2019 Valuation Handbook U.S. Industry Cost of Capital Market Results Through December 2019 Duff & Phelps Company & SIC List

Cover design: Zach Rodheim, Design Manager, Duff & Phelps Publications Business

Copyright © 2019 Duff & Phelps, LLC. All Rights Reserved. The information and data presented in the 2019 Valuation Handbook – U.S. Industry Cost of Capita (and its associated June, September, and December 2019 updates) has been obtained with the greatest of care from sources believed to be reliable, but is not guaranteed to be complete, accurate, or timely. Duff & Phelps, LLC (www.duffandphelps.com) and/or its data providers expressly disclaim any liability, including incidental or consequential damages, arising from the use of the 2019 Valuation Handbook – U.S. Industry Cost of Capital or any errors or omissions that may be contained in the 2019 Valuation Handbook – U.S. Industry Cost of Capital, or any other product (existing or to be developed) based upon the methodology and/or data published herein.

The Center for Research in Security Prices, LLC (CRSP®) provides some of the data used to calculate the analyses herein. © 2020. Center for Research in Security Prices, LLC (CRSP®). All rights reserved. CRSP® is a registered trademark and service mark of Center for Research in Security Prices, LLC and has been licensed for use by Duff & Phelps, LLC. The Duff & Phelps publications and services are not sponsored, sold or promoted by CRSP®, its affiliates or its parent company.

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To obtain permission, please write to: Cost of Capital Navigator, Duff & Phelps LLC, 311 S. Wacker Dr., Suite 4200, Chicago, IL 60606. Your request should specify the data or other information you wish to use and the manner in which you wish to use it. In addition, you will need to include copies of any charts, tables, and/or figures that you have created based on that information. There is a $1,500 processing fee per request. There may be additional fees depending on your proposed usage. One of the sources of raw data used to produce the derived data and information in the 2019 Valuation Handbook – U.S. Industry Cost of Capital is Morningstar, Inc. Use of raw data from Morningstar to produce the derived data and information herein does not necessarily constitute agreement by Morningstar, Inc. of any investment philosophy or strategy presented in this publication.

The forgoing does not preclude End-Users from citing the 2019 Valuation Handbook – U.S. Industry Cost of Capital for End-User’s own internal business purposes, which includes the ability to provide limited citations to End-User’s direct clients solely for the purpose of performing services for such direct clients in the ordinary course of End-User’s business activities.

Published by: Duff & Phelps, LLC 311 South Wacker Drive Suite 4200 Chicago, IL 60606 (312) 697-4600 www.duffandphelps.com About Duff & Phelps

Duff & Phelps is the global advisor that protects, restores and maximizes value for clients in the areas of valuation, corporate finance, investigations, disputes, cyber security, compliance and regulatory matters, and other governance-related issues. We work with clients across diverse sectors, mitigating risk to assets, operations and people. With Kroll, a division of Duff & Phelps since 2018, our firm has nearly 3,500 professionals in 28 countries around the world. For more information, visit www.duffandphelps.com.

2019 Valuation Handbook – U.S. Industry Cost of Capital (data through December 31, 2019); Company and SIC List 4 Additional Resources

Duff & Phelps is transitioning most of its valuation data resources form print delivery to a new online delivery platform, the “Cost of Capital Navigator”. The Cost of Capital Navigator guides the Analyst through the process of estimating the cost of capital, a key component of any valuation analysis.1To learn more about the Cost of Capital Navigator, visit dpcostofcapital.com.

The history and future of Duff & Phelps data resources are discussed below.

Duff & Phelps’ Valuation Digital Solutions (formerly the Duff & Phelps Business Publishing Group) has authored five books that focus on U.S. and international valuation theory, data, and risk premia (e.g., equity risk premia, risk free rates, size premia, industry risk premia, betas, industry multiples, and other statistics, etc.) for use in valuation models.

Duff & Phelps produces one book that focuses on U.S. capital markets performance data (i.e., the history of returns of the capital markets in the U.S. from 1926 to the present). This resource, the Stocks, Bonds, Bills, and Inflation® (SBBI®) Yearbook, has been published for over 30 years.2 The SBBI® Yearbook does not provide extensive valuation data or methodology.3

Each of the (i) U.S. and international valuation data resources, and the (ii) U.S. asset class performance data resources are discussed in detail in the following sections.

1 The Cost of Capital Navigator includes both U.S. and international (i) cost of equity capital estimates, and (ii) weighted average cost of capital (WACC) estimates (subscription required). For more information or to purchase, visit: dpcostofcapital.com. 2 “Stocks, Bonds, Bills, and Inflation®” and “SBBI®” are registered trademarks of Morningstar, Inc. All rights reserved. Used with permission. 3 Morningstar previously published two “Ibbotson SBBI®” yearbooks: (i) The SBBI® “Classic” Yearbook, which is now produced by Duff & Phelps as the “SBBI® Yearbook” starting in 2016 (the word “Classic” was dropped from the title), and (ii) the SBBI® “Valuation” Yearbook, which was discontinued by Morningstar in 2013. The former Ibbotson/Morningstar SBBI® Valuation Yearbook was replaced by the Duff & Phelps Valuation Handbook – U.S. Guide to Cost of Capital in 2014, and published annually as a hardcover book through 2018. Starting in 2018, Duff & Phelps will not publish a commercially available physical version of the Valuation Handbook – U.S. Guide to Cost of Capital that includes the data exhibits; the essential valuation data from the data exhibits will be available only in the Cost of Capital Navigator online platform. To learn more about the Cost of Capital Navigator, visit: dpcostofcapital.com.

2019 Valuation Handbook – U.S. Industry Cost of Capital (data through December 31, 2019); Company and SIC List 5 U.S. and International Valuation Data Resources

Duff & Phelps produces five valuation data resources. The first four of these are the “Valuation Handbooks”. Three of the four Valuation Handbooks have already been transitioned over to digital delivery on the online Cost of Capital Navigator platform at dpcostofcapital.com. A summary of the status of the four Valuation Handbooks is provided in Figure 1.

Figure 1: The Four Duff & Phelps Valuation Handbooks

Valuation Handbook Status

Valuation Handbook – → Now available (exclusively) in the Cost of Capital Navigator's U.S. Guide to Cost of Capital U.S. Cost of Capital Module

Valuation Handbook – → Now available (exclusively) in the Cost of Capital Navigator's U.S. Industry Cost of Capital U.S. Industry Benchmarking Module

Valuation Handbook – → Now available (exclusively) in the Cost of Capital Navigator's International Guide to Cost of Capital International Cost of Capital Module

Valuation Handbook – Scheduled to be added to the Cost of Capital Navigator in International Industry Cost of Capital 2020 as the International Industry Benchmarking Module

The fifth valuation data resource is the Cost of Capital: Applications and Examples 5th edition, by Shannon P. Pratt and Roger K. Grabowski (John Wiley & Sons, Inc., 2014). There are presently no plans to transition the information and data from this book over to the Cost of Capital Navigator platform. A summary of the status of the Cost of Capital: Applications and Examples, 5th edition is provided in Figure 2.

Figure 2: The Cost of Capital: Applications and Examples, 5th edition

Additional Valuation Resource Status Cost of Capital: Applications and Continues to be published as a hardcover book. Will not Examples 5th edition be added to Cost of Capital Navigator.

A detailed description of each of the five Duff & Phelps valuation resources listed in Figure 1 and Figure 2 is provided in the following sections.

2019 Valuation Handbook – U.S. Industry Cost of Capital (data through December 31, 2019); Company and SIC List 6 The Cost of Capital Navigators’s U.S. Cost of Capital Module

The essential valuation data previously published in the former Valuation Handbook – U.S. Guide to Cost of Capital has been exclusively available in the new online Cost of Capital Navigator’s U.S. Cost of Capital Module since 2018.

The U.S. Cost of Capital Module includes two essential U.S. valuation data sets:

• The CRSP Deciles Size Study4

• The Risk Premium Report Study5

The U.S. Cost of Capital Module includes:

• Size Premia

• Industry Risk Premia

• Equity Risk Premia (ERPs)

• Risk-free Rates

• Risk Premia Over the Risk-free Rate

And other risk premia that analysts have used and trusted for years to develop cost of capital estimates for U.S. companies.

For more information and to purchase the Cost of Capital Navigator’s U.S. Cost of Capital Module, visit dpcostofcapital.com.

The Cost of Capital Navigators’s U.S. Industry Benchmarking Module

The essential industry-level data previously published in the former Valuation Handbook – U.S. Industry Cost of Capital has been exclusively available in the new online Cost of Capital Navigator’s U.S. Industry Benchmarking Module since 2019.

The U.S. Industry Benchmarking Module includes:

• Industry-level Cost of Capital Estimates (cost of equity capital, cost of debt capital, and weighted average cost of capital, or WACC),

4 The CRSP Deciles Size Study was published in the Ibbotson Associates Stocks, Bonds, Bill, and Inflation® (SBBI®) Valuation Yearbook from 1999–2006, in the Morningstar/Ibbotson® Stocks, Bonds, Bill, and Inflation® (SBBI®) Valuation Yearbook from 2007–2013, in the Duff & Phelps Valuation Handbook – U.S. Guide to Cost of Capital from 2014–2017, and since 2018 has been available exclusively in the Duff & Phelps online “Cost of Capital Navigator” platform at dpcostofcapital.com. 5 The Risk Premium Report was published as the PricewaterhouseCoopers Risk Premium Reports and Price Waterhouse Rick Premium Reports for years before 2002, as the Standard & Poor’s Corporate Value Consulting Risk Premium Report from 2002–2004, the the Duff & Phelps Risk Premium Report from 2005–2013, and in the Duff & Phelps Valuation Handbook – U.S. Guide to Cost of Capital from 2014– 2017, and since 2018 has been available exclusively in the Duff & Phelps online “Cost of Capital Navigator” platform at dpcostofcapital.com.

2019 Valuation Handbook – U.S. Industry Cost of Capital (data through December 31, 2019); Company and SIC List 7 Plus detailed industry-level statistics for:

• Sales

• Market Capitlization

• Capital Structure

• Levered and Unlevered Betas

• Valuation Multiples

• Financial and Profitiability Ratios

• Equity Returns

• Aggregate Forward-Looking Earnings-Per-Share (EPS) Growth Rates

And more. Over 300 critical industry-level data points are calculated for approximately 170 U.S. industries (depending on data availability). Industries are organize by standard industrial classification (SIC) code.

The U.S. Industry Benchmarking Module can be used to benchmark, augment, and support the analyst's own custom analysis of the industry in which a subject business, business ownership interest, security, or intangible asset resides.

For more information and to purchase the Cost of Capital Navigator’s U.S. Industry Benchmarking Module, visit dpcostofcapital.com.

The Cost of Capital Navigators’s International Cost of Capital Module

The essential valuation data previously published in the former Valuation Handbook – International Guide to Cost of Capital has been exclusively available in the new online Cost of Capital Navigator’s International Cost of Capital Module since 2020.

The International Cost of Capital Module includes:

• Country Risk Premia (CRPs) for over 180 countries

• Relative Volatility (RV) Factors for over 70 countries

• Country-level Equity Risk Premia for 16 Countries

• Country-level Risk-Free Rates

• International Industry-Level Betas

• Tax Rates

• Inflation Rates

2019 Valuation Handbook – U.S. Industry Cost of Capital (data through December 31, 2019); Company and SIC List 8 And more. The International Cost of Capital Module can be used to estimate country-level cost of equity capital globally, for 175+ countries, from the perspective of investors based in any one of up to 56 countries (depending on data availability).

“Measuring the impact of country risk in determining the international cost of capital is one of the most vexing issues in finance. Any company doing international cost of capital estimation must, at minimum, consult the Cost of Capital Navigator’s International Cost of Capital Modulel”.

– Campbell R. Harvey, Professor of International Business at the Fuqua School of Business, Duke University

For more information and to purchase the Cost of Capital Navigator’s International Cost of Capital Module, visit dpcostofcapital.com.

Valuation Handbook – International Industry Cost of Capital

The Valuation Handbook – International Industry Cost of Capital will be printed and distributed as a physical book in 2020, but the essential information and data from this book is scheduled to be added to the Cost of Capital Navigator as the International Industry Benchmarking Module later in 2020.

Purchasers of the 2020 Valuation Handbook – International Industry Cost of Capital will receive a copy of the physical 2020 book (and associated intra-year update). Purchasers will also be given access to the book’s upcoming online equivalent, the Cost of Capital Navigator’s International Industry Benchmarking Module as soon as the module becomes available.

The Valuation Handbook – International Industry Cost of Capital (and upcoming online International Industry Benchmarkng Module) includes industry-level analyses for four global economic areas:

• The World6 • The European Union • The Eurozone • The United Kingdom

Each of the four global economic area’s industry analyses are presented in three currencies: (i) the euro (€ or EUR), (ii) the British pound (£ or GBP), and (iii) the U.S. dollar ($ or USD).

The Valuation Handbook – International Industry Cost of Capital (and upcoming online International Industry Benchmarking Module) include:

• Industry-level Cost of Capital Estimates (cost of equity capital, cost of debt capital, and weighted average cost of capital, or WACC)

6 In the Valuation Handbook – International Industry Cost of Capital, “World” companies are defined as companies that (i) are components of the MSCI ACWI IMI, and (ii) satisfy the rigorous screening requirements that are employed to define the company sets user therein.

2019 Valuation Handbook – U.S. Industry Cost of Capital (data through December 31, 2019); Company and SIC List 9 Plus detailed industry-level statistics for:

• Sales • Market Capitalization • Capital Strucutre • Levered and Unlevered Betas • Valuation Multiples • Financial and Profitability Ratios • Equity Returns • Aggregate Forward-looking Earnings-Per-Share (EPS) Growth Rates

And more. Over 300 critical industry-level data points are calculated for each industry (depending on data availability). Industries are organized by global industry classification standard (GICS) code.

The Valuation Handbook – International Industry Cost of Capital can be used to benchmark, augment, and support the analyst's own custom analysis of the industry in which a subject business, business ownership interest, security, or intangible asset resides.

For more information and to purchase the 2020 Valuation Handbook – International Industry Cost of Capital visit: duffandphelps.onfastspring.com/books.

Purchasers of the 2020 Valuation Handbook – International Industry Cost of Capital will receive a copy of the physical 2020 book (and associated intra-year update). Purchasers will also be given access to the book’s upcoming online equivalent, the Cost of Capital Navigator’s International Industry Benchmarking Module as soon as the module becomes available. For more information about the Duff & Phelps online Cost of Capital Navigator platform, visit dpcostofcapital.com.

The Cost of Capital: Applications and Examples, 5th edition

There are presently no plans to add the information and data from the Cost of Capital: Applications and Examples (5th edition) to the Duff & Phelps online Cost of Capital Navigator platform. This book will continue to be published as a hardcover book.

The Cost of Capital: Applications and Examples 5th edition, by Shannon P. Pratt and Roger J. Grabowski (John Wiley & Sons, Inc., 2014) is the authoritative, comprehensive overview of valuation theory, best practices, and proper use of data. This book puts an emphasis on practical application.

The Cost of Capital: Applications and Examples 5th edition is a one-stop shop for background and current thinking on the development and uses of rates of return on capital. This book contains expanded materials on estimating the basic building blocks of the cost of equity capital, the risk-free rate, and the equity risk premium, plus in-depth discussion of the volatility created by the 2008 financial crisis, the subsequent recession and uncertain recovery, and how those events have fundamentally changed how we need to interpret the inputs to the models we use to develop these estimates.

2019 Valuation Handbook – U.S. Industry Cost of Capital (data through December 31, 2019); Company and SIC List 10 The Cost of Capital: Applications and Examples 5th edition includes case studies providing comprehensive discussion of cost of capital estimates for valuing a business and damages calculations for small and medium-sized businesses, cross referenced to the chapters covering the theory and data. This book puts an emphasis on practical application. To that end, this updated edition provides readers with exclusive access to a companion website filled with supplementary materials, allowing you to continue to learn in a hands-on fashion long after closing the book. The Cost of Capital: Applications and Examples has been published since 1998 and is updated every several years. The 6th edition of this book is tentatively scheduled for publication late 2021.

“Shannon Pratt and Roger Grabowski have produced a remarkably comprehensive review of the subject…it is a work that valuation practitioners, CFOs, and others will find an invaluable reference”.

– Professor Richard Brealey, Emeritus Professor of Finance, London Business School

“Estimating the cost of capital is critical in determining the valuation of assets, in evaluating the capital structure of corporations, and in estimating the long-run expected return of investments. Shannon Pratt and Roger Grabowski have the most thorough text on the subject, not only providing various estimation methods, but also numerous ways to use the cost of capital”.

– Professor Roger G. Ibbotson,, Professor Emeritus of Finance at the Yale School of Management, Chairman of Zebra Capital LLC, and former Chairman and founder of Ibbotson Associates, now part of Morningstar, Inc.

To learn more about Cost of Capital: Applications and Examples 5th edition, visit: www.wiley.com/buy/9781118555804.

2019 Valuation Handbook – U.S. Industry Cost of Capital (data through December 31, 2019); Company and SIC List 11 U.S. Asset Class Performance Data

Stocks, Bonds, Bills, and Inflation® (SBBI®) Yearbook

There are presently no plans to add the information and data from the Stocks, Bonds, Bills, and Inflation® (SBBI®) Yearbook to the Cost of Capital Navigator platform. This book will continue to be published as a hardcover book.

The Stocks, Bonds, Bills, and Inflation® (SBBI®) Yearbook (updated annually) has been the definitive annual resource for historical U.S. capital markets performance data for over 30 years.

Starting with the 2016 edition, the Stocks, Bonds, Bills, and Inflation® (SBBI®) Yearbook has been produced by Duff & Phelps. The SBBI® Yearbook was previously published by Morningstar, Inc. under the name “Ibbotson® Stocks, Bonds, Bills, and Inflation® (SBBI®) Classic Yearbook”.7, 8

This book includes returns, index values, and statistical analyses of U.S. large company stocks, small company stocks, long-term corporate bonds, long-term government bonds, intermediate-term government bonds, U.S. Treasury bills, and inflation from January 1926 to present (monthly). Anyone serious about investments or investing needs an appreciation of capital market history. Such an appreciation, which can be gained from this book, is equally valuable to the individual and institutional investor, practitioners and scholars in finance, economics, and business; portfolio strategists, and security analysts seeking to benchmark their own investment performance. The SBBI® Yearbook is a thinking person’s guide to using historical data to understand the financial markets and make decisions.

To learn more about the Stocks, Bonds, Bills, and Inflation® (SBBI®) Yearbook, visit: duffandphelps.onfastspring.com/books.

7 The SBBI® Classic Yearbook (as it was known at that time) was published by Morningstar, Inc. from 2007 through 2015, and by Ibbotson Associates in years prior to 2007. Beginning with the 2016 edition, the SBBI® Yearbook (the word “Classic” was dropped from the title) has been produced by Duff & Phelps. 8 The SBBI® Yearbook provides historical “performance” data of U.S. asset classes, while the other Duff & Phelps data resources provide “valuation” data. Specifically, the other Duff & Phelps data resources focus on U.S. and international valuation data and risk premia (e.g., equity risk premia, risk-free rates, size premia, industry risk premia, betas, industry multiples and other statistics, etc.) for use in valuation models, while the SBBI® Yearbook (this book) is (i) a history of the returns of the capital markets in the U.S. (thus the name, “Stocks, Bonds, Bills, and Inflation®,” or “SBBI®”) from 1926 to the present, and (ii) an analysis of the relative performance of U.S. asset classes. The SBBI® Yearbook has been published annually for over 30 years. The SBBI® Yearbook does not provide extensive valuation data or methodology.

2019 Valuation Handbook – U.S. Industry Cost of Capital (data through December 31, 2019); Company and SIC List 12 Industry-Level Cost of Capital Estimates

The 2019 Valuation Handbook – U.S. Industry Cost of Capita and the online U.S. Industry Benchmarking Module at dpcostofcapital.com provides eight (8) cost of equity capital estimates for 9, 10 each of the industries covered in the book:

1) Capital Asset Pricing Model (CAPM)11

2) CAPM + Size Premium (using the CRSP Deciles Size Study)

3) Build-up + Industry Risk Premium (using the CRSP Deciles Size Study)

4) CAPM + Size Premium (using the Risk Premium Report Study)

5) Build-up + Risk Premium Over the Risk-free Rate (using Risk Premium Report Study)

6) 1-Stage Discounted Cash Flow (DCF) model

7) 3-Stage DCF model

8) Fama-French (F-F) 5-Factor Model

Cost of debt capital and weighted average cost of capital (WACC) are also presented for each industry.12 WACC is calculated using the cost of equity capital estimated by each of the eight models, plus the cost of preferred capital input and the cost of debt capital input.

9 Depending on data availability; some industries may not include all estimates. 10 In this list, the “CRSP Deciles Size Study” is the valuation data previously published on the “back page” of the Morningstar/Ibbotson SBBI® Valuation Yearbook; the “Risk Premium Report Study” is the valuation data previously published in the Duff & Phelps Risk Premium Report. Both of these key valuation data sets are now available exclusively in the online Duff & Phelps Cost of Capital Navigator U.S. Cost of Capital Module at dpcostofcapital.com. The data and information in the former Valuation Handbook – U.S. Guide to Cost of Capital was published annually in a hardcover book from 2014 to 2017. Starting in 2018, the essential valuation data previously published in the Valuation Handbook – U.S. Guide to Cost of Capital will be available exclusively in the new online Cost of Capital Navigator platform. To learn more about the Duff & Phelps Cost of Capital Navigator, visit: dpcostofcapital.com. 11 This is CAPM calculated without any additional adjustments for “size”, or other factors (i.e., the traditional “textbook” or “base” CAPM). 12 Depending on data availability; some industries may not include all estimates.

2019 Valuation Handbook – U.S. Industry Cost of Capital (data through December 31, 2019); Company and SIC List 13 Industry-Level Statistics, Capital Structure, Valuation Multiples, and Betas

The 2019 Valuation Handbook – U.S. Industry Cost of Capital and the online U.S. Industry Benchmarking Module at dpcostofcapital.com also provide detailed statistics for sales, total assets, industry performance, capital structure, various levered and unlevered beta estimates (e.g., ordinary least squares (OLS) beta, sum beta, downside beta, etc.), valuation (trading) multiples, financial and profitability ratios, equity returns, aggregate forward-looking earnings per share (EPS) growth rates, and more.

Analysis of Capital Structure Including Off-Balance-Sheet Liabilities

The 2019 Valuation Handbook – U.S. Industry Cost of Capital and the online U.S. Industry Benchmarking Module at dpcostofcapital.com provide statistics that enable the user to gauge the impact of “debt-like” off-balance-sheet items on the capital structure of the subject industry. These debt-equivalent liabilities (specifically, capitalized operating leases and unfunded pension obligations) are not only taken into account by credit rating agencies when assigning a debt rating for a company, but should likely be considered when ascertaining the true financial (and equity) risk of the subject company as well.

The capital structure (and unlevered betas) of each industry are calculated with and without these off- balance-sheet debt-equivalent items, so that the user can gauge how material these liabilities are for the subject industry (see Appendices A and B).

For a detailed discussion, see Cost of Capital: Applications and Examples 5th edition, by Shannon P. Pratt and Roger J. Grabowski, Chapter 20, “Other Components of a Business’s Capital Structure”.

A Special Note on the Treatment of Off-Balance-Sheet Liabilities

The accounting treatment of leases under U.S. GAAP and IFRS has recently undergone a sweeping change, replacing rules that have been in place for over 30 years. According to some estimates, this accounting change will ultimately bring trillions of dollars of off-balance-sheet liabilities into companies’ balance sheets.13 The new standards have the following effective dates:

Accounting Standards Codification Topic 842 Leases (ASC 842) under U.S. GAAP:

• Publicly traded companies and certain other SEC filers: Mandatory for fiscal years (including interim periods within those fiscal years) beginning after December 15, 2018. For calendar-year companies, this means an effective date of January 1, 2019.

• All other entities: Mandatory for fiscal years (including interim periods within those fiscal years) beginning after December 15, 2020. For calendar-year companies, this means an effective date of January 1, 2021.

• Early adoption allowed.

13 See for example, “IFRS 16 – Effects Analysis” published by the IASB in January 2016. Accessible here: https://www.ifrs.org/-/media/project/leases/ifrs/published-documents/ifrs16-effects-analysis.pdf.

2019 Valuation Handbook – U.S. Industry Cost of Capital (data through December 31, 2019); Company and SIC List 14 IFRS 16 Leases:

• All entities reporting under IFRS: Mandatory for fiscal years (annual periods) beginning on or after January 1, 2019. • Early adoption allowed.

While these standards are not fully converged, in simple terms they will both have the effect of requiring lessees to recognize lease liabilities and a corresponding right-of-use (RoU) asset on the balance sheet for all lease agreements:

• U.S. GAAP adopted a dual lessee accounting model: Operating leases (previously an off-balance sheet item) are now recognized on the balance sheet. However, the rent (lease) expense will continue to flow through the income statement. Conversely, finance leases (formerly capital leases) will continue to have a similar treatment as in previous rules. This means that there is no rent expense related to the finance lease being recorded; rather amortization (of the RoU) and interest expenses associated with the lease agreement are recognized separately in the income statement.

• IFRS introduced a single lessee accounting model: all the previous operating and capital leases will now be classified as finance leases and capitalized on the balance sheet. In the income statement, rent expense is now bifurcated between depreciation and interest expense. This treatment differs from the U.S. GAAP handling of operating leases.

Accounting for lessors saw minimal changes and remains similar to previous rules.

The December 31, 2019 data used in (this) U.S. industry analysis update was retrieved in early January 2020 and reflected a relatively small number of companies that have adopted the new lease accounting rules on their annual financial statements. To ensure metrics are fully comparable across companies and industries, the authors and other members of the Valuation Digital Solutions team elected to exclude operating leases from the analysis for those companies that have already adopted (e.g., total debt was computed excluding operating lease liabilities).

In the March 31, 2020 update, the Valuation Digital Solutions team will assess the number of companies that have reported operating leases in their annual financial statements under the new rules. At this juncture, we anticipate that a significant amount of companies will have already reflected operating leases on their balance sheets as of that date. If that expectation is confirmed, we will update the analysis to include this impact (e.g., on the computation of total debt, capital structure, EBITDA/EV valuation multiples, etc.).

2019 Valuation Handbook – U.S. Industry Cost of Capital (data through December 31, 2019); Company and SIC List 15 New in the 2019 Valuation Handbook – U.S. Industry Cost of Capital

The most recent and significant change is that the essential industry-level data published in the Valuation Handbook – U.S. Industry Cost of Capital has been available in the new online Cost of Capital Navigator’s U.S. Industry Benchmarking Module at dpcostofcapital.com since 2019. Starting with the March 2020 the information and data published herein will be exclusively available in the Cost of Capital Navigator’s U.S. Industry Benchmarking Module. A physical book will no longer be published.

For more information about the Duff & Phelps online Cost of Capital Navigator platform and to subscribe to the U.S. Industry Benchmarking Module, visit dpcostofcapital.com.

Another significant change may occur in the upcoming March 31, 2020 update to the information and data herein in regards to the new accounting treatment of leases under U.S. GAAP and IFRS, which has recently undergone a sweeping change. According to some estimates, this accounting change will ultimately bring trillions of dollars of off-balance-sheet liabilities into companies’ balance sheets. To learn more, please read the section herein entitled “A Special Note on the Treatment of Off-Balance- Sheet Liabilities”.

Starting with the 2016 edition, we added a new Appendix C, the “van Binsbergen-Graham-Yang Optimal Capital Structure Model”, based upon the work of Jules H. van Binsbergen, Associate Professor of Finance, The Wharton School, University of Pennsylvania, John R. Graham, Professor of Finance, Fuqua School of Business, Duke University, and Jie Yang, Senior Economist with the Board of Governors of the Federal Reserve System.14 This new appendix provides estimates of (i) the optimal amount of debt that firms should use as a percentage of their total capital, and (ii) the incremental firm value potentially created by choosing an optimal capital structure (rather than using no debt at all). The optimal capital structure model reflects several important tax code changes that occurred starting in tax year 2018 due to the Tax Cuts and Jobs Act (TCJA) tax reform. Visit Appendix C to learn all the key new features of the TJCA tax code.

In early editions of the Valuation Handbook – U.S. Industry Cost of Capital, all beta estimates on each industry tear-sheet were rounded to the nearest tenth (i.e., one decimal). Starting with the 2017 edition, all beta estimates on each tearsheet are now rounded to the nearest hundredth (i.e., two decimals). At readers’ request, this refinement was added to provide valuation practitioners with one more decimal of precision for this metric.

In previous editions of the Valuation Handbook – U.S. Industry Cost of Capital, all SICs in Division H: Finance, Insurance, and Real Estate (major groups between SICs beginning with “60” and “67”) included three equity valuation multiples (Price/Sales, Price/Earnings, and Market/Book) and two enterprise valuation multiples (EV/Sales and EV/EBITDA). Starting with the 2017 edition, all SICs in Division H: Finance, Insurance, and Real Estate (major groups between “60” and “67”) now include four equity valuation multiples (Price/Sales, Price/Earnings, Price/Tangible Book, and Price/Earnings Before Taxes) and one enterprise valuation multiple (EV/EBITDA). This refinement is to provide more commonly used equity based metrics for valuation practitioners analyzing the financial services industry.

14 In the 2014 and 2015 Valuation Handbook – U.S. Industry Cost of Capital, Appendix C was “Definitions of Standard & Poor’s Compustat Data Items Used in Calculations”. Starting with the 2016 edition, “Definitions of Standard & Poor’s Compustat Data Items Used in Calculations” has been moved to Appendix D.

2019 Valuation Handbook – U.S. Industry Cost of Capital (data through December 31, 2019); Company and SIC List 16 Starting with the 2018 Valuation Handbook – U.S. Industry Cost of Capital, the methodology for calculating the Large Composite and Small Composite have been updated. In previous editions, for industries that had 10 companies or more, the Large Composite and the Small Composite were identified as either (i) the largest three and the smallest three companies in terms of reported net sales amount (in U.S. dollars) for the most recent fiscal year, or (ii) the largest and smallest 10% (rounded down to the nearest integer), whichever is greater. Starting with this edition, for industries that have 15 companies or more, the Large Composite and the Small Composite are identified as either (i) the largest five and the smallest five companies in terms of reported net sales amount (in U.S. dollars) for the most recent fiscal year, or (ii) the largest and smallest 10% (rounded down to the nearest integer), whichever is greater (see Exhibit 3 for more information). At readers’ request, this refinement was added to provide valuation practitioners with more meaningful results for the Large and Small Composites by increasing the sample size.

2019 Valuation Handbook – U.S. Industry Cost of Capital (data through December 31, 2019); Company and SIC List 17 Introduction

The hardcover 2019 Valuation Handbook – U.S. Industry Cost of Capital is published with data through March 2019, and includes three intra-year Quarterly Updates (June, September, and December 2019), delivered in Adobe PDF format.14,15

The 2019 Valuation Handbook – U.S. Industry Cost of Capital provides cost of capital estimates (i.e., equity capital, debt capital, and WACC) for approximately 170 U.S. industries (identified by Standard Industrial Classification (SIC) code) and size groupings (i.e., Large-, Mid-, Low-, and Micro-capitalization companies), plus detailed statistics for sales, market capitalization, capital structure, various levered and unlevered beta estimates (e.g., ordinary least squares (OLS) beta, sum beta, downside beta, etc.), valuation (trading) multiples, financial and profitability ratios, equity returns, aggregate forward-looking earnings- per-share (EPS) growth rates, and more. The information and statistics in the 2018 Valuation Handbook – U.S. Industry Cost of Capital can be used by the analyst to (i) benchmark, (ii) augment, and (iii) support his or her own custom analysis of the industry in which a subject business, business ownership interest, security, or intangible asset resides.16

The information in the 2019 Valuation Handbook – U.S. Industry Cost of Capital, “Company and SIC List” (this document) is a list of the companies used in the approximate 170 U.S. industry analyses presented in the 2019 Valuation Handbook – U.S. Industry Cost of Capital, Quarterly Update 1 (data through June 2019). As such, the information herein is specific to the 2019 Valuation Handbook – Industry Cost of Capital, Quarterly Update 1 (data through June 2019), and is not applicable to any other book, update, or document.

Company and SIC Lists

The company screening process used for identifying the main set of “healthy” companies used for the analyses presented in the 2019 Valuation Handbook – U.S. Industry Cost of Capital mimics the screening process employed in the Risk Premium Report Study Exhibits that are published in the 2019 Valuation Handbook – U.S. Guide to Cost of Capital.

The set of companies remaining after this screening process (i) are “seasoned” companies in that they have been traded for several years, (ii) have been selling at least a minimal quantity of product or services, and (iii) have been able to achieve a degree of positive cash flow from operations. The last step in this screening process is identifying “pure play” companies. Pure play companies are defined here as those companies that derive at least 75% of their overall revenue from a single SIC code. The companies identified in this process (“Main Set”) are used in the analyses to calculate the “Median”, “SIC Composite”, “Large Composite”, and “Small Composite” metrics for each industry (data availability allowing). Please note that “high-financial-risk” companies (“High-Financial-Risk Set”) are identified and analyzed

14 The Quarterly Updates are now included, and are not sold separately. 15 The 2019 Valuation Handbook – U.S. Industry Cost of Capital was published with data through March 2019, and also includes June, September, and December (2019) Quarterly Updates. 16 The 2019 Valuation Handbook – U.S. Guide to Cost of Capital provides key year-end data previously available in (i) the Morningstar/Ibbotson SBBI Valuation Yearbook and (ii) the Duff & Phelps Risk Premium Report. The 2019 Valuation Handbook – U.S. Guide to Cost of Capital can be used to develop cost of equity capital estimates for an individual business, business ownership interest, security, or intangible asset.

2019 Valuation Handbook – U.S. Industry Cost of Capital (data through December 31, 2019); Company and SIC List 18 separately. A list of companies included in the High-Financial-Risk Set analyses is presented in Appendices C and D.

For a detailed discussion of the company set selection process employed in the 2019 Valuation Handbook – U.S. Industry Cost of Capital and its quarterly updates, please refer to the section entitled “Company Screening Process” in that book.

The following appendices are included herein:

Main Set

Appendix A: Companies (Main Set) in Each Industry, by SIC Code

Appendix B: SIC Codes in which Companies (Main Set) are Included

High-Financial-Risk Set

Appendix C: Companies (High-Financial-Risk Set) in Each Industry, by SIC Code

Appendix D: SIC Codes in which Companies (High-Financial-Risk Set) are Included

Standard Industrial Classification (SIC) Definitions

Appendix E: Industry List by SIC Code

Appendix F: Industry List by Industry Name (alphabetical)

2019 Valuation Handbook – U.S. Industry Cost of Capital (data through December 31, 2019); Company and SIC List 19 2019 Valuation Handbook – U.S. Industry Cost of Capital (data through December 31, 2019); Company and SIC List 20 Appendix A: Companies (Main Set) in Each Industry, by SIC Code

Appendix A is a list of the Main Set of companies used to calculate the “Median”, “SIC Composite”, “Large Composite”, and “Small Composite” metrics for each SIC code (data availability allowing) in the 2019 Valuation Handbook – U.S. Industry Cost of Capital (data through December 2019). Appendix A: Companies (Main Set) in Each Industry, by SIC Code

SIC 1 TRI Pointe Group, Inc. Green Brick Partners, Inc. Alliance Resource Partners, Tutor Perini Corporation KB Home L.P. U.S. Silica Holdings, Inc. Lennar Corporation Ameresco, Inc. United States Lime & LGI Homes, Inc. Beazer Homes USA, Inc. Minerals, Inc. M.D.C. Holdings, Inc. Cabot Oil & Gas VOC Energy Trust M/I Homes, Inc. Corporation William Lyon Homes Meritage Homes Callon Petroleum Company Corporation Century Communities, Inc. SIC 13 NVR, Inc. Ciner Resources LP Cabot Oil & Gas PulteGroup, Inc. Comfort Systems USA, Inc. Corporation Taylor Morrison Home Compass Minerals Callon Petroleum Company Corporation International, Inc. ConocoPhillips Company Toll Brothers, Inc. ConocoPhillips Company Continental Resources, Inc. TRI Pointe Group, Inc. Continental Resources, Inc. DCP Midstream, LP William Lyon Homes D.R. Horton, Inc. Diamondback Energy, Inc. DCP Midstream, LP EOG Resources, Inc. SIC 16 Diamondback Energy, Inc. Evolution Petroleum Ameresco, Inc. EMCOR Group, Inc. Corporation Fluor Corporation EOG Resources, Inc. Helmerich & Payne, Inc. Granite Construction Evolution Petroleum Oasis Petroleum Inc. Incorporated Corporation Parsley Energy, Inc. MasTec, Inc. Fluor Corporation Pioneer Natural Resources MYR Group Inc. Gold Resource Corporation Company Primoris Services Corporation Granite Construction PrimeEnergy Resources Incorporated Corporation The Goldfield Corporation Green Brick Partners, Inc. RPC, Inc. Hallador Energy Company VOC Energy Trust SIC 2 Helmerich & Payne, Inc. AbbVie Inc. IES Holdings, Inc. SIC 131 ACCO Brands Corporation Installed Building Products, Cabot Oil & Gas Air Products and Inc. Corporation Chemicals, Inc. KB Home Callon Petroleum Company Albemarle Corporation Alexion Pharmaceuticals, Lennar Corporation ConocoPhillips Company Inc. LGI Homes, Inc. Continental Resources, Inc. Altria Group, Inc. M.D.C. Holdings, Inc. DCP Midstream, LP American Vanguard M/I Homes, Inc. Diamondback Energy, Inc. Corporation Martin Marietta Materials, EOG Resources, Inc. Inc. Evolution Petroleum American Woodmark MasTec, Inc. Corporation Corporation Matrix Service Company Oasis Petroleum Inc. Amgen Inc. Meritage Homes Parsley Energy, Inc. ANI Pharmaceuticals, Inc. Corporation Anika Therapeutics, Inc. Pioneer Natural Resources MYR Group Inc. Company Archer-Daniels-Midland Newmont Corporation Company PrimeEnergy Resources Ashland Global Holdings NVR, Inc. Corporation Oasis Petroleum Inc. Inc. VOC Energy Trust Avery Dennison Parsley Energy, Inc. Corporation Pioneer Natural Resources SIC 14 B&G Foods, Inc. Company Ciner Resources LP Balchem Corporation PrimeEnergy Resources Compass Minerals Bassett Furniture Corporation International, Inc. Industries, Incorporated Primoris Services Martin Marietta Materials, Corporation Baxter International Inc. Inc. PulteGroup, Inc. Biogen Inc. U.S. Silica Holdings, Inc. Quanta Services, Inc. BioSpecifics Technologies United States Lime & RPC, Inc. Corp. Minerals, Inc. Southern Copper Bio-Techne Corporation Corporation Bridgford Foods SIC 15 Corporation Taylor Morrison Home Corporation Beazer Homes USA, Inc. Bristol-Myers Squibb The Goldfield Corporation Century Communities, Inc. Company Toll Brothers, Inc. D.R. Horton, Inc. Brown-Forman Corporation

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix A: Companies (Main Set) in Each Industry, by SIC Code

Builders FirstSource, Inc. Herman Miller, Inc. Neenah, Inc. Cabot Corporation Heska Corporation Nektar Therapeutics

Cabot Microelectronics Hexcel Corporation Neogen Corporation

Corporation HNI Corporation NewMarket Corporation Campbell Soup Company HollyFrontier Corporation Nova LifeStyle, Inc.

Carter's, Inc. Hooker Furniture Nu Skin Enterprises, Inc. Corporation Catalent, Inc. Ocean Bio-Chem, Inc. Hormel Foods Corporation Cavco Industries, Inc. Olin Corporation Huntsman Corporation Celanese Corporation OraSure Technologies, Inc. IDEXX Laboratories, Inc. CF Industries Holdings, Inc. Oxford Industries, Inc. IKONICS Corporation Chevron Corporation P. H. Glatfelter Company Ingredion Incorporated Church & Dwight Co., Inc. Packaging Corporation of Innophos Holdings, Inc. Clearwater Paper America Corporation Innospec Inc. Patrick Industries, Inc. Coca-Cola Consolidated, Innoviva, Inc. PBF Energy Inc. Inc. Inter Parfums, Inc. Colgate-Palmolive PepsiCo, Inc. Interface, Inc. Company Pfizer Inc. International Flavors & Columbia Sportswear Phibro Animal Health Fragrances Inc. Company Corporation International Paper Conagra Brands, Inc. Phillips 66 Company Pilgrim's Pride Corporation Corcept Therapeutics IT Tech Packaging, Inc. Incorporated PPG Industries, Inc. J & J Snack Foods Corp. Craft Brew Alliance, Inc. John B. Sanfilippo & Son, PVH Corp. Quaker Chemical Crown Crafts, Inc. Inc. Corporation Culp, Inc. John Wiley & Sons, Inc. Quidel Corporation CVR Energy, Inc. Kellogg Company Ralph Lauren Corporation Darling Ingredients Inc. Kimball International, Inc. Regeneron Delek US Holdings, Inc. Kimberly-Clark Corporation Pharmaceuticals, Inc. Delta Apparel, Inc. Knoll, Inc. Renewable Energy Group, Deluxe Corporation Kraton Corporation Inc. DiversiFax, Inc., Kronos Worldwide, Inc. Repligen Corporation Domtar Corporation Lancaster Colony REX American Resources DuPont de Nemours, Inc. Corporation Corporation Eastman Chemical Landec Corporation RPM International Inc. Company Lear Corporation Sanderson Farms, Inc. Eli Lilly and Company LifeVantage Corporation Scholastic Corporation Emergent BioSolutions Inc. Lifeway Foods, Inc. Schweitzer-Mauduit Enanta Pharmaceuticals, Ligand Pharmaceuticals Inc. International, Inc. Incorporated Ethan Allen Interiors Inc. Louisiana-Pacific Seneca Foods Corporation Ever-Glory International Corporation Sensient Technologies

Group, Inc. Luminex Corporation Corporation

Exelixis, Inc. Mannatech, Incorporated SIGA Technologies, Inc.

Exxon Mobil Corporation McCormick & Company, Sleep Number Corporation

Farmer Bros. Co. Incorporated Sonoco Products Company

Ferro Corporation Medifast, Inc. Stepan Company

Flexible Solutions Mercer International Inc. Supernus Pharmaceuticals,

International Inc. Merck & Co., Inc. Inc.

Flexsteel Industries, Inc. Meridian Bioscience, Inc. Tempur Sealy International,

Flowers Foods, Inc. MGP Ingredients, Inc. Inc.

FMC Corporation Mohawk Industries, Inc. The Boston Beer Company,

FutureFuel Corp. Molson Coors Beverage Inc.

Gannett Co., Inc. Company The Clorox Company

General Mills, Inc. Mondelez International, Inc. The Coca-Cola Company

G-III Apparel Group, Ltd. Monster Beverage The Estée Lauder Corporation Gilead Sciences, Inc. Companies Inc. Myriad Genetics, Inc. The Hain Celestial Group, Graphic Packaging Holding National Beverage Corp. Inc. Company The Hershey Company Greif, Inc. Natural Alternatives The J. M. Smucker Guess?, Inc. International, Inc. Company Nature's Sunshine H.B. Fuller Company The Mosaic Company Products, Inc. Hanesbrands Inc.

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix A: Companies (Main Set) in Each Industry, by SIC Code

The New York Times Lancaster Colony Willamette Valley Corporation Company Vineyards, Inc. Landec Corporation The Procter & Gamble Lifeway Foods, Inc. Company SIC 22

The Scotts Miracle-Gro McCormick & Company, Crown Crafts, Inc. Incorporated Company Culp, Inc. Medifast, Inc. The Sherwin-Williams Interface, Inc. MGP Ingredients, Inc. Company Mohawk Industries, Inc. Molson Coors Beverage Tootsie Roll Industries, Inc. Unifi, Inc. Company Trecora Resources Mondelez International, Inc. Trex Company, Inc. SIC 23 Tribune Publishing Monster Beverage Corporation Carter's, Inc. Company National Beverage Corp. Columbia Sportswear Tyson Foods, Inc. PepsiCo, Inc. Company Under Armour, Inc. Pilgrim's Pride Corporation Delta Apparel, Inc. Unifi, Inc. Sanderson Farms, Inc. Ever-Glory International UniFirst Corporation Seneca Foods Corporation Group, Inc. United Therapeutics G-III Apparel Group, Ltd. Corporation The Boston Beer Company, Guess?, Inc. United-Guardian, Inc. Inc. Hanesbrands Inc. Universal Forest Products, The Coca-Cola Company Oxford Industries, Inc. Inc. The Hain Celestial Group, USANA Health Sciences, Inc. PVH Corp.

Inc. The Hershey Company Ralph Lauren Corporation

Valero Energy Corporation The J. M. Smucker Under Armour, Inc. Company Valhi, Inc. UniFirst Corporation Tootsie Roll Industries, Inc. Value Line, Inc. Tyson Foods, Inc. Vertex Pharmaceuticals SIC 24 Incorporated Willamette Valley American Woodmark Virco Mfg. Corporation Vineyards, Inc. Corporation

W. R. Grace & Co. Builders FirstSource, Inc. WD-40 Company SIC 201 Cavco Industries, Inc. Bridgford Foods Westlake Chemical Louisiana-Pacific Corporation Corporation Corporation Hormel Foods Corporation Patrick Industries, Inc. Westlake Chemical Pilgrim's Pride Corporation Trex Company, Inc. Partners LP Sanderson Farms, Inc. Universal Forest Products, WestRock Company Tyson Foods, Inc. Inc. Willamette Valley

Vineyards, Inc. SIC 203 SIC 25 Zoetis Inc. B&G Foods, Inc. Bassett Furniture Lancaster Colony Industries, Incorporated SIC 20 Corporation Ethan Allen Interiors Inc. Archer-Daniels-Midland Landec Corporation Flexsteel Industries, Inc. Company Seneca Foods Corporation Herman Miller, Inc. B&G Foods, Inc. The J. M. Smucker HNI Corporation Bridgford Foods Company Hooker Furniture Corporation Corporation Brown-Forman Corporation SIC 208 Kimball International, Inc. Campbell Soup Company Brown-Forman Corporation Knoll, Inc. Coca-Cola Consolidated, Coca-Cola Consolidated, Inc. Lear Corporation Inc. Conagra Brands, Inc. Nova LifeStyle, Inc. Craft Brew Alliance, Inc. Craft Brew Alliance, Inc. Sleep Number Corporation MGP Ingredients, Inc. Darling Ingredients Inc. Tempur Sealy International, Molson Coors Beverage Farmer Bros. Co. Inc. Company Flowers Foods, Inc. Monster Beverage Virco Mfg. Corporation

General Mills, Inc. Corporation SIC 251 Hormel Foods Corporation National Beverage Corp.

Ingredion Incorporated PepsiCo, Inc. Bassett Furniture Industries, Incorporated J & J Snack Foods Corp. The Boston Beer Company, John B. Sanfilippo & Son, Inc. Ethan Allen Interiors Inc. Inc. Flexsteel Industries, Inc. The Coca-Cola Company Kellogg Company

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix A: Companies (Main Set) in Each Industry, by SIC Code

Hooker Furniture American Vanguard Myriad Genetics, Inc. Corporation Corporation Natural Alternatives Nova LifeStyle, Inc. Amgen Inc. International, Inc. Sleep Number Corporation ANI Pharmaceuticals, Inc. Nature's Sunshine

Tempur Sealy International, Anika Therapeutics, Inc. Products, Inc. Inc. Ashland Global Holdings Nektar Therapeutics Inc. Neogen Corporation SIC 26 Balchem Corporation NewMarket Corporation Avery Dennison Baxter International Inc. Nu Skin Enterprises, Inc. Corporation Biogen Inc. Clearwater Paper Ocean Bio-Chem, Inc. BioSpecifics Technologies Corporation Olin Corporation Corp. Domtar Corporation OraSure Technologies, Inc. Bio-Techne Corporation Graphic Packaging Holding Pfizer Inc. Bristol-Myers Squibb Company Phibro Animal Health Company Greif, Inc. Corporation Cabot Corporation International Paper PPG Industries, Inc.

Company Cabot Microelectronics Quidel Corporation Corporation IT Tech Packaging, Inc. Regeneron Catalent, Inc. Kimberly-Clark Corporation Pharmaceuticals, Inc. Celanese Corporation Mercer International Inc. Repligen Corporation CF Industries Holdings, Inc. Neenah, Inc. REX American Resources Church & Dwight Co., Inc. P. H. Glatfelter Company Corporation Colgate-Palmolive Packaging Corporation of RPM International Inc. Company America Sensient Technologies Corcept Therapeutics Sonoco Products Company Corporation Incorporated WestRock Company SIGA Technologies, Inc. DiversiFax, Inc., Stepan Company DuPont de Nemours, Inc. SIC 262 Eastman Chemical Supernus Pharmaceuticals, Domtar Corporation Company Inc. IT Tech Packaging, Inc. Eli Lilly and Company The Clorox Company Kimberly-Clark Corporation Emergent BioSolutions Inc. The Estée Lauder Neenah, Inc. Enanta Pharmaceuticals, Companies Inc.

P. H. Glatfelter Company Inc. The Mosaic Company Exelixis, Inc. The Scotts Miracle-Gro SIC 265 Ferro Corporation Company Graphic Packaging Holding Flexible Solutions The Sherwin-Williams Company International Inc. Company

Greif, Inc. FMC Corporation United Therapeutics FutureFuel Corp. Packaging Corporation of Corporation America Gilead Sciences, Inc. United-Guardian, Inc.

Sonoco Products Company H.B. Fuller Company USANA Health Sciences,

WestRock Company Heska Corporation Inc.

Hexcel Corporation Valhi, Inc.

SIC 27 Huntsman Corporation Vertex Pharmaceuticals IDEXX Laboratories, Inc. Incorporated ACCO Brands Corporation IKONICS Corporation W. R. Grace & Co. Deluxe Corporation WD-40 Company Gannett Co., Inc. Innophos Holdings, Inc. Innospec Inc. Westlake Chemical John Wiley & Sons, Inc. Innoviva, Inc. Corporation Scholastic Corporation The New York Times Inter Parfums, Inc. Westlake Chemical Partners LP Company International Flavors & Tribune Publishing Fragrances Inc. Zoetis Inc.

Company Kraton Corporation

Value Line, Inc. Kronos Worldwide, Inc. SIC 281

LifeVantage Corporation Air Products and SIC 28 Chemicals, Inc. Ligand Pharmaceuticals AbbVie Inc. Incorporated DiversiFax, Inc.,

Air Products and Luminex Corporation Flexible Solutions

Chemicals, Inc. Mannatech, Incorporated International Inc.

Albemarle Corporation Merck & Co., Inc. Innophos Holdings, Inc. Alexion Pharmaceuticals, Meridian Bioscience, Inc. Kronos Worldwide, Inc. Inc.

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix A: Companies (Main Set) in Each Industry, by SIC Code

Valhi, Inc. Vertex Pharmaceuticals SIGA Technologies, Inc.

W. R. Grace & Co. Incorporated

Zoetis Inc. SIC 284

SIC 283 Church & Dwight Co., Inc. AbbVie Inc. SIC 2834 Colgate-Palmolive Alexion Pharmaceuticals, ANI Pharmaceuticals, Inc. Company Inc. IKONICS Corporation Balchem Corporation Amgen Inc. Inter Parfums, Inc. Baxter International Inc. ANI Pharmaceuticals, Inc. Ocean Bio-Chem, Inc. BioSpecifics Technologies Anika Therapeutics, Inc. The Clorox Company Corp. Balchem Corporation Bristol-Myers Squibb The Estée Lauder Baxter International Inc. Companies Inc. Company Biogen Inc. Corcept Therapeutics BioSpecifics Technologies SIC 286 Incorporated Corp. FutureFuel Corp. Eli Lilly and Company Bio-Techne Corporation Innoviva, Inc. NewMarket Corporation

Bristol-Myers Squibb LifeVantage Corporation REX American Resources Company Corporation Ligand Pharmaceuticals Catalent, Inc. Incorporated Sensient Technologies Corporation Corcept Therapeutics Mannatech, Incorporated Incorporated Merck & Co., Inc. Westlake Chemical Eli Lilly and Company Corporation Natural Alternatives Emergent BioSolutions Inc. International, Inc. Westlake Chemical Enanta Pharmaceuticals, Partners LP Nature's Sunshine Inc. Products, Inc. Exelixis, Inc. SIC 287 Nektar Therapeutics Gilead Sciences, Inc. Nu Skin Enterprises, Inc. American Vanguard Heska Corporation Corporation Pfizer Inc. IDEXX Laboratories, Inc. Regeneron CF Industries Holdings, Inc. Innoviva, Inc. Pharmaceuticals, Inc. FMC Corporation LifeVantage Corporation Supernus Pharmaceuticals, The Mosaic Company Ligand Pharmaceuticals Inc. The Scotts Miracle-Gro Incorporated United Therapeutics Company Luminex Corporation Corporation Mannatech, Incorporated United-Guardian, Inc. SIC 29 Merck & Co., Inc. USANA Health Sciences, Chevron Corporation Meridian Bioscience, Inc. Inc. CVR Energy, Inc. Myriad Genetics, Inc. Vertex Pharmaceuticals Delek US Holdings, Inc. Natural Alternatives Incorporated Exxon Mobil Corporation International, Inc. Zoetis Inc. HollyFrontier Corporation Nature's Sunshine PBF Energy Inc. Products, Inc. SIC 2835 Phillips 66 Nektar Therapeutics Heska Corporation Quaker Chemical Neogen Corporation Corporation IDEXX Laboratories, Inc. Nu Skin Enterprises, Inc. Renewable Energy Group, Luminex Corporation OraSure Technologies, Inc. Inc. Myriad Genetics, Inc. Pfizer Inc. Trecora Resources OraSure Technologies, Inc. Phibro Animal Health Valero Energy Corporation Quidel Corporation Corporation SIC 291 Quidel Corporation SIC 2836 Chevron Corporation Regeneron AbbVie Inc. CVR Energy, Inc. Pharmaceuticals, Inc. Alexion Pharmaceuticals, Delek US Holdings, Inc. Repligen Corporation Inc. Exxon Mobil Corporation SIGA Technologies, Inc. Amgen Inc. HollyFrontier Corporation Supernus Pharmaceuticals, Anika Therapeutics, Inc. PBF Energy Inc. Inc. Biogen Inc. Phillips 66 United Therapeutics Emergent BioSolutions Inc. Corporation Enanta Pharmaceuticals, Trecora Resources Inc. Valero Energy Corporation United-Guardian, Inc. USANA Health Sciences, Exelixis, Inc.

Inc. Gilead Sciences, Inc. SIC 3

Repligen Corporation A. O. Smith Corporation

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix A: Companies (Main Set) in Each Industry, by SIC Code

AAON, Inc. Bruker Corporation Donaldson Company, Inc.

Abiomed, Inc. Brunswick Corporation Dorman Products, Inc. Acme United Corporation BWX Technologies, Inc. Douglas Dynamics, Inc.

Acuity Brands, Inc. Caleres, Inc. Dover Corporation ADTRAN, Inc. Callaway Golf Company Dril-Quip, Inc.

Advanced Drainage Cantel Medical Corp. Ducommun Incorporated

Systems, Inc. Carpenter Technology Eagle Materials Inc.

Advanced Energy Corporation EchoStar Corporation

Industries, Inc. Caterpillar Inc. Edwards Lifesciences AeroVironment, Inc. Cemtrex, Inc. Corporation

AGCO Corporation Chicago Rivet & Machine Electromed, Inc. Alamo Group Inc. Co. Electro-Sensors, Inc.

Align Technology, Inc. China Automotive Systems, Emerson Electric Co. Inc. Allied Motion Technologies Encore Wire Corporation Inc. Ciena Corporation EnerSys CIRCOR International, Inc. Allison Transmission EnPro Industries, Inc. Holdings, Inc. Cirrus Logic, Inc. Entegris, Inc. Altra Industrial Motion Cisco Systems, Inc. Escalade, Incorporated Corp. Clearfield, Inc. American Axle & ESCO Technologies Inc. Coda Octopus Group, Inc. Manufacturing Holdings, Espey Mfg. & Electronics Cognex Corporation Corp. Inc. Coherent, Inc. FARO Technologies, Inc. American Outdoor Brands Cohu, Inc. Federal Signal Corporation Corporation Colfax Corporation First Solar, Inc. AMETEK, Inc. FLIR Systems, Inc. Amkor Technology, Inc. Columbus McKinnon Corporation Flowserve Corporation Amphenol Corporation Commercial Metals FormFactor, Inc. Amtech Systems, Inc. Company Fortinet, Inc. Analog Devices, Inc. Commercial Vehicle Group, Fossil Group, Inc. Apple Inc. Inc. Fox Factory Holding Corp. Applied Materials, Inc. Applied Optoelectronics, CommScope Holding Franklin Electric Co., Inc. Company, Inc. Inc. Friedman Industries, CompX International Inc. AptarGroup, Inc. Incorporated

Arista Networks, Inc. Comtech Genasys Inc. Telecommunications Corp. Armstrong World Gencor Industries, Inc. Industries, Inc. CONMED Corporation Generac Holdings Inc.

Astec Industries, Inc. Continental Building General Dynamics Products, Inc. Corporation Astronics Corporation General Motors Company AstroNova, Inc. Cooper Tire & Rubber Company Gentex Corporation Atrion Corporation Gentherm Incorporated Autoliv, Inc. Cooper-Standard Holdings Inc. Globus Medical, Inc. AVX Corporation Graco Inc. Axcelis Technologies, Inc. Core Molding Technologies, Inc. Graham Corporation Axon Enterprise, Inc. Griffon Corporation AXT, Inc. Cornerstone Building Brands, Inc. Haemonetics Corporation Badger Meter, Inc. Corning Incorporated Harley-Davidson, Inc. Ball Corporation Crane Co. Harsco Corporation Barnes Group Inc. Crown Holdings, Inc. Hasbro, Inc. Becton, Dickinson and CTS Corporation Haynes International, Inc. Company Cubic Corporation HEICO Corporation Belden Inc. Curtiss-Wright Corporation Helios Technologies, Inc. Benchmark Electronics, Inc. CVD Equipment Bio-Rad Laboratories, Inc. Hillenbrand, Inc. Corporation BK Technologies Hologic, Inc. CyberOptics Corporation Corporation HP Inc. Daktronics, Inc. BorgWarner Inc. Hubbell Incorporated Dana Incorporated Boston Scientific Huntington Ingalls Corporation Danaher Corporation Industries, Inc. Brady Corporation Data I/O Corporation Hurco Companies, Inc. Briggs & Stratton Deere & Company Hyster-Yale Materials Corporation Digi International Inc. Handling, Inc. Broadcom Inc. Diodes Incorporated ICU Medical, Inc.

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix A: Companies (Main Set) in Each Industry, by SIC Code

IDEX Corporation Mettler-Toledo Preformed Line Products IEC Electronics Corp. International Inc. Company

II-VI Incorporated Microchip Technology Pro-Dex, Inc. Illinois Tool Works Inc. Incorporated Proto Labs, Inc.

Illumina, Inc. Micron Technology, Inc. Qorvo, Inc. Inogen, Inc. Miller Industries, Inc. QUALCOMM Incorporated

Insteel Industries, Inc. Mitek Systems, Inc. Quanex Building Products

Integer Holdings MKS Instruments, Inc. Corporation Corporation Modine Manufacturing Raven Industries, Inc.

Integra LifeSciences Company Raytheon Company Holdings Corporation Monolithic Power Systems, RBC Bearings Incorporated Intel Corporation Inc. Regal Beloit Corporation inTEST Corporation Moog Inc. ResMed Inc. IntriCon Corporation Motorcar Parts of America, Rexnord Corporation Intuitive Surgical, Inc. Inc. RF Industries, Ltd. IPG Photonics Corporation Movado Group, Inc. Rockwell Automation, Inc. IRadimed Corporation MSA Safety Incorporated Rocky Brands, Inc. iRobot Corporation MTS Systems Corporation Rogers Corporation ITT Inc. Mueller Industries, Inc. Roper Technologies, Inc. Jabil Inc. Mueller Water Products, Sanmina Corporation Inc. John Bean Technologies Sealed Air Corporation Corporation Napco Security Semtech Corporation Johnson Outdoors Inc. Technologies, Inc. Servotronics, Inc. Juniper Networks, Inc. National Presto Industries, Shiloh Industries, Inc. Kadant Inc. Inc. SigmaTron International, Kaiser Aluminum Natus Medical Inc. Corporation Incorporated Silgan Holdings Inc. KEMET Corporation Nautilus, Inc. Silicon Laboratories Inc. NetApp, Inc. Kewaunee Scientific Simpson Manufacturing Corporation NETGEAR, Inc. Co., Inc. Key Tronic Corporation NIKE, Inc. Skechers U.S.A., Inc. Kimball Electronics, Inc. Nordson Corporation Skyworks Solutions, Inc. KLA Corporation Northrop Grumman Snap-on Incorporated Corporation Kulicke and Soffa Socket Mobile, Inc. Industries, Inc. Nucor Corporation SORL Auto Parts, Inc. L3Harris Technologies, Inc. NuVasive, Inc. Spartan Motors, Inc. Lakeland Industries, Inc. NVE Corporation Spirit AeroSystems Lam Research Corporation NVIDIA Corporation Holdings, Inc. LCI Industries O-I Glass, Inc. SPX Corporation LeMaitre Vascular, Inc. Oil-Dri Corporation of Standard Motor Products, America Lennox International Inc. Inc. Omega Flex, Inc. Lifetime Brands, Inc. Standex International LightPath Technologies, ON Semiconductor Corporation Inc. Corporation Stanley Black & Decker, Inc. Lincoln Electric Holdings, OneSpan Inc. Steel Dynamics, Inc. Inc. Onto Innovation Inc. Steven Madden, Ltd. Lindsay Corporation Orthofix Medical Inc. Stoneridge, Inc. Littelfuse, Inc. Oshkosh Corporation Strattec Security Lockheed Martin OSI Systems, Inc. Corporation Corporation Owens Corning Stryker Corporation Lydall, Inc. PACCAR Inc Sturm, Ruger & Company, Malibu Boats, Inc. Parker-Hannifin Inc. Marine Products Corporation SunCoke Energy, Inc. Corporation PDF Solutions, Inc. Synalloy Corporation Masimo Corporation PerkinElmer, Inc. Synaptics Incorporated Materion Corporation PGT Innovations, Inc. Tapestry, Inc. Maxim Integrated Photronics, Inc. Taylor Devices, Inc. Products, Inc. Plantronics, Inc. Teledyne Technologies Mercury Systems, Inc. Plexus Corp. Incorporated Merit Medical Systems, Inc. Polaris Inc. Teleflex Incorporated Meritor, Inc. Powell Industries, Inc. Tennant Company Mesa Laboratories, Inc. Power Integrations, Inc. Teradyne, Inc. Methode Electronics, Inc.

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix A: Companies (Main Set) in Each Industry, by SIC Code

Terex Corporation Winnebago Industries, Inc. U.S. Concrete, Inc.

Texas Instruments Wolverine World Wide, Inc. ZAGG Inc

Incorporated Woodward, Inc. Textron Inc. Worthington Industries, Inc. SIC 33

The Boeing Company Xerox Holdings Corporation Carpenter Technology

The Cooper Companies, Xilinx, Inc. Corporation Inc. XPEL, Inc. Commercial Metals The Eastern Company Company Xylem Inc. Encore Wire Corporation The Goodyear Tire & ZAGG Inc Rubber Company Zebra Technologies Friedman Industries, The Gorman-Rupp Corporation Incorporated Company Zimmer Biomet Holdings, Haynes International, Inc. The Greenbrier Companies, Inc. Insteel Industries, Inc. Inc. Kaiser Aluminum The Middleby Corporation Corporation SIC 30 The Timken Company Materion Corporation Advanced Drainage The Toro Company Systems, Inc. Mueller Industries, Inc. Thermo Fisher Scientific Steel Dynamics, Inc. AptarGroup, Inc. Inc. SunCoke Energy, Inc. Thermon Group Holdings, Cooper Tire & Rubber Synalloy Corporation Inc. Company

Thor Industries, Inc. Core Molding Technologies, Inc. SIC 331 TransAct Technologies Incorporated NIKE, Inc. Carpenter Technology Corporation Tredegar Corporation Sealed Air Corporation Commercial Metals TriMas Corporation The Goodyear Tire & Company Trimble Inc. Rubber Company Friedman Industries, Trinity Industries, Inc. Tupperware Brands Incorporated TTM Technologies, Inc. Corporation Haynes International, Inc. Tupperware Brands UFP Technologies, Inc. Insteel Industries, Inc. Corporation West Pharmaceutical Steel Dynamics, Inc. U.S. Concrete, Inc. Services SunCoke Energy, Inc. Ubiquiti Inc. Synalloy Corporation UFP Technologies, Inc. SIC 308

Ultra Clean Holdings, Inc. Advanced Drainage SIC 34 Ultralife Corporation Systems, Inc. Acme United Corporation United Technologies AptarGroup, Inc. Axon Enterprise, Inc. Corporation Core Molding Ball Corporation Universal Display Technologies, Inc. Chicago Rivet & Machine Corporation Sealed Air Corporation Co. Universal Electronics Inc. Tupperware Brands CompX International Inc. Utah Medical Products, Inc. Corporation Cornerstone Building Valmont Industries, Inc. UFP Technologies, Inc. Brands, Inc. Varian Medical Systems, Crown Holdings, Inc. Inc. SIC 31 Graham Corporation Vera Bradley, Inc. Caleres, Inc. Griffon Corporation Vicor Corporation Rocky Brands, Inc. Helios Technologies, Inc. VirTra, Inc. Skechers U.S.A., Inc. Lifetime Brands, Inc. Vishay Intertechnology, Inc. Vishay Precision Group, Steven Madden, Ltd. Mueller Water Products, Inc. Inc. Tapestry, Inc. Omega Flex, Inc. Visteon Corporation Vera Bradley, Inc. Parker-Hannifin Wabash National Wolverine World Wide, Inc. Corporation Corporation

WABCO Holdings Inc. PGT Innovations, Inc. SIC 32 Wabtec Corporation Quanex Building Products Armstrong World Corporation Waters Corporation Industries, Inc. Shiloh Industries, Inc. Watts Water Technologies, Continental Building Inc. Silgan Holdings Inc. Products, Inc. Simpson Manufacturing West Pharmaceutical Eagle Materials Inc. Co., Inc. Services O-I Glass, Inc. Sturm, Ruger & Company, Western Digital Corporation Oil-Dri Corporation of Inc. Whirlpool Corporation America The Eastern Company Owens Corning

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix A: Companies (Main Set) in Each Industry, by SIC Code

Watts Water Technologies, Lindsay Corporation SIC 356

Inc. Mitek Systems, Inc. Altra Industrial Motion Corp. NetApp, Inc. Gencor Industries, Inc. SIC 342 NETGEAR, Inc. Graco Inc. Acme United Corporation Nordson Corporation Nordson Corporation CompX International Inc. PDF Solutions, Inc. RBC Bearings Incorporated Lifetime Brands, Inc. Proto Labs, Inc. Rexnord Corporation Simpson Manufacturing RBC Bearings Incorporated Taylor Devices, Inc. Co., Inc. Rexnord Corporation The Gorman-Rupp The Eastern Company Taylor Devices, Inc. Company Tennant Company The Timken Company SIC 349 Terex Corporation

Helios Technologies, Inc. The Gorman-Rupp SIC 357 Mueller Water Products, Company Arista Networks, Inc. Inc. The Middleby Corporation Cisco Systems, Inc. Omega Flex, Inc. The Timken Company Parker-Hannifin Digi International Inc. The Toro Company Corporation TransAct Technologies Fortinet, Inc. HP Inc. Watts Water Technologies, Incorporated Inc. Juniper Networks, Inc. Western Digital Corporation Mitek Systems, Inc. Xerox Holdings Corporation SIC 35 NetApp, Inc. Zebra Technologies AAON, Inc. Corporation NETGEAR, Inc.

AGCO Corporation TransAct Technologies Alamo Group Inc. Incorporated SIC 353 Altra Industrial Motion Astec Industries, Inc. Western Digital Corporation Corp. Xerox Holdings Corporation Columbus McKinnon Amtech Systems, Inc. Corporation Zebra Technologies Applied Materials, Inc. Dril-Quip, Inc. Corporation Arista Networks, Inc.

Astec Industries, Inc. Hyster-Yale Materials Handling, Inc. SIC 3577 Axcelis Technologies, Inc. Terex Corporation Fortinet, Inc. Briggs & Stratton Mitek Systems, Inc. Corporation SIC 355 TransAct Technologies BWX Technologies, Inc. Incorporated Cisco Systems, Inc. Amtech Systems, Inc. Xerox Holdings Corporation Colfax Corporation Applied Materials, Inc. Zebra Technologies Columbus McKinnon Axcelis Technologies, Inc. CVD Equipment Corporation Corporation Corporation CVD Equipment Corporation Entegris, Inc. SIC 36

Deere & Company Kadant Inc. A. O. Smith Corporation

Digi International Inc. Kulicke and Soffa Acuity Brands, Inc.

Dover Corporation Industries, Inc. ADTRAN, Inc.

Dril-Quip, Inc. Lam Research Corporation Advanced Energy

Entegris, Inc. PDF Solutions, Inc. Industries, Inc. Allied Motion Technologies Fortinet, Inc. Proto Labs, Inc. Inc. Gencor Industries, Inc. Amkor Technology, Inc. Graco Inc. SIC 3559 Amphenol Corporation HP Inc. Amtech Systems, Inc. Analog Devices, Inc. Hyster-Yale Materials Applied Materials, Inc. Apple Inc. Handling, Inc. Axcelis Technologies, Inc. CVD Equipment Applied Optoelectronics, IDEX Corporation Inc. Corporation John Bean Technologies Astronics Corporation Entegris, Inc. Corporation AVX Corporation Kulicke and Soffa Juniper Networks, Inc. AXT, Inc. Industries, Inc. Kadant Inc. Belden Inc. Lam Research Corporation Kulicke and Soffa Benchmark Electronics, Inc. PDF Solutions, Inc. Industries, Inc. BK Technologies Proto Labs, Inc. Lam Research Corporation Corporation Lennox International Inc. Broadcom Inc.

Lincoln Electric Holdings, Ciena Corporation Inc.

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix A: Companies (Main Set) in Each Industry, by SIC Code

Cirrus Logic, Inc. Synaptics Incorporated Comtech

Clearfield, Inc. Texas Instruments Telecommunications Corp.

CommScope Holding Incorporated EchoStar Corporation

Company, Inc. Thermon Group Holdings, Socket Mobile, Inc. Inc. Comtech Ubiquiti Inc. TTM Technologies, Inc. Telecommunications Corp. Ubiquiti Inc. CTS Corporation SIC 367 Ultra Clean Holdings, Inc. Diodes Incorporated Advanced Energy Ultralife Corporation EchoStar Corporation Industries, Inc. Universal Display EnerSys Amkor Technology, Inc. Corporation Espey Mfg. & Electronics Amphenol Corporation Universal Electronics Inc. Corp. Analog Devices, Inc. Vicor Corporation First Solar, Inc. Applied Optoelectronics, VirTra, Inc. Franklin Electric Co., Inc. Inc. Vishay Intertechnology, Inc. Genasys Inc. AVX Corporation Vishay Precision Group, Generac Holdings Inc. AXT, Inc. Inc. IEC Electronics Corp. Belden Inc. Whirlpool Corporation Intel Corporation Benchmark Electronics, Inc. Woodward, Inc. IPG Photonics Corporation Broadcom Inc. Xilinx, Inc. Jabil Inc. Cirrus Logic, Inc.

KEMET Corporation Clearfield, Inc. SIC 362 Key Tronic Corporation CTS Corporation Allied Motion Technologies Kimball Electronics, Inc. Inc. Diodes Incorporated Espey Mfg. & Electronics Littelfuse, Inc. Franklin Electric Co., Inc. Corp. Maxim Integrated Generac Holdings Inc. First Solar, Inc. Products, Inc. Regal Beloit Corporation IEC Electronics Corp. Mercury Systems, Inc. Servotronics, Inc. Intel Corporation Methode Electronics, Inc. Woodward, Inc. IPG Photonics Corporation Microchip Technology Jabil Inc. Incorporated SIC 3621 KEMET Corporation Micron Technology, Inc. Allied Motion Technologies Inc. Key Tronic Corporation Monolithic Power Systems, Inc. Franklin Electric Co., Inc. Kimball Electronics, Inc.

Motorcar Parts of America, Generac Holdings Inc. Maxim Integrated Products, Inc. Inc. Regal Beloit Corporation Servotronics, Inc. Mercury Systems, Inc. Napco Security Technologies, Inc. Methode Electronics, Inc.

NVE Corporation SIC 366 Microchip Technology Incorporated NVIDIA Corporation ADTRAN, Inc. Micron Technology, Inc. ON Semiconductor Apple Inc. BK Technologies Corporation Monolithic Power Systems, Corporation Inc. OneSpan Inc. Ciena Corporation NVE Corporation Photronics, Inc. CommScope Holding NVIDIA Corporation Plantronics, Inc. Company, Inc. Plexus Corp. ON Semiconductor Comtech Corporation Powell Industries, Inc. Telecommunications Corp. Photronics, Inc. Power Integrations, Inc. EchoStar Corporation Plexus Corp. Preformed Line Products Napco Security Power Integrations, Inc. Company Technologies, Inc. Qorvo, Inc. Qorvo, Inc. OneSpan Inc. RF Industries, Ltd. QUALCOMM Incorporated Plantronics, Inc. Sanmina Corporation Regal Beloit Corporation Socket Mobile, Inc. Semtech Corporation RF Industries, Ltd. Ubiquiti Inc. SigmaTron International, Sanmina Corporation Inc. Semtech Corporation Silicon Laboratories Inc. Servotronics, Inc. SIC 3663 Skyworks Solutions, Inc. SigmaTron International, Apple Inc. BK Technologies Stoneridge, Inc. Inc. Silicon Laboratories Inc. Corporation Synaptics Incorporated

Skyworks Solutions, Inc. CommScope Holding Texas Instruments Company, Inc. Incorporated Socket Mobile, Inc. TTM Technologies, Inc. Stoneridge, Inc.

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix A: Companies (Main Set) in Each Industry, by SIC Code

Ultra Clean Holdings, Inc. Thermon Group Holdings, SIC 371 Inc. Universal Display Allison Transmission Corporation Ultralife Corporation Holdings, Inc. Vicor Corporation VirTra, Inc. American Axle &

Vishay Intertechnology, Inc. Manufacturing Holdings, Vishay Precision Group, SIC 37 Inc. Inc. AeroVironment, Inc. Autoliv, Inc. Xilinx, Inc. Allison Transmission BorgWarner Inc. Holdings, Inc. China Automotive Systems, SIC 3672 American Axle & Inc.

Benchmark Electronics, Inc. Manufacturing Holdings, Commercial Vehicle Group, IEC Electronics Corp. Inc. Inc. Jabil Inc. Autoliv, Inc. Cooper-Standard Holdings Plexus Corp. BorgWarner Inc. Inc.

Sanmina Corporation China Automotive Systems, Dana Incorporated SigmaTron International, Inc. Dorman Products, Inc. Inc. Commercial Vehicle Group, Federal Signal Corporation TTM Technologies, Inc. Inc. General Motors Company

Cooper-Standard Holdings Gentex Corporation SIC 3674 Inc. Gentherm Incorporated Amkor Technology, Inc. Dana Incorporated LCI Industries Analog Devices, Inc. Dorman Products, Inc. Meritor, Inc. Applied Optoelectronics, Ducommun Incorporated Miller Industries, Inc. Inc. Federal Signal Corporation AXT, Inc. Modine Manufacturing Fox Factory Holding Corp. Company Broadcom Inc. General Motors Company PACCAR Inc Cirrus Logic, Inc. Gentex Corporation SORL Auto Parts, Inc. Diodes Incorporated Gentherm Incorporated Spartan Motors, Inc. First Solar, Inc. Harley-Davidson, Inc. Strattec Security Intel Corporation Huntington Ingalls Corporation IPG Photonics Corporation Industries, Inc. Visteon Corporation Kimball Electronics, Inc. LCI Industries Wabash National Maxim Integrated Lockheed Martin Corporation

Products, Inc. Corporation WABCO Holdings Inc.

Mercury Systems, Inc. Malibu Boats, Inc. XPEL, Inc.

Microchip Technology Marine Products Corporation Incorporated SIC 3714 Meritor, Inc. Micron Technology, Inc. Allison Transmission Monolithic Power Systems, Miller Industries, Inc. Holdings, Inc. Inc. Modine Manufacturing American Axle & Company NVE Corporation Manufacturing Holdings, PACCAR Inc Inc. NVIDIA Corporation Polaris Inc. Autoliv, Inc. ON Semiconductor SORL Auto Parts, Inc. BorgWarner Inc. Corporation Spartan Motors, Inc. Photronics, Inc. China Automotive Systems, Inc. Power Integrations, Inc. Spirit AeroSystems Holdings, Inc. Qorvo, Inc. Commercial Vehicle Group, Strattec Security Inc. Semtech Corporation Corporation Silicon Laboratories Inc. Cooper-Standard Holdings Textron Inc. Inc. Skyworks Solutions, Inc. The Boeing Company Dana Incorporated Synaptics Incorporated The Greenbrier Companies, Dorman Products, Inc. Texas Instruments Inc. Incorporated Gentex Corporation Thor Industries, Inc. Ultra Clean Holdings, Inc. Gentherm Incorporated Visteon Corporation Universal Display Meritor, Inc. Wabash National Corporation Modine Manufacturing Corporation Xilinx, Inc. Company WABCO Holdings Inc. SORL Auto Parts, Inc. Wabtec Corporation SIC 369 Strattec Security Winnebago Industries, Inc. Corporation EnerSys XPEL, Inc. Visteon Corporation Motorcar Parts of America, Inc. WABCO Holdings Inc.

XPEL, Inc.

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix A: Companies (Main Set) in Each Industry, by SIC Code

Natus Medical Teradyne, Inc. Incorporated SIC 38 Abiomed, Inc. NuVasive, Inc. SIC 3826 Onto Innovation Inc. Align Technology, Inc. Bio-Rad Laboratories, Inc. Orthofix Medical Inc. Atrion Corporation Bruker Corporation OSI Systems, Inc. Badger Meter, Inc. Coherent, Inc. PerkinElmer, Inc. Becton, Dickinson and Illumina, Inc. Pro-Dex, Inc. Company Mettler-Toledo ResMed Inc. Bio-Rad Laboratories, Inc. International Inc. Roper Technologies, Inc. Boston Scientific Thermo Fisher Scientific Corporation Stryker Corporation Inc.

Bruker Corporation Teledyne Technologies Waters Corporation

Cantel Medical Corp. Incorporated

Coda Octopus Group, Inc. Teleflex Incorporated SIC 384

Cognex Corporation Teradyne, Inc. Abiomed, Inc. The Cooper Companies, Coherent, Inc. Align Technology, Inc. Inc. Cohu, Inc. Atrion Corporation Thermo Fisher Scientific CONMED Corporation Becton, Dickinson and Inc. CyberOptics Corporation Company Trimble Inc. Danaher Corporation Boston Scientific Utah Medical Products, Inc. Corporation Data I/O Corporation Varian Medical Systems, Cantel Medical Corp. Edwards Lifesciences Inc. Corporation Waters Corporation CONMED Corporation

Electromed, Inc. Zimmer Biomet Holdings, Edwards Lifesciences Inc. Corporation Electro-Sensors, Inc. Electromed, Inc. FARO Technologies, Inc. SIC 382 Globus Medical, Inc. FLIR Systems, Inc. Badger Meter, Inc. Haemonetics Corporation FormFactor, Inc. Bio-Rad Laboratories, Inc. Hologic, Inc. Fossil Group, Inc. Bruker Corporation ICU Medical, Inc. Globus Medical, Inc. Haemonetics Corporation Cognex Corporation Inogen, Inc. Integer Holdings Hologic, Inc. Coherent, Inc. Corporation Hurco Companies, Inc. Cohu, Inc. Integra LifeSciences ICU Medical, Inc. CyberOptics Corporation Holdings Corporation II-VI Incorporated Data I/O Corporation IntriCon Corporation Illumina, Inc. Electro-Sensors, Inc. Intuitive Surgical, Inc. Inogen, Inc. FARO Technologies, Inc. IRadimed Corporation Integer Holdings FormFactor, Inc. Lakeland Industries, Inc. Corporation Hurco Companies, Inc. LeMaitre Vascular, Inc. Integra LifeSciences II-VI Incorporated Masimo Corporation Holdings Corporation Illumina, Inc. Merit Medical Systems, Inc. inTEST Corporation inTEST Corporation MSA Safety Incorporated IntriCon Corporation Kewaunee Scientific Natus Medical Intuitive Surgical, Inc. Corporation Incorporated IRadimed Corporation KLA Corporation NuVasive, Inc. Kewaunee Scientific LightPath Technologies, Orthofix Medical Inc. Corporation Inc. OSI Systems, Inc. KLA Corporation Mettler-Toledo Pro-Dex, Inc. L3Harris Technologies, Inc. International Inc. ResMed Inc. Lakeland Industries, Inc. MTS Systems Corporation Stryker Corporation LeMaitre Vascular, Inc. Onto Innovation Inc. Teleflex Incorporated LightPath Technologies, Teradyne, Inc. Utah Medical Products, Inc. Inc. Thermo Fisher Scientific Varian Medical Systems, Masimo Corporation Inc. Inc. Merit Medical Systems, Inc. Trimble Inc. Zimmer Biomet Holdings, Mesa Laboratories, Inc. Waters Corporation Inc.

Mettler-Toledo International Inc. SIC 3825 SIC 3841 Movado Group, Inc. Cohu, Inc. Abiomed, Inc. MSA Safety Incorporated Data I/O Corporation Atrion Corporation MTS Systems Corporation FormFactor, Inc. Becton, Dickinson and inTEST Corporation Company

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix A: Companies (Main Set) in Each Industry, by SIC Code

Globus Medical, Inc. American Water Works Hawaiian Holdings, Inc. Haemonetics Corporation Company, Inc. Heartland Express, Inc.

ICU Medical, Inc. ArcBest Corporation Hemisphere Media Group, Inc. IRadimed Corporation Artesian Resources Heritage-Crystal Clean, Inc LeMaitre Vascular, Inc. Corporation Holly Energy Partners, L.P. Merit Medical Systems, Inc. AT&T Inc. Hub Group, Inc. NuVasive, Inc. Atlas Air Worldwide IDACORP, Inc. Pro-Dex, Inc. Holdings, Inc. IDT Corporation Teleflex Incorporated Atmos Energy Corporation Iridium Communications ATN International, Inc. Inc. SIC 3842 Avista Corporation Beasley Broadcast Group, J.B. Hunt Transport Edwards Lifesciences Services, Inc. Inc. Corporation JetBlue Airways Black Hills Corporation Integra LifeSciences Corporation C.H. Robinson Worldwide, Holdings Corporation Kansas City Southern Inc. IntriCon Corporation Kinder Morgan, Inc. California Water Service Lakeland Industries, Inc. Group Knight-Swift Transportation Holdings MSA Safety Incorporated CenterPoint Energy, Inc. Zimmer Biomet Holdings, Inc. CenturyLink, Inc. Inc. Landstar System, Inc. Charter Communications, Inc. Magellan Midstream SIC 3845 Chesapeake Utilities Partners, L.P.

CONMED Corporation Corporation Marten Transport, Ltd.

Electromed, Inc. CMS Energy Corporation Matson, Inc.

Inogen, Inc. CNX Midstream Partners MGE Energy, Inc.

Integer Holdings LP Middlesex Water Company Corporation Cogent Communications MPLX LP

Intuitive Surgical, Inc. Holdings, Inc. MSG Networks Inc.

Masimo Corporation Consolidated Edison, Inc. New Jersey Resources Natus Medical Covanta Holding Corporation Incorporated Corporation Nexstar Media Group, Inc. ResMed Inc. Covenant Transportation NextEra Energy Partners, Utah Medical Products, Inc. Group, Inc. LP Varian Medical Systems, CSX Corporation NextEra Energy, Inc. Inc. Delta Air Lines, Inc. NiSource Inc.

Discovery, Inc. Norfolk Southern SIC 39 DISH Network Corporation Corporation Brady Corporation Dominion Energy, Inc. Northwest Natural Holding Callaway Golf Company DTE Energy Company Company Daktronics, Inc. Duke Energy Corporation NorthWestern Corporation Escalade, Incorporated Echo Global Logistics, Inc. OGE Energy Corp. Hasbro, Inc. Old Dominion Freight Line, Edison International iRobot Corporation Inc. El Paso Electric Company Nautilus, Inc. ONE Gas, Inc. Enable Midstream Partners, ONEOK, Inc. LP SIC 4 Otelco Inc. Energy Transfer LP P.A.M. Transportation Air Transport Services Entergy Corporation Services, Inc. Group, Inc. EQM Midstream Partners, LP Pattern Energy Group Inc. Alaska Air Group, Inc. Era Group Inc. PBF Logistics LP Alaska Communications Systems Group, Inc. Evergy, Inc. Phillips 66 Partners LP

Allegiant Travel Company Eversource Energy Pinnacle West Capital

ALLETE, Inc. Exelon Corporation Corporation

Alliant Energy Corporation Expedia Group, Inc. PNM Resources, Inc.

AMC Networks Inc. Expeditors International of Portland General Electric Ameren Corporation Washington, Inc. Company

American Airlines Group FedEx Corporation PPL Corporation Inc. Forward Air Corporation Public Service Enterprise American Electric Power GATX Corporation Group Incorporated

Company, Inc. Gray Television, Inc. Radiant Logistics, Inc.

American States Water Hawaiian Electric Republic Services, Inc. Company Industries, Inc. RGC Resources, Inc.

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix A: Companies (Main Set) in Each Industry, by SIC Code

Saga Communications, Inc. C.H. Robinson Worldwide, American Airlines Group Inc. Inc. Saia, Inc. Covenant Transportation Delta Air Lines, Inc. Sempra Energy Shell Midstream Partners, Group, Inc. Hawaiian Holdings, Inc.

L.P. Forward Air Corporation JetBlue Airways Corporation Shenandoah Heartland Express, Inc. SkyWest, Inc. Telecommunications J.B. Hunt Transport Southwest Airlines Co. Company Services, Inc. Sinclair Broadcast Group, Knight-Swift Spirit Airlines, Inc.

Inc. Transportation Holdings United Airlines Holdings, Sirius XM Holdings Inc. Inc. Inc.

SJW Group Landstar System, Inc. SIC 46 SkyWest, Inc. Marten Transport, Ltd. Old Dominion Freight Line, Holly Energy Partners, L.P. Southwest Airlines Co. Inc. Spark Energy, Inc. Magellan Midstream P.A.M. Transportation Partners, L.P. Spire Inc. Services, Inc. MPLX LP Spirit Airlines, Inc. Saia, Inc. PBF Logistics LP Spok Holdings, Inc. United Parcel Service, Inc. Phillips 66 Partners LP Stericycle, Inc. Werner Enterprises, Inc. Shell Midstream Partners, TEGNA Inc. L.P. Telephone and Data SIC 4213 USD Partners LP Systems, Inc. ArcBest Corporation The AES Corporation C.H. Robinson Worldwide, SIC 47 The E.W. Scripps Company Inc. Echo Global Logistics, Inc. The Liberty SiriusXM Group Covenant Transportation Expedia Group, Inc. The Providence Service Group, Inc. Corporation Expeditors International of Heartland Express, Inc. Washington, Inc. The Southern Company J.B. Hunt Transport GATX Corporation The Williams Companies, Services, Inc. Hub Group, Inc. Inc. Knight-Swift Radiant Logistics, Inc. The York Water Company Transportation Holdings XPO Logistics, Inc. T-Mobile US, Inc. Inc.

Townsquare Media, Inc. Landstar System, Inc. UGI Corporation SIC 473 Marten Transport, Ltd. Union Pacific Corporation Old Dominion Freight Line, Echo Global Logistics, Inc. United Airlines Holdings, Inc. Expeditors International of Inc. P.A.M. Transportation Washington, Inc.

United Parcel Service, Inc. Services, Inc. Hub Group, Inc.

United States Cellular Saia, Inc. Radiant Logistics, Inc.

Corporation Werner Enterprises, Inc. XPO Logistics, Inc.

Unitil Corporation Universal Logistics SIC 45 SIC 48

Holdings, Inc. Alaska Air Group, Inc. Alaska Communications US Ecology, Inc. Allegiant Travel Company Systems Group, Inc. USA Truck, Inc. American Airlines Group AMC Networks Inc. Inc. USD Partners LP AT&T Inc. Verizon Communications Atlas Air Worldwide ATN International, Inc. Inc. Holdings, Inc. Beasley Broadcast Group, ViacomCBS Inc. Delta Air Lines, Inc. Inc. Vonage Holdings Corp. Era Group Inc. CenturyLink, Inc. Waste Management, Inc. Hawaiian Holdings, Inc. Charter Communications,

WEC Energy Group, Inc. JetBlue Airways Inc.

Werner Enterprises, Inc. Corporation Cogent Communications

Westcore Energy Ltd. SkyWest, Inc. Holdings, Inc.

Southwest Airlines Co. Discovery, Inc. Western Midstream Partners, LP Spirit Airlines, Inc. DISH Network Corporation United Airlines Holdings, Xcel Energy Inc. Gray Television, Inc. Inc. Hemisphere Media Group, XPO Logistics, Inc. Inc. Zayo Group Holdings, Inc. SIC 451 IDT Corporation

Alaska Air Group, Inc. Iridium Communications SIC 42 Inc. Allegiant Travel Company ArcBest Corporation MSG Networks Inc.

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix A: Companies (Main Set) in Each Industry, by SIC Code

Nexstar Media Group, Inc. Otelco Inc. Dominion Energy, Inc.

Otelco Inc. DTE Energy Company

Saga Communications, Inc. SIC 483 Duke Energy Corporation AMC Networks Inc. Edison International Shenandoah Telecommunications Beasley Broadcast Group, El Paso Electric Company Inc. Company Enable Midstream Partners, Gray Television, Inc. Sinclair Broadcast Group, LP Hemisphere Media Group, Inc. Entergy Corporation Inc. Sirius XM Holdings Inc. EQM Midstream Partners, Nexstar Media Group, Inc. Spok Holdings, Inc. LP Saga Communications, Inc. TEGNA Inc. Evergy, Inc. Sinclair Broadcast Group, Telephone and Data Eversource Energy Inc. Systems, Inc. Exelon Corporation Sirius XM Holdings Inc. The E.W. Scripps Company Hawaiian Electric TEGNA Inc. The Liberty SiriusXM Group Industries, Inc. The E.W. Scripps Company T-Mobile US, Inc. Heritage-Crystal Clean, Inc The Liberty SiriusXM Group Townsquare Media, Inc. IDACORP, Inc. Townsquare Media, Inc. United States Cellular Kinder Morgan, Inc.

Corporation MGE Energy, Inc. SIC 4832 Verizon Communications Middlesex Water Company Inc. Beasley Broadcast Group, Inc. New Jersey Resources ViacomCBS Inc. Corporation Saga Communications, Inc. Vonage Holdings Corp. NextEra Energy Partners, Sirius XM Holdings Inc. Zayo Group Holdings, Inc. LP The Liberty SiriusXM Group NextEra Energy, Inc. Townsquare Media, Inc. SIC 481 NiSource Inc.

Northwest Natural Holding Alaska Communications SIC 4833 Systems Group, Inc. Company AMC Networks Inc. AT&T Inc. NorthWestern Corporation Gray Television, Inc. ATN International, Inc. OGE Energy Corp. Hemisphere Media Group, CenturyLink, Inc. ONE Gas, Inc. Inc. Cogent Communications ONEOK, Inc. Nexstar Media Group, Inc. Holdings, Inc. Sinclair Broadcast Group, Pattern Energy Group Inc.

IDT Corporation Inc. Pinnacle West Capital

Otelco Inc. TEGNA Inc. Corporation

The E.W. Scripps Company PNM Resources, Inc. Shenandoah Telecommunications Portland General Electric Company SIC 49 Company Spok Holdings, Inc. ALLETE, Inc. PPL Corporation

Telephone and Data Alliant Energy Corporation Public Service Enterprise

Systems, Inc. Ameren Corporation Group Incorporated

T-Mobile US, Inc. American Electric Power Republic Services, Inc.

United States Cellular Company, Inc. RGC Resources, Inc.

Corporation American States Water Sempra Energy

Verizon Communications Company SJW Group Inc. American Water Works Spark Energy, Inc.

Company, Inc. Spire Inc. SIC 4812 Artesian Resources Stericycle, Inc. AT&T Inc. Corporation The AES Corporation ATN International, Inc. Atmos Energy Corporation The Southern Company Spok Holdings, Inc. Avista Corporation The Williams Companies, T-Mobile US, Inc. Inc. Black Hills Corporation California Water Service The York Water Company United States Cellular Corporation Group UGI Corporation CenterPoint Energy, Inc. Unitil Corporation

SIC 4813 Chesapeake Utilities US Ecology, Inc. Corporation Waste Management, Inc. Alaska Communications Systems Group, Inc. CMS Energy Corporation WEC Energy Group, Inc. CNX Midstream Partners CenturyLink, Inc. Westcore Energy Ltd. LP Cogent Communications Western Midstream Consolidated Edison, Inc. Holdings, Inc. Partners, LP Covanta Holding IDT Corporation Xcel Energy Inc. Corporation

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix A: Companies (Main Set) in Each Industry, by SIC Code

RGC Resources, Inc.

SIC 491 Spire Inc. SIC 5

Edison International 1-800-FLOWERS.COM, Inc.

El Paso Electric Company SIC 493 AAR Corp. Entergy Corporation ALLETE, Inc. Abercrombie & Fitch Co.

Exelon Corporation Alliant Energy Corporation Adams Resources &

Hawaiian Electric Ameren Corporation Energy, Inc.

Industries, Inc. Avista Corporation Advance Auto Parts, Inc. IDACORP, Inc. DTE Energy Company Amazon.com, Inc.

NextEra Energy Partners, Duke Energy Corporation AMCON Distributing LP Company Evergy, Inc. NextEra Energy, Inc. American Eagle Outfitters, Eversource Energy Inc. Pinnacle West Capital NorthWestern Corporation Corporation AmerisourceBergen OGE Energy Corp. PNM Resources, Inc. Corporation Public Service Enterprise Anixter International Inc. Portland General Electric Group Incorporated Company Applied Industrial Sempra Energy PPL Corporation Technologies, Inc. Spark Energy, Inc. The Southern Company Aramark UGI Corporation Ark Restaurants Corp. WEC Energy Group, Inc. SIC 492 Arrow Electronics, Inc. Xcel Energy Inc. Asbury Automotive Group, Atmos Energy Corporation Inc. Chesapeake Utilities SIC 4931 AutoNation, Inc. Corporation ALLETE, Inc. Avnet, Inc. CNX Midstream Partners Alliant Energy Corporation Beacon Roofing Supply, LP Inc. Ameren Corporation Enable Midstream Partners, Best Buy Co., Inc. Avista Corporation LP EQM Midstream Partners, DTE Energy Company Big 5 Sporting Goods Corporation LP Duke Energy Corporation Big Lots, Inc. Kinder Morgan, Inc. Evergy, Inc. BJ's Restaurants, Inc. New Jersey Resources Eversource Energy Bloomin' Brands, Inc. Corporation NorthWestern Corporation Boise Cascade Company Northwest Natural Holding OGE Energy Corp. Boot Barn Holdings, Inc. Company Public Service Enterprise Burlington Stores, Inc. ONE Gas, Inc. Group Incorporated Cardinal Health, Inc. ONEOK, Inc. Sempra Energy Carrols Restaurant Group, RGC Resources, Inc. Spark Energy, Inc. Inc. Spire Inc. WEC Energy Group, Inc. Casey's General Stores, Inc. The Williams Companies, Xcel Energy Inc. CDW Corporation Inc. Central Garden & Pet Western Midstream SIC 494 Company Partners, LP American States Water Cheniere Energy Partners,

Company L.P. SIC 4922 American Water Works Chico's FAS, Inc. CNX Midstream Partners Company, Inc. Chipotle Mexican Grill, Inc. LP Artesian Resources Chuy's Holdings, Inc. Enable Midstream Partners, Corporation Citi Trends, Inc. LP California Water Service EQM Midstream Partners, Coffee Holding Co., Inc. Group LP Conn's, Inc. Middlesex Water Company The Williams Companies, Copart, Inc. SJW Group Inc. Core-Mark Holding The York Water Company Western Midstream Company, Inc. Partners, LP Westcore Energy Ltd. Costco Wholesale

Corporation SIC 4924 SIC 495 Cracker Barrel Old Country Covanta Holding Atmos Energy Corporation Store, Inc. Corporation New Jersey Resources CrossAmerica Partners LP Heritage-Crystal Clean, Inc Corporation CVS Health Corporation Republic Services, Inc. Northwest Natural Holding Darden Restaurants, Inc. Stericycle, Inc. Company Dave & Buster's US Ecology, Inc. ONE Gas, Inc. Entertainment, Inc. Waste Management, Inc.

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix A: Companies (Main Set) in Each Industry, by SIC Code

Delek Logistics Partners, Papa John's International, The Kroger Co. LP Inc. The TJX Companies, Inc. Denny's Corporation Patterson Companies, Inc. The Wendy's Company Designer Brands Inc. PC Connection, Inc. Tiffany & Co. DICK'S Sporting Goods, Inc. Penske Automotive Group, Tilly's, Inc. Dillard's, Inc. Inc. Tractor Supply Company Dollar General Corporation PetMed Express, Inc. TravelCenters of America

Dollar Tree, Inc. Plains All American Inc. Dunkin' Brands Group, Inc. Pipeline, L.P. Ulta Beauty, Inc.

El Pollo Loco Holdings, Inc. Pool Corporation Universal Corporation ePlus inc. Potbelly Corporation Urban Outfitters, Inc.

EVI Industries, Inc. Prestige Consumer Village Super Market, Inc. Express, Inc. Healthcare Inc. W.W. Grainger, Inc.

EZCORP, Inc. PriceSmart, Inc. Walgreens Boots Alliance, Inc. Fastenal Company Qurate Retail Inc Fiesta Restaurant Group, RCI Hospitality Holdings, Walmart Inc. Inc. Inc. Watsco, Inc.

FirstCash, Inc. Red Robin Gourmet Wayside Technology Five Below, Inc. Burgers, Inc. Group, Inc.

Flanigan's Enterprises, Inc. Reliance Steel & Aluminum Weis Markets, Inc. Co. Foot Locker, Inc. WESCO International, Inc. RH Francesca's Holdings Weyco Group, Inc. Ross Stores, Inc. Corporation Williams-Sonoma, Inc. Rush Enterprises, Inc. GameStop Corp. World Fuel Services Ruth's Hospitality Group, Genesco Inc. Corporation Inc. Genuine Parts Company YUM! Brands, Inc. Ryerson Holding Global Partners LP Corporation Zumiez Inc.

Group 1 Automotive, Inc. Sally Beauty Holdings, Inc.

Haverty Furniture ScanSource, Inc. SIC 50

Companies, Inc. Schnitzer Steel Industries, AAR Corp. HD Supply Holdings, Inc. Inc. Anixter International Inc. Shoe Carnival, Inc. Henry Schein, Inc. Applied Industrial

Hibbett Sports, Inc. Sonic Automotive, Inc. Technologies, Inc.

Houston Wire & Cable SpartanNash Company Arrow Electronics, Inc.

Company Sportsman's Warehouse Avnet, Inc. Huttig Building Products, Holdings, Inc. Beacon Roofing Supply,

Inc. Sprague Resources LP Inc. Ingles Markets, Sprouts Farmers Market, Boise Cascade Company Incorporated Inc. CDW Corporation Insight Enterprises, Inc. Star Group, L.P. Copart, Inc. Jack in the Box Inc. Starbucks Corporation ePlus inc. Kirkland's, Inc. Suburban Propane EVI Industries, Inc. Kohl's Corporation Partners, L.P. Fastenal Company L Brands, Inc. Sunoco LP Genuine Parts Company Lawson Products, Inc. SYNNEX Corporation HD Supply Holdings, Inc. Lithia Motors, Inc. Sysco Corporation Henry Schein, Inc. LKQ Corporation Systemax Inc. Houston Wire & Cable Lowe's Companies, Inc. Tandy Leather Factory, Inc. Company Macy's, Inc. Target Corporation Huttig Building Products,

MarineMax, Inc. Tech Data Corporation Inc.

McDonald's Corporation Insight Enterprises, Inc. TESSCO Technologies McKesson Corporation Incorporated Lawson Products, Inc. MSC Industrial Direct Co., Texas Roadhouse, Inc. LKQ Corporation Inc. MSC Industrial Direct Co., The Buckle, Inc. Murphy USA Inc. Inc. The Cato Corporation Natural Grocers by Vitamin Olympic Steel, Inc. The Cheesecake Factory Cottage, Inc. Patterson Companies, Inc. Incorporated Natural Health Trends Pool Corporation The Chefs' Warehouse, Inc. Corp. Reliance Steel & Aluminum The Children's Place, Inc. Nordstrom, Inc. Co. The Gap, Inc. Office Depot, Inc. Ryerson Holding The Habit Restaurants, Inc. Corporation Olympic Steel, Inc. The Home Depot, Inc. ScanSource, Inc. O'Reilly Automotive, Inc.

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix A: Companies (Main Set) in Each Industry, by SIC Code

Schnitzer Steel Industries, Natural Health Trends Target Corporation Inc. Corp. Walmart Inc. SYNNEX Corporation Plains All American Systemax Inc. Pipeline, L.P. SIC 54 Tech Data Corporation Prestige Consumer Casey's General Stores, Inc. TESSCO Technologies Healthcare Inc. Ingles Markets, Incorporated SpartanNash Company Incorporated

W.W. Grainger, Inc. Sprague Resources LP Natural Grocers by Vitamin Watsco, Inc. Sunoco LP Cottage, Inc.

Wayside Technology Sysco Corporation Sprouts Farmers Market, Inc. Group, Inc. The Chefs' Warehouse, Inc. The Kroger Co. WESCO International, Inc. Universal Corporation Village Super Market, Inc. Weyco Group, Inc. Weis Markets, Inc. SIC 504 World Fuel Services

CDW Corporation Corporation SIC 541 ePlus inc. Casey's General Stores, Inc. Henry Schein, Inc. SIC 512 Ingles Markets, Insight Enterprises, Inc. AmerisourceBergen Incorporated Patterson Companies, Inc. Corporation Sprouts Farmers Market, SYNNEX Corporation Cardinal Health, Inc. Inc.

Tech Data Corporation McKesson Corporation The Kroger Co. Natural Health Trends Wayside Technology Village Super Market, Inc. Corp. Group, Inc. Weis Markets, Inc. Prestige Consumer

Healthcare Inc. SIC 5045 SIC 5411

CDW Corporation Ingles Markets, SIC 517 ePlus inc. Incorporated Sprouts Farmers Market, Insight Enterprises, Inc. Adams Resources & Energy, Inc. Inc. SYNNEX Corporation Cheniere Energy Partners, The Kroger Co. Tech Data Corporation L.P. Village Super Market, Inc. Wayside Technology CrossAmerica Partners LP Weis Markets, Inc. Group, Inc. Delek Logistics Partners,

LP SIC 55 SIC 506 Global Partners LP Advance Auto Parts, Inc. Anixter International Inc. Plains All American Asbury Automotive Group, Avnet, Inc. Pipeline, L.P. Inc. Houston Wire & Cable Sprague Resources LP AutoNation, Inc. Company Sunoco LP Group 1 Automotive, Inc.

TESSCO Technologies World Fuel Services Lithia Motors, Inc. Incorporated Corporation MarineMax, Inc. WESCO International, Inc. Murphy USA Inc. SIC 53 O'Reilly Automotive, Inc. SIC 51 Big Lots, Inc. Penske Automotive Group, Costco Wholesale Adams Resources & Inc. Energy, Inc. Corporation Rush Enterprises, Inc. AMCON Distributing Dillard's, Inc. Sonic Automotive, Inc. Company Dollar General Corporation TravelCenters of America AmerisourceBergen Dollar Tree, Inc. Inc. Corporation Five Below, Inc.

Cardinal Health, Inc. Kohl's Corporation SIC 56 Central Garden & Pet Macy's, Inc. Abercrombie & Fitch Co. Company PriceSmart, Inc. American Eagle Outfitters, Cheniere Energy Partners, Target Corporation Inc. L.P. Walmart Inc. Boot Barn Holdings, Inc. Coffee Holding Co., Inc. Burlington Stores, Inc.

Core-Mark Holding SIC 533 Chico's FAS, Inc. Company, Inc. Big Lots, Inc. Citi Trends, Inc. CrossAmerica Partners LP Dollar General Corporation Designer Brands Inc. Delek Logistics Partners, Dollar Tree, Inc. Express, Inc. LP Five Below, Inc. Foot Locker, Inc. Global Partners LP PriceSmart, Inc. Francesca's Holdings McKesson Corporation Corporation

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix A: Companies (Main Set) in Each Industry, by SIC Code

Genesco Inc. Ruth's Hospitality Group, Suburban Propane Inc. L Brands, Inc. Partners, L.P. Starbucks Corporation Nordstrom, Inc. Tandy Leather Factory, Inc. Ross Stores, Inc. Texas Roadhouse, Inc. Tiffany & Co.

Shoe Carnival, Inc. The Cheesecake Factory Ulta Beauty, Inc. Incorporated The Buckle, Inc. Walgreens Boots Alliance, The Habit Restaurants, Inc. Inc. The Cato Corporation The Wendy's Company The Children's Place, Inc. The Gap, Inc. YUM! Brands, Inc. SIC 594

The TJX Companies, Inc. Big 5 Sporting Goods SIC 5812 Corporation Tilly's, Inc. Aramark DICK'S Sporting Goods, Inc. Urban Outfitters, Inc. Ark Restaurants Corp. Hibbett Sports, Inc. Zumiez Inc. BJ's Restaurants, Inc. Sportsman's Warehouse

SIC 565 Bloomin' Brands, Inc. Holdings, Inc. Carrols Restaurant Group, Abercrombie & Fitch Co. Tiffany & Co. Inc. Citi Trends, Inc. Chipotle Mexican Grill, Inc. SIC 6 Nordstrom, Inc. Chuy's Holdings, Inc. Ross Stores, Inc. 1347 Property Insurance Cracker Barrel Old Country Holdings, Inc. The Buckle, Inc. Store, Inc. 1st Constitution Bancorp The Gap, Inc. Darden Restaurants, Inc. 1st Source Corporation The TJX Companies, Inc. Denny's Corporation Acadia Realty Trust Urban Outfitters, Inc. Dunkin' Brands Group, Inc. Zumiez Inc. ACNB Corporation El Pollo Loco Holdings, Inc. Affiliated Managers Group, Fiesta Restaurant Group, Inc. SIC 57 Inc. Aflac Incorporated Best Buy Co., Inc. Flanigan's Enterprises, Inc. Agree Realty Corporation Conn's, Inc. Jack in the Box Inc. Alcentra Capital GameStop Corp. McDonald's Corporation Corporation Papa John's International, Haverty Furniture Alerus Financial Companies, Inc. Inc. Corporation

RH Potbelly Corporation Alexander's, Inc.

Red Robin Gourmet Alexandria Real Estate Burgers, Inc. SIC 58 Equities, Inc. Ruth's Hospitality Group, Aramark Alleghany Corporation Inc. Ark Restaurants Corp. AllianceBernstein Holding Starbucks Corporation L.P. BJ's Restaurants, Inc. Texas Roadhouse, Inc. Ally Financial Inc. Bloomin' Brands, Inc. Carrols Restaurant Group, The Cheesecake Factory America First Multifamily Incorporated Inc. Investors, L.P. The Habit Restaurants, Inc. Chipotle Mexican Grill, Inc. American Assets Trust, Inc. The Wendy's Company Chuy's Holdings, Inc. American Campus YUM! Brands, Inc. Cracker Barrel Old Country Communities, Inc. Store, Inc. American Equity SIC 59 Investment Life Holding Darden Restaurants, Inc. 1-800-FLOWERS.COM, Inc. Company Dave & Buster's American Express Entertainment, Inc. Amazon.com, Inc. Company Denny's Corporation Big 5 Sporting Goods American Financial Group, Corporation Dunkin' Brands Group, Inc. Inc. CVS Health Corporation El Pollo Loco Holdings, Inc. American International Fiesta Restaurant Group, DICK'S Sporting Goods, Inc. Group, Inc. Inc. EZCORP, Inc. American National Flanigan's Enterprises, Inc. FirstCash, Inc. Bankshares Inc. Jack in the Box Inc. Hibbett Sports, Inc. American National McDonald's Corporation Kirkland's, Inc. Insurance Company Papa John's International, PC Connection, Inc. American Realty Investors, Inc. PetMed Express, Inc. Inc. Potbelly Corporation Qurate Retail Inc RCI Hospitality Holdings, American River Bankshares Sportsman's Warehouse Inc. American Tower Holdings, Inc. Red Robin Gourmet Corporation (REIT) Star Group, L.P. Burgers, Inc. Ameriprise Financial, Inc.

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix A: Companies (Main Set) in Each Industry, by SIC Code

Ameris Bancorp BayCom Corp Chemung Financial

Amerisafe, Inc. BBX Capital Corporation Corporation AmeriServ Financial, Inc. BCB Bancorp, Inc. China HGS Real Estate Inc.

Ames National Corporation Berkshire Hills Bancorp, Cigna Corporation Inc. Annaly Capital Cincinnati Financial Management, Inc. BGC Partners, Inc. Corporation

Anthem, Inc. BlackRock Capital CIT Group Inc. Investment Corporation Anworth Mortgage Asset Citigroup Inc. BlackRock TCP Capital Corporation Citizens & Northern Corp. Apartment Investment and Corporation BlackRock, Inc. Management Company Citizens Community Blackstone Mortgage Trust, Apollo Commercial Real Bancorp, Inc. Inc. Estate Finance, Inc. Citizens Financial Group, BOK Financial Corporation Inc. Apollo Global Management, Boston Private Financial Inc. Citizens Holding Company Holdings, Inc. Apollo Investment City Holding Company Boston Properties, Inc. Corporation City Office REIT, Inc. BP Prudhoe Bay Royalty Arbor Realty Trust, Inc. Civista Bancshares, Inc. Trust Ares Capital Corporation CME Group Inc. Braemar Hotels & Resorts, Ares Commercial Real CNA Financial Corporation Inc. Estate Corporation CNB Financial Corporation Brandywine Realty Trust Ares Management CNO Financial Group, Inc. Bridge Bancorp, Inc. Corporation Codorus Valley Bancorp, BrightSphere Investment Inc. Armada Hoffler Properties, Group Inc. Cohen & Steers, Inc. Inc. Brixmor Property Group Arrow Financial Colony Bankcorp, Inc. Inc. Corporation Columbia Banking System, Broadway Financial Inc. Arthur J. Gallagher & Co. Corporation Columbia Property Trust, Artisan Partners Asset Brookline Bancorp, Inc. Inc. Management Inc. Brown & Brown, Inc. Comerica Incorporated Associated Banc-Corp BRT Apartments Corp. Commerce Bancshares, Assurant, Inc. Inc. Bryn Mawr Bank Asta Funding, Inc. Corporation Community Bank System, Atlantic American Inc. C&F Financial Corporation Corporation Cambridge Bancorp Community Bankers Trust Atlantic Union Bankshares Camden National Corporation Corporation Corporation Community Trust Bancorp,

Auburn National Camden Property Trust Inc. Bancorporation, Inc. Capital City Bank Group, Community West AvalonBay Communities, Inc. Bancshares Inc. ConnectOne Bancorp, Inc. Capital One Financial Axos Financial, Inc. Corporation Consolidated-Tomoka Banc of California, Inc. Capital Southwest Land Co. Corporation BancFirst Corporation CoreCivic, Inc. Capitol Federal Financial, BancorpSouth Bank CorEnergy Infrastructure Inc. Bank First Corporation Trust, Inc. CareTrust REIT, Inc. Bank of America CoreSite Realty Carolina Financial Corporation Corporation Bank of Commerce Corporation Corporate Office Properties Holdings Carter Bank & Trust Trust Bank of Hawaii Corporation Cathay General Bancorp Cortland Bancorp Bank of Marin Bancorp CB Financial Services, Inc. CorVel Corporation Bank of South Carolina CBRE Group, Inc. Cousins Properties Corporation Centene Corporation CenterState Bank Incorporated Bank of the James Corporation Cowen Inc. Financial Group, Inc. Central Federal Corporation Crawford & Company Bank OZK Central Pacific Financial Credit Acceptance BankFinancial Corporation Corp. Corporation BankUnited, Inc. Central Valley Community Cross Timbers Royalty Bankwell Financial Group, Bancorp Trust Inc. Century Bancorp, Inc. Crown Castle International Banner Corporation CEVA, Inc. Corp. (REIT) Bar Harbor Bankshares Chatham Lodging Trust CubeSmart

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix A: Companies (Main Set) in Each Industry, by SIC Code

Cullen/Frost Bankers, Inc. Fidus Investment Fulton Financial Customers Bancorp, Inc. Corporation Corporation CVB Financial Corp. Fifth Third Bancorp FVCBankcorp, Inc. Financial Institutions, Inc. GAIN Capital Holdings, Inc. Diamond Hill Investment Group, Inc. First American Financial GAMCO Investors, Inc. Corporation DiamondRock Hospitality Gaming and Leisure Company First Bancorp Properties, Inc. Digital Realty Trust, Inc. First BanCorp. Garrison Capital Inc. First Bank Dime Community German American Bancorp, Bancshares, Inc. First Busey Corporation Inc. Discover Financial Services First Business Financial Getty Realty Corp. Diversified Healthcare Services, Inc. Glacier Bancorp, Inc. Trust First Capital, Inc. Gladstone Capital Dolby Laboratories, Inc. First Citizens BancShares, Corporation Donegal Group Inc. Inc. Gladstone Investment Dorchester Minerals, L.P. First Commonwealth Corporation Gladstone Land Douglas Emmett, Inc. Financial Corporation Corporation Duke Realty Corporation First Community Glen Burnie Bancorp E*TRADE Financial Bankshares, Inc. Corporation First Community Globe Life Inc. Eagle Bancorp, Inc. Corporation Golub Capital BDC, Inc. First Defiance Financial Great Southern Bancorp, East West Bancorp, Inc. Corp. Inc. EastGroup Properties, Inc. First Financial Bancorp. Great Western Bancorp, Eaton Vance Corp. Inc. First Financial Bankshares, Elmira Savings Bank Greene County Bancorp, Inc. Emclaire Financial Corp Inc. First Financial Corporation Empire State Realty Trust, Greenhill & Co., Inc. First Financial Northwest, Inc. Inc. Griffin Industrial Realty, Inc. Employers Holdings, Inc. First Foundation Inc. Guaranty Federal Encore Capital Group, Inc. Bancshares, Inc. First Guaranty Bancshares, Enova International, Inc. Inc. Hallmark Financial Enterprise Bancorp, Inc. Services, Inc. First Horizon National Hancock Whitney Enterprise Financial Corporation Services Corp Corporation First Industrial Realty Trust, EPR Properties Hanmi Financial Inc. Corporation Equinix, Inc. (REIT) First Internet Bancorp Equity Commonwealth Hannon Armstrong First Interstate Sustainable Infrastructure Equity LifeStyle Properties, BancSystem, Inc. Capital, Inc. Inc. First Merchants Harvest Capital Credit Equity Residential Corporation Corporation Erie Indemnity Company First Mid Bancshares, Inc. Hawthorn Bancshares, Inc. ESSA Bancorp, Inc. First Midwest Bancorp, Inc. HCI Group, Inc. Essex Property Trust, Inc. First National Corporation Health Insurance Euronet Worldwide, Inc. First Republic Bank Innovations, Inc. Evans Bancorp, Inc. First Savings Financial Healthcare Realty Trust Evercore Inc. Group, Inc. Incorporated Extra Space Storage Inc. First United Corporation Healthcare Trust of F.N.B. Corporation First US Bancshares, Inc. America, Inc. Farmers & Merchants Flagstar Bancorp, Inc. Healthpeak Properties, Inc. Bancorp, Inc. Flushing Financial Heartland Financial USA, Farmers National Banc Corporation Inc. Corp. FNCB Bancorp, Inc. Hennessy Advisors, Inc. Farmland Partners Inc. Franklin Financial Network, Hercules Capital, Inc. Fauquier Bankshares, Inc. Inc. Heritage Commerce Corp FBL Financial Group, Inc. Franklin Financial Services Heritage Financial Corporation Federal Agricultural Corporation Mortgage Corporation Franklin Resources, Inc. Heritage Insurance Federal Realty Investment Franklin Street Properties Holdings, Inc. Corp. Trust Hersha Hospitality Trust FS Bancorp, Inc. FedNat Holding Company Highwoods Properties, Inc. FS KKR Capital Corp. Fidelity D & D Bancorp, Inc. Hilltop Holdings Inc. Fidelity National Financial, FSB Bancorp, Inc. Inc.

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix A: Companies (Main Set) in Each Industry, by SIC Code

Hingham Institution for Kentucky First Federal MGIC Investment Savings Bancorp Corporation HMN Financial, Inc. KeyCorp Mid Penn Bancorp, Inc. HMS Holdings Corp. Kilroy Realty Corporation Mid-America Apartment Home Bancorp, Inc. Kimco Realty Corporation Communities, Inc. Middlefield Banc Corp. Home Bancshares, Inc. Kingstone Companies, Inc. (Conway, AR) KKR & Co. Inc. MidWestOne Financial Group, Inc. Home Federal Bancorp, Inc. Ladder Capital Corp of Louisiana Lake Shore Bancorp, Inc. Moelis & Company HomeStreet, Inc. Lakeland Bancorp, Inc. Molina Healthcare, Inc. HomeTrust Bancshares, Lakeland Financial Monmouth Real Estate Inc. Corporation Investment Corporation Hope Bancorp, Inc. Lamar Advertising Monroe Capital Corporation Horace Mann Educators Company (REIT) Morgan Stanley Corporation Landmark Bancorp, Inc. Mr. Cooper Group Inc. Horizon Bancorp, Inc. Landmark Infrastructure MSCI Inc. Horizon Technology Partners LP MutualFirst Financial, Inc. Finance Corporation LCNB Corp. MVB Financial Corp. Host Hotels & Resorts, Inc. Legg Mason, Inc. National Bank Holdings Howard Bancorp, Inc. LendingTree, Inc. Corporation Hudson Pacific Properties, Lexington Realty Trust National Bankshares, Inc. Inc. Liberty Property Trust National General Holdings Humana Inc. Life Storage, Inc. Corp. Huntington Bancshares Lincoln National National Health Investors, Incorporated Corporation Inc. National Retail Properties, IBERIABANK Corporation Lisi S.A. Inc. IF Bancorp, Inc. Loews Corporation Impac Mortgage Holdings, LPL Financial Holdings Inc. National Western Life Inc. LTC Properties, Inc. Group, Inc. NBT Bancorp Inc. Income Opportunity Realty M&T Bank Corporation Investors, Inc. Macatawa Bank Nelnet, Inc. Corporation Network-1 Technologies, Independence Holding Mack-Cali Realty Inc. Company Corporation New Mountain Finance Independence Realty Trust, Mackinac Financial Corporation Inc. Corporation New Residential Independent Bank Corp. Magyar Bancorp, Inc. Investment Corp. Independent Bank Corporation Main Street Capital New York Community Independent Bank Group, Corporation Bancorp, Inc. Inc. Malvern Bancorp, Inc. Newtek Business Services Interactive Brokers Group, Manhattan Bridge Capital, Corp. Inc. Inc. Nicolet Bankshares, Inc. Intercontinental Exchange, Manning & Napier, Inc. NMI Holdings, Inc. Inc. Marcus & Millichap, Inc. InterDigital, Inc. North European Oil Royalty MarketAxess Holdings Inc. Trust International Bancshares Marlin Business Services Northeast Bank Corporation Corp. Invesco Mortgage Capital Northern Trust Corporation Inc. Marsh & McLennan Northfield Bancorp, Inc. Investar Holding Companies, Inc. (Staten Island, NY) Corporation Mastercard Incorporated Northrim BanCorp, Inc. Investcorp Credit Medallion Financial Corp. Northwest Bancshares, Inc. Medical Properties Trust, Management BDC, Inc. Norwood Financial Corp. Inc. Investors Bancorp, Inc. Mercantile Bank Oak Valley Bancorp Investors Title Company Corporation Oaktree Strategic Income Iron Mountain Incorporated Mercury General Corporation J.W. Mays, Inc. Corporation OceanFirst Financial Corp. Jones Lang LaSalle Meridian Bancorp, Inc. Oconee Federal Financial Incorporated Mesa Royalty Trust Corp. JPMorgan Chase & Co. Mesabi Trust OFG Bancorp Kearny Financial Corp. Meta Financial Group, Inc. OFS Capital Corporation Kemper Corporation MetLife, Inc. Ohio Valley Banc Corp. Kennedy-Wilson Holdings, MFA Financial, Inc. Old National Bancorp Inc.

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix A: Companies (Main Set) in Each Industry, by SIC Code

Old Point Financial Premier Financial Bancorp, Salisbury Bancorp, Inc. Corporation Inc. San Juan Basin Royalty Old Republic International Primerica, Inc. Trust Corporation Principal Financial Group, Sandy Spring Bancorp, Inc. Old Second Bancorp, Inc. Inc. Santander Consumer USA Omega Healthcare ProAssurance Corporation Holdings Inc. Investors, Inc. Prologis, Inc. Saul Centers, Inc. One Liberty Properties, Inc. Prospect Capital SB Financial Group, Inc. OneMain Holdings, Inc. Corporation SB One Bancorp Prosperity Bancshares, Inc. Oppenheimer Holdings Inc. Seacoast Banking OptimumBank Holdings, Protective Insurance Corp Corporation of Florida Inc. Provident Financial Security National Financial Opus Bank Holdings, Inc. Corporation Orrstown Financial Provident Financial SEI Investments Company Services, Inc. Services, Inc. Select Bancorp, Inc. Ottawa Bancorp, Inc. Prudential Bancorp, Inc. Selective Insurance Group, Outfront Media Inc. Prudential Financial, Inc. Inc. Oxford Lane Capital Corp. PS Business Parks, Inc. Service Properties Trust Oxford Square Capital Public Storage ServisFirst Bancshares, Inc. Corp. Pzena Investment Severn Bancorp, Inc. Pacific Mercantile Bancorp Management, Inc Pacific Premier Bancorp, Shore Bancshares, Inc. QCR Holdings, Inc. Inc. Sierra Bancorp QTS Realty Trust, Inc. PacWest Bancorp Signature Bank Radian Group Inc. Paramount Group, Inc. Silvercrest Asset Rambus Inc. Park National Corporation Management Group Inc. Rand Capital Corporation Parke Bancorp, Inc. Simmons First National Pathfinder Bancorp, Inc. Raymond James Financial, Corporation Patriot National Bancorp, Inc. Simon Property Group, Inc. Inc. Rayonier Inc. SL Green Realty Corp. PB Bancorp, Inc. RE/MAX Holdings, Inc. SLM Corporation PCB Bancorp Realogy Holdings Corp. Solar Capital Ltd. Peapack-Gladstone Realty Income Corporation Solar Senior Capital Ltd. Financial Corporation Regency Centers Sound Financial Bancorp, Corporation Pebblebrook Hotel Trust Inc. Regional Management South State Corporation PennantPark Floating Rate Corp. Capital Ltd. Regions Financial Southern First Bancshares, PennantPark Investment Corporation Inc. Corporation Reinsurance Group of Southern Missouri Penns Woods Bancorp, Inc. America, Incorporated Bancorp, Inc. PennyMac Financial Renasant Corporation Southern National Bancorp Services, Inc. Republic Bancorp, Inc. of Virginia, Inc. PennyMac Mortgage Republic First Bancorp, Inc. Southside Bancshares, Inc. Investment Trust Retail Opportunity Southwest Georgia Peoples Bancorp Inc. Investments Corp. Financial Corporation Peoples Bancorp of North Retail Properties of Spirit Realty Capital, Inc. Carolina, Inc. America, Inc. STAG Industrial, Inc. Starwood Property Trust, Peoples Financial Services Rexford Industrial Realty, Inc. Corp. Inc. People's United Financial, Riverview Bancorp, Inc. State Auto Financial Inc. Riverview Financial Corporation Permian Basin Royalty Corporation State Street Corporation Trust RLI Corp. Stellus Capital Investment Physicians Realty Trust RLJ Lodging Trust Corporation Piedmont Office Realty Royal Gold, Inc. Stewart Information Trust, Inc. RPT Realty Services Corporation Pinnacle Financial Partners, Ryman Hospitality Stifel Financial Corp. Inc. Properties, Inc. Stock Yards Bancorp, Inc. Piper Sandler Companies S&T Bancorp, Inc. StoneCastle Financial Corp. Plumas Bancorp Sabine Royalty Trust STORE Capital Corporation Popular, Inc. Sabra Health Care REIT, Summit Financial Group, PRA Group, Inc. Inc. Inc. Safety Insurance Group, Preferred Bank Summit Hotel Properties, Inc. Inc.

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix A: Companies (Main Set) in Each Industry, by SIC Code

Summit State Bank Transcontinental Realty Washington Trust Bancorp, Sun Communities, Inc. Investors, Inc. Inc. Sunstone Hotel Investors, TriCo Bancshares Waterstone Financial, Inc. Inc. TriplePoint Venture Growth Webster Financial SVB Financial Group BDC Corp. Corporation Synchrony Financial Weingarten Realty Triple-S Management Investors Synovus Financial Corp. Corporation WellCare Health Plans, Inc. T. Rowe Price Group, Inc. TriState Capital Holdings, Wellesley Bancorp, Inc. Tanger Factory Outlet Inc. Centers, Inc. Triumph Bancorp, Inc. Wells Fargo & Company Taubman Centers, Inc. Truist Financial Welltower Inc. TC PipeLines, LP Corporation WesBanco, Inc. TCF Financial Corporation TrustCo Bank Corp NY West Bancorporation, Inc. Trustmark Corporation Westamerica TD Ameritrade Holding Bancorporation Corporation U.S. Bancorp Western Alliance Terreno Realty Corporation UDR, Inc. Bancorporation Territorial Bancorp Inc. UMB Financial Corporation Umpqua Holdings Western New England Texas Capital Bancshares, Corporation Bancorp, Inc. Inc. Union Bankshares, Inc. Westwood Holdings Group, Texas Pacific Land Trust United Bancorp, Inc. Inc. TFS Financial Corporation United Bancshares, Inc. WhiteHorse Finance, Inc. The Allstate Corporation United Bankshares, Inc. Whitestone REIT The Bancorp, Inc. United Community Banks, Winmark Corporation The Bank of New York Inc. Wintrust Financial Mellon Corporation United Community Corporation The Blackstone Group Inc. Financial Corp. WisdomTree Investments, The Carlyle Group Inc. United Fire Group, Inc. Inc. The Charles Schwab United Insurance Holdings World Acceptance Corporation Corp. Corporation WSFS Financial The Community Financial United Security Bancshares Corporation Corporation UnitedHealth Group WVS Financial Corp. The First Bancorp, Inc. Incorporated Wyndham Destinations, The First Bancshares, Inc. Unity Bancorp, Inc. Inc. The First of Long Island Universal Health Realty Zions Bancorporation, Corporation Income Trust National Association The GEO Group, Inc. Universal Insurance The Goldman Sachs Group, Holdings, Inc. SIC 60 Inc. Univest Financial 1st Constitution Bancorp Corporation The Hanover Insurance 1st Source Corporation Unum Group Group, Inc. ACNB Corporation Urstadt Biddle Properties The Hartford Financial Alerus Financial Inc. Services Group, Inc. Corporation Valley National Bancorp The Howard Hughes American National Ventas, Inc. Corporation Bankshares Inc. Verisk Analytics, Inc. The Macerich Company American River Bankshares Veritex Holdings, Inc. The National Security Ameris Bancorp Group, Inc. Village Bank and Trust AmeriServ Financial, Inc. Financial Corp. The PNC Financial Services Ames National Corporation Viper Energy Partners LP Group, Inc. Arrow Financial The Progressive Virtus Investment Partners, Corporation Corporation Inc. Associated Banc-Corp The Travelers Companies, Visa Inc. Atlantic Union Bankshares Inc. Vornado Realty Trust Corporation The Western Union Voya Financial, Inc. Company Auburn National W. P. Carey Inc. Bancorporation, Inc. THL Credit, Inc. W. R. Berkley Corporation Axos Financial, Inc. Timberland Bancorp, Inc. Waddell & Reed Financial, Banc of California, Inc. Tiptree Inc. Inc. BancFirst Corporation Tompkins Financial Walker & Dunlop, Inc. BancorpSouth Bank Corporation Washington Federal, Inc. Bank First Corporation TowneBank Washington Real Estate Bank of America TPG Specialty Lending, Inc. Investment Trust Corporation

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix A: Companies (Main Set) in Each Industry, by SIC Code

Bank of Commerce Colony Bankcorp, Inc. First Guaranty Bancshares, Holdings Columbia Banking System, Inc. Bank of Hawaii Corporation Inc. First Horizon National Bank of Marin Bancorp Comerica Incorporated Corporation Commerce Bancshares, Bank of South Carolina First Internet Bancorp Corporation Inc. Community Bank System, First Interstate Bank of the James Inc. BancSystem, Inc. Financial Group, Inc. First Merchants Community Bankers Trust Bank OZK Corporation Corporation BankFinancial Corporation First Mid Bancshares, Inc. Community Trust Bancorp, BankUnited, Inc. First Midwest Bancorp, Inc. Inc. Bankwell Financial Group, Community West First National Corporation Inc. Bancshares First Republic Bank Banner Corporation ConnectOne Bancorp, Inc. First Savings Financial Bar Harbor Bankshares Cortland Bancorp Group, Inc. BayCom Corp Cullen/Frost Bankers, Inc. First United Corporation BBX Capital Corporation Customers Bancorp, Inc. First US Bancshares, Inc. BCB Bancorp, Inc. CVB Financial Corp. Flagstar Bancorp, Inc. Berkshire Hills Bancorp, Flushing Financial Dime Community Inc. Corporation Bancshares, Inc. BOK Financial Corporation FNCB Bancorp, Inc. Eagle Bancorp, Inc. Boston Private Financial Franklin Financial Network, Holdings, Inc. East West Bancorp, Inc. Inc. Elmira Savings Bank Bridge Bancorp, Inc. Franklin Financial Services Emclaire Financial Corp Broadway Financial Corporation Corporation Enterprise Bancorp, Inc. FS Bancorp, Inc. Brookline Bancorp, Inc. Enterprise Financial FSB Bancorp, Inc. Bryn Mawr Bank Services Corp Fulton Financial Corporation ESSA Bancorp, Inc. Corporation C&F Financial Corporation Euronet Worldwide, Inc. FVCBankcorp, Inc. Cambridge Bancorp Evans Bancorp, Inc. German American Bancorp, Camden National F.N.B. Corporation Inc. Corporation Farmers & Merchants Glacier Bancorp, Inc. Capital City Bank Group, Bancorp, Inc. Glen Burnie Bancorp Inc. Farmers National Banc Great Southern Bancorp, Capitol Federal Financial, Corp. Inc. Inc. Great Western Bancorp, Carolina Financial Fauquier Bankshares, Inc. Inc. Corporation Fidelity D & D Bancorp, Inc. Greene County Bancorp, Fifth Third Bancorp Carter Bank & Trust Inc. Cathay General Bancorp Financial Institutions, Inc. Guaranty Federal First Bancorp CB Financial Services, Inc. Bancshares, Inc. CenterState Bank First BanCorp. Hancock Whitney Corporation First Bank Corporation Central Federal Corporation First Busey Corporation Hanmi Financial Central Pacific Financial First Business Financial Corporation Corp. Services, Inc. Hawthorn Bancshares, Inc. Central Valley Community First Capital, Inc. Heartland Financial USA, Bancorp First Citizens BancShares, Inc. Century Bancorp, Inc. Inc. Heritage Commerce Corp Heritage Financial Chemung Financial First Commonwealth Corporation Corporation Financial Corporation Hingham Institution for CIT Group Inc. First Community Savings Citizens & Northern Bankshares, Inc. Corporation First Community HMN Financial, Inc. Home Bancorp, Inc. Citizens Community Corporation Bancorp, Inc. First Defiance Financial Home Bancshares, Inc. Citizens Financial Group, Corp. (Conway, AR) Inc. First Financial Bancorp. Home Federal Bancorp, Inc. Citizens Holding Company First Financial Bankshares, of Louisiana City Holding Company Inc. HomeStreet, Inc. Civista Bancshares, Inc. First Financial Corporation HomeTrust Bancshares, CNB Financial Corporation First Financial Northwest, Inc. Codorus Valley Bancorp, Inc. Hope Bancorp, Inc. Inc. First Foundation Inc. Horizon Bancorp, Inc.

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix A: Companies (Main Set) in Each Industry, by SIC Code

Howard Bancorp, Inc. Ohio Valley Banc Corp. Severn Bancorp, Inc. Huntington Bancshares Old National Bancorp Shore Bancshares, Inc. Incorporated Old Point Financial Sierra Bancorp IBERIABANK Corporation Corporation Signature Bank Old Second Bancorp, Inc. IF Bancorp, Inc. Simmons First National OptimumBank Holdings, Independent Bank Corp. Corporation Inc. Independent Bank Sound Financial Bancorp, Corporation Opus Bank Inc. Independent Bank Group, Orrstown Financial South State Corporation Inc. Services, Inc. Southern First Bancshares, International Bancshares Ottawa Bancorp, Inc. Inc. Corporation Pacific Mercantile Bancorp Southern Missouri Investar Holding Pacific Premier Bancorp, Bancorp, Inc. Corporation Inc. Investors Bancorp, Inc. PacWest Bancorp Southern National Bancorp of Virginia, Inc. JPMorgan Chase & Co. Park National Corporation Southside Bancshares, Inc. Kearny Financial Corp. Parke Bancorp, Inc. Southwest Georgia Kentucky First Federal Pathfinder Bancorp, Inc. Financial Corporation Bancorp Patriot National Bancorp, State Street Corporation KeyCorp Inc. Stock Yards Bancorp, Inc. Lake Shore Bancorp, Inc. PB Bancorp, Inc. PCB Bancorp Summit Financial Group, Lakeland Bancorp, Inc. Inc. Lakeland Financial Peapack-Gladstone Summit State Bank Corporation Financial Corporation SVB Financial Group Landmark Bancorp, Inc. Penns Woods Bancorp, Inc. Synovus Financial Corp. LCNB Corp. Peoples Bancorp Inc. TCF Financial Corporation M&T Bank Corporation Peoples Bancorp of North Territorial Bancorp Inc. Macatawa Bank Carolina, Inc. Corporation Texas Capital Bancshares, Peoples Financial Services Inc. Mackinac Financial Corp. Corporation People's United Financial, TFS Financial Corporation Magyar Bancorp, Inc. Inc. The Bancorp, Inc. Malvern Bancorp, Inc. Pinnacle Financial Partners, The Bank of New York Mastercard Incorporated Inc. Mellon Corporation Mercantile Bank Plumas Bancorp The Community Financial Corporation Popular, Inc. Corporation Meridian Bancorp, Inc. Preferred Bank The First Bancorp, Inc. Meta Financial Group, Inc. Premier Financial Bancorp, The First Bancshares, Inc. Mid Penn Bancorp, Inc. Inc. The First of Long Island Middlefield Banc Corp. Prosperity Bancshares, Inc. Corporation MidWestOne Financial Provident Financial The PNC Financial Services Group, Inc. Holdings, Inc. Group, Inc. MutualFirst Financial, Inc. The Western Union Provident Financial Company MVB Financial Corp. Services, Inc. Timberland Bancorp, Inc. National Bank Holdings Prudential Bancorp, Inc. Corporation QCR Holdings, Inc. Tompkins Financial National Bankshares, Inc. Regions Financial Corporation NBT Bancorp Inc. Corporation TowneBank New York Community Renasant Corporation TriCo Bancshares Bancorp, Inc. Republic Bancorp, Inc. TriState Capital Holdings, Inc. Nicolet Bankshares, Inc. Republic First Bancorp, Inc. Triumph Bancorp, Inc. Northeast Bank Riverview Bancorp, Inc. Truist Financial Riverview Financial Northern Trust Corporation Corporation Corporation Northfield Bancorp, Inc. TrustCo Bank Corp NY S&T Bancorp, Inc. (Staten Island, NY) Trustmark Corporation Salisbury Bancorp, Inc. Northrim BanCorp, Inc. U.S. Bancorp Sandy Spring Bancorp, Inc. Northwest Bancshares, Inc. UMB Financial Corporation SB Financial Group, Inc. Norwood Financial Corp. Umpqua Holdings Oak Valley Bancorp SB One Bancorp Corporation OceanFirst Financial Corp. Seacoast Banking Union Bankshares, Inc. Oconee Federal Financial Corporation of Florida United Bancorp, Inc. Corp. Select Bancorp, Inc. United Bancshares, Inc. OFG Bancorp ServisFirst Bancshares, Inc. United Bankshares, Inc.

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix A: Companies (Main Set) in Each Industry, by SIC Code

United Community Banks, Bank of Marin Bancorp Community Trust Bancorp, Inc. Bank of South Carolina Inc. United Community Corporation Community West Financial Corp. Bancshares Bank of the James United Security Bancshares Financial Group, Inc. ConnectOne Bancorp, Inc. Unity Bancorp, Inc. Bank OZK Cortland Bancorp Univest Financial BankFinancial Corporation Cullen/Frost Bankers, Inc. Corporation BankUnited, Inc. Customers Bancorp, Inc. Valley National Bancorp Bankwell Financial Group, CVB Financial Corp. Veritex Holdings, Inc. Inc. Eagle Bancorp, Inc. Village Bank and Trust Banner Corporation East West Bancorp, Inc. Financial Corp. Bar Harbor Bankshares Emclaire Financial Corp Visa Inc. BayCom Corp Enterprise Bancorp, Inc. Washington Federal, Inc. BCB Bancorp, Inc. Enterprise Financial Washington Trust Bancorp, Berkshire Hills Bancorp, Services Corp Inc. Inc. Evans Bancorp, Inc. Waterstone Financial, Inc. BOK Financial Corporation F.N.B. Corporation Webster Financial Boston Private Financial Farmers National Banc Corporation Holdings, Inc. Corp. Wellesley Bancorp, Inc. Bridge Bancorp, Inc. Fauquier Bankshares, Inc. Wells Fargo & Company Bryn Mawr Bank Fidelity D & D Bancorp, Inc. WesBanco, Inc. Corporation Fifth Third Bancorp West Bancorporation, Inc. C&F Financial Corporation Financial Institutions, Inc. Westamerica Cambridge Bancorp First Bancorp Bancorporation Camden National First BanCorp. Western Alliance Corporation First Bank Bancorporation Capital City Bank Group, Inc. First Busey Corporation Western New England Carolina Financial Bancorp, Inc. First Business Financial Corporation Wintrust Financial Services, Inc. Corporation Carter Bank & Trust First Capital, Inc. WSFS Financial Cathay General Bancorp First Citizens BancShares, Corporation CB Financial Services, Inc. Inc. WVS Financial Corp. CenterState Bank First Commonwealth Corporation Zions Bancorporation, Financial Corporation Central Pacific Financial National Association First Community Corp. Bankshares, Inc. Central Valley Community SIC 602 First Community Bancorp Corporation 1st Constitution Bancorp Century Bancorp, Inc. First Financial Bancorp. 1st Source Corporation Chemung Financial ACNB Corporation First Financial Bankshares, Corporation Alerus Financial Inc. Corporation CIT Group Inc. First Financial Corporation First Financial Northwest, American National Citizens & Northern Inc. Bankshares Inc. Corporation First Foundation Inc. American River Bankshares Citizens Community Ameris Bancorp Bancorp, Inc. First Guaranty Bancshares, Citizens Financial Group, Inc. AmeriServ Financial, Inc. Inc. Ames National Corporation First Horizon National Citizens Holding Company Arrow Financial Corporation Corporation City Holding Company First Internet Bancorp Associated Banc-Corp Civista Bancshares, Inc. First Interstate CNB Financial Corporation Atlantic Union Bankshares BancSystem, Inc. Codorus Valley Bancorp, Corporation First Merchants Inc. Corporation Auburn National Colony Bankcorp, Inc. First Mid Bancshares, Inc. Bancorporation, Inc. Columbia Banking System, First Midwest Bancorp, Inc. BancFirst Corporation Inc. First National Corporation BancorpSouth Bank Comerica Incorporated First Republic Bank Bank First Corporation Commerce Bancshares, Bank of America Inc. First Savings Financial Corporation Community Bank System, Group, Inc. Bank of Commerce Inc. First United Corporation Holdings Community Bankers Trust First US Bancshares, Inc. Bank of Hawaii Corporation Corporation

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix A: Companies (Main Set) in Each Industry, by SIC Code

Flushing Financial Middlefield Banc Corp. Salisbury Bancorp, Inc. Corporation MidWestOne Financial Sandy Spring Bancorp, Inc. FNCB Bancorp, Inc. Group, Inc. SB Financial Group, Inc. Franklin Financial Network, MutualFirst Financial, Inc. SB One Bancorp Inc. MVB Financial Corp. Seacoast Banking Franklin Financial Services Corporation of Florida Corporation National Bank Holdings Fulton Financial Corporation Select Bancorp, Inc. Corporation National Bankshares, Inc. ServisFirst Bancshares, Inc. FVCBankcorp, Inc. NBT Bancorp Inc. Shore Bancshares, Inc. German American Bancorp, Nicolet Bankshares, Inc. Sierra Bancorp Inc. Northeast Bank Signature Bank Glacier Bancorp, Inc. Northern Trust Corporation Simmons First National Glen Burnie Bancorp Northrim BanCorp, Inc. Corporation Great Southern Bancorp, Norwood Financial Corp. South State Corporation Inc. Oak Valley Bancorp Southern First Bancshares, Great Western Bancorp, OFG Bancorp Inc. Inc. Ohio Valley Banc Corp. Southern National Bancorp Guaranty Federal Old National Bancorp of Virginia, Inc. Bancshares, Inc. Old Point Financial Southside Bancshares, Inc. Hancock Whitney Corporation Corporation Southwest Georgia Old Second Bancorp, Inc. Hanmi Financial Financial Corporation OptimumBank Holdings, Corporation State Street Corporation Inc. Hawthorn Bancshares, Inc. Stock Yards Bancorp, Inc. Opus Bank Heartland Financial USA, Summit Financial Group, Inc. Orrstown Financial Inc. Heritage Commerce Corp Services, Inc. Summit State Bank Heritage Financial Pacific Mercantile Bancorp SVB Financial Group Pacific Premier Bancorp, Corporation Synovus Financial Corp. Inc. Home Bancshares, Inc. TCF Financial Corporation (Conway, AR) PacWest Bancorp Park National Corporation Texas Capital Bancshares, HomeStreet, Inc. Inc. HomeTrust Bancshares, Parke Bancorp, Inc. The Bancorp, Inc. Inc. Pathfinder Bancorp, Inc. Hope Bancorp, Inc. Patriot National Bancorp, The Bank of New York Mellon Corporation Horizon Bancorp, Inc. Inc. Howard Bancorp, Inc. PCB Bancorp The Community Financial Corporation Huntington Bancshares Peapack-Gladstone The First Bancorp, Inc. Incorporated Financial Corporation The First Bancshares, Inc. IBERIABANK Corporation Penns Woods Bancorp, Inc. Independent Bank Corp. Peoples Bancorp Inc. The First of Long Island Independent Bank Peoples Bancorp of North Corporation Corporation Carolina, Inc. The PNC Financial Services Independent Bank Group, Peoples Financial Services Group, Inc. Inc. Corp. Tompkins Financial International Bancshares People's United Financial, Corporation Corporation Inc. TowneBank Investar Holding Pinnacle Financial Partners, TriCo Bancshares Corporation Inc. TriState Capital Holdings, JPMorgan Chase & Co. Plumas Bancorp Inc. KeyCorp Popular, Inc. Truist Financial Corporation Lakeland Bancorp, Inc. Preferred Bank Lakeland Financial Trustmark Corporation Premier Financial Bancorp, Corporation U.S. Bancorp Inc. Landmark Bancorp, Inc. UMB Financial Corporation Prosperity Bancshares, Inc. LCNB Corp. Umpqua Holdings QCR Holdings, Inc. M&T Bank Corporation Corporation Regions Financial Macatawa Bank Union Bankshares, Inc. Corporation Corporation United Bancorp, Inc. Renasant Corporation Mackinac Financial United Bancshares, Inc. Republic Bancorp, Inc. Corporation United Bankshares, Inc. Republic First Bancorp, Inc. Malvern Bancorp, Inc. United Community Banks, Riverview Financial Mercantile Bank Inc. Corporation Corporation United Security Bancshares S&T Bancorp, Inc. Mid Penn Bancorp, Inc. Unity Bancorp, Inc.

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix A: Companies (Main Set) in Each Industry, by SIC Code

Univest Financial New York Community Meta Financial Group, Inc. Corporation Bancorp, Inc. Northfield Bancorp, Inc. Valley National Bancorp Northfield Bancorp, Inc. (Staten Island, NY) Veritex Holdings, Inc. (Staten Island, NY) Northwest Bancshares, Inc. Village Bank and Trust Northwest Bancshares, Inc. OceanFirst Financial Corp. Financial Corp. OceanFirst Financial Corp. Oconee Federal Financial Washington Federal, Inc. Oconee Federal Financial Corp. Washington Trust Bancorp, Corp. Ottawa Bancorp, Inc. Inc. Ottawa Bancorp, Inc. PB Bancorp, Inc. Webster Financial PB Bancorp, Inc. Provident Financial Corporation Provident Financial Holdings, Inc. Wellesley Bancorp, Inc. Holdings, Inc. Riverview Bancorp, Inc. Wells Fargo & Company Provident Financial Severn Bancorp, Inc. WesBanco, Inc. Services, Inc. Sound Financial Bancorp, West Bancorporation, Inc. Prudential Bancorp, Inc. Inc. Westamerica Riverview Bancorp, Inc. Territorial Bancorp Inc. Bancorporation Severn Bancorp, Inc. TFS Financial Corporation Western Alliance Sound Financial Bancorp, TrustCo Bank Corp NY Bancorporation Inc. Waterstone Financial, Inc. Wintrust Financial Corporation Southern Missouri Western New England Bancorp, Inc. Bancorp, Inc. Zions Bancorporation, Territorial Bancorp Inc. WSFS Financial National Association TFS Financial Corporation Corporation Timberland Bancorp, Inc. SIC 603 Triumph Bancorp, Inc. SIC 6036 Axos Financial, Inc. TrustCo Bank Corp NY ESSA Bancorp, Inc. Banc of California, Inc. FS Bancorp, Inc. BBX Capital Corporation United Community Financial Corp. FSB Bancorp, Inc. Broadway Financial Waterstone Financial, Inc. Hingham Institution for Corporation Savings Western New England Brookline Bancorp, Inc. Investors Bancorp, Inc. Capitol Federal Financial, Bancorp, Inc. Kearny Financial Corp. Inc. WSFS Financial Corporation Magyar Bancorp, Inc. Central Federal Corporation WVS Financial Corp. Meridian Bancorp, Inc. Dime Community Bancshares, Inc. New York Community SIC 6035 Bancorp, Inc. Elmira Savings Bank Axos Financial, Inc. ESSA Bancorp, Inc. Provident Financial Banc of California, Inc. Services, Inc. Farmers & Merchants BBX Capital Corporation Prudential Bancorp, Inc. Bancorp, Inc. First Defiance Financial Broadway Financial Southern Missouri Corp. Corporation Bancorp, Inc. Flagstar Bancorp, Inc. Brookline Bancorp, Inc. Timberland Bancorp, Inc. FS Bancorp, Inc. Capitol Federal Financial, Triumph Bancorp, Inc. Inc. FSB Bancorp, Inc. United Community Greene County Bancorp, Central Federal Corporation Financial Corp. Inc. Dime Community WVS Financial Corp. Hingham Institution for Bancshares, Inc. Savings Elmira Savings Bank SIC 61 HMN Financial, Inc. Farmers & Merchants Ally Financial Inc. Home Bancorp, Inc. Bancorp, Inc. American Express First Defiance Financial Home Federal Bancorp, Inc. Company Corp. of Louisiana Asta Funding, Inc. Flagstar Bancorp, Inc. IF Bancorp, Inc. Credit Acceptance Greene County Bancorp, Corporation Investors Bancorp, Inc. Inc. Discover Financial Services Kearny Financial Corp. HMN Financial, Inc. Encore Capital Group, Inc. Kentucky First Federal Home Bancorp, Inc. Bancorp Enova International, Inc. Home Federal Bancorp, Inc. Lake Shore Bancorp, Inc. of Louisiana Federal Agricultural Mortgage Corporation Magyar Bancorp, Inc. IF Bancorp, Inc. Meridian Bancorp, Inc. Impac Mortgage Holdings, Kentucky First Federal Inc. Meta Financial Group, Inc. Bancorp Lake Shore Bancorp, Inc.

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix A: Companies (Main Set) in Each Industry, by SIC Code

Income Opportunity Realty Ameriprise Financial, Inc. Westwood Holdings Group, Investors, Inc. Apollo Global Management, Inc.

LendingTree, Inc. Inc. WisdomTree Investments, Marlin Business Services Ares Management Inc.

Corp. Corporation

Medallion Financial Corp. Artisan Partners Asset SIC 621 Mr. Cooper Group Inc. Management Inc. Ameriprise Financial, Inc.

Nelnet, Inc. BlackRock, Inc. E*TRADE Financial Corporation OneMain Holdings, Inc. BrightSphere Investment Interactive Brokers Group, Oxford Lane Capital Corp. Group Inc. Inc. PennyMac Financial CME Group Inc. LPL Financial Holdings Inc. Services, Inc. Cohen & Steers, Inc. Oppenheimer Holdings Inc. PRA Group, Inc. Cowen Inc. Piper Sandler Companies Regional Management Diamond Hill Investment Raymond James Financial, Corp. Group, Inc. Inc. Santander Consumer USA E*TRADE Financial Holdings Inc. Corporation Stifel Financial Corp.

SLM Corporation Eaton Vance Corp. TD Ameritrade Holding Synchrony Financial Evercore Inc. Corporation

Walker & Dunlop, Inc. Franklin Resources, Inc. The Goldman Sachs Group, Inc. World Acceptance GAIN Capital Holdings, Inc. Corporation GAMCO Investors, Inc. SIC 628 Greenhill & Co., Inc. SIC 614 Hennessy Advisors, Inc. Affiliated Managers Group, Credit Acceptance Interactive Brokers Group, Inc. Corporation Inc. Apollo Global Management, Intercontinental Exchange, Discover Financial Services Inc. Inc. Enova International, Inc. Ares Management KKR & Co. Inc. Nelnet, Inc. Corporation Legg Mason, Inc. OneMain Holdings, Inc. Artisan Partners Asset Lisi S.A. Regional Management Management Inc. Corp. LPL Financial Holdings Inc. BlackRock, Inc. Santander Consumer USA Manning & Napier, Inc. BrightSphere Investment Holdings Inc. MarketAxess Holdings Inc. Group Inc. SLM Corporation Moelis & Company Cohen & Steers, Inc. Synchrony Financial Morgan Stanley Cowen Inc. World Acceptance MSCI Inc. Corporation Diamond Hill Investment Oppenheimer Holdings Inc. Group, Inc. Piper Sandler Companies Eaton Vance Corp. SIC 616 Principal Financial Group, Franklin Resources, Inc. Impac Mortgage Holdings, Inc. GAMCO Investors, Inc. Inc. Pzena Investment Greenhill & Co., Inc. Income Opportunity Realty Management, Inc Investors, Inc. Hennessy Advisors, Inc. Raymond James Financial, LendingTree, Inc. KKR & Co. Inc. Inc. Mr. Cooper Group Inc. Legg Mason, Inc. SEI Investments Company Lisi S.A. PennyMac Financial Silvercrest Asset Services, Inc. Manning & Napier, Inc. Management Group Inc. Walker & Dunlop, Inc. Moelis & Company Stifel Financial Corp. MSCI Inc. T. Rowe Price Group, Inc. Principal Financial Group, SIC 6162 TD Ameritrade Holding Impac Mortgage Holdings, Inc. Corporation Inc. Pzena Investment The Blackstone Group Inc. Income Opportunity Realty Management, Inc The Carlyle Group Inc. Investors, Inc. SEI Investments Company The Charles Schwab Mr. Cooper Group Inc. Silvercrest Asset Corporation PennyMac Financial Management Group Inc. The Goldman Sachs Group, Services, Inc. T. Rowe Price Group, Inc. Inc. Walker & Dunlop, Inc. The Blackstone Group Inc. Virtus Investment Partners, The Carlyle Group Inc. Inc. SIC 62 Waddell & Reed Financial, The Charles Schwab Corporation Affiliated Managers Group, Inc. Inc.

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix A: Companies (Main Set) in Each Industry, by SIC Code

Virtus Investment Partners, National General Holdings Anthem, Inc. Inc. Corp. Centene Corporation

Waddell & Reed Financial, National Western Life Cigna Corporation Inc. Group, Inc. CNO Financial Group, Inc.

Westwood Holdings Group, NMI Holdings, Inc. Humana Inc. Inc. Old Republic International Independence Holding WisdomTree Investments, Corporation Company Inc. ProAssurance Corporation Molina Healthcare, Inc.

Protective Insurance Corp Triple-S Management SIC 63 Prudential Financial, Inc. Corporation

1347 Property Insurance Radian Group Inc. UnitedHealth Group Holdings, Inc. Reinsurance Group of Incorporated Aflac Incorporated America, Incorporated Unum Group Alleghany Corporation RLI Corp. WellCare Health Plans, Inc. American Equity Safety Insurance Group, Investment Life Holding Inc. SIC 6324 Company Selective Insurance Group, American Financial Group, Anthem, Inc. Inc. Inc. Centene Corporation State Auto Financial American International Cigna Corporation Corporation Group, Inc. Humana Inc. Stewart Information American National Molina Healthcare, Inc. Services Corporation Insurance Company Triple-S Management Amerisafe, Inc. The Allstate Corporation Corporation

Anthem, Inc. The Hanover Insurance UnitedHealth Group Group, Inc. Assurant, Inc. Incorporated The Hartford Financial Atlantic American WellCare Health Plans, Inc. Corporation Services Group, Inc.

Centene Corporation The National Security SIC 633 Cigna Corporation Group, Inc. The Progressive 1347 Property Insurance Cincinnati Financial Holdings, Inc. Corporation Corporation The Travelers Companies, Alleghany Corporation CNA Financial Corporation Inc. American International CNO Financial Group, Inc. Tiptree Inc. Group, Inc. Donegal Group Inc. Triple-S Management Amerisafe, Inc. Employers Holdings, Inc. Corporation Cincinnati Financial FBL Financial Group, Inc. United Fire Group, Inc. Corporation FedNat Holding Company CNA Financial Corporation Fidelity National Financial, United Insurance Holdings Corp. Donegal Group Inc. Inc. Employers Holdings, Inc. First American Financial UnitedHealth Group Incorporated FedNat Holding Company Corporation Hallmark Financial Globe Life Inc. Universal Insurance Holdings, Inc. Services, Inc. Hallmark Financial Unum Group HCI Group, Inc. Services, Inc. Voya Financial, Inc. Heritage Insurance HCI Group, Inc. W. R. Berkley Corporation Holdings, Inc. Heritage Insurance WellCare Health Plans, Inc. Kemper Corporation Holdings, Inc. Kingstone Companies, Inc. Horace Mann Educators SIC 631 Mercury General Corporation American Equity Corporation Humana Inc. Investment Life Holding National General Holdings Independence Holding Company Corp. Company FBL Financial Group, Inc. ProAssurance Corporation Investors Title Company MetLife, Inc. Protective Insurance Corp Kemper Corporation National Western Life RLI Corp. Kingstone Companies, Inc. Group, Inc. Safety Insurance Group, Lincoln National Inc. Prudential Financial, Inc. Corporation Mercury General Reinsurance Group of Selective Insurance Group, Inc. Corporation America, Incorporated The Allstate Corporation MetLife, Inc. MGIC Investment SIC 632 The Hanover Insurance Corporation Group, Inc. Aflac Incorporated Molina Healthcare, Inc.

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix A: Companies (Main Set) in Each Industry, by SIC Code

The Hartford Financial Landmark Infrastructure Camden Property Trust Services Group, Inc. Partners LP Capital Southwest Corporation The National Security Transcontinental Realty CareTrust REIT, Inc. Group, Inc. Investors, Inc. The Progressive CEVA, Inc.

Corporation SIC 653 Chatham Lodging Trust The Travelers Companies, City Office REIT, Inc. Jones Lang LaSalle Inc. Columbia Property Trust, Incorporated Tiptree Inc. Inc. Marcus & Millichap, Inc. United Fire Group, Inc. CoreCivic, Inc. RE/MAX Holdings, Inc. United Insurance Holdings CorEnergy Infrastructure Realogy Holdings Corp. Corp. Trust, Inc. Wyndham Destinations, CoreSite Realty Universal Insurance Inc. Corporation Holdings, Inc. Corporate Office Properties W. R. Berkley Corporation SIC 67 Trust Acadia Realty Trust SIC 64 Cousins Properties Agree Realty Corporation Arthur J. Gallagher & Co. Incorporated Alcentra Capital Cross Timbers Royalty Brown & Brown, Inc. Corporation Trust CorVel Corporation Alexander's, Inc. Crown Castle International Crawford & Company Alexandria Real Estate Corp. (REIT) Erie Indemnity Company Equities, Inc. CubeSmart Health Insurance AllianceBernstein Holding L.P. DiamondRock Hospitality Innovations, Inc. Company HMS Holdings Corp. America First Multifamily Digital Realty Trust, Inc. Investors, L.P. Marsh & McLennan Diversified Healthcare American Assets Trust, Inc. Companies, Inc. Trust American Campus Verisk Analytics, Inc. Dolby Laboratories, Inc. Communities, Inc. Dorchester Minerals, L.P. American Tower SIC 65 Douglas Emmett, Inc. Corporation (REIT) American Realty Investors, Duke Realty Corporation Annaly Capital Inc. EastGroup Properties, Inc. Management, Inc. CBRE Group, Inc. Empire State Realty Trust, Anworth Mortgage Asset Inc. China HGS Real Estate Inc. Corporation EPR Properties Consolidated-Tomoka Apartment Investment and Equinix, Inc. (REIT) Land Co. Griffin Industrial Realty, Inc. Management Company Equity Commonwealth

J.W. Mays, Inc. Apollo Commercial Real Equity LifeStyle Properties, Estate Finance, Inc. Inc. Jones Lang LaSalle Apollo Investment Incorporated Equity Residential Corporation Kennedy-Wilson Holdings, Essex Property Trust, Inc. Ares Capital Corporation Inc. Extra Space Storage Inc.

Landmark Infrastructure Ares Commercial Real Farmland Partners Inc. Estate Corporation Partners LP Federal Realty Investment

Marcus & Millichap, Inc. Armada Hoffler Properties, Trust Inc. RE/MAX Holdings, Inc. Fidus Investment AvalonBay Communities, Corporation Realogy Holdings Corp. Inc. The Howard Hughes First Industrial Realty Trust, BlackRock Capital Corporation Inc. Investment Corporation Franklin Street Properties Transcontinental Realty BlackRock TCP Capital Corp. Investors, Inc. Corp. Wyndham Destinations, FS KKR Capital Corp. Blackstone Mortgage Trust, Inc. Gaming and Leisure Inc. Properties, Inc. Boston Properties, Inc. SIC 651 Garrison Capital Inc. BP Prudhoe Bay Royalty American Realty Investors, Trust Getty Realty Corp. Gladstone Capital Inc. Braemar Hotels & Resorts, Corporation Griffin Industrial Realty, Inc. Inc. Gladstone Investment J.W. Mays, Inc. Brandywine Realty Trust Kennedy-Wilson Holdings, Brixmor Property Group Corporation Gladstone Land Inc. Inc. Corporation BRT Apartments Corp. Golub Capital BDC, Inc.

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix A: Companies (Main Set) in Each Industry, by SIC Code

North European Oil Royalty Stellus Capital Investment Hannon Armstrong Sustainable Infrastructure Trust Corporation

Capital, Inc. Oaktree Strategic Income StoneCastle Financial Corp.

Harvest Capital Credit Corporation STORE Capital Corporation

Corporation OFS Capital Corporation Summit Hotel Properties, Inc. Healthcare Realty Trust Omega Healthcare Sun Communities, Inc. Incorporated Investors, Inc. Sunstone Hotel Investors, Healthcare Trust of One Liberty Properties, Inc. Inc. America, Inc. Outfront Media Inc. Tanger Factory Outlet Healthpeak Properties, Inc. Oxford Square Capital Corp. Centers, Inc. Hercules Capital, Inc. Paramount Group, Inc. Taubman Centers, Inc. Hersha Hospitality Trust Pebblebrook Hotel Trust TC PipeLines, LP Highwoods Properties, Inc. Terreno Realty Corporation Horizon Technology PennantPark Floating Rate Capital Ltd. Texas Pacific Land Trust Finance Corporation The GEO Group, Inc. Host Hotels & Resorts, Inc. PennantPark Investment Corporation The Macerich Company Hudson Pacific Properties, THL Credit, Inc. Inc. PennyMac Mortgage Investment Trust TPG Specialty Lending, Inc. Independence Realty Trust, Permian Basin Royalty TriplePoint Venture Growth Inc. Trust BDC Corp. InterDigital, Inc. Physicians Realty Trust UDR, Inc. Invesco Mortgage Capital Inc. Piedmont Office Realty Universal Health Realty Trust, Inc. Income Trust Investcorp Credit Prologis, Inc. Urstadt Biddle Properties Management BDC, Inc. Prospect Capital Inc. Iron Mountain Incorporated Corporation Ventas, Inc. Kilroy Realty Corporation PS Business Parks, Inc. Viper Energy Partners LP Kimco Realty Corporation Public Storage Vornado Realty Trust Lamar Advertising QTS Realty Trust, Inc. W. P. Carey Inc. Company (REIT) Rambus Inc. Washington Real Estate Lexington Realty Trust Rand Capital Corporation Investment Trust Liberty Property Trust Rayonier Inc. Weingarten Realty Life Storage, Inc. Investors Realty Income Corporation LTC Properties, Inc. Regency Centers Welltower Inc. Mack-Cali Realty Corporation WhiteHorse Finance, Inc. Corporation Retail Opportunity Whitestone REIT Main Street Capital Investments Corp. Winmark Corporation Corporation Manhattan Bridge Capital, Retail Properties of America, Inc. SIC 6794 Inc. Medical Properties Trust, Rexford Industrial Realty, CEVA, Inc. Inc. Inc. Dolby Laboratories, Inc. RLJ Lodging Trust Mesa Royalty Trust InterDigital, Inc. Royal Gold, Inc. Mesabi Trust Network-1 Technologies, RPT Realty Inc. MFA Financial, Inc. Rambus Inc. Mid-America Apartment Ryman Hospitality Properties, Inc. Winmark Corporation Communities, Inc. Sabine Royalty Trust Monmouth Real Estate Sabra Health Care REIT, Investment Corporation SIC 6798 Inc. Acadia Realty Trust Monroe Capital Corporation San Juan Basin Royalty National Health Investors, Agree Realty Corporation Trust Inc. Saul Centers, Inc. Alexander's, Inc. National Retail Properties, Alexandria Real Estate Inc. Service Properties Trust Equities, Inc. Network-1 Technologies, Simon Property Group, Inc. American Assets Trust, Inc. Inc. SL Green Realty Corp. American Campus New Mountain Finance Solar Capital Ltd. Communities, Inc. Corporation Solar Senior Capital Ltd. American Tower New Residential Spirit Realty Capital, Inc. Corporation (REIT) Investment Corp. STAG Industrial, Inc. Newtek Business Services Starwood Property Trust, Annaly Capital Inc. Management, Inc. Corp.

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix A: Companies (Main Set) in Each Industry, by SIC Code

Anworth Mortgage Asset Franklin Street Properties Public Storage Corporation Corp. QTS Realty Trust, Inc.

Apartment Investment and Gaming and Leisure Rayonier Inc. Management Company Properties, Inc. Realty Income Corporation

Apollo Commercial Real Getty Realty Corp. Regency Centers Corporation Estate Finance, Inc. Gladstone Land Corporation Ares Commercial Real Retail Opportunity Investments Corp. Estate Corporation Hannon Armstrong Armada Hoffler Properties, Sustainable Infrastructure Retail Properties of Capital, Inc. America, Inc. Inc. AvalonBay Communities, Healthcare Realty Trust Rexford Industrial Realty, Inc. Inc. Incorporated RLJ Lodging Trust Blackstone Mortgage Trust, Healthcare Trust of Inc. America, Inc. RPT Realty

Boston Properties, Inc. Healthpeak Properties, Inc. Ryman Hospitality Properties, Inc. Braemar Hotels & Resorts, Hersha Hospitality Trust Sabra Health Care REIT, Inc. Highwoods Properties, Inc. Inc. Brandywine Realty Trust Host Hotels & Resorts, Inc. Saul Centers, Inc. Brixmor Property Group Hudson Pacific Properties, Inc. Service Properties Trust Inc. BRT Apartments Corp. Simon Property Group, Inc. Independence Realty Trust, SL Green Realty Corp. Camden Property Trust Inc. Spirit Realty Capital, Inc. CareTrust REIT, Inc. Invesco Mortgage Capital STAG Industrial, Inc. Chatham Lodging Trust Inc. Starwood Property Trust, City Office REIT, Inc. Iron Mountain Incorporated Inc. Columbia Property Trust, Kilroy Realty Corporation STORE Capital Corporation Inc. Kimco Realty Corporation Summit Hotel Properties, CoreCivic, Inc. Lamar Advertising Inc. CorEnergy Infrastructure Company (REIT) Sun Communities, Inc. Trust, Inc. Lexington Realty Trust Sunstone Hotel Investors, CoreSite Realty Liberty Property Trust Inc. Corporation Life Storage, Inc. Tanger Factory Outlet Corporate Office Properties LTC Properties, Inc. Centers, Inc. Trust Mack-Cali Realty Taubman Centers, Inc. Cousins Properties Corporation Terreno Realty Corporation Incorporated Manhattan Bridge Capital, The GEO Group, Inc. Crown Castle International Inc. The Macerich Company Corp. (REIT) Medical Properties Trust, Inc. UDR, Inc. CubeSmart MFA Financial, Inc. Universal Health Realty DiamondRock Hospitality Income Trust Mid-America Apartment Company Urstadt Biddle Properties Communities, Inc. Digital Realty Trust, Inc. Inc. Diversified Healthcare Monmouth Real Estate Ventas, Inc. Trust Investment Corporation Vornado Realty Trust Douglas Emmett, Inc. National Health Investors, Inc. W. P. Carey Inc. Duke Realty Corporation National Retail Properties, Washington Real Estate EastGroup Properties, Inc. Inc. Investment Trust Empire State Realty Trust, Weingarten Realty Inc. New Residential Investment Corp. Investors EPR Properties Welltower Inc. Equinix, Inc. (REIT) Omega Healthcare Investors, Inc. Whitestone REIT Equity Commonwealth One Liberty Properties, Inc. Equity LifeStyle Properties, SIC 7 Outfront Media Inc. Inc. ABM Industries Paramount Group, Inc. Equity Residential Incorporated Pebblebrook Hotel Trust Essex Property Trust, Inc. ACI Worldwide, Inc. PennyMac Mortgage Extra Space Storage Inc. Activision Blizzard, Inc. Investment Trust Farmland Partners Inc. Adobe Inc. Physicians Realty Trust Federal Realty Investment Air Lease Corporation Piedmont Office Realty Trust Akamai Technologies, Inc. Trust, Inc. First Industrial Realty Trust, Alphabet Inc. Prologis, Inc. Inc. AMERCO PS Business Parks, Inc. American Software, Inc.

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix A: Companies (Main Set) in Each Industry, by SIC Code

AMN Healthcare Services, FactSet Research Systems National Research Inc. Corporation Inc. ANSYS, Inc. Fair Isaac Corporation Natural Gas Services ARC Document Solutions, Group, Inc. Fidelity National Inc. Net 1 UEPS Technologies, Information Services, Inc. ASGN Incorporated Inc. Finjan Holdings, Inc. Aspen Technology, Inc. Netflix, Inc. Fiserv, Inc. Aware, Inc. NetScout Systems, Inc. FleetCor Technologies, Inc. Barrett Business Services, NetSol Technologies, Inc. Franchise Group, Inc. Inc. NextGen Healthcare, Inc. GlobalSCAPE, Inc. BG Staffing, Inc. NIC Inc. Green Dot Corporation Blackbaud, Inc. NortonLifeLock Inc. Grubhub Inc. Booking Holdings Inc. Omnicell, Inc. Guidewire Software, Inc. Booz Allen Hamilton Omnicom Group Inc. H&R Block, Inc. Holding Corporation Oracle Corporation HealthEquity, Inc. Bowl America Incorporated Park City Group, Inc. HealthStream, Inc. Boyd Gaming Corporation Paycom Software, Inc. Heidrick & Struggles Broadridge Financial Paylocity Holding International, Inc. Solutions, Inc. Corporation Hilton Worldwide Holdings CACI International Inc Pegasystems Inc. Inc. Cadence Design Systems, Penn National Gaming, Inc. Hyatt Hotels Corporation Inc. Perficient, Inc. IAC/InterActiveCorp Canterbury Park Holding Progress Software Information Services Corporation Corporation Group, Inc. Carriage Services, Inc. PTC Inc. Insignia Systems, Inc. Cass Information Systems, QAD Inc. Insperity, Inc. Inc. Qualys, Inc. Intelligent Systems CDK Global, Inc. RCM Technologies, Inc. Corporation Cedar Fair, L.P. Reading International, Inc. International Business Century Casinos, Inc. RealPage, Inc. Machines Corporation Cerner Corporation Robert Half International Churchill Downs Intuit Inc. Inc.

Incorporated Issuer Direct Corporation Rollins, Inc.

Cinemark Holdings, Inc. j2 Global, Inc. S&P Global Inc. Jack Henry & Associates, Cintas Corporation Sabre Corporation Inc. Citrix Systems, Inc. salesforce.com, inc. KAR Auction Services, Inc. Cognizant Technology Science Applications Kelly Services, Inc. Solutions Corporation International Corporation Kforce Inc. Collectors Universe, Inc. ServiceMaster Global Korn Ferry CoreLogic, Inc. Holdings, Inc. Las Vegas Sands Corp. CoStar Group, Inc. Shutterstock, Inc. LogMeIn, Inc. Cross Country Healthcare, SilverSun Technologies, Inc. Manhattan Associates, Inc. Inc.

CSG Systems International, ManpowerGroup Inc. Six Flags Entertainment Inc. ManTech International Corporation

CSP Inc. Corporation SP Plus Corporation

CynergisTek, Inc. Marriott International, Inc. SPAR Group, Inc.

DHI Group, Inc. Marriott Vacations SPS Commerce, Inc.

Dover Motorsports, Inc. Worldwide Corporation SS&C Technologies

DXC Technology Company Mastech Digital, Inc. Holdings, Inc.

eBay Inc. McGrath RentCorp Stamps.com Inc.

Ebix, Inc. MercadoLibre, Inc. Sykes Enterprises,

Eldorado Resorts, Inc. MGM Resorts International Incorporated

Electronic Arts Inc. Microsoft Corporation Synopsys, Inc.

EPAM Systems, Inc. MicroStrategy Incorporated Take-Two Interactive

Equifax Inc. Mobile Mini, Inc. Software, Inc. Monarch Casino & Resort, EVERTEC, Inc. TechTarget, Inc. Inc. Evolving Systems, Inc. Teradata Corporation Monro, Inc. Extended Stay America, The Interpublic Group of Inc. Moody's Corporation Companies, Inc. F5 Networks, Inc. Morningstar, Inc. Travelzoo Facebook, Inc. National Instruments TriNet Group, Inc. Corporation TripAdvisor, Inc.

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix A: Companies (Main Set) in Each Industry, by SIC Code

TrueBlue, Inc. Citrix Systems, Inc. Mastech Digital, Inc.

TSR, Inc. Cognizant Technology McGrath RentCorp

TTEC Holdings, Inc. Solutions Corporation MercadoLibre, Inc. Tyler Technologies, Inc. Collectors Universe, Inc. Microsoft Corporation

United Rentals, Inc. CoreLogic, Inc. MicroStrategy Incorporated Vail Resorts, Inc. CoStar Group, Inc. Mobile Mini, Inc.

Veeva Systems Inc. Cross Country Healthcare, Moody's Corporation Verint Systems Inc. Inc. Morningstar, Inc.

Viad Corp CSG Systems International, National Instruments Inc. Virtusa Corporation Corporation CSP Inc. National Research WEX Inc. Wilhelmina International, CynergisTek, Inc. Corporation

Inc. DHI Group, Inc. Net 1 UEPS Technologies, Inc. Willis Lease Finance DXC Technology Company NetScout Systems, Inc. Corporation eBay Inc. NetSol Technologies, Inc. Wynn Resorts, Limited Ebix, Inc. NextGen Healthcare, Inc. Yelp Inc. Electronic Arts Inc. NIC Inc. Zix Corporation EPAM Systems, Inc. NortonLifeLock Inc. Equifax Inc. Omnicell, Inc. SIC 70 EVERTEC, Inc. Omnicom Group Inc. Extended Stay America, Evolving Systems, Inc. Inc. Oracle Corporation F5 Networks, Inc. Hilton Worldwide Holdings Park City Group, Inc. Facebook, Inc. Inc. Paycom Software, Inc. FactSet Research Systems Hyatt Hotels Corporation Paylocity Holding Inc. Marriott International, Inc. Corporation Fair Isaac Corporation Marriott Vacations Pegasystems Inc. Fidelity National Worldwide Corporation Perficient, Inc. Information Services, Inc. Progress Software Finjan Holdings, Inc. SIC 73 Corporation Fiserv, Inc. ABM Industries PTC Inc. FleetCor Technologies, Inc. Incorporated QAD Inc. ACI Worldwide, Inc. GlobalSCAPE, Inc. Qualys, Inc. Activision Blizzard, Inc. Green Dot Corporation RCM Technologies, Inc. Adobe Inc. Grubhub Inc. RealPage, Inc. Guidewire Software, Inc. Air Lease Corporation Robert Half International Akamai Technologies, Inc. HealthEquity, Inc. Inc.

Alphabet Inc. HealthStream, Inc. Rollins, Inc.

American Software, Inc. Heidrick & Struggles S&P Global Inc.

AMN Healthcare Services, International, Inc. Sabre Corporation Inc. IAC/InterActiveCorp salesforce.com, inc. ANSYS, Inc. Information Services Science Applications ARC Document Solutions, Group, Inc. International Corporation Inc. Insignia Systems, Inc. Shutterstock, Inc. ASGN Incorporated Insperity, Inc. SilverSun Technologies, Aspen Technology, Inc. Intelligent Systems Inc. Aware, Inc. Corporation SPAR Group, Inc. Barrett Business Services, International Business SPS Commerce, Inc. Inc. Machines Corporation SS&C Technologies BG Staffing, Inc. Intuit Inc. Holdings, Inc. Blackbaud, Inc. Issuer Direct Corporation Stamps.com Inc. Booking Holdings Inc. j2 Global, Inc. Sykes Enterprises, Booz Allen Hamilton Jack Henry & Associates, Incorporated Holding Corporation Inc. Synopsys, Inc.

Broadridge Financial KAR Auction Services, Inc. Take-Two Interactive Solutions, Inc. Kelly Services, Inc. Software, Inc. CACI International Inc Kforce Inc. TechTarget, Inc. Cadence Design Systems, Korn Ferry Teradata Corporation Inc. LogMeIn, Inc. The Interpublic Group of Cass Information Systems, Manhattan Associates, Inc. Companies, Inc. Inc. ManpowerGroup Inc. Travelzoo CDK Global, Inc. ManTech International TriNet Group, Inc. Cerner Corporation Corporation TripAdvisor, Inc.

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix A: Companies (Main Set) in Each Industry, by SIC Code

TrueBlue, Inc. Kforce Inc. International Business TSR, Inc. ManpowerGroup Inc. Machines Corporation TTEC Holdings, Inc. TrueBlue, Inc. Intuit Inc. Tyler Technologies, Inc. Issuer Direct Corporation United Rentals, Inc. SIC 737 j2 Global, Inc. Veeva Systems Inc. ACI Worldwide, Inc. Jack Henry & Associates, Verint Systems Inc. Activision Blizzard, Inc. Inc. Viad Corp Adobe Inc. LogMeIn, Inc. Virtusa Corporation Akamai Technologies, Inc. Manhattan Associates, Inc. WEX Inc. Alphabet Inc. ManTech International Corporation Willis Lease Finance American Software, Inc. Corporation ANSYS, Inc. MercadoLibre, Inc. Yelp Inc. Aspen Technology, Inc. Microsoft Corporation Zix Corporation Aware, Inc. MicroStrategy Incorporated Blackbaud, Inc. Morningstar, Inc. SIC 735 Booking Holdings Inc. National Instruments Corporation Air Lease Corporation Booz Allen Hamilton Net 1 UEPS Technologies, McGrath RentCorp Holding Corporation Inc. Mobile Mini, Inc. Broadridge Financial NetScout Systems, Inc. United Rentals, Inc. Solutions, Inc. NetSol Technologies, Inc. CACI International Inc Willis Lease Finance NextGen Healthcare, Inc. Corporation Cadence Design Systems, Inc. NIC Inc. NortonLifeLock Inc. SIC 736 CDK Global, Inc. Omnicell, Inc. AMN Healthcare Services, Cerner Corporation Oracle Corporation Inc. Citrix Systems, Inc. Park City Group, Inc. ASGN Incorporated Cognizant Technology Solutions Corporation Paycom Software, Inc. Barrett Business Services, Paylocity Holding CoreLogic, Inc. Inc. Corporation Cross Country Healthcare, CoStar Group, Inc. Pegasystems Inc. Inc. CSG Systems International, Perficient, Inc. DHI Group, Inc. Inc. Progress Software Heidrick & Struggles CSP Inc. Corporation International, Inc. CynergisTek, Inc. PTC Inc. Insperity, Inc. DXC Technology Company QAD Inc. Kelly Services, Inc. eBay Inc. Qualys, Inc. Kforce Inc. Ebix, Inc. RealPage, Inc. Korn Ferry Electronic Arts Inc. Sabre Corporation ManpowerGroup Inc. EPAM Systems, Inc. salesforce.com, inc. Mastech Digital, Inc. EVERTEC, Inc. Science Applications RCM Technologies, Inc. Evolving Systems, Inc. Robert Half International International Corporation F5 Networks, Inc. Inc. Shutterstock, Inc. Facebook, Inc. TrueBlue, Inc. SilverSun Technologies, FactSet Research Systems Inc. Inc. SPS Commerce, Inc. SIC 7361 Fair Isaac Corporation AMN Healthcare Services, SS&C Technologies Inc. Fidelity National Holdings, Inc. DHI Group, Inc. Information Services, Inc. Stamps.com Inc. Heidrick & Struggles Finjan Holdings, Inc. Sykes Enterprises, International, Inc. Fiserv, Inc. Incorporated Korn Ferry FleetCor Technologies, Inc. Synopsys, Inc. Mastech Digital, Inc. GlobalSCAPE, Inc. Take-Two Interactive Grubhub Inc. Software, Inc. SIC 7363 Guidewire Software, Inc. TechTarget, Inc. ASGN Incorporated HealthEquity, Inc. Teradata Corporation HealthStream, Inc. Barrett Business Services, Travelzoo Inc. IAC/InterActiveCorp TriNet Group, Inc. Cross Country Healthcare, Information Services TripAdvisor, Inc. Inc. Group, Inc. TSR, Inc. Insperity, Inc. Intelligent Systems Tyler Technologies, Inc. Kelly Services, Inc. Corporation Veeva Systems Inc.

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix A: Companies (Main Set) in Each Industry, by SIC Code

Verint Systems Inc. SIC 7374 Monarch Casino & Resort, Inc. Virtusa Corporation CoreLogic, Inc. Penn National Gaming, Inc. WEX Inc. CSG Systems International, Six Flags Entertainment Yelp Inc. Inc. Corporation Zix Corporation CynergisTek, Inc. Vail Resorts, Inc. EVERTEC, Inc. Wynn Resorts, Limited SIC 7372 Fidelity National

Activision Blizzard, Inc. Information Services, Inc. American Software, Inc. Fiserv, Inc. SIC 8

ANSYS, Inc. FleetCor Technologies, Inc. Acadia Healthcare Company, Inc. Aspen Technology, Inc. Information Services Addus HomeCare Aware, Inc. Group, Inc. Corporation Cadence Design Systems, Net 1 UEPS Technologies, Adtalem Global Education Inc. Inc. Inc. Citrix Systems, Inc. Sykes Enterprises, Amedisys, Inc. Ebix, Inc. Incorporated American Public Education, Electronic Arts Inc. TriNet Group, Inc. Inc. Finjan Holdings, Inc. WEX Inc. American Shared Hospital GlobalSCAPE, Inc. Services Guidewire Software, Inc. SIC 738 Argan, Inc. HealthStream, Inc. ARC Document Solutions, Inc. BioTelemetry, Inc. Intelligent Systems Bright Horizons Family Corporation Cass Information Systems, Inc. Solutions Inc. Intuit Inc. Collectors Universe, Inc. Charles River Laboratories MicroStrategy Incorporated Green Dot Corporation International, Inc. National Instruments KAR Auction Services, Inc. CRA International, Inc. Corporation National Research DaVita Inc. NetSol Technologies, Inc. Corporation DLH Holdings Corp. NextGen Healthcare, Inc. SPAR Group, Inc. Encompass Health NortonLifeLock Inc. TTEC Holdings, Inc. Corporation Park City Group, Inc. Viad Corp Exponent, Inc. Pegasystems Inc. FONAR Corporation PTC Inc. SIC 79 Forrester Research, Inc. Qualys, Inc. Bowl America Incorporated Franklin Covey Co. RealPage, Inc. Boyd Gaming Corporation Gartner, Inc. salesforce.com, inc. Canterbury Park Holding GP Strategies Corporation SS&C Technologies Grand Canyon Education, Corporation Holdings, Inc. Inc. Cedar Fair, L.P. Synopsys, Inc. Huron Consulting Group Century Casinos, Inc. Inc. Take-Two Interactive Churchill Downs Software, Inc. ICF International, Inc. Incorporated IQVIA Holdings Inc. Dover Motorsports, Inc. SIC 7373 K12 Inc. Eldorado Resorts, Inc. Laboratory Corporation of Broadridge Financial Las Vegas Sands Corp. America Holdings Solutions, Inc. MGM Resorts International LHC Group, Inc. CACI International Inc Monarch Casino & Resort, Inc. Magellan Health, Inc. Cerner Corporation Penn National Gaming, Inc. MAXIMUS, Inc. CSP Inc. F5 Networks, Inc. Six Flags Entertainment MEDNAX, Inc.

Fair Isaac Corporation Corporation National HealthCare Jack Henry & Associates, Vail Resorts, Inc. Corporation

Inc. Wilhelmina International, NV5 Global, Inc. Inc. Manhattan Associates, Inc. Paychex, Inc. Wynn Resorts, Limited ManTech International PRA Health Sciences, Inc. Corporation PRGX Global, Inc.

NetScout Systems, Inc. SIC 799 Psychemedics Corporation

Omnicell, Inc. Boyd Gaming Corporation Quest Diagnostics Science Applications Cedar Fair, L.P. Incorporated

International Corporation Century Casinos, Inc. RadNet, Inc.

Tyler Technologies, Inc. Eldorado Resorts, Inc. Resources Connection, Inc. Las Vegas Sands Corp. Select Medical Holdings MGM Resorts International Corporation

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix A: Companies (Main Set) in Each Industry, by SIC Code

Strategic Education, Inc. SIC 87 Syneos Health, Inc. Argan, Inc.

Tetra Tech, Inc. Charles River Laboratories

The Ensign Group, Inc. International, Inc.

The Hackett Group, Inc. Exponent, Inc.

Tivity Health, Inc. Forrester Research, Inc.

U.S. Physical Therapy, Inc. Gartner, Inc. Universal Health Services, Huron Consulting Group Inc. Inc.

Vectrus, Inc. ICF International, Inc.

Willdan Group, Inc. IQVIA Holdings Inc.

Magellan Health, Inc. SIC 80 MAXIMUS, Inc.

Acadia Healthcare NV5 Global, Inc. Company, Inc. Paychex, Inc.

Addus HomeCare PRA Health Sciences, Inc. Corporation PRGX Global, Inc. Amedisys, Inc. Resources Connection, Inc.

American Shared Hospital Syneos Health, Inc. Services Tetra Tech, Inc. BioTelemetry, Inc. The Hackett Group, Inc. DaVita Inc. Vectrus, Inc. DLH Holdings Corp. Willdan Group, Inc.

Encompass Health Corporation SIC 874 FONAR Corporation Exponent, Inc. LHC Group, Inc. Huron Consulting Group MEDNAX, Inc. Inc.

National HealthCare ICF International, Inc.

Corporation Magellan Health, Inc. Psychemedics Corporation MAXIMUS, Inc.

Quest Diagnostics The Hackett Group, Inc. Incorporated Vectrus, Inc.

RadNet, Inc. Select Medical Holdings Corporation

The Ensign Group, Inc. Tivity Health, Inc.

U.S. Physical Therapy, Inc. Universal Health Services, Inc.

SIC 809 American Shared Hospital Services

BioTelemetry, Inc. DaVita Inc.

DLH Holdings Corp. Tivity Health, Inc.

SIC 82 Adtalem Global Education Inc. American Public Education, Inc. Franklin Covey Co.

GP Strategies Corporation Grand Canyon Education, Inc.

K12 Inc. Strategic Education, Inc.

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix B: SIC Codes in which Companies (Main Set) are Included

Appendix B is a list of the SIC codes in which each of the companies in the Main Set of companies are included in the 2019 Valuation Handbook – U.S. Industry Cost of Capital (data through December 2019). Appendix B: SIC Codes in which Companies (Main Set) are Included

1347 Property Insurance Allison Transmission Holdings, Holdings, Inc. PIH 6 63 633 Inc. ALSN 3 37 371 3714 1-800-FLOWERS.COM, Inc. FLWS 5 59 Ally Financial Inc. ALLY 6 61 1st Constitution Bancorp FCCY 6 60 602 Alphabet Inc. GOOGL 7 73 737 1st Source Corporation SRCE 6 60 602 Altra Industrial Motion Corp. AIMC 3 35 356 A. O. Smith Corporation AOS 3 36 Altria Group, Inc. MO 2 AAON, Inc. AAON 3 35 Amazon.com, Inc. AMZN 5 59 AAR Corp. AIR 5 50 AMC Networks Inc. AMCX 4 48 483 4833 AbbVie Inc. ABBV 2 28 283 2836 AMCON Distributing Company DIT 5 51 Abercrombie & Fitch Co. ANF 5 56 565 Amedisys, Inc. AMED 8 80 Abiomed, Inc. ABMD 3 38 384 3841 AMERCO UHAL 7 ABM Industries Incorporated ABM 7 73 Ameren Corporation AEE 4 49 493 4931 Acadia Healthcare Company, Ameresco, Inc. AMRC 1 16 Inc. ACHC 8 80 America First Multifamily Acadia Realty Trust AKR 6 67 6798 Investors, L.P. ATAX 6 67 ACCO Brands Corporation ACCO 2 27 American Airlines Group Inc. AAL 4 45 451 ACI Worldwide, Inc. ACIW 7 73 737 American Assets Trust, Inc. AAT 6 67 6798 Acme United Corporation ACU 3 34 342 American Axle & Manufacturing ACNB Corporation ACNB 6 60 602 Holdings, Inc. AXL 3 37 371 3714 Activision Blizzard, Inc. ATVI 7 73 737 7372 American Campus Acuity Brands, Inc. AYI 3 36 Communities, Inc. ACC 6 67 6798 Adams Resources & Energy, American Eagle Outfitters, Inc. AEO 5 56 Inc. AE 5 51 517 American Electric Power Addus HomeCare Corporation ADUS 8 80 Company, Inc. AEP 4 49 Adobe Inc. ADBE 7 73 737 American Equity Investment Adtalem Global Education Inc. ATGE 8 82 Life Holding Company AEL 6 63 631 ADTRAN, Inc. ADTN 3 36 366 American Express Company AXP 6 61 Advance Auto Parts, Inc. AAP 5 55 American Financial Group, Inc. AFG 6 63 Advanced Drainage Systems, American International Group, Inc. WMS 3 30 308 Inc. AIG 6 63 633 Advanced Energy Industries, American National Bankshares Inc. AEIS 3 36 367 Inc. AMNB 6 60 602 American National Insurance AeroVironment, Inc. AVAV 3 37 Company ANAT 6 63 Affiliated Managers Group, Inc. AMG 6 62 628 American Outdoor Brands Aflac Incorporated AFL 6 63 632 Corporation AOBC 3 AGCO Corporation AGCO 3 35 American Public Education, Inc. APEI 8 82 Agree Realty Corporation ADC 6 67 6798 American Realty Investors, Inc. ARL 6 65 651 Air Lease Corporation AL 7 73 735 American River Bankshares AMRB 6 60 602 Air Products and Chemicals, American Shared Hospital Inc. APD 2 28 281 Services AMS 8 80 809 Air Transport Services Group, American Software, Inc. AMSWA 7 73 737 7372 Inc. ATSG 4 American States Water Akamai Technologies, Inc. AKAM 7 73 737 Company AWR 4 49 494 Alamo Group Inc. ALG 3 35 American Tower Corporation Alaska Air Group, Inc. ALK 4 45 451 (REIT) AMT 6 67 6798 American Vanguard Alaska Communications Corporation AVD 2 28 287 Systems Group, Inc. ALSK 4 48 481 4813 American Water Works Albemarle Corporation ALB 2 28 Company, Inc. AWK 4 49 494 Alcentra Capital Corporation ABDC 6 67 American Woodmark Alerus Financial Corporation ALRS 6 60 602 Corporation AMWD 2 24 Alexander's, Inc. ALX 6 67 6798 Ameriprise Financial, Inc. AMP 6 62 621 Alexandria Real Estate Equities, Ameris Bancorp ABCB 6 60 602 Inc. ARE 6 67 6798 Amerisafe, Inc. AMSF 6 63 633 Alexion Pharmaceuticals, Inc. ALXN 2 28 283 2836 AmeriServ Financial, Inc. ASRV 6 60 602 Align Technology, Inc. ALGN 3 38 384 AmerisourceBergen Alleghany Corporation Y 6 63 633 Corporation ABC 5 51 512 Allegiant Travel Company ALGT 4 45 451 Ames National Corporation ATLO 6 60 602 ALLETE, Inc. ALE 4 49 493 4931 AMETEK, Inc. AME 3 Alliance Resource Partners, L.P. ARLP 1 Amgen Inc. AMGN 2 28 283 2836 AllianceBernstein Holding L.P. AB 6 67 Amkor Technology, Inc. AMKR 3 36 367 3674 Alliant Energy Corporation LNT 4 49 493 4931 AMN Healthcare Services, Inc. AMN 7 73 736 7361 Allied Motion Technologies Inc. AMOT 3 36 362 3621 Amphenol Corporation APH 3 36 367

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix B: SIC Codes in which Companies (Main Set) are Included

Amtech Systems, Inc. ASYS 3 35 355 3559 ATN International, Inc. ATNI 4 48 481 4812 Analog Devices, Inc. ADI 3 36 367 3674 Atrion Corporation ATRI 3 38 384 3841 ANI Pharmaceuticals, Inc. ANIP 2 28 283 2834 Auburn National Anika Therapeutics, Inc. ANIK 2 28 283 2836 Bancorporation, Inc. AUBN 6 60 602 Anixter International Inc. AXE 5 50 506 Autoliv, Inc. ALV 3 37 371 3714 Annaly Capital Management, AutoNation, Inc. AN 5 55 Inc. NLY 6 67 6798 AvalonBay Communities, Inc. AVB 6 67 6798 ANSYS, Inc. ANSS 7 73 737 7372 Avery Dennison Corporation AVY 2 26 Anthem, Inc. ANTM 6 63 632 6324 Avista Corporation AVA 4 49 493 4931 Anworth Mortgage Asset Avnet, Inc. AVT 5 50 506 Corporation ANH 6 67 6798 AVX Corporation AVX 3 36 367 Apartment Investment and Aware, Inc. AWRE 7 73 737 7372 Management Company AIV 6 67 6798 Axcelis Technologies, Inc. ACLS 3 35 355 3559 Apollo Commercial Real Estate Axon Enterprise, Inc. AAXN 3 34 Finance, Inc. ARI 6 67 6798 Axos Financial, Inc. AX 6 60 603 6035 Apollo Global Management, Inc. APO 6 62 628 AXT, Inc. AXTI 3 36 367 3674 Apollo Investment Corporation AINV 6 67 B&G Foods, Inc. BGS 2 20 203 Apple Inc. AAPL 3 36 366 3663 Badger Meter, Inc. BMI 3 38 382 Applied Industrial Technologies, Balchem Corporation BCPC 2 28 283 2834 Inc. AIT 5 50 Ball Corporation BLL 3 34 Applied Materials, Inc. AMAT 3 35 355 3559 Banc of California, Inc. BANC 6 60 603 6035 Applied Optoelectronics, Inc. AAOI 3 36 367 3674 BancFirst Corporation BANF 6 60 602 AptarGroup, Inc. ATR 3 30 308 BancorpSouth Bank BXS 6 60 602 Aramark ARMK 5 58 5812 Bank First Corporation BFC 6 60 602 Arbor Realty Trust, Inc. ABR 6 Bank of America Corporation BAC 6 60 602 ARC Document Solutions, Inc. ARC 7 73 738 Bank of Commerce Holdings BOCH 6 60 602 ArcBest Corporation ARCB 4 42 4213 Archer-Daniels-Midland Bank of Hawaii Corporation BOH 6 60 602 Company ADM 2 20 Bank of Marin Bancorp BMRC 6 60 602 Ares Capital Corporation ARCC 6 67 Bank of South Carolina Corporation BKSC 6 60 602 Ares Commercial Real Estate Bank of the James Financial Corporation ACRE 6 67 6798 Group, Inc. BOTJ 6 60 602 Ares Management Corporation ARES 6 62 628 Bank OZK OZK 6 60 602 Argan, Inc. AGX 8 87 BankFinancial Corporation BFIN 6 60 602 Arista Networks, Inc. ANET 3 35 357 BankUnited, Inc. BKU 6 60 602 Ark Restaurants Corp. ARKR 5 58 5812 Bankwell Financial Group, Inc. BWFG 6 60 602 Armada Hoffler Properties, Inc. AHH 6 67 6798 Banner Corporation BANR 6 60 602 Armstrong World Industries, Bar Harbor Bankshares BHB 6 60 602 Inc. AWI 3 32 Barnes Group Inc. B 3 Arrow Electronics, Inc. ARW 5 50 Barrett Business Services, Inc. BBSI 7 73 736 7363 Arrow Financial Corporation AROW 6 60 602 Artesian Resources Corporation ARTNA 4 49 494 Bassett Furniture Industries, Incorporated BSET 2 25 251 Arthur J. Gallagher & Co. AJG 6 64 Baxter International Inc. BAX 2 28 283 2834 Artisan Partners Asset BayCom Corp BCML 6 60 602 Management Inc. APAM 6 62 628 BBX Capital Corporation BBX 6 60 603 6035 Asbury Automotive Group, Inc. ABG 5 55 BCB Bancorp, Inc. BCBP 6 60 602 ASGN Incorporated ASGN 7 73 736 7363 Beacon Roofing Supply, Inc. BECN 5 50 Ashland Global Holdings Inc. ASH 2 28 Beasley Broadcast Group, Inc. BBGI 4 48 483 4832 Aspen Technology, Inc. AZPN 7 73 737 7372 Beazer Homes USA, Inc. BZH 1 15 Associated Banc-Corp ASB 6 60 602 Becton, Dickinson and Assurant, Inc. AIZ 6 63 Company BDX 3 38 384 3841 Asta Funding, Inc. ASFI 6 61 Belden Inc. BDC 3 36 367 Astec Industries, Inc. ASTE 3 35 353 Benchmark Electronics, Inc. BHE 3 36 367 3672 Astronics Corporation ATRO 3 36 Berkshire Hills Bancorp, Inc. BHLB 6 60 602 AstroNova, Inc. ALOT 3 Best Buy Co., Inc. BBY 5 57 AT&T Inc. T 4 48 481 4812 BG Staffing, Inc. BGSF 7 73 Atlantic American Corporation AAME 6 63 BGC Partners, Inc. BGCP 6 Atlantic Union Bankshares Big 5 Sporting Goods Corporation AUB 6 60 602 Corporation BGFV 5 59 594 Atlas Air Worldwide Holdings, Big Lots, Inc. BIG 5 53 533 Inc. AAWW 4 45 Biogen Inc. BIIB 2 28 283 2836 Atmos Energy Corporation ATO 4 49 492 4924 Bio-Rad Laboratories, Inc. BIO 3 38 382 3826

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix B: SIC Codes in which Companies (Main Set) are Included

BioSpecifics Technologies Caleres, Inc. CAL 3 31 Corp. BSTC 2 28 283 2834 California Water Service Group CWT 4 49 494 Bio-Techne Corporation TECH 2 28 283 Callaway Golf Company ELY 3 39 BioTelemetry, Inc. BEAT 8 80 809 Callon Petroleum Company CPE 1 13 131 BJ's Restaurants, Inc. BJRI 5 58 5812 Cambridge Bancorp CATC 6 60 602 BK Technologies Corporation BKTI 3 36 366 3663 Camden National Corporation CAC 6 60 602 Black Hills Corporation BKH 4 49 Camden Property Trust CPT 6 67 6798 Blackbaud, Inc. BLKB 7 73 737 Campbell Soup Company CPB 2 20 BlackRock Capital Investment Cantel Medical Corp. CMD 3 38 384 Corporation BKCC 6 67 Canterbury Park Holding BlackRock TCP Capital Corp. TCPC 6 67 Corporation CPHC 7 79 BlackRock, Inc. BLK 6 62 628 Capital City Bank Group, Inc. CCBG 6 60 602 Blackstone Mortgage Trust, Inc. BXMT 6 67 6798 Capital One Financial Bloomin' Brands, Inc. BLMN 5 58 5812 Corporation COF 6 Boise Cascade Company BCC 5 50 Capital Southwest Corporation CSWC 6 67 BOK Financial Corporation BOKF 6 60 602 Capitol Federal Financial, Inc. CFFN 6 60 603 6035 Booking Holdings Inc. BKNG 7 73 737 Cardinal Health, Inc. CAH 5 51 512 Boot Barn Holdings, Inc. BOOT 5 56 CareTrust REIT, Inc. CTRE 6 67 6798 Booz Allen Hamilton Holding Carolina Financial Corporation CARO 6 60 602 Corporation BAH 7 73 737 Carpenter Technology BorgWarner Inc. BWA 3 37 371 3714 Corporation CRS 3 33 331 Boston Private Financial Carriage Services, Inc. CSV 7 Holdings, Inc. BPFH 6 60 602 Carrols Restaurant Group, Inc. TAST 5 58 5812 Boston Properties, Inc. BXP 6 67 6798 Carter Bank & Trust CARE 6 60 602 Boston Scientific Corporation BSX 3 38 384 Carter's, Inc. CRI 2 23 Bowl America Incorporated BWL.A 7 79 Casey's General Stores, Inc. CASY 5 54 541 Boyd Gaming Corporation BYD 7 79 799 Cass Information Systems, Inc. CASS 7 73 738 BP Prudhoe Bay Royalty Trust BPT 6 67 Catalent, Inc. CTLT 2 28 283 Brady Corporation BRC 3 39 Caterpillar Inc. CAT 3 Braemar Hotels & Resorts, Inc. BHR 6 67 6798 Cathay General Bancorp CATY 6 60 602 Brandywine Realty Trust BDN 6 67 6798 Cavco Industries, Inc. CVCO 2 24 Bridge Bancorp, Inc. BDGE 6 60 602 CB Financial Services, Inc. CBFV 6 60 602 Bridgford Foods Corporation BRID 2 20 201 CBRE Group, Inc. CBRE 6 65 Briggs & Stratton Corporation BGG 3 35 CDK Global, Inc. CDK 7 73 737 Bright Horizons Family CDW Corporation CDW 5 50 504 5045 Solutions Inc. BFAM 8 Cedar Fair, L.P. FUN 7 79 799 BrightSphere Investment Group Celanese Corporation CE 2 28 Inc. BSIG 6 62 628 Cemtrex, Inc. CETX 3 Bristol-Myers Squibb Company BMY 2 28 283 2834 Centene Corporation CNC 6 63 632 6324 Brixmor Property Group Inc. BRX 6 67 6798 CenterPoint Energy, Inc. CNP 4 49 Broadcom Inc. AVGO 3 36 367 3674 Broadridge Financial Solutions, CenterState Bank Corporation CSFL 6 60 602 Inc. BR 7 73 737 7373 Central Federal Corporation CFBK 6 60 603 6035 Broadway Financial Corporation BYFC 6 60 603 6035 Central Garden & Pet Company CENTA 5 51 Brookline Bancorp, Inc. BRKL 6 60 603 6035 Central Pacific Financial Corp. CPF 6 60 602 Brown & Brown, Inc. BRO 6 64 Central Valley Community Bancorp CVCY 6 60 602 Brown-Forman Corporation BF.B 2 20 208 Century Bancorp, Inc. CNBKA 6 60 602 BRT Apartments Corp. BRT 6 67 6798 Century Casinos, Inc. CNTY 7 79 799 Bruker Corporation BRKR 3 38 382 3826 Century Communities, Inc. CCS 1 15 Brunswick Corporation BC 3 CenturyLink, Inc. CTL 4 48 481 4813 Bryn Mawr Bank Corporation BMTC 6 60 602 Cerner Corporation CERN 7 73 737 7373 Builders FirstSource, Inc. BLDR 2 24 CEVA, Inc. CEVA 6 67 6794 Burlington Stores, Inc. BURL 5 56 CF Industries Holdings, Inc. CF 2 28 287 BWX Technologies, Inc. BWXT 3 35 C&F Financial Corporation CFFI 6 60 602 Charles River Laboratories International, Inc. CRL 8 87 C.H. Robinson Worldwide, Inc. CHRW 4 42 4213 Charter Communications, Inc. CHTR 4 48 Cabot Corporation CBT 2 28 Cabot Microelectronics Chatham Lodging Trust CLDT 6 67 6798 Corporation CCMP 2 28 Chemung Financial Corporation CHMG 6 60 602 Cabot Oil & Gas Corporation COG 1 13 131 Cheniere Energy Partners, L.P. CQP 5 51 517 CACI International Inc CACI 7 73 737 7373 Chesapeake Utilities Corporation CPK 4 49 492 Cadence Design Systems, Inc. CDNS 7 73 737 7372 Chevron Corporation CVX 2 29 291

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix B: SIC Codes in which Companies (Main Set) are Included

Chicago Rivet & Machine Co. CVR 3 34 Commercial Metals Company CMC 3 33 331 Chico's FAS, Inc. CHS 5 56 Commercial Vehicle Group, Inc. CVGI 3 37 371 3714 China Automotive Systems, Inc. CAAS 3 37 371 3714 CommScope Holding Company, China HGS Real Estate Inc. HGSH 6 65 Inc. COMM 3 36 366 3663 Chipotle Mexican Grill, Inc. CMG 5 58 5812 Community Bank System, Inc. CBU 6 60 602 Community Bankers Trust Church & Dwight Co., Inc. CHD 2 28 284 Corporation ESXB 6 60 602 Churchill Downs Incorporated CHDN 7 79 Community Trust Bancorp, Inc. CTBI 6 60 602 Chuy's Holdings, Inc. CHUY 5 58 5812 Community West Bancshares CWBC 6 60 602 Ciena Corporation CIEN 3 36 366 Compass Minerals Cigna Corporation CI 6 63 632 6324 International, Inc. CMP 1 14 Cincinnati Financial Corporation CINF 6 63 633 CompX International Inc. CIX 3 34 342 Cinemark Holdings, Inc. CNK 7 Comtech Telecommunications Ciner Resources LP CINR 1 14 Corp. CMTL 3 36 366 3663 Cintas Corporation CTAS 7 Conagra Brands, Inc. CAG 2 20 CIRCOR International, Inc. CIR 3 CONMED Corporation CNMD 3 38 384 3845 Cirrus Logic, Inc. CRUS 3 36 367 3674 ConnectOne Bancorp, Inc. CNOB 6 60 602 Cisco Systems, Inc. CSCO 3 35 357 Conn's, Inc. CONN 5 57 CIT Group Inc. CIT 6 60 602 ConocoPhillips Company COP 1 13 131 Citi Trends, Inc. CTRN 5 56 565 Consolidated Edison, Inc. ED 4 49 Citigroup Inc. C 6 Consolidated-Tomoka Land Co. CTO 6 65 Citizens & Northern Corporation CZNC 6 60 602 Continental Building Products, Citizens Community Bancorp, Inc. CBPX 3 32 Inc. CZWI 6 60 602 Continental Resources, Inc. CLR 1 13 131 Citizens Financial Group, Inc. CFG 6 60 602 Cooper Tire & Rubber Company CTB 3 30 Citizens Holding Company CIZN 6 60 602 Cooper-Standard Holdings Inc. CPS 3 37 371 3714 Citrix Systems, Inc. CTXS 7 73 737 7372 Copart, Inc. CPRT 5 50 City Holding Company CHCO 6 60 602 Corcept Therapeutics Incorporated CORT 2 28 283 2834 City Office REIT, Inc. CIO 6 67 6798 Core Molding Technologies, Inc. CMT 3 30 308 Civista Bancshares, Inc. CIVB 6 60 602 CoreCivic, Inc. CXW 6 67 6798 Clearfield, Inc. CLFD 3 36 367 CoreLogic, Inc. CLGX 7 73 737 7374 Clearwater Paper Corporation CLW 2 26 Core-Mark Holding Company, CME Group Inc. CME 6 62 Inc. CORE 5 51 CMS Energy Corporation CMS 4 49 CorEnergy Infrastructure Trust, CNA Financial Corporation CNA 6 63 633 Inc. CORR 6 67 6798 CNB Financial Corporation CCNE 6 60 602 CoreSite Realty Corporation COR 6 67 6798 CNO Financial Group, Inc. CNO 6 63 632 Cornerstone Building Brands, CNX Midstream Partners LP CNXM 4 49 492 4922 Inc. CNR 3 34 Coca-Cola Consolidated, Inc. COKE 2 20 208 Corning Incorporated GLW 3 Corporate Office Properties Coda Octopus Group, Inc. CODA 3 38 Trust OFC 6 67 6798 Codorus Valley Bancorp, Inc. CVLY 6 60 602 Cortland Bancorp CLDB 6 60 602 Coffee Holding Co., Inc. JVA 5 51 CorVel Corporation CRVL 6 64 Cogent Communications Holdings, Inc. CCOI 4 48 481 4813 CoStar Group, Inc. CSGP 7 73 737 Cognex Corporation CGNX 3 38 382 Costco Wholesale Corporation COST 5 53 Cousins Properties Cognizant Technology Incorporated CUZ 6 67 6798 Solutions Corporation CTSH 7 73 737 Covanta Holding Corporation CVA 4 49 495 Cohen & Steers, Inc. CNS 6 62 628 Covenant Transportation Coherent, Inc. COHR 3 38 382 3826 Group, Inc. CVTI 4 42 4213 Cohu, Inc. COHU 3 38 382 3825 Cowen Inc. COWN 6 62 628 Colfax Corporation CFX 3 35 CRA International, Inc. CRAI 8 Colgate-Palmolive Company CL 2 28 284 Cracker Barrel Old Country Collectors Universe, Inc. CLCT 7 73 738 Store, Inc. CBRL 5 58 5812 Colony Bankcorp, Inc. CBAN 6 60 602 Craft Brew Alliance, Inc. BREW 2 20 208 Columbia Banking System, Inc. COLB 6 60 602 Crane Co. CR 3 Columbia Property Trust, Inc. CXP 6 67 6798 Crawford & Company CRD.A 6 64 Columbia Sportswear Company COLM 2 23 Credit Acceptance Corporation CACC 6 61 614 Columbus McKinnon Cross Country Healthcare, Inc. CCRN 7 73 736 7363 Corporation CMCO 3 35 353 Cross Timbers Royalty Trust CRT 6 67 Comerica Incorporated CMA 6 60 602 CrossAmerica Partners LP CAPL 5 51 517 Comfort Systems USA, Inc. FIX 1 Crown Castle International Commerce Bancshares, Inc. CBSH 6 60 602 Corp. (REIT) CCI 6 67 6798

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix B: SIC Codes in which Companies (Main Set) are Included

Crown Crafts, Inc. CRWS 2 22 Donaldson Company, Inc. DCI 3 Crown Holdings, Inc. CCK 3 34 Donegal Group Inc. DGICA 6 63 633 CSG Systems International, Inc. CSGS 7 73 737 7374 Dorchester Minerals, L.P. DMLP 6 67 CSP Inc. CSPI 7 73 737 7373 Dorman Products, Inc. DORM 3 37 371 3714 CSX Corporation CSX 4 Douglas Dynamics, Inc. PLOW 3 CTS Corporation CTS 3 36 367 Douglas Emmett, Inc. DEI 6 67 6798 CubeSmart CUBE 6 67 6798 Dover Corporation DOV 3 35 Cubic Corporation CUB 3 Dover Motorsports, Inc. DVD 7 79 Cullen/Frost Bankers, Inc. CFR 6 60 602 Dril-Quip, Inc. DRQ 3 35 353 Culp, Inc. CULP 2 22 DTE Energy Company DTE 4 49 493 4931 Curtiss-Wright Corporation CW 3 Ducommun Incorporated DCO 3 37 Customers Bancorp, Inc. CUBI 6 60 602 Duke Energy Corporation DUK 4 49 493 4931 CVB Financial Corp. CVBF 6 60 602 Duke Realty Corporation DRE 6 67 6798 CVD Equipment Corporation CVV 3 35 355 3559 Dunkin' Brands Group, Inc. DNKN 5 58 5812 CVR Energy, Inc. CVI 2 29 291 DuPont de Nemours, Inc. DD 2 28 CVS Health Corporation CVS 5 59 DXC Technology Company DXC 7 73 737 CyberOptics Corporation CYBE 3 38 382 E*TRADE Financial Corporation ETFC 6 62 621 CynergisTek, Inc. CTEK 7 73 737 7374 Eagle Bancorp, Inc. EGBN 6 60 602 D.R. Horton, Inc. DHI 1 15 Eagle Materials Inc. EXP 3 32 Daktronics, Inc. DAKT 3 39 East West Bancorp, Inc. EWBC 6 60 602 Dana Incorporated DAN 3 37 371 3714 EastGroup Properties, Inc. EGP 6 67 6798 Danaher Corporation DHR 3 38 Eastman Chemical Company EMN 2 28 Darden Restaurants, Inc. DRI 5 58 5812 Eaton Vance Corp. EV 6 62 628 Darling Ingredients Inc. DAR 2 20 eBay Inc. EBAY 7 73 737 Data I/O Corporation DAIO 3 38 382 3825 Ebix, Inc. EBIX 7 73 737 7372 Dave & Buster's Entertainment, Echo Global Logistics, Inc. ECHO 4 47 473 Inc. PLAY 5 58 EchoStar Corporation SATS 3 36 366 3663 DaVita Inc. DVA 8 80 809 Edison International EIX 4 49 491 DCP Midstream, LP DCP 1 13 131 Edwards Lifesciences Deere & Company DE 3 35 Corporation EW 3 38 384 3842 Delek Logistics Partners, LP DKL 5 51 517 El Paso Electric Company EE 4 49 491 Delek US Holdings, Inc. DK 2 29 291 El Pollo Loco Holdings, Inc. LOCO 5 58 5812 Delta Air Lines, Inc. DAL 4 45 451 Eldorado Resorts, Inc. ERI 7 79 799 Delta Apparel, Inc. DLA 2 23 Electromed, Inc. ELMD 3 38 384 3845 Deluxe Corporation DLX 2 27 Electronic Arts Inc. EA 7 73 737 7372 Denny's Corporation DENN 5 58 5812 Electro-Sensors, Inc. ELSE 3 38 382 Designer Brands Inc. DBI 5 56 Eli Lilly and Company LLY 2 28 283 2834 DHI Group, Inc. DHX 7 73 736 7361 Elmira Savings Bank ESBK 6 60 603 6035 Diamond Hill Investment Group, Emclaire Financial Corp EMCF 6 60 602 Inc. DHIL 6 62 628 EMCOR Group, Inc. EME 1 Diamondback Energy, Inc. FANG 1 13 131 Emergent BioSolutions Inc. EBS 2 28 283 2836 DiamondRock Hospitality Emerson Electric Co. EMR 3 Company DRH 6 67 6798 Empire State Realty Trust, Inc. ESRT 6 67 6798 DICK'S Sporting Goods, Inc. DKS 5 59 594 Employers Holdings, Inc. EIG 6 63 633 Digi International Inc. DGII 3 35 357 Enable Midstream Partners, LP ENBL 4 49 492 4922 Digital Realty Trust, Inc. DLR 6 67 6798 Enanta Pharmaceuticals, Inc. ENTA 2 28 283 2836 Dillard's, Inc. DDS 5 53 Dime Community Bancshares, Encompass Health Corporation EHC 8 80 Inc. DCOM 6 60 603 6035 Encore Capital Group, Inc. ECPG 6 61 Diodes Incorporated DIOD 3 36 367 3674 Encore Wire Corporation WIRE 3 33 Discover Financial Services DFS 6 61 614 Energy Transfer LP ET 4 Discovery, Inc. DISCA 4 48 EnerSys ENS 3 36 369 DISH Network Corporation DISH 4 48 Enova International, Inc. ENVA 6 61 614 DiversiFax, Inc., GURE 2 28 281 EnPro Industries, Inc. NPO 3 Diversified Healthcare Trust DHC 6 67 6798 Entegris, Inc. ENTG 3 35 355 3559 DLH Holdings Corp. DLHC 8 80 809 Entergy Corporation ETR 4 49 491 Dolby Laboratories, Inc. DLB 6 67 6794 Enterprise Bancorp, Inc. EBTC 6 60 602 Dollar General Corporation DG 5 53 533 Enterprise Financial Services Corp EFSC 6 60 602 Dollar Tree, Inc. DLTR 5 53 533 EOG Resources, Inc. EOG 1 13 131 Dominion Energy, Inc. D 4 49 EPAM Systems, Inc. EPAM 7 73 737 Domtar Corporation UFS 2 26 262 ePlus inc. PLUS 5 50 504 5045

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix B: SIC Codes in which Companies (Main Set) are Included

EPR Properties EPR 6 67 6798 Fidelity National Information EQM Midstream Partners, LP EQM 4 49 492 4922 Services, Inc. FIS 7 73 737 7374 Equifax Inc. EFX 7 73 Fidus Investment Corporation FDUS 6 67 Equinix, Inc. (REIT) EQIX 6 67 6798 Fiesta Restaurant Group, Inc. FRGI 5 58 5812 Equity Commonwealth EQC 6 67 6798 Fifth Third Bancorp FITB 6 60 602 Equity LifeStyle Properties, Inc. ELS 6 67 6798 Financial Institutions, Inc. FISI 6 60 602 Equity Residential EQR 6 67 6798 Finjan Holdings, Inc. FNJN 7 73 737 7372 Era Group Inc. ERA 4 45 First American Financial Erie Indemnity Company ERIE 6 64 Corporation FAF 6 63 Escalade, Incorporated ESCA 3 39 First Bancorp FBNC 6 60 602 ESCO Technologies Inc. ESE 3 First BanCorp. FBP 6 60 602 Espey Mfg. & Electronics Corp. ESP 3 36 367 First Bank FRBA 6 60 602 ESSA Bancorp, Inc. ESSA 6 60 603 6036 First Busey Corporation BUSE 6 60 602 First Business Financial Essex Property Trust, Inc. ESS 6 67 6798 Services, Inc. FBIZ 6 60 602 Ethan Allen Interiors Inc. ETH 2 25 251 First Capital, Inc. FCAP 6 60 602 Euronet Worldwide, Inc. EEFT 6 60 First Citizens BancShares, Inc. FCNCA 6 60 602 Evans Bancorp, Inc. EVBN 6 60 602 First Commonwealth Financial Evercore Inc. EVR 6 62 Corporation FCF 6 60 602 Ever-Glory International Group, First Community Bankshares, Inc. EVK 2 23 Inc. FCBC 6 60 602 Evergy, Inc. EVRG 4 49 493 4931 First Community Corporation FCCO 6 60 602 Eversource Energy ES 4 49 493 4931 First Defiance Financial Corp. FDEF 6 60 603 6035 EVERTEC, Inc. EVTC 7 73 737 7374 First Financial Bancorp. FFBC 6 60 602 EVI Industries, Inc. EVI 5 50 First Financial Bankshares, Inc. FFIN 6 60 602 Evolution Petroleum Corporation EPM 1 13 131 First Financial Corporation THFF 6 60 602 Evolving Systems, Inc. EVOL 7 73 737 First Financial Northwest, Inc. FFNW 6 60 602 Exelixis, Inc. EXEL 2 28 283 2836 First Foundation Inc. FFWM 6 60 602 Exelon Corporation EXC 4 49 491 First Guaranty Bancshares, Inc. FGBI 6 60 602 First Horizon National Expedia Group, Inc. EXPE 4 47 Corporation FHN 6 60 602 Expeditors International of First Industrial Realty Trust, Inc. FR 6 67 6798 Washington, Inc. EXPD 4 47 473 First Internet Bancorp INBK 6 60 602 Exponent, Inc. EXPO 8 87 874 First Interstate BancSystem, Express, Inc. EXPR 5 56 Inc. FIBK 6 60 602 Extended Stay America, Inc. STAY 7 70 First Merchants Corporation FRME 6 60 602 Extra Space Storage Inc. EXR 6 67 6798 First Mid Bancshares, Inc. FMBH 6 60 602 Exxon Mobil Corporation XOM 2 29 291 First Midwest Bancorp, Inc. FMBI 6 60 602 EZCORP, Inc. EZPW 5 59 First National Corporation FXNC 6 60 602 F.N.B. Corporation FNB 6 60 602 First Republic Bank FRC 6 60 602 F5 Networks, Inc. FFIV 7 73 737 7373 First Savings Financial Group, Facebook, Inc. FB 7 73 737 Inc. FSFG 6 60 602 FactSet Research Systems Inc. FDS 7 73 737 First Solar, Inc. FSLR 3 36 367 3674 Fair Isaac Corporation FICO 7 73 737 7373 First United Corporation FUNC 6 60 602 Farmer Bros. Co. FARM 2 20 First US Bancshares, Inc. FUSB 6 60 602 Farmers & Merchants Bancorp, FirstCash, Inc. FCFS 5 59 Inc. FMAO 6 60 603 6035 Fiserv, Inc. FISV 7 73 737 7374 Farmers National Banc Corp. FMNB 6 60 602 Five Below, Inc. FIVE 5 53 533 Farmland Partners Inc. FPI 6 67 6798 Flagstar Bancorp, Inc. FBC 6 60 603 6035 FARO Technologies, Inc. FARO 3 38 382 Flanigan's Enterprises, Inc. BDL 5 58 5812 Fastenal Company FAST 5 50 FleetCor Technologies, Inc. FLT 7 73 737 7374 Fauquier Bankshares, Inc. FBSS 6 60 602 Flexible Solutions International FBL Financial Group, Inc. FFG 6 63 631 Inc. FSI 2 28 281 Federal Agricultural Mortgage Flexsteel Industries, Inc. FLXS 2 25 251 Corporation AGM 6 61 FLIR Systems, Inc. FLIR 3 38 Federal Realty Investment Trust FRT 6 67 6798 Flowers Foods, Inc. FLO 2 20 Federal Signal Corporation FSS 3 37 371 Flowserve Corporation FLS 3 FedEx Corporation FDX 4 Fluor Corporation FLR 1 16 FedNat Holding Company FNHC 6 63 633 Flushing Financial Corporation FFIC 6 60 602 Ferro Corporation FOE 2 28 FMC Corporation FMC 2 28 287 Fidelity D & D Bancorp, Inc. FDBC 6 60 602 FNCB Bancorp, Inc. FNCB 6 60 602 Fidelity National Financial, Inc. FNF 6 63 FONAR Corporation FONR 8 80

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix B: SIC Codes in which Companies (Main Set) are Included

Foot Locker, Inc. FL 5 56 Graham Corporation GHM 3 34 FormFactor, Inc. FORM 3 38 382 3825 Grand Canyon Education, Inc. LOPE 8 82 Forrester Research, Inc. FORR 8 87 Granite Construction Fortinet, Inc. FTNT 3 35 357 3577 Incorporated GVA 1 16 Graphic Packaging Holding Forward Air Corporation FWRD 4 42 Company GPK 2 26 265 Fossil Group, Inc. FOSL 3 38 Gray Television, Inc. GTN 4 48 483 4833 Fox Factory Holding Corp. FOXF 3 37 Great Southern Bancorp, Inc. GSBC 6 60 602 Francesca's Holdings Corporation FRAN 5 56 Great Western Bancorp, Inc. GWB 6 60 602 Franchise Group, Inc. FRG 7 Green Brick Partners, Inc. GRBK 1 15 Franklin Covey Co. FC 8 82 Green Dot Corporation GDOT 7 73 738 Franklin Electric Co., Inc. FELE 3 36 362 3621 Greene County Bancorp, Inc. GCBC 6 60 603 6035 Franklin Financial Network, Inc. FSB 6 60 602 Greenhill & Co., Inc. GHL 6 62 628 Franklin Financial Services Greif, Inc. GEF 2 26 265 Corporation FRAF 6 60 602 Griffin Industrial Realty, Inc. GRIF 6 65 651 Franklin Resources, Inc. BEN 6 62 628 Griffon Corporation GFF 3 34 Franklin Street Properties Corp. FSP 6 67 6798 Group 1 Automotive, Inc. GPI 5 55 Friedman Industries, Grubhub Inc. GRUB 7 73 737 Incorporated FRD 3 33 331 Guaranty Federal Bancshares, FS Bancorp, Inc. FSBW 6 60 603 6036 Inc. GFED 6 60 602 FS KKR Capital Corp. FSK 6 67 Guess?, Inc. GES 2 23 FSB Bancorp, Inc. FSBC 6 60 603 6036 Guidewire Software, Inc. GWRE 7 73 737 7372 Fulton Financial Corporation FULT 6 60 602 H&R Block, Inc. HRB 7 FutureFuel Corp. FF 2 28 286 H.B. Fuller Company FUL 2 28 FVCBankcorp, Inc. FVCB 6 60 602 Haemonetics Corporation HAE 3 38 384 3841 GAIN Capital Holdings, Inc. GCAP 6 62 Hallador Energy Company HNRG 1 GAMCO Investors, Inc. GBL 6 62 628 Hallmark Financial Services, GameStop Corp. GME 5 57 Inc. HALL 6 63 633 Gaming and Leisure Properties, Hancock Whitney Corporation HWC 6 60 602 Inc. GLPI 6 67 6798 Hanesbrands Inc. HBI 2 23 Gannett Co., Inc. GCI 2 27 Hanmi Financial Corporation HAFC 6 60 602 Garrison Capital Inc. GARS 6 67 Hannon Armstrong Sustainable Gartner, Inc. IT 8 87 Infrastructure Capital, Inc. HASI 6 67 6798 GATX Corporation GATX 4 47 Harley-Davidson, Inc. HOG 3 37 Genasys Inc. GNSS 3 36 Harsco Corporation HSC 3 Gencor Industries, Inc. GENC 3 35 356 Harvest Capital Credit Generac Holdings Inc. GNRC 3 36 362 3621 Corporation HCAP 6 67 General Dynamics Corporation GD 3 Hasbro, Inc. HAS 3 39 Haverty Furniture Companies, General Mills, Inc. GIS 2 20 Inc. HVT 5 57 General Motors Company GM 3 37 371 Hawaiian Electric Industries, Genesco Inc. GCO 5 56 Inc. HE 4 49 491 Gentex Corporation GNTX 3 37 371 3714 Hawaiian Holdings, Inc. HA 4 45 451 Gentherm Incorporated THRM 3 37 371 3714 Hawthorn Bancshares, Inc. HWBK 6 60 602 Genuine Parts Company GPC 5 50 Haynes International, Inc. HAYN 3 33 331 German American Bancorp, Inc. GABC 6 60 602 HCI Group, Inc. HCI 6 63 633 Getty Realty Corp. GTY 6 67 6798 HD Supply Holdings, Inc. HDS 5 50 G-III Apparel Group, Ltd. GIII 2 23 Health Insurance Innovations, Gilead Sciences, Inc. GILD 2 28 283 2836 Inc. HIIQ 6 64 Glacier Bancorp, Inc. GBCI 6 60 602 Healthcare Realty Trust Incorporated HR 6 67 6798 Gladstone Capital Corporation GLAD 6 67 Healthcare Trust of America, Gladstone Investment Inc. HTA 6 67 6798 Corporation GAIN 6 67 HealthEquity, Inc. HQY 7 73 737 Gladstone Land Corporation LAND 6 67 6798 Healthpeak Properties, Inc. PEAK 6 67 6798 Glen Burnie Bancorp GLBZ 6 60 602 HealthStream, Inc. HSTM 7 73 737 7372 Global Partners LP GLP 5 51 517 Heartland Express, Inc. HTLD 4 42 4213 GlobalSCAPE, Inc. GSB 7 73 737 7372 Heartland Financial USA, Inc. HTLF 6 60 602 Globe Life Inc. GL 6 63 HEICO Corporation HEI 3 Globus Medical, Inc. GMED 3 38 384 3841 Heidrick & Struggles Gold Resource Corporation GORO 1 International, Inc. HSII 7 73 736 7361 Golub Capital BDC, Inc. GBDC 6 67 Helios Technologies, Inc. HLIO 3 34 349 GP Strategies Corporation GPX 8 82 Helmerich & Payne, Inc. HP 1 13 Graco Inc. GGG 3 35 356

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix B: SIC Codes in which Companies (Main Set) are Included

Hemisphere Media Group, Inc. HMTV 4 48 483 4833 ICU Medical, Inc. ICUI 3 38 384 3841 Hennessy Advisors, Inc. HNNA 6 62 628 IDACORP, Inc. IDA 4 49 491 Henry Schein, Inc. HSIC 5 50 504 IDEX Corporation IEX 3 35 Hercules Capital, Inc. HTGC 6 67 IDEXX Laboratories, Inc. IDXX 2 28 283 2835 Heritage Commerce Corp HTBK 6 60 602 IDT Corporation IDT 4 48 481 4813 Heritage Financial Corporation HFWA 6 60 602 IEC Electronics Corp. IEC 3 36 367 3672 Heritage Insurance Holdings, IES Holdings, Inc. IESC 1 Inc. HRTG 6 63 633 IF Bancorp, Inc. IROQ 6 60 603 6035 Heritage-Crystal Clean, Inc HCCI 4 49 495 II-VI Incorporated IIVI 3 38 382 Herman Miller, Inc. MLHR 2 25 IKONICS Corporation IKNX 2 28 284 Hersha Hospitality Trust HT 6 67 6798 Illinois Tool Works Inc. ITW 3 Heska Corporation HSKA 2 28 283 2835 Illumina, Inc. ILMN 3 38 382 3826 Hexcel Corporation HXL 2 28 Impac Mortgage Holdings, Inc. IMH 6 61 616 6162 Hibbett Sports, Inc. HIBB 5 59 594 Income Opportunity Realty Highwoods Properties, Inc. HIW 6 67 6798 Investors, Inc. IOR 6 61 616 6162 Hillenbrand, Inc. HI 3 Independence Holding Hilltop Holdings Inc. HTH 6 Company IHC 6 63 632 Hilton Worldwide Holdings Inc. HLT 7 70 Independence Realty Trust, Inc. IRT 6 67 6798 Hingham Institution for Savings HIFS 6 60 603 6036 Independent Bank Corp. INDB 6 60 602 HMN Financial, Inc. HMNF 6 60 603 6035 Independent Bank Corporation IBCP 6 60 602 HMS Holdings Corp. HMSY 6 64 Independent Bank Group, Inc. IBTX 6 60 602 Information Services Group, HNI Corporation HNI 2 25 Inc. III 7 73 737 7374 Holly Energy Partners, L.P. HEP 4 46 Ingles Markets, Incorporated IMKTA 5 54 541 5411 HollyFrontier Corporation HFC 2 29 291 Ingredion Incorporated INGR 2 20 Hologic, Inc. HOLX 3 38 384 Innophos Holdings, Inc. IPHS 2 28 281 Home Bancorp, Inc. HBCP 6 60 603 6035 Innospec Inc. IOSP 2 28 Home Bancshares, Inc. (Conway, AR) HOMB 6 60 602 Innoviva, Inc. INVA 2 28 283 2834 Home Federal Bancorp, Inc. of Inogen, Inc. INGN 3 38 384 3845 Louisiana HFBL 6 60 603 6035 Insight Enterprises, Inc. NSIT 5 50 504 5045 HomeStreet, Inc. HMST 6 60 602 Insignia Systems, Inc. ISIG 7 73 HomeTrust Bancshares, Inc. HTBI 6 60 602 Insperity, Inc. NSP 7 73 736 7363 Hooker Furniture Corporation HOFT 2 25 251 Installed Building Products, Inc. IBP 1 Hope Bancorp, Inc. HOPE 6 60 602 Insteel Industries, Inc. IIIN 3 33 331 Horace Mann Educators Integer Holdings Corporation ITGR 3 38 384 3845 Corporation HMN 6 63 Integra LifeSciences Holdings Horizon Bancorp, Inc. HBNC 6 60 602 Corporation IART 3 38 384 3842 Horizon Technology Finance Intel Corporation INTC 3 36 367 3674 Corporation HRZN 6 67 Intelligent Systems Corporation INS 7 73 737 7372 Hormel Foods Corporation HRL 2 20 201 Inter Parfums, Inc. IPAR 2 28 284 Host Hotels & Resorts, Inc. HST 6 67 6798 Houston Wire & Cable Interactive Brokers Group, Inc. IBKR 6 62 621 Company HWCC 5 50 506 Intercontinental Exchange, Inc. ICE 6 62 Howard Bancorp, Inc. HBMD 6 60 602 InterDigital, Inc. IDCC 6 67 6794 HP Inc. HPQ 3 35 357 Interface, Inc. TILE 2 22 Hub Group, Inc. HUBG 4 47 473 International Bancshares Corporation IBOC 6 60 602 Hubbell Incorporated HUBB 3 Hudson Pacific Properties, Inc. HPP 6 67 6798 International Business Machines Corporation IBM 7 73 737 Humana Inc. HUM 6 63 632 6324 International Flavors & Huntington Bancshares Fragrances Inc. IFF 2 28 Incorporated HBAN 6 60 602 Huntington Ingalls Industries, International Paper Company IP 2 26 Inc. HII 3 37 inTEST Corporation INTT 3 38 382 3825 Huntsman Corporation HUN 2 28 IntriCon Corporation IIN 3 38 384 3842 Hurco Companies, Inc. HURC 3 38 382 Intuit Inc. INTU 7 73 737 7372 Huron Consulting Group Inc. HURN 8 87 874 Intuitive Surgical, Inc. ISRG 3 38 384 3845 Huttig Building Products, Inc. HBP 5 50 Invesco Mortgage Capital Inc. IVR 6 67 6798 Hyatt Hotels Corporation H 7 70 Investar Holding Corporation ISTR 6 60 602 Hyster-Yale Materials Handling, Investcorp Credit Management Inc. HY 3 35 353 BDC, Inc. ICMB 6 67 IAC/InterActiveCorp IAC 7 73 737 Investors Bancorp, Inc. ISBC 6 60 603 6036 IBERIABANK Corporation IBKC 6 60 602 Investors Title Company ITIC 6 63 ICF International, Inc. ICFI 8 87 874 IPG Photonics Corporation IPGP 3 36 367 3674

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix B: SIC Codes in which Companies (Main Set) are Included

IQVIA Holdings Inc. IQV 8 87 Kulicke and Soffa Industries, IRadimed Corporation IRMD 3 38 384 3841 Inc. KLIC 3 35 355 3559 Iridium Communications Inc. IRDM 4 48 L Brands, Inc. LB 5 56 iRobot Corporation IRBT 3 39 L3Harris Technologies, Inc. LHX 3 38 Iron Mountain Incorporated IRM 6 67 6798 Laboratory Corporation of Issuer Direct Corporation ISDR 7 73 737 America Holdings LH 8 IT Tech Packaging, Inc. ITP 2 26 262 Ladder Capital Corp LADR 6 ITT Inc. ITT 3 Lake Shore Bancorp, Inc. LSBK 6 60 603 6035 J & J Snack Foods Corp. JJSF 2 20 Lakeland Bancorp, Inc. LBAI 6 60 602 J.B. Hunt Transport Services, Lakeland Financial Corporation LKFN 6 60 602 Inc. JBHT 4 42 4213 Lakeland Industries, Inc. LAKE 3 38 384 3842 J.W. Mays, Inc. MAYS 6 65 651 Lam Research Corporation LRCX 3 35 355 3559 j2 Global, Inc. JCOM 7 73 737 Lamar Advertising Company Jabil Inc. JBL 3 36 367 3672 (REIT) LAMR 6 67 6798 Jack Henry & Associates, Inc. JKHY 7 73 737 7373 Lancaster Colony Corporation LANC 2 20 203 Jack in the Box Inc. JACK 5 58 5812 Landec Corporation LNDC 2 20 203 JetBlue Airways Corporation JBLU 4 45 451 Landmark Bancorp, Inc. LARK 6 60 602 Landmark Infrastructure John B. Sanfilippo & Son, Inc. JBSS 2 20 Partners LP LMRK 6 65 651 John Bean Technologies Corporation JBT 3 35 Landstar System, Inc. LSTR 4 42 4213 John Wiley & Sons, Inc. JW.A 2 27 Las Vegas Sands Corp. LVS 7 79 799 Johnson Outdoors Inc. JOUT 3 Lawson Products, Inc. LAWS 5 50 Jones Lang LaSalle LCI Industries LCII 3 37 371 Incorporated JLL 6 65 653 LCNB Corp. LCNB 6 60 602 JPMorgan Chase & Co. JPM 6 60 602 Lear Corporation LEA 2 25 Juniper Networks, Inc. JNPR 3 35 357 Legg Mason, Inc. LM 6 62 628 K12 Inc. LRN 8 82 LeMaitre Vascular, Inc. LMAT 3 38 384 3841 Kadant Inc. KAI 3 35 355 LendingTree, Inc. TREE 6 61 616 Kaiser Aluminum Corporation KALU 3 33 Lennar Corporation LEN 1 15 Kansas City Southern KSU 4 Lennox International Inc. LII 3 35 KAR Auction Services, Inc. KAR 7 73 738 Lexington Realty Trust LXP 6 67 6798 KB Home KBH 1 15 LGI Homes, Inc. LGIH 1 15 Kearny Financial Corp. KRNY 6 60 603 6036 LHC Group, Inc. LHCG 8 80 Kellogg Company K 2 20 Liberty Property Trust LPT 6 67 6798 Kelly Services, Inc. KELYA 7 73 736 7363 Life Storage, Inc. LSI 6 67 6798 KEMET Corporation KEM 3 36 367 Lifetime Brands, Inc. LCUT 3 34 342 Kemper Corporation KMPR 6 63 633 LifeVantage Corporation LFVN 2 28 283 2834 Kennedy-Wilson Holdings, Inc. KW 6 65 651 Lifeway Foods, Inc. LWAY 2 20 Kentucky First Federal Bancorp KFFB 6 60 603 6035 Ligand Pharmaceuticals Kewaunee Scientific Incorporated LGND 2 28 283 2834 Corporation KEQU 3 38 382 LightPath Technologies, Inc. LPTH 3 38 382 Key Tronic Corporation KTCC 3 36 367 Lincoln Electric Holdings, Inc. LECO 3 35 KeyCorp KEY 6 60 602 Lincoln National Corporation LNC 6 63 Kforce Inc. KFRC 7 73 736 7363 Lindsay Corporation LNN 3 35 Kilroy Realty Corporation KRC 6 67 6798 Lisi S.A. FII 6 62 628 Kimball Electronics, Inc. KE 3 36 367 3674 Lithia Motors, Inc. LAD 5 55 Kimball International, Inc. KBAL 2 25 Littelfuse, Inc. LFUS 3 36 Kimberly-Clark Corporation KMB 2 26 262 LKQ Corporation LKQ 5 50 Kimco Realty Corporation KIM 6 67 6798 Lockheed Martin Corporation LMT 3 37 Kinder Morgan, Inc. KMI 4 49 492 Loews Corporation L 6 Kingstone Companies, Inc. KINS 6 63 633 LogMeIn, Inc. LOGM 7 73 737 Kirkland's, Inc. KIRK 5 59 Louisiana-Pacific Corporation LPX 2 24 KKR & Co. Inc. KKR 6 62 628 Lowe's Companies, Inc. LOW 5 KLA Corporation KLAC 3 38 382 LPL Financial Holdings Inc. LPLA 6 62 621 Knight-Swift Transportation LTC Properties, Inc. LTC 6 67 6798 Holdings Inc. KNX 4 42 4213 Luminex Corporation LMNX 2 28 283 2835 Knoll, Inc. KNL 2 25 Lydall, Inc. LDL 3 Kohl's Corporation KSS 5 53 M&T Bank Corporation MTB 6 60 602 Korn Ferry KFY 7 73 736 7361 M.D.C. Holdings, Inc. MDC 1 15 Kraton Corporation KRA 2 28 M/I Homes, Inc. MHO 1 15 Kronos Worldwide, Inc. KRO 2 28 281 Macatawa Bank Corporation MCBC 6 60 602

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix B: SIC Codes in which Companies (Main Set) are Included

Mack-Cali Realty Corporation CLI 6 67 6798 Meta Financial Group, Inc. CASH 6 60 603 6035 Mackinac Financial Corporation MFNC 6 60 602 Methode Electronics, Inc. MEI 3 36 367 Macy's, Inc. M 5 53 MetLife, Inc. MET 6 63 631 Magellan Health, Inc. MGLN 8 87 874 Mettler-Toledo International Magellan Midstream Partners, Inc. MTD 3 38 382 3826 L.P. MMP 4 46 MFA Financial, Inc. MFA 6 67 6798 Magyar Bancorp, Inc. MGYR 6 60 603 6036 MGE Energy, Inc. MGEE 4 49 Main Street Capital Corporation MAIN 6 67 MGIC Investment Corporation MTG 6 63 Malibu Boats, Inc. MBUU 3 37 MGM Resorts International MGM 7 79 799 Malvern Bancorp, Inc. MLVF 6 60 602 MGP Ingredients, Inc. MGPI 2 20 208 Manhattan Associates, Inc. MANH 7 73 737 7373 Microchip Technology Manhattan Bridge Capital, Inc. LOAN 6 67 6798 Incorporated MCHP 3 36 367 3674 Mannatech, Incorporated MTEX 2 28 283 2834 Micron Technology, Inc. MU 3 36 367 3674 Manning & Napier, Inc. MN 6 62 628 Microsoft Corporation MSFT 7 73 737 ManpowerGroup Inc. MAN 7 73 736 7363 MicroStrategy Incorporated MSTR 7 73 737 7372 ManTech International Mid Penn Bancorp, Inc. MPB 6 60 602 Corporation MANT 7 73 737 7373 Mid-America Apartment Marcus & Millichap, Inc. MMI 6 65 653 Communities, Inc. MAA 6 67 6798 Marine Products Corporation MPX 3 37 Middlefield Banc Corp. MBCN 6 60 602 MarineMax, Inc. HZO 5 55 Middlesex Water Company MSEX 4 49 494 MarketAxess Holdings Inc. MKTX 6 62 MidWestOne Financial Group, Marlin Business Services Corp. MRLN 6 61 Inc. MOFG 6 60 602 Marriott International, Inc. MAR 7 70 Miller Industries, Inc. MLR 3 37 371 Mitek Systems, Inc. MITK 3 35 357 3577 Marriott Vacations Worldwide Corporation VAC 7 70 MKS Instruments, Inc. MKSI 3 Marsh & McLennan Companies, Mobile Mini, Inc. MINI 7 73 735 Inc. MMC 6 64 Modine Manufacturing Marten Transport, Ltd. MRTN 4 42 4213 Company MOD 3 37 371 3714 Martin Marietta Materials, Inc. MLM 1 14 Moelis & Company MC 6 62 628 Masimo Corporation MASI 3 38 384 3845 Mohawk Industries, Inc. MHK 2 22 MasTec, Inc. MTZ 1 16 Molina Healthcare, Inc. MOH 6 63 632 6324 Molson Coors Beverage Mastech Digital, Inc. MHH 7 73 736 7361 Company TAP 2 20 208 Mastercard Incorporated MA 6 60 Monarch Casino & Resort, Inc. MCRI 7 79 799 Materion Corporation MTRN 3 33 Mondelez International, Inc. MDLZ 2 20 Matrix Service Company MTRX 1 Monmouth Real Estate Matson, Inc. MATX 4 Investment Corporation MNR 6 67 6798 Maxim Integrated Products, Inc. MXIM 3 36 367 3674 Monolithic Power Systems, Inc. MPWR 3 36 367 3674 MAXIMUS, Inc. MMS 8 87 874 Monro, Inc. MNRO 7 McCormick & Company, Incorporated MKC 2 20 Monroe Capital Corporation MRCC 6 67 McDonald's Corporation MCD 5 58 5812 Monster Beverage Corporation MNST 2 20 208 McGrath RentCorp MGRC 7 73 735 Moody's Corporation MCO 7 73 McKesson Corporation MCK 5 51 512 Moog Inc. MOG.A 3 Medallion Financial Corp. MFIN 6 61 Morgan Stanley MS 6 62 Medical Properties Trust, Inc. MPW 6 67 6798 Morningstar, Inc. MORN 7 73 737 Medifast, Inc. MED 2 20 Motorcar Parts of America, Inc. MPAA 3 36 369 MEDNAX, Inc. MD 8 80 Movado Group, Inc. MOV 3 38 MercadoLibre, Inc. MELI 7 73 737 MPLX LP MPLX 4 46 Mercantile Bank Corporation MBWM 6 60 602 Mr. Cooper Group Inc. COOP 6 61 616 6162 Mercer International Inc. MERC 2 26 MSA Safety Incorporated MSA 3 38 384 3842 Merck & Co., Inc. MRK 2 28 283 2834 MSC Industrial Direct Co., Inc. MSM 5 50 Mercury General Corporation MCY 6 63 633 MSCI Inc. MSCI 6 62 628 Mercury Systems, Inc. MRCY 3 36 367 3674 MSG Networks Inc. MSGN 4 48 Meridian Bancorp, Inc. EBSB 6 60 603 6036 MTS Systems Corporation MTSC 3 38 382 Meridian Bioscience, Inc. VIVO 2 28 283 Mueller Industries, Inc. MLI 3 33 Merit Medical Systems, Inc. MMSI 3 38 384 3841 Mueller Water Products, Inc. MWA 3 34 349 Meritage Homes Corporation MTH 1 15 Murphy USA Inc. MUSA 5 55 Meritor, Inc. MTOR 3 37 371 3714 MutualFirst Financial, Inc. MFSF 6 60 602 Mesa Laboratories, Inc. MLAB 3 38 MVB Financial Corp. MVBF 6 60 602 Mesa Royalty Trust MTR 6 67 MYR Group Inc. MYRG 1 16 Mesabi Trust MSB 6 67 Myriad Genetics, Inc. MYGN 2 28 283 2835 Napco Security Technologies, NSSC 3 36 366

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix B: SIC Codes in which Companies (Main Set) are Included

Inc. Trust National Bank Holdings Northeast Bank NBN 6 60 602 Corporation NBHC 6 60 602 Northern Trust Corporation NTRS 6 60 602 National Bankshares, Inc. NKSH 6 60 602 Northfield Bancorp, Inc. (Staten National Beverage Corp. FIZZ 2 20 208 Island, NY) NFBK 6 60 603 6035 National General Holdings Corp. NGHC 6 63 633 Northrim BanCorp, Inc. NRIM 6 60 602 National Health Investors, Inc. NHI 6 67 6798 Northrop Grumman National HealthCare Corporation NOC 3 Corporation NHC 8 80 Northwest Bancshares, Inc. NWBI 6 60 603 6035 National Instruments Northwest Natural Holding Corporation NATI 7 73 737 7372 Company NWN 4 49 492 4924 National Presto Industries, Inc. NPK 3 NorthWestern Corporation NWE 4 49 493 4931 National Research Corporation NRC 7 73 738 NortonLifeLock Inc. NLOK 7 73 737 7372 National Retail Properties, Inc. NNN 6 67 6798 Norwood Financial Corp. NWFL 6 60 602 National Western Life Group, Nova LifeStyle, Inc. NVFY 2 25 251 Inc. NWLI 6 63 631 Natural Alternatives Nu Skin Enterprises, Inc. NUS 2 28 283 2834 International, Inc. NAII 2 28 283 2834 Nucor Corporation NUE 3 Natural Gas Services Group, NuVasive, Inc. NUVA 3 38 384 3841 Inc. NGS 7 NV5 Global, Inc. NVEE 8 87 Natural Grocers by Vitamin NVE Corporation NVEC 3 36 367 3674 Cottage, Inc. NGVC 5 54 NVIDIA Corporation NVDA 3 36 367 3674 Natural Health Trends Corp. NHTC 5 51 512 NVR, Inc. NVR 1 15 Nature's Sunshine Products, Inc. NATR 2 28 283 2834 Oak Valley Bancorp OVLY 6 60 602 Oaktree Strategic Income Natus Medical Incorporated NTUS 3 38 384 3845 Corporation OCSI 6 67 Nautilus, Inc. NLS 3 39 Oasis Petroleum Inc. OAS 1 13 131 NBT Bancorp Inc. NBTB 6 60 602 Ocean Bio-Chem, Inc. OBCI 2 28 284 Neenah, Inc. NP 2 26 262 OceanFirst Financial Corp. OCFC 6 60 603 6035 Nektar Therapeutics NKTR 2 28 283 2834 Oconee Federal Financial Corp. OFED 6 60 603 6035 Nelnet, Inc. NNI 6 61 614 Office Depot, Inc. ODP 5 Neogen Corporation NEOG 2 28 283 OFG Bancorp OFG 6 60 602 Net 1 UEPS Technologies, Inc. UEPS 7 73 737 7374 OFS Capital Corporation OFS 6 67 NetApp, Inc. NTAP 3 35 357 OGE Energy Corp. OGE 4 49 493 4931 Netflix, Inc. NFLX 7 Ohio Valley Banc Corp. OVBC 6 60 602 NETGEAR, Inc. NTGR 3 35 357 O-I Glass, Inc. OI 3 32 NetScout Systems, Inc. NTCT 7 73 737 7373 Oil-Dri Corporation of America ODC 3 32 NetSol Technologies, Inc. NTWK 7 73 737 7372 Old Dominion Freight Line, Inc. ODFL 4 42 4213 Network-1 Technologies, Inc. NTIP 6 67 6794 Old National Bancorp ONB 6 60 602 New Jersey Resources Corporation NJR 4 49 492 4924 Old Point Financial Corporation OPOF 6 60 602 New Mountain Finance Old Republic International Corporation NMFC 6 67 Corporation ORI 6 63 New Residential Investment Old Second Bancorp, Inc. OSBC 6 60 602 Corp. NRZ 6 67 6798 Olin Corporation OLN 2 28 New York Community Bancorp, Olympic Steel, Inc. ZEUS 5 50 Inc. NYCB 6 60 603 6036 Omega Flex, Inc. OFLX 3 34 349 NewMarket Corporation NEU 2 28 286 Omega Healthcare Investors, Newmont Corporation NEM 1 Inc. OHI 6 67 6798 Newtek Business Services Omnicell, Inc. OMCL 7 73 737 7373 Corp. NEWT 6 67 Omnicom Group Inc. OMC 7 73 Nexstar Media Group, Inc. NXST 4 48 483 4833 ON Semiconductor Corporation ON 3 36 367 3674 NextEra Energy Partners, LP NEP 4 49 491 ONE Gas, Inc. OGS 4 49 492 4924 NextEra Energy, Inc. NEE 4 49 491 One Liberty Properties, Inc. OLP 6 67 6798 NextGen Healthcare, Inc. NXGN 7 73 737 7372 OneMain Holdings, Inc. OMF 6 61 614 NIC Inc. EGOV 7 73 737 ONEOK, Inc. OKE 4 49 492 Nicolet Bankshares, Inc. NCBS 6 60 602 OneSpan Inc. OSPN 3 36 366 NIKE, Inc. NKE 3 30 Onto Innovation Inc. ONTO 3 38 382 NiSource Inc. NI 4 49 Oppenheimer Holdings Inc. OPY 6 62 621 NMI Holdings, Inc. NMIH 6 63 OptimumBank Holdings, Inc. OPHC 6 60 602 Nordson Corporation NDSN 3 35 356 Opus Bank OPB 6 60 602 Nordstrom, Inc. JWN 5 56 565 Oracle Corporation ORCL 7 73 737 Norfolk Southern Corporation NSC 4 OraSure Technologies, Inc. OSUR 2 28 283 2835 North European Oil Royalty NRT 6 67 O'Reilly Automotive, Inc. ORLY 5 55

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix B: SIC Codes in which Companies (Main Set) are Included

Orrstown Financial Services, PepsiCo, Inc. PEP 2 20 208 Inc. ORRF 6 60 602 Perficient, Inc. PRFT 7 73 737 Orthofix Medical Inc. OFIX 3 38 384 PerkinElmer, Inc. PKI 3 38 Oshkosh Corporation OSK 3 Permian Basin Royalty Trust PBT 6 67 OSI Systems, Inc. OSIS 3 38 384 PetMed Express, Inc. PETS 5 59 Otelco Inc. OTEL 4 48 481 4813 Pfizer Inc. PFE 2 28 283 2834 Ottawa Bancorp, Inc. OTTW 6 60 603 6035 PGT Innovations, Inc. PGTI 3 34 Outfront Media Inc. OUT 6 67 6798 Phibro Animal Health Owens Corning OC 3 32 Corporation PAHC 2 28 283 Oxford Industries, Inc. OXM 2 23 Phillips 66 PSX 2 29 291 Oxford Lane Capital Corp. OXLC 6 61 Phillips 66 Partners LP PSXP 4 46 Oxford Square Capital Corp. OXSQ 6 67 Photronics, Inc. PLAB 3 36 367 3674 P. H. Glatfelter Company GLT 2 26 262 Physicians Realty Trust DOC 6 67 6798 P.A.M. Transportation Services, Piedmont Office Realty Trust, Inc. PTSI 4 42 4213 Inc. PDM 6 67 6798 PACCAR Inc PCAR 3 37 371 Pilgrim's Pride Corporation PPC 2 20 201 Pacific Mercantile Bancorp PMBC 6 60 602 Pinnacle Financial Partners, Inc. PNFP 6 60 602 Pacific Premier Bancorp, Inc. PPBI 6 60 602 Pinnacle West Capital Packaging Corporation of Corporation PNW 4 49 491 America PKG 2 26 265 Pioneer Natural Resources PacWest Bancorp PACW 6 60 602 Company PXD 1 13 131 Papa John's International, Inc. PZZA 5 58 5812 Piper Sandler Companies PIPR 6 62 621 Plains All American Pipeline, Paramount Group, Inc. PGRE 6 67 6798 L.P. PAA 5 51 517 Park City Group, Inc. PCYG 7 73 737 7372 Plantronics, Inc. PLT 3 36 366 Park National Corporation PRK 6 60 602 Plexus Corp. PLXS 3 36 367 3672 Parke Bancorp, Inc. PKBK 6 60 602 Plumas Bancorp PLBC 6 60 602 Parker-Hannifin Corporation PH 3 34 349 PNM Resources, Inc. PNM 4 49 491 Parsley Energy, Inc. PE 1 13 131 Polaris Inc. PII 3 37 Pathfinder Bancorp, Inc. PBHC 6 60 602 Pool Corporation POOL 5 50 Patrick Industries, Inc. PATK 2 24 Popular, Inc. BPOP 6 60 602 Patriot National Bancorp, Inc. PNBK 6 60 602 Portland General Electric Pattern Energy Group Inc. PEGI 4 49 Company POR 4 49 491 Patterson Companies, Inc. PDCO 5 50 504 Potbelly Corporation PBPB 5 58 5812 Paychex, Inc. PAYX 8 87 Powell Industries, Inc. POWL 3 36 Paycom Software, Inc. PAYC 7 73 737 Power Integrations, Inc. POWI 3 36 367 3674 Paylocity Holding Corporation PCTY 7 73 737 PPG Industries, Inc. PPG 2 28 PB Bancorp, Inc. PBBI 6 60 603 6035 PPL Corporation PPL 4 49 491 PBF Energy Inc. PBF 2 29 291 PRA Group, Inc. PRAA 6 61 PBF Logistics LP PBFX 4 46 PRA Health Sciences, Inc. PRAH 8 87 PC Connection, Inc. CNXN 5 59 Preferred Bank PFBC 6 60 602 PCB Bancorp PCB 6 60 602 Preformed Line Products PDF Solutions, Inc. PDFS 3 35 355 3559 Company PLPC 3 36 Peapack-Gladstone Financial Premier Financial Bancorp, Inc. PFBI 6 60 602 Corporation PGC 6 60 602 Prestige Consumer Healthcare Inc. PBH 5 51 512 Pebblebrook Hotel Trust PEB 6 67 6798 PRGX Global, Inc. PRGX 8 87 Pegasystems Inc. PEGA 7 73 737 7372 PriceSmart, Inc. PSMT 5 53 533 Penn National Gaming, Inc. PENN 7 79 799 PrimeEnergy Resources PennantPark Floating Rate Corporation PNRG 1 13 131 Capital Ltd. PFLT 6 67 PennantPark Investment Primerica, Inc. PRI 6 Corporation PNNT 6 67 Primoris Services Corporation PRIM 1 16 Penns Woods Bancorp, Inc. PWOD 6 60 602 Principal Financial Group, Inc. PFG 6 62 628 PennyMac Financial Services, ProAssurance Corporation PRA 6 63 633 Inc. PFSI 6 61 616 6162 Pro-Dex, Inc. PDEX 3 38 384 3841 PennyMac Mortgage Progress Software Corporation PRGS 7 73 737 Investment Trust PMT 6 67 6798 Prologis, Inc. PLD 6 67 6798 Penske Automotive Group, Inc. PAG 5 55 Prospect Capital Corporation PSEC 6 67 Peoples Bancorp Inc. PEBO 6 60 602 Prosperity Bancshares, Inc. PB 6 60 602 Peoples Bancorp of North Carolina, Inc. PEBK 6 60 602 Protective Insurance Corp PTVCB 6 63 633 Peoples Financial Services Proto Labs, Inc. PRLB 3 35 355 3559 Corp. PFIS 6 60 602 Provident Financial Holdings, People's United Financial, Inc. PBCT 6 60 602 Inc. PROV 6 60 603 6035

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix B: SIC Codes in which Companies (Main Set) are Included

Provident Financial Services, ResMed Inc. RMD 3 38 384 3845 Inc. PFS 6 60 603 6036 Resources Connection, Inc. RECN 8 87 Prudential Bancorp, Inc. PBIP 6 60 603 6036 Retail Opportunity Investments Prudential Financial, Inc. PRU 6 63 631 Corp. ROIC 6 67 6798 PS Business Parks, Inc. PSB 6 67 6798 Retail Properties of America, Psychemedics Corporation PMD 8 80 Inc. RPAI 6 67 6798 REX American Resources PTC Inc. PTC 7 73 737 7372 Corporation REX 2 28 286 Public Service Enterprise Group Rexford Industrial Realty, Inc. REXR 6 67 6798 Incorporated PEG 4 49 493 4931 Rexnord Corporation RXN 3 35 356 Public Storage PSA 6 67 6798 RF Industries, Ltd. RFIL 3 36 367 PulteGroup, Inc. PHM 1 15 RGC Resources, Inc. RGCO 4 49 492 4924 PVH Corp. PVH 2 23 RH RH 5 57 Pzena Investment Management, Inc PZN 6 62 628 Riverview Bancorp, Inc. RVSB 6 60 603 6035 QAD Inc. QADA 7 73 737 Riverview Financial Corporation RIVE 6 60 602 QCR Holdings, Inc. QCRH 6 60 602 RLI Corp. RLI 6 63 633 Qorvo, Inc. QRVO 3 36 367 3674 RLJ Lodging Trust RLJ 6 67 6798 QTS Realty Trust, Inc. QTS 6 67 6798 Robert Half International Inc. RHI 7 73 736 Quaker Chemical Corporation KWR 2 29 Rockwell Automation, Inc. ROK 3 QUALCOMM Incorporated QCOM 3 36 Rocky Brands, Inc. RCKY 3 31 Qualys, Inc. QLYS 7 73 737 7372 Rogers Corporation ROG 3 Quanex Building Products Rollins, Inc. ROL 7 73 Corporation NX 3 34 Roper Technologies, Inc. ROP 3 38 Quanta Services, Inc. PWR 1 Ross Stores, Inc. ROST 5 56 565 Quest Diagnostics Incorporated DGX 8 80 Royal Gold, Inc. RGLD 6 67 Quidel Corporation QDEL 2 28 283 2835 RPC, Inc. RES 1 13 Qurate Retail Inc QRTEA 5 59 RPM International Inc. RPM 2 28 Radian Group Inc. RDN 6 63 RPT Realty RPT 6 67 6798 Radiant Logistics, Inc. RLGT 4 47 473 Rush Enterprises, Inc. RUSHA 5 55 RadNet, Inc. RDNT 8 80 Ruth's Hospitality Group, Inc. RUTH 5 58 5812 Ralph Lauren Corporation RL 2 23 Ryerson Holding Corporation RYI 5 50 Rambus Inc. RMBS 6 67 6794 Ryman Hospitality Properties, Rand Capital Corporation RAND 6 67 Inc. RHP 6 67 6798 Raven Industries, Inc. RAVN 3 S&P Global Inc. SPGI 7 73 Raymond James Financial, Inc. RJF 6 62 621 S&T Bancorp, Inc. STBA 6 60 602 Rayonier Inc. RYN 6 67 6798 Sabine Royalty Trust SBR 6 67 Raytheon Company RTN 3 Sabra Health Care REIT, Inc. SBRA 6 67 6798 RBC Bearings Incorporated ROLL 3 35 356 Sabre Corporation SABR 7 73 737 RCI Hospitality Holdings, Inc. RICK 5 58 Safety Insurance Group, Inc. SAFT 6 63 633 RCM Technologies, Inc. RCMT 7 73 736 Saga Communications, Inc. SGA 4 48 483 4832 RE/MAX Holdings, Inc. RMAX 6 65 653 Saia, Inc. SAIA 4 42 4213 Reading International, Inc. RDI 7 salesforce.com, inc. CRM 7 73 737 7372 Realogy Holdings Corp. RLGY 6 65 653 Salisbury Bancorp, Inc. SAL 6 60 602 RealPage, Inc. RP 7 73 737 7372 Sally Beauty Holdings, Inc. SBH 5 Realty Income Corporation O 6 67 6798 San Juan Basin Royalty Trust SJT 6 67 Red Robin Gourmet Burgers, Sanderson Farms, Inc. SAFM 2 20 201 Inc. RRGB 5 58 5812 Sandy Spring Bancorp, Inc. SASR 6 60 602 Regal Beloit Corporation RBC 3 36 362 3621 Sanmina Corporation SANM 3 36 367 3672 Regency Centers Corporation REG 6 67 6798 Santander Consumer USA Regeneron Pharmaceuticals, Holdings Inc. SC 6 61 614 Inc. REGN 2 28 283 2834 Saul Centers, Inc. BFS 6 67 6798 Regional Management Corp. RM 6 61 614 SB Financial Group, Inc. SBFG 6 60 602 Regions Financial Corporation RF 6 60 602 SB One Bancorp SBBX 6 60 602 Reinsurance Group of America, ScanSource, Inc. SCSC 5 50 Incorporated RGA 6 63 631 Schnitzer Steel Industries, Inc. SCHN 5 50 Reliance Steel & Aluminum Co. RS 5 50 Scholastic Corporation SCHL 2 27 Renasant Corporation RNST 6 60 602 Schweitzer-Mauduit Renewable Energy Group, Inc. REGI 2 29 International, Inc. SWM 2 Repligen Corporation RGEN 2 28 283 2836 Science Applications Republic Bancorp, Inc. RBCAA 6 60 602 International Corporation SAIC 7 73 737 7373 Seacoast Banking Corporation Republic First Bancorp, Inc. FRBK 6 60 602 of Florida SBCF 6 60 602 Republic Services, Inc. RSG 4 49 495

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix B: SIC Codes in which Companies (Main Set) are Included

Sealed Air Corporation SEE 3 30 308 Southern Missouri Bancorp, Inc. SMBC 6 60 603 6036 Security National Financial Southern National Bancorp of Corporation SNFCA 6 Virginia, Inc. SONA 6 60 602 SEI Investments Company SEIC 6 62 628 Southside Bancshares, Inc. SBSI 6 60 602 Select Bancorp, Inc. SLCT 6 60 602 Southwest Airlines Co. LUV 4 45 451 Select Medical Holdings Southwest Georgia Financial Corporation SEM 8 80 Corporation SGB 6 60 602 Selective Insurance Group, Inc. SIGI 6 63 633 SP Plus Corporation SP 7 Sempra Energy SRE 4 49 493 4931 SPAR Group, Inc. SGRP 7 73 738 Semtech Corporation SMTC 3 36 367 3674 Spark Energy, Inc. SPKE 4 49 493 4931 Seneca Foods Corporation SENEA 2 20 203 Spartan Motors, Inc. SPAR 3 37 371 Sensient Technologies SpartanNash Company SPTN 5 51 Corporation SXT 2 28 286 Spire Inc. SR 4 49 492 4924 Service Properties Trust SVC 6 67 6798 Spirit AeroSystems Holdings, ServiceMaster Global Holdings, Inc. SPR 3 37 Inc. SERV 7 Spirit Airlines, Inc. SAVE 4 45 451 ServisFirst Bancshares, Inc. SFBS 6 60 602 Spirit Realty Capital, Inc. SRC 6 67 6798 Servotronics, Inc. SVT 3 36 362 3621 Spok Holdings, Inc. SPOK 4 48 481 4812 Severn Bancorp, Inc. SVBI 6 60 603 6035 Sportsman's Warehouse Shell Midstream Partners, L.P. SHLX 4 46 Holdings, Inc. SPWH 5 59 594 Shenandoah Sprague Resources LP SRLP 5 51 517 Telecommunications Company SHEN 4 48 481 Sprouts Farmers Market, Inc. SFM 5 54 541 5411 Shiloh Industries, Inc. SHLO 3 34 SPS Commerce, Inc. SPSC 7 73 737 Shoe Carnival, Inc. SCVL 5 56 SPX Corporation SPXC 3 Shore Bancshares, Inc. SHBI 6 60 602 SS&C Technologies Holdings, Shutterstock, Inc. SSTK 7 73 737 Inc. SSNC 7 73 737 7372 Sierra Bancorp BSRR 6 60 602 STAG Industrial, Inc. STAG 6 67 6798 SIGA Technologies, Inc. SIGA 2 28 283 2836 Stamps.com Inc. STMP 7 73 737 SigmaTron International, Inc. SGMA 3 36 367 3672 Standard Motor Products, Inc. SMP 3 Signature Bank SBNY 6 60 602 Standex International Silgan Holdings Inc. SLGN 3 34 Corporation SXI 3 Silicon Laboratories Inc. SLAB 3 36 367 3674 Stanley Black & Decker, Inc. SWK 3 Star Group, L.P. SGU 5 59 Silvercrest Asset Management Group Inc. SAMG 6 62 628 Starbucks Corporation SBUX 5 58 5812 SilverSun Technologies, Inc. SSNT 7 73 737 Starwood Property Trust, Inc. STWD 6 67 6798 Simmons First National State Auto Financial Corporation SFNC 6 60 602 Corporation STFC 6 63 Simon Property Group, Inc. SPG 6 67 6798 State Street Corporation STT 6 60 602 Simpson Manufacturing Co., Steel Dynamics, Inc. STLD 3 33 331 Inc. SSD 3 34 342 Stellus Capital Investment Sinclair Broadcast Group, Inc. SBGI 4 48 483 4833 Corporation SCM 6 67 Sirius XM Holdings Inc. SIRI 4 48 483 4832 Stepan Company SCL 2 28 Six Flags Entertainment Stericycle, Inc. SRCL 4 49 495 Corporation SIX 7 79 799 Steven Madden, Ltd. SHOO 3 31 SJW Group SJW 4 49 494 Stewart Information Services Skechers U.S.A., Inc. SKX 3 31 Corporation STC 6 63 SkyWest, Inc. SKYW 4 45 451 Stifel Financial Corp. SF 6 62 621 Skyworks Solutions, Inc. SWKS 3 36 367 3674 Stock Yards Bancorp, Inc. SYBT 6 60 602 SL Green Realty Corp. SLG 6 67 6798 StoneCastle Financial Corp. BANX 6 67 Sleep Number Corporation SNBR 2 25 251 Stoneridge, Inc. SRI 3 36 367 SLM Corporation SLM 6 61 614 STORE Capital Corporation STOR 6 67 6798 Snap-on Incorporated SNA 3 Strategic Education, Inc. STRA 8 82 Socket Mobile, Inc. SCKT 3 36 366 3663 Strattec Security Corporation STRT 3 37 371 3714 Solar Capital Ltd. SLRC 6 67 Stryker Corporation SYK 3 38 384 Solar Senior Capital Ltd. SUNS 6 67 Sturm, Ruger & Company, Inc. RGR 3 34 Sonic Automotive, Inc. SAH 5 55 Suburban Propane Partners, Sonoco Products Company SON 2 26 265 L.P. SPH 5 59 SORL Auto Parts, Inc. SORL 3 37 371 3714 Summit Financial Group, Inc. SMMF 6 60 602 Sound Financial Bancorp, Inc. SFBC 6 60 603 6035 Summit Hotel Properties, Inc. INN 6 67 6798 South State Corporation SSB 6 60 602 Summit State Bank SSBI 6 60 602 Southern Copper Corporation SCCO 1 Sun Communities, Inc. SUI 6 67 6798 Southern First Bancshares, Inc. SFST 6 60 602 SunCoke Energy, Inc. SXC 3 33 331

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix B: SIC Codes in which Companies (Main Set) are Included

Sunoco LP SUN 5 51 517 The Boston Beer Company, Inc. SAM 2 20 208 Sunstone Hotel Investors, Inc. SHO 6 67 6798 The Buckle, Inc. BKE 5 56 565 Supernus Pharmaceuticals, Inc. SUPN 2 28 283 2834 The Carlyle Group Inc. CG 6 62 628 SVB Financial Group SIVB 6 60 602 The Cato Corporation CATO 5 56 Sykes Enterprises, Incorporated SYKE 7 73 737 7374 The Charles Schwab Synalloy Corporation SYNL 3 33 331 Corporation SCHW 6 62 628 The Cheesecake Factory Synaptics Incorporated SYNA 3 36 367 3674 Incorporated CAKE 5 58 5812 Synchrony Financial SYF 6 61 614 The Chefs' Warehouse, Inc. CHEF 5 51 Syneos Health, Inc. SYNH 8 87 The Children's Place, Inc. PLCE 5 56 SYNNEX Corporation SNX 5 50 504 5045 The Clorox Company CLX 2 28 284 Synopsys, Inc. SNPS 7 73 737 7372 The Coca-Cola Company KO 2 20 208 Synovus Financial Corp. SNV 6 60 602 The Community Financial Sysco Corporation SYY 5 51 Corporation TCFC 6 60 602 Systemax Inc. SYX 5 50 The Cooper Companies, Inc. COO 3 38 T. Rowe Price Group, Inc. TROW 6 62 628 The E.W. Scripps Company SSP 4 48 483 4833 Take-Two Interactive Software, The Eastern Company EML 3 34 342 Inc. TTWO 7 73 737 7372 The Ensign Group, Inc. ENSG 8 80 Tandy Leather Factory, Inc. TLF 5 59 The Estée Lauder Companies Tanger Factory Outlet Centers, Inc. EL 2 28 284 Inc. SKT 6 67 6798 The First Bancorp, Inc. FNLC 6 60 602 Tapestry, Inc. TPR 3 31 The First Bancshares, Inc. FBMS 6 60 602 Target Corporation TGT 5 53 533 The First of Long Island Taubman Centers, Inc. TCO 6 67 6798 Corporation FLIC 6 60 602 Taylor Devices, Inc. TAYD 3 35 356 The Gap, Inc. GPS 5 56 565 Taylor Morrison Home The GEO Group, Inc. GEO 6 67 6798 Corporation TMHC 1 15 The Goldfield Corporation GV 1 16 TC PipeLines, LP TCP 6 67 The Goldman Sachs Group, Inc. GS 6 62 621 TCF Financial Corporation TCF 6 60 602 The Goodyear Tire & Rubber TD Ameritrade Holding Company GT 3 30 Corporation AMTD 6 62 621 The Gorman-Rupp Company GRC 3 35 356 Tech Data Corporation TECD 5 50 504 5045 The Greenbrier Companies, Inc. GBX 3 37 TechTarget, Inc. TTGT 7 73 737 The Habit Restaurants, Inc. HABT 5 58 5812 TEGNA Inc. TGNA 4 48 483 4833 The Hackett Group, Inc. HCKT 8 87 874 Teledyne Technologies Incorporated TDY 3 38 The Hain Celestial Group, Inc. HAIN 2 20 The Hanover Insurance Group, Teleflex Incorporated TFX 3 38 384 3841 Inc. THG 6 63 633 Telephone and Data Systems, Inc. TDS 4 48 481 The Hartford Financial Services Tempur Sealy International, Inc. TPX 2 25 251 Group, Inc. HIG 6 63 633 Tennant Company TNC 3 35 The Hershey Company HSY 2 20 Teradata Corporation TDC 7 73 737 The Home Depot, Inc. HD 5 The Howard Hughes Teradyne, Inc. TER 3 38 382 3825 Corporation HHC 6 65 Terex Corporation TEX 3 35 353 The Interpublic Group of Terreno Realty Corporation TRNO 6 67 6798 Companies, Inc. IPG 7 73 Territorial Bancorp Inc. TBNK 6 60 603 6035 The J. M. Smucker Company SJM 2 20 203 TESSCO Technologies The Kroger Co. KR 5 54 541 5411 Incorporated TESS 5 50 506 The Liberty SiriusXM Group LSXMK 4 48 483 4832 Tetra Tech, Inc. TTEK 8 87 The Macerich Company MAC 6 67 6798 Texas Capital Bancshares, Inc. TCBI 6 60 602 The Middleby Corporation MIDD 3 35 Texas Instruments Incorporated TXN 3 36 367 3674 The Mosaic Company MOS 2 28 287 The National Security Group, Texas Pacific Land Trust TPL 6 67 Inc. NSEC 6 63 633 Texas Roadhouse, Inc. TXRH 5 58 5812 The New York Times Company NYT 2 27 Textron Inc. TXT 3 37 The PNC Financial Services TFS Financial Corporation TFSL 6 60 603 6035 Group, Inc. PNC 6 60 602 The AES Corporation AES 4 49 The Procter & Gamble The Allstate Corporation ALL 6 63 633 Company PG 2 The Bancorp, Inc. TBBK 6 60 602 The Progressive Corporation PGR 6 63 633 The Providence Service The Bank of New York Mellon Corporation PRSC 4 Corporation BK 6 60 602 The Scotts Miracle-Gro The Blackstone Group Inc. BX 6 62 628 Company SMG 2 28 287 The Boeing Company BA 3 37 The Sherwin-Williams SHW 2 28

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix B: SIC Codes in which Companies (Main Set) are Included

Company U.S. Bancorp USB 6 60 602 The Southern Company SO 4 49 491 U.S. Concrete, Inc. USCR 3 32 The Timken Company TKR 3 35 356 U.S. Physical Therapy, Inc. USPH 8 80 The TJX Companies, Inc. TJX 5 56 565 U.S. Silica Holdings, Inc. SLCA 1 14 The Toro Company TTC 3 35 Ubiquiti Inc. UI 3 36 366 3663 The Travelers Companies, Inc. TRV 6 63 633 UDR, Inc. UDR 6 67 6798 The Wendy's Company WEN 5 58 5812 UFP Technologies, Inc. UFPT 3 30 308 The Western Union Company WU 6 60 UGI Corporation UGI 4 49 493 The Williams Companies, Inc. WMB 4 49 492 4922 Ulta Beauty, Inc. ULTA 5 59 The York Water Company YORW 4 49 494 Ultra Clean Holdings, Inc. UCTT 3 36 367 3674 Thermo Fisher Scientific Inc. TMO 3 38 382 3826 Ultralife Corporation ULBI 3 36 369 Thermon Group Holdings, Inc. THR 3 36 369 UMB Financial Corporation UMBF 6 60 602 THL Credit, Inc. TCRD 6 67 Umpqua Holdings Corporation UMPQ 6 60 602 Thor Industries, Inc. THO 3 37 Under Armour, Inc. UAA 2 23 Tiffany & Co. TIF 5 59 594 Unifi, Inc. UFI 2 22 Tilly's, Inc. TLYS 5 56 UniFirst Corporation UNF 2 23 Timberland Bancorp, Inc. TSBK 6 60 603 6036 Union Bankshares, Inc. UNB 6 60 602 Tiptree Inc. TIPT 6 63 633 Union Pacific Corporation UNP 4 Tivity Health, Inc. TVTY 8 80 809 United Airlines Holdings, Inc. UAL 4 45 451 T-Mobile US, Inc. TMUS 4 48 481 4812 United Bancorp, Inc. UBCP 6 60 602 Toll Brothers, Inc. TOL 1 15 United Bancshares, Inc. UBOH 6 60 602 Tompkins Financial Corporation TMP 6 60 602 United Bankshares, Inc. UBSI 6 60 602 Tootsie Roll Industries, Inc. TR 2 20 United Community Banks, Inc. UCBI 6 60 602 TowneBank TOWN 6 60 602 United Community Financial Townsquare Media, Inc. TSQ 4 48 483 4832 Corp. UCFC 6 60 603 6036 TPG Specialty Lending, Inc. TSLX 6 67 United Fire Group, Inc. UFCS 6 63 633 United Insurance Holdings Tractor Supply Company TSCO 5 Corp. UIHC 6 63 633 TransAct Technologies Incorporated TACT 3 35 357 3577 United Parcel Service, Inc. UPS 4 42 Transcontinental Realty United Rentals, Inc. URI 7 73 735 Investors, Inc. TCI 6 65 651 United Security Bancshares UBFO 6 60 602 TravelCenters of America Inc. TA 5 55 United States Cellular Travelzoo TZOO 7 73 737 Corporation USM 4 48 481 4812 United States Lime & Minerals, Trecora Resources TREC 2 29 291 Inc. USLM 1 14 Tredegar Corporation TG 3 United Technologies Trex Company, Inc. TREX 2 24 Corporation UTX 3 TRI Pointe Group, Inc. TPH 1 15 United Therapeutics Tribune Publishing Company TPCO 2 27 Corporation UTHR 2 28 283 2834 TriCo Bancshares TCBK 6 60 602 United-Guardian, Inc. UG 2 28 283 2834 TriMas Corporation TRS 3 UnitedHealth Group Incorporated UNH 6 63 632 6324 Trimble Inc. TRMB 3 38 382 Unitil Corporation UTL 4 49 TriNet Group, Inc. TNET 7 73 737 7374 Unity Bancorp, Inc. UNTY 6 60 602 Trinity Industries, Inc. TRN 3 Universal Corporation UVV 5 51 TripAdvisor, Inc. TRIP 7 73 737 TriplePoint Venture Growth Universal Display Corporation OLED 3 36 367 3674 BDC Corp. TPVG 6 67 Universal Electronics Inc. UEIC 3 36 Triple-S Management Universal Forest Products, Inc. UFPI 2 24 Corporation GTS 6 63 632 6324 Universal Health Realty Income TriState Capital Holdings, Inc. TSC 6 60 602 Trust UHT 6 67 6798 Triumph Bancorp, Inc. TBK 6 60 603 6036 Universal Health Services, Inc. UHS 8 80 TrueBlue, Inc. TBI 7 73 736 7363 Universal Insurance Holdings, Inc. UVE 6 63 633 Truist Financial Corporation TFC 6 60 602 Universal Logistics Holdings, TrustCo Bank Corp NY TRST 6 60 603 6035 Inc. ULH 4 Trustmark Corporation TRMK 6 60 602 Univest Financial Corporation UVSP 6 60 602 TSR, Inc. TSRI 7 73 737 Unum Group UNM 6 63 632 TTEC Holdings, Inc. TTEC 7 73 738 Urban Outfitters, Inc. URBN 5 56 565 TTM Technologies, Inc. TTMI 3 36 367 3672 Urstadt Biddle Properties Inc. UBA 6 67 6798 Tupperware Brands US Ecology, Inc. ECOL 4 49 495 Corporation TUP 3 30 308 USA Truck, Inc. USAK 4 Tutor Perini Corporation TPC 1 USANA Health Sciences, Inc. USNA 2 28 283 2834 Tyler Technologies, Inc. TYL 7 73 737 7373 USD Partners LP USDP 4 46 Tyson Foods, Inc. TSN 2 20 201

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix B: SIC Codes in which Companies (Main Set) are Included

Utah Medical Products, Inc. UTMD 3 38 384 3845 WEC Energy Group, Inc. WEC 4 49 493 4931 Vail Resorts, Inc. MTN 7 79 799 Weingarten Realty Investors WRI 6 67 6798 Valero Energy Corporation VLO 2 29 291 Weis Markets, Inc. WMK 5 54 541 5411 Valhi, Inc. VHI 2 28 281 WellCare Health Plans, Inc. WCG 6 63 632 6324 Valley National Bancorp VLY 6 60 602 Wellesley Bancorp, Inc. WEBK 6 60 602 Valmont Industries, Inc. VMI 3 Wells Fargo & Company WFC 6 60 602 Value Line, Inc. VALU 2 27 Welltower Inc. WELL 6 67 6798 Varian Medical Systems, Inc. VAR 3 38 384 3845 Werner Enterprises, Inc. WERN 4 42 4213 Vectrus, Inc. VEC 8 87 874 WesBanco, Inc. WSBC 6 60 602 Veeva Systems Inc. VEEV 7 73 737 WESCO International, Inc. WCC 5 50 506 Ventas, Inc. VTR 6 67 6798 West Bancorporation, Inc. WTBA 6 60 602 Vera Bradley, Inc. VRA 3 31 West Pharmaceutical Services WST 3 30 Verint Systems Inc. VRNT 7 73 737 Westamerica Bancorporation WABC 6 60 602 Verisk Analytics, Inc. VRSK 6 64 Westcore Energy Ltd. WTR 4 49 494 Veritex Holdings, Inc. VBTX 6 60 602 Western Alliance Verizon Communications Inc. VZ 4 48 481 Bancorporation WAL 6 60 602 Vertex Pharmaceuticals Western Digital Corporation WDC 3 35 357 Incorporated VRTX 2 28 283 2834 Western Midstream Partners, ViacomCBS Inc. VIAC 4 48 LP WES 4 49 492 4922 Western New England Bancorp, Viad Corp VVI 7 73 738 Inc. WNEB 6 60 603 6035 Vicor Corporation VICR 3 36 367 Westlake Chemical Corporation WLK 2 28 286 Village Bank and Trust Financial Corp. VBFC 6 60 602 Westlake Chemical Partners LP WLKP 2 28 286 Village Super Market, Inc. VLGEA 5 54 541 5411 WestRock Company WRK 2 26 265 Viper Energy Partners LP VNOM 6 67 Westwood Holdings Group, Inc. WHG 6 62 628 Virco Mfg. Corporation VIRC 2 25 WEX Inc. WEX 7 73 737 7374 VirTra, Inc. VTSI 3 36 369 Weyco Group, Inc. WEYS 5 51 Virtus Investment Partners, Inc. VRTS 6 62 628 Whirlpool Corporation WHR 3 36 Virtusa Corporation VRTU 7 73 737 WhiteHorse Finance, Inc. WHF 6 67 Visa Inc. V 6 60 Whitestone REIT WSR 6 67 6798 Vishay Intertechnology, Inc. VSH 3 36 367 Wilhelmina International, Inc. WHLM 7 79 Willamette Valley Vineyards, Vishay Precision Group, Inc. VPG 3 36 367 Inc. WVVI 2 20 208 Visteon Corporation VC 3 37 371 3714 Willdan Group, Inc. WLDN 8 87 VOC Energy Trust VOC 1 13 131 William Lyon Homes WLH 1 15 Vonage Holdings Corp. VG 4 48 Williams-Sonoma, Inc. WSM 5 Vornado Realty Trust VNO 6 67 6798 Willis Lease Finance Voya Financial, Inc. VOYA 6 63 Corporation WLFC 7 73 735 W. P. Carey Inc. WPC 6 67 6798 Winmark Corporation WINA 6 67 6794 W. R. Berkley Corporation WRB 6 63 633 Winnebago Industries, Inc. WGO 3 37 W. R. Grace & Co. GRA 2 28 281 Wintrust Financial Corporation WTFC 6 60 602 W.W. Grainger, Inc. GWW 5 50 WisdomTree Investments, Inc. WETF 6 62 628 Wabash National Corporation WNC 3 37 371 Wolverine World Wide, Inc. WWW 3 31 WABCO Holdings Inc. WBC 3 37 371 3714 Woodward, Inc. WWD 3 36 362 Wabtec Corporation WAB 3 37 World Acceptance Corporation WRLD 6 61 614 Waddell & Reed Financial, Inc. WDR 6 62 628 World Fuel Services Walgreens Boots Alliance, Inc. WBA 5 59 Corporation INT 5 51 517 Walker & Dunlop, Inc. WD 6 61 616 6162 Worthington Industries, Inc. WOR 3 Walmart Inc. WMT 5 53 533 WSFS Financial Corporation WSFS 6 60 603 6035 Washington Federal, Inc. WAFD 6 60 602 WVS Financial Corp. WVFC 6 60 603 6036 Washington Real Estate Wyndham Destinations, Inc. WYND 6 65 653 Investment Trust WRE 6 67 6798 Wynn Resorts, Limited WYNN 7 79 799 Washington Trust Bancorp, Inc. WASH 6 60 602 Xcel Energy Inc. XEL 4 49 493 4931 Waste Management, Inc. WM 4 49 495 Xerox Holdings Corporation XRX 3 35 357 3577 Waters Corporation WAT 3 38 382 3826 Xilinx, Inc. XLNX 3 36 367 3674 Waterstone Financial, Inc. WSBF 6 60 603 6035 XPEL, Inc. XPEL 3 37 371 3714 Watsco, Inc. WSO 5 50 XPO Logistics, Inc. XPO 4 47 473 Watts Water Technologies, Inc. WTS 3 34 349 Xylem Inc. XYL 3 Wayside Technology Group, Yelp Inc. YELP 7 73 737 Inc. WSTG 5 50 504 5045 YUM! Brands, Inc. YUM 5 58 5812 WD-40 Company WDFC 2 28 ZAGG Inc ZAGG 3 32 Webster Financial Corporation WBS 6 60 602 Zayo Group Holdings, Inc. ZAYO 4 48

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix B: SIC Codes in which Companies (Main Set) are Included

Zebra Technologies Corporation ZBRA 3 35 357 3577 Zimmer Biomet Holdings, Inc. ZBH 3 38 384 3842 Zions Bancorporation, National Association ZION 6 60 602 Zix Corporation ZIXI 7 73 737 Zoetis Inc. ZTS 2 28 283 2834 Zumiez Inc. ZUMZ 5 56 565

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix C: Companies (High-Financial-Risk Set) in Each Industry, by SIC Code

Appendix C is a list of the High-Financial-Risk Set of companies used to calculate the metrics for a composite comprised of companies in the “High-Financial-Risk” category for each SIC code (data availability allowing) in the 2019 Valuation Handbook – U.S. Industry Cost of Capital (data through December 2019). Appendix C: Companies (High-Financial Risk) in Each Industry, by SIC Code

SIC 1 Earthstone Energy, Inc. Range Resources Corporation Abraxas Petroleum Enservco Corporation Corporation Gran Tierra Energy Inc. SM Energy Company Antero Resources Gulfport Energy Summit Midstream Corporation Corporation Partners, LP CNX Resources Hess Corporation W&T Offshore, Inc. Corporation HighPoint Resources Whiting Petroleum CSI Compressco LP Corporation Corporation Earthstone Energy, Inc. WPX Energy, Inc. Independence Contract Enservco Corporation Drilling, Inc. Foresight Energy LP ION Geophysical SIC 2 Freeport-McMoRan Inc. Corporation A.H. Belo Corporation Gran Tierra Energy Inc. Kosmos Energy Ltd. Acorda Therapeutics, Inc. Great Lakes Dredge & Dock Liquefied Natural Gas Aemetis, Inc. Corporation Limited Akorn, Inc. Gulfport Energy Matador Resources AMAG Pharmaceuticals, Corporation Company Inc. Mid-Con Energy Partners, Hecla Mining Company Assertio Therapeutics, Inc. LP Hess Corporation Noble Energy, Inc. Calumet Specialty Products Partners, L.P. HighPoint Resources Northern Oil and Gas, Inc. Corporation Panhandle Oil and Gas Inc. China XD Plastics Hovnanian Enterprises, Inc. Company Limited PDC Energy, Inc. Coty Inc. Independence Contract QEP Resources, Inc. Drilling, Inc. Range Resources Cumberland ION Geophysical Corporation Pharmaceuticals Inc. Corporation SAExploration Holdings, CVR Partners, LP KBR, Inc. Inc. Cyanotech Corporation Kosmos Energy Ltd. SM Energy Company Element Solutions Inc Liquefied Natural Gas Summit Midstream Flotek Industries, Inc. Limited Partners, LP Matador Resources Houghton Mifflin Harcourt Superior Energy Services, Company Company Inc. Mid-Con Energy Partners, ImmuCell Corporation TETRA Technologies, Inc. LP Insys Therapeutics Inc. Noble Energy, Inc. W&T Offshore, Inc. Whiting Petroleum Koppers Holdings Inc. Northern Oil and Gas, Inc. Corporation Lannett Company, Inc. Orion Group Holdings, Inc. WPX Energy, Inc. Lee Enterprises, Panhandle Oil and Gas Inc. Incorporated PDC Energy, Inc. LSB Industries, Inc. SIC 131 QEP Resources, Inc. OMNOVA Solutions Inc. Range Resources Abraxas Petroleum Pacific Ethanol, Inc. Corporation Corporation Primo Water Corporation Antero Resources SAExploration Holdings, Quad/Graphics, Inc. Inc. Corporation CNX Resources R.R. Donnelley & Sons SM Energy Company Corporation Company Summit Midstream Earthstone Energy, Inc. Rayonier Advanced Partners, LP Gran Tierra Energy Inc. Materials Inc. Superior Energy Services, Gulfport Energy Inc. Reliv' International, Inc. Corporation Resolute Forest Products TETRA Technologies, Inc. Hess Corporation Inc. The New Home Company Inc. HighPoint Resources Revlon, Inc. W&T Offshore, Inc. Corporation The Dixie Group, Inc. Whiting Petroleum Kosmos Energy Ltd. The McClatchy Company Corporation Liquefied Natural Gas TreeHouse Foods, Inc. WPX Energy, Inc. Limited Youngevity International, Matador Resources Inc. Company SIC 13 Mid-Con Energy Partners, SIC 27 Abraxas Petroleum LP Corporation Noble Energy, Inc. A.H. Belo Corporation Antero Resources Northern Oil and Gas, Inc. Houghton Mifflin Harcourt Corporation Panhandle Oil and Gas Inc. Company CNX Resources Lee Enterprises, PDC Energy, Inc. Corporation Incorporated QEP Resources, Inc. CSI Compressco LP Quad/Graphics, Inc.

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix C: Companies (High-Financial Risk) in Each Industry, by SIC Code

R.R. Donnelley & Sons AK Steel Holding Pitney Bowes Inc. Company Corporation RTI Surgical Holdings, Inc.

The McClatchy Company Allegheny Technologies SIFCO Industries, Inc. Incorporated SMTC Corporation Alphatec Holdings, Inc. SIC 28 Summer Infant, Inc. Acorda Therapeutics, Inc. Ampco-Pittsburgh Superior Drilling Products, Corporation Inc. Aemetis, Inc. AngioDynamics, Inc. Superior Industries Akorn, Inc. AMAG Pharmaceuticals, Art's-Way Manufacturing International, Inc.

Inc. Co., Inc. Tenneco Inc. Assertio Therapeutics, Inc. Avanos Medical, Inc. Tesla, Inc.

China XD Plastics Avid Technology, Inc. The L.S. Starrett Company The Manitowoc Company, Company Limited Bel Fuse Inc. Inc. Coty Inc. Broadwind Energy, Inc. TimkenSteel Corporation Cumberland CECO Environmental Corp. Century Aluminum Titan International, Inc. Pharmaceuticals Inc. Company TransDigm Group CVR Partners, LP Chart Industries, Inc. Incorporated Cyanotech Corporation China Recycling Energy Triumph Group, Inc. Element Solutions Inc Corporation United States Steel Flotek Industries, Inc. ClearOne, Inc. Corporation ImmuCell Corporation CPS Technologies Universal Stainless & Alloy Insys Therapeutics Inc. Corporation Products, Inc. Lannett Company, Inc. CTI Industries Corporation Veeco Instruments Inc. LSB Industries, Inc. DENTSPLY SIRONA Inc. Viavi Solutions Inc. OMNOVA Solutions Inc. Dynatronics Corporation Pacific Ethanol, Inc. Eastman Kodak Company SIC 33 Reliv' International, Inc. Extreme Networks, Inc. AK Steel Holding Revlon, Inc. Ford Motor Company Corporation Youngevity International, Forum Energy Inc. Allegheny Technologies Technologies, Inc. Incorporated Century Aluminum SIC 283 FreightCar America, Inc. Harmonic Inc. Company Acorda Therapeutics, Inc. TimkenSteel Corporation Harvard Bioscience, Inc. Akorn, Inc. AMAG Pharmaceuticals, Infinera Corporation United States Steel Corporation Inc. Invacare Corporation Universal Stainless & Alloy Assertio Therapeutics, Inc. Itron, Inc. JAKKS Pacific, Inc. Products, Inc. Cumberland Pharmaceuticals Inc. Kingold Jewelry, Inc. SIC 35 Cyanotech Corporation Koss Corporation 3D Systems Corporation ImmuCell Corporation Lantronix, Inc.

Insys Therapeutics Inc. Libbey Inc. Art's-Way Manufacturing Co., Inc. Lannett Company, Inc. MACOM Technology Broadwind Energy, Inc. Reliv' International, Inc. Solutions Holdings, Inc. Youngevity International, CECO Environmental Corp. MagnaChip Semiconductor Inc. Corporation Extreme Networks, Inc.

Manitex International, Inc. Forum Energy SIC 2834 Technologies, Inc. Mattel, Inc. Infinera Corporation Akorn, Inc. Micron Solutions, Inc. AMAG Pharmaceuticals, Lantronix, Inc. National Oilwell Varco, Inc. Inc. Navistar International Manitex International, Inc. Assertio Therapeutics, Inc. National Oilwell Varco, Inc. Corporation Cumberland NL Industries, Inc. NeoPhotonics Corporation Pharmaceuticals Inc. Pitney Bowes Inc. Newell Brands Inc. Insys Therapeutics Inc. Superior Drilling Products, NL Industries, Inc. Lannett Company, Inc. Inc. NN, Inc. The Manitowoc Company, Reliv' International, Inc. Youngevity International, Nortech Systems Inc. Incorporated Inc. Veeco Instruments Inc.

Perma-Pipe International SIC 3 Holdings, Inc. SIC 353 Pioneer Power Solutions, 3D Systems Corporation Forum Energy Inc. Accuray Incorporated Technologies, Inc.

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix C: Companies (High-Financial Risk) in Each Industry, by SIC Code

Manitex International, Inc. AngioDynamics, Inc. Entercom Communications National Oilwell Varco, Inc. Avanos Medical, Inc. Corp.

Superior Drilling Products, Avid Technology, Inc. Frontier Communications Inc. DENTSPLY SIRONA Inc. Corporation The Manitowoc Company, Dynatronics Corporation GCI Liberty Inc. Inc. Harvard Bioscience, Inc. Globalstar, Inc.

Invacare Corporation Gogo Inc. SIC 36 Itron, Inc. GTT Communications, Inc. Bel Fuse Inc. Micron Solutions, Inc. KVH Industries, Inc. China Recycling Energy RTI Surgical Holdings, Inc. ORBCOMM Inc. Corporation Salem Media Group, Inc. ClearOne, Inc. SIC 384 Sprint Corporation Harmonic Inc. Accuray Incorporated Urban One Inc. Koss Corporation Alphatec Holdings, Inc. MACOM Technology AngioDynamics, Inc. SIC 49 Solutions Holdings, Inc. Avanos Medical, Inc. Casella Waste Systems, MagnaChip Semiconductor Inc. DENTSPLY SIRONA Inc. Corporation EnLink Midstream, LLC Dynatronics Corporation NeoPhotonics Corporation EQT Corporation Invacare Corporation Nortech Systems Micron Solutions, Inc. FirstEnergy Corp. Incorporated Hudson Technologies Inc. Pioneer Power Solutions, RTI Surgical Holdings, Inc. JanOne Inc. Inc. NRG Energy, Inc. SMTC Corporation SIC 4 Perma-Fix Environmental Boingo Wireless, Inc. Services, Inc. SIC 367 Casella Waste Systems, Inc. PG&E Corporation Bel Fuse Inc. Consolidated Targa Resources Corp. MACOM Technology Communications Holdings, TerraForm Power, Inc. Solutions Holdings, Inc. Inc.

MagnaChip Semiconductor EnLink Midstream, LLC SIC 5 Corporation Entercom Communications A-Mark Precious Metals, NeoPhotonics Corporation Corp. Inc.

Nortech Systems EQT Corporation Ascena Retail Group, Inc. Incorporated FirstEnergy Corp. AutoZone, Inc. SMTC Corporation Frontier Communications BlueLinx Holdings Inc. Corporation Clean Energy Fuels Corp.

SIC 37 GCI Liberty Inc. Destination XL Group, Inc.

Ford Motor Company Globalstar, Inc. Diplomat Pharmacy, Inc.

FreightCar America, Inc. Gogo Inc. Diversified Restaurant Navistar International GTT Communications, Inc. Holdings, Inc.

Corporation Hudson Technologies Inc. Domino's Pizza, Inc.

SIFCO Industries, Inc. JanOne Inc. Envela Corporation

Superior Industries KVH Industries, Inc. Good Times Restaurants

International, Inc. NRG Energy, Inc. Inc.

Tenneco Inc. ORBCOMM Inc. iMedia Brands, Inc. Tesla, Inc. J. C. Penney Company, Inc. Perma-Fix Environmental TransDigm Group Services, Inc. Luby's, Inc. Incorporated PG&E Corporation Martin Midstream Partners

Triumph Group, Inc. L.P. Roadrunner Transportation Systems, Inc. MRC Global Inc.

SIC 371 Salem Media Group, Inc. Noodles & Company

Ford Motor Company Sprint Corporation Owens & Minor, Inc.

Navistar International Targa Resources Corp. Pyxus International, Inc.

Corporation TerraForm Power, Inc. RTW Retailwinds, Inc.

Superior Industries Urban One Inc. Stage Stores, Inc.

International, Inc. YRC Worldwide Inc. Stein Mart, Inc.

Tenneco Inc. Tailored Brands, Inc. The Michaels Companies, Tesla, Inc. SIC 48 Inc. Boingo Wireless, Inc. SIC 38 Consolidated The ONE Group Hospitality, Inc. Accuray Incorporated Communications Holdings, Inc. Tuesday Morning Alphatec Holdings, Inc.

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix C: Companies (High-Financial Risk) in Each Industry, by SIC Code

Corporation Brookfield DTLA Office Pennsylvania Real Estate U.S. Auto Parts Network, Brookfield Property REIT Investment Trust Inc. Inc. Portman Ridge Finance United Natural Foods, Inc. Capitala Finance Corp. Corporation

Capstead Mortgage Power REIT SIC 56 Corporation Preferred Apartment Ascena Retail Group, Inc. Carver Bancorp, Inc. Communities, Inc. Destination XL Group, Inc. CBL & Associates Redwood Trust, Inc. RTW Retailwinds, Inc. Properties, Inc. Regional Health Properties, Stage Stores, Inc. Cedar Realty Trust, Inc. Inc. Stein Mart, Inc. Cherry Hill Mortgage SBA Communications Tailored Brands, Inc. Investment Corporation Corporation Chimera Investment Sculptor Capital SIC 58 Corporation Management, Inc. Diversified Restaurant CIM Commercial Trust Sequential Brands Group, Holdings, Inc. Corporation Inc.

Domino's Pizza, Inc. Citizens, Inc. SITE Centers Corp.

Good Times Restaurants Colony Capital, Inc. Sotherly Hotels Inc. Inc. Condor Hospitality Trust, StoneMor Inc. Inc. Luby's, Inc. Two Harbors Investment Noodles & Company Consumer Portfolio Corp. Services, Inc. The ONE Group Hospitality, UMH Properties, Inc. Inc. CyrusOne Inc. Usio, Inc. Dine Brands Global, Inc. VEREIT, Inc. SIC 5812 Dynex Capital, Inc. Washington Prime Group

Diversified Restaurant Ellington Financial Inc. Inc. Holdings, Inc. Ellington Residential Western Asset Mortgage Domino's Pizza, Inc. Mortgage REIT Capital Corporation

Good Times Restaurants Envestnet, Inc. Inc. Exantas Capital Corp. SIC 62

Luby's, Inc. Genworth Financial, Inc. Ellington Financial Inc.

Noodles & Company Gladstone Commercial Envestnet, Inc.

The ONE Group Hospitality, Corporation Grupa LOTOS S.A.

Inc. Grupa LOTOS S.A. INTL FCStone Inc.

Hunt Companies Finance JMP Group LLC SIC 59 Trust, Inc. Medley Management Inc.

Diplomat Pharmacy, Inc. Iconix Brand Group, Inc. National Holdings

Envela Corporation INTL FCStone Inc. Corporation

iMedia Brands, Inc. iStar Inc. Sculptor Capital The Michaels Companies, Management, Inc. JMP Group LLC Inc. Kite Realty Group Trust U.S. Auto Parts Network, Limestone Bancorp, Inc. SIC 67 Inc. MBIA Inc. AG Mortgage Investment Trust, Inc. SIC 6 Medley Management Inc. MoneyGram International, AGNC Investment Corp. AG Mortgage Investment Inc. American Homes 4 Rent Trust, Inc. MVC Capital, Inc. Apex Global Brands Inc. AGNC Investment Corp. National Holdings Arlington Asset Investment Altisource Asset Corporation Corp. Management Corporation Navient Corporation ARMOUR Residential REIT, Ambac Financial Group, Inc. Inc. New England Realty Associates Limited Ashford Hospitality Trust, American Homes 4 Rent Inc. Partnership Apex Global Brands Inc. New Senior Investment Barings BDC, Inc. Arlington Asset Investment Group Inc. Bluerock Residential Corp. New York Mortgage Trust, Growth REIT, Inc. ARMOUR Residential REIT, Inc. Brookfield DTLA Office Inc. Brookfield Property REIT Ashford Hospitality Trust, Oaktree Specialty Lending Corporation Inc. Inc. Office Properties Income Capitala Finance Corp. Barings BDC, Inc. Trust Capstead Mortgage Bluerock Residential Orchid Island Capital, Inc. Corporation Growth REIT, Inc.

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix C: Companies (High-Financial Risk) in Each Industry, by SIC Code

SIC 6798 Inc. CBL & Associates Properties, Inc. AG Mortgage Investment Western Asset Mortgage

Cedar Realty Trust, Inc. Trust, Inc. Capital Corporation

Cherry Hill Mortgage AGNC Investment Corp.

Investment Corporation American Homes 4 Rent SIC 7

Chimera Investment ARMOUR Residential REIT, AeroCentury Corp. Inc. Corporation Allscripts Healthcare Ashford Hospitality Trust, CIM Commercial Trust Solutions, Inc. Inc. Corporation AMC Entertainment Bluerock Residential Colony Capital, Inc. Holdings, Inc. Growth REIT, Inc. Condor Hospitality Trust, Asure Software, Inc. Brookfield DTLA Office Inc. Brookfield Property REIT AutoWeb, Inc. CyrusOne Inc. Inc. Avis Budget Group, Inc. Dine Brands Global, Inc. Capstead Mortgage Bottomline Technologies Dynex Capital, Inc. Corporation (de), Inc. Ellington Residential CBL & Associates Caesars Entertainment Mortgage REIT Properties, Inc. Corporation Exantas Capital Corp. Cedar Realty Trust, Inc. Clear Channel Outdoor Gladstone Commercial Cherry Hill Mortgage Holdings, Inc. Corporation Investment Corporation Commvault Systems, Inc. Hunt Companies Finance Chimera Investment eGain Corporation Trust, Inc. Corporation Endurance International Iconix Brand Group, Inc. CIM Commercial Trust Group Holdings, Inc. iStar Inc. Corporation Full House Resorts, Inc. Kite Realty Group Trust Colony Capital, Inc. GEE Group, Inc. MVC Capital, Inc. Condor Hospitality Trust, General Finance New Senior Investment Inc. Corporation

Group Inc. CyrusOne Inc. Golden Entertainment, Inc. New York Mortgage Trust, Dynex Capital, Inc. Groupon, Inc. Inc. GSE Systems, Inc. Ellington Residential Oaktree Specialty Lending Mortgage REIT Hertz Global Holdings, Inc. Corporation Exantas Capital Corp. InnerWorkings, Inc. Office Properties Income Gladstone Commercial Internap Corporation Trust Corporation Inuvo, Inc. Orchid Island Capital, Inc. Hunt Companies Finance Kratos Defense & Security Pennsylvania Real Estate Trust, Inc. Solutions, Inc. Investment Trust iStar Inc. Liberty TripAdvisor Portman Ridge Finance Kite Realty Group Trust Holdings, Inc. Corporation New Senior Investment Limelight Networks, Inc. Power REIT Live Nation Entertainment, Group Inc. Preferred Apartment Inc. New York Mortgage Trust, Communities, Inc. Inc. LivePerson, Inc.

Redwood Trust, Inc. Office Properties Income National CineMedia, Inc. Nuance Communications, Regional Health Properties, Trust Inc. Inc. Orchid Island Capital, Inc. Performant Financial SBA Communications Pennsylvania Real Estate Corporation Corporation Investment Trust Sequential Brands Group, PFSweb, Inc. Power REIT Inc. Rent-A-Center, Inc. Preferred Apartment SITE Centers Corp. Ribbon Communications Communities, Inc. Inc. Sotherly Hotels Inc. Redwood Trust, Inc. SeaWorld Entertainment, Two Harbors Investment Regional Health Properties, Inc. Corp. Inc. Steel Connect, Inc. UMH Properties, Inc. SBA Communications Synacor, Inc. VEREIT, Inc. Corporation Washington Prime Group Synchronoss Technologies, SITE Centers Corp. Inc. Inc. Sotherly Hotels Inc. The Brink's Company Western Asset Mortgage The InterGroup Corporation Capital Corporation Two Harbors Investment Corp. The Meet Group, Inc.

UMH Properties, Inc. The Rubicon Project, Inc.

VEREIT, Inc. Town Sports International

Washington Prime Group Holdings, Inc.

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix C: Companies (High-Financial Risk) in Each Industry, by SIC Code

Unisys Corporation Endurance International Lincoln Educational

Upland Software, Inc. Group Holdings, Inc. Services Corporation VeriSign, Inc. Groupon, Inc. NeoGenomics, Inc.

Internap Corporation R1 RCM Inc.

SIC 73 Inuvo, Inc. Tenet Healthcare Corporation AeroCentury Corp. Kratos Defense & Security Allscripts Healthcare Solutions, Inc. Universal Technical Institute, Inc. Solutions, Inc. Liberty TripAdvisor

Asure Software, Inc. Holdings, Inc. SIC 80 AutoWeb, Inc. Limelight Networks, Inc. Brookdale Senior Living Inc. Bottomline Technologies LivePerson, Inc. Nuance Communications, (de), Inc. Community Health Inc. Systems, Inc. Clear Channel Outdoor PFSweb, Inc. Digirad Corporation Holdings, Inc. Ribbon Communications Five Star Senior Living Inc. Commvault Systems, Inc. Inc. Hanger, Inc. eGain Corporation Synacor, Inc. HCA Healthcare, Inc. Endurance International Synchronoss Technologies, InfuSystem Holdings Inc. Group Holdings, Inc. Inc. GEE Group, Inc. NeoGenomics, Inc. The Meet Group, Inc. General Finance Tenet Healthcare The Rubicon Project, Inc. Corporation Corporation Unisys Corporation Groupon, Inc. Upland Software, Inc. GSE Systems, Inc. InnerWorkings, Inc. VeriSign, Inc.

Internap Corporation SIC 79 Inuvo, Inc. Kratos Defense & Security Caesars Entertainment Corporation Solutions, Inc. Full House Resorts, Inc. Liberty TripAdvisor Golden Entertainment, Inc. Holdings, Inc. Live Nation Entertainment, Limelight Networks, Inc. Inc. LivePerson, Inc. SeaWorld Entertainment, National CineMedia, Inc. Inc. Nuance Communications, Town Sports International Inc. Holdings, Inc. Performant Financial

Corporation SIC 799 PFSweb, Inc. Caesars Entertainment Rent-A-Center, Inc. Corporation Ribbon Communications Full House Resorts, Inc. Inc. Golden Entertainment, Inc. Steel Connect, Inc. SeaWorld Entertainment, Synacor, Inc. Inc. Synchronoss Technologies, Town Sports International Inc. Holdings, Inc. The Brink's Company

The Meet Group, Inc. SIC 8 The Rubicon Project, Inc. Bioanalytical Systems, Inc. Unisys Corporation Brookdale Senior Living Inc. Upland Software, Inc. Capital Senior Living VeriSign, Inc. Corporation

SIC 737 Community Health Systems, Inc. Allscripts Healthcare Digirad Corporation Solutions, Inc. ENGlobal Corporation Asure Software, Inc. Five Star Senior Living Inc. AutoWeb, Inc. Hanger, Inc. Bottomline Technologies HCA Healthcare, Inc. (de), Inc. Hill International, Inc. Commvault Systems, Inc. InfuSystem Holdings Inc. eGain Corporation

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix D: SIC Codes in which Companies (High-Financial- Risk Set) are Included

Appendix D is a list of the SIC codes in which each of the companies in the High-Financial-Risk Set of companies are included in the 2019 Valuation Handbook – U.S. Industry Cost of Capital (data through December 2019). Appendix D: SIC Codes in which Companies (High- Financial Risk) are Included

3D Systems Corporation DDD 3 35 Carver Bancorp, Inc. CARV 6 A.H. Belo Corporation AHC 2 27 Casella Waste Systems, Inc. CWST 4 49 Abraxas Petroleum Corporation AXAS 1 13 131 CBL & Associates Properties, Inc. CBL 6 67 6798 Accuray Incorporated ARAY 3 38 384 CECO Environmental Corp. CECE 3 35 Acorda Therapeutics, Inc. ACOR 2 28 283 Cedar Realty Trust, Inc. CDR 6 67 6798 Aemetis, Inc. AMTX 2 28 Century Aluminum Company CENX 3 33 AeroCentury Corp. ACY 7 73 Chart Industries, Inc. GTLS 3 AG Mortgage Investment Trust, Cherry Hill Mortgage Investment Inc. MITT 6 67 6798 Corporation CHMI 6 67 6798 AGNC Investment Corp. AGNC 6 67 6798 Chimera Investment Corporation CIM 6 67 6798 AK Steel Holding Corporation AKS 3 33 China Recycling Energy Akorn, Inc. AKRX 2 28 283 2834 Corporation CREG 3 36 Allegheny Technologies China XD Plastics Company Incorporated ATI 3 33 Limited CXDC 2 28 Allscripts Healthcare Solutions, CIM Commercial Trust Inc. MDRX 7 73 737 Corporation CMCT 6 67 6798 Alphatec Holdings, Inc. ATEC 3 38 384 Citizens, Inc. CIA 6 Altisource Asset Management Clean Energy Fuels Corp. CLNE 5 Corporation AAMC 6 Clear Channel Outdoor Holdings, AMAG Pharmaceuticals, Inc. AMAG 2 28 283 2834 Inc. CCO 7 73 A-Mark Precious Metals, Inc. AMRK 5 ClearOne, Inc. CLRO 3 36 Ambac Financial Group, Inc. AMBC 6 CNX Resources Corporation CNX 1 13 131 AMC Entertainment Holdings, Colony Capital, Inc. CLNY 6 67 6798 Inc. AMC 7 Community Health Systems, Inc. CYH 8 80 American Homes 4 Rent AMH 6 67 6798 Commvault Systems, Inc. CVLT 7 73 737 Ampco-Pittsburgh Corporation AP 3 Condor Hospitality Trust, Inc. CDOR 6 67 6798 AngioDynamics, Inc. ANGO 3 38 384 Consolidated Communications Antero Resources Corporation AR 1 13 131 Holdings, Inc. CNSL 4 48 Apex Global Brands Inc. APEX 6 67 Consumer Portfolio Services, Inc. CPSS 6 Arlington Asset Investment Corp. AI 6 67 Coty Inc. COTY 2 28 ARMOUR Residential REIT, Inc. ARR 6 67 6798 CPS Technologies Corporation CPSH 3 Art's-Way Manufacturing Co., CSI Compressco LP CCLP 1 13 Inc. ARTW 3 35 CTI Industries Corporation CTIB 3 Ascena Retail Group, Inc. ASNA 5 56 Cumberland Pharmaceuticals Ashford Hospitality Trust, Inc. AHT 6 67 6798 Inc. CPIX 2 28 283 2834 Assertio Therapeutics, Inc. ASRT 2 28 283 2834 CVR Partners, LP UAN 2 28 Asure Software, Inc. ASUR 7 73 737 Cyanotech Corporation CYAN 2 28 283 AutoWeb, Inc. AUTO 7 73 737 CyrusOne Inc. CONE 6 67 6798 AutoZone, Inc. AZO 5 DENTSPLY SIRONA Inc. XRAY 3 38 384 Avanos Medical, Inc. AVNS 3 38 384 Destination XL Group, Inc. DXLG 5 56 Avid Technology, Inc. AVID 3 38 Digirad Corporation DRAD 8 80 Avis Budget Group, Inc. CAR 7 Dine Brands Global, Inc. DIN 6 67 Barings BDC, Inc. BBDC 6 67 Diplomat Pharmacy, Inc. DPLO 5 59 Bel Fuse Inc. BELFB 3 36 367 Diversified Restaurant Holdings, Bioanalytical Systems, Inc. BASI 8 Inc. SAUC 5 58 5812 BlueLinx Holdings Inc. BXC 5 Domino's Pizza, Inc. DPZ 5 58 5812 Bluerock Residential Growth Dynatronics Corporation DYNT 3 38 384 REIT, Inc. BRG 6 67 6798 Dynex Capital, Inc. DX 6 67 6798 Boingo Wireless, Inc. WIFI 4 48 Earthstone Energy, Inc. ESTE 1 13 131 Bottomline Technologies (de), Eastman Kodak Company KODK 3 Inc. EPAY 7 73 737 eGain Corporation EGAN 7 73 737 Broadwind Energy, Inc. BWEN 3 35 Element Solutions Inc ESI 2 28 Brookdale Senior Living Inc. BKD 8 80 Ellington Financial Inc. EFC 6 62 Brookfield DTLA Office DTLA.P 6 67 6798 Ellington Residential Mortgage Brookfield Property REIT Inc. BPR 6 67 6798 REIT EARN 6 67 6798 Caesars Entertainment Endurance International Group Corporation CZR 7 79 799 Holdings, Inc. EIGI 7 73 737 Calumet Specialty Products ENGlobal Corporation ENG 8 Partners, L.P. CLMT 2 EnLink Midstream, LLC ENLC 4 49 Capital Senior Living Corporation CSU 8 Enservco Corporation ENSV 1 13 Capitala Finance Corp. CPTA 6 67 Entercom Communications Corp. ETM 4 48 Capstead Mortgage Corporation CMO 6 67 6798 Envela Corporation ELA 5 59

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix D: SIC Codes in which Companies (High- Financial Risk) are Included

Envestnet, Inc. ENV 6 62 iStar Inc. STAR 6 67 6798 EQT Corporation EQT 4 49 Itron, Inc. ITRI 3 38 Exantas Capital Corp. XAN 6 67 6798 J. C. Penney Company, Inc. JCP 5 Extreme Networks, Inc. EXTR 3 35 JAKKS Pacific, Inc. JAKK 3 FirstEnergy Corp. FE 4 49 JanOne Inc. JAN 4 49 Five Star Senior Living Inc. FVE 8 80 JMP Group LLC JMP 6 62 Flotek Industries, Inc. FTK 2 28 KBR, Inc. KBR 1 Ford Motor Company F 3 37 371 Kingold Jewelry, Inc. KGJI 3 Foresight Energy LP FELP 1 Kite Realty Group Trust KRG 6 67 6798 Forum Energy Technologies, Inc. FET 3 35 353 Koppers Holdings Inc. KOP 2 Freeport-McMoRan Inc. FCX 1 Kosmos Energy Ltd. KOS 1 13 131 FreightCar America, Inc. RAIL 3 37 Koss Corporation KOSS 3 36 Frontier Communications Kratos Defense & Security Corporation FTR 4 48 Solutions, Inc. KTOS 7 73 737 Full House Resorts, Inc. FLL 7 79 799 KVH Industries, Inc. KVHI 4 48 GCI Liberty Inc. GLIBA 4 48 Lannett Company, Inc. LCI 2 28 283 2834 GEE Group, Inc. JOB 7 73 Lantronix, Inc. LTRX 3 35 General Finance Corporation GFN 7 73 Lee Enterprises, Incorporated LEE 2 27 Genworth Financial, Inc. GNW 6 Libbey Inc. LBY 3 Gladstone Commercial Liberty TripAdvisor Holdings, Inc. LTRPA 7 73 737 Corporation GOOD 6 67 6798 Limelight Networks, Inc. LLNW 7 73 737 Globalstar, Inc. GSAT 4 48 Limestone Bancorp, Inc. LMST 6 Gogo Inc. GOGO 4 48 Lincoln Educational Services Golden Entertainment, Inc. GDEN 7 79 799 Corporation LINC 8 Good Times Restaurants Inc. GTIM 5 58 5812 Liquefied Natural Gas Limited LNG 1 13 131 Gran Tierra Energy Inc. GTE 1 13 131 Live Nation Entertainment, Inc. LYV 7 79 Great Lakes Dredge & Dock LivePerson, Inc. LPSN 7 73 737 Corporation GLDD 1 LSB Industries, Inc. LXU 2 28 Groupon, Inc. GRPN 7 73 737 Luby's, Inc. LUB 5 58 5812 Grupa LOTOS S.A. LTS 6 62 MACOM Technology Solutions GSE Systems, Inc. GVP 7 73 Holdings, Inc. MTSI 3 36 367 GTT Communications, Inc. GTT 4 48 MagnaChip Semiconductor Gulfport Energy Corporation GPOR 1 13 131 Corporation MX 3 36 367 Hanger, Inc. HNGR 8 80 Manitex International, Inc. MNTX 3 35 353 Harmonic Inc. HLIT 3 36 Martin Midstream Partners L.P. MMLP 5 Harvard Bioscience, Inc. HBIO 3 38 Matador Resources Company MTDR 1 13 131 HCA Healthcare, Inc. HCA 8 80 Mattel, Inc. MAT 3 Hecla Mining Company HL 1 MBIA Inc. MBI 6 Hertz Global Holdings, Inc. HTZ 7 Medley Management Inc. MDLY 6 62 Hess Corporation HES 1 13 131 Micron Solutions, Inc. MICR 3 38 384 HighPoint Resources Corporation HPR 1 13 131 Mid-Con Energy Partners, LP MCEP 1 13 131 Hill International, Inc. HIL 8 MoneyGram International, Inc. MGI 6 Houghton Mifflin Harcourt MRC Global Inc. MRC 5 Company HMHC 2 27 MVC Capital, Inc. MVC 6 67 Hovnanian Enterprises, Inc. HOV 1 National CineMedia, Inc. NCMI 7 73 Hudson Technologies Inc. HDSN 4 49 National Holdings Corporation NHLD 6 62 Hunt Companies Finance Trust, National Oilwell Varco, Inc. NOV 3 35 353 Inc. HCFT 6 67 6798 Navient Corporation NAVI 6 Iconix Brand Group, Inc. ICON 6 67 Navistar International iMedia Brands, Inc. IMBI 5 59 Corporation NAV 3 37 371 ImmuCell Corporation ICCC 2 28 283 NeoGenomics, Inc. NEO 8 80 Independence Contract Drilling, NeoPhotonics Corporation NPTN 3 36 367 Inc. ICD 1 13 Infinera Corporation INFN 3 35 New England Realty Associates Limited Partnership NEN 6 InfuSystem Holdings Inc. INFU 8 80 New Senior Investment Group InnerWorkings, Inc. INWK 7 73 Inc. SNR 6 67 6798 Insys Therapeutics Inc. INSYQ 2 28 283 2834 New York Mortgage Trust, Inc. NYMT 6 67 6798 Internap Corporation INAP 7 73 737 Newell Brands Inc. NWL 3 INTL FCStone Inc. INTL 6 62 NL Industries, Inc. NL 3 35 Inuvo, Inc. INUV 7 73 737 NN, Inc. NNBR 3 Invacare Corporation IVC 3 38 384 Noble Energy, Inc. NBL 1 13 131 ION Geophysical Corporation IO 1 13 Noodles & Company NDLS 5 58 5812

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix D: SIC Codes in which Companies (High- Financial Risk) are Included

Nortech Systems Incorporated NSYS 3 36 367 Sotherly Hotels Inc. SOHO 6 67 6798 Northern Oil and Gas, Inc. NOG 1 13 131 Sprint Corporation S 4 48 NRG Energy, Inc. NRG 4 49 Stage Stores, Inc. SSI 5 56 Nuance Communications, Inc. NUAN 7 73 737 Steel Connect, Inc. STCN 7 73 Oaktree Specialty Lending Stein Mart, Inc. SMRT 5 56 Corporation OCSL 6 67 StoneMor Inc. STON 6 Office Properties Income Trust OPI 6 67 6798 Summer Infant, Inc. SUMR 3 OMNOVA Solutions Inc. OMN 2 28 Summit Midstream Partners, LP SMLP 1 13 131 ORBCOMM Inc. ORBC 4 48 Superior Drilling Products, Inc. SDPI 3 35 353 Orchid Island Capital, Inc. ORC 6 67 6798 Superior Energy Services, Inc. SPN 1 13 Orion Group Holdings, Inc. ORN 1 Superior Industries International, Owens & Minor, Inc. OMI 5 Inc. SUP 3 37 371 Pacific Ethanol, Inc. PEIX 2 28 Synacor, Inc. SYNC 7 73 737 Panhandle Oil and Gas Inc. PHX 1 13 131 Synchronoss Technologies, Inc. SNCR 7 73 737 PDC Energy, Inc. PDCE 1 13 131 Tailored Brands, Inc. TLRD 5 56 Pennsylvania Real Estate Targa Resources Corp. TRGP 4 49 Investment Trust PEI 6 67 6798 Tenet Healthcare Corporation THC 8 80 Performant Financial Corporation PFMT 7 73 Tenneco Inc. TEN 3 37 371 Perma-Fix Environmental TerraForm Power, Inc. TERP 4 49 Services, Inc. PESI 4 49 Tesla, Inc. TSLA 3 37 371 Perma-Pipe International TETRA Technologies, Inc. TTI 1 13 Holdings, Inc. PPIH 3 The Brink's Company BCO 7 73 PFSweb, Inc. PFSW 7 73 737 The Dixie Group, Inc. DXYN 2 PG&E Corporation PCG 4 49 The InterGroup Corporation INTG 7 Pioneer Power Solutions, Inc. PPSI 3 36 The L.S. Starrett Company SCX 3 Pitney Bowes Inc. PBI 3 35 Portman Ridge Finance The Manitowoc Company, Inc. MTW 3 35 353 Corporation PTMN 6 67 The McClatchy Company MNI 2 27 Power REIT PW 6 67 6798 The Meet Group, Inc. MEET 7 73 737 Preferred Apartment The Michaels Companies, Inc. MIK 5 59 Communities, Inc. APTS 6 67 6798 The New Home Company Inc. NWHM 1 Primo Water Corporation PRMW 2 The ONE Group Hospitality, Inc. STKS 5 58 5812 Pyxus International, Inc. PYX 5 The Rubicon Project, Inc. RUBI 7 73 737 QEP Resources, Inc. QEP 1 13 131 TimkenSteel Corporation TMST 3 33 Quad/Graphics, Inc. QUAD 2 27 Titan International, Inc. TWI 3 R.R. Donnelley & Sons Company RRD 2 27 Town Sports International R1 RCM Inc. RCM 8 Holdings, Inc. CLUB 7 79 799 Range Resources Corporation RRC 1 13 131 TransDigm Group Incorporated TDG 3 37 Rayonier Advanced Materials Inc. RYAM 2 TreeHouse Foods, Inc. THS 2 Redwood Trust, Inc. RWT 6 67 6798 Triumph Group, Inc. TGI 3 37 Regional Health Properties, Inc. RHE 6 67 6798 Tuesday Morning Corporation TUES 5 Reliv' International, Inc. RELV 2 28 283 2834 Two Harbors Investment Corp. TWO 6 67 6798 Rent-A-Center, Inc. RCII 7 73 U.S. Auto Parts Network, Inc. PRTS 5 59 Resolute Forest Products Inc. RFP 2 UMH Properties, Inc. UMH 6 67 6798 Revlon, Inc. REV 2 28 Unisys Corporation UIS 7 73 737 Ribbon Communications Inc. RBBN 7 73 737 United Natural Foods, Inc. UNFI 5 Roadrunner Transportation United States Steel Corporation X 3 33 Systems, Inc. RRTS 4 Universal Stainless & Alloy Products, Inc. USAP 3 33 RTI Surgical Holdings, Inc. RTIX 3 38 384 Universal Technical Institute, Inc. UTI 8 RTW Retailwinds, Inc. RTW 5 56 Upland Software, Inc. UPLD 7 73 737 SAExploration Holdings, Inc. SAEX 1 13 Urban One Inc. UONEK 4 48 Salem Media Group, Inc. SALM 4 48 SBA Communications Usio, Inc. USIO 6 Corporation SBAC 6 67 6798 Veeco Instruments Inc. VECO 3 35 Sculptor Capital Management, VEREIT, Inc. VER 6 67 6798 Inc. SCU 6 62 VeriSign, Inc. VRSN 7 73 737 SeaWorld Entertainment, Inc. SEAS 7 79 799 Viavi Solutions Inc. VIAV 3 Sequential Brands Group, Inc. SQBG 6 67 W&T Offshore, Inc. WTI 1 13 131 SIFCO Industries, Inc. SIF 3 37 Washington Prime Group Inc. WPG 6 67 6798 SITE Centers Corp. SITC 6 67 6798 Western Asset Mortgage Capital SM Energy Company SM 1 13 131 Corporation WMC 6 67 6798 SMTC Corporation SMTX 3 36 367 Whiting Petroleum Corporation WLL 1 13 131

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix D: SIC Codes in which Companies (High- Financial Risk) are Included

WPX Energy, Inc. WPX 1 13 131 Youngevity International, Inc. YGYI 2 28 283 2834 YRC Worldwide Inc. YRCW 4

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix E: Industry List by SIC Code

Appendix E is a list of the U.S. industries analyzed in the 2019 Valuation Handbook – U.S. Industry Cost of Capital (data through December 2019) by SIC code. Appendix E: Industry List by SIC Code

1 Mining & Construction 3663 Radio and Television Broadcasting and Communications 13 Oil and Gas Extraction Equipment 131 Crude Petroleum and Natural Gas 367 Electronic Components and Accessories 14 Mining and Quarrying Of Nonmetallic Minerals, Except Fuels 3672 Printed Circuit Boards 15 Building Construction General Contractors and Operative 3674 Semiconductors and Related Devices Builders 369 Miscellaneous Electrical Machinery, Equipment, and Supplies 16 Heavy Construction Other Than Building Construction 37 Transportation Equipment Contractors 371 Motor Vehicles and Motor Vehicle Equipment 2 Manufacturing 3714 Motor Vehicle Parts and Accessories 20 Food and Kindred Products 38 Measuring, Analyzing, and Controlling Instruments; 201 Meat Products Photographic, Medical and Optical Goods; Watches and Clocks 203 Canned, Frozen, and Preserved Fruits, Vegetables, and Food Specialties 382 Laboratory Apparatus and Analytical, Optical, Measuring, and 208 Beverages Controlling Instruments 22 Textile Mill Products 3825 Instruments for Measuring and Testing of Electricity and 23 Apparel and Other Finished Products Made From Fabrics and Electrical Signals Similar Materials 3826 Laboratory Analytical Instruments 24 Lumber and Wood Products, Except Furniture 384 Surgical, Medical, and Dental Instruments and Supplies 25 Furniture and Fixtures 3841 Surgical and Medical Instruments and Apparatus 251 Household Furniture 3842 Orthopedic, Prosthetic, and Surgical Appliances and Supplies 26 Paper and Allied Products 3845 Electromedical and Electrotherapeutic Apparatus 262 Paper Mills 39 Miscellaneous Manufacturing Industries 265 Paperboard Containers and Boxes 4 Transportation, Communications, Electric, Gas, and Sanitary 27 Printing, Publishing, and Allied Industries Services 28 Chemicals and Allied Products 42 Motor Freight Transportation and Warehousing 281 Industrial Inorganic Chemicals 4213 Trucking, Except Local 283 Drugs 45 Transportation By Air 2834 Pharmaceutical Preparations 451 Air Transportation, Scheduled, and Air Courier 2835 In Vitro and In Vivo Diagnostic Substances 46 Pipelines, Except Natural Gas 2836 Biological Products, Except Diagnostic Substances 47 Transportation Services 284 Soap, Detergents, and Cleaning Preparations; Perfumes, 473 Arrangement Of Transportation Of Freight and Cargo Cosmetics, and Other Toilet Preparations 48 Communications 286 Industrial Organic Chemicals 481 Telephone Communications 287 Agricultural Chemicals 4812 Radiotelephone Communications 29 Petroleum Refining and Related Industries 4813 Telephone Communications, Except Radiotelephone 291 Petroleum Refining 483 Radio and Television Broadcasting Stations 3 Manufacturing 4832 Radio Broadcasting Stations 30 Rubber and Miscellaneous Plastics Products 4833 Television Broadcasting Stations 308 Miscellaneous Plastics Products 49 Electric, Gas, and Sanitary Services 31 Leather and Leather Products 491 Electric Services 32 Stone, Clay, Glass, and Concrete Products 492 Gas Production and Distribution 33 Primary Metal Industries 4922 Natural Gas Transmission 331 Steel Works, Blast Furnaces, and Rolling and Finishing Mills 4924 Natural Gas Distribution 34 Fabricated Metal Products, Except Machinery and 493 Combination Electric and Gas, and Other Utility Transportation Equipment 4931 Electric and Other Services Combined 342 Cutlery, Handtools, and General Hardware 494 Water Supply 349 Miscellaneous Fabricated Metal Products 495 Sanitary Services 35 Industrial and Commercial Machinery and Computer 5 Wholesale Trade & Retail Trade Equipment 50 Wholesale Trade-durable Goods 353 Construction, Mining, and Materials Handling 504 Professional and Commercial Equipment and Supplies 355 Special Industry Machinery, Except Metalworking 5045 Computers and Computer Peripheral Equipment and Software 3559 Special Industry Machinery, Not Elsewhere Classified 356 General Industrial Machinery and Equipment 506 Electrical Goods 357 Computer and Office Equipment 51 Wholesale Trade-non-durable Goods 3577 Computer Peripheral Equipment, Not Elsewhere Classified 512 Drugs, Drug Proprietaries, and Druggists' Sundries 36 Electronic and Other Electrical Equipment and Components, 517 Petroleum and Petroleum Products Except Computer Equipment 53 General Merchandise Stores 362 Electrical Industrial Apparatus 533 Variety Stores 3621 Motors and Generators 54 Food Stores 366 Communications Equipment 541 Grocery Stores

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix E: Industry List by SIC Code

5411 Grocery Stores 55 Automotive Dealers and Gasoline Service Stations 56 Apparel and Accessory Stores 565 Family Clothing Stores 57 Home Furniture, Furnishings, and Equipment Stores 58 Eating and Drinking Places 5812 Eating Places 59 Miscellaneous Retail 594 Miscellaneous Shopping Goods Stores 6 Finance, Insurance, and Real Estate 60 Depository Institutions 602 Commercial Banks 603 Savings Institutions 6035 Savings Institutions, Federally Chartered 6036 Savings Institutions, Not Federally Chartered 61 Non-depository Credit Institutions 614 Personal Credit Institutions 616 Mortgage Bankers and Brokers 6162 Mortgage Bankers and Loan Correspondents 62 Security and Commodity Brokers, Dealers, Exchanges, and Services 621 Security Brokers, Dealers, and Flotation 628 Services Allied With The Exchange Of Securities 63 Insurance Carriers 631 Life Insurance 632 Accident and Health Insurance and Medical 6324 Hospital and Medical Service Plans 633 Fire, Marine, and Casualty Insurance 64 Insurance Agents, Brokers, and Service 65 Real Estate 651 Real Estate Operators (except Developers) and Lessors 653 Real Estate Agents and Managers 67 Holding and Other Investment Offices 6794 Patent Owners and Lessors 6798 Real Estate Investment Trusts 7 Services 70 Hotels, Rooming Houses, Camps, and Other Lodging Places 73 Business Services 735 Miscellaneous Equipment Rental and Leasing 736 Personnel Supply Services 7361 Employment Agencies 7363 Help Supply Services 737 Computer Programming, Data Processing, and Other Computer Related Services 7372 Prepackaged Software 7373 Computer Integrated Systems Design 7374 Computer Processing and Data Preparation and Processing Services 738 Miscellaneous Business Services 79 Amusement and Recreation Services 799 Miscellaneous Amusement and Recreation 8 Services 80 Health Services 809 Miscellaneous Health and Allied Services, Not 82 Educational Services 87 Engineering, Accounting, Research, Management, and Related Services 874 Management and Public Relations Services

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix F: Industry List by Industry Name (alphabetical)

Appendix F is a list of the U.S. industries analyzed in the 2019 Valuation Handbook – U.S. Industry Cost of Capital (data through December 2019) in alphabetical order. Appendix F: Industry List by Industry Name (alphabetical)

Accident and Health Insurance and Medical 632 General Merchandise Stores 53 Agricultural Chemicals 287 Grocery Stores 541 Air Transportation, Scheduled, and Air Courier 451 Grocery Stores 5411 Amusement and Recreation Services 79 Health Services 80 Apparel and Accessory Stores 56 Heavy Construction Other Than Building Construction Contractors 16 Apparel and Other Finished Products Made From Fabrics and 23 Similar Materials Help Supply Services 7363 Arrangement Of Transportation Of Freight and Cargo 473 Holding and Other Investment Offices 67 Automotive Dealers and Gasoline Service Stations 55 Home Furniture, Furnishings, and Equipment Stores 57 Beverages 208 Hospital and Medical Service Plans 6324 Biological Products, Except Diagnostic Substances 2836 Hotels, Rooming Houses, Camps, and Other Lodging Places 70 Building Construction General Contractors and Operative Builders 15 Household Furniture 251 In Vitro and In Vivo Diagnostic Substances 2835 Business Services 73 Industrial and Commercial Machinery and Computer Equipment 35 Canned, Frozen, and Preserved Fruits, Vegetables, and Food 203 Industrial Inorganic Chemicals 281 Specialties Industrial Organic Chemicals 286 Chemicals and Allied Products 28 Instruments for Measuring and Testing of Electricity and Electrical 3825 Combination Electric and Gas, and Other Utility 493 Signals Commercial Banks 602 Insurance Agents, Brokers, and Service 64 Communications 48 Insurance Carriers 63 Communications Equipment 366 Laboratory Analytical Instruments 3826 Computer and Office Equipment 357 Laboratory Apparatus and Analytical, Optical, Measuring, and 382 Computer Integrated Systems Design 7373 Controlling Instruments Computer Peripheral Equipment, Not Elsewhere Classified 3577 Leather and Leather Products 31 Computer Processing and Data Preparation and Processing 7374 Life Insurance 631 Services Lumber and Wood Products, Except Furniture 24 Computer Programming, Data Processing, and Other Computer 737 Management and Public Relations Services 874 Related Services Manufacturing 2 Computers and Computer Peripheral Equipment and Software 5045 Manufacturing 3 Construction, Mining, and Materials Handling 353 Measuring, Analyzing, and Controlling Instruments; Photographic, 38 Crude Petroleum and Natural Gas 131 Medical and Optical Goods; Watches and Clocks Cutlery, Handtools, and General Hardware 342 Meat Products 201 Depository Institutions 60 Mining & Construction 1 Drugs 283 Mining and Quarrying Of Nonmetallic Minerals, Except Fuels 14 Drugs, Drug Proprietaries, and Druggists' Sundries 512 Miscellaneous Amusement and Recreation 799 Eating and Drinking Places 58 Miscellaneous Business Services 738 Eating Places 5812 Miscellaneous Electrical Machinery, Equipment, and Supplies 369 Educational Services 82 Miscellaneous Equipment Rental and Leasing 735 Electric and Other Services Combined 4931 Miscellaneous Fabricated Metal Products 349 Electric Services 491 Miscellaneous Health and Allied Services, Not 809 Electric, Gas, and Sanitary Services 49 Miscellaneous Manufacturing Industries 39 Electrical Goods 506 Miscellaneous Plastics Products 308 Electrical Industrial Apparatus 362 Miscellaneous Retail 59 Electromedical and Electrotherapeutic Apparatus 3845 Miscellaneous Shopping Goods Stores 594 Electronic and Other Electrical Equipment and Components, Except 36 Mortgage Bankers and Brokers 616 Computer Equipment Mortgage Bankers and Loan Correspondents 6162 Electronic Components and Accessories 367 Motor Freight Transportation and Warehousing 42 Employment Agencies 7361 Motor Vehicle Parts and Accessories 3714 Engineering, Accounting, Research, Management, and Related 87 Motor Vehicles and Motor Vehicle Equipment 371 Services Motors and Generators 3621 Fabricated Metal Products, Except Machinery and Transportation 34 Natural Gas Distribution 4924 Equipment Natural Gas Transmission 4922 Family Clothing Stores 565 Non-depository Credit Institutions 61 Finance, Insurance, and Real Estate 6 Oil and Gas Extraction 13 Fire, Marine, and Casualty Insurance 633 Orthopedic, Prosthetic, and Surgical Appliances and Supplies 3842 Food and Kindred Products 20 Paper and Allied Products 26 Food Stores 54 Paper Mills 262 Furniture and Fixtures 25 Paperboard Containers and Boxes 265 Gas Production and Distribution 492 Patent Owners and Lessors 6794 General Industrial Machinery and Equipment 356 Personal Credit Institutions 614

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List Appendix F: Industry List by Industry Name (alphabetical)

Personnel Supply Services 736 Petroleum and Petroleum Products 517 Petroleum Refining 291 Petroleum Refining and Related Industries 29 Pharmaceutical Preparations 2834 Pipelines, Except Natural Gas 46 Prepackaged Software 7372 Primary Metal Industries 33 Printed Circuit Boards 3672 Printing, Publishing, and Allied Industries 27 Professional and Commercial Equipment and Supplies 504 Radio and Television Broadcasting and Communications 3663 Equipment Radio and Television Broadcasting Stations 483 Radio Broadcasting Stations 4832 Radiotelephone Communications 4812 Real Estate 65 Real Estate Agents and Managers 653 Real Estate Investment Trusts 6798 Real Estate Operators (except Developers) and Lessors 651 Rubber and Miscellaneous Plastics Products 30 Sanitary Services 495 Savings Institutions 603 Savings Institutions, Federally Chartered 6035 Savings Institutions, Not Federally Chartered 6036 Security and Commodity Brokers, Dealers, Exchanges, and Services 62

Security Brokers, Dealers, and Flotation 621 Semiconductors and Related Devices 3674 Services 7 Services 8 Services Allied With The Exchange Of Securities 628 Soap, Detergents, and Cleaning Preparations; Perfumes, 284 Cosmetics, and Other Toilet Preparations Special Industry Machinery, Except Metalworking 355 Special Industry Machinery, Not Elsewhere Classified 3559 Steel Works, Blast Furnaces, and Rolling and Finishing Mills 331 Stone, Clay, Glass, and Concrete Products 32 Surgical and Medical Instruments and Apparatus 3841 Surgical, Medical, and Dental Instruments and Supplies 384 Telephone Communications 481 Telephone Communications, Except Radiotelephone 4813 Television Broadcasting Stations 4833 Textile Mill Products 22 Transportation By Air 45 Transportation Equipment 37 Transportation Services 47 Transportation, Communications, Electric, Gas, and Sanitary 4 Services Trucking, Except Local 4213 Variety Stores 533 Water Supply 494 Wholesale Trade & Retail Trade 5 Wholesale Trade-durable Goods 50 Wholesale Trade-non-durable Goods 51

2019 Valuation Handbook – U.S. Industry Cost of Capital (Data through December 31, 2019); Company and SIC List