2016 Valuation Handbook Guide to Cost of Capital Market Results Through December 2015 Duff & Phelps

Industry Risk Premia Company List

Note: The “Industry Risk Premia Company List” (this document) provides a list of the U.S. companies used to calculate each of the industry risk premia (RPi) published in the 2016 Valuation Handbook – Guide to Cost of Capital (data through December 31, 2015), Appendix 3a, “Industry Risk Premia (RPi)”. The information herein is specific to the hardcover 2016 Valuation Handbook – Guide to Cost of Capital (data through December 31, 2015), and is not applicable to any other book, update, or document.

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About the Data

The information and data presented in the 2016 Valuation Handbook – Guide to Cost of Capital and the online Risk Premium Toolkit and the online Cost of Capital Analyzer has been obtained with the greatest of care from sources believed to be reliable, but is not guaranteed to be complete, accurate or timely. Duff & Phelps, LLC (www.duffandphelps.com) and/or its data providers expressly disclaim any liability, including incidental or consequential damages, arising from the use of the 2016 Valuation Handbook – Guide to Cost of Capital and/or the online Risk Premium Toolkit and/or the Cost of Capital Analyzer or any errors or omissions that may be contained in the 2016 Valuation Handbook – Guide to Cost of Capital and/or the online Risk Premium Toolkit and/or the online Cost of Capital Analyzer, or any other product (existing or to be developed) based upon the methodology and/or data published herein. One of the sources of raw data used to produce the derived data and information herein is Morningstar, Inc. Use of raw data from Morningstar to produce the derived data and information herein does not necessarily constitute agreement by Morningstar, Inc. of any investment philosophy or strategy presented in this publication.

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About Duff & Phelps

Duff & Phelps is the premier global valuation and corporate finance advisor with expertise in complex valuation, dispute and legal management consulting, M&A, restructuring, and compliance and regulatory consulting. The firm’s more than 2,000 employees serve a diverse range of clients from offices around the world. For more information, visit www.duffandphelps.com. M&A advisory and capital raising services in the United States are provided by Duff & Phelps Securities, LLC. Member FINRA/SIPC. Pagemill Partners is a Division of Duff & Phelps Securities, LLC. M&A advisory and capital raising services in the United Kingdom and Germany are provided by Duff & Phelps Securities Ltd., which is authorized and regulated by the Financial Conduct Authority.

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Additional Resources

To learn more about the latest theory and practice in cost of capital estimation, see Cost of Capital: Applications and Examples 5th edition, by Shannon P. Pratt and Roger J. Grabowski (John Wiley & Sons, Inc., 2014).

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 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.

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 three to four years. The 6th edition of this book is scheduled to be available in spring 2017.

“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, London Business School (from the Foreword)

“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 , former chairman and founder of Ibbotson Associates, chairman, founder, and CIO of Zebra Capital

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Other Duff & Phelps Valuation Data Resources Published by John Wiley & Sons

In addition to the 2016 Valuation Handbook – Guide to Cost of Capital and the Cost of Capital: Applications and Examples 5th edition, other Duff & Phelps valuation data resources published by John Wiley & Sons are as follows:

Valuation Handbook – Industry Cost of Capital: This annual book provides cost of capital estimates (i.e., equity capital, debt capital, and WACC) for approximately 180 U.S. industries and size groupings (i.e., Large-, Mid-, Low- , and Micro-capitalization companies), plus a host of detailed statistics that can be used for benchmarking purposes (over 300 critical industry-level data points calculated for each industry, depending on data availability).

The Valuation Handbook – Industry Cost of Capital has been published since 2014 (2014 and 2015 editions are available with data through March 31, 2014 and March 31, 2015, respectively; the 2016 edition, with data through March 31, 2016, will be available in June 2016). This book includes three optional quarterly updates (June, September, and December).

International Valuation Handbook – Guide to Cost of Capital: This annual book provides country-level equity risk premia (ERPs), relative volatility (RV) factors, and country risk premia (CRPs) which can be used to estimate country-level cost of equity capital globally, for up to 188 countries, from the perspective of investors based in any one of up to 56 countries (depending on data availability).

The International Valuation Handbook – Guide to of Capital has been published since 2014 (2014 and 2015 editions are available with data through (i) December 31, 2013 and March 31, 2014, and (ii) December 31, 2014 and March 31, 2015, respectively; the 2016 edition, with data through December 31, 2015 and March 31, 2016, will be available in June 2016). This book includes an optional Semi-annual update, with data through June and September.

International Valuation Handbook – Industry Cost of Capital: This annual book provides the same type of rigorous industry-level analysis published in the U.S.-centric Valuation Handbook – Industry Cost of Capital, on a global scale.

The inaugural 2015 International Valuation Handbook – Industry Cost of Capital includes industry-level analyses for four global economic areas: (i) the “World”, (ii) the European Union, (iii) the Eurozone, and (iv) the United Kingdom.i.1 Industries in the book are identified by their Global Industry Classification Standard (GICS) code. 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 2015 International Valuation Handbook – Industry Cost of Capital provides industry-level cost of capital estimates (cost of equity, cost of debt, and weighted average cost of capital, or WACC), plus detailed industry-level statistics for sales, market capitalization, capital structure,

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various levered and unlevered beta estimates (e.g. ordinary-least squares (OLS) beta, sum beta, peer group 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 2015 International Valuation Handbook – Industry Cost of Capital is published with data through March 31, 2015, and includes one optional intra-year Semi-annual Update (data through September 30, 2015).

The inaugural 2015 version of the International Valuation Handbook – Industry Cost of Capital will be available in March 2016. The inaugural 2015 version of this book is on a delayed publication schedule because of the extensive work involved in gathering the data, establishing the needed data permissions, developing new procedures and methodologies to appropriately deal with international financial data in multiple currencies, and producing the inaugural 2015 book from scratch. The 2016 version of the hardcover book will be published with data through March 31, 2016, and will be back on a “regular” schedule of shipping in late May/early June 2016, followed by the Semi-annual Update (with data through September 30, 2016) in PDF format, delivered in late October/early November 2016.

To learn more about cost of capital issues, and to ensure that you are using the most recent Duff & Phelps Recommended ERP, visit www.duffandphelps.com/CostofCapital.

To order additional copies of the 2016 Valuation Handbook – Guide to Cost of Capital or other Duff & Phelps valuation data resources published by John Wiley & Sons, please go to: www.wiley.com/go/ValuationHandbooks.

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Industry Risk Premia Company List

The hardcover 2016 Valuation Handbook – Guide to Cost of Capital is published with data through December 2015, and includes three intra-year Quarterly Updates delivered in Adobe PDF format. “Quarterly Update 1” is data through March 2016, “Quarterly Update 2” is data through June 2016, and “Quarterly Update 3” is data through September 2016.1,2 The 2016 Valuation Handbook – Guide to Cost of Capital provides the key year-end data previously available in (i) the Morningstar/Ibbotson SBBI Valuation Yearbook and (ii) the Duff & Phelps Risk Premium Report. The 2016 Valuation Handbook – Guide to Cost of Capital can be used to develop both levered and unlevered cost of equity capital estimates for an individual business, business ownership interest, security, or intangible asset using various build-up models and the CAPM. The “Industry Risk Premia Company List” (this document) provides a list of the U.S. companies

used to calculate each of the industry risk premia (RPi) published in the 2016 Valuation Handbook – Guide to Cost of Capital (data through December 31, 2015), Appendix 3a, “Industry 3 Risk Premia (RPi)”. The information herein is specific to the hardcover 2016 Valuation Handbook – Guide to Cost of Capital (data through December 31, 2015), and is not applicable to any other book, update, or document.4 For a detailed discussion of Industry Risk Premia, please refer to Chapter 5, “Basic Building Blocks of the Cost of Equity Capital – Betas and Industry Risk Premia” in the hardcover 2016 Valuation Handbook – Guide to Cost of Capital.

1 Quarterly Updates are optional, and are not sold separately. 2 The inaugural 2014 Valuation Handbook ‒ Guide to Cost of Capital was published with data through December 2013, and also included optional March, June, and September (2014) Quarterly Updates. The 2015 Valuation Handbook ‒ Guide to Cost of Capital was published with data through December 2014, and also included optional March, June, and September (2015) Quarterly Updates. 3 Industry Risk Premia were previously published in Table 3-5, “Industry Premia Estimates” in the former Morningstar/Ibbotson SBBI Valuation Yearbook. In the 2016 Valuation Handbook – Guide to Cost of Capital these premia are still called “industry risk premia”, but the nomenclature used for this term is changed from “IRP” to “RPi”. In the previous 2014 and 2015 editions of the Valuation Handbook – Guide to Cost of Capital, industry risk premia were presented within Chapter 5 in Exhibit 5.7. Starting with the 2016 Valuation

Handbook – Guide to Cost of Capital, industry risk premia are presented in Appendix 3a, “Industry Risk Premium (RPi)”, directly following Appendix 3, “CRSP Deciles Size Premia Study: Key Variables”. 4 Separate “Industry Risk Premia Company List” documents that are specific to each of the three Quarterly Updates (March, June, and September 2016) associated with the 2016 Valuation Handbook – Guide to Cost of Capital are also produced. The optional updates (i) are delivered electronically in PDF format, (ii) are optional, and (iii) are not sold separately.

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The Companies Used to Calculate RPi are Not Necessarily “Pure Play” Companies The industry risk premia published in Appendix 3a of the 2016 Valuation Handbook – Guide to Cost of Capital and its Quarterly Updates are derived from full-information betas. “Full- information” beta analysis uses a cross-sectional regression designed to capture the impact that a company’s individual business segments (defined here by SIC code) have upon the overall business beta.5

Ideally, one would like to have a sampling of betas from many “pure play” guideline public companies when estimating a proxy beta. “Pure play” companies are companies with say, at least 75% of revenue from a single Standard Industrial Classification (SIC) code. However, in some industries the largest participants may be conglomerates for which participation in the given industry is a small part of their overall revenues. In a strictly pure-play analysis, these companies would be excluded, even though they may be the dominant participant in the industry. The full-information beta approach enables the inclusion of these companies’ participation in the industry in the beta calculation. As such, the companies included in the full-information beta analysis used to create the industry risk premia in the Valuation Handbook – Guide to Cost of Capital and its Quarterly Updates are not necessarily “pure play” companies:

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

 You may also notice companies listed in multiple industries. For example, General Electric is a participant in SIC 351 (Engines and Turbines), but is also a participant in SIC 361 (Electric Transmission and Distribution Equipment), and SIC 384 (Surgical, Medical, And Dental Instruments and Supplies).

For a detailed discussion of industry risk premia and the full-information betas they are based upon, please refer to Chapter 5, “Basic Building Blocks of the Cost of Equity Capital – Betas and Industry Risk Premia” in the hardcover 2016 Valuation Handbook – Guide to Cost of Capital.

5 The full-information betas published in the 2016 Valuation Handbook – Guide to Cost of Capital and its Quarterly Updates (and also in the former SBBI Valuation Yearbook) are based on an article by Paul D. Kaplan and James D. Peterson: "Full-Information Industry Betas”, Financial Management, Summer 1998.

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Appendix1 Industry Risk Premia Company List (data through December 2015)

Appendix 1 is a list of the U.S. companies used to calculate each of the industry risk premia in

Appendix 3a, “Industry Risk Premia (RPi)”, from the hardcover 2016 Valuation Handbook – Guide to Cost of Capital (data through December 2015).

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SIC 01 WESTMORELAND COAL CO ERIN ENERGY CORP ALEXANDER & BALDWIN INC WESTMORELAND RES PARTNERS LP ESCALERA RESOURCES CO ALICO INC EV ENERGY PARTNERS LP CERES INC SIC 13 EVOLUTION PETROLEUM CORP CHINA LIAONING DINGXU ECOLOG ABRAXAS PETROLEUM CORP/NV EXCO RESOURCES INC HOMEFED CORP ADAMS RESOURCES & ENERGY INC EXXON MOBIL CORP LIMONEIRA CO AEGION CORP FERRELLGAS PARTNERS -LP MONSANTO CO AMERICAN EAGLE ENERGY CORP FIELDPOINT PETROLEUM CORP NUTRASTAR INTERNATIONAL INC ANADARKO PETROLEUM CORP FORBES ENERGY SERVICES LTD ROYAL HAWAIIAN ORCHARDS-LP APACHE CORP FREEPORT-MCMORAN INC SEABOARD CORP APPROACH RESOURCES INC FX ENERGY INC SKYPEOPLE FRUIT JUICE INC ARETE INDUSTRIES INC GASTAR EXPLORATION INC TEJON RANCH CO ATLAS ENERGY GROUP LLC GOODRICH PETROLEUM CORP YASHENG GROUP ATLAS RESOURCE PARTNERS LP GRAN TIERRA ENERGY INC ATWOOD OCEANICS GULFPORT ENERGY CORP SIC 104 BAKER HUGHES INC HALCON RESOURCES CORP CHINA SHOUGUAN MINING CORP BARNWELL INDUSTRIES HALLIBURTON CO COEUR MINING INC BASIC ENERGY SERVICES INC HELIX ENERGY SOLUTIONS GROUP COMSTOCK MINING INC BILL BARRETT CORP HELMERICH & PAYNE DYNARESOURCE INC BLACK HILLS CORP HESS CORP GOLD RESOURCE CORP BLACK RIDGE OIL & GAS INC HKN INC GOLDEN MINERALS CO BONANZA CREEK ENERGY INC HOLLYFRONTIER CORP HECLA MINING CO BREITBURN ENERGY PARTNERS LP HOUSTON AMERN ENERGY CORP MCEWEN MINING INC CABOT OIL & GAS CORP HRG GROUP INC STEEL PARTNERS HOLDINGS LP CALLON PETROLEUM CO/DE HYDROCARB ENERGY CORP NEWMONT MINING CORP CARBON NATURAL GAS CO ISRAMCO INC CARDINAL ENERGY GROUP INC KEY ENERGY SERVICES INC SIC 12 CARRIZO OIL & GAS INC LAREDO OIL INC ALLIANCE HOLDINGS GP LP CASPIAN SERVICES INC LAREDO PETROLEUM INC ALLIANCE RESOURCE PTNRS -LP CHESAPEAKE ENERGY CORP LEGACY RESERVES LP ALPHA NATURAL RESOURCES INC CHEVRON CORP LILIS ENERGY INC BLACK HILLS CORP CIMAREX ENERGY CO LINN ENERGY LLC CLIFFS NATURAL RESOURCES INC CLAYTON WILLIAMS ENERGY INC LOEWS CORP CLOUD PEAK ENERGY INC CLEAN HARBORS INC LUCAS ENERGY INC CONSOL ENERGY INC COMSTOCK RESOURCES INC MACQUARIE INFRASTRUCTURE CP HALLADOR ENERGY CO CONCHO RESOURCES INC MAGELLAN PETROLEUM CORP HONGLI CLEAN ENERGY TECHNL CONOCOPHILLIPS MAGNUM HUNTER RESOURCES CORP NACCO INDUSTRIES -CL A CONSOL ENERGY INC MARATHON OIL CORP PEABODY ENERGY CORP CONTANGO OIL & GAS CO MARKWEST ENERGY PARTNERS LP RHINO RESOURCE PARTNERS LP CONTINENTAL RESOURCES INC MATADOR RESOURCES CO SUNCOKE ENERGY INC CRESTWOOD EQUITY PARTNERS LP MDU RESOURCES GROUP INC VECTREN CORP CSI COMPRESSCO LP MEMORIAL PRODUCTION PRTRS LP WALTER ENERGY INC DAWSON GEOPHYSICAL CO MEXCO ENERGY CORP WESTMORELAND COAL CO DAYBREAK OIL & GAS INC MID-CON ENERGY PARTNERS -LP WESTMORELAND RES PARTNERS LP DCP MIDSTREAM PARTNERS LP MIDSTATES PETROLEUM CO INC DEEP DOWN INC MINERALS TECHNOLOGIES INC SIC 122 DENBURY RESOURCES INC MURPHY OIL CORP ALLIANCE HOLDINGS GP LP DEVON ENERGY CORP NATIONAL FUEL GAS CO ALLIANCE RESOURCE PTNRS -LP DIAMOND OFFSHRE DRILLING INC NEW CONCEPT ENERGY INC ALPHA NATURAL RESOURCES INC DIAMONDBACK ENERGY INC NEWFIELD EXPLORATION CO BLACK HILLS CORP ECOLAB INC NOBLE ENERGY INC CLIFFS NATURAL RESOURCES INC ECOSPHERE TECHNOLOGIES INC NORTHERN OIL & GAS INC CLOUD PEAK ENERGY INC EMERALD OIL INC NUVERRA ENVIRONMENTAL SOLUTN CONSOL ENERGY INC ENBRIDGE ENERGY PRTNRS -LP OASIS PETROLEUM INC HALLADOR ENERGY CO ENDEAVOUR INTERNATIONAL CORP OCCIDENTAL PETROLEUM CORP HONGLI CLEAN ENERGY TECHNL ENERGEN CORP OCEANEERING INTERNATIONAL NACCO INDUSTRIES -CL A ENERGY TRANSFER PARTNERS -LP OIL STATES INTL INC PEABODY ENERGY CORP ENSERVCO CORP ONEOK INC RHINO RESOURCE PARTNERS LP ENTERPRISE PRODS PRTNRS -LP ONEOK PARTNERS -LP VECTREN CORP EOG RESOURCES INC OSAGE EXPLORATION AND DEV WALTER ENERGY INC EQT CORP PANHANDLE OIL & GAS INC

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PARKER DRILLING CO SIC 131 HKN INC PATTERSON-UTI ENERGY INC ABRAXAS PETROLEUM CORP/NV HOLLYFRONTIER CORP PDC ENERGY INC ADAMS RESOURCES & ENERGY INC HOUSTON AMERN ENERGY CORP PEGASI ENERGY RESOURCES CORP AMERICAN EAGLE ENERGY CORP HRG GROUP INC PENN VIRGINIA CORP ANADARKO PETROLEUM CORP HYDROCARB ENERGY CORP PETROQUEST ENERGY INC APACHE CORP ISRAMCO INC PIONEER ENERGY SERVICES CORP APPROACH RESOURCES INC LAREDO OIL INC PIONEER NATURAL RESOURCES CO ARETE INDUSTRIES INC LAREDO PETROLEUM INC PLUM CREEK TIMBER CO INC ATLAS ENERGY GROUP LLC LEGACY RESERVES LP POSTROCK ENERGY CORP ATLAS RESOURCE PARTNERS LP LILIS ENERGY INC PRIMEENERGY CORP BARNWELL INDUSTRIES LINN ENERGY LLC QEP RESOURCES INC BILL BARRETT CORP LUCAS ENERGY INC QUEST SOLUTION INC BLACK HILLS CORP MACQUARIE INFRASTRUCTURE CP QUESTAR CORP BLACK RIDGE OIL & GAS INC MAGELLAN PETROLEUM CORP QUICKSILVER RESOURCES INC BONANZA CREEK ENERGY INC MAGNUM HUNTER RESOURCES CORP RANGE RESOURCES CORP BREITBURN ENERGY PARTNERS LP MARATHON OIL CORP RED MOUNTAIN RESOURCES INC CABOT OIL & GAS CORP MARKWEST ENERGY PARTNERS LP RESERVE PETROLEUM CO CALLON PETROLEUM CO/DE MATADOR RESOURCES CO RESOLUTE ENERGY CORP CARBON NATURAL GAS CO MDU RESOURCES GROUP INC REX ENERGY CORP CARDINAL ENERGY GROUP INC MEMORIAL PRODUCTION PRTRS LP RING ENERGY INC CARRIZO OIL & GAS INC MEXCO ENERGY CORP ROYALE ENERGY INC CHESAPEAKE ENERGY CORP MID-CON ENERGY PARTNERS -LP RPC INC CHEVRON CORP MIDSTATES PETROLEUM CO INC SANCHEZ ENERGY CORP CIMAREX ENERGY CO MURPHY OIL CORP SANCHEZ PRODUCTION PARTNERS CLAYTON WILLIAMS ENERGY INC NATIONAL FUEL GAS CO SANDRIDGE ENERGY INC COMSTOCK RESOURCES INC NEW CONCEPT ENERGY INC SM ENERGY CO CONCHO RESOURCES INC NEWFIELD EXPLORATION CO SOUTHWESTERN ENERGY CO CONOCOPHILLIPS NOBLE ENERGY INC SPINDLETOP OIL & GAS CO CONSOL ENERGY INC NORTHERN OIL & GAS INC STEEL EXCEL INC CONTANGO OIL & GAS CO OASIS PETROLEUM INC STEEL PARTNERS HOLDINGS LP CONTINENTAL RESOURCES INC OCCIDENTAL PETROLEUM CORP STONE ENERGY CORP CRESTWOOD EQUITY PARTNERS LP ONEOK INC STW RESOURCES HOLDING CORP DAYBREAK OIL & GAS INC ONEOK PARTNERS -LP SUMMIT MIDSTREAM PARTNERS LP DCP MIDSTREAM PARTNERS LP OSAGE EXPLORATION AND DEV SUPERIOR ENERGY SERVICES INC DENBURY RESOURCES INC PANHANDLE OIL & GAS INC SWIFT ENERGY CO DEVON ENERGY CORP PATTERSON-UTI ENERGY INC SYNERGY RESOURCES CORP DIAMONDBACK ENERGY INC PDC ENERGY INC TARGA RESOURCES PARTNERS LP EMERALD OIL INC PEGASI ENERGY RESOURCES CORP TENGASCO INC ENBRIDGE ENERGY PRTNRS -LP PENN VIRGINIA CORP TETRA TECHNOLOGIES INC/DE ENDEAVOUR INTERNATIONAL CORP PETROQUEST ENERGY INC TN-K ENERGY GROUP INC ENERGEN CORP PIONEER NATURAL RESOURCES CO TORCHLIGHT ENERGY RESOURCES ENERGY TRANSFER PARTNERS -LP PLUM CREEK TIMBER CO INC TRANS ENERGY INC ENTERPRISE PRODS PRTNRS -LP POSTROCK ENERGY CORP TRIANGLE PETROLEUM CORP EOG RESOURCES INC PRIMEENERGY CORP U S ENERGY CORP/WY EQT CORP QEP RESOURCES INC U S LIME & MINERALS ERIN ENERGY CORP QUEST SOLUTION INC UNIT CORP ESCALERA RESOURCES CO QUESTAR CORP VAALCO ENERGY INC EV ENERGY PARTNERS LP QUICKSILVER RESOURCES INC VANGUARD NATURAL RESOURCES EVOLUTION PETROLEUM CORP RANGE RESOURCES CORP VOC ENERGY TRUST EXCO RESOURCES INC RED MOUNTAIN RESOURCES INC W&T OFFSHORE INC EXXON MOBIL CORP RESERVE PETROLEUM CO WARREN RESOURCES INC FIELDPOINT PETROLEUM CORP RESOLUTE ENERGY CORP WESTERN GAS PARTNERS LP FREEPORT-MCMORAN INC REX ENERGY CORP WESTERN REFINING INC FX ENERGY INC RING ENERGY INC WHITING PETROLEUM CORP GASTAR EXPLORATION INC ROYALE ENERGY INC WILLIAMS PARTNERS LP GOODRICH PETROLEUM CORP SANCHEZ ENERGY CORP WPX ENERGY INC GRAN TIERRA ENERGY INC SANCHEZ PRODUCTION PARTNERS ZAZA ENERGY CORP GULFPORT ENERGY CORP SANDRIDGE ENERGY INC ARCHROCK PARTNERS LP HALCON RESOURCES CORP SM ENERGY CO ENERJEX RESOURCES INC HELIX ENERGY SOLUTIONS GROUP SOUTHWESTERN ENERGY CO HESS CORP SPINDLETOP OIL & GAS CO

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 12 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

STONE ENERGY CORP SANDRIDGE ENERGY INC INTREPID POTASH INC SUMMIT MIDSTREAM PARTNERS LP STEEL EXCEL INC MARTIN MARIETTA MATERIALS SWIFT ENERGY CO STEEL PARTNERS HOLDINGS LP MDU RESOURCES GROUP INC SYNERGY RESOURCES CORP STW RESOURCES HOLDING CORP MINERALS TECHNOLOGIES INC TENGASCO INC SUPERIOR ENERGY SERVICES INC MOSAIC CO TN-K ENERGY GROUP INC TETRA TECHNOLOGIES INC/DE U S CONCRETE INC TORCHLIGHT ENERGY RESOURCES TRIANGLE PETROLEUM CORP U S LIME & MINERALS TRANS ENERGY INC UNIT CORP U S SILICA HOLDINGS INC TRIANGLE PETROLEUM CORP ARCHROCK PARTNERS LP VULCAN MATERIALS CO U S ENERGY CORP/WY U S LIME & MINERALS SIC 1381 SIC 15 UNIT CORP ATLAS RESOURCE PARTNERS LP ATRM HOLDINGS INC VAALCO ENERGY INC ATWOOD OCEANICS BEAZER HOMES USA INC VANGUARD NATURAL RESOURCES BAKER HUGHES INC CALATLANTIC GROUP INC VOC ENERGY TRUST BASIC ENERGY SERVICES INC CHINA HOUSING & LAND DEV INC W&T OFFSHORE INC CHESAPEAKE ENERGY CORP COMSTOCK HOLDING COS INC WARREN RESOURCES INC CLAYTON WILLIAMS ENERGY INC D R HORTON INC WESTERN GAS PARTNERS LP DIAMOND OFFSHRE DRILLING INC DILLARDS INC -CL A WESTERN REFINING INC FX ENERGY INC HOVNANIAN ENTRPRS INC -CL A WHITING PETROLEUM CORP HALLIBURTON CO KB HOME WILLIAMS PARTNERS LP HELMERICH & PAYNE KBR INC WPX ENERGY INC ISRAMCO INC LENNAR CORP ZAZA ENERGY CORP KEY ENERGY SERVICES INC M/I HOMES INC ENERJEX RESOURCES INC LOEWS CORP MASTEC INC PARKER DRILLING CO MDC HOLDINGS INC SIC 138 PATTERSON-UTI ENERGY INC MERITAGE HOMES CORP AEGION CORP PIONEER ENERGY SERVICES CORP NVR INC ATLAS RESOURCE PARTNERS LP SANDRIDGE ENERGY INC POPE RESOURCES/DE -LP ATWOOD OCEANICS UNIT CORP PULTEGROUP INC BAKER HUGHES INC TOLL BROTHERS INC BASIC ENERGY SERVICES INC SIC 1389 TUTOR PERINI CORP CASPIAN SERVICES INC AEGION CORP WORTHINGTON INDUSTRIES CHESAPEAKE ENERGY CORP BASIC ENERGY SERVICES INC CLAYTON WILLIAMS ENERGY INC CASPIAN SERVICES INC SIC 153 CLEAN HARBORS INC CLEAN HARBORS INC BEAZER HOMES USA INC CSI COMPRESSCO LP ECOSPHERE TECHNOLOGIES INC CALATLANTIC GROUP INC DAWSON GEOPHYSICAL CO ENSERVCO CORP COMSTOCK HOLDING COS INC DEEP DOWN INC FERRELLGAS PARTNERS -LP D R HORTON INC DIAMOND OFFSHRE DRILLING INC FORBES ENERGY SERVICES LTD HOVNANIAN ENTRPRS INC -CL A ECOLAB INC HALLIBURTON CO KB HOME ECOSPHERE TECHNOLOGIES INC HELIX ENERGY SOLUTIONS GROUP LENNAR CORP ENSERVCO CORP MAGNUM HUNTER RESOURCES CORP M/I HOMES INC FERRELLGAS PARTNERS -LP MINERALS TECHNOLOGIES INC MDC HOLDINGS INC FORBES ENERGY SERVICES LTD NUVERRA ENVIRONMENTAL SOLUTN MERITAGE HOMES CORP FX ENERGY INC OASIS PETROLEUM INC NVR INC HALLIBURTON CO OCEANEERING INTERNATIONAL POPE RESOURCES/DE -LP HELIX ENERGY SOLUTIONS GROUP OIL STATES INTL INC PULTEGROUP INC HELMERICH & PAYNE PIONEER ENERGY SERVICES CORP TOLL BROTHERS INC ISRAMCO INC RPC INC KEY ENERGY SERVICES INC STEEL EXCEL INC SIC 16 LOEWS CORP STEEL PARTNERS HOLDINGS LP AECOM INC MAGNUM HUNTER RESOURCES CORP STW RESOURCES HOLDING CORP AEGION CORP MINERALS TECHNOLOGIES INC SUPERIOR ENERGY SERVICES INC ALPHA NATURAL RESOURCES INC NUVERRA ENVIRONMENTAL SOLUTN TETRA TECHNOLOGIES INC/DE AMERESCO INC OASIS PETROLEUM INC TRIANGLE PETROLEUM CORP BIOSHAFT WATER TECHNOLOGY OCEANEERING INTERNATIONAL DYCOM INDUSTRIES INC OIL STATES INTL INC SIC 14 ENERGY SERVICES OF AMERICA PARKER DRILLING CO COMPASS MINERALS INTL INC FLUOR CORP PATTERSON-UTI ENERGY INC EAGLE MATERIALS INC GOLDFIELD CORP PIONEER ENERGY SERVICES CORP HI-CRUSH PARTNERS LP GRANITE CONSTRUCTION INC RPC INC INTERNATIONAL ISOTOPES INC GREAT LAKES DREDGE & DOCK CP

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 13 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

JACOBS ENGINEERING GROUP INC SIC 1629 DR PEPPER SNAPPLE GROUP INC KBR INC AMERESCO INC DU PONT (E I) DE NEMOURS MASTEC INC BIOSHAFT WATER TECHNOLOGY FARMER BROS CO MATRIX SERVICE CO FLUOR CORP FLOWERS FOODS INC MDU RESOURCES GROUP INC GREAT LAKES DREDGE & DOCK CP FOREVERGREEN WORLDWIDE CORP MYR GROUP INC JACOBS ENGINEERING GROUP INC GENERAL MILLS INC NF ENERGY SAVING CORP MASTEC INC GLOBAL CLEAN ENERGY HOLDINGS ORION MARINE GROUP INC MDU RESOURCES GROUP INC GOLDEN ENTERPRISES PERNIX GROUP INC ORION MARINE GROUP INC HAIN CELESTIAL GROUP INC POWERSECURE INTL INC PERNIX GROUP INC HERSHEY CO PRIMORIS SERVICES CORP PRIMORIS SERVICES CORP HORMEL FOODS CORP QUANTA SERVICES INC INGLES MARKETS INC -CL A SOUTHWEST GAS CORP SIC 17 INGREDION INC STERLING CONSTRUCTION CO INC ABM INDUSTRIES INC INTL FLAVORS & FRAGRANCES TUTOR PERINI CORP AMERICAN ELECTRIC TECH INC INVENTURE FOODS INC VECTREN CORP APOGEE ENTERPRISES INC J & J SNACK FOODS CORP WILLBROS GROUP INC ARGAN INC JAMMIN JAVA CORP BARNWELL INDUSTRIES JONES SODA CO SIC 162 BROADWIND ENERGY INC KELLOGG CO AEGION CORP CHEMED CORP KEURIG GREEN MOUNTAIN INC ALPHA NATURAL RESOURCES INC COMFORT SYSTEMS USA INC KRISPY KREME DOUGHNUTS INC AMERESCO INC EMCOR GROUP INC LANCASTER COLONY CORP BIOSHAFT WATER TECHNOLOGY FLUOR CORP LANDEC CORP DYCOM INDUSTRIES INC FURMANITE CORP LEUCADIA NATIONAL CORP ENERGY SERVICES OF AMERICA GREAT LAKES DREDGE & DOCK CP LIFEWAY FOODS INC FLUOR CORP INTEGRATED ELECTRICAL SVCS MCCORMICK & CO INC GOLDFIELD CORP MATRIX SERVICE CO MEAD JOHNSON NUTRITION CO GREAT LAKES DREDGE & DOCK CP QUANTA SERVICES INC MEDIFAST INC JACOBS ENGINEERING GROUP INC TUTOR PERINI CORP MGP INGREDIENTS INC KBR INC UIL HOLDINGS CORP MOJO ORGANICS INC MASTEC INC VISCOUNT SYSTEMS INC MOLSON COORS BREWING CO MATRIX SERVICE CO WPCS INTERNATIONAL INC MONDELEZ INTERNATIONAL INC MDU RESOURCES GROUP INC MONSTER BEVERAGE CORP MYR GROUP INC SIC 20 NATIONAL BEVERAGE CORP NF ENERGY SAVING CORP ALTRIA GROUP INC OMEGA PROTEIN CORP ORION MARINE GROUP INC AMERICAN LORAIN CORP PANERA BREAD CO PERNIX GROUP INC ARCHER-DANIELS-MIDLAND CO PAPA JOHNS INTERNATIONAL INC POWERSECURE INTL INC ARMANINO FOODS DISTINCTION PARADISE INC PRIMORIS SERVICES CORP B&G FOODS INC PEPSICO INC QUANTA SERVICES INC BARFRESH FOOD GROUP INC PICO HOLDINGS INC SOUTHWEST GAS CORP BOB EVANS FARMS PILGRIM'S PRIDE CORP VECTREN CORP BOSTON BEER INC -CL A POST HOLDINGS INC WILLBROS GROUP INC BOULDER BRANDS INC PRIMO WATER CORP BRIDGFORD FOODS CORP PULSE BEVERAGE CORP SIC 1623 BROWN FORMAN CORP REEDS INC AEGION CORP CAMPBELL SOUP CO ROCKY MOUNTAIN CHOC FACT INC DYCOM INDUSTRIES INC CASTLE BRANDS INC ROYAL HAWAIIAN ORCHARDS-LP ENERGY SERVICES OF AMERICA CHEESECAKE FACTORY INC SANDERSON FARMS INC GOLDFIELD CORP CHINA MODERN AGRL INFO INC SANFILIPPO JOHN B&SON KBR INC CLOROX CO/DE SEABOARD CORP MASTEC INC COCA-COLA BTLNG CONS SENECA FOODS CORP MATRIX SERVICE CO COCA-COLA CO SENSIENT TECHNOLOGIES CORP MYR GROUP INC COCA-COLA ENTERPRISES INC SKYPEOPLE FRUIT JUICE INC NF ENERGY SAVING CORP COLGATE-PALMOLIVE CO SMUCKER (JM) CO POWERSECURE INTL INC CONAGRA FOODS INC SNYDERS-LANCE INC PRIMORIS SERVICES CORP CONSTELLATION BRANDS -CL A STEVIA FIRST CORP QUANTA SERVICES INC CRAFT BREW ALLIANCE INC SYNUTRA INTERNATIONAL INC SOUTHWEST GAS CORP CRYSTAL ROCK HOLDINGS INC TOFUTTI BRANDS INC VECTREN CORP DARLING INGREDIENTS INC TOOTSIE ROLL INDUSTRIES INC WILLBROS GROUP INC DEAN FOODS CO TREEHOUSE FOODS INC DIAMOND FOODS INC TYSON FOODS INC -CL A

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 14 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

WHITEWAVE FOODS CO SIC 208 TREEHOUSE FOODS INC WILLAMETTE VALLEY VINEYARDS ALTRIA GROUP INC TYSON FOODS INC -CL A YOUNGEVITY INTERNATIONAL INC BARFRESH FOOD GROUP INC WHITEWAVE FOODS CO Z-TRIM HOLDINGS INC BOSTON BEER INC -CL A YOUNGEVITY INTERNATIONAL INC BROWN FORMAN CORP Z-TRIM HOLDINGS INC SIC 201 CASTLE BRANDS INC BOB EVANS FARMS COCA-COLA BTLNG CONS SIC 2099 BRIDGFORD FOODS CORP COCA-COLA CO BOULDER BRANDS INC HAIN CELESTIAL GROUP INC COCA-COLA ENTERPRISES INC DIAMOND FOODS INC HORMEL FOODS CORP CONSTELLATION BRANDS -CL A DU PONT (E I) DE NEMOURS LEUCADIA NATIONAL CORP CRAFT BREW ALLIANCE INC MCCORMICK & CO INC PILGRIM'S PRIDE CORP CRYSTAL ROCK HOLDINGS INC MEDIFAST INC POST HOLDINGS INC DR PEPPER SNAPPLE GROUP INC POST HOLDINGS INC SANDERSON FARMS INC INTL FLAVORS & FRAGRANCES STEVIA FIRST CORP SEABOARD CORP JONES SODA CO TREEHOUSE FOODS INC TYSON FOODS INC -CL A MGP INGREDIENTS INC TYSON FOODS INC -CL A MOJO ORGANICS INC WHITEWAVE FOODS CO SIC 202 MOLSON COORS BREWING CO Z-TRIM HOLDINGS INC CHINA MODERN AGRL INFO INC MONSTER BEVERAGE CORP DEAN FOODS CO NATIONAL BEVERAGE CORP SIC 22 FOREVERGREEN WORLDWIDE CORP PEPSICO INC ALBANY INTL CORP -CL A INGLES MARKETS INC -CL A PRIMO WATER CORP CROWN CRAFTS INC J & J SNACK FOODS CORP PULSE BEVERAGE CORP CULP INC LIFEWAY FOODS INC REEDS INC DIXIE GROUP INC MEAD JOHNSON NUTRITION CO SENSIENT TECHNOLOGIES CORP ENNIS INC SYNUTRA INTERNATIONAL INC SKYPEOPLE FRUIT JUICE INC HANESBRANDS INC TOFUTTI BRANDS INC WILLAMETTE VALLEY VINEYARDS INTERFACE INC WHITEWAVE FOODS CO MARTHA STEWART LIVING OMNIMD SIC 2086 MOHAWK INDUSTRIES INC SIC 203 BARFRESH FOOD GROUP INC UNIFI INC ARMANINO FOODS DISTINCTION COCA-COLA BTLNG CONS B&G FOODS INC COCA-COLA CO SIC 23 CAMPBELL SOUP CO COCA-COLA ENTERPRISES INC ALPHA PRO TECH LTD CLOROX CO/DE CRYSTAL ROCK HOLDINGS INC AMERICAN APPAREL INC CONAGRA FOODS INC DR PEPPER SNAPPLE GROUP INC BEBE STORES INC INVENTURE FOODS INC JONES SODA CO CARTER'S INC KELLOGG CO MOJO ORGANICS INC CINTAS CORP LANCASTER COLONY CORP MONSTER BEVERAGE CORP COLUMBIA SPORTSWEAR CO LANDEC CORP NATIONAL BEVERAGE CORP CROCS INC SENECA FOODS CORP PEPSICO INC ELLIS PERRY INTL INC SMUCKER (JM) CO PRIMO WATER CORP EVER-GLORY INTL GROUP INC TREEHOUSE FOODS INC PULSE BEVERAGE CORP G-III APPAREL GROUP LTD REEDS INC GUESS INC SIC 204 HANESBRANDS INC ARCHER-DANIELS-MIDLAND CO SIC 209 ICAHN ENTERPRISES LP COLGATE-PALMOLIVE CO BOULDER BRANDS INC KATE SPADE & CO DARLING INGREDIENTS INC CONAGRA FOODS INC KNOLL INC GENERAL MILLS INC DIAMOND FOODS INC LULULEMON ATHLETICA INC INGREDION INC DU PONT (E I) DE NEMOURS OXFORD INDUSTRIES INC KELLOGG CO FARMER BROS CO PVH CORP KRISPY KREME DOUGHNUTS INC GOLDEN ENTERPRISES QUIKSILVER INC MGP INGREDIENTS INC INVENTURE FOODS INC RALPH LAUREN CORP PANERA BREAD CO JAMMIN JAVA CORP RAVEN INDUSTRIES INC PAPA JOHNS INTERNATIONAL INC KEURIG GREEN MOUNTAIN INC SUPERIOR UNIFORM GROUP INC PEPSICO INC MCCORMICK & CO INC UNDER ARMOUR INC POST HOLDINGS INC MEDIFAST INC UNIFIRST CORP SMUCKER (JM) CO PEPSICO INC URBAN OUTFITTERS INC POST HOLDINGS INC VF CORP SENECA FOODS CORP SMUCKER (JM) CO STEVIA FIRST CORP

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 15 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

SIC 24 LEGGETT & PLATT INC GRAPHIC PACKAGING HOLDING CO ADVANCED ENVIR RECYCL -CL A SELECT COMFORT CORP NATIONAL PRESTO INDS INC AMERICAN WOODMARK CORP STANLEY FURNITURE CO INC ORCHIDS PAPER PRODUCTS ARMSTRONG WORLD INDUSTRIES TEMPUR SEALY INTL INC PROCTER & GAMBLE CO ARTS WAY MFG INC ZAGG INC BUILDERS FIRSTSOURCE SIC 26 SIC 27 CAVCO INDUSTRIES INC 3M CO A. H. BELO CORP DELTIC TIMBER CORP AVERY DENNISON CORP ACCO BRANDS CORP FORTUNE BRANDS HOME & SECUR BEMIS CO INC BARNES & NOBLE INC KEWEENAW LAND ASSN LTD CANTEL MEDICAL CORP BIGLARI HOLDINGS INC KOPPERS HOLDINGS INC CENVEO INC CABLEVISION SYS CORP -CL A LEUCADIA NATIONAL CORP CLEARWATER PAPER CORP CAMBIUM LEARNING GROUP INC LOUISIANA-PACIFIC CORP CLOROX CO/DE CBS CORP MASCO CORP CSS INDUSTRIES INC CENVEO INC MCGRATH RENTCORP DOMTAR CORP CHAMPION INDUSTRIES INC MOHAWK INDUSTRIES INC EAGLE MATERIALS INC DAILY JOURNAL CORP PATRICK INDUSTRIES INC EDGEWELL PERSONAL CARE CO DELUXE CORP PLUM CREEK TIMBER CO INC GLATFELTER DONNELLEY (R R) & SONS CO POTLATCH CORP GRAPHIC PACKAGING HOLDING CO EMMIS COMMUNICATIONS CP-CL A RENTECH INC GREIF INC -CL A ENNIS INC RESOLUTE FOREST PRODUCTS INC INTL PAPER CO EW SCRIPPS -CL A SKYLINE CORP KAPSTONE PAPER & PACKAGING IDW MEDIA HOLDINGS INC TREX CO INC KIMBERLY-CLARK CORP MARTHA STEWART LIVING OMNIMD UNIVERSAL FOREST PRODS INC MERCER INTL INC MATTHEWS INTL CORP -CL A WEYERHAEUSER CO NATIONAL PRESTO INDS INC MCCLATCHY CO -CL A NOBILITY HOMES INC NEENAH PAPER INC MEREDITH CORP ORCHIDS PAPER PRODUCTS MULTI-COLOR CORP SIC 25 ORIENT PAPER INC NEW YORK TIMES CO -CL A AARON'S INC PACKAGING CORP OF AMERICA QUAD/GRAPHICS INC B/E AEROSPACE INC PROCTER & GAMBLE CO SALEM MEDIA GROUP INC BASSETT FURNITURE INDS RESOLUTE FOREST PRODUCTS INC SCHOLASTIC CORP COMPASS DIVERSIFIED HOLDINGS SCHWEITZER-MAUDUIT INTL INC SHUTTERFLY INC ETHAN ALLEN INTERIORS INC SONOCO PRODUCTS CO TEGNA INC FLEXSTEEL INDUSTRIES INC VERSO CORP VALUE LINE INC HILL-ROM HOLDINGS INC WAUSAU PAPER CORP WILEY (JOHN) & SONS -CL A HNI CORP WESTROCK CO LEE ENTERPRISES INC HOOKER FURNITURE CORP WEYERHAEUSER CO INVACARE CORP ZAGG INC SIC 28 JOHNSON CONTROLS INC 22ND CENTURY GROUP INC KIMBALL INTERNATIONAL -CL B SIC 262 ABBOTT LABORATORIES KNOLL INC CLEARWATER PAPER CORP ABBVIE INC LA-Z-BOY INC DOMTAR CORP ABEONA THERAPEUTICS INC LEAR CORP GLATFELTER ACADIA PHARMACEUTICALS INC LEGGETT & PLATT INC INTL PAPER CO ACCELERATE DIAGNOSTICS INC MILLER (HERMAN) INC KIMBERLY-CLARK CORP ACELRX PHARMACEUTICALS INC NORTEK INC NEENAH PAPER INC ACORDA THERAPEUTICS INC SELECT COMFORT CORP ORIENT PAPER INC ACURA PHARMACEUTICALS INC STANLEY FURNITURE CO INC PACKAGING CORP OF AMERICA ADVAXIS INC STEELCASE INC RESOLUTE FOREST PRODUCTS INC AEGERION PHARMACEUTICALS INC TEMPUR SEALY INTL INC SCHWEITZER-MAUDUIT INTL INC AEMETIS INC VIRCO MFG. CORP VERSO CORP AGENUS INC WAUSAU PAPER CORP AGILENT TECHNOLOGIES INC SIC 251 AIR PRODUCTS & CHEMICALS INC AARON'S INC SIC 267 AIRGAS INC BASSETT FURNITURE INDS 3M CO ALBANY MOLECULAR RESH INC COMPASS DIVERSIFIED HOLDINGS AVERY DENNISON CORP ALBEMARLE CORP ETHAN ALLEN INTERIORS INC BEMIS CO INC ALCOA INC FLEXSTEEL INDUSTRIES INC CENVEO INC ALERE INC HOOKER FURNITURE CORP CLOROX CO/DE ALEXION PHARMACEUTICALS INC KNOLL INC CSS INDUSTRIES INC ALEXZA PHARMACTCLS INC LA-Z-BOY INC EDGEWELL PERSONAL CARE CO ALIMERA SCIENCES INC

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 16 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

ALLIQUA BIOMEDICAL INC CHEMTURA CORP GALENA BIOPHARMA INC ALNYLAM PHARMACEUTICALS INC CHINA BIOLOGIC PRODUCTS INC GELTECH SOLUTIONS INC AMAG PHARMACEUTICALS INC CHINA GINSENG HOLDINGS INC GENOMIC HEALTH INC AMERICAN BIO MEDICA CORP CHINA GREEN AGRICULTURE INC GENVEC INC AMERICAN CRYOSTEM CORP CHINA HEALTH INDUSTRIES HLDG GEOVAX LABS INC AMERICAN VANGUARD CORP CHINA PHARMA HOLDINGS INC GERON CORP AMGEN INC CHINA XD PLASTICS CO LTD GEVO INC AMICUS THERAPEUTICS INC CHROMADEX CORP GILEAD SCIENCES INC AMPLIPHI BIOSCIENCES CORP CHURCH & DWIGHT INC GNC HOLDINGS INC AMYRIS INC CLEAN DIESEL TECHNOLOGIES GRACE (W R) & CO ANACOR PHARMACEUTICALS INC CLEVELAND BIOLABS INC GREEN PLAINS INC ANDERSONS INC CLOROX CO/DE GULF RESOURCES INC ANIKA THERAPEUTICS INC CLOVIS ONCOLOGY INC HALOZYME THERAPEUTICS INC AOXING PHARMACEUTICAL CO INC CODEXIS INC HAWKINS INC APRICUS BIOSCIENCES INC COLGATE-PALMOLIVE CO HEMISPHERX BIOPHARMA INC ARIAD PHARMACEUTICALS INC CORCEPT THERAPEUTICS INC HESKA CORP ARQULE INC CTI BIOPHARMA CORP HEXCEL CORP ARRAY BIOPHARMA INC CURIS INC HONEYWELL INTERNATIONAL INC ARROWHEAD RESEARCH CORP CVR ENERGY INC HUNTSMAN CORP ASHLAND INC CVR PARTNERS LP IBIO INC ATHERSYS INC CYANOTECH CORP IDEXX LABS INC AVEO PHARMACEUTICALS INC CYCLACEL PHARMACEUTICALS IKONICS CORP AVON PRODUCTS CYTEC INDUSTRIES INC ILLINOIS TOOL WORKS AXIALL CORP CYTOKINETICS INC IMMUCELL CORP BALCHEM CORP -CL B CYTORI THERAPEUTICS INC IMMUNOGEN INC BAXTER INTERNATIONAL INC CYTRX CORP IMMUNOMEDICS INC BERRY PLASTICS GROUP INC DARA BIOSCIENCES INC IMPAX LABORATORIES INC BG MEDICINE INC DEPOMED INC INCYTE CORP BIO-TECHNE CORP DERMA SCIENCES INC INFINITY PHARMACEUTICALS INC BIOCRYST PHARMACEUTICALS INC DETREX CORP INNOPHOS HOLDINGS INC BIODELIVERY SCIENCES INTL DIADEXUS INC INNOSPEC INC BIOGEN INC DISCOVERY LABORATORIES INC INSYS THERAPEUTICS INC BIOLARGO INC DOW CHEMICAL INTEGRATED BIOPHARMA INC BIOMARIN PHARMACEUTICAL INC DS HEALTHCARE GROUP INC INTEGRATED ENVIRO TECH LTD BIOMERICA INC DU PONT (E I) DE NEMOURS INTELGENX TECHNOLOGIES CORP BIORESTORATIVE THERAPIES INC DURECT CORP INTER PARFUMS INC BIOSPECIFICS TECHNOLOGIES CP DYADIC INTERNATIONAL INC INTERLEUKIN GENETICS INC BIOTA PHARMACEUTICALS INC DYAX CORP INTERNATIONAL ISOTOPES INC BIOTIME INC DYNAMIC MATERIALS CORP INTERNATIONAL STEM CELL CORP BLUEFIRE RENEWABLES INC DYNAVAX TECHNOLOGIES CORP INTL FLAVORS & FRAGRANCES BOSTON THERAPEUTICS INC EASTMAN CHEMICAL CO IONIS PHARMACEUTICALS INC BRISTOL-MYERS SQUIBB CO ECOLAB INC IRONWOOD PHARMACEUTICALS INC CABOT CORP EDGEWELL PERSONAL CARE CO JOHNSON & JOHNSON CABOT MICROELECTRONICS CORP ELITE PHARMACEUTICALS INC JUNIPER PHARMACEUTICALS INC CALADRIUS BIOSCIENCES INC ELIZABETH ARDEN INC KADANT INC CALGON CARBON CORP EMERGENT BIOSOLUTIONS INC KERYX BIOPHARMACEUTICALS INC CAMBREX CORP ENDOCYTE INC KMG CHEMICALS INC CANNAVEST CORP ENTERPRISE PRODS PRTNRS -LP KOPPERS HOLDINGS INC CCA INDUSTRIES INC ENZO BIOCHEM INC KRATON PERFORMANCE POLYMERS CEL-SCI CORP ENZON PHARMACEUTICALS INC KRONOS WORLDWIDE INC CELANESE CORP ERBA DIAGNOSTICS INC LANDEC CORP CELGENE CORP ESTERLINE TECHNOLOGIES CORP LANNETT CO INC CELLDEX THERAPEUTICS INC EXELIXIS INC LAPOLLA INDUSTRIES INC CELLULAR BIOMEDICINE GROUP FERRO CORP LAUDER (ESTEE) COS INC -CL A CELSION CORP FIBROCELL SCIENCE INC LESCARDEN INC CEMPRA INC FITLIFE BRANDS INC LEXICON PHARMACEUTICALS INC CENTRUS ENERGY CORP FLEXIBLE SOLUTIONS INTL INC LIFEVANTAGE CORP CERUS CORP FLOTEK INDUSTRIES INC LIGAND PHARMACEUTICAL INC CF INDUSTRIES HOLDINGS INC FMC CORP LIGHTLAKE THERAPEUTICS INC CHASE CORP FULLER (H. B.) CO LILLY (ELI) & CO CHEMBIO DIAGNOSTICS INC FUTUREFUEL CORP LIVEWIRE ERGOGENICS INC

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 17 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

LSB INDUSTRIES INC PHILLIPS 66 THERAVANCE INC LUMINEX CORP PLURISTEM THERAPEUTICS INC THERMO FISHER SCIENTIFIC INC LUNA INNOVATIONS INC POLYONE CORP THRESHOLD PHARMACEUTICALS MANNATECH INC POST HOLDINGS INC TITAN PHARMACEUTICALS INC MARTIN MARIETTA MATERIALS POZEN INC TOR MINERALS INTL INC MARTIN MIDSTREAM PARTNERS LP PPG INDUSTRIES INC TRECORA RESOURCES MASCO CORP PRAXAIR INC TUPPERWARE BRANDS CORP MATERION CORP PROCTER & GAMBLE CO ULURU INC MEDICINES CO PROGENICS PHARMACEUTICAL INC UNITED THERAPEUTICS CORP MEDIVATION INC PROTALIX BIOTHERAPEUTICS INC UNITED-GUARDIAN INC MERCK & CO PSIVIDA CORP US STEM CELL INC MERIDIAN BIOSCIENCE INC QUIDEL CORP USANA HEALTH SCIENCES INC MERRIMACK PHARMACEUTICALS RAPTOR PHARMACEUTICAL CORP VALERO ENERGY CORP MIMEDX GROUP INC REGENERON PHARMACEUTICALS VALHI INC MINERALS TECHNOLOGIES INC REGULUS THERAPEUTICS INC VANDA PHARMACEUTICALS INC MOMENTA PHARMACEUTICALS INC RELIV INTERNATIONAL INC VENAXIS INC MONSANTO CO RENTECH INC VERMILLION INC MOSAIC CO RENTECH NITROGEN PARTNERS LP VERTEX PHARMACEUTICALS INC MUSCLEPHARM CORP REPLIGEN CORP VICAL INC MYOS CORP RETROPHIN INC VITAMIN SHOPPE INC MYRIAD GENETICS INC REVLON INC -CL A VIVUS INC NANOSPHERE INC REX AMERICAN RESOURCES CORP WAFERGEN BIO-SYSTEMS INC NATURAL ALTERNATIVES REYNOLDS AMERICAN INC WD-40 CO NATURES SUNSHINE PRODS INC RICEBRAN TECHNOLOGIES WESTLAKE CHEMICAL CORP NAVIDEA BIOPHARMACEUTICALS RIGEL PHARMACEUTICALS INC WESTROCK CO NEKTAR THERAPEUTICS ROCKWELL MEDICAL INC XENOPORT INC NEOGEN CORP ROGERS CORP XOMA CORP NEWLINK GENETICS CORP RPM INTERNATIONAL INC XTANT MEDICAL HOLDINGS INC NEWMARKET CORP SAGENT PHARMACEUTICALS INC YOUNGEVITY INTERNATIONAL INC NORANDA ALUMINUM HOLDING CP SANGAMO BIOSCIENCES INC ZIOPHARM ONCOLOGY INC NORTHERN TECH INTL SAREPTA THERAPEUTICS INC ZOGENIX INC NORTHWEST BIOTHERAPEUTICS SCHULMAN (A.) INC BIOSTAR PHARMACEUTICALS INC NOVABAY PHARMACEUTICALS INC SCHWEITZER-MAUDUIT INTL INC CUMBERLAND PHARMACEUTICALS NOVAVAX INC SCICLONE PHARMACEUTICALS INC GREENHUNTER RESOURCES INC NU SKIN ENTERPRISES -CL A SCOTT'S LIQUID GOLD LPATH INC NUTRACEUTICAL INTL CORP SCOTTS MIRACLE-GRO CO AEOLUS PHARMACEUTICALS INC NUTRASTAR INTERNATIONAL INC SEACOR HOLDINGS INC VALSPAR CORP OCATA THERAPEUTICS INC SEALED AIR CORP VERICEL CORP OCCIDENTAL PETROLEUM CORP SEATTLE GENETICS INC OCEAN BIO-CHEM INC SENSIENT TECHNOLOGIES CORP SIC 281 OCULUS INNOVATIVE SCIENCES SHERWIN-WILLIAMS CO AIR PRODUCTS & CHEMICALS INC OLIN CORP SIGA TECHNOLOGIES INC AIRGAS INC OMEROS CORP SOLAZYME INC ALCOA INC OMNOVA SOLUTIONS INC SOLIGENIX INC AXIALL CORP ONCOGENEX PHARMACEUTICALS SORRENTO THERAPEUTICS INC BALCHEM CORP -CL B OPEXA THERAPEUTICS INC SPECTRUM BRANDS HOLDINGS INC BIOLARGO INC OPKO HEALTH INC SPECTRUM PHARMACEUTICALS INC CABOT CORP ORAGENICS INC STEMCELLS INC CALGON CARBON CORP ORASURE TECHNOLOGIES INC STEPAN CO CENTRUS ENERGY CORP OREXIGEN THERAPEUTICS INC SUCAMPO PHARMACEUTICALS INC CF INDUSTRIES HOLDINGS INC ORGANOVO HOLDINGS INC SUNESIS PHARMACEUTICALS INC CHURCH & DWIGHT INC OSIRIS THERAPEUTICS INC SUPERNUS PHARMACEUTICALS INC CLEAN DIESEL TECHNOLOGIES PACIFIC ETHANOL INC SURMODICS INC CYTEC INDUSTRIES INC PACIRA PHARMACEUTICALS INC SYNALLOY CORP DETREX CORP PALATIN TECHNOLOGIES INC SYNUTRA INTERNATIONAL INC DOW CHEMICAL PDL BIOPHARMA INC TARGETED MEDICAL PHARMA INC FERRO CORP PEN INC TELIGENT INC FLEXIBLE SOLUTIONS INTL INC PEREGRINE PHARMACEUTICLS INC TERRA NITROGEN CO -LP FMC CORP PERNIX THERAPEUTICS HOLDINGS TETRA TECHNOLOGIES INC/DE GRACE (W R) & CO PFIZER INC TG THERAPEUTICS INC GULF RESOURCES INC PHARMATHENE INC THERAPEUTICSMD INC HUNTSMAN CORP

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 18 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

INNOPHOS HOLDINGS INC SCHWEITZER-MAUDUIT INTL INC CELLULAR BIOMEDICINE GROUP INNOSPEC INC STEPAN CO CELSION CORP KRONOS WORLDWIDE INC CEMPRA INC LSB INDUSTRIES INC SIC 283 CERUS CORP MARTIN MARIETTA MATERIALS 22ND CENTURY GROUP INC CHEMBIO DIAGNOSTICS INC MARTIN MIDSTREAM PARTNERS LP ABBOTT LABORATORIES CHINA BIOLOGIC PRODUCTS INC MINERALS TECHNOLOGIES INC ABBVIE INC CHINA GINSENG HOLDINGS INC NORANDA ALUMINUM HOLDING CP ABEONA THERAPEUTICS INC CHINA HEALTH INDUSTRIES HLDG OCCIDENTAL PETROLEUM CORP ACADIA PHARMACEUTICALS INC CHINA PHARMA HOLDINGS INC OLIN CORP ACCELERATE DIAGNOSTICS INC CHROMADEX CORP PRAXAIR INC ACELRX PHARMACEUTICALS INC CLEVELAND BIOLABS INC SPECTRUM BRANDS HOLDINGS INC ACORDA THERAPEUTICS INC CLOVIS ONCOLOGY INC SYNALLOY CORP ACURA PHARMACEUTICALS INC CODEXIS INC TETRA TECHNOLOGIES INC/DE ADVAXIS INC CORCEPT THERAPEUTICS INC TOR MINERALS INTL INC AEGERION PHARMACEUTICALS INC CTI BIOPHARMA CORP VALHI INC AGENUS INC CURIS INC AGILENT TECHNOLOGIES INC CYANOTECH CORP SIC 2819 ALBANY MOLECULAR RESH INC CYCLACEL PHARMACEUTICALS ALCOA INC ALERE INC CYTOKINETICS INC BIOLARGO INC ALEXION PHARMACEUTICALS INC CYTORI THERAPEUTICS INC CABOT CORP ALEXZA PHARMACTCLS INC CYTRX CORP CALGON CARBON CORP ALIMERA SCIENCES INC DARA BIOSCIENCES INC CENTRUS ENERGY CORP ALLIQUA BIOMEDICAL INC DEPOMED INC CF INDUSTRIES HOLDINGS INC ALNYLAM PHARMACEUTICALS INC DERMA SCIENCES INC CLEAN DIESEL TECHNOLOGIES AMAG PHARMACEUTICALS INC DIADEXUS INC CYTEC INDUSTRIES INC AMERICAN BIO MEDICA CORP DISCOVERY LABORATORIES INC DETREX CORP AMERICAN CRYOSTEM CORP DS HEALTHCARE GROUP INC FLEXIBLE SOLUTIONS INTL INC AMGEN INC DURECT CORP GRACE (W R) & CO AMICUS THERAPEUTICS INC DYADIC INTERNATIONAL INC GULF RESOURCES INC AMPLIPHI BIOSCIENCES CORP DYAX CORP INNOPHOS HOLDINGS INC ANACOR PHARMACEUTICALS INC DYNAVAX TECHNOLOGIES CORP LSB INDUSTRIES INC ANIKA THERAPEUTICS INC ELITE PHARMACEUTICALS INC MARTIN MARIETTA MATERIALS AOXING PHARMACEUTICAL CO INC EMERGENT BIOSOLUTIONS INC MARTIN MIDSTREAM PARTNERS LP APRICUS BIOSCIENCES INC ENDOCYTE INC MINERALS TECHNOLOGIES INC ARIAD PHARMACEUTICALS INC ENZO BIOCHEM INC NORANDA ALUMINUM HOLDING CP ARQULE INC ENZON PHARMACEUTICALS INC SPECTRUM BRANDS HOLDINGS INC ARRAY BIOPHARMA INC ERBA DIAGNOSTICS INC SYNALLOY CORP ARROWHEAD RESEARCH CORP EXELIXIS INC TETRA TECHNOLOGIES INC/DE ATHERSYS INC FIBROCELL SCIENCE INC AVEO PHARMACEUTICALS INC FITLIFE BRANDS INC SIC 282 BALCHEM CORP -CL B GALENA BIOPHARMA INC ASHLAND INC BAXTER INTERNATIONAL INC GENOMIC HEALTH INC AXIALL CORP BG MEDICINE INC GENVEC INC CELANESE CORP BIO-TECHNE CORP GEOVAX LABS INC CHEMTURA CORP BIOCRYST PHARMACEUTICALS INC GERON CORP CHINA XD PLASTICS CO LTD BIODELIVERY SCIENCES INTL GILEAD SCIENCES INC DOW CHEMICAL BIOGEN INC GNC HOLDINGS INC DU PONT (E I) DE NEMOURS BIOMARIN PHARMACEUTICAL INC HALOZYME THERAPEUTICS INC EASTMAN CHEMICAL CO BIOMERICA INC HEMISPHERX BIOPHARMA INC ESTERLINE TECHNOLOGIES CORP BIORESTORATIVE THERAPIES INC HESKA CORP HEXCEL CORP BIOSPECIFICS TECHNOLOGIES CP IBIO INC HONEYWELL INTERNATIONAL INC BIOTA PHARMACEUTICALS INC IDEXX LABS INC HUNTSMAN CORP BIOTIME INC IMMUCELL CORP IKONICS CORP BOSTON THERAPEUTICS INC IMMUNOGEN INC KADANT INC BRISTOL-MYERS SQUIBB CO IMMUNOMEDICS INC KRATON PERFORMANCE POLYMERS CALADRIUS BIOSCIENCES INC IMPAX LABORATORIES INC LAPOLLA INDUSTRIES INC CAMBREX CORP INCYTE CORP OMNOVA SOLUTIONS INC CANNAVEST CORP INFINITY PHARMACEUTICALS INC POLYONE CORP CEL-SCI CORP INSYS THERAPEUTICS INC ROGERS CORP CELGENE CORP INTEGRATED BIOPHARMA INC SCHULMAN (A.) INC CELLDEX THERAPEUTICS INC INTELGENX TECHNOLOGIES CORP

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 19 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

INTERLEUKIN GENETICS INC PLURISTEM THERAPEUTICS INC CUMBERLAND PHARMACEUTICALS INTERNATIONAL ISOTOPES INC POST HOLDINGS INC LPATH INC INTERNATIONAL STEM CELL CORP POZEN INC AEOLUS PHARMACEUTICALS INC IONIS PHARMACEUTICALS INC PROCTER & GAMBLE CO VERICEL CORP IRONWOOD PHARMACEUTICALS INC PROGENICS PHARMACEUTICAL INC JOHNSON & JOHNSON PROTALIX BIOTHERAPEUTICS INC SIC 2834 JUNIPER PHARMACEUTICALS INC PSIVIDA CORP ABBOTT LABORATORIES KERYX BIOPHARMACEUTICALS INC QUIDEL CORP ABBVIE INC LANDEC CORP RAPTOR PHARMACEUTICAL CORP ACELRX PHARMACEUTICALS INC LANNETT CO INC REGENERON PHARMACEUTICALS ACURA PHARMACEUTICALS INC LESCARDEN INC REGULUS THERAPEUTICS INC AGENUS INC LEXICON PHARMACEUTICALS INC RELIV INTERNATIONAL INC ALEXZA PHARMACTCLS INC LIFEVANTAGE CORP REPLIGEN CORP ALIMERA SCIENCES INC LIGAND PHARMACEUTICAL INC RETROPHIN INC ALNYLAM PHARMACEUTICALS INC LIGHTLAKE THERAPEUTICS INC REYNOLDS AMERICAN INC AOXING PHARMACEUTICAL CO INC LILLY (ELI) & CO RICEBRAN TECHNOLOGIES APRICUS BIOSCIENCES INC LIVEWIRE ERGOGENICS INC RIGEL PHARMACEUTICALS INC BALCHEM CORP -CL B LUMINEX CORP ROCKWELL MEDICAL INC BIODELIVERY SCIENCES INTL LUNA INNOVATIONS INC SAGENT PHARMACEUTICALS INC BIOSPECIFICS TECHNOLOGIES CP MANNATECH INC SANGAMO BIOSCIENCES INC BOSTON THERAPEUTICS INC MEDICINES CO SAREPTA THERAPEUTICS INC BRISTOL-MYERS SQUIBB CO MEDIVATION INC SCICLONE PHARMACEUTICALS INC CANNAVEST CORP MERCK & CO SEATTLE GENETICS INC CELGENE CORP MERIDIAN BIOSCIENCE INC SIGA TECHNOLOGIES INC CEMPRA INC MERRIMACK PHARMACEUTICALS SOLIGENIX INC CHINA GINSENG HOLDINGS INC MIMEDX GROUP INC SORRENTO THERAPEUTICS INC CHINA HEALTH INDUSTRIES HLDG MOMENTA PHARMACEUTICALS INC SPECTRUM PHARMACEUTICALS INC CHINA PHARMA HOLDINGS INC MUSCLEPHARM CORP STEMCELLS INC CLEVELAND BIOLABS INC MYOS CORP SUCAMPO PHARMACEUTICALS INC CORCEPT THERAPEUTICS INC MYRIAD GENETICS INC SUNESIS PHARMACEUTICALS INC CYCLACEL PHARMACEUTICALS NANOSPHERE INC SUPERNUS PHARMACEUTICALS INC CYTOKINETICS INC NATURAL ALTERNATIVES SURMODICS INC DEPOMED INC NATURES SUNSHINE PRODS INC SYNUTRA INTERNATIONAL INC DERMA SCIENCES INC NAVIDEA BIOPHARMACEUTICALS TARGETED MEDICAL PHARMA INC DS HEALTHCARE GROUP INC NEKTAR THERAPEUTICS TELIGENT INC DURECT CORP NEOGEN CORP TG THERAPEUTICS INC ELITE PHARMACEUTICALS INC NEWLINK GENETICS CORP THERAPEUTICSMD INC FITLIFE BRANDS INC NORTHWEST BIOTHERAPEUTICS THERAVANCE INC GENVEC INC NOVABAY PHARMACEUTICALS INC THERMO FISHER SCIENTIFIC INC GNC HOLDINGS INC NOVAVAX INC THRESHOLD PHARMACEUTICALS IMPAX LABORATORIES INC NU SKIN ENTERPRISES -CL A TITAN PHARMACEUTICALS INC INFINITY PHARMACEUTICALS INC NUTRACEUTICAL INTL CORP ULURU INC INSYS THERAPEUTICS INC NUTRASTAR INTERNATIONAL INC UNITED THERAPEUTICS CORP INTEGRATED BIOPHARMA INC OCATA THERAPEUTICS INC UNITED-GUARDIAN INC INTELGENX TECHNOLOGIES CORP OCULUS INNOVATIVE SCIENCES US STEM CELL INC IONIS PHARMACEUTICALS INC OMEROS CORP USANA HEALTH SCIENCES INC IRONWOOD PHARMACEUTICALS INC ONCOGENEX PHARMACEUTICALS VANDA PHARMACEUTICALS INC JOHNSON & JOHNSON OPEXA THERAPEUTICS INC VENAXIS INC JUNIPER PHARMACEUTICALS INC OPKO HEALTH INC VERMILLION INC KERYX BIOPHARMACEUTICALS INC ORAGENICS INC VERTEX PHARMACEUTICALS INC LANNETT CO INC ORASURE TECHNOLOGIES INC VICAL INC LESCARDEN INC OREXIGEN THERAPEUTICS INC VITAMIN SHOPPE INC LIFEVANTAGE CORP ORGANOVO HOLDINGS INC VIVUS INC LIGAND PHARMACEUTICAL INC OSIRIS THERAPEUTICS INC WAFERGEN BIO-SYSTEMS INC LIGHTLAKE THERAPEUTICS INC PACIRA PHARMACEUTICALS INC XENOPORT INC LILLY (ELI) & CO PALATIN TECHNOLOGIES INC XOMA CORP LIVEWIRE ERGOGENICS INC PDL BIOPHARMA INC XTANT MEDICAL HOLDINGS INC MANNATECH INC PEREGRINE PHARMACEUTICLS INC YOUNGEVITY INTERNATIONAL INC MEDICINES CO PERNIX THERAPEUTICS HOLDINGS ZIOPHARM ONCOLOGY INC MERCK & CO PFIZER INC ZOGENIX INC MUSCLEPHARM CORP PHARMATHENE INC BIOSTAR PHARMACEUTICALS INC MYOS CORP

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 20 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

NATURAL ALTERNATIVES ENZO BIOCHEM INC REVLON INC -CL A NATURES SUNSHINE PRODS INC ERBA DIAGNOSTICS INC SCOTT'S LIQUID GOLD NEKTAR THERAPEUTICS GENOMIC HEALTH INC SOLAZYME INC NEOGEN CORP HESKA CORP TUPPERWARE BRANDS CORP NORTHWEST BIOTHERAPEUTICS IDEXX LABS INC NOVABAY PHARMACEUTICALS INC IMMUCELL CORP SIC 286 NU SKIN ENTERPRISES -CL A IMMUNOMEDICS INC AEMETIS INC NUTRASTAR INTERNATIONAL INC INTERLEUKIN GENETICS INC AIR PRODUCTS & CHEMICALS INC OCULUS INNOVATIVE SCIENCES INTERNATIONAL ISOTOPES INC AMYRIS INC ONCOGENEX PHARMACEUTICALS LEXICON PHARMACEUTICALS INC AXIALL CORP OPKO HEALTH INC LUMINEX CORP BLUEFIRE RENEWABLES INC PACIRA PHARMACEUTICALS INC LUNA INNOVATIONS INC CELANESE CORP PERNIX THERAPEUTICS HOLDINGS MERIDIAN BIOSCIENCE INC DOW CHEMICAL PFIZER INC MYRIAD GENETICS INC DU PONT (E I) DE NEMOURS POST HOLDINGS INC NANOSPHERE INC EASTMAN CHEMICAL CO POZEN INC NAVIDEA BIOPHARMACEUTICALS ENTERPRISE PRODS PRTNRS -LP PROCTER & GAMBLE CO NEOGEN CORP FLOTEK INDUSTRIES INC RAPTOR PHARMACEUTICAL CORP ORASURE TECHNOLOGIES INC FMC CORP REGENERON PHARMACEUTICALS PEREGRINE PHARMACEUTICLS INC FUTUREFUEL CORP RELIV INTERNATIONAL INC QUIDEL CORP GEVO INC REYNOLDS AMERICAN INC SURMODICS INC GREEN PLAINS INC RICEBRAN TECHNOLOGIES THERMO FISHER SCIENTIFIC INC HUNTSMAN CORP RIGEL PHARMACEUTICALS INC VENAXIS INC INTL FLAVORS & FRAGRANCES ROCKWELL MEDICAL INC VERMILLION INC KMG CHEMICALS INC SAGENT PHARMACEUTICALS INC WAFERGEN BIO-SYSTEMS INC KOPPERS HOLDINGS INC SCICLONE PHARMACEUTICALS INC NEWMARKET CORP SOLIGENIX INC SIC 284 PACIFIC ETHANOL INC SUCAMPO PHARMACEUTICALS INC AVON PRODUCTS PHILLIPS 66 SUNESIS PHARMACEUTICALS INC CCA INDUSTRIES INC REX AMERICAN RESOURCES CORP SUPERNUS PHARMACEUTICALS INC CHURCH & DWIGHT INC SEACOR HOLDINGS INC TARGETED MEDICAL PHARMA INC CLOROX CO/DE SENSIENT TECHNOLOGIES CORP TELIGENT INC COLGATE-PALMOLIVE CO STEPAN CO TG THERAPEUTICS INC ECOLAB INC TRECORA RESOURCES THERAPEUTICSMD INC EDGEWELL PERSONAL CARE CO VALERO ENERGY CORP THERAVANCE INC ELIZABETH ARDEN INC WESTLAKE CHEMICAL CORP THRESHOLD PHARMACEUTICALS IKONICS CORP WESTROCK CO TITAN PHARMACEUTICALS INC INTEGRATED ENVIRO TECH LTD GREENHUNTER RESOURCES INC ULURU INC INTER PARFUMS INC UNITED THERAPEUTICS CORP JOHNSON & JOHNSON SIC 2869 UNITED-GUARDIAN INC LAUDER (ESTEE) COS INC -CL A AEMETIS INC USANA HEALTH SCIENCES INC OCEAN BIO-CHEM INC AIR PRODUCTS & CHEMICALS INC VERTEX PHARMACEUTICALS INC PEN INC AMYRIS INC VITAMIN SHOPPE INC PROCTER & GAMBLE CO BLUEFIRE RENEWABLES INC VIVUS INC REVLON INC -CL A CELANESE CORP YOUNGEVITY INTERNATIONAL INC SCOTT'S LIQUID GOLD DOW CHEMICAL ZOGENIX INC SEALED AIR CORP DU PONT (E I) DE NEMOURS BIOSTAR PHARMACEUTICALS INC SOLAZYME INC EASTMAN CHEMICAL CO CUMBERLAND PHARMACEUTICALS STEPAN CO ENTERPRISE PRODS PRTNRS -LP AEOLUS PHARMACEUTICALS INC TUPPERWARE BRANDS CORP FMC CORP FUTUREFUEL CORP SIC 2835 SIC 2844 GEVO INC ABBOTT LABORATORIES AVON PRODUCTS GREEN PLAINS INC ACCELERATE DIAGNOSTICS INC CCA INDUSTRIES INC INTL FLAVORS & FRAGRANCES AGILENT TECHNOLOGIES INC CHURCH & DWIGHT INC KMG CHEMICALS INC ALERE INC COLGATE-PALMOLIVE CO NEWMARKET CORP AMAG PHARMACEUTICALS INC EDGEWELL PERSONAL CARE CO PACIFIC ETHANOL INC AMERICAN BIO MEDICA CORP ELIZABETH ARDEN INC REX AMERICAN RESOURCES CORP BG MEDICINE INC INTER PARFUMS INC SEACOR HOLDINGS INC BIO-TECHNE CORP JOHNSON & JOHNSON SENSIENT TECHNOLOGIES CORP BIOMERICA INC LAUDER (ESTEE) COS INC -CL A STEPAN CO CHEMBIO DIAGNOSTICS INC PROCTER & GAMBLE CO TRECORA RESOURCES

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 21 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

VALERO ENERGY CORP CHEVRON CORP SIC 30 WESTLAKE CHEMICAL CORP CVR ENERGY INC 3M CO DARLING INGREDIENTS INC AEP INDUSTRIES INC SIC 287 DELEK US HOLDINGS INC ALPHA PRO TECH LTD AMERICAN VANGUARD CORP DELTA AIR LINES INC AMERITYRE CORP ANDERSONS INC EXXON MOBIL CORP APTARGROUP INC CF INDUSTRIES HOLDINGS INC GENESIS ENERGY -LP ARMSTRONG WORLD INDUSTRIES CHEMTURA CORP HEADWATERS INC AXION INTL HOLDINGS INC CHINA GREEN AGRICULTURE INC HOLLYFRONTIER CORP BERRY PLASTICS GROUP INC CVR ENERGY INC ICAHN ENTERPRISES LP COOPER TIRE & RUBBER CO CVR PARTNERS LP LAPOLLA INDUSTRIES INC CORE MOLDING TECHNOLOGIES DOW CHEMICAL MARATHON PETROLEUM CORP CRANE CO DU PONT (E I) DE NEMOURS METHES ENERGIES INTL LTD CROCS INC FMC CORP MURPHY OIL CORP CTI INDUSTRIES CORP MONSANTO CO NORTHERN TIER ENERGY LP DANA HOLDING CORP MOSAIC CO NUSTAR ENERGY LP DECKERS OUTDOOR CORP RENTECH INC PBF ENERGY INC EDGEWELL PERSONAL CARE CO RENTECH NITROGEN PARTNERS LP PEGASI ENERGY RESOURCES CORP ENPRO INDUSTRIES INC SCOTTS MIRACLE-GRO CO PHILLIPS 66 FEMALE HEALTH CO TERRA NITROGEN CO -LP QUAKER CHEMICAL CORP FLOWSERVE CORP RENEWABLE ENERGY GROUP INC GOODYEAR TIRE & RUBBER CO SIC 289 SOLAZYME INC GREIF INC -CL A ALBEMARLE CORP SYNTHESIS ENERGY SYSTEMS INC GREYSTONE LOGISTICS INC BERRY PLASTICS GROUP INC TARGA RESOURCES CORP GRIFFON CORP CABOT CORP TESORO CORP ICAHN ENTERPRISES LP CABOT MICROELECTRONICS CORP TESORO LOGISTICS LP JARDEN CORP CHASE CORP TRECORA RESOURCES LOUISIANA-PACIFIC CORP CHEMTURA CORP TYSON FOODS INC -CL A LYDALL INC CYTEC INDUSTRIES INC VALERO ENERGY CORP MASCO CORP DOW CHEMICAL VULCAN MATERIALS CO MYERS INDUSTRIES INC DYNAMIC MATERIALS CORP WESTERN REFINING INC NEWELL RUBBERMAID INC FLOTEK INDUSTRIES INC WILLIAMS COS INC NIKE INC -CL B FULLER (H. B.) CO NN INC GELTECH SOLUTIONS INC SIC 291 OMNOVA SOLUTIONS INC HAWKINS INC ALON USA ENERGY INC OTTER TAIL CORP IKONICS CORP ALON USA PARTNERS LP OURPETS CO ILLINOIS TOOL WORKS BLUEKNIGHT ENERGY PRTNRS LP PARADISE INC NORTHERN TECH INTL CALUMET SPECIALTY PRODS -LP QUANEX BUILDING PRODUCTS POLYONE CORP CHEVRON CORP RAVEN INDUSTRIES INC RPM INTERNATIONAL INC CVR ENERGY INC ROGERS CORP WD-40 CO DARLING INGREDIENTS INC SEALED AIR CORP DELEK US HOLDINGS INC SILGAN HOLDINGS INC SIC 2899 DELTA AIR LINES INC TREDEGAR CORP ALBEMARLE CORP EXXON MOBIL CORP TUPPERWARE BRANDS CORP CABOT MICROELECTRONICS CORP GENESIS ENERGY -LP UFP TECHNOLOGIES INC CHEMTURA CORP HOLLYFRONTIER CORP VISKASE COMPANIES INC CYTEC INDUSTRIES INC ICAHN ENTERPRISES LP WEST PHARMACEUTICAL SVSC INC GELTECH SOLUTIONS INC MARATHON PETROLEUM CORP HAWKINS INC MURPHY OIL CORP SIC 308 NORTHERN TECH INTL NORTHERN TIER ENERGY LP 3M CO POLYONE CORP NUSTAR ENERGY LP AEP INDUSTRIES INC RPM INTERNATIONAL INC PBF ENERGY INC ALPHA PRO TECH LTD WD-40 CO PHILLIPS 66 APTARGROUP INC TARGA RESOURCES CORP ARMSTRONG WORLD INDUSTRIES SIC 29 TESORO CORP AXION INTL HOLDINGS INC ALON USA ENERGY INC TESORO LOGISTICS LP BERRY PLASTICS GROUP INC ALON USA PARTNERS LP TRECORA RESOURCES CORE MOLDING TECHNOLOGIES AURASOURCE INC VALERO ENERGY CORP CRANE CO BLUEKNIGHT ENERGY PRTNRS LP WESTERN REFINING INC EDGEWELL PERSONAL CARE CO CALUMET SPECIALTY PRODS -LP WILLIAMS COS INC GREIF INC -CL A CARLISLE COS INC GREYSTONE LOGISTICS INC

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 22 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

GRIFFON CORP SCIO DIAMOND TECHNOLOGY CORP HORSEHEAD HOLDING CORP ICAHN ENTERPRISES LP SMITH-MIDLAND CORP HUBBELL INC JARDEN CORP TRINITY INDUSTRIES INSTEEL INDUSTRIES LOUISIANA-PACIFIC CORP U S CONCRETE INC KAISER ALUMINUM CORP LYDALL INC USG CORP LEGGETT & PLATT INC MASCO CORP VULCAN MATERIALS CO LINDSAY CORP MYERS INDUSTRIES INC YASHENG GROUP LIQUIDMETAL TECHNOLOGIES NEWELL RUBBERMAID INC MATERION CORP NN INC SIC 327 MATTHEWS INTL CORP -CL A OTTER TAIL CORP ALEXANDER & BALDWIN INC METHODE ELECTRONICS INC OURPETS CO CHINA ADVANCED CONSTR MATLS MOLYCORP INC PARADISE INC CONTINENTAL MATERIALS CORP MUELLER INDUSTRIES QUANEX BUILDING PRODUCTS EAGLE MATERIALS INC MUELLER WATER PRODUCTS INC RAVEN INDUSTRIES INC GRANITE CONSTRUCTION INC NORANDA ALUMINUM HOLDING CP ROGERS CORP HEADWATERS INC NORTHWEST PIPE CO SEALED AIR CORP MONARCH CEMENT CO NUCOR CORP SILGAN HOLDINGS INC SMITH-MIDLAND CORP OPTICAL CABLE CORP TREDEGAR CORP TRINITY INDUSTRIES PRECISION CASTPARTS CORP TUPPERWARE BRANDS CORP U S CONCRETE INC SCHNITZER STEEL INDS -CL A UFP TECHNOLOGIES INC USG CORP STEEL DYNAMICS INC VISKASE COMPANIES INC VULCAN MATERIALS CO STURM RUGER & CO INC SUNCOKE ENERGY INC SIC 31 SIC 329 SYNALLOY CORP CALERES INC ALBANY INTL CORP -CL A THOR INDUSTRIES INC COACH INC ARMSTRONG WORLD INDUSTRIES TREDEGAR CORP DECKERS OUTDOOR CORP CARBO CERAMICS INC U S ANTIMONY CORP MADDEN STEVEN LTD CHARLES & COLVARD LTD UNITED STATES STEEL CORP ROCKY BRANDS INC CORNING INC UNVL STAINLESS & ALLOY PRODS SKECHERS U S A INC CPS TECHNOLOGIES CORP VALMONT INDUSTRIES INC TANDY LEATHER FACTORY INC MINERALS TECHNOLOGIES INC WORTHINGTON INDUSTRIES TUMI HOLDINGS INC NANOPHASE TECHNOLOGIES CORP WEBCO INDUSTRIES INC VERA BRADLEY INC OIL DRI CORP AMERICA WOLVERINE WORLD WIDE OWENS CORNING SIC 331 MCRAE INDUSTRIES -CL A SCIO DIAMOND TECHNOLOGY CORP AK STEEL HOLDING CORP PHOENIX FOOTWEAR GROUP INC USG CORP ALLEGHENY TECHNOLOGIES INC CARPENTER TECHNOLOGY CORP SIC 32 SIC 33 COMMERCIAL METALS ALBANY INTL CORP -CL A ACCURIDE CORP FRIEDMAN INDUSTRIES INC ALEXANDER & BALDWIN INC AK STEEL HOLDING CORP GENERAL STEEL HOLDINGS INC APOGEE ENTERPRISES INC ALCOA INC GIBRALTAR INDUSTRIES INC ARMSTRONG WORLD INDUSTRIES ALLEGHENY TECHNOLOGIES INC HAYNES INTERNATIONAL INC CARBO CERAMICS INC AMERICAN SUPERCONDUCTOR CP INSTEEL INDUSTRIES CHARLES & COLVARD LTD AMPHENOL CORP LEGGETT & PLATT INC CHINA ADVANCED CONSTR MATLS ARMCO METALS HOLDINGS INC LINDSAY CORP CONTINENTAL MATERIALS CORP BELDEN INC LIQUIDMETAL TECHNOLOGIES CORNING INC CARPENTER TECHNOLOGY CORP NORTHWEST PIPE CO CPS TECHNOLOGIES CORP CENTURY ALUMINUM CO NUCOR CORP EAGLE MATERIALS INC COMMERCIAL METALS SCHNITZER STEEL INDS -CL A GRANITE CONSTRUCTION INC CORNING INC STEEL DYNAMICS INC HEADWATERS INC DYNAMIC MATERIALS CORP SUNCOKE ENERGY INC JARDEN CORP EASTERN CO SYNALLOY CORP LIBBEY INC ENCORE WIRE CORP UNITED STATES STEEL CORP MARTIN MARIETTA MATERIALS FREEPORT-MCMORAN INC UNVL STAINLESS & ALLOY PRODS MINERALS TECHNOLOGIES INC FRIEDMAN INDUSTRIES INC VALMONT INDUSTRIES INC MOHAWK INDUSTRIES INC GENERAL CABLE CORP/DE WORTHINGTON INDUSTRIES MONARCH CEMENT CO GENERAL STEEL HOLDINGS INC WEBCO INDUSTRIES INC NANOPHASE TECHNOLOGIES CORP GIBRALTAR INDUSTRIES INC OIL DRI CORP AMERICA GLOBE SPECIALTY METALS INC SIC 3312 OWENS CORNING HANDY & HARMAN LTD AK STEEL HOLDING CORP OWENS-ILLINOIS INC HARSCO CORP ALLEGHENY TECHNOLOGIES INC PPG INDUSTRIES INC HAYNES INTERNATIONAL INC CARPENTER TECHNOLOGY CORP

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 23 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

COMMERCIAL METALS GRIFFON CORP SPECTRUM BRANDS HOLDINGS INC GENERAL STEEL HOLDINGS INC HANDY & HARMAN LTD STANLEY BLACK & DECKER INC NUCOR CORP HARSCO CORP STARRETT (L.S.) CO -CL A SCHNITZER STEEL INDS -CL A HC2 HOLDINGS INC VALHI INC STEEL DYNAMICS INC HNI CORP SUNCOKE ENERGY INC ILLINOIS TOOL WORKS SIC 344 UNITED STATES STEEL CORP LEGGETT & PLATT INC AIR INDUSTRIES GROUP INC UNVL STAINLESS & ALLOY PRODS LIFETIME BRANDS INC APOGEE ENTERPRISES INC LSB INDUSTRIES INC ARTS WAY MFG INC SIC 335 MASCO CORP BURNHAM HOLDINGS INC ALCOA INC MFRI INC BWX TECHNOLOGIES INC ALLEGHENY TECHNOLOGIES INC MUELLER WATER PRODUCTS INC CHART INDUSTRIES INC AMERICAN SUPERCONDUCTOR CP NATIONAL PRESTO INDS INC COMMERCIAL METALS AMPHENOL CORP NCI BUILDING SYSTEMS INC CONTINENTAL MATERIALS CORP BELDEN INC NF ENERGY SAVING CORP DREW INDUSTRIES INC CARPENTER TECHNOLOGY CORP NUCOR CORP FORTUNE BRANDS HOME & SECUR CENTURY ALUMINUM CO OLIN CORP GENERAL FINANCE CORP/DE CORNING INC OMEGA FLEX INC GRAHAM CORP ENCORE WIRE CORP ORBITAL ATK INC GRIFFON CORP GENERAL CABLE CORP/DE P & F INDUSTRIES -CL A HARSCO CORP HANDY & HARMAN LTD PARK OHIO HOLDINGS CORP HC2 HOLDINGS INC HUBBELL INC PARKER-HANNIFIN CORP LSB INDUSTRIES INC KAISER ALUMINUM CORP PGT INC NCI BUILDING SYSTEMS INC METHODE ELECTRONICS INC PRAXAIR INC NUCOR CORP MUELLER INDUSTRIES QUANEX BUILDING PRODUCTS PGT INC OPTICAL CABLE CORP SERVOTRONICS INC QUANEX BUILDING PRODUCTS THOR INDUSTRIES INC SHILOH INDUSTRIES INC STANDEX INTERNATIONAL CORP TREDEGAR CORP SILGAN HOLDINGS INC STANLEY BLACK & DECKER INC SIMPSON MANUFACTURING INC STEEL DYNAMICS INC SIC 34 SMITH & WESSON HOLDING CORP SYSTEMAX INC ACME UNITED CORP SNAP-ON INC THT HEAT TRANSFER TECH INC AIR INDUSTRIES GROUP INC SPECTRUM BRANDS HOLDINGS INC TRIMAS CORP AMPCO-PITTSBURGH CORP STANDEX INTERNATIONAL CORP TRINITY INDUSTRIES APOGEE ENTERPRISES INC STANLEY BLACK & DECKER INC VALMONT INDUSTRIES INC ARC GROUP WORLDWIDE INC STARRETT (L.S.) CO -CL A WORTHINGTON INDUSTRIES ARTS WAY MFG INC STEEL DYNAMICS INC AZZ INC STURM RUGER & CO INC SIC 3443 BALL CORP SUN HYDRAULICS CORP ARTS WAY MFG INC BARNES GROUP INC SYSTEMAX INC BURNHAM HOLDINGS INC BERKSHIRE HATHAWAY TASER INTERNATIONAL INC BWX TECHNOLOGIES INC BLOUNT INTL INC THT HEAT TRANSFER TECH INC CHART INDUSTRIES INC BURNHAM HOLDINGS INC TRIMAS CORP GENERAL FINANCE CORP/DE BWX TECHNOLOGIES INC TRINITY INDUSTRIES GRAHAM CORP CAMERON INTERNATIONAL CORP VALHI INC LSB INDUSTRIES INC CHART INDUSTRIES INC VALMONT INDUSTRIES INC STANDEX INTERNATIONAL CORP CHICAGO RIVET & MACHINE CO WATTS WATER TECHNOLOGIES INC THT HEAT TRANSFER TECH INC CIRCOR INTL INC WORTHINGTON INDUSTRIES TRIMAS CORP CLARCOR INC TRINITY INDUSTRIES COMMERCIAL METALS SIC 342 WORTHINGTON INDUSTRIES COMPASS DIVERSIFIED HOLDINGS ACME UNITED CORP COMPX INTERNATIONAL INC BLOUNT INTL INC SIC 349 CONTINENTAL MATERIALS CORP COMPX INTERNATIONAL INC ARC GROUP WORLDWIDE INC CRANE CO EASTERN CO BARNES GROUP INC CROWN HOLDINGS INC EDGEWELL PERSONAL CARE CO CAMERON INTERNATIONAL CORP DREW INDUSTRIES INC FORTUNE BRANDS HOME & SECUR CIRCOR INTL INC EASTERN CO HANDY & HARMAN LTD COMPASS DIVERSIFIED HOLDINGS EDGEWELL PERSONAL CARE CO ILLINOIS TOOL WORKS CRANE CO FLOWSERVE CORP LIFETIME BRANDS INC FLOWSERVE CORP FORTUNE BRANDS HOME & SECUR SERVOTRONICS INC LEGGETT & PLATT INC GENERAL FINANCE CORP/DE SIMPSON MANUFACTURING INC MFRI INC GRAHAM CORP SNAP-ON INC MUELLER WATER PRODUCTS INC

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 24 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

NF ENERGY SAVING CORP DEERE & CO MATTHEWS INTL CORP -CL A OMEGA FLEX INC DIEBOLD INC MATTSON TECHNOLOGY INC PARKER-HANNIFIN CORP DIGI INTERNATIONAL INC MFRI INC SUN HYDRAULICS CORP DONALDSON CO INC MIDDLEBY CORP WATTS WATER TECHNOLOGIES INC DOUGLAS DYNAMICS INC MITEK SYSTEMS INC DOVER CORP MODINE MANUFACTURING CO SIC 35 DRIL-QUIP INC MOOG INC -CL A 3D SYSTEMS CORP ELECTRONICS FOR IMAGING INC NATIONAL OILWELL VARCO INC AAON INC EMC CORP/MA NATURAL GAS SERVICES GROUP ABTECH HOLDINGS INC EMERSON ELECTRIC CO NAVISTAR INTERNATIONAL CORP ACCO BRANDS CORP ENERGY RECOVERY INC NCR CORP ACTUANT CORP -CL A ENPRO INDUSTRIES INC NETAPP INC AG&E HOLDINGS INC ENTEGRIS INC NETGEAR INC AGCO CORP ESCO TECHNOLOGIES INC NEWELL RUBBERMAID INC AIR PRODUCTS & CHEMICALS INC EVERI HOLDINGS INC NL INDUSTRIES ALAMO GROUP INC EXTREME NETWORKS INC NN INC ALTRA INDUSTRIAL MOTION CORP FINISAR CORP NORDSON CORP AMERICAN COMMERCE SOLUTION FLOTEK INDUSTRIES INC NORTEK INC AMPCO-PITTSBURGH CORP FLOWSERVE CORP OCEANEERING INTERNATIONAL AMTECH SYSTEMS INC FMC TECHNOLOGIES INC OIL STATES INTL INC APPLIED MATERIALS INC FORTINET INC OMNICELL INC ARC GROUP WORLDWIDE INC FORUM ENERGY TECH INC ORMAT TECHNOLOGIES INC ARCHROCK INC FUEL SYSTEMS SOLUTIONS INC OSHKOSH CORP ARTS WAY MFG INC FUEL TECH INC OTTER TAIL CORP ASTEC INDUSTRIES INC GENCOR INDUSTRIES INC OUTERWALL INC ASTRO-MED INC GENERAL ELECTRIC CO P & F INDUSTRIES -CL A AXCELIS TECHNOLOGIES INC GEOSPACE TECHNOLOGIES CORP PACCAR INC BLOUNT INTL INC GORMAN-RUPP CO PALO ALTO NETWORKS INC BREEZE-EASTERN CORP GRACO INC PAR TECHNOLOGY CORP BRIGGS & STRATTON GULF ISLAND FABRICATION INC PARK OHIO HOLDINGS CORP BROADWIND ENERGY INC HARDINGE INC PARKER-HANNIFIN CORP BROCADE COMMUNICATIONS SYS HARSCO CORP PDF SOLUTIONS INC BROOKS AUTOMATION INC HILLENBRAND INC PITNEY BOWES INC BRUNSWICK CORP HP INC POWER SOLUTIONS INTL INC BWX TECHNOLOGIES INC HYSTER-YALE MATERIALS HNDLNG PRIMO WATER CORP CALGON CARBON CORP IDENTIV INC PROFIRE ENERGY INC CALUMET SPECIALTY PRODS -LP IDEX CORP PROTO LABS INC CAMERON INTERNATIONAL CORP ILLINOIS TOOL WORKS QS ENERGY INC CANTEL MEDICAL CORP INFINERA CORP QUANTUM CORP CAPSTONE TURBINE CORP INTEL CORP RADISYS CORP CARLISLE COS INC INTELLICHECK MOBILISA INC RBC BEARINGS INC CATERPILLAR INC INTERNATIONAL BALER CORP REGAL BELOIT CORP CAVITATION TECHNOLOGIES INC INTERNATIONAL DISPENSING CP REXNORD CORP CAVIUM INC INTERPHASE CORP ROCKWELL AUTOMATION CECO ENVIRONMENTAL CORP INTEVAC INC ROPER TECHNOLOGIES INC CHECKPOINT SYSTEMS INC INTL BUSINESS MACHINES CORP RUCKUS WIRELESS INC CHICAGO RIVET & MACHINE CO ITT CORP SANDISK CORP CISCO SYSTEMS INC JOHN BEAN TECHNOLOGIES SCIENTIFIC GAMES CORP CLARCOR INC JUNIPER NETWORKS INC SILICON GRAPHICS INTL CORP CLEANTECH SOLUTIONS INTL INC KADANT INC SNAP-ON INC COLFAX CORP KENNAMETAL INC SPX CORP COLUMBUS MCKINNON CORP KEY TECHNOLOGY INC STANDARD MOTOR PRODS CONTINENTAL MATERIALS CORP KULICKE & SOFFA INDUSTRIES STANDEX INTERNATIONAL CORP CRANE CO LAM RESEARCH CORP STANLEY BLACK & DECKER INC CRAY INC LENNOX INTERNATIONAL INC SUPER MICRO COMPUTER INC CSP INC LEXMARK INTL INC -CL A SUREPURE INC CUBIC CORP LINCOLN ELECTRIC HLDGS INC TAYLOR DEVICES INC CUMMINS INC LINDSAY CORP TENNANT CO CURTISS-WRIGHT CORP LYDALL INC TEREX CORP CVD EQUIPMENT CORP MANITEX INTERNATIONAL INC TIMKEN CO DATARAM CORP MANITOWOC CO TITAN INTERNATIONAL INC

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 25 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

TOMI ENVIRONMENTAL SOLUTINS CALUMET SPECIALTY PRODS -LP OIL STATES INTL INC TORO CO CAMERON INTERNATIONAL CORP PROFIRE ENERGY INC TRANSACT TECHNOLOGIES INC CATERPILLAR INC QS ENERGY INC TRANSAKT LTD COLUMBUS MCKINNON CORP TRIMAS CORP TRIMAS CORP DEERE & CO TRIO-TECH INTERNATIONAL DOUGLAS DYNAMICS INC SIC 354 TWIN DISC INC DOVER CORP ACTUANT CORP -CL A ULTRATECH INC DRIL-QUIP INC ARC GROUP WORLDWIDE INC UNISYS CORP FLOTEK INDUSTRIES INC ARTS WAY MFG INC UNITED TECHNOLOGIES CORP FMC TECHNOLOGIES INC CHICAGO RIVET & MACHINE CO USA TECHNOLOGIES INC FORUM ENERGY TECH INC COLFAX CORP VALMONT INDUSTRIES INC GENERAL ELECTRIC CO HARDINGE INC VEECO INSTRUMENTS INC GULF ISLAND FABRICATION INC ILLINOIS TOOL WORKS VERIFONE SYSTEMS INC HARSCO CORP KENNAMETAL INC VIAVI SOLUTIONS INC HILLENBRAND INC LINCOLN ELECTRIC HLDGS INC WESTERN DIGITAL CORP HYSTER-YALE MATERIALS HNDLNG NEWELL RUBBERMAID INC WORTHINGTON INDUSTRIES JOHN BEAN TECHNOLOGIES P & F INDUSTRIES -CL A XERIUM TECHNOLOGIES INC KENNAMETAL INC PARK OHIO HOLDINGS CORP XEROX CORP MANITEX INTERNATIONAL INC STANLEY BLACK & DECKER INC XPLORE TECHNOLOGIES CORP MANITOWOC CO XYLEM INC NATIONAL OILWELL VARCO INC SIC 355 ZEBRA TECHNOLOGIES CP -CL A NATURAL GAS SERVICES GROUP 3D SYSTEMS CORP CROSSROADS SYSTEMS INC OCEANEERING INTERNATIONAL AMTECH SYSTEMS INC IGO INC OIL STATES INTL INC APPLIED MATERIALS INC INNOVATIVE SOLTNS & SUPP INC OSHKOSH CORP AXCELIS TECHNOLOGIES INC JOY GLOBAL INC PACCAR INC BROOKS AUTOMATION INC PROFIRE ENERGY INC CAVITATION TECHNOLOGIES INC SIC 351 QS ENERGY INC CLEANTECH SOLUTIONS INTL INC BRIGGS & STRATTON TEREX CORP CVD EQUIPMENT CORP BROADWIND ENERGY INC TRIMAS CORP ENERGY RECOVERY INC BRUNSWICK CORP UNITED TECHNOLOGIES CORP ENTEGRIS INC BWX TECHNOLOGIES INC WORTHINGTON INDUSTRIES GEOSPACE TECHNOLOGIES CORP CAPSTONE TURBINE CORP JOY GLOBAL INC INTEVAC INC CLEANTECH SOLUTIONS INTL INC JOHN BEAN TECHNOLOGIES CUMMINS INC SIC 3531 KADANT INC ENPRO INDUSTRIES INC ASTEC INDUSTRIES INC KEY TECHNOLOGY INC FUEL SYSTEMS SOLUTIONS INC CATERPILLAR INC KULICKE & SOFFA INDUSTRIES GENERAL ELECTRIC CO DEERE & CO LAM RESEARCH CORP NAVISTAR INTERNATIONAL CORP DOUGLAS DYNAMICS INC MATTHEWS INTL CORP -CL A ORMAT TECHNOLOGIES INC HARSCO CORP MATTSON TECHNOLOGY INC POWER SOLUTIONS INTL INC KENNAMETAL INC PDF SOLUTIONS INC OSHKOSH CORP PRIMO WATER CORP SIC 352 PACCAR INC PROTO LABS INC AGCO CORP TEREX CORP SUREPURE INC ALAMO GROUP INC WORTHINGTON INDUSTRIES TOMI ENVIRONMENTAL SOLUTINS ARTS WAY MFG INC TRIO-TECH INTERNATIONAL BLOUNT INTL INC SIC 3533 ULTRATECH INC DEERE & CO ACTUANT CORP -CL A VEECO INSTRUMENTS INC LINDSAY CORP ARCHROCK INC XERIUM TECHNOLOGIES INC OTTER TAIL CORP CALUMET SPECIALTY PRODS -LP SNAP-ON INC CAMERON INTERNATIONAL CORP SIC 3559 TITAN INTERNATIONAL INC DOVER CORP 3D SYSTEMS CORP TORO CO DRIL-QUIP INC AMTECH SYSTEMS INC TRANSAKT LTD FLOTEK INDUSTRIES INC APPLIED MATERIALS INC VALMONT INDUSTRIES INC FMC TECHNOLOGIES INC AXCELIS TECHNOLOGIES INC FORUM ENERGY TECH INC BROOKS AUTOMATION INC SIC 353 GENERAL ELECTRIC CO CAVITATION TECHNOLOGIES INC ACTUANT CORP -CL A GULF ISLAND FABRICATION INC CVD EQUIPMENT CORP ARCHROCK INC NATIONAL OILWELL VARCO INC ENERGY RECOVERY INC ASTEC INDUSTRIES INC NATURAL GAS SERVICES GROUP ENTEGRIS INC BREEZE-EASTERN CORP OCEANEERING INTERNATIONAL INTEVAC INC

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 26 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

KULICKE & SOFFA INDUSTRIES SIC 357 HP INC LAM RESEARCH CORP ACCO BRANDS CORP IDENTIV INC MATTSON TECHNOLOGY INC AG&E HOLDINGS INC LEXMARK INTL INC -CL A PDF SOLUTIONS INC ASTRO-MED INC MITEK SYSTEMS INC PROTO LABS INC BROCADE COMMUNICATIONS SYS RADISYS CORP TOMI ENVIRONMENTAL SOLUTINS CAVIUM INC TRANSACT TECHNOLOGIES INC TRIO-TECH INTERNATIONAL CHECKPOINT SYSTEMS INC XEROX CORP ULTRATECH INC CISCO SYSTEMS INC CROSSROADS SYSTEMS INC VEECO INSTRUMENTS INC CRAY INC IGO INC CSP INC INNOVATIVE SOLTNS & SUPP INC SIC 356 CUBIC CORP ABTECH HOLDINGS INC DATARAM CORP SIC 358 AIR PRODUCTS & CHEMICALS INC DIEBOLD INC AAON INC ALTRA INDUSTRIAL MOTION CORP DIGI INTERNATIONAL INC CALGON CARBON CORP AMPCO-PITTSBURGH CORP ELECTRONICS FOR IMAGING INC CANTEL MEDICAL CORP BRIGGS & STRATTON EMC CORP/MA CARLISLE COS INC CECO ENVIRONMENTAL CORP EVERI HOLDINGS INC CONTINENTAL MATERIALS CORP CLARCOR INC EXTREME NETWORKS INC CRANE CO COLFAX CORP FINISAR CORP DOVER CORP DONALDSON CO INC FORTINET INC EMERSON ELECTRIC CO ENPRO INDUSTRIES INC HP INC ILLINOIS TOOL WORKS ESCO TECHNOLOGIES INC IDENTIV INC INTERNATIONAL DISPENSING CP FLOWSERVE CORP INFINERA CORP LENNOX INTERNATIONAL INC FUEL TECH INC INTEL CORP MANITOWOC CO GENCOR INDUSTRIES INC INTELLICHECK MOBILISA INC MIDDLEBY CORP GORMAN-RUPP CO INTERPHASE CORP MODINE MANUFACTURING CO GRACO INC INTL BUSINESS MACHINES CORP NORTEK INC IDEX CORP JUNIPER NETWORKS INC SPX CORP ILLINOIS TOOL WORKS LEXMARK INTL INC -CL A STANDARD MOTOR PRODS INTERNATIONAL BALER CORP MITEK SYSTEMS INC STANDEX INTERNATIONAL CORP ITT CORP NCR CORP TENNANT CO LYDALL INC NETAPP INC UNITED TECHNOLOGIES CORP MFRI INC NETGEAR INC NL INDUSTRIES OUTERWALL INC SIC 36 NN INC PALO ALTO NETWORKS INC ACTIVE POWER INC NORDSON CORP PAR TECHNOLOGY CORP ACUITY BRANDS INC OMNICELL INC PITNEY BOWES INC ADTRAN INC RBC BEARINGS INC QUANTUM CORP ADVANCED ENERGY INDS INC REGAL BELOIT CORP RADISYS CORP ADVANCED MICRO DEVICES REXNORD CORP RUCKUS WIRELESS INC AEROVIRONMENT INC ROCKWELL AUTOMATION SANDISK CORP ALLIANCE FIBER OPTIC PRODUCT ROPER TECHNOLOGIES INC SCIENTIFIC GAMES CORP ALLIED MOTION TECHNOLOGIES SPX CORP SILICON GRAPHICS INTL CORP ALTERA CORP TAYLOR DEVICES INC SUPER MICRO COMPUTER INC AMERICAN ELECTRIC TECH INC TIMKEN CO TRANSACT TECHNOLOGIES INC AMERICAN SUPERCONDUCTOR CP TWIN DISC INC UNISYS CORP AMETEK INC XYLEM INC USA TECHNOLOGIES INC AMKOR TECHNOLOGY INC ZEBRA TECHNOLOGIES CP -CL A VERIFONE SYSTEMS INC AMPHENOL CORP VIAVI SOLUTIONS INC ANADIGICS INC SIC 3561 WESTERN DIGITAL CORP ANALOG DEVICES AMPCO-PITTSBURGH CORP XEROX CORP ANDALAY SOLAR INC COLFAX CORP XPLORE TECHNOLOGIES CORP ANDREA ELECTRONICS CORP FLOWSERVE CORP CROSSROADS SYSTEMS INC API TECHNOLOGIES CORP GORMAN-RUPP CO IGO INC APPLE INC GRACO INC INNOVATIVE SOLTNS & SUPP INC APPLIED DNA SCIENCES INC IDEX CORP APPLIED MICRO CIRCUITS CORP ITT CORP SIC 3577 ARC GROUP WORLDWIDE INC REXNORD CORP ACCO BRANDS CORP AROTECH CORP ROPER TECHNOLOGIES INC ASTRO-MED INC ARRIS GROUP INC SPX CORP FINISAR CORP ASCENT SOLAR TECHNOLOGIES XYLEM INC FORTINET INC ASTRONICS CORP

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 27 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

ATMEL CORP FEDERAL SIGNAL CORP MERCURY SYSTEMS INC AVIAT NETWORKS INC FIRST SOLAR INC METHODE ELECTRONICS INC AVX CORP FLUX POWER HOLDINGS INC MICROCHIP TECHNOLOGY INC AXT INC FRANKLIN ELECTRIC CO INC MICRON TECHNOLOGY INC AZZ INC FRANKLIN WIRELESS CORP MICROPAC INDUSTRIES INC BEL FUSE INC FREQUENCY ELECTRONICS INC MICROSEMI CORP BELDEN INC FUELCELL ENERGY INC MICROSOFT CORP BENCHMARK ELECTRONICS INC GENERAC HOLDINGS INC MICROVISION INC BLACK BOX CORP GENERAL DYNAMICS CORP MIDDLEBY CORP BLONDER TONGUE LABS INC GENERAL ELECTRIC CO MONOLITHIC POWER SYSTEMS INC BOEING CO GENTEX CORP MOOG INC -CL A BOLLENTE COS INC GENTHERM INC MOSYS INC BROADCOM CORP -CL A GIGA-TRONICS INC MOTORCAR PARTS OF AMER INC BRUKER CORP GIGOPTIX INC MOTOROLA SOLUTIONS INC BWX TECHNOLOGIES INC GLOBAL EAGLE ENTERTAINMENT MULTI-FINELINE ELECTRON INC CALAMP CORP GLOBE SPECIALTY METALS INC NACCO INDUSTRIES -CL A CALIX INC GREATBATCH INC NAPCO SECURITY TECH INC CAPSTONE COS INC GSI TECHNOLOGY INC NATIONAL PRESTO INDS INC CARLISLE COS INC HARMAN INTERNATIONAL INDS NEONODE INC CATERPILLAR INC HARMONIC INC NEOPHOTONICS CORP CHECKPOINT SYSTEMS INC HARRIS CORP NETLIST INC CHINA BAK BATTERY INC HEICO CORP NEWELL RUBBERMAID INC CHINA RECYCLING ENERGY CORP HIGHPOWER INTERNATIONAL INC NEWPORT CORP CIENA CORP HRG GROUP INC NORTECH SYSTEMS INC CIRRUS LOGIC INC HUBBELL INC NORTEK INC CLEARFIELD INC HUTCHINSON TECHNOLOGY INC NOVATEL WIRELESS INC CLEARONE INC IEH CORP NUMEREX CORP -CL A COMMUNICATIONS SYSTEMS INC IMATION CORP NVE CORP COMPASS DIVERSIFIED HOLDINGS INFOSONICS CORP NVIDIA CORP COMTECH TELECOMMUN INPHI CORP OCEAN POWER TECHNOLOGIES INC CORNING INC INRAD OPTICS INC OCLARO INC COSTAR TECHNOLOGIES INC INTEGRATED DEVICE TECH INC OMNIVISION TECHNOLOGIES INC CREE INC INTEGRATED SILICON SOLUTION ON SEMICONDUCTOR CORP CTS CORP INTEL CORP ORBIT INTERNATIONAL CORP CUI GLOBAL INC INTERMOLECULAR INC ORBITAL ATK INC CUMMINS INC INTERSIL CORP -CL A ORION ENERGY SYSTEMS INC CYPRESS SEMICONDUCTOR CORP INVENSENSE INC OSI SYSTEMS INC DEWEY ELECTRONICS CORP IPG PHOTONICS CORP PARK ELECTROCHEMICAL CORP DIGITAL ALLY INC ITERIS INC PCTEL INC DIGITAL POWER CORP IVEDA SOLUTIONS INC PIONEER POWER SOLUTIONS INC DIODES INC IXYS CORP PIXELWORKS INC DSP GROUP INC JABIL CIRCUIT INC PLANTRONICS INC E DIGITAL CORP JARDEN CORP PLEXUS CORP ECHOSTAR CORP JOHNSON CONTROLS INC PLUG POWER INC ELECTR TELE-COMMUNCTN JOHNSON OUTDOORS INC -CL A PMC-SIERRA INC ELECTRO SCIENTIFIC INDS INC KEMET CORP POLYCOM INC EMAGIN CORP KEY TRONIC CORP POSITIVEID CORP EMCORE CORP KOPIN CORP POWELL INDUSTRIES INC EMERSON ELECTRIC CO KOSS CORP POWER INTEGRATIONS INC EMERSON RADIO CORP L-3 COMMUNICATIONS HLDGS INC POWERSECURE INTL INC ENERGY FOCUS INC LATTICE SEMICONDUCTOR CORP POWERVERDE INC ENERSYS INC LGL GROUP INC PREFORMED LINE PRODUCTS CO ENPHASE ENERGY INC LINEAR TECHNOLOGY CORP PROCTER & GAMBLE CO ENSYNC INC LITTELFUSE INC PROPHOTONIX LTD ENTERTAINMENT GAMING ASIA LOJACK CORP QLOGIC CORP ENVIRONMENTAL TECTONICS CORP LRAD CORP QORVO INC ESCO TECHNOLOGIES INC LSI INDUSTRIES INC QUALCOMM INC ESPEY MFG & ELECTRONICS CORP M/A-COM TECHNOLOGY SOLUTIONS QUICKLOGIC CORP EVANS & SUTHERLAND CMP CORP MAXIM INTEGRATED PRODUCTS R F INDUSTRIES LTD EXAR CORP MAXLINEAR INC REGAL BELOIT CORP FAIRCHILD SEMICONDUCTOR INTL MAXWELL TECHNOLOGIES INC RELM WIRELESS CORP

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 28 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

REVOLUTION LIGHTING TECHNLGS WHIRLPOOL CORP SIC 3621 RICHARDSON ELECTRONICS LTD WIRELESS TELECOM GROUP INC ALLIED MOTION TECHNOLOGIES ROCKWELL AUTOMATION WOODWARD INC AMERICAN SUPERCONDUCTOR CP ROFIN SINAR TECHNOLOGIES INC XENONICS HOLDINGS INC AMETEK INC ROGERS CORP XILINX INC BWX TECHNOLOGIES INC RUBICON TECHNOLOGY INC ZHONE TECHNOLOGIES INC CATERPILLAR INC SANMINA CORP MAGNACHIP SEMICONDUCTOR CORP CUMMINS INC SEMTECH CORP REAL GOODS SOLAR INC DEWEY ELECTRONICS CORP SERVOTRONICS INC IEC ELECTRONICS CORP EMERSON ELECTRIC CO SEVCON INC PHOTRONICS INC FRANKLIN ELECTRIC CO INC SHORETEL INC TECHNICAL COMMUNICATIONS CP GENERAC HOLDINGS INC SIGMA DESIGNS INC PIONEER POWER SOLUTIONS INC SIGMATRON INTERNATIONAL INC SIC 361 PLUG POWER INC SILICON LABORATORIES INC AMERICAN ELECTRIC TECH INC POWERVERDE INC SKULLCANDY INC EMERSON ELECTRIC CO REGAL BELOIT CORP SKYWORKS SOLUTIONS INC GENERAL ELECTRIC CO SERVOTRONICS INC SL INDUSTRIES INC LITTELFUSE INC SL INDUSTRIES INC SMITH (A O) CORP MAXWELL TECHNOLOGIES INC UQM TECHNOLOGIES INC SMTC CORP OCEAN POWER TECHNOLOGIES INC SOLAR POWER INC PIONEER POWER SOLUTIONS INC SIC 3629 SOLARCITY CORP POWELL INDUSTRIES INC ACTIVE POWER INC SOLITRON DEVICES INC SPX CORP ADVANCED ENERGY INDS INC SONO-TEK CORP VECTREN CORP AEROVIRONMENT INC SPARTON CORP ANDALAY SOLAR INC SPECTRUM BRANDS HOLDINGS INC SIC 362 CHINA RECYCLING ENERGY CORP SPX CORP ACTIVE POWER INC GENTHERM INC STANDARD MOTOR PRODS ADVANCED ENERGY INDS INC SL INDUSTRIES INC STANDEX INTERNATIONAL CORP AEROVIRONMENT INC SOLAR POWER INC STONERIDGE INC ALLIED MOTION TECHNOLOGIES SOLARCITY CORP STR HOLDINGS INC AMERICAN SUPERCONDUCTOR CP SUNEDISON INC SUNEDISON INC AMETEK INC THERMON GROUP HOLDINGS INC SUNPOWER CORP ANDALAY SOLAR INC SUPERCONDUCTOR TECHNOLOGIES BWX TECHNOLOGIES INC SIC 363 SYNAPTICS INC CATERPILLAR INC BOLLENTE COS INC SYPRIS SOLUTIONS INC CHINA RECYCLING ENERGY CORP COMPASS DIVERSIFIED HOLDINGS TESSERA TECHNOLOGIES INC CUMMINS INC GENERAL ELECTRIC CO TEXAS INSTRUMENTS INC DEWEY ELECTRONICS CORP JARDEN CORP THERMON GROUP HOLDINGS INC EMERSON ELECTRIC CO MIDDLEBY CORP TOROTEL INC FRANKLIN ELECTRIC CO INC NACCO INDUSTRIES -CL A TRIMBLE NAVIGATION LTD GENERAC HOLDINGS INC NATIONAL PRESTO INDS INC TTM TECHNOLOGIES INC GENTHERM INC NEWELL RUBBERMAID INC UBIQUITI NETWORKS INC GLOBE SPECIALTY METALS INC NORTEK INC ULTRA CLEAN HOLDINGS INC PIONEER POWER SOLUTIONS INC PROCTER & GAMBLE CO UNIVERSAL DISPLAY CORP PLUG POWER INC SMITH (A O) CORP UNIVERSAL ELECTRONICS INC POWERVERDE INC WHIRLPOOL CORP UNIVERSAL SECURITY INSTRUMNT REGAL BELOIT CORP UQM TECHNOLOGIES INC ROCKWELL AUTOMATION SIC 364 VASCO DATA SEC INTL INC SERVOTRONICS INC ACUITY BRANDS INC VECTREN CORP SEVCON INC ASTRONICS CORP VIASAT INC SL INDUSTRIES INC AZZ INC VIAVI SOLUTIONS INC SOLAR POWER INC BRUKER CORP VICON INDUSTRIES INC SOLARCITY CORP CAPSTONE COS INC VICOR CORP SUNEDISON INC COMMUNICATIONS SYSTEMS INC VIDEO DISPLAY CORP THERMON GROUP HOLDINGS INC ENERGY FOCUS INC VISCOUNT SYSTEMS INC UQM TECHNOLOGIES INC HUBBELL INC VISHAY INTERTECHNOLOGY INC WOODWARD INC LSI INDUSTRIES INC VISHAY PRECISION GROUP INC REAL GOODS SOLAR INC ORION ENERGY SYSTEMS INC VISTEON CORP POWERSECURE INTL INC VOCERA COMMUNICATIONS INC PREFORMED LINE PRODUCTS CO VOXX INTERNATIONAL CORP REVOLUTION LIGHTING TECHNLGS WESTELL TECH INC -CL A XENONICS HOLDINGS INC

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 29 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

SIC 365 QUALCOMM INC QUALCOMM INC COSTAR TECHNOLOGIES INC R F INDUSTRIES LTD R F INDUSTRIES LTD DIGITAL ALLY INC RELM WIRELESS CORP RELM WIRELESS CORP E DIGITAL CORP SHORETEL INC UBIQUITI NETWORKS INC EMERSON RADIO CORP STONERIDGE INC VIASAT INC HARMAN INTERNATIONAL INDS UBIQUITI NETWORKS INC VOCERA COMMUNICATIONS INC KOSS CORP UNIVERSAL SECURITY INSTRUMNT WIRELESS TELECOM GROUP INC LRAD CORP VASCO DATA SEC INTL INC TECHNICAL COMMUNICATIONS CP NORTEK INC VIASAT INC SKULLCANDY INC VICON INDUSTRIES INC SIC 3669 UNIVERSAL ELECTRONICS INC VISCOUNT SYSTEMS INC APPLIED DNA SCIENCES INC VOXX INTERNATIONAL CORP VOCERA COMMUNICATIONS INC CHECKPOINT SYSTEMS INC WESTELL TECH INC -CL A FEDERAL SIGNAL CORP SIC 366 WIRELESS TELECOM GROUP INC GENTEX CORP ADTRAN INC ZHONE TECHNOLOGIES INC IVEDA SOLUTIONS INC ANDREA ELECTRONICS CORP TECHNICAL COMMUNICATIONS CP LOJACK CORP API TECHNOLOGIES CORP NAPCO SECURITY TECH INC APPLE INC SIC 3661 NUMEREX CORP -CL A APPLIED DNA SCIENCES INC ADTRAN INC ORBITAL ATK INC ARC GROUP WORLDWIDE INC API TECHNOLOGIES CORP STONERIDGE INC ARRIS GROUP INC BELDEN INC UNIVERSAL SECURITY INSTRUMNT AVIAT NETWORKS INC CALIX INC VASCO DATA SEC INTL INC BELDEN INC CIENA CORP VICON INDUSTRIES INC BLACK BOX CORP COMMUNICATIONS SYSTEMS INC VISCOUNT SYSTEMS INC BLONDER TONGUE LABS INC ELECTR TELE-COMMUNCTN BOEING CO FRANKLIN WIRELESS CORP SIC 367 CALAMP CORP FREQUENCY ELECTRONICS INC ADVANCED ENERGY INDS INC CALIX INC GLOBAL EAGLE ENTERTAINMENT ADVANCED MICRO DEVICES CHECKPOINT SYSTEMS INC INFOSONICS CORP ALLIANCE FIBER OPTIC PRODUCT CIENA CORP MICROSOFT CORP ALTERA CORP CLEARONE INC NOVATEL WIRELESS INC AMKOR TECHNOLOGY INC COMMUNICATIONS SYSTEMS INC PLANTRONICS INC AMPHENOL CORP COMTECH TELECOMMUN POLYCOM INC ANADIGICS INC DSP GROUP INC SHORETEL INC ANALOG DEVICES ECHOSTAR CORP WESTELL TECH INC -CL A API TECHNOLOGIES CORP ELECTR TELE-COMMUNCTN ZHONE TECHNOLOGIES INC APPLIED MICRO CIRCUITS CORP ENTERTAINMENT GAMING ASIA ASCENT SOLAR TECHNOLOGIES ESCO TECHNOLOGIES INC SIC 3663 ATMEL CORP FEDERAL SIGNAL CORP ANDREA ELECTRONICS CORP AVX CORP FRANKLIN WIRELESS CORP APPLE INC AXT INC FREQUENCY ELECTRONICS INC ARC GROUP WORLDWIDE INC BEL FUSE INC GENERAL DYNAMICS CORP ARRIS GROUP INC BENCHMARK ELECTRONICS INC GENTEX CORP AVIAT NETWORKS INC BROADCOM CORP -CL A GLOBAL EAGLE ENTERTAINMENT BLACK BOX CORP CARLISLE COS INC HARMONIC INC BLONDER TONGUE LABS INC CIRRUS LOGIC INC HARRIS CORP BOEING CO CLEARFIELD INC INFOSONICS CORP CALAMP CORP COMPASS DIVERSIFIED HOLDINGS ITERIS INC CLEARONE INC CORNING INC IVEDA SOLUTIONS INC COMTECH TELECOMMUN CREE INC L-3 COMMUNICATIONS HLDGS INC DSP GROUP INC CTS CORP LOJACK CORP ECHOSTAR CORP CUI GLOBAL INC MICROSOFT CORP ENTERTAINMENT GAMING ASIA CYPRESS SEMICONDUCTOR CORP MOTOROLA SOLUTIONS INC ESCO TECHNOLOGIES INC DIGITAL POWER CORP NAPCO SECURITY TECH INC GENERAL DYNAMICS CORP DIODES INC NEONODE INC HARMONIC INC EMAGIN CORP NOVATEL WIRELESS INC HARRIS CORP EMCORE CORP NUMEREX CORP -CL A ITERIS INC ENPHASE ENERGY INC ORBITAL ATK INC L-3 COMMUNICATIONS HLDGS INC ESPEY MFG & ELECTRONICS CORP PCTEL INC MOTOROLA SOLUTIONS INC EXAR CORP PLANTRONICS INC NEONODE INC FAIRCHILD SEMICONDUCTOR INTL POLYCOM INC PCTEL INC FIRST SOLAR INC

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 30 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

GIGA-TRONICS INC ROGERS CORP ANADIGICS INC GIGOPTIX INC RUBICON TECHNOLOGY INC ANALOG DEVICES GSI TECHNOLOGY INC SANMINA CORP API TECHNOLOGIES CORP HEICO CORP SEMTECH CORP APPLIED MICRO CIRCUITS CORP HUTCHINSON TECHNOLOGY INC SEVCON INC ASCENT SOLAR TECHNOLOGIES IEH CORP SIGMA DESIGNS INC ATMEL CORP INPHI CORP SIGMATRON INTERNATIONAL INC AXT INC INRAD OPTICS INC SILICON LABORATORIES INC BROADCOM CORP -CL A INTEGRATED DEVICE TECH INC SKYWORKS SOLUTIONS INC CIRRUS LOGIC INC INTEGRATED SILICON SOLUTION SMTC CORP CREE INC INTEL CORP SOLITRON DEVICES INC CYPRESS SEMICONDUCTOR CORP INTERMOLECULAR INC SPARTON CORP DIODES INC INTERSIL CORP -CL A STANDEX INTERNATIONAL CORP EMCORE CORP INVENSENSE INC STONERIDGE INC ENPHASE ENERGY INC IPG PHOTONICS CORP STR HOLDINGS INC EXAR CORP IXYS CORP SUNEDISON INC FAIRCHILD SEMICONDUCTOR INTL JABIL CIRCUIT INC SUNPOWER CORP FIRST SOLAR INC KEMET CORP SUPERCONDUCTOR TECHNOLOGIES GIGOPTIX INC KEY TRONIC CORP SYNAPTICS INC GSI TECHNOLOGY INC KOPIN CORP SYPRIS SOLUTIONS INC INPHI CORP LATTICE SEMICONDUCTOR CORP TESSERA TECHNOLOGIES INC INTEGRATED DEVICE TECH INC LGL GROUP INC TEXAS INSTRUMENTS INC INTEGRATED SILICON SOLUTION LINEAR TECHNOLOGY CORP TOROTEL INC INTEL CORP LSI INDUSTRIES INC TRIMBLE NAVIGATION LTD INTERMOLECULAR INC M/A-COM TECHNOLOGY SOLUTIONS TTM TECHNOLOGIES INC INTERSIL CORP -CL A MAXIM INTEGRATED PRODUCTS ULTRA CLEAN HOLDINGS INC INVENSENSE INC MAXLINEAR INC UNIVERSAL DISPLAY CORP IPG PHOTONICS CORP MERCURY SYSTEMS INC VIAVI SOLUTIONS INC IXYS CORP METHODE ELECTRONICS INC VICOR CORP KOPIN CORP MICROCHIP TECHNOLOGY INC VIDEO DISPLAY CORP LATTICE SEMICONDUCTOR CORP MICRON TECHNOLOGY INC VISHAY INTERTECHNOLOGY INC LINEAR TECHNOLOGY CORP MICROPAC INDUSTRIES INC VISHAY PRECISION GROUP INC LSI INDUSTRIES INC MICROSEMI CORP VISTEON CORP M/A-COM TECHNOLOGY SOLUTIONS MICROVISION INC VOXX INTERNATIONAL CORP MAXIM INTEGRATED PRODUCTS MONOLITHIC POWER SYSTEMS INC XILINX INC MAXLINEAR INC MOOG INC -CL A MAGNACHIP SEMICONDUCTOR CORP MERCURY SYSTEMS INC MOSYS INC IEC ELECTRONICS CORP MICROCHIP TECHNOLOGY INC MULTI-FINELINE ELECTRON INC PHOTRONICS INC MICRON TECHNOLOGY INC NEOPHOTONICS CORP MICROPAC INDUSTRIES INC NETLIST INC SIC 3672 MICROSEMI CORP NORTECH SYSTEMS INC API TECHNOLOGIES CORP MONOLITHIC POWER SYSTEMS INC NVE CORP BENCHMARK ELECTRONICS INC MOSYS INC NVIDIA CORP COMPASS DIVERSIFIED HOLDINGS NEOPHOTONICS CORP OCLARO INC JABIL CIRCUIT INC NETLIST INC OMNIVISION TECHNOLOGIES INC LSI INDUSTRIES INC NVE CORP ON SEMICONDUCTOR CORP METHODE ELECTRONICS INC NVIDIA CORP ORBIT INTERNATIONAL CORP MULTI-FINELINE ELECTRON INC OCLARO INC OSI SYSTEMS INC PARK ELECTROCHEMICAL CORP OMNIVISION TECHNOLOGIES INC PARK ELECTROCHEMICAL CORP PLEXUS CORP ON SEMICONDUCTOR CORP PIXELWORKS INC ROGERS CORP OSI SYSTEMS INC PLEXUS CORP SANMINA CORP PIXELWORKS INC PMC-SIERRA INC SIGMATRON INTERNATIONAL INC PMC-SIERRA INC POSITIVEID CORP SMTC CORP POSITIVEID CORP POWER INTEGRATIONS INC TTM TECHNOLOGIES INC POWER INTEGRATIONS INC PROPHOTONIX LTD IEC ELECTRONICS CORP PROPHOTONIX LTD QLOGIC CORP QLOGIC CORP QORVO INC SIC 3674 QORVO INC QUALCOMM INC ADVANCED MICRO DEVICES QUALCOMM INC QUICKLOGIC CORP ALLIANCE FIBER OPTIC PRODUCT QUICKLOGIC CORP R F INDUSTRIES LTD ALTERA CORP RUBICON TECHNOLOGY INC RICHARDSON ELECTRONICS LTD AMKOR TECHNOLOGY INC SEMTECH CORP

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 31 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

SIGMA DESIGNS INC SIC 369 DREW INDUSTRIES INC SILICON LABORATORIES INC AROTECH CORP DUCOMMUN INC SKYWORKS SOLUTIONS INC CHINA BAK BATTERY INC FEDERAL SIGNAL CORP SOLITRON DEVICES INC ELECTRO SCIENTIFIC INDS INC FEDERAL-MOGUL HOLDINGS CORP STR HOLDINGS INC EMERSON ELECTRIC CO FORD MOTOR CO SUNEDISON INC ENERSYS INC FREIGHTCAR AMERICA INC SUNPOWER CORP ENSYNC INC FUEL SYSTEMS SOLUTIONS INC SYNAPTICS INC ENVIRONMENTAL TECTONICS CORP GENERAL DYNAMICS CORP SYPRIS SOLUTIONS INC EVANS & SUTHERLAND CMP CORP GENERAL ELECTRIC CO TESSERA TECHNOLOGIES INC FLUX POWER HOLDINGS INC GENERAL MOTORS CO TEXAS INSTRUMENTS INC FUELCELL ENERGY INC GENTEX CORP TRIMBLE NAVIGATION LTD GREATBATCH INC GENTHERM INC ULTRA CLEAN HOLDINGS INC HIGHPOWER INTERNATIONAL INC GRACO INC UNIVERSAL DISPLAY CORP HRG GROUP INC GREENBRIER COMPANIES INC VIAVI SOLUTIONS INC IMATION CORP HARLEY-DAVIDSON INC VICOR CORP JOHNSON CONTROLS INC HEICO CORP VISHAY INTERTECHNOLOGY INC JOHNSON OUTDOORS INC -CL A HEXCEL CORP VISHAY PRECISION GROUP INC MOTORCAR PARTS OF AMER INC HONEYWELL INTERNATIONAL INC XILINX INC NEWPORT CORP HUNTINGTON INGALLS IND INC MAGNACHIP SEMICONDUCTOR CORP ROFIN SINAR TECHNOLOGIES INC ICAHN ENTERPRISES LP PHOTRONICS INC SONO-TEK CORP ILLINOIS TOOL WORKS SPECTRUM BRANDS HOLDINGS INC ITT CORP SIC 3679 STANDARD MOTOR PRODS JOHNSON CONTROLS INC ADVANCED ENERGY INDS INC JOHNSON OUTDOORS INC -CL A CLEARFIELD INC SIC 37 KAMAN CORP CORNING INC ACCURIDE CORP KANDI TECHNOLOGIES GROUP DIGITAL POWER CORP ACTUANT CORP -CL A KRATOS DEFENSE & SECURITY EMAGIN CORP AEROJET ROCKETDYNE HOLDINGS KREISLER MANUFACTURING CORP ESPEY MFG & ELECTRONICS CORP AEROVIRONMENT INC LEAR CORP GIGA-TRONICS INC AIR INDUSTRIES GROUP INC LEO MOTORS INC HEICO CORP AIR METHODS CORP LIQTECH INTERNATIONAL INC HUTCHINSON TECHNOLOGY INC AIR T INC LMI AEROSPACE INC INRAD OPTICS INC AIR TRANSPORT SERVICES GROUP LOCKHEED MARTIN CORP KEY TRONIC CORP ALLISON TRANSMISSION HLDGS LYDALL INC LGL GROUP INC AMERICAN AXLE & MFG HOLDINGS MARINE PRODUCTS CORP MICROVISION INC AMERICAN RAILCAR INDS INC MERITOR INC MOOG INC -CL A ARCTIC CAT INC MILLER INDUSTRIES INC/TN NORTECH SYSTEMS INC ASTRONICS CORP MODINE MANUFACTURING CO ORBIT INTERNATIONAL CORP ASTROTECH CORP MOOG INC -CL A ROGERS CORP AUTOLIV INC NAVISTAR INTERNATIONAL CORP SPARTON CORP BARNES GROUP INC NORTHROP GRUMMAN CORP STONERIDGE INC BOEING CO OMNITEK ENGINEERING CORP SUPERCONDUCTOR TECHNOLOGIES BORGWARNER INC ORBITAL ATK INC VICOR CORP BRUNSWICK CORP OSHKOSH CORP VISTEON CORP BUTLER NATIONAL CORP PACCAR INC VOXX INTERNATIONAL CORP CARLISLE COS INC POLARIS INDUSTRIES INC CHINA AUTOMOTIVE SYSTEMS INC PRECISION CASTPARTS CORP CLARCOR INC PURADYN FILTER TECHNOLOGIES CLEAN DIESEL TECHNOLOGIES QUANTUM FUEL SYS TECH WORLDW COMMERCIAL VEHICLE GROUP INC RAYTHEON CO COMPASS DIVERSIFIED HOLDINGS ROCKWELL COLLINS INC COMPX INTERNATIONAL INC SIFCO INDUSTRIES CONRAD INDUSTRIES INC SORL AUTO PARTS INC COOPER-STANDARD HOLDINGS INC SPARTAN MOTORS INC CPI AEROSTRUCTURES INC SPIRIT AEROSYSTEMS HOLDINGS CRANE CO STRATTEC SECURITY CORP CUMMINS INC SUPERIOR INDUSTRIES INTL CURTISS-WRIGHT CORP SUPREME INDUSTRIES INC DANA HOLDING CORP SYPRIS SOLUTIONS INC DONALDSON CO INC TENNECO INC DORMAN PRODUCTS INC TESLA MOTORS INC

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 32 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

TEXTRON INC SORL AUTO PARTS INC LIQTECH INTERNATIONAL INC THOR INDUSTRIES INC SPARTAN MOTORS INC LYDALL INC TITAN INTERNATIONAL INC STRATTEC SECURITY CORP MERITOR INC TOWER INTERNATIONAL INC SUPERIOR INDUSTRIES INTL MODINE MANUFACTURING CO TRANSDIGM GROUP INC SUPREME INDUSTRIES INC NAVISTAR INTERNATIONAL CORP TRIMAS CORP SYPRIS SOLUTIONS INC OMNITEK ENGINEERING CORP TRINITY INDUSTRIES TENNECO INC PURADYN FILTER TECHNOLOGIES TRIUMPH GROUP INC TESLA MOTORS INC QUANTUM FUEL SYS TECH WORLDW UNITED TECHNOLOGIES CORP TEXTRON INC SORL AUTO PARTS INC VISTEON CORP THOR INDUSTRIES INC STRATTEC SECURITY CORP VOXX INTERNATIONAL CORP TITAN INTERNATIONAL INC SUPERIOR INDUSTRIES INTL WABASH NATIONAL CORP TOWER INTERNATIONAL INC SYPRIS SOLUTIONS INC WABCO HOLDINGS INC TRANSDIGM GROUP INC TENNECO INC WABTEC CORP VISTEON CORP TEXTRON INC WINNEBAGO INDUSTRIES VOXX INTERNATIONAL CORP TITAN INTERNATIONAL INC WABASH NATIONAL CORP TRANSDIGM GROUP INC SIC 371 WABCO HOLDINGS INC VISTEON CORP ACCURIDE CORP WINNEBAGO INDUSTRIES VOXX INTERNATIONAL CORP ACTUANT CORP -CL A WABCO HOLDINGS INC ALLISON TRANSMISSION HLDGS SIC 3711 AMERICAN AXLE & MFG HOLDINGS DREW INDUSTRIES INC SIC 372 ARCTIC CAT INC FEDERAL SIGNAL CORP AEROVIRONMENT INC AUTOLIV INC FORD MOTOR CO AIR INDUSTRIES GROUP INC BORGWARNER INC GENERAL MOTORS CO AIR METHODS CORP CARLISLE COS INC LEO MOTORS INC AIR T INC CHINA AUTOMOTIVE SYSTEMS INC NAVISTAR INTERNATIONAL CORP AIR TRANSPORT SERVICES GROUP CLARCOR INC OSHKOSH CORP ASTRONICS CORP CLEAN DIESEL TECHNOLOGIES PACCAR INC BARNES GROUP INC COMMERCIAL VEHICLE GROUP INC SPARTAN MOTORS INC BOEING CO COMPASS DIVERSIFIED HOLDINGS TESLA MOTORS INC BUTLER NATIONAL CORP COOPER-STANDARD HOLDINGS INC TOWER INTERNATIONAL INC CPI AEROSTRUCTURES INC CUMMINS INC CRANE CO DANA HOLDING CORP SIC 3714 CURTISS-WRIGHT CORP DONALDSON CO INC ACCURIDE CORP DUCOMMUN INC DORMAN PRODUCTS INC ACTUANT CORP -CL A GENERAL DYNAMICS CORP DREW INDUSTRIES INC ALLISON TRANSMISSION HLDGS GENERAL ELECTRIC CO FEDERAL SIGNAL CORP AMERICAN AXLE & MFG HOLDINGS HEICO CORP FEDERAL-MOGUL HOLDINGS CORP ARCTIC CAT INC HEXCEL CORP FORD MOTOR CO AUTOLIV INC HONEYWELL INTERNATIONAL INC FUEL SYSTEMS SOLUTIONS INC BORGWARNER INC KAMAN CORP GENERAL MOTORS CO CARLISLE COS INC KREISLER MANUFACTURING CORP GENTEX CORP CHINA AUTOMOTIVE SYSTEMS INC LMI AEROSPACE INC GENTHERM INC CLARCOR INC LOCKHEED MARTIN CORP GRACO INC CLEAN DIESEL TECHNOLOGIES MOOG INC -CL A ICAHN ENTERPRISES LP COMMERCIAL VEHICLE GROUP INC NORTHROP GRUMMAN CORP ILLINOIS TOOL WORKS COMPASS DIVERSIFIED HOLDINGS PRECISION CASTPARTS CORP ITT CORP COOPER-STANDARD HOLDINGS INC ROCKWELL COLLINS INC JOHNSON CONTROLS INC CUMMINS INC SIFCO INDUSTRIES LEAR CORP DANA HOLDING CORP SPIRIT AEROSYSTEMS HOLDINGS LEO MOTORS INC DONALDSON CO INC TEXTRON INC LIQTECH INTERNATIONAL INC DORMAN PRODUCTS INC TRANSDIGM GROUP INC LYDALL INC FEDERAL-MOGUL HOLDINGS CORP TRIUMPH GROUP INC MERITOR INC FUEL SYSTEMS SOLUTIONS INC UNITED TECHNOLOGIES CORP MILLER INDUSTRIES INC/TN GENTEX CORP MODINE MANUFACTURING CO GENTHERM INC NAVISTAR INTERNATIONAL CORP GRACO INC OMNITEK ENGINEERING CORP ICAHN ENTERPRISES LP OSHKOSH CORP ILLINOIS TOOL WORKS PACCAR INC ITT CORP PURADYN FILTER TECHNOLOGIES JOHNSON CONTROLS INC QUANTUM FUEL SYS TECH WORLDW LEAR CORP

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 33 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

SIC 3728 BIO-TECHNE CORP GREATBATCH INC AIR INDUSTRIES GROUP INC BIOLASE INC GRIFFON CORP AIR METHODS CORP BIOLIFE SOLUTIONS INC GUIDED THERAPEUTICS INC AIR T INC BOSTON SCIENTIFIC CORP HAEMONETICS CORP ASTRONICS CORP BOVIE MEDICAL CORP HANSEN MEDICAL INC CPI AEROSTRUCTURES INC BROOKS AUTOMATION INC HARVARD BIOSCIENCE INC CRANE CO BRUKER CORP HEARTWARE INTERNATIONAL INC CURTISS-WRIGHT CORP CANTEL MEDICAL CORP HILL-ROM HOLDINGS INC DUCOMMUN INC CARDICA INC HOLOGIC INC HEXCEL CORP CARDINAL HEALTH INC HONEYWELL INTERNATIONAL INC HONEYWELL INTERNATIONAL INC CARDIOVASCULAR SYSTEMS INC HPIL HOLDING KAMAN CORP CEMTREX INC HURCO COMPANIES INC LMI AEROSPACE INC CEPHEID INC I D SYSTEMS INC MOOG INC -CL A CESCA THERAPEUTICS INC ICAD INC NORTHROP GRUMMAN CORP CHART INDUSTRIES INC ICU MEDICAL INC PRECISION CASTPARTS CORP CINTAS CORP IDEX CORP ROCKWELL COLLINS INC COGNEX CORP II-VI INC SPIRIT AEROSYSTEMS HOLDINGS COHERENT INC ILLINOIS TOOL WORKS TRANSDIGM GROUP INC COHU INC ILLUMINA INC TRIUMPH GROUP INC COMPASS DIVERSIFIED HOLDINGS IMAGE SENSING SYSTEMS INC CONMED CORP IMPLANT SCIENCES CORP SIC 38 COOPER COMPANIES INC INOVIO PHARMACEUTICALS INC 3M CO CORNING INC INSPIREMD INC ABAXIS INC CRYOLIFE INC INSULET CORP ABBOTT LABORATORIES CUBIC CORP INTEGRA LIFESCIENCES HLDGS ABIOMED INC CUI GLOBAL INC INTEST CORP ACCURAY INC CUTERA INC INTEVAC INC ACORN ENERGY INC CYBEROPTICS CORP INTRICON CORP ACTIVECARE INC CYNOSURE INC INTUITIVE SURGICAL INC AEHR TEST SYSTEMS DANAHER CORP INVACARE CORP AETHLON MEDICAL INC DATA I/O CORP ION GEOPHYSICAL CORP AFFYMETRIX INC DELCATH SYSTEMS INC IRIDEX CORP AGILENT TECHNOLOGIES INC DENTSPLY INTERNATL INC ITRON INC ALIGN TECHNOLOGY INC DEXCOM INC ITT CORP ALLIED HEALTHCARE PRODS INC DIGIRAD CORP IXIA ALPHA PRO TECH LTD DOMTAR CORP JOHNSON & JOHNSON ALPHATEC HOLDINGS INC DYNASIL CORP OF AMERICA JOHNSON CONTROLS INC AMERICAN SCIENCE ENGINEERING DYNATRONICS CORP KEWAUNEE SCIENTIFIC CORP AMETEK INC EDWARDS LIFESCIENCES CORP KLA-TENCOR CORP ANALOGIC CORP ELECTRO-SENSORS INC KVH INDUSTRIES INC ANGIODYNAMICS INC ELECTROMED INC LAKELAND INDUSTRIES INC ANTARES PHARMA INC EMERSON ELECTRIC CO LANDAUER INC ARADIGM CORP ENDOLOGIX INC LEMAITRE VASCULAR INC ARC GROUP WORLDWIDE INC ENVIRONMENTAL TECTONICS CORP MASIMO CORP ARRHYTHMIA RESEARCH TECH ESCO TECHNOLOGIES INC MECHANICAL TECHNOLOGY INC ARTVENTIVE MEDICAL GROUP INC ESTERLINE TECHNOLOGIES CORP MELA SCIENCES INC ASTRO-MED INC EXACTECH INC MERIT MEDICAL SYSTEMS INC ATOSSA GENETICS INC FARO TECHNOLOGIES INC MESA LABORATORIES INC ATRICURE INC FEI CO METTLER-TOLEDO INTL INC ATRION CORP FLEXPOINT SENSOR SYSTEMS INC MIKROS SYSTEMS CORP AVERY DENNISON CORP FLIR SYSTEMS INC MILESTONE SCIENTIFIC INC AVID TECHNOLOGY INC FLUIDIGM CORP MITCHAM INDUSTRIES INC AXOGEN INC FONAR CORP MKS INSTRUMENTS INC BADGER METER INC FORMFACTOR INC MOCON INC BALL CORP FOSSIL GROUP INC MOOG INC -CL A BALLANTYNE STRONG INC FREQUENCY ELECTRONICS INC MOVADO GROUP INC BARD (C.R.) INC GENERAL ELECTRIC CO MRI INTERVENTIONS INC BAXTER INTERNATIONAL INC GENMARK DIAGNOSTICS INC MSA SAFETY INC BECTON DICKINSON & CO GEOSPACE TECHNOLOGIES CORP MTS SYSTEMS CORP BIO-KEY INTERNATIONAL INC GIGA-TRONICS INC MUELLER WATER PRODUCTS INC BIO-RAD LABORATORIES INC GLOBUS MEDICAL INC NANOMETRICS INC

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 34 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

NATUS MEDICAL INC WOUND MANAGEMENT TECH INC FREQUENCY ELECTRONICS INC NEUROMETRIX INC XCERRA CORP GEOSPACE TECHNOLOGIES CORP NEWELL RUBBERMAID INC ZELTIQ AESTHETICS INC GIGA-TRONICS INC NEWPORT CORP ZIMMER BIOMET HOLDINGS INC HARVARD BIOSCIENCE INC NORTEK INC ZYNEX INC HONEYWELL INTERNATIONAL INC NORTHROP GRUMMAN CORP CASCADE MICROTECH INC HURCO COMPANIES INC NUVASIVE INC OXYSURE SYSTEMS INC IDEX CORP NXSTAGE MEDICAL INC SPAN-AMERICA MEDICAL SYS INC II-VI INC OPT-SCIENCES CORP ILLINOIS TOOL WORKS ORBIT INTERNATIONAL CORP SIC 381 ILLUMINA INC OSI SYSTEMS INC ACORN ENERGY INC IMPLANT SCIENCES CORP PACIFIC BIOSCIENCES OF CALIF ANALOGIC CORP INTEST CORP PERCEPTRON INC BALL CORP INTEVAC INC PERKINELMER INC CUBIC CORP ION GEOPHYSICAL CORP PERSEON CORP FLIR SYSTEMS INC ITRON INC PHOTOMEDEX INC GRIFFON CORP IXIA RAVEN INDUSTRIES INC I D SYSTEMS INC JOHNSON CONTROLS INC RAYTHEON CO IMAGE SENSING SYSTEMS INC KEWAUNEE SCIENTIFIC CORP REALD INC ITT CORP KLA-TENCOR CORP REFLECT SCIENTIFIC INC KVH INDUSTRIES INC MECHANICAL TECHNOLOGY INC REMEDENT INC NORTHROP GRUMMAN CORP MESA LABORATORIES INC REPRO MEDSYSTEMS INC ORBIT INTERNATIONAL CORP METTLER-TOLEDO INTL INC RESMED INC RAYTHEON CO MIKROS SYSTEMS CORP RETRACTABLE TECHNOLOGIES INC ROCKWELL COLLINS INC MITCHAM INDUSTRIES INC ROCKWELL COLLINS INC TELEDYNE TECHNOLOGIES INC MKS INSTRUMENTS INC ROPER TECHNOLOGIES INC MOCON INC RTI SURGICAL INC SIC 382 MTS SYSTEMS CORP RUDOLPH TECHNOLOGIES INC ACORN ENERGY INC MUELLER WATER PRODUCTS INC SANUWAVE HEALTH INC AEHR TEST SYSTEMS NANOMETRICS INC SCHMITT INDUSTRIES INC/OR AFFYMETRIX INC NEWPORT CORP SCIENTIFIC INDUSTRIES INC AGILENT TECHNOLOGIES INC NORTEK INC SIERRA MONITOR CORP AMETEK INC OPT-SCIENCES CORP SIRONA DENTAL SYSTEMS INC ASTRO-MED INC PACIFIC BIOSCIENCES OF CALIF SPECTRANETICS CORP BADGER METER INC PERCEPTRON INC SPY INC BECTON DICKINSON & CO PERKINELMER INC ST JUDE MEDICAL INC BIO-KEY INTERNATIONAL INC RAVEN INDUSTRIES INC STAAR SURGICAL CO BIO-RAD LABORATORIES INC ROPER TECHNOLOGIES INC STEREOTAXIS INC BIO-TECHNE CORP RUDOLPH TECHNOLOGIES INC STRYKER CORP BROOKS AUTOMATION INC SCHMITT INDUSTRIES INC/OR SUNSHINE HEART INC BRUKER CORP SCIENTIFIC INDUSTRIES INC TEARLAB CORP CEMTREX INC SIERRA MONITOR CORP TEL-INSTRUMENT ELECTRONICS CEPHEID INC TEL-INSTRUMENT ELECTRONICS TELEDYNE TECHNOLOGIES INC CESCA THERAPEUTICS INC TELKONET INC TELEFLEX INC COGNEX CORP TERADYNE INC TELKONET INC COHERENT INC THERMO FISHER SCIENTIFIC INC TERADYNE INC COHU INC TRIMBLE NAVIGATION LTD THERMO FISHER SCIENTIFIC INC CORNING INC VISUALANT INC TIGER X MEDICAL INC CUI GLOBAL INC WATERS CORP TRIMBLE NAVIGATION LTD CYBEROPTICS CORP WIRELESS TELECOM GROUP INC TRIMEDYNE INC DANAHER CORP XCERRA CORP UNILIFE CORP DATA I/O CORP CASCADE MICROTECH INC UNITED HEALTH PRODUCTS INC DYNASIL CORP OF AMERICA UTAH MEDICAL PRODUCTS INC ELECTRO-SENSORS INC SIC 3823 VAPOR CORP/DE EMERSON ELECTRIC CO AMETEK INC VARIAN MEDICAL SYSTEMS INC ESCO TECHNOLOGIES INC COGNEX CORP VASCULAR SOLUTIONS INC ESTERLINE TECHNOLOGIES CORP DANAHER CORP VASOMEDICAL INC FARO TECHNOLOGIES INC EMERSON ELECTRIC CO VISUALANT INC FEI CO ESTERLINE TECHNOLOGIES CORP WATERS CORP FLEXPOINT SENSOR SYSTEMS INC HURCO COMPANIES INC WEST PHARMACEUTICAL SVSC INC FLUIDIGM CORP MESA LABORATORIES INC WIRELESS TELECOM GROUP INC FORMFACTOR INC MKS INSTRUMENTS INC

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 35 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

MTS SYSTEMS CORP MTS SYSTEMS CORP ENVIRONMENTAL TECTONICS CORP ROPER TECHNOLOGIES INC NANOMETRICS INC EXACTECH INC RUDOLPH TECHNOLOGIES INC NORTEK INC FONAR CORP SCHMITT INDUSTRIES INC/OR SIERRA MONITOR CORP GENERAL ELECTRIC CO TELKONET INC TRIMBLE NAVIGATION LTD GENMARK DIAGNOSTICS INC VISUALANT INC GLOBUS MEDICAL INC SIC 3825 GREATBATCH INC ACORN ENERGY INC SIC 384 GUIDED THERAPEUTICS INC AEHR TEST SYSTEMS 3M CO HAEMONETICS CORP COHU INC ABAXIS INC HANSEN MEDICAL INC DATA I/O CORP ABBOTT LABORATORIES HEARTWARE INTERNATIONAL INC ESCO TECHNOLOGIES INC ABIOMED INC HILL-ROM HOLDINGS INC FORMFACTOR INC ACCURAY INC HOLOGIC INC FREQUENCY ELECTRONICS INC ACTIVECARE INC HPIL HOLDING GIGA-TRONICS INC AETHLON MEDICAL INC ICAD INC INTEST CORP ALIGN TECHNOLOGY INC ICU MEDICAL INC ITRON INC ALLIED HEALTHCARE PRODS INC INOVIO PHARMACEUTICALS INC IXIA ALPHA PRO TECH LTD INSPIREMD INC TEL-INSTRUMENT ELECTRONICS ALPHATEC HOLDINGS INC INSULET CORP TERADYNE INC AMERICAN SCIENCE ENGINEERING INTEGRA LIFESCIENCES HLDGS WIRELESS TELECOM GROUP INC ANALOGIC CORP INTRICON CORP XCERRA CORP ANGIODYNAMICS INC INTUITIVE SURGICAL INC CASCADE MICROTECH INC ANTARES PHARMA INC INVACARE CORP ARADIGM CORP IRIDEX CORP SIC 3826 ARC GROUP WORLDWIDE INC JOHNSON & JOHNSON AFFYMETRIX INC ARRHYTHMIA RESEARCH TECH LAKELAND INDUSTRIES INC AGILENT TECHNOLOGIES INC ARTVENTIVE MEDICAL GROUP INC LANDAUER INC BECTON DICKINSON & CO ATOSSA GENETICS INC LEMAITRE VASCULAR INC BIO-RAD LABORATORIES INC ATRICURE INC MASIMO CORP BIO-TECHNE CORP ATRION CORP MELA SCIENCES INC BROOKS AUTOMATION INC AVERY DENNISON CORP MERIT MEDICAL SYSTEMS INC BRUKER CORP AXOGEN INC MESA LABORATORIES INC CEPHEID INC BARD (C.R.) INC MILESTONE SCIENTIFIC INC COHERENT INC BAXTER INTERNATIONAL INC MOOG INC -CL A CORNING INC BECTON DICKINSON & CO MRI INTERVENTIONS INC FEI CO BIOLASE INC MSA SAFETY INC FLUIDIGM CORP BIOLIFE SOLUTIONS INC NATUS MEDICAL INC HARVARD BIOSCIENCE INC BOSTON SCIENTIFIC CORP NEUROMETRIX INC ILLUMINA INC BOVIE MEDICAL CORP NEWELL RUBBERMAID INC METTLER-TOLEDO INTL INC CANTEL MEDICAL CORP NUVASIVE INC PACIFIC BIOSCIENCES OF CALIF CARDICA INC NXSTAGE MEDICAL INC PERKINELMER INC CARDINAL HEALTH INC OSI SYSTEMS INC THERMO FISHER SCIENTIFIC INC CARDIOVASCULAR SYSTEMS INC PERSEON CORP WATERS CORP CHART INDUSTRIES INC PHOTOMEDEX INC CINTAS CORP REFLECT SCIENTIFIC INC SIC 3829 COMPASS DIVERSIFIED HOLDINGS REMEDENT INC ASTRO-MED INC CONMED CORP REPRO MEDSYSTEMS INC BIO-KEY INTERNATIONAL INC COOPER COMPANIES INC RESMED INC CEMTREX INC CRYOLIFE INC RETRACTABLE TECHNOLOGIES INC COHU INC CUTERA INC ROPER TECHNOLOGIES INC DANAHER CORP CYNOSURE INC RTI SURGICAL INC FARO TECHNOLOGIES INC DANAHER CORP SANUWAVE HEALTH INC FLEXPOINT SENSOR SYSTEMS INC DELCATH SYSTEMS INC SIRONA DENTAL SYSTEMS INC GEOSPACE TECHNOLOGIES CORP DENTSPLY INTERNATL INC SPECTRANETICS CORP IMPLANT SCIENCES CORP DEXCOM INC ST JUDE MEDICAL INC INTEVAC INC DIGIRAD CORP STEREOTAXIS INC ION GEOPHYSICAL CORP DOMTAR CORP STRYKER CORP MECHANICAL TECHNOLOGY INC DYNATRONICS CORP SUNSHINE HEART INC MIKROS SYSTEMS CORP EDWARDS LIFESCIENCES CORP TEARLAB CORP MITCHAM INDUSTRIES INC ELECTROMED INC TELEFLEX INC MOCON INC ENDOLOGIX INC TIGER X MEDICAL INC

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 36 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

TRIMEDYNE INC SIC 3842 HANSEN MEDICAL INC UNILIFE CORP 3M CO HOLOGIC INC UNITED HEALTH PRODUCTS INC ABBOTT LABORATORIES ICAD INC UTAH MEDICAL PRODUCTS INC ALLIED HEALTHCARE PRODS INC INOVIO PHARMACEUTICALS INC VAPOR CORP/DE ALPHA PRO TECH LTD INSPIREMD INC VARIAN MEDICAL SYSTEMS INC ALPHATEC HOLDINGS INC INSULET CORP VASCULAR SOLUTIONS INC AVERY DENNISON CORP INTUITIVE SURGICAL INC VASOMEDICAL INC AXOGEN INC IRIDEX CORP WEST PHARMACEUTICAL SVSC INC CANTEL MEDICAL CORP LANDAUER INC WOUND MANAGEMENT TECH INC CHART INDUSTRIES INC MASIMO CORP ZELTIQ AESTHETICS INC CINTAS CORP MRI INTERVENTIONS INC ZIMMER BIOMET HOLDINGS INC CRYOLIFE INC NATUS MEDICAL INC ZYNEX INC DOMTAR CORP NXSTAGE MEDICAL INC OXYSURE SYSTEMS INC EDWARDS LIFESCIENCES CORP OSI SYSTEMS INC SPAN-AMERICA MEDICAL SYS INC ENVIRONMENTAL TECTONICS CORP PERSEON CORP EXACTECH INC PHOTOMEDEX INC SIC 3841 INTEGRA LIFESCIENCES HLDGS RESMED INC ABIOMED INC INTRICON CORP ROPER TECHNOLOGIES INC AETHLON MEDICAL INC INVACARE CORP SANUWAVE HEALTH INC ANGIODYNAMICS INC JOHNSON & JOHNSON SPECTRANETICS CORP ANTARES PHARMA INC LAKELAND INDUSTRIES INC ST JUDE MEDICAL INC ARADIGM CORP MILESTONE SCIENTIFIC INC STEREOTAXIS INC ARC GROUP WORLDWIDE INC MSA SAFETY INC STRYKER CORP ARTVENTIVE MEDICAL GROUP INC NEWELL RUBBERMAID INC SUNSHINE HEART INC ATOSSA GENETICS INC REFLECT SCIENTIFIC INC TEARLAB CORP ATRICURE INC RTI SURGICAL INC TRIMEDYNE INC ATRION CORP STRYKER CORP UTAH MEDICAL PRODUCTS INC BARD (C.R.) INC TELEFLEX INC VARIAN MEDICAL SYSTEMS INC BAXTER INTERNATIONAL INC TIGER X MEDICAL INC VASOMEDICAL INC BECTON DICKINSON & CO UNITED HEALTH PRODUCTS INC ZELTIQ AESTHETICS INC BOSTON SCIENTIFIC CORP VAPOR CORP/DE ZYNEX INC CARDICA INC WEST PHARMACEUTICAL SVSC INC OXYSURE SYSTEMS INC CARDINAL HEALTH INC WOUND MANAGEMENT TECH INC CARDIOVASCULAR SYSTEMS INC ZIMMER BIOMET HOLDINGS INC SIC 39 COMPASS DIVERSIFIED HOLDINGS SPAN-AMERICA MEDICAL SYS INC AEROGROW INTERNATIONAL INC DELCATH SYSTEMS INC BERGIO INTERNATIONAL INC ENDOLOGIX INC SIC 3845 BLACK DIAMOND INC EXACTECH INC ABAXIS INC BOOMERANG SYSTEMS INC GLOBUS MEDICAL INC ACCURAY INC BRADY CORP HAEMONETICS CORP ACTIVECARE INC BROWNIE'S MARINE GROUP INC HEARTWARE INTERNATIONAL INC ALIGN TECHNOLOGY INC BRUNSWICK CORP HILL-ROM HOLDINGS INC ANALOGIC CORP CALLAWAY GOLF CO HPIL HOLDING ARRHYTHMIA RESEARCH TECH CHARLES & COLVARD LTD ICU MEDICAL INC BIOLIFE SOLUTIONS INC COMPASS DIVERSIFIED HOLDINGS INTEGRA LIFESCIENCES HLDGS BOSTON SCIENTIFIC CORP CYALUME TECHNOLOGIES HLDGS LEMAITRE VASCULAR INC BOVIE MEDICAL CORP DAKTRONICS INC MELA SCIENCES INC CANTEL MEDICAL CORP ENTERTAINMENT GAMING ASIA MERIT MEDICAL SYSTEMS INC CONMED CORP ESCALADE INC MESA LABORATORIES INC COOPER COMPANIES INC GAMING PARTNERS INTL CORP MOOG INC -CL A CUTERA INC GENIUS BRANDS INTL INC NEUROMETRIX INC CYNOSURE INC HASBRO INC NUVASIVE INC DANAHER CORP HILLENBRAND INC NXSTAGE MEDICAL INC DEXCOM INC IROBOT CORP REPRO MEDSYSTEMS INC DIGIRAD CORP JAKKS PACIFIC INC RETRACTABLE TECHNOLOGIES INC DYNATRONICS CORP JOHNSON OUTDOORS INC -CL A STRYKER CORP ELECTROMED INC KINGOLD JEWELRY INC TELEFLEX INC FONAR CORP LEAPFROG ENTERPRISES INC UNILIFE CORP GENERAL ELECTRIC CO LEATT CORP VASCULAR SOLUTIONS INC GENMARK DIAGNOSTICS INC MATTEL INC GREATBATCH INC MICROSOFT CORP GUIDED THERAPEUTICS INC NAUTILUS INC

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 37 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

NEWELL RUBBERMAID INC NORFOLK SOUTHERN CORP BLUEKNIGHT ENERGY PRTNRS LP NRG ENERGY INC PROVIDENCE AND WORCESTER RR CELADON GROUP INC SINCLAIR BROADCAST GP -CL A SWIFT TRANSPORTATION CO COVENANT TRANSPORTATION GRP SMITH & WESSON HOLDING CORP UNION PACIFIC CORP FEDEX CORP SUMMER INFANT INC UNITED STATES STEEL CORP FORWARD AIR CORP TRANS-LUX CORP HEARTLAND EXPRESS INC TRIMAS CORP SIC 401 HUNT (JB) TRANSPRT SVCS INC ALLIANT ENERGY CORP INTERNATIONAL ISOTOPES INC SIC 394 BERKSHIRE HATHAWAY KNIGHT TRANSPORTATION INC BLACK DIAMOND INC CSX CORP LANDSTAR SYSTEM INC BROWNIE'S MARINE GROUP INC FREIGHTCAR AMERICA INC MARTEN TRANSPORT LTD BRUNSWICK CORP GENESEE & WYOMING INC -CL A OLD DOMINION FREIGHT CALLAWAY GOLF CO KANSAS CITY SOUTHERN P.A.M. TRANSPORTATION SVCS COMPASS DIVERSIFIED HOLDINGS MATSON INC SAIA INC ESCALADE INC NORFOLK SOUTHERN CORP SENECA FOODS CORP GENIUS BRANDS INTL INC PROVIDENCE AND WORCESTER RR SWIFT TRANSPORTATION CO HASBRO INC SWIFT TRANSPORTATION CO UNITED PARCEL SERVICE INC JAKKS PACIFIC INC UNION PACIFIC CORP UNIVERSAL TRUCKLOAD SERVICES JOHNSON OUTDOORS INC -CL A UNITED STATES STEEL CORP USA TRUCK INC LEAPFROG ENTERPRISES INC WERNER ENTERPRISES INC LEATT CORP SIC 4011 YRC WORLDWIDE INC MATTEL INC BERKSHIRE HATHAWAY MICROSOFT CORP CSX CORP SIC 4213 NAUTILUS INC GENESEE & WYOMING INC -CL A ADAMS RESOURCES & ENERGY INC SMITH & WESSON HOLDING CORP KANSAS CITY SOUTHERN ARCBEST CORP MATSON INC CELADON GROUP INC SIC 3949 NORFOLK SOUTHERN CORP COVENANT TRANSPORTATION GRP BLACK DIAMOND INC PROVIDENCE AND WORCESTER RR FEDEX CORP BROWNIE'S MARINE GROUP INC SWIFT TRANSPORTATION CO HEARTLAND EXPRESS INC BRUNSWICK CORP UNION PACIFIC CORP HUNT (JB) TRANSPRT SVCS INC CALLAWAY GOLF CO UNITED STATES STEEL CORP INTERNATIONAL ISOTOPES INC COMPASS DIVERSIFIED HOLDINGS KNIGHT TRANSPORTATION INC ESCALADE INC SIC 42 LANDSTAR SYSTEM INC JOHNSON OUTDOORS INC -CL A ADAMS RESOURCES & ENERGY INC MARTEN TRANSPORT LTD LEATT CORP ARCBEST CORP OLD DOMINION FREIGHT NAUTILUS INC BLUEKNIGHT ENERGY PRTNRS LP P.A.M. TRANSPORTATION SVCS SMITH & WESSON HOLDING CORP CAPITAL PROPERTIES INC SAIA INC CELADON GROUP INC SWIFT TRANSPORTATION CO SIC 399 COVENANT TRANSPORTATION GRP USA TRUCK INC AEROGROW INTERNATIONAL INC FEDEX CORP WERNER ENTERPRISES INC BOOMERANG SYSTEMS INC FORWARD AIR CORP YRC WORLDWIDE INC BRADY CORP HEARTLAND EXPRESS INC CYALUME TECHNOLOGIES HLDGS HUNT (JB) TRANSPRT SVCS INC SIC 44 DAKTRONICS INC INTERNATIONAL ISOTOPES INC AMERICAN ELECTRIC POWER CO ENTERTAINMENT GAMING ASIA KNIGHT TRANSPORTATION INC GATX CORP GAMING PARTNERS INTL CORP LANDSTAR SYSTEM INC GENESIS ENERGY -LP HILLENBRAND INC MARTEN TRANSPORT LTD GULFMARK OFFSHORE INC IROBOT CORP OLD DOMINION FREIGHT HORNBECK OFFSHORE SVCS INC NRG ENERGY INC P.A.M. TRANSPORTATION SVCS INTL SHIPHOLDING CORP SINCLAIR BROADCAST GP -CL A SAIA INC KIRBY CORP SUMMER INFANT INC SENECA FOODS CORP MARTIN MIDSTREAM PARTNERS LP TRANS-LUX CORP SWIFT TRANSPORTATION CO MATSON INC UNITED PARCEL SERVICE INC ODYSSEY MARINE EXPLORATION SIC 40 UNIVERSAL TRUCKLOAD SERVICES RAND LOGISTICS INC ALLIANT ENERGY CORP USA TRUCK INC SEACOR HOLDINGS INC BERKSHIRE HATHAWAY WERNER ENTERPRISES INC TIDEWATER INC CSX CORP YRC WORLDWIDE INC FREIGHTCAR AMERICA INC SIC 45 GENESEE & WYOMING INC -CL A SIC 421 AAR CORP KANSAS CITY SOUTHERN ADAMS RESOURCES & ENERGY INC ABM INDUSTRIES INC MATSON INC ARCBEST CORP AIR METHODS CORP

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 38 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

AIR T INC HOLLYFRONTIER CORP C H ROBINSON WORLDWIDE INC AIR TRANSPORT SERVICES GROUP LACLEDE GROUP INC CHINA AUTO LOGISTICS INC ALASKA AIR GROUP INC MACQUARIE INFRASTRUCTURE CP CLOUD PEAK ENERGY INC AMERICAN AIRLINES GROUP INC MAGELLAN MIDSTREAM PRTNRS LP COCA-COLA BTLNG CONS ATLAS AIR WORLDWIDE HLDG INC MARATHON PETROLEUM CORP ECHO GLOBAL LOGISTICS INC BOEING CO MPLX LP EXPEDIA INC BRISTOW GROUP INC NUSTAR ENERGY LP EXPEDITORS INTL WASH INC DELTA AIR LINES INC PBF ENERGY INC FORWARD AIR CORP FEDEX CORP PLAINS ALL AMER PIPELNE -LP GATX CORP GREAT LAKES AVIATION LTD SPECTRA ENERGY PARTNERS LP GREENBRIER COMPANIES INC HAWAIIAN HOLDINGS INC SUNOCO LOGISTICS PARTNERS LP HUB GROUP INC -CL A JETBLUE AIRWAYS CORP TESORO CORP KNIGHT TRANSPORTATION INC L-3 COMMUNICATIONS HLDGS INC TESORO LOGISTICS LP MARTEN TRANSPORT LTD MACQUARIE INFRASTRUCTURE CP TRANSMONTAIGNE PARTNERS LP NORTHROP GRUMMAN CORP PHI INC OWENS & MINOR INC REPUBLIC AIRWAYS HLDGS INC SIC 461 RADIANT LOGISTICS INC SAKER AVIATION SERVICES INC BLUEKNIGHT ENERGY PRTNRS LP ROADRUNNER TRANS SVCS HLDGS SKYWEST INC BUCKEYE PARTNERS LP RYDER SYSTEM INC SOUTHWEST AIRLINES DELEK LOGISTICS PARTNERS LP SEABOARD CORP SPIRIT AIRLINES INC DELEK US HOLDINGS INC SWIFT TRANSPORTATION CO UNITED CONTINENTAL HLDGS INC ENBRIDGE ENERGY PRTNRS -LP UNIVERSAL TRUCKLOAD SERVICES ENERGY TRANSFER PARTNERS -LP USA TRUCK INC SIC 451 FERRELLGAS PARTNERS -LP WERNER ENTERPRISES INC AIR T INC GENESIS ENERGY -LP XPO LOGISTICS INC AIR TRANSPORT SERVICES GROUP HOLLY ENERGY PARTNERS LP ALASKA AIR GROUP INC HOLLYFRONTIER CORP SIC 473 AMERICAN AIRLINES GROUP INC LACLEDE GROUP INC C H ROBINSON WORLDWIDE INC DELTA AIR LINES INC MACQUARIE INFRASTRUCTURE CP CHINA AUTO LOGISTICS INC FEDEX CORP MAGELLAN MIDSTREAM PRTNRS LP CLOUD PEAK ENERGY INC GREAT LAKES AVIATION LTD MARATHON PETROLEUM CORP COCA-COLA BTLNG CONS HAWAIIAN HOLDINGS INC MPLX LP ECHO GLOBAL LOGISTICS INC JETBLUE AIRWAYS CORP NUSTAR ENERGY LP EXPEDITORS INTL WASH INC REPUBLIC AIRWAYS HLDGS INC PBF ENERGY INC FORWARD AIR CORP SKYWEST INC PLAINS ALL AMER PIPELNE -LP GREENBRIER COMPANIES INC SOUTHWEST AIRLINES SPECTRA ENERGY PARTNERS LP HUB GROUP INC -CL A SPIRIT AIRLINES INC SUNOCO LOGISTICS PARTNERS LP KNIGHT TRANSPORTATION INC UNITED CONTINENTAL HLDGS INC TESORO CORP MARTEN TRANSPORT LTD TESORO LOGISTICS LP NORTHROP GRUMMAN CORP SIC 4512 TRANSMONTAIGNE PARTNERS LP OWENS & MINOR INC ALASKA AIR GROUP INC RADIANT LOGISTICS INC AMERICAN AIRLINES GROUP INC SIC 4612 ROADRUNNER TRANS SVCS HLDGS DELTA AIR LINES INC BLUEKNIGHT ENERGY PRTNRS LP RYDER SYSTEM INC GREAT LAKES AVIATION LTD DELEK LOGISTICS PARTNERS LP SEABOARD CORP HAWAIIAN HOLDINGS INC ENBRIDGE ENERGY PRTNRS -LP SWIFT TRANSPORTATION CO JETBLUE AIRWAYS CORP ENERGY TRANSFER PARTNERS -LP UNIVERSAL TRUCKLOAD SERVICES REPUBLIC AIRWAYS HLDGS INC FERRELLGAS PARTNERS -LP USA TRUCK INC SKYWEST INC GENESIS ENERGY -LP WERNER ENTERPRISES INC SOUTHWEST AIRLINES HOLLYFRONTIER CORP XPO LOGISTICS INC SPIRIT AIRLINES INC MAGELLAN MIDSTREAM PRTNRS LP UNITED CONTINENTAL HLDGS INC MARATHON PETROLEUM CORP SIC 48 MPLX LP 8X8 INC SIC 46 PBF ENERGY INC ALASKA COMMUNICATIONS SYS GP BLUEKNIGHT ENERGY PRTNRS LP PLAINS ALL AMER PIPELNE -LP ALTEVA INC BUCKEYE PARTNERS LP SPECTRA ENERGY PARTNERS LP AMC NETWORKS INC DELEK LOGISTICS PARTNERS LP SUNOCO LOGISTICS PARTNERS LP AMERICAN TOWER CORP DELEK US HOLDINGS INC TESORO CORP AT&T INC ENBRIDGE ENERGY PRTNRS -LP TESORO LOGISTICS LP ATLANTIC TELE-NETWORK INC ENERGY TRANSFER PARTNERS -LP BEASLEY BROADCAST GROUP INC FERRELLGAS PARTNERS -LP SIC 47 BOINGO WIRELESS INC GENESIS ENERGY -LP AMERICAN RAILCAR INDS INC CABLEVISION SYS CORP -CL A HOLLY ENERGY PARTNERS LP ANDERSONS INC CBS CORP

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 39 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

CENTURYLINK INC STARZ CINCINNATI BELL INC CHARTER COMMUNICATIONS INC TEGNA INC COGENT COMMUNICATIONS HLDGS CINCINNATI BELL INC TELENAV INC CONSOLIDATED COMM HLDGS INC COGENT COMMUNICATIONS HLDGS TELEPHONE & DATA SYSTEMS INC DIGERATI TECHNOLOGIES INC COMCAST CORP TIME WARNER CABLE INC ELEPHANT TALK COMM INC CONSOLIDATED COMM HLDGS INC TIME WARNER INC EMPIRE DISTRICT ELECTRIC CO CROWN MEDIA HOLDINGS INC TIVO INC FRONTIER COMMUNICATIONS CORP CTC MEDIA INC TOWERSTREAM CORP GENERAL COMMUNICATION -CL A CUMULUS MEDIA INC TWENTY-FIRST CENTURY FOX INC HAWAIIAN TELCOM HOLDCO INC DIGERATI TECHNOLOGIES INC UNIFIEDONLINE INC HC2 HOLDINGS INC DIGITALGLOBE INC UNITED ONLINE INC IDT CORP DISCOVERY COMMUNICATIONS INC US CELLULAR CORP LEVEL 3 COMMUNICATIONS INC DISH NETWORK CORP VERIZON COMMUNICATIONS INC LICT CORP DISNEY (WALT) CO VIACOM INC LUMOS NETWORKS CORP ECHOSTAR CORP VIASAT INC OTELCO INC ELEPHANT TALK COMM INC VOLTARI CORP SHENANDOAH TELECOMMUN CO EMMIS COMMUNICATIONS CP-CL A VONAGE HOLDINGS CORP SPRINT CORP EMPIRE DISTRICT ELECTRIC CO WINDSTREAM HOLDINGS INC TELEPHONE & DATA SYSTEMS INC ENTERCOM COMMUNICATIONS CORP WORLD WRESTLING ENTMT INC VERIZON COMMUNICATIONS INC ENTRAVISION COMMUNICATIONS XURA INC WINDSTREAM HOLDINGS INC EW SCRIPPS -CL A YOU ON DEMAND HOLDINGS INC FRONTIER COMMUNICATIONS CORP SIC 483 FUSION TELECOMMUNICATIONS SIC 481 AMC NETWORKS INC GENERAL COMMUNICATION -CL A ALASKA COMMUNICATIONS SYS GP BEASLEY BROADCAST GROUP INC GLOBALSTAR INC ALTEVA INC CBS CORP GRAHAM HOLDINGS CO AT&T INC COMCAST CORP GRAY TELEVISION INC ATLANTIC TELE-NETWORK INC CTC MEDIA INC GTT COMMUNICATIONS INC CABLEVISION SYS CORP -CL A CUMULUS MEDIA INC HAWAIIAN TELCOM HOLDCO INC CENTURYLINK INC DISNEY (WALT) CO HC2 HOLDINGS INC CINCINNATI BELL INC EMMIS COMMUNICATIONS CP-CL A IDT CORP COGENT COMMUNICATIONS HLDGS ENTERCOM COMMUNICATIONS CORP IHEARTMEDIA INC CONSOLIDATED COMM HLDGS INC ENTRAVISION COMMUNICATIONS INCONTACT INC DIGERATI TECHNOLOGIES INC EW SCRIPPS -CL A INTELIQUENT INC ELEPHANT TALK COMM INC GRAHAM HOLDINGS CO IRIDIUM COMMUNICATIONS INC EMPIRE DISTRICT ELECTRIC CO GRAY TELEVISION INC LEVEL 3 COMMUNICATIONS INC FRONTIER COMMUNICATIONS CORP IHEARTMEDIA INC LICT CORP GENERAL COMMUNICATION -CL A MEREDITH CORP LUMOS NETWORKS CORP HAWAIIAN TELCOM HOLDCO INC NEXSTAR BROADCASTING GROUP MEREDITH CORP HC2 HOLDINGS INC NTN BUZZTIME INC MSG NETWORKS INC IDT CORP RADIO ONE INC NEUSTAR INC LEVEL 3 COMMUNICATIONS INC SAGA COMMUNICATIONS -CL A NEXSTAR BROADCASTING GROUP LICT CORP SALEM MEDIA GROUP INC NTELOS HOLDINGS CORP LUMOS NETWORKS CORP SCRIPPS NETWORKS INTERACTIVE NTN BUZZTIME INC NTELOS HOLDINGS CORP SINCLAIR BROADCAST GP -CL A ORBCOMM INC OTELCO INC SIRIUS XM HOLDINGS INC OTELCO INC SHENANDOAH TELECOMMUN CO SPANISH BROADCASTING SYS INC PENDRELL CORP SOUTHERN CO STARZ PREMIERE GLOBAL SERVICES INC SPOK HOLDINGS INC TIME WARNER INC RADIO ONE INC SPRINT CORP TWENTY-FIRST CENTURY FOX INC RIGNET INC TELEPHONE & DATA SYSTEMS INC VIACOM INC SAGA COMMUNICATIONS -CL A US CELLULAR CORP SALEM MEDIA GROUP INC VERIZON COMMUNICATIONS INC SIC 4832 SBA COMMUNICATIONS CORP WINDSTREAM HOLDINGS INC BEASLEY BROADCAST GROUP INC SCRIPPS NETWORKS INTERACTIVE CUMULUS MEDIA INC SHENANDOAH TELECOMMUN CO SIC 4813 EMMIS COMMUNICATIONS CP-CL A SINCLAIR BROADCAST GP -CL A ALASKA COMMUNICATIONS SYS GP ENTERCOM COMMUNICATIONS CORP SIRIUS XM HOLDINGS INC ALTEVA INC ENTRAVISION COMMUNICATIONS SOUTHERN CO AT&T INC IHEARTMEDIA INC SPANISH BROADCASTING SYS INC ATLANTIC TELE-NETWORK INC RADIO ONE INC SPOK HOLDINGS INC CABLEVISION SYS CORP -CL A SAGA COMMUNICATIONS -CL A SPRINT CORP CENTURYLINK INC SALEM MEDIA GROUP INC

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 40 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

SIRIUS XM HOLDINGS INC NEUSTAR INC ENTERPRISE PRODS PRTNRS -LP SPANISH BROADCASTING SYS INC ORBCOMM INC EQT CORP PENDRELL CORP EVERSOURCE ENERGY SIC 4833 PREMIERE GLOBAL SERVICES INC EXELON CORP AMC NETWORKS INC RIGNET INC FIRSTENERGY CORP CBS CORP SBA COMMUNICATIONS CORP GAS NATURAL INC COMCAST CORP TELENAV INC GENIE ENERGY LTD CTC MEDIA INC TOWERSTREAM CORP GREAT PLAINS ENERGY INC DISNEY (WALT) CO UNIFIEDONLINE INC HAWAIIAN ELECTRIC INDS ENTRAVISION COMMUNICATIONS UNITED ONLINE INC HERITAGE-CRYSTAL CLEAN INC EW SCRIPPS -CL A VIASAT INC HUDSON TECHNOLOGIES INC GRAHAM HOLDINGS CO VOLTARI CORP IDACORP INC GRAY TELEVISION INC VONAGE HOLDINGS CORP JUHL ENERGY INC IHEARTMEDIA INC XURA INC LACLEDE GROUP INC MEREDITH CORP LOEWS CORP NEXSTAR BROADCASTING GROUP SIC 49 MACQUARIE INFRASTRUCTURE CP NTN BUZZTIME INC AES CORP MAUI LAND & PINEAPPLE CO SAGA COMMUNICATIONS -CL A ALANCO TECHNOLOGIES INC MDU RESOURCES GROUP INC SCRIPPS NETWORKS INTERACTIVE ALLETE INC MGE ENERGY INC SINCLAIR BROADCAST GP -CL A ALLIANT ENERGY CORP MIDDLESEX WATER CO SPANISH BROADCASTING SYS INC AMEREN CORP N-VIRO INTERNATIONAL CORP STARZ AMERESCO INC NATIONAL FUEL GAS CO TIME WARNER INC AMERICAN DG ENERGY INC NEW JERSEY RESOURCES CORP TWENTY-FIRST CENTURY FOX INC AMERICAN ELECTRIC POWER CO NEXTERA ENERGY INC VIACOM INC AMERICAN STATES WATER CO NGL ENERGY PARTNERS LP AMERICAN WATER WORKS CO INC NISOURCE INC SIC 484 AQUA AMERICA INC NORTHWEST NATURAL GAS CO CABLEVISION SYS CORP -CL A ARTESIAN RESOURCES -CL A NORTHWESTERN CORP CBS CORP ATLANTIC TELE-NETWORK INC NRG ENERGY INC CHARTER COMMUNICATIONS INC ATMOS ENERGY CORP OGE ENERGY CORP COMCAST CORP AVALON HOLDINGS CORP ONEOK INC CROWN MEDIA HOLDINGS INC AVISTA CORP ONEOK PARTNERS -LP DISCOVERY COMMUNICATIONS INC BERKSHIRE HATHAWAY ORMAT TECHNOLOGIES INC DISH NETWORK CORP BLACK HILLS CORP OTTER TAIL CORP GRAHAM HOLDINGS CO CADIZ INC PEGASI ENERGY RESOURCES CORP MSG NETWORKS INC CALIFORNIA WATER SERVICE GP PEPCO HOLDINGS INC RADIO ONE INC CALPINE CORP PERMA-FIX ENVIRONMENTAL SVCS SHENANDOAH TELECOMMUN CO CASELLA WASTE SYS INC -CL A PG&E CORP TEGNA INC CENTERPOINT ENERGY INC PIEDMONT NATURAL GAS CO TELEPHONE & DATA SYSTEMS INC CHENIERE ENERGY INC PINNACLE WEST CAPITAL CORP TIME WARNER CABLE INC CHESAPEAKE UTILITIES CORP PNM RESOURCES INC TIME WARNER INC CLEAN HARBORS INC PORTLAND GENERAL ELECTRIC CO TIVO INC CLECO CORP POWERSECURE INTL INC TWENTY-FIRST CENTURY FOX INC CMS ENERGY CORP PPL CORP WORLD WRESTLING ENTMT INC COMMERCIAL METALS PREMIER HOLDING CORP YOU ON DEMAND HOLDINGS INC COMPASS DIVERSIFIED HOLDINGS PUBLIC SERVICE ENTRP GRP INC CONNECTICUT WATER SVC INC PURE CYCLE CORP SIC 489 COVANTA HOLDING CORP QUEST RESOURCE HOLDING CORP 8X8 INC CRESTWOOD EQUITY PARTNERS LP QUESTAR CORP AMERICAN TOWER CORP DCP MIDSTREAM PARTNERS LP REPUBLIC SERVICES INC BOINGO WIRELESS INC DELTA NATURAL GAS CO INC RGC RESOURCES INC DIGITALGLOBE INC DOMINION RESOURCES INC SCANA CORP DISH NETWORK CORP DTE ENERGY CO SEABOARD CORP ECHOSTAR CORP DUKE ENERGY CORP SEMGROUP CORP FUSION TELECOMMUNICATIONS EDISON INTERNATIONAL SEMPRA ENERGY GLOBALSTAR INC EL PASO ELECTRIC CO SHARPS COMPLIANCE CORP GTT COMMUNICATIONS INC EMPIRE DISTRICT ELECTRIC CO SJW CORP INCONTACT INC ENERGY TRANSFER EQUITY LP SOUTH JERSEY INDUSTRIES INC INTELIQUENT INC ENERGY TRANSFER PARTNERS -LP SOUTHCROSS ENERGY PRTNRS LP IRIDIUM COMMUNICATIONS INC ENLINK MIDSTREAM PARTNERS LP SOUTHERN CO LUMOS NETWORKS CORP ENTERGY CORP SOUTHWEST GAS CORP

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 41 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

SOUTHWESTERN ENERGY CO MGE ENERGY INC NORTHWEST NATURAL GAS CO SPECTRA ENERGY CORP NEW JERSEY RESOURCES CORP ONEOK INC SPECTRA ENERGY PARTNERS LP NEXTERA ENERGY INC ONEOK PARTNERS -LP SPINDLETOP OIL & GAS CO NISOURCE INC PEGASI ENERGY RESOURCES CORP STERICYCLE INC NORTHWEST NATURAL GAS CO PIEDMONT NATURAL GAS CO SUNEDISON INC NORTHWESTERN CORP QUESTAR CORP TARGA RESOURCES CORP NRG ENERGY INC RGC RESOURCES INC TARGA RESOURCES PARTNERS LP OGE ENERGY CORP SCANA CORP TECO ENERGY INC ORMAT TECHNOLOGIES INC SEMGROUP CORP TRANS ENERGY INC OTTER TAIL CORP SEMPRA ENERGY TRC COS INC PEPCO HOLDINGS INC SOUTH JERSEY INDUSTRIES INC U S GEOTHERMAL INC PG&E CORP SOUTHCROSS ENERGY PRTNRS LP UGI CORP PINNACLE WEST CAPITAL CORP SOUTHWEST GAS CORP UIL HOLDINGS CORP PNM RESOURCES INC SOUTHWESTERN ENERGY CO UNITIL CORP PORTLAND GENERAL ELECTRIC CO SPECTRA ENERGY CORP US ECOLOGY INC PPL CORP SPECTRA ENERGY PARTNERS LP VALHI INC PUBLIC SERVICE ENTRP GRP INC SPINDLETOP OIL & GAS CO VECTREN CORP SCANA CORP TARGA RESOURCES CORP WASTE CONNECTIONS INC SEABOARD CORP TARGA RESOURCES PARTNERS LP WASTE MANAGEMENT INC SEMPRA ENERGY TECO ENERGY INC WEC ENERGY GROUP INC SOUTH JERSEY INDUSTRIES INC TRANS ENERGY INC WESTAR ENERGY INC SOUTHERN CO UGI CORP WESTERN GAS EQUITY PRTNRS LP SUNEDISON INC UIL HOLDINGS CORP WESTMORELAND COAL CO TECO ENERGY INC UNITIL CORP WGL HOLDINGS INC UGI CORP VECTREN CORP WILLIAMS COS INC UIL HOLDINGS CORP WESTERN GAS EQUITY PRTNRS LP WILLIAMS PARTNERS LP UNITIL CORP WGL HOLDINGS INC XCEL ENERGY INC VECTREN CORP WILLIAMS COS INC YORK WATER CO WEC ENERGY GROUP INC WILLIAMS PARTNERS LP AMERICAN MIDSTREAM PRTNRS LP WESTAR ENERGY INC XCEL ENERGY INC BLUE DOLPHIN ENERGY CO WGL HOLDINGS INC AMERICAN MIDSTREAM PRTNRS LP BOARDWALK PIPELINE PRTNRS-LP XCEL ENERGY INC BLUE DOLPHIN ENERGY CO EQT MIDSTREAM PARTNERS LP BOARDWALK PIPELINE PRTNRS-LP KINDER MORGAN INC SIC 492 EQT MIDSTREAM PARTNERS LP CORNING NATURAL GAS HLDG CP ALLIANT ENERGY CORP KINDER MORGAN INC ATMOS ENERGY CORP CORNING NATURAL GAS HLDG CP SIC 491 BLACK HILLS CORP ALLETE INC CENTERPOINT ENERGY INC SIC 4922 ALLIANT ENERGY CORP CHENIERE ENERGY INC ATMOS ENERGY CORP AMEREN CORP CHESAPEAKE UTILITIES CORP CHESAPEAKE UTILITIES CORP AMERICAN ELECTRIC POWER CO CMS ENERGY CORP CRESTWOOD EQUITY PARTNERS LP AMERICAN STATES WATER CO CRESTWOOD EQUITY PARTNERS LP DCP MIDSTREAM PARTNERS LP AVISTA CORP DCP MIDSTREAM PARTNERS LP ENERGY TRANSFER EQUITY LP BLACK HILLS CORP DELTA NATURAL GAS CO INC ENERGY TRANSFER PARTNERS -LP CENTERPOINT ENERGY INC DOMINION RESOURCES INC ENTERPRISE PRODS PRTNRS -LP CLECO CORP DTE ENERGY CO EQT CORP CMS ENERGY CORP EMPIRE DISTRICT ELECTRIC CO EVERSOURCE ENERGY DOMINION RESOURCES INC ENERGY TRANSFER EQUITY LP LOEWS CORP DTE ENERGY CO ENERGY TRANSFER PARTNERS -LP MDU RESOURCES GROUP INC DUKE ENERGY CORP ENLINK MIDSTREAM PARTNERS LP NATIONAL FUEL GAS CO EDISON INTERNATIONAL ENTERPRISE PRODS PRTNRS -LP NISOURCE INC EL PASO ELECTRIC CO EQT CORP NORTHWEST NATURAL GAS CO EMPIRE DISTRICT ELECTRIC CO EVERSOURCE ENERGY ONEOK PARTNERS -LP ENTERGY CORP GAS NATURAL INC PEGASI ENERGY RESOURCES CORP EVERSOURCE ENERGY LACLEDE GROUP INC QUESTAR CORP EXELON CORP LOEWS CORP SCANA CORP FIRSTENERGY CORP MDU RESOURCES GROUP INC SEMGROUP CORP GREAT PLAINS ENERGY INC MGE ENERGY INC SEMPRA ENERGY HAWAIIAN ELECTRIC INDS NATIONAL FUEL GAS CO SOUTHCROSS ENERGY PRTNRS LP IDACORP INC NEW JERSEY RESOURCES CORP SPECTRA ENERGY CORP MDU RESOURCES GROUP INC NISOURCE INC SPECTRA ENERGY PARTNERS LP

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 42 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

SPINDLETOP OIL & GAS CO SIC 494 DXP ENTERPRISES INC TARGA RESOURCES PARTNERS LP AMERICAN STATES WATER CO EMPIRE RESOURCES INC TRANS ENERGY INC AMERICAN WATER WORKS CO INC ENVIROSTAR INC WESTERN GAS EQUITY PRTNRS LP AQUA AMERICA INC EPLUS INC WGL HOLDINGS INC ARTESIAN RESOURCES -CL A ESSENDANT INC WILLIAMS COS INC CADIZ INC ESSEX RENTAL CORP WILLIAMS PARTNERS LP CALIFORNIA WATER SERVICE GP FORCEFIELD ENERGY INC AMERICAN MIDSTREAM PRTNRS LP CONNECTICUT WATER SVC INC FOSTER (LB) CO BLUE DOLPHIN ENERGY CO MAUI LAND & PINEAPPLE CO GENUINE PARTS CO BOARDWALK PIPELINE PRTNRS-LP MIDDLESEX WATER CO GRAINGER (W W) INC EQT MIDSTREAM PARTNERS LP PURE CYCLE CORP H&E EQUIPMENT SERVICES INC SJW CORP HANDY & HARMAN LTD SIC 4923 YORK WATER CO HOUSTON WIRE & CABLE CO ALLIANT ENERGY CORP HUTTIG BUILDING PRODUCTS INC BLACK HILLS CORP SIC 495 ICAHN ENTERPRISES LP CHENIERE ENERGY INC ALANCO TECHNOLOGIES INC INDUSTRIAL SERVICES AMER INC DELTA NATURAL GAS CO INC AVALON HOLDINGS CORP INGRAM MICRO INC DTE ENERGY CO CASELLA WASTE SYS INC -CL A INSIGHT ENTERPRISES INC ENLINK MIDSTREAM PARTNERS LP CLEAN HARBORS INC INTL PACKAGING AND LOGISTICS ONEOK INC COMMERCIAL METALS JOHNSON OUTDOORS INC -CL A QUESTAR CORP COMPASS DIVERSIFIED HOLDINGS KAMAN CORP SEMPRA ENERGY COVANTA HOLDING CORP KATE SPADE & CO SOUTHWESTERN ENERGY CO HERITAGE-CRYSTAL CLEAN INC LAWSON PRODUCTS TARGA RESOURCES CORP HUDSON TECHNOLOGIES INC LKQ CORP TARGA RESOURCES PARTNERS LP N-VIRO INTERNATIONAL CORP LSB INDUSTRIES INC VECTREN CORP NGL ENERGY PARTNERS LP MANITEX INTERNATIONAL INC KINDER MORGAN INC PERMA-FIX ENVIRONMENTAL SVCS MASCO CORP CORNING NATURAL GAS HLDG CP PURE CYCLE CORP MINERALS TECHNOLOGIES INC QUEST RESOURCE HOLDING CORP MRC GLOBAL INC SIC 4924 REPUBLIC SERVICES INC MSC INDUSTRIAL DIRECT -CL A ATMOS ENERGY CORP SHARPS COMPLIANCE CORP MYERS INDUSTRIES INC CENTERPOINT ENERGY INC STERICYCLE INC NUCOR CORP CHESAPEAKE UTILITIES CORP TRC COS INC OLYMPIC STEEL INC CMS ENERGY CORP US ECOLOGY INC ORION ENERGY SYSTEMS INC DOMINION RESOURCES INC VALHI INC OWENS & MINOR INC DTE ENERGY CO WASTE CONNECTIONS INC PACCAR INC EMPIRE DISTRICT ELECTRIC CO WASTE MANAGEMENT INC PAPA JOHNS INTERNATIONAL INC EVERSOURCE ENERGY PARK OHIO HOLDINGS CORP GAS NATURAL INC SIC 50 PATRICK INDUSTRIES INC LACLEDE GROUP INC AAR CORP PATTERSON COMPANIES INC MDU RESOURCES GROUP INC ACTIVISION BLIZZARD INC PEABODY ENERGY CORP MGE ENERGY INC ADDVANTAGE TECHNOLOGIES GP PENSKE AUTOMOTIVE GROUP INC NATIONAL FUEL GAS CO AIRGAS INC PFSWEB INC NEW JERSEY RESOURCES CORP AMERESCO INC POOL CORP NISOURCE INC ANIXTER INTL INC RAYONIER INC NORTHWEST NATURAL GAS CO APPLIANCE RECYCLING CTR AMER REAL INDUSTRY INC PIEDMONT NATURAL GAS CO APPLIED INDUSTRIAL TECH INC RELIANCE STEEL & ALUMINUM CO QUESTAR CORP ARROW ELECTRONICS INC RICHARDSON ELECTRONICS LTD RGC RESOURCES INC AVNET INC SCANSOURCE INC SCANA CORP BEACON ROOFING SUPPLY INC SCHEIN (HENRY) INC SEMPRA ENERGY BLUELINX HOLDINGS INC SCHNITZER STEEL INDS -CL A SOUTH JERSEY INDUSTRIES INC BSQUARE CORP STEEL DYNAMICS INC SOUTHWEST GAS CORP CASTLE (A M) & CO SUBURBAN PROPANE PRTNRS -LP SPECTRA ENERGY CORP CENTRAL STEEL & WIRE CO SURGE COMPONENTS INC TECO ENERGY INC CHINA AUTO LOGISTICS INC SYNNEX CORP UGI CORP CINCINNATI BELL INC TAITRON COMPONENTS -CL A UIL HOLDINGS CORP CLOUD PEAK ENERGY INC TAL INTERNATIONAL GROUP INC UNITIL CORP COMMERCIAL METALS TECH DATA CORP WGL HOLDINGS INC CONSOL ENERGY INC TESSCO TECHNOLOGIES INC XCEL ENERGY INC COPART INC TETRA TECHNOLOGIES INC/DE CUMMINS INC TORO CO

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 43 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

TRANSCAT INC ICAHN ENTERPRISES LP CINCINNATI BELL INC TRIO-TECH INTERNATIONAL MRC GLOBAL INC RICHARDSON ELECTRONICS LTD TUMI HOLDINGS INC NUCOR CORP SCANSOURCE INC TWIN DISC INC OLYMPIC STEEL INC SURGE COMPONENTS INC USG CORP PEABODY ENERGY CORP TAITRON COMPONENTS -CL A VASOMEDICAL INC RELIANCE STEEL & ALUMINUM CO TESSCO TECHNOLOGIES INC VCA INC STEEL DYNAMICS INC WABASH NATIONAL CORP SIC 508 WASTE MANAGEMENT INC SIC 5051 AAR CORP WATSCO INC CASTLE (A M) & CO AIRGAS INC WAYSIDE TECHNOLOGY GROUP INC CENTRAL STEEL & WIRE CO APPLIED INDUSTRIAL TECH INC WESCO AIRCRAFT HOLDINGS INC COMMERCIAL METALS CONSOL ENERGY INC WESCO INTL INC EMPIRE RESOURCES INC DXP ENTERPRISES INC WILLIS LEASE FINANCE CORP FOSTER (LB) CO ENVIROSTAR INC UNIVERSAL POWER GROUP INC ICAHN ENTERPRISES LP ESSEX RENTAL CORP MRC GLOBAL INC GENUINE PARTS CO SIC 504 NUCOR CORP H&E EQUIPMENT SERVICES INC ACTIVISION BLIZZARD INC OLYMPIC STEEL INC INTL PACKAGING AND LOGISTICS ARROW ELECTRONICS INC RELIANCE STEEL & ALUMINUM CO KAMAN CORP AVNET INC STEEL DYNAMICS INC LAWSON PRODUCTS BSQUARE CORP LKQ CORP EPLUS INC SIC 506 LSB INDUSTRIES INC ESSENDANT INC ADDVANTAGE TECHNOLOGIES GP MANITEX INTERNATIONAL INC HANDY & HARMAN LTD AMERESCO INC MSC INDUSTRIAL DIRECT -CL A INGRAM MICRO INC ANIXTER INTL INC TAL INTERNATIONAL GROUP INC INSIGHT ENTERPRISES INC ARROW ELECTRONICS INC TETRA TECHNOLOGIES INC/DE OWENS & MINOR INC AVNET INC TORO CO PATTERSON COMPANIES INC CINCINNATI BELL INC TRANSCAT INC PFSWEB INC DXP ENTERPRISES INC TWIN DISC INC SCANSOURCE INC FORCEFIELD ENERGY INC WESCO AIRCRAFT HOLDINGS INC SCHEIN (HENRY) INC GENUINE PARTS CO WILLIS LEASE FINANCE CORP SYNNEX CORP HOUSTON WIRE & CABLE CO TECH DATA CORP ORION ENERGY SYSTEMS INC SIC 51 TRIO-TECH INTERNATIONAL PATRICK INDUSTRIES INC ACETO CORP VASOMEDICAL INC REAL INDUSTRY INC ADAMS RESOURCES & ENERGY INC VCA INC RICHARDSON ELECTRONICS LTD ALLIANCE ONE INTL INC WAYSIDE TECHNOLOGY GROUP INC SCANSOURCE INC AMCON DISTRIBUTING CO SURGE COMPONENTS INC AMERISOURCEBERGEN CORP SIC 5045 TAITRON COMPONENTS -CL A ANDERSONS INC ACTIVISION BLIZZARD INC TESSCO TECHNOLOGIES INC ASHLAND INC ARROW ELECTRONICS INC WESCO INTL INC BERKSHIRE HATHAWAY AVNET INC UNIVERSAL POWER GROUP INC BLUEKNIGHT ENERGY PRTNRS LP BSQUARE CORP BOSS HOLDINGS INC EPLUS INC SIC 5063 CARDINAL HEALTH INC ESSENDANT INC ANIXTER INTL INC CASTLE (A M) & CO INGRAM MICRO INC DXP ENTERPRISES INC CENTRAL ENERGY PARTNERS LP INSIGHT ENTERPRISES INC FORCEFIELD ENERGY INC CENTRAL GARDEN & PET CO PFSWEB INC GENUINE PARTS CO CHAMPION INDUSTRIES INC SCANSOURCE INC HOUSTON WIRE & CABLE CO CHEFS' WAREHOUSE INC SYNNEX CORP ORION ENERGY SYSTEMS INC CHENIERE ENERGY INC TECH DATA CORP PATRICK INDUSTRIES INC CHENIERE ENERGY PARTNERS LP VASOMEDICAL INC REAL INDUSTRY INC CHESAPEAKE ENERGY CORP WAYSIDE TECHNOLOGY GROUP INC WESCO INTL INC CHINA JO-JO DRUGSTORES INC UNIVERSAL POWER GROUP INC COFFEE HOLDING CO INC SIC 505 CONSTELLATION BRANDS -CL A CASTLE (A M) & CO SIC 5065 CORE MARK HOLDING CO INC CENTRAL STEEL & WIRE CO ADDVANTAGE TECHNOLOGIES GP CROSSAMERICA PARTNERS LP CLOUD PEAK ENERGY INC AMERESCO INC CTD HOLDINGS INC COMMERCIAL METALS ANIXTER INTL INC DAKOTA PLAINS HOLDINGS INC EMPIRE RESOURCES INC ARROW ELECTRONICS INC DCP MIDSTREAM PARTNERS LP FOSTER (LB) CO AVNET INC DELEK LOGISTICS PARTNERS LP

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 44 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

DELTA NATURAL GAS CO INC SIC 512 SUNOCO LOGISTICS PARTNERS LP EDUCATIONAL DEVELOPMENT CORP ACETO CORP SUNOCO LP ENERGY TRANSFER PARTNERS -LP AMERISOURCEBERGEN CORP UGI CORP ENTERPRISE PRODS PRTNRS -LP CARDINAL HEALTH INC VERTEX ENERGY INC EXPRESS SCRIPTS HOLDING CO CHINA JO-JO DRUGSTORES INC WORLD FUEL SERVICES CORP GENESCO INC EXPRESS SCRIPTS HOLDING CO GENESIS ENERGY -LP INTEGRATED BIOPHARMA INC SIC 5171 GENUINE PARTS CO MCKESSON CORP BLUEKNIGHT ENERGY PRTNRS LP GLOBAL PARTNERS LP NATURAL HEALTH TRENDS CORP CENTRAL ENERGY PARTNERS LP GREEN PLAINS INC PERFUMANIA HOLDINGS INC CHENIERE ENERGY INC HAWKINS INC PHARMERICA CORP CHENIERE ENERGY PARTNERS LP INNERWORKINGS INC PRESTIGE BRANDS HOLDINGS DAKOTA PLAINS HOLDINGS INC INTEGRATED BIOPHARMA INC SALLY BEAUTY HOLDINGS INC DCP MIDSTREAM PARTNERS LP LACLEDE GROUP INC WALGREENS BOOTS ALLIANCE INC DELEK LOGISTICS PARTNERS LP LANDEC CORP ENTERPRISE PRODS PRTNRS -LP MARATHON PETROLEUM CORP SIC 514 GLOBAL PARTNERS LP MARTIN MIDSTREAM PARTNERS LP BERKSHIRE HATHAWAY MARTIN MIDSTREAM PARTNERS LP MCKESSON CORP CENTRAL GARDEN & PET CO NATIONAL FUEL GAS CO NATIONAL FUEL GAS CO CHEFS' WAREHOUSE INC NGL ENERGY PARTNERS LP NATURAL HEALTH TRENDS CORP COFFEE HOLDING CO INC NUSTAR ENERGY LP NEWPARK RESOURCES LANDEC CORP NUSTAR GP HOLDINGS LLC NGL ENERGY PARTNERS LP RAVE RESTAURANT GROUP INC PLAINS ALL AMER PIPELNE -LP NUSTAR ENERGY LP SPARTANNASH CO QEP RESOURCES INC NUSTAR GP HOLDINGS LLC SPECTRUM BRANDS HOLDINGS INC ROSE ROCK MIDSTREAM LP PDC ENERGY INC SUPERVALU INC SEMGROUP CORP PERFUMANIA HOLDINGS INC SYSCO CORP SUNOCO LOGISTICS PARTNERS LP PHARMERICA CORP UNITED NATURAL FOODS INC PLAINS ALL AMER PIPELNE -LP CALAVO GROWERS INC SIC 5172 POLYONE CORP ADAMS RESOURCES & ENERGY INC PRESTIGE BRANDS HOLDINGS SIC 517 ASHLAND INC PVH CORP ADAMS RESOURCES & ENERGY INC CHESAPEAKE ENERGY CORP QEP RESOURCES INC ASHLAND INC CROSSAMERICA PARTNERS LP RAVE RESTAURANT GROUP INC BLUEKNIGHT ENERGY PRTNRS LP DELTA NATURAL GAS CO INC ROSE ROCK MIDSTREAM LP CENTRAL ENERGY PARTNERS LP ENERGY TRANSFER PARTNERS -LP SALLY BEAUTY HOLDINGS INC CHENIERE ENERGY INC GENESIS ENERGY -LP SCANA CORP CHENIERE ENERGY PARTNERS LP GLOBAL PARTNERS LP SEABOARD CORP CHESAPEAKE ENERGY CORP LACLEDE GROUP INC SEMGROUP CORP CROSSAMERICA PARTNERS LP MARATHON PETROLEUM CORP SOUTH JERSEY INDUSTRIES INC DAKOTA PLAINS HOLDINGS INC MARTIN MIDSTREAM PARTNERS LP SPARTANNASH CO DCP MIDSTREAM PARTNERS LP NGL ENERGY PARTNERS LP SPECTRUM BRANDS HOLDINGS INC DELEK LOGISTICS PARTNERS LP PDC ENERGY INC STEELCASE INC DELTA NATURAL GAS CO INC PLAINS ALL AMER PIPELNE -LP SUBURBAN PROPANE PRTNRS -LP ENERGY TRANSFER PARTNERS -LP SCANA CORP SUNOCO LOGISTICS PARTNERS LP ENTERPRISE PRODS PRTNRS -LP SOUTH JERSEY INDUSTRIES INC SUNOCO LP GENESIS ENERGY -LP SUBURBAN PROPANE PRTNRS -LP SUPERVALU INC GLOBAL PARTNERS LP SUNOCO LP SYSCO CORP LACLEDE GROUP INC UGI CORP UGI CORP MARATHON PETROLEUM CORP VERTEX ENERGY INC UNITED NATURAL FOODS INC MARTIN MIDSTREAM PARTNERS LP WORLD FUEL SERVICES CORP UNIVERSAL CORP/VA NATIONAL FUEL GAS CO VERTEX ENERGY INC NGL ENERGY PARTNERS LP SIC 53 WALGREENS BOOTS ALLIANCE INC NUSTAR ENERGY LP ANDERSONS INC WEYCO GROUP INC NUSTAR GP HOLDINGS LLC BELK INC WORLD FUEL SERVICES CORP PDC ENERGY INC BIG LOTS INC XEROX CORP PLAINS ALL AMER PIPELNE -LP BON-TON STORES INC CALAVO GROWERS INC QEP RESOURCES INC COSTCO WHOLESALE CORP ROSE ROCK MIDSTREAM LP DILLARDS INC -CL A SCANA CORP DOLLAR GENERAL CORP SEMGROUP CORP DOLLAR TREE INC SOUTH JERSEY INDUSTRIES INC FIVE BELOW INC SUBURBAN PROPANE PRTNRS -LP FREDS INC

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 45 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

KOHL'S CORP QKL STORES INC MADDEN STEVEN LTD MACY'S INC ROUNDY'S INC MENS WEARHOUSE INC PENNEY (J C) CO SPARTANNASH CO NEW YORK & CO INC PRICESMART INC SUPERVALU INC NORDSTROM INC SEARS HOLDINGS CORP UNITED NATURAL FOODS INC PACIFIC SUNWEAR CALIF INC TARGET CORP VILLAGE SUPER MARKET -CL A RALPH LAUREN CORP TUESDAY MORNING CORP WEIS MARKETS INC ROSS STORES INC WAL-MART STORES INC WHOLE FOODS MARKET INC SHOE CARNIVAL INC SKECHERS U S A INC SIC 533 SIC 55 STAGE STORES INC BIG LOTS INC ADVANCE AUTO PARTS INC STEIN MART INC DOLLAR GENERAL CORP ALON USA ENERGY INC TJX COMPANIES INC DOLLAR TREE INC AMERICA'S CAR-MART INC UNIFIRST CORP FIVE BELOW INC ASBURY AUTOMOTIVE GROUP INC URBAN OUTFITTERS INC FREDS INC AUTONATION INC WEYCO GROUP INC PRICESMART INC AUTOZONE INC WOLVERINE WORLD WIDE SEARS HOLDINGS CORP CARMAX INC ZUMIEZ INC TARGET CORP CASEYS GENERAL STORES INC TUESDAY MORNING CORP CLEAN ENERGY FUELS CORP SIC 565 WAL-MART STORES INC DELEK US HOLDINGS INC ABERCROMBIE & FITCH -CL A GROUP 1 AUTOMOTIVE INC AMERN EAGLE OUTFITTERS INC SIC 54 LITHIA MOTORS INC -CL A BUCKLE INC AMCON DISTRIBUTING CO MARINEMAX INC CITI TRENDS INC BOWLIN TRAVEL CENTERS INC NORTHERN TIER ENERGY LP DESTINATION XL GROUP INC FRESH MARKET INC O'REILLY AUTOMOTIVE INC GAP INC GNC HOLDINGS INC PENSKE AUTOMOTIVE GROUP INC NORDSTROM INC INGLES MARKETS INC -CL A PEP BOYS-MANNY MOE & JACK PACIFIC SUNWEAR CALIF INC KRISPY KREME DOUGHNUTS INC RUSH ENTERPRISES INC ROSS STORES INC KROGER CO SONIC AUTOMOTIVE INC -CL A STAGE STORES INC NATURAL GROCERS VITAMIN CTGE TITAN MACHINERY INC STEIN MART INC QKL STORES INC TRAVELCENTERS OF AMERICA LLC TJX COMPANIES INC ROCKY MOUNTAIN CHOC FACT INC WEST MARINE INC URBAN OUTFITTERS INC ROUNDY'S INC WESTERN REFINING INC ZUMIEZ INC SPARTANNASH CO SUPERVALU INC SIC 56 SIC 566 TESORO CORP ABERCROMBIE & FITCH -CL A DECKERS OUTDOOR CORP UNITED NATURAL FOODS INC AEROPOSTALE INC DSW INC VILLAGE SUPER MARKET -CL A AMERN EAGLE OUTFITTERS INC FINISH LINE INC -CL A VITAMIN SHOPPE INC ASCENA RETAIL GROUP INC FOOT LOCKER INC WEIS MARKETS INC BUCKLE INC GENESCO INC WHOLE FOODS MARKET INC CATO CORP -CL A MADDEN STEVEN LTD CHICOS FAS INC SHOE CARNIVAL INC SIC 541 CHILDRENS PLACE INC SKECHERS U S A INC BOWLIN TRAVEL CENTERS INC CHRISTOPHER & BANKS CORP WEYCO GROUP INC FRESH MARKET INC CINTAS CORP WOLVERINE WORLD WIDE INGLES MARKETS INC -CL A CITI TRENDS INC KROGER CO DECKERS OUTDOOR CORP SIC 57 QKL STORES INC DESTINATION MATERNITY CORP AARON'S INC ROUNDY'S INC DESTINATION XL GROUP INC APPLIANCE RECYCLING CTR AMER SPARTANNASH CO DSW INC BED BATH & BEYOND INC SUPERVALU INC ELLIS PERRY INTL INC BEST BUY CO INC TESORO CORP EXPRESS INC CONN'S INC UNITED NATURAL FOODS INC FINISH LINE INC -CL A GAMESTOP CORP VILLAGE SUPER MARKET -CL A FOOT LOCKER INC HAVERTY FURNITURE WEIS MARKETS INC FRANCESCAS HOLDINGS CORP HHGREGG INC WHOLE FOODS MARKET INC G-III APPAREL GROUP LTD MATTRESS FIRM HOLDING CORP GAP INC MILLER (HERMAN) INC SIC 5411 GENESCO INC NACCO INDUSTRIES -CL A FRESH MARKET INC GORDMANS STORES INC PCM INC INGLES MARKETS INC -CL A L BRANDS INC PIER 1 IMPORTS INC/DE KROGER CO LULULEMON ATHLETICA INC RESTORATION HARDWARE HLDNGS

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 46 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

SEARS HOMETOWN & OUTLET STR SONIC CORP PC CONNECTION INC TILE SHOP HOLDINGS INC SPYR INC PCM INC TJX COMPANIES INC STARBUCKS CORP PERFUMANIA HOLDINGS INC WILLIAMS-SONOMA INC STEEL PARTNERS HOLDINGS LP PETMED EXPRESS INC TEXAS ROADHOUSE INC RITE AID CORP SIC 571 U-SWIRL INC RLJ ENTERTAINMENT INC BED BATH & BEYOND INC WENDY'S CO SALLY BEAUTY HOLDINGS INC HAVERTY FURNITURE YUM BRANDS INC SOTHEBY'S MATTRESS FIRM HOLDING CORP SPEEDWAY MOTORSPORTS INC MILLER (HERMAN) INC SIC 59 STAPLES INC NACCO INDUSTRIES -CL A 1-800-FLOWERS.COM STAR GAS PARTNERS -LP PIER 1 IMPORTS INC/DE ABERCROMBIE & FITCH -CL A SUBURBAN PROPANE PRTNRS -LP RESTORATION HARDWARE HLDNGS AMAZON.COM INC SUNLINK HEALTH SYSTEMS INC TILE SHOP HOLDINGS INC AMERICAN POWER GROUP CORP SYSTEMAX INC TJX COMPANIES INC AMERIGAS PARTNERS -LP TANDY LEATHER FACTORY INC WILLIAMS-SONOMA INC ASCENDANT SOLUTIONS INC TIFFANY & CO BARNES & NOBLE INC TUCOWS INC SIC 58 BIG 5 SPORTING GOODS CORP UGI CORP ARK RESTAURANTS CORP BIOSCRIP INC ULTA SALON COSMETCS & FRAG BIGLARI HOLDINGS INC BLUCORA INC UNITEDHEALTH GROUP INC BJ'S RESTAURANTS INC BLUE NILE INC US AUTO PARTS NETWORK INC BLOOMIN' BRANDS INC BOOKS-A-MILLION INC VITAMIN SHOPPE INC BOB EVANS FARMS BUILD-A-BEAR WORKSHOP INC WALGREENS BOOTS ALLIANCE INC BRAVO BRIO RESTAURANT GP INC CABELAS INC WGL HOLDINGS INC BRINKER INTL INC CAFEPRESS INC WILLIAMS-SONOMA INC BUFFALO WILD WINGS INC CASH AMERICA INTL INC WORLD WRESTLING ENTMT INC CANTERBURY PARK HOLDING CORP CHARLES & COLVARD LTD EZCORP INC -CL A CARROLS RESTAURANT GROUP INC CHINA JO-JO DRUGSTORES INC GLACIER WATER SERVICES CHEESECAKE FACTORY INC CRESTWOOD EQUITY PARTNERS LP CHIPOTLE MEXICAN GRILL INC CVS HEALTH CORP SIC 591 CHUY'S HOLDINGS INC CVSL INC ASCENDANT SOLUTIONS INC CRACKER BARREL OLD CTRY STOR DAVITA HEALTHCARE PARTNERS BIOSCRIP INC CRAFT BREW ALLIANCE INC DECKERS OUTDOOR CORP CHINA JO-JO DRUGSTORES INC DARDEN RESTAURANTS INC DICKS SPORTING GOODS INC CVS HEALTH CORP DEL FRISCOS RESTURNT GRP INC ENERGY TRANSFER PARTNERS -LP DAVITA HEALTHCARE PARTNERS DENNYS CORP EVINE LIVE INC EXPRESS SCRIPTS HOLDING CO DINEEQUITY INC EXPRESS SCRIPTS HOLDING CO LIBERATOR MEDICAL HLDGS INC DOMINO'S PIZZA INC FERRELLGAS PARTNERS -LP PETMED EXPRESS INC DUNKIN' BRANDS GROUP INC FIRST CASH FINANCIAL SVCS RITE AID CORP FAMOUS DAVES OF AMERICA INC FLANIGANS ENTERPRISES INC SUNLINK HEALTH SYSTEMS INC FIDELITY NATL FINL FNF GROUP FOOT LOCKER INC UNITEDHEALTH GROUP INC FIESTA RESTAURANT GROUP INC FOSSIL GROUP INC WALGREENS BOOTS ALLIANCE INC FLANIGANS ENTERPRISES INC GAIAM INC GRANITE CITY FOOD & BREWERY HANCOCK FABRICS INC SIC 594 HEALTHCARE SERVICES GROUP HC2 HOLDINGS INC BARNES & NOBLE INC JACK IN THE BOX INC HIBBETT SPORTS INC BIG 5 SPORTING GOODS CORP JAMBA INC HSN INC BLUE NILE INC KONA GRILL INC ICTV BRANDS INC BOOKS-A-MILLION INC LUBYS INC INTEGRATED BIOPHARMA INC BUILD-A-BEAR WORKSHOP INC MCDONALD'S CORP KIRKLAND'S INC CABELAS INC MERITAGE HOSPITALITY GROUP L BRANDS INC DICKS SPORTING GOODS INC NATHAN'S FAMOUS INC LIBERATOR MEDICAL HLDGS INC FOSSIL GROUP INC PANERA BREAD CO LIBERTY INTERACTV CP QVC GRP HANCOCK FABRICS INC PAPA JOHNS INTERNATIONAL INC LIBERTY VENTURES HIBBETT SPORTS INC POPEYES LOUISIANA KITCHEN LIFETIME BRANDS INC MOVADO GROUP INC RAVE RESTAURANT GROUP INC LULULEMON ATHLETICA INC OFFICE DEPOT INC RCI HOSPITALITY HLDGS INC MOVADO GROUP INC SPEEDWAY MOTORSPORTS INC RED ROBIN GOURMET BURGERS NGL ENERGY PARTNERS LP STAPLES INC ROCKY MOUNTAIN CHOC FACT INC NUTRISYSTEM INC TIFFANY & CO RUBY TUESDAY INC OFFICE DEPOT INC RUTHS HOSPITALITY GROUP INC OVERSTOCK.COM INC

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 47 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

SIC 596 STAPLES INC AMB FINANCIAL CORP 1-800-FLOWERS.COM SYSTEMAX INC AMERIANA BANCORP ABERCROMBIE & FITCH -CL A US AUTO PARTS NETWORK INC AMERICAN BUSINESS BANK/CA AMAZON.COM INC VITAMIN SHOPPE INC AMERICAN NATL BANKSHARES BLUCORA INC WILLIAMS-SONOMA INC AMERICAN RIVER BANKSHARES CABELAS INC WORLD WRESTLING ENTMT INC AMERIS BANCORP CAFEPRESS INC AMERISERV FINANCIAL INC/PA CHARLES & COLVARD LTD SIC 598 AMES NATIONAL CORP CHINA JO-JO DRUGSTORES INC AMERICAN POWER GROUP CORP ANCHOR BANCORP/WA CVSL INC AMERIGAS PARTNERS -LP ARROW FINANCIAL CORP DECKERS OUTDOOR CORP CRESTWOOD EQUITY PARTNERS LP ASB BANCORP INC EVINE LIVE INC ENERGY TRANSFER PARTNERS -LP ASSOCIATED BANC-CORP FOOT LOCKER INC FERRELLGAS PARTNERS -LP ASTORIA FINANCIAL CORP GAIAM INC HC2 HOLDINGS INC ATHENS BANCSHARES CORP HSN INC NGL ENERGY PARTNERS LP ATLANTIC COAST FINANCIAL CP ICTV BRANDS INC STAR GAS PARTNERS -LP AUBURN BANCORP INC INTEGRATED BIOPHARMA INC SUBURBAN PROPANE PRTNRS -LP AVIDBANK HOLDINGS INC LIBERTY INTERACTV CP QVC GRP UGI CORP BAKER BOYER BANCORP LIBERTY VENTURES WGL HOLDINGS INC BANC OF CALIFORNIA INC LIFETIME BRANDS INC BANCFIRST CORP/OK LULULEMON ATHLETICA INC SIC 599 BANCORP INC NUTRISYSTEM INC 1-800-FLOWERS.COM BANCORPSOUTH INC OFFICE DEPOT INC KIRKLAND'S INC BANK FIRST NATIONAL CORP OVERSTOCK.COM INC L BRANDS INC BANK MUTUAL CORP PC CONNECTION INC PERFUMANIA HOLDINGS INC BANK OF AMERICA CORP PCM INC SALLY BEAUTY HOLDINGS INC BANK OF COMMERCE HOLDINGS RLJ ENTERTAINMENT INC SOTHEBY'S BANK OF HAWAII CORP STAPLES INC TANDY LEATHER FACTORY INC BANK OF MARIN BANCORP SYSTEMAX INC TUCOWS INC BANK OF MCKENNEY US AUTO PARTS NETWORK INC ULTA SALON COSMETCS & FRAG BANK OF NEW YORK MELLON CORP VITAMIN SHOPPE INC WORLD WRESTLING ENTMT INC BANK OF THE JAMES FINANCIAL WILLIAMS-SONOMA INC BANK OF THE OZARKS INC WORLD WRESTLING ENTMT INC SIC 60 BANK SOUTH CAROLINA CORP GLACIER WATER SERVICES CALIF FIRST NATIONAL BANCORP BANKFINANCIAL CORP CAPITAL ONE FINANCIAL CORP BANKGUAM HOLDING CO SIC 5961 CASS INFORMATION SYSTEMS INC BANKUNITED INC 1-800-FLOWERS.COM CITIGROUP INC BANKWELL FINANCIAL GROUP INC ABERCROMBIE & FITCH -CL A CMS ENERGY CORP BANNER CORP AMAZON.COM INC COMMUNITY BANKERS TRUST CORP BAR HARBOR BANKSHARES BLUCORA INC DISCOVER FINANCIAL SVCS INC BAYLAKE CORP CABELAS INC EURONET WORLDWIDE INC BB&T CORP CAFEPRESS INC EVERI HOLDINGS INC BBCN BANCORP INC CHARLES & COLVARD LTD HAWAIIAN ELECTRIC INDS BBX CAPITAL CORP CHINA JO-JO DRUGSTORES INC HEARTLAND PAYMENT SYSTEMS BCB BANCORP INC DECKERS OUTDOOR CORP HIGHER ONE HOLDINGS INC BEAR STATE FINANCIAL INC EVINE LIVE INC HILLTOP HOLDINGS INC BENCHMARK BANKSHARES INC FOOT LOCKER INC MASTERCARD INC BENEFICIAL BANCORP INC GAIAM INC MONEYGRAM INTERNATIONAL INC BERKSHIRE HILLS BANCORP INC HSN INC PAYMENT DATA SYSTEMS INC BFC FINANCIAL CORP -CL A ICTV BRANDS INC STEEL PARTNERS HOLDINGS LP BNC BANCORP INTEGRATED BIOPHARMA INC VISA INC BNCCORP INC LIBERTY INTERACTV CP QVC GRP WESTERN UNION CO BOFI HOLDING INC LIBERTY VENTURES WEX INC BOK FINANCIAL CORP LIFETIME BRANDS INC 1ST CAPITAL BANK BOSTON PRIVATE FINL HOLDINGS LULULEMON ATHLETICA INC 1ST CENTURY BANCSHARES INC BRIDGE BANCORP INC NUTRISYSTEM INC 1ST CONSTITUTION BANCORP BROADWAY FINANCIAL CORP/DE OFFICE DEPOT INC 1ST SOURCE CORP BROOKLINE BANCORP INC OVERSTOCK.COM INC ACCESS NATIONAL CORP BRYN MAWR BANK CORP PC CONNECTION INC ACNB CORP BSB BANCORP INC PCM INC AJS BANCORP INC C&F FINANCIAL CORP RLJ ENTERTAINMENT INC ALERUS FINANCIAL CORP CALIFORNIA REPUBLIC BANCORP

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 48 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

CAMBRIDGE BANCORP DIMECO INC FIRST NATIONAL BANK ALASKA CAMDEN NATIONAL CORP DNB FINANCIAL CORP FIRST NATL CMNTY BANCORP INC CAPE BANCORP INC EAGLE BANCORP INC/MD FIRST NIAGARA FINANCIAL GRP CAPITAL BANK FINANCIAL CORP EAGLE BANCORP MONTANA INC FIRST NORTHN CMNTY BANCORP CAPITAL CITY BK GROUP INC EAGLE FINANCIAL SERVICES INC FIRST REPUBLIC BANK CAPITOL FEDERAL FINL INC EAST WEST BANCORP INC FIRST SAVINGS FINANCIAL GP CARDINAL FINANCIAL CORP EASTERN VA BANKSHARES INC FIRST SOUTH BANCORP INC/VA CAROLINA BANK HOLDINGS INC ELMIRA SVGS BANK ELMIRA/NY FIRST UNITED CORP CARTER BANK & TRUST EMBASSY BANCORP INC FIRST WEST VIRGINIA BANCORP CASCADE BANCORP EMCLAIRE FINANCIAL CORP FIRSTMERIT CORP CATHAY GENERAL BANCORP EMPIRE BANCORP INC FLAGSTAR BANCORP INC CB FINANCIAL SERVICES INC ENTERPRISE BANCORP INC/MA FLUSHING FINANCIAL CORP CCFNB BANCORP INC ENTERPRISE FINL SERVICES CP FNB BANCORP CALIF CENTERSTATE BANKS INC EQUITABLE FINANCIAL CORP FORESIGHT FINANCIAL GROUP CENTRAL FEDERAL CORP ESSA BANCORP INC FOX CHASE BANCORP INC CENTRAL PACIFIC FINANCIAL CP EVANS BANCORP INC FRANKLIN FINANCIAL SVCS CORP CENTRAL VALLEY CMNTY BANCORP EVERBANK FINANCIAL CORP FS BANCORP INC CENTRUE FINANCIAL CORP EXCHANGE BK SANTA ROSA CALIF FULTON FINANCIAL CORP CENTURY BANCORP INC/MA F & M BANK CORP GEORGETOWN BANCORP INC CHARTER FINANCIAL CORP/MD F N B CORP/FL GERMAN AMERICAN BANCORP INC CHEMICAL FINANCIAL CORP FARMERS & MERCHANTS BANCORP GLACIER BANCORP INC CHEMUNG FINANCIAL CORP FARMERS & MERCHANTS BCP/OH GLEN BURNIE BANCORP CHESAPEAKE FINL SHARES INC FARMERS CAPITAL BANK CORP GREAT AMERICAN BANCORP INC CHEVIOT FINANCIAL CORP FARMERS NATL BANC CORP/OH GREAT SOUTHERN BANCORP CHICOPEE BANCORP INC FAUQUIER BANKSHARES INC GREENE COUNTY BANCORP INC CHOICEONE FINANCIAL SERVICES FFD FINANCIAL CORP GUARANTY BANCORP CITIZENS & NORTHERN CORP FIDELITY D & D BANCORP INC GUARANTY FED BANCSHARES INC CITIZENS COMMUNITY BANCORP FIDELITY SOUTHERN CORP HAMILTON BANCORP INC/MD CITIZENS FINANCIAL SVCS INC FIFTH THIRD BANCORP HAMPTON ROADS BANKSHARES INC CITIZENS FIRST CORP FINANCIAL INSTITUTIONS INC HANCOCK HOLDING CO CITY HOLDING CO FIRST ADVANTAGE BANCORP HANMI FINANCIAL CORP CIVISTA BANCSHARES INC FIRST BANCORP INC/ME HARLEYSVILLE SVGS FINL CORP CLIFTON BANCORP INC FIRST BANCORP INDIANA INC HEARTLAND BANCCORP CNB FINANCIAL CORP/PA FIRST BANCORP P R HEARTLAND FINANCIAL USA INC COBIZ FINANCIAL INC FIRST BANCORP/NC HERITAGE BANKSHARES INC CODORUS VALLEY BANCORP FIRST BANCSHARES INC/MO HERITAGE COMMERCE CORP COLONY BANKCORP INC FIRST BANCTRUST CORP HERITAGE FINANCIAL CORP COLUMBIA BANKING SYSTEM INC FIRST BUSEY CORP HERITAGE OAKS BANCORP COMERICA INC FIRST BUSINESS FINL SRV INC HF FINANCIAL CORP COMMERCE BANCSHARES INC FIRST CENTURY BANKSHARES INC HILLS BANCORPORATION COMMERCIAL BANCSHARES INC/OH FIRST CITIZENS BANCSH -CL A HINGHAM INSTN FOR SAVINGS COMMERCIAL NATL FINL CP/PA FIRST CLOVER LEAF FINANCIAL HMN FINANCIAL INC COMMUNITY BANCORP INC/VT FIRST CMNTY BANCSHARES INC HOME BANCORP INC COMMUNITY BANK SYSTEM INC FIRST CMNTY FINL PARTNERS HOME BANCSHARES INC COMMUNITY SHORES BANK CORP FIRST COMMONWLTH FINL CP/PA HOME CITY FINANCIAL CORP COMMUNITY TRUST BANCORP INC FIRST COMMUNITY CORP/SC HOME FEDERAL BANCORP INC/LA COMMUNITY WEST BANCSHARES FIRST CONNECTICUT BANCORP HOME LOAN FINANCIAL CORP COMMUNITYONE BANCORP FIRST DEFIANCE FINANCIAL CP HOPFED BANCORP INC CONNECTONE BANCORP INC FIRST FED NOR MICH BANCORP HORIZON BANCORP/IN CONSUMERS BANCORP INC FIRST FINANCIAL CORP/IN HOWARD BANCORP INC CORDIA BANCORP INC FIRST FINANCIAL NORTHWEST HUNTINGTON BANCSHARES CROGHAN BANCSHARES INC FIRST FINL BANCORP INC/OH IBERIABANK CORP CSB BANCORP INC/OH FIRST FINL BANKSHARES INC IDAHO INDEPENDENT BK COEUR CU BANCORP/CA FIRST HORIZON NATIONAL CORP IF BANCORP INC CULLEN/FROST BANKERS INC FIRST INTERNET BANCORP INDEPENDENT BANK CORP/MA CUSTOMERS BANCORP INC FIRST INTERSTATE BANCSYSTEM INDEPENDENT BANK CORP/MI CVB FINANCIAL CORP FIRST KEYSTONE CORP INTL BANCSHARES CORP DCB FINANCIAL CORP FIRST LONG ISLAND CORP INVESTORS BANCORP INC DELANCO BANCORP INC FIRST MERCHANTS CORP JACKSONVILLE BANCORP INC/FL DENMARK BANCSHARES INC FIRST MID ILL BANCSHARES INC JEFFERSONVILLE BANCORP DIME COMMUNITY BANCSHARES FIRST MIDWEST BANCORP INC JPMORGAN CHASE & CO

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 49 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

KATAHDIN BANKSHARES CORP OCONEE FEDERAL FINANCIAL CP SANDY SPRING BANCORP INC KEARNY FINANCIAL CORP OCWEN FINANCIAL CORP SB FINANCIAL GROUP INC KENTUCKY BANCSHARES INC OFG BANCORP SEACOAST BANKING CORP/FL KEYCORP OHIO LEGACY CORP SECURITY CALIFORNIA BANCORP LAKE SHORE BANCORP INC OHIO VALLEY BANC CORP SECURITY FEDERAL CORP LAKE SUNAPEE BANK GROUP OLD LINE BANCSHARES INC SELECT BANCORP INC LAKELAND BANCORP INC OLD NATIONAL BANCORP SEVERN BANCORP INC LAKELAND FINANCIAL CORP OLD POINT FINANCIAL CORP SHORE BANCSHARES INC LANDMARK BANCORP INC/KS OLD SECOND BANCORP INC/IL SI FINANCIAL GROUP INC LAPORTE BANCORP INC ONEIDA FINANCIAL CORP SIERRA BANCORP/CA LEGACY TEX FINANCIAL GRP INC OPTIMUMBANK HOLDINGS INC SIGNATURE BANK/NY LIBERTY BELL BANK ORITANI FINANCIAL CORP SIMMONS FIRST NATL CP -CL A M & T BANK CORP ORRSTOWN FINANCIAL SVCS INC SOUND FINANCIAL BANCORP INC M&F BANCORP INC OTTAWA SAVINGS BANCORP INC SOUTH STATE CORP MACATAWA BANK CORP PACIFIC CITY FINANCIAL CORP SOUTHEASTERN BANK FINL CORP MACKINAC FINANCIAL CORP PACIFIC CONTINENTAL CORP SOUTHERN BANC CO INC MAGYAR BANCORP INC PACIFIC MERCANTILE BANCORP SOUTHERN FIRST BANKSHARES MAINSOURCE FINL GROUP INC PACIFIC PREMIER BANCORP INC SOUTHERN MICH BANCORP INC MALVERN BANCORP INC PACWEST BANCORP SOUTHERN MISSOURI BANCP INC MB FINANCIAL INC/MD PARK NATIONAL CORP SOUTHERN NATIONAL BANCORP VA MBT FINANCIAL CORP PARK STERLING CORP SOUTHSIDE BANCSHARES INC MERCANTILE BANK CORP PARKE BANCORP INC SOUTHWEST BANCORP INC MERCHANTS BANCSHARES INC/VT PATHFINDER BANCORP INC SOUTHWEST GEORGIA FINL CORP MERIDIAN BANCORP INC (MD) PATRIOT NATIONAL BANCORP INC STANDARD FINANCIAL CORP META FINANCIAL GROUP INC PEAPACK-GLADSTONE FINL CORP STATE BANK FINANCIAL CORP METRO BANCORP INC PENNS WOODS BANCORP INC STATE STREET CORP MID PENN BANCORP INC PEOPLE'S UNITED FINL INC STERLING BANCORP MIDDLEBURG FINANCIAL CORP PEOPLES BANCORP INC/OH STEWARDSHIP FINANCIAL CORP MIDDLEFIELD BANC CORP PEOPLES BANCORP NC INC STOCK YARDS BANCORP INC MIDSOUTH BANCORP INC PEOPLES FINANCIAL CORP/MS STONEGATE BANK/FL MIDWESTONE FINANCIAL GROUP PEOPLES FINANCIAL SERVICES STURGIS BANCORP INC MINDEN BANCORP INC PINNACLE FINL PARTNERS INC SUFFOLK BANCORP MONARCH FINANCIAL HLDGS INC PLUMAS BANCORP SUMMIT FINANCIAL GROUP INC MSB FINANCIAL CORP PNC FINANCIAL SVCS GROUP INC SUMMIT STATE BANK MUTUALFIRST FINANCIAL INC POAGE BANKSHARES INC SUN BANCORP INC/NJ MVB FINANCIAL CORP POPULAR INC SUNTRUST BANKS INC N B T BANCORP INC PORTER BANCORP INC SUSSEX BANCORP NASB FINANCIAL INC PREFERRED BANK LOS ANGELES SVB FINANCIAL GROUP NATIONAL BANK HLDGS CORP PREMIER FINANCIAL BANCORP SYNOVUS FINANCIAL CORP NATIONAL BANKSHARES INC VA PREMIER VALLEY BANK/CA TCF FINANCIAL CORP NATIONAL PENN BANCSHARES INC PRIVATEBANCORP INC TERRITORIAL BANCORP INC NAUGATUCK VALLEY FINANCIAL PROSPERITY BANCSHARES INC TEXAS CAPITAL BANCSHARES INC NEW PEOPLES BANKSHARES INC PROVIDENT FINANCIAL HOLDINGS TFS FINANCIAL CORP NEW RESOURCE BANK PROVIDENT FINANCIAL SVCS INC TIDELANDS BANCSHARES INC NEW YORK CMNTY BANCORP INC PRUDENTIAL BANCORP INC TIMBERLAND BANCORP INC NEWBRIDGE BANCORP PSB HOLDINGS INC TOMPKINS FINANCIAL CORP NORTHEAST BANCORP/ME PUGET SOUND BANCORP INC TOWNEBANK NORTHEAST COMMUNITY BANCORP PULASKI FINANCIAL CORP TRI CITY BANKSHARES CORP NORTHEAST INDIANA BANCORP QCR HOLDINGS INC TRICO BANCSHARES NORTHERN STATES FINANCIAL CP QNB CORP TRUSTCO BANK CORP/NY NORTHERN TRUST CORP QUAINT OAK BANCORP INC TRUSTMARK CORP NORTHFIELD BANCORP INC REGIONS FINANCIAL CORP TWO RIVER BANCORP NORTHRIM BANCORP INC RENASANT CORP U S BANCORP NORTHWAY FINANCIAL INC REPUBLIC BANCORP INC/KY UMB FINANCIAL CORP NORTHWEST BANCSHARES INC REPUBLIC FIRST BANCORP INC UMPQUA HOLDINGS CORP NORTHWEST IND BANCORP RIVER VALLEY BANCORP UNION BANKSHARES CORP NORWOOD FINANCIAL CORP RIVERVIEW BANCORP INC UNION BANKSHARES INC OAK RIDGE FINANCIAL SERVICES RIVERVIEW FINANCIAL CORP UNITED BANCORP INC/OH OAK VALLEY BANCORP ROYAL BANCSHARES/PA -CL A UNITED BANKSHARES INC/WV OCEAN SHORE HOLDING CO S & T BANCORP INC UNITED COMMUNITY BANKS INC OCEANFIRST FINANCIAL CORP SALISBURY BANCORP INC UNITED COMMUNITY FINL CORP

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 50 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

UNITED FINANCIAL BANCORP INC BANCORP INC COMMERCE BANCSHARES INC UNITED SEC BANCSHARES INC BANCORPSOUTH INC COMMERCIAL BANCSHARES INC/OH UNITED SECURITY BANCSHARS CA BANK FIRST NATIONAL CORP COMMERCIAL NATL FINL CP/PA UNITY BANCORP INC BANK OF AMERICA CORP COMMUNITY BANCORP INC/VT UNIVEST CORP OF PENNSYLVANIA BANK OF COMMERCE HOLDINGS COMMUNITY BANK SYSTEM INC VALLEY COMMERCE BANCORP BANK OF HAWAII CORP COMMUNITY SHORES BANK CORP VALLEY NATIONAL BANCORP BANK OF MARIN BANCORP COMMUNITY TRUST BANCORP INC VILLAGE BANK AND TRUST FINL BANK OF MCKENNEY COMMUNITY WEST BANCSHARES VIRGINIA NATIONAL BANKSHARES BANK OF NEW YORK MELLON CORP COMMUNITYONE BANCORP VSB BANCORP INC/NY BANK OF THE JAMES FINANCIAL CONNECTONE BANCORP INC WASHINGTON FEDERAL INC BANK OF THE OZARKS INC CONSUMERS BANCORP INC WASHINGTON TR BANCORP INC BANK SOUTH CAROLINA CORP CORDIA BANCORP INC WATERSTONE FINANCIAL INC BANKGUAM HOLDING CO CROGHAN BANCSHARES INC WAYNE SAVINGS BANCSHARES INC BANKUNITED INC CSB BANCORP INC/OH WEBSTER FINANCIAL CORP BANKWELL FINANCIAL GROUP INC CU BANCORP/CA WELLS FARGO & CO BANNER CORP CULLEN/FROST BANKERS INC WELLS FINANCIAL CORP BAR HARBOR BANKSHARES CUSTOMERS BANCORP INC WESBANCO INC BAYLAKE CORP CVB FINANCIAL CORP WEST BANCORPORATION INC BB&T CORP DCB FINANCIAL CORP WESTAMERICA BANCORPORATION BBCN BANCORP INC DENMARK BANCSHARES INC WESTERN ALLIANCE BANCORP BENCHMARK BANKSHARES INC DIMECO INC WESTFIELD FINANCIAL INC BNC BANCORP DNB FINANCIAL CORP WILLIAM PENN BANCORP INC BNCCORP INC EAGLE BANCORP INC/MD WILSHIRE BANCORP INC BOK FINANCIAL CORP EAGLE FINANCIAL SERVICES INC WINTRUST FINANCIAL CORP BOSTON PRIVATE FINL HOLDINGS EAST WEST BANCORP INC WOLVERINE BANCORP INC BRIDGE BANCORP INC EASTERN VA BANKSHARES INC WSFS FINANCIAL CORP BRYN MAWR BANK CORP EMBASSY BANCORP INC WVS FINANCIAL CORP C&F FINANCIAL CORP EMCLAIRE FINANCIAL CORP XENITH BANKSHARES INC CALIFORNIA REPUBLIC BANCORP EMPIRE BANCORP INC YADKIN FINANCIAL CORP CAMBRIDGE BANCORP ENTERPRISE BANCORP INC/MA YOUR COMMUNITY BANKSHARES CAMDEN NATIONAL CORP ENTERPRISE FINL SERVICES CP ZIONS BANCORPORATION CAPE BANCORP INC EVANS BANCORP INC CAPITAL BANK FINANCIAL CORP EXCHANGE BK SANTA ROSA CALIF SIC 602 CAPITAL CITY BK GROUP INC F & M BANK CORP CALIF FIRST NATIONAL BANCORP CARDINAL FINANCIAL CORP F N B CORP/FL CAPITAL ONE FINANCIAL CORP CAROLINA BANK HOLDINGS INC FARMERS & MERCHANTS BANCORP CASS INFORMATION SYSTEMS INC CARTER BANK & TRUST FARMERS CAPITAL BANK CORP CITIGROUP INC CASCADE BANCORP FARMERS NATL BANC CORP/OH CMS ENERGY CORP CATHAY GENERAL BANCORP FAUQUIER BANKSHARES INC COMMUNITY BANKERS TRUST CORP CB FINANCIAL SERVICES INC FIDELITY D & D BANCORP INC HILLTOP HOLDINGS INC CCFNB BANCORP INC FIDELITY SOUTHERN CORP STEEL PARTNERS HOLDINGS LP CENTERSTATE BANKS INC FIFTH THIRD BANCORP 1ST CAPITAL BANK CENTRAL PACIFIC FINANCIAL CP FINANCIAL INSTITUTIONS INC 1ST CENTURY BANCSHARES INC CENTRAL VALLEY CMNTY BANCORP FIRST BANCORP INC/ME 1ST CONSTITUTION BANCORP CENTRUE FINANCIAL CORP FIRST BANCORP INDIANA INC 1ST SOURCE CORP CENTURY BANCORP INC/MA FIRST BANCORP P R ACNB CORP CHEMICAL FINANCIAL CORP FIRST BANCORP/NC ALERUS FINANCIAL CORP CHEMUNG FINANCIAL CORP FIRST BUSEY CORP AMB FINANCIAL CORP CHESAPEAKE FINL SHARES INC FIRST BUSINESS FINL SRV INC AMERICAN BUSINESS BANK/CA CHOICEONE FINANCIAL SERVICES FIRST CENTURY BANKSHARES INC AMERICAN NATL BANKSHARES CITIZENS & NORTHERN CORP FIRST CITIZENS BANCSH -CL A AMERICAN RIVER BANKSHARES CITIZENS FINANCIAL SVCS INC FIRST CMNTY BANCSHARES INC AMERIS BANCORP CITIZENS FIRST CORP FIRST CMNTY FINL PARTNERS AMERISERV FINANCIAL INC/PA CITY HOLDING CO FIRST COMMONWLTH FINL CP/PA AMES NATIONAL CORP CIVISTA BANCSHARES INC FIRST COMMUNITY CORP/SC ARROW FINANCIAL CORP CNB FINANCIAL CORP/PA FIRST CONNECTICUT BANCORP ASSOCIATED BANC-CORP COBIZ FINANCIAL INC FIRST FINANCIAL CORP/IN ATHENS BANCSHARES CORP CODORUS VALLEY BANCORP FIRST FINL BANCORP INC/OH AVIDBANK HOLDINGS INC COLONY BANKCORP INC FIRST FINL BANKSHARES INC BAKER BOYER BANCORP COLUMBIA BANKING SYSTEM INC FIRST HORIZON NATIONAL CORP BANCFIRST CORP/OK COMERICA INC FIRST INTERNET BANCORP

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 51 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

FIRST INTERSTATE BANCSYSTEM MERCANTILE BANK CORP QCR HOLDINGS INC FIRST KEYSTONE CORP MERCHANTS BANCSHARES INC/VT QNB CORP FIRST LONG ISLAND CORP METRO BANCORP INC REGIONS FINANCIAL CORP FIRST MERCHANTS CORP MID PENN BANCORP INC RENASANT CORP FIRST MID ILL BANCSHARES INC MIDDLEBURG FINANCIAL CORP REPUBLIC BANCORP INC/KY FIRST MIDWEST BANCORP INC MIDDLEFIELD BANC CORP REPUBLIC FIRST BANCORP INC FIRST NATIONAL BANK ALASKA MIDSOUTH BANCORP INC RIVERVIEW FINANCIAL CORP FIRST NATL CMNTY BANCORP INC MIDWESTONE FINANCIAL GROUP ROYAL BANCSHARES/PA -CL A FIRST NORTHN CMNTY BANCORP MINDEN BANCORP INC S & T BANCORP INC FIRST REPUBLIC BANK MONARCH FINANCIAL HLDGS INC SALISBURY BANCORP INC FIRST SOUTH BANCORP INC/VA MVB FINANCIAL CORP SANDY SPRING BANCORP INC FIRST UNITED CORP N B T BANCORP INC SB FINANCIAL GROUP INC FIRST WEST VIRGINIA BANCORP NATIONAL BANK HLDGS CORP SEACOAST BANKING CORP/FL FIRSTMERIT CORP NATIONAL BANKSHARES INC VA SECURITY CALIFORNIA BANCORP FNB BANCORP CALIF NATIONAL PENN BANCSHARES INC SECURITY FEDERAL CORP FORESIGHT FINANCIAL GROUP NEW PEOPLES BANKSHARES INC SELECT BANCORP INC FRANKLIN FINANCIAL SVCS CORP NEW RESOURCE BANK SHORE BANCSHARES INC FULTON FINANCIAL CORP NEWBRIDGE BANCORP SIERRA BANCORP/CA GERMAN AMERICAN BANCORP INC NORTHEAST BANCORP/ME SIGNATURE BANK/NY GLACIER BANCORP INC NORTHERN STATES FINANCIAL CP SIMMONS FIRST NATL CP -CL A GLEN BURNIE BANCORP NORTHERN TRUST CORP SOUTH STATE CORP GREAT SOUTHERN BANCORP NORTHRIM BANCORP INC SOUTHEASTERN BANK FINL CORP GUARANTY BANCORP NORTHWAY FINANCIAL INC SOUTHERN FIRST BANKSHARES GUARANTY FED BANCSHARES INC NORWOOD FINANCIAL CORP SOUTHERN MICH BANCORP INC HAMPTON ROADS BANKSHARES INC OAK RIDGE FINANCIAL SERVICES SOUTHERN NATIONAL BANCORP VA HANCOCK HOLDING CO OAK VALLEY BANCORP SOUTHSIDE BANCSHARES INC HANMI FINANCIAL CORP OFG BANCORP SOUTHWEST BANCORP INC HEARTLAND BANCCORP OHIO LEGACY CORP SOUTHWEST GEORGIA FINL CORP HEARTLAND FINANCIAL USA INC OHIO VALLEY BANC CORP STATE BANK FINANCIAL CORP HERITAGE BANKSHARES INC OLD LINE BANCSHARES INC STATE STREET CORP HERITAGE COMMERCE CORP OLD NATIONAL BANCORP STEWARDSHIP FINANCIAL CORP HERITAGE FINANCIAL CORP OLD POINT FINANCIAL CORP STOCK YARDS BANCORP INC HERITAGE OAKS BANCORP OLD SECOND BANCORP INC/IL STONEGATE BANK/FL HF FINANCIAL CORP OPTIMUMBANK HOLDINGS INC SUFFOLK BANCORP HILLS BANCORPORATION ORRSTOWN FINANCIAL SVCS INC SUMMIT FINANCIAL GROUP INC HOME BANCSHARES INC PACIFIC CITY FINANCIAL CORP SUMMIT STATE BANK HORIZON BANCORP/IN PACIFIC CONTINENTAL CORP SUN BANCORP INC/NJ HOWARD BANCORP INC PACIFIC MERCANTILE BANCORP SUNTRUST BANKS INC HUNTINGTON BANCSHARES PACIFIC PREMIER BANCORP INC SUSSEX BANCORP IBERIABANK CORP PACWEST BANCORP SVB FINANCIAL GROUP IDAHO INDEPENDENT BK COEUR PARK NATIONAL CORP SYNOVUS FINANCIAL CORP INDEPENDENT BANK CORP/MA PARK STERLING CORP TCF FINANCIAL CORP INDEPENDENT BANK CORP/MI PARKE BANCORP INC TEXAS CAPITAL BANCSHARES INC INTL BANCSHARES CORP PATRIOT NATIONAL BANCORP INC TIDELANDS BANCSHARES INC JACKSONVILLE BANCORP INC/FL PEAPACK-GLADSTONE FINL CORP TOMPKINS FINANCIAL CORP JEFFERSONVILLE BANCORP PENNS WOODS BANCORP INC TOWNEBANK JPMORGAN CHASE & CO PEOPLES BANCORP INC/OH TRI CITY BANKSHARES CORP KATAHDIN BANKSHARES CORP PEOPLES BANCORP NC INC TRICO BANCSHARES KENTUCKY BANCSHARES INC PEOPLES FINANCIAL CORP/MS TRUSTMARK CORP KEYCORP PEOPLES FINANCIAL SERVICES TWO RIVER BANCORP LAKELAND BANCORP INC PINNACLE FINL PARTNERS INC U S BANCORP LAKELAND FINANCIAL CORP PLUMAS BANCORP UMB FINANCIAL CORP LANDMARK BANCORP INC/KS PNC FINANCIAL SVCS GROUP INC UMPQUA HOLDINGS CORP LEGACY TEX FINANCIAL GRP INC POPULAR INC UNION BANKSHARES CORP LIBERTY BELL BANK PORTER BANCORP INC UNION BANKSHARES INC M & T BANK CORP PREFERRED BANK LOS ANGELES UNITED BANCORP INC/OH M&F BANCORP INC PREMIER FINANCIAL BANCORP UNITED BANKSHARES INC/WV MACATAWA BANK CORP PREMIER VALLEY BANK/CA UNITED COMMUNITY BANKS INC MACKINAC FINANCIAL CORP PRIVATEBANCORP INC UNITED SEC BANCSHARES INC MAINSOURCE FINL GROUP INC PROSPERITY BANCSHARES INC UNITED SECURITY BANCSHARS CA MB FINANCIAL INC/MD PUGET SOUND BANCORP INC UNITY BANCORP INC

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 52 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

UNIVEST CORP OF PENNSYLVANIA FIRST ADVANTAGE BANCORP QUAINT OAK BANCORP INC VALLEY COMMERCE BANCORP FIRST BANCSHARES INC/MO RIVER VALLEY BANCORP VALLEY NATIONAL BANCORP FIRST BANCTRUST CORP RIVERVIEW BANCORP INC VILLAGE BANK AND TRUST FINL FIRST CLOVER LEAF FINANCIAL SEVERN BANCORP INC VIRGINIA NATIONAL BANKSHARES FIRST DEFIANCE FINANCIAL CP SI FINANCIAL GROUP INC VSB BANCORP INC/NY FIRST FED NOR MICH BANCORP SOUND FINANCIAL BANCORP INC WASHINGTON FEDERAL INC FIRST FINANCIAL NORTHWEST SOUTHERN BANC CO INC WASHINGTON TR BANCORP INC FIRST NIAGARA FINANCIAL GRP SOUTHERN MISSOURI BANCP INC WEBSTER FINANCIAL CORP FIRST SAVINGS FINANCIAL GP STANDARD FINANCIAL CORP WELLS FARGO & CO FLAGSTAR BANCORP INC STERLING BANCORP WELLS FINANCIAL CORP FLUSHING FINANCIAL CORP STURGIS BANCORP INC WESBANCO INC FOX CHASE BANCORP INC TERRITORIAL BANCORP INC WEST BANCORPORATION INC FS BANCORP INC TFS FINANCIAL CORP WESTAMERICA BANCORPORATION GEORGETOWN BANCORP INC TIMBERLAND BANCORP INC WESTERN ALLIANCE BANCORP GREAT AMERICAN BANCORP INC TRUSTCO BANK CORP/NY WILSHIRE BANCORP INC GREENE COUNTY BANCORP INC UNITED COMMUNITY FINL CORP WINTRUST FINANCIAL CORP HAMILTON BANCORP INC/MD UNITED FINANCIAL BANCORP INC XENITH BANKSHARES INC HARLEYSVILLE SVGS FINL CORP WATERSTONE FINANCIAL INC YADKIN FINANCIAL CORP HINGHAM INSTN FOR SAVINGS WAYNE SAVINGS BANCSHARES INC YOUR COMMUNITY BANKSHARES HMN FINANCIAL INC WESTFIELD FINANCIAL INC ZIONS BANCORPORATION HOME BANCORP INC WILLIAM PENN BANCORP INC HOME CITY FINANCIAL CORP WOLVERINE BANCORP INC SIC 603 HOME FEDERAL BANCORP INC/LA WSFS FINANCIAL CORP HAWAIIAN ELECTRIC INDS HOME LOAN FINANCIAL CORP WVS FINANCIAL CORP ACCESS NATIONAL CORP HOPFED BANCORP INC AJS BANCORP INC IF BANCORP INC SIC 6036 AMERIANA BANCORP INVESTORS BANCORP INC AMERIANA BANCORP ANCHOR BANCORP/WA KEARNY FINANCIAL CORP ANCHOR BANCORP/WA ASB BANCORP INC LAKE SHORE BANCORP INC ASB BANCORP INC ASTORIA FINANCIAL CORP LAKE SUNAPEE BANK GROUP BANKFINANCIAL CORP ATLANTIC COAST FINANCIAL CP LAPORTE BANCORP INC BERKSHIRE HILLS BANCORP INC AUBURN BANCORP INC MAGYAR BANCORP INC CHEVIOT FINANCIAL CORP BANC OF CALIFORNIA INC MALVERN BANCORP INC ESSA BANCORP INC BANK MUTUAL CORP MBT FINANCIAL CORP FIRST BANCSHARES INC/MO BANKFINANCIAL CORP MERIDIAN BANCORP INC (MD) FIRST BANCTRUST CORP BBX CAPITAL CORP META FINANCIAL GROUP INC FIRST FINANCIAL NORTHWEST BCB BANCORP INC MSB FINANCIAL CORP FIRST NIAGARA FINANCIAL GRP BEAR STATE FINANCIAL INC MUTUALFIRST FINANCIAL INC FS BANCORP INC BENEFICIAL BANCORP INC NASB FINANCIAL INC HARLEYSVILLE SVGS FINL CORP BERKSHIRE HILLS BANCORP INC NAUGATUCK VALLEY FINANCIAL HINGHAM INSTN FOR SAVINGS BFC FINANCIAL CORP -CL A NEW YORK CMNTY BANCORP INC HOME LOAN FINANCIAL CORP BOFI HOLDING INC NORTHEAST COMMUNITY BANCORP INVESTORS BANCORP INC BROADWAY FINANCIAL CORP/DE NORTHEAST INDIANA BANCORP MBT FINANCIAL CORP BROOKLINE BANCORP INC NORTHFIELD BANCORP INC MERIDIAN BANCORP INC (MD) BSB BANCORP INC NORTHWEST BANCSHARES INC NEW YORK CMNTY BANCORP INC CAPITOL FEDERAL FINL INC NORTHWEST IND BANCORP ONEIDA FINANCIAL CORP CENTRAL FEDERAL CORP OCEAN SHORE HOLDING CO PEOPLE'S UNITED FINL INC CHARTER FINANCIAL CORP/MD OCEANFIRST FINANCIAL CORP PROVIDENT FINANCIAL SVCS INC CHEVIOT FINANCIAL CORP OCONEE FEDERAL FINANCIAL CP PRUDENTIAL BANCORP INC CHICOPEE BANCORP INC OCWEN FINANCIAL CORP SOUTHERN MISSOURI BANCP INC CITIZENS COMMUNITY BANCORP ONEIDA FINANCIAL CORP STANDARD FINANCIAL CORP CLIFTON BANCORP INC ORITANI FINANCIAL CORP STURGIS BANCORP INC DELANCO BANCORP INC OTTAWA SAVINGS BANCORP INC TIMBERLAND BANCORP INC DIME COMMUNITY BANCSHARES PATHFINDER BANCORP INC UNITED COMMUNITY FINL CORP EAGLE BANCORP MONTANA INC PEOPLE'S UNITED FINL INC UNITED FINANCIAL BANCORP INC ELMIRA SVGS BANK ELMIRA/NY POAGE BANKSHARES INC WAYNE SAVINGS BANCSHARES INC EQUITABLE FINANCIAL CORP PROVIDENT FINANCIAL HOLDINGS WVS FINANCIAL CORP ESSA BANCORP INC PROVIDENT FINANCIAL SVCS INC EVERBANK FINANCIAL CORP PRUDENTIAL BANCORP INC FARMERS & MERCHANTS BCP/OH PSB HOLDINGS INC FFD FINANCIAL CORP PULASKI FINANCIAL CORP

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 53 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

SIC 609 INTL BUSINESS MACHINES CORP SIC 615 DISCOVER FINANCIAL SVCS INC KAR AUCTION SERVICES INC AARON'S INC EURONET WORLDWIDE INC KB HOME ALLIANCE DATA SYSTEMS CORP EVERI HOLDINGS INC LENDINGTREE INC ALTRIA GROUP INC HEARTLAND PAYMENT SYSTEMS LENNAR CORP ASTA FUNDING INC HIGHER ONE HOLDINGS INC M/I HOMES INC BOEING CO MASTERCARD INC MANHATTAN BRIDGE CAPITAL INC CALIF FIRST NATIONAL BANCORP MONEYGRAM INTERNATIONAL INC MARLIN BUSINESS SERVICES INC CATERPILLAR INC PAYMENT DATA SYSTEMS INC MDC HOLDINGS INC CHINA AUTO LOGISTICS INC VISA INC MERITAGE HOMES CORP CINCINNATI FINANCIAL CORP WESTERN UNION CO NATIONSTAR MORTGAGE HOLDINGS CIT GROUP INC WEX INC NAVIENT CORP CONSUMER PORTFOLIO SVCS INC NAVISTAR INTERNATIONAL CORP DEERE & CO SIC 61 NELNET INC DINEEQUITY INC AARON'S INC NEWSTAR FINANCIAL INC EMERGENT CAPITAL INC ALLIANCE DATA SYSTEMS CORP NEWTEK BUSINESS SERVICES CP ENCORE CAPITAL GROUP INC ALTRIA GROUP INC NORDSTROM INC FLEETCOR TECHNOLOGIES INC AMERICAN EXPRESS CO NVR INC FORD MOTOR CO APOLLO GLOBAL MANAGEMENT LLC OPPENHEIMER HOLDINGS INC GENERAL ELECTRIC CO ARES COMMERCIAL REAL ESTATE PACCAR INC HARLEY-DAVIDSON INC ASTA FUNDING INC PHH CORP HP INC ATLANTICUS HOLDINGS CORP PRA GROUP INC HRG GROUP INC BOEING CO PRIMERICA INC INTL BUSINESS MACHINES CORP CABELAS INC PSM HOLDINGS INC KAR AUCTION SERVICES INC CALATLANTIC GROUP INC PULTEGROUP INC MANHATTAN BRIDGE CAPITAL INC CALIF FIRST NATIONAL BANCORP QC HOLDINGS INC NAVISTAR INTERNATIONAL CORP CAPITAL ONE FINANCIAL CORP RAYMOND JAMES FINANCIAL CORP NEWSTAR FINANCIAL INC CARMAX INC REAL INDUSTRY INC NEWTEK BUSINESS SERVICES CP CATERPILLAR INC REDWOOD TRUST INC PACCAR INC CATO CORP -CL A REGIONAL MANAGEMENT CORP PRA GROUP INC CAVCO INDUSTRIES INC RESOURCE AMERICA INC REAL INDUSTRY INC CHINA AUTO LOGISTICS INC SNAP-ON INC RESOURCE AMERICA INC CINCINNATI FINANCIAL CORP SOTHEBY'S TEXTRON INC CIT GROUP INC STEWART INFORMATION SERVICES CONN'S INC TEXTRON INC SIC 6153 CONSUMER PORTFOLIO SVCS INC WALKER & DUNLOP INC ALLIANCE DATA SYSTEMS CORP CREDIT ACCEPTANCE CORP WALTER INVESTMENT MGMT CORP ASTA FUNDING INC D R HORTON INC WORLD ACCEPTANCE CORP/DE CHINA AUTO LOGISTICS INC DEERE & CO CINCINNATI FINANCIAL CORP DINEEQUITY INC SIC 614 DEERE & CO DISCOVER FINANCIAL SVCS INC AMERICAN EXPRESS CO ENCORE CAPITAL GROUP INC EMERGENT CAPITAL INC ASTA FUNDING INC FLEETCOR TECHNOLOGIES INC ENCORE CAPITAL GROUP INC ATLANTICUS HOLDINGS CORP FORD MOTOR CO EPLUS INC CABELAS INC HARLEY-DAVIDSON INC FANNIE MAE CAPITAL ONE FINANCIAL CORP HRG GROUP INC FEDERAL AGRICULTURE MTG CP CARMAX INC KAR AUCTION SERVICES INC FEDERAL HOME LOAN MORTG CORP CATO CORP -CL A MANHATTAN BRIDGE CAPITAL INC FIDELITY NATL FINL FNF GROUP CONN'S INC NAVISTAR INTERNATIONAL CORP FIRST MARBLEHEAD CORP CREDIT ACCEPTANCE CORP NEWTEK BUSINESS SERVICES CP FLEETCOR TECHNOLOGIES INC DISCOVER FINANCIAL SVCS INC PACCAR INC FORD MOTOR CO FIRST MARBLEHEAD CORP PRA GROUP INC GATX CORP GENERAL MOTORS CO GENERAL ELECTRIC CO NAVIENT CORP SIC 6159 GENERAL MOTORS CO NELNET INC AARON'S INC HARLEY-DAVIDSON INC NORDSTROM INC ALTRIA GROUP INC HFF INC QC HOLDINGS INC BOEING CO HILLTOP HOLDINGS INC RAYMOND JAMES FINANCIAL CORP CALIF FIRST NATIONAL BANCORP HOVNANIAN ENTRPRS INC -CL A REGIONAL MANAGEMENT CORP CATERPILLAR INC HP INC SNAP-ON INC CIT GROUP INC HRG GROUP INC SOTHEBY'S CONSUMER PORTFOLIO SVCS INC IMPAC MORTGAGE HOLDINGS INC WORLD ACCEPTANCE CORP/DE DINEEQUITY INC

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 54 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

EMERGENT CAPITAL INC SIC 62 OCH-ZIFF CAPITAL MGMT LLC GENERAL ELECTRIC CO AFFILIATED MANAGERS GRP INC OPPENHEIMER HOLDINGS INC HP INC AMERICAN INTERNATIONAL GROUP OTC MARKETS GROUP INC INTL BUSINESS MACHINES CORP AMERIPRISE FINANCIAL INC PIPER JAFFRAY COS INC NEWSTAR FINANCIAL INC APOLLO GLOBAL MANAGEMENT LLC PRICE (T. ROWE) GROUP REAL INDUSTRY INC ARCHER-DANIELS-MIDLAND CO PRIMERICA INC RESOURCE AMERICA INC B. RILEY FINANCIAL INC PRINCIPAL FINANCIAL GRP INC TEXTRON INC BERKSHIRE HATHAWAY PRUDENTIAL FINANCIAL INC BGC PARTNERS INC PZENA INVESTMENT MANAGEMENT SIC 616 BLACKROCK INC RAYMOND JAMES FINANCIAL CORP APOLLO GLOBAL MANAGEMENT LLC BLACKSTONE GROUP LP RESOURCE AMERICA INC ARES COMMERCIAL REAL ESTATE CALAMOS ASSET MANAGEMENT INC SCHWAB (CHARLES) CORP CALATLANTIC GROUP INC CARLYLE GROUP LP SEI INVESTMENTS CO CAVCO INDUSTRIES INC CBOE HOLDINGS INC STIFEL FINANCIAL CORP D R HORTON INC CIFC CORP TD AMERITRADE HOLDING CORP FIDELITY NATL FINL FNF GROUP CITIGROUP INC TETON ADVISORS INC HFF INC CME GROUP INC TOWERS WATSON & CO HOVNANIAN ENTRPRS INC -CL A COHEN & STEERS INC U S GLOBAL INVESTORS INC IMPAC MORTGAGE HOLDINGS INC COWEN GROUP INC VIRTUS INVESTMENT PTNRS INC KB HOME DIAMOND HILL INVESTMENT GRP WADDELL&REED FINL INC -CL A LENDINGTREE INC E TRADE FINANCIAL CORP WESTWOOD HOLDINGS GROUP INC LENNAR CORP EATON VANCE CORP WILLDAN GROUP INC M/I HOMES INC ELLINGTON FINANCIAL LLC WISDOMTREE INVESTMENTS INC MDC HOLDINGS INC ENVESTNET INC WRIGHT INVESTORS SERVICE MERITAGE HOMES CORP EVERCORE PARTNERS INC NATIONSTAR MORTGAGE HOLDINGS FBR & CO SIC 621 NVR INC FEDERATED INVESTORS INC AMERICAN INTERNATIONAL GROUP OPPENHEIMER HOLDINGS INC FINANCIAL ENGINES INC AMERIPRISE FINANCIAL INC PHH CORP FORTRESS INVESTMENT GRP LLC B. RILEY FINANCIAL INC PSM HOLDINGS INC FRANKLIN RESOURCES INC BGC PARTNERS INC PULTEGROUP INC FTI CONSULTING INC BLACKSTONE GROUP LP REDWOOD TRUST INC GAMCO INVESTORS INC CITIGROUP INC STEWART INFORMATION SERVICES GFI GROUP INC E TRADE FINANCIAL CORP WALKER & DUNLOP INC GOLDMAN SACHS GROUP INC FBR & CO WALTER INVESTMENT MGMT CORP GREENHILL & CO INC FTI CONSULTING INC HARTFORD FINANCIAL SERVICES GFI GROUP INC SIC 6162 HENNESSY ADVISORS INC GOLDMAN SACHS GROUP INC APOLLO GLOBAL MANAGEMENT LLC ICAHN ENTERPRISES LP INSTITUTIONAL FINANCIAL MKTS ARES COMMERCIAL REAL ESTATE INSTITUTIONAL FINANCIAL MKTS INTERACTIVE BROKERS GROUP CALATLANTIC GROUP INC INTERACTIVE BROKERS GROUP INTL FCSTONE INC CAVCO INDUSTRIES INC INTERCONTINENTAL EXCHANGE INVESTMENT TECHNOLOGY GP INC D R HORTON INC INTL FCSTONE INC JMP GROUP LLC FIDELITY NATL FINL FNF GROUP INVESTMENT TECHNOLOGY GP INC KKR & CO LP HOVNANIAN ENTRPRS INC -CL A JANUS CAPITAL GROUP INC LADENBURG THALMANN FINL SERV IMPAC MORTGAGE HOLDINGS INC JMP GROUP LLC LEUCADIA NATIONAL CORP KB HOME JONES LANG LASALLE INC LPL FINANCIAL HOLDINGS INC LENNAR CORP KKR & CO LP MARKETAXESS HOLDINGS INC M/I HOMES INC LADENBURG THALMANN FINL SERV MERRIMAN HOLDINGS INC MDC HOLDINGS INC LEGG MASON INC MORGAN STANLEY MERITAGE HOMES CORP LEUCADIA NATIONAL CORP NATIONAL HOLDINGS CORP NATIONSTAR MORTGAGE HOLDINGS LPL FINANCIAL HOLDINGS INC OPPENHEIMER HOLDINGS INC NVR INC MANNING & NAPIER INC PIPER JAFFRAY COS INC OPPENHEIMER HOLDINGS INC MARKETAXESS HOLDINGS INC PRIMERICA INC PHH CORP MBIA INC RAYMOND JAMES FINANCIAL CORP PSM HOLDINGS INC MCGRAW HILL FINANCIAL STIFEL FINANCIAL CORP PULTEGROUP INC MERRIMAN HOLDINGS INC TD AMERITRADE HOLDING CORP REDWOOD TRUST INC MORGAN STANLEY WADDELL&REED FINL INC -CL A STEWART INFORMATION SERVICES MSCI INC WALKER & DUNLOP INC NASDAQ INC NATIONAL HOLDINGS CORP OAKTREE CAPITAL GROUP LLC

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 55 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

SIC 628 SIC 6282 AFLAC INC AFFILIATED MANAGERS GRP INC AFFILIATED MANAGERS GRP INC ALLEGHANY CORP APOLLO GLOBAL MANAGEMENT LLC APOLLO GLOBAL MANAGEMENT LLC ALLSTATE CORP BERKSHIRE HATHAWAY BERKSHIRE HATHAWAY AMERCO BLACKROCK INC BLACKROCK INC AMERICAN EQTY INVT LIFE HLDG BLACKSTONE GROUP LP BLACKSTONE GROUP LP AMERICAN FINANCIAL GROUP INC CALAMOS ASSET MANAGEMENT INC CALAMOS ASSET MANAGEMENT INC AMERICAN INDEPENDENCE CORP CARLYLE GROUP LP CARLYLE GROUP LP AMERICAN INTERNATIONAL GROUP CIFC CORP CIFC CORP AMERICAN NATIONAL INSURANCE COHEN & STEERS INC COHEN & STEERS INC AMERIPRISE FINANCIAL INC COWEN GROUP INC COWEN GROUP INC AMERISAFE INC DIAMOND HILL INVESTMENT GRP DIAMOND HILL INVESTMENT GRP AMTRUST FINANCIAL SERVICES E TRADE FINANCIAL CORP E TRADE FINANCIAL CORP ANTHEM INC EATON VANCE CORP EATON VANCE CORP ASSURANT INC ELLINGTON FINANCIAL LLC ELLINGTON FINANCIAL LLC ATLANTIC AMERICAN CORP ENVESTNET INC ENVESTNET INC BALDWIN & LYONS -CL B EVERCORE PARTNERS INC EVERCORE PARTNERS INC BERKLEY (W R) CORP FEDERATED INVESTORS INC FEDERATED INVESTORS INC BERKSHIRE HATHAWAY FINANCIAL ENGINES INC FINANCIAL ENGINES INC BIGLARI HOLDINGS INC FORTRESS INVESTMENT GRP LLC FORTRESS INVESTMENT GRP LLC BIOSCRIP INC FRANKLIN RESOURCES INC FRANKLIN RESOURCES INC CBIZ INC GAMCO INVESTORS INC GAMCO INVESTORS INC CENTENE CORP GOLDMAN SACHS GROUP INC GOLDMAN SACHS GROUP INC CHUBB CORP GREENHILL & CO INC GREENHILL & CO INC CIGNA CORP HARTFORD FINANCIAL SERVICES HARTFORD FINANCIAL SERVICES CINCINNATI FINANCIAL CORP HENNESSY ADVISORS INC HENNESSY ADVISORS INC CITIZENS INC ICAHN ENTERPRISES LP ICAHN ENTERPRISES LP CNA FINANCIAL CORP INSTITUTIONAL FINANCIAL MKTS INSTITUTIONAL FINANCIAL MKTS CNO FINANCIAL GROUP INC JANUS CAPITAL GROUP INC JANUS CAPITAL GROUP INC DAVITA HEALTHCARE PARTNERS JONES LANG LASALLE INC JONES LANG LASALLE INC DONEGAL GROUP INC KKR & CO LP KKR & CO LP DUKE ENERGY CORP LEGG MASON INC LEGG MASON INC EMC INSURANCE GROUP INC MANNING & NAPIER INC MANNING & NAPIER INC EMPLOYERS HOLDINGS INC MBIA INC MBIA INC ERIE INDEMNITY CO -CL A MCGRAW HILL FINANCIAL MCGRAW HILL FINANCIAL EXTRA SPACE STORAGE INC MERRIMAN HOLDINGS INC MERRIMAN HOLDINGS INC FBL FINANCIAL GROUP INC-CL A MORGAN STANLEY MORGAN STANLEY FEDERATED NATIONAL HLDG CO MSCI INC MSCI INC FIDELITY NATL FINL FNF GROUP OAKTREE CAPITAL GROUP LLC OAKTREE CAPITAL GROUP LLC FIRST ACCEPTANCE CORP OCH-ZIFF CAPITAL MGMT LLC OCH-ZIFF CAPITAL MGMT LLC FIRST AMERICAN FINANCIAL CP OTC MARKETS GROUP INC PIPER JAFFRAY COS INC GENWORTH FINANCIAL INC PIPER JAFFRAY COS INC PRICE (T. ROWE) GROUP HALLMARK FINANCIAL SERVICES PRICE (T. ROWE) GROUP PRINCIPAL FINANCIAL GRP INC HANOVER INSURANCE GROUP INC PRINCIPAL FINANCIAL GRP INC PRUDENTIAL FINANCIAL INC HARTFORD FINANCIAL SERVICES PRUDENTIAL FINANCIAL INC PZENA INVESTMENT MANAGEMENT HCI GROUP INC PZENA INVESTMENT MANAGEMENT RAYMOND JAMES FINANCIAL CORP HEALTH NET INC RAYMOND JAMES FINANCIAL CORP RESOURCE AMERICA INC HILLTOP HOLDINGS INC RESOURCE AMERICA INC SCHWAB (CHARLES) CORP HORACE MANN EDUCATORS CORP SCHWAB (CHARLES) CORP SEI INVESTMENTS CO HUMANA INC SEI INVESTMENTS CO TETON ADVISORS INC INDEPENDENCE HOLDING CO STIFEL FINANCIAL CORP TOWERS WATSON & CO INFINITY PROPERTY & CAS CORP TETON ADVISORS INC U S GLOBAL INVESTORS INC INVESTORS HERITAGE CAP CORP TOWERS WATSON & CO VIRTUS INVESTMENT PTNRS INC INVESTORS TITLE CO U S GLOBAL INVESTORS INC WESTWOOD HOLDINGS GROUP INC KANSAS CITY LIFE INS CO VIRTUS INVESTMENT PTNRS INC WISDOMTREE INVESTMENTS INC KEMPER CORP/DE WESTWOOD HOLDINGS GROUP INC WRIGHT INVESTORS SERVICE LINCOLN NATIONAL CORP WILLDAN GROUP INC LOEWS CORP WISDOMTREE INVESTMENTS INC SIC 63 MARKEL CORP WRIGHT INVESTORS SERVICE A V HOMES INC MBIA INC ACMAT CORP -CL A MDC HOLDINGS INC AETNA INC MERCURY GENERAL CORP

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 56 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

METLIFE INC LOEWS CORP ANTHEM INC MGIC INVESTMENT CORP/WI MARKEL CORP ASSURANT INC MOLINA HEALTHCARE INC METLIFE INC BIOSCRIP INC NATIONAL INTERSTATE CORP NATIONAL WESTERN LIFE GROUP CENTENE CORP NATIONAL WESTERN LIFE GROUP PHOENIX COMPANIES INC CIGNA CORP NAVIGATORS GROUP INC PRIMERICA INC DAVITA HEALTHCARE PARTNERS OLD REPUBLIC INTL CORP PRINCIPAL FINANCIAL GRP INC HEALTH NET INC PHOENIX COMPANIES INC PRUDENTIAL FINANCIAL INC HUMANA INC PRIMERICA INC REINSURANCE GROUP AMER INC MOLINA HEALTHCARE INC PRINCIPAL FINANCIAL GRP INC SYMETRA FINANCIAL CORP UNITEDHEALTH GROUP INC PROASSURANCE CORP TORCHMARK CORP WELLCARE HEALTH PLANS INC PROGRESSIVE CORP-OHIO UNITED FIRE GROUP INC PRUDENTIAL FINANCIAL INC UNIVERSAL AMERICAN CORP SIC 633 RADIAN GROUP INC UNUM GROUP ALLEGHANY CORP REINSURANCE GROUP AMER INC UTG INC ALLSTATE CORP RLI CORP AMERCO RUSH ENTERPRISES INC SIC 632 AMERICAN FINANCIAL GROUP INC SAFETY INSURANCE GROUP INC AETNA INC AMERICAN INTERNATIONAL GROUP SELECTIVE INS GROUP INC AFLAC INC AMERICAN NATIONAL INSURANCE STANCORP FINANCIAL GROUP INC AMERICAN INDEPENDENCE CORP AMERISAFE INC STATE AUTO FINANCIAL CORP AMERICAN INTERNATIONAL GROUP AMTRUST FINANCIAL SERVICES STEWART INFORMATION SERVICES AMERICAN NATIONAL INSURANCE ATLANTIC AMERICAN CORP SYMETRA FINANCIAL CORP ANTHEM INC BALDWIN & LYONS -CL B TORCHMARK CORP ASSURANT INC BERKLEY (W R) CORP TRAVELERS COS INC ATLANTIC AMERICAN CORP BIGLARI HOLDINGS INC UNICO AMERICAN CORP BERKSHIRE HATHAWAY CHUBB CORP UNITED FIRE GROUP INC BIOSCRIP INC CINCINNATI FINANCIAL CORP UNITED INSURANCE HOLDINGS CO CENTENE CORP CNA FINANCIAL CORP UNITEDHEALTH GROUP INC CIGNA CORP DONEGAL GROUP INC UNIVERSAL AMERICAN CORP CNO FINANCIAL GROUP INC DUKE ENERGY CORP UNIVERSAL INSURANCE HLDGS DAVITA HEALTHCARE PARTNERS EMC INSURANCE GROUP INC UNUM GROUP GENWORTH FINANCIAL INC EMPLOYERS HOLDINGS INC UTG INC HEALTH NET INC ERIE INDEMNITY CO -CL A WELLCARE HEALTH PLANS INC HUMANA INC EXTRA SPACE STORAGE INC WMIH CORP INDEPENDENCE HOLDING CO FEDERATED NATIONAL HLDG CO MOLINA HEALTHCARE INC FIRST ACCEPTANCE CORP SIC 631 STANCORP FINANCIAL GROUP INC FIRST AMERICAN FINANCIAL CP AETNA INC TORCHMARK CORP HALLMARK FINANCIAL SERVICES ALLSTATE CORP UNITEDHEALTH GROUP INC HANOVER INSURANCE GROUP INC AMERCO UNIVERSAL AMERICAN CORP HARTFORD FINANCIAL SERVICES AMERICAN EQTY INVT LIFE HLDG UNUM GROUP HCI GROUP INC AMERICAN FINANCIAL GROUP INC WELLCARE HEALTH PLANS INC HILLTOP HOLDINGS INC AMERICAN INTERNATIONAL GROUP HORACE MANN EDUCATORS CORP AMERICAN NATIONAL INSURANCE SIC 6321 INFINITY PROPERTY & CAS CORP AMERIPRISE FINANCIAL INC AFLAC INC KEMPER CORP/DE AMTRUST FINANCIAL SERVICES AMERICAN INTERNATIONAL GROUP LOEWS CORP CIGNA CORP AMERICAN NATIONAL INSURANCE MARKEL CORP CINCINNATI FINANCIAL CORP ATLANTIC AMERICAN CORP MDC HOLDINGS INC CITIZENS INC BERKSHIRE HATHAWAY MERCURY GENERAL CORP CNA FINANCIAL CORP CIGNA CORP NATIONAL INTERSTATE CORP CNO FINANCIAL GROUP INC CNO FINANCIAL GROUP INC NAVIGATORS GROUP INC ERIE INDEMNITY CO -CL A GENWORTH FINANCIAL INC OLD REPUBLIC INTL CORP FBL FINANCIAL GROUP INC-CL A INDEPENDENCE HOLDING CO PROASSURANCE CORP GENWORTH FINANCIAL INC STANCORP FINANCIAL GROUP INC PROGRESSIVE CORP-OHIO HARTFORD FINANCIAL SERVICES TORCHMARK CORP RLI CORP HORACE MANN EDUCATORS CORP UNIVERSAL AMERICAN CORP RUSH ENTERPRISES INC INDEPENDENCE HOLDING CO UNUM GROUP SAFETY INSURANCE GROUP INC INVESTORS HERITAGE CAP CORP SELECTIVE INS GROUP INC KANSAS CITY LIFE INS CO SIC 6324 STATE AUTO FINANCIAL CORP KEMPER CORP/DE AETNA INC TRAVELERS COS INC LINCOLN NATIONAL CORP AMERICAN INDEPENDENCE CORP UNICO AMERICAN CORP

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 57 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

UNITED FIRE GROUP INC DINEEQUITY INC CONSOLIDATED TOMOKA LAND CO UNITED INSURANCE HOLDINGS CO FIDELITY NATL FINL FNF GROUP DINEEQUITY INC UNIVERSAL INSURANCE HLDGS FIRST ACCEPTANCE CORP FIRST ACCEPTANCE CORP FIRST CHOICE HEALTHCARE SLT FIRST CHOICE HEALTHCARE SLT SIC 635 FIRST HARTFORD CORP FIRST HARTFORD CORP ACMAT CORP -CL A FORD MOTOR CO FOREST CITY ENTRPRS -CL A AMERICAN INTERNATIONAL GROUP FOREST CITY ENTRPRS -CL A FRP HOLDINGS INC ASSURANT INC FORESTAR GROUP INC GRIFFIN INDUSTRIAL REALTY CBIZ INC FRP HOLDINGS INC HELMERICH & PAYNE GENWORTH FINANCIAL INC GRIFFIN INDUSTRIAL REALTY LIMONEIRA CO MBIA INC HELMERICH & PAYNE MAUI LAND & PINEAPPLE CO MGIC INVESTMENT CORP/WI HOMEFED CORP MAYS (J.W.) INC RADIAN GROUP INC HOWARD HUGHES CORP NATIONAL AMERN UNIV HLDG INC RLI CORP ICAHN ENTERPRISES LP NEW ENGLAND REALTY ASSC -LP STATE AUTO FINANCIAL CORP IMPAC MORTGAGE HOLDINGS INC OCH-ZIFF CAPITAL MGMT LLC TRAVELERS COS INC INCOME OPPORTUNITY RLTY INVS READING INTL INC -CL A WMIH CORP INTERVAL LEISURE GROUP RED LION HOTELS CORP JONES LANG LASALLE INC SANTA FE FINANCIAL CORP SIC 64 KENNEDY-WILSON HOLDINGS INC SHERWIN-WILLIAMS CO ARTHUR J GALLAGHER & CO KIRIN INTERNATIONAL HLDG-OLD SJW CORP BROWN & BROWN INC LIMONEIRA CO SONO-TEK CORP CORVEL CORP MAUI LAND & PINEAPPLE CO SPINDLETOP OIL & GAS CO CRAWFORD & CO MAYS (J.W.) INC STANCORP FINANCIAL GROUP INC EHEALTH INC NATIONAL AMERN UNIV HLDG INC STRATUS PROPERTIES INC HEALTH NET INC NEW ENGLAND REALTY ASSC -LP TEJON RANCH CO HMS HOLDINGS CORP OCH-ZIFF CAPITAL MGMT LLC VECTOR GROUP LTD HRG GROUP INC PICO HOLDINGS INC VESTIN REALTY MORTGAGE II INTERSECTIONS INC PROGREEN PROPERTIES INC LADENBURG THALMANN FINL SERV PRUDENTIAL FINANCIAL INC SIC 6512 LANDSTAR SYSTEM INC READING INTL INC -CL A AARON'S INC MARSH & MCLENNAN COS REALOGY HOLDINGS CORP ALEXANDER & BALDWIN INC NEWTEK BUSINESS SERVICES CP RED LION HOTELS CORP AMERICAN REALTY INVESTORS PROGRESSIVE CORP-OHIO RESOURCE AMERICA INC BOOKS-A-MILLION INC TENET HEALTHCARE CORP SANTA FE FINANCIAL CORP DINEEQUITY INC UNICO AMERICAN CORP SERVICE CORP INTERNATIONAL FIRST ACCEPTANCE CORP VERISK ANALYTICS INC SHERWIN-WILLIAMS CO FIRST CHOICE HEALTHCARE SLT WAGEWORKS INC SJW CORP FOREST CITY ENTRPRS -CL A WALTER INVESTMENT MGMT CORP SONO-TEK CORP FRP HOLDINGS INC SPINDLETOP OIL & GAS CO GRIFFIN INDUSTRIAL REALTY SIC 65 ST JOE CO HELMERICH & PAYNE A V HOMES INC STANCORP FINANCIAL GROUP INC MAYS (J.W.) INC AARON'S INC STONEMOR PARTNERS LP READING INTL INC -CL A AEROJET ROCKETDYNE HOLDINGS STRATUS PROPERTIES INC RED LION HOTELS CORP ALEXANDER & BALDWIN INC TEJON RANCH CO SHERWIN-WILLIAMS CO ALICO INC TRIO-TECH INTERNATIONAL SONO-TEK CORP AMERICAN REALTY INVESTORS VAIL RESORTS INC SPINDLETOP OIL & GAS CO AMREP CORP VALHI INC STRATUS PROPERTIES INC BARNWELL INDUSTRIES VECTOR GROUP LTD VECTOR GROUP LTD BGC PARTNERS INC VESTIN REALTY MORTGAGE II VESTIN REALTY MORTGAGE II BLUE RIDGE REAL ESTATE CO WEC ENERGY GROUP INC BOOKS-A-MILLION INC WESTROCK CO SIC 653 CAPITAL PROPERTIES INC WYNDHAM WORLDWIDE CORP BGC PARTNERS INC CBRE GROUP INC BLUE RIDGE REAL ESTATE CO CENTERPOINT ENERGY INC SIC 651 CHINA HOUSING & LAND DEV INC CHINA HGS REAL ESTATE INC AARON'S INC COMSTOCK HOLDING COS INC CHINA HOUSING & LAND DEV INC ALEXANDER & BALDWIN INC CONNECTICUT WATER SVC INC CKX LANDS INC ALICO INC IMPAC MORTGAGE HOLDINGS INC COMSTOCK HOLDING COS INC AMERICAN REALTY INVESTORS INTERVAL LEISURE GROUP CONNECTICUT WATER SVC INC BOOKS-A-MILLION INC JONES LANG LASALLE INC CONSOLIDATED TOMOKA LAND CO CAPITAL PROPERTIES INC KENNEDY-WILSON HOLDINGS INC DELTIC TIMBER CORP CKX LANDS INC PRUDENTIAL FINANCIAL INC

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 58 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

REALOGY HOLDINGS CORP CHINA HOUSING & LAND DEV INC BP PRUDHOE BAY ROYALTY TRUST RESOURCE AMERICA INC DELTIC TIMBER CORP BRANDYWINE REALTY TRUST STONEMOR PARTNERS LP FIRST HARTFORD CORP BRT REALTY TRUST VESTIN REALTY MORTGAGE II FOREST CITY ENTRPRS -CL A BUILD-A-BEAR WORKSHOP INC WYNDHAM WORLDWIDE CORP FORESTAR GROUP INC CAMDEN PROPERTY TRUST FRP HOLDINGS INC CAMPUS CREST COMMUNITIES INC SIC 6531 HOMEFED CORP CAPITAL ONE FINANCIAL CORP BGC PARTNERS INC HOWARD HUGHES CORP CAPITAL SOUTHWEST CORP BLUE RIDGE REAL ESTATE CO ICAHN ENTERPRISES LP CAPSTEAD MORTGAGE CORP CHINA HOUSING & LAND DEV INC INCOME OPPORTUNITY RLTY INVS CBL & ASSOCIATES PPTYS INC COMSTOCK HOLDING COS INC KIRIN INTERNATIONAL HLDG-OLD CEDAR REALTY TRUST INC CONNECTICUT WATER SVC INC LIMONEIRA CO CEVA INC IMPAC MORTGAGE HOLDINGS INC MAUI LAND & PINEAPPLE CO CHATHAM LODGING TRUST JONES LANG LASALLE INC PICO HOLDINGS INC CHEROKEE INC/DE KENNEDY-WILSON HOLDINGS INC PROGREEN PROPERTIES INC CHESAPEAKE LODGING TRUST PRUDENTIAL FINANCIAL INC ST JOE CO CHIMERA INVESTMENT CORP REALOGY HOLDINGS CORP STRATUS PROPERTIES INC CHOICE HOTELS INTL INC RESOURCE AMERICA INC TEJON RANCH CO CHURCHILL DOWNS INC STONEMOR PARTNERS LP VAIL RESORTS INC CITIGROUP INC VESTIN REALTY MORTGAGE II VALHI INC CKX LANDS INC WYNDHAM WORLDWIDE CORP WESTROCK CO COACH INC COLONY CAPITAL INC SIC 655 SIC 67 CONDOR HOSPITALITY TR INC A V HOMES INC AARON'S INC CONOCOPHILLIPS AEROJET ROCKETDYNE HOLDINGS ACACIA RESEARCH CORP CORENERGY INFRASTRUCTURE TR ALEXANDER & BALDWIN INC ACADIA REALTY TRUST CORESITE REALTY CORP AMREP CORP AFTERMASTER INC CORRECTIONS CORP AMER BARNWELL INDUSTRIES AG MORTGAGE INVESTMENT TRUST COUSINS PROPERTIES INC CBRE GROUP INC AGREE REALTY CORP CROSS TIMBERS ROYALTY TRUST CHINA HGS REAL ESTATE INC ALEXANDER'S INC CROWN CASTLE INTL CORP CHINA HOUSING & LAND DEV INC ALEXANDRIA R E EQUITIES INC CUBESMART DELTIC TIMBER CORP ALLIANCEBERNSTEIN HOLDING LP DCT INDUSTRIAL TRUST INC FIRST HARTFORD CORP ALTISOURCE RESIDENTIAL CORP DDR CORP FOREST CITY ENTRPRS -CL A AMERICAN ASSETS TRUST INC DIAMONDROCK HOSPITALITY CO FORESTAR GROUP INC AMERICAN CAMPUS COMMUNITIES DIGITAL REALTY TRUST INC FRP HOLDINGS INC AMERICAN CAPITAL AGENCY CORP DINEEQUITY INC HOMEFED CORP AMERICAN CAPITAL LTD DISNEY (WALT) CO HOWARD HUGHES CORP AMERICAN CAPITAL MTG INV CP DOLBY LABORATORIES INC ICAHN ENTERPRISES LP AMERICAN FINANCIAL GROUP INC DOMINION RES BLACK WARRIOR INCOME OPPORTUNITY RLTY INVS AMERICAN INTERNATIONAL GROUP DOMINO'S PIZZA INC KIRIN INTERNATIONAL HLDG-OLD AMERICAN TOWER CORP DORCHESTER MINERALS -LP LIMONEIRA CO ANNALY CAPITAL MANAGEMENT DOUGLAS EMMETT INC MAUI LAND & PINEAPPLE CO ANWORTH MTG ASSET CORP DREAMWORKS ANIMATION INC PICO HOLDINGS INC APARTMENT INVST & MGMT CO DST SYSTEMS INC PROGREEN PROPERTIES INC APOLLO COMMERCIAL RE FIN INC DTS INC SERVICE CORP INTERNATIONAL APOLLO INVESTMENT CORP DUKE REALTY CORP ST JOE CO APOLLO RESIDENTIAL MTG INC DUPONT FABROS TECHNOLOGY INC STRATUS PROPERTIES INC ARBOR REALTY TRUST INC DYNEX CAPITAL INC TEJON RANCH CO ARES CAPITAL CORP E DIGITAL CORP VAIL RESORTS INC ARES COMMERCIAL REAL ESTATE EASTGROUP PROPERTIES VALHI INC ARLINGTON ASSET INVESTMENT EASTMAN CHEMICAL CO WESTROCK CO ARMOUR RESIDENTIAL REIT INC EDUCATION REALTY TRUST INC ASHFORD HOSPITALITY TRUST ELLIS PERRY INTL INC SIC 6552 AVALONBAY COMMUNITIES INC ENDEAVOR IP INC A V HOMES INC AVISTA CORP ENVIROSTAR INC AEROJET ROCKETDYNE HOLDINGS BEXIL CORP EPR PROPERTIES ALEXANDER & BALDWIN INC BIMINI CAPITAL MANAGEMENT EQUINIX INC AMREP CORP BIOMED REALTY TRUST INC EQUITY COMMONWEALTH BARNWELL INDUSTRIES BLACKROCK CAPITAL INVT CORP EQUITY LIFESTYLE PROPERTIES CBRE GROUP INC BLACKSTONE MORTGAGE TR INC EQUITY ONE INC CHINA HGS REAL ESTATE INC BOSTON PROPERTIES INC EQUITY RESIDENTIAL

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 59 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

EQUUS TOTAL RETURN INC KIMCO REALTY CORP POTLATCH CORP ESSEX PROPERTY TRUST KITE REALTY GROUP TRUST PRECISION AUTO CARE INC EVERSOURCE ENERGY KRISPY KREME DOUGHNUTS INC PREFERRED APARTMENT CMNTYS EXTRA SPACE STORAGE INC LAMAR ADVERTISING CO -CL A PRESIDENTIAL RLTY NEW -CL B FEDERAL REALTY INVESTMENT TR LASALLE HOTEL PROPERTIES PROLOGIS INC FELCOR LODGING TRUST INC LEXINGTON REALTY TRUST PROSPECT CAPITAL CORP FIDUS INVESTMENT CORP LTC PROPERTIES INC PS BUSINESS PARKS FIFTH STREET FINANCE CORP LUBYS INC PUBLIC SERVICE ENTRP GRP INC FIRST INDL REALTY TRUST INC MACERICH CO PUBLIC STORAGE FIRST POTOMAC REALTY TRUST MACK-CALI REALTY CORP QUALCOMM INC FIRST REAL ESTATE INV TR NJ MADDEN STEVEN LTD RAIT FINANCIAL TRUST FIRSTHAND TECHNOLOGY VALU FD MAIN STREET CAPITAL CORP RALPH LAUREN CORP FORESTAR GROUP INC MARATHON PATENT GROUP INC RAMBUS INC FRANKLIN STREET PROPERTIES MARINE PETROLEUM TRUST RAMCO-GERSHENSON PROPERTIES FRP HOLDINGS INC MARRIOTT INTL INC RAND CAPITAL CORP FULL CIRCLE CAPITAL CORP MEDALLION FINANCIAL CORP RAYMOND JAMES FINANCIAL CORP GENERAL GROWTH PPTYS INC MEDICAL PROPERTIES TRUST RAYONIER INC GEO GROUP INC MEDLEY CAPITAL CORP REALOGY HOLDINGS CORP GETTY REALTY CORP MESA ROYALTY TRUST REALTY INCOME CORP GLADSTONE CAPITAL CORP MESABI TRUST RED LION HOTELS CORP GLADSTONE COMMERCIAL CORP MFA FINANCIAL INC REDWOOD TRUST INC GLOBAL HEALTHCARE REIT MICROCHIP TECHNOLOGY INC REGENCY CENTERS CORP GNC HOLDINGS INC MID-AMERICA APT CMNTYS INC RESOURCE AMERICA INC GOLUB CAPITAL BDC INC MMA CAPITAL MGMT LLC RESOURCE CAPITAL CORP GOVERNMENT PPTYS INCOME TR MONMOUTH RE INVESTMENT CP RETAIL OPPORTUNITY INVTS CP GRAMERCY PROPERTY TRUST MONROE CAPITAL CORP RETAIL PPTYS OF AMERICA INC GREENSHIFT CORP NATIONAL HEALTH INVESTORS RHINO RESOURCE PARTNERS LP GSV CAPITAL CORP NATIONAL RETAIL PROPERTIES RLJ ENTERTAINMENT INC GUESS INC NATURAL ALTERNATIVES RLJ LODGING TRUST GYRODYNE LLC NATURAL RESOURCE PARTNERS LP ROCKY MOUNTAIN CHOC FACT INC HARRIS & HARRIS GROUP NAUTILUS INC ROUSE PROPERTIES INC HATTERAS FINANCIAL CORP NAVIENT CORP ROVI CORP HAWAIIAN ELECTRIC INDS NETWORK-1 TECHNOLOGIES INC ROYAL GOLD INC HCP INC NEW MOUNTAIN FINANCE CORP RUTHS HOSPITALITY GROUP INC HEALTHCARE REALTY TRUST INC NEW YORK MORTGAGE TRUST INC RYMAN HOSPITALITY PPTYS INC HEALTHCARE TRUST OF AMERICA NEWCASTLE INVESTMENT CORP SABINE ROYALTY TRUST HERCULES TECH GROWTH CAP INC NEWTEK BUSINESS SERVICES CP SABRA HEALTH CARE REIT INC HERSHA HOSPITALITY TRUST NOBLE ROMANS INC SAN JUAN BASIN ROYALTY TR HIGHWOODS PROPERTIES INC NOCOPI TECHNOLOGIES INC SAUL CENTERS INC HMG COURTLAND PROPERTIES NORTH EUROPEAN OIL RTY TR SELECT INCOME REIT HORIZON TECHNOLOGY FINANCE NORTHSTAR REALTY FINANCE CP SELECTIVE INS GROUP INC HOSPITALITY PROPERTIES TRUST NVIDIA CORP SENIOR HOUSING PPTYS TRUST HOST HOTELS & RESORTS INC OFS CAPITAL CORP SEQUENTIAL BRANDS GROUP INC HP INC OHA INVESTMENT CORP SILVER BAY REALTY TRUST CORP HUDSON PACIFIC PPTYS INC OMEGA HEALTHCARE INVS INC SIMON PROPERTY GROUP INC HUGOTON ROYALTY TRUST ONE LIBERTY PROPERTIES INC SL GREEN REALTY CORP ICONIX BRAND GROUP INC PANERA BREAD CO SOLAR CAPITAL LTD IDACORP INC PAPA JOHNS INTERNATIONAL INC SOLAR SENIOR CAPITAL LTD IMAGE SENSING SYSTEMS INC PARKWAY PROPERTIES INC SOTHEBY'S INLAND REAL ESTATE CORP PEBBLEBROOK HOTEL TRUST SOTHERLY HOTELS INC INTEGRAL TECHNOLOGIES INC PENNANTPARK FLOATING RT CAP SOVRAN SELF STORAGE INC INTERDIGITAL INC PENNANTPARK INVESTMENT CORP SPECTRA ENERGY CORP INVESCO MORTGAGE CAPITAL INC PENNSYLVANIA RE INVS TRUST SPIRIT REALTY CAPITAL INC INVESTORS REAL ESTATE TRUST PENNYMAC MORTGAGE INVEST TR ST JOE CO IRON MOUNTAIN INC PEREGRINE PHARMACEUTICLS INC STAG INDUSTRIAL INC ISTAR INC PERMIAN BASIN ROYALTY TRUST STARWOOD PROPERTY TRUST INC ITUS CORP PICO HOLDINGS INC STELLUS CAPITAL INVESTMENT JAVELIN MORTGAGE INVESTMENT PIEDMONT OFFICE REALTY TRUST STRATEGIC HOTELS & RESORTS KAYNE ANDERSON ENERGY DEV CO PLUM CREEK TIMBER CO INC SUMMIT HOTEL PROPERTIES INC KCAP FINANCIAL INC POPEYES LOUISIANA KITCHEN SUN COMMUNITIES INC KILROY REALTY CORP POST PROPERTIES INC SUNSTONE HOTEL INVESTORS INC

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 60 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

SWK HOLDINGS CORP AMERICAN INTERNATIONAL GROUP DOMINO'S PIZZA INC TANGER FACTORY OUTLET CTRS AMERICAN TOWER CORP DORCHESTER MINERALS -LP TAUBMAN CENTERS INC ANNALY CAPITAL MANAGEMENT DOUGLAS EMMETT INC TC PIPELINES LP ANWORTH MTG ASSET CORP DREAMWORKS ANIMATION INC TCP CAPITAL CORP APARTMENT INVST & MGMT CO DST SYSTEMS INC TEJON RANCH CO APOLLO COMMERCIAL RE FIN INC DTS INC TERRENO REALTY CORP APOLLO INVESTMENT CORP DUKE REALTY CORP TEXAS PACIFIC LAND TRUST APOLLO RESIDENTIAL MTG INC DUPONT FABROS TECHNOLOGY INC THL CREDIT INC ARBOR REALTY TRUST INC DYNEX CAPITAL INC TICC CAPITAL CORP ARES CAPITAL CORP E DIGITAL CORP TIDELANDS ROYALTY TRUST B ARES COMMERCIAL REAL ESTATE EASTGROUP PROPERTIES TORCHMARK CORP ARLINGTON ASSET INVESTMENT EASTMAN CHEMICAL CO TRIANGLE CAPITAL CORP ARMOUR RESIDENTIAL REIT INC EDUCATION REALTY TRUST INC TWO HARBORS INVESTMENT CORP ASHFORD HOSPITALITY TRUST ELLIS PERRY INTL INC U S GLOBAL INVESTORS INC AVALONBAY COMMUNITIES INC ENDEAVOR IP INC UDR INC AVISTA CORP ENVIROSTAR INC UMH PROPERTIES INC BEXIL CORP EPR PROPERTIES UNIVERSAL HEALTH RLTY INCOME BIMINI CAPITAL MANAGEMENT EQUINIX INC UNWIRED PLANET INC BIOMED REALTY TRUST INC EQUITY COMMONWEALTH URSTADT BIDDLE PROPERTIES BLACKROCK CAPITAL INVT CORP EQUITY LIFESTYLE PROPERTIES VENTAS INC BLACKSTONE MORTGAGE TR INC EQUITY ONE INC VEREIT INC BOSTON PROPERTIES INC EQUITY RESIDENTIAL VESTIN REALTY MORTGAGE II BP PRUDHOE BAY ROYALTY TRUST EQUUS TOTAL RETURN INC VORNADO REALTY TRUST BRANDYWINE REALTY TRUST ESSEX PROPERTY TRUST W P CAREY INC BRT REALTY TRUST EVERSOURCE ENERGY WASHINGTON REIT BUILD-A-BEAR WORKSHOP INC EXTRA SPACE STORAGE INC WEINGARTEN REALTY INVST CAMDEN PROPERTY TRUST FEDERAL REALTY INVESTMENT TR WELLTOWER INC CAMPUS CREST COMMUNITIES INC FELCOR LODGING TRUST INC WESTERN ASSET MTG CAPITAL CP CAPITAL ONE FINANCIAL CORP FIDUS INVESTMENT CORP WEYERHAEUSER CO CAPITAL SOUTHWEST CORP FIFTH STREET FINANCE CORP WHEELER REAL ESTATE INVT TR CAPSTEAD MORTGAGE CORP FIRST INDL REALTY TRUST INC WHITEHORSE FINANCE INC CBL & ASSOCIATES PPTYS INC FIRST POTOMAC REALTY TRUST WHITESTONE REIT CEDAR REALTY TRUST INC FIRST REAL ESTATE INV TR NJ WINMARK CORP CEVA INC FIRSTHAND TECHNOLOGY VALU FD WORLD WRESTLING ENTMT INC CHATHAM LODGING TRUST FORESTAR GROUP INC XCEL BRANDS INC CHEROKEE INC/DE FRANKLIN STREET PROPERTIES AMERICA FIRST MULTIFAMILY-LP CHESAPEAKE LODGING TRUST FRP HOLDINGS INC CYS INVESTMENTS INC CHIMERA INVESTMENT CORP FULL CIRCLE CAPITAL CORP GLADSTONE INVESTMENT CORP/DE CHOICE HOTELS INTL INC GENERAL GROWTH PPTYS INC SARATOGA INVESTMENT CORP CHURCHILL DOWNS INC GEO GROUP INC CORP OFFICE PPTYS TR INC CITIGROUP INC GETTY REALTY CORP LIBERTY PROPERTY TRUST CKX LANDS INC GLADSTONE CAPITAL CORP VESTIN REALTY MORTGAGE I INC COACH INC GLADSTONE COMMERCIAL CORP COLONY CAPITAL INC GLOBAL HEALTHCARE REIT SIC 679 CONDOR HOSPITALITY TR INC GNC HOLDINGS INC AARON'S INC CONOCOPHILLIPS GOLUB CAPITAL BDC INC ACACIA RESEARCH CORP CORENERGY INFRASTRUCTURE TR GOVERNMENT PPTYS INCOME TR ACADIA REALTY TRUST CORESITE REALTY CORP GRAMERCY PROPERTY TRUST AFTERMASTER INC CORRECTIONS CORP AMER GREENSHIFT CORP AG MORTGAGE INVESTMENT TRUST COUSINS PROPERTIES INC GSV CAPITAL CORP AGREE REALTY CORP CROSS TIMBERS ROYALTY TRUST GUESS INC ALEXANDER'S INC CROWN CASTLE INTL CORP GYRODYNE LLC ALEXANDRIA R E EQUITIES INC CUBESMART HARRIS & HARRIS GROUP ALLIANCEBERNSTEIN HOLDING LP DCT INDUSTRIAL TRUST INC HATTERAS FINANCIAL CORP ALTISOURCE RESIDENTIAL CORP DDR CORP HAWAIIAN ELECTRIC INDS AMERICAN ASSETS TRUST INC DIAMONDROCK HOSPITALITY CO HCP INC AMERICAN CAMPUS COMMUNITIES DIGITAL REALTY TRUST INC HEALTHCARE REALTY TRUST INC AMERICAN CAPITAL AGENCY CORP DINEEQUITY INC HEALTHCARE TRUST OF AMERICA AMERICAN CAPITAL LTD DISNEY (WALT) CO HERCULES TECH GROWTH CAP INC AMERICAN CAPITAL MTG INV CP DOLBY LABORATORIES INC HERSHA HOSPITALITY TRUST AMERICAN FINANCIAL GROUP INC DOMINION RES BLACK WARRIOR HIGHWOODS PROPERTIES INC

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 61 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

HMG COURTLAND PROPERTIES NORTH EUROPEAN OIL RTY TR SELECT INCOME REIT HORIZON TECHNOLOGY FINANCE NORTHSTAR REALTY FINANCE CP SELECTIVE INS GROUP INC HOSPITALITY PROPERTIES TRUST NVIDIA CORP SENIOR HOUSING PPTYS TRUST HOST HOTELS & RESORTS INC OFS CAPITAL CORP SEQUENTIAL BRANDS GROUP INC HP INC OHA INVESTMENT CORP SILVER BAY REALTY TRUST CORP HUDSON PACIFIC PPTYS INC OMEGA HEALTHCARE INVS INC SIMON PROPERTY GROUP INC HUGOTON ROYALTY TRUST ONE LIBERTY PROPERTIES INC SL GREEN REALTY CORP ICONIX BRAND GROUP INC PANERA BREAD CO SOLAR CAPITAL LTD IDACORP INC PAPA JOHNS INTERNATIONAL INC SOLAR SENIOR CAPITAL LTD IMAGE SENSING SYSTEMS INC PARKWAY PROPERTIES INC SOTHEBY'S INLAND REAL ESTATE CORP PEBBLEBROOK HOTEL TRUST SOTHERLY HOTELS INC INTEGRAL TECHNOLOGIES INC PENNANTPARK FLOATING RT CAP SOVRAN SELF STORAGE INC INTERDIGITAL INC PENNANTPARK INVESTMENT CORP SPECTRA ENERGY CORP INVESCO MORTGAGE CAPITAL INC PENNSYLVANIA RE INVS TRUST SPIRIT REALTY CAPITAL INC INVESTORS REAL ESTATE TRUST PENNYMAC MORTGAGE INVEST TR ST JOE CO IRON MOUNTAIN INC PEREGRINE PHARMACEUTICLS INC STAG INDUSTRIAL INC ISTAR INC PERMIAN BASIN ROYALTY TRUST STARWOOD PROPERTY TRUST INC ITUS CORP PICO HOLDINGS INC STELLUS CAPITAL INVESTMENT JAVELIN MORTGAGE INVESTMENT PIEDMONT OFFICE REALTY TRUST STRATEGIC HOTELS & RESORTS KAYNE ANDERSON ENERGY DEV CO PLUM CREEK TIMBER CO INC SUMMIT HOTEL PROPERTIES INC KCAP FINANCIAL INC POPEYES LOUISIANA KITCHEN SUN COMMUNITIES INC KILROY REALTY CORP POST PROPERTIES INC SUNSTONE HOTEL INVESTORS INC KIMCO REALTY CORP POTLATCH CORP SWK HOLDINGS CORP KITE REALTY GROUP TRUST PRECISION AUTO CARE INC TANGER FACTORY OUTLET CTRS KRISPY KREME DOUGHNUTS INC PREFERRED APARTMENT CMNTYS TAUBMAN CENTERS INC LAMAR ADVERTISING CO -CL A PRESIDENTIAL RLTY NEW -CL B TC PIPELINES LP LASALLE HOTEL PROPERTIES PROLOGIS INC TCP CAPITAL CORP LEXINGTON REALTY TRUST PROSPECT CAPITAL CORP TEJON RANCH CO LTC PROPERTIES INC PS BUSINESS PARKS TERRENO REALTY CORP LUBYS INC PUBLIC SERVICE ENTRP GRP INC TEXAS PACIFIC LAND TRUST MACERICH CO PUBLIC STORAGE THL CREDIT INC MACK-CALI REALTY CORP QUALCOMM INC TICC CAPITAL CORP MADDEN STEVEN LTD RAIT FINANCIAL TRUST TIDELANDS ROYALTY TRUST B MAIN STREET CAPITAL CORP RALPH LAUREN CORP TORCHMARK CORP MARATHON PATENT GROUP INC RAMBUS INC TRIANGLE CAPITAL CORP MARINE PETROLEUM TRUST RAMCO-GERSHENSON PROPERTIES TWO HARBORS INVESTMENT CORP MARRIOTT INTL INC RAND CAPITAL CORP U S GLOBAL INVESTORS INC MEDALLION FINANCIAL CORP RAYMOND JAMES FINANCIAL CORP UDR INC MEDICAL PROPERTIES TRUST RAYONIER INC UMH PROPERTIES INC MEDLEY CAPITAL CORP REALOGY HOLDINGS CORP UNIVERSAL HEALTH RLTY INCOME MESA ROYALTY TRUST REALTY INCOME CORP UNWIRED PLANET INC MESABI TRUST RED LION HOTELS CORP URSTADT BIDDLE PROPERTIES MFA FINANCIAL INC REDWOOD TRUST INC VENTAS INC MICROCHIP TECHNOLOGY INC REGENCY CENTERS CORP VEREIT INC MID-AMERICA APT CMNTYS INC RESOURCE AMERICA INC VESTIN REALTY MORTGAGE II MMA CAPITAL MGMT LLC RESOURCE CAPITAL CORP VORNADO REALTY TRUST MONMOUTH RE INVESTMENT CP RETAIL OPPORTUNITY INVTS CP W P CAREY INC MONROE CAPITAL CORP RETAIL PPTYS OF AMERICA INC WASHINGTON REIT NATIONAL HEALTH INVESTORS RHINO RESOURCE PARTNERS LP WEINGARTEN REALTY INVST NATIONAL RETAIL PROPERTIES RLJ ENTERTAINMENT INC WELLTOWER INC NATURAL ALTERNATIVES RLJ LODGING TRUST WESTERN ASSET MTG CAPITAL CP NATURAL RESOURCE PARTNERS LP ROCKY MOUNTAIN CHOC FACT INC WEYERHAEUSER CO NAUTILUS INC ROUSE PROPERTIES INC WHEELER REAL ESTATE INVT TR NAVIENT CORP ROVI CORP WHITEHORSE FINANCE INC NETWORK-1 TECHNOLOGIES INC ROYAL GOLD INC WHITESTONE REIT NEW MOUNTAIN FINANCE CORP RUTHS HOSPITALITY GROUP INC WINMARK CORP NEW YORK MORTGAGE TRUST INC RYMAN HOSPITALITY PPTYS INC WORLD WRESTLING ENTMT INC NEWCASTLE INVESTMENT CORP SABINE ROYALTY TRUST XCEL BRANDS INC NEWTEK BUSINESS SERVICES CP SABRA HEALTH CARE REIT INC AMERICA FIRST MULTIFAMILY-LP NOBLE ROMANS INC SAN JUAN BASIN ROYALTY TR CYS INVESTMENTS INC NOCOPI TECHNOLOGIES INC SAUL CENTERS INC GLADSTONE INVESTMENT CORP/DE

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 62 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

SARATOGA INVESTMENT CORP NOBLE ROMANS INC CONDOR HOSPITALITY TR INC CORP OFFICE PPTYS TR INC NOCOPI TECHNOLOGIES INC CORENERGY INFRASTRUCTURE TR LIBERTY PROPERTY TRUST NVIDIA CORP CORESITE REALTY CORP VESTIN REALTY MORTGAGE I INC PANERA BREAD CO CORRECTIONS CORP AMER PAPA JOHNS INTERNATIONAL INC COUSINS PROPERTIES INC SIC 6792 PEREGRINE PHARMACEUTICLS INC CROWN CASTLE INTL CORP BP PRUDHOE BAY ROYALTY TRUST POPEYES LOUISIANA KITCHEN CUBESMART CKX LANDS INC PRECISION AUTO CARE INC DCT INDUSTRIAL TRUST INC CROSS TIMBERS ROYALTY TRUST QUALCOMM INC DDR CORP DOMINION RES BLACK WARRIOR RALPH LAUREN CORP DIAMONDROCK HOSPITALITY CO DORCHESTER MINERALS -LP RAMBUS INC DIGITAL REALTY TRUST INC FORESTAR GROUP INC REALOGY HOLDINGS CORP DOUGLAS EMMETT INC HUGOTON ROYALTY TRUST RED LION HOTELS CORP DUKE REALTY CORP MARINE PETROLEUM TRUST RLJ ENTERTAINMENT INC DUPONT FABROS TECHNOLOGY INC MESA ROYALTY TRUST ROCKY MOUNTAIN CHOC FACT INC DYNEX CAPITAL INC NORTH EUROPEAN OIL RTY TR ROVI CORP EASTGROUP PROPERTIES PERMIAN BASIN ROYALTY TRUST RUTHS HOSPITALITY GROUP INC EDUCATION REALTY TRUST INC SABINE ROYALTY TRUST SEQUENTIAL BRANDS GROUP INC EPR PROPERTIES SAN JUAN BASIN ROYALTY TR SOTHEBY'S EQUINIX INC TEJON RANCH CO UNWIRED PLANET INC EQUITY COMMONWEALTH TEXAS PACIFIC LAND TRUST WINMARK CORP EQUITY LIFESTYLE PROPERTIES TIDELANDS ROYALTY TRUST B WORLD WRESTLING ENTMT INC EQUITY ONE INC XCEL BRANDS INC EQUITY RESIDENTIAL SIC 6794 ESSEX PROPERTY TRUST AARON'S INC SIC 6798 EXTRA SPACE STORAGE INC ACACIA RESEARCH CORP ACADIA REALTY TRUST FEDERAL REALTY INVESTMENT TR AFTERMASTER INC AG MORTGAGE INVESTMENT TRUST FELCOR LODGING TRUST INC BUILD-A-BEAR WORKSHOP INC AGREE REALTY CORP FIRST INDL REALTY TRUST INC CEVA INC ALEXANDER'S INC FIRST POTOMAC REALTY TRUST CHEROKEE INC/DE ALEXANDRIA R E EQUITIES INC FIRST REAL ESTATE INV TR NJ CHOICE HOTELS INTL INC ALTISOURCE RESIDENTIAL CORP FRANKLIN STREET PROPERTIES COACH INC AMERICAN ASSETS TRUST INC GENERAL GROWTH PPTYS INC CONOCOPHILLIPS AMERICAN CAMPUS COMMUNITIES GEO GROUP INC DINEEQUITY INC AMERICAN CAPITAL AGENCY CORP GETTY REALTY CORP DISNEY (WALT) CO AMERICAN CAPITAL MTG INV CP GLADSTONE COMMERCIAL CORP DOLBY LABORATORIES INC AMERICAN TOWER CORP GLOBAL HEALTHCARE REIT DOMINO'S PIZZA INC ANNALY CAPITAL MANAGEMENT GOVERNMENT PPTYS INCOME TR DREAMWORKS ANIMATION INC ANWORTH MTG ASSET CORP GRAMERCY PROPERTY TRUST DTS INC APARTMENT INVST & MGMT CO GYRODYNE LLC E DIGITAL CORP APOLLO COMMERCIAL RE FIN INC HATTERAS FINANCIAL CORP ELLIS PERRY INTL INC APOLLO RESIDENTIAL MTG INC HCP INC ENDEAVOR IP INC ARBOR REALTY TRUST INC HEALTHCARE REALTY TRUST INC ENVIROSTAR INC ARES COMMERCIAL REAL ESTATE HEALTHCARE TRUST OF AMERICA GNC HOLDINGS INC ARMOUR RESIDENTIAL REIT INC HERSHA HOSPITALITY TRUST GREENSHIFT CORP ASHFORD HOSPITALITY TRUST HIGHWOODS PROPERTIES INC GUESS INC AVALONBAY COMMUNITIES INC HMG COURTLAND PROPERTIES HP INC BIMINI CAPITAL MANAGEMENT HOSPITALITY PROPERTIES TRUST ICONIX BRAND GROUP INC BIOMED REALTY TRUST INC HOST HOTELS & RESORTS INC IMAGE SENSING SYSTEMS INC BLACKSTONE MORTGAGE TR INC HUDSON PACIFIC PPTYS INC INTEGRAL TECHNOLOGIES INC BOSTON PROPERTIES INC INLAND REAL ESTATE CORP INTERDIGITAL INC BRANDYWINE REALTY TRUST INVESCO MORTGAGE CAPITAL INC ITUS CORP BRT REALTY TRUST INVESTORS REAL ESTATE TRUST KRISPY KREME DOUGHNUTS INC CAMDEN PROPERTY TRUST IRON MOUNTAIN INC LUBYS INC CAMPUS CREST COMMUNITIES INC ISTAR INC MADDEN STEVEN LTD CAPSTEAD MORTGAGE CORP JAVELIN MORTGAGE INVESTMENT MARATHON PATENT GROUP INC CBL & ASSOCIATES PPTYS INC KILROY REALTY CORP MARRIOTT INTL INC CEDAR REALTY TRUST INC KIMCO REALTY CORP MICROCHIP TECHNOLOGY INC CHATHAM LODGING TRUST KITE REALTY GROUP TRUST NATURAL ALTERNATIVES CHESAPEAKE LODGING TRUST LAMAR ADVERTISING CO -CL A NAUTILUS INC CHIMERA INVESTMENT CORP LASALLE HOTEL PROPERTIES NETWORK-1 TECHNOLOGIES INC COLONY CAPITAL INC LEXINGTON REALTY TRUST

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 63 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

LTC PROPERTIES INC UMH PROPERTIES INC RED LION HOTELS CORP MACERICH CO UNIVERSAL HEALTH RLTY INCOME SANTA FE FINANCIAL CORP MACK-CALI REALTY CORP URSTADT BIDDLE PROPERTIES ST JOE CO MEDICAL PROPERTIES TRUST VENTAS INC STARWOOD HOTELS&RESORTS WRLD MFA FINANCIAL INC VEREIT INC STRATUS PROPERTIES INC MID-AMERICA APT CMNTYS INC VORNADO REALTY TRUST TRANS WORLD CORP/NV MONMOUTH RE INVESTMENT CP W P CAREY INC TROPICANA ENTERTAINMENT INC NATIONAL HEALTH INVESTORS WASHINGTON REIT VAIL RESORTS INC NATIONAL RETAIL PROPERTIES WEINGARTEN REALTY INVST VIAD CORP NEW YORK MORTGAGE TRUST INC WELLTOWER INC WYNDHAM WORLDWIDE CORP NEWCASTLE INVESTMENT CORP WESTERN ASSET MTG CAPITAL CP NORTHSTAR REALTY FINANCE CP WEYERHAEUSER CO SIC 701 OMEGA HEALTHCARE INVS INC WHEELER REAL ESTATE INVT TR COMSTOCK MINING INC ONE LIBERTY PROPERTIES INC WHITESTONE REIT HYATT HOTELS CORP PARKWAY PROPERTIES INC CYS INVESTMENTS INC LOEWS CORP PEBBLEBROOK HOTEL TRUST CORP OFFICE PPTYS TR INC MARCUS CORP PENNSYLVANIA RE INVS TRUST LIBERTY PROPERTY TRUST MARRIOTT INTL INC PENNYMAC MORTGAGE INVEST TR MARRIOTT VACATIONS WORLDWIDE PIEDMONT OFFICE REALTY TRUST SIC 6799 MAUI LAND & PINEAPPLE CO PLUM CREEK TIMBER CO INC ALLIANCEBERNSTEIN HOLDING LP MORGANS HOTEL GROUP CO POST PROPERTIES INC AMERICAN FINANCIAL GROUP INC RED LION HOTELS CORP POTLATCH CORP AMERICAN INTERNATIONAL GROUP SANTA FE FINANCIAL CORP PREFERRED APARTMENT CMNTYS ARLINGTON ASSET INVESTMENT ST JOE CO PRESIDENTIAL RLTY NEW -CL B AVISTA CORP STARWOOD HOTELS&RESORTS WRLD PROLOGIS INC BEXIL CORP STRATUS PROPERTIES INC PS BUSINESS PARKS CAPITAL ONE FINANCIAL CORP TRANS WORLD CORP/NV PUBLIC STORAGE CHURCHILL DOWNS INC TROPICANA ENTERTAINMENT INC RAIT FINANCIAL TRUST CITIGROUP INC VAIL RESORTS INC RAMCO-GERSHENSON PROPERTIES DST SYSTEMS INC VIAD CORP RAYONIER INC EASTMAN CHEMICAL CO WYNDHAM WORLDWIDE CORP REALTY INCOME CORP EVERSOURCE ENERGY REDWOOD TRUST INC HAWAIIAN ELECTRIC INDS SIC 72 REGENCY CENTERS CORP IDACORP INC BLOCK H & R INC RESOURCE AMERICA INC KAYNE ANDERSON ENERGY DEV CO BLUCORA INC RESOURCE CAPITAL CORP MMA CAPITAL MGMT LLC CARRIAGE SERVICES INC RETAIL OPPORTUNITY INVTS CP NAVIENT CORP G&K SERVICES INC -CL A RETAIL PPTYS OF AMERICA INC NEWTEK BUSINESS SERVICES CP LIBERTY TAX INC RLJ LODGING TRUST PICO HOLDINGS INC NATIONAL HOLDINGS CORP ROUSE PROPERTIES INC PUBLIC SERVICE ENTRP GRP INC REGIS CORP/MN RYMAN HOSPITALITY PPTYS INC RAYMOND JAMES FINANCIAL CORP SERVICE CORP INTERNATIONAL SABRA HEALTH CARE REIT INC SELECTIVE INS GROUP INC STONEMOR PARTNERS LP SAUL CENTERS INC SPECTRA ENERGY CORP WEIGHT WATCHERS INTL INC SELECT INCOME REIT ST JOE CO SENIOR HOUSING PPTYS TRUST SWK HOLDINGS CORP SIC 73 SILVER BAY REALTY TRUST CORP TC PIPELINES LP 1-800-FLOWERS.COM SIMON PROPERTY GROUP INC TORCHMARK CORP AARON'S INC SL GREEN REALTY CORP U S GLOBAL INVESTORS INC ABM INDUSTRIES INC SOTHERLY HOTELS INC VESTIN REALTY MORTGAGE II ACCELERIZE INC SOVRAN SELF STORAGE INC AMERICA FIRST MULTIFAMILY-LP ACI WORLDWIDE INC SPIRIT REALTY CAPITAL INC VESTIN REALTY MORTGAGE I INC ACORN ENERGY INC STAG INDUSTRIAL INC ACTIVISION BLIZZARD INC STARWOOD PROPERTY TRUST INC SIC 70 ACTUA CORP STRATEGIC HOTELS & RESORTS CLEAN HARBORS INC ACXIOM CORP SUMMIT HOTEL PROPERTIES INC COMSTOCK MINING INC ADT CORP SUN COMMUNITIES INC HYATT HOTELS CORP AEROCENTURY CORP SUNSTONE HOTEL INVESTORS INC LOEWS CORP AGILYSYS INC TANGER FACTORY OUTLET CTRS MARCUS CORP AIR LEASE CORP TAUBMAN CENTERS INC MARRIOTT INTL INC AIR TRANSPORT SERVICES GROUP TERRENO REALTY CORP MARRIOTT VACATIONS WORLDWIDE AKAMAI TECHNOLOGIES INC TWO HARBORS INVESTMENT CORP MAUI LAND & PINEAPPLE CO ALERE INC UDR INC MORGANS HOTEL GROUP CO ALLDIGITAL HOLDINGS INC

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 64 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

ALLIANCE DATA SYSTEMS CORP CIBER INC ENTRAVISION COMMUNICATIONS ALLIANCE RESOURCE PTNRS -LP CICERO INC EPAM SYSTEMS INC ALLSCRIPTS HEALTHCARE SOLTNS CIENA CORP EPIQ SYSTEMS INC ALPHABET INC CINEDIGM CORP EQUIFAX INC ALTEVA INC CITRIX SYSTEMS INC ERICKSON INC AMERICAN EXPRESS CO CLEARTRONIC INC ESSEX RENTAL CORP AMERICAN INTERNATIONAL GROUP CMG HOLDINGS GROUP INC EVOLVING SYSTEMS INC AMERICAN SOFTWARE -CL A COGNIZANT TECH SOLUTIONS EW SCRIPPS -CL A AMN HEALTHCARE SERVICES INC COLLECTORS UNIVERSE INC EXLSERVICE HOLDINGS INC AMREP CORP COMMAND CENTER INC F5 NETWORKS INC ANGIE'S LIST INC COMMUNICATIONS SYSTEMS INC FACEBOOK INC ANSYS INC COMMVAULT SYSTEMS INC FACTSET RESEARCH SYSTEMS INC ARC DOCUMENT SOLUTIONS INC COMPUTER PROGRAMS & SYSTEMS FAIR ISAAC CORP ASCENT CAPITAL GROUP INC COMPUTER SCIENCES CORP FALCONSTOR SOFTWARE INC ASPEN TECHNOLOGY INC COMPUTER SERVICES INC FEDEX CORP ASTA FUNDING INC COMPUTER TASK GROUP INC FIDELITY NATIONAL INFO SVCS ASTEA INTERNATIONAL INC COMSCORE INC FIDELITY NATL FINL FNF GROUP ASURE SOFTWARE INC CONSTANT CONTACT INC FISERV INC AT&T INC CONVERGYS CORP FORRESTER RESEARCH INC ATHENAHEALTH INC CORELOGIC INC FTI CONSULTING INC ATLAS AIR WORLDWIDE HLDG INC CORNERSTONE ONDEMAND INC GAIAM INC AUTOBYTEL INC COSTAR GROUP INC GARTNER INC AUTODESK INC CREXENDO INC GENERAL EMPLOY ENTERPRISES AUTOMATIC DATA PROCESSING CROSS COUNTRY HEALTHCARE INC GENERAL FINANCE CORP/DE AUTOZONE INC CSG SYSTEMS INTL INC GLOBAL PAYMENTS INC AUXILIO INC CSP INC GLOBALSCAPE INC AWARE INC CTI GROUP HOLDINGS INC GLOWPOINT INC B-SCADA INC CURTISS-WRIGHT CORP GLU MOBILE INC B. RILEY FINANCIAL INC DAILY JOURNAL CORP GRAHAM HOLDINGS CO BALLANTYNE STRONG INC DATALINK CORP GRANDPARENTS.COM INC BANKRATE INC DATATRAK INTERNATIONAL INC GREEN DOT CORP BARRETT BUSINESS SVCS INC DATAWATCH CORP GROUPON INC BAZAARVOICE INC DECISIONPOINT SYSTEMS INC GSE SYSTEMS INC BLACK BOX CORP DEMAND MEDIA INC GUIDANCE SOFTWARE INC BLACKBAUD INC DEMANDWARE INC GUIDEWIRE SOFTWARE INC BLUCORA INC DESTINY MEDIA TECHNOLOGIES H&E EQUIPMENT SERVICES INC BOOZ ALLEN HAMILTON HLDG CP DETERMINE INC HARMAN INTERNATIONAL INDS BOTTOMLINE TECHNOLOGIES INC DEX MEDIA INC HARRIS CORP BRIGHTCOVE INC DHI GROUP INC HARTE HANKS INC BRINKS CO DIGITAL TURBINE INC HAWAIIAN TELCOM HOLDCO INC BROADRIDGE FINANCIAL SOLUTNS DIRECT INSITE CORP HEALTHCARE SERVICES GROUP BROADSOFT INC DISCOVERY COMMUNICATIONS INC HEALTHSTREAM INC BROADVISION INC DISNEY (WALT) CO HEARTLAND PAYMENT SYSTEMS CA INC DLH HOLDINGS CORP HEIDRICK & STRUGGLES INTL CACI INTL INC -CL A DOMINO'S PIZZA INC HELIOS AND MATHESON ANALYTIC CADENCE DESIGN SYSTEMS INC DRONE AVIATION HOLDING CORP HENRY (JACK) & ASSOCIATES CAESARS ENTERTAINMENT CORP DST SYSTEMS INC HERTZ GLOBAL HOLDINGS INC CAI INTERNATIONAL INC DUN & BRADSTREET CORP HOMEAWAY INC CALIF FIRST NATIONAL BANCORP EARTHLINK HOLDINGS CORP HP INC CALLIDUS SOFTWARE INC EBAY INC HUDSON GLOBAL INC CAMBIUM LEARNING GROUP INC EBIX INC IAC/INTERACTIVECORP CARBONITE INC ECOLAB INC IDI INC CARDTRONICS INC EDGEWATER TECHNOLOGY INC IDT CORP CARTESIAN INC EGAIN CORP IDW MEDIA HOLDINGS INC CASS INFORMATION SYSTEMS INC ELECTRO RENT CORP IHEARTMEDIA INC CDI CORP ELECTRONIC ARTS INC IHS INC CERNER CORP ELECTRONICS FOR IMAGING INC IMAGE SENSING SYSTEMS INC CHESAPEAKE UTILITIES CORP ELLIE MAE INC IMAGEWARE SYSTEMS INC CHINA AUTO LOGISTICS INC EMC CORP/MA IMMERSION CORP CHOICE HOTELS INTL INC EMMIS COMMUNICATIONS CP-CL A IMPERVA INC CHURCHILL DOWNS INC ENERNOC INC INCONTACT INC

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 65 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

INDIA GLOBALIZATION CAPITAL MENTOR GRAPHICS CORP PTC INC INFINITE GROUP INC MERCADOLIBRE INC QAD INC INFOBLOX INC MGT CAPITAL INVESTMENTS INC QLIK TECHNOLOGIES INC INFORMATION SERVICES GROUP MICROSOFT CORP QUALITY SYSTEMS INC INKSURE TECHNOLOGIES INC MICROSTRATEGY INC QUALYS INC INNODATA INC MITCHAM INDUSTRIES INC QUINSTREET INC INSIGNIA SYSTEMS INC MMRGLOBAL INC QUMU CORP INSPERITY INC MOBILE MINI INC RACKSPACE HOSTING INC INTEL CORP MOBIVITY HOLDINGS CORP RADIO ONE INC INTERACTIVE INTELLIGENCE GRP MODUSLINK GLOBAL SOLUTIONS RADISYS CORP INTERCLOUD SYSTEMS INC MONOTYPE IMAGING HOLDINGS RAND WORLDWIDE INC INTERNAP CORP MONSTER ARTS RCI HOSPITALITY HLDGS INC INTERPUBLIC GROUP OF COS MONSTER WORLDWIDE INC RCM TECHNOLOGIES INC INTERSECTIONS INC MOODY'S CORP REACHLOCAL INC INTL BUSINESS MACHINES CORP MORNINGSTAR INC REALNETWORKS INC INTL FCSTONE INC MOTOROLA SOLUTIONS INC REALPAGE INC INTRALINKS HOLDINGS INC NASDAQ INC RED HAT INC INTUIT INC NATIONAL CINEMEDIA INC REIS INC INUVO INC NATIONAL INSTRUMENTS CORP REMARK MEDIA INC INVESTVIEW INC NATIONAL RESEARCH CORP RENEWABLE ENERGY GROUP INC ION GEOPHYSICAL CORP NATIONSTAR MORTGAGE HOLDINGS RENNOVA HEALTH INC IPASS INC NCI INC RENT-A-CENTER INC ISIGN SOLUTIONS INC NCR CORP RENTRAK CORP ISSUER DIRECT CORP NELNET INC RESEARCH SOLUTIONS INC ITEX CORP NET 1 UEPS TECHNOLOGIES INC RIGNET INC IZEA INC NET ELEMENT INC ROBERT HALF INTL INC J2 GLOBAL INC NET MEDICAL XPRESS SOLUTIONS ROCKWELL COLLINS INC JETPAY CORP NETSCOUT SYSTEMS INC ROLLINS INC JIVE SOFTWARE INC NETSOL TECHNOLOGIES INC ROOT9B TECHNOLOGIES INC KAR AUCTION SERVICES INC NETSUITE INC ROSETTA STONE INC KELLY SERVICES INC -CL A NEWPARK RESOURCES ROVI CORP KEYW HOLDING CORP NEWTEK BUSINESS SERVICES CP RPC INC KFORCE INC NIC INC RPX CORP KORN/FERRY INTERNATIONAL NORTHROP GRUMMAN CORP SAJAN INC KRATOS DEFENSE & SECURITY NUANCE COMMUNICATIONS INC SALEM MEDIA GROUP INC L-3 COMMUNICATIONS HLDGS INC OMINTO INC SALESFORCE.COM INC LATTICE INC OMNICELL INC SALON MEDIA GROUP INC LEIDOS HOLDINGS INC OMNICOM GROUP SCHEIN (HENRY) INC LEXMARK INTL INC -CL A ON ASSIGNMENT INC SCIENTIFIC GAMES CORP LIFELOCK INC ONE HORIZON GROUP INC SCIQUEST INC LIMELIGHT NETWORKS INC ONVIA INC SEACHANGE INTERNATIONAL INC LINKEDIN CORP OPTIMIZERX CORP SERVICENOW INC LIONBRIDGE TECHNOLOGIES INC ORACLE CORP SERVICESOURCE INTL INC LITHIA MOTORS INC -CL A PAID INC SHARPSPRING INC LIVEPERSON INC PAR TECHNOLOGY CORP SHUTTERSTOCK INC LOCKHEED MARTIN CORP PAREXEL INTERNATIONAL CORP SILICON GRAPHICS INTL CORP LOGMEIN INC PARK CITY GROUP INC SILVERSUN TECHNOLOGIES INC MAJESCO ENTERTAINMENT CO PARKER DRILLING CO SIMULATIONS PLUS INC MAM SOFTWARE GROUP INC PASSUR AEROSPACE INC SIZMEK INC MANHATTAN ASSOCIATES INC PEGASYSTEMS INC SKECHERS U S A INC MANPOWERGROUP PERFICIENT INC SMITH MICRO SOFTWARE INC MANTECH INTL CORP PERFORMANT FINANCIAL CORP SNAP INTERACTIVE INC MARCHEX INC PFSWEB INC SOCIAL REALITY INC MASTECH HOLDINGS INC PITNEY BOWES INC SOFTECH INC MCGRATH RENTCORP PLANET PAYMENT INC SOHU.COM INC MCGRAW HILL FINANCIAL PRGX GLOBAL INC SOLARWINDS INC MCKESSON CORP PRICELINE GROUP INC SOLERA HOLDINGS INC MECKLERMEDIA CORP PROGRESS SOFTWARE CORP SONIC FOUNDRY INC MEDASSETS INC PROOFPOINT INC SONUS NETWORKS INC MEDIDATA SOLUTIONS INC PROS HOLDINGS INC SOTHEBY'S MEETME INC PROVIDENCE SERVICE CORP SPAR GROUP INC

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 66 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

SPARK NETWORKS INC VIRTUALSCOPICS INC MOBILE MINI INC SPEED COMMERCE INC VIRTUSA CORP NEWPARK RESOURCES SPINDLE INC VMWARE INC -CL A PARKER DRILLING CO SPLUNK INC VOCERA COMMUNICATIONS INC RENT-A-CENTER INC SPS COMMERCE INC VOLT INFO SCIENCES INC RPC INC SS&C TECHNOLOGIES HLDGS INC VSE CORP SCIENTIFIC GAMES CORP STAMPS.COM INC WALTER INVESTMENT MGMT CORP SUPERIOR ENERGY SERVICES INC STATE AUTO FINANCIAL CORP WAVE SYSTEMS CORP -CL A TAL INTERNATIONAL GROUP INC STREAMLINE HEALTH SOLUTIONS WEB.COM GROUP INC TRANS-LUX CORP SUPERIOR ENERGY SERVICES INC WEBMD HEALTH CORP TRINITY INDUSTRIES SUPERIOR UNIFORM GROUP INC WHERE FOOD COMES FROM INC UNITED RENTALS INC SUPPORT.COM INC WIDEPOINT CORP WILLIS LEASE FINANCE CORP SYKES ENTERPRISES INC WILLIS LEASE FINANCE CORP SYMANTEC CORP WORKDAY INC SIC 7359 SYNCHRONOSS TECHNOLOGIES XCELMOBILITY INC AARON'S INC SYNNEX CORP XEROX CORP AEROCENTURY CORP SYNOPSYS INC XO GROUP INC AIR LEASE CORP SYNTEL INC XURA INC AIR TRANSPORT SERVICES GROUP SYSTEMAX INC YAHOO INC AMERICAN INTERNATIONAL GROUP TAKE-TWO INTERACTIVE SFTWR YELP INC ATLAS AIR WORLDWIDE HLDG INC TAL INTERNATIONAL GROUP INC ZEBRA TECHNOLOGIES CP -CL A CAI INTERNATIONAL INC TANGOE INC ZILLOW GROUP INC ELECTRO RENT CORP TEAM HEALTH HOLDINGS INC ZIX CORP GENERAL FINANCE CORP/DE TECHTARGET INC ZYNGA INC MCGRATH RENTCORP TEGNA INC CLEAR CHANNEL OUTDOOR HLDGS MITCHAM INDUSTRIES INC TELECOMMUNICATION SYS INC ADOBE SYSTEMS INC MOBILE MINI INC TELEDYNE TECHNOLOGIES INC BRIDGELINE DIGITAL INC NEWPARK RESOURCES TELETECH HOLDINGS INC PARKER DRILLING CO TERADATA CORP SIC 731 RENT-A-CENTER INC THESTREET INC CMG HOLDINGS GROUP INC RPC INC TIGERLOGIC CORP CONSTANT CONTACT INC SCIENTIFIC GAMES CORP TIME WARNER CABLE INC DEX MEDIA INC SUPERIOR ENERGY SERVICES INC TOTAL SYSTEM SERVICES INC IDI INC TAL INTERNATIONAL GROUP INC TRACK GROUP INC IDW MEDIA HOLDINGS INC TRANS-LUX CORP TRANS-LUX CORP IHEARTMEDIA INC TRINITY INDUSTRIES TRAVELZOO INC INSIGNIA SYSTEMS INC WILLIS LEASE FINANCE CORP TRINITY INDUSTRIES INTERPUBLIC GROUP OF COS TRIPADVISOR INC INUVO INC TRUEBLUE INC MONSTER WORLDWIDE INC TRUNITY HOLDINGS INC-OLD NATIONAL CINEMEDIA INC TRXADE GROUP INC OMNICOM GROUP TSR INC SOCIAL REALITY INC TUCOWS INC TIME WARNER CABLE INC TYLER TECHNOLOGIES INC CLEAR CHANNEL OUTDOOR HLDGS ULTIMATE SOFTWARE GROUP INC UNIFI INC SIC 735 UNISYS CORP AARON'S INC UNITED ONLINE INC AEROCENTURY CORP UNITED RENTALS INC AIR LEASE CORP UNITEDHEALTH GROUP INC AIR TRANSPORT SERVICES GROUP UNIVERSAL HEALTH SVCS INC AMERICAN INTERNATIONAL GROUP US AUTO PARTS NETWORK INC ATLAS AIR WORLDWIDE HLDG INC USELL.COM INC CAI INTERNATIONAL INC VANTIV INC ELECTRO RENT CORP VECTREN CORP ERICKSON INC VERINT SYSTEMS INC ESSEX RENTAL CORP VERISIGN INC GENERAL FINANCE CORP/DE VERTICAL COMPUTER SYS INC H&E EQUIPMENT SERVICES INC VIAD CORP HERTZ GLOBAL HOLDINGS INC VIRNETX HOLDING CORP MCGRATH RENTCORP VIRTRA SYSTEMS INC MITCHAM INDUSTRIES INC

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 67 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

SIC 736 SIC 737 CLEARTRONIC INC AMN HEALTHCARE SERVICES INC ACCELERIZE INC COGNIZANT TECH SOLUTIONS BARRETT BUSINESS SVCS INC ACI WORLDWIDE INC COMMUNICATIONS SYSTEMS INC CDI CORP ACORN ENERGY INC COMMVAULT SYSTEMS INC COMMAND CENTER INC ACTIVISION BLIZZARD INC COMPUTER PROGRAMS & SYSTEMS CROSS COUNTRY HEALTHCARE INC ACTUA CORP COMPUTER SCIENCES CORP DHI GROUP INC ACXIOM CORP COMPUTER SERVICES INC DLH HOLDINGS CORP AGILYSYS INC COMPUTER TASK GROUP INC GENERAL EMPLOY ENTERPRISES AKAMAI TECHNOLOGIES INC COMSCORE INC HEIDRICK & STRUGGLES INTL ALERE INC CORELOGIC INC HUDSON GLOBAL INC ALLDIGITAL HOLDINGS INC CORNERSTONE ONDEMAND INC INSPERITY INC ALLIANCE DATA SYSTEMS CORP COSTAR GROUP INC KELLY SERVICES INC -CL A ALLSCRIPTS HEALTHCARE SOLTNS CREXENDO INC KFORCE INC ALPHABET INC CSG SYSTEMS INTL INC KORN/FERRY INTERNATIONAL ALTEVA INC CSP INC MANPOWERGROUP AMERICAN SOFTWARE -CL A CTI GROUP HOLDINGS INC MASTECH HOLDINGS INC ANGIE'S LIST INC CURTISS-WRIGHT CORP ON ASSIGNMENT INC ANSYS INC DAILY JOURNAL CORP PROVIDENCE SERVICE CORP ASPEN TECHNOLOGY INC DATALINK CORP RCM TECHNOLOGIES INC ASTEA INTERNATIONAL INC DATATRAK INTERNATIONAL INC ROBERT HALF INTL INC ASURE SOFTWARE INC DATAWATCH CORP SUPERIOR UNIFORM GROUP INC AT&T INC DECISIONPOINT SYSTEMS INC TEAM HEALTH HOLDINGS INC ATHENAHEALTH INC DEMAND MEDIA INC TRUEBLUE INC AUTOBYTEL INC DEMANDWARE INC VOLT INFO SCIENCES INC AUTODESK INC DESTINY MEDIA TECHNOLOGIES AUTOMATIC DATA PROCESSING DETERMINE INC SIC 7361 AUTOZONE INC DIGITAL TURBINE INC AMN HEALTHCARE SERVICES INC AUXILIO INC DIRECT INSITE CORP CDI CORP AWARE INC DISCOVERY COMMUNICATIONS INC CROSS COUNTRY HEALTHCARE INC B-SCADA INC DISNEY (WALT) CO DHI GROUP INC BALLANTYNE STRONG INC DRONE AVIATION HOLDING CORP GENERAL EMPLOY ENTERPRISES BANKRATE INC DST SYSTEMS INC HEIDRICK & STRUGGLES INTL BAZAARVOICE INC EARTHLINK HOLDINGS CORP HUDSON GLOBAL INC BLACK BOX CORP EBAY INC KORN/FERRY INTERNATIONAL BLACKBAUD INC EBIX INC MANPOWERGROUP BLUCORA INC EDGEWATER TECHNOLOGY INC MASTECH HOLDINGS INC BOOZ ALLEN HAMILTON HLDG CP EGAIN CORP RCM TECHNOLOGIES INC BOTTOMLINE TECHNOLOGIES INC ELECTRONIC ARTS INC ROBERT HALF INTL INC BRIGHTCOVE INC ELECTRONICS FOR IMAGING INC SUPERIOR UNIFORM GROUP INC BRINKS CO ELLIE MAE INC TEAM HEALTH HOLDINGS INC BROADRIDGE FINANCIAL SOLUTNS EMC CORP/MA TRUEBLUE INC BROADSOFT INC EMMIS COMMUNICATIONS CP-CL A BROADVISION INC ENERNOC INC SIC 7363 CA INC ENTRAVISION COMMUNICATIONS BARRETT BUSINESS SVCS INC CACI INTL INC -CL A EPAM SYSTEMS INC CDI CORP CADENCE DESIGN SYSTEMS INC EPIQ SYSTEMS INC COMMAND CENTER INC CAESARS ENTERTAINMENT CORP EQUIFAX INC CROSS COUNTRY HEALTHCARE INC CALIF FIRST NATIONAL BANCORP EVOLVING SYSTEMS INC DLH HOLDINGS CORP CALLIDUS SOFTWARE INC EXLSERVICE HOLDINGS INC INSPERITY INC CAMBIUM LEARNING GROUP INC F5 NETWORKS INC KELLY SERVICES INC -CL A CARBONITE INC FACEBOOK INC KFORCE INC CARTESIAN INC FACTSET RESEARCH SYSTEMS INC MANPOWERGROUP CERNER CORP FAIR ISAAC CORP ON ASSIGNMENT INC CHESAPEAKE UTILITIES CORP FALCONSTOR SOFTWARE INC PROVIDENCE SERVICE CORP CHINA AUTO LOGISTICS INC FEDEX CORP RCM TECHNOLOGIES INC CHOICE HOTELS INTL INC FIDELITY NATIONAL INFO SVCS ROBERT HALF INTL INC CHURCHILL DOWNS INC FIDELITY NATL FINL FNF GROUP TRUEBLUE INC CIBER INC FISERV INC VOLT INFO SCIENCES INC CICERO INC FORRESTER RESEARCH INC CIENA CORP FTI CONSULTING INC CITRIX SYSTEMS INC GAIAM INC

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 68 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

GLOBAL PAYMENTS INC LIONBRIDGE TECHNOLOGIES INC PROGRESS SOFTWARE CORP GLOBALSCAPE INC LIVEPERSON INC PROOFPOINT INC GLOWPOINT INC LOCKHEED MARTIN CORP PROS HOLDINGS INC GLU MOBILE INC LOGMEIN INC PTC INC GRAHAM HOLDINGS CO MAJESCO ENTERTAINMENT CO QAD INC GRANDPARENTS.COM INC MAM SOFTWARE GROUP INC QLIK TECHNOLOGIES INC GROUPON INC MANHATTAN ASSOCIATES INC QUALITY SYSTEMS INC GSE SYSTEMS INC MANTECH INTL CORP QUALYS INC GUIDANCE SOFTWARE INC MARCHEX INC QUINSTREET INC GUIDEWIRE SOFTWARE INC MCGRAW HILL FINANCIAL QUMU CORP HARMAN INTERNATIONAL INDS MCKESSON CORP RACKSPACE HOSTING INC HARRIS CORP MEDASSETS INC RADIO ONE INC HARTE HANKS INC MEDIDATA SOLUTIONS INC RADISYS CORP HAWAIIAN TELCOM HOLDCO INC MEETME INC RAND WORLDWIDE INC HEALTHSTREAM INC MENTOR GRAPHICS CORP REACHLOCAL INC HEARTLAND PAYMENT SYSTEMS MERCADOLIBRE INC REALNETWORKS INC HELIOS AND MATHESON ANALYTIC MGT CAPITAL INVESTMENTS INC REALPAGE INC HENRY (JACK) & ASSOCIATES MICROSOFT CORP RED HAT INC HOMEAWAY INC MICROSTRATEGY INC REIS INC HP INC MMRGLOBAL INC REMARK MEDIA INC IAC/INTERACTIVECORP MOBIVITY HOLDINGS CORP RENNOVA HEALTH INC IDT CORP MODUSLINK GLOBAL SOLUTIONS RENTRAK CORP IHS INC MONOTYPE IMAGING HOLDINGS RIGNET INC IMAGE SENSING SYSTEMS INC MONSTER ARTS ROCKWELL COLLINS INC IMAGEWARE SYSTEMS INC MONSTER WORLDWIDE INC ROOT9B TECHNOLOGIES INC IMMERSION CORP MORNINGSTAR INC ROSETTA STONE INC IMPERVA INC MOTOROLA SOLUTIONS INC ROVI CORP INCONTACT INC NASDAQ INC SAJAN INC INDIA GLOBALIZATION CAPITAL NATIONAL INSTRUMENTS CORP SALEM MEDIA GROUP INC INFINITE GROUP INC NATIONSTAR MORTGAGE HOLDINGS SALESFORCE.COM INC INFOBLOX INC NCI INC SALON MEDIA GROUP INC INFORMATION SERVICES GROUP NCR CORP SCHEIN (HENRY) INC INKSURE TECHNOLOGIES INC NELNET INC SCIQUEST INC INNODATA INC NET 1 UEPS TECHNOLOGIES INC SEACHANGE INTERNATIONAL INC INTEL CORP NET ELEMENT INC SERVICENOW INC INTERACTIVE INTELLIGENCE GRP NET MEDICAL XPRESS SOLUTIONS SERVICESOURCE INTL INC INTERCLOUD SYSTEMS INC NETSCOUT SYSTEMS INC SHARPSPRING INC INTERNAP CORP NETSOL TECHNOLOGIES INC SHUTTERSTOCK INC INTERSECTIONS INC NETSUITE INC SILICON GRAPHICS INTL CORP INTL BUSINESS MACHINES CORP NEWTEK BUSINESS SERVICES CP SILVERSUN TECHNOLOGIES INC INTRALINKS HOLDINGS INC NIC INC SIMULATIONS PLUS INC INTUIT INC NORTHROP GRUMMAN CORP SIZMEK INC INUVO INC NUANCE COMMUNICATIONS INC SKECHERS U S A INC INVESTVIEW INC OMINTO INC SMITH MICRO SOFTWARE INC ION GEOPHYSICAL CORP OMNICELL INC SNAP INTERACTIVE INC IPASS INC ONE HORIZON GROUP INC SOFTECH INC ISIGN SOLUTIONS INC ONVIA INC SOHU.COM INC ISSUER DIRECT CORP OPTIMIZERX CORP SOLARWINDS INC IZEA INC ORACLE CORP SOLERA HOLDINGS INC J2 GLOBAL INC PAID INC SONIC FOUNDRY INC JETPAY CORP PAR TECHNOLOGY CORP SONUS NETWORKS INC JIVE SOFTWARE INC PAREXEL INTERNATIONAL CORP SPARK NETWORKS INC KEYW HOLDING CORP PARK CITY GROUP INC SPEED COMMERCE INC KRATOS DEFENSE & SECURITY PASSUR AEROSPACE INC SPINDLE INC L-3 COMMUNICATIONS HLDGS INC PEGASYSTEMS INC SPLUNK INC LATTICE INC PERFICIENT INC SPS COMMERCE INC LEIDOS HOLDINGS INC PFSWEB INC SS&C TECHNOLOGIES HLDGS INC LEXMARK INTL INC -CL A PITNEY BOWES INC STAMPS.COM INC LIFELOCK INC PLANET PAYMENT INC STATE AUTO FINANCIAL CORP LIMELIGHT NETWORKS INC PRGX GLOBAL INC STREAMLINE HEALTH SOLUTIONS LINKEDIN CORP PRICELINE GROUP INC SUPPORT.COM INC

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 69 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

SYKES ENTERPRISES INC SIC 7372 ION GEOPHYSICAL CORP SYMANTEC CORP ACCELERIZE INC ISIGN SOLUTIONS INC SYNCHRONOSS TECHNOLOGIES ACI WORLDWIDE INC JIVE SOFTWARE INC SYNNEX CORP ACORN ENERGY INC KEYW HOLDING CORP SYNOPSYS INC ACTIVISION BLIZZARD INC LEXMARK INTL INC -CL A SYNTEL INC ALERE INC LIONBRIDGE TECHNOLOGIES INC SYSTEMAX INC ALLDIGITAL HOLDINGS INC MAJESCO ENTERTAINMENT CO TAKE-TWO INTERACTIVE SFTWR ALLSCRIPTS HEALTHCARE SOLTNS MAM SOFTWARE GROUP INC TANGOE INC AMERICAN SOFTWARE -CL A MCKESSON CORP TECHTARGET INC ANSYS INC MEDASSETS INC TEGNA INC ASPEN TECHNOLOGY INC MGT CAPITAL INVESTMENTS INC TELECOMMUNICATION SYS INC ASTEA INTERNATIONAL INC MICROSOFT CORP TELEDYNE TECHNOLOGIES INC AUTODESK INC MICROSTRATEGY INC TERADATA CORP AUTOZONE INC MOBIVITY HOLDINGS CORP THESTREET INC B-SCADA INC MONOTYPE IMAGING HOLDINGS TIGERLOGIC CORP BRIGHTCOVE INC MONSTER ARTS TRAVELZOO INC BROADSOFT INC NATIONAL INSTRUMENTS CORP TRIPADVISOR INC CA INC NET MEDICAL XPRESS SOLUTIONS TRUNITY HOLDINGS INC-OLD CADENCE DESIGN SYSTEMS INC NETSOL TECHNOLOGIES INC TRXADE GROUP INC CALLIDUS SOFTWARE INC NIC INC TSR INC CAMBIUM LEARNING GROUP INC NUANCE COMMUNICATIONS INC TUCOWS INC CARTESIAN INC ONE HORIZON GROUP INC TYLER TECHNOLOGIES INC CHURCHILL DOWNS INC ORACLE CORP ULTIMATE SOFTWARE GROUP INC CIENA CORP PAID INC UNISYS CORP CITRIX SYSTEMS INC PAREXEL INTERNATIONAL CORP UNITED ONLINE INC COMMVAULT SYSTEMS INC PARK CITY GROUP INC UNITEDHEALTH GROUP INC CORNERSTONE ONDEMAND INC PASSUR AEROSPACE INC UNIVERSAL HEALTH SVCS INC CTI GROUP HOLDINGS INC PEGASYSTEMS INC US AUTO PARTS NETWORK INC DAILY JOURNAL CORP PITNEY BOWES INC USELL.COM INC DATATRAK INTERNATIONAL INC PROGRESS SOFTWARE CORP VANTIV INC DATAWATCH CORP PROOFPOINT INC VECTREN CORP DEMANDWARE INC PROS HOLDINGS INC VERINT SYSTEMS INC DESTINY MEDIA TECHNOLOGIES PTC INC VERISIGN INC DIGITAL TURBINE INC QAD INC VERTICAL COMPUTER SYS INC DISNEY (WALT) CO QLIK TECHNOLOGIES INC VIRNETX HOLDING CORP DRONE AVIATION HOLDING CORP QUALYS INC VIRTRA SYSTEMS INC EBIX INC QUMU CORP VIRTUALSCOPICS INC ELECTRONIC ARTS INC RADISYS CORP VIRTUSA CORP ELECTRONICS FOR IMAGING INC RAND WORLDWIDE INC VMWARE INC -CL A EMC CORP/MA REALNETWORKS INC VOCERA COMMUNICATIONS INC EPAM SYSTEMS INC REALPAGE INC VOLT INFO SCIENCES INC EPIQ SYSTEMS INC RED HAT INC VSE CORP FIDELITY NATIONAL INFO SVCS RENNOVA HEALTH INC WAVE SYSTEMS CORP -CL A GLOBALSCAPE INC ROSETTA STONE INC WEB.COM GROUP INC GLU MOBILE INC SALESFORCE.COM INC WEBMD HEALTH CORP GSE SYSTEMS INC SCHEIN (HENRY) INC WHERE FOOD COMES FROM INC GUIDANCE SOFTWARE INC SCIQUEST INC WIDEPOINT CORP GUIDEWIRE SOFTWARE INC SEACHANGE INTERNATIONAL INC WORKDAY INC HARMAN INTERNATIONAL INDS SERVICENOW INC XCELMOBILITY INC HARTE HANKS INC SIMULATIONS PLUS INC XEROX CORP HEARTLAND PAYMENT SYSTEMS SIZMEK INC XO GROUP INC HP INC SMITH MICRO SOFTWARE INC XURA INC IMAGE SENSING SYSTEMS INC SOFTECH INC YAHOO INC IMMERSION CORP SOLARWINDS INC YELP INC IMPERVA INC SOLERA HOLDINGS INC ZEBRA TECHNOLOGIES CP -CL A INNODATA INC SONIC FOUNDRY INC ZILLOW GROUP INC INTEL CORP SPINDLE INC ZIX CORP INTERACTIVE INTELLIGENCE GRP SPLUNK INC ZYNGA INC INTERSECTIONS INC SPS COMMERCE INC ADOBE SYSTEMS INC INTL BUSINESS MACHINES CORP SS&C TECHNOLOGIES HLDGS INC BRIDGELINE DIGITAL INC INTUIT INC STATE AUTO FINANCIAL CORP

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 70 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

SUPPORT.COM INC ROVI CORP ALTEVA INC SYMANTEC CORP SILVERSUN TECHNOLOGIES INC ANGIE'S LIST INC SYNOPSYS INC SONUS NETWORKS INC ASURE SOFTWARE INC SYSTEMAX INC STREAMLINE HEALTH SOLUTIONS ATHENAHEALTH INC TAKE-TWO INTERACTIVE SFTWR TELECOMMUNICATION SYS INC AUTOBYTEL INC TANGOE INC TELEDYNE TECHNOLOGIES INC BANKRATE INC TIGERLOGIC CORP TERADATA CORP BAZAARVOICE INC TYLER TECHNOLOGIES INC TYLER TECHNOLOGIES INC BLACKBAUD INC ULTIMATE SOFTWARE GROUP INC UNISYS CORP BLUCORA INC UNITEDHEALTH GROUP INC VERINT SYSTEMS INC BOTTOMLINE TECHNOLOGIES INC VERTICAL COMPUTER SYS INC VIRTUALSCOPICS INC CAESARS ENTERTAINMENT CORP VIRNETX HOLDING CORP VMWARE INC -CL A CAMBIUM LEARNING GROUP INC VIRTRA SYSTEMS INC ZEBRA TECHNOLOGIES CP -CL A CARBONITE INC WAVE SYSTEMS CORP -CL A CHINA AUTO LOGISTICS INC WORKDAY INC SIC 7374 CHOICE HOTELS INTL INC XCELMOBILITY INC ACXIOM CORP COMSCORE INC XURA INC ALLIANCE DATA SYSTEMS CORP COSTAR GROUP INC ZYNGA INC ALLSCRIPTS HEALTHCARE SOLTNS CREXENDO INC ADOBE SYSTEMS INC AUTOMATIC DATA PROCESSING DEMAND MEDIA INC AUXILIO INC DETERMINE INC SIC 7373 BRINKS CO DISCOVERY COMMUNICATIONS INC ALLSCRIPTS HEALTHCARE SOLTNS COMPUTER SERVICES INC EARTHLINK HOLDINGS CORP AWARE INC CORELOGIC INC EBAY INC BALLANTYNE STRONG INC CSG SYSTEMS INTL INC EGAIN CORP BROADRIDGE FINANCIAL SOLUTNS DIRECT INSITE CORP EMC CORP/MA BROADVISION INC DST SYSTEMS INC EMMIS COMMUNICATIONS CP-CL A CACI INTL INC -CL A EBAY INC ENTRAVISION COMMUNICATIONS CERNER CORP EQUIFAX INC FACEBOOK INC CLEARTRONIC INC EXLSERVICE HOLDINGS INC FACTSET RESEARCH SYSTEMS INC COMMUNICATIONS SYSTEMS INC FIDELITY NATIONAL INFO SVCS GAIAM INC COMPUTER PROGRAMS & SYSTEMS FIDELITY NATL FINL FNF GROUP GLOWPOINT INC CSP INC FISERV INC GRAHAM HOLDINGS CO CURTISS-WRIGHT CORP GLOBAL PAYMENTS INC GRANDPARENTS.COM INC DATALINK CORP HARRIS CORP GROUPON INC ENERNOC INC HEARTLAND PAYMENT SYSTEMS HAWAIIAN TELCOM HOLDCO INC F5 NETWORKS INC INFORMATION SERVICES GROUP HEALTHSTREAM INC FAIR ISAAC CORP INNODATA INC HOMEAWAY INC FALCONSTOR SOFTWARE INC INTERNAP CORP IAC/INTERACTIVECORP HARRIS CORP ISSUER DIRECT CORP IDT CORP HENRY (JACK) & ASSOCIATES JETPAY CORP IHS INC IMAGEWARE SYSTEMS INC LIFELOCK INC INCONTACT INC INFINITE GROUP INC MODUSLINK GLOBAL SOLUTIONS INDIA GLOBALIZATION CAPITAL INFOBLOX INC NASDAQ INC INTERCLOUD SYSTEMS INC INKSURE TECHNOLOGIES INC NELNET INC INTERNAP CORP KRATOS DEFENSE & SECURITY NET 1 UEPS TECHNOLOGIES INC INUVO INC LATTICE INC NET ELEMENT INC INVESTVIEW INC LEIDOS HOLDINGS INC NEWTEK BUSINESS SERVICES CP IPASS INC MANHATTAN ASSOCIATES INC PFSWEB INC IZEA INC MANTECH INTL CORP PLANET PAYMENT INC J2 GLOBAL INC MEDIDATA SOLUTIONS INC PRGX GLOBAL INC LIMELIGHT NETWORKS INC MENTOR GRAPHICS CORP SYKES ENTERPRISES INC LINKEDIN CORP MOTOROLA SOLUTIONS INC SYMANTEC CORP LIVEPERSON INC NASDAQ INC SYNNEX CORP LOGMEIN INC NCI INC SYNTEL INC MARCHEX INC NETSCOUT SYSTEMS INC VANTIV INC MCGRAW HILL FINANCIAL NETSUITE INC XEROX CORP MEETME INC NORTHROP GRUMMAN CORP MERCADOLIBRE INC OMNICELL INC SIC 7375 MMRGLOBAL INC ORACLE CORP ACTUA CORP MODUSLINK GLOBAL SOLUTIONS QUALITY SYSTEMS INC AKAMAI TECHNOLOGIES INC MONSTER WORLDWIDE INC ROCKWELL COLLINS INC ALPHABET INC MORNINGSTAR INC

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 71 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

NATIONSTAR MORTGAGE HOLDINGS COGNIZANT TECH SOLUTIONS PITNEY BOWES INC NEWTEK BUSINESS SERVICES CP COMPUTER SCIENCES CORP RCI HOSPITALITY HLDGS INC NIC INC COMPUTER TASK GROUP INC RENEWABLE ENERGY GROUP INC OMINTO INC DECISIONPOINT SYSTEMS INC RESEARCH SOLUTIONS INC ONVIA INC EDGEWATER TECHNOLOGY INC RPX CORP OPTIMIZERX CORP FORRESTER RESEARCH INC SOTHEBY'S ORACLE CORP FTI CONSULTING INC SPAR GROUP INC PAID INC GSE SYSTEMS INC TELETECH HOLDINGS INC PRICELINE GROUP INC GUIDANCE SOFTWARE INC TOTAL SYSTEM SERVICES INC PROGRESS SOFTWARE CORP HELIOS AND MATHESON ANALYTIC TRACK GROUP INC QUINSTREET INC HP INC UNIFI INC RACKSPACE HOSTING INC INTERCLOUD SYSTEMS INC VIAD CORP RADIO ONE INC INTL BUSINESS MACHINES CORP REIS INC KEYW HOLDING CORP SIC 7389 REMARK MEDIA INC L-3 COMMUNICATIONS HLDGS INC 1-800-FLOWERS.COM RENTRAK CORP LOCKHEED MARTIN CORP ALLIANCE RESOURCE PTNRS -LP SAJAN INC MICROSOFT CORP AMERICAN EXPRESS CO SALEM MEDIA GROUP INC NCR CORP AMREP CORP SALON MEDIA GROUP INC ORACLE CORP ARC DOCUMENT SOLUTIONS INC SERVICESOURCE INTL INC PERFICIENT INC ASTA FUNDING INC SHARPSPRING INC PTC INC B. RILEY FINANCIAL INC SHUTTERSTOCK INC RIGNET INC CARDTRONICS INC SKECHERS U S A INC ROOT9B TECHNOLOGIES INC CASS INFORMATION SYSTEMS INC SNAP INTERACTIVE INC SERVICESOURCE INTL INC CINEDIGM CORP SOHU.COM INC SILICON GRAPHICS INTL CORP COLLECTORS UNIVERSE INC SPARK NETWORKS INC SYNTEL INC CONVERGYS CORP SPEED COMMERCE INC VECTREN CORP DOMINO'S PIZZA INC STAMPS.COM INC VIRTUSA CORP GARTNER INC SYNCHRONOSS TECHNOLOGIES VOCERA COMMUNICATIONS INC GREEN DOT CORP TECHTARGET INC VOLT INFO SCIENCES INC INTL FCSTONE INC TEGNA INC VSE CORP ITEX CORP THESTREET INC WIDEPOINT CORP KAR AUCTION SERVICES INC TRAVELZOO INC ZIX CORP LITHIA MOTORS INC -CL A TRIPADVISOR INC MARCHEX INC TRUNITY HOLDINGS INC-OLD SIC 738 MECKLERMEDIA CORP TRXADE GROUP INC 1-800-FLOWERS.COM NATIONAL RESEARCH CORP TUCOWS INC ADT CORP PITNEY BOWES INC UNITED ONLINE INC ALLIANCE RESOURCE PTNRS -LP RCI HOSPITALITY HLDGS INC UNIVERSAL HEALTH SVCS INC AMERICAN EXPRESS CO RENEWABLE ENERGY GROUP INC US AUTO PARTS NETWORK INC AMREP CORP RESEARCH SOLUTIONS INC USELL.COM INC ARC DOCUMENT SOLUTIONS INC RPX CORP VERISIGN INC ASCENT CAPITAL GROUP INC SOTHEBY'S WEB.COM GROUP INC ASTA FUNDING INC SPAR GROUP INC WEBMD HEALTH CORP B. RILEY FINANCIAL INC TELETECH HOLDINGS INC WHERE FOOD COMES FROM INC BRINKS CO TOTAL SYSTEM SERVICES INC XO GROUP INC CARDTRONICS INC UNIFI INC YAHOO INC CASS INFORMATION SYSTEMS INC VIAD CORP YELP INC CINEDIGM CORP ZILLOW GROUP INC COLLECTORS UNIVERSE INC SIC 75 CONVERGYS CORP ABM INDUSTRIES INC SIC 7379 DOMINO'S PIZZA INC AMERCO ACXIOM CORP EW SCRIPPS -CL A ARCBEST CORP AGILYSYS INC GARTNER INC AVIS BUDGET GROUP INC AMERICAN SOFTWARE -CL A GREEN DOT CORP HERTZ GLOBAL HOLDINGS INC ASPEN TECHNOLOGY INC INTL FCSTONE INC MONRO MUFFLER BRAKE INC AT&T INC ITEX CORP PEARTRACK SECURITY SYSTEMS BLACK BOX CORP KAR AUCTION SERVICES INC RYDER SYSTEM INC BOOZ ALLEN HAMILTON HLDG CP LITHIA MOTORS INC -CL A SP PLUS CORP CA INC MARCHEX INC WERNER ENTERPRISES INC CHESAPEAKE UTILITIES CORP MECKLERMEDIA CORP CIBER INC NATIONAL RESEARCH CORP

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 72 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

SIC 76 DREAMWORKS ANIMATION INC MGM RESORTS INTERNATIONAL AQUA AMERICA INC EMPIRE RESORTS INC MONARCH CASINO & RESORT INC ARCHROCK INC FULL HOUSE RESORTS INC NEVADA GOLD & CASINOS INC BROOKS AUTOMATION INC ICAHN ENTERPRISES LP PARKS AMERICA INC INTEGRATED ELECTRICAL SVCS INTL SPEEDWAY CORP -CL A PENN NATIONAL GAMING INC KIRBY CORP ISLE OF CAPRI CASINOS INC PINNACLE ENTERTAINMENT INC NEW JERSEY RESOURCES CORP LIVE NATION ENTERTAINMENT PREMIER EXHIBITIONS INC PEPCO HOLDINGS INC MARTHA STEWART LIVING OMNIMD RED LION HOTELS CORP PHI INC MGM RESORTS INTERNATIONAL RYMAN HOSPITALITY PPTYS INC SNAP-ON INC MONARCH CASINO & RESORT INC SCIENTIFIC GAMES CORP SOUTH JERSEY INDUSTRIES INC MSG NETWORKS INC SIX FLAGS ENTERTAINMENT CORP TEAM INC NEVADA GOLD & CASINOS INC TIX CORP TRIMEDYNE INC PARKS AMERICA INC TOWN SPORTS INTL HOLDINGS PENN NATIONAL GAMING INC TRANS WORLD CORP/NV SIC 78 PINNACLE ENTERTAINMENT INC VAIL RESORTS INC CARMIKE CINEMAS INC PREMIER EXHIBITIONS INC WYNN RESORTS LTD CINEDIGM CORP RADIO ONE INC LAS VEGAS SANDS CORP CINEMARK HOLDINGS INC RED LION HOTELS CORP COMCAST CORP RYMAN HOSPITALITY PPTYS INC SIC 7999 DISNEY (WALT) CO SCIENTIFIC GAMES CORP CAESARS ENTERTAINMENT CORP DREAMWORKS ANIMATION INC SIX FLAGS ENTERTAINMENT CORP CANTERBURY PARK HOLDING CORP FAMILY ROOM ENTMT CORP SPEEDWAY MOTORSPORTS INC CHURCHILL DOWNS INC GLOBAL EAGLE ENTERTAINMENT STEEL EXCEL INC DOVER DOWNS GAMING & ENTMT MARCUS CORP STRATUS PROPERTIES INC EMPIRE RESORTS INC NETFLIX INC TIX CORP FULL HOUSE RESORTS INC POINT.360 TOWN SPORTS INTL HOLDINGS ICAHN ENTERPRISES LP READING INTL INC -CL A TRANS WORLD CORP/NV ISLE OF CAPRI CASINOS INC REGAL ENTERTAINMENT GROUP VAIL RESORTS INC MGM RESORTS INTERNATIONAL RLJ ENTERTAINMENT INC WILHELMINA INTERNATIONAL INC NEVADA GOLD & CASINOS INC STARZ WORLD WRESTLING ENTMT INC PINNACLE ENTERTAINMENT INC TIME WARNER INC WYNN RESORTS LTD PREMIER EXHIBITIONS INC TWENTY-FIRST CENTURY FOX INC LAS VEGAS SANDS CORP RED LION HOTELS CORP VIACOM INC SCIENTIFIC GAMES CORP WORLD WRESTLING ENTMT INC SIC 794 TIX CORP CANTERBURY PARK HOLDING CORP TRANS WORLD CORP/NV SIC 781 CHURCHILL DOWNS INC VAIL RESORTS INC COMCAST CORP COMCAST CORP WYNN RESORTS LTD DISNEY (WALT) CO DOVER MOTORSPORTS INC DREAMWORKS ANIMATION INC INTL SPEEDWAY CORP -CL A SIC 80 FAMILY ROOM ENTMT CORP LIVE NATION ENTERTAINMENT ACADIA HEALTHCARE CO INC POINT.360 MSG NETWORKS INC ADCARE HEALTH SYSTEMS INC STARZ PENN NATIONAL GAMING INC ADDUS HOMECARE CORP TIME WARNER INC SPEEDWAY MOTORSPORTS INC AGILENT TECHNOLOGIES INC TWENTY-FIRST CENTURY FOX INC STEEL EXCEL INC ALLIANCE HEALTHCARE SVCS INC VIACOM INC ALMOST FAMILY INC WORLD WRESTLING ENTMT INC SIC 799 AMEDISYS INC AVALON HOLDINGS CORP AMERICAN CARESOURCE HLDGS SIC 79 BOYD GAMING CORP AMERICAN SHARED HSPTL SERV AVALON HOLDINGS CORP CAESARS ENTERTAINMENT CORP AMSURG CORP BOWL AMERICA INC -CL A CANTERBURY PARK HOLDING CORP APOLLO MEDICAL HOLDINGS INC BOYD GAMING CORP CEDAR FAIR -LP BIOCORRX INC CAESARS ENTERTAINMENT CORP CHINA YIDA HOLDING CO BIOTELEMETRY INC CANTERBURY PARK HOLDING CORP CHURCHILL DOWNS INC BIRNER DENTAL MGMT SVCS INC CEDAR FAIR -LP COMCAST CORP BROOKDALE SENIOR LIVING INC CHINA YIDA HOLDING CO CONSOLIDATED TOMOKA LAND CO CATASYS INC CHURCHILL DOWNS INC DISNEY (WALT) CO CHEMED CORP COMCAST CORP DOVER DOWNS GAMING & ENTMT CNS RESPONSE INC CONSOLIDATED TOMOKA LAND CO EMPIRE RESORTS INC COMBIMATRIX CORP DISNEY (WALT) CO FULL HOUSE RESORTS INC COMMUNITY HEALTH SYSTEMS INC DOVER DOWNS GAMING & ENTMT ICAHN ENTERPRISES LP CRYO-CELL INTERNATIONAL INC DOVER MOTORSPORTS INC ISLE OF CAPRI CASINOS INC CRYOLIFE INC

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 73 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

DAVITA HEALTHCARE PARTNERS SIC 807 ASPEN GROUP INC DIGIRAD CORP AGILENT TECHNOLOGIES INC BERKSHIRE HATHAWAY DIVERSICARE HEALTHCARE SVCS ALLIANCE HEALTHCARE SVCS INC BRIDGEPOINT EDUCATION INC ENSIGN GROUP INC COMBIMATRIX CORP CAPELLA EDUCATION CO ENZO BIOCHEM INC DIGIRAD CORP CAREER EDUCATION CORP EXAMWORKS GROUP INC ENZO BIOCHEM INC CHINA EDUCATION ALLIANCE INC FIRST CHOICE HEALTHCARE SLT FIRST CHOICE HEALTHCARE SLT CREATIVE LEARNING CORP FIVE STAR QUALITY CARE INC FONAR CORP CUBIC CORP FONAR CORP LABORATORY CP OF AMER HLDGS DEVRY EDUCATION GROUP INC GREENESTONE HEALTHCARE CORP LANDAUER INC FRANKLIN COVEY CO HCA HOLDINGS INC NEOGENOMICS INC GP STRATEGIES CORP HEALTHSOUTH CORP OPKO HEALTH INC GRAHAM HOLDINGS CO HEALTHWAYS INC PSYCHEMEDICS CORP GRAND CANYON EDUCATION INC HEMACARE CORP QUEST DIAGNOSTICS INC ITT EDUCATIONAL SERVICES INC HOOPER HOLMES INC RADNET INC K12 INC INFUSYSTEM HOLDINGS INC RENNOVA HEALTH INC KORN/FERRY INTERNATIONAL KINDRED HEALTHCARE INC SEQUENOM INC LEARNING TREE INTL INC LABORATORY CP OF AMER HLDGS SYNUTRA INTERNATIONAL INC LINCOLN EDUCATIONAL SERVICES LANDAUER INC NATIONAL AMERN UNIV HLDG INC LHC GROUP INC SIC 809 STRAYER EDUCATION INC LIFEPOINT HEALTH INC ALMOST FAMILY INC UNIVERSAL TECHNICAL INST MEDNAX INC AMERICAN CARESOURCE HLDGS NATIONAL HEALTHCARE CORP AMERICAN SHARED HSPTL SERV SIC 822 NEOGENOMICS INC APOLLO MEDICAL HOLDINGS INC AMERICAN PUBLIC EDUCATION NET MEDICAL XPRESS SOLUTIONS BIOCORRX INC APOLLO EDUCATION GROUP INC NXSTAGE MEDICAL INC BIOTELEMETRY INC ASPEN GROUP INC OPKO HEALTH INC CNS RESPONSE INC BRIDGEPOINT EDUCATION INC PROVIDENCE SERVICE CORP CRYO-CELL INTERNATIONAL INC CAPELLA EDUCATION CO PSYCHEMEDICS CORP CRYOLIFE INC CAREER EDUCATION CORP QUEST DIAGNOSTICS INC DAVITA HEALTHCARE PARTNERS DEVRY EDUCATION GROUP INC RADNET INC EXAMWORKS GROUP INC GRAHAM HOLDINGS CO RENNOVA HEALTH INC HEALTHWAYS INC GRAND CANYON EDUCATION INC SELECT MEDICAL HOLDINGS CORP HEMACARE CORP ITT EDUCATIONAL SERVICES INC SEQUENOM INC HOOPER HOLMES INC LINCOLN EDUCATIONAL SERVICES SPINE INJURY SOLUTIONS INC INFUSYSTEM HOLDINGS INC NATIONAL AMERN UNIV HLDG INC SUNLINK HEALTH SYSTEMS INC NET MEDICAL XPRESS SOLUTIONS STRAYER EDUCATION INC SYNUTRA INTERNATIONAL INC NXSTAGE MEDICAL INC UNIVERSAL TECHNICAL INST TARGETED MEDICAL PHARMA INC SELECT MEDICAL HOLDINGS CORP TENET HEALTHCARE CORP SPINE INJURY SOLUTIONS INC SIC 8221 U S PHYSICAL THERAPY INC TARGETED MEDICAL PHARMA INC AMERICAN PUBLIC EDUCATION UNIVERSAL HEALTH SVCS INC APOLLO EDUCATION GROUP INC USMD HOLDINGS INC SIC 8099 ASPEN GROUP INC ALMOST FAMILY INC BRIDGEPOINT EDUCATION INC SIC 806 AMERICAN SHARED HSPTL SERV CAPELLA EDUCATION CO ACADIA HEALTHCARE CO INC APOLLO MEDICAL HOLDINGS INC DEVRY EDUCATION GROUP INC CATASYS INC BIOTELEMETRY INC GRAHAM HOLDINGS CO COMMUNITY HEALTH SYSTEMS INC CNS RESPONSE INC GRAND CANYON EDUCATION INC ENSIGN GROUP INC CRYO-CELL INTERNATIONAL INC NATIONAL AMERN UNIV HLDG INC GREENESTONE HEALTHCARE CORP CRYOLIFE INC STRAYER EDUCATION INC HCA HOLDINGS INC EXAMWORKS GROUP INC HEALTHSOUTH CORP HEALTHWAYS INC SIC 87 KINDRED HEALTHCARE INC HEMACARE CORP ACCRETIVE HEALTH INC LIFEPOINT HEALTH INC HOOPER HOLMES INC AECOM INC SELECT MEDICAL HOLDINGS CORP INFUSYSTEM HOLDINGS INC AEGION CORP SUNLINK HEALTH SYSTEMS INC NET MEDICAL XPRESS SOLUTIONS AF OCEAN INVESTMENT MGMT CO TENET HEALTHCARE CORP SPINE INJURY SOLUTIONS INC ALBANY MOLECULAR RESH INC UNIVERSAL HEALTH SVCS INC TARGETED MEDICAL PHARMA INC AMERISOURCEBERGEN CORP USMD HOLDINGS INC ANIXTER INTL INC SIC 82 APOLLO EDUCATION GROUP INC AMERICAN PUBLIC EDUCATION ARGAN INC APOLLO EDUCATION GROUP INC AUTOMATIC DATA PROCESSING

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 74 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

BIOTELEMETRY INC RESEARCH FRONTIERS INC ECOLOGY AND ENVIRONMENT INC BUTLER NATIONAL CORP RESOURCES CONNECTION INC EMCOR GROUP INC CARTESIAN INC ROBERT HALF INTL INC ENGILITY HOLDINGS INC CBIZ INC ROOT9B TECHNOLOGIES INC ENGLOBAL CORP CDI CORP SBA COMMUNICATIONS CORP FLUOR CORP CEB INC SENOMYX INC FURMANITE CORP CHARLES RIVER LABS INTL INC SIGMA LABS INC HC2 HOLDINGS INC CHINA GREEN AGRICULTURE INC SIMULATIONS PLUS INC HUNTINGTON INGALLS IND INC CHROMADEX CORP SURMODICS INC JUHL ENERGY INC CROSS COUNTRY HEALTHCARE INC SYNTHESIS ENERGY SYSTEMS INC KBR INC ECOLOGY AND ENVIRONMENT INC TEAM INC LAYNE CHRISTENSEN CO EMCOR GROUP INC TETRA TECH INC LIME ENERGY CO ENGILITY HOLDINGS INC TOWERS WATSON & CO MISTRAS GROUP INC ENGLOBAL CORP TRANSCAT INC OCEANEERING INTERNATIONAL EXACT SCIENCES CORP TRC COS INC PARKER DRILLING CO EXLSERVICE HOLDINGS INC TRIO-TECH INTERNATIONAL ROOT9B TECHNOLOGIES INC EXPONENT INC TSS INC SBA COMMUNICATIONS CORP FLUOR CORP VCA INC SYNTHESIS ENERGY SYSTEMS INC FORRESTER RESEARCH INC VERSAR INC TETRA TECH INC FTI CONSULTING INC VSE CORP TRC COS INC FURMANITE CORP WILLBROS GROUP INC VERSAR INC GARTNER INC WILLDAN GROUP INC VSE CORP GEO GROUP INC ADVISORY BOARD CO WILLBROS GROUP INC GP STRATEGIES CORP BIOANALYTICAL SYSTEMS INC WILLDAN GROUP INC HACKETT GROUP INC HC2 HOLDINGS INC SIC 871 SIC 872 HEALTHSTREAM INC AECOM INC AUTOMATIC DATA PROCESSING HEARTLAND PAYMENT SYSTEMS AEGION CORP CBIZ INC HEIDRICK & STRUGGLES INTL ARGAN INC FTI CONSULTING INC HILL INTERNATIONAL INC CDI CORP HEARTLAND PAYMENT SYSTEMS HUNTINGTON INGALLS IND INC ECOLOGY AND ENVIRONMENT INC JETPAY CORP HURON CONSULTING GROUP INC EMCOR GROUP INC KELLY SERVICES INC -CL A ICF INTERNATIONAL INC ENGILITY HOLDINGS INC PAYCHEX INC INDUSTRIAL SERVICES AMER INC ENGLOBAL CORP PRGX GLOBAL INC INTERPACE DIAGNOSTICS GP INC FLUOR CORP RESOURCES CONNECTION INC JETPAY CORP FURMANITE CORP ROBERT HALF INTL INC JUHL ENERGY INC GEO GROUP INC KBR INC HC2 HOLDINGS INC SIC 873 KELLY SERVICES INC -CL A HUNTINGTON INGALLS IND INC ALBANY MOLECULAR RESH INC LANDAUER INC JUHL ENERGY INC BIOTELEMETRY INC LAYNE CHRISTENSEN CO KBR INC CHARLES RIVER LABS INTL INC LIGHTBRIDGE CORP LAYNE CHRISTENSEN CO CHINA GREEN AGRICULTURE INC LIME ENERGY CO LIME ENERGY CO EXACT SCIENCES CORP LUNA INNOVATIONS INC MISTRAS GROUP INC EXLSERVICE HOLDINGS INC MAGELLAN HEALTH INC OCEANEERING INTERNATIONAL FORRESTER RESEARCH INC MANHATTAN SCIENTIFICS INC PARKER DRILLING CO GARTNER INC MATTERSIGHT CORP ROOT9B TECHNOLOGIES INC HEALTHSTREAM INC MAXIMUS INC SBA COMMUNICATIONS CORP LANDAUER INC METABOLIX INC SYNTHESIS ENERGY SYSTEMS INC LUNA INNOVATIONS INC MISTRAS GROUP INC TETRA TECH INC MANHATTAN SCIENTIFICS INC NAVIGANT CONSULTING INC TRC COS INC METABOLIX INC OCEANEERING INTERNATIONAL VERSAR INC PAREXEL INTERNATIONAL CORP PAREXEL INTERNATIONAL CORP VSE CORP PEN INC PARKER DRILLING CO WILLBROS GROUP INC PRESSURE BIOSCIENCES INC PAYCHEX INC WILLDAN GROUP INC QUEST DIAGNOSTICS INC PEN INC RAMBUS INC PRESSURE BIOSCIENCES INC SIC 8711 RESEARCH FRONTIERS INC PRGX GLOBAL INC AECOM INC SENOMYX INC QUEST DIAGNOSTICS INC AEGION CORP SIGMA LABS INC RADIAN GROUP INC ARGAN INC SIMULATIONS PLUS INC RAMBUS INC CDI CORP SURMODICS INC

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 75 Industry Risk Premia Company List Industry Risk Premia Company List (data through December 2015)

TEAM INC SIC 8742 TRANSCAT INC AF OCEAN INVESTMENT MGMT CO TRIO-TECH INTERNATIONAL ANIXTER INTL INC VCA INC APOLLO EDUCATION GROUP INC BIOANALYTICAL SYSTEMS INC CARTESIAN INC CEB INC SIC 8731 CROSS COUNTRY HEALTHCARE INC ALBANY MOLECULAR RESH INC EXPONENT INC BIOTELEMETRY INC FTI CONSULTING INC CHARLES RIVER LABS INTL INC GARTNER INC EXACT SCIENCES CORP GP STRATEGIES CORP LUNA INNOVATIONS INC HACKETT GROUP INC MANHATTAN SCIENTIFICS INC HEIDRICK & STRUGGLES INTL METABOLIX INC HILL INTERNATIONAL INC PAREXEL INTERNATIONAL CORP HURON CONSULTING GROUP INC PEN INC ICF INTERNATIONAL INC PRESSURE BIOSCIENCES INC INTERPACE DIAGNOSTICS GP INC QUEST DIAGNOSTICS INC MATTERSIGHT CORP RAMBUS INC MAXIMUS INC RESEARCH FRONTIERS INC NAVIGANT CONSULTING INC SENOMYX INC PAREXEL INTERNATIONAL CORP SIGMA LABS INC ROOT9B TECHNOLOGIES INC SIMULATIONS PLUS INC TOWERS WATSON & CO SURMODICS INC ADVISORY BOARD CO BIOANALYTICAL SYSTEMS INC

SIC 874 ACCRETIVE HEALTH INC AECOM INC AF OCEAN INVESTMENT MGMT CO AMERISOURCEBERGEN CORP ANIXTER INTL INC APOLLO EDUCATION GROUP INC BUTLER NATIONAL CORP CARTESIAN INC CEB INC CHROMADEX CORP CROSS COUNTRY HEALTHCARE INC EXPONENT INC FTI CONSULTING INC GARTNER INC GP STRATEGIES CORP HACKETT GROUP INC HEIDRICK & STRUGGLES INTL HILL INTERNATIONAL INC HURON CONSULTING GROUP INC ICF INTERNATIONAL INC INDUSTRIAL SERVICES AMER INC INTERPACE DIAGNOSTICS GP INC LIGHTBRIDGE CORP MAGELLAN HEALTH INC MATTERSIGHT CORP MAXIMUS INC NAVIGANT CONSULTING INC PAREXEL INTERNATIONAL CORP RADIAN GROUP INC ROOT9B TECHNOLOGIES INC TOWERS WATSON & CO TSS INC WILLDAN GROUP INC ADVISORY BOARD CO

2016 Valuation Handbook - Guide to Cost of Capital (data through December 2015); 76 Industry Risk Premia Company List