Research Disclosures

Analyst Certification
The Hilliard Lyons research analyst(s) named on the front page of a research report certifies that the views expressed in the report accurately reflect their personal views about the subject. They also certify that they have not been, are not, and will not be receiving direct or indirect compensation in exchange for expressing the specific points of view in this report.

Important Disclosures
Hilliard Lyons’ analysts or members of their households typically have positions in the companies they follow, which may include, but are not limited to, common stock, options, rights, warrants, or futures contracts. They may not engage in buying or selling securities contrary to their recommendation.
 

Hilliard Lyons' analysts receive bonus compensation based on Hilliard Lyons' profitability. They do not receive direct payments from investment banking activity.

Investment Ratings
Buy: We believe the stock has significant total return potential (over 20%) in the coming 12 months.
Long-term Buy: We believe the stock is an above average holding in its sector, and expect solid total returns to be realized over a longer time frame than our Buy rated issues.
Neutral: We believe the stock is an average holding in its sector, is currently fairly valued, and may be used as a source of funds if better opportunities arise.
Underperform: We believe the stock is vulnerable to a price decline in the next 12 months.

Suitability Ratings

1. A large cap, core holding with a solid history
2. A historically secure company which could be cyclical, has a shorter history than a “1” or is subject to event-driven setbacks.
3. An above average risk/reward ratio could be due to small size, lack of product diversity, sporadic earnings or high leverage.
4. Speculative, due to small size, inconsistent profitability, erratic revenue, volatility, low trading volume or a narrow customer or product base.

Price Charts
In accordance with FINRA Rule 2711, Hilliard Lyons has made available price charts which depict our stock recommendations and price targets over the most recent three year period for each subject company under coverage which has been assigned a rating for more than one year.

To view a price chart of a particular stock, please click here.

The following are/were a client of Hilliard Lyons in the past 12 months, received non-investment banking securities-related services and Hilliard Lyons received compensation for those services:

• American Electric Power
• Ashland, Inc.
• BellSouth (acquired by AT&T Inc.)
• Comerica
• Community Trust Bancorp
• First Financial Bancorp
• Integra Bank Corp.
• Progress Energy
• Res-Care
• SY Bancorp
• Tower Financial
• Vectren
• US Bancorp

Hilliard Lyons acted as a manager or co-manager of an offering of securities of the following in the past 12 months:

• Investors Real Estate Trust
• York Water Company

Hilliard Lyons has participated as an underwriter of an offering of securities of the following in the past 12 months:

• BB&T Corp.
• Dominion Resources
• JPMorgan Chase
• Weingarten Realty Investors

Hilliard Lyons has participated in a selling group for an offering of securities of the following in the past 12 months:

Hilliard Lyons received investment banking compensation from the following in the past 12 months:

• BB&T Corp.
• Dominion Resources
• Investors Real Estate Trust
• JPMorgan Chase
• Weingarten Realty Investors
• York Water Company

Hilliard Lyons expects to receive investment banking compensation from the following in the coming 3 months:

Hilliard Lyons and/or related persons may be deemed a director and an affiliate of:

• Republic Bancorp

Gladstone Commercial Corporation (GOOD) and Gladstone Investment Corporation (GAIN) share the same board and management.

As of August 6, 2010, Hilliard Lyons’ customers owned at least 5% of the outstanding common stock of:

• Community Trust Bancorp
• Delta Natural Gas
• Gladstone Commercial Corp.
• Gladstone Investment Corp.
• Indiana Community Bancorp
• Integra Bank Corp.
• MHI Hospitality Corp.
• National Health Investors
• SY Bancorp
• Streamline Health Solutions
• Summit State Bank

As of August 6, 2010, Hilliard Lyons and/or its affiliates beneficially owned 1% or more of the common stock of:

• South Jersey Industries

J.J.B. Hilliard, W.L. Lyons, LLC (Hilliard Lyons) Research Department and Unit Investment Trust Department (UIT) assisted First Trust Portfolios LP (sponsor of First Trust Consumer Discretionary AlphaDEX Fund, First Trust ISE Global Engineering and Construction Index Fund, First Trust Amex Biotechnology Index Fund, and First Trust Healthcare AlphaDEX ETF) in the development of Hilliard Lyons proprietary Unit Investment Trusts (UITs).

Hilliard Lyons leases office space in a Simon Property Group joint venture lifestyle center.

For a discussion of valuation method and risks to target price, please see our stand-alone research reports, call us at 800-444-1854 ext. 8875, or send a request via e-mail to RsLib@hilliard.com

Other Disclosures
Opinions expressed are subject to change without notice and do not take into account the particular investment objectives, financial situation or needs of individual investors. Employees of J.J.B. Hilliard, W.L. Lyons, LLC or its affiliates may, at times, release written or oral commentary, technical analysis or trading strategies that differ form the opinions expressed in its research reports.

J.J.B. Hilliard, W.L. Lyons, LLC is a multi-dsiciplined financial services firm that regularly seeks investment banking assignments and compensation from issuers for services including, but not limited to, acting as an underwriter in an offering or financial advisor in a merger or acquisition, or serving as placement agent in private transactions.

The information herein has been obtained from sources we believe to be reliable but is not guaranteed and does not purport to be a complete statement of all material factors. This is for informational purposes and is not a solicitation of orders to purchase or sell securities. Reproduction is forbidden unless authorized. All rights reserved.

J.J.B. Hilliard, W.L. Lyons, LLC has entered into an agreement with Morgan Joseph LLC whereby Morgan Joseph pays Hilliard Lyons based on revenues generated by Morgan Joseph from Hilliard Lyons research.