Equity Research

EQUITY RESEARCH

May 2021 7

Monthly Highlights

FEATURED ARTICLES:

DigitalOcean, Inc. 2 Sixth Street Specialty Lending 4

Coverage Universe (as of 4/30/21) 6 Outperform Rated Stocks 20-21 Perform Rated Stocks 22 Not Rated Stocks 23 Initiation of Coverage 24 Rating Changes 24

For analyst certification and important disclosures, see the Disclosure Appendix. Monthly Highlights

Oppenheimer & Co Inc. 85 Broad Street, New York, NY 10004 Tel: 800-221-5588 Fax: 212-667-8229

Monthly Highlights

May 3, 2021 CLOUD AND COMMUNICATIONS

Stock Rating: DigitalOcean, Inc. Outperform 12-18 mo. Price Target $55.00 Pure-Play Public Cloud Platform for SMBs/Developers, DOCN-NASDAQ (4/30/21) $43.57 Initiated Outperform, $55 PT

11% 3-5 Yr. EPS Gr. Rate NA SUMMARY 52-week Range $45.49-$36.65 DigitalOcean is a very successful niche cloud provider, focused on ease of use for Shares Outstanding 127.0M developers and small businesses that need low-cost and easy-to-use cloud computing. The Float 40.0M Avg. Daily Trading Vol. NA cloud gives SMBs/developers flexibility to run applications and store data in a highly secure Market Capitalization $4,588.1M environment that can be accessed from anywhere. Every industry has scale providers and Dividend/Yield NA/NM niche ones. In cloud, AWS and MSFT are the scale providers with DigitalOcean and Fiscal Year Ends Dec Rackspace the niche providers. We believe that DOCN can grow revenues at 30%-plus per Book Value NM year for the next five years. It is turning FCF positive, and these margins should expand by 2021E ROE NA 100-200 basis points per year. On 4/14/21, we initiated coverage with an Outperform rating LT Debt $242.2M and $55 price target. Preferred $173.0M Common Equity $(72)M KEY POINTS Convertible Available Yes  Roadmap for Cloud Growth: The cloud is a once-in-a-century, general purpose Note: Trading range since 3/23/21 IPO technology. It is a $100B market, growing 30% per year, but is only 20% penetrated Rev. today. Cloud is set to drive major global productivity improvements. Much of these ($/mil) Q1 Q2 Q3 Q4 FY Mult improvements will come from capturing data through 5G/IOT, storing it on blockchain, 20 20A 72.8 76.9 81.2 87.5 318.4 NM and then using AI to automate. 2021E 92.4 98.4 103.9 112.9 407.7 NM 2022E ------530.0 NM  DOCN Is Serving High-growth SMB and International. We estimate that SMB is ~20% of the cloud market. Europe makes up 30% of DOCN's revenues, and total international revenues are ~70%. We estimate that international markets are two years behind the US in terms of cloud adoption, and as a result will grow faster—positive for DOCN.

 SMB Public Cloud Segment Underserved by Hyperscalers: Fortunately for DOCN,

AWS and Azure are complex platforms to manage, and both companies are focused on moving upmarket to large enterprise with more services. SMBs do not have resources

to manage all the certifications, complex integrations, and billing from AWS or other

large cloud providers. Many small businesses simply need an interactive website and self-service model.

 Creating Unique Cloud Developer Platform: The other niche that DOCN pursues is the small developer. Its platform is easy to use and affordable. DOCN has fostered a

community of users that share tools, documentation, and support to create innovative Timothy Horan, CFA Matt Wilson, CFA applications. We are in the early stages of this platform development, but it will benefit 212-667-8137 212-667-6360 SMBs also. [email protected] [email protected]

 Platforms can develop network effects that can be highly valuable, improving quality Noah Herman and attracting even more participants. We have identified a number of platform

212-667-7119 companies (developer focused) that DOCN can attempt to emulate. These companies [email protected] generally trade in the 20x-plus revenues range. With DOCN at ~10x revenue and growing at 30% per year, we think it is relatively inexpensive and well-positioned.

Stock Price Performance DOCN is a pure-play cloud infrastructure provider

focused on the SMB market. It also provides developers cloud services to deploy and scale applications. DOCN's global infrastructure is

housed in 14 colocation datacenters w orldw ide in eight geographic areas and w ith customers in 185 countries.

2 Monthly Highlights

Price Target Calculation Our $55 price target is based on 12.5x our FY2022 revenue estimate of $530M. Cloud and SaaS peers currently trade at 14x 2022 revenue estimates. Our $55 price target is also supported by our DCF, which assumes a 7.0% WACC and 5% long-term growth rate. In year 2027, we estimate 33% Y/Y revenue growth in 2027E and 40% adjusted EBITDA margins, with a terminal value of $9.5B.

Key Risks Key risks to our PT are macro slowdown, which could increase SMB churn; increased price competition from new entrants or hyperscale cloud providers ; failure to accelerate revenue growth to 30%-plus; and selling pressures from lockup expiration (post IPO).

(For more detail, please see our report “Pure-Play Public Cloud Platform for SMBs/ Developers, Initiate Outperform, $55 PT,” published on 4/14/21)

Stock prices of other companies mentioned in this report (as of 4/30/2021):

Amazon (AMZN-NASDAQ, $3,467.42, Outperform) Microsoft (MSFT-NASDAQ, $252.18, Outperform)

Monthly Highlights

May 3, 2021 FINANCIAL INSTITUTIONS/BUSINESS DEVELOPMENT COMPANIES

Stock Rating: Sixth Street Specialty Lending Outperform

12-18 mo. Price Target $23.00 Initiated Coverage with Outperform and PT of $23 TSLX-NYSE (4/30/21) $22.28 SUMMARY

11% 3-5 Yr. EPS Gr. Rate 9% Sixth Street is an externally managed BDC that focuses on providing flexible, fully 52-week Range $22.34-$13.05 committed financing solutions to middle-market companies. We are forecasting earnings Shares Outstanding 71,736.0M per share of $1.97 and $2.01 for 2021 and 2022, respectively, which equate to an ROE of Float 68,920.0M 11.5% and 12.3%. We project that Sixth Street can earn a 12% ROE, and given an Avg. Daily Trading Vol. 488,132 estimated cost of equity capital of 8.5%, we calculate a fair value of $23.00/share or 1.45x Market Capitalization $1,603.5M book value. On 4/15/21, given the stock is trading around $22, we initiated coverage with an Dividend/Yield $1.64/7.36% Outperform rating and PT of $23. Fiscal Year Ends Dec Book Value $15.86 KEY POINTS 2021E ROE 12% LT Debt $1,199.0M Preferred NA  To maintain its ROE of 12%, TSLX will need to increase leverage to 1-to-1 by growing Common Equity $1,161M the portfolio by $120M. If the economy is strong and loan yields are pressured, Sixth Convertible Available Yes Street could increase leverage even higher if it finds attractive investment opportunities.

 TSLX has plenty of liquidity. Management estimates it has $1.3B of liquidity with $91M EPS of unfunded commitments and $143M of convertible notes due in 2022. Diluted Q1 Q2 Q3 Q4 FY Mult

2020A (0.80) 1.43 1.21 0.79 2.64 8.4x  Conservative leverage. Debt to equity is currently at 0.96 to 1 at year-end, in line with 2021E 0.49 0.49 0.50 0.50 1.97 11.3x TSLX’s target range of 0.9 to 1.25. We have estimated net portfolio growth of $100M in 2022E 0.50 0.50 0.51 0.51 2.01 11.1x 2021 and $20M in 2022 for total growth of $120M. We estimate debt to equity at

NII 12/31/22 of 1.0 to 1. TSLX is investment grade by four rating agencies. Diluted Q1 Q2 Q3 Q4 FY Mult 2020A 0.51 0.59 0.61 0.48 2.19 10.2x  Differential advantage. TSLX has generated a NII margin of 10.2% since IPO in 2014, 2021E 0.49 0.49 0.50 0.51 1.97 11.3x well above the industry average of 7.4% over the same time frame. From 2014 to 2022E 0.50 0.50 0.51 0.51 2.01 11.1x 2020, the industry NII margin declined 185 bps, likely from competitive pressures. We Historical financials are earnings per share, which includes believe TSLX's strategy of providing customized solutions directly to borrowers has unrealized appreciation and depreciation. Forward estimates are net investment income, which excludes allowed the company to maintain its margin. portfolio marks.  Good diversifier. Sixth Street tends to outperform in volatile dislocated markets as it generates high fee income. Most BDCs underperform in these environments, which

makes TSLX a good addition to a BDC portfolio. As part of a portfolio, TSLX could lower a portfolio's overall risk. In 2020, during COVID-19, TSLX had its highest EPS

of $2.64 for an ROE of over 16%.

Mitchel Penn, CFA

212-667-7136 [email protected]

Stock Price Performance

Sixth Street is an externally managed BDC that focuses on providing flexible, fully-committed financing solutions to middle market companies. The typical borrow er has an enterprise value of

$50M to $1B, EBITDA of $10M to $250M, and a loan amount of $15M to $350M. The portfolio is currently comprised of 95.6% first liens.

4 Monthly Highlights

Price Target Calculation Our $23 price target is based upon TSLX earning a 12% return on equity with a n 8.5% cost of equity capital.

Key Risks

 Competition—As competition for loans increases, loan yields decline, which would likely pressure a BDC’s return on equity.

 Credit —BDCs invest in operating companies that are subject to the US business cycle. Credit quality normally follows the business cycle, and broad declines in US economic activity would likely pressure the BDC’s portfolio companies.

 Capital markets—BDCs are dependent on access to capital markets. They use the capital markets to raise capital when capital is maturing and when they want to grow. Note: BDCs need shareholder approval to raise capital below book value, which would likely be dilutive.

 End market risk—Lending to small companies involves a high degree of credit risk. These businesses are typically not well diversified and highly illiquid.

 Long rates rise—If long rates rise, it’s possible that competing investments pull money away from BDCs. For example, if 10-year corporate bonds yield 8%, investors may prefer that investment over a BDC dividend yielding 8-10%.

(For more detail, please see our report “Initiating Coverage with Outperform and PT of $23” published on 4/15/21.)

Monthly Highlights

CLOUD AND COMMUNICATIONS Timothy Horan, CFA [email protected] 212- 667- 8137 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. RXT Rackspace Technologies O 24.68 26.43 15.25 Dec 0.83 0.99E 1.26 0.21E 29.7 24.9 206.9 5088.4 [ 2 3 4 5]

CLOUD AND COMMUNICATIONS : Cloud and Communications Timothy Horan, CFA [email protected] 212- 667- 8137 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. EGHT 8x8 Inc. O 33.34 39.17 13.51 M ar (0.59) (0.13)E 0.11 (0.01)E NM NM 106.6 3583.6 AKAM Akamai Technologies O 110.00 124.91 92.64 Dec 5.19 5.44E 6.17 1.28E 21.2 20.2 166.9 18005.8 AMT American Tower Corp. O 250.41 272.20 197.50 Dec 4.05 5.23E 5.72 1.25E 61.8 47.9 446.3 111381.7 T AT&T, Inc. P 31.34 33.24 26.35 Dec 3.18 3.22E 3.14 0.79E 9.9 9.7 7188.0 223767.6 WIFI Boingo Wireless, Inc. NR 13.96 15.92 8.69 Dec (0.28) (0.29)E -- -- NM NM 44.4 624.7 [ 5] CHTR Charter Communications, Inc. P 669.97 681.71 485.01 Dec ------206.0 146286.1 NET Cloudflare O 84.89 95.77 22.35 Dec (0.12) (0.09)E 0.02 (0.03)E NM NM 303.0 26365.2 [ 2 4] CCOI Cogent Communications O 72.74 90.96 53.20 Dec 0.92 1.31E 1.77 0.35E 79.1 55.5 46.5 3457.7 CM CSA Comcast O 56.40 58.59 34.16 Dec 2.61 2.98E 3.58 0.65E 21.6 18.9 4665.0 259117.9 CCI Crown Castle International O 187.96 188.36 146.15 Dec 2.29 2.63E 2.83 0.65E 82.1 71.5 433.0 81198.7 DOCN DigitalOcean, Inc. O 43.08 46.35 36.65 Dec ------127.0 4536.5 APPS Digital Turbine, Inc. O 72.38 102.56 5.07 M ar 0.20 0.69E 0.91 0.20E NM NM 97.0 6471.8 EGAN eGain Corporation P 9.92 20.88 7.60 Jun 0.29 0.16E 0.01 0.02E 34.2 62.0 32.7 308.1 EQIX Equinix Inc. O 706.08 839.77 586.73 Dec 7.12 10.61E 13.35 2.60E NM 66.6 89.8 63246.8 FSLY Fastly, Inc. O 65.05 136.50 20.57 Dec ------112.0 7524.0 [ 2 3 4 5] KLR Kaleyra, Inc. O 14.12 20.75 3.80 Dec ------28.3 439.8 [ 2 3 4] LUM N Lumen Technologies O 13.16 16.60 8.51 Dec 1.45 1.64E 1.56 0.38E 9.1 8.0 1083.0 14549.5 M SFT M icrosoft Corporation O 252.51 263.19 171.88 Jun 5.82 7.87E 8.55 1.99E 43.4 32.1 7597.0 1901797.9 ONDS Ondas Holdings Inc. O 7.72 16.00 3.75 Dec ------20.4 205.6 [ 2 3 4 5] RDWR Radware Ltd. O 28.30 31.96 21.66 Dec 0.65E 0.80E 0.90 0.22E 43.5 35.4 46.3 1288.6 TM US T-M obile O 134.01 135.54 85.65 Dec 4.43 4.31E 4.94 1.10E 30.3 31.1 1246.0 167084.9 VRNT Verint Systems O 48.83 52.70 20.40 Jan 2.61 2.30 2.14 -- 18.7 21.2 73.0 3212.4 VZ Verizon P 57.32 61.95 52.85 Dec 4.90 5.00E 5.10 1.26E 11.7 11.5 4142.0 237308.7 VG Vonage Holdings Corp. O 13.71 15.71 7.88 Dec 0.17 0.31E 0.35 0.07E 80.7 44.2 258.2 3445.8

CONSUMER : Business Services Scott Schneeberger, CFA [email protected] 212- 667- 8114 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. GFN General Finance Corporation P 18.98 19.30 4.62 Jun 0.56 0.51E 0.63 0.04E 33.9 37.2 30.5 573.7 HRB H&R Block, Inc. P 22.34 22.99 13.04 Apr 0.84 3.40E 2.96 5.21E 26.6 6.6 183.4 4053.2 INTU Intuit, Inc. O 416.15 423.74 258.30 Jul 7.86 8.30E 9.94 6.80E 53.0 50.1 273.0 113958.5 SCI Service Corporation International O 54.08 54.67 33.93 Dec 2.91 2.70E 2.52 1.02E 18.6 20.0 174.6 9159.6

O = Outperform P = Perform U = Underperform NR = Not Rated See pages 25-27 for Disclosure Key

6 Monthly Highlights

CONSUMER : Consumer Growth & eCommerce Brian Nagel, CFA [email protected] 212-667-8381 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. AAP Advance Auto Parts, Inc. P 200.68 202.54 115.00 Dec 7.93E 8.87E 9.39 2.30E 25.3 22.6 72.9 13130.9 ATER Aterian O 23.70 48.99 2.17 Dec (3.68) 0.08E 0.63 (0.27)E NM NM 25.9 722.6 AZO AutoZone, Inc. O 1474.96 1524.98 982.30 Aug 71.89 77.18E 82.21 17.63E 20.5 19.1 24.5 32503.4 BBY Best Buy Co. Inc. P 118.29 124.89 70.71 Jan 7.44E 6.31E 6.90 2.99E 15.9 18.8 273.4 29577.8 CPRI Capri Holdings Limited P 55.37 58.58 11.61 M ar 3.89 1.51E 3.34 (0.01)E 14.2 36.7 151.7 8363.3 KM X CarM ax O 133.19 136.54 69.41 Feb 4.52 5.77E 6.38 -- 29.5 23.1 186.0 21734.0 CVNA Carvana O 288.74 323.39 71.56 Dec (2.74) (1.92)E (0.72) (0.69)E NM NM 48.9 46794.8 CDXC ChromaDex O 8.74 23.66 3.82 Dec (0.33) (0.26)E (0.11) -- NM NM 55.5 593.7 [ 4] CONN Conn's Inc. P 20.65 23.94 4.62 Jan (2.23)E 1.37E 1.74 (0.29)E NM 15.1 36.4 606.2 DKS Dick's Sporting Goods P 83.13 86.60 25.59 Jan 6.15 3.55E 3.59 0.57E 13.5 23.4 99.6 7421.9 FIVE Five Below O 202.61 205.28 81.11 Jan 2.19 4.10E 4.60 0.56E 92.5 49.4 56.2 11338.7 GRWG GrowGeneration Corporation O 44.61 67.75 4.33 Dec 0.11 0.43E 0.51 0.07E NM NM 39.2 2607.9 [ 2 3 4] HD Home Depot Inc. P 325.34 328.83 215.21 Jan 12.03 12.19E 12.91 3.09E 27.0 26.7 1094.0 349813.2 LOW Lowe's Cos. P 198.44 208.98 102.31 Jan 8.86 9.43E 9.78 2.76E 22.4 21.0 925.2 142316.9 LULU Lululemon Athletica Inc. O 342.90 399.90 213.97 Jan 4.69 6.38E 7.96 0.87E 73.1 53.8 132.5 44690.4 LL Lumber Liquidators P 24.72 35.10 6.42 Dec 2.30 0.99E 1.08 0.10E 10.8 25.0 27.2 716.5 MNRO M onro, Inc. P 71.40 72.67 39.39 M ar 0.95E 2.09E 2.41 0.18E 75.2 34.2 32195.0 2386.7 NKE Nike, Inc. O 133.26 147.95 84.11 M ay 1.60 3.11E 3.96 0.47E 83.3 42.9 1609.6 210546.4 ORLY O'Reilly Automotive, Inc. O 547.17 547.56 373.14 Dec 23.53 24.75E 24.83 6.29E 23.3 22.1 81.4 38156.9 PETQ PetIQ, Inc. O 42.94 45.92 23.01 Dec 0.67 1.47E 1.90 0.21E 64.1 29.2 24.9 1242.8 [ 2 4] PRPL Purple Innovation, Inc. O 35.10 41.08 9.44 Dec 0.96 0.84E 1.06 0.13E 36.6 41.8 64.4 2343.0 [ 2 3 4] RH RH P 705.45 733.05 129.11 Jan 17.83 20.03E 21.47 3.68E 39.6 35.2 25.7 14812.2 TPR Tapestry, Inc. P 47.91 48.60 11.51 Jun 0.97 2.38E 2.50 0.18E 49.4 20.1 290.9 13311.2 LOVE The Lovesac Company O 76.90 80.99 11.17 Jan 0.97 0.20E 0.63 (0.56)E 79.3 NM 13.7 1154.9 TSCO Tractor Supply Company P 190.50 192.84 99.04 Dec 6.87 6.92E 6.97 2.78E 27.7 27.5 122.0 22136.2 UAA Under Armour, Inc. O 24.41 24.64 7.15 Dec (0.28) 0.12E 0.30 0.03E NM NM 444.6 10031.3 URBN Urban Outfitters Inc. P 36.75 41.95 14.41 Jan 0.02 1.25E 1.87 0.02E NM 29.4 110.4 3609.4 W Wayfair Inc. O 306.80 369.00 119.70 Dec 5.04 2.94E 6.05 0.31E 60.9 NM 95.1 31820.2 WSM Williams-Sonoma P 175.75 188.23 57.76 Jan 8.37E 6.95E 7.48 3.26E 21.0 25.3 79.2 13230.9 WW WW International, Inc. P 28.20 37.35 17.75 Dec 1.76E 2.20E 2.40 0.30E 16.0 12.8 69.6 1955.1

CONSUMER : Consumer, Household & Personal Care Products Rupesh Parikh, CFA [email protected] 212-667-5263 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. CHD Church & Dwight O 85.98 98.96 67.08 Dec 2.82 3.03E 3.27 0.69E 30.5 28.4 252.9 21086.2 EL Estée Lauder O 316.75 318.34 158.25 Jun 4.13 5.77E 6.65 1.10E 76.7 54.9 360.2 114904.1 SBH Sally Beauty Holdings P 20.33 21.91 8.28 Sep 1.22 1.70E 2.00 0.15E 16.7 12.0 113.1 2293.5 ULTA Ulta Beauty, Inc. O 328.90 351.00 186.01 Jan 4.40 8.85E 12.00 1.54E 74.8 37.2 56.5 18217.4

CONSUMER : Food, Grocery & Consumer Products Rupesh Parikh, CFA [email protected] 212-667-5263 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. ACI Albertsons Companies O 19.31 20.89 12.91 Feb 3.23 1.95E 2.05 0.59E 6.0 9.9 472.1 9008.4 [ 2 3 4 5] BYND Beyond M eat, Inc. P 133.40 221.00 88.51 Dec (0.60) (0.86)E (0.79) (0.34)E NM NM 62.5 8405.2 BJ BJ's Wholesale Club Holdings P 44.69 50.18 25.50 Jan 3.09 2.55E 2.75 0.52E 14.5 17.5 138.4 6133.2 CGC Canopy Growth Corporation P 27.39 56.50 12.95 M ar (1.44)E (0.85)E -- (0.20)E NM NM 346.8 10467.5 COST Costco Wholesale Corp. O 373.54 388.07 286.34 Aug 8.75 9.55E 10.25 2.14E 42.7 39.1 442.6 165304.1 DG Dollar General Corporation O 214.87 225.25 172.66 Jan 10.62 9.26E 10.30 1.74 20.2 23.2 255.1 51410.7 DLTR Dollar Tree, Inc. P 115.43 120.37 72.12 Jan 5.65 6.25E 6.65 1.46E 20.4 18.5 238.3 27011.7 ELF e.l.f. Beauty, Inc. P 30.29 31.29 12.10 M ar 0.63E 0.63E -- 0.09E 48.1 48.1 51.0 1552.1 FRPT Freshpet Inc. O 184.39 184.60 65.01 Dec (0.08) 0.24E 0.62 (0.04)E NM NM 41.7 7954.4 HELE Helen of Troy Limited P 211.28 265.97 151.51 Feb 11.65 11.80E 12.75 2.70E 18.1 17.9 25.4 5165.8 HEXO HEXO Corp. P 6.48 11.04 1.60 Jul (0.41) (0.17)E (0.15) (0.09)E NM NM 263.3 793.1 [ 2 4 5 6 7] HRL Hormel Foods Corporation P 46.57 52.97 43.45 Oct 1.66 1.70E 1.80 0.41E 28.1 27.4 546.4 25154.7 OGI OrganiGram Holdings P 2.73 6.45 1.01 Aug (0.27) (0.36)E (0.10) (0.04)E NM NM 204.6 800.3 PBH Prestige Consumer Healthcare P 44.09 47.98 32.20 M ar 3.22E 3.24E -- 0.78E 13.7 13.6 50.9 2198.5 SFM Sprouts Farmers M arket, Inc. P 26.21 28.63 18.21 Dec 2.49 1.88E 2.10 0.59E 10.5 13.9 130.0 3097.9 KR The Kroger Co. P 37.06 42.99 30.35 Jan 3.48 2.80E 3.00 0.95E 10.7 13.2 805.0 27868.9 TLRY Tilray, Inc. P 18.65 67.00 4.41 Dec (1.49) (0.42)E (0.37) (0.11)E NM NM 143.8 3335.4 UNFI United Natural Foods Inc. P 36.05 41.37 10.21 Jul 2.96 3.55E 3.80 0.91E 12.2 10.2 53.5 2029.5 UTZ Utz Brands Inc. O 28.75 29.05 10.22 Dec 0.46 0.67E 0.77 0.15E 62.5 42.9 142.1 3933.9 WM T Walmart Inc. O 139.63 153.66 117.01 Jan 5.48 5.28E 5.75 1.21E 25.5 26.5 2849.0 392846.4

7 Monthly Highlights

CONSUMER : Restaurants Michael Tamas [email protected] 212-667-8456 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. DENN Denny's Corp. O 19.14 20.02 7.86 Dec (0.02) 0.60E -- -- NM 31.9 65.5 1227.7 SHAK Shake Shack, Inc. O 112.17 138.38 45.51 Dec ------41.5 4707.9 WING Wingstop, Inc. P 158.03 172.87 108.23 Dec 1.09 1.48E 1.85 0.32E NM NM 29.8 4699.3

Brian Bittner, CFA [email protected] 212- 667- 7127 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. BJRI BJ's Restaurants Inc. O 62.00 63.42 15.58 Dec (2.49) 0.40E 2.71 0.14E NM NM 22.9 1439.6 CAKE Cheesecake Factory Inc. P 63.20 65.81 16.80 Dec (1.58) 2.75E 3.37 1.07E NM 23.0 53.8 2932.9 CMG Chipotle M exican Grill P 1484.11 1579.52 856.50 Dec 10.73 25.30E 33.00 6.54E NM 58.7 28.6 41778.4 DRI Darden Restaurants Inc. O 146.22 149.73 61.21 M ay 3.13 3.94E 6.96 1.66E 46.7 37.1 132.0 19131.8 DPZ Domino's Pizza, Inc. O 415.98 435.58 319.71 Dec 12.39 12.62E 14.92 2.85E 33.6 33.0 39.2 16151.8 JACK Jack in the Box, Inc. O 120.72 121.81 56.52 Sep 4.63 6.40E 6.60 1.27E 26.1 18.9 23.0 2755.8 [ 1] MCD M cDonald's Corporation O 235.21 235.80 167.85 Dec 6.05 8.58E 9.66 2.13E 38.9 27.4 751.0 175489.6 PZZA Papa John's International, Inc. O 97.70 110.33 69.21 Dec 1.39 2.20E 2.70 0.57E 70.3 44.4 33.0 3218.3 QSR Restaurant Brands International P 67.78 68.48 46.20 Dec 2.03 2.70E 3.04 0.53E 33.4 25.1 464.0 31323.5 SBUX Starbucks Corporation O 114.63 118.98 70.65 Sep 1.16 2.97E 3.56 0.76E 98.8 38.6 1184.8 135068.5 TXRH Texas Roadhouse, Inc. P 103.71 104.94 41.68 Dec 0.45 3.77E 4.41 1.18E NM 27.5 69.9 7229.9 WEN The Wendy's Company P 22.62 24.91 18.51 Dec 0.57 0.69E 0.80 0.16E 39.7 32.8 228.5 5021.6 YUM Yum! Brands Inc. O 118.91 119.23 77.58 Dec 3.45 4.25E 4.78 1.01E 34.5 28.0 307.0 35435.2 YUM C YUM China Holdings Inc. P 63.16 64.64 43.50 Dec 1.53 2.00E 2.45 0.43E 41.3 31.6 434.0 26527.2

EXCHANGES, INFORMATION ANALYTICS & ASSET MANAGERS : Asset Managers Owen Lau, CFA [email protected] 212- 667- 8166 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. FOCS Focus Financial Partners O 47.34 56.56 19.23 Dec 3.05 3.67E 4.04 0.86E 15.5 12.9 71.5 3414.8 [ 2 3 4 5] RMR The RM R Group P 39.89 44.16 23.00 Sep 1.79 1.67E 2.15 0.41E 22.3 23.9 16.4 1252.4 [ 2 3] VCTR Victory Capital Holdings P 28.14 29.65 12.97 Dec 3.88 4.51E 4.71 1.10E 7.3 6.2 73.7 1973.1

EXCHANGES, INFORMATION ANALYTICS & ASSET MANAGERS : Exchanges & Information Analytics Owen Lau, CFA [email protected] 212- 667- 8166 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. CBOE CBOE Global M arkets O 103.34 107.11 77.63 Dec 5.27 5.10E 5.46 1.26E 19.6 20.3 107.4 11070.3 CME CM E Group Inc. P 203.73 216.75 144.85 Dec 6.73 6.82E 7.08 1.72E 30.3 29.9 358.8 73150.5 FDS FactSet Research Systems Inc. P 341.27 365.77 264.73 Aug 10.87 11.10E 11.69 2.74E 31.4 30.8 38.6 12917.8 [ 8] ICE Intercontinental Exchange P 117.68 121.97 87.51 Dec 4.49 5.02E 5.27 1.22E 26.2 23.4 565.0 66226.3 MCO M oody's Corporation O 329.95 340.16 235.13 Dec 10.15 11.54E 11.89 2.59E 32.5 28.6 188.6 61766.6 M SCI M SCI Inc. O 494.83 495.16 299.09 Dec 7.83 9.60E 10.65 2.28E 63.2 51.5 83.5 40785.2 NDAQ Nasdaq Inc. O 161.89 163.27 104.38 Dec 6.21 6.82E 7.01 1.64E 26.1 23.7 167.1 26567.9 SPGI S&P Global Inc. O 392.70 393.55 281.07 Dec 11.69 12.78E 13.60 3.06E 33.6 30.7 241.7 94596.1 SEIC SEI Investments Company O 61.95 63.67 48.61 Dec 3.02 3.65E 3.85 0.91E 20.5 17.0 146.1 8847.8 TRIT Triterras Inc. P 7.40 15.45 5.86 Feb 0.39E 0.60E 0.89 0.09E 19.0 12.3 83.2 662.5

FINANCIAL INSTITUTIONS : Asset Management Chris Kotowski [email protected] 212-667-6699 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. ECC Eagle Point Credit Company P 12.49 12.51 5.25 Dec ------32.1 404.3 [ 2 3 4 5]

8 Monthly Highlights

FINANCIAL INSTITUTIONS : Business Development Companies Chris Kotowski [email protected] 212-667-6699 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. ARCC Ares Capital Corporation O 19.61 19.76 11.93 Dec 1.14 2.12E 1.74 0.41E 17.2 9.3 429.0 8576.6 [ 9] TCPC BlackRock TCP Capital Corp. O 14.69 15.07 7.67 Dec 1.23 1.39E 1.47 0.32E 11.9 10.6 57.8 848.6 [ 5] FDUS Fidus Investment Corp. O 16.67 17.12 7.57 Dec 1.28 1.51E 1.54 0.35E 13.0 11.0 24.4 407.4 [ 2 3 4 5] MRCC M onroe Capital Corporation O 10.77 10.82 6.07 Dec 0.08 1.00E 1.04 0.25E NM 10.8 21.3 229.4 [ 2 3 4 5] NMFC New M ountain Finance Corporation O 13.19 13.44 6.96 Dec 0.60 1.20E 1.24 0.29E 22.0 11.0 96.8 1277.2 SLRC SLR Investment Corp. O 18.56 19.64 13.80 Dec 0.37 1.57E 1.65 0.36E 50.2 11.8 42.3 784.4 SUNS SLR Senior Investment Corp. O 15.70 16.41 10.95 Dec 0.87 1.20E 1.20 0.30E 18.1 13.1 16.0 252.0 [ 5] SCM Stellus Capital Invest. Corp. P 13.51 13.75 5.97 Dec 1.04 1.12E 1.12 0.28E 13.0 12.1 19.5 263.3 [ 5] WHF WhiteHorse Finance O 15.50 16.72 7.52 Dec ------20.5 318.5

Mitchel Penn, CFA [email protected] 212- 667- 7136 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. GAIN Gladstone Investment Corporation P 14.41 14.48 8.16 M ar (0.22) 0.85E 0.79 0.19E NM 17.0 33.2 478.5 [ 2 4 5] GECC Great Elm Capital Corporation P 3.36 5.53 2.50 Dec (2.70) 0.37E 0.40 0.07E NM 9.1 23.0 79.0 [ 5] HTGC Hercules Capital O 17.54 17.62 9.19 Dec 2.03 1.54E 1.43 0.32E 8.6 11.4 115.8 2030.1 HRZN Horizon Technology Finance P 17.01 17.56 8.71 Dec 0.38 1.24E 1.33 0.29E 44.8 13.7 19.7 334.4 [ 2 3 4] ORCC Owl Rock Capital Corp. O 14.50 14.64 11.05 Dec 1.02 1.22E 1.34 0.29E 14.2 11.9 390.0 5654.5 [ 2 3 4 5] TSLX Sixth Street Specialty Lending O 22.41 22.46 14.21 Dec 2.64 1.97E 2.01 0.49E 8.5 11.4 71736.0 1612.8

FINANCIAL INSTITUTIONS : Commercial & Investment Banking Chris Kotowski [email protected] 212-667-6699 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. BAC Bank of America O 41.11 41.13 20.10 Dec 1.87 2.94E 3.06 0.86E 22.0 14.0 8755.6 352284.7 C Citigroup Inc. O 73.84 76.13 38.76 Dec 4.72 8.90E 8.47 2.01E 15.6 8.3 2096.6 154081.9 [ 5 10] GS Goldman Sachs Group O 352.97 356.85 165.36 Dec 24.74 41.73E 34.63 9.17E 14.3 8.5 352.7 126187.3 [ 9] JEF Jefferies Financial Group Inc. O 33.13 34.86 11.82 Nov 2.65 4.33E 2.64 1.11E 12.5 7.7 272.9 8182.2 [ 9] JPM JPM organ Chase & Co. P 155.19 161.69 82.40 Dec 8.88 13.08E 11.72 3.04E 17.5 11.9 3078.9 470552.9 MS M organ Stanley O 83.64 86.64 35.53 Dec 6.46 6.91E 6.98 1.68E 13.0 12.1 1818.0 156451.8 [ 9] SIVB SVB Financial Group P 580.20 586.78 152.76 Dec 22.87 29.74E 26.83 6.92E 25.4 19.5 53.1 31440.2 WFC Wells Fargo P 46.24 46.39 20.76 Dec 0.41 3.45E 3.18 0.76E NM 13.4 4171.0 191484.5 [ 2 3 4 5]

FINANCIAL INSTITUTIONS : Fintech and Specialty Finance Dominick Gabriele, CFA [email protected] 212- 667- 7217 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. ADS Alliance Data Systems O 118.64 121.28 35.13 Dec 4.46 15.90E 12.77 3.94E 26.6 7.5 49.7 5899.1 AXP American Express Company O 154.63 155.08 76.00 Dec 3.76 7.56E 9.02 1.49E 41.1 20.5 803.4 124214.7 BKI Black Knight Inc. O 72.98 97.19 68.33 Dec 2.10 2.18E -- 0.49E 34.8 33.5 157.0 11429.7 DFS Discover Financial Services P 114.37 114.70 35.05 Dec 3.58 15.34E 12.07 3.04E 32.0 7.5 306.3 34997.2 FIS Fidelity Nat'l Information Services O 155.69 156.72 120.17 Dec 5.47 6.39E 7.31 1.26E 28.5 24.4 620.5 96857.8 FISV Fiserv, Inc. P 122.26 127.34 92.15 Dec 4.42 5.40E 6.36 1.30E 27.7 22.6 669.5 81519.2 GPN Global Payments Inc. O 219.24 220.81 153.33 Dec 6.40 7.96E 9.34 1.78E 34.3 27.5 299.3 64695.6 JKHY Jack Henry P 164.14 200.98 141.65 Jun 3.98 3.89E 4.42 0.85E 41.2 42.2 76.3 12487.3 MA M astercard Incorporated P 388.95 401.50 263.01 Dec 6.23 7.92E -- 1.70E 62.4 49.1 985.1 386368.3 PYPL PayPal Holdings, Inc. O 267.85 309.14 118.64 Dec 3.88 4.57E 5.81 0.99E 69.0 58.6 1171.7 314525.9 SQ Square Inc. O 247.76 283.19 61.09 Dec 0.87 1.48E 2.61 0.13E NM NM 502.6 112635.3 SYF Synchrony Financial P 44.44 44.58 15.17 Dec 2.27 6.82E 5.69 1.62E 19.6 6.5 584.0 25846.2 V Visa Inc. O 236.86 237.50 171.72 Sep 4.89 5.60E 6.93 1.30E 48.4 42.3 1696.1 522417.1

FINANCIAL INSTITUTIONS : Merchant Banking/Private Equity Chris Kotowski [email protected] 212-667-6699 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. APO Apollo Global M anagement O 55.53 56.29 35.02 Dec ------441.0 24116.6 ARES Ares M anagement Corporation P 54.27 59.16 31.37 Dec ------276.0 14827.9 [ 9] CG Carlyle Group Inc. O 42.38 42.94 21.36 Dec ------354.7 15025.0 HLNE Hamilton Lane P 92.31 97.48 59.64 M ar 2.00 2.43E 2.42 0.65E 46.2 38.0 53.7 5010.9 KKR KKR & Co. O 56.81 57.18 23.43 Dec ------877.2 49253.8 [ 2 3 4 9] BX The Blackstone Group P 89.50 90.42 47.80 Dec ------1201.8 108000.9 [ 9]

9 Monthly Highlights

FINANCIAL INSTITUTIONS : Regional Banks Chris Kotowski [email protected] 212-667-6699 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. PNC PNC Financial Services Group P 189.17 189.43 93.27 Dec 16.96 12.15E 13.64 2.60E 11.2 15.6 426.0 80397.2 [ 9] USB U.S. Bancorp O 60.03 60.13 28.36 Dec 3.06 4.58E 4.32 0.99E 19.6 13.1 1503.0 90199.5 [ 2 4]

FINANCIAL INSTITUTIONS : US Banks Dominick Gabriele, CFA [email protected] 212- 667- 7217 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. COF Capital One Financial Corp. O 149.23 149.67 51.91 Dec 5.13 20.87E 16.48 4.50E 29.1 7.2 456.6 68142.9

HEALTHCARE : Alternative Health Care Services Michael Wiederhorn [email protected] 954-356-8312 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. CCRN Cross Country, Inc. P 13.50 13.90 4.50 Dec 0.46 0.70E 0.49 0.35E 29.4 19.3 36.3 506.4 ENSG The Ensign Group O 86.68 98.66 33.72 Dec 3.13 3.61E 3.90 0.88E 27.7 24.0 56.9 4763.4

HEALTHCARE : Biopharmaceuticals Jay Olson, CFA [email protected] 212- 667- 8126 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. AYLA Ayala Pharmaceuticals Ltd. O 10.40 28.68 8.62 Dec (3.06) (2.62)E (3.12) -- NM NM 12.9 137.7 [ 2 3 4]

Leland Gershell, MD, PhD [email protected] 212- 667- 7189 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. AGRX Agile Therapeutics O 1.82 3.89 1.70 Dec (0.61) (0.59)E (0.03) (0.22)E NM NM 87.6 160.6 [ 4] ASND Ascendis Pharma P 141.96 183.98 119.11 Dec (8.28) (6.57)E (6.27) (1.01)E NM NM 53.8 7630.4 [ 2 3 4] BXRX Baudax Bio O 1.15 4.95 0.97 Dec (3.93) (0.51)E (0.45) (0.16)E NM NM 70.1 80.7 [ 4] BBI Brickell Biotech, Inc. O 1.05 2.61 0.47 Dec (0.85) (0.45)E (0.30) (0.12)E NM NM 66.9 70.3 [ 2 3 4 6 7] CASI CASI Pharmaceuticals O 1.81 3.90 1.46 Dec (0.44) (0.21)E (0.28) (0.05)E NM NM 123.9 253.0 [ 2 3 4 5] CERC Cerecor O 2.78 4.50 1.97 Dec (0.87) (0.72)E (0.64) (0.17)E NM NM 87.2 265.4 [ 2 3 4 5] CRBP Corbus Pharmaceuticals Holdings P 1.89 9.78 0.91 Dec (1.43) (0.36)E (0.32) (0.11)E NM NM 124.9 236.3 [ 4] M IST M ilestone Pharmaceuticals O 5.85 11.40 2.41 Dec (1.70) (1.53)E -- (0.32)E NM NM 29.8 174.6 [ 2 3 4] NCNA NuCana plc O 4.43 7.83 3.95 Dec (0.81) (0.68)E (0.79) (0.17)E NM NM 50.2 226.7 PDSB PDS Biotechnology O 5.71 7.30 0.81 Dec (0.89) (0.75)E (0.83) (0.23)E NM NM 22.3 127.1 [ 2 3 4] PLXP PLx Pharma O 10.61 11.76 2.36 Dec (1.74)E (0.40)E (0.26) -- NM NM 22.8 231.2 [ 2 3 4 5] TARA Protara Therapeutics O 11.39 67.08 11.15 Dec (4.70) (4.21)E (6.37) (0.92)E NM NM 11.2 127.9 [ 2 3 4] SLNO Soleno Therapeutics O 1.23 4.39 1.10 Dec (0.39) (0.14)E (0.11) (0.04)E NM NM 79.6 98.1 [ 2 3 4] TEVA Teva Pharmaceuticals P 10.64 13.30 8.44 Dec 2.57 2.61E 3.03 0.63E 4.1 4.1 1107.0 11661.1 TRVN Trevena Inc. P 1.72 3.68 0.70 Dec (0.23)E (0.27)E (0.23) -- NM NM 161.3 277.4 [ 2 3 4] URGN UroGen Pharma Ltd. O 20.17 30.89 17.01 Dec (5.90) (4.85)E (1.34) (1.33)E NM NM 22.1 449.8 [ 6 7] VCNX Vaccinex O 2.56 9.56 1.63 Dec (1.56)E (1.50)E (0.90) (0.33)E NM NM 22.4 72.8 VBIV VBI Vaccines, Inc. O 3.20 6.93 1.08 Dec (0.21) (0.24)E (0.29) (0.05)E NM NM 254.0 813.4 [ 4] VERU Veru O 9.20 24.57 2.30 Sep (0.28) (0.09)E (0.21) (0.03)E NM NM 71.9 720.9 [ 2 3 4 5] XFOR X4 Pharmaceuticals O 8.48 11.11 5.38 Dec (3.01) (1.78)E (2.09) (0.88)E NM NM 16.3 200.7

10 Monthly Highlights

HEALTHCARE : Biotechnology Mark Breidenbach, Ph.D. [email protected] 212-667-7251 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. ACHL Achilles Therapeutics O 16.02 18.95 12.63 Dec (7.87) (2.24)E (2.45) (8.84)E NM NM 40.6 650.8 [ 2 3 4 5] AGIO Agios Pharmaceuticals P 55.78 58.93 32.47 Dec (4.74) (5.78)E (6.14) -- NM NM 69.6 3901.1 ALLO Allogene O 31.98 55.00 24.85 Dec (2.08) (1.82)E -- (0.43)E NM NM 140.6 4524.2 [ 2 3 4] ALPN Alpine Immune Sciences, Inc. O 12.84 16.37 2.58 Dec (1.34) (0.76)E (1.27) -- NM NM 23.9 306.8 [ 2 4] ARVN Arvinas O 69.82 92.77 19.68 Dec (3.02) (3.74)E -- -- NM NM 47.6 3420.0 BLRX BioLineRx O 3.05 4.23 1.40 Dec (1.78) (0.62)E -- -- NM NM 21.2 131.2 [ 2 4] BLUE bluebird bio P 30.23 72.50 24.24 Dec (9.95) (11.82)E (10.64) -- NM NM 66.4 2029.7 CGEN Compugen Ltd. O 8.73 19.90 7.10 Dec (0.37) (0.64)E -- (0.14)E NM NM 83.7 730.5 [ 4 6 7] CUE Cue Biopharma O 12.01 31.69 10.75 Dec (1.56) (1.55)E (1.60) -- NM NM 30.5 366.3 EPIX ESSA Pharma O 30.83 32.69 3.93 Sep (1.04) (0.96)E (1.21) (0.22)E NM NM 33.3 1207.3 [ 2 3 4 5] FMTX Forma Therapeutics O 26.79 56.33 22.51 Dec (3.17) (3.02)E (3.52) -- NM NM 43.7 1201.8 [ 2 3 4 5] GM DA Gamida Cell O 7.46 15.00 3.86 Dec (1.66) (1.80)E (1.92) -- NM NM 59.5 441.6 GBT Global Blood Therapeutics O 41.79 83.69 36.49 Dec (4.04) (3.22)E -- -- NM NM 62.2 2602.1 IOVA Iovance Biotherapeutics O 31.34 54.21 24.67 Dec (1.88) (2.07)E (1.09) (0.49)E NM NM 146.7 4768.7 [ 2 3 4] KDM N Kadmon O 4.08 5.73 3.15 Dec (0.67) (0.84)E (0.51) (0.20)E NM NM 169.3 701.0 [ 2 3 4 5] M BIO M ustang Bio O 3.25 5.22 2.42 Dec (1.14) (0.63)E -- (0.16)E NM NM 84.3 279.3 [ 2 3 4 6 7] MCRB Seres Therapeutics O 21.18 38.50 3.41 Dec (1.12) (1.32)E -- -- NM NM 91.2 1939.0 [ 2 3 4] SYBX Synlogic Inc. P 3.58 5.11 1.78 Dec (1.65) (1.49)E -- (0.37)E NM NM 37.8 172.5 SYRS Syros Pharmaceuticals O 6.24 15.65 5.75 Dec (1.82) (1.54)E (1.81) -- NM NM 61.6 384.6 [ 2 3 4]

Hartaj Singh [email protected] 212-667-7589 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. ALXN Alexion Pharmaceuticals NR 165.58 168.51 94.82 Dec 12.51 11.85E 11.77 2.79E 13.2 14.0 226.5 36578.7 LIFE aTyr Pharma, Inc. O 4.12 8.33 2.93 Dec (1.77) (1.46)E (1.07) (0.41)E NM NM 8.0 66.0 [ 4] CATB Catabasis Pharmaceuticals O 2.26 8.59 1.25 Dec (2.03) (0.23)E (0.23) (0.08)E NM NM 7.1 52.9 [ 5 11] CLLS Cellectis, SA O 18.92 34.71 11.88 Dec (1.91) (2.83)E (3.00) (0.67)E NM NM 42.1 860.0 FSTX F-star Therapeutics Inc. O 9.52 15.50 3.88 Dec -- (3.20)E (2.66) (1.01)E -- NM 9.1 86.6 GANX Gain Therapeutics, Inc. O 12.25 17.93 11.00 Dec -- (0.55)E (0.55) (0.13)E -- NM 11.3 145.5 [ 2 3 4 5] GILD Gilead Sciences, Inc. O 63.84 85.67 56.56 Dec 7.09 7.37E 7.18 1.72E 9.0 8.7 1300.0 80221.6 INO Inovio Pharmaceuticals, Inc. O 6.89 33.79 6.49 Dec (1.08) (0.88)E 1.48 (0.21)E NM NM 186.8 1435.2 [ 2 3 4 5] MRNA M oderna, Inc. O 175.67 189.26 45.01 Dec (1.96) 13.45E 9.60 2.17E NM 13.1 324.4 70360.3 [ 4] NBSE NeuBase Therapeutics Inc. O 6.29 12.89 5.42 Sep (0.89) (0.88)E (1.05) (0.23)E NM NM 17.1 203.7 [ 2 3 4 5] ONCT Oncternal Therapeutics O 6.46 10.56 1.49 Dec (0.85) (0.41)E (0.62) (0.11)E NM NM 49.3 318.9 OPT Opthea Ltd. O 9.23 17.86 8.45 Jun (0.06) (0.22)E (0.20) (0.10)E NM NM 42.2 401.1 [ 2 3 4] PHAR Pharming Group N.V. O 12.82 21.99 12.24 Dec 0.05 0.07E 0.10 0.01E NM NM 607.8 822.1 REGN Regeneron Pharmaceuticals O 485.00 664.64 441.00 Dec 31.47 36.66E 37.87 7.11E 15.4 13.2 106.1 51663.8 SRPT Sarepta Therapeutics, Inc. P 71.41 181.83 68.04 Dec (5.83) (7.15)E (6.99) (1.67)E NM NM 82.5 5694.7 SBBP Strongbridge Biopharma plc O 2.65 4.63 1.87 Dec (0.54) (0.45)E (0.06) (0.13)E NM NM 46.7 179.0 [ 2 3 4] UTHR United Therapeutics O 204.24 212.62 98.37 Dec 14.46 16.09E 18.95 3.69E 14.1 12.7 43.5 9097.7 VRTX Vertex Pharmaceuticals O 211.86 306.08 202.56 Dec 10.32 11.42E 12.82 2.88E 20.5 18.6 255.6 54833.9 VIRX Viracta Therapeutics O 9.67 24.80 3.92 Dec (1.53) (0.88)E (1.25) (0.13)E NM NM 38.0 357.7 [ 2 3 4]

Matthew Biegler [email protected] 212-667-7238 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. APTO Aptose Biosciences O 5.63 9.00 3.39 Dec (0.68) (0.74)E -- (0.17)E NM NM 88.8 500.8 [ 2 3 4] FATE Fate Therapeutics O 85.87 121.16 25.60 Dec (2.10)E (2.14)E (2.59) -- NM NM 86.9 8062.5 [ 2 3 4] FIXX Homology M edicines O 6.87 17.34 6.21 Dec (2.80) (2.59)E -- (0.64)E NM NM 48.0 392.2 M RKR M arker Therapeutics O 2.68 3.77 1.32 Dec (0.61) (0.70)E (0.67) (0.17)E NM NM 48.0 222.5 [ 2 3 4 5] MDNA M edicenna Therapeutics O 3.59 6.84 2.19 M ar -- (0.34)E (0.44) (0.10)E -- NM 49.2 190.1 TPTX Turning Point Therapeutics, Inc. O 77.96 141.30 46.86 Dec (3.85) (4.53)E (8.14) (0.57)E NM NM 48.9 3826.3

11 Monthly Highlights

HEALTHCARE : Biotechnology (cont'd) Kevin DeGeeter [email protected] 212- 667- 7130 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. NMTR 9 M eters Biopharma O 1.21 2.26 0.44 Dec (0.24) (0.14)E (0.18) (0.03)E NM NM 216.1 289.4 [ 2 3 4] ATNX Athenex, Inc. P 4.06 15.24 3.76 Dec (1.55) (2.21)E (2.40) (0.51)E NM NM 93.5 379.4 [ 2 3 4] CLRB Cellectar Biosciences O 1.55 2.98 1.01 Dec (0.76) (0.42)E -- (0.09)E NM NM 26.3 78.3 [ 2 3 4 13] CYCC Cyclacel Pharmaceuticals O 7.11 11.42 3.12 Dec (2.67) (2.21)E (2.98) (0.40)E NM NM 9.2 65.7 [ 2 3 4 5] EVAX Evaxion Biotech A/S O 7.34 10.34 5.16 Dec (0.97) (1.32)E (1.88) (0.33)E NM NM 19.2 140.9 [ 2 3 4 5] IDYA IDEAYA Biosciences O 20.56 24.92 5.00 Dec (1.40) (2.31)E (3.07) -- NM NM 32.3 676.5 INFI Infinity Pharmaceuticals O 3.37 5.98 0.78 Dec (0.68) (0.56)E (0.66) (0.14)E NM NM 88.7 298.7 IONS Ionis Pharmaceuticals O 43.32 64.37 39.17 Dec 0.80 (0.43)E (0.27) (0.19)E 54.2 NM 139.6 6105.1 M DWD M ediWound Ltd. O 4.61 6.07 1.73 Dec (0.34) (0.29)E (0.69) (0.15)E NM NM 27.2 125.6 [ 5] M TEM M olecular Templates Inc. O 9.36 18.44 7.51 Dec (2.20) (1.64)E (1.74) (0.44)E NM NM 56.1 525.0 MBRX M oleculin Biotech O 3.63 9.30 3.12 Dec (2.00) (0.96)E (1.05) (0.30)E NM NM 28.5 103.2 [ 2 3 4 5 6 7] NVCR Novocure Limited P 205.31 220.48 55.40 Dec 0.18 0.00E 0.26 (0.01)E NM NM 100.9 21231.8 ORTX Orchard Therapeutics O 6.12 12.38 3.76 Dec (1.53) (1.25)E (1.19) (0.33)E NM NM 93.2 737.8 [ 2 4 5] ORIC ORIC Pharmaceuticals O 24.68 40.81 18.60 Dec (2.23) (2.45)E (3.47) (0.51)E NM NM 36.7 905.6 [ 2 3 4] SNSE Sensei Biotherapeutics O 13.16 26.50 11.75 Dec (12.01) (1.44)E (1.77) (0.39)E NM NM 30.6 402.5 [ 2 3 4 5] SPRO Spero Therapeutics O 13.69 23.64 8.50 Dec (3.52) (2.85)E -- (0.65)E NM NM 29.5 403.9 [ 2 3 4] TSHA Taysha Gene Therapies O 25.00 33.35 18.16 Dec (2.43) (2.55)E (3.12) (0.55)E NM NM 37.0 944.0 VBLT Vascular Biogenics O 1.98 3.17 1.01 Dec (0.55) (0.50)E (0.50) (0.13)E NM NM 55.1 119.4 [ 2 3 4 5 6 7]

Justin Kim [email protected] 212-667-6033 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. ALDX Aldeyra Therapeutics O 12.51 15.95 2.60 Dec (1.11) (1.23)E (1.34) (0.28)E NM NM 27.1 719.6 [ 2 3 4 5] ANGN Angion Biomedica Corp. O 14.15 26.30 12.56 Dec -- (2.61)E (3.22) (0.62)E -- NM 35.4 417.2 [ 2 3 4 5] APLS Apellis Pharmaceuticals O 48.24 58.47 25.49 Dec (4.59) (7.33)E (5.87) (1.84)E NM NM 56.2 3883.2 AUPH Aurinia Pharmaceuticals, Inc. O 12.08 20.50 11.60 Dec (0.87) (1.32)E (0.45) (0.42)E NM NM 85.5 1547.7 [ 2 3 4] KDNY Chinook Therapeutics O 17.04 21.68 10.50 Dec (6.20) (3.02)E -- (0.77)E NM NM 80.8 722.2 [ 5] PHVS Pharvaris N.V. O 24.86 42.86 23.03 Dec (4.51) (1.89)E (2.27) (0.42)E NM NM 31.8 822.4 [ 2 3 4 5] PRVB Provention Bio O 7.40 20.05 6.36 Dec (1.88) (2.15)E (1.68) (0.56)E NM NM 49.1 469.0 [ 2 3 4]

Francois Brisebois [email protected] 617-428-5533 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. AERI Aerie Pharmaceuticals, Inc. O 17.37 21.30 9.01 Dec (3.12) (2.27)E -- (0.65)E NM NM 45.4 814.5 AVDL Avadel Pharmaceuticals O 7.85 12.00 4.83 Dec 0.13 (1.49)E -- (0.33)E 60.4 NM 58.1 458.9 DMAC DiaM edica Therapeutics Inc. O 9.50 10.88 3.24 Dec (0.78)E (0.95)E -- (0.27) NM NM 18776.2 178.4 DRRX Durect Corporation O 1.89 2.96 1.52 Dec 0.00E (0.22)E -- 0.02E NM NM 120.5 429.7 FLXN Flexion Therapeutics O 8.10 14.39 7.80 Dec (2.53) (1.86)E -- (0.48)E NM NM 21.5 404.4 GWPH GW Pharmaceuticals Plc NR 219.18 219.18 87.07 Dec (0.15) 0.03E -- -- NM NM 372.2 6911.6 ICAD iCAD Inc. O 18.03 21.44 8.32 Dec (0.43) (0.33)E -- (0.09)E NM NM 19.4 450.0 KALA Kala Pharmaceuticals, Inc. O 7.85 14.68 6.00 Dec (1.72) (1.93)E -- (0.45)E NM NM 34.2 507.0 [ 4] OTIC Otonomy, Inc. O 2.36 6.98 2.14 Dec (1.02)E (0.76)E -- (0.19)E NM NM 30.7 133.6 SVRA Savara Inc. O 1.92 3.58 1.00 Dec (0.71) (0.36)E -- (0.12)E NM NM 54.2 218.1 [ 2 3 4 5] SLP Simulations Plus O 64.13 90.92 36.15 Aug 0.56 0.53E -- 0.16E NM NM 17.7 1289.5 [ 2 3 4]

Jay Olson, CFA [email protected] 212- 667- 8126 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. ETNB 89bio Inc. O 26.98 42.36 18.01 Dec (3.08) (2.66)E (3.95) (0.59)E NM NM 19.9 540.5 [ 2 3 4] ACAD ACADIA Pharmaceuticals, Inc. P 20.59 58.72 20.12 Dec (1.79) (2.07)E (1.38) (0.57)E NM NM159637.8 3295.4 AM GN Amgen, Inc. O 234.71 276.69 210.28 Dec 16.07 16.12E 16.44 4.02E 14.6 14.6 577.6 134853.6 BCYC Bicycle Therapeutics Plc O 29.80 33.20 12.54 Dec (2.66) (2.68)E (3.00) -- NM NM 17.9 716.0 [ 2 5] BIIB Biogen Inc. O 265.33 363.92 223.25 Dec 33.70 18.36E 22.57 4.62E 7.9 14.5 158.3 39946.7 CNST Constellation Pharmaceuticals P 21.28 50.90 17.00 Dec (2.81) (2.80)E (3.17) (0.71) NM NM 47.6 1019.6 CRSP CRISPR Therapeutics O 131.88 220.20 46.84 Dec (5.29) 3.57E (7.51) (1.42)E NM 36.9 59.5 9992.4 CBAY CymaBay Therapeutics O 4.62 9.06 1.60 Dec (0.74) (1.01)E (1.09) (0.23)E NM NM 68.7 318.5 EDIT Editas M edicine P 37.37 99.95 21.41 Dec (1.98) (3.36)E (3.30) (0.73)E NM NM 47.4 2525.5 [ 2 4] ENTA Enanta Pharmaceuticals Inc. P 51.35 58.59 40.32 Sep (1.81) (3.77)E (7.09) (1.07)E NM NM 19.2 1035.8 EXEL Exelixis O 24.69 27.80 18.18 Dec 0.61 0.52E 0.92 0.13E 40.5 47.5 312.3 7730.4 FREQ Frequency Therapeutics O 11.17 58.37 7.34 Dec (0.82) (1.24)E (1.54) -- NM NM 37.0 382.2 INCY Incyte O 84.89 110.36 75.52 Dec (0.42) 3.32E 3.87 0.79E NM 25.6 179.0 18665.3 NTLA Intellia Therapeutics Inc. P 80.08 92.00 12.32 Dec (2.40) (2.55)E (2.46) (0.63)E NM NM 43.2 5455.1 ICPT Intercept Pharmaceuticals P 20.44 95.98 18.15 Dec (8.34) (5.36)E (5.42) (1.56)E NM NM 32.9 677.8 [ 2 4] KRTX Karuna Therapeutics O 110.51 146.97 69.58 Dec (2.59) (6.37)E (4.57) (1.18)E NM NM 26.6 3255.4 M DGL M adrigal Pharmaceuticals Inc. O 137.59 138.29 79.01 Dec (13.09) (14.58)E (12.49) (2.71)E NM NM 15.4 2204.8 MRNS M arinus Pharmaceuticals, Inc. O 14.85 20.04 6.04 Dec (2.80) (1.77)E (2.29) (0.42)E NM NM 30.6 544.0 [ 2 3 4] MRTX M irati Therapeutics O 164.51 249.42 80.36 Dec (7.96) (6.77)E (6.46) -- NM NM 43.5 8444.4 [ 2 4] NKTR Nektar Therapeutics P 20.09 26.75 15.39 Dec (2.49) (2.58)E (0.01) -- NM NM 175.3 3660.0 NBIX Neurocrine Biosciences O 95.33 136.26 86.02 Dec 4.16 3.74E 6.52 0.58E 22.9 25.5 92.1 9011.9 PRVL Prevail Therapeutics NR NA 23.35 9.21 Dec NA NA NM NA -- -- 34.1 NA PRTA Prothena Corp. O 26.85 28.66 9.25 Dec (2.78) (0.37)E (4.42) (0.82)E NM NM 39.8 1180.0 [ 2 3 4 5] RLM D Relmada Therapeutics O 38.83 54.00 28.40 Dec (3.81) (6.38)E (7.43) (1.39)E NM NM 15.2 650.3 SAGE SAGE Therapeutics O 78.88 98.39 33.82 Dec 11.43 (7.01)E (6.46) (1.67)E 6.9 NM 52.0 4609.1 SGEN Seagen O 139.23 213.94 134.51 Dec 3.37 (2.45)E 2.55 (0.53)E 41.3 NM 174.0 25243.2 SRRA Sierra Oncology O 17.96 20.43 10.02 Dec (7.70) (5.18)E (5.03) -- NM NM 10.4 221.8 VKTX Viking Therapeutics, Inc. O 6.26 10.09 5.22 Dec (0.54) (0.77)E (0.99) (0.19)E NM NM 71.5 488.9 [ 2 5]

12 Monthly Highlights

HEALTHCARE : Healthcare Services Michael Wiederhorn [email protected] 954-356-8312 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. ADUS Addus HomeCare Corporation O 108.59 129.00 73.79 Dec 3.09 3.65E 3.97 0.80E 35.1 29.8 15.9 1727.0 [ 1] AM ED Amedisys, Inc. O 285.71 325.12 165.42 Dec 5.39 7.00E 7.33 1.60E 53.0 40.8 32.9 9306.1 CNC Centene Corp. O 60.59 72.31 53.60 Dec 5.02 5.20E 6.05 1.52E 12.1 11.7 589.3 35307.9 CHE Chemed Corporation O 478.32 560.00 411.81 Dec 18.08 17.79E 19.29 4.38E 26.5 26.9 16.3 7641.2 CI CIGNA Corp. O 250.24 256.74 158.84 Dec 18.45 20.25E 22.77 4.26E 13.6 12.4 361.1 86928.9 CYH Community Health Systems O 10.38 14.39 2.46 Dec 0.43 0.98E 1.19 0.00E 24.1 10.6 132.2 1371.7 CVS CVS Health Corp. P 76.37 77.44 55.36 Dec 7.50 7.52E 8.18 1.75E 10.2 10.2 1317.0 100237.1 HCA HCA Inc. O 201.94 205.58 91.21 Dec 11.57 14.12E 14.98 3.10E 17.5 14.3 343.3 68041.0 [ 5] HUM Humana, Inc. O 447.64 474.70 364.77 Dec 18.75 21.73E 24.92 6.83E 23.9 20.6 129.6 57752.0 LHCG LHC Group, Inc. O 211.00 236.81 116.26 Dec 5.02 5.84E 6.77 1.25E 42.0 36.1 31.4 6680.9 [ 5] TDOC Teladoc Health O 170.86 308.00 147.71 Dec (5.35) (2.42)E (0.82) (0.42)E NM NM 154.3 26381.8 [ 5] UNH UnitedHealth Group, Inc. O 401.55 402.16 273.71 Dec 16.87 18.50E 21.11 4.39E 23.8 21.7 957.0 379018.5

HEALTHCARE : Medical Devices Suraj Kalia, CFA [email protected] 212-667-5387 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. ATRC AtriCure O 76.00 79.54 34.04 Dec (0.96) (1.26)E (0.70) (0.35)E NM NM 39.5 3467.8 XAIR Beyond Air O 6.14 8.90 4.65 M ar (1.36) (1.40)E (0.75) (0.37)E NM NM 11.7 125.8 [ 2 6 7] BLFS BioLife Solutions P 34.59 47.97 10.00 Dec 0.10 (0.17)E (0.19) (0.03)E NM NM 20.1 1155.3 [ 2 3 4] CSII Cardiovascular Systems, Inc. O 40.68 48.28 27.70 Jun (0.79) (0.28)E (0.76) (0.13)E NM NM 35.2 1635.0 CRY CryoLife O 23.49 26.60 16.13 Dec (0.44) (0.12)E 0.06 (0.05)E NM NM 37.5 918.9 EW Edwards LifeSciences O 96.26 98.11 66.23 Dec 1.57 2.07E 2.23 0.50E 61.3 46.5 59.5 59838.8 INSP Inspire M edical P 240.68 252.25 65.25 Dec (2.20) (1.73)E (0.03) (0.57)E NM NM 24.0 6538.8 XENT Intersect ENT P 22.54 26.98 10.75 Dec (2.22) (1.59)E (1.11) (0.31)E NM NM 32.6 746.9 ISRG Intuitive Surgical P 863.22 893.79 492.00 Dec 8.82 12.27E 13.15 2.84E 97.9 70.4 38.9 102216.4 IRTC iRhythm P 76.91 286.19 76.14 Dec (1.58) (1.06)E 0.24 (0.77)E NM NM 26.4 2242.8 ISR Isoray, Inc. O 0.93 2.81 0.35 Jun (0.05) (0.03)E (0.03) (0.01)E NM NM 87.2 130.6 [ 2 3 4 5] NNOX Nano-X Imaging Ltd. P 34.12 94.81 20.25 Dec (1.23) (0.69)E (1.03) (0.14)E NM NM 44.8 1616.5 [ 2 3 4] NVRO Nevro P 173.76 188.14 109.30 Dec (2.50) (1.93)E (2.88) (0.79)E NM NM 30.9 6028.1 OM Outset M edical P 58.17 66.96 27.00 Dec (7.45) (3.38)E (3.12) (0.86)E NM NM 42.7 2656.5 RMD ResM ed O 207.91 224.43 149.16 Jun 4.27 3.01E 4.57 1.09E 48.7 69.1 144.0 30252.8 SWAV ShockWave M edical, Inc. P 162.53 169.00 37.16 Dec (1.99) (0.88)E 0.36 (0.31)E NM NM 28.0 5663.0 SSKN STRATA Skin Sciences O 1.70 2.84 1.00 Dec (0.13) (0.09)E (0.09) (0.03)E NM NM 30.0 57.5 TCMD Tactile Systems Technology O 57.75 64.53 30.31 Dec (0.03) 0.40E 0.82 (0.08)E NM NM 19.0 1133.8 TMDI Titan M edical Inc. O 1.66 3.47 0.22 Dec (0.36) (0.24)E (0.22) (0.10)E NM NM 109.5 181.8 TMDX TransM edics O 28.82 49.50 11.51 Dec (1.16) (0.66)E (1.70) (0.27)E NM NM 21.0 796.1 VREX Varex Imaging O 23.63 26.66 10.37 Sep (1.47) (0.18)E (0.21) -- NM NM 38.4 926.3 [ 2 4 5] VERO Venus Concept Inc. O 1.86 5.00 1.60 Dec (2.33) (0.56)E (0.21) (0.16)E NM NM 28.9 100.6 [ 2 3 4] VRAY ViewRay O 4.93 7.36 1.64 Dec (0.73) (0.72)E (0.85) (0.16)E NM NM 98.4 792.8 [ 2 3 4]

Steven Lichtman [email protected] 212- 667- 8160 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. BSX Boston Scientific Corp. P 44.10 44.63 32.99 Dec 0.96 1.58E 1.81 0.37E 45.9 27.9 1430.8 62644.8 BWAY BrainsWay, Ltd. O 8.58 11.04 5.52 Dec (0.24) (0.22)E (0.11) (0.08)E NM NM 16.6 142.2 [ 2 3 4 5] CFMS Conformis, Inc. O 0.94 1.49 0.60 Dec (0.34) (0.22)E (0.16) (0.08)E NM NM 176.5 171.5 [ 2 3 4 5] DXCM DexCom Inc. O 421.70 456.23 305.63 Dec 3.04 2.30E 3.33 0.19E NM NM 99.4 40780.9 [ 1] GKOS Glaukos Corporation O 95.04 99.00 34.10 Dec (1.16) (1.04)E (0.70) -- NM NM 45.1 4387.9 GM ED Globus M edical Inc. P 72.51 72.82 42.85 Dec 1.43 1.83E 2.10 0.30E 50.7 39.6 101.4 7253.3 [ 5] PODD Insulet Corp. P 301.56 306.46 164.40 Dec 0.10 0.92E 1.86 0.03E NM NM 65.9 19967.4 [ 1] IART Integra LifeSciences Holdings O 75.07 77.40 42.12 Dec 2.45 2.92E 3.34 0.65E 30.6 25.7 85.3 6344.0 [ 5] M NKD M annKind Corporation O 4.82 6.25 1.14 Dec (0.20) (0.15)E (0.15) (0.05)E NM NM 234.6 1200.5 MDT M edtronic, Inc. O 131.50 132.30 87.68 Apr 4.59 4.34E 5.68 1.41E 28.7 30.3 1356.0 177271.6 M M SI M erit M edical Systems, Inc. O 63.31 65.16 37.47 Dec 1.65 1.92E 2.26 0.44E 38.4 33.0 57.0 3525.8 M OTS M otus GI Holdings Inc. O 1.09 2.74 0.68 Dec (0.60) (0.48)E (0.41) (0.11)E NM NM 37.8 51.0 [ 2 4] ORGO Organogenesis Holdings, Inc. O 21.31 24.34 3.01 Dec 0.14 0.12E 0.18 (0.01)E NM NM 128.0 2727.4 [ 2 3 4] SYK Stryker Corp. P 263.43 268.04 171.75 Dec 7.44 9.17E 10.24 2.06E 35.4 28.7 381.7 99246.7 TNDM Tandem Diabetes Care, Inc. O 93.98 123.74 72.27 Dec (0.55) (0.11)E 0.32 (0.24)E NM NM 65.7 5879.0 [ 2 4] COO The Cooper Companies Inc. P 407.59 414.37 268.92 Oct 9.64 13.02E 14.52 3.14E 42.3 31.3 49.7 20033.5 ZBH Zimmer Biomet Holdings O 178.61 180.36 108.78 Dec 5.59E 7.62E 8.55 2.03E 32.0 23.4 208.5 37207.4

13 Monthly Highlights

HEALTHCARE : Medical Diagnostics Kevin DeGeeter [email protected] 212- 667- 7130 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. BNGO Bionano Genomics O 6.61 15.69 0.34 Dec (0.39) (0.21)E (0.30) (0.05)E NM NM 278.7 1842.8 [ 2 3 4] DMTK DermTech O 42.07 84.49 9.64 Dec (2.08) (1.78)E (1.91) (0.44)E NM NM 23.8 1216.1 [ 2 3 4] EXAS Exact Sciences Corporation O 133.02 159.54 70.75 Dec (1.65) (3.73)E (3.00) (1.25)E NM NM 169.2 22492.8 FLGT Fulgent Genetics O 79.59 189.89 12.36 Dec 9.09 12.05E 5.67 5.41E 8.8 6.6 28.9 2307.3 [ 2 4] NVTA InVitae Corp. O 35.00 61.59 14.84 Dec (3.70) (2.55)E (2.74) (0.61)E NM NM 191.7 6927.0 PSNL Personalis, Inc. P 24.48 53.46 9.53 Dec (1.24) (1.78)E (2.13) (0.37)E NM NM 39.1 1071.5 [ 2 3 4] VCEL Vericel Corporation P 61.12 64.89 12.82 Dec 0.06 (0.02)E 0.36 (0.10)E NM NM 43.7 2817.3

HEALTHCARE : Specialty and Generic Pharmaceuticals Leland Gershell, MD, PhD [email protected] 212- 667- 7189 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. ATXI Avenue Therapeutics O 5.24 12.34 2.85 Dec (0.29)E (0.30)E (1.27) (0.04)E NM NM 16.7 87.8

INDUSTRIAL/CAPITAL GOODS : Industrial & Business Services Scott Schneeberger, CFA [email protected] 212- 667- 8114 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. CHRW C.H. Robinson Worldwide P 97.43 106.75 68.46 Dec 3.72 4.34E 4.70 0.97E 26.2 22.5 137.2 12777.2 CTAS Cintas Corporation P 351.06 369.20 197.13 M ay 8.11 10.05E 10.24 2.30E 43.3 34.9 108.0 36880.0 CTOS Custom Truck One Source, Inc. O 10.22 10.51 1.81 Dec (0.10) 0.15E 0.24 (0.16)E NM 68.1 245.6 2512.7 [ 2 4] ECL Ecolab P 224.75 231.36 181.25 Dec 4.02 5.20E 6.04 0.88E 55.9 43.2 288.7 64296.1 [ 1] FDX FedEx Corporation P 296.06 305.66 103.40 M ay 9.50 17.90E 19.45 4.71E 31.2 16.5 270.0 78557.2 LSTR Landstar System, Inc. P 171.17 179.50 97.63 Dec 5.29 8.76E 8.44 2.25E 32.4 19.5 38.4 6574.4 M GRC M cGrath RentCorp O 82.26 86.76 45.71 Dec 4.16 3.98E 4.34 0.82E 19.8 20.7 24.5 1992.2 SRCL Stericycle, Inc. P 72.90 79.50 45.35 Dec 2.25 2.46E 2.64 0.58E 32.4 29.6 91.8 6689.4 TH Target Hospitality P 3.07 4.29 0.82 Dec (0.25) (0.12)E 0.01 (0.10)E NM NM 96.2 310.8 URI United Rentals, Inc. P 327.33 341.00 105.26 Dec 17.44 18.08E 19.42 2.83E 18.8 18.1 72.6 23691.5 [ 5] UPS UPS O 203.72 204.50 88.85 Dec 8.23 11.34E 11.68 2.79E 24.8 18.0 876.0 177116.9 WSC WillScot M obile M ini Holdings O 29.60 30.38 10.70 Dec 0.62 0.81E 1.00 0.15E 47.7 36.5 242.4 6708.8 XPO XPO Logistics, Inc. O 139.85 139.87 60.75 Dec 2.01 5.48E 6.30 0.89E 69.6 25.5 113.0 15617.9 [ 2 4]

INDUSTRIAL/CAPITAL GOODS : Industrial Machinery & Flow Control Bryan F. Blair, CFA [email protected] 212- 667- 7112 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. AOS A.O. Smith Corporation P 68.41 70.13 38.51 Dec 2.16 2.67E 2.97 0.63E 31.7 25.6 162.8 11062.1 AIM C Altra Industrial M otion Corp. O 63.68 66.38 23.01 Dec 2.88 3.27E 3.75 0.80E 22.1 19.5 65.3 4125.9 CSL Carlisle Companies Inc. O 194.37 194.83 97.55 Dec 7.92 9.05E 10.95 2.24E 24.5 21.5 53.6 10144.5 DCI Donaldson Company, Inc. P 63.50 63.68 39.84 Jul 2.00 2.20E 2.50 0.57E 31.8 28.9 128.2 8008.9 DOV Dover Corporation P 151.33 151.72 79.87 Dec ------144.9 21780.5 FLS Flowserve Corporation P 40.55 42.24 21.05 Dec 1.74 1.52E 1.97 0.20E 23.3 26.7 131.0 5294.6 GGG Graco Inc. P 77.76 78.29 41.79 Dec 1.95 2.37E 2.55 0.58E 39.9 32.8 173.8 13175.3 IEX IDEX Corporation P 228.15 235.76 141.86 Dec 5.19 6.15E 6.65 1.62E 44.0 37.1 76.3 17323.7 ITT ITT, Inc. O 96.55 96.82 44.21 Dec 3.20 3.70E 4.35 0.87E 30.2 26.1 86.4 8308.5 LECO Lincoln Electric Holdings, Inc. P 132.15 132.73 68.12 Dec 4.15 5.60E 6.20 1.35E 31.8 23.6 60.3 7867.9 M WA M ueller Water Products, Inc. O 14.81 14.88 7.32 Sep 0.52 0.58E 0.69 0.13E 28.5 25.5 158.8 2346.4 PNR Pentair plc O 65.16 65.83 31.50 Dec 2.50 2.95E 3.25 0.73E 26.1 22.1 167.7 10829.7 RXN Rexnord Corporation O 51.53 51.63 23.97 Dec 1.77 2.00E 2.30 0.51E 29.1 25.8 123.6 6169.2 SPXC SPX Corporation O 62.07 62.55 31.12 Dec 2.80 3.18E 3.62 0.65E 22.2 19.5 46.2 2812.3 WTS Watts Water P 125.75 131.51 71.01 Dec 3.88 3.87E 4.25 1.02E 32.4 32.5 33.9 4235.2 [ 5] XYL Xylem, Inc. P 112.27 112.64 56.63 Dec 2.06 2.58E 3.10 0.37E 54.5 43.5 181.5 20208.9

14 Monthly Highlights

INDUSTRIAL/CAPITAL GOODS : Industrial Multi-Industry Christopher Glynn [email protected] 617- 556- 3711 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. AYI Acuity Brands, Inc. O 191.71 191.84 70.55 Aug 8.27 8.90E 9.65 2.26E 23.2 21.5 36.0 6845.1 [ 5] AME AM ETEK, Inc. P 137.09 137.84 75.22 Dec 3.95 4.25E 4.60 1.02E 34.7 32.3 230.1 31640.3 B Barnes Group Inc. O 51.04 57.64 30.71 Dec 1.64 1.80E 2.50 0.30E 31.1 28.4 50.6 2585.2 ETN Eaton Corp. plc O 145.02 145.95 70.54 Dec 4.91 5.60E 6.25 1.22E 29.5 25.9 398.6 57770.7 EM R Emerson Electric Co. P 92.79 93.57 50.03 Sep 3.46 3.75E 4.10 0.90E 26.8 24.7 598.0 55676.8 GNRC Generac Holdings Inc. O 337.18 364.00 90.30 Dec 6.47 9.85E 10.65 2.26E 52.1 34.2 62.9 21195.6 GE General Electric Co. P 13.21 14.41 5.48 Dec 0.01 0.24E 0.50 0.04E NM 55.0 8784.6 115965.9 HON Honeywell International Inc. P 223.90 232.35 117.11 Dec 7.10 7.90E 8.70 1.91E 31.5 28.3 695.5 155511.0 HUBB Hubbell Inc. P 195.92 196.47 105.34 Dec 7.58 8.45E 9.25 2.14E 25.9 23.2 54.3 10641.6 LFUS Littelfuse, Inc. P 272.09 287.92 131.81 Dec 6.40 9.15E 10.15 2.25E 42.5 29.7 24.6 6681.2 NDSN Nordson Corp. P 214.90 223.37 153.01 Oct 5.48 6.60E 7.20 1.71E 39.2 32.6 58.1 12482.6 OSIS OSI Systems, Inc. O 96.88 101.78 66.11 Jun 4.60 5.20E 5.60 1.31E 21.1 18.6 18.0 1741.1 RBC Regal Beloit Corp. O 148.07 159.64 63.44 Dec 5.77 7.10E 8.15 1.66E 25.7 20.9 40.6 6015.1 ROP Roper Technologies, Inc. O 445.85 455.72 331.86 Dec 12.74 14.90E 15.80 3.64E 35.0 29.9 104.9 46787.3 ST Sensata Technologies Holding PLC P 59.29 64.80 31.50 Dec 2.21 3.40E 3.90 0.88E 26.8 17.4 157.7 9374.3 SNA Snap-on Inc. O 240.03 242.18 115.60 Dec 11.63 13.35E 14.20 3.28E 20.6 18.0 54.4 12980.8 TEL TE Connectivity Ltd. O 138.18 138.25 66.61 Sep 4.26 6.20E 6.80 1.57E 32.4 22.3 330.9 45630.4 GWW W.W. Grainger, Inc. O 429.90 430.65 263.27 Dec 16.18 18.35E 21.00 4.18E 26.6 23.4 52.4 22501.4 WCC WESCO International, Inc. O 93.33 95.19 22.18 Dec 4.37 5.80E 7.80 0.87E 21.4 16.1 50.0 4683.3 WWD Woodward, Inc. P 125.23 127.91 50.50 Sep 3.96 3.40E 4.15 0.78E 31.6 36.8 62.8 7895.0

INDUSTRIAL/CAPITAL GOODS : Sustainable Growth and Resource Optimization Kristen Owen, CFA [email protected] 212-667-7794 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. AGCO AGCO Corporation O 147.94 158.62 42.84 Dec 5.61 8.55E 9.15 2.13E 26.4 17.3 75.9 11138.9 CNHI CNH Industrial NV P 15.38 16.14 5.26 Dec 0.28 0.67E 0.87 0.05E 54.9 23.0 1353.0 20783.4 DE Deere & Company O 376.39 392.42 117.85 Oct 8.69 15.62E 17.70 4.30E 43.3 24.1 316.1 117975.3 RAVN Raven Industries O 40.82 45.11 17.56 Jan 0.97 0.52 0.71 0.16 42.1 78.5 36.2 1464.2

Noah Kaye [email protected] 212-667-7936 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. AMRC Ameresco, Inc. O 52.90 70.25 16.01 Dec 1.10 1.20E 1.41 (0.02)E 48.1 44.1 52.7 2712.0 [ 2 3 4 5 6 7] BWA BorgWarner O 49.36 51.88 25.17 Dec 2.76 4.02E 4.85 0.85E 17.9 12.3 236.0 11798.1 CAT Caterpillar Inc. P 227.47 237.78 100.22 Dec 6.56 10.15E 11.49 2.40E 34.7 22.4 551.4 124040.3 CLH Clean Harbors, Inc. O 89.89 91.94 45.13 Dec 2.42 2.27E 2.62 0.24E 37.1 39.6 55.3 4959.4 CVA Covanta Holding Corporation O 13.93 15.56 6.76 Dec 0.03 ------NM -- 134.0 1840.8 CMI Cummins Inc. P 256.78 277.09 143.32 Dec 11.77 13.55E 14.98 3.27E 21.8 19.0 149.3 37629.7 DAN Dana Incorporated O 26.46 28.44 8.55 Dec 0.39 2.30E 3.10 0.53E 67.9 11.5 146.4 3840.5 ENS EnerSys O 92.96 104.47 52.04 M ar 4.68 4.46E 5.37 1.26E 19.9 20.8 43.3 3968.2 HASI Hannon Armstrong Sustainable Infrastructure O 53.38 72.42 24.76 Dec 1.55 1.68E 1.80 0.38E 34.4 31.8 79.8 4199.7 [ 2 3 4] ITRI Itron, Inc. O 91.10 122.31 50.87 Dec 1.85 2.32E 3.33 0.27E 49.2 39.3 40.8 4110.6 JCI Johnson Controls, Inc. O 63.28 64.08 26.23 Sep 2.24 2.53E 3.02 0.46E 28.3 25.0 727.0 45578.8 ORA Ormat Technologies, Inc. O 74.21 128.87 53.44 Dec 1.65 1.27E 1.70 0.33E 45.0 58.4 53.6 4154.5 [ 2 3 4] RSG Republic Services, Inc. O 106.08 106.65 76.19 Dec 3.56 3.70E 4.07 0.83E 29.8 28.7 319.3 33839.4 ROK Rockwell Automation O 267.77 275.43 177.80 Sep 7.68 9.15E 9.53 2.14E 34.9 29.3 117.1 31081.9 TWIN Twin Disc Incorporated O 10.02 10.48 4.66 Jun (3.03) (0.61)E 0.15 0.01E NM NM 13.3 136.7 WCN Waste Connections, Inc. O 118.54 118.79 83.10 Dec 2.64 3.05E 3.45 0.77E 44.9 38.9 263.2 31020.1 WM Waste M anagement, Inc. O 137.18 137.83 94.13 Dec 4.03 4.70E 5.11 1.14E 34.0 29.2 424.0 57907.4

15 Monthly Highlights

INDUSTRIAL/CAPITAL GOODS : Sustainable Growth and Resource Optimization (cont'd) Colin Rusch [email protected] 212-667-7787 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. AEVA Aeva Inc. O 9.78 21.83 8.57 Dec (0.18)E (0.37)E (0.47) -- NM NM 210.2 2064.0 [ 2 5] ALB Albemarle O 167.62 188.35 55.75 Dec 4.12 3.51E 5.07 -- 40.7 47.8 107.3 19564.3 [ 5] AM SC American Superconductor O 17.01 31.78 5.18 M ar (0.59)E 0.05E 0.50 (0.21)E NM NM 25.5 469.2 [ 2 3 4] AMRS Amyris O 14.77 23.42 1.88 Dec (1.94) (0.20)E (0.15) (0.18)E NM NM 246.4 3759.7 [ 2 4] APTV Aptiv plc O 144.54 160.14 57.26 Dec 1.94 3.54E 4.57 0.77E 74.5 40.8 283.3 39092.7 AQM S Aqua M etals, Inc. O 2.95 8.06 0.52 Dec (0.42) (0.22)E 0.04 (0.07)E NM NM 66.9 200.7 ARRY Array Technologies, Inc. P 29.44 54.78 25.71 Dec 0.93 0.83E 0.94 0.14E 31.7 35.5 125.9 3738.7 [ 2 3 4 5] AVNT Avient Corporation O 50.21 51.94 19.10 Dec 1.76 2.80E 3.04 0.80E 28.5 17.9 92.2 4587.4 BE Bloom Energy Corporation P 26.52 44.95 6.93 Dec (0.69) 0.01E 0.26 (0.04)E NM NM 139.2 4559.8 CSIQ Canadian Solar Inc. O 42.89 67.39 15.84 Dec 2.38 3.70E 5.61 0.26E 18.0 11.6 61.1 2567.6 CHPT ChargePoint, Inc. O 24.98 49.48 9.73 Jan (14.56) (7.77) (0.41) (0.11) NM NM 375.0 6938.6 [ 2 4 5] CWEN Clearway Energy, Inc. P 29.19 37.23 19.11 Dec 0.22 1.50E 1.48 (0.43)E NM 19.5 201.6 5720.2 CREE Cree, Inc. P 98.53 129.90 38.65 Jun (0.46) (0.90)E (0.92) (0.25)E NM NM 112.9 11377.3 [ 5] ENPH Enphase Energy, Inc. O 143.40 229.04 37.81 Dec 0.97 1.54E 2.28 0.29E NM 93.1 146.4 19459.2 [ 2 3 4 5] FSLR First Solar, Inc. P 87.29 112.50 37.92 Dec 3.73 4.35E 3.33 0.41E 23.4 20.1 106.9 9279.5 FCEL FuelCell Energy, Inc. P 10.08 29.44 1.58 Oct (0.42) (0.29)E (0.22) (0.04)E NM NM 312.1 3250.1 [ 2 3 4] IO ION Geophysical P 2.27 4.97 1.26 Dec (2.61) (1.76)E -- -- NM NM 14.3 65.4 [ 2 4] NEP NextEra Energy Partners LP O 75.21 88.30 45.82 Dec (0.74) 4.66E 3.07 0.67E NM 16.1 76.0 5707.9 PLUG Plug Power O 28.27 75.49 3.79 Dec (1.52) (0.22)E (0.16) (0.06)E NM NM 469.3 14206.2 [ 2 3 4] SHLS Shoals Technologies, Inc. O 33.25 44.04 25.00 Dec 0.35 0.29E 0.52 0.03E 95.0 NM 160.3 5539.7 [ 2 3 4 5] SEDG SolarEdge Technologies, Inc. P 275.76 377.00 101.19 Dec 2.66 3.09E 4.23 0.61E NM 89.2 53.5 14330.2 [ 2 4] SPWR SunPower Corporation P 27.14 57.52 3.99 Dec (0.19) 0.46E 0.82 -- NM 59.0 192.6 4675.2 RUN SunRun Inc. O 51.86 100.93 12.43 Dec (1.24) 1.06E 1.07 0.21E NM 48.9 192.6 10569.0 TSLA Tesla, Inc. O 677.00 900.40 136.61 Dec 2.16 3.99E 5.57 0.62E NM NM 1133.0 652174.7 TRMB Trimble Inc. O 83.66 84.86 31.65 Dec 2.23 2.35E 2.70 0.55E 37.5 35.6 253.5 21027.3 VLDR Velodyne Lidar, Inc. O 14.33 32.50 10.19 Dec (0.44) (0.49)E (0.09) (0.13)E NM NM 175.9 2698.4 [ 2 4] VSLR Vivint Solar, Inc. NR NA NA NA Dec (2.88)E (2.70)E -- (0.55)E -- -- 124.8 NA [ 5] WPRT Westport Fuel Systems O 7.04 12.95 0.87 Dec (0.05) 0.03E 0.03 (0.03)E NM NM 143.5 1041.6 [ 2 4 6] WKHS Workhorse Group Inc. P 12.61 42.96 2.27 Dec 0.70 (0.72)E (0.49) (0.17)E 18.0 NM 121.9 1600.3 [ 2 4]

INTERNET Jed Kelly, CFA [email protected] 212- 667- 8196 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. CARG CarGurus, Inc. O 25.21 36.54 19.24 Dec 1.07 0.86E 1.10 0.22E 23.6 29.3 114.3 2951.3 DKNG DraftKings, Inc. O 57.46 74.38 18.35 Dec ------432.3 22852.1 [ 2 3 4 5] EVER EverQuote O 35.58 63.44 31.50 Dec ------28.0 1023.8 GENI Genius Sports Limited O 21.24 23.49 9.79 Dec ------216.0 3793.2 RSI Rush Street Interactive Inc. O 13.87 26.55 9.51 Dec ------223.0 2949.7 TREE LendingTree, Inc. O 218.31 372.64 193.27 Dec 1.54 5.71E 5.89 0.37E NM 38.2 14.1 2866.1 [ 2 4] NFLX Netflix, Inc. O 509.00 593.29 393.60 Dec 6.08 10.83E 12.35 3.16E 83.7 47.0 455.6 225692.0 QUOT Quotient Technology Inc. O 17.03 17.93 5.28 Dec ------91.3 1589.9 [ 5] SPOT Spotify Technology S.A. P 262.15 387.44 143.01 Dec ------189.9 50016.8

Jason Helfstein [email protected] 212-667-6433 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. GOOG Alphabet Inc. O 2429.89 2452.38 1299.00 Dec 58.65 84.00E 93.52 17.08E 41.4 28.9 682.0 1616406.6 AMZN Amazon.Com, Inc. O 3471.31 3552.25 2256.38 Dec 41.84 54.75E 73.79 12.14E 83.0 63.4 513.0 1749945.1 ANGI Angi Inc. O 16.25 19.17 6.61 Dec ------507.0 8193.2 [ 1] COM P Compass Inc. O 18.83 22.11 16.50 Dec ------485.0 7285.8 [ 2 3 4 5] WISH ContextLogic, Inc. O 14.16 32.85 11.71 Dec ------675.0 8764.8 [ 2 3 4] DASH DoorDash, Inc. P 150.11 256.09 121.00 Dec ------379.6 48254.9 [ 2 3 4] ETSY Etsy, Inc. O 208.80 251.86 61.31 Dec 1.42E -- -- 0.22 NM -- 141.0 26538.0 FB Facebook, Inc. O 329.51 331.81 190.00 Dec 10.11 12.90E 14.62 2.90E 32.6 25.5 2882.0 934314.0 FTCH Farfetch Limited O 49.14 73.87 12.15 Dec (9.74) (1.93)E (1.75) (0.51)E NM NM 386.2 17433.6 [ 2 4] FVRR Fiverr International Ltd. O 215.19 336.00 36.91 Dec ------35.6 7713.1 [ 2 3 4 6 7] FUBO fuboTV Inc. O 20.66 62.29 8.02 Dec ------153.0 2903.3 [ 2 3 4 5] GDDY GoDaddy Inc. O 87.90 93.75 64.56 Dec ------172.0 14798.5 [ 5] GRUB GrubHub, Inc. NR 67.46 85.53 43.26 Dec 2.23E -- -- 0.28 30.3 -- 95.7 6297.2 IAC IAC/InterActiveCorp O 254.01 266.00 100.22 Dec ------87.7 22639.8 LM ND Lemonade, Inc. O 92.51 188.30 44.11 Dec ------57.9 5669.2 [ 2 3 4] MTCH M atch Group, Inc. O 156.55 174.68 87.56 Dec 1.91E -- -- 0.43 82.0 -- 295.0 42107.5 [ 5] OPEN Opendoor Technologies Inc. O 20.83 39.24 10.55 Dec ------631.0 12023.6 [ 1 2 3 4 5] PTON Peloton Interactive O 103.22 171.09 29.64 Jun ------348.0 30398.5 [ 2 4 5] PERI Perion Network O 17.85 28.32 4.21 Dec ------26.9 604.2 [ 2 3 4] RDFN Redfin Corporation P 70.00 98.44 18.34 Dec ------109.5 7224.4 ROKU Roku, Inc. O 356.70 486.72 100.19 Dec ------138.8 47224.7 SNAP Snap Inc. O 62.28 73.59 16.42 Dec ------1629.0 94883.0 [ 5] TTD The Trade Desk, Inc. O 748.98 972.80 267.33 Dec ------49.8 35599.4 TWTR Twitter, Inc. O 65.09 80.75 27.12 Dec 2.40E -- -- 0.12 27.1 -- 872.0 50811.0 UBER Uber Technologies, Inc. O 54.93 64.05 26.58 Dec ------1755.0 102574.3 WIX Wix.com Ltd O 324.25 362.07 122.24 Dec (0.04)E ------NM -- 66.9 18290.1 [ 2 4 5 6 7] Z Zillow Group P 132.44 208.11 40.81 Dec ------251.5 32938.4

16 Monthly Highlights

INTERNET (cont'd) Bo Pei, CFA [email protected] 212-667-7291 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. BABA Alibaba Group Holding Ltd. O 234.18 319.32 189.53 M ar 4.17 ------56.2 -- 2753.0 634889.8 [ 5] JG Aurora M obile Ltd O 3.61 11.00 1.40 Dec ------117.0 425.6 BIDU Baidu.com, Inc. O 212.29 354.82 90.94 Dec 9.22 9.30E 12.13 1.41E 23.0 22.8 342.0 73771.4 BEST BEST Inc. O 1.34 5.71 1.22 Dec NA NA -- NA -- -- 385.0 526.0 [ 5] BLCT BlueCity Holdings Limited O 8.31 35.89 7.95 Dec ------35.7 296.3 BQ Boqii Holdings Limited P 4.75 12.84 4.06 M ar ------93.7 431.1 IQ iQIYI, Inc. P 15.08 28.97 14.09 Dec ------747.0 11902.4 PDD Pinduoduo Inc. O 137.49 212.60 44.80 Dec ------1394.0 169199.5 TME Tencent M usic Entertainment Group O 17.80 32.25 10.30 Dec ------1682.5 30127.8 YALA Yalla Group Limited ADR O 20.66 41.35 6.26 Dec ------157.0 2973.6

INTERNET : Online Travel Jed Kelly, CFA [email protected] 212- 667- 8196 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. ABNB Airbnb Inc. P 172.71 219.94 68.00 Dec ------685.3 105082.8 [ 2 3 4] BKNG Booking Holdings Inc. P 2501.43 2516.00 1303.25 Dec 4.75 33.00E 92.68 (11.59)E NM 75.8 40.9 102690.4 EXPE Expedia Group P 177.87 187.93 58.39 Dec (8.78) 0.99E 5.80 (2.68)E NM NM 142.4 26135.0 SABR Sabre Corporation P 15.16 16.88 5.33 Dec (3.18) (0.99)E 0.18 (0.47)E NM NM 317.4 4810.8 TCOM Trip.com Group Ltd. O 40.02 45.19 22.35 Dec (0.17) 0.24E 1.16 (0.34)E NM NM 680.0 25321.1 TRIP TripAdvisor Inc. P 47.84 64.95 14.53 Dec (1.27) 0.39E 1.84 (0.30)E NM NM 134.6 6450.2

SPECIAL SITUATIONS : Special Situations Ian Zaffino, CFA [email protected] 212- 667- 7413 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. ALSN Allison Transmission Holdings O 41.47 46.04 31.69 Dec ------113.0 4542.8 [ 5] ARMK Aramark O 38.87 43.12 20.31 Sep (0.17) (0.34)E 1.69 (0.43)E NM NM 254.0 9872.1 ACA Arcosa, Inc. O 60.29 68.46 31.03 Dec ------48.8 2904.4 CNNE Cannae Holdings, Inc. O 39.70 46.57 29.49 Dec ------91.6 3638.6 CDK CDK Global Inc. O 53.59 55.51 35.47 Jun 4.32 ------12.4 -- 122.2 6524.9 CAAP Corporacion America Airports P 5.77 6.09 1.72 Dec ------160.0 926.7 [ 2 3 4 5] NPO EnPro Industries, Inc. O 86.97 95.17 37.53 Dec ------20.6 1791.2 FRG Franchise Group, Inc. O 37.47 41.50 12.35 Dec ------40.0 1504.7 FTDR frontdoor, inc. O 53.60 58.94 37.09 Dec ------85.7 4585.9 NGVT Ingevity Corp. O 77.99 79.68 41.52 Dec 4.88 4.92E 5.40 1.38E 16.0 15.9 40.7 3121.8 IDCC InterDigital, Inc. O 71.24 74.20 51.31 Dec 2.36 3.16E -- -- 30.2 22.5 30.8 2195.1 M SGE M adison Square Garden Entertainment Corp. O 91.93 121.42 63.55 Jun ------24.1 2219.9 M SGS M adison Square Garden Sports Corp. O 184.79 207.09 140.15 Jun ------24.1 4456.5 NCR NCR Corp. O 45.41 46.78 15.18 Dec 1.70 2.53E 3.55 0.54E 26.7 18.0 143.9 5930.6 OUT OUTFRONT M edia, Inc. O 24.54 24.78 11.02 Dec ------144.5 3571.5 REZI Resideo Technologies, Inc. P 30.69 31.67 4.50 Dec ------134.4 4446.9 SIX Six Flags Entertainment Corp. P 48.51 51.75 16.06 Dec ------85.2 4142.4 [ 6 7] SPB Spectrum Brands O 89.82 92.12 35.03 Sep 4.10 5.42E 5.95 0.93E 21.9 16.6 43.0 3828.3 TMX Terminix Global Holdings, Inc. O 50.82 55.00 24.87 Dec ------132.1 6599.6 TNL Travel + Leisure Co. O 64.87 68.26 20.38 Dec ------86.9 5590.7 VGR Vector Group P 12.98 15.30 8.31 Dec ------153.3 2001.5 [ 5] WH Wyndham Hotels & Resorts O 74.31 76.05 34.01 Dec ------93.8 6940.5

17 Monthly Highlights

TECHNOLOGY : Analytics, Collaboration, and Infrastructure Software Ittai Kidron [email protected] 212-667-6292 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. AYX Alteryx, Inc. O 81.75 185.75 77.05 Dec 0.94 0.07E 0.63 (0.23)E 87.0 NM 69.8 5483.0 ANET Arista Networks, Inc. P 315.17 326.60 192.96 Dec 9.04 9.95E 10.89 2.28E 34.9 31.7 79.3 24038.5 [ 5] ASAN Asana, Inc. O 33.32 43.72 20.57 Jan (0.97) (1.22) (1.06) (0.27) NM NM 159.3 5432.9 [ 2 4] TEAM Atlassian Corporation Plc O 228.12 262.40 146.06 Jun 1.15 1.33E 1.27 0.17E NM NM 255.1 57044.1 BOX Box, Inc. O 21.30 26.47 14.90 Jan 0.03 0.70 0.77 0.16 NM 30.4 164.4 3464.9 CHKP Check Point Software P 116.81 139.26 101.27 Dec 6.78 6.94E 7.38 1.60E 17.2 16.8 137.0 15803.3 [ 6 7] CSCO Cisco Systems O 50.91 53.18 35.28 Jul 3.21 3.18E 3.39 0.81E 15.9 16.0 4234.0 214931.1 CRWD CrowdStrike Holdings, Inc. O 208.51 251.28 65.80 Jan (0.42) 0.27 0.28 0.05 NM NM 237.0 46680.4 [ 9] CYBR CyberArk Software Ltd. O 140.50 169.70 92.61 Dec 2.05 0.56E 0.65 0.07E 68.5 NM 39.9 5491.9 DDOG Datadog, Inc. P 85.77 119.43 43.13 Dec 0.22 0.12E 0.25 0.02E NM NM 334.5 26446.7 ESTC Elastic N.V. O 120.62 176.49 60.68 Apr (0.94) (0.19)E (0.58) (0.18)E NM NM 88.3 10827.4 FTNT Fortinet, Inc. O 204.23 209.39 103.76 Dec 3.35 3.72E 4.22 0.86E 61.0 54.9 166.4 33353.3 FROG JFrog Ltd. O 49.03 95.20 41.89 Dec 0.13 0.04E 0.05 0.01E NM NM 103.6 4582.7 [ 2 3 4] MDB M ongoDB, Inc. O 300.42 428.96 153.61 Jan (0.99) (0.98) (1.45) (0.37) NM NM 60.4 18381.6 NEWR New Relic, Inc. P 65.86 81.10 49.43 M ar 0.66 (0.54)E (1.25) (0.48)E NM NM 61.2 4153.5 NTNX Nutanix, Inc. O 27.74 35.58 17.29 Jul (2.40) (1.87)E (2.14) (0.51)E NM NM 202.5 5666.8 [ 5] OKTA Okta, Inc. O 273.62 294.00 147.24 Jan (0.27) 0.11 (0.43) (0.18) NM NM 130.0 35902.4 [ 9] PANW Palo Alto Networks Inc. O 355.15 403.00 190.55 Jul 4.88 5.84E 6.72 1.28E 72.8 60.8 96.8 34535.7 WORK Slack Technologies, Inc. P 42.71 44.57 24.09 Jan (0.29) (0.12)E (0.06) (0.05)E NM NM 564.4 24842.1 SM AR Smartsheet Inc. O 59.77 85.43 40.21 Jan (0.49) (0.34) (0.40) (0.15) NM NM 122.6 7416.5 SNOW Snowflake Inc. O 229.55 429.00 205.07 Jan (1.25) (0.87) (0.69) (0.17) NM NM 284.1 66271.1 [ 2 3 4] SPLK SPLUNK Inc. O 128.21 225.89 125.70 Jan 1.88 (0.55) (1.54) (0.77) 68.2 NM 169.0 21005.8 TUFN Tufin Software Technologies P 9.51 20.11 6.34 Dec (0.58) (1.01)E (0.67) (0.32)E NM NM 35.8 346.6 TWLO Twilio, Inc. O 375.44 457.30 105.40 Dec 0.23 (0.17)E 0.02 (0.11)E NM NM 173.1 64294.2 VM W VM ware, Inc. O 162.57 172.00 122.77 Jan 6.24 7.21 6.68 1.49 26.1 22.6 422.8 68154.7 ZM Zoom Video Communications P 321.10 588.84 132.67 Jan 0.35 3.34 3.90 0.96 NM 96.1 300.6 94311.6

TECHNOLOGY : Communication Software Timothy Horan, CFA [email protected] 212- 667- 8137 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. DOX Amdocs Ltd. O 76.74 82.38 54.68 Sep 4.44 4.70E 5.07 1.12E 17.3 16.3 132.0 10039.5 NICE NICE LTD. O 239.69 288.73 160.72 Dec 5.70 6.25E 7.12 1.51E 42.1 38.4 66.3 15129.6 [ 2 3 4]

TECHNOLOGY : Communication Technology George Iwanyc [email protected] 415-399-5748 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. CMBM Cambium Networks O 60.00 66.40 3.57 Dec 0.86 1.24E 1.33 0.33E 69.8 48.4 27.9 1578.4 CRNT Ceragon Networks Ltd. O 3.41 6.90 1.95 Dec (0.16) 0.00E 0.15 (0.03)E NM NM 81.5 284.1 [ 6 7] QM CO Quantum Corporation O 8.52 9.47 2.95 M ar 0.34 (0.15)E 0.31 0.02E 25.1 NM 56.7 482.8 [ 2 3 4 5]

18 Monthly Highlights

TECHNOLOGY : Emerging Technologies and Services Martin Yang, CFA [email protected] 212-667-7623 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. ATVI Activision Blizzard O 91.19 104.53 62.85 Dec 3.47 3.59E 3.95 -- 26.3 25.4 741.5 70649.8 AMBA Ambarella Inc. P 97.49 137.21 43.69 Jan 0.69 0.33 0.63 0.18 NM NM 35.3 3533.9 AAPL Apple Inc. O 131.46 145.09 71.46 Sep 3.28 5.24E 5.44 1.01E 40.1 25.1 16929.0 2193756.0 CEVA CEVA Inc. O 55.44 83.95 29.50 Dec 0.60 0.60E 0.93 (0.05)E 92.4 92.4 22.0 1264.7 GLW Corning Inc. O 44.21 46.82 18.82 Dec 1.40 2.11E 2.44 0.50E 31.6 21.0 1154.0 37638.5 EA Electronic Arts Inc. O 142.08 150.30 110.15 M ar 4.80 5.51E 6.05 0.97E 29.6 25.8 288.7 40865.9 [ 1] XONE ExOne Company P 23.67 66.48 6.87 Dec (0.84) (0.94)E (0.34) (0.20)E NM NM 20.0 522.5 [ 2 4 5] GNSS Genasys Inc. O 6.25 8.32 3.65 Sep ------33.6 210.3 [ 6 7] GPRO GoPro Inc. O 11.23 13.79 3.14 Dec 0.09 0.65E -- -- NM 17.3 137.7 1726.4 [ 2 3 4] MX M agnachip Semiconductor Corp. NR 25.22 26.98 9.47 Dec 0.70 0.81E 1.11 0.14E 36.0 31.1 46.7 1165.5 QUIK QuickLogic Corporation O 6.50 12.49 2.52 Dec (0.89) (0.23)E (0.04) (0.06)E NM NM 11.1 73.3 [ 2 3 4] SONM Sonim Technologies, Inc. P 0.67 1.70 0.42 Dec ------66.6 44.6 [ 2 3 4] SONY Sony Corporation O 104.85 118.50 61.35 M ar 937.34 644.31E 724.18 -- 0.1 0.2 1225.0 132222.0 SYNA Synaptics, Incorporated O 144.10 146.93 55.59 Jun 5.99 7.46E 7.83 1.77E 24.1 19.3 36.2 5036.6 [ 6 7] TTWO Take-Two Interactive Software O 176.47 214.91 118.01 M ar 5.32 6.07 5.46 -- 33.2 29.1 113.9 20325.4 HEAR Turtle Beach Corporation O 27.79 35.74 9.05 Dec 2.35 1.37E 1.67 0.46E 11.8 20.3 15.3 430.1 [ 5] U Unity Software Inc. P 103.23 174.94 65.11 Dec ------267.0 28835.1 [ 2 3 4] OLED Universal Display Corp. O 235.95 262.77 137.30 Dec 2.80 3.90E 5.17 0.70E 84.3 60.5 46.7 11119.6 [ 5] ZNGA Zynga Inc. O 11.12 12.32 7.18 Dec (0.42) (0.14)E -- (0.05)E NM NM 1079.9 12065.4

TECHNOLOGY : SaaS/Applications Software Brian Schwartz [email protected] 415-399-5732 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. ADBE Adobe, Inc. O 508.34 536.88 340.00 Nov 10.10 11.85E 13.92 2.81E 50.3 42.9 484.4 242986.5 ADSK Autodesk, Inc. O 291.91 321.13 170.57 Jan 2.80 4.05 5.01 0.94 NM 72.1 222.5 64101.2 BILL Bill.com Holdings, Inc. O 154.63 195.95 53.29 Jun (0.17) (0.21)E (0.19) (0.03)E NM NM 81.5 12723.3 [ 2 3 4 5] BL BlackLine, Inc. O 116.06 154.61 56.86 Dec 0.76 0.40E 0.65 0.05E NM NM 62.0 6735.9 COUP Coupa Software, Inc. O 269.04 377.04 167.62 Jan 0.51 0.76 (0.25) (0.20) NM NM 77.0 19747.8 [ 5] DOCU DocuSign, Inc. O 222.94 290.23 101.88 Jan 0.31 0.71E 1.02 0.19E NM NM 203.4 43374.3 HUBS HubSpot, Inc. P 526.45 574.83 154.21 Dec 1.14E 1.29E 1.76 0.22E NM NM 48.4 24790.0 LPSN LivePerson, Inc. P 54.92 72.23 21.68 Dec (0.01) (0.41)E (0.22) (0.14)E NM NM 67.0 3782.1 M DLA M edallia, Inc. O 29.99 48.28 19.70 Jan (0.02) 0.03 (0.17) (0.08) NM NM 151.7 4711.7 [ 2 3 4] ORCL Oracle Corporation P 75.87 80.21 50.86 M ay 3.85 4.43E 4.83 1.29E 19.7 17.1 2994.0 218773.8 PAYC Paycom Software, Inc. O 394.24 471.08 233.27 Dec 3.70 4.13E 5.33 1.47E NM 95.5 58.2 23727.5 PCTY Paylocity Holding Corp. P 197.26 218.34 102.50 Jun 1.87 1.73E 2.26 0.71E NM NM 56.3 10725.7 PUBM PubM atic, Inc. O 53.94 76.96 22.42 Dec ------48.7 2657.3 [ 2 3 4] XM Qualtrics International Inc. O 38.59 57.28 30.49 Dec (0.11) (0.12)E (0.11) (0.03)E NM NM 482.3 19775.5 [ 2 3 4 5] RNG RingCentral P 316.50 449.00 215.05 Dec 0.98 1.19E 1.52 0.29E NM NM 92.8 28640.9 [ 5] CRM Salesforce.com O 230.32 284.50 155.08 Jan 3.01 4.92 3.41 0.88 76.5 46.8 939.0 212408.6 SAP SAP SE O 143.78 169.30 104.64 Dec 5.40E 5.62E 5.29 -- 26.6 25.6 1180.0 176634.3 NOW ServiceNow Inc. O 505.00 598.37 301.57 Dec 4.46 5.47E 7.10 1.52E NM 92.3 202.0 99711.2 SHOP Shopify Inc. O 1233.07 1499.75 595.03 Dec 4.01E 5.01E 5.43 -- NM NM 126.7 153354.1 [ 2 4] WDAY Workday, Inc. O 254.67 282.77 144.81 Jan 1.90 2.87 2.73 0.71 NM 88.7 252.1 62124.3 ZEN Zendesk, Inc. O 149.53 166.60 70.05 Dec 0.52 0.61E 0.88 0.13E NM NM 127.2 17697.4

TECHNOLOGY : Semiconductors & Components Rick Schafer [email protected] 720- 554- 1119 Price 52-Week Earnings Per Share Curr. Qtr Price/Earnings Shares M kt. Cap Rtg 4/30/21 High Low FY 2020A 2021E 2022E Est. 2020A 2021E (M il) ($ M il) Discl. AMD Advanced M icro Devices P 81.62 99.23 48.42 Dec 1.28 2.15E 2.70 0.54E 63.8 38.0 1233.0 99170.0 AKTS Akoustis Technologies O 11.23 19.15 7.00 Jun (0.73) (0.78)E 0.11 (0.20)E NM NM 39.4 513.7 ADI Analog Devices O 153.16 164.40 100.09 Oct 5.27 6.40E 7.17 1.53E 29.1 23.9 373.0 56499.8 AVGO Broadcom Ltd. O 456.20 495.14 254.75 Oct 22.15 26.70E 28.75 6.39E 20.6 17.1 450.0 186267.5 CRUS Cirrus Logic P 74.41 103.25 55.30 M ar 3.99 4.58 4.80 -- 18.7 16.3 59.9 4319.1 INTC Intel Corp. P 57.53 68.49 43.61 Dec 5.30 4.60E 4.91 1.05E 10.9 12.5 4096.0 232306.1 M RVL M arvell Technology Group O 47.26 55.70 24.98 Jan 0.66 0.92 1.47 0.27 71.6 51.4 688.0 37826.0 M XIM M axim Integrated Products P 97.08 98.48 50.77 Jun 1.93E 2.78E -- 0.43E 50.3 34.9 271.0 26051.4 M PWR M onolithic Power Systems O 371.11 406.75 180.96 Dec 5.04 5.85E 7.10 1.32E 73.6 63.4 47.6 16930.4 NVDA NVIDIA Corp. O 612.99 648.57 280.84 Jan 5.80 10.01 14.20 3.42 NM 61.2 631.0 381514.9 NXPI NXP Semiconductors NV O 200.76 216.43 89.10 Dec 6.19 9.50E 10.45 2.29E 32.4 21.1 283.0 55359.6 QRVO Qorvo, Inc. O 199.54 201.68 91.75 M ar 6.31 9.46E 10.92 2.45E 31.6 21.1 115.7 22600.4 QCOM QUALCOM M Incorporated P 142.68 167.94 74.09 Sep 4.19 7.95E 8.90 1.65E 34.1 18.0 1151.0 160943.0 SM TC Semtech Corp. O 70.16 83.94 40.81 Jan 1.52 1.75 2.45 0.52 46.2 40.1 66.1 4577.2 SWKS Skyworks Solutions, Inc. P 197.86 204.00 96.73 Sep 6.13 10.25E 10.40 2.13E 32.3 19.3 167.0 32664.3 TXN Texas Instruments O 185.82 197.58 105.45 Dec 5.97 7.35E 7.75 1.80E 31.1 25.3 935.0 171609.1 VECO Veeco Instruments Inc. O 23.97 24.55 9.59 Dec 0.86 1.10E 1.50 0.21E 27.9 21.8 49.7 1192.0 [ 2 3 4]

19 Monthly Highlights

Outperform Rated Stocks

C o mpany Symbo l C o mpany Symbo l C o mpany Symbo l 89bio Inc. ETNB BioLineRx BLRX DigitalOcean, Inc. DOCN 8x8 Inc. EGHT Bionano Genomics BNGO DocuSign, Inc. DOCU 9 M eters Biopharma NMTR BJ's Restaurants Inc. BJRI Dollar General Corporation DG Acceleron Pharma XLRN Black Knight Inc. BKI Domino's Pizza, Inc. DPZ Achilles Therapeutics ACHL BlackLine, Inc. BL DraftKings, Inc. DKNG Activision Blizzard ATVI BlackRock TCP Capital Corp. TCPC Durect Corporation DRRX Acuity Brands, Inc. AYI BlueCity Holdings Limited BLCT Eaton Corp. plc ETN Addus HomeCare Corporation ADUS BorgWarner BWA Edwards LifeSciences EW Adobe, Inc. ADBE Box, Inc. BOX Elastic N.V. ESTC Aerie Pharmaceuticals, Inc. AERI BrainsWay, Ltd. BWAY Electronic Arts Inc. EA Aeva Inc. AEVA Brickell Biotech, Inc. BBI EnerSys ENS AGCO Corporation AGCO Broadcom Ltd. AVGO Enphase Energy, Inc. ENPH Agile Therapeutics AGRX Cambium Networks CMBM EnPro Industries, Inc. NPO Akamai Technologies AKAM Canadian Solar Inc. CSIQ Equinix Inc. EQIX Akoustis Technologies AKTS Cannae Holdings, Inc. CNNE ESSA Pharma EPIX Albemarle ALB Capital One Financial Corp. COF Estée Lauder EL Albertsons Companies ACI Cardiovascular Systems, Inc. CSII Etsy, Inc. ETSY Aldeyra Therapeutics ALDX CarGurus, Inc. CARG Evaxion Biotech A/S EVAX Alibaba Group Holding Ltd. BABA Carlisle Companies Inc. CSL EverQuote EVER Alliance Data Systems ADS Carlyle Group Inc. CG Exact Sciences Corporation EXAS Allison Transmission Holdings ALSN CarM ax KM X Exelixis EXEL Allogene ALLO Carvana CVNA Facebook, Inc. FB Alphabet Inc. GOOG CASI Pharmaceuticals CASI Farfetch Limited FTCH Alpine Immune Sciences, Inc. ALPN Catabasis Pharmaceuticals CATB Fastly, Inc. FSLY Alteryx, Inc. AYX CBOE Global M arkets CBOE Fate Therapeutics FATE Altra Industrial M otion Corp. AIM C CDK Global Inc. CDK Fidelity Nat'l Information Services FIS Amazon.Com, Inc. AMZN Cellectar Biosciences CLRB Fidus Investment Corp. FDUS Amdocs Ltd. DOX Cellectis, SA CLLS Five Below FIVE Amedisys, Inc. AM ED Centene Corp. CNC Fiverr International Ltd. FVRR Ameresco, Inc. AMRC Ceragon Networks Ltd. CRNT Flexion Therapeutics FLXN American Express Company AXP Cerecor CERC Focus Financial Partners FOCS American Superconductor AM SC CEVA Inc. CEVA Forma Therapeutics FMTX American Tower Corp. AMT ChargePoint, Inc. CHPT Fortinet, Inc. FTNT Amgen, Inc. AM GN Chemed Corporation CHE Franchise Group, Inc. FRG Amyris AMRS Chinook Therapeutics KDNY Frequency Therapeutics FREQ Analog Devices ADI ChromaDex CDXC Freshpet Inc. FRPT Angi Inc. ANGI Church & Dwight CHD frontdoor, inc. FTDR Angion Biomedica Corp. ANGN CIGNA Corp. CI F-star Therapeutics Inc. FSTX Apellis Pharmaceuticals APLS Cisco Systems CSCO fuboTV Inc. FUBO Apollo Global M anagement APO Citigroup Inc. C Fulgent Genetics FLGT Apple Inc. AAPL Clean Harbors, Inc. CLH Gain Therapeutics, Inc. GANX Aptiv plc APTV Cloudflare NET Gamida Cell GM DA Aptose Biosciences APTO Cogent Communications CCOI Genasys Inc. GNSS Aqua M etals, Inc. AQM S Comcast CM CSA Generac Holdings Inc. GNRC Aramark ARMK Community Health Systems CYH Genius Sports Limited GENI Arcosa, Inc. ACA Compass Inc. COM P Gilead Sciences, Inc. GILD Ares Capital Corporation ARCC Compugen Ltd. CGEN Glaukos Corporation GKOS Arvinas ARVN Conformis, Inc. CFMS Global Blood Therapeutics GBT Asana, Inc. ASAN ContextLogic, Inc. WISH Global Payments Inc. GPN Aterian ATER Corning Inc. GLW GoDaddy Inc. GDDY Atlassian Corporation Plc TEAM Costco Wholesale Corp. COST Goldman Sachs Group GS AtriCure ATRC Coupa Software, Inc. COUP GoPro Inc. GPRO aTyr Pharma, Inc. LIFE Covanta Holding Corporation CVA GrowGeneration Corporation GRWG Aurinia Pharmaceuticals, Inc. AUPH CRISPR Therapeutics CRSP Hannon Armstrong Sustainable Infrastructure HASI Aurora M obile Ltd JG CrowdStrike Holdings, Inc. CRWD HCA Inc. HCA Autodesk, Inc. ADSK Crown Castle International CCI Hercules Capital HTGC AutoZone, Inc. AZO CryoLife CRY Homology M edicines FIXX Avadel Pharmaceuticals AVDL Cue Biopharma CUE Humana, Inc. HUM Avenue Therapeutics ATXI Custom Truck One Source, Inc. CTOS IAC/InterActiveCorp IAC Avient Corporation AVNT CyberArk Software Ltd. CYBR iCAD Inc. ICAD Ayala Pharmaceuticals Ltd. AYLA Cyclacel Pharmaceuticals CYCC IDEAYA Biosciences IDYA Baidu.com, Inc. BIDU CymaBay Therapeutics CBAY Incyte INCY Bank of America BAC Dana Incorporated DAN Infinity Pharmaceuticals INFI Barnes Group Inc. B Darden Restaurants Inc. DRI Ingevity Corp. NGVT Baudax Bio BXRX Deere & Company DE Inovio Pharmaceuticals, Inc. INO BEST Inc. BEST Denny's Corp. DENN Integra LifeSciences Holdings IART Beyond Air XAIR DermTech DMTK InterDigital, Inc. IDCC Bicycle Therapeutics Plc BCYC DexCom Inc. DXCM Intuit, Inc. INTU Bill.com Holdings, Inc. BILL DiaM edica Therapeutics Inc. DMAC InVitae Corp. NVTA Biogen Inc. BIIB Digital Turbine, Inc. APPS Ionis Pharmaceuticals IONS

20 Monthly Highlights

Outperform Rated Stocks (Cont’d)

C o mpany Symbo l C o mpany Symbo l C o mpany Symbo l Iovance Biotherapeutics IOVA OUTFRONT M edia, Inc. OUT Strongbridge Biopharma plc SBBP Isoray, Inc. ISR Owl Rock Capital Corp. ORCC SunRun Inc. RUN Itron, Inc. ITRI Palo Alto Networks Inc. PANW Synaptics, Incorporated SYNA ITT, Inc. ITT Papa John's International, Inc. PZZA Syros Pharmaceuticals SYRS Jack in the Box, Inc. JACK Paycom Software, Inc. PAYC Tactile Systems Technology TCMD Jefferies Financial Group Inc. JEF PayPal Holdings, Inc. PYPL Take-Two Interactive Software TTWO JFrog Ltd. FROG PDS Biotechnology PDSB Tandem Diabetes Care, Inc. TNDM Johnson Controls, Inc. JCI Peloton Interactive PTON Taysha Gene Therapies TSHA Kadmon KDM N Pentair plc PNR TE Connectivity Ltd. TEL Kala Pharmaceuticals, Inc. KALA Perion Network PERI Teladoc Health TDOC Kaleyra, Inc. KLR PetIQ, Inc. PETQ Tencent M usic Entertainment Group TME Karuna Therapeutics KRTX Pharming Group N.V. PHAR Terminix Global Holdings, Inc. TMX KKR & Co. KKR Pharvaris N.V. PHVS Tesla, Inc. TSLA Lemonade, Inc. LM ND Pinduoduo Inc. PDD Texas Instruments TXN LendingTree, Inc. TREE Plug Power PLUG The Ensign Group ENSG LHC Group, Inc. LHCG PLx Pharma PLXP The Lovesac Company LOVE Lululemon Athletica Inc. LULU Protara Therapeutics TARA The Trade Desk, Inc. TTD Lumen Technologies LUM N Prothena Corp. PRTA Titan M edical Inc. TMDI M adison Square Garden Entertainment Corp. M SGE Provention Bio PRVB T-M obile TM US M adison Square Garden Sports Corp. M SGS PubM atic, Inc. PUBM TransM edics TMDX M adrigal Pharmaceuticals Inc. M DGL Purple Innovation, Inc. PRPL Travel + Leisure Co. TNL M annKind Corporation M NKD Qorvo, Inc. QRVO Trimble Inc. TRMB M arinus Pharmaceuticals, Inc. MRNS Qualtrics International Inc. XM Trip.com Group Ltd. TCOM M arker Therapeutics M RKR Quantum Corporation QM CO Turning Point Therapeutics, Inc. TPTX M arvell Technology Group M RVL QuickLogic Corporation QUIK Turtle Beach Corporation HEAR M atch Group, Inc. MTCH Quotient Technology Inc. QUOT Twilio, Inc. TWLO M cDonald's Corporation MCD Rackspace Technologies RXT Twin Disc Incorporated TWIN M cGrath RentCorp M GRC Radware Ltd. RDWR Twitter, Inc. TWTR M edallia, Inc. M DLA Raven Industries RAVN U.S. Bancorp USB M edicenna Therapeutics MDNA Regal Beloit Corp. RBC Uber Technologies, Inc. UBER M ediWound Ltd. M DWD Regeneron Pharmaceuticals REGN Ulta Beauty, Inc. ULTA M edtronic, Inc. MDT Relmada Therapeutics RLM D Under Armour, Inc. UAA M erit M edical Systems, Inc. M M SI Republic Services, Inc. RSG United Therapeutics UTHR M icrosoft Corporation M SFT ResM ed RMD UnitedHealth Group, Inc. UNH M ilestone Pharmaceuticals M IST Rexnord Corporation RXN Universal Display Corp. OLED M irati Therapeutics MRTX Rockwell Automation ROK UPS UPS M oderna, Inc. MRNA Roku, Inc. ROKU UroGen Pharma Ltd. URGN M olecular Templates Inc. M TEM Roper Technologies, Inc. ROP Utz Brands Inc. UTZ M oleculin Biotech MBRX Rush Street Interactive Inc. RSI Vaccinex VCNX M ongoDB, Inc. MDB S&P Global Inc. SPGI Varex Imaging VREX M onolithic Power Systems M PWR SAGE Therapeutics SAGE Vascular Biogenics VBLT M onroe Capital Corporation MRCC Salesforce.com CRM VBI Vaccines, Inc. VBIV M oody's Corporation MCO SAP SE SAP Veeco Instruments Inc. VECO M organ Stanley MS Savara Inc. SVRA Velodyne Lidar, Inc. VLDR M otus GI Holdings Inc. M OTS Seagen SGEN Venus Concept Inc. VERO M SCI Inc. M SCI SEI Investments Company SEIC Verint Systems VRNT M ueller Water Products, Inc. M WA Semtech Corp. SM TC Vertex Pharmaceuticals VRTX M ustang Bio M BIO Sensei Biotherapeutics SNSE Veru VERU Nasdaq Inc. NDAQ Seres Therapeutics MCRB ViewRay VRAY NCR Corp. NCR Service Corporation International SCI Viking Therapeutics, Inc. VKTX Netflix, Inc. NFLX ServiceNow Inc. NOW Viracta Therapeutics VIRX NeuBase Therapeutics Inc. NBSE Shake Shack, Inc. SHAK Viridian VRDN Neurocrine Biosciences NBIX Shoals Technologies, Inc. SHLS Visa Inc. V New M ountain Finance Corporation NMFC Shopify Inc. SHOP VM ware, Inc. VM W NextEra Energy Partners LP NEP Sierra Oncology SRRA Vonage Holdings Corp. VG NICE LTD. NICE Simulations Plus SLP W.W. Grainger, Inc. GWW Nike, Inc. NKE Simulations Plus SLP Walmart Inc. WM T NuCana plc NCNA Sixth Street Specialty Lending TSLX Waste Connections, Inc. WCN Nutanix, Inc. NTNX SLR Investment Corp. SLRC Waste M anagement, Inc. WM NVIDIA Corp. NVDA SLR Senior Investment Corp. SUNS Wayfair Inc. W NXP Semiconductors NV NXPI Smartsheet Inc. SM AR WESCO International, Inc. WCC Okta, Inc. OKTA Snap Inc. SNAP Westport Fuel Systems WPRT Oncternal Therapeutics ONCT Snap-on Inc. SNA WhiteHorse Finance WHF Ondas Holdings Inc. ONDS Snowflake Inc. SNOW WillScot M obile M ini Holdings WSC Opendoor Technologies Inc. OPEN Soleno Therapeutics SLNO Wix.com Ltd WIX Opthea Ltd. OPT Sony Corporation SONY Workday, Inc. WDAY Orchard Therapeutics ORTX Spectrum Brands SPB Wyndham Hotels & Resorts WH O'Reilly Automotive, Inc. ORLY Spero Therapeutics SPRO X4 Pharmaceuticals XFOR Organogenesis Holdings, Inc. ORGO SPLUNK Inc. SPLK XPO Logistics, Inc. XPO ORIC Pharmaceuticals ORIC SPX Corporation SPXC Yalla Group Limited ADR YALA Ormat Technologies, Inc. ORA Square Inc. SQ Yum! Brands Inc. YUM OSI Systems, Inc. OSIS Starbucks Corporation SBUX Zendesk, Inc. ZEN Otonomy, Inc. OTIC STRATA Skin Sciences SSKN Zimmer Biomet Holdings ZBH Zynga Inc. ZNGA

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Perform Rated Stocks

C o mpany Symbo l C o mpany Symbo l C o mpany Symbo l A.O. Smith Corporation AOS ExOne Company XONE QUALCOM M Incorporated QCOM ACADIA Pharmaceuticals, Inc. ACAD Expedia Group EXPE Redfin Corporation RDFN Advance Auto Parts, Inc. AAP FactSet Research Systems Inc. FDS Resideo Technologies, Inc. REZI Advanced M icro Devices AMD FedEx Corporation FDX Restaurant Brands International QSR Agios Pharmaceuticals AGIO First Solar, Inc. FSLR RH RH Airbnb Inc. ABNB Fiserv, Inc. FISV RingCentral RNG Alnylam ALNY Flowserve Corporation FLS RingCentral RNG Ambarella Inc. AMBA FuelCell Energy, Inc. FCEL Sabre Corporation SABR AM ETEK, Inc. AME General Electric Co. GE Sally Beauty Holdings SBH Ares M anagement Corporation ARES General Finance Corporation GFN Sarepta Therapeutics, Inc. SRPT Arista Networks, Inc. ANET Gladstone Investment Corporation GAIN Sensata Technologies Holding PLC ST Array Technologies, Inc. ARRY Globus M edical Inc. GM ED ShockWave M edical, Inc. SWAV Ascendis Pharma ASND Graco Inc. GGG Six Flags Entertainment Corp. SIX AT&T, Inc. T Great Elm Capital Corporation GECC Skyworks Solutions, Inc. SWKS Athenex, Inc. ATNX H&R Block, Inc. HRB Slack Technologies, Inc. WORK Best Buy Co. Inc. BBY Hamilton Lane HLNE SolarEdge Technologies, Inc. SEDG Beyond M eat, Inc. BYND Helen of Troy Limited HELE Sonim Technologies, Inc. SONM BioLife Solutions BLFS HEXO Corp. HEXO Spotify Technology S.A. SPOT BioM arin Pharmaceutical BMRN Home Depot Inc. HD Sprouts Farmers M arket, Inc. SFM BJ's Wholesale Club Holdings BJ Honeywell International Inc. HON Stellus Capital Invest. Corp. SCM Bloom Energy Corporation BE Horizon Technology Finance HRZN Stericycle, Inc. SRCL bluebird bio BLUE Hormel Foods Corporation HRL Stryker Corp. SYK Booking Holdings Inc. BKNG Hubbell Inc. HUBB SunPower Corporation SPWR Boqii Holdings Limited BQ HubSpot, Inc. HUBS SVB Financial Group SIVB Boston Scientific Corp. BSX IDEX Corporation IEX Synchrony Financial SYF C.H. Robinson Worldwide CHRW Inspire M edical INSP Synlogic Inc. SYBX Canopy Growth Corporation CGC Insulet Corp. PODD Tapestry, Inc. TPR Capri Holdings Limited CPRI Intel Corp. INTC Target Hospitality TH Caterpillar Inc. CAT Intellia Therapeutics Inc. NTLA Teva Pharmaceuticals TEVA Charter Communications, Inc. CHTR Intercept Pharmaceuticals ICPT Texas Roadhouse, Inc. TXRH Check Point Software CHKP Intercontinental Exchange ICE The Blackstone Group BX Cheesecake Factory Inc. CAKE Intersect ENT XENT The Cooper Companies Inc. COO Chipotle M exican Grill CMG Intuitive Surgical ISRG The Kroger Co. KR Cintas Corporation CTAS ION Geophysical IO The RM R Group RMR Cirrus Logic CRUS iQIYI, Inc. IQ The Wendy's Company WEN Clearway Energy, Inc. CWEN iRhythm IRTC Tilray, Inc. TLRY CM E Group Inc. CME Jack Henry JKHY Tractor Supply Company TSCO CNH Industrial NV CNHI JPM organ Chase & Co. JPM Trevena Inc. TRVN Conn's Inc. CONN Landstar System, Inc. LSTR TripAdvisor Inc. TRIP Constellation Pharmaceuticals CNST Lincoln Electric Holdings, Inc. LECO Triterras Inc. TRIT Corbus Pharmaceuticals Holdings CRBP Littelfuse, Inc. LFUS Tufin Software Technologies TUFN Corporacion America Airports CAAP LivePerson, Inc. LPSN United Natural Foods Inc. UNFI Cree, Inc. CREE Lowe's Cos. LOW United Rentals, Inc. URI Cross Country, Inc. CCRN Lumber Liquidators LL Unity Software Inc. U Cummins Inc. CMI M astercard Incorporated MA Urban Outfitters Inc. URBN CVS Health Corp. CVS M axim Integrated Products M XIM Vector Group VGR Datadog, Inc. DDOG M onro, Inc. MNRO Vericel Corporation VCEL Dick's Sporting Goods DKS Nano-X Imaging Ltd. NNOX Verizon VZ Discover Financial Services DFS Nektar Therapeutics NKTR Victory Capital Holdings VCTR Dollar Tree, Inc. DLTR Nevro NVRO Watts Water WTS Donaldson Company, Inc. DCI New Relic, Inc. NEWR Wells Fargo WFC DoorDash, Inc. DASH Nordson Corp. NDSN Williams-Sonoma WSM Dover Corporation DOV Novocure Limited NVCR Wingstop, Inc. WING e.l.f. Beauty, Inc. ELF Oracle Corporation ORCL Woodward, Inc. WWD Eagle Point Credit Company ECC OrganiGram Holdings OGI Workhorse Group Inc. WKHS Ecolab ECL Outset M edical OM WW International, Inc. WW Editas M edicine EDIT Paylocity Holding Corp. PCTY Xylem, Inc. XYL eGain Corporation EGAN Personalis, Inc. PSNL YUM China Holdings Inc. YUM C Emerson Electric Co. EM R PNC Financial Services Group PNC Zillow Group Z Enanta Pharmaceuticals Inc. ENTA Prestige Consumer Healthcare PBH Zoom Video Communications ZM

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Not Rated Stocks

C o mpany Symbo l Alexion Pharmaceuticals ALXN Boingo Wireless, Inc. WIFI GrubHub, Inc. GRUB GW Pharmaceuticals Plc GWPH M agnachip Semiconductor Corp. MX Prevail Therapeutics PRVL Vivint Solar, Inc. VSLR

23 Monthly Highlights

Initiation of Coverage

Date Symbol Company name Headline Author 04/05/21 CTOS Custom Truck One Source, Inc. Initiating Outperform on Specialty Rental Leader Schneeberger, CFA, Scott 04/06/21 ONCT Oncternal Therapeutics Pursuing High Value Targets in Oncology; Initiate at Outperform & $14 PT Singh, Hartaj 04/06/21 TMDI Titan Medical Inc. Intriguing Single-Port Robotic Surgery Platform; Begin at Outperform Kalia, CFA, Suraj 04/07/21 GECC Great Elm Capital Corporation GECC: Initiating Coverage w ith Perform Penn, CFA, Mitchel 04/08/21 DMAC DiaMedica Therapeutics Inc. DMAC May Have Unlocked Synthetic KLK1's Potential in Stroke and Chronic Kidney Disease; Initiate at Outperform Brisebois, Francois 04/09/21 PLXP PLx Pharma Authoring a New Chapter in the Aspirin Wars; Initiate w ith Outperform, $20 PT Gershell, MD, PhD, Leland 04/12/21 GANX Gain Therapeutics, Inc. An Emerging and Differentiated In-Silico Story; Initiating at Outperform & $30 PT Singh, Hartaj 04/14/21 DOCN DigitalOcean, Inc. Pure-Play Public Cloud Platform for SMBs/Developers, Initiate Outperform, $55 PT Horan, CFA, Timothy 04/15/21 FSTX F-star Therapeutics Inc. A Potential North Star of Bispecific Antibody Engineering; Initiate at Outperform & $30 PT Singh, Hartaj 04/15/21 TSLX Sixth Street Specialty Lending Initiating Coverage w ith Outperform and PT of $23 Penn, CFA, Mitchel 04/21/21 GAIN Gladstone Investment Corporation GAIN: Initiating Coverage w ith Perform Penn, CFA, Mitchel 04/21/21 FRG Franchise Group, Inc. Nice Cash Flow , Buddy(’s); Initiate w /Outperform Zaffino, CFA, Ian A. 04/26/21 ACHL Achilles Therapeutics Unleashing Cellular Myrmidons in Battle Against Cancer; Initiate at Outperform Breidenbach, Ph.D., Mark 04/26/21 COMP Compass Inc. Tech Moat to Drive Further Share Gains in $2T US Residential Real Estate Market; Begin at Outperform Helfstein, Jason 04/26/21 GENI Genius Sports Limited Handicapping a Key Cog In the Grow ing Global Sports Betting Landscape; Initiating w ith Outperform and $25 PT Kelly, CFA, Jed 04/27/21 JG Aurora Mobile Ltd Unique Developer Service and Mobile Advertising Provider; Initiating w ith Outperform and $6 PT Pei, CFA, Bo 04/27/21 HTGC Hercules Capital HTGC: Initiating Coverage at Outperform Penn, CFA, Mitchel 04/29/21 CYCC Cyclacel Pharmaceuticals Double Take: Oral MCL-1 and PLK1 Both on Track for POC; Initiate w ith Outperform, $17 PT DeGeeter, Kevin

Rating Changes

Date Symbol Company Name Primary Author Current Rating Previous Rating 04/05/21 NVTA InVitae Corp. DeGeeter, Kevin OUTPERFORM PERFORM 04/07/21 GECC Great Elm Capital Corporation Penn, CFA, Mitchel PERFORM OUTPERFORM 04/08/21 GKOS Glaukos Corporation Lichtman, Steven OUTPERFORM PERFORM 04/09/21 CHKP Check Point Software Kidron, Ittai PERFORM OUTPERFORM 04/09/21 TUFN Tufin Software Technologies Kidron, Ittai PERFORM OUTPERFORM

04/13/21 APO Apollo Global Management Kotowski, Chris OUTPERFORM PERFORM 04/14/21 SYF Synchrony Financial Gabriele, CFA, Dominick PERFORM OUTPERFORM 04/21/21 ISRG Intuitive Surgical Kalia, CFA, Suraj PERFORM UNDERPERFORM 04/22/21 VMI Valmont Industries, Inc. Braatz, Jon OUTPERFORM PERFORM 04/23/21 RNG RingCentral Horan, CFA, Timothy PERFORM OUTPERFORM 04/29/21 CCOI Cogent Communications Horan, CFA, Timothy OUTPERFORM PERFORM 04/30/21 CMCSA Comcast Horan, CFA, Timothy OUTPERFORM PERFORM

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Disclosure Appendix The published date of the recommendations contained in this report can be found by accessing disclosures (https:// opco2.bluematrix.com/sellside/MAR.action). This report was produced at May 3, 2021 10:30 EDT and disseminated at May 3, 2021 12:00 EDT. Third Party Research Disclosure: Oppenheimer & Co. Inc. has a research sharing agreement with Oppenheimer Asset Management Inc. to provide third-party research services to Oppenheimer & Co. Inc. customers. Oppenheimer & Co. Inc. does not guarantee that the information supplied is accurate, complete or timely, nor does Oppenheimer & Co. Inc. m ake any warranties with regard to the research product or the results obtained from its use. Oppenheimer & Co. Inc. has no control over or input with respect to Oppenheimer Asset Management Inc. research opinions. Oppenheimer Asset Management Inc. is a non -member affiliate of Oppenheimer & Co. Inc. Oppenheimer & Co. Inc. does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Analyst Certification - The author certifies that this research report accurately states his/her personal views about the subject securities, which are reflected in the ratings as well as in the substance of this report. The author certifies that no part of his/her c ompensation was, is, or will be directly or indirectly related to the specific recommendations or views contained in this research report. Potential Conflicts of Interest: Equity research analysts employed by Oppenheimer & Co. Inc. are compensated from revenues generated by the firm including the Oppenheimer & Co. Inc. Investment Banking Department. Research analysts do not receive compensation based upon revenues from specific investment banking transactions. Oppenheimer & Co. Inc. generally prohibits an y research analyst and any member of his or her household from executing trades in the securities of a company that such re search analyst covers. Additionally, Oppenheimer & Co. Inc. generally prohibits any research analyst from serving as an officer, director or advisory board member of a company that such analyst covers. In addition to 1% ownership positions in covered compa nies that are required to be specifically disclosed in this report, Oppenheimer & Co. Inc. may have a long position of less than 1% or a short position or deal as principal in the securities discussed herein, related securities or in options, futures or other derivative instruments based thereon. Recipients of this report are advised that any or all of the foregoing arrangements, as well as more specific disclosures set forth below, may at times give rise to potential conflicts of interest averages or stocks within its particular industry sector.

Oppenheimer & Co. Inc. Rating System as of January 14th, 2008:

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Oppenheimer & Co. Inc. Rating System prior to January 14th, 2008: Buy - anticipates appreciation of 10% or more within the next 12 months, and/or a total return of 10% including dividend payments, and/or the ability of the shares to perform better than the leading stock market averages or stocks within its particular industry sector.

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25 Monthly Highlights

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EQUITY RESEARCH DIRE CTORY

Director of Research John E. Parks Associate Director of Research, Head of Research Marketing Services Erica L. Moffett

CONSUMER HEALTHCARE SPECIAL SITUATIONS TELECOMMUNICATIONS & Consumer Growth & E-Commerce BioPharmaceuticals Special Situations INTERNET Brian Nagel, CFA Jeff Jones, PhD Ian A. Zaffino, CFA Cloud and Communications Food, Grocery & Consumer Products Leland Gershell Tim Horan, CFA Rupesh Parikh, CFA Biotechnology Media & Internet Matthew Biegler Jason Helfstein TECHNOLOGY Restaurants Mark Breidenbach Bo Pei Brian Bittner Kevin DeGeeter Analytics, Collaboration, and Infrastructure Software Online Travel & Internet Michael Tamas Frank Brisebois Jed Kelly Justin Kim Ittai Kidron EXCHANGES, INFORMATION Jay Olson, CFA Hartaj Singh Business Services ANALYTICS & ASSET Scott Schneeberger INVESTMENT & PORTFOLIO . MANAGERS STRATEGY; TECHNICAL Healthcare Providers and Managed Care ANALYSIS Owen Lau, CFA Michael Wiederhorn Communication Technology George Iwanyc Medical Devices Investment Strategy* Steven Lichtman Emerging Technology & Services John Stoltzfus FINANCIAL Suraj Kalia, CFA Martin Yang INSTITUTIONS GROUP Technical Analysis Ari Wald Business Development Companies INDUSTRIALS SaaS/Applications Software Mitchel Penn Ray McDonough, CFA Industrial & Business Services Brian Schwartz

Commercial and Investment Banking, Scott Schneeberger, CFA Semiconductors & Components

Merchant Banking/Private Equity/Exchanges Richard Schafer Industrial Flow & Sustainable Infrastructure Chris Kotowski Bryan F. Blair, CFA

Consumer Finance/Fintech and Specialty Industrial Multi-Industry Finance Chris Glynn Dominick Gabriele, CFA Sustainable Growth & Resource

Optimization Noah Kaye Kristen Owen Colin Rusch * Research is provided by Oppenheimer Asset Management

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