORP FIRST ADVANTAGE BANCORP GREEN BANCORP INC MADISON COUNTY FINANCIAL INC FIRST BANCORP INC/ME GREENE COUNTY BANCORP INC MAINSOURCE FINL GROUP INC FIRST BANCORP INDIANA INC GUARANTY BANCORP MASTERCARD INC FIRST BANCORP P R GUARANTY FED BANCSHARES INC MB FINANCIAL INC/MD FIRST BANCORP/NC HAMILTON BANCORP INC/MD MELROSE BANCORP INC FIRST BANCTRUST CORP HANCOCK HOLDING CO MERCANTILE BANK CORP FIRST BANK HANMI FINANCIAL CORP MERIDIAN BANCORP INC (MD) FIRST BANKERS TRUSTSHARES HARLEYSVILLE FINANCIAL CORP META FINANCIAL GROUP INC FIRST BUSEY CORP HAWAIIAN ELECTRIC INDS MID PENN BANCORP INC FIRST BUSINESS FINL SRV INC HAWTHORN BANCSHARES INC MIDDLEFIELD BANC CORP FIRST CAPITAL INC HEARTLAND BANCCORP MIDSOUTH BANCORP INC FIRST CITIZENS BANCSH -CL A HEARTLAND FINANCIAL USA INC MIDWESTONE FINANCIAL GROUP FIRST CMNTY BANCSHARES INC HERITAGE COMMERCE CORP MONEYGRAM INTERNATIONAL FIRST COMMONWLTH FINL CP/PA INC HERITAGE FINANCIAL CORP FIRST COMMUNITY CORP/SC MSB FINANCIAL CORP HILLS BANCORPORATION FIRST CONNECTICUT BANCORP MUTUALFIRST FINANCIAL INC HINGHAM INSTN FOR SAVINGS FIRST DEFIANCE FINANCIAL CP MVB FINANCIAL CORP HMN FINANCIAL INC FIRST FED NOR MICH BANCORP N B T BANCORP INC HOME BANCORP INC FIRST FINANCIAL CORP/IN NASB FINANCIAL INC HOME BANCSHARES INC FIRST FINANCIAL NORTHWEST NATIONAL BANK HLDGS CORP HOME CITY FINANCIAL CORP FIRST FINL BANCORP INC/OH NATIONAL BANKSHARES INC VA HOME FEDERAL BANCORP INC/LA

2018 Cost of Capital Navigator (data through March 2018); 38 Industry Risk Premia Company List

NATIONAL COMMERCE CORP QUAINT OAK BANCORP INC TRUSTMARK CORP

NEW PEOPLES BANKSHARES INC REGIONS FINANCIAL CORP TWO RIVER BANCORP NEW YORK CMNTY BANCORP INC RENASANT CORP U S BANCORP

NICOLET BANKSHARES INC REPUBLIC BANCORP INC/KY UMB FINANCIAL CORP NORTHEAST BANCORP/ME REPUBLIC FIRST BANCORP INC UMPQUA HOLDINGS CORP

NORTHEAST COMMUNITY RIVERVIEW BANCORP INC UNION BANK BANCORP S & T BANCORP INC UNION BANKSHARES CORP NORTHEAST INDIANA BANCORP SALISBURY BANCORP INC UNION BANKSHARES INC NORTHERN TRUST CORP SANDY SPRING BANCORP INC UNITED BANCSHARES INC/OH NORTHFIELD BANCORP INC SB FINANCIAL GROUP INC UNITED BANKSHARES INC/WV NORTHRIM BANCORP INC SEACOAST BANKING CORP/FL UNITED COMMUNITY BANKS INC NORTHWAY FINANCIAL INC SEACOAST COMMERCE BANC UNITED COMMUNITY FINL CORP NORTHWEST BANCSHARES INC HLDG UNITED FINANCIAL BANCORP INC NORWOOD FINANCIAL CORP SECURITY FEDERAL CORP UNITED SECURITY BANCSHARS OAK RIDGE FINANCIAL SERVICES SELECT BANCORP INC CA

OCEANFIRST FINANCIAL CORP SERVISFIRST BANCSHARES INC UNITY BANCORP INC OCWEN FINANCIAL CORP SEVERN BANCORP INC UNIVEST CORP OF PENNSYLVANIA

OFG BANCORP SHORE BANCSHARES INC VALLEY NATIONAL BANCORP OHIO VALLEY BANC CORP SI FINANCIAL GROUP INC VERITEX HOLDINGS INC

OLD LINE BANCSHARES INC SIERRA BANCORP/CA VIRGINIA NATIONAL BANKSHARES OLD NATIONAL BANCORP SIGNATURE BANK/NY VISA INC

OLD POINT FINANCIAL CORP SIMMONS FIRST NATL CP -CL A VSB BANCORP INC/NY OLD SECOND BANCORP INC/IL SOUND FINANCIAL BANCORP INC WASHINGTON FEDERAL INC

OPTIMUMBANK HOLDINGS INC SOUTH STATE CORP WASHINGTON TR BANCORP INC OPUS BANK SOUTHERN BANC CO INC WATERSTONE FINANCIAL INC

ORITANI FINANCIAL CORP SOUTHERN BANCSHARES NC INC WEBSTER FINANCIAL CORP ORRSTOWN FINANCIAL SVCS INC SOUTHERN FIRST BANKSHARES WELLESLEY BANCORP INC

OTTAWA BANCORP INC SOUTHERN MICH BANCORP INC WELLS FARGO & CO PACIFIC CITY FINANCIAL CORP SOUTHERN MISSOURI BANCP INC WESBANCO INC

PACIFIC FINANCIAL CORP SOUTHERN NATIONAL BANCORP WEST BANCORPORATION INC VA PACIFIC MERCANTILE BANCORP WEST END INDIANA BANCSHARES SOUTHSIDE BANCSHARES INC PACIFIC PREMIER BANCORP INC WESTAMERICA SOUTHWEST GEORGIA FINL CORP BANCORPORATION PACWEST BANCORP STANDARD FINANCIAL CORP WESTBURY BANCORP INC PARK NATIONAL CORP STATE BANK FINANCIAL CORP WESTERN ALLIANCE BANCORP PARKE BANCORP INC STATE STREET CORP WESTERN NEW ENG BANCORP INC PATHFINDER BANCORP INC STEEL PARTNERS HOLDINGS LP WESTERN UNION CO PAYMENT DATA SYSTEMS INC STERLING BANCORP WILLIAM PENN BANCORP INC PB BANCORP INC STEWARDSHIP FINANCIAL CORP WINTRUST FINANCIAL CORP PEAPACK-GLADSTONE FINL CORP STOCK YARDS BANCORP INC WSFS FINANCIAL CORP PENNS WOODS BANCORP INC SUMMIT FINANCIAL GROUP INC WVS FINANCIAL CORP PEOPLES BANCORP INC/OH SUMMIT STATE BANK ZIONS BANCORPORATION PEOPLES BANCORP NC INC SUNSHINE FINANCIAL INC PEOPLES FINANCIAL CORP/MS SUNTRUST BANKS INC SIC 602 PEOPLES FINANCIAL SERVICES SUSSEX BANCORP 1ST CAPITAL BANK PEOPLE'S UNITED FINL INC SVB FINANCIAL GROUP 1ST CONSTITUTION BANCORP PINNACLE BANCSHARES SYNOVUS FINANCIAL CORP 1ST SOURCE CORP PINNACLE FINL PARTNERS INC TAYLOR CALVIN B BANKSHARES ACCESS NATIONAL CORP PLUMAS BANCORP TCF FINANCIAL CORP ACNB CORP PNC FINANCIAL SVCS GROUP INC TERRITORIAL BANCORP INC ALERUS FINANCIAL CORP POPULAR INC TEXAS CAPITAL BANCSHARES INC AMB FINANCIAL CORP PORTER BANCORP INC TFS FINANCIAL CORP AMERICAN BUSINESS BANK/CA PREFERRED BANK LOS ANGELES TIMBERLAND BANCORP INC AMERICAN NATL BANKSHARES PREMIER FINANCIAL BANCORP TOMPKINS FINANCIAL CORP AMERICAN RIVER BANKSHARES PRESIDIO BANK TOWNEBANK AMERICAN RIVIERA BANK PROSPERITY BANCSHARES INC TRI CITY BANKSHARES CORP AMERIS BANCORP PROVIDENT FINANCIAL HOLDINGS TRICO BANCSHARES AMERISERV FINANCIAL INC/PA PROVIDENT FINANCIAL SVCS INC TRISTATE CAPITAL HLDGS INC AMES NATIONAL CORP PSB HOLDINGS INC/WI TRIUMPH BANCORP INC ARROW FINANCIAL CORP QCR HOLDINGS INC TRUSTCO BANK CORP/NY ASSOCIATED BANC-CORP QNB CORP

2018 Cost of Capital Navigator (data through March 2018); 39 Industry Risk Premia Company List

ATHENS BANCSHARES CORP CIVISTA BANCSHARES INC FIRST BANKERS TRUSTSHARES AUBURN NATIONAL BANCORP CMS ENERGY CORP FIRST BUSEY CORP

AVIDBANK HOLDINGS INC CNB FINANCIAL CORP/PA FIRST BUSINESS FINL SRV INC BANCFIRST CORP/OK COBIZ FINANCIAL INC FIRST CITIZENS BANCSH -CL A

BANCORP INC CODORUS VALLEY BANCORP FIRST CMNTY BANCSHARES INC BANCORP OF NEW JERSEY INC COLONY BANKCORP INC FIRST COMMONWLTH FINL CP/PA

BANCORPSOUTH BANK COLUMBIA BANKING SYSTEM INC FIRST COMMUNITY CORP/SC BANK FIRST NATIONAL CORP COMERICA INC FIRST FINANCIAL CORP/IN

BANK OF AMERICA CORP COMMERCE BANCSHARES INC FIRST FINANCIAL NORTHWEST BANK OF COMMERCE HOLDINGS COMMERCIAL NATL FINL CP/PA FIRST FINL BANCORP INC/OH

BANK OF HAWAII CORP COMMUNITIES FIRST FINANCIAL FIRST FINL BANKSHARES INC BANK OF MARIN BANCORP COMMUNITY BANCORP INC/VT FIRST FOUNDATION INC

BANK OF NEW YORK MELLON COMMUNITY BANK SYSTEM INC FIRST GUARANTY BANCSHARES CORP COMMUNITY BANKERS TRUST FIRST HORIZON NATIONAL CORP BANK OF THE JAMES FINANCIAL CORP FIRST INTERNET BANCORP BANK OF THE OZARKS COMMUNITY FINANCIAL CORP FIRST INTERSTATE BANCSYSTEM BANK SOUTH CAROLINA CORP COMMUNITY SHORES BANK CORP FIRST KEYSTONE CORP BANKGUAM HOLDING CO COMMUNITY TRUST BANCORP FIRST LONG ISLAND CORP BANKUNITED INC INC FIRST MERCHANTS CORP BANKWELL FINANCIAL GROUP INC COMMUNITY WEST BANCSHARES FIRST MID ILL BANCSHARES INC BANNER CORP CONNECTONE BANCORP INC FIRST MIDWEST BANCORP INC BAR HARBOR BANKSHARES CORTLAND BANCORP FIRST NATIONAL BANK ALASKA BB&T CORP COUNTY BANCORP INC FIRST NORTHN CMNTY BANCORP BCB BANCORP INC CROGHAN BANCSHARES INC FIRST REPUBLIC BANK BENCHMARK BANKSHARES INC CSB BANCORP INC/OH FIRST UNITED CORP BERKSHIRE HILLS BANCORP INC CULLEN/FROST BANKERS INC FIRST US BANCSHARES INC BNCCORP INC CUSTOMERS BANCORP INC FIRST WEST VIRGINIA BANCORP BOK FINANCIAL CORP CVB FINANCIAL CORP FNB BANCORP CALIF BOSTON PRIVATE FINL HOLDINGS DENMARK BANCSHARES INC FNBH BANCORP INC BRIDGE BANCORP INC DIMECO INC FNCB BANCORP INC BRYN MAWR BANK CORP DNB FINANCIAL CORP FORESIGHT FINANCIAL GROUP C&F FINANCIAL CORP EAGLE BANCORP INC/MD FRANKLIN FINANCIAL SVCS CORP CALIF FIRST NATIONAL BANCORP EAGLE FINANCIAL SERVICES INC FRANKLIN FINL NETWORK INC CAMDEN NATIONAL CORP EAST WEST BANCORP INC FREEDOM BANK OF VIRGINIA CANANDAIGUA NATIONAL CORP EMBASSY BANCORP INC FULTON FINANCIAL CORP EMCLAIRE FINANCIAL CORP CAPITAL CITY BK GROUP INC FVCBANKCORP INC EMPIRE BANCORP INC CAPITAL ONE FINANCIAL CORP GERMAN AMERICAN BANCORP ENTERPRISE BANCORP INC/MA CAROLINA FINANCIAL CORP INC ENTERPRISE FINL SERVICES CP CAROLINA TRUST BANCSHARES GLACIER BANCORP INC EVANS BANCORP INC CARTER BANK & TRUST GREAT SOUTHERN BANCORP EXCHANGE BK SANTA ROSA CALIF CASS INFORMATION SYSTEMS GREAT WESTERN BANCORP INC INC F & M BANK CORP GREEN BANCORP INC CATHAY GENERAL BANCORP F N B CORP/FL GUARANTY BANCORP FARMERS & MERCHANTS CB FINANCIAL SERVICES INC GUARANTY FED BANCSHARES INC BANCORP CENTERSTATE BANK CORP FARMERS & MERCHANTS HANCOCK HOLDING CO CENTRAL PACIFIC FINANCIAL CP BANK/CA HANMI FINANCIAL CORP CENTRAL VALLEY CMNTY FARMERS CAPITAL BANK CORP HAWTHORN BANCSHARES INC BANCORP FARMERS NATL BANC CORP/OH HEARTLAND BANCCORP CENTURY BANCORP INC/MA FAUQUIER BANKSHARES INC HEARTLAND FINANCIAL USA INC CHEMICAL FINANCIAL CORP FCB FINANCIAL HOLDINGS INC HERITAGE COMMERCE CORP CHEMUNG FINANCIAL CORP FIDELITY D & D BANCORP INC HERITAGE FINANCIAL CORP CHESAPEAKE FINL SHARES INC FIDELITY SOUTHERN CORP HILLS BANCORPORATION CHOICEONE FINANCIAL SERVICES FIFTH THIRD BANCORP HOME BANCSHARES INC CITIGROUP INC FINANCIAL INSTITUTIONS INC HOMETRUST BANCSHARES INC CITIZENS & NORTHERN CORP FIRST ADVANTAGE BANCORP HOPE BANCORP INC CITIZENS BANCORP VA INC FIRST BANCORP INC/ME HORIZON BANCORP/IN CITIZENS FINANCIAL GROUP INC FIRST BANCORP INDIANA INC HUNTINGTON BANCSHARES CITIZENS FINANCIAL SVCS INC FIRST BANCORP P R IBERIABANK CORP CITIZENS FIRST CORP FIRST BANCORP/NC IDAHO INDEPENDENT BK COEUR CITY HOLDING CO FIRST BANK INDEPENDENT BANK CORP/MA

2018 Cost of Capital Navigator (data through March 2018); 40 Industry Risk Premia Company List

INDEPENDENT BANK CORP/MI PEAPACK-GLADSTONE FINL CORP TEXAS CAPITAL BANCSHARES INC INDEPENDENT BK GRP INC PENNS WOODS BANCORP INC TOMPKINS FINANCIAL CORP

INTL BANCSHARES CORP PEOPLES BANCORP INC/OH TOWNEBANK INVESTAR HOLDING CORP PEOPLES BANCORP NC INC TRI CITY BANKSHARES CORP

IOWA FIRST BANCSHARES CORP PEOPLES FINANCIAL CORP/MS TRICO BANCSHARES JEFFERSONVILLE BANCORP PEOPLES FINANCIAL SERVICES TRISTATE CAPITAL HLDGS INC

JOHN MARSHALL BANCORP INC PEOPLE'S UNITED FINL INC TRUSTMARK CORP JPMORGAN CHASE & CO PINNACLE BANCSHARES TWO RIVER BANCORP

KATAHDIN BANKSHARES CORP PINNACLE FINL PARTNERS INC U S BANCORP KENTUCKY BANCSHARES INC PLUMAS BANCORP UMB FINANCIAL CORP

KEYCORP PNC FINANCIAL SVCS GROUP INC UMPQUA HOLDINGS CORP KISH BANCORP INC POPULAR INC UNION BANKSHARES CORP

LAKELAND BANCORP INC PORTER BANCORP INC UNION BANKSHARES INC LAKELAND FINANCIAL CORP PREFERRED BANK LOS ANGELES UNITED BANCSHARES INC/OH

LANDMARK BANCORP INC/KS PREMIER FINANCIAL BANCORP UNITED BANKSHARES INC/WV LCNB CORP PRESIDIO BANK UNITED COMMUNITY BANKS INC

LEDYARD FINANCIAL GROUP INC PROSPERITY BANCSHARES INC UNITED SECURITY BANCSHARS CA LEGACY TEX FINANCIAL GRP INC PSB HOLDINGS INC/WI UNITY BANCORP INC M & T BANK CORP QCR HOLDINGS INC UNIVEST CORP OF PENNSYLVANIA MACATAWA BANK CORP QNB CORP VALLEY NATIONAL BANCORP MACKINAC FINANCIAL CORP REGIONS FINANCIAL CORP VERITEX HOLDINGS INC MAINSOURCE FINL GROUP INC RENASANT CORP VIRGINIA NATIONAL BANKSHARES MB FINANCIAL INC/MD REPUBLIC BANCORP INC/KY VSB BANCORP INC/NY MELROSE BANCORP INC REPUBLIC FIRST BANCORP INC WASHINGTON FEDERAL INC MERCANTILE BANK CORP S & T BANCORP INC WASHINGTON TR BANCORP INC MID PENN BANCORP INC SALISBURY BANCORP INC WEBSTER FINANCIAL CORP MIDDLEFIELD BANC CORP SANDY SPRING BANCORP INC WELLESLEY BANCORP INC MIDSOUTH BANCORP INC SB FINANCIAL GROUP INC WELLS FARGO & CO MIDWESTONE FINANCIAL GROUP SEACOAST BANKING CORP/FL WESBANCO INC MUTUALFIRST FINANCIAL INC SEACOAST COMMERCE BANC HLDG WEST BANCORPORATION INC MVB FINANCIAL CORP SECURITY FEDERAL CORP WESTAMERICA N B T BANCORP INC SELECT BANCORP INC BANCORPORATION NATIONAL BANK HLDGS CORP SERVISFIRST BANCSHARES INC WESTERN ALLIANCE BANCORP NATIONAL BANKSHARES INC VA SHORE BANCSHARES INC WINTRUST FINANCIAL CORP NATIONAL COMMERCE CORP SIERRA BANCORP/CA ZIONS BANCORPORATION NEW PEOPLES BANKSHARES INC SIGNATURE BANK/NY NICOLET BANKSHARES INC SIMMONS FIRST NATL CP -CL A SIC 603 NORTHEAST BANCORP/ME SOUTH STATE CORP ANCHOR BANCORP/WA NORTHERN TRUST CORP SOUTHERN BANCSHARES NC INC ATLANTIC COAST FINANCIAL CP NORTHRIM BANCORP INC SOUTHERN FIRST BANKSHARES AUBURN BANCORP INC NORTHWAY FINANCIAL INC SOUTHERN MICH BANCORP INC BANC OF CALIFORNIA INC NORWOOD FINANCIAL CORP SOUTHERN NATIONAL BANCORP BANKFINANCIAL CORP OAK RIDGE FINANCIAL SERVICES VA BAY BANCORP INC OFG BANCORP SOUTHSIDE BANCSHARES INC BBX CAPITAL CORPORATION OHIO VALLEY BANC CORP SOUTHWEST GEORGIA FINL CORP BEAR STATE FINANCIAL INC OLD LINE BANCSHARES INC STATE BANK FINANCIAL CORP BENEFICIAL BANCORP INC OLD NATIONAL BANCORP STATE STREET CORP BLUE HILLS BANCORP INC OLD POINT FINANCIAL CORP STEEL PARTNERS HOLDINGS LP BOFI HOLDING INC OLD SECOND BANCORP INC/IL STERLING BANCORP BROADWAY FINANCIAL CORP/DE OPTIMUMBANK HOLDINGS INC STEWARDSHIP FINANCIAL CORP BROOKLINE BANCORP INC OPUS BANK STOCK YARDS BANCORP INC BSB BANCORP INC ORRSTOWN FINANCIAL SVCS INC SUMMIT FINANCIAL GROUP INC CAPITOL FEDERAL FINL INC PACIFIC CITY FINANCIAL CORP SUMMIT STATE BANK CARVER BANCORP INC PACIFIC FINANCIAL CORP SUNTRUST BANKS INC CENTRAL FEDERAL CORP PACIFIC MERCANTILE BANCORP SUSSEX BANCORP CHARTER FINANCIAL CORP/MD PACIFIC PREMIER BANCORP INC SVB FINANCIAL GROUP CITIZENS COMMUNITY BANCORP PACWEST BANCORP SYNOVUS FINANCIAL CORP CLIFTON BANCORP INC PARK NATIONAL CORP TAYLOR CALVIN B BANKSHARES COASTWAY BANCORP INC PARKE BANCORP INC TCF FINANCIAL CORP DELANCO BANCORP INC PATHFINDER BANCORP INC

2018 Cost of Capital Navigator (data through March 2018); 41 Industry Risk Premia Company List

DIME COMMUNITY BANCSHARES SOUND FINANCIAL BANCORP INC HOME FEDERAL BANCORP INC/LA

EAGLE BANCORP MONTANA INC SOUTHERN BANC CO INC HOPFED BANCORP INC ELMIRA SVGS BANK ELMIRA/NY SOUTHERN MISSOURI BANCP INC IF BANCORP INC

ENTEGRA FINANCIAL CORP STANDARD FINANCIAL CORP KENTUCKY FIRST FEDERAL BNCRP ESSA BANCORP INC SUNSHINE FINANCIAL INC MADISON COUNTY FINANCIAL INC FARMERS & MERCHANTS BCP/OH TERRITORIAL BANCORP INC META FINANCIAL GROUP INC FIRST BANCTRUST CORP TFS FINANCIAL CORP MSB FINANCIAL CORP FIRST CAPITAL INC TIMBERLAND BANCORP INC NASB FINANCIAL INC FIRST CONNECTICUT BANCORP TRIUMPH BANCORP INC NORTHEAST INDIANA BANCORP FIRST DEFIANCE FINANCIAL CP TRUSTCO BANK CORP/NY NORTHFIELD BANCORP INC FIRST FED NOR MICH BANCORP UNION BANK NORTHWEST BANCSHARES INC FIRST NORTHWEST BANCRP UNITED COMMUNITY FINL CORP OCEANFIRST FINANCIAL CORP FIRST ROBINSON FINANCIAL CP UNITED FINANCIAL BANCORP INC OCWEN FINANCIAL CORP FIRST SAVINGS FINANCIAL GP WATERSTONE FINANCIAL INC ORITANI FINANCIAL CORP FLAGSTAR BANCORP INC WEST END INDIANA BANCSHARES OTTAWA BANCORP INC FLUSHING FINANCIAL CORP WESTBURY BANCORP INC PB BANCORP INC FS BANCORP INC WESTERN NEW ENG BANCORP INC PROVIDENT FINANCIAL HOLDINGS FSB BANCORP INC WILLIAM PENN BANCORP INC QUAINT OAK BANCORP INC GREAT AMERICAN BANCORP INC WSFS FINANCIAL CORP RIVERVIEW BANCORP INC GREENE COUNTY BANCORP INC WVS FINANCIAL CORP SEVERN BANCORP INC HAMILTON BANCORP INC/MD SI FINANCIAL GROUP INC HARLEYSVILLE FINANCIAL CORP SIC 6035 SOUND FINANCIAL BANCORP INC HAWAIIAN ELECTRIC INDS ATLANTIC COAST FINANCIAL CP SOUTHERN BANC CO INC HINGHAM INSTN FOR SAVINGS AUBURN BANCORP INC SUNSHINE FINANCIAL INC HMN FINANCIAL INC BANC OF CALIFORNIA INC TERRITORIAL BANCORP INC HOME BANCORP INC BAY BANCORP INC TFS FINANCIAL CORP HOME CITY FINANCIAL CORP BBX CAPITAL CORPORATION TRUSTCO BANK CORP/NY HOME FEDERAL BANCORP INC/LA BEAR STATE FINANCIAL INC WATERSTONE FINANCIAL INC HOME LOAN FINANCIAL CORP BENEFICIAL BANCORP INC WESTBURY BANCORP INC HOMESTREET INC BOFI HOLDING INC WESTERN NEW ENG BANCORP INC HOPFED BANCORP INC BROADWAY FINANCIAL CORP/DE WILLIAM PENN BANCORP INC IF BANCORP INC BROOKLINE BANCORP INC WSFS FINANCIAL CORP INVESTORS BANCORP INC BSB BANCORP INC

JACKSONVILLE BANCORP INC/MD CAPITOL FEDERAL FINL INC SIC 6036 KEARNY FINANCIAL CORP CARVER BANCORP INC KENTUCKY FIRST FEDERAL ANCHOR BANCORP/WA CENTRAL FEDERAL CORP BNCRP BANKFINANCIAL CORP CHARTER FINANCIAL CORP/MD KS BANCORP INC BLUE HILLS BANCORP INC CITIZENS COMMUNITY BANCORP MADISON COUNTY FINANCIAL INC ENTEGRA FINANCIAL CORP CLIFTON BANCORP INC MERIDIAN BANCORP INC (MD) ESSA BANCORP INC COASTWAY BANCORP INC META FINANCIAL GROUP INC FIRST BANCTRUST CORP DELANCO BANCORP INC MSB FINANCIAL CORP FIRST CONNECTICUT BANCORP DIME COMMUNITY BANCSHARES NASB FINANCIAL INC FIRST NORTHWEST BANCRP EAGLE BANCORP MONTANA INC NEW YORK CMNTY BANCORP INC FS BANCORP INC ELMIRA SVGS BANK ELMIRA/NY NORTHEAST COMMUNITY FSB BANCORP INC FARMERS & MERCHANTS BCP/OH BANCORP HARLEYSVILLE FINANCIAL CORP FIRST CAPITAL INC NORTHEAST INDIANA BANCORP HINGHAM INSTN FOR SAVINGS FIRST DEFIANCE FINANCIAL CP NORTHFIELD BANCORP INC HOME LOAN FINANCIAL CORP FIRST FED NOR MICH BANCORP NORTHWEST BANCSHARES INC HOMESTREET INC FIRST ROBINSON FINANCIAL CP OCEANFIRST FINANCIAL CORP INVESTORS BANCORP INC FIRST SAVINGS FINANCIAL GP OCWEN FINANCIAL CORP JACKSONVILLE BANCORP INC/MD FLAGSTAR BANCORP INC ORITANI FINANCIAL CORP KEARNY FINANCIAL CORP FLUSHING FINANCIAL CORP OTTAWA BANCORP INC KS BANCORP INC GREAT AMERICAN BANCORP INC PB BANCORP INC MERIDIAN BANCORP INC (MD) GREENE COUNTY BANCORP INC PROVIDENT FINANCIAL HOLDINGS NEW YORK CMNTY BANCORP INC HAMILTON BANCORP INC/MD PROVIDENT FINANCIAL SVCS INC NORTHEAST COMMUNITY HAWAIIAN ELECTRIC INDS QUAINT OAK BANCORP INC BANCORP HMN FINANCIAL INC RIVERVIEW BANCORP INC PROVIDENT FINANCIAL SVCS INC HOME BANCORP INC SEVERN BANCORP INC SOUTHERN MISSOURI BANCP INC HOME CITY FINANCIAL CORP SI FINANCIAL GROUP INC STANDARD FINANCIAL CORP

2018 Cost of Capital Navigator (data through March 2018); 42 Industry Risk Premia Company List

TIMBERLAND BANCORP INC LENDINGTREE INC SLM CORP

TRIUMPH BANCORP INC LENNAR CORP SNAP-ON INC UNION BANK M/I HOMES INC SOTHEBY'S

UNITED COMMUNITY FINL CORP MARLIN BUSINESS SERVICES INC SYNCHRONY FINANCIAL UNITED FINANCIAL BANCORP INC MDC HOLDINGS INC WORLD ACCEPTANCE CORP/DE

WEST END INDIANA BANCSHARES MERITAGE HOMES CORP

WVS FINANCIAL CORP NATIONSTAR MORTGAGE SIC 615 HOLDINGS AARON'S INC NAVIENT CORP SIC 61 AIR T INC NAVISTAR INTERNATIONAL CORP AARON'S INC ALLIANCE DATA SYSTEMS CORP NELNET INC AIR T INC ALTRIA GROUP INC NORDSTROM INC ALLIANCE DATA SYSTEMS CORP AMERICAN EXPRESS CO NVR INC ALLY FINANCIAL INC BOEING CO ON DECK CAPITAL INC ALTRIA GROUP INC CALIF FIRST NATIONAL BANCORP ONEMAIN HOLDINGS INC AMERICAN EXPRESS CO CATERPILLAR INC PACCAR INC APOLLO GLOBAL MANAGEMENT CHINA AUTO LOGISTICS INC LLC PENNYMAC FINANCIAL SERVICES CINCINNATI FINANCIAL CORP ATLANTICUS HOLDINGS CORP PHH CORP CONSUMER PORTFOLIO SVCS INC BOEING CO PRA GROUP INC DEERE & CO CALIF FIRST NATIONAL BANCORP PRIMERICA INC DINE BRANDS GLOBAL INC CAPITAL ONE FINANCIAL CORP PULTEGROUP INC EMERGENT CAPITAL INC CARMAX INC RAYMOND JAMES FINANCIAL ENCORE CAPITAL GROUP INC CATERPILLAR INC CORP FORD MOTOR CO REDWOOD TRUST INC CATO CORP -CL A GENERAL ELECTRIC CO REGIONAL MANAGEMENT CORP CAVCO INDUSTRIES INC SANTANDER CONSUMER USA HARLEY-DAVIDSON INC CHINA AUTO LOGISTICS INC HLDGS HRG GROUP INC CIM COMMERICAL TRUST SLM CORP INTL BUSINESS MACHINES CORP CINCINNATI FINANCIAL CORP SNAP-ON INC NAVISTAR INTERNATIONAL CORP CIT GROUP INC SOTHEBY'S ON DECK CAPITAL INC CONN'S INC SWK HOLDINGS CORP PACCAR INC CONSUMER CAPITAL GROUP INC SYNCHRONY FINANCIAL PRA GROUP INC CONSUMER PORTFOLIO SVCS INC TEXTRON INC SWK HOLDINGS CORP CREDIT ACCEPTANCE CORP TRI POINTE GROUP INC TEXTRON INC D R HORTON INC WALKER & DUNLOP INC DEERE & CO WORLD ACCEPTANCE CORP/DE SIC 6153 DINE BRANDS GLOBAL INC AARON'S INC DISCOVER FINANCIAL SVCS SIC 614 ALLIANCE DATA SYSTEMS CORP EMERGENT CAPITAL INC AMERICAN EXPRESS CO AMERICAN EXPRESS CO ENCORE CAPITAL GROUP INC ATLANTICUS HOLDINGS CORP CHINA AUTO LOGISTICS INC ENOVA INTERNATIONAL INC CAPITAL ONE FINANCIAL CORP CINCINNATI FINANCIAL CORP EPLUS INC CARMAX INC DEERE & CO EZCORP INC -CL A CATO CORP -CL A ENCORE CAPITAL GROUP INC FANNIE MAE CONN'S INC FORD MOTOR CO FEDERAL AGRICULTURE MTG CP CONSUMER CAPITAL GROUP INC HARLEY-DAVIDSON INC FEDERAL HOME LOAN MORTG CREDIT ACCEPTANCE CORP HRG GROUP INC CORP DISCOVER FINANCIAL SVCS NAVISTAR INTERNATIONAL CORP FORD MOTOR CO ENOVA INTERNATIONAL INC PACCAR INC GATX CORP EZCORP INC -CL A PRA GROUP INC GENERAL ELECTRIC CO GENERAL MOTORS CO GENERAL MOTORS CO IEG HOLDINGS CORP SIC 616 HARLEY-DAVIDSON INC LENDINGCLUB CORP APOLLO GLOBAL MANAGEMENT HFF INC NAVIENT CORP LLC HILLTOP HOLDINGS INC NELNET INC CAVCO INDUSTRIES INC HOVNANIAN ENTRPRS INC -CL A NORDSTROM INC CIM COMMERICAL TRUST HRG GROUP INC ONEMAIN HOLDINGS INC D R HORTON INC IEG HOLDINGS CORP RAYMOND JAMES FINANCIAL HFF INC IMPAC MORTGAGE HOLDINGS INC CORP HOVNANIAN ENTRPRS INC -CL A INTL BUSINESS MACHINES CORP REGIONAL MANAGEMENT CORP IMPAC MORTGAGE HOLDINGS INC KB HOME SANTANDER CONSUMER USA KB HOME LENDINGCLUB CORP HLDGS LENDINGTREE INC

2018 Cost of Capital Navigator (data through March 2018); 43 Industry Risk Premia Company List

LENNAR CORP ENVESTNET INC WISDOMTREE INVESTMENTS INC

M/I HOMES INC EVERCORE INC WRIGHT INVESTORS SERVICE MDC HOLDINGS INC FEDERATED INVESTORS INC ZAIS GROUP HLDGS INC

MERITAGE HOMES CORP FIFTH STREET ASSET MGMT INC

NATIONSTAR MORTGAGE FINANCIAL ENGINES INC SIC 621 HOLDINGS FORTRESS BIOTECH INC AMERIPRISE FINANCIAL INC NVR INC FRANKLIN RESOURCES INC BGC PARTNERS INC PENNYMAC FINANCIAL SERVICES FTI CONSULTING INC CBOE GLOBAL MARKETS INC PHH CORP GAIN CAPITAL HOLDINGS INC CITIGROUP INC PULTEGROUP INC GAMCO INVESTORS INC E TRADE FINANCIAL CORP REDWOOD TRUST INC GLOBAL BROKERAGE INC FORTRESS BIOTECH INC TRI POINTE GROUP INC GOLDMAN SACHS GROUP INC FTI CONSULTING INC WALKER & DUNLOP INC GREENHILL & CO INC GLOBAL BROKERAGE INC

HARTFORD FINANCIAL SERVICES GOLDMAN SACHS GROUP INC SIC 6162 HENNESSY ADVISORS INC INTERACTIVE BROKERS GROUP APOLLO GLOBAL MANAGEMENT INTERACTIVE BROKERS GROUP INTL FCSTONE INC LLC INTERCONTINENTAL EXCHANGE INVESTMENT TECHNOLOGY GP CAVCO INDUSTRIES INC INTL FCSTONE INC INC CIM COMMERICAL TRUST INVESTMENT TECHNOLOGY GP JMP GROUP LLC D R HORTON INC INC LADENBURG THALMANN FINL HOVNANIAN ENTRPRS INC -CL A SERV JMP GROUP LLC IMPAC MORTGAGE HOLDINGS INC LEUCADIA NATIONAL CORP JONES LANG LASALLE INC KB HOME LPL FINANCIAL HOLDINGS INC KKR & CO LP LENNAR CORP LADENBURG THALMANN FINL MARKETAXESS HOLDINGS INC

M/I HOMES INC SERV MORGAN STANLEY

MDC HOLDINGS INC LEGG MASON INC NATIONAL HOLDINGS CORP

MERITAGE HOMES CORP LEUCADIA NATIONAL CORP OPPENHEIMER HOLDINGS INC

NATIONSTAR MORTGAGE LPL FINANCIAL HOLDINGS INC PIPER JAFFRAY COS HOLDINGS MANNING & NAPIER INC PRIMERICA INC NVR INC MARKETAXESS HOLDINGS INC PRINCIPAL FINANCIAL GRP INC PENNYMAC FINANCIAL SERVICES MEDLEY MANAGEMENT INC RAYMOND JAMES FINANCIAL PHH CORP CORP MOELIS & CO PULTEGROUP INC STIFEL FINANCIAL CORP MORGAN STANLEY REDWOOD TRUST INC TD AMERITRADE HOLDING CORP MSCI INC TRI POINTE GROUP INC NASDAQ INC WALKER & DUNLOP INC SIC 628 NATIONAL HOLDINGS CORP AFFILIATED MANAGERS GRP INC OAKTREE CAPITAL GROUP LLC SIC 62 OCH-ZIFF CAPITAL MGMT LLC APOLLO GLOBAL MANAGEMENT LLC AFFILIATED MANAGERS GRP INC OPPENHEIMER HOLDINGS INC ARES MANAGEMENT LP AMERIPRISE FINANCIAL INC OTC MARKETS GROUP INC ARTISAN PARTNERS ASSET APOLLO GLOBAL MANAGEMENT PIPER JAFFRAY COS LLC MGMT PRICE (T. ROWE) GROUP ARCHER-DANIELS-MIDLAND CO BERKSHIRE HATHAWAY PRIMERICA INC ARES MANAGEMENT LP BLACKROCK INC PRINCIPAL FINANCIAL GRP INC ARTISAN PARTNERS ASSET BLACKSTONE GROUP LP PRUDENTIAL FINANCIAL INC MGMT CARLYLE GROUP LP BERKSHIRE HATHAWAY PZENA INVESTMENT CBRE GROUP INC MANAGEMENT BGC PARTNERS INC COHEN & STEERS INC RAYMOND JAMES FINANCIAL BLACKROCK INC COWEN INC CORP BLACKSTONE GROUP LP DIAMOND HILL INVESTMENT GRP S&P GLOBAL INC CARLYLE GROUP LP EATON VANCE CORP SCHWAB (CHARLES) CORP CBOE GLOBAL MARKETS INC ELLINGTON FINANCIAL LLC SEI INVESTMENTS CO CBRE GROUP INC ENVESTNET INC SILVERCREST ASSET MGT CITIGROUP INC EVERCORE INC STIFEL FINANCIAL CORP CME GROUP INC FEDERATED INVESTORS INC TD AMERITRADE HOLDING CORP COHEN & STEERS INC FIFTH STREET ASSET MGMT INC TETON ADVISORS INC COWEN INC FINANCIAL ENGINES INC U S GLOBAL INVESTORS INC DIAMOND HILL INVESTMENT GRP FRANKLIN RESOURCES INC VIRTUS INVESTMENT PTNRS INC E TRADE FINANCIAL CORP GAMCO INVESTORS INC WADDELL&REED FINL INC -CL A EATON VANCE CORP WESTWOOD HOLDINGS GROUP GOLDMAN SACHS GROUP INC

ELLINGTON FINANCIAL LLC INC GREENHILL & CO INC

2018 Cost of Capital Navigator (data through March 2018); 44 Industry Risk Premia Company List

HARTFORD FINANCIAL SERVICES GAMCO INVESTORS INC CBIZ INC

HENNESSY ADVISORS INC GOLDMAN SACHS GROUP INC CENTENE CORP INTERCONTINENTAL EXCHANGE GREENHILL & CO INC CIGNA CORP

JONES LANG LASALLE INC HARTFORD FINANCIAL SERVICES CINCINNATI FINANCIAL CORP KKR & CO LP HENNESSY ADVISORS INC CITIZENS INC

LEGG MASON INC JONES LANG LASALLE INC CNA FINANCIAL CORP LEUCADIA NATIONAL CORP KKR & CO LP CNO FINANCIAL GROUP INC

MANNING & NAPIER INC LEGG MASON INC DONEGAL GROUP INC MEDLEY MANAGEMENT INC LEUCADIA NATIONAL CORP DUKE ENERGY CORP

MOELIS & CO MANNING & NAPIER INC EMC INSURANCE GROUP INC MORGAN STANLEY MEDLEY MANAGEMENT INC EMPLOYERS HOLDINGS INC

MSCI INC MOELIS & CO EXTRA SPACE STORAGE INC OAKTREE CAPITAL GROUP LLC MORGAN STANLEY FBL FINANCIAL GROUP INC-CL A

OCH-ZIFF CAPITAL MGMT LLC MSCI INC FEDERATED NATIONAL HLDG CO OTC MARKETS GROUP INC OAKTREE CAPITAL GROUP LLC FIDELITY NATL FINL FNF GROUP

PIPER JAFFRAY COS OCH-ZIFF CAPITAL MGMT LLC FIRST ACCEPTANCE CORP PRICE (T. ROWE) GROUP PIPER JAFFRAY COS FIRST AMERICAN FINANCIAL CP

PRINCIPAL FINANCIAL GRP INC PRICE (T. ROWE) GROUP GENWORTH FINANCIAL INC PRUDENTIAL FINANCIAL INC PRINCIPAL FINANCIAL GRP INC HALLMARK FINANCIAL SERVICES

PZENA INVESTMENT PRUDENTIAL FINANCIAL INC HANOVER INSURANCE GROUP INC MANAGEMENT PZENA INVESTMENT HARTFORD FINANCIAL SERVICES RAYMOND JAMES FINANCIAL MANAGEMENT HC2 HOLDINGS INC CORP RAYMOND JAMES FINANCIAL HCI GROUP INC S&P GLOBAL INC CORP HERITAGE INSURANCE HOLDINGS SCHWAB (CHARLES) CORP S&P GLOBAL INC HORACE MANN EDUCATORS CORP SEI INVESTMENTS CO SCHWAB (CHARLES) CORP HUMANA INC SILVERCREST ASSET MGT SEI INVESTMENTS CO INDEPENDENCE HOLDING CO STIFEL FINANCIAL CORP SILVERCREST ASSET MGT INFINITY PROPERTY & CAS CORP TETON ADVISORS INC TETON ADVISORS INC INVESTORS HERITAGE CAP CORP U S GLOBAL INVESTORS INC U S GLOBAL INVESTORS INC INVESTORS TITLE CO VIRTUS INVESTMENT PTNRS INC VIRTUS INVESTMENT PTNRS INC KANSAS CITY LIFE INS CO WADDELL&REED FINL INC -CL A WADDELL&REED FINL INC -CL A KEMPER CORP/DE WESTWOOD HOLDINGS GROUP WESTWOOD HOLDINGS GROUP INC INC KINGSTONE COS INC

WISDOMTREE INVESTMENTS INC WISDOMTREE INVESTMENTS INC LINCOLN NATIONAL CORP

WRIGHT INVESTORS SERVICE WRIGHT INVESTORS SERVICE LOEWS CORP

ZAIS GROUP HLDGS INC ZAIS GROUP HLDGS INC MARKEL CORP MBIA INC

SIC 6282 SIC 63 MDC HOLDINGS INC

AFFILIATED MANAGERS GRP INC 1347 PROPERTY INS HLDGS INC MERCURY GENERAL CORP

APOLLO GLOBAL MANAGEMENT ACMAT CORP -CL A METLIFE INC LLC AETNA INC MGIC INVESTMENT CORP/WI ARES MANAGEMENT LP AFLAC INC MOLINA HEALTHCARE INC ARTISAN PARTNERS ASSET NATIONAL GENERAL HOLDINGS ALLEGHANY CORP MGMT CP ALLSTATE CORP BERKSHIRE HATHAWAY NATIONAL SEC GROUP INC AMERCO BLACKROCK INC NATIONAL WESTERN LIFE GROUP AMERICAN EQTY INVT LIFE HLDG BLACKSTONE GROUP LP NAVIGATORS GROUP INC AMERICAN FINANCIAL GROUP INC CARLYLE GROUP LP AMERICAN INTERNATIONAL NMI HOLDINGS INC CBRE GROUP INC GROUP OLD REPUBLIC INTL CORP COHEN & STEERS INC AMERICAN NATIONAL INSURANCE PRIMERICA INC COWEN INC AMERIPRISE FINANCIAL INC PRINCIPAL FINANCIAL GRP INC DIAMOND HILL INVESTMENT GRP AMERISAFE INC PROASSURANCE CORP EATON VANCE CORP AMTRUST FINANCIAL SERVICES PROGRESSIVE CORP-OHIO ELLINGTON FINANCIAL LLC ANTHEM INC PRUDENTIAL FINANCIAL INC ENVESTNET INC ASSURANT INC PUBLIC STORAGE EVERCORE INC ATLANTIC AMERICAN CORP RADIAN GROUP INC FEDERATED INVESTORS INC BALDWIN & LYONS -CL B REINSURANCE GROUP AMER INC FIFTH STREET ASSET MGMT INC BERKLEY (W R) CORP RLI CORP FINANCIAL ENGINES INC BERKSHIRE HATHAWAY SAFETY INSURANCE GROUP INC FRANKLIN RESOURCES INC BIGLARI HOLDINGS INC SELECTIVE INS GROUP INC

2018 Cost of Capital Navigator (data through March 2018); 45 Industry Risk Premia Company List

STATE AUTO FINANCIAL CORP CENTENE CORP EMPLOYERS HOLDINGS INC

STEWART INFORMATION CIGNA CORP EXTRA SPACE STORAGE INC SERVICES CNO FINANCIAL GROUP INC FEDERATED NATIONAL HLDG CO TORCHMARK CORP HC2 HOLDINGS INC FIRST ACCEPTANCE CORP TRAVELERS COS INC HUMANA INC FIRST AMERICAN FINANCIAL CP TRUPANION INC INDEPENDENCE HOLDING CO HALLMARK FINANCIAL SERVICES UNITED FIRE GROUP INC MOLINA HEALTHCARE INC HANOVER INSURANCE GROUP INC UNITED INSURANCE HOLDINGS NAVIGATORS GROUP INC HARTFORD FINANCIAL SERVICES CO TORCHMARK CORP HCI GROUP INC UNITEDHEALTH GROUP INC TRUPANION INC HERITAGE INSURANCE HOLDINGS UNIVERSAL INSURANCE HLDGS UNITEDHEALTH GROUP INC HORACE MANN EDUCATORS CORP UNUM GROUP UNUM GROUP INFINITY PROPERTY & CAS CORP UTG INC WELLCARE HEALTH PLANS INC KEMPER CORP/DE VOYA FINANCIAL INC KINGSTONE COS INC WELLCARE HEALTH PLANS INC SIC 6321 LOEWS CORP WMIH CORP AFLAC INC MARKEL CORP

ALLSTATE CORP MDC HOLDINGS INC SIC 631 AMERICAN NATIONAL INSURANCE MERCURY GENERAL CORP AETNA INC NATIONAL GENERAL HOLDINGS ATLANTIC AMERICAN CORP ALLSTATE CORP CP BERKSHIRE HATHAWAY AMERCO NATIONAL SEC GROUP INC CIGNA CORP AMERICAN EQTY INVT LIFE HLDG CNO FINANCIAL GROUP INC NAVIGATORS GROUP INC AMERICAN FINANCIAL GROUP INC OLD REPUBLIC INTL CORP AMERICAN INTERNATIONAL HC2 HOLDINGS INC PROASSURANCE CORP GROUP INDEPENDENCE HOLDING CO PROGRESSIVE CORP-OHIO AMERICAN NATIONAL INSURANCE NAVIGATORS GROUP INC PUBLIC STORAGE AMERIPRISE FINANCIAL INC TORCHMARK CORP RLI CORP ASSURANT INC UNUM GROUP SAFETY INSURANCE GROUP INC CIGNA CORP SELECTIVE INS GROUP INC CINCINNATI FINANCIAL CORP SIC 6324 STATE AUTO FINANCIAL CORP CITIZENS INC AETNA INC TRAVELERS COS INC CNO FINANCIAL GROUP INC ANTHEM INC UNITED FIRE GROUP INC FBL FINANCIAL GROUP INC-CL A ASSURANT INC UNITED INSURANCE HOLDINGS GENWORTH FINANCIAL INC CENTENE CORP CO HORACE MANN EDUCATORS CORP CIGNA CORP UNIVERSAL INSURANCE HLDGS INVESTORS HERITAGE CAP CORP HUMANA INC

KANSAS CITY LIFE INS CO MOLINA HEALTHCARE INC SIC 635 KEMPER CORP/DE TRUPANION INC ACMAT CORP -CL A LINCOLN NATIONAL CORP UNITEDHEALTH GROUP INC ASSURANT INC METLIFE INC WELLCARE HEALTH PLANS INC CBIZ INC NATIONAL SEC GROUP INC GENWORTH FINANCIAL INC NATIONAL WESTERN LIFE GROUP SIC 633 MBIA INC PRIMERICA INC 1347 PROPERTY INS HLDGS INC MGIC INVESTMENT CORP/WI PRINCIPAL FINANCIAL GRP INC ALLEGHANY CORP NMI HOLDINGS INC PRUDENTIAL FINANCIAL INC ALLSTATE CORP RADIAN GROUP INC REINSURANCE GROUP AMER INC AMERCO RLI CORP TORCHMARK CORP AMERICAN FINANCIAL GROUP INC TRAVELERS COS INC UNUM GROUP AMERICAN INTERNATIONAL WMIH CORP UTG INC GROUP

AMERICAN NATIONAL INSURANCE VOYA FINANCIAL INC SIC 64 AMERISAFE INC ARTHUR J GALLAGHER & CO AMTRUST FINANCIAL SERVICES SIC 632 BROWN & BROWN INC ATLANTIC AMERICAN CORP AETNA INC CORVEL CORP BALDWIN & LYONS -CL B AFLAC INC CRAWFORD & CO BERKLEY (W R) CORP ALLSTATE CORP EHEALTH INC BIGLARI HOLDINGS INC AMERICAN NATIONAL INSURANCE ERIE INDEMNITY CO -CL A CINCINNATI FINANCIAL CORP ANTHEM INC HEALTH INSURANCE CNA FINANCIAL CORP ASSURANT INC INNOVATIONS DONEGAL GROUP INC ATLANTIC AMERICAN CORP HMS HOLDINGS CORP DUKE ENERGY CORP BERKSHIRE HATHAWAY INTERSECTIONS INC EMC INSURANCE GROUP INC

2018 Cost of Capital Navigator (data through March 2018); 46 Industry Risk Premia Company List

LADENBURG THALMANN FINL SONO-TEK CORP STEWART INFORMATION SERV SERVICES SPINDLETOP OIL & GAS CO LANDSTAR SYSTEM INC STONEMOR PARTNERS LP ST JOE CO MARSH & MCLENNAN COS STEWART INFORMATION VECTOR GROUP LTD PROGRESSIVE CORP-OHIO SERVICES WYNDHAM WORLDWIDE CORP

TENET HEALTHCARE CORP STONEMOR PARTNERS LP TRUPANION INC STRATUS PROPERTIES INC SIC 655

VERISK ANALYTICS INC TEJON RANCH CO AEROJET ROCKETDYNE HOLDINGS WAGEWORKS INC TRINITY PLACE HOLDINGS INC AMREP CORP TRIO-TECH INTERNATIONAL BARNWELL INDUSTRIES SIC 65 VAIL RESORTS INC CBRE GROUP INC AEROJET ROCKETDYNE VECTOR GROUP LTD HOLDINGS CHINA HGS REAL ESTATE INC WESTROCK CO ALICO INC FORESTAR GROUP INC WEYERHAEUSER CO ALTISOURCE ASSET MGMT CORP FRP HOLDINGS INC WYNDHAM WORLDWIDE CORP AMERICA FIRST MULTIFAMILY-LP GREEN BRICK PARTNERS INC

AMREP CORP HOWARD HUGHES CORP SIC 651 BARNWELL INDUSTRIES ALICO INC INDIA GLOBALIZATION CAPITAL BLUESTEM GROUP INC MAUI LAND & PINEAPPLE CO AMERICA FIRST MULTIFAMILY-LP CAPITAL PROPERTIES INC PICO HOLDINGS INC BLUESTEM GROUP INC CBRE GROUP INC SERVICE CORP INTERNATIONAL CAPITAL PROPERTIES INC CENTERPOINT ENERGY INC ST JOE CO CKX LANDS INC CHINA HGS REAL ESTATE INC CONSOLIDATED TOMOKA LAND STRATUS PROPERTIES INC CKX LANDS INC CO VAIL RESORTS INC

CONSOLIDATED TOMOKA LAND DINE BRANDS GLOBAL INC WESTROCK CO CO FIRST ACCEPTANCE CORP WEYERHAEUSER CO DINE BRANDS GLOBAL INC FIRST CHOICE HEALTHCARE SLT EXP WORLD HOLDINGS INC FRP HOLDINGS INC SIC 67 FIRST ACCEPTANCE CORP GRIFFIN INDUSTRIAL REALTY ACACIA RESEARCH CORP FIRST CHOICE HEALTHCARE SLT HELMERICH & PAYNE ACADIA REALTY TRUST FORESTAR GROUP INC IDT CORP AG MORTGAGE INVESTMENT FRP HOLDINGS INC TRUST INDEPENDENCE ENERGY CORP GREEN BRICK PARTNERS INC AGREE REALTY CORP KENNEDY-WILSON HOLDINGS INC GRIFFIN INDUSTRIAL REALTY ALCENTRA CAPITAL CORP LANDMARK INFRAST PRTNS LP HELMERICH & PAYNE ALEXANDER & BALDWIN INC LIMONEIRA CO HOWARD HUGHES CORP ALEXANDER'S INC NATIONAL AMERN UNIV HLDG INC IDT CORP ALEXANDRIA R E EQUITIES INC NEW ENGLAND REALTY ASSC -LP ILG INC ALLIANCEBERNSTEIN HOLDING LP OCH-ZIFF CAPITAL MGMT LLC IMPAC MORTGAGE HOLDINGS INC AMERICA FIRST MULTIFAMILY-LP READING INTL INC -CL A INDEPENDENCE ENERGY CORP AMERICAN ASSETS TRUST INC RED LION HOTELS CORP INDIA GLOBALIZATION CAPITAL AMERICAN CAMPUS SANTA FE FINANCIAL CORP JONES LANG LASALLE INC COMMUNITIES SHERWIN-WILLIAMS CO KENNEDY-WILSON HOLDINGS INC AMERICAN CAPITAL SR FLTG LTD SONO-TEK CORP LANDMARK INFRAST PRTNS LP AMERICAN FINANCIAL GROUP INC SPINDLETOP OIL & GAS CO LIMONEIRA CO AMERICAN HOMES 4 RENT ST JOE CO MARCUS & MILLICHAP INC AMERICAN TOWER CORP TEJON RANCH CO MAUI LAND & PINEAPPLE CO ANNALY CAPITAL MANAGEMENT TRINITY PLACE HOLDINGS INC NATIONAL AMERN UNIV HLDG INC ANWORTH MTG ASSET CORP

NATIONSTAR MORTGAGE APARTMENT INVST & MGMT CO SIC 653 HOLDINGS APOLLO COMMERCIAL RE FIN INC ALTISOURCE ASSET MGMT CORP NEW ENGLAND REALTY ASSC -LP APOLLO INVESTMENT CORP CBRE GROUP INC OCH-ZIFF CAPITAL MGMT LLC ARBOR REALTY TRUST INC EXP WORLD HOLDINGS INC PICO HOLDINGS INC ARES CAPITAL CORP ILG INC PRUDENTIAL FINANCIAL INC ARES COMMERCIAL REAL ESTATE IMPAC MORTGAGE HOLDINGS INC RE/MAX HOLDINGS INC ARLINGTON ASSET INVESTMENT JONES LANG LASALLE INC READING INTL INC -CL A ARMADA HOFFLER PROPERTIES MARCUS & MILLICHAP INC REALOGY HOLDINGS CORP ARMOUR RESIDENTIAL REIT INC PRUDENTIAL FINANCIAL INC RED LION HOTELS CORP ASHFORD HOSPITALITY PRME INC RE/MAX HOLDINGS INC SANTA FE FINANCIAL CORP ASHFORD HOSPITALITY TRUST REALOGY HOLDINGS CORP SERVICE CORP INTERNATIONAL ATLAS ENERGY GROUP LLC

SHERWIN-WILLIAMS CO AVALONBAY COMMUNITIES INC

2018 Cost of Capital Navigator (data through March 2018); 47 Industry Risk Premia Company List

AVISTA CORP DYNEX CAPITAL INC HIGHWOODS PROPERTIES INC BIMINI CAPITAL MANAGEMENT EASTERLY GOVERNMENT PPTYS HMG COURTLAND PROPERTIES

BLACKROCK CAPITAL INVT CORP EASTGROUP PROPERTIES HORIZON TECHNOLOGY FINANCE BLACKSTONE MORTGAGE TR INC EASTMAN CHEMICAL CO HOSPITALITY PROPERTIES TRUST

BLUEROCK RESIDENTIAL GROWTH EDUCATION REALTY TRUST INC HOST HOTELS & RESORTS INC BOSTON PROPERTIES INC ELLINGTON RESIDENTIAL MTG HP INC

BRANDYWINE REALTY TRUST EMPIRE STATE REALTY OP LP HUDSON PACIFIC PPTYS INC BRIXMOR PROPERTY GROUP INC EMPIRE STATE REALTY TR INC ICONIX BRAND GROUP INC

BROOKFLD DTLA OFFICE TR INV EPR PROPERTIES IDACORP INC BRT APARTMENTS CORP EQUINIX INC IMAGE SENSING SYSTEMS INC

CAMDEN PROPERTY TRUST EQUITY COMMONWEALTH INDEPENDENCE REALTY TRUST CAPITAL ONE FINANCIAL CORP EQUITY LIFESTYLE PROPERTIES INFRAREIT INC

CAPITAL SOUTHWEST CORP EQUITY RESIDENTIAL INNSUITES HOSPITALITY TR CAPITALA FINANCE CORP EQUUS TOTAL RETURN INC INTERDIGITAL INC

CAPSTEAD MORTGAGE CORP ESSEX PROPERTY TRUST INVESCO MORTGAGE CAPITAL INC CARETRUST REIT INC EVERSOURCE ENERGY INVESTORS REAL ESTATE TRUST

CATCHMARK TIMBER TRUST EXTRA SPACE STORAGE INC IRON MOUNTAIN INC CBL & ASSOCIATES PPTYS INC FARMLAND PARTNERS INC ISTAR INC

CEDAR REALTY TRUST INC FEDERAL REALTY INVESTMENT JERNIGAN CAPITAL INC TR CEVA INC JOINT CORP (THE) FIDUS INVESTMENT CORP CHATHAM LODGING TRUST KAYNE ANDERSON ENERGY DEV FIRST INDL REALTY TRUST INC CO CHEROKEE INC/DE FIRST REAL ESTATE INV TR NJ KCAP FINANCIAL INC CHERRY HILL MTG INVST FIRSTHAND TECHNOLOGY VALU KILROY REALTY CORP CHESAPEAKE LODGING TRUST FD KIMCO REALTY CORP CHIMERA INVESTMENT CORP FIVE OAKS INVESTMENT CORP KITE REALTY GROUP TRUST CHOICE HOTELS INTL INC FOREST CITY REALTY TRUST INC LADDER CAPITAL CORP CHURCHILL DOWNS INC FORESTAR GROUP INC LAMAR ADVERTISING CO -CL A CIM COMMERICAL TRUST FRANKLIN STREET PROPERTIES LASALLE HOTEL PROPERTIES CITIGROUP INC FRONT YARD RESIDENTIAL CORP LEUCADIA NATIONAL CORP CITY OFFICE REIT INC FRP HOLDINGS INC LEXINGTON REALTY TRUST CKX LANDS INC FS INVESTMENT CORP LIBERTY PROPERTY TRUST CM FINANCE INC GAMING & LEISURE PPTYS LIFE STORAGE INC COLONY NORTHSTAR INC GARRISON CAPITAL INC LOEWS CORP COLUMBIA PROPERTY TRUST INC GEO GROUP INC LTC PROPERTIES INC COMCAST CORP GETTY REALTY CORP LUBYS INC CONDOR HOSPITALITY TR INC GGP INC MACERICH CO CONOCOPHILLIPS GLADSTONE CAPITAL CORP CORECIVIC INC MACK-CALI REALTY CORP GLADSTONE COMMERCIAL CORP CORENERGY INFRASTRUCTURE MAIN STREET CAPITAL CORP GLADSTONE INVESTMENT TR MANHATTAN BRIDGE CAPITAL INC CORP/DE CORESITE REALTY CORP MARATHON PATENT GROUP INC GLADSTONE LAND CORP CORPORATE OFFICE PROPERT MARINE PETROLEUM TRUST GLOBAL HEALTHCARE REIT COUSINS PROPERTIES INC MARRIOTT INTL INC GOLDMAN SACHS BDC INC CROSS TIMBERS ROYALTY TRUST MCRAE INDUSTRIES -CL A GOLUB CAPITAL BDC INC CROWN CASTLE INTL CORP MEDALLION FINANCIAL CORP GOVERNMENT PPTYS INCOME TR CUBESMART MEDICAL PROPERTIES TRUST GRAMERCY PROPERTY TRUST CYRUSONE INC MEDLEY CAPITAL CORP GREAT AJAX CORP CYS INVESTMENTS INC MESA ROYALTY TRUST GREAT ELM CAPITAL GROUP INC DCT INDUSTRIAL TRUST INC MESABI TRUST GSV CAPITAL CORP DDR CORP MFA FINANCIAL INC GUESS INC DIAMONDROCK HOSPITALITY CO MICROCHIP TECHNOLOGY INC GWG HOLDINGS INC DINE BRANDS GLOBAL INC MID-AMERICA APT CMNTYS INC HANNON ARMSTRONG SUST INFR DISNEY (WALT) CO MMA CAPITAL MGMT LLC HARVEST CAPITAL CREDIT CORP DOCUMENT SECURITY SYS INC MONMOUTH RE INVESTMENT CP HAWAIIAN ELECTRIC INDS DOLBY LABORATORIES INC MONROE CAPITAL CORP HCP INC DOMINO'S PIZZA INC MTGE INVESTMENT CORP HEALTHCARE REALTY TRUST INC DORCHESTER MINERALS -LP MVC CAPITAL INC HEALTHCARE TRUST OF AMERICA DOUGLAS EMMETT INC NATHAN'S FAMOUS INC HERCULES CAPITAL INC DRIVE SHACK INC NATIONAL HEALTH INVESTORS HERSHA HOSPITALITY TRUST DUKE REALTY CORP NATIONAL RETAIL PROPERTIES

2018 Cost of Capital Navigator (data through March 2018); 48 Industry Risk Premia Company List

NATURAL RESOURCE PARTNERS REGENCY CENTERS CORP UDR INC LP REGIS CORP/MN UMH PROPERTIES INC NAUTILUS INC RESOURCE CAPITAL CORP UNIVERSAL HEALTH RLTY NAVIENT CORP INCOME RETAIL OPPORTUNITY INVTS CP NETWORK-1 TECHNOLOGIES INC URBAN EDGE PROPERTIES RETAIL PPTYS OF AMERICA INC NEW MOUNTAIN FINANCE CORP URSTADT BIDDLE PROPERTIES REXFORD INDUS REALTY NEW RESIDENTIAL INV CP VENTAS INC RLJ ENTERTAINMENT INC NEW SENIOR INVESTMENT GROUP VEREIT INC RLJ LODGING TRUST NEW YORK MORTGAGE TRUST INC ROCKY MOUNTAIN CHOC FACT VIPER ENERGY PARTNERS LP NEW YORK REIT INC INC VORNADO REALTY TRUST

NEWTEK BUSINESS SERVICES CP ROYAL GOLD INC W P CAREY INC NEXPOINT RESIDENTIAL TR INC RPX CORP WALKER INNOVATION INC

NOBLE ROMANS INC RUTHS HOSPITALITY GROUP INC WASHINGTON PRIME GROUP INC NOCOPI TECHNOLOGIES INC RYMAN HOSPITALITY PPTYS INC WASHINGTON REIT

NORTH EUROPEAN OIL RTY TR SABINE ROYALTY TRUST WEINGARTEN REALTY INVST NVIDIA CORP SABRA HEALTH CARE REIT INC WELLTOWER INC

OAKTREE SPECIALTY LENDING CP SARATOGA INVESTMENT CORP WESTERN ASSET MTG CAPITAL CP OAKTREE STRATEGIC INCOME CP SAUL CENTERS INC WEYERHAEUSER CO OFS CAPITAL CORP SBA COMMUNICATIONS CORP WHEELER REAL ESTATE INVT TR OHA INVESTMENT CORP SELECT INCOME REIT WHITEHORSE FINANCE INC OMEGA HEALTHCARE INVS INC SELECTIVE INS GROUP INC WHITESTONE REIT ONE LIBERTY PROPERTIES INC SENIOR HOUSING PPTYS TRUST WINMARK CORP ORCHID ISLAND CAPITAL INC SIMON PROPERTY GROUP INC WORLD WRESTLING ENTMT INC OUTFRONT MEDIA INC SL GREEN REALTY CORP XCEL BRANDS INC OXFORD LANE CAPITAL CORP SOLAR CAPITAL LTD XENIA HOTELS & RESORTS INC OXFORD SQUARE CAPITAL CORP SOLAR SENIOR CAPITAL LTD PAPA JOHNS INTERNATIONAL INC SOTHEBY'S XPERI CORPORATION

PARAMOUNT GROUP INC SOTHERLY HOTELS INC SIC 6792 PEBBLEBROOK HOTEL TRUST SPIRIT REALTY CAPITAL INC CKX LANDS INC PENDRELL CORP ST JOE CO CROSS TIMBERS ROYALTY TRUST PENNANTPARK FLOATING RT CAP STAG INDUSTRIAL INC PENNANTPARK INVESTMENT STARWOOD PROPERTY TRUST DORCHESTER MINERALS -LP

CORP INC FORESTAR GROUP INC

PENNSYLVANIA RE INVS TRUST STELLUS CAPITAL INVESTMENT MARINE PETROLEUM TRUST PENNYMAC MORTGAGE INVEST STONECASTLE FINANCIAL CORP MESA ROYALTY TRUST TR STORE CAPITAL CORP NORTH EUROPEAN OIL RTY TR PERMIAN BASIN ROYALTY TRUST SUMMIT HOTEL PROPERTIES INC PERMIAN BASIN ROYALTY TRUST PHYSICIANS REALTY TR SUN COMMUNITIES INC SABINE ROYALTY TRUST PICO HOLDINGS INC SUNSTONE HOTEL INVESTORS TEJON RANCH CO PIEDMONT OFFICE REALTY TRUST INC TEXAS PACIFIC LAND TRUST POTLATCHDELTIC CORP SYNTHESIS ENERGY SYSTEMS TIDELANDS ROYALTY TRUST B PREFERRED APARTMENT INC U S LIME & MINERALS CMNTYS TANGER FACTORY OUTLET CTRS VIPER ENERGY PARTNERS LP PROLOGIS INC TAPESTRY INC

PROSPECT CAPITAL CORP TAUBMAN CENTERS INC SIC 6794 PS BUSINESS PARKS TC PIPELINES LP ACACIA RESEARCH CORP PUBLIC SERVICE ENTRP GRP INC TCP CAPITAL CORP CEVA INC PUBLIC STORAGE TEJON RANCH CO CHEROKEE INC/DE QTS REALTY TRUST INC TERRENO REALTY CORP CHOICE HOTELS INTL INC QUALCOMM INC TEXAS PACIFIC LAND TRUST COMCAST CORP RAIT FINANCIAL TRUST THL CREDIT INC CONOCOPHILLIPS RAMBUS INC TIDELANDS ROYALTY TRUST B DINE BRANDS GLOBAL INC RAMCO-GERSHENSON TORCHMARK CORP PROPERTIES DISNEY (WALT) CO TPG SPECIALTY LENDING INC RAYMOND JAMES FINANCIAL TRIANGLE CAPITAL CORP DOCUMENT SECURITY SYS INC CORP TRIPLEPOINT VENTURE GWTH DOLBY LABORATORIES INC RAYONIER INC BDC DOMINO'S PIZZA INC REALOGY HOLDINGS CORP TWO HARBORS INVESTMENT GUESS INC REALTY INCOME CORP CORP HP INC RED LION HOTELS CORP U S GLOBAL INVESTORS INC ICONIX BRAND GROUP INC REDWOOD TRUST INC U S LIME & MINERALS IMAGE SENSING SYSTEMS INC

2018 Cost of Capital Navigator (data through March 2018); 49 Industry Risk Premia Company List

INTERDIGITAL INC BOSTON PROPERTIES INC GEO GROUP INC JOINT CORP (THE) BRANDYWINE REALTY TRUST GETTY REALTY CORP

LUBYS INC BRIXMOR PROPERTY GROUP INC GGP INC MARATHON PATENT GROUP INC BROOKFLD DTLA OFFICE TR INV GLADSTONE COMMERCIAL CORP

MARRIOTT INTL INC BRT APARTMENTS CORP GLADSTONE LAND CORP MICROCHIP TECHNOLOGY INC CAMDEN PROPERTY TRUST GLOBAL HEALTHCARE REIT

NATHAN'S FAMOUS INC CAPSTEAD MORTGAGE CORP GOVERNMENT PPTYS INCOME TR NAUTILUS INC CARETRUST REIT INC GRAMERCY PROPERTY TRUST

NETWORK-1 TECHNOLOGIES INC CATCHMARK TIMBER TRUST GREAT AJAX CORP NOBLE ROMANS INC CBL & ASSOCIATES PPTYS INC HANNON ARMSTRONG SUST INFR

NOCOPI TECHNOLOGIES INC CEDAR REALTY TRUST INC HCP INC NVIDIA CORP CHATHAM LODGING TRUST HEALTHCARE REALTY TRUST INC

PAPA JOHNS INTERNATIONAL INC CHERRY HILL MTG INVST HEALTHCARE TRUST OF AMERICA PENDRELL CORP CHESAPEAKE LODGING TRUST HERSHA HOSPITALITY TRUST

QUALCOMM INC CHIMERA INVESTMENT CORP HIGHWOODS PROPERTIES INC RAMBUS INC CIM COMMERICAL TRUST HMG COURTLAND PROPERTIES

REALOGY HOLDINGS CORP CITY OFFICE REIT INC HOSPITALITY PROPERTIES TRUST RED LION HOTELS CORP COLONY NORTHSTAR INC HOST HOTELS & RESORTS INC

REGIS CORP/MN COLUMBIA PROPERTY TRUST INC HUDSON PACIFIC PPTYS INC RLJ ENTERTAINMENT INC CONDOR HOSPITALITY TR INC INDEPENDENCE REALTY TRUST

ROCKY MOUNTAIN CHOC FACT CORECIVIC INC INFRAREIT INC INC CORENERGY INFRASTRUCTURE INNSUITES HOSPITALITY TR RPX CORP TR INVESCO MORTGAGE CAPITAL INC RUTHS HOSPITALITY GROUP INC CORESITE REALTY CORP INVESTORS REAL ESTATE TRUST SOTHEBY'S CORPORATE OFFICE PROPERT IRON MOUNTAIN INC SYNTHESIS ENERGY SYSTEMS COUSINS PROPERTIES INC ISTAR INC INC CROWN CASTLE INTL CORP JERNIGAN CAPITAL INC TAPESTRY INC CUBESMART KILROY REALTY CORP WALKER INNOVATION INC CYRUSONE INC KIMCO REALTY CORP WINMARK CORP CYS INVESTMENTS INC KITE REALTY GROUP TRUST WORLD WRESTLING ENTMT INC DCT INDUSTRIAL TRUST INC LADDER CAPITAL CORP XCEL BRANDS INC DDR CORP LAMAR ADVERTISING CO -CL A XPERI CORPORATION DIAMONDROCK HOSPITALITY CO LASALLE HOTEL PROPERTIES

DOUGLAS EMMETT INC LEXINGTON REALTY TRUST SIC 6798 DRIVE SHACK INC LIBERTY PROPERTY TRUST ACADIA REALTY TRUST DUKE REALTY CORP AG MORTGAGE INVESTMENT LIFE STORAGE INC DYNEX CAPITAL INC TRUST LTC PROPERTIES INC EASTERLY GOVERNMENT PPTYS AGREE REALTY CORP MACERICH CO EASTGROUP PROPERTIES ALEXANDER & BALDWIN INC MACK-CALI REALTY CORP EDUCATION REALTY TRUST INC ALEXANDER'S INC MANHATTAN BRIDGE CAPITAL INC ELLINGTON RESIDENTIAL MTG ALEXANDRIA R E EQUITIES INC MEDICAL PROPERTIES TRUST EMPIRE STATE REALTY OP LP AMERICAN ASSETS TRUST INC MFA FINANCIAL INC EMPIRE STATE REALTY TR INC AMERICAN CAMPUS MID-AMERICA APT CMNTYS INC EPR PROPERTIES COMMUNITIES MONMOUTH RE INVESTMENT CP EQUINIX INC AMERICAN HOMES 4 RENT MTGE INVESTMENT CORP EQUITY COMMONWEALTH AMERICAN TOWER CORP NATIONAL HEALTH INVESTORS EQUITY LIFESTYLE PROPERTIES ANNALY CAPITAL MANAGEMENT NATIONAL RETAIL PROPERTIES EQUITY RESIDENTIAL ANWORTH MTG ASSET CORP NEW RESIDENTIAL INV CP ESSEX PROPERTY TRUST APARTMENT INVST & MGMT CO NEW SENIOR INVESTMENT GROUP EXTRA SPACE STORAGE INC APOLLO COMMERCIAL RE FIN INC NEW YORK MORTGAGE TRUST INC FARMLAND PARTNERS INC ARBOR REALTY TRUST INC NEW YORK REIT INC FEDERAL REALTY INVESTMENT ARES COMMERCIAL REAL ESTATE NEXPOINT RESIDENTIAL TR INC TR ARMADA HOFFLER PROPERTIES OMEGA HEALTHCARE INVS INC FIRST INDL REALTY TRUST INC ARMOUR RESIDENTIAL REIT INC ONE LIBERTY PROPERTIES INC FIRST REAL ESTATE INV TR NJ ASHFORD HOSPITALITY PRME INC ORCHID ISLAND CAPITAL INC FIVE OAKS INVESTMENT CORP ASHFORD HOSPITALITY TRUST OUTFRONT MEDIA INC FOREST CITY REALTY TRUST INC AVALONBAY COMMUNITIES INC PARAMOUNT GROUP INC FRANKLIN STREET PROPERTIES BIMINI CAPITAL MANAGEMENT PEBBLEBROOK HOTEL TRUST FRONT YARD RESIDENTIAL CORP BLACKSTONE MORTGAGE TR INC PENNSYLVANIA RE INVS TRUST GAMING & LEISURE PPTYS BLUEROCK RESIDENTIAL GROWTH

2018 Cost of Capital Navigator (data through March 2018); 50 Industry Risk Premia Company List

PENNYMAC MORTGAGE INVEST WEYERHAEUSER CO ABM INDUSTRIES INC TR WHEELER REAL ESTATE INVT TR ACCELERIZE INC PHYSICIANS REALTY TR WHITESTONE REIT ACI WORLDWIDE INC PIEDMONT OFFICE REALTY TRUST XENIA HOTELS & RESORTS INC ACORN ENERGY INC POTLATCHDELTIC CORP ACTIVISION BLIZZARD INC PREFERRED APARTMENT SIC 6799 ACTUA CORP CMNTYS ALLIANCEBERNSTEIN HOLDING LP ACXIOM CORP PROLOGIS INC AMERICA FIRST MULTIFAMILY-LP ADOBE SYSTEMS INC PS BUSINESS PARKS AMERICAN FINANCIAL GROUP INC ADTRAN INC PUBLIC STORAGE ARLINGTON ASSET INVESTMENT AGILYSYS INC QTS REALTY TRUST INC ATLAS ENERGY GROUP LLC AIR LEASE CORP RAIT FINANCIAL TRUST AVISTA CORP AKAMAI TECHNOLOGIES INC RAMCO-GERSHENSON PROPERTIES CAPITAL ONE FINANCIAL CORP ALJ REGIONAL HOLDINGS INC

RAYONIER INC CHURCHILL DOWNS INC ALLIANCE DATA SYSTEMS CORP ALLSCRIPTS HEALTHCARE REALTY INCOME CORP CITIGROUP INC SOLTNS REDWOOD TRUST INC EASTMAN CHEMICAL CO ALPHABET INC REGENCY CENTERS CORP EVERSOURCE ENERGY ALY ENERGY SERVICES INC RESOURCE CAPITAL CORP GREAT ELM CAPITAL GROUP INC AMAZON.COM INC RETAIL OPPORTUNITY INVTS CP GWG HOLDINGS INC AMBER ROAD INC RETAIL PPTYS OF AMERICA INC HAWAIIAN ELECTRIC INDS AMERICAN EXPRESS CO REXFORD INDUS REALTY IDACORP INC KAYNE ANDERSON ENERGY DEV AMERICAN SOFTWARE -CL A RLJ LODGING TRUST CO AMN HEALTHCARE SERVICES INC RYMAN HOSPITALITY PPTYS INC LEUCADIA NATIONAL CORP AMREP CORP SABRA HEALTH CARE REIT INC LOEWS CORP ANSYS INC SAUL CENTERS INC MCRAE INDUSTRIES -CL A ARC DOCUMENT SOLUTIONS INC SBA COMMUNICATIONS CORP MMA CAPITAL MGMT LLC ASCENT CAPITAL GROUP INC SELECT INCOME REIT NAVIENT CORP ASPEN TECHNOLOGY INC SENIOR HOUSING PPTYS TRUST PICO HOLDINGS INC ASURE SOFTWARE INC SIMON PROPERTY GROUP INC PUBLIC SERVICE ENTRP GRP INC AT&T INC SL GREEN REALTY CORP RAYMOND JAMES FINANCIAL ATHENAHEALTH INC SOTHERLY HOTELS INC CORP ATLAS AIR WORLDWIDE HLDG INC SPIRIT REALTY CAPITAL INC SELECTIVE INS GROUP INC AUTODESK INC STAG INDUSTRIAL INC ST JOE CO STARWOOD PROPERTY TRUST AUTOMATIC DATA PROCESSING STONECASTLE FINANCIAL CORP INC AUTOWEB INC TC PIPELINES LP STORE CAPITAL CORP AUTOZONE INC TORCHMARK CORP SUMMIT HOTEL PROPERTIES INC B. RILEY FINANCIAL INC U S GLOBAL INVESTORS INC SUN COMMUNITIES INC BARRETT BUSINESS SVCS INC

SUNSTONE HOTEL INVESTORS BENEFITFOCUS INC SIC 70 INC BG STAFFING INC TANGER FACTORY OUTLET CTRS EXTENDED STAY AMERICA INC BLACK BOX CORP TAUBMAN CENTERS INC HILTON WORLDWIDE HOLDINGS BLACKBAUD INC TERRENO REALTY CORP HYATT HOTELS CORP BLACKHAWK NETWORK HLDGS TWO HARBORS INVESTMENT LA QUINTA HOLDINGS INC INC

CORP LOEWS CORP BLUE LINE PROTECTION GROUP

UDR INC MARRIOTT INTL INC BOOKING HOLDINGS INC

UMH PROPERTIES INC MARRIOTT VACATIONS BOOZ ALLEN HAMILTON HLDG CP UNIVERSAL HEALTH RLTY WORLDWIDE BOTTOMLINE TECHNOLOGIES INC INCOME RED LION HOTELS CORP BOX INC URBAN EDGE PROPERTIES SANTA FE FINANCIAL CORP BRIDGELINE DIGITAL INC URSTADT BIDDLE PROPERTIES ST JOE CO BRIGHTCOVE INC VENTAS INC TRANS WORLD CORP/NV BRINKS CO VEREIT INC TROPICANA ENTERTAINMENT INC BROADRIDGE FINANCIAL VORNADO REALTY TRUST VAIL RESORTS INC SOLUTNS W P CAREY INC VIAD CORP BROADVISION INC WASHINGTON PRIME GROUP INC WYNDHAM WORLDWIDE CORP CA INC WASHINGTON REIT CACI INTL INC -CL A

WEINGARTEN REALTY INVST SIC 73 CADENCE DESIGN SYSTEMS INC

WELLTOWER INC 1-800-FLOWERS.COM CAI INTERNATIONAL INC WESTERN ASSET MTG CAPITAL AARON'S INC CALIF FIRST NATIONAL BANCORP CP

2018 Cost of Capital Navigator (data through March 2018); 51 Industry Risk Premia Company List

CALLIDUS SOFTWARE INC EBIX INC IHEARTMEDIA INC CANNAE HOLDINGS INC ECOLAB INC IMAGEWARE SYSTEMS INC

CARBONITE INC EDGEWATER TECHNOLOGY INC IMMERSION CORP CARE.COM INC ELECTRONIC ARTS INC IMPERVA INC

CASS INFORMATION SYSTEMS ELLIE MAE INC INFINITE GROUP INC INC EMMIS COMMUNICATIONS CP-CL INFORMATION ANALYSIS INC CASTLIGHT HEALTH INC A INFORMATION SERVICES GROUP CDK GLOBAL INC ENDURANCE INTL GRP HLDGS INC INOVALON HOLDINGS INC CERNER CORP EPAM SYSTEMS INC INSIGNIA SYSTEMS INC CHANNELADVISOR CORP EQUIFAX INC INSPERITY INC CHEGG INC EVERTEC INC INTERCLOUD SYSTEMS INC CHINA AUTO LOGISTICS INC EVOLVING SYSTEMS INC INTERNAP CORP CHINANET ONLINE HOLDINGS EXLSERVICE HOLDINGS INC INTERPUBLIC GROUP OF COS CIENA CORP EXPEDIA GROUP INC INTERSECTIONS INC CINEDIGM CORP F5 NETWORKS INC INTL BUSINESS MACHINES CORP CIPHERLOC CORP FACEBOOK INC INTUIT INC CITRIX SYSTEMS INC FACTSET RESEARCH SYSTEMS INUVO INC CLEAR CHANNEL OUTDOOR INC INVESTVIEW INC HLDGS FAIR ISAAC CORP IPASS INC CLEARTRONIC INC FALCONSTOR SOFTWARE INC ISIGN SOLUTIONS INC COGNIZANT TECH SOLUTIONS FEDEX CORP ISSUER DIRECT CORP COLLECTORS UNIVERSE INC FIDELITY NATIONAL INFO SVCS J2 GLOBAL INC COMCAST CORP FIREEYE INC JETPAY CORP COMMAND CENTER INC FISERV INC KAR AUCTION SERVICES INC COMMAND SECURITY CORP FIVE9 INC KELLY SERVICES INC -CL A COMMUNICATIONS SYSTEMS INC FLEETCOR TECHNOLOGIES INC KEYSIGHT TECHNOLOGIES INC COMMVAULT SYSTEMS INC FLEXSHOPPER INC KEYW HOLDING CORP COMPUTER PROGRAMS & FORRESTER RESEARCH INC SYSTEMS KFORCE INC FTI CONSULTING INC COMPUTER SERVICES INC KORN/FERRY INTERNATIONAL FULLCIRCLE REGISTRY INC COMPUTER TASK GROUP INC KRATOS DEFENSE & SECURITY GAIA INC CONNECTURE INC LEAF GROUP LTD GARTNER INC CONVERGYS CORP LEIDOS HOLDINGS INC GEE GROUP INC CORELOGIC INC LIBERTY BROADBAND CORP GENERAL FINANCE CORP/DE CORNERSTONE ONDEMAND INC LIBERTY TRIPADVISOR HOLDINGS GENERAL MOTORS CO COSTAR GROUP INC LIMELIGHT NETWORKS INC GLOBAL ARENA HOLDINGS INC COUNTERPATH CORP LITHIA MOTORS INC -CL A GLOBAL PAYMENTS INC CREATIVE REALITIES INC LIVEPERSON INC GLOWPOINT INC CREXENDO INC LIVEXLIVE MEDIA GLU MOBILE INC CROSS COUNTRY HEALTHCARE LOGMEIN INC GRAHAM HOLDINGS CO INC MANHATTAN ASSOCIATES INC GREEN DOT CORP CSG SYSTEMS INTL INC MANPOWERGROUP GROUPON INC CSP INC MANTECH INTL CORP GRUBHUB INC CURTISS-WRIGHT CORP MARCHEX INC GSE SYSTEMS INC CYNERGISTEK INC MARIN SOFTWARE INC GUIDEWIRE SOFTWARE INC DAILY JOURNAL CORP MASTECH DIGITAL INC HARRIS CORP DATAWATCH CORP MCGRATH RENTCORP HARTE HANKS INC DESTINY MEDIA TECHNOLOGIES MCKESSON CORP HAWAIIAN TELCOM HOLDCO INC DETERMINE INC MEDICAL TRANSCRIPTION BILLNG HC2 HOLDINGS INC DHI GROUP INC MEDIDATA SOLUTIONS INC HEALTHCARE SERVICES GROUP DIEBOLD NIXDORF INC MERCADOLIBRE INC HEALTHEQUITY INC DIGITAL TURBINE INC MGT CAPITAL INVESTMENTS INC DISCOVERY COMMUNICATIONS HEALTHSTREAM INC MICROSOFT CORP INC HEIDRICK & STRUGGLES INTL HELIOS AND MATHESON MICROSTRATEGY INC DOCUMENT SECURITY SYS INC ANALYTIC MITCHAM INDUSTRIES INC DOMINO'S PIZZA INC HENRY (JACK) & ASSOCIATES MOBETIZE CORP DRONE AVIATION HOLDING CORP HOPTO INC MOBILE MINI INC DST SYSTEMS INC HORTONWORKS INC MOBILEIRON INC DUN & BRADSTREET CORP HUBSPOT INC MOBIQUITY TECHNOLOGIES INC DXC TECHNOLOGY COMPANY IAC/INTERACTIVECORP MOBIVITY HOLDINGS CORP EBAY INC MODEL N INC

2018 Cost of Capital Navigator (data through March 2018); 52 Industry Risk Premia Company List

MONEYONMOBILE INC RIBBON COMMUNICATIONS INC TRINITY INDUSTRIES

MONOTYPE IMAGING HOLDINGS RIGHTSCORP INC TRIPADVISOR INC MOODY'S CORP RIGNET INC TRUEBLUE INC

MORNINGSTAR INC RINGCENTRAL INC TRUECAR INC MOTOROLA SOLUTIONS INC ROBERT HALF INTL INC TSR INC

NASDAQ INC ROCKWELL COLLINS INC TSS INC NATIONAL CINEMEDIA INC ROLLINS INC TTEC HOLDINGS INC

NATIONAL INSTRUMENTS CORP ROSETTA STONE INC TUCOWS INC NATIONAL RESEARCH CORP RUBICON PROJECT INC TWITTER INC

NCR CORP S&P GLOBAL INC TYLER TECHNOLOGIES INC NET 1 UEPS TECHNOLOGIES INC SABRE CORP ULTIMATE SOFTWARE GROUP INC

NET ELEMENT INC SALEM MEDIA GROUP INC UNIFI INC NET MEDICAL XPRESS SOLUTIONS SALESFORCE.COM INC UNISYS CORP

NETSCOUT SYSTEMS INC SALON MEDIA GROUP INC UNITED RENTALS INC NETSOL TECHNOLOGIES INC SCHEIN (HENRY) INC UNITEDHEALTH GROUP INC

NEW RELIC INC SCIENCE APPLICATIONS INTL CP UNIVERSAL HEALTH SVCS INC NEWPARK RESOURCES SEACHANGE INTERNATIONAL INC UPLAND SOFTWARE INC

NEWS CORP SELECT MEDICAL HOLDINGS USELL.COM INC CORP NEXSTAR MEDIA GROUP VARONIS SYSTEMS INC SERVICEMASTER GLOBAL HLDGS NIC INC VECTREN CORP SERVICENOW INC NUANCE COMMUNICATIONS INC VEEVA SYSTEMS INC SERVICESOURCE INTL INC OFFICE DEPOT INC VERIFONE SYSTEMS INC SHUTTERSTOCK INC OMNICELL INC VERINT SYSTEMS INC SMITH MICRO SOFTWARE INC OMNICOM GROUP VERISIGN INC SOCIAL REALITY INC ON ASSIGNMENT INC VERITEC INC SOHU.COM INC ONE HORIZON GROUP INC VERTICAL COMPUTER SYS INC SOTHEBY'S OPTIMIZERX CORP VIAD CORP SPAR GROUP INC ORACLE CORP VIRNETX HOLDING CORP SPINDLE INC OWENS & MINOR INC VIRTRA INC SPLUNK INC PARK CITY GROUP INC VIRTUSA CORP SPS COMMERCE INC PAYCOM SOFTWARE INC VMWARE INC -CL A SPYR INC PAYLOCITY HOLDING CORP VOLT INFO SCIENCES INC SS&C TECHNOLOGIES HLDGS INC PEGASYSTEMS INC VSE CORP STAFFING 360 SOLUTIONS INC PERFICIENT INC WEB.COM GROUP INC STAMPS.COM INC PERFORMANT FINANCIAL CORP WEX INC STARCO BRANDS INC PFSWEB INC WHERE FOOD COMES FROM INC STARTEK INC PHARMA-BIO SERV INC WIDEPOINT CORP STEEL CONNECT INC PITNEY BOWES INC WILLIS LEASE FINANCE CORP STERICYCLE INC PREMIER INC WORKDAY INC SUPERIOR ENERGY SERVICES INC PROFESSIONAL DIVERSITY WORKIVA INC NETWK SUPPORT.COM INC WORLDPAY INC PROGRESS SOFTWARE CORP SYKES ENTERPRISES INC XO GROUP INC PROOFPOINT INC SYMANTEC CORP YELP INC PROS HOLDINGS INC SYNACOR INC ZAYO GROUP HOLDINGS INC PTC INC SYNNEX CORP ZENDESK INC Q2 HOLDINGS INC SYNOPSYS INC ZILLOW GROUP INC QAD INC SYNTEL INC ZIX CORP QUALITY SYSTEMS INC TABLEAU SOFTWARE INC ZYNGA INC QUALYS INC TAKE-TWO INTERACTIVE SFTWR

QUINSTREET INC TECHTARGET INC SIC 731 QUOTEMEDIA INC TELARIA INC CDK GLOBAL INC RAYTHEON CO TELEDYNE TECHNOLOGIES INC CHINANET ONLINE HOLDINGS RCM TECHNOLOGIES INC TERADATA CORP CLEAR CHANNEL OUTDOOR REALNETWORKS INC THE MEET GROUP INC HLDGS

REALPAGE INC THESTREET INC COMCAST CORP

RED HAT INC TOTAL SYSTEM SERVICES INC IHEARTMEDIA INC

REIS INC TRACK GROUP INC INSIGNIA SYSTEMS INC

REMARK HOLDINGS INC TRANS-LUX CORP INTERPUBLIC GROUP OF COS

RENT-A-CENTER INC TRAVELZOO NATIONAL CINEMEDIA INC

RESEARCH SOLUTIONS INC TRINET GROUP INC OMNICOM GROUP

2018 Cost of Capital Navigator (data through March 2018); 53 Industry Risk Premia Company List

SOCIAL REALITY INC RCM TECHNOLOGIES INC ASPEN TECHNOLOGY INC

STARCO BRANDS INC ROBERT HALF INTL INC ASURE SOFTWARE INC TELARIA INC STAFFING 360 SOLUTIONS INC AT&T INC

TRUEBLUE INC ATHENAHEALTH INC

SIC 735 VOLT INFO SCIENCES INC AUTODESK INC

AARON'S INC AUTOMATIC DATA PROCESSING

AIR LEASE CORP SIC 7361 AUTOWEB INC

ALY ENERGY SERVICES INC AMN HEALTHCARE SERVICES INC AUTOZONE INC

ATLAS AIR WORLDWIDE HLDG INC CROSS COUNTRY HEALTHCARE BENEFITFOCUS INC INC CAI INTERNATIONAL INC BG STAFFING INC DHI GROUP INC FLEXSHOPPER INC BLACK BOX CORP GEE GROUP INC GENERAL FINANCE CORP/DE BLACKBAUD INC HEIDRICK & STRUGGLES INTL BLACKHAWK NETWORK HLDGS MCGRATH RENTCORP KORN/FERRY INTERNATIONAL INC MITCHAM INDUSTRIES INC MANPOWERGROUP BOOKING HOLDINGS INC MOBILE MINI INC MASTECH DIGITAL INC BOOZ ALLEN HAMILTON HLDG CP NEWPARK RESOURCES PROFESSIONAL DIVERSITY BOTTOMLINE TECHNOLOGIES INC RENT-A-CENTER INC NETWK BOX INC SUPERIOR ENERGY SERVICES INC RCM TECHNOLOGIES INC BRIDGELINE DIGITAL INC TRANS-LUX CORP ROBERT HALF INTL INC BRIGHTCOVE INC TRINITY INDUSTRIES TRUEBLUE INC BROADRIDGE FINANCIAL UNITED RENTALS INC SOLUTNS WILLIS LEASE FINANCE CORP SIC 7363 BROADVISION INC

BARRETT BUSINESS SVCS INC CA INC SIC 7359 BG STAFFING INC CACI INTL INC -CL A AARON'S INC COMMAND CENTER INC CADENCE DESIGN SYSTEMS INC AIR LEASE CORP CROSS COUNTRY HEALTHCARE CALIF FIRST NATIONAL BANCORP ALY ENERGY SERVICES INC INC CALLIDUS SOFTWARE INC ATLAS AIR WORLDWIDE HLDG INC GEE GROUP INC CANNAE HOLDINGS INC CAI INTERNATIONAL INC INSPERITY INC CARBONITE INC FLEXSHOPPER INC KELLY SERVICES INC -CL A CARE.COM INC GENERAL FINANCE CORP/DE KFORCE INC CASTLIGHT HEALTH INC MCGRATH RENTCORP MANPOWERGROUP CDK GLOBAL INC MITCHAM INDUSTRIES INC ON ASSIGNMENT INC CERNER CORP MOBILE MINI INC RCM TECHNOLOGIES INC CHANNELADVISOR CORP NEWPARK RESOURCES ROBERT HALF INTL INC CHEGG INC RENT-A-CENTER INC STAFFING 360 SOLUTIONS INC CHINA AUTO LOGISTICS INC SUPERIOR ENERGY SERVICES INC TRUEBLUE INC CIENA CORP TRANS-LUX CORP VOLT INFO SCIENCES INC CIPHERLOC CORP TRINITY INDUSTRIES CITRIX SYSTEMS INC WILLIS LEASE FINANCE CORP SIC 737 CLEARTRONIC INC

ACCELERIZE INC COGNIZANT TECH SOLUTIONS SIC 736 ACI WORLDWIDE INC COMMUNICATIONS SYSTEMS INC AMN HEALTHCARE SERVICES INC ACORN ENERGY INC COMMVAULT SYSTEMS INC

BARRETT BUSINESS SVCS INC ACTIVISION BLIZZARD INC COMPUTER PROGRAMS &

BG STAFFING INC ACTUA CORP SYSTEMS

COMMAND CENTER INC ACXIOM CORP COMPUTER SERVICES INC CROSS COUNTRY HEALTHCARE ADOBE SYSTEMS INC COMPUTER TASK GROUP INC INC ADTRAN INC CONNECTURE INC DHI GROUP INC AGILYSYS INC CORELOGIC INC GEE GROUP INC AKAMAI TECHNOLOGIES INC CORNERSTONE ONDEMAND INC HEIDRICK & STRUGGLES INTL ALJ REGIONAL HOLDINGS INC COSTAR GROUP INC INSPERITY INC ALLIANCE DATA SYSTEMS CORP COUNTERPATH CORP KELLY SERVICES INC -CL A ALLSCRIPTS HEALTHCARE CREATIVE REALITIES INC KFORCE INC SOLTNS CREXENDO INC KORN/FERRY INTERNATIONAL ALPHABET INC CSG SYSTEMS INTL INC MANPOWERGROUP AMAZON.COM INC CSP INC MASTECH DIGITAL INC AMBER ROAD INC CURTISS-WRIGHT CORP ON ASSIGNMENT INC AMERICAN EXPRESS CO CYNERGISTEK INC PROFESSIONAL DIVERSITY AMERICAN SOFTWARE -CL A DAILY JOURNAL CORP NETWK ANSYS INC

2018 Cost of Capital Navigator (data through March 2018); 54 Industry Risk Premia Company List

DATAWATCH CORP IAC/INTERACTIVECORP NEXSTAR MEDIA GROUP

DESTINY MEDIA TECHNOLOGIES IMAGEWARE SYSTEMS INC NIC INC DETERMINE INC IMMERSION CORP NUANCE COMMUNICATIONS INC

DIEBOLD NIXDORF INC IMPERVA INC OFFICE DEPOT INC DIGITAL TURBINE INC INFINITE GROUP INC OMNICELL INC

DISCOVERY COMMUNICATIONS INFORMATION ANALYSIS INC ONE HORIZON GROUP INC INC INFORMATION SERVICES GROUP OPTIMIZERX CORP DOCUMENT SECURITY SYS INC INOVALON HOLDINGS INC ORACLE CORP DRONE AVIATION HOLDING CORP INTERCLOUD SYSTEMS INC PARK CITY GROUP INC DST SYSTEMS INC INTERNAP CORP PAYCOM SOFTWARE INC DXC TECHNOLOGY COMPANY INTERSECTIONS INC PAYLOCITY HOLDING CORP EBAY INC INTL BUSINESS MACHINES CORP PEGASYSTEMS INC EBIX INC INTUIT INC PERFICIENT INC EDGEWATER TECHNOLOGY INC INUVO INC PFSWEB INC ELECTRONIC ARTS INC INVESTVIEW INC PHARMA-BIO SERV INC ELLIE MAE INC IPASS INC PITNEY BOWES INC EMMIS COMMUNICATIONS CP-CL ISIGN SOLUTIONS INC PREMIER INC A ISSUER DIRECT CORP PROFESSIONAL DIVERSITY ENDURANCE INTL GRP HLDGS INC NETWK J2 GLOBAL INC EPAM SYSTEMS INC PROGRESS SOFTWARE CORP JETPAY CORP EQUIFAX INC PROOFPOINT INC KEYSIGHT TECHNOLOGIES INC EVERTEC INC PROS HOLDINGS INC KEYW HOLDING CORP EVOLVING SYSTEMS INC PTC INC KRATOS DEFENSE & SECURITY EXLSERVICE HOLDINGS INC Q2 HOLDINGS INC LEAF GROUP LTD EXPEDIA GROUP INC QAD INC LEIDOS HOLDINGS INC F5 NETWORKS INC LIBERTY BROADBAND CORP QUALITY SYSTEMS INC FACEBOOK INC QUALYS INC FACTSET RESEARCH SYSTEMS LIBERTY TRIPADVISOR HOLDINGS QUINSTREET INC INC LIMELIGHT NETWORKS INC QUOTEMEDIA INC FAIR ISAAC CORP LIVEPERSON INC RAYTHEON CO FALCONSTOR SOFTWARE INC LIVEXLIVE MEDIA REALNETWORKS INC FEDEX CORP LOGMEIN INC REALPAGE INC FIDELITY NATIONAL INFO SVCS MANHATTAN ASSOCIATES INC RED HAT INC FIREEYE INC MANTECH INTL CORP REIS INC FISERV INC MARIN SOFTWARE INC REMARK HOLDINGS INC FIVE9 INC MCKESSON CORP RIBBON COMMUNICATIONS INC FLEETCOR TECHNOLOGIES INC MEDICAL TRANSCRIPTION BILLNG RIGHTSCORP INC FORRESTER RESEARCH INC MEDIDATA SOLUTIONS INC RIGNET INC FTI CONSULTING INC MERCADOLIBRE INC RINGCENTRAL INC GAIA INC MGT CAPITAL INVESTMENTS INC ROCKWELL COLLINS INC GENERAL MOTORS CO MICROSOFT CORP ROSETTA STONE INC GLOBAL ARENA HOLDINGS INC MICROSTRATEGY INC RUBICON PROJECT INC GLOBAL PAYMENTS INC MOBETIZE CORP S&P GLOBAL INC GLOWPOINT INC MOBILEIRON INC SABRE CORP GLU MOBILE INC MOBIQUITY TECHNOLOGIES INC SALEM MEDIA GROUP INC GRAHAM HOLDINGS CO MOBIVITY HOLDINGS CORP SALESFORCE.COM INC GROUPON INC MODEL N INC SALON MEDIA GROUP INC GRUBHUB INC MONEYONMOBILE INC SCHEIN (HENRY) INC GSE SYSTEMS INC MONOTYPE IMAGING HOLDINGS SCIENCE APPLICATIONS INTL CP GUIDEWIRE SOFTWARE INC MORNINGSTAR INC SEACHANGE INTERNATIONAL INC HARRIS CORP MOTOROLA SOLUTIONS INC SERVICENOW INC HAWAIIAN TELCOM HOLDCO INC NASDAQ INC SERVICESOURCE INTL INC HC2 HOLDINGS INC NATIONAL INSTRUMENTS CORP SHUTTERSTOCK INC HEALTHEQUITY INC NCR CORP SMITH MICRO SOFTWARE INC HEALTHSTREAM INC NET 1 UEPS TECHNOLOGIES INC SOHU.COM INC HELIOS AND MATHESON NET ELEMENT INC SPINDLE INC ANALYTIC NET MEDICAL XPRESS SOLUTIONS SPLUNK INC HENRY (JACK) & ASSOCIATES NETSCOUT SYSTEMS INC SPS COMMERCE INC HOPTO INC NETSOL TECHNOLOGIES INC SPYR INC HORTONWORKS INC NEW RELIC INC SS&C TECHNOLOGIES HLDGS INC HUBSPOT INC NEWS CORP

2018 Cost of Capital Navigator (data through March 2018); 55 Industry Risk Premia Company List

STAMPS.COM INC SIC 7372 ONE HORIZON GROUP INC

STEEL CONNECT INC ACI WORLDWIDE INC ORACLE CORP

SUPPORT.COM INC ACORN ENERGY INC PARK CITY GROUP INC

SYKES ENTERPRISES INC ACTIVISION BLIZZARD INC PEGASYSTEMS INC

SYMANTEC CORP ADOBE SYSTEMS INC PITNEY BOWES INC SYNACOR INC AGILYSYS INC PREMIER INC

SYNNEX CORP ALLSCRIPTS HEALTHCARE PROGRESS SOFTWARE CORP SOLTNS SYNOPSYS INC PROOFPOINT INC AMERICAN SOFTWARE -CL A SYNTEL INC PROS HOLDINGS INC ANSYS INC TABLEAU SOFTWARE INC PTC INC ASPEN TECHNOLOGY INC TAKE-TWO INTERACTIVE SFTWR QUALYS INC AUTOZONE INC TECHTARGET INC QUOTEMEDIA INC CA INC TELEDYNE TECHNOLOGIES INC RAYTHEON CO CADENCE DESIGN SYSTEMS INC TERADATA CORP REALNETWORKS INC CALLIDUS SOFTWARE INC THE MEET GROUP INC REALPAGE INC CIPHERLOC CORP THESTREET INC RED HAT INC CITRIX SYSTEMS INC TRAVELZOO RINGCENTRAL INC COMMVAULT SYSTEMS INC TRINET GROUP INC SALESFORCE.COM INC COUNTERPATH CORP TRIPADVISOR INC SCHEIN (HENRY) INC CREATIVE REALITIES INC TRUECAR INC SEACHANGE INTERNATIONAL INC DAILY JOURNAL CORP TSR INC SERVICENOW INC DATAWATCH CORP TSS INC SMITH MICRO SOFTWARE INC DESTINY MEDIA TECHNOLOGIES TUCOWS INC SPINDLE INC DIEBOLD NIXDORF INC TWITTER INC SPLUNK INC DIGITAL TURBINE INC TYLER TECHNOLOGIES INC SPYR INC DRONE AVIATION HOLDING CORP ULTIMATE SOFTWARE GROUP INC SS&C TECHNOLOGIES HLDGS INC EBIX INC UNISYS CORP SYMANTEC CORP ELECTRONIC ARTS INC UNITEDHEALTH GROUP INC SYNOPSYS INC ELLIE MAE INC UNIVERSAL HEALTH SVCS INC TABLEAU SOFTWARE INC EPAM SYSTEMS INC UPLAND SOFTWARE INC TAKE-TWO INTERACTIVE SFTWR EVERTEC INC USELL.COM INC TYLER TECHNOLOGIES INC GLU MOBILE INC VARONIS SYSTEMS INC ULTIMATE SOFTWARE GROUP INC GSE SYSTEMS INC VECTREN CORP UNITEDHEALTH GROUP INC GUIDEWIRE SOFTWARE INC VEEVA SYSTEMS INC VARONIS SYSTEMS INC HC2 HOLDINGS INC VERIFONE SYSTEMS INC VERITEC INC HEALTHSTREAM INC VERINT SYSTEMS INC VERTICAL COMPUTER SYS INC HOPTO INC VERISIGN INC VIRNETX HOLDING CORP HORTONWORKS INC VERITEC INC VIRTRA INC IMMERSION CORP VERTICAL COMPUTER SYS INC WORKDAY INC IMPERVA INC VIRNETX HOLDING CORP ZYNGA INC INTERSECTIONS INC VIRTRA INC INTL BUSINESS MACHINES CORP VIRTUSA CORP SIC 7373 INTUIT INC VMWARE INC -CL A BROADRIDGE FINANCIAL ISIGN SOLUTIONS INC SOLUTNS VOLT INFO SCIENCES INC KEYSIGHT TECHNOLOGIES INC BROADVISION INC VSE CORP LIBERTY BROADBAND CORP CACI INTL INC -CL A WEB.COM GROUP INC MCKESSON CORP CERNER CORP WEX INC MICROSOFT CORP CLEARTRONIC INC WHERE FOOD COMES FROM INC MICROSTRATEGY INC COMMUNICATIONS SYSTEMS INC WIDEPOINT CORP MOBETIZE CORP COMPUTER PROGRAMS & WORKDAY INC MOBIQUITY TECHNOLOGIES INC SYSTEMS WORKIVA INC MOBIVITY HOLDINGS CORP CSP INC WORLDPAY INC MODEL N INC CURTISS-WRIGHT CORP XO GROUP INC MONOTYPE IMAGING HOLDINGS DOCUMENT SECURITY SYS INC YELP INC NASDAQ INC F5 NETWORKS INC ZAYO GROUP HOLDINGS INC NATIONAL INSTRUMENTS CORP FAIR ISAAC CORP ZENDESK INC NCR CORP FALCONSTOR SOFTWARE INC ZILLOW GROUP INC NETSOL TECHNOLOGIES INC FIREEYE INC ZIX CORP NIC INC HARRIS CORP ZYNGA INC NUANCE COMMUNICATIONS INC HENRY (JACK) & ASSOCIATES

2018 Cost of Capital Navigator (data through March 2018); 56 Industry Risk Premia Company List

IMAGEWARE SYSTEMS INC WORLDPAY INC PTC INC

INFINITE GROUP INC QUINSTREET INC

KRATOS DEFENSE & SECURITY SIC 7375 REIS INC

LEIDOS HOLDINGS INC ACI WORLDWIDE INC REMARK HOLDINGS INC

MANHATTAN ASSOCIATES INC ACTUA CORP RIGHTSCORP INC MANTECH INTL CORP AKAMAI TECHNOLOGIES INC ROSETTA STONE INC

MEDIDATA SOLUTIONS INC ALLSCRIPTS HEALTHCARE S&P GLOBAL INC SOLTNS MOTOROLA SOLUTIONS INC SABRE CORP ALPHABET INC NETSCOUT SYSTEMS INC SALEM MEDIA GROUP INC AMAZON.COM INC OMNICELL INC SALON MEDIA GROUP INC ASURE SOFTWARE INC ORACLE CORP SHUTTERSTOCK INC ATHENAHEALTH INC QUALITY SYSTEMS INC SPS COMMERCE INC AUTODESK INC RIBBON COMMUNICATIONS INC STAMPS.COM INC BLACKBAUD INC ROCKWELL COLLINS INC STEEL CONNECT INC BOOKING HOLDINGS INC SCIENCE APPLICATIONS INTL CP SUPPORT.COM INC BOTTOMLINE TECHNOLOGIES INC TELEDYNE TECHNOLOGIES INC SYNACOR INC BRIDGELINE DIGITAL INC TERADATA CORP TRIPADVISOR INC CANNAE HOLDINGS INC TYLER TECHNOLOGIES INC UNIVERSAL HEALTH SVCS INC CARE.COM INC UNISYS CORP USELL.COM INC CDK GLOBAL INC VERINT SYSTEMS INC VERISIGN INC CHANNELADVISOR CORP VMWARE INC -CL A WORKIVA INC CHINA AUTO LOGISTICS INC XO GROUP INC CIENA CORP SIC 7374 ZAYO GROUP HOLDINGS INC CONNECTURE INC ACXIOM CORP CREXENDO INC ALJ REGIONAL HOLDINGS INC SIC 7379 DETERMINE INC ALLIANCE DATA SYSTEMS CORP ADTRAN INC DISCOVERY COMMUNICATIONS AMERICAN EXPRESS CO AMERICAN SOFTWARE -CL A INC AUTOMATIC DATA PROCESSING ASPEN TECHNOLOGY INC EBAY INC BLACKHAWK NETWORK HLDGS EMMIS COMMUNICATIONS CP-CL AT&T INC INC A BG STAFFING INC COMPUTER SERVICES INC EXPEDIA GROUP INC BLACK BOX CORP CORELOGIC INC FACEBOOK INC BOOZ ALLEN HAMILTON HLDG CP CSG SYSTEMS INTL INC FACTSET RESEARCH SYSTEMS CA INC CYNERGISTEK INC INC CIENA CORP DST SYSTEMS INC GENERAL MOTORS CO COGNIZANT TECH SOLUTIONS EQUIFAX INC GLOWPOINT INC DXC TECHNOLOGY COMPANY EVERTEC INC GRAHAM HOLDINGS CO EDGEWATER TECHNOLOGY INC EXLSERVICE HOLDINGS INC HAWAIIAN TELCOM HOLDCO INC FORRESTER RESEARCH INC FIDELITY NATIONAL INFO SVCS HEALTHSTREAM INC FTI CONSULTING INC FISERV INC HUBSPOT INC GLOBAL ARENA HOLDINGS INC FLEETCOR TECHNOLOGIES INC INTL BUSINESS MACHINES CORP GSE SYSTEMS INC GLOBAL PAYMENTS INC INUVO INC HELIOS AND MATHESON

HARRIS CORP INVESTVIEW INC ANALYTIC

INFORMATION SERVICES GROUP J2 GLOBAL INC INTERCLOUD SYSTEMS INC

INTERCLOUD SYSTEMS INC LEAF GROUP LTD INTL BUSINESS MACHINES CORP

INTERNAP CORP LIMELIGHT NETWORKS INC NCR CORP

ISSUER DIRECT CORP LIVEXLIVE MEDIA ORACLE CORP

JETPAY CORP LOGMEIN INC PERFICIENT INC

MGT CAPITAL INVESTMENTS INC MEDICAL TRANSCRIPTION BILLNG PHARMA-BIO SERV INC

MONEYONMOBILE INC NASDAQ INC PTC INC

NASDAQ INC NET MEDICAL XPRESS SOLUTIONS RIGNET INC

NET 1 UEPS TECHNOLOGIES INC NEW RELIC INC TSS INC

NET ELEMENT INC NEWS CORP VECTREN CORP

OFFICE DEPOT INC NEXSTAR MEDIA GROUP VERIFONE SYSTEMS INC

PFSWEB INC NIC INC VIRTUSA CORP

STEEL CONNECT INC PAYCOM SOFTWARE INC VOLT INFO SCIENCES INC

SYKES ENTERPRISES INC PAYLOCITY HOLDING CORP VSE CORP

SYNNEX CORP PROFESSIONAL DIVERSITY WIDEPOINT CORP TRINET GROUP INC NETWK ZAYO GROUP HOLDINGS INC

WEX INC PROGRESS SOFTWARE CORP

2018 Cost of Capital Navigator (data through March 2018); 57 Industry Risk Premia Company List

SIC 738 SELECT MEDICAL HOLDINGS SPEEDWAY MOTORSPORTS INC CORP 1-800-FLOWERS.COM TEJON RANCH CO SOTHEBY'S AMERICAN EXPRESS CO TIX CORP SPAR GROUP INC AMREP CORP TOWN SPORTS INTL HOLDINGS STARTEK INC ARC DOCUMENT SOLUTIONS INC TOWNSQUARE MEDIA INC STERICYCLE INC ASCENT CAPITAL GROUP INC TRANS WORLD CORP/NV TOTAL SYSTEM SERVICES INC B. RILEY FINANCIAL INC VAIL RESORTS INC TTEC HOLDINGS INC BLUE LINE PROTECTION GROUP WILHELMINA INTERNATIONAL INC UNIFI INC BRINKS CO WORLD WRESTLING ENTMT INC VIAD CORP CASS INFORMATION SYSTEMS WYNN RESORTS LTD INC

CINEDIGM CORP SIC 78 SIC 799 COLLECTORS UNIVERSE INC AMC ENTERTAINMENT HOLDINGS BOYD GAMING CORP COMMAND SECURITY CORP ASTROTECH CORP CAESARS ENTERTAINMENT CORP CONVERGYS CORP CINEDIGM CORP CANTERBURY PARK HOLDING DOMINO'S PIZZA INC CINEMARK HOLDINGS INC CORP

FULLCIRCLE REGISTRY INC DISNEY (WALT) CO CEDAR FAIR -LP GARTNER INC GLOBAL EAGLE ENTERTAINMENT CENTURY CASINOS INC

GREEN DOT CORP MARCUS CORP CHURCHILL DOWNS INC KAR AUCTION SERVICES INC NETFLIX INC COMCAST CORP

LITHIA MOTORS INC -CL A READING INTL INC -CL A CONSOLIDATED TOMOKA LAND CO MARCHEX INC RLJ ENTERTAINMENT INC DISNEY (WALT) CO NATIONAL RESEARCH CORP TIME WARNER INC DOVER DOWNS GAMING & ENTMT OWENS & MINOR INC TWENTY-FIRST CENTURY FOX INC ELDORADO RESORTS INC PITNEY BOWES INC VIACOM INC EMPIRE RESORTS INC RESEARCH SOLUTIONS INC WORLD WRESTLING ENTMT INC FULL HOUSE RESORTS INC SELECT MEDICAL HOLDINGS CORP GOLDEN ENTERTAINMENT INC SIC 79 SOTHEBY'S BOWL AMERICA INC -CL A LAS VEGAS SANDS CORP SPAR GROUP INC MGM RESORTS INTERNATIONAL BOYD GAMING CORP STARTEK INC MONARCH CASINO & RESORT INC CAESARS ENTERTAINMENT CORP STERICYCLE INC NEVADA GOLD & CASINOS INC CANTERBURY PARK HOLDING TOTAL SYSTEM SERVICES INC CORP PARKS AMERICA INC

TRACK GROUP INC CEDAR FAIR -LP PEAK RESORTS INC

TTEC HOLDINGS INC CENTURY CASINOS INC PENN NATIONAL GAMING INC

UNIFI INC CHURCHILL DOWNS INC PINNACLE ENTERTAINMENT INC VIAD CORP COMCAST CORP RED LION HOTELS CORP

CONSOLIDATED TOMOKA LAND SCIENTIFIC GAMES CORP CO SIC 7389 SEAWORLD ENTERTAINMENT INC DISNEY (WALT) CO SIX FLAGS ENTERTAINMENT 1-800-FLOWERS.COM DOVER DOWNS GAMING & ENTMT CORP AMERICAN EXPRESS CO DOVER MOTORSPORTS INC TEJON RANCH CO AMREP CORP ELDORADO RESORTS INC TIX CORP ARC DOCUMENT SOLUTIONS INC EMPIRE RESORTS INC TOWN SPORTS INTL HOLDINGS B. RILEY FINANCIAL INC CASS INFORMATION SYSTEMS FULL HOUSE RESORTS INC TRANS WORLD CORP/NV

INC GOLDEN ENTERTAINMENT INC VAIL RESORTS INC

CINEDIGM CORP INTL SPEEDWAY CORP -CL A WYNN RESORTS LTD

COLLECTORS UNIVERSE INC LAS VEGAS SANDS CORP CONVERGYS CORP LIVE NATION ENTERTAINMENT SIC 7999

DOMINO'S PIZZA INC MGM RESORTS INTERNATIONAL CANTERBURY PARK HOLDING CORP FULLCIRCLE REGISTRY INC MONARCH CASINO & RESORT INC CHURCHILL DOWNS INC GARTNER INC NEVADA GOLD & CASINOS INC EMPIRE RESORTS INC GREEN DOT CORP PARKS AMERICA INC FULL HOUSE RESORTS INC KAR AUCTION SERVICES INC PEAK RESORTS INC MGM RESORTS INTERNATIONAL LITHIA MOTORS INC -CL A PENN NATIONAL GAMING INC NEVADA GOLD & CASINOS INC MARCHEX INC PINNACLE ENTERTAINMENT INC PEAK RESORTS INC NATIONAL RESEARCH CORP RED LION HOTELS CORP PINNACLE ENTERTAINMENT INC OWENS & MINOR INC SCIENTIFIC GAMES CORP RED LION HOTELS CORP PITNEY BOWES INC SEAWORLD ENTERTAINMENT INC SIX FLAGS ENTERTAINMENT SCIENTIFIC GAMES CORP RESEARCH SOLUTIONS INC CORP TIX CORP

2018 Cost of Capital Navigator (data through March 2018); 58 Industry Risk Premia Company List

TRANS WORLD CORP/NV U S PHYSICAL THERAPY INC MOLINA HEALTHCARE INC

VAIL RESORTS INC UNIVERSAL HEALTH SVCS INC MYND ANALYTICS INC WYNN RESORTS LTD US NEUROSURGICAL HOLDINGS PACIFIC HEALTH CARE ORG INC

SELECT MEDICAL HOLDINGS SIC 80 SIC 806 CORP SPINE INJURY SOLUTIONS INC ACADIA HEALTHCARE CO INC ACADIA HEALTHCARE CO INC AGILENT TECHNOLOGIES INC CATASYS INC TIVITY HEALTH INC

ALMOST FAMILY INC COMMUNITY HEALTH SYSTEMS INC SIC 82 AMEDISYS INC ENCOMPASS HEALTH CORP ADTALEM GLOBAL EDUCATION AMERICAN SHARED HSPTL SERV FIRST CHOICE HEALTHCARE SLT INC BIOCORRX INC HCA HEALTHCARE INC AMERICAN PUBLIC EDUCATION BIOSCRIP INC KINDRED HEALTHCARE INC ASPEN GROUP INC BIOTELEMETRY INC LIFEPOINT HEALTH INC BERKSHIRE HATHAWAY BIRNER DENTAL MGMT SVCS INC SELECT MEDICAL HOLDINGS BRIDGEPOINT EDUCATION INC BROOKDALE SENIOR LIVING INC CORP CAPELLA EDUCATION CO CANCER GENETICS INC SUNLINK HEALTH SYSTEMS INC CAREER EDUCATION CORP CATASYS INC TENET HEALTHCARE CORP CREATIVE LEARNING CORP CHEMED CORP UNIVERSAL HEALTH SVCS INC CUBIC CORP CIVITAS SOLUTIONS INC US NEUROSURGICAL HOLDINGS FRANKLIN COVEY CO COMMUNITY HEALTH SYSTEMS GP STRATEGIES CORP INC SIC 807 GRAHAM HOLDINGS CO CRYOLIFE INC AGILENT TECHNOLOGIES INC GRAND CANYON EDUCATION INC DAVITA INC CANCER GENETICS INC K12 INC DIGIRAD CORP DIGIRAD CORP KORN/FERRY INTERNATIONAL DIVERSICARE HEALTHCARE SVCS ENSIGN GROUP INC LINCOLN EDUCATIONAL SERVICES DLH HOLDINGS CORP ENZO BIOCHEM INC NATIONAL AMERN UNIV HLDG INC ENCOMPASS HEALTH CORP FIRST CHOICE HEALTHCARE SLT STRAYER EDUCATION INC ENSIGN GROUP INC FONAR CORP UNIVERSAL TECHNICAL INST ENVISION HEALTHCARE CORP INTERPACE DIAGNOSTICS GP INC WILEY (JOHN) & SONS -CL A ENZO BIOCHEM INC INVITAE CORP FIRST CHOICE HEALTHCARE SLT LABORATORY CP OF AMER HLDGS SIC 822 FIVE STAR SENIOR LIVING INC NEOGENOMICS INC ADTALEM GLOBAL EDUCATION FONAR CORP OPKO HEALTH INC INC GENESIS HEALTHCARE INC PSYCHEMEDICS CORP AMERICAN PUBLIC EDUCATION GRAHAM HOLDINGS CO QUEST DIAGNOSTICS INC ASPEN GROUP INC HCA HEALTHCARE INC RADNET INC BRIDGEPOINT EDUCATION INC HOOPER HOLMES INC CAPELLA EDUCATION CO INTERPACE DIAGNOSTICS GP INC SIC 808 CAREER EDUCATION CORP INVITAE CORP ALMOST FAMILY INC GRAHAM HOLDINGS CO KINDRED HEALTHCARE INC AMEDISYS INC LINCOLN EDUCATIONAL SERVICES LABORATORY CP OF AMER HLDGS BIOSCRIP INC NATIONAL AMERN UNIV HLDG INC LHC GROUP INC CHEMED CORP STRAYER EDUCATION INC LIFEPOINT HEALTH INC CIVITAS SOLUTIONS INC UNIVERSAL TECHNICAL INST MEDNAX INC

MOLINA HEALTHCARE INC ENCOMPASS HEALTH CORP SIC 87 MYND ANALYTICS INC ENSIGN GROUP INC A. H. BELO CORP NATIONAL HEALTHCARE CORP GRAHAM HOLDINGS CO ABM INDUSTRIES INC NEOGENOMICS INC KINDRED HEALTHCARE INC AECOM OPKO HEALTH INC LHC GROUP INC AEGION CORP PACIFIC HEALTH CARE ORG INC AMERISOURCEBERGEN CORP PSYCHEMEDICS CORP SIC 809 ARGAN INC QUEST DIAGNOSTICS INC ALMOST FAMILY INC AUTOMATIC DATA PROCESSING RADNET INC AMERICAN SHARED HSPTL SERV BIOANALYTICAL SYSTEMS INC REGIONAL HEALTH PROPERTS INC BIOCORRX INC BIOTELEMETRY INC SELECT MEDICAL HOLDINGS BIOTELEMETRY INC BROOKS AUTOMATION INC CORP CIVITAS SOLUTIONS INC BUTLER NATIONAL CORP SPINE INJURY SOLUTIONS INC CRYOLIFE INC CATALENT INC SUNLINK HEALTH SYSTEMS INC DAVITA INC CBIZ INC TENET HEALTHCARE CORP DLH HOLDINGS CORP CHARLES RIVER LABS INTL INC TIVITY HEALTH INC HOOPER HOLMES INC

2018 Cost of Capital Navigator (data through March 2018); 59 Industry Risk Premia Company List

CHINA GREEN AGRICULTURE INC HEALTHSTREAM INC

CHINA XUEFENG ENVIRON ENGR SIC 871 IQVIA HOLDINGS INC

CHROMADEX CORP ABM INDUSTRIES INC LABORATORY CP OF AMER HLDGS

COGINT INC AECOM LUNA INNOVATIONS INC CROSS COUNTRY HEALTHCARE AEGION CORP PHARMA-BIO SERV INC INC ARGAN INC PRA HEALTH SCIENCES INC DIGIPATH INC CHINA XUEFENG ENVIRON ENGR PRESSURE BIOSCIENCES INC EKSO BIONICS HOLDINGS INC EMCOR GROUP INC QUEST DIAGNOSTICS INC EMCOR GROUP INC ENGILITY HOLDINGS INC RAMBUS INC ENGILITY HOLDINGS INC ENGLOBAL CORP SURMODICS INC ENGLOBAL CORP FLUOR CORP SYNEOS HEALTH INC EXACT SCIENCES CORP GEO GROUP INC TEAM INC EXLSERVICE HOLDINGS INC HC2 HOLDINGS INC TRANSCAT INC EXPONENT INC KBR INC TRIO-TECH INTERNATIONAL FLUOR CORP LAYNE CHRISTENSEN CO FORRESTER RESEARCH INC MISTRAS GROUP INC SIC 874 FTI CONSULTING INC NV5 GLOBAL INC A. H. BELO CORP GARTNER INC OCEANEERING INTERNATIONAL AECOM GEO GROUP INC PWRCOR INC AMERISOURCEBERGEN CORP GP STRATEGIES CORP TETRA TECH INC BUTLER NATIONAL CORP HACKETT GROUP INC VSE CORP CHROMADEX CORP HC2 HOLDINGS INC WILLDAN GROUP INC COGINT INC HEALTHSTREAM INC WILLIAMS COS INC CROSS COUNTRY HEALTHCARE HURON CONSULTING GROUP INC INC

ICF INTERNATIONAL INC EXPONENT INC SIC 8711 IQVIA HOLDINGS INC FTI CONSULTING INC ABM INDUSTRIES INC JETPAY CORP GARTNER INC AECOM KBR INC GP STRATEGIES CORP AEGION CORP LABORATORY CP OF AMER HLDGS HACKETT GROUP INC ARGAN INC LAYNE CHRISTENSEN CO HURON CONSULTING GROUP INC CHINA XUEFENG ENVIRON ENGR LIGHTBRIDGE CORP ICF INTERNATIONAL INC EMCOR GROUP INC LUNA INNOVATIONS INC LIGHTBRIDGE CORP ENGILITY HOLDINGS INC MAGELLAN HEALTH INC MAGELLAN HEALTH INC ENGLOBAL CORP MATTERSIGHT CORP MATTERSIGHT CORP FLUOR CORP MAXIMUS INC MAXIMUS INC HC2 HOLDINGS INC MISTRAS GROUP INC NAVIGANT CONSULTING INC KBR INC NAVIGANT CONSULTING INC PHARMA-BIO SERV INC LAYNE CHRISTENSEN CO NV5 GLOBAL INC TSS INC MISTRAS GROUP INC OCEANEERING INTERNATIONAL VECTRUS INC NV5 GLOBAL INC PAYCHEX INC OCEANEERING INTERNATIONAL PHARMA-BIO SERV INC SIC 8742 PWRCOR INC PRA HEALTH SCIENCES INC A. H. BELO CORP TETRA TECH INC PRESSURE BIOSCIENCES INC COGINT INC VSE CORP PRGX GLOBAL INC CROSS COUNTRY HEALTHCARE WILLDAN GROUP INC PWRCOR INC INC WILLIAMS COS INC EXPONENT INC QUEST DIAGNOSTICS INC

RAMBUS INC FTI CONSULTING INC SIC 873 RESOURCES CONNECTION INC GARTNER INC BIOANALYTICAL SYSTEMS INC ROBERT HALF INTL INC GP STRATEGIES CORP BIOTELEMETRY INC HACKETT GROUP INC SURMODICS INC BROOKS AUTOMATION INC SYNEOS HEALTH INC HURON CONSULTING GROUP INC CATALENT INC ICF INTERNATIONAL INC TEAM INC CHARLES RIVER LABS INTL INC TETRA TECH INC MATTERSIGHT CORP CHINA GREEN AGRICULTURE INC MAXIMUS INC TRANSCAT INC DIGIPATH INC TRIO-TECH INTERNATIONAL NAVIGANT CONSULTING INC EKSO BIONICS HOLDINGS INC PHARMA-BIO SERV INC TSS INC EXACT SCIENCES CORP VECTRUS INC EXLSERVICE HOLDINGS INC VSE CORP FORRESTER RESEARCH INC WILLDAN GROUP INC GARTNER INC WILLIAMS COS INC

2018 Cost of Capital Navigator (data through March 2018); 60 Industry Risk Premia Company List