Global Research Published by Raymond James & Associates

January 2015

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Contents

Consumer Healthcare Real Estate USA ...... 19 USA ...... 47 USA ...... 61 CAN ...... 23 CAN ...... 63 EUR ...... 23 EUR ...... 65 LAT ...... 65

Energy Industrial Technology & Communications USA ...... 26 USA ...... 51 USA ...... 67 CAN ...... 33 CAN ...... 52 CAN ...... 76 EUR ...... 35 EUR ...... 54 EUR ...... 77 LAT ...... 36 LAT ...... 77

Financial Services Mining & Natural Resources Transportation USA ...... 37 CAN ...... 55 USA ...... 78 LAT ...... 45 EUR ...... 58 CAN ...... 80 LAT ...... 59 EUR ...... 81

Analyst Index ...... 3 Research Analysts and Sales & Trading Directories Upcoming Events ...... 4 USA ...... 82 Research Coverage Changes ...... 4 Canada ...... 85 About This Publication ...... 5 Europe ...... 86 Company Index ...... 7 Latin America ...... 87 Companies Under Coverage ...... 19

2 Raymond James Research Register - January 2015

Analyst Index

J. Marshall Adkins (JMA) ...... 26,51 Buck Horne, CFA (BH) ...... 61 Paul D. Puryear (PDP) ...... 61 Brian G. Alexander, CFA (BGA) ...... 67 Darren Horowitz (DH) ...... 26 David Quezada, CFA (DQ) ...... 52 Robert P. Anastasi, CFA (RPA) ...... 67 Joseph D. Hovorka (JDH) ...... 19 Chris Quilty (CQ) ...... 67 Joseph Altobello, CFA (JA) ...... 19 Nicholas Jansen (NJ) ...... 47 John W. Ransom (JWR) ...... 47 Ken Avalos (KA) ...... 63 Wayne Johnson (WJ) ...... 67 Emmanuel Retif (ER) ...... 35 Michael J. Baker (MJB) ...... 47 Aaron Kessler, CFA (AK) ...... 67 Federico Rey Marino (FRM) ...... 36,45,59,65,77 Frederic Bastien, CFA (FB) ...... 23,52,63 Lawrence Keusch (LK) ...... 47 Julien Richer (JR) ...... 23,65,81 Jayson Bedford (JB) ...... 47 Cedric Lecasble (CL) ...... 23 Michael Rose (MR) ...... 37 Stephane Beyazian (SB) ...... 77 Simon Leopold (SL) ...... 67 Phil Russo (PR) ...... 55 Andrew Bradford, CFA (AB) ...... 33 Steven Li, CFA (SLi) ...... 33,67,76 David Sadowski (DSa) ...... 55 Patrick Tyler Brown, CFA (TB) ...... 51,78 David J. Long, CFA (DJL) ...... 37 Steven D. Schwartz, CFA (SDS) ...... 37 Benjamin Brownlow (BBL) ...... 19,26 Frank G. Louthan IV (FGL) ...... 67 J. Steven Smigie (JSS) ...... 67 Budd Bugatch, CFA (BB) ...... 19,51 Tavis C. McCourt, CFA (TMC)...... 67 Kevin Smith (KS) ...... 26 Daniel E. Cardenas (DC) ...... 37 Collin Mings, CFA (CM) ...... 61 Fernando Suarez (FS) ...... 36,45,59,65,77 Ben Cherniavsky (BC) ...... 52,80 Pavel Molchanov (PM) ...... 26,35 Daryl Swetlishoff, CFA (DS) ...... 52,55 Andrew Coleman (AC) ...... 26 Kurt Molnar (KM) ...... 33 Savanthi Syth, CFA (SS) ...... 78 Chris Cox, CFA (CC) ...... 33 Hans Mosesmann (HM) ...... 67 Alex Terentiew, MBA, P.Geo (AT) ...... 55 William A. Crow (WAC) ...... 61,67 Praveen Narra (PN) ...... 26 Chris Thompson, M.Sc. (Eng), P.Geo (CT) ...... 55 Sam Darkatsh (SD) ...... 19,51 Patrick O'Shaughnessy, CFA (PO) ...... 37 Terry Tillman (TT) ...... 67 Hermine de Bentzmann (HB) ...... 23 Arnaud Palliez (AP) ...... 54,58 Michael Turits, Ph.D. (MT) ...... 67 Robert Dodd, Ph.D. (RD) ...... 37 James D. Parker, Ph.D. (JDP) ...... 78 Kenric S. Tyghe, MBA (KT) ...... 23 John Freeman, CFA (JF) ...... 26 Justin Patterson, CFA (JP) ...... 67 Brian M. Vaccaro, CFA (BV) ...... 19 Cory J. Garcia (CJG) ...... 26 C. Gregory Peters (CGP) ...... 37 William J. Wallace IV (WW) ...... 37 Brian Gesuale (BG) ...... 67 Brian Peterson, CFA (BP) ...... 67 Santiago Wesenack, CFA (SW) ...... 36,45,59 Steve Hansen, CMA, CFA (SH) ...... 33,52,55,80 Theoni Pilarinos, CFA (TP) ...... 33,52,80 Dan Wewer, CFA (DW) ...... 19 Arthur W. Hatfield, CFA (AH) ...... 78 Anthony Polini (AP) ...... 37 Donald A. Worthington (DAW) ...... 37 Bertrand Hodée (BH) ...... 35 Ric Prentiss (RP) ...... 67

Raymond James Research Register - January 2015 3

Upcoming Events

Government Services & Technology Summit (USA) Essilor (EUR) January 13, 2015; Washington, D.C. March 13, 2015; Paris

36th Annual Institutional Investors Conference (USA) March 1-4, 2015; Orlando, FL

Research Coverage Changes

Additions Deletions USA USA Antero Midstream Partners L.P. (AM:N) Concur Technologies, Inc. (CNQR:Q) Black Diamond Inc. (BDE:Q) Conversant Inc. (CNVR:Q) California Resources Corp. (CRC:N) El Paso Pipeline Partners L.P. (EPB:N) Church & Dwight Co., Inc. (CHD:N) Forest Oil Corp. (FSTO:B) Colgate-Palmolive Company (CL:N) Hudson City Bancorp (HCBK:Q) Elizabeth Arden Inc. (RDEN:Q) Hudson Valley Holding Corp. (HVB:N) Estee Lauder Companies (EL:N) Kinder Morgan Energy Partners L.P. (KMP:N) Inter Parfums, Inc. (IPAR:Q) Kodiak Oil & Gas Corp. (KOG:N) Jarden Corp. (JAH:N) RadioShack (RSH:N) Landmark Infrastructure Partners L.P. (LMRK:Q) Susquehanna Bancshares (SUSQ:Q) Old Line Bancshares Inc. (OLBK:Q) CAN Prestige Brands Holdings Inc. (PBH:N) ADF Group Inc. (DRX:T) Sally Beauty Holdings Inc. (SBH:N) Armtec Infrastructure Inc. (ARF:T) The Clorox Company (CLX:N) Candente Copper Corp. (DNT:T) The Habit Restaurants, Inc. (HABT:Q) Champion Iron Limited (CIA:T) The Procter & Gamble Company (PG:N) Labrador Iron Mines Holdings Ltd. (LIM:T) Ulta Salon, Cosmetics & Fragrance, Inc. (ULTA:Q) New Millennium Iron Corp. (NML:T) Upland Software, Inc. (UPLD:Q) Tim Hortons (THI:T) Virgin America Inc. (VA:Q) EUR Zayo Group Holdings, Inc. (ZAYO:N) Ziggo (ZIGGO.AS:AMS) CAN

Arc Resources Ltd. (ARX:T) Leucrotta Exploration Inc. (LXE:V) Romarco Minerals Inc. (R:T) EUR easyJet plc (EZJ.L:L) Rexel (RXL.PA:EPA)

Changes Associated Banc-Corp (ASBC:Q) changed its symbol to ASB:M Commerce Bancshares, Inc. (CBSH:Q) adjusted for 5% stock dividend Compressco Partners L.P. (GSJK:Q) changed its name and symbol to CSI Compressco Partners L.P. (CCLP:Q) GLV Inc. (GLV.A:T) changed its name and symbol to Ovivo Inc. (OVI.A:T) Healthcare Trust of America, Inc. (HTA:N) adjusted for 1:2 reverse split Occidental Petroleum Corp. (OXY:N) adjusted for spinoff of California Oil and Natural Gas Business Walgreen Co. (WAG:N) changed its name and symbol to Walgreens Boots Alliance Inc. (WBA:Q) WellPoint, Inc. (WLP:N) changed its name and symbol to Anthem, Inc. (ANTM:N) ViewPoint Financial Group, Inc. (VPFG:Q) changed its name and symbol to LegacyTexas Financial Group, Inc. (LTXB:Q)

4 Raymond James Research Register - January 2015

About This Publication

The Equity Research Register is a monthly statistical summary of financial data. It is compiled from infor- mation from each of the contributing entities. Following are some general notes about the information contained in this publication.

Symbol and Exchange = the stock exchange where the largest volume of the equity trades and the company’s ticker on that exchange. Specific exchange abbreviations are defined below.

Currency = U.S. dollars unless otherwise noted. Currencies are defined below.

Closing Price = last price from indicated date on the indicated stock exchange.

Target Price = Raymond James & Associates (USA) and Raymond James Latin America have target prices only for stocks with Strong Buy 1 or Outperform 2 ratings. Raymond James Ltd. (Canada) has target prices for all stock ratings. Raymond James Euro Equities has target prices for stocks with Strong Buy 1, Outperform 2, and Underperform 4 ratings. Projected 12-month price targets may not reflect recent stronger price action in a specific stock.

Earnings = EPS unless otherwise denoted. Currency for earnings is the same as that of the Closing Price unless otherwise denoted. In situations where the currency for the closing price differs from the currency for earnings, a currency adjustment factor has been employed. See Footnotes below.

Analysts = the initials of the lead analyst on the specific stock and the secondary analyst if applicable.

Definitions of Stock and Suitability Ratings can be found in the Disclosures section at the back of this publication.

International investments involve additional risks such as currency fluctuations, differing financial accounting standards, and possible political and economic instability. Any foreign securities discussed in this report are generally not eligible for sale in the U.S. unless they are listed on a U.S. exchange. Investing in securities of issuers organized outside of the U.S., including ADRs, may entail certain risks. The securities of non-U.S. issuers may not be registered with, nor be subject to the reporting requirements of, the U.S. Securities and Exchange Commission. There may be limited information available on such securities. This report is being provided for informational purposes only and does not represent a solicitation for the purchase or sale of a security in any state where such a solicitation would be illegal. Please ask your Financial Advisor for additional details and to determine if a particular security is eligible for solicitation in your state.

Limited Partnerships may generate Unrelated Business Taxable Income (UBTI), which can create a tax liability that must be paid from a retirement account. You should receive a Schedule K-1 from the partnership annually that would include UBTI and other financial information. Please consult with your tax advisor to determine whether you must file and pay tax from your account.

Raymond James Research Register - January 2015 5

Exchanges AMS ---- Amsterdam Stock Exchange MAD --- Madrid Stock Exchange BA ---- Buenos Aires SE MCE --- Madrid Stock Exchange C.A.T.S. BIT ---- Italy - Borsa Italiana N --- NYSE EBR ---- Euronext Brussels OTC --- OTC ELI ---- Euronext Lisbon PRG --- Prague Stock Exchange EPA ---- Euronext Paris Q --- NASDAQ ETR ---- Germany - XETRA STO --- Stockholm Stock Exchange HEL ---- Helsinki Stock Exchange SWF --- Switzerland – Swiss Exchange ISE ---- Irish Stock Exchange T --- TSX L ---- London Stock Exchange V --- TSX Venture M ---- NYSE MKT WBAG --- Austria, Wiener Borse

Currencies AR$ ---- Argentine peso € --- Euro p ---- British pence SEK --- Swedish krona £ ---- British pound CHF --- Swiss franc C$ ---- Canadian dollar US$ or $ --- U.S. dollar CZK ---- Czech koruna

Footnotes NA ---- Not Available. f --- Fiscal years ending before May are treated NM ---- Not Meaningful. as previous year. UR ---- Under Review. fa --- EPS is Adjusted Free Cash Flow/Share. $D ---- EPS is shown in U.S. dollars. fc --- EPS is Free Cash Flow/Share. $E ---- EPS is shown in Euros. is --- Reported figures are in accordance with International Financial Reporting Standards (IFRS). $R ---- EPS is shown in South African rand. ni --- EPS is Net Investment Income per share. ae ---- EPS is Adjusted EBITDA. r --- Figures are based on ADRs/ADSs. af ---- EPS is Adjusted Funds from Operations (AFFO). rf --- EPS is Recurring Free Cash Flow per share. ca ---- EPS is Cash Available for Distribution/Share. vf --- EPS is Valuation Free Cash Flow/Share. cb ---- EPS is EBITDA (mil.). x --- EPS is Funds From Operations (FFO). cf ---- EPS is Cash Flow per share. y --- EPS is Distributable Cash Flow per share. cu ---- EPS is Cash Distribution per Unit.

ed ---- EPS is Earnings per ADS.

6 Raymond James Research Register - January 2015

Company Index

1st Constitution Bancorp (FCCY:Q) 38 American Airlines Group, Inc. (AAL:Q) 78 AAC Holdings, Inc. (AAC:N) 47 American Equity Investment Life Holding Company (AEL:N) 43 Aaron`s Inc. (AAN:N) 21 American Financial Group, Inc. (AFG:N) 44 Abaxis, Inc. (ABAX:Q) 47 American Homes 4 Rent (AMH:N) 62 Abbott Laboratories (ABT:N) 49 American Midstream Partners L.P. (AMID:N) 30 Abertis (ABE.MC:MAD) 54 American National Bankshares, Inc (AMNB:Q) 38 Abiomed Inc. (ABMD:Q) 49 American Railcar Industries, Inc. (ARII:Q) 79 Acadia Healthcare Co. (ACHC:Q) 47 American Residential Properties, Inc. (ARPI:N) 62 Acadian Timber Corp. (ADN:T) 56 American River Bankshares (AMRB:Q) 38 Accenture plc (ACN:N) 72 American Tower (AMT:N) 73 Access Midstream Partners L.P. (ACMP:N) 30 AmeriGas Partners L.P. (APU:N) 30 Access National Corporation (ANCX:Q) 38 AmerisourceBergen Corp. (ABC:N) 48 Accor (ACCP.PA:EPA) 65 Amica Mature Lifestyles Inc. (ACC:T) 63 ACE Limited (ACE:N) 44 AmSurg Corporation (AMSG:Q) 47 ACI Worldwide, Inc. (ACIW:Q) 75 Amyris, Inc. (AMRS:Q) 26 Adecoagro SA (AGRO:N) 59 Anadarko Petroleum Corp. (APC:N) 27 Adidas (ADSGn.DE:ETR) 24 Analog Devices, Inc. (ADI:Q) 67 ADP (ADP.PA:EPA) 54 Angie's List, Inc. (ANGI:Q) 71 ADTRAN, Inc. (ADTN:Q) 69 AngioDynamics (ANGO:Q) 49 Advance Auto Parts, Inc. (AAP:N) 20 Antero Midstream Partners L.P. (AM:N) 30 Advanced Energy Industries, Inc. (AEIS:Q) 26 Antero Resources Corporation (AR:N) 27 Advanced Micro Devices (AMD:Q) 73 Anthem (ANTM:N) 47 Advent Software, Inc. (ADVS:Q) 43 Aon plc (AON:N) 43 The Advisory Board Company (ABCO:Q) 48 Apache Corporation (APA:N) 27 Aecon Group (ARE:T) 53 Apartment Investment and Management Company (AIV:N) 62 AeroVironment Inc. (AVAV:Q) 72 Apollo Investment Corp. (AINV:Q) 44 Aetna (AET:N) 47 Apple Inc. (AAPL:Q) 70 Aflac, Inc. (AFL:N) 43 Applied Micro Circuits Corporation (AMCC:Q) 73 Agnico Eagle Mines (AEM:N) 57 Applied Optoelectronics, Inc. (AAOI:Q) 69 Agree Realty Corporation (ADC:N) 62 Arc Resources Ltd. (ARX:T) 33 Agrium Inc. (AGU:N) 55 ArcBest Corp (ARCB:Q) 80 AGT Food and Ingredients Inc. (AGT:T) 55 Arctic Cat, Inc. (ACAT:Q) 19 Ahold (AHLN.AS:AMS) 24 Ares Capital Corp. (ARCC:Q) 44 AIMIA (AIM:T) 23 Argo Group International Holdings, Ltd. (AGII:Q) 44 Ainsworth Lumber Co. Ltd. (ANS:T) 56 Arista Networks (ANET:N) 69 Air Canada (AC.B:T) 80 ARM Holdings plc (ARMH:Q) 73 Air France-KLM (AIRF.PA:EPA) 81 Armada Hoffler Properties (AHH:N) 61 Airgas, Inc. (ARG:N) 51 ARRIS Group Inc. (ARRS:Q) 69 Akamai Technologies, Inc. (AKAM:Q) 71 Arrow Electronics, Inc. (ARW:N) 72 Alacer Gold Corp (ASR:T) 57 Artek Exploration Ltd. (RTK:T) 33 Alamos Gold Inc. (AGI:N) 57 Arthur J. Gallagher & Co. (AJG:N) 43 Alaris Royalty Corp. (AD:T) 52 Artis REIT (AX.UN:T) 64 Alaska Air Group (ALK:N) 78 Aruba Networks (ARUN:Q) 70 Alcatel-Lucent (ALU:N) 69 Asanko Gold Inc. (AKG:T) 57 Alcentra Capital Corporation (ABDC:Q) 44 Associated Banc-Corp (ASB:M) 38 Alere, Inc. (ALR:N) 48 Associated Estates Realty Corporation (AEC:N) 62 Alibaba Group Holding Ltd. (BABA:N) 71 Assurant, Inc. (AIZ:N) 43 Allana Potash Corporation (AAA:T) 55 Astoria Financial Corporation (AF:N) 38 Allegiant Travel Co. (ALGT:Q) 79 AT&T Inc. (T:N) 74 Alliance Data Systems Corp. (ADS:N) 75 ATAC Resources Ltd. (ATC:V) 57 Alliance Holdings GP L.P. (AHGP:Q) 30 Athabasca Oil Corp. (ATH:T) 33 Alliance Resource Partners L.P. (ARLP:Q) 30 athenahealth Inc. (ATHN:Q) 48 Allied Properties REIT (AP.UN:T) 64 Atlantic Tele-Network, Inc. (ATNI:Q) 74 Allscripts Healthcare Solutions Inc. (MDRX:Q) 48 Atlas Resource Partners L.P. (ARP:N) 27 Allstate Corporation (ALL:N) 44 Atmel Corporation (ATML:Q) 73 Altera Corporation (ALTR:Q) 73 Atwood Oceanics (ATW:N) 32 Corp. (AXY:T) 33 AuRico Gold Inc. (AUQ:N) 57 Altius Minerals Corp. (ALS:T) 56 Automatic Data Processing (ADP:Q) 47 Amazon.com Inc. (AMZN:Q) 71 AutoZone, Inc. (AZO:N) 20 Amber Road, Inc. (AMBR:N) 68 Avago Technologies Ltd. (AVGO:Q) 67 Amedisys (AMED:Q) 47 Corporation (AVO:T) 76 America Movil, S.A.B. de C.V. (AMX:N) 74 Avnet, Inc. (AVT:N) 72

Raymond James Research Register - January 2015 7

Company Index

AXIS Capital Holdings Limited (AXS:N) 44 Brinker International (EAT:N) 22 B2Gold Corp. (BTO:T) 57 Broadcom Corporation (BRCM:Q) 73 Baker Hughes, Inc. (BHI:N) 31 Broadridge Financial Solutions, Inc. (BR:N) 43 Banc of California, Inc. (BANC:N) 38 BroadSoft, Inc. (BSFT:Q) 69 BancFirst Corporation (BANF:Q) 38 Brookfield Canada Office Properties (BOX.UN:T) 64 Banco Macro S.A. (BMA:N) 45 Brookfield Infrastructure Partners L.P. (BIP:N) 53 The Bancorp, Inc. (TBBK:Q) 38 Brookfield Renewable Energy Partners L.P. (BEP:N) 53 BancorpSouth, Inc. (BXS:N) 38 Brookline Bancorp, Inc. (BRKL:Q) 38 Bank of America Corporation (BAC:N) 38 Brown & Brown, Inc. (BRO:N) 43 Bank of Commerce Holdings (BOCH:Q) 38 Brunswick Corp. (BC:N) 19 Bank of Marin Bancorp (BMRC:Q) 38 BSkyB (BSY.L:L) 77 Bank of New York Mellon Corp (BK:N) 38 BT (BT.L:L) 77 Bank of the Ozarks Inc. (OZRK:Q) 38 Buffalo Wild Wings, Inc. (BWLD:Q) 22 Banner Corporation (BANR:Q) 38 C.H. Robinson Worldwide (CHRW:Q) 79 Barrick Gold Corporation (ABX:N) 57 C.R. Bard, Inc. (BCR:N) 49 Basic Energy Services, Inc. (BAS:N) 32 C1 Financial, Inc. (BNK:N) 38 Baxter International Inc. (BAX:N) 49 CA Technologies (CA:Q) 71 Baylin Technologies Inc. (BYL:T) 76 Cablevision Systems Corp. (CVC:N) 74 Baytex Energy Corp. (BTE:T) 33 Cabot Oil & Gas Corp. (COG:N) 27 BB&T Corporation (BBT:N) 38 CACI International Inc. (CACI:N) 72 BBCN Bancorp, Inc. (BBCN:Q) 38 CAE Inc. (CAE:T) 80 BBVA Banco Frances (BFR:N) 45 CafePress Inc. (PRSS:Q) 71 Beacon Roofing Supply, Inc. (BECN:Q) 51 Cal Dive International Inc. (CDVI:OTC) 31 Bear Creek Mining Corp. (BCM:V) 57 Calfrac Well Services (CFW:T) 34 Becton, Dickinson and Company (BDX:N) 49 California Resources Corp. (CRC:N) 27 Bed Bath & Beyond (BBBY:Q) 21 Calix, Inc. (CALX:N) 69 Beiersdorf (BEIG.DE:ETR) 24 Callaway Golf Co. (ELY:N) 20 Belgacom (BCOM.BR:EBR) 77 Calloway REIT (CWT.UN:T) 64 Benchmark Electronics, Inc. (BHE:N) 70 Calumet Specialty Products Partners L.P. (CLMT:Q) 30 Benefitfocus, Inc. (BNFT:Q) 68 Cameco Corp. (CCO:T) 58 Company, Incorporated (BBY:N) 20 Cameron International Corp. (CAM:N) 31 BG Group (BG.L:L) 35 Campus Crest Communities, Inc. (CCG:N) 62 BGC Partners, Inc. (BGCP:Q) 42 Canadian Apartment Properties REIT (CAR.UN:T) 64 BIC (BB.FP:EPA) 24 Canadian National Railway (CNR:T) 80 Big Lots Inc. (BIG:N) 20 Canadian Natural Resources Ltd (CNQ:T) 34 Bill Barrett Corp. (BBG:N) 27 Canadian Oil Sands Limited (COS:T) 34 BioMed Realty Trust Inc. (BMR:N) 62 Canadian Pacific Railway (CP:T) 80 Birchcliff Energy Ltd. (BIR:T) 33 Canam Group (CAM:T) 53 Bird Construction Inc. (BDT:T) 53 Corp. (CFP:T) 56 Black Diamond Group Limited (BDI:T) 34 Canfor Pulp Products Inc. (CFX:T) 56 Black Diamond Inc. (BDE:Q) 22 CanWel Building Materials Group Ltd. (CWX:T) 81 BlackBerry (BBRY:Q) 76 Canyon Services Group Inc. (FRC:T) 34 Blackhawk Network Holdings, Inc. (HAWK:Q) 75 Capital City Bank Group, Inc. (CCBG:Q) 38 Bloomin' Brands, Inc. (BLMN:Q) 22 Capital Product Partners L.P. (CPLP:Q) 30 Blue Capital Reinsurance Holdings Ltd. (BCRH:N) 44 Capital Senior Living Corp. (CSU:N) 47 BNC Bancorp (BNCN:Q) 38 Capstone Mining Corp. (CS:T) 56 Boardwalk Pipeline Partners L.P. (BWP:N) 30 Cardinal Financial Corporation (CFNL:Q) 38 Boardwalk REIT (BEI.UN:T) 64 Cardinal Health Inc. (CAH:N) 48 BofI Holding, Inc. (BOFI:Q) 38 CareDx, Inc. (CDNA:Q) 48 BOK Financial Corp. (BOKF:Q) 38 CareFusion Corporation (CFN:N) 49 Bombardier Inc. (BBD.B:T) 80 Carmike Cinemas, Inc. (CKEC:Q) 19 Bonanza Creek Energy, Inc. (BCEI:N) 27 Carnival Corp. (CCL:N) 19 Booz Allen Hamilton Holding Corp. (BAH:N) 72 Carrefour (CARR.PA:EPA) 24 Bottomline Technologies (EPAY:Q) 75 Carriage Services, Inc. (CSV:N) 48 Bourbon (GPBN.PA:EPA) 35 Carrols Restaurant Group, Inc. (TAST:Q) 22 Bouygues (BOUY.PA:EPA) 77 Casella Waste Systems, Inc. (CWST:Q) 52 BP (BP.L:L) 35 Casey's General Stores, Inc. (CASY:Q) 20 BPZ Resources Inc. (BPZ:N) 27 Casino (CASP.PA:EPA) 24 Brandywine Realty Trust (BDN:N) 62 Castlight Health, Inc. (CSLT:N) 68 BreitBurn Energy Partners L.P. (BBEP:Q) 27 Catalent, Inc. (CTLT:N) 50 Briggs & Stratton (BGG:N) 21 Catamaran (CTRX:Q) 47 Brightcove Inc. (BCOV:Q) 68 CatchMark Timber Trust, Inc. (CTT:N) 63

8 Raymond James Research Register - January 2015

Company Index

Caterpillar Inc. (CAT:N) 53 Coeur Mining Inc. (CDE:N) 57 Cathay General Bancorp (CATY:Q) 38 Cogent Communications Holdings Inc. (CCOI:Q) 74 Cavium Inc. (CAVM:Q) 73 Colgate-Palmolive Company (CL:N) 22 CBL & Associates Properties, Inc. (CBL:N) 62 Colruyt (COLR.BR:EBR) 24 CBOE Holdings, Inc. (CBOE:Q) 42 Columbia Banking System, Inc. (COLB:Q) 38 CDW Corporation (CDW:Q) 72 Comcast Corp. (CMCSA:Q) 74 Cedar Realty Trust, Inc. (CDR:N) 63 Comerica Inc. (CMA:N) 38 Celadon Group, Inc. (CGI:N) 80 Commerce Bancshares, Inc. (CBSH:Q) 39 Celestica, Inc. (CLS:N) 70 CommScope Holding Company, Inc. (COMM:Q) 69 Cenovus Energy (CVE:T) 34 Community Bank System (CBU:N) 39 Centene (CNC:N) 47 Community Health Systems, Inc. (CYH:N) 49 CenterState Banks, Inc. (CSFL:Q) 38 Community Trust Bancorp, Inc. (CTBI:Q) 39 Central Pacific Financial Corp. (CPF:N) 38 CommVault Systems Inc. (CVLT:Q) 71 Central Valley Community Bancorp (CVCY:Q) 38 Compass Diversified Holdings (CODI:N) 44 Centrica (CNA.L:L) 35 Compass Group (CPG.L:L) 24 CenturyLink (CTL:N) 74 Computer Programs and Systems, Inc. (CPSI:Q) 48 Cepheid (CPHD:Q) 48 Computer Sciences Corporation (CSC:N) 72 Cerner Corporation (CERN:Q) 48 Comstock Resources (CRK:N) 27 Cervus Equipment Corp. (CVL:T) 53 Comtech Telecommunications Corp. (CMTL:Q) 73 CEZ (CEZsp.PR:PRG) 35 Concho Resources Inc. (CXO:N) 27 CGG (CGG.PA:EPA) 35 Conifex Timber Inc. (CFF:T) 56 CGI Group (GIB.A:T) 76 ConnectOne Bancorp, Inc. (CNOB:Q) 39 ChannelAdvisor Corporation (ECOM:N) 68 ConocoPhillips (COP:N) 27 Charles River Laboratories (CRL:N) 50 CONSOL Energy Inc. (CNX:N) 27 The Charles Schwab Corporation (SCHW:N) 42 Consolidated Communications Holdings (CNSL:Q) 74 Chart Industries, Inc. (GTLS:Q) 26 Constant Contact, Inc. (CTCT:Q) 68 Charter Communications, Inc. (CHTR:Q) 74 Continental Resources Inc. (CLR:N) 27 CHC Group Ltd. (HELI:N) 32 Control4 Corporation (CTRL:Q) 70 Check Point Software Technologies (CHKP:Q) 71 Con-way Inc. (CNW:N) 80 Cheesecake Factory Inc. (CAKE:Q) 22 The Cooper Companies, Inc. (COO:N) 49 Chegg, Inc. (CHGG:N) 71 Copa Holdings, S.A. (CPA:N) 78 Chemical Financial Corporation (CHFC:Q) 38 Copper Mountain Mining (CUM:T) 56 Cheniere Energy Partners L.P. (CQP:M) 30 Core-Mark Holding Company, Inc. (CORE:Q) 20 Cheniere Energy, Inc. (LNG:M) 30 Corporate Office Properties Trust (OFC:N) 62 Chesapeake Energy Corp. (CHK:N) 27 Costco Wholesale Corporation (COST:Q) 21 Chesapeake Granite Wash Trust (CHKR:N) 27 Covance (CVD:N) 50 Chevron Corp. (CVX:N) 29 Covanta Holding Corp. (CVA:N) 52 Chinook Energy Inc. (CKE:T) 33 Covidien plc (COV:N) 49 Chipotle Mexican Grill, Inc. (CMG:N) 22 Crawford & Company (CRD.B:N) 43 Choice Properties REIT (CHP.UN:T) 64 Credit Acceptance Corp. (CACC:Q) 45 Christian Dior (DIOR.PA:EPA) 24 Cree, Inc. (CREE:Q) 73 Chubb Corporation (CB:N) 44 CREIT (REF.UN:T) 64 Church & Dwight Co., Inc. (CHD:N) 22 Crescent Point Energy (CPG:T) 33 Chuy's Holdings, Inc. (CHUY:Q) 22 Crestwood Equity Partners L.P. (CEQP:N) 30 Ciena Corporation (CIEN:N) 69 Crestwood Midstream Partners L.P. (CMLP:N) 30 CIGNA Corporation (CI:N) 47 Cresud SACIFYA (CRESY:Q) 59 Cimarex Energy Co. (XEC:N) 27 Crew Energy Inc. (CR:T) 33 Cincinnati Bell Inc. (CBB:N) 74 CRH (CRH.I:ISE) 58 Cinemark Holdings, Inc. (CNK:N) 19 Crombie REIT (CRR.UN:T) 64 Cineplex Inc. (CGX:T) 23 CrossAmerica Partners L.P. (CAPL:N) 30 Cisco Systems (CSCO:Q) 69 Crown Castle International (CCI:N) 73 Citigroup, Inc. (C:N) 38 CSI Compressco Partners L.P. (CCLP:Q) 31 Citrix Systems Inc. (CTXS:Q) 71 CST Brands, Inc. (CST:N) 20 City National Corp. (CYN:N) 38 CSX Corp. (CSX:N) 79 Civitas Solutions, Inc. (CIVI:N) 47 CT Real Estate Investment Trust (CRT.UN:T) 64 Clayton Williams Energy, Inc. (CWEI:N) 27 Ctrip.com International, Ltd. (CTRP:Q) 72 Clean Energy Fuels Corp. (CLNE:Q) 26 CU Bancorp (CUNB:Q) 39 Clean Harbors (CLH:N) 52 CubeSmart (CUBE:N) 62 The Clorox Company (CLX:N) 22 Cubic Corporation (CUB:N) 72 Club Méditerranée (CMIP.PA:EPA) 65 Cullen/Frost Bankers, Inc. (CFR:N) 39 CM Finance Inc. (CMFN:Q) 44 Culp, Inc. (CFI:N) 19 CME Group Inc. (CME:Q) 42 CVB Financial Corp. (CVBF:Q) 39

Raymond James Research Register - January 2015 9

Company Index

CVS Health (CVS:N) 48 EchoStar Corporation (SATS:Q) 73 Cypress Energy Partners, L.P. (CELP:N) 32 Ecopetrol S.A. (EC:N) 29 CyrusOne Inc. (CONE:Q) 74 Edenor (EDN:N) 36 D.R. Horton, Inc. (DHI:N) 61 Edenred (EDEN.PA:EPA) 24 Darden Restaurants (DRI:N) 22 EDF (EDF.PA:EPA) 35 Dave & Buster’s Entertainment, Inc. (PLAY:Q) 22 Eiffage (FOUG.PA:EPA) 54 DaVita HealthCare Partners Inc. (DVA:N) 47 Corp. (EGO:N) 57 Dawson Geophysical Company (DWSN:Q) 32 Elizabeth Arden Inc. (RDEN:Q) 22 DeeThree Exploration Ltd. (DTX:T) 33 EMC Corporation (EMC:N) 72 Del Frisco’s Restaurant Group, Inc. (DFRG:Q) 22 Empire Company Limited (EMP.A:T) 23 Delek Logistics Partners L.P. (DKL:N) 30 Encore Capital Group Inc. (ECPG:Q) 45 Delek US Holdings, Inc. (DK:N) 29 Endeavour Mining Corp. (EDV:T) 57 Delhaize (DELB.BR:EBR) 24 Endeavour Silver Corp. (EDR:T) 57 Delphi Energy Corp. (DEE:T) 33 Enel (ENEI.MI:BIT) 35 Delta Air Lines, Inc. (DAL:N) 78 Enerflex Ltd. (EFX:T) 34 Demandware (DWRE:N) 68 Energen Corp. (EGN:N) 27 Denbury Resources Inc. (DNR:N) 27 Energy Transfer Equity L.P. (ETE:N) 30 Denison Mines Corp. (DML:T) 58 Energy Transfer Partners L.P. (ETP:N) 30 The Descartes Systems Group Inc. (DSGX:Q) 76 Energy XXI Limited (EXXI:Q) 27 Detour Gold Corp. (DGC:T) 57 EnerNOC, Inc. (ENOC:Q) 26 Deutsche Telekom (DTE.DE:ETR) 77 Eni (ENI.MI:BIT) 35 Devon Energy Corporation (DVN:N) 27 EnLink Midstream LLC (ENLC:N) 30 DexCom Inc. (DXCM:Q) 49 EnLink Midstream Partners L.P. (ENLK:N) 30 DH Corporation (DH:T) 75 Enphase Energy, Inc. (ENPH:Q) 26 Dia (DIDA.MC:MAD) 24 Ensco plc (ESV:N) 32 Diageo (DGE.L:L) 23 Ensign Energy Services Inc. (ESI:T) 33 Diamond Offshore (DO:N) 32 Enterprise Financial Services Corp. (EFSC:Q) 39 Diamondback Energy, Inc. (FANG:Q) 27 Enterprise Products Partners L.P. (EPD:N) 30 DiamondRock Hospitality Company (DRH:N) 61 Envestnet, Inc. (ENV:N) 43 Dick`s Sporting Goods Inc. (DKS:N) 20 EOG Resources, Inc. (EOG:N) 27 Digi International Inc. (DGII:Q) 70 Equifax, Inc. (EFX:N) 75 Digital Realty Trust, Inc. (DLR:N) 62 Equinix (EQIX:Q) 74 DigitalGlobe, Inc. (DGI:N) 73 Equity One, Inc. (EQY:N) 63 Dime Community Bancshares (DCOM:Q) 39 Equity Residential (EQR:N) 62 DineEquity, Inc. (DIN:N) 22 Ericsson (ERIC:Q) 69 Diodes Incorporated (DIOD:Q) 67 Essential Energy Services Ltd. (ESN:T) 34 DIRECTV (DTV:Q) 74 Essex Property Trust, Inc. (ESS:N) 62 DIRTT Environmental Solutions Ltd. (DRT:T) 53 Essilor (ESSI.PA:EPA) 24 DISH Network Corp. (DISH:Q) 74 Estee Lauder Companies (EL:N) 22 The Dixie Group (DXYN:Q) 21 Ethan Allen Interiors (ETH:N) 19 Dollar General Corp. (DG:N) 20 EV Energy Partners L.P. (EVEP:Q) 27 , Inc. (DLTR:Q) 20 EverBank Financial Corp (EVER:N) 39 Dollarama (DOL:T) 23 Evertz Technologies Ltd. (ET:T) 76 Domtar (UFS:N) 56 Excel Trust, Inc. (EXL:N) 63 Douglas Emmett (DEI:N) 62 Exchange Income Corp (EIF:T) 52 DragonWave (DRWI:Q) 76 Expedia, Inc. (EXPE:Q) 72 Dresser-Rand Group, Inc. (DRC:N) 31 Expeditors International of Washington, Inc. (EXPD:Q) 79 Duluth Metals Limited (DM:T) 56 Express Scripts (ESRX:Q) 47 Dunkin’ Brands Group, Inc. (DNKN:Q) 22 Exterran Partners L.P. (EXLP:Q) 31 DuPont Fabros Technology Inc. (DFT:N) 62 Extra Space Storage (EXR:N) 62 Dycom Industries, Inc. (DY:N) 69 Extreme Networks, Inc. (EXTR:Q) 69 E*TRADE FINANCIAL Corporation (ETFC:Q) 42 Exxon Mobil Corp. (XOM:N) 29 E.On (EONGn.DE:ETR) 35 F5 Networks, Inc. (FFIV:Q) 69 Eagle Rock Energy Partners L.P. (EROC:Q) 27 Facebook, Inc. (FB:Q) 71 East West Bancorp, Inc. (EWBC:Q) 39 FactSet Research Systems Inc. (FDS:N) 43 Eastern Platinum Ltd. (ELR:T) 56 Fairchild Semiconductor International (FCS:Q) 67 Eastern Virginia Bankshares, Inc. (EVBS:Q) 39 Family Dollar Stores Inc. (FDO:N) 20 EastGroup Properties, Inc. (EGP:N) 62 Farmers Capital Bank Corp. (FFKT:Q) 39 Easyhome Ltd. (EH:T) 23 Fastenal Company (FAST:Q) 51 easyJet plc (EZJ.L:L) 81 FBL Financial Group (FFG:N) 43 eBay Inc. (EBAY:Q) 71 Federal Realty Investment Trust (FRT:N) 63 ECA Marcellus Trust I (ECT:N) 27 Federated National Holding Company (FNHC:Q) 44

10 Raymond James Research Register - January 2015

Company Index

FedEx Corporation (FDX:N) 79 Gentiva Health Services (GTIV:Q) 47 Ferragamo (SFER.MI:BIT) 24 Genworth Financial (GNW:N) 43 Ferrellgas Partners L.P. (FGP:N) 30 GeoPark Limited (GPRK:N) 36 Ferrovial (FER.MC:MAD) 54 German American Bancorp, Inc. (GABC:Q) 39 Fidelity National Information Services (FIS:N) 75 Gigamon Inc. (GIMO:N) 69 Fidus Investment Corporation (FDUS:Q) 44 Gildan Activewear (GIL:N) 23 Fiesta Restaurant Group, Inc. (FRGI:Q) 22 Glacier Bancorp, Inc. (GBCI:Q) 40 Fifth Street Finance Corp. (FSC:Q) 44 Glacier Media Inc. (GVC:T) 23 Fifth Third Bancorp (FITB:Q) 39 Glimcher Realty Trust (GRT:N) 62 Financial Engines, Inc. (FNGN:Q) 43 Global Partners L.P. (GLP:N) 30 Finisar Corporation (FNSR:Q) 69 Global Payments Inc. (GPN:N) 75 International (FTT:T) 53 GOL Linhas Aereas Inteligentes S.A. (GOL:N) 79 First Bancorp (FBNC:Q) 39 Golar LNG Partners L.P. (GMLP:Q) 30 First Busey Corporation (BUSE:Q) 39 Inc. (GG:N) 57 First Business Financial Services, Inc. (FBIZ:Q) 39 Golub Capital BDC, Inc. (GBDC:Q) 44 First Community Bancshares, Inc. (FCBC:Q) 39 Goodrich Petroleum Corp. (GDP:N) 27 First Community Corporation (FCCO:Q) 39 Google Inc. (GOOG:Q) 71 First Defiance Financial Corp. (FDEF:Q) 39 GoPro, Inc. (GPRO:Q) 70 First Financial Bancorp (FFBC:Q) 39 Great Canadian Gaming (GC:T) 23 First Financial Bankshares, Inc. (FFIN:Q) 39 Green Dot Corporation (GDOT:N) 75 First Financial Corporation (THFF:Q) 39 The Greenbrier Companies, Inc. (GBX:N) 79 First Horizon National Corporation (FHN:N) 39 Groupe Eurotunnel (GETP.PA:EPA) 54 First Industrial Realty Trust, Inc. (FR:N) 62 Groupon, Inc. (GRPN:Q) 71 First Majestic Silver (FR:T) 57 GrubHub Inc. (GRUB:N) 71 First Merchants Corporation (FRME:Q) 39 Grupo Clarin S.A. (GCLA:BA) 77 First Midwest Bancorp, Inc. (FMBI:Q) 39 Grupo Financiero Galicia (GGAL:Q) 45 First Niagara Financial Group (FNFG:Q) 39 Guaranty Federal Bancshares Inc. (GFED:Q) 40 First of Long Island Corporation (FLIC:Q) 39 Guyana Goldfields Inc. (GUY:T) 57 First Potomac Realty Trust (FPO:N) 62 H&M (HMb.ST:STO) 24 Ltd. (FM:T) 56 H&R REIT (HR.UN:T) 64 First Republic Bank (FRC:N) 39 The Habit Restaurants, Inc. (HABT:Q) 22 First Security Group, Inc. (FSGI:Q) 39 Haemonetics Corporation (HAE:N) 49 First Solar, Inc. (FSLR:Q) 26 Halcón Resources Corp. (HK:N) 28 FirstMerit Corp. (FMER:Q) 39 Halliburton (HAL:N) 31 FirstService Corp. (FSRV:Q) 64 Hallmark Financial Services Inc (HALL:Q) 44 Fission Uranium Corp. (FCU:T) 58 Halogen Software, Inc. (HGN:T) 68 FleetCor Technologies (FLT:N) 75 Hancock Holding Company (HBHC:Q) 40 Flextronics International Ltd. (FLEX:Q) 70 Hanmi Financial Corporation (HAFC:Q) 40 FLIR Systems (FLIR:Q) 72 Harley-Davidson, Inc. (HOG:N) 19 Flushing Financial Corp. (FFIC:Q) 39 Harman International, Inc. (HAR:N) 70 FMC Technologies, Inc. (FTI:N) 31 Harmonic Inc. (HLIT:Q) 69 Fnac (FNAC.PA:EPA) 24 Harris Corporation (HRS:N) 70 Fortinet Inc. (FTNT:Q) 71 Haverty Furniture Companies Inc. (HVT:N) 21 Fortress Paper (FTP:T) 56 HCA Holdings, Inc. (HCA:N) 49 Fortum (FUM1V.HE:HEL) 35 HCC Insurance Holdings (HCC:N) 44 Fortuna Silver Mines Inc. (FVI:T) 57 HD Supply Holdings Inc. (HDS:Q) 51 Forward Air Corporation (FWRD:Q) 79 Health Care REIT, Inc. (HCN:N) 61 Franco-Nevada Corp. (FNV:N) 57 Health Insurance Innovations, Inc. (HIIQ:Q) 43 Fraport (FRAG.DE:ETR) 54 Healthcare Trust of America, Inc. (HTA:N) 61 The Fresh Market, Inc. (TFM:Q) 20 HealthEquity, Inc. (HQY:Q) 43 Frontier Communications Corp. (FTR:Q) 74 HealthSouth Corporation (HLS:N) 47 Fulton Financial (FULT:Q) 39 Heartland Express, Inc. (HTLD:Q) 80 FXCM Inc. (FXCM:N) 42 Heartland Financial USA, Inc. (HTLF:Q) 40 GAIN Capital Holdings, Inc. (GCAP:N) 42 Heartland Payment Systems (HPY:N) 75 Garmin Ltd. (GRMN:Q) 70 Heartware International, Inc. (HTWR:Q) 49 GasFrac Energy Services Ltd. (GFS:T) 34 HEICO Corporation (HEI:N) 70 GATX Corporation (GMT:N) 79 HeidelbergCement (HEIG.DE:ETR) 58 GDF Suez (GSZ.PA:EPA) 35 Helix Energy Solutions Group (HLX:N) 31 Genesee & Wyoming Inc. (GWR:N) 79 Henkel (HNKG_p.DE:ETR) 24 Genesis Energy Partners L.P. (GEL:N) 30 Hercules Offshore Inc. (HERO:Q) 32 GenMark Diagnostics, Inc. (GNMK:Q) 48 Hercules Technology Growth Capital Inc. (HTGC:N) 44 Genomic Health (GHDX:Q) 48 Heritage Commerce Corp (HTBK:Q) 40

Raymond James Research Register - January 2015 11

Company Index

Heritage Financial Corporation (HFWA:Q) 40 Interface, Inc. (TILE:Q) 21 Heritage Oaks Bancorp (HEOP:Q) 40 Interfor Corp. (IFP:T) 56 Herman Miller (MLHR:Q) 19 Internap Network Services Corp. (INAP:Q) 74 Hermes International (HRMS.PA:EPA) 24 International Rectifier Corporation (IRF:N) 67 Héroux-Devtek Inc. (HRX:T) 80 InterOil Corp. (IOC:N) 28 Hersha Hospitality Trust (HT:N) 61 InterRent REIT (IIP.UN:T) 64 Heska Corporation (HSKA:Q) 47 InterXion Holding NV (INXN:N) 74 Hess Corp. (HES:N) 28 Intuit Inc. (INTU:Q) 75 Hewlett-Packard (HPQ:N) 72 Intuitive Surgical, Inc. (ISRG:Q) 49 Hibbett Sports, Inc. (HIBB:Q) 20 Inversora Juramento SA (INVJ:BA) 59 Hi-Crush Partners L.P. (HCLP:N) 32 Investment Technology Group, Inc. (ITG:N) 42 Hill-Rom Holdings, Inc. (HRC:N) 49 Iridium Communications Inc. (IRDM:Q) 73 Hilltop Holdings Inc. (HTH:N) 40 iRobot (IRBT:Q) 72 Hilton Worldwide Holdings Inc. (HLT:N) 61 IRSA Inversiones y Representaciones SA (IRS:N) 65 HNI Corporation (HNI:N) 19 Ivanhoe Mines Ltd. (IVN:T) 56 Holcim (HOLN.VX:SWF) 58 J.B. Hunt Transport Services, Inc. (JBHT:Q) 79 Holly Energy Partners L.P. (HEP:N) 30 Jabil Circuit, Inc. (JBL:N) 70 HollyFrontier Corp. (HFC:N) 29 Jarden Corp. (JAH:N) 22 Hologic Inc. (HOLX:Q) 49 Jazztel (JAZ.MC:MCE) 77 Home BancShares, Inc. (HOMB:Q) 40 JDS Uniphase (JDSU:Q) 69 The Home Depot Inc. (HD:N) 21 Jeronimo Martins (JMT.LS:ELI) 24 HomeAway, Inc. (AWAY:Q) 72 JetBlue Airways (JBLU:Q) 79 HopFed Bancorp, Inc. (HFBC:Q) 40 Johnson & Johnson (JNJ:N) 49 Horizon Bancorp (HBNC:Q) 40 Joy Global Inc. (JOY:N) 53 Horizon North Logistics Inc. (HNL:T) 34 JPMorgan Chase & Co. (JPM:N) 40 Horizon Technology Finance Corporation (HRZN:Q) 44 Juniper Networks, Inc. (JNPR:N) 69 Hospira, Inc. (HSP:N) 49 Kaminak Gold Corporation (KAM:V) 57 Host Hotels & Resorts Inc. (HST:N) 61 Kansas City Southern (KSU:N) 79 Houston Wire & Cable Company (HWCC:Q) 51 KB Home (KBH:N) 61 Hub Group, Inc. (HUBG:Q) 79 KCG Holdings, Inc. (KCG:N) 42 HubSpot, Inc. (HUBS:N) 68 Kemper Corp (KMPR:N) 43 HudBay Minerals, Inc. (HBM:T) 56 Kering (KER.PA:EPA) 24 Humana (HUM:N) 47 Key Energy Services Inc. (KEG:N) 32 Huntington Bancshares Inc. (HBAN:Q) 40 KeyCorp (KEY:N) 40 Husky Energy Inc. (HSE:T) 34 Killam Properties Inc. (KMP:T) 64 Hyatt Hotels Corporation (H:N) 61 Kimco Realty Corporation (KIM:N) 63 IAG (IAG.MC:MAD) 81 Kinder Morgan, Inc. (KMI:N) 30 IBERIABANK Corporation (IBKC:Q) 40 Kinross Gold Corporation (KGC:N) 57 IBI Group Inc. (IBG:T) 53 Kite Realty Group Trust (KRG:N) 63 ICON plc (ICLR:Q) 50 Kivalliq Energy Corp. (KIV:V) 58 ICU Medical, Inc. (ICUI:Q) 49 Knight Transportation, Inc. (KNX:N) 80 IDEXX Laboratories Inc (IDXX:Q) 47 Knoll, Inc. (KNL:N) 19 Ignite Restaurant Group, Inc. (IRG:Q) 22 KNOT Offshore Partners L.P. (KNOP:N) 30 Iliad (ILD.PA:EPA) 77 Kona Grill, Inc. (KONA:Q) 22 Imerys (IMTP.PA:EPA) 54 Kosmos Energy Ltd. (KOS:N) 28 Imperial Oil Limited (IMO:T) 34 KPN (KPN.AS:AMS) 77 Inditex (ITX.MC:MAD) 24 KVH Industries (KVHI:Q) 73 Infinity Property and Casualty Corporation (IPCC:Q) 44 Laboratory Corporation of America Holdings (LH:N) 48 Informatica Corp. (INFA:Q) 71 Lafarge (LAFP.PA:EPA) 58 Ingram Micro Inc. (IM:N) 72 Lakeland Bancorp (LBAI:Q) 40 Inland Real Estate Corporation (IRC:N) 63 Lakeland Financial Corporation (LKFN:Q) 40 Insight Enterprises, Inc. (NSIT:Q) 72 Landmark Infrastructure Partners L.P. (LMRK:Q) 74 Insperity (NSP:N) 47 Landstar System, Inc. (LSTR:Q) 79 Insulet (PODD:Q) 49 Laredo Petroleum Inc. (LPI:N) 28 Integra LifeSciences Corp. (IART:Q) 49 LaSalle Hotel Properties (LHO:N) 61 Intel Corporation (INTC:Q) 73 LATAM Airlines Group S.A. (LFL:N) 78 Inteliquent (IQNT:Q) 74 Lazard Ltd (LAZ:N) 42 Intelsat S.A. (I:N) 73 La-Z-Boy Inc. (LZB:N) 19 Inter Parfums, Inc. (IPAR:Q) 22 Legacy Reserves L.P. (LGCY:Q) 28 Interactive Intelligence Group Inc. (ININ:Q) 69 LegacyTexas Financial Group, Inc. (LTXB:Q) 40 Intercontinental Exchange, Inc. (ICE:N) 42 Leggett & Platt (LEG:N) 19 Intercontinental Hotels (IHG.L:L) 65 Legumex Walker Inc. (LWP:T) 55

12 Raymond James Research Register - January 2015

Company Index

Leidos Holdings, Inc. (LDOS:N) 72 MedAssets (MDAS:Q) 48 Leisureworld Senior Care Corp. (LW:T) 63 MEDNAX, Inc. (MD:N) 47 Lennar Corporation (LEN:N) 61 MEG Energy Corp. (MEG:T) 34 Leucrotta Exploration Inc. (LXE:V) 33 Melia Hotels International (MEL.MC:MAD) 65 Level 3 Communications Inc. (LVLT:N) 74 Memorial Production Partners L.P. (MEMP:Q) 28 Lexmark International, Inc. (LXK:N) 72 Memorial Resource Development Corp (MRD:Q) 28 LifePoint Hospitals, Inc. (LPNT:Q) 49 Mercantile Bank Corporation (MBWM:Q) 40 Limelight Networks (LLNW:Q) 71 Mercer International Inc. (MERC:Q) 56 Lincoln National Corp. (LNC:N) 43 Mercury General Corporation (MCY:N) 44 Linear Technology Corporation (LLTC:Q) 67 Meridian Bioscience, Inc. (VIVO:Q) 48 LinkedIn Corp. (LNKD:N) 71 Merit Medical Systems Inc. (MMSI:Q) 49 LINN Energy, LLC (LINE:Q) 28 Meta Financial Group, Inc. (CASH:Q) 40 LinnCo, LLC (LNCO:Q) 28 (MEOH:Q) 52 LKQ Corporation (LKQ:Q) 51 MetLife, Inc. (MET:N) 43 Loblaw Companies Ltd. (L:T) 23 Metro (MEOG.DE:ETR) 24 Logitech International SA (LOGI:Q) 69 Metro, Inc. (MRU:T) 23 L'Oréal (OREP.PA:EPA) 24 The Michaels Companies, Inc. (MIK:Q) 20 Lowe`s Companies, Inc. (LOW:N) 21 Micron Technology, Inc. (MU:Q) 73 LRR Energy L.P. (LRE:N) 28 Microsemi Corporation (MSCC:Q) 67 Lufthansa (LHAG.DE:ETR) 81 Microsoft (MSFT:Q) 71 Lumber Liquidators Holdings, Inc. (LL:N) 21 Mid-America Apartment Communities Inc. (MAA:N) 62 Lumenpulse Inc. (LMP:T) 76 Mid-Con Energy Partners L.P. (MCEP:Q) 28 Lundin Mining Corporation (LUN:T) 56 MidSouth Bancorp, Inc. (MSL:N) 40 Luxottica (LUX.MI:BIT) 24 MidWestOne Financial Group, Inc. (MOFG:Q) 40 LVMH (LVMH.PA:EPA) 24 MiX Telematics Limited (MIXT:N) 68 M&T Bank Corp. (MTB:N) 40 MobileIron, Inc. (MOBL:Q) 71 M/A-COM Technology Solutions (MTSI:Q) 67 Mobileye N.V. (MBLY:N) 70 MacDonald Dettwiler & Associates (MDA:T) 76 Mobistar (MSTAR.BR:EBR) 77 MAG Silver (MAG:T) 57 Model N, Inc. (MODN:N) 68 Magellan Health (MGLN:Q) 47 Mohawk Industries (MHK:N) 21 Magellan Midstream Partners L.P. (MMP:N) 30 Molina Healthcare (MOH:N) 47 Main Street Capital Corp (MAIN:N) 44 MoneyGram International, Inc. (MGI:Q) 75 MainSource Financial Group, Inc. (MSFG:Q) 40 Monolithic Power Systems, Inc. (MPWR:Q) 67 Malibu Boats, Inc. (MBUU:Q) 19 Moody's Corporation (MCO:N) 43 Mandalay Resources Corp. (MND:T) 57 Mosaic Capital Corporation (M:V) 52 Manhattan Associates, Inc. (MANH:Q) 68 Motorola Solutions, Inc. (MSI:N) 70 Manning & Napier Inc. (MN:N) 37 MRC Global (MRC:N) 51 ManTech International Corporation (MANT:Q) 72 MSC Industrial Direct (MSM:N) 51 Marathon Oil Corp. (MRO:N) 28 MSCI Inc. (MSCI:N) 43 Marathon Petroleum Corp. (MPC:N) 29 Mullen Group Ltd. (MTL:T) 34 Marine Products Corporation (MPX:N) 19 Murphy Oil Corp. (MUR:N) 28 MarineMax (HZO:N) 19 Murphy USA Inc. (MUSA:N) 20 MarketAxess Holdings Inc. (MKTX:Q) 42 MutualFirst Financial Inc. (MFSF:Q) 40 Marketo, Inc. (MKTO:Q) 68 MV Oil Trust (MVO:N) 28 Marriott International, Inc. (MAR:Q) 61 Nabors Industries Ltd. (NBR:N) 32 Marsh and McLennan Companies, Inc. (MMC:N) 43 The NASDAQ OMX Group, Inc. (NDAQ:Q) 42 Marten Transport, Ltd. (MRTN:Q) 80 National Fuel Gas Company (NFG:N) 28 Martin Midstream Partners L.P. (MMLP:Q) 30 National Interstate Corporation (NATL:Q) 44 Marvell Technology Group, Ltd. (MRVL:Q) 73 National Oilwell Varco Inc. (NOV:N) 31 Masco Corporation (MAS:N) 21 National Penn Bancshares (NPBC:Q) 40 Masimo Corp. (MASI:Q) 49 National Retail Properties, Inc. (NNN:N) 62 MasterCard, Inc. (MA:N) 75 Natus Medical Inc. (BABY:Q) 49 Mattress Firm Holding Corp. (MFRM:Q) 21 NCI, Inc. (NCIT:Q) 72 Maxim Integrated (MXIM:Q) 67 NeoPhotonics Corporation (NPTN:N) 69 MAXIMUS Inc. (MMS:N) 72 NetApp Inc. (NTAP:Q) 72 MB Financial, Inc. (MBFI:Q) 40 Netflix Inc. (NFLX:Q) 71 McCoy Global (MCB:T) 34 NETGEAR Inc. (NTGR:Q) 70 McDonald's Corporation (MCD:N) 22 NetSuite, Inc. (N:N) 68 McGraw Hill Financial Inc. (MHFI:N) 43 Nevsun Resources Ltd. (NSU:T) 56 McKesson Corporation (MCK:N) 48 New York Community Bancorp (NYCB:N) 40 MDC Holdings (MDC:N) 61 NewBridge Bancorp (NBBC:Q) 40 Meadowbrook Insurance Group (MIG:N) 44 Newell Rubbermaid Inc. (NWL:N) 22

Raymond James Research Register - January 2015 13

Company Index

Newfield Exploration Company (NFX:N) 28 Parke Bancorp (PKBK:Q) 41 Newpark Resources (NR:N) 32 Parkway Properties (PKY:N) 62 Nexity (NEXI.PA:EPA) 54 Parsley Energy, Inc. (PE:N) 28 NexJ Systems Inc. (NXJ:T) 76 Pattern Energy Group Inc. (PEGI:Q) 53 NGL Energy Partners L.P. (NGL:N) 30 Patterson-UTI Energy, Inc. (PTEN:Q) 32 NH Hoteles (NHH.MC:MAD) 65 Paychex (PAYX:Q) 47 NIC Inc. (EGOV:Q) 72 Paylocity Holding Corporation (PCTY:Q) 68 Nimble Storage (NMBL:N) 72 PBF Energy, Inc. (PBF:N) 29 Niska Gas Storage Partners LLC (NKA:N) 30 PC Connection, Inc. (PCCC:Q) 72 Noble Corp plc (NE:N) 32 Pebblebrook Hotel Trust (PEB:N) 61 Noble Energy, Inc. (NBL:N) 28 Pengrowth Energy Corporation (PGF:T) 33 Nokia (NOK:N) 69 People`s United Financial (PBCT:Q) 41 Norbord Inc. (NBD:T) 56 Peoples Bancorp Inc. (PEBO:Q) 41 Norfolk Southern Corp. (NSC:N) 79 Pericom Semiconductor Corporation (PSEM:Q) 73 North American Energy Partners (NOA:T) 53 Pernod Ricard (PERP.PA:EPA) 23 North American Palladium Ltd. (PDL:T) 56 Petrobras Argentina (PZE:N) 36 Northern Oil & Gas Inc. (NOG:M) 28 Petróleo Brasileiro S.A. (PBR:N) 29 Northern Trust Corporation (NTRS:Q) 40 PetroQuest Energy (PQ:N) 28 NOW Inc. (DNOW:N) 51 PetSmart Inc. (PETM:Q) 20 NTELOS Holdings Corp. (NTLS:Q) 74 Peyto Exploration and Development (PEY:T) 33 Nuance Communications, Inc. (NUAN:Q) 70 PGT, Inc. (PGTI:Q) 21 NuStar Energy L.P. (NS:N) 30 Phillips 66 (PSX:N) 29 NuStar GP Holdings, LLC (NSH:N) 30 Physicians Realty Trust (DOC:N) 61 NuVista Energy Ltd. (NVA:T) 33 Pier 1 Imports Incorporated (PIR:N) 21 NVIDIA Corporation (NVDA:Q) 73 Pinnacle Financial Partners, Inc. (PNFP:Q) 41 NXP Semiconductors N.V. (NXPI:Q) 67 Pioneer Energy Services Corp (PES:N) 32 O`Reilly Automotive, Inc. (ORLY:Q) 20 Pioneer Natural Resources Company (PXD:N) 28 Oasis Petroleum Inc. (OAS:N) 28 Plains All American Pipeline L.P. (PAA:N) 31 Occidental Petroleum Corp. (OXY:N) 28 Plains GP Holdings L.P. (PAGP:N) 31 Ocean Rig UDW (ORIG:Q) 32 Plantronics, Inc. (PLT:N) 69 Oil States International, Inc. (OIS:N) 31 Platinum Group Metals Ltd. (PTM:T) 56 Oiltanking Partners L.P. (OILT:N) 30 Plexus Corp. (PLXS:Q) 70 Old Dominion Freight Line, Inc. (ODFL:Q) 80 Plum Creek Timber Company, Inc. (PCL:N) 63 Old Line Bancshares Inc. (OLBK:Q) 40 PNC Financial Services Group, Inc. (PNC:N) 41 Old National Bancorp (ONB:Q) 40 Polaris Industries (PII:N) 19 Old Republic International Corp. (ORI:N) 44 Polycom Inc. (PLCM:Q) 69 OmniVision Technologies, Inc. (OVTI:Q) 73 Post Properties, Inc. (PPS:N) 62 OMV (OMV.AV:WBAG) 35 Potash Corp. of Saskatchewan Inc. (POT:N) 55 ON Semiconductor Corporation (ONNN:Q) 67 Potlatch Corporation (PCH:Q) 63 Open Text (OTEX:Q) 76 Power Integrations, Inc. (POWI:Q) 67 Oracle Corp. (ORCL:N) 71 PRA Group Inc. (PRAA:Q) 45 Orange (ORA.PA:EPA) 77 Praxair, Inc. (PX:N) 51 OraSure Technologies, Inc. (OSUR:Q) 48 Precision Drilling Corporation (PD:T) 33 ORBCOMM, Inc. (ORBC:Q) 73 Preferred Bank (PFBC:Q) 41 Orbital Sciences (ORB:N) 73 Premier, Inc. (PINC:Q) 48 Orezone Gold Corp. (ORE:T) 57 Premiere Global Services Inc. (PGI:N) 69 Oritani Financial Corp. (ORIT:Q) 40 Prestige Brands Holdings Inc. (PBH:N) 22 Ovivo Inc. (OVI.A:T) 53 priceline.com Incorporated (PCLN:Q) 72 Pacific Continental Corporation (PCBK:Q) 40 Primerica, Inc. (PRI:N) 43 Pacific Drilling (PACD:N) 32 Principal Financial Group Inc. (PFG:N) 43 Pacific Premier Bancorp, Inc. (PPBI:Q) 41 PrivateBancorp, Inc. (PVTB:Q) 41 Paladin Energy Ltd. (PDN:T) 58 ProAssurance Corp. (PRA:N) 44 Palo Alto Networks (PANW:N) 71 Probe Mines Ltd. (PRB:V) 57 Pampa Energia SA (PAM:N) 36 Procera Networks (PKT:Q) 69 Pan American Silver (PAAS:Q) 57 The Procter & Gamble Company (PG:N) 22 Pandora Media, Inc. (P:N) 71 Progressive Corporation (PGR:N) 44 Panera Bread Co. (PNRA:Q) 22 Progressive Waste Solutions Ltd. (BIN:N) 52 The Pantry, Inc. (PTRY:Q) 20 Prospect Capital Corporation (PSEC:Q) 44 Papa Murphy's Holdings, Inc. (FRSH:Q) 22 Prosperity Bancshares, Inc. (PB:N) 41 Paramount Resources Ltd. (POU:T) 33 Protective Life Corporation (PL:N) 43 PAREXEL (PRXL:Q) 50 Provident Financial Holdings, Inc. (PROV:Q) 41 Park Sterling Corporation (PSTB:Q) 41 Provident Financial Services, Inc. (PFS:N) 41

14 Raymond James Research Register - January 2015

Company Index

Prudential Financial, Inc. (PRU:N) 43 Russel Metals (RUS:T) 53 Public Storage (PSA:N) 62 Ruth`s Hospitality Group, Inc. (RUTH:Q) 22 Pulaski Financial Corp. (PULB:Q) 41 RWE (RWEG.DE:ETR) 35 PulteGroup Inc. (PHM:N) 61 Ryanair Holdings plc (RYAAY:Q) 79 Puma (PUMG.DE:ETR) 24 Ryder System, Inc. (R:N) 79 Pure Industrial Real Estate Trust (AAR.UN:T) 63 The Ryland Group, Inc. (RYL:N) 61 Q2 Holdings Inc. (QTWO:N) 68 Ryman Hospitality Properties Inc. (RHP:N) 61 QCR Holdings, Inc. (QCRH:Q) 41 S&T Bancorp, Inc. (STBA:Q) 41 QEP Resources, Inc. (QEP:N) 28 Sabra Health Care REIT, Inc. (SBRA:Q) 61 QUALCOMM, Inc. (QCOM:Q) 70 Saia, Inc. (SAIA:Q) 80 Quality Systems Inc. (QSII:Q) 48 Saint-Gobain (SGOB.PA:EPA) 54 Quest Diagnostics Inc. (DGX:N) 48 Saipem (SPMI.MI:BIT) 35 Questar Corp. (STR:N) 28 salesforce.com, Inc. (CRM:N) 68 Quicksilver Resources Inc. (KWK:N) 28 Sally Beauty Holdings Inc. (SBH:N) 22 Quidel Corporation (QDEL:Q) 48 SanDisk Corp. (SNDK:Q) 73 Quintiles Transnational Holdings (Q:N) 50 SandRidge Energy Inc. (SD:N) 28 Rackspace Hosting (RAX:N) 74 SandRidge Mississippian Trust I (SDT:N) 28 Rallye (GENC.PA:EPA) 24 SandRidge Mississippian Trust II (SDR:N) 28 Ramco-Gershenson Properties Trust (RPT:N) 63 SandRidge Permian Trust (PER:N) 29 Range Resources Corp. (RRC:N) 28 Sandstorm Gold Ltd. (SSL:T) 57 Rayonier, Inc. (RYN:N) 63 Sandy Spring Bancorp, Inc. (SASR:Q) 41 RB (RB.L:L) 24 Sanmina Corporation (SANM:Q) 70 Realty Income (O:N) 62 Santacruz Silver Mining Ltd. (SCZ:V) 57 Red Hat, Inc. (RHT:N) 71 Sapient (SAPE:Q) 72 Red Robin Gourmet Burgers, Inc. (RRGB:Q) 22 Saul Centers, Inc. (BFS:N) 63 Redknee Solutions Inc. (RKN:T) 76 Savanna Energy Services (SVY:T) 33 Regal Entertainment Group (RGC:N) 19 SBA Communications (SBAC:Q) 73 Regency Centers Corp. (REG:N) 63 ScanSource, Inc. (SCSC:Q) 72 Regency Energy Partners L.P. (RGP:N) 31 Schlumberger Ltd. (SLB:N) 31 Regions Financial Corporation (RF:N) 41 SciQuest (SQI:Q) 68 Reinsurance Group of America, Inc. (RGA:N) 43 The Scotts Miracle-Gro Company (SMG:N) 22 Remy Cointreau (RCOP.PA:EPA) 23 Seacoast Banking Corporation of Florida (SBCF:Q) 41 Renasant Corp. (RNST:Q) 41 Secure Energy Services Inc. (SES:T) 34 Rent-A-Center Inc. (RCII:Q) 21 Select Comfort Corp. (SCSS:Q) 19 Repsol (REP.MC:MAD) 35 Selective Insurance Group, Inc. (SIGI:Q) 44 Republic Bancorp, Inc. (RBCAA:Q) 41 SEMAFO Inc. (SMF:T) 57 Republic Services, Inc. (RSG:N) 52 Semtech Corporation (SMTC:Q) 67 Resolute Energy Corp. (REN:N) 28 Senior Housing Properties Trust (SNH:N) 61 Restoration Hardware Holdings, Inc. (RH:Q) 21 Service Corporation International (SCI:N) 48 Retail Opportunity Investments Corp. (ROIC:Q) 63 ServiceNow, Inc. (NOW:N) 71 Rexel (RXL.PA:EPA) 54 ServisFirst Bancshares, Inc. (SFBS:Q) 41 RF Micro Devices (RFMD:Q) 67 Shenandoah Telecommunications Co. (SHEN:Q) 74 Rhino Resource Partners L.P. (RNO:N) 31 Shutterfly, Inc. (SFLY:Q) 71 RingCentral, Inc. (RNG:N) 68 Siderar Sociedad Anonima Industrial Y Comercial (ERAR:BA) 59 RioCan REIT (REI.UN:T) 64 Sierra Bancorp (BSRR:Q) 41 Ritchie Bros. Auctioneers (RBA:N) 53 Sierra Wireless (SWIR:Q) 76 Rite Aid Corporation (RAD:N) 48 Signature Bank (SBNY:Q) 41 Riverview Bancorp, Inc. (RVSB:Q) 41 Silver Spring Networks, Inc. (SSNI:Q) 26 RLJ Lodging Trust (RLJ:N) 61 Silver Wheaton (SLW:N) 57 RMP Energy Inc. (RMP:T) 33 Silvercorp Metals Inc. (SVM:N) 57 Roadrunner Transportation Systems, Inc. (RRTS:N) 79 Silvercrest Asset Management Group Inc. (SAMG:Q) 37 Rocky Mountain Dealerships Inc. (RME:T) 53 SilverCrest Mines Inc. (SVL:T) 57 Romarco Minerals Inc. (R:T) 57 Simmons First National Corporation (SFNC:Q) 41 Rosetta Resources Inc. (ROSE:Q) 28 Simon Property Group, Inc. (SPG:N) 62 Rowan Companies (RDC:N) 32 Skullcandy, Inc. (SKUL:Q) 20 Roxgold Inc. (ROG:V) 57 SkyWest, Inc. (SKYW:Q) 79 Royal Caribbean Cruises Ltd. (RCL:N) 19 Skyworks Solutions (SWKS:Q) 67 Royal Dutch Shell (RDSa.AS:AMS) 35 SM Energy Company (SM:N) 29 Royal Gold Inc. (RGLD:Q) 57 SNC-Lavalin (SNC:T) 53 RSP Permian Inc. (RSPP:N) 28 Sodexo (EXHO.PA:EPA) 24 RTI Surgical Inc. (RTIX:Q) 49 SolarCity Corp. (SCTY:Q) 26 Rush Enterprises, Inc. (RUSHA:Q) 79 Solazyme, Inc. (SZYM:Q) 26

Raymond James Research Register - January 2015 15

Company Index

Solera Holdings, Inc. (SLH:N) 43 Talmer Bancorp, Inc. (TLMR:Q) 41 South State Corp (SSB:Q) 41 Tangoe Inc. (TNGO:Q) 68 Southcross Energy Partners L.P. (SXE:N) 31 Targa Resources Corp. (TRGP:N) 31 Southern Pacific Resource Corp. (STP:T) 34 Targa Resources Partners L.P. (NGLS:N) 31 Southwest Airlines Co. (LUV:N) 79 Tarkett (TKTT.PA:EPA) 54 Southwest Bancorp, Inc. (OKSB:Q) 41 Taseko Mines Ltd. (TKO:T) 56 Southwestern Energy Company (SWN:N) 29 TCF Financial Corporation (TCB:N) 42 Sovran Self Storage, Inc. (SSS:N) 62 TCP Capital Corp. (TCPC:Q) 44 SpartanNash Company (SPTN:Q) 20 TD Ameritrade Holding Corporation (AMTD:N) 42 Spectra Energy Partners L.P. (SEP:N) 31 Tech Data Corporation (TECD:Q) 72 Spirit Airlines, Inc. (SAVE:Q) 79 Technip (TECF.PA:EPA) 35 Spirit Realty Capital, Inc. (SRC:N) 62 Limited (TCK.B:T) 56 Sprague Resources L.P. (SRLP:N) 31 Teekay Corporation (TK:N) 31 Springleaf Holdings, Inc. (LEAF:N) 45 Teekay LNG Partners L.P. (TGP:N) 31 Sprint Corp. (S:N) 74 Teekay Offshore Partners L.P. (TOO:N) 31 SS&C Technologies Holdings, Inc. (SSNC:Q) 43 Telecom Argentina S.A. (TEO:N) 77 SSE (SSE.L:L) 35 TeleCommunication Systems (TSYS:Q) 73 St. Joe Company (JOE:N) 61 Teledyne Technologies Incorporated (TDY:N) 70 STAG Industrial Inc. (STAG:N) 62 Teleflex, Inc. (TFX:N) 49 StanCorp Financial Group (SFG:N) 43 Telefonica (TEF.MC:MCE) 77 Standard Pacific Corporation (SPF:N) 61 Telenet Group (TNET.BR:EBR) 77 Stanley Black & Decker (SWK:N) 21 Telephone and Data Systems, Inc. (TDS:N) 74 Stanley Furniture (STLY:Q) 19 TeliaSonera AB (TLSN.ST:STO) 77 Stantec Inc (STN:T) 53 Tempur Sealy International, Inc. (TPX:N) 19 Starwood Hotels & Resorts Worldwide (HOT:N) 61 Tenaris S.A. (TS:N) 36 State Street Corporation (STT:N) 41 Tenet Healthcare Corporation (THC:N) 49 Steelcase, Inc. (SCS:N) 19 Territorial Bancorp Inc. (TBNK:Q) 42 Steiner Leisure Limited (STNR:Q) 19 Tesoro Corp. (TSO:N) 29 Stellus Capital Investment Corporation (SCM:N) 44 Tesoro Logistics L.P. (TLLP:N) 31 Stericycle Inc. (SRCL:Q) 52 Tetra Technologies Inc. (TTI:N) 32 Steris Corp. (STE:N) 49 Texas Capital Bancshares, Inc. (TCBI:Q) 42 Sterling Bancorp (STL:N) 41 Texas Instruments Incorporated (TXN:Q) 67 Stock Yards Bancorp Inc. (SYBT:Q) 41 Texas Roadhouse, Inc. (TXRH:Q) 22 Stone Energy Corp. (SGY:N) 29 Textainer Group Holdings Limited (TGH:N) 79 StoneMor Partners L.P. (STON:N) 48 TGLT S.A. (TGLT:BA) 65 Storm Resources Ltd. (SRX:V) 33 Thoratec Corp. (THOR:Q) 49 Strad Energy Services Ltd. (SDY:T) 34 Timbercreek Mortgage Investment Corporation (TMC:T) 64 Strategic Hotels & Resorts (BEE:N) 61 Timbercreek Senior Mortgage Investment Corp. (MTG:T) 64 Strongco Corp. (SQP:T) 53 Timberland Bancorp, Inc. (TSBK:Q) 42 Stuart Olson Inc. (SOX:T) 53 Time Warner Cable Inc. (TWC:N) 74 Student Transportation Inc. (STB:T) 81 T-Mobile US Inc. (TMUS:N) 74 Suburban Propane Partners L.P. (SPH:N) 31 Toll Brothers, Inc. (TOL:N) 61 Suez Environnement (SEVI.PA:EPA) 35 Torchmark Corporation (TMK:N) 43 Summit Hotel Properties, Inc. (INN:N) 61 The Toro Company (TTC:N) 21 Suncor Energy Inc (SU:T) 34 Toromont Industries (TIH:T) 53 Sunoco L.P. (SUN:N) 31 Total (TOTF.PA:EPA) 35 SunPower Corp. (SPWR:Q) 26 Total System Services (TSS:N) 75 Sunstone Hotel Investors, Inc. (SHO:N) 61 Tourmaline Oil Corp. (TOU:T) 33 SunTrust Banks, Inc. (STI:N) 41 Towers Watson & Co. (TW:N) 43 Superior Energy Services, Inc. (SPN:N) 32 Tractor Supply Co. (TSCO:Q) 20 SVB Financial Group (SIVB:Q) 41 Transener (TRAN:BA) 36 Swift Energy Company (SFY:N) 29 TransEnterix, Inc. (TRXC:M) 49 Swift Transportation Company (SWFT:N) 80 TransGlobe Energy Corp. (TGA:Q) 29 Symantec Corp. (SYMC:Q) 71 Transocean (RIG:N) 32 Symetra Financial Corp. (SYA:N) 43 Transportadora de Gas del Sur (TGS:N) 36 Synchronoss Technologies, Inc. (SNCR:Q) 70 TravelCenters of America LLC (TA:N) 20 SYNNEX Corporation (SNX:N) 72 The Travelers Companies, Inc. (TRV:N) 44 Synovus Financial Corp. (SNV:N) 41 Trevali Mining Corporation (TV:T) 56 Tahoe Resources Inc. (THO:T) 57 Triangle Capital Corporation (TCAP:N) 44 TAL International Group, Inc. (TAL:N) 79 Trican Well Service (TCW:T) 34 Talisman Energy Inc. (TLM:N) 34 TriCo Bancshares (TCBK:Q) 42 TalkTalk Telecom Group (TALK.L:L) 77 Tricon Capital Group Inc. (TCN:T) 64

16 Raymond James Research Register - January 2015

Company Index

Trilogy Energy Corp. (TET:T) 33 Voya Financial Inc. (VOYA:N) 43 Trina Solar Limited (TSL:N) 26 W&T Offshore, Inc. (WTI:N) 29 Trinidad Drilling Ltd. (TDG:T) 33 W.W. Grainger, Inc. (GWW:N) 51 Trinity Industries, Inc. (TRN:N) 79 Wabtec Corporation (WAB:N) 79 TripAdvisor, Inc. (TRIP:Q) 72 Wajax Corp. (WJX:T) 53 TriQuint Semiconductor, Inc. (TQNT:Q) 67 Walgreens Boots Alliance Inc. (WBA:Q) 48 True North Apartment REIT (TN.UN:T) 64 Wal-Mart Stores Inc. (WMT:N) 21 Trustmark Corporation (TRMK:Q) 42 Washington Federal, Inc. (WAFD:Q) 42 Twitter, Inc. (TWTR:N) 71 Washington REIT (WRE:N) 62 U.S. Bancorp (USB:N) 42 Waste Connections, Inc. (WCN:N) 52 U.S. Cellular (USM:N) 74 Waste Management, Inc. (WM:N) 52 U.S. Ecology, Inc. (ECOL:Q) 52 Wayfair, Inc. (W:N) 71 U.S. Geothermal (HTM:M) 33 WCI Communities, Inc. (WCIC:N) 61 Ubiquiti Networks, Inc. (UBNT:Q) 70 Weatherford (WFT:N) 31 UEX Corp. (UEX:T) 58 WebMD Health Corp (WBMD:Q) 48 Ulta Salon, Cosmetics & Fragrance, Inc. (ULTA:Q) 22 Webster Financial Corp. (WBS:N) 42 Ultimate Software Group Inc. (ULTI:Q) 68 WellCare Health Plans (WCG:N) 47 Ultra Petroleum Corporation (UPL:N) 29 Wells Fargo & Co. (WFC:N) 42 UMB Financial Corporation (UMBF:Q) 42 Werner Enterprises, Inc. (WERN:Q) 80 Umpqua Holdings Corp. (UMPQ:Q) 42 WesBanco, Inc. (WSBC:Q) 42 Under Armour Inc. (UA:N) 20 WESCO International (WCC:N) 51 Union Bankshares Corp. (UBSH:Q) 42 West Bancorporation, Inc. (WTBA:Q) 42 Union Pacific Corp. (UNP:N) 79 (WFT:T) 56 Unisys Corporation (UIS:N) 72 Western Energy Services Corp. (WRG:T) 33 Unit Corporation (UNT:N) 32 Western Forest Products Inc. (WEF:T) 56 United Bankshares, Inc. (UBSI:Q) 42 Western Potash Corp. (WPX:T) 55 United Community Banks, Inc. (UCBI:Q) 42 Western Refining, Inc. (WNR:N) 29 United Continental Holdings, Inc. (UAL:N) 78 Western Union (WU:N) 75 United Insurance Holdings Corp. (UIHC:Q) 44 WesternOne Inc. (WEQ:T) 53 United Parcel Service (UPS:N) 79 WestJet Airlines (WJA:T) 80 UnitedHealth Group (UNH:N) 47 Westport Innovations Inc. (WPRT:Q) 26 Universal American Corp. (UAM:N) 47 Weyerhaeuser Company (WY:N) 63 Universal Health Services, Inc. (UHS:N) 49 Whirlpool Corp. (WHR:N) 20 Unum Group (UNM:N) 43 Whistler Blackcomb Holdings Inc. (WB:T) 53 Upland Software, Inc. (UPLD:Q) 68 Whitbread (WTB.L:L) 65 Uranium Participation Corporation (U:T) 58 Whiting Petroleum Corp. (WLL:N) 29 Ur-Energy Inc. (URE:T) 58 Whiting USA Trust I (WHX:N) 29 USA Compression Partners L.P. (USAC:N) 31 Whiting USA Trust II (WHZ:N) 29 UTi Worldwide, Inc. (UTIW:Q) 79 Whole Foods Market Inc. (WFM:Q) 20 Valero Energy Corp. (VLO:N) 29 The Williams Companies, Inc. (WMB:N) 31 Valley National Bancorp (VLY:N) 42 Williams Partners L.P. (WPZ:N) 31 Vanguard Natural Resources, LLC (VNR:Q) 29 Williams-Sonoma (WSM:N) 21 Vantiv, Inc. (VNTV:N) 75 Wilshire Bancorp, Inc. (WIBC:Q) 42 VCA Inc. (WOOF:Q) 47 Windstream Holdings Inc. (WIN:Q) 74 Veolia Environnement (VIE.PA:EPA) 35 Winpak Ltd. (WPK:T) 23 Verbund (VERB.VI:WBAG) 35 Wintrust Financial Corporation (WTFC:Q) 42 VeriFone Systems, Inc. (PAY:N) 75 Wolseley (WOS.L:L) 54 Verisk Analytics Inc. (VRSK:Q) 43 WSP Global Inc. (WSP:T) 53 Verizon Communications (VZ:N) 74 Xilinx, Inc. (XLNX:Q) 73 ViaSat, Inc. (VSAT:Q) 73 Xoom Corporation (XOOM:Q) 75 Vicat (VCTP.PA:EPA) 58 XPO Logistics, Inc. (XPO:N) 79 Vinci (SGEF.PA:EPA) 54 Yadkin Financial Corporation (YDKN:N) 42 Viper Energy Partners L.P. (VNOM:Q) 29 Yahoo! Inc. (YHOO:Q) 71 Virgin America Inc. (VA:Q) 78 Yamana Gold Inc. (AUY:N) 57 Virtus Investment Partners, Inc. (VRTS:Q) 37 Yelp, Inc. (YELP:N) 71 Visa, Inc. (V:N) 75 YPF (YPF:N) 36 Vishay Intertechnology, Inc. (VSH:N) 67 YRC Worldwide Inc. (YRCW:Q) 80 Vivendi (VIV.PA:EPA) 77 YUM! Brands, Inc. (YUM:N) 22 VMware (VMW:N) 71 Zayo Group Holdings, Inc. (ZAYO:N) 74 VOC Energy Trust (VOC:N) 29 ZCL Composites (ZCL:T) 53 Vodafone (VOD.L:L) 77 Zillow, Inc. (Z:Q) 71 Volcano Corporation (VOLC:Q) 49 Zions Bancorporation (ZION:Q) 42

Raymond James Research Register - January 2015 17

Consumer

USA Canada Europe Entertainment & Leisure ...... 19 Consumer & Retail...... 23 Consumer Goods ...... 23 Cruise Lines ...... 19 Beverages ...... 23 Leisure Products ...... 19 Eyecare & Eyewear ...... 24 Theaters...... 19 Home & Personal Care ...... 24 Furniture & Furnishings Suppliers ...... 19 Luxury Goods ...... 24 Office Furniture ...... 19 Foodservices ...... 24 Residential Furniture ...... 19 Retail ...... 24 Hardline Retail ...... 20 Apparel...... 24 Automotive Aftermarket Retailers ...... 20 Consumer Electronics ...... 24 Consumer Electronics Retailers ...... 20 Food Retail ...... 24 Convenience Stores ...... 20 Sporting Goods ...... 24 Grocery Stores ...... 20 Hardlines ...... 20 Pet Food and Farm Supplies ...... 20 Sporting Goods ...... 20 Value Retailers ...... 20 Home & Building Products ...... 20 Appliances ...... 20 Floor Coverings ...... 21 Hardware, Tools, & Decor ...... 21 Outdoor Power Equipment & Services ...... 21 Home & Other Retailers ...... 21 Big Box Retailers ...... 21 Furniture & Furnishings ...... 21 Household & Personal Care Products ...... 22 Restaurants ...... 22

Raymond James Research Register - January 2015 18

52 Week EPS

14

-

A E E

29

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Consumer - USA Budd Bugatch, CFA [email protected] Joseph Altobello, CFA [email protected] Sam Darkatsh [email protected] Dan Wewer, CFA [email protected] Joseph D. Hovorka [email protected] Brian M. Vaccaro, CFA [email protected] Benjamin Brownlow [email protected]

Entertainment & Leisure Cruise Lines Carnival Corp. CCL N 3 G 45.95 NM 46.28 33.11 23.9 1.39 1.92 2.10 Nov 35,749 2.2 JDH Royal Caribbean Cruises Ltd. RCL N 3 G 83.56 NM 83.90 45.95 25.2 2.14 3.31 4.50 Dec 18,709 1.2 JDH Steiner Leisure Limited STNR Q 3 AG 45.31 NM 52.61 35.94 16.1 3.34 2.82 3.15 Dec 630 0.0 JDH Leisure Products Arctic Cat, Inc. ACAT Q 3 AG 34.49 NM 59.73 30.11 21.4 2.89 2.90 A 1.61 Mar 452 1.4 JDH Brunswick Corp. BC N 1 HR 51.94 51.00 52.09 38.17 18.2 8.19 2.85 2.90 Dec 4,945 1.0 JDH Harley-Davidson, Inc. HOG N 3 G 66.36 NM 74.13 54.22 17.3 3.28 3.84 4.15 Dec 14,393 1.7 JDH Malibu Boats, Inc. MBUU Q 1 AG 19.23 26.00 24.90 16.16 21.9 0.51 0.47 A 0.88 Jun 433 0.0 JDH Marine Products Corporation MPX N 3 AG 8.06 NM 10.30 5.87 32.2 0.21 0.25 0.30 Dec 300 1.5 JDH MarineMax HZO N 1 HR 19.52 22.00 19.93 13.33 23.0 0.63 0.46 A 0.85 Sep 484 0.0 JDH Polaris Industries PII N 1 G 153.04 167.00 159.33 118.80 23.2 5.40 6.60 7.80 Dec 10,453 1.3 JDH Theaters Carmike Cinemas, Inc. CKEC Q 3 HR 26.82 NM 36.22 24.83 NM 0.29 0.17 0.79 Dec 633 0.0 JDH Cinemark Holdings, Inc. CNK N 1 TR 36.28 40.00 36.87 27.29 21.6 1.30 1.68 2.04 Dec 4,172 2.8 JDH Regal Entertainment Group RGC N 1 TR 21.56 24.00 23.24 17.87 28.4 1.01 0.76 1.20 Dec 3,372 4.1 JDH Furniture & Furnishings Suppliers Office Furniture Herman Miller MLHR Q 2 AG 30.24 33.00 32.72 26.25 16.4 1.47 1.68 A 1.84 May 1,814 1.9 BB HNI Corporation HNI N 3 G 52.53 NM 52.71 31.00 26.5 1.42 1.98 2.45 Dec 2,395 1.9 BB Knoll, Inc. KNL N 2 AG 21.56 21.00 21.74 14.54 20.5 0.68 1.05 1.32 Dec 1,015 2.2 BB Steelcase, Inc. SCS N 1 G 18.44 21.00 18.84 13.60 21.0 0.88 0.82 A 0.88 Feb 2,323 2.3 BB Residential Furniture Culp, Inc. CFI N 1 AG 21.23 23.00 21.25 16.60 15.0 1.37 1.31 A 1.42 Apr 263 1.1 BB Ethan Allen Interiors ETH N 1 AG 30.65 36.00 31.52 22.06 16.9 1.31 1.45 A 1.81 Jun 895 1.3 BB La-Z-Boy Inc. LZB N 1 AG 26.73 28.00 31.22 19.03 20.1 0.79 1.12 A 1.33 Apr 1,430 1.2 BB Leggett & Platt LEG N 3 TR 42.95 NM 43.08 28.90 23.7 1.50 1.81 2.11 Dec 6,120 2.9 BB Select Comfort Corp. SCSS Q 1 AG 27.27 26.00 27.60 15.32 23.9 1.07 1.14 1.35 Dec 1,467 0.0 BB Stanley Furniture STLY Q S HR 2.73 NM 3.92 2.27 NM (0.84) UR UR Dec 39 0.0 BB Tempur Sealy International, Inc. TPX N 1 AG 55.30 68.50 62.00 45.07 20.9 2.38 2.65 3.32 Dec 3,434 0.0 BB

Raymond James Research Register - January 2015 19

52 Week EPS

14

-

A E E

29

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Consumer - USA Hardline Retail Automotive Aftermarket Retailers Advance Auto Parts, Inc. AAP N 1 AG 161.22 176.00 163.36 108.76 20.6 5.67 7.81 8.79 Dec 11,801 0.1 DW AutoZone, Inc. AZO N 1 AG 624.49 705.00 626.19 472.51 17.4 27.79 31.57 A 35.83 Aug 21,170 0.0 DW O`Reilly Automotive, Inc. ORLY Q 1 AG 195.48 217.00 196.80 127.61 27.0 6.03 7.25 8.45 Dec 21,249 0.0 DW Consumer Electronics Retailers Best Buy Company, Incorporated BBY N 3 G 39.08 NM 41.00 22.15 16.6 2.54 2.07 A 2.36 Jan 13,764 1.9 DW Skullcandy, Inc. SKUL Q 3 HR 9.08 NM 11.40 6.62 37.8 (0.03) 0.24 0.31 Dec 252 0.0 DW Convenience Stores Casey's General Stores, Inc. CASY Q 2 AG 89.70 92.00 90.59 64.12 23.9 2.96 3.26 A 3.76 Apr 3,454 0.9 BBL,DW Core-Mark Holding Company, Inc. CORE Q 2 G 63.11 65.00 64.26 34.55 29.9 2.03 2.11 2.56 Dec 1,458 0.8 BBL,DW CST Brands, Inc. CST N 3 AG 44.20 NM 44.82 29.53 19.7 1.85 2.24 1.95 Dec 3,335 0.6 BBL,DW Murphy USA Inc. MUSA N 3 AG 69.37 NM 69.63 37.09 18.5 3.92 3.74 3.09 Dec 3,172 0.0 BBL,DW The Pantry, Inc. PTRY Q 3 AG 37.05 NM 37.22 12.30 27.0 0.00 0.68 A 1.37 Sep 869 0.0 BBL,DW TravelCenters of America LLC TA N 3 HR 12.59 NM 12.85 7.18 16.4 0.48 0.77 0.71 Dec 474 0.0 BBL,DW Grocery Stores The Fresh Market, Inc. (f) TFM Q 2 AG 41.60 45.00 42.12 28.60 26.5 1.41 1.57 1.88 Jan 2,009 0.0 BBL,DW SpartanNash Company SPTN Q 3 AG 26.62 NM 26.88 19.16 15.1 1.64 1.76 1.95 Dec 1,002 1.8 BBL,DW Whole Foods Market Inc. WFM Q 3 G 49.71 NM 57.97 36.08 28.2 1.47 1.56 A 1.76 Sep 17,914 1.0 BBL,DW Hardlines The Michaels Companies, Inc. (f) MIK Q 2 AG 25.22 24.00 25.24 14.51 16.8 1.54 1.50 1.70 Jan 5,145 0.0 DW Pet Food and Farm Supplies PetSmart Inc. (f) PETM Q 3 AG 81.18 NM 81.97 55.00 18.4 4.02 4.42 4.75 Jan 8,102 1.0 DW Tractor Supply Co. TSCO Q 1 AG 78.69 78.00 79.14 55.95 29.9 2.32 2.63 3.06 Dec 11,150 0.8 DW Sporting Goods Callaway Golf Co. ELY N 1 HR 7.76 9.50 10.35 6.79 35.3 (0.02) 0.22 0.00 Dec 593 0.5 DW Dick`s Sporting Goods Inc. (f) DKS N 3 AG 49.70 NM 58.87 41.30 17.8 2.69 2.80 3.18 Jan 6,222 1.0 DW Hibbett Sports, Inc. (f) HIBB Q 3 AG 48.93 NM 68.21 41.16 17.5 2.70 2.79 3.10 Jan 1,277 0.0 DW Under Armour Inc. UA N 3 AG 68.80 NM 73.42 40.98 73.2 0.75 0.94 1.18 Dec 14,923 0.0 DW Value Retailers Big Lots Inc. (f) BIG N 3 HR 39.09 NM 51.75 25.50 16.0 2.45 2.44 2.86 Jan 2,177 1.7 DW Dollar General Corp. (f) DG N 3 AG 70.84 NM 71.78 53.00 20.2 3.20 3.51 3.96 Jan 21,982 0.0 DW Dollar Tree, Inc. (f) DLTR Q 1 AG 70.50 76.00 70.82 49.59 22.6 2.72 3.12 3.55 Jan 14,643 0.0 DW Family Dollar Stores Inc. FDO N 4 NM 79.30 NM 80.97 55.64 24.7 3.80 3.05 A 3.21 Aug 9,056 1.6 DW Home & Building Products Appliances Whirlpool Corp. WHR N 3 TR 193.03 NM 194.46 124.39 17.5 10.02 11.05 14.15 Dec 15,365 1.6 SD,BB

Raymond James Research Register - January 2015 20

52 Week EPS

14

-

A E E

29

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Consumer - USA Floor Coverings The Dixie Group DXYN Q 2 HR 8.56 10.00 18.41 6.00 85.6 0.77 0.10 0.60 Dec 132 0.0 SD,BB Interface, Inc. TILE Q 3 AG 16.69 NM 22.46 12.98 29.8 0.67 0.56 0.84 Dec 1,112 1.0 SD,BB Mohawk Industries MHK N 1 AG 155.97 180.00 158.58 120.37 19.3 6.55 8.07 9.85 Dec 11,448 0.0 SD,BB Hardware, Tools, & Decor Masco Corporation MAS N 1 HR 25.40 27.00 25.58 19.50 25.9 0.77 0.98 1.21 Dec 8,966 1.4 SD,BB PGT, Inc. PGTI Q 1 HR 9.52 12.00 12.61 7.34 20.7 0.44 0.46 0.62 Dec 474 0.0 SD,BB Stanley Black & Decker SWK N 3 TR 96.73 NM 97.72 75.00 17.4 4.98 5.55 6.20 Dec 15,535 2.2 SD,BB Outdoor Power Equipment & Services Briggs & Stratton BGG N 3 TR 20.75 NM 23.02 17.14 17.3 0.93 0.82 A 1.20 Jun 936 2.4 SD,BB The Toro Company TTC N 3 AG 64.12 NM 67.35 55.77 18.9 2.62 3.02 A 3.40 Oct 3,668 1.6 SD,BB Home & Other Retailers Big Box Retailers Costco Wholesale Corporation COST Q 3 G 143.34 NM 146.82 109.50 27.6 4.49 4.65 A 5.19 Aug 62,737 1.0 BB The Home Depot Inc. (f) HD N 3 G 104.53 NM 104.80 73.96 23.3 3.76 4.48 5.23 Jan 137,771 1.8 BB Lowe`s Companies, Inc. (f) LOW N 3 G 68.57 NM 68.74 44.13 25.9 2.16 2.65 3.27 Jan 66,787 1.3 BB Lumber Liquidators Holdings, Inc. LL N 3 AG 65.09 NM 111.74 47.76 27.1 2.77 2.40 3.05 Dec 1,761 0.0 BB Wal-Mart Stores Inc. WMT N 2 G 86.64 86.00 88.09 72.27 17.3 5.01 5.10 A 5.00 Jan 280,714 2.2 BB Furniture & Furnishings Aaron`s Inc. AAN N 2 G 31.00 28.00 36.74 23.25 18.6 1.87 1.67 2.19 Dec 2,241 0.3 BB Bed Bath & Beyond (f) BBBY Q 1 G 76.82 80.00 80.82 54.96 15.2 4.79 5.06 5.79 Feb 15,779 0.0 BB Haverty Furniture Companies Inc. HVT N 3 AG 22.78 NM 31.57 19.54 19.0 1.39 1.20 1.41 Dec 517 1.4 BB Mattress Firm Holding Corp. (f) MFRM Q 2 AG 59.55 73.00 71.82 37.01 28.5 1.66 2.09 2.65 Jan 2,084 0.0 BB Pier 1 Imports Incorporated PIR N 1 AG 15.49 20.00 23.48 11.42 16.0 1.20 1.01 A 0.97 Feb 1,529 1.5 BB Rent-A-Center Inc. RCII Q 3 AG 37.38 NM 37.49 23.42 18.3 2.32 2.04 2.03 Dec 1,977 2.6 BB Restoration Hardware Holdings, Inc. RH Q 2 AG 97.94 96.00 100.66 54.61 41.9 1.71 2.34 2.98 Jan 3,871 0.0 BB Williams-Sonoma (f) WSM N 3 G 76.30 NM 76.64 52.30 23.8 2.84 3.20 3.67 Jan 7,036 1.7 BB

Raymond James Research Register - January 2015 21

52 Week EPS

14

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A E E

29

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Consumer - USA Household & Personal Care Products Black Diamond Inc. BDE Q 3 AG 8.58 NM 14.55 7.11 NM (0.35) (0.22) (0.07) Dec 280 0.0 JA Church & Dwight Co., Inc. CHD N 3 G 80.10 NM 80.97 61.00 26.5 2.79 3.02 3.27 Dec 10,703 1.5 JA The Clorox Company CLX N 3 TR 105.46 NM 106.36 83.70 23.7 NA 4.39 A 4.45 Jun 13,583 2.8 JA Colgate-Palmolive Company CL N 3 G 70.48 NM 71.31 59.75 24.0 2.84 2.94 3.15 Dec 64,235 2.0 JA Elizabeth Arden Inc. RDEN Q 4 NM 21.39 NM 37.69 14.50 NM NA (0.55) A (0.45) Jun 637 0.0 JA Estee Lauder Companies EL N 2 G 77.40 80.00 77.98 63.63 27.0 NA 3.16 A 2.87 Jun 29,635 1.2 JA Inter Parfums, Inc. IPAR Q 3 G 27.76 NM 37.74 24.81 29.2 1.27 0.95 0.97 Dec 859 1.7 JA Jarden Corp. JAH N 1 AG 48.34 53.00 48.39 36.17 18.4 2.39 2.63 3.00 Dec 9,303 0.0 JA Newell Rubbermaid Inc. NWL N 2 G 38.40 40.00 38.73 28.27 19.2 1.82 2.00 2.20 Dec 10,740 1.8 JA Prestige Brands Holdings Inc. PBH N 2 AG 35.63 37.00 38.15 24.94 19.8 NA 1.53 A 1.80 Mar 1,846 0.0 JA The Procter & Gamble Company PG N 3 G 92.64 NM 93.89 75.26 21.6 NA 4.10 A 4.28 Jun 251,129 2.8 JA Sally Beauty Holdings Inc. SBH N 3 AG 31.05 NM 31.83 24.09 18.3 NA 1.53 A 1.70 Sep 4,802 0.0 JA The Scotts Miracle-Gro Company SMG N 3 AG 62.38 NM 63.96 52.38 17.8 2.76 3.29 A 3.50 Sep 3,805 2.9 JA Ulta Salon, Cosmetics & Fragrance, Inc. ULTA Q 2 AG 128.77 144.00 134.50 80.35 33.0 3.16 3.90 4.50 Jan 8,294 0.0 JA Restaurants Bloomin' Brands, Inc. BLMN Q 1 AG 24.21 28.00 26.45 15.01 22.2 1.11 1.09 1.27 Dec 3,104 1.0 BV Brinker International EAT N 2 G 59.20 60.00 59.78 43.83 19.4 2.34 2.71 A 3.05 Jun 3,925 1.9 BV Buffalo Wild Wings, Inc. BWLD Q 3 AG 183.93 NM 183.98 122.15 37.5 3.79 4.90 5.80 Dec 3,495 0.0 BV Carrols Restaurant Group, Inc. TAST Q 1 HR 7.71 10.00 8.38 5.63 NM (0.46) (0.36) (0.15) Dec 341 0.0 BV Cheesecake Factory Inc. CAKE Q 3 AG 50.91 NM 51.19 42.00 24.4 2.10 2.09 2.40 Dec 2,596 1.3 BV Chipotle Mexican Grill, Inc. CMG N 2 AG 692.69 725.00 697.93 472.41 49.0 10.47 14.15 17.50 Dec 21,820 0.0 BV Chuy's Holdings, Inc. CHUY Q 3 AG 19.94 NM 43.40 19.00 29.3 0.69 0.68 0.82 Dec 333 0.0 BV Darden Restaurants DRI N 2 G 58.85 60.00 59.00 43.56 25.6 1.80 1.71 A 2.30 May 7,515 3.7 BV Dave & Buster’s Entertainment, Inc. PLAY Q 2 AG 26.83 28.00 27.00 15.89 40.7 0.42 0.66 0.85 Jan 1,148 0.0 BV Del Frisco’s Restaurant Group, Inc. DFRG Q 2 AG 23.63 26.00 29.61 18.81 26.3 0.85 0.90 1.08 Dec 560 0.0 BV DineEquity, Inc. DIN N 1 G 103.47 110.00 103.87 74.07 21.8 4.24 4.75 6.05 Dec 1,956 3.4 BV Dunkin’ Brands Group, Inc. DNKN Q 3 G 42.90 NM 53.05 40.50 24.5 1.53 1.75 1.90 Dec 4,486 2.1 BV Fiesta Restaurant Group, Inc. FRGI Q 1 AG 58.24 64.00 64.18 35.34 44.1 0.84 1.32 1.55 Dec 1,535 0.0 BV The Habit Restaurants, Inc. HABT Q 3 AG 35.34 NM 44.20 29.91 NM 0.09 0.13 0.14 Dec 919 0.0 BV Ignite Restaurant Group, Inc. IRG Q 3 HR 7.89 NM 16.29 5.68 NM (0.07) (0.24) (0.17) Dec 203 0.0 BV Kona Grill, Inc. KONA Q 2 HR 23.07 28.00 25.78 14.10 NM 0.31 0.06 (0.10) Dec 255 0.0 BV McDonald's Corporation MCD N 3 G 95.04 NM 103.78 87.62 18.3 5.55 5.20 5.40 Dec 93,500 3.6 BV Panera Bread Co. PNRA Q 4 NM 176.19 NM 193.18 142.41 26.6 6.68 6.62 6.60 Dec 4,722 0.0 BV Papa Murphy's Holdings, Inc. FRSH Q 2 AG 11.24 12.00 12.10 8.08 26.8 (0.10) 0.42 0.52 Dec 188 0.0 BV Red Robin Gourmet Burgers, Inc. RRGB Q 1 AG 78.39 80.00 80.00 47.45 29.6 2.37 2.65 2.80 Dec 1,129 0.0 BV Ruth`s Hospitality Group, Inc. RUTH Q 2 G 14.67 15.00 15.11 10.39 19.8 0.70 0.74 0.84 Dec 522 1.4 BV Texas Roadhouse, Inc. TXRH Q 2 AG 33.85 35.00 34.07 22.87 27.3 1.13 1.24 1.42 Dec 2,383 1.8 BV YUM! Brands, Inc. YUM N 3 G 73.56 NM 83.58 65.81 23.6 2.97 3.12 3.45 Dec 33,249 2.2 BV

Raymond James Research Register - January 2015 22

52 Week EPS

14

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A E E

29

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Consumer - CAN Kenric S. Tyghe, MBA [email protected] Frederic Bastien, CFA [email protected]

Consumer & Retail AIMIA (ae) AIM T 2 G C$14.71 21.00 19.88 13.59 NM 358 328 326 Dec 2,560 4.6 KT Cineplex Inc. CGX T 2 TR C$45.30 47.50 46.14 38.16 38.7 1.33 1.17 1.96 Dec 2,854 3.2 KT Dollarama DOL T 2 AG C$59.50 59.00 59.89 40.05 27.5 2.99 1.74 A 2.16 Jan 7,914 0.5 KT Easyhome Ltd. EH T 2 AG C$20.76 26.00 26.14 14.90 16.6 1.15 1.25 1.70 Dec 291 1.6 FB Empire Company Limited EMP.A T 2 G C$87.92 88.00 88.98 64.63 15.8 NA 4.84 A 5.58 Apr 8,115 1.2 KT Gildan Activewear GIL N 1 G US$57.05 62.00 62.52 48.17 24.8 2.83 2.30 3.18 Dec 7,017 0.9 KT Glacier Media Inc. GVC T 3 TR C$1.50 1.75 1.67 1.25 10.0 0.23 0.15 0.13 Dec 134 5.3 KT Great Canadian Gaming GC T 3 AG C$20.73 20.00 22.34 13.08 20.5 0.67 1.01 1.18 Dec 1,451 NA KT Loblaw Companies Ltd. L T 2 G C$62.52 65.00 63.27 41.32 20.9 2.58 2.99 3.58 Dec 26,052 1.5 KT Metro, Inc. MRU T 3 G C$91.88 85.00 93.25 60.95 15.9 4.78 5.12 A 5.78 Sep 7,865 1.3 KT Winpak Ltd. WPK T 2 G C$33.16 30.00 33.86 22.25 27.0 1.10 1.23 1.57 Dec 2,155 0.4 KT

52 Week EPS

14

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A E E

29

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Consumer - EUR Hermine de Bentzmann [email protected] Cedric Lecasble [email protected] Julien Richer [email protected] Consumer Goods Beverages Diageo DGE.L L 3 1,870p NM 2,044 1,690 19.7 103.10 95.50 A 94.90 Jun £46,993 2.8 HB Pernod Ricard PERP.PA EPA 3 €93.39 NM 96.23 78.82 18.8 4.71 4.46 A 4.96 Jun 24,788 1.9 HB Remy Cointreau RCOP.PA EPA 3 €56.01 NM 69.95 50.42 32.9 3.09 1.63 A 1.70 Mar 2,728 2.3 HB

Raymond James Research Register - January 2015 23

52 Week EPS

14

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A E E

29

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Consumer - EUR Eyecare & Eyewear Essilor ESSI.PA EPA 2 €92.00 90.00 93.26 70.51 30.9 2.78 2.98 3.37 Dec 19,338 1.2 CL Luxottica LUX.MI BIT 1 €45.41 48.00 45.59 34.74 32.2 1.30 1.41 1.69 Dec 21,547 1.5 CL Home & Personal Care Beiersdorf BEIG.DE ETR 3 €68.25 NM 77.33 60.78 27.1 2.33 2.52 2.71 Dec 17,199 1.1 HB BIC BB.FP EPA 2 €109.45 110.00 113.30 84.01 20.5 5.21 5.34 6.08 Dec 5,210 2.5 HB Henkel HNKG_p.DE ETR 2 €90.04 95.00 90.78 72.16 20.6 4.07 4.38 4.81 Dec 36,940 1.5 HB L'Oréal OREP.PA EPA 2 €140.15 137.00 140.15 114.55 26.5 5.13 5.29 6.12 Dec 78,286 2.0 HB RB RB.L L 3 5,215p NM 5,415 4,353 20.0 270.00 261.00 277.00 Dec £37,507 2.7 HB Luxury Goods Christian Dior DIOR.PA EPA 3 €143.95 NM 144.45 112.35 16.2 8.41 7.90 A 8.89 Jun 26,156 3.4 HB Ferragamo SFER.MI BIT 2 €20.37 27.00 28.00 17.61 23.7 0.86 E 1.05 1.26 Dec 3,431 2.6 HB Hermes International HRMS.PA EPA S €287.10 NM 317.40 223.95 37.1 7.73 E 8.72 9.74 Dec 30,309 1.1 HB Kering KER.PA EPA 3 €160.00 NM 167.70 136.95 17.1 9.76 9.37 11.11 Dec 20,197 2.4 HB LVMH LVMH.PA EPA 3 €132.50 NM 132.66 109.05 20.0 6.83 6.61 7.60 Dec 67,269 2.4 HB Foodservices Compass Group CPG.L L 3 1,118p NM 1,124 888 22.9 23.30 48.80 54.74 Sep £18,648 2.4 JR Edenred EDEN.PA EPA 2 €23.19 26.00 25.10 19.27 27.9 0.85 0.83 1.04 Dec 5,305 3.4 JR Sodexo EXHO.PA EPA 3 €81.63 NM 81.75 69.49 26.5 2.55 3.08 3.82 Aug 12,824 1.9 JR Retail Apparel H&M HMb.ST STO 4 SEK327.10 278.00 329.50 261.00 27.3 10.36 11.99 13.39 Nov 541,383 3.2 CL Inditex ITX.MC MAD 3 €23.85 NM 24.20 19.29 29.1 0.76 0.82 0.93 Jan 74,333 2.1 CL Consumer Electronics Fnac FNAC.PA EPA 2 €41.00 45.00 42.00 20.80 16.9 2.62 2.42 2.42 Dec 681 0.0 CL Food Retail Ahold AHLN.AS AMS 3 €14.75 NM 14.83 11.57 18.0 0.77 0.82 1.04 Dec 13,187 2.8 CL Carrefour CARR.PA EPA 2 €25.23 32.00 29.57 21.42 15.7 1.34 1.61 1.89 Dec 18,538 2.9 CL Casino CASP.PA EPA 3 €77.30 NM 97.53 70.02 16.4 5.48 4.71 5.35 Dec 8,743 4.0 CL Colruyt COLR.BR EBR 4 €38.57 36.00 42.49 32.12 15.9 2.27 2.43 2.51 Mar 6,023 2.8 CL Delhaize DELB.BR EBR 3 €60.67 NM 60.94 41.07 24.9 1.76 2.44 4.28 Dec 6,233 2.1 CL Dia DIDA.MC MAD 1 €5.71 7.50 7.11 4.48 15.4 0.35 0.37 0.38 Dec 3,717 3.0 CL Jeronimo Martins JMT.LS ELI 2 €8.31 10.70 14.31 6.94 16.3 0.61 0.51 0.52 Dec 5,227 3.7 CL Metro MEOG.DE ETR 2 €25.22 29.00 36.49 22.13 14.2 1.47 1.84 A 1.78 Dec 8,240 3.6 CL Rallye GENC.PA EPA 3 €29.30 NM 41.18 25.94 57.4 1.54 0.51 2.02 Dec 1,427 6.2 CL Sporting Goods Adidas ADSGn.DE ETR 3 €56.67 NM 93.22 52.94 18.6 4.01 3.05 3.29 Dec 11,856 2.6 CL Puma PUMG.DE ETR 3 €171.85 NM 236.00 154.35 33.8 7.62 5.09 6.97 Dec 2,591 0.3 CL

Raymond James Research Register - January 2015 24

Energy

USA Canada Europe Alternative Energy and Clean Technology ...... 26 Alternative Energy & Clean Tech ...... 33 Integrated Majors and Refiners ...... 35 Fuels and Chemicals ...... 26 Intermediate Oil & Gas Producers ...... 33 Oilfield Services ...... 35 Power ...... 26 Junior Oil & Gas Producers ...... 33 Diversified Oilfield Services ...... 35 Exploration and Production ...... 27 Oil & Gas Energy Services ...... 33 Seismic ...... 35 Integrated Majors and Refiners ...... 29 Contract Drillers ...... 33 Utilities ...... 35 Independent Refiners ...... 29 Facilities & Infrastructure ...... 34 Electricity & Gas ...... 35 Integrated Oil and Gas ...... 29 Pressure Pumpers ...... 34 Environmental Services ...... 35 Midstream Suppliers...... 30 Well Site & Other Services ...... 34 Oilfield Services ...... 31 Oil Sands ...... 34 Latin America Compression ...... 31 Senior Oil & Gas Producers ...... 34 Electric Utilities ...... 36 Diversified Oilfield Services ...... 31 Exploration and Production ...... 36 Manufacturing & Fabrication ...... 31 Gas Utility ...... 36 Offshore Construction ...... 31 Integrated Majors and Refiners ...... 36 Offshore Drillers ...... 32 Integrated Majors ...... 36 Offshore Transport, Supply & Logistics ...... 32 Oilfield Services ...... 36 Onshore Drillers ...... 32 Manufacturing & Fabrication ...... 36 Production/Workover/Miscellaneous ...... 32

Raymond James Research Register - January 2015 25

52 Week EPS

14

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A E E

29

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Energy - USA J. Marshall Adkins [email protected] Andrew Coleman [email protected] John Freeman, CFA [email protected] Darren Horowitz [email protected] Pavel Molchanov [email protected] Kevin Smith [email protected] Benjamin Brownlow [email protected] Cory J. Garcia [email protected] Praveen Narra [email protected] Alternative Energy and Clean Technology Fuels and Chemicals Amyris, Inc. AMRS Q 3 VR 2.13 NM 5.95 2.03 NM (1.24) (1.16) (0.74) Dec 168 0.0 PM Chart Industries, Inc. GTLS Q 2 AG 35.27 70.00 96.23 30.61 13.8 2.92 2.55 3.48 Dec 1,086 0.0 PM Clean Energy Fuels Corp. CLNE Q 4 NM 5.12 NM 13.09 4.25 NM (0.61) (1.11) (0.63) Dec 482 0.0 PM Solazyme, Inc. SZYM Q 2 VR 2.67 10.00 15.00 2.15 NM (1.38) (1.69) (1.38) Dec 203 0.0 PM Westport Innovations Inc. WPRT Q 3 HR 3.65 NM 22.50 3.40 NM (2.22) (1.71) (1.06) Dec 230 0.0 PM Power Advanced Energy Industries, Inc. AEIS Q 1 AG 24.07 28.00 29.15 16.00 14.3 1.86 1.68 1.90 Dec 975 0.0 PM EnerNOC, Inc. ENOC Q 1 HR 16.00 26.00 24.35 12.29 11.9 1.61 1.35 1.41 Dec 502 0.0 PM Enphase Energy, Inc. ENPH Q 3 HR 14.30 NM 17.97 5.88 NM (0.43) 0.04 0.27 Dec 698 0.0 PM First Solar, Inc. FSLR Q 3 HR 44.42 NM 74.84 40.54 17.0 4.35 2.61 4.52 Dec 4,504 0.0 PM Silver Spring Networks, Inc. SSNI Q 2 HR 8.10 13.00 23.61 6.90 NM (0.08) (0.47) 0.30 Dec 394 0.0 PM SolarCity Corp. SCTY Q 2 HR 56.26 75.00 88.35 45.79 NM (1.65) (3.67) (5.09) Dec 5,277 0.0 PM SunPower Corp. SPWR Q 2 HR 26.13 35.00 42.07 22.75 19.5 1.66 1.34 1.50 Dec 4,366 0.0 PM Trina Solar Limited (r) TSL N 3 HR 8.62 NM 18.77 7.52 11.5 (1.01) 0.75 0.55 Dec 713 0.0 PM

Raymond James Research Register - January 2015 26

52 Week EPS

14

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A E E

29

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Energy - USA Exploration and Production Anadarko Petroleum Corp. APC N 2 HR 83.83 110.00 113.51 71.00 18.2 4.03 4.60 3.31 Dec 42,452 1.3 AC Antero Resources Corporation AR N 1 HR 41.29 72.00 68.43 37.85 35.6 0.57 1.16 1.29 Dec 10,820 0.0 JF Apache Corporation APA N 2 HR 63.64 93.00 104.57 54.34 10.8 7.95 5.91 2.60 Dec 23,981 1.6 JF Atlas Resource Partners L.P. ARP N 3 TR 10.50 NM 23.18 8.42 NM (1.29) (0.38) 0.78 Dec 875 22.5 KS Bill Barrett Corp. BBG N 4 NM 11.56 NM 29.73 7.54 NM (0.42) (0.24) 0.86 Dec 574 0.0 JF Bonanza Creek Energy, Inc. BCEI N 2 HR 23.89 50.00 62.94 16.36 13.7 1.95 1.75 1.26 Dec 985 0.0 AC BPZ Resources Inc. BPZ N 2 VR 0.24 1.00 3.40 0.17 NM (0.46) (0.11) 0.11 Dec 29 0.0 JF BreitBurn Energy Partners L.P. BBEP Q 3 TR 6.76 NM 23.15 6.46 75.1 0.46 0.09 0.52 Dec 815 30.8 KS Cabot Oil & Gas Corp. COG N 2 HR 29.86 37.00 41.78 27.75 31.8 0.69 0.94 0.58 Dec 12,340 0.3 AC California Resources Corp. CRC N 3 AG 5.77 NM 9.71 5.05 2.9 2.28 1.99 0.73 Dec 2,201 0.7 PM Chesapeake Energy Corp. CHK N 3 HR 20.01 NM 29.92 16.41 9.9 1.65 2.02 1.02 Dec 13,274 1.7 JF Chesapeake Granite Wash Trust (cu) CHKR N 4 NM 5.10 NM 12.58 5.01 2.3 2.71 2.26 1.94 Dec 239 40.0 KS Cimarex Energy Co. XEC N 2 HR 110.27 125.00 150.71 92.38 18.4 4.95 5.99 3.27 Dec 9,621 0.6 AC Clayton Williams Energy, Inc. CWEI N 3 HR 62.13 NM 146.93 49.71 13.1 3.49 4.73 1.61 Dec 756 0.0 AC Comstock Resources CRK N 3 HR 7.15 NM 29.49 5.01 NM (2.06) (0.13) (4.81) Dec 342 7.0 JF Concho Resources Inc. CXO N 2 HR 100.41 148.00 148.61 77.22 24.5 3.54 4.10 2.32 Dec 11,356 0.0 JF ConocoPhillips COP N 3 TR 70.11 NM 87.09 60.84 12.2 5.70 5.75 3.96 Dec 87,455 4.2 PM CONSOL Energy Inc. CNX N 2 HR 35.02 42.00 48.30 31.64 48.0 0.22 0.73 0.83 Dec 8,061 0.7 AC Continental Resources Inc. CLR N 2 HR 38.26 61.00 80.91 30.06 9.9 2.67 3.87 2.69 Dec 14,234 0.0 AC Denbury Resources Inc. DNR N 3 HR 8.22 NM 18.59 6.04 8.1 1.47 1.01 0.54 Dec 2,898 3.0 AC Devon Energy Corporation DVN N 2 HR 61.15 88.00 80.63 51.76 11.2 4.26 5.46 4.06 Dec 25,010 1.6 AC Diamondback Energy, Inc. FANG Q 2 AG 60.38 83.00 93.33 44.02 25.2 1.22 2.40 2.39 Dec 3,422 0.0 JF Eagle Rock Energy Partners L.P. EROC Q 3 HR 2.02 NM 6.30 1.78 NM (0.41) (0.08) 0.06 Dec 318 13.9 KS,DH ECA Marcellus Trust I (cu) ECT N 3 TR 3.12 NM 9.41 2.98 3.1 1.67 1.02 0.69 Dec 55 25.6 KS Energen Corp. EGN N 3 HR 65.10 NM 90.66 53.78 23.4 3.04 2.78 1.06 Dec 4,760 0.1 JF Energy XXI Limited EXXI Q 1 HR 3.31 13.00 27.69 2.35 NM 1.94 0.83 A (0.13) Jun 310 14.5 AC EOG Resources, Inc. EOG N 2 HR 94.33 105.00 118.89 80.63 17.9 3.58 5.28 4.14 Dec 51,683 0.7 AC EV Energy Partners L.P. EVEP Q 1 AG 20.41 45.00 41.97 19.80 13.4 0.37 1.52 2.21 Dec 991 15.2 KS Goodrich Petroleum Corp. GDP N 2 HR 4.83 6.00 30.52 2.96 NM (2.48) (1.91) (1.52) Dec 215 0.0 JF

Raymond James Research Register - January 2015 27

52 Week EPS

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Energy - USA Exploration and Production Halcón Resources Corp. HK N 2 HR 1.85 4.00 7.50 1.55 7.7 0.13 0.24 (0.05) Dec 782 0.0 AC Hess Corp. HES N 2 AG 74.82 100.00 104.50 63.80 15.7 5.55 4.76 2.41 Dec 22,820 1.3 PM InterOil Corp. IOC N 2 HR 50.18 75.00 69.81 43.25 NM (0.83) (1.55) (2.07) Dec 2,489 0.0 PM Kosmos Energy Ltd. KOS N 3 HR 8.25 NM 11.60 6.96 33.0 (0.10) 0.25 (0.15) Dec 3,153 0.0 PM Laredo Petroleum Inc. LPI N 2 HR 10.50 12.00 31.23 7.00 10.4 0.56 1.01 0.29 Dec 1,509 0.0 JF Legacy Reserves L.P. LGCY Q 2 TR 11.28 28.00 32.61 10.05 22.1 1.23 0.51 0.02 Dec 648 21.5 KS LINN Energy, LLC LINE Q 2 TR 10.54 18.00 34.08 9.17 6.9 1.02 1.52 0.78 Dec 3,497 27.5 KS LinnCo, LLC LNCO Q 1 TR 10.49 35.00 33.12 8.58 6.9 1.02 1.52 0.72 Dec 365 27.6 KS LRR Energy L.P. LRE N 3 TR 6.84 NM 20.11 6.59 5.6 0.88 1.23 1.27 Dec 179 29.1 KS Marathon Oil Corp. MRO N 2 TR 28.58 40.00 41.92 24.28 9.2 2.52 3.12 1.77 Dec 19,377 2.9 PM Memorial Production Partners L.P. MEMP Q 1 TR 15.06 22.00 24.75 11.75 15.5 1.16 0.97 1.68 Dec 663 14.6 KS Memorial Resource Development Corp MRD Q 1 HR 18.68 32.00 30.32 15.30 31.1 0.06 0.60 0.57 Dec 3,616 0.0 JF Mid-Con Energy Partners L.P. MCEP Q 3 TR 5.84 NM 24.39 5.02 5.0 1.86 1.16 1.34 Dec 104 35.3 KS Murphy Oil Corp. MUR N 3 AG 50.53 NM 68.43 43.57 12.8 5.14 3.95 2.24 Dec 9,045 2.8 PM MV Oil Trust (cu) MVO N 3 TR 14.93 NM 29.15 13.08 4.6 3.38 3.22 1.98 Dec 172 24.1 KS National Fuel Gas Company NFG N 3 G 71.90 NM 78.79 64.31 23.1 3.15 3.44 A 3.11 Sep 6,051 2.1 KS,DH Newfield Exploration Company NFX N 3 HR 27.42 NM 45.43 22.90 13.7 1.90 2.00 4.44 Dec 3,762 0.0 AC Noble Energy, Inc. NBL N 3 HR 47.83 NM 79.63 42.11 19.9 3.31 2.40 1.40 Dec 17,410 1.5 JF Northern Oil & Gas Inc. NOG M 3 HR 5.93 NM 17.43 4.79 6.1 1.12 0.97 1.16 Dec 362 0.0 JF Oasis Petroleum Inc. OAS N 1 HR 16.34 20.00 58.09 10.64 6.4 2.63 2.54 1.97 Dec 1,656 0.0 AC Occidental Petroleum Corp. OXY N 1 TR 81.71 102.00 101.38 72.32 13.0 6.96 6.27 3.67 Dec 63,546 3.5 PM Parsley Energy, Inc. PE N 2 HR 16.41 23.00 25.70 11.11 43.2 0.25 0.38 0.37 Dec 2,069 0.0 JF PetroQuest Energy PQ N 3 HR 3.80 NM 7.82 3.15 7.3 0.29 0.52 0.22 Dec 245 0.0 AC Pioneer Natural Resources Company PXD N 2 HR 153.30 227.00 234.60 127.31 30.4 4.38 5.05 5.13 Dec 21,922 0.1 JF QEP Resources, Inc. QEP N 2 HR 20.01 30.00 35.91 18.15 14.0 1.16 1.43 0.66 Dec 3,604 0.4 AC Questar Corp. STR N 3 TR 26.18 NM 26.44 21.06 20.3 1.21 1.29 1.35 Dec 4,588 2.8 KS,DH Quicksilver Resources Inc. KWK N 4 NM 0.20 NM 3.67 0.19 NM (0.18) (0.28) (0.37) Dec 37 0.0 JF Range Resources Corp. RRC N 3 HR 56.00 NM 95.41 51.83 36.8 1.45 1.52 1.46 Dec 9,443 0.3 AC Resolute Energy Corp. REN N 3 HR 1.04 NM 9.65 1.00 NM (0.05) (0.24) (0.36) Dec 81 0.0 JF Rosetta Resources Inc. ROSE Q 3 HR 22.22 NM 55.45 16.67 13.1 4.23 1.69 0.79 Dec 1,366 0.0 JF RSP Permian Inc. RSPP N 2 HR 26.27 34.00 33.67 19.36 28.6 0.56 0.92 0.87 Dec 2,030 0.0 JF SandRidge Energy Inc. SD N 3 HR 1.87 NM 7.43 1.50 15.6 0.18 0.12 0.10 Dec 925 0.0 JF SandRidge Mississippian Trust I (cu) SDT N 3 TR 3.34 NM 10.85 3.00 2.6 2.30 1.30 1.02 Dec 94 42.8 KS SandRidge Mississippian Trust II (cu) SDR N 3 TR 3.95 NM 10.12 3.91 2.1 2.35 1.90 1.06 Dec 196 40.5 KS

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Energy - USA Exploration and Production SandRidge Permian Trust (cu) PER N 2 TR 6.11 11.00 13.72 5.87 2.4 2.39 2.58 2.07 Dec 321 43.2 KS SM Energy Company SM N 3 HR 38.63 NM 90.38 29.41 6.4 4.38 6.03 5.05 Dec 2,603 0.3 AC Southwestern Energy Company SWN N 2 HR 29.22 45.00 49.16 27.62 13.0 2.00 2.25 2.39 Dec 10,318 0.0 AC Stone Energy Corp. SGY N 3 HR 17.16 NM 50.00 12.96 36.5 2.94 0.47 0.55 Dec 942 0.0 JF Swift Energy Company SFY N 3 HR 4.38 NM 14.00 2.61 36.5 0.74 0.12 (1.07) Dec 192 0.0 AC TransGlobe Energy Corp. TGA Q 2 HR 3.66 7.50 8.69 2.82 5.1 0.65 0.72 0.52 Dec 302 5.5 PM Ultra Petroleum Corporation UPL N 2 HR 13.31 33.00 31.43 12.90 5.4 1.60 2.47 1.93 Dec 2,063 0.0 AC Vanguard Natural Resources, LLC VNR Q 3 TR 15.83 NM 33.04 12.57 12.8 0.99 1.24 1.59 Dec 1,329 15.9 KS Viper Energy Partners L.P. (cu) VNOM Q 3 TR 17.53 NM 36.00 13.79 35.1 NA 0.50 1.36 Dec 1,397 2.9 KS VOC Energy Trust (cu) VOC N 3 TR 5.15 NM 17.24 5.05 3.2 1.99 1.62 0.94 Dec 88 28.7 KS W&T Offshore, Inc. WTI N 4 NM 7.72 NM 19.78 5.34 96.5 0.67 0.08 0.13 Dec 584 5.2 JF Whiting Petroleum Corp. WLL N 2 HR 34.09 82.00 92.92 24.13 7.9 4.13 4.32 1.41 Dec 4,059 0.0 JF Whiting USA Trust I (cu) WHX N 4 NM 1.91 NM 6.19 1.62 1.0 2.14 1.99 0.19 Dec 27 106.8 KS Whiting USA Trust II (cu) WHZ N 4 NM 5.70 NM 13.94 5.66 2.2 2.91 2.62 1.48 Dec 105 44.9 KS Integrated Majors and Refiners Independent Refiners Delek US Holdings, Inc. DK N 3 AG 27.55 NM 36.05 25.15 8.6 2.00 3.20 2.25 Dec 1,634 3.6 CJG HollyFrontier Corp. HFC N 3 G 37.90 NM 53.42 35.31 12.7 3.78 2.99 3.00 Dec 7,485 8.7 CJG Marathon Petroleum Corp. MPC N 2 G 91.06 95.00 97.94 74.64 12.0 6.85 7.62 8.50 Dec 25,897 2.2 CJG PBF Energy, Inc. PBF N 3 AG 26.34 NM 32.48 21.02 6.3 1.49 4.16 3.00 Dec 2,563 4.6 CJG Phillips 66 PSX N 2 G 72.82 80.00 87.98 64.02 11.2 5.92 6.49 7.25 Dec 41,143 2.7 CJG Tesoro Corp. TSO N 3 AG 75.61 NM 79.49 46.40 10.9 2.79 6.94 6.50 Dec 9,807 1.6 CJG Valero Energy Corp. VLO N 2 G 50.01 55.00 59.69 42.53 8.7 4.49 5.77 5.75 Dec 26,505 2.2 CJG Western Refining, Inc. WNR N 3 AG 38.00 NM 48.36 35.29 8.9 3.19 4.27 3.75 Dec 3,841 2.7 CJG Integrated Oil and Gas Chevron Corp. CVX N 2 TR 113.32 140.00 135.10 100.15 10.9 11.09 10.43 8.74 Dec 214,911 3.8 PM Ecopetrol S.A. (ed, r) EC N 2 G 17.30 38.00 41.48 14.17 6.9 3.42 2.52 2.20 Dec 35,565 11.6 PM Exxon Mobil Corp. XOM N 3 TR 93.07 NM 104.76 86.19 12.3 7.37 7.57 5.89 Dec 399,922 3.0 PM Petróleo Brasileiro S.A. (ed, r) PBR N 3 G 7.27 NM 20.94 6.01 5.3 1.70 1.36 1.19 Dec 47,415 5.6 PM

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Energy - USA Midstream Suppliers Access Midstream Partners L.P. ACMP N 2 TR 55.82 69.00 66.79 49.01 60.7 1.48 0.92 1.09 Dec 9,679 4.4 DH Alliance Holdings GP L.P. AHGP Q 1 TR 60.25 80.00 74.00 54.51 12.8 3.91 4.70 5.06 Dec 3,607 5.8 PN,JMA Alliance Resource Partners L.P. ARLP Q 2 TR 42.54 54.00 53.84 37.08 9.0 3.66 4.72 5.30 Dec 3,151 6.0 PN,JMA American Midstream Partners L.P. AMID N 3 TR 19.34 NM 32.01 18.22 NM (7.00) (1.34) 2.05 Dec 311 9.8 DH AmeriGas Partners L.P. APU N 3 HR 47.97 NM 48.50 40.96 15.7 1.43 2.83 A 3.06 Sep 4,455 7.3 DH Antero Midstream Partners L.P. AM N 1 G 25.97 32.00 30.77 22.80 NM NA 0.08 0.55 Dec 1,972 0.0 DH Boardwalk Pipeline Partners L.P. BWP N 3 G 17.34 NM 26.13 11.99 29.4 1.00 0.59 1.03 Dec 4,219 2.3 DH Calumet Specialty Products Partners L.P. CLMT Q 3 HR 23.10 NM 33.30 18.66 NM (0.10) (0.40) 1.61 Dec 1,604 11.9 DH,CJG Capital Product Partners L.P. CPLP Q 3 HR 7.80 NM 11.63 6.54 30.0 1.09 0.26 0.27 Dec 704 11.9 DH Cheniere Energy Partners L.P. CQP M 3 HR 31.48 NM 34.60 25.08 NM (0.03) (0.74) 0.29 Dec 10,634 5.4 DH,PM Cheniere Energy, Inc. LNG M 3 HR 72.87 NM 85.00 40.43 NM (1.72) (1.61) (1.60) Dec 16,345 0.0 PM,DH Crestwood Equity Partners L.P. CEQP N 2 TR 7.35 11.00 15.40 5.84 49.0 (0.02) 0.15 0.31 Dec 1,370 7.5 DH Crestwood Midstream Partners L.P. CMLP N 2 TR 15.41 22.00 24.95 13.73 NM (0.57) 0.03 0.39 Dec 2,896 10.6 DH CrossAmerica Partners L.P. CAPL N 2 TR 38.27 40.00 38.65 25.50 64.9 1.19 0.59 0.89 Dec 742 5.6 DH,BBL Delek Logistics Partners L.P. DKL N 2 TR 34.48 43.00 45.00 30.16 12.4 1.93 2.78 3.84 Dec 838 5.7 DH,CJG Energy Transfer Equity L.P. ETE N 2 TR 57.75 70.00 66.21 38.99 44.1 0.35 1.31 1.22 Dec 31,116 2.9 DH Energy Transfer Partners L.P. ETP N 3 TR 64.49 NM 69.66 52.49 22.9 (0.19) 2.82 2.25 Dec 22,636 6.0 DH EnLink Midstream LLC ENLC N 2 HR 35.79 42.00 42.88 28.23 61.7 (0.59) 0.58 1.16 Dec 5,870 2.6 DH EnLink Midstream Partners L.P. ENLK N 3 HR 29.03 NM 35.54 24.71 53.8 (1.67) 0.54 0.81 Dec 6,677 5.1 DH Enterprise Products Partners L.P. EPD N 1 TR 36.34 45.00 41.38 30.71 23.8 1.41 1.53 1.50 Dec 68,101 4.0 DH Ferrellgas Partners L.P. FGP N 4 NM 22.52 NM 28.70 21.24 37.5 0.67 0.41 A 0.60 Jul 1,848 8.9 DH Genesis Energy Partners L.P. GEL N 2 TR 43.89 55.00 57.47 34.57 35.1 1.03 1.25 1.67 Dec 4,095 5.3 DH,CJG Global Partners L.P. GLP N 3 TR 33.83 NM 45.75 30.45 9.6 1.43 3.51 2.51 Dec 926 7.7 DH,CJG Golar LNG Partners L.P. GMLP Q 3 TR 31.03 NM 39.35 26.54 10.7 2.44 2.90 2.68 Dec 1,912 7.1 DH Holly Energy Partners L.P. HEP N 3 TR 29.60 NM 37.44 28.50 22.6 0.88 1.31 1.53 Dec 1,736 7.1 DH,CJG Kinder Morgan, Inc. KMI N 2 TR 43.01 43.00 43.18 30.81 35.0 1.15 1.23 0.47 Dec 44,224 4.1 DH KNOT Offshore Partners L.P. KNOP N 2 TR 23.46 22.00 29.89 18.78 14.7 1.02 1.60 2.03 Dec 535 8.4 DH Magellan Midstream Partners L.P. MMP N 2 TR 85.42 85.00 90.08 60.23 24.4 2.56 3.50 3.69 Dec 19,396 3.1 DH,CJG Martin Midstream Partners L.P. MMLP Q 2 TR 27.95 40.00 44.36 25.80 NM (0.49) 0.05 1.95 Dec 988 11.6 DH NGL Energy Partners L.P. NGL N 2 TR 29.78 38.00 46.25 22.57 85.1 0.96 0.39 A 0.35 Mar 2,365 8.2 DH Niska Gas Storage Partners LLC NKA N 4 NM 3.42 NM 16.43 2.71 NM (0.63) (0.24) A (1.35) Mar 122 23.4 DH NuStar Energy L.P. NS N 3 HR 56.85 NM 68.33 47.51 27.5 (4.00) 2.07 2.37 Dec 4,428 7.7 DH,CJG NuStar GP Holdings, LLC NSH N 3 TR 34.50 NM 45.52 26.57 23.6 (0.26) 1.46 1.57 Dec 1,477 6.3 DH,CJG Oiltanking Partners L.P. OILT N S NM 46.94 NM 54.95 30.16 34.0 1.21 1.38 1.68 Dec 3,902 2.3 DH,CJG

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Energy - USA Midstream Suppliers Plains All American Pipeline L.P. PAA N 2 TR 51.85 61.00 61.09 43.61 22.6 2.96 2.29 2.90 Dec 19,261 5.1 DH,CJG Plains GP Holdings L.P. PAGP N 2 TR 25.80 31.00 32.58 22.51 53.7 0.24 0.48 0.62 Dec 3,416 3.0 DH,CJG Regency Energy Partners L.P. RGP N 3 G 23.97 NM 33.57 22.07 85.6 0.15 0.28 0.35 Dec 9,586 8.4 DH Rhino Resource Partners L.P. RNO N 4 NM 2.13 NM 14.65 1.98 NM 0.04 (0.95) (0.75) Dec 59 9.4 PN,JMA Southcross Energy Partners L.P. SXE N 2 AG 14.19 18.00 24.88 11.22 NM (1.03) (0.89) 0.25 Dec 173 11.3 DH Spectra Energy Partners L.P. SEP N 2 TR 57.85 61.00 58.81 41.53 21.7 3.45 2.67 3.02 Dec 17,095 3.9 DH Sprague Resources L.P. SRLP N 3 TR 22.47 NM 27.30 17.61 5.4 (1.64) 4.15 2.40 Dec 453 7.9 DH Suburban Propane Partners L.P. SPH N 3 HR 43.32 NM 48.61 39.91 25.3 1.45 1.55 A 1.71 Sep 2,613 8.1 DH Sunoco L.P. SUN N 2 TR 49.06 56.00 59.99 32.00 41.6 1.69 1.18 2.85 Dec 1,673 4.4 DH,BBL Targa Resources Corp. TRGP N 1 TR 107.18 114.00 160.97 84.17 41.2 1.55 2.60 3.97 Dec 4,517 2.7 DH Targa Resources Partners L.P. NGLS N 2 TR 48.27 55.00 83.49 40.17 17.2 1.16 2.81 1.77 Dec 5,588 6.6 DH Teekay Corporation TK N 1 TR 51.53 70.00 67.98 44.01 NM (1.62) (0.92) (0.02) Dec 3,722 2.5 DH Teekay LNG Partners L.P. TGP N 3 TR 42.40 NM 47.49 33.02 17.2 2.48 2.46 2.28 Dec 3,146 6.5 DH Teekay Offshore Partners L.P. TOO N 2 TR 26.46 31.00 37.46 20.61 35.3 0.88 0.75 1.42 Dec 2,268 8.1 DH Tesoro Logistics L.P. TLLP N 1 TR 57.96 70.00 75.55 49.01 29.7 1.41 1.95 3.27 Dec 3,378 4.4 DH,CJG The Williams Companies, Inc. WMB N 2 TR 45.64 65.00 59.77 37.77 12.2 0.81 3.75 1.66 Dec 34,093 3.7 DH Williams Partners L.P. WPZ N 2 TR 45.98 59.00 57.29 40.48 26.1 1.44 1.76 3.81 Dec 21,435 8.1 DH Oilfield Services Compression CSI Compressco Partners L.P. CCLP Q 1 TR 14.14 33.00 31.00 13.09 15.5 1.08 0.91 0.60 Dec 219 13.0 JMA,PN Exterran Partners L.P. EXLP Q 2 TR 21.00 32.00 31.00 19.01 19.6 0.92 1.07 0.85 Dec 1,169 10.3 JMA,PN USA Compression Partners L.P. USAC N 2 TR 16.48 30.00 28.73 14.45 35.1 0.32 0.47 0.55 Dec 480 12.3 JMA,PN Diversified Oilfield Services Baker Hughes, Inc. BHI N 1 AG 56.70 83.00 75.64 47.51 14.6 2.79 3.89 3.45 Dec 24,551 1.2 JMA,PN Halliburton HAL N 1 AG 40.00 60.00 74.33 37.21 9.9 3.15 4.06 3.40 Dec 33,880 1.8 JMA,PN Schlumberger Ltd. SLB N 2 AG 87.35 95.00 118.76 78.47 15.7 4.79 5.58 5.15 Dec 112,419 1.8 JMA,PN Weatherford WFT N 3 HR 11.66 NM 24.88 10.07 10.9 0.60 1.07 0.70 Dec 9,025 0.0 JMA,PN Manufacturing & Fabrication Cameron International Corp. CAM N 1 AG 50.81 63.00 74.89 44.43 12.4 3.28 4.10 4.65 Dec 10,076 0.0 JMA,PN Dresser-Rand Group, Inc. DRC N 3 AG 81.72 NM 82.95 51.46 35.5 2.88 2.30 2.80 Dec 6,264 0.0 JMA,PN FMC Technologies, Inc. FTI N 2 AG 48.48 56.00 63.92 42.41 16.4 2.08 2.95 3.10 Dec 11,349 0.0 JMA,PN National Oilwell Varco Inc. NOV N 1 AG 66.80 82.00 86.55 60.88 10.9 5.52 6.12 6.20 Dec 28,762 2.8 JMA,PN Oil States International, Inc. OIS N 2 AG 49.53 56.00 65.77 41.51 11.6 6.20 4.26 3.30 Dec 2,675 0.0 JMA,PN Offshore Construction Cal Dive International Inc. CDVI OTC 3 HR 0.07 NM 2.03 0.01 NM (0.32) (0.55) (0.30) Dec 6 0.0 JMA,PN Helix Energy Solutions Group HLX N 2 AG 22.25 31.00 28.00 19.44 11.4 1.11 1.95 2.05 Dec 2,348 0.0 JMA,PN

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Energy - USA Offshore Drillers Atwood Oceanics ATW N 3 HR 29.19 NM 53.90 26.36 4.8 5.33 4.87 A 6.05 Sep 1,879 3.4 PN,JMA Diamond Offshore DO N 3 HR 38.78 NM 57.40 29.00 12.9 4.49 3.01 3.50 Dec 5,394 9.0 PN,JMA Ensco plc ESV N 3 HR 30.72 NM 57.45 25.88 5.1 6.15 6.07 5.40 Dec 7,109 9.8 PN,JMA Hercules Offshore Inc. HERO Q 3 HR 1.03 NM 6.74 0.98 NM 0.24 (0.27) (0.85) Dec 166 0.0 PN,JMA Noble Corp plc NE N 3 HR 17.30 NM 32.82 14.47 5.7 2.89 3.01 2.20 Dec 4,364 8.7 PN,JMA Ocean Rig UDW ORIG Q 2 HR 9.28 16.00 19.97 8.30 3.7 0.91 2.49 2.65 Dec 1,222 8.2 PN,JMA Pacific Drilling PACD N 2 HR 4.72 8.00 11.54 4.23 5.8 0.42 0.82 0.95 Dec 1,026 0.0 PN,JMA Rowan Companies RDC N 2 HR 23.84 25.00 35.38 19.50 11.1 1.96 2.15 3.60 Dec 2,961 1.7 PN,JMA Transocean RIG N 3 HR 18.79 NM 49.58 15.97 4.1 4.16 4.60 2.50 Dec 6,806 16.0 PN,JMA Offshore Transport, Supply & Logistics CHC Group Ltd. HELI N 2 HR 3.32 5.00 10.25 3.30 NM (1.37) (1.56) A (1.30) Apr 257 0.0 JMA,PN Onshore Drillers Nabors Industries Ltd. NBR N 1 AG 13.01 22.00 30.24 9.91 10.4 0.87 1.25 0.95 Dec 3,766 1.8 JMA,PN Patterson-UTI Energy, Inc. PTEN Q 1 AG 16.89 23.00 38.43 14.01 10.8 1.19 1.57 1.05 Dec 2,473 2.4 JMA,PN Pioneer Energy Services Corp PES N 3 HR 5.66 NM 18.40 4.07 18.3 (0.05) 0.31 (0.10) Dec 354 0.0 JMA,PN Unit Corporation UNT N 3 AG 34.73 NM 70.37 28.24 7.8 3.67 4.43 2.50 Dec 1,722 0.0 JMA,PN Production/Workover/Miscellaneous Basic Energy Services, Inc. BAS N 1 HR 7.07 14.00 29.84 5.01 13.9 (0.68) 0.51 (0.15) Dec 305 0.0 JMA,PN Cypress Energy Partners, L.P. CELP N 2 TR 14.10 25.00 26.00 11.54 12.6 NA 1.12 1.15 Dec 168 11.5 JMA,PN Dawson Geophysical Company DWSN Q 2 AG 12.11 18.00 34.90 10.40 NM 1.33 (1.48) A (0.75) Sep 98 2.6 JMA,PN Hi-Crush Partners L.P. HCLP N 2 HR 32.38 60.00 71.88 28.92 10.8 2.12 2.99 3.70 Dec 1,197 7.7 JMA,PN Key Energy Services Inc. KEG N 3 HR 1.60 NM 10.52 1.00 NM (0.06) (0.47) (0.25) Dec 246 0.0 JMA,PN Newpark Resources NR N 2 HR 9.63 13.00 13.60 8.23 11.6 0.68 0.83 0.65 Dec 809 0.0 JMA,PN Superior Energy Services, Inc. SPN N 1 AG 20.46 24.00 37.05 16.70 11.2 1.56 1.82 0.95 Dec 3,150 1.6 JMA,PN Tetra Technologies Inc. TTI N 2 HR 6.79 10.00 13.43 4.90 15.1 0.63 0.45 0.35 Dec 540 0.0 JMA,PN

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Energy - CAN Andrew Bradford, CFA [email protected] Steven Li, CFA [email protected] Theoni Pilarinos, CFA [email protected] Steve Hansen, CMA, CFA [email protected] Kurt Molnar [email protected] Chris Cox, CFA [email protected]

Alternative Energy & Clean Tech Alterra Power Corp. AXY T 2 VR C$0.33 0.45 0.39 0.28 32.5 (0.25) 0.01 0.02 Dec 152 0.0 SLi U.S. Geothermal HTM M 3 VR US$0.44 0.65 1.08 0.37 14.7 0.03 0.03 NA Dec 46 0.0 SLi Intermediate Oil & Gas Producers Arc Resources Ltd. (cf) ARX T 2 G C$25.40 31.00 33.68 22.74 7.3 2.76 3.49 2.94 Dec 8,072 4.7 KM Athabasca Oil Corp. (cb) ATH T 2 HR C$2.63 5.00 8.84 2.02 NM (1) (31) 8 Dec 1,086 0.0 CC Baytex Energy Corp. (cf) BTE T 3 G C$19.54 22.00 49.88 14.56 NM 590 1,026 886 Dec 3,296 6.1 CC Birchcliff Energy Ltd. (cf) BIR T 2 HR C$7.84 12.50 14.97 7.17 3.9 1.20 1.99 1.64 Dec 1,193 0.0 KM Crescent Point Energy (cf) CPG T 3 G C$27.84 33.00 48.68 21.20 NM 1,855 2,358 2,050 Dec 12,344 9.9 CC Crew Energy Inc. (cf) CR T 1 HR C$5.79 9.25 12.74 5.42 4.1 1.42 1.42 1.21 Dec 714 0.0 KM NuVista Energy Ltd. (cf) NVA T 2 HR C$7.45 10.50 12.47 5.89 9.3 0.63 0.80 1.07 Dec 1,031 0.0 KM Paramount Resources Ltd. (cf) POU T 1 HR C$28.31 47.00 66.37 25.57 17.1 0.75 1.66 5.60 Dec 2,961 0.0 KM Pengrowth Energy Corporation (cf) PGF T 2 G C$3.63 5.00 7.78 2.77 NM 279 486 535 Dec 1,989 13.2 CC Peyto Exploration and Development (cf) PEY T 2 G C$33.07 40.50 41.95 30.50 7.8 2.94 4.24 4.53 Dec 5,083 4.0 KM Tourmaline Oil Corp. (cf) TOU T 2 HR C$39.20 46.00 59.25 34.47 8.3 2.80 4.71 6.20 Dec 7,907 0.0 KM Trilogy Energy Corp. (cf) TET T 2 HR C$8.05 18.00 32.30 7.41 3.0 2.32 2.66 1.78 Dec 1,013 0.0 KM Junior Oil & Gas Producers Artek Exploration Ltd. (cf) RTK T 2 HR C$1.75 2.50 4.65 1.33 4.1 0.42 0.43 0.44 Dec 136 0.0 KM Chinook Energy Inc. (cf) CKE T 2 HR C$1.30 1.80 2.85 1.08 5.4 0.41 0.24 0.19 Dec 280 0.0 KM DeeThree Exploration Ltd. (cf) DTX T 2 HR C$5.04 7.75 12.18 4.03 2.5 1.18 1.99 1.85 Dec 448 0.0 KM Delphi Energy Corp. (cf) DEE T 1 HR C$1.59 3.00 4.60 1.22 3.8 0.25 0.42 0.40 Dec 247 0.0 KM Leucrotta Exploration Inc. (cf) LXE V 2 HR C$1.41 2.00 2.49 1.25 28.2 NA 0.05 0.15 Dec 233 0.0 KM RMP Energy Inc. (cf) RMP T 2 HR C$4.61 6.00 10.07 3.57 3.5 0.68 1.33 1.17 Dec 563 0.0 KM Storm Resources Ltd. (cf) SRX V 2 HR C$4.23 5.80 6.16 3.37 10.1 0.30 0.42 0.58 Dec 471 0.0 KM Oil & Gas Energy Services Contract Drillers Ensign Energy Services Inc. (cb) ESI T 4 HR C$10.30 10.25 17.87 9.59 NM 490 533 395 Dec 1,712 4.7 AB Precision Drilling Corporation (cb) PD T 3 HR C$7.16 9.00 15.65 6.11 NM 660 808 682 Dec 2,170 3.9 AB Savanna Energy Services (cb) SVY T 3 HR C$3.37 4.00 9.31 2.96 NM 151 156 123 Dec 322 10.7 AB Trinidad Drilling Ltd. (cb) TDG T 2 HR C$5.31 6.75 12.89 4.68 NM 271 247 226 Dec 741 3.8 AB Western Energy Services Corp. (cb) WRG T 2 HR C$6.08 7.75 11.70 4.91 NM 117 171 137 Dec 483 4.9 AB

Raymond James Research Register - January 2015 33

52 Week EPS

14

-

A E E

29

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Energy - CAN Facilities & Infrastructure Black Diamond Group Limited (cb) BDI T 3 AG C$13.34 18.00 35.99 12.59 NM 141 140 138 Dec 591 7.2 AB Enerflex Ltd. (cb) EFX T 2 AG C$16.45 23.00 21.50 14.61 NM 129 206 300 Dec 1,334 2.1 AB Horizon North Logistics Inc. (cb) HNL T 3 AG C$2.76 3.00 10.05 1.80 NM 126 92 83 Dec 321 11.6 AB Secure Energy Services Inc. (cb) SES T 1 AG C$17.03 22.50 28.05 13.61 NM 138 214 236 Dec 2,202 1.4 AB Pressure Pumpers Calfrac Well Services (cb) CFW T 2 HR C$9.83 15.00 22.57 8.60 NM 194 346 276 Dec 1,002 5.1 AB Canyon Services Group Inc. (cb) FRC T 2 HR C$8.81 11.50 20.05 7.16 NM 33 119 105 Dec 634 6.8 AB GasFrac Energy Services Ltd. (cb) GFS T UR VR C$0.20 NM 2.16 0.19 NM 7 (29) (22) Dec 14 0.0 AB Trican Well Service (cb) TCW T 2 HR C$5.55 8.50 18.19 5.00 NM 188 262 225 Dec 910 5.4 AB Well Site & Other Services Essential Energy Services Ltd. (cb) ESN T 1 HR C$1.36 2.40 2.99 1.28 NM 65 69 65 Dec 181 8.8 AB McCoy Global MCB T 2 TR C$4.11 6.50 7.71 3.22 10.8 0.28 0.38 0.42 Dec 113 4.9 TP,SH Mullen Group Ltd. (cb) MTL T 3 AG C$21.29 22.75 31.34 19.08 NM 303 294 294 Dec 2,003 5.6 AB Strad Energy Services Ltd. (cb) SDY T 2 HR C$3.52 4.75 5.09 3.27 NM 41 55 48 Dec 140 8.0 AB Oil Sands Canadian Oil Sands Limited (cb) COS T 3 TR C$10.69 13.00 24.68 8.20 NM 1,635 1,376 914 Dec 5,180 7.5 CC MEG Energy Corp. (cb) MEG T 2 G C$19.83 33.00 41.29 13.30 NM 146 848 945 Dec 4,438 0.0 CC Southern Pacific Resource Corp. (cb) STP T UR VR C$0.01 NM 0.38 0.01 NM 5 3 11 Dec 4 0.0 CC Senior Oil & Gas Producers Canadian Natural Resources Ltd (cb) CNQ T 3 G C$36.17 39.00 49.57 31.00 NM 8,157 9,897 8,403 Dec 39,838 2.5 CC Cenovus Energy (cb) CVE T 2 G C$24.39 28.00 34.79 18.72 NM 3,281 4,211 2,911 Dec 18,671 4.3 CC Husky Energy Inc. (cb) HSE T 2 G C$27.57 28.00 37.31 21.39 NM 5,750 6,465 4,721 Dec 27,118 4.4 CC Imperial Oil Limited (cb) IMO T 3 G C$50.61 53.00 57.96 44.99 NM 4,922 6,425 5,022 Dec 43,342 1.0 CC Suncor Energy Inc (cb) SU T 2 G C$37.40 41.00 47.18 30.89 NM 12,430 12,501 8,939 Dec 54,054 3.0 CC Talisman Energy Inc. (cb) TLM N 3 G US$7.83 8.00 11.86 3.46 NM 931 3,132 1,958 Dec 8,081 3.4 CC

Raymond James Research Register - January 2015 34

52 Week EPS

14

-

A E E

29

. Cap. .

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Mkt (Mil) % Div. Analyst/s

Energy - EUR Emmanuel Retif [email protected] Bertrand Hodée [email protected] Pavel Molchanov* [email protected] Integrated Majors and Refiners BG Group BG.L L 3 890p NM 1,356 781 NM 1.28 1.07 1.09 Dec £30,285 2.0 BH BP ($D) BP.L L 3 TR 418p NM 527 364 NM 0.71 0.69 0.70 Dec £82,719 5.6 BH,PM Eni ENI.MI BIT 2 €14.72 18.50 20.46 12.98 13.6 1.22 1.08 1.16 Dec 53,322 7.6 BH OMV OMV.AV WBAG 3 €22.22 NM 36.06 19.54 7.7 3.41 2.90 2.97 Dec 7,247 5.6 BH Repsol REP.MC MAD 3 €15.75 NM 19.95 14.54 12.7 1.40 1.24 1.38 Dec 20,846 6.4 BH Royal Dutch Shell ($D) RDSa.AS AMS 2 €28.15 31.50 31.13 24.30 7.2 3.15 3.92 3.58 Dec 176,606 5.0 BH Total TOTF.PA EPA 2 €43.75 54.00 54.71 38.25 8.0 6.34 5.49 5.29 Dec 103,496 5.6 BH Oilfield Services Diversified Oilfield Services Bourbon GPBN.PA EPA 4 €19.20 20.00 24.36 18.80 NM (0.37) (0.48) 0.35 Dec 1,432 5.5 BH Saipem SPMI.MI BIT 4 €8.97 9.60 21.00 8.08 14.0 (0.92) 0.64 0.94 Dec 3,957 2.3 BH Technip TECF.PA EPA 4 €50.12 44.00 83.47 45.19 11.0 4.74 4.56 5.20 Dec 5,478 3.9 BH Seismic CGG CGG.PA EPA 4 €5.01 5.00 12.85 4.25 NM 0.51 (1.07) (0.14) Dec 874 0.0 BH Utilities Electricity & Gas Centrica CNA.L L 4 286p 285 350 262 14.8 26.60 19.30 20.80 Dec £14,739 6.3 ER CEZ CEZsp.PR PRG 4 CZK585.50 458.00 671.80 485.40 10.7 66.00 54.80 46.20 Dec 312,657 5.0 ER E.On EONGn.DE ETR 3 €14.46 NM 15.46 12.23 12.5 1.16 E 0.90 1.22 Dec 28,924 4.2 ER EDF EDF.PA EPA 3 €23.38 NM 29.90 21.21 10.7 2.17 2.19 1.80 Dec 43,227 5.6 ER Enel ENEI.MI BIT 1 €3.72 4.70 4.49 3.12 11.6 0.33 0.32 0.35 Dec 34,998 3.8 ER Fortum FUM1V.HE HEL 4 €18.17 14.00 20.32 15.13 16.1 1.26 1.13 1.17 Dec 16,142 6.1 ER GDF Suez GSZ.PA EPA 2 €19.95 21.30 21.19 16.02 15.8 1.31 1.26 1.40 Dec 48,139 5.0 ER RWE RWEG.DE ETR 3 €26.20 NM 32.98 24.75 11.5 3.77 2.27 2.89 Dec 16,095 3.8 ER SSE SSE.L L 2 1,632p 1,650 1,682 1,297 14.8 118.00 123.00 A 110.00 Mar £15,994 5.5 ER Verbund VERB.VI WBAG 2 €15.50 16.90 16.80 13.62 50.0 1.67 0.31 0.64 Dec 5,379 1.7 ER Environmental Services Suez Environnement SEVI.PA EPA 2 €15.09 15.30 15.43 11.74 21.6 0.62 0.70 0.86 Dec 7,697 4.3 ER Veolia Environnement VIE.PA EPA 2 €14.98 16.10 15.00 11.49 32.6 0.38 0.46 0.83 Dec 8,182 4.7 ER

*Pavel Molchanov is a Raymond James & Associates employee.

Raymond James Research Register - January 2015 35

52 Week EPS

14

-

P/E

A E E

29

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Energy - LAT Federico Rey Marino [email protected] Santiago Wesenack, CFA [email protected] Fernando Suarez [email protected] Electric Utilities Edenor (ed, r) EDN N S NM US$10.29 NM 17.50 4.58 3.0 3.41 E UR NA Dec 462 0.0 SW,FRM Pampa Energia SA (ed, r) PAM N S NM US$10.14 NM 11.96 3.96 NM 1.06 NA NA Dec 533 0.0 SW,FRM Transener TRAN BA S NM AR$3.19 NM 5.20 1.04 NM UR UR NA Dec 1,419 0.0 SW,FRM Exploration and Production GeoPark Limited GPRK N 2 AG US$5.30 10.25 11.00 4.92 5.8 0.38 0.91 1.67 Dec 306 0.0 SW,FRM Gas Utility Transportadora de Gas del Sur (ed, r) TGS N 3 TR US$3.40 NM 3.89 1.71 42.5 0.13 0.08 0.12 Dec 541 1.8 SW,FRM Integrated Majors and Refiners Integrated Majors Petrobras Argentina (ed, r) PZE N 2 TR US$4.85 6.00 7.40 4.09 6.7 0.67 0.72 0.72 Dec 979 1.3 SW,FRM YPF (ed, r) YPF N 2 TR US$26.98 42.70 41.74 20.83 8.5 2.33 3.16 3.46 Dec 10,610 0.9 SW Oilfield Services Manufacturing & Fabrication Tenaris S.A. (ed, r) TS N 3 G US$30.36 NM 48.45 28.17 11.3 2.63 2.69 2.89 Dec 17,922 2.7 SW,FRM

Raymond James Research Register - January 2015 36

Financial Services

USA Asset Management ...... 37 Banking ...... 38 Capital Markets ...... 42 Brokerages & Exchanges ...... 42 Capital Markets Technology ...... 43 Insurance ...... 43 Insurance Technology & Brokerage ...... 43 Life and Health Insurance ...... 43 Latin America Non-Life Insurance ...... 44 Latin American Banking ...... 45 Specialty Finance ...... 44

Investment Companies ...... 44 Specialty Consumer Finance ...... 45

52 Week EPS .

14

-

A E E

29

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap Mkt. (Mil) % Div. Analyst/s

Financial Services - USA Daniel E. Cardenas [email protected] Robert Dodd, Ph.D. [email protected] David J. Long, CFA [email protected] Patrick O'Shaughnessy, CFA [email protected] C. Gregory Peters [email protected] Anthony Polini [email protected] Michael Rose [email protected] Steven D. Schwartz, CFA [email protected] William J. Wallace IV [email protected] Donald A. Worthington [email protected]

Asset Management Manning & Napier Inc. MN N 2 G 14.05 19.00 18.87 13.59 11.3 1.15 1.24 1.25 Dec 1,231 4.6 SDS Silvercrest Asset Management Group Inc. SAMG Q 1 G 15.30 19.00 19.94 12.47 18.0 0.67 0.85 0.94 Dec 187 3.1 SDS Virtus Investment Partners, Inc. VRTS Q 2 AG 171.00 215.00 227.29 151.81 14.9 8.92 11.50 12.15 Dec 1,549 1.1 SDS

Raymond James Research Register - January 2015 37

52 Week EPS .

14

-

A E E

29

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap Mkt. (Mil) % Div. Analyst/s

Financial Services - USA Banking 1st Constitution Bancorp FCCY Q 2 AG 10.91 13.00 11.50 9.70 15.2 1.00 0.72 1.10 Dec 79 0.0 AP Access National Corporation ANCX Q 3 AG 16.99 NM 18.15 13.38 14.9 1.19 1.14 1.20 Dec 177 3.1 WW American National Bankshares, Inc AMNB Q 3 AG 24.97 NM 26.87 20.65 14.9 1.99 1.68 1.75 Dec 195 3.7 WW American River Bankshares AMRB Q 3 HR 9.51 NM 10.29 8.21 18.6 0.34 0.51 0.53 Dec 76 0.0 DAW Associated Banc-Corp ASB M 3 AG 18.88 NM 19.44 15.54 16.4 1.07 1.15 1.20 Dec 2,921 1.9 DJL Astoria Financial Corporation AF N 2 HR 13.49 15.50 14.67 11.96 20.8 0.64 0.65 0.68 Dec 1,329 1.2 AP Banc of California, Inc. BANC N 3 AG 11.68 NM 13.91 9.70 13.7 (0.14) 0.85 1.25 Dec 334 4.1 DAW BancFirst Corporation BANF Q 3 TR 63.98 NM 69.49 50.62 16.2 3.48 3.96 3.95 Dec 979 2.1 DC The Bancorp, Inc. TBBK Q 2 HR 10.78 12.00 20.24 7.81 49.0 0.62 0.22 0.70 Dec 407 0.0 WW BancorpSouth, Inc. BXS N 3 HR 22.93 NM 26.24 19.22 17.9 1.12 1.28 1.50 Dec 2,204 1.3 MR Bank of America Corporation BAC N 2 AG 18.11 18.50 18.19 14.37 41.2 0.90 0.44 1.48 Dec 190,441 1.1 AP Bank of Commerce Holdings BOCH Q 2 HR 5.95 6.50 7.00 5.28 14.9 0.52 0.40 0.58 Dec 79 2.0 DAW Bank of Marin Bancorp BMRC Q 2 G 52.99 51.00 53.63 41.59 15.7 2.57 3.37 3.56 Dec 313 1.7 DAW Bank of New York Mellon Corp BK N 2 G 41.28 43.00 41.79 30.82 17.1 2.25 2.41 2.67 Dec 46,469 1.6 DJL Bank of the Ozarks Inc. OZRK Q 1 G 37.98 40.00 38.10 27.51 24.7 1.20 1.54 1.95 Dec 3,027 1.3 MR Banner Corporation BANR Q 2 G 43.54 47.00 45.08 35.51 15.5 2.40 2.81 2.75 Dec 853 1.7 DAW BB&T Corporation BBT N 2 TR 39.37 40.00 41.04 34.50 14.6 2.91 2.70 3.02 Dec 28,358 2.4 MR BBCN Bancorp, Inc. BBCN Q 2 AG 14.39 15.00 18.43 13.16 13.0 1.03 1.11 1.17 Dec 1,144 2.8 DAW BNC Bancorp BNCN Q 2 AG 17.53 20.00 18.96 15.51 14.6 0.75 1.20 1.50 Dec 517 1.1 WW BofI Holding, Inc. BOFI Q 2 AG 78.88 92.00 106.55 64.62 16.1 2.89 3.85 A 4.90 Jun 1,167 0.0 DAW BOK Financial Corp. BOKF Q 3 G 60.67 NM 71.10 56.87 14.1 4.66 4.30 4.58 Dec 4,204 2.8 MR Brookline Bancorp, Inc. BRKL Q 2 TR 10.15 10.00 10.16 8.52 17.5 0.51 0.58 0.62 Dec 710 3.3 AP C1 Financial, Inc. BNK N 1 AG 18.67 22.00 19.70 15.98 30.1 0.35 0.62 1.16 Dec 301 0.0 MR Capital City Bank Group, Inc. CCBG Q 3 HR 15.89 NM 15.99 11.56 29.4 0.35 0.54 0.56 Dec 276 0.5 MR Cardinal Financial Corporation CFNL Q 2 AG 19.98 19.50 20.12 15.93 18.8 0.84 1.06 1.30 Dec 639 2.0 MR Cathay General Bancorp CATY Q 2 AG 26.06 28.00 27.12 22.70 15.2 1.43 1.72 1.80 Dec 2,077 1.5 DJL CenterState Banks, Inc. CSFL Q 2 HR 11.88 12.00 12.00 9.87 23.3 0.42 0.51 0.78 Dec 537 0.3 MR Central Pacific Financial Corp. CPF N 2 HR 21.47 21.00 21.60 17.12 21.9 4.07 0.98 1.22 Dec 771 1.9 DAW Central Valley Community Bancorp CVCY Q 2 HR 10.82 12.00 13.90 10.45 11.8 0.77 0.92 0.95 Dec 104 1.8 DAW Chemical Financial Corporation CHFC Q 3 AG 30.94 NM 33.28 25.99 14.9 2.00 2.07 2.33 Dec 1,015 3.1 DC Citigroup, Inc. C N 1 AG 54.73 68.00 56.95 45.18 11.1 4.37 4.93 5.60 Dec 166,095 0.1 AP City National Corp. CYN N 2 G 81.85 84.00 82.34 67.35 19.1 3.90 4.28 4.50 Dec 4,477 1.6 DJL Columbia Banking System, Inc. COLB Q 2 G 27.75 30.00 30.36 23.59 16.8 1.21 1.65 1.90 Dec 1,579 2.3 DAW Comerica Inc. CMA N 3 G 47.31 NM 53.50 42.73 15.3 2.85 3.10 3.15 Dec 8,525 1.7 MR

Raymond James Research Register - January 2015 38

52 Week EPS .

14

-

A E E

29

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap Mkt. (Mil) % Div. Analyst/s

Financial Services - USA Banking Commerce Bancshares, Inc. CBSH Q 4 NM 43.95 NM 45.38 38.10 17.0 2.63 2.59 2.71 Dec 4,030 1.9 DJL Community Bank System CBU N 2 TR 38.80 40.00 40.64 32.84 17.2 2.10 2.25 2.28 Dec 1,602 2.9 AP Community Trust Bancorp, Inc. CTBI Q 3 TR 36.97 NM 41.77 32.33 14.3 2.83 2.59 2.72 Dec 643 3.2 DC ConnectOne Bancorp, Inc. CNOB Q 1 AG 19.09 23.00 21.27 16.63 14.9 2.06 1.28 1.55 Dec 566 1.6 WW CU Bancorp CUNB Q 2 AG 22.07 22.00 22.45 16.49 23.0 0.90 0.96 1.35 Dec 247 0.0 DAW Cullen/Frost Bankers, Inc. CFR N 3 TR 71.43 NM 82.00 67.46 16.6 3.81 4.30 4.55 Dec 4,500 2.9 MR CVB Financial Corp. CVBF Q 3 G 16.40 NM 17.31 13.35 16.7 0.91 0.98 1.00 Dec 1,735 2.4 DAW Dime Community Bancshares DCOM Q 2 TR 16.34 18.00 18.23 14.02 13.8 1.23 1.18 1.20 Dec 588 3.4 AP East West Bancorp, Inc. EWBC Q 2 G 39.29 41.00 39.42 30.50 16.2 2.10 2.42 2.58 Dec 5,634 1.8 DJL Eastern Virginia Bankshares, Inc. EVBS Q 3 AG 6.48 NM 7.25 5.33 20.9 0.19 0.31 0.47 Dec 77 0.0 WW Enterprise Financial Services Corp. EFSC Q 3 AG 19.97 NM 20.96 16.38 14.0 1.77 1.43 1.50 Dec 395 1.1 DC EverBank Financial Corp EVER N 1 AG 19.40 23.00 20.61 16.40 16.9 1.11 1.15 1.45 Dec 2,347 0.8 MR Farmers Capital Bank Corp. FFKT Q 2 AG 23.26 25.00 24.54 17.64 12.3 1.54 1.89 1.89 Dec 174 0.0 DC Fifth Third Bancorp FITB Q 3 AG 20.59 NM 23.90 17.65 12.1 1.72 1.70 1.74 Dec 17,178 2.5 DJL First Bancorp FBNC Q 2 AG 18.54 20.00 19.65 15.55 16.1 1.01 1.15 1.40 Dec 365 1.7 WW First Busey Corporation BUSE Q 3 AG 6.60 NM 6.74 4.71 17.4 0.29 0.38 0.44 Dec 573 3.0 DC First Business Financial Services, Inc. FBIZ Q 2 AG 46.43 51.00 49.13 36.79 12.7 3.71 3.67 4.17 Dec 186 1.8 DC First Community Bancshares, Inc. FCBC Q 3 TR 16.40 NM 17.25 13.31 10.9 1.18 1.50 1.35 Dec 302 2.9 WW First Community Corporation FCCO Q 2 AG 11.39 12.00 11.75 10.10 13.7 0.81 0.83 0.95 Dec 76 2.1 WW First Defiance Financial Corp. FDEF Q 3 HR 34.47 NM 35.70 24.24 15.5 2.20 2.23 2.31 Dec 324 2.0 DC First Financial Bancorp FFBC Q 2 AG 19.00 19.00 19.00 15.00 16.1 1.11 1.18 1.24 Dec 1,167 3.4 DJL First Financial Bankshares, Inc. FFIN Q 4 NM 30.67 NM 33.47 26.58 21.6 1.28 1.42 1.45 Dec 1,966 1.8 MR First Financial Corporation THFF Q 3 AG 35.91 NM 36.96 30.49 14.5 2.34 2.47 2.52 Dec 467 2.7 DC First Horizon National Corporation FHN N 2 HR 13.91 13.50 13.99 11.00 16.0 0.10 0.87 0.76 Dec 3,272 1.4 MR First Merchants Corporation FRME Q 3 HR 23.23 NM 23.34 19.38 14.2 1.49 1.64 1.83 Dec 839 1.4 DC First Midwest Bancorp, Inc. FMBI Q 3 AG 17.27 NM 18.19 15.01 18.2 0.91 0.95 1.17 Dec 1,300 1.9 DJL First Niagara Financial Group FNFG Q 3 AG 8.45 NM 10.66 7.00 12.1 0.77 0.70 0.68 Dec 3,003 3.8 AP First of Long Island Corporation FLIC Q 3 AG 28.83 NM 29.16 22.22 17.1 1.55 1.69 1.85 Dec 398 2.6 WW First Republic Bank FRC N 1 AG 52.86 54.00 56.18 44.56 17.9 3.10 2.96 3.04 Dec 7,303 1.1 DJL First Security Group, Inc. FSGI Q 2 AG 2.27 2.50 2.40 1.73 NM 0.34 0.02 0.10 Dec 152 0.0 WW FirstMerit Corp. FMER Q 3 AG 19.16 NM 23.36 16.34 13.9 1.21 1.38 1.44 Dec 3,169 3.3 DJL Flushing Financial Corp. FFIC Q 2 TR 20.57 23.00 21.91 17.70 13.9 1.34 1.48 1.52 Dec 619 2.9 AP Fulton Financial FULT Q 3 G 12.57 NM 13.21 10.43 14.8 0.85 0.85 0.86 Dec 2,351 2.5 AP German American Bancorp, Inc. GABC Q 2 AG 30.64 31.00 30.75 24.50 14.9 1.89 2.05 2.15 Dec 404 2.1 DC

Raymond James Research Register - January 2015 39

52 Week EPS .

14

-

A E E

29

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap Mkt. (Mil) % Div. Analyst/s

Financial Services - USA Banking Glacier Bancorp, Inc. GBCI Q 3 G 27.98 NM 30.79 24.27 18.2 1.32 1.54 1.71 Dec 2,085 2.4 DC Guaranty Federal Bancshares Inc. GFED Q 2 AG 13.40 16.00 13.42 10.12 11.0 1.58 1.22 1.31 Dec 58 1.5 DC Hancock Holding Company HBHC Q 2 AG 31.09 37.00 38.50 28.68 13.3 2.26 2.34 2.44 Dec 2,537 3.1 MR Hanmi Financial Corporation HAFC Q 2 AG 21.98 25.00 25.07 19.33 15.2 1.26 1.45 1.80 Dec 701 1.3 DAW Heartland Financial USA, Inc. HTLF Q 2 AG 27.77 30.00 29.20 22.38 13.2 2.10 2.10 2.35 Dec 514 1.4 DC Heritage Commerce Corp HTBK Q 2 HR 8.98 9.50 9.00 7.65 20.4 0.36 0.44 0.60 Dec 237 2.2 DAW Heritage Financial Corporation HFWA Q 2 AG 17.85 18.00 18.64 15.19 21.0 0.61 0.85 1.25 Dec 541 2.0 DAW Heritage Oaks Bancorp HEOP Q 2 HR 8.34 8.00 8.48 6.70 33.4 0.37 0.25 0.57 Dec 276 2.4 DAW Hilltop Holdings Inc. HTH N 2 HR 20.12 26.00 25.61 19.27 17.1 1.25 1.18 1.68 Dec 1,815 0.0 MR Home BancShares, Inc. HOMB Q 2 G 32.46 36.00 38.15 27.60 18.3 1.35 1.77 2.00 Dec 2,159 1.2 MR HopFed Bancorp, Inc. HFBC Q 3 AG 12.90 NM 12.94 10.97 25.8 0.36 0.50 0.46 Dec 93 1.2 DC Horizon Bancorp HBNC Q 2 HR 26.73 27.00 26.75 19.38 13.6 2.14 1.97 2.20 Dec 246 2.1 DC Huntington Bancshares Inc. HBAN Q 2 AG 10.70 10.50 10.74 8.66 14.3 0.72 0.75 0.79 Dec 8,715 2.2 DJL IBERIABANK Corporation IBKC Q 3 AG 65.52 NM 72.41 59.20 18.5 2.92 3.54 4.60 Dec 2,188 2.1 MR JPMorgan Chase & Co. JPM N 1 TR 62.96 72.00 63.34 52.97 11.6 4.34 5.45 6.20 Dec 238,537 2.5 AP KeyCorp KEY N 3 AG 14.07 NM 14.70 11.55 13.3 1.02 1.06 1.02 Dec 12,220 1.8 DJL Lakeland Bancorp LBAI Q 1 TR 12.26 12.50 12.27 9.52 14.6 0.77 0.84 0.88 Dec 465 2.4 AP Lakeland Financial Corporation LKFN Q 1 G 43.45 44.00 43.69 34.96 16.3 2.33 2.66 2.90 Dec 717 1.9 DC LegacyTexas Financial Group, Inc. LTXB Q 1 G 23.82 30.00 29.59 21.11 24.1 0.85 0.99 1.60 Dec 953 2.0 MR M&T Bank Corp. MTB N 4 NM 127.52 NM 128.96 109.16 17.3 8.07 7.35 8.00 Dec 16,845 2.2 AP MainSource Financial Group, Inc. MSFG Q 2 AG 20.55 20.00 20.71 15.33 13.8 1.33 1.49 1.57 Dec 421 2.1 DC MB Financial, Inc. MBFI Q 3 AG 33.01 NM 33.62 24.44 17.8 1.80 1.85 2.17 Dec 2,466 1.7 DJL Mercantile Bank Corporation MBWM Q 3 HR 21.91 NM 24.34 18.26 14.1 2.04 1.55 1.71 Dec 370 2.2 DC Meta Financial Group, Inc. CASH Q 1 AG 35.29 46.00 46.38 33.76 9.9 2.08 2.64 A 3.55 Sep 215 1.5 DC MidSouth Bancorp, Inc. MSL N 2 AG 17.23 20.00 20.34 15.41 11.9 1.13 1.45 1.55 Dec 198 2.1 WW MidWestOne Financial Group, Inc. MOFG Q 2 AG 29.05 34.00 29.10 22.50 13.3 2.17 2.18 2.48 Dec 241 2.0 DC MutualFirst Financial Inc. MFSF Q 3 AG 21.52 NM 23.37 16.75 16.4 1.05 1.31 1.35 Dec 155 1.9 DC National Penn Bancshares NPBC Q 2 TR 10.59 12.00 11.45 9.17 15.1 0.67 0.70 0.78 Dec 1,483 4.2 AP New York Community Bancorp NYCB N 1 TR 16.26 18.50 17.39 13.75 15.5 1.06 1.05 1.15 Dec 7,172 6.2 AP NewBridge Bancorp NBBC Q 3 AG 8.74 NM 8.98 6.55 17.1 0.37 0.51 0.60 Dec 325 0.0 WW Northern Trust Corporation NTRS Q 2 G 68.31 73.00 70.84 58.30 20.9 2.99 3.27 3.69 Dec 16,087 1.9 DJL Old Line Bancshares Inc. OLBK Q 3 AG 15.72 NM 18.00 13.58 22.5 0.82 0.70 1.00 Dec 170 1.3 WW Old National Bancorp ONB Q 3 AG 15.01 NM 15.50 12.05 14.9 1.03 1.01 1.18 Dec 1,711 2.9 DJL Oritani Financial Corp. ORIT Q 2 TR 15.52 18.50 16.84 13.69 16.9 0.90 0.92 A 0.92 Jun 706 4.5 AP Pacific Continental Corporation PCBK Q 2 G 14.46 15.00 16.09 12.58 15.5 0.76 0.93 1.10 Dec 256 2.8 DAW

Raymond James Research Register - January 2015 40

52 Week EPS .

14

-

A E E

29

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap Mkt. (Mil) % Div. Analyst/s

Financial Services - USA Banking Pacific Premier Bancorp, Inc. PPBI Q 2 AG 17.13 17.50 17.48 13.65 16.3 0.54 1.05 1.37 Dec 293 0.0 DAW Park Sterling Corporation PSTB Q 3 AG 7.40 NM 7.80 6.20 23.9 0.36 0.31 0.43 Dec 332 1.1 WW Parke Bancorp PKBK Q 2 AG 11.26 13.00 12.25 8.90 8.9 1.19 1.26 1.35 Dec 68 0.0 AP People`s United Financial PBCT Q 3 TR 15.39 NM 15.70 13.61 18.8 0.77 0.82 0.88 Dec 4,594 4.3 AP Peoples Bancorp Inc. PEBO Q 1 AG 26.29 30.00 28.00 20.29 14.5 1.93 1.81 2.15 Dec 373 2.3 DC Pinnacle Financial Partners, Inc. PNFP Q 3 AG 39.95 NM 40.15 30.68 19.8 1.67 2.02 2.30 Dec 1,426 0.8 MR PNC Financial Services Group, Inc. PNC N 2 TR 92.67 90.00 93.45 76.06 13.2 6.94 7.00 7.42 Dec 49,764 2.1 AP Preferred Bank PFBC Q 2 HR 26.67 28.00 26.81 19.61 15.3 1.42 1.74 1.92 Dec 363 1.5 DAW PrivateBancorp, Inc. PVTB Q 1 AG 33.96 36.00 34.12 25.20 17.1 1.60 1.99 2.12 Dec 2,652 0.1 DJL Prosperity Bancshares, Inc. PB N 4 NM 55.90 NM 67.68 52.62 13.0 3.69 4.31 4.25 Dec 3,902 1.9 MR Provident Financial Holdings, Inc. PROV Q 3 HR 15.08 NM 16.18 13.75 16.0 2.38 0.65 A 0.94 Jun 139 2.9 DAW Provident Financial Services, Inc. PFS N 2 TR 18.27 21.00 19.52 16.06 14.3 1.28 1.28 1.36 Dec 1,140 3.3 AP Pulaski Financial Corp. PULB Q 3 AG 12.15 NM 12.55 9.14 11.1 0.74 0.89 A 1.09 Sep 146 3.1 DC QCR Holdings, Inc. QCRH Q 2 AG 18.08 19.00 18.20 16.96 9.8 1.75 1.85 1.97 Dec 143 0.4 DC Regions Financial Corporation RF N 2 G 10.73 11.00 11.54 8.85 12.8 0.78 0.84 0.82 Dec 14,797 1.9 MR Renasant Corp. RNST Q 2 TR 28.92 36.00 31.82 26.17 15.3 1.38 1.89 2.10 Dec 911 2.4 MR Republic Bancorp, Inc. RBCAA Q 3 HR 25.37 NM 27.00 18.74 17.7 1.21 1.43 1.54 Dec 528 2.9 DC Riverview Bancorp, Inc. RVSB Q 3 HR 4.45 NM 4.50 2.76 26.2 0.12 0.87 A 0.17 Mar 100 0.0 DAW S&T Bancorp, Inc. STBA Q 2 G 30.47 28.00 30.80 21.17 15.7 1.56 1.94 2.10 Dec 908 2.4 WW Sandy Spring Bancorp, Inc. SASR Q 2 AG 26.14 27.00 28.68 22.41 15.2 1.77 1.72 1.75 Dec 656 3.1 WW Seacoast Banking Corporation of Florida SBCF Q 3 HR 14.19 NM 14.24 10.00 30.2 2.44 0.47 0.70 Dec 369 0.0 MR ServisFirst Bancshares, Inc. SFBS Q 2 AG 32.33 33.00 35.10 26.50 15.3 1.89 2.12 2.20 Dec 802 0.6 MR Sierra Bancorp BSRR Q 2 HR 17.75 18.00 17.95 14.66 16.3 0.94 1.09 1.18 Dec 245 2.0 DAW Signature Bank SBNY Q 1 AG 126.85 136.00 133.09 101.87 21.5 4.76 5.90 6.70 Dec 6,406 0.0 AP Simmons First National Corporation SFNC Q 2 TR 40.74 46.00 43.22 32.01 17.7 1.62 2.30 3.13 Dec 733 2.2 MR South State Corp SSB Q 2 AG 66.82 65.00 67.63 53.87 17.8 3.17 3.75 4.40 Dec 1,610 1.3 WW Southwest Bancorp, Inc. OKSB Q 2 AG 17.52 20.00 18.77 14.97 21.6 0.90 0.81 0.94 Dec 343 0.9 DC State Street Corporation STT N 3 G 79.91 NM 80.92 62.67 16.3 4.52 4.89 5.40 Dec 33,554 1.5 DJL Sterling Bancorp STL N 2 AG 14.44 15.00 14.48 10.84 15.7 0.62 0.70 A 0.92 Sep 1,208 1.9 AP Stock Yards Bancorp Inc. SYBT Q 3 AG 34.16 NM 34.47 27.14 14.5 1.99 2.35 2.40 Dec 502 2.7 DC SunTrust Banks, Inc. STI N 3 AG 42.69 NM 43.06 33.97 12.9 2.41 3.32 3.15 Dec 22,515 1.9 MR SVB Financial Group SIVB Q 1 AG 118.09 140.00 135.00 91.54 21.8 4.70 5.41 5.70 Dec 5,999 0.0 DJL Synovus Financial Corp. SNV N 1 HR 27.51 29.00 27.52 20.18 21.5 0.88 1.28 1.58 Dec 3,827 1.0 MR Talmer Bancorp, Inc. TLMR Q 1 AG 14.30 17.00 15.42 13.00 23.1 0.35 0.62 0.93 Dec 1,008 0.0 DJL

Raymond James Research Register - January 2015 41

52 Week EPS .

14

-

A E E

29

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap Mkt. (Mil) % Div. Analyst/s

Financial Services - USA Banking TCF Financial Corporation TCB N 3 AG 15.96 NM 17.39 13.95 14.4 0.86 1.11 1.14 Dec 2,667 1.3 DJL Territorial Bancorp Inc. TBNK Q 3 G 21.75 NM 23.55 19.56 14.4 1.49 1.51 1.56 Dec 218 1.8 DAW Texas Capital Bancshares, Inc. TCBI Q 1 AG 55.37 72.00 67.08 49.90 19.3 2.87 2.87 3.35 Dec 2,392 0.0 MR Timberland Bancorp, Inc. TSBK Q 2 HR 10.58 12.00 11.83 9.51 11.3 0.58 0.80 A 0.94 Sep 74 1.9 DAW TriCo Bancshares TCBK Q 2 AG 24.68 29.00 28.72 21.56 15.1 1.69 1.63 1.85 Dec 397 1.8 DAW Trustmark Corporation TRMK Q 3 TR 24.93 NM 27.27 22.35 13.4 1.87 1.86 1.80 Dec 1,680 3.7 MR U.S. Bancorp USB N 3 G 45.66 NM 46.10 38.10 14.9 3.00 3.07 3.25 Dec 81,960 2.1 DJL UMB Financial Corporation UMBF Q 4 NM 58.21 NM 68.27 51.87 19.1 3.08 3.05 3.35 Dec 2,649 1.5 DJL Umpqua Holdings Corp. UMPQ Q 2 AG 17.25 20.00 19.60 14.94 15.3 0.93 1.13 1.28 Dec 3,748 3.5 DJL Union Bankshares Corp. UBSH Q 3 AG 24.34 NM 26.72 20.78 16.2 1.47 1.50 1.80 Dec 1,107 2.5 WW United Bankshares, Inc. UBSI Q 2 G 37.68 35.00 37.89 28.19 19.2 1.78 1.96 2.05 Dec 2,607 3.4 WW United Community Banks, Inc. UCBI Q 2 AG 19.28 19.00 20.28 14.86 17.5 4.44 1.10 1.25 Dec 1,161 1.0 MR Valley National Bancorp VLY N 3 TR 9.91 NM 10.81 9.05 17.7 0.65 0.56 0.65 Dec 1,992 4.4 AP Washington Federal, Inc. WAFD Q 3 AG 22.49 NM 24.53 19.52 14.1 1.45 1.55 A 1.60 Sep 2,213 2.6 DJL Webster Financial Corp. WBS N 2 TR 33.00 33.00 33.32 26.53 16.2 1.97 2.04 2.20 Dec 2,990 2.4 AP Wells Fargo & Co. WFC N 1 G 55.71 63.00 55.95 44.17 13.6 3.89 4.10 4.30 Dec 295,842 2.5 AP WesBanco, Inc. WSBC Q 3 G 35.10 NM 35.70 26.77 14.6 2.18 2.41 2.50 Dec 1,028 2.5 WW West Bancorporation, Inc. WTBA Q 3 AG 17.04 NM 17.05 13.53 14.3 1.02 1.19 1.24 Dec 273 3.3 DC Wilshire Bancorp, Inc. WIBC Q 1 HR 10.19 11.00 11.96 8.80 13.6 0.63 0.75 0.86 Dec 798 2.0 DAW Wintrust Financial Corporation WTFC Q 1 AG 47.13 52.00 49.99 41.99 15.5 2.77 3.05 3.30 Dec 2,201 0.8 DJL Yadkin Financial Corporation YDKN N 1 AG 19.39 23.00 22.02 16.62 14.2 0.25 1.37 1.65 Dec 613 0.0 WW Zions Bancorporation ZION Q 1 AG 28.72 33.00 33.33 25.02 15.6 1.79 1.84 1.68 Dec 5,827 0.6 DJL Capital Markets Brokerages & Exchanges BGC Partners, Inc. BGCP Q 2 AG 9.39 9.00 9.57 5.91 14.9 0.48 0.63 0.75 Dec 3,484 5.1 PO CBOE Holdings, Inc. CBOE Q 2 G 64.59 66.00 65.39 46.52 28.8 2.03 2.24 2.80 Dec 5,497 1.3 PO The Charles Schwab Corporation SCHW N 3 AG 30.56 NM 31.00 23.35 32.5 0.78 0.94 1.10 Dec 40,217 0.8 PO CME Group Inc. CME Q 3 G 90.18 NM 93.91 66.44 27.2 3.05 3.32 3.95 Dec 30,319 2.1 PO E*TRADE FINANCIAL Corporation ETFC Q 2 HR 24.32 27.50 25.58 18.20 25.6 0.29 0.95 1.10 Dec 7,153 0.0 PO FXCM Inc. FXCM N 2 HR 16.51 19.00 18.42 12.05 40.3 0.76 0.41 0.90 Dec 1,314 1.5 PO GAIN Capital Holdings, Inc. GCAP N 2 HR 8.86 11.00 12.30 5.89 13.0 0.85 0.68 0.90 Dec 385 2.3 PO Intercontinental Exchange, Inc. ICE N 2 AG 222.13 260.00 229.50 182.40 25.4 8.17 8.73 11.50 Dec 25,323 1.2 PO Investment Technology Group, Inc. ITG N 3 HR 21.05 NM 21.27 14.65 15.9 0.97 1.32 1.40 Dec 739 0.0 PO KCG Holdings, Inc. KCG N 2 HR 11.70 13.00 12.61 9.48 26.6 0.95 0.44 0.65 Dec 1,371 0.0 PO Lazard Ltd LAZ N 2 AG 50.30 58.00 55.50 40.70 16.8 2.00 3.00 3.45 Dec 6,527 2.4 PO MarketAxess Holdings Inc. MKTX Q 2 G 72.23 71.00 73.77 47.26 37.0 1.81 1.95 2.45 Dec 2,730 0.9 PO The NASDAQ OMX Group, Inc. NDAQ Q 1 AG 48.85 53.00 49.71 33.49 17.0 2.60 2.88 3.40 Dec 8,461 1.2 PO TD Ameritrade Holding Corporation AMTD N 2 AG 35.96 40.00 37.08 28.34 21.8 1.22 1.42 A 1.65 Sep 19,814 1.7 PO

Raymond James Research Register - January 2015 42

52 Week EPS .

14

-

A E E

29

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap Mkt. (Mil) % Div. Analyst/s

Financial Services - USA Capital Markets Technology Advent Software, Inc. ADVS Q 3 G 31.14 NM 35.73 25.42 21.8 1.32 1.43 1.50 Dec 1,610 1.7 PO Broadridge Financial Solutions, Inc. BR N 2 G 46.54 48.00 46.68 34.94 18.6 1.88 2.25 A 2.50 Jun 5,562 2.3 PO Envestnet, Inc. ENV N 1 AG 49.60 59.00 55.02 33.12 63.6 0.54 0.78 1.15 Dec 1,701 0.0 PO FactSet Research Systems Inc. FDS N 3 G 142.59 NM 145.33 101.41 25.9 4.59 4.99 A 5.50 Aug 5,991 1.1 PO Financial Engines, Inc. FNGN Q 3 AG 37.21 NM 70.36 29.40 40.0 0.75 0.93 1.00 Dec 1,983 0.6 PO McGraw Hill Financial Inc. MHFI N 3 G 90.04 NM 93.94 71.93 23.0 3.31 3.92 4.55 Dec 24,446 1.3 PO Moody's Corporation MCO N 3 G 97.56 NM 102.24 72.57 24.3 3.65 4.02 4.55 Dec 20,353 1.4 PO MSCI Inc. MSCI N 3 AG 48.10 NM 51.98 39.78 23.9 2.16 2.01 2.10 Dec 5,388 1.5 PO SS&C Technologies Holdings, Inc. SSNC Q 2 AG 59.38 51.00 59.43 35.47 25.3 1.98 2.35 2.60 Dec 5,190 0.8 PO Insurance Insurance Technology & Brokerage Aon plc AON N 3 G 95.93 NM 98.10 76.49 17.0 4.89 5.65 5.90 Dec 27,868 1.0 CGP Arthur J. Gallagher & Co. AJG N 2 TR 47.51 51.00 49.46 42.97 19.4 2.15 2.45 2.70 Dec 7,554 3.0 CGP Brown & Brown, Inc. BRO N 2 AG 33.16 34.00 33.46 27.77 20.7 1.47 1.60 1.75 Dec 4,821 1.3 CGP Crawford & Company CRD.B N 2 HR 10.85 11.00 12.22 7.62 15.5 0.90 0.70 0.90 Dec 598 1.8 CGP HealthEquity, Inc. HQY Q 2 AG 25.76 26.00 27.74 16.11 NM NA (1.15) A 0.21 Jan 1,409 0.0 CGP Marsh and McLennan Companies, Inc. MMC N 2 G 58.30 58.00 58.74 44.25 20.9 2.48 2.79 3.10 Dec 31,832 1.9 CGP Solera Holdings, Inc. SLH N 2 G 51.49 75.00 71.15 45.69 15.6 2.73 2.76 A 3.30 Jun 3,530 1.5 CGP Towers Watson & Co. TW N 2 AG 116.02 125.00 131.73 98.10 19.5 5.57 5.76 A 5.95 Jun 8,203 0.5 CGP Verisk Analytics Inc. VRSK Q 2 AG 64.71 69.00 67.48 56.37 27.0 2.25 2.40 2.75 Dec 10,716 0.0 CGP Life and Health Insurance Aflac, Inc. AFL N 2 G 62.00 67.00 67.62 54.99 10.0 6.18 6.17 6.19 Dec 28,086 2.4 SDS American Equity Investment Life Holding Company AEL N 3 AG 29.09 NM 29.19 18.84 12.6 2.18 2.31 2.38 Dec 2,121 0.7 SDS Assurant, Inc. AIZ N 3 AG 69.19 NM 69.88 59.17 10.4 6.01 6.63 6.95 Dec 4,968 1.6 SDS FBL Financial Group FFG N 3 AG 56.99 NM 57.94 36.22 13.7 3.90 4.17 4.05 Dec 1,408 2.5 SDS Genworth Financial GNW N 2 HR 8.46 12.50 18.74 7.17 49.8 1.24 0.17 1.17 Dec 4,201 0.0 SDS Health Insurance Innovations, Inc. HIIQ Q 1 AG 6.92 13.00 14.24 5.30 30.1 0.24 0.23 0.46 Dec 93 0.0 SDS Kemper Corp KMPR N 3 TR 36.51 NM 41.26 31.82 25.2 2.78 1.45 2.95 Dec 1,924 2.6 SDS Lincoln National Corp. LNC N 1 AG 58.77 66.00 59.17 45.25 10.2 5.03 5.75 6.23 Dec 15,268 1.4 SDS MetLife, Inc. MET N 3 AG 54.89 NM 57.57 46.15 9.4 5.61 5.82 5.87 Dec 61,839 2.6 SDS Primerica, Inc. PRI N 3 AG 55.37 NM 55.70 39.12 17.2 2.88 3.21 3.57 Dec 2,973 0.9 SDS Principal Financial Group Inc. PFG N 3 AG 53.10 NM 55.07 41.20 12.5 3.55 4.26 4.40 Dec 15,601 2.6 SDS Protective Life Corporation PL N 3 AG 69.66 NM 70.03 46.26 14.2 4.26 4.90 5.40 Dec 5,496 1.4 SDS Prudential Financial, Inc. PRU N 1 AG 91.67 116.00 94.30 75.89 9.6 9.67 9.57 9.90 Dec 42,480 2.5 SDS Reinsurance Group of America, Inc. RGA N 2 G 88.21 91.50 89.13 70.22 11.0 4.95 8.05 8.65 Dec 6,060 0.8 SDS StanCorp Financial Group SFG N 3 AG 71.02 NM 71.80 57.77 13.5 5.34 5.25 5.30 Dec 3,018 1.8 SDS Symetra Financial Corp. SYA N 3 AG 23.57 NM 24.91 18.07 12.7 1.59 1.85 1.90 Dec 2,732 1.7 SDS Torchmark Corporation TMK N 4 NM 55.34 NM 56.49 47.83 13.7 3.80 4.03 4.30 Dec 7,155 0.9 SDS Unum Group UNM N 2 G 35.47 38.00 37.15 30.66 10.1 3.32 3.51 3.60 Dec 8,935 1.9 SDS Voya Financial Inc. VOYA N 1 AG 42.96 46.50 43.35 32.60 15.0 3.21 2.87 3.20 Dec 10,585 0.1 SDS

Raymond James Research Register - January 2015 43

52 Week EPS .

14

-

A E E

29

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap Mkt. (Mil) % Div. Analyst/s

Financial Services - USA Non-Life Insurance ACE Limited ACE N 2 AG 116.47 110.00 117.89 92.00 12.3 9.34 9.50 9.20 Dec 38,681 2.2 CGP Allstate Corporation ALL N 1 TR 71.00 76.00 71.53 49.18 13.3 5.69 5.35 5.80 Dec 29,749 1.6 CGP American Financial Group, Inc. AFG N 2 AG 60.86 62.00 62.55 52.89 12.7 4.22 4.80 5.20 Dec 5,386 1.6 CGP Argo Group International Holdings, Ltd. AGII Q 2 AG 56.35 60.00 60.58 42.94 15.4 3.06 3.65 3.80 Dec 1,465 1.3 CGP AXIS Capital Holdings Limited AXS N 3 AG 51.30 NM 52.21 41.82 9.7 5.50 5.30 4.60 Dec 5,172 2.3 CGP Blue Capital Reinsurance Holdings Ltd. BCRH N 2 HR 17.53 20.00 21.02 16.46 10.6 (0.15) 1.65 1.55 Dec 154 9.0 CGP Chubb Corporation CB N 2 TR 104.56 102.00 105.30 82.98 14.0 8.04 7.45 7.75 Dec 24,655 1.9 CGP Federated National Holding Company FNHC Q 3 HR 25.33 NM 37.04 12.17 9.8 1.20 2.58 1.95 Dec 344 0.5 CGP Hallmark Financial Services Inc HALL Q 3 AG 12.00 NM 12.12 8.05 18.5 0.07 0.65 0.80 Dec 232 0.0 CGP HCC Insurance Holdings HCC N 2 G 54.49 57.00 54.96 41.19 13.6 3.80 4.00 4.05 Dec 5,400 2.2 CGP Infinity Property and Casualty Corporation IPCC Q 2 AG 76.44 81.00 77.33 62.12 18.9 2.44 4.05 4.35 Dec 879 1.9 CGP Meadowbrook Insurance Group MIG N 3 G 6.97 NM 7.28 5.24 17.4 (2.36) 0.40 0.50 Dec 349 1.1 CGP Mercury General Corporation MCY N 4 NM 56.61 NM 59.68 41.70 19.5 2.18 2.90 2.50 Dec 3,114 4.4 CGP National Interstate Corporation NATL Q 4 NM 29.71 NM 32.66 21.18 55.0 0.67 0.54 1.55 Dec 588 1.6 CGP Old Republic International Corp. ORI N 2 TR 14.71 18.00 17.31 13.43 17.3 1.25 0.85 0.95 Dec 3,785 5.0 CGP ProAssurance Corp. PRA N 3 AG 45.06 NM 48.56 42.74 15.6 3.56 2.88 2.80 Dec 2,645 2.7 CGP Progressive Corporation PGR N 3 AG 27.12 NM 27.52 22.53 15.8 1.59 1.72 1.77 Dec 15,941 1.8 CGP Selective Insurance Group, Inc. SIGI Q 3 TR 27.37 NM 27.65 21.38 12.9 1.65 2.12 2.00 Dec 1,549 2.0 CGP The Travelers Companies, Inc. TRV N 3 TR 106.95 NM 107.59 79.89 10.7 9.45 10.00 9.30 Dec 35,443 2.1 CGP United Insurance Holdings Corp. UIHC Q 2 HR 21.31 23.00 22.41 12.00 10.7 1.26 2.00 1.75 Dec 443 0.8 CGP Specialty Finance Investment Companies Alcentra Capital Corporation (ni) ABDC Q 1 HR 12.78 16.00 15.50 10.60 14.9 NA 0.86 1.42 Dec 164 10.6 RD Apollo Investment Corp. (ni) AINV Q 3 HR 7.45 NM 9.21 6.80 7.8 0.82 0.90 A 0.96 Mar 1,763 10.7 RD Ares Capital Corp. (ni) ARCC Q 3 HR 15.79 NM 18.63 14.63 11.4 1.61 1.38 1.49 Dec 4,960 9.6 RD CM Finance Inc. (ni) CMFN Q 1 HR 10.66 16.00 17.04 9.64 7.8 NA 0.64 A 1.37 Jun 135 12.7 RD Compass Diversified Holdings (y) CODI N 2 HR 16.26 18.50 19.84 15.35 14.8 1.53 1.10 1.45 Dec 785 8.9 RD Fidus Investment Corporation (ni) FDUS Q 1 HR 14.80 21.00 22.50 13.56 9.4 1.43 1.57 1.67 Dec 204 10.3 RD Fifth Street Finance Corp. (ni) FSC Q 2 HR 7.96 10.00 10.20 7.80 8.3 1.04 1.00 A 0.96 Sep 845 13.8 RD Golub Capital BDC, Inc. (ni) GBDC Q 2 HR 17.90 18.00 19.38 15.57 14.0 1.29 1.25 A 1.28 Sep 842 7.2 RD Hercules Technology Growth Capital Inc. (ni) HTGC N 3 HR 15.01 NM 16.99 12.95 12.3 1.22 1.22 1.37 Dec 963 8.3 RD Horizon Technology Finance Corporation (ni) HRZN Q 3 HR 13.99 NM 15.07 12.17 12.5 1.38 1.12 1.37 Dec 134 9.9 RD Main Street Capital Corp (ni) MAIN N 2 HR 29.20 34.00 35.72 26.42 13.3 2.06 2.19 2.30 Dec 1,159 7.0 RD Prospect Capital Corporation (ni) PSEC Q 3 HR 8.32 NM 11.40 8.02 7.7 1.60 1.19 A 1.08 Jun 2,147 15.9 RD Stellus Capital Investment Corporation (ni) SCM N 2 HR 12.13 15.50 15.12 11.90 8.9 1.33 1.36 1.39 Dec 146 11.2 RD TCP Capital Corp. (ni) TCPC Q 2 HR 16.20 18.50 18.55 15.03 10.3 1.60 1.57 1.58 Dec 502 8.9 RD Triangle Capital Corporation (ni) TCAP N 2 HR 19.85 28.00 29.39 18.18 9.6 2.23 2.06 2.24 Dec 554 10.9 RD

Raymond James Research Register - January 2015 44

52 Week EPS .

14

-

A E E

29

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap Mkt. (Mil) % Div. Analyst/s

Financial Services - USA Specialty Consumer Finance Credit Acceptance Corp. CACC Q 3 AG 138.65 NM 164.05 110.98 11.7 10.58 11.89 13.63 Dec 2,994 0.0 RD Encore Capital Group Inc. ECPG Q 2 AG 44.05 53.00 51.31 39.62 9.8 3.55 4.48 5.19 Dec 1,133 0.0 RD PRA Group Inc. PRAA Q 3 AG 58.90 NM 65.00 47.53 14.9 3.45 3.95 4.75 Dec 2,949 0.0 RD Springleaf Holdings, Inc. LEAF N 3 AG 36.55 NM 42.00 20.54 18.8 1.95 1.94 2.22 Dec 4,197 0.0 RD

52 Week EPS

14

-

A E E

29

-

hange

Symbol Exc Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Financial Services - LAT Federico Rey Marino [email protected] Fernando Suarez [email protected] Santiago Wesenack, CFA [email protected] Latin American Banking Banco Macro S.A. (ed, r) BMA N 2 G US$43.54 29.00 51.96 16.42 6.5 7.34 6.73 6.36 Dec 2,591 2.9 FRM,SW BBVA Banco Frances (ed, r) BFR N 3 G US$13.96 NM 15.36 5.47 7.6 2.04 1.83 1.73 Dec 2,496 0.1 FRM,FS Grupo Financiero Galicia (ed, r) GGAL Q 3 G US$16.24 NM 18.50 7.30 6.6 2.63 2.46 2.36 Dec 2,015 0.0 FRM,FS

Raymond James Research Register - January 2015 45

Healthcare

USA Alternate Site Healthcare Providers ...... 47 Animal Health ...... 47 Benefits Management ...... 47 Health Benefits Management ...... 47 Human Resource/Benefits Services ...... 47 Pharmacy Benefits Management ...... 47 Clinical Laboratories ...... 48 Death Care ...... 48 Diagnostics...... 48

Drug Distributors ...... 48 Drug Stores ...... 48 Healthcare Information Technology ...... 48 Hospital Supplies & Equipment ...... 49 Hospitals ...... 49 Medical Devices ...... 49 Pharma Services ...... 50

Raymond James Research Register - January 2015 46

52 Week EPS

14

-

A E E

29

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Healthcare - USA John W. Ransom [email protected] Michael J. Baker [email protected] Jayson Bedford [email protected] Lawrence Keusch [email protected] Nicholas Jansen [email protected] Alternate Site Healthcare Providers AAC Holdings, Inc. AAC N 2 VR 29.89 35.00 33.32 17.60 NM 0.10 0.25 0.64 Dec 468 0.0 JWR Acadia Healthcare Co. ACHC Q 2 AG 62.74 70.00 66.88 38.76 41.0 1.07 1.53 2.35 Dec 3,713 0.0 JWR,NJ Amedisys AMED Q 4 NM 29.62 NM 29.88 12.86 41.1 0.26 0.72 0.95 Dec 974 0.0 JWR,NJ AmSurg Corporation AMSG Q 1 AG 55.10 60.00 55.65 40.00 20.6 2.33 2.68 3.28 Dec 2,827 0.0 JWR,NJ Capital Senior Living Corp. CSU N 1 AG 25.14 29.00 26.89 20.33 24.2 1.04 1.04 1.70 Dec 711 0.0 JWR,NJ Civitas Solutions, Inc. CIVI N 1 HR 16.80 20.00 17.50 11.88 23.7 NA 0.02 A 0.71 Sep 628 0.0 JWR DaVita HealthCare Partners Inc. DVA N 3 AG 76.10 NM 78.52 62.52 21.1 3.81 3.60 3.70 Dec 16,529 0.0 JWR,NJ Gentiva Health Services GTIV Q 3 AG 19.15 NM 19.90 7.35 17.4 0.42 1.10 1.18 Dec 707 0.0 JWR,NJ HealthSouth Corporation HLS N 2 AG 39.46 45.00 42.41 29.82 18.9 1.93 2.09 2.42 Dec 3,524 2.1 JWR,NJ MEDNAX, Inc. MD N 2 AG 66.42 72.00 67.64 49.82 21.0 2.78 3.16 3.55 Dec 6,665 0.0 JWR,NJ Animal Health Abaxis, Inc. ABAX Q 3 AG 57.88 NM 60.94 33.62 59.1 0.83 0.63 A 0.98 Mar 1,314 0.7 NJ Heska Corporation HSKA Q 2 AG 18.12 16.00 18.63 8.19 37.0 (0.21) 0.49 0.55 Dec 114 0.0 NJ IDEXX Laboratories Inc IDXX Q 2 AG 150.25 155.00 153.89 104.64 41.5 3.48 3.62 4.45 Dec 7,573 0.0 NJ VCA Inc. WOOF Q 2 AG 48.56 57.00 50.14 29.36 25.7 1.68 1.89 2.25 Dec 4,244 0.0 NJ Benefits Management Health Benefits Management Aetna AET N 3 AG 89.75 NM 91.87 64.68 13.4 6.24 6.71 7.05 Dec 31,565 1.0 MJB Anthem ANTM N 3 G 127.07 NM 129.96 81.84 14.4 8.52 8.81 9.20 Dec 48,198 1.4 MJB Centene CNC N 3 AG 105.38 NM 108.48 55.11 24.1 2.84 4.38 5.09 Dec 6,182 0.0 MJB CIGNA Corporation CI N 3 AG 104.12 NM 105.73 73.47 14.1 6.79 7.40 8.08 Dec 28,893 0.0 MJB Humana HUM N 2 G 144.48 151.00 151.52 91.00 19.3 8.71 7.50 8.75 Dec 22,154 0.8 MJB Magellan Health MGLN Q 3 AG 61.32 NM 63.81 52.37 23.0 4.53 2.67 2.35 Dec 1,699 0.0 MJB Molina Healthcare MOH N 3 AG 53.59 NM 54.57 32.41 42.2 0.94 1.27 2.60 Dec 2,587 0.0 MJB UnitedHealth Group UNH N 1 G 102.33 115.00 104.00 69.57 18.1 5.50 5.65 6.18 Dec 110,823 1.5 MJB Universal American Corp. UAM N 4 NM 9.20 NM 9.47 6.60 NM 0.05 0.09 0.23 Dec 770 0.0 MJB WellCare Health Plans WCG N 3 HR 83.34 NM 84.69 55.16 35.9 4.67 2.32 3.42 Dec 3,584 0.0 MJB Human Resource/Benefits Services Automatic Data Processing ADP Q 2 G 84.87 82.00 86.54 63.08 28.9 2.89 2.58 A 2.94 Jun 41,001 2.3 MJB Insperity NSP N 3 AG 34.62 NM 36.25 26.85 31.5 1.39 1.10 1.35 Dec 886 2.2 MJB Paychex PAYX Q 3 G 47.05 NM 48.20 39.80 25.4 1.60 1.71 A 1.85 May 17,063 3.2 MJB Pharmacy Benefits Management Catamaran CTRX Q 2 AG 51.56 52.00 52.98 36.98 23.1 2.00 2.23 2.52 Dec 10,570 0.0 MJB Express Scripts ESRX Q 2 AG 85.96 76.00 86.27 64.64 17.6 4.33 4.89 5.43 Dec 63,086 0.0 MJB

Raymond James Research Register - January 2015 47

52 Week EPS

14

-

A E E

29

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Healthcare - USA Clinical Laboratories Laboratory Corporation of America Holdings LH N 4 NM 108.40 NM 109.47 87.25 16.0 6.95 6.76 7.50 Dec 9,203 0.0 NJ Quest Diagnostics Inc. DGX N 4 NM 67.76 NM 68.45 50.46 16.6 4.00 4.07 4.80 Dec 9,825 1.9 NJ Death Care Carriage Services, Inc. (rf) CSV N 1 G 21.19 24.00 22.48 15.25 10.6 1.51 2.00 2.25 Dec 387 0.5 JWR,NJ Service Corporation International (rf) SCI N 1 AG 23.22 25.00 23.38 16.81 16.8 1.31 1.38 1.56 Dec 4,946 1.6 JWR,NJ StoneMor Partners L.P. (y) STON N 2 TR 25.99 28.00 27.14 21.75 10.0 3.63 2.60 2.75 Dec 754 9.5 JWR,NJ Diagnostics Alere, Inc. ALR N 1 AG 38.05 46.00 43.00 31.94 18.1 2.41 2.10 2.60 Dec 3,169 0.0 NJ CareDx, Inc. CDNA Q 2 VR 7.03 10.00 10.89 5.40 NM NA (0.08) (0.60) Dec 84 0.0 NJ Cepheid CPHD Q 2 AG 53.99 54.00 56.47 36.94 NM (0.26) (0.52) (0.42) Dec 3,925 0.0 NJ GenMark Diagnostics, Inc. GNMK Q 2 AG 13.71 13.00 14.18 8.48 NM (0.82) (0.99) (1.23) Dec 568 0.0 NJ Genomic Health GHDX Q 4 NM 32.13 NM 37.75 23.90 NM (0.42) (0.80) (0.53) Dec 1,015 0.0 NJ Meridian Bioscience, Inc. VIVO Q 3 AG 16.82 NM 27.72 15.80 19.6 0.91 0.83 A 0.86 Sep 705 4.8 NJ OraSure Technologies, Inc. OSUR Q 2 AG 10.27 12.50 10.93 5.34 NM (0.20) (0.07) 0.00 Dec 582 0.0 NJ Quidel Corporation QDEL Q 2 AG 28.08 30.00 32.24 19.21 NM 0.21 (0.30) (0.03) Dec 969 0.0 NJ Drug Distributors AmerisourceBergen Corp. ABC N 2 G 91.63 100.00 92.84 62.55 20.6 3.21 3.97 A 4.45 Sep 21,157 1.3 JWR,NJ Cardinal Health Inc. CAH N 2 G 81.15 90.00 83.40 63.06 19.0 3.55 3.84 A 4.27 Jun 27,591 1.7 JWR,NJ McKesson Corporation MCK N 1 G 210.18 235.00 214.37 159.45 19.4 7.18 8.56 A 10.85 Mar 49,476 0.5 JWR,NJ Drug Stores CVS Health CVS N 2 G 97.55 105.00 98.62 64.95 21.7 3.96 4.50 5.13 Dec 112,475 1.4 JWR,MJB Rite Aid Corporation RAD N 2 HR 7.55 8.00 8.62 4.42 21.6 0.12 0.23 A 0.35 Feb 7,703 0.0 JWR,NJ Walgreens Boots Alliance Inc. WBA Q 3 G 76.79 NM 77.98 55.27 21.3 3.12 3.28 A 3.60 Aug 72,980 1.8 JWR,NJ Healthcare Information Technology The Advisory Board Company ABCO Q 2 AG 49.75 55.00 70.14 37.47 38.6 1.25 1.22 A 1.29 Mar 1,807 0.0 NJ Allscripts Healthcare Solutions Inc. MDRX Q 2 AG 12.97 14.00 19.68 11.00 39.3 0.27 0.33 0.49 Dec 2,337 0.0 NJ athenahealth Inc. ATHN Q 3 AG 150.56 NM 206.70 97.30 NM 1.16 1.10 1.25 Dec 5,732 0.0 NJ Cerner Corporation CERN Q 2 AG 66.10 75.00 66.45 48.39 40.3 1.41 1.64 2.10 Dec 22,567 0.0 NJ Computer Programs and Systems, Inc. CPSI Q 3 AG 61.75 NM 71.89 56.60 18.9 2.95 3.27 3.37 Dec 692 3.7 NJ MedAssets MDAS Q 3 AG 20.15 NM 26.09 18.15 14.8 1.32 1.36 1.50 Dec 1,213 0.0 NJ Premier, Inc. PINC Q 2 AG 33.00 38.00 38.87 26.52 23.2 1.16 1.28 A 1.42 Jun 4,781 0.0 NJ Quality Systems Inc. QSII Q 3 AG 15.53 NM 21.35 13.01 29.3 1.14 0.70 A 0.53 Mar 935 4.5 NJ WebMD Health Corp WBMD Q 1 AG 39.66 48.00 53.30 34.48 42.2 0.31 0.94 1.23 Dec 1,456 0.0 NJ

Raymond James Research Register - January 2015 48

52 Week EPS

14

-

A E E

29

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Healthcare - USA Hospital Supplies & Equipment Baxter International Inc. BAX N 3 G 74.40 NM 77.31 66.34 15.2 4.69 4.88 4.70 Dec 40,342 2.8 LK Becton, Dickinson and Company BDX N 3 G 139.61 NM 142.56 105.21 20.5 5.81 6.50 A 6.80 Sep 26,790 1.7 LK C.R. Bard, Inc. BCR N 2 G 168.71 180.00 174.46 125.00 20.2 5.78 8.36 9.35 Dec 13,497 0.5 LK CareFusion Corporation CFN N 3 AG 59.26 NM 59.48 37.76 20.4 2.12 2.37 A 2.90 Jun 12,113 0.0 LK The Cooper Companies, Inc. COO N 2 AG 164.77 180.00 171.54 116.95 21.9 6.41 7.29 A 7.52 Oct 7,933 0.0 LK Covidien plc COV N 2 G 103.57 100.00 104.06 65.97 24.4 3.72 4.15 A 4.25 Sep 51,785 1.4 LK Haemonetics Corporation HAE N 3 AG 38.88 NM 43.60 29.86 20.5 1.99 2.19 A 1.90 Mar 2,023 0.0 LK Hill-Rom Holdings, Inc. HRC N 3 G 46.21 NM 47.32 34.94 18.9 2.38 2.25 A 2.45 Sep 2,654 1.3 LK Intuitive Surgical, Inc. ISRG Q 2 AG 529.73 545.00 541.23 346.46 34.4 19.83 15.40 18.52 Dec 19,229 0.0 LK Masimo Corp. MASI Q 3 AG 26.60 NM 32.20 19.30 20.8 1.16 1.28 1.40 Dec 1,394 0.0 LK Steris Corp. STE N 1 G 66.33 75.00 68.04 39.90 23.0 2.34 2.48 A 2.89 Mar 3,911 1.4 LK Teleflex, Inc. TFX N 2 G 116.59 122.00 119.99 90.15 20.5 5.03 5.70 6.29 Dec 4,828 1.2 LK TransEnterix, Inc. TRXC M 2 VR 2.86 5.50 14.00 1.40 NM (0.45) (0.69) (0.50) Dec 180 0.0 LK Hospitals Community Health Systems, Inc. CYH N 2 HR 54.95 60.00 57.72 34.55 17.4 2.54 3.16 3.75 Dec 6,264 0.0 JWR,NJ HCA Holdings, Inc. HCA N 2 AG 74.58 83.00 75.82 46.02 16.2 3.41 4.60 5.08 Dec 32,321 0.0 JWR,NJ LifePoint Hospitals, Inc. LPNT Q 3 AG 73.79 NM 76.50 50.18 22.5 2.76 3.28 3.65 Dec 3,446 0.0 JWR,NJ Tenet Healthcare Corporation THC N 2 AG 51.70 63.00 63.61 37.95 32.7 1.85 1.58 2.45 Dec 5,217 0.0 JWR,NJ Universal Health Services, Inc. UHS N 2 G 111.63 120.00 115.64 73.06 19.2 4.55 5.80 6.45 Dec 11,275 0.4 JWR,NJ Medical Devices Abbott Laboratories ABT N 2 G 45.60 46.00 46.50 35.65 23.1 1.65 1.97 2.27 Dec 69,312 1.9 JB Abiomed Inc. ABMD Q 3 HR 38.48 NM 39.02 20.29 NM 0.37 0.18 A 0.18 Mar 1,536 0.0 JB AngioDynamics ANGO Q 2 AG 19.07 21.00 19.30 13.06 28.0 0.64 0.59 A 0.68 May 685 0.0 JB DexCom Inc. DXCM Q 2 HR 56.13 64.00 58.32 28.09 NM (0.42) (0.36) (0.13) Dec 4,271 0.0 JB Heartware International, Inc. HTWR Q 2 AG 72.24 110.00 105.84 69.05 NM (3.69) (1.70) (1.99) Dec 1,235 0.0 JB Hologic Inc. HOLX Q 3 AG 26.93 NM 27.35 19.91 17.7 1.50 1.46 A 1.52 Sep 7,376 0.0 JB Hospira, Inc. HSP N 3 AG 62.24 NM 63.14 40.41 25.2 2.09 2.47 2.35 Dec 10,693 0.0 JB ICU Medical, Inc. ICUI Q 1 AG 82.29 85.00 87.50 54.00 35.8 3.06 2.30 2.84 Dec 1,275 0.0 JB Insulet PODD Q 2 HR 46.56 51.00 51.31 30.04 NM (0.64) (0.15) 0.27 Dec 2,609 0.0 JB Integra LifeSciences Corp. IART Q 3 AG 54.38 NM 54.47 42.50 18.9 2.31 2.88 3.26 Dec 1,789 0.0 JB Johnson & Johnson JNJ N 2 TR 105.33 107.00 109.49 86.09 17.7 5.52 5.95 6.07 Dec 301,665 2.7 JB Merit Medical Systems Inc. MMSI Q 2 AG 17.49 16.00 17.52 11.41 23.6 0.71 0.74 0.82 Dec 759 0.0 JB Natus Medical Inc. BABY Q 2 AG 35.85 36.00 36.98 21.11 28.9 1.03 1.24 1.41 Dec 1,169 0.0 JB RTI Surgical Inc. RTIX Q 3 HR 5.23 NM 5.67 3.00 47.5 0.00 0.11 0.17 Dec 301 0.0 JB Thoratec Corp. THOR Q 2 AG 32.89 29.00 38.69 22.50 26.5 1.80 1.24 1.07 Dec 1,845 0.0 JB Volcano Corporation VOLC Q 3 HR 17.87 NM 24.62 9.81 NM (0.31) (0.16) 0.01 Dec 920 0.0 JB

Raymond James Research Register - January 2015 49

52 Week EPS

14

-

A E E

29

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Healthcare - USA Pharma Services Catalent, Inc. CTLT N 2 AG 27.94 27.00 30.18 19.30 16.0 NA NA 1.75 Jun 2,090 0.0 JWR,MJB Charles River Laboratories CRL N 3 AG 64.44 NM 66.11 49.60 19.1 2.93 3.37 3.53 Dec 3,014 0.0 MJB Covance CVD N 3 AG 103.94 NM 106.50 73.57 27.4 3.23 3.80 4.32 Dec 5,881 0.0 MJB ICON plc ICLR Q 3 AG 52.36 NM 59.81 35.33 18.8 1.77 2.78 3.21 Dec 3,241 0.0 MJB PAREXEL PRXL Q 3 AG 57.95 NM 64.72 41.79 21.7 1.69 2.17 A 2.67 Jun 3,168 0.0 MJB Quintiles Transnational Holdings Q N 1 AG 59.95 68.00 60.79 45.25 22.5 2.10 2.66 3.01 Dec 7,655 0.0 MJB

Raymond James Research Register - January 2015 50

Industrial

USA Canada Europe Specialty Distribution ...... 51 Chemicals ...... 52 Infrastructure & Construction ...... 54 Waste and Industrial Services ...... 52 Diversified Income Corps...... 52 Building Products ...... 54 Industrial Services...... 52 Infrastructure & Construction ...... 53 Construction Groups ...... 54 Waste Services ...... 52 Asset Ownership & Management ...... 53 House Builders ...... 54 Construction ...... 53 Infrastructure Operators ...... 54 Engineering ...... 53 Specialty Distribution ...... 54 Machinery ...... 53 Related Products & Services...... 53 Special Situations ...... 53

52 Week EPS

14

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A E E

29

-

3

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 201 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Industrial - USA Sam Darkatsh [email protected] Patrick Tyler Brown, CFA [email protected] J. Marshall Adkins [email protected] Budd Bugatch, CFA [email protected] Specialty Distribution Airgas, Inc. ARG N 3 G 117.82 NM 118.75 99.32 23.6 4.35 4.72 A 5.00 Mar 8,729 1.9 SD Beacon Roofing Supply, Inc. BECN Q 3 AG 28.29 NM 41.38 24.11 20.2 1.45 1.08 A 1.40 Sep 1,415 0.0 SD,BB Fastenal Company FAST Q 3 AG 48.21 NM 52.21 40.18 29.0 1.51 1.66 1.95 Dec 14,338 2.1 SD,BB HD Supply Holdings Inc. HDS Q 2 AG 29.97 31.00 30.46 20.59 23.8 0.45 1.26 2.15 Jan 5,823 0.0 SD,BB Houston Wire & Cable Company HWCC Q 4 NM 12.27 NM 14.47 11.29 14.6 0.81 0.84 0.94 Dec 216 3.9 SD,BB LKQ Corporation LKQ Q 2 AG 28.22 33.00 32.98 24.46 21.1 1.05 1.34 1.66 Dec 8,639 0.0 SD MRC Global MRC N 3 AG 15.57 NM 32.47 13.41 10.0 1.48 1.56 1.30 Dec 1,602 0.0 SD,BB MSC Industrial Direct MSM N 2 AG 82.60 87.00 96.62 76.01 20.1 3.91 3.93 A 4.10 Aug 5,121 1.9 SD,BB NOW Inc. DNOW N 3 AG 27.14 NM 37.65 22.03 22.4 1.37 1.21 1.03 Dec 2,931 0.0 SD,JMA Praxair, Inc. PX N 1 TR 132.32 150.00 135.24 117.32 21.1 5.93 6.28 6.75 Dec 38,554 2.0 SD W.W. Grainger, Inc. GWW N 3 G 258.86 NM 269.69 223.92 21.1 11.52 12.28 13.30 Dec 17,887 1.7 SD,BB WESCO International WCC N 3 AG 77.97 NM 94.75 68.97 14.9 5.02 5.25 5.75 Dec 4,148 0.0 SD,BB

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52 Week EPS

14

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A E E

29

-

3

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 201 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Industrial - USA Waste and Industrial Services Industrial Services Clean Harbors CLH N 2 AG 50.93 51.00 65.53 43.05 36.4 1.87 1.40 1.50 Dec 3,076 0.0 TB Waste Services Casella Waste Systems, Inc. CWST Q 3 VR 4.00 NM 5.89 3.41 NM (0.57) (0.15) A (0.18) Apr 160 0.0 TB Covanta Holding Corp. CVA N 1 AG 22.15 25.00 25.35 16.42 47.1 0.36 0.47 0.67 Dec 2,902 4.5 TB Progressive Waste Solutions Ltd. BIN N 1 AG 30.44 32.00 31.47 22.11 23.1 1.10 1.32 1.42 Dec 3,501 1.8 TB Republic Services, Inc. RSG N 1 G 40.89 45.00 41.12 31.42 21.2 1.97 1.93 2.04 Dec 14,626 2.7 TB Stericycle Inc. SRCL Q 3 AG 133.28 NM 134.14 108.62 31.3 3.76 4.26 4.75 Dec 11,299 0.0 TB U.S. Ecology, Inc. ECOL Q 2 AG 40.90 50.00 51.60 30.84 21.3 1.82 1.92 2.20 Dec 888 1.8 TB Waste Connections, Inc. WCN N 2 AG 45.01 52.00 50.93 39.69 22.4 1.79 2.01 2.24 Dec 5,587 1.2 TB Waste Management, Inc. WM N 3 TR 51.54 NM 51.71 40.35 24.2 0.21 2.13 2.40 Dec 23,598 2.9 TB

52 Week EPS

14

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29

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Industrial - CAN Ben Cherniavsky [email protected] Frederic Bastien, CFA [email protected] Steve Hansen, CMA, CFA [email protected] Theoni Pilarinos, CFA [email protected] Daryl Swetlishoff, CFA [email protected] David Quezada, CFA (Associate Analyst) [email protected]

Chemicals Methanex MEOH Q 2 AG US$46.39 70.00 73.43 42.32 11.0 4.93 4.22 4.40 Dec 4,514 2.2 SH Diversified Income Corps. Alaris Royalty Corp. AD T 3 HR C$36.24 34.50 37.18 23.79 22.7 1.23 1.60 1.73 Dec 1,185 4.1 TP Exchange Income Corp EIF T 3 TR C$22.73 25.00 24.05 14.30 50.5 0.42 0.45 2.23 Dec 509 7.7 TP,SH Mosaic Capital Corporation (cb) M V 2 AG C$12.00 16.00 14.95 10.09 NM 18 25 41 Dec 96 2.7 TP

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52 Week EPS

14

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29

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Industrial - CAN Infrastructure & Construction Asset Ownership & Management Brookfield Infrastructure Partners L.P. (x) BIP N 2 TR US$42.08 48.00 42.99 35.58 12.1 3.30 3.49 4.08 Dec 8,841 4.6 FB Brookfield Renewable Energy Partners L.P. (x) BEP N 2 TR US$30.76 35.00 32.72 25.08 14.2 2.24 2.16 2.70 Dec 8,477 5.0 FB Pattern Energy Group Inc. (ca) PEGI Q 3 TR US$24.88 31.00 34.51 22.68 17.2 1.20 1.45 1.90 Dec 1,553 5.3 FB Construction Aecon Group ARE T 2 AG C$10.85 18.00 18.75 9.51 22.6 0.84 0.48 1.35 Dec 741 3.3 FB Bird Construction Inc. BDT T 1 AG C$12.14 17.00 15.35 11.00 13.5 0.28 0.90 1.20 Dec 516 6.3 FB North American Energy Partners NOA T 2 HR C$3.82 7.00 9.22 3.38 54.6 (0.51) 0.07 0.26 Dec 137 2.1 BC Stuart Olson Inc. SOX T 2 AG C$8.00 12.00 11.57 6.56 21.6 0.18 0.37 0.80 Dec 209 6.0 FB Engineering IBI Group Inc. IBG T 2 HR C$1.84 3.75 2.95 0.76 3.9 (9.44) 0.47 0.30 Dec 42 NM FB SNC-Lavalin SNC T 3 G C$43.87 53.00 59.63 38.70 97.5 0.24 0.45 3.30 Dec 6,708 2.2 FB Stantec Inc STN T 2 G C$31.91 43.00 38.14 29.17 17.9 1.52 1.78 2.12 Dec 3,031 2.3 BC,FB WSP Global Inc. WSP T 2 TR C$34.80 46.00 39.50 29.00 23.2 1.38 1.50 2.30 Dec 3,080 4.3 FB Machinery Caterpillar Inc. CAT N 3 G US$93.71 105.00 111.46 85.88 14.4 5.75 6.50 7.00 Dec 58,381 3.0 TP,BC Cervus Equipment Corp. CVL T 2 G C$20.54 22.50 24.50 17.80 16.8 1.48 1.22 1.60 Dec 327 4.0 BC,TP Finning International FTT T 3 G C$25.43 30.00 34.34 22.94 14.4 1.96 1.76 2.00 Dec 4,410 2.8 BC Joy Global Inc. JOY N 3 G US$48.41 50.00 65.36 44.45 14.7 5.83 3.30 A 3.30 Oct 4,802 1.7 TP,BC Ritchie Bros. Auctioneers RBA N 3 G US$27.25 25.00 27.29 21.58 32.1 0.84 0.85 0.95 Dec 2,935 2.0 BC,TP Rocky Mountain Dealerships Inc. RME T 3 G C$9.41 12.50 13.63 8.75 8.6 0.79 1.10 1.20 Dec 182 4.9 BC,TP Strongco Corp. SQP T 3 AG C$2.39 3.75 4.73 2.01 NM 0.23 (0.22) 0.35 Dec 32 NM BC,TP Toromont Industries TIH T 2 G C$28.59 29.75 28.97 24.48 17.6 1.59 1.62 1.80 Dec 2,224 2.1 BC,TP Wajax Corp. WJX T 2 G C$30.68 40.00 39.56 28.75 11.7 2.81 2.62 3.10 Dec 522 7.8 BC,TP Related Products & Services Canam Group CAM T 2 AG C$11.00 15.00 15.48 9.09 16.7 0.74 0.66 1.15 Dec 526 1.5 FB Ovivo Inc. OVI.A T 3 AG C$2.36 3.50 4.82 1.71 15.7 0.01 0.17 A 0.15 Mar 104 NM FB Russel Metals RUS T 2 TR C$25.91 31.00 37.63 25.07 13.0 1.37 2.00 1.75 Dec 1,780 5.9 FB WesternOne Inc. WEQ T 2 TR C$3.03 6.00 8.68 2.40 NM (0.59) (0.82) 0.30 Dec 115 19.8 FB ZCL Composites ZCL T 2 AG C$5.95 7.50 7.76 5.93 11.7 0.49 0.51 0.58 Dec 181 2.7 BC Special Situations DIRTT Environmental Solutions Ltd. DRT T 1 AG C$3.53 5.00 4.00 2.35 NM (0.42) 0.03 0.33 Dec 291 0.0 DQ,DS Whistler Blackcomb Holdings Inc. (cb) WB T 2 TR C$20.58 23.00 20.69 14.58 NM 86 93 A 102 Sep 782 4.8 TP

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52 Week EPS

14

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29

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4

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 201 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Industrial - EUR Arnaud Palliez [email protected] Infrastructure & Construction Building Products Imerys IMTP.PA EPA 2 €61.84 63.00 68.10 50.45 14.9 4.03 4.15 4.51 Dec 4,647 2.7 AP Saint-Gobain SGOB.PA EPA 3 €35.65 NM 46.40 29.51 14.7 1.91 2.42 2.25 Dec 19,847 3.6 AP Tarkett TKTT.PA EPA 2 €17.98 23.50 32.90 17.55 14.0 1.60 1.28 0.77 Dec 1,145 3.4 AP Construction Groups Eiffage FOUG.PA EPA 2 €41.85 46.00 55.75 36.60 13.4 2.87 3.12 3.90 Dec 3,648 3.3 AP Vinci SGEF.PA EPA 2 €46.17 50.50 57.36 39.65 10.9 3.57 4.24 3.60 Dec 27,777 4.8 AP House Builders Nexity NEXI.PA EPA 2 €31.55 36.80 33.99 26.00 19.4 1.88 1.63 2.09 Dec 1,690 6.3 AP Infrastructure Operators Abertis ABE.MC MAD 3 €16.56 NM 17.32 13.72 20.7 0.68 0.80 0.90 Dec 14,876 4.0 AP ADP ADP.PA EPA 4 €100.70 80.00 104.15 80.60 26.4 3.08 3.82 4.55 Dec 9,965 2.3 AP Ferrovial FER.MC MAD 2 €16.24 18.00 16.76 13.27 29.0 0.99 0.56 0.61 Dec 11,908 4.3 AP Fraport FRAG.DE ETR 3 €49.42 NM 57.89 46.65 20.4 2.39 2.42 2.84 Dec 4,557 2.5 AP Groupe Eurotunnel GETP.PA EPA 3 €10.66 NM 10.73 7.55 NM 0.19 0.10 0.24 Dec 5,761 1.4 AP Specialty Distribution Rexel RXL.PA EPA 2 €15.04 17.00 20.55 12.71 14.3 1.18 1.05 1.19 Dec 4,414 5.0 AP Wolseley WOS.L L 3 3,715p NM 3,729 2,966 16.5 162.00 196.00 A 225.00 Jul £9,568 2.7 AP

Raymond James Research Register - January 2015 54

Mining & Natural Resources

Canada Europe Agribusiness ...... 55 Construction Materials ...... 58 Fertilizers ...... 55 Forest Products ...... 56 Building Materials ...... 56 Pulp & Paper ...... 56 Mining ...... 56 Base Metals & Minerals ...... 56 Platinum Group Metals ...... 56 Latin America Precious Metals - Gold ...... 57 Agribusiness & Natural Resources ...... 59 Precious Metals - Silver ...... 57 Agribusiness ...... 59 Uranium ...... 58 Natural Resources ...... 59

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Mining & Natural Resources - CAN Daryl Swetlishoff, CFA [email protected] Alex Terentiew, MBA, P.Geo [email protected] David Sadowski [email protected] Steve Hansen, CMA, CFA [email protected] Chris Thompson, M.Sc. (Eng), P.Geo [email protected] Phil Russo [email protected]

Agribusiness AGT Food and Ingredients Inc. AGT T 2 TR C$27.43 31.00 29.77 15.84 18.3 1.09 1.50 1.78 Dec 554 2.2 SH Legumex Walker Inc. LWP T 3 AG C$2.58 5.00 5.84 2.13 NM (1.56) (0.89) 0.15 Dec 42 0.0 SH Fertilizers Agrium Inc. AGU N 3 G US$95.32 100.00 103.93 82.02 16.9 7.34 5.63 7.70 Dec 13,726 3.3 SH Allana Potash Corporation AAA T 2 VR C$0.34 0.80 0.53 0.25 NM (0.03) (0.03) (0.03) Jul NA 0.0 SH Potash Corp. of Saskatchewan Inc. POT N 2 G US$35.77 40.00 38.58 30.09 20.2 2.04 1.77 2.30 Dec 29,897 3.9 SH Western Potash Corp. WPX T 3 VR C$0.24 0.75 0.70 0.20 NM (0.09) E (0.05) NA Sep 54 0.0 SH

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52 Week EPS

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Mining & Natural Resources - CAN Forest Products Building Materials Acadian Timber Corp. ADN T 2 TR C$15.10 16.50 16.50 11.93 28.5 0.43 0.53 0.90 Dec 252 5.5 DS Ainsworth Lumber Co. Ltd. ANS T UR HR C$3.34 3.20 4.22 2.24 NM 0.16 (0.03) 0.27 Dec 813 0.0 DS Canfor Corp. CFP T 1 HR C$29.60 35.00 30.02 21.75 18.2 1.64 1.63 2.81 Dec 4,008 0.0 DS Conifex Timber Inc. CFF T 3 VR C$6.20 7.00 9.75 5.10 29.5 0.46 0.21 0.51 Dec 130 NA DS Interfor Corp. IFP T 1 HR C$21.62 23.50 22.02 13.02 18.3 0.86 1.18 1.93 Dec 1,442 0.0 DS Norbord Inc. NBD T 3 HR C$26.03 22.00 34.24 20.14 42.0 2.75 0.62 1.67 Dec 2,267 3.8 DS West Fraser Timber WFT T 2 HR C$65.62 68.00 66.00 45.05 16.3 3.82 4.02 5.97 Dec 5,735 0.4 DS Western Forest Products Inc. WEF T 1 HR C$2.58 3.00 2.68 1.88 12.9 0.29 0.20 0.33 Dec 1,051 3.1 DS Pulp & Paper Canfor Pulp Products Inc. CFX T 1 AG C$14.10 18.50 14.70 9.89 10.8 0.71 1.31 1.64 Dec 1,001 1.8 DS Domtar UFS N 2 HR US$41.04 49.00 57.87 33.04 14.0 2.39 2.94 3.89 Dec 2,663 3.7 DS Fortress Paper FTP T 3 HR C$1.80 2.50 4.60 1.43 NM (4.70) (4.11) (1.77) Dec 26 0.0 DS Mercer International Inc. MERC Q 2 HR US$12.72 14.00 14.08 7.05 6.6 (0.49) 1.94 1.60 Dec 818 0.0 DS Mining Base Metals & Minerals Altius Minerals Corp. ALS T 2 AG C$13.84 15.00 16.32 9.86 NM (0.47) (0.18) A (0.02) Apr 443 0.0 AT Capstone Mining Corp. CS T 2 HR C$1.93 3.25 3.35 1.65 16.1 0.06 0.12 0.17 Dec 737 0.0 AT Copper Mountain Mining CUM T 2 AG C$1.52 3.35 3.15 1.38 50.7 (0.03) 0.03 0.50 Dec US$181 0.0 AT Duluth Metals Limited DM T 3 VR C$0.44 0.45 1.00 0.06 NM (0.34) (0.17) (0.03) Dec 60 0.0 AT First Quantum Minerals Ltd. FM T 2 HR C$16.02 25.00 27.29 15.31 18.4 0.91 0.87 1.30 Dec 9,620 0.7 AT HudBay Minerals, Inc. HBM T 2 HR C$10.00 11.50 11.85 7.93 NM 0.00 (0.01) 0.47 Dec 1,929 0.2 AT Ivanhoe Mines Ltd. IVN T 2 VR C$1.04 2.50 2.04 0.78 NM (0.36) (0.24) 0.61 Dec 728 0.0 AT Lundin Mining Corporation LUN T 1 HR C$5.69 8.50 6.57 4.51 19.6 0.21 0.29 0.68 Dec 4,086 0.0 AT Nevsun Resources Ltd. NSU T 2 AG C$4.24 5.50 5.30 3.49 8.3 0.06 0.51 0.53 Dec US$848 3.3 AT Taseko Mines Ltd. TKO T 3 HR C$1.12 2.30 2.79 1.08 NM (0.18) (0.14) 0.01 Dec US$218 0.0 AT Teck Resources Limited TCK.B T 3 AG C$15.86 17.00 29.10 12.79 18.7 1.74 0.85 0.88 Dec 9,137 5.7 AT Trevali Mining Corporation TV T 2 VR C$1.10 1.55 1.41 0.91 NM (0.07) (0.01) 0.09 Dec US$309 0.0 AT Platinum Group Metals Eastern Platinum Ltd. ELR T 3 HR C$1.34 2.25 2.17 0.65 NM (0.05) (0.11) (0.16) Dec 124 0.0 AT North American Palladium Ltd. PDL T 4 VR C$0.16 0.10 1.03 0.14 NM (0.16) (0.20) (0.03) Dec 62 0.0 AT Platinum Group Metals Ltd. PTM T 3 VR C$0.56 1.50 1.43 0.51 NM (0.04) (0.01) (0.03) Aug 309 nm AT

Raymond James Research Register - January 2015 56

52 Week EPS

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Mining & Natural Resources - CAN Precious Metals - Gold Agnico Eagle Mines AEM N 2 AG US$23.83 36.00 42.41 21.65 23.1 0.96 1.03 0.31 Dec 5,004 1.3 PR Alacer Gold Corp ASR T 2 HR C$2.29 3.25 3.65 1.77 13.5 0.39 0.17 0.11 Dec 671 0.9 PR Alamos Gold Inc. AGI N 3 AG US$6.74 11.75 12.78 6.34 61.3 0.56 0.11 0.08 Dec 890 3.0 PR Asanko Gold Inc. AKG T 2 HR C$1.73 3.50 2.95 1.50 NM (0.12) (0.08) (0.03) Dec 338 0.0 CT ATAC Resources Ltd. ATC V 3 VR C$0.50 1.00 1.73 0.41 NM (0.03) (0.02) (0.02) Dec 58 0.0 DSa AuRico Gold Inc. AUQ N 3 HR US$3.07 4.00 5.36 2.92 NM 0.05 (0.19) (0.18) Dec 767 2.3 PR B2Gold Corp. (cf) BTO T 2 AG C$1.84 3.25 3.69 1.65 12.3 0.22 0.15 0.21 Dec 1,748 0.0 CT Barrick Gold Corporation ABX N 3 AG US$10.48 14.50 21.45 10.04 18.1 2.53 0.58 0.79 Dec 12,209 1.9 PR Detour Gold Corp. DGC T 2 VR C$8.64 15.00 15.62 3.83 NM (0.55) (0.48) 0.12 Dec US$1,400 0.0 PR Eldorado Gold Corp. EGO N 2 HR US$5.91 10.00 8.60 4.95 42.2 0.27 0.14 0.14 Dec 4,237 0.3 PR Endeavour Mining Corp. (cf) EDV T 2 HR C$0.41 0.85 1.02 0.38 1.4 0.09 0.29 0.34 Dec 167 0.0 CT Franco-Nevada Corp. FNV N 3 AG US$48.15 54.00 61.47 39.58 52.9 0.87 0.91 0.88 Dec 7,511 1.7 AT Goldcorp Inc. GG N 2 AG US$17.78 29.00 29.65 17.01 23.1 0.78 0.77 0.78 Dec 14,507 0.0 PR Guyana Goldfields Inc. GUY T 2 VR C$2.59 4.00 3.59 1.62 NM (0.08) (0.07) 0.03 Oct 388 0.0 PR Kaminak Gold Corporation KAM V 2 VR C$0.73 1.60 1.19 0.52 NM (0.17) (0.10) (0.09) Sep 90 0.0 DSa Kinross Gold Corporation KGC N 2 AG US$2.69 4.00 5.44 2.00 20.7 0.28 0.13 0.09 Dec 3,077 0.0 PR Mandalay Resources Corp. (cf) MND T 1 HR C$0.83 1.20 1.22 0.75 5.2 0.20 0.16 0.16 Dec 340 3.6 CT Orezone Gold Corp. ORE T 2 VR C$0.50 1.30 1.07 0.37 NM (0.15) (0.11) (0.08) Dec 48 0.0 DSa Probe Mines Ltd. PRB V 3 VR C$2.97 3.20 3.95 1.96 NM (0.35) (0.27) A (0.27) Apr 270 0.0 DSa Romarco Minerals Inc. R T 2 VR C$0.47 0.80 0.99 0.37 NM (0.02) (0.02) (0.03) Dec 341 0.0 DSa Roxgold Inc. ROG V 2 VR C$0.51 0.80 0.93 0.39 NM (0.03) (0.03) (0.03) Dec 147 0.0 DSa Royal Gold Inc. RGLD Q 1 AG US$62.71 83.00 82.84 44.29 54.1 1.26 0.94 A 1.16 Jun 4,076 1.4 AT Sandstorm Gold Ltd. SSL T 3 HR C$3.66 4.50 8.19 2.80 52.3 0.21 0.07 (0.03) Dec 432 0.0 AT SEMAFO Inc. SMF T 2 AG C$2.79 4.80 5.48 2.39 7.2 0.28 0.39 0.53 Dec 774 0.0 CT Yamana Gold Inc. AUY N 2 AG US$3.87 7.00 10.72 3.45 35.2 0.36 0.11 0.16 Dec 3,398 1.6 PR Precious Metals - Silver Bear Creek Mining Corp. (cf) BCM V 2 VR C$1.32 2.90 5.20 1.09 NM (0.18) (0.13) (0.02) Dec 133 0.0 CT Coeur Mining Inc. (cf) CDE N R AG US$5.04 R 12.06 3.37 R R R R Dec R R CT Endeavour Silver Corp. EDR T 3 HR C$2.39 3.20 7.06 2.13 5.7 0.82 0.42 0.32 Dec 243 0.0 CT First Majestic Silver (cf) FR T 3 AG C$5.47 6.75 13.74 3.81 9.9 1.11 0.55 0.74 Dec 643 0.0 CT Fortuna Silver Mines Inc. (cf) FVI T 2 HR C$5.07 6.25 6.59 2.90 11.0 0.32 0.46 0.44 Dec 666 0.0 CT MAG Silver MAG T 2 VR C$8.04 11.00 11.42 5.44 NM (0.49) (0.10) (0.13) Dec 553 nm DSa Pan American Silver (cf) PAAS Q 3 AG US$8.89 10.50 15.97 8.69 8.6 1.43 1.03 0.94 Dec 1,347 5.6 CT Santacruz Silver Mining Ltd. (cf) SCZ V 2 VR C$0.40 0.70 1.26 0.31 NM (0.02) (0.01) 0.07 Dec 41 0.0 CT Silver Wheaton SLW N 1 AG US$19.81 28.00 27.66 16.57 26.4 1.05 0.75 0.64 Dec 7,211 1.2 AT Silvercorp Metals Inc. (cf) SVM N 2 AG US$1.26 2.00 3.30 1.04 5.0 0.43 0.20 A 0.25 Mar 216 1.6 CT SilverCrest Mines Inc. (cf) SVL T 2 HR C$1.40 2.00 3.05 1.31 11.7 0.19 0.12 0.17 Dec 174 0.0 CT Tahoe Resources Inc. (cf) THO T 2 HR C$15.63 17.25 30.15 13.19 14.0 (0.37) 1.12 1.05 Dec 2,324 1.5 CT

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Mining & Natural Resources - CAN Uranium Cameco Corp. (cf) CCO T 3 AG C$19.25 22.00 28.57 17.25 15.8 1.69 1.22 1.20 Dec 7,619 2.1 DSa Denison Mines Corp. DML T 2 VR C$1.14 1.90 1.95 1.02 NM (0.18) (0.06) (0.05) Dec 576 nm DSa Fission Uranium Corp. FCU T 1 VR C$0.89 2.00 1.73 0.65 NM (0.05) (0.05) (0.04) Jun 311 0.0 DSa Kivalliq Energy Corp. KIV V 3 VR C$0.17 0.30 0.29 0.16 NM (0.01) (0.01) (0.01) Sep 32 0.0 DSa Paladin Energy Ltd. PDN T 3 HR C$0.32 0.50 0.63 0.27 NM (0.05) (0.10) A (0.06) Jun 350 nm DSa UEX Corp. UEX T 3 VR C$0.29 0.70 0.64 0.26 NM (0.01) (0.04) (0.01) Dec 66 0.0 DSa Uranium Participation Corporation U T 3 HR C$5.14 5.50 5.99 4.72 NM (0.90) (0.64) A (0.14) Feb 601 nm DSa Ur-Energy Inc. URE T 2 VR C$1.02 1.80 2.21 0.83 NM (0.24) (0.07) 0.00 Dec 132 nm DSa

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current Ye 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Mining & Natural Resources - EUR Arnaud Palliez [email protected] Construction Materials CRH CRH.I ISE 2 €19.75 19.30 21.87 15.25 25.3 (0.41) 0.78 1.12 Dec 14,600 3.3 AP HeidelbergCement HEIG.DE ETR 3 €59.14 NM 68.66 48.32 15.9 3.45 3.73 4.71 Dec 11,089 1.7 AP Holcim HOLN.VX SWF 1 CHF71.85 82.00 86.05 59.50 19.0 3.91 3.78 4.37 Dec 23,501 2.1 AP Lafarge LAFP.PA EPA 1 €58.35 68.00 67.94 48.51 33.5 2.09 1.74 2.63 Dec 16,777 1.7 AP Vicat VCTP.PA EPA 2 €59.53 63.00 65.74 48.90 20.2 2.68 2.94 3.36 Dec 2,673 2.5 AP

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Mining & Natural Resources - LAT Federico Rey Marino [email protected] Santiago Wesenack, CFA [email protected] Fernando Suarez [email protected] Agribusiness & Natural Resources Agribusiness Adecoagro SA AGRO N 2 AG US$7.88 15.50 10.35 6.79 9.6 (0.21) 0.82 0.95 Dec 965 0.0 FRM,FS Cresud SACIFYA (ed, r) CRESY Q 2 AG US$10.30 17.00 14.19 8.17 NM (0.08) (2.29) (0.87) Jun 517 3.0 FRM,FS Inversora Juramento SA INVJ BA 3 G AR$4.50 NM 6.35 1.84 NM 0.04 E 0.10 NA Sep 1,656 0.0 FRM,FS Natural Resources Siderar Sociedad Anonima Industrial Y Comercial ERAR BA S G AR$6.13 NM 7.50 2.92 NM 0.44 UR NA Dec 27,690 0.7 SW,FS

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Real Estate

USA Canada Europe Housing ...... 61 Real Estate ...... 63 Hotels ...... 65 Lodging ...... 61 Healthcare ...... 63 REITs ...... 61 Industrial ...... 63 Diversified...... 61 Mortgage Investment Corporations ...... 64 Healthcare ...... 61 Office/Diversified ...... 64 Hotels ...... 61 Real Estate Services ...... 64 Malls ...... 62 Residential ...... 64 Net Lease ...... 62 Retail ...... 64 Latin America Office/Industrial ...... 62 Diversified Real Estate ...... 65 Residential ...... 62 Real Estate ...... 65 Self Storage ...... 62

Shopping Centers ...... 63 Timber ...... 63

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Symbol Exchange Rating Suitability Close Dec Target Price High L Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Real Estate - USA Paul D. Puryear [email protected] William A. Crow [email protected] Buck Horne, CFA [email protected] Collin Mings, CFA [email protected]

Housing D.R. Horton, Inc. DHI N 3 AG 24.90 NM 25.94 19.29 13.5 1.33 1.50 A 1.85 Sep 9,153 1.0 BH,PDP KB Home KBH N 3 AG 15.99 NM 20.78 13.75 12.6 0.46 1.27 1.33 Nov 1,633 0.6 BH,PDP Lennar Corporation LEN N 2 AG 44.27 51.00 48.00 35.74 16.3 2.15 2.72 3.50 Nov 10,102 0.4 BH,PDP MDC Holdings MDC N 3 AG 26.00 NM 32.68 23.67 18.4 6.39 1.41 1.80 Dec 1,269 3.8 BH,PDP PulteGroup Inc. PHM N 2 AG 21.14 24.00 22.03 16.56 19.6 6.72 1.08 1.45 Dec 7,976 1.5 BH,PDP The Ryland Group, Inc. RYL N 3 HR 37.50 NM 46.67 30.33 13.4 6.79 2.80 3.40 Dec 2,183 0.3 BH,PDP St. Joe Company JOE N 3 HR 18.79 NM 26.64 17.30 4.3 0.05 4.36 0.12 Dec 1,734 0.0 BH,PDP Standard Pacific Corporation SPF N 3 AG 7.23 NM 9.20 6.86 13.6 0.47 0.53 0.59 Dec 2,927 0.0 BH,PDP Toll Brothers, Inc. TOL N 1 AG 33.03 38.00 39.95 28.92 16.1 0.97 1.84 A 2.05 Oct 6,140 0.0 BH,PDP WCI Communities, Inc. WCIC N 1 AG 19.59 24.00 21.28 17.08 28.0 5.86 0.70 1.25 Dec 515 0.0 BH,PDP Lodging Hilton Worldwide Holdings Inc. HLT N 2 AG 26.11 29.00 26.53 20.55 36.8 0.53 0.71 0.84 Dec 25,708 0.0 WAC,PDP Hyatt Hotels Corporation H N 3 AG 60.62 NM 64.52 45.73 59.4 1.07 1.02 1.24 Dec 9,257 0.0 WAC,PDP Marriott International, Inc. MAR Q 2 G 79.08 84.00 79.25 47.21 31.5 2.00 2.51 3.00 Dec 22,688 1.0 WAC,PDP Starwood Hotels & Resorts Worldwide HOT N 2 TR 81.64 84.00 86.11 68.53 29.0 2.99 2.82 3.16 Dec 14,728 1.7 WAC,PDP REITs Diversified Armada Hoffler Properties (x) AHH N 2 TR 9.47 11.50 10.65 8.78 12.0 0.79 0.79 0.83 Dec 377 6.8 PDP Healthcare Health Care REIT, Inc. (x) HCN N 2 TR 76.62 76.00 78.17 52.90 18.6 3.81 4.12 4.40 Dec 25,085 4.2 CM,PDP Healthcare Trust of America, Inc. (x) HTA N 3 TR 27.13 NM 27.28 19.44 18.3 1.28 1.48 1.56 Dec 3,241 4.3 CM,PDP Physicians Realty Trust (x) DOC N 2 TR 16.79 16.50 16.97 11.99 23.0 NA 0.73 1.05 Dec 850 5.4 CM,PDP Sabra Health Care REIT, Inc. (x) SBRA Q 2 TR 30.99 31.00 31.17 24.01 18.3 1.55 1.69 2.45 Dec 1,711 5.0 CM,PDP Senior Housing Properties Trust (x) SNH N 4 NM 22.28 NM 24.60 20.70 12.7 1.69 1.75 1.84 Dec 4,543 7.0 CM,PDP Hotels DiamondRock Hospitality Company (x) DRH N 3 TR 15.25 NM 15.72 11.06 17.1 0.71 0.89 1.03 Dec 2,995 2.7 WAC,PDP Hersha Hospitality Trust (x) HT N 3 TR 7.25 NM 7.49 5.18 14.8 0.42 0.49 0.56 Dec 1,505 3.9 WAC,PDP Host Hotels & Resorts Inc. (x) HST N 3 TR 24.14 NM 24.50 17.86 16.3 1.31 1.48 1.63 Dec 19,203 3.3 WAC,PDP LaSalle Hotel Properties (x) LHO N 2 TR 41.38 43.00 41.88 28.41 16.0 2.30 2.59 2.82 Dec 4,320 3.6 WAC,PDP Pebblebrook Hotel Trust (x) PEB N 2 TR 46.41 46.00 47.02 29.21 24.3 1.47 1.91 2.36 Dec 3,411 2.0 WAC,PDP RLJ Lodging Trust (x) RLJ N 2 TR 34.23 35.00 34.34 23.65 14.3 2.06 2.39 2.65 Dec 4,549 3.5 WAC,PDP Ryman Hospitality Properties Inc. (x) RHP N 3 TR 54.82 NM 55.16 39.63 14.8 4.16 3.71 4.42 Dec 2,988 4.0 WAC,PDP Strategic Hotels & Resorts (x) BEE N 2 AG 13.58 14.50 13.68 8.89 20.0 0.43 0.68 0.85 Dec 3,390 0.0 WAC,PDP Summit Hotel Properties, Inc. (x) INN N 2 TR 12.70 12.50 12.74 8.50 13.4 0.81 0.95 1.09 Dec 1,104 3.7 WAC,PDP Sunstone Hotel Investors, Inc. (x) SHO N 3 TR 16.93 NM 17.32 12.33 14.6 0.93 1.16 1.28 Dec 3,445 1.2 WAC,PDP

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Symbol Exchange Rating Suitability Close Dec Target Price High L Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Real Estate - USA Malls CBL & Associates Properties, Inc. (x) CBL N 3 TR 19.81 NM 19.94 16.00 9.0 2.23 2.19 2.21 Dec 3,952 5.4 PDP Glimcher Realty Trust (x) GRT N 3 TR 13.77 NM 13.93 8.38 18.6 0.68 0.74 0.76 Dec 2,035 2.9 PDP Simon Property Group, Inc. (x) SPG N 2 TR 186.51 190.00 188.18 140.66 21.0 8.85 8.87 9.77 Dec 67,815 2.8 PDP Net Lease Agree Realty Corporation (x) ADC N 2 TR 31.63 34.00 31.99 26.58 14.3 2.10 2.21 2.36 Dec 474 5.7 PDP National Retail Properties, Inc. (x) NNN N 2 TR 40.13 40.00 40.49 30.08 19.3 1.92 2.08 2.19 Dec 5,072 4.2 PDP Realty Income (x) O N 3 TR 49.57 NM 49.68 37.01 19.2 2.42 2.58 2.67 Dec 11,039 4.4 PDP Spirit Realty Capital, Inc. (x) SRC N 2 TR 11.96 13.00 12.08 9.68 19.3 0.64 0.62 0.86 Dec 4,767 5.5 PDP Office/Industrial BioMed Realty Trust Inc. (x) BMR N 2 TR 21.67 22.50 22.62 17.98 13.8 1.49 1.57 1.41 Dec 4,397 4.8 WAC,PDP Brandywine Realty Trust (x) BDN N 2 TR 16.05 17.00 16.33 13.60 12.2 1.35 1.32 1.42 Dec 2,932 3.7 WAC,PDP Corporate Office Properties Trust (x) OFC N 3 TR 28.50 NM 29.44 23.55 15.2 1.97 1.87 2.00 Dec 2,767 3.9 WAC,PDP Digital Realty Trust, Inc. (x) DLR N 3 TR 67.20 NM 70.92 48.70 13.8 4.74 4.86 5.09 Dec 9,348 4.9 WAC,PDP Douglas Emmett (x) DEI N 3 TR 28.74 NM 29.56 23.10 18.7 1.49 1.54 1.62 Dec 5,081 2.9 WAC,PDP DuPont Fabros Technology Inc. (x) DFT N 3 TR 33.69 NM 34.76 22.77 14.0 1.46 2.40 2.56 Dec 2,742 4.2 WAC,PDP EastGroup Properties, Inc. (x) EGP N 2 TR 64.51 70.00 69.90 56.40 18.6 3.23 3.46 3.73 Dec 2,058 3.5 WAC,PDP First Industrial Realty Trust, Inc. (x) FR N 3 TR 21.16 NM 21.23 16.29 18.2 0.98 1.16 1.30 Dec 2,433 1.9 WAC,PDP First Potomac Realty Trust (x) FPO N 3 TR 12.63 NM 13.61 11.47 14.2 0.90 0.89 0.96 Dec 775 4.8 WAC,PDP Parkway Properties (x) PKY N 2 TR 18.72 22.00 21.80 16.95 13.6 0.90 1.38 1.40 Dec 2,177 4.0 WAC,PDP STAG Industrial Inc. (x) STAG N 2 TR 25.00 26.00 25.26 19.75 16.9 1.37 1.48 1.63 Dec 1,650 5.4 WAC,PDP Washington REIT (x) WRE N 3 TR 28.27 NM 28.44 22.30 18.5 1.70 1.53 1.70 Dec 1,886 4.2 WAC,PDP Residential American Homes 4 Rent (x) AMH N 1 AG 17.34 21.00 18.85 15.76 33.3 0.17 0.52 1.00 Dec 4,146 1.2 BH,PDP American Residential Properties, Inc. (x) ARPI N 1 HR 17.55 23.00 19.63 16.45 39.0 0.11 0.45 1.00 Dec 576 0.0 BH,PDP Apartment Investment and Management Company (x) AIV N 1 TR 38.14 42.00 38.53 25.52 18.3 2.04 2.08 2.28 Dec 5,870 2.7 BH,PDP Associated Estates Realty Corporation (x) AEC N 3 TR 23.27 NM 23.95 15.49 18.5 1.27 1.26 1.34 Dec 1,340 3.6 BH,PDP Campus Crest Communities, Inc. (x) CCG N 3 TR 7.26 NM 9.54 6.00 NM 0.80 UR UR Dec 473 5.0 BH,PDP Equity Residential (x) EQR N 3 TR 73.74 NM 74.72 51.55 23.5 2.85 3.14 3.40 Dec 27,763 2.7 BH,PDP Essex Property Trust, Inc. (x) ESS N 3 TR 211.50 NM 214.43 137.53 24.9 7.60 8.48 9.28 Dec 13,874 2.5 BH,PDP Mid-America Apartment Communities Inc. (x) MAA N 2 TR 76.24 78.00 76.83 60.47 15.4 4.94 4.95 5.50 Dec 6,038 3.8 BH,PDP Post Properties, Inc. (x) PPS N 3 TR 60.00 NM 60.18 44.05 25.4 3.01 2.36 2.80 Dec 3,270 2.7 BH,PDP Self Storage CubeSmart (x) CUBE N 2 TR 22.74 23.00 23.02 15.51 22.1 0.87 1.03 1.20 Dec 3,484 2.3 PDP Extra Space Storage (x) EXR N 2 TR 59.90 63.00 60.56 41.48 23.2 2.01 2.58 2.86 Dec 6,948 3.1 PDP Public Storage (x) PSA N 3 TR 189.35 NM 190.19 148.04 23.5 7.53 8.06 8.61 Dec 32,644 3.0 PDP Sovran Self Storage, Inc. (x) SSS N 1 TR 88.94 95.00 89.51 62.66 21.6 3.73 4.11 4.71 Dec 2,953 3.1 PDP

Raymond James Research Register - January 2015 62

52 Week EPS

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Symbol Exchange Rating Suitability Close Dec Target Price High L Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Real Estate - USA Shopping Centers Cedar Realty Trust, Inc. (x) CDR N 2 TR 7.30 7.50 7.32 5.70 14.0 0.62 0.52 0.57 Dec 578 2.7 PDP Equity One, Inc. (x) EQY N 3 TR 25.73 NM 25.83 21.03 20.6 1.17 1.25 1.28 Dec 3,458 3.4 PDP Excel Trust, Inc. (x) EXL N 2 TR 13.46 15.00 13.94 10.96 17.0 0.92 0.79 0.94 Dec 836 5.2 PDP Federal Realty Investment Trust (x) FRT N 3 TR 137.18 NM 137.80 100.37 27.8 4.41 4.93 5.32 Dec 9,342 2.5 PDP Inland Real Estate Corporation (x) IRC N 3 TR 11.19 NM 11.28 9.85 11.9 0.92 0.94 0.99 Dec 1,120 5.1 PDP Kimco Realty Corporation (x) KIM N 3 TR 25.90 NM 26.04 19.61 18.6 1.33 1.39 1.42 Dec 10,653 3.5 PDP Kite Realty Group Trust (x) KRG N 1 TR 29.36 30.00 29.42 22.92 18.6 1.88 1.58 2.13 Dec 2,452 3.5 PDP Ramco-Gershenson Properties Trust (x) RPT N 2 TR 18.86 19.00 18.86 15.27 15.3 1.16 1.23 1.32 Dec 1,509 4.2 PDP Regency Centers Corp. (x) REG N 3 TR 64.83 NM 65.11 45.41 23.2 2.63 2.80 2.95 Dec 6,042 2.9 PDP Retail Opportunity Investments Corp. (x) ROIC Q 3 TR 17.13 NM 17.20 13.85 20.2 1.08 0.85 0.92 Dec 1,569 3.7 PDP Saul Centers, Inc. (x) BFS N 2 TR 58.56 58.00 58.95 44.78 20.3 2.36 2.89 3.10 Dec 1,224 2.7 PDP Timber CatchMark Timber Trust, Inc. (ca) CTT N 2 TR 11.71 14.00 14.40 10.28 18.6 (0.12) 0.63 0.64 Dec 461 4.3 CM,PDP Plum Creek Timber Company, Inc. PCL N 3 TR 43.46 NM 46.74 38.70 37.1 1.30 1.17 1.25 Dec 7,645 4.0 CM,PDP Potlatch Corporation PCH Q 2 TR 42.98 46.00 44.20 37.04 20.8 1.73 2.07 1.95 Dec 1,758 3.5 CM,PDP Rayonier, Inc. RYN N 3 TR 28.55 NM 36.44 25.87 37.1 2.41 0.77 0.48 Dec 3,618 3.5 CM,PDP Weyerhaeuser Company WY N 1 TR 36.64 38.00 36.88 27.48 11.6 0.95 3.15 1.65 Dec 19,405 3.2 CM,PDP

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Real Estate - CAN Ken Avalos* [email protected] Frederic Bastien, CFA [email protected]

Real Estate Healthcare Amica Mature Lifestyles Inc. (x) ACC T 2 TR C$6.87 8.35 8.33 6.72 12.7 0.42 0.48 A 0.54 May 212 6.1 KA Leisureworld Senior Care Corp. (x) LW T 2 HR C$14.15 15.00 14.39 11.13 12.5 0.91 1.13 1.23 Dec 552 6.4 KA Industrial Pure Industrial Real Estate Trust (x) AAR.UN T 2 HR C$4.41 5.00 5.03 4.18 11.9 0.40 0.37 0.41 Dec 835 7.0 KA

*Ken Avalos is a Raymond James & Associates employee.

Raymond James Research Register - January 2015 63

52 Week EPS

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Real Estate - CAN Mortgage Investment Corporations Timbercreek Mortgage Investment Corporation TMC T 2 TR C$8.31 9.75 9.86 8.18 12.4 0.79 0.67 0.76 Dec 338 8.7 KA Timbercreek Senior Mortgage Investment Corp. MTG T 2 TR C$8.58 10.00 9.45 8.34 14.3 0.53 0.60 0.63 Dec 271 7.0 KA Office/Diversified Allied Properties REIT (x) AP.UN T 2 TR C$37.18 40.00 38.39 32.01 17.8 1.94 2.09 2.34 Dec 2,777 3.8 KA Artis REIT (x) AX.UN T 3 TR C$14.29 NM 16.36 13.75 10.1 1.43 1.41 1.48 Dec 2,091 7.6 KA Brookfield Canada Office Properties (x) BOX.UN T 3 TR C$26.80 NM 29.20 24.90 16.7 1.55 1.60 1.67 Dec 2,500 4.6 KA CREIT (x) REF.UN T 3 TR C$46.03 NM 50.00 41.50 15.7 2.84 2.94 3.00 Dec 3,194 3.8 KA H&R REIT (x) HR.UN T 3 TR C$21.81 NM 23.93 20.72 11.9 1.78 1.84 1.80 Dec 6,325 6.2 KA Real Estate Services FirstService Corp. FSRV Q 2 AG US$50.30 60.00 58.06 38.19 20.5 2.15 2.45 2.95 Dec 1,831 0.8 FB Residential Boardwalk REIT (x) BEI.UN T 2 TR C$62.00 73.00 71.40 58.13 18.4 3.21 3.37 3.58 Dec 3,236 3.3 KA Canadian Apartment Properties REIT (x) CAR.UN T 3 TR C$25.28 NM 26.12 20.63 15.9 1.54 1.59 1.66 Dec 2,771 4.7 KA InterRent REIT (x) IIP.UN T 2 HR C$5.86 6.50 6.20 5.24 18.3 0.34 0.32 0.42 Dec 339 3.8 KA Killam Properties Inc. (x) KMP T 2 TR C$10.27 12.00 11.05 9.99 14.3 0.71 0.72 0.78 Dec 615 5.7 KA Tricon Capital Group Inc. TCN T 2 G C$8.80 9.50 8.94 7.17 24.4 0.43 0.36 0.34 Dec 968 2.7 KA True North Apartment REIT (x) TN.UN T 3 HR C$7.78 NM 9.49 7.37 11.1 0.71 0.70 0.75 Dec 272 9.0 KA Retail Calloway REIT (x) CWT.UN T 3 TR C$27.55 NM 28.34 24.33 14.1 1.85 1.96 2.02 Dec 3,818 5.8 KA Choice Properties REIT (x) CHP.UN T 3 TR C$10.71 NM 11.15 10.24 11.8 0.44 0.91 0.93 Dec 4,114 6.1 KA Crombie REIT (x) CRR.UN T 2 TR C$12.90 14.00 13.93 12.13 11.7 1.10 1.10 1.14 Dec 1,683 6.9 KA CT Real Estate Investment Trust (x) CRT.UN T 3 TR C$12.21 NM 12.55 10.50 12.6 NA 0.97 1.00 Dec 2,215 5.4 KA RioCan REIT (x) REI.UN T 3 TR C$27.02 NM 28.11 24.42 16.1 1.62 1.68 1.73 Dec 8,346 5.2 KA

Raymond James Research Register - January 2015 64

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rrent rrent

Symbol Exchange Rating Suitability Close Dec Target Price High Low Cu P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Real Estate - EUR Julien Richer [email protected] Hotels Accor ACCP.PA EPA 2 €37.35 37.00 39.58 28.87 25.4 0.55 1.47 1.88 Dec 8,589 2.9 JR Club Méditerranée CMIP.PA EPA 3 €25.00 NM 25.09 17.32 29.8 (0.36) 0.84 1.27 Oct 898 1.0 JR Intercontinental Hotels ($D) IHG.L L 2 2,624p 2,500 2,720 1,855 NM 1.41 1.62 1.92 Dec $9,622 2.2 JR Melia Hotels International MEL.MC MAD 1 €9.12 11.00 9.99 7.28 39.7 (0.19) 0.23 0.38 Dec 1,687 0.5 JR NH Hoteles NHH.MC MAD 3 €4.03 NM 5.27 3.06 NM (0.18) (0.03) 0.04 Dec 1,411 0.0 JR Whitbread WTB.L L 2 4,726p 5,000 4,790 3,663 24.5 179.00 193.00 223.00 Feb £8,554 1.6 JR

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Real Estate - LAT Federico Rey Marino [email protected] Fernando Suarez [email protected]

Diversified Real Estate IRSA Inversiones y Representaciones SA (ed, r) IRS N 2 G US$15.59 16.00 18.20 9.09 NM 0.87 (1.11) (0.47) Jun 903 1.9 FRM,FS Real Estate TGLT S.A. TGLT BA 3 AG AR$8.00 NM 10.60 5.50 6.0 (0.79) 1.34 NA Dec 562 0.0 FRM,FS

Raymond James Research Register - January 2015 65

Technology & Communications

USA Canada Europe Analog and Communications Semiconductors ...... 67 IT Hardware ...... 76 Telecommunications Services ...... 77 Application Software ...... 68 Software/IT Services ...... 76 Communications Equipment ...... 69 Communications Technology ...... 69 Enterprise Communications ...... 69 Mobile Devices ...... 70 Defense Communications ...... 70 Electronic Manufacturing Services ...... 70 Latin America Infrastructure Software ...... 71 Telecom & Media ...... 77 Internet ...... 71 Telecommunications Services ...... 77 eCommerce ...... 71

Online Advertising ...... 71 Online Travel ...... 72 IT Hardware and Distribution ...... 72 IT Services and Security ...... 72 IT Services ...... 72 Security ...... 72 Satellite & Space ...... 73 Semiconductors ...... 73 Telecommunications Services ...... 73 Towers ...... 73 Wireless ...... 74 Wireline ...... 74 Transaction Processing ...... 75

Raymond James Research Register - January 2015 66

52 Week EPS

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Technology & Communications - USA Brian G. Alexander, CFA [email protected] Robert P. Anastasi, CFA [email protected] Ric Prentiss [email protected] Brian Gesuale [email protected] Wayne Johnson [email protected] Aaron Kessler, CFA [email protected] Simon Leopold [email protected] Steven Li, CFA* [email protected] Frank G. Louthan IV [email protected] Tavis C. McCourt, CFA [email protected] Hans Mosesmann [email protected] Chris Quilty [email protected] J. Steven Smigie [email protected] Terry Tillman [email protected] Michael Turits, Ph.D. [email protected] Justin Patterson, CFA [email protected] Brian Peterson, CFA [email protected] William A. Crow [email protected]

Analog and Communications Semiconductors Analog Devices, Inc. ADI Q 1 AG 56.08 61.00 57.99 42.57 19.3 2.16 2.40 A 2.91 Oct 17,772 2.6 JSS Avago Technologies Ltd. AVGO Q 2 AG 101.29 112.00 105.00 51.89 15.1 2.58 4.37 A 6.73 Oct 25,595 1.4 JSS Diodes Incorporated DIOD Q 1 AG 27.54 32.00 30.79 19.66 19.8 1.05 1.39 1.94 Dec 1,341 0.0 JSS Fairchild Semiconductor International FCS Q 3 AG 17.31 NM 18.23 12.01 18.8 0.49 0.92 1.01 Dec 2,108 0.0 JSS International Rectifier Corporation IRF N 3 AG 39.93 NM 39.95 23.85 23.6 (0.90) 0.97 A 1.69 Jun 2,915 0.0 JSS Linear Technology Corporation LLTC Q 4 NM 46.15 NM 51.77 37.56 22.0 1.79 1.96 A 2.10 Jun 11,296 2.3 JSS M/A-COM Technology Solutions MTSI Q 2 AG 31.96 34.00 32.80 15.43 21.4 0.86 1.08 A 1.49 Sep 1,521 0.0 JSS Maxim Integrated MXIM Q 1 AG 31.46 30.00 35.76 25.28 21.5 1.77 1.64 A 1.46 Jun 9,105 3.6 JSS Microsemi Corporation MSCC Q 1 AG 28.71 31.00 29.26 20.61 11.9 1.57 1.76 A 2.41 Sep 2,745 0.0 JSS Monolithic Power Systems, Inc. MPWR Q 2 AG 50.06 50.00 50.66 30.79 58.2 0.57 0.86 0.97 Dec 1,987 1.2 JSS NXP Semiconductors N.V. NXPI Q 1 AG 76.28 89.00 78.34 42.42 18.2 2.76 4.20 5.58 Dec 17,602 0.0 JSS ON Semiconductor Corporation ONNN Q 2 AG 10.20 9.50 10.44 6.76 13.8 0.56 0.74 0.94 Dec 4,538 0.0 JSS Power Integrations, Inc. POWI Q 2 AG 52.44 55.00 68.87 38.07 27.7 1.91 1.89 2.07 Dec 1,615 0.9 JSS RF Micro Devices RFMD Q 1 AG 16.70 16.00 16.76 4.50 15.0 0.18 0.45 A 1.11 Mar 4,952 0.0 JSS Semtech Corporation SMTC Q 1 AG 27.90 29.00 28.26 21.38 24.3 1.34 1.22 A 1.15 Jan 1,889 0.0 JSS Skyworks Solutions SWKS Q 1 AG 73.17 82.00 74.97 27.20 16.6 2.25 3.23 A 4.42 Sep 14,180 0.7 JSS Texas Instruments Incorporated TXN Q 3 AG 54.46 NM 56.00 40.33 19.9 1.91 2.74 2.98 Dec 58,485 2.5 JSS,HM TriQuint Semiconductor, Inc. TQNT Q 3 AG 27.92 NM 28.00 7.96 36.3 0.09 0.77 1.07 Dec 5,185 0.0 JSS Vishay Intertechnology, Inc. VSH N 3 AG 14.33 NM 16.34 12.37 15.4 0.77 0.93 1.09 Dec 2,228 1.7 JSS

* Steven Li is a Raymond James Ltd. employee.

Raymond James Research Register - January 2015 67

52 Week EPS

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Technology & Communications - USA Application Software Amber Road, Inc. AMBR N 2 AG 10.23 15.00 18.09 8.09 NM NA (0.20) (0.21) Dec 277 0.0 TT,BP Benefitfocus, Inc. BNFT Q 1 HR 32.70 50.00 77.00 20.82 NM (1.30) (2.32) (2.20) Dec 919 0.0 TT,BP Brightcove Inc. BCOV Q 3 HR 7.91 NM 14.70 5.06 NM 0.00 (0.18) (0.12) Dec 255 0.0 TT,BP Castlight Health, Inc. CSLT N 2 HR 11.65 19.00 41.95 10.05 NM NA (1.00) (0.70) Dec 1,231 0.0 TT,BP ChannelAdvisor Corporation ECOM N 2 HR 21.54 21.00 49.90 11.83 NM (0.81) (1.01) (0.76) Dec 534 0.0 TT,BP Constant Contact, Inc. CTCT Q 3 AG 38.54 NM 38.71 21.08 37.1 0.75 1.04 1.29 Dec 1,229 0.0 TT,BP Demandware DWRE N 2 AG 59.25 66.00 82.23 44.39 NM (0.20) 0.05 0.10 Dec 2,204 0.0 TT,BP Halogen Software, Inc. (is) HGN T 2 HR C$8.50 11.50 14.25 7.70 NM (0.71) (0.68) (0.65) Dec 191 0.0 TT,SLi HubSpot, Inc. HUBS N 2 HR 34.09 43.00 38.60 25.79 NM NA (2.79) (1.10) Dec 1,224 0.0 TT,BP Manhattan Associates, Inc. MANH Q 2 AG 40.66 42.00 43.20 28.24 35.7 0.92 1.14 1.25 Dec 3,070 0.0 TT,BP Marketo, Inc. MKTO Q 2 AG 33.29 37.00 45.00 22.02 NM (1.51) (0.73) (0.70) Dec 1,485 0.0 TT,BP MiX Telematics Limited ($R) MIXT N 2 AG 6.00 12.00 13.96 5.90 NM 0.19 0.20 A 0.13 Mar 193 0.0 TT,BP Model N, Inc. MODN N 3 HR 11.00 NM 12.97 8.56 NM 0.31 (0.41) A (0.34) Sep 274 0.0 TT,BP NetSuite, Inc. N N 3 AG 109.60 NM 120.77 69.48 NM 0.26 0.33 0.42 Dec 8,527 0.0 TT,BP Paylocity Holding Corporation PCTY Q 1 AG 26.10 30.00 31.00 15.24 NM NA (0.04) A (0.11) Jun 1,365 0.0 TT,BP Q2 Holdings Inc. QTWO N 2 AG 19.39 19.00 20.48 9.62 NM NA (0.52) (0.48) Dec 661 0.0 TT,BP RingCentral, Inc. RNG N 2 HR 14.90 19.00 23.65 10.02 NM (1.02) (0.50) (0.24) Dec 1,064 0.0 TT,BP salesforce.com, Inc. CRM N 1 AG 60.35 77.00 67.00 48.18 NM 0.41 0.35 A 0.52 Jan 39,740 0.0 TT,BP SciQuest SQI Q 2 AG 14.67 18.00 32.69 13.31 50.6 0.39 0.29 0.35 Dec 408 0.0 TT,BP Tangoe Inc. TNGO Q 3 AG 13.39 NM 20.08 11.33 19.4 0.65 0.69 0.85 Dec 550 0.0 TT,BP Ultimate Software Group Inc. ULTI Q 2 AG 151.12 160.00 171.96 109.50 74.8 1.60 2.02 2.44 Dec 4,428 0.0 TT,BP Upland Software, Inc. UPLD Q 2 HR 9.67 15.00 12.20 8.60 NM NM (0.68) (0.39) Dec 144 0.0 TT,BP

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Technology & Communications - USA Communications Equipment ADTRAN, Inc. ADTN Q 3 G 22.12 NM 27.98 17.51 31.6 0.77 0.70 0.84 Dec 1,425 1.6 SL Alcatel-Lucent (r) ALU N 3 HR 3.65 NM 4.62 2.28 NM (0.73) (0.15) 0.12 Dec 10,125 0.0 SL Applied Optoelectronics, Inc. AAOI Q 1 HR 10.94 23.00 28.01 9.26 15.6 0.01 0.70 1.45 Dec 165 0.0 SL Arista Networks ANET N 3 AG 61.57 NM 94.84 55.00 42.2 0.97 1.46 1.89 Dec 3,967 0.0 SL ARRIS Group Inc. ARRS Q 1 AG 30.44 39.00 35.83 23.38 11.7 1.64 2.61 3.00 Dec 4,481 0.0 SL Calix, Inc. CALX N 3 AG 9.84 NM 11.60 7.12 31.7 0.39 0.31 0.47 Dec 503 0.0 SL Ciena Corporation CIEN N 3 AG 19.84 NM 27.16 13.77 17.6 0.52 0.54 A 1.13 Oct 2,038 0.0 SL Cisco Systems CSCO Q 2 G 28.46 28.00 28.59 21.27 13.3 2.02 2.06 A 2.14 Jul 147,195 2.7 SL CommScope Holding Company, Inc. COMM Q 2 HR 23.11 25.00 27.96 16.86 10.5 1.64 2.20 2.24 Dec 4,314 0.0 SL Dycom Industries, Inc. DY N 3 AG 34.84 NM 35.09 24.72 21.9 1.18 1.17 A 1.59 Jul 1,184 0.0 SL Ericsson ERIC Q 3 TR 12.26 NM 13.61 11.20 16.8 0.87 0.73 0.78 Dec 40,017 3.7 SL Extreme Networks, Inc. EXTR Q 2 HR 3.63 5.00 8.14 2.75 15.8 0.17 0.30 A 0.23 Jun 358 0.0 SL F5 Networks, Inc. FFIV Q 2 AG 133.82 143.00 136.11 87.47 21.2 4.60 5.44 A 6.31 Sep 9,821 0.0 SL Finisar Corporation FNSR Q 1 HR 19.67 21.00 28.85 14.22 18.4 0.64 1.53 A 1.07 Apr 1,914 0.0 SL Gigamon Inc. GIMO N 2 AG 17.36 20.00 36.75 9.95 NM 0.51 0.02 0.23 Dec 524 0.0 SL Harmonic Inc. HLIT Q 4 NM 7.22 NM 7.75 5.61 48.1 0.18 0.15 0.28 Dec 638 0.0 SL JDS Uniphase JDSU Q 3 HR 13.81 NM 14.99 10.29 24.7 0.56 0.56 A 0.56 Jun 3,214 0.0 SL Juniper Networks, Inc. JNPR N 3 AG 22.59 NM 28.75 18.41 16.3 1.29 1.39 1.64 Dec 10,274 1.8 SL NeoPhotonics Corporation NPTN N 3 HR 3.42 NM 8.50 2.20 NM (0.43) (0.55) (0.07) Dec 111 0.0 SL Nokia (r) NOK N 4 NM 8.04 NM 8.73 6.64 29.8 0.03 0.27 0.35 Dec 29,756 1.9 SL Procera Networks PKT Q 2 AG 7.34 9.50 15.43 5.60 NM (0.18) (0.23) 0.03 Dec 152 0.0 SL Communications Technology Enterprise Communications BroadSoft, Inc. BSFT Q 1 AG 29.31 38.00 31.93 18.88 23.4 1.22 1.25 1.52 Dec 844 0.0 TMC Interactive Intelligence Group Inc. ININ Q 3 AG 47.09 NM 81.59 35.87 NM 0.79 (0.20) (0.26) Dec 984 0.0 TMC Logitech International SA LOGI Q 3 AG 13.61 NM 16.88 11.20 15.1 0.31 0.76 A 0.90 Mar 2,197 2.0 TMC Plantronics, Inc. PLT N 3 G 53.96 NM 54.32 41.14 17.4 2.77 2.84 A 3.10 Mar 2,301 0.7 TMC Polycom Inc. PLCM Q 2 AG 13.70 15.00 14.06 10.33 16.3 0.55 0.84 1.01 Dec 1,958 0.0 TMC Premiere Global Services Inc. PGI N 3 HR 10.57 NM 14.05 9.89 12.0 0.78 0.88 0.94 Dec 478 0.0 TMC

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Technology & Communications - USA Mobile Devices Apple Inc. AAPL Q 2 G 113.91 110.00 119.75 70.51 15.2 5.68 6.45 A 7.48 Sep 680,271 1.7 TMC Aruba Networks ARUN Q 2 AG 18.17 25.00 23.90 16.05 16.1 0.64 0.77 A 1.13 Jul 1,954 0.0 TMC Control4 Corporation CTRL Q 1 HR 15.51 19.00 32.50 11.76 30.4 0.38 0.51 0.74 Dec 397 0.0 TMC Digi International Inc. DGII Q 3 AG 9.28 NM 12.75 6.90 NM 0.22 0.07 A 0.07 Sep 226 0.0 TMC Garmin Ltd. GRMN Q 3 TR 53.76 NM 62.05 43.03 17.3 2.61 3.10 3.22 Dec 10,280 3.6 TMC GoPro, Inc. GPRO Q 3 AG 64.74 NM 98.47 28.65 59.9 0.53 1.08 1.42 Dec 9,400 0.0 TMC Harman International, Inc. HAR N 1 G 108.41 125.00 118.60 79.92 20.8 3.08 4.41 A 5.21 Jun 7,381 1.2 TMC Mobileye N.V. MBLY N 3 HR 42.64 NM 60.28 31.11 NM 0.16 0.20 0.40 Dec 9,935 0.0 TMC Motorola Solutions, Inc. MSI N 3 G 67.87 NM 68.33 57.79 25.9 4.77 2.62 3.30 Dec 16,338 2.0 TMC NETGEAR Inc. NTGR Q 3 AG 36.19 NM 36.70 29.70 14.4 2.29 2.51 2.52 Dec 1,332 0.0 TMC Nuance Communications, Inc. NUAN Q 3 AG 14.27 NM 19.61 13.69 13.2 1.33 1.12 A 1.08 Sep 4,606 0.0 TMC QUALCOMM, Inc. QCOM Q 3 G 74.99 NM 81.97 67.67 14.5 4.51 5.27 A 5.18 Sep 125,825 2.2 TMC Synchronoss Technologies, Inc. SNCR Q 2 AG 42.85 55.00 54.05 25.28 25.4 1.33 1.69 1.91 Dec 1,898 0.0 TMC Ubiquiti Networks, Inc. UBNT Q 1 AG 30.52 45.00 56.85 26.98 15.3 0.92 2.00 A 2.00 Jun 2,691 0.6 TMC Defense Communications Harris Corporation HRS N 2 AG 73.33 78.00 79.32 60.78 15.0 4.92 5.00 A 4.89 Jun 7,737 2.6 CQ HEICO Corporation HEI N 2 AG 62.43 63.00 65.04 46.03 32.0 1.52 1.80 A 1.95 Oct 4,152 0.2 CQ Teledyne Technologies Incorporated TDY N 2 AG 104.67 105.00 109.18 87.50 19.0 4.87 5.50 5.57 Dec 3,826 0.0 CQ Electronic Manufacturing Services Benchmark Electronics, Inc. BHE N 3 AG 25.48 NM 26.06 20.37 15.3 1.27 1.66 1.80 Dec 1,384 0.0 BGA Celestica, Inc. CLS N 3 AG 11.83 NM 13.01 9.05 11.5 0.83 1.03 1.05 Dec 2,125 0.0 BGA Flextronics International Ltd. FLEX Q 3 AG 11.32 NM 11.83 7.41 11.0 0.81 0.89 A 1.03 Mar 6,746 0.0 BGA Jabil Circuit, Inc. JBL N 3 AG 22.07 NM 22.44 16.41 10.6 1.92 0.52 A 2.08 Aug 4,310 1.4 BGA Plexus Corp. PLXS Q 2 AG 41.80 43.00 45.53 34.07 13.7 2.33 2.72 A 3.05 Sep 1,446 0.0 BGA Sanmina Corporation SANM Q 3 HR 23.91 NM 26.08 14.76 10.3 1.44 1.99 A 2.32 Sep 2,080 0.0 BGA

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Technology & Communications - USA Infrastructure Software Akamai Technologies, Inc. AKAM Q 3 AG 63.79 NM 65.39 45.59 26.4 2.02 2.42 2.75 Dec 11,367 0.0 MT CA Technologies CA Q 3 AG 30.93 NM 36.22 25.25 12.7 2.48 3.02 A 2.44 Mar 13,570 3.2 MT Check Point Software Technologies CHKP Q 2 AG 79.61 75.00 80.82 60.50 21.6 3.43 3.69 4.08 Dec 15,306 0.0 MT Citrix Systems Inc. CTXS Q 3 AG 64.86 NM 72.89 51.18 20.1 3.02 3.23 3.67 Dec 10,609 0.0 MT CommVault Systems Inc. CVLT Q 3 AG 53.62 NM 77.51 39.58 34.8 1.49 1.94 A 1.54 Mar 2,525 0.0 MT Fortinet Inc. FTNT Q 2 AG 31.15 29.00 31.49 18.84 66.3 0.49 0.47 0.57 Dec 5,137 0.0 MT Informatica Corp. INFA Q 3 AG 38.55 NM 43.79 29.87 24.9 1.44 1.55 1.69 Dec 4,188 0.0 MT Limelight Networks LLNW Q 4 NM 2.80 NM 3.25 1.88 NM (0.24) (0.16) (0.23) Dec 273 0.0 MT Microsoft MSFT Q 3 G 47.45 NM 50.05 34.63 17.8 2.58 2.63 A 2.66 Jun 390,941 2.6 MT MobileIron, Inc. MOBL Q 2 HR 10.00 14.00 12.96 7.64 NM (4.09) (1.13) (0.68) Dec 759 0.0 MT Oracle Corp. ORCL N 2 G 45.61 44.00 46.71 35.44 15.5 2.68 2.87 A 2.95 May 203,603 1.1 MT Palo Alto Networks PANW N 1 AG 122.89 131.00 128.20 54.70 NM 0.24 0.40 A 0.73 Jul 9,772 0.0 MT Red Hat, Inc. RHT N 2 HR 70.29 75.00 71.77 47.45 44.5 1.23 1.49 A 1.58 Feb 13,335 0.0 MT ServiceNow, Inc. NOW N 1 AG 68.86 72.00 71.80 44.17 NM (0.08) (0.11) 0.18 Dec 11,300 0.0 MT Symantec Corp. SYMC Q 2 TR 26.24 27.00 26.69 17.95 13.8 1.76 1.95 A 1.90 Mar 18,237 2.3 MT VMware VMW N 2 AG 83.39 100.00 112.89 75.85 23.5 3.38 3.55 4.15 Dec 35,950 0.0 MT Internet eCommerce Alibaba Group Holding Ltd. BABA N 2 AG 105.98 120.00 120.00 82.81 48.0 NA 1.90 A 2.21 Mar 276,608 0.0 AK,JP Amazon.com Inc. AMZN Q 3 AG 312.04 NM 408.06 284.00 NM 2.06 1.38 3.56 Dec 149,779 0.0 AK,JP CafePress Inc. PRSS Q 3 AG 2.29 NM 6.97 1.95 NM (0.79) (0.76) (0.48) Dec 40 0.0 AK,JP Chegg, Inc. CHGG N 2 HR 6.99 10.00 8.90 4.82 NM (7.58) (0.80) (0.67) Dec 585 0.0 AK,JP eBay Inc. EBAY Q 2 AG 57.03 60.00 59.70 46.34 19.3 2.71 2.95 3.22 Dec 71,345 0.0 AK,JP Groupon, Inc. GRPN Q 3 AG 8.25 NM 12.42 5.18 NM 0.11 0.07 0.09 Dec 5,597 0.0 AK,JP GrubHub Inc. GRUB N 2 AG 35.91 44.00 45.80 29.86 NM 0.12 0.26 0.43 Dec 1,943 0.0 AK,JP Netflix Inc. NFLX Q 2 AG 341.93 450.00 489.29 299.50 99.4 1.85 3.44 4.90 Dec 21,097 0.0 AK,JP Shutterfly, Inc. SFLY Q 2 AG 42.60 48.00 55.09 36.30 NM 0.24 (0.17) 0.31 Dec 1,704 0.0 AK,JP Wayfair, Inc. W N 2 HR 19.44 31.00 39.43 16.74 NM (0.38) (1.51) (0.93) Dec 1,612 0.0 AK,JP Online Advertising Angie's List, Inc. ANGI Q 4 NM 6.32 NM 19.80 5.54 NM (0.58) (0.25) (0.04) Dec 370 0.0 AK,JP Facebook, Inc. FB Q 2 AG 80.02 84.00 82.17 51.85 46.0 0.93 1.74 2.16 Dec 211,573 0.0 AK,JP Google Inc. GOOG Q 2 AG 530.33 620.00 604.83 489.00 20.6 22.60 25.80 29.59 Dec 364,867 0.0 AK,JP LinkedIn Corp. LNKD N 3 AG 233.34 NM 243.25 136.02 NM 1.61 1.98 2.82 Dec 29,518 0.0 AK,JP Pandora Media, Inc. P N 2 AG 17.91 28.00 40.44 16.61 89.5 0.06 0.20 0.38 Dec 3,928 0.0 AK,JP Twitter, Inc. TWTR N 3 AG 36.42 NM 70.43 29.51 NM (0.18) 0.11 0.42 Dec 24,879 0.0 AK,JP Yahoo! Inc. YHOO Q 2 AG 50.53 54.00 52.62 32.15 32.2 1.52 1.57 0.85 Dec 49,014 0.0 AK,JP Yelp, Inc. YELP N 3 AG 53.01 NM 101.75 49.11 NM (0.15) 0.11 0.29 Dec 4,098 0.0 AK,JP Zillow, Inc. Z Q 3 AG 104.14 NM 164.90 76.00 NM (0.35) (0.84) 0.07 Dec 4,530 0.0 AK,JP

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Technology & Communications - USA Online Travel Ctrip.com International, Ltd. (r) CTRP Q 3 AG 45.09 NM 69.74 35.96 61.8 1.54 0.73 0.61 Dec 7,196 0.0 AK,JP Expedia, Inc. EXPE Q 2 AG 88.20 100.00 92.08 62.76 21.4 3.23 4.12 4.68 Dec 11,731 0.8 AK,JP HomeAway, Inc. AWAY Q 1 AG 28.96 39.00 48.90 27.83 48.3 0.56 0.60 0.67 Dec 2,792 0.0 AK,JP priceline.com Incorporated PCLN Q 1 AG 1160.04 1340.00 1378.96 1017.28 22.0 41.72 52.67 61.03 Dec 61,946 0.0 AK,JP TripAdvisor, Inc. TRIP Q 3 AG 75.76 NM 111.24 67.14 39.3 1.68 1.93 2.48 Dec 11,144 0.0 AK,JP IT Hardware and Distribution Arrow Electronics, Inc. ARW N 3 AG 58.99 NM 63.78 45.47 10.0 5.02 5.92 6.30 Dec 5,893 0.0 BGA Avnet, Inc. AVT N 3 AG 44.06 NM 48.18 35.53 9.8 3.64 4.24 A 4.50 Jun 6,208 1.5 BGA CDW Corporation CDW Q 2 AG 35.73 38.00 36.08 22.72 15.3 1.83 2.33 2.63 Dec 6,181 0.8 BGA EMC Corporation EMC N 1 AG 30.61 33.00 30.92 23.47 16.1 1.80 1.90 2.10 Dec 62,965 1.5 BGA Hewlett-Packard HPQ N 3 G 40.71 NM 40.95 27.27 10.3 3.56 3.74 A 3.95 Oct 77,186 1.6 BGA Ingram Micro Inc. IM N 1 AG 27.92 34.00 30.96 22.22 10.8 2.37 2.58 3.05 Dec 4,453 0.0 BGA Insight Enterprises, Inc. NSIT Q 3 AG 26.21 NM 31.94 19.43 12.9 1.88 2.03 2.25 Dec 1,082 0.0 BGA Lexmark International, Inc. LXK N 4 NM 42.21 NM 51.77 34.32 10.2 4.19 4.12 3.75 Dec 2,672 3.4 BGA NetApp Inc. NTAP Q 3 AG 41.99 NM 45.96 33.34 14.0 2.29 2.78 A 2.99 Apr 13,626 1.6 BGA Nimble Storage NMBL N 1 HR 28.69 33.00 58.00 19.17 NM NA (0.56) A (0.59) Jan 2,140 0.0 BGA PC Connection, Inc. PCCC Q 3 AG 24.73 NM 29.50 18.12 15.8 1.35 1.57 1.70 Dec 655 0.0 BGA ScanSource, Inc. SCSC Q 2 AG 40.39 44.00 42.99 31.32 14.6 2.53 2.54 A 2.77 Jun 1,153 0.0 CQ SYNNEX Corporation SNX N 2 AG 77.56 70.00 79.44 51.65 12.7 4.19 6.10 6.75 Nov 3,048 0.6 BGA Tech Data Corporation TECD Q 2 AG 63.57 67.00 71.31 50.15 12.5 5.04 4.52 A 5.07 Jan 2,441 0.0 BGA IT Services and Security IT Services Accenture plc ACN N 3 G 90.52 NM 91.94 73.98 19.1 4.93 4.52 A 4.75 Aug 59,431 2.3 BG Booz Allen Hamilton Holding Corp. BAH N 3 AG 26.96 NM 27.82 17.20 16.7 1.65 1.63 A 1.61 Mar 4,055 1.6 BG CACI International Inc. CACI N 2 AG 87.45 90.00 91.80 67.01 16.7 6.35 5.38 A 5.25 Jun 2,108 0.0 BG Computer Sciences Corporation CSC N 2 AG 63.98 75.00 66.99 52.92 13.9 3.09 4.20 A 4.59 Mar 9,314 1.4 BG Cubic Corporation CUB N 2 AG 53.43 56.00 55.73 40.69 19.2 0.95 2.59 A 2.79 Sep 1,431 0.4 BG Leidos Holdings, Inc. LDOS N 3 G 43.97 NM 48.27 31.76 NM 3.82 0.98 A (4.32) Jan 3,254 2.9 BG ManTech International Corporation MANT Q 4 NM 30.27 NM 31.32 26.09 23.6 2.14 1.28 1.51 Dec 1,132 2.8 BG MAXIMUS Inc. MMS N 3 AG 55.46 NM 55.97 37.94 24.4 1.60 2.10 A 2.27 Sep 3,694 0.3 BG NCI, Inc. NCIT Q 3 AG 10.36 NM 13.13 6.24 15.2 0.56 0.68 0.64 Dec 142 0.0 BG Sapient SAPE Q 3 AG 24.83 NM 24.92 12.85 41.4 0.54 0.60 0.78 Dec 3,507 0.0 BG Unisys Corporation UIS N 3 HR 29.63 NM 36.05 18.72 26.7 2.08 1.11 2.37 Dec 1,479 0.0 BG Security AeroVironment Inc. AVAV Q 3 AG 28.12 NM 41.67 26.04 NM 0.47 0.60 A (0.01) Apr 647 0.0 BG FLIR Systems FLIR Q 1 AG 33.04 41.00 37.42 28.32 23.4 1.22 1.41 1.78 Dec 4,738 1.2 BG iRobot IRBT Q 1 AG 34.60 45.00 48.36 29.73 27.5 0.94 1.26 1.50 Dec 1,041 0.0 BG NIC Inc. EGOV Q 3 AG 17.76 NM 25.15 15.00 28.6 0.49 0.62 0.69 Dec 1,160 0.0 BG

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Technology & Communications - USA Satellite & Space Comtech Telecommunications Corp. (ae) CMTL Q 3 AG 32.14 NM 40.69 29.27 NM 50 61 A 63 Jul 519 3.7 CQ DigitalGlobe, Inc. (ae) DGI N 1 AG 31.29 40.00 43.13 23.85 NM 230 275 372 Dec 2,353 0.0 CQ EchoStar Corporation (ae) SATS Q 2 AG 52.55 60.00 54.18 43.00 NM 628 910 960 Dec 4,805 0.0 CQ Intelsat S.A. (ae) I N 3 AG 17.37 NM 22.77 15.31 NM 2,033 1,953 1,933 Dec 1,876 0.0 CQ Iridium Communications Inc. (ae) IRDM Q 1 AG 10.15 13.00 10.50 5.95 NM 201 215 244 Dec 951 0.0 CQ KVH Industries KVHI Q 1 AG 12.58 17.00 14.42 10.87 69.9 0.35 0.18 0.60 Dec 195 0.0 CQ ORBCOMM, Inc. (ae) ORBC Q 1 HR 6.68 9.00 8.21 5.40 NM 16 18 42 Dec 369 0.0 CQ Orbital Sciences (ae) ORB N 2 AG 27.54 34.00 34.16 22.00 NM 167 164 186 Dec 1,677 0.0 CQ TeleCommunication Systems TSYS Q 3 AG 3.15 NM 3.59 2.08 16.6 0.10 0.19 0.23 Dec 215 0.0 CQ ViaSat, Inc. (ae) VSAT Q 3 AG 63.75 NM 74.78 51.50 NM 163 221 A 283 Mar 2,947 0.0 CQ Semiconductors Advanced Micro Devices AMD Q 2 HR 2.66 3.30 4.80 2.35 NM (0.11) (0.12) 0.06 Dec 2,088 0.0 HM Altera Corporation ALTR Q 1 AG 37.70 45.00 38.65 30.47 25.1 1.36 1.50 1.95 Dec 11,695 1.9 HM Applied Micro Circuits Corporation AMCC Q 1 HR 6.60 16.00 13.48 5.56 NM (0.45) 0.08 A (0.25) Mar 513 0.0 HM ARM Holdings plc (r) ARMH Q 2 G 46.86 53.00 55.12 37.75 40.1 0.98 1.17 1.44 Dec 22,146 0.2 HM Atmel Corporation ATML Q 2 AG 8.45 11.00 9.76 6.32 22.2 0.27 0.38 0.57 Dec 3,619 0.0 HM Broadcom Corporation BRCM Q 3 AG 43.42 NM 44.33 28.30 14.8 2.72 2.94 3.25 Dec 25,488 1.1 HM,JSS Cavium Inc. CAVM Q 1 AG 61.06 70.00 63.99 32.35 NM (0.06) 0.05 0.83 Dec 3,498 0.0 HM Cree, Inc. CREE Q 4 NM 31.86 NM 67.98 27.25 29.0 1.31 1.65 A 1.10 Jun 3,858 0.0 HM Intel Corporation INTC Q 4 NM 37.18 NM 37.90 23.50 16.5 1.89 2.25 1.90 Dec 187,573 2.4 HM Marvell Technology Group, Ltd. MRVL Q 2 AG 14.33 17.00 16.65 11.65 12.6 0.86 1.02 A 1.14 Jan 7,324 1.7 HM Micron Technology, Inc. MU Q 1 AG 35.53 45.00 36.59 20.64 9.6 0.16 3.23 A 3.70 Aug 41,783 0.0 HM NVIDIA Corporation NVDA Q 1 AG 20.56 25.00 21.25 15.32 19.6 0.90 0.74 A 1.05 Jan 11,477 1.7 HM OmniVision Technologies, Inc. OVTI Q 3 HR 26.26 NM 28.95 14.17 18.6 0.80 1.70 A 1.41 Apr 1,560 0.0 HM Pericom Semiconductor Corporation PSEM Q 2 AG 13.39 11.00 14.40 6.16 25.8 0.25 0.36 A 0.52 Jun 299 0.0 HM SanDisk Corp. SNDK Q 1 AG 100.47 128.00 108.77 66.80 22.2 4.37 4.53 5.37 Dec 23,199 1.2 HM Xilinx, Inc. XLNX Q 3 G 43.79 NM 55.59 36.24 17.9 1.78 2.19 A 2.45 Mar 12,077 2.6 HM Telecommunications Services Towers American Tower (af) AMT N 2 AG 100.63 109.00 106.31 78.38 22.3 3.68 4.52 4.76 Dec 39,889 1.5 RP Crown Castle International (af) CCI N 3 TR 79.06 NM 84.97 68.44 18.9 3.67 4.19 4.35 Dec 26,248 4.1 RP SBA Communications (af) SBAC Q 1 AG 112.39 135.00 122.79 87.03 21.9 4.10 5.13 5.89 Dec 14,509 0.0 RP

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Technology & Communications - USA Wireless America Movil, S.A.B. de C.V. (is, r, vf) AMX N 3 G 22.24 NM 26.95 19.03 17.9 1.51 1.24 1.44 Dec 79,753 1.5 RP Atlantic Tele-Network, Inc. (vf) ATNI Q 2 G 69.71 73.00 73.55 53.25 23.1 1.54 3.02 1.94 Dec 1,109 1.7 RP Landmark Infrastructure Partners L.P. (y) LMRK Q 2 TR 17.50 21.00 19.25 17.47 54.7 NA 0.32 1.27 Dec 82 0.0 RP NTELOS Holdings Corp. (vf) NTLS Q 3 VR 4.46 NM 21.40 3.85 NM 1.30 (0.47) (1.05) Dec 96 NA RP Shenandoah Telecommunications Co. (vf) SHEN Q 2 G 31.99 33.00 33.99 23.02 16.7 (0.54) 1.91 1.03 Dec 771 1.5 RP Sprint Corp. (vf) S N 3 HR 4.22 NM 11.00 3.79 NM (1.58) (0.60) (0.72) Dec 16,644 0.0 RP Telephone and Data Systems, Inc. (vf) TDS N 1 HR 26.01 39.00 28.41 21.30 NM (3.36) (2.34) (0.02) Dec 2,807 2.1 RP T-Mobile US Inc. (vf) TMUS N 2 HR 27.49 36.00 35.50 24.26 NM (0.10) (0.08) 1.68 Dec 20,947 0.0 RP U.S. Cellular (vf) USM N 1 HR 40.52 47.00 44.86 31.79 NM (4.67) (3.35) (1.15) Dec 3,410 0.0 RP Wireline AT&T Inc. T N 2 TR 34.11 39.00 37.48 31.74 13.6 2.55 2.50 2.57 Dec 177,850 5.5 FGL Cablevision Systems Corp. (fc) CVC N 2 HR 20.87 20.00 21.97 15.69 13.9 0.76 1.50 1.49 Dec 5,706 2.9 FGL CenturyLink CTL N 3 TR 40.53 NM 45.67 27.93 15.4 2.76 2.64 2.45 Dec 23,130 5.3 FGL Charter Communications, Inc. (fc) CHTR Q 2 HR 169.23 180.00 169.85 116.78 NM 3.49 0.46 7.80 Dec 19,174 0.0 FGL Cincinnati Bell Inc. CBB N 2 HR 3.27 4.00 4.13 2.94 10.2 (0.32) 0.32 (0.20) Dec 684 0.0 FGL Cogent Communications Holdings Inc. (fa) CCOI Q 2 AG 34.86 35.00 43.50 29.70 NM 1.32 0.16 1.04 Dec 1,620 3.4 FGL Comcast Corp. CMCSA Q 1 G 58.88 63.00 59.05 47.74 19.9 2.48 2.96 3.36 Dec 154,017 1.5 FGL Consolidated Communications Holdings CNSL Q 3 TR 28.35 NM 28.81 18.31 30.2 0.94 0.94 1.02 Dec 1,142 5.5 FGL CyrusOne Inc. (af) CONE Q 1 AG 27.86 30.00 28.12 19.52 16.9 1.12 1.65 1.85 Dec 1,819 3.0 FGL,WAC DIRECTV DTV Q 2 AG 86.73 93.00 89.46 67.66 14.6 5.42 5.94 6.07 Dec 43,559 0.0 FGL DISH Network Corp. DISH Q 3 HR 73.07 NM 79.57 53.72 46.0 1.76 1.59 1.88 Dec 33,674 0.0 FGL Equinix EQIX Q 1 AG 229.98 248.00 235.84 163.53 65.2 3.15 3.53 4.74 Dec 13,293 0.0 FGL Frontier Communications Corp. FTR Q 3 TR 6.77 NM 7.24 4.40 35.6 0.23 0.19 0.17 Dec 6,733 6.2 FGL Inteliquent IQNT Q 2 HR 20.00 17.00 20.12 9.80 17.9 1.74 1.12 0.97 Dec 662 3.0 FGL Internap Network Services Corp. INAP Q 2 HR 8.27 8.00 8.50 6.27 NM (0.39) (0.76) (0.59) Dec 450 0.0 FGL InterXion Holding NV ($E) INXN N 2 HR 26.85 31.00 29.70 22.66 NM 0.41 0.50 0.60 Dec 1,857 0.0 FGL Level 3 Communications Inc. (fc) LVLT N 3 HR 49.91 NM 50.16 30.67 39.9 0.11 1.25 1.48 Dec 11,897 0.0 FGL Rackspace Hosting RAX N 2 AG 47.91 43.00 48.48 26.18 68.4 0.61 0.70 0.86 Dec 6,942 0.0 FGL Time Warner Cable Inc. TWC N 2 AG 154.53 158.00 155.32 128.78 20.9 6.62 7.39 8.01 Dec 43,809 1.9 FGL Verizon Communications VZ N 2 TR 47.55 55.00 53.66 45.09 13.7 2.84 3.47 3.74 Dec 197,760 4.6 FGL Windstream Holdings Inc. WIN Q 3 HR 8.47 NM 13.30 7.18 84.7 0.30 0.10 0.02 Dec 5,104 11.8 FGL Zayo Group Holdings, Inc. (fc) ZAYO N 2 AG 32.03 28.00 32.18 21.21 56.2 NA 1.04 A 0.57 Jun 7,655 0.0 FGL

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Technology & Communications - USA Transaction Processing ACI Worldwide, Inc. ACIW Q 4 NM 20.58 NM 21.85 17.32 28.2 0.71 0.73 0.89 Dec 2,365 0.0 WJ Alliance Data Systems Corp. ADS N 2 AG 291.35 300.00 300.49 230.53 23.4 10.01 12.46 14.83 Dec 17,308 0.0 WJ Blackhawk Network Holdings, Inc. HAWK Q 2 AG 39.47 38.00 40.51 21.65 31.8 1.09 1.24 1.67 Dec 2,143 0.0 WJ Bottomline Technologies EPAY Q 2 AG 25.62 32.00 37.41 22.14 18.0 1.26 1.28 A 1.42 Jun 960 0.0 WJ DH Corporation DH T 3 TR C$36.93 NM 38.00 27.00 15.8 2.02 2.33 2.43 Dec 2,986 3.5 WJ Equifax, Inc. EFX N 3 G 81.76 NM 82.63 64.75 21.1 3.60 3.88 4.21 Dec 10,097 1.2 WJ Fidelity National Information Services FIS N 2 G 63.56 61.00 64.30 48.17 20.6 2.83 3.08 3.51 Dec 18,038 1.5 WJ FleetCor Technologies FLT N 2 AG 149.16 160.00 160.40 101.48 29.0 4.05 5.14 6.42 Dec 12,843 0.0 WJ Global Payments Inc. GPN N 3 G 81.71 NM 86.71 63.14 17.4 3.65 4.12 A 4.69 May 5,605 0.1 WJ Green Dot Corporation GDOT N 4 NM 20.76 NM 26.87 16.53 15.6 1.17 1.33 1.71 Dec 959 0.0 WJ Heartland Payment Systems HPY N 2 G 55.14 57.00 56.28 37.25 22.5 2.32 2.45 3.16 Dec 1,995 0.6 WJ Intuit Inc. INTU Q 1 G 93.76 105.00 95.84 69.02 37.5 3.20 3.49 A 2.50 Jul 26,717 1.1 WJ MasterCard, Inc. MA N 3 G 87.68 NM 89.87 68.68 29.0 2.61 3.02 3.52 Dec 101,227 0.7 WJ MoneyGram International, Inc. MGI Q 3 HR 8.55 NM 20.97 7.57 7.9 1.25 1.08 1.12 Dec 461 0.0 WJ Total System Services TSS N 2 AG 34.27 35.00 34.55 27.00 18.0 1.73 1.90 2.20 Dec 6,379 1.2 WJ Vantiv, Inc. VNTV N 2 AG 34.32 40.00 35.11 28.45 18.5 1.56 1.86 2.15 Dec 6,813 0.0 WJ VeriFone Systems, Inc. PAY N 3 AG 37.73 NM 38.63 24.40 20.4 1.44 1.51 A 1.85 Oct 4,275 0.0 WJ Visa, Inc. V N 3 G 265.43 NM 269.32 194.84 25.6 7.59 8.75 A 10.35 Sep 164,579 0.7 WJ Western Union WU N 3 G 18.04 NM 18.66 14.60 12.0 1.43 1.50 1.62 Dec 9,446 2.8 WJ Xoom Corporation XOOM Q 1 HR 17.88 24.00 29.82 13.14 61.7 0.27 0.29 0.44 Dec 687 0.0 WJ

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Symbol Exchange Rating Suitability Close Dec Target Price High L Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Technology & Communications - CAN Steven Li, CFA [email protected] IT Hardware Avigilon Corporation AVO T 2 AG C$18.12 24.00 34.50 13.15 23.5 0.54 0.77 0.99 Dec 857 0.0 SLi Baylin Technologies Inc. BYL T 2 AG C$3.00 5.00 7.79 2.10 NM 0.26 (0.60) 0.31 Dec 56 0.0 SLi BlackBerry (f) BBRY Q 3 HR US$10.90 11.00 12.54 7.01 NM (0.60) (1.35) A (0.17) Feb 5,756 0.0 SLi DragonWave DRWI Q 3 HR US$0.94 1.75 2.55 0.88 NM (1.57) (1.01) A (0.34) Feb 71 0.0 SLi Evertz Technologies Ltd. (f) ET T 2 G C$17.06 20.00 18.90 14.82 19.0 0.85 0.85 A 0.90 Apr 1,278 4.2 SLi Lumenpulse Inc. LMP T 2 AG C$16.75 26.00 23.95 13.06 NM NA (0.38) A 0.04 Apr 420 0.0 SLi Sierra Wireless SWIR Q 3 AG US$48.38 26.00 48.91 16.98 78.0 0.22 0.62 0.99 Dec 1,529 0.0 SLi Software/IT Services CGI Group GIB.A T 2 G C$45.05 49.00 45.55 32.71 14.3 2.29 2.80 A 3.15 Sep 14,393 0.0 SLi The Descartes Systems Group Inc. DSGX Q 2 G US$15.13 17.50 15.93 12.25 26.5 NA 0.54 A 0.57 Jan 1,154 0.0 SLi MacDonald Dettwiler & Associates MDA T 3 G C$94.83 80.00 94.84 74.66 16.8 5.13 5.63 6.25 Dec 3,423 1.4 SLi NexJ Systems Inc. NXJ T 2 HR C$1.25 2.50 2.99 1.20 NM (0.86) (0.52) (0.29) Dec 26 0.0 SLi Open Text OTEX Q 2 G US$58.46 64.00 60.44 44.05 14.5 5.57 3.37 A 4.02 Jun 7,185 1.2 SLi Redknee Solutions Inc. RKN T 2 AG C$3.71 5.40 6.69 3.15 28.5 0.03 (0.01) A 0.13 Sep US$404 0.0 SLi

Raymond James Research Register - January 2015 76

52 Week EPS

14

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29

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Technology & Communications - EUR Stephane Beyazian [email protected] Telecommunications Services Belgacom BCOM.BR EBR 4 €30.13 23.00 32.54 20.68 17.5 2.02 1.72 1.66 Dec 9,580 5.0 SB Bouygues BOUY.PA EPA 2 €30.18 35.00 34.68 23.70 52.0 2.28 0.58 1.90 Dec 10,109 4.3 SB BSkyB BSY.L L 3 907p NM 954 819 16.2 56.00 E 60.00 64.00 Dec £15,175 2.8 SB BT BT.L L 1 406p 470 421 350 12.7 27.00 28.00 A 32.00 Mar £31,860 3.2 SB Deutsche Telekom DTE.DE ETR 1 €13.47 14.00 13.86 10.08 22.5 0.63 0.60 0.94 Dec 61,104 3.7 SB Iliad ILD.PA EPA 2 €195.70 209.00 247.40 148.90 35.8 4.92 5.46 7.17 Dec 11,351 0.0 SB Jazztel JAZ.MC MCE 3 €12.60 NM 12.86 7.75 40.6 0.27 0.31 0.48 Dec 3,111 0.0 SB KPN KPN.AS AMS 3 €2.64 NM 2.81 2.13 NM 0.11 0.02 0.08 Dec 11,233 1.9 SB Mobistar MSTAR.BR EBR 3 €19.58 NM 20.20 11.10 24.5 1.45 0.80 0.83 Dec 1,175 1.1 SB Orange ORA.PA EPA 2 €14.44 14.50 14.93 8.70 14.6 0.71 0.99 0.95 Dec 38,238 4.2 SB TalkTalk Telecom Group TALK.L L 4 305p 196 334 261 21.8 14.00 14.00 20.00 Mar £2,699 3.9 SB Telefonica TEF.MC MCE 3 €12.07 NM 13.43 10.46 13.3 0.89 0.91 1.09 Dec 54,931 6.2 SB Telenet Group TNET.BR EBR 2 €46.06 50.00 47.49 38.03 32.0 0.50 1.44 1.96 Dec 5,159 0.0 SB TeliaSonera AB TLSN.ST STO 3 SEK51.05 NM 53.80 43.98 13.4 3.81 3.80 3.88 Dec 227,224 5.9 SB Vivendi VIV.PA EPA 3 €20.83 NM 21.31 17.26 43.4 1.15 0.48 0.60 Dec 27,904 12.5 SB Vodafone VOD.L L 3 225p NM 253 179 48.9 15.50 17.40 A 4.60 Mar £59,509 5.0 SB

52 Week EPS

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29

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Technology & Communications - LAT Federico Rey Marino [email protected] Fernando Suarez [email protected]

Telecom & Media Grupo Clarin S.A. GCLA BA S NM AR$47.50 NM 58.20 21.00 NM NA NA NA Dec 13,652 0.9 FRM,FS Telecommunications Services Telecom Argentina S.A. (ed, r) TEO N 3 TR US$20.17 NM 25.56 13.93 8.8 2.95 2.29 1.62 Dec 3,971 2.9 FRM,FS

Raymond James Research Register - January 2015 77

Transportation

USA Canada Europe Airlines ...... 78 Aerospace & Aviation ...... 80 Airlines ...... 81 Hybrid Carriers ...... 78 Airlines ...... 80 Legacy Carriers ...... 78 Railroads ...... 80 Low Cost Carriers ...... 79 Transportation & Logistics ...... 81 Regional Carriers ...... 79 Transportation Services ...... 79 Intermodal and Asset-Light Logistics ...... 79 Leasing ...... 79 Parcel Carriers ...... 79

Railroad ...... 79 Transportation Equipment & Supplies ...... 79 Trucking (Truckload and LTL) ...... 80

52 Week EPS

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lyst/s

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Ana

Transportation - USA Arthur W. Hatfield, CFA [email protected] James D. Parker, Ph.D. [email protected] Patrick Tyler Brown, CFA [email protected] Savanthi Syth, CFA [email protected]

Airlines Hybrid Carriers Alaska Air Group ALK N 3 AG 59.73 NM 59.97 35.80 14.3 2.70 4.17 5.50 Dec 7,972 0.8 SS,JDP Copa Holdings, S.A. (is) CPA N 3 AG 102.00 NM 162.83 87.00 9.8 10.55 10.42 9.50 Dec 4,529 3.8 SS,JDP LATAM Airlines Group S.A. (is, r) LFL N 3 AG 11.69 NM 16.37 10.58 35.4 0.26 0.33 1.10 Dec 6,383 0.0 SS,JDP Virgin America Inc. VA Q 3 AG 42.53 NM 45.43 26.50 16.2 1.56 2.62 4.55 Dec 1,829 0.0 SS,JDP Legacy Carriers American Airlines Group, Inc. AAL Q 2 HR 52.85 65.00 53.24 24.63 9.2 2.64 5.74 9.65 Dec 38,845 0.8 SS,JDP Delta Air Lines, Inc. DAL N 2 HR 48.78 60.00 49.62 26.89 14.6 3.14 3.35 4.65 Dec 40,947 0.7 SS,JDP United Continental Holdings, Inc. UAL N 2 HR 65.22 82.00 67.40 36.65 12.4 2.67 5.26 11.70 Dec 24,114 0.0 SS,JDP

Raymond James Research Register - January 2015 78

52 Week EPS

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lyst/s

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Ana

Transportation - USA Low Cost Carriers Allegiant Travel Co. ALGT Q 2 AG 145.67 170.00 146.95 81.19 24.6 4.84 5.92 9.75 Dec 2,578 0.0 SS,JDP GOL Linhas Aereas Inteligentes S.A. (r) GOL N 2 HR 5.60 6.50 7.04 3.77 NM (0.54) (0.07) 0.35 Dec 1,574 0.0 SS,JDP JetBlue Airways JBLU Q 3 AG 15.70 NM 15.80 7.61 23.1 0.52 0.68 1.40 Dec 5,354 0.0 SS,JDP Ryanair Holdings plc (is, r) RYAAY Q 3 AG 70.85 NM 71.20 46.45 17.7 2.47 2.39 A 4.00 Mar 19,668 0.0 SS,JDP Southwest Airlines Co. LUV N 3 AG 41.92 NM 42.94 18.74 20.7 1.12 2.03 3.00 Dec 28,453 0.6 SS,JDP Spirit Airlines, Inc. SAVE Q 2 AG 75.99 90.00 85.35 43.34 23.7 2.43 3.21 5.00 Dec 5,570 0.0 SS,JDP Regional Carriers SkyWest, Inc. SKYW Q 2 HR 12.54 14.00 15.14 7.01 35.8 1.12 0.35 0.85 Dec 644 1.3 SS,JDP Transportation Services Intermodal and Asset-Light Logistics C.H. Robinson Worldwide CHRW Q 3 G 76.39 NM 77.49 50.21 25.4 2.65 3.01 3.39 Dec 11,222 2.0 TB Expeditors International of Washington, Inc. EXPD Q 3 G 44.68 NM 47.24 38.14 23.6 1.68 1.89 2.06 Dec 8,624 1.4 AH,TB Forward Air Corporation FWRD Q 3 AG 50.49 NM 50.84 41.36 24.8 1.77 2.04 2.35 Dec 1,560 1.0 AH,TB Hub Group, Inc. HUBG Q 3 AG 38.01 NM 51.47 32.69 22.1 1.91 1.72 1.97 Dec 1,422 0.0 TB,AH J.B. Hunt Transport Services, Inc. JBHT Q 3 AG 85.00 NM 85.54 69.33 27.4 2.87 3.10 3.52 Dec 10,047 0.9 TB Landstar System, Inc. LSTR Q 3 G 74.07 NM 81.80 56.00 24.5 2.50 3.02 3.40 Dec 3,314 0.4 TB,AH Roadrunner Transportation Systems, Inc. RRTS N 2 AG 23.39 31.00 29.82 19.57 16.5 1.32 1.42 1.75 Dec 887 0.0 AH UTi Worldwide, Inc. UTIW Q 3 AG 11.95 NM 17.70 9.00 NM 0.37 (0.08) A (0.32) Jan 1,260 0.0 AH,TB XPO Logistics, Inc. XPO N 2 HR 41.57 42.00 42.55 22.84 NM (2.55) (1.04) (0.11) Dec 4,240 0.0 TB,AH Leasing GATX Corporation GMT N 2 TR 59.06 73.00 69.87 50.80 13.3 3.50 4.45 5.00 Dec 2,609 2.2 AH Ryder System, Inc. R N 2 G 93.78 98.00 95.82 64.37 16.7 4.88 5.60 6.45 Dec 4,974 1.6 AH TAL International Group, Inc. TAL N 3 TR 43.88 NM 57.60 37.67 11.6 4.15 3.79 3.78 Dec 1,484 6.6 AH Textainer Group Holdings Limited TGH N 3 TR 35.20 NM 40.71 29.02 12.5 3.08 2.82 2.97 Dec 1,998 5.3 AH Parcel Carriers FedEx Corporation FDX N 1 G 175.52 200.00 183.51 128.17 19.5 6.23 6.75 A 9.00 May 50,444 0.5 AH,TB United Parcel Service UPS N 2 TR 112.45 118.00 113.10 93.19 22.5 4.58 4.99 5.70 Dec 109,864 2.4 AH,TB Railroad CSX Corp. CSX N 3 G 36.81 NM 37.99 25.84 19.4 1.83 1.90 2.06 Dec 36,773 1.7 TB Genesee & Wyoming Inc. GWR N 1 AG 90.49 105.00 106.02 82.01 21.6 4.27 4.19 4.75 Dec 5,158 0.0 TB,AH Kansas City Southern KSU N 2 AG 123.75 120.00 126.49 88.56 26.2 3.98 4.73 5.38 Dec 13,662 0.9 TB,AH Norfolk Southern Corp. NSC N 2 G 111.79 110.00 117.64 87.14 17.6 5.85 6.35 6.80 Dec 34,946 2.0 TB,AH Union Pacific Corp. UNP N 1 AG 120.70 130.00 123.61 82.49 21.3 4.71 5.66 6.30 Dec 107,530 1.7 TB,AH Transportation Equipment & Supplies American Railcar Industries, Inc. ARII Q 4 NM 53.05 NM 82.82 42.15 11.2 4.26 4.74 4.64 Dec 1,133 3.0 AH The Greenbrier Companies, Inc. GBX N 4 NM 54.84 NM 78.32 30.59 12.1 1.99 3.08 A 4.55 Aug 1,501 1.1 AH Rush Enterprises, Inc. RUSHA Q 1 AG 32.48 43.00 38.27 26.32 17.1 1.38 1.90 2.20 Dec 1,297 0.0 AH Trinity Industries, Inc. TRN N 4 NM 29.02 NM 50.77 26.10 6.9 2.34 4.18 3.97 Dec 4,513 1.4 AH Wabtec Corporation WAB N 3 G 89.01 NM 92.20 69.45 24.6 3.04 3.62 4.07 Dec 8,568 0.2 AH

Raymond James Research Register - January 2015 79

52 Week EPS

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Ana

Transportation - USA Trucking (Truckload and LTL) ArcBest Corp ARCB Q 1 AG 46.21 53.00 47.52 29.88 27.0 0.59 1.71 3.59 Dec 1,202 0.5 AH,TB Celadon Group, Inc. CGI N 3 AG 22.93 NM 24.69 18.12 17.0 1.17 0.93 A 1.35 Jun 540 0.3 AH Con-way Inc. CNW N 2 AG 49.05 56.00 53.54 36.34 20.9 1.72 2.35 3.08 Dec 2,841 1.2 AH,TB Heartland Express, Inc. HTLD Q 2 AG 26.78 26.00 27.96 19.35 27.3 0.85 0.98 1.22 Dec 2,351 0.3 AH Knight Transportation, Inc. KNX N 1 AG 34.49 33.00 34.66 17.96 29.5 0.86 1.17 1.36 Dec 2,797 0.7 AH Marten Transport, Ltd. MRTN Q 2 AG 22.12 20.00 25.71 15.36 26.3 0.91 0.84 1.15 Dec 734 0.5 AH Old Dominion Freight Line, Inc. ODFL Q 3 AG 78.52 NM 81.48 49.76 25.7 2.39 3.05 3.40 Dec 6,765 0.0 AH,TB Saia, Inc. SAIA Q 2 AG 55.10 56.00 62.31 29.32 28.0 1.73 1.97 2.76 Dec 1,364 0.0 AH,TB Swift Transportation Company SWFT N 1 AG 28.84 31.00 29.44 18.53 21.7 1.23 1.33 1.72 Dec 4,085 0.0 AH Werner Enterprises, Inc. WERN Q 2 AG 31.34 28.00 31.71 23.50 24.1 1.18 1.30 1.63 Dec 2,249 0.6 AH YRC Worldwide Inc. YRCW Q 3 HR 22.70 NM 29.21 11.81 NM (8.96) (2.61) 1.04 Dec 696 0.0 AH,TB

52 Week EPS

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Transportation - CAN Ben Cherniavsky [email protected] Steve Hansen, CMA, CFA [email protected] Theoni Pilarinos, CFA [email protected] Aerospace & Aviation Bombardier Inc. (f) BBD.B T 2 AG C$4.04 4.50 4.72 3.41 9.4 0.35 0.43 0.48 Dec 7,038 2.5 SH,BC CAE Inc. (f) CAE T 3 G C$15.34 16.00 15.54 13.15 19.7 0.74 0.71 A 0.78 Mar 4,080 1.8 BC Héroux-Devtek Inc. (f) HRX T 2 G C$11.36 14.50 12.35 9.80 18.9 0.44 0.48 A 0.60 Mar 409 NA BC Airlines Air Canada AC.B T 3 HR C$11.55 10.50 12.67 5.14 33.0 0.02 0.35 2.03 Dec 3,396 NM BC WestJet Airlines WJA T 2 AG C$32.10 39.00 34.95 22.95 13.7 2.03 2.34 3.00 Dec 4,141 1.5 BC Railroads Canadian National Railway CNR T 3 G C$80.62 85.00 86.00 57.07 21.8 3.05 3.70 4.15 Dec 66,181 1.2 SH Canadian Pacific Railway CP T 1 G C$227.56 280.00 247.56 155.02 27.1 6.42 8.40 11.20 Dec 39,254 0.6 SH

Raymond James Research Register - January 2015 80

52 Week EPS

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Transportation - CAN Transportation & Logistics CanWel Building Materials Group Ltd. CWX T 2 TR C$5.93 6.50 6.55 4.58 12.6 0.32 0.47 0.55 Dec 170 9.4 SH Student Transportation Inc. STB T 3 TR C$7.12 7.00 7.35 6.56 NM 0.04 0.01 A 0.01 Jun US$586 7.9 TP,SH

52 Week EPS

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2013 2014 2015 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Transportation - EUR Julien Richer [email protected] Airlines Air France-KLM AIRF.PA EPA 2 €7.57 9.50 11.95 5.68 NM (6.17) (0.87) 1.26 Mar 2,271 0.0 JR easyJet plc EZJ.L L 2 1,642p 1,950 1,853 1,207 12.3 NA 114.50 A 133.10 Sep £6,519 3.2 JR IAG IAG.MC MAD 3 €6.04 NM 6.20 3.85 13.4 0.06 0.45 0.56 Mar 12,305 0.0 JR Lufthansa LHAG.DE ETR 3 €13.77 NM 20.30 10.69 14.3 0.68 0.96 2.33 Dec 6,376 3.3 JR

Raymond James Research Register - January 2015 81

U.S. Equity Research (800) 248-8863 Management Financial Services Real Estate Robert P. Anastasi, CFA Daniel E. Cardenas Paul D. Puryear (727) 567-2253 (727) 567-2286 (312) 655-2986 Director of Real Estate Research Senior Managing Director, Banking William A. Crow (727) 567-2594 Director of Equity Research Robert J. Dodd, Ph.D. Lodging/REITs Shawn Borgeson (901) 579-4560 Buck Horne, CFA (727) 567-2561 (727) 567-2571 Specialty Finance Housing/REITs Managing Director, David J. Long, CFA (312) 612-7685 Collin Mings, CFA (727) 567-2585 Product Development Banking REITs Mercedes S. van Woerkom Patrick J. O'Shaughnessy, CFA (727) 567-2601 (312) 612-7687 Managing Director, Capital Markets Technology & Communications Research Associate Manager C. Gregory Peters (727) 567-1534 Brian G. Alexander, CFA Insurance (727) 567-2312 Anthony J. Polini (212) 856-4897 Director of Technology Research Consumer Banking Ric Prentiss (727) 567-2567 Budd Bugatch, CFA Michael Rose (312) 655-2940 Director of Telecommunications (727) 567-2527 Banking Services Research Director of Furnishings Research Steven D. Schwartz, CFA Brian Gesuale (727) 567-2287 Joseph Altobello, CFA (312) 612-7686 IT Services & Security (212) 883-4606 Insurance/Asset Management Wayne Johnson (404) 442-5837 Household & Personal Care Products William J. Wallace IV Transaction Processing Sam Darkatsh (727) 567-2537 (301) 657-1548 Aaron Kessler, CFA (415) 616-8959 Home & Building Products Banking Internet Joseph D. Hovorka (404) 442-5863 Donald A. Worthington Simon M. Leopold (212) 856-5464 Entertainment & Leisure (415) 538-5733 Communications Equipment Dan Wewer, CFA (404) 442-5846 Banking Frank G. Louthan IV (404) 442-5867 Hardline Retailers Telecommunications Services Benjamin P. Brownlow Tavis C. McCourt, CFA (615) 665-3644 (404) 442-5859 Healthcare Communications Technology Hardline Retailers John W. Ransom (727) 567-2593 Hans C. Mosesmann (727) 567-2498 Brian M. Vaccaro, CFA Director of Healthcare Research Semiconductors (404) 442-5866 Michael J. Baker (727) 567-2499 Chris Quilty (727) 567-2602 Restaurants Benefits Management/Pharma Services Defense Communications/Satellite & Space Jayson Bedford (727) 567-2565 J. Steven Smigie (212) 856-4893 Medical Devices Analog & Communications Energy (800) 945-6275 Lawrence S. Keusch (617) 897-8992 Semiconductors J. Marshall Adkins Hospital Supplies & Equipment Terry Tillman (404) 442-5825 Director of Energy Research Nicholas Jansen (727) 567-2446 Application Software Andrew Coleman Animal Health/Diagnostics/ Michael Turits, Ph.D. (212) 297-5617 Exploration & Production Healthcare Information Technology Infrastructure Software John Freeman, CFA Justin Patterson, CFA (415) 616-8035 Exploration & Production Internet Darren Horowitz Industrial Brian Peterson (404) 442-5888 Midstream Suppliers Patrick Tyler Brown, CFA Application Software Pavel Molchanov (404) 442-5803 Alternative Energy & Waste & Industrial Services Clean Technology/ Sam Darkatsh Transportation Exploration & Production/ (727) 567-2537 Patrick Tyler Brown, CFA (404) 442-5803 Integrated Majors & Refiners Specialty Distribution Transportation Services Kevin Smith Arthur W. Hatfield, CFA Exploration & Production Macro Research (901) 579-4868 Cory J. Garcia Scott J. Brown, Ph.D. Transportation Services Integrated Majors & Refiners/ (727) 567-2603 James D. Parker, Ph.D. (727) 567-5111 Midstream Suppliers Chief Economist Airlines Praveen Narra Jeffrey D. Saut (727) 567-2644 Savanthi Syth, CFA (727) 567-5274 Oilfield Services Chief Investment Strategist Airlines

82 Raymond James Research Register - January 2015

U.S. Equity Capital Markets – Sales & Trading Dan H. McMahon (212) 599-6800, Senior Managing Director – Director, Equity Trading

Paul G. Steinhauser (727) 567-2513, Senior Managing Director – Director, Institutional Sales

Collie Krausnick (901) 529-5321, Senior Managing Director – Director, Agency/Retail Equity Trading and Equity Advisory Group

Institutional Sales Institutional Sales (continued) Institutional Sales Trading St. Petersburg (800) 237-5643 New York Paul Powers, Head of U.S. Sales Trading Shawn Borgeson (727) 567-2571 Gene Pennell (212) 297-5606 (212) 856-5477 Sarah Concannon (727) 567-2686 Craig Sapuppo (212) 297-5602 St. Petersburg (727) 567-2100 Ken Corn (727) 567-2282 Kelly Schaeffer (212) 856-4887 Ross Barone Nick Digirolamo (727) 567-2280 Nina Schweitzer (212) 297-5603 Jake Shumacker Mark Fote (727) 567-2439 Rod Spiegel (212) 297-5610 Randy Toomajanian Peter L. Gairing (727) 567-2530 Lauren Stellato (212) 856-4389 Boston (617) 423-5607 Eric Kirby (727) 567-2570 Scott Sterrett (212) 856-4370 Steve Svensen Kevin McElligott (727) 567-2597 Nick Zager (212) 297-5615 Stu Wales Ted Mortonson (727) 567-2285 San Francisco Thomas Ward Mark Ranney (727) 567-1850 John Cavender (415) 538-5725 Chicago (312) 655-2990 David Schaffer (727) 567-2598 Douglas Deubel (888) 734-0540 Jeff Grimm Patrick Sauve (727) 567-2526 Zachary Taylor (415) 616-8944 Randy Mrozek Jamie Zingaretti (727) 567-2576 Jeff Snower Atlanta International Institutional Los Angeles (866) 401-8723 Mark Starner (404) 442-5862 Sales & Trading Desk David Cantrell Dudley Stephens (404) 442-5828 Byron Mitson, Head of Agency/ New York (212) 599-6800 Boston Retail Trading (800) 564-3678 Jacqueline Britt Ryan Bagley (617) 897-8965 St. Petersburg Craig Bugniazet Joe Durkin (617) 897-8964 (727) 567-2100 Michael Cannon Dave Hodges (617) 897-8961 Sharon Agudio Brian Cohan Jeff Jacobs (617) 897-8966 Ted Powell Paul Cornette John Leffel (617) 897-8967 Mike Tagliarini Michael Dalfonzo Chicago Memphis John Gilmartin Bill Sammon, Manager (800) 564-3678 Mark Koczan (312) 655-2959 Tony Johnson Brendan Moses Lou Coines (312) 655-2964 Kenny McClain Gary Muehlemann Miranda Davidson (312) 655-2948 Vincent Sgherza

Rick Glaisner (312) 612-7672 Nick Shepard Lonnie Hatcher (312) 612-7673 Corporate & Executive Eric Siefert (727) 567-8092 Chris Lambert (312) 655-2974 Services San Francisco Anthony LanFranca (312) 655-2961 Jeff Fordham Michael Christian (415) 616-8933 Tony Montemurro (312) 655-2948 Jeanna Bryan Michael Schwarz (415) 616-8096 Tim Murnane (312) 655-2988 Rachel Jallick Rodney Ulrich Andrew K. Northwick (312) 612-7675 Agency/Retail Trading Chris Palermo (312) 655-2967 Scott Warnock Byron Mitson, Head of Agency/ Leigh Pollak (312) 612-7744 Retail Trading (800) 564-3678 Todd Raclaw (312) 655-2975 Principal Trading St. Petersburg (727) 567-6466 Bob Stocking (312) 612-7674 (212) 599-6800 Scott Brown Los Angeles Kenneth Bollinger Renee Hollingsworth Mark Hamilton (310) 414-5209 Eric Braunstein Brandon Mann Rob Marckel (310) 414-5201 Earl Johnson James Nielsen New York Jesse Lubarsky Allen Spence Greg Giannakopoulos, Manager (212) 856-5405 Adam Lustig Memphis (800) 564-3678 Jason Gefaell (212) 672-6828 Jeff Melvin Darin Butler Tom Hartigan (212) 856-5474 Ray Moore Krystal Butler Jeff Karish (212) 297-5604 Christian O’Brien Kevin Floyd Susan Lione (212) 856-4886 Kevin Prunty Marilyn Hiner Carol McCarthy (212) 297-5605 Doug Shapiro Tony Johnson Tom Nevitt (212) 297-5608 Brandon Veldman Kenny McClain

Raymond James Research Register - January 2015 83

Strategic Options Desk (212) 856-5400

Colin Drowica Andrew Kramer Geoff Gaiss Alec Levine Ryan Sylvester, Co-head Stephen Hardin Rob Mabry Adam Templeton, Co-head Jeffrey Jacobson Brad Manuilow Darius Kirksey James “Hector” Murphy Brian Werner

U.S. Equity Portfolio & Technical Strategy (901) 529-3776

J. Michael Gibbs, Director, David Hydrick Barbara Metcalf Equity Portfolio & Technical Strategy Joey Madere

Equity Advisory Group (727) 567-2520

Harry G. Katica, CFA, Director, Bonnie Harper Justin Wai Equity Advisory Group John Messina Travis Workman Suzi Fiorini, Manager, Dylan Moore Equity Advisory Group Michael Saut Julie Lachman (International) (727) 567-5559

ECM International Offices

Raymond James UK, Raymond James France, London Paris 011-44-207-426-5600 Raymond James Poland, 011-33-1-456-40520 Robert Nugent, Manager Warsaw Emmanuel Laussinotte, Manager Daniel Acton +48 (22) 276 2300 Gregoire M. Alexandre Emanuele Badaracco Homan Haghighi Thierry Guille Nicole Baker Julie Jourdan Jon DeVos Hubert Le Bret Benjamin Gilbert Ricky Pilgrim Raymond James G. Eric Rowe Switzerland, Raymond James Germany, Anthony White Lausanne Dusseldorf Adam Wood 011-41-21-343-2222 011-49-213-293-070 Homan Haghighi Hans J. Klisch, Manager Jad Hobeiche Falk G. Reissland, Manager Raymond James Theresia Ennen Switzerland, Sebastian Sattelberger Geneva 011-41-22-818-2828 Raymond James Jean Wilhelm, Manager Switzerland, Raymond James Benelux, Paul Anderson Vaduz/Liechtenstein Brussels Philip Burgisser 011-423-233-44-54 011-322-626-1060 Albert Fregosi Johann Kasamas Henri de Liedekerke, Manager Eric Moïa Diego de Fierlant Rudi Moser Carine R. Van Pellecon Andreas Spiegelberg Stéphane Roffler

84 Raymond James Research Register - January 2015

Canadian Equity Research

Daryl Swetlishoff, CFA 604.659.8246, Head of Equity Research

Ken Avalos, MBA 727.567.1756 Steven Li, CFA 416.777.4918 David Sadowski 604.659.8255 Real Estate & REITs Technology / Uranium & Junior Exploration Frederic Bastien, CFA 604.659.8232 Alternative Energy & Clean Tech Daryl Swetlishoff, CFA 604.659.8246 Infrastructure & Construction Kurt Molnar 403.221.0414 Forest Products Andrew Bradford, CFA 403.509.0503 Oil & Gas Producers Alex Terentiew, MBA, P.Geo Oil & Gas Energy Services 416.777.4912 Theoni Pilarinos, CFA 604.659.8234 Base Metals & Minerals / Ben Cherniavsky 604.659.8244 Infrastructure & Construction Industrial / Aerospace & Aviation Platinum Group Metals David Quezada, CFA 604.659.8257 Chris Cox, CFA 403.509.0523 Chris Thompson, M.Sc. (Eng), P.Geo Industrial Special Situations Sr. Oil & Gas Producers / Oil Sands 604.659.8439 Precious Metals Steve Hansen, CMA, CFA 604.659.8208 Phil Russo 416.777.7084 Transportation / Agribusiness Precious Metals Kenric Tyghe, MBA 416.777.7188 Consumer & Retail

Canadian Sales & Trading

Raymond James Ltd. Sales

Mike Westcott 416.777.4935, Head of Sales

Toronto 888.601.6105 Canada U.S. Equities Toronto Montreal 514.350.4450, 800.290.4847 USA 866.350.4455 Laura Arrell 416.777.4920 Sean Boyle 416.777.4927 Nicole Svec Griffis, CFA 416.777.4942 John Hart 514.350.4462 Jeff Carruthers, CFA 416.777.4929 David Maislin, CFA 514.350.4460 Richard Eakins 416.777.4926 Jonathan Greer 416.777.4930 Dave MacLennan 416.777.4934 800.667.2899 London Robert Mills, CFA 416.777.4945 Neil Weber 416.777.4931 Scot Atkinson, CFA 604.659.8225 Jon De Vos 0.207.426.5632 Nick Pocrnic 604.659.8230 Adam Wood 0.207.426.5612

Raymond James Ltd. Trading

Bob McDonald, CFA 604.659.8222, Co-Head of Trading Andrew Foote, CFA 416.777.4924, Co-Head of Trading

Toronto 888.601.6105 Canada Vancouver 800.667.2899 Montreal 866.350.4455 800.290.4847 USA Nav Cheema 604.659.8224 Joe Clement 514.350.4470 Pam Banks 416.777.4923 Fraser Jefferson 604.659.8218 Patrick Sanche 514.350.4465 Oliver Herbst 416.777.4947 Derek Oram 604.659.8223 Andy Herrmann 416.777.4937 Eric Munro, CFA 416.777.4983 James Shields 416.777.4941 Bob Standing 416.777.4921

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European Equity Research

Emmanuel Rétif +33 (1) 45 64 05 47 Bertrand Hodée +33 (1) 45 64 05 46 Arnaud Palliez +33 (1) 45 64 05 45 Managing Director – European Research Oil & Gas Producers/Oil Services Construction & Building materials Utilities Cédric Lecasble +33 (1) 45 64 05 40 Julien Richer +33 (1) 45 64 05 44 Hermine de Bentzmann +33 (1) 45 64 05 53 Retail Hotels/Tourism/Foodservices Premium Consumer Goods

Stéphane Beyazian +44 (0)20 7426 5643 Telecom Services

European Sales & Trading

Paris London New York +33 (1) 45 64 05 00 +44 (0)20 7426 5600 (212) 856-4884

Head of Sales Sales Manager Bruno Chabroux Dale Gibson Benoit Piussan Cara McPhillips Sales Sales Philippe Andrieu Sales Trading Joe Campo Sebastien Manzoni Jason Keogh Laurent Thomasset Ken Wesson David Barbe

Sales Trading Laurent Lagneau Jacques Perez

Trading +33 (1) 45 64 05 68 Philippe Vialle

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Latin American Equity Research

Argentine Research (Equity) Buenos Aires

Federico Rey Marino Santiago Wesenack Fernando Suarez Head of Argentine Research CFA (+5411) 4850-2538 (+5411) 4850-2535 (+5411) 4850-2537 Agribusiness & Natural Resources/ Agribusiness & Natural Electric Utilities/ Natural Resources/ Oil, LatAm Strategy/ Resources/Financial Institutions/ Gas & Petrochemicals Telecommunications LatAm Strategy/ Real Estate/ Telecom & Media

Latin American Sales & Trading

Institutional Trading (Equity) Institutional Trading (Fixed Income) Buenos Aires Buenos Aires Esteban Polanski Joaquin Alonso (+5411) 4850-2541 (+5411) 4850-2547

Héctor Canzani Miguel Bueno (+5411) 4850-2542 (+5411) 4850-2546

Institutional Sales Buenos Aires

Diego Trucco Martin Tapia Sabrina Valverde Head of Sales Sales – Foreign Institutions Sales – Domestic Institutions (+5411) 4850-2512 (+5411) 4850-2596 (+5411) 4850-2548

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Important Investor Disclosures

Raymond James & Associates (RJA) is a FINRA member firm and is responsible for the preparation and distribution of research created in the United States. Raymond James & Associates is located at The Raymond James Financial Center, 880 Carillon Parkway, St. Petersburg, FL 33716, (727) 567-1000. Non-U.S. affiliates, which are not FINRA member firms, include the following entities which are responsible for the creation and distribution of research in their respective areas; In Canada, Raymond James Ltd. (RJL), Suite 2100, 925 West Georgia Street, Vancouver, BC V6C 3L2, (604) 659-8200; In Latin America, Raymond James Latin America (RJLatAm), Ruta 8, km 17, 500, 91600 Montevideo, Uruguay, 00598 2 518 2033; In Europe, Raymond James Euro Equities, SAS (RJEE), 40, rue La Boetie, 75008, Paris, France, +33 1 45 61 64 90. This document is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident of or located in any locality, state, country, or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. The securities discussed in this document may not be eligible for sale in some jurisdictions. This research is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Investors should consider this report as only a single factor in making their investment decision. For clients in the United States: Any foreign securities discussed in this report are generally not eligible for sale in the U.S. unless they are listed on a U.S. exchange. This report is being provided to you for informational purposes only and does not represent a solicitation for the purchase or sale of a security in any state where such a solicitation would be illegal. Investing in securities of issuers organized outside of the U.S., including ADRs, may entail certain risks. The securities of non-U.S. issuers may not be registered with, nor be subject to the reporting requirements of, the U.S. Securities and Exchange Commission. There may be limited information available on such securities. Investors who have received this report may be prohibited in certain states or other jurisdictions from purchasing the securities mentioned in this report. Please ask your Financial Advisor for additional details and to determine if a particular security is eligible for purchase in your state. The information provided is as of the date above and subject to change, and it should not be deemed a recommendation to buy or sell any security. Certain information has been obtained from third-party sources we consider reliable, but we do not guarantee that such information is accurate or complete. Persons within the Raymond James family of companies may have information that is not available to the contributors of the information contained in this publication. Raymond James, including affiliates and employees, may execute transactions in the securities listed in this publication that may not be consistent with the ratings appearing in this publication. Additional information is available on request.

Analyst Information Registration of Non-U.S. Analysts: The analysts listed on the front of this report who are not employees of Raymond James & Associates, Inc., are not registered/qualified as research analysts under FINRA rules, are not associated persons of Raymond James & Associates, Inc., and are not subject to NASD Rule 2711 and NYSE Rule 472 restrictions on communications with covered companies, public companies, and trading securities held by a research analyst account. Analyst Holdings and Compensation: Equity analysts and their staffs at Raymond James are compensated based on a salary and bonus system. Several factors enter into the bonus determination including quality and performance of research product, the analyst's success in rating stocks versus an industry index, and support effectiveness to trading and the retail and institutional sales forces. Other factors may include but are not limited to: overall ratings from internal (other than investment banking) or external parties and the general productivity and revenue generated in covered stocks.

Ratings and Definitions Raymond James & Associates (U.S.) definitions Strong Buy (SB1) Expected to appreciate, produce a total return of at least 15%, and outperform the S&P 500 over the next six to 12 months. For higher yielding and more conservative equities, such as REITs and certain MLPs, a total return of at least 15% is expected to be realized over the next 12 months. Outperform (MO2) Expected to appreciate and outperform the S&P 500 over the next 12-18 months. For higher yielding and more conservative equities, such as REITs and certain MLPs, an Outperform rating is used for securities where we are comfortable with the relative safety of the dividend and expect a total return modestly exceeding the dividend yield over the next 12-18 months. Market Perform (MP3) Expected to perform generally in line with the S&P 500 over the next 12 months. Underperform (MU4) Expected to underperform the S&P 500 or its sector over the next six to 12 months and should be sold. Suspended (S) The rating and price target have been suspended temporarily. This action may be due to market events that made coverage impracticable, or to comply with applicable regulations or firm policies in certain circumstances, including when Raymond James may be providing investment banking services to the company. The previous rating and price target are no longer in effect for this security and should not be relied upon.

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Raymond James Ltd. (Canada) definitions Strong Buy (SB1) The stock is expected to appreciate and produce a total return of at least 15% and outperform the S&P/TSX Composite Index over the next six months. Outperform (MO2) The stock is expected to appreciate and outperform the S&P/TSX Composite Index over the next twelve months. Market Perform (MP3) The stock is expected to perform generally in line with the S&P/TSX Composite Index over the next twelve months and is potentially a source of funds for more highly rated securities. Underperform (MU4) The stock is expected to underperform the S&P/TSX Composite Index or its sector over the next six to twelve months and should be sold.

Raymond James Latin American rating definitions Strong Buy (SB1) Expected to appreciate and produce a total return of at least 25.0% over the next twelve months. Outperform (MO2) Expected to appreciate and produce a total return of between 15.0% and 25.0% over the next twelve months. Market Perform (MP3) Expected to perform in line with the underlying country index. Underperform (MU4) Expected to underperform the underlying country index. Suspended (S) The rating and price target have been suspended temporarily. This action may be due to market events that made coverage impracticable, or to comply with applicable regulations or firm policies in certain circumstances, including when Raymond James may be providing investment banking services to the company. The previous rating and price target are no longer in effect for this security and should not be relied upon.

Raymond James Euro Equities, SAS rating definitions Strong Buy (1) Expected to appreciate, produce a total return of at least 15%, and outperform the Stoxx 600 over the next 6 to 12 months. Outperform (2) Expected to appreciate and outperform the Stoxx 600 over the next 12 months. Market Perform (3) Expected to perform generally in line with the Stoxx 600 over the next 12 months. Underperform (4) Expected to underperform the Stoxx 600 or its sector over the next 6 to 12 months. Suspended (S) The rating and target price have been suspended temporarily. This action may be due to market events that made coverage impracticable, or to comply with applicable regulations or firm policies in certain circumstances, including when Raymond James may be providing investment banking services to the company. The previous rating and target price are no longer in effect for this security and should not be relied upon.

In transacting in any security, investors should be aware that other securities in the Raymond James research coverage universe might carry a higher or lower rating. Investors should feel free to contact their Financial Advisor to discuss the merits of other available investments.

Rating Distributions Coverage Universe Rating Distribution* Investment Banking Distribution RJA RJL RJ LatAm RJEE RJA RJL RJ LatAm RJEE Strong Buy and Outperform (Buy) 56% 66% 50% 45% 25% 36% 0% 0% Market Perform (Hold) 40% 33% 50% 42% 8% 26% 0% 0% Underperform (Sell) 4% 1% 0% 12% 0% 0% 0% 0% * Columns may not add to 100% due to rounding.

Suitability Categories (SR) Total Return (TR) Lower risk equities possessing dividend yields above that of the S&P 500 and greater stability of principal. Growth (G) Low to average risk equities with sound financials, more consistent earnings growth, at least a small dividend, and the potential for long-term price appreciation. Aggressive Growth (AG) Medium or higher risk equities of companies in fast growing and competitive industries, with less predictable earnings and acceptable, but possibly more leveraged balance sheets. High Risk (HR) Companies with less predictable earnings (or losses), rapidly changing market dynamics, financial and competitive issues, higher price volatility (beta), and risk of principal. Venture Risk (VR) Companies with a short or unprofitable operating history, limited or less predictable revenues, very high risk associated with success, and a substantial risk of principal.

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Risk Factors General Risk Factors: Following are some general risk factors that pertain to the projected target prices included on Raymond James research: (1) Industry fundamentals with respect to customer demand or product / service pricing could change and adversely impact expected revenues and earnings; (2) Issues relating to major competitors or market shares or new product expectations could change investor attitudes toward the sector or this stock; (3) Unforeseen developments with respect to the management, financial condition or accounting policies or practices could alter the prospective valuation; or (4) External factors that affect the U.S. economy, interest rates, the U.S. dollar or major segments of the economy could alter investor confidence and investment prospects. International investments involve additional risks such as currency fluctuations, differing financial accounting standards, and possible political and economic instability.

Additional Risk and Disclosure information, as well as more information on the Raymond James rating system and suitability categories, is available at rjcapitalmarkets.com/Disclosures/index. Copies of research or Raymond James’ summary policies relating to research analyst independence can be obtained by contacting any Raymond James & Associates or Raymond James Financial Services office (please see raymondjames.com for office locations) or by calling 727-567-1000, toll free 800-237-5643 or sending a written request to the Equity Research Library, Raymond James & Associates, Inc., Tower 3, 6th Floor, 880 Carillon Parkway, St. Petersburg, FL 33716.

For clients in the United Kingdom: For clients of Raymond James & Associates (London Branch) and Raymond James Financial International Limited (RJFI): This document and any investment to which this document relates is intended for the sole use of the persons to whom it is addressed, being persons who are Eligible Counterparties or Professional Clients as described in the FCA rules or persons described in Articles 19(5) (Investment professionals) or 49(2) (High net worth companies, unincorporated associations etc) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) or any other person to whom this promotion may lawfully be directed. It is not intended to be distributed or passed on, directly or indirectly, to any other class of persons and may not be relied upon by such persons and is therefore not intended for private individuals or those who would be classified as Retail Clients. For clients of Raymond James Investment Services, Ltd.: This report is for the use of professional investment advisers and managers and is not intended for use by clients. For purposes of the Financial Conduct Authority requirements, this research report is classified as independent with respect to conflict of interest management. RJA, RJFI, and Raymond James Investment Services, Ltd. are authorised and regulated by the Financial Conduct Authority in the United Kingdom. For clients in France: This document and any investment to which this document relates is intended for the sole use of the persons to whom it is addressed, being persons who are Eligible Counterparties or Professional Clients as described in “Code Monétaire et Financier” and Règlement Général de l’Autorité des Marchés Financiers. It is not intended to be distributed or passed on, directly or indirectly, to any other class of persons and may not be relied upon by such persons and is therefore not intended for private individuals or those who would be classified as Retail Clients. For institutional clients in the European Economic Area (EEA) outside of the United Kingdom: This document (and any attachments or exhibits hereto) is intended only for EEA institutional clients or others to whom it may lawfully be submitted. Raymond James Euro Equities is a French Investment Services Provider authorized by the Autorité de contrôle prudentiel et de résolution and regulated by the Autorité de contrôle prudentiel et de résolution and the Autorité des Marchés Financiers. For non-European exchanges, Raymond James Euro Equities operates under the name Raymond James International.

For Canadian clients: This report is not prepared subject to Canadian disclosure requirements, unless a Canadian analyst has contributed to the content of the report. In the case where there is Canadian analyst contribution, the report meets all applicable IIROC disclosure requirements.

Proprietary Rights Notice: By accepting a copy of this report, you acknowledge and agree as follows: This report is provided to clients of Raymond James only for your personal, noncommercial use. Except as expressly authorized by Raymond James, you may not copy, reproduce, transmit, sell, display, distribute, publish, broadcast, circulate, modify, disseminate or commercially exploit the information contained in this report, in printed, electronic or any other form, in any manner, without the prior express written consent of Raymond James. You also agree not to use the information provided in this report for any unlawful purpose. This is RJA client releasable research This report and its contents are the property of Raymond James and are protected by applicable copyright, trade secret or other intellectual property laws (of the United States and other countries). United States law, 17 U.S.C. Sec.501 et seq, provides for civil and criminal penalties for copyright infringement.

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