Secondaries Announced 5.15.2017

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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: Advanced Disposal Services
Symbol: ADSW
Price: Last Trade $21.64
Trade Date: 5/18
Shares: 13.5 million
Underwriter(s) UBS Investment Bank, Deutsche Bank, Morgan Stanley, Barclays, Credit Suisse, BofA Merrill Lynch, Stifel
Co-Manager: First Analysis Securities Corporation
Rating =Subscription Needed

Company: OM Asset Management-BLOCK
Symbol: OMAM
Price: Last Trade $15.13
Trade Date: 5/16
Re-offer Range:Subscription Needed
Shares: 17.3 million
Underwriter(s) Morgan Stanley
Rating =Subscription Needed

Company: Kornit Digital
Symbol: KRNT
Price: Last Trade $22.15
Trade Date: 5/16
Re-offer Range:Subscription Needed
Shares: 4.25 million
Underwriter(s) Barclays, Citigroup
Rating =Subscription Needed

Company: Performance Food Group-BLOCK
Symbol: PFGC
Price: Last Trade $27.90
Trade Date: 5/16
Re-offer Range: Subscription Needed
Shares: 14.1 million
Underwriter(s) Goldman Sachs & Co.
Rating =Subscription Needed

Company: Air Products and Chemicals, Inc. – BLOCK
Symbol: APD
Price: Last Trade $145.08
Trade Date: 5/16
Re-offer Range:Subscription Needed
Shares: 4 million
Underwriter(s) Jefferies
Rating =Subscription Needed

Company: Evolent Health
Symbol: EVH
Price: Last Trade $24.95
Trade Date 5/16
Re-offer Range:Subscription Needed
Shares: 6 million
Underwriter(s) Morgan Stanley, J.P. Morgan, Goldman Sachs
Rating =Subscription Needed