January 4, 2011 | 5 Pages

Leisure & Entertainment Company Report

Las Vegas Sands Corp.

RAISING ESTIMATES; REITERATE BUY; RAISING PRICE (NYSE: LVS)
TARGET RATING: BUY
n Yesterday, LVS ended the trading day down close to 1%, despite David Bain
reported record monthly Macau revenue and US traded peers with (949) 721-6651
dbain@sterneagee.com
gaming concessions in Macau ending the trading day up close to or
above 5%. We believe the underperformance was due to concerns
on Singapore earnings, as well as somewhat softer than average Fiscal Year Ends Dec
market share performance in Macau. We do not agree with the
view that earnings from Singapore will be soft in 4Q10 and believe Rating: Buy
the December market numbers in Macau should more than Price: Close $45.59
outweigh what we consider to be relatively small, monthly market Price Target: $53.00
share data slightly below the Company’s average - which we also 52-wk Range: $15.37-$52.80
believe will normalize closer to 3Q10 levels in upcoming months. Market Capitalization (M): $35,977.6
From a pipeline perspective in Macau positioning it to be the
Shares Outstanding (M): 789.2
largest EBITDA grower in CY12 and CY13, its niche amongst the
mid- to high-end mass audience on the Island, as well as untapped
Singapore potential, we find it hard not to be bullish on shares.
n We are raising our total 4Q10 adjusted EBITDA to $676.6 million
from $628.2 million, or slightly above consensus. We are raising
our Singapore property EBITDA estimate to $311.7 million from
$276.2 million, indicating close to 30% quarterly sequential
growth. In our view, any Singapore perceived “slowness” is due to
seasonality. Recall that October was Golden Week in Mainland
China which spurred significant VIP play in Singapore from the
Mainland. LVS garnered close to $140 million of EBITDA for the
month of October, in our view. While this past December, Macau
gaming revenue eclipsed October for the first time ever, normal Earnings Summary
seasonality still calls for “slower” volume during non-holiday or
FYE Dec 2010E 2011E 2012E
event periods (September held the Grand Prix event in Singapore, EBITDA
for instance). We believe Singapore reflected this normal (M): $2,057.5 $2,789.8 $3,459.5
seasonality. We raise our CY11 and CY12 Singapore EBITDA to
$1.30 billion and $1.40 billion from $1.20 billion and $1.32 billion, EPS & P/E Summary
respectively. 2010 2011 2012
EPS: 2010E Prior 2011E Prior 2012E Prior
n Our 4Q10 Macau EBITDA goes to $318.4 million from $310.6
Q1 $0.07 -- $0.35 $0.33 $0.42 $0.43
million. Outside of possessing the largest high-margin mass
Q2 $0.17 -- $0.37 $0.34 $0.49 $0.49
business in Macau, LVS has a significant pipeline to benefit from
Q3 $0.34 -- $0.37 $0.34 $0.60 $0.52
continued market growth with Sites 5 & 6 due to come in a phased
Q4 $0.39 $0.34 $0.37 $0.34 $0.61 $0.54
manner beginning in CY12. It also possesses Site 3 in its Macau
land quiver. We believe Sites 5 & 6 may come online in later and Full Year $0.97 $0.92 $1.46 $1.35 $2.11 $1.98
smaller fashion than some expect (could be just 1,200 rooms under P/E Ratio: 47.2 49.8 31.2 33.8 21.6 23.0
the Trader’s umbrella in CY12 and a full casino). However, the
Company could feasibly add close to 6,000 rooms in Macau in the
next two to three years overall. In addition, while our view is that
the Public Works Department essentially clarified in late December
that Four Seasons Coop sales may not be approved for some time,
we still believe there is possibility for approval within 12 months,
during which time we believe prices for the units will increase.
Our price target goes to $53 from $50 based on a multiple of
operating divisions, less a multiple of corporate expense, less net
debt, divided by shares outstanding.

Source: Factset

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
LAS VEGAS SANDS CORP. (NYSE: LVS) January 4, 2011

Las Vegas Sands Corp. Quarterly Income Statement

(millions, except per share data) DEC Mar 10 Jun 10 Sep 10 Dec 10 DEC Mar 11 Jun 11 Sep 11 Dec 11 DEC Mar 12 Jun 12 Sep 12 Jun 12 DEC
FY09 Q1:10 Q2:10 Q3:10 Q4:10E FY10E Q1:11E Q2:11E Q3:11E Q4:11E FY11E Q1:12E Q2:12E Q3:12E Q4:12E FY12E
NET REVENUES
Venetian Macao 1,990.6 549.7 581.0 620.7 619.4 2,370.8 603.3 603.2 625.3 645.8 2,477.7 627.0 626.9 649.8 671.1 2,505.8
% of Net Revs. 44% 41% 36% 33% 31% 35% 29% 29% 30% 31% 30% 26% 24% 23% 23% 23%
Sands Macao 1,024.3 283.8 302.2 288.2 281.6 1,162.1 276.6 293.6 286.5 286.8 1,144.2 288.4 303.5 291.9 292.2 1,188.8
% of Net Revs. 22% 21% 19% 15% 14% 17% 14% 14% 14% 14% 14% 12% 11% 11% 10% 11%
Four Seasons Macao 260.6 102.3 144.1 160.4 142.4 550.1 145.8 154.0 151.1 148.2 600.8 145.9 156.1 151.1 148.2 611.3
% of Net Revs. 6% 8% 9% 8% 7% 8% 7% 7% 7% 7% 7% 6% 6% 5% 5% 6%
Sites 5 & 6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 303.3 505.4 606.5 707.6 2,021.8
% of Net Revs. 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 22% 25% 19%
Total Macau 3,275.5 935.8 1,027.3 1,069.3 1,043.3 4,075.7 1,025.8 1,050.9 1,062.9 1,080.8 4,220.3 1,364.5 1,591.9 1,699.3 1,819.0 6,474.8
% of Net Revs. 72% 70% 64% 56% 52% 60% 50% 51% 51% 51% 51% 56% 60% 61% 63% 60%
Las Vegas Operations 1,100.3 325.5 276.2 290.7 288.6 1,181.0 320.6 302.8 298.3 302.2 1,223.9 325.6 321.7 311.0 313.4 1,274.3
% of Net Revs. 24% 24% 17% 15% 14% 17% 16% 15% 14% 14% 15% 13% 12% 11% 11% 12%
Sands BethWorks 153.2 67.2 68.6 82.8 72.2 290.8 88.7 91.4 90.2 87.3 357.6 89.3 92.1 91.0 87.9 360.3
% of Net Revs. 3% 5% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 3% 3% 3% 3%
Maina Bay - Singapore 0.0 0.0 216.4 485.9 599.4 1,301.7 605.1 625.5 627.5 627.5 2,485.6 636.7 648.8 664.5 658.4 2,608.3
% of Net Revs. 0% 0% 14% 25% 30% 19% 30% 30% 30% 30% 30% 26% 24% 24% 23% 24%
Other - Asia 34.1 6.4 6.0 (20.0) 6.4 (1.2) 6.4 6.4 6.4 6.4 25.6 6.4 6.4 6.4 6.4 25.6
% of Net Revs. 1% 0% 0% -1% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
TOTAL NET REVENUES 4,563.1 1,334.9 1,594.5 1,908.7 2,009.8 6,847.9 2,046.5 2,077.0 2,085.3 2,104.2 8,313.0 2,422.5 2,660.9 2,772.2 2,885.1 10,740.7
% sequential 4% 4% 19% 20% 5% 50% 2% 1% 0% 1% 21% 15% 10% 4% 4% 29%
% yoy 4% 24% 51% 67% 57% 50% 53% 30% 9% 5% 21% 18% 28% 33% 37% 29%
ADJUSTED PROPERTY EBITDAR
Venetian Macao 556.5 169.9 192.8 211.5 202.5 775.6 199.1 199.1 206.4 213.1 817.6 206.9 206.9 214.4 221.4 826.9
% margin 28% 31% 33% 34% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33%
Sands Macao 244.9 69.8 81.2 74.1 76.0 301.1 74.7 79.3 77.3 77.4 308.8 77.9 81.9 78.8 78.9 315.0
% margin 24% 25% 27% 26% 27% 26% 27% 27% 27% 27% 27% 27% 27% 27% 27% 27%
Four Seasons Macao 40.5 19.5 33.0 49.0 39.9 138.2 33.5 35.4 34.7 34.1 138.2 33.5 35.9 34.7 34.1 140.6
% margin 16% 19% 23% 31% 28% 25% 23% 23% 23% 23% 23% 23% 23% 23% 23% 23%
Sites 5 & 6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 45.5 91.0 182.0 204.7 454.9
% margin NA NA NA NA NA NA NA NA NA NA 0% NA NA na na 23%
Total Macau 842.0 259.2 307.0 334.6 318.4 1,219.2 307.3 313.8 318.4 324.6 1,264.2 363.8 415.7 510.0 539.1 1,737.5
% of Property EBITDAR 78% 70% 65% 52% 44% 58% 42% 43% 43% 44% 43% 45% 48% 53% 55% 43%
% margin 26% 28% 30% 31% 31% 30% 30% 30% 30% 30% 30% 27% 26% 30% 30% 27%
Las Vegas Operations 259.2 105.3 66.0 58.3 75.0 304.6 91.4 86.3 83.5 80.1 341.3 92.8 91.7 87.1 83.1 356.8
% margin 24% 32% 24% 20% 26% 26% 29% 29% 28% 27% 28% 29% 29% 28% 27% 28%
Sands BethWorks 17.6 11.0 12.1 16.4 16.7 56.2 16.3 18.5 18.3 17.0 70.1 17.3 18.7 18.5 17.1 71.5
% margin 11% 16% 18% 20% 23% 19% 18% 20% 20% 19% 20% 19% 20% 20% 19% 20%
Marina Bay - Singapore 0.0 0.0 94.5 241.6 311.7 647.7 314.6 325.3 328.8 326.3 1,295.0 337.4 347.1 358.8 352.2 1,395.6
% margin 0% 0% 44% 50% 52% 50% 52% 52% 52% 52% 52% 53% 54% 54% 54% 54%
Other Asia (32.6) (4.4) (6.2) (5.6) (6.2) (22.3) (6.2) (6.2) (6.2) (6.2) (24.8) (6.2) (6.2) (6.2) (6.2) (24.8)
TOTAL PROPERTY EBITDAR 1,086.2 371.0 473.5 645.2 715.6 2,205.3 723.4 737.7 742.9 741.8 2,945.8 805.1 866.9 968.1 985.3 3,625.5
% margin 24% 28% 30% 34% 36% 32% 35% 36% 36% 35% 35% 33% 33% 35% 34% 34%
% sequential 2% 21% 28% 36% 11% 103% 1% 2% 1% 0% 34% 9% 8% 12% 2% 7%
% yoy 2% 43% 91% 137% 134% 103% 95% 56% 15% 4% 34% 11% 18% 30% 33% 23%
Rental expense 29.9 8.7 12.8 9.2 13.0 43.7 13.0 13.0 13.0 13.0 52.0 13.0 13.0 13.0 13.0 52.0
% of Revs. 0.7% 0.7% 0.8% 0.5% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.5% 0.5% 0.5% 0.5% 0.5%
Corporate expense 132.1 23.5 26.0 28.7 26.0 104.1 26.0 26.0 26.0 26.0 104.0 28.5 28.5 28.5 28.5 114.0
% of Revs. 2.9% 1.8% 1.6% 1.5% 1.3% 1.5% 1.3% 1.3% 1.2% 1.2% 1.3% 1.2% 1.1% 1.0% 1.0% 1.1%
ADJUSTED EBITDA (prior to stock option ex) 924.2 338.8 434.7 607.3 676.6 2,057.5 684.4 698.7 703.9 702.8 2,789.8 763.6 825.4 926.6 943.8 3,459.5
% margin 20% 25% 27% 32% 34% 30% 33% 34% 34% 33% 34% 32% 31% 33% 33% 32%
% sequential 0% 25% 28% 40% 11% 123% 1% 2% 1% 0% 36% 9% 8% 12% 2% 24%
% yoy 0% 48% 148% 145% 149% 123% 102% 61% 16% 4% 36% 12% 18% 32% 34% 24%
Depreciation and amortization 586.0 153.1 170.7 186.7 189.5 700.0 191.0 192.0 192.0 192.0 767.0 196.0 199.0 199.0 201.0 795.0
% of Revs. 12.8% 11.5% 10.7% 9.8% 9.4% 10.3% 9.3% 9.2% 9.2% 9.1% 9.2% 8.1% 7.5% 7.2% 7.0% 7.4%
Pre-opening expense 157.7 37.5 50.1 10.5 0.0 98.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
% of Revs. 3.5% 2.8% 3.1% 0.6% 0.0% 1.4% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Development expense 0.5 0.2 0.7 0.0 2.0 2.8 2.0 2.1 2.1 2.1 8.3 2.4 2.7 2.8 2.9 10.7
% of Revs. 0.0% 0.0% 0.0% 0.1% 0.1% 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 178.7 0.5 37.7 18.5 1.0 57.6 1.0 1.0 1.0 1.1 4.2 1.2 1.3 1.4 1.4 5.4
% of Revs. 3.9% 0.0% 2.4% 1.0% 0.1% 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 29.9 5.8 8.8 8.3 6.0 28.9 6.5 6.5 6.5 6.5 26.0 6.5 6.5 6.5 6.5 27.0
% of Revs. 0.7% 0.4% 0.5% 0.4% 0.3% 0.4% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.2% 0.2% 0.2% 0.4%
EBIT (28.7) 141.8 166.8 383.3 478.1 1,170.0 483.9 497.1 502.3 501.1 1,984.3 557.5 616.0 717.0 731.9 2,622.4
% margin -1% 11% 10% 20% 24% 17% 24% 24% 24% 24% 24% 23% 23% 26% 25% 24%
Interest and other income (expense) (343.9) (80.8) (80.2) (89.3) (82.3) (332.6) (105.9) (105.2) (104.5) (103.8) (419.4) (103.8) (103.8) (103.8) (103.8) (415.2)
INCOME BIEFORE TAXES (372.6) 61.0 86.6 294.0 395.8 837.4 378.0 391.9 397.8 397.3 1,564.9 453.7 512.2 613.2 628.1 2,207.1
Benefit (provision) for income taxes 3.9 (13.2) (8.1) (25.2) (39.6) (86.0) (56.7) (58.8) (59.7) (59.6) (234.7) (68.1) (76.8) (92.0) (94.2) (331.1)
tax margin 1% 22% 9% 9% 10% 10% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15%
Noncontrolling interest 10.2 30.2 36.7 54.3 48.0 169.3 41.3 43.2 45.0 45.4 175.0 53.4 49.0 49.3 49.6 201.3
NET INCOME (358.6) 17.6 41.8 214.5 308.2 582.1 280.0 289.8 293.1 292.3 1,155.2 332.2 386.3 471.9 484.3 1,674.7
Undeclared Dividends Accumulated and Other (91.2) (46.5) (46.5) (46.5) (45.0) (184.5) (45.0) (45.0) (45.0) (45.0) (180.0) (45.0) (45.0) (45.0) (45.0) (180.0)
NET INCOME (Adjusted) 58.8 53.5 129.3 265.2 308.2 756.2 280.0 289.8 293.1 292.3 1,155.2 332.2 386.3 471.9 484.3 1,674.7
Adjusted EPS 0.08 0.07 0.17 0.34 0.39 0.97 0.35 0.37 0.37 0.37 1.46 0.42 0.49 0.60 0.61 2.11
Diluted Shares Outstanding 727.6 769.0 782.6 789.2 790.0 782.7 791.0 792.0 792.0 792.0 791.8 792.0 792.0 792.0 792.0 792.0
Source: Company reports and Sterne Agee estimates

Page 2
LAS VEGAS SANDS CORP. (NYSE: LVS) January 4, 2011

APPENDIX SECTION
Company Description: Las Vegas Sands Corp.'s principal activity is to own and operate the Venetian Casino Resort, the Sands
Expo and Convention Center in Las Vegas and the Sands Macao Casino in Macao, China. It is also in the process of developing two
additional casino resorts, the Palazzo Casino Resort and the Macao Venetian Casino Resort. It has also entered into certain
agreements to develop a gaming property in Singapore.

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; 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 January 4, 2011:

Company Disclosure(s) – See Below

Las Vegas Sands Corp. (LVS - NYSE): 1

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. has various security accounts open for the subject company.
4. Sterne, Agee & Leach, Inc. provides administration for 401(k) plans for the subject company.
5. Sterne Agee Financial Services, Inc. has clearing agreements with the subject company.
6. The Sterne Agee analyst who has active coverage on this company owns a position in the subject company.
7. 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.
SELL: We expect this stock to underperform the industry over the next 12 months.
RESTRICTED: Restricted list requirements preclude comment.

Appendix Section, Page I

LAS VEGAS SANDS CORP. (NYSE: LVS) January 4, 2011

Ratings Distribution:
Of the securities rated by Sterne, Agee & Leach, Inc., as of December 31, 2010, 41.7% had a BUY rating, 57.3% had a NEUTRAL
rating, 1.0% had a SELL rating, and 0% was RESTRICTED. Within those ratings categories, 2.04% of the securities rated BUY,
1.94% rated NEUTRAL, 0% rated SELL, and 0% rated RESTRICTED received investment banking services from Sterne, Agee &
Leach, Inc., within the 12 months preceding December 31, 2010.
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 Life Insurance
Margaret Whitfield SVP, Sr. Analyst (973) 519-1019 John M. Nadel Mng. Dir. (212) 338-4717
Jennifer Milan VP, Sr. Analyst (212) 763-8211 Dennis Zavolock Analyst (212) 338-4748
Jessica Gerberi, CFA Analyst (212) 338-4784
Mortgage Finance & Specialty Finance
Educational Services / Interactive Entertainment Henry J. Coffey, Jr., CFA Mng. Dir. (615) 760-1472
Arvind Bhatia, CFA Mng. Dir. (214) 702-4001 Jason Weaver Analyst (615) 760-1475
Brett Strauser Associate (214) 702-4009
Property/Casualty Insurance
Footwear & Apparel Dan Farrell Mng. Dir. (212) 338-4782
Sam Poser Mng. Dir. (212) 763-8226 Nitin Chhabra Associate (212) 338-4779
Kenneth M. Stumphauzer, CFA Sr. Analyst (212) 763-8287
Jessica Bornn Associate (212) 338-4721 GLOBAL INDUSTRIAL INFRASTRUCTURE (GII)
ACME &Latin America
Leisure & Entertainment Lawrence T. De Maria, CFA Director (212) 338-4704
David Bain Mng. Dir. (949) 721-6651
Ben Elias, CFA SVP, Sr. Analyst (212) 338-4706
Sherry Yin Associate (949) 721-6651
Building, Power & Water Infrastructure
Restaurants Michael J. Coleman, CFA SVP, Sr. Analyst (212) 338-4718
Lynne Collier Mng. Dir. (214) 702-4045
Philip May Analyst (214) 702-4004 Engineering and Construction
Chase Jacobson VP, Sr. Analyst (212) 338-4753
ENERGY
Exploration & Production Industrial Components
Michael J. McAllister Mng. Dir. (212) 338-4783 Samuel H. Eisner VP, Analyst (212) 338-4705
Tim Rezvan, CFA Analyst (212) 338-4736
Multi-Industry
Oilfield Services & Equipment Nicholas P. Heymann Mng. Dir. (212) 338-4703
David S. Havens Mng. Dir. (212) 763-8238 Paul A. Dircks, CFA Analyst (212) 338-4725
Ryan Mueller Associate (212) 338-4732 Jordan Calabrese Associate (212) 338-4729

FINANCIAL SERVICES TECHNOLOGY

Asset Management LED Supply Chain
Jason Weyeneth, CFA SVP, Sr. Analyst (212) 763-8293 Andrew Huang Mng. Dir. (415) 362-6143
Naghmeh Rabii Associate (415) 362-6141
Banks & Thrifts
Adam Barkstrom, CFA Mng. Dir. (800) 906-0577 Semiconductors
Blair Brantley, CFA Analyst (800) 621-8635 Vijay Rakesh Mng. Dir. (312) 525-8431
Matthew Kelley Mng. Dir. (207) 699-5800 Ryan Brookman Associate (312) 525-8430
Mike I. Shafir SVP, Sr. Analyst (212) 763-8239
Matthew Breese Analyst (207) 699-5800 TRANSPORTATION, SERVICES & EQUIPMENT
Edward D. Timmons SVP, Sr. Analyst (800) 203-5332 Jeffrey A. Kauffman Mng. Dir. (212) 338-4765
Ashby W. Price Associate (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
Marianne Pence Mgr., Res. Admin. (205) 949-3618
Nathan Mitchell Editor (205) 949-3635
Elizabeth Koch Editor (615) 289-4122
Email Address for Sterne Agee Employees: first initial + last name@sterneagee.com (e.g., jsmith@sterneagee.com)