Secondaries Announced 7.19.17

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Our Buy, Neutral or Avoid ratings of the Secondaries below are intended as a recommendation for those who buy Secondaries on a regular basis. For example, this is not to be interpreted as a Buy recommendation in the traditional sense of adding to your stock portfolio; this is a short term (usually one day or opening trade) time period.

Company: Gladstone Commercial Corporation
Symbol: GOOD
Price: Last Trade $21.72
Trade Date: 7/20
Re-offer Range: Subscription Needed
Shares: 1 million
Underwriter(s) : Janney Montgomery Scott, D.A. Davidson & Co., Nomura, Wunderlich
Rating = Subscription Needed

Company: ContraFect Corporation
Symbol: CFRX
Price: Last Trade $1.45
Trade Date: 7/20
Re-offer Range: Subscription Needed
Shares: 32 million
Underwriter(s) : Piper Jaffray & Co.
Co-Manager: William Blair & Company
Rating = Subscription Needed

Company: Western Gas Partners, LP – Block
Symbol: WES
Price: Last Trade $56.65
Trade Date: 7/20
Re-offer Range: Subscription Needed
Shares: 12.9 million
Underwriter(s) : Citigroup, Barclays
Rating = Subscription Needed

Company: Crown Castle International
Symbol: CCI
Price: Last Trade $94.97
Trade Date: 7/21
Shares: 33.6m shares ($3.25bn cash raise)
Underwriter(s) : Morgan Stanley, BofA Merrill Lynch, J.P. Morgan, Barclays, RBC Capital Markets
Rating = Subscription Needed

Note: The offering also includes $1.5bn of convertible preferred stock