One South Wacker Drive • Suite 3900 Chicago IL 60606 T: 800-866-3272 www.research-driven.com Health Care Health care IT Medical technology Pharma technology & services Animal health Sparacino Marshbanks / Munda / Schwartz Schwartz / Marshbanks Macdonald

Covered companies Covered companies Covered companies Covered companies ABCO Advisory Board Co. ANIK Anika Therapeutics Inc. AMRI Albany Molecular Research WOOF VCA Inc. MDRX Allscripts Healthcare Solutions ATHX Athersys Inc. CBM Cambrex Corp. Monitored companies ATHN Inc. CRY CryoLife Inc. CRL Charles River Labs IDXX IDEXX Laboratories Inc. BNFT Benefitfocus Inc. ILMN Illumina Inc. CDXS Codexis Inc. PETM PetSmart Inc. (Banfield) CSLT Castlight Health Inc. ISRG Intuitive Surgical Inc. ICLR ICON plc CERN Corp. MZOR Mazor Robotics Ltd. PRXL PAREXEL International Private companies CPSI Computer Programs and Systems MDXG MiMedx Group Inc. Monitored companies Community Veterinary Partners HSTM HealthStream Inc. MRIC MRI Interventions Inc. National Veterinary Associates PRAH PRA Health Sciences Inc. HMSY HMS Holdings Corp. NVDQ Novadaq Technologies Inc. Putney Inc. Q Quintiles Transnational Holdings MMS Maximus Inc. SMED Sharps Compliance VetCor Inc. MDAS Inc. SIAL Sigma-Aldrich Private companies NRCIB National Research Corp. Monitored companies Chiltern International Ltd. NRCIA Harlan Laboratories Inc. AFFX Affymetrix Inc. STRM Streamline Health Solutions inVentiv Health CSII Cardiovascular Systems Inc. MPI Research Inc. Monitored companies EDAP EDAP TMS SA Pharmaron Inc. CTG Computer Task Group HNSN Hansen Medical Inc. Prosar Corp.* CRW.L Craneware PLC IMRS IMRIS Inc. QPS Pharmaceutical Services LLC* EHTH eHealth Inc. PKI PerkinElmer Inc. ReSearch Pharmaceutical Svcs.* HIIQ Health Insurance Innovations RSW.L Renishaw plc Synteract Inc. HWAY Healthways Inc. SQNM Sequenom Inc. HURN Huron Consulting Group SPNC Spectranetics Corp. IMPR Imprivata Inc. TITXF Titan Medical Inc. INOV Inovalon Holdings Inc. TRXC TransEnterix Inc. NUAN Nuance Communications Inc. Private companies PFMT Performant Financial Corp. CSA Medical* PINC Premier Inc. QSII Quality Systems Inc. VCRA Vocera Communications Inc. WBMD WebMD Health Corp. Private companies Aprima Inc. CareCloud MDeverywhere Inc. MedeAnalytics Inc. Medhost Navicure Inc. Sandlot LLC

Names preceded by a • are newly added. *Venture capital funds associated with First Analysis Corp., the parent of FASC, have or had interests in this company. 12/14/2015 First Analysis Securities Corp. is a registered broker-dealer with FINRA and member SIPC. One South Wacker Drive • Suite 3900 Chicago IL 60606 T: 800-866-3272 www.research-driven.com Health Care James Macdonald Tracy Marshbanks

[email protected] [email protected] (312) 258-7124 (312) 258-7111 James Macdonald is a managing director coordinating investment and research in Tracy Marshbanks is a managing director coordinating investment and research in life software-as-a-service (SaaS) businesses. He specializes in service business models. His science technology and clean-tech/chemicals. He specializes in businesses where chemical work has been cited for excellence in the Wall Street Journal’s “Best on the Street” survey, and life science technologies are a key differentiating element. Prior to joining First Analysis in Forbes, and in other publications. Prior to joining First Analysis in 1997, he was a general in 1999, he held a number of positions with Amoco Corp. ranging from refining research manager at Nalco Chemical Co., where he played a key role in expanding Nalco’s service and development to capital planning (first in petroleum refining and then in marketing). He offering to include operating and leasing equipment at customer sites. This led to formation earned an MBA from the University of Chicago, a doctorate in chemical engineering from of a joint venture with U.S. Filter Co. Earlier, he was with a subsidiary of Ecolab Inc. He Purdue University, and a bachelor's degree in chemical engineering from Colorado State earned an MBA from Harvard University and a bachelor’s degree in civil engineering from University. Cornell University, where he also earned the university’s highest award in that discipline.

Joseph Munda Steven Schwartz

[email protected] [email protected] (312) 258-7125 (312) 258-7130 Joseph Munda is an analyst specializing in research and investment in life science Steven Schwartz specializes in research and investment in selected areas of technology. He provides research coverage of leading private and publicly traded pharmaceutical technologies and services and clean-tech/specialty chemicals. He provides companies in his sector. Prior to joining First Analysis in 2015, he was an equity research research coverage of leading private and publicly traded companies in his sectors. His work analyst covering medical device and healthcare services companies at Sidoti & Co. Earlier, has been cited for excellence in the Wall Street Journal’s “Best on the Street” survey. Prior he worked in institutional sales at Bear Stearns/J.P. Morgan. He earned a bachelor's to joining First Analysis in 2007, he was an associate analyst at KeyBanc Capital Markets degree in finance from Fairleigh Dickinson University. covering the specialty chemicals sector. He also has experience in process engineering and business development in the chemical industry, having worked for companies such as Equistar Chemical Co., Nalco Co., and USFilter. He earned an MBA from Loyola University Chicago and a bachelor’s degree in chemical engineering from Illinois Institute of Technology. He is a CFA charterholder.

Frank Sparacino

[email protected] (312) 258-7103 Frank Sparacino is a senior vice president specializing in research and investment in software-as-a-service (SaaS) businesses, particularly in the health care information technology and data analytics areas. He provides research coverage of leading private and publicly traded companies in his sectors. His work has been cited for excellence in the Financial Times and Forbes. Prior to joining First Analysis in 2000, he spent four years as a sell-side equity research analyst with Barrington Research Associates Inc., where he covered the enterprise and Internet infrastructure software market. Earlier, he was with Brinson Partners, a global money management firm, performing a wide range of duties from portfolio implementation and client service to developing derivative functionality for the firm’s portfolio management accounting system. Before that, he worked for KPMG as a corporate tax specialist. He earned a bachelor’s degree in accounting from Northern Illinois University. He is a certified public accountant and a CFA charterholder. One South Wacker Drive • Suite 3900 Chicago IL 60606 T: 800-866-3272 www.research-driven.com Technology / SaaS CRM optimization Network security Human capital Internet of things / M2M Nankervis Nankervis / Vercoutere Greendale / Macdonald / Wang Smith / Gearhart

Covered companies Covered companies Covered companies Covered companies ECOM ChannelAdvisor Corp. CHKP Check Point Soft. Tech. TWOU 2U Inc. CAMP CalAmp Corp. DWRE Demandware Inc. FEYE FireEye Inc. CHGG Chegg Inc. DGII Digi International Inc. ININ Interactive Intelligence Group PANW Palo Alto Networks INTU Intuit Inc. (Macdonald, Berlin) FLTX Fleetmatics Group PLC LPSN LivePerson Inc. PFPT Proofpoint Inc. LNKD LinkedIn Corp. MIXT MiX Telematics Ltd. MKTO Marketo Inc. QLYS Qualys Inc. PAYC Paycom Software Inc. NMRX Numerex Corp. RUBI Rubicon Project SYMC Symantec Corp. PCTY Paylocity Holding Corp. ORBC ORBCOMM Inc. CRM salesforce.com inc. SFE Safeguard Scientifics Inc. SWIR Sierra Wireless Inc. Monitored companies TUBE TubeMogul Inc. WDAY Workday Inc. FTNT Fortinet Inc. Monitored companies Monitored companies VDSI Vasco Data Security Int'l Inc. Monitored companies GPS.V BSM Technologies Inc. ADBE Adobe Systems Inc. ZIXI Zix Corp. CALD Callidus Software Inc. IDSY ID Systems Inc. BV Bazaarvoice Inc. CSOD Cornerstone OnDemand Inc. SSNI Silver Spring Networks Inc. Private companies BRDR Borderfree Inc. CVT Cvent Inc. TRMB Trimble Navigation Ltd. Alert Logic HUBS HubSpot Inc. FNGN Financial Engines Inc. AlienVault SAAS inContact Inc. INST Instructure Inc. Centrify Corp. EGOV NIC Inc. JIVE Jive Software Inc. LogRhythm Inc. NICE NICE Systems JWA John Wiley & Sons Inc. RedSeal Networks Inc. NUAN Nuance Communications Inc. N NetSuite Inc. SafeNet Inc. PFSW PFSweb Inc. PSO Pearson plc Skybox Security SPSC SPS Commerce Inc. ULTI Ultimate Software Group Inc. Sophos Ltd. VRNT Verint Systems UPLD Upland Software Inc. Trustwave* VRSN VeriSign Inc. WhiteHat Security Private companies Private companies Zscaler Academic Partnerships Act-On Software AdvancePath Academics Inc.* Gigya Inc. Bisk Education Interactions Corp. Blackboard Inc. Invodo Chrome River* Janrain Inc. Coursera Kampyle Ltd. Desire2Learn MarketLive Inc. General Assembly Monetate Knewton MyBuys Inc. Learning.com* SteelHouse OpenEnglish SugarCRM Parchment SundaySky PlattForm TurnTo Networks Inc. Pluralsight Velocify Inc. Renaissance Learning Venda Inc. Saba Software Inc. VidSys Inc. Synergis Education Zuora Inc. Teachscape Udacity Udemy UniversityNow* Yello*

Names preceded by a • are newly added. *Venture capital funds associated with First Analysis Corp., the parent of FASC, have or had interests in this company. 12/14/2015 First Analysis Securities Corp. is a registered broker-dealer with FINRA and member SIPC. One South Wacker Drive • Suite 3900 Chicago IL 60606 T: 800-866-3272 www.research-driven.com Technology / SaaS Financial Analytics Wireless / infrastructure Berlin Sparacino / Vercoutere Smith / Gearhart

Covered companies Covered companies Covered companies ACIW ACI Worldwide Inc. MSTR MicroStrategy Inc. DOX Amdocs Ltd. ACXM Acxiom Corp. NEWR New Relic Inc. CSGS CSG International ADS Alliance Data QLIK Qlik Technologies Inc. Monitored companies HAWK Blackhawk Network SPLK Splunk Inc. ASIA AsiaInfo Holdings Inc. FISV Fiserv Inc. DATA Tableau Software Inc. MIFI Novatel Wireless Inc. GPN Global Payments Inc. Monitored companies SMSI Smith Micro Software Inc. GDOT Green Dot Corp. DWCH Datawatch Corp. SNCR Synchronoss Technologies Inc. MGI MoneyGram TDC Teradata Corp. TNGO Tangoe Inc. OUTR Outerwall Inc. TSYS TeleCommunication Systems Inc. PYPL PayPal Holdings Inc. Private companies TSS Total System Services Inc. Alteryx Inc. Private companies WU Western Union Co. Connexica Ltd. AirWatch LLC Monitored companies Infobright Inc. Cerillion Technologies Ltd. Information Builders Inc. FancyFon Software Ltd. AIM.TO Aimia Inc. Jaspersoft Corp. Movero Inc.* AXP American Express Co. ParAccel Movius Interactive Corp. CLPI Calpian Inc. Talend Inc. CATM Cardtronics Inc. DH.TO DH Corp. DFS Discover Financial Services EBAY eBay Inc. EEFT Euronet Worldwide FIS Fidelity Nat'l Information Svcs FDC First Data Corp. FLT FleetCor Technologies Inc. GCA Global Cash Access Holdings Inc. HPY Heartland Payment Systems Inc. ONE Higher One Inc. ING.PA Ingenico S.A. JKHY Jack Henry & Associates MA MasterCard Inc. MITK Mitek Systems Inc. PLPM Planet Payment Inc. SQ Square Inc. USAT USA Technologies Inc. VNTV Vantiv Inc. PAY VeriFone Systems Inc. VVisa Inc. WEX WEX Inc.* Private companies Elavon Inc. Square Inc. TransCard LLC Yodlee Inc.

Names preceded by a • are newly added. *Venture capital funds associated with First Analysis Corp., the parent of FASC, have or had interests in this company. 12/14/2015 First Analysis Securities Corp. is a registered broker-dealer with FINRA and member SIPC. One South Wacker Drive • Suite 3900 Chicago IL 60606 T: 800-866-3272 www.research-driven.com Technology / SaaS Lawrence Berlin David Gearhart

[email protected] [email protected] (312) 258-7187 (312) 258-7128 Larry Berlin is a vice president specializing in research and investment in payment David Gearhart specializes in research in software-as-a-service (SaaS) and the Internet of technology. He provides research coverage of leading private and publicly traded things (M2M) sector and has played a key role in establishing First Analysis’s Internet of companies in his sectors. His work has been cited for excellence in the StarMine analyst things / M2M franchise. In developing First Analysis’s thought leadership in the space, he awards. Prior to joining First Analysis in 1999, he was acting CFO at Doculabs Inc., a communicates and works with an extensive network of M2M companies and provides Chicago-based information technology consulting firm. Earlier, he was a consultant for research coverage of leading private and publicly traded companies in the industry. He also Ganymede Corp., an associate in corporate finance at UBS Inc., and a member of the provides research support for First Analysis’s work in the wireless sector. Prior to joining Chicago Board Options Exchange and the Chicago Board of Trade. He earned an MBA and First Analysis in 2011, he was an accountant with The Northern Trust Co. and an options a bachelor’s degree from the University of Chicago. broker with American Option Services. He earned a bachelor’s degree from Purdue University with a concentration in economics and finance and is a candidate for an MBA at DePaul University. He is a CFA charterholder.

Corey Greendale James Macdonald

[email protected] [email protected] (312) 258-7139 (312) 258-7124 Corey Greendale is a senior vice president specializing in research and investment in James Macdonald is a managing director coordinating investment and research in software-as-a-service (SaaS) businesses, particularly in human capital technology. He software-as-a-service (SaaS) businesses. He specializes in service business models. His provides research coverage of leading private and publicly traded companies in his sectors. work has been cited for excellence in the Wall Street Journal’s “Best on the Street” survey, His work has been cited for excellence in the Wall Street Journal’s “Best on the Street” in Forbes, and in other publications. Prior to joining First Analysis in 1997, he was a general survey, in Forbes, and in the Financial Times. Prior to joining First Analysis in 2000, he was manager at Nalco Chemical Co., where he played a key role in expanding Nalco’s service a development analyst at Systema Corp., where he designed training programs for several offering to include operating and leasing equipment at customer sites. This led to formation large pharmaceutical companies. He earned an MBA with high honors from the University of a joint venture with U.S. Filter Co. Earlier, he was with a subsidiary of Ecolab Inc. He of Chicago and a bachelor’s degree from Stanford University, where he graduated Phi Beta earned an MBA from Harvard University and a bachelor’s degree in civil engineering from Kappa. Cornell University, where he also earned the university’s highest award in that discipline.

Craig Nankervis Howard Smith

[email protected] [email protected] (312) 258-7129 (312) 258-7117 Craig Nankervis is a senior vice president specializing in research and investment in Howard Smith is a managing director specializing in research and investment in software-as-a-service (SaaS) businesses, particularly in CRM optimization and network software-as-a-service (SaaS) businesses and other business models based on information security. He provides research coverage of leading private and publicly traded companies in technology. At First Analysis, he’s built several information technology research franchises, his sectors. His work has been cited for excellence in the Wall Street Journal’s “Best on the including computer telephony, call center products, computer security, Internet Street” survey and in the Financial Times. Prior to joining First Analysis in 1997, he was infrastructure, and wide-area-wireless M2M. His work has been cited for excellence by the assistant editor of Better Investing magazine (published by the National Association of Wall Street Journal and other publications. He’s provided strategic advice to numerous Investors Corp.) and earlier worked as a freelance financial writer. He earned an MBA in technology companies in capital raising and buy- and sell-side M&A transactions, and as a finance and marketing from Wayne State University and a bachelor’s degree in English board member. Prior to joining First Analysis in 1994, he was a senior tax consultant with from Michigan State University. Arthur Andersen & Co. He earned an MBA from the University of Chicago and a bachelor’s degree in accounting from the University of Illinois at Urbana-Champaign. He is a certified public accountant. One South Wacker Drive • Suite 3900 Chicago IL 60606 T: 800-866-3272 www.research-driven.com Technology / SaaS Frank Sparacino David Vercoutere

[email protected] [email protected] (312) 258-7103 (312) 258-7114 Frank Sparacino is a senior vice president specializing in research and investment in David Vercoutere is an associate analyst specializing in research and investment in software-as-a-service (SaaS) businesses, particularly in the health care information software-as-a-service (SaaS) businesses, particularly in analytics and network security. He technology and data analytics areas. He provides research coverage of leading private and supports research coverage of leading private and publicly traded companies in his sectors. publicly traded companies in his sectors. His work has been cited for excellence in the Prior to joining First Analysis in 2014, he worked for IT outsourcer Cegeka in Belgium and Financial Times and Forbes. Prior to joining First Analysis in 2000, he spent four years as a for EMC in Belgium and Ireland. He earned a master of international business degree from sell-side equity research analyst with Barrington Research Associates Inc., where he the Fletcher School at Tufts University and master’s and bachelor’s degrees from Catholic covered the enterprise and Internet infrastructure software market. Earlier, he was with University Leuven in Belgium. Brinson Partners, a global money management firm, performing a wide range of duties from portfolio implementation and client service to developing derivative functionality for the firm’s portfolio management accounting system. Before that, he worked for KPMG as a corporate tax specialist. He earned a bachelor’s degree in accounting from Northern Illinois University. He is a certified public accountant and a CFA charterholder.

Ken Wang

[email protected] (312) 258-7193 Ken Wang is an associate analyst specializing in research and investment in software-as-a-service (SaaS) businesses, particularly in human capital technology. He supports research coverage of leading private and publicly traded companies in his sectors. Prior to joining First Analysis in 2015, he was a senior research associate intern at Robert W. Baird & Co. Earlier, he was a compliance administrator at Kohlberg Kravis Roberts & Co., L.P., and ING Investment Management. He has also worked in compliance at Oppenheimer Funds Inc. He earned an MBA in finance, accounting, and strategic management from the University of Chicago Booth School of Business and a bachelors degree in economics and East Asian studies from Oberlin College. He is a candidate for the Chartered Financial Analyst (CFA) designation. One South Wacker Drive • Suite 3900 Chicago IL 60606 T: 800-866-3272 www.research-driven.com Services Education Payroll and benefits Accounts receivable management Greendale / Wang Macdonald Berlin

Covered companies Covered companies Covered companies APEI American Public Education Inc. ADP Automatic Data Processing Inc. ECPG Encore Capital Group Inc. APOL Apollo Education Group Inc. CBZ CBIZ Inc. PRAA PRA Group BPI Bridgepoint Education Inc. NSP Insperity Monitored companies CPLA Capella Education Co. PAYX Paychex Inc. ARW.L Arrow Global Group PLC CECO Career Education Corp. Monitored companies DV DeVry Education Group Inc. Private companies AON Aon Corp. LRN K12 Inc. SquareTwo Financial* BBSI Barrett Business Services STRA Strayer Education Inc. BCOR Blucora Inc. Monitored companies EBIX Ebix Inc. COCO Corinthian Colleges HRB H&R Block LOPE Grand Canyon Education TW Towers Watson & Co. ESI ITT Educational Services Inc. TNET TriNet Group LINC Lincoln Educational Services Private companies NAUH National American University Achilles Group UTI Universal Technical Institute BigTime Software Inc. Private companies Mediant* Alta Colleges Oasis Outsourcing Holdings Inc. Laureate Education TransForce Inc.* Rasmussen College TriNet

Names preceded by a • are newly added. *Venture capital funds associated with First Analysis Corp., the parent of FASC, have or had interests in this company. 12/14/2015 First Analysis Securities Corp. is a registered broker-dealer with FINRA and member SIPC. One South Wacker Drive • Suite 3900 Chicago IL 60606 T: 800-866-3272 www.research-driven.com Services Lawrence Berlin Corey Greendale

[email protected] [email protected] (312) 258-7187 (312) 258-7139 Larry Berlin is a vice president specializing in research and investment in payment Corey Greendale is a senior vice president specializing in research and investment in technology. He provides research coverage of leading private and publicly traded software-as-a-service (SaaS) businesses, particularly in human capital technology. He companies in his sectors. His work has been cited for excellence in the StarMine analyst provides research coverage of leading private and publicly traded companies in his sectors. awards. Prior to joining First Analysis in 1999, he was acting CFO at Doculabs Inc., a His work has been cited for excellence in the Wall Street Journal’s “Best on the Street” Chicago-based information technology consulting firm. Earlier, he was a consultant for survey, in Forbes, and in the Financial Times. Prior to joining First Analysis in 2000, he was Ganymede Corp., an associate in corporate finance at UBS Inc., and a member of the a development analyst at Systema Corp., where he designed training programs for several Chicago Board Options Exchange and the Chicago Board of Trade. He earned an MBA and large pharmaceutical companies. He earned an MBA with high honors from the University a bachelor’s degree from the University of Chicago. of Chicago and a bachelor’s degree from Stanford University, where he graduated Phi Beta Kappa.

James Macdonald Ken Wang

[email protected] [email protected] (312) 258-7124 (312) 258-7193 James Macdonald is a managing director coordinating investment and research in Ken Wang is an associate analyst specializing in research and investment in software-as-a-service (SaaS) businesses. He specializes in service business models. His software-as-a-service (SaaS) businesses, particularly in human capital technology. He work has been cited for excellence in the Wall Street Journal’s “Best on the Street” survey, supports research coverage of leading private and publicly traded companies in his sectors. in Forbes, and in other publications. Prior to joining First Analysis in 1997, he was a general Prior to joining First Analysis in 2015, he was a senior research associate intern at Robert manager at Nalco Chemical Co., where he played a key role in expanding Nalco’s service W. Baird & Co. Earlier, he was a compliance administrator at Kohlberg Kravis Roberts & offering to include operating and leasing equipment at customer sites. This led to formation Co., L.P., and ING Investment Management. He has also worked in compliance at of a joint venture with U.S. Filter Co. Earlier, he was with a subsidiary of Ecolab Inc. He Oppenheimer Funds Inc. He earned an MBA in finance, accounting, and strategic earned an MBA from Harvard University and a bachelor’s degree in civil engineering from management from the University of Chicago Booth School of Business and a bachelors Cornell University, where he also earned the university’s highest award in that discipline. degree in economics and East Asian studies from Oberlin College. He is a candidate for the Chartered Financial Analyst (CFA) designation. One South Wacker Drive • Suite 3900 Chicago IL 60606 T: 800-866-3272 www.research-driven.com Environmental Resource management Clean-tech / specialty chemicals Greendale / Wang Schwartz

Covered companies Covered companies CWST Casella Waste Systems Inc. ARG Airgas Inc. RSG Republic Services Inc. ALB Albemarle Corp. TTEK Tetra Tech Inc. ASH Ashland Inc. WCN Waste Connections Inc. CCC Calgon Carbon Corp. WM Waste Management Inc. CHMT Chemtura Corp. FMC FMC Corp. Monitored companies FUL H.B. Fuller Co. BIN Progressive Waste Solutions KOP Koppers Holdings Inc. SRCL Stericycle MTX Minerals Technologies Inc. VTNR Vertex Energy Inc. VAL Valspar Corp. Private companies Monitored companies Advanced Disposal Services Inc. ADES ADA-ES Inc. Interstate Waste Services Inc. AMRS Amyris Biotechnologies Inc. Waste Industries USA BFRE BlueFire Renewables Inc. WastePro USA Inc. SQM Chemical & Mining Co. of Chile WCA Waste Corp. CLH Clean Harbors Inc. ECL Ecolab Inc. GXY.AX Galaxy Resources GEVO Gevo Inc. HXL Hexcel Corp. LDL Lydall Inc. MBLX Metabolix Inc. ODC Oil-Dri Corp. ORE.AX Orocobre Ltd. RTK Rentech Inc. SHW Sherwin-Williams Co. SZYM Solazyme Inc. SCL Stepan Co. GRA W.R. Grace & Co. WLC.TO Western Lithium Private companies M Cubed Technologies Inc.* Neptun Light Inc.*

Names preceded by a • are newly added. *Venture capital funds associated with First Analysis Corp., the parent of FASC, have or had interests in this company. 12/14/2015 First Analysis Securities Corp. is a registered broker-dealer with FINRA and member SIPC. One South Wacker Drive • Suite 3900 Chicago IL 60606 T: 800-866-3272 www.research-driven.com Environmental Corey Greendale Tracy Marshbanks

[email protected] [email protected] (312) 258-7139 (312) 258-7111 Corey Greendale is a senior vice president specializing in research and investment in Tracy Marshbanks is a managing director coordinating investment and research in life software-as-a-service (SaaS) businesses, particularly in human capital technology. He science technology and clean-tech/chemicals. He specializes in businesses where chemical provides research coverage of leading private and publicly traded companies in his sectors. and life science technologies are a key differentiating element. Prior to joining First Analysis His work has been cited for excellence in the Wall Street Journal’s “Best on the Street” in 1999, he held a number of positions with Amoco Corp. ranging from refining research survey, in Forbes, and in the Financial Times. Prior to joining First Analysis in 2000, he was and development to capital planning (first in petroleum refining and then in marketing). He a development analyst at Systema Corp., where he designed training programs for several earned an MBA from the University of Chicago, a doctorate in chemical engineering from large pharmaceutical companies. He earned an MBA with high honors from the University Purdue University, and a bachelor's degree in chemical engineering from Colorado State of Chicago and a bachelor’s degree from Stanford University, where he graduated Phi Beta University. Kappa.

Steven Schwartz Ken Wang

[email protected] [email protected] (312) 258-7130 (312) 258-7193 Steven Schwartz specializes in research and investment in selected areas of Ken Wang is an associate analyst specializing in research and investment in pharmaceutical technologies and services and clean-tech/specialty chemicals. He provides software-as-a-service (SaaS) businesses, particularly in human capital technology. He research coverage of leading private and publicly traded companies in his sectors. His work supports research coverage of leading private and publicly traded companies in his sectors. has been cited for excellence in the Wall Street Journal’s “Best on the Street” survey. Prior Prior to joining First Analysis in 2015, he was a senior research associate intern at Robert to joining First Analysis in 2007, he was an associate analyst at KeyBanc Capital Markets W. Baird & Co. Earlier, he was a compliance administrator at Kohlberg Kravis Roberts & covering the specialty chemicals sector. He also has experience in process engineering and Co., L.P., and ING Investment Management. He has also worked in compliance at business development in the chemical industry, having worked for companies such as Oppenheimer Funds Inc. He earned an MBA in finance, accounting, and strategic Equistar Chemical Co., Nalco Co., and USFilter. He earned an MBA from Loyola University management from the University of Chicago Booth School of Business and a bachelors Chicago and a bachelor’s degree in chemical engineering from Illinois Institute of degree in economics and East Asian studies from Oberlin College. He is a candidate for the Technology. He is a CFA charterholder. Chartered Financial Analyst (CFA) designation.