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					                                                                                                                 December 15, 2011 | 7 Pages

                               Footwear & Apparel                                                              Company Report

                                                                                            Deckers Outdoor Corp.
                                                                                                                         (NNM: DECK)
DOWNGRADING FROM BUY TO UNDERPERFORM: WARM WEATHER,                                                    RATING: UNDERPERFORM
HIGHER PRICES, INCREASED DISTRIBUTION — AND THE MANIA
                                                                                      Sam Poser                  Kenneth M. Stumphauzer,
APPEARS TO BE GONE. LOWERING ESTS AND PT                                                                                             CFA
                                                                                      (212) 763-8226                       (212) 763-8287
   4Q11 intact but 2012 outlook likely at risk: After numerous channel            sposer@sterneagee.com          kstumphauzer@sterneagee.com
   checks, we have concluded that the UGG business, while still extremely
   important to retailers, has been disappointing this fall in the U.S. The                          Fiscal Year Ends Dec
   disappointing results will likely lead to 1Q12 cancelations due to
   adequate current inventory levels, and a much more conservative                Rating:                                     Underperform
   approach to fall 2012 orders. Change in consumer buying patterns this          Price: Close                                        $95.59
   year is likely to affect the cadence and nature (backlog v. replenishment)     Price Target:                                       $72.00
   of 2H12 orders. Combination of domestic wholesale door growth and              52-wk Range:                               $71.18-$118.90
   owned retail proliferation is resulting in UGGs becoming ubiquitous,           Market Capitalization (M):                        $3,766.0
   especially the Classic. Exacerbating the situation is that wholesale           Shares Outstanding (M):                              39.40
   customers bought UGG product improperly and have become over-reliant           Assets (M):                                         $753.9
   on Classic styles. We are hearing of unadvertised discounting at a number      Avg. Daily Vol. (000):                             1,330.1
   of independent retail accounts and we have noticed that Nordstrom
                                                                                  Enterprise Value:                                 $3,338.0
   (JWN-$47.15 -Buy) is no longer limiting the number of pairs that can be
                                                                                  Consensus EPS Current Year:                          $5.04
   purchased online.
                                                                                  Consensus EPS Next Year:                             $5.98
   2012 outlook still promising but less so than our previous thoughts as         Insider Holdings:                                    4.0%
   price increases come to light: We are now forecasting ’12 GM to be
                                                                                  Institutional Holdings:                            102.1%
   down 108BPS versus ’11. We had thought that international growth,
                                                                                  Short Interest:                                     11.2%
   increased retail penetration, and the higher margin Sanuk business would
                                                                                  Price/Book Value:                                    5.58x
   offset pending 40% increase in sheep skin prices. Higher prices are
   impacting sales: We understand that the fall ’11 sales on the Triplet,                              Earnings Summary
   which went from a 2010 retail price of $180 to $200, have been                FYE Dec       2011E          2012E           2013E
   disappointing, and the price is going up again in 2012. The Classic Tall is     EBITDA
   reportedly going from $180 to $200 next year, and, along with retailers,          (M):      $291.5         $328.2          $390.2
   we fear that UGG is stretching the pricing limits too far. Retailers are
                                                                                                      EPS & P/E Summary
   anticipating the $165 Classic Short and the new $150 Bailey Mini to be                               2011           2012            2013
   the key items in 2H12, which means a likely decrease in ASPs. We now          EPS:          2011E Prior 2012E Prior 2013E Prior
   believe that the combination of potential 1Q12 boot cancelations, and         Q1             $0.56     --   $0.60 $0.69 $0.67 $0.78
   domestic retailers planning 2H12 purchases to reflect 2H11 retail selling,    Q2            ($0.11)    --   $0.01 $0.05 $0.05 $0.18
   will result in very cautious outlook when management speaks at the ICR        Q3             $1.64     --   $1.62 $1.74 $1.76 $1.66
   conference in early January, or on the 4Q11 earnings call.                    Q4             $3.21 $3.21 $3.59 $4.00 $3.89 $4.31
   Lowering rating from Buy to Underperform: We are reducing our 2012            Full Year      $5.30 $5.30 $5.81      6.47   $6.36    6.93
   sales/EPS estimates from $1.6B/ $6.47 to $1.56B/$5.81. We are also            P/E Ratio: 18.03x        --  16.45x    --    15.02x     --
   lowering our price target from $130 to $72. We do not see risk to our
   4Q11 estimates. This downgrade is predicated on a decelerating US
   wholesale business. While we believe that retailers’ reaction to the
   pricing and 2011 sales trends is warranted, we also believe that such
   caution may result in product shortages in late 4Q12, especially given the
   strong new offerings in fashion items for men and women, handbags, and
   small leather goods. We are confident that the UGG business will
   continue to grow globally, and will still be a major part of many domestic
   retailers fall ’12 business, but likely with purchases similar to 2H10.
   Uncertainty has historically led extreme emotional reactions by investors
   when it comes to DECK. In January – March ’09 the stock went from
   ~$29 to $12.41, then recovered to over $100. It appears to us that such
   uncertainty will be evident by the time management releases results in       Source: Factset
   February.
            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 35209                 205-949-3500
                                         Sterne, Agee & Leach Inc. is Member NYSE, FINRA, SIPC
DECKERS OUTDOOR CORP. (NNM: DECK)                                                                                                     December 15, 2011

4Q11 & LT Outlook

Figure 1: Relative Valuation
                         4Q11E            4Q10A        Variance
Revenue                  561.9M           277.9M        102.2%
Gross Margin             53.50%           47.13%        637bps
SG&A % of Sales          21.50%           23.26%       (176) bps
Operating Margin         32.00%           23.86%        814bps
EBITDA                   180.7M           67.2M         168.8%
Adj EPS                   $3.21            $1.07        198.5%

Segment Revenue
UGG                      529.2M           288.8M         83.24%
Teva                      16.2M           13.7M          18.51%
Other                     3.5M             8.4M         (58.79%)
Sanuk                     13.0M            0.0M         #DIV/0!

Source: FactSet

Figure 2: Changes in Forward Earnings Estimates
                             2011                           2012                         2013
                    Estimates         Prior         Estimates     Prior      Estimates       Prior
Revenue              1335M           1335M           1,556M      1,598M       1,766M        1,696M
Gross Margin         50.31%          50.31%          49.23%      50.22%       50.03%        51.42%
SG&A % of Sales      28.76%          28.76%          28.36%      27.60%       28.14%        26.59%
Operating Margin     21.56%          21.56%          20.86%      22.63%       21.90%        24.83%
EBITDA                291M            291M            328M        365M         390M          425M
Adj EPS               $5.30           $5.30           $5.81       $6.47        $6.36         $6.93

Segment Revenue
UGG                  1162.6M         1162.6M        1302.2M     1344.6M       1473.7M       1506.9M
Teva                  121.6M          121.6M         141.9M      141.9M        163.2M        163.2M
Other                 22.6M           22.6M          22.6M       22.6M         26.0M         26.0M
Sanuk                 28.6M           28.6M          89.3M       89.3M         102.7M        102.7M

Source: FactSet

Relative Valuation

Figure 3: Relative Valuation
                                                              FY1 Rel      FY1                           FY2 Rel      FY2      FY2
 Ticker     Price Market Cap      EV        Short    FY1 PE     PE      EV/EBITD FY1 EV/S       FY2 PE     PE      EV/EBITD   EV/S
 DECK      $95.59  $3,828       $3,910       11%      18.0x    1.41x      13.4x    2.93x         16.5x    1.42x      11.9x    2.51x
    RL    $138.88  $8,644       $12,870      5%       19.9x    1.56x      10.5x    1.89x         17.1x    1.48x       9.2x    1.71x
  COH      $59.51 $17,527       $16,958      2%       17.4x    1.36x      10.2x    3.59x         15.0x    1.30x       9.1x    3.22x
  FOSL     $81.53  $5,136       $5,022       8%       18.0x    1.41x       9.6x    1.95x         14.7x    1.27x       8.2x    1.67x
 WWW       $34.50  $1,662       $1,639       5%       13.6x    1.06x       8.6x    1.15x         11.6x    1.01x       7.3x    1.05x
  WRC      $48.42  $2,015       $2,213       9%       12.6x    0.99x       6.6x    0.87x         11.4x    0.98x       6.1x    0.80x
 COLM      $47.75  $1,607       $1,544       16%      16.2x    1.27x       8.9x    0.90x         15.2x    1.31x       7.7x    0.84x
  VFC     $130.40 $14,523       $14,678      2%       15.9x    1.24x       9.8x    1.55x         13.5x    1.17x       8.6x    1.27x
   JNY     $9.49    $782        $1,630       13%       7.3x    0.58x       5.2x    0.42x          7.0x    0.60x       5.0x    0.40x
   HBI     $22.42  $2,162       $4,382       9%        8.0x    0.63x       7.4x    0.93x          6.8x    0.59x       6.7x    0.89x

                               Group Mean #REF!      14.32x    1.12x      4.82x    1.47x        11.79x    1.08x     7.54x     1.32x
                               DECK Prem (Disc)       26%      26%        179%     99%           40%      32%       58%       91%


Source: FactSet

Over the preceding five years, DECK has traded at an average of 17.4x (range: 5.4 to 36)
and 15x (range: 5 to 29.6) FY1 and FY2 estimated earnings. On a relative basis, the
shares traded at a 5/15% premium to the vendor index & S&P500. Both the relative and
absolute valuation levels came in greatly during the recession due to: 1) re-pricing of risk
across the marketplace and 2) investor sentiment that the UGG brand was unsustainable
and hence brand equity would not survive the downturn intact.

We believe there is the possibility that negative earnings revisions will result in multiple
compression after ~8 straight quarters of upwards revisions. Specifically, the multiple
has proven susceptible to perception of discounting, waning brand momentum or
indications of maturation in the core US wholesale channel.

                                                                                                                                               Page 2
DECKERS OUTDOOR CORP. (NNM: DECK)                                                            December 15, 2011

Our $72 price target implies the shares trade at 12.4x our 2012 EPS estimates. This
multiple assumes the shares are at a 15% discount to the S&P 500 & the FactSet
Footwear/Apparel Index. On an enterprise basis, our PT assumes the company garners a
7.3x ’12 EBITDA multiple, a 3% discount to the company’s footwear/apparel
counterparts.

Risks:
Upward idiosyncratic risks include: a significant alteration in current weather patterns
stimulating demand, accelerating international business compensating for domestic
weakness, significant pricing offsetting unit weakness in ’12, or another highly accretive
acquisition.




                                                                                                      Page 3
DECKERS OUTDOOR CORP. (NNM: DECK)                                                                                                                                                                                                     December 15, 2011

 Deckers Outdoor Corp. Quarterly Income Statement

             ($M)              Q110       Q210       Q310       Q410        FY10          Q111        Q211        Q311       Q411E     FY11E       Q112E      Q212E        Q312E      Q412E      FY12E       Q113E      Q213E         Q313E      Q413E       FY13E

 Teva                            43.17      31.21      13.69      13.30       101.37        50.41       40.29       14.69      16.23      121.62     57.96       48.35       16.91      18.66       141.88     66.65        55.60       19.45      21.46        163.16
 UGG                            104.37     100.21     288.79     379.78       873.15       148.43      108.27      376.70     529.19    1,162.58    171.63      128.16      391.01     611.39     1,302.19    194.57       142.47      439.73     696.91      1,473.67
 Other                            8.39       5.60       8.40       4.11        26.50         6.02        5.71        7.41      16.46       35.60     31.02       35.71       26.11      19.06       111.89     35.67        41.07       30.02      21.92        128.67
                                   -          -          -          -            -            -           -           -          -           -         -           -           -          -            -         -            -           -          -             -
Net Sales                      155.93     137.06     277.88     430.12     1,000.99       204.85      154.22      414.36     561.88    1,335.31    260.60      212.22      434.03     649.11     1,555.95    296.89       239.13      489.20     740.28      1,765.50
        Y/Y sales growth       16.17%     33.65%     21.66%     23.60%      23.10%        31.38%      12.52%      49.11%     30.63%     33.40%     27.22%      37.61%       4.75%     15.52%      16.52%     13.92%       12.68%      12.71%     14.05%       13.47%
COGS                             78.02      79.42     146.93     196.79      501.15        102.37       88.31      211.51     261.27     663.46     132.91      123.09      225.69     308.32      790.01     148.44       136.31      249.49     347.93       882.17
 Gross Profit                    77.91      57.64     130.95     233.34      499.84        102.48       65.91      202.85     300.60     671.85     127.70       89.13      208.33     340.78      765.94     148.44       102.83      239.71     392.35       883.33
   Y/Y gross profit growth     32.24%     41.33%     33.69%     34.53%      34.69%        31.54%      14.35%      54.91%     28.83%     34.41%     24.61%      35.23%       2.70%     13.37%      14.01%     16.25%       15.37%      15.06%     15.13%       15.33%
SG&A                             49.09   46.53         64.64      94.37      254.62         74.28         76.71 112.19        120.80     383.99      94.60        89.13     118.06     139.56      441.34     107.77       100.44      133.06     155.46       496.73
    Y/Y Core SG&A growth       24.00% 27.26%         44.06%     39.14%      34.83%        51.33%       64.87% 73.57%         28.01%     50.81%     27.35%       16.19%      5.23%     15.52%      14.94%     13.92%       12.68%      12.71%     11.39%       12.55%
  Operating Income              28.82   11.12         66.31     138.97      245.22         28.20        (10.80) 90.66        179.80     287.86      33.10           -       90.28     201.22      324.60      40.67          2.39     106.64     236.89       386.60
 Y/Y operating income growth   49.13% 163.10%        24.93%     31.58%      34.55%        -2.17%     -197.14% 36.71%         29.39%     17.39%     17.38%     -100.00%     -0.42%     11.91%      12.76%     22.89%     #DIV/0!       18.13%     17.73%       19.10%

Interest Income                  (0.02)     (0.50)       -        (0.25)      (0.76)        (0.14)         -         0.00       0.00      (0.14)     (0.30)       (0.30)     (0.30)     (0.30)      (1.20)     (0.30)       (0.30)      (0.30)     (0.30)       (1.20)
Interest Expense & Other          0.02        -        (0.21)       -         (0.20)        (0.06)       (0.04)      0.05       0.05      (0.00)      0.02         0.02       0.02       0.02        0.07       0.02         0.02        0.02       0.02         0.07
Minority Interest                (0.06)       -        (0.17)       -         (0.24)        (0.03)       (0.19)     (0.14)       -        (0.36)     (0.06)       (0.10)     (0.10)      0.41        0.15      (0.06)       (0.10)      (0.10)      0.41         0.15
  Pre-Tax Income                 28.89      11.61      66.70     139.21      246.41         28.33       (10.57)     90.75     179.75     288.35      33.44         0.38      90.66     201.09      325.58      41.02         2.77      107.03     236.76       387.58
Taxes                            10.75    4.04  24.56  49.00                  88.34          8.50    (3.23) 28.27  55.72                  89.26  10.37     0.12              28.10  62.34          100.93  14.97            1.01        39.06      86.42       141.47
           Tax Rate             37.20%  34.76% 36.82% 35.20%                 35.85%        30.00%   30.54% 31.15% 31.00%                 30.96% 31.00%   31.00%             31.00% 31.00%          31.00% 36.50%          36.50%       36.50%     36.50%       36.50%
  Net Income                     17.90    7.58  42.14  90.21                 157.82         19.18    (7.34) 62.48 124.03                 198.35  23.08     0.26              62.55 138.75          224.65  26.05            1.76        67.96     150.34       246.11
    Y/Y net income growth      44.71% 116.47% 24.59% 33.10%                 34.36%         7.17% -196.87% 48.26% 37.49%                 25.68% 20.32% -103.59%              0.11% 11.87%          13.26% 12.88%         568.13%        8.64%      8.35%        9.56%
One Time Charges                     -        1.3      (0.63)     (0.97)          (0.3)       3.0          3.1        1.9
Applicable Shares                39.06      39.08      39.23      39.30        39.17        39.40        38.67      39.19      38.67       38.98     38.67        38.67      38.67      38.67        38.67     38.67        38.67       38.67      38.67         38.67
GAAP EPS                        $0.46      $0.23      $1.06      $2.27        $4.03        $0.49       ($0.19)     $1.59      $3.21       $5.10     $0.60        $0.01      $1.62      $3.59        $5.81     $0.67        $0.05       $1.76      $3.89         $6.36
Recurring Earnings              $0.46      $0.19      $1.07      $2.30        $4.03        $0.56       ($0.11)     $1.64      $3.21       $5.30     $0.60        $0.01      $1.62      $3.59        $5.81     $0.67        $0.05       $1.76      $3.89         $6.36

Depreciation & Amortization       0.90       0.91       0.90       0.90        3.61          0.90         0.91       0.90       0.90       3.61       0.90         0.91       0.90       0.90        3.61       0.90           0.91      0.90       0.90         3.61
EBITDA                           29.72      12.03      67.21     139.87      248.83         29.10        (9.89)     91.56     180.70     291.47      34.00         0.91      91.18     202.12      328.21      41.57           3.30    107.54     237.79       390.21

Profitability Ratios
Gross Margin                   49.96%     42.06%     47.13%     54.25%     49.93%         50.03%      42.74%      48.96%     53.50%    50.31%      49.00%      42.00%      48.00%     52.50%     49.23%      50.00%     43.00%        49.00%     53.00%      50.03%
SG&A%                          31.48%     33.95%     23.26%     21.94%     25.44%         36.26%      49.74%      27.08%     21.50%    28.76%      36.30%      42.00%      27.20%     21.50%     28.36%      36.30%     42.00%        27.20%     21.00%      28.14%
EBITDA                         19.06%      8.77%     24.19%     32.52%     24.86%         14.20%      (6.41%)     22.10%     32.16%    21.83%      13.05%      0.43%       21.01%     31.14%     21.09%      14.00%     1.38%         21.98%     32.12%      22.10%
Inc/(Dec) EBITDA%              43.75%     19.97%     26.75%     40.60%     33.53%         (1.28%)    (127.7%)     17.84%     30.99%    12.75%       8.79%      18.62%      (1.95%)    24.56%     16.65%      20.88%      8.88%        29.67%     39.12%      29.59%
EBIT%                          18.48%      8.11%     23.86%     32.31%     24.50%         13.76%      (7.00%)     21.88%     32.00%    21.56%      12.70%      0.00%       20.80%     31.00%     20.86%      13.70%     1.00%         21.80%     32.00%      21.90%
Inc/(Dec) EBIT %               43.75%     19.97%     26.75%     40.60%     33.53%         (1.28%)    (127.7%)     17.84%     30.99%    12.75%       8.79%      18.62%      (1.95%)    24.56%     16.65%      20.88%      8.88%        29.67%     39.12%      29.59%
Pre-tax                        18.53%      8.47%     24.00%     32.37%     24.62%         13.83%      (6.85%)     21.90%     31.99%    21.59%      12.83%      0.18%       20.89%     30.98%     20.92%      13.82%      1.16%        21.88%     31.98%      21.95%
Net Margin                     11.48%      5.53%     15.17%     20.97%     15.77%          9.36%      (4.76%)     15.08%     22.07%    14.85%       8.85%      0.12%       14.41%     21.38%     14.44%       8.77%      0.74%        13.89%     20.31%      13.94%

Effeciency Analysis
Gross Margin                   607        229         424        441        430              6          68         183        (75)        38       (103)        (74)         (96)     (100)       (109)       100        100           100          50        81
SG&A/Net Sales                 199        (170)       362        245        221            478         1579        381        (44)      332          4         (774)         12         0          (39)        0          0              0         (50)       (23)
EBITDA                         399        377          56        191        200            (486)      (1519)      (209)       (36)      (303)      (116)       684          (109)     (102)        (73)       96          95            98          98        101
Operating Margin               409        399          63        196        209            (472)      (1511)      (198)       (31)      (294)      (106)       700          (108)     (100)        (70)       100        100           100        100         104
Pre-tax                        367        304          69        208        197            (469)      (1532)      (210)       (37)      (302)      (100)       703          (101)     (101)        (67)       98          98            99        100         103
Net Margin                     226        211          36        150        132            (211)      (1029)        (9)       110        (91)       (51)       488           (67)      (70)        (42)        (8)        61           (52)       (107)       (50)


Source: Company reports and Sterne Agee estimates


                                                                                                                                                                                                                                                            Page 4
DECKERS OUTDOOR CORP. (NNM: DECK)                                                                                December 15, 2011

                                                     APPENDIX SECTION
Company Description: Deckers Outdoor Corporation is a designer, producer, and brand manager of footwear for outdoor
activities and casual lifestyles. It sells its products directly to consumers through retailers in the United States, and through
distributors in a number of international countries. It markets its products under the brand names Teva, UGG, Simple, Ahnu and
TSUBO.

IMPORTANT DISCLOSURES:
Price Target Risks & Related Risk Factors:
Risks to our investment thesis and the achievement of our price target 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; and adverse market conditions. 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, or contact Mr. Robert Hoehn, Director of Research at Sterne, Agee & Leach, Inc., at 1-212-338-4731.

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 base valuations on a combination of forward looking earnings
multiples, price-to-revenue multiples, and enterprise-value-to-revenue ratios. 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.
Additional company-specific valuation methodology is available through Sterne, Agee & Leach, Inc., by contacting Mr. Robert
Hoehn, Director of Research, at Sterne, Agee & Leach, Inc., at 1-212-338-4731.

Regulation Analyst Certification:
I, Sam Poser, (212) 763-8226, Kenneth M. Stumphauzer, CFA, (212) 763-8287, 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 December 15, 2011:

            Company                                                                       Disclosure(s) – See Below
            Deckers Outdoor Corp. (DECK - NNM):                                           1
            Nordstrom Inc. (JWN - NYSE):                                                  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.

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.
UNDERPERFORM:              We expect this stock to underperform the industry over the next 12 months.
RESTRICTED:                Restricted list requirements preclude comment.
                                                                                                        Appendix Section, Page I
DECKERS OUTDOOR CORP. (NNM: DECK)                                                                                  December 15, 2011


Ratings Distribution:
Of the securities rated by Sterne, Agee & Leach, Inc., as of September 30, 2011, 51.4% had a BUY rating, 44.4% had a NEUTRAL
rating, 3.2% had a UNDERPERFORM rating, and 0% was RESTRICTED. Within those ratings categories, 3.8% of the securities
rated BUY, 1.1% rated NEUTRAL, 0% rated UNDERPERFORM, and 0% rated RESTRICTED received investment banking services
from Sterne, Agee & Leach, Inc., within the 12 months preceding September 30, 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
                       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        William McIlroy          Director, Equity Products              (212) 338-4781
                                                                                    Paul Garner              Associate                              (212) 338-4799

                      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
  Tom Nikic, CFA                       Analyst                (212) 338-4784              Jason Weaver                         Analyst                 (615) 760-1475
                                                                                          Calvin Hotrum                        Associate               (615) 760-1476
  Educational Services / Interactive Entertainment
  Arvind Bhatia, CFA                   Mng. Dir.              (214) 702-4001
                                                                                          Property/Casualty Insurance
  Brett Strauser                       Analyst                (214) 702-4009
                                                                                          Dan Farrell                          Mng. Dir.               (212) 338-4782
  Footwear & Apparel                                                                      Nitin Chhabra, FCAS                  Analyst                 (212) 338-4779
  Sam Poser                            Mng. Dir.              (212) 763-8226
  Kenneth M. Stumphauzer, CFA          Sr. Analyst            (212) 763-8287           GLOBAL INDUSTRIAL INFRASTRUCTURE (GII)
  Jessica Bornn                        Associate              (212) 338-4721             ACME &Latin America
                                                                                          Ben Elias, CFA                       SVP, Sr. Analyst        (212) 338-4706
  Leisure & Entertainment                                                                 Ali-Ahmad Faghri                     Associate               (646) 376-5304
  David Bain                           Mng. Dir.              (949) 721-6651
  Sherry Yin                           Associate              (949) 721-6651              Aerospace
                                                                                          Peter Arment                         Mng. Dir.               (646) 376-5336
  Restaurants                                                                             Josh W. Sullivan                     Analyst                 (646) 376-5337
  Lynne Collier                        Mng. Dir.              (214) 702-4045
  Philip May                           Analyst                (214) 702-4004              Coal, Metals & Mining, Engineering & Construction
                                                                                          Michael S. Dudas, CFA                Mng. Dir.               (646) 376-5329
ENERGY                                                                                    Satyadeep Jain                       Analyst                 (646) 376-5357
  Exploration & Production                                                                Patrick Uotila, CPA                  Analyst                 (646) 376-5358
  Michael J. McAllister                Mng. Dir.              (212) 338-4783
  Tim Rezvan, CFA                      Analyst                (212) 338-4736              CONSTRUCTION MATERIALS & DIVERSIFIED INDUSTRIALS
  Ryan Mueller                         Associate              (212) 338-4732              Todd Vencil, CFA                     SVP, Sr. Analyst       (804) 282-7385
                                                                                          Kevin Bennett, CFA                   Analyst                (804) 282-4506
  Oilfield Services & Equipment
  Stephen D. Gengaro                   Mng. Dir.              (646) 376-5331           HEALTHCARE
  Grant Fox                            Associate              (212) 338-4723              PHARMACEUTICAL SERVICES
                                                                                          Greg T. Bolan                        Mng. Dir.              (615) 760-1469
FINANCIAL SERVICES
  Asset Management                                                                     TECHNOLOGY
  Jason Weyeneth, CFA                  SVP, Sr. Analyst       (212) 763-8293             Data Networking and Storage
  Charles Warren                       Analyst                (646) 376-5309              Alex Kurtz                           Mng. Dir                (415) 402-6015
                                                                                          Amelia Harris                        Analyst                 (415) 402-6018
  Banks & Thrifts
  Matthew Kelley                       Mng. Dir.              (207) 699-5800              Financial Technology
  Mike I. Shafir                       SVP, Sr. Analyst       (212) 763-8239              Greg Smith                           Mng. Dir                (818) 615-2029
  Matthew Breese                       Analyst                (207) 699-5800              Jennifer Dugan                       Analyst                 (415) 402-6051
  Brett Rabatin, CFA                   SVP, Sr. Analyst       (877) 457-8625
  Kenneth James                        Analyst                (615) 760-1474              Hardware, Mobile Devices, IT Supply Chain
  Nathan Race                          Associate              (615) 760-1477              Shaw Wu                              SVP, Sr. Analyst        (415) 362-7431
  Peyton Green                         Mng. Dir.              (877) 492-2663
  Zachary Wollam                       Analyst                (615) 760-1468              LED Supply Chain
  Todd L. Hagerman                     Mng. Dir.              (212) 338-4744              Andrew Huang                         Mng. Dir.               (415) 362-6143
  Robert Greene                        Analyst                (212) 763-8296              John Shen                            Associate               (415) 402-6052

                                                                                          Semiconductors
  Life Insurance                                                                          Vijay Rakesh                         Mng. Dir.               (312) 525-8431
  John M. Nadel                        Mng. Dir.              (212) 338-4717              Mark Kelley                          Analyst                 (312) 525-8430
  Alex Levine                          Associate              (212) 338-4748
                                                                                       TRANSPORTATION, SERVICES & EQUIPMENT
                                                                                          Jeffrey A. Kauffman                  Mng. Dir.               (212) 338-4765
                                                                                          Sal Vitale                           VP, Analyst             (212) 338-4766
                                                                                          Kanchana Pinnapureddy                Associate               (212) 338-4767

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

				
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