April 5, 2011 | 8 Pages

Industry Report

LEISURE & ENTERTAINMENT

RAISING 1Q11 ESTIMATES FOR MPEL, LVS AND
WYNN; THOUGHTS ON UPCOMING GALAXY MACAU David Bain
OPENING (949) 721-6651
dbain@sterneagee.com

Based on published Macau gross gaming revenues for 1Q11,

combined with our channel checked individual company Macau market share, company specific historical flow-through analysis and
other factors, we are raising our 1Q11 estimates for MPEL (Buy, $8.49), LVS (Buy, $43.78) and WYNN (Neutral, $132.96).

Below represent our 1Q11 EBITDA estimate revisions and our new projections versus current consensus total adjusted EBITDA.

1Q11 Total Adjusted EBITDA Changes and Comparisons

(in US millions)
Former % New %
Ticker Consensus
Estimate new v. former Estimate new v. con.
MPEL 132.6 5% 139.5 12% 124.2
LVS 723.3 2% 738.4 2% 726.9
WYNN 316.4 3% 324.4 7% 302.6
Source: Sterne Agee Research Estimates

On the following page, we provide an illustrative exercise utilizing the above factors which led to a more detailed review of the
particulars in our individual forecasted Macau properties for the companies referenced.

Post 1Q11 Outlook

We continue to see potential upside for 2Q11 and forward Company specific Macau casino estimates for MPEL, LVS and WYNN,
based off potential upside to our current market projections matched with respective market share.

We believe our 26% Macau market growth estimate is conservative relative to increasing spend per visitor trends in recent quarters
matched with smaller, yet still noticeable visitation increases - especially from Mainland China - which has outpaced overall Macau
visitation from November CY10 through the most recently published statistics for February CY11.

Macau Visitation Information

Nov-10 Dec-10 Jan-11 Feb-11
Total Visitation 2,013,188 2,271,301 2,076,064 2,164,249
% yoy. 7% 12% 1% 4%
Visitation Mainland China 1,096,865 1,200,324 1,220,534 1,204,301
% yoy 8% 19% 8% 5%
% of Total 54% 53% 59% 56%
Spend per Visitor (MOP) 862.0 831.4 894.5 917.8
% yoy 33% 48% 20% 25%
Source: Sterne Agee Research Estimates

Galaxy Macau and Forward Potential Market Share Shifts

Due to our view of Macau being supply driven, we believe that the ~$2b USD Galaxy Macau’s opening on May 15th on Cotai, Macau,
could also evolve as a driver of Island gross gaming revenue upside versus our current market projections.

We view market share shifts post its opening as being less negatively impactful to Cotai properties relative to Peninsula ones due to
our belief that Cotai as a percentage of Island visitation will increase to ~35% post Galaxy’s Cotai opening from ~25% currently.

According to Macau operator and junket contacts, Macau patrons visit 2 to 3 casinos per Island trip, on average. We assume most
patrons visiting Galaxy Macau will choose to visit neighboring casinos more often than Peninsula ones.
Important Disclosures regarding Price Target Risks, Valuation Methodology, Regulation Analyst Certification, Investment
Banking, Ratings Definitions, and potential conflicts of interest begin on Page I of the Appendix Section.
800 Shades Creek Parkway Suite 700 Birmingham, AL 35209205-949-3500
Sterne, Agee & Leach Inc. is Member NYSE, FINRA, SIPC
 LEISURE & ENTERTAINMENT April 5, 2011

For LVS and MPEL, current Cotai operations account for approximately 75% and 70% of Macau property EBITDA, respectively.
MGM (Neutral, $13.26) and WYNN do not currently have casino operations on Cotai. However, we view WYNN’s Peninsula
property as possessing a more loyal VIP clientele and its overall mass operations and offering as being more unique than MGM’s. As
such, we believe WYNN will be better apt to defend against market share losses than MGM post Galaxy’s Cotai opening.

Macau Gaming Market Share %

1H11 2H11
MPEL 15.0% 14.0%
LVS 17.0% 16.0%
WYNN 14.5% 13.0%
MGM 11.0% 8.5%
Source: Sterne Agee Research Estimates

*Please see description information of Galaxy Macau opening on page 3 of this report.

Macau 1Q11 Adjusted EBITDA Estimate

(in US millions)
Jan-11 Feb-11 Mar-11 1Q11(E)
Macau Market (MOP millions) 18,571 19,863 20,009 58,443
% yoy 33% 48% 48% 43%
USD 2,320 2,481 2,499 7,300
MPEL 348 372 362 1,082
Market Share (by month) 15% 15% 15% 15%
4Q10A GGR/Prop EBITDA* 15%
Projected 1Q11 Corporate 17.5
1Q11 (E) GGR/Prop EBITDA** 15%
1Q11 Macau Property EBITDA Proj 157.0
Pot 1Q11 Adj EBITDA 139.5
*Adjusted for hold ** Co raised wages in Nov 2010
Wynn Macau 325 372 342 1,039
Market Share E (by month) 14% 15% 14% 14%
4Q10A GGR/Prop Macau EBITDA 27%
Projected 1Q11 Corporate 19.3
1Q11 (E) GGR/Macau Prop EBITDA* 26%
1Q11 Macau Property EBITDA Proj 274.8
1Q11 Projected Vegas EBITDA 68.9
Pot 1Q11 Adj EBITDA 324.4
*Co had favorable 4Q10 hold of apprx $20 m and raised wages in Jan CY11
Las Vegas Sands Macau (millions) 418 409 387 1,214
Market Share E (by month) 18% 17% 16% 17%
4Q10A GGR/Prop Macau EBITDA 29%
Projected 1Q11 Corporate 28.0
1Q11 (E) GGR/Prop Macau EBITDA* 28%
1Q11 Macau Property EBITDA Proj 333.9
1Q11 Projected Singapore EBITDA 327.6
1Q11 Projected Vegas EBITDA 93.7
1Q11 Projected PA EBITDA 18.2
Pot 1Q11 Adj EBITDA** 728.2
*Co had favorable 4Q10 hold of apprx $20 m
**Includes rental and other Asia Exp
Source: Sterne Agee Research Estimates

Additional information on Galaxy Macau

Phase One of Galaxy Macau is scheduled to open May 15, 2011. Galaxy Macau is on the Cotai side of Macau. Other Cotai properties
currently operating include LVS’ Venetian and Four Seasons and MPEL’s City of Dreams. The property will be in closest proximity
to the Venetian. Phase One is projected to offer 1,400 of eventually 2,200 rooms and suites. All rooms are projected to be open by
the end of CY11. The offering will initially offer approximately 450 tables, of which we believe 145 or so will be dedicated to VIP
gaming. Our contacts suggest there will be 10 VIP operators at the facility. It will also be host to 1,100 slot machines (initially) and
the Company plans on opening a nine-screen Cineplex before the end of the year at the property.

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 LEISURE & ENTERTAINMENT April 5, 2011

MPEL (millions, except per share data) DEC Mar 11 Jun 11 Sep 11 Dec 11 DEC Mar 12 Jun 12 Sep 12 Dec 12 DEC
FY10 Q1:11E Q2:11E Q3:11E Q4:11E FY11E Q1:12E Q2:12E Q3:12E Q4:12E FY12E
Property Net Revenue
City of Dreams 1,638.3 501.8 477.0 467.6 501.0 1,947.4 506.8 508.7 498.6 521.0 2,035.0
Altira Macau (Formerly Crown Macau) 859.7 250.1 233.5 233.6 248.7 965.9 250.3 247.3 245.1 256.0 998.8
Mocha Clubs 112.0 30.4 30.2 30.8 31.1 122.5 30.8 31.1 31.7 32.1 125.7
Peninsula Project 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Other Revenue 32.0 6.0 6.0 6.0 6.0 24.0 6.0 6.0 6.0 6.0 24.0
TOTAL NET REVENUES 2,642.0 788.3 746.7 738.0 786.8 3,059.8 793.9 793.1 781.4 815.1 3,183.5
% Seq. 98% 2% -5% -1% 7% 16% 1% 0% -1% 4% 4%
% YoY 98% 39% 30% 2% 2% 16% 1% 6% 6% 4% 4%
Property EBITDA
City of dreams 326.3 101.7 97.1 97.8 104.8 401.4 106.5 106.9 104.8 109.6 427.7
Altira Macau (Crown Macau) 133.7 46.0 42.7 42.7 45.5 176.9 45.7 45.2 44.8 46.8 182.4
Mocha Clubs 29.8 8.4 8.2 8.6 8.7 33.9 8.3 8.4 8.9 9.0 34.6
Peninsula project 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total Property EBITDA 489.8 156.0 147.9 149.2 159.0 612.2 160.5 160.4 158.4 165.3 644.6
% YoY 531% 57% -71% 1% 4% 25% 3% -8% -6% 4% 5%
Corporate expense 59.5 17.5 17.5 17.5 17.5 70.0 17.5 17.5 17.5 17.5 70.0
% of net revs. 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2%
Total adjusted EBITDA 430.4 138.5 130.4 131.7 141.5 542.2 143.0 142.9 140.9 147.8 574.6
% YoY 1043% 59% -78% 3% -6% 26% 3% -10% -7% -4% 6%
Depreciation and amortization 313.1 85.0 85.0 85.0 85.0 340.0 85.0 85.0 85.0 85.0 340.0
Stock-based compensation 6.0 2.0 2.0 2.0 2.0 8.0 2.0 2.0 2.0 2.0 8.0
EBIT 92.5 51.5 43.4 44.7 54.5 194.2 56.0 55.9 53.9 60.8 226.6
% margin 4% 7% 6% 6% 7% 6% 7% 7% 7% 7% 7%
Interest and other income (expense) (100.8) (28.0) (28.0) (27.7) (27.7) (111.6) (27.5) (27.5) (27.5) (27.5) (110.0)
INCOME BEFORE TAXES (9.6) 23.5 15.4 16.9 26.8 82.6 28.5 28.4 26.4 33.3 116.6
Income taxes 0.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Adjusted Net Income 8.2 23.5 15.4 16.9 26.8 82.6 28.5 28.4 26.4 33.3 116.6
Adjusted EPS 0.02 0.04 0.03 0.03 0.05 0.15 0.05 0.05 0.05 0.06 0.22
Diluted Shares Outstanding 535.0 535.3 535.3 535.3 535.3 535.3 535.3 535.3 535.3 535.3 535.3
Source: Company reports and Sterne, Agee & Leach, Inc. estimates.

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 LEISURE & ENTERTAINMENT April 5, 2011

LVS (millions, except per share data) DEC Mar 11 Jun 11 Se p 11 Dec 11 DEC Mar 12 Jun 12 Sep 12 Jun 12 DEC
FY10 Q1:11E Q2:11E Q3:11E Q4:11E FY11E Q1:12E Q2:12E Q3:12E Q4:12E FY12E
NET REVENUES
Total Macau 4,105.1 1,095.0 1,070.4 1,067.5 1,098.7 4,331.6 1,216.8 1,361.0 1,525.6 1,630.0 5,733.3
Las Vegas Operations 1,203.0 329.3 308.4 303.8 290.0 1,231.5 338.8 327.4 316.7 296.7 1,277.6
Sands BethWorks 302.0 90.8 93.7 92.8 85.0 362.3 91.7 94.5 93.5 85.6 365.4
Maina Bay - Singapore 1,262.7 606.6 629.9 646.8 645.1 2,528.4 639.5 670.8 686.2 677.9 2,674.4
Other - Asia (19.7) 6.4 6.4 6.4 6.4 25.6 6.4 6.4 6.4 6.4 25.6
TOTAL NET REVENUES 6,853.1 2,128.1 2,108.8 2,117.3 2,125.1 8,479.4 2,293.2 2,460.1 2,628.5 2,696.6 10,078.4
% sequential 50% 6% -1% 0% 0% 24% 8% 7% 7% 3% 19%
% yoy 50% 59% 32% 11% 5% 24% 8% 17% 24% 27% 19%
ADJUSTED PROPERTY EBITDAR
Total Macau 1,242.0 339.9 319.8 320.4 341.9 1,322.0 366.0 397.4 460.9 503.6 1,731.1
Las Vegas Operations 310.1 93.9 87.9 85.1 76.9 343.7 101.7 95.0 91.9 83.1 357.7
Sands BethWorks 59.0 18.2 18.7 18.6 17.0 72.5 18.3 18.9 18.7 17.1 73.1
Marina Bay - Singapore 641.9 327.6 340.1 349.3 348.4 1,365.3 348.5 365.6 374.0 369.5 1,457.5
Other Asia (24.4) (6.2) (6.2) (6.2) (6.2) (24.8) (6.2) (6.2) (6.2) (6.2) (24.8)
TOTAL PROPERTY EBITDAR 2,228.6 773.3 760.4 767.1 777.9 3,078.7 828.3 870.6 939.3 967.0 3,605.3
% yoy 105% 108% 61% 19% 5% 38% 7% 14% 22% 24% 17%
Rental expense 41.3 11.0 11.0 11.0 11.0 44.0 11.0 11.0 11.0 11.0 44.0
% of Revs. 0.6% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.4% 0.4% 0.4% 0.4%
Corporate expe nse 108.8 28.0 28.0 28.0 28.0 112.0 28.5 28.5 28.5 28.5 114.0
% of Revs. 1.6% 1.3% 1.3% 1.3% 1.3% 1.3% 1.2% 1.2% 1.1% 1.1% 1.1%
ADJUSTED EBITDA (prior to stock option ex) 2,078.4 734.3 721.4 728.1 738.9 2,922.7 788.8 831.1 899.8 927.5 3,447.3
% yoy 125% 117% 66% 20% 6% 41% 7% 15% 24% 26% 18%
Depreciation and amortization 695.0 186.0 186.5 186.5 187.0 746.0 186.9 188.0 188.0 189.0 751.9
% of Revs. 10.3% 8.7% 8.8% 8.8% 8.8% 8.8% 8.2% 7.6% 7.2% 7.0% 7.5%
Pre-opening expense 115.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
% of Revs. 1.7% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Deve lopment expense 0.8 2.1 2.1 2.1 2.1 8.5 2.3 2.5 2.6 2.7 10.1
% of Revs. 0.0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
Impairment and loss on disposal of assets 54.6 1.1 1.1 1.1 1.1 4.2 1.1 1.2 1.3 1.3 5.0
% of Revs. 0.8% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
Stock based compensation 31.6 6.5 6.5 6.5 6.5 26.0 6.5 6.5 6.5 6.5 27.0
% of Revs. 0.5% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.2% 0.2% 0.4%
EBIT 1,180.6 538.6 525.2 531.9 542.2 2,138.0 592.0 632.9 701.3 728.0 2,654.2
% margin 17% 25% 25% 25% 26% 25% 26% 26% 27% 27% 26%
Interest and other income (expense) (324.7) (80.0) (80.0) (80.0) (80.0) (320.0) (80.0) (80.0) (80.0) (80.0) (320.0)
INCOME BIEFORE TAXES 855.9 458.6 445.2 451.9 462.2 1,818.0 512.0 552.9 621.3 648.0 2,334.2
Benefit (provision) for income taxes (74.3) (68.8) (66.8) (67.8) (69.3) (272.7) (76.8) (82.9) (93.2) (97.2) (350.1)
tax margin 9% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15%
Noncontrolling interest 182.2 51.0 45.0 45.6 50.6 192.2 58.6 49.0 49.3 49.6 206.5
NET INCOME 599.4 338.8 333.4 338.5 342.3 1,353.0 376.6 421.0 478.8 501.2 1,777.6
Undeclared Dividends Accumulated and Other (191.9) (45.0) (45.0) (45.0) (45.0) (180.0) (45.0) (45.0) (45.0) (45.0) (180.0)
NET INCOME (Adjusted) 775.0 338.8 333.4 338.5 342.3 1,353.0 376.6 421.0 478.8 501.2 1,777.6
Adjusted EPS 0.98 0.42 0.41 0.42 0.42 1.68 0.47 0.52 0.59 0.62 2.20
Diluted Shares Outstanding 791.8 807.0 808.0 808.0 808.0 807.8 808.0 808.0 808.0 808.0 807.8
Source: Company reports and Sterne, Agee & Leach, Inc. estimates.

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WYNN (millions, except per share data) DEC Mar 11 Jun 11 Sep 11 Dec 11 DEC Mar 12 Jun 12 Sep 12 Dec 12 DEC
FY10 Q1:11E Q2:11E Q3:11E Q4:11E FY11E Q1:12E Q2:12E Q3:12E Q4:12E FY12E
Property Net Revenue
Total Las Vegas 1,296.1 328.0 326.1 345.9 346.3 1,346.2 346.9 345.6 366.3 366.4 1,425.2
% of total net revenue 31% 27% 27% 30% 29% 28% 27% 28% 29% 29% 28%
Wynn Macau 2,888.5 883.1 879.0 823.3 849.8 3,435.2 921.9 909.4 896.5 884.8 3,612.6
% of total net revenue 69% 73% 73% 70% 71% 72% 73% 72% 71% 71% 72%
TOTAL NET REVENUES 4,184.6 1,211.1 1,205.0 1,169.2 1,196.0 4,781.4 1,268.8 1,255.1 1,262.8 1,251.2 5,037.8
% yoy. 37% 33% 17% 16% -3% 14% 5% 4% 8% 5% 5%
Property EBITDA
TOTAL LAS VEGAS EBITDA 270.3 68.9 71.7 83.0 79.6 303.3 76.3 79.5 87.9 84.3 328.0
% margin 21% 21% 22% 24% 23% 23% 22% 23% 24% 23% 23%
Wynn Macau 892.7 274.8 281.3 263.5 271.9 1,090.4 295.0 291.0 291.4 287.6 1,164.9
% margin 31% 31% 32% 32% 32% 32% 32% 32% 33% 33% 32%
Total Property EBITDA 1,163.0 343.7 353.0 346.5 351.6 1,393.7 371.3 370.5 379.3 371.8 1,492.9
% yoy. 56% 42% 25% 26% -4% 20% 8% 5% 9% 6% 7%
Corporate Expense 69.5 19.3 19.5 19.7 19.7 78.2 20.0 20.0 20.0 20.0 80.0
% yoy. 51% 76% 29% 5% -20% 13% 4% 3% 2% 2% 2%
EBITDA (pre-stock option expense) 1,093.5 324.4 333.5 326.8 331.9 1,316.5 351.3 350.5 359.3 351.8 1,412.9
Depreciation and amortization 405.6 103.0 104.0 104.0 104.0 415.0 105.0 105.0 105.0 105.0 420.0
% of Net Revs. 10% 9% 9% 9% 9% 9% 8% 8% 8% 8% 8%
Stock-based compensation 27.2 6.9 6.9 6.9 6.9 27.6 6.9 6.9 6.9 6.9 27.6
EBIT 625.3 214.5 222.6 215.9 221.0 873.9 239.4 238.6 247.4 239.9 965.3
% margin 15% 18% 18% 18% 18% 18% 19% 19% 20% 19% 19%
Interest and other income (expense) (288.3) (60.9) (60.9) (60.9) (60.9) (243.4) (60.9) (60.9) (60.9) (60.9) (243.4)
INCOME BEFORE TAXES 336.9 153.6 161.8 155.0 160.1 630.5 178.6 177.8 186.5 179.1 721.9
Benefit (provision) for income taxes (11.6) 9.2 9.7 9.3 9.6 37.8 10.7 10.7 11.2 10.7 14.4
% tax margin 3% 6% 6% 6% 6% 6% 6% 6% 6% 6% 2%
Adjusted Net Income 309.1 162.8 171.5 164.3 169.7 668.3 189.3 188.4 197.7 189.8 736.3
Adjusted EPS - Consolidated (Full Macau) 2.50 0.91 0.96 0.93 0.96 3.77 1.07 1.07 1.14 1.08 4.34
Diluted Shares Outstanding 123.6 125.0 125.0 125.0 126.0 125.3 126.0 126.0 126.0 126.0 124.0

Adjusted EBITDA Post Stock Option Expense 1066.3 317.5 326.6 319.9 325.0 1,288.9 344.4 343.6 352.4 344.9 1,385.3

Source: Company reports and Sterne, Agee & Leach, Inc. estimates.

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 LEISURE & ENTERTAINMENT April 5, 2011

APPENDIX SECTION

IMPORTANT DISCLOSURES:
Price Target Risks & Related Risk Factors:
Risks to our investment theses and our price targets include, but are not limited to, a company's failure to achieve Sterne,
Agee & Leach, Inc., earnings and revenue estimates; unforeseen macroeconomic and/or industry events that adversely
affect demand for a company's products or services; product obsolescence; changes in investor sentiment regarding the
specific company or industry; intense and rapidly changing competitive pressures; the continuing development of industry
standards; the company's ability to recruit and retain competent personnel; adverse market conditions, and negative
regulatory and licensing environments. For a complete discussion of the risk factors that could affect the market price of a
company's shares, refer to the most recent Form 10-Q or 10-K that a company has filed with the Securities Exchange
Commission.
Valuation Methodology:
Methodology for assigning ratings and target prices includes qualitative and quantitative factors including an assessment
of industry size, structure, business trends and overall attractiveness; management effectiveness; competition; visibility;
financial condition; and expected total return, among other factors. These factors are subject to change depending on
overall economic conditions or industry or company-specific occurrences. Sterne, Agee & Leach, Inc., analysts in the
Leisure and Entertainment Sector base valuations on a combination of forward looking price to earnings multiples, price
to revenue multiples, and enterprise-value-to-EBITDA ratios. EBITDA is defined as earnings before interest, taxes,
depreciation, and amortization, and is used to gauge the viability of a company to service debt. Sterne, Agee & Leach,
Inc. believes this accurately reflects the absolute value of earnings, the earnings growth rate, the inherent profitability, and
adjusted balance sheet factors.
Regulation Analyst Certification:
I, David Bain, (949) 721-6651, hereby certify the views expressed in this research report accurately reflect my personal
views about the subject security(ies) or issuer(s). I further certify that no part of my compensation was, is, or will be,
directly or indirectly, related to the specific recommendations or views expressed by me in this report.

Sterne, Agee & Leach, Inc. Disclosure Legend as of April 5, 2011:

Company Applicable Disclosure
Las Vegas Sands Corp. (LVS - NYSE): 1
MGM Resorts (MGM - NYSE): 1
Melco Crown Entertainment Ltd. (MPEL - NNM): 1
Wynn Resorts Ltd. (WYNN - NNM): 1

Disclosure Legend
1. Sterne, Agee & Leach, Inc. makes a market in the shares of the subject company.
2. Sterne, Agee & Leach, Inc. has, over the past 12 months, managed or co-managed a public securities
offering or provided other investment banking services for the subject company.
3. Sterne, Agee & Leach, Inc. received compensation for products or services other than investment banking
services from the subject company in the past 12 months.
4. The Sterne Agee analyst who has active coverage on this company owns a position in the subject company.
5. Sterne, Agee & Leach, Inc. or its affiliates beneficially own 1% or more of any class of common equity
securities of the subject company.

Sterne Agee & Leach, Inc. expects to receive or intends to seek compensation for investment banking services from the
subject company in the next three months. Sterne, Agee & Leach, Inc.’s research analysts receive compensation that is
based upon various factors, including Sterne, Agee & Leach, Inc.’s total revenues, a portion of which is generated by
investment banking activities.

Appendix Section, Page I

 LEISURE & ENTERTAINMENT April 5, 2011

Definition of Investment Ratings:

BUY: We expect this stock to outperform the industry over the next 12 months.
NEUTRAL: We expect this stock to perform in line with the industry over the next 12 months.
SELL: We expect this stock to underperform the industry over the next 12 months.
RESTRICTED: Restricted list requirements preclude comment.

Ratings Distribution:
Of the securities rated by Sterne, Agee & Leach, Inc., as of March 31, 2011, 45.6% had a BUY rating, 53.9% had a
NEUTRAL rating, 0.1% had a SELL rating, and 0% was RESTRICTED. Within those ratings categories, 1.59% of the
securities rated BUY, 5.86% rated NEUTRAL, 0% rated SELL, and 0% rated RESTRICTED received investment
banking services from Sterne, Agee & Leach, Inc., within the 12 months preceding March 31, 2011.

ADDITIONAL INFORMATION AVAILABLE UPON REQUEST: Contact Robert Hoehn at 1-212-338-4731.

Other Disclosures:

Opinions expressed are our present opinions only. This material is based upon information that we consider reliable, but
we do not represent that it is accurate or complete, and it should not be relied upon as such. Sterne, Agee & Leach, Inc.,
its affiliates, or one or more of its officers, employees, or consultants may, at times, have long or short or options
positions in the securities mentioned herein and may act as principal or agent to buy or sell such securities.
Copyright © 2011 Sterne, Agee & Leach, Inc. All Rights Reserved.
Sterne, Agee & Leach, Inc. disclosure price charts are updated within the first fifteen days of each new calendar quarter
per FINRA regulations. Price charts for companies initiated upon in the current quarter, and rating and target price
changes occurring in the current quarter, will not be displayed until the following quarter.

Price Chart(s):

To receive price charts or other disclosures on the companies mentioned in this report, please contact Sterne, Agee & Leach, Inc. toll-
free at (800) 240-1438 or (205) 949-3689.

Appendix Section, Page II

 STERNE, AGEE & LEACH, INC.
Founded in 1901, Sterne Agee has been providing investors like you with high-quality investment opportunities for
over a century. During the early years, our founders prominently established themselves in the financial securities
industry in the southeastern United States. Today, we have expanded to serve all regions of the country. Sterne,
Agee is headquartered in Birmingham, Alabama with offices in 22 states. Sterne Agee is one of the largest independent firms in the
country. Sterne, Agee & Leach, Inc. is a division of Sterne Agee Group, Inc., which also includes The Trust Company of Sterne, Agee
& Leach, Inc.; Sterne Agee Asset Management, Inc.; Sterne Agee Clearing, Inc.; and Sterne Agee Financial Services, Inc.—
www.sterneagee.com
EQUITY CAPITAL MARKETS
Ryan Medo Managing Dir., Eq. Cap. Mkts. (205) 949-3623 David Lee Director, Equity Products (205) 949-3689
Robert Lake Vice President (205) 949-3624 Yan Chao Associate (205) 949-3622

INSTITUTIONAL SALES INSTITUTIONAL TRADING

Steve Pokorny Head of Institutional Sales (214) 702-4020 JT Cacciabaudo Head of Trading (212) 763-8288

EQUITY RESEARCH
Robert Hoehn Director of Research (212) 338-4731

CONSUMER FINANCIAL SERVICES (CONT.)

Apparel Retailing & Toys Mortgage Finance & Specialty Finance
Margaret Whitfield SVP, Sr. Analyst (973) 519-1019 Henry J. Coffey, Jr., CFA Mng. Dir. (615) 760-1472
Jennifer Milan VP, Sr. Analyst (212) 763-8211 Jason Weaver Analyst (615) 760-1475
Jessica Gerberi, CFA Analyst (212) 338-4784
Property/Casualty Insurance
Educational Services / Interactive Entertainment Dan Farrell Mng. Dir. (212) 338-4782
Arvind Bhatia, CFA Mng. Dir. (214) 702-4001 Nitin Chhabra Analyst (212) 338-4779
Brett Strauser Associate (214) 702-4009
GLOBAL INDUSTRIAL INFRASTRUCTURE (GII)
Footwear & Apparel ACME &Latin America
Sam Poser Mng. Dir. (212) 763-8226 Lawrence T. De Maria, CFA Director (212) 338-4704
Kenneth M. Stumphauzer, CFA Sr. Analyst (212) 763-8287 Ben Elias, CFA SVP, Sr. Analyst (212) 338-4706
Jessica Bornn Associate (212) 338-4721
Building, Power & Water Infrastructure
Leisure & Entertainment Michael J. Coleman, CFA SVP, Sr. Analyst (212) 338-4718
David Bain Mng. Dir. (949) 721-6651
Sherry Yin Associate (949) 721-6651 Engineering and Construction
Chase Jacobson VP, Sr. Analyst (212) 338-4753
Restaurants
Lynne Collier Mng. Dir. (214) 702-4045
Industrial Components
Philip May Analyst (214) 702-4004
Samuel H. Eisner VP, Analyst (212) 338-4705
ENERGY
Multi-Industry
Exploration & Production Nicholas P. Heymann Mng. Dir. (212) 338-4703
Michael J. McAllister Mng. Dir. (212) 338-4783 Paul A. Dircks, CFA Analyst (212) 338-4725
Tim Rezvan, CFA Analyst (212) 338-4736 Jordan Calabrese Associate (212) 338-4729
Oilfield Services & Equipment TECHNOLOGY
David S. Havens Mng. Dir. (212) 763-8238
Hardware, Mobile Devices, IT Supply Chain
Ryan Mueller Associate (212) 338-4732
Shaw Wu SVP, Sr. Analyst (415) 362-7431
FINANCIAL SERVICES LED Supply Chain
Asset Management Andrew Huang Mng. Dir. (415) 362-6143
Jason Weyeneth, CFA SVP, Sr. Analyst (212) 763-8293 Naghmeh Rabii Associate (415) 362-6141

Banks & Thrifts Semiconductors

Blair Brantley, CFA Analyst (800) 621-8635 Vijay Rakesh Mng. Dir. (312) 525-8431
Matthew Kelley Mng. Dir. (207) 699-5800
Mike I. Shafir SVP, Sr. Analyst (212) 763-8239 TRANSPORTATION, SERVICES & EQUIPMENT
Matthew Breese Analyst (207) 699-5800 Jeffrey A. Kauffman Mng. Dir. (212) 338-4765
Ashby W. Price Analyst (888) 477-9602 Sal Vitale VP, Analyst (212) 338-4766
Brett Rabatin, CFA SVP, Sr. Analyst (877) 457-8625 Kanchana Pinnapureddy Associate (212) 338-4767
Kenneth James Analyst (615) 760-1474
Peyton Green Mng. Dir. (877) 492-2663 ADMINISTRATION
Zachary Wollam Associate (615) 760-1468 Carlo Francisco Supervisory Analyst (914) 434-3451
Robert Franks Supervisory Analyst (973) 377-5087
Life Insurance Marianne Pence Mgr., Res. Admin. (205) 949-3618
John M. Nadel Mng. Dir. (212) 338-4717 Nathan Mitchell Editor (205) 949-3635
Dennis Zavolock Analyst (212) 338-4748 Elizabeth Koch Editor (615) 289-4122

Email Address for Sterne Agee Employees: first initial + last name@sterneagee.com (e.g., jsmith@sterneagee.com)