LAST3 YR

EST +1 YR

W WAYFAIR INC -20.1 -36.6 41 3 0 4 0 3 90 CNV CNOVA NV 3.7 -8.5 5 2 0 2 0 2 82 NFLX NETFLIX INC 7.5 5.8 103 44 6 50 11 39 78 UA UNDER ARMOUR INC 13.5 13.4 38 17 1 18 4 14 77 EXPE EXPEDIA INC 38.3 44.0 112 17 5 22 5 16 76 TRIP TRIPADVISOR INC 28.7 22.9 67 10 0 10 3 8 75 TSLA TESLA MOTORS INC 1.7 3.2 223 29 8 38 10 28 74 JD JD.COM INC 9.2 8.8 24 33 3 36 10 26 73 SERV SERVICEMASTER GLOBAL HOLDINGS INC 48.6 63.8 38 5 3 8 2 6 72 DPZ DOMINO'S PIZZA INC 31.7 29.7 122 6 3 9 3 6 69 AMZN AMAZON.COM INC 13.5 16.4 712 336 25 361 113 248 69 MAR MARRIOTT INTL INC 26.8 41.3 66 17 8 25 8 17 68 ULTA ULTA SALON COSMETCS & FRAG 11.3 11.9 233 15 1 16 5 11 68 OMC OMNICOM GROUP 42.1 54.0 83 20 7 27 9 18 68 MSG MADISON SQUARE GARDEN CO 0.8 -0.2 166 4 0 5 2 3 67 LULU LULULEMON ATHLETICA INC 18.6 17.4 65 9 1 9 3 6 67 POOL POOL CORP 17.0 18.9 92 4 1 5 2 3 66 DNKN DUNKIN' BRANDS GROUP INC 31.1 35.7 44 4 3 7 2 5 66 NORD NORD ANGLIA EDUCATION INC 21.4 23.7 22 2 2 4 1 3 65 CTRP CTRIP.COM INTL LTD 5.7 1.4 46 17 6 24 8 15 64 PCLN PRICELINE GROUP INC 32.1 29.1 1,273 63 7 70 25 45 64 XRS TAL EDUCATION GROUP 13.3 14.8 56 5 1 5 2 3 64 SIRI SIRIUS XM HOLDINGS INC 13.5 18.3 4 20 6 27 10 17 62 CMG CHIPOTLE MEXICAN GRILL INC 12.9 6.0 445 13 2 15 6 9 62 SBUX STARBUCKS CORP 14.4 17.2 55 81 10 91 36 55 60 BFAM BRIGHT HORIZONS FAMILY SOLUTIONS INC 17.6 18.7 65 4 2 6 2 3 59 FIVE FIVE BELOW INC 12.8 12.4 42 2 0 3 1 2 59 TRI THOMSON-REUTERS CORP 21.5 22.8 42 32 12 44 18 26 58 KATE KATE SPADE & CO 9.9 14.6 22 3 1 4 2 2 57 QUNR QUNAR CAYMAN ISLANDS 0.0 11.9 35 5 1 6 3 4 57 CHTR CHARTER COMMUNICATIONS INC 6.0 7.5 220 22 36 59 25 33 57 NKE NIKE INC 15.0 17.8 56 95 10 104 45 59 56 VIPS VIPSHOP HOLDINGS LTD 25.0 34.3 11 7 1 7 3 4 56 QVCA LIBERTY INTERACTV CP QVC GRP 41.9 40.3 27 13 8 21 9 11 55 ARMK ARAMARK 20.5 17.4 33 8 7 15 7 8 55 YUM YUM BRANDS INC 13.9 15.1 83 34 10 44 20 24 55 MANU MANCHESTER UNITED PLC 8.1 15.3 17 3 1 4 2 2 54 TSCO TRACTOR SUPPLY CO 13.5 13.9 97 13 2 15 7 8 54 PZZA PAPA JOHNS INTERNATIONAL INC 11.5 13.8 63 2 1 3 1 2 54 HAS HASBRO INC 14.6 17.2 87 11 2 13 6 7 53 SNI SCRIPPS NETWORKS INTERACTIVE 25.4 27.5 64 8 4 12 6 7 53 PNRA PANERA BREAD CO 11.3 9.9 219 5 1 7 3 3 52 LYV LIVE NATION ENTERTAINMENT 7.9 7.7 24 5 3 8 4 4 52

CONSUMER DISCRETIONARY

DEBT $BIL

TOTAL FIRM $BIL

EXISTING ASSETS

$BIL

FUTURE INVEST

$BIL

% FUTURE

CREDIT SUISSE HOLT PERFORMANCE SCORECARD, U.S. INDUSTRIALS 1,000, 31 MAY 2016

Ticker Company NameI----- CFROI -----I PRICE

PER SHARE

EQUITY $BIL

LAST3 YR

EST +1 YR

DEBT $BIL

TOTAL FIRM $BIL

EXISTING ASSETS

$BIL

FUTURE INVEST

$BIL

% FUTURE

CREDIT SUISSE HOLT PERFORMANCE SCORECARD, U.S. INDUSTRIALS 1,000, 31 MAY 2016

Ticker Company NameI----- CFROI -----I PRICE

PER SHARE

EQUITY $BIL

HOT STARWOOD HOTELS&RESORTS WRLD 10.5 10.3 74 12 5 18 9 9 50 IPG INTERPUBLIC GROUP OF COS 14.5 18.8 24 10 4 14 7 7 50 ORLY O'REILLY AUTOMOTIVE INC 15.8 17.5 266 26 5 30 15 15 49 NVR NVR INC 15.6 21.1 1,738 7 1 8 4 4 49 CHDN CHURCHILL DOWNS INC 11.3 18.6 128 2 1 3 2 2 49 DWA DREAMWORKS ANIMATION INC 4.7 7.3 40 3 1 4 2 2 49 NWL NEWELL BRANDS INC 13.5 17.6 48 13 4 17 9 8 47 TRCO TRIBUNE MEDIA CO 4.2 6.9 40 4 4 8 4 4 47 DG DOLLAR GENERAL CORP 14.6 14.7 90 26 8 33 18 16 47 EDU NEW ORIENTAL ED & TECH 11.7 12.1 43 7 1 7 4 3 47 QSR RESTAURANT BRANDS INTL INC 15.2 19.4 43 10 15 25 13 12 47 TPX TEMPUR SEALY INTL INC 19.0 24.8 60 4 2 6 3 3 46 MAT MATTEL INC 12.1 12.0 32 11 3 14 7 6 46 COH COACH INC 22.0 12.5 40 11 3 14 7 6 46 LKQ LKQ CORP 16.4 16.5 33 10 4 14 8 6 46 CRI CARTER'S INC 14.3 13.7 102 5 2 7 4 3 46 IMAX IMAX CORP 9.4 11.4 33 2 0 3 1 1 45 HSNI HSN INC 19.5 20.6 52 3 1 3 2 2 45 HD HOME DEPOT INC 14.8 17.9 134 167 29 196 110 86 44 JW.A WILEY (JOHN) & SONS -CL A 14.1 10.9 53 3 1 5 3 2 44 FOXA TWENTY-FIRST CENTURY FOX INC 17.8 19.0 29 55 24 79 45 34 44 GHC GRAHAM HOLDINGS CO 4.3 5.4 508 3 1 4 2 2 43 RACE FERRARI NV 7.7 7.7 42 8 4 12 7 5 43 HMHC HOUGHTON MIFFLIN HARCOURT CO -4.0 -5.0 17 2 1 3 2 1 43 WEN WENDY'S CO 7.9 10.0 10 3 3 6 3 3 43 CABO CABLE ONE INC 6.4 8.9 487 3 1 3 2 1 43 HRB BLOCK H & R INC 18.4 23.1 21 5 3 8 5 3 43 PVH PVH CORP 15.8 13.7 95 8 6 14 8 6 43 AMC AMC ENTERTAINMENT HOLDINGS 5.3 6.3 29 3 5 8 4 3 42 WYNN WYNN RESORTS LTD 12.7 5.1 96 10 10 19 11 8 42 TJX TJX COMPANIES INC 14.1 13.2 77 51 12 63 37 26 42 LBTYA LIBERTY GLOBAL PLC GLOBAL GP 10.9 11.4 37 32 48 80 47 33 42 TWX TIME WARNER INC 21.3 24.4 75 59 32 91 53 38 42 SBH SALLY BEAUTY HOLDINGS INC 18.4 16.8 28 4 3 7 4 3 42 LB L BRANDS INC 15.1 12.7 68 20 11 30 18 13 41 LGF LIONS GATE ENTERTAINMENT CP 11.8 4.8 22 3 3 6 3 2 41 BWLD BUFFALO WILD WINGS INC 12.0 12.6 144 3 0 3 2 1 41 VFC VF CORP 20.7 20.1 62 26 5 31 19 13 40 AZO AUTOZONE INC 20.0 20.2 766 23 8 31 18 12 40 DLTR DOLLAR TREE INC 11.3 8.7 89 21 17 38 23 15 40 CHH CHOICE HOTELS INTL INC 26.7 24.4 46 3 1 4 2 1 39 MTN VAIL RESORTS INC 4.9 7.4 130 5 1 6 4 2 39 MCD MCDONALD'S CORP 10.5 9.8 123 108 41 149 91 58 39 JACK JACK IN THE BOX INC 7.0 7.4 85 3 2 5 3 2 38

LAST3 YR

EST +1 YR

DEBT $BIL

TOTAL FIRM $BIL

EXISTING ASSETS

$BIL

FUTURE INVEST

$BIL

% FUTURE

CREDIT SUISSE HOLT PERFORMANCE SCORECARD, U.S. INDUSTRIALS 1,000, 31 MAY 2016

Ticker Company NameI----- CFROI -----I PRICE

PER SHARE

EQUITY $BIL

VSTO VISTA OUTDOOR INC 17.4 17.7 49 3 1 4 2 1 38 PII POLARIS INDUSTRIES INC 30.4 22.1 86 6 1 6 4 2 37 TXRH TEXAS ROADHOUSE INC 11.1 12.6 45 3 0 4 2 1 37 DISCA DISCOVERY COMMUNICATIONS INC 31.4 31.5 28 13 9 21 14 8 36 GPC GENUINE PARTS CO 13.7 13.0 97 15 3 17 11 6 36 HELE HELEN OF TROY LTD 26.0 25.4 99 3 1 3 2 1 36 BURL BURLINGTON STORES INC 7.0 8.2 61 4 3 8 5 3 36 AAP ADVANCE AUTO PARTS INC 12.9 11.8 156 11 4 16 10 6 36 MIK MICHAELS COS INC 13.0 12.8 29 6 5 11 7 4 36 GIL GILDAN ACTIVEWEAR INC 16.7 13.1 30 7 1 8 5 3 36 LEG LEGGETT & PLATT INC 12.0 15.3 50 7 2 8 5 3 35 ROST ROSS STORES INC 15.1 14.9 54 22 4 26 17 9 35 MDP MEREDITH CORP 11.3 11.5 49 2 1 3 2 1 35 CNK CINEMARK HOLDINGS INC 7.9 7.8 36 4 4 9 6 3 35 AMCX AMC NETWORKS INC 19.3 21.6 63 5 4 8 5 3 34 CVC CABLEVISION SYS CORP -CL A 6.5 6.5 35 10 10 20 13 7 34 SIX SIX FLAGS ENTERTAINMENT CORP 6.9 8.7 57 5 2 7 5 2 34 CBS CBS CORP 14.0 15.3 55 25 14 39 26 13 34 DLPH DELPHI AUTOMOTIVE PLC 16.4 19.0 68 19 6 25 16 8 34 DRI DARDEN RESTAURANTS INC 8.4 13.0 67 9 3 12 8 4 33 STRZA STARZ 26.0 21.5 27 3 1 4 3 1 33 MEG MEDIA GENERAL INC 10.7 6.6 18 2 3 5 3 2 33 LOW LOWE'S COMPANIES INC 9.0 11.3 80 73 18 91 61 30 33 EAT BRINKER INTL INC 10.1 10.5 46 3 2 4 3 1 33 SCI SERVICE CORP INTERNATIONAL 6.8 8.7 27 5 5 10 7 3 32 HLT HILTON WORLDWIDE HOLDINGS 10.6 11.2 21 21 16 37 25 12 32 HBI HANESBRANDS INC 15.4 17.3 27 10 5 15 10 5 31 DIS DISNEY (WALT) CO 12.7 13.9 100 170 35 205 141 64 31 VIAB VIACOM INC 30.3 26.0 44 18 15 33 23 10 31 SBGI SINCLAIR BROADCAST GP -CL A 24.1 29.6 31 3 4 7 5 2 30 RGC REGAL ENTERTAINMENT GROUP 6.8 6.9 21 3 5 9 6 3 30 WYN WYNDHAM WORLDWIDE CORP 18.3 19.4 67 8 4 12 8 3 29 JCI JOHNSON CONTROLS INC 10.4 14.2 44 29 12 40 29 12 29 FUN CEDAR FAIR -LP 7.6 9.9 60 3 2 5 4 1 28 GNTX GENTEX CORP 15.9 15.2 16 5 0 5 4 1 28 BLMN BLOOMIN' BRANDS INC 8.3 9.5 19 2 3 5 4 1 27 AN AUTONATION INC 7.7 7.5 51 5 7 12 9 3 27 ALV AUTOLIV INC 9.3 8.6 123 11 2 13 10 3 27 LVS LAS VEGAS SANDS CORP 15.0 11.2 46 37 10 47 35 12 26 MPEL MELCO CROWN ENTERTAINMENT LTD 7.1 2.3 15 8 5 13 10 3 25 MHK MOHAWK INDUSTRIES INC 8.8 11.6 198 15 4 19 14 5 25 COLM COLUMBIA SPORTSWEAR CO 9.0 10.4 53 4 0 4 3 1 24 CBRL CRACKER BARREL OLD CTRY STOR 8.0 8.3 153 4 1 5 4 1 24 DISH DISH NETWORK CORP 5.8 6.3 49 23 13 36 27 8 23

LAST3 YR

EST +1 YR

DEBT $BIL

TOTAL FIRM $BIL

EXISTING ASSETS

$BIL

FUTURE INVEST

$BIL

% FUTURE

CREDIT SUISSE HOLT PERFORMANCE SCORECARD, U.S. INDUSTRIALS 1,000, 31 MAY 2016

Ticker Company NameI----- CFROI -----I PRICE

PER SHARE

EQUITY $BIL

BWA BORGWARNER INC 15.0 12.8 34 7 3 11 8 2 23 SJR SHAW COMMUNICATIONS INC-CL B 9.6 7.7 19 9 6 15 12 3 23 LEN LENNAR CORP 3.8 6.6 46 10 8 18 14 4 21 PHM PULTEGROUP INC 3.0 7.6 19 7 4 11 9 2 20 H HYATT HOTELS CORP 3.6 3.2 46 6 4 10 8 2 19 BC BRUNSWICK CORP 10.1 12.0 47 4 1 5 4 1 18 KMX CARMAX INC 12.8 12.9 54 10 2 12 10 2 17 CAB CABELAS INC 8.0 4.8 49 3 2 6 5 1 17 CAKE CHEESECAKE FACTORY INC 6.7 7.4 50 2 1 4 3 1 17 PAG PENSKE AUTOMOTIVE GROUP INC 9.8 10.3 39 3 4 7 6 1 16 DHI D R HORTON INC 5.3 8.5 31 11 4 16 13 3 16 GRMN GARMIN LTD 12.9 8.7 42 8 0 8 7 1 16 SKX SKECHERS U S A INC 9.0 13.6 31 5 1 6 5 1 16 KORS MICHAEL KORS HOLDINGS LTD 26.3 24.0 42 7 2 9 8 1 16 LEA LEAR CORP 14.8 19.3 118 9 3 12 10 2 15 HAR HARMAN INTERNATIONAL INDS 9.2 14.1 78 6 2 7 6 1 15 TGNA TEGNA INC 14.2 28.9 23 5 5 10 8 1 15 WSM WILLIAMS-SONOMA INC 10.2 10.0 54 5 2 6 5 1 15 CMCSA COMCAST CORP 9.6 10.0 63 153 70 223 191 32 14 HOG HARLEY-DAVIDSON INC 14.5 14.3 46 8 1 10 8 1 14 DKS DICKS SPORTING GOODS INC 8.9 7.4 43 5 4 9 7 1 14 TIF TIFFANY & CO 9.3 8.0 63 8 4 12 10 2 14 CAA CALATLANTIC GROUP INC 1.9 7.9 37 4 4 8 7 1 13 RL RALPH LAUREN CORP 11.9 9.0 94 8 4 12 10 2 13 MGM MGM RESORTS INTERNATIONAL 4.9 5.2 23 13 14 27 24 3 13 SIG SIGNET JEWELERS LTD 8.5 9.1 100 8 5 13 12 2 13 CST CST BRANDS INC 7.1 6.2 38 3 2 5 5 1 12 CCO CLEAR CHANNEL OUTDOOR HLDGS 9.9 12.7 6 2 5 7 6 1 11 WHR WHIRLPOOL CORP 8.2 9.6 175 13 8 21 19 2 10 M MACY'S INC 11.7 10.3 33 10 11 21 19 2 9 THO THOR INDUSTRIES INC 24.6 26.8 65 3 0 3 3 0 9 TOL TOLL BROTHERS INC 3.2 5.9 29 5 4 9 8 1 8 URBN URBAN OUTFITTERS INC 8.4 8.0 29 3 2 5 5 0 7 BIG BIG LOTS INC 6.3 6.4 51 3 2 5 4 0 7 MUSA MURPHY USA INC 8.3 9.3 68 3 1 4 3 0 6 TUP TUPPERWARE BRANDS CORP 12.7 12.4 57 3 1 4 4 0 6 TWC TIME WARNER CABLE INC 5.0 4.8 210 60 25 85 80 5 6 TGT TARGET CORP 9.6 9.8 69 41 16 58 55 3 4 FL FOOT LOCKER INC 10.2 10.2 55 8 4 11 11 1 4 JWN NORDSTROM INC 10.2 8.4 38 7 5 12 11 0 3 NCLH NORWEGIAN CRUISE LINE HLDGS 6.8 10.9 47 11 7 18 17 0 2 VC VISTEON CORP 6.4 9.7 74 3 1 4 4 -0 -1 AEO AMERICAN EAGLE OUTFITTERS INC 5.6 9.4 16 3 2 4 5 -0 -1 NWSA NEWS CORPORATION 4.1 3.2 12 7 2 8 9 -0 -4

LAST3 YR

EST +1 YR

DEBT $BIL

TOTAL FIRM $BIL

EXISTING ASSETS

$BIL

FUTURE INVEST

$BIL

% FUTURE

CREDIT SUISSE HOLT PERFORMANCE SCORECARD, U.S. INDUSTRIALS 1,000, 31 MAY 2016

Ticker Company NameI----- CFROI -----I PRICE

PER SHARE

EQUITY $BIL

BBY BEST BUY CO INC 8.1 8.8 32 10 6 17 18 -1 -4 RCL ROYAL CARIBBEAN CRUISES LTD 4.4 6.9 78 17 10 27 29 -2 -7 GME GAMESTOP CORP 14.4 14.6 29 3 2 5 6 -0 -7 JCP PENNEY (J C) CO 0.8 5.3 8 2 6 8 9 -1 -8 CCL CARNIVAL CORP/PLC (USA) 4.0 7.0 49 37 11 48 54 -6 -12 TEN TENNECO INC 9.9 9.7 55 3 2 5 6 -1 -12 MGA MAGNA INTERNATIONAL INC 10.3 8.7 41 16 6 22 25 -3 -12 GPS GAP INC 9.1 6.3 18 7 10 17 20 -2 -12 BBBY BED BATH & BEYOND INC 11.9 11.0 45 7 6 13 15 -2 -15 SPLS STAPLES INC 7.8 7.1 9 6 6 11 13 -2 -17 F FORD MOTOR CO 4.9 4.7 13 53 41 94 112 -18 -19 GM GENERAL MOTORS CO 6.0 7.9 31 47 50 97 122 -25 -25 KSS KOHL'S CORP 7.9 7.3 36 7 7 14 18 -4 -28 GT GOODYEAR TIRE & RUBBER CO 6.8 7.8 28 7 10 18 24 -6 -36 DDS DILLARDS INC -CL A 7.6 6.0 61 2 1 3 5 -2 -53 STAY EXTENDED STAY AMERICA INC 2.3 0.6 14 3 3 6 16 -10 -179

TAP MOLSON COORS BREWING CO 15.8 11.9 100 22 3 25 5 20 79 MNST MONSTER BEVERAGE CORP 31.1 15.2 151 31 1 31 7 25 78 BUFF BLUE BUFFALO PET PRODUCTS 31.3 25.1 26 5 1 6 1 4 75 MO ALTRIA GROUP INC 53.7 72.8 64 125 18 143 42 101 71 COTY COTY INC 19.6 24.5 26 9 5 14 4 10 70 RAI REYNOLDS AMERICAN INC 45.5 73.8 50 72 16 88 28 60 68 PM PHILIP MORRIS INTERNATIONAL 44.6 37.1 99 154 35 189 61 127 67 FIZZ NATIONAL BEVERAGE CORP 13.5 14.6 53 2 0 3 1 2 66 CHD CHURCH & DWIGHT INC 23.1 31.3 98 13 2 14 5 9 66 DPS DR PEPPER SNAPPLE GROUP INC 24.4 28.6 92 17 5 22 7 14 66 KHC KRAFT HEINZ CO 24.4 29.1 84 102 38 141 50 91 65 WWAV WHITEWAVE FOODS CO 13.7 15.3 45 8 3 11 4 7 64 MKC MCCORMICK & CO INC 19.8 20.4 98 12 2 15 5 9 63 CLX CLOROX CO/DE 18.6 19.0 130 17 4 20 8 13 62 EL LAUDER (ESTEE) COS INC -CL A 18.2 16.8 92 34 5 39 15 24 62 SPB SPECTRUM BRANDS HOLDINGS INC 30.3 25.6 117 7 5 11 5 7 60 MDLZ MONDELEZ INTERNATIONAL INC 16.6 18.8 45 70 25 95 38 57 60 MJN MEAD JOHNSON NUTRITION CO 25.3 19.8 83 16 4 19 8 11 60 BF.B BROWN FORMAN CORP 22.2 20.8 98 20 3 22 9 13 59 CL COLGATE-PALMOLIVE CO 24.0 24.4 71 63 11 74 30 43 59 KO COCA-COLA CO 16.6 14.9 45 194 55 249 103 146 59 PG PROCTER & GAMBLE CO 20.6 17.4 81 217 55 272 113 159 59 CCE COCA-COLA ENTERPRISES INC 17.0 15.7 52 12 5 17 7 10 58 GIS GENERAL MILLS INC 17.6 18.9 63 37 12 50 21 29 58 PF PINNACLE FOODS INC 21.9 25.2 42 5 3 8 4 5 58 K KELLOGG CO 13.3 12.1 74 26 11 37 16 21 58 BGS B&G FOODS INC 28.4 25.5 43 3 2 4 2 2 58

CONSUMER STAPLES

LAST3 YR

EST +1 YR

DEBT $BIL

TOTAL FIRM $BIL

EXISTING ASSETS

$BIL

FUTURE INVEST

$BIL

% FUTURE

CREDIT SUISSE HOLT PERFORMANCE SCORECARD, U.S. INDUSTRIALS 1,000, 31 MAY 2016

Ticker Company NameI----- CFROI -----I PRICE

PER SHARE

EQUITY $BIL

LANC LANCASTER COLONY CORP 14.7 19.3 122 3 0 3 1 2 57 SJM SMUCKER (JM) CO 21.1 22.5 129 15 6 22 9 12 57 SFM SPROUTS FARMERS MARKET 13.5 12.9 25 4 1 5 2 3 56 STZ CONSTELLATION BRANDS 19.3 21.5 158 31 10 41 19 23 55 PEP PEPSICO INC 15.9 15.3 102 147 47 194 90 104 54 EPC EDGEWELL PERSONAL CARE CO 14.0 11.9 80 5 2 7 3 4 53 HLF HERBALIFE LTD 35.0 25.8 59 5 2 7 4 4 52 VGR VECTOR GROUP LTD 18.3 23.6 21 3 1 4 2 2 51 CPB CAMPBELL SOUP CO 15.1 16.3 61 19 5 24 12 12 51 HRL HORMEL FOODS CORP 15.3 21.9 35 18 1 20 10 10 50 HAIN HAIN CELESTIAL GROUP INC 19.2 17.1 49 5 1 6 3 3 49 HSY HERSHEY CO 17.7 20.1 93 20 3 23 12 11 49 POST POST HOLDINGS INC 14.0 18.2 77 5 6 11 6 5 48 PSMT PRICESMART INC 13.5 12.1 88 3 0 3 2 1 48 CAG CONAGRA FOODS INC 13.5 13.4 45 20 8 27 15 13 46 LNCE SNYDERS-LANCE INC 9.4 11.2 31 2 1 3 2 1 46 TR TOOTSIE ROLL INDUSTRIES INC 7.2 7.2 36 2 0 2 1 1 46 THS TREEHOUSE FOODS INC 14.7 13.8 95 4 2 6 3 3 46 KMB KIMBERLY-CLARK CORP 12.1 12.4 128 46 12 58 32 26 45 SYY SYSCO CORP 13.4 13.3 49 27 6 34 19 15 44 HRG HRG GROUP INC 16.9 11.6 14 3 7 10 5 4 44 CVS CVS HEALTH CORP 14.6 17.8 97 105 43 148 92 55 38 COST COSTCO WHOLESALE CORP 10.5 11.3 149 65 7 73 46 27 37 PFGC PERFORMANCE FOOD GROUP CO 8.7 10.6 25 2 2 4 3 1 33 ENR ENERGIZER HOLDINGS INC 15.0 10.3 47 3 1 4 3 1 30 FLO FLOWERS FOODS INC 9.7 10.4 19 4 2 6 4 2 29 NUS NU SKIN ENTERPRISES -CL A 18.3 12.3 40 2 1 3 2 1 28 TSN TYSON FOODS INC -CL A 9.6 14.2 65 24 9 33 24 9 27 WBA WALGREENS BOOTS ALLIANCE INC 8.9 12.5 77 83 38 121 90 31 26 WFM WHOLE FOODS MARKET INC 9.1 7.6 32 10 5 15 11 4 25 DAR DARLING INGREDIENTS INC 8.3 7.7 15 2 2 5 4 1 24 RAD RITE AID CORP 6.6 7.0 8 8 14 22 18 4 18 CASY CASEYS GENERAL STORES INC 7.0 9.2 120 5 1 6 5 1 17 INGR INGREDION INC 7.1 8.3 119 9 3 11 10 1 12 KR KROGER CO 7.3 7.2 36 35 22 57 50 7 12 SEB SEABOARD CORP 6.9 4.5 3,125 4 2 5 5 1 10 WMT WAL-MART STORES INC 10.9 8.9 71 224 73 297 273 24 8 PPC PILGRIM'S PRIDE CORP 15.6 14.6 25 6 1 8 7 0 6 CALM CAL-MAINE FOODS INC 10.8 21.9 46 2 0 2 2 0 4 BG BUNGE LTD 6.8 7.0 66 9 8 17 17 1 3 ADM ARCHER-DANIELS-MIDLAND CO 6.0 4.8 43 25 10 36 38 -2 -6 FDP FRESH DEL MONTE PRODUCE INC 6.0 7.0 53 3 1 4 4 -0 -12

CLB CORE LABORATORIES NV 37.5 15.6 122 5 1 6 1 5 81 ENERGY

LAST3 YR

EST +1 YR

DEBT $BIL

TOTAL FIRM $BIL

EXISTING ASSETS

$BIL

FUTURE INVEST

$BIL

% FUTURE

CREDIT SUISSE HOLT PERFORMANCE SCORECARD, U.S. INDUSTRIALS 1,000, 31 MAY 2016

Ticker Company NameI----- CFROI -----I PRICE

PER SHARE

EQUITY $BIL

LNG CHENIERE ENERGY INC -5.4 -3.9 33 8 18 25 12 13 53 PE PARSLEY ENERGY INC 4.2 2.1 26 4 1 4 2 2 49 FANG DIAMONDBACK ENERGY INC 3.8 -2.1 93 6 1 7 4 3 46 SLB SCHLUMBERGER LTD 12.9 3.4 77 97 33 130 71 58 45 PEYUF PEYTO EXPLORATION & DEVELOPMENT 7.6 3.9 26 4 1 5 3 2 43 RSPP RSP PERMIAN INC -2.0 -2.6 33 3 1 4 3 2 37 RES RPC INC 9.0 -9.8 15 3 0 3 2 1 37 HAL HALLIBURTON CO 11.2 1.0 43 36 22 59 38 20 35 PXD PIONEER NATURAL RESOURCES CO 5.3 0.9 162 24 5 29 19 10 34 COG CABOT OIL & GAS CORP 4.0 -4.3 24 11 2 13 8 4 34 CPGX COLUMBIA PIPELINE GROUP INC 2.0 1.6 26 10 3 14 9 5 33 RRC RANGE RESOURCES CORP 4.9 -0.9 41 7 3 10 7 3 31 PDCE PDC ENERGY INC 1.2 1.1 58 2 1 3 2 1 29 CXO CONCHO RESOURCES INC 7.4 -0.1 122 16 4 20 14 6 28 FTI FMC TECHNOLOGIES INC 13.8 6.5 27 6 3 9 6 2 27 INT WORLD FUEL SERVICES CORP 14.2 10.9 46 3 1 4 3 1 26 MRD MEMORIAL RESOURCE DEV CORP 6.2 -1.5 15 3 3 7 5 2 26 BHI BAKER HUGHES INC 7.2 -1.9 46 20 8 28 21 7 26 CLR CONTINENTAL RESOURCES INC 11.7 0.4 42 16 8 23 17 6 26 ENB ENBRIDGE INC 3.5 4.9 40 38 43 80 62 19 23 EOG EOG RESOURCES INC 5.8 -9.1 82 45 9 54 43 11 20 NOV NATIONAL OILWELL VARCO INC 16.6 1.0 33 12 6 19 15 4 19 CRZO CARRIZO OIL & GAS INC 3.0 -2.7 38 2 1 4 3 1 19 WMB WILLIAMS COS INC 4.3 3.3 21 16 28 44 36 8 18 PSX PHILLIPS 66 4.7 4.9 81 42 18 61 50 11 18 SPN SUPERIOR ENERGY SERVICES INC 7.4 -5.9 17 3 2 5 4 1 17 TRP TRANSCANADA CORP 4.1 4.0 42 29 32 61 51 10 16 FI FRANK'S INTL NV 13.0 0.3 16 2 0 3 2 0 16 OII OCEANEERING INTERNATIONAL 11.1 3.5 34 3 2 5 5 1 15 SE SPECTRA ENERGY CORP 4.7 3.7 32 22 17 39 34 5 14 KMI KINDER MORGAN INC 5.6 5.0 18 40 47 87 78 9 10 DRQ DRIL-QUIP INC 12.5 5.4 61 2 0 2 2 0 9 WFT WEATHERFORD INTL PLC 4.4 -2.0 6 5 9 14 13 1 7 RICE RICE ENERGY INC -1.6 3.8 20 3 2 4 4 0 6 XOM EXXON MOBIL CORP 4.8 0.9 90 373 134 507 479 28 6 AR ANTERO RESOURCES CORP 3.7 5.5 28 8 5 13 12 1 4 LPI LAREDO PETROLEUM INC 2.2 0.7 12 2 2 4 4 0 4 WPX WPX ENERGY INC -2.0 -1.3 10 3 4 7 7 -0 -0 COP CONOCOPHILLIPS 3.5 -2.4 44 55 46 101 102 -1 -1 XEC CIMAREX ENERGY CO 2.7 -4.4 118 11 2 13 13 -0 -1 SU SUNCOR ENERGY INC 3.7 -2.0 28 40 22 61 63 -2 -3 EQT EQT CORP 6.2 1.7 73 11 4 15 16 -1 -6 NBL NOBLE ENERGY INC 5.9 -0.8 36 15 10 26 28 -2 -6 OXY OCCIDENTAL PETROLEUM CORP 3.8 -3.9 76 58 14 72 77 -5 -7

LAST3 YR

EST +1 YR

DEBT $BIL

TOTAL FIRM $BIL

EXISTING ASSETS

$BIL

FUTURE INVEST

$BIL

% FUTURE

CREDIT SUISSE HOLT PERFORMANCE SCORECARD, U.S. INDUSTRIALS 1,000, 31 MAY 2016

Ticker Company NameI----- CFROI -----I PRICE

PER SHARE

EQUITY $BIL

CNX CONSOL ENERGY INC 3.4 0.3 15 3 6 9 10 -1 -8 GPOR GULFPORT ENERGY CORP -2.8 -3.1 30 3 1 4 5 -0 -8 OKE ONEOK INC 5.2 5.3 43 9 10 19 20 -2 -9 CNQ CANADIAN NATURAL RESOURCES 3.8 -3.4 30 33 17 49 58 -8 -17 HP HELMERICH & PAYNE 9.6 -1.8 61 7 1 7 9 -1 -19 NBR NABORS INDUSTRIES LTD 0.5 -6.4 9 3 4 7 8 -1 -21 SWN SOUTHWESTERN ENERGY CO 3.9 -0.2 13 5 8 13 16 -3 -21 TRGP TARGA RESOURCES CORP 6.8 0.6 43 2 7 9 11 -2 -22 CVX CHEVRON CORP 4.1 1.0 102 192 80 272 332 -59 -22 WLL WHITING PETROLEUM CORP 9.9 -4.7 12 2 6 8 10 -2 -23 IMO IMPERIAL OIL LTD 5.6 1.4 32 27 13 40 50 -9 -23 CCJ CAMECO CORP 2.4 4.5 12 5 2 7 8 -2 -25 CVE CENOVUS ENERGY INC 3.5 -3.4 15 13 7 20 26 -5 -26 DO DIAMOND OFFSHRE DRILLING INC 4.1 2.5 25 3 3 6 8 -2 -27 NFX NEWFIELD EXPLORATION CO -1.6 -0.3 40 7 3 10 12 -3 -27 APC ANADARKO PETROLEUM CORP 2.2 -3.4 52 26 22 48 63 -14 -29 HFC HOLLYFRONTIER CORP 13.4 7.1 27 5 2 7 9 -2 -32 PTEN PATTERSON-UTI ENERGY INC 3.4 -7.2 19 3 1 4 5 -1 -35 EGN ENERGEN CORP 4.7 -3.0 47 4 1 5 6 -2 -36 PBF PBF ENERGY INC 10.1 6.4 27 3 4 7 9 -2 -36 RIG TRANSOCEAN LTD 6.3 0.8 10 4 10 13 18 -5 -37 TSO TESORO CORP 6.9 7.3 78 9 12 21 30 -8 -38 HES HESS CORP 4.4 -2.0 60 19 11 30 43 -13 -43 MPC MARATHON PETROLEUM CORP 10.3 6.1 35 19 18 37 54 -17 -46 ESV ENSCO PLC 9.2 3.7 10 2 7 9 14 -5 -52 VLO VALERO ENERGY CORP 8.5 6.6 55 26 17 43 68 -25 -58 MUR MURPHY OIL CORP 6.8 -2.6 31 5 5 10 17 -7 -67 QEP QEP RESOURCES INC 1.0 -4.9 18 3 3 6 10 -4 -69 MRO MARATHON OIL CORP 2.9 -3.3 13 11 10 21 37 -16 -74 ECA ENCANA CORP -0.6 -1.8 8 6 8 15 28 -13 -89 CHK CHESAPEAKE ENERGY CORP 2.0 -2.9 4 3 17 19 39 -20 -102 DVN DEVON ENERGY CORP 0.3 -6.4 36 20 16 37 75 -38 -104 APA APACHE CORP -0.6 -5.8 58 22 12 34 97 -63 -183

ANAC ANACOR PHARMACEUTICALS INC -2.9 -6.0 99 5 0 5 0 4 91 ACAD ACADIA PHARMACEUTICALS INC -21.4 -52.5 36 4 0 4 0 3 90 ABMD ABIOMED INC 8.2 14.0 100 4 0 4 1 4 85 DXCM DEXCOM INC 11.1 16.4 65 5 0 5 1 5 84 OPK OPKO HEALTH INC -13.8 6.0 10 6 0 6 1 5 84 PBH PRESTIGE BRANDS HOLDINGS 111.8 147.8 55 3 2 4 1 4 83 TMH TEAM HEALTH HOLDINGS INC 56.1 45.7 48 3 3 6 1 5 80 NBIX NEUROCRINE BIOSCIENCES INC -6.8 -14.5 46 4 0 4 1 3 79 ATHN ATHENAHEALTH INC 11.2 9.3 126 5 0 5 1 4 79 VEEV VEEVA SYSTEMS INC 14.5 17.7 32 4 0 4 1 3 78

HEALTH CARE

LAST3 YR

EST +1 YR

DEBT $BIL

TOTAL FIRM $BIL

EXISTING ASSETS

$BIL

FUTURE INVEST

$BIL

% FUTURE

CREDIT SUISSE HOLT PERFORMANCE SCORECARD, U.S. INDUSTRIALS 1,000, 31 MAY 2016

Ticker Company NameI----- CFROI -----I PRICE

PER SHARE

EQUITY $BIL

INCY INCYTE CORP 10.2 14.6 85 16 1 17 4 13 74 XON INTREXON CORP -9.9 -20.8 30 4 0 4 1 3 74 CMN CANTEL MEDICAL CORP 24.6 26.0 67 3 0 3 1 2 73 IDXX IDEXX LABS INC 16.2 14.9 90 8 2 10 3 7 73 ILMN ILLUMINA INC 20.8 18.1 144 21 2 23 6 16 72 EW EDWARDS LIFESCIENCES CORP 11.6 13.4 100 21 2 23 6 16 72 IMS IMS HEALTH HOLDINGS INC 43.5 36.5 25 8 5 14 4 10 71 INCR INC RESEARCH HOLDINGS INC 59.6 107.0 45 2 1 3 1 2 71 TECH BIO-TECHNE CORP 14.6 19.0 110 4 0 4 1 3 71 BCR BARD (C.R.) INC 11.1 13.8 219 16 3 19 6 14 70 ICPT INTERCEPT PHARMA INC -6.8 -22.0 142 3 0 4 1 2 68 LGND LIGAND PHARMACEUTICAL INC 1.1 12.0 123 2 0 3 1 2 68 KITE KITE PHARMA INC -0.2 -17.5 48 2 0 2 1 2 67 PRAH PRA HEALTH SCIENCES INC 57.1 58.6 47 3 1 4 1 3 67 BMRN BIOMARIN PHARMACEUTICAL INC 4.3 3.2 89 14 1 16 5 11 67 ALGN ALIGN TECHNOLOGY INC 18.6 17.4 79 6 0 6 2 4 67 BSX BOSTON SCIENTIFIC CORP 16.3 20.7 23 31 9 40 13 27 67 RARE ULTRAGENYX PHARMACEUTICAL 0.9 -4.3 69 3 0 3 1 2 66 TMO THERMO FISHER SCIENTIFIC INC 29.4 27.8 152 60 18 78 28 50 65 MD MEDNAX INC 71.3 70.9 68 6 2 8 3 5 65 ISRG INTUITIVE SURGICAL INC 14.9 16.8 637 24 1 25 9 16 65 HOLX HOLOGIC INC 26.9 32.6 34 10 4 13 5 9 64 EVHC ENVISION HEALTHCARE HLDGS 26.5 25.3 24 5 4 8 3 5 63 PKI PERKINELMER INC 12.6 12.4 55 6 2 8 3 5 63 INOV INOVALON HOLDINGS INC 15.3 7.4 19 3 0 3 1 2 62 STJ ST JUDE MEDICAL INC 16.2 17.5 78 22 7 29 11 18 62 MDSO MEDIDATA SOLUTIONS INC 9.9 10.7 44 2 0 3 1 2 62 REGN REGENERON PHARMACEUTICALS 19.6 23.5 396 42 4 46 18 28 62 IART INTEGRA LIFESCIENCES HLDGS 3.5 7.4 74 3 1 4 1 2 61 UNH UNITEDHEALTH GROUP INC 30.6 30.9 134 128 43 170 66 104 61 ALXN ALEXION PHARMACEUTICALS INC 21.6 27.1 150 34 4 38 15 23 61 MTD METTLER-TOLEDO INTL INC 20.8 22.1 372 10 1 11 4 7 61 Q QUINTILES TRANSNATIONAL HLDG 25.0 24.6 67 8 3 11 4 7 61 MASI MASIMO CORP 13.6 15.5 50 2 0 3 1 2 61 MDVN MEDIVATION INC 21.7 19.3 61 10 1 11 4 6 60 MDT MEDTRONIC PLC 12.9 14.1 82 114 46 161 64 97 60 ABC AMERISOURCEBERGEN CORP 34.8 56.2 74 17 7 23 9 14 60 SGEN SEATTLE GENETICS INC 9.0 3.0 40 6 0 6 2 3 60 TFX TELEFLEX INC 11.3 15.5 161 7 2 8 3 5 59 AGN ALLERGAN PLC 16.4 20.1 236 93 57 151 62 88 59 CHE CHEMED CORP 23.6 26.6 130 2 0 3 1 1 58 COO COOPER COMPANIES INC 17.6 17.3 163 8 2 10 4 6 58 AET AETNA INC 23.9 22.6 113 39 9 48 20 27 57 ZTS ZOETIS INC 10.4 10.5 47 23 5 29 12 16 57

LAST3 YR

EST +1 YR

DEBT $BIL

TOTAL FIRM $BIL

EXISTING ASSETS

$BIL

FUTURE INVEST

$BIL

% FUTURE

CREDIT SUISSE HOLT PERFORMANCE SCORECARD, U.S. INDUSTRIALS 1,000, 31 MAY 2016

Ticker Company NameI----- CFROI -----I PRICE

PER SHARE

EQUITY $BIL

MDCO MEDICINES CO 4.6 -21.7 38 3 1 3 1 2 57 XRAY DENTSPLY SIRONA INC 16.3 18.5 62 9 2 11 5 6 57 ALNY ALNYLAM PHARMACEUTICALS INC -13.5 -6.9 68 6 0 6 3 3 57 RMD RESMED INC 15.5 13.0 58 8 1 9 4 5 56 MDRX ALLSCRIPTS HEALTHCARE SOLUTIONS INC 13.1 6.9 13 2 1 3 1 2 56 ZBH ZIMMER BIOMET HOLDINGS INC 14.9 19.5 123 25 13 37 16 21 56 ALR ALERE INC 11.5 5.9 43 4 4 8 4 4 56 A AGILENT TECHNOLOGIES INC 11.9 12.1 46 15 3 18 8 10 56 IONS IONIS PHARMACEUTICALS INC 4.6 -5.0 22 3 1 3 1 2 56 CBPO CHINA BIOLOGIC PRODUCTS INC 25.0 23.8 117 3 0 3 1 2 55 SYK STRYKER CORP 13.0 13.0 112 42 10 51 23 28 55 WAT WATERS CORP 10.6 10.3 137 11 2 13 6 7 55 NUVA NUVASIVE INC 7.6 9.3 55 3 1 3 1 2 55 ALKS ALKERMES PLC 4.6 7.9 46 7 1 8 3 4 55 QGEN QIAGEN NV 15.0 12.5 22 5 1 6 3 3 54 WOOF VCA INC 17.2 18.9 65 5 2 7 3 4 54 WST WEST PHARMACEUTICAL SVSC INC 8.2 11.2 75 5 1 6 3 3 54 CTLT CATALENT INC 13.6 13.8 29 4 2 6 3 3 54 LH LABORATORY CP OF AMER HLDGS 18.7 17.9 128 13 10 23 11 12 54 CERN CERNER CORP 11.2 13.2 55 19 2 20 10 11 53 VWR VWR CORP 32.0 31.5 29 4 3 6 3 3 53 VRTX VERTEX PHARMACEUTICALS INC 1.6 13.1 90 22 1 24 11 12 53 HSIC SCHEIN (HENRY) INC 24.7 24.4 174 14 2 16 8 8 52 ESRX EXPRESS SCRIPTS HOLDING CO 28.9 32.3 75 47 18 65 31 34 52 BDX BECTON DICKINSON & CO 8.6 12.2 167 35 16 51 25 26 52 AMSG AMSURG CORP 19.6 30.5 75 4 3 7 4 4 51 JAZZ JAZZ PHARMACEUTICALS PLC 29.7 36.8 152 9 2 11 5 5 49 BRKR BRUKER CORP 5.4 7.6 26 4 1 5 3 2 49 HRC HILL-ROM HOLDINGS INC 10.1 12.6 49 3 3 6 3 3 49 CNC CENTENE CORP 14.3 14.4 62 11 6 16 9 8 48 STE STERIS PLC 9.4 10.3 69 4 1 5 3 2 47 PRXL PAREXEL INTERNATIONAL CORP 14.2 16.4 63 3 1 4 2 2 47 ABT ABBOTT LABORATORIES 9.9 11.2 39 58 13 71 38 33 46 ICLR ICON PLC 21.1 27.0 69 4 1 4 2 2 46 CELG CELGENE CORP 19.7 20.9 106 82 22 104 58 47 45 CRL CHARLES RIVER LABS INTL INC 11.0 12.4 86 4 1 5 3 2 43 JUNO JUNO THERAPEUTICS INC -8.7 -9.4 42 4 0 4 2 2 43 ACHC ACADIA HEALTHCARE CO INC 17.2 11.2 58 4 3 8 4 3 43 VAR VARIAN MEDICAL SYSTEMS INC 15.4 13.5 82 8 1 9 5 4 43 AKRX AKORN INC 12.0 15.9 30 3 1 5 3 2 43 GMED GLOBUS MEDICAL INC 13.8 13.5 24 2 0 2 1 1 42 ABBV ABBVIE INC 11.6 19.4 63 101 37 139 82 56 41 CAH CARDINAL HEALTH INC 19.3 22.3 78 25 8 34 21 13 39 CI CIGNA CORP 23.3 18.8 129 33 8 41 25 16 39

LAST3 YR

EST +1 YR

DEBT $BIL

TOTAL FIRM $BIL

EXISTING ASSETS

$BIL

FUTURE INVEST

$BIL

% FUTURE

CREDIT SUISSE HOLT PERFORMANCE SCORECARD, U.S. INDUSTRIALS 1,000, 31 MAY 2016

Ticker Company NameI----- CFROI -----I PRICE

PER SHARE

EQUITY $BIL

ANTM ANTHEM INC 17.6 17.9 131 34 19 53 33 20 39 HUM HUMANA INC 10.4 9.8 174 26 8 33 21 13 38 DGX QUEST DIAGNOSTICS INC 19.2 20.3 77 11 6 17 10 6 38 BXLT BAXALTA INC 11.8 11.6 46 31 8 39 24 14 37 PRGO PERRIGO CO PLC 11.3 16.9 97 14 7 21 13 8 37 WCG WELLCARE HEALTH PLANS INC 7.6 8.3 101 4 1 6 4 2 36 PDCO PATTERSON COMPANIES INC 16.6 16.1 49 5 2 6 4 2 36 LIVN LIVANOVA PLC 17.4 6.5 49 2 0 3 2 1 36 BMY BRISTOL-MYERS SQUIBB CO 8.5 11.7 71 119 10 130 83 46 36 MNK MALLINCKRODT PLC 13.2 14.4 63 7 7 14 9 5 33 UHS UNIVERSAL HEALTH SVCS INC 12.4 13.9 135 13 4 17 12 5 32 BAX BAXTER INTERNATIONAL INC 10.9 7.7 43 24 7 31 21 10 32 JNJ JOHNSON & JOHNSON 13.2 12.8 113 311 46 358 254 104 29 MCK MCKESSON CORP 19.4 20.1 181 41 14 54 39 15 28 HZNP HORIZON PHARMA PLC -14.1 12.4 17 3 1 4 3 1 28 PFE PFIZER INC 8.4 10.1 35 210 59 269 195 74 27 VRX VALEANT PHARMACEUTICALS INTL 38.8 37.0 28 10 25 34 26 9 26 OMI OWENS & MINOR INC 9.9 9.9 37 2 1 3 3 1 25 DVA DAVITA HEALTHCARE PARTNERS 16.5 15.3 77 16 14 30 23 7 24 AMGN AMGEN INC 12.7 11.8 157 118 40 157 119 38 24 BIIB BIOGEN INC 19.5 17.8 283 62 8 70 53 17 24 MOH MOLINA HEALTHCARE INC 8.5 7.7 49 3 2 5 4 1 24 MRK MERCK & CO 7.8 7.3 56 156 35 192 149 43 22 MYGN MYRIAD GENETICS INC 22.2 18.8 34 2 0 3 2 1 22 BIO BIO-RAD LABORATORIES INC 4.1 1.4 149 4 1 5 4 1 20 LLY LILLY (ELI) & CO 6.4 6.2 75 83 13 96 77 19 19 HCA HCA HOLDINGS INC 12.5 13.1 77 30 36 67 55 12 18 ENDP ENDO INTERNATIONAL PLC 9.8 7.0 15 3 8 12 10 2 17 IPXL IMPAX LABORATORIES INC 5.1 7.8 34 2 1 3 2 1 17 HLS HEALTHSOUTH CORP 13.0 15.6 40 4 4 8 6 1 16 MYL MYLAN NV 11.8 11.3 43 21 10 31 27 4 12 LPNT LIFEPOINT HEALTH INC 7.5 6.5 66 3 3 6 6 1 11 THC TENET HEALTHCARE CORP 8.0 9.8 29 3 16 19 17 2 11 TARO TARO PHARMACEUTICAL INDUSTRIES LTD 22.6 21.3 149 6 0 6 6 1 10 GILD GILEAD SCIENCES INC 40.1 33.5 86 116 27 143 137 6 4 BKD BROOKDALE SENIOR LIVING INC 4.3 4.4 18 3 8 11 16 -5 -40 UTHR UNITED THERAPEUTICS CORP 21.2 25.5 118 5 0 6 9 -3 -51

EFX EQUIFAX INC 35.2 47.5 126 15 2 17 4 13 76 NLSN NIELSEN HOLDINGS PLC 27.6 29.9 54 19 9 28 7 21 75 HCSG HEALTHCARE SERVICES GROUP 17.3 22.3 39 3 0 3 1 2 74 VRSK VERISK ANALYTICS INC 43.5 37.3 79 13 4 17 4 12 74 ROP ROPER TECHNOLOGIES INC 42.3 42.6 172 17 4 21 6 15 73 TRU TRANSUNION 35.2 29.9 33 6 3 9 3 6 69

INDUSTRIALS

LAST3 YR

EST +1 YR

DEBT $BIL

TOTAL FIRM $BIL

EXISTING ASSETS

$BIL

FUTURE INVEST

$BIL

% FUTURE

CREDIT SUISSE HOLT PERFORMANCE SCORECARD, U.S. INDUSTRIALS 1,000, 31 MAY 2016

Ticker Company NameI----- CFROI -----I PRICE

PER SHARE

EQUITY $BIL

AYI ACUITY BRANDS INC 17.3 23.0 256 11 1 12 4 8 69 ROL ROLLINS INC 25.2 23.2 28 6 0 7 2 4 66 DHR DANAHER CORP 22.6 25.5 99 68 21 90 31 59 66 DNB DUN & BRADSTREET CORP 34.5 38.0 126 5 3 7 3 5 65 MIDD MIDDLEBY CORP 35.9 27.9 125 7 1 8 3 5 64 TDG TRANSDIGM GROUP INC 42.0 46.2 256 14 10 23 8 15 64 ALLE ALLEGION PLC 20.5 24.2 68 7 2 8 3 5 63 IHS IHS INC 36.0 39.2 123 8 3 12 4 7 62 ALSN ALLISON TRANSMISSION HLDGS 25.1 23.9 28 5 3 8 3 5 61 CHRW C H ROBINSON WORLDWIDE INC 33.0 36.7 75 11 1 12 5 7 60 NDSN NORDSON CORP 25.8 22.4 88 5 2 7 3 4 59 HEI HEICO CORP 23.2 22.7 67 4 1 5 2 3 59 HDS HD SUPPLY HOLDINGS INC 24.0 21.2 35 7 5 12 5 7 58 GGG GRACO INC 25.1 22.1 81 4 1 5 2 3 57 MFS MANITOWOC FOODSERVICE INC 31.1 21.1 16 2 0 2 1 1 56 BWXT BWX TECHNOLOGIES INC 8.9 3.7 35 4 1 5 2 3 56 FBHS FORTUNE BRANDS HOME & SECUR 12.0 16.2 59 9 2 11 5 6 56 LMT LOCKHEED MARTIN CORP 15.5 16.0 240 73 35 108 49 60 55 SRCL STERICYCLE INC 29.4 22.9 98 8 5 13 6 7 54 LII LENNOX INTERNATIONAL INC 12.3 15.4 137 6 2 8 4 4 54 FAST FASTENAL CO 16.0 14.6 46 13 1 15 7 8 54 CPRT COPART INC 15.6 14.8 49 5 1 7 3 4 54 SWK STANLEY BLACK & DECKER INC 20.1 23.5 113 17 6 23 11 12 54 AOS SMITH (A O) CORP 14.4 15.7 83 7 1 8 4 4 53 GNRC GENERAC HOLDINGS INC 27.6 25.9 38 3 1 4 2 2 53 TTC TORO CO 13.8 17.7 90 5 1 6 3 3 53 IEX IDEX CORP 22.9 23.2 84 6 1 8 4 4 52 ITW ILLINOIS TOOL WORKS 17.3 20.8 105 38 9 47 22 24 52 XYL XYLEM INC 14.0 13.9 45 8 2 10 5 5 51 RSG REPUBLIC SERVICES INC 10.6 11.2 48 17 11 28 14 14 51 NOC NORTHROP GRUMMAN CORP 13.0 14.4 214 39 16 54 27 28 51 GE GENERAL ELECTRIC CO 14.5 13.6 30 283 62 344 168 176 51 LSTR LANDSTAR SYSTEM INC 18.0 17.1 68 3 0 3 2 2 50 MMM 3M CO 15.2 15.7 169 102 20 122 63 60 49 IR INGERSOLL-RAND PLC 16.9 21.3 66 17 8 25 13 12 48 RBA RITCHIE BROS AUCTIONEERS INC 12.9 15.1 33 3 0 4 2 2 48 LLL L-3 COMMUNICATIONS HLDGS INC 14.3 12.2 138 11 6 16 9 8 47 TYC TYCO INTERNATIONAL PLC 11.1 12.7 43 18 6 24 13 11 47 CTAS CINTAS CORP 13.8 16.4 95 10 2 12 6 6 47 ST SENSATA TECHNOLOGIES HLDG NV 31.6 27.2 37 6 4 10 5 5 47 ROK ROCKWELL AUTOMATION 15.8 14.4 117 15 4 19 10 9 47 PNR PENTAIR PLC 18.6 17.5 61 11 6 17 9 8 47 WBC WABCO HOLDINGS INC 16.5 13.0 106 6 1 7 4 3 46 DOOR MASONITE INTERNATIONAL CORP 4.3 11.7 70 2 1 3 2 1 46

LAST3 YR

EST +1 YR

DEBT $BIL

TOTAL FIRM $BIL

EXISTING ASSETS

$BIL

FUTURE INVEST

$BIL

% FUTURE

CREDIT SUISSE HOLT PERFORMANCE SCORECARD, U.S. INDUSTRIALS 1,000, 31 MAY 2016

Ticker Company NameI----- CFROI -----I PRICE

PER SHARE

EQUITY $BIL

AME AMETEK INC 25.6 24.0 48 11 3 14 8 6 45 KAR KAR AUCTION SERVICES INC 15.2 15.9 41 6 3 8 5 4 45 PBI PITNEY BOWES INC 22.7 24.3 19 4 3 6 4 3 44 WCN WASTE CONNECTIONS INC 8.6 9.5 68 8 2 11 6 5 44 HON HONEYWELL INTERNATIONAL INC 13.4 13.4 114 88 22 110 62 48 44 DCI DONALDSON CO INC 12.7 11.1 33 4 1 5 3 2 43 STN STANTEC INC 16.4 15.1 26 2 1 3 2 1 43 DY DYCOM INDUSTRIES INC 11.3 14.0 83 3 1 4 2 2 43 MAS MASCO CORP 12.4 14.3 33 11 5 16 9 7 43 WSO WATSCO INC 15.4 15.5 133 5 1 5 3 2 42 UNVR UNIVAR INC 12.1 11.6 19 3 4 6 4 3 42 WAB WABTEC CORP 21.9 19.2 78 7 1 8 5 3 41 COL ROCKWELL COLLINS INC 11.8 13.1 89 12 4 16 9 6 41 DOV DOVER CORP 19.7 18.4 67 10 4 14 8 6 41 EXPD EXPEDITORS INTL WASH INC 15.7 17.9 49 9 0 9 6 4 40 MSM MSC INDUSTRIAL DIRECT -CL A 19.8 17.0 75 5 0 5 3 2 40 EMR EMERSON ELECTRIC CO 16.2 13.7 52 34 11 44 27 17 39 JBHT HUNT (JB) TRANSPRT SVCS INC 12.8 13.7 82 9 1 11 6 4 39 CSL CARLISLE COS INC 14.6 19.9 104 7 1 8 5 3 38 CLC CLARCOR INC 14.0 13.5 59 3 1 4 2 1 38 CFX COLFAX CORP 15.1 12.1 27 3 3 6 4 2 38 GD GENERAL DYNAMICS CORP 18.5 21.1 143 44 12 56 35 21 38 CW CURTISS-WRIGHT CORP 11.2 11.4 84 4 1 5 3 2 37 SNA SNAP-ON INC 17.0 16.5 163 9 1 10 6 4 36 UPS UNITED PARCEL SERVICE INC 9.7 10.6 103 91 35 126 80 46 36 WWD WOODWARD INC 10.2 9.4 57 3 1 5 3 2 36 EME EMCOR GROUP INC 13.5 13.9 48 3 1 4 2 1 36 BIN PROGRESSIVE WASTE SOLUTIONS 11.1 12.3 33 4 2 5 3 2 36 ETN EATON CORP PLC 18.5 17.5 62 28 13 41 26 15 36 HII HUNTINGTON INGALLS IND INC 11.0 10.6 155 7 4 11 7 4 36 WM WASTE MANAGEMENT INC 8.5 8.5 61 27 13 40 26 14 36 UTX UNITED TECHNOLOGIES CORP 17.7 17.4 101 84 40 124 80 44 36 BECN BEACON ROOFING SUPPLY INC 11.5 15.4 43 3 1 4 3 1 35 BEAV B/E AEROSPACE INC 20.4 17.8 48 5 2 7 5 3 35 GWW GRAINGER (W W) INC 16.3 14.3 226 14 3 17 11 6 35 CR CRANE CO 14.7 12.8 57 3 2 5 3 2 35 LECO LINCOLN ELECTRIC HLDGS INC 15.3 14.0 60 4 1 5 3 2 34 CLH CLEAN HARBORS INC 8.0 4.7 51 3 3 6 4 2 34 RTN RAYTHEON CO 16.9 17.6 130 39 14 53 35 18 33 FLS FLOWSERVE CORP 17.2 13.3 48 6 2 9 6 3 33 HUBB HUBBELL INC 15.5 16.4 106 6 1 7 5 2 32 RHI ROBERT HALF INTL INC 17.7 20.3 41 5 1 6 4 2 31 DLX DELUXE CORP 23.6 25.2 65 3 1 4 3 1 31 CVA COVANTA HOLDING CORP 4.4 3.0 17 2 3 5 3 1 30

LAST3 YR

EST +1 YR

DEBT $BIL

TOTAL FIRM $BIL

EXISTING ASSETS

$BIL

FUTURE INVEST

$BIL

% FUTURE

CREDIT SUISSE HOLT PERFORMANCE SCORECARD, U.S. INDUSTRIALS 1,000, 31 MAY 2016

Ticker Company NameI----- CFROI -----I PRICE

PER SHARE

EQUITY $BIL

HXL HEXCEL CORP 9.9 8.9 44 4 1 5 4 1 29 ACM AECOM INC 11.7 17.6 32 5 6 11 8 3 28 CAE CAE INC 7.8 8.1 13 3 2 6 4 2 28 MIC MACQUARIE INFRASTRUCTURE CP 2.9 7.3 72 6 4 9 7 3 27 TDY TELEDYNE TECHNOLOGIES INC 16.3 12.3 99 3 1 5 3 1 27 VMI VALMONT INDUSTRIES INC 10.8 9.3 136 3 1 4 3 1 27 CBI CHICAGO BRIDGE & IRON CO 23.3 19.1 38 4 5 9 7 2 27 VA VIRGIN AMERICA INC 5.9 7.3 56 2 2 5 4 1 26 ITT ITT INC 9.4 7.6 36 3 2 5 4 1 24 MAN MANPOWERGROUP 14.1 14.4 79 6 2 8 6 2 24 PH PARKER-HANNIFIN CORP 13.1 11.5 114 15 6 21 16 5 24 OA ORBITAL ATK INC 9.8 8.4 88 5 3 8 6 2 23 BA BOEING CO 9.4 10.0 129 86 37 123 96 27 22 AWI ARMSTRONG WORLD INDUSTRIES 6.3 6.9 41 2 2 4 3 1 22 JEC JACOBS ENGINEERING GROUP INC 11.7 13.1 50 6 2 8 6 2 21 XPO XPO LOGISTICS INC 7.3 6.6 29 3 12 15 12 3 21 OSK OSHKOSH CORP 14.3 11.6 46 3 2 5 4 1 20 DE DEERE & CO 13.2 5.7 81 25 15 41 33 8 19 OC OWENS CORNING 5.8 7.0 51 6 3 9 7 2 19 CAT CATERPILLAR INC 10.5 6.9 72 42 23 65 53 12 19 URI UNITED RENTALS INC 15.8 15.5 68 6 9 15 12 3 18 SCTY SOLARCITY CORP -9.7 -29.7 22 2 5 7 6 1 18 ODFL OLD DOMINION FREIGHT 11.7 10.6 64 5 0 6 5 1 18 AGCO AGCO CORP 10.7 4.3 51 4 3 7 6 1 17 PCAR PACCAR INC 11.5 10.2 56 20 1 21 17 3 17 AER AERCAP HOLDINGS NV 6.8 3.3 39 8 22 30 25 5 16 FLR FLUOR CORP 13.6 10.1 53 7 2 10 8 2 16 UNF UNIFIRST CORP 9.6 7.6 116 2 0 3 2 0 16 UHAL AMERCO 7.1 8.6 373 7 3 11 9 2 15 USG USG CORP 5.0 6.3 29 4 3 7 6 1 14 KSU KANSAS CITY SOUTHERN 5.3 7.3 93 10 3 13 11 2 14 ENS ENERSYS INC 13.0 12.4 60 3 1 4 3 0 13 ESLT ELBIT SYSTEMS LTD 8.6 7.2 97 4 1 6 5 1 13 WCC WESCO INTL INC 20.9 15.3 58 2 2 4 3 1 13 ALGT ALLEGIANT TRAVEL CO 13.6 19.5 140 2 1 3 3 0 11 TEX TEREX CORP 11.8 8.4 21 2 3 5 4 1 11 AL AIR LEASE CORP 3.6 4.1 30 3 9 12 11 1 11 FDX FEDEX CORP 5.5 6.2 164 44 33 77 70 7 9 CMI CUMMINS INC 11.7 10.0 113 19 5 24 22 2 9 RBC REGAL BELOIT CORP 11.6 12.4 57 3 2 5 4 0 8 PWR QUANTA SERVICES INC 11.5 7.8 24 4 2 6 5 0 8 SPR SPIRIT AEROSYSTEMS HOLDINGS 11.4 11.8 47 6 2 8 7 1 8 SWFT SWIFT TRANSPORTATION CO 8.9 7.7 16 2 2 5 4 0 8 CNHI CNH INDUSTRIAL NV 6.6 2.8 7 10 11 21 19 2 7

LAST3 YR

EST +1 YR

DEBT $BIL

TOTAL FIRM $BIL

EXISTING ASSETS

$BIL

FUTURE INVEST

$BIL

% FUTURE

CREDIT SUISSE HOLT PERFORMANCE SCORECARD, U.S. INDUSTRIALS 1,000, 31 MAY 2016

Ticker Company NameI----- CFROI -----I PRICE

PER SHARE

EQUITY $BIL

SAVE SPIRIT AIRLINES INC 8.0 6.4 44 3 6 9 8 1 6 CAR AVIS BUDGET GROUP INC 5.3 5.1 29 3 15 18 17 1 6 CP CANADIAN PACIFIC RAILWAY LTD 6.0 7.6 130 20 8 28 27 1 5 KEX KIRBY CORP 7.0 4.5 70 4 2 6 6 0 3 HTZ HERTZ GLOBAL HOLDINGS INC 5.1 5.6 9 4 19 23 22 1 2 R RYDER SYSTEM INC 4.2 4.7 70 4 7 11 10 0 2 HA HAWAIIAN HOLDINGS INC 6.3 10.4 41 2 3 5 5 0 1 CNI CANADIAN NATIONAL RAILWAY CO 7.0 7.5 60 47 10 57 57 -0 -0 GWR GENESEE & WYOMING INC -CL A 7.5 6.4 59 3 4 7 7 -0 -0 DAL DELTA AIR LINES INC 9.1 12.7 43 33 34 67 68 -1 -1 UNP UNION PACIFIC CORP 7.1 6.6 83 70 29 99 103 -4 -4 ALK ALASKA AIR GROUP INC 8.5 10.5 67 8 4 13 13 -1 -5 RRD DONNELLEY (R R) & SONS CO 6.0 5.8 16 3 6 9 10 -1 -8 TKR TIMKEN CO 8.1 7.1 33 3 1 4 4 -0 -9 UAL UNITED CONTINENTAL HLDGS INC 5.8 8.2 45 15 35 50 55 -5 -9 TXT TEXTRON INC 8.3 7.9 38 10 6 16 18 -2 -9 AAL AMERICAN AIRLINES GROUP INC 6.2 6.6 32 19 51 70 77 -7 -10 CPA COPA HOLDINGS SA 9.1 5.5 52 2 3 5 5 -1 -11 LUV SOUTHWEST AIRLINES 6.7 10.3 42 27 13 40 46 -6 -14 CSX CSX CORP 5.9 5.1 26 25 13 38 45 -7 -19 NSC NORFOLK SOUTHERN CORP 5.1 4.5 84 25 14 38 47 -9 -23 JBLU JETBLUE AIRWAYS CORP 5.1 8.4 18 6 6 12 15 -4 -33 TRN TRINITY INDUSTRIES 17.7 7.3 18 3 1 4 6 -2 -56

WUBA 58.COM INC 7.2 -33.3 54 7 1 8 1 8 91 SHOP SHOPIFY INC -1.3 -3.5 29 2 0 3 0 2 88 CSOD CORNERSTONE ONDEMAND INC 2.2 3.4 39 2 0 2 0 2 87 N NETSUITE INC 6.7 12.3 79 6 0 7 1 6 86 MBLY MOBILEYE NV 12.8 22.2 38 8 0 9 1 7 85 PAYC PAYCOM SOFTWARE INC 26.8 26.5 41 2 0 2 0 2 85 MANH MANHATTAN ASSOCIATES INC 26.9 37.4 66 5 0 5 1 4 85 BLKB BLACKBAUD INC 41.7 38.5 62 3 0 3 1 3 84 SPLK SPLUNK INC 2.9 5.3 56 7 0 8 1 6 83 NOW SERVICENOW INC 3.5 12.2 71 11 1 12 2 10 82 CSGP COSTAR GROUP INC 16.8 18.2 207 7 1 7 1 6 82 CRM SALESFORCE.COM INC 17.1 16.1 84 57 3 60 11 49 82 IT GARTNER INC 32.5 31.6 102 8 1 10 2 8 81 WDAY WORKDAY INC 3.4 5.4 76 15 1 16 3 13 81 ULTI ULTIMATE SOFTWARE GROUP INC 14.4 15.5 204 6 0 6 1 5 81 ELLI ELLIE MAE INC 13.8 17.6 84 3 0 3 1 2 81 ZEN ZENDESK INC -11.0 2.7 24 2 0 2 0 2 81 PANW PALO ALTO NETWORKS INC 8.8 16.9 130 11 1 13 3 10 80 TYL TYLER TECHNOLOGIES INC 23.5 30.8 152 6 0 6 1 5 80 PFPT PROOFPOINT INC 1.5 5.4 57 2 1 3 1 2 79

INFORMATION TECHNOLOGY

LAST3 YR

EST +1 YR

DEBT $BIL

TOTAL FIRM $BIL

EXISTING ASSETS

$BIL

FUTURE INVEST

$BIL

% FUTURE

CREDIT SUISSE HOLT PERFORMANCE SCORECARD, U.S. INDUSTRIALS 1,000, 31 MAY 2016

Ticker Company NameI----- CFROI -----I PRICE

PER SHARE

EQUITY $BIL

MELI MERCADOLIBRE INC 24.9 18.3 135 6 0 6 1 5 79 VNTV VANTIV INC 67.4 98.7 54 10 4 14 3 11 79 FLT FLEETCOR TECHNOLOGIES INC 48.6 60.9 150 14 3 17 4 13 78 ADBE ADOBE SYSTEMS INC 12.3 21.6 100 50 3 53 12 41 77 QLIK QLIK TECHNOLOGIES INC 6.7 9.0 32 3 0 3 1 2 77 FB FACEBOOK INC 16.3 29.4 119 341 4 346 81 265 77 WB WEIBO CORP -2.0 11.7 26 5 0 5 1 4 76 AZPN ASPEN TECHNOLOGY INC 26.8 46.8 38 3 0 3 1 2 76 INTU INTUIT INC 23.5 23.3 108 28 2 29 7 22 76 GDDY GODADDY INC 12.6 17.4 33 5 2 7 2 5 76 ZG ZILLOW GROUP INC 9.1 11.8 29 5 1 6 1 4 76 OLED UNIVERSAL DISPLAY CORP 6.4 10.9 68 3 0 3 1 2 76 SSNC SS&C TECHNOLOGIES HLDGS INC 54.2 41.8 62 6 3 9 2 7 75 SQ SQUARE INC -6.9 -14.9 10 3 0 4 1 3 75 YHOO YAHOO INC 3.3 0.4 38 35 15 50 12 37 75 FISV FISERV INC 30.6 33.6 105 24 5 29 7 22 75 RHT RED HAT INC 20.7 22.1 77 14 1 15 4 11 75 MTCH MATCH GROUP INC 42.3 44.2 14 3 2 5 1 4 74 ADSK AUTODESK INC 9.5 -2.5 59 13 2 15 4 11 74 FICO FAIR ISAAC CORP 30.6 32.1 112 3 1 4 1 3 74 P PANDORA MEDIA INC 4.5 -8.5 11 3 0 3 1 2 74 MA MASTERCARD INC 46.3 45.7 97 107 5 112 30 82 73 ATVI ACTIVISION BLIZZARD INC 18.0 28.8 39 29 7 36 10 27 73 GWRE GUIDEWIRE SOFTWARE INC 6.7 6.5 59 4 0 4 1 3 73 FTNT FORTINET INC 9.3 10.3 34 6 0 6 2 4 73 ANSS ANSYS INC 28.8 23.9 89 8 0 8 2 6 72 JKHY HENRY (JACK) & ASSOCIATES 23.8 26.0 84 7 0 7 2 5 72 V VISA INC 49.4 42.7 80 194 2 196 56 140 71 CDK CDK GLOBAL INC 20.3 22.7 55 9 2 10 3 7 71 EPAM EPAM SYSTEMS INC 19.7 20.6 76 4 0 4 1 3 71 PAYX PAYCHEX INC 33.1 37.2 54 20 0 20 6 14 70 VRSN VERISIGN INC 31.7 35.2 85 9 2 11 3 8 70 PTC PTC INC 18.8 15.1 36 4 1 5 2 4 70 BAH BOOZ ALLEN HAMILTON HLDG CP 29.3 24.3 29 4 3 7 2 5 69 BABA ALIBABA GROUP HLDG 34.4 22.8 81 202 12 214 67 147 69 GPN GLOBAL PAYMENTS INC 22.0 20.0 77 10 3 13 4 9 68 ACN ACCENTURE PLC 36.0 38.8 119 74 4 78 25 53 68 MPWR MONOLITHIC POWER SYSTEMS INC 12.9 15.8 69 3 0 3 1 2 67 GIB CGI GROUP INC -CL A 37.6 36.4 46 14 3 17 6 11 67 FIS FIDELITY NATIONAL INFO SVCS 27.8 27.7 74 24 13 37 12 25 67 TXN TEXAS INSTRUMENTS INC 18.6 24.5 61 61 6 67 23 44 66 ADP AUTOMATIC DATA PROCESSING 21.8 23.5 88 41 2 43 15 28 65 SABR SABRE CORP 22.8 27.2 28 8 4 12 4 8 64 EA ELECTRONIC ARTS INC 8.9 16.9 76 23 1 25 9 16 64

LAST3 YR

EST +1 YR

DEBT $BIL

TOTAL FIRM $BIL

EXISTING ASSETS

$BIL

FUTURE INVEST

$BIL

% FUTURE

CREDIT SUISSE HOLT PERFORMANCE SCORECARD, U.S. INDUSTRIALS 1,000, 31 MAY 2016

Ticker Company NameI----- CFROI -----I PRICE

PER SHARE

EQUITY $BIL

OTEX OPEN TEXT CORP 26.1 25.0 58 7 2 9 3 6 63 UBNT UBIQUITI NETWORKS INC 28.6 27.2 40 3 0 4 1 2 63 CMPR CIMPRESS NV 17.3 18.2 100 3 1 4 2 3 63 EEFT EURONET WORLDWIDE INC 17.7 18.4 80 4 1 5 2 3 62 BIDU BAIDU INC 21.6 13.0 185 64 8 72 27 45 62 YNDX YANDEX N.V. 16.9 11.3 20 6 1 7 3 4 62 APH AMPHENOL CORP 20.5 23.3 58 18 4 22 8 14 62 TTWO TAKE-TWO INTERACTIVE SFTWR 4.3 17.5 39 3 1 4 2 2 61 WBMD WEBMD HEALTH CORP 7.9 13.9 65 2 1 3 1 2 61 AVGO BROADCOM LTD 22.5 30.9 153 64 20 84 33 51 61 FEIC FEI CO 12.6 14.4 108 4 0 5 2 3 61 CHKP CHECK POINT SOFTWARE TECHN 20.2 24.1 84 15 1 15 6 9 61 BR BROADRIDGE FINANCIAL SOLUTNS 25.7 25.4 65 8 1 9 4 5 61 JCOM J2 GLOBAL INC 34.3 45.3 67 3 1 4 2 2 60 CAVM CAVIUM INC 13.8 14.6 49 3 0 3 1 2 60 ACIW ACI WORLDWIDE INC 14.5 12.1 20 2 1 4 1 2 60 CTXS CITRIX SYSTEMS INC 21.5 22.6 86 13 2 15 6 9 60 SAIC SCIENCE APPLICATIONS INTL CP 23.3 22.7 55 2 1 4 2 2 60 CDW CDW CORP 49.4 43.4 42 7 4 10 4 6 60 CGNX COGNEX CORP 14.6 12.7 43 4 0 4 2 2 60 TRMB TRIMBLE NAVIGATION LTD 24.0 17.6 25 6 1 7 3 4 60 WEX WEX INC 20.6 15.4 92 4 2 5 2 3 59 NUAN NUANCE COMMUNICATIONS INC 26.4 37.3 17 5 2 7 3 4 59 CA CA INC 30.3 27.4 32 13 3 16 7 9 57 CACI CACI INTL INC -CL A 25.7 22.7 99 2 1 4 2 2 57 G GENPACT LTD 20.0 19.7 28 6 1 7 3 4 57 FDC FIRST DATA CORP 42.4 42.7 13 11 19 30 13 17 57 DATA TABLEAU SOFTWARE INC 9.9 11.8 50 4 0 4 2 2 57 CRTO CRITEO SA 14.9 18.0 45 3 0 3 1 2 56 LLTC LINEAR TECHNOLOGY CORP 20.2 18.0 47 11 0 11 5 6 56 NICE NICE SYSTEMS LTD 18.1 16.2 65 4 0 4 2 2 56 PYPL PAYPAL HOLDINGS INC 14.2 11.1 38 46 1 47 21 26 56 NVDA NVIDIA CORP 9.7 10.7 46 25 2 27 12 15 56 ATHM AUTOHOME INC 28.9 20.8 25 3 0 3 1 2 55 MMS MAXIMUS INC 22.8 23.7 57 4 1 4 2 2 55 ANET ARISTA NETWORKS INC 18.8 19.5 73 5 0 5 2 3 54 LNKD LINKEDIN CORP 8.6 11.2 131 18 2 19 9 10 54 MSTR MICROSTRATEGY INC 5.1 9.2 191 2 0 2 1 1 53 COMM COMMSCOPE HOLDING CO INC 23.8 22.0 31 6 6 12 6 6 52 FEYE FIREEYE INC -32.2 2.5 16 3 1 3 2 2 52 ORCL ORACLE CORP 24.6 17.2 40 167 54 220 106 115 52 ADS ALLIANCE DATA SYSTEMS CORP 32.4 27.8 215 13 6 19 9 10 52 IBM INTL BUSINESS MACHINES CORP 27.1 25.8 153 148 41 188 91 98 52 CDNS CADENCE DESIGN SYSTEMS INC 12.8 13.6 25 8 1 8 4 4 52

LAST3 YR

EST +1 YR

DEBT $BIL

TOTAL FIRM $BIL

EXISTING ASSETS

$BIL

FUTURE INVEST

$BIL

% FUTURE

CREDIT SUISSE HOLT PERFORMANCE SCORECARD, U.S. INDUSTRIALS 1,000, 31 MAY 2016

Ticker Company NameI----- CFROI -----I PRICE

PER SHARE

EQUITY $BIL

NXPI NXP SEMICONDUCTORS NV 16.9 19.5 92 32 11 42 21 22 52 KLAC KLA-TENCOR CORP 12.4 15.8 73 11 3 15 7 8 51 CLGX CORELOGIC INC 14.4 16.4 37 3 2 5 2 3 51 IAC IAC/INTERACTIVECORP 16.4 13.4 56 5 2 7 3 3 51 GOOGL ALPHABET INC 16.6 17.0 748 513 17 530 260 270 51 MSFT MICROSOFT CORP 16.1 14.5 52 412 66 478 235 243 51 FFIV F5 NETWORKS INC 30.6 34.5 109 7 0 7 4 4 51 HRS HARRIS CORP 19.1 15.2 79 10 8 18 9 9 51 NTES NETEASE INC 20.2 23.9 176 23 0 23 12 12 51 INXN INTERXION HOLDING NV 5.9 4.5 37 3 1 4 2 2 50 LDOS LEIDOS HOLDINGS INC 14.5 13.5 50 4 2 5 3 3 50 IDCC INTERDIGITAL INC 19.3 16.8 58 2 1 3 1 1 48 TSS TOTAL SYSTEM SERVICES INC 15.6 16.6 54 10 2 12 6 6 47 CTSH COGNIZANT TECH SOLUTIONS 19.3 19.6 62 38 3 40 21 19 47 VSAT VIASAT INC 3.3 4.1 70 3 1 5 2 2 47 MXIM MAXIM INTEGRATED PRODUCTS 9.8 11.4 38 11 2 12 7 6 47 AKAM AKAMAI TECHNOLOGIES INC 13.9 13.8 54 10 1 10 6 5 46 XLNX XILINX INC 13.0 10.9 47 12 2 14 7 6 46 ADI ANALOG DEVICES 11.5 11.8 58 18 2 20 11 9 45 WU WESTERN UNION CO 30.8 32.1 19 10 4 14 8 6 45 IDTI INTEGRATED DEVICE TECH INC 5.2 13.9 23 3 0 3 2 2 44 SNPS SYNOPSYS INC 16.0 16.3 52 8 1 9 5 4 44 DOX AMDOCS 14.2 14.6 58 9 1 9 5 4 44 VMW VMWARE INC -CL A 20.5 18.9 60 25 2 28 16 12 43 EBAY EBAY INC 15.0 11.3 24 28 12 39 22 17 43 SYMC SYMANTEC CORP 23.5 11.5 17 10 3 13 8 6 43 TDC TERADATA CORP 23.6 17.1 28 4 1 5 3 2 43 HPQ HP INC 15.6 12.0 13 23 11 34 20 14 42 DST DST SYSTEMS INC 7.9 10.4 121 4 1 5 3 2 42 MSI MOTOROLA SOLUTIONS INC 8.0 8.8 70 12 6 19 11 8 42 SFUN SOUFUN HLDGS LTD 25.0 1.4 5 2 1 3 2 1 41 PAY VERIFONE SYSTEMS INC 15.3 19.2 27 3 1 4 2 2 41 AMAT APPLIED MATERIALS INC 13.7 15.7 24 28 4 32 19 13 41 FLIR FLIR SYSTEMS INC 12.5 12.2 31 4 1 5 3 2 40 NCR NCR CORP 17.3 18.8 31 4 6 10 6 4 40 NTCT NETSCOUT SYSTEMS INC 18.1 14.1 24 2 0 3 2 1 40 TWTR TWITTER INC 7.3 7.0 15 11 2 13 8 5 40 NATI NATIONAL INSTRUMENTS CORP 9.2 8.4 29 4 0 4 2 1 38 IPGP IPG PHOTONICS CORP 16.7 13.4 86 5 0 5 3 2 37 DLB DOLBY LABORATORIES INC 13.8 12.9 47 5 0 5 3 2 37 SYNT SYNTEL INC 19.8 12.0 46 4 0 4 3 2 37 BDC BELDEN INC 14.2 16.8 64 3 2 5 3 2 37 QIHU QIHOO 360 TECHNOLOGY COMPANY LIMITED 20.0 20.6 74 9 3 12 8 4 36 ASMIY ASM INTERNATIONAL NV 4.6 13.4 40 2 0 3 2 1 34

LAST3 YR

EST +1 YR

DEBT $BIL

TOTAL FIRM $BIL

EXISTING ASSETS

$BIL

FUTURE INVEST

$BIL

% FUTURE

CREDIT SUISSE HOLT PERFORMANCE SCORECARD, U.S. INDUSTRIALS 1,000, 31 MAY 2016

Ticker Company NameI----- CFROI -----I PRICE

PER SHARE

EQUITY $BIL

LFUS LITTELFUSE INC 12.1 13.1 114 3 0 3 2 1 34 COHR COHERENT INC 8.1 9.3 96 2 0 2 2 1 34 XRX XEROX CORP 12.7 10.7 10 10 10 20 13 7 34 MLNX MELLANOX TECHNOLOGIES LTD 8.7 16.5 47 2 0 3 2 1 34 SWKS SKYWORKS SOLUTIONS INC 19.6 27.2 67 13 0 13 9 4 33 EMC EMC CORP/MA 16.6 14.8 28 54 10 64 43 21 33 MCHP MICROCHIP TECHNOLOGY INC 10.7 10.6 51 10 3 13 9 4 33 AAPL APPLE INC 25.2 18.0 100 550 97 646 439 207 32 CSCO CISCO SYSTEMS INC 14.0 13.0 29 146 28 174 120 55 31 LOGI LOGITECH INTERNATIONAL SA 7.4 8.1 15 2 0 3 2 1 31 BKFS BLACK KNIGHT FINANCIAL SVCS 21.3 29.7 35 2 2 4 3 1 30 ZBRA ZEBRA TECHNOLOGIES CP -CL A 23.6 27.4 53 3 3 6 4 2 29 QCOM QUALCOMM INC 21.3 13.6 55 81 14 95 68 27 28 MSCC MICROSEMI CORP 12.4 15.4 33 3 1 4 3 1 28 FIT FITBIT INC 23.6 23.1 14 3 0 3 2 1 28 TEL TE CONNECTIVITY LTD 10.3 10.7 60 21 8 30 22 8 27 ARRS ARRIS INTERNATIONAL PLC 10.1 11.8 24 5 3 7 6 2 25 CSC COMPUTER SCIENCES CORP 9.2 8.7 49 7 4 11 8 3 25 AMD ADVANCED MICRO DEVICES -0.0 -4.6 5 4 3 6 5 2 25 SYNA SYNAPTICS INC 16.0 13.9 69 3 0 3 2 1 23 LRCX LAM RESEARCH CORP 13.0 14.0 83 13 3 16 13 4 23 CY CYPRESS SEMICONDUCTOR CORP 1.9 6.6 10 3 1 4 3 1 22 CVG CONVERGYS CORP 10.3 10.6 28 3 1 4 3 1 22 YY YY INC 22.7 14.9 44 2 1 3 3 1 21 KEYS KEYSIGHT TECHNOLOGIES INC 11.3 10.0 31 5 2 7 6 1 21 SPWR SUNPOWER CORP 4.4 2.1 17 2 2 5 4 1 20 MKSI MKS INSTRUMENTS INC 8.9 9.7 41 2 0 2 2 0 20 CRUS CIRRUS LOGIC INC 16.0 19.9 36 2 0 3 2 1 20 SNX SYNNEX CORP 11.6 9.5 90 4 1 5 4 1 19 LXK LEXMARK INTL INC -CL A 9.3 7.8 38 2 2 4 3 1 19 ZNGA ZYNGA INC -3.4 -4.3 3 2 0 2 2 0 18 TER TERADYNE INC 12.6 12.1 20 4 0 4 4 1 18 RAX RACKSPACE HOSTING INC 7.9 5.9 25 3 1 4 4 1 17 QRVO QORVO INC 6.6 16.3 51 7 0 8 6 1 16 JNPR JUNIPER NETWORKS INC 9.3 10.2 23 9 3 12 10 2 16 INTC INTEL CORP 10.7 10.6 32 149 31 179 158 21 12 SINA SINA CORP 4.2 2.3 51 4 1 5 4 1 12 CIEN CIENA CORP 2.9 7.2 17 2 1 4 3 0 11 FLEX FLEXTRONICS INTERNATIONAL 9.1 11.6 12 7 4 11 10 1 9 BRCD BROCADE COMMUNICATIONS SYS 13.6 13.0 9 3 1 4 4 0 6 HPE HEWLETT PACKARD ENTERPRISE 12.4 12.1 18 33 14 47 44 3 6 MENT MENTOR GRAPHICS CORP 9.7 9.5 22 2 1 3 3 0 5 ARW ARROW ELECTRONICS INC 14.8 14.3 64 6 4 10 9 0 4 GLW CORNING INC 5.9 5.6 21 22 11 33 32 1 2

LAST3 YR

EST +1 YR

DEBT $BIL

TOTAL FIRM $BIL

EXISTING ASSETS

$BIL

FUTURE INVEST

$BIL

% FUTURE

CREDIT SUISSE HOLT PERFORMANCE SCORECARD, U.S. INDUSTRIALS 1,000, 31 MAY 2016

Ticker Company NameI----- CFROI -----I PRICE

PER SHARE

EQUITY $BIL

FCS FAIRCHILD SEMICONDUCTOR INTL 1.7 3.1 20 2 0 3 3 -0 -1 NTAP NETAPP INC 11.7 9.9 25 7 2 9 10 -0 -2 IM INGRAM MICRO INC 9.2 10.1 35 5 2 7 8 -0 -5 CREE CREE INC 5.8 2.2 24 2 0 3 3 -0 -5 ON ON SEMICONDUCTOR CORP 7.4 9.4 10 4 2 6 6 -0 -5 SATS ECHOSTAR CORP 4.2 3.1 40 4 2 6 7 -0 -8 JBL JABIL CIRCUIT INC 12.3 11.1 19 4 3 7 8 -1 -14 AVT AVNET INC 11.0 10.1 41 5 3 8 10 -1 -15 STX SEAGATE TECHNOLOGY 12.8 5.0 22 6 5 11 14 -3 -27 TECD TECH DATA CORP 9.2 9.8 75 3 1 3 4 -1 -28 MRVL MARVELL TECHNOLOGY GROUP LTD 11.3 3.8 10 5 0 5 7 -2 -36 FSLR FIRST SOLAR INC 7.2 5.5 50 5 1 6 8 -2 -36 AVX AVX CORP 2.7 2.7 14 2 0 2 3 -1 -45 WDC WESTERN DIGITAL CORP 14.9 7.5 45 10 3 14 21 -8 -56 MU MICRON TECHNOLOGY INC 9.0 2.4 12 13 9 22 37 -15 -70 BBRY BLACKBERRY LTD -9.5 -8.5 7 4 2 5 9 -4 -75

ECL ECOLAB INC 20.9 20.6 118 35 10 45 18 27 61 SHW SHERWIN-WILLIAMS CO 15.3 18.3 292 27 5 32 16 16 51 VAL VALSPAR CORP 16.3 15.9 108 8 3 11 6 6 50 BLL BALL CORP 12.8 13.1 72 10 7 18 9 9 49 ALB ALBEMARLE CORP 8.3 11.1 80 9 5 14 7 7 47 FNV FRANCO-NEVADA CORP 2.9 3.1 63 10 1 10 6 5 47 IFF INTL FLAVORS & FRAGRANCES 11.6 12.7 129 10 2 12 7 6 46 MON MONSANTO CO 14.1 11.9 109 48 12 60 32 28 46 VMC VULCAN MATERIALS CO 4.0 7.7 118 16 4 19 11 9 45 GRA GRACE (W R) & CO 9.0 6.7 78 6 3 9 5 4 45 PAH PLATFORM SPECIALTY PRODUCTS 4.9 10.2 10 2 6 8 4 3 44 AXTA AXALTA COATING SYSTEMS LTD 12.1 12.4 28 7 4 11 6 5 44 NEU NEWMARKET CORP 11.3 9.7 409 5 1 6 3 2 43 ARG AIRGAS INC 9.1 7.9 143 10 4 14 9 6 40 SXT SENSIENT TECHNOLOGIES CORP 8.8 9.1 68 3 1 4 2 1 38 BMS BEMIS CO INC 10.3 11.1 50 5 2 6 4 2 38 SEE SEALED AIR CORP 13.5 15.6 47 9 6 15 9 6 37 CMP COMPASS MINERALS INTL INC 10.6 7.2 78 3 1 4 2 1 37 RPM RPM INTERNATIONAL INC 14.5 14.9 51 7 3 10 6 4 37 AVY AVERY DENNISON CORP 9.8 11.5 75 7 2 9 6 3 37 ASH ASHLAND INC 8.4 8.0 114 8 6 14 9 5 36 WOR WORTHINGTON INDUSTRIES 7.7 8.6 37 2 1 3 2 1 36 MLM MARTIN MARIETTA MATERIALS 4.0 8.0 192 12 3 15 10 5 35 ATR APTARGROUP INC 7.9 7.7 77 5 1 6 4 2 35 SMG SCOTTS MIRACLE-GRO CO 13.2 14.4 69 4 2 7 4 2 32 APD AIR PRODUCTS & CHEMICALS INC 5.9 7.9 143 31 8 39 27 13 32 PPG PPG INDUSTRIES INC 11.1 13.0 109 29 9 38 26 12 32

MATERIALS

LAST3 YR

EST +1 YR

DEBT $BIL

TOTAL FIRM $BIL

EXISTING ASSETS

$BIL

FUTURE INVEST

$BIL

% FUTURE

CREDIT SUISSE HOLT PERFORMANCE SCORECARD, U.S. INDUSTRIALS 1,000, 31 MAY 2016

Ticker Company NameI----- CFROI -----I PRICE

PER SHARE

EQUITY $BIL

SCCO SOUTHERN COPPER CORP 10.2 5.7 27 21 6 27 18 8 32 FMC FMC CORP 9.6 9.9 48 6 3 9 7 3 30 PX PRAXAIR INC 8.9 7.5 111 32 12 44 31 13 30 BERY BERRY PLASTICS GROUP INC 13.7 12.8 39 5 7 12 8 3 30 OLN OLIN CORP 5.1 5.3 23 4 5 9 6 3 30 CF CF INDUSTRIES HOLDINGS INC 13.4 7.3 28 6 7 13 9 4 30 DD DU PONT (E I) DE NEMOURS 8.4 7.3 67 59 27 85 60 25 30 POL POLYONE CORP 10.5 11.3 38 3 2 5 3 1 29 TSE TRINSEO SA 7.2 13.9 48 2 1 4 3 1 28 AGU AGRIUM INC 10.3 8.9 91 13 7 20 14 5 27 GPK GRAPHIC PACKAGING CORP/DE 8.0 7.8 14 4 3 7 5 2 25 OI OWENS-ILLINOIS INC 9.1 8.1 19 3 7 10 7 2 25 SLGN SILGAN HOLDINGS INC 6.9 6.0 51 3 2 5 4 1 21 CCK CROWN HOLDINGS INC 9.2 10.3 52 7 7 15 12 3 21 CE CELANESE CORP 6.8 9.4 71 10 5 16 13 3 19 EXP EAGLE MATERIALS INC 5.5 5.9 79 4 1 5 4 1 19 RGLD ROYAL GOLD INC 0.7 0.4 55 4 1 4 3 1 18 DOW DOW CHEMICAL 5.6 5.8 52 59 45 104 86 18 17 SON SONOCO PRODUCTS CO 8.1 8.6 48 5 2 7 6 1 16 FUL FULLER (H. B.) CO 8.3 9.0 45 2 1 3 3 0 15 PKG PACKAGING CORP OF AMERICA 8.7 8.4 68 6 3 10 8 1 14 RS RELIANCE STEEL & ALUMINUM CO 10.3 9.2 74 5 3 8 7 1 12 SLW SILVER WHEATON CORP 5.8 3.9 18 7 1 9 8 1 9 EMN EASTMAN CHEMICAL CO 10.1 10.2 74 11 10 21 19 2 8 LPX LOUISIANA-PACIFIC CORP -1.6 3.2 18 3 1 4 3 0 7 WRK WESTROCK CO 7.5 5.0 40 10 9 20 19 1 4 LYB LYONDELLBASELL INDUSTRIES NV 15.5 15.8 81 35 14 49 47 2 4 AEM AGNICO EAGLE MINES LTD 2.2 1.8 44 10 2 11 11 0 3 NUE NUCOR CORP 5.9 6.0 48 15 5 20 20 0 1 MEOH METHANEX CORP 7.1 1.0 32 3 3 6 7 -0 -3 POT POTASH CORP SASK INC 8.7 2.7 17 14 7 21 22 -1 -4 IP INTERNATIONAL PAPER CO 5.6 4.8 42 17 21 39 40 -2 -5 MOS MOSAIC CO 6.6 2.0 26 9 6 14 15 -1 -6 STLD STEEL DYNAMICS INC 5.9 7.3 25 6 3 9 9 -0 -6 MT ARCELORMITTAL SA 0.1 0.5 5 10 34 44 48 -4 -9 HUN HUNTSMAN CORP 4.8 4.8 15 4 7 10 11 -1 -11 CBT CABOT CORP 4.6 5.2 46 3 1 4 5 -0 -11 AA ALCOA INC 4.0 2.5 9 12 20 32 37 -5 -14 TCK TECK RESOURCES LTD 2.3 -0.9 10 5 9 14 17 -2 -17 ABX BARRICK GOLD CORP 2.0 0.0 17 19 14 33 40 -6 -19 NEM NEWMONT MINING CORP 2.1 3.1 32 17 9 26 31 -6 -22 LUNMF LUNDIN MINING CORP 0.4 2.8 3 2 2 4 5 -1 -25 FCX FREEPORT-MCMORAN INC 3.5 0.5 11 14 26 40 52 -12 -29 ELD. ELDORADO GOLD CORP -9.2 -10.9 4 3 1 4 5 -2 -42

LAST3 YR

EST +1 YR

DEBT $BIL

TOTAL FIRM $BIL

EXISTING ASSETS

$BIL

FUTURE INVEST

$BIL

% FUTURE

CREDIT SUISSE HOLT PERFORMANCE SCORECARD, U.S. INDUSTRIALS 1,000, 31 MAY 2016

Ticker Company NameI----- CFROI -----I PRICE

PER SHARE

EQUITY $BIL

WLK WESTLAKE CHEMICAL CORP 12.2 8.1 44 6 2 8 11 -3 -46 TRQ TURQUOISE HILL RESOURCES LTD 2.1 -4.1 3 6 0 6 9 -3 -52 KGC KINROSS GOLD CORP -5.3 -0.0 4 5 3 8 12 -4 -54 GG GOLDCORP INC 1.2 3.8 17 14 4 18 32 -14 -77 AUY YAMANA GOLD INC -5.7 -2.7 4 4 2 6 12 -5 -80 UFS DOMTAR CORP 2.6 1.8 39 2 2 4 8 -4 -98

GSAT GLOBALSTAR INC -7.8 -13.5 2 2 1 3 1 2 68 ZAYO ZAYO GROUP HOLDINGS INC 6.8 7.9 28 7 6 13 7 6 45 SBAC SBA COMMUNICATIONS CORP 13.2 14.4 99 12 9 21 14 8 36 VIP VIMPELCOM LIMITED 11.3 8.2 4 7 8 15 12 3 21 MIICF MILLICOM INTL CELLULAR SA 14.1 15.9 60 6 5 11 9 2 21 FTR FRONTIER COMMUNICATIONS CORP 4.4 5.5 5 6 20 26 20 5 21 BCE BCE INC 5.8 5.6 46 40 24 64 54 10 16 RCI ROGERS COMMUNICATIONS -CL B 8.1 7.2 39 20 15 35 30 5 14 LVLT LEVEL 3 COMMUNICATIONS INC 4.1 4.7 54 19 17 37 33 4 10 VZ VERIZON COMMUNICATIONS INC 5.9 7.3 51 206 170 377 351 26 7 TMUS T-MOBILE US INC 2.9 4.1 43 35 47 82 81 1 1 T AT&T INC 4.5 5.5 39 240 210 450 457 -7 -2 TU TELUS CORP 5.5 5.7 32 19 12 31 32 -1 -2 S SPRINT CORP 2.5 2.0 4 15 45 60 69 -10 -17 CTL CENTURYLINK INC 5.3 4.8 27 15 30 45 56 -11 -26 USM US CELLULAR CORP -2.2 -0.2 38 3 3 6 8 -2 -36 TDS TELEPHONE & DATA SYSTEMS INC -0.8 0.5 29 3 4 7 10 -3 -48

APU AMERIGAS PARTNERS -LP 11.4 11.3 46 4 3 7 5 2 29 TE TECO ENERGY INC 3.9 4.4 28 6 5 11 8 3 27 ITC ITC HOLDINGS CORP 5.1 5.7 45 7 5 12 9 3 24 PNY PIEDMONT NATURAL GAS CO 2.3 2.7 60 5 3 8 6 2 21 SRE SEMPRA ENERGY 3.9 4.0 105 26 19 46 37 9 19 NEE NEXTERA ENERGY INC 4.6 4.6 120 55 39 94 77 17 18 VVC VECTREN CORP 4.2 3.4 49 4 3 7 6 1 16 DTE DTE ENERGY CO 4.7 3.6 90 16 13 29 25 5 16 UGI UGI CORP 9.1 8.0 43 7 6 13 11 2 15 AWK AMERICAN WATER WORKS CO INC 3.7 4.0 74 13 8 22 18 3 15 EIX EDISON INTERNATIONAL 4.8 3.9 71 23 35 58 50 8 14 CMS CMS ENERGY CORP 3.4 3.6 42 12 13 24 21 3 13 NJR NEW JERSEY RESOURCES CORP 5.3 4.6 35 3 1 4 4 1 13 WTR AQUA AMERICA INC 3.7 3.7 32 6 3 8 7 1 12 PPL PPL CORP 3.7 3.8 39 26 23 49 43 6 12 ATO ATMOS ENERGY CORP 4.6 4.8 73 7 4 12 10 1 11 MDU MDU RESOURCES GROUP INC 3.3 2.0 22 4 3 8 7 1 11 D DOMINION RESOURCES INC 4.3 4.8 72 43 32 74 66 8 11 SCG SCANA CORP 3.8 3.4 70 10 8 18 17 2 10

TELECOMMUNICATION SERVICES

UTILITIES

LAST3 YR

EST +1 YR

DEBT $BIL

TOTAL FIRM $BIL

EXISTING ASSETS

$BIL

FUTURE INVEST

$BIL

% FUTURE

CREDIT SUISSE HOLT PERFORMANCE SCORECARD, U.S. INDUSTRIALS 1,000, 31 MAY 2016

Ticker Company NameI----- CFROI -----I PRICE

PER SHARE

EQUITY $BIL

GAS AGL RESOURCES INC 3.7 3.8 66 8 7 15 13 1 9 CDUAF CANADIAN UTILITIES -CL A 4.1 3.7 28 7 9 17 15 1 8 DYN DYNEGY INC 4.6 3.6 18 2 7 10 9 1 8 POR PORTLAND GENERAL ELECTRIC CO 2.6 2.5 41 4 4 8 7 1 7 SWX SOUTHWEST GAS CORP 3.7 3.8 70 3 3 6 6 0 6 LNT ALLIANT ENERGY CORP 3.6 3.6 37 8 5 13 13 1 5 CNP CENTERPOINT ENERGY INC 6.6 6.2 23 10 10 20 19 1 4 WEC WEC ENERGY GROUP INC 3.9 3.0 60 19 14 33 32 1 4 WGL WGL HOLDINGS INC 2.4 3.2 65 3 3 6 6 0 4 HE HAWAIIAN ELECTRIC INDS 2.5 3.1 33 3 3 6 6 0 4 BKH BLACK HILLS CORP 3.9 4.1 60 3 2 5 5 0 4 ALE ALLETE INC 3.0 3.5 57 3 2 5 5 0 3 NRG NRG ENERGY INC 2.1 4.5 16 5 22 27 26 1 2 NI NISOURCE INC 2.5 2.0 24 8 10 18 17 0 1 CPN CALPINE CORP 3.4 3.0 15 5 13 18 18 0 1 PCG PG&E CORP 3.0 3.5 60 29 26 55 55 0 0 ORA ORMAT TECHNOLOGIES INC 5.4 4.3 43 2 1 3 3 -0 -0 NFG NATIONAL FUEL GAS CO 5.5 4.3 56 5 3 7 7 -0 -0 NWE NORTHWESTERN CORP 3.8 4.0 58 3 3 6 6 -0 -1 STR QUESTAR CORP 4.8 5.0 25 4 2 6 6 -0 -1 SO SOUTHERN CO 3.2 3.2 49 45 38 83 84 -1 -1 SR SPIRE INC 3.1 3.1 64 3 3 6 6 -0 -3 ED CONSOLIDATED EDISON INC 4.2 4.1 73 21 19 40 42 -2 -4 OGE OGE ENERGY CORP 3.2 3.4 30 6 3 9 10 -0 -5 AVA AVISTA CORP 3.0 3.2 40 3 2 5 5 -0 -6 ES EVERSOURCE ENERGY 3.3 3.5 55 17 13 31 33 -2 -6 PNM PNM RESOURCES INC 3.4 3.6 32 3 3 6 7 -1 -9 PEG PUBLIC SERVICE ENTRP GRP INC 4.8 4.0 45 22 14 36 40 -4 -11 FE FIRSTENERGY CORP 2.5 3.5 32 14 30 44 49 -5 -11 IDA IDACORP INC 2.9 2.9 73 4 3 6 7 -1 -12 DUK DUKE ENERGY CORP 2.9 3.0 78 54 54 107 120 -13 -12 AEP AMERICAN ELECTRIC POWER CO 2.9 3.0 64 32 25 56 63 -7 -12 WR WESTAR ENERGY INC 2.8 3.2 53 7 5 12 14 -2 -15 AEE AMEREN CORP 2.6 2.5 48 12 10 21 25 -3 -16 AES AES CORP 5.9 6.0 11 7 24 31 36 -5 -16 OGS ONE GAS INC 2.5 2.8 59 3 2 5 6 -1 -20 XEL XCEL ENERGY INC 2.4 3.0 41 21 21 42 52 -10 -24 EXC EXELON CORP 2.9 3.0 34 32 43 74 93 -19 -25 PNW PINNACLE WEST CAPITAL CORP 2.8 2.5 73 8 5 13 17 -4 -29 GXP GREAT PLAINS ENERGY INC 1.9 2.4 31 5 5 10 13 -3 -33 ETR ENTERGY CORP 3.8 3.5 76 13 19 33 45 -12 -36