QUANTITATIVE STOCK REPORT | January 10, 2020 |         NYSE : LEVI  

Levi Strauss & Co.Recommendation [as of January 09, 2020]: BUYRisk Evaluation: MODERATE    Price: 18.65 (Jan 10, 2020 close)    Trading Currency: USD    Country: United States

GICS Sector: Consumer Discretionary Sector Ranking: Marketweight SPGMI's Quality Ranking: B+GICS Industry: Apparel, Accessories & Luxury GoodsBusiness Summary: Levi Strauss & Co. designs, markets, and sells jeans, casual and dress pants, tops, shorts, skirts, jackets, footwear, and related accessories formen, women, and children. The company sells its products under the Levi's, Dockers, Signature by Levi Strauss & Co., and Denizen brands; and also licenses its contd...

[as of January 09, 2020]Quantitative Model Drivers

Recommendation: BUY

Valuation

Quality

Growth

FinancialHealth

StreetSentiment

PriceMomentum

Neutral

Neutral

Posit ive

Neutral

Neutral

Neutral

 Price Performance

Risk Evaluation : MODERATEAsset/Market Size Risk Moderate

Financial Leverage Risk Low

Price Volatility Risk Moderate

Liquidity Risk Moderate

Relative Strength vs

Index

As Reported Earnings vsPrevious Year

40-Week Mov. Avg. Up Down No Change

Volume Quantitative Ranking

Below Avg. Above Avg.

Quantitative Rankings: SB = Strong Buy, H = Hold, SS = Strong SellPast performance is not an indication of future performance and should not be relied upon as such.Source: CFRA, S&P Global Market Intelligence (SPGMI)

Total Return[%CAGR] YTD 1Yr 3Yr 5Yr

NYSE:LEVI -67.4 .0 .0 .0

Peer Average -40.5 7.7 5.7 -.3

S&P 500 67.5 28.7 15.3 12.2

Model Ranking Commentary

NYSE: LEVI's BUY recommendation is based on its score from CFRA's quantitative model for the United States.

Growth and Valuation model sub-categories are the two largest drivers of NYSE: LEVI's BUY recommendation.

Growth includes factors that measure EPS growth and stability and cash flow growth and stability.

Valuation includes factors such as price to earnings, price to EBITDA, and price to cash flow.

NYSE: LEVI's overall score ranked in the 23rd percentile of all stocks in the model universe (1 = best and 100 = worst).

Dividend Data Currency: USD

5Yr Low 5Yr Hi

Indicated Rate/Share

0.15

Yield [%] .8 .8 .9

Payout Ratio[%]

NM NM NM

Payment Details

Amount[USD] Ex Div Date Record Date

PaymentDate

0.15 Oct 03 Oct 05 Oct 17, 2019

Key StatisticsMarket Cap (Mln of USD) 7,324

52-Wk Range (USD) 16.00 - 24.50

Value of USD 10K Invested 5 Yrs ago NA

Beta vs S&P 500 NA

Common Shares Outstanding(Mln) 392.72

Average Daily Volume (Mln) 0.930

Insider Ownership(%) 66.70

Compound Annual Growth RatesRevenue - %CAGR 1Yr 3Yr 5Yr

Company 6.2 8.4 4.4

Peer Average 5.7 7.3 7.4

S&P 500 4.2 6.7 3.8

Operating EPS - %CAGR

Company 25.8 8.5 24.0

Peer Average 940.0 9.3 4.8

S&P 500 -0.7 11.6 5.2

5 year P/E Ratio Comparisons [forward 12-month Diluted EPS estimates]

CurrentNYSE:LEVI 14.6

Peer Average 15.8

S&P 500 19.2

5-Year AverageNYSE:LEVI 17.4

Peer Average 20.8

S&P 500 17.4

Source: CFRA, S&P Global Market Intelligence (SPGMI)This document is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and theparticular needs of any specific person who may receive this report. Refer to important disclosures at the end of this report.

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QUANTITATIVE STOCK REPORT | January 10, 2020 |         NYSE : LEVI  

Levi Strauss & Co.Recommendation [as of January 09, 2020]: BUYRisk Evaluation: MODERATE    Price: 18.65 (Jan 10, 2020 close)    Trading Currency: USD    Country: United States

Key Profitability Ratios2014 2015 2016 2017 2018 LTM

% OperatingMargin

10.5 10.6 10.3 9.5 9.6 9.5

Peer Average 16.4 14.7 13.8 12.1 12.2 12.0

% Net Margin 2.2 4.7 6.4 5.8 5.1 6.9

Peer Average 10.2 9.3 9.2 5.4 6.6 7.4

% Return onCapital

20.1 20.7 19.1 17.4 19.2 16.3

Peer Average 19.7 16.5 15.0 12.4 12.2 10.9

% Cash Flow toSales

4.9 4.9 6.7 10.7 7.5 NA

Peer Average 11.6 10.4 12.6 12.3 11.2 NA

Key Valuation Ratios

EPS Per Share and Revenues [Millions USD, except per share]Fiscal year ends Nov 25EPS Quarterly - Actual & Estimated Q4'18 Q1'19 Q2'19 Q3'19 Q4'19E

%Yr.-Yr.Chg.

NA NA NA NA NA

%Surprise

NA - 35.1 11.9 -

No. ofAnalysts

NA NA 8 8 7

EPS Annual - Actual & Estimated 2016 2017 2018 2019E 2020E%Yr.-Yr.Chg.

38.9 -3.4 0.4 40.9 9.7

No. ofAnalysts

NA NA NA 8 8

Revenues Quarterly - Actual & Estimated Q4'18 Q1'19 Q2'19 Q3'19 Q4'19E%Yr.-Yr.Chg.

NA NA NA NA NA

No. ofAnalysts

NA NA 6 6 5

Revenues Annual - Actual & Estimated 2016 2017 2018 2019E 2020E%Yr.-Yr.Chg.

NA NA NA 3.4 8.1

No. ofAnalysts

NA NA NA 7 7

Source: S&P Global Market Intelligence Note: EPS & Revenues in graphs above may represent analyst-adjusted actuals and estimates and therefore may not match numbers in the

financial data presentation below.

Income Statement, Cash Flow and Balance Sheet Data (Millions USD, except per share) Fiscal Year Ending: Nov. 25 .

2011 2012 2013 2014 2015 2016 2017 2018

Revenue 4,762 4,610 4,682 4,754 4,494 4,553 4,904 5,575

Operating Income 336 353 466 501 476 470 467 537

Net Income 138 144 229 106 209 291 281 283

Operating Cash Flow 2 531 411 233 218 307 526 420

Capital Expenditures 131 84 92 73 105 103 119 159

Earnings Per Share 0.37 0.38 0.61 0.28 0.56 0.78 0.75 0.75

Dividends Per Share NA NA NA NA NA NA NA 0.24

Dividend Payout Ratio Nil Nil Nil Nil Nil Nil Nil 32%

Free Cash Flow Per Share -0.34 1.20 0.85 0.43 0.30 0.54 1.09 0.69

Cash and Short Term Investments 205 406 489 298 319 376 634 713

Long Term Debt 1,818 1,669 1,504 1,078 1,005 1,006 1,039 1,020

Total Debt 1,976 1,731 1,556 1,221 1,165 1,061 1,077 1,052

Common Equity -166 -107 172 153 330 510 697 660

Note: Data may be restated; before results of discontinued operations/special items. Per share data adjusted for stock dividends as of ex-dividend date.

NA = Not Available. NM = Not Meaningful.

Source: S&P Global Market Intelligence (SPGMI)

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QUANTITATIVE STOCK REPORT | January 10, 2020 |         NYSE : LEVI  

Levi Strauss & Co.Recommendation [as of January 09, 2020]: BUYRisk Evaluation: MODERATE    Price: 18.65 (Jan 10, 2020 close)    Trading Currency: USD    Country: United States

Peer Group Comparison

Peer Group Stock SymbolStk.Mkt.Cap

(Mln USD) Beta

RecentStock

Price[USD]52 Week

Low/High[USD]DividendYield[%] Fwrd P/E

P/BRatio Ranking 1

Return OnRevenue[%]

Return OnEquity[%]

LTD toCap[%]

Levi Strauss &Co.

NYSE:LEVI 7,324.16 NA 18.65 16.12/23.97 .8 17.6 5.0 Buy 6.9 37.6 40.2

Capri HoldingsLimited

NYSE:CPRI 5,434.62 0.88 35.84 25.57/49.83 Nil 7.3 2.3 6.1 14.7 51.0

ColumbiaSportswearCompany

NasdaqGS:COLM 6,591.89 0.65 97.62 82.62/107.47 1 20.4 3.8 11.0 19.3 16.8

G-III ApparelGroup, Ltd.

NasdaqGS:GIII 1,479.24 1.61 30.93 18.84/43.63 Nil 9.9 1.2 Hold 4.5 11.7 41.3

Hanesbrands Inc. NYSE:HBI 5,005.89 1.14 13.84 13.11/19.14 4.3 7.8 4.1 8.3 55.5 68.8

Kontoor Brands,Inc.

NYSE:KTB 2,327.32 NA 40.87 26.13/42.79 5.5 10.8 41.9 Strong Sell 4.6 - 90.9

LululemonAthletica Inc.

NasdaqGS:LULU 30,598.46 0.69 234.84 139.73/237.27 Nil 48.9 18.6 15.1 37.1 24.1

PVH Corp. NYSE:PVH 7,330.85 1.52 100.48 69.01/132.71 .1 10.6 1.2 6.6 11.0 38.7

Ralph LaurenCorporation

NYSE:RL 8,801.75 0.94 117.96 83.63/132.09 2.3 15.2 3.0 7.1 14.1 39.1

Tapestry, Inc. NYSE:TPR 7,568.91 1.03 27.43 19.45/39.31 4.9 10.9 2.5 9.0 16.9 51.1

Under Armour,Inc.

NYSE:UAA 8,469.62 0.61 19.77 16.99/27.51 Nil 42.1 4.1 2.1 5.4 34.2

Quantitative Rankings : Strong Buy , Buy , Hold , Sell , Strong Sell ; Qualitative Rankings(STARS) : 5 = Strong Buy , 4 = Buy , 3 = Hold , 2 = Sell , 1 = Strong Sell1

Rankings are not predictive of future performance. For full definitions of Rankings, see the glossary section of this report.

Note: Peer Group selection is performed using CFRA's proprietary peer ranking system. Peers are selected based on factors such as similarity of analyst coverage, industry, size, and region. The subjectcompany is ranked against a universe of companies ( the "Universe") which has been compiled by CFRA and consists of a list of companies with similar characteristics, but may not include all the companieswithin the same industry and/or that engage in the same line of business. The subject company and some of the companies in the Peer Group may be ranked by two different ranking systems. For the purposeof the overall ranking/recommendation, the subject company is ranked against all the companies in the Universe and not necessarily against the companies listed in the Peer Group.

Wall Street Consensus Estimates

Estimates 2018 2019 2020

Fiscal Years Avg Est. High Est Low Est. # of Est. Est. P/E2020 1.16 1.20 1.10 8 16.02019 1.06 1.08 1.00 8 17.62020 vs. 2019 9% 11% 10% 0% -9%

Source: S&P Global Market Intelligence (SPGMI)

Forecasts are not reliable indicator of future performance.Note: A company's earnings outlook plays a major part in any investment decision. S&P Global Market Intelligence organizes theearnings estimates of over 2,300 Wall Street analysts, and provides their consensus of earnings over the next two years, as wellas how those earnings estimates have changed over time. Note that the information provided in relation to consensusestimates is not intended to predict actual results and should not be taken as a reliable indicator of future performance.

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QUANTITATIVE STOCK REPORT | January 10, 2020 |         NYSE : LEVI  

Levi Strauss & Co.Recommendation [as of January 09, 2020]: BUYRisk Evaluation: MODERATE    Price: 18.65 (Jan 10, 2020 close)    Trading Currency: USD    Country: United States

Business SummaryLevi Strauss & Co. designs, markets, and sells jeans, casual and dress pants, tops, shorts, skirts, jackets, footwear,and related accessories for men, women, and children. The company sells its products under the Levi's, Dockers,Signature by Levi Strauss & Co., and Denizen brands; and also licenses its Levi's and Dockers trademarks for variousproduct categories, including footwear, belts, wallets and bags, outerwear, sweaters, dress shirts, kids wear,sleepwear, and hosiery. Levi Strauss & Co. sells its products in approximately 110 countries through a network ofchain retailers, department stores, specialty retailers, franchised or other brand-dedicated stores, andshop-in-shops, as well as e-commerce sites. The company operates approximately 3,000 retail stores andshop-in-shops. Levi Strauss & Co. was founded in 1853 and is headquartered in San Francisco, California.

Key DevelopmentsMar-10-2020 Company Conference

PresentationsLevi Strauss & Co. Presents at ETail Germany 2020, Mar-10-2020 08:50 AM

Feb-24-2020 Company ConferencePresentations

Levi Strauss & Co. Presents at The eCommerce & Omnichannel Conference,Feb-24-2020 08:55 AM

Dec-03-2019 M&A TransactionClosings

Levi Strauss & Co. (NYSE:LEVI) completed the acquisition of additional 14.1%stake in Levi Strauss Japan Kabushiki Kaisha (JASDAQ:9836) for ¥1.3billion.

Oct-11-2019 M&A TransactionAnnouncements

Levi Strauss & Co. (NYSE:LEVI) made an offer to acquire remaining 16.3%stake in Levi Strauss Japan Kabushiki Kaisha (JASDAQ:9836) for ¥1.5billion.

Oct-08-2019 Earnings Calls Levi Strauss & Co., Q3 2019 Earnings Call, Oct 08, 2019

Oct-08-2019 Announcements ofEarnings

Levi Strauss & Co. Reports Earnings Results for the Third Quarter EndedAugust 25, 2019

Oct-08-2019 Earnings Release Date Levi Strauss & Co. to Report Q3, 2019 Results on Oct 08, 2019

Sep-17-2019 End of Lock-Up Period Certain Class B Common Stock of Levi Strauss & Co. are subject to a Lock-UpAgreement Ending on 17-SEP-2019.

Sep-17-2019 End of Lock-Up Period Certain Restricted Stock Units of Levi Strauss & Co. are subject to a Lock-UpAgreement Ending on 17-SEP-2019.

Sep-04-2019 Company ConferencePresentations

Levi Strauss & Co. Presents at Goldman Sachs 2019 Global RetailingConference, Sep-04-2019 03:55 PM

Sep-03-2019 M&A TransactionAnnouncements

Levi Strauss & Co. (NYSE:LEVI) entered into an asset purchase agreement toacquire all operating assets related to the Leviâs and Dockers brands fromThe Jeans Company for $50 million.

Jul-10-2019 Annual GeneralMeeting

Levi Strauss & Co., Annual General Meeting, Jul 10, 2019

Jul-09-2019 Earnings Calls Levi Strauss & Co., Q2 2019 Earnings Call, Jul 09, 2019

Jul-09-2019 Earnings Release Date Levi Strauss & Co. to Report Q2, 2019 Results on Jul 09, 2019

Jul-09-2019 Announcements ofEarnings

Levi Strauss & Co. Reports Unaudited Consolidated Earnings Results for theSecond Quarter and Six Months Ended May 28, 2019

Jun-24-2019 Index ConstituentAdds

Levi Strauss & Co.(NYSE:LEVI) added to S&P TMI Index

May-14-2019 Company ConferencePresentations

Levi Strauss & Co. Presents at Gartner Supply Chain Executive Conference2019, May-14-2019 10:30 AM

Corporate InformationInvestor ContactA. Orphan ( 415-501-6000 )

Office1155 Battery StreetSan FranciscoCalifornia94111United StatesSan Francisco , California 94111United States

Telephone415-501-6000

Web Sitewww.levistrauss.com

Key OfficersExecutive VP and President of Product, Innovation &Supply ChainE. T. O'NeillSenior Vice President of Finance AmericasH. L. ManesGlobal Head of Men's DesignW. MacWilliamSenior Director of Corporate AffairsA. McCaslandHead of Design Brand and Senior Vice PresidentJ. CheungSenior Vice President of Finance - EuropeW. W. WebsterSenior VP & Global ControllerG. S. BrockettGlobal Chief Marketing Officer & Senior VPJ. SeyExecutive VP & General CounselS. R. JaffePresident, CEO & DirectorC. V. BerghChief Communications Officer & Senior VP of CorporateAffairsK. McGinnisManaging Director of Greater ChinaJ. A. YangSenior VP and Chief Strategy & Artificial IntelligenceOfficerK. WalshSenior Vice President of Global Merchandise Planning &Inventory ManagementM. GoonetilekeSenior Vice President of Product Development &SourcingA. MadisonSenior VP & Chief Information OfficerC. ClarkSenior Director of Investor Relations & RiskManagementA. OrphanManaging Director of South Asia, Middle East & NorthAfricaS. MohantyExecutive VP and President of Levi Strauss Asia, MiddleEast & AfricaD. S. LoveExecutive VP & President of EuropeS. M. EllisonExecutive VP & President of Direct-to-ConsumerM. N. RosenExecutive VP & President of Levi Strauss AmericasR. E. BagattiniCorporate SecretaryN. T. DudleySenior Vice President & Chief Product Officer

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 GlossaryQuantitative Model Overall Recommendation anddrivers of the recommendationCFRAs global quantitative stock reports provide a5-tier recommendation assigning a Strong Buy, Buy,Hold, Sell, or Strong Sell recommendation based on aseries of quantitative inputs from four separateregional models:

United States

Canada

Developed Europe

Developed Asia excluding Japan

Each of these regional models is based on between 25and 40 different investment factors (financial ratios),selected from S&P Global Market Intelligence's AlphaFactor Library.

To provide its recommendation, CFRA ranks a universeof common stocks based on 5 measures or modelcategories: Valuation, Quality, Growth, StreetSentiment, and Price Momentum. In the U.S., a sixthsub-category for Financial Health will also bedisplayed.

Within these categories, factors are chosen based ontheir historical predictive strength (alpha) within theregion and their correlation with other factors. Eachregional model contains two separate sub-models; onethat uses factors specific to financial companies andone that focuses on non-financial companies. Due tothe large number of banks in the U.S., the U.S. modelalso has a third sub-model specifically for banks.

Each company within a region is grouped with auniverse of stocks and receives a score on each of thefive (or six in the U.S.) model categories. Percentilescores are used to compare each company to all othercompanies in the same universe for each modelcategory. The five (six) model category scores are thenweighted and rolled up into a single percentile rankingfor that company. Rankings are then assignedinvestment labels, as follows:

Strong Buy: top 10% by model scoreBuy: next 20%Hold: next 40%Sell: next 20%Strong Sell: bottom 10%

Risk EvaluationRisk Evaluation is a relative ranking, which representsan assessment of the risk of investing in a company'sstock relative to the risk of investing in othercompanies' stocks in the same universe. To performthis assessment the following risk categories areevaluated:

Asset/Market Size RiskFinancial Leverage RiskPrice Volatility RiskLiquidity Risk

Each company's stock is percentile ranked from 1 to100 against the other companies within the universeon each of the four risk categories mentioned above,with 1 being low risk and 100 being

high risk. The overall risk evaluation represents thecombined scores on these Risk categories, calculatedas an equal-weighted average of percentile ranks ofthe 4 risk categories. The highest 40% of companies ineach universe receive a high risk ranking, the next 35%receive a moderate risk ranking and, the lowest 25%receive a low risk ranking.

All investments carry some sort of risk and a low riskranking represents a relative ranking of CFRA'sassessment of the risk of investing in a company'sstock versus the risk of investing in other companiesthat are part of that company's universe. Therefore, alow risk ranking should not be interpreted as anabsolute risk evaluation, but as a relative measurementof the risk of investing in a company's stock.

Sector RankingCFRA's Investment Policy Committee (IPC) consists ofa team of five seasoned investment professionals. Itmeets weekly to discuss market trends andprojections, maintain an S&P 500 12-month forwardprice target, and make asset allocation/sectorrecommendations. The IPC establishes over, market,and underweight recommendations on the 10 sectorswithin the S&P 500. Overweight and underweightrecommendations imply that the group expects thesesectors to outperform or underperform the S&P 500during the coming six-to-12 month period,respectively. A "marketweight" recommendationindicates that the sector is expected to be a marketperformer during this same timeframe. The IPCanalyses economic projections, fundamental forecasts,technical considerations, and historical precedentwhen making such recommendations. Changes inrecommendations can be made more frequently thanevery six-12 months as market conditions evolve.Sector rankings will only be made available for sectorsin the S&P 500. If a ranking is not available, the valuewill be N/A.

Qualitative STARS Ranking system and definition: 5-STARS (Strong Buy):

Total return is expected to outperform the total returnof a relevant benchmark, by a wide margin over thecoming 12 months, with shares rising in price on anabsolute basis.

4-STARS (Buy):Total return is expected to outperform the total returnof a relevant benchmark over the coming 12 months,with shares rising in price on an absolute basis.

3-STARS (Hold):Total return is expected to closely approximate thetotal return of a relevant benchmark over the coming12 months, with shares generally rising in price on anabsolute basis.

2-STARS (Sell):Total return is expected to underperform the totalreturn of a relevant benchmark over the coming 12months, and the share price not anticipated to show again.

1-STAR (Strong Sell):Total return is expected to underperform the totalreturn of a relevant benchmark by a wide margin overthe coming 12 months, with shares falling in price onan absolute basis.

S&P Global Market Intelligence's Quality Ranking(also known as S&P Global Market Intelligence'sEarnings & Dividend Rankings)- Growth and stability ofearnings and dividends are deemed key elements inestablishing S&P Global Market Intelligence's earningsand dividend rankings for common stocks, which aredesigned to capsulize the nature of this record in asingle symbol. It should be noted, however, that theprocess also takes into consideration certainadjustments and modifications deemed desirable inestablishing such rankings. The final score for eachstock is measured against a scoring matrix determinedby analysis of the scores of a large and representativesample of stocks. The range of scores in the array ofthis sample has been aligned with the following ladderof rankings:A+ Highest B Below AverageA High B- LowerA- Above Average C LowestB+ Average D In ReorganizationNR Not Ranked

S&P Capital IQ Consensus EstimatesS&P Capital IQ Consensus Estimates represent theaggregation of individual estimates provided byanalysts that are covering a public company. Aconsensus number can be provided as either the meanor the median. The size of the company and theamount of analyst coverage will determine the size ofthe group from which the Consensus is derived. All ofthe available analysts' estimates may not necessarilybe included in the Consensus. The Consensus will onlyinclude analysts' estimates that are based on the samemethodology. Consensus Mean: The mathematicalaverage of the detailed estimates after the appropriateexclusions have been applied. Consensus Median: Thisrepresents the midpoint of the range of estimates thatare ranked from highest to lowest after the appropriateexclusions have been applied. If the number ofestimates is even, then the average of the middle twofigures is the median.

Global Industry Classification Standard (GICS)An industry classification standard, developed byStandard and Poor's in collaboration with MorganStanley Capital International (MSCI). Under the GICSstructure, companies are classified in one of 154sub-industries, which are grouped into 68 industries,24 industry groups, and 10 economic sectors(consumer discretionary, consumer staples, energy,financials, health care, industrials, informationtechnology, materials, telecom services, and utilities).This four-tier structure accommodates companiesacross the world and facilitates sector analysis andinvesting.

 GlossaryPeer GroupA subset of a universe that groups companies byspecific criteria, such as industry/across industry, linesof business, geography (local, regional, national, andinternational), size of business (e. g. in terms ofrevenue), performance criteria, etc.

UniverseA set of companies that shares a common featuresuch as the same market capitalization, industry orindex.

BetaBeta is a measurement of the sensitivity of acompany's stock price to the overall fluctuation of agiven benchmark index. The beta values used in thisreport are levered, unadjusted and derived from a leastsquares regression analysis using stock andbenchmark index returns based on a monthlyfrequency. Beta is calculated using 60 monthly returns(each as of month end) but if the company's tradinghistory is too short to provide such a sample, fewerthan 60 but not fewer than 24 monthly returns areused to run the regression. Beta in this report uses fivedifferent benchmark indices to better estimate astock's volatility against a respective market: the S&P500 for all US stocks, the S&P/TSX index for allCanadian stocks, the S&P Europe 350 for all Europeanstocks, the S&P/ASX 200 index for all Australianstocks, and the S&P Global 1200 for all otherinternational stocks.

Free Cash Flow (FCF)Operating Cash Flow minus Capital Expenditures overthe past 12 months

Funds from Operations (FFO)Funds from Operations (FFO) represents a REIT's netincome, excluding gains or losses from sales ofproperty, plus real estate depreciation.

Not Meaningful (NM)Value is available but it is not meaningful. Examples arecertain negative ratios such as P/E, as well as certainratios that are over +/- 100%

Not Available (NA)Value is not available for this data item

Return on CapitalEBIT / (Total Equity + Total Debt + Deferred Tax LiabilityNon Current + Deferred Tax Liability Current) Notes:(1) If the denominator is less than or equal to zero thenthe ratio will be shown as NM(2) If the return is less than (300%) then the value willbe shown as NM

Return on EquityEarnings From Continuing Operations / ((TotalEquity(t) + Total Equity (t-1)) / 2) Notes:(1) If both periods of data (t and t-1) are not availablethen the ratio will be shown as NM(2) If the denominator is less than or equal to zero thenthe ratio will be shown as NM

Relative Strength vs IndexRelative Strength vs Index measures the stockperformance of the company verse all other stocks inthe benchmark index each week. Weekly readings areaccumulated to form the cumulative Relative Strengthline.

Relevant benchmarks:Region Country Index

US US S&P 500 Index

Canada Canada S&P/TSX Composite Index

Europe All S&P Europe 350 Index

Asia ex Japan Australia S&P/ASX 200 Index

Asia ex JapanAll exceptAustralia

S&P Global 1200

Abbreviations used in CFRA Equity Research ReportsCAGR Compound Annual Growth Rate

EBIT Earnings Before Interest and Taxes

EBITDAEarnings Before Interest Taxes Depreciation andAmortization

EPS Earnings Per Share

EV Enterprise Value

FCF Free Cash Flow

FFO Funds from Operations

LTD Long Term Debt

NM Not Meaningful (see definition above)

P/E Price/Earnings

Dividends on American Depository Receipts (ADRs)and American Depository Shares (ADSs) are net oftaxes (paid in the country of origin).

 DisclosuresS&P GLOBAL is used under license. The owner of this trademarks is S&P Global Inc.or its affiliate, which are not affiliated with CFRA Research or the author of thiscontent.

Stocks are ranked in accordance with the following ranking methodologies:

STARS Stock Reports:Qualitative STARS recommendations are determined and assigned by equityanalysts. For reports containing STARS recommendations refer to the Glossarysection of the report for detailed methodology and the definition of STARS rankings.

Quantitative Stock Reports:Quantitative recommendations are determined by ranking a universe of commonstocks based on 5 measures or model categories: Valuation, Quality, Growth, StreetSentiment, and Price Momentum. In the U.S., a sixth sub-category for FinancialHealth will also be displayed. Percentile scores are used to compare each companyto all other companies in the same universe for each model category. The five (six)model category scores are then weighted and rolled up into a single percentileranking for that company. For reports containing quantitative recommendationsrefer to the Glossary section of the report for detailed methodology and thedefinition of Quantitative rankings.

STARS Stock Reports and Quantitative Stock Reports:The methodologies used in STARS Stock Reports and Quantitative Stock Reports(collectively, the "Research Reports") reflect different criteria, assumptions andanalytical methods and may have differing recommendations. The methodologiesand data used to generate the different types of Research Reports are believed bythe author and distributor reasonable and appropriate. Generally, CFRA does notgenerate reports with different ranking methodologies for the same issuer.However, in the event that different methodologies or data are used on the analysisof an issuer, the methodologies may lead to different views or recommendations onthe issuer, which may at times result in contradicting assessments of an issuer.CFRA reserves the right to alter, replace or vary models, methodologies orassumptions from time to time and without notice to clients.

Analyst CertificationSTARS Stock Reports are prepared by the equity research analysts of CFRA itsaffiliates and subsidiaries. Quantitative Stock Reports are prepared by CFRA. All ofthe views expressed in STARS Stock Reports accurately reflect the researchanalyst's personal views regarding any and all of the subject securities or issuers;all of the views expressed in the Quantitative Stock Reports accurately reflect theoutput of CFRA's algorithms and programs. Analysts generally update STARS StockReports at least four times each year. Quantitative Stock Reports are generallyupdated weekly. No part of analyst, CFRA, CFRA affiliate, or CFRA subsidiarycompensation was, is, or will be directly or indirectly related to the specificrecommendations or views expressed in any Stock Report.

About CFRA Equity Research's Distributors:This Research Report is published and originally distributed by AccountingResearch & Analytics, LLC d/b/a CFRA ("CFRA US"), with the following exceptions: Inthe UK/EU/EEA, it is published and originally distributed by CFRA UK Limited, ("CFRAUK"), which is regulated by the Financial Conduct Authority (No. 775151), and inMalaysia by CFRA MY Sdn Bhd (Company No. 683377-A) (formerly known asStandard & Poor's Malaysia Sdn Bhd) ("CFRA Malaysia"), which is regulated bySecurities Commission Malaysia, (No. CMSL/A0181/2007) under license from CFRAUS. These parties and their subsidiaries maintain no responsibility for reportsredistributed by third parties such as brokers or financial advisors.

 General DisclosureNotice to all jurisdictions:Where Research Reports are made available in alanguage other than English and in the case ofinconsistencies between the English and translatedversions of a Research Report, the English version willcontrol and supersede any ambiguities associated withany part or section of a Research Report that has beenissued in a foreign language. Neither CFRA nor itsaffiliates guarantee the accuracy of the translation.

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