Global Research Published by Raymond James & Associates

February 2017

© 2017 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida 33716 | 800-248-8863

Contents

Consumer Healthcare Real Estate USA ...... 19 USA ...... 44 USA ...... 56 CAN ...... 22 CAN ...... 59 EUR ...... 22 EUR ...... 60

Energy Industrial Technology & Communications USA ...... 25 USA ...... 50 USA ...... 62 CAN ...... 30 CAN ...... 51 CAN ...... 70 EUR ...... 32 EUR ...... 52 EUR ...... 71

Financial Services Mining & Natural Resources Transportation USA ...... 35 CAN ...... 54 USA ...... 72 CAN ...... 42 CAN ...... 74 EUR ...... 74

Analyst Index ...... 3 Research Analysts and Sales & Trading Directories Upcoming Events ...... 4 USA ...... 75 Research Coverage Changes ...... 4 Canada ...... 78 About This Publication ...... 5 Europe ...... 79 Company Index ...... 7

Companies Under Coverage ...... 19

2 Raymond James Research Register - February 2017

Analyst Index

J. Marshall Adkins (JMA) ...... 25 Brian Gesuale (BG) ...... 62 Michael Overvelde, CFA, CPA, CA (MO) ... 42,51 Brian G. Alexander, CFA (BGA) ...... 62 Steve Hansen, CFA, CPA, CMA (SH) ..... 51,54,74 Justin Patterson, CFA (JP) ...... 62 Joseph Altobello, CFA (JA) ...... 19 Tara Hassan, P.Eng (TH) ...... 54 C. Gregory Peters (CGP) ...... 35 Ken Avalos (KA) ...... 59 Buck Horne, CFA (BH) ...... 56 Brian Peterson, CFA (BP) ...... 62 Michael J. Baker (MJB) ...... 44 Darren Horowitz (DH) ...... 25 Ric Prentiss (RP)...... 62 Frederic Bastien, CFA (FB) ...... 30,51,59 Jonathan Hughes, CFA (JH) ...... 56 Paul D. Puryear (PDP) ...... 56,62 Jayson Bedford (JB) ...... 44 Nicholas Jansen (NJ) ...... 44 David Quezada, CFA (DQ) ...... 30,51 Reni Benjamin, Ph.D. (RB) ...... 44 Justin Jenkins (JJ) ...... 25 John W. Ransom (JWR)...... 44 Stephane Beyazian (SB) ...... 71 Wayne Johnson (WJ) ...... 62 Christopher Raymond (CR) ...... 44 Mehdi Boudokhane (MB) ...... 52 Aaron Kessler, CFA (AK)...... 62 Emmanuel Retif (ER) ...... 32 Andrew Bradford, CFA (AB) ...... 30 Lawrence Keusch (LK)...... 44 Julien Richer, CFA (JR) ...... 22,60,74 Harry Breach (HB) ...... 52 Patrick Lambert (PL) ...... 52 Johann Rodrigues, (Associate Analyst) (JR) ... 59 Patrick Tyler Brown, CFA (TB) ...... 50,72 Cedric Lecasble (CL) ...... 22 Michael Rose (MR) ...... 35 Benjamin Brownlow (BBL) ...... 19,25 Simon Leopold (SL) ...... 62 J. Steven Smigie (JSS) ...... 62 Budd Bugatch, CFA (BB) ...... 19,50 Steven Li, CFA (SLi) ...... 30,62,70 Daryl Swetlishoff, CFA (DS) ...... 51,54 Daniel E. Cardenas (DC) ...... 35 David J. Long, CFA (DJL) ...... 35 Savanthi Syth, CFA (SS) ...... 72 Ben Cherniavsky (BC) ...... 51,74 Frank G. Louthan IV (FGL) ...... 62 Chris Thompson, M.Sc. (Eng), P.Geo (CT) ...... 54 Laura Chico, Ph.D. (LC) ...... 44 Brian Martin, CFA (Associate Analyst) (BM) .. 51 Terry Tillman (TT) ...... 62 Chris Cox, CFA (CC) ...... 30 Tavis C. McCourt, CFA (TMC)...... 62 Adam Tindle, CFA (AT) ...... 62 William A. Crow (WAC) ...... 56 Jeremy McCrea, CFA (JM) ...... 30 Michael Turits, Ph.D. (MT) ...... 62 Sam Darkatsh (SD) ...... 19,50 Collin Mings, CFA (CM) ...... 56 Kenric S. Tyghe, MBA (KT) ...... 22 Hermine de Bentzmann (HB) ...... 22 Pavel Molchanov (PM) ...... 25 Brian M. Vaccaro, CFA (BV) ...... 19 Jean-Pierre Dmirdjian (JPD) ...... 25,32 Kurt Molnar (KM) ...... 30 William J. Wallace IV (WW) ...... 35 Robert Dodd, Ph.D. (RD) ...... 35 Praveen Narra, CFA (PN) ...... 25 Dan Wewer, CFA (DW) ...... 19 John Freeman, CFA (JF) ...... 25 Patrick O'Shaughnessy, CFA (PO) ...... 35 Elliot Wilbur, CFA (EW) ...... 44 Donald A. Worthington (DAW) ...... 35

Raymond James Research Register - February 2017 3

Upcoming Events

38th Annual Institutional Investors Conference (USA) March 5-8, 2017; Orlando, Florida

Research Coverage Changes

Additions Deletions USA USA Matador Resources Company (MTDR:N) Applied Micro Circuits Corporation (AMCC:Q) Organovo Holdings, Inc. (ONVO:Q) Papa Murphy's Holdings, Inc. (FRSH:Q) WildHorse Resource Development Corporation (WRD:N) EUR CAN Technip (TECF.PA:EPA) Integra Gold Corporation (ICG:V) NAPEC Inc. (NPC:T) Pure Gold Mining Inc. (PGM:V) EUR Abertis (ABE.MC:MAD)

Changes First Foundation Inc. (FFWM:Q) adjusted for 2:1 split FMC Technologies, Inc. (FTI:N) changed its name to TechnipFMC plc Hilton Worldwide Holdings Inc. (HLT:N) adjusted for spinoffs and 1:3 reverse split Integra LifeSciences Corp. (IART:Q) adjusted for 2:1 split Restoration Hardware Holdings, Inc. (RH:N) changed its name to RH

4 Raymond James Research Register - February 2017

About This Publication

The Equity Research Register is a monthly statistical summary of financial data. It is compiled from information 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 on the following page.

Currency = U.S. dollars unless otherwise noted. Currencies are defined on the following page.

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

Target Price = Raymond James & Associates (USA) has 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/Raymond James Financial International Limited 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 on the following page.

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 - February 2017 5

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

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

Footnotes NA ---- Not Available. ed --- EPS is Earnings per ADS. NM ---- Not Meaningful. f --- Fiscal years ending before May are treated R ---- Research Restricted. 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. sa --- EPS is Sales (mil.). 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.

6 Raymond James Research Register - February 2017

Company Index

1st Constitution Bancorp (FCCY:Q) 35 Amber Road, Inc. (AMBR:N) 63 8point3 Energy Partners L.P. (CAFD:Q) 29 Amec Foster Wheeler (AMFW.L:L) 32 AAC Holdings, Inc. (AAC:N) 44 Amedisys (AMED:Q) 44 Aaron's Inc. (AAN:N) 20 America Movil, S.A.B. de C.V. (AMX:N) 69 Abaxis, Inc. (ABAX:Q) 44 American Airlines Group, Inc. (AAL:Q) 72 Abbott Laboratories (ABT:N) 47 American Equity Investment Life Holding Company (AEL:N) 40 AbbVie Inc. (ABBV:N) 45 American Farmland Company (AFCO:M) 57 Abertis (ABE.MC:MAD) 53 American Financial Group, Inc. (AFG:N) 40 Abiomed Inc. (ABMD:Q) 47 American Homes 4 Rent (AMH:N) 58 Acadia Healthcare Company, Inc. (ACHC:Q) 44 American National Bankshares, Inc. (AMNB:Q) 35 Acadian Timber Corp. (ADN:T) 55 American River Bankshares (AMRB:Q) 35 Accenture plc (ACN:N) 67 American Tower (AMT:N) 68 Access National Corporation (ANCX:Q) 35 AmeriGas Partners L.P. (APU:N) 27 AccorHotels (ACCP.PA:EPA) 60 AmerisourceBergen Corp. (ABC:N) 46 ACI Worldwide, Inc. (ACIW:Q) 65 Amgen, Inc. (AMGN:Q) 45 Acorda Therapeutics, Inc. (ACOR:Q) 45 Amphastar Pharmaceuticals, Inc. (AMPH:Q) 48 Acushnet Holdings Corp. (GOLF:N) 19 Anadarko Petroleum Corp. (APC:N) 25 Adaptimmune Therapeutics plc (ADAP:Q) 45 Analog Devices, Inc. (ADI:Q) 68 Adidas (ADSGn.DE:ETR) 23 Angie's List, Inc. (ANGI:Q) 66 ADMA Biologics, Inc. (ADMA:Q) 45 AngioDynamics (ANGO:Q) 47 ADP (ADP.PA:EPA) 53 ANI Pharmaceuticals, Inc. (ANIP:Q) 48 ADTRAN, Inc. (ADTN:Q) 64 Antero Midstream Partners L.P. (AM:N) 27 Advance Auto Parts, Inc. (AAP:N) 20 Antero Resources Corporation (AR:N) 25 Advanced Energy Industries, Inc. (AEIS:Q) 29 Anthem (ANTM:N) 44 Advantage Oil & Gas Ltd. (AAV:T) 30 Aon plc (AON:N) 39 The Advisory Board Company (ABCO:Q) 46 Apache Corporation (APA:N) 25 Aecon Group (ARE:T) 51 Apartment Investment and Management Company (AIV:N) 58 Aerie Pharmaceuticals, Inc. (AERI:Q) 48 Apollo Investment Corp. (AINV:Q) 41 AeroVironment Inc. (AVAV:Q) 62 Apple Inc. (AAPL:Q) 67 Aetna (AET:N) 44 Applied Optoelectronics, Inc. (AAOI:Q) 64 Aflac, Inc. (AFL:N) 40 AquaVenture Holdings Ltd. (WAAS:N) 29 Agree Realty Corporation (ADC:N) 57 ARC Resources Ltd. (ARX:T) 30 Agrium Inc. (AGU:N) 54 Archrock Partners L.P. (APLP:Q) 28 AGT Food and Ingredients Inc. (AGT:T) 54 Ares Capital Corp. (ARCC:Q) 41 Ahold Delhaize (AD.AS:AMS) 23 Argo Group International Holdings, Ltd. (AGII:Q) 40 AIMIA (AIM:T) 22 Arista Networks (ANET:N) 64 Air Canada (AC:T) 74 Arkema (AKE.PA:EPA) 53 Air France-KLM (AIRF.PA:EPA) 74 Armada Hoffler Properties (AHH:N) 58 Air Liquide (AIRP.PA:EPA) 53 ARRIS (ARRS:Q) 64 Airbus Group (AIR.PA:EPA) 52 Arrow Electronics, Inc. (ARW:N) 67 Akamai Technologies, Inc. (AKAM:Q) 65 Arthur J. Gallagher & Co. (AJG:N) 39 Akorn, Inc. (AKRX:Q) 48 Artis REIT (AX.UN:T) 59 AkzoNobel (AKZO.AS:AMS) 53 Asanko Gold Inc. (AKG:T) 55 Alaris Royalty Corp. (AD:T) 51 Associated Banc-Corp (ASB:M) 35 Alarm.com Holdings (ALRM:Q) 67 Asterias Biotherapeutics (AST:M) 45 Alaska Air Group (ALK:N) 72 AT&T Inc. (T:N) 69 Alcentra Capital Corporation (ABDC:Q) 41 Athabasca Oil Corp. (ATH:T) 30 Alere, Inc. (ALR:N) 46 athenahealth Inc. (ATHN:Q) 46 Alexion Pharmaceuticals Inc. (ALXN:Q) 45 Atlantic Capital Bancshares, Inc. (ACBI:Q) 35 Algonquin Power & Utilities (AQN:T) 31 Atlassian (TEAM:Q) 65 Alibaba Group Holding Ltd. (BABA:N) 66 ATN International Inc. (ATNI:Q) 69 Allegiant Travel Co. (ALGT:Q) 73 Atwood Oceanics (ATW:N) 28 Allergan plc (AGN:N) 48 Autogrill (AGL.BIT:BIT) 23 Alliance Data Systems Corp. (ADS:N) 65 AutoZone, Inc. (AZO:N) 20 Allied Properties REIT (AP.UN:T) 59 Avigilon Corporation (AVO:T) 70 Allscripts Healthcare Solutions Inc. (MDRX:Q) 46 Avnet, Inc. (AVT:N) 67 Allstate Corporation (ALL:N) 40 B2Gold Corp. (BTO:T) 55 Alphabet, Inc. (GOOG:Q) 66 BAE Systems (BAES.L:L) 52 AltaGas Ltd. (ALA:T) 32 Baker Hughes, Inc. (BHI:N) 28 Alterra Power Corp. (AXY:T) 31 Banc of California, Inc. (BANC:N) 35 AMAG Pharmaceuticals, Inc. (AMAG:Q) 45 BancFirst Corporation (BANF:Q) 35 Amazon.com Inc. (AMZN:Q) 66 The Bancorp, Inc. (TBBK:Q) 35

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Company Index

BancorpSouth, Inc. (BXS:N) 35 Brookfield Renewable Energy Partners L.P. (BEP:N) 31 Bank of America Corporation (BAC:N) 35 Brown & Brown, Inc. (BRO:N) 39 Bank of Commerce Holdings (BOCH:Q) 35 Brunswick Corp. (BC:N) 21 Bank of Marin Bancorp (BMRC:Q) 35 BT (BT.L:L) 71 The Bank of N.T. Butterfield & Son Limited (NTB:N) 35 Buffalo Wild Wings, Inc. (BWLD:Q) 21 Bank of New York Mellon Corp (BK:N) 35 C.H. Robinson Worldwide (CHRW:Q) 73 Bank of the Ozarks Inc. (OZRK:Q) 35 C.R. Bard, Inc. (BCR:N) 47 Banner Corporation (BANR:Q) 35 CA Technologies (CA:Q) 65 BASF (BASFn.DE:ETR) 53 Cabela’s Inc. (CAB:N) 20 BATS Global Markets, Inc. (BATS:BATS) 39 Cabot Oil & Gas Corp. (COG:N) 25 Baxter International Inc. (BAX:N) 47 CACI International Inc. (CACI:N) 67 Baylin Technologies Inc. (BYL:T) 70 CAE Inc. (CAE:T) 51 Baytex Energy Corporation (BTE:T) 30 CafePress Inc. (PRSS:Q) 66 BB&T Corporation (BBT:N) 35 CalAtlantic Group Inc. (CAA:N) 56 Beacon Roofing Supply, Inc. (BECN:Q) 50 Calfrac Well Services (CFW:T) 31 Bear Creek Mining Corp. (BCM:V) 55 California Resources Corporation (CRC:N) 25 Becton, Dickinson and Company (BDX:N) 47 Calix, Inc. (CALX:N) 64 Bed Bath & Beyond (BBBY:Q) 20 Callaway Golf Co. (ELY:N) 19 Beiersdorf (BEIG.DE:ETR) 23 Calumet Specialty Products Partners L.P. (CLMT:Q) 27 Bellatrix Exploration Ltd. (BXE:T) 30 Campari (CPR.MI:BIT) 22 Bellicum Pharmaceuticals, Inc. (BLCM:Q) 45 Canadian Apartment Properties REIT (CAR.UN:T) 59 Benefitfocus, Inc. (BNFT:Q) 63 Canadian Energy Services & Technology Corp. (CEU:T) 31 Best Buy Company, Incorporated (BBY:N) 20 Canadian National Railway (CNR:T) 74 BGC Partners, Inc. (BGCP:Q) 39 Canadian Natural Resources Ltd (CNQ:T) 32 BIC (BICP.PA:EPA) 23 Canadian Pacific Railway Limited (CP:T) 74 Big Lots Inc. (BIG:N) 20 Canadian Tire Corporation (CTC.A:T) 22 Biogen Inc. (BIIB:Q) 45 Canam Group (CAM:T) 52 BioMarin Pharmaceutical Inc. (BMRN:Q) 45 Canexus Corporation (CUS:T) 51 Birchcliff Energy Ltd. (BIR:T) 30 Canfor Corp. (CFP:T) 55 Bird Construction Inc. (BDT:T) 51 Canfor Pulp Products Inc. (CFX:T) 55 Black Diamond Group Limited (BDI:T) 31 CanWel Building Materials Group Ltd. (CWX:T) 74 Black Stone Minerals L.P. (BSM:N) 25 Canyon Services Group Inc. (FRC:T) 31 BlackBerry (BBRY:Q) 70 Capital Power Corporation (CPX:T) 31 Blackhawk Network Holdings, Inc. (HAWK:Q) 65 Capital Product Partners L.P. (CPLP:Q) 27 BlackLine, Inc. (BL:Q) 63 CapStar Financial Holdings, Inc. (CSTR:Q) 35 Bloomin' Brands, Inc. (BLMN:Q) 21 Cara Operations Limited (CARA:T) 22 Blue Capital Reinsurance Holdings Ltd. (BCRH:N) 40 Cardinal Financial Corporation (CFNL:Q) 35 Blueprint Medicines Corporation (BPMC:Q) 45 Cardinal Health Inc. (CAH:N) 46 Boardwalk Pipeline Partners L.P. (BWP:N) 27 CareDx, Inc. (CDNA:Q) 46 Boardwalk REIT (BEI.UN:T) 59 CareTrust REIT, Inc (CTRE:Q) 57 BofI Holding, Inc. (BOFI:Q) 35 Carolina Financial Corporation (CARO:Q) 35 BOK Financial Corp. (BOKF:Q) 35 Carrefour (CARR.PA:EPA) 23 Bombardier Inc. (BBD.B:T) 51 Carrizo Oil & Gas, Inc. (CRZO:Q) 25 Bonavista Energy Corporation (BNP:T) 30 Carrols Restaurant Group, Inc. (TAST:Q) 21 Bonterra Energy Corp. (BNE:T) 30 Cascadian Therapeutics Inc. (CASC:Q) 45 Booz Allen Hamilton Holding Corp. (BAH:N) 67 Casella Waste Systems, Inc. (CWST:Q) 50 Boralex, Inc. (BLX:T) 31 Casey's General Stores, Inc. (CASY:Q) 20 Boston Scientific Corp. (BSX:N) 47 Casino (CASP.PA:EPA) 23 Bottomline Technologies (EPAY:Q) 65 Castlight Health, Inc. (CSLT:N) 63 Bouygues (BOUY.PA:EPA) 71 Catalent, Inc. (CTLT:N) 48 Box, Inc. (BOX:N) 63 CatchMark Timber Trust, Inc. (CTT:N) 58 Boyd Group Income Fund (BYD.UN:T) 52 Cavium, Inc. (CAVM:Q) 68 BP plc (BP:N) 26 CBL & Associates Properties, Inc. (CBL:N) 57 Brandywine Realty Trust (BDN:N) 58 CBOE Holdings, Inc. (CBOE:Q) 39 Briggs & Stratton (BGG:N) 19 CDW Corporation (CDW:Q) 67 Brightcove Inc. (BCOV:Q) 63 Cedar Realty Trust, Inc. (CDR:N) 58 Brinker International (EAT:N) 21 Celgene Corporation (CELG:Q) 45 Broadcom Limited (AVGO:Q) 68 Cempra, Inc. (CEMP:Q) 45 Broadridge Financial Solutions, Inc. (BR:N) 39 Cenovus Energy, Inc. (CVE:T) 32 BroadSoft, Inc. (BSFT:Q) 67 Centene (CNC:N) 44 Brookfield Canada Office Properties (BOX.UN:T) 59 CenterState Banks, Inc. (CSFL:Q) 35 Brookfield Infrastructure Partners L.P. (BIP:N) 31 Central Pacific Financial Corp. (CPF:N) 35

8 Raymond James Research Register - February 2017

Company Index

CenturyLink (CTL:N) 69 Conifer Holdings, Inc. (CNFR:Q) 40 Cerner Corporation (CERN:Q) 46 Conifex Timber Inc. (CFF:T) 55 Cervus Equipment Corp. (CVL:T) 51 Connection (CNXN:Q) 67 CEZ (CEZsp.PR:PRG) 33 ConnectOne Bancorp, Inc. (CNOB:Q) 36 CGI Group (GIB.A:T) 70 Connecture Inc. (CNXR:Q) 46 ChannelAdvisor Corporation (ECOM:N) 63 ConocoPhillips (COP:N) 25 Charles River Laboratories (CRL:N) 48 CONSOL Energy Inc. (CNX:N) 25 The Charles Schwab Corporation (SCHW:N) 39 Consolidated Communications Holdings (CNSL:Q) 69 Chart Industries, Inc. (GTLS:Q) 29 Constellation Software Inc. (CSU:T) 70 Charter Communications, Inc. (CHTR:Q) 69 Continental Resources Inc. (CLR:N) 25 Check Point Software Technologies (CHKP:Q) 65 Control4 Corporation (CTRL:Q) 67 Cheesecake Factory Inc. (CAKE:Q) 21 The Cooper Companies, Inc. (COO:N) 47 Chegg, Inc. (CHGG:N) 66 Copa Holdings, S.A. (CPA:N) 72 Chemical Financial Corp. (CHFC:Q) 35 Core-Mark Holding Company, Inc. (CORE:Q) 20 Chemtrade Logistics Income Fund (CHE.UN:T) 51 CoreSite Realty Corporation (COR:N) 68 Cheniere Energy Partners L.P. (CQP:M) 27 Corporate Office Properties Trust (OFC:N) 58 Cheniere Energy, Inc. (LNG:M) 27 Costco Wholesale Corporation (COST:Q) 20 Chesapeake Energy Corp. (CHK:N) 25 Coupa Software Incorporated (COUP:Q) 63 Chevron Corp. (CVX:N) 26 Covanta Holding Corp. (CVA:N) 50 Chinook Energy Inc. (CKE:T) 30 Covestro (1COV.DE:ETR) 53 Chipotle Mexican Grill, Inc. (CMG:N) 21 CPI Card Group Inc. (PMTS:Q) 65 Choice Properties REIT (CHP.UN:T) 59 Crawford & Company (CRD.B:N) 39 Christian Dior (DIOR.PA:EPA) 23 Credit Acceptance Corp. (CACC:Q) 41 Chubb Limited (CB:N) 40 CREIT (REF.UN:T) 59 Church & Dwight Co., Inc. (CHD:N) 21 Crescent Point Energy (CPG:T) 30 Chuy's Holdings, Inc. (CHUY:Q) 21 Crestwood Equity Partners L.P. (CEQP:N) 27 Ciena Corporation (CIEN:N) 64 Crew Energy Inc. (CR:T) 30 CIGNA Corporation (CI:N) 44 Criteo S.A. (CRTO:Q) 66 Cimarex Energy Co. (XEC:N) 25 Crombie REIT (CRR.UN:T) 59 Cincinnati Bell Inc. (CBB:N) 69 CrossAmerica Partners L.P. (CAPL:N) 27 Cineplex Inc. (CGX:T) 22 Crown Capital Partners Inc. (CRN:T) 42 Cisco Systems (CSCO:Q) 64 Crown Castle International (CCI:N) 68 Citrix Systems Inc. (CTXS:Q) 65 CSI Compressco Partners L.P. (CCLP:Q) 28 Civitas Solutions, Inc. (CIVI:N) 44 CSRA Inc. (CSRA:N) 67 Clariant (CLN.VX:SWF) 53 CST Brands, Inc. (CST:N) 20 Clayton Williams Energy, Inc. (CWEI:N) 25 CSX Corp. (CSX:Q) 73 Clean Energy Fuels Corp. (CLNE:Q) 29 CT Real Estate Investment Trust (CRT.UN:T) 59 Clean Harbors (CLH:N) 50 Ctrip.com International, Ltd. (CTRP:Q) 66 The Clorox Company (CLX:N) 21 CU Bancorp (CUNB:Q) 36 CM Finance Inc. (CMFN:Q) 41 CubeSmart (CUBE:N) 58 CME Group Inc. (CME:Q) 39 Cubic Corporation (CUB:N) 62 Cobham (COB.L:L) 52 Culp, Inc. (CFI:N) 19 Coeur Mining Inc. (CDE:N) 55 CVB Financial Corp. (CVBF:Q) 36 Cogent Communications Holdings Inc. (CCOI:Q) 69 CVS Health (CVS:N) 46 Cognex Corporation (CGNX:Q) 62 Cypress Energy Partners L.P. (CELP:N) 29 Colliers International Group Inc. (CIGI:Q) 59 CyrusOne Inc. (CONE:Q) 68 Colruyt (COLR.BR:EBR) 23 D.R. Horton, Inc. (DHI:N) 56 Columbia Banking System, Inc. (COLB:Q) 35 Darden Restaurants (DRI:N) 21 Comcast Corp. (CMCSA:Q) 69 Dave & Buster's Entertainment, Inc. (PLAY:Q) 21 Comerica Inc. (CMA:N) 35 DaVita HealthCare Partners Inc. (DVA:N) 44 Commerce Bancshares, Inc. (CBSH:Q) 35 Dawson Geophysical Company (DWSN:Q) 29 CommScope Holding Company, Inc. (COMM:Q) 64 DCT Industrial Trust, Inc. (DCT:N) 58 Communications Sales & Leasing, Inc. (CSAL:Q) 69 DDR Corp. (DDR:N) 58 Community Bank System, Inc. (CBU:N) 36 Del Frisco’s Restaurant Group, Inc. (DFRG:Q) 21 Community Health Systems, Inc. (CYH:N) 47 Delek Logistics Partners L.P. (DKL:N) 27 Community Trust Bancorp, Inc. (CTBI:Q) 36 Delek US Holdings, Inc. (DK:N) 26 CommVault Systems Inc. (CVLT:Q) 65 Delphi Energy Corp. (DEE:T) 30 Compass Diversified Holdings (CODI:N) 41 Delta Air Lines, Inc. (DAL:N) 72 Compass Group (CPG.L:L) 23 The Descartes Systems Group Inc. (DSGX:Q) 70 Computer Programs and Systems, Inc. (CPSI:Q) 46 Deutsche Telekom (DTE.DE:ETR) 71 Computer Sciences Corporation (CSC:N) 67 Devon Energy Corporation (DVN:N) 25 Concho Resources Inc. (CXO:N) 25 DexCom Inc. (DXCM:Q) 47

Raymond James Research Register - February 2017 9

Company Index

DH Corporation (DH:T) 65 Envestnet, Inc. (ENV:N) 39 Dia (DIDA.MC:MAD) 23 Envision Healthcare Corporation (EVHC:N) 44 Diageo (DGE.L:L) 22 Enviva Partners L.P. (EVA:N) 29 Diamond Offshore (DO:N) 28 EOG Resources, Inc. (EOG:N) 25 Diamondback Energy, Inc. (FANG:Q) 25 Equinix (EQIX:Q) 68 DiamondRock Hospitality Company (DRH:N) 57 Equity One, Inc. (EQY:N) 58 Dick`s Sporting Goods Inc. (DKS:N) 20 Equity Residential (EQR:N) 58 Digi International Inc. (DGII:Q) 67 Ericsson (ERIC:Q) 64 Digital Realty Trust, Inc. (DLR:N) 68 Essential Energy Services Ltd. (ESN:T) 31 DineEquity, Inc. (DIN:N) 21 Essex Property Trust, Inc. (ESS:N) 58 Diodes Incorporated (DIOD:Q) 68 Essilor (ESSI.PA:EPA) 23 Dipexium Pharmaceuticals, Inc. (DPRX:Q) 48 Estee Lauder Companies (EL:N) 21 Diplomat Pharmacy, Inc. (DPLO:N) 48 Ethan Allen Interiors (ETH:N) 19 DIRTT Environmental Solutions Ltd. (DRT:T) 52 EverBank Financial Corp (EVER:N) 36 DISH Network Corp. (DISH:Q) 69 Everbridge, Inc. (EVBG:Q) 63 The Dixie Group (DXYN:Q) 19 Evertz Technologies Ltd. (ET:T) 70 Dollar General Corp. (DG:N) 20 Exchange Income Corp (EIF:T) 51 Dollar Tree, Inc. (DLTR:Q) 20 Expedia, Inc. (EXPE:Q) 66 Dollarama (DOL:T) 22 Express Scripts (ESRX:Q) 44 Domtar (UFS:N) 55 Extra Space Storage (EXR:N) 58 Douglas Emmett (DEI:N) 58 Extreme Networks, Inc. (EXTR:Q) 64 DragonWave (DRWI:Q) 70 Exxon Mobil Corp. (XOM:N) 26 DSM (DSMN.AMS:AMS) 53 F5 Networks, Inc. (FFIV:Q) 64 Duluth Holdings Inc. (DLTH:Q) 19 Facebook, Inc. (FB:Q) 66 DuPont Fabros Technology Inc. (DFT:N) 68 FactSet Research Systems Inc. (FDS:N) 39 E*TRADE Financial Corporation (ETFC:Q) 39 Farmers Capital Bank Corp. (FFKT:Q) 36 E.On (EONGn.DE:ETR) 33 Farmers National Banc Corp. (FMNB:Q) 36 East West Bancorp, Inc. (EWBC:Q) 36 Fastenal Company (FAST:Q) 50 Easterly Government Properties, Inc. (DEA:N) 58 Fate Therapeutics, Inc. (FATE:Q) 45 Eastern Virginia Bankshares, Inc. (EVBS:Q) 36 FBL Financial Group (FFG:N) 40 EastGroup Properties, Inc. (EGP:N) 58 FCB Financial Holdings, Inc. (FCB:N) 36 easyJet plc (EZJ.L:L) 74 Federal Realty Investment Trust (FRT:N) 58 eBay Inc. (EBAY:Q) 66 Federated National Holding Company (FNHC:Q) 40 EchoStar Corporation (SATS:Q) 68 FedEx Corporation (FDX:N) 73 ECN Capital Corp. (ECN:T) 42 Ferrellgas Partners L.P. (FGP:N) 27 Ecopetrol S.A. (EC:N) 26 Ferrovial (FER.MC:MAD) 53 Edenred (EDEN.PA:EPA) 23 Fidelity National Information Services (FIS:N) 65 EDF (EDF.PA:EPA) 33 Fidus Investment Corporation (FDUS:Q) 41 Eiffage (FOUG.PA:EPA) 53 Fiesta Restaurant Group, Inc. (FRGI:Q) 21 Element Fleet Management Corp. (EFN:T) 42 Fifth Street Finance Corp. (FSC:Q) 41 Elior (ELIOR.PA:EPA) 23 Fifth Third Bancorp (FITB:Q) 36 Emera Inc. (EMA:T) 31 Financial Engines, Inc. (FNGN:Q) 39 Empire Company Limited (EMP.A:T) 22 Finisar Corporation (FNSR:Q) 64 Encore Capital Group Inc. (ECPG:Q) 41 Finning International (FTT:T) 51 Endeavour Mining Corp. (EDV:T) 55 FireEye Inc. (FEYE:Q) 65 Endeavour Silver Corp. (EDR:T) 55 First Bancorp (FBNC:Q) 36 Endo International plc (ENDP:Q) 48 First Busey Corporation (BUSE:Q) 36 Enel (ENEI.MI:BIT) 33 First Business Financial Services, Inc. (FBIZ:Q) 36 Enerflex Ltd. (EFX:T) 31 First Capital Realty (FCR:T) 59 Energen Corp. (EGN:N) 25 First Commonwealth Financial Corp. (FCF:N) 36 Energy Transfer Equity L.P. (ETE:N) 27 First Community Corporation (FCCO:Q) 36 Energy Transfer Partners L.P. (ETP:N) 27 First Defiance Financial Corp. (FDEF:Q) 36 EnerNOC, Inc. (ENOC:Q) 29 First Financial Bancorp (FFBC:Q) 36 Enerplus Corporation (ERF:T) 30 First Financial Corporation (THFF:Q) 36 Engie (GSZ.PA:EPA) 33 First Foundation Inc. (FFWM:Q) 36 Eni (ENI.MI:BIT) 32 First Horizon National Corporation (FHN:N) 36 EnLink Midstream LLC (ENLC:N) 27 First Industrial Realty Trust, Inc. (FR:N) 58 EnLink Midstream Partners L.P. (ENLK:N) 27 First Majestic Silver (FR:T) 55 Enphase Energy, Inc. (ENPH:Q) 29 First Midwest Bancorp, Inc. (FMBI:Q) 36 Ensco plc (ESV:N) 28 The First of Long Island Corporation (FLIC:Q) 36 Ensign Energy Services Inc. (ESI:T) 31 First Potomac Realty Trust (FPO:N) 58 Enterprise Products Partners L.P. (EPD:N) 27 First Republic Bank (FRC:N) 36

10 Raymond James Research Register - February 2017

Company Index

First Solar, Inc. (FSLR:Q) 29 Halogen Software, Inc. (HGN:T) 63 FirstService Corporation (FSV:Q) 59 Halyard Health Inc. (HYH:N) 47 Fitbit, Inc. (FIT:N) 67 Hancock Holding Company (HBHC:Q) 36 FleetCor Technologies (FLT:N) 65 Hanmi Financial Corporation (HAFC:Q) 36 Flex (FLEX:Q) 64 Harley-Davidson, Inc. (HOG:N) 21 Flexion Therapeutics, Inc. (FLXN:Q) 48 Harman International, Inc. (HAR:N) 66 FLIR Systems (FLIR:Q) 62 Harmonic Inc. (HLIT:Q) 64 Fnac (FNAC.PA:EPA) 23 Harris Corporation (HRS:N) 62 Fortinet Inc. (FTNT:Q) 65 Haverty Furniture Companies Inc. (HVT:N) 20 Fortis, Inc. (FTS:T) 31 HCA Holdings, Inc. (HCA:N) 47 Fortive Corporation (FTV:N) 62 HCP, Inc. (HCP:N) 57 Fortress Paper (FTP:T) 55 HD Supply Holdings Inc. (HDS:Q) 50 Fortress Transportation & Infrastructure Investors LLC (FTAI:N) 41 Health Insurance Innovations, Inc. (HIIQ:Q) 39 Fortum (FUM1V.HE:HEL) 33 Healthcare Trust of America, Inc. (HTA:N) 57 Fortuna Silver Mines Inc. (FVI:T) 55 HealthEquity, Inc. (HQY:Q) 39 Forward Air Corporation (FWRD:Q) 73 HealthSouth Corporation (HLS:N) 44 Four Corners Property Trust, Inc. (FCPT:N) 57 HealthStream, Inc. (HSTM:Q) 46 Franklin Financial Network, Inc. (FSB:N) 36 Heartland Financial USA, Inc. (HTLF:Q) 36 Fraport (FRAG.DE:ETR) 53 Helix Energy Solutions Group (HLX:N) 28 Freehold Royalties Ltd. (FRU:T) 30 Henkel (HNKG_p.DE:ETR) 23 Frontier Communications Corp. (FTR:Q) 69 Hercules Capital, Inc. (HTGC:N) 41 Fulgent Genetics, Inc. (FLGT:Q) 46 Heritage Financial Corporation (HFWA:Q) 36 Fulton Financial (FULT:Q) 36 Heritage Oaks Bancorp (HEOP:Q) 37 GAIN Capital Holdings, Inc. (GCAP:N) 39 Herman Miller (MLHR:Q) 19 Galena Biopharma Inc. (GALE:Q) 45 Hermès (RMS.PA:EPA) 23 Garmin Ltd. (GRMN:Q) 67 Héroux-Devtek Inc. (HRX:T) 51 Genesee & Wyoming Inc. (GWR:N) 73 Hersha Hospitality Trust (HT:N) 57 Genesis Energy L.P. (GEL:N) 27 Heska Corporation (HSKA:Q) 44 GenMark Diagnostics, Inc. (GNMK:Q) 46 Hess Corp. (HES:N) 25 Genomic Health (GHDX:Q) 46 Hewlett Packard Enterprise Company (HPE:N) 64 German American Bancorp, Inc. (GABC:Q) 36 Hibbett Sports, Inc. (HIBB:Q) 20 Gibson Energy Inc. (GEI:T) 32 Hi-Crush Partners L.P. (HCLP:N) 29 Gigamon Inc. (GIMO:N) 64 Hill-Rom Holdings, Inc. (HRC:N) 47 GigPeak, Inc. (GIG:M) 68 Hilltop Holdings Inc. (HTH:N) 37 Gildan Activewear (GIL:N) 22 Hilton Worldwide Holdings Inc. (HLT:N) 57 Givaudan (GIVN.VX:SWF) 53 HNI Corporation (HNI:N) 19 GKN (GKN.L:L) 52 Holly Energy Partners L.P. (HEP:N) 27 Glacier Bancorp, Inc. (GBCI:Q) 36 HollyFrontier Corp. (HFC:N) 26 Global Partners L.P. (GLP:N) 27 Hologic Inc. (HOLX:Q) 47 Global Payments Inc. (GPN:N) 65 Home Bancorp, Inc. (HBCP:Q) 37 GMS Inc. (GMS:N) 50 Home BancShares, Inc. (HOMB:Q) 37 GoDaddy Inc. (GDDY:N) 66 Home Capital Group Inc. (HCG:T) 42 goeasy Ltd. (GSY:T) 42 The Home Depot Inc. (HD:N) 20 GOL Linhas Aereas Inteligentes S.A. (GOL:N) 73 Hope Bancorp, Inc. (HOPE:Q) 37 Golar LNG Partners L.P. (GMLP:Q) 27 HopFed Bancorp, Inc. (HFBC:Q) 37 Goldman Sachs BDC, Inc. (GSBD:N) 41 Horizon Bancorp (HBNC:Q) 37 Golub Capital BDC, Inc. (GBDC:Q) 41 Horizon North Logistics Inc. (HNL:T) 31 GoPro, Inc. (GPRO:Q) 67 Horizon Technology Finance Corporation (HRZN:Q) 41 Granite Oil Corp. (GXO:T) 30 Host Hotels & Resorts Inc. (HST:N) 57 Great Ajax Corp. (AJX:N) 41 Houston Wire & Cable Company (HWCC:Q) 50 Great Canadian Gaming (GC:T) 22 Hub Group, Inc. (HUBG:Q) 73 Green Plains Partners L.P. (GPP:Q) 29 HubSpot, Inc. (HUBS:N) 63 Grenville Strategic Royalty Corp. (GRC:V) 51 Humana (HUM:N) 44 Groupon, Inc. (GRPN:Q) 66 Huntington Bancshares Inc. (HBAN:Q) 37 GrubHub Inc. (GRUB:N) 66 Husky Energy Inc. (HSE:T) 32 Guaranty Federal Bancshares Inc. (GFED:Q) 36 Hyatt Hotels Corporation (H:N) 57 H&M (HMb.ST:STO) 23 Hydro One Ltd. (H:T) 31 H&R REIT (HR.UN:T) 59 IAG (IAG.MC:MAD) 74 The Habit Restaurants, Inc. (HABT:Q) 21 IBERIABANK Corporation (IBKC:Q) 37 Haemonetics Corporation (HAE:N) 47 IBI Group Inc. (IBG:T) 51 Halliburton (HAL:N) 28 ICON plc (ICLR:Q) 48 Hallmark Financial Services Inc. (HALL:Q) 40 ICU Medical, Inc. (ICUI:Q) 47

Raymond James Research Register - February 2017 11

Company Index

IDEXX Laboratories, Inc. (IDXX:Q) 44 Kona Grill, Inc. (KONA:Q) 21 Iliad (ILD.PA:EPA) 71 Kosmos Energy Ltd. (KOS:N) 25 Impax Laboratories, Inc. (IPXL:Q) 48 KPN (KPN.AS:AMS) 71 Imperial Oil Limited (IMO:T) 32 KVH Industries (KVHI:Q) 68 INC Research Holdings (INCR:Q) 48 La Quinta Holdings, Inc. (LQ:N) 57 Incyte Corporation (INCY:Q) 45 Laboratory Corporation of America Holdings (LH:N) 45 Independent Bank Group, Inc. (IBTX:Q) 37 Lakeland Bancorp, Inc. (LBAI:Q) 37 Inditex (ITX.MC:MAD) 23 Lakeland Financial Corporation (LKFN:Q) 37 Infinera Corporation (INFN:Q) 64 Landmark Infrastructure Partners LP (LMRK:Q) 69 Infinity Property and Casualty Corporation (IPCC:Q) 40 Landstar System, Inc. (LSTR:Q) 73 Innergex Renewable Energy, Inc. (INE:T) 31 Lannett Company, Inc. (LCI:N) 48 Insight Enterprises, Inc. (NSIT:Q) 67 Lanxess (LXSG.DE:ETR) 53 Insperity (NSP:N) 44 Laredo Petroleum Inc. (LPI:N) 25 Instructure, Inc. (INST:N) 63 LaSalle Hotel Properties (LHO:N) 57 Insulet (PODD:Q) 47 LATAM Airlines Group S.A. (LFL:N) 72 Intact Financial Corporation (IFC:T) 42 Lazard Ltd (LAZ:N) 39 Integra Gold Corporation (ICG:V) 55 La-Z-Boy Inc. (LZB:N) 19 Integra LifeSciences Corp. (IART:Q) 47 LegacyTexas Financial Group, Inc. (LTXB:Q) 37 Intel Corporation (INTC:Q) 68 Leggett & Platt (LEG:N) 19 Inteliquent (IQNT:Q) 69 Lending Club (LC:N) 65 Intelsat S.A. (I:N) 68 Lennar Corporation (LEN:N) 56 Inter Parfums, Inc. (IPAR:Q) 21 Leucrotta Exploration Inc. (LXE:V) 30 Inter Pipeline Ltd. (IPL:T) 32 Level 3 Communications Inc. (LVLT:N) 69 Intercontinental Exchange, Inc. (ICE:N) 39 Life Storage Inc. (LSI:N) 58 Intercontinental Hotels (IHG.L:L) 60 LifePoint Health, Inc. (LPNT:Q) 47 Interface, Inc. (TILE:Q) 19 Limelight Networks (LLNW:Q) 65 Interfor Corp. (IFP:T) 55 Linear Technology Corporation (LLTC:Q) 68 Internap Network Services Corp. (INAP:Q) 68 LKQ Corporation (LKQ:Q) 50 InterOil Corp. (IOC:N) 25 Loblaw Companies Ltd. (L:T) 22 InterRent REIT (IIP.UN:T) 59 Logitech International SA (LOGI:Q) 67 Interxion Holding NV (INXN:N) 68 L'Oréal (OREP.PA:EPA) 23 Intuit Inc. (INTU:Q) 65 Lowe's Companies, Inc. (LOW:N) 20 Intuitive Surgical, Inc. (ISRG:Q) 47 Lufthansa (LHAG.DE:ETR) 74 Investar Holding Corporation (ISTR:Q) 37 Lumber Liquidators Holdings, Inc. (LL:N) 20 InVivo Therapeutics (NVIV:Q) 45 Lumenpulse Inc. (LMP:T) 70 IPG Photonics (IPGP:Q) 62 Lumentum Holdings, Inc. (LITE:Q) 64 Iridium Communications Inc. (IRDM:Q) 68 Luxottica (LUX.MI:BIT) 23 iRobot Corporation (IRBT:Q) 62 LVMH (LVMH.PA:EPA) 23 J.B. Hunt Transport Services, Inc. (JBHT:Q) 73 MacDonald Dettwiler & Associates (MDA:T) 70 Jabil Circuit, Inc. (JBL:N) 64 MACOM Technology Solutions Holdings, Inc. (MTSI:Q) 68 Jernigan Capital, Inc. (JCAP:N) 58 MAG Silver (MAG:T) 55 Jeronimo Martins (JMT.LS:ELI) 23 Magellan Health (MGLN:Q) 44 JetBlue Airways (JBLU:Q) 73 Magellan Midstream Partners L.P. (MMP:N) 27 Johnson & Johnson (JNJ:N) 47 Main Street Capital Corp. (MAIN:N) 41 Juniper Networks, Inc. (JNPR:N) 64 Malibu Boats, Inc. (MBUU:Q) 21 Juno Therapeutics, Inc. (JUNO:Q) 45 Mallinckrodt PLC (MNK:N) 48 Kansas City Southern (KSU:N) 73 Mammoth Energy Services, Inc. (TUSK:Q) 29 Karyopharm Therapeutics Inc. (KPTI:Q) 45 Mandalay Resources Corp. (MND:T) 55 KB Home (KBH:N) 56 Manhattan Associates, Inc. (MANH:Q) 63 Kelt Exploration Ltd. (KEL:T) 30 Marathon Oil Corp. (MRO:N) 25 Kemper Corp. (KMPR:N) 40 Marathon Petroleum Corp. (MPC:N) 26 Kering (KER.PA:EPA) 23 MarineMax (HZO:N) 21 Keryx Biopharmaceuticals, Inc. (KERX:Q) 45 MarketAxess Holdings Inc. (MKTX:Q) 39 KeyCorp (KEY:N) 37 Marriott International, Inc. (MAR:Q) 57 Keyera Corp (KEY:T) 32 Marsh and McLennan Companies, Inc. (MMC:N) 39 Killam Apartment REIT (KMP.UN:T) 59 Martin Midstream Partners L.P. (MMLP:Q) 27 Kimco Realty Corporation (KIM:N) 58 Masco Corporation (MAS:N) 19 Kinder Morgan, Inc. (KMI:N) 27 Masimo Corp. (MASI:Q) 47 Kite Pharma, Inc. (KITE:Q) 45 Mastercard, Inc. (MA:N) 65 Kite Realty Group Trust (KRG:N) 58 Matador Resources Company (MTDR:N) 25 Knoll, Inc. (KNL:N) 19 Maxim Integrated (MXIM:Q) 68 KNOT Offshore Partners L.P. (KNOP:N) 27 MAXIMUS Inc. (MMS:N) 67

12 Raymond James Research Register - February 2017

Company Index

MB Financial, Inc. (MBFI:Q) 37 Newell Brands Inc. (NWL:N) 21 MCBC Holdings, Inc. (MCFT:Q) 21 Newfield Exploration Company (NFX:N) 25 McDonald's Corporation (MCD:N) 21 Newpark Resources (NR:N) 29 McKesson Corporation (MCK:N) 46 Newtek Business Services Corp. (NEWT:Q) 41 MDC Holdings (MDC:N) 56 Nexity (NEXI.PA:EPA) 53 MedEquities Realty Trust, Inc. (MRT:N) 57 NexJ Systems Inc. (NXJ:T) 70 MEDNAX, Inc. (MD:N) 44 NGL Energy Partners L.P. (NGL:N) 27 MEG Energy Corp. (MEG:T) 31 NH Hoteles (NHH.MC:MAD) 60 Meggitt (MGGT.L:L) 52 NIC Inc. (EGOV:Q) 67 Melia Hotels International (MEL.MC:MAD) 60 Nimble Storage (NMBL:N) 64 Mercantile Bank Corp. (MBWM:Q) 37 Nivalis Therapeutics, Inc. (NVLS:Q) 45 Mercer International Inc. (MERC:Q) 55 Noble Corp plc (NE:N) 28 Mercury General Corporation (MCY:N) 40 Noble Energy, Inc. (NBL:N) 25 Meridian Bioscience, Inc. (VIVO:Q) 46 Nokia (NOK:N) 64 Merit Medical Systems Inc. (MMSI:Q) 47 Norbord Inc. (OSB:T) 55 Meta Financial Group, Inc. (CASH:Q) 37 Norfolk Southern Corp. (NSC:N) 73 Methanex (MEOH:Q) 51 North American Energy Partners (NOA:T) 51 Metro (MEOG.DE:ETR) 23 Northern Oil & Gas Inc. (NOG:M) 25 Metro, Inc. (MRU:T) 22 Northern Trust Corporation (NTRS:Q) 37 The Michaels Companies, Inc. (MIK:Q) 20 Northland Power, Inc. (NPI:T) 31 Microsemi Corporation (MSCC:Q) 68 NOW Inc. (DNOW:N) 50 Microsoft (MSFT:Q) 65 Nuance Communications, Inc. (NUAN:Q) 67 Mid-America Apartment Communities, Inc. (MAA:N) 58 NuStar Energy L.P. (NS:N) 27 MidSouth Bancorp, Inc. (MSL:N) 37 NuStar GP Holdings, LLC (NSH:N) 27 MidWestOne Financial Group, Inc. (MOFG:Q) 37 Nutanix, Inc. (NTNX:Q) 64 Milestone Apartments REIT (MST.UN:T) 59 NuVista Energy Ltd. (NVA:T) 30 MiX Telematics Limited (MIXT:N) 63 NVIDIA Corporation (NVDA:Q) 68 MobileIron, Inc. (MOBL:Q) 65 NXP Semiconductors N.V. (NXPI:Q) 68 Mobileye N.V. (MBLY:N) 66 O`Reilly Automotive, Inc. (ORLY:Q) 20 Model N, Inc. (MODN:N) 63 Oasis Petroleum Inc. (OAS:N) 26 Mohawk Industries (MHK:N) 19 Occidental Petroleum Corp. (OXY:N) 26 Molina Healthcare (MOH:N) 44 Ocean Rig UDW (ORIG:Q) 28 Monolithic Power Systems, Inc. (MPWR:Q) 68 OceanaGold Corp. (OGC:T) 55 Monroe Capital Corp. (MRCC:Q) 41 Oil States International, Inc. (OIS:N) 28 Moody's Corporation (MCO:N) 39 Old Dominion Freight Line, Inc. (ODFL:Q) 73 Motorola Solutions, Inc. (MSI:N) 67 Old Line Bancshares Inc. (OLBK:Q) 37 MPLX L.P. (MPLX:N) 27 Old National Bancorp (ONB:Q) 37 MRC Global (MRC:N) 50 Old Republic International Corp. (ORI:N) 40 MSC Industrial Direct (MSM:N) 50 ON Semiconductor Corporation (ON:Q) 68 MSCI Inc. (MSCI:N) 39 OnDeck Capital, Inc. (ONDK:N) 65 MTU Aero Engines (MTXGn.DE:ETR) 52 OneMain Holdings, Inc. (OMF:N) 41 Mullen Group Ltd. (MTL:T) 31 Open Text (OTEX:Q) 70 Murphy Oil Corp. (MUR:N) 25 Oracle Corp. (ORCL:N) 65 Murphy USA Inc. (MUSA:N) 20 Orange (ORA.PA:EPA) 71 Mylan N.V. (MYL:Q) 48 Orange Belgium (OBEL.BR:EBR) 71 Nabors Industries Ltd. (NBR:N) 29 OraSure Technologies, Inc. (OSUR:Q) 46 NantKwest, Inc. (NK:Q) 45 ORBCOMM, Inc. (ORBC:Q) 68 NAPEC Inc. (NPC:T) 51 Orezone Gold Corp. (ORE:V) 55 Nasdaq Inc. (NDAQ:Q) 39 Organovo Holdings, Inc. (ONVO:Q) 45 National Commerce Corporation (NCOM:Q) 37 Pacific Continental Corporation (PCBK:Q) 37 National Fuel Gas Company (NFG:N) 25 Pacific Drilling (PACD:N) 28 National Oilwell Varco Inc. (NOV:N) 28 Pacific Premier Bancorp, Inc. (PPBI:Q) 37 National Retail Properties, Inc. (NNN:N) 57 PacWest Bancorp (PACW:Q) 37 Natus Medical Inc. (BABY:Q) 47 Painted Pony Petroleum Ltd. (PPY:T) 30 NeoGenomics, Inc. (NEO:Q) 45 Palo Alto Networks (PANW:N) 65 NeoPhotonics Corporation (NPTN:N) 64 Pan American Silver (PAAS:Q) 55 NetApp, Inc. (NTAP:Q) 64 Pandora Media, Inc. (P:N) 66 Netflix Inc. (NFLX:Q) 66 Panera Bread Co. (PNRA:Q) 21 NETGEAR, Inc. (NTGR:Q) 67 Paragon Commercial Corporation (PBNC:Q) 37 NeuroDerm Ltd. (NDRM:Q) 45 Paramount Resources Ltd. (POU:T) 30 New Relic, Inc. (NEWR:N) 65 PAREXEL (PRXL:Q) 48 New York Community Bancorp, Inc. (NYCB:N) 37 Park Sterling Corporation (PSTB:Q) 37

Raymond James Research Register - February 2017 13

Company Index

Parsley Energy, Inc. (PE:N) 26 QUALCOMM, Inc. (QCOM:Q) 67 Patheon N.V. (PTHN:N) 48 Quality Systems Inc. (QSII:Q) 46 Pattern Energy Group Inc. (PEGI:Q) 31 Quest Diagnostics Inc. (DGX:N) 45 Patterson-UTI Energy, Inc. (PTEN:Q) 29 Quidel Corporation (QDEL:Q) 46 Paylocity Holding Corporation (PCTY:Q) 63 Quintiles IMS Holdings (Q:N) 48 PayPal Holdings, Inc. (PYPL:Q) 65 Raging River Exploration Inc. (RRX:T) 30 PBF Energy, Inc. (PBF:N) 26 Rallye (GENC.PA:EPA) 23 PBF Logistics L.P. (PBFX:N) 27 Ramco-Gershenson Properties Trust (RPT:N) 58 Pebblebrook Hotel Trust (PEB:N) 57 Range Resources Corp. (RRC:N) 26 Pembina Pipeline Corp. (PPL:T) 32 Rapid7, Inc. (RPD:Q) 65 Pengrowth Energy Corporation (PGF:T) 30 Rayonier, Inc. (RYN:N) 58 Penn West Petroleum Ltd. (PWT:T) 30 RB (RB.L:L) 23 PennTex Midstream Partners L.P. (PTXP:Q) 27 Realty Income (O:N) 57 Peoples Bancorp Inc. (PEBO:Q) 37 Red Hat, Inc. (RHT:N) 65 Pernod Ricard (PERP.PA:EPA) 22 Red Robin Gourmet Burgers, Inc. (RRGB:Q) 21 Perrigo Company PLC (PRGO:N) 48 Redknee Solutions Inc. (RKN:T) 70 Petrofac (PFC.L:L) 32 Regency Centers Corp. (REG:N) 58 Petróleo Brasileiro S.A. (PBR:N) 26 Regeneron Pharmaceuticals, Inc. (REGN:Q) 45 Peyto Exploration and Development (PEY:T) 30 Regions Financial Corporation (RF:N) 38 PGT Innovations, Inc. (PGTI:N) 19 Remy Cointreau (RCOP.PA:EPA) 22 Phillips 66 (PSX:N) 26 Renasant Corporation (RNST:Q) 38 Phillips 66 Partners L.P. (PSXP:N) 27 Rent-A-Center Inc. (RCII:Q) 20 Physicians Realty Trust (DOC:N) 57 Repsol (REP.MC:MAD) 32 Pier 1 Imports Incorporated (PIR:N) 20 Republic Services, Inc. (RSG:N) 50 Pinnacle Financial Partners, Inc. (PNFP:Q) 37 Retail Opportunity Investments Corp. (ROIC:Q) 58 Pioneer Energy Services Corp (PES:N) 29 RH (RH:N) 20 Pioneer Natural Resources Company (PXD:N) 26 RingCentral, Inc. (RNG:N) 63 Plains All American Pipeline L.P. (PAA:N) 27 RioCan REIT (REI.UN:T) 59 Plains GP Holdings L.P. (PAGP:N) 27 Ritchie Bros. Auctioneers (RBA:N) 51 Plantronics, Inc. (PLT:N) 67 Rite Aid Corporation (RAD:N) 46 Plaza Retail REIT (PLZ.UN:T) 59 Riverview Bancorp, Inc. (RVSB:Q) 38 PNC Financial Services Group, Inc. (PNC:N) 37 RLJ Lodging Trust (RLJ:N) 57 Polaris Industries (PII:N) 21 RMP Energy Inc. (RMP:T) 30 Potash Corp. of Saskatchewan Inc. (POT:N) 54 Rocky Mountain Dealerships Inc. (RME:T) 51 Potlatch Corporation (PCH:Q) 58 Rolls-Royce (RR.L:L) 52 PRA Group Inc. (PRAA:Q) 41 Roper Technologies (ROP:N) 62 PrairieSky Royalty Ltd. (PSK:T) 30 Rowan Companies (RDC:N) 28 Praxair, Inc. (PX:N) 50 Roxgold Inc. (ROG:V) 55 Precision Drilling Corporation (PD:T) 31 Royal Dutch Shell plc (RDSb.L:AMS) 32 Preferred Bank (PFBC:Q) 37 RPC, Inc. (RES:N) 29 Premier, Inc. (PINC:Q) 46 RSP Permian, Inc. (RSPP:N) 26 Prestige Brands Holdings Inc. (PBH:N) 21 RTI Surgical Inc. (RTIX:Q) 47 priceline.com Incorporated (PCLN:Q) 66 Rubicon Project, Inc. (RUBI:N) 66 PrivateBancorp, Inc. (PVTB:Q) 38 Russel Metals (RUS:T) 52 ProAssurance Corp. (PRA:N) 40 Ruth`s Hospitality Group, Inc. (RUTH:Q) 21 The Procter & Gamble Company (PG:N) 21 RWE (RWEG.DE:ETR) 33 Progressive Corporation (PGR:N) 40 Ryanair Holdings plc (RYAAY:Q) 73 Prospect Capital Corporation (PSEC:Q) 41 Ryman Hospitality Properties Inc. (RHP:N) 57 Prosperity Bancshares, Inc. (PB:N) 38 S&P Global Inc. (SPGI:N) 39 Proteon Therapeutics, Inc. (PRTO:Q) 45 S&T Bancorp, Inc. (STBA:Q) 38 Proximus (PROX.BR:EBR) 71 Sabra Health Care REIT, Inc. (SBRA:Q) 57 Public Storage (PSA:N) 58 Safran (SAF.PA:EPA) 52 PulteGroup Inc. (PHM:N) 56 Sage Therapeutics, Inc. (SAGE:Q) 45 Puma (PUMG.DE:ETR) 23 Saia, Inc. (SAIA:Q) 73 Pure Gold Mining Inc. (PGM:V) 55 Saint-Gobain (SGOB.PA:EPA) 53 Pure Industrial Real Estate Trust (AAR.UN:T) 59 Saipem (SPMI.MI:BIT) 32 Pure Storage, Inc. (PSTG:N) 64 salesforce.com, Inc. (CRM:N) 63 Q2 Holdings Inc. (QTWO:N) 63 Sally Beauty Holdings Inc. (SBH:N) 21 QCR Holdings, Inc. (QCRH:Q) 38 Salvatore Ferragamo (SFER.MI:BIT) 23 QEP Resources, Inc. (QEP:N) 26 Saul Centers, Inc. (BFS:N) 58 Qorvo, Inc. (QRVO:Q) 68 Savanna Energy Services (SVY:T) 31 QTS Realty Trust (QTS:N) 68 SBA Communications (SBAC:Q) 68

14 Raymond James Research Register - February 2017

Company Index

ScanSource, Inc. (SCSC:Q) 67 STERIS plc (STE:N) 47 Schlumberger Ltd. (SLB:N) 28 Stock Yards Bancorp Inc. (SYBT:Q) 38 The Scotts Miracle-Gro Company (SMG:N) 21 Stonegate Bank (SGBK:Q) 38 Seacoast Banking Corporation of Florida (SBCF:Q) 38 StoneMor Partners L.P. (STON:N) 46 Secure Energy Services Inc. (SES:T) 31 StorageVault Canada Inc. (SVI:V) 59 SEI Investments Co. (SEIC:Q) 39 STORE Capital Corporation (STOR:N) 57 Select Comfort Corp. (SCSS:Q) 19 Storm Resources Ltd. (SRX:V) 30 SEMAFO Inc. (SMF:T) 55 Strad Energy Services Ltd. (SDY:T) 31 SemGroup Corporation (SEMG:N) 27 Street Capital Group (SCB:T) 42 Semtech Corporation (SMTC:Q) 68 Strongco Corp. (SQP:T) 51 Senior (SNR.L:L) 52 Stuart Olson Inc. (SOX:T) 51 Senior Housing Properties Trust (SNH:Q) 57 Student Transportation Inc. (STB:Q) 73 Senseonics Holdings, Inc. (SENS:M) 47 Suburban Propane Partners L.P. (SPH:N) 28 Service Corporation International (SCI:N) 46 Suez Environnement (SEVI.PA:EPA) 33 ServiceNow, Inc. (NOW:N) 65 Summit Hotel Properties, Inc. (INN:N) 57 ServisFirst Bancshares, Inc. (SFBS:Q) 38 Suncor Energy Inc (SU:T) 32 Seven Generations Energy Ltd. (VII:T) 30 Sunoco L.P. (SUN:N) 28 SFR Group (SFR.PA:EPA) 71 SunPower Corp. (SPWR:Q) 29 Shenandoah Telecommunications Co. (SHEN:Q) 69 Sunstone Hotel Investors, Inc. (SHO:N) 57 Shopify Inc. (SHOP:N) 63 SunTrust Banks, Inc. (STI:N) 38 Shutterfly, Inc. (SFLY:Q) 66 Superior Energy Services, Inc. (SPN:N) 29 Shutterstock, Inc. (SSTK:N) 66 Superior Plus Corporation (SPB:T) 51 Sienna Senior Living Inc. (SIA:T) 59 Surgery Partners, Inc. (SGRY:Q) 44 Sierra Bancorp (BSRR:Q) 38 SVB Financial Group (SIVB:Q) 38 Sierra Wireless (SWIR:Q) 70 Swift Transportation Company (SWFT:N) 73 Signature Bank (SBNY:Q) 38 Symantec Corp. (SYMC:Q) 65 Silver Spring Networks, Inc. (SSNI:N) 29 Symrise (SY1G.DE:ETR) 53 Silvercorp Metals Inc. (SVM:T) 55 Synchronoss Technologies, Inc. (SNCR:Q) 67 Simmons First National Corporation (SFNC:Q) 38 Synergy Resources Corporation (SYRG:M) 26 Simon Property Group, Inc. (SPG:N) 57 Syngenta (SYNN.VX:SWF) 53 Sky (SKY.L:L) 71 SYNNEX Corporation (SNX:N) 67 SkyWest, Inc. (SKYW:Q) 73 Synovus Financial Corp. (SNV:N) 38 Skyworks Solutions (SWKS:Q) 68 Tahoe Resources Inc. (THO:T) 55 Slate Retail REIT (SRT.U:T) 59 TalkTalk Telecom Group (TALK.L:L) 71 Sleep Country Canada Holdings Inc. (ZZZ:T) 22 Tangoe Inc. (TNGO:Q) 63 SM Energy Company (SM:N) 26 Targa Resources Corp. (TRGP:N) 28 SmartREIT (SRU.UN:T) 59 Tarkett S.A. (TKTT.PA:EPA) 53 SNC-Lavalin (SNC:T) 51 Taubman Centers, Inc. (TCO:N) 57 Sodexo (EXHO.PA:EPA) 23 TCF Financial Corporation (TCB:N) 38 Solvay (SOLB.BR:EBR) 53 TCP Capital Corp. (TCPC:Q) 41 Southcross Energy Partners L.P. (SXE:N) 28 TD Ameritrade Holding Corporation (AMTD:Q) 39 Southwest Airlines Co. (LUV:N) 73 Tech Data Corporation (TECD:Q) 67 Southwest Bancorp, Inc. (OKSB:Q) 38 TechnipFMC plc (FTI:N) 28 Southwestern Energy Company (SWN:N) 26 Teekay Corporation (TK:N) 28 Spectra Energy Corp. (SE:N) 28 Teekay LNG Partners L.P. (TGP:N) 28 Spectra Energy Partners L.P. (SEP:N) 28 Teekay Offshore Partners L.P. (TOO:N) 28 Spectranetics Corp (SPNC:Q) 47 Telecom Italia (TLIT.MI:BIT) 71 Spectrum Brands Holdings, Inc. (SPB:N) 21 Teleflex, Inc. (TFX:N) 47 Spirit Airlines, Inc. (SAVE:Q) 73 Telefonica (TEF.MC:MCE) 71 Spirit Realty Capital, Inc. (SRC:N) 57 Telenet Group (TNET.BR:EBR) 71 Splunk Inc. (SPLK:Q) 65 Telephone and Data Systems, Inc. (TDS:N) 69 Sprague Resources L.P. (SRLP:N) 28 Telia Company (TELIA.ST:STO) 71 Sprint Corp. (S:N) 69 Teligent, Inc. (TLGT:Q) 48 SS&C Technologies Holdings, Inc. (SSNC:Q) 39 Tempur Sealy International, Inc. (TPX:N) 19 St. Joe Company (JOE:N) 56 Tenet Healthcare Corporation (THC:N) 47 STAG Industrial Inc. (STAG:N) 58 Territorial Bancorp Inc. (TBNK:Q) 38 Stanley Black & Decker (SWK:N) 19 Tesaro, Inc. (TSRO:Q) 45 Stantec Inc (STN:T) 51 Tesoro Corp. (TSO:N) 26 State Street Corporation (STT:N) 38 Tesoro Logistics L.P. (TLLP:N) 28 Steelcase, Inc. (SCS:N) 19 TETRA Technologies Inc. (TTI:N) 29 Stellus Capital Investment Corporation (SCM:N) 41 Teva Pharmaceutical Industries, Ltd. (TEVA:N) 48 Stericycle Inc. (SRCL:Q) 47 Texas Capital Bancshares, Inc. (TCBI:Q) 38

Raymond James Research Register - February 2017 15

Company Index

Texas Instruments Incorporated (TXN:Q) 68 UrtheCast Corp. (UR:T) 70 Texas Roadhouse, Inc. (TXRH:Q) 21 USA Compression Partners L.P. (USAC:N) 28 TG Therapeutics, Inc. (TGTX:Q) 45 Valero Energy Corp. (VLO:N) 26 Thales (TCFP.PA:EPA) 52 Valero Energy Partners L.P. (VLP:N) 28 THL Credit, Inc. (TCRD:Q) 41 Vantiv, Inc. (VNTV:N) 65 Timbercreek Financial Corp. (TF:T) 59 VCA Inc. (WOOF:Q) 44 T-Mobile US Inc. (TMUS:Q) 69 Veeva Systems Inc. (VEEV:N) 63 Tod's Group (TOD.MI:BIT) 23 Ventas, Inc. (VTR:N) 57 Toll Brothers, Inc. (TOL:N) 56 Veolia Environnement (VIE.PA:EPA) 33 The Toro Company (TTC:N) 19 Verastem, Inc. (VSTM:Q) 45 Toromont Industries (TIH:T) 51 Verbund (VERB.VI:WBAG) 33 Total (TOTF.PA:EPA) 32 Veresen Inc. (VSN:T) 32 Tourmaline Oil Corp. (TOU:T) 30 Verifone Systems, Inc. (PAY:N) 65 TowneBank (TOWN:Q) 38 Verisk Analytics Inc. (VRSK:Q) 39 TPG Specialty Lending, Inc. (TSLX:N) 41 Verizon Communications (VZ:N) 69 TPI Composites, Inc. (TPIC:Q) 29 Vertex Pharmaceuticals Inc. (VRTX:Q) 45 Tractor Supply Co. (TSCO:Q) 20 ViaSat, Inc. (VSAT:Q) 68 The Trade Desk, Inc. (TTD:Q) 66 Victoria Gold Corporation (VIT:V) 55 TransAlta Renewables Inc. (RNW:T) 31 Vinci (SGEF.PA:EPA) 53 TransEnterix, Inc. (TRXC:M) 47 Viper Energy Partners L.P. (VNOM:Q) 26 TransGlobe Energy Corp. (TGA:Q) 26 Visa, Inc. (V:N) 65 Transocean (RIG:N) 28 Visteon Corporation (VC:N) 66 TravelCenters of America LLC (TA:Q) 20 Vivendi (VIV.PA:EPA) 71 The Travelers Companies, Inc. (TRV:N) 40 VMware (VMW:N) 65 Tree Island Steel Ltd. (TSL:T) 52 Vocera Communications, Inc. (VCRA:N) 46 Triangle Capital Corporation (TCAP:N) 41 Vodafone (VOD.L:L) 71 Trican Well Service (TCW:T) 31 W.W. Grainger, Inc. (GWW:N) 50 TriCo Bancshares (TCBK:Q) 38 Wajax Corp. (WJX:T) 51 Tricon Capital Group Inc. (TCN:T) 59 Walgreens Boots Alliance Inc. (WBA:Q) 46 Trilogy Energy Corp. (TET:T) 30 Wal-Mart Stores Inc. (WMT:N) 20 Trimble Inc. (TRMB:Q) 62 Washington Federal, Inc. (WAFD:Q) 38 Trina Solar Limited (TSL:N) 29 Washington REIT (WRE:N) 58 Trinidad Drilling Ltd. (TDG:T) 31 WashingtonFirst Bankshares, Inc. (WFBI:Q) 38 Trinity Biotech plc (TRIB:Q) 46 Waste Connections, Inc. (WCN:N) 50 TripAdvisor, Inc. (TRIP:Q) 66 Waste Management, Inc. (WM:N) 50 True North Commercial REIT (TNT.UN:T) 59 Wayfair, Inc. (W:N) 66 Trustmark Corporation (TRMK:Q) 38 WCI Communities, Inc. (WCIC:N) 56 Twitter, Inc. (TWTR:N) 66 Weatherford (WFT:N) 28 U.S. Bancorp (USB:N) 38 WebMD Health Corp (WBMD:Q) 46 U.S. Cellular (USM:N) 69 Webster Financial Corp. (WBS:N) 38 U.S. Ecology, Inc. (ECOL:Q) 50 WellCare Health Plans (WCG:N) 44 U.S. Geothermal (HTM:M) 31 Wells Fargo & Co. (WFC:N) 38 Ubiquiti Networks, Inc. (UBNT:Q) 67 Welltower Inc. (HCN:N) 57 Ulta Salon, Cosmetics & Fragrance, Inc. (ULTA:Q) 21 WesBanco, Inc. (WSBC:Q) 38 Ultimate Software Group Inc. (ULTI:Q) 63 WESCO International (WCC:N) 50 Ultragenyx Pharmaceutical Inc. (RARE:Q) 45 West Fraser Timber (WFT:T) 55 UMB Financial Corporation (UMBF:Q) 38 Western Energy Services Corp. (WRG:T) 31 Umpqua Holdings Corp. (UMPQ:Q) 38 Western Forest Products Inc. (WEF:T) 55 Under Armour Inc. (UAA:N) 19 Western Refining Logistics L.P. (WNRL:N) 28 Union Bankshares Corporation (UBSH:Q) 38 Western Refining, Inc. (WNR:N) 26 Union Pacific Corp. (UNP:N) 73 WesternOne Inc. (WEQ:T) 52 Uniper (UN01.DE:ETR) 33 WestJet Airlines (WJA:T) 74 Unit Corporation (UNT:N) 29 Weyerhaeuser Company (WY:N) 58 United Bankshares, Inc. (UBSI:Q) 38 Whirlpool Corp. (WHR:N) 19 United Community Banks, Inc. (UCBI:Q) 38 Whitbread (WTB.L:L) 60 United Continental Holdings, Inc. (UAL:N) 72 Whitecap Resources Inc. (WCP:T) 30 United Insurance Holdings Corp. (UIHC:Q) 40 Whiting Petroleum Corp. (WLL:N) 26 United Parcel Service (UPS:N) 73 WildHorse Resource Development Corporation (WRD:N) 26 UnitedHealth Group (UNH:N) 44 The Williams Companies, Inc. (WMB:N) 28 Universal American Corp. (UAM:N) 44 Williams Partners L.P. (WPZ:N) 28 Universal Health Services, Inc. (UHS:N) 47 Williams-Sonoma (WSM:N) 20 Upland Software, Inc. (UPLD:Q) 63 Willis Towers Watson plc (WLTW:Q) 39

16 Raymond James Research Register - February 2017

Company Index

Windstream Holdings Inc. (WIN:Q) 69 Yahoo! Inc. (YHOO:Q) 66 Winpak Ltd. (WPK:T) 22 Yangarra Resources Ltd. (YGR:T) 30 Wintrust Financial Corporation (WTFC:Q) 38 Yara (YAR.OL:OSL) 53 Wix.com Ltd. (WIX:Q) 66 Yelp, Inc. (YELP:N) 66 Wood Group (WG.L:L) 32 YPF S.A. (YPF:N) 26 Workiva Inc. (WK:N) 63 Zayo Group Holdings, Inc. (ZAYO:N) 69 WPX Energy Inc. (WPX:N) 26 ZCL Composites (ZCL:T) 52 WSP Global Inc. (WSP:T) 51 Zillow Group, Inc. (Z:Q) 66 Xenia Hotels & Resorts, Inc. (XHR:N) 57 Zions Bancorporation (ZION:Q) 38 Xilinx, Inc. (XLNX:Q) 68 ZIOPHARM Oncology, Inc. (ZIOP:Q) 45 XPO Logistics, Inc. (XPO:N) 73 Zodiac Aerospace (ZODC.PA:EPA) 52 Yadkin Financial Corporation (YDKN:N) 38

Raymond James Research Register - February 2017 17

Consumer

USA Canada Europe Building Products ...... 19 Consumer & Retail...... 22 Consumer Goods ...... 22 Appliances and Other Building Products ...... 19 Beverages ...... 22 Floor Covering ...... 19 Eyecare & Eyewear ...... 23 Tools and Outdoor Power Equipment ...... 19 Home & Personal Care ...... 23 Furniture & Furnishings Suppliers ...... 19 Luxury Goods ...... 23 Office Furniture ...... 19 Foodservices ...... 23 Residential Furniture ...... 19 Retail ...... 23 Hardline Retail ...... 19 Apparel...... 23 Active Lifestyle Brand ...... 19 Consumer Electronics ...... 23 Automotive Aftermarket Retailers ...... 20 Food Retail ...... 23 Consumer Electronics Retailers ...... 20 Sporting Goods ...... 23 Convenience Stores ...... 20 Hardline Retail ...... 20 Sporting Goods ...... 20 Value Retailers ...... 20 Home & Other Retailers ...... 20 Big Box Retailers ...... 20 Furniture & Furnishings ...... 20 Household & Personal Care Products ...... 21 Leisure Products ...... 21 Restaurants ...... 21

Raymond James Research Register - February 2017 18

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

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

Building Products Appliances and Other Building Products Masco Corporation MAS N 2 H/GRW 33.64 37.00 37.38 23.10 21.6 1.19 1.56 1.92 Dec 11,068 1.2 SD,BB PGT Innovations, Inc. PGTI N 1 H/GRW 11.65 12.50 12.49 8.69 22.0 0.58 0.53 0.65 Dec 591 0.0 SD,BB Whirlpool Corp. WHR N 3 M/INC 173.94 NM 194.10 128.24 11.5 12.38 14.06 A 15.15 Dec 13,272 2.3 SD,BB Floor Covering The Dixie Group DXYN Q 2 H/GRW 3.45 5.00 5.56 3.00 NM (0.03) (0.09) 0.11 Dec 54 0.0 SD,BB Interface, Inc. TILE Q 4 NM 18.10 NM 19.30 13.70 18.9 1.10 0.96 1.10 Dec 1,173 1.3 SD,BB Mohawk Industries MHK N 1 H/GRW 215.45 245.00 217.96 148.56 17.1 10.20 12.60 13.35 Dec 16,073 0.0 SD,BB Tools and Outdoor Power Equipment Briggs & Stratton BGG N 3 M/INC 20.89 NM 24.48 17.90 15.0 1.42 1.25 A 1.39 Jun 879 2.7 SD,BB Stanley Black & Decker SWK N 3 M/INC 124.10 NM 126.72 88.72 18.0 5.92 6.51 A 6.90 Dec 18,541 1.9 SD,BB The Toro Company TTC N 3 H/GRW 59.53 NM 59.91 34.79 25.9 1.78 2.06 A 2.30 Oct 6,650 1.2 SD,BB Furniture & Furnishings Suppliers Office Furniture Herman Miller MLHR Q 4 NM 31.00 NM 36.46 22.60 15.5 1.82 2.17 A 2.00 May 1,857 2.2 BB HNI Corporation HNI N 3 M/GRW 51.46 NM 56.96 30.58 19.5 2.58 2.64 3.00 Dec 2,290 2.1 BB Knoll, Inc. KNL N 3 H/GRW 26.99 NM 28.40 16.89 16.1 1.52 1.68 1.77 Dec 1,325 2.2 BB Steelcase, Inc. SCS N 3 M/GRW 16.60 NM 18.14 11.67 16.0 0.89 1.04 A 1.04 Feb 2,005 2.9 BB Residential Furniture Culp, Inc. CFI N 3 M/GRW 33.95 NM 37.80 22.72 17.0 1.55 1.86 A 2.00 Apr 418 0.9 BB Ethan Allen Interiors ETH N 3 H/GRW 29.50 NM 38.80 25.37 17.6 1.41 1.92 A 1.68 Jun 814 2.6 BB La-Z-Boy Inc. LZB N 3 H/GRW 29.25 NM 32.90 19.56 17.5 1.26 1.62 A 1.67 Apr 1,433 1.4 BB Leggett & Platt LEG N 3 M/INC 48.08 NM 54.63 39.25 19.0 2.34 2.53 2.60 Dec 6,428 2.8 BB Select Comfort Corp. SCSS Q 1 H/GRW 19.73 26.00 28.34 14.28 16.4 0.97 1.20 1.60 Dec 886 0.0 BB Tempur Sealy International, Inc. TPX N 2 H/GRW 65.07 75.00 82.32 50.55 16.6 3.19 3.92 4.62 Dec 3,800 0.0 BB Hardline Retail Active Lifestyle Brand Acushnet Holdings Corp. GOLF N 2 M/GRW 18.88 23.00 22.31 16.90 28.2 NM 0.67 1.14 Dec 1,399 0.0 DW Callaway Golf Co. ELY N 3 H/GRW 11.57 NM 12.56 8.05 32.1 0.17 0.36 0.30 Dec 1,099 0.3 DW Duluth Holdings Inc. DLTH Q 2 H/GRW 23.36 30.00 38.19 14.00 42.5 0.66 0.55 0.65 Feb 755 0.0 DW Under Armour Inc. UAA N 3 M/GRW 29.13 NM 47.95 28.29 48.5 0.53 0.60 0.65 Dec 12,637 0.0 DW

Raymond James Research Register - February 2017 19

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Consumer - USA Automotive Aftermarket Retailers Advance Auto Parts, Inc. AAP N 1 H/GRW 165.50 200.00 177.83 131.59 22.8 7.82 7.27 7.84 Dec 12,115 0.1 DW AutoZone, Inc. AZO N 1 M/GRW 729.89 930.00 819.54 681.01 16.0 36.03 40.70 A 45.70 Aug 24,743 0.0 DW O`Reilly Automotive, Inc. ORLY Q 1 M/GRW 263.00 330.00 292.84 226.51 24.5 9.29 10.72 12.45 Dec 28,588 0.0 DW Consumer Electronics Retailers Best Buy Company, Incorporated BBY N 1 M/GRW 45.23 53.00 49.40 26.10 13.7 2.60 2.78 A 3.29 Jan 15,930 2.5 DW Convenience Stores Casey's General Stores, Inc. CASY Q 2 H/GRW 112.04 139.00 136.22 98.80 22.2 4.62 5.73 A 5.05 Apr 4,391 0.9 BBL,DW Core-Mark Holding Company, Inc. CORE Q 2 M/GRW 36.75 46.00 50.00 31.54 26.3 1.17 1.40 1.66 Dec 1,698 1.0 BBL,DW CST Brands, Inc. CST N 3 H/GRW 48.15 NM 48.43 29.73 32.5 1.95 1.48 1.83 Dec 3,644 5.0 BBL,DW Murphy USA Inc. MUSA N 3 H/GRW 64.00 NM 80.44 53.91 15.6 3.24 4.10 4.43 Dec 2,470 0.0 BBL,DW TravelCenters of America LLC TA Q 3 H/GRW 7.20 NM 9.58 5.65 NM 0.93 0.02 0.41 Dec 280 0.0 BBL,DW Hardline Retail The Michaels Companies, Inc. (f) MIK Q 3 M/GRW 20.11 NM 31.37 19.95 10.8 1.72 1.87 1.99 Jan 4,114 0.0 DW Tractor Supply Co. TSCO Q 3 M/GRW 74.99 NM 97.25 61.50 23.1 3.00 3.25 3.50 Dec 10,626 1.3 DW Sporting Goods Cabela’s Inc. CAB N 3 H/GRW 56.65 NM 63.60 38.90 20.5 2.88 2.76 3.02 Dec 4,062 0.0 DW Dick`s Sporting Goods Inc. (f) DKS N 3 H/GRW 52.36 NM 62.88 36.06 16.7 2.87 3.14 3.71 Jan 6,555 1.2 DW Hibbett Sports, Inc. (f) HIBB Q 3 H/GRW 33.30 NM 45.85 29.71 11.5 2.87 2.89 3.08 Jan 869 0.0 DW Value Retailers Big Lots Inc. (f) BIG N 3 H/GRW 49.28 NM 56.54 35.86 13.5 3.01 3.65 3.96 Jan 2,745 1.7 DW Dollar General Corp. (f) DG N 1 M/GRW 71.69 90.00 96.88 66.50 16.3 3.96 4.41 4.61 Jan 22,245 1.4 DW Dollar Tree, Inc. (f) DLTR Q 3 H/GRW 76.17 NM 99.93 72.52 19.6 2.59 3.89 4.55 Jan 15,821 0.0 DW Home & Other Retailers Big Box Retailers Costco Wholesale Corporation COST Q 3 M/GRW 164.07 NM 169.59 138.57 27.8 5.25 5.33 A 5.91 Aug 72,083 1.1 BB The Home Depot Inc. (f) HD N 3 M/GRW 138.46 NM 139.37 109.62 21.8 5.40 6.34 7.22 Jan 168,921 2.0 BB Lowe's Companies, Inc. (f) LOW N 3 M/GRW 73.23 NM 83.65 62.62 18.7 3.29 3.92 4.50 Jan 63,695 1.9 BB Lumber Liquidators Holdings, Inc. LL N 3 H/SPEC 15.65 NM 20.10 10.01 NM (2.08) (2.59) (0.26) Dec 426 0.0 BB Wal-Mart Stores Inc. WMT N 1 M/GRW 66.73 80.00 75.19 62.35 15.5 5.07 4.59 A 4.30 Jan 206,396 3.0 BB Furniture & Furnishings Aaron's Inc. AAN N 3 M/GRW 30.95 NM 34.22 20.26 13.8 2.14 2.25 2.48 Dec 2,253 0.4 BB Bed Bath & Beyond (f) BBBY Q 3 M/GRW 40.40 NM 52.71 38.61 8.9 5.04 4.54 4.90 Feb 6,073 1.2 BB Haverty Furniture Companies Inc. HVT N 3 H/GRW 22.35 NM 24.55 16.57 19.6 1.20 1.14 1.21 Dec 472 2.1 BB Pier 1 Imports Incorporated PIR N 3 H/GRW 7.35 NM 9.68 3.73 18.8 0.84 0.46 A 0.39 Feb 610 3.8 BB Rent-A-Center Inc. RCII Q 3 H/INC 8.19 NM 16.37 7.86 10.9 2.03 0.75 0.00 Dec 435 3.9 BB RH RH N 3 H/GRW 27.09 NM 63.55 24.75 21.8 2.72 1.24 2.00 Jan 1,104 0.0 BB Williams-Sonoma (f) WSM N 3 M/GRW 48.73 NM 61.97 45.96 14.3 3.37 3.40 3.77 Jan 4,289 3.0 BB

Raymond James Research Register - February 2017 20

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Consumer - USA Household & Personal Care Products Church & Dwight Co., Inc. CHD N 3 M/GRW 46.10 NM 53.68 40.01 26.2 1.63 1.76 1.90 Dec 11,910 1.5 JA The Clorox Company CLX N 3 M/INC 121.65 NM 140.47 111.24 23.0 4.57 4.92 A 5.30 Jun 15,657 2.6 JA Estee Lauder Companies EL N 2 M/GRW 81.96 92.00 97.48 75.30 24.0 2.83 3.20 A 3.42 Jun 30,024 1.7 JA Inter Parfums, Inc. IPAR Q 3 M/GRW 32.40 NM 36.40 23.46 29.5 0.98 1.10 1.25 Dec 1,008 2.1 JA Newell Brands Inc. NWL N 1 M/GRW 46.35 57.00 55.45 33.26 16.1 2.18 2.88 3.00 Dec 22,369 1.6 JA Prestige Brands Holdings Inc. PBH N 3 H/GRW 52.50 NM 58.09 43.63 22.3 1.86 2.17 A 2.35 Mar 2,779 0.0 JA The Procter & Gamble Company PG N 3 M/GRW 86.60 NM 90.33 78.15 22.6 3.76 3.67 A 3.83 Jun 231,049 3.1 JA Sally Beauty Holdings Inc. SBH N 4 NM 24.61 NM 32.93 23.72 13.7 1.53 1.72 A 1.80 Sep 3,594 0.0 JA The Scotts Miracle-Gro Company SMG N 3 H/GRW 94.10 NM 98.82 62.72 22.4 3.53 3.75 A 4.20 Sep 5,740 2.1 JA Spectrum Brands Holdings, Inc. SPB N 2 H/GRW 132.77 143.00 138.95 89.54 22.5 4.31 5.20 A 5.90 Sep 7,887 1.3 JA Ulta Salon, Cosmetics & Fragrance, Inc. (f) ULTA Q 3 H/GRW 272.42 NM 278.63 146.77 42.6 4.98 6.40 7.85 Jan 16,976 0.0 JA Leisure Products Brunswick Corp. BC N 3 H/GRW 57.57 NM 58.83 37.31 14.4 2.41 2.98 A 4.00 Dec 5,250 1.1 JA Harley-Davidson, Inc. HOG N 4 NM 60.18 NM 62.35 36.36 15.6 3.69 3.85 4.15 Dec 10,790 2.1 JA Malibu Boats, Inc. MBUU Q 1 H/GRW 17.58 23.00 20.10 11.38 13.4 0.93 1.07 A 1.31 Jun 338 0.0 JA MarineMax HZO N 1 H/GRW 20.10 26.00 22.05 14.37 16.1 1.92 0.92 A 1.25 Sep 500 0.0 JA MCBC Holdings, Inc. MCFT Q 1 H/GRW 14.22 15.00 15.97 10.25 11.6 0.29 0.57 A 1.23 Jun 266 0.0 JA Polaris Industries PII N 3 M/GRW 87.14 NM 104.25 67.80 19.8 6.75 3.27 A 4.40 Dec 5,603 2.5 JA Restaurants Bloomin' Brands, Inc. BLMN Q 2 H/GRW 17.06 20.00 19.99 14.91 13.6 1.27 1.25 1.30 Dec 1,918 1.6 BV Brinker International EAT N 3 M/GRW 43.82 NM 55.84 43.30 14.2 3.09 3.55 A 3.08 Jun 2,213 3.1 BV Buffalo Wild Wings, Inc. BWLD Q 3 H/GRW 156.75 NM 175.10 122.25 29.3 4.97 5.35 6.20 Dec 2,884 0.0 BV Carrols Restaurant Group, Inc. TAST Q 1 H/GRW 14.95 17.00 15.50 9.60 26.7 0.23 0.56 0.70 Dec 671 0.0 BV Cheesecake Factory Inc. CAKE Q 3 M/GRW 60.04 NM 64.41 45.98 21.4 2.37 2.81 3.00 Dec 2,954 1.6 BV Chipotle Mexican Grill, Inc. CMG N 4 NM 418.73 NM 542.50 352.96 NM 15.10 0.78 8.00 Dec 12,227 0.0 BV Chuy's Holdings, Inc. CHUY Q 3 H/GRW 29.20 NM 37.78 25.87 27.8 0.93 1.05 1.16 Dec 496 0.0 BV Darden Restaurants DRI N 3 M/GRW 73.55 NM 79.43 55.77 18.8 2.63 3.53 A 3.92 May 9,186 3.0 BV Dave & Buster's Entertainment, Inc. PLAY Q 2 H/GRW 54.15 60.00 58.25 29.54 26.0 1.52 2.08 2.40 Jan 2,345 0.0 BV Del Frisco’s Restaurant Group, Inc. DFRG Q 2 H/GRW 17.45 19.00 18.50 13.01 21.8 0.80 0.80 0.88 Dec 408 0.0 BV DineEquity, Inc. DIN N 2 M/GRW 68.12 95.00 98.82 67.83 11.2 6.19 6.06 6.17 Dec 1,226 5.7 BV Fiesta Restaurant Group, Inc. FRGI Q 2 H/GRW 26.40 32.50 38.54 20.15 20.8 1.52 1.27 1.40 Dec 706 0.0 BV The Habit Restaurants, Inc. HABT Q 2 H/GRW 14.75 18.00 21.79 13.20 52.7 0.29 0.28 0.30 Dec 384 0.0 BV Kona Grill, Inc. KONA Q 2 H/GRW 8.65 11.00 16.83 8.55 NM (0.38) (0.82) (0.40) Dec 91 0.0 BV McDonald's Corporation MCD N 3 M/GRW 121.88 NM 131.96 110.33 20.0 4.97 5.72 A 6.10 Dec 101,124 3.1 BV Panera Bread Co. PNRA Q 3 M/GRW 210.00 NM 224.15 182.64 31.4 6.21 6.69 7.50 Dec 4,914 0.0 BV Red Robin Gourmet Burgers, Inc. RRGB Q 1 H/GRW 47.70 65.00 68.97 40.85 18.1 3.32 2.63 2.63 Dec 630 0.0 BV Ruth`s Hospitality Group, Inc. RUTH Q 2 M/GRW 16.90 20.00 19.65 13.74 17.4 0.87 0.97 1.12 Dec 536 1.7 BV Texas Roadhouse, Inc. TXRH Q 3 H/GRW 46.78 NM 50.51 34.95 26.9 1.37 1.74 1.98 Dec 3,321 1.6 BV

Raymond James Research Register - February 2017 21

52 Week EPS

Cap.

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Mkt. (Mil) % Div. Analyst/s

Consumer - CAN Kenric S. Tyghe, MBA [email protected] Consumer & Retail AIMIA (ae) AIM T 2 M/GRW C$8.79 12.50 9.51 6.91 NM 226 229 239 Dec 1,336 9.1 KT Canadian Tire Corporation CTC.A T 2 M/GRW C$142.30 165.00 147.00 107.05 15.7 8.28 9.09 10.37 Dec 10,388 1.8 KT Cara Operations Limited CARA T 3 M/GRW C$26.47 30.00 33.59 22.85 20.8 1.30 1.27 1.60 Dec 1,509 1.5 KT Cineplex Inc. CGX T 2 M/INC C$53.02 58.00 53.41 46.38 36.6 1.55 1.45 2.07 Dec 3,340 3.1 KT Dollarama DOL T 2 M/GRW C$99.74 115.00 104.94 70.40 27.6 2.19 3.00 A 3.61 Jan 11,869 0.4 KT Empire Company Limited EMP.A T 3 M/GRW C$16.36 18.00 27.03 14.74 22.4 1.87 1.50 A 0.73 Apr 4,453 2.5 KT Gildan Activewear GIL N 1 M/GRW US$25.64 36.00 32.20 22.43 17.1 1.47 1.50 1.74 Dec 5,974 1.2 KT Great Canadian Gaming GC T 3 H/GRW C$24.97 25.00 26.20 16.01 19.2 1.12 1.30 1.48 Dec 1,573 0.0 KT Loblaw Companies Ltd. L T 2 M/GRW C$69.55 80.00 74.59 62.33 17.0 3.45 4.08 4.39 Dec 28,307 1.5 KT Metro, Inc. MRU T 2 M/GRW C$39.96 50.00 48.19 38.60 15.3 2.03 2.39 A 2.62 Sep 9,347 1.6 KT Sleep Country Canada Holdings Inc. ZZZ T 2 M/INC C$29.07 34.00 34.15 15.57 21.9 1.05 1.33 1.61 Dec 1,105 1.9 KT Winpak Ltd. WPK T 2 M/GRW C$47.92 51.00 50.91 38.92 30.3 1.55 1.58 1.76 Dec 3,115 0.3 KT

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Consumer - EUR Hermine de Bentzmann, RJEE [email protected] Cedric Lecasble, RJEE [email protected] Julien Richer, CFA, RJEE [email protected] Consumer Goods Beverages Campari CPR.MI BIT 2 €9.53 11.10 10.28 6.88 28.9 0.32 0.33 0.45 Dec 5,534 0.9 HB Diageo DGE.L L 3 2,218p NM 2,287 1,725 21.1 88.80 89.40 A 105.20 Jun £55,827 2.7 HB Pernod Ricard PERP.PA EPA 3 €110.75 NM 111.65 90.00 19.5 4.99 5.20 A 5.67 Jun 29,395 1.8 HB Remy Cointreau RCOP.PA EPA 3 €85.80 NM 90.00 58.10 34.0 1.95 2.27 A 2.52 Mar 4,263 2.1 HB

Raymond James Research Register - February 2017 22

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Consumer - EUR Eyecare & Eyewear Essilor ESSI.PA EPA 2 €108.45 135.00 124.55 93.41 29.6 3.50 3.66 4.11 Dec 23,187 1.1 CL Luxottica LUX.MI BIT 2 €49.72 62.00 57.55 39.92 28.4 1.77 1.75 1.94 Dec 23,846 1.8 CL Home & Personal Care Beiersdorf BEIG.DE ETR 4 €82.23 71.00 85.88 75.00 27.3 2.92 3.01 3.24 Dec 20,722 0.9 HB BIC BICP.PA EPA 3 €122.30 NM 152.00 114.30 20.1 6.72 6.08 6.76 Dec 5,858 2.8 HB Henkel HNKG_p.DE ETR 1 €114.55 130.00 123.00 89.65 21.4 4.88 5.35 5.99 Dec 45,993 1.4 HB L'Oréal OREP.PA EPA 2 €171.30 191.00 177.90 146.20 26.5 6.18 6.47 6.96 Dec 95,890 1.9 HB RB RB.L L 3 6,842p NM 7,786 5,839 23.3 259.00 294.00 343.00 Dec £48,081 2.2 HB Luxury Goods Christian Dior DIOR.PA EPA 2 €203.50 190.00 207.30 133.75 20.2 7.92 9.00 A 10.08 Jun 36,976 1.8 HB Hermès RMS.PA EPA 2 €411.55 408.00 412.15 281.20 39.0 9.32 10.56 11.55 Dec 43,066 1.2 HB Kering KER.PA EPA 2 €228.55 264.00 231.15 136.55 23.0 8.07 9.93 11.69 Dec 28,859 1.9 HB LVMH LVMH.PA EPA 2 €190.45 210.00 193.35 130.55 20.9 7.51 8.13 A 9.12 Dec 96,583 2.1 HB Salvatore Ferragamo SFER.MI BIT 3 €24.69 NM 25.95 17.26 20.7 1.03 1.19 1.23 Dec 4,167 2.1 HB Tod's Group TOD.MI BIT 4 €67.05 58.00 74.80 45.62 25.8 3.03 2.60 2.88 Dec 2,219 2.7 HB Foodservices Autogrill AGL.BIT BIT 2 €8.23 10.00 8.95 6.11 18.7 0.31 0.44 0.48 Dec 2,089 2.2 JR Compass Group CPG.L L 3 1,392p NM 1,559 1,128 20.1 52.30 60.40 A 69.17 Sep £22,857 2.5 JR Edenred EDEN.PA EPA 2 €20.73 24.60 22.45 13.22 22.8 0.78 0.91 1.10 Dec 4,843 3.7 JR Elior ELIOR.PA EPA 2 €20.93 23.00 22.11 16.65 17.3 0.79 1.05 A 1.21 Sep 3,599 2.3 JR Sodexo EXHO.PA EPA 2 €104.40 114.00 111.15 81.75 20.8 4.60 4.77 A 5.01 Aug 16,046 2.6 JR Retail Apparel H&M HMb.ST STO 3 SEK235.00 NM 305.10 232.90 21.1 12.63 11.15 12.30 Nov 388,949 4.1 CL Inditex ITX.MC MAD 2 €30.84 36.00 33.47 26.60 30.2 0.92 1.02 1.15 Jan 96,119 2.2 CL Consumer Electronics Fnac FNAC.PA EPA 1 €61.12 70.00 69.50 46.04 19.5 3.33 3.13 3.27 Dec 1,198 0.0 CL Food Retail Ahold Delhaize AD.AS AMS 1 €20.02 23.50 22.20 17.89 17.6 1.10 1.14 1.32 Dec 25,464 2.8 CL Carrefour CARR.PA EPA 2 €23.30 28.00 26.74 20.90 14.9 1.54 1.56 1.81 Dec 17,620 3.9 CL Casino CASP.PA EPA 2 €50.74 53.00 55.34 38.20 32.3 3.23 1.57 2.93 Dec 5,632 6.1 CL Colruyt COLR.BR EBR 4 €45.01 40.00 54.98 44.06 17.5 2.49 2.57 2.62 Mar 6,734 2.6 CL Dia DIDA.MC MAD 1 €4.80 6.20 5.80 4.15 12.6 0.41 0.38 0.43 Dec 2,990 4.0 CL Jeronimo Martins JMT.LS ELI 3 €15.66 NM 16.40 11.88 26.5 0.53 0.59 0.69 Dec 9,855 2.0 CL Metro MEOG.DE ETR 1 €31.47 38.00 32.16 21.58 14.1 1.48 1.88 A 2.23 Sep 10,282 3.5 CL Rallye GENC.PA EPA 3 €20.55 NM 20.95 12.20 NM (0.28) E 0.71 2.29 Dec 1,003 8.9 CL Sporting Goods Adidas ADSGn.DE ETR 4 €155.40 125.00 160.30 84.77 33.5 3.44 4.64 5.59 Dec 32,513 1.5 CL Puma PUMG.DE ETR 3 €281.00 NM 285.00 167.15 71.0 2.48 3.96 6.63 Dec 4,237 0.2 CL

Raymond James Research Register - February 2017 23

Energy

USA Canada Europe Exploration and Production ...... 25 Intermediate Oil & Gas Producers ...... 30 Integrated Oil and Gas ...... 32 Independent Refiners ...... 26 Junior Oil & Gas Producers ...... 30 Oilfield Services ...... 32 Integrated Oil and Gas ...... 26 Oil & Gas Energy Services ...... 31 Diversified Oilfield Services ...... 32 Midstream Suppliers...... 27 Ancillary Wellsite Services ...... 31 Utilities ...... 33 Oilfield Services ...... 28 Blended Production/Midstream/Wellsite ...... 31 Electricity & Gas ...... 33 Compression ...... 28 Contract Drillers ...... 31 Environmental Services ...... 33 Diversified Oilfield Services ...... 28 Pressure Pumpers ...... 31 Manufacturing & Fabrication ...... 28 Workforce Accommodations ...... 31 Offshore Construction ...... 28 Oil Sands ...... 31

Offshore Drillers ...... 28 Power & Energy Infrastructure ...... 31 Onshore Drillers...... 29 Diversified & Utilities...... 31 Production/Workover/Miscellaneous ...... 29 Independent Power Producers ...... 31 Renewable Energy and Clean Technology ...... 29 Pipelines & Midstream ...... 32 Fuels and Chemicals ...... 29 Senior Oil & Gas Producers ...... 32 Power ...... 29 Water...... 29

Raymond James Research Register - February 2017 24

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Energy - USA J. Marshall Adkins [email protected] John Freeman, CFA [email protected] Darren Horowitz [email protected] Pavel Molchanov [email protected] Benjamin Brownlow [email protected] Justin Jenkins [email protected] Praveen Narra, CFA [email protected] Jean-Pierre Dmirdjian* [email protected]

Exploration and Production Anadarko Petroleum Corp. APC N 3 H/GRW 71.14 NM 73.33 33.52 NM (2.00) (3.07) 2.81 Dec 39,198 0.3 JF Antero Resources Corporation AR N 1 H/GRW 25.90 38.00 30.66 21.45 33.2 0.57 0.78 1.30 Dec 7,299 0.0 JF Apache Corporation APA N 2 H/GRW 62.55 71.00 69.00 33.23 NM (0.38) (0.44) 3.35 Dec 23,733 1.6 JF Black Stone Minerals L.P. (cu) BSM N 2 H/INC 18.91 21.00 19.86 10.71 16.7 0.79 1.13 1.23 Dec 3,610 6.1 JF Cabot Oil & Gas Corp. COG N 1 H/GRW 23.16 30.00 26.74 18.48 NM 0.13 (0.22) 0.42 Dec 10,773 0.3 JF California Resources Corporation CRC N 3 H/GRW 23.19 NM 25.50 2.81 NM (8.12) (7.32) 0.84 Dec 969 0.0 PM Carrizo Oil & Gas, Inc. CRZO Q 1 H/GRW 37.14 46.00 43.96 19.45 39.1 1.07 0.95 2.18 Dec 2,196 0.0 JF Chesapeake Energy Corp. CHK N 4 NM 7.12 NM 8.20 1.50 NM (0.21) (0.06) 1.09 Dec 5,523 0.0 JF Cimarex Energy Co. XEC N 3 H/GRW 141.16 NM 146.96 75.01 NM (0.59) 0.59 4.98 Dec 13,405 0.2 JF Clayton Williams Energy, Inc. CWEI N 3 H/GRW 146.46 NM 149.86 6.35 NM (5.81) (9.58) (4.99) Dec 2,562 0.0 JF Concho Resources Inc. CXO N 1 H/GRW 144.46 165.00 147.55 80.70 NM 0.98 0.40 0.77 Dec 18,638 0.0 JF ConocoPhillips COP N 3 M/INC 50.63 NM 53.17 31.05 NM (1.39) (2.45) 3.48 Dec 63,085 2.0 PM CONSOL Energy Inc. CNX N 3 H/GRW 19.31 NM 22.34 6.04 NM (0.41) (0.50) 0.17 Dec 4,430 0.2 JF Continental Resources Inc. CLR N 1 H/GRW 51.94 61.00 60.30 16.88 NM (0.31) (0.98) 1.63 Dec 19,452 0.0 JF Devon Energy Corporation DVN N 3 H/GRW 47.15 NM 50.69 18.07 NM 2.53 (0.17) 1.24 Dec 24,707 0.5 JF Diamondback Energy, Inc. FANG Q 2 H/GRW 106.70 114.00 113.23 63.76 79.0 1.78 1.35 4.27 Dec 7,651 0.0 JF Energen Corp. EGN N 2 H/GRW 54.23 62.00 64.44 20.76 NM 0.81 (1.39) 0.46 Dec 5,261 0.0 JF EOG Resources, Inc. EOG N 3 H/GRW 104.39 NM 109.37 62.53 NM 0.06 (1.83) 1.77 Dec 57,543 0.6 JF Hess Corp. HES N 2 H/GRW 56.17 75.00 65.56 34.02 NM (3.92) (4.93) (0.38) Dec 17,598 1.8 PM InterOil Corp. IOC N 3 H/SPEC 48.50 NM 51.49 24.77 NM (3.31) (2.16) (1.47) Dec 2,410 0.0 PM Kosmos Energy Ltd. KOS N 1 H/GRW 6.38 8.00 7.39 3.71 NM (0.11) (0.12) 0.26 Dec 2,463 0.0 PM Laredo Petroleum Inc. LPI N 2 H/GRW 14.28 16.00 16.47 3.90 28.0 0.21 0.51 0.96 Dec 3,455 0.0 JF Marathon Oil Corp. MRO N 1 M/GRW 17.75 23.00 19.28 6.52 NM (1.28) (0.99) 0.46 Dec 15,034 1.1 PM Matador Resources Company MTDR N 2 H/GRW 27.14 31.00 27.72 12.98 NM 0.79 0.03 1.96 Dec 2,537 0.0 JF Murphy Oil Corp. MUR N 3 M/INC 31.10 NM 37.48 15.23 15.6 (3.08) (1.36) A 2.00 Dec 5,355 3.2 PM National Fuel Gas Company NFG N 3 H/GRW 57.57 NM 59.62 43.02 18.5 2.97 3.10 A 3.12 Sep 4,900 2.8 JF Newfield Exploration Company NFX N 1 H/GRW 42.16 50.00 50.00 20.84 42.6 1.05 0.99 1.84 Dec 8,385 0.0 JF Noble Energy, Inc. NBL N 3 H/GRW 40.23 NM 42.03 26.71 NM 0.53 (0.92) 0.19 Dec 17,287 1.0 JF Northern Oil & Gas Inc. NOG M 3 H/GRW 3.80 NM 5.85 1.55 19.0 0.78 0.20 (0.02) Dec 240 0.0 JF

*Jean-Pierre Dmirdjian is a Raymond James Euro Equities SAS employee.

Raymond James Research Register - February 2017 25

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Energy - USA Exploration and Production Oasis Petroleum Inc. OAS N 1 H/GRW 14.97 20.00 17.08 4.01 NM 0.78 (0.59) 0.16 Dec 2,712 0.0 JF Occidental Petroleum Corp. OXY N 2 M/INC 68.55 85.00 78.48 62.25 NM 0.11 (0.92) 2.53 Dec 52,372 4.4 PM Parsley Energy, Inc. PE N 1 H/GRW 36.78 44.00 39.82 15.39 NM (0.18) 0.13 0.87 Dec 7,639 0.0 JF Pioneer Natural Resources Company PXD N 1 H/GRW 182.23 240.00 195.00 105.22 NM (0.12) (0.58) 0.94 Dec 30,928 0.0 JF QEP Resources, Inc. QEP N 1 H/GRW 18.59 27.00 21.12 9.17 NM 0.04 (1.20) (0.29) Dec 4,454 0.4 JF Range Resources Corp. RRC N 2 H/GRW 34.44 50.00 46.96 21.69 NM 0.46 (0.42) 0.39 Dec 8,510 0.2 JF RSP Permian, Inc. RSPP N 1 H/GRW 43.26 56.00 46.92 18.27 NM 0.56 (0.19) 1.14 Dec 4,397 0.0 JF SM Energy Company SM N 2 H/GRW 33.50 43.00 43.09 6.99 NM (0.54) (2.15) (1.24) Dec 2,910 0.3 JF Southwestern Energy Company SWN N 3 H/GRW 9.79 NM 15.59 5.30 NM 0.19 (0.02) 0.97 Dec 4,831 0.0 JF Synergy Resources Corporation SYRG M 1 H/GRW 8.67 11.00 10.38 5.01 NM 0.32 (0.05) 0.27 Dec 1,738 0.0 JF TransGlobe Energy Corp. TGA Q 2 H/GRW 1.78 5.00 2.25 1.15 NM (0.42) (0.64) 0.23 Dec 129 0.0 PM Viper Energy Partners L.P. (cu) VNOM Q 3 H/INC 16.05 NM 20.25 13.53 19.6 0.84 0.82 1.53 Dec 1,409 5.1 JF Whiting Petroleum Corp. WLL N 1 H/GRW 11.91 16.00 14.44 3.35 NM (0.78) (2.24) (0.40) Dec 3,387 0.0 JF WildHorse Resource Development Corporation WRD N 1 H/GRW 13.88 24.00 16.48 13.64 NM NA (0.03) 1.09 Dec 1,263 0.0 JF WPX Energy Inc. WPX N 2 H/GRW 14.27 17.00 16.17 3.51 NM (0.50) (0.78) (0.57) Dec 4,916 21.9 JF Independent Refiners Delek US Holdings, Inc. DK N 2 H/GRW 23.85 30.00 26.06 11.41 NM 1.68 (1.51) 0.50 Dec 1,474 2.5 JJ HollyFrontier Corp. HFC N 3 H/GRW 29.70 NM 39.17 22.07 70.7 4.72 0.42 2.50 Dec 5,227 4.4 JJ Marathon Petroleum Corp. MPC N 1 H/GRW 49.44 65.00 54.59 29.24 26.0 5.91 1.90 3.25 Dec 26,203 2.9 JJ PBF Energy, Inc. PBF N 3 H/GRW 23.78 NM 35.68 19.47 NM 4.25 (1.06) 2.25 Dec 2,452 5.0 JJ Phillips 66 PSX N 2 H/GRW 84.24 93.00 90.87 71.74 27.0 7.67 3.12 5.50 Dec 44,546 3.0 JJ Tesoro Corp. TSO N 3 H/GRW 81.94 NM 93.50 67.80 19.2 14.04 4.27 6.50 Dec 9,775 2.7 JJ Valero Energy Corp. VLO N 2 H/GRW 67.37 77.00 71.40 46.88 18.4 9.11 3.66 6.00 Dec 30,990 3.6 JJ Western Refining, Inc. WNR N 3 H/GRW 35.45 NM 40.09 18.14 24.6 4.88 1.44 2.75 Dec 3,521 4.3 JJ Integrated Oil and Gas BP plc (ed, r) BP N 3 M/INC 36.74 NM 38.68 27.01 44.8 1.93 0.82 3.70 Dec 115,804 6.5 PM,JPD Chevron Corp. CVX N 3 M/INC 116.55 NM 119.00 79.85 75.2 3.41 1.55 6.86 Dec 219,464 3.7 PM Ecopetrol S.A. (ed, r) EC N 3 H/GRW 9.45 NM 10.29 5.63 27.8 0.26 0.34 1.45 Dec 19,427 0.0 PM Exxon Mobil Corp. XOM N 4 NM 85.60 NM 95.55 73.55 39.3 3.85 2.18 5.79 Dec 357,637 3.5 PM Petróleo Brasileiro S.A. (ed, r) PBR N 3 H/GRW 10.91 NM 12.56 2.84 NM 0.00 0.05 1.38 Dec 71,157 0.0 PM YPF S.A. (ed, r) YPF N 2 H/GRW 22.14 23.00 22.79 14.70 NM 1.43 (0.45) (0.26) Dec 8,703 1.4 PM

Raymond James Research Register - February 2017 26

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Energy - USA Midstream Suppliers AmeriGas Partners L.P. APU N 3 H/INC 49.67 NM 50.11 36.21 19.6 1.92 1.79 A 2.54 Sep 4,615 7.6 BBL,DH Antero Midstream Partners L.P. AM N 1 H/GRW 34.73 37.00 34.94 18.39 28.2 0.76 1.23 1.63 Dec 6,145 3.1 DH Boardwalk Pipeline Partners L.P. BWP N 3 H/INC 18.90 NM 18.90 10.09 16.6 0.87 1.14 1.26 Dec 4,731 2.1 DH Calumet Specialty Products Partners L.P. CLMT Q 4 NM 4.15 NM 19.05 2.79 NM (2.00) (4.05) (1.43) Dec 317 0.0 JJ,DH Capital Product Partners L.P. CPLP Q 3 H/INC 3.68 NM 4.76 2.41 11.5 0.37 0.32 0.24 Dec 445 8.2 BBL,DH Cheniere Energy Partners L.P. CQP M 3 H/INC 30.75 NM 31.49 19.22 NM (0.43) (0.71) 0.18 Dec 10,387 5.5 DH,PM Cheniere Energy, Inc. LNG M 3 H/GRW 50.42 NM 50.53 22.80 NM (2.14) (2.21) (1.04) Dec 11,541 0.0 PM,DH Crestwood Equity Partners L.P. CEQP N 2 H/INC 27.45 27.00 28.15 7.90 NM (54.00) (2.06) (0.13) Dec 5,117 8.7 DH CrossAmerica Partners L.P. CAPL N 2 H/INC 26.58 28.00 27.94 18.50 68.2 0.35 0.39 0.72 Dec 888 9.1 BBL,DH Delek Logistics Partners L.P. DKL N 2 H/INC 34.50 38.00 34.85 21.30 16.6 2.53 2.08 2.66 Dec 842 7.9 JJ,DH Energy Transfer Equity L.P. ETE N 2 H/GRW 18.96 23.00 20.05 4.00 22.6 1.13 0.84 1.21 Dec 19,851 6.0 DH Energy Transfer Partners L.P. ETP N 2 H/INC 39.01 42.00 43.50 18.62 NM 0.01 (0.25) 0.76 Dec 23,827 10.8 DH EnLink Midstream LLC ENLC N 2 H/GRW 18.10 20.00 20.25 6.41 NM (2.17) (2.55) (0.02) Dec 2,968 5.6 DH EnLink Midstream Partners L.P. ENLK N 2 H/INC 18.45 19.00 19.89 6.32 NM (4.33) (1.87) (0.29) Dec 4,244 8.5 DH Enterprise Products Partners L.P. EPD N 1 H/INC 29.86 30.00 30.25 19.64 25.1 1.26 1.19 1.35 Dec 55,958 5.5 DH Ferrellgas Partners L.P. FGP N 4 NM 7.67 NM 20.85 5.04 NM 0.28 (6.74) A (0.06) Jul 753 26.7 BBL,DH Genesis Energy L.P. GEL N 2 H/INC 37.86 41.00 40.90 19.55 34.1 4.12 1.11 1.52 Dec 4,467 7.4 DH,JJ Global Partners L.P. GLP N 3 H/INC 21.40 NM 21.95 12.28 NM 1.16 (4.11) (0.50) Dec 723 8.6 DH,JJ Golar LNG Partners L.P. GMLP Q 3 H/INC 24.42 NM 24.76 11.24 10.0 2.58 2.44 2.86 Dec 1,492 9.5 BBL,DH Holly Energy Partners L.P. HEP N 3 H/INC 37.57 NM 37.63 21.44 20.8 1.62 1.81 2.15 Dec 2,230 6.3 JJ,DH Kinder Morgan, Inc. KMI N 1 M/INC 22.42 27.00 23.36 13.26 33.0 0.14 0.24 A 0.68 Dec 49,999 2.2 DH KNOT Offshore Partners L.P. KNOP N 2 H/INC 22.40 22.00 24.68 10.80 12.0 1.48 1.87 1.93 Dec 654 9.3 BBL,DH Magellan Midstream Partners L.P. MMP N 2 H/INC 80.42 80.00 80.96 55.75 22.9 3.59 3.51 4.08 Dec 18,318 4.0 DH,JJ Martin Midstream Partners L.P. MMLP Q 2 H/INC 19.45 23.00 25.38 13.89 39.7 0.62 0.49 0.96 Dec 690 10.3 DH MPLX L.P. MPLX N 1 H/GRW 38.25 43.00 38.28 16.34 NM 1.23 (0.01) 1.31 Dec 13,502 5.4 JJ,DH NGL Energy Partners L.P. NGL N 2 H/INC 25.25 26.00 25.80 5.57 16.0 (0.36) (2.35) A 1.58 Mar 2,708 6.2 DH NuStar Energy L.P. NS N 3 H/INC 55.31 NM 55.43 25.93 26.2 3.30 2.11 2.39 Dec 4,341 7.9 DH,JJ NuStar GP Holdings, LLC NSH N 3 H/INC 30.40 NM 31.30 13.74 19.6 1.68 1.55 1.69 Dec 1,305 7.2 DH,JJ PBF Logistics L.P. PBFX N 2 H/INC 20.05 23.00 23.49 15.39 9.8 2.18 2.05 2.58 Dec 785 8.8 JJ,DH PennTex Midstream Partners L.P. PTXP Q 2 H/INC 15.90 19.00 18.00 8.54 31.8 0.17 0.50 0.60 Dec 639 7.2 DH Phillips 66 Partners L.P. PSXP N 2 H/INC 55.04 62.00 66.81 42.47 23.9 1.89 2.30 3.42 Dec 5,794 3.9 JJ,DH Plains All American Pipeline L.P. PAA N 3 H/INC 32.41 NM 33.95 14.82 30.0 1.46 1.08 1.72 Dec 13,227 6.8 DH,JJ Plains GP Holdings L.P. PAGP N 3 H/INC 33.15 NM 36.59 12.57 NM 1.41 UR UR Dec 8,105 6.6 DH,JJ SemGroup Corporation SEMG N 3 H/INC 41.80 NM 43.20 13.98 NM 0.69 (0.07) 1.31 Dec 2,762 4.3 DH,JJ

Raymond James Research Register - February 2017 27

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Energy - USA Midstream Suppliers Southcross Energy Partners L.P. SXE N 4 NM 2.17 NM 3.65 0.38 NM (1.69) (1.45) (2.11) Dec 143 0.0 DH Spectra Energy Corp. SE N 2 M/INC 43.45 44.00 44.00 25.74 37.5 0.29 1.16 1.31 Dec 30,458 4.1 DH Spectra Energy Partners L.P. SEP N 2 H/INC 46.07 47.00 50.48 39.54 15.4 3.30 2.99 3.87 Dec 14,096 5.9 DH Sprague Resources L.P. SRLP N 2 H/INC 27.15 28.00 30.35 15.76 16.7 3.65 1.63 3.25 Dec 578 8.3 JJ,DH Suburban Propane Partners L.P. SPH N 3 H/INC 31.75 NM 37.10 20.93 24.4 1.38 0.23 A 1.30 Sep 1,930 11.2 BBL,DH Sunoco L.P. SUN N 2 H/INC 28.37 34.00 37.25 21.01 12.4 1.57 2.28 1.71 Dec 2,706 11.6 BBL,DH Targa Resources Corp. TRGP N 2 H/GRW 59.66 62.00 61.25 14.55 NM 0.42 (0.63) 0.22 Dec 10,333 6.1 DH Teekay Corporation TK N 3 H/GRW 10.57 NM 11.85 5.34 NM 1.12 (1.01) 0.91 Dec 905 2.1 BBL,DH Teekay LNG Partners L.P. TGP N 3 H/INC 18.75 NM 19.90 9.31 15.6 2.31 1.20 2.65 Dec 1,492 3.0 BBL,DH Teekay Offshore Partners L.P. TOO N 2 H/INC 6.13 8.00 7.25 2.30 NM 0.95 (0.07) 1.40 Dec 877 7.2 BBL,DH Tesoro Logistics L.P. TLLP N 1 H/INC 58.35 65.00 58.35 35.18 27.9 2.33 2.09 3.21 Dec 5,957 6.2 JJ,DH Valero Energy Partners L.P. VLP N 2 H/GRW 49.24 55.00 51.69 38.90 17.3 2.09 2.84 3.78 Dec 3,215 3.1 JJ,DH Western Refining Logistics L.P. WNRL N 1 H/GRW 23.65 28.00 26.58 17.35 20.2 1.31 1.17 1.67 Dec 1,440 7.1 JJ,DH The Williams Companies, Inc. WMB N 2 H/GRW 28.97 31.00 32.69 10.22 NM (0.76) (0.37) 2.11 Dec 21,727 2.8 DH Williams Partners L.P. WPZ N 1 H/INC 41.98 44.00 42.09 12.69 NM (3.28) 0.12 1.31 Dec 25,701 8.1 DH Oilfield Services Compression Archrock Partners L.P. APLP Q 2 H/INC 18.15 18.00 18.55 5.36 26.7 1.15 0.68 0.85 Dec 1,090 6.3 JMA,PN CSI Compressco Partners L.P. CCLP Q 2 H/INC 12.70 12.00 13.54 3.74 NM 0.10 (0.62) (0.16) Dec 422 11.9 JMA,PN USA Compression Partners L.P. USAC N 2 H/INC 19.63 20.00 19.69 7.03 70.1 (2.65) 0.28 0.20 Dec 571 10.7 JMA,PN Diversified Oilfield Services Baker Hughes, Inc. BHI N 2 H/GRW 63.10 70.00 68.59 38.16 NM (0.48) (1.47) A 0.45 Dec 26,691 1.1 JMA,PN Halliburton HAL N 1 H/GRW 58.06 65.00 58.78 27.96 41.5 1.56 (0.02) A 1.40 Dec 50,164 1.2 JMA,PN Schlumberger Ltd. SLB N 3 H/GRW 84.88 NM 87.84 64.58 51.4 3.36 1.16 A 1.65 Dec 118,068 2.4 JMA,PN Weatherford WFT N 2 H/GRW 5.40 6.00 8.49 3.73 NM (0.33) (1.29) (0.50) Dec 4,838 0.0 JMA,PN Manufacturing & Fabrication National Oilwell Varco Inc. NOV N 2 H/GRW 39.25 42.00 43.63 25.74 NM 2.75 (1.02) (0.05) Dec 14,824 0.5 JMA,PN Oil States International, Inc. OIS N 2 H/GRW 40.30 45.00 41.75 21.44 NM 0.83 (0.85) (0.60) Dec 2,070 0.0 JMA,PN TechnipFMC plc FTI N 3 H/GRW 35.25 NM 36.14 33.17 35.3 2.23 1.00 0.95 Dec 7,596 0.0 JMA,PN Offshore Construction Helix Energy Solutions Group HLX N 3 H/GRW 8.64 NM 11.87 2.60 NM 0.20 (0.33) (0.05) Dec 1,041 0.0 JMA,PN Offshore Drillers Atwood Oceanics ATW N 4 NM 13.66 NM 15.37 4.82 NM 7.74 4.84 A (0.25) Sep 885 0.0 PN,JMA Diamond Offshore DO N 3 H/GRW 17.82 NM 26.72 14.67 17.0 2.98 1.05 0.65 Dec 2,479 0.0 PN,JMA Ensco plc ESV N 3 H/GRW 11.81 NM 13.04 6.50 8.0 4.43 1.47 (0.10) Dec 2,733 0.3 PN,JMA Noble Corp plc NE N 3 H/GRW 7.35 NM 13.90 4.45 NM 2.61 (0.17) (1.25) Dec 1,788 0.0 PN,JMA Ocean Rig UDW ORIG Q 4 NM 1.66 NM 3.38 0.66 0.8 2.28 2.11 (2.10) Dec 141 0.0 PN,JMA Pacific Drilling PACD N 4 NM 3.91 NM 11.56 2.80 NM 8.10 (3.69) (18.50) Dec 83 0.0 PN,JMA Rowan Companies RDC N 3 H/GRW 19.76 NM 21.68 10.67 11.0 3.54 1.80 (1.00) Dec 2,454 0.0 PN,JMA Transocean RIG N 4 NM 15.18 NM 16.66 7.67 20.0 3.83 0.76 (0.50) Dec 5,631 0.0 PN,JMA

Raymond James Research Register - February 2017 28

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Energy - USA Onshore Drillers Nabors Industries Ltd. NBR N 1 H/GRW 16.64 19.00 18.40 5.35 NM (0.29) (1.27) (0.75) Dec 4,715 1.4 JMA,PN Patterson-UTI Energy, Inc. PTEN Q 1 H/GRW 28.28 32.00 29.56 11.63 NM (0.72) (2.28) (1.50) Dec 4,189 0.3 JMA,PN Pioneer Energy Services Corp PES N 3 H/SPEC 6.40 NM 7.20 1.03 NM (0.87) (1.20) (0.70) Dec 401 0.0 JMA,PN Unit Corporation UNT N 1 H/GRW 27.79 32.00 30.63 3.90 NM (0.15) (0.48) 1.10 Dec 1,431 0.0 JMA,PN Production/Workover/Miscellaneous Cypress Energy Partners L.P. CELP N 3 H/INC 13.18 NM 13.46 5.76 17.6 0.83 0.75 0.67 Dec 157 12.3 JMA,PN Dawson Geophysical Company DWSN Q 1 H/SPEC 8.38 10.00 9.00 2.91 NM (1.14) (1.83) (0.90) Dec 177 0.0 JMA,PN Hi-Crush Partners L.P. HCLP N 1 H/GRW 19.95 24.00 21.40 3.55 NM 0.81 (0.83) 0.15 Dec 1,270 0.0 JMA,PN Mammoth Energy Services, Inc. TUSK Q 2 H/GRW 18.17 18.00 19.87 11.91 NM (0.73) (0.80) (0.15) Dec 681 0.0 PN,JMA Newpark Resources NR N 1 H/GRW 7.95 9.50 8.75 3.35 NM (0.23) (0.43) 0.00 Dec 673 0.0 JMA,PN RPC, Inc. RES N 1 H/GRW 21.78 26.00 23.36 10.20 72.6 (0.45) (0.72) A 0.30 Dec 4,738 0.9 JMA,PN Superior Energy Services, Inc. SPN N 1 H/GRW 17.69 20.00 19.83 8.25 NM (1.29) (2.50) (1.35) Dec 2,684 0.0 JMA,PN TETRA Technologies Inc. TTI N 2 H/GRW 4.81 5.50 7.75 4.29 NM 0.31 (0.53) (0.30) Dec 432 0.0 JMA,PN Renewable Energy and Clean Technology Fuels and Chemicals Chart Industries, Inc. GTLS Q 3 H/GRW 38.76 NM 40.74 14.70 29.1 1.25 1.33 1.32 Dec 1,205 0.0 PM Clean Energy Fuels Corp. CLNE Q 3 H/GRW 2.73 NM 4.80 2.15 NM (0.78) (0.29) (0.39) Dec 356 0.0 PM Green Plains Partners L.P. GPP Q 1 M/INC 20.40 23.00 21.75 12.41 11.7 0.76 1.75 1.97 Dec 649 8.2 PM Power 8point3 Energy Partners L.P. CAFD Q 1 M/INC 14.75 20.00 17.34 12.04 18.9 0.79 1.27 A 0.78 Nov 1,047 7.0 PM Advanced Energy Industries, Inc. AEIS Q 3 H/GRW 58.76 NM 59.14 24.25 20.4 1.84 2.88 3.07 Dec 2,350 0.0 PM EnerNOC, Inc. ENOC Q 1 H/GRW 5.65 12.00 7.88 4.16 NM (1.74) (1.71) (1.81) Dec 194 0.0 PM Enphase Energy, Inc. ENPH Q 3 H/GRW 1.64 NM 3.43 0.95 NM (0.17) (0.96) (0.34) Dec 78 0.0 PM Enviva Partners L.P. EVA N 2 M/INC 26.70 30.00 29.85 17.35 16.6 1.03 1.61 1.55 Dec 678 7.9 PM First Solar, Inc. FSLR Q 3 H/GRW 32.28 NM 74.29 28.60 6.8 4.96 4.72 0.47 Dec 3,347 0.0 PM Silver Spring Networks, Inc. SSNI N 1 H/GRW 13.01 16.00 15.40 9.55 65.1 0.09 0.20 0.25 Dec 701 0.0 PM SunPower Corp. SPWR Q 2 H/GRW 6.86 15.00 26.29 6.00 NM 2.16 (0.11) 0.45 Dec 973 0.0 PM TPI Composites, Inc. TPIC Q 2 H/GRW 18.97 24.00 23.30 11.31 67.7 1.23 0.28 0.30 Dec 641 0.0 PM Trina Solar Limited (r) TSL N 3 H/GRW 9.99 NM 10.75 6.91 9.3 1.26 1.07 0.25 Dec 1,061 0.0 PM Water AquaVenture Holdings Ltd. WAAS N 2 H/GRW 19.17 27.00 26.33 18.84 NM (0.76) (0.78) (0.48) Dec 506 0.0 PM

Raymond James Research Register - February 2017 29

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Energy - CAN Andrew Bradford, CFA [email protected] Steven Li, CFA [email protected] Kurt Molnar [email protected] Chris Cox, CFA [email protected] Jeremy McCrea, CFA [email protected] Frederic Bastien, CFA [email protected] David Quezada, CFA [email protected] Intermediate Oil & Gas Producers Advantage Oil & Gas Ltd. (cf) AAV T 2 H/GRW C$8.61 14.25 10.33 6.41 9.6 0.72 0.90 1.35 Dec 1,589 0.0 KM ARC Resources Ltd. (cf) ARX T 2 H/INC C$20.93 29.00 24.94 16.38 11.4 2.26 1.83 2.56 Dec 7,539 2.9 JM Athabasca Oil Corp. (cb) ATH T 2 H/GRW C$1.73 3.00 2.14 0.91 NM (26) (65) 210 Dec 876 0.0 CC Baytex Energy Corporation (cf) BTE T 3 H/GRW C$5.63 7.50 9.04 2.22 NM 542 349 463 Dec 1,298 0.0 CC Bellatrix Exploration Ltd. (cf) BXE T 3 H/GRW C$1.18 1.50 1.99 0.96 5.1 0.57 0.23 0.42 Dec 291 0.0 JM Birchcliff Energy Ltd. (cf) BIR T 2 H/GRW C$8.53 13.00 10.50 4.04 10.9 1.04 0.78 1.36 Dec 2,244 1.2 KM Bonavista Energy Corporation (cf) BNP T 3 H/GRW C$4.79 4.75 5.58 1.30 4.3 1.72 1.11 1.36 Dec 1,241 0.8 JM Bonterra Energy Corp. (cf) BNE T 2 H/INC C$26.14 31.00 29.76 14.16 8.7 3.62 3.02 4.57 Dec 865 4.6 JM Crescent Point Energy (cf) CPG T 2 H/GRW C$16.05 24.00 24.01 12.88 NM 1,978 1,670 1,980 Dec 8,689 2.2 CC Crew Energy Inc. (cf) CR T 1 H/GRW C$6.06 10.75 8.10 2.84 11.2 0.60 0.54 0.81 Dec 876 0.0 KM Enerplus Corporation (cf) ERF T 2 H/GRW C$12.19 15.75 13.55 3.37 9.4 2.39 1.29 2.30 Dec 2,932 1.0 KM Freehold Royalties Ltd. (cf) FRU T 3 M/INC C$13.57 15.00 15.16 9.25 16.0 1.14 0.85 1.09 Dec 1,604 3.5 JM Kelt Exploration Ltd. (cf) KEL T 1 H/GRW C$6.80 10.00 7.49 2.81 20.6 0.36 0.33 0.79 Dec 1,187 0.0 JM NuVista Energy Ltd. (cf) NVA T 2 H/GRW C$6.81 10.00 7.80 3.75 8.3 0.84 0.82 1.03 Dec 1,174 0.0 KM Painted Pony Petroleum Ltd. (cf) PPY T 2 H/GRW C$8.54 14.00 10.50 3.42 15.2 0.28 0.56 1.67 Dec 855 0.0 JM Paramount Resources Ltd. (cf) POU T 2 H/GRW C$17.02 25.00 18.23 3.41 63.0 0.88 0.27 1.18 Dec 1,809 0.0 KM Pengrowth Energy Corporation (cf) PGF T 3 H/INC C$1.74 2.00 2.70 0.84 NM 643 521 296 Dec 953 0.0 CC Penn West Petroleum Ltd. (cf) PWT T 2 H/GRW C$2.41 3.00 2.72 0.78 24.1 0.36 0.10 0.38 Dec 1,211 0.0 JM Peyto Exploration and Development (cf) PEY T 2 M/GRW C$29.46 42.00 39.41 26.50 9.0 3.59 3.28 4.15 Dec 4,849 4.5 KM PrairieSky Royalty Ltd. (cf) PSK T 3 M/INC C$30.94 34.00 34.32 18.03 35.6 1.14 0.87 1.26 Dec 7,116 2.3 JM Raging River Exploration Inc. (cf) RRX T 3 H/GRW C$9.65 11.50 11.87 8.23 12.2 0.81 0.79 1.25 Dec 2,321 0.0 JM Seven Generations Energy Ltd. (cf) VII T 1 H/GRW C$27.17 40.50 32.90 14.33 11.5 1.66 2.37 3.72 Dec 9,395 0.0 KM Tourmaline Oil Corp. (cf) TOU T 2 H/GRW C$31.01 45.00 39.77 24.12 9.7 3.96 3.20 5.37 Dec 8,270 0.0 KM Trilogy Energy Corp. (cf) TET T 2 H/GRW C$6.94 12.00 8.33 2.63 15.4 0.87 0.45 1.14 Dec 875 0.0 KM Whitecap Resources Inc. (cf) WCP T 2 H/INC C$10.90 14.00 12.90 5.60 9.6 1.69 1.13 1.53 Dec 4,066 2.6 JM Junior Oil & Gas Producers Chinook Energy Inc. (cf) CKE T 3 H/GRW C$0.44 0.50 0.60 0.40 NM 0.04 (0.01) 0.05 Dec 95 0.0 KM Delphi Energy Corp. (cf) DEE T 1 H/GRW C$1.67 2.75 1.77 0.67 9.3 0.28 0.18 0.32 Dec 260 0.0 KM Granite Oil Corp. (cf) GXO T 1 H/INC C$5.54 10.00 8.43 4.31 7.4 2.38 0.75 0.86 Dec 186 7.6 KM Leucrotta Exploration Inc. (cf) LXE V 2 H/GRW C$2.33 2.85 2.45 0.85 NM 0.00 0.00 0.17 Dec 385 0.0 KM RMP Energy Inc. (cf) RMP T 3 H/GRW C$0.74 1.00 1.97 0.62 3.2 0.75 0.23 0.12 Dec 112 0.0 KM Storm Resources Ltd. (cf) SRX V 2 H/GRW C$4.40 6.80 5.66 3.05 14.2 0.34 0.31 0.72 Dec 529 0.0 KM Yangarra Resources Ltd. (cf) YGR T 2 H/GRW C$2.46 3.00 2.50 0.46 11.7 0.33 0.21 0.63 Dec 195 0.0 JM

Raymond James Research Register - February 2017 30

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Energy - CAN Oil & Gas Energy Services Ancillary Wellsite Services Essential Energy Services Ltd. (cb) ESN T 1 H/GRW C$0.80 1.50 0.90 0.51 NM 21 (2) 26 Dec 122 0.0 AB Strad Energy Services Ltd. (cb) SDY T R H/GRW C$1.87 R 1.95 1.32 R R R R Dec R R AB Blended Production/Midstream/Wellsite Canadian Energy Services & Technology Corp. (cb) CEU T 1 H/GRW C$8.12 7.50 8.34 2.85 NM 89 47 133 Dec 2,290 0.4 AB Enerflex Ltd. (cb) EFX T 2 H/INC C$18.59 17.50 19.17 8.59 NM 193 177 230 Dec 1,675 1.8 AB Mullen Group Ltd. (cb) MTL T 2 H/INC C$19.18 18.75 20.32 13.02 NM 213 201 254 Dec 2,035 1.9 AB Secure Energy Services Inc. (cb) SES T 1 H/INC C$11.66 12.00 12.04 5.86 NM 111 89 151 Dec 1,964 2.1 AB Contract Drillers Ensign Energy Services Inc. (cb) ESI T 3 H/INC C$9.37 9.45 10.41 4.72 NM 326 187 262 Dec 1,578 5.1 AB Precision Drilling Corporation (cb) PD T 4 H/GRW C$7.70 6.50 8.21 3.42 NM 489 248 314 Dec 2,335 0.0 AB Savanna Energy Services (cb) SVY T 1 H/GRW C$2.11 3.00 2.24 1.00 NM 100 51 54 Dec 265 0.0 AB Trinidad Drilling Ltd. (cb) TDG T R H/GRW C$3.14 R 3.77 1.41 R R R R Dec R R AB Western Energy Services Corp. (cb) WRG T 3 H/GRW C$3.38 3.70 3.95 1.95 NM 61 6 42 Dec 265 0.0 AB Pressure Pumpers Calfrac Well Services (cb) CFW T 3 H/GRW C$4.65 4.95 5.34 1.06 NM 32 (41) 72 Dec 659 0.0 AB Canyon Services Group Inc. (cb) FRC T 2 H/GRW C$6.50 9.45 7.58 3.22 NM 31 (21) 49 Dec 590 0.0 AB Trican Well Service (cb) TCW T 2 H/GRW C$5.01 6.15 5.44 1.06 NM (53) (62) 59 Dec 1,052 0.0 AB Workforce Accommodations Black Diamond Group Limited (cb) BDI T 2 H/INC C$5.59 6.50 6.79 2.97 NM 90 45 58 Dec 280 5.4 AB Horizon North Logistics Inc. (cb) HNL T 3 H/INC C$2.19 2.00 2.35 1.06 NM 62 32 48 Dec 337 3.7 AB Oil Sands MEG Energy Corp. (cb) MEG T 3 H/GRW C$7.09 8.50 9.83 3.46 NM 303 217 722 Dec 1,607 0.0 CC Power & Energy Infrastructure Diversified & Utilities Algonquin Power & Utilities AQN T 1 M/INC C$11.30 14.50 12.45 10.30 22.2 0.47 0.51 0.65 Dec 4,355 5.0 DQ Brookfield Infrastructure Partners L.P. (x) BIP N 2 M/INC US$35.44 39.00 36.27 22.12 13.3 2.40 2.66 3.14 Dec 13,088 4.4 FB Emera Inc. EMA T 3 M/INC C$46.12 51.50 50.19 43.50 19.1 2.26 2.41 2.70 Dec 9,312 4.5 DQ Fortis, Inc. FTS T 3 M/INC C$41.29 50.00 44.87 35.53 18.9 2.08 2.18 2.52 Dec 16,508 3.9 DQ Hydro One Ltd. H T 2 M/INC C$24.06 25.00 26.80 21.90 19.7 1.16 1.22 1.25 Dec 14,366 3.5 FB Independent Power Producers Alterra Power Corp. AXY T 2 H/SPEC C$5.02 7.50 7.50 4.00 26.4 (0.04) 0.19 0.31 Dec 237 1.0 SLi Boralex, Inc. BLX T 2 M/INC C$19.34 24.50 20.46 14.31 NM (0.21) 0.15 0.57 Dec 1,483 3.1 DQ Brookfield Renewable Energy Partners L.P. (x) BEP N 2 M/INC US$29.77 33.00 31.85 24.08 17.6 1.69 1.69 2.05 Dec 8,901 6.0 FB Capital Power Corporation CPX T 2 M/GRW C$24.58 27.50 25.16 16.87 22.8 0.97 1.08 1.15 Dec 2,362 6.3 DQ Innergex Renewable Energy, Inc. INE T 1 M/GRW C$13.83 17.50 15.80 10.78 51.2 (0.37) 0.27 0.53 Dec 1,496 4.6 DQ Northland Power, Inc. NPI T 2 M/GRW C$23.67 27.00 25.14 17.75 48.3 0.16 0.49 1.23 Dec 4,090 4.6 DQ Pattern Energy Group Inc. (ca) PEGI Q 2 H/INC US$19.75 30.00 25.13 14.56 11.4 1.31 1.74 2.09 Dec 1,728 8.3 FB TransAlta Renewables Inc. RNW T 2 M/GRW C$14.89 16.00 15.09 9.50 NM 1.10 0.13 0.94 Dec 3,337 5.9 DQ U.S. Geothermal HTM M 2 H/SPEC US$4.56 5.00 5.40 2.94 13.8 0.30 0.33 0.40 Dec 87 0.0 SLi

Raymond James Research Register - February 2017 31

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Energy - CAN Pipelines & Midstream AltaGas Ltd. (af) ALA T R M/INC C$31.18 R 35.55 28.86 R R R R Dec R R CC Gibson Energy Inc. (af) GEI T 2 H/INC C$19.17 22.00 19.88 13.95 19.0 1.75 1.01 1.48 Dec 2,714 6.9 CC Inter Pipeline Ltd. (af) IPL T 3 M/INC C$28.99 30.00 30.07 20.10 13.5 2.02 2.14 2.47 Dec 9,819 5.6 CC Keyera Corp (af) KEY T 2 M/INC C$39.45 47.00 43.21 33.12 15.4 2.85 2.56 3.26 Dec 7,259 4.0 CC Pembina Pipeline Corp. (af) PPL T 2 M/INC C$41.65 47.00 42.73 29.00 17.0 2.52 2.45 3.09 Dec 16,327 4.6 CC Veresen Inc. (af) VSN T 2 H/INC C$13.70 14.00 14.13 6.65 12.2 1.07 1.12 1.10 Dec 4,280 7.3 CC Senior Oil & Gas Producers Canadian Natural Resources Ltd (cb) CNQ T 2 M/GRW C$40.25 51.00 46.74 25.35 NM 5,758 4,037 8,152 Dec 44,360 2.5 CC Cenovus Energy, Inc. (cb) CVE T 3 M/GRW C$18.57 23.00 22.06 12.74 NM 2,010 1,405 2,775 Dec 15,474 1.1 CC Husky Energy Inc. (cb) HSE T 3 M/GRW C$17.15 18.00 18.10 11.50 NM 3,536 2,119 3,852 Dec 17,244 0.0 CC Imperial Oil Limited (cb) IMO T 3 M/GRW C$43.75 52.00 48.72 38.41 NM 3,412 2,968 5,502 Dec 37,223 1.4 CC Suncor Energy Inc (cb) SU T 2 M/GRW C$41.74 50.00 44.90 28.40 NM 8,030 6,303 11,415 Dec 69,476 2.8 CC

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Energy - EUR Emmanuel Retif, RJEE [email protected] Jean-Pierre Dmirdjian, RJEE [email protected]

Integrated Oil and Gas Eni ENI.MI BIT 2 €14.95 17.50 15.92 10.93 NM 0.12 (0.36) 1.25 Dec 54,331 5.4 JPD Repsol REP.MC MAD 3 €14.20 NM 14.37 7.66 12.2 1.30 1.16 2.11 Dec 20,817 4.2 JPD Royal Dutch Shell plc ($D) RDSb.L AMS 3 €25.79 NM 26.87 18.04 24.3 1.67 1.06 2.57 Dec 216,247 7.3 JPD Total ($D) TOTF.PA EPA 2 €47.80 52.00 49.50 35.21 14.4 4.56 3.31 5.02 Dec 117,172 5.1 JPD Oilfield Services Diversified Oilfield Services Amec Foster Wheeler AMFW.L L 3 462p NM 631 322 8.8 68.10 52.30 45.40 Dec £1,803 4.7 JPD Petrofac PFC.L L 1 938p 1,150 1,016 635 12.3 0.03 0.90 1.09 Dec £3,245 5.9 JPD Saipem SPMI.MI BIT 4 €0.52 0.35 0.62 0.28 17.4 (1.38) 0.03 0.02 Dec 5,288 0.0 JPD Wood Group WG.L L 2 846p 900 909 542 14.6 0.84 0.65 0.69 Dec £3,223 3.5 JPD

Raymond James Research Register - February 2017 32

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Energy - EUR Utilities Electricity & Gas CEZ CEZsp.PR PRG S CZK427.80 NM 477.20 362.10 NM UR UR NA Dec 228,445 UR ER E.On EONGn.DE ETR 4 €7.35 5.40 8.66 5.99 17.1 0.86 0.43 0.47 Dec 14,013 2.7 ER EDF EDF.PA EPA 2 €9.58 14.90 12.82 8.68 6.0 2.15 1.60 1.25 Dec 20,201 10.4 ER Enel ENEI.MI BIT 1 €3.98 4.70 4.24 3.33 12.4 0.31 0.32 0.35 Dec 40,484 4.5 ER Engie GSZ.PA EPA 1 €11.40 13.90 15.21 11.22 11.5 1.03 0.99 0.98 Dec 27,762 8.8 ER Fortum FUM1V.HE HEL 4 €14.97 11.20 15.74 10.99 21.4 0.82 0.70 0.61 Dec 13,299 4.7 ER RWE RWEG.DE ETR 2 €12.56 17.00 16.49 9.99 13.4 1.83 0.94 0.51 Dec 7,713 0.0 ER Uniper UN01.DE ETR 2 €13.18 12.00 14.35 9.80 9.8 0.55 1.34 0.94 Dec 4,822 4.2 ER Verbund VERB.VI WBAG S €15.56 NM 15.84 10.00 NM UR UR UR Dec 5,399 UR ER Environmental Services Suez Environnement SEVI.PA EPA 1 €14.16 18.50 17.47 12.73 17.9 0.77 0.79 0.90 Dec 7,650 4.6 ER Veolia Environnement VIE.PA EPA 2 €15.92 21.30 22.67 15.03 16.4 0.88 0.97 1.12 Dec 8,696 5.0 ER

Raymond James Research Register - February 2017 33

Financial Services

USA Canada Banking ...... 35 Diversified Financials ...... 42 Capital Markets ...... 39 Brokerages & Exchanges ...... 39 Capital Markets Technology ...... 39 Insurance ...... 39 Brokerage & Technology ...... 39 Commercial ...... 40 Life/Health ...... 40 Personal ...... 40

Specialty Finance ...... 41 Investment Companies ...... 41 Specialty Consumer Finance ...... 41

Raymond James Research Register - February 2017 34

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 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] Michael Rose [email protected] William J. Wallace IV [email protected] Donald A. Worthington [email protected]

Banking 1st Constitution Bancorp FCCY Q 3 H/GRW 16.60 NM 20.85 11.27 15.2 1.07 1.09 1.10 Dec 133 0.3 WW Access National Corporation ANCX Q 3 H/INC 27.38 NM 29.28 16.26 17.1 1.47 1.60 A 1.60 Dec 290 2.2 WW American National Bankshares, Inc. AMNB Q 2 M/INC 35.90 37.00 36.25 23.20 18.4 1.83 1.84 A 1.95 Dec 309 2.7 WW American River Bankshares AMRB Q 3 H/GRW 15.22 NM 15.99 9.69 17.5 0.70 0.87 0.90 Dec 102 0.0 DAW Associated Banc-Corp ASB M 3 H/GRW 25.70 NM 26.00 15.72 19.2 1.17 1.23 A 1.34 Dec 3,909 1.9 DJL Atlantic Capital Bancshares, Inc. ACBI Q 3 H/GRW 20.00 NM 20.20 11.55 31.7 0.57 0.63 0.85 Dec 496 0.0 WW Banc of California, Inc. BANC N 2 H/GRW 15.40 18.00 23.24 10.93 8.1 1.34 1.91 2.03 Dec 765 3.4 DAW BancFirst Corporation BANF Q 3 M/GRW 95.80 NM 96.89 51.25 21.1 3.80 4.44 A 4.53 Dec 1,504 1.6 DC The Bancorp, Inc. TBBK Q 1 H/SPEC 7.35 8.50 8.20 3.88 NM 0.06 0.03 0.40 Dec 407 0.0 WW BancorpSouth, Inc. BXS N 3 M/GRW 30.60 NM 32.08 18.69 19.0 1.43 1.50 A 1.61 Dec 2,867 1.6 MR Bank of America Corporation BAC N 2 M/GRW 23.44 26.00 23.55 10.99 13.2 1.31 1.50 A 1.78 Dec 237,304 1.3 MR Bank of Commerce Holdings BOCH Q 2 H/GRW 10.05 10.00 10.55 5.05 24.5 0.62 0.41 0.85 Dec 135 1.2 DAW Bank of Marin Bancorp BMRC Q 3 M/GRW 70.50 NM 75.05 45.65 20.7 3.04 3.78 A 3.40 Dec 430 1.5 DAW The Bank of N.T. Butterfield & Son Limited NTB N 2 H/GRW 34.08 33.00 34.59 23.75 17.4 1.23 1.96 2.68 Dec 1,799 1.2 DAW Bank of New York Mellon Corp BK N 1 M/GRW 44.97 57.00 49.54 32.20 12.8 2.88 3.17 A 3.51 Dec 47,106 1.7 DJL Bank of the Ozarks Inc. OZRK Q 1 M/GRW 56.00 65.00 56.14 33.51 18.4 2.15 2.62 A 3.05 Dec 6,793 1.2 MR Banner Corporation BANR Q 2 M/GRW 57.67 58.00 59.00 35.39 22.5 1.89 2.56 3.15 Dec 1,955 1.6 DAW BB&T Corporation BBT N 3 M/INC 47.22 NM 47.85 29.95 15.2 2.55 2.77 A 3.10 Dec 38,225 2.5 MR BofI Holding, Inc. BOFI Q 1 H/GRW 28.09 34.00 30.27 13.47 13.0 1.34 1.85 A 2.16 Jun 1,778 0.0 DAW BOK Financial Corp. BOKF Q 3 M/GRW 84.67 NM 85.00 45.69 19.2 4.24 3.70 A 4.40 Dec 5,529 2.0 MR CapStar Financial Holdings, Inc. CSTR Q 3 H/GRW 19.98 NM 22.35 15.50 25.0 0.73 0.80 0.91 Dec 224 0.0 DC Cardinal Financial Corporation CFNL Q 3 M/GRW 31.43 NM 34.75 17.51 19.0 1.39 1.65 1.55 Dec 1,018 1.5 MR Carolina Financial Corporation CARO Q 2 H/GRW 30.24 33.00 31.44 15.26 16.8 1.54 1.62 A 1.80 Dec 379 0.5 WW CenterState Banks, Inc. CSFL Q 2 H/GRW 25.51 28.00 26.30 13.04 19.6 0.87 1.28 A 1.30 Dec 1,227 0.6 MR Central Pacific Financial Corp. CPF N 3 H/GRW 32.91 NM 33.12 18.91 22.2 1.40 1.48 1.57 Dec 1,018 1.9 DAW Chemical Financial Corp. CHFC Q 1 H/GRW 51.10 64.00 55.55 29.40 16.3 2.54 2.90 A 3.14 Dec 3,602 2.1 DJL Columbia Banking System, Inc. COLB Q 3 M/GRW 41.44 NM 45.68 26.17 23.4 1.71 1.77 2.08 Dec 2,404 1.9 DAW Comerica Inc. CMA N 2 M/GRW 69.58 73.00 71.20 30.48 17.3 2.66 3.02 A 4.02 Dec 12,197 1.3 MR Commerce Bancshares, Inc. CBSH Q 3 H/GRW 57.53 NM 59.22 37.04 20.7 2.36 2.60 A 2.78 Dec 5,839 1.5 DJL

Raymond James Research Register - February 2017 35

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Financial Services - USA Banking Community Bank System, Inc. CBU N 3 M/INC 61.72 NM 63.04 34.70 24.7 2.31 2.31 A 2.50 Dec 2,740 2.1 WW Community Trust Bancorp, Inc. CTBI Q 3 M/INC 46.95 NM 51.35 31.87 16.8 2.66 2.68 A 2.79 Dec 826 2.7 DC ConnectOne Bancorp, Inc. CNOB Q 1 H/GRW 25.85 31.00 26.65 14.86 15.2 1.29 0.87 A 1.70 Dec 781 1.2 WW CU Bancorp CUNB Q 3 H/GRW 36.35 NM 36.40 20.35 24.6 1.18 1.48 1.75 Dec 643 0.0 DAW CVB Financial Corp. CVBF Q 3 M/GRW 23.36 NM 23.75 14.02 25.4 0.93 0.92 1.01 Dec 2,525 2.1 DAW East West Bancorp, Inc. EWBC Q 3 H/GRW 54.01 NM 54.04 27.25 18.5 2.66 2.92 3.05 Dec 7,788 1.5 DJL Eastern Virginia Bankshares, Inc. EVBS Q 3 H/GRW 10.13 NM 10.54 6.60 24.1 0.38 0.42 0.45 Dec 133 1.2 WW EverBank Financial Corp EVER N 3 M/GRW 19.45 NM 19.49 12.32 14.4 1.23 1.35 1.45 Dec 2,353 1.2 MR Farmers Capital Bank Corp. FFKT Q 3 H/GRW 35.55 NM 44.65 24.65 16.9 1.93 1.79 A 2.10 Dec 267 1.1 DC Farmers National Banc Corp. FMNB Q 3 H/GRW 13.65 NM 15.50 8.06 17.7 0.54 0.77 0.87 Dec 369 1.2 DC FCB Financial Holdings, Inc. FCB N 3 M/GRW 48.25 NM 49.40 28.64 17.9 1.86 2.30 A 2.70 Dec 1,974 0.0 MR Fifth Third Bancorp FITB Q 3 M/GRW 27.11 NM 27.88 13.84 15.7 1.54 1.69 A 1.73 Dec 20,346 2.1 DJL First Bancorp FBNC Q 2 H/GRW 29.57 33.00 30.00 17.15 16.9 1.30 1.52 A 1.75 Dec 615 1.1 WW First Busey Corporation BUSE Q 3 H/GRW 30.81 NM 31.54 17.68 18.9 1.36 1.63 1.80 Dec 1,177 2.2 DC First Business Financial Services, Inc. FBIZ Q 3 H/GRW 24.36 NM 25.94 18.76 14.9 1.93 1.63 1.74 Dec 212 2.0 DC First Commonwealth Financial Corp. FCF N 3 H/GRW 14.39 NM 14.61 7.85 18.9 0.61 0.69 A 0.76 Dec 1,281 1.9 DC First Community Corporation FCCO Q 3 H/GRW 20.75 NM 21.00 12.66 19.8 0.92 0.96 A 1.05 Dec 139 1.5 WW First Defiance Financial Corp. FDEF Q 3 H/GRW 49.81 NM 52.31 34.80 16.1 2.82 3.09 3.30 Dec 448 1.8 DC First Financial Bancorp FFBC Q 3 H/GRW 28.35 NM 29.80 15.04 18.7 1.26 1.41 A 1.52 Dec 1,758 2.3 DC First Financial Corporation THFF Q 3 H/GRW 50.15 NM 53.49 31.15 18.9 2.35 2.65 2.75 Dec 612 2.0 DC First Foundation Inc. FFWM Q 2 H/GRW 14.41 16.00 14.98 10.00 22.5 0.58 0.64 0.80 Dec 470 0.0 DAW First Horizon National Corporation FHN N 3 H/GRW 20.62 NM 20.84 11.51 20.6 0.83 0.94 A 1.00 Dec 4,817 1.4 MR First Midwest Bancorp, Inc. FMBI Q 3 H/GRW 24.56 NM 25.83 15.17 16.5 1.12 1.21 A 1.49 Dec 1,997 1.5 DC The First of Long Island Corporation FLIC Q 3 M/INC 28.25 NM 29.67 17.43 20.6 1.21 1.37 1.50 Dec 667 2.0 WW First Republic Bank FRC N 2 H/GRW 95.65 101.00 95.76 56.32 21.0 3.18 3.92 A 4.56 Dec 14,758 0.7 DJL Franklin Financial Network, Inc. FSB N 2 H/GRW 40.20 46.00 42.80 22.83 16.2 1.50 2.27 A 2.48 Dec 432 0.0 DC Fulton Financial FULT Q 3 M/GRW 18.75 NM 19.45 11.78 18.0 0.85 0.93 A 1.04 Dec 3,246 2.1 DAW German American Bancorp, Inc. GABC Q 3 M/GRW 49.20 NM 54.46 29.24 20.2 2.27 2.44 2.61 Dec 753 1.5 DC Glacier Bancorp, Inc. GBCI Q 3 M/GRW 35.82 NM 37.87 21.90 22.0 1.56 1.63 1.78 Dec 2,740 2.1 DC Guaranty Federal Bancshares Inc. GFED Q 2 H/GRW 19.35 23.00 21.95 14.80 13.6 1.34 1.24 A 1.42 Dec 84 2.1 DC Hancock Holding Company HBHC Q 2 H/GRW 46.35 48.00 46.70 20.01 18.9 1.78 1.87 A 2.45 Dec 3,903 2.1 MR Hanmi Financial Corporation HAFC Q 2 H/GRW 34.25 37.00 35.85 18.92 17.6 1.68 1.75 A 1.95 Dec 1,107 2.2 DAW Heartland Financial USA, Inc. HTLF Q 1 H/GRW 47.55 53.00 49.15 27.74 15.8 2.59 3.01 3.07 Dec 1,165 0.8 DC Heritage Financial Corporation HFWA Q 3 H/GRW 26.35 NM 26.98 16.40 20.4 1.25 1.29 1.35 Dec 788 1.8 DAW

Raymond James Research Register - February 2017 36

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Financial Services - USA Banking Heritage Oaks Bancorp HEOP Q 3 H/GRW 13.79 NM 14.12 6.95 28.1 0.45 0.49 0.59 Dec 473 1.7 DAW Hilltop Holdings Inc. HTH N 3 H/GRW 28.67 NM 30.60 14.28 17.0 1.56 1.69 1.78 Dec 2,824 0.8 MR Home Bancorp, Inc. HBCP Q 2 H/GRW 36.83 39.00 39.75 23.76 15.3 1.94 2.24 A 2.40 Dec 271 1.3 WW Home BancShares, Inc. HOMB Q 3 M/GRW 27.48 NM 28.62 17.48 19.6 1.02 1.28 A 1.40 Dec 3,861 1.3 MR Hope Bancorp, Inc. HOPE Q 2 H/GRW 21.98 24.00 22.99 13.59 19.5 1.16 1.13 1.41 Dec 2,969 2.2 DAW HopFed Bancorp, Inc. HFBC Q 3 H/GRW 14.00 NM 14.20 10.82 38.9 0.30 0.36 0.54 Dec 87 1.1 DC Horizon Bancorp HBNC Q 2 H/GRW 26.46 30.00 28.63 14.61 17.0 1.46 1.56 1.78 Dec 585 1.5 DC Huntington Bancshares Inc. HBAN Q 2 M/GRW 14.01 15.00 14.17 7.95 14.2 0.85 0.87 A 0.99 Dec 15,211 2.3 DJL IBERIABANK Corporation IBKC Q 2 M/GRW 83.25 96.00 91.10 43.08 19.0 4.05 4.39 4.72 Dec 3,422 1.7 MR Independent Bank Group, Inc. IBTX Q 2 M/GRW 64.30 73.00 65.65 25.50 18.5 2.36 3.08 A 3.48 Dec 1,215 0.6 MR Investar Holding Corporation ISTR Q 2 M/GRW 19.85 21.00 20.00 13.63 19.9 0.97 1.00 1.25 Dec 142 0.3 WW KeyCorp KEY N 3 M/GRW 18.45 NM 18.77 9.88 13.8 1.10 1.15 A 1.34 Dec 19,913 1.8 DJL Lakeland Bancorp, Inc. LBAI Q 3 M/GRW 18.80 NM 20.05 9.72 17.9 0.88 1.01 A 1.05 Dec 887 2.0 WW Lakeland Financial Corporation LKFN Q 3 M/GRW 46.28 NM 48.88 26.58 21.0 1.84 2.05 A 2.20 Dec 1,162 1.6 DC LegacyTexas Financial Group, Inc. LTXB Q 2 M/GRW 42.51 45.00 44.20 16.79 20.4 1.56 2.08 2.30 Dec 2,035 1.4 MR MB Financial, Inc. MBFI Q 3 H/GRW 46.81 NM 48.47 28.50 19.7 2.06 2.38 2.62 Dec 3,918 1.6 DJL Mercantile Bank Corp. MBWM Q 3 M/GRW 33.53 NM 38.68 20.96 17.9 1.65 1.81 A 1.87 Dec 550 2.1 DC Meta Financial Group, Inc. CASH Q 1 H/GRW 104.50 119.00 106.90 36.80 15.8 3.01 4.26 A 6.62 Sep 888 0.5 DC MidSouth Bancorp, Inc. MSL N 2 H/GRW 14.50 16.00 14.65 6.57 25.4 0.82 0.57 0.85 Dec 165 2.5 WW MidWestOne Financial Group, Inc. MOFG Q 2 H/GRW 35.77 41.00 39.20 24.71 16.8 2.53 2.13 2.62 Dec 408 1.8 DC National Commerce Corporation NCOM Q 3 H/GRW 38.35 NM 38.50 21.19 19.2 1.08 1.59 A 2.00 Dec 419 0.0 WW New York Community Bancorp, Inc. NYCB N 3 M/INC 15.13 NM 17.68 13.74 16.8 1.10 1.03 A 0.90 Dec 7,370 4.5 WW Northern Trust Corporation NTRS Q 1 M/GRW 83.95 102.00 91.14 54.38 17.8 3.88 4.34 A 4.72 Dec 19,006 1.8 DJL Old Line Bancshares Inc. OLBK Q 2 H/GRW 27.47 28.00 28.81 16.75 17.2 1.05 1.21 A 1.60 Dec 300 0.9 WW Old National Bancorp ONB Q 3 H/GRW 18.05 NM 18.55 10.69 17.0 0.97 1.01 A 1.06 Dec 2,440 2.9 DJL Pacific Continental Corporation PCBK Q 3 M/GRW 26.10 NM 26.85 14.08 28.4 0.96 0.92 1.34 Dec 590 1.7 DAW Pacific Premier Bancorp, Inc. PPBI Q 2 H/GRW 40.05 44.00 40.95 19.10 20.9 1.19 1.46 A 1.92 Dec 1,109 0.0 DAW PacWest Bancorp PACW Q 2 H/GRW 56.90 60.00 57.07 29.05 18.5 2.92 2.90 A 3.08 Dec 6,901 3.5 DJL Paragon Commercial Corporation PBNC Q 2 H/GRW 45.24 48.00 45.51 26.40 15.6 2.39 2.64 A 2.90 Dec 247 0.0 WW Park Sterling Corporation PSTB Q 3 H/GRW 11.65 NM 11.90 5.90 20.4 0.41 0.53 A 0.57 Dec 619 1.4 WW Peoples Bancorp Inc. PEBO Q 3 H/GRW 32.19 NM 32.98 16.61 18.2 1.13 1.77 1.86 Dec 586 2.1 DC Pinnacle Financial Partners, Inc. PNFP Q 3 M/GRW 68.80 NM 71.85 43.32 19.7 2.61 3.07 A 3.50 Dec 3,192 0.8 MR PNC Financial Services Group, Inc. PNC N 3 M/GRW 121.63 NM 121.98 77.40 15.6 7.04 7.26 A 7.80 Dec 59,781 1.8 MR Preferred Bank PFBC Q 2 H/GRW 56.49 59.00 56.81 26.35 19.1 2.13 2.56 A 2.95 Dec 797 1.3 DAW

Raymond James Research Register - February 2017 37

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Financial Services - USA Banking PrivateBancorp, Inc. PVTB Q 3 H/GRW 55.59 NM 55.64 31.18 19.2 2.31 2.64 A 2.90 Dec 4,436 0.1 DJL Prosperity Bancshares, Inc. PB N 2 M/GRW 75.99 80.00 76.78 35.55 18.8 4.08 3.94 A 4.05 Dec 5,281 1.8 MR QCR Holdings, Inc. QCRH Q 2 H/GRW 42.60 48.00 44.80 18.05 19.1 1.98 2.23 2.70 Dec 503 0.4 DC Regions Financial Corporation RF N 2 M/GRW 14.70 15.50 14.93 7.00 15.5 0.71 0.87 A 0.95 Dec 17,860 1.8 MR Renasant Corporation RNST Q 2 M/GRW 40.79 48.00 44.65 29.60 16.5 2.09 2.47 2.40 Dec 1,807 1.8 MR Riverview Bancorp, Inc. RVSB Q 2 H/GRW 7.70 7.50 8.16 4.15 24.1 0.20 0.28 A 0.32 Mar 173 1.0 DAW S&T Bancorp, Inc. STBA Q 3 H/GRW 38.75 NM 39.84 23.06 19.2 2.02 2.02 2.20 Dec 1,353 2.1 DC Seacoast Banking Corporation of Florida SBCF Q 2 M/GRW 22.04 25.00 23.00 13.78 22.3 0.74 0.99 1.28 Dec 838 0.0 MR ServisFirst Bancshares, Inc. SFBS Q 3 M/GRW 39.18 NM 39.26 17.06 28.4 1.19 1.38 1.59 Dec 2,061 0.4 WW Sierra Bancorp BSRR Q 3 H/GRW 28.06 NM 28.99 15.61 22.4 1.33 1.25 1.48 Dec 387 1.7 DAW Signature Bank SBNY Q 1 H/GRW 163.25 183.00 164.23 113.53 17.3 7.29 7.38 A 9.43 Dec 8,913 0.0 DJL Simmons First National Corporation SFNC Q 4 NM 61.50 NM 67.00 38.30 17.1 3.18 3.28 A 3.60 Dec 1,925 1.6 MR Southwest Bancorp, Inc. OKSB Q 3 H/GRW 28.50 NM 29.70 14.00 32.0 0.99 0.89 1.22 Dec 533 1.1 DC State Street Corporation STT N 3 M/GRW 76.58 NM 83.49 50.60 13.3 4.88 5.14 A 5.75 Dec 29,246 2.0 DJL Stock Yards Bancorp Inc. SYBT Q 3 M/GRW 46.10 NM 48.05 23.92 25.8 1.66 1.79 1.85 Dec 1,037 1.6 DC Stonegate Bank SGBK Q 3 M/GRW 42.94 NM 43.50 28.21 20.5 2.03 2.09 2.44 Dec 609 0.7 MR SunTrust Banks, Inc. STI N 2 M/GRW 58.26 60.00 58.72 31.07 15.1 3.58 3.60 A 3.85 Dec 28,617 1.6 MR SVB Financial Group SIVB Q 1 H/GRW 177.66 210.00 180.48 77.87 21.0 6.62 7.31 A 8.45 Dec 9,292 0.0 DJL Synovus Financial Corp. SNV N 3 M/GRW 42.79 NM 42.94 25.48 19.0 1.62 1.90 A 2.25 Dec 5,233 1.1 MR TCF Financial Corporation TCB N 3 H/GRW 19.16 NM 20.03 10.37 16.0 1.07 1.20 1.29 Dec 3,276 1.6 DJL Territorial Bancorp Inc. TBNK Q 3 M/GRW 33.03 NM 33.39 24.87 18.9 1.59 1.75 1.90 Dec 324 2.2 DAW Texas Capital Bancshares, Inc. TCBI Q 1 M/GRW 84.50 95.00 89.25 29.78 19.4 2.91 3.11 A 4.35 Dec 4,183 0.0 MR TowneBank TOWN Q 3 M/GRW 33.45 NM 34.55 16.50 20.3 1.19 1.38 A 1.65 Dec 2,087 1.6 WW TriCo Bancshares TCBK Q 2 H/GRW 35.45 37.00 35.85 23.47 18.9 1.90 1.88 2.04 Dec 808 1.7 DAW Trustmark Corporation TRMK Q 3 M/INC 33.95 NM 36.79 20.33 18.9 1.71 1.69 A 1.80 Dec 2,295 2.7 MR U.S. Bancorp USB N 3 M/GRW 52.95 NM 52.98 37.07 15.1 3.16 3.22 A 3.50 Dec 89,856 2.1 DJL UMB Financial Corporation UMBF Q 4 NM 78.10 NM 81.11 43.78 22.0 2.43 3.20 A 3.55 Dec 3,882 1.3 DJL Umpqua Holdings Corp. UMPQ Q 2 H/GRW 18.59 21.00 19.30 13.75 15.9 1.16 1.13 A 1.17 Dec 4,094 3.4 DJL Union Bankshares Corporation UBSH Q 2 H/INC 37.74 38.00 38.06 20.57 18.9 1.45 1.77 A 2.00 Dec 1,646 2.1 WW United Bankshares, Inc. UBSI Q 3 M/INC 45.15 NM 49.35 32.22 22.6 1.96 2.00 2.10 Dec 3,449 2.9 WW United Community Banks, Inc. UCBI Q 2 H/GRW 28.97 32.00 30.47 15.74 17.6 1.27 1.48 A 1.65 Dec 2,054 1.1 MR Washington Federal, Inc. WAFD Q 3 H/GRW 34.20 NM 35.95 19.11 18.6 1.67 1.78 A 1.84 Sep 3,068 1.6 DAW WashingtonFirst Bankshares, Inc. WFBI Q 3 M/GRW 28.17 NM 30.58 18.57 21.0 1.14 1.34 1.50 Dec 363 0.8 WW Webster Financial Corp. WBS N 3 H/GRW 54.85 NM 55.80 30.64 23.3 2.09 2.08 A 2.35 Dec 5,030 1.8 WW Wells Fargo & Co. WFC N 4 NM 57.18 NM 58.02 43.55 14.2 4.12 3.99 A 4.02 Dec 286,821 2.7 DJL WesBanco, Inc. WSBC Q 3 M/GRW 43.35 NM 44.19 27.02 17.3 2.33 2.34 A 2.50 Dec 1,903 2.2 DC Wintrust Financial Corporation WTFC Q 1 H/GRW 72.84 80.00 74.47 37.96 18.4 3.10 3.58 A 3.96 Dec 3,780 0.7 DJL Yadkin Financial Corporation YDKN N 3 H/GRW 32.88 NM 35.18 20.42 19.3 1.50 1.70 NA Dec 1,697 1.2 WW Zions Bancorporation ZION Q 3 H/GRW 43.47 NM 44.33 19.65 18.0 1.63 2.04 A 2.42 Dec 8,829 0.6 DJL

Raymond James Research Register - February 2017 38

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Financial Services - USA Capital Markets Brokerages & Exchanges BATS Global Markets, Inc. BATS BATS 3 M/GRW 34.90 NM 34.94 22.40 24.4 1.09 1.43 1.65 Dec 3,385 0.0 PO BGC Partners, Inc. BGCP Q 1 H/INC 11.22 14.00 11.27 8.18 13.7 0.79 0.82 0.95 Dec 4,822 5.7 PO CBOE Holdings, Inc. CBOE Q 3 M/GRW 77.97 NM 78.25 58.43 32.1 2.39 2.43 2.60 Dec 6,339 1.3 PO The Charles Schwab Corporation SCHW N 3 M/GRW 42.45 NM 42.61 21.51 26.5 1.03 1.31 A 1.60 Dec 56,925 0.7 PO CME Group Inc. CME Q 3 M/GRW 120.74 NM 124.01 85.47 26.8 4.05 4.51 5.00 Dec 40,943 2.0 PO E*TRADE Financial Corporation ETFC Q 2 H/GRW 37.41 45.00 37.58 19.61 18.7 1.17 1.87 A 2.00 Dec 10,318 0.0 PO GAIN Capital Holdings, Inc. GCAP N 3 H/GRW 7.47 NM 7.77 4.54 8.1 0.77 0.92 0.70 Dec 363 3.2 PO Intercontinental Exchange, Inc. ICE N 2 M/GRW 58.17 63.00 59.86 45.44 21.2 2.43 2.75 3.15 Dec 34,902 1.2 PO Lazard Ltd LAZ N 2 H/GRW 42.01 45.00 44.07 26.21 14.1 3.60 2.97 3.05 Dec 5,209 3.6 PO MarketAxess Holdings Inc. MKTX Q 2 M/GRW 180.41 190.00 182.86 102.00 44.0 2.55 3.34 A 4.10 Dec 6,801 0.6 PO Nasdaq Inc. NDAQ Q 2 M/GRW 68.83 73.00 71.92 56.25 18.9 3.39 3.64 4.20 Dec 11,667 1.9 PO TD Ameritrade Holding Corporation AMTD Q 2 M/GRW 46.90 49.00 47.41 24.88 27.8 1.49 1.58 A 1.69 Sep 24,857 1.4 PO Capital Markets Technology Broadridge Financial Solutions, Inc. BR N 3 M/GRW 67.39 NM 71.74 50.30 21.7 2.48 2.73 A 3.10 Jun 8,026 2.0 PO Envestnet, Inc. ENV N 1 H/GRW 37.65 45.00 41.47 19.30 38.0 0.98 0.99 1.49 Dec 1,616 0.0 PO FactSet Research Systems Inc. FDS N 4 NM 173.54 NM 183.17 135.95 23.7 5.74 6.40 A 7.32 Aug 6,890 1.2 PO Financial Engines, Inc. FNGN Q 3 M/GRW 38.15 NM 39.95 23.22 33.2 0.93 1.15 1.37 Dec 2,388 0.7 PO Moody's Corporation MCO N 3 M/GRW 104.07 NM 110.83 77.76 22.1 4.60 4.70 5.00 Dec 19,895 1.5 PO MSCI Inc. MSCI N 3 M/GRW 83.51 NM 90.79 62.17 28.0 2.32 2.98 3.50 Dec 7,906 1.3 PO S&P Global Inc. SPGI N 3 M/GRW 121.12 NM 128.40 78.55 22.6 4.69 5.36 5.90 Dec 32,218 1.2 PO SEI Investments Co. SEIC Q 2 M/GRW 49.28 53.00 52.54 32.01 22.4 1.97 2.03 A 2.20 Dec 7,883 1.1 PO SS&C Technologies Holdings, Inc. SSNC Q 2 H/GRW 32.16 35.00 34.19 23.62 19.9 1.33 1.62 1.85 Dec 6,644 0.8 PO Insurance Brokerage & Technology Aon plc AON N 4 NM 112.95 NM 116.59 85.25 17.5 6.18 6.47 7.00 Dec 30,451 1.2 CGP Arthur J. Gallagher & Co. AJG N 2 M/INC 53.79 54.00 54.07 36.22 19.7 2.55 2.73 2.95 Dec 9,569 2.8 CGP Brown & Brown, Inc. BRO N 2 H/GRW 43.48 47.00 45.77 28.57 22.9 1.67 1.86 A 1.90 Dec 6,092 1.2 CGP Crawford & Company CRD.B N 2 H/GRW 12.08 14.00 14.37 3.99 17.0 0.45 0.71 0.85 Dec 672 1.7 CGP Health Insurance Innovations, Inc. HIIQ Q 3 H/SPEC 19.75 NM 21.00 3.72 23.2 0.27 0.85 1.00 Dec 286 0.0 CGP HealthEquity, Inc. HQY Q 2 H/GRW 47.53 48.00 49.25 15.80 NM 0.22 0.28 A 0.42 Jan 2,819 0.0 CGP Marsh and McLennan Companies, Inc. MMC N 2 M/GRW 68.75 70.00 69.77 51.25 20.5 3.04 3.36 3.65 Dec 35,475 1.9 CGP Verisk Analytics Inc. VRSK Q 3 H/GRW 82.53 NM 86.00 64.79 26.6 3.08 3.10 3.35 Dec 13,890 0.0 CGP Willis Towers Watson plc WLTW Q 1 H/GRW 127.58 145.00 133.40 104.11 16.8 NA 7.60 8.40 Dec 17,606 1.5 CGP

Raymond James Research Register - February 2017 39

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Financial Services - USA Commercial American Financial Group, Inc. AFG N 2 H/GRW 87.72 90.00 89.22 64.87 15.5 5.44 5.65 5.85 Dec 7,614 1.4 CGP Argo Group International Holdings, Ltd. AGII Q 1 H/GRW 65.90 68.00 67.60 41.55 16.6 3.70 3.97 4.10 Dec 1,977 1.3 CGP Blue Capital Reinsurance Holdings Ltd. BCRH N 3 H/INC 19.10 NM 19.51 17.01 14.7 2.36 1.30 1.60 Dec 168 11.2 CGP Chubb Limited CB N 2 H/GRW 133.06 142.00 133.89 106.82 13.7 9.76 9.68 10.25 Dec 61,911 2.1 CGP Conifer Holdings, Inc. CNFR Q 2 H/GRW 6.95 9.00 9.02 5.32 NM (0.09) (0.79) 0.40 Dec 53 0.0 CGP Hallmark Financial Services Inc. HALL Q 3 H/GRW 10.90 NM 12.09 9.50 13.6 1.04 0.80 1.00 Dec 203 0.0 CGP Old Republic International Corp. ORI N 2 M/INC 20.63 21.00 20.63 16.51 15.4 1.28 1.34 1.45 Dec 5,351 3.6 CGP ProAssurance Corp. PRA N 3 H/GRW 55.20 NM 63.53 47.19 24.6 2.59 2.24 2.25 Dec 2,937 2.2 CGP The Travelers Companies, Inc. TRV N 3 M/INC 118.13 NM 123.09 102.73 12.3 10.88 9.60 9.55 Dec 33,561 2.3 CGP Life/Health Aflac, Inc. AFL N 3 M/GRW 70.56 NM 74.50 55.24 10.3 6.16 6.87 6.40 Dec 28,788 2.4 CGP American Equity Investment Life Holding Company AEL N 2 H/GRW 24.49 26.00 24.61 12.65 18.1 2.42 1.35 2.35 Dec 2,153 1.0 CGP FBL Financial Group FFG N 4 NM 71.15 NM 82.60 55.18 16.5 4.19 4.30 4.15 Dec 1,772 2.4 CGP Personal Allstate Corporation ALL N 1 M/GRW 75.81 80.00 75.85 58.03 18.3 5.22 4.15 6.50 Dec 27,913 1.7 CGP Federated National Holding Company FNHC Q 2 H/GRW 19.10 24.00 25.75 14.03 49.0 2.73 0.39 2.05 Dec 264 1.7 CGP Infinity Property and Casualty Corporation IPCC Q 3 H/GRW 87.75 NM 90.50 73.27 35.1 4.35 2.50 4.05 Dec 974 2.4 CGP Kemper Corp. KMPR N 3 M/INC 44.70 NM 45.95 23.51 NM 1.35 0.10 2.15 Dec 2,289 2.1 CGP Mercury General Corporation MCY N 3 H/INC 62.90 NM 63.08 44.50 35.9 2.34 1.75 2.10 Dec 3,478 4.0 CGP Progressive Corporation PGR N 2 H/GRW 38.04 38.00 38.05 29.91 24.4 2.03 1.56 1.75 Dec 22,059 2.3 CGP United Insurance Holdings Corp. UIHC Q 2 H/GRW 14.40 18.00 20.04 9.52 36.0 1.24 0.40 1.50 Dec 311 1.7 CGP

Raymond James Research Register - February 2017 40

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Financial Services - USA Specialty Finance Investment Companies Alcentra Capital Corporation (ni) ABDC Q 1 H/INC 12.13 16.00 13.47 8.90 7.7 1.43 1.57 1.56 Dec 164 11.2 RD Apollo Investment Corp. (ni) AINV Q 3 H/INC 5.90 NM 6.27 4.26 9.2 0.96 0.83 A 0.64 Mar 1,310 10.2 RD Ares Capital Corp. (ni) ARCC Q 2 H/INC 16.97 18.00 17.05 12.31 11.2 1.62 1.51 1.60 Dec 5,328 9.0 RD CM Finance Inc. (ni) CMFN Q 2 H/INC 9.45 11.00 10.48 6.33 7.7 1.48 1.45 A 1.23 Jun 129 14.9 RD Compass Diversified Holdings (y) CODI N 2 H/INC 18.05 19.50 19.50 14.00 12.5 1.52 1.44 1.77 Dec 1,081 8.0 RD Fidus Investment Corporation (ni) FDUS Q 1 H/INC 16.58 20.00 17.09 12.18 11.4 1.64 1.46 1.70 Dec 365 9.4 RD Fifth Street Finance Corp. (ni) FSC Q 3 H/INC 5.46 NM 6.32 4.40 8.0 0.75 0.72 A 0.68 Sep 837 13.2 RD Fortress Transportation & Infrastructure Investors LLC FTAI N 2 H/INC 14.78 16.50 14.98 8.65 NM 0.12 (0.13) 0.42 Dec 1,120 8.9 RD Goldman Sachs BDC, Inc. (ni) GSBD N 2 H/INC 23.59 24.00 23.88 17.50 11.0 2.15 2.15 2.11 Dec 856 7.6 RD Golub Capital BDC, Inc. (ni) GBDC Q 2 H/INC 18.91 19.00 19.76 15.09 14.8 1.20 1.25 A 1.28 Sep 1,041 6.8 RD Great Ajax Corp. AJX N 2 H/INC 13.43 16.00 14.48 9.06 7.4 1.61 1.82 2.20 Dec 243 7.4 RD Hercules Capital, Inc. (ni) HTGC N 2 H/INC 14.40 15.00 14.64 9.92 11.7 1.05 1.23 1.31 Dec 1,100 8.6 RD Horizon Technology Finance Corporation (ni) HRZN Q 3 H/INC 11.10 NM 13.95 9.36 7.6 1.25 1.46 1.20 Dec 129 10.8 RD Main Street Capital Corp. (ni) MAIN N 2 H/INC 35.99 35.00 37.57 26.90 16.2 2.18 2.22 2.25 Dec 1,893 6.2 RD Monroe Capital Corp. (ni) MRCC Q 2 H/INC 15.38 18.50 16.37 10.46 9.7 1.61 1.59 1.62 Dec 255 9.1 RD Newtek Business Services Corp. (ni) NEWT Q 2 H/SPEC 15.40 16.00 16.84 9.37 9.6 2.06 1.61 1.75 Dec 225 9.9 RD Prospect Capital Corporation (ni) PSEC Q 4 NM 8.75 NM 8.78 5.21 9.5 1.03 1.04 A 0.92 Jun 3,108 11.4 RD Stellus Capital Investment Corporation (ni) SCM N 3 H/INC 13.48 NM 13.50 7.15 9.9 1.33 1.36 1.38 Dec 168 10.1 RD TCP Capital Corp. (ni) TCPC Q 2 H/INC 16.85 19.00 17.25 12.71 11.0 1.65 1.53 1.57 Dec 1,060 8.5 RD THL Credit, Inc. (ni) TCRD Q 2 H/INC 10.36 11.00 11.84 8.58 7.6 1.41 1.37 1.21 Dec 344 10.4 RD TPG Specialty Lending, Inc. (ni) TSLX N 2 H/INC 18.56 19.50 19.20 15.11 10.3 1.77 1.81 1.93 Dec 1,106 8.4 RD Triangle Capital Corporation (ni) TCAP N 3 H/INC 19.21 NM 21.35 16.00 11.9 2.16 1.61 1.91 Dec 776 9.4 RD Specialty Consumer Finance Credit Acceptance Corp. CACC Q 4 NM 206.06 NM 223.57 160.63 12.6 14.32 16.39 19.22 Dec 4,189 0.0 RD Encore Capital Group Inc. ECPG Q 3 H/GRW 30.70 NM 31.50 17.66 9.2 5.15 3.35 4.21 Dec 784 0.0 RD OneMain Holdings, Inc. OMF N 3 H/GRW 22.49 NM 33.31 16.03 6.2 2.36 3.61 3.90 Dec 3,031 0.0 RD PRA Group Inc. PRAA Q 3 H/GRW 37.65 NM 41.90 20.00 13.7 3.99 2.75 3.29 Dec 1,745 0.0 RD

Raymond James Research Register - February 2017 41

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Financial Services - CAN Michael Overvelde, CFA, CPA, CA [email protected] Diversified Financials Crown Capital Partners Inc. CRN T 2 H/INC C$9.45 11.00 11.90 6.72 16.0 NA 0.59 0.98 Dec 90 4.7 MO ECN Capital Corp. ECN T 2 H/GRW C$3.20 4.40 3.59 2.60 11.0 0.40 0.29 0.41 Dec 1,252 1.2 MO Element Fleet Management Corp. EFN T 1 M/GRW C$13.00 17.00 13.49 9.14 11.2 1.07 1.16 1.10 Dec 5,084 0.8 MO goeasy Ltd. GSY T 2 H/INC C$29.40 30.00 29.75 16.25 12.3 1.69 2.39 3.15 Dec 403 1.7 MO Home Capital Group Inc. HCG T 2 H/INC C$30.00 34.00 39.84 23.41 7.6 4.11 3.97 4.20 Dec 1,941 3.5 MO Intact Financial Corporation IFC T 3 M/INC C$95.06 98.00 97.47 77.49 19.8 5.54 4.81 7.06 Dec 12,462 2.4 MO Street Capital Group SCB T 2 H/GRW C$1.90 1.95 2.44 1.10 12.7 0.21 0.15 0.17 Dec 231 0.0 MO

Raymond James Research Register - February 2017 42

Healthcare

USA Alternate Site Healthcare Providers ...... 44 Animal Health ...... 44 Benefits Management ...... 44 Health Benefits Management ...... 44 Pharmacy Benefits Management ...... 44 Biotechnology ...... 45 Clinical Laboratories ...... 45 Death Care ...... 46 Diagnostics...... 46

Drug Distributors ...... 46 Drug Stores ...... 46 Healthcare Information Technology ...... 46 Hospital Supplies & Equipment ...... 47 Hospitals ...... 47 Medical Devices ...... 47 Pharma Services ...... 48 Specialty Pharmaceuticals ...... 48

Raymond James Research Register - February 2017 43

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Healthcare - USA John W. Ransom [email protected] Michael J. Baker [email protected] Jayson Bedford [email protected] Reni Benjamin, Ph.D. [email protected] Nicholas Jansen [email protected] Lawrence Keusch [email protected] Christopher Raymond [email protected] Elliot Wilbur, CFA [email protected] Laura Chico, Ph.D. [email protected] Alternate Site Healthcare Providers AAC Holdings, Inc. AAC N 3 H/SPEC 8.08 NM 24.38 6.01 11.7 0.97 0.69 0.83 Dec 186 0.0 JWR Acadia Healthcare Company, Inc. ACHC Q 1 H/GRW 39.02 60.00 65.00 32.54 16.3 2.23 2.40 2.50 Dec 3,387 0.0 JWR,NJ Amedisys AMED Q 3 H/GRW 47.60 NM 55.16 31.16 31.7 1.48 1.50 1.97 Dec 1,609 0.0 JWR,NJ Civitas Solutions, Inc. CIVI N 3 H/GRW 19.50 NM 25.51 15.19 25.7 0.48 0.59 A 0.76 Sep 727 0.0 JWR DaVita HealthCare Partners Inc. DVA N 2 H/GRW 65.21 75.00 78.77 54.50 16.5 3.83 3.96 3.54 Dec 13,498 0.0 JWR,NJ Envision Healthcare Corporation EVHC N 1 H/GRW 68.02 90.00 83.27 57.32 15.7 3.71 4.34 4.76 Dec 8,434 0.0 JWR,NJ HealthSouth Corporation HLS N 2 H/GRW 39.57 50.00 43.38 30.26 15.2 2.28 2.60 2.73 Dec 3,597 2.4 JWR,NJ MEDNAX, Inc. MD N 3 H/GRW 68.49 NM 76.96 59.36 17.0 4.07 4.04 4.53 Dec 6,409 0.0 JWR,NJ Surgery Partners, Inc. SGRY Q 1 H/GRW 18.50 25.00 20.93 11.76 29.4 0.94 0.63 0.92 Dec 888 0.0 JWR Animal Health Abaxis, Inc. ABAX Q 4 NM 47.20 NM 55.95 37.71 36.6 0.91 1.36 A 1.29 Mar 1,076 1.2 NJ Heska Corporation HSKA Q 2 H/GRW 76.97 78.00 80.80 26.26 59.2 0.74 1.30 1.45 Dec 531 0.0 NJ IDEXX Laboratories, Inc. IDXX Q 3 H/GRW 119.61 NM 121.81 63.48 50.5 2.11 2.37 2.81 Dec 10,896 0.0 NJ VCA Inc. WOOF Q 3 H/GRW 90.80 NM 91.58 44.85 31.0 2.38 2.93 3.35 Dec 7,418 0.0 NJ Benefits Management Health Benefits Management Aetna AET N 3 M/GRW 117.64 NM 136.50 92.42 14.7 7.71 8.01 8.68 Dec 41,280 0.9 MJB Anthem ANTM N 3 M/GRW 152.40 NM 154.61 114.85 13.9 10.16 11.00 11.45 Dec 57,805 1.7 MJB Centene CNC N 3 H/GRW 63.49 NM 75.57 47.36 14.6 3.03 4.35 4.65 Dec 10,848 0.0 MJB CIGNA Corporation CI N 3 H/GRW 146.80 NM 149.23 115.03 18.4 8.66 8.00 9.50 Dec 40,737 0.0 MJB Humana HUM N 3 M/GRW 200.13 NM 217.80 150.00 21.0 7.75 9.51 10.65 Dec 29,840 0.6 MJB Insperity NSP N 3 H/GRW 71.90 NM 82.18 41.83 20.2 2.19 3.56 4.15 Dec 1,841 1.4 MJB Magellan Health MGLN Q 3 H/GRW 75.80 NM 79.20 49.50 23.2 1.21 3.27 4.30 Dec 2,100 0.0 MJB Molina Healthcare MOH N 3 H/GRW 56.59 NM 67.87 44.50 20.4 2.73 2.78 3.65 Dec 3,226 0.0 MJB UnitedHealth Group UNH N 1 M/GRW 162.75 185.00 164.00 108.83 17.1 6.45 8.05 A 9.50 Dec 176,258 1.5 MJB Universal American Corp. UAM N 3 M/GRW 9.96 NM 10.13 5.55 49.8 (0.14) 0.20 0.35 Dec 586 0.0 MJB WellCare Health Plans WCG N 3 H/GRW 144.85 NM 147.75 69.16 26.5 3.44 5.46 6.20 Dec 6,229 0.0 MJB Pharmacy Benefits Management Express Scripts ESRX Q 3 H/GRW 69.22 NM 80.02 64.46 10.8 5.53 6.40 6.92 Dec 42,681 0.0 MJB

Raymond James Research Register - February 2017 44

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Healthcare - USA Biotechnology AbbVie Inc. ABBV N 2 H/GRW 61.27 84.00 68.12 51.60 12.7 4.30 4.83 5.53 Dec 99,558 4.2 CR,LC Acorda Therapeutics, Inc. ACOR Q 3 H/GRW 20.95 NM 40.00 16.40 NM 1.05 0.16 1.04 Dec 966 0.0 CR,LC Adaptimmune Therapeutics plc ADAP Q 2 H/SPEC 4.23 16.00 11.59 3.76 NM (0.86) (1.04) (0.98) Dec 300 0.0 RB ADMA Biologics, Inc. ADMA Q 3 H/SPEC 5.25 NM 8.85 4.15 NM (1.73) (1.57) (0.94) Dec 68 0.0 RB Alexion Pharmaceuticals Inc. ALXN Q 1 H/GRW 128.20 193.00 162.00 109.12 27.9 4.65 4.60 5.65 Dec 28,706 0.0 CR,LC AMAG Pharmaceuticals, Inc. AMAG Q 4 NM 23.85 NM 36.83 17.92 4.0 4.43 5.94 6.80 Dec 816 0.0 CR,LC Amgen, Inc. AMGN Q 3 M/GRW 152.98 NM 176.85 133.64 13.2 10.38 11.58 12.10 Dec 113,940 3.0 CR,LC Asterias Biotherapeutics AST M 2 H/SPEC 4.35 5.00 5.80 2.30 NM (0.42) (0.76) (0.70) Dec 199 0.0 RB Bellicum Pharmaceuticals, Inc. BLCM Q 2 H/SPEC 12.46 29.00 23.11 7.24 NM (1.84) (2.59) (3.26) Dec 338 0.0 RB Biogen Inc. BIIB Q 1 H/GRW 278.89 325.00 333.65 223.02 13.2 17.01 20.22 A 21.10 Dec 60,679 0.0 CR,LC BioMarin Pharmaceutical Inc. BMRN Q 2 H/GRW 85.28 108.00 102.49 62.12 NM (0.89) (0.04) 0.22 Dec 14,642 0.0 CR,LC Blueprint Medicines Corporation BPMC Q 2 H/SPEC 34.11 34.00 38.33 13.04 NM (3.07) (2.72) (3.31) Dec 931 0.0 CR,LC Cascadian Therapeutics Inc. CASC Q 2 H/SPEC 3.73 13.00 10.98 3.49 NM (2.02) (3.41) (2.07) Dec 84 0.0 RB Celgene Corporation CELG Q 1 H/GRW 111.53 152.00 127.00 93.05 15.5 4.71 5.94 A 7.20 Dec 86,480 0.0 CR,LC Cempra, Inc. CEMP Q 3 H/SPEC 3.15 NM 26.95 2.55 NM (2.09) (2.21) (1.73) Dec 165 0.0 LC,CR Fate Therapeutics, Inc. FATE Q 2 H/SPEC 2.80 4.00 3.82 1.46 NM (1.18) (1.15) (0.87) Dec 96 0.0 RB Galena Biopharma Inc. GALE Q 3 H/SPEC 1.77 NM 49.80 1.64 NM (5.00) (1.60) (2.40) Dec 19 0.0 RB Incyte Corporation INCY Q 2 H/GRW 120.64 135.00 124.87 55.00 NM 0.03 0.59 1.59 Dec 22,712 0.0 RB InVivo Therapeutics NVIV Q 1 H/SPEC 4.80 10.00 10.36 3.50 NM (1.26) (0.78) (0.77) Dec 154 0.0 RB Juno Therapeutics, Inc. JUNO Q 3 H/SPEC 20.00 NM 49.72 17.52 NM (2.72) (2.57) (3.12) Dec 2,052 0.0 RB Karyopharm Therapeutics Inc. KPTI Q 2 H/SPEC 10.73 13.00 11.41 4.83 NM (3.32) (3.01) (2.79) Dec 426 0.0 CR,LC Keryx Biopharmaceuticals, Inc. KERX Q 2 H/SPEC 4.73 7.00 7.80 3.11 NM (1.19) (1.52) (0.63) Dec 501 0.0 RB Kite Pharma, Inc. KITE Q 2 H/SPEC 48.76 61.00 64.30 38.41 NM (2.33) (5.50) (7.07) Dec 2,428 0.0 RB NantKwest, Inc. NK Q 3 H/SPEC 5.32 NM 12.04 5.19 NM (3.31) (1.59) (1.87) Dec 438 0.0 RB NeuroDerm Ltd. NDRM Q 2 H/SPEC 22.30 27.00 24.25 11.76 NM (0.82) (1.52) (1.77) Dec 484 0.0 CR,LC Nivalis Therapeutics, Inc. NVLS Q 3 H/SPEC 2.25 NM 9.35 2.00 NM (2.43) (2.16) (1.85) Dec 35 0.0 LC,CR Organovo Holdings, Inc. ONVO Q 2 H/SPEC 3.60 5.00 4.99 1.74 NM NA (0.43) A (0.40) Mar 374 0.0 RB Proteon Therapeutics, Inc. PRTO Q 3 H/SPEC 2.05 NM 11.63 1.75 NM (1.30) (1.78) (1.63) Dec 34 0.0 CR,LC Regeneron Pharmaceuticals, Inc. REGN Q 2 H/GRW 340.75 441.00 463.24 325.35 30.0 12.07 11.36 15.65 Dec 35,936 0.0 CR,LC Sage Therapeutics, Inc. SAGE Q 1 H/SPEC 48.52 84.00 56.45 26.28 NM (3.40) (4.40) (5.37) Dec 1,803 0.0 LC,CR Tesaro, Inc. TSRO Q 3 H/SPEC 153.36 NM 157.77 29.51 NM (6.38) (7.51) (6.88) Dec 7,922 0.0 CR,LC TG Therapeutics, Inc. TGTX Q 1 H/SPEC 4.60 15.00 10.50 4.10 NM (1.38) (1.47) (1.31) Dec 252 0.0 RB Ultragenyx Pharmaceutical Inc. RARE Q 2 H/SPEC 68.66 91.00 86.77 46.52 NM (3.96) (6.19) (6.90) Dec 2,750 0.0 CR,LC Verastem, Inc. VSTM Q 2 H/SPEC 1.30 3.00 1.93 1.05 NM (1.61) (0.90) (1.03) Dec 48 0.0 RB Vertex Pharmaceuticals Inc. VRTX Q 3 H/GRW 85.33 NM 103.73 71.46 50.8 (1.11) 0.85 A 1.68 Dec 21,025 0.0 LC,CR ZIOPHARM Oncology, Inc. ZIOP Q 3 H/SPEC 5.48 NM 9.74 4.45 NM (0.96) (1.33) (0.53) Dec 722 0.0 RB Clinical Laboratories Laboratory Corporation of America Holdings LH N 2 H/GRW 133.83 148.00 141.32 97.79 15.2 7.91 8.78 9.50 Dec 13,758 0.0 NJ NeoGenomics, Inc. NEO Q 2 H/GRW 8.39 11.50 9.88 5.49 59.9 0.02 0.14 0.22 Dec 659 0.0 NJ Quest Diagnostics Inc. DGX N 3 M/GRW 92.89 NM 95.14 59.66 17.0 4.77 5.15 A 5.45 Dec 12,912 1.9 NJ

Raymond James Research Register - February 2017 45

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Healthcare - USA Death Care Service Corporation International (rf) SCI N 1 H/GRW 29.36 32.00 29.46 20.21 16.0 1.64 1.84 1.90 Dec 5,772 1.8 JWR,NJ StoneMor Partners L.P. (y) STON N 2 H/SPEC 10.50 13.00 29.69 7.74 NM UR UR UR Dec 397 12.6 JWR,NJ Diagnostics Alere, Inc. ALR N 3 H/GRW 38.99 NM 54.13 31.47 21.5 2.14 1.81 2.15 Dec 3,427 0.0 NJ CareDx, Inc. CDNA Q 3 H/SPEC 2.40 NM 6.08 2.25 NM (1.05) (1.03) (0.84) Dec 47 0.0 NJ Fulgent Genetics, Inc. FLGT Q 2 H/SPEC 13.00 11.00 13.90 7.59 41.9 0.26 0.31 0.50 Dec 239 0.0 NJ GenMark Diagnostics, Inc. GNMK Q 2 H/GRW 12.35 13.50 13.43 4.20 NM (1.00) (1.07) (0.82) Dec 571 0.0 NJ Genomic Health GHDX Q 2 H/GRW 26.71 34.00 33.96 22.00 NM (1.04) (0.46) 0.02 Dec 892 0.0 NJ Meridian Bioscience, Inc. VIVO Q 4 NM 12.50 NM 21.49 10.75 19.2 0.85 0.80 A 0.65 Sep 531 4.0 NJ OraSure Technologies, Inc. OSUR Q 3 H/GRW 8.55 NM 9.53 5.09 29.5 0.14 0.29 0.22 Dec 483 0.0 NJ Quidel Corporation QDEL Q 2 H/GRW 18.49 23.00 23.94 13.21 NM (0.18) (0.31) 0.08 Dec 605 0.0 NJ Trinity Biotech plc TRIB Q 2 H/GRW 6.63 8.50 13.68 5.76 NM 0.46 (2.55) 0.18 Dec 155 0.0 NJ Drug Distributors AmerisourceBergen Corp. ABC N 3 M/GRW 83.39 NM 92.48 68.38 14.3 4.94 5.62 A 5.82 Sep 18,996 1.8 JWR,NJ Cardinal Health Inc. CAH N 3 M/GRW 73.09 NM 87.85 62.70 13.5 4.38 5.24 A 5.43 Jun 23,535 2.5 JWR,NJ McKesson Corporation MCK N 3 M/GRW 138.55 NM 199.43 114.53 11.0 11.11 12.08 A 12.60 Mar 30,758 0.8 JWR,NJ Drug Stores CVS Health CVS N 2 M/GRW 79.33 85.00 106.67 69.30 13.7 5.16 5.78 5.82 Dec 84,566 2.5 JWR,MJB Rite Aid Corporation RAD N 3 H/GRW 6.78 NM 8.77 6.33 NM 2.08 0.16 A 0.05 Feb 7,196 0.0 JWR,NJ Walgreens Boots Alliance Inc. WBA Q 2 M/GRW 81.27 95.00 88.00 71.50 15.9 3.88 4.59 A 5.10 Aug 88,446 1.8 JWR,NJ Healthcare Information Technology The Advisory Board Company ABCO Q 3 H/GRW 44.75 NM 48.86 18.87 25.3 1.50 1.77 1.90 Dec 1,796 0.0 NJ Allscripts Healthcare Solutions Inc. MDRX Q 3 H/GRW 11.58 NM 15.17 9.80 20.7 0.47 0.56 0.63 Dec 2,190 0.0 NJ athenahealth Inc. ATHN Q 2 H/GRW 123.85 140.00 145.26 90.11 70.8 1.35 1.75 2.55 Dec 4,882 0.0 NJ Cerner Corporation CERN Q 3 H/GRW 52.43 NM 67.50 47.01 22.7 2.11 2.31 2.55 Dec 17,799 0.0 NJ Computer Programs and Systems, Inc. CPSI Q 3 H/INC 22.75 NM 59.16 18.25 13.2 2.13 1.73 1.78 Dec 308 4.2 NJ Connecture Inc. CNXR Q 3 H/GRW 1.88 NM 3.54 1.15 NM (0.34) (0.70) (0.26) Dec 65 0.0 NJ HealthStream, Inc. HSTM Q 3 H/GRW 22.53 NM 28.84 18.67 NM 0.28 0.14 0.21 Dec 715 0.0 NJ Premier, Inc. PINC Q 2 H/GRW 31.51 36.00 35.11 28.27 16.9 1.43 1.61 A 1.86 Jun 4,443 0.0 NJ Quality Systems Inc. QSII Q 3 H/GRW 14.17 NM 17.10 10.61 17.7 0.62 0.72 A 0.80 Mar 880 0.0 NJ Vocera Communications, Inc. VCRA N 2 H/GRW 20.13 23.00 21.23 10.46 NM (0.20) 0.06 0.24 Dec 546 0.0 NJ WebMD Health Corp WBMD Q 2 H/GRW 48.56 60.00 67.55 45.46 25.4 1.48 1.91 2.06 Dec 1,933 0.0 NJ

Raymond James Research Register - February 2017 46

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Healthcare - USA Hospital Supplies & Equipment Baxter International Inc. BAX N 3 M/GRW 46.05 NM 50.16 35.42 23.9 1.38 1.93 2.11 Dec 25,047 1.1 LK Becton, Dickinson and Company BDX N 2 M/GRW 171.09 180.00 181.76 129.50 18.1 7.16 8.59 A 9.45 Sep 36,492 1.7 LK C.R. Bard, Inc. BCR N 1 M/GRW 226.56 265.00 239.43 176.95 19.5 9.08 10.29 A 11.60 Dec 18,125 0.5 LK The Cooper Companies, Inc. COO N 2 H/GRW 181.12 200.00 190.99 123.80 19.8 7.44 8.44 A 9.15 Oct 8,836 0.0 LK Haemonetics Corporation HAE N 4 NM 39.23 NM 41.41 25.98 26.2 1.85 1.64 A 1.50 Mar 2,022 0.0 LK Halyard Health Inc. HYH N 3 H/GRW 37.33 NM 39.59 22.76 19.4 2.11 1.92 1.91 Dec 1,742 0.0 LK Hill-Rom Holdings, Inc. HRC N 3 M/GRW 59.85 NM 63.12 42.99 15.8 2.64 3.34 A 3.79 Sep 3,932 1.1 LK Intuitive Surgical, Inc. ISRG Q 2 H/GRW 687.56 750.00 727.25 502.01 29.5 19.28 22.36 A 23.27 Dec 26,609 0.0 LK Masimo Corp. MASI Q 2 H/GRW 72.11 60.00 72.50 33.03 33.9 1.56 2.13 2.20 Dec 3,582 0.0 LK Stericycle Inc. SRCL Q 3 H/GRW 80.99 NM 128.94 71.52 18.0 4.71 4.49 4.65 Dec 6,892 0.0 LK STERIS plc STE N 2 M/GRW 70.17 78.00 74.63 61.38 17.9 2.99 3.39 A 3.93 Mar 5,991 1.8 LK Teleflex, Inc. TFX N 1 M/GRW 164.64 190.00 188.79 130.84 22.6 6.33 7.30 7.80 Dec 7,252 0.8 LK TransEnterix, Inc. TRXC M 3 H/SPEC 1.57 NM 6.10 1.03 NM (0.64) (0.43) (0.36) Dec 99 0.0 LK Hospitals Community Health Systems, Inc. CYH N 4 NM 6.72 NM 19.55 4.15 NM 3.24 0.00 0.46 Dec 746 0.0 JWR,NJ HCA Holdings, Inc. HCA N 1 H/GRW 80.28 95.00 83.69 63.87 12.1 5.57 6.65 7.00 Dec 31,309 0.0 JWR,NJ LifePoint Health, Inc. LPNT Q 2 H/GRW 60.15 70.00 75.70 50.60 16.7 4.09 3.60 4.22 Dec 2,592 0.0 JWR,NJ Tenet Healthcare Corporation THC N 3 H/GRW 18.35 NM 34.08 14.06 15.2 2.06 1.21 2.03 Dec 1,853 0.0 JWR,NJ Universal Health Services, Inc. UHS N 3 M/GRW 113.11 NM 139.77 99.72 15.2 6.87 7.42 8.39 Dec 11,119 0.4 JWR,NJ Medical Devices Abbott Laboratories ABT N 2 M/GRW 40.96 45.00 45.79 36.00 16.8 2.15 2.20 A 2.44 Dec 60,867 2.5 JB Abiomed Inc. ABMD Q 2 H/GRW 106.09 118.00 132.95 67.81 91.5 0.64 0.85 A 1.16 Mar 4,597 0.0 JB AngioDynamics ANGO Q 3 H/GRW 16.36 NM 18.18 9.71 24.4 0.58 0.58 A 0.67 May 600 0.0 JB Boston Scientific Corp. BSX N 1 H/GRW 23.42 26.00 24.79 15.67 21.3 0.93 1.10 1.24 Dec 31,885 0.0 JB DexCom Inc. DXCM Q 2 H/GRW 79.52 92.00 96.38 47.92 NM (0.26) (0.79) (0.50) Dec 6,688 0.0 JB Hologic Inc. HOLX Q 3 H/GRW 40.17 NM 41.01 31.84 18.8 1.67 1.96 A 2.14 Sep 11,348 0.0 JB ICU Medical, Inc. ICUI Q 1 H/GRW 135.15 150.00 154.80 85.56 27.8 3.96 4.86 3.39 Dec 2,338 0.0 JB Insulet PODD Q 3 H/GRW 41.29 NM 45.60 23.94 NM (0.82) (0.25) 0.07 Dec 2,371 0.0 JB Integra LifeSciences Corp. IART Q 2 H/GRW 41.36 48.00 45.50 27.38 23.6 1.55 1.75 1.91 Dec 3,218 0.0 JB Johnson & Johnson JNJ N 2 M/INC 111.84 122.00 126.07 99.78 16.0 6.20 6.73 A 7.00 Dec 311,474 2.9 JB Merit Medical Systems Inc. MMSI Q 1 H/GRW 25.25 27.00 26.90 15.57 25.5 0.87 0.99 1.16 Dec 1,136 0.0 JB Natus Medical Inc. BABY Q 2 H/GRW 38.95 43.00 44.39 29.54 23.9 1.55 1.63 1.81 Dec 1,285 0.0 JB RTI Surgical Inc. RTIX Q 3 H/GRW 3.10 NM 4.65 2.50 NM 0.23 0.02 0.05 Dec 180 0.0 JB Senseonics Holdings, Inc. SENS M 2 H/SPEC 2.68 4.00 4.24 2.17 NM (0.45) (0.51) (0.58) Dec 250 0.0 JB Spectranetics Corp SPNC Q 2 H/GRW 25.35 28.00 26.15 11.09 NM (0.89) (1.08) (1.00) Dec 1,095 0.0 JB

Raymond James Research Register - February 2017 47

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Healthcare - USA Pharma Services Catalent, Inc. CTLT N 3 H/GRW 27.51 NM 32.24 18.92 20.2 1.63 1.22 A 1.36 Jun 3,432 0.0 MJB,JWR Charles River Laboratories CRL N 3 H/GRW 78.84 NM 89.18 65.70 17.7 3.76 4.46 5.00 Dec 3,731 0.0 MJB Diplomat Pharmacy, Inc. DPLO N 3 H/GRW 13.49 NM 38.94 12.25 15.9 0.75 0.85 0.75 Dec 923 0.0 JWR ICON plc ICLR Q 3 H/GRW 81.30 NM 85.74 62.31 17.2 3.98 4.72 5.11 Dec 4,539 0.0 MJB INC Research Holdings INCR Q 2 H/GRW 52.05 56.00 57.11 34.19 20.8 2.00 2.50 2.95 Dec 2,789 0.0 MJB PAREXEL PRXL Q 3 H/GRW 70.19 NM 72.32 51.16 19.0 2.79 3.43 A 3.70 Jun 3,741 0.0 MJB Patheon N.V. (ae) PTHN N 2 H/GRW 27.66 32.50 31.02 24.11 NM 375 395 A 478 Oct 4,013 0.0 MJB,JWR Quintiles IMS Holdings Q N 3 M/GRW 75.54 NM 81.45 55.01 19.5 3.33 3.88 4.45 Dec 9,019 0.0 MJB Specialty Pharmaceuticals Aerie Pharmaceuticals, Inc. AERI Q 1 H/SPEC 42.20 48.00 43.40 10.82 NM (2.38) (2.70) (2.16) Dec 1,408 0.0 EW Akorn, Inc. AKRX Q 3 H/GRW 19.70 NM 35.40 17.57 8.8 2.02 2.25 2.34 Dec 2,467 0.0 EW Allergan plc AGN N 2 M/GRW 210.80 227.00 301.32 184.50 15.8 13.26 13.36 15.88 Dec 80,779 1.3 EW Amphastar Pharmaceuticals, Inc. AMPH Q 1 H/GRW 15.53 21.00 21.75 10.50 29.9 0.10 0.52 0.51 Dec 715 0.0 EW ANI Pharmaceuticals, Inc. ANIP Q 1 H/GRW 57.69 73.00 70.92 26.80 14.1 2.72 4.09 4.41 Dec 669 0.0 EW Dipexium Pharmaceuticals, Inc. DPRX Q 3 H/SPEC 1.50 NM 17.75 1.15 NM (1.99) (1.81) (0.45) Dec 17 0.0 EW Endo International plc ENDP Q 3 H/GRW 11.99 NM 60.32 11.52 2.6 4.66 4.69 4.63 Dec 2,672 0.0 EW Flexion Therapeutics, Inc. FLXN Q 1 H/SPEC 18.71 35.00 23.57 7.56 NM (2.15) (2.65) (2.53) Dec 591 0.0 EW Impax Laboratories, Inc. IPXL Q 3 H/GRW 12.20 NM 40.40 11.75 10.2 1.45 1.20 1.67 Dec 902 0.0 EW Lannett Company, Inc. LCI N 2 H/GRW 19.15 29.00 39.99 16.75 6.0 4.04 3.42 A 3.17 Jun 705 0.0 EW Mallinckrodt PLC MNK N 2 M/GRW 46.55 72.00 85.83 42.67 5.5 6.79 7.85 A 8.51 Sep 4,989 0.0 EW Mylan N.V. MYL Q 1 H/GRW 36.10 57.00 53.92 33.60 7.7 4.30 4.70 5.32 Dec 19,316 0.0 EW Perrigo Company PLC PRGO N 3 M/GRW 72.39 NM 148.89 71.84 10.3 7.59 7.03 7.58 Dec 10,381 0.8 EW Teligent, Inc. TLGT Q 1 H/GRW 7.12 11.00 8.66 4.46 NM (0.06) 0.07 0.27 Dec 378 0.0 EW Teva Pharmaceutical Industries, Ltd. (r) TEVA N 3 M/GRW 33.93 NM 63.81 32.11 6.6 5.46 5.12 5.02 Dec 34,439 4.0 EW

Raymond James Research Register - February 2017 48

Industrial

USA Canada Europe Specialty Distribution ...... 50 Aerospace & Aviation ...... 51 Aerospace & Defence ...... 52 Waste and Industrial Services ...... 50 Chemicals ...... 51 Commercial Aerospace ...... 52 Industrial Services...... 50 Diversified Income Corps...... 51 Defence ...... 52 Waste Services ...... 50 Infrastructure & Construction ...... 51 Chemicals ...... 53 Construction ...... 51 Agrochemicals ...... 53 Engineering ...... 51 Consumer Chemicals ...... 53 Machinery ...... 51 Diversified Chemicals ...... 53 Related Products & Services...... 52 Industrial Chemicals ...... 53 Special Situations ...... 52 Industrial Gases ...... 53 Infrastructure & Construction ...... 53 Building Products ...... 53 Construction Groups ...... 53 House Builders ...... 53 Infrastructure Operators ...... 53

Raymond James Research Register - February 2017 49

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Industrial - USA Patrick Tyler Brown, CFA [email protected] Sam Darkatsh [email protected] Budd Bugatch, CFA [email protected] Specialty Distribution Beacon Roofing Supply, Inc. BECN Q 1 H/GRW 45.45 54.00 49.32 32.24 20.8 1.38 2.10 A 2.18 Sep 2,763 0.0 SD,BB Fastenal Company FAST Q 3 H/GRW 50.37 NM 51.56 37.32 27.5 1.77 1.73 A 1.83 Dec 14,567 2.5 SD,BB GMS Inc. GMS N 2 H/GRW 30.10 30.00 31.62 19.28 17.4 0.98 1.43 A 1.73 Apr 1,243 0.0 SD HD Supply Holdings Inc. HDS Q 3 H/GRW 43.26 NM 44.20 21.26 16.4 1.72 2.63 3.17 Jan 8,685 0.0 SD,BB Houston Wire & Cable Company HWCC Q 3 H/GRW 7.35 NM 8.05 4.90 NM 0.30 (0.16) 0.04 Dec 120 1.6 SD,BB LKQ Corporation LKQ Q 2 H/GRW 31.59 36.00 36.35 23.95 17.6 1.49 1.80 1.96 Dec 9,793 0.0 SD MRC Global MRC N 3 H/GRW 21.61 NM 22.52 8.50 NM (3.38) (1.11) 0.02 Dec 2,072 0.0 SD,BB MSC Industrial Direct MSM N 3 H/GRW 103.62 NM 104.25 60.61 26.6 3.79 3.77 A 3.90 Aug 5,865 1.7 SD,BB NOW Inc. DNOW N 3 H/GRW 22.20 NM 23.53 12.39 NM (0.61) (1.41) (0.30) Dec 2,375 0.0 SD Praxair, Inc. PX N 1 M/INC 119.50 131.00 125.00 95.60 21.8 5.81 5.47 5.96 Dec 34,104 2.5 SD W.W. Grainger, Inc. GWW N 3 M/GRW 256.34 NM 262.72 183.00 21.7 11.94 11.58 A 11.80 Dec 15,278 1.9 SD,BB WESCO International WCC N 3 H/GRW 74.15 NM 76.15 36.47 19.5 4.18 3.80 A 3.80 Dec 3,611 0.0 SD,BB Waste and Industrial Services Industrial Services Clean Harbors CLH N 4 NM 53.94 NM 58.23 37.09 NM 1.30 0.12 0.95 Dec 3,102 0.0 TB Waste Services Casella Waste Systems, Inc. CWST Q 1 H/SPEC 12.08 13.00 13.41 4.97 NM (0.21) 0.10 0.26 Dec 501 0.0 TB Covanta Holding Corp. CVA N 1 H/INC 15.75 17.50 17.75 12.51 NM 0.07 (0.08) 0.02 Dec 2,063 6.3 TB Republic Services, Inc. RSG N 1 M/GRW 57.65 58.00 58.08 41.91 26.2 2.06 2.20 2.36 Dec 19,832 2.2 TB U.S. Ecology, Inc. ECOL Q 3 H/GRW 50.75 NM 51.75 29.89 32.1 1.61 1.58 1.85 Dec 1,106 1.4 TB Waste Connections, Inc. WCN N 1 H/GRW 80.19 87.00 81.98 55.87 31.8 NA 2.52 3.00 Dec 14,097 0.9 TB Waste Management, Inc. WM N 3 M/INC 69.73 NM 71.78 51.46 23.9 2.62 2.92 3.18 Dec 30,820 2.4 TB

Raymond James Research Register - February 2017 50

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Industrial - CAN Ben Cherniavsky [email protected] Frederic Bastien, CFA [email protected] Steve Hansen, CFA, CPA, CMA [email protected] Daryl Swetlishoff, CFA [email protected] David Quezada, CFA [email protected] Brian Martin, CFA (Associate Analyst) [email protected] Michael Overvelde, CFA, CPA, CA [email protected] Aerospace & Aviation Bombardier Inc. BBD.B T 2 H/GRW C$2.57 2.75 2.76 0.72 NM 0.16 (0.12) (0.01) Dec 5,713 0.0 SH,BC CAE Inc. (f) CAE T 3 M/GRW C$18.88 20.00 19.93 13.04 18.9 0.76 0.86 A 1.00 Mar 5,098 1.7 BC Héroux-Devtek Inc. (f) HRX T 3 M/GRW C$14.50 15.00 16.05 11.70 19.1 0.55 0.77 A 0.76 Mar 522 0.0 BC Chemicals Canexus Corporation CUS T 3 H/INC C$1.62 1.65 1.65 1.06 13.5 0.02 0.12 0.13 Dec 303 2.5 SH Chemtrade Logistics Income Fund CHE.UN T R M/INC C$18.38 R 19.22 14.42 R R R R Dec R R SH Methanex MEOH Q 3 H/INC US$51.55 53.00 51.60 22.73 15.7 1.20 (0.35) A 3.28 Dec 4,634 2.1 SH Superior Plus Corporation SPB T 2 H/INC C$12.81 14.00 13.10 8.42 11.5 0.12 1.11 0.57 Dec 1,829 5.6 SH Diversified Income Corps. Alaris Royalty Corp. AD T 3 H/INC C$23.04 23.00 31.20 17.80 13.6 1.68 1.70 1.08 Dec 846 7.0 MO Exchange Income Corp EIF T 2 H/INC C$40.27 48.00 45.28 22.09 19.9 1.60 2.02 2.42 Dec 1,409 5.2 SH Grenville Strategic Royalty Corp. GRC V 3 H/SPEC C$0.17 0.30 0.80 0.10 NM 0.08 (0.05) 0.03 Dec 18 0.0 DQ Infrastructure & Construction Construction Aecon Group ARE T 3 H/INC C$16.56 17.00 19.19 13.07 26.7 1.03 0.62 0.78 Dec 1,161 2.8 FB Bird Construction Inc. BDT T 3 H/INC C$8.97 10.00 14.19 7.26 15.0 0.98 0.60 0.45 Dec 381 4.3 FB NAPEC Inc. (cb) NPC T 2 H/GRW C$0.97 1.40 1.27 0.68 NM 20 24 38 Dec 101 0.0 FB,BM North American Energy Partners NOA T 2 H/INC C$6.74 9.00 6.81 1.95 NM (0.23) (0.01) 0.15 Dec 198 1.2 BC Stuart Olson Inc. SOX T 3 H/INC C$5.48 6.00 7.13 5.06 NM 0.39 (0.06) 0.25 Dec 147 8.8 FB Engineering IBI Group Inc. IBG T 2 H/GRW C$6.05 7.00 6.73 2.15 35.6 0.49 0.17 0.45 Dec 227 NM FB SNC-Lavalin SNC T 2 M/GRW C$57.25 63.00 59.63 37.47 25.0 2.68 2.29 3.25 Dec 8,610 1.8 FB Stantec Inc STN T 2 M/GRW C$35.45 38.00 36.85 27.99 19.9 1.60 1.78 1.90 Dec 4,041 1.3 BC,FB WSP Global Inc. WSP T 2 M/INC C$46.94 50.00 48.50 35.11 21.8 1.87 2.15 2.55 Dec 4,732 3.2 FB Machinery Cervus Equipment Corp. CVL T 2 M/GRW C$15.15 16.00 16.52 10.41 14.6 0.82 1.04 1.35 Dec 255 1.8 BC Finning International FTT T 3 M/GRW C$26.89 24.00 28.02 16.37 30.2 1.29 0.89 1.32 Dec 4,523 2.7 BC Ritchie Bros. Auctioneers RBA N 3 M/GRW US$32.66 35.00 39.96 21.97 28.9 1.13 1.13 1.36 Dec 3,511 3.5 BC Rocky Mountain Dealerships Inc. RME T 2 M/GRW C$11.16 12.00 11.25 5.61 12.5 0.71 0.89 1.00 Dec 217 4.1 BC Strongco Corp. SQP T 3 H/GRW C$1.42 1.40 1.80 1.35 NM (0.22) (2.66) 0.02 Dec 19 0.0 BC Toromont Industries TIH T 3 M/GRW C$41.72 40.00 44.44 27.25 21.4 1.86 1.95 2.12 Dec 3,292 1.7 BC Wajax Corp. WJX T 3 M/GRW C$24.02 18.00 25.76 13.34 25.3 1.50 0.95 1.35 Dec 485 4.2 BC

Raymond James Research Register - February 2017 51

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Industrial - CAN Related Products & Services Canam Group CAM T 2 H/INC C$9.15 12.50 13.75 8.41 NM 1.08 0.05 1.20 Dec 426 1.7 FB Russel Metals RUS T 3 H/INC C$27.30 25.00 27.78 14.75 30.3 (1.42) 0.90 1.40 Dec 1,687 5.6 FB WesternOne Inc. WEQ T 3 H/GRW C$1.30 2.80 18.55 1.20 NM (17.50) NM (0.35) Dec 22 NM FB ZCL Composites ZCL T 2 H/GRW C$12.89 12.00 13.29 6.60 19.5 0.44 0.66 0.80 Dec 397 2.5 BC Special Situations Boyd Group Income Fund (cb) BYD.UN T 2 M/GRW C$86.12 90.00 91.31 59.50 NM 96 124 145 Dec 1,559 0.6 SH DIRTT Environmental Solutions Ltd. DRT T 1 H/GRW C$7.06 8.50 7.15 4.58 64.2 0.22 0.11 0.35 Dec 638 0.0 DQ,DS Tree Island Steel Ltd. TSL T 2 H/GRW C$4.50 5.75 6.55 2.90 9.4 0.52 0.48 0.63 Dec 140 1.8 DQ

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Industrial - EUR Harry Breach, RJFI [email protected] Mehdi Boudokhane, RJEE [email protected] Patrick Lambert, RJFI [email protected] Aerospace & Defence Commercial Aerospace Airbus Group AIR.PA EPA 1 €64.91 85.00 66.32 48.07 20.3 3.41 3.20 3.80 Dec 50,138 2.3 HB GKN GKN.L L 1 350p 440 353 246 12.1 27.80 29.00 33.50 Dec £6,003 2.6 HB Meggitt MGGT.L L 1 433p 625 485 342 12.4 31.60 35.00 39.00 Dec £3,358 3.5 HB MTU Aero Engines MTXGn.DE ETR 4 €115.25 85.00 116.65 73.88 18.0 6.01 6.40 6.55 Dec 5,919 1.6 HB Rolls-Royce RR.L L 3 692p NM 870 489 23.9 59.00 29.00 41.50 Dec £12,724 1.7 HB Safran SAF.PA EPA 3 €64.48 NM 69.89 48.87 17.0 3.55 3.79 3.89 Dec 26,853 2.3 HB Senior SNR.L L 3 202p NM 245 161 14.4 19.00 14.00 15.50 Dec £846 3.5 HB Zodiac Aerospace ZODC.PA EPA 3 €28.35 NM 28.85 14.08 48.1 0.72 0.59 0.65 Aug 8,205 1.1 HB Defence BAE Systems BAES.L L 4 596p 525 632 455 14.9 40.20 40.00 43.00 Dec £18,914 3.7 HB Cobham COB.L L 4 139p 120 224 124 13.9 16.50 10.00 11.00 Dec £2,374 1.4 HB Thales TCFP.PA EPA 3 €86.93 NM 93.33 59.77 20.7 3.89 4.20 4.80 Dec 18,334 1.6 HB

Raymond James Research Register - February 2017 52

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Industrial - EUR Chemicals Agrochemicals Syngenta (sa) SYNN.VX SWF 1 CHF425.00 470.00 434.90 360.50 NM 13,411 12,777 13,066 Dec 39,008 2.6 PL Yara (sa) YAR.OL OSL 3 NOK352.20 NM 362.00 256.10 NM 111,896 97,921 109,171 Dec 96,227 4.3 PL Consumer Chemicals AkzoNobel (sa) AKZO.AS AMS 3 €63.98 NM 65.06 49.91 NM 14,859 14,229 14,879 Dec 16,098 2.5 PL Givaudan (sa) GIVN.VX SWF 2 CHF1814.00 2581.00 2116.00 1731.00 NM 4,396 4,686 5,013 Dec 16,723 3.0 PL Symrise (sa) SY1G.DE ETR 3 €57.23 NM 69.32 53.00 NM 2,602 2,893 3,005 Dec 7,429 1.4 PL Diversified Chemicals BASF (sa) BASFn.DE ETR 3 €90.80 NM 90.80 56.01 NM 70,449 56,965 62,820 Dec 83,398 3.2 PL DSM (sa) DSMN.AMS AMS 1 €60.12 74.00 64.39 40.89 NM 8,935 7,932 8,425 Dec 10,623 2.7 PL Industrial Chemicals Arkema (sa) AKE.PA EPA 1 €95.51 107.00 95.51 48.17 NM 7,683 7,527 8,277 Dec 7,212 3.0 PL Clariant (sa) CLN.VX SWF 2 CHF18.67 22.00 18.81 15.26 NM 5,807 5,925 6,303 Dec 6,026 2.1 PL Covestro (sa) 1COV.DE ETR 2 €70.05 72.00 71.19 24.51 NM 12,082 11,750 13,155 Dec 14,185 1.0 PL Lanxess (sa) LXSG.DE ETR 2 €68.09 75.00 68.45 32.90 NM 7,902 7,717 9,067 Dec 6,232 0.9 PL Solvay (sa) SOLB.BR EBR 1 €110.70 125.00 112.40 70.52 NM 10,577 11,767 12,315 Dec 11,487 2.3 PL Industrial Gases Air Liquide (sa) AIRP.PA EPA 2 €103.45 134.00 106.55 85.96 NM 16,380 18,708 21,469 Dec 36,574 3.7 PL Infrastructure & Construction Building Products Saint-Gobain SGOB.PA EPA S €47.00 NM 48.12 31.47 NM 2.30 NA NA Dec 26,338 2.8 MB Tarkett S.A. TKTT.PA EPA 1 €36.12 40.00 37.22 20.55 25.4 1.31 1.42 1.64 Dec 2,301 1.7 MB Construction Groups Eiffage FOUG.PA EPA 3 €67.65 NM 72.77 56.96 16.1 3.44 4.20 4.87 Dec 6,456 2.2 MB Vinci SGEF.PA EPA 2 €65.85 77.00 69.80 49.93 15.5 3.69 4.24 4.45 Dec 38,749 3.1 MB House Builders Nexity NEXI.PA EPA 2 €46.02 54.00 50.15 37.27 18.4 2.28 2.50 3.02 Dec 2,520 4.8 MB Infrastructure Operators Abertis ABE.MC MAD 2 €13.36 15.10 14.39 11.63 14.7 0.76 0.91 0.89 Dec 12,135 5.3 MB ADP ADP.PA EPA 3 €104.95 NM 112.20 83.50 25.4 4.35 4.13 4.60 Dec 10,386 2.4 MB Ferrovial FER.MC MAD 1 €17.01 22.10 19.71 14.83 33.3 0.98 0.51 0.59 Dec 12,451 4.1 MB Fraport FRAG.DE ETR 4 €56.74 44.00 57.00 44.96 19.0 2.99 E 2.89 3.21 Dec 5,231 2.4 MB

Raymond James Research Register - February 2017 53

Mining & Natural Resources

Canada Agribusiness ...... 54 Fertilizers ...... 54 Forest Products ...... 55 Building Materials ...... 55 Pulp & Paper ...... 55 Mining ...... 55 Precious Metals - Gold ...... 55 Precious Metals - Silver ...... 55

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Mining & Natural Resources - CAN Daryl Swetlishoff, CFA [email protected] Steve Hansen, CFA, CPA, CMA [email protected] Chris Thompson, M.Sc. (Eng), P.Geo [email protected] Tara Hassan, P.Eng [email protected]

Agribusiness AGT Food and Ingredients Inc. AGT T 1 H/INC C$36.95 46.00 42.16 31.56 17.4 2.02 2.12 3.06 Dec 890 1.6 SH Fertilizers Agrium Inc. AGU N 3 M/GRW US$106.79 96.00 111.88 79.94 22.5 7.25 4.75 5.30 Dec 14,737 3.3 SH Potash Corp. of Saskatchewan Inc. POT N 3 M/GRW US$19.26 17.00 20.27 14.75 43.8 1.52 0.41 A 0.44 Dec 16,167 2.1 SH

Raymond James Research Register - February 2017 54

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Mining & Natural Resources - CAN Forest Products Building Materials Acadian Timber Corp. ADN T 1 M/INC C$17.49 22.00 20.20 15.70 15.8 0.81 1.11 1.12 Dec 292 5.7 DS Canfor Corp. CFP T 2 H/GRW C$14.25 18.00 18.41 11.96 13.3 0.43 1.07 1.14 Dec 1,892 0.0 DS Conifex Timber Inc. CFF T 2 H/SPEC C$2.95 4.00 3.74 1.50 0.9 (0.82) 3.16 0.45 Dec 63 0.0 DS Interfor Corp. IFP T 1 H/GRW C$14.34 19.00 15.99 8.67 18.4 (0.29) 0.78 1.56 Dec 1,004 0.0 DS Norbord Inc. OSB T 1 H/GRW C$33.59 46.00 36.00 19.44 16.0 (0.12) 2.10 3.57 Dec 2,916 1.2 DS West Fraser Timber WFT T 2 M/GRW C$45.56 51.00 54.18 35.35 11.0 0.57 4.14 3.98 Dec 3,736 0.6 DS Western Forest Products Inc. WEF T 2 H/GRW C$1.90 2.50 2.40 1.79 9.5 0.18 0.20 0.30 Dec 773 4.2 DS Pulp & Paper Canfor Pulp Products Inc. CFX T 2 H/GRW C$10.85 14.00 12.65 9.05 11.1 1.59 0.98 1.09 Dec 724 2.3 DS Domtar UFS N 2 H/INC US$42.45 50.00 43.17 29.88 20.5 3.33 2.07 2.76 Dec 2,662 3.8 DS Fortress Paper FTP T 2 H/GRW C$8.55 8.50 8.70 2.84 8.6 (2.19) 0.99 0.80 Dec 121 0.0 DS Mercer International Inc. MERC Q 2 H/INC US$11.70 12.50 12.05 5.95 23.4 1.17 0.50 1.49 Dec 763 3.9 DS Mining Precious Metals - Gold Asanko Gold Inc. AKG T 2 H/GRW C$4.61 4.75 6.09 1.93 14.9 (0.04) 0.31 0.37 Dec 1,016 0.0 CT B2Gold Corp. (cf) BTO T 2 H/GRW C$3.87 4.00 4.74 0.98 13.8 0.18 0.28 0.24 Dec 3,901 0.0 CT Coeur Mining Inc. (cf) CDE N 2 H/GRW US$11.05 11.75 16.41 1.81 10.0 0.54 1.11 1.27 Dec 2,000 0.0 CT Endeavour Mining Corp. (cf) EDV T 2 H/GRW C$23.92 24.50 27.17 8.16 12.1 3.30 1.97 2.52 Dec 2,203 0.0 CT Integra Gold Corporation (cf) ICG V 2 H/SPEC C$0.73 1.15 0.96 0.30 NM (0.01) (0.01) (0.01) Dec 353,678 0.0 TH Mandalay Resources Corp. (cf) MND T 2 H/INC C$0.87 0.85 1.35 0.64 6.2 0.17 0.14 0.11 Dec 393 3.4 CT OceanaGold Corp. (cf) OGC T 1 H/GRW C$4.33 5.00 5.56 2.71 10.8 0.50 0.40 0.56 Dec 2,646 0.5 CT Orezone Gold Corp. ORE V 2 H/SPEC C$0.64 0.90 1.28 0.23 NM (0.06) (0.03) (0.03) Dec 99 0.0 CT Pure Gold Mining Inc. (cf) PGM V 2 H/SPEC C$0.55 0.90 0.77 0.10 NM (0.05) (0.04) A (0.11) Mar 102 0.0 TH Roxgold Inc. ROG V 2 H/GRW C$1.55 1.75 1.76 0.69 77.5 (0.02) 0.02 0.15 Dec 573 0.0 CT SEMAFO Inc. SMF T 2 H/GRW C$4.75 5.25 7.46 3.32 10.8 0.50 0.44 0.35 Dec 1,543 0.0 CT Tahoe Resources Inc. (cf) THO T 2 H/INC C$11.35 19.00 22.13 9.92 10.0 0.86 1.14 1.00 Dec US$3,568 2.1 CT Victoria Gold Corporation (cf) VIT V 2 H/SPEC C$0.60 0.75 0.80 0.16 NM (0.01) (0.01) (0.01) Feb 338 0.0 CT Precious Metals - Silver Bear Creek Mining Corp. (cf) BCM V 2 H/SPEC C$2.63 3.25 3.77 0.55 NM (0.14) (0.11) (0.13) Dec 290 0.0 CT Endeavour Silver Corp. EDR T 3 H/GRW C$5.12 4.75 7.75 1.67 19.7 0.35 0.26 0.28 Dec 667 0.0 CT First Majestic Silver (cf) FR T 3 H/GRW C$11.69 9.00 24.96 3.94 18.9 0.36 0.62 0.60 Dec 1,986 0.0 CT Fortuna Silver Mines Inc. (cf) FVI T R H/GRW C$7.87 R 12.73 3.32 R R R R Dec R R CT MAG Silver (cf) MAG T 1 H/SPEC C$17.52 19.50 23.32 8.95 NM (0.06) (0.08) NA Dec US$1,414 0.0 CT Pan American Silver (cf) PAAS Q 2 H/INC US$18.22 18.00 21.59 6.22 11.9 0.55 1.53 1.16 Dec 2,788 0.3 CT Silvercorp Metals Inc. (cf) SVM T 3 H/GRW C$3.62 3.15 4.73 0.65 10.3 0.29 0.19 A 0.35 Mar 628 0.6 CT

Raymond James Research Register - February 2017 55

Real Estate

USA Canada Europe Housing ...... 56 Real Estate ...... 59 Hotels ...... 60 Lodging ...... 57 Healthcare ...... 59 REITs ...... 57 Industrial ...... 59 Farmland ...... 57 Mortgage Investment Corporations ...... 59 Healthcare ...... 57 Office/Diversified ...... 59 Hotels ...... 57 Real Estate Services ...... 59 Malls ...... 57 Residential ...... 59 Net Lease ...... 57 Retail ...... 59 Office/Industrial ...... 58 Self-Storage ...... 59

Residential ...... 58 Self Storage ...... 58 Shopping Centers ...... 58 Timber ...... 58

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 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] Jonathan Hughes, CFA [email protected] Housing CalAtlantic Group Inc. CAA N 2 M/GRW 36.23 36.00 40.94 26.97 10.6 2.26 3.42 3.90 Dec 4,931 0.4 BH,PDP D.R. Horton, Inc. DHI N 3 M/GRW 31.35 NM 34.56 22.97 12.1 2.00 2.36 A 2.60 Sep 11,828 1.3 BH,PDP KB Home KBH N 4 NM 17.16 NM 17.38 9.34 11.4 0.83 1.12 A 1.51 Nov 1,642 0.6 BH,PDP Lennar Corporation LEN N 1 M/GRW 46.70 51.00 49.60 37.14 11.1 3.47 3.93 A 4.20 Nov 10,844 0.3 BH,PDP MDC Holdings MDC N 3 H/INC 27.65 NM 28.27 18.36 14.6 1.28 1.90 2.38 Dec 1,424 3.4 BH,PDP PulteGroup Inc. PHM N 3 M/GRW 21.18 NM 22.40 15.21 13.9 1.36 1.52 2.05 Dec 7,252 1.7 BH,PDP St. Joe Company JOE N 3 M/GRW 16.75 NM 21.90 14.27 NM (0.02) 0.15 0.03 Dec 1,245 0.0 BH,PDP Toll Brothers, Inc. TOL N 1 M/GRW 32.71 37.00 33.48 23.75 10.4 1.97 2.18 A 3.15 Oct 5,616 0.0 BH,PDP WCI Communities, Inc. WCIC N 3 M/GRW 23.40 NM 24.28 15.41 17.6 1.34 1.33 2.00 Dec 625 0.0 BH,PDP

Raymond James Research Register - February 2017 56

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Real Estate - USA Lodging Hilton Worldwide Holdings Inc. HLT N 2 M/GRW 58.75 64.00 59.76 35.07 67.5 0.81 0.87 1.74 Dec 19,383 1.4 WAC,PDP Hyatt Hotels Corporation H N 3 H/GRW 55.62 NM 58.05 37.00 35.2 0.90 1.58 1.50 Dec 7,275 0.0 WAC,PDP La Quinta Holdings, Inc. LQ N 3 H/GRW 14.76 NM 15.05 9.42 28.9 0.54 0.51 0.44 Dec 1,724 0.0 WAC,PDP Marriott International, Inc. MAR Q 3 M/GRW 85.84 NM 86.24 57.69 23.8 3.15 3.61 4.02 Dec 33,521 1.4 WAC,PDP REITs Farmland American Farmland Company (x) AFCO M 2 H/INC 8.18 8.00 8.20 5.33 45.4 (0.51) 0.18 0.35 Dec 165 3.1 CM,PDP Healthcare CareTrust REIT, Inc (x) CTRE Q 2 M/INC 15.38 15.00 15.88 9.12 14.0 0.94 1.10 1.24 Dec 990 4.4 JH,PDP HCP, Inc. (x) HCP N 4 NM 29.60 NM 36.54 22.69 10.9 3.16 2.72 1.87 Dec 14,048 5.0 JH,PDP Healthcare Trust of America, Inc. (x) HTA N 2 M/INC 29.34 33.00 34.64 25.90 18.3 1.53 1.60 1.71 Dec 4,287 4.1 JH,PDP MedEquities Realty Trust, Inc. (x) MRT N 2 M/INC 11.42 13.00 12.05 10.28 6.9 1.38 1.65 1.26 Dec 346 7.4 JH,PDP Physicians Realty Trust (x) DOC N 1 M/INC 18.70 22.00 22.03 16.00 18.9 0.93 0.99 1.18 Dec 2,584 4.8 JH,PDP Sabra Health Care REIT, Inc. (x) SBRA Q 3 M/INC 25.95 NM 26.60 14.92 11.2 2.33 2.31 2.35 Dec 1,710 6.5 JH,PDP Senior Housing Properties Trust (x) SNH Q 4 NM 19.10 NM 23.85 13.53 10.2 1.84 1.88 1.89 Dec 4,536 8.2 JH,PDP Ventas, Inc. (x) VTR N 3 M/INC 60.97 NM 76.80 46.87 14.8 4.47 4.12 4.25 Dec 21,742 5.1 JH,PDP Welltower Inc. (x) HCN N 3 M/INC 66.14 NM 80.19 52.80 14.5 4.38 4.55 4.40 Dec 23,969 5.2 JH,PDP Hotels DiamondRock Hospitality Company (x) DRH N 3 M/INC 11.95 NM 12.00 7.75 11.8 1.01 1.01 0.94 Dec 2,414 4.2 WAC,PDP Hersha Hospitality Trust (x) HT N 3 M/INC 21.20 NM 22.15 15.36 8.8 2.35 2.40 2.30 Dec 943 5.3 WAC,PDP Host Hotels & Resorts Inc. (x) HST N 3 M/INC 18.61 NM 19.51 12.98 11.3 1.54 1.65 1.60 Dec 13,902 4.3 WAC,PDP LaSalle Hotel Properties (x) LHO N 2 M/INC 31.65 33.00 31.66 20.43 11.0 2.83 2.88 2.71 Dec 3,580 5.7 WAC,PDP Pebblebrook Hotel Trust (x) PEB N 2 M/INC 31.50 33.00 31.85 21.77 11.7 2.50 2.70 2.50 Dec 2,274 4.8 WAC,PDP RLJ Lodging Trust (x) RLJ N 3 M/INC 24.49 NM 25.10 17.16 9.4 2.50 2.60 2.36 Dec 3,059 5.4 WAC,PDP Ryman Hospitality Properties Inc. (x) RHP N 2 M/INC 64.02 67.00 64.27 44.87 11.9 5.30 5.37 5.57 Dec 3,278 4.7 WAC,PDP Summit Hotel Properties, Inc. (x) INN N 2 M/INC 16.36 17.00 16.40 9.26 11.9 1.25 1.37 1.40 Dec 1,436 4.0 WAC,PDP Sunstone Hotel Investors, Inc. (x) SHO N 2 M/GRW 15.26 16.50 16.05 10.87 12.9 1.31 1.18 1.21 Dec 3,305 4.6 WAC,PDP Xenia Hotels & Resorts, Inc. (x) XHR N 3 M/INC 19.19 NM 19.87 13.31 8.8 2.15 2.17 2.06 Dec 2,065 5.7 WAC,PDP Malls CBL & Associates Properties, Inc. (x) CBL N 3 M/INC 10.46 NM 14.30 8.86 4.4 2.32 2.40 2.32 Dec 1,786 10.1 CM,PDP Simon Property Group, Inc. (x) SPG N 2 M/INC 182.09 220.00 229.10 173.11 17.4 9.86 10.47 11.85 Dec 57,220 3.6 CM,PDP Taubman Centers, Inc. (x) TCO N 3 M/INC 71.04 NM 81.68 63.32 18.7 3.31 3.79 3.90 Dec 4,291 3.4 CM,PDP Net Lease Agree Realty Corporation (x) ADC N 2 M/INC 46.60 48.00 51.33 34.50 18.3 2.39 2.55 2.79 Dec 1,113 4.2 CM,PDP Four Corners Property Trust, Inc. (x) FCPT N 3 M/INC 21.32 NM 22.18 14.61 16.2 1.51 1.32 1.35 Dec 1,277 4.5 CM,PDP National Retail Properties, Inc. (x) NNN N 3 M/INC 44.28 NM 53.60 39.86 19.5 2.15 2.27 2.43 Dec 6,515 4.1 CM,PDP Realty Income (x) O N 4 NM 59.81 NM 72.30 52.72 21.0 2.76 2.85 3.05 Dec 15,449 4.0 CM,PDP Spirit Realty Capital, Inc. (x) SRC N 3 M/INC 10.64 NM 13.97 9.82 12.5 0.82 0.85 0.89 Dec 5,145 6.6 CM,PDP STORE Capital Corporation (x) STOR N 2 M/INC 24.70 26.00 31.44 23.25 16.0 1.41 1.54 1.67 Dec 3,847 4.7 CM,PDP

Raymond James Research Register - February 2017 57

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Real Estate - USA Office/Industrial Armada Hoffler Properties (x) AHH N 2 M/INC 14.26 15.50 15.50 9.78 15.5 0.87 0.92 1.05 Dec 742 5.0 WAC,PDP Brandywine Realty Trust (x) BDN N 2 M/INC 16.44 18.00 17.05 11.22 17.9 1.45 0.92 1.41 Dec 2,930 3.6 WAC,PDP Corporate Office Properties Trust (x) OFC N 3 M/INC 32.44 NM 32.52 20.42 16.2 2.01 2.00 2.12 Dec 3,192 3.4 WAC,PDP DCT Industrial Trust, Inc. (x) DCT N 2 M/INC 47.15 49.00 50.57 33.80 21.0 1.94 2.24 2.38 Dec 4,285 2.6 WAC,PDP Douglas Emmett (x) DEI N 2 M/INC 37.76 40.00 39.25 24.73 21.0 1.63 1.80 1.93 Dec 6,793 2.3 WAC,PDP Easterly Government Properties, Inc. (x) DEA N 3 M/GRW 20.07 NM 20.82 16.42 16.5 1.04 1.22 1.29 Dec 891 4.6 WAC,PDP EastGroup Properties, Inc. (x) EGP N 3 M/INC 73.66 NM 76.13 49.31 18.4 3.67 4.00 4.20 Dec 2,423 3.4 WAC,PDP First Industrial Realty Trust, Inc. (x) FR N 2 M/INC 27.04 29.00 29.75 19.15 18.8 1.27 1.44 1.53 Dec 3,275 2.8 WAC,PDP First Potomac Realty Trust (x) FPO N 3 M/INC 10.60 NM 11.16 7.90 11.0 0.90 0.96 0.84 Dec 646 3.8 WAC,PDP STAG Industrial Inc. STAG N 2 M/INC 24.25 24.50 25.51 14.97 15.3 1.49 1.58 1.70 Dec 1,828 5.8 WAC,PDP Washington REIT (x) WRE N 2 M/INC 32.38 35.50 34.61 23.89 18.6 1.59 1.74 1.76 Dec 2,419 3.7 WAC,PDP Residential American Homes 4 Rent (x) AMH N 1 M/GRW 21.44 26.00 22.99 13.16 24.4 0.62 0.88 1.09 Dec 6,303 0.9 BH,PDP Apartment Investment and Management Company (x) AIV N 1 M/INC 44.46 50.00 47.91 34.97 19.2 2.23 2.31 2.50 Dec 7,336 3.0 BH,PDP Equity Residential (x) EQR N 4 NM 61.52 NM 79.65 58.28 20.0 3.46 3.08 3.10 Dec 23,525 3.3 BH,PDP Essex Property Trust, Inc. (x) ESS N 2 M/INC 225.38 236.00 237.50 191.25 20.4 9.82 11.04 11.90 Dec 15,303 2.8 BH,PDP Mid-America Apartment Communities, Inc. (x) MAA N 2 M/INC 96.81 105.00 110.01 82.91 16.5 5.51 5.85 5.90 Dec 7,716 3.6 BH,PDP Self Storage CubeSmart (x) CUBE N 2 M/INC 25.64 29.00 33.52 23.65 17.9 1.25 1.43 1.59 Dec 4,666 4.2 JH,PDP Extra Space Storage (x) EXR N 2 M/INC 73.98 83.00 94.81 68.09 19.5 3.13 3.79 4.15 Dec 9,958 4.2 JH,PDP Jernigan Capital, Inc. JCAP N 2 H/GRW 20.60 22.00 22.02 10.10 7.2 (0.61) 2.86 2.07 Dec 187 6.8 JH,PDP Life Storage Inc. (x) LSI N 3 M/INC 82.45 NM 118.18 77.00 15.9 4.94 5.19 5.55 Dec 3,842 4.6 JH,PDP Public Storage (x) PSA N 3 M/INC 218.25 NM 277.60 200.65 22.3 8.90 9.77 10.50 Dec 37,954 3.7 JH,PDP Shopping Centers Cedar Realty Trust, Inc. (x) CDR N 3 M/INC 6.11 NM 8.08 5.92 12.0 0.53 0.51 0.58 Dec 501 3.3 CM,PDP DDR Corp. (x) DDR N 2 M/INC 15.03 18.00 19.92 14.67 11.7 1.23 1.28 1.18 Dec 5,486 5.1 CM,PDP Equity One, Inc. (x) EQY N 3 M/INC 31.28 NM 33.46 26.46 24.1 1.22 1.30 1.46 Dec 4,528 2.8 CM,PDP Federal Realty Investment Trust (x) FRT N 3 M/INC 140.80 NM 171.08 134.39 25.0 5.05 5.63 5.87 Dec 10,107 2.8 CM,PDP Kimco Realty Corporation (x) KIM N 2 M/INC 25.08 28.00 32.24 24.35 16.6 1.46 1.51 1.59 Dec 10,659 4.3 CM,PDP Kite Realty Group Trust (x) KRG N 1 M/INC 23.94 29.00 30.45 22.50 11.9 2.11 2.01 2.07 Dec 2,000 5.1 CM,PDP Ramco-Gershenson Properties Trust (x) RPT N 2 M/INC 16.30 19.00 20.24 15.86 12.1 1.36 1.35 1.43 Dec 1,292 5.4 CM,PDP Regency Centers Corp. (x) REG N 3 M/INC 69.88 NM 85.35 65.16 21.3 3.04 3.28 3.53 Dec 7,278 2.9 CM,PDP Retail Opportunity Investments Corp. (x) ROIC Q 1 M/INC 20.90 26.00 23.05 17.78 19.7 0.96 1.06 1.12 Dec 2,281 3.4 CM,PDP Saul Centers, Inc. (x) BFS N 3 M/INC 65.19 NM 68.75 47.00 21.3 2.94 3.06 3.23 Dec 1,410 3.1 CM,PDP Timber CatchMark Timber Trust, Inc. (ca) CTT N 2 M/INC 10.60 13.00 12.58 9.70 15.4 0.66 0.69 0.74 Dec 411 5.1 CM,PDP Potlatch Corporation PCH Q 2 M/INC 40.75 45.00 44.00 25.25 NM 0.77 0.21 1.60 Dec 1,667 3.7 CM,PDP Rayonier, Inc. RYN N 2 M/INC 27.93 30.00 28.47 18.95 20.7 0.37 1.35 0.40 Dec 3,432 3.6 CM,PDP Weyerhaeuser Company WY N 1 M/INC 31.80 36.00 33.28 22.06 39.7 0.89 0.80 1.15 Dec 23,933 3.9 CM,PDP

Raymond James Research Register - February 2017 58

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Real Estate - CAN Ken Avalos* [email protected] Frederic Bastien, CFA [email protected] Johann Rodrigues, (Associate Analyst) [email protected] Real Estate Healthcare Sienna Senior Living Inc. (x) SIA T 2 H/INC C$17.14 17.00 17.94 15.23 13.6 1.15 1.26 1.36 Dec 788 5.3 KA Industrial Pure Industrial Real Estate Trust (x) AAR.UN T 3 M/INC C$5.63 NM 5.80 4.26 14.4 0.39 0.39 0.43 Dec 1,369 5.5 KA Mortgage Investment Corporations Timbercreek Financial Corp. TF T R M/INC C$8.98 R 9.05 7.86 R R R R Dec R R JR,KA Office/Diversified Allied Properties REIT (x) AP.UN T 2 M/INC C$33.87 38.00 39.70 29.99 15.6 2.17 2.17 2.37 Dec 2,869 4.3 KA Artis REIT (x) AX.UN T 3 M/INC C$12.43 NM 13.77 10.90 8.3 1.49 1.50 1.54 Dec 1,862 8.7 KA Brookfield Canada Office Properties (x) BOX.UN T 3 M/INC C$31.35 NM 32.06 24.97 14.1 1.61 1.66 A 2.23 Dec 2,925 4.2 KA CREIT (x) REF.UN T 3 M/INC C$47.58 NM 51.49 38.65 15.3 3.03 3.12 3.16 Dec 3,483 3.8 JR,KA H&R REIT (x) HR.UN T 2 M/INC C$22.56 24.00 23.83 18.12 11.8 1.92 1.91 1.84 Dec 7,021 6.1 KA True North Commercial REIT (x) TNT.UN T 2 M/INC C$6.29 6.75 6.73 4.75 9.8 0.67 0.64 0.66 Dec 183 9.4 JR,KA Real Estate Services Colliers International Group Inc. CIGI Q 2 H/GRW US$36.95 44.00 46.54 30.76 15.9 2.29 2.32 2.65 Dec 1,441 0.3 FB FirstService Corporation FSV Q 2 H/GRW US$49.71 53.00 53.15 32.71 31.9 1.20 1.56 1.85 Dec 1,814 0.9 FB Residential Boardwalk REIT (x) BEI.UN T 2 M/INC C$47.80 52.50 59.76 40.76 16.1 3.56 2.97 2.80 Dec 2,423 4.7 KA Canadian Apartment Properties REIT (x) CAR.UN T 2 M/INC C$31.65 32.00 33.64 28.05 18.1 1.67 1.75 1.81 Dec 4,311 3.9 KA InterRent REIT (x) IIP.UN T 2 M/INC C$7.24 8.00 8.65 6.45 18.1 0.35 0.40 0.48 Dec 521 3.3 KA Killam Apartment REIT (x) KMP.UN T 2 M/INC C$12.10 13.75 13.30 10.28 13.9 0.78 0.87 0.91 Dec 818 4.9 KA Milestone Apartments REIT (x) MST.UN T 3 M/INC C$21.23 NM 21.70 14.68 19.3 1.05 1.10 1.20 Dec 1,945 2.6 KA,JR Tricon Capital Group Inc. TCN T 1 M/GRW C$9.85 12.50 10.34 7.53 18.6 0.56 0.53 0.55 Dec 1,221 2.6 KA Retail Choice Properties REIT (x) CHP.UN T 3 M/INC C$13.99 NM 14.69 11.52 14.0 0.97 1.00 1.03 Dec 5,725 5.1 KA Crombie REIT (x) CRR.UN T 3 M/INC C$13.51 NM 15.79 12.60 11.6 1.13 1.16 1.21 Dec 1,998 6.6 KA CT Real Estate Investment Trust (x) CRT.UN T 3 M/INC C$14.78 NM 15.76 13.25 13.8 1.04 1.07 1.11 Dec 3,057 4.7 KA First Capital Realty (x) FCR T 1 M/INC C$21.09 23.00 23.31 18.41 19.0 1.05 1.11 1.15 Dec 5,129 4.1 KA,JR Plaza Retail REIT (x) PLZ.UN T 2 M/INC C$5.13 5.25 5.28 4.35 15.1 0.32 0.34 0.37 Dec 510 5.3 JR,KA RioCan REIT (x) REI.UN T 2 M/INC C$26.07 29.00 30.35 23.98 15.6 1.74 1.67 1.72 Dec 8,507 5.4 KA Slate Retail REIT (x) SRT.U T 2 M/INC US$10.90 11.50 11.37 9.30 8.3 1.32 1.32 1.38 Dec 386 7.4 JR,KA SmartREIT (x) SRU.UN T 3 M/INC C$32.15 NM 38.91 28.97 14.9 2.10 2.16 2.25 Dec 4,993 5.3 KA Self-Storage StorageVault Canada Inc. SVI V 1 H/GRW C$1.57 1.75 1.60 0.60 39.3 0.02 0.04 0.05 Dec 455 0.6 JR,KA

*Ken Avalos is a Raymond James & Associates employee.

Raymond James Research Register - February 2017 59

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Real Estate - EUR Julien Richer, CFA, RJEE [email protected] Hotels AccorHotels ACCP.PA EPA 1 €38.41 43.00 41.25 29.96 25.9 0.88 1.48 1.85 Dec 10,945 2.4 JR Intercontinental Hotels ($D) IHG.L L 2 3,743p 3,300 3,801 2,179 NM 1.75 2.22 2.38 Dec $8,764 1.9 JR Melia Hotels International MEL.MC MAD 1 €11.86 14.50 12.17 7.16 31.2 0.16 0.38 0.47 Dec 2,728 0.7 JR NH Hoteles NHH.MC MAD 3 €4.13 NM 4.84 3.17 45.9 0.00 0.09 0.17 Dec 1,446 0.0 JR Whitbread WTB.L L 2 3,900p 3,850 4,402 3,283 17.7 239.00 220.00 244.00 Feb £7,145 2.3 JR

Raymond James Research Register - February 2017 60

Technology & Communications

USA Canada Europe Advanced Industrial Technology ...... 62 IT Hardware ...... 70 Telecoms ...... 71 Application Software ...... 63 Software/IT Services ...... 70 Communications Equipment ...... 64 Electronic Manufacturing Services ...... 64 FinTech & Transaction Processing ...... 65 Infrastructure Software ...... 65 Internet ...... 66 eCommerce ...... 66 Internet & Advertising Technology ...... 66

Online Advertising ...... 66 Online Travel ...... 66 Internet of Things ...... 66 Auto Technology...... 66 Connected Devices ...... 67 IoT Software ...... 67 IT Hardware and Distribution ...... 67 IT Services ...... 67 Satellite & Space ...... 68 Semiconductors ...... 68 Telecommunications Services ...... 68 Data Centers ...... 68 Towers ...... 68 Wireless ...... 69 Wireline ...... 69

Raymond James Research Register - February 2017 61

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Technology & Communications - USA Brian G. Alexander, 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] 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] Adam Tindle, CFA [email protected] Paul D. Puryear [email protected]

Advanced Industrial Technology AeroVironment Inc. AVAV Q 3 H/GRW 25.92 NM 32.44 22.16 NM 0.13 0.39 A 0.19 Apr 599 0.0 BG Cognex Corporation CGNX Q 3 H/GRW 67.17 NM 67.96 29.45 43.1 1.22 1.56 1.51 Dec 5,754 0.4 BG Cubic Corporation CUB N 2 H/GRW 49.10 48.00 50.60 30.11 28.4 2.79 1.36 A 1.73 Sep 1,325 0.5 BG FLIR Systems FLIR Q 2 H/GRW 35.66 36.00 37.17 26.48 22.1 1.56 1.61 1.82 Dec 4,950 1.3 BG Fortive Corporation FTV N 2 M/GRW 55.69 58.00 56.24 43.00 22.5 2.37 2.48 2.73 Dec 19,252 0.5 BG Harris Corporation HRS N 2 H/GRW 101.23 100.00 107.54 70.97 17.5 5.14 5.70 A 5.78 Jun 12,561 2.1 BG IPG Photonics IPGP Q 3 H/GRW 106.16 NM 108.31 73.55 22.9 4.53 4.63 5.07 Dec 5,640 0.0 BG iRobot Corporation IRBT Q 3 H/GRW 63.08 NM 63.17 28.02 45.4 1.47 1.39 1.61 Dec 1,861 0.0 BG Roper Technologies ROP N 1 M/GRW 190.44 215.00 191.94 155.79 29.3 6.95 6.51 7.55 Dec 19,317 0.7 BG Trimble Inc. TRMB Q 2 H/GRW 29.77 29.00 31.11 18.48 25.2 1.13 1.18 1.38 Dec 7,419 0.0 BG *Steven Li is a Raymond James Ltd. employee.

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Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Technology & Communications - USA Application Software Amber Road, Inc. AMBR N 2 H/GRW 9.01 12.00 12.30 3.60 NM (0.73) (0.44) (0.34) Dec 250 0.0 TT,BP Benefitfocus, Inc. BNFT Q 2 H/GRW 30.90 34.00 44.98 21.04 NM (1.79) (0.77) (0.48) Dec 995 0.0 BP,TT BlackLine, Inc. BL Q 2 H/GRW 27.83 31.00 29.09 21.66 NM NA (0.43) (0.40) Dec 1,539 0.0 TT,BP Box, Inc. BOX N 3 H/GRW 17.17 NM 17.48 8.96 NM (8.14) (1.12) A (0.60) Jan 2,486 0.0 TT,BP Brightcove Inc. BCOV Q 3 H/GRW 7.45 NM 13.80 4.70 NM 0.03 0.06 0.10 Dec 265 0.0 TT,BP Castlight Health, Inc. CSLT N 3 H/GRW 3.25 NM 5.50 2.54 NM (0.68) (0.33) (0.11) Dec 373 0.0 BP,TT ChannelAdvisor Corporation ECOM N 3 H/GRW 14.65 NM 15.91 10.28 NM (0.29) (0.10) (0.03) Dec 412 0.0 TT,BP Coupa Software Incorporated COUP Q 2 H/GRW 25.84 33.00 41.61 23.52 NM NA (7.08) A (1.70) Jan 1,566 0.0 TT,BP Everbridge, Inc. EVBG Q 2 H/GRW 19.46 20.00 20.66 11.76 NM NA (0.35) (0.27) Dec 528 0.0 TT,BP Halogen Software, Inc. (is) HGN T 2 H/GRW C$10.40 10.50 10.51 6.76 NM (0.61) 0.08 0.18 Dec 227 0.0 TT,SLi HubSpot, Inc. HUBS N 1 H/GRW 51.95 64.00 59.97 27.00 NM (0.74) (0.43) (0.36) Dec 2,083 0.0 TT,BP Instructure, Inc. INST N 2 H/GRW 21.75 23.00 26.92 13.21 NM (2.08) (1.63) (1.44) Dec 687 0.0 TT,BP Manhattan Associates, Inc. MANH Q 3 M/GRW 50.88 NM 68.57 44.14 27.7 1.52 1.84 2.00 Dec 3,648 0.0 TT,BP MiX Telematics Limited ($R) MIXT N 2 H/GRW 7.19 7.00 7.45 3.33 NM 0.13 0.23 A 0.15 Mar 219 1.9 BP,TT Model N, Inc. MODN N 3 H/GRW 8.45 NM 13.98 6.98 NM (0.29) (0.64) A (0.72) Sep 263 0.0 BP,TT Paylocity Holding Corporation PCTY Q 2 H/GRW 31.28 48.00 49.65 24.00 82.3 0.01 0.30 A 0.38 Jun 1,695 0.0 TT,BP Q2 Holdings Inc. QTWO N 2 H/GRW 32.30 33.00 33.30 16.44 NM (0.37) (0.35) (0.18) Dec 1,408 0.0 TT,BP RingCentral, Inc. RNG N 1 H/GRW 23.25 32.00 25.00 13.88 NM (0.13) 0.09 0.17 Dec 1,793 0.0 TT,BP salesforce.com, Inc. CRM N 1 H/GRW 77.95 105.00 84.48 52.60 79.5 0.53 0.75 A 0.98 Jan 54,931 0.0 TT,BP Shopify Inc. SHOP N 2 H/GRW 51.01 50.00 52.00 18.58 NM (0.13) (0.14) (0.04) Dec 5,014 0.0 TT,BP Tangoe Inc. TNGO Q 4 NM 7.32 NM 10.39 5.32 NM UR UR UR Dec 301 0.0 BP,TT Ultimate Software Group Inc. ULTI Q 2 H/GRW 196.23 260.00 224.07 148.26 61.7 2.65 3.18 3.76 Dec 5,985 0.0 TT,BP Upland Software, Inc. UPLD Q 2 H/GRW 11.62 12.00 11.70 5.95 34.2 (0.11) 0.34 0.53 Dec 202 0.0 TT,BP Veeva Systems Inc. VEEV N 3 H/GRW 42.80 NM 47.95 19.97 62.0 NA 0.51 A 0.69 Jan 6,309 0.0 BP,TT Workiva Inc. WK N 2 H/GRW 12.90 18.00 19.04 10.92 NM (0.81) (0.84) (0.64) Dec 550 0.0 TT,BP

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Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Technology & Communications - USA Communications Equipment ADTRAN, Inc. ADTN Q 3 M/GRW 22.00 NM 23.75 17.06 34.9 0.36 0.72 A 0.63 Dec 1,067 1.6 SL Applied Optoelectronics, Inc. AAOI Q 1 H/GRW 31.28 34.00 32.56 8.08 23.5 1.03 1.33 2.13 Dec 576 0.0 SL Arista Networks ANET N 3 H/GRW 92.91 NM 103.00 52.51 29.9 2.43 3.11 3.34 Dec 6,708 0.0 SL ARRIS ARRS Q 1 H/GRW 29.36 36.00 31.52 20.05 10.5 2.16 2.79 3.23 Dec 5,622 0.0 SL Calix, Inc. CALX N 3 H/GRW 7.00 NM 8.20 5.64 NM 0.12 (0.02) 0.13 Dec 341 0.0 SL Ciena Corporation CIEN N 2 H/GRW 24.90 27.00 25.32 15.62 14.5 1.26 1.37 A 1.72 Oct 4,345 0.0 SL Cisco Systems CSCO Q 2 M/GRW 30.74 33.00 31.95 22.46 12.8 2.21 2.36 A 2.40 Jul 155,729 3.4 SL CommScope Holding Company, Inc. COMM Q 3 H/GRW 37.33 NM 38.00 19.37 14.4 1.86 2.59 2.88 Dec 7,201 0.0 SL Ericsson ERIC Q 3 M/GRW 6.07 NM 10.20 4.83 21.7 0.72 0.31 A 0.28 Dec 20,080 7.5 SL Extreme Networks, Inc. EXTR Q 3 H/GRW 5.46 NM 5.63 2.32 14.8 0.06 0.28 A 0.37 Jun 550 0.0 SL F5 Networks, Inc. FFIV Q 3 H/GRW 133.72 NM 148.34 86.03 16.0 6.63 7.32 A 8.34 Sep 8,638 0.0 SL Finisar Corporation FNSR Q 2 H/GRW 30.10 43.00 36.85 12.04 14.1 1.05 1.03 A 2.14 Apr 3,407 0.0 SL Gigamon Inc. GIMO N 3 H/GRW 32.50 NM 61.25 21.23 26.0 0.81 1.25 1.44 Dec 1,186 0.0 SL Harmonic Inc. HLIT Q 4 NM 5.25 NM 6.13 2.51 NM 0.10 (0.06) 0.22 Dec 411 0.0 SL Hewlett Packard Enterprise Company HPE N 2 H/GRW 22.62 28.00 24.79 12.02 11.1 1.84 1.92 A 2.04 Oct 37,685 1.1 SL Infinera Corporation INFN Q 3 H/GRW 8.68 NM 17.04 7.23 24.8 0.78 0.35 (0.03) Dec 1,259 0.0 SL Juniper Networks, Inc. JNPR N 3 H/GRW 27.72 NM 29.21 21.18 13.0 2.04 2.10 A 2.13 Dec 10,689 1.4 SL Lumentum Holdings, Inc. LITE Q 1 H/GRW 37.75 45.00 45.25 18.99 18.2 1.10 1.30 A 2.07 Jun 2,356 0.0 SL NeoPhotonics Corporation NPTN N 1 H/GRW 10.97 13.00 18.51 8.12 23.3 0.53 0.47 0.83 Dec 464 0.0 SL NetApp, Inc. NTAP Q 3 H/GRW 37.60 NM 39.00 20.89 14.6 2.70 2.15 A 2.58 Apr 10,566 2.0 SL Nimble Storage NMBL N 3 H/GRW 8.59 NM 9.90 5.64 NM (0.58) (0.47) A (0.75) Jan 741 0.0 SL Nokia (r) NOK N 3 M/GRW 4.72 NM 7.30 4.04 23.6 0.42 0.20 0.24 Dec 27,338 3.4 SL Nutanix, Inc. NTNX Q 3 H/SPEC 30.26 NM 46.78 23.11 NM NA (1.25) A (1.37) Jul 3,934 0.0 SL Pure Storage, Inc. PSTG N 2 H/GRW 11.37 17.00 16.40 9.62 NM (0.89) (0.89) A (0.55) Jan 2,191 0.0 SL Electronic Manufacturing Services Flex FLEX Q 1 H/GRW 15.29 17.00 15.39 9.48 13.0 1.08 1.14 A 1.18 Mar 8,333 0.0 BGA,AT Jabil Circuit, Inc. JBL N 1 H/GRW 23.82 26.00 25.14 16.78 11.3 2.07 1.86 A 2.11 Aug 4,476 1.3 BGA,AT

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Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Technology & Communications - USA FinTech & Transaction Processing ACI Worldwide, Inc. ACIW Q 4 NM 19.46 NM 22.00 15.07 49.9 0.80 0.39 0.49 Dec 2,282 0.0 WJ Alliance Data Systems Corp. ADS N 3 H/GRW 221.70 NM 253.07 176.63 12.0 15.05 16.93 A 18.49 Dec 12,814 0.9 WJ Blackhawk Network Holdings, Inc. HAWK Q 2 H/GRW 36.35 43.00 39.30 28.88 23.0 1.59 1.58 1.88 Dec 2,072 0.0 WJ Bottomline Technologies EPAY Q 3 H/GRW 25.74 NM 31.52 18.48 30.3 1.44 1.52 A 0.85 Jun 976 0.0 WJ CPI Card Group Inc. PMTS Q 2 H/GRW 4.80 6.00 9.25 3.25 19.2 0.83 0.25 0.49 Dec 265 3.7 WJ DH Corporation DH T 2 M/INC C$22.38 24.00 40.22 14.06 10.9 2.56 2.06 2.32 Dec 2,391 5.7 WJ Fidelity National Information Services FIS N 2 M/GRW 79.56 87.00 81.67 55.11 20.8 3.22 3.83 4.40 Dec 26,096 1.3 WJ FleetCor Technologies FLT N 2 H/GRW 148.05 170.00 176.42 111.23 21.6 6.30 6.86 8.14 Dec 14,109 0.0 WJ Global Payments Inc. GPN N 3 M/GRW 76.80 NM 80.88 51.29 21.6 2.52 2.98 A 3.55 May 11,896 0.1 WJ Intuit Inc. INTU Q 3 M/GRW 118.46 NM 120.55 88.17 27.2 2.64 3.78 A 4.35 Jul 30,452 1.1 WJ Lending Club LC N 3 H/GRW 6.12 NM 9.80 3.44 NM 0.14 (0.12) 0.03 Dec 2,398 0.0 WJ Mastercard, Inc. MA N 3 M/GRW 109.38 NM 111.07 78.52 29.1 3.43 3.76 4.37 Dec 119,443 0.8 WJ OnDeck Capital, Inc. ONDK N 3 H/GRW 4.82 NM 8.94 3.64 NM 0.13 (0.68) (0.24) Dec 342 0.0 WJ PayPal Holdings, Inc. PYPL Q 2 H/GRW 41.50 47.00 44.52 31.38 24.1 1.28 1.50 A 1.72 Dec 50,049 0.0 WJ Vantiv, Inc. VNTV N 2 M/GRW 62.62 67.00 63.43 43.81 23.4 2.24 2.68 3.19 Dec 12,355 0.0 WJ Verifone Systems, Inc. PAY N 1 H/GRW 17.85 22.00 29.73 14.94 12.9 1.83 1.66 A 1.38 Oct 1,986 0.0 WJ Visa, Inc. V N 3 M/GRW 83.24 NM 84.27 66.12 25.6 2.62 2.84 A 3.25 Sep 195,017 0.8 WJ Infrastructure Software Akamai Technologies, Inc. AKAM Q 3 H/GRW 67.78 NM 71.64 39.43 25.5 2.52 2.66 2.78 Dec 11,771 0.0 MT Atlassian TEAM Q 2 H/GRW 27.77 33.00 35.16 16.92 86.8 0.28 0.35 A 0.32 Jun 6,562 0.0 MT CA Technologies CA Q 3 H/INC 31.34 NM 34.99 26.86 12.8 2.53 2.43 A 2.44 Mar 12,948 3.3 MT Check Point Software Technologies CHKP Q 3 H/GRW 98.15 NM 99.74 74.34 19.1 4.17 4.72 A 5.15 Dec 17,167 0.0 MT Citrix Systems Inc. CTXS Q 3 H/GRW 89.52 NM 95.90 60.91 19.3 4.34 5.32 A 4.63 Dec 13,937 0.0 MT CommVault Systems Inc. CVLT Q 3 H/GRW 49.90 NM 57.55 33.65 49.9 1.40 0.91 A 1.00 Mar 2,235 0.0 MT FireEye Inc. FEYE Q 3 H/GRW 12.82 NM 19.63 10.87 NM (1.61) (1.13) (0.54) Dec 2,115 0.0 MT Fortinet Inc. FTNT Q 2 H/GRW 32.57 36.00 37.48 23.16 50.9 0.51 0.64 0.78 Dec 5,651 0.0 MT Limelight Networks LLNW Q 4 NM 2.25 NM 2.90 0.90 NM (0.11) 0.01 0.02 Dec 237 0.0 MT Microsoft MSFT Q 1 M/GRW 64.27 73.00 64.54 48.04 22.2 2.63 2.79 A 2.89 Jun 500,278 2.4 MT MobileIron, Inc. MOBL Q 2 H/GRW 4.30 4.50 4.78 2.56 NM (0.71) (0.40) (0.24) Dec 378 0.0 MT New Relic, Inc. NEWR N 2 H/GRW 36.28 37.00 40.10 20.39 NM (0.85) (0.85) A (0.60) Mar 1,886 0.0 MT Oracle Corp. ORCL N 2 M/GRW 40.13 45.00 42.00 34.47 15.7 2.77 2.61 A 2.56 May 164,653 1.5 MT Palo Alto Networks PANW N 2 H/GRW 145.55 160.00 165.69 111.09 52.5 0.86 1.67 A 2.77 Jul 13,347 0.0 MT Rapid7, Inc. RPD Q 2 H/SPEC 12.69 16.00 19.29 9.05 NM (1.45) (0.85) (0.78) Dec 514 0.0 MT Red Hat, Inc. RHT N 2 H/GRW 75.25 90.00 82.73 59.59 33.1 1.60 1.91 A 2.27 Feb 13,448 0.0 MT ServiceNow, Inc. NOW N 1 H/GRW 89.48 105.00 92.98 46.00 82.1 0.40 0.70 A 1.09 Dec 15,444 0.0 MT Splunk Inc. SPLK Q 2 H/GRW 57.73 69.00 65.75 29.85 NM 0.09 0.18 A 0.35 Jan 7,827 0.0 MT Symantec Corp. SYMC Q 3 M/INC 27.21 NM 27.63 16.14 23.7 1.88 1.03 A 1.15 Mar 16,961 1.1 MT VMware VMW N 2 H/GRW 84.22 98.00 85.52 43.25 17.3 4.07 4.39 A 4.87 Dec 34,859 0.0 MT

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Technology & Communications - USA Internet eCommerce Alibaba Group Holding Ltd. BABA N 1 H/GRW 102.75 138.00 109.87 59.25 29.1 2.25 2.61 A 3.53 Mar 264,170 0.0 AK,JP Amazon.com Inc. AMZN Q 2 M/GRW 839.15 900.00 847.21 474.00 81.9 6.06 10.24 15.09 Dec 416,218 0.0 AK,JP CafePress Inc. PRSS Q 4 NM 3.41 NM 3.99 2.80 NM (0.37) (1.70) (0.28) Dec 57 0.0 AK,JP Chegg, Inc. CHGG N 3 H/GRW 7.14 NM 8.57 3.15 NM (0.68) (0.49) (0.27) Dec 650 0.0 AK,JP eBay Inc. EBAY Q 3 H/GRW 31.74 NM 33.19 21.52 15.8 1.83 1.88 A 2.01 Dec 35,517 0.0 AK,JP Groupon, Inc. GRPN Q 3 H/GRW 3.43 NM 5.94 2.15 NM 0.14 0.00 0.10 Dec 2,013 0.0 AK,JP GrubHub Inc. GRUB N 2 H/GRW 41.83 44.00 44.58 17.77 46.5 0.68 0.90 1.10 Dec 3,614 0.0 AK,JP Netflix Inc. NFLX Q 2 H/GRW 138.96 160.00 143.46 79.95 NM 0.28 0.43 A 1.29 Dec 60,920 0.0 JP,AK Shutterfly, Inc. SFLY Q 3 H/GRW 52.75 NM 54.60 35.91 85.1 (0.02) 0.62 1.11 Dec 1,788 0.0 AK,JP Shutterstock, Inc. SSTK N 3 H/GRW 53.86 NM 65.16 25.44 35.9 1.21 1.50 1.58 Dec 1,891 0.0 AK,JP Wayfair, Inc. W N 2 H/GRW 42.25 38.00 49.34 27.60 NM (0.56) (1.78) (1.26) Dec 3,608 0.0 AK,JP Internet & Advertising Technology Criteo S.A. ($E) CRTO Q 2 H/GRW 45.72 48.00 47.81 24.23 NM 1.38 1.98 2.39 Dec 2,915 0.0 JP,AK GoDaddy Inc. GDDY N 2 H/GRW 35.96 37.00 37.40 23.88 NM (0.81) (0.07) 0.56 Dec 5,945 0.0 AK,JP The Trade Desk, Inc. TTD Q 2 H/GRW 30.78 32.00 33.40 22.00 65.5 0.43 0.47 0.72 Dec 1,186 0.0 AK,JP Wix.com Ltd. WIX Q 2 H/GRW 55.05 56.00 56.85 14.79 NM (0.71) (0.43) 0.37 Dec 2,217 0.0 AK,JP Online Advertising Alphabet, Inc. GOOG Q 2 M/GRW 832.15 950.00 838.00 663.06 25.1 22.84 27.83 A 33.13 Dec 582,505 0.0 AK,JP Angie's List, Inc. ANGI Q 2 H/SPEC 7.02 12.00 10.76 6.32 NM 0.18 (0.26) (0.10) Dec 418 0.0 AK,JP Facebook, Inc. FB Q 1 H/GRW 132.78 160.00 133.50 94.23 31.9 2.28 4.16 5.33 Dec 387,054 0.0 AK,JP Pandora Media, Inc. P N 3 H/GRW 13.38 NM 14.98 7.10 NM 0.09 (0.67) (0.72) Dec 3,053 0.0 JP,AK Rubicon Project, Inc. RUBI N 3 H/GRW 8.63 NM 20.37 6.12 9.4 1.08 0.92 0.54 Dec 423 0.0 AK,JP Twitter, Inc. TWTR N 3 H/GRW 16.81 NM 25.25 13.73 30.6 0.40 0.55 0.64 Dec 12,118 0.0 AK,JP Yahoo! Inc. YHOO Q 2 H/GRW 44.55 57.00 45.08 26.15 57.1 0.59 0.62 A 0.78 Dec 42,706 0.0 AK,JP Yelp, Inc. YELP N 2 H/GRW 42.75 46.00 43.36 14.53 NM (0.44) (0.14) 0.22 Dec 3,544 0.0 AK,JP Zillow Group, Inc. Z Q 3 H/GRW 36.66 NM 39.88 15.36 NM (0.87) (1.10) 0.12 Dec 7,321 0.0 AK,JP Online Travel Ctrip.com International, Ltd. (r) CTRP Q 2 H/GRW 43.38 53.00 49.62 35.50 NM 1.37 0.25 0.88 Dec 24,987 0.0 JP,AK Expedia, Inc. EXPE Q 2 H/GRW 121.23 135.00 133.55 88.40 26.8 3.70 4.53 5.57 Dec 18,791 0.9 JP,AK priceline.com Incorporated PCLN Q 2 H/GRW 1581.44 1700.00 1600.93 954.02 24.2 51.92 65.27 74.25 Dec 79,705 0.0 JP,AK TripAdvisor, Inc. TRIP Q 3 H/GRW 52.18 NM 71.69 45.63 35.0 2.05 1.49 1.43 Dec 7,670 0.0 JP,AK Internet of Things Auto Technology Harman International, Inc. HAR N 2 M/GRW 111.08 112.00 111.34 64.93 15.4 5.71 6.24 A 7.19 Jun 7,764 1.3 TMC Mobileye N.V. MBLY N 2 H/GRW 43.74 58.00 51.15 23.57 61.6 0.48 0.71 1.00 Dec 10,432 0.0 TMC Visteon Corporation VC N 2 M/GRW 90.61 105.00 93.37 59.30 17.9 2.81 5.06 5.32 Dec 3,081 0.0 TMC

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Technology & Communications - USA Connected Devices Apple Inc. AAPL Q 2 M/GRW 121.94 148.00 122.44 89.47 14.1 9.22 8.31 A 8.64 Sep 682,132 1.9 TMC Control4 Corporation CTRL Q 3 H/GRW 11.27 NM 12.60 6.07 14.8 0.32 0.76 0.88 Dec 281 0.0 TMC Digi International Inc. DGII Q 3 H/GRW 13.60 NM 14.15 7.70 33.2 0.26 0.49 A 0.41 Sep 354 0.0 TMC Fitbit, Inc. FIT N 2 H/GRW 7.41 10.00 18.85 6.97 13.5 1.07 0.55 0.57 Dec 1,658 0.0 TMC Garmin Ltd. GRMN Q 3 M/GRW 49.08 NM 56.19 32.83 18.2 2.52 2.70 2.53 Dec 9,249 4.2 TMC GoPro, Inc. GPRO Q 3 H/GRW 10.03 NM 17.68 8.54 NM 0.76 (1.53) 0.08 Dec 1,465 0.0 TMC Logitech International SA LOGI Q 3 H/GRW 29.06 NM 29.90 13.95 22.9 1.09 0.98 A 1.27 Mar 4,711 1.9 TMC Motorola Solutions, Inc. MSI N 3 M/GRW 83.36 NM 87.55 59.78 17.7 3.46 4.72 5.08 Dec 13,846 2.3 TMC NETGEAR, Inc. NTGR Q 2 M/GRW 57.00 55.00 60.82 33.39 19.0 2.25 3.00 3.30 Dec 2,012 0.0 TMC Plantronics, Inc. PLT N 3 M/GRW 56.83 NM 57.79 32.13 18.3 3.06 2.84 A 3.11 Mar 1,894 1.1 TMC QUALCOMM, Inc. QCOM Q 3 M/GRW 54.05 NM 71.62 42.24 12.2 4.65 4.45 A 4.43 Sep 79,778 3.9 TMC Ubiquiti Networks, Inc. UBNT Q 3 H/GRW 61.99 NM 63.00 27.52 20.7 1.97 2.42 A 3.00 Jun 5,091 0.0 TMC IoT Software Alarm.com Holdings ALRM Q 3 H/GRW 26.99 NM 34.43 14.00 45.7 0.36 0.59 0.67 Dec 1,239 0.0 TMC BroadSoft, Inc. BSFT Q 1 H/GRW 43.15 51.00 48.40 26.99 20.4 1.98 2.12 2.26 Dec 1,298 0.0 TMC Nuance Communications, Inc. NUAN Q 1 H/GRW 15.97 24.00 20.56 13.44 10.2 1.28 1.53 A 1.57 Sep 5,021 0.0 TMC Synchronoss Technologies, Inc. SNCR Q 1 H/GRW 39.25 50.00 49.94 20.33 19.5 2.24 2.01 2.50 Dec 1,872 0.0 TMC IT Hardware and Distribution Arrow Electronics, Inc. ARW N 3 M/GRW 72.92 NM 74.41 48.46 11.0 6.19 6.63 6.90 Dec 6,701 0.0 BGA,AT Avnet, Inc. AVT N 1 M/GRW 46.33 54.50 51.50 37.10 14.0 4.49 4.21 A 3.30 Jun 6,023 1.5 BGA,AT CDW Corporation CDW Q 3 H/GRW 51.72 NM 55.47 30.40 15.4 2.93 3.36 3.60 Dec 8,529 1.2 BGA,AT Connection CNXN Q 3 M/GRW 27.93 NM 29.74 19.95 15.3 1.76 1.82 1.95 Dec 746 0.0 BGA,AT Insight Enterprises, Inc. NSIT Q 4 NM 36.94 NM 41.81 18.26 15.0 2.12 2.47 2.85 Dec 1,322 0.0 BGA,AT ScanSource, Inc. SCSC Q 2 H/GRW 40.90 41.00 43.49 29.05 14.9 2.53 2.71 A 2.75 Jun 1,029 0.0 BGA,AT SYNNEX Corporation SNX N 3 H/GRW 120.33 NM 129.24 77.54 15.7 6.28 7.04 A 7.65 Nov 4,765 0.8 BGA,AT Tech Data Corporation TECD Q 3 M/GRW 85.20 NM 91.47 59.80 14.1 4.97 5.77 A 6.06 Jan 3,025 0.0 BGA,AT IT Services Accenture plc ACN N 3 M/GRW 115.93 NM 125.72 91.40 19.9 4.82 5.34 A 5.83 Aug 74,446 2.1 BG Booz Allen Hamilton Holding Corp. BAH N 2 H/GRW 36.20 36.00 38.54 25.03 20.8 1.60 1.65 A 1.74 Mar 5,416 1.7 BG CACI International Inc. CACI N 2 H/GRW 122.95 110.00 133.70 78.08 19.9 5.17 5.76 A 6.18 Jun 3,037 0.0 BG Computer Sciences Corporation CSC N 3 H/GRW 61.11 NM 63.34 24.27 22.5 2.24 2.52 A 2.72 Mar 8,653 0.9 BG CSRA Inc. CSRA N 2 H/GRW 31.89 34.00 33.54 20.98 15.9 1.77 1.96 A 2.01 Mar 5,230 1.3 BG MAXIMUS Inc. MMS N 3 H/GRW 56.44 NM 61.68 43.69 18.8 2.39 2.64 A 3.01 Sep 3,681 0.3 BG NIC Inc. EGOV Q 3 H/GRW 25.25 NM 25.90 14.48 33.2 0.63 0.76 0.74 Dec 1,666 0.0 BG

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Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Technology & Communications - USA Satellite & Space EchoStar Corporation (cb) SATS Q 2 H/GRW 52.87 58.00 53.79 32.13 NM 865 870 901 Dec 4,972 0.0 RP Intelsat S.A. (ae) I N 4 NM 3.25 NM 4.50 1.44 NM 1,855 1,634 1,646 Dec 351 0.0 RP Iridium Communications Inc. (ae) IRDM Q 1 H/GRW 10.20 11.00 11.54 6.14 NM 234 253 267 Dec 977 0.0 RP KVH Industries KVHI Q 1 H/GRW 10.70 11.00 12.75 7.31 22.8 0.75 0.47 0.90 Dec 177 0.0 RP ORBCOMM, Inc. (ae) ORBC Q 1 H/GRW 8.33 11.00 10.98 6.83 NM 42 47 58 Dec 592 0.0 RP ViaSat, Inc. (ae) VSAT Q 3 H/GRW 63.99 NM 82.19 56.02 NM 345 331 A 359 Mar 3,167 0.0 RP Semiconductors Analog Devices, Inc. ADI Q 2 H/GRW 74.20 80.00 75.59 48.17 23.0 3.16 3.07 A 3.23 Oct 23,121 2.3 JSS Broadcom Limited AVGO Q 2 H/GRW 204.17 205.00 205.27 114.25 17.3 NA 9.73 A 11.83 Oct 91,264 2.0 JSS Cavium, Inc. CAVM Q 1 H/GRW 64.47 80.00 66.19 35.90 NM (0.31) (0.43) 0.96 Dec 3,868 0.0 JSS Diodes Incorporated DIOD Q 2 H/GRW 25.28 26.00 27.17 16.58 34.2 0.86 0.74 1.40 Dec 1,261 0.0 JSS GigPeak, Inc. GIG M 2 H/SPEC 2.61 3.50 3.42 1.63 21.7 0.09 0.12 0.14 Dec 177 0.0 JSS Intel Corporation INTC Q 4 NM 37.56 NM 38.36 27.68 15.7 2.33 2.12 A 2.40 Dec 183,330 2.8 JSS Linear Technology Corporation LLTC Q 3 M/INC 62.84 NM 64.42 39.68 29.2 2.13 2.02 A 2.15 Jun 15,477 2.1 JSS MACOM Technology Solutions Holdings, Inc. MTSI Q 2 H/GRW 47.53 53.00 53.80 29.56 20.5 1.15 1.41 A 2.32 Sep 2,685 0.0 JSS Maxim Integrated MXIM Q 2 H/GRW 41.97 48.00 42.65 30.31 20.4 1.53 1.63 A 2.06 Jun 12,092 3.1 JSS Microsemi Corporation MSCC Q 1 H/GRW 56.56 65.00 57.97 29.00 18.2 2.25 2.39 A 3.11 Sep 6,578 0.0 JSS Monolithic Power Systems, Inc. MPWR Q 1 H/GRW 88.30 100.00 91.76 55.05 71.2 0.95 1.24 1.82 Dec 3,700 0.9 JSS NVIDIA Corporation NVDA Q 1 H/GRW 109.65 125.00 119.93 24.75 46.7 1.12 1.07 A 2.35 Jan 65,022 0.5 JSS NXP Semiconductors N.V. NXPI Q 3 H/GRW 97.26 NM 107.54 61.61 19.9 4.82 4.88 6.34 Dec 32,433 0.0 JSS ON Semiconductor Corporation ON Q 2 H/GRW 13.86 13.00 14.00 6.97 16.3 0.83 0.85 1.12 Dec 5,818 0.0 JSS Qorvo, Inc. QRVO Q 2 H/GRW 63.34 65.00 64.80 33.30 13.6 3.97 4.37 A 4.67 Mar 8,380 0.0 JSS Semtech Corporation SMTC Q 2 H/GRW 33.25 31.00 33.88 15.70 32.9 1.16 0.61 A 1.01 Jan 2,201 0.0 JSS Skyworks Solutions SWKS Q 2 H/GRW 91.01 95.00 93.78 54.50 14.6 5.27 5.56 A 6.22 Sep 17,046 1.2 JSS Texas Instruments Incorporated TXN Q 2 H/INC 79.26 85.00 79.47 49.10 21.7 3.02 3.47 A 3.66 Dec 80,687 2.5 JSS Xilinx, Inc. XLNX Q 1 M/GRW 57.37 67.00 62.24 41.53 25.2 2.35 2.05 A 2.28 Mar 15,536 2.3 JSS Telecommunications Services Data Centers CoreSite Realty Corporation (af) COR N 3 H/GRW 87.99 NM 91.91 55.04 26.0 2.26 3.38 4.10 Dec 4,206 3.6 FGL,PDP CyrusOne Inc. (af) CONE Q 1 H/GRW 49.48 61.00 57.00 32.66 21.0 2.31 2.36 2.62 Dec 4,141 3.1 FGL,PDP Digital Realty Trust, Inc. (af) DLR N 3 M/INC 107.57 NM 113.21 76.36 20.2 4.35 5.32 5.70 Dec 17,857 3.3 FGL,PDP DuPont Fabros Technology Inc. (af) DFT N 2 M/INC 47.79 47.00 48.97 31.03 17.8 2.53 2.68 3.02 Dec 4,306 3.9 FGL,PDP Equinix (af) EQIX Q 1 H/GRW 384.21 400.00 391.07 255.45 23.8 13.68 16.14 18.71 Dec 27,625 1.8 FGL,PDP Internap Network Services Corp. INAP Q 2 H/GRW 1.76 3.00 4.21 0.80 NM (0.94) (2.30) (0.66) Dec 103 0.0 FGL Interxion Holding NV ($E) INXN N 2 H/GRW 38.30 41.00 38.85 28.64 NM 0.54 0.51 0.53 Dec 2,687 0.0 FGL,PDP QTS Realty Trust (af) QTS N 2 H/GRW 50.70 58.00 59.41 40.74 20.3 2.19 2.50 2.72 Dec 2,824 2.8 FGL,PDP Towers American Tower (af) AMT N 1 H/GRW 104.30 138.00 118.26 83.07 18.2 5.08 5.74 6.47 Dec 44,392 2.2 RP Crown Castle International (af) CCI N 2 M/INC 88.01 104.00 102.82 79.38 17.4 4.30 4.72 A 5.06 Dec 31,059 4.3 RP SBA Communications (af) SBAC Q 1 H/GRW 104.91 150.00 118.57 82.80 17.7 5.69 5.93 6.99 Dec 13,040 0.0 RP

Raymond James Research Register - February 2017 68

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Technology & Communications - USA Wireless America Movil, S.A.B. de C.V. (cb, is, r) AMX N 3 M/GRW 12.64 NM 15.95 11.02 NM 16,915 13,776 14,133 Dec 45,327 2.4 RP ATN International Inc. (cb) ATNI Q 2 M/GRW 79.41 81.00 87.82 62.70 NM 140 153 192 Dec 1,282 1.7 RP DISH Network Corp. DISH Q 3 H/GRW 58.02 NM 63.00 38.85 20.0 1.61 2.90 2.59 Dec 26,980 0.0 RP Landmark Infrastructure Partners LP (y) LMRK Q 1 M/INC 15.85 20.00 18.44 12.55 12.7 1.30 1.25 1.47 Dec 239 8.5 RP Shenandoah Telecommunications Co. SHEN Q 2 M/GRW 27.40 28.00 42.66 20.55 NM 150 239 262 Dec 1,340 0.9 RP Sprint Corp. (cb, f) S N 3 H/GRW 9.43 NM 9.48 2.45 NM 8,146 9,789 11,547 Mar 37,192 0.0 RP Telephone and Data Systems, Inc. TDS N 1 H/GRW 30.36 43.00 32.00 21.05 NM 981 888 909 Dec 3,340 1.9 RP T-Mobile US Inc. (cb) TMUS Q 2 H/GRW 63.37 55.00 63.64 33.23 NM 7,393 10,419 11,060 Dec 48,288 0.0 RP U.S. Cellular USM N 1 H/GRW 44.79 50.00 46.01 32.72 NM 675 590 619 Dec 3,807 0.0 RP Wireline AT&T Inc. T N 2 M/INC 41.77 44.00 43.89 34.90 14.2 2.70 2.85 A 2.95 Dec 258,180 4.7 FGL CenturyLink CTL N 3 M/INC 26.06 NM 33.45 22.86 10.6 2.72 2.47 2.23 Dec 14,247 8.3 FGL Charter Communications, Inc. (fc) CHTR Q 1 H/GRW 333.15 300.00 341.50 172.67 29.0 9.43 11.49 13.83 Dec 104,976 0.0 FGL Cincinnati Bell Inc. CBB N 4 NM 22.50 NM 25.65 14.20 NM 0.34 0.19 (0.01) Dec 946 0.0 FGL Cogent Communications Holdings Inc. (fa) CCOI Q 3 H/GRW 41.80 NM 43.61 30.62 34.0 0.74 1.23 1.74 Dec 1,903 3.8 FGL Comcast Corp. CMCSA Q 1 M/GRW 75.50 86.00 76.87 53.62 21.0 3.25 3.48 A 3.60 Dec 181,955 1.7 FGL Communications Sales & Leasing, Inc. (af) CSAL Q 1 H/INC 26.56 35.00 32.73 15.13 10.2 1.78 2.61 2.68 Dec 4,120 9.0 FGL Consolidated Communications Holdings CNSL Q 3 M/INC 26.12 NM 30.23 18.53 36.8 0.76 0.71 0.70 Dec 1,323 5.9 FGL Frontier Communications Corp. FTR Q 2 M/INC 3.50 5.50 5.85 3.10 NM 0.13 (0.09) (0.11) Dec 4,074 12.0 FGL Inteliquent IQNT Q 4 NM 22.91 NM 23.67 14.56 21.0 1.12 1.09 1.20 Dec 789 2.8 FGL Level 3 Communications Inc. (fc) LVLT N 3 H/GRW 59.76 NM 59.84 41.73 20.1 1.81 2.98 3.14 Dec 21,495 0.0 FGL Verizon Communications VZ N 3 M/INC 49.12 NM 56.95 46.01 12.8 3.99 3.86 A 3.85 Dec 200,753 4.7 FGL Windstream Holdings Inc. WIN Q 4 NM 8.15 NM 10.46 5.22 NM 1.07 (3.47) (1.92) Dec 756 7.4 FGL Zayo Group Holdings, Inc. (fc) ZAYO N 1 H/GRW 31.78 40.00 35.65 19.59 85.9 0.29 0.05 A 0.37 Jun 7,754 0.0 FGL

Raymond James Research Register - February 2017 69

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Technology & Communications - CAN Steven Li, CFA [email protected] IT Hardware Avigilon Corporation AVO T 3 H/GRW C$14.37 12.00 17.00 7.76 27.6 0.86 0.52 0.61 Dec 637 0.0 SLi Baylin Technologies Inc. BYL T 2 H/GRW C$2.12 3.25 2.60 1.62 NM (0.78) (0.12) 0.15 Dec 40 0.0 SLi DragonWave DRWI Q UR H/GRW US$1.70 NM 10.66 1.60 NM (0.32) (0.28) (0.14) Feb 128 0.0 SLi Evertz Technologies Ltd. (f) ET T 2 M/GRW C$16.83 19.00 19.24 15.72 17.2 0.87 0.92 A 0.98 Apr 1,264 4.3 SLi Lumenpulse Inc. LMP T 2 H/GRW C$17.80 19.00 19.14 13.86 25.8 0.07 0.25 A 0.69 Apr 475 0.0 SLi Sierra Wireless SWIR Q 2 H/GRW US$17.80 20.00 20.28 9.69 30.7 0.80 0.58 0.81 Dec 570 0.0 SLi UrtheCast Corp. UR T 2 H/GRW C$1.40 3.00 1.69 0.69 NM (0.41) (0.23) (0.06) Dec 146 0.0 SLi Software/IT Services BlackBerry (f) BBRY Q 2 H/GRW US$7.31 9.50 8.46 6.23 NM (0.09) (0.20) A 0.00 Feb 3,846 0.0 SLi CGI Group GIB.A T 2 M/GRW C$64.01 72.00 67.14 53.55 17.0 3.13 3.46 A 3.76 Sep 19,817 0.0 SLi Constellation Software Inc. CSU T 3 M/GRW C$599.69 600.00 650.00 427.99 32.1 17.51 18.67 22.38 Dec 12,713 0.9 SLi The Descartes Systems Group Inc. DSGX Q 2 M/GRW US$22.60 24.50 22.90 15.01 30.1 0.57 0.64 A 0.75 Jan 1,729 0.0 SLi MacDonald Dettwiler & Associates MDA T 3 M/GRW C$73.83 84.00 92.92 64.04 12.8 6.08 5.79 5.52 Dec 2,687 2.0 SLi NexJ Systems Inc. NXJ T 2 H/GRW C$3.46 3.25 3.80 1.71 NM (0.04) (0.01) 0.15 Dec 71 0.0 SLi Open Text OTEX Q 2 M/GRW US$34.78 80.00 35.07 20.97 8.0 3.46 3.54 A 4.35 Jun 4,257 2.6 SLi Redknee Solutions Inc. RKN T 2 H/GRW C$1.75 1.95 2.82 1.33 87.5 0.13 (0.11) A 0.02 Sep US$189 0.0 SLi

Raymond James Research Register - February 2017 70

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Technology & Communications - EUR Stephane Beyazian, RJFI [email protected] Telecoms Bouygues BOUY.PA EPA 3 €34.71 NM 37.30 24.75 16.9 1.45 2.05 2.26 Dec 11,975 4.6 SB BT BT.L L 4 302p 370 502 298 9.7 32.00 33.00 A 31.00 Mar £30,044 5.0 SB Deutsche Telekom DTE.DE ETR 2 €16.42 17.80 16.62 13.37 19.1 0.90 0.86 1.02 Dec 76,787 3.7 SB Iliad ILD.PA EPA 3 €196.65 NM 238.10 166.70 29.2 5.79 6.73 7.48 Dec 11,602 0.2 SB KPN KPN.AS AMS 4 €2.72 2.70 3.71 2.56 24.7 0.09 0.11 0.11 Dec 11,602 9.6 SB Orange ORA.PA EPA 2 €14.56 17.70 16.67 12.38 15.8 0.87 0.92 1.00 Dec 38,716 4.8 SB Orange Belgium OBEL.BR EBR 1 €21.15 25.00 22.44 17.51 23.8 0.52 0.89 1.30 Dec 1,269 2.6 SB Proximus PROX.BR EBR 2 €26.95 31.00 31.98 25.13 14.3 1.83 1.88 1.99 Dec 8,678 5.6 SB SFR Group SFR.PA EPA 3 €27.74 NM 39.22 19.51 66.0 0.84 0.42 1.24 Dec 12,233 0.0 SB Sky SKY.L L 3 1,004p NM 1,134 748 16.0 56.00 62.60 51.50 Jun £17,259 2.9 SB TalkTalk Telecom Group TALK.L L 1 153p 240 280 145 11.0 8.20 8.40 A 14.00 Mar £1,453 10.4 SB Telecom Italia TLIT.MI BIT 1 €0.81 1.08 1.06 0.63 13.5 0.05 0.06 0.06 Dec 16,392 0.0 SB Telefonica TEF.MC MCE 3 €9.12 NM 9.95 7.16 13.0 0.65 0.70 0.67 Dec 45,928 8.2 SB Telenet Group TNET.BR EBR 4 €50.00 47.00 53.63 38.15 28.6 1.65 1.75 2.06 Dec 5,850 0.0 SB Telia Company TELIA.ST STO 4 SEK36.59 34.00 43.43 33.93 10.8 4.09 3.40 3.46 Dec 158,435 5.5 SB Vivendi VIV.PA EPA 3 €17.46 NM 20.32 14.87 28.2 0.52 0.62 0.71 Dec 22,465 2.3 SB Vodafone VOD.L L 3 193p NM 240 189 30.1 5.50 6.90 A 6.40 Mar £53,784 7.3 SB

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Transportation

USA Canada Europe Airlines ...... 72 Airlines ...... 74 Airlines ...... 74 Hybrid Carriers ...... 72 Railroads ...... 74 Legacy Carriers ...... 72 Transportation & Logistics ...... 74 Low Cost Carriers ...... 73 Regional Carriers ...... 73 Transportation Services ...... 73 Intermodal and Asset-Light Logistics ...... 73 Parcel Carriers ...... 73 Railroad ...... 73

Transportation & Logistics ...... 73 Trucking (Truckload and LTL) ...... 73

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Transportation - USA Patrick Tyler Brown, CFA [email protected] Savanthi Syth, CFA [email protected]

Airlines Hybrid Carriers Alaska Air Group ALK N 2 H/GRW 95.90 98.00 96.03 54.51 13.6 6.52 7.07 7.50 Dec 11,821 1.1 SS Copa Holdings, S.A. (is) CPA N 2 H/INC 98.84 110.00 100.23 44.07 21.6 4.93 4.57 6.30 Dec 4,280 2.1 SS LATAM Airlines Group S.A. (is, r) LFL N 3 H/GRW 9.27 NM 9.93 4.72 NM 0.11 0.05 0.38 Dec 5,057 0.0 SS Legacy Carriers American Airlines Group, Inc. AAL Q 3 H/GRW 49.59 NM 50.64 24.85 8.7 9.12 5.73 4.50 Dec 33,771 0.8 SS Delta Air Lines, Inc. DAL N 2 H/GRW 50.90 60.00 52.76 32.60 10.4 4.64 5.31 A 4.90 Dec 37,482 1.6 SS United Continental Holdings, Inc. UAL N 2 H/GRW 75.38 84.00 76.80 37.41 12.0 11.88 8.73 A 6.30 Dec 23,964 0.0 SS

Raymond James Research Register - February 2017 72

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Transportation - USA Low Cost Carriers Allegiant Travel Co. ALGT Q 3 H/GRW 176.40 NM 183.91 121.70 13.4 12.93 13.15 10.85 Dec 2,893 1.6 SS GOL Linhas Aereas Inteligentes S.A. (r) GOL N 3 H/GRW 18.47 NM 27.08 2.49 NM (11.65) (5.20) (3.10) Dec 558 0.0 SS JetBlue Airways JBLU Q 3 H/GRW 21.10 NM 23.67 14.76 12.4 1.98 2.20 A 1.70 Dec 7,248 0.0 SS Ryanair Holdings plc (is, r) RYAAY Q 2 M/GRW 84.42 95.00 89.67 66.09 14.6 4.15 5.06 A 5.80 Mar 22,439 0.0 SS Southwest Airlines Co. LUV N 3 H/GRW 53.92 NM 53.99 33.96 14.8 3.53 3.74 A 3.65 Dec 34,438 0.7 SS Spirit Airlines, Inc. SAVE Q 1 H/GRW 57.01 67.00 60.40 37.17 13.9 4.36 4.09 4.17 Dec 4,042 0.0 SS Regional Carriers SkyWest, Inc. SKYW Q 2 H/GRW 36.95 40.00 39.60 13.87 13.7 1.99 2.70 3.10 Dec 1,912 0.5 SS Transportation Services Intermodal and Asset-Light Logistics C.H. Robinson Worldwide CHRW Q 3 M/GRW 75.75 NM 77.89 62.72 21.3 3.51 3.55 3.65 Dec 10,825 2.4 TB Forward Air Corporation FWRD Q 3 H/GRW 49.16 NM 50.72 36.00 24.0 2.09 2.05 2.35 Dec 1,499 1.2 TB Hub Group, Inc. HUBG Q 3 H/GRW 45.30 NM 46.15 29.38 20.4 2.01 2.22 2.25 Dec 1,534 0.0 TB J.B. Hunt Transport Services, Inc. JBHT Q 3 H/GRW 98.76 NM 102.38 69.19 23.5 3.66 3.76 A 4.20 Dec 11,091 0.9 TB Landstar System, Inc. LSTR Q 4 NM 85.05 NM 90.80 53.37 26.8 3.37 3.17 3.38 Dec 3,553 0.4 TB XPO Logistics, Inc. XPO N 2 H/GRW 46.06 51.00 49.86 20.23 47.5 (0.67) 0.97 1.62 Dec 5,661 0.0 TB Parcel Carriers FedEx Corporation FDX N 3 M/GRW 192.58 NM 201.57 122.78 16.0 8.95 10.80 A 12.00 May 51,997 0.8 TB United Parcel Service UPS N 3 M/INC 116.93 NM 120.44 90.26 20.2 5.43 5.80 6.10 Dec 103,483 2.7 TB Railroad CSX Corp. CSX Q 3 M/GRW 48.60 NM 49.13 21.64 23.8 2.00 1.81 A 2.04 Dec 45,441 1.5 TB Genesee & Wyoming Inc. GWR N 1 H/GRW 77.19 85.00 80.73 47.05 21.9 3.68 3.53 3.60 Dec 4,492 0.0 TB Kansas City Southern KSU N 1 H/GRW 87.28 101.00 100.69 66.67 16.5 4.49 4.49 A 5.30 Dec 9,348 1.5 TB Norfolk Southern Corp. NSC N 3 M/GRW 119.51 NM 122.17 64.51 19.8 5.10 5.59 A 6.05 Dec 35,100 2.0 TB Union Pacific Corp. UNP N 1 M/GRW 110.15 126.00 111.38 68.72 19.3 5.49 5.07 A 5.72 Dec 90,896 2.0 TB Transportation & Logistics Student Transportation Inc. STB Q 2 M/INC 5.61 6.50 6.08 3.38 70.1 NA 0.07 A 0.08 Jun 516 7.8 TB Trucking (Truckload and LTL) Old Dominion Freight Line, Inc. ODFL Q 3 H/GRW 90.15 NM 91.77 51.72 25.3 3.57 3.57 3.90 Dec 7,444 0.0 TB Saia, Inc. SAIA Q 2 H/GRW 49.30 50.00 50.80 20.23 25.9 2.16 1.90 2.30 Dec 1,243 0.0 TB Swift Transportation Company SWFT N 1 H/GRW 23.66 29.00 27.18 14.31 19.4 1.50 1.22 1.30 Dec 3,132 0.0 TB

Raymond James Research Register - February 2017 73

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Transportation - CAN Ben Cherniavsky [email protected] Steve Hansen, CFA, CPA, CMA [email protected]

Airlines Air Canada AC T 3 H/GRW C$13.96 12.50 14.85 6.81 3.5 4.18 3.94 3.07 Dec 3,909 0.0 BC WestJet Airlines WJA T 3 H/INC C$22.83 24.50 24.98 14.67 9.6 2.90 2.37 2.32 Dec 2,740 2.5 BC Railroads Canadian National Railway CNR T 2 M/GRW C$91.91 104.00 93.93 71.02 18.0 4.45 4.59 A 5.10 Dec 70,467 1.6 SH Canadian Pacific Railway Limited CP T 2 M/GRW C$202.64 230.00 209.12 155.27 17.2 10.12 10.32 A 11.80 Dec 29,646 1.0 SH Transportation & Logistics CanWel Building Materials Group Ltd. CWX T 2 H/INC C$6.12 7.25 7.09 3.70 14.6 0.38 0.42 0.44 Dec 365 9.2 SH

52 Week EPS

A E E

Symbol Exchange Rating Suitability Close Jan Target Price High Low Current P/E Year 2015 2016 2017 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Transportation - EUR Julien Richer, CFA, RJEE [email protected] Airlines Air France-KLM AIRF.PA EPA 2 €5.12 6.70 8.84 4.61 3.2 0.34 1.62 1.24 Mar 1,536 0.0 JR easyJet plc EZJ.L L 3 995p NM 1,607 851 13.2 139.10 108.40 A 75.10 Sep £3,950 3.8 JR IAG IAG.MC MAD 3 €5.79 NM 7.42 3.95 7.4 0.74 0.78 0.75 Mar 12,281 3.3 JR Lufthansa LHAG.DE ETR 4 €12.55 10.00 15.39 9.10 4.7 3.67 2.65 2.28 Dec 5,886 3.8 JR

Raymond James Research Register - February 2017 74

U.S. Equity Research (800) 248-8863

Management Financial Services Real Estate Robert P. Anastasi, CFA Daniel E. Cardenas (312) 655-2986 Paul D. Puryear (727) 567-2253 (727) 567-2286 Banking Director of Real Estate Research Chairman, Global Equity Research Robert J. Dodd, Ph.D. (901) 579-4560 William A. Crow (727) 567-2594 Brian G. Alexander, CFA Specialty Finance Lodging/REITs (727) 567-2312 David J. Long, CFA (312) 612-7685 Buck Horne, CFA (727) 567-2561 Senior Managing Director, Banking Housing/REITs Director of Equity Research Patrick J. O'Shaughnessy, CFA Collin Mings, CFA (727) 567-2585 Shawn Borgeson (727) 567-2571 (312) 612-7687 REITs Managing Director, Capital Markets Jonathan Hughes, CFA (727) 567-2438 Product Development C. Gregory Peters (727) 567-1534 REITs Mercedes S. van Woerkom Insurance/Insurance Brokerage & Technology (727) 567-2601 Michael Rose (312) 655-2940 Technology & Communications Managing Director, Equity Research Banking Brian G. Alexander, CFA William J. Wallace IV (301) 657-1548 (727) 567-2312 Consumer Banking Director of Technology Research Budd Bugatch, CFA (727) 567-2527 Donald A. Worthington (415) 538-5733 Ric Prentiss (727) 567-2567 Director of Furnishings Research Banking Director of Telecommunications Joseph Altobello, CFA Services Research (212) 883-4606 Healthcare Brian Gesuale (727) 567-2287 Household, Personal Care, IT Services/ John W. Ransom (727) 567-2593 and Leisure Products Advanced Industrial Technology Director of Healthcare Research Sam Darkatsh (727) 567-2537 Wayne Johnson (404) 442-5837 Michael J. Baker (727) 567-2499 Building Products FinTech & Transaction Processing Benefits Management/Pharma Services Brian M. Vaccaro, CFA Aaron Kessler, CFA (415) 616-8959 Jayson Bedford (727) 567-2565 (404) 442-5866 Internet Medical Devices Restaurants Simon M. Leopold (212) 856-5464 Reni Benjamin, Ph.D. (212) 883-4615 Dan Wewer, CFA (404) 442-5846 Communications Equipment Biotechnology Hardline Retailers Frank G. Louthan IV (404) 442-5867 Nicholas Jansen (727) 567-2446 Benjamin P. Brownlow Telecommunications Services Healthcare Information (404) 442-5859 Tavis C. McCourt, CFA (615) 645-6811 Technology/Diagnostics Convenience Stores Internet of Things Lawrence S. Keusch (617) 897-8992 J. Steven Smigie (212) 856-4893 Hospital Supplies & Equipment Energy (800) 945-6275 Semiconductors Christopher Raymond (312) 655‐2672 Terry Tillman (404) 442-5825 J. Marshall Adkins Biotechnology Application Software Director of Energy Research Elliot Wilbur, CFA (212) 856-4897 Michael Turits, Ph.D. (212) 297-5617 John Freeman, CFA Specialty Pharmaceuticals Infrastructure Software Exploration & Production Laura Chico, Ph.D. (312) 655-2701 Justin Patterson, CFA (415) 616-8035 Darren Horowitz Biotechnology Internet Midstream Suppliers Pavel Molchanov Industrial Brian Peterson, CFA (404) 442-5888 Application Software Integrated Oil & Gas/ Renewable Patrick Tyler Brown, CFA (404) 442-5803 (727) 567-2693 Energy & Clean Technology/ Adam Tindle, CFA Waste & Industrial Services IT Hardware & Distribution Exploration & Production Sam Darkatsh (727) 567-2537 Benjamin P. Brownlow Specialty Distribution (404) 442-5859 Transportation

Midstream Suppliers Macro Research Patrick Tyler Brown, CFA Justin Jenkins (404) 442-5803 Independent Refiners/ Scott J. Brown, Ph.D. (727) 567-2603 Transportation Services Midstream Suppliers Chief Economist Savanthi Syth, CFA Praveen Narra, CFA Jeffrey D. Saut (727) 567-2644 (727) 567-5274 Oilfield Services Chief Investment Strategist Airlines

Raymond James Research Register - February 2017 75

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 Susan Lione (212) 856-4886 (212) 856-5477 Sarah Concannon (727) 567-2686 Carol McCarthy (212) 297-5605 St. Petersburg (727) 567-2100 Ken Corn (727) 567-2282 Tom Nevitt (212) 297-5608 Ross Barone Nick Digirolamo (727) 567-2280 Gene Pennell (212) 297-5606 Jake Shumacker Mark Fote (727) 567-2439 Paul Salmore (212) 856-4368 Tom Del Zoppo Peter L. Gairing (727) 567-2530 Craig Sapuppo (212) 297-5602 Boston (617) 423-5607 Eric Kirby (727) 567-2570 Kelly Schaeffer (212) 856-4887 Brendan Moses Kevin McElligott (727) 567-2597 Rod Spiegel (212) 297-5610 Steve Svensen 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 Michael Barone Patrick Sauve (727) 567-2526 Jacob Forney (415) 616-8080 Ken Goldberger Dana Williams (727) 567-2278 Zachary Taylor (415) 616-8944 Jeff Grimm Jamie Zingaretti (727) 567-2576 Randy Mrozek Jeff Snower Atlanta International Institutional New York (212) 599-6800 Brian Mylod (404) 442-5822 Sales & Trading Desk Craig Bugniazet Mark Starner (404) 442-5862 Byron Mitson, Head of Agency/ Michael Cannon Dudley Stephens (404) 442-5828 Retail Trading (800) 564-3678 St. Petersburg (727) 567-2100 Brian Cohan Boston Sharon Agudio Paul Cornette Ryan Bagley (617) 897-8965 James Nielsen Michael Dalfonzo Grant Hall (617) 897-8966 Mike Tagliarini John Gilmartin Dave Hodges (617) 897-8961 Robert Hyde Memphis (800) 564-3678 John Leffel (617) 897-8967 Mark Koczan Tony Johnson Gary Muehlemann Chicago Kenny McClain Vincent Sgherza Bill Sammon, Manager (312) 655-2959 Nick Shepard Lou Coines (312) 655-2964 Corporate & Eric Siefert Rick Glaisner (312) 612-7672 Executive Services Neil Vankawala Lonnie Hatcher (312) 612-7673 (727) 567-2092 San Francisco Chris Lambert (312) 655-2974 Jeff Fordham, Head of Michael Christian (415) 616-8933 Anthony LanFranca (312) 655-2961 Corporate & Executive Services Michael Schwarz (415) 616-8096 Tony Montemurro (312) 655-2948 Jeanna Bryan

Tim Murnane (312) 655-2988 Nicole Castillo Andrew K. Northwick (312) 612-7675 Rachel Jallick Agency/Retail Trading Chris Palermo (312) 655-2967 Brandon Moore Byron Mitson, Head of Agency/ Leigh Pollak (312) 612-7744 Scott Warnock Retail Trading (800) 564-3678 Bob Stocking (312) 612-7674 Principal Trading St. Petersburg (727) 567-6466 Los Angeles Scott Brown (212) 599-6800 Mark Hamilton (310) 414-5209 Renee Hollingsworth Eric Braunstein Rob Marckel (310) 414-5201 James Nielsen Brendan Dooley Allen Spence New York Jesse Lubarsky Sara Zampell Tom Healy, Head of New York Sales Adam Lustig (212) 856-5406 Ray Moore Memphis (800) 564-3678 Alastair Barnes (212) 856-5417 Greg Mulvaney Darin Butler George Billington (212) 297-5607 Christian O’Brien Krystal Butler Jason Gefaell (212) 672-6828 Kevin Prunty Kevin Floyd Tom Hartigan (212) 856-5474 Owen Rice Marilyn Hiner Brian Hicks (212) 297-5618 Doug Shapiro Tony Johnson Jeff Karish (212) 297-5604 Brandon Veldman Kenny McClain

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Strategic Options Desk (212) 856-5400

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

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

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

Equity Advisory Group (727) 567-2520

Harry G. Katica, CFA, Director, Phil Cox Daniel Sprusansky Equity Advisory Group Bonnie Harper Justin Wai Spencer Williams Suzi Fiorini, Manager, John Messina Equity Advisory Group Michael Saut Julie Lachman, International (727) 567-5559

ECM International Office Locations

Raymond James Financial International Limited Raymond James Euro Equities

London, England 011-44-203-798-5600 Paris, France 011-33-1-456-40520 Robert Nugent, Manager Emmanuel Laussinotte, Manager Nicole Baker Dusseldorf, Germany Gregoire M. Alexandre Charles Cooper 011-49-213-293-070 Nicholas de Posson Dale Gibson Hans J. Klisch, Manager Thierry Guille Thomas Guille Benjamin Gilbert Falk G. Reissland, Manager Hubert Le Bret Vernon Golding Marcel Daun Alexandre Stamatiou Cara McPhillips Sebastian Sattelberger Matt Patterson Ricky Pilgrim Vaduz, Liechtenstein Raymond James & Associates, Inc. Geneva, Switzerland 011-41-22-818-2828 G. Eric Rowe 011-423-233-44-54 Jean Wilhelm, Manager Anthony White Johann Kasamas Paul Anderson Adam Wood Philip Burgisser Warsaw, Poland Albert Fregosi Brussels, Belgium 011-322-626-1060 011-48 (22) 276 2300 Eric Moïa Henri de Liedekerke, Manager Homan Haghighi, Manager Rudi Moser Diego de Fierlant Janusz Dancewicz Carine R. Van Pellecon George Jovanovich Lausanne, Switzerland 011-41-21-343-2222 Stéphane Roffler Homan Haghighi Jad Hobeiche

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Canadian Equity Research

Daryl Swetlishoff, CFA 604.659.8246, Head of Equity Research

Ken Avalos, MBA 727.567.1756 Tara Hassan, P. Eng 416.777.6372 David Quezada, CFA 604.659.8257 Real Estate & REITs Precious Metals Special Situations / Power & Utilities Frederic Bastien, CFA 604.659.8232 Steven Li, CFA 416.777.4918 Johann Rodrigues 416.777.7189 Infrastructure & Construction Technology / Real Estate & REITs Andrew Bradford, CFA 403.509.0503 Alternative Energy & Clean Tech Daryl Swetlishoff, CFA 604.659.8246 Oil & Gas Energy Services Jeremy McCrea 403.509.0518 Forest Products Ben Cherniavsky 604.659.8244 Oil & Gas Producers Chris Thompson, M.Sc. (Eng), P.Geo Industrial / Aerospace & Aviation Kurt Molnar 403.221.0414 604.659.8439 Chris Cox, CFA 416.777.7175 Oil & Gas Producers Precious Metals Sr. Oil & Gas Producers / Energy Michael Overvelde, CFA, CPA, CA Kenric Tyghe, MBA 416.777.7188 Infrastructure 416.777.4943 Consumer & Retail Steve Hansen, CFA, CPA, CMA Diversified Financials 604.659.8208 Transportation / Agribusiness

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 Nicole Svec Griffis, CFA 416.777.4942 Sean Boyle 416.777.4927 John Hart 514.350.4462 Jeff Carruthers, CFA 416.777.4929 David Maislin, CFA 514.350.4460 Richard Eakins 416.777.4926 Vancouver Jonathan Greer 416.777.4930 800.667.2899 Dave MacLennan 416.777.4934 London Robert Mills, CFA 416.777.4945 Scot Atkinson, CFA 604.659.8225 Brady Pimlott 416.777.4993 Nick Pocrnic 604.659.8230 Adam Wood 0.207.426.5612 Neil Weber 416.777.4931

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 Mark Armstrong 416.777.4981 Fraser Jefferson 604.659.8218 Patrick Sanche 514.350.4465 Pam Banks 416.777.4923 Derek Oram 604.659.8223 Oliver Herbst 416.777.4947 Andy Herrmann 416.777.4937 Matt Malowney 416.777.4937 Eric Munro, CFA 416.777.4983 Bob Standing 416.777.4921

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European Equity Research

Emmanuel Rétif, RJEE Mehdi Boudokhane, RJEE Patrick Lambert, RJFI +33 (1) 45 64 05 47 +33 (1) 45 64 05 55 +44 (0) 203 798 5645 Managing Director – European Research Infrastructure & Construction Chemicals Utilities Harry Breach, RJFI Cédric Lecasble, RJEE Hermine de Bentzmann, RJEE +44 (0) 203 798 5641 +33 (1) 45 64 05 40 +33 (1) 45 64 05 53 Aerospace & Defence Retail Premium Consumer Goods Jean-Pierre Dmirdjian, RJEE Julien Richer, CFA, RJEE Stéphane Beyazian, RJFI + 33 (1) 45 64 05 46 +33 (1) 45 64 05 44 +44 (0) 203 798 5643 Energy Hotels/Tourism/Foodservices Telecom Services

European Sales & Trading

Paris London New York +33 (1) 45 64 05 00 +44 (0) 203 798 5600 (212) 856-4884

Sales Sales Sales Philippe Andrieu Cara McPhillips Benoit Piussan Mikael Certner Matt Patterson Joe Campo Bruno Chabroux Sebastien Manzoni Sales Trading Laurent Thomasset Jason Keogh Ken Wesson Sales Trading Laurent Lagneau

Trading +33 (1) 45 64 05 15 Jacques Perez Philippe Vialle

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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 that 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 Europe, Raymond James Euro Equities SAS (also trading as Raymond James International), 40, rue La Boetie, 75008, Paris, France, +33 1 45 64 0500, and Raymond James Financial International Ltd., Broadwalk House, 5 Appold Street, London, England EC2A 2AG, +44 203 798 5600. 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. Raymond James (“RJ”) research reports are disseminated and available to RJ’s retail and institutional clients simultaneously via electronic publication to RJ's internal proprietary websites (RJ Investor Access & RJ Capital Markets). Not all research reports are directly distributed to clients or third-party aggregators. Certain research reports may only be disseminated on RJ's internal proprietary websites; however such research reports will not contain estimates or changes to earnings forecasts, target price, valuation, or investment or suitability rating. Individual Research Analysts may also opt to circulate published research to one or more clients electronically. This electronic communication distribution is discretionary and is done only after the research has been publically disseminated via RJ’s internal proprietary websites. The level and types of communications provided by Research Analysts to clients may vary depending on various factors including, but not limited to, the client’s individual preference as to the frequency and manner of receiving communications from Research Analysts. For research reports, models, or other data available on a particular security, please contact your RJ Sales Representative or visit RJ Investor Access or RJ Capital Markets. 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 FINRA Rule 2241 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.

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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.

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 Europe (Raymond James Euro Equities SAS & Raymond James Financial International Limited) 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 RJEE/RJFI RJA RJL RJEE/RJFI Strong Buy and Outperform (Buy) 51% 71% 54% 20% 48% 0% Market Perform (Hold) 44% 28% 32% 9% 18% 0% Underperform (Sell) 5% 1% 15% 4% 0% 0% * Columns may not add to 100% due to rounding.

Suitability Ratings (SR) Medium Risk/Income (M/INC) Lower to average risk equities of companies with sound financials, consistent earnings, and dividend yields above that of the S&P 500. Many securities in this category are structured with a focus on providing a consistent dividend or return of capital. Medium Risk/Growth (M/GRW) Lower to average risk equities of companies with sound financials, consistent earnings growth, the potential for long-term price appreciation, a potential dividend yield, and/or share repurchase program. High Risk/Income (H/INC) Medium to higher risk equities of companies that are structured with a focus on providing a meaningful dividend but may face less predictable earnings (or losses), more leveraged balance sheets, rapidly changing market dynamics, financial and competitive issues, higher price volatility (beta), and potential risk of principal. Securities of companies in this category may have a less predictable income stream from dividends or distributions of capital. High Risk/Growth (H/GRW) Medium to higher risk equities of companies in fast growing and competitive industries, with less predictable earnings (or losses), more leveraged balance sheets, rapidly changing market dynamics, financial or legal issues, higher price volatility (beta), and potential risk of principal. High Risk/Speculation (H/SPEC) High risk equities of companies with a short or unprofitable operating history, limited or less predictable revenues, very high risk associated with success, significant financial or legal issues, or a substantial risk/loss of principal.

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Risk Factors General Risk Factors: Following are some general risk factors that pertain to the businesses of the subject companies and the projected target prices and recommendations 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.

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