February 2012 January 31, 2012 Daryl Swetlishoff CFA | 604.659.8246 | [email protected]

February 2012 January 31, 2012 Daryl Swetlishoff CFA | 604.659.8246 | Daryl.Swetlishoff@Raymondjames.Ca

Canada Research Published by Raymond James Ltd

Monthly Research Register - February 2012 January 31, 2012 Daryl Swetlishoff CFA | 604.659.8246 | [email protected]

Raymond James Ltd. is a wholly owned subsidiary of U.S.-based Raymond James Financial Inc. (RJF-NYSE), and is a prominent, independent, full-service investment dealer in Canada. Raymond James Ltd. has Private Client offices across Canada and Equity Capital Markets offices in Toronto, Vancouver, Calgary and Montreal. The firm is a member of the Toronto Stock Exchange, the Montreal Exchange, and the TSX Venture Exchange as well as the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. Leveraging deep industry knowledge, Raymond James’ equity research division is focused on providing our valued clients with timely, moneymaking ideas. Our research-driven business model is geared towards generating insightful commentary and analysis on companies in the following sectors: Consumer Products & Retail, Energy, Industrial Special Situations, Mining, Paper & Forest Products, Real Estate, and Technology. Our Canadian research effort currently consists of 16 analysts covering approximately 240 companies. We are committed to creating an environment that rewards our analysts for developing innovative ideas and value-added analysis. The challenge involves going beyond basic maintenance reporting functions, instead concentrating effort on creative thinking and the provision of timely, differentiated information. Our equity research products have been carefully structured to communicate important need-to-know information on investment opportunities and actionable ideas to clients in a concise, reader-friendly manner. We hope you find our research products useful and encourage feedback as we continually strive to improve. Daryl Swetlishoff, CFA Head of Research

RECENTLY RELEASED EQUITY RESEARCH REPORTS DATE REPORT NAME SYMBOL PRICE RATING ANALYST JAN-30-12 Jan-16-12 Loblaw Companies Ltd. L-TSX C$36.54 2 Kenric S. Tyghe, MBA Jan-16-12 Avigilon Corporation AVO-TSX C$4.39 2 Steven Li, CFA Jan-18-12 Platinum Group Metals Ltd. PTM-TSX C$1.09 2 Alex Terentiew, MBA, P.Geo Jan-18-12 Eastern Platinum Ltd. ELR-TSX C$0.54 2 Alex Terentiew, MBA, P.Geo Jan-18-12 North American Palladium Ltd. PDL-TSX US$2.64 2 Alex Terentiew, MBA, P.Geo Jan-19-12 Platinum Group Metals Industry Report Alex Terentiew, MBA, P.Geo Jan-23-12 Oil Sands & Producers Justin Bouchard, P.Eng., CFA Jan-23-12 Finning International FTT-TSX C$27.24 2 Ben Cherniavsky Jan-24-12 Endeavour Mining Corp. EDV-TSX C$2.58 2 Brad Humphrey Jan-24-12 Western Forest Products Inc. WEF-TSX C$0.86 2 Daryl Swetlishoff, CFA Jan-24-12 Batero Gold Corp. BAT-TSXV C$2.83 1 Gary Baschuk Jan-24-12 Galway Resources Ltd. GWY-TSXV C$1.62 1 Gary Baschuk Jan-24-12 Continental Gold Ltd. CNL-TSX C$8.64 2 Gary Baschuk Jan-25-12 Gold Gary Baschuk Jan-30-12 ENTREC Transportation Services Ltd. ENT-TSXV C$1.25 2 Ben Cherniavsky Jan-30-12 Flint Energy Services Ltd. FES-TSX C$14.00 1 Frederic Bastien, CFA Jan-30-12 Infrastructure & Construction Frederic Bastien, CFA

This publication is a statistical summary of financial data. For additional disclosure information on stocks listed in this publication, please see www.raymondjames.ca/researchdisclosures Raymond James Ltd. | 2200 - 925 West Georgia Street | Vancouver BC Canada V6C 3L2 Monthly Research Register - February 2012 Canada Research | Page 2 of 30

Analyst Index Page Analyst Index (continued) Page

Gary Baschuk 15 Adam Low, CFA 15 Frederic Bastien, CFA 6-7,10,15,18 Luc Mageau, CFA 10 Justin Bouchard, P.Eng., CFA 10,19 Jamil Murji, CFA (Associate) 9 Andrew Bradford, CFA 10 Theoni Pilarinos, CFA (Associate) 6 Ben Cherniavsky 6 Daryl Swetlishoff, CFA 14 Steve Hansen, CMA, CFA 6 Alex Terentiew, MBA, P.Geo 15 Brad Humphrey 15 Kenric S. Tyghe, MBA 9 Rafi Khouri, B.Sc, MBA 10 Kristopher Zack, CA, CFA 10 Steven Li, CFA 19

Industry Index Page Industry Index (continued) Page

Mining 15-17 Contract Drillers 13 Exploration & Development 15,18 Field Services 13 Industrial 6-9 Pressure Pumpers 13 Agribusiness & Food Products 6 Forest Products 14 Infrastructure & Construction 6-7 Building Materials 14 Construction 6 Pulp & Paper 14 Original Equipment Manufacturers 6 Mining 15-17 Engineering 6 Base Metals & Minerals 15 Materials & Engineered Products 7 Production 15,17 Related Products 7 Exploration & Development 15,17 Equipment Distributors 7 Special Situations 15 Steel Processors & Building Components 8 Precious Metals 16 Transportation 8 Gold 16 Aerospace & Aviation 8 Silver 16 Airlines 8 Platinum Group Metals 17 Railroads 8 Production 15,17 Transportation & Logistics 8 Exploration & Development 15,17 Chemicals 8 Real Estate 18 Consumer 9 Real Estate 18 Consumer Products & Retail 9 Real Estate Services 18 Energy 10-13 Retail Senior Oil & Gas Producers 10 Office/Diversified Intermediate Oil & Gas Producers 10 Multiresidential Junior Oil & Gas Producers 11 Technology 19 International Oil & Gas 12 Software/IT Services 19 Oil Sands & Producers 12 IT Hardware 19 Oil & Gas Energy Services 13 Alternative Energy & Clean Tech 19 Completion Services 13

Raymond James Ltd. | 2200 – 925 West Georgia Street | Vancouver BC Canada V6C 3L2 Monthly Research Register - February 2012 Canada Research | Page 3 of 30

A (+) or (-) designates a rating upgrade or downgrade, respectively. Please see page 25 for definitions of ratings and other important disclosure information.

Company Index Sym Rating Page Company Index (continued) Sym Rating Page

ADF Group Inc. DRX-TSX 2 8 Cenovus Energy CVE-TSX 2 13 Advantage Oil & Gas Ltd. AAV-TSX 2 11 Cequence Energy Inc. CQE-TSX 3 12 Aecon Group ARE-TSX 2 7 Cervus Equipment Corp. CVL-TSX 1 8 Agnico-Eagle Mines AEM-NYSE 2 17 CGA Mining Ltd. CGA-TSX UR 28 Aimia AIM-TSX 2 10 CGI Group GIB.A-TSX 2 20 Air Canada AC.B-TSX 3 9 Champion Minerals Inc. CHM-TSX S 6 Alacer Gold Corp ASR-TSX 3 17 The Churchill Corp. CUQ-TSX 2+ 7 Alamos Gold Inc. AGI-TSX 2 17 Cineplex Inc. CGX-TSX 3 10 Alderon Iron Ore Corp. ADV-TSX S 6 CML Healthcare Inc. CLC-TSX 2 10 Alliance Grain Traders Inc. AGT-TSX 1 7 Cominar REIT CUF.UN-TSX UR 28 Allied Properties REIT AP.UN-TSX UR 28 Commercial Solutions CSA-TSX UR 8 Alter NRG NRG-TSX 2 20 Compass Petroleum Ltd. CPO-TSXV 3 12 Alterra Power Corp. AXY-TSX 2 20 Compton Petroleum CMT-TSX UR 28 Amerigo Resources Ltd. ARG-TSX UR 28 Conifex Timber Inc. CFF-TSXV 2 15 Anooraq Resources Corp. ARQ-TSXV UR 28 Connacher Oil and Gas CLL-TSX 3 13 Antofagasta Plc. ANTO-LSE UR 28 Continental Gold Ltd. * CNL-TSX 2 17 Anvil Mining Limited AVM-TSX UR 28 Copper Mountain Mining CUM-TSX 2 16 Arc Resources Ltd. ARX-TSX 3 11 Coro Mining Corp. COP-TSX UR 16 Armtec Infrastructure Inc. ARF-TSX 3 8 CREIT REF.UN-TSX UR 28 ArPetrol Ltd. RPT-TSXV 2 13 Crescent Point Energy CPG-TSX 3- 11 Asia Bio-Chem Group Corp. ABC-TSX 3 7 Crew Energy Inc. CR-TSX 2 11 Athabasca Oil Sands Corp. ATH-TSX 2 13 Crocodile Gold Corp. CRK-TSX 2 17 Atrium Innovations Inc. ATB-TSX 2 10 Crocotta Energy Inc. CTA-TSX 2 12 Aura Minerals Inc. ORA-TSX UR 28 Crombie REIT CRR.UN-TSX UR 28 AuRico Gold Inc. AUQ-NYSE UR 28 DAY4 Energy DFE-TSX UR 28 Aurizon Mines Ltd. ARZ-TSX UR 28 Denison Mines Corp. DML-TSX UR 28 AutoCanada Inc. ACQ-TSX UR 28 Detour Gold Corp. DGC-TSX R 17 AvenEx Energy Corp. AVF-TSX 3 11 Dollarama DOL-TSX 3 10 Avigilon Corporation * AVO-TSX 2 20 Domtar UFS-NYSE 1 15 Azure Dynamics AZD-TSX 3 20 DragonWave DWI-TSX 2 20 B2Gold Corp. BTO-TSX UR 17 Duluth Metals Limited DM-TSX UR 28 Baja Mining Corp. BAJ-TSX 2 16 Dundee REIT D.UN-TSX UR 28 Bankers Petroleum BNK-TSX 1 13 Eastern Platinum Ltd. * ELR-TSX 2 18 Batero Gold Corp. * BAT-TSXV 1 17 Easyhome Ltd. EH-TSX 2 10 Baytex Energy Corp. BTE-TSX 3 11 Eldorado Gold Corp. EGO-NYSE 2 17 Bear Creek Mining Corp. BCM-TSXV 2 17 Enablence Technologies ENA-TSXV 3 20 BioExx Specialty Proteins Ltd. BXI-TSX UR 7 EnCana Corporation ECA-TSX 2 11 Birchcliff Energy Ltd. BIR-TSX 3 11 Endeavour Mining Corp. * EDV-TSX 2 17 Bird Construction Inc. BDT-TSX 2 7 Enerflex Ltd. EFX-TSX 1 14 Black Diamond Group Ltd. BDI-TSX 2 14 Enerplus Corporation ERF-TSX R 11 Boardwalk REIT BEI.UN-TSX UR 28 Ensign Energy Services Inc. ESI-TSX 1 14 Bombardier Inc. BBD.B-TSX 2 8 ENTREC Transportation Services Ltd. * ENT-TSXV 2 8 Bonavista Energy Corporation BNP-TSX 3- 11 Essential Energy Services Ltd. ESN-TSX 1 14 Bonnett's Energy Services Trust BT.UN-TSX UR 28 Evertz Technologies Ltd. ET-TSX 2 20 CAE Inc. CAE-TSX 3 8 Exchange Income Corp EIF-TSX 2 9 Calfrac Well Services CFW-TSX 1 14 Fairborne Energy Inc FEL-TSX 2 11 Calloway REIT CWT.UN-TSX UR 28 Fibrek Inc. FBK-TSX 3 15 Cameco Corp. CCO-TSX UR 28 Finning International FTT-TSX 2+ 8 Canadian Apartment REIT CAR.UN-TSX UR 28 First Capital Realty FCR-TSX UR 28 Canadian National Railway CNR-TSX 3 9 First Quantum Minerals Ltd. FM-TSX UR 28 Canadian Natural Resources Ltd CNQ-TSX 2 11 FirstService Corp. FSRV-NASDAQ 3 19 Canadian Oil Sands Limited COS-TSX 3 13 Flint Energy Services Ltd. * FES-TSX 1 7 Canadian Pacific Railway CP-TSX 3 9 Fortress Paper FTP-TSX 1+ 15 Canadian Tire Corporation CTC.A-TSX UR 28 Galway Resources Ltd. * GWY-TSXV 1 17 Canam Group CAM-TSX 3 8 GasFrac Energy Services Ltd. GFS-TSX R 14 Candente Copper Corp. DNT-TSX 2 16 Genivar Inc. GNV-TSX 2 7 Canfor Corp. CFP-TSX 2 15 Gennum Corporation GND-TSX UR 28 Canfor Pulp Products Inc. CFX-TSX 3 15 Geologix Explorations Inc. GIX-TSX 2 17 CanWel Building Materials Group Ltd. CWX-TSX 2- 9 Gildan Activewear GIL-NYSE 2 10 Canyon Services Group Inc. FRC-TSX 1 14 Glacier Media Inc. GVC-TSX 2 10 Caterpillar Inc. CAT-NYSE 2 7 GLG Life Tech Corporation GLG-TSX 3 7

Raymond James Ltd. | 2200 – 925 West Georgia Street | Vancouver BC Canada V6C 3L2

A (+) or (-) designates a rating upgrade or downgrade, respectively. Please see page 25 for definitions of ratings and other important disclosure information.

Company Index Sym Rating Page Company Index (continued) Sym Rating Page

GLV Inc. GLV.A-TSX 2 8 PetroBakken Energy Ltd. PBN-TSX 3 11 Golden Star Resources GSS-AMEX 3 17 Petrobank Energy and Resources Ltd. PBG-TSX 3 13 Gran Tierra Energy GTE-TSX 1 13 PetroDorado Energy Ltd. PDQ-TSXV 2 13 Great Basin Gold Ltd. GBG-AMEX 3 17 PetroMagdalena Energy Corp. PMD-TSXV 2 13 Great Canadian Gaming GC-TSX 2 10 Petromanas PMI-TSXV 2 13 Greenfields Petroleum Corporation GNF-TSXV 2 13 Petrominerales PMG-TSX 3- 13 Guyana Goldfields Inc. GUY-TSX 2 17 Petronova Inc. PNA-TSXV 2 13 H&R REIT HR.UN-TSX UR 28 Platinum Group Metals Ltd. * PTM-TSX 2 18 Hana Mining Ltd. HMG-TSX 2 16 Porto Energy Corp. PEC-TSXV 2 13 Heroux-Devtek Inc. HRX-TSX 2 8 Precision Drilling Corporation PD-TSX 2 14 IBI Group Inc. IBG-TSX 2 7 Primaris Retail REIT PMZ.UN-TSX UR 28 Inmet Mining Corporation IMN-TSX UR 28 Progress Energy Resources Corp. PRQ-TSX 2 11 Insignia Energy Ltd. ISN-TSX 3 12 Pure Energy Services Ltd. PSV-TSX 1 14 Interfor IFP.A-TSX 2 15 Quadra FNX Mining Ltd QUX-TSX UR 28 Intrinsyc Software International Inc. ICS-TSX 3 20 Ram Power RPG-TSX 2 20 Ivanhoe Mines Ltd. IVN-TSX UR 28 Reliable Energy Ltd. REL-TSXV 2 12 Killam Properties KMP-TSX UR 28 Renegade Petroleum Ltd. RPL-TSXV 2 12 Kirkland Lake Gold Inc. KGI-TSX UR 28 Research in Motion RIMM-NASDAQ 3 20 Kiska Metals Corporation KSK-TSXV UR 28 RioCan REIT REI.UN-TSX UR 28 Lake Shore Gold Corp. LSG-TSX UR 28 Ritchie Bros. Auctioneers RBA-NYSE 2 8 Legacy Oil & Gas Inc. LEG-TSX 1 11 Rocky Mountain Dealerships Inc. RME-TSX 2 8 Liquor Stores Income Fund LIQ.UN-TSX UR 28 Route1 Inc ROI-TSXV 3 20 Loblaw Companies Ltd. * L-TSX 2 10 Russel Metals RUS-TSX 2 8 Lone Pine Resources, Inc. LPR-TSX 2 11 San Gold Corp. SGR-TSX UR 28 Lumina Copper Corp. LCC-TSXV 1 16 Savanna Energy Services SVY-TSX 2 14 MacDonald Dettwiler & Associates MDA-TSX 2 20 Secure Energy Services Inc. SES-TSX 2 14 MAG Silver MAG-TSX UR 28 ShaMaran Petroleum Corp. SNM-TSXV 4 13 Magellan Aerospace MAL-TSX 3 8 Shoppers Drug Mart SC-TSX 2 10 Manitok Energy Inc. MEI-TSXV R 12 Sierra Wireless SWIR-NASDAQ 3 20 McCoy Corporation MCB-TSX 1 8 Silver Wheaton SLW-NYSE 2 17 Mercer International Inc. MERC-NASDAQ 2 15 Silvercorp Metals Inc. SVM-NYSE 2 17 Methanex MEOH-NASDAQ 2 9 SNC-Lavalin SNC-TSX 1 7 Minco Silver MSV-TSX 3 17 Softchoice SO-TSX 2 20 Mirabela Nickel Ltd. MNB-TSX UR 28 Southern Pacific Resources Corp. STP-TSX 1 13 Miranda Technologies Inc. MT-TSX 2 20 Stantec Inc STN-TSX 2 7 Mullen Group Ltd. MTL-TSX 3 14 Stornoway Diamond Corp. SWY-TSX UR 28 NAL Energy Corporation NAE-TSX 3 11 Strad Energy Services Ltd. SDY-TSX 1 14 Neo Material Technologies NEM-TSX 2 16 Strategic Oil & Gas Ltd. SOG-TSXV 2 12 New Millennium Iron Corp. NML-TSX UR 6 Strathmore Minerals Corp STM-TSX UR 28 Nexen Inc. NXY-TSX 3 11 Strongco Corp. SQP-TSX 2 8 NexJ Systems Inc. NXJ-TSX 2 20 Student Transportation Inc. STB-TSX 3- 9 Niko Resources Ltd NKO-TSX 2 13 Sulliden Gold Corporation Ltd. SUE-TSX 1 17 Norbord Inc. NBD-TSX 3 15 Suncor Energy Inc SU-TSX 2+ 13 North American Energy Partners NOA-TSX 3 7 Suroco Energy Inc SRN-TSXV 2 13 North American Palladium Ltd. * PDL-TSX 2 18 Talisman Energy Inc. TLM-TSX 3 13 Northern Dynasty Minerals Ltd. NDM-TSX UR 28 Taseko Mines Ltd. TKO-TSX UR 28 Northern Property REIT NPR.UN-TSX UR 28 Tim Hortons THI-TSX 3 10 Novus Energy Inc. NVS-TSXV 2 12 Toromont Industries TIH-TSX 1 8 Omni-Lite Industries OML-TSXV 2 8 Trelawney Mining and Exploration Inc. TRR-TSXV UR 28 Open Range Energy Corp. ONR-TSX 3 12 Trevali Mining Corporation TV-TSX 2 16 Open Text OTEX-NASDAQ 2 20 Trican Well Service TCW-TSX 2 14 Orezone Gold Corp. ORE-TSX 2 17 Trinidad Drilling Ltd. TDG-TSX 1 14 Orvana Minerals Corp. ORV-TSX 3 17 Tuscany International Drilling Inc. TID-TSX 2 14 Osisko Mining Corp. OSK-TSX 3 17 Twin Butte Energy Inc. TBE-TSX 1+ 12 Pacific Rubiales Energy PRE-TSX 1 13 U.S. Geothermal GTH-TSX 2 20 Paladin Energy PDN-TSX UR 28 Ur-Energy Inc. URE-TSX UR 28 Pan American Silver PAAS-NASDAQ 2 17 Uranium One Inc. UUU-TSX UR 28 Pan Orient Energy POE-TSXV 2 13 Uranium Participation Corporation U-TSX UR 28 Parex Resources Inc. PXT-TSX 2 13 Vecima Networks VCM-TSX UR 28 Pengrowth Energy Corporation PGF-TSX 2 11 Vermilion Energy Inc. VET-TSX 2+ 11 Perpetual Energy Inc. PMT-TSX 3 11 Victoria Gold Corp. VIT-TSXV R 28 PetroAmerica Oil Corp. PTA-TSXV 2 13 Viterra Inc. VT-TSX 2 7

Raymond James Ltd. | 2200 – 925 West Georgia Street | Vancouver BC Canada V6C 3L2

A (+) or (-) designates a rating upgrade or downgrade, respectively. Please see page 25 for definitions of ratings and other important disclosure information.

Company Index Sym Rating Page Company Index (continued) Sym Rating Page

Wajax Corp. WJX-TSX 2 8 WestJet Airlines WJA-TSX 2 9 Waldron Energy Corporation WDN-TSX 2 12 Winpak Ltd. WPK-TSX 2 10 West Fraser Timber WFT-TSX 2 15 Yamana Gold Inc. AUY-NYSE 2 17 Western Energy Services Corp. WRG-TSXV 1 14 Yangarra Resources Ltd. YGR-TSXV 2 12 Western Forest Products Inc. * WEF-TSX 2 15 Zargon Oil & Gas Ltd. ZAR-TSX 2 11 WesternZagros Resources WZR-TSXV 3 13 ZCL Composites ZCL-TSX 3 8 WestFire Energy Ltd. WFE-TSX 2- 12 Zodiac Exploration Inc. ZEX-TSXV 2 12

Raymond James Ltd. | 2200 – 925 West Georgia Street | Vancouver BC Canada V6C 3L2 Monthly Research Register - February 2012 Canada Research | Page 6 of 30

Industrial Ben Cherniavsky | 604.659.8244 | [email protected] Steve Hansen, CMA, CFA | 604.659.8208 | [email protected] Frederic Bastien, CFA | 604.659.8232 | [email protected] Theoni Pilarinos, CFA | 604.659.8234 | [email protected]

Primary Ticker Ticker Secondary Rating Target Price Jan-30-12 Close Target Return Fiscal Year Current Year P/E EPS 2011A EPS 2012E EPS 2013E Dividend Yield NAV Market Cap (mln) Analyst Agribusiness & Food Products Alliance Grain Traders Inc. (6a) AGT-TSX 1 C$30.00 C$19.10 60% Dec 11.1 C$1.72 E C$2.50 NA 3.1% NA C$382 SH Asia Bio-Chem Group Corp. (6a,6b,h) ABC-TSX 3 C$0.50 C$0.17 194% Dec NA C$(0.02) E C$0.06 NA 0.0% NA C$15 SH BioExx Specialty Proteins Ltd. (6a) BXI-TSX UR UR C$0.20 NA Dec NA NA E NA NA 0.0% NA C$43 SH GLG Life Tech Corporation (6a) GLG-TSX GLGL-NASDAQ 3 C$2.25 C$1.45 55% Dec NA C$(1.47) E C$(0.30) NA 0.0% NA C$48 SH Viterra Inc. (6a,>) VT-TSX 2 C$14.00 C$10.39 36% Oct 13.2 C$0.71 C$0.79 NA 1.4% NA C$3,896 SH Infrastructure & Construction Construction Aecon Group (6a,h) ARE-TSX 2 C$15.00 C$11.41 33% Dec 15.2 C$0.75 E C$1.30 NA 1.8% NA C$801 FB Bird Construction Inc. (6a,ev) BDT-TSX 2 C$15.00 C$12.74 23% Dec 18.7 C$0.68 E C$1.20 NA 5.2% NA C$538 FB The Churchill Corp. (6a) CUQ-TSX 2+ C$15.00 C$12.40 25% Dec 13.1 C$0.95 E C$1.30 NA 3.9% NA C$347 FB Flint Energy Services Ltd. (6a) FES-TSX 1 C$20.00 C$14.00 43% Dec 22.2 C$0.63 E C$1.55 NA 0.0% NA C$676 FB|JM North American Energy Partners (6a,6b,f) NOA-TSX NOA-NYSE 3 C$8.50 C$6.48 31% Mar 18.0 C$(0.85) C$0.36 C$1.30 NA NA C$233 BC Original Equipment Manufacturers Caterpillar Inc. (6a,s) CAT-NYSE 2 US$140.00 US$110.41 28% Dec 11.8 US$7.40 US$9.35 US$11.00 1.7% NA US$73,533 TP|BC Engineering Genivar Inc. (6a) GNV-TSX 2 C$33.00 C$25.85 33% Dec 13.1 C$1.97 E C$2.00 NA 5.8% NA C$853 FB IBI Group Inc. (3r,6a,ev,h) IBG-TSX 2 C$16.50 C$13.88 27% Dec 16.9 C$0.82 E C$1.25 NA 7.9% NA C$333 FB SNC-Lavalin (6a) SNC-TSX 1 C$65.00 C$51.98 27% Dec 18.9 C$2.75 E C$3.55 NA 1.6% NA C$7,901 FB Stantec Inc (6a) STN-TSX STN-NYSE 2 C$32.00 C$27.52 16% Dec 11.9 C$2.31 E C$2.53 NA NA NA C$1,266 BC|FB

Footnote Section 1 - Strong Buy. 2 - Outperform. 3 - Market Perform. 4 - Underperform. UR – Under Review. NM – Not Meaningful. NA – Not Available. R - Restricted. A (+) or (-) indicates a rating upgrade or downgrade, respectively. Pricing information for equities provided by Thomson Reuters. Current year P/E shown is calculated as close price divided by most current estimated EPS. Market cap shown is based on current basic shares outstanding. P/E multiple and Dividend Yield have been translated to the currency shown where components of each are reported in different currencies.3r - Raymond James Ltd. makes a market in the securities of the issuer. 6a - Raymond Lames Ltd - the analyst and/or associate has viewed the material operations of the issuer. 6b - Raymond James Ltd - within the last 12 months, the issuer has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate. > - EPS revision upward. ev - Current Year P/E is Current Year EV/EBITDA f - Fiscal years ending before May are treated as previous year. h - Raymond James & Associates managed/co-managed a public/follow-on offering of these shares or has provided investment banking services within the past 12 months. s - The analyst or research associate own shares of stock in this company.

Raymond James Ltd. | 2200 – 925 West Georgia Street | Vancouver BC Canada V6C 3L2 Monthly Research Register - February 2012 Canada Research | Page 7 of 30

Industrial

Primary Ticker Ticker Secondary Rating Target Price Jan-30-12 Close Target Return Fiscal Year Current Year P/E EPS 2011A EPS 2012E EPS 2013E Dividend Yield NAV Market Cap (mln) Analyst Infrastructure & Construction Materials & Engineered Products Armtec Infrastructure Inc. (6a,ev,h) ARF-TSX 3 C$3.00 C$2.35 28% Dec NA C$(8.93) E C$(0.40) NA 0.0% NA C$68 FB GLV Inc. (6a,f) GLV.A-TSX 2 C$8.00 C$3.91 105% Mar 26.1 C$(0.30) C$0.15 C$0.50 0.0% NA C$172 FB ZCL Composites (6a) ZCL-TSX 3 C$3.75 C$3.07 22% Dec 23.6 C$0.13 E C$0.27 NA NA NA C$88 BC Related Products Commercial Solutions (6a) CSA-TSX 3 UR C$1.00 NA Sep 14.3 NA NA NA NA NA C$20 BC ENTREC Transportation Services Ltd. (6a) ENT-TSXV 2 C$2.00 C$1.25 60% Dec 11.4 C$0.01 C$0.11 C$0.20 NA NA C$43 BC|TP McCoy Corporation (6a) MCB-TSX 1 C$5.50 C$3.20 73% Dec 8.0 C$0.40 E C$0.48 NA 1.3% NA C$86 SH|BC Equipment Distributors Cervus Equipment Corp. (1c,1f,3r,6a) CVL-TSX 1 C$20.00 C$16.25 28% Dec 12.6 C$1.29 E C$1.75 NA 4.4% NA C$244 BC Finning International (6a,s,>) FTT-TSX 2+ C$32.00 C$27.24 19% Dec 18.3 C$1.49 E C$1.91 C$2.56 1.9% NA C$4,685 BC Ritchie Bros. Auctioneers (3r,6a,s) RBA-NYSE RBA-TSX 2 US$25.00 US$23.24 10% Dec 32.3 US$0.72 E US$1.07 NA 1.9% NA US$2,487 BC Rocky Mountain Dealerships Inc. (6a,h) RME-TSX 2 C$13.50 C$9.15 50% Dec 7.6 C$1.21 E C$1.35 NA 2.0% NA C$210 BC Strongco Corp. SQP-TSX 2 C$9.50 C$6.10 56% Dec 6.8 C$0.90 E C$0.95 NA NA NA C$79 BC Toromont Industries (6a,6b,s) TIH-TSX 1 C$24.75 C$22.42 12% Dec 16.7 C$1.34 E C$1.55 NA 2.0% NA C$1,726 BC Wajax Corp. (6a) WJX-TSX 2 C$45.50 C$41.15 16% Dec 11.1 C$3.71 E C$3.75 NA 5.8% NA C$700 BC Steel Processors & Building Components ADF Group Inc. (6a) DRX-TSX 2 C$2.00 C$1.33 52% Jan 19.0 C$0.11 C$0.07 C$0.06 1.5% NA C$44 FB Canam Group (6a,h) CAM-TSX 3 C$5.50 C$4.05 36% Dec NA C$(0.73) E C$0.20 NA 0.0% NA C$184 FB Russel Metals (6a) RUS-TSX 2 C$29.00 C$25.07 20% Dec 13.4 C$1.87 E C$2.10 NA 4.8% NA C$1,677 FB Transportation Aerospace & Aviation Bombardier Inc. (6a,f,adj) BBD.B-TSX 2 C$5.75 C$4.49 30% Jan 9.8 US$0.42 US$0.46 US$0.52 2.2% NA C$7,799 SH|BC CAE Inc. (6a,f) CAE-TSX CAE-NYSE 3 C$11.50 C$10.95 6% Mar 15.6 C$0.62 C$0.70 C$0.80 1.5% NA C$2,836 BC|SH Heroux-Devtek Inc. (6a,6b,f) HRX-TSX 2 C$12.00 C$7.40 62% Mar 8.9 C$0.64 C$0.83 C$0.88 NA NA C$229 BC|SH Magellan Aerospace (6a,s) MAL-TSX 3 UR C$3.24 NA Dec 6.8 C$0.48 E C$0.55 NA NA NA C$188 BC|SH Omni-Lite Industries (6a,h,s,adj) OML-TSXV 2 C$2.50 C$1.39 83% Dec 17.4 US$0.08 E US$0.22 NA 2.9% NA C$19 SH

Footnote Section 1 - Strong Buy. 2 - Outperform. 3 - Market Perform. 4 - Underperform. UR – Under Review. NM – Not Meaningful. NA – Not Available. R - Restricted. A (+) or (-) indicates a rating upgrade or downgrade, respectively. Pricing information for equities provided by Thomson Reuters. Current year P/E shown is calculated as close price divided by most current estimated EPS. Market cap shown is based on current basic shares outstanding. P/E multiple and Dividend Yield have been translated to the currency shown where components of each are reported in different currencies.1c - Raymond James Ltd. has provided non-investment banking securities-related services within the last 12 months with respect to the issuer. 1f - Raymond James Ltd. has received compensation for services other than investment banking within the last 12 months with respect to the issuer. 3r - Raymond James Ltd. makes a market in the securities of the issuer. 6a - Raymond Lames Ltd - the analyst and/or associate has viewed the material operations of the issuer. 6b - Raymond James Ltd - within the last 12 months, the issuer has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate. > - EPS revision upward. ev - Current Year P/E is Current Year EV/EBITDA f - Fiscal years ending before May are treated as previous year. h - Raymond James & Associates managed/co-managed a public/follow-on offering of these shares or has provided investment banking services within the past 12 months. s - The analyst or research associate own shares of stock in this company.

Raymond James Ltd. | 2200 – 925 West Georgia Street | Vancouver BC Canada V6C 3L2 Monthly Research Register - February 2012 Canada Research | Page 8 of 30

Industrial

Primary Ticker Ticker Secondary Rating Target Price Jan-30-12 Close Target Return Fiscal Year Current Year P/E EPS 2011A EPS 2012E EPS 2013E Dividend Yield NAV Market Cap (mln) Analyst Transportation Airlines Air Canada (1c,1f,6a) AC.B-TSX 3 C$1.75 C$1.07 64% Dec NA C$(0.92) E C$0.18 NA NA NA C$398 BC|SH WestJet Airlines (1c,1f,6a) WJA-TSX 2 C$17.50 C$12.36 43% Dec 12.4 C$1.00 E C$1.20 NA 1.6% NA C$1,718 BC|SH Railroads Canadian National Railway (6a,<) CNR-TSX CNI-NYSE 3 C$82.50 C$75.62 11% Dec 14.5 C$4.84 C$5.21 C$5.95 2.0% NA C$33,825 SH Canadian Pacific Railway (6a) CP-TSX CP-NYSE 3 C$67.00 C$71.52 (5)% Dec 16.8 C$3.12 C$4.25 C$5.10 1.7% NA C$12,230 SH Transportation & Logistics CanWel Building Materials Group Ltd. (6a,<) CWX-TSX 2- C$3.00 C$2.63 25% Dec 131.5 C$0.02 E C$0.25 NA 10.6% NA C$160 SH Exchange Income Corp (3r,6a,6b,h,>) EIF-TSX 2 C$30.00 C$24.60 29% Dec 21.8 C$1.13 E C$2.03 NA 6.6% NA C$558 SH Student Transportation Inc. (6a,h,adj) STB-TSX STB-NASDAQ 3- C$6.75 C$6.80 8% Jun 340.0 US$0.02 US$0.02 US$0.09 8.2% NA C$422 SH Chemicals Methanex (6b,<) MEOH-NASDAQ MX.T-TSX 2 US$35.00 US$27.71 29% Dec 9.2 US$2.05 US$3.00 US$4.25 2.5% NA US$2,610 SH

Footnote Section 1 - Strong Buy. 2 - Outperform. 3 - Market Perform. 4 - Underperform. UR – Under Review. NM – Not Meaningful. NA – Not Available. R - Restricted. A (+) or (-) indicates a rating upgrade or downgrade, respectively. Pricing information for equities provided by Thomson Reuters. Current year P/E shown is calculated as close price divided by most current estimated EPS. Market cap shown is based on current basic shares outstanding. P/E multiple and Dividend Yield have been translated to the currency shown where components of each are reported in different currencies.1c - Raymond James Ltd. has provided non-investment banking securities-related services within the last 12 months with respect to the issuer. 1f - Raymond James Ltd. has received compensation for services other than investment banking within the last 12 months with respect to the issuer. 3r - Raymond James Ltd. makes a market in the securities of the issuer. 6a - Raymond Lames Ltd - the analyst and/or associate has viewed the material operations of the issuer. 6b - Raymond James Ltd - within the last 12 months, the issuer has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate. < - EPS revision downward. > - EPS revision upward. h - Raymond James & Associates managed/co-managed a public/follow- on offering of these shares or has provided investment banking services within the past 12 months.

Raymond James Ltd. | 2200 – 925 West Georgia Street | Vancouver BC Canada V6C 3L2 Monthly Research Register - February 2012 Canada Research | Page 9 of 30

Consumer Kenric S. Tyghe, MBA | 416.777.7188 | [email protected] Frederic Bastien, CFA | 604.659.8232 | [email protected] Jamil Murji, CFA | 604.659.8261 | [email protected]

Primary Ticker Ticker Secondary Rating Target Price Jan-30-12 Close Target Return Fiscal Year Current Year P/E EPS 2011A EPS 2012E EPS 2013E Dividend Yield NAV Market Cap (mln) Analyst Consumer Products & Retail Aimia (6a,ev) AIM-TSX 2 C$18.00 C$12.39 50% Dec 0.0 C$363.00 E C$399.00 NA 4.8% NA C$2,193 KT Atrium Innovations Inc. (6a) ATB-TSX 2 C$20.00 C$11.87 68% Dec 6.6 C$1.80 E C$1.97 NA 0.0% NA C$392 KT Cineplex Inc. (6a) CGX-TSX 3 C$27.00 C$25.39 11% Dec 28.5 C$0.89 E C$1.20 NA 5.1% NA C$1,473 KT CML Healthcare Inc. (6a) CLC-TSX 2 C$11.25 C$10.52 14% Dec 14.6 C$0.72 E C$0.75 NA 7.2% NA C$945 JM Dollarama (6a,f,h) DOL-TSX 3 C$38.00 C$43.10 (11)% Jan 20.7 C$1.55 C$2.08 C$2.41 0.8% NA C$3,254 KT Easyhome Ltd. (3r,6a,h) EH-TSX 2 C$9.00 C$7.30 28% Dec 9.1 C$0.80 E C$1.00 NA 4.7% NA C$88 FB Gildan Activewear (6a) GIL-NYSE GIL-TSX 2 US$22.00 US$21.84 2% Sep 16.5 US$2.01 US$1.32 US$2.27 1.4% NA US$2,664 KT Glacier Media Inc. (1c,1f,6a) GVC-TSX 2 C$3.00 C$2.15 42% Dec 9.3 C$0.23 E C$0.35 NA 2.8% NA C$192 KT Great Canadian Gaming (6a) GC-TSX 2 C$10.00 C$8.47 18% Dec 21.7 C$0.39 E C$0.52 NA NA NA C$712 KT Loblaw Companies Ltd. (6a) L-TSX 2 C$44.00 C$36.54 23% Dec 13.2 C$2.76 E C$3.01 NA 2.3% NA C$10,593 KT Shoppers Drug Mart (6a) SC-TSX 2 C$48.00 C$40.91 20% Dec 14.4 C$2.85 E C$3.13 NA 2.4% NA C$8,877 KT Tim Hortons (6a) THI-TSX THI-NYSE 3 C$46.00 C$48.85 (4)% Dec 20.8 C$2.35 E C$2.65 NA 1.4% NA C$7,816 KT Winpak Ltd. (1c,1f,3r,adj) WPK-TSX 2 C$14.00 C$12.38 16% Dec 12.8 US$0.97 E US$1.09 NA 2.4% NA C$805 KT

Footnote Section 1 - Strong Buy. 2 - Outperform. 3 - Market Perform. 4 - Underperform. UR – Under Review. NM – Not Meaningful. NA – Not Available. R - Restricted. A (+) or (-) indicates a rating upgrade or downgrade, respectively. Pricing information for equities provided by Thomson Reuters. Current year P/E shown is calculated as close price divided by most current estimated EPS. Market cap shown is based on current basic shares outstanding. P/E multiple and Dividend Yield have been translated to the currency shown where components of each are reported in different currencies.1c - Raymond James Ltd. has provided non-investment banking securities-related services within the last 12 months with respect to the issuer. 1f - Raymond James Ltd. has received compensation for services other than investment banking within the last 12 months with respect to the issuer. 3r - Raymond James Ltd. makes a market in the securities of the issuer. 6a - Raymond Lames Ltd - the analyst and/or associate has viewed the material operations of the issuer. ev - Current Year P/E is Current Year EV/EBITDA f - Fiscal years ending before May are treated as previous year. h - Raymond James & Associates managed/co-managed a public/follow-on offering of these shares or has provided investment banking services within the past 12 months.

Raymond James Ltd. | 2200 – 925 West Georgia Street | Vancouver BC Canada V6C 3L2 Monthly Research Register - February 2012 Canada Research | Page 10 of 30

Energy Luc Mageau, CFA | 403.509.0505 | [email protected] Justin Bouchard, P.Eng., CFA | 403.509.0523 | [email protected] Rafi Khouri, B.Sc, MBA | 403.509.0560 | [email protected] Andrew Bradford, CFA | 403.509.0503 | [email protected] Kristopher Zack, CA, CFA | 403.221.0414 | [email protected]

Primary Ticker Ticker Secondary Rating Target Price Jan-30-12 Close Target Return Fiscal Year Current Year P/E EPS 2011A EPS 2012E EPS 2013E Dividend Yield NAV Market Cap (mln) Analyst Senior Oil & Gas Producers Canadian Natural Resources Ltd (3r,6a,6b,cf,>) CNQ-TSX CNQ-NYSE 2 C$50.00 C$39.85 26% Dec 7.1 C$5.62 E C$7.84 NA 0.9% 50.15 C$43,947 JB|KZ EnCana Corporation (6b,cf,adj,<) ECA-TSX ECA-NYSE 2 C$22.00 C$19.47 17% Dec 3.4 US$5.68 E US$5.23 US$4.30 4.2% 29.66 C$14,336 KZ|JB Nexen Inc. (6a,6b,cf,<) NXY-TSX NXY-NYSE 3 C$19.00 C$18.30 5% Dec 4.8 C$3.82 E C$4.75 C$5.47 1.1% 22.57 C$9,651 KZ|JB Intermediate Oil & Gas Producers Advantage Oil & Gas Ltd. (cf,<) AAV-TSX AAV-NYSE 2 C$7.25 C$3.66 98% Dec 4.0 C$0.91 E C$0.86 C$1.13 0.0% 10.22 C$606 LM Arc Resources Ltd. (cf,>) ARX-TSX 3 C$25.00 C$24.36 8% Dec 8.1 C$3.02 E C$2.59 C$3.11 4.9% 17.68 C$7,008 KZ AvenEx Energy Corp. (cf,>) AVF-TSX 3 C$4.75 C$5.60 (6)% Dec 5.8 C$0.97 E C$0.95 C$1.03 9.6% 4.33 C$299 KZ Baytex Energy Corp. (5a,cf,>) BTE-TSX BTE-NYSE 3 C$54.50 C$57.69 (1)% Dec 12.1 C$4.77 E C$5.58 C$5.96 4.6% 46.06 C$6,692 KZ Birchcliff Energy Ltd. (3r,cf,>) BIR-TSX 3 C$14.00 C$13.05 7% Dec 12.4 C$1.05 E C$1.16 C$1.44 0.0% 13.10 C$1,715 LM Bonavista Energy Corporation (cf,>) BNP-TSX 3- C$25.00 C$22.75 16% Dec 6.7 C$3.39 E C$3.42 C$3.80 6.3% 19.16 C$3,770 KZ Crescent Point Energy (cf,>) CPG-TSX 3- C$43.00 C$45.49 1% Dec 10.3 C$4.42 E C$4.47 C$5.06 6.1% 40.96 C$13,006 KZ Crew Energy Inc. (cf,>) CR-TSX 2 C$15.75 C$13.07 21% Dec 8.8 C$1.48 E C$2.30 C$2.83 0.0% 16.43 C$1,563 LM Enerplus Corporation (cf,h,>) ERF-TSX ERF-NYSE R R C$23.84 R Dec R R R R R R R KZ Fairborne Energy Inc (cf,>) FEL-TSX 2 C$5.25 C$2.49 111% Dec 2.4 C$1.04 E C$1.07 C$1.28 0.0% 5.11 C$255 KZ Legacy Oil & Gas Inc. (cf,h,>) LEG-TSX 1 C$15.00 C$12.00 25% Dec 9.0 C$1.33 E C$1.86 C$2.27 0.0% 10.58 C$1,715 KZ Lone Pine Resources, Inc. (h,adj,>) LPR-TSX LPR-NYSE 2 C$13.00 US$6.67 95% Dec 4.5 US$1.47 E US$2.30 US$2.88 0.0% 9.34 C$567 KZ NAL Energy Corporation (3r,cf,>) NAE-TSX 3 C$9.00 C$7.44 32% Dec 4.6 C$1.61 E C$1.62 C$1.70 11.3% 9.11 C$1,109 KZ Pengrowth Energy Corporation (cf,h,>) PGF-TSX PGH-NYSE 2 C$11.50 C$10.16 21% Dec 5.5 C$1.86 E C$1.89 C$2.22 8.3% 10.80 C$3,648 KZ Perpetual Energy Inc. (cf,<) PMT-TSX 3 C$2.50 C$0.90 198% Dec 1.9 C$0.47 E C$0.48 C$0.80 20.0% 3.51 C$133 KZ PetroBakken Energy Ltd. (6a,cf,>) PBN-TSX 3 C$14.00 C$15.28 (2)% Dec 4.2 C$3.66 E C$4.40 C$4.58 6.3% 7.47 C$2,860 JB Progress Energy Resources Corp. (cf,<) PRQ-TSX 2 C$15.00 C$10.72 44% Dec 11.1 C$0.97 E C$0.97 C$1.29 3.7% 16.16 C$2,484 KZ Vermilion Energy Inc. (cf,h,>) VET-TSX 2+ C$51.00 C$46.00 16% Dec 9.4 C$4.88 E C$5.75 C$6.00 5.0% 43.08 C$4,430 KZ Zargon Oil & Gas Ltd. (cf,>) ZAR-TSX 2 C$15.00 C$14.81 9% Dec 6.9 C$2.16 E C$2.64 C$3.20 8.1% 13.95 C$432 KZ

Footnote Section 1 - Strong Buy. 2 - Outperform. 3 - Market Perform. 4 - Underperform. UR – Under Review. NM – Not Meaningful. NA – Not Available. R - Restricted. A (+) or (-) indicates a rating upgrade or downgrade, respectively. Pricing information for equities provided by Thomson Reuters. Current year P/E shown is calculated as close price divided by most current estimated EPS. Market cap shown is based on current basic shares outstanding. P/E multiple and Dividend Yield have been translated to the currency shown where components of each are reported in different currencies.3r - Raymond James Ltd. makes a market in the securities of the issuer. 5a - Rusty Goepel who is an employee of Raymond James Ltd. or its affiliates serves as a director of the issuer. 6a - Raymond Lames Ltd - the analyst and/or associate has viewed the material operations of the issuer. 6b - Raymond James Ltd - within the last 12 months, the issuer has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate. < - EPS revision downward. > - EPS revision upward. cf - EPS is Cash Flow per share. h - Raymond James & Associates managed/co-managed a public/follow-on offering of these shares or has provided investment banking services within the past 12 months.

Raymond James Ltd. | 2200 – 925 West Georgia Street | Vancouver BC Canada V6C 3L2 Monthly Research Register - February 2012 Canada Research | Page 11 of 30

Energy

Primary Ticker Ticker Secondary Rating Target Price Jan-30-12 Close Target Return Fiscal Year Current Year P/E EPS 2011A EPS 2012E EPS 2013E Dividend Yield NAV Market Cap (mln) Analyst Junior Oil & Gas Producers Cequence Energy Inc. (cf,<) CQE-TSX 3 C$3.50 C$1.84 90% Dec 7.4 C$0.25 E C$0.38 C$0.59 0.0% 4.67 C$307 LM Compass Petroleum Ltd. (h,>) CPO-TSXV 3 C$1.70 C$1.86 (9)% Jun 8.9 C$0.21 E C$0.36 C$0.60 0.0% 2.79 C$110 LM Crocotta Energy Inc. (cf,h,<) CTA-TSX 2 C$4.75 C$3.52 35% Dec 10.4 C$0.34 E C$0.74 C$1.16 0.0% 4.97 C$320 LM Insignia Energy Ltd. (cf,>) ISN-TSX 3 C$1.25 C$1.08 16% Dec 2.7 C$0.40 E C$0.44 NA 0.0% 1.67 C$61 LM Manitok Energy Inc. (h) MEI-TSXV R R C$1.70 R Dec R R R R R R R LM Novus Energy Inc. (cf,>) NVS-TSXV 2 C$1.25 C$0.99 26% Dec 6.6 C$0.15 E C$0.25 C$0.30 0.0% 1.38 C$171 LM Open Range Energy Corp. (3r,cf,<) ONR-TSX 3 C$2.00 C$1.25 60% Dec 1.4 C$0.91 E C$0.45 C$0.56 0.0% 2.17 C$91 LM Reliable Energy Ltd. (cf,h,>) REL-TSXV 2 C$0.50 C$0.27 85% Dec 3.9 C$0.07 E C$0.11 C$0.15 0.0% 0.59 C$64 LM Renegade Petroleum Ltd. (cf,h,>) RPL-TSXV 2 C$5.00 C$3.66 37% Dec 7.3 C$0.50 E C$0.93 C$1.22 0.0% 5.17 C$292 LM Strategic Oil & Gas Ltd. (h,>) SOG-TSXV 2 C$1.60 C$0.83 93% Dec 83.0 C$0.01 E C$0.18 C$0.38 0.0% 1.79 C$153 LM Twin Butte Energy Inc. (3r,cf,>) TBE-TSX 1+ C$3.50 C$2.50 40% Dec 6.6 C$0.38 E C$0.67 C$0.74 0.0% 3.10 C$481 LM Waldron Energy Corporation (h,<) WDN-TSX 2 C$2.00 C$0.88 127% Dec 2.1 C$0.41 E C$0.43 C$0.47 0.0% 3.48 C$30 KZ WestFire Energy Ltd. (cf,h,>) WFE-TSX 2- C$9.50 C$5.18 83% Dec 6.0 C$0.86 E C$1.58 C$1.99 0.0% 10.70 C$433 LM Yangarra Resources Ltd. (h,<) YGR-TSXV 2 C$0.75 C$0.48 56% Dec 3.7 C$0.13 E C$0.17 C$0.27 0.0% 0.97 C$57 LM Zodiac Exploration Inc. (h) ZEX-TSXV 2 C$1.00 C$0.19 426% Sep NA C$(0.01) E C$(0.01) NA 0.0% 0.87 C$68 JB

Raymond James Ltd. | 2200 – 925 West Georgia Street | Vancouver BC Canada V6C 3L2 Monthly Research Register - February 2012 Canada Research | Page 12 of 30

Energy

Primary Ticker Ticker Secondary Rating Target Price Jan-30-12 Close Target Return Fiscal Year Current Year P/E EPS 2011A EPS 2012E EPS 2013E Dividend Yield NAV Market Cap (mln) Analyst International Oil & Gas ArPetrol Ltd. (h) RPT-TSXV 2 C$0.30 C$0.08 275% Dec NA C$(0.01) E C$0.03 NA 0.0% 0.29 C$67 RK Bankers Petroleum (1c,1f,6a,cf,h,adj,>) BNK-TSX 1 C$10.50 C$5.40 94% Dec 8.4 US$0.64 E US$0.97 NA 0.0% 10.16 C$1,470 RK Gran Tierra Energy (1c,1f,6a,cf,adj,>) GTE-TSX GTE-AMEX 1 C$10.50 C$5.50 91% Dec 4.9 US$1.13 E US$1.15 NA 0.0% 10.38 C$1,644 RK Greenfields Petroleum Corporation (cf,h,adj,>) GNF-TSXV 2 C$12.00 C$6.50 85% Dec NA US$(0.08) E US$1.05 NA 0.0% 11.83 C$109 RK Niko Resources Ltd (6a,6b,cf,<) NKO-TSX 2 C$66.00 C$49.25 34% Mar 13.4 C$5.50 C$3.68 C$3.87 0.2% 66.07 C$2,758 RK Pacific Rubiales Energy (6a,6b,cf,adj,<) PRE-TSX 1 C$42.00 C$24.88 70% Dec 4.9 US$5.08 E US$5.29 NA 1.5% 42.75 C$7,317 RK Pan Orient Energy (cf,h,>) POE-TSXV 2 C$5.00 C$3.50 43% Dec 3.8 C$0.93 E C$1.17 NA 0.0% 5.18 C$212 RK Parex Resources Inc. (cf,h,adj,>) PXT-TSX 2 C$9.00 C$8.25 9% Dec 9.0 US$0.92 E US$2.48 NA 0.0% 9.15 C$940 RK PetroAmerica Oil Corp. (cf,h) PTA-TSXV 2 C$0.25 C$0.13 92% Dec NA C$(0.03) E C$0.05 NA 0.0% 0.24 C$122 RK PetroDorado Energy Ltd. (cf,h,adj) PDQ-TSXV 2 C$0.40 C$0.25 60% Dec NA US$0.00 E US$0.00 NA 0.0% 0.41 C$174 RK PetroMagdalena Energy Corp. (cf,h,adj,>) PMD-TSXV 2 C$2.25 C$1.30 73% Dec 7.2 US$0.18 E US$0.35 NA 0.0% 2.19 C$222 RK Petromanas (cf,h) PMI-TSXV 2 C$0.40 C$0.26 54% Dec NA C$(0.01) E C$(0.01) NA 0.0% 0.41 C$241 RK Petrominerales (6a,cf,h,adj,>) PMG-TSX 3- C$21.00 C$20.80 3% Dec 3.0 US$7.04 E US$5.17 NA 2.4% 21.34 C$2,248 RK Petronova Inc. (adj) PNA-TSXV 2 C$1.90 C$1.02 86% Dec NA US$(0.04) E US$(0.03) NA 0.0% 1.89 C$169 RK Porto Energy Corp. (6a,h,adj) PEC-TSXV 2 C$0.30 C$0.11 173% Aug NA US$(0.03) US$(0.03) NA 0.0% 0.31 C$28 RK ShaMaran Petroleum Corp. (cf,adj) SNM-TSXV 4 C$0.10 C$0.21 (52)% Dec NA US$0.00 E US$0.00 NA 0.0% 0.12 C$170 RK Suroco Energy Inc (6b,cf,adj,<) SRN-TSXV 2 C$1.00 C$0.31 223% Dec 3.9 US$0.08 E US$0.16 NA 0.0% 1.03 C$48 RK Talisman Energy Inc. (cf,adj,<) TLM-TSX TLM-NYSE 3 C$14.00 C$12.06 18% Dec 3.5 US$3.44 E US$3.15 US$3.76 2.2% 13.76 C$13,144 RK WesternZagros Resources (cf,adj) WZR-TSXV 3 C$0.70 C$0.67 4% Dec 33.5 US$0.02 E US$0.20 NA 0.0% 0.72 C$261 RK Oil Sands & Producers Athabasca Oil Sands Corp. (>) ATH-TSX 2 C$18.50 C$11.22 65% Dec NA C$(0.04) E C$0.06 NA 0.0% 17.33 C$4,477 JB Canadian Oil Sands Limited (6a,cf,<) COS-TSX 3 C$23.50 C$24.72 (0)% Dec 6.2 C$3.96 E C$3.88 NA 4.9% 19.51 C$11,979 JB Cenovus Energy (6a,6b,cf,<) CVE-TSX CVE-NYSE 2 C$45.00 C$36.60 25% Dec 8.5 C$4.29 E C$4.40 NA 2.2% 42.73 C$27,794 JB|KZ Connacher Oil and Gas (6a,cf,h,>) CLL-TSX 3 C$1.00 C$0.99 1% Dec 8.3 C$0.12 E C$0.21 NA 0.0% 1.04 C$444 JB Petrobank Energy and Resources Ltd. (6a,cf,>) PBG-TSX 3 C$12.00 C$14.48 (17)% Dec 2.4 C$6.16 E C$7.11 NA 0.0% 9.22 C$1,539 JB Southern Pacific Resources Corp. (6a,cf,h,>) STP-TSX 1 C$2.50 C$1.61 55% Dec 8.5 C$0.13 C$0.19 C$0.48 0.0% 2.47 C$566 JB Suncor Energy Inc (6a,cf,>) SU-TSX SU-NYSE 2+ C$39.00 C$34.34 15% Dec 5.7 C$6.06 E C$5.56 NA 1.2% 32.80 C$54,123 JB

Footnote Section 1 - Strong Buy. 2 - Outperform. 3 - Market Perform. 4 - Underperform. UR – Under Review. NM – Not Meaningful. NA – Not Available. R - Restricted. A (+) or (-) indicates a rating upgrade or downgrade, respectively. Pricing information for equities provided by Thomson Reuters. Current year P/E shown is calculated as close price divided by most current estimated EPS. Market cap shown is based on current basic shares outstanding. P/E multiple and Dividend Yield have been translated to the currency shown where components of each are reported in different currencies.1c - Raymond James Ltd. has provided non-investment banking securities-related services within the last 12 months with respect to the issuer. 1f - Raymond James Ltd. has received compensation for services other than investment banking within the last 12 months with respect to the issuer. 6a - Raymond Lames Ltd - the analyst and/or associate has viewed the material operations of the issuer. 6b - Raymond James Ltd - within the last 12 months, the issuer has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate. < - EPS revision downward. > - EPS revision upward. cf - EPS is Cash Flow per share. h - Raymond James & Associates managed/co-managed a public/follow-on offering of these shares or has provided investment banking services within the past 12 months.

Raymond James Ltd. | 2200 – 925 West Georgia Street | Vancouver BC Canada V6C 3L2 Monthly Research Register - February 2012 Canada Research | Page 13 of 30

Energy

Primary Ticker Ticker Secondary Rating Target Price Jan-30-12 Close Target Return Fiscal Year Current Year P/E EPS 2011A EPS 2012E EPS 2013E Dividend Yield NAV Market Cap (mln) Analyst Oil & Gas Energy Services Completion Services Essential Energy Services Ltd. (6a,h,q) ESN-TSX 1 C$3.10 C$2.07 50% Dec 7.1 C$0.29 E C$0.35 NA 0.0% NA C$270 AB Pure Energy Services Ltd. (6a,q,<) PSV-TSX 1 C$11.25 C$8.00 45% Dec 9.5 C$0.84 E C$1.23 NA 4.5% NA C$211 AB Contract Drillers Ensign Energy Services Inc. (6a,q) ESI-TSX 1 C$21.50 C$15.56 41% Dec 10.4 C$1.50 E C$1.91 NA 2.4% NA C$2,585 AB Precision Drilling Corporation (6a,q,<) PD-TSX PDS-NYSE 2 C$16.50 C$10.00 65% Dec 11.4 C$0.88 E C$1.21 NA 0.0% NA C$2,979 AB Savanna Energy Services (6a,q,<) SVY-TSX 2 C$11.25 C$7.12 58% Dec 12.7 C$0.56 E C$0.86 NA 0.0% NA C$639 AB Trinidad Drilling Ltd. (6a,6b,q,s) TDG-TSX 1 C$11.00 C$6.57 70% Dec 10.3 C$0.64 E C$0.88 NA 3.0% NA C$834 AB Tuscany International Drilling Inc. (h,adj,<) TID-TSX 2 C$1.10 C$0.68 62% Dec NA US$(0.05) E US$0.05 NA 0.0% NA US$278 AB Western Energy Services Corp. (6a,h,q,>) WRG-TSXV 1 C$12.00 C$8.65 39% Dec 8.4 C$1.03 E C$0.81 NA 0.0% NA C$546 AB Field Services Black Diamond Group Ltd. (6a,h,q) BDI-TSX 2 C$22.25 C$18.16 26% Dec 15.5 C$1.17 E C$1.21 NA 3.6% NA C$732 AB Enerflex Ltd. (6a) EFX-TSX 1 C$15.50 C$12.42 27% Dec 18.8 C$0.66 E C$1.26 NA 1.9% NA C$984 AB Mullen Group Ltd. (6a,q,>) MTL-TSX 3 C$22.00 C$19.21 20% Dec 13.2 C$1.46 E C$1.40 NA 5.2% NA C$1,796 AB Secure Energy Services Inc. (3r,6a,h,q,>) SES-TSX 2 C$9.50 C$8.44 13% Dec 23.4 C$0.36 E C$0.60 NA 0.0% NA C$825 AB Strad Energy Services Ltd. (3r,6a,h) SDY-TSX 1 C$6.75 C$4.40 53% Dec 8.6 C$0.51 E C$0.58 NA 0.0% NA C$175 AB Pressure Pumpers Calfrac Well Services (6a,q) CFW-TSX 1 C$54.00 C$25.77 110% Dec 6.1 C$4.22 E C$5.08 NA 0.8% NA C$1,216 AB Canyon Services Group Inc. (6a,h,q) FRC-TSX 1 C$18.50 C$11.50 63% Dec 7.6 C$1.51 E C$1.71 NA 2.2% NA C$736 AB GasFrac Energy Services Ltd. (6a,h,q) GFS-TSX R R C$6.59 R Dec R R R R R R R AB Trican Well Service (1c,1f,6a,q) TCW-TSX 2 C$28.00 C$16.25 73% Dec 7.4 C$2.21 E C$2.15 NA 0.6% NA C$2,503 AB

Footnote Section 1 - Strong Buy. 2 - Outperform. 3 - Market Perform. 4 - Underperform. UR – Under Review. NM – Not Meaningful. NA – Not Available. R - Restricted. A (+) or (-) indicates a rating upgrade or downgrade, respectively. Pricing information for equities provided by Thomson Reuters. Current year P/E shown is calculated as close price divided by most current estimated EPS. Market cap shown is based on current basic shares outstanding. P/E multiple and Dividend Yield have been translated to the currency shown where components of each are reported in different currencies.1c - Raymond James Ltd. has provided non-investment banking securities-related services within the last 12 months with respect to the issuer. 1f - Raymond James Ltd. has received compensation for services other than investment banking within the last 12 months with respect to the issuer. 3r - Raymond James Ltd. makes a market in the securities of the issuer. 6a - Raymond Lames Ltd - the analyst and/or associate has viewed the material operations of the issuer. 6b - Raymond James Ltd - within the last 12 months, the issuer has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate. < - EPS revision downward. > - EPS revision upward. h - Raymond James & Associates managed/co-managed a public/follow- on offering of these shares or has provided investment banking services within the past 12 months. q - EPS is Operating EPS. s - The analyst or research associate own shares of stock in this company.

Raymond James Ltd. | 2200 – 925 West Georgia Street | Vancouver BC Canada V6C 3L2 Monthly Research Register - February 2012 Canada Research | Page 14 of 30

Forest Products Daryl Swetlishoff, CFA | 604.659.8246 | [email protected]

Primary Ticker Ticker Secondary Rating Target Price Jan-30-12 Close Target Return Fiscal Year Current Year P/E EPS 2011A EPS 2012E EPS 2013E Dividend Yield NAV Market Cap (mln) Analyst Building Materials Canfor Corp. (3r,6a,6b,<) CFP-TSX 2 C$16.50 C$11.68 41% Dec NA C$(0.18) E C$0.16 NA 0.0% NA C$1,666 DS Conifex Timber Inc. (6a,6b,<) CFF-TSXV 2 C$14.50 C$7.50 93% Dec NA C$(0.98) E C$0.31 NA NA NA C$127 DS Interfor (6a,h,<) IFP.A-TSX 2 C$7.00 C$4.53 55% Dec NA C$(0.14) E C$0.17 NA 0.0% NA C$253 DS Norbord Inc. (6a,<) NBD-TSX 3 C$11.00 C$9.94 11% Dec 58.5 C$(0.25) C$0.17 NA 0.0% NA C$433 DS West Fraser Timber (6a,<) WFT-TSX 2 C$65.00 C$47.97 37% Dec 228.4 C$0.21 E C$2.24 NA 1.2% NA C$2,149 DS Western Forest Products Inc. (6a) WEF-TSX 2 C$1.20 C$0.86 40% Dec 14.3 C$0.06 E C$0.10 NA NA NA C$408 DS Pulp & Paper Canfor Pulp Products Inc. (6a,<) CFX-TSX 3 C$13.00 C$13.62 7% Dec 6.7 C$2.04 E C$1.24 NA 11.7% NA C$971 DS Domtar (6a,<) UFS-NYSE UFS-TSX 1 US$125.00 US$86.27 47% Dec 7.8 US$11.05 E US$9.23 NA 1.6% NA US$3,175 DS Fibrek Inc. (6a) FBK-TSX 3 C$1.00 C$1.00 0% Dec 11.1 C$0.09 E C$(0.02) NA 0.0% NA C$133 DS Fortress Paper (6a,h,<) FTP-TSX 1+ C$48.00 C$34.10 41% Dec NA C$(1.38) E C$3.80 NA 0.0% NA C$522 DS Mercer International Inc. (3r,6a,adj,<) MERC-NASDAQ MRI.U-TSX 2 US$10.00 US$7.95 26% Dec 8.1 €0.98 E €0.80 NA 0.0% NA US$445 DS

Footnote Section 1 - Strong Buy. 2 - Outperform. 3 - Market Perform. 4 - Underperform. UR – Under Review. NM – Not Meaningful. NA – Not Available. R - Restricted. A (+) or (-) indicates a rating upgrade or downgrade, respectively. Pricing information for equities provided by Thomson Reuters. Current year P/E shown is calculated as close price divided by most current estimated EPS. Market cap shown is based on current basic shares outstanding. P/E multiple and Dividend Yield have been translated to the currency shown where components of each are reported in different currencies.3r - Raymond James Ltd. makes a market in the securities of the issuer. 6a - Raymond Lames Ltd - the analyst and/or associate has viewed the material operations of the issuer. 6b - Raymond James Ltd - within the last 12 months, the issuer has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate. < - EPS revision downward. h - Raymond James & Associates managed/co-managed a public/follow-on offering of these shares or has provided investment banking services within the past 12 months.

Raymond James Ltd. | 2200 – 925 West Georgia Street | Vancouver BC Canada V6C 3L2 Monthly Research Register - February 2012 Canada Research | Page 15 of 30

Mining Alex Terentiew, MBA, P.Geo | 416.777.4912 | [email protected] Adam Low, CFA | 416.777.4943 | [email protected] Brad Humphrey | 416.777.4917 | [email protected] Frederic Bastien, CFA | 604.659.8232 | [email protected] Gary Baschuk | 416.777.7098 | [email protected]

Primary Ticker Ticker Secondary Rating Target Price Jan-30-12 Close Target Return Fiscal Year Current Year P/E EPS 2011A EPS 2012E EPS 2013E Dividend Yield NAV Market Cap (mln) Analyst Base Metals & Minerals Production Copper Mountain Mining (6a,g,h,adj,<) CUM-TSX 2 C$6.75 C$5.16 31% Dec NA C$(0.16) E C$1.04 NA 0.0% 8.45 US$506 AL Exploration & Development Baja Mining Corp. (6a,6b,h,adj) BAJ-TSX 2 C$1.90 C$0.91 109% Dec 45.5 C$0.02 E C$(0.10) NA 0.0% N/A US$308 AL Candente Copper Corp. (6b,g,h,adj,<) DNT-TSX 2 C$2.55 C$1.01 152% Dec NA US$(0.03) E US$(0.09) NA 0.0% 6.26 US$119 AL Hana Mining Ltd. (g,h,>) HMG-TSX 2 C$2.70 C$1.62 67% Dec NA C$(0.06) E C$(0.04) NA 0.0% 6.72 C$159 AL Lumina Copper Corp. (6b,g,h,adj,<) LCC-TSXV 1 C$21.50 C$14.60 47% Dec 1460.0 C$0.01 E C$(0.05) NA 0.0% 53.68 US$599 AL Trevali Mining Corporation (6a,6b,h,>) TV-TSX 2 C$2.05 C$1.19 72% Dec NA C$(0.06) E C$0.05 NA 0.0% 2.96 C$171 AL Special Situations Neo Material Technologies (1c,1f,6a,h,adj) NEM-TSX 2 C$13.50 C$8.35 62% Dec 5.5 US$1.51 E US$0.90 NA 0.0% NA US$1,156 FB

Footnote Section 1 - Strong Buy. 2 - Outperform. 3 - Market Perform. 4 - Underperform. UR – Under Review. NM – Not Meaningful. NA – Not Available. R - Restricted. A (+) or (-) indicates a rating upgrade or downgrade, respectively. Pricing information for equities provided by Thomson Reuters. Current year P/E shown is calculated as close price divided by most current estimated EPS. Market cap shown is based on current basic shares outstanding. P/E multiple and Dividend Yield have been translated to the currency shown where components of each are reported in different currencies.1c - Raymond James Ltd. has provided non-investment banking securities-related services within the last 12 months with respect to the issuer. 1f - Raymond James Ltd. has received compensation for services other than investment banking within the last 12 months with respect to the issuer. 6a - Raymond Lames Ltd - the analyst and/or associate has viewed the material operations of the issuer. 6b - Raymond James Ltd - within the last 12 months, the issuer has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate. < - EPS revision downward. > - EPS revision upward. g - EPS is GAAP EPS. h - Raymond James & Associates managed/co-managed a public/follow-on offering of these shares or has provided investment banking services within the past 12 months.

Raymond James Ltd. | 2200 – 925 West Georgia Street | Vancouver BC Canada V6C 3L2 Monthly Research Register - February 2012 Canada Research | Page 16 of 30

Mining

Primary Ticker Ticker Secondary Rating Target Price Jan-30-12 Close Target Return Fiscal Year Current Year P/E EPS 2011A EPS 2012E EPS 2013E Dividend Yield NAV Market Cap (mln) Analyst Precious Metals Gold Agnico-Eagle Mines (6a,6b,h) AEM-NYSE AEM-TSX 2 US$65.00 US$37.66 74% Dec 18.6 US$2.02 E US$2.15 NA 1.7% 36.44 US$6,515 BH Alacer Gold Corp (6a,6b,<) ASR-TSX 3 C$11.50 C$9.59 20% Dec 29.1 C$0.33 E C$0.38 NA 0.0% 8.10 C$2,666 BH Alamos Gold Inc. (1c,1f,6a,6b,<) AGI-TSX 2 C$25.70 C$20.42 26% Dec 21.7 C$0.65 C$0.94 NA 0.5% 18.98 C$2,548 GB Batero Gold Corp. (6a,6b) BAT-TSXV 1 C$3.60 C$2.83 27% Aug NA C$(0.31) E C$(0.27) C$(0.22) 0.0% 5.54 C$190 GB Continental Gold Ltd. (6a,6b,adj) CNL-TSX 2 C$12.50 NA NA Dec NA US$0.20 E US$(0.13) US$(0.16) NA 12.46 NA GB Crocodile Gold Corp. (6a,6b,h,<) CRK-TSX 2 C$1.30 C$0.58 124% Dec NA C$(0.06) E C$0.09 NA 0.0% 1.62 C$186 GB Detour Gold Corp. (6a,h) DGC-TSX R R C$28.03 R Dec R R R R R R R BH Eldorado Gold Corp. (5c,6a,6b,<) EGO-NYSE ELD-TSX 2 US$24.00 US$14.83 63% Dec 32.2 US$0.46 E US$0.73 NA 0.7% 12.89 US$8,305 BH Endeavour Mining Corp. (6a,adj) EDV-TSX EVR.D-ASX 2 C$3.70 NA NA Dec NA US$0.25 E US$0.23 NA NA 3.13 NA BH Galway Resources Ltd. GWY-TSXV 1 C$2.50 C$1.62 54% Dec NA C$(0.14) E C$(0.09) C$(0.08) 0.0% 2.53 C$236 GB Geologix Explorations Inc. (6a,6b,h) GIX-TSX 2 C$1.10 C$0.30 267% Dec NA C$(0.03) E C$(0.03) NA 0.0% 1.25 C$44 GB Golden Star Resources (3r,6a) GSS-AMEX GSC.T-TSX 3 US$2.85 US$2.18 31% Dec NA US$(0.04) E US$0.01 NA 0.0% 2.36 US$580 BH Great Basin Gold Ltd. (6a,6b,h,adj) GBG-AMEX GBG.T-TSX 3 US$2.15 US$1.28 68% Dec NA C$(0.02) E C$0.00 NA 0.0% 1.91 US$635 BH Guyana Goldfields Inc. (6a,6b,<) GUY-TSX 2 C$13.00 C$7.90 65% Oct NA C$(0.07) E C$(0.21) NA 0.0% 11.60 C$719 BH Orezone Gold Corp. (6a,h) ORE-TSX 2 C$6.00 C$2.55 135% Dec NA C$(0.32) E C$(0.31) NA 0.0% 5.95 C$230 BH Orvana Minerals Corp. (h) ORV-TSX 3 C$2.60 C$1.14 128% Sep 2.2 C$(0.10) C$0.53 NA 0.0% 5.58 C$158 GB Osisko Mining Corp. (6a,6b) OSK-TSX 3 C$16.75 C$11.90 41% Dec 119.0 C$0.10 E C$0.87 NA 0.0% 10.97 C$4,843 BH Sulliden Gold Corporation Ltd. (6a,6b,h) SUE-TSX 1 C$2.90 C$1.55 87% Apr NA C$(0.05) E C$(0.05) NA 0.0% 2.85 C$355 GB US$12,91 Yamana Gold Inc. (6a,6b) AUY-NYSE YRI-TSX 2 US$19.25 US$17.31 12% Dec 17.8 US$0.97 E US$1.05 NA 1.0% 11.79 BH 3 Silver Bear Creek Mining Corp. (h) BCM-TSXV 2 C$7.00 C$3.70 89% Dec NA C$(0.17) E C$(0.09) NA 0.0% 8.13 C$340 BH Minco Silver (6a,h) MSV-TSX 3 C$3.50 C$2.55 37% Dec NA C$(0.09) E C$(0.07) NA 0.0% 5.19 C$150 BH Pan American Silver (6a,6b,<) PAAS-NASDAQ PAA-TSX 2 US$38.00 US$22.81 67% Dec 9.5 US$2.39 E US$2.81 NA 0.1% 23.24 US$2,646 BH Silver Wheaton (6a) SLW-NYSE SLW-TSX 2 US$51.00 US$35.60 44% Dec 21.7 US$1.64 E US$2.40 NA 0.3% 26.71 US$12,78 BH 0 Silvercorp Metals Inc. (6a,6b,f,h) SVM-NYSE SVM-TSX 2 US$14.75 US$8.16 82% Dec 17.0 US$0.37 US$0.48 US$0.46 1.0% 9.49 US$1,395 BH

Footnote Section 1 - Strong Buy. 2 - Outperform. 3 - Market Perform. 4 - Underperform. UR – Under Review. NM – Not Meaningful. NA – Not Available. R - Restricted. A (+) or (-) indicates a rating upgrade or downgrade, respectively. Pricing information for equities provided by Thomson Reuters. Current year P/E shown is calculated as close price divided by most current estimated EPS. Market cap shown is based on current basic shares outstanding. P/E multiple and Dividend Yield have been translated to the currency shown where components of each are reported in different currencies.1c - Raymond James Ltd. has provided non-investment banking securities-related services within the last 12 months with respect to the issuer. 1f - Raymond James Ltd. has received compensation for services other than investment banking within the last 12 months with respect to the issuer. 3r - Raymond James Ltd. makes a market in the securities of the issuer. 5c - Ross Cory who is an employee of Raymond James Ltd. or its affiliates serves as a director of the issuer. 6a - Raymond Lames Ltd - the analyst and/or associate has viewed the material operations of the issuer. 6b - Raymond James Ltd - within the last 12 months, the issuer has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate. < - EPS revision downward. f - Fiscal years ending before May are treated as previous year. h - Raymond James & Associates managed/co-managed a public/follow-on offering of these shares or has provided investment banking services within the past 12 months.

Raymond James Ltd. | 2200 – 925 West Georgia Street | Vancouver BC Canada V6C 3L2 Monthly Research Register - February 2012 Canada Research | Page 17 of 30

Mining

Primary Ticker Ticker Secondary Rating Target Price Jan-30-12 Close Target Return Fiscal Year Current Year P/E EPS 2011A EPS 2012E EPS 2013E Dividend Yield NAV Market Cap (mln) Analyst Platinum Group Metals Production Eastern Platinum Ltd. (6b,ce,h,adj) ELR-TSX EPS.J-JSE 2 C$0.80 C$0.54 48% Dec NA US$(0.02) E US$(0.02) US$0.00 NA 0.75 C$501 AT North American Palladium Ltd. (6b,adj) PDL-TSX PAL.A-AMEX 2 C$4.75 US$2.64 80% Dec NA C$(0.09) E C$0.06 C$0.32 NA 4.22 C$429 AT Exploration & Development Platinum Group Metals Ltd. (6b,ce,h) PTM-TSX PLG-AMEX 2 C$1.70 C$1.09 56% Aug NA C$(0.07) C$(0.03) C$(0.02) NA 1.81 C$194 AT

Raymond James Ltd. | 2200 – 925 West Georgia Street | Vancouver BC Canada V6C 3L2 Monthly Research Register - February 2012 Canada Research | Page 18 of 30

Real Estate Frederic Bastien, CFA | 604.659.8232 | [email protected]

Primary Ticker Ticker Secondary Rating Target Price Jan-30-12 Close Target Return Fiscal Year Current Year P/E EPS 2011A EPS 2012E EPS 2013E Dividend Yield NAV Market Cap (mln) Analyst Real Estate Real Estate Services FirstService Corp. (6a) FSRV-NASDAQ FSV-TSX 3 US$31.00 US$29.36 6% Dec 16.8 US$1.75 E US$2.00 NA 0.0% NA US$895 FB

Raymond James Ltd. | 2200 – 925 West Georgia Street | Vancouver BC Canada V6C 3L2 Monthly Research Register - February 2012 Canada Research | Page 19 of 30

Technology Steven Li, CFA | 416.777.4918 | [email protected] Justin Bouchard, P.Eng., CFA | 403.509.0523 | [email protected]

Primary Ticker Ticker Secondary Rating Target Price Jan-30-12 Close Target Return Fiscal Year Current Year P/E EPS 2011A EPS 2012E EPS 2013E Dividend Yield NAV Market Cap (mln) Analyst Software/IT Services CGI Group (6a) GIB.A-TSX GIB-NYSE 2 C$24.50 C$19.65 25% Sep 11.6 C$1.58 C$1.70 C$1.86 0.0% NA C$5,364 SL DragonWave (6a,<) DWI-TSX DRWI-NASDAQ 2 C$6.00 C$4.13 45% Feb NA C$0.07 C$(0.96) C$(0.20) 0.0% NA C$147 SL Intrinsyc Software International Inc. (6a,adj) ICS-TSX 3 C$0.15 C$0.10 50% Dec NA NA NA NA NA NA NA SL MacDonald Dettwiler & Associates (1c,1f,6a) MDA-TSX 2 C$50.00 C$43.54 17% Dec 15.3 C$2.84 E C$3.64 NA 2.3% NA C$1,393 SL NexJ Systems Inc. (6a,h) NXJ-TSX 2 C$8.50 C$7.25 17% Dec NA C$(0.47) E C$(0.10) NA 0.0% NA C$124 SL Open Text (6a) OTEX-NASDAQ OTC-TSX 2 US$74.00 US$52.53 41% Jun 11.2 US$4.04 US$4.69 US$5.06 0.0% NA US$3,078 SL Route1 Inc (6a,adj) ROI-TSXV 3 C$0.12 C$0.10 20% Dec NA NA NA NA NA NA NA SL Softchoice (6a,adj) SO-TSX 2 C$13.00 C$12.30 6% Dec 10.1 US$1.22 E US$1.37 NA 0.0% NA C$244 SL IT Hardware Avigilon Corporation (6a,h) AVO-TSX 2 C$7.00 C$4.39 59% Dec 39.9 C$0.11 E C$0.24 C$0.35 0.0% NA C$152 SL Enablence Technologies (6a,f,h) ENA-TSXV 3 C$0.13 C$0.05 160% Jun NA C$(0.02) C$0.00 NA 0.0% NA C$21 SL Evertz Technologies Ltd. (6a,f) ET-TSX 2 C$15.00 C$12.84 21% Apr 14.3 C$1.03 C$0.90 C$1.20 3.7% NA C$955 SL Miranda Technologies Inc. (6a) MT-TSX 2 C$9.00 C$9.95 (10)% Dec 10.3 C$0.97 E C$0.87 NA 0.0% NA C$218 SL Research in Motion (6a,f,m) RIMM-NASDAQ RIM-TSX 3 US$18.00 US$17.02 6% Feb 5.2 US$6.34 US$3.30 US$3.02 0.0% NA US$8,922 SL Sierra Wireless (6a,m) SWIR-NASDAQ SW-TSX 3 US$7.50 US$7.26 3% Dec 66.0 US$0.11 E US$0.48 NA 0.0% NA US$227 SL Alternative Energy & Clean Tech Alter NRG (6a,6b,cf) NRG-TSX 2 C$1.00 C$0.57 75% Dec NA C$(0.07) E C$0.05 NA 0.0% 1.02 C$36 JB Alterra Power Corp. (3r,6a,h,adj) AXY-TSX 2 C$0.85 C$0.53 60% Jun NA US$(0.06) E US$(0.06) NA 0.0% 4.84 C$247 SL Azure Dynamics (6a,h) AZD-TSX 3 C$0.15 C$0.07 114% Dec NA C$(0.04) E C$(0.03) NA 0.0% NA C$48 SL Ram Power (h,ng,adj) RPG-TSX 2 C$0.75 C$0.36 108% Dec NA US$(0.07) E US$(0.04) NA 0.0% 11.60 C$103 SL U.S. Geothermal (h,adj) GTH-TSX 2 C$1.40 C$0.36 289% Mar NA US$(0.02) E US$0.01 US$0.10 0.0% 4.73 US$31 SL

Footnote Section 1 - Strong Buy. 2 - Outperform. 3 - Market Perform. 4 - Underperform. UR – Under Review. NM – Not Meaningful. NA – Not Available. R - Restricted. A (+) or (-) indicates a rating upgrade or downgrade, respectively. Pricing information for equities provided by Thomson Reuters. Current year P/E shown is calculated as close price divided by most current estimated EPS. Market cap shown is based on current basic shares outstanding. P/E multiple and Dividend Yield have been translated to the currency shown where components of each are reported in different currencies.1c - Raymond James Ltd. has provided non-investment banking securities-related services within the last 12 months with respect to the issuer. 1f - Raymond James Ltd. has received compensation for services other than investment banking within the last 12 months with respect to the issuer. 3r - Raymond James Ltd. makes a market in the securities of the issuer. 6a - Raymond Lames Ltd - the analyst and/or associate has viewed the material operations of the issuer. 6b - Raymond James Ltd - within the last 12 months, the issuer has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate. < - EPS revision downward. cf - EPS is Cash Flow per share. f - Fiscal years ending before May are treated as previous year. h - Raymond James & Associates managed/co-managed a public/follow-on offering of these shares or has provided investment banking services within the past 12 months. m - Raymond James & Associates makes a NASDAQ market in shares of these stocks.

Raymond James Ltd. | 2200 – 925 West Georgia Street | Vancouver BC Canada V6C 3L2 Monthly Research Register - February 2012 Canada Research | Page 20 of 30 Analyst Profiles

Head of Equity Research

Daryl Swetlishoff, CFA | Paper & Forest Products Daryl Swetlishoff was named Head of Research of Raymond James Ltd. in May 2007. Based in Vancouver, he is responsible for a group of 40 research and operations professionals, providing research coverage on over 240 companies across seven sectors. Daryl is also a ranked analyst covering Paper & Forest sector equities since joining the firm in 2001. Daryl holds the Chartered Financial Analyst designation, and earned an MA (Economics) from the University of Victoria.

Senior Supervisory Analyst

Heather Herron Heather Herron joined Raymond James Ltd. in July 2008 working with the Energy group and was registered with FINRA as a Supervisory Analyst in June 2009. Prior to joining the firm, Heather worked as an equity research associate for a number of brokerage houses both in Calgary and Toronto and has also held roles in sales & trading. Heather holds a Bachelor's degree from the University of Toronto with majors in finance and economics.

Energy

Andrew Bradford, CFA | Head of Energy Research | Oil & Gas Services Andrew Bradford originally joined Raymond James in an analyst capacity in 2000, and after a brief hiatus, returned to the firm in December 2007. Andrew has been performing investment analysis for investment dealers on the energy sector and the energy services industry since 1998. Prior to that, he spent two years with a Calgary-based energy-focused private equity firm. Andrew earned a Masters degree in Economics from the University of Calgary in 1996 and is a CFA charterholder.

Rafi Khouri, B.Sc., MBA |International Oil & Gas Rafi Khouri is an oil & gas equity analyst at Raymond James Ltd., focusing on the international oil & gas sector. Prior to joining the firm, he was an oil and gas analyst at two other investment dealers, including a year with a top tier investment dealer in London (UK). Rafi has also spent 10 years in various technical and managerial roles in the oil & gas industry, including 4 years as a field engineer with Exxon in the Middle East, and one year as a corrosion engineer with Total in West Africa. Rafi holds a B.Sc. in Applied Chemistry from the American University of Beirut and an MBA from the University of Alberta.

Kristopher Zack, CA, CFA |Oil & Gas Producers Kristopher Zack joined the firm as an equity analyst in April 2006 and is now covering senior / intermediate oil & gas companies. For 2.5 years prior to joining the firm, Kris was employed as an associate analyst at another investment dealer covering integrated oil and gas, senior producers, and oil sands companies. Prior to that, he was employed for six years with Deloitte & Touche and finished as a Manager, Financial Advisory Services. In StarMine’s 2009 annual survey of analyst performance for Canada, Kris was the number one Earnings Estimator for Oil & Gas Royalty Trusts and he was the Starmine Top Stockpicker in the Oil & Gas Royalty Trust space for 2010. Educationally, Kris has a Bachelor of Commerce degree from the University of Alberta (1998) and holds the Chartered Accountant and Chartered Financial Analyst designations.

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Justin Bouchard, P.Eng., CFA |Oil Sands / Oil & Gas Producers Justin Bouchard joined the firm in September 2006 and covers oil sands and oil and gas producer and exploration companies. For the year prior, Justin was employed as a Research Associate at another investment dealer as part of a group covering oil sands companies and producers. Prior to that, he was employed for ten years in various roles in the energy sector including as a Facilities/Production Engineer and Field Operator, and as a Product Manager of specialized oil & gas software products. Justin has an MBA from Queens University (2004), a Bachelor of Science degree (Mechanical Engineering) from the University of Alberta (1995) and holds the Chartered Financial Analyst designation.

Luc Mageau, CFA |Oil Sands / Oil & Gas Producers Luc Mageau joined the firm in March 2006. He was promoted to equity analyst in May 2009 and is responsible for covering junior and intermediate oil and gas producers. Prior to joining the firm, Luc was employed as a commercial lender at a major bank and as a research analyst at a U.S. based equity research firm. Educationally, Luc has a Bachelor of Commerce degree from the University of Alberta (2001) and holds the Chartered Financial Analyst designation.

Industrial Special Situations

Ben Cherniavsky | Head of Industrial Research | Aerospace & Aviation / Industrial Products & Services Ben Cherniavsky joined the firm as a research associate in 1998 following his completion of the MBA program at the University of Western Ontario. As an analyst, Ben covers industrial product and aerospace & aviation companies. Prior to his MBA, Ben worked in public finance as a research analyst for the Ministry of Finance in Ottawa and at the University of Toronto’s International Centre for Tax Studies. In addition to his MBA, Ben holds a B.A. in Economics from the University of Alberta.

Frederic Bastien, CFA | Industrial Products & Services | Engineering & Construction Frederic joined the firm in 2003 and was promoted to equity analyst covering the Industrial sector in 2005. Frederic has achieved Brendan Wood International’s annual ‘Top Gun’ status in the Small Cap/Special Situations category since 2008, and in 2009 he ranked as the number one Diversified Industrials Earnings Estimator in StarMine’s annual survey of analyst performance for Canada. Educationally, Frederic holds an MBA (2002) from the Sauder School of Business at the University of British Columbia, a Bachelor of Engineering (Mechanical) degree (1995) from McGill University, and the CFA designation.

Steven Hansen, CFA, CMA | Industrial Products & Services / Agribusiness & Food Products Steven Hansen joined the firm in October 2005 as an associate equity analyst covering the Industrial sector and was promoted to equity analyst in April 2007. Prior to joining the firm, Steve was employed as a stock analyst with Morningstar covering the Paper and Forest products sector. Steve holds an MBA (2004) from the Richard Ivey School of Business and a Bachelor of Science in Forestry (1999) from the University of British Columbia. Steve also holds his CMA designation and has the CFA designation.

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Mining

Brad Humphrey |Precious Metals Brad Humphrey joined Raymond James Ltd. in April 2008 as a mining equity research analyst, focusing on the gold and silver sector. Brad has nearly 10 years experience in the investment business providing research on gold and silver equities at several major investment dealers. Prior to beginning his career in the investment industry, he worked in various positions in the mining industry, including underground mining and corporate development.

Gary Baschuk | Precious Metals Gary joined Raymond James in October 2010 as a mining equity research analyst focusing on precious metals small to mid- capital explorers, developers and producers. Prior to joining the investment business seven years ago, Gary spent twenty years as a geologist employed by Barrick Gold Corp. working in northern Ontario, Quebec, Nevada and Spain. Gary holds a BSc, Geology Specialist degree from the University of Toronto and is a Fellow of the Geological Association of Canada, a member of the Society of Economic Geologists and the Prospectors and Developers Association of Canada.

Bart Jaworski, P.Geo. | Uranium, Junior Exploration Bart Jaworski joined the firm in May 2003 as an associate equity analyst covering junior mining companies and was promoted to analyst in March 2006. Prior to entering the investment industry, he had over five years of experience as a geologist with various companies. Bart earned a B.Sc. (Honours) in Geology from the University of British Columbia (1996).

Adam Low, CFA | Base Metals & Minerals Adam Low joined the firm in April 2005. He is part of the equity research team covering base metal producers and developers. Prior to joining the firm, Adam was employed as a financial analyst with IBM. Educationally, Adam has a Bachelor of Commerce degree from the University of Manitoba (2002) and holds the Chartered Financial Analyst designation.

Alex Terentiew, MBA, P.Geo. | Base Metals & Minerals Alex joined Raymond James in November 2011 as a mining equity research analyst focusing on base metals, both producers and developers. Over the past six years, Alex has provided research coverage of base and precious metals and mining equities in similar roles at Credit Suisse Securities (Canada) and Scotia Capital Inc. Prior to joining the investment industry, Alex worked as a Geoscientist at various environmental and engineering consulting companies. Alex holds a BSc from the Dept. of Geology at the University of Toronto, a MASc in Civil Engineering (U of T), and an MBA (Rotman School of Management at the U of T), is a member of the Association of Professional Geoscientist of Ontario, The Canadian Institute of Mining, Metallurgy and Petroleum (CIM), and the Prospectors and Developers Association of Canada.

Consumer Products & Retail

Kenric S. Tyghe, MBA Kenric Tyghe joined the firm in July 2009 as an Equity Analyst covering Consumer Products and Retail. Prior to joining the firm Kenric had in excess of 8 years experience in equity research and trading at other leading investment dealers in Canada and South Africa. Kenric holds an MBA from the Richard Ivey School of Business.

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Real Estate

Ken Avalos, MBA Ken joined Raymond James Ltd. in October of 2011 as an equity research analyst covering REITs and real estate operating companies. Ken has over 15 years of experience in the investment, lending and real estate industries. He returns to the Raymond James organization after spending the last two years as the Director of Finance and Capital Markets at First Potomac Realty Trust where he was responsible for debt, equity and hedging transactions, investor relations and risk management. First Potomac is a $2 billion office/industrial REIT based in Washington D.C., which doubled in size during Ken’s tenure. Prior to First Potomac, Ken held various positions in equity research at Raymond James & Associates in St. Petersburg, FL, most recently holding the title of VP – REIT Analyst while covering nearly 25 stocks. Ken holds a BA from Boston College, and earned an MBA from the Stern School of Business at NYU with a concentration in Finance and international Business

Technology

Steven Li, CFA | Technology and Alternative Energy Steven Li joined the firm in July 2001 as an equity analyst. Before joining Raymond James Ltd., Steven spent a total of four years as a research associate at three other investment dealers. In StarMine’s annual survey of analyst performance for Canada, Steven was the number one Stock Picker for Software and IT Services in 2007. He also ranked 8th in the Top 10 Overall Stock Pickers of 2009 for his coverage of IT Equipment, Software, and IT Services. Steven holds the Chartered Financial Analyst designation and earned a BA and MA from the University of Cambridge (England) and an MBA from York University.

Raymond James Ltd. | 2200 – 925 West Georgia Street | Vancouver BC Canada V6C 3L2 Monthly Research Register - February 2012 Canada Research | Page 24 of 30 Important Investor Disclosures Raymond James & Associates (RJA) is a FINRA member firm and is responsible for the preparation and distribution of research created in the United States. Raymond James & Associates is located at The Raymond James Financial Center, 880 Carillon Parkway, St. Petersburg, FL 33716, (727) 567-1000. Non-U.S. affiliates, which are not FINRA member firms, include the following entities which are responsible for the creation and distribution of research in their respective areas; In Canada, Raymond James Ltd., Suite 2200, 925 West Georgia Street, Vancouver, BC V6C 3L2, (604) 659-8200; In Latin America, Raymond James Latin America, Ruta 8, km 17, 500, 91600 Montevideo, Uruguay, 00598 2 518 2033; In Europe, Raymond James European Equities, 40, rue La Boetie, 75008, Paris, France, +33 1 45 61 64 90. This document is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident of or located in any locality, state, country, or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. The securities discussed in this document may not be eligible for sale in some jurisdictions. This research is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. It does not constitute a personal recommendation nor does it take into account the particular investment objectives, financial situations, or needs of individual clients. Information in this report should not be construed as advice designed to meet the individual objectives of any particular investor. Investors should consider this report as only a single factor in making their investment decision. Consultation with your investment advisor is recommended. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. 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. With respect to materials prepared by Raymond James Ltd. (“RJL”), all expressions of opinion reflect the judgment of the Research Department of RJL, or its affiliates, at this date and are subject to change. RJL may perform investment banking or other services for, or solicit investment banking business from, any company mentioned in this document. All Raymond James Ltd. research reports are distributed electronically and are available to clients at the same time via the firm’s website (http://www.raymondjames.ca). Immediately upon being posted to the firm’s website, the research reports are then distributed electronically to clients via email upon request and to clients with access to Bloomberg (home page: RJLC), First Call Research Direct and Reuters. Selected research reports are also printed and mailed at the same time to clients upon request. Requests for Raymond James Ltd. research may be made by contacting the Raymond James Product Group during market hours at (604) 659-8000. In the event that this is a compendium report (i.e., covers 6 or more subject companies), Raymond James Ltd. may choose to provide specific disclosures for the subject companies by reference. To access these disclosures, clients should refer to: http://www.raymondjames.ca (click on Equity Capital Markets / Equity Research / Research Disclosures) or call toll-free at 1-800-667-2899.

Analyst Information Analyst Compensation: Equity research analysts and associates at Raymond James are compensated on a salary and bonus system. Several factors enter into the compensation determination for an analyst, including i) research quality and overall productivity, including success in rating stocks on an absolute basis and relative to the local exchange composite Index and/or a sector index, ii) recognition from institutional investors, iii) support effectiveness to the institutional and retail sales forces and traders, iv) commissions generated in stocks under coverage that are attributable to the analyst’s efforts, v) net revenues of the overall Equity Capital Markets Group, and vi) compensation levels for analysts at competing investment dealers. Analyst Stock Holdings: Effective September 2002, Raymond James equity research analysts and associates or members of their households are forbidden from investing in securities of companies covered by them. Analysts and associates are permitted to hold long positions in the securities of companies they cover which were in place prior to September 2002 but are only permitted to sell those positions five days after the rating has been lowered to Underperform.

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Ratings and Definitions 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 & Associates (U.S.) definitions Strong Buy (SB1) Expected to appreciate, produce a total return of at least 15%, and outperform the S&P 500 over the next six to 12 months. For higher yielding and more conservative equities, such as REITs and certain MLPs, a total return of at least 15% is expected to be realized over the next 12 months. Outperform (MO2) Expected to appreciate and outperform the S&P 500 over the next 12-18 months. For higher yielding and more conservative equities, such as REITs and certain MLPs, an Outperform rating is used for securities where we are comfortable with the relative safety of the dividend and expect a total return modestly exceeding the dividend yield over the next 12-18 months. Market Perform (MP3) Expected to perform generally in line with the S&P 500 over the next 12 months. Underperform (MU4) Expected to underperform the S&P 500 or its sector over the next six to 12 months and should be sold. Suspended (S) The rating and price target have been suspended temporarily. This action may be due to market events that made coverage impracticable, or to comply with applicable regulations or firm policies in certain circumstances, including when Raymond James may be providing investment banking services to the company. The previous rating and price target are no longer in effect for this security and should not be relied upon. Raymond James Latin American rating definitions Strong Buy (SB1) Expected to appreciate and produce a total return of at least 25.0% over the next twelve months. Outperform (MO2) Expected to appreciate and produce a total return of between 15.0% and 25.0% over the next twelve months. Market Perform (MP3) Expected to perform in line with the underlying country index. Underperform (MU4) Expected to underperform the underlying country index. Suspended (S) The rating and price target have been suspended temporarily. This action may be due to market events that made coverage impracticable, or to comply with applicable regulations or firm policies in certain circumstances, including when Raymond James may be providing investment banking services to the company. The previous rating and price target are no longer in effect for this security and should not be relied upon. 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. Raymond James European Equities 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. Suitability Categories (SR) For stocks rated by Raymond James & Associates only, the following Suitability Categories provide an assessment of potential risk factors for investors. Suitability ratings are not assigned to stocks rated Underperform (Sell). Projected 12- month price targets are assigned only to stocks rated Strong Buy or Outperform. Total Return (TR) Lower risk equities possessing dividend yields above that of the S&P 500 and greater stability of principal. Growth (G) Low to average risk equities with sound financials, more consistent earnings growth, possibly a small dividend, and the potential for long-term price appreciation. Aggressive Growth (AG) Medium or higher risk equities of companies in fast growing and competitive industries, with less predictable earnings and acceptable, but possibly more leveraged balance sheets. High Risk (HR) Companies with less predictable earnings (or losses), rapidly changing market dynamics, financial and competitive issues, higher price volatility (beta), and risk of principal.

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Venture Risk (VR) Companies with a short or unprofitable operating history, limited or less predictable revenues, very high risk associated with success, and a substantial risk of principal.

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Research Coverage

ADDITIONS: Avigilon Corporation (AVO-TSX), Batero Gold Corp. (BAT-TSXV), Continental Gold Ltd. (CNL-TSX), Eastern Platinum Ltd. (ELR-TSX), Endeavour Mining Corp. (EDV-TSX), ENTREC Transportation Services Ltd. (ENT-TSXV), Flint Energy Services Ltd. (FES-TSX), Galway Resources Ltd. (GWY-TSXV), Loblaw Companies Ltd. (L-TSX), North American Palladium Ltd. (PDL-TSX), Platinum Group Metals Ltd. (PTM-TSX), Western Forest Products Inc. (WEF-TSX)

DELETIONS: Arise Technologies (APV), Daylight Energy Ltd. (DAY), Hathor Exploration Limited (HAT)

PENDING REASSIGNMENT: Allied Properties REIT (AP.UN-TSX/C$25.57/Under Review) Amerigo Resources Ltd. (ARG-TSX/C$0.90/Under Review) Anooraq Resources Corp. (ARQ-TSXV/C$0.50/Under Review) Antofagasta Plc. (ANTO-LSE/£13.06/Under Review) Anvil Mining Limited (AVM-TSX/C$7.51/Under Review) AuRico Gold Inc. (AUQ-NYSE/US$9.40/Under Review) Aura Minerals Inc. (ORA-TSX/C$1.17/Under Review) Aurizon Mines Ltd. (ARZ-TSX/C$5.51/Under Review) AutoCanada Inc. (ACQ-TSX/C$7.18/Under Review) Boardwalk REIT (BEI.UN-TSX/C$52.56/Under Review) Bonnett's Energy Services Trust (BT.UN-TSX/C$3.38/Under Review) CGA Mining Ltd. (CGA-TSX/US$4.56/Under Review) CREIT (REF.UN-TSX/C$36.52/Under Review) Calloway REIT (CWT.UN-TSX/C$27.09/Under Review) Cameco Corp. (CCO-TSX/C$23.66/Under Review) Canadian Apartment REIT (CAR.UN-TSX/C$22.63/Under Review) Canadian Tire Corporation (CTC.A-TSX/C$62.62/Under Review) Cominar REIT (CUF.UN-TSX/C$21.46/Under Review) Compton Petroleum (CMT-TSX/C$4.26/Under Review) Crombie REIT (CRR.UN-TSX/C$14.17/Under Review) DAY4 Energy (DFE-TSX/C$0.10/Under Review) Denison Mines Corp. (DML-TSX/C$1.82/Under Review) Duluth Metals Limited (DM-TSX/C$2.59/Under Review) Dundee REIT (D.UN-TSX/C$33.43/Under Review) First Capital Realty (FCR-TSX/C$17.83/Under Review) First Quantum Minerals Ltd. (FM-TSX/C$21.74/Under Review) Gennum Corporation (GND-TSX/C$13.48/Under Review) H&R REIT (HR.UN-TSX/C$23.10/Under Review) Inmet Mining Corporation (IMN-TSX/C$68.21/Under Review) Ivanhoe Mines Ltd. (IVN-TSX/C$16.29/Under Review) Killam Properties (KMP-TSX/C$11.99/Under Review) Kirkland Lake Gold Inc. (KGI-TSX/C$17.63/Under Review) Kiska Metals Corporation (KSK-TSXV/C$0.30/Under Review) Lake Shore Gold Corp. (LSG-TSX/C$1.47/Under Review) Liquor Stores Income Fund (LIQ.UN-TSX/C$16.05/Under Review) MAG Silver (MAG-TSX/C$8.50/Under Review) Mirabela Nickel Ltd. (MNB-TSX/NA/Under Review) Northern Dynasty Minerals Ltd. (NDM-TSX/C$7.44/Under Review) Northern Property REIT (NPR.UN-TSX/C$30.68/Under Review) Paladin Energy (PDN-TSX/A$5.88/Under Review) Primaris Retail REIT (PMZ.UN-TSX/C$21.50/Under Review) Quadra FNX Mining Ltd (QUX-TSX/C$15.05/Under Review) RioCan REIT (REI.UN-TSX/C$26.14/Under Review) San Gold Corp. (SGR-TSX/C$1.95/Under Review) Stornoway Diamond Corp. (SWY-TSX/C$0.87/Under Review) Strathmore Minerals Corp (STM-TSX/C$0.46/Under Review) Taseko Mines Ltd. (TKO-TSX/C$3.52/Under Review)

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Trelawney Mining and Exploration Inc. (TRR-TSXV/C$3.72/Under Review) Ur-Energy Inc. (URE-TSX/C$1.16/Under Review) Uranium One Inc. (UUU-TSX/C$2.74/Under Review) Uranium Participation Corporation (U-TSX/C$6.15/Under Review) Vecima Networks (VCM-TSX/C$3.41/Under Review) Victoria Gold Corp. (VIT-TSXV/C$0.47/R)

Rating Distributions

Coverage Universe Rating Distribution Investment Banking Distribution RJL RJA RJ LatAm RJL RJA RJ LatAm Strong Buy and Outperform (Buy) 73% 58% 42% 42% 14% 17% Market Perform (Hold) 27% 37% 52% 26% 5% 3% Underperform (Sell) 1% 6% 6% 0% 8% 0%

Raymond James Relationship Disclosures Raymond James Ltd. or its affiliates expects to receive or intends to seek compensation for investment banking services from all companies under research coverage within the next three months.

Stock Charts, Target Prices, and Valuation Methodologies Valuation Methodology: The Raymond James methodology for assigning ratings and target prices includes a number of qualitative and quantitative factors including an assessment of industry size, structure, business trends and overall attractiveness; management effectiveness; competition; visibility; financial condition, and expected total return, among other factors. These factors are subject to change depending on overall economic conditions or industry- or company- specific occurrences. Risk Factors General Risk Factors: Following are some general risk factors that pertain to the projected target prices included on Raymond James research: (1) Industry fundamentals with respect to customer demand or product / service pricing could change and adversely impact expected revenues and earnings; (2) Issues relating to major competitors or market shares or new product expectations could change investor attitudes toward the sector or this stock; (3) Unforeseen developments with respect to the management, financial condition or accounting policies or practices could alter the prospective valuation.

Additional Risk and Disclosure information, as well as more information on the Raymond James rating system and suitability categories, is available for Raymond James at rjcapitalmarkets.com/SearchForDisclosures_main.asp and for Raymond James Limited at www.raymondjames.ca/researchdisclosures.

International Disclosures For clients in the United States: 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. Raymond James Ltd. is not a U.S. broker-dealer and therefore is not governed by U.S. laws, rules or regulations applicable to U.S. broker-dealers. Consequently, the persons responsible for the content of this publication are not licensed in the U.S. as research analysts in accordance with applicable rules promulgated by the U.S. Self Regulatory Organizations.

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Raymond James Ltd. | 2200 – 925 West Georgia Street | Vancouver BC Canada V6C 3L2 Monthly Research Register - February 2012 Canada Research | Page 30 of 30

RAYMOND JAMES LTD. CANADIAN INSTITUTIONAL EQUITY TEAM WWW.RAYMONDJAMES.CA EQUITY RESEARCH INSTITUTIONAL EQUITY SALES HEAD OF EQUITY RESEARCH HEAD OF SALES DARYL SWETLISHOFF, CFA 604.659.8246 MIKE WESTCOTT 416.777.4935 CONSUMER PRODUCTS & RETAIL MICHELLE MARGUET (MARKETING COORDINATOR) 416.777.4951 CONSUMER PRODUCTS & RETAIL TORONTO (CAN 1.888.601.6105 | USA 1.800.290.4847) KENRIC TYGHE, MBA 416.777.7188 LAURA ARRELL (U.S. EQUITIES) 416.777.4920 SARA KOHBODI, CFA (ASSOCIATE) 416.777.4916 SEAN BOYLE 416.777.4927 ENERGY JEFF CARRUTHERS, CFA 416.777.4929 OIL & GAS ENERGY SERVICES, HEAD OF ENERGY RESEARCH RICHARD EAKINS 416.777.4926 ANDREW BRADFORD, CFA 403.509.0503 JONATHAN GREER 416.777.4930 NICK HEFFERNAN (ASSOCIATE) 403.509.0511 AMAN JAIN 416.777.4949 VINCENT URNESS (ASSOCIATE) 403.509.0534 DAVE MACLENNAN 416.777.4934 INTERNATIONAL OIL & GAS ROBERT MILLS, CFA 416.777.4945 RAFI KHOURI, B.SC, MBA 403.509.0560 DOUG OWEN 416.777.4925 CYNTHIA YEE (ASSOCIATE) 403.221.0355 NICOLE SVEC-GRIFFIS, CFA (U.S. EQUITIES) 416.777.4942 ANA WESSEL (ASSOCIATE) 403.509.0541 NEIL WEBER 416.777.4931 OIL & GAS TRUSTS | OIL & GAS PRODUCERS CARMELA AVELLA (ASSISTANT) 416.777.4915 KRISTOPHER ZACK, CA, CFA 403.221.0414 ORNELLA BURNS (ASSISTANT) 416.777.4928 GORDON STEPPAN (ASSOCIATE) 403.221.0411 VANCOUVER (1.800.667.2899) OIL SANDS | OIL & GAS PRODUCERS JUSTIN BOUCHARD, P.ENG, CFA 403.509.0523 SCOT ATKINSON, CFA 604.659.8225 CHRISTOPHER COX (ASSOCIATE) 403.509.0562 DOUG BELL 604.659.8220 OIL & GAS PRODUCERS TERRI MCEWAN (ASSISTANT) 604.659.8228 LUC MAGEAU, CFA 403.509.0505 MONTREAL (514.350.4450 | 1.866.350.4455) MATTHEW STEVENSON (ASSOCIATE) 403.509.0518 INDUSTRIAL JOHN HART 514.350.4462 DAVID MAISLIN, CFA 514.350.4460 INDUSTRIAL | AEROSPACE & AVIATION, HEAD OF INDUSTRIAL RESEARCH ELLIOTT SOIFER 514.350.4472 BEN CHERNIAVSKY 604.659.8244 TANYA HATCHER (ASSISTANT) 514.350.4458 THEONI PILARINOS, CFA (ASSOCIATE) 604.659.8234 GREG JACKSON (ASSOCIATE) 604.659.8262 LONDON INFRASTRUCTURE & CONSTRUCTION JON DE VOS 0.207.426.5632 FREDERIC BASTIEN, CFA 604.659.8232 LAKSHMI THURAI 0.207.426.5626 JAMIL MURJI, CFA (ASSOCIATE) 604.659.8261 ADAM WOOD 0.207.426.5612 TRANSPORTATION | AGRIBUSINESS & FOOD PRODUCTS STEVE HANSEN, CMA, CFA 604.659.8208 INSTITUTIONAL EQUITY TRADING ARASH YAZDANI, MBA (ASSOCIATE) 604.659.8280 CO-HEAD OF TRADING MINING BOB MCDONALD, CFA 604.659.8222 PRECIOUS METALS, HEAD OF MINING RESEARCH ANDREW FOOTE, CFA 416.777.4924 BRAD HUMPHREY 416.777.4917 TORONTO (CANADA 1.888.601.6105 | USA 1.800.290.4847) PHIL RUSSO (ASSOCIATE) 416.777.7084 PAM BANKS 416.777.4923 BASE METALS & MINERALS ANTHONY COX 416.777.4922 ADAM LOW, CFA 416.777.4943 ROSS DAVIDSON 416.777.4981 TRACY REYNOLDS (ASSOCIATE) 416.777.7042 OLIVER HERBST 416.777.4947 PRECIOUS METALS ANDY HERRMANN 416.777.4937 GARY BASCHUK 416.777.7098 ERIC MUNRO, CFA 416.777.4983 GORDON LAWSON (ASSOCIATE) 416.777.7102 JAMES SHIELDS 416.777.4941 PLATINUM GROUP METALS BOB STANDING 416.777.4921 ALEX TERENTIEW, MBA, P.GEO 416.777.4912 PETER MASON (ASSISTANT) 416.777.7195 ROSS YAKOVLEV, CA, MBA (ASSOCIATE) 416.777.7144 VANCOUVER (1.800.667.2899) URANIUM & JUNIOR EXPLORATION NAV CHEEMA 604.659.8224 DAVID SADOWSKI (ASSOCIATE) 604.659.8255 FRASER JEFFERSON 604.659.8218 FOREST PRODUCTS DEREK ORAM 604.659.8223 MONTREAL (514.350.4450 | 1.866.350.4455) FOREST PRODUCTS JOE CLEMENT 514.350.4470 DARYL SWETLISHOFF, CFA 604.659.8246 DAVID QUEZADA, CFA (ASSOCIATE) 604.659.8257 RETAIL RESEARCH & DISTRIBUTION REAL ESTATE LAUREN CORSCADDEN (ASSISTANT) 604.659.8233 REAL ESTATE & REITS JOHANN RODRIGUES (ASSOCIATE) 416.777.7189 INSTITUTIONAL EQUITY OFFICES TECHNOLOGY Calgary Montreal Vancouver Suite 4250 Suite 3000 Suite 2200 TECHNOLOGY, ALTERNATIVE ENERGY & CLEAN TECH 525 8th Avenue SW 1800 McGill College 925 West Georgia Street STEVEN LI, CFA 416.777.4918 Calgary, AB T2P 1G1 Montreal, PQ H3A 3J6 Vancouver, BC V6C 3L2 DIANE YU (ASSOCIATE) 416.777.6414 403.509.0500 514.350.4450 604.659.8200 EQUITY RESEARCH PUBLISHING Toll Free: 1.866.350.4455 Toll Free: 1.800.667.2899 SENIOR SUPERVISORY ANALYST Toronto International Headquarters HEATHER HERRON 403.509.0509 Suite 5400, Scotia Plaza 40 King Street West The Raymond James Financial Center HEAD OF PUBLISHING | SUPERVISORY ANALYST Toronto, ON M5H 3Y2 880 Carillon Parkway CYNTHIA LUI 604.659.8210 416.777.4900 St.Petersburg, FL TYLER BOS (SUPERVISORY ANALYST | EDITOR) 416.777.4948 Toll Free Canada: .888.601.6105 USA 33716 INDER GILL (RESEARCH EDITOR) 604.659.8202 Toll Free USA: 1.800.290.4847 727.567.1000 KEVIN LAROSE (SUPERVISORY ANALYST | EDITOR) 416.777.7172 CHRISTINE MARTE (RESEARCH EDITOR) 604.659.8200 ASHLEY RAMSAY (RESEARCH EDITOR) 604.659.8226

Raymond James Ltd. | 2200 – 925 West Georgia Street | Vancouver BC Canada V6C 3L2