Secondaries Announced 5.10.18

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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.

Company: James River Group Holdings – Block
Symbol: JRVR
Price: Last Trade $38.28
Trade Date: 5/11
Re-Offer Range: Subscription Needed
Shares: 3.3 million
Underwriter(s): Morgan Stanley
Description: They are a Bermuda-based insurance holding company which owns and operates a group of specialty insurance and reinsurance companies.
Rating = Subscription Needed

Company: KBR Inc – Block
Symbol: KBR
Price: Last Trade $16.94
Trade Date: 5/11
Re-Offer Range: Subscription Needed
Shares: 1.7 million
Underwriter(s): Morgan Stanley
Description: KBR, Inc. provides professional services and technologies across the asset and program life-cycle within the government services and hydrocarbons industries worldwide.
Rating = Subscription Needed

Company: Intercontinental Exchange, Inc. – Block
Symbol: ICE
Price: Last Trade $71.38
Trade Date: 5/11
Shares: 3.8 million
Re-Offer Range: Subscription Needed
Underwriter(s): Morgan Stanley
Description: Intercontinental Exchange, Inc. operates regulated exchanges, clearing houses, and listings venues for financial and commodity markets in the United States, the United Kingdom, Continental Europe, Asia, Israel, and Canada.
Rating = Subscription Needed

Company: ProPetro Holding Corp
Symbol: PUMP
Price: Last Trade $19.38
Trade Date: 5/11
Shares: 12 million
Re-Offer Range: Subscription Needed
Underwriter(s): Goldman Sachs & Co., Barclays
Description: They are an oilfield services company, provides pressure pumping and other related services.
Rating =Subscription Needed