ANALYST COVERAGE

Firm Analyst
Argus
Stephen Biggar
Bank of America - Merrill Lynch
David Chu
BMO Capital Markets
Paulo Ribeiro
Citi
Ashwin Shirvaiker
Craig Hallum
Brad Berning
Credit Suisse
Paul Condra
Deutsche Bank
Bryan Keane
First Analysis
Larry Berlin
Gabelli &Co.
Adam Trivison
Goldman Sachs
James Schneider
Jefferies
Ramsey El-Assal
Mizuho Securities
Tom McCrohan
Raymond James
Wayne Johnson
Wells Fargo
Tim Willi
SunTrust
Oscar Turner
SunTrust
Oscar Turner
Mizuho Securities
Tom McCrohan

Blackhawk Network, Inc. is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding Blackhawk Network, Inc. 's performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of Blackhawk Network, Inc. or its management. Blackhawk Network, Inc. does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.