03.02.2017 Secondary Announcement

Our Buy, Neutral or Avoid ratings of the Secondaries below are intended as a recommendation for those who buy Secondaries on a regular basis.  For example, this is not to be interpreted as a Buy recommendation in the traditional sense of adding to your stock portfolio; this is a short term (usually one day or opening trade) time period. Spot secondaries or block trades due to the very short duration of announcement to trading, may take longer to “work”, and should be judged accordingly. (the key is the pricing for spots and or blocks…even more so than scheduled secondaries)

Company:     Prothena Corporation
Symbol:        PRTA
Price:            Last trade $60.07
Trade Date:   3/3
Shares:         2.7 million
Re-offer=Subscription Needed
Underwriter(s) Cantor Fitzgerald & Co.
Rating=Subscription Needed

Company:      Investment Technology Group- Block
Symbol:        ITG
Price:            Last Trade $19.92
Trade Date:   3/3
Shares:     700k
Re-offer=Subscription Needed
Underwriter(s) Morgan Stanley
Rating=Subscription Needed

Company:      Regency Centers Corporation — Block
Symbol:        REG
Price:            Last trade $69.13
Trade Date:   3/3
Shares:     2.9 million
Re-offer=Subscription Needed
Underwriter(s) Barclays
Rating=Subscription Needed

Company:      Builders FirstSource, Inc.
Symbol:        BLDR
Price:            Last trade $15.15
Trade Date:   3/3
Shares:        10 million
Re-offer=Subscription Needed
Underwriter(s) Barclays
Rating=Subscription Needed

Company: Advanced Micro Devices – Block
Symbol: AMD
Price: Last Trade $13.90
Trade Date: 3/3
Shares: 45 million
Description: Re-Offer: Subscription Needed
Underwriter(s) Goldman Sachs & Co
Co-Manager:
Rating=Subscription Needed