M a r k e t S c o p e A d v i s o r f o r A c a d e m i c s a n d L i b r a r i e s

S a m S t o v a l l , S c o t t K e s s l e r a n d S t a c y I a m e l e

TO D AY ’ S S P E A K E R S

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Scott KesslerDirector of Equity Research

Equity Analyst@KesslerCFRA on Twitter

Stacy IameleVice President

Sales and Account Management

Sam Stovall, CFP® Chief Investment Strategist@StovallCFRA on Twitter

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C F R A O v e r v i e w

M a r k e t S c o p e A d v i s o r A c a d e m i c O v e r v i e w

I n d u s t r y R e s e a r c h O f f e r i n g s

I n d u s t r y S u r v e y s

T h e m a t i c R e s e a r c h

D . I . G . R e p o r t s

S u b - I n d u s t r y O u t l o o k s

S t o c k R e p o r t s

E T F a n d F u n d R e s e a r c h

T h e O u t l o o k

C F R A’s F I N A N C I A L R E S E A R C H E X C E L L E N C E L I N E A G E

A history of innovat ion and growth as an independent research f i rm

CFRAFounded

Sold to RiskMetrics

MSCI Acquires RiskMetrics

CFRA Buyout (privately owned)

Equity Research Coverage Begins

S&P Mutual Fund and ETF Research

1994 2007 2010 2013

1927 2009 2016S&P Equity and Fund Research acquired by CFRA

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Sam Stovall

Lindsey Bell

Scott Kessler

Tuna Amobi

Kenneth Leon

David Holt

Todd Rosenbluth

Jim Corridore

I n P r i n tO u r A n a l y s t s / S t r a t e g i s t s i n t h e M e d i a

G L O B A L LY R E C O G N I Z E D M A R K E T E X P E RT I S E

“Amazon Gets Into Banking - and Other 2018 Predictions From CFRA” - Bloomberg

“History suggests that markets could be hitting a bump in the road, says Sam Stovall” - CNBC

“Bitcoin ETF providers see new hope for approval” - Financial Times

“For Tesla, 2018 is all about getting Model 3 production going” - Financial Times

“young Multifactor ETFs Lure Investors” -MarketWatch

“Neflix surely has something to worry about with Disney-Fox …” - CNBC

“Will Hasbro Come Back With Higher Offer For Mattel? - Forbes

Cons is tent analyt ica l excel lence, per formance and serv ices prov ided around the wor ld – wi th leading

f inanc ia l newspapers and te lev is ion s ta t ions

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Analytical Rigor & Proprietary Methodology Expansive Coverage

W H AT S E T S C F R A A PA RT ?

S&P 500 99.61%

S&P 1500 94.27%

Russell 3000 88.32%

S&P Europe 350 82.10%

Hang Seng 88.71%

ProvenPerformance

Independence &No Conflicts

ETF Model Cumulative GrowthOct 14, 2008 - Aug 31, 2017

U.S. 5-STARS ModelPerformance Total Return

Jan 1, 1999 - Sep 30, 2017Many independent investment research providers claim to be

free of conflicts but are not.

75 Equity & Fund Analysts> Experienced and Credentialed

Analysts: CFAs, CPAs, MBAs, JDs, PhDs

> Low analyst turnover; sector expertise

> 5 years average experience

ETF & Mutual Fund Rankings> Forward-Looking and trailing

indicators> Holdings-level analysis> Relative performance, risk

measures with addition of manager tenure and cost factors

Forensic Accounting> Unique accounting driven insights

for alpha generation & risk mitigation

> Legal research, accounting help desk, bespoke research and training

> Quantitative cash flow and earnings scores on 15,000 companies

> Over 23,500 Globally Traded Stocks

> 1,500+ Companies Qualitatively> 22,000+ Companies Quantitatively> 1,300 ETFs & 22,000 Mutual

FundsCFRA coverage covers the global equity markets as measured by market capitalization of the largest exchanges

> Asset Management> Investment Advisory Sponsored

Conferences Advertising> Investment Banking

6Coverage data as of: Details on performance methodology is available, upon request.

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M A R K E T S C O P E A D V I S O R F O R A C A D E M I C S

INDUSTRY SURVEYS

>42 of the largest and most significant US industries

>10 international industries

>Platform also offers access to historical surveys dating back at least 10 years

>Access to thematic sector research, Sector Scorecard and sub-industry research

QUANTITATIVE EQUITY REPORTS>Global coverage on

approximately 10,500 companies

>Multifactor model evaluating equities across five key factors, providing investors with transparency into assessments

MARKETSCOPE NEWS AND COMMENTARY

>Research Notes

>Market Movers

>Broker Views and News

>CFRA Investment Strategy

>Economy Watch Daily

>Focus Stock of the Week

FUND REPORTS > Fundamental and technical

evaluations, with coverage of more than 1,600 ETFs and 26,000 mutual funds

> Forward-looking ratings on more than 1,350 ETFs and 22,500 mutual funds, and research and tools that can helps users understand and differentiate across a growing universe

US STOCK REPORTS> Qualitative STARS coverage

on nearly 1,100 companies

> Quantitative research on over 4,000 companies spanning North America

> STARS Stock Reports display performance, company financials, sub-industry outlooks, plus objective reviews and risk assessments

> Includes fundamental and technical evaluations, as well as STARS rankings

THE OUTLOOK>Weekly outlook newsletter

>Includes access to past newsletters dating back to 1996

Coverage data as of: 2/10/2018Details on performance methodology is available, upon request.

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P L AT F O R M C U S TO M I Z E D F O R U N I V E R S I T I E S A N D L I B R A R I E S

> Universities and libraries can access our platform seamlessly using IP authentication or SSO

> Historical Industry Surveys and Outlook newsletters available

> Customizations available for university’s or library’s specific needs

> CFRA is offering trial subscriptions to evaluate our platform

I N D U S T RY R E S E A R C H O F F E R I N G S

> Industry Surveys

>Thematic Research (formerly Trends & Ideas)

>D.I.G. Reports

>Sub-Industry Outlooks

>Strategy Content

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I N D U S T RY S U RV E Y S

>Same approach over at least the past five decades• Providing broad fundamental overview of industry’s structure,

recent performance, analysis of current/future trends

>To enable non-industry specialists to “get up to speed” about unique industry characteristics and prospects

>Key Features• Scope – 42 U.S. industries + 10 EMEA and APAC industrieso Research team collects, organizes, interprets and explains data and facts throughout

• Analytical Insight – Written by team of experienced analystso Features forecasts and explanations

• Extensive Graphics – Tables, charts and other visualso Contain reported data and analyst projectionso Support and illustrate author analysis

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I N D U S T RY S U RV E Y S – K E Y F E AT U R E S

> Efficiency – Users need not search elsewhere for data/information and struggle to assess accuracy• Broad fundamental overview of industry’s structure, recent performance,

analysis of current/future trends

> Fundamentals – Clear and concise description of industry’s basic “shape and structure”

> Background – Key data and information provided to help put current conditions and trends into context

> Key Ratios & Statistics – Identified for each industry with explanations about meaningful trends and pivot points

> Comparative Company Analysis – Extensive financial tables for publicly traded companies in that industry

> Related ETFs – Each survey highlights ETFs tied to that industry, with discussion of recent inflows/outflows

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I N D U S T RY S U RV E Y S – C L I E N T U S A G E

> Anticipate industry trends> Analyze new markets> Forecast market developments> Obtain essential industry statistics> Gather information about clients/prospects and competitors> Identify potential M&A candidates> Research investment opportunities> Formulate sales forecasts> Assist in budget processes> Training and development

T H E M AT I C R E S E A R C H

>Thematic content articles

>Formerly Trends & Ideas

>Written by CFRA’s analysts and strategists

>Topics include:• Sector strategy• Industry analysis• Company updates• ETF and mutual fund content

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D . I . G . R E P O RT S

>D.I.G. = Differentiated idea generation

>Data-oriented analysis and insights with actionable stock recommendations

>Written by CFRA’s analysts>Page 1

• Key Takeaways• Fundamental Context

>Page 2• Company Implications• Relative Performance

14Coverage data as of: Recommendations and views are examples only and may not represent CFRA's or the analyst's current views or recommendations.

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S U B - I N D U S T RY O U T L O O K S

> Written and updated by CFRA’s analysts

> Around 125 Sub-Industry Outlooks• Across 11 sectors and

68 industries within coverage

> Each includes a fundamental outlook• Positive, Negative or

Neutral

> Index performance details and comparisons

Coverage data as of: 2/10/2018Recommendations and views are examples only and may not represent CFRA's or the analyst's current views or recommendations.

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C F R A S TO C K R E P O RT S

> Qualitative STARS coverage on nearly 1,100 companies and Quantitative research on over 4,000 companies spanning North America

> STARS Stock Reports display performance, company financials, sub-industry outlooks, plus objective reviews and risk assessments

> Includes fundamental and technical evaluations and STARS rankings

Coverage data as of: 2/10/2018Recommendations and views are examples only and may not represent CFRA's or the analyst's current views or recommendations.

T H E O U T L O O KA R E S O U R C E F O R T I M E LY, P R O V E N G U I D A N C E

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Key Features> STARS (Stock Appreciation

Ranking System) updates> Weekly Cover Story from

CFRA Strategists> ETF & Fund Investing

Strategies> Focus Stock of the Week> Model Portfolios

A valuable investment resource from CFRA that continues the oldest continuously-published investment newsletter in the U.S., The Outlook, which has been published weekly since the 1920s.

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C F R A M U T U A L F U N D & E T F R E S E A R C H

> Unique methodology featuring pertinent trailing indicators and forward-looking indicators, based on assessment of underlying portfolio

> Investors need to go beyond an appealing performance track record

> Recommendations on 22,500+ mutual funds and 1,350+ ETFs (and research on even more)

Unique Methodology

Multi-Attribute Fund Rankings

Forward Looking Inputs

> Mutual funds ranked using both fund attributes and holdings-level analysis

> Fund attributes use relative performance and risk records, but with addition of manager tenure and cost factors

> Holdings are scrutinized based on proprietary valuation and risk traits

> ETF rankings utilize some attributes used for funds, but are more forward looking

> Fund attributes include technical analysis, liquidity, bid/ask spreads and price/NAVs

> More holdings metrics are utilized, e.g., STARS and credit ratings

Coverage data as of: 2/15/2018 .

Q & A

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Q & A

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Scott KesslerDirector of Equity Research

Equity Analyst@KesslerCFRA on Twitter

Stacy IameleVice President

Sales and Account Management

Sam Stovall, CFP® Chief Investment Strategist@StovallCFRA on Twitter

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C F R A S E C TO R , S TO C K A N D F U N D R E S E A R C H AVA I L A B L E F O R A T R I A L A N D R E P L AY A C C E S S

For in-depth information on today’s topics and more, please request a complimentary trial at MarketScope Advisor:

https://advisor.marketscope.com/

For more information about CFRA, contact us:

cservices@cfraresearch.com

(800) 220-0502

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Your feedback is important to us! Please take a minute to complete our short survey.

S P E A K E R B I O G R A P H I E S

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Stacy IameleVice President of Sales/Account Management at CFRA

Stacy Iamele is responsible for managing accounts and driving new business in several strategic market segments for CFRA includingthe academic and library client segment. Prior to joining CFRA, Stacy worked in sales and account management for ISS, a corporategovernance solution provider and Ipreo, a capital markets intelligence tool. She also previously worked for several years as a trader atDeutsche Bank. Stacy holds a bachelor’s degree from Clemson University. .

Sam Stovall, CFP® (@StovallCFRA on Twitter)Chief Investment Strategist at CFRA

Sam Stovall is Chief Investment Strategist of U.S. Equity Strategy at CFRA. He serves as analyst, publisher and communicator ofS&P’s outlooks for the economy, market, and sectors. Sam is the Chairman of the S&P Investment Policy Committee, where hefocuses on market history and valuations, as well as industry momentum strategies. He is the author of The Standard & Poor’s Guideto Sector Investing and The Seven Rules of Wall Street. In addition, Sam writes a weekly investment piece, featured on S&P GlobalMarket Intelligence’s MarketScope Advisor platform and his work is also found in the flagship weekly newsletter The Outlook. He holdsan MBA in Finance from New York University and a B.A. in History/Education from Muhlenberg College, in Allentown, PA. He is aCFP® certificant and is a Trustee of the Securities Industry Institute®, the executive development program held annually at TheWharton School of The University of Pennsylvania.

Scott Kessler (@KesslerCFRA on Twitter)Director of Equity Research/Equity Analyst at CFRA

Scott Kessler is an Equity Analyst at CFRA. In addition to managing a team of industry analysts, Scott establishes and executes onlonger-term strategies and directs day-to-day operations to produce and distribute high-quality and timely research content. He alsoconducts fundamental analysis and valuation assessments within the Internet, Software and Fintech areas. Additionally, Scottoversees and coordinates team media and compliance efforts. Scott held the position of Deputy Global Director and Industry Analystfor S&P Global Market Intelligence. Prior to joining CFRA, Scott worked as a legislative adviser to the Vice Chairman of the HouseTelecommunications & Finance subcommittee, handling issues related to technology, media and telecommunications, and financialservices. He also previously worked as a telecommunications attorney, for a law firm in Washington, DC, representing clientsincluding Time Warner and The Walt Disney Company. Scott holds a bachelor’s degree from Brandeis University and a law degreefrom Washington University in St. Louis.

Disclosures

S&P GLOBAL™ is used under license. The owner of this trademark is S&P Global Inc. or its affiliate, which are not affiliated with CFRA Research or the author of this content.

This content is published and originally distributed by Accounting Research & Analytics, LLC d/b/a CFRA (“CFRA US”), with the following exceptions: In the UK/EU/EEA, it is published and originally distributed by CFRA UK Limited (company number 08456139 registered in England & Wales with its registered office address at PO Box 698, Titchfield House, 69-85 Tabernacle Street, London, EC2A 4RR, United Kingdom, which is regulated by the Financial Conduct Authority (No. 775151), and in Malaysia by Standard & Poor’s Malaysia Sdn. Bhd (“CFRA Malaysia”), a wholly-owned subsidiary of CFRA US. CFRA Malaysia is regulated by Securities Commission Malaysia, (No. CMSL/A0181/2007). These parties and their subsidiaries maintain no responsibility for reports redistributed by third parties such as brokers or financial advisors.

The content of this presentation and the opinions expressed herein are those of CFRA based upon publicly-available information that CFRA believes to be reliable and the opinions are subject to change without notice. This analysis has not been submitted to, nor received approval from, the United States Securities and Exchange Commission or any other regulatory body. While CFRA exercised due care in compiling this analysis, CFRA AND ALL RELATED ENTITIES SPECIFICALLY DISCLAIM ALL WARRANTIES, EXPRESS OR IMPLIED, to the full extent permitted by law, regarding the accuracy, completeness, or usefulness of this information and assumes no liability with respect to the consequences of relying on this information for investment or other purposes. No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of CFRA. The Content shall not be used for any unlawful or unauthorized purposes. CFRA and any third-party providers, as well as their directors, officers, shareholders, employees or agents do not guarantee the accuracy, completeness, timeliness or availability of the Content.

Past performance is not necessarily indicative of future results.

This document may contain forward-looking statements or forecasts; such forecasts are not a reliable indicator of future performance.

This report is not intended to, and does not, constitute an offer or solicitation to buy and sell securities or engage in any investment activity. This report is for informational purposes only. Recommendations in this report are not made with respect to any particular investor or type of investor. Securities, financial instruments or strategies mentioned herein may not be suitable for all investors and this material is not intended for any specific investor and does not take into account an investor's particular investment objectives, financial situations or needs. Before acting on any recommendation in this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice.

Additional information on a subject company may be available upon request.

CFRA's financial data provider is S&P Global Market Intelligence. THIS DOCUMENT CONTAINS COPYRIGHTED AND TRADE SECRET MATERIAL DISTRIBUTED UNDER LICENSE FROM S&P GLOBAL MARKET INTELLIGENCE. FOR RECIPIENT'S INTERNAL USE ONLY.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and S&P Global Market Intelligence. GICS is a service mark of MSCI and S&P Global Market Intelligence and has been licensed for use by CFRA.

Certain information in this presentation is provided by S&P Global, Inc. and/or its affiliates and subsidiaries (collectively “S&P Global”). Such information is subject to the following disclaimers and notices: “Copyright © 2018, S&P Global Market Intelligence (and its affiliates as applicable). All rights reserved. Nothing contained herein is investment advice and a reference to a particular investment or security, a credit rating or any observation concerning a security or investment provided by S&P Global is not a recommendation to buy, sell or hold such investment or security or make any other investment decisions. This may contain information obtained from third parties, including ratings from credit ratings agencies. Reproduction and distribution of S&P Global’s information and third party content in any form is prohibited except with the prior written permission of S&P Global or the related third party, as applicable. Neither S&P Global nor its third party providers guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such information or content. S&P GLOBAL AND ITS THIRD PARTY CONTENT PROVIDERS GIVE NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE AND ALL S&P INFORMATION IS PROVIDED ON AN AS-IS BASIS. S&P GLOBAL AND ITS THIRD PARTY CONTENT PROVIDERS SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, EXEMPLARY, COMPENSATORY, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES, COSTS, EXPENSES, LEGAL FEES, OR LOSSES (INCLUDING LOST INCOME OR PROFITS AND OPPORTUNITY COSTS OR LOSSES CAUSED BY NEGLIGENCE) IN CONNECTION WITH ANY USE OF THEIR INFORMATION OR CONTENT, INCLUDING RATINGS. Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. They do not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice.”

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Copyright © 2018 CFRA. All rights reserved. CFRA and STARS are registered trademarks of CFRA.

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