THE MONTHLY RESEARCH CONFERENCE CALL BUILDING A MILLENNIAL GENERATION PORTFOLIO ARGUS MODERATOR. Jim Kelleher, CFA Director of Research. John M.

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1 TH MONTHLY RSARCH CONFRNC CALL BUILDING A MILLNNIAL GNRATION PORTFOLIO ARGUS MODRATOR Jim Kelleher, CFA Director of Research John M. ade Argus President Joe Bonner, CFA Senior Technology-Media & Networks Analyst Jacob Kilstein, CFA Security Analyst Jaspar Hellweg Security Analyst Wednesday, April 4, :00 a.m. T 61 Broadway NYC, N.Y Telephone: (212)

2 WHAT'S NW AT ARGUS APRIL 2018 Joseph F. Dorsey Argus mourns the passing of Joe Dorsey (8/16/27-3/30/18) Son of founder Harold Dorsey, Joe served as a US Marine Joe joined Argus in 1949 as an oil analyst First to spot importance of Middle ast Oil Broadened offerings to money management, data, Intl. Argus has thrived while many other research firms have fallen away Joe Dorsey will always be celebrated at Argus New to Coverage J.B. Hunt: Leading long haul trucking firm Laboratory Corp of America: Top-tier outsourcing solutions provider in Bio/Pharma Recent additions: Albemarle, Marvell U.S. Stock Market Technical Comment CMT Mark Arbeter analyzes recent selling "the road likely to remain rocky for a little longer" Important support shapes up around 2,533 A 3-5 day break below that level would be "concerning" Sentiment: mixed signals, with put-call inconclusive Breadth: advance-decline inconsistent with bear market Conclusion: "just a nasty corrective" within ongoing bull Mark's technical analysis report is available on the website - 2 -

3 MACRO FORCASTS RAL GDP W/FORCASTS (%) TRASURY YILD CURV (%) 8 6 Source: Bureau of conomic Analysis, Argus Research Corp. 4 Year-Ago Current 6-Month Forecast '00 '01 '02 '03 '04 ' Mo bill 2-Yr Note 5-Yr Note 10-Yr Bond 30-Yr Bond S&P 500 QUARTRLY ARNINGS GROWTH MARKT SCTOR DISTRIBUTION - PRCNT OF S&P % 80% 60% 40% 20% 0% -20% -40% '00 '01 '02 '03 '04 '05 06 '07 '08 '09 '10 '11 '12 '13 '14 '15 ' Sectors in Green are Recommended Overweight; Blue are Marketweight; Red are Underweight Telecom Basic Materials Utilities Consumer Discretionary Industrial Consumer Staples nergy Healthcare Real state Financial Services 19 Technology 0% 5% 10% 15% 20% 25% - 3 -

4 MARKT PRFORMANC DATA AS MARCH 30, 2018 MAJOR INDX SCTOR Growth Stocks (Wilshire Large Growth) Nasdaq Composite Lehman US Aggregate Bond Index Russell 2000 Value Stocks (Wilshire Large Value) S&P 500 DJIA -4% -3% -2% -1% 0% 1% 2% 3% Real state NM Technology Consumer Discretionary Health Care Financials Industrials Utilities Materials nergy Consumer Staples Telecom -9% -6% -3% 0% 3% GLOBAL QUITY MARKTS Brazil Russia China DJ World Index India US uro Zone Japan Canada Mexico UK -10% -5% 0% 5% 10% 15% - 4 -

5 WHN W BUILD A PORTFOLIO Investment Policy Statement Investment Theme stablish Goals Manage Risks Industry Diversification Vary Market Cap Sizes Dividends - 5 -

6 MILLNNIAL GNRATION STATISTICS Born Between million strong the largest cohort Not as wealthy as previous generations But sheer size generates purchasing power And they have a different set of values

7 INVSTMNT THMS ntrepreneurial Spirit FB, AMZN, TSLA volving conomy IQVA, FDX, MAN, RTN Healthier Living ILMN, MRK, INCY Modern Lifestyle QR, ACC, GRUB Popular Products AAPL, NVDA, MNST Sustainable Impact N, AWK, GOOGL - 7 -

8 ADDITIONAL STOCKS IN TH PORTFOLIO Consumer: BKNG, LULU, DIS, MNST, STZ Financial: PGR, BLK, V, PYPL, SCHW Industrial: LDOS, ITRI, JC Info Tech: PAYX, NFLX, AAPL, ACN Health: INCY, JNJ, ILMN, MRK, UNH nergy/materials: FSLR, CL - 8 -

9 DISCLAIMR The Argus trademark, service mark and logo are the intellectual property of The Argus Research Group, Inc. Investing in any security or investment strategy discussed in this presentation may not be suitable for you and it is recommended that you consult an independent investment advisor. Investments involve risk and an investor may incur either profits or losses. Past performance should not be taken as an indication or guarantee of future performance. Argus officers, employees, agents and/or affiliates may have positions in funds or stocks discussed in this presentation. The opinions and information contained herein have been obtained or derived from sources believed to be reliable, but Argus makes no representation as to their timeliness, accuracy or completeness or for their fitness for any particular purpose. Argus shall accept no liability for any loss arising from the use of this presentation or the materials contained in this presentation