Global Research Published by Raymond James & Associates

January 2016

© 2016 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida 33716 | 800-248-8863

Contents

Consumer Healthcare Real Estate USA ...... 19 USA ...... 46 USA ...... 60 CAN ...... 23 CAN ...... 63 EUR ...... 23 EUR ...... 64 ARG ...... 65

Energy Industrial Technology & Communications USA ...... 26 USA ...... 52 USA ...... 67 CAN ...... 32 CAN ...... 53 CAN ...... 76 EUR ...... 34 EUR ...... 55 EUR ...... 77 ARG ...... 34 ARG ...... 77

Financial Services Mining & Natural Resources Transportation USA ...... 36 CAN ...... 56 USA ...... 78 CAN ...... 44 ARG ...... 59 CAN ...... 80 ARG ...... 44 EUR ...... 81

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

2 Raymond James Research Register - January 2016

Analyst Index

J. Marshall Adkins (JMA) ...... 26,52 Joseph D. Hovorka (JDH) ...... 19 David Quezada, CFA (DQ) ...... 53 Brian G. Alexander, CFA (BGA) ...... 67 Jonathan Hughes, CFA (JH) ...... 60 Chris Quilty (CQ) ...... 67 Joseph Altobello, CFA (JA) ...... 19 Nicholas Jansen (NJ) ...... 46 John W. Ransom (JWR)...... 46 Robert P. Anastasi, CFA (RPA) ...... 67 Justin Jenkins (JJ) ...... 26 Christopher Raymond (CR) ...... 46 Ken Avalos (KA) ...... 63 Wayne Johnson (WJ) ...... 67 Emmanuel Retif (ER) ...... 34,55 Michael J. Baker (MJB) ...... 46 Aaron Kessler, CFA (AK)...... 67 Federico Rey Marino (FRM) ...... 34,44,59,65,77 Frederic Bastien, CFA (FB) ...... 53,63 Lawrence Keusch (LK)...... 46 Julien Richer, CFA (JR) ...... 23,64,81 Jayson Bedford (JB) ...... 46 Patrick Lambert (PL) ...... 55 Johann Rodrigues (JR) ...... 63 Reni Benjamin, Ph.D. (RB) ...... 46 Cedric Lecasble (CL) ...... 23 Michael Rose (MR) ...... 36 Stephane Beyazian (SB)...... 77 Simon Leopold (SL) ...... 67 Phil Russo (PR) ...... 56 Andrew Bradford, CFA (AB) ...... 32 Steven Li, CFA (SLi) ...... 32,67,76 David Sadowski (DSa) ...... 56 Harry Breach (HB) ...... 55 David J. Long, CFA (DJL) ...... 36 Steven D. Schwartz, CFA (SDS) ...... 36 Patrick Tyler Brown, CFA (TB) ...... 52,78 Frank G. Louthan IV (FGL) ...... 67 J. Steven Smigie (JSS) ...... 67 Benjamin Brownlow (BBL) ...... 19,26 Tavis C. McCourt, CFA (TMC)...... 67 Kevin Smith (KS) ...... 26 Budd Bugatch, CFA (BB) ...... 19,52 Jeremy McCrea, CFA (JM) ...... 32 Fernando Suarez (FS) ...... 34,44,59,65,77 Daniel E. Cardenas (DC) ...... 36 Collin Mings, CFA (CM) ...... 60 Daryl Swetlishoff, CFA (DS) ...... 53,56 Ben Cherniavsky (BC) ...... 53,80 Pavel Molchanov (PM) ...... 26 Savanthi Syth, CFA (SS) ...... 78 Chris Cox, CFA (CC) ...... 32 Kurt Molnar (KM) ...... 32 Alex Terentiew, MBA, P.Geo (AT) ...... 56 William A. Crow (WAC) ...... 60,67 Hans Mosesmann (HM)...... 67 Chris Thompson, M.Sc. (Eng), P.Geo (CT) ...... 56 Sam Darkatsh (SD) ...... 19,52 Praveen Narra, CFA (PN) ...... 26 Terry Tillman (TT) ...... 67 Hermine de Bentzmann (HB) ...... 23 Patrick O'Shaughnessy, CFA (PO) ...... 36 Michael Turits, Ph.D. (MT) ...... 67 Robert Dodd, Ph.D. (RD) ...... 36 Michael Overvelde, CFA, CPA, CA (MO) ...... 44 Kenric S. Tyghe, MBA (KT) ...... 23 John Freeman, CFA (JF) ...... 26 Justin Patterson, CFA (JP) ...... 67 Brian M. Vaccaro, CFA (BV) ...... 19 Brian Gesuale (BG) ...... 67 C. Gregory Peters (CGP) ...... 36 William J. Wallace IV (WW) ...... 36 Steve Hansen, CMA, CFA (SH) ...... 32,53,56,80 Brian Peterson, CFA (BP) ...... 67 Santiago Wesenack, CFA (SW) ...... 34,59 Arthur W. Hatfield, CFA (AH) ...... 78 Theoni Pilarinos, CFA (TP) ...... 32,53,80 Dan Wewer, CFA (DW) ...... 19 Buck Horne, CFA (BH) ...... 60 Ric Prentiss (RP) ...... 67 Elliot Wilbur, CFA (EW) ...... 46 Darren Horowitz (DH) ...... 26 Paul D. Puryear (PDP) ...... 60 Donald A. Worthington (DAW) ...... 36

Raymond James Research Register - January 2016 3

Upcoming Events

Institutional Investors Conference (USA) March 6-9, 2016; Orlando, Florida

Research Coverage Changes

Additions Deletions USA USA American Farmland Company (AFCO:N) Altera Corporation (ALTR:Q) Carolina Financial Corporation (CARO:Q) HomeAway, Inc. (AWAY:Q) CNO Financial Group (CNO:N) Premiere Global Services Inc. (PGI:N) Communications Sales & Leasing, Inc. (CSAL:Q) Steiner Leisure Limited (STNR:Q) CSRA Inc. (CSRA:N) Strategic Hotels & Resorts (BEE:N) Duluth Holdings Inc. (DLTH:Q) CAN Infinera Corporation (INFN:Q) Amica Mature Lifestyles Inc. (ACC:T) Instructure, Inc. (INST:N) Legumex Walker Inc. (LWP:T) Spectrum Brands Holdings, Inc. (SPB:N) WashingtonFirst Bankshares, Inc. (WFBI:Q) CAN Bellatrix Exploration Ltd. (BXE:T) Bonavista Energy Corporation (BNP:T) Bonterra Energy Corp. (BNE:T) Enerplus Corporation (ERF:T) Freehold Royalties Ltd. (FRU:T) Painted Pony Petroleum Ltd. (PPY:T) Penn West Petroleum Ltd. (PWT:T) PrairieSky Royalty Ltd. (PSK:T) Yangarra Resources Ltd. (YGR:T) EUR Air Liquide (AIRP.PA:EPA) Autogrill (AGL.BIT:BIT) Elior (ELIOR.PA:EPA)

Changes America Movil, S.A.B. de C.V. (AMX:N) not adjusted for spinoff of Telesites Computer Sciences Corporation (CSC:N) adjusted for spinoff of CSRA Inc. (CSRA:N) Ctrip.com International, Ltd. (CTRP:Q) adjusted for 2:1 split Senior Housing Properties Trust (SNH:N) not adjusted for spinoff of RMR Group Inc.

4 Raymond James Research Register - January 2016

About This Publication

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

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

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

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

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

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

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

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

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

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

Raymond James Research Register - January 2016 5

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

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

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

6 Raymond James Research Register - January 2016

Company Index

1st Constitution Bancorp (FCCY:Q) 37 AMAG Pharmaceuticals, Inc. (AMAG:Q) 47 8point3 Energy Partners L.P. (CAFD:Q) 31 Amazon.com Inc. (AMZN:Q) 71 AAC Holdings, Inc. (AAC:N) 46 Amber Road, Inc. (AMBR:N) 68 Aaron's Inc. (AAN:N) 21 Amedisys (AMED:Q) 46 Abaxis, Inc. (ABAX:Q) 46 America Movil, S.A.B. de C.V. (AMX:N) 74 Abbott Laboratories (ABT:N) 49 American Airlines Group, Inc. (AAL:Q) 78 Abiomed Inc. (ABMD:Q) 49 American Equity Investment Life Holding Company (AEL:N) 42 Acadia Healthcare Co. (ACHC:Q) 46 American Farmland Company (AFCO:N) 61 Acadian Timber Corp. (ADN:T) 57 American Financial Group, Inc. (AFG:N) 42 Accenture plc (ACN:N) 73 American Homes 4 Rent (AMH:N) 62 Access National Corporation (ANCX:Q) 37 American National Bankshares, Inc. (AMNB:Q) 37 AccorHotels (ACCP.PA:EPA) 64 American Railcar Industries, Inc. (ARII:Q) 79 ACE Limited (ACE:N) 42 American Residential Properties, Inc. (ARPI:N) 62 ACI Worldwide, Inc. (ACIW:Q) 75 American River Bankshares (AMRB:Q) 37 Acorda Therapeutics, Inc. (ACOR:Q) 47 American Tower (AMT:N) 74 Adecoagro SA (AGRO:N) 59 AmeriGas Partners L.P. (APU:N) 29 Adidas (ADSGn.DE:ETR) 24 AmerisourceBergen Corp. (ABC:N) 48 ADMA Biologics, Inc. (ADMA:Q) 47 Amgen, Inc. (AMGN:Q) 47 ADP (ADP.PA:EPA) 55 Amphastar Pharmaceuticals, Inc. (AMPH:Q) 50 The ADT Corporation (ADT:N) 73 AmSurg Corporation (AMSG:Q) 46 ADTRAN, Inc. (ADTN:Q) 69 Anadarko Petroleum Corp. (APC:N) 26 Advance Auto Parts, Inc. (AAP:N) 19 Analog Devices, Inc. (ADI:Q) 67 Advanced Energy Industries, Inc. (AEIS:Q) 31 Angie's List, Inc. (ANGI:Q) 72 Advanced Micro Devices (AMD:Q) 74 AngioDynamics (ANGO:Q) 49 The Advisory Board Company (ABCO:Q) 48 Antero Midstream Partners L.P. (AM:N) 29 Aecon Group (ARE:T) 53 Antero Resources Corporation (AR:N) 26 AeroVironment Inc. (AVAV:Q) 73 Anthem (ANTM:N) 46 Aetna (AET:N) 46 Aon plc (AON:N) 41 Aflac, Inc. (AFL:N) 42 Apache Corporation (APA:N) 26 Agnico Eagle Mines (AEM:N) 58 Apartment Investment and Management Company (AIV:N) 62 Agree Realty Corporation (ADC:N) 61 Apollo Investment Corp. (AINV:Q) 43 Agrium Inc. (AGU:N) 56 Apple Inc. (AAPL:Q) 70 AGT Food and Ingredients Inc. (AGT:T) 56 Applied Micro Circuits Corporation (AMCC:Q) 74 Ahold (AHLN.AS:AMS) 24 Applied Optoelectronics, Inc. (AAOI:Q) 69 AIMIA (AIM:T) 23 ARC Resources Ltd. (ARX:T) 32 Air Canada (AC:T) 80 ArcBest Corp. (ARCB:Q) 80 Air France-KLM (AIRF.PA:EPA) 81 Archrock Partners L.P. (APLP:Q) 30 Air Liquide (AIRP.PA:EPA) 55 Arctic Cat, Inc. (ACAT:Q) 19 Airbus Group (AIR.PA:EPA) 55 Ares Capital Corp. (ARCC:Q) 43 Airgas, Inc. (ARG:N) 52 Argo Group International Holdings, Ltd. (AGII:Q) 42 Akamai Technologies, Inc. (AKAM:Q) 71 Arista Networks (ANET:N) 69 Akorn, Inc. (AKRX:Q) 50 ARM Holdings plc (ARMH:Q) 74 Alacer Gold Corp (ASR:T) 58 Armada Hoffler Properties (AHH:N) 62 Alamos Gold Inc. (AGI:N) 58 ARRIS Group Inc. (ARRS:Q) 69 Alaris Royalty Corp. (AD:T) 53 Arrow Electronics, Inc. (ARW:N) 72 Alarm.com Holdings (ALRM:Q) 70 Arthur J. Gallagher & Co. (AJG:N) 41 Alaska Air Group (ALK:N) 78 Artis REIT (AX.UN:T) 63 Alcatel-Lucent (ALU:N) 69 Asanko Gold Inc. (AKG:T) 58 Alcentra Capital Corporation (ABDC:Q) 43 Associated Banc-Corp (ASB:M) 37 Alere, Inc. (ALR:N) 47 Assurant, Inc. (AIZ:N) 42 Alexion Pharmaceuticals Inc. (ALXN:Q) 47 AT&T Inc. (T:N) 75 Alibaba Group Holding Ltd. (BABA:N) 71 ATAC Resources Ltd. (ATC:V) 58 Allegiant Travel Co. (ALGT:Q) 79 Athabasca Oil Corp. (ATH:T) 32 Allergan plc (AGN:N) 50 athenahealth Inc. (ATHN:Q) 48 Alliance Data Systems Corp. (ADS:N) 75 Atlantic Capital Bancshares, Inc. (ACBI:Q) 37 Allied Properties REIT (AP.UN:T) 63 Atlantic Tele-Network, Inc. (ATNI:Q) 74 Allscripts Healthcare Solutions Inc. (MDRX:Q) 48 Atmel Corporation (ATML:Q) 74 Allstate Corporation (ALL:N) 42 Atwood Oceanics (ATW:N) 30 Alphabet, Inc. (GOOG:Q) 72 Autogrill (AGL.BIT:BIT) 24 AltaGas Ltd. (ALA:T) 32 AutoZone, Inc. (AZO:N) 19 Corp. (AXY:T) 32 Avago Technologies Ltd. (AVGO:Q) 67 Altius Minerals Corp. (ALS:T) 57 Corporation (AVO:T) 76

Raymond James Research Register - January 2016 7

Company Index

Avnet, Inc. (AVT:N) 72 Brandywine Realty Trust (BDN:N) 62 B2Gold Corp. (BTO:T) 58 Briggs & Stratton (BGG:N) 20 BAE Systems (BAES.L:L) 55 Brightcove Inc. (BCOV:Q) 68 Baker Hughes, Inc. (BHI:N) 30 Brinker International (EAT:N) 22 Banc of California, Inc. (BANC:N) 37 Broadcom Corporation (BRCM:Q) 74 BancFirst Corporation (BANF:Q) 37 Broadridge Financial Solutions, Inc. (BR:N) 41 Banco Macro S.A. (BMA:N) 44 BroadSoft, Inc. (BSFT:Q) 69 The Bancorp, Inc. (TBBK:Q) 37 Brookfield Canada Office Properties (BOX.UN:T) 63 BancorpSouth, Inc. (BXS:N) 37 Brookfield Infrastructure Partners L.P. (BIP:N) 53 Bank of America Corporation (BAC:N) 37 Brookfield Renewable Energy Partners L.P. (BEP:N) 53 Bank of Commerce Holdings (BOCH:Q) 37 Brown & Brown, Inc. (BRO:N) 41 Bank of Marin Bancorp (BMRC:Q) 37 Brunswick Corp. (BC:N) 19 Bank of New York Mellon Corp (BK:N) 37 BT (BT.L:L) 77 Bank of the Ozarks Inc. (OZRK:Q) 37 Buffalo Wild Wings, Inc. (BWLD:Q) 22 Banner Corporation (BANR:Q) 37 C.H. Robinson Worldwide (CHRW:Q) 79 Barrick Gold Corporation (ABX:N) 58 C.R. Bard, Inc. (BCR:N) 48 Basic Energy Services, Inc. (BAS:N) 31 C1 Financial, Inc. (BNK:N) 37 Baxter International Inc. (BAX:N) 48 CA Technologies (CA:Q) 71 Baylin Technologies Inc. (BYL:T) 76 Cabela’s Inc. (CAB:N) 20 Baytex Energy Corp. (BTE:T) 32 Cablevision Systems Corp. (CVC:N) 75 BB&T Corporation (BBT:N) 37 Cabot Oil & Gas Corp. (COG:N) 26 BBCN Bancorp, Inc. (BBCN:Q) 37 CACI International Inc. (CACI:N) 73 BBVA Banco Frances (BFR:N) 44 CAE Inc. (CAE:T) 53 Beacon Roofing Supply, Inc. (BECN:Q) 52 CafePress Inc. (PRSS:Q) 71 Bear Creek Mining Corp. (BCM:V) 58 CalAtlantic Group Inc. (CAA:N) 60 Becton, Dickinson and Company (BDX:N) 48 Calfrac Well Services (CFW:T) 33 Bed Bath & Beyond (BBBY:Q) 21 California Resources Corporation (CRC:N) 26 Beiersdorf (BEIG.DE:ETR) 24 Calix, Inc. (CALX:N) 69 Bellatrix Exploration Ltd. (BXE:T) 32 Callaway Golf Co. (ELY:N) 20 Benefitfocus, Inc. (BNFT:Q) 68 Calumet Specialty Products Partners L.P. (CLMT:Q) 29 Company, Incorporated (BBY:N) 20 Cameco Corp. (CCO:T) 59 BGC Partners, Inc. (BGCP:Q) 41 Cameron International Corp. (CAM:N) 30 BIC (BB.FP:EPA) 24 Campari (CPR.MI:BIT) 23 Big Lots Inc. (BIG:N) 20 Campus Crest Communities, Inc. (CCG:N) 62 Biogen Inc. (BIIB:Q) 47 Canadian Apartment Properties REIT (CAR.UN:T) 64 BioMarin Pharmaceutical Inc. (BMRN:Q) 47 Canadian National Railway (CNR:T) 80 BioMed Realty Trust Inc. (BMR:N) 62 Canadian Natural Resources Ltd (CNQ:T) 33 Birchcliff Energy Ltd. (BIR:T) 32 Canadian Oil Sands Limited (COS:T) 33 Bird Construction Inc. (BDT:T) 53 Canadian Pacific Railway (CP:T) 80 Black Diamond Group Limited (BDI:T) 33 Canadian Tire Corporation (CTC.A:T) 23 Black Stone Minerals L.P. (BSM:N) 26 Canam Group (CAM:T) 54 BlackBerry (BBRY:Q) 76 Canexus Corporation (CUS:T) 53 Blackhawk Network Holdings, Inc. (HAWK:Q) 75 Corp. (CFP:T) 57 Bloomin' Brands, Inc. (BLMN:Q) 22 Canfor Pulp Products Inc. (CFX:T) 57 Blue Capital Reinsurance Holdings Ltd. (BCRH:N) 42 CanWel Building Materials Group Ltd. (CWX:T) 80 BNC Bancorp (BNCN:Q) 37 Canyon Services Group Inc. (FRC:T) 33 Boardwalk Pipeline Partners L.P. (BWP:N) 29 Capital Product Partners L.P. (CPLP:Q) 29 Boardwalk REIT (BEI.UN:T) 64 Capital Senior Living Corp. (CSU:N) 46 BofI Holding, Inc. (BOFI:Q) 37 Capstone Mining Corp. (CS:T) 57 BOK Financial Corp. (BOKF:Q) 37 Cara Operations Limited (CAO:T) 23 Bombardier Inc. (BBD.B:T) 53 Cardinal Financial Corporation (CFNL:Q) 37 Bonanza Creek Energy, Inc. (BCEI:N) 26 Cardinal Health Inc. (CAH:N) 48 Bonavista Energy Corporation (BNP:T) 32 CareDx, Inc. (CDNA:Q) 47 Bonterra Energy Corp. (BNE:T) 32 CareTrust REIT, Inc (CTRE:Q) 61 Booz Allen Hamilton Holding Corp. (BAH:N) 73 Carmike Cinemas, Inc. (CKEC:Q) 19 Boston Scientific Corp. (BSX:N) 49 Carnival Corp. (CCL:N) 19 Bottomline Technologies (EPAY:Q) 75 Carolina Financial Corporation (CARO:Q) 37 Boulder Energy Ltd. (BXO:T) 33 Carrefour (CARR.PA:EPA) 24 Bouygues (BOUY.PA:EPA) 77 Carriage Services, Inc. (CSV:N) 47 Box, Inc. (BOX:N) 68 Carrols Restaurant Group, Inc. (TAST:Q) 22 Boyd Group Income Fund (BYD.UN:T) 54 Casella Waste Systems, Inc. (CWST:Q) 52 BP plc (BP:N) 28 Casey's General Stores, Inc. (CASY:Q) 20

8 Raymond James Research Register - January 2016

Company Index

Casino (CASP.PA:EPA) 24 Cogent Communications Holdings Inc. (CCOI:Q) 75 Castlight Health, Inc. (CSLT:N) 68 Colgate-Palmolive Company (CL:N) 21 Catalent, Inc. (CTLT:N) 49 Colliers International Group Inc. (CIGI:Q) 63 CatchMark Timber Trust, Inc. (CTT:N) 63 Colruyt (COLR.BR:EBR) 24 Caterpillar Inc. (CAT:N) 54 Columbia Banking System, Inc. (COLB:Q) 37 Cavium Inc. (CAVM:Q) 74 Comcast Corp. (CMCSA:Q) 75 CBL & Associates Properties, Inc. (CBL:N) 61 Comerica Inc. (CMA:N) 37 CBOE Holdings, Inc. (CBOE:Q) 41 Commerce Bancshares, Inc. (CBSH:Q) 37 CDW Corporation (CDW:Q) 72 CommScope Holding Company, Inc. (COMM:Q) 69 Cedar Realty Trust, Inc. (CDR:N) 62 Communications Sales & Leasing, Inc. (CSAL:Q) 75 Celadon Group, Inc. (CGI:N) 80 Community Bank System, Inc. (CBU:N) 37 Celgene Corporation (CELG:Q) 47 Community Health Systems, Inc. (CYH:N) 49 Cenovus Energy (CVE:T) 33 Community Trust Bancorp, Inc. (CTBI:Q) 37 Centene (CNC:N) 46 CommVault Systems Inc. (CVLT:Q) 71 CenterState Banks, Inc. (CSFL:Q) 37 Compass Diversified Holdings (CODI:N) 43 Central Pacific Financial Corp. (CPF:N) 37 Compass Group (CPG.L:L) 24 Centrica (CNA.L:L) 34 Computer Programs and Systems, Inc. (CPSI:Q) 48 CenturyLink (CTL:N) 75 Computer Sciences Corporation (CSC:N) 73 Cepheid (CPHD:Q) 47 Comtech Telecommunications Corp. (CMTL:Q) 73 Cerner Corporation (CERN:Q) 48 Concho Resources Inc. (CXO:N) 26 Cervus Equipment Corp. (CVL:T) 54 Conifer Holdings, Inc. (CNFR:Q) 42 CEZ (CEZsp.PR:PRG) 34 Conifex Timber Inc. (CFF:T) 57 CGI Group (GIB.A:T) 76 ConnectOne Bancorp, Inc. (CNOB:Q) 37 ChannelAdvisor Corporation (ECOM:N) 68 Connecture Inc. (CNXR:Q) 48 Charles River Laboratories (CRL:N) 49 ConocoPhillips (COP:N) 26 The Charles Schwab Corporation (SCHW:N) 41 CONSOL Energy Inc. (CNX:N) 26 Chart Industries, Inc. (GTLS:Q) 31 Consolidated Communications Holdings (CNSL:Q) 75 Charter Communications, Inc. (CHTR:Q) 75 Constant Contact, Inc. (CTCT:Q) 68 Check Point Software Technologies (CHKP:Q) 71 Continental Resources Inc. (CLR:N) 26 Cheesecake Factory Inc. (CAKE:Q) 22 Control4 Corporation (CTRL:Q) 70 Chegg, Inc. (CHGG:N) 71 The Cooper Companies, Inc. (COO:N) 48 Chemtrade Logistics Income Fund (CHE.UN:T) 53 Copa Holdings, S.A. (CPA:N) 78 Cheniere Energy Partners L.P. (CQP:M) 29 Copper Mountain Mining (CUM:T) 57 Cheniere Energy, Inc. (LNG:M) 29 Core-Mark Holding Company, Inc. (CORE:Q) 20 Chesapeake Energy Corp. (CHK:N) 26 Corporate Office Properties Trust (OFC:N) 62 Chesapeake Granite Wash Trust (CHKR:N) 26 Costco Wholesale Corporation (COST:Q) 21 Chevron Corp. (CVX:N) 28 Covanta Holding Corp. (CVA:N) 52 Chinook Energy Inc. (CKE:T) 33 CPI Card Group Inc. (PMTS:Q) 75 Chipotle Mexican Grill, Inc. (CMG:N) 22 Crawford & Company (CRD.B:N) 41 Choice Properties REIT (CHP.UN:T) 64 Credit Acceptance Corp. (CACC:Q) 43 Christian Dior (DIOR.PA:EPA) 24 CREIT (REF.UN:T) 63 Chubb Corporation (CB:N) 42 Crescent Point Energy (CPG:T) 32 Church & Dwight Co., Inc. (CHD:N) 21 Crestwood Equity Partners L.P. (CEQP:N) 29 Chuy's Holdings, Inc. (CHUY:Q) 22 Cresud SACIFYA (CRESY:Q) 59 Ciena Corporation (CIEN:N) 69 Crew Energy Inc. (CR:T) 32 CIGNA Corporation (CI:N) 46 Criteo S.A. (CRTO:Q) 71 Cimarex Energy Co. (XEC:N) 26 Crombie REIT (CRR.UN:T) 64 Cincinnati Bell Inc. (CBB:N) 75 CrossAmerica Partners L.P. (CAPL:N) 29 Cinemark Holdings, Inc. (CNK:N) 19 Crown Castle International (CCI:N) 74 Cineplex Inc. (CGX:T) 23 CSI Compressco Partners L.P. (CCLP:Q) 30 Cisco Systems (CSCO:Q) 69 CSRA Inc. (CSRA:N) 73 Citrix Systems Inc. (CTXS:Q) 71 CST Brands, Inc. (CST:N) 20 Civitas Solutions, Inc. (CIVI:N) 46 CSX Corp. (CSX:Q) 79 Clayton Williams Energy, Inc. (CWEI:N) 26 CT Real Estate Investment Trust (CRT.UN:T) 64 Clean Energy Fuels Corp. (CLNE:Q) 31 Ctrip.com International, Ltd. (CTRP:Q) 72 Clean Harbors (CLH:N) 52 CU Bancorp (CUNB:Q) 37 The Clorox Company (CLX:N) 21 CubeSmart (CUBE:N) 62 CM Finance Inc. (CMFN:Q) 43 Cubic Corporation (CUB:N) 73 CME Group Inc. (CME:Q) 41 Culp, Inc. (CFI:N) 19 CNO Financial Group (CNO:N) 42 CVB Financial Corp. (CVBF:Q) 37 Cobham (COB.L:L) 55 CVS Health (CVS:N) 48 Coeur Mining Inc. (CDE:N) 58 Cypress Energy Partners L.P. (CELP:N) 31

Raymond James Research Register - January 2016 9

Company Index

CyrusOne Inc. (CONE:Q) 75 Element Financial Corporation (EFN:T) 44 D.R. Horton, Inc. (DHI:N) 60 Elior (ELIOR.PA:EPA) 24 Darden Restaurants (DRI:N) 22 Elizabeth Arden Inc. (RDEN:Q) 21 Dave & Buster’s Entertainment, Inc. (PLAY:Q) 22 EMC Corporation (EMC:N) 72 DaVita HealthCare Partners Inc. (DVA:N) 46 Empire Company Limited (EMP.A:T) 23 Dawson Geophysical Company (DWSN:Q) 31 Encore Capital Group Inc. (ECPG:Q) 43 Del Frisco’s Restaurant Group, Inc. (DFRG:Q) 22 Endeavour Mining Corp. (EDV:T) 58 Delek Logistics Partners L.P. (DKL:N) 29 Endeavour Silver Corp. (EDR:T) 58 Delek US Holdings, Inc. (DK:N) 28 Endo International plc (ENDP:Q) 50 Delhaize (DELB.BR:EBR) 24 Enel (ENEI.MI:BIT) 34 Delphi Energy Corp. (DEE:T) 33 Enerflex Ltd. (EFX:T) 33 Delta Air Lines, Inc. (DAL:N) 78 Energen Corp. (EGN:N) 26 Demandware (DWRE:N) 68 Energy Transfer Equity L.P. (ETE:N) 29 Denbury Resources Inc. (DNR:N) 26 Energy Transfer Partners L.P. (ETP:N) 29 Denison Mines Corp. (DML:T) 59 EnerNOC, Inc. (ENOC:Q) 31 The Descartes Systems Group Inc. (DSGX:Q) 76 Enerplus Corporation (ERF:T) 32 Detour Gold Corp. (DGC:T) 58 Engie (GSZ.PA:EPA) 34 Deutsche Telekom (DTE.DE:ETR) 77 EnLink Midstream LLC (ENLC:N) 29 Devon Energy Corporation (DVN:N) 26 EnLink Midstream Partners L.P. (ENLK:N) 29 DexCom Inc. (DXCM:Q) 49 Enphase Energy, Inc. (ENPH:Q) 31 DH Corporation (DH:T) 75 Ensco plc (ESV:N) 30 Dia (DIDA.MC:MAD) 24 Ensign Energy Services Inc. (ESI:T) 33 Diageo (DGE.L:L) 23 Enterprise Products Partners L.P. (EPD:N) 29 Diamond Offshore (DO:N) 30 Envestnet, Inc. (ENV:N) 41 Diamondback Energy, Inc. (FANG:Q) 26 Enviva Partners L.P. (EVA:N) 31 DiamondRock Hospitality Company (DRH:N) 61 EOG Resources, Inc. (EOG:N) 26 Dick`s Sporting Goods Inc. (DKS:N) 20 Equinix (EQIX:Q) 75 Digi International Inc. (DGII:Q) 70 Equity One, Inc. (EQY:N) 62 Digital Realty Trust, Inc. (DLR:N) 62 Equity Residential (EQR:N) 62 DigitalGlobe, Inc. (DGI:N) 73 Ericsson (ERIC:Q) 69 DineEquity, Inc. (DIN:N) 22 Essential Energy Services Ltd. (ESN:T) 33 Diodes Incorporated (DIOD:Q) 67 Essex Property Trust, Inc. (ESS:N) 62 Dipexium Pharmaceuticals, Inc. (DPRX:Q) 50 Essilor (ESSI.PA:EPA) 23 Diplomat Pharmacy, Inc. (DPLO:N) 49 Estee Lauder Companies (EL:N) 21 DIRTT Environmental Solutions Ltd. (DRT:T) 54 Ethan Allen Interiors (ETH:N) 19 DISH Network Corp. (DISH:Q) 74 EV Energy Partners L.P. (EVEP:Q) 26 The Dixie Group (DXYN:Q) 20 EverBank Financial Corp (EVER:N) 38 Dollar General Corp. (DG:N) 20 Evertz Technologies Ltd. (ET:T) 76 Dollar Tree, Inc. (DLTR:Q) 20 Exchange Income Corp (EIF:T) 53 Dollarama (DOL:T) 23 Expedia, Inc. (EXPE:Q) 72 Domtar (UFS:N) 57 Expeditors International of Washington, Inc. (EXPD:Q) 79 Douglas Emmett (DEI:N) 62 Express Scripts (ESRX:Q) 46 DragonWave (DRWI:Q) 76 Extra Space Storage (EXR:N) 62 Duluth Holdings Inc. (DLTH:Q) 20 Extreme Networks, Inc. (EXTR:Q) 69 DuPont Fabros Technology Inc. (DFT:N) 62 Exxon Mobil Corp. (XOM:N) 28 E*TRADE FINANCIAL Corporation (ETFC:Q) 41 F5 Networks, Inc. (FFIV:Q) 69 E.On (EONGn.DE:ETR) 34 Facebook, Inc. (FB:Q) 72 East West Bancorp, Inc. (EWBC:Q) 38 FactSet Research Systems Inc. (FDS:N) 41 Easterly Government Properties, Inc. (DEA:N) 62 Fairchild Semiconductor International (FCS:Q) 67 Eastern Platinum Ltd. (ELR:T) 57 Farmers Capital Bank Corp. (FFKT:Q) 38 Eastern Virginia Bankshares, Inc. (EVBS:Q) 38 Fastenal Company (FAST:Q) 52 EastGroup Properties, Inc. (EGP:N) 62 Fate Therapeutics, Inc. (FATE:Q) 47 easyJet plc (EZJ.L:L) 81 FBL Financial Group (FFG:N) 42 eBay Inc. (EBAY:Q) 71 Federal Realty Investment Trust (FRT:N) 62 ECA Marcellus Trust I (ECT:N) 26 Federated National Holding Company (FNHC:Q) 42 EchoStar Corporation (SATS:Q) 73 FedEx Corporation (FDX:N) 79 Ecopetrol S.A. (EC:N) 28 Ferrellgas Partners L.P. (FGP:N) 29 Edenor (EDN:N) 34 Ferrovial (FER.MC:MAD) 55 Edenred (EDEN.PA:EPA) 24 Fidelity National Information Services (FIS:N) 75 EDF (EDF.PA:EPA) 34 Fidus Investment Corporation (FDUS:Q) 43 Eiffage (FOUG.PA:EPA) 55 Fiesta Restaurant Group, Inc. (FRGI:Q) 22 Corp. (EGO:N) 58 Fifth Street Finance Corp. (FSC:Q) 43

10 Raymond James Research Register - January 2016

Company Index

Fifth Third Bancorp (FITB:Q) 38 goeasy Ltd. (GSY:T) 44 Financial Engines, Inc. (FNGN:Q) 41 GOL Linhas Aereas Inteligentes S.A. (GOL:N) 79 Finisar Corporation (FNSR:Q) 69 Golar LNG Partners L.P. (GMLP:Q) 29 International (FTT:T) 54 Inc. (GG:N) 58 FireEye Inc. (FEYE:Q) 71 Goldman Sachs BDC, Inc. (GSBD:N) 43 First Bancorp (FBNC:Q) 38 Golub Capital BDC, Inc. (GBDC:Q) 43 First Busey Corporation (BUSE:Q) 38 GoPro, Inc. (GPRO:Q) 70 First Business Financial Services, Inc. (FBIZ:Q) 38 Granite Oil Corp. (GXO:T) 33 First Capital Realty (FCR:T) 64 Great Canadian Gaming (GC:T) 23 First Community Corporation (FCCO:Q) 38 Green Plains Partners L.P. (GPP:Q) 31 First Defiance Financial Corp. (FDEF:Q) 38 The Greenbrier Companies, Inc. (GBX:N) 79 First Financial Bancorp (FFBC:Q) 38 Grenville Strategic Royalty Corp. (GRC:V) 53 First Financial Corporation (THFF:Q) 38 Groupon, Inc. (GRPN:Q) 71 First Foundation Inc. (FFWM:Q) 38 GrubHub Inc. (GRUB:N) 71 First Horizon National Corporation (FHN:N) 38 Grupo Clarin S.A. (GCLA:BA) 77 First Industrial Realty Trust, Inc. (FR:N) 62 Grupo Financiero Galicia (GGAL:Q) 44 First Majestic Silver (FR:T) 58 Guaranty Federal Bancshares Inc. (GFED:Q) 38 First Midwest Bancorp, Inc. (FMBI:Q) 38 Guyana Goldfields Inc. (GUY:T) 58 The First of Long Island Corporation (FLIC:Q) 38 H&M (HMb.ST:STO) 24 First Potomac Realty Trust (FPO:N) 62 H&R REIT (HR.UN:T) 63 Ltd. (FM:T) 57 The Habit Restaurants, Inc. (HABT:Q) 22 First Republic Bank (FRC:N) 38 Haemonetics Corporation (HAE:N) 48 First Solar, Inc. (FSLR:Q) 31 Halliburton (HAL:N) 30 FirstMerit Corp. (FMER:Q) 38 Hallmark Financial Services Inc. (HALL:Q) 42 FirstService Corporation (FSV:Q) 63 Halogen Software, Inc. (HGN:T) 68 Fission Uranium Corp. (FCU:T) 59 Halyard Health Inc. (HYH:N) 48 FitBit, Inc. (FIT:N) 70 Hancock Holding Company (HBHC:Q) 38 FleetCor Technologies (FLT:N) 75 Hanmi Financial Corporation (HAFC:Q) 38 Flex (FLEX:Q) 70 Harley-Davidson, Inc. (HOG:N) 19 FLIR Systems (FLIR:Q) 73 Harman International, Inc. (HAR:N) 70 FMC Technologies, Inc. (FTI:N) 30 Harmonic Inc. (HLIT:Q) 69 Fnac (FNAC.PA:EPA) 24 Harris Corporation (HRS:N) 70 Fortinet Inc. (FTNT:Q) 71 Haverty Furniture Companies Inc. (HVT:N) 21 Fortress Paper (FTP:T) 57 HCA Holdings, Inc. (HCA:N) 49 Fortress Transportation & Infrastructure Investors LLC (FTAI:N) 79 HD Supply Holdings Inc. (HDS:Q) 52 Fortum (FUM1V.HE:HEL) 34 Health Insurance Innovations, Inc. (HIIQ:Q) 42 Fortuna Silver Mines Inc. (FVI:T) 58 Healthcare Trust of America, Inc. (HTA:N) 61 Forward Air Corporation (FWRD:Q) 79 HealthEquity, Inc. (HQY:Q) 41 Franco-Nevada Corp. (FNV:N) 58 HealthSouth Corporation (HLS:N) 46 Fraport (FRAG.DE:ETR) 55 HealthStream, Inc. (HSTM:Q) 48 Freehold Royalties Ltd. (FRU:T) 32 Heartland Express, Inc. (HTLD:Q) 80 Frontier Communications Corp. (FTR:Q) 75 Heartland Financial USA, Inc. (HTLF:Q) 38 Fulton Financial (FULT:Q) 38 Heartland Payment Systems (HPY:N) 75 GAIN Capital Holdings, Inc. (GCAP:N) 41 Heartware International, Inc. (HTWR:Q) 49 Galena Biopharma Inc. (GALE:Q) 47 HEICO Corporation (HEI:N) 70 Garmin Ltd. (GRMN:Q) 70 Helix Energy Solutions Group (HLX:N) 30 GATX Corporation (GMT:N) 79 Henkel (HNKG_p.DE:ETR) 24 Genesee & Wyoming Inc. (GWR:N) 79 Hercules Technology Growth Capital Inc. (HTGC:N) 43 Genesis Energy L.P. (GEL:N) 29 Heritage Financial Corporation (HFWA:Q) 38 GenMark Diagnostics, Inc. (GNMK:Q) 47 Heritage Oaks Bancorp (HEOP:Q) 38 Genomic Health (GHDX:Q) 47 Herman Miller (MLHR:Q) 19 Genworth Financial (GNW:N) 42 Héroux-Devtek Inc. (HRX:T) 53 GeoPark Limited (GPRK:N) 34 Hersha Hospitality Trust (HT:N) 61 German American Bancorp, Inc. (GABC:Q) 38 Heska Corporation (HSKA:Q) 46 Gibson Energy Inc. (GEI:T) 32 Hess Corp. (HES:N) 26 Gigamon Inc. (GIMO:N) 69 Hewlett Packard Enterprise Company (HPE:N) 72 Gildan Activewear (GIL:N) 23 Hibbett Sports, Inc. (HIBB:Q) 20 GKN (GKN.L:L) 55 Hi-Crush Partners L.P. (HCLP:N) 31 Glacier Bancorp, Inc. (GBCI:Q) 38 Hill-Rom Holdings, Inc. (HRC:N) 48 Glacier Media Inc. (GVC:T) 23 Hilltop Holdings Inc. (HTH:N) 38 Global Partners L.P. (GLP:N) 29 Hilton Worldwide Holdings Inc. (HLT:N) 61 Global Payments Inc. (GPN:N) 75 HNI Corporation (HNI:N) 19

Raymond James Research Register - January 2016 11

Company Index

Holly Energy Partners L.P. (HEP:N) 29 J.B. Hunt Transport Services, Inc. (JBHT:Q) 79 HollyFrontier Corp. (HFC:N) 28 Jabil Circuit, Inc. (JBL:N) 70 Hologic Inc. (HOLX:Q) 49 Jarden Corporation (JAH:N) 21 Home Bancorp, Inc. (HBCP:Q) 38 Jernigan Capital, Inc. (JCAP:N) 62 Home BancShares, Inc. (HOMB:Q) 38 Jeronimo Martins (JMT.LS:ELI) 24 The Home Depot Inc. (HD:N) 21 JetBlue Airways (JBLU:Q) 79 HopFed Bancorp, Inc. (HFBC:Q) 38 Johnson & Johnson (JNJ:N) 49 Horizon Bancorp (HBNC:Q) 38 Joy Global Inc. (JOY:N) 54 Horizon North Logistics Inc. (HNL:T) 33 Juniper Networks, Inc. (JNPR:N) 69 Horizon Technology Finance Corporation (HRZN:Q) 43 Kaminak Gold Corporation (KAM:V) 58 Host Hotels & Resorts Inc. (HST:N) 61 Kansas City Southern (KSU:N) 79 Houston Wire & Cable Company (HWCC:Q) 52 KB Home (KBH:N) 60 Hub Group, Inc. (HUBG:Q) 79 KCG Holdings, Inc. (KCG:N) 41 HubSpot, Inc. (HUBS:N) 68 Kelt Exploration Ltd. (KEL:T) 32 HudBay Minerals, Inc. (HBM:T) 57 Kemper Corp. (KMPR:N) 42 Humana (HUM:N) 46 Kering (KER.PA:EPA) 24 Huntington Bancshares Inc. (HBAN:Q) 38 Keryx Biopharmaceuticals, Inc. (KERX:Q) 47 Husky Energy Inc. (HSE:T) 33 Key Energy Services Inc. (KEG:N) 31 Hyatt Hotels Corporation (H:N) 61 KeyCorp (KEY:N) 39 IAG (IAG.MC:MAD) 81 Keyera Corp (KEY:T) 32 IAMGOLD Corp. (IAG:N) 58 Killam Properties Inc. (KMP:T) 64 IBERIABANK Corporation (IBKC:Q) 38 Kimco Realty Corporation (KIM:N) 62 IBI Group Inc. (IBG:T) 53 Kinder Morgan, Inc. (KMI:N) 29 ICON plc (ICLR:Q) 49 Kinross Gold Corporation (KGC:N) 58 ICU Medical, Inc. (ICUI:Q) 49 Kite Realty Group Trust (KRG:N) 62 IDEXX Laboratories Inc. (IDXX:Q) 46 Kivalliq Energy Corp. (KIV:V) 59 Iliad (ILD.PA:EPA) 77 Knight Transportation, Inc. (KNX:N) 80 Impax Laboratories, Inc. (IPXL:Q) 50 Knoll, Inc. (KNL:N) 19 Imperial Oil Limited (IMO:T) 33 KNOT Offshore Partners L.P. (KNOP:N) 29 INC Research Holdings (INCR:Q) 49 Kona Grill, Inc. (KONA:Q) 22 Inditex (ITX.MC:MAD) 24 Kosmos Energy Ltd. (KOS:N) 26 Infinera Corporation (INFN:Q) 69 KPN (KPN.AS:AMS) 77 Infinity Property and Casualty Corporation (IPCC:Q) 42 KVH Industries (KVHI:Q) 73 Ingram Micro Inc. (IM:N) 72 La Quinta Holdings, Inc. (LQ:N) 61 Inland Real Estate Corporation (IRC:N) 62 Laboratory Corporation of America Holdings (LH:N) 47 Insight Enterprises, Inc. (NSIT:Q) 72 Labrador Iron Ore Royalty Corp. (LIF:T) 57 Insperity (NSP:N) 46 Lakeland Bancorp, Inc. (LBAI:Q) 39 Instructure, Inc. (INST:N) 68 Lakeland Financial Corporation (LKFN:Q) 39 Insulet (PODD:Q) 49 Landmark Infrastructure Partners L.P. (LMRK:Q) 74 Intact Financial Corporation (IFC:T) 44 Landstar System, Inc. (LSTR:Q) 79 Integra LifeSciences Corp. (IART:Q) 49 Lannett Company, Inc. (LCI:N) 50 Intel Corporation (INTC:Q) 74 Laredo Petroleum Inc. (LPI:N) 26 Inteliquent (IQNT:Q) 75 LaSalle Hotel Properties (LHO:N) 61 Intelsat S.A. (I:N) 73 LATAM Airlines Group S.A. (LFL:N) 78 Inter Parfums, Inc. (IPAR:Q) 21 Lazard Ltd (LAZ:N) 41 Inter Pipeline Ltd. (IPL:T) 32 La-Z-Boy Inc. (LZB:N) 19 Interactive Intelligence Group Inc. (ININ:Q) 69 Legacy Reserves L.P. (LGCY:Q) 26 Intercontinental Exchange, Inc. (ICE:N) 41 LegacyTexas Financial Group, Inc. (LTXB:Q) 39 Intercontinental Hotels (IHG.L:L) 64 Leggett & Platt (LEG:N) 19 Interface, Inc. (TILE:Q) 20 Lennar Corporation (LEN:N) 60 Interfor Corp. (IFP:T) 57 Leucrotta Exploration Inc. (LXE:V) 33 Internap Network Services Corp. (INAP:Q) 75 Level 3 Communications Inc. (LVLT:N) 75 InterOil Corp. (IOC:N) 26 LifePoint Health, Inc. (LPNT:Q) 49 InterRent REIT (IIP.UN:T) 64 Limelight Networks (LLNW:Q) 71 InterXion Holding NV (INXN:N) 75 Lincoln National Corp. (LNC:N) 42 Intuit Inc. (INTU:Q) 75 Linear Technology Corporation (LLTC:Q) 67 Intuitive Surgical, Inc. (ISRG:Q) 48 LinkedIn Corp. (LNKD:N) 72 Inversora Juramento SA (INVJ:BA) 59 LINN Energy, LLC (LINE:Q) 26 Iridium Communications Inc. (IRDM:Q) 73 LinnCo, LLC (LNCO:Q) 26 iRobot Corporation (IRBT:Q) 73 LKQ Corporation (LKQ:Q) 52 IRSA Inversiones y Representaciones SA (IRS:N) 65 Loblaw Companies Ltd. (L:T) 23 Ivanhoe Mines Ltd. (IVN:T) 57 Logitech International SA (LOGI:Q) 69

12 Raymond James Research Register - January 2016

Company Index

L'Oréal (OREP.PA:EPA) 24 Microsemi Corporation (MSCC:Q) 67 Lowe`s Companies, Inc. (LOW:N) 21 Microsoft (MSFT:Q) 71 Lufthansa (LHAG.DE:ETR) 81 Mid-America Apartment Communities Inc. (MAA:N) 62 Lumber Liquidators Holdings, Inc. (LL:N) 21 Mid-Con Energy Partners L.P. (MCEP:Q) 27 Lumenpulse Inc. (LMP:T) 76 MidSouth Bancorp, Inc. (MSL:N) 39 Lumentum Holdings, Inc. (LITE:Q) 69 MidWestOne Financial Group, Inc. (MOFG:Q) 39 Lundin Mining Corporation (LUN:T) 57 MiX Telematics Limited (MIXT:N) 68 Luxottica (LUX.MI:BIT) 23 MobileIron, Inc. (MOBL:Q) 71 LVMH (LVMH.PA:EPA) 24 Mobileye N.V. (MBLY:N) 70 M/A-COM Technology Solutions (MTSI:Q) 67 Mobistar (MSTAR.BR:EBR) 77 MacDonald Dettwiler & Associates (MDA:T) 76 Model N, Inc. (MODN:N) 68 MAG Silver (MAG:T) 58 Mohawk Industries (MHK:N) 20 Magellan Health (MGLN:Q) 46 Molina Healthcare (MOH:N) 46 Magellan Midstream Partners L.P. (MMP:N) 29 Monolithic Power Systems, Inc. (MPWR:Q) 67 Main Street Capital Corp. (MAIN:N) 43 Moody's Corporation (MCO:N) 41 Malibu Boats, Inc. (MBUU:Q) 19 Mosaic Capital Corporation (M:V) 53 Mandalay Resources Corp. (MND:T) 58 Motorola Solutions, Inc. (MSI:N) 70 Manhattan Associates, Inc. (MANH:Q) 68 MRC Global (MRC:N) 52 Manning & Napier Inc. (MN:N) 36 MSC Industrial Direct (MSM:N) 52 Marathon Oil Corp. (MRO:N) 27 MSCI Inc. (MSCI:N) 41 Marathon Petroleum Corp. (MPC:N) 28 Mullen Group Ltd. (MTL:T) 33 Marine Products Corporation (MPX:N) 19 Murphy Oil Corp. (MUR:N) 27 MarineMax (HZO:N) 19 Murphy USA Inc. (MUSA:N) 20 MarketAxess Holdings Inc. (MKTX:Q) 41 MV Oil Trust (MVO:N) 27 Marketo, Inc. (MKTO:Q) 68 Mylan N.V. (MYL:Q) 50 Marriott International, Inc. (MAR:Q) 61 Nabors Industries Ltd. (NBR:N) 31 Marsh and McLennan Companies, Inc. (MMC:N) 41 Nasdaq Inc. (NDAQ:Q) 41 Marten Transport, Ltd. (MRTN:Q) 80 National Commerce Corporation (NCOM:Q) 39 Martin Midstream Partners L.P. (MMLP:Q) 29 National Fuel Gas Company (NFG:N) 27 Marvell Technology Group, Ltd. (MRVL:Q) 74 National Interstate Corporation (NATL:Q) 42 Masco Corporation (MAS:N) 20 National Oilwell Varco Inc. (NOV:N) 30 Masimo Corp. (MASI:Q) 48 National Retail Properties, Inc. (NNN:N) 61 MasterCard, Inc. (MA:N) 75 Natus Medical Inc. (BABY:Q) 49 Mattress Firm Holding Corp. (MFRM:Q) 21 NCI, Inc. (NCIT:Q) 73 Maxim Integrated (MXIM:Q) 67 NeoPhotonics Corporation (NPTN:N) 69 MAXIMUS Inc. (MMS:N) 73 NetApp Inc. (NTAP:Q) 72 MB Financial, Inc. (MBFI:Q) 39 Netflix Inc. (NFLX:Q) 71 MCBC Holdings, Inc. (MCFT:Q) 19 NETGEAR Inc. (NTGR:Q) 70 McCoy Global (MCB:T) 33 NetSuite, Inc. (N:N) 68 McDonald's Corporation (MCD:N) 22 NeuroDerm Ltd. (NDRM:Q) 47 McGraw Hill Financial Inc. (MHFI:N) 41 Nevsun Resources Ltd. (NSU:T) 57 McKesson Corporation (MCK:N) 48 New Gold, Inc. (NGD:M) 58 MDC Holdings (MDC:N) 60 New Relic, Inc. (NEWR:N) 71 MedAssets (MDAS:Q) 48 New York Community Bancorp, Inc. (NYCB:N) 39 MEDNAX, Inc. (MD:N) 46 NewBridge Bancorp (NBBC:Q) 39 MEG Energy Corp. (MEG:T) 33 Newell Rubbermaid Inc. (NWL:N) 21 Meggitt (MGGT.L:L) 55 Newfield Exploration Company (NFX:N) 27 Melia Hotels International (MEL.MC:MAD) 64 Newmarket Gold Inc. (NMI:T) 58 Memorial Production Partners L.P. (MEMP:Q) 27 Newpark Resources (NR:N) 31 Memorial Resource Development Corp (MRD:Q) 27 Newtek Business Services Corp. (NEWT:Q) 43 Mercantile Bank Corp. (MBWM:Q) 39 NexGen Energy Ltd. (NXE:V) 59 Mercer International Inc. (MERC:Q) 57 NexJ Systems Inc. (NXJ:T) 76 Mercury General Corporation (MCY:N) 42 NGL Energy Partners L.P. (NGL:N) 29 Meridian Bioscience, Inc. (VIVO:Q) 47 NH Hoteles (NHH.MC:MAD) 64 Merit Medical Systems Inc. (MMSI:Q) 49 NIC Inc. (EGOV:Q) 73 Meta Financial Group, Inc. (CASH:Q) 39 Nimble Storage (NMBL:N) 72 (MEOH:Q) 53 Noble Corp plc (NE:N) 30 MetLife, Inc. (MET:N) 42 Noble Energy, Inc. (NBL:N) 27 Metro (MEOG.DE:ETR) 24 Nokia (NOK:N) 69 Metro, Inc. (MRU:T) 23 Norbord Inc. (NBD:T) 57 The Michaels Companies, Inc. (MIK:Q) 20 Norfolk Southern Corp. (NSC:N) 79 Micron Technology, Inc. (MU:Q) 74 North American Energy Partners (NOA:T) 53

Raymond James Research Register - January 2016 13

Company Index

Northern Oil & Gas Inc. (NOG:M) 27 Pernod Ricard (PERP.PA:EPA) 23 Northern Trust Corporation (NTRS:Q) 39 Perrigo Company PLC (PRGO:N) 50 NOW Inc. (DNOW:N) 52 Petrobras Argentina (PZE:N) 35 NTELOS Holdings Corp. (NTLS:Q) 74 Petróleo Brasileiro S.A. (PBR:N) 28 Nuance Communications, Inc. (NUAN:Q) 70 Peyto Exploration and Development (PEY:T) 32 NuStar Energy L.P. (NS:N) 29 PGT, Inc. (PGTI:Q) 20 NuStar GP Holdings, LLC (NSH:N) 29 Phillips 66 (PSX:N) 28 NuVista Energy Ltd. (NVA:T) 32 Physicians Realty Trust (DOC:N) 61 NVIDIA Corporation (NVDA:Q) 74 Pier 1 Imports Incorporated (PIR:N) 21 NXP Semiconductors N.V. (NXPI:Q) 67 Pinnacle Financial Partners, Inc. (PNFP:Q) 39 O`Reilly Automotive, Inc. (ORLY:Q) 19 Pioneer Energy Services Corp (PES:N) 31 Oasis Petroleum Inc. (OAS:N) 27 Pioneer Natural Resources Company (PXD:N) 27 Ocata Therapeutics, Inc. (OCAT:Q) 47 Plains All American Pipeline L.P. (PAA:N) 29 Occidental Petroleum Corp. (OXY:N) 27 Plains GP Holdings L.P. (PAGP:N) 29 Ocean Rig UDW (ORIG:Q) 30 Plantronics, Inc. (PLT:N) 69 OceanaGold Corp. (OGC:T) 58 Platinum Group Metals Ltd. (PTM:T) 57 Oil States International, Inc. (OIS:N) 30 Plaza Retail REIT (PLZ.UN:T) 64 Old Dominion Freight Line, Inc. (ODFL:Q) 80 Plum Creek Timber Company, Inc. (PCL:N) 63 Old Line Bancshares Inc. (OLBK:Q) 39 PNC Financial Services Group, Inc. (PNC:N) 39 Old National Bancorp (ONB:Q) 39 Polaris Industries (PII:N) 19 Old Republic International Corp. (ORI:N) 42 Polycom Inc. (PLCM:Q) 69 OmniVision Technologies, Inc. (OVTI:Q) 74 Post Properties, Inc. (PPS:N) 62 On DeckCapital, Inc. (ONDK:N) 75 Potash Corp. of Saskatchewan Inc. (POT:N) 56 ON Semiconductor Corporation (ON:Q) 67 Potlatch Corporation (PCH:Q) 63 Oncothyreon Inc. (ONTY:Q) 47 Power Integrations, Inc. (POWI:Q) 67 OneMain Holdings, Inc. (OMF:N) 43 PRA Group Inc. (PRAA:Q) 43 Open Text (OTEX:Q) 76 PrairieSky Royalty Ltd. (PSK:T) 32 Oracle Corp. (ORCL:N) 71 Praxair, Inc. (PX:N) 52 Orange (ORA.PA:EPA) 77 Precision Drilling Corporation (PD:T) 33 OraSure Technologies, Inc. (OSUR:Q) 47 Preferred Bank (PFBC:Q) 39 ORBCOMM, Inc. (ORBC:Q) 73 Premier, Inc. (PINC:Q) 48 Orbital ATK, Inc. (OA:N) 73 Press Ganey Holdings, Inc. (PGND:N) 48 Orezone Gold Corp. (ORE:T) 58 Prestige Brands Holdings Inc. (PBH:N) 21 Ovivo Inc. (OVI.A:T) 54 priceline.com Incorporated (PCLN:Q) 72 Pacific Continental Corporation (PCBK:Q) 39 Primerica, Inc. (PRI:N) 42 Pacific Drilling (PACD:N) 30 Principal Financial Group Inc. (PFG:N) 42 Pacific Premier Bancorp, Inc. (PPBI:Q) 39 PrivateBancorp, Inc. (PVTB:Q) 39 Painted Pony Petroleum Ltd. (PPY:T) 32 ProAssurance Corp. (PRA:N) 42 Paladin Energy Ltd. (PDN:T) 59 The Procter & Gamble Company (PG:N) 21 Palo Alto Networks (PANW:N) 71 Progressive Corporation (PGR:N) 42 Pampa Energia SA (PAM:N) 34 Progressive Waste Solutions Ltd. (BIN:N) 52 Pan American Silver (PAAS:Q) 58 Prospect Capital Corporation (PSEC:Q) 43 Pandora Media, Inc. (P:N) 72 Prosperity Bancshares, Inc. (PB:N) 39 Panera Bread Co. (PNRA:Q) 22 Proteon Therapeutics, Inc. (PRTO:Q) 47 Papa Murphy's Holdings, Inc. (FRSH:Q) 22 Proximus (PROX.BR:EBR) 77 Paramount Resources Ltd. (POU:T) 32 Prudential Financial, Inc. (PRU:N) 42 PAREXEL (PRXL:Q) 49 Public Storage (PSA:N) 62 Park Sterling Corporation (PSTB:Q) 39 Pulaski Financial Corp. (PULB:Q) 39 Parkway Properties (PKY:N) 62 PulteGroup Inc. (PHM:N) 60 Parsley Energy, Inc. (PE:N) 27 Puma (PUMG.DE:ETR) 24 Pattern Energy Group Inc. (PEGI:Q) 53 Pure Industrial Real Estate Trust (AAR.UN:T) 63 Patterson-UTI Energy, Inc. (PTEN:Q) 31 Pure Storage, Inc. (PSTG:N) 72 Paylocity Holding Corporation (PCTY:Q) 68 Q2 Holdings Inc. (QTWO:N) 68 PayPal Holdings, Inc. (PYPL:Q) 75 QCR Holdings, Inc. (QCRH:Q) 39 PBF Energy, Inc. (PBF:N) 28 QEP Resources, Inc. (QEP:N) 27 PC Connection, Inc. (PCCC:Q) 72 Qorvo, Inc. (QRVO:Q) 67 Pebblebrook Hotel Trust (PEB:N) 61 QUALCOMM, Inc. (QCOM:Q) 70 Pembina Pipeline Corp. (PPL:T) 32 Quality Systems Inc. (QSII:Q) 48 Pengrowth Energy Corporation (PGF:T) 32 Quest Diagnostics Inc. (DGX:N) 47 Penn West Petroleum Ltd. (PWT:T) 32 Quidel Corporation (QDEL:Q) 47 PennTex Midstream Partners L.P. (PTXP:Q) 29 Quintiles Transnational Holdings (Q:N) 49 Peoples Bancorp Inc. (PEBO:Q) 39 Rackspace Hosting (RAX:N) 75

14 Raymond James Research Register - January 2016

Company Index

Rallye (GENC.PA:EPA) 24 Ltd. (SSL:T) 58 Ramco-Gershenson Properties Trust (RPT:N) 62 Sandy Spring Bancorp, Inc. (SASR:Q) 39 Range Resources Corp. (RRC:N) 27 Santacruz Silver Mining Ltd. (SCZ:V) 58 Rapid7, Inc. (RPD:Q) 71 Saul Centers, Inc. (BFS:N) 62 Rayonier, Inc. (RYN:N) 63 Savanna Energy Services (SVY:T) 33 RB (RB.L:L) 24 SBA Communications (SBAC:Q) 74 Realty Income (O:N) 61 ScanSource, Inc. (SCSC:Q) 72 Red Hat, Inc. (RHT:N) 71 Schlumberger Ltd. (SLB:N) 30 Red Robin Gourmet Burgers, Inc. (RRGB:Q) 22 Schneider Electric (SU.PA:EPA) 55 Redknee Solutions Inc. (RKN:T) 76 SciQuest (SQI:Q) 68 Regal Entertainment Group (RGC:N) 19 The Scotts Miracle-Gro Company (SMG:N) 21 Regency Centers Corp. (REG:N) 62 Secure Energy Services Inc. (SES:T) 33 Regeneron Pharmaceuticals, Inc. (REGN:Q) 47 SEI Investments Co. (SEIC:Q) 41 Regions Financial Corporation (RF:N) 39 Select Comfort Corp. (SCSS:Q) 19 Reinsurance Group of America, Inc. (RGA:N) 42 SEMAFO Inc. (SMF:T) 58 Remy Cointreau (RCOP.PA:EPA) 23 SemGroup Corporation (SEMG:N) 29 Renasant Corporation (RNST:Q) 39 Semtech Corporation (SMTC:Q) 67 Rent-A-Center Inc. (RCII:Q) 21 Senior (SNR.L:L) 55 Republic Services, Inc. (RSG:N) 52 Senior Housing Properties Trust (SNH:N) 61 Resolute Energy Corp. (REN:N) 27 Service Corporation International (SCI:N) 47 Restoration Hardware Holdings, Inc. (RH:N) 21 ServiceNow, Inc. (NOW:N) 71 Retail Opportunity Investments Corp. (ROIC:Q) 62 ServisFirst Bancshares, Inc. (SFBS:Q) 39 Rexel (RXL.PA:EPA) 55 Seven Generations Energy Ltd. (VII:T) 32 RingCentral, Inc. (RNG:N) 68 Shenandoah Telecommunications Co. (SHEN:Q) 74 RioCan REIT (REI.UN:T) 64 Shopify Inc. (SHOP:N) 68 Ritchie Bros. Auctioneers (RBA:N) 54 Shutterfly, Inc. (SFLY:Q) 71 Rite Aid Corporation (RAD:N) 48 Shutterstock, Inc. (SSTK:N) 71 Riverview Bancorp, Inc. (RVSB:Q) 39 Siderar Sociedad Anonima Industrial Y Comercial (ERAR:BA) 59 RLJ Lodging Trust (RLJ:N) 61 Sienna Senior Living Inc. (SIA:T) 63 RMP Energy Inc. (RMP:T) 33 Sierra Bancorp (BSRR:Q) 39 Roadrunner Transportation Systems, Inc. (RRTS:N) 79 Sierra Wireless (SWIR:Q) 76 Rocky Mountain Dealerships Inc. (RME:T) 54 Signature Bank (SBNY:Q) 39 Rolls-Royce (RR.L:L) 55 Silver Spring Networks, Inc. (SSNI:N) 31 Rose Rock Midstream L.P. (RRMS:N) 29 Silver Wheaton (SLW:N) 58 Rowan Companies (RDC:N) 30 Silvercorp Metals Inc. (SVM:T) 58 Roxgold Inc. (ROG:V) 58 Silvercrest Asset Management Group Inc. (SAMG:Q) 36 Royal Caribbean Cruises Ltd. (RCL:N) 19 Simmons First National Corporation (SFNC:Q) 40 Royal Gold Inc. (RGLD:Q) 58 Simon Property Group, Inc. (SPG:N) 61 RSP Permian Inc. (RSPP:N) 27 Sky (SKY.L:L) 77 RTI Surgical Inc. (RTIX:Q) 49 SkyWest, Inc. (SKYW:Q) 79 Rubicon Project, Inc. (RUBI:N) 72 Skyworks Solutions (SWKS:Q) 67 Rush Enterprises, Inc. (RUSHA:Q) 79 Sleep Country Canada Holdings Inc. (ZZZ:T) 23 Russel Metals (RUS:T) 54 SM Energy Company (SM:N) 27 Ruth`s Hospitality Group, Inc. (RUTH:Q) 22 SmartREIT (SRU.UN:T) 64 RWE (RWEG.DE:ETR) 34 SNC-Lavalin (SNC:T) 53 Ryanair Holdings plc (RYAAY:Q) 79 Sodexo (EXHO.PA:EPA) 24 Ryder System, Inc. (R:N) 79 SolarCity Corp. (SCTY:Q) 31 Ryman Hospitality Properties Inc. (RHP:N) 61 Solera Holdings, Inc. (SLH:N) 41 S&T Bancorp, Inc. (STBA:Q) 39 Southcross Energy Partners L.P. (SXE:N) 29 Sabra Health Care REIT, Inc. (SBRA:Q) 61 Southwest Airlines Co. (LUV:N) 79 Safran (SAF.PA:EPA) 55 Southwest Bancorp, Inc. (OKSB:Q) 40 Sagent Pharmaceuticals, Inc. (SGNT:Q) 50 Southwestern Energy Company (SWN:N) 27 Saia, Inc. (SAIA:Q) 80 Sovran Self Storage, Inc. (SSS:N) 62 Saint-Gobain (SGOB.PA:EPA) 55 Spectra Energy Corp. (SE:N) 29 salesforce.com, Inc. (CRM:N) 68 Spectra Energy Partners L.P. (SEP:N) 30 Sally Beauty Holdings Inc. (SBH:N) 21 Spectrum Brands Holdings, Inc. (SPB:N) 21 Salvatore Ferragamo (SFER.MI:BIT) 24 Spirit Airlines, Inc. (SAVE:Q) 79 SanDisk Corp. (SNDK:Q) 74 Spirit Realty Capital, Inc. (SRC:N) 61 SandRidge Energy Inc. (SD:N) 27 Splunk Inc. (SPLK:Q) 71 SandRidge Mississippian Trust I (SDT:N) 27 Sprague Resources L.P. (SRLP:N) 30 SandRidge Mississippian Trust II (SDR:N) 27 Sprint Corp. (S:N) 74 SandRidge Permian Trust (PER:N) 27 SS&C Technologies Holdings, Inc. (SSNC:Q) 41

Raymond James Research Register - January 2016 15

Company Index

SSE (SSE.L:L) 34 Telenet Group (TNET.BR:EBR) 77 St. Joe Company (JOE:N) 60 Telephone and Data Systems, Inc. (TDS:N) 74 STAG Industrial Inc. (STAG:N) 62 TeliaSonera AB (TLSN.ST:STO) 77 StanCorp Financial Group (SFG:N) 42 Tempur Sealy International, Inc. (TPX:N) 19 Stanley Black & Decker (SWK:N) 20 Tenaris S.A. (TS:N) 35 Stantec Inc (STN:T) 53 Tenet Healthcare Corporation (THC:N) 49 Starwood Hotels & Resorts Worldwide (HOT:N) 61 Territorial Bancorp Inc. (TBNK:Q) 40 State Street Corporation (STT:N) 40 Tesaro, Inc. (TSRO:Q) 47 Steelcase, Inc. (SCS:N) 19 Tesoro Corp. (TSO:N) 28 Stellus Capital Investment Corporation (SCM:N) 43 Tesoro Logistics L.P. (TLLP:N) 30 Stericycle Inc. (SRCL:Q) 48 TETRA Technologies Inc. (TTI:N) 31 STERIS plc (STE:N) 48 Teva Pharmaceutical Industries, Ltd. (TEVA:N) 50 Stock Yards Bancorp Inc. (SYBT:Q) 40 Texas Capital Bancshares, Inc. (TCBI:Q) 40 StoneMor Partners L.P. (STON:N) 47 Texas Instruments Incorporated (TXN:Q) 67 STORE Capital Corporation (STOR:N) 61 Texas Roadhouse, Inc. (TXRH:Q) 22 Storm Resources Ltd. (SRX:V) 33 Textainer Group Holdings Limited (TGH:N) 79 Strad Energy Services Ltd. (SDY:T) 33 TG Therapeutics, Inc. (TGTX:Q) 47 Strongco Corp. (SQP:T) 54 TGLT S.A. (TGLT:BA) 65 Stuart Olson Inc. (SOX:T) 53 Thales (TCFP.PA:EPA) 55 Student Transportation Inc. (STB:T) 80 THL Credit, Inc. (TCRD:Q) 43 Suburban Propane Partners L.P. (SPH:N) 30 Timbercreek Mortgage Investment Corporation (TMC:T) 63 Suez Environnement (SEVI.PA:EPA) 34 Timbercreek Senior Mortgage Investment Corp. (MTG:T) 63 Summit Hotel Properties, Inc. (INN:N) 61 Time Warner Cable Inc. (TWC:N) 75 Suncor Energy Inc (SU:T) 33 T-Mobile US Inc. (TMUS:Q) 74 Sunoco L.P. (SUN:N) 30 Tod's Group (TOD.MI:BIT) 24 SunPower Corp. (SPWR:Q) 31 Toll Brothers, Inc. (TOL:N) 60 Sunstone Hotel Investors, Inc. (SHO:N) 61 Torchmark Corporation (TMK:N) 42 SunTrust Banks, Inc. (STI:N) 40 The Toro Company (TTC:N) 20 Superior Energy Services, Inc. (SPN:N) 31 Toromont Industries (TIH:T) 54 Superior Plus Corporation (SPB:T) 53 Tourmaline Oil Corp. (TOU:T) 32 Surgery Partners, Inc. (SGRY:Q) 46 Towers Watson & Co. (TW:Q) 41 SVB Financial Group (SIVB:Q) 40 Tractor Supply Co. (TSCO:Q) 20 Swift Transportation Company (SWFT:N) 80 Transener (TRAN:BA) 34 Symantec Corp. (SYMC:Q) 71 TransEnterix, Inc. (TRXC:M) 48 Symetra Financial Corp. (SYA:N) 42 TransGlobe Energy Corp. (TGA:Q) 27 Synchronoss Technologies, Inc. (SNCR:Q) 70 Transocean (RIG:N) 30 SYNNEX Corporation (SNX:N) 72 Transportadora de Gas del Sur (TGS:N) 35 Synovus Financial Corp. (SNV:N) 40 TravelCenters of America LLC (TA:N) 20 Tahoe Resources Inc. (THO:T) 58 The Travelers Companies, Inc. (TRV:N) 42 TAL International Group, Inc. (TAL:N) 79 Tree Island Steel Ltd. (TSL:T) 54 TalkTalk Telecom Group (TALK.L:L) 77 Trevali Mining Corporation (TV:T) 57 Talmer Bancorp, Inc. (TLMR:Q) 40 Triangle Capital Corporation (TCAP:N) 43 Tangoe Inc. (TNGO:Q) 68 Trican Well Service (TCW:T) 33 Targa Resources Corp. (TRGP:N) 30 TriCo Bancshares (TCBK:Q) 40 Targa Resources Partners L.P. (NGLS:N) 30 Tricon Capital Group Inc. (TCN:T) 64 Tarkett (TKTT.PA:EPA) 55 Trilogy Energy Corp. (TET:T) 32 Taseko Mines Ltd. (TKO:T) 57 Trina Solar Limited (TSL:N) 31 Taubman Centers, Inc. (TCO:N) 61 Trinidad Drilling Ltd. (TDG:T) 33 TCF Financial Corporation (TCB:N) 40 Trinity Biotech plc (TRIB:Q) 47 TCP Capital Corp. (TCPC:Q) 43 Trinity Industries, Inc. (TRN:N) 79 TD Ameritrade Holding Corporation (AMTD:Q) 41 TripAdvisor, Inc. (TRIP:Q) 72 Tech Data Corporation (TECD:Q) 72 True North Commercial REIT (TNT.UN:T) 63 Limited (TCK.B:T) 57 Trustmark Corporation (TRMK:Q) 40 Teekay Corporation (TK:N) 30 TubeMogul, Inc. (TUBE:Q) 71 Teekay LNG Partners L.P. (TGP:N) 30 Twitter, Inc. (TWTR:N) 72 Teekay Offshore Partners L.P. (TOO:N) 30 U.S. Bancorp (USB:N) 40 Telecom Argentina S.A. (TEO:N) 77 U.S. Cellular (USM:N) 74 Telecom Italia (TLIT.MI:BIT) 77 U.S. Ecology, Inc. (ECOL:Q) 52 TeleCommunication Systems (TSYS:Q) 73 U.S. Geothermal (HTM:M) 32 Teledyne Technologies Incorporated (TDY:N) 70 Ubiquiti Networks, Inc. (UBNT:Q) 70 Teleflex, Inc. (TFX:N) 48 UEX Corp. (UEX:T) 59 Telefonica (TEF.MC:MCE) 77 Ulta Salon, Cosmetics & Fragrance, Inc. (ULTA:Q) 21

16 Raymond James Research Register - January 2016

Company Index

Ultimate Software Group Inc. (ULTI:Q) 68 Washington REIT (WRE:N) 62 Ultra Petroleum Corporation (UPL:N) 27 WashingtonFirst Bankshares, Inc. (WFBI:Q) 40 Ultragenyx Pharmaceutical Inc. (RARE:Q) 47 Waste Connections, Inc. (WCN:N) 52 UMB Financial Corporation (UMBF:Q) 40 Waste Management, Inc. (WM:N) 52 Umpqua Holdings Corp. (UMPQ:Q) 40 Wayfair, Inc. (W:N) 71 Under Armour Inc. (UA:N) 20 WCI Communities, Inc. (WCIC:N) 60 Union Bankshares Corporation (UBSH:Q) 40 Weatherford (WFT:N) 30 Union Pacific Corp. (UNP:N) 79 WebMD Health Corp (WBMD:Q) 48 Unisys Corporation (UIS:N) 73 Webster Financial Corp. (WBS:N) 40 Unit Corporation (UNT:N) 31 WellCare Health Plans (WCG:N) 46 United Bankshares, Inc. (UBSI:Q) 40 Wells Fargo & Co. (WFC:N) 40 United Community Banks, Inc. (UCBI:Q) 40 Welltower Inc. (HCN:N) 61 United Continental Holdings, Inc. (UAL:N) 78 Werner Enterprises, Inc. (WERN:Q) 80 United Insurance Holdings Corp. (UIHC:Q) 42 WesBanco, Inc. (WSBC:Q) 40 United Parcel Service (UPS:N) 79 WESCO International (WCC:N) 52 UnitedHealth Group (UNH:N) 46 West Fraser Timber (WFT:T) 57 Universal American Corp. (UAM:N) 46 Western Energy Services Corp. (WRG:T) 33 Universal Health Services, Inc. (UHS:N) 49 Western Forest Products Inc. (WEF:T) 57 Unum Group (UNM:N) 42 Western Refining, Inc. (WNR:N) 28 Upland Software, Inc. (UPLD:Q) 68 WesternOne Inc. (WEQ:T) 54 Uranium Participation Corporation (U:T) 59 WestJet Airlines (WJA:T) 80 Ur-Energy Inc. (URE:T) 59 Westport Innovations Inc. (WPRT:Q) 31 UrtheCast Corp. (UR:T) 76 Weyerhaeuser Company (WY:N) 63 USA Compression Partners L.P. (USAC:N) 30 Whirlpool Corp. (WHR:N) 20 UTi Worldwide, Inc. (UTIW:Q) 79 Whistler Blackcomb Holdings Inc. (WB:T) 54 Valero Energy Corp. (VLO:N) 28 Whitbread (WTB.L:L) 64 Vanguard Natural Resources, LLC (VNR:Q) 27 Whiting Petroleum Corp. (WLL:N) 27 Vantiv, Inc. (VNTV:N) 75 Whiting USA Trust II (WHZ:N) 27 VCA Inc. (WOOF:Q) 46 The Williams Companies, Inc. (WMB:N) 30 Veolia Environnement (VIE.PA:EPA) 34 Williams Partners L.P. (WPZ:N) 30 Verastem, Inc. (VSTM:Q) 47 Williams-Sonoma (WSM:N) 21 Verbund (VERB.VI:WBAG) 34 Wilshire Bancorp, Inc. (WIBC:Q) 40 Veresen Inc. (VSN:T) 32 Windstream Holdings Inc. (WIN:Q) 75 Verifone Systems, Inc. (PAY:N) 75 Winpak Ltd. (WPK:T) 23 Verisk Analytics Inc. (VRSK:Q) 41 Wintrust Financial Corporation (WTFC:Q) 40 Verizon Communications (VZ:N) 75 Wix.com Ltd. (WIX:Q) 71 ViaSat, Inc. (VSAT:Q) 73 Wolseley (WOS.L:L) 55 Vinci (SGEF.PA:EPA) 55 Workiva Inc. (WK:N) 68 Viper Energy Partners L.P. (VNOM:Q) 27 WPX Energy Inc. (WPX:N) 27 Virgin America Inc. (VA:Q) 78 WSP Global Inc. (WSP:T) 53 Virtus Investment Partners, Inc. (VRTS:Q) 36 Xilinx, Inc. (XLNX:Q) 74 Visa, Inc. (V:N) 75 XPO Logistics, Inc. (XPO:N) 79 Vishay Intertechnology, Inc. (VSH:N) 67 Yadkin Financial Corporation (YDKN:N) 40 Vivendi (VIV.PA:EPA) 77 Yahoo! Inc. (YHOO:Q) 72 VMware (VMW:N) 71 Yamana Gold Inc. (AUY:N) 58 VOC Energy Trust (VOC:N) 27 Yangarra Resources Ltd. (YGR:T) 32 Vodafone (VOD.L:L) 77 Yelp, Inc. (YELP:N) 72 Voya Financial Inc. (VOYA:N) 42 YPF (YPF:N) 35 W.W. Grainger, Inc. (GWW:N) 52 YRC Worldwide Inc. (YRCW:Q) 80 Wabtec Corporation (WAB:N) 79 Zayo Group Holdings, Inc. (ZAYO:N) 75 Wajax Corp. (WJX:T) 54 ZCL Composites (ZCL:T) 54 Walgreens Boots Alliance Inc. (WBA:Q) 48 Zillow Group, Inc. (Z:Q) 72 Wal-Mart Stores Inc. (WMT:N) 21 Zions Bancorporation (ZION:Q) 40 Washington Federal, Inc. (WAFD:Q) 40 Zodiac Aerospace (ZODC.PA:EPA) 55

Raymond James Research Register - January 2016 17

Consumer

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

Raymond James Research Register - January 2016 18

52 Week EPS

15

-

A E E

28

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Consumer - USA Budd Bugatch, CFA [email protected] Joseph Altobello, CFA [email protected] Sam Darkatsh [email protected] Joseph D. Hovorka [email protected] Brian M. Vaccaro, CFA [email protected] Dan Wewer, CFA [email protected] Benjamin Brownlow [email protected] Entertainment & Leisure Cruise Lines Carnival Corp. CCL N 2 M/GRW 54.19 58.00 54.62 42.51 15.9 1.58 2.26 A 3.40 Nov 42,106 2.2 JDH Royal Caribbean Cruises Ltd. RCL N 3 M/GRW 100.32 NM 100.99 65.91 34.0 3.43 2.95 5.85 Dec 22,171 1.0 JDH Leisure Products Arctic Cat, Inc. ACAT Q 1 H/GRW 16.31 25.00 39.72 15.44 NM 2.90 0.38 A 0.10 Mar 214 3.1 JDH Brunswick Corp. BC N 2 H/GRW 49.87 59.00 56.63 46.08 16.2 2.58 3.07 3.35 Dec 4,688 1.2 JDH Harley-Davidson, Inc. HOG N 3 M/GRW 45.77 NM 66.85 45.00 12.7 3.88 3.60 3.70 Dec 9,383 2.7 JDH Malibu Boats, Inc. MBUU Q 1 H/GRW 16.00 25.00 24.14 12.90 12.1 0.47 0.93 A 1.32 Jun 309 0.0 JDH Marine Products Corporation MPX N 3 H/GRW 6.14 NM 8.99 5.50 16.6 0.24 0.37 0.45 Dec 227 2.0 JDH MarineMax HZO N 1 H/GRW 18.12 26.00 28.69 13.86 25.9 0.46 1.92 A 0.70 Sep 451 0.0 JDH MCBC Holdings, Inc. MCFT Q 1 H/GRW 13.66 18.00 16.47 10.70 17.7 1.10 0.29 A 0.77 Jun 258 0.0 JDH Polaris Industries PII N 1 M/GRW 86.54 136.00 158.24 81.42 11.8 6.65 7.35 8.25 Dec 5,833 2.4 JDH Theaters Carmike Cinemas, Inc. CKEC Q 3 H/GRW 22.78 NM 34.94 18.93 NM (0.38) (0.14) 0.80 Dec 567 0.0 JDH Cinemark Holdings, Inc. CNK N 1 M/INC 32.79 43.00 45.68 30.91 17.4 1.68 1.88 2.18 Dec 3,784 3.0 JDH Regal Entertainment Group RGC N 1 M/INC 18.65 25.00 24.52 17.48 17.9 0.68 1.04 1.20 Dec 2,917 4.7 JDH Furniture & Furnishings Suppliers Office Furniture Herman Miller MLHR Q 3 H/GRW 28.54 NM 32.71 26.27 14.1 1.68 1.82 A 2.03 May 1,710 2.1 BB HNI Corporation HNI N 2 M/GRW 36.69 55.00 57.74 35.53 14.2 1.97 2.58 2.76 Dec 1,629 2.9 BB Knoll, Inc. KNL N 2 H/GRW 18.74 27.00 26.06 18.29 12.4 1.09 1.51 1.63 Dec 915 3.2 BB Steelcase, Inc. SCS N 3 M/GRW 14.73 NM 20.45 14.06 14.3 0.82 0.89 A 1.03 Feb 1,799 3.1 BB Residential Furniture Culp, Inc. CFI N 3 M/GRW 25.72 NM 35.23 19.22 14.1 1.31 1.55 A 1.83 Apr 319 1.1 BB Ethan Allen Interiors ETH N 2 H/GRW 28.04 31.00 32.63 23.33 17.0 1.45 1.41 A 1.65 Jun 796 2.0 BB La-Z-Boy Inc. LZB N 1 H/GRW 24.14 32.00 29.34 23.71 15.0 1.12 1.26 A 1.61 Apr 1,214 1.7 BB Leggett & Platt LEG N 2 M/INC 42.77 48.00 51.28 39.58 19.4 1.78 2.20 2.34 Dec 5,821 3.0 BB Select Comfort Corp. SCSS Q 1 H/GRW 21.01 35.00 35.75 19.90 13.7 1.21 1.53 1.79 Dec 1,063 0.0 BB Tempur Sealy International, Inc. TPX N 3 H/GRW 70.99 NM 82.61 49.00 22.3 2.65 3.18 3.78 Dec 4,394 0.0 BB Hardline Retail Automotive Aftermarket Retailers Advance Auto Parts, Inc. AAP N 1 H/GRW 150.55 200.00 201.24 142.63 19.2 7.78 7.84 8.93 Dec 11,020 0.2 DW AutoZone, Inc. AZO N 1 M/GRW 741.87 915.00 803.25 569.54 18.2 31.57 36.03 A 40.87 Aug 25,149 0.0 DW O`Reilly Automotive, Inc. ORLY Q 1 M/GRW 255.94 305.00 277.96 179.00 28.0 7.34 9.15 10.36 Dec 27,821 0.0 DW

Raymond James Research Register - January 2016 19

52 Week EPS

15

-

A E E

28

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Consumer - USA Consumer Electronics Retailers Best Buy Company, Incorporated BBY N 1 M/GRW 30.53 40.00 42.00 28.32 11.6 2.07 2.60 A 2.64 Jan 10,753 3.0 DW Convenience Stores Casey's General Stores, Inc. CASY Q 2 H/GRW 121.48 135.00 129.53 80.94 22.1 3.26 4.62 A 5.49 Apr 4,724 0.7 BBL,DW Core-Mark Holding Company, Inc. CORE Q 2 M/GRW 85.83 86.00 91.77 52.11 36.2 2.05 2.37 2.94 Dec 1,979 0.7 BBL,DW CST Brands, Inc. CST N 2 H/GRW 39.44 42.00 45.25 32.28 18.7 2.50 2.11 2.07 Dec 2,982 0.6 BBL,DW Murphy USA Inc. MUSA N 3 H/GRW 62.37 NM 73.97 47.73 18.1 4.66 3.45 4.09 Dec 2,599 0.0 BBL,DW TravelCenters of America LLC TA N 3 H/GRW 9.68 NM 18.10 9.02 9.4 1.66 1.03 0.86 Dec 372 0.0 BBL,DW Hardlines Duluth Holdings Inc. DLTH Q 2 H/GRW 14.74 18.00 16.97 12.76 25.4 0.60 0.58 0.65 Feb 476 0.0 DW The Michaels Companies, Inc. (f) MIK Q 2 M/GRW 22.05 27.00 30.00 20.08 12.9 1.48 1.71 1.88 Jan 4,607 0.0 DW Pet Food and Farm Supplies Tractor Supply Co. TSCO Q 1 M/GRW 85.99 110.00 96.28 74.52 27.7 2.66 3.10 3.61 Dec 12,185 0.9 DW Sporting Goods Cabela’s Inc. CAB N 3 H/GRW 46.51 NM 58.90 33.03 16.1 2.88 2.89 3.15 Dec 3,335 0.0 DW Callaway Golf Co. ELY N 3 H/GRW 9.70 NM 10.30 7.26 64.7 0.20 0.15 0.31 Dec 741 0.4 DW Dick`s Sporting Goods Inc. (f) DKS N 3 H/GRW 35.18 NM 60.33 33.42 12.0 2.87 2.92 3.30 Jan 4,405 1.6 DW Hibbett Sports, Inc. (f) HIBB Q 3 H/GRW 30.55 NM 55.74 27.58 10.6 2.87 2.89 3.15 Jan 797 0.0 DW Under Armour Inc. UA N 3 M/GRW 81.22 NM 105.89 63.77 78.1 0.95 1.04 1.33 Dec 17,617 0.0 DW Value Retailers Big Lots Inc. (f) BIG N 3 H/GRW 39.22 NM 51.11 37.41 13.1 2.46 3.00 3.21 Jan 2,185 1.9 DW Dollar General Corp. (f) DG N 1 M/GRW 71.99 85.00 81.42 59.75 18.3 3.50 3.93 4.51 Jan 22,338 1.2 DW Dollar Tree, Inc. (f) DLTR Q 1 H/GRW 77.24 90.00 84.22 60.31 29.4 3.12 2.63 3.65 Jan 16,043 0.0 DW Home & Building Products Appliances Whirlpool Corp. WHR N 1 M/INC 148.98 185.00 217.11 140.50 12.4 11.39 12.00 13.65 Dec 11,874 2.4 SD,BB Floor Coverings The Dixie Group DXYN Q 2 H/GRW 5.49 9.00 11.50 4.75 NM 0.01 0.05 0.42 Dec 86 0.0 SD,BB Interface, Inc. TILE Q 3 H/GRW 19.06 NM 27.17 15.13 16.9 0.62 1.13 1.32 Dec 1,256 1.0 SD,BB Mohawk Industries MHK N 1 H/GRW 190.44 240.00 212.16 151.15 18.7 8.15 10.18 12.10 Dec 14,169 0.0 SD,BB Hardware, Tools, & Decor Masco Corporation MAS N 2 H/GRW 28.51 32.00 30.61 20.42 24.2 0.90 1.18 1.50 Dec 9,636 1.3 SD,BB PGT, Inc. PGTI Q 1 H/GRW 11.31 15.00 16.28 8.28 19.5 0.43 0.58 0.72 Dec 572 0.0 SD,BB Stanley Black & Decker SWK N 3 M/INC 106.99 NM 111.18 90.08 18.1 5.37 5.90 6.45 Dec 16,134 2.1 SD,BB Outdoor Power Equipment & Services Briggs & Stratton BGG N 3 M/INC 16.71 NM 21.24 16.08 12.5 0.82 1.42 A 1.34 Jun 734 3.2 SD,BB The Toro Company TTC N 3 H/GRW 74.62 NM 78.47 60.42 18.9 3.02 3.55 A 3.95 Oct 4,201 1.6 SD,BB

Raymond James Research Register - January 2016 20

52 Week EPS

15

-

A E E

28

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Consumer - USA Home & Other Retailers Big Box Retailers Costco Wholesale Corporation COST Q 3 M/GRW 161.16 NM 169.73 117.03 29.1 4.65 5.25 A 5.54 Aug 70,580 1.0 BB The Home Depot Inc. (f) HD N 3 M/GRW 132.68 NM 135.47 92.17 24.9 4.58 5.33 6.10 Jan 168,238 1.8 BB Lowe`s Companies, Inc. (f) LOW N 3 M/GRW 76.44 NM 78.13 64.22 23.2 2.68 3.30 3.92 Jan 70,095 1.5 BB Lumber Liquidators Holdings, Inc. LL N 3 H/SPEC 17.80 NM 69.99 11.62 NM 2.31 (0.71) 0.07 Dec 482 0.0 BB Wal-Mart Stores Inc. WMT N 1 M/GRW 60.75 82.00 90.97 56.30 13.2 5.11 5.07 A 4.60 Jan 194,947 3.2 BB Furniture & Furnishings Aaron's Inc. AAN N 3 M/GRW 22.56 NM 40.80 21.32 10.6 1.69 2.12 2.20 Dec 1,638 0.4 BB Bed Bath & Beyond (f) BBBY Q 1 M/GRW 48.73 75.00 79.64 47.98 9.7 5.03 5.00 5.25 Feb 8,488 0.0 BB Haverty Furniture Companies Inc. HVT N 2 H/GRW 21.75 25.00 26.00 20.53 17.7 1.28 1.23 1.45 Dec 482 1.8 BB Mattress Firm Holding Corp. (f) MFRM Q 2 H/GRW 43.53 60.00 70.42 38.66 18.2 2.03 2.39 3.00 Jan 1,535 0.0 BB Pier 1 Imports Incorporated PIR N 1 H/GRW 4.87 12.00 17.52 4.55 11.1 1.01 0.84 A 0.44 Feb 438 5.7 BB Rent-A-Center Inc. RCII Q 2 H/INC 14.96 25.00 37.49 14.81 7.5 1.95 2.00 2.00 Dec 794 6.4 BB Restoration Hardware Holdings, Inc. RH N 2 H/GRW 79.71 110.00 106.49 76.42 25.5 2.36 3.13 3.98 Jan 3,220 0.0 BB Williams-Sonoma (f) WSM N 3 M/GRW 58.98 NM 89.38 57.95 17.4 3.20 3.39 3.81 Jan 5,309 2.4 BB Household & Personal Care Products Church & Dwight Co., Inc. CHD N 3 M/GRW 85.35 NM 90.73 77.39 26.3 3.01 3.24 3.57 Dec 11,180 1.6 JA The Clorox Company CLX N 3 M/INC 128.06 NM 131.78 102.95 26.4 4.39 4.57 A 4.85 Jun 16,470 2.4 JA Colgate-Palmolive Company CL N 3 M/GRW 66.89 NM 71.56 50.84 23.8 2.93 2.81 2.95 Dec 59,995 2.3 JA Elizabeth Arden Inc. RDEN Q 4 NM 10.46 NM 21.67 9.10 NM (0.55) (2.58) A (0.95) Jun 312 0.0 JA Estee Lauder Companies EL N 2 M/GRW 88.66 93.00 91.68 70.38 27.7 3.16 2.83 A 3.20 Jun 33,237 1.4 JA Inter Parfums, Inc. IPAR Q 3 M/GRW 24.23 NM 35.22 22.33 24.2 0.95 1.00 1.15 Dec 751 2.1 JA Jarden Corporation JAH N 3 H/GRW 57.36 NM 57.97 43.19 21.1 2.70 2.72 3.20 Dec 12,063 0.0 JA Newell Rubbermaid Inc. NWL N 3 M/GRW 44.37 NM 50.90 36.33 20.4 2.00 2.18 2.40 Dec 12,100 1.7 JA Prestige Brands Holdings Inc. PBH N 3 H/GRW 51.30 NM 54.25 33.25 24.4 1.53 1.86 A 2.10 Mar 2,683 0.0 JA The Procter & Gamble Company PG N 3 M/GRW 79.92 NM 93.43 65.02 21.2 4.09 3.76 A 3.77 Jun 216,943 3.3 JA Sally Beauty Holdings Inc. SBH N 2 H/GRW 27.91 29.00 35.27 21.94 16.9 1.53 1.53 A 1.65 Sep 4,227 0.0 JA The Scotts Miracle-Gro Company SMG N 3 H/GRW 65.32 NM 72.26 58.11 16.7 3.29 3.53 A 3.90 Sep 3,985 2.9 JA Spectrum Brands Holdings, Inc. SPB N 2 H/GRW 102.24 106.00 106.55 86.02 20.9 NA 4.31 A 4.90 Sep 6,073 1.3 JA Ulta Salon, Cosmetics & Fragrance, Inc. (f) ULTA Q 2 H/GRW 184.77 205.00 188.48 120.38 38.1 3.98 4.85 5.85 Jan 11,782 0.0 JA

Raymond James Research Register - January 2016 21

52 Week EPS

15

-

A E E

28

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Consumer - USA Restaurants Bloomin' Brands, Inc. BLMN Q 2 H/GRW 17.01 22.00 26.25 15.90 13.4 1.10 1.27 1.40 Dec 2,121 1.4 BV Brinker International EAT N 3 M/GRW 47.65 NM 63.40 43.20 13.4 2.71 3.09 A 3.55 Jun 2,916 2.7 BV Buffalo Wild Wings, Inc. BWLD Q 3 H/GRW 160.95 NM 205.83 147.69 31.0 4.95 5.20 6.75 Dec 3,090 0.0 BV Carrols Restaurant Group, Inc. TAST Q 1 H/GRW 11.89 14.50 14.00 7.15 91.5 (0.44) 0.13 0.47 Dec 531 0.0 BV Cheesecake Factory Inc. CAKE Q 3 M/GRW 46.53 NM 58.86 45.17 19.8 1.97 2.35 2.63 Dec 2,354 1.7 BV Chipotle Mexican Grill, Inc. CMG N 3 H/GRW 493.52 NM 758.61 482.23 31.9 14.13 15.48 17.25 Dec 15,546 0.0 BV Chuy's Holdings, Inc. CHUY Q 2 H/GRW 31.29 37.00 35.76 18.40 36.0 0.69 0.87 1.03 Dec 526 0.0 BV Darden Restaurants DRI N 3 M/GRW 64.30 NM 67.70 51.53 19.4 1.71 2.63 A 3.32 May 8,353 3.1 BV Dave & Buster’s Entertainment, Inc. PLAY Q 2 H/GRW 41.41 49.00 43.35 24.76 29.6 0.76 1.40 1.65 Jan 1,776 0.0 BV Del Frisco’s Restaurant Group, Inc. DFRG Q 2 H/GRW 15.81 18.00 25.95 12.25 19.8 0.82 0.80 0.92 Dec 370 0.0 BV DineEquity, Inc. DIN N 2 M/GRW 85.57 110.00 114.23 80.56 14.4 4.72 5.95 6.35 Dec 1,609 4.3 BV Fiesta Restaurant Group, Inc. FRGI Q 1 H/GRW 34.00 45.00 69.00 31.70 22.4 1.35 1.52 1.68 Dec 903 0.0 BV The Habit Restaurants, Inc. HABT Q 2 H/GRW 23.64 33.00 40.50 20.76 84.4 0.16 0.28 0.35 Dec 615 0.0 BV Kona Grill, Inc. KONA Q 2 H/GRW 15.72 19.00 28.66 12.20 NM 0.07 (0.39) (0.33) Dec 177 0.0 BV McDonald's Corporation MCD N 3 M/GRW 118.75 NM 118.99 87.50 24.3 5.08 4.88 5.38 Dec 113,715 3.0 BV Panera Bread Co. PNRA Q 3 M/GRW 196.39 NM 208.00 153.00 32.1 6.69 6.12 6.50 Dec 5,008 0.0 BV Papa Murphy's Holdings, Inc. FRSH Q 2 H/GRW 11.54 17.00 22.72 10.41 26.2 0.43 0.44 0.55 Dec 195 0.0 BV Red Robin Gourmet Burgers, Inc. RRGB Q 1 H/GRW 61.70 90.00 95.00 60.07 19.5 2.66 3.17 3.55 Dec 882 0.0 BV Ruth`s Hospitality Group, Inc. RUTH Q 3 M/GRW 16.14 NM 17.82 14.01 18.3 0.74 0.88 1.00 Dec 555 1.5 BV Texas Roadhouse, Inc. TXRH Q 2 H/GRW 35.83 42.00 40.82 31.55 26.5 1.23 1.35 1.75 Dec 2,533 1.9 BV

Raymond James Research Register - January 2016 22

52 Week EPS

15

-

A E E

28

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Consumer - CAN Kenric S. Tyghe, MBA [email protected] Consumer & Retail AIMIA (ae) AIM T 2 M/GRW C$9.73 15.00 14.98 7.90 NM 315 221 241 Dec 1,596 8.3 KT Canadian Tire Corporation CTC.A T 2 M/GRW C$118.84 155.00 137.48 108.14 14.6 7.94 8.12 8.63 Dec 9,032 1.9 KT Cara Operations Limited CAO T 2 M/GRW C$30.71 38.00 36.99 27.97 24.8 0.29 1.24 1.51 Dec 1,628 1.3 KT Cineplex Inc. CGX T 2 M/INC C$47.73 56.00 51.50 42.00 30.8 1.21 1.55 2.07 Dec 3,007 3.3 KT Dollarama DOL T 2 M/GRW C$80.14 95.00 93.91 56.56 27.5 1.74 2.19 A 2.91 Jan 10,258 0.4 KT Empire Company Limited EMP.A T 3 M/GRW C$25.95 28.00 31.98 24.50 15.6 0.54 1.87 A 1.66 Apr 7,149 1.5 KT Gildan Activewear GIL N 1 M/GRW US$28.72 38.00 35.15 26.30 19.4 1.14 1.48 1.95 Dec 7,008 0.9 KT Glacier Media Inc. GVC T 3 H/SPEC C$0.78 0.85 1.69 0.56 7.1 0.20 0.11 0.05 Dec 69 0.0 KT Great Canadian Gaming GC T 2 H/GRW C$15.21 24.00 24.81 14.87 13.5 1.08 1.13 1.27 Dec 1,031 0.0 KT Loblaw Companies Ltd. L T 2 M/GRW C$65.87 78.00 74.45 58.03 19.2 3.10 3.43 3.96 Dec 27,402 1.5 KT Metro, Inc. MRU T 2 M/GRW C$39.37 42.00 39.72 29.76 17.3 1.71 2.03 A 2.28 Sep 9,709 1.4 KT Sleep Country Canada Holdings Inc. ZZZ T 3 M/INC C$17.20 19.00 19.94 14.09 16.2 0.58 1.06 1.16 Dec 654 3.0 KT Winpak Ltd. WPK T 2 M/GRW C$45.21 45.00 47.56 31.75 29.5 1.21 1.53 1.76 Dec 2,939 0.3 KT

52 Week EPS

15

-

A E E

28

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Consumer - EUR Hermine de Bentzmann, RJEE [email protected] Cedric Lecasble, RJEE [email protected] Julien Richer, CFA, RJEE [email protected] Consumer Goods Beverages Campari CPR.MI BIT 4 €7.86 7.00 8.52 4.89 26.2 0.27 0.30 0.32 Dec 4,567 1.1 HB Diageo DGE.L L 3 1,857p NM 2,055 1,593 21.7 95.50 88.80 A 85.60 Jun £46,672 3.2 HB Pernod Ricard PERP.PA EPA 2 €104.00 123.00 117.75 87.95 19.0 4.46 4.99 A 5.46 Jun 27,604 1.9 HB Remy Cointreau RCOP.PA EPA 3 €65.64 NM 75.00 50.29 31.6 1.63 1.95 A 2.08 Mar 3,199 2.6 HB Eyecare & Eyewear Essilor ESSI.PA EPA 2 €114.25 119.00 125.15 88.72 31.9 2.99 3.58 4.08 Dec 24,232 1.1 CL Luxottica LUX.MI BIT 3 €59.75 NM 67.80 44.80 32.7 1.42 1.83 2.08 Dec 28,650 1.5 CL

Raymond James Research Register - January 2016 23

52 Week EPS

15

-

A E E

28

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Consumer - EUR Home & Personal Care Beiersdorf BEIG.DE ETR 4 €83.04 69.00 89.54 65.69 29.3 2.53 2.83 3.03 Dec 20,926 0.9 HB BIC BB.FP EPA 3 €151.60 NM 162.20 105.40 22.3 5.58 6.79 7.12 Dec 7,292 2.2 HB Henkel HNKG_p.DE ETR 2 €102.35 114.00 115.70 87.16 20.9 4.38 4.90 5.33 Dec 41,196 1.4 HB L'Oréal OREP.PA EPA 3 €154.80 NM 181.30 133.40 25.0 5.34 6.19 6.59 Dec 86,645 2.0 HB RB RB.L L 3 6,226p NM 6,450 5,060 26.3 268.00 237.00 250.00 Dec £44,343 2.0 HB Luxury Goods Christian Dior DIOR.PA EPA 2 €157.35 194.00 195.35 135.60 16.3 7.90 8.17 A 9.68 Jun 28,590 3.1 HB Kering KER.PA EPA 3 €158.00 NM 198.50 136.75 17.9 9.35 8.84 9.92 Dec 19,951 2.8 HB LVMH LVMH.PA EPA 2 €144.10 179.00 176.60 123.50 19.0 6.46 7.59 8.21 Dec 73,220 2.4 HB Salvatore Ferragamo SFER.MI BIT 1 €21.65 29.00 32.55 19.75 22.6 0.93 0.96 1.15 Dec 3,654 2.2 HB Tod's Group TOD.MI BIT 4 €73.00 68.00 98.00 68.55 23.5 3.17 3.11 3.46 Dec 2,235 2.7 HB Foodservices Autogrill AGL.BIT BIT 2 €8.78 10.00 9.42 6.04 33.8 0.10 0.26 0.35 Dec 2,230 0.0 JR Compass Group CPG.L L 3 1,160p NM 1,223 963 20.2 48.80 52.30 A 57.51 Sep £19,082 2.5 JR Edenred EDEN.PA EPA 2 €17.18 19.00 27.15 14.19 19.1 0.73 0.90 1.13 Dec 3,964 4.5 JR Elior ELIOR.PA EPA 2 €19.26 23.00 19.84 11.99 23.2 0.38 0.83 0.88 Sep 3,312 1.7 JR Sodexo EXHO.PA EPA 4 €90.01 92.00 96.40 70.45 22.0 3.23 4.60 A 4.09 Aug 14,141 2.5 JR Retail Apparel H&M HMb.ST STO 4 SEK298.20 260.00 368.50 292.20 22.9 12.07 13.05 13.83 Nov 493,551 3.3 CL Inditex ITX.MC MAD 3 €31.49 NM 35.38 22.61 33.5 0.80 0.94 1.05 Jan 98,145 1.9 CL Consumer Electronics Fnac FNAC.PA EPA 2 €53.82 65.00 64.95 38.99 16.4 2.97 3.28 3.38 Dec 893 0.0 CL Food Retail Ahold AHLN.AS AMS 3 €19.73 NM 20.93 14.20 20.1 0.88 0.98 1.09 Dec 17,634 2.4 CL Carrefour CARR.PA EPA 2 €26.80 32.00 33.25 23.55 17.1 1.47 1.57 1.85 Dec 19,791 2.7 CL Casino CASP.PA EPA 2 €42.48 56.00 87.89 38.75 13.4 4.91 3.18 3.74 Dec 4,808 7.3 CL Colruyt COLR.BR EBR 4 €48.12 40.00 49.37 37.06 19.2 2.42 2.51 2.57 Mar 7,537 2.2 CL Delhaize DELB.BR EBR 3 €90.39 NM 95.99 58.90 18.8 0.87 4.81 5.15 Dec 9,357 1.5 CL Dia DIDA.MC MAD 1 €5.56 7.30 7.70 4.94 13.5 0.42 0.41 0.46 Dec 3,458 3.2 CL Jeronimo Martins JMT.LS ELI 3 €11.86 NM 13.86 7.56 22.4 0.48 0.53 0.58 Dec 7,463 2.2 CL Metro MEOG.DE ETR 2 €29.21 36.00 34.81 23.05 16.8 1.84 1.74 1.85 Sep 9,544 3.1 CL Rallye GENC.PA EPA 3 €13.69 NM 37.35 11.81 17.1 1.07 0.80 1.35 Dec 668 13.4 CL Sporting Goods Adidas ADSGn.DE ETR 4 €89.09 75.00 94.50 53.80 25.5 3.05 3.50 3.93 Dec 18,639 1.9 CL Puma PUMG.DE ETR 3 €194.70 NM 219.30 140.95 75.2 4.29 2.59 4.18 Dec 2,936 0.3 CL

Raymond James Research Register - January 2016 24

Energy

USA Canada Europe Exploration and Production ...... 26 Alternative Energy & Clean Tech ...... 32 Utilities ...... 34 Independent Refiners ...... 28 Energy Infrastructure ...... 32 Electricity & Gas ...... 34 Integrated Oil and Gas ...... 28 Midstream ...... 32 Environmental Services ...... 34 Midstream Suppliers...... 29 Intermediate Oil & Gas Producers ...... 32 Oilfield Services ...... 30 Junior Oil & Gas Producers ...... 33 Compression ...... 30 Oil & Gas Energy Services ...... 33 Diversified Oilfield Services ...... 30 Contract Drillers ...... 33 Manufacturing & Fabrication ...... 30 Facilities & Infrastructure ...... 33 Argentina Offshore Construction ...... 30 Pressure Pumpers ...... 33 Electric Utilities ...... 34 Offshore Drillers ...... 30 Well Site & Other Services ...... 33 Exploration and Production ...... 34 Onshore Drillers...... 31 Oil Sands ...... 33 Gas Utility ...... 35 Production/Workover/Miscellaneous ...... 31 Senior Oil & Gas Producers ...... 33 Integrated Oil and Gas ...... 35 Renewable Energy and Clean Technology ...... 31 Oilfield Services ...... 35 Fuels and Chemicals ...... 31 Manufacturing & Fabrication ...... 35 Power ...... 31

Raymond James Research Register - January 2016 25

52 Week EPS

15

-

P/E

A E E

28

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

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

Exploration and Production Anadarko Petroleum Corp. APC N 2 H/GRW 49.69 74.00 95.94 44.50 NM 4.13 (2.73) (3.62) Dec 25,247 2.2 JF,KS Antero Resources Corporation AR N 2 H/GRW 22.54 30.00 46.06 18.50 55.0 1.20 0.41 0.45 Dec 6,244 0.0 JF,KS Apache Corporation APA N 2 H/GRW 44.92 57.00 71.87 35.79 NM 5.60 (0.64) 0.19 Dec 16,981 2.2 JF,KS Black Stone Minerals L.P. (cu) BSM N 2 H/INC 14.57 18.00 19.46 12.03 21.1 NA 0.69 1.13 Dec 2,786 7.2 KS Bonanza Creek Energy, Inc. BCEI N 3 H/GRW 5.23 NM 30.81 3.72 NM 1.64 (0.41) (1.30) Dec 260 0.0 KS,JF Cabot Oil & Gas Corp. COG N 3 H/GRW 17.24 NM 35.64 14.94 NM 0.96 0.16 0.04 Dec 7,135 0.5 KS,JF California Resources Corporation CRC N 3 H/GRW 2.10 NM 9.87 1.76 NM 1.70 (0.89) (0.65) Dec 805 0.0 PM Chesapeake Energy Corp. CHK N 3 H/GRW 4.07 NM 21.49 3.56 NM 1.88 (0.42) (1.23) Dec 2,700 8.6 JF,KS Chesapeake Granite Wash Trust (cu) CHKR N 4 NM 3.19 NM 9.34 2.98 2.6 2.18 1.25 0.61 Dec 149 40.1 KS Cimarex Energy Co. XEC N 3 H/GRW 89.30 NM 132.18 85.00 NM 5.79 (0.51) 0.81 Dec 8,444 0.7 JF,KS Clayton Williams Energy, Inc. CWEI N 3 H/GRW 29.10 NM 73.15 28.50 NM 4.61 (5.30) (4.42) Dec 354 0.0 KS Concho Resources Inc. CXO N 1 H/GRW 90.50 146.00 134.13 85.87 73.0 4.06 1.24 0.76 Dec 10,886 0.0 JF,KS ConocoPhillips COP N 3 M/INC 47.19 NM 70.68 41.10 NM 5.31 (0.72) 0.71 Dec 58,563 6.3 PM CONSOL Energy Inc. CNX N 3 H/GRW 7.87 NM 35.50 6.30 NM 0.87 (0.10) 0.39 Dec 1,803 0.5 KS,JF Continental Resources Inc. CLR N 2 H/GRW 22.65 41.00 53.65 19.60 NM 3.43 (0.28) (0.09) Dec 8,448 0.0 JF,KS Denbury Resources Inc. DNR N 4 NM 2.03 NM 9.53 1.72 4.4 1.04 0.46 0.07 Dec 716 3.0 KS,JF Devon Energy Corporation DVN N 2 H/GRW 31.69 50.00 70.48 28.00 12.0 4.91 2.64 1.05 Dec 13,025 3.0 KS,JF Diamondback Energy, Inc. FANG Q 2 H/GRW 65.43 92.00 85.82 55.53 40.1 2.31 1.63 1.03 Dec 4,361 0.0 JF,KS ECA Marcellus Trust I (cu) ECT N 4 NM 1.52 NM 4.75 1.33 5.4 1.00 0.28 0.18 Dec 27 18.4 KS Energen Corp. EGN N 2 H/GRW 42.46 68.00 77.12 40.56 41.2 2.71 1.03 (0.78) Dec 3,344 0.2 JF,KS EOG Resources, Inc. EOG N 3 H/GRW 70.49 NM 101.36 68.15 NM 4.95 0.12 0.55 Dec 38,746 1.0 KS,JF EV Energy Partners L.P. EVEP Q 3 H/INC 2.58 NM 21.49 1.91 6.8 2.37 0.38 (1.17) Dec 126 77.5 KS Hess Corp. HES N 2 H/GRW 48.99 75.00 79.00 47.04 NM 4.25 (3.87) (3.09) Dec 13,889 2.0 PM InterOil Corp. IOC N 2 H/SPEC 30.86 70.00 61.15 28.50 NM (2.31) (2.08) (1.66) Dec 1,528 0.0 PM Kosmos Energy Ltd. KOS N 3 H/GRW 5.27 NM 10.03 4.62 NM 0.27 (0.20) (0.10) Dec 2,058 0.0 PM Laredo Petroleum Inc. LPI N 2 H/GRW 8.28 15.00 16.18 6.35 26.7 0.96 0.31 0.37 Dec 1,771 0.0 JF,KS Legacy Reserves L.P. LGCY Q 3 H/INC 1.35 NM 15.55 1.04 NM 0.29 (0.54) (1.02) Dec 93 44.4 KS LINN Energy, LLC LINE Q 3 H/GRW 1.48 NM 14.93 1.06 0.9 2.25 1.73 0.45 Dec 525 0.0 KS LinnCo, LLC LNCO Q 3 H/GRW 1.08 NM 14.52 0.90 0.6 2.25 1.73 0.45 Dec 364 0.0 KS

Raymond James Research Register - January 2016 26

52 Week EPS

15

-

P/E

A E E

28

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Energy - USA Exploration and Production Marathon Oil Corp. MRO N 2 M/GRW 12.98 24.00 31.53 12.11 NM 2.53 (1.16) (0.69) Dec 8,787 1.5 PM Memorial Production Partners L.P. MEMP Q 3 H/INC 2.53 NM 18.71 1.57 NM 0.67 0.01 (0.12) Dec 210 47.4 KS Memorial Resource Development Corp MRD Q 2 H/GRW 15.90 26.00 21.57 13.37 40.8 0.48 0.39 0.38 Dec 3,265 0.0 JF,KS Mid-Con Energy Partners L.P. MCEP Q 4 NM 1.20 NM 7.21 1.05 4.6 1.06 0.26 0.13 Dec 36 0.0 KS Murphy Oil Corp. MUR N 4 NM 22.37 NM 52.00 21.26 NM 3.40 (2.77) (0.51) Dec 3,852 6.3 PM MV Oil Trust (cu) MVO N 3 H/INC 5.05 NM 17.10 4.81 6.2 3.25 0.81 1.06 Dec 58 16.6 KS National Fuel Gas Company NFG N 3 H/GRW 43.08 NM 72.21 37.03 16.3 3.44 2.97 A 2.64 Sep 3,644 3.7 KS,JF Newfield Exploration Company NFX N 3 H/GRW 32.34 NM 41.34 22.31 39.4 1.76 0.82 0.19 Dec 5,284 0.0 KS,JF Noble Energy, Inc. NBL N 3 H/GRW 33.02 NM 53.68 29.13 NM 2.41 0.02 (0.16) Dec 14,232 2.2 JF,KS Northern Oil & Gas Inc. NOG M 3 H/GRW 3.98 NM 9.51 3.36 5.1 0.94 0.78 (0.23) Dec 245 0.0 JF,KS Oasis Petroleum Inc. OAS N 2 H/GRW 7.05 15.00 19.63 6.34 7.9 2.20 0.89 (0.39) Dec 981 0.0 JF,KS Occidental Petroleum Corp. OXY N 1 M/INC 67.99 80.00 83.74 63.60 NM 5.86 0.29 1.34 Dec 51,897 4.4 PM Parsley Energy, Inc. PE N 2 H/GRW 17.22 24.00 20.33 13.29 NM 0.33 (0.24) (0.10) Dec 1,887 0.0 JF,KS Pioneer Natural Resources Company PXD N 1 H/GRW 121.58 190.00 181.97 105.83 NM 5.00 (0.14) 1.07 Dec 18,161 0.1 JF,KS QEP Resources, Inc. QEP N 2 H/GRW 13.09 18.00 24.04 11.03 NM 1.39 0.13 (1.00) Dec 2,313 0.6 KS,JF Range Resources Corp. RRC N 2 H/GRW 24.30 38.00 65.53 20.79 83.8 1.58 0.29 0.14 Dec 4,114 0.7 KS,JF Resolute Energy Corp. REN N 4 NM 0.77 NM 1.80 0.25 NM (0.32) (0.41) 0.03 Dec 60 0.0 JF,KS RSP Permian Inc. RSPP N 2 H/GRW 24.35 35.00 31.15 19.20 49.7 0.90 0.49 0.31 Dec 2,242 0.0 JF,KS SandRidge Energy Inc. SD N 4 NM 0.20 NM 2.53 0.19 NM 0.25 (0.24) (0.61) Dec 107 0.0 JF,KS SandRidge Mississippian Trust I (cu) SDT N 3 H/INC 2.34 NM 5.43 2.01 1.8 1.34 1.27 0.34 Dec 66 51.3 KS SandRidge Mississippian Trust II (cu) SDR N 3 H/INC 1.68 NM 5.34 1.34 1.8 1.82 0.92 0.52 Dec 83 53.0 KS SandRidge Permian Trust (cu) PER N 3 H/INC 2.55 NM 8.78 2.01 1.7 2.55 1.54 0.76 Dec 134 39.2 KS SM Energy Company SM N 2 H/GRW 19.06 47.50 60.28 18.21 NM 5.64 0.07 (1.29) Dec 1,295 0.5 KS,JF Southwestern Energy Company SWN N 3 H/GRW 6.85 NM 29.61 5.00 34.2 2.27 0.20 (0.53) Dec 2,634 0.0 KS,JF TransGlobe Energy Corp. TGA Q 2 H/GRW 1.67 5.00 4.83 1.51 NM 0.71 (0.23) (0.05) Dec 133 6.0 PM Ultra Petroleum Corporation UPL N 3 H/GRW 2.48 NM 18.04 1.85 4.9 2.55 0.51 (0.88) Dec 384 0.0 KS,JF Vanguard Natural Resources, LLC VNR Q 2 H/INC 3.03 6.00 19.50 2.41 NM 1.10 (0.09) 0.10 Dec 264 11.9 KS Viper Energy Partners L.P. (cu) VNOM Q 3 H/INC 14.51 NM 22.10 13.31 17.7 0.50 0.82 1.04 Dec 1,157 5.5 KS VOC Energy Trust (cu) VOC N 3 H/INC 2.63 NM 6.50 2.26 5.8 1.38 0.45 0.39 Dec 45 17.1 KS Whiting Petroleum Corp. WLL N 2 H/GRW 8.81 26.00 41.57 8.12 NM 4.07 (0.73) (0.53) Dec 1,798 0.0 JF,KS Whiting USA Trust II (cu) WHZ N 2 H/INC 0.71 2.50 8.47 0.69 3.9 2.47 0.18 0.50 Dec 13 5.7 KS WPX Energy Inc. WPX N 2 H/GRW 5.20 10.00 14.65 5.15 NM 0.28 (0.59) (2.36) Dec 1,432 0.0 KS,JF

Raymond James Research Register - January 2016 27

52 Week EPS

15

-

P/E

A E E

28

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Energy - USA Independent Refiners Delek US Holdings, Inc. DK N 2 H/GRW 24.54 30.00 41.15 22.11 13.9 4.23 1.76 2.00 Dec 1,563 2.4 JJ HollyFrontier Corp. HFC N 3 H/GRW 40.61 NM 54.73 30.15 8.0 2.66 5.10 3.75 Dec 7,606 3.3 JJ Marathon Petroleum Corp. MPC N 2 H/GRW 51.60 60.00 60.38 37.62 8.8 4.47 5.87 4.75 Dec 27,761 2.5 JJ PBF Energy, Inc. PBF N 3 H/GRW 35.96 NM 41.75 22.89 8.8 4.52 4.09 4.50 Dec 3,290 3.3 JJ Phillips 66 PSX N 2 H/GRW 82.46 95.00 94.12 57.33 10.5 6.62 7.86 7.50 Dec 44,916 2.7 JJ Tesoro Corp. TSO N 3 H/GRW 102.42 NM 119.67 64.16 7.2 6.90 14.32 8.50 Dec 12,680 2.0 JJ Valero Energy Corp. VLO N 2 H/GRW 70.62 75.00 73.88 43.45 8.0 6.58 8.82 7.50 Dec 35,875 2.3 JJ Western Refining, Inc. WNR N 3 H/GRW 35.71 NM 51.31 31.83 6.9 4.72 5.17 4.00 Dec 3,345 4.3 JJ Integrated Oil and Gas BP plc (ed, r) BP N 3 M/INC 31.71 NM 43.85 29.35 16.8 NA 1.89 1.83 Dec 97,093 7.6 PM Chevron Corp. CVX N 2 M/INC 90.36 95.00 114.38 69.58 30.4 9.46 2.97 4.30 Dec 169,190 4.7 PM Ecopetrol S.A. (ed, r) EC N 3 H/GRW 7.22 NM 19.91 6.44 21.9 2.03 0.33 0.55 Dec 14,843 3.5 PM Exxon Mobil Corp. XOM N 4 NM 78.74 NM 93.86 66.55 20.3 7.60 3.87 4.26 Dec 329,921 3.7 PM Petróleo Brasileiro S.A. (ed, r) PBR N 3 H/GRW 4.45 NM 10.55 3.72 NM 1.22 0.02 0.27 Dec 29,023 0.0 PM

Raymond James Research Register - January 2016 28

52 Week EPS

15

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P/E

A E E

28

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Energy - USA Midstream Suppliers AmeriGas Partners L.P. APU N 3 H/INC 34.02 NM 52.72 30.80 12.6 2.83 1.92 A 2.70 Sep 3,160 10.8 DH,BBL Antero Midstream Partners L.P. AM N 1 H/GRW 21.92 30.00 29.76 16.47 35.9 0.09 0.61 1.50 Dec 3,853 3.7 DH Boardwalk Pipeline Partners L.P. BWP N 3 H/INC 12.38 NM 18.32 10.54 14.9 0.58 0.83 0.91 Dec 3,099 3.2 DH Calumet Specialty Products Partners L.P. CLMT Q 3 H/INC 19.76 NM 29.14 17.70 NM (1.80) (0.48) 2.02 Dec 1,497 13.9 JJ,DH Capital Product Partners L.P. CPLP Q 3 H/INC 5.40 NM 10.06 4.63 15.0 0.31 0.36 0.44 Dec 574 17.7 BBL,DH Cheniere Energy Partners L.P. CQP M 3 H/INC 26.40 NM 34.55 20.15 NM (0.87) (0.38) 0.38 Dec 8,918 6.4 DH,PM Cheniere Energy, Inc. LNG M 3 H/GRW 37.26 NM 82.32 35.09 NM (1.93) (1.92) (1.86) Dec 8,462 0.0 PM,DH Crestwood Equity Partners L.P. CEQP N 2 H/INC 19.91 50.00 84.60 13.14 NM 3.00 (2.30) (1.40) Dec 370 27.6 DH CrossAmerica Partners L.P. CAPL N 2 H/INC 25.11 32.00 40.87 20.00 81.0 (0.25) 0.31 0.73 Dec 831 9.2 BBL,DH Delek Logistics Partners L.P. DKL N 2 H/INC 30.00 40.00 48.46 28.05 10.8 2.87 2.77 3.65 Dec 732 7.6 DH,JJ Energy Transfer Equity L.P. ETE N 1 H/GRW 13.47 28.00 35.44 10.84 9.2 0.59 1.46 2.14 Dec 14,073 7.9 DH Energy Transfer Partners L.P. ETP N 2 H/INC 33.40 48.00 66.85 27.44 30.1 1.86 1.11 1.83 Dec 22,908 12.6 DH EnLink Midstream LLC ENLC N 2 H/GRW 15.49 18.00 37.00 11.72 NM 0.55 (0.69) 1.97 Dec 2,540 6.6 DH EnLink Midstream Partners L.P. ENLK N 3 H/INC 16.18 NM 30.31 12.01 NM 0.59 (2.02) 0.72 Dec 3,721 9.6 DH Enterprise Products Partners L.P. EPD N 1 H/INC 24.94 31.00 37.19 20.76 19.6 1.47 1.27 1.39 Dec 46,738 6.2 DH Ferrellgas Partners L.P. FGP N 4 NM 17.00 NM 25.58 14.55 NM 0.41 0.28 A (0.02) Jul 1,724 12.1 BBL,DH Genesis Energy L.P. GEL N 2 H/INC 35.70 50.00 50.04 27.40 8.1 1.18 4.40 2.38 Dec 3,926 7.2 DH,JJ Global Partners L.P. GLP N 3 H/INC 16.50 NM 42.74 14.80 13.8 3.96 1.20 1.10 Dec 556 16.9 DH,JJ Golar LNG Partners L.P. GMLP Q 3 H/INC 13.63 NM 32.28 7.55 5.6 2.77 2.44 2.84 Dec 840 16.9 BBL,DH Holly Energy Partners L.P. HEP N 3 H/INC 29.82 NM 36.40 26.25 19.2 1.21 1.55 1.81 Dec 1,749 7.4 DH,JJ Kinder Morgan, Inc. KMI N 2 H/INC 15.26 20.00 44.71 14.22 25.4 0.90 0.60 0.68 Dec 33,998 13.4 DH KNOT Offshore Partners L.P. KNOP N 2 H/INC 13.00 19.00 26.49 10.38 9.7 1.34 1.34 1.73 Dec 380 15.7 BBL,DH Magellan Midstream Partners L.P. MMP N 2 H/INC 67.69 75.00 86.71 54.51 19.3 3.69 3.51 3.78 Dec 15,395 4.4 DH,JJ Martin Midstream Partners L.P. MMLP Q 2 H/INC 20.99 32.00 38.61 18.08 27.3 (0.40) 0.77 0.98 Dec 744 15.5 DH NGL Energy Partners L.P. NGL N 2 H/INC 10.17 14.00 33.64 8.04 NM 0.39 (0.36) A (0.20) Mar 1,057 25.2 DH NuStar Energy L.P. NS N 3 H/INC 37.66 NM 68.10 31.20 11.5 2.10 3.27 2.33 Dec 2,933 11.6 DH,JJ NuStar GP Holdings, LLC NSH N 3 H/INC 18.63 NM 39.94 15.06 10.6 1.44 1.76 1.51 Dec 799 11.7 DH,JJ PennTex Midstream Partners L.P. PTXP Q 2 H/INC 12.22 19.00 21.02 12.09 48.9 NA 0.25 0.82 Dec 489 9.0 DH Plains All American Pipeline L.P. PAA N 2 H/INC 23.65 35.00 52.70 17.83 15.3 2.43 1.55 1.80 Dec 9,406 11.8 DH,JJ Plains GP Holdings L.P. PAGP N 2 H/INC 9.32 15.00 29.87 7.18 15.3 0.48 0.61 0.77 Dec 2,088 9.9 DH,JJ Rose Rock Midstream L.P. RRMS N 2 H/INC 15.98 29.00 54.06 14.47 12.4 1.69 1.29 1.83 Dec 588 16.5 DH,JJ SemGroup Corporation SEMG N 2 H/INC 29.14 48.00 86.99 22.56 27.5 0.65 1.06 1.17 Dec 1,280 6.2 DH,JJ Southcross Energy Partners L.P. SXE N 3 H/INC 3.77 NM 16.50 2.28 NM (1.25) (1.42) (0.65) Dec 212 42.4 DH Spectra Energy Corp. SE N 2 M/INC 23.73 31.00 38.47 21.43 22.4 1.61 1.06 1.47 Dec 15,923 6.2 DH

Raymond James Research Register - January 2016 29

52 Week EPS

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P/E

A E E

28

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Energy - USA Midstream Suppliers Spectra Energy Partners L.P. SEP N 2 H/INC 44.00 53.00 60.07 36.21 13.5 2.84 3.27 3.11 Dec 13,561 5.7 DH Sprague Resources L.P. SRLP N 3 H/INC 20.28 NM 28.90 17.15 6.1 5.86 3.35 3.52 Dec 427 9.9 DH,JJ Suburban Propane Partners L.P. SPH N 3 H/INC 24.18 NM 45.87 22.69 13.1 1.55 1.38 A 1.84 Sep 1,464 14.7 DH,BBL Sunoco L.P. SUN N 2 H/INC 37.70 45.00 54.83 29.50 17.4 1.81 2.17 3.92 Dec 2,386 7.9 BBL,DH Targa Resources Corp. TRGP N 1 H/GRW 26.07 60.00 108.63 23.33 23.7 2.43 1.10 3.74 Dec 1,460 13.6 DH Targa Resources Partners L.P. NGLS N 2 H/INC 15.19 37.00 50.40 13.07 44.7 2.77 0.34 0.01 Dec 2,808 21.7 DH Teekay Corporation TK N 3 H/GRW 10.10 NM 52.54 6.65 11.1 (0.76) 0.91 0.84 Dec 734 2.2 DH,BBL Teekay LNG Partners L.P. TGP N 3 H/INC 14.01 NM 43.38 8.80 7.5 2.30 1.88 2.67 Dec 1,114 20.0 BBL,DH Teekay Offshore Partners L.P. TOO N 2 H/INC 6.53 8.00 27.08 3.68 7.7 0.21 0.85 1.07 Dec 699 34.3 BBL,DH Tesoro Logistics L.P. TLLP N 1 H/INC 50.30 62.00 61.74 40.14 19.6 1.10 2.57 3.52 Dec 4,458 6.0 DH,JJ The Williams Companies, Inc. WMB N 2 H/GRW 24.81 51.00 61.38 20.95 34.9 2.92 0.71 2.45 Dec 18,583 10.3 DH Williams Partners L.P. WPZ N 2 H/INC 27.11 40.00 59.44 20.48 NM 0.99 (0.26) 1.17 Dec 16,298 12.5 DH Oilfield Services Compression Archrock Partners L.P. APLP Q 2 H/INC 11.60 21.00 27.93 10.58 10.5 1.18 1.11 0.65 Dec 693 19.7 JMA,PN CSI Compressco Partners L.P. CCLP Q 2 H/INC 10.88 16.00 22.15 10.10 NM 0.93 0.08 0.00 Dec 361 18.5 JMA,PN USA Compression Partners L.P. USAC N 2 H/INC 10.63 17.00 24.30 10.19 12.5 0.57 0.85 0.75 Dec 309 19.8 JMA,PN Diversified Oilfield Services Baker Hughes, Inc. BHI N 1 H/GRW 45.69 63.00 70.45 42.78 NM 4.21 (0.32) (0.60) Dec 19,921 1.5 JMA,PN Halliburton HAL N 1 H/GRW 34.30 48.00 50.20 30.93 23.0 4.02 1.49 0.65 Dec 29,326 2.1 JMA,PN Schlumberger Ltd. SLB N 3 H/GRW 70.42 NM 95.13 66.57 21.0 5.57 3.35 2.15 Dec 88,800 2.8 JMA,PN Weatherford WFT N 3 H/GRW 8.64 NM 14.91 7.21 NM 1.01 (0.34) (0.65) Dec 6,731 0.0 JMA,PN Manufacturing & Fabrication Cameron International Corp. CAM N 3 H/GRW 63.66 NM 71.22 39.52 17.4 4.26 3.65 1.50 Dec 12,147 0.0 JMA,PN FMC Technologies, Inc. FTI N 3 H/GRW 28.95 NM 48.75 27.94 13.4 2.95 2.16 1.10 Dec 6,609 0.0 JMA,PN National Oilwell Varco Inc. NOV N 2 H/GRW 34.15 42.00 67.59 32.89 11.3 6.06 3.03 1.20 Dec 12,831 5.4 JMA,PN Oil States International, Inc. OIS N 2 H/GRW 27.58 35.00 50.28 23.35 37.8 4.39 0.73 (0.49) Dec 1,401 0.0 JMA,PN Offshore Construction Helix Energy Solutions Group HLX N 3 H/GRW 5.15 NM 22.61 4.51 34.3 1.79 0.15 (0.31) Dec 546 0.0 JMA,PN Offshore Drillers Atwood Oceanics ATW N 3 H/GRW 10.33 NM 35.66 9.98 4.4 4.87 7.74 A 2.35 Sep 668 2.9 PN,JMA Diamond Offshore DO N 3 H/GRW 21.04 NM 39.42 16.51 8.4 3.26 2.50 0.60 Dec 2,927 2.4 PN,JMA Ensco plc ESV N 3 H/GRW 14.97 NM 32.28 13.26 3.5 6.15 4.30 2.35 Dec 3,464 4.0 PN,JMA Noble Corp plc NE N 3 H/GRW 10.90 NM 19.62 10.34 4.0 2.95 2.70 1.20 Dec 2,848 5.5 PN,JMA Ocean Rig UDW ORIG Q 3 H/GRW 1.68 NM 9.53 1.38 0.7 2.46 2.40 0.35 Dec 221 0.0 PN,JMA Pacific Drilling PACD N 3 H/GRW 0.87 NM 5.61 0.84 1.1 0.87 0.80 (0.40) Dec 182 0.0 PN,JMA Rowan Companies RDC N 2 H/GRW 16.92 25.00 25.13 14.63 5.0 2.12 3.40 2.55 Dec 2,101 2.4 PN,JMA Transocean RIG N 4 NM 12.34 NM 21.90 11.26 3.3 4.98 3.75 0.65 Dec 4,488 0.0 PN,JMA

Raymond James Research Register - January 2016 30

52 Week EPS

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A E E

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Energy - USA Onshore Drillers Nabors Industries Ltd. NBR N 2 H/GRW 8.36 12.00 16.99 7.47 NM 1.14 (0.37) (1.65) Dec 2,370 2.9 JMA,PN Patterson-UTI Energy, Inc. PTEN Q 1 H/GRW 14.95 18.00 23.11 12.82 NM 1.62 (0.75) (2.25) Dec 2,200 2.7 JMA,PN Pioneer Energy Services Corp PES N 4 NM 2.20 NM 8.69 1.91 NM 0.24 (0.90) (1.45) Dec 138 0.0 JMA,PN Unit Corporation UNT N 3 H/GRW 12.20 NM 36.23 10.60 NM 4.22 (0.05) (0.75) Dec 615 0.0 JMA,PN Production/Workover/Miscellaneous Basic Energy Services, Inc. BAS N 3 H/GRW 2.76 NM 10.50 2.32 NM 0.43 (4.50) (5.20) Dec 118 0.0 JMA,PN Cypress Energy Partners L.P. CELP N 2 H/INC 8.93 13.00 19.83 7.02 10.5 0.99 0.85 0.64 Dec 106 18.2 JMA,PN Dawson Geophysical Company DWSN Q 3 H/SPEC 3.70 NM 7.31 2.93 NM (1.65) (1.22) (1.05) Dec 78 0.0 JMA,PN Hi-Crush Partners L.P. HCLP N 3 H/GRW 5.55 NM 40.40 5.05 5.3 2.98 1.05 (0.15) Dec 205 0.0 JMA,PN Key Energy Services Inc. KEG N 3 H/SPEC 0.44 NM 2.79 0.39 NM (0.57) (1.15) (1.05) Dec 69 0.0 JMA,PN Newpark Resources NR N 1 H/GRW 5.40 8.00 10.85 4.77 NM 0.85 (0.22) (0.35) Dec 454 0.0 JMA,PN Superior Energy Services, Inc. SPN N 1 H/GRW 13.50 16.00 26.95 12.35 NM 1.79 (1.30) (2.00) Dec 2,035 2.4 JMA,PN TETRA Technologies Inc. TTI N 2 H/GRW 7.54 9.00 9.44 4.62 25.1 0.26 0.30 (0.20) Dec 605 0.0 JMA,PN Renewable Energy and Clean Technology Fuels and Chemicals Chart Industries, Inc. GTLS Q 2 H/GRW 18.07 30.00 45.62 15.08 16.6 2.74 1.09 1.22 Dec 560 0.0 PM Clean Energy Fuels Corp. CLNE Q 4 NM 3.72 NM 10.48 3.21 NM (0.87) (1.13) (1.00) Dec 340 0.0 PM Green Plains Partners L.P. GPP Q 1 M/INC 15.09 21.00 16.29 10.92 20.1 0.07 0.75 1.60 Dec 480 10.6 PM Westport Innovations Inc. WPRT Q 3 H/GRW 2.32 NM 6.74 1.70 NM (1.84) (1.40) (0.73) Dec 149 0.0 PM Power 8point3 Energy Partners L.P. CAFD Q 1 M/INC 15.91 22.00 21.15 10.26 NM (0.02) 0.10 0.18 Nov 1,130 5.5 PM Advanced Energy Industries, Inc. AEIS Q 1 H/GRW 28.84 32.00 30.04 21.12 15.8 1.73 1.82 2.32 Dec 1,191 0.0 PM EnerNOC, Inc. ENOC Q 1 H/GRW 4.06 14.00 19.04 3.76 NM 1.40 (1.70) (0.41) Dec 140 0.0 PM Enphase Energy, Inc. ENPH Q 3 H/GRW 3.59 NM 15.25 1.63 NM 0.06 (0.09) (0.37) Dec 172 0.0 PM Enviva Partners L.P. EVA N 2 M/INC 16.87 20.00 22.46 11.85 17.0 0.01 0.99 1.03 Dec 407 10.4 PM First Solar, Inc. FSLR Q 3 H/GRW 66.40 NM 67.80 39.18 15.4 3.64 4.31 4.34 Dec 6,793 0.0 PM Silver Spring Networks, Inc. SSNI N 2 H/GRW 14.44 15.00 16.18 7.06 NM (0.50) 0.10 0.23 Dec 747 0.0 PM SolarCity Corp. SCTY Q 2 H/GRW 51.31 75.00 63.79 24.07 NM (3.96) (7.88) (8.49) Dec 4,998 0.0 PM SunPower Corp. SPWR Q 2 H/GRW 30.32 32.00 35.11 18.25 14.9 1.33 2.03 2.00 Dec 4,730 0.0 PM Trina Solar Limited (r) TSL N 3 H/GRW 11.04 NM 13.33 7.15 9.8 0.75 1.13 1.56 Dec 1,074 0.0 PM

Raymond James Research Register - January 2016 31

52 Week EPS

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A E E

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Energy - CAN Andrew Bradford, CFA [email protected] Steven Li, CFA [email protected] Theoni Pilarinos, CFA [email protected] Steve Hansen, CMA, CFA [email protected] Kurt Molnar [email protected] Chris Cox, CFA [email protected] Jeremy McCrea, CFA [email protected] Alternative Energy & Clean Tech Alterra Power Corp. AXY T 2 H/SPEC C$0.44 0.65 0.55 0.29 NM (0.07) (0.01) 0.05 Dec 206 0.0 SLi U.S. Geothermal HTM M 3 H/SPEC US$0.62 0.85 0.70 0.43 12.4 0.01 0.05 NA Dec 67 0.0 SLi Energy Infrastructure Midstream AltaGas Ltd. (af) ALA T 2 M/INC C$31.70 38.00 47.71 27.09 11.8 3.25 2.68 3.44 Dec 4,622 6.2 CC Gibson Energy Inc. (af) GEI T 2 M/INC C$14.78 23.00 29.87 12.78 8.6 2.11 1.71 1.85 Dec 1,862 8.7 CC Inter Pipeline Ltd. (af) IPL T 3 M/INC C$22.65 27.00 36.12 19.90 11.2 1.53 2.03 2.02 Dec 7,615 6.9 CC Keyera Corp (af) KEY T 2 M/INC C$40.65 52.00 46.52 35.53 14.0 2.31 2.90 2.93 Dec 6,890 3.7 CC Pembina Pipeline Corp. (af) PPL T 2 M/INC C$31.00 45.00 43.66 27.75 13.5 2.37 2.30 2.58 Dec 10,695 5.9 CC Veresen Inc. (af) VSN T 3 M/INC C$8.88 13.00 19.40 8.43 8.8 1.09 1.01 0.99 Dec 2,596 11.3 CC Intermediate Oil & Gas Producers ARC Resources Ltd. (cf) ARX T 2 M/INC C$17.35 24.00 26.06 15.39 7.9 3.54 2.20 2.13 Dec 6,053 6.9 JM Athabasca Oil Corp. (cb) ATH T 3 H/GRW C$1.55 2.00 2.70 1.16 NM (38) (15) 0 Dec 625 0.0 CC Baytex Energy Corp. (cf) BTE T 3 H/GRW C$4.55 10.50 24.87 3.50 NM 621 517 517 Dec 956 0.0 CC Bellatrix Exploration Ltd. (cf) BXE T 3 H/GRW C$1.64 3.50 4.46 1.30 3.0 1.41 0.54 0.56 Dec 315 0.0 JM Birchcliff Energy Ltd. (cf) BIR T 2 H/GRW C$4.06 8.75 9.34 3.48 3.8 1.97 1.07 1.22 Dec 618 0.0 KM Bonavista Energy Corporation (cf) BNP T 2 H/GRW C$2.04 4.25 9.26 1.60 1.2 2.60 1.76 1.37 Dec 451 5.9 JM Bonterra Energy Corp. (cf) BNE T 2 H/INC C$17.96 28.00 46.57 15.00 4.8 6.33 3.71 4.02 Dec 578 6.7 JM Crescent Point Energy (cf) CPG T 2 M/GRW C$16.87 25.00 33.85 11.31 NM 3,139 2,008 1,958 Dec 8,513 7.1 CC Crew Energy Inc. (cf) CR T 1 H/GRW C$4.10 7.50 6.48 3.29 6.9 1.39 0.59 0.77 Dec 579 0.0 KM Enerplus Corporation (cf) ERF T 2 H/GRW C$4.96 6.75 16.09 4.25 2.1 4.14 2.39 1.98 Dec 1,024 7.3 KM Freehold Royalties Ltd. (cf) FRU T 3 M/INC C$11.36 15.00 20.62 8.73 10.1 1.94 1.12 0.94 Dec 1,121 7.4 JM Kelt Exploration Ltd. (cf) KEL T 1 H/GRW C$4.24 8.50 9.95 3.29 10.3 0.93 0.41 0.58 Dec 712 0.0 JM NuVista Energy Ltd. (cf) NVA T 2 H/GRW C$4.10 7.50 9.54 3.28 5.1 0.81 0.81 0.72 Dec 629 0.0 KM Painted Pony Petroleum Ltd. (cf) PPY T 1 H/GRW C$3.42 9.00 9.80 2.84 10.1 0.91 0.34 0.88 Dec 343 0.0 JM Paramount Resources Ltd. (cf) POU T 2 H/GRW C$6.47 23.00 38.08 5.07 6.5 1.39 1.00 2.93 Dec 687 0.0 KM Pengrowth Energy Corporation (cf) PGF T 3 H/INC C$1.10 1.75 4.48 0.96 NM (8) 164 489 Dec 596 3.6 CC Penn West Petroleum Ltd. (cf) PWT T 3 H/GRW C$1.34 1.75 3.45 0.60 3.3 1.89 0.41 0.51 Dec 673 0.0 JM Peyto Exploration and Development (cf) PEY T 2 M/GRW C$25.19 37.00 37.31 21.55 7.1 4.31 3.53 4.31 Dec 4,005 5.2 KM PrairieSky Royalty Ltd. (cf) PSK T 2 H/INC C$22.84 30.00 34.67 21.13 20.6 1.21 1.11 1.07 Dec 3,520 5.7 JM Seven Generations Energy Ltd. (cf) VII T 2 H/GRW C$13.61 21.50 21.23 11.25 8.8 1.46 1.55 2.42 Dec 3,424 0.0 KM Tourmaline Oil Corp. (cf) TOU T 2 H/GRW C$22.25 38.00 43.75 20.83 5.6 4.58 3.98 5.02 Dec 4,913 0.0 KM Trilogy Energy Corp. (cf) TET T 2 H/GRW C$3.77 9.50 10.05 3.13 4.4 2.79 0.86 0.92 Dec 475 0.0 KM Yangarra Resources Ltd. (cf) YGR T 2 H/GRW C$0.58 1.25 2.10 0.56 1.7 0.67 0.35 0.37 Dec 39 0.0 JM

Raymond James Research Register - January 2016 32

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Energy - CAN Junior Oil & Gas Producers Boulder Energy Ltd. (cf) BXO T 2 H/GRW C$1.60 4.50 12.03 1.45 1.6 NA 0.98 0.88 Dec 74 0.0 KM Chinook Energy Inc. (cf) CKE T 2 H/GRW C$0.53 0.75 1.48 0.40 13.2 0.23 0.04 0.08 Dec 114 0.0 KM Delphi Energy Corp. (cf) DEE T 1 H/GRW C$0.90 1.95 1.81 0.62 3.5 0.42 0.26 0.29 Dec 140 0.0 KM Granite Oil Corp. (cf) GXO T 1 H/INC C$7.88 10.50 9.47 4.06 5.0 1.95 1.59 1.01 Dec 239 5.3 KM Leucrotta Exploration Inc. (cf) LXE V 2 H/GRW C$0.83 1.15 1.50 0.72 NM 0.12 0.00 0.01 Dec 137 0.0 KM RMP Energy Inc. (cf) RMP T 2 H/GRW C$1.55 2.30 5.56 1.21 2.1 1.30 0.73 0.59 Dec 192 0.0 KM Storm Resources Ltd. (cf) SRX V 2 H/GRW C$3.58 5.25 5.08 2.86 11.2 0.41 0.32 0.51 Dec 427 0.0 KM Oil & Gas Energy Services Contract Drillers Ensign Energy Services Inc. (cb) ESI T 3 H/INC C$7.23 8.50 12.50 6.00 NM 540 308 245 Dec 1,209 6.6 AB Precision Drilling Corporation (cb) PD T 2 H/INC C$5.72 6.50 9.43 4.47 NM 817 466 357 Dec 1,734 4.9 AB Savanna Energy Services (cb) SVY T 1 H/GRW C$1.24 3.00 3.48 1.01 NM 158 97 67 Dec 120 0.0 AB Trinidad Drilling Ltd. (cb) TDG T 1 H/INC C$2.16 3.50 5.58 1.79 NM 252 184 171 Dec 484 1.9 AB Western Energy Services Corp. (cb) WRG T 3 H/INC C$3.62 5.00 7.89 2.86 NM 177 61 56 Dec 283 5.5 AB Facilities & Infrastructure Black Diamond Group Limited (cb) BDI T 2 H/INC C$7.23 10.00 18.26 5.70 NM 140 91 85 Dec 322 8.3 AB Enerflex Ltd. (cb) EFX T 3 H/INC C$13.51 15.50 17.34 10.03 NM 181 214 206 Dec 1,096 2.5 AB Horizon North Logistics Inc. (cb) HNL T 2 H/INC C$2.19 2.80 4.29 1.95 NM 93 67 68 Dec 308 7.3 AB Secure Energy Services Inc. (cb) SES T 1 H/INC C$8.37 11.00 18.41 6.47 NM 211 111 148 Dec 1,216 2.9 AB Pressure Pumpers Calfrac Well Services (cb) CFW T 3 H/INC C$1.98 2.25 11.17 1.37 NM 361 28 70 Dec 244 3.0 AB Canyon Services Group Inc. (cb) FRC T 1 H/INC C$3.94 9.50 9.34 3.58 NM 121 29 53 Dec 289 3.0 AB Trican Well Service (cb) TCW T 3 H/GRW C$0.62 1.00 5.91 0.53 NM 269 (39) 58 Dec 102 0.0 AB Well Site & Other Services Essential Energy Services Ltd. (cb) ESN T 1 H/INC C$0.57 1.50 1.62 0.47 NM 68 22 32 Dec 76 1.8 AB McCoy Global MCB T 3 H/INC C$2.15 2.50 5.06 2.05 NM 0.38 (0.05) (0.07) Dec 63 0.0 TP,SH Mullen Group Ltd. (cb) MTL T 2 H/INC C$14.23 18.00 23.14 13.23 NM 286 218 236 Dec 1,339 6.7 AB Strad Energy Services Ltd. (cb) SDY T 2 H/INC C$1.66 3.00 3.70 1.31 NM 59 18 20 Dec 66 0.0 AB Oil Sands Canadian Oil Sands Limited (cb) COS T 3 H/INC C$8.60 10.75 13.87 5.61 NM 1,192 506 792 Dec 4,168 2.3 CC MEG Energy Corp. (cb) MEG T 2 H/GRW C$8.59 18.00 25.20 7.33 NM 556 400 472 Dec 1,933 0.0 CC Senior Oil & Gas Producers Canadian Natural Resources Ltd (cb) CNQ T 2 M/GRW C$31.06 39.00 42.46 25.01 NM 10,366 6,054 6,010 Dec 33,992 3.0 CC Cenovus Energy (cb) CVE T 2 M/GRW C$17.99 24.00 26.42 15.75 NM 3,367 2,315 1,748 Dec 14,991 3.6 CC Husky Energy Inc. (cb) HSE T 3 M/GRW C$14.80 21.00 29.01 14.03 NM 6,018 3,684 3,912 Dec 14,565 8.1 CC Imperial Oil Limited (cb) IMO T 3 M/GRW C$45.43 52.00 55.37 39.30 NM 6,121 3,796 3,970 Dec 38,647 1.2 CC Suncor Energy Inc (cb) SU T 2 M/GRW C$36.89 43.00 40.93 32.13 NM 12,159 8,577 7,762 Dec 53,321 3.1 CC

Raymond James Research Register - January 2016 33

52 Week EPS

15

-

A E E

28

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Energy - EUR Emmanuel Retif, RJEE [email protected] Utilities Electricity & Gas Centrica CNA.L L 2 218p 310 301 201 12.4 19.20 17.60 17.70 Dec £10,897 5.5 ER CEZ CEZsp.PR PRG 4 CZK430.50 458.00 663.90 410.50 7.8 55.10 E 42.90 40.20 Dec 229,887 6.9 ER E.On EONGn.DE ETR 3 €8.85 NM 14.85 7.08 10.3 0.84 0.86 0.78 Dec 16,878 5.7 ER EDF EDF.PA EPA 2 €13.45 20.20 23.98 12.40 6.9 2.41 1.94 2.00 Dec 24,867 9.3 ER Enel ENEI.MI BIT 1 €3.88 4.70 4.50 3.36 11.8 0.32 0.33 0.30 Dec 36,521 4.1 ER Engie GSZ.PA EPA 1 €16.30 21.80 20.08 13.80 13.9 1.13 1.17 1.57 Dec 39,332 6.1 ER Fortum FUM1V.HE HEL 4 €13.87 15.00 21.59 12.92 16.5 1.19 0.84 0.79 Dec 12,322 11.5 ER RWE RWEG.DE ETR 3 €11.66 NM 26.45 9.13 6.5 2.09 1.80 1.50 Dec 7,163 6.9 ER SSE SSE.L L 2 1,533p 1,645 1,696 1,395 13.0 123.00 118.00 113.00 Mar £15,023 5.8 ER Verbund VERB.VI WBAG 3 €12.00 NM 17.40 11.50 17.4 0.62 0.69 0.55 Dec 4,164 2.7 ER Environmental Services Suez Environnement SEVI.PA EPA 2 €16.86 19.90 19.22 13.96 21.1 0.61 0.80 0.85 Dec 9,108 3.9 ER Veolia Environnement VIE.PA EPA 1 €21.37 25.30 22.98 14.04 24.6 0.47 0.87 1.01 Dec 11,673 3.4 ER

52 Week EPS

15

-

A E E

28

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Energy - ARG Federico Rey Marino [email protected] Santiago Wesenack, CFA [email protected] Fernando Suarez [email protected] Electric Utilities Edenor (ed, r) EDN N 3 H/GRW US$17.12 NM 20.50 8.66 5.5 (2.42) 3.14 0.08 Dec 769 0.0 SW,FRM Pampa Energia SA (ed, r) PAM N 2 H/GRW US$21.41 29.00 26.87 9.10 9.9 1.55 2.16 0.89 Dec 1,126 0.0 SW,FRM Transener TRAN BA 2 M/GRW AR$7.94 12.00 9.40 3.05 NM 0.04 0.06 0.00 Dec 3,531 0.0 SW,FRM Exploration and Production GeoPark Limited GPRK N 2 H/SPEC US$2.75 10.25 5.73 2.70 3.0 0.91 E 1.67 NA Dec 159 0.0 SW,FRM

Raymond James Research Register - January 2016 34

52 Week EPS

15

-

A E E

28

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Energy - ARG Gas Utility Transportadora de Gas del Sur (ed, r) TGS N 3 M/GRW US$6.08 NM 7.24 2.88 NM 0.07 0.03 0.14 Dec 967 0.0 SW,FRM Integrated Oil and Gas Petrobras Argentina (ed, r) PZE N 3 H/SPEC US$5.69 NM 7.90 4.32 6.3 0.36 0.90 0.88 Dec 1,149 1.3 SW,FRM YPF (ed, r) YPF N 2 H/SPEC US$16.23 27.00 32.00 14.70 7.0 2.89 2.31 3.72 Dec 6,383 1.4 SW,FRM Oilfield Services Manufacturing & Fabrication Tenaris S.A. (ed, r) TS N 3 H/SPEC US$24.23 NM 32.77 22.85 27.2 1.96 0.89 1.44 Dec 14,303 3.4 SW,FRM

Raymond James Research Register - January 2016 35

Financial Services

USA Canada Asset Management ...... 36 Diversified Financials ...... 44 Banking ...... 37 Capital Markets ...... 41 Brokerages & Exchanges ...... 41 Capital Markets Technology ...... 41 Insurance ...... 41 Insurance Technology & Brokerage ...... 41 Life and Health Insurance ...... 42 Argentina Non-Life Insurance ...... 42 Latin American Banking ...... 44 Specialty Finance ...... 43

Investment Companies ...... 43 Specialty Consumer Finance ...... 43

52 Week EPS

15

-

A E E

28

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Financial Services - USA Daniel E. Cardenas [email protected] Robert Dodd, Ph.D. [email protected] David J. Long, CFA [email protected] Patrick O'Shaughnessy, CFA [email protected] C. Gregory Peters [email protected] Michael Rose [email protected] Steven D. Schwartz, CFA [email protected] William J. Wallace IV [email protected] Donald A. Worthington [email protected] Asset Management Manning & Napier Inc. MN N 3 M/INC 9.00 NM 14.17 7.01 9.4 1.23 0.96 0.86 Dec 754 7.1 SDS Silvercrest Asset Management Group Inc. SAMG Q 2 M/GRW 11.82 14.00 16.14 10.19 14.4 0.86 0.82 0.74 Dec 162 4.1 SDS Virtus Investment Partners, Inc. VRTS Q 3 H/GRW 121.19 NM 173.07 94.52 23.5 10.51 5.15 9.30 Dec 1,050 1.5 SDS

Raymond James Research Register - January 2016 36

52 Week EPS

15

-

A E E

28

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Financial Services - USA Banking 1st Constitution Bancorp FCCY Q 2 H/GRW 12.52 13.00 13.08 10.33 10.5 0.65 1.19 1.05 Dec 94 0.0 WW Access National Corporation ANCX Q 2 H/INC 20.40 22.00 23.29 16.80 14.2 1.17 1.44 1.40 Dec 214 2.9 WW American National Bankshares, Inc. AMNB Q 2 M/INC 25.96 26.00 26.42 21.31 14.8 1.67 1.75 1.85 Dec 223 3.5 WW American River Bankshares AMRB Q 2 H/GRW 10.64 11.00 11.19 9.10 15.6 0.54 0.68 0.75 Dec 80 0.0 DAW Associated Banc-Corp ASB M 3 H/GRW 19.04 NM 20.95 16.50 15.9 1.17 1.20 1.32 Dec 2,873 2.3 DJL Atlantic Capital Bancshares, Inc. ACBI Q 2 H/GRW 14.52 16.00 17.50 13.80 21.4 0.54 0.68 0.90 Dec 197 0.0 WW Banc of California, Inc. BANC N 3 H/GRW 14.82 NM 15.38 10.18 12.6 0.91 1.18 1.30 Dec 560 3.2 DAW BancFirst Corporation BANF Q 3 M/GRW 59.62 NM 69.24 55.51 15.5 3.98 3.85 4.20 Dec 930 2.4 DC The Bancorp, Inc. TBBK Q 3 H/SPEC 6.50 NM 11.03 6.05 65.0 0.27 0.10 0.55 Dec 245 0.0 WW BancorpSouth, Inc. BXS N 3 M/GRW 24.56 NM 27.23 19.64 16.7 1.24 1.47 1.62 Dec 2,309 1.6 MR Bank of America Corporation BAC N 2 M/GRW 17.13 18.00 18.48 14.60 11.8 0.36 1.45 1.55 Dec 178,620 1.2 MR Bank of Commerce Holdings BOCH Q 2 H/GRW 6.63 7.50 7.39 5.40 10.2 0.41 0.65 0.80 Dec 88 1.8 DAW Bank of Marin Bancorp BMRC Q 3 M/GRW 53.46 NM 56.77 45.81 17.7 3.29 3.02 3.20 Dec 326 1.8 DAW Bank of New York Mellon Corp BK N 2 M/GRW 41.14 46.00 45.45 35.63 14.4 2.40 2.86 3.12 Dec 44,966 1.7 DJL Bank of the Ozarks Inc. OZRK Q 1 M/GRW 50.19 61.00 54.96 32.35 23.8 1.55 2.11 2.66 Dec 4,432 1.2 MR Banner Corporation BANR Q 2 M/GRW 46.90 54.00 53.55 39.00 17.8 2.79 2.64 3.20 Dec 985 1.5 DAW BB&T Corporation BBT N 1 M/INC 38.09 45.00 41.90 34.24 14.5 2.72 2.62 3.10 Dec 29,718 2.8 MR BBCN Bancorp, Inc. BBCN Q 2 H/GRW 17.70 18.00 19.63 12.77 15.0 1.11 1.18 1.30 Dec 1,409 2.5 DAW BNC Bancorp BNCN Q 3 H/GRW 25.64 NM 26.29 15.52 17.3 1.24 1.48 1.70 Dec 836 0.8 WW BofI Holding, Inc. BOFI Q 1 H/GRW 21.56 35.00 35.98 17.73 11.8 0.96 1.34 A 1.82 Jun 1,354 0.0 DAW BOK Financial Corp. BOKF Q 3 M/GRW 60.43 NM 75.18 53.01 13.6 4.32 4.44 4.76 Dec 4,091 2.8 MR C1 Financial, Inc. BNK N 3 H/GRW 24.10 NM 24.49 16.25 25.1 0.58 0.96 1.45 Dec 388 0.0 MR Cardinal Financial Corporation CFNL Q 2 M/GRW 23.00 25.00 24.99 17.62 16.0 1.11 1.44 1.56 Dec 741 1.9 MR Carolina Financial Corporation CARO Q 1 H/GRW 18.20 19.00 18.80 10.79 11.7 0.93 1.55 1.30 Dec 178 0.7 WW CenterState Banks, Inc. CSFL Q 2 H/GRW 15.54 16.50 16.31 10.94 18.1 0.54 0.86 1.00 Dec 707 0.5 MR Central Pacific Financial Corp. CPF N 2 H/GRW 22.10 26.00 25.34 18.89 15.6 1.07 1.42 1.50 Dec 692 2.5 DAW Columbia Banking System, Inc. COLB Q 3 M/GRW 33.32 NM 36.27 24.60 19.0 1.52 1.75 2.00 Dec 1,923 2.2 DAW Comerica Inc. CMA N 3 M/GRW 42.03 NM 53.45 39.52 15.3 3.14 2.75 3.05 Dec 7,439 2.0 MR Commerce Bancshares, Inc. CBSH Q 3 H/GRW 43.19 NM 47.11 37.65 17.4 2.42 2.48 2.68 Dec 4,211 2.0 DJL Community Bank System, Inc. CBU N 3 M/INC 40.47 NM 44.11 33.54 17.4 2.27 2.32 2.35 Dec 1,659 3.1 WW Community Trust Bancorp, Inc. CTBI Q 3 M/INC 34.96 NM 37.63 31.53 13.3 2.47 2.62 2.74 Dec 612 3.5 DC ConnectOne Bancorp, Inc. CNOB Q 1 H/GRW 18.95 26.00 22.55 17.32 13.8 1.28 1.37 1.60 Dec 572 1.6 WW CU Bancorp CUNB Q 2 H/GRW 25.63 27.00 27.66 18.52 21.0 0.75 1.22 1.55 Dec 431 0.0 DAW CVB Financial Corp. CVBF Q 3 M/GRW 17.41 NM 18.77 14.53 18.9 0.98 0.92 1.08 Dec 1,852 2.8 DAW

Raymond James Research Register - January 2016 37

52 Week EPS

15

-

A E E

28

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Financial Services - USA Banking East West Bancorp, Inc. EWBC Q 3 H/GRW 42.12 NM 46.50 35.68 15.7 2.46 2.68 2.82 Dec 6,061 1.9 DJL Eastern Virginia Bankshares, Inc. EVBS Q 3 H/GRW 7.03 NM 7.24 5.80 19.0 0.28 0.37 0.42 Dec 92 1.1 WW EverBank Financial Corp EVER N 2 M/GRW 16.07 20.00 21.18 15.91 13.6 1.13 1.18 1.50 Dec 1,944 1.5 MR Farmers Capital Bank Corp. FFKT Q 3 H/GRW 27.09 NM 31.98 22.06 14.3 1.95 1.90 1.78 Dec 203 0.0 DC Fifth Third Bancorp FITB Q 3 M/GRW 20.45 NM 21.93 17.14 13.0 1.68 1.57 1.71 Dec 16,266 2.5 DJL First Bancorp FBNC Q 2 H/GRW 19.02 20.00 19.92 15.00 14.6 1.20 1.30 1.30 Dec 377 1.7 WW First Busey Corporation BUSE Q 3 H/GRW 20.72 NM 22.59 17.77 15.3 1.14 1.35 1.55 Dec 595 3.3 DC First Business Financial Services, Inc. FBIZ Q 2 H/GRW 25.22 28.00 27.35 18.32 12.9 1.84 1.96 2.13 Dec 219 1.7 DC First Community Corporation FCCO Q 2 H/GRW 14.01 14.00 15.42 10.72 15.6 0.85 0.90 1.00 Dec 94 2.0 WW First Defiance Financial Corp. FDEF Q 3 H/GRW 38.63 NM 42.46 29.05 13.9 2.33 2.78 2.75 Dec 355 2.1 DC First Financial Bancorp FFBC Q 2 H/GRW 18.10 22.00 21.00 16.42 14.3 1.19 1.27 1.43 Dec 1,117 3.5 DC First Financial Corporation THFF Q 3 H/GRW 34.51 NM 37.71 31.53 14.1 2.55 2.44 2.54 Dec 438 2.8 DC First Foundation Inc. FFWM Q 2 H/GRW 23.19 27.00 24.89 17.56 21.5 1.03 1.08 1.35 Dec 371 0.0 DAW First Horizon National Corporation FHN N 3 H/GRW 14.66 NM 16.35 11.97 17.7 0.91 0.83 0.92 Dec 3,433 1.6 MR First Midwest Bancorp, Inc. FMBI Q 3 H/GRW 18.65 NM 19.81 15.34 16.5 0.94 1.13 1.27 Dec 1,453 1.9 DC The First of Long Island Corporation FLIC Q 2 M/INC 30.41 29.00 31.92 22.81 16.8 1.64 1.81 2.00 Dec 426 2.6 WW First Republic Bank FRC N 2 H/GRW 66.70 75.00 69.76 46.70 21.2 2.97 3.15 3.61 Dec 9,503 0.9 DJL FirstMerit Corp. FMER Q 4 NM 19.00 NM 21.49 16.26 14.0 1.39 1.36 1.38 Dec 3,150 3.6 DJL Fulton Financial FULT Q 3 M/GRW 13.34 NM 14.59 11.00 15.9 0.84 0.84 0.86 Dec 2,318 2.7 DAW German American Bancorp, Inc. GABC Q 2 M/GRW 33.33 34.00 34.85 27.70 15.1 2.07 2.21 2.37 Dec 443 2.0 DC Glacier Bancorp, Inc. GBCI Q 3 M/GRW 27.19 NM 30.29 22.16 17.4 1.53 1.56 1.66 Dec 2,053 2.8 DC Guaranty Federal Bancshares Inc. GFED Q 2 H/GRW 15.02 17.00 15.50 13.00 10.8 1.32 1.39 1.45 Dec 66 1.3 DC Hancock Holding Company HBHC Q 3 H/GRW 25.22 NM 32.98 23.35 14.2 2.32 1.77 2.10 Dec 1,955 3.8 MR Hanmi Financial Corporation HAFC Q 2 H/GRW 24.26 28.00 28.09 19.65 14.9 1.56 1.63 1.75 Dec 776 2.3 DAW Heartland Financial USA, Inc. HTLF Q 2 H/GRW 32.38 42.00 39.45 25.68 12.5 2.11 2.59 2.85 Dec 667 1.2 DC Heritage Financial Corporation HFWA Q 3 H/GRW 18.79 NM 19.80 15.44 15.3 0.82 1.23 1.25 Dec 564 2.3 DAW Heritage Oaks Bancorp HEOP Q 3 H/GRW 8.03 NM 9.25 7.36 17.1 0.27 0.47 0.55 Dec 276 3.0 DAW Hilltop Holdings Inc. HTH N 3 H/GRW 19.63 NM 24.70 17.34 12.4 1.17 1.58 1.70 Dec 1,941 0.0 MR Home Bancorp, Inc. HBCP Q 2 H/GRW 26.07 29.00 27.22 20.40 13.6 1.64 1.92 2.30 Dec 188 1.2 WW Home BancShares, Inc. HOMB Q 2 M/GRW 40.77 43.00 47.50 28.41 20.1 1.77 2.03 2.35 Dec 2,772 1.5 MR HopFed Bancorp, Inc. HFBC Q 3 H/GRW 11.95 NM 13.86 10.81 41.2 0.50 0.29 0.53 Dec 76 1.3 DC Horizon Bancorp HBNC Q 2 H/GRW 27.62 29.00 28.13 20.50 12.4 1.93 2.23 2.43 Dec 329 2.2 DC Huntington Bancshares Inc. HBAN Q 2 M/GRW 11.15 12.00 11.90 9.63 13.3 0.76 0.84 0.86 Dec 8,883 2.5 DJL IBERIABANK Corporation IBKC Q 2 M/GRW 56.07 64.00 71.21 52.27 13.5 3.65 4.15 4.65 Dec 2,304 2.4 MR

Raymond James Research Register - January 2016 38

52 Week EPS

15

-

A E E

28

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Financial Services - USA Banking KeyCorp KEY N 3 M/GRW 13.30 NM 15.70 12.04 12.1 1.10 1.10 1.14 Dec 11,109 2.3 DJL Lakeland Bancorp, Inc. LBAI Q 2 M/GRW 11.89 13.00 12.50 10.50 13.7 0.83 0.87 1.00 Dec 451 2.9 WW Lakeland Financial Corporation LKFN Q 3 M/GRW 47.34 NM 49.49 37.42 17.3 2.62 2.73 2.90 Dec 786 2.1 DC LegacyTexas Financial Group, Inc. LTXB Q 2 M/GRW 25.50 34.00 32.50 19.34 15.6 1.01 1.63 1.82 Dec 1,215 2.2 MR MB Financial, Inc. MBFI Q 3 H/GRW 33.37 NM 36.23 27.93 16.4 1.84 2.04 2.15 Dec 2,459 2.0 DJL Mercantile Bank Corp. MBWM Q 2 M/GRW 25.02 25.00 26.27 18.42 15.5 1.53 1.61 1.81 Dec 408 2.4 DC Meta Financial Group, Inc. CASH Q 1 H/GRW 44.98 60.00 53.51 32.02 11.4 2.64 3.05 A 3.95 Sep 310 1.2 DC MidSouth Bancorp, Inc. MSL N 3 H/GRW 8.94 NM 17.50 8.66 9.2 1.39 0.97 1.10 Dec 102 4.0 WW MidWestOne Financial Group, Inc. MOFG Q 2 H/GRW 30.19 34.00 34.04 27.74 12.1 2.17 2.49 2.85 Dec 344 2.0 DC National Commerce Corporation NCOM Q 2 H/GRW 24.90 26.00 29.54 20.51 24.2 0.98 1.03 1.35 Dec 235 0.0 WW New York Community Bancorp, Inc. NYCB N 2 M/INC 16.56 19.00 19.18 14.26 15.2 1.05 1.09 1.15 Dec 7,358 6.0 WW NewBridge Bancorp NBBC Q 2 H/GRW 12.37 13.00 13.30 7.48 21.7 0.49 0.57 0.65 Dec 484 0.5 WW Northern Trust Corporation NTRS Q 1 M/GRW 72.90 90.00 79.25 61.10 19.2 3.40 3.80 4.20 Dec 16,854 2.0 DJL Old Line Bancshares Inc. OLBK Q 2 H/GRW 18.13 19.00 18.33 14.31 17.3 0.72 1.05 1.35 Dec 191 1.3 WW Old National Bancorp ONB Q 3 H/GRW 13.82 NM 15.16 12.82 14.2 0.99 0.97 1.02 Dec 1,575 3.5 DJL Pacific Continental Corporation PCBK Q 3 M/GRW 15.19 NM 16.20 12.49 15.8 0.89 0.96 1.18 Dec 298 2.9 DAW Pacific Premier Bancorp, Inc. PPBI Q 2 H/GRW 21.62 24.00 23.98 14.85 18.0 0.96 1.20 1.72 Dec 465 0.0 DAW Park Sterling Corporation PSTB Q 3 H/GRW 7.53 NM 8.20 6.45 18.8 0.31 0.40 0.46 Dec 338 1.6 WW Peoples Bancorp Inc. PEBO Q 2 H/GRW 19.47 23.00 26.54 18.12 17.7 1.72 1.10 1.70 Dec 358 3.1 DC Pinnacle Financial Partners, Inc. PNFP Q 3 M/GRW 52.11 NM 57.99 35.01 19.7 2.01 2.64 3.10 Dec 2,126 0.9 MR PNC Financial Services Group, Inc. PNC N 3 M/INC 95.94 NM 100.52 81.84 13.8 6.93 6.95 7.30 Dec 48,929 2.1 MR Preferred Bank PFBC Q 2 H/GRW 33.83 36.00 36.82 24.76 15.7 1.78 2.15 2.30 Dec 467 1.8 DAW PrivateBancorp, Inc. PVTB Q 1 H/GRW 41.84 48.00 45.79 29.62 18.9 2.00 2.21 2.46 Dec 3,301 0.1 DJL Prosperity Bancshares, Inc. PB N 4 NM 48.55 NM 59.97 43.76 11.9 4.33 4.07 4.00 Dec 3,398 2.5 MR Pulaski Financial Corp. PULB Q 3 H/GRW 15.93 NM 17.25 11.50 14.9 0.89 1.06 A 1.07 Sep 190 2.4 DC QCR Holdings, Inc. QCRH Q 2 H/GRW 24.49 27.00 24.72 16.91 12.8 1.72 1.92 2.05 Dec 287 0.3 DC Regions Financial Corporation RF N 1 M/GRW 9.63 12.00 10.87 8.54 13.6 0.78 0.71 0.85 Dec 12,558 2.5 MR Renasant Corporation RNST Q 1 M/GRW 35.17 41.00 37.28 26.14 16.8 1.89 2.09 2.44 Dec 1,417 1.9 MR Riverview Bancorp, Inc. RVSB Q 3 H/GRW 4.62 NM 5.48 4.00 15.4 0.87 0.20 A 0.30 Mar 104 1.1 DAW S&T Bancorp, Inc. STBA Q 3 H/GRW 31.08 NM 34.00 25.68 14.8 1.95 2.10 2.20 Dec 1,082 2.4 WW Sandy Spring Bancorp, Inc. SASR Q 3 H/GRW 27.11 NM 30.00 24.04 15.6 1.67 1.74 1.85 Dec 661 3.5 WW ServisFirst Bancshares, Inc. SFBS Q 2 M/GRW 49.01 45.00 49.88 24.77 20.9 2.16 2.35 2.75 Dec 1,269 0.5 WW Sierra Bancorp BSRR Q 3 H/GRW 17.75 NM 19.13 15.16 14.1 1.08 1.26 1.35 Dec 236 2.5 DAW Signature Bank SBNY Q 2 H/GRW 154.84 170.00 163.15 113.98 21.5 6.00 7.20 8.30 Dec 7,881 0.0 DJL

Raymond James Research Register - January 2016 39

52 Week EPS

15

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A E E

28

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Financial Services - USA Banking Simmons First National Corporation SFNC Q 3 M/INC 52.54 NM 58.75 35.72 16.5 2.29 3.19 3.40 Dec 1,571 1.8 MR Southwest Bancorp, Inc. OKSB Q 2 H/GRW 17.95 20.00 19.00 15.08 19.3 0.86 0.93 1.08 Dec 341 1.3 DC State Street Corporation STT N 3 M/GRW 67.17 NM 81.26 63.97 13.7 5.06 4.92 5.25 Dec 27,123 2.0 DJL Stock Yards Bancorp Inc. SYBT Q 3 M/GRW 38.33 NM 41.97 30.19 15.5 2.36 2.47 2.55 Dec 571 2.6 DC SunTrust Banks, Inc. STI N 3 M/GRW 43.17 NM 45.84 36.52 12.1 3.39 3.56 3.35 Dec 22,194 2.2 MR SVB Financial Group SIVB Q 1 H/GRW 120.62 155.00 152.99 100.76 18.6 5.54 6.47 7.38 Dec 6,212 0.0 DJL Synovus Financial Corp. SNV N 2 M/GRW 32.53 35.00 33.80 24.41 20.1 1.30 1.62 1.85 Dec 4,248 1.5 MR Talmer Bancorp, Inc. TLMR Q 1 H/GRW 17.81 21.00 18.44 12.65 18.7 0.64 0.95 1.17 Dec 1,266 0.2 DJL TCF Financial Corporation TCB N 3 H/GRW 14.30 NM 17.29 13.78 13.2 1.13 1.08 1.18 Dec 2,422 2.1 DJL Territorial Bancorp Inc. TBNK Q 3 M/GRW 27.51 NM 29.44 21.00 17.2 1.51 1.60 1.75 Dec 267 2.5 DAW Texas Capital Bancshares, Inc. TCBI Q 2 M/GRW 49.65 58.00 63.70 40.40 16.8 2.88 2.95 3.50 Dec 2,274 0.0 MR TriCo Bancshares TCBK Q 2 H/GRW 28.15 30.00 29.65 22.44 15.0 1.46 1.88 2.10 Dec 642 2.1 DAW Trustmark Corporation TRMK Q 3 M/INC 23.49 NM 26.04 21.05 13.7 1.83 1.71 1.65 Dec 1,588 3.9 MR U.S. Bancorp USB N 3 M/GRW 43.05 NM 46.26 38.81 13.6 3.05 3.16 3.38 Dec 75,510 2.4 DJL UMB Financial Corporation UMBF Q 4 NM 48.00 NM 59.00 45.14 19.5 2.89 2.46 3.00 Dec 2,366 2.0 DJL Umpqua Holdings Corp. UMPQ Q 1 H/GRW 16.26 20.00 18.92 14.70 14.0 1.08 1.16 1.31 Dec 3,580 3.9 DJL Union Bankshares Corporation UBSH Q 3 H/INC 25.56 NM 27.25 19.92 17.0 1.43 1.50 1.65 Dec 1,150 3.0 WW United Bankshares, Inc. UBSI Q 3 M/INC 37.67 NM 43.43 33.25 18.9 1.94 1.99 2.11 Dec 2,622 3.5 WW United Community Banks, Inc. UCBI Q 2 H/GRW 19.71 23.00 22.23 16.48 15.5 1.11 1.27 1.40 Dec 1,409 1.2 MR Washington Federal, Inc. WAFD Q 3 H/GRW 24.29 NM 26.34 19.72 14.5 1.55 1.67 A 1.67 Sep 2,257 2.1 DAW WashingtonFirst Bankshares, Inc. WFBI Q 2 M/GRW 22.30 23.00 23.36 14.85 18.4 1.06 1.21 1.25 Dec 235 1.1 WW Webster Financial Corp. WBS N 3 H/GRW 37.84 NM 41.34 29.02 17.8 2.08 2.13 2.40 Dec 3,466 2.4 WW Wells Fargo & Co. WFC N 2 M/GRW 54.68 61.00 58.77 47.75 13.1 4.10 4.17 4.51 Dec 279,360 2.7 DJL WesBanco, Inc. WSBC Q 3 M/GRW 30.31 NM 36.11 29.26 12.9 2.41 2.35 2.40 Dec 1,167 3.0 WW Wilshire Bancorp, Inc. WIBC Q 3 H/GRW 12.30 NM 13.02 9.02 15.2 0.75 0.81 0.88 Dec 967 2.0 DAW Wintrust Financial Corporation WTFC Q 1 H/GRW 49.27 59.00 55.79 41.04 15.7 3.03 3.13 3.54 Dec 2,380 0.9 DJL Yadkin Financial Corporation YDKN N 2 H/GRW 25.30 27.00 27.23 18.00 16.6 1.37 1.52 1.80 Dec 802 1.6 WW Zions Bancorporation ZION Q 3 H/GRW 27.64 NM 33.03 23.72 17.0 1.78 1.63 1.95 Dec 5,647 0.9 DJL

Raymond James Research Register - January 2016 40

52 Week EPS

15

-

A E E

28

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Financial Services - USA Capital Markets Brokerages & Exchanges BGC Partners, Inc. BGCP Q 1 H/INC 9.76 14.00 10.27 7.78 13.2 0.62 0.74 0.85 Dec 3,845 5.7 PO CBOE Holdings, Inc. CBOE Q 3 M/GRW 65.44 NM 72.53 55.04 27.5 2.28 2.38 2.70 Dec 5,366 1.4 PO The Charles Schwab Corporation SCHW N 3 M/GRW 33.11 NM 35.72 25.43 33.8 0.96 0.98 1.33 Dec 43,805 0.7 PO CME Group Inc. CME Q 3 M/GRW 91.89 NM 100.87 83.43 23.7 3.38 3.88 4.45 Dec 31,068 2.2 PO E*TRADE FINANCIAL Corporation ETFC Q 2 H/GRW 29.57 35.00 31.48 21.01 26.2 1.13 1.13 1.61 Dec 8,714 0.0 PO GAIN Capital Holdings, Inc. GCAP N 2 H/GRW 7.88 12.00 10.38 6.91 13.4 0.85 0.59 1.15 Dec 393 2.5 PO Intercontinental Exchange, Inc. ICE N 2 M/GRW 254.41 300.00 266.74 202.24 22.8 8.90 11.17 13.50 Dec 28,240 1.2 PO KCG Holdings, Inc. KCG N 2 H/GRW 12.44 15.00 13.75 9.75 15.9 0.49 0.78 0.60 Dec 1,413 0.0 PO Lazard Ltd LAZ N 1 H/GRW 45.67 60.00 59.82 41.19 12.2 3.20 3.73 3.80 Dec 5,732 3.1 PO MarketAxess Holdings Inc. MKTX Q 2 M/GRW 112.70 112.00 114.56 66.18 43.7 1.97 2.58 3.20 Dec 4,238 0.7 PO Nasdaq Inc. NDAQ Q 1 M/GRW 59.11 65.00 60.05 44.82 18.5 2.88 3.20 3.65 Dec 10,173 1.7 PO TD Ameritrade Holding Corporation AMTD Q 2 M/GRW 34.96 39.00 39.05 29.69 20.9 1.42 1.49 A 1.67 Sep 19,053 1.9 PO Capital Markets Technology Broadridge Financial Solutions, Inc. BR N 2 M/GRW 54.75 60.00 60.11 44.64 20.0 2.25 2.48 A 2.74 Jun 6,471 2.2 PO Envestnet, Inc. ENV N 1 H/GRW 30.29 50.00 58.21 28.12 32.9 0.80 0.92 1.11 Dec 1,086 0.0 PO FactSet Research Systems Inc. FDS N 3 M/GRW 161.35 NM 177.28 136.80 26.0 4.99 5.60 A 6.20 Aug 6,666 1.1 PO Financial Engines, Inc. FNGN Q 4 NM 35.10 NM 46.34 28.23 37.7 0.92 0.93 0.96 Dec 1,871 0.8 PO McGraw Hill Financial Inc. MHFI N 3 M/GRW 97.47 NM 109.13 84.64 21.6 3.88 4.51 5.05 Dec 26,346 1.4 PO Moody's Corporation MCO N 3 M/GRW 100.66 NM 113.87 85.50 21.8 4.22 4.62 5.15 Dec 20,167 1.5 PO MSCI Inc. MSCI N 3 M/GRW 72.38 NM 72.57 46.80 32.3 2.00 2.24 2.80 Dec 7,595 1.2 PO SEI Investments Co. SEIC Q 2 M/GRW 52.66 52.00 55.48 38.03 26.6 1.83 1.98 2.25 Dec 8,668 1.0 PO SS&C Technologies Holdings, Inc. SSNC Q 3 H/GRW 67.94 NM 77.19 52.21 25.7 2.36 2.64 3.25 Dec 5,965 0.7 PO Insurance Insurance Technology & Brokerage Aon plc AON N 3 M/GRW 92.00 NM 107.08 86.38 15.3 5.71 6.02 6.55 Dec 25,760 1.3 CGP Arthur J. Gallagher & Co. AJG N 2 M/INC 41.32 51.00 49.59 39.43 16.3 2.47 2.53 2.80 Dec 7,210 3.6 CGP Brown & Brown, Inc. BRO N 2 H/GRW 32.12 37.00 34.59 29.67 19.6 1.63 1.64 1.75 Dec 4,596 1.5 CGP Crawford & Company CRD.B N 2 H/GRW 5.55 8.00 10.93 4.86 NM 0.52 (0.05) 0.65 Dec 305 3.6 CGP HealthEquity, Inc. HQY Q 2 H/GRW 26.61 36.00 35.78 18.88 85.8 (1.15) 0.23 A 0.31 Jan 1,509 0.0 CGP Marsh and McLennan Companies, Inc. MMC N 2 M/GRW 55.54 60.00 59.99 50.90 18.3 2.82 3.04 3.25 Dec 29,492 2.2 CGP Solera Holdings, Inc. SLH N 4 NM 54.68 NM 56.73 36.14 18.5 2.76 3.09 A 2.95 Jun 3,663 1.6 CGP Towers Watson & Co. TW Q 3 H/GRW 134.55 NM 141.88 110.16 20.9 5.76 6.18 A 6.45 Jun 9,351 0.4 CGP Verisk Analytics Inc. VRSK Q 3 H/GRW 77.17 NM 82.00 62.28 25.3 2.40 3.05 3.20 Dec 12,995 0.0 CGP

Raymond James Research Register - January 2016 41

52 Week EPS

15

-

A E E

28

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Financial Services - USA Life and Health Insurance Aflac, Inc. AFL N 2 M/GRW 60.39 70.00 66.53 51.41 9.9 6.16 6.09 6.21 Dec 25,823 2.7 SDS American Equity Investment Life Holding Company AEL N 2 H/GRW 24.43 31.00 30.02 22.36 9.9 2.38 2.46 2.80 Dec 1,879 0.9 SDS Assurant, Inc. AIZ N 3 H/GRW 80.94 NM 87.20 59.73 11.4 6.88 7.08 7.35 Dec 5,472 2.5 SDS CNO Financial Group CNO N 2 H/GRW 19.37 20.50 20.88 14.89 15.1 1.27 1.28 1.53 Dec 3,617 1.4 SDS FBL Financial Group FFG N 3 H/GRW 64.94 NM 69.80 51.97 15.4 4.28 4.23 4.50 Dec 1,611 2.5 SDS Genworth Financial GNW N 2 H/SPEC 3.79 9.00 9.19 3.46 4.6 (0.75) 0.83 0.90 Dec 1,886 0.0 SDS Health Insurance Innovations, Inc. HIIQ Q 1 H/SPEC 6.46 8.00 9.38 4.00 28.1 0.38 0.23 0.40 Dec 94 0.0 SDS Kemper Corp. KMPR N 3 M/INC 38.12 NM 41.65 34.08 21.2 1.80 1.80 2.46 Dec 1,967 2.5 SDS Lincoln National Corp. LNC N 2 H/GRW 50.60 62.00 62.08 45.56 9.6 6.02 5.29 6.42 Dec 12,523 2.0 SDS MetLife, Inc. MET N 3 H/GRW 48.26 NM 58.23 44.49 9.7 5.74 4.96 5.95 Dec 53,800 3.1 SDS Primerica, Inc. PRI N 2 H/GRW 48.61 59.50 55.77 40.36 13.3 3.31 3.66 4.20 Dec 2,435 1.3 SDS Principal Financial Group Inc. PFG N 2 H/GRW 45.57 55.50 58.02 43.64 10.7 4.41 4.27 4.35 Dec 13,375 3.3 SDS Prudential Financial, Inc. PRU N 1 H/GRW 82.45 105.00 92.60 73.19 8.0 9.21 10.27 10.10 Dec 37,053 3.4 SDS Reinsurance Group of America, Inc. RGA N 3 M/GRW 86.65 NM 98.70 81.82 11.0 9.12 7.87 8.90 Dec 5,754 1.7 SDS StanCorp Financial Group SFG N 3 H/GRW 114.22 NM 115.43 61.56 20.0 5.01 5.70 5.85 Dec 4,820 1.2 SDS Symetra Financial Corp. SYA N 3 H/GRW 31.72 NM 31.92 20.23 18.1 1.95 1.75 2.06 Dec 3,683 1.4 SDS Torchmark Corporation TMK N 4 NM 57.29 NM 63.26 49.77 13.5 4.03 4.23 4.35 Dec 7,087 0.9 SDS Unum Group UNM N 2 M/GRW 33.42 39.00 38.15 29.81 9.3 1.74 3.59 3.79 Dec 8,134 2.2 SDS Voya Financial Inc. VOYA N 2 H/GRW 37.24 47.00 48.30 35.77 12.5 3.14 2.97 3.25 Dec 8,018 0.1 SDS Non-Life Insurance ACE Limited ACE N 2 H/GRW 118.26 120.00 118.78 96.00 12.3 9.80 9.60 9.35 Dec 38,324 2.3 CGP Allstate Corporation ALL N 1 M/GRW 62.64 78.00 72.87 54.12 12.4 5.42 5.05 5.75 Dec 25,188 1.9 CGP American Financial Group, Inc. AFG N 2 H/GRW 72.60 77.00 75.68 57.50 13.2 4.82 5.50 5.50 Dec 6,352 1.5 CGP Argo Group International Holdings, Ltd. AGII Q 1 H/GRW 60.98 75.00 66.40 46.83 16.5 3.22 3.70 3.85 Dec 1,701 1.3 CGP Blue Capital Reinsurance Holdings Ltd. BCRH N 2 H/INC 17.29 19.00 18.35 14.98 8.2 1.71 2.10 1.60 Dec 152 10.8 CGP Chubb Corporation CB N 2 M/GRW 133.15 132.00 133.50 94.35 17.4 7.65 7.65 7.45 Dec 30,598 1.7 CGP Conifer Holdings, Inc. CNFR Q 2 H/GRW 9.02 13.00 10.95 8.25 18.0 (2.31) 0.50 1.05 Dec 69 0.0 CGP Federated National Holding Company FNHC Q 1 H/GRW 29.54 42.00 32.61 20.23 10.4 2.74 2.85 2.95 Dec 407 0.7 CGP Hallmark Financial Services Inc. HALL Q 3 H/GRW 11.89 NM 13.29 9.33 11.1 0.69 1.07 1.00 Dec 228 0.0 CGP Infinity Property and Casualty Corporation IPCC Q 2 H/GRW 82.06 85.00 87.89 69.87 17.8 4.71 4.60 4.85 Dec 935 2.1 CGP Mercury General Corporation MCY N 4 NM 47.47 NM 60.31 45.12 20.2 2.28 2.35 2.60 Dec 2,616 5.2 CGP National Interstate Corporation NATL Q 3 H/GRW 27.37 NM 30.49 24.60 19.6 0.40 1.40 1.60 Dec 545 1.9 CGP Old Republic International Corp. ORI N 2 M/INC 18.86 20.00 19.09 13.59 15.1 0.84 1.25 1.45 Dec 4,853 3.9 CGP ProAssurance Corp. PRA N 3 H/GRW 48.94 NM 53.62 43.11 18.4 3.15 2.66 2.45 Dec 2,628 2.5 CGP Progressive Corporation PGR N 2 H/GRW 31.96 34.00 33.95 25.23 16.6 1.91 1.92 2.00 Dec 18,684 2.1 CGP The Travelers Companies, Inc. TRV N 3 M/INC 113.48 NM 116.48 95.21 10.8 10.55 10.55 9.95 Dec 34,521 2.2 CGP United Insurance Holdings Corp. UIHC Q 2 H/GRW 17.97 20.00 28.43 12.12 18.9 2.07 0.95 1.25 Dec 381 1.1 CGP

Raymond James Research Register - January 2016 42

52 Week EPS

15

-

A E E

28

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Financial Services - USA Specialty Finance Investment Companies Alcentra Capital Corporation (ni) ABDC Q 1 H/INC 12.00 16.00 14.44 10.01 8.2 0.86 1.46 1.50 Dec 162 11.3 RD Apollo Investment Corp. (ni) AINV Q 3 H/INC 5.21 NM 8.03 4.78 6.3 0.90 0.96 A 0.83 Mar 1,233 15.4 RD Ares Capital Corp. (ni) ARCC Q 2 H/INC 14.38 17.00 17.68 11.01 9.5 1.43 1.52 1.60 Dec 4,520 10.6 RD CM Finance Inc. (ni) CMFN Q 1 H/INC 10.27 16.00 14.70 9.81 7.1 0.64 1.48 A 1.45 Jun 141 13.6 RD Compass Diversified Holdings (y) CODI N 2 H/INC 15.83 18.50 17.53 9.70 9.4 1.18 1.69 1.47 Dec 765 9.1 RD Fidus Investment Corporation (ni) FDUS Q 1 H/INC 13.96 20.00 17.44 7.49 8.8 1.62 1.58 1.67 Dec 193 11.2 RD Fifth Street Finance Corp. (ni) FSC Q 3 H/INC 6.16 NM 8.56 5.53 8.6 1.00 0.75 A 0.72 Sep 944 11.7 RD Goldman Sachs BDC, Inc. (ni) GSBD N 2 H/INC 19.78 24.00 25.42 17.15 9.6 1.77 2.06 2.06 Dec 700 9.1 RD Golub Capital BDC, Inc. (ni) GBDC Q 2 H/INC 16.77 18.00 18.21 15.89 13.2 1.25 1.20 A 1.27 Sep 860 7.6 RD Hercules Technology Growth Capital Inc. (ni) HTGC N 2 H/INC 12.44 15.00 15.71 9.88 12.0 1.16 1.04 1.29 Dec 897 10.0 RD Horizon Technology Finance Corporation (ni) HRZN Q 2 H/INC 12.32 13.00 14.59 9.04 9.9 1.11 1.25 1.42 Dec 143 11.2 RD Main Street Capital Corp. (ni) MAIN N 2 H/INC 29.87 34.00 33.15 26.08 13.6 2.20 2.19 2.27 Dec 1,186 7.0 RD Newtek Business Services Corp. (ni) NEWT Q 2 H/SPEC 14.03 15.50 19.95 12.80 6.8 (0.23) 2.06 1.61 Dec 145 12.8 RD Prospect Capital Corporation (ni) PSEC Q 3 H/INC 7.07 NM 8.85 5.30 6.9 1.19 1.03 A 1.03 Jun 2,512 14.1 RD Stellus Capital Investment Corporation (ni) SCM N 2 H/INC 10.05 12.00 12.72 9.60 7.5 1.34 1.34 1.36 Dec 126 13.5 RD TCP Capital Corp. (ni) TCPC Q 2 H/INC 14.15 19.00 16.93 13.16 8.7 1.59 1.62 1.62 Dec 439 10.2 RD THL Credit, Inc. (ni) TCRD Q 2 H/INC 10.97 14.00 12.70 9.97 7.9 1.42 1.39 1.38 Dec 366 12.4 RD Triangle Capital Corporation (ni) TCAP N 2 H/INC 19.22 25.00 24.95 15.41 8.9 2.08 2.16 2.37 Dec 536 11.2 RD Specialty Consumer Finance Credit Acceptance Corp. CACC Q 3 H/GRW 219.04 NM 277.98 129.82 15.7 11.93 13.96 15.32 Dec 4,512 0.0 RD Encore Capital Group Inc. ECPG Q 2 H/GRW 30.29 48.00 44.66 28.17 5.8 4.52 5.21 5.65 Dec 766 0.0 RD OneMain Holdings, Inc. OMF N 3 H/GRW 41.27 NM 54.34 31.35 20.1 2.07 2.05 5.26 Dec 5,550 0.0 RD PRA Group Inc. PRAA Q 1 H/GRW 37.15 47.00 64.82 32.49 8.8 3.80 4.24 4.72 Dec 1,791 0.0 RD

Raymond James Research Register - January 2016 43

52 Week EPS

15

-

A E E

28

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Financial Services - CAN Michael Overvelde, CFA, CPA, CA [email protected] Diversified Financials Element Financial Corporation EFN T 1 M/GRW C$17.00 24.00 20.47 13.22 16.2 0.57 1.05 1.65 Dec 6,559 0.6 MO goeasy Ltd. GSY T 2 H/INC C$18.52 29.50 23.46 13.65 11.4 1.34 1.63 2.45 Dec 248 2.2 MO Intact Financial Corporation IFC T 3 M/INC C$88.09 99.00 96.77 81.74 15.7 6.01 5.60 6.61 Dec 11,584 6.4 MO

52 Week EPS

15

-

A E E

28

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Financial Services - ARG Federico Rey Marino [email protected] Fernando Suarez [email protected]

Latin American Banking Banco Macro S.A. (ed, r) BMA N 2 H/SPEC US$56.61 82.00 69.75 35.93 7.1 7.41 7.96 7.45 Dec 3,312 3.9 FRM,FS BBVA Banco Frances (ed, r) BFR N 3 H/SPEC US$19.50 NM 25.35 12.51 8.9 2.24 2.19 2.04 Dec 3,491 2.4 FRM,FS Grupo Financiero Galicia (ed, r) GGAL Q 2 H/SPEC US$26.13 36.00 29.25 14.99 7.3 3.16 3.56 3.15 Dec 3,397 0.8 FRM,FS

Raymond James Research Register - January 2016 44

Healthcare

USA Alternate Site Healthcare Providers ...... 46 Animal Health ...... 46 Benefits Management ...... 46 Health Benefits Management ...... 46 Pharmacy Benefits Management ...... 46 Biotechnology ...... 47 Clinical Laboratories ...... 47 Death Care ...... 47 Diagnostics...... 47

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

Raymond James Research Register - January 2016 45

52 Week EPS

15

-

A E E

28

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Healthcare - USA John W. Ransom [email protected] Michael J. Baker [email protected] Jayson Bedford [email protected] Reni Benjamin, Ph.D. [email protected] Nicholas Jansen [email protected] Lawrence Keusch [email protected] Christopher Raymond [email protected] Elliot Wilbur, CFA [email protected]

Alternate Site Healthcare Providers AAC Holdings, Inc. AAC N 2 H/SPEC 18.74 35.00 46.60 15.09 20.8 0.36 0.90 1.04 Dec 412 0.0 JWR Acadia Healthcare Co. ACHC Q 2 H/GRW 62.34 80.00 85.62 54.41 28.1 1.54 2.22 2.84 Dec 4,432 0.0 JWR,NJ Amedisys AMED Q 4 NM 40.31 NM 48.34 24.81 28.2 0.73 1.43 1.72 Dec 1,354 0.0 JWR,NJ AmSurg Corporation AMSG Q 1 H/GRW 75.51 100.00 87.42 52.42 20.6 2.75 3.66 4.60 Dec 4,372 0.0 JWR,NJ Capital Senior Living Corp. CSU N 1 H/GRW 20.19 31.00 27.75 19.20 30.6 0.99 0.66 0.96 Dec 579 0.0 JWR,NJ Civitas Solutions, Inc. CIVI N 2 H/GRW 29.79 30.00 30.02 16.57 55.2 0.00 0.48 A 0.54 Sep 1,108 0.0 JWR DaVita HealthCare Partners Inc. DVA N 3 H/GRW 70.22 NM 85.17 67.34 18.6 3.64 3.77 3.90 Dec 15,217 0.0 JWR,NJ HealthSouth Corporation HLS N 2 H/GRW 34.50 42.00 48.37 32.55 14.9 2.10 2.32 2.71 Dec 3,219 2.7 JWR,NJ MEDNAX, Inc. MD N 2 H/GRW 72.28 80.00 86.09 64.12 20.3 3.17 3.56 4.07 Dec 6,794 0.0 JWR,NJ Surgery Partners, Inc. SGRY Q 1 H/GRW 20.73 25.00 22.32 16.26 NM NA 0.14 0.76 Dec 702 0.0 JWR Animal Health Abaxis, Inc. ABAX Q 3 H/GRW 55.98 NM 66.89 41.53 41.5 0.72 0.91 A 1.35 Mar 1,282 0.8 NJ Heska Corporation HSKA Q 2 H/GRW 38.60 44.00 38.88 15.58 64.3 0.41 0.60 0.85 Dec 245 0.0 NJ IDEXX Laboratories Inc. IDXX Q 3 H/GRW 74.16 NM 84.26 61.37 36.0 1.85 2.06 2.15 Dec 6,889 0.0 NJ VCA Inc. WOOF Q 2 H/GRW 55.96 67.00 62.45 47.55 23.8 1.89 2.35 2.75 Dec 4,578 0.0 NJ Benefits Management Health Benefits Management Aetna AET N 3 M/GRW 108.95 NM 134.40 87.25 14.4 6.70 7.56 8.10 Dec 37,991 0.9 MJB Anthem ANTM N 3 M/GRW 140.03 NM 173.59 122.86 13.7 8.85 10.22 10.60 Dec 53,113 1.8 MJB Centene CNC N 3 H/GRW 66.06 NM 83.00 50.93 22.5 2.23 2.93 3.45 Dec 7,874 0.0 MJB CIGNA Corporation CI N 3 H/GRW 147.07 NM 170.68 100.67 17.1 7.43 8.60 9.15 Dec 40,812 0.0 MJB Humana HUM N 3 M/GRW 177.86 NM 219.79 137.45 22.9 7.51 7.76 8.60 Dec 26,363 0.7 MJB Insperity NSP N 3 H/GRW 48.46 NM 55.42 32.43 21.3 1.45 2.27 2.58 Dec 1,241 1.8 MJB Magellan Health MGLN Q 3 H/GRW 62.64 NM 73.00 45.40 76.4 2.90 0.82 2.45 Dec 1,735 0.0 MJB Molina Healthcare MOH N 3 H/GRW 61.61 NM 82.37 49.37 22.9 1.44 2.69 3.60 Dec 3,455 0.0 MJB UnitedHealth Group UNH N 1 M/GRW 118.33 140.00 126.21 95.00 18.4 5.70 6.44 7.72 Dec 128,151 1.7 MJB Universal American Corp. UAM N 4 NM 7.13 NM 11.16 6.38 NM 0.08 (0.08) 0.19 Dec 599 0.0 MJB WellCare Health Plans WCG N 3 H/GRW 80.42 NM 98.79 71.40 23.3 2.06 3.45 4.55 Dec 3,458 0.0 MJB Pharmacy Benefits Management Express Scripts ESRX Q 3 H/GRW 87.95 NM 94.61 68.06 15.9 4.88 5.54 6.19 Dec 59,481 0.0 MJB

Raymond James Research Register - January 2016 46

52 Week EPS

15

-

A E E

28

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Healthcare - USA Biotechnology Acorda Therapeutics, Inc. ACOR Q 3 H/GRW 42.73 NM 45.45 25.50 45.5 1.74 0.94 0.81 Dec 1,832 0.0 CR ADMA Biologics, Inc. ADMA Q 1 H/SPEC 8.41 15.00 11.95 7.51 NM (1.81) (1.73) (1.72) Dec 90 0.0 RB Alexion Pharmaceuticals Inc. ALXN Q 1 H/GRW 189.10 225.00 208.88 142.02 37.8 5.21 5.00 6.13 Dec 42,734 0.0 CR AMAG Pharmaceuticals, Inc. AMAG Q 2 H/GRW 30.05 55.00 77.73 25.26 6.5 5.45 4.60 6.07 Dec 1,043 0.0 CR Amgen, Inc. AMGN Q 3 M/GRW 161.73 NM 181.81 130.09 16.1 8.70 10.03 10.42 Dec 122,090 2.5 CR Biogen Inc. BIIB Q 1 H/GRW 303.84 404.00 480.18 254.00 18.2 13.83 16.69 18.57 Dec 67,727 0.0 CR BioMarin Pharmaceutical Inc. BMRN Q 2 H/GRW 105.30 157.00 151.75 88.51 NM (0.18) (0.75) (0.25) Dec 16,977 0.0 CR Celgene Corporation CELG Q 1 H/GRW 119.10 161.00 140.72 92.98 24.6 3.69 4.85 6.08 Dec 93,756 0.0 CR Fate Therapeutics, Inc. FATE Q 2 H/SPEC 3.49 8.00 8.78 3.12 NM (1.27) (1.20) (0.96) Dec 100 0.0 RB Galena Biopharma Inc. GALE Q 2 H/SPEC 1.51 3.00 2.39 1.10 NM (0.31) (0.27) (0.22) Dec 244 0.0 RB Keryx Biopharmaceuticals, Inc. KERX Q 3 H/SPEC 5.22 NM 14.99 3.04 NM (1.23) (1.07) (0.78) Dec 549 0.0 RB NeuroDerm Ltd. NDRM Q 2 H/SPEC 16.37 28.00 26.50 5.94 NM (12.97) (0.76) (1.71) Dec 353 0.0 CR Ocata Therapeutics, Inc. OCAT Q 3 H/SPEC 8.43 NM 8.71 3.06 NM (1.17) (0.66) (0.79) Dec 356 0.0 RB Oncothyreon Inc. ONTY Q 2 H/SPEC 2.36 5.00 4.69 1.41 NM (0.64) (0.31) (0.34) Dec 224 0.0 RB Proteon Therapeutics, Inc. PRTO Q 2 H/SPEC 14.62 20.00 20.00 9.83 NM (3.16) (1.28) (1.73) Dec 241 0.0 CR Regeneron Pharmaceuticals, Inc. REGN Q 2 H/GRW 540.28 622.00 605.93 393.00 42.3 10.00 12.76 15.15 Dec 56,217 0.0 CR Tesaro, Inc. TSRO Q 1 H/SPEC 50.87 70.00 66.95 36.14 NM (4.79) (6.02) (5.59) Dec 2,039 0.0 CR TG Therapeutics, Inc. TGTX Q 1 H/SPEC 11.89 20.00 20.00 9.54 NM (1.64) (1.33) (1.31) Dec 624 0.0 RB Ultragenyx Pharmaceutical Inc. RARE Q 2 H/SPEC 113.26 125.00 137.05 43.13 NM (2.25) (3.61) (5.59) Dec 4,397 0.0 CR Verastem, Inc. VSTM Q 2 H/SPEC 1.85 3.00 12.35 1.50 NM (2.07) (1.46) (0.73) Dec 68 0.0 RB Clinical Laboratories Laboratory Corporation of America Holdings LH N 2 H/GRW 124.40 145.00 131.19 105.77 15.7 6.80 7.90 8.80 Dec 12,589 0.0 NJ Quest Diagnostics Inc. DGX N 3 M/GRW 71.60 NM 89.00 60.07 15.0 4.50 4.78 5.10 Dec 10,310 2.1 NJ Death Care Carriage Services, Inc. (rf) CSV N 1 M/GRW 24.27 31.00 25.96 19.41 9.1 2.07 2.67 2.48 Dec 421 0.4 JWR,NJ Service Corporation International (rf) SCI N 1 H/GRW 26.31 34.00 32.02 22.11 15.8 1.30 1.66 1.85 Dec 5,351 1.8 JWR,NJ StoneMor Partners L.P. (y) STON N 1 M/INC 27.04 32.00 32.06 22.04 11.8 2.55 2.29 2.50 Dec 860 9.8 JWR,NJ Diagnostics Alere, Inc. ALR N 1 H/GRW 39.11 52.00 55.99 36.37 17.8 1.73 2.20 2.48 Dec 3,371 0.0 NJ CareDx, Inc. CDNA Q 3 H/SPEC 6.39 NM 8.00 3.70 NM 0.10 (1.07) (0.79) Dec 76 0.0 NJ Cepheid CPHD Q 3 H/GRW 36.59 NM 63.69 29.21 NM (0.72) (0.73) (0.52) Dec 2,642 0.0 NJ GenMark Diagnostics, Inc. GNMK Q 2 H/GRW 7.48 9.00 14.40 4.63 NM (0.93) (1.05) (1.17) Dec 316 0.0 NJ Genomic Health GHDX Q 2 H/GRW 34.75 29.00 35.45 20.05 NM (0.78) (0.94) (0.20) Dec 1,129 0.0 NJ Meridian Bioscience, Inc. VIVO Q 4 NM 20.60 NM 20.68 15.56 23.4 0.83 0.85 A 0.88 Sep 867 3.9 NJ OraSure Technologies, Inc. OSUR Q 2 H/GRW 6.54 7.00 10.62 4.39 72.7 (0.08) 0.09 0.18 Dec 371 0.0 NJ Quidel Corporation QDEL Q 3 H/GRW 21.70 NM 29.38 17.16 NM (0.21) 0.00 0.15 Dec 731 0.0 NJ Trinity Biotech plc TRIB Q 2 H/GRW 11.86 18.00 20.24 10.74 25.8 0.73 0.46 0.34 Dec 280 1.9 NJ

Raymond James Research Register - January 2016 47

52 Week EPS

15

-

A E E

28

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Healthcare - USA Drug Distributors AmerisourceBergen Corp. ABC N 2 M/GRW 104.19 110.00 120.68 89.52 17.8 3.97 4.96 A 5.85 Sep 24,099 1.3 JWR,NJ Cardinal Health Inc. CAH N 2 M/GRW 90.49 95.00 91.91 74.76 17.1 3.84 4.38 A 5.30 Jun 29,952 1.7 JWR,NJ McKesson Corporation MCK N 1 M/GRW 200.27 225.00 243.61 160.10 15.6 8.60 11.11 A 12.85 Mar 46,262 0.6 JWR,NJ Drug Stores CVS Health CVS N 2 M/GRW 98.42 120.00 113.65 81.37 19.0 4.49 5.17 5.85 Dec 109,246 1.7 JWR,MJB Rite Aid Corporation RAD N 3 H/GRW 7.84 NM 9.47 5.88 49.0 0.23 2.08 A 0.16 Feb 8,289 0.0 JWR,NJ Walgreens Boots Alliance Inc. WBA Q 2 M/GRW 85.84 100.00 97.30 73.00 19.5 3.28 3.88 A 4.40 Aug 94,639 1.7 JWR,NJ Healthcare Information Technology The Advisory Board Company ABCO Q 2 H/GRW 50.26 57.00 60.38 40.70 36.7 1.33 1.37 1.73 Dec 2,105 0.0 NJ Allscripts Healthcare Solutions Inc. MDRX Q 2 H/GRW 15.28 17.00 15.78 11.33 32.5 0.31 0.47 0.58 Dec 2,886 0.0 NJ athenahealth Inc. ATHN Q 2 H/GRW 163.85 175.00 170.42 110.68 NM 1.31 1.40 1.78 Dec 6,359 0.0 NJ Cerner Corporation CERN Q 2 H/GRW 60.62 69.00 75.72 55.82 29.3 1.65 2.07 2.37 Dec 20,735 0.0 NJ Computer Programs and Systems, Inc. CPSI Q 3 H/INC 50.10 NM 62.98 36.04 23.3 3.23 2.15 3.10 Dec 566 5.1 NJ Connecture Inc. CNXR Q 1 H/GRW 3.43 8.00 14.39 3.11 NM (10.27) (0.27) (0.01) Dec 75 0.0 NJ HealthStream, Inc. HSTM Q 3 H/GRW 22.50 NM 32.41 20.89 83.3 0.37 0.27 0.31 Dec 712 0.0 NJ MedAssets MDAS Q 3 H/GRW 30.89 NM 31.24 17.00 23.8 1.35 1.30 1.38 Dec 1,831 0.0 NJ Premier, Inc. PINC Q 2 H/GRW 34.87 42.00 39.81 31.36 21.9 1.30 1.43 A 1.59 Jun 5,023 0.0 NJ Press Ganey Holdings, Inc. PGND N 2 H/GRW 31.49 36.50 36.15 25.72 34.2 0.75 0.92 1.03 Dec 1,658 0.0 NJ Quality Systems Inc. QSII Q 3 H/GRW 16.14 NM 18.75 12.00 24.5 0.70 0.62 A 0.66 Mar 973 4.3 NJ WebMD Health Corp WBMD Q 1 H/GRW 48.77 56.00 49.19 37.57 33.6 0.97 1.45 1.70 Dec 1,863 0.0 NJ Hospital Supplies & Equipment Baxter International Inc. BAX N 3 M/GRW 38.14 NM 43.44 32.18 30.3 1.28 1.26 1.43 Dec 20,856 1.2 LK Becton, Dickinson and Company BDX N 1 M/GRW 155.37 176.00 157.50 128.87 18.5 6.50 7.16 A 8.41 Sep 32,736 1.7 LK C.R. Bard, Inc. BCR N 2 M/GRW 188.75 210.00 202.47 163.08 20.8 8.40 9.06 9.89 Dec 15,100 0.5 LK The Cooper Companies, Inc. COO N 2 H/GRW 136.07 155.00 190.00 121.01 17.6 7.29 7.44 A 7.75 Oct 6,568 0.0 LK Haemonetics Corporation HAE N 4 NM 32.68 NM 45.43 29.70 19.0 2.19 1.85 A 1.72 Mar 1,689 0.0 LK Halyard Health Inc. HYH N 3 H/GRW 34.00 NM 50.92 26.58 16.5 4.11 2.06 1.85 Dec 1,585 0.0 LK Hill-Rom Holdings, Inc. HRC N 3 M/GRW 48.99 NM 58.73 44.69 15.7 2.25 2.64 A 3.12 Sep 3,192 1.3 LK Intuitive Surgical, Inc. ISRG Q 2 H/GRW 547.11 570.00 564.86 447.00 30.6 16.10 17.87 19.70 Dec 20,407 0.0 LK Masimo Corp. MASI Q 1 H/GRW 41.60 50.00 46.00 25.12 27.9 1.30 1.49 1.70 Dec 2,092 0.0 LK Stericycle Inc. SRCL Q 2 H/GRW 121.64 151.00 151.57 110.56 25.8 4.51 4.71 5.32 Dec 10,332 0.0 LK STERIS plc STE N 2 M/GRW 76.39 84.00 77.47 60.75 21.7 2.48 2.99 A 3.52 Mar 4,559 1.5 LK Teleflex, Inc. TFX N 2 M/GRW 133.23 150.00 140.50 107.45 21.3 5.74 6.25 7.00 Dec 5,542 1.0 LK TransEnterix, Inc. TRXC M 2 H/SPEC 2.49 5.50 4.87 2.07 NM (0.64) (0.59) (0.46) Dec 157 0.0 LK

Raymond James Research Register - January 2016 48

52 Week EPS

15

-

A E E

28

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Healthcare - USA Hospitals Community Health Systems, Inc. CYH N 3 H/GRW 26.86 NM 65.00 24.49 7.7 3.30 3.49 3.55 Dec 3,116 0.0 JWR,NJ HCA Holdings, Inc. HCA N 2 H/GRW 68.04 90.00 95.49 43.91 13.0 4.70 5.25 5.95 Dec 29,012 0.0 JWR,NJ LifePoint Health, Inc. LPNT Q 3 H/GRW 73.89 NM 88.18 58.61 18.5 3.45 4.00 4.09 Dec 3,421 0.0 JWR,NJ Tenet Healthcare Corporation THC N 2 H/GRW 31.04 40.00 60.93 26.60 15.5 1.43 2.00 2.35 Dec 3,104 0.0 JWR,NJ Universal Health Services, Inc. UHS N 2 M/GRW 119.35 145.00 148.57 101.20 17.2 5.78 6.95 7.50 Dec 12,078 0.3 JWR,NJ Medical Devices Abbott Laboratories ABT N 2 M/GRW 45.03 51.00 51.74 39.00 20.9 1.98 2.15 2.35 Dec 67,770 2.3 JB Abiomed Inc. ABMD Q 2 H/GRW 88.97 95.00 110.68 35.75 NM 0.18 0.64 A 0.69 Mar 3,678 0.0 JB AngioDynamics ANGO Q 3 H/GRW 12.52 NM 19.80 11.14 20.2 0.56 0.58 A 0.62 May 457 0.0 JB Boston Scientific Corp. BSX N 1 H/GRW 18.73 22.00 19.06 13.03 20.6 0.84 0.91 1.04 Dec 25,189 0.0 JB DexCom Inc. DXCM Q 2 H/GRW 81.70 100.00 103.29 53.30 NM (0.30) (0.32) (0.13) Dec 6,552 0.0 JB Heartware International, Inc. HTWR Q 3 H/GRW 48.78 NM 95.59 34.70 NM (1.14) (4.76) (2.25) Dec 1,107 0.0 JB Hologic Inc. HOLX Q 3 H/GRW 39.30 NM 43.00 25.60 21.5 1.46 1.67 A 1.83 Sep 11,586 0.0 JB ICU Medical, Inc. ICUI Q 1 H/GRW 112.70 132.00 124.69 79.44 28.5 2.38 3.96 4.04 Dec 1,848 0.0 JB Insulet PODD Q 3 H/GRW 38.61 NM 46.91 24.95 NM (0.19) (0.74) (0.73) Dec 2,197 0.0 JB Integra LifeSciences Corp. IART Q 2 H/GRW 67.53 71.00 68.41 47.81 22.1 2.79 3.06 3.39 Dec 2,418 0.0 JB Johnson & Johnson JNJ N 2 M/INC 103.22 108.00 106.50 81.79 16.7 6.39 6.18 6.37 Dec 289,739 2.9 JB Merit Medical Systems Inc. MMSI Q 1 H/GRW 18.91 24.00 26.42 15.20 22.0 0.78 0.86 0.97 Dec 845 0.0 JB Natus Medical Inc. BABY Q 2 H/GRW 49.08 49.00 51.05 29.34 32.3 1.26 1.52 1.93 Dec 1,634 0.0 JB RTI Surgical Inc. RTIX Q 3 H/GRW 4.03 NM 7.48 3.56 21.2 0.11 0.19 0.24 Dec 237 0.0 JB Pharma Services Catalent, Inc. CTLT N 3 H/GRW 25.06 NM 34.42 23.63 16.2 NA 1.63 A 1.55 Jun 3,115 0.0 JWR,MJB Charles River Laboratories CRL N 3 H/GRW 79.70 NM 84.69 59.99 21.4 3.46 3.72 4.19 Dec 3,716 0.0 MJB Diplomat Pharmacy, Inc. DPLO N 2 H/GRW 33.86 45.00 52.33 22.10 46.4 0.38 0.73 0.91 Dec 2,218 0.0 JWR ICON plc ICLR Q 3 H/GRW 76.69 NM 84.14 50.87 19.3 2.87 3.97 4.69 Dec 4,591 0.0 MJB INC Research Holdings INCR Q 2 H/GRW 49.13 53.00 51.69 22.17 24.9 0.83 1.97 2.33 Dec 2,775 0.0 MJB PAREXEL PRXL Q 3 H/GRW 67.21 NM 76.17 55.36 20.4 2.17 2.79 A 3.29 Jun 3,712 0.0 MJB Quintiles Transnational Holdings Q N 1 M/GRW 69.58 82.00 80.45 56.46 20.9 2.70 3.33 3.75 Dec 8,564 0.0 MJB

Raymond James Research Register - January 2016 49

52 Week EPS

15

-

A E E

28

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Healthcare - USA Specialty Pharmaceuticals Akorn, Inc. AKRX Q 2 H/GRW 36.83 53.00 57.10 19.08 18.6 1.16 1.98 2.35 Dec 4,115 0.0 EW Allergan plc AGN N 2 M/GRW 308.88 337.00 340.34 237.50 20.1 13.98 15.35 16.81 Dec 121,699 0.0 EW Amphastar Pharmaceuticals, Inc. AMPH Q 1 H/GRW 14.17 23.00 18.30 10.57 NM (0.25) (0.33) (0.19) Dec 641 0.0 EW Dipexium Pharmaceuticals, Inc. DPRX Q 1 H/SPEC 11.07 35.00 17.10 10.12 NM (1.73) (2.01) (2.53) Dec 114 0.0 EW Endo International plc ENDP Q 3 H/GRW 61.82 NM 96.58 46.66 13.6 4.30 4.54 6.01 Dec 13,997 0.0 EW Impax Laboratories, Inc. IPXL Q 4 NM 44.12 NM 52.10 29.76 35.9 1.31 1.23 1.86 Dec 3,217 0.0 EW Lannett Company, Inc. LCI N 2 H/GRW 40.92 50.00 72.44 33.13 10.2 2.00 4.04 A 4.01 Jun 1,484 0.0 EW Mylan N.V. MYL Q 3 H/GRW 54.33 NM 76.69 37.59 12.5 3.56 4.34 4.86 Dec 26,716 0.0 EW Perrigo Company PLC PRGO N 3 M/GRW 145.84 NM 215.73 140.40 18.7 6.27 7.78 9.77 Dec 21,336 0.3 EW Sagent Pharmaceuticals, Inc. SGNT Q 1 H/GRW 16.00 30.00 30.75 13.66 NM 0.46 (0.01) 0.38 Dec 525 0.0 EW Teva Pharmaceutical Industries, Ltd. (r) TEVA N 3 M/GRW 65.93 NM 72.31 54.17 12.2 5.07 5.41 5.39 Dec 56,172 2.1 EW

Raymond James Research Register - January 2016 50

Industrial

USA Canada Europe Specialty Distribution ...... 52 Aerospace & Aviation ...... 53 Aerospace & Defence ...... 55 Waste and Industrial Services ...... 52 Chemicals ...... 53 Commercial Aerospace ...... 55 Industrial Services...... 52 Diversified Income Corps...... 53 Defence ...... 55 Waste Services ...... 52 Infrastructure & Construction ...... 53 Chemicals ...... 55 Asset Ownership & Management ...... 53 Industrial Gases ...... 55 Construction ...... 53 Infrastructure & Construction ...... 55 Engineering ...... 53 Building Products ...... 55 Machinery ...... 54 Construction Groups ...... 55 Related Products & Services...... 54 Electrical Equipment ...... 55 Special Situations ...... 54 Infrastructure Operators ...... 55 Specialty Distribution ...... 55

Raymond James Research Register - January 2016 51

52 Week EPS

15

-

A E E

28

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Industrial - USA Patrick Tyler Brown, CFA [email protected] Sam Darkatsh [email protected] J. Marshall Adkins [email protected] Budd Bugatch, CFA [email protected]

Specialty Distribution Airgas, Inc. ARG N 4 NM 138.42 NM 139.22 86.09 28.1 4.72 4.85 A 4.93 Mar 10,431 1.7 SD Beacon Roofing Supply, Inc. BECN Q 2 H/GRW 42.02 48.00 44.01 23.04 22.1 1.08 1.38 A 1.90 Sep 2,118 0.0 SD,BB Fastenal Company FAST Q 3 H/GRW 41.40 NM 48.43 34.45 23.3 1.66 1.78 1.87 Dec 12,027 2.7 SD,BB HD Supply Holdings Inc. HDS Q 3 H/GRW 30.17 NM 36.81 26.52 17.4 0.90 1.73 2.40 Jan 6,015 0.0 SD,BB Houston Wire & Cable Company HWCC Q 3 H/GRW 5.21 NM 12.52 5.08 16.3 0.85 0.32 0.30 Dec 89 4.6 SD,BB LKQ Corporation LKQ Q 2 H/GRW 29.69 33.00 32.25 22.90 21.2 1.27 1.40 1.62 Dec 9,136 0.0 SD MRC Global MRC N 3 H/GRW 12.60 NM 17.62 10.20 22.1 1.40 0.57 0.45 Dec 1,292 0.0 SD,BB MSC Industrial Direct MSM N 2 H/GRW 57.16 75.00 83.03 54.52 15.4 3.93 3.80 A 3.70 Aug 3,510 3.0 SD,BB NOW Inc. DNOW N 3 H/GRW 15.68 NM 28.01 14.00 NM 1.06 (0.68) (0.62) Dec 1,681 0.0 SD,JMA Praxair, Inc. PX N 1 M/INC 103.78 132.00 132.65 98.55 17.9 6.27 5.80 6.24 Dec 29,561 2.8 SD W.W. Grainger, Inc. GWW N 3 M/GRW 204.37 NM 259.67 189.60 17.5 12.26 11.67 11.60 Dec 13,345 2.3 SD,BB WESCO International WCC N 3 H/GRW 42.95 NM 78.54 39.62 10.2 5.18 4.20 3.65 Dec 2,135 0.0 SD,BB Waste and Industrial Services Industrial Services Clean Harbors CLH N 3 H/GRW 42.14 NM 59.29 39.89 29.7 1.53 1.42 1.65 Dec 2,457 0.0 TB Waste Services Casella Waste Systems, Inc. CWST Q 2 H/SPEC 6.04 7.50 7.24 3.61 NM (0.03) (0.17) 0.02 Dec 247 0.0 TB Covanta Holding Corp. CVA N 1 H/INC 15.71 20.00 23.04 13.69 NM 0.35 0.14 0.06 Dec 2,105 6.4 TB Progressive Waste Solutions Ltd. BIN N 1 M/GRW 23.54 30.00 30.74 20.81 19.6 1.33 1.20 1.30 Dec 2,573 2.2 TB Republic Services, Inc. RSG N 1 M/GRW 44.85 50.00 44.96 38.95 22.0 1.96 2.04 2.16 Dec 15,711 2.7 TB U.S. Ecology, Inc. ECOL Q 2 H/GRW 37.70 44.00 52.99 32.76 21.5 2.02 1.75 1.92 Dec 818 1.9 TB Waste Connections, Inc. WCN N 2 H/GRW 56.65 56.00 56.66 42.05 28.9 2.04 1.96 2.16 Dec 6,992 1.0 TB Waste Management, Inc. WM N 3 M/INC 53.91 NM 55.93 45.86 20.7 2.48 2.61 2.75 Dec 24,069 3.0 TB

Raymond James Research Register - January 2016 52

52 Week EPS

15

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A E E

28

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

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

Aerospace & Aviation Bombardier Inc. (f) BBD.B T 3 H/GRW C$1.31 1.40 4.24 1.03 7.3 0.35 0.18 0.08 Dec 2,916 0.0 SH,BC CAE Inc. (f) CAE T 3 M/GRW C$15.48 16.00 16.53 13.26 18.0 0.71 0.76 A 0.86 Mar 4,164 1.8 BC Héroux-Devtek Inc. (f) HRX T 2 M/GRW C$13.94 15.25 14.09 9.50 19.6 0.48 0.55 A 0.71 Mar 502 0.0 BC Chemicals Canexus Corporation CUS T 2 H/INC C$1.37 1.70 3.31 1.03 5.7 (1.39) 0.24 0.18 Dec 256 1.5 SH Chemtrade Logistics Income Fund CHE.UN T 2 M/INC C$17.66 23.00 22.33 16.16 70.6 0.27 0.25 0.75 Dec 1,219 6.8 SH Methanex MEOH Q 3 H/INC US$34.37 43.00 61.40 31.36 28.6 4.13 1.20 2.45 Dec 3,117 3.2 SH Superior Plus Corporation SPB T 2 H/INC C$11.12 13.00 14.94 9.46 23.7 0.24 0.47 1.26 Dec 1,409 6.5 SH Diversified Income Corps. Alaris Royalty Corp. AD T 2 H/INC C$24.32 32.00 37.20 21.55 15.6 1.60 1.56 1.94 Dec 873 6.4 TP Exchange Income Corp EIF T 2 H/INC C$27.88 32.00 28.73 20.01 16.4 (0.53) 1.70 2.15 Dec 881 6.9 TP,SH Grenville Strategic Royalty Corp. GRC V 2 H/SPEC C$0.77 1.10 0.95 0.46 8.6 0.00 0.09 0.10 Dec 102 9.1 DQ Mosaic Capital Corporation (cb) M V 3 H/INC C$6.00 7.50 12.46 6.00 NM 25 20 25 Dec 50 6.7 TP Infrastructure & Construction Asset Ownership & Management Brookfield Infrastructure Partners L.P. (x) BIP N 2 M/INC US$37.61 50.00 46.95 36.66 10.4 3.45 3.61 4.35 Dec 10,328 5.6 FB Brookfield Renewable Energy Partners L.P. (x) BEP N 2 M/INC US$26.43 29.00 33.63 22.54 14.7 2.03 1.80 2.25 Dec 7,287 6.3 FB Pattern Energy Group Inc. (ca) PEGI Q 2 M/INC US$21.80 27.00 32.00 16.96 18.2 1.47 1.20 2.20 Dec 1,624 6.8 FB Construction Aecon Group ARE T 2 H/INC C$15.32 17.50 15.69 9.60 21.3 0.26 0.72 1.00 Dec 1,056 2.6 FB Bird Construction Inc. BDT T 3 H/INC C$13.27 12.50 14.71 9.28 13.1 0.85 1.01 0.85 Dec 564 5.7 FB North American Energy Partners NOA T 2 H/INC C$2.48 4.00 3.95 2.10 NM (0.02) (0.21) 0.02 Dec 80 3.2 BC Stuart Olson Inc. SOX T 2 H/INC C$5.76 9.00 8.09 4.51 14.4 0.28 0.40 0.50 Dec 152 8.3 FB Engineering IBI Group Inc. IBG T 2 H/GRW C$2.28 4.00 2.70 1.25 4.6 0.26 0.50 0.25 Dec 68 NM FB SNC-Lavalin SNC T 3 M/GRW C$42.28 43.00 47.40 35.89 17.3 8.74 2.45 2.70 Dec 6,342 2.4 FB Stantec Inc STN T 2 M/GRW C$35.00 36.50 38.09 28.77 19.8 1.74 1.77 2.10 Dec 3,290 1.2 BC,FB WSP Global Inc. WSP T 2 M/INC C$44.01 52.00 49.18 31.13 18.1 0.98 2.43 2.70 Dec 4,326 3.4 FB

Raymond James Research Register - January 2016 53

52 Week EPS

15

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28

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Industrial - CAN Machinery Caterpillar Inc. CAT N 3 M/GRW US$68.58 70.00 94.28 62.99 15.4 6.38 4.45 3.75 Dec 40,805 4.5 TP,BC Cervus Equipment Corp. CVL T 3 M/GRW C$13.16 14.50 20.84 12.71 17.8 1.15 0.74 1.15 Dec 213 6.4 BC Finning International FTT T 2 M/GRW C$19.20 23.00 26.16 17.33 13.5 1.96 1.42 1.43 Dec 3,285 3.8 BC Joy Global Inc. JOY N 3 M/GRW US$13.10 13.00 48.75 10.42 29.1 3.30 1.95 A 0.45 Oct 1,284 0.3 TP,BC Ritchie Bros. Auctioneers RBA N 2 M/GRW US$24.52 33.25 30.85 23.12 21.0 0.86 1.17 1.30 Dec 2,636 2.4 BC Rocky Mountain Dealerships Inc. RME T 3 M/GRW C$5.97 8.00 9.74 5.65 7.7 0.98 0.78 0.82 Dec 115 7.7 BC Strongco Corp. SQP T 3 H/GRW C$1.60 1.50 2.76 1.48 NM (0.43) (0.07) 0.10 Dec 21 0.0 BC Toromont Industries TIH T 2 M/GRW C$31.85 37.50 37.61 26.70 16.8 1.71 1.90 2.04 Dec 2,500 2.1 BC Wajax Corp. WJX T 3 M/GRW C$17.08 19.50 30.93 14.81 10.9 2.42 1.57 1.70 Dec 347 5.9 BC Related Products & Services Canam Group CAM T 2 H/INC C$13.76 19.00 15.26 9.93 12.5 0.70 1.10 1.35 Dec 658 1.2 FB Ovivo Inc. OVI.A T 2 H/GRW C$2.03 2.25 2.45 1.10 40.6 (0.60) (0.76) A 0.05 Mar 90 NM FB Russel Metals RUS T 2 M/INC C$16.09 25.00 27.81 14.36 17.3 1.95 0.93 1.55 Dec 993 9.4 FB WesternOne Inc. WEQ T 3 H/GRW C$0.32 0.60 3.19 0.21 NM 0.55 (0.36) (0.15) Dec 13 NM FB ZCL Composites ZCL T 1 H/GRW C$7.34 9.00 7.95 5.00 14.4 0.54 0.51 0.62 Dec 224 2.5 BC Special Situations Boyd Group Income Fund (cb) BYD.UN T 2 M/GRW C$64.57 78.00 70.45 44.05 NM 69 98 114 Dec 1,059 0.8 TP DIRTT Environmental Solutions Ltd. DRT T 1 H/GRW C$6.87 9.50 9.19 3.38 34.3 0.08 0.20 0.41 Dec 621 0.0 DQ,DS Tree Island Steel Ltd. TSL T 2 H/GRW C$3.35 5.00 3.90 1.68 7.6 0.03 0.44 0.49 Dec 104 1.2 DQ Whistler Blackcomb Holdings Inc. (cb) WB T 2 M/INC C$24.02 26.50 24.62 17.67 NM 93 93 A 109 Sep 913 4.1 TP

Raymond James Research Register - January 2016 54

52 Week EPS

15

-

A E E

28

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Industrial - EUR Harry Breach, RJFI [email protected] Patrick Lambert, RJFI [email protected] Emmanuel Retif, RJEE [email protected] Aerospace & Defence Commercial Aerospace Airbus Group AIR.PA EPA 1 €61.71 85.00 68.50 40.78 17.6 3.36 3.50 3.50 Dec 48,584 2.2 HB GKN GKN.L L 1 305p 440 389 249 11.3 29.00 27.00 28.00 Dec £5,030 2.9 HB Meggitt MGGT.L L 1 371p 550 594 338 11.6 32.40 32.00 35.60 Dec £2,903 3.8 HB Rolls-Royce RR.L L 3 595p NM 1,047 505 10.8 65.30 55.00 27.00 Dec £10,940 3.4 HB Safran SAF.PA EPA 3 €62.60 NM 72.45 50.40 13.6 3.00 4.60 3.50 Dec 26,065 2.1 HB Senior SNR.L L 3 232p NM 362 216 12.5 19.80 18.50 18.50 Dec £970 2.6 HB Zodiac Aerospace ZODC.PA EPA 3 €22.39 NM 35.82 19.02 31.1 1.34 0.72 1.15 Aug 6,186 1.4 HB Defence BAE Systems BAES.L L 4 497p 420 549 419 12.9 38.00 38.50 38.50 Dec £15,735 4.2 HB Cobham COB.L L 4 281p 260 349 251 14.0 18.50 20.10 20.50 Dec £3,199 3.9 HB Thales TCFP.PA EPA 1 €67.90 82.00 71.67 44.10 18.9 2.75 3.60 4.25 Dec 14,140 1.8 HB Chemicals Industrial Gases Air Liquide (sa) AIRP.PA EPA 2 €103.75 140.00 123.95 97.02 NM 15,358 16,423 16,595 Dec 35,559 2.6 PL Infrastructure & Construction Building Products Saint-Gobain SGOB.PA EPA 3 €39.49 NM 44.84 32.36 15.2 1.97 2.59 2.98 Dec 22,130 3.4 HB Tarkett TKTT.PA EPA 2 €27.36 30.00 28.49 17.09 22.1 0.96 1.24 1.50 Dec 1,743 1.8 HB Construction Groups Eiffage FOUG.PA EPA 2 €58.27 61.00 59.74 39.95 17.0 3.05 3.42 4.01 Dec 5,212 2.6 ER Vinci SGEF.PA EPA S €58.46 NM 62.60 43.40 NM 4.47 UR UR Dec NA UR ER Electrical Equipment Schneider Electric SU.PA EPA 3 €53.10 NM 75.29 48.57 15.9 3.55 3.34 3.59 Dec 30,384 3.6 HB Infrastructure Operators ADP ADP.PA EPA 4 €106.15 100.00 117.20 96.32 23.6 4.06 4.49 4.99 Dec 10,505 2.6 ER Ferrovial FER.MC MAD 2 €20.72 25.40 22.97 15.52 31.4 0.55 0.66 0.73 Dec 15,170 3.6 ER Fraport FRAG.DE ETR 4 €59.80 53.00 63.01 48.08 21.9 2.54 2.73 3.06 Dec 5,514 2.3 ER Specialty Distribution Rexel RXL.PA EPA 3 €12.25 NM 18.18 10.91 15.5 0.97 0.79 1.08 Dec 3,576 6.1 HB Wolseley WOS.L L 3 3,682p NM 4,398 3,415 15.9 196.00 231.00 269.00 Jul £9,519 2.7 HB

Raymond James Research Register - January 2016 55

Mining & Natural Resources

Canada Agribusiness ...... 56 Fertilizers ...... 56 Forest Products ...... 57 Building Materials ...... 57 Pulp & Paper ...... 57 Mining ...... 57 Base Metals & Minerals ...... 57 Iron Ore ...... 57 Argentina Platinum Group Metals ...... 57 Agribusiness & Natural Resources ...... 59 Precious Metals - Gold ...... 58 Agribusiness ...... 59 Precious Metals - Silver ...... 58 Natural Resources ...... 59 Uranium ...... 59

52 Week EPS

15

-

A E E

28

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

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

Agribusiness AGT Food and Ingredients Inc. AGT T 2 H/INC C$34.65 35.00 34.65 25.07 17.9 1.75 1.94 2.55 Dec 807 1.7 SH Fertilizers Agrium Inc. AGU N 3 M/GRW US$91.51 105.00 116.81 86.60 12.9 5.80 7.10 7.40 Dec 12,903 3.8 SH Potash Corp. of Saskatchewan Inc. POT N 3 M/GRW US$17.80 23.00 37.60 16.65 11.0 1.81 1.62 1.65 Dec 14,907 8.5 SH

Raymond James Research Register - January 2016 56

52 Week EPS

15

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A E E

28

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Mining & Natural Resources - CAN Forest Products Building Materials Acadian Timber Corp. ADN T 2 M/INC C$20.10 22.00 21.33 14.12 77.3 2.58 0.26 1.26 Dec 336 5.0 DS Canfor Corp. CFP T 1 H/GRW C$21.13 25.75 31.93 15.33 31.1 1.38 0.68 2.13 Dec 2,829 0.0 DS Conifex Timber Inc. CFF T 2 H/SPEC C$2.22 6.00 8.30 1.81 NM 0.22 (0.86) 0.75 Dec 47 0.0 DS Interfor Corp. IFP T 1 H/GRW C$14.54 17.00 23.61 8.86 NM 0.62 (0.27) 1.69 Dec 1,018 0.0 DS Norbord Inc. NBD T 1 H/GRW C$26.77 30.00 29.23 18.64 NM 0.48 (0.20) 2.26 Dec 2,340 1.5 DS West Fraser Timber WFT T 2 M/GRW C$54.31 60.00 78.55 40.56 31.4 3.86 1.73 5.18 Dec 4,600 0.5 DS Western Forest Products Inc. WEF T 2 H/GRW C$2.25 2.65 2.80 1.57 11.8 0.17 0.19 0.31 Dec 914 3.6 DS Pulp & Paper Canfor Pulp Products Inc. CFX T 1 H/GRW C$13.75 21.00 17.02 10.11 8.8 1.28 1.56 1.71 Dec 958 1.8 DS Domtar UFS N 2 H/INC US$37.59 48.00 48.30 35.20 14.3 3.61 2.62 2.98 Dec 2,368 4.3 DS Fortress Paper FTP T 2 H/GRW C$5.00 7.50 5.72 1.74 NM (4.39) (2.29) 0.83 Dec 79 0.0 DS Mercer International Inc. MERC Q 1 H/INC US$9.12 18.00 15.95 8.80 7.7 1.81 1.18 1.58 Dec 592 5.0 DS Mining Base Metals & Minerals Altius Minerals Corp. ALS T 2 H/GRW C$10.26 15.00 15.47 9.46 NM (0.18) (0.04) A 0.02 Apr 410 0.8 AT Capstone Mining Corp. CS T 2 H/GRW C$0.47 1.00 2.15 0.31 NM 0.09 (0.13) (0.22) Dec 180 0.0 AT Copper Mountain Mining CUM T 3 H/GRW C$0.48 0.75 1.73 0.38 9.6 0.13 0.05 0.01 Dec 57 0.0 AT First Quantum Minerals Ltd. FM T 1 H/GRW C$5.81 9.00 19.83 3.75 23.2 0.79 0.25 0.13 Dec 4,004 0.3 AT HudBay Minerals, Inc. HBM T 2 H/GRW C$5.72 9.00 12.61 4.50 NM (0.11) 0.00 0.15 Dec 1,322 0.3 AT Ivanhoe Mines Ltd. IVN T 2 H/SPEC C$0.61 1.50 1.36 0.59 NM (0.35) (0.07) (0.02) Dec 474 0.0 AT Lundin Mining Corporation LUN T 3 H/GRW C$4.07 4.50 6.46 3.37 NM 0.24 (0.02) (0.07) Dec 2,928 0.0 AT Nevsun Resources Ltd. NSU T 3 H/INC C$3.82 4.00 5.35 3.32 31.8 0.47 0.12 (0.07) Dec 764 4.5 AT Taseko Mines Ltd. TKO T 3 H/GRW C$0.50 0.70 1.30 0.43 NM (0.19) (0.09) (0.18) Dec 111 0.0 AT Teck Resources Limited TCK.B T 3 H/INC C$5.62 7.00 20.58 4.25 NM 0.78 0.01 (0.45) Dec 3,238 10.7 AT Trevali Mining Corporation TV T 2 H/SPEC C$0.47 0.90 1.24 0.25 NM (0.03) (0.04) 0.05 Dec US$150 0.0 AT Iron Ore Labrador Iron Ore Royalty Corp. LIF T 3 H/INC C$10.79 14.00 19.85 9.56 13.0 1.56 0.83 0.12 Dec 691 12.5 AT Platinum Group Metals Eastern Platinum Ltd. ELR T 3 H/GRW C$0.81 1.40 2.26 0.61 NM (1.35) (0.09) (0.11) Dec 75 0.0 AT Platinum Group Metals Ltd. PTM T 3 H/SPEC C$0.20 0.75 0.74 0.18 NM (0.01) (0.01) (0.03) Aug 150 NM AT

Raymond James Research Register - January 2016 57

52 Week EPS

15

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28

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Mining & Natural Resources - CAN Precious Metals - Gold Agnico Eagle Mines AEM N 2 H/INC US$26.82 34.00 34.89 21.00 NM 1.07 0.16 0.11 Dec 5,820 1.2 PR Alacer Gold Corp ASR T 2 H/GRW C$2.57 4.00 3.23 2.19 15.1 0.17 0.17 0.06 Dec US$758 0.0 PR Alamos Gold Inc. AGI N 2 H/INC US$3.36 6.50 8.54 2.82 NM (0.02) (0.34) (0.16) Dec 857 2.1 PR Asanko Gold Inc. AKG T 2 H/GRW C$2.14 2.50 2.55 1.59 NM (0.10) (0.02) 0.26 Dec 456 0.0 CT ATAC Resources Ltd. ATC V 3 H/SPEC C$0.32 0.80 0.78 0.26 NM (0.02) (0.02) (0.02) Dec 37 0.0 DSa B2Gold Corp. (cf) BTO T 2 H/GRW C$1.49 2.50 2.88 1.30 9.3 0.17 0.16 0.18 Dec 1,400 0.0 CT Barrick Gold Corporation ABX N 3 H/INC US$7.53 10.50 13.70 5.91 26.9 0.68 0.28 0.91 Dec 8,772 2.7 PR Detour Gold Corp. DGC T 2 H/SPEC C$14.78 19.25 16.86 8.47 NM (0.50) (0.15) 0.07 Dec US$2,527 0.0 PR Eldorado Gold Corp. EGO N 3 H/GRW US$3.04 5.25 8.00 2.45 60.8 0.19 0.05 0.04 Dec 2,180 0.7 PR Endeavour Mining Corp. (cf) EDV T 2 H/GRW C$7.88 9.00 8.01 3.95 2.2 2.58 3.65 1.86 Dec 465 0.0 CT Franco-Nevada Corp. FNV N 2 H/INC US$46.36 58.00 58.84 38.20 92.7 0.91 0.50 0.49 Dec 7,279 1.8 PR Goldcorp Inc. GG N 2 H/INC US$11.79 21.50 25.00 10.87 NM 0.61 0.10 0.17 Dec 9,852 2.0 PR Guyana Goldfields Inc. GUY T 2 H/SPEC C$3.19 5.00 4.48 2.48 NM (0.09) (0.02) 0.19 Oct 482 0.0 PR IAMGOLD Corp. IAG N 4 H/GRW C$2.06 1.50 4.09 1.50 NM 0.09 (0.37) (0.59) Dec US$805 0.0 PR Kaminak Gold Corporation KAM V 2 H/SPEC C$0.85 1.50 1.15 0.61 NM (0.27) (0.20) (0.07) Dec 122 0.0 DSa Kinross Gold Corporation KGC N 3 H/GRW US$1.83 2.50 3.71 1.35 NM 0.11 (0.07) (0.02) Dec 2,097 0.0 PR Mandalay Resources Corp. (cf) MND T 1 H/INC C$0.66 1.10 1.04 0.63 4.1 0.18 0.16 0.15 Dec 281 4.5 CT New Gold, Inc. NGD M 3 H/GRW C$3.37 3.75 6.04 2.52 NM 0.09 (0.01) 0.01 Dec US$1,726 0.0 PR Newmarket Gold Inc. (cf) NMI T 2 H/GRW C$1.45 2.20 1.75 0.13 2.8 0.15 0.52 0.62 Dec 269 0.0 CT OceanaGold Corp. (cf) OGC T 2 H/GRW C$2.74 3.70 3.15 1.79 8.6 0.76 0.32 0.44 Dec 1,652 0.7 CT Orezone Gold Corp. ORE T 2 H/SPEC C$0.27 0.80 0.61 0.22 NM (0.13) (0.08) (0.06) Dec 32 0.0 DSa Roxgold Inc. ROG V 1 H/SPEC C$0.76 1.10 0.84 0.51 NM (0.02) (0.04) 0.05 Dec 245 0.0 DSa Royal Gold Inc. RGLD Q 2 H/INC US$36.86 75.00 77.20 34.42 34.8 0.94 1.02 A 1.06 Jun 2,396 2.4 PR Sandstorm Gold Ltd. SSL T 2 H/GRW C$3.84 5.50 5.30 2.88 NM 0.09 (0.13) 0.02 Dec 453 0.0 PR SEMAFO Inc. SMF T 2 H/GRW C$3.66 4.15 4.49 2.46 7.8 0.43 0.47 0.44 Dec 1,077 0.0 CT Tahoe Resources Inc. (cf) THO T 2 H/INC C$12.31 16.00 19.45 9.66 16.9 1.00 0.73 0.97 Dec US$2,834 1.9 CT Yamana Gold Inc. AUY N 2 H/INC US$1.89 4.50 4.84 1.42 NM 0.05 (0.07) (0.06) Dec 1,788 3.2 PR Precious Metals - Silver Bear Creek Mining Corp. (cf) BCM V 2 H/SPEC C$0.61 1.90 1.94 0.56 NM (0.16) (0.09) (0.02) Dec 62 0.0 CT Coeur Mining Inc. (cf) CDE N 3 H/GRW US$2.46 4.75 7.45 2.34 4.0 0.38 0.61 0.73 Dec 373 0.0 CT Endeavour Silver Corp. EDR T 3 H/GRW C$2.03 2.25 3.83 1.64 5.6 0.29 0.36 0.33 Dec 207 0.0 CT First Majestic Silver (cf) FR T 3 H/GRW C$5.05 5.00 8.55 3.54 14.0 0.63 0.36 0.47 Dec 783 0.0 CT Fortuna Silver Mines Inc. (cf) FVI T 1 H/GRW C$3.32 5.00 6.30 2.65 12.8 0.47 0.26 0.35 Dec 439 0.0 CT MAG Silver MAG T 1 H/SPEC C$10.04 17.00 11.00 6.90 NM (0.25) (0.14) (0.14) Dec 696 0.0 DSa Pan American Silver (cf) PAAS Q 3 H/INC US$6.60 7.50 12.05 5.85 11.4 0.93 0.58 0.61 Dec 1,001 3.0 CT Santacruz Silver Mining Ltd. (cf) SCZ V 4 H/SPEC C$0.10 0.20 0.43 0.10 9.5 (0.03) 0.01 0.08 Dec 10 0.0 CT Silver Wheaton SLW N 3 H/INC US$12.45 23.50 24.22 11.03 23.5 0.74 0.53 0.54 Dec 5,030 1.6 PR Silvercorp Metals Inc. (cf) SVM T 3 H/GRW C$0.71 1.20 2.00 0.66 4.4 0.20 0.29 A 0.16 Mar 120 0.0 CT

Raymond James Research Register - January 2016 58

52 Week EPS

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Mining & Natural Resources - CAN Uranium Cameco Corp. (cf) CCO T 2 H/GRW C$17.38 25.00 21.44 15.46 14.6 1.48 1.19 1.81 Dec 6,879 2.3 DSa Denison Mines Corp. DML T 2 H/SPEC C$0.60 1.50 1.22 0.48 NM (0.05) (0.07) (0.02) Dec 311 0.0 DSa Fission Uranium Corp. FCU T 2 H/SPEC C$0.74 1.50 1.38 0.53 NM (0.02) (0.03) A (0.03) Jun 357 0.0 DSa Kivalliq Energy Corp. KIV V 3 H/SPEC C$0.10 0.20 0.18 0.06 NM (0.01) (0.01) (0.01) Sep 22 0.0 DSa NexGen Energy Ltd. NXE V 1 H/SPEC C$0.69 1.80 0.89 0.31 NM (0.06) (0.01) (0.01) Dec 175 0.0 DSa Paladin Energy Ltd. PDN T 3 H/GRW C$0.23 0.30 0.41 0.15 NM (0.10) (0.05) A (0.02) Jun 385 0.0 DSa UEX Corp. UEX T 2 H/SPEC C$0.15 0.40 0.32 0.11 NM (0.04) (0.01) (0.01) Dec 36 0.0 DSa Uranium Participation Corporation U T 2 H/GRW C$5.09 6.25 5.69 4.82 7.6 (0.64) 1.10 A 0.67 Feb 588 0.0 DSa Ur-Energy Inc. URE T 2 H/SPEC C$0.83 1.80 1.35 0.60 NM (0.07) (0.03) 0.01 Dec 108 0.0 DSa

52 Week EPS

15

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28

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Mining & Natural Resources - ARG Federico Rey Marino [email protected] Santiago Wesenack, CFA [email protected] Fernando Suarez [email protected] Agribusiness & Natural Resources Agribusiness Adecoagro SA AGRO N 2 H/SPEC US$12.28 15.00 12.55 6.71 43.9 0.02 0.28 0.68 Dec 1,503 0.0 FS,FRM Cresud SACIFYA (ed, r) CRESY Q 2 H/SPEC US$12.89 19.00 15.17 8.90 NM (2.97) 0.20 A 0.02 Jun 647 0.0 FRM,FS Inversora Juramento SA INVJ BA 3 H/SPEC AR$7.65 NM 8.60 4.04 76.5 0.10 E NA NA Sep 3,309 0.0 FS,FRM Natural Resources Siderar Sociedad Anonima Industrial Y Comercial ERAR BA S M/GRW AR$8.55 NM 10.50 4.80 NM UR NA NA Dec 38,621 0.5 FS,SW

Raymond James Research Register - January 2016 59

Real Estate

USA Canada Europe Housing ...... 60 Real Estate ...... 63 Hotels ...... 64 Lodging ...... 61 Healthcare ...... 63 REITs ...... 61 Industrial ...... 63 Farmland ...... 61 Mortgage Investment Corporations ...... 63 Healthcare ...... 61 Office/Diversified ...... 63 Hotels ...... 61 Real Estate Services ...... 63 Malls ...... 61 Residential ...... 64 Net Lease ...... 61 Retail ...... 64 Argentina Office/Industrial ...... 62 Diversified Real Estate...... 65 Residential ...... 62 Real Estate ...... 65 Self Storage ...... 62

Shopping Centers ...... 62 Timber ...... 63

52 Week EPS

15

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28

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Real Estate - USA Paul D. Puryear [email protected] William A. Crow [email protected] Buck Horne, CFA [email protected] Collin Mings, CFA [email protected] Jonathan Hughes, CFA [email protected] Housing CalAtlantic Group Inc. CAA N 3 M/GRW 38.62 NM 46.75 32.60 16.7 2.70 2.31 3.75 Dec 5,384 0.1 BH,PDP D.R. Horton, Inc. DHI N 2 M/GRW 32.29 35.00 33.10 22.12 14.0 1.50 2.00 A 2.30 Sep 11,996 1.0 BH,PDP KB Home KBH N 3 H/GRW 12.57 NM 17.42 11.76 13.8 9.25 0.91 1.20 Nov 1,281 0.8 BH,PDP Lennar Corporation LEN N 3 M/GRW 49.17 NM 56.04 41.25 12.8 2.80 3.47 A 3.85 Nov 11,373 0.3 BH,PDP MDC Holdings MDC N 3 H/INC 25.79 NM 31.23 23.87 18.8 1.29 1.37 2.10 Dec 1,266 3.9 BH,PDP PulteGroup Inc. PHM N 3 M/GRW 18.10 NM 23.36 17.08 15.0 1.26 1.21 1.50 Dec 6,397 2.0 BH,PDP St. Joe Company JOE N 3 M/GRW 18.73 NM 21.64 14.94 NM 4.40 (0.01) (0.03) Dec 1,410 0.0 BH,PDP Toll Brothers, Inc. TOL N 2 M/GRW 33.75 40.00 42.19 32.19 12.7 1.84 1.97 A 2.65 Oct 6,234 0.0 BH,PDP WCI Communities, Inc. WCIC N 1 M/GRW 22.65 31.00 27.08 17.78 16.9 0.82 1.34 1.95 Dec 600 0.0 BH,PDP

Raymond James Research Register - January 2016 60

52 Week EPS

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Real Estate - USA Lodging Hilton Worldwide Holdings Inc. HLT N 2 M/GRW 21.78 29.00 31.60 20.91 26.9 0.69 0.81 0.98 Dec 21,507 1.3 WAC,PDP Hyatt Hotels Corporation H N 3 H/GRW 48.15 NM 61.99 45.71 50.2 1.09 0.96 1.50 Dec 6,731 0.0 WAC,PDP La Quinta Holdings, Inc. LQ N 3 H/GRW 13.93 NM 24.94 13.32 26.8 0.45 0.52 0.66 Dec 1,806 0.0 WAC,PDP Marriott International, Inc. MAR Q 2 M/GRW 68.85 85.00 85.00 63.95 21.9 2.54 3.14 3.71 Dec 17,729 1.5 WAC,PDP Starwood Hotels & Resorts Worldwide HOT N 2 M/GRW 70.19 85.00 87.99 63.99 23.4 3.02 3.00 3.25 Dec 11,883 2.1 WAC,PDP REITs Farmland American Farmland Company (x) AFCO N 2 H/INC 7.02 9.00 8.00 6.76 35.1 0.19 0.20 0.48 Dec 142 3.6 CM,PDP Healthcare CareTrust REIT, Inc (x) CTRE Q 2 M/INC 11.12 13.00 14.93 10.21 11.8 0.69 0.94 1.10 Dec 530 5.8 JH,PDP Healthcare Trust of America, Inc. (x) HTA N 3 M/INC 27.00 NM 30.28 22.35 17.6 1.46 1.53 1.65 Dec 3,430 4.4 JH,PDP Physicians Realty Trust (x) DOC N 2 M/INC 16.78 17.50 18.12 13.86 18.2 0.72 0.92 1.03 Dec 1,527 5.4 JH,PDP Sabra Health Care REIT, Inc. (x) SBRA Q 2 M/INC 20.31 23.00 34.44 18.16 9.3 2.20 2.18 2.27 Dec 1,328 8.1 JH,PDP Senior Housing Properties Trust (x) SNH N 4 NM 14.79 NM 23.60 13.50 8.1 1.75 1.83 1.86 Dec 3,513 10.5 JH,PDP Welltower Inc. (x) HCN N 3 M/INC 67.52 NM 84.88 58.19 15.5 4.13 4.37 4.63 Dec 23,841 4.9 JH,PDP Hotels DiamondRock Hospitality Company (x) DRH N 3 M/INC 10.06 NM 16.01 9.76 10.0 0.87 1.01 1.16 Dec 2,025 5.0 WAC,PDP Hersha Hospitality Trust (x) HT N 3 M/INC 22.40 NM 29.20 21.47 9.6 1.98 2.33 2.64 Dec 1,091 5.0 WAC,PDP Host Hotels & Resorts Inc. (x) HST N 4 NM 15.78 NM 24.30 15.10 10.5 1.50 1.51 1.65 Dec 12,304 5.1 WAC,PDP LaSalle Hotel Properties (x) LHO N 3 M/INC 26.07 NM 43.56 24.91 9.2 2.58 2.83 3.09 Dec 2,959 6.9 WAC,PDP Pebblebrook Hotel Trust (x) PEB N 2 M/INC 28.44 43.00 50.17 27.10 11.4 1.96 2.49 2.93 Dec 2,051 4.4 WAC,PDP RLJ Lodging Trust (x) RLJ N 2 M/INC 22.47 30.00 36.25 21.48 9.0 2.40 2.49 2.85 Dec 2,845 5.9 WAC,PDP Ryman Hospitality Properties Inc. (x) RHP N 3 M/INC 52.80 NM 64.97 48.13 10.6 4.68 4.99 5.40 Dec 2,724 5.3 WAC,PDP Summit Hotel Properties, Inc. (x) INN N 2 M/INC 12.13 15.50 14.61 11.36 10.0 0.97 1.21 1.27 Dec 1,058 3.9 WAC,PDP Sunstone Hotel Investors, Inc. (x) SHO N 3 M/GRW 13.80 NM 18.01 12.89 10.8 1.17 1.28 1.34 Dec 2,879 1.4 WAC,PDP Malls CBL & Associates Properties, Inc. (x) CBL N 3 M/INC 12.31 NM 21.36 12.06 5.5 2.26 2.25 2.28 Dec 2,460 8.6 CM,PDP Simon Property Group, Inc. (x) SPG N 2 M/INC 194.08 235.00 208.14 170.99 19.1 8.90 10.18 10.96 Dec 70,102 3.3 CM,PDP Taubman Centers, Inc. (x) TCO N 3 M/INC 76.86 NM 85.26 66.83 22.5 3.11 3.42 3.73 Dec 4,635 2.9 CM,PDP Net Lease Agree Realty Corporation (x) ADC N 2 M/INC 34.02 35.00 36.15 27.74 14.2 2.18 2.40 2.59 Dec 643 5.5 CM,PDP National Retail Properties, Inc. (x) NNN N 2 M/INC 39.90 40.00 44.43 33.62 17.8 2.08 2.24 2.36 Dec 5,406 4.4 CM,PDP Realty Income (x) O N 3 M/INC 51.75 NM 55.54 43.15 18.9 2.58 2.74 2.85 Dec 12,322 4.4 CM,PDP Spirit Realty Capital, Inc. (x) SRC N 2 M/INC 10.01 11.00 13.00 8.89 11.8 0.61 0.85 0.90 Dec 4,418 7.0 CM,PDP STORE Capital Corporation (x) STOR N 2 M/INC 23.04 24.00 24.06 19.63 16.7 1.26 1.38 1.53 Dec 2,924 4.7 CM,PDP

Raymond James Research Register - January 2016 61

52 Week EPS

15

-

A E E

28

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Real Estate - USA Office/Industrial Armada Hoffler Properties (x) AHH N 2 M/INC 10.89 11.50 11.60 9.33 12.4 0.80 0.88 0.93 Dec 461 6.2 WAC,PDP BioMed Realty Trust Inc. (x) BMR N 3 M/INC 23.64 NM 25.11 17.94 13.3 1.57 1.78 1.48 Dec 4,941 4.4 WAC,PDP Brandywine Realty Trust (x) BDN N 3 M/INC 13.53 NM 17.13 11.63 9.4 1.34 1.44 1.31 Dec 2,404 4.4 WAC,PDP Corporate Office Properties Trust (x) OFC N 2 M/INC 21.97 23.50 30.94 20.13 10.9 1.88 2.01 2.03 Dec 2,157 5.0 WAC,PDP Digital Realty Trust, Inc. (x) DLR N 3 M/INC 76.10 NM 76.15 60.66 14.4 5.03 5.27 5.45 Dec 10,608 4.5 WAC,PDP Douglas Emmett (x) DEI N 2 M/INC 30.62 33.00 32.32 26.67 18.8 1.54 1.63 1.70 Dec 5,441 2.9 WAC,PDP DuPont Fabros Technology Inc. (x) DFT N 3 M/INC 32.25 NM 38.30 24.88 13.6 2.37 2.38 2.66 Dec 2,606 5.2 WAC,PDP Easterly Government Properties, Inc. (x) DEA N 2 M/GRW 17.00 18.50 18.82 15.18 16.3 NA 1.04 1.20 Dec 675 4.9 WAC,PDP EastGroup Properties, Inc. (x) EGP N 2 M/INC 56.64 64.00 67.42 51.76 15.4 3.47 3.67 3.93 Dec 1,835 4.2 WAC,PDP First Industrial Realty Trust, Inc. (x) FR N 2 M/INC 22.34 24.00 23.09 18.54 18.0 1.16 1.24 1.46 Dec 2,571 2.3 WAC,PDP First Potomac Realty Trust (x) FPO N 3 M/INC 11.38 NM 13.29 9.88 11.5 0.92 0.99 1.03 Dec 688 5.3 WAC,PDP Parkway Properties (x) PKY N 2 M/INC 15.93 18.00 19.00 15.20 12.1 1.34 1.32 1.34 Dec 1,854 4.7 WAC,PDP STAG Industrial Inc. (x) STAG N 2 M/INC 18.77 22.00 27.61 16.66 12.6 1.45 1.49 1.65 Dec 1,344 7.4 WAC,PDP Washington REIT (x) WRE N 3 M/INC 27.18 NM 30.15 23.78 17.3 1.51 1.57 1.72 Dec 1,856 4.4 WAC,PDP Residential American Homes 4 Rent (x) AMH N 1 M/GRW 16.42 19.00 17.55 15.09 24.1 0.43 0.68 0.90 Dec 4,364 1.2 BH,PDP American Residential Properties, Inc. (x) ARPI N 3 H/GRW 18.69 NM 19.68 14.64 NM 0.39 UR UR Dec 613 2.1 BH,PDP Apartment Investment and Management Company (x) AIV N 1 M/INC 39.82 46.00 41.55 34.71 18.0 2.07 2.21 2.35 Dec 6,519 3.0 BH,PDP Campus Crest Communities, Inc. (x) CCG N 4 NM 6.79 NM 8.05 4.68 NM UR UR UR Dec 443 0.0 BH,PDP Equity Residential (x) EQR N 3 M/INC 81.19 NM 82.53 61.90 23.7 3.17 3.43 3.68 Dec 30,730 2.7 BH,PDP Essex Property Trust, Inc. (x) ESS N 3 M/INC 240.83 NM 243.17 205.72 24.8 8.54 9.73 10.75 Dec 16,232 2.4 BH,PDP Mid-America Apartment Communities Inc. (x) MAA N 2 M/INC 91.67 92.00 92.18 70.67 17.1 4.99 5.35 5.72 Dec 7,297 3.6 BH,PDP Post Properties, Inc. (x) PPS N 2 M/INC 59.77 63.00 63.78 53.18 20.3 2.44 2.94 3.13 Dec 3,263 2.9 BH,PDP Self Storage CubeSmart (x) CUBE N 2 M/INC 31.02 31.00 31.03 22.05 25.0 1.08 1.24 1.40 Dec 5,301 2.7 JH,PDP Extra Space Storage (x) EXR N 1 M/INC 89.06 90.00 89.98 58.51 28.5 2.61 3.12 3.65 Dec 11,747 2.6 JH,PDP Jernigan Capital, Inc. JCAP N 2 H/GRW 15.92 18.00 21.99 14.20 NM NA (0.42) 1.34 Dec 99 8.8 JH,PDP Public Storage (x) PSA N 2 M/INC 251.17 245.00 252.86 182.08 28.3 8.09 8.86 9.65 Dec 43,578 2.7 JH,PDP Sovran Self Storage, Inc. (x) SSS N 3 M/INC 108.78 NM 108.78 85.69 22.1 4.37 4.93 5.45 Dec 3,938 3.1 JH,PDP Shopping Centers Cedar Realty Trust, Inc. (x) CDR N 2 M/INC 7.15 7.50 8.36 5.75 13.5 0.51 0.53 0.57 Dec 611 2.8 CM,PDP Equity One, Inc. (x) EQY N 4 NM 27.01 NM 28.23 22.52 21.3 1.20 1.27 1.35 Dec 3,795 3.3 CM,PDP Federal Realty Investment Trust (x) FRT N 3 M/INC 149.64 NM 151.11 124.87 29.6 4.94 5.05 5.70 Dec 10,400 2.5 CM,PDP Inland Real Estate Corporation (x) IRC N 4 NM 10.81 NM 11.73 7.96 NM 0.95 NA NA Dec 1,086 5.3 CM,PDP Kimco Realty Corporation (x) KIM N 3 M/INC 26.66 NM 28.54 22.07 18.5 1.40 1.44 1.50 Dec 11,013 3.8 CM,PDP Kite Realty Group Trust (x) KRG N 1 M/INC 25.86 29.00 31.57 22.82 12.6 1.57 2.06 2.08 Dec 2,154 4.2 CM,PDP Ramco-Gershenson Properties Trust (x) RPT N 2 M/INC 16.64 18.00 20.20 14.74 12.2 0.95 1.36 1.38 Dec 1,356 5.0 CM,PDP Regency Centers Corp. (x) REG N 2 M/INC 68.53 73.00 70.80 55.79 22.8 2.82 3.01 3.26 Dec 6,456 2.8 CM,PDP Retail Opportunity Investments Corp. (x) ROIC Q 1 M/INC 18.02 20.00 18.73 15.30 19.0 0.85 0.95 1.02 Dec 1,687 3.8 CM,PDP Saul Centers, Inc. (x) BFS N 3 M/INC 52.42 NM 60.86 47.34 18.0 2.79 2.92 3.09 Dec 1,106 3.3 CM,PDP

Raymond James Research Register - January 2016 62

52 Week EPS

15

-

A E E

28

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Real Estate - USA Timber CatchMark Timber Trust, Inc. (ca) CTT N 2 M/INC 11.19 14.00 12.33 7.90 18.0 0.60 0.62 0.65 Dec 441 4.5 CM,PDP Plum Creek Timber Company, Inc. PCL N 3 M/INC 48.62 NM 51.63 36.95 45.4 1.21 1.07 1.40 Dec 8,440 3.6 CM,PDP Potlatch Corporation PCH Q 2 M/INC 31.30 42.00 43.55 28.00 41.2 2.20 0.76 1.30 Dec 1,283 4.8 CM,PDP Rayonier, Inc. RYN N 3 M/INC 22.71 NM 29.88 21.83 66.8 0.76 0.34 0.42 Dec 2,811 4.4 CM,PDP Weyerhaeuser Company WY N 2 M/INC 30.57 38.00 37.04 26.73 29.7 3.18 1.03 1.60 Dec 15,808 4.1 CM,PDP

52 Week EPS

15

-

A E E

28

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Real Estate - CAN Ken Avalos* [email protected] Frederic Bastien, CFA [email protected] Johann Rodrigues, (Associate Analyst) [email protected] Real Estate Healthcare Sienna Senior Living Inc. (x) SIA T 3 H/INC C$15.86 NM 18.13 13.79 13.8 1.12 1.15 1.23 Dec 622 5.7 KA Industrial Pure Industrial Real Estate Trust (x) AAR.UN T 2 M/INC C$4.37 5.25 5.25 4.14 10.9 0.37 0.40 0.41 Dec 822 7.1 KA Mortgage Investment Corporations Timbercreek Mortgage Investment Corporation TMC T 2 M/INC C$7.48 8.00 8.66 6.95 10.4 0.64 0.72 0.74 Dec 303 9.6 JR,KA Timbercreek Senior Mortgage Investment Corp. MTG T 2 M/INC C$7.56 8.00 8.90 7.16 12.2 0.59 0.62 0.65 Dec 238 7.9 KA Office/Diversified Allied Properties REIT (x) AP.UN T 1 M/INC C$32.16 40.00 41.37 30.71 14.8 2.06 2.17 2.38 Dec 2,512 4.5 KA Artis REIT (x) AX.UN T 1 M/INC C$12.95 15.00 15.86 11.59 8.7 1.42 1.48 1.53 Dec 1,794 8.3 KA Brookfield Canada Office Properties (x) BOX.UN T 3 M/INC C$26.20 NM 30.68 23.02 16.1 1.57 1.63 1.70 Dec 2,444 4.7 KA CREIT (x) REF.UN T 1 M/INC C$42.58 47.00 48.88 39.25 14.1 2.96 3.02 3.07 Dec 3,104 4.2 JR,KA H&R REIT (x) HR.UN T 3 M/INC C$20.28 NM 25.27 18.38 10.6 1.79 1.92 1.95 Dec 6,167 6.7 KA True North Commercial REIT (x) TNT.UN T 2 M/INC C$5.05 5.75 6.16 4.77 7.9 0.57 0.64 0.70 Dec 109 11.7 JR,KA Real Estate Services Colliers International Group Inc. CIGI Q 2 H/GRW US$44.14 55.00 50.72 28.74 19.6 2.73 2.25 2.50 Dec 1,695 0.9 FB FirstService Corporation FSV Q 2 M/GRW US$39.97 36.00 42.31 22.05 33.3 NA 1.20 1.45 Dec 1,459 1.0 FB

*Ken Avalos is a Raymond James & Associates employee.

Raymond James Research Register - January 2016 63

52 Week EPS

15

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A E E

28

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Real Estate - CAN Residential Boardwalk REIT (x) BEI.UN T 1 M/INC C$48.61 66.00 64.80 44.77 13.7 3.37 3.55 3.54 Dec 2,528 4.2 KA Canadian Apartment Properties REIT (x) CAR.UN T 3 M/INC C$27.41 NM 30.25 24.90 16.1 1.65 1.70 1.76 Dec 3,539 4.5 KA InterRent REIT (x) IIP.UN T 2 M/INC C$6.59 7.00 6.91 5.86 17.8 0.32 0.37 0.49 Dec 467 3.5 KA Killam Properties Inc. (x) KMP T 1 M/INC C$10.60 12.00 11.24 9.21 13.3 0.72 0.80 0.85 Dec 665 5.6 KA Tricon Capital Group Inc. TCN T 1 M/GRW C$9.48 12.00 12.11 8.47 17.2 0.60 0.55 0.40 Dec 1,166 2.5 KA Retail Choice Properties REIT (x) CHP.UN T 3 M/INC C$11.67 NM 12.17 10.43 12.2 0.91 0.96 0.99 Dec 4,743 5.7 KA Crombie REIT (x) CRR.UN T 2 M/INC C$12.96 14.00 13.87 12.21 11.5 1.10 1.13 1.17 Dec 1,702 6.9 KA CT Real Estate Investment Trust (x) CRT.UN T 3 M/INC C$13.10 NM 13.50 11.26 12.7 0.98 1.03 1.06 Dec 2,484 5.2 KA First Capital Realty (x) FCR T 2 M/INC C$18.67 21.00 20.35 16.93 17.6 1.04 1.06 1.11 Dec 4,206 4.6 KA,JR Plaza Retail REIT (x) PLZ.UN T 2 M/INC C$4.61 4.75 4.66 3.93 14.0 0.30 0.33 0.35 Dec 434 5.6 JR,KA RioCan REIT (x) REI.UN T 2 M/INC C$24.31 28.00 30.25 22.14 14.2 1.68 1.71 1.63 Dec 7,806 5.8 KA SmartREIT (x) SRU.UN T 2 M/INC C$30.80 34.00 32.75 27.25 14.5 1.96 2.12 2.20 Dec 4,734 5.4 KA

52 Week EPS

15

-

A E E

28

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Real Estate - EUR Julien Richer, CFA, RJEE [email protected] Hotels AccorHotels ACCP.PA EPA 2 €39.82 52.00 51.65 35.99 26.4 0.97 1.51 1.97 Dec 9,358 2.6 JR Intercontinental Hotels ($D) IHG.L L 2 2,636p 2,850 2,967 2,209 NM 1.58 1.79 2.08 Dec $8,763 2.3 JR Melia Hotels International MEL.MC MAD 1 €12.00 14.50 13.71 8.67 41.4 0.15 0.29 0.40 Dec 2,388 0.5 JR NH Hoteles NHH.MC MAD 3 €4.92 NM 5.98 3.73 NM (0.03) 0.03 0.14 Dec 1,722 0.0 JR Whitbread WTB.L L 2 4,440p 5,400 5,475 4,278 19.7 214.00 225.00 258.00 Feb £8,081 2.0 JR

Raymond James Research Register - January 2016 64

52 Week EPS

15

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A E E

28

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

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

Diversified Real Estate IRSA Inversiones y Representaciones SA (ed, r) IRS N 3 H/SPEC US$12.43 NM 21.50 11.62 NM (1.80) 0.99 A (0.84) Jun 720 1.1 FRM,FS Real Estate TGLT S.A. TGLT BA 3 H/SPEC AR$16.70 NM 19.00 7.95 NM 2.12 NA NA Dec 1,174 0.0 FRM,FS

Raymond James Research Register - January 2016 65

Technology & Communications

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

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

Raymond James Research Register - January 2016 66

52 Week EPS

15

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A E E

28

-

Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

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

Analog and Communications Semiconductors Analog Devices, Inc. ADI Q 1 H/GRW 56.45 72.00 68.97 50.56 17.8 2.40 3.16 A 3.17 Oct 17,872 2.8 JSS Avago Technologies Ltd. AVGO Q 2 H/GRW 146.35 154.00 150.50 95.18 16.9 4.37 8.23 A 8.68 Oct 40,431 1.1 JSS Diodes Incorporated DIOD Q 2 H/GRW 23.42 24.00 30.65 18.42 30.4 1.45 0.77 1.48 Dec 1,162 0.0 JSS Fairchild Semiconductor International FCS Q 3 H/GRW 19.98 NM 21.71 12.22 24.4 0.86 0.82 1.15 Dec 2,290 0.0 JSS Linear Technology Corporation LLTC Q 4 NM 43.39 NM 49.57 36.41 22.5 1.96 2.13 A 1.93 Jun 10,639 2.8 JSS M/A-COM Technology Solutions MTSI Q 2 H/GRW 41.25 41.00 42.81 25.82 24.6 1.08 1.15 A 1.68 Sep 2,183 0.0 JSS Maxim Integrated MXIM Q 1 H/GRW 37.84 43.00 42.18 29.47 21.0 1.64 1.53 A 1.80 Jun 10,932 3.2 JSS Microsemi Corporation MSCC Q 1 H/GRW 33.06 43.00 39.56 25.36 12.7 1.76 2.25 A 2.60 Sep 3,190 0.0 JSS Monolithic Power Systems, Inc. MPWR Q 2 H/GRW 64.27 69.00 69.25 40.75 64.9 0.87 0.99 1.32 Dec 2,616 1.2 JSS NXP Semiconductors N.V. NXPI Q 1 H/GRW 85.88 120.00 114.00 72.05 18.5 4.23 4.65 5.28 Dec 19,825 0.0 JSS ON Semiconductor Corporation ON Q 2 H/GRW 10.00 12.00 13.50 8.40 12.0 0.75 0.83 0.88 Dec 4,175 0.0 JSS Power Integrations, Inc. POWI Q 3 H/GRW 50.49 NM 58.71 36.04 33.7 1.96 1.50 1.51 Dec 1,479 1.0 JSS Qorvo, Inc. QRVO Q 1 H/GRW 52.89 77.00 88.35 42.24 11.6 1.13 3.97 A 4.57 Mar 7,976 0.0 JSS Semtech Corporation SMTC Q 2 H/GRW 19.14 21.00 30.01 14.04 31.4 1.22 1.16 A 0.61 Jan 1,248 0.0 JSS Skyworks Solutions SWKS Q 1 H/GRW 79.31 127.00 112.88 68.71 12.6 3.23 5.27 A 6.28 Sep 15,450 1.3 JSS Texas Instruments Incorporated TXN Q 1 H/INC 56.42 65.00 59.99 43.49 19.2 2.73 2.94 3.04 Dec 59,297 2.7 JSS,HM Vishay Intertechnology, Inc. VSH N 3 H/GRW 11.88 NM 14.61 9.22 17.0 0.92 0.70 0.68 Dec 1,788 2.0 JSS *Steven Li is a Raymond James Ltd. employee.

Raymond James Research Register - January 2016 67

52 Week EPS

15

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A E E

28

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Technology & Communications - USA Application Software Amber Road, Inc. AMBR N 2 H/GRW 5.14 5.50 10.70 3.42 NM (0.12) (0.74) (0.70) Dec 137 0.0 TT,BP Benefitfocus, Inc. BNFT Q 1 H/GRW 37.64 50.00 47.49 19.58 NM (2.10) (1.93) (1.51) Dec 1,178 0.0 TT,BP Box, Inc. BOX N 3 H/GRW 14.38 NM 24.73 10.93 NM NA (8.14) A (1.16) Jan 1,992 0.0 TT,BP Brightcove Inc. BCOV Q 3 H/GRW 6.74 NM 8.46 4.79 NM (0.13) (0.01) 0.01 Dec 226 0.0 TT,BP Castlight Health, Inc. CSLT N 2 H/GRW 4.21 6.00 12.25 3.59 NM (0.94) (0.70) (0.56) Dec 424 0.0 TT,BP ChannelAdvisor Corporation ECOM N 3 H/GRW 14.27 NM 22.19 8.22 NM (1.06) (0.47) (0.41) Dec 387 0.0 TT,BP Constant Contact, Inc. CTCT Q 3 H/GRW 29.06 NM 43.18 22.75 22.2 1.08 1.31 1.55 Dec 925 0.0 TT,BP Demandware DWRE N 2 H/GRW 54.06 63.00 75.90 43.97 NM 0.11 0.16 0.22 Dec 2,049 0.0 TT,BP Halogen Software, Inc. ($D, is) HGN T 2 H/GRW C$7.15 10.50 11.15 6.70 NM (0.71) (0.68) (0.60) Dec 158 0.0 TT,SLi HubSpot, Inc. HUBS N 2 H/GRW 56.72 64.00 60.11 31.77 NM (2.77) (0.80) (0.84) Dec 2,178 0.0 TT,BP Instructure, Inc. INST N 1 H/GRW 22.49 24.50 23.63 15.75 NM NA (2.11) (2.02) Dec 670 0.0 TT,BP Manhattan Associates, Inc. MANH Q 2 M/GRW 68.95 73.00 77.75 37.81 46.6 1.16 1.48 1.67 Dec 5,144 0.0 TT,BP Marketo, Inc. MKTO Q 2 H/GRW 28.91 40.00 35.63 23.17 NM (0.67) (0.71) (0.62) Dec 1,408 0.0 TT,BP MiX Telematics Limited ($R) MIXT N 2 H/GRW 4.31 9.00 8.13 4.21 NM 0.20 0.19 A 0.21 Mar 138 3.2 TT,BP Model N, Inc. MODN N 3 H/GRW 11.28 NM 12.70 9.75 NM (0.41) (0.29) A (0.65) Sep 329 0.0 TT,BP NetSuite, Inc. N N 4 NM 84.52 NM 112.85 78.79 NM 0.32 0.21 0.34 Dec 6,795 0.0 TT,BP Paylocity Holding Corporation PCTY Q 2 H/GRW 41.96 44.00 46.90 22.21 NM (0.04) 0.01 A 0.06 Jun 2,241 0.0 TT,BP Q2 Holdings Inc. QTWO N 2 H/GRW 27.10 33.00 30.44 17.04 NM (0.52) (0.39) (0.29) Dec 1,146 0.0 TT,BP RingCentral, Inc. RNG N 1 H/GRW 23.99 28.00 25.67 13.30 NM (0.49) (0.13) 0.05 Dec 1,773 0.0 TT,BP salesforce.com, Inc. CRM N 1 H/GRW 78.20 90.00 82.90 54.95 NM 0.35 0.53 A 0.75 Jan 52,996 0.0 TT,BP SciQuest SQI Q 2 H/GRW 13.78 13.00 18.26 9.49 51.0 0.30 0.27 0.32 Dec 384 0.0 TT,BP Shopify Inc. SHOP N 2 H/GRW 24.84 33.00 42.13 22.70 NM NA (0.18) (0.15) Dec 2,243 0.0 TT,BP Tangoe Inc. TNGO Q 3 H/GRW 8.70 NM 14.92 5.84 25.6 0.70 0.34 0.25 Dec 358 0.0 TT,BP Ultimate Software Group Inc. ULTI Q 2 H/GRW 194.43 215.00 216.27 139.32 75.1 2.11 2.59 3.18 Dec 5,775 0.0 TT,BP Upland Software, Inc. UPLD Q 2 H/GRW 7.00 9.00 10.37 5.89 NM (0.22) (0.18) (0.09) Dec 110 0.0 TT,BP Workiva Inc. WK N 2 H/GRW 18.24 21.00 18.80 12.25 NM (1.02) (0.88) (0.86) Dec 784 0.0 TT,BP

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Technology & Communications - USA Communications Equipment ADTRAN, Inc. ADTN Q 3 M/GRW 17.12 NM 24.13 13.92 61.1 0.80 0.28 0.64 Dec 854 2.1 SL Alcatel-Lucent (r) ALU N 3 H/GRW 3.88 NM 4.96 3.06 NM (0.07) 0.01 0.18 Dec 10,860 0.0 SL Applied Optoelectronics, Inc. AAOI Q 1 H/GRW 17.56 29.00 22.79 8.17 16.0 0.68 1.10 1.93 Dec 269 0.0 SL Arista Networks ANET N 3 H/GRW 78.04 NM 88.56 56.11 34.4 1.58 2.27 2.60 Dec 5,286 0.0 SL ARRIS Group Inc. ARRS Q 1 H/GRW 29.94 38.00 37.50 24.46 15.1 2.76 1.98 2.45 Dec 4,470 0.0 SL Calix, Inc. CALX N 3 H/GRW 7.81 NM 10.63 6.30 65.1 0.29 0.12 0.35 Dec 400 0.0 SL Ciena Corporation CIEN N 2 H/GRW 20.91 24.00 26.50 17.86 15.8 0.54 1.26 A 1.32 Oct 2,254 0.0 SL Cisco Systems CSCO Q 2 M/GRW 27.31 33.00 30.31 23.03 11.9 2.06 2.21 A 2.30 Jul 141,247 3.1 SL CommScope Holding Company, Inc. COMM Q 3 H/GRW 26.13 NM 34.12 20.19 14.1 2.24 1.85 2.18 Dec 4,980 0.0 SL Ericsson ERIC Q 3 M/GRW 9.74 NM 13.14 8.87 12.6 0.67 0.77 0.80 Dec 31,665 4.0 SL Extreme Networks, Inc. EXTR Q 3 H/GRW 4.10 NM 4.55 2.11 14.6 0.30 0.06 A 0.28 Jun 413 0.0 SL F5 Networks, Inc. FFIV Q 3 H/GRW 97.00 NM 135.20 94.51 14.1 5.44 6.63 A 6.89 Sep 6,803 0.0 SL Finisar Corporation FNSR Q 2 H/GRW 14.67 18.00 23.38 10.66 15.4 1.53 1.05 A 0.95 Apr 1,528 0.0 SL Gigamon Inc. GIMO N 2 H/GRW 26.96 29.00 34.80 15.10 35.5 0.11 0.76 0.87 Dec 968 0.0 SL Harmonic Inc. HLIT Q 4 NM 4.18 NM 7.98 4.10 41.8 0.16 0.10 0.17 Dec 366 0.0 SL Infinera Corporation INFN Q 2 H/GRW 18.50 22.00 25.24 13.00 24.0 0.38 0.77 0.95 Dec 2,585 0.0 SL Juniper Networks, Inc. JNPR N 3 H/GRW 27.71 NM 32.39 21.24 13.8 1.46 2.01 2.07 Dec 11,006 1.4 SL Lumentum Holdings, Inc. LITE Q 3 H/GRW 21.40 NM 26.88 13.97 18.9 0.87 1.10 A 1.13 Jun 1,254 0.0 SL NeoPhotonics Corporation NPTN N 2 H/GRW 11.40 10.50 11.41 2.75 23.7 (0.30) 0.48 0.69 Dec 461 0.0 SL Nokia (r) NOK N 4 NM 7.08 NM 8.37 5.71 19.1 0.25 0.37 0.38 Dec 26,203 2.1 SL Communications Technology Enterprise Communications BroadSoft, Inc. BSFT Q 1 H/GRW 36.36 44.00 40.90 26.42 22.9 1.36 1.59 1.95 Dec 1,047 0.0 TMC Interactive Intelligence Group Inc. ININ Q 3 H/GRW 32.41 NM 50.39 28.64 NM 0.09 (0.03) 0.09 Dec 703 0.0 TMC Logitech International SA LOGI Q 3 H/GRW 15.15 NM 16.38 12.37 18.3 0.75 1.05 A 0.83 Mar 2,492 3.4 TMC Plantronics, Inc. PLT N 2 M/GRW 48.01 60.00 58.73 44.49 16.3 2.84 3.06 A 2.95 Mar 1,997 1.2 TMC Polycom Inc. PLCM Q 2 H/GRW 12.87 15.00 14.22 9.99 14.6 0.85 0.88 1.00 Dec 1,748 0.0 TMC

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Technology & Communications - USA Mobile Devices Alarm.com Holdings ALRM Q 2 H/GRW 17.08 21.00 20.25 10.26 81.3 0.16 0.21 0.16 Dec 778 0.0 TMC Apple Inc. AAPL Q 3 M/GRW 106.82 NM 134.54 92.00 11.7 6.45 9.22 A 9.16 Sep 606,951 1.9 TMC Control4 Corporation CTRL Q 3 H/GRW 7.54 NM 16.75 5.99 22.2 0.53 0.34 0.33 Dec 188 0.0 TMC Digi International Inc. DGII Q 3 H/GRW 11.40 NM 13.53 8.23 30.0 0.07 0.26 A 0.38 Sep 286 0.0 TMC FitBit, Inc. FIT N 3 H/GRW 29.86 NM 51.90 26.46 31.4 0.56 0.95 1.07 Dec 6,186 0.0 TMC Garmin Ltd. GRMN Q 2 M/GRW 36.97 40.00 57.16 31.32 16.2 3.10 2.28 2.25 Dec 7,037 5.5 TMC GoPro, Inc. GPRO Q 2 H/GRW 17.92 36.00 68.80 15.90 18.3 1.32 0.98 0.85 Dec 2,618 0.0 TMC Harman International, Inc. HAR N 1 M/GRW 94.12 145.00 149.12 84.41 14.4 4.41 5.71 A 6.52 Jun 6,703 1.5 TMC Mobileye N.V. MBLY N 2 H/GRW 42.31 62.00 64.48 32.41 92.0 0.21 0.46 0.73 Dec 10,091 0.0 TMC Motorola Solutions, Inc. MSI N 3 M/GRW 69.18 NM 72.97 56.40 20.7 2.72 3.34 4.25 Dec 12,224 2.4 TMC NETGEAR Inc. NTGR Q 2 M/GRW 42.94 39.00 45.76 28.12 20.8 2.54 2.06 2.50 Dec 1,516 0.0 TMC Nuance Communications, Inc. NUAN Q 2 H/GRW 20.19 23.00 21.83 13.20 13.9 1.12 1.28 A 1.45 Sep 6,408 0.0 TMC QUALCOMM, Inc. QCOM Q 3 M/GRW 49.58 NM 75.60 45.93 12.1 5.27 4.65 A 4.10 Sep 75,560 3.4 TMC Synchronoss Technologies, Inc. SNCR Q 1 H/GRW 36.17 50.00 52.45 27.86 16.6 1.78 2.18 2.48 Dec 1,725 0.0 TMC Ubiquiti Networks, Inc. UBNT Q 4 NM 32.25 NM 37.10 25.50 16.0 2.00 1.97 A 2.01 Jun 2,819 0.0 TMC Defense Communications Harris Corporation HRS N 2 H/GRW 87.09 90.00 89.78 66.15 15.2 5.00 5.14 A 5.74 Jun 10,771 2.3 CQ HEICO Corporation HEI N 2 H/GRW 53.17 64.00 63.73 47.24 25.0 1.80 1.97 A 2.13 Oct 3,556 0.3 CQ Teledyne Technologies Incorporated TDY N 2 H/GRW 89.14 100.00 111.81 83.08 17.3 5.76 5.15 5.40 Dec 3,159 0.0 CQ Electronic Manufacturing Services Flex FLEX Q 3 H/GRW 11.31 NM 12.86 9.55 10.4 0.89 1.08 A 1.09 Mar 6,443 0.0 BGA Jabil Circuit, Inc. JBL N 2 H/GRW 23.69 27.00 26.00 16.90 8.9 0.52 2.07 A 2.65 Aug 4,653 1.4 BGA

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Technology & Communications - USA Infrastructure Software Akamai Technologies, Inc. AKAM Q 3 H/GRW 53.18 NM 78.44 50.56 21.9 2.48 2.43 2.58 Dec 9,478 0.0 MT CA Technologies CA Q 3 H/INC 28.94 NM 33.42 25.16 12.1 3.02 2.53 A 2.39 Mar 12,603 3.5 MT Check Point Software Technologies CHKP Q 2 H/GRW 82.54 94.00 88.49 65.09 20.0 3.72 4.12 4.58 Dec 15,170 0.0 MT Citrix Systems Inc. CTXS Q 3 H/GRW 75.98 NM 84.17 56.47 19.6 3.30 3.88 4.45 Dec 11,938 0.0 MT CommVault Systems Inc. CVLT Q 3 H/GRW 39.58 NM 54.37 33.41 52.8 1.94 1.40 A 0.75 Mar 1,786 0.0 MT FireEye Inc. FEYE Q 3 H/GRW 21.32 NM 55.33 19.76 NM (1.96) (1.62) (1.11) Dec 4,277 0.0 MT Fortinet Inc. FTNT Q 2 H/GRW 31.79 49.00 50.31 28.57 61.1 0.48 0.52 0.64 Dec 5,481 0.0 MT Limelight Networks LLNW Q 4 NM 1.59 NM 4.43 1.50 NM (0.13) (0.12) (0.01) Dec 160 0.0 MT Microsoft MSFT Q 1 M/GRW 55.95 62.00 56.79 39.72 28.1 2.63 1.48 A 1.99 Jun 449,111 2.6 MT MobileIron, Inc. MOBL Q 2 H/GRW 3.75 6.00 10.15 2.81 NM (1.03) (0.78) (0.55) Dec 301 0.0 MT New Relic, Inc. NEWR N 2 H/GRW 37.05 43.00 40.13 29.66 NM (0.76) (0.85) A (0.92) Mar 1,746 0.0 MT Oracle Corp. ORCL N 2 M/GRW 36.79 41.00 46.09 35.14 14.2 2.87 2.77 A 2.60 May 159,779 1.6 MT Palo Alto Networks PANW N 1 H/GRW 176.64 214.00 200.55 117.60 NM 0.40 0.86 A 1.75 Jul 14,977 0.0 MT Rapid7, Inc. RPD Q 2 H/SPEC 15.39 28.00 27.45 15.00 NM (2.32) (1.53) (0.90) Dec 683 0.0 MT Red Hat, Inc. RHT N 2 H/GRW 82.34 95.00 83.99 62.43 44.3 1.49 1.60 A 1.86 Feb 15,114 0.0 MT ServiceNow, Inc. NOW N 1 H/GRW 86.89 85.00 91.28 62.55 NM (0.07) 0.24 0.57 Dec 15,692 0.0 MT Splunk Inc. SPLK Q 2 H/GRW 57.66 80.00 76.85 51.41 NM NA 0.09 A 0.15 Jan 7,473 0.0 MT Symantec Corp. SYMC Q 2 M/INC 21.13 25.00 27.32 19.07 15.8 1.95 1.88 A 1.34 Mar 14,453 2.8 MT VMware VMW N 3 H/GRW 56.97 NM 93.43 52.72 14.0 3.56 4.06 4.21 Dec 24,030 0.0 MT Internet eCommerce Alibaba Group Holding Ltd. BABA N 2 H/GRW 82.14 95.00 107.66 57.20 30.4 1.90 2.25 A 2.70 Mar 210,607 0.0 AK,JP Amazon.com Inc. AMZN Q 1 H/GRW 675.20 745.00 684.82 285.25 NM 2.24 6.57 10.98 Dec 330,173 0.0 AK,JP CafePress Inc. PRSS Q 4 NM 3.84 NM 5.36 2.00 NM (1.03) (0.33) (0.14) Dec 66 0.0 AK,JP Chegg, Inc. CHGG N 2 H/GRW 6.97 10.00 8.85 6.35 NM (0.75) (0.73) (0.40) Dec 611 0.0 AK,JP eBay Inc. EBAY Q 3 H/GRW 27.64 NM 29.83 22.11 15.0 1.91 1.84 1.94 Dec 33,804 0.0 AK,JP Groupon, Inc. GRPN Q 3 H/GRW 3.14 NM 8.43 2.54 34.9 0.13 0.09 (0.16) Dec 2,042 0.0 AK,JP GrubHub Inc. GRUB N 2 H/GRW 24.99 28.00 47.95 22.49 39.0 0.47 0.64 0.80 Dec 2,147 0.0 AK,JP Netflix Inc. NFLX Q 2 H/GRW 117.11 130.00 133.27 45.26 NM 0.62 0.21 0.27 Dec 51,247 0.0 JP,AK Shutterfly, Inc. SFLY Q 3 H/GRW 44.54 NM 49.10 35.22 NM (0.20) (0.07) 0.61 Dec 1,648 0.0 AK,JP Shutterstock, Inc. SSTK N 2 H/GRW 32.16 40.00 74.30 27.50 26.4 1.06 1.22 1.58 Dec 1,160 0.0 AK,JP Wayfair, Inc. W N 1 H/GRW 48.77 60.00 56.84 18.12 NM (1.39) (0.61) (0.26) Dec 4,099 0.0 AK,JP Internet & Advertising Technology Criteo S.A. ($E) CRTO Q 2 H/GRW 39.51 48.00 57.30 28.09 40.3 0.85 0.98 1.40 Dec 2,459 0.0 JP,AK TubeMogul, Inc. TUBE Q 3 H/GRW 13.62 NM 23.48 9.11 NM (0.22) (0.53) (0.62) Dec 477 0.0 JP,AK Wix.com Ltd. WIX Q 2 H/GRW 22.62 30.00 28.63 16.72 NM (1.06) (0.75) (0.51) Dec 869 0.0 AK,JP

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Technology & Communications - USA Online Advertising Alphabet, Inc. GOOG Q 2 H/GRW 762.51 790.00 775.96 486.23 26.3 25.14 29.03 34.37 Dec 529,182 0.0 AK,JP Angie's List, Inc. ANGI Q 3 H/SPEC 9.39 NM 11.25 3.73 47.0 (0.21) 0.20 0.37 Dec 549 0.0 AK,JP Facebook, Inc. FB Q 2 H/GRW 105.93 120.00 110.65 72.00 48.8 1.77 2.17 3.03 Dec 303,278 0.0 AK,JP LinkedIn Corp. LNKD N 1 H/GRW 229.29 295.00 276.18 165.57 83.7 2.02 2.74 3.88 Dec 30,496 0.0 JP,AK Pandora Media, Inc. P N 2 H/GRW 13.54 18.00 22.60 11.38 NM 0.20 0.11 0.10 Dec 3,018 0.0 JP,AK Rubicon Project, Inc. RUBI N 2 H/GRW 16.54 23.00 20.59 13.08 24.3 0.20 0.68 0.73 Dec 732 0.0 AK,JP Twitter, Inc. TWTR N 3 H/GRW 22.53 NM 53.49 21.01 66.3 0.15 0.34 0.54 Dec 15,773 0.0 AK,JP Yahoo! Inc. YHOO Q 2 H/GRW 33.60 42.00 51.68 27.20 58.9 1.62 0.57 0.63 Dec 31,819 0.0 AK,JP Yelp, Inc. YELP N 3 H/GRW 27.88 NM 57.70 20.50 NM 0.48 (0.15) 0.04 Dec 2,166 0.0 AK,JP Zillow Group, Inc. Z Q 3 H/GRW 23.95 NM 33.62 22.80 NM (0.36) (1.20) (0.33) Dec 4,646 0.0 AK,JP Online Travel Ctrip.com International, Ltd. (r) CTRP Q 2 H/GRW 47.95 62.00 57.36 21.54 33.5 0.39 1.43 0.92 Dec 15,325 0.0 JP,AK Expedia, Inc. EXPE Q 2 H/GRW 126.10 150.00 140.51 76.34 30.8 3.98 4.10 6.27 Dec 16,897 0.8 JP,AK priceline.com Incorporated PCLN Q 1 H/GRW 1272.96 1560.00 1476.52 990.69 22.2 53.34 57.46 68.13 Dec 65,430 0.0 JP,AK TripAdvisor, Inc. TRIP Q 3 H/GRW 85.20 NM 94.00 62.24 44.1 1.93 1.93 2.54 Dec 12,524 0.0 JP,AK IT Hardware and Distribution Arrow Electronics, Inc. ARW N 3 M/GRW 55.44 NM 64.98 47.57 9.1 5.94 6.12 6.55 Dec 5,289 0.0 BGA Avnet, Inc. AVT N 3 M/GRW 43.90 NM 47.27 36.42 9.2 4.24 4.49 A 4.75 Jun 5,984 1.5 BGA CDW Corporation CDW Q 2 H/GRW 42.47 50.00 46.92 33.01 14.6 2.37 2.91 3.30 Dec 7,262 1.0 BGA EMC Corporation EMC N 1 H/GRW 25.91 30.00 30.76 22.66 14.1 1.90 1.84 2.00 Dec 50,473 1.8 BGA Hewlett Packard Enterprise Company HPE N 3 H/GRW 15.23 NM 18.50 13.12 8.1 1.47 1.84 A 1.87 Oct 28,602 1.4 BGA Ingram Micro Inc. IM N 1 H/GRW 30.95 34.00 32.09 22.54 11.5 2.56 2.68 3.20 Dec 4,788 1.3 BGA Insight Enterprises, Inc. NSIT Q 4 NM 25.95 NM 32.80 23.03 12.0 2.00 2.16 2.35 Dec 971 0.0 BGA NetApp Inc. NTAP Q 3 H/GRW 26.57 NM 42.53 25.21 11.1 2.78 2.70 A 2.40 Apr 8,133 2.7 BGA Nimble Storage NMBL N 3 H/GRW 9.48 NM 32.16 9.38 NM (0.56) (0.58) A (0.47) Jan 765 0.0 BGA PC Connection, Inc. PCCC Q 4 NM 22.57 NM 27.39 19.20 13.4 1.61 1.69 1.75 Dec 600 0.0 BGA Pure Storage, Inc. PSTG N 2 H/GRW 16.58 23.00 20.60 12.26 NM NA (0.89) A (0.93) Jan 2,785 0.0 BGA ScanSource, Inc. SCSC Q 2 H/GRW 33.89 44.00 41.95 29.53 11.9 2.54 2.53 A 2.85 Jun 956 0.0 CQ SYNNEX Corporation SNX N 3 H/GRW 90.85 NM 96.92 70.03 14.5 6.16 6.25 7.10 Nov 3,570 0.9 BGA Tech Data Corporation TECD Q 3 M/GRW 67.56 NM 79.06 52.93 12.0 4.52 4.97 A 5.63 Jan 2,392 0.0 BGA

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Technology & Communications - USA IT Services and Security IT Services Accenture plc ACN N 3 M/GRW 104.08 NM 109.86 83.47 20.1 4.52 4.82 A 5.19 Aug 67,656 2.1 BG Booz Allen Hamilton Holding Corp. BAH N 2 H/GRW 30.99 35.00 31.30 23.87 18.4 1.63 1.60 A 1.68 Mar 4,630 1.7 BG CACI International Inc. CACI N 2 H/GRW 94.32 106.00 104.09 72.19 17.2 5.38 5.17 A 5.47 Jun 2,320 0.0 BG Computer Sciences Corporation CSC N 2 H/GRW 33.06 35.00 33.28 24.76 12.6 NA NA 2.62 Mar 4,645 1.7 BG CSRA Inc. CSRA N 2 H/GRW 29.49 35.00 33.44 26.26 15.9 NA 1.77 A 1.85 Mar 4,895 1.4 BG Cubic Corporation CUB N 2 H/GRW 46.99 53.00 54.31 39.83 18.9 2.74 2.79 A 2.49 Sep 1,263 0.6 BG MAXIMUS Inc. MMS N 3 H/GRW 57.12 NM 70.00 47.95 22.9 2.10 2.39 A 2.49 Sep 3,738 0.3 BG NCI, Inc. NCIT Q 3 H/GRW 13.71 NM 17.18 9.50 15.9 0.69 0.86 0.88 Dec 186 0.0 BG Unisys Corporation UIS N 3 H/SPEC 10.82 NM 29.93 10.34 5.8 2.36 1.85 3.01 Dec 541 0.0 BG Security The ADT Corporation ADT N 2 M/INC 34.10 45.00 42.88 29.34 16.1 2.02 1.97 A 2.12 Sep 5,655 2.6 BG AeroVironment Inc. AVAV Q 3 H/GRW 29.43 NM 30.65 19.10 NM 0.60 0.13 A 0.19 Apr 680 0.0 BG FLIR Systems FLIR Q 2 H/GRW 28.45 37.00 34.46 25.12 18.0 1.48 1.58 1.77 Dec 3,997 1.5 BG iRobot Corporation IRBT Q 3 H/GRW 35.99 NM 37.71 27.55 26.3 1.25 1.37 1.59 Dec 1,087 0.0 BG NIC Inc. EGOV Q 3 H/GRW 20.18 NM 20.90 15.16 32.0 0.59 0.63 0.67 Dec 1,324 0.0 BG Satellite & Space Comtech Telecommunications Corp. (ae) CMTL Q 3 H/GRW 20.51 NM 36.28 19.07 NM 61 51 A 50 Jul 331 5.9 CQ DigitalGlobe, Inc. (ae) DGI N 3 H/GRW 15.36 NM 35.91 12.41 NM 286 337 355 Dec 1,075 0.0 CQ EchoStar Corporation (ae) SATS Q 2 H/GRW 38.13 60.00 56.00 36.36 NM 905 899 917 Dec 3,530 0.0 CQ Intelsat S.A. (ae) I N 3 H/GRW 4.36 NM 18.00 3.66 NM 1,959 1,852 1,778 Dec 471 65.9 CQ Iridium Communications Inc. (ae) IRDM Q 1 H/GRW 8.53 13.00 11.36 5.85 NM 217 231 256 Dec 810 0.0 CQ KVH Industries KVHI Q 1 H/GRW 9.61 17.00 15.79 8.83 13.2 0.61 0.73 0.99 Dec 151 0.0 CQ ORBCOMM, Inc. (ae) ORBC Q 1 H/GRW 7.40 9.00 7.62 5.27 NM 18 42 53 Dec 522 0.0 CQ Orbital ATK, Inc. OA N 2 H/GRW 89.65 95.00 92.99 52.23 18.7 4.20 4.80 5.51 Dec 5,328 1.7 CQ TeleCommunication Systems TSYS Q 3 H/GRW 4.98 NM 4.98 2.79 15.5 0.20 0.32 0.51 Dec 340 0.0 CQ ViaSat, Inc. (ae) VSAT Q 3 H/GRW 61.60 NM 71.41 55.11 NM 221 345 A 351 Mar 2,938 0.0 CQ

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Technology & Communications - USA Semiconductors Advanced Micro Devices AMD Q 2 H/GRW 3.00 3.30 3.37 1.61 NM (0.52) (0.86) (0.32) Dec 2,355 0.0 HM Applied Micro Circuits Corporation AMCC Q 1 H/SPEC 6.48 11.00 8.09 4.61 NM 0.08 (0.22) A (0.10) Mar 524 0.0 HM ARM Holdings plc (r) ARMH Q 2 M/GRW 46.17 62.00 54.82 38.40 33.5 1.18 1.38 1.62 Dec 21,811 0.7 HM Atmel Corporation ATML Q 1 M/GRW 8.63 10.00 10.50 5.84 25.4 0.39 0.34 0.40 Dec 3,684 1.9 HM Broadcom Corporation BRCM Q 3 M/GRW 58.01 NM 58.48 40.21 20.6 2.35 2.82 2.96 Dec 355,949 1.0 HM,JSS Cavium Inc. CAVM Q 1 H/GRW 66.25 84.00 77.42 55.55 NM (0.29) (0.24) 0.66 Dec 3,955 0.0 HM Intel Corporation INTC Q 4 NM 34.93 NM 37.52 24.87 15.7 2.32 2.22 2.20 Dec 170,319 2.7 HM Marvell Technology Group, Ltd. MRVL Q S NM 8.89 NM 16.78 7.55 NM 1.02 1.15 A UR Jan 4,601 2.7 HM Micron Technology, Inc. MU Q 2 H/GRW 14.19 17.00 35.74 13.50 50.7 3.23 2.70 A 0.28 Aug 15,396 0.0 HM NVIDIA Corporation NVDA Q 1 H/GRW 33.14 40.00 33.81 18.94 33.1 0.74 1.12 A 1.00 Jan 18,724 1.4 HM OmniVision Technologies, Inc. OVTI Q 3 H/GRW 29.05 NM 29.48 20.00 33.4 1.70 1.58 A 0.87 Apr 1,807 0.0 HM SanDisk Corp. SNDK Q 3 H/GRW 75.31 NM 101.79 44.28 46.5 4.23 1.62 2.41 Dec 15,499 1.6 HM Xilinx, Inc. XLNX Q 1 M/GRW 47.80 60.00 50.72 37.20 23.9 2.19 2.35 A 2.00 Mar 12,715 2.6 HM Telecommunications Services Towers American Tower (af) AMT N 1 H/GRW 98.37 123.00 104.12 86.83 19.3 4.54 5.09 5.68 Dec 41,659 2.0 RP Crown Castle International (af) CCI N 2 M/INC 87.08 92.00 89.44 75.78 20.3 3.97 4.30 4.74 Dec 28,911 5.2 RP SBA Communications (af) SBAC Q 1 H/GRW 104.93 131.00 128.47 100.12 18.5 5.22 5.67 6.08 Dec 13,550 0.0 RP Wireless America Movil, S.A.B. de C.V. (is, r, vf) AMX N 3 M/GRW 14.21 NM 23.67 14.17 10.1 1.18 1.41 1.06 Dec 50,957 2.3 RP Atlantic Tele-Network, Inc. (vf) ATNI Q 2 M/GRW 79.34 81.00 83.80 60.64 28.5 3.39 2.78 2.20 Dec 1,273 1.6 RP DISH Network Corp. DISH Q 3 H/GRW 57.90 NM 80.75 54.62 37.1 2.04 1.56 1.53 Dec 26,821 0.0 RP Landmark Infrastructure Partners L.P. (y) LMRK Q 1 M/INC 14.81 20.00 19.19 10.54 11.3 0.15 1.31 1.45 Dec 175 8.6 RP NTELOS Holdings Corp. (vf) NTLS Q 4 NM 9.18 NM 9.35 3.85 NM (0.08) (1.07) (0.93) Dec 204 0.0 RP Shenandoah Telecommunications Co. (vf) SHEN Q 2 M/GRW 43.72 51.00 51.34 27.51 24.6 2.20 1.78 (1.14) Dec 1,059 1.1 RP Sprint Corp. (f, vf) S N 3 H/GRW 3.81 NM 5.45 3.10 NM (0.46) (0.50) (0.60) Mar 15,027 0.0 RP Telephone and Data Systems, Inc. (vf) TDS N 1 H/GRW 26.74 44.00 30.76 23.00 NM (1.78) (1.19) (0.08) Dec 2,908 2.1 RP T-Mobile US Inc. (vf) TMUS Q 2 H/GRW 39.78 43.00 43.43 26.46 40.2 (0.17) 0.99 2.85 Dec 30,312 0.0 RP U.S. Cellular (vf) USM N 1 H/GRW 41.53 50.00 43.49 34.10 NM (2.74) (1.95) (0.81) Dec 3,500 0.0 RP

Raymond James Research Register - January 2016 74

52 Week EPS

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Technology & Communications - USA Wireline AT&T Inc. T N 2 M/INC 34.76 39.00 36.45 30.97 12.8 2.50 2.71 2.87 Dec 213,809 5.5 FGL Cablevision Systems Corp. (fc) CVC N 4 NM 31.85 NM 33.28 17.66 22.1 1.40 1.44 1.47 Dec 8,812 0.0 FGL CenturyLink CTL N 2 M/INC 25.84 34.00 40.86 24.11 10.1 2.61 2.56 2.36 Dec 14,318 8.4 FGL Charter Communications, Inc. (fc) CHTR Q 2 H/GRW 182.08 210.00 199.00 149.47 27.1 1.58 6.71 10.09 Dec 20,794 0.0 FGL Cincinnati Bell Inc. CBB N 2 H/GRW 3.60 4.25 4.16 2.85 3.9 0.31 0.92 0.12 Dec 756 0.0 FGL Cogent Communications Holdings Inc. (fa) CCOI Q 2 H/GRW 34.90 38.00 40.48 25.84 63.5 0.09 0.55 1.29 Dec 1,577 3.9 FGL Comcast Corp. CMCSA Q 1 M/GRW 57.19 72.00 64.99 50.01 17.4 2.93 3.29 3.81 Dec 144,748 1.7 FGL Communications Sales & Leasing, Inc. (af) CSAL Q 2 H/INC 19.92 22.00 34.63 16.96 11.2 NA 1.78 2.60 Dec 2,985 12.0 FGL Consolidated Communications Holdings CNSL Q 3 M/INC 21.77 NM 28.65 18.27 30.2 0.92 0.72 0.67 Dec 1,100 7.1 FGL CyrusOne Inc. (af) CONE Q 1 H/GRW 37.55 40.00 38.07 27.03 16.7 1.71 2.25 2.38 Dec 2,726 3.4 FGL,WAC Equinix (af) EQIX Q 1 H/GRW 300.91 335.00 304.73 207.48 21.0 13.33 14.33 16.27 Dec 17,904 2.2 FGL Frontier Communications Corp. FTR Q 2 M/INC 4.85 6.00 8.46 4.19 NM 0.19 (0.05) (0.12) Dec 5,636 8.7 FGL Inteliquent IQNT Q 2 H/INC 17.75 24.00 23.20 14.31 16.1 1.16 1.10 1.33 Dec 594 3.4 FGL Internap Network Services Corp. INAP Q 2 H/GRW 6.74 8.00 10.75 5.75 NM (0.77) (0.91) (0.90) Dec 378 0.0 FGL InterXion Holding NV ($E) INXN N 3 H/GRW 30.22 NM 33.16 25.85 NM 0.46 0.50 0.57 Dec 2,104 0.0 FGL Level 3 Communications Inc. (fc) LVLT N 3 H/GRW 53.93 NM 57.08 40.86 28.7 1.21 1.88 2.65 Dec 19,195 0.0 FGL Rackspace Hosting RAX N 1 H/GRW 26.32 48.00 56.20 23.65 29.9 0.77 0.88 0.92 Dec 3,701 0.0 FGL Time Warner Cable Inc. TWC N 2 H/GRW 185.05 210.00 194.22 134.21 28.2 7.57 6.57 7.52 Dec 52,887 1.6 FGL Verizon Communications VZ N 2 M/INC 46.75 55.00 50.86 38.06 11.9 3.43 3.94 3.95 Dec 190,647 4.8 FGL Windstream Holdings Inc. WIN Q 2 H/INC 6.81 7.00 14.54 4.42 NM 0.61 (1.18) (2.72) Dec 676 8.8 FGL Zayo Group Holdings, Inc. (fc) ZAYO N 1 H/GRW 26.00 34.00 32.18 21.89 38.2 1.04 0.29 A 0.68 Jun 6,318 0.0 FGL Transaction Processing ACI Worldwide, Inc. ACIW Q 4 NM 22.35 NM 25.80 17.78 27.6 0.72 0.81 0.72 Dec 2,643 0.0 WJ Alliance Data Systems Corp. ADS N 2 H/GRW 278.14 315.00 312.00 241.91 18.5 12.61 15.00 17.00 Dec 17,001 0.0 WJ Blackhawk Network Holdings, Inc. HAWK Q 2 H/GRW 45.15 50.00 48.40 32.98 19.6 1.77 2.30 2.75 Dec 2,551 0.0 WJ Bottomline Technologies EPAY Q 2 H/GRW 30.17 30.00 31.58 21.01 19.3 1.28 1.44 A 1.56 Jun 1,150 0.0 WJ CPI Card Group Inc. PMTS Q 2 H/GRW 10.50 17.00 13.50 8.42 12.7 0.40 0.83 0.94 Dec 593 0.0 WJ DH Corporation DH T 1 M/INC C$31.54 50.00 44.14 29.15 13.1 2.34 2.40 2.53 Dec 3,348 4.1 WJ Fidelity National Information Services FIS N 2 M/GRW 61.00 68.00 73.60 58.49 18.9 3.10 3.22 3.84 Dec 17,208 1.7 WJ FleetCor Technologies FLT N 2 H/GRW 143.85 165.00 165.67 134.55 23.1 5.15 6.22 7.00 Dec 13,536 0.0 WJ Global Payments Inc. GPN N 3 M/GRW 65.59 NM 74.64 38.87 22.6 2.06 2.52 A 2.90 May 8,605 0.1 WJ Heartland Payment Systems HPY N 3 M/GRW 95.72 NM 95.96 46.65 33.1 1.36 2.89 3.31 Dec 3,518 0.4 WJ Intuit Inc. INTU Q 3 M/GRW 98.22 NM 109.21 79.63 28.3 3.49 2.64 A 3.47 Jul 27,276 1.2 WJ MasterCard, Inc. MA N 3 M/GRW 98.53 NM 101.76 74.61 30.0 3.10 3.28 3.63 Dec 110,779 0.8 WJ On DeckCapital, Inc. ONDK N 3 H/GRW 10.25 NM 24.48 7.75 85.4 (0.09) 0.12 0.37 Dec 770 0.0 WJ PayPal Holdings, Inc. PYPL Q 2 H/GRW 36.61 45.00 42.55 30.00 29.1 1.07 1.26 1.44 Dec 44,701 0.0 WJ Vantiv, Inc. VNTV N 2 M/GRW 47.63 54.00 53.46 32.99 21.5 1.87 2.22 2.64 Dec 9,616 0.0 WJ Verifone Systems, Inc. PAY N 1 H/GRW 28.55 44.00 39.25 24.52 13.0 1.51 1.83 A 2.20 Oct 3,217 0.0 WJ Visa, Inc. V N 3 M/GRW 78.53 NM 81.01 60.00 27.9 2.19 2.62 A 2.81 Sep 191,129 0.7 WJ

Raymond James Research Register - January 2016 75

52 Week EPS

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Technology & Communications - CAN Steven Li, CFA [email protected] IT Hardware Avigilon Corporation AVO T 2 H/GRW C$13.99 19.00 25.62 11.20 17.1 0.80 0.82 1.19 Dec 637 0.0 SLi Baylin Technologies Inc. BYL T 2 H/GRW C$1.90 3.25 4.45 1.28 NM (0.75) (0.69) 0.05 Dec 36 0.0 SLi BlackBerry (f) BBRY Q 3 H/GRW US$9.42 8.00 12.63 5.96 NM (1.35) (0.09) A (0.38) Feb 4,946 0.0 SLi DragonWave DRWI Q 3 H/GRW US$0.12 0.45 1.05 0.07 NM (1.01) (0.32) A (0.18) Feb 9 0.0 SLi Evertz Technologies Ltd. (f) ET T 2 M/GRW C$17.40 19.00 18.73 13.29 18.9 0.85 0.87 A 0.92 Apr 1,302 4.1 SLi Lumenpulse Inc. LMP T 2 H/GRW C$17.75 18.00 18.90 12.02 48.0 (0.38) 0.07 A 0.37 Apr 444 0.0 SLi Sierra Wireless SWIR Q 3 H/GRW US$16.16 20.00 49.13 14.06 19.7 0.63 0.82 1.00 Dec 530 0.0 SLi UrtheCast Corp. UR T 2 H/GRW C$1.60 7.00 4.99 1.10 NM (0.09) (0.32) (0.07) Dec 164 0.0 SLi Software/IT Services CGI Group GIB.A T 2 M/GRW C$56.08 61.00 59.39 42.49 16.1 2.80 3.13 A 3.49 Sep 17,985 0.0 SLi The Descartes Systems Group Inc. DSGX Q 2 M/GRW US$19.78 21.00 20.29 14.17 31.4 0.54 0.57 A 0.63 Jan 1,509 0.0 SLi MacDonald Dettwiler & Associates MDA T 3 M/GRW C$83.10 93.00 101.42 70.55 13.6 5.76 6.11 6.57 Dec 3,033 1.8 SLi NexJ Systems Inc. NXJ T 3 H/GRW C$1.60 2.50 2.94 1.15 NM (0.59) (0.38) (0.31) Dec 33 0.0 SLi Open Text OTEX Q 2 M/GRW US$48.39 60.00 61.74 36.65 13.0 3.37 3.46 A 3.71 Jun 5,933 1.7 SLi Redknee Solutions Inc. RKN T 2 H/GRW C$3.07 6.00 5.23 2.75 16.2 (0.01) 0.13 A 0.19 Sep US$335 0.0 SLi

Raymond James Research Register - January 2016 76

52 Week EPS

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Technology & Communications - EUR Stephane Beyazian, RJFI [email protected] Telecommunications Services Bouygues BOUY.PA EPA 3 €36.28 NM 39.24 28.39 26.1 1.45 1.39 1.59 Dec 12,188 4.4 SB BT BT.L L 4 467p 432 503 386 15.1 28.00 32.00 A 31.00 Mar £36,285 3.0 SB Deutsche Telekom DTE.DE ETR 2 €16.57 17.00 17.63 12.59 19.0 0.54 0.87 0.99 Dec 76,333 3.3 SB Iliad ILD.PA EPA 2 €216.60 232.00 237.95 173.05 36.5 4.91 5.93 7.69 Dec 12,563 0.3 SB KPN KPN.AS AMS 2 €3.46 4.00 3.66 2.43 38.4 (0.03) 0.09 0.12 Dec 14,711 2.3 SB Mobistar MSTAR.BR EBR 1 €22.30 24.00 22.75 14.43 22.3 1.05 1.00 1.15 Dec 1,338 0.0 SB Orange ORA.PA EPA 3 €15.32 NM 16.98 12.21 17.0 0.64 0.90 0.95 Dec 40,583 3.9 SB Proximus PROX.BR EBR 4 €29.58 28.00 35.88 27.86 20.3 1.71 1.46 1.54 Dec 9,495 5.1 SB Sky SKY.L L 3 1,099p NM 1,180 858 16.7 60.00 56.00 A 65.90 Jun £18,892 3.0 SB TalkTalk Telecom Group TALK.L L 3 217p NM 415 210 12.1 14.00 8.20 A 18.00 Mar £2,004 7.4 SB Telecom Italia TLIT.MI BIT 2 €1.17 1.31 1.32 0.85 23.5 0.06 0.05 0.06 Dec 21,715 0.0 SB Telefonica TEF.MC MCE 3 €10.31 NM 13.90 9.97 18.1 0.80 0.57 0.67 Dec 49,024 7.3 SB Telenet Group TNET.BR EBR 3 €48.98 NM 57.00 43.86 30.0 1.48 1.63 2.05 Dec 5,681 0.0 SB TeliaSonera AB TLSN.ST STO 3 SEK42.06 NM 55.85 39.89 10.6 3.63 3.95 3.72 Dec 182,120 7.1 SB Vivendi VIV.PA EPA 3 €19.53 NM 24.83 18.81 39.1 0.46 0.50 0.50 Dec 26,561 10.2 SB Vodafone VOD.L L 3 217p NM 258 201 49.2 17.40 5.50 A 4.40 Mar £62,423 5.3 SB

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

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

Telecom & Media Grupo Clarin S.A. GCLA BA S NM AR$127.00 NM 140.00 45.50 NM NA NA NA Dec 36,502 0.3 FRM,FS Telecommunications Services Telecom Argentina S.A. (ed, r) TEO N 2 H/SPEC US$16.55 22.00 26.39 13.36 8.0 2.36 2.07 1.64 Dec 3,207 3.9 FS,FRM

Raymond James Research Register - January 2016 77

Transportation

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

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

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Transportation - USA Patrick Tyler Brown, CFA [email protected] Arthur W. Hatfield, CFA [email protected] Savanthi Syth, CFA [email protected] Airlines Hybrid Carriers Alaska Air Group ALK N 1 H/GRW 82.42 105.00 87.17 57.71 12.9 4.18 6.40 7.15 Dec 10,443 1.0 SS Copa Holdings, S.A. (is) CPA N 3 H/INC 48.98 NM 121.25 39.03 9.9 11.14 4.95 4.40 Dec 2,155 6.9 SS LATAM Airlines Group S.A. (is, r) LFL N 4 NM 5.19 NM 12.11 4.54 30.5 0.18 0.17 0.40 Dec 2,831 0.0 SS Virgin America Inc. VA Q 3 H/GRW 37.37 NM 45.43 26.53 7.9 2.48 4.74 5.48 Dec 1,667 0.0 SS Legacy Carriers American Airlines Group, Inc. AAL Q 3 H/GRW 43.23 NM 56.20 34.10 4.8 5.71 9.08 5.60 Dec 29,440 0.9 SS Delta Air Lines, Inc. DAL N 2 H/GRW 51.95 60.00 52.77 34.61 11.2 3.38 4.65 5.70 Dec 40,857 1.0 SS United Continental Holdings, Inc. UAL N 2 H/GRW 59.01 72.00 74.52 49.20 5.0 5.06 11.91 7.95 Dec 22,054 0.0 SS

Raymond James Research Register - January 2016 78

52 Week EPS

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Transportation - USA Low Cost Carriers Allegiant Travel Co. ALGT Q 3 H/GRW 173.55 NM 238.13 143.48 13.8 6.34 12.60 13.15 Dec 2,933 0.7 SS GOL Linhas Aereas Inteligentes S.A. (r) GOL N 3 H/GRW 0.56 NM 5.82 0.56 NM (0.65) (0.94) (0.95) Dec 169 0.0 SS JetBlue Airways JBLU Q 2 H/GRW 23.29 29.00 27.36 14.13 12.1 0.74 1.92 2.15 Dec 8,000 0.0 SS Ryanair Holdings plc (is, r) RYAAY Q 2 M/GRW 87.32 93.00 87.69 62.53 16.5 2.45 4.25 A 5.30 Mar 23,210 0.0 SS Southwest Airlines Co. LUV N 3 H/GRW 43.82 NM 51.34 31.36 12.2 2.02 3.58 4.05 Dec 28,499 0.7 SS Spirit Airlines, Inc. SAVE Q 3 H/GRW 42.20 NM 83.45 32.73 10.4 3.23 4.06 3.95 Dec 3,034 0.0 SS Regional Carriers SkyWest, Inc. SKYW Q 3 H/GRW 20.47 NM 21.90 11.59 10.5 0.51 1.95 2.15 Dec 1,038 0.8 SS Transportation Services Intermodal and Asset-Light Logistics C.H. Robinson Worldwide CHRW Q 3 M/GRW 63.18 NM 76.74 59.71 18.1 3.05 3.50 3.75 Dec 9,148 2.7 TB Expeditors International of Washington, Inc. EXPD Q 3 M/GRW 45.82 NM 51.80 42.17 18.9 1.92 2.42 2.53 Dec 8,531 1.6 AH,TB Forward Air Corporation FWRD Q 3 H/GRW 43.51 NM 57.65 40.52 20.6 1.96 2.11 2.60 Dec 1,349 1.1 AH,TB Hub Group, Inc. HUBG Q 3 H/GRW 33.18 NM 44.00 30.70 17.0 1.73 1.95 2.12 Dec 1,206 0.0 TB,AH J.B. Hunt Transport Services, Inc. JBHT Q 3 H/GRW 72.88 NM 93.50 69.69 20.0 3.16 3.65 4.07 Dec 8,476 1.2 TB Landstar System, Inc. LSTR Q 3 M/GRW 58.59 NM 74.88 53.99 17.5 3.07 3.35 3.45 Dec 2,530 0.5 TB,AH Roadrunner Transportation Systems, Inc. RRTS N 3 H/GRW 9.32 NM 28.51 8.91 7.5 1.36 1.24 1.42 Dec 357 0.0 AH UTi Worldwide, Inc. UTIW Q 3 H/GRW 7.04 NM 14.18 4.40 NM (0.13) (0.78) A (0.84) Jan 746 0.0 AH,TB XPO Logistics, Inc. XPO N 2 H/GRW 26.96 50.00 50.96 21.33 NM (1.01) (0.35) 1.02 Dec 3,694 0.0 TB,AH Leasing GATX Corporation GMT N 2 M/INC 42.41 57.00 63.36 37.95 7.9 4.48 5.35 5.00 Dec 1,797 3.6 AH Ryder System, Inc. R N 1 M/INC 56.43 100.00 100.64 53.54 9.0 5.60 6.28 7.00 Dec 3,015 2.9 AH TAL International Group, Inc. TAL N 3 H/INC 15.91 NM 44.32 13.11 5.4 3.80 2.97 2.58 Dec 529 11.3 AH Textainer Group Holdings Limited TGH N 3 H/INC 14.63 NM 35.29 12.95 7.1 2.86 2.06 1.52 Dec 834 6.6 AH Parcel Carriers FedEx Corporation FDX N 3 M/GRW 148.41 NM 185.19 130.01 14.4 6.75 8.92 A 10.28 May 41,985 0.7 AH,TB United Parcel Service UPS N 3 M/INC 97.00 NM 114.40 93.64 18.3 4.75 5.29 5.70 Dec 94,769 3.0 AH,TB Railroad CSX Corp. CSX Q 3 M/GRW 25.94 NM 37.67 24.47 13.0 1.92 1.99 2.10 Dec 25,473 2.8 TB Genesee & Wyoming Inc. GWR N 1 H/GRW 53.58 60.00 105.49 50.07 14.6 4.10 3.66 3.88 Dec 3,097 0.0 TB,AH Kansas City Southern KSU N 1 H/GRW 73.54 90.00 123.88 69.70 16.7 4.82 4.40 4.85 Dec 8,082 1.8 TB,AH Norfolk Southern Corp. NSC N 3 M/GRW 85.59 NM 112.22 72.10 16.4 6.39 5.23 5.80 Dec 25,891 2.8 TB,AH Union Pacific Corp. UNP N 1 M/GRW 78.34 90.00 124.52 74.78 14.0 5.75 5.61 6.05 Dec 67,037 2.8 TB,AH Transportation Equipment & Supplies American Railcar Industries, Inc. ARII Q 4 NM 47.57 NM 60.42 33.02 7.6 4.72 6.24 4.98 Dec 952 3.4 AH Fortress Transportation & Infrastructure Investors LLC FTAI N 1 H/INC 10.78 18.00 19.20 9.15 71.9 0.39 0.15 0.41 Dec 816 12.2 AH The Greenbrier Companies, Inc. GBX N 4 NM 33.90 NM 66.50 28.46 6.0 3.08 6.10 A 5.68 Aug 980 2.4 AH Rush Enterprises, Inc. RUSHA Q 1 H/GRW 21.72 31.00 32.74 19.04 12.3 1.96 1.77 1.70 Dec 877 0.0 AH Trinity Industries, Inc. TRN N 4 NM 24.44 NM 37.15 21.79 5.0 4.19 4.90 3.40 Dec 3,734 1.8 AH Wabtec Corporation WAB N 2 M/GRW 72.49 82.00 105.10 67.96 17.7 3.62 4.09 4.55 Dec 6,994 0.4 AH

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Transportation - USA Trucking (Truckload and LTL) ArcBest Corp. ARCB Q 1 H/GRW 21.31 38.00 47.44 19.97 11.1 1.81 1.92 3.00 Dec 553 1.5 AH,TB Celadon Group, Inc. CGI N 1 H/GRW 9.75 28.00 29.15 9.21 5.8 0.93 1.52 A 1.69 Jun 271 0.8 AH Heartland Express, Inc. HTLD Q 3 H/GRW 17.09 NM 27.96 16.35 20.6 0.96 0.83 0.84 Dec 1,471 0.5 AH Knight Transportation, Inc. KNX N 1 H/GRW 23.86 31.00 34.73 21.72 16.6 1.25 1.44 1.60 Dec 1,931 1.0 AH Marten Transport, Ltd. MRTN Q 3 H/GRW 17.57 NM 24.92 14.62 16.3 0.89 1.08 1.23 Dec 583 0.6 AH Old Dominion Freight Line, Inc. ODFL Q 3 H/GRW 58.70 NM 80.96 56.80 16.2 3.10 3.62 4.11 Dec 4,988 0.0 AH,TB Saia, Inc. SAIA Q 1 H/GRW 21.99 32.00 56.50 19.46 10.9 2.04 2.01 2.32 Dec 553 0.0 AH,TB Swift Transportation Company SWFT N 1 H/GRW 13.50 27.00 29.04 12.76 9.3 1.38 1.45 1.70 Dec 1,930 0.0 AH Werner Enterprises, Inc. WERN Q 2 H/GRW 23.12 31.00 33.42 22.45 14.0 1.37 1.65 1.82 Dec 1,662 1.0 AH YRC Worldwide Inc. YRCW Q 1 H/GRW 13.79 27.00 23.56 11.90 13.8 (2.33) 1.00 1.65 Dec 443 0.0 AH,TB

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Transportation - CAN Ben Cherniavsky [email protected] Steve Hansen, CMA, CFA [email protected] Theoni Pilarinos, CFA [email protected] Airlines Air Canada AC T 3 H/GRW C$10.27 12.00 15.09 9.50 2.5 0.34 4.04 3.15 Dec 3,019 0.0 BC WestJet Airlines WJA T 3 H/INC C$20.39 26.00 34.49 18.51 6.9 2.46 2.94 2.80 Dec 2,549 2.7 BC Railroads Canadian National Railway CNR T 2 M/GRW C$78.78 84.00 88.89 69.90 18.1 3.76 4.36 4.80 Dec 63,765 1.6 SH Canadian Pacific Railway CP T 2 M/GRW C$176.88 210.00 245.05 168.12 17.5 8.50 10.10 11.75 Dec 28,955 0.8 SH Transportation & Logistics CanWel Building Materials Group Ltd. CWX T 2 H/INC C$4.93 6.00 6.25 4.29 15.4 0.47 0.32 0.52 Dec 208 11.4 SH Student Transportation Inc. (cb) STB T 3 M/INC C$5.16 6.75 7.48 4.76 NM 89 72 A 80 Jun US$449 11.2 TP,SH

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Symbol Exchange Rating Suitability Close Dec Target Price High Low Current P/E Year 2014 2015 2016 End FY Cap. Mkt. (Mil) % Div. Analyst/s

Transportation - EUR Julien Richer, CFA, RJEE [email protected] Airlines Air France-KLM AIRF.PA EPA 2 €6.92 8.80 8.50 5.52 11.5 (0.67) 0.60 1.56 Mar 2,076 0.0 JR easyJet plc EZJ.L L 2 1,721p 1,950 1,929 1,521 10.7 114.50 139.10 A 160.80 Sep £6,832 3.7 JR IAG IAG.MC MAD 3 €8.13 NM 8.72 5.93 10.3 0.48 0.79 0.93 Mar 16,467 2.5 JR Lufthansa LHAG.DE ETR 3 €14.57 NM 15.53 10.25 7.2 0.12 2.02 2.15 Dec 6,775 3.1 JR

Raymond James Research Register - January 2016 81

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

Management Financial Services Real Estate Robert P. Anastasi, CFA (727) 567-2286 Daniel E. Cardenas (312) 655-2986 Paul D. Puryear (727) 567-2253 Senior Managing Director, Banking Director of Real Estate Research Director of Equity Research Robert J. Dodd, Ph.D. William A. Crow (727) 567-2594 Brian G. Alexander, CFA (901) 579-4560 Lodging/REITs (727) 567-2312 Specialty Finance Buck Horne, CFA (727) 567-2561 Deputy Director of Equity Research David J. Long, CFA Housing/REITs Shawn Borgeson (312) 612-7685 Collin Mings, CFA (727) 567-2585 (727) 567-2571 Banking REITs Managing Director, Patrick J. O'Shaughnessy, CFA Jonathan Hughes (727) 567-2438 Product Development (312) 612-7687 REITs Mercedes S. van Woerkom Capital Markets (727) 567-2601 C. Gregory Peters (727) 567-1534 Technology & Communications Managing Director, Equity Research Insurance Technology & Brokerage/ Brian G. Alexander, CFA Non-Life Insurance (727) 567-2312 Consumer Michael Rose (312) 655-2940 Director of Technology Research Budd Bugatch, CFA (727) 567-2527 Banking Ric Prentiss (727) 567-2567 Director of Furnishings Research Steven D. Schwartz, CFA (312) 612-7686 Director of Telecommunications Joseph Altobello, CFA (212) 883-4606 Life & Health Insurance/ Services Research Household & Personal Care Products Asset Management Brian Gesuale (727) 567-2287 Sam Darkatsh (727) 567-2537 William J. Wallace IV (301) 657-1548 IT Services & Security Home & Building Products Banking Wayne Johnson (404) 442-5837 Joseph D. Hovorka Donald A. Worthington (415) 538-5733 Transaction Processing (404) 442-5863 Banking Aaron Kessler, CFA (415) 616-8959 Entertainment & Leisure Internet Brian M. Vaccaro, CFA Healthcare Simon M. Leopold (212) 856-5464 (404) 442-5866 John W. Ransom (727) 567-2593 Communications Equipment Restaurants Director of Healthcare Research Frank G. Louthan IV (404) 442-5867 Dan Wewer, CFA (404) 442-5846 Michael J. Baker (727) 567-2499 Telecommunications Services Hardline Retailers Benefits Management/Pharma Services Tavis C. McCourt, CFA (615) 645-6811 Benjamin P. Brownlow Jayson Bedford (727) 567-2565 Communications Technology (404) 442-5859 Medical Devices Hans C. Mosesmann (727) 567-2498 Convenience Stores Reni Benjamin, Ph.D. (212) 883-4615 Semiconductors Biotechnology Chris Quilty (727) 567-2602 Energy (800) 945-6275 Nicholas Jansen (727) 567-2446 Defense Communications/Satellite & Space J. Marshall Adkins Healthcare Information J. Steven Smigie (212) 856-4893 Director of Energy Research Technology/Diagnostics Analog & Communications John Freeman, CFA Lawrence S. Keusch (617) 897-8992 Semiconductors Exploration & Production Hospital Supplies & Equipment Terry Tillman (404) 442-5825 Darren Horowitz Christopher Raymond (312) 655‐2672 Application Software Midstream Suppliers Biotechnology Michael Turits, Ph.D. (212) 297-5617 Pavel Molchanov Elliot Wilbur, CFA (212) 856-4897 Infrastructure Software Integrated Oil & Gas/ Renewable Specialty Pharmaceuticals Justin Patterson, CFA (415) 616-8035 Energy & Clean Technology/ Internet Exploration & Production Industrial Brian Peterson, CFA (404) 442-5888 Kevin Smith Patrick Tyler Brown, CFA (404) 442-5803 Application Software Exploration & Production Waste & Industrial Services Benjamin P. Brownlow Sam Darkatsh (727) 567-2537 Transportation (404) 442-5859 Specialty Distribution Patrick Tyler Brown, CFA Midstream Suppliers (404) 442-5803 Justin Jenkins Macro Research Transportation Services Independent Refiners/ Scott J. Brown, Ph.D. (727) 567-2603 Arthur W. Hatfield, CFA (901) 579-4868 Midstream Suppliers Chief Economist Transportation Services Praveen Narra Jeffrey D. Saut (727) 567-2644 Savanthi Syth, CFA (727) 567-5274 Oilfield Services Chief Investment Strategist Airlines

82 Raymond James Research Register - January 2016

U.S. Equity Capital Markets – Sales & Trading Dan H. McMahon (212) 599-6800, Senior Managing Director – Director, Equity Trading Paul G. Steinhauser (727) 567-2513, Senior Managing Director – Director, Institutional Sales Collie Krausnick (901) 529-5321, Senior Managing Director – Director, Agency/Retail Equity Trading and Equity Advisory Group

Institutional Sales Institutional Sales (continued) Institutional Sales Trading St. Petersburg (800) 237-5643 New York Paul Powers, Head of U.S. Sales Shawn Borgeson (727) 567-2571 Susan Lione (212) 856-4886 Trading (212) 856-5477 Sarah Concannon (727) 567-2686 Carol McCarthy (212) 297-5605 St. Petersburg (727) 567-2100 Ken Corn (727) 567-2282 Tom Nevitt (212) 297-5608 Ross Barone Nick Digirolamo (727) 567-2280 Gene Pennell (212) 297-5606 Jake Shumacker Mark Fote (727) 567-2439 Craig Sapuppo (212) 297-5602 Boston (617) 423-5607 Peter L. Gairing (727) 567-2530 Kelly Schaeffer (212) 856-4887 Steve Svensen Eric Kirby (727) 567-2570 Rod Spiegel (212) 297-5610 Brendan Moses Kevin McElligott (727) 567-2597 Lauren Stellato (212) 856-4389 Thomas Ward Ted Mortonson (727) 567-2285 Nick Zager (212) 297-5615 Chicago (312) 655-2990 Mark Ranney (727) 567-1850 San Francisco Jeff Grimm David Schaffer (727) 567-2598 John Cavender (415) 538-5725 Randy Mrozek Patrick Sauve (727) 567-2526 Douglas Deubel (888) 734-0540 Jeff Snower Dana Williams (727) 567-2278 Zachary Taylor (415) 616-8944 New York (212) 599-6800

Jamie Zingaretti (727) 567-2576 Jacqueline Britt International Institutional Atlanta Craig Bugniazet Sales & Trading Desk Mark Starner (404) 442-5862 Michael Cannon Byron Mitson, Head of Agency/ Dudley Stephens (404) 442-5828 Brian Cohan Retail Trading (800) 564-3678 Paul Cornette Boston St. Petersburg Michael Dalfonzo Ryan Bagley (617) 897-8965 (727) 567-2100 John Gilmartin Dave Hodges (617) 897-8961 Sharon Agudio Mark Koczan John Leffel (617) 897-8967 Ted Powell Gary Muehlemann Chicago Mike Tagliarini Vincent Sgherza Bill Sammon, Manager (312) 655-2959 Memphis Nick Shepard Lou Coines (312) 655-2964 (800) 564-3678 Eric Siefert Miranda Davidson (312) 655-2948 Tony Johnson Neil Vankawala Rick Glaisner (312) 612-7672 Kenny McClain San Francisco Lonnie Hatcher (312) 612-7673 Michael Christian (415) 616-8933 Chris Lambert (312) 655-2974 Corporate & Executive Michael Schwarz (415) 616-8096 Anthony LanFranca (312) 655-2961 Services (727) 567-8092 Adin Lohry (727) 567-3468 Jeff Fordham Agency/Retail Trading Tony Montemurro (312) 655-2948 Jeanna Bryan Byron Mitson, Tim Murnane (312) 655-2988 Rachel Jallick Head of Agency/ Andrew K. Northwick (312) 612-7675 Nicole Middents Retail Trading Chris Palermo (312) 655-2967 Dakota Rockwell (800) 564-3678 Scott Warnock St. Petersburg (727) 567-6466 Leigh Pollak (312) 612-7744 Todd Raclaw (312) 655-2975 Scott Brown Bob Stocking (312) 612-7674 Principal Trading (212) 599-6800 Renee Hollingsworth Kenneth Bollinger Justin Miller Los Angeles Eric Braunstein James Nielsen Mark Hamilton (310) 414-5209 Earl Johnson Allen Spence Rob Marckel (310) 414-5201 Jesse Lubarsky Memphis (800) 564-3678 New York Adam Lustig Darin Butler George Billington (212) 297-5607 Ray Moore Krystal Butler Jason Gefaell (212) 672-6828 Christian O’Brien Kevin Floyd Tom Hartigan (212) 856-5474 Kevin Prunty Marilyn Hiner Brian Hicks (212) 297-5618 Doug Shapiro Tony Johnson Jeff Karish (212) 297-5604 Brandon Veldman Kenny McClain

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Strategic Options Desk (212) 856-5400

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

U.S. Equity Portfolio & Technical Strategy (901) 529-3776 Joey Madere J. Michael Gibbs, Director, Jeff Harvey Barbara Metcalf Equity Portfolio & Technical Strategy David Hydrick Andrew Rumbelow

Equity Advisory Group (727) 567-2520

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

ECM International Offices

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

84 Raymond James Research Register - January 2016

Canadian Equity Research

Daryl Swetlishoff, CFA 604.659.8246, Head of Equity Research

Ken Avalos, MBA 727.567.1756 Jeremy McCrea 403.509.0518 David Sadowski 604.659.8255 Real Estate & REITs Oil & Gas Producers Uranium & Junior Exploration Frederic Bastien, CFA 604.659.8232 Kurt Molnar 403.221.0414 Daryl Swetlishoff, CFA 604.659.8246 Infrastructure & Construction Oil & Gas Producers Forest Products Andrew Bradford, CFA 403.509.0503 Alex Terentiew, MBA, P.Geo Michael Overvelde, CFA, CPA, CA Oil & Gas Energy Services 416.777.4912 416.777.4943 Base Metals & Minerals / Ben Cherniavsky 604.659.8244 Diversified Financials Industrial / Aerospace & Aviation Platinum Group Metals Theoni Pilarinos, CFA 604.659.8234 Chris Cox, CFA 403.509.0523 Chris Thompson, M.Sc. (Eng), P.Geo Infrastructure & Construction Sr. Oil & Gas Producers / Energy 604.659.8439 Infrastructure David Quezada, CFA 604.659.8257 Precious Metals Steve Hansen, CMA, CFA 604.659.8208 Industrial Special Situations Kenric Tyghe, MBA 416.777.7188 Consumer & Retail Transportation / Agribusiness Johann Rodrigues 416.777.7189 Steven Li, CFA 416.777.4918 Real Estate & REITs Technology / Alternative Energy & Clean Tech Phil Russo 416.777.7084 Precious Metals

Canadian Sales & Trading

Raymond James Ltd. Sales

Mike Westcott 416.777.4935, Head of Sales

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

Raymond James Ltd. Trading

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

Toronto 888.601.6105 Canada Vancouver 800.667.2899 Montreal 866.350.4455 800.290.4847 USA Nav Cheema 604.659.8224 Joe Clement 514.350.4470 Mark Armstrong 416.777.4981 Fraser Jefferson 604.659.8218 Patrick Sanche 514.350.4465 Pam Banks 416.777.4923 Derek Oram 604.659.8223 Oliver Herbst 416.777.4947 Andy Herrmann 416.777.4937 Eric Munro, CFA 416.777.4983 Bob Standing 416.777.4921

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European Equity Research

Emmanuel Rétif, RJEE Harry Breach, RJFI Cédric Lecasble, RJEE +33 (1) 45 64 05 47 +44 (0)20 3798 5641 +33 (1) 45 64 05 40 Managing Director – European Research Aerospace & Defence/Industrials Retail Utilities Patrick Lambert, RJFI Julien Richer, CFA, RJEE Hermine de Bentzmann, RJEE +44 (0)20 3798 5645 +33 (1) 45 64 05 44 +33 (1) 45 64 05 53 Chemicals Hotels/Tourism/Foodservices Premium Consumer Goods

Stéphane Beyazian, RJFI +44 (0)20 3798 5643 Telecom Services

European Sales & Trading

Paris London New York +33 (1) 45 64 05 00 +44 (0)20 3798 5600 (212) 856-4884

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

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

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Argentine Equity Research

Argentine Research (Equity) Buenos Aires

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

Argentine Sales & Trading

Institutional Trading (Equity) Institutional Trading (Fixed Income) Institutional Sales Buenos Aires Buenos Aires Buenos Aires

Esteban Polanski Joaquin Alonso Diego Trucco, Head of Sales (+5411) 4850-2541 (+5411) 4850-2547 (+5411) 4850-2512

Héctor Canzani Miguel Bueno Mariano Parras, (+5411) 4850-2542 (+5411) 4850-2546 Sales – Domestic Institutions (+5411) 4850-2548

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Important Investor Disclosures

Raymond James & Associates (RJA) is a FINRA member firm and is responsible for the preparation and distribution of research created in the United States. Raymond James & Associates is located at The Raymond James Financial Center, 880 Carillon Parkway, St. Petersburg, FL 33716, (727) 567-1000. Non-U.S. affiliates, which are not FINRA member firms, include the following entities that are responsible for the creation and distribution of research in their respective areas: in Canada, Raymond James Ltd. (RJL), Suite 2100, 925 West Georgia Street, Vancouver, BC V6C 3L2, (604) 659-8200; in Latin America, Raymond James Argentina S.A., San Martin 344, 22nd Floor, Buenos Aires, C10004AAH, Argentina, +54 11 4850 2500; in Europe, Raymond James Euro Equities SAS (also trading as Raymond James International), 40, rue La Boetie, 75008, Paris, France, +33 1 45 64 0500, and Raymond James Financial International Ltd., Broadwalk House, 5 Appold Street, London, England EC2A 2AG, +44 203 798 5600. This document is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident of or located in any locality, state, country, or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. The securities discussed in this document may not be eligible for sale in some jurisdictions. This research is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Investors should consider this report as only a single factor in making their investment decision. For clients in the United States: Any foreign securities discussed in this report are generally not eligible for sale in the U.S. unless they are listed on a U.S. exchange. This report is being provided to you for informational purposes only and does not represent a solicitation for the purchase or sale of a security in any state where such a solicitation would be illegal. Investing in securities of issuers organized outside of the U.S., including ADRs, may entail certain risks. The securities of non-U.S. issuers may not be registered with, nor be subject to the reporting requirements of, the U.S. Securities and Exchange Commission. There may be limited information available on such securities. Investors who have received this report may be prohibited in certain states or other jurisdictions from purchasing the securities mentioned in this report. Please ask your Financial Advisor for additional details and to determine if a particular security is eligible for purchase in your state. The information provided is as of the date above and subject to change, and it should not be deemed a recommendation to buy or sell any security. Certain information has been obtained from third-party sources we consider reliable, but we do not guarantee that such information is accurate or complete. Persons within the Raymond James family of companies may have information that is not available to the contributors of the information contained in this publication. Raymond James, including affiliates and employees, may execute transactions in the securities listed in this publication that may not be consistent with the ratings appearing in this publication. Additional information is available on request.

Analyst Information Registration of Non-U.S. Analysts: The analysts listed on the front of this report who are not employees of Raymond James & Associates, Inc., are not registered/qualified as research analysts under FINRA rules, are not associated persons of Raymond James & Associates, Inc., and are not subject to FINRA Rule 2241 restrictions on communications with covered companies, public companies, and trading securities held by a research analyst account. Analyst Holdings and Compensation: Equity analysts and their staffs at Raymond James are compensated based on a salary and bonus system. Several factors enter into the bonus determination including quality and performance of research product, the analyst's success in rating stocks versus an industry index, and support effectiveness to trading and the retail and institutional sales forces. Other factors may include but are not limited to: overall ratings from internal (other than investment banking) or external parties and the general productivity and revenue generated in covered stocks.

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

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

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

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

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

Rating Distributions Coverage Universe Rating Distribution* Investment Banking Distribution RJA RJL RJ Arg RJEE/RJFI RJA RJL RJ Arg RJEE/RJFI Strong Buy and Outperform (Buy) 57% 68% 53% 44% 22% 40% 0% 0% Market Perform (Hold) 39% 31% 47% 40% 7% 15% 0% 0% Underperform (Sell) 5% 1% 0% 16% 6% 50% 0% 0% * Columns may not add to 100% due to rounding.

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

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

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

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