Secondaries Announced 5.8.18

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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: Virtu Financial, Inc
Symbol: VIRT
Price: Last Trade $33.35
Trade Date: 5/11
Shares: 15 million
Underwriter(s): Jefferies, Morgan Stanley, Sandler O’ Neill
Co-Manager(s): BMO Capital Markets
Description: Virtu is a technology-enabled market maker and liquidity provider to the global financial markets.
Rating = Subscription Needed
Note: 6.3 million from selling stockholders

Company: PPL Corporation
Symbol: PPL
Price: Last Trade $27.45
Trade Date: 5/9
Re-offer Range:Subscription Needed
Shares: 55 million
Underwriter(s): J.P. Morgan, Barclays, Citigroup
Description: They are one of the largest companies in the U.S. utility sector.
Rating = Subscription Needed

Company: Black Knight, Inc. -BLOCK
Symbol: BKI
Price: Last Trade $50.45
Trade Date: 5/9
Re-offer Range: Subscription Needed
Shares: 13.6 million
Underwriter(s): BofA Merrill Lynch
Description: They are a leading provider of integrated software, data and analytics solutions that facilitate and automate many of the business processes across the homeownership lifecycle.
Rating = Subscription Needed
Note: Affiliates of Thomas H. Lee Partners are selling shareholders