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GLOBAL RESEARCH | PUBLISHED BY RAYMOND JAMES & ASSOCIATES

September 2021

© 2021 Raymond James & Associates, Inc., member New York Exchange/SIPC. All rights reserved. International Headquarters: The Center | 880 Carillon Parkway | St. Petersburg, Florida 33716 | 800-248-8863 Contents

Consumer Healthcare Real Estate USA ...... 16 USA ...... 33 USA ...... 44 CAN ...... 19 CAN ...... 37 CAN ...... 47

Energy Industrial Technology & Communications USA ...... 20 USA ...... 38 USA ...... 48 CAN ...... 23 CAN ...... 40 CAN ...... 54

Financial Services Mining Transportation USA ...... 26 CAN ...... 42 USA ...... 55 CAN ...... 32 CAN ...... 57

Research Coverage Changes ...... 3 Research Analysts and Sales & Trading Directories Rating and Suitability Definitions ...... 4 USA, and Europe .... 58 Company Index ...... 5

2 Raymond James Research Register - September 2021 Research Coverage Changes

Additions USA CAN Byrna Technologies Inc. (BYRN:Q) Decibel Cannabis Company Inc. (DB:V) DigitalBridge Group, Inc. (DBRG:N) Quarterhill Inc. (QTRH:T) Duolingo, Inc. (DUOL:Q) Slate Office REIT (SOT.UN:T) Hillman Solutions Corp. (HLMN:Q) Holley Inc. (HLLY:N) Instructure Holdings, Inc. (INST:N) MarketWise, Inc. (MKTW:Q) MeridianLink, Inc. (MLNK:N) Paycor HCM, Inc. (PYCR:Q) PowerSchool Holdings, Inc. (PWSC:N) Snap One Holdings Corp. (SNPO:Q) U.S. Century (USCB:Q) Wheels Up Experience Inc. (UP:N) Xponential Fitness, Inc. (XPOF:N)

Exchanges

B -- BATS BZX N -- NYSE EPA -- O -- OTC Markets L -- Q -- M -- NYSE American Stock Exchange T -- TSX MAD -- Madrid Stock Exchange V -- TSX Venture

Currencies

p -- British pence € -- Euro £ -- British pound US$ or $ -- U.S. dollar C$ --

Footnotes

NA -- Not Available R -- Research Restricted NM -- Not Meaningful UR -- Under Review

Raymond James Research Register - September 2021 3 Rating and Suitability Definitions

RJA (U.S.) Definitions: Strong Buy (SB1) The is 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) The security is expected to appreciate or 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 Raymond James is comfortable with the relative safety of the dividend and expects a total return modestly exceeding the dividend yield over the next 12-18 months. Market Perform (MP3) The security is expected to perform generally in line with the S&P 500 over the next 12 months and could potentially be used as a source of funds for more highly rated securities. Underperform (MU4) The security is expected to underperform the S&P 500 or its sector over the next six to 12 months and should be sold. Suspended (S) The security’s 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. When a security’s research coverage has been suspended, the previous rating and price target are no longer in effect for this security, and they should not be relied upon. RJL (Canada) Definitions: Strong Buy (SB1) The security 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 to 12 months. Outperform (MO2) The security is expected to appreciate and outperform the S&P/TSX Composite Index over the next 12-18 months. Market Perform (MP3) The security is expected to perform generally in line with the S&P/TSX composite Index over the next 12 months and could potentially be used as a source of funds for more highly rated securities. Underperform (MU4) The security is expected to underperform the S&P/TSX Composite Index or its sector over the next six to 12 months and should be sold. Suspended (S) The security’s 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 or may otherwise have a perceived conflict of interest. When a security’s research coverage has been suspended, the previous rating and price target are no longer in effect for this security, and they should not be relied upon.

Coverage Universe Relationships Rating Distribution* RJA RJL RJA RJL Strong Buy and Outperform (Buy) 62% 78% 29% 37% Market Perform (Hold) 36% 22% 18% 9% Underperform (Sell) 3% 0% 12% 0% Total Number of Companies 919 241 227 74 * Columns may not add to 100% due to rounding.

RJA Suitability Ratings (SR) Moderate Risk/Provide Income (M/INC) Larger capitalization, lower volatility (beta) equities of companies with sound financials, consistent earnings, and dividend yields meaningfully 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. Moderate Risk/Wealth Accumulation (M/ACC) Larger capitalization equities of companies with sound financials, consistent earnings growth, the potential for long-term price appreciation, and often a dividend yield. Moderately Aggressive Risk/Provide Income (MA/INC) Generally equities of companies that are structured with a focus on providing a dividend meaningfully above that of the S&P 500. These companies typically feature sound financials, positive earnings, and the potential for long-term price appreciation. Moderately Aggressive Risk/Wealth Accumulation (MA/ACC) Generally equities of companies in fast growing and competitive industries with less predictable earnings (or losses), potentially more leveraged balance sheets, rapidly changing market dynamics, and potential risk of principal. Aggressive Risk/Provide Income (A/INC) Generally 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 meaningful risk of loss of principal. Securities of companies in this category may have a more volatile income stream from dividends or distributions of capital. Aggressive Risk/Wealth Accumulation (A/ACC) Generally equities of companies with a or unprofitable operating history, limited or less predictable revenues, high risk associated with success, high volatility (beta), potential significant financial or legal issues, and the meaningful risk of loss of principal. RJL Suitability Ratings RJL has developed a proprietary algorithm for risk rating individual securities. The algorithm utilizes data from multiple vendors, and all data is refreshed at least monthly. Accordingly, suitability ratings are updated monthly. The suitability rating shown on this report is current as of the report's published date. In the event that a suitability rating changes after the published date, the new rating will not be reflected until the analyst publishes a subsequent report.

4 Raymond James Research Register - September 2021 Company Index

1st Constitution Bancorp (FCCY:Q) ...... 26 Altius Renewable Royalties Corp. (ARR:T) ...... 24 1stdibs.com, Inc. (DIBS:Q) ...... 50 Amalgamated Financial Corp. (AMAL:Q) ...... 26 Inc. (VNP:T) ...... 41 .com, Inc. (AMZN:Q) ...... 50 89bio, Inc. (ETNB:Q) ...... 33 Amedisys, Inc. (AMED:Q) ...... 33 (ABT:N) ...... 35 Amerant Bancorp Inc. (AMTB:Q) ...... 26 Abiomed, Inc. (ABMD:Q) ...... 35 Ameresco, Inc. (AMRC:N) ...... 21 Absolute Corporation (ABST:Q) ...... 52 American Group Inc. (AAL:Q) ...... 55 Acadia Healthcare Company, Inc. (ACHC:Q) ...... 33 American Equity Investment Life (AEL:N) ...... 30 Acadian Timber Corp. (ADN:T) ...... 40 American Financial Group, Inc. (AFG:N) ...... 30 ACADIA Pharmaceuticals Inc. (ACAD:Q) ...... 33 American Homes 4 Rent (AMH:N) ...... 46 Acceleron Pharma Inc. (XLRN:Q) ...... 33 American National Bankshares Inc. (AMNB:Q) ...... 26 ACRES Commercial Realty Corp. (ACR:N) ...... 45 American Tower Corporation (AMT:N) ...... 53 , Inc. (ATVI:Q) ...... 50 Americold Realty Trust (COLD:N) ...... 44 Acushnet Holdings Corp. (GOLF:N) ...... 17 (ABCB:Q) ...... 26 ACV Auctions Inc. (ACVA:Q) ...... 50 Inc. (AMGN:Q) ...... 33 Adamis Pharmaceuticals Corporation (ADMP:Q) ...... 36 Amneal Pharmaceuticals Inc. (AMRX:N) ...... 36 Addus HomeCare Corporation (ADUS:Q) ...... 33 Amphastar Pharmaceuticals, Inc. (AMPH:Q) ...... 36 ADMA Biologics, Inc. (ADMA:Q) ...... 36 , Inc. (ADI:Q) ...... 52 Advance Auto Parts, Inc. (AAP:N) ...... 16 AngioDynamics, Inc. (ANGO:Q) ...... 35 Advanced Energy Industries, Inc. (AEIS:Q) ...... 21 ANI Pharmaceuticals, Inc. (ANIP:Q) ...... 36 , Inc. (AMD:Q) ...... 52 Antares Pharma, Inc. (ATRS:Q) ...... 36 Advantage Energy Ltd. (AAV:T) ...... 23 Antero Corporation (AM:N) ...... 21 Adventus Mining Corp. (ADZN:V) ...... 42 Corporation (AR:N) ...... 20 Aecon Group Inc. (ARE:T) ...... 40 Antibe Therapeutics Inc. (ATE:T) ...... 37 Aerie Pharmaceuticals, Inc. (AERI:Q) ...... 36 Aon plc (AON:N) ...... 30 AeroVironment, Inc. (AVAV:Q) ...... 48 APA Corporation (APA:Q) ...... 20 Aflac Incorporated (AFL:N) ...... 30 Apartment Investment and Management Company (AIV:N) ...... 46 Ag Growth International, Inc. (AFN:T) ...... 40 Apellis Pharmaceuticals, Inc. (APLS:Q) ...... 33 Agiliti, Inc. (AGTI:N) ...... 35 Apollo Commercial Real Estate , Inc. (ARI:N) ...... 45 Agios Pharmaceuticals, Inc. (AGIO:Q) ...... 33 Apollo Investment Corporation (AINV:Q) ...... 30 Agnico Eagle Mines Ltd. (AEM:N) ...... 42 Apple Inc. (AAPL:Q) ...... 49 Agree Realty Corporation (ADC:N) ...... 45 Applied Optoelectronics, Inc. (AAOI:Q) ...... 49 Airbnb, Inc. (ABNB:Q) ...... 50 Aptiv PLC (APTV:N) ...... 48 (AC:T) ...... 55 Arbor Realty Trust, Inc. (ABR:N) ...... 45 Akamai Technologies, Inc. (AKAM:Q) ...... 53 ARC Resources Ltd. (ARX:T) ...... 23 Alarm.com Holdings, Inc. (ALRM:Q) ...... 49 Arcturus Therapeutics Holdings Inc. (ARCT:Q) ...... 33 Air Group, Inc. (ALK:N) ...... 55 Ares Capital Corporation (ARCC:Q) ...... 30 Aleafia Health Inc. (AH:T) ...... 37 Ares Commercial Real Estate Corporation (ACRE:N) ...... 45 Alerus Financial Corporation (ALRS:Q) ...... 26 argenx SE (ARGX:Q) ...... 33 Algonquin Power & Utilities (AQN:N) ...... 24 Argo Group International Holdings, Ltd. (ARGO:N) ...... 30 Holding Ltd. (BABA:N) ...... 50 Arista Networks, Inc. (ANET:N) ...... 49 Alignment Healthcare, Inc. (ALHC:Q) ...... 35 ARKO Corp. (ARKO:Q) ...... 16 Alimentation Couche-Tard Inc. (ATD.B:T) ...... 16 Arlo Technologies, Inc. (ARLO:N) ...... 49 Allegiance Bancshares, Inc. (ABTX:Q) ...... 26 Armada Hoffler Properties, Inc. (AHH:N) ...... 46 Allegiant Travel Company (ALGT:Q) ...... 55 Arrow Electronics, Inc. (ARW:N) ...... 51 Allied Properties REIT (AP.UN:T) ...... 47 Arthur J. Gallagher & Co. (AJG:N) ...... 30 Allison Transmission Holdings, Inc. (ALSN:N) ...... 38 Ascot Resources (AOT:T) ...... 42 Allogene Therapeutics, Inc. (ALLO:Q) ...... 33 AssetMark Financial Holdings, Inc. (AMK:N) ...... 29 Alphabet Inc. (GOOG:Q) ...... 51 Associated Banc-Corp (ASB:N) ...... 26 Alpha Cognition Inc. (ACOG:V) ...... 37 AT&T Inc. (T:N) ...... 53 Alpine Income Property Trust, Inc. (PINE:N) ...... 45 Atlantica Sustainable Infrastructure plc (AY:Q) ...... 24 Altabancorp (ALTA:Q) ...... 26 Atlantic Capital Bancshares, Inc. (ACBI:Q) ...... 26 Alta Equipment Group Inc. (ALTG:N) ...... 41 Atlantic Union Bankshares Corporation (AUB:Q) ...... 26 AltaGas Ltd. (ALA:T) ...... 24 ATN International, Inc. (ATNI:Q) ...... 52 Altice USA, Inc. (ATUS:N) ...... 53 Automotive Properties REIT (APR.UN:T) ...... 47 Altius Minerals Corporation (ALS:T) ...... 42 AutoZone, Inc. (AZO:N) ...... 16

Raymond James Research Register - September 2021 5 Company Index

Auxly Cannabis Group Inc. (XLY:T) ...... 37 Brandywine Realty Trust (BDN:N) ...... 46 Avalara, Inc. (AVLR:N) ...... 48 BridgeBio Pharma, Inc. (BBIO:Q) ...... 33 Avantor, Inc. (AVTR:N) ...... 35 Brigham Minerals, Inc. (MNRL:N) ...... 20 Aveanna Healthcare Holdings Inc. (AVAH:Q) ...... 33 BrightSpire Capital, Inc. (BRSP:N) ...... 45 Avicanna Inc. (AVCN:T) ...... 37 Brinker International, Inc. (EAT:N) ...... 17 Avnet, Inc. (AVT:Q) ...... 51 Bristol-Myers Squibb Company (BMY:N) ...... 33 Axon Enterprise, Inc. (AXON:Q) ...... 48 Broadcom Inc. (AVGO:Q) ...... 52 Axos Financial, Inc. (AX:N) ...... 26 Broadmark Realty Capital Inc. (BRMK:N) ...... 45 Ayala Pharmaceuticals, Inc. (AYLA:Q) ...... 33 Broadridge Financial Solutions, Inc. (BR:N) ...... 29 Azul S.A. (AZUL:N) ...... 55 Brookfield Infrastructure Partners L.P. (BIP:N) ...... 24 B2Gold Corp. (BTG:N) ...... 42 Brookfield Renewable Partners L.P. (BEP:N) ...... 24 Inc. (BLDP:Q) ...... 41 Brookline Bancorp, Inc. (BRKL:Q) ...... 26 Banc of , Inc. (BANC:N) ...... 26 Brown & Brown, Inc. (BRO:N) ...... 30 BancorpSouth Bank (BXS:N) ...... 26 BRP Group, Inc. (BRP:Q) ...... 30 Bank of Commerce Holdings (BOCH:Q) ...... 26 BRP Inc. (DOO:T) ...... 17 Bank of Marin Bancorp (BMRC:Q) ...... 26 (BC:N) ...... 17 Bank OZK (OZK:Q) ...... 26 BSR Real Estate Investment Trust (HOM.U:T) ...... 47 Banner Corporation (BANR:Q) ...... 26 Bumble Inc. (BMBL:Q) ...... 50 Barings BDC, Inc. (BBDC:N) ...... 30 Business First Bancshares, Inc. (BFST:Q) ...... 26 Barrick Gold Corporation (GOLD:N) ...... 42 Byrna Technologies Inc. (BYRN:Q) ...... 48 Baylin Technologies Inc. (BYL:T) ...... 54 C.H. Robinson Worldwide, Inc. (CHRW:Q) ...... 55 Baytex Energy Corp. (BTE:T) ...... 23 Cable One, Inc. (CABO:N) ...... 53 Beacon Roofing Supply, Inc. (BECN:Q) ...... 38 Cabot Oil & Gas Corporation (COG:N) ...... 20 Bear Creek Mining Corporation (BCM:V) ...... 43 CACI International Inc (CACI:N) ...... 51 Bed Bath & Beyond Inc. (BBBY:Q) ...... 17 Cadence Bancorporation (CADE:N) ...... 26 Benefitfocus, Inc. (BNFT:Q) ...... 48 Calfrac Well Services (CFW:T) ...... 24 Co., Inc. (BBY:N) ...... 17 Calibre Mining Corp. (CXB:T) ...... 42 BGC Partners, Inc. (BGCP:Q) ...... 29 Callaway Golf Company (ELY:N) ...... 17 BigCommerce Holdings, Inc. (BIGC:Q) ...... 48 Calumet Specialty Products Partners, L.P. (CLMT:Q) ...... 20 Inc. (BIIB:Q) ...... 33 Cambium Networks Corporation (CMBM:Q) ...... 49 BioSyent, Inc. (RX:V) ...... 37 Cambridge Bancorp (CATC:Q) ...... 26 Birchcliff Energy Ltd. (BIR:T) ...... 23 Camden National Corporation (CAC:Q) ...... 26 Bird Construction Inc. (BDT:T) ...... 40 Cameco Corporation (CCO:T) ...... 43 Blackbaud, Inc. (BLKB:Q) ...... 48 Camping World Holdings, Inc. (CWH:N) ...... 17 BlackBerry Limited (BB:N) ...... 54 Canadian Apartment Properties REIT (CAR.UN:T) ...... 47 Black Diamond Group Limited (BDI:T) ...... 41 Canadian National Railway (CNR:T) ...... 57 Black Knight, Inc. (BKI:N) ...... 29 Canadian Natural Resources Limited (CNQ:T) ...... 24 BlackLine, Inc. (BL:Q) ...... 48 Canadian Pacific Railway Limited (CP:T) ...... 57 Blackline Safety Corp. (BLN:T) ...... 41 Canadian Western Bank (CWB:T) ...... 32 BlackRock TCP Capital Corp. (TCPC:Q) ...... 30 Corp. (CFP:T) ...... 40 Black Stone Minerals, L.P. (BSM:N) ...... 20 Canfor Pulp Products Inc. (CFX:T) ...... 40 Blackstone Mortgage Trust, Inc. (BXMT:N) ...... 45 Capital Power Corporation (CPX:T) ...... 24 Bloom Energy Corporation (BE:N) ...... 21 Capital Southwest Corporation (CSWC:Q) ...... 30 Bloomin' Brands, Inc. (BLMN:Q) ...... 17 CapStar Financial Holdings, Inc. (CSTR:Q) ...... 26 bluebird bio, Inc. (BLUE:Q) ...... 33 Cardinal Energy Ltd. (CJ:T) ...... 23 Blueprint Medicines Corporation (BPMC:Q) ...... 33 Cardiol Therapeutics Inc. (CRDL:T) ...... 37 BOK Financial Corporation (BOKF:Q) ...... 26 Cardiovascular Systems, Inc. (CSII:Q) ...... 35 Bonterra Energy Corp. (BNE:T) ...... 23 Cardlytics, Inc. (CDLX:Q) ...... 51 Booz Allen Hamilton Holding Corp. (BAH:N) ...... 51 CareDx, Inc. (CDNA:Q) ...... 34 , Inc. (BLX:T) ...... 24 CareTrust REIT, Inc. (CTRE:Q) ...... 44 Scientific Corporation (BSX:N) ...... 35 Cargojet Inc. (CJT:T) ...... 40 Bottomline Technologies (EPAY:Q) ...... 50 CarGurus, Inc. (CARG:Q) ...... 51 Box, Inc. (BOX:N) ...... 48 Carrols Restaurant Group, Inc. (TAST:Q) ...... 17 Boyd Group Services Inc. (BYD:T) ...... 41 Carter Bankshares, Inc. (CARE:Q) ...... 26 BP p.l.c. (BP:N) ...... 20 Carvana Co. (CVNA:Q) ...... 51 Brainsway Ltd. (BWAY:Q) ...... 35 Casa Systems, Inc. (CASA:Q) ...... 49

6 Raymond James Research Register - September 2021 Company Index

Casella Waste Systems, Inc. (CWST:Q) ...... 38 CommScope Holding Company, Inc. (COMM:Q) ...... 49 Casey's General Stores, Inc. (CASY:Q) ...... 16 Community Bank System, Inc. (CBU:N) ...... 26 Catalyst Biosciences, Inc. (CBIO:Q) ...... 33 Community Health Systems, Inc. (CYH:N) ...... 35 CatchMark Timber Trust, Inc. (CTT:N) ...... 46 Community Trust Bancorp, Inc. (CTBI:Q) ...... 26 , Inc. (CBOE:B) ...... 29 Compass Diversified Holdings (CODI:N) ...... 31 CBRE Group, Inc. (CBRE:N) ...... 29 Conifer Holdings, Inc. (CNFR:Q) ...... 30 CCL Industries Inc. (CCL.B:T) ...... 19 Conifex Timber Inc. (CFF:T) ...... 40 CDW Corporation (CDW:Q) ...... 52 Connection (CNXN:Q) ...... 52 Cedar Realty Trust, Inc. (CDR:N) ...... 46 ConnectOne Bancorp, Inc. (CNOB:Q) ...... 26 Inc. (CVE:T) ...... 24 ConocoPhillips (COP:N) ...... 20 Centerra Gold Inc. (CG:T) ...... 42 Constellation Software Inc. (CSU:T) ...... 54 Centerspace (CSR:N) ...... 46 Construction Partners, Inc. (ROAD:Q) ...... 38 Central Pacific Financial Corp. (CPF:N) ...... 26 Continental Resources Inc. (CLR:N) ...... 20 Central Valley Community Bancorp (CVCY:Q) ...... 26 Converge Technology Solutions Corp. (CTS:T) ...... 54 Cerence Inc. (CRNC:Q) ...... 48 Copa Holdings, S.A. (CPA:N) ...... 55 Cervus Equipment Corp. (CERV:T) ...... 41 Core-Mark Holding Company, Inc. (CORE:Q) ...... 17 CES Energy Solutions Corp. (CEU:T) ...... 23 CoreSite Realty Corporation (COR:N) ...... 53 CGI Group (GIB.A:T) ...... 54 Corporate Office Properties Trust (OFC:N) ...... 46 Champion Iron Limited (CIA:T) ...... 42 Wholesale Corporation (COST:Q) ...... 17 Change Healthcare Inc. (CHNG:Q) ...... 35 Coty Inc. (COTY:N) ...... 16 , Inc. (CHTR:Q) ...... 53 Coupa Software Incorporated (COUP:Q) ...... 48 Chart Industries, Inc. (GTLS:N) ...... 21 Coursera, Inc. (COUR:N) ...... 48 Software Technologies Ltd. (CHKP:Q) ...... 52 Covanta Holding Corporation (CVA:N) ...... 38 Cheesecake Factory Inc. (CAKE:Q) ...... 17 Covetrus, Inc. (CVET:Q) ...... 33 Chegg, Inc. (CHGG:N) ...... 48 Crescent Capital BDC, Inc. (CCAP:Q) ...... 30 ChemoCentryx, Inc. (CCXI:Q) ...... 33 Crescent Point Energy Corp. (CPG:T) ...... 23 Chemtrade Logistics Income Fund (CHE.UN:T) ...... 40 Crestwood Equity Partners LP (CEQP:N) ...... 21 Cheniere Energy, Inc. (LNG:N) ...... 21 Crew Energy Inc. (CR:T) ...... 23 Cheniere Energy Partners, L.P. (CQP:N) ...... 21 CRISPR Therapeutics AG (CRSP:Q) ...... 33 Chesswood Group Limited (CHW:T) ...... 32 Criteo S.A. (CRTO:Q) ...... 51 (CVX:N) ...... 20 Cronos Group Inc. (CRON:Q) ...... 37 Chewy, Inc. (CHWY:N) ...... 51 CrossAmerica Partners L.P. (CAPL:N) ...... 21 Chimera Investment Corporation (CIM:N) ...... 45 CrossFirst Bankshares, Inc. (CFB:Q) ...... 26 Chipotle Mexican Grill, Inc. (CMG:N) ...... 18 Crown Castle International Corp. (CCI:N) ...... 53 Chubb Limited (CB:N) ...... 30 CSX Corporation (CSX:Q) ...... 55 Church & Dwight Co., Inc. (CHD:N) ...... 16 CubeSmart (CUBE:N) ...... 46 Chuy's Holdings, Inc. (CHUY:Q) ...... 18 CubicFarm Systems Corp. (CUB:V) ...... 40 Ciena Corporation (CIEN:N) ...... 49 Cullen/Frost Bankers, Inc. (CFR:N) ...... 26 Cigna Corporation (CI:N) ...... 35 Inc. (CMI:N) ...... 38 Cimarex Energy Co. (XEC:N) ...... 20 Cushman & Wakefield plc (CWK:N) ...... 29 , Inc. (CSCO:Q) ...... 49 CVB Financial Corp. (CVBF:Q) ...... 26 City Office REIT, Inc. (CIO:N) ...... 46 CVR Energy, Inc. (CVI:N) ...... 20 Clean Energy Fuels Corp. (CLNE:Q) ...... 21 CVS Health Corporation (CVS:N) ...... 35 Clean Harbors, Inc. (CLH:N) ...... 38 CymaBay Therapeutics, Inc. (CBAY:Q) ...... 33 Clipper Realty Inc. (CLPR:N) ...... 46 CyrusOne Inc. (CONE:Q) ...... 53 CME Group Inc. (CME:Q) ...... 29 Cytokinetics, Incorporated (CYTK:Q) ...... 33 CNX Resources Corporation (CNX:N) ...... 20 D.R. Horton, Inc. (DHI:N) ...... 44 Coeur Mining, Inc. (CDE:N) ...... 42 Darden Restaurants, Inc. (DRI:N) ...... 18 Cogent Communications Holdings, Inc. (CCOI:Q) ...... 53 Darling Ingredients Inc. (DAR:N) ...... 21 Cognex Corporation (CGNX:Q) ...... 48 Dave & Buster's Entertainment, Inc. (PLAY:Q) ...... 18 Coinbase Global, Inc. (COIN:Q) ...... 29 DCP Midstream, LP (DCP:N) ...... 21 International Group Inc. (CIGI:Q) ...... 47 Decibel Cannabis Company Inc. (DB:V) ...... 37 Columbia Banking System, Inc. (COLB:Q) ...... 26 Delek Logistics Partners, LP (DKL:N) ...... 21 Corporation (CMCSA:Q) ...... 53 Delek US Holdings, Inc. (DK:N) ...... 20 Comerica Inc. (CMA:N) ...... 26 Technologies Inc. (DELL:N) ...... 49 , Inc. (CBSH:Q) ...... 26 , Inc. (DAL:N) ...... 55

Raymond James Research Register - September 2021 7 Company Index

Denali Therapeutics Inc. (DNLI:Q) ...... 34 EnWave Corporation (ENW:V) ...... 40 Denison Mines Corp. (DML:T) ...... 43 EOG Resources, Inc. (EOG:N) ...... 20 Corporation (DVN:N) ...... 20 EPR Properties (EPR:N) ...... 45 , Inc. (DXCM:Q) ...... 35 , Inc. (EQIX:Q) ...... 53 Dexterra Group Inc. (DXT:T) ...... 41 Equitable Group Inc. (EQB:T) ...... 32 Diamondback Energy, Inc. (FANG:Q) ...... 20 (EQR:N) ...... 46 DiamondRock Hospitality Company (DRH:N) ...... 44 Ero Copper Corp. (ERO:T) ...... 42 Dick's Sporting Goods, Inc. (DKS:N) ...... 17 Essential Energy Services Ltd. (ESN:T) ...... 23 DigitalBridge Group, Inc. (DBRG:N) ...... 53 Essential Properties Realty Trust, Inc. (EPRT:N) ...... 45 Digital Realty Trust, Inc. (DLR:N) ...... 53 Essex Property Trust, Inc. (ESS:N) ...... 46 Dime Community Bancshares, Inc. (DCOM:Q) ...... 27 Eupraxia Pharmaceuticals Inc. (EPRX:T) ...... 37 Dine Brands Global, Inc. (DIN:N) ...... 18 European Residential REIT (ERE.UN:T) ...... 47 DIRTT Environmental Solutions Ltd. (DRTT:Q) ...... 38 Everbridge, Inc. (EVBG:Q) ...... 48 DISH Network Corporation (DISH:Q) ...... 52 EverCommerce Inc. (EVCM:Q) ...... 48 Corporation (DG:N) ...... 17 Everi Holdings Inc. (EVRI:N) ...... 50 , Inc. (DLTR:Q) ...... 17 EverQuote, Inc. (EVER:Q) ...... 51 Doman Building Materials Group Ltd. (DBM:T) ...... 57 EVERTEC, Inc. (EVTC:N) ...... 50 Douglas Emmett, Inc. (DEI:N) ...... 46 Evertz Technologies Limited (ET:T) ...... 54 Doximity, Inc. (DOCS:N) ...... 48 Evoqua Water Technologies Corp. (AQUA:N) ...... 22 Dream Industrial REIT (DIR.UN:T) ...... 47 Exact Sciences Corporation (EXAS:Q) ...... 34 Duck Creek Technologies, Inc. (DCT:Q) ...... 48 Exchange Income Corporation (EIF:T) ...... 40 Duke Realty Corporation (DRE:N) ...... 44 Exro Technologies Inc. (EXRO:T) ...... 19 Dun & Bradstreet Holdings, Inc. (DNB:N) ...... 29 Extra Space Storage Inc. (EXR:N) ...... 46 Duolingo, Inc. (DUOL:Q) ...... 51 Exxon Mobil Corporation (XOM:N) ...... 20 Dye & Durham Limited (DND:T) ...... 32 F.N.B. Corporation (FNB:N) ...... 27 e.l.f. Beauty, Inc. (ELF:N) ...... 16 F5 Networks, Inc. (FFIV:Q) ...... 49 Eagle Materials Inc. (EXP:N) ...... 38 Facebook, Inc. (FB:Q) ...... 51 Easterly Government Properties, Inc. (DEA:N) ...... 46 FactSet Research Systems Inc. (FDS:N) ...... 29 EastGroup Properties, Inc. (EGP:N) ...... 45 Farmers Edge Inc. (FDGE:T) ...... 40 eBay Inc. (EBAY:Q) ...... 51 Farmers National Banc Corp. (FMNB:Q) ...... 27 EchoStar Corporation (SATS:Q) ...... 53 Farmland Partners Inc. (FPI:N) ...... 44 ECN Capital Corp. (ECN:T) ...... 32 Company (FAST:Q) ...... 38 Edgewell Personal Care Company (EPC:N) ...... 16 Fastly, Inc. (FSLY:N) ...... 53 Editas Medicine, Inc. (EDIT:Q) ...... 34 FB Financial Corporation (FBK:N) ...... 27 Edwards Lifesciences Corporation (EW:N) ...... 35 Federal Realty Investment Trust (FRT:N) ...... 46 eHealth, Inc. (EHTH:Q) ...... 30 Federal Signal Corporation (FSS:N) ...... 38 Elanco Animal Health Incorporated (ELAN:N) ...... 33 FedEx Corporation (FDX:N) ...... 55 , Inc. (EA:Q) ...... 50 FibroGen, Inc. (FGEN:Q) ...... 34 Element Fleet Management Corp. (EFN:T) ...... 32 Fidelity National Information Services, Inc. (FIS:N) ...... 50 Emera Incorporated (EMA:T) ...... 24 Fidus Investment Corporation (FDUS:Q) ...... 31 EMERGE Commerce Ltd. (ECOM:V) ...... 54 , Inc. (FRGI:Q) ...... 18 Inc. (ENB:T) ...... 24 Finance of America Companies Inc. (FOA:N) ...... 45 Encompass Health Corporation (EHC:N) ...... 33 International (FTT:T) ...... 41 Encore Capital Group Inc. (ECPG:Q) ...... 31 First Bancorp (FBNC:Q) ...... 27 Endo International plc (ENDP:Q) ...... 36 First Busey Corporation (BUSE:Q) ...... 27 Enerflex Ltd. (EFX:T) ...... 23 First Business , Inc. (FBIZ:Q) ...... 27 Energy Recovery, Inc. (ERII:Q) ...... 22 First Commonwealth Financial Corp. (FCF:N) ...... 27 Energy Transfer LP (ET:N) ...... 21 First Community Corporation (FCCO:Q) ...... 27 Enerplus Corporation (ERF:T) ...... 23 First Eagle Alternative Capital BDC, Inc. (FCRD:Q) ...... 31 EnLink Midstream, LLC (ENLC:N) ...... 21 First Financial Bancorp. (FFBC:Q) ...... 27 Enphase Energy, Inc. (ENPH:Q) ...... 21 First Financial Corporation (THFF:Q) ...... 27 Ensign Energy Services Inc. (ESI:T) ...... 24 First Foundation Inc. (FFWM:Q) ...... 27 Enterprise Financial Services Corp. (EFSC:Q) ...... 27 First Hawaiian, Inc. (FHB:Q) ...... 27 Enterprise Products Partners L.P. (EPD:N) ...... 21 First Horizon National Corporation (FHN:N) ...... 27 Envestnet, Inc. (ENV:N) ...... 29 First Industrial Realty Trust, Inc. (FR:N) ...... 45 Enviva Partners, LP (EVA:N) ...... 22 First Merchants Corporation (FRME:Q) ...... 27

8 Raymond James Research Register - September 2021 Company Index

First Mid Bancshares, Inc. (FMBH:Q) ...... 27 Good Natured Products Inc. (GDNP:V) ...... 40 , Inc. (FMBI:Q) ...... 27 GoodRx Holdings, Inc. (GDRX:Q) ...... 35 Ltd. (FM:T) ...... 42 Granite Point Mortgage Trust Inc. (GPMT:N) ...... 45 First Republic Bank (FRC:N) ...... 27 Granite REIT (GRT.UN:T) ...... 47 FirstService Corporation (FSV:Q) ...... 47 Great Ajax Corp. (AJX:N) ...... 45 First Solar, Inc. (FSLR:Q) ...... 22 Great Western Bancorp, Inc. (GWB:N) ...... 27 First United Corporation (FUNC:Q) ...... 27 Greenlane Renewables Inc. (GRN:T) ...... 24 , Inc. (FISV:Q) ...... 50 GreenSky, Inc. (GSKY:Q) ...... 50 Fisker Inc. (FSR:N) ...... 22 Griffon Corporation (GFF:N) ...... 16 Flagstar Bancorp, Inc. (FBC:N) ...... 27 Guaranty Bancshares, Inc. (GNTY:Q) ...... 27 FleetCor Technologies, Inc. (FLT:N) ...... 50 Guaranty Federal Bancshares, Inc. (GFED:Q) ...... 27 Flexion Therapeutics, Inc. (FLXN:Q) ...... 36 Guardant Health, Inc. (GH:Q) ...... 34 Flex Ltd. (FLEX:Q) ...... 52 Haemonetics Corporation (HAE:N) ...... 35 Flywire Corporation (FLYW:Q) ...... 50 Hallmark Financial Services, Inc. (HALL:Q) ...... 30 Focus Financial Partners Inc. (FOCS:Q) ...... 29 Corporation (HWC:Q) ...... 27 Fortinet, Inc. (FTNT:Q) ...... 52 Harley-Davidson, Inc. (HOG:N) ...... 17 , Inc. (FTS:T) ...... 24 Harmonic Inc. (HLIT:Q) ...... 49 Fortive Corporation (FTV:N) ...... 48 HBT Financial, Inc. (HBT:Q) ...... 27 Fortress Transportation & Infrastructure Inv. LLC (FTAI:N) ...... 31 HCA Healthcare, Inc. (HCA:N) ...... 35 Forward Air Corporation (FWRD:Q) ...... 55 Headwater Exploration Inc. (HWX:T) ...... 23 Four Corners Property Trust, Inc. (FCPT:N) ...... 45 Healthcare Realty Trust Incorporated (HR:N) ...... 44 Franco-Nevada Corporation (FNV:N) ...... 42 Healthcare Trust of America, Inc. (HTA:N) ...... 44 Freehold Royalties Ltd. (FRU:T) ...... 23 Health Catalyst, Inc. (HCAT:Q) ...... 35 Freeport-McMoRan Inc. (FCX:N) ...... 42 HealthEquity, Inc. (HQY:Q) ...... 30 frontdoor, inc. (FTDR:Q) ...... 51 Healthpeak Properties, Inc. (PEAK:N) ...... 44 Frontier Group Holdings, Inc. (ULCC:Q) ...... 55 HealthStream, Inc. (HSTM:Q) ...... 35 FS Bancorp, Inc. (FSBW:Q) ...... 27 Heartland Financial USA, Inc. (HTLF:Q) ...... 27 FS KKR Capital Corp. (FSK:N) ...... 31 Heritage Commerce Corp (HTBK:Q) ...... 27 FTC Solar, Inc. (FTCI:Q) ...... 22 Heritage Financial Corporation (HFWA:Q) ...... 27 Fulton Financial Corporation (FULT:Q) ...... 27 Heroux-Devtek Inc. (HRX:T) ...... 40 FVCBankcorp, Inc. (FVCB:Q) ...... 27 Hersha Hospitality Trust (HT:N) ...... 44 G1 Therapeutics, Inc. (GTHX:Q) ...... 34 Heska Corporation (HSKA:Q) ...... 33 Galapagos NV (GLPG:Q) ...... 34 (HES:N) ...... 20 Galmed Pharmaceuticals Ltd. (GLMD:Q) ...... 34 Hewlett Packard Enterprise Company (HPE:N) ...... 49 Gaming and Leisure Properties, Inc. (GLPI:Q) ...... 45 Hillman Solutions Corp. (HLMN:Q) ...... 38 GDS Holdings Limited (GDS:Q) ...... 53 Hilltop Holdings Inc. (HTH:N) ...... 27 Genesis Energy, L.P. (GEL:N) ...... 21 Hilton Worldwide Holdings Inc. (HLT:N) ...... 44 Genuine Parts Company (GPC:N) ...... 38 HLS Therapeutics Inc. (HLS:T) ...... 37 German American Bancorp, Inc. (GABC:Q) ...... 27 Holley Inc. (HLLY:N) ...... 17 GFL Environmental Inc. (GFL:N) ...... 38 Holly Energy Partners, L.P. (HEP:N) ...... 21 Energy Inc. (GEI:T) ...... 24 HollyFrontier Corporation (HFC:N) ...... 20 , Inc. (GILD:Q) ...... 34 Hologic, Inc. (HOLX:Q) ...... 35 , Inc. (GBCI:Q) ...... 27 Home Bancorp, Inc. (HBCP:Q) ...... 27 Global Blood Therapeutics, Inc. (GBT:Q) ...... 34 Home BancShares, Inc. (HOMB:Q) ...... 27 Global-E Online Ltd. (GLBE:Q) ...... 48 Home Capital Group Inc. (HCG:T) ...... 32 Global Partners LP (GLP:N) ...... 21 Horace Mann Educators Corporation (HMN:N) ...... 30 Global Payments Inc. (GPN:N) ...... 50 Horizon Bancorp, Inc. (HBNC:Q) ...... 27 GMS Inc. (GMS:N) ...... 38 Host Hotels & Resorts, Inc. (HST:Q) ...... 44 GoDaddy Inc. (GDDY:N) ...... 51 Howard Bancorp, Inc. (HBMD:Q) ...... 27 goeasy Ltd. (GSY:T) ...... 32 Hub Group, Inc. (HUBG:Q) ...... 55 Gogo Inc. (GOGO:Q) ...... 53 HubSpot, Inc. (HUBS:N) ...... 48 GoHealth, Inc. (GOCO:Q) ...... 30 Hudbay Minerals, Inc. (HBM:T) ...... 42 BDC, Inc. (GSBD:N) ...... 31 Incorporated (HBAN:Q) ...... 27 GOL Linhas Aereas Inteligentes S.A. (GOL:N) ...... 55 Hotels Corporation (H:N) ...... 44 Golub Capital BDC, Inc. (GBDC:Q) ...... 31 Hydro One Ltd. (H:T) ...... 24 Corp. (FOOD:T) ...... 19 i3 Verticals, Inc. (IIIV:Q) ...... 50

Raymond James Research Register - September 2021 9 Company Index

IAMGOLD Corporation (IAG:N) ...... 42 Kelt Exploration Ltd. (KEL:T) ...... 23 IBI Group Inc. (IBG:T) ...... 41 (KMPR:N) ...... 30 ICU Medical, Inc. (ICUI:Q) ...... 35 Keyera Corp. (KEY:T) ...... 24 , Inc. (IDXX:Q) ...... 33 Killam Apartment REIT (KMP.UN:T) ...... 47 II-VI Incorporated (IIVI:Q) ...... 49 Kimbell Royalty Partners L.P. (KRP:N) ...... 20 Immunovant, Inc. (IMVT:Q) ...... 34 Kimco Realty Corporation (KIM:N) ...... 46 Limited (IMO:T) ...... 24 Kinder Morgan, Inc. (KMI:N) ...... 21 IMV Inc. (IMV:Q) ...... 37 Kinross Gold Corporation (KGC:N) ...... 42 Independent Bank Group, Inc. (IBTX:Q) ...... 27 Kite Realty Group Trust (KRG:N) ...... 46 Infinera Corporation (INFN:Q) ...... 49 KKR Real Estate Finance Trust Inc. (KREF:N) ...... 45 InflaRx N.V. (IFRX:Q) ...... 34 Inc. (GUD:T) ...... 37 Information Services Corporation (ISV:T) ...... 32 KVH Industries, Inc. (KVHI:Q) ...... 53 Innergex Renewable Energy Inc. (INE:T) ...... 24 L3Harris Technologies, Inc. (LHX:N) ...... 48 Insight Enterprises, Inc. (NSIT:Q) ...... 52 Labrador Iron Ore Royalty Corp. (LIF:T) ...... 42 Instructure Holdings, Inc. (INST:N) ...... 48 Ladder Capital Corp (LADR:N) ...... 45 Insulet Corporation (PODD:Q) ...... 35 Lakeland Bancorp, Inc. (LBAI:Q) ...... 27 Intact Financial Corporation (IFC:T) ...... 32 Lakeland Financial Corporation (LKFN:Q) ...... 27 Intapp, Inc. (INTA:Q) ...... 48 Landmark Infrastructure Partners LP (LMRK:Q) ...... 53 Integral Ad Science Holding Corp. (IAS:Q) ...... 51 Landos Biopharma, Inc. (LABP:Q) ...... 34 Integra LifeSciences Holdings Corporation (IART:Q) ...... 36 , Inc. (LSTR:Q) ...... 55 Integra Resources Corp. (ITR:V) ...... 42 Lannett Company, Inc. (LCI:N) ...... 36 Corporation (INTC:Q) ...... 52 Laredo , Inc. (LPI:N) ...... 20 Intellia Therapeutics, Inc. (NTLA:Q) ...... 34 La-Z-Boy Incorporated (LZB:N) ...... 16 Intelsat S.A. (INTEQ:O) ...... 53 Leap Therapeutics, Inc. (LPTX:Q) ...... 34 Intercept Pharmaceuticals, Inc. (ICPT:Q) ...... 34 LegalZoom.com, Inc. (LZ:Q) ...... 51 Intercontinental Exchange, Inc. (ICE:N) ...... 29 Leggett & Platt, Incorporated (LEG:N) ...... 16 Interface, Inc. (TILE:Q) ...... 16 Lennar Corporation (LEN:N) ...... 44 Interfor Corporation (IFP:T) ...... 40 Level One Bancorp, Inc. (LEVL:Q) ...... 27 International Consolidated Airlines Group, S.A. (IAG:MAD) ...... 55 Life Storage, Inc. (LSI:N) ...... 46 Inter Pipeline Ltd. (IPL:T) ...... 24 Lightspeed POS Inc. (LSPD:T) ...... 54 InterRent Real Estate Investment Trust (IIP.UN:T) ...... 47 Limelight Networks, Inc. (LLNW:Q) ...... 53 Investcorp Management BDC, Inc. (ICMB:Q) ...... 31 Limestone Bancorp, Inc. (LMST:Q) ...... 28 Invitae Corporation (NVTA:N) ...... 34 Lineage Cell Therapeutics Inc. (LCTX:N) ...... 34 Invitation Homes Inc. (INVH:N) ...... 46 Livent Corporation (LTHM:N) ...... 22 IPG Photonics Corporation (IPGP:Q) ...... 48 Live Oak Bancshares, Inc. (LOB:Q) ...... 28 Iridium Communications Inc. (IRDM:Q) ...... 53 LKQ Corporation (LKQ:Q) ...... 38 iRobot Corporation (IRBT:Q) ...... 48 LM Ericsson Telephone Company (ERIC:Q) ...... 49 iStar Inc. (STAR:N) ...... 45 loanDepot, Inc. (LDI:N) ...... 50 Itafos (IFOS:V) ...... 40 Loop Energy Inc. (LPEN:T) ...... 41 Itron, Inc. (ITRI:Q) ...... 22 Lowe's Companies, Inc. (LOW:N) ...... 17 Ivanhoe Mines Ltd. (IVN:T) ...... 42 Lumen Technologies, Inc (LUMN:N) ...... 53 J.B. Hunt Transport Services, Inc. (JBHT:Q) ...... 55 Lument Finance Trust, Inc. (LFT:N) ...... 45 Jabil Inc. (JBL:N) ...... 52 Lumentum Holdings Inc. (LITE:Q) ...... 49 Jack Henry & Associates, Inc. (JKHY:Q) ...... 50 Lumina Gold Corp. (LUM:V) ...... 42 JetBlue Airways Corporation (JBLU:Q) ...... 55 Lundin Mining Corporation (LUN:T) ...... 42 Johnson & Johnson (JNJ:N) ...... 36 Lyft, Inc. (LYFT:Q) ...... 51 Jones Lang LaSalle Incorporated (JLL:N) ...... 29 M.D.C. Holdings, Inc. (MDC:N) ...... 44 Jounce Therapeutics, Inc. (JNCE:Q) ...... 34 MACOM Technology Solutions Holdings, Inc. (MTSI:Q) ...... 52 Jumia Technologies AG (JMIA:N) ...... 51 Madrigal Pharmaceuticals, Inc. (MDGL:Q) ...... 34 Juniper Networks, Inc. (JNPR:N) ...... 49 Magellan Midstream Partners, L.P. (MMP:N) ...... 21 K92 Mining Inc. (KNT:T) ...... 42 Magna International Inc. (MGA:N) ...... 19 Kadmon Holdings, Inc. (KDMN:Q) ...... 34 MAG Silver Corp. (MAG:T) ...... 43 Kansas City Southern (KSU:N) ...... 55 Main Street Capital Corporation (MAIN:N) ...... 31 Karooooo Ltd. (KARO:Q) ...... 48 Malibu Boats, Inc. (MBUU:Q) ...... 17 KB Home (KBH:N) ...... 44 Manhattan Associates, Inc. (MANH:Q) ...... 49 K-Bro Linen Inc. (KBL:T) ...... 19 Marathon Gold Corp. (MOZ:T) ...... 42

10 Raymond James Research Register - September 2021 Company Index

Marathon Oil Corporation (MRO:N) ...... 20 Nasdaq, Inc. (NDAQ:Q) ...... 29 Marathon Petroleum Corporation (MPC:N) ...... 20 Natera, Inc. (NTRA:Q) ...... 35 Marimaca Copper Corp. (MARI:T) ...... 42 National Fuel Gas Company (NFG:N) ...... 20 MarineMax, Inc. (HZO:N) ...... 17 National Properties, Inc. (NNN:N) ...... 45 MarketAxess Holdings Inc. (MKTX:Q) ...... 29 Natus Medical Incorporated (NTUS:Q) ...... 36 MarketWise, Inc. (MKTW:Q) ...... 29 nCino, Inc. (NCNO:Q) ...... 49 , Inc. (MAR:Q) ...... 44 NeoGenomics, Inc. (NEO:Q) ...... 35 Marsh & McLennan Companies, Inc. (MMC:N) ...... 30 Neo Performance Materials Inc. (NEO:T) ...... 41 Martin Marietta Materials, Inc. (MLM:N) ...... 38 NeoPhotonics Corporation (NPTN:N) ...... 49 Martinrea International Inc. (MRE:T) ...... 19 NetApp, Inc. (NTAP:Q) ...... 49 Marvell Technology, Inc. (MRVL:Q) ...... 52 , Inc. (NFLX:Q) ...... 50 Masco Corporation (MAS:N) ...... 16 NETGEAR, Inc. (NTGR:Q) ...... 49 Mastercard, Inc. (MA:N) ...... 50 Neurocrine Biosciences, Inc. (NBIX:Q) ...... 34 MasterCraft Boat Holdings, Inc. (MCFT:Q) ...... 17 Newcore Gold Ltd. (NCAU:V) ...... 42 Matador Resources Company (MTDR:N) ...... 20 Newell Brands Inc. (NWL:Q) ...... 16 Maverix Metals Inc. (MMX:T) ...... 42 New Gold Inc. (NGD:N) ...... 42 Maxeon Solar Technologies, Ltd. (MAXN:Q) ...... 22 , Inc. (NMRK:Q) ...... 29 MAXIMUS, Inc. (MMS:N) ...... 51 Newmont Corporation (NEM:N) ...... 42 McDonald's Corporation (MCD:N) ...... 18 New Residential Investment Corp. (NRZ:N) ...... 45 Medtronic Public Limited Company (MDT:N) ...... 36 Newtek Business Services Corp. (NEWT:Q) ...... 31 MEG Energy Corp. (MEG:T) ...... 24 New York Community Bancorp, Inc. (NYCB:N) ...... 28 Mercantile Bank Corporation (MBWM:Q) ...... 28 New York Mortgage Trust, Inc. (NYMT:N) ...... 45 Mercer International Inc. (MERC:Q) ...... 40 NexGen Energy Ltd. (NXE:T) ...... 43 Merchants Bancorp (MBIN:Q) ...... 28 NexImmune, Inc. (NEXI:Q) ...... 34 Mercury General Corporation (MCY:N) ...... 30 NexPoint Real Estate Finance, Inc. (NREF:N) ...... 45 Meridian Bancorp, Inc. (EBSB:Q) ...... 28 NexPoint Residential Trust, Inc. (NXRT:N) ...... 46 MeridianLink, Inc. (MLNK:N) ...... 49 NextEra Energy Partners, L.P. (NEP:N) ...... 22 Merit Medical Systems, Inc. (MMSI:Q) ...... 36 Nexus REIT (NXR.UN:T) ...... 47 , Inc. (MESA:Q) ...... 55 NGL Energy Partners LP (NGL:N) ...... 21 Meta Financial Group, Inc. (CASH:Q) ...... 28 NGM Biopharmaceuticals, Inc. (NGM:Q) ...... 34 (MEOH:Q) ...... 40 nLIGHT, Inc. (LASR:Q) ...... 48 MetroCity Bankshares, Inc. (MCBS:Q) ...... 28 Nokia Corporation (NOK:N) ...... 50 MFA Financial, Inc. (MFA:N) ...... 45 Nomad Royalty Company Ltd. (NSR:T) ...... 42 MGM Growth Properties LLC (MGP:N) ...... 45 Norfolk Southern Corporation (NSC:N) ...... 55 Incorporated (MCHP:Q) ...... 52 North American Construction Group (NOA:T) ...... 40 , Inc. (MU:Q) ...... 52 Northern Oil & Gas Inc. (NOG:N) ...... 20 Mid-America Apartment Communities, Inc. (MAA:N) ...... 46 Northland Power Inc. (NPI:T) ...... 24 Minto Apartment REIT (MI.UN:T) ...... 47 Northwest Bancshares, Inc. (NWBI:Q) ...... 28 Mirum Pharmaceuticals, Inc. (MIRM:Q) ...... 34 NuStar Energy L.P. (NS:N) ...... 21 MiX Telematics Limited (MIXT:N) ...... 49 Nutanix, Inc. (NTNX:Q) ...... 50 Model N, Inc. (MODN:N) ...... 49 Nutrien Ltd. (NTR:N) ...... 40 Inc. (MOGO:T) ...... 32 Nuvei Corporation (NVEI:T) ...... 50 Mohawk Industries, Inc. (MHK:N) ...... 16 NuVista Energy Ltd. (NVA:T) ...... 23 Monolithic Power Systems, Inc. (MPWR:Q) ...... 52 Corporation (NVDA:Q) ...... 52 Monroe Capital Corp. (MRCC:Q) ...... 31 NXP Semiconductors N.V. (NXPI:Q) ...... 52 Montage Gold Corp. (MAU:V) ...... 42 O'Reilly Automotive, Inc. (ORLY:Q) ...... 16 Moody's Corporation (MCO:N) ...... 29 Oak Street Health, Inc. (OSH:N) ...... 33 Solutions, Inc. (MSI:N) ...... 49 Obsidian Energy Ltd. (OBE:T) ...... 23 MPLX L.P. (MPLX:N) ...... 21 Corporation (OXY:N) ...... 20 MSCI Inc. (MSCI:N) ...... 29 OceanaGold Corporation (OGC:T) ...... 42 MSC Industrial Direct Co., Inc. (MSM:N) ...... 38 OceanFirst Financial Corp. (OCFC:Q) ...... 28 MTY Food Group Inc. (MTY:T) ...... 19 Ocular Therapeutix, Inc. (OCUL:Q) ...... 34 Mullen Group Ltd. (MTL:T) ...... 57 Okta, Inc. (OKTA:Q) ...... 52 Murphy USA Inc. (MUSA:N) ...... 17 Old Dominion Freight Line, Inc. (ODFL:Q) ...... 56 Myriad Genetics, Inc. (MYGN:Q) ...... 35 Old National Bancorp (ONB:Q) ...... 28 NanoXplore Inc. (GRA:T) ...... 41 Old Republic International Corporation (ORI:N) ...... 30

Raymond James Research Register - September 2021 11 Company Index

Old Second Bancorp, Inc. (OSBC:Q) ...... 28 Plains All American Pipeline, L.P. (PAA:Q) ...... 21 Omega Healthcare Investors, Inc. (OHI:N) ...... 44 Plains GP Holdings, L.P. (PAGP:Q) ...... 21 ONEOK, Inc. (OKE:N) ...... 21 Planet Fitness, Inc. (PLNT:N) ...... 17 OneWater Marine Inc. (ONEW:Q) ...... 17 Plexus Corp. (PLXS:Q) ...... 52 ON Semiconductor Corporation (ON:Q) ...... 52 PLx Pharma Inc. (PLXP:Q) ...... 36 Open Lending Corporation (LPRO:Q) ...... 50 Polaris Inc. (PII:N) ...... 17 Open Text Corporation (OTEX:Q) ...... 54 Polaris Infrastructure Inc. (PIF:T) ...... 24 Opsens Inc. (OPS:T) ...... 37 Pollard Banknote Limited (PBL:T) ...... 32 Optiva Inc. (OPT:T) ...... 54 PolyPid Ltd. (PYPD:Q) ...... 36 OraSure Technologies, Inc. (OSUR:Q) ...... 35 Poshmark, Inc. (POSH:Q) ...... 51 ORBCOMM Inc. (ORBC:Q) ...... 53 PotlatchDeltic Corporation (PCH:Q) ...... 46 Orezone Gold Corporation (ORE:V) ...... 42 PowerSchool Holdings, Inc. (PWSC:N) ...... 49 OrganiGram Holdings Inc. (OGI:T) ...... 37 PRA Group, Inc. (PRAA:Q) ...... 31 Origin Bancorp, Inc. (OBNK:Q) ...... 28 PrairieSky Royalty Ltd. (PSK:T) ...... 23 Origin Materials, Inc. (ORGN:Q) ...... 21 Precision Drilling Corporation (PD:T) ...... 24 (OSK:N) ...... 38 Preferred Bank (PFBC:Q) ...... 28 Ltd (OR:T) ...... 42 Premier, Inc. (PINC:Q) ...... 35 Ovintiv Inc. (OVV:N) ...... 25 Premier Financial Corp. (PFC:Q) ...... 28 Owl Rock Capital Corporation (ORCC:N) ...... 31 Primo Water Corporation (PRMW:N) ...... 22 Inc (PCAR:Q) ...... 38 ProAssurance Corporation (PRA:N) ...... 30 , Inc. (PPBI:Q) ...... 28 Professional Holding Corp. (PFHD:Q) ...... 28 PacWest Bancorp (PACW:Q) ...... 28 Profound Medical Corp. (PROF:Q) ...... 37 PAE Incorporated (PAE:Q) ...... 51 Progenity, Inc. (PROG:Q) ...... 35 Palo Alto Networks, Inc. (PANW:N) ...... 52 PROG Holdings, Inc. (PRG:N) ...... 17 Paramount Resources Ltd. (POU:T) ...... 23 Prologis, Inc. (PLD:N) ...... 45 Park Hotels & Resorts Inc. (PK:N) ...... 44 Prospect Capital Corporation (PSEC:Q) ...... 31 Parkland Corporation (PKI:T) ...... 40 Prosperity Bancshares, Inc. (PB:N) ...... 28 Passage Bio, Inc. (PASG:Q) ...... 34 PTC Therapeutics, Inc. (PTCT:Q) ...... 34 Paya Holdings Inc. (PAYA:Q) ...... 50 Public Storage (PSA:N) ...... 46 Paycor HCM, Inc. (PYCR:Q) ...... 49 PubMatic, Inc. (PUBM:Q) ...... 51 Payfare Inc. (PAY:T) ...... 32 PulteGroup, Inc. (PHM:N) ...... 44 Paylocity Holding Corporation (PCTY:Q) ...... 49 Pure Storage, Inc. (PSTG:N) ...... 50 Paymentus Holdings, Inc. (PAY:N) ...... 50 Purple Innovation, Inc. (PRPL:Q) ...... 16 PayPal Holdings, Inc. (PYPL:Q) ...... 50 Q2 Holdings, Inc. (QTWO:N) ...... 49 PBF Energy Inc. (PBF:N) ...... 20 QCR Holdings, Inc. (QCRH:Q) ...... 28 PBF Logistics L.P. (PBFX:N) ...... 21 Qorvo, Inc. (QRVO:Q) ...... 52 PCB Bancorp (PCB:Q) ...... 28 QTS Realty Trust, Inc. (QTS:N) ...... 53 Pebblebrook Hotel Trust (PEB:N) ...... 44 Incorporated (QCOM:Q) ...... 52 Peloton Interactive, Inc. (PTON:Q) ...... 50 Qualtrics International Inc. (XM:Q) ...... 49 Pembina Pipeline Corporation (PPL:T) ...... 24 Quarterhill Inc. (QTRH:T) ...... 54 PennantPark Investment Corporation (PNNT:Q) ...... 31 Questor Technology Inc. (QST:V) ...... 23 People's United Financial, Inc. (PBCT:Q) ...... 28 Quidel Corporation (QDEL:Q) ...... 35 Peoples Bancorp Inc. (PEBO:Q) ...... 28 Quipt Home Medical Corp. (QIPT:Q) ...... 37 Perimeter Medical Imaging AI Inc. (PINK:V) ...... 37 Quisitive Technology Solutions Inc. (QUIS:V) ...... 32 Perrigo Company PLC (PRGO:N) ...... 36 , Inc. (RXT:Q) ...... 53 PetIQ, Inc. (PETQ:Q) ...... 33 Radius Global Infrastructure, Inc. (RADI:Q) ...... 53 Peyto Exploration & Development Corp. (PEY:T) ...... 23 RadNet, Inc. (RDNT:Q) ...... 33 PGT Innovations, Inc. (PGTI:N) ...... 38 Range Resources Corporation (RRC:N) ...... 20 (PSX:N) ...... 20 Rapid7, Inc. (RPD:Q) ...... 52 Phillips 66 Partners L.P. (PSXP:N) ...... 21 Rattler Midstream LP (RTLR:Q) ...... 21 Phreesia, Inc. (PHR:N) ...... 35 Rayonier Inc. (RYN:N) ...... 46 Physicians Realty Trust (DOC:N) ...... 44 Ready Capital Corporation (RC:N) ...... 45 Ping Identity Holding Corp. (PING:N) ...... 52 Real Matters Inc. (REAL:T) ...... 54 Pinnacle Financial Partners, Inc. (PNFP:Q) ...... 28 Realty Income Corporation (O:N) ...... 45 Pioneer Natural Resources Company (PXD:N) ...... 20 Red Robin Gourmet Burgers, Inc. (RRGB:Q) ...... 18 Pipestone Energy (PIPE:T) ...... 23 Redwood Trust, Inc. (RWT:N) ...... 45

12 Raymond James Research Register - September 2021 Company Index

Regency Centers Corporation (REG:Q) ...... 46 SiTime Corporation (SITM:Q) ...... 52 Regeneron Pharmaceuticals, Inc. (REGN:Q) ...... 34 Sixth Street Specialty Lending, Inc. (TSLX:N) ...... 31 REGENXBIO Inc. (RGNX:Q) ...... 34 Skeena Resources Ltd. (SKE:T) ...... 43 Regions Financial Corporation (RF:N) ...... 28 Skylight Health Group Inc. (SLHG:V) ...... 37 Reliant Bancorp, Inc. (RBNC:Q) ...... 28 SkyWest, Inc. (SKYW:Q) ...... 55 Renasant Corporation (RNST:Q) ...... 28 , Inc. (SWKS:Q) ...... 52 ReneSola Ltd. (SOL:N) ...... 22 Slate Office REIT (SOT.UN:T) ...... 47 Renewable Energy Group, Inc. (REGI:Q) ...... 21 Sleep Number Corporation (SNBR:Q) ...... 16 Rent-A-Center, Inc. (RCII:Q) ...... 17 SLR Investment Corp. (SLRC:Q) ...... 31 Republic Services, Inc. (RSG:N) ...... 38 SmartFinancial, Inc. (SMBK:Q) ...... 28 Retail Opportunity Investments Corp. (ROIC:Q) ...... 46 SM Energy Company (SM:N) ...... 20 Revolve Group, Inc. (RVLV:N) ...... 51 Snap Inc. (SNAP:N) ...... 51 RingCentral, Inc. (RNG:N) ...... 49 Snap One Holdings Corp. (SNPO:Q) ...... 49 Rio2 Limited (RIO:V) ...... 43 SNC-Lavalin Group Inc. (SNC:T) ...... 41 Ritchie Bros. Auctioneers (RBA:N) ...... 41 Sol-Gel Technologies Ltd. (SLGL:Q) ...... 36 Riverview Bancorp, Inc. (RVSB:Q) ...... 28 Sonos, Inc. (SONO:Q) ...... 49 RLJ Lodging Trust (RLJ:N) ...... 44 South State Corporation (SSB:Q) ...... 28 Roper Technologies (ROP:N) ...... 48 Co. (LUV:N) ...... 55 Royal Gold Inc. (RGLD:Q) ...... 43 Company (SWN:N) ...... 20 RPT Realty (RPT:N) ...... 46 Spark Power Group (SPG:T) ...... 24 Rubicon Organics Inc. (ROMJ:V) ...... 37 Spartan Delta Corp. (SDE:T) ...... 23 Russel Metals Inc. (RUS:T) ...... 41 Spirit Airlines, Inc. (SAVE:N) ...... 55 Ruth's Hospitality Group, Inc. (RUTH:Q) ...... 18 Spirit Realty Capital, Inc. (SRC:N) ...... 45 Ryanair Holdings Plc (RYAAY:Q) ...... 55 Spotify Technology S.A. (SPOT:N) ...... 50 Ryman Hospitality Properties, Inc. (RHP:N) ...... 44 Sprague Resources LP (SRLP:N) ...... 21 S&P Global Inc. (SPGI:N) ...... 30 Square, Inc. (SQ:N) ...... 50 S&T Bancorp, Inc. (STBA:Q) ...... 28 Squarespace, Inc. (SQSP:N) ...... 51 Sabra Health Care REIT, Inc. (SBRA:Q) ...... 44 SS&C Technologies Holdings, Inc. (SSNC:Q) ...... 30 Safehold Inc. (SAFE:N) ...... 45 STAG Industrial, Inc. (STAG:N) ...... 45 Sage Therapeutics, Inc. (SAGE:Q) ...... 34 Stanley Black & Decker, Inc. (SWK:N) ...... 16 , Inc. (SAIA:Q) ...... 56 Stantec Inc. (STN:T) ...... 41 salesforce.com, inc. (CRM:N) ...... 49 Starwood Property Trust Inc. (STWD:N) ...... 45 Sally Beauty Holdings, Inc. (SBH:N) ...... 16 Stellus Capital Investment Corporation (SCM:N) ...... 31 Ltd. (SAND:N) ...... 43 STEP Energy Services Ltd. (STEP:T) ...... 24 Saratoga Investment Corp. (SAR:N) ...... 31 Stock Yards Bancorp, Inc. (SYBT:Q) ...... 28 Sarepta Therapeutics, Inc. (SRPT:Q) ...... 34 StorageVault Canada Inc. (SVI:V) ...... 47 Saul Centers, Inc. (BFS:N) ...... 46 STORE Capital Corporation (STOR:N) ...... 45 SBA Communications Corporation (SBAC:Q) ...... 53 Storm Resources Ltd. (SRX:T) ...... 23 ScanSource, Inc. (SCSC:Q) ...... 52 Suburban Propane Partners, L.P. (SPH:N) ...... 21 Seacoast Banking Corporation of Florida (SBCF:Q) ...... 28 Summit Hotel Properties, Inc. (INN:N) ...... 44 Secure Energy Services Inc. (SES:T) ...... 24 Summit Industrial Income REIT (SMU.UN:T) ...... 47 SEI Investments Company (SEIC:Q) ...... 30 Inc. (SU:T) ...... 25 Senseonics Holdings, Inc. (SENS:N) ...... 36 Sunnova Energy International Inc. (NOVA:N) ...... 22 Service Corporation International (SCI:N) ...... 34 Sunoco LP (SUN:N) ...... 21 ServisFirst Bancshares, Inc. (SFBS:N) ...... 28 SunPower Corporation (SPWR:Q) ...... 22 Shake Shack Inc. (SHAK:N) ...... 18 Sunstone Hotel Investors, Inc. (SHO:N) ...... 44 Shenandoah Telecommunications Company (SHEN:Q) ...... 52 Superior Plus Corp. (SPB:T) ...... 40 Shift4 Payments, Inc. (FOUR:N) ...... 50 Surge Energy Inc. (SGY:T) ...... 23 Shopify Inc. (SHOP:N) ...... 49 SVB Financial Group (SIVB:Q) ...... 28 Sierra Bancorp (BSRR:Q) ...... 28 Switch, Inc. (SWCH:N) ...... 53 , Inc. (SWIR:Q) ...... 54 SYNNEX Corporation (SNX:N) ...... 52 (SBNY:Q) ...... 28 Synovus Financial Corp. (SNV:N) ...... 28 Silvercorp Metals Inc. (SVM:T) ...... 43 Take-Two Interactive Software, Inc. (TTWO:Q) ...... 50 SilverCrest Metals Inc. (SIL:T) ...... 43 Tamarack Valley Energy Ltd. (TVE:T) ...... 23 Simmons First National Corporation (SFNC:Q) ...... 28 Tandem Diabetes Care, Inc. (TNDM:Q) ...... 36 Simulations Plus, Inc. (SLP:Q) ...... 35 Targa Resources Corp. (TRGP:N) ...... 21

Raymond James Research Register - September 2021 13 Company Index

Target Corporation (TGT:N) ...... 17 Trisura Group Ltd. (TSU:T) ...... 32 Tarsus Pharmaceuticals, Inc. (TARS:Q) ...... 34 Triumph Bancorp, Inc. (TBK:Q) ...... 29 TC Energy Corporation (TRP:T) ...... 24 True North Commercial REIT (TNT.UN:T) ...... 47 TechTarget, Inc. (TTGT:Q) ...... 51 Truist Financial Corporation (TFC:N) ...... 29 Limited (TECK.B:T) ...... 42 Trupanion, Inc. (TRUP:Q) ...... 33 Tecnoglass Inc. (TGLS:Q) ...... 38 Trustmark Corporation (TRMK:Q) ...... 29 Tecsys Inc. (TCS:T) ...... 54 , Inc. (TWTR:N) ...... 51 Telephone and Data Systems, Inc. (TDS:N) ...... 52 Two Harbors Investment Corp. (TWO:N) ...... 45 Tellurian Inc. (TELL:Q) ...... 21 U.S. Bancorp (USB:N) ...... 29 Tempur Sealy International, Inc. (TPX:N) ...... 16 U.S. Century Bank (USCB:Q) ...... 29 Tenet Healthcare Corporation (THC:N) ...... 35 Uber Technologies, Inc. (UBER:N) ...... 51 Teva Pharmaceutical Industries Ltd. (TEVA:N) ...... 36 Ulta Beauty, Inc. (ULTA:Q) ...... 16 Capital Bancshares, Inc. (TCBI:Q) ...... 28 UMB Financial Corporation (UMBF:Q) ...... 29 Incorporated (TXN:Q) ...... 52 Union Pacific Corporation (UNP:N) ...... 55 Texas Roadhouse, Inc. (TXRH:Q) ...... 18 uniQure N.V. (QURE:Q) ...... 34 The Aaron's Company, Inc. (AAN:N) ...... 17 Holdings, Inc. (UAL:Q) ...... 55 The Corporation (ALL:N) ...... 30 United Bankshares, Inc. (UBSI:Q) ...... 29 The Bancorp, Inc. (TBBK:Q) ...... 28 United Community , Inc. (UCBI:Q) ...... 29 The Bank of N.T. Butterfield & Son Limited (NTB:N) ...... 28 UnitedHealth Group Incorporated (UNH:N) ...... 35 The Charles Schwab Corporation (SCHW:N) ...... 29 United Holdings Corp. (UIHC:Q) ...... 30 The Descartes Systems Group Inc. (DSGX:Q) ...... 54 , Inc. (UPS:N) ...... 55 The Estee Lauder Companies Inc. (EL:N) ...... 16 Cellular Corporation (USM:N) ...... 52 The First of Long Island Corporation (FLIC:Q) ...... 28 Uniti Group Inc. (UNIT:Q) ...... 53 The Hartford Financial Services Group, Inc. (HIG:N) ...... 30 Universal Health Services, Inc. (UHS:N) ...... 35 , Inc. (HD:N) ...... 17 Univest Financial Corporation (UVSP:Q) ...... 29 The (LEV:N) ...... 41 Upland Software, Inc. (UPLD:Q) ...... 49 The PNC Financial Services Group, Inc. (PNC:N) ...... 28 US Ecology, Inc. (ECOL:Q) ...... 38 The Progressive Corporation (PGR:N) ...... 30 Corporation (VLO:N) ...... 20 The RealReal, Inc. (REAL:Q) ...... 51 VBI Vaccines Inc. (VBIV:Q) ...... 34 The Scotts Miracle-Gro Company (SMG:N) ...... 16 Veeva Systems Inc. (VEEV:N) ...... 49 , Inc. (SHYF:Q) ...... 38 Velocity Financial, Inc. (VEL:N) ...... 45 The Company (TTC:N) ...... 16 Ventas, Inc. (VTR:N) ...... 44 The Trade Desk, Inc. (TTD:Q) ...... 51 Veracyte, Inc. (VCYT:Q) ...... 35 The Travelers Companies, Inc. (TRV:N) ...... 30 , Inc. (VRSK:Q) ...... 30 The Valens Company (VLNS:T) ...... 37 Veritex Holdings, Inc. (VBTX:Q) ...... 29 The Williams Companies, Inc. (WMB:N) ...... 21 Communications Inc. (VZ:N) ...... 53 THOR Industries, Inc. (THO:N) ...... 17 Vermilion Energy Inc. (VET:T) ...... 23 T-Mobile US Inc. (TMUS:Q) ...... 52 Incorporated (VRTX:Q) ...... 34 , Inc. (TOL:N) ...... 44 Viant Technology Inc. (DSP:Q) ...... 51 Topaz Energy Corp. (TPZ:T) ...... 23 ViaSat, Inc. (VSAT:Q) ...... 53 Toromont Industries Ltd. (TIH:T) ...... 41 Viatris Inc. (VTRS:Q) ...... 36 Tourmaline Oil Corp. (TOU:T) ...... 23 VICI Properties Inc. (VICI:N) ...... 45 TowneBank (TOWN:Q) ...... 29 View, Inc. (VIEW:Q) ...... 22 TPG RE Finance Trust, Inc. (TRTX:N) ...... 45 Viking Therapeutics, Inc. (VKTX:Q) ...... 34 TPI Composites, Inc. (TPIC:Q) ...... 22 Village Farms International Inc. (VFF:Q) ...... 37 Tractor Supply Company (TSCO:Q) ...... 17 Viper Energy Partners LP (VNOM:Q) ...... 20 Tradeweb Markets Inc. (TW:Q) ...... 29 Visa Inc. (V:N) ...... 50 TransAlta Renewables Inc. (RNW:T) ...... 24 Visteon Corporation (VC:Q) ...... 48 Tremor International Ltd. (TRMR:Q) ...... 51 VMware, Inc. (VMW:N) ...... 50 Trevali Mining Corporation (TV:T) ...... 42 Voyager Therapeutics, Inc. (VYGR:Q) ...... 34 Trican Well Service Ltd. (TCW:T) ...... 24 Vroom, Inc. (VRM:Q) ...... 51 TriCo Bancshares (TCBK:Q) ...... 29 Vulcan Materials Company (VMC:N) ...... 38 Trilogy Metals Inc. (TMQ:T) ...... 42 W.W. Grainger, Inc. (GWW:N) ...... 38 Trimble Inc. (TRMB:Q) ...... 48 Corporation (WNC:N) ...... 38 Triple Flag Precious Metals Corp. (TFPM:T) ...... 43 Wajax Corporation (WJX:T) ...... 41 TriState Capital Holdings, Inc. (TSC:Q) ...... 29 Boots Alliance, Inc. (WBA:Q) ...... 35

14 Raymond James Research Register - September 2021 Company Index

Walmart Inc. (WMT:N) ...... 17 REIT (WRE:N) ...... 46 Waste Connections, Inc. (WCN:N) ...... 38 Waste Management, Inc. (WM:N) ...... 39 Wayfair, Inc. (W:N) ...... 51 Webster Financial Corporation (WBS:N) ...... 29 & Company (WFC:N) ...... 29 Welltower Inc. (WELL:N) ...... 44 WesBanco, Inc. (WSBC:Q) ...... 29 WESCO International, Inc. (WCC:N) ...... 38 Western Energy Services Corp. (WRG:T) ...... 24 Inc. (WEF:T) ...... 40 Co. Ltd. (WFG:T) ...... 40 Westhaven Gold Corp. (WHN:V) ...... 43 WEX Inc. (WEX:N) ...... 50 Weyerhaeuser Company (WY:N) ...... 46 Corp. (WPM:N) ...... 43 Wheels Up Experience Inc. (UP:N) ...... 51 (WHR:N) ...... 16 Whitecap Resources Inc. (WCP:T) ...... 23 WhiteHorse Finance, Inc. (WHF:Q) ...... 31 WideOpenWest, Inc. (WOW:N) ...... 53 Willis Towers Watson Public Limited Company (WLTW:Q) ...... 30 Wingstop Inc. (WING:Q) ...... 18 Winnebago Industries, Inc. (WGO:N) ...... 17 Corporation (WTFC:Q) ...... 29 Wix.com Ltd. (WIX:Q) ...... 51 Workiva Inc. (WK:N) ...... 49 WPT Industrial REIT (WIR.U:T) ...... 47 WSP Global Inc. (WSP:T) ...... 41 Xebec Adsorption Inc. (XBC:T) ...... 24 Xencor, Inc. (XNCR:Q) ...... 34 Xenia Hotels & Resorts, Inc. (XHR:N) ...... 44 , Inc. (XLNX:Q) ...... 52 XPO Logistics, Inc. (XPO:N) ...... 55 Xponential Fitness, Inc. (XPOF:N) ...... 17 Xylem Inc. (XYL:N) ...... 22 Yamana Gold Inc. (AUY:N) ...... 43 Yangarra Resources Ltd. (YGR:T) ...... 23 Yatsen Holding Limited (YSG:N) ...... 16 YETI Holdings, Inc. (YETI:N) ...... 17 , N.A. (ZION:Q) ...... 29 Ziopharm Oncology, Inc. (ZIOP:Q) ...... 37 ZipRecruiter, Inc. (ZIP:N) ...... 51 Zoetis Inc. (ZTS:N) ...... 33 Zogenix, Inc. (ZGNX:Q) ...... 34 ZoomInfo Technologies Inc. (ZI:Q) ...... 49 Zymeworks Inc. (ZYME:N) ...... 37

Raymond James Research Register - September 2021 15 52 Week Symbol Exchange Rating Suitability Close Aug-31-21 Target Price High Low FY End Mkt. Cap. (Mil) Div. % Analyst/s

Consumer - USA

Joseph Altobello, CFA [email protected] Olivia Tong, CFA [email protected] Sam Darkatsh [email protected] Brian M. Vaccaro, CFA [email protected] Bobby Griffin, CFA [email protected] Joshua Wilson, CFA [email protected]

Beauty, Personal Care & Household Products Church & Dwight Co., Inc. CHD N MU4 M/ACC 83.66 NM 98.96 77.62 Dec $20,542 1.2% OT Coty Inc. COTY N MP3 MA/ACC 9.77 NM 10.49 2.65 Jun $7,484 0.0% OT e.l.f. Beauty, Inc. ELF N MO2 MA/ACC 30.95 33.00 31.29 17.32 Mar $1,604 0.0% OT Edgewell Personal Care Company EPC N MP3 MA/ACC 42.30 NM 46.44 25.50 Sep $2,300 1.4% OT Newell Brands Inc. NWL Q SB1 MA/ACC 25.41 33.00 30.10 15.67 Dec $10,809 3.6% OT Sally Beauty Holdings, Inc. SBH N MP3 MA/ACC 18.38 NM 25.66 8.28 Sep $2,078 0.0% OT The Estee Lauder Companies Inc. EL N SB1 MA/ACC 340.49 375.00 344.90 204.23 Jun $123,450 0.6% OT The Scotts Miracle-Gro Company SMG N SB1 MA/ACC 156.83 230.00 254.34 143.08 Sep $8,736 1.7% JA Ulta Beauty, Inc. ULTA Q MO2 MA/ACC 387.31 460.00 414.98 200.50 Jan $21,053 0.0% OT Yatsen Holding Limited YSG N MP3 A/ACC 5.07 NM 25.47 4.52 Dec $3,202 0.0% OT Building Products Appliances and Other Building Products Masco Corporation MAS N MP3 MA/ACC 60.72 NM 68.54 51.53 Dec $15,423 1.5% SD, JW Whirlpool Corporation WHR N MP3 MA/ACC 221.23 NM 257.68 164.06 Dec $14,048 2.5% SD, JW Floor Covering Interface, Inc. TILE Q MP3 MA/ACC 14.38 NM 17.11 5.88 Dec $849 0.3% SD, JW Mohawk Industries, Inc. MHK N SB1 MA/ACC 197.76 250.00 231.80 90.21 Dec $13,793 0.0% SD, JW Tools and Outdoor Power Equipment Griffon Corporation GFF N MO2 MA/ACC 24.20 33.00 29.19 17.92 Sep $1,295 1.3% SD, JW Stanley Black & Decker, Inc. SWK N MP3 M/ACC 193.27 NM 225.00 152.19 Dec $31,227 1.6% SD, JW The Toro Company TTC N MP3 MA/ACC 109.94 NM 118.13 75.03 Oct $11,972 1.0% SD, JW Furniture & Furnishings Suppliers Bedding & Residential Furniture La-Z-Boy Incorporated LZB N MO2 MA/ACC 35.01 46.00 46.74 29.87 Apr $1,551 1.7% BGr Leggett & Platt, Incorporated LEG N MO2 MA/INC 48.39 60.00 59.16 39.25 Dec $6,450 3.5% BGr Purple Innovation, Inc. PRPL Q MO2 MA/ACC 24.40 35.00 41.08 17.01 Dec $1,630 0.0% BGr Sleep Number Corporation SNBR Q MP3 MA/ACC 92.51 NM 151.44 42.15 Dec $2,183 0.0% BGr Tempur Sealy International, Inc. TPX N SB1 MA/ACC 44.70 55.00 46.01 19.88 Dec $8,804 0.8% BGr Hardline Retail Auto Parts Retail Advance Auto Parts, Inc. AAP N SB1 MA/ACC 202.85 250.00 217.69 142.46 Dec $13,228 2.0% BGr AutoZone, Inc. AZO N MO2 M/ACC 1,549.15 1,750.00 1,666.63 1,085.85 Aug $34,879 0.0% BGr O'Reilly Automotive, Inc. ORLY Q MP3 M/ACC 594.08 NM 621.73 424.03 Dec $43,232 0.0% BGr Convenience Stores Alimentation Couche-Tard Inc. ATD.B T SB1 M/ACC C$50.98 59.00 52.28 36.03 Apr C$55,038 0.7% BGr ARKO Corp. ARKO Q SB1 A/ACC 10.34 13.00 11.40 7.32 Dec $1,287 0.0% BGr Casey's General Stores, Inc. CASY Q MP3 MA/ACC 204.56 NM 229.18 165.38 Apr $7,558 0.7% BGr

16 Raymond James Research Register - September 2021 52 Week Symbol Exchange Rating Suitability Close Aug-31-21 Target Price High Low FY End Mkt. Cap. (Mil) Div. % Analyst/s

Consumer - USA

Core-Mark Holding Company, Inc. CORE Q MP3 MA/ACC 46.00 NM 47.84 26.84 Dec $2,078 1.1% BGr Murphy USA Inc. MUSA N MO2 MA/ACC 155.28 170.00 159.79 117.08 Dec $4,006 0.6% BGr Discount/Value/Warehouse Retail Costco Wholesale Corporation COST Q MO2 M/ACC 455.49 460.00 460.62 307.00 Aug $202,295 0.7% BGr Dollar General Corporation DG N SB1 MA/ACC 222.91 260.00 239.35 173.50 Jan $52,007 0.8% BGr Dollar Tree, Inc. DLTR Q MP3 MA/ACC 90.54 NM 120.37 84.41 Jan $20,779 0.0% BGr TGT N SB1 M/ACC 246.98 285.00 267.06 143.38 Jan $122,873 1.5% BGr Inc. WMT N MO2 M/ACC 148.10 170.00 153.66 126.28 Jan $416,457 1.5% BGr Home/Land Improvement Retail Lowe's Companies, Inc. LOW N MP3 M/ACC 203.89 NM 215.22 146.72 Jan $144,150 1.6% BGr The Home Depot, Inc. HD N MO2 M/ACC 326.18 360.00 345.69 246.59 Jan $351,622 2.0% BGr Tractor Supply Company TSCO Q SB1 M/ACC 194.25 215.00 200.75 127.78 Dec $22,551 1.1% BGr Rent-to-Own PROG Holdings, Inc. PRG N MO2 MA/ACC 47.32 60.00 60.50 41.27 Dec $3,147 0.0% BGr Rent-A-Center, Inc. RCII Q SB1 MA/ACC 63.08 70.00 67.76 27.83 Dec $4,192 2.0% BGr The Aaron's Company, Inc. AAN N MP3 MA/ACC 26.52 NM 37.49 16.20 Dec $866 1.5% BGr Specialty Retail Bed Bath & Beyond Inc. BBBY Q MP3 A/ACC 27.54 NM 53.90 11.05 Feb $2,878 0.0% BGr Best Buy Co., Inc. BBY N MO2 M/ACC 116.51 135.00 128.57 95.93 Jan $29,454 2.4% BGr Dick's Sporting Goods, Inc. DKS N MP3 MA/ACC 140.81 NM 144.74 50.88 Jan $13,883 1.2% BGr Leisure Products Acushnet Holdings Corp. GOLF N MP3 MA/ACC 49.96 NM 56.85 32.42 Dec $3,692 1.3% JA BRP Inc. DOO T SB1 MA/ACC C$105.71 122.00 119.68 61.35 Jan C$8,879 0.5% JA Brunswick Corporation BC N MO2 MA/ACC 96.87 124.00 117.62 56.50 Dec $7,546 1.4% JA Callaway Golf Company ELY N MO2 MA/ACC 28.06 38.00 37.75 14.62 Dec $5,217 0.0% JA Camping World Holdings, Inc. CWH N MO2 MA/ACC 39.94 47.00 49.20 22.60 Dec $3,538 5.0% JA Harley-Davidson, Inc. HOG N MP3 MA/ACC 39.53 NM 52.06 22.55 Dec $6,074 1.5% JA Holley Inc. HLLY N MO2 MA/ACC 11.70 13.00 12.75 9.24 Dec $1,355 0.0% JA Malibu Boats, Inc. MBUU Q MO2 MA/ACC 71.60 87.00 93.00 46.37 Jun $1,536 0.0% JA MarineMax, Inc. HZO N MO2 MA/ACC 48.62 67.00 70.89 23.24 Sep $1,077 0.0% JA MasterCraft Boat Holdings, Inc. MCFT Q MO2 MA/ACC 24.94 36.00 33.63 15.89 Jun $473 0.0% JA OneWater Marine Inc. ONEW Q MO2 MA/ACC 40.49 61.00 56.77 18.01 Sep $609 0.0% JA Planet Fitness, Inc. PLNT N MP3 MA/ACC 81.30 NM 90.34 53.55 Dec $7,040 0.0% JA Polaris Inc. PII N SB1 MA/ACC 119.76 158.00 147.73 86.67 Dec $7,256 2.1% JA THOR Industries, Inc. THO N MU4 MA/ACC 113.43 NM 152.20 78.64 Jul $6,280 1.4% JA Winnebago Industries, Inc. WGO N MP3 MA/ACC 69.62 NM 87.53 44.33 Aug $2,339 1.0% JA Xponential Fitness, Inc. XPOF N MP3 MA/ACC 10.80 NM 13.10 10.44 Dec $654 0.0% JA YETI Holdings, Inc. YETI N MO2 MA/ACC 99.34 111.00 105.62 43.09 Dec $8,666 0.0% JA Restaurants Bloomin' Brands, Inc. BLMN Q SB1 MA/ACC 26.79 37.50 32.81 13.66 Dec $2,641 0.0% BV Brinker International, Inc. EAT N MO2 MA/ACC 53.27 67.50 78.33 40.66 Jun $2,536 0.0% BV Carrols Restaurant Group, Inc. TAST Q MO2 MA/ACC 4.15 6.00 8.09 3.79 Dec $246 0.0% BV Cheesecake Factory Inc. CAKE Q MO2 MA/ACC 46.65 60.00 65.81 26.47 Dec $2,402 0.0% BV

Raymond James Research Register - September 2021 17 52 Week Symbol Exchange Rating Suitability Close Aug-31-21 Target Price High Low FY End Mkt. Cap. (Mil) Div. % Analyst/s

Consumer - USA

Chipotle Mexican Grill, Inc. CMG N MO2 MA/ACC 1,903.33 2,025.00 1,940.99 1,172.29 Dec $54,247 0.0% BV Chuy's Holdings, Inc. CHUY Q MP3 MA/ACC 32.26 NM 49.99 18.73 Dec $652 0.0% BV Darden Restaurants, Inc. DRI N MO2 MA/ACC 150.65 160.00 153.89 84.91 May $19,946 2.9% BV Dave & Buster's Entertainment, Inc. PLAY Q SB1 MA/ACC 37.42 55.00 51.73 13.01 Jan $1,846 0.0% BV Dine Brands Global, Inc. DIN N MO2 MA/ACC 82.72 115.00 100.70 49.37 Dec $1,404 0.0% BV Fiesta Restaurant Group, Inc. FRGI Q MO2 MA/ACC 12.01 17.00 18.52 8.53 Dec $306 0.0% BV McDonald's Corporation MCD N MP3 M/ACC 237.46 NM 247.05 202.73 Dec $178,594 2.2% BV Red Robin Gourmet Burgers, Inc. RRGB Q MO2 MA/ACC 24.48 40.00 41.34 10.82 Dec $383 0.0% BV Ruth's Hospitality Group, Inc. RUTH Q SB1 MA/ACC 20.49 26.50 28.73 9.95 Dec $710 0.0% BV Shake Shack Inc. SHAK N MU4 MA/ACC 86.75 NM 138.38 63.49 Dec $3,712 0.0% BV Texas Roadhouse, Inc. TXRH Q SB1 MA/ACC 95.00 115.00 110.75 59.45 Dec $6,665 1.7% BV Wingstop Inc. WING Q MP3 MA/ACC 171.93 NM 177.82 112.47 Dec $5,131 0.4% BV

18 Raymond James Research Register - September 2021 52 Week Symbol Exchange Rating Suitability Close Aug-31-21 Target Price High Low FY End Mkt. Cap. (Mil) Div. % Analyst/s

Consumer - CAN

Michael Glen, CFA [email protected]

Auto Parts Exro Technologies Inc. EXRO T SB1 A/ACC C$2.97 9.00 7.55 0.86 Dec C$394 0.0% MG Magna International Inc. MGA N MP3 M/INC 78.91 92.00 104.28 43.08 Dec $23,720 2.2% MG Martinrea International Inc. MRE T MO2 A/INC C$12.08 18.00 16.27 8.98 Dec C$971 1.7% MG Consumer & Retail CCL Industries Inc. CCL.B T MO2 M/ACC C$72.02 81.00 75.19 46.22 Dec C$12,949 1.2% MG Goodfood Market Corp. FOOD T MO2 A/ACC C$9.84 12.50 14.72 6.03 Aug C$778 0.0% MG K-Bro Linen Inc. KBL T MO2 A/INC C$39.93 53.00 47.22 26.25 Dec C$428 3.0% MG MTY Food Group Inc. MTY T MP3 MA/ACC C$68.71 64.00 72.10 32.79 Dec C$1,699 1.1% MG

Raymond James Research Register - September 2021 19 52 Week Symbol Exchange Rating Suitability Close Aug-31-21 Target Price High Low FY End Mkt. Cap. (Mil) Div. % Analyst/s

Energy - USA

John Freeman, CFA [email protected] Pavel Molchanov [email protected] Justin Jenkins [email protected] J.R. Weston, CFA [email protected]

Exploration and Production Antero Resources Corporation AR N SB1 A/ACC 13.72 19.00 15.54 2.56 Dec $4,302 0.0% JF APA Corporation APA Q SB1 MA/ACC 19.48 30.00 24.30 7.45 Dec $7,361 0.5% JF Black Stone Minerals, L.P. BSM N SB1 A/INC 10.00 16.00 11.18 5.77 Dec $2,070 8.0% JF Brigham Minerals, Inc. MNRL N SB1 A/INC 19.12 25.00 21.94 8.05 Dec $1,088 4.4% JF Cabot Oil & Gas Corporation COG N MP3 MA/ACC 15.89 NM 20.33 14.28 Dec $6,347 2.8% JF Cimarex Energy Co. XEC N MP3 MA/ACC 64.22 NM 76.39 22.39 Dec $6,602 1.7% JF CNX Resources Corporation CNX N MO2 MA/ACC 11.36 15.00 15.88 8.31 Dec $2,496 0.0% JF ConocoPhillips COP N SB1 MA/ACC 55.53 80.00 63.57 27.53 Dec $74,581 3.1% JF Continental Resources Inc. CLR N MO2 MA/ACC 39.28 50.00 40.41 11.09 Dec $14,345 1.5% JF Devon Energy Corporation DVN N SB1 MA/ACC 29.55 47.00 31.99 7.73 Dec $19,890 5.1% JF Diamondback Energy, Inc. FANG Q SB1 MA/ACC 77.14 125.00 102.53 23.63 Dec $12,190 2.3% JF EOG Resources, Inc. EOG N MO2 MA/ACC 67.52 104.00 87.99 31.22 Dec $39,402 2.4% JF Hess Corporation HES N MO2 A/ACC 68.71 95.00 91.09 34.82 Dec $21,093 1.5% JF Kimbell Royalty Partners L.P. KRP N SB1 A/INC 11.33 18.00 13.34 5.57 Dec $686 8.5% JF , Inc. LPI N MO2 A/ACC 54.03 100.00 99.26 7.71 Dec $649 0.0% JF Corporation MRO N SB1 A/ACC 11.75 16.00 14.33 3.73 Dec $9,283 1.7% JF Matador Resources Company MTDR N MO2 MA/ACC 28.75 40.00 38.05 6.29 Dec $3,387 0.3% JF National Fuel Gas Company NFG N MO2 MA/ACC 51.81 62.00 55.22 37.87 Sep $4,723 3.5% JF Northern Oil & Gas Inc. NOG N SB1 A/ACC 16.60 32.00 21.64 3.35 Dec $995 0.7% JF Occidental Petroleum Corporation OXY N SB1 A/ACC 25.69 35.00 33.50 8.52 Dec $23,932 0.2% JF Pioneer Natural Resources Company PXD N SB1 MA/ACC 149.67 253.00 175.37 76.58 Dec $32,416 1.5% JF Range Resources Corporation RRC N MP3 A/ACC 14.62 NM 17.47 5.93 Dec $3,780 0.0% JF SM Energy Company SM N MP3 A/ACC 19.10 NM 26.86 1.34 Dec $2,192 0.1% JF Southwestern Energy Company SWN N MO2 A/ACC 4.50 6.50 5.85 2.18 Dec $3,035 0.0% JF Viper Energy Partners LP VNOM Q MO2 A/INC 18.52 24.00 20.09 6.52 Dec $3,167 7.1% JF Independent Refiners Calumet Specialty Products Partners, LP CLMT Q MP3 A/ACC 6.91 NM 7.50 2.31 Dec $544 0.0% JJ CVR Energy, Inc. CVI N MP3 MA/ACC 14.40 NM 21.68 7.87 Dec $1,447 0.0% JJ Delek US Holdings, Inc. DK N MO2 A/ACC 17.11 25.00 27.38 8.92 Dec $1,260 0.0% JJ HollyFrontier Corporation HFC N MP3 A/ACC 32.33 NM 42.39 16.81 Dec $5,242 0.0% JJ Marathon Petroleum Corporation MPC N SB1 MA/INC 59.27 75.00 64.84 26.56 Dec $38,526 3.9% JJ PBF Energy Inc. PBF N MP3 A/ACC 10.40 NM 18.78 4.06 Dec $1,257 0.0% JJ Phillips 66 PSX N MO2 MA/INC 71.09 90.00 94.34 43.27 Dec $31,217 5.1% JJ Valero Energy Corporation VLO N SB1 MA/INC 66.31 88.00 84.95 35.44 Dec $26,988 5.9% JJ Integrated Oil and Gas BP p.l.c. BP N MO2 M/INC 24.46 30.00 28.49 14.74 Dec $82,610 5.4% JJ Chevron Corporation CVX N MO2 M/INC 96.77 125.00 113.11 65.16 Dec $184,901 5.5% JJ Exxon Mobil Corporation XOM N MP3 M/INC 54.52 NM 64.92 31.11 Dec $232,909 6.4% JJ

20 Raymond James Research Register - September 2021 52 Week Symbol Exchange Rating Suitability Close Aug-31-21 Target Price High Low FY End Mkt. Cap. (Mil) Div. % Analyst/s

Energy - USA

Midstream Suppliers Antero Midstream Corporation AM N MP3 A/INC 9.61 NM 10.69 5.09 Dec $4,588 9.4% JRW, JJ Cheniere Energy, Inc. LNG N SB1 MA/ACC 87.46 109.00 90.11 44.65 Dec $22,057 0.0% JJ, JRW Cheniere Energy Partners, L.P. CQP N MU4 MA/INC 40.83 NM 45.75 31.51 Dec $19,762 6.5% JJ, JRW Crestwood Equity Partners LP CEQP N MO2 A/INC 26.35 32.00 33.94 11.43 Dec $1,949 9.5% JRW, JJ CrossAmerica Partners L.P. CAPL N MP3 A/INC 18.84 NM 21.73 13.50 Dec $713 11.1% JJ, JRW DCP Midstream, LP DCP N SB1 A/INC 26.06 35.00 32.30 9.62 Dec $5,430 6.0% JRW, JJ Delek Logistics Partners, LP DKL N MP3 A/INC 43.24 NM 47.50 25.20 Dec $1,878 8.7% JJ, JRW Energy Transfer LP ET N SB1 MA/INC 9.30 13.00 11.55 4.98 Dec $25,132 6.6% JJ, JRW EnLink Midstream, LLC ENLC N MO2 A/INC 5.39 7.50 6.74 2.13 Dec $2,641 7.1% JRW, JJ Enterprise Products Partners L.P. EPD N SB1 M/INC 22.26 28.00 25.69 14.90 Dec $49,083 8.1% JJ, JRW Genesis Energy, L.P. GEL N MP3 A/INC 7.89 NM 12.78 3.78 Dec $967 7.6% JJ, JRW Global Partners LP GLP N MP3 A/INC 20.26 NM 27.50 12.10 Dec $694 11.4% JJ, JRW Holly Energy Partners, L.P. HEP N MO2 A/INC 18.60 21.00 23.69 10.48 Dec $1,961 7.5% JJ, JRW Kinder Morgan, Inc. KMI N MP3 M/INC 16.27 NM 19.29 11.45 Dec $37,047 6.6% JJ, JRW Magellan Midstream Partners, L.P. MMP N MO2 M/INC 49.21 50.00 53.85 32.61 Dec $10,967 8.4% JJ, JRW MPLX L.P. MPLX N MO2 MA/INC 28.12 33.00 31.40 15.04 Dec $29,189 9.8% JJ, JRW NGL Energy Partners LP NGL N MP3 A/INC 1.79 NM 4.44 1.38 Mar $231 0.0% JJ, JRW NuStar Energy L.P. NS N MP3 A/INC 16.25 NM 20.73 9.47 Dec $1,777 9.8% JJ, JRW ONEOK, Inc. OKE N MO2 MA/INC 52.52 55.00 57.55 23.28 Dec $23,365 7.1% JRW, JJ PBF Logistics L.P. PBFX N MP3 A/INC 12.10 NM 16.70 6.92 Dec $759 9.9% JJ, JRW Phillips 66 Partners L.P. PSXP N MO2 MA/INC 35.75 41.00 42.17 21.28 Dec $8,163 9.8% JJ, JRW Plains All American Pipeline, L.P. PAA Q MO2 MA/INC 9.33 12.00 12.38 5.26 Dec $6,774 7.7% JJ, JRW Plains GP Holdings, L.P. PAGP Q MO2 MA/INC 9.76 12.00 12.96 5.46 Dec $7,086 7.4% JJ, JRW Rattler Midstream LP RTLR Q MO2 MA/INC 10.90 14.00 11.98 5.53 Dec $1,649 9.2% JJ, JRW Sprague Resources LP SRLP N MP3 A/INC 17.89 NM 29.43 14.71 Dec $411 14.9% JJ, JRW Suburban Propane Partners, L.P. SPH N MO2 A/INC 15.23 18.00 18.18 12.60 Sep $952 8.5% JJ, JRW Sunoco LP SUN N MO2 MA/INC 36.80 40.00 39.00 23.50 Dec $3,083 9.0% JJ, JRW Targa Resources Corp. TRGP N SB1 A/ACC 43.92 55.00 49.20 13.08 Dec $10,016 0.9% JRW, JJ Tellurian Inc. TELL Q MP3 A/ACC 3.19 NM 5.76 0.68 Dec $1,327 0.0% JJ, JRW The Williams Companies, Inc. WMB N SB1 M/INC 24.69 30.00 28.35 18.26 Dec $30,813 6.6% JJ, JRW Renewable Energy and Clean Technology Fuels and Chemicals Chart Industries, Inc. GTLS N MO2 A/ACC 188.38 172.00 193.70 62.12 Dec $7,688 0.0% PM Clean Energy Fuels Corp. CLNE Q MU4 MA/ACC 7.93 NM 19.79 2.36 Dec $1,782 0.0% PM Darling Ingredients Inc. DAR N SB1 MA/ACC 74.50 105.00 79.65 31.45 Dec $12,497 0.0% JJ Origin Materials, Inc. ORGN Q MP3 A/ACC 6.87 NM 14.01 5.12 Dec $991 0.0% PM Renewable Energy Group, Inc. REGI Q MO2 MA/ACC 48.42 75.00 117.00 35.09 Dec $2,352 0.0% JJ Power Advanced Energy Industries, Inc. AEIS Q MO2 MA/ACC 90.18 121.00 125.55 57.04 Dec $3,480 0.4% PM Ameresco, Inc. AMRC N MP3 MA/ACC 69.15 NM 70.33 28.50 Dec $3,635 0.0% PM Bloom Energy Corporation BE N MO2 A/ACC 21.42 33.00 44.95 12.37 Dec $3,700 0.0% PM Enphase Energy, Inc. ENPH Q MP3 MA/ACC 173.73 NM 229.04 58.67 Dec $24,484 0.0% PM

Raymond James Research Register - September 2021 21 52 Week Symbol Exchange Rating Suitability Close Aug-31-21 Target Price High Low FY End Mkt. Cap. (Mil) Div. % Analyst/s

Energy - USA

Enviva Partners, LP EVA N SB1 MA/INC 54.04 57.00 56.69 36.57 Dec $2,434 6.0% PM First Solar, Inc. FSLR Q MU4 MA/ACC 94.00 NM 112.50 59.52 Dec $10,043 0.0% PM Fisker Inc. FSR N MP3 A/ACC 13.95 NM 31.96 8.70 Dec $4,119 0.0% PM FTC Solar, Inc. FTCI Q SB1 MA/ACC 10.85 15.00 15.46 7.79 Dec $1,078 0.0% PM Itron, Inc. ITRI Q SB1 MA/ACC 84.01 98.00 122.31 53.49 Dec $3,792 0.0% PM Livent Corporation LTHM N MO2 MA/ACC 24.87 24.00 27.27 7.39 Dec $4,792 0.0% PM Maxeon Solar Technologies, Ltd. MAXN Q SB1 A/ACC 17.06 26.00 57.97 11.78 Dec $753 0.0% PM NextEra Energy Partners, L.P. NEP N MO2 MA/INC 79.93 90.00 88.30 54.33 Dec $14,249 3.3% PM ReneSola Ltd. SOL N MO2 MA/ACC 7.00 14.50 35.77 1.51 Dec $494 0.0% PM Sunnova Energy International Inc. NOVA N SB1 A/ACC 36.20 50.00 57.70 18.82 Dec $4,053 0.0% PM SunPower Corporation SPWR Q MP3 A/ACC 21.55 NM 57.52 9.54 Dec $4,189 0.0% PM TPI Composites, Inc. TPIC Q MO2 A/ACC 36.31 50.00 81.36 24.02 Dec $1,339 0.0% PM View, Inc. VIEW Q MO2 A/ACC 5.01 11.00 13.31 3.45 Dec $1,087 0.0% PM Water Energy Recovery, Inc. ERII Q MP3 MA/ACC 20.43 NM 23.69 7.87 Dec $1,205 0.0% PM Evoqua Water Technologies Corp. AQUA N MO2 MA/ACC 38.92 37.00 39.95 18.60 Sep $4,760 0.0% PM Primo Water Corporation PRMW N SB1 MA/ACC 17.76 21.00 17.85 12.39 Dec $2,869 1.7% PM Xylem Inc. XYL N MP3 MA/ACC 136.31 NM 137.26 79.72 Dec $24,713 0.8% PM

22 Raymond James Research Register - September 2021 52 Week Symbol Exchange Rating Suitability Close Aug-31-21 Target Price High Low FY End Mkt. Cap. (Mil) Div. % Analyst/s

Energy - CAN

Frederic Bastien, CFA [email protected] Justin Jenkins * [email protected] Andrew Bradford, CFA [email protected] Jeremy McCrea, CFA [email protected] George Huang, CFA, (Associate Analyst) [email protected] David Quezada, CFA [email protected] Michael Shaw, CFA (Associate Analyst) [email protected] J.R. Weston, CFA * [email protected] *Justin Jenkins and J.R. Weston are Raymond James & Associates employees

Intermediate Oil & Gas Advantage Energy Ltd. AAV T MO2 MA/ACC C$5.25 6.50 5.29 1.66 Dec C$1,000 0.0% JM ARC Resources Ltd. ARX T MO2 A/INC C$9.01 14.00 10.75 5.66 Dec C$6,515 2.9% JM Baytex Energy Corp. BTE T MO2 MA/ACC C$2.18 3.50 2.59 0.39 Dec C$1,230 0.0% JM Birchcliff Energy Ltd. BIR T MO2 MA/ACC C$5.43 6.75 5.53 1.41 Dec C$1,450 0.4% JM Crescent Point Energy Corp. CPG T MP3 MA/ACC C$4.53 6.00 5.87 1.41 Dec C$2,635 0.2% JM Enerplus Corporation ERF T MO2 MA/ACC C$7.46 11.50 9.28 2.22 Dec C$1,915 2.0% JM Freehold Royalties Ltd. FRU T MO2 A/INC C$9.46 13.00 10.56 3.37 Dec C$1,244 6.3% JM Kelt Exploration Ltd. KEL T MO2 MA/ACC C$3.35 4.25 3.62 1.34 Dec C$632 0.0% JM NuVista Energy Ltd. NVA T MO2 MA/ACC C$3.62 5.00 4.33 0.61 Dec C$818 0.0% JM Paramount Resources Ltd. POU T MO2 MA/ACC C$13.53 20.00 17.50 1.96 Dec C$1,804 1.8% JM Peyto Exploration & Development Corp PEY T MO2 MA/ACC C$6.70 9.00 8.94 2.32 Dec C$1,111 0.6% JM PrairieSky Royalty Ltd. PSK T MO2 A/INC C$13.84 17.75 15.73 7.88 Dec C$3,077 2.6% JM Spartan Delta Corp. SDE T MP3 MA/ACC C$4.43 5.00 6.20 2.35 Dec C$652 0.0% JM Tamarack Valley Energy Ltd. TVE T SB1 MA/ACC C$2.42 4.25 2.90 0.69 Dec C$983 0.0% JM Topaz Energy Corp. TPZ T SB1 A/INC C$15.76 21.00 17.95 12.82 Dec C$2,029 5.3% JM Tourmaline Oil Corp. TOU T SB1 MA/ACC C$33.74 44.50 36.18 15.36 Dec C$10,957 1.9% JM Vermilion Energy Inc. VET T MO2 MA/ACC C$8.42 14.00 11.51 2.84 Dec C$1,363 0.0% JM Whitecap Resources Inc. WCP T SB1 A/INC C$5.41 9.00 6.82 2.18 Dec C$3,415 3.5% JM Junior Oil & Gas Bonterra Energy Corp. BNE T MP3 A/ACC C$4.84 6.00 6.06 1.02 Dec C$163 0.0% JM Cardinal Energy Ltd. CJ T MP3 A/ACC C$3.36 4.50 3.87 0.38 Dec C$539 0.0% JM Crew Energy Inc. CR T MO2 A/ACC C$1.85 2.75 2.55 0.32 Dec C$285 0.0% JM Headwater Exploration Inc. HWX T MO2 MA/ACC C$3.84 5.25 4.80 1.19 Dec C$777 0.0% JM Obsidian Energy Ltd. OBE T MP3 A/ACC C$3.36 4.75 5.15 0.36 Dec C$251 0.0% JM Pipestone Energy PIPE T MO2 MA/ACC C$1.85 2.75 2.29 0.49 Dec C$515 0.0% JM Storm Resources Ltd. SRX T MO2 MA/ACC C$3.75 5.25 4.25 1.84 Dec C$458 0.0% JM Surge Energy Inc. SGY T MO2 A/ACC C$4.13 10.50 6.46 1.21 Dec C$296 0.0% JM Yangarra Resources Ltd. YGR T MO2 MA/ACC C$1.36 2.00 1.73 0.42 Dec C$117 0.0% JM Oil & Gas Energy Services Ancillary Wellsite Services Essential Energy Services Ltd. ESN T MO2 A/ACC C$0.32 0.55 0.44 0.13 Dec C$45 0.0% AB Blended Production/Midstream/Wellsite CES Energy Solutions Corp. CEU T SB1 MA/ACC C$1.51 3.00 2.05 0.64 Dec C$403 12.6% AB Enerflex Ltd. EFX T MO2 MA/ACC C$7.67 9.25 9.75 4.51 Dec C$688 1.0% AB Questor Technology Inc. QST V MP3 MA/ACC C$1.36 1.50 3.64 1.24 Dec C$37 0.0% MS, AB

Raymond James Research Register - September 2021 23 52 Week Symbol Exchange Rating Suitability Close Aug-31-21 Target Price High Low FY End Mkt. Cap. (Mil) Div. % Analyst/s

Energy - CAN

Secure Energy Services Inc. SES T SB1 MA/ACC C$4.23 7.25 5.15 1.21 Dec C$1,289 0.7% AB Contract Drillers Ensign Energy Services Inc. ESI T MP3 A/ACC C$1.69 1.65 2.50 0.45 Dec C$274 0.0% AB Precision Drilling Corporation PD T MO2 A/ACC C$40.97 55.00 54.72 15.80 Dec C$545 0.0% AB Western Energy Services Corp. WRG T S NM C$0.30 NM 0.53 0.24 Dec C$27 0.0% AB Pressure Pumpers Calfrac Well Services CFW T MP3 A/ACC C$3.17 4.50 17.00 2.75 Dec C$119 0.0% AB STEP Energy Services Ltd. STEP T MO2 A/ACC C$1.39 2.50 1.99 0.44 Dec C$101 0.0% AB Trican Well Service Ltd. TCW T SB1 A/ACC C$2.49 3.50 2.81 1.00 Dec C$637 0.0% AB MEG Energy Corp. MEG T MO2 A/ACC C$8.04 13.50 9.60 2.14 Dec C$2,500 0.0% GH, JM Power & Energy Infrastructure Diversified & Utilities Algonquin Power & Utilities AQN N MO2 M/INC 15.53 19.00 17.86 13.52 Dec $9,636 5.3% DQ Brookfield Infrastructure Partners L.P. BIP N MO2 M/INC 56.47 65.00 56.99 42.29 Dec $16,681 3.6% FB, DQ Emera Incorporated EMA T MP3 M/INC C$59.56 61.00 60.26 49.66 Dec C$15,645 4.3% DQ Fortis, Inc. FTS T MP3 M/INC C$57.80 58.00 59.25 48.97 Dec C$27,472 3.5% DQ Hydro One Ltd. H T MP3 M/INC C$31.40 32.00 32.12 26.38 Dec C$18,856 3.4% DQ Spark Power Group SPG T MP3 MA/ACC C$2.23 2.25 2.89 1.25 Dec C$135 0.0% DQ Xebec Adsorption Inc. XBC T MP3 MA/ACC C$3.30 5.00 11.55 2.76 Dec C$520 0.0% DQ Independent Power Producers Altius Renewable Royalties Corp. ARR T MO2 MA/ACC C$9.10 13.75 11.35 8.65 Dec C$279 0.0% DQ Atlantica Sustainable Infrastructure plc AY Q MO2 M/INC 37.61 47.00 48.49 26.31 Dec $4,293 4.6% DQ Boralex, Inc. BLX T MO2 M/INC C$38.67 56.00 56.70 32.24 Dec C$3,976 1.7% DQ Brookfield Renewable Partners L.P. BEP N MP3 M/INC 40.52 41.00 49.87 29.11 Dec $26,156 3.8% FB, DQ Capital Power Corporation CPX T MO2 M/INC C$43.39 48.50 43.69 28.14 Dec C$5,099 5.0% DQ Greenlane Renewables Inc. GRN T SB1 MA/ACC C$1.46 3.50 2.96 0.38 Dec C$228 0.0% DQ Innergex Renewable Energy Inc. INE T R M/ACC C$20.11 R 32.48 18.37 Dec C$3,881 3.6% DQ Northland Power Inc. NPI T MO2 M/ACC C$41.74 55.00 51.45 35.34 Dec C$9,190 2.9% DQ Polaris Infrastructure Inc. PIF T SB1 A/ACC C$18.64 28.00 24.41 12.60 Dec C$362 3.2% DQ TransAlta Renewables Inc. RNW T MP3 M/ACC C$19.64 21.00 24.47 15.50 Dec C$5,242 4.8% DQ Pipelines & Midstream AltaGas Ltd. ALA T MO2 A/ACC C$25.27 32.00 26.94 15.53 Dec C$7,189 4.0% DQ Enbridge Inc. ENB T UR NM C$49.65 UR 50.41 35.80 Dec C$100,442 6.7%MS, JJ, JRW, AB Gibson Energy Inc. GEI T UR NM C$22.76 UR 26.98 17.60 Dec C$3,381 6.2% MS, AB Inter Pipeline Ltd. IPL T UR NM C$20.00 UR 21.01 11.23 Dec C$8,584 2.4% MS, AB Keyera Corp. KEY T UR NM C$30.38 UR 35.75 18.04 Dec C$6,715 6.3% MS, AB Pembina Pipeline Corporation PPL T UR NM C$38.45 UR 41.67 26.77 Dec C$21,148 6.6% MS, AB TC Energy Corporation TRP T UR NM C$59.90 UR 65.43 50.61 Dec C$57,085 5.8%MS, JJ, JRW, AB Senior Oil & Gas Canadian Natural Resources Limited CNQ T MO2 MA/INC C$41.75 55.00 46.36 19.77 Dec C$49,702 4.5% GH, JM Cenovus Energy Inc. CVE T MP3 MA/ACC C$10.47 14.00 12.86 4.15 Dec C$21,381 0.7% GH, JM Imperial Oil Limited IMO T MP3 MA/ACC C$33.39 43.00 42.36 14.86 Dec C$24,234 3.2% GH, JM

24 Raymond James Research Register - September 2021 52 Week Symbol Exchange Rating Suitability Close Aug-31-21 Target Price High Low FY End Mkt. Cap. (Mil) Div. % Analyst/s

Energy - CAN

Ovintiv Inc. OVV N MP3 MA/ACC 27.26 35.00 33.46 6.81 Dec $7,118 2.1% GH, JM Suncor Energy Inc. SU T MO2 M/INC C$23.56 40.00 31.38 14.28 Dec C$35,411 3.6% GH, JM

Raymond James Research Register - September 2021 25 52 Week Symbol Exchange Rating Suitability Close Aug-31-21 Target Price High Low FY End Mkt. Cap. (Mil) Div. % Analyst/s

Financial Services - USA

Robert Dodd, Ph.D. [email protected] Patrick O'Shaughnessy [email protected] David P. Feaster, Jr., CFA [email protected] C. Gregory Peters [email protected] David J. Long, CFA [email protected] Michael Rose [email protected] Daniel Tamayo, CFA [email protected] William J. Wallace IV [email protected]

Banking 1st Constitution Bancorp FCCY Q MP3 MA/ACC 22.41 NM 22.50 11.06 Dec $230 1.8% WW Alerus Financial Corporation ALRS Q MP3 MA/ACC 29.86 NM 34.70 17.88 Dec $512 2.1% WW Allegiance Bancshares, Inc. ABTX Q MP3 MA/ACC 37.17 NM 43.34 21.45 Dec $751 1.3% DF Altabancorp ALTA Q MP3 MA/ACC 41.52 NM 47.80 18.76 Dec $784 1.6% DF Amalgamated Financial Corp. AMAL Q MO2 MA/ACC 15.55 18.00 20.22 10.20 Dec $483 2.1% WW Amerant Bancorp Inc. AMTB Q MO2 MA/ACC 26.57 26.00 27.11 9.01 Dec $1,002 0.0% MR American National Bankshares Inc. AMNB Q MP3 MA/INC 34.18 NM 36.50 19.41 Dec $375 3.2% WW Ameris Bancorp ABCB Q MO2 MA/ACC 49.24 55.00 59.85 20.86 Dec $3,435 1.2% DF Associated Banc-Corp ASB N MP3 MA/ACC 20.62 NM 23.95 12.04 Dec $3,152 3.9% DJL, DT Atlantic Capital Bancshares, Inc. ACBI Q MP3 MA/ACC 24.23 NM 28.93 10.48 Dec $497 0.0% MR Atlantic Union Bankshares Corporation AUB Q MP3 MA/INC 37.00 NM 42.45 19.61 Dec $2,916 3.0% WW Axos Financial, Inc. AX N SB1 MA/ACC 48.48 55.00 54.36 21.27 Jun $2,864 0.0% DF Banc of California, Inc. BANC N MO2 MA/ACC 17.97 20.00 21.40 9.00 Dec $913 1.3% DF BancorpSouth Bank BXS N SB1 MA/ACC 29.33 36.00 35.59 18.11 Dec $3,104 2.7% MR Bank of Commerce Holdings BOCH Q MP3 MA/ACC 14.26 NM 15.38 6.52 Dec $241 1.7% DF Bank of Marin Bancorp BMRC Q MP3 MA/ACC 36.20 NM 42.19 27.26 Dec $473 2.7% DF Bank OZK OZK Q MO2 MA/INC 42.43 48.00 45.83 20.10 Dec $5,527 2.7% MR Banner Corporation BANR Q SB1 MA/ACC 57.20 63.00 60.42 30.05 Dec $1,976 2.9% DF BOK Financial Corporation BOKF Q MP3 MA/ACC 88.05 NM 98.95 48.41 Dec $6,059 2.4% MR Brookline Bancorp, Inc. BRKL Q MP3 MA/INC 14.97 NM 17.14 8.13 Dec $1,171 3.2% WW Business First Bancshares, Inc. BFST Q MP3 A/ACC 23.92 NM 24.95 12.60 Dec $495 2.0% WW Cadence Bancorporation CADE N SB1 MA/ACC 21.51 26.00 23.88 7.73 Dec $2,701 2.8% MR Cambridge Bancorp CATC Q MO2 MA/ACC 85.74 90.00 89.50 47.75 Dec $594 2.8% WW Camden National Corporation CAC Q MO2 MA/INC 46.67 50.00 49.66 28.32 Dec $696 3.1% WW CapStar Financial Holdings, Inc. CSTR Q MO2 MA/ACC 21.04 23.00 23.00 9.01 Dec $465 1.1% WW Carter Bankshares, Inc. CARE Q MP3 A/ACC 12.19 NM 16.28 6.30 Dec $322 0.0% WW Central Pacific Financial Corp. CPF N MO2 MA/ACC 25.31 29.00 28.81 12.80 Dec $714 3.8% DF Central Valley Community Bancorp CVCY Q MP3 MA/ACC 21.74 NM 23.83 11.51 Dec $268 2.2% DF Columbia Banking System, Inc. COLB Q MP3 MA/INC 36.36 NM 50.68 22.62 Dec $2,609 3.1% DF Comerica Inc. CMA N MO2 MA/INC 73.91 82.00 79.86 35.76 Dec $10,205 3.7% MR Commerce Bancshares, Inc. CBSH Q MP3 M/ACC 70.72 NM 83.06 50.50 Dec $8,267 1.5% DJL, DT Community Bank System, Inc. CBU N MP3 MA/ACC 74.00 NM 82.53 52.37 Dec $3,972 2.3% WW Community Trust Bancorp, Inc. CTBI Q MP3 MA/ACC 41.66 NM 47.53 27.73 Dec $743 3.8% DT, DJL ConnectOne Bancorp, Inc. CNOB Q SB1 MA/ACC 28.61 40.00 29.76 13.72 Dec $1,138 1.5% WW CrossFirst Bankshares, Inc. CFB Q MO2 MA/ACC 13.22 16.00 15.67 7.96 Dec $690 0.0% MR Cullen/Frost Bankers, Inc. CFR N MU4 MA/ACC 114.22 NM 125.00 61.50 Dec $7,322 2.6% MR CVB Financial Corp. CVBF Q MP3 MA/ACC 20.36 NM 25.00 15.57 Dec $2,767 3.5% DF

26 Raymond James Research Register - September 2021 52 Week Symbol Exchange Rating Suitability Close Aug-31-21 Target Price High Low FY End Mkt. Cap. (Mil) Div. % Analyst/s

Financial Services - USA

Dime Community Bancshares, Inc. DCOM Q SB1 MA/INC 33.00 43.00 35.87 16.51 Dec $1,360 2.9% WW Enterprise Financial Services Corp. EFSC Q MO2 MA/ACC 44.91 52.00 52.00 25.21 Dec $1,401 1.7% DJL, DT F.N.B. Corporation FNB N MO2 MA/INC 11.68 14.00 13.82 6.37 Dec $3,755 4.1% WW Farmers National Banc Corp. FMNB Q MO2 MA/ACC 15.60 18.00 18.26 10.05 Dec $442 2.8% DT, DJL FB Financial Corporation FBK N MP3 MA/ACC 41.19 NM 49.62 23.64 Dec $1,944 1.1% WW First Bancorp FBNC Q MP3 MA/ACC 41.76 NM 48.83 19.60 Dec $1,190 1.9% WW First Busey Corporation BUSE Q MP3 MA/INC 23.70 NM 27.61 15.07 Dec $1,335 3.9% DJL, DT First Business Financial Services, Inc. FBIZ Q MO2 MA/ACC 28.34 33.00 29.40 13.66 Dec $244 2.5% DT, DJL First Commonwealth Financial Corp. FCF N MP3 MA/INC 13.52 NM 15.69 7.14 Dec $1,300 3.4% WW First Community Corporation FCCO Q MO2 MA/ACC 20.37 23.00 22.00 12.52 Dec $153 2.4% WW First Financial Bancorp. FFBC Q MP3 MA/INC 23.51 NM 26.62 11.28 Dec $2,262 3.9% DJL, DT First Financial Corporation THFF Q MP3 MA/ACC 40.43 NM 47.00 30.02 Dec $528 2.6% DJL, DT First Foundation Inc. FFWM Q MO2 MA/ACC 24.03 27.00 25.81 12.29 Dec $1,077 1.5% DF First Hawaiian, Inc. FHB Q MP3 MA/INC 27.91 NM 30.80 14.15 Dec $3,601 3.7% DF First Horizon National Corporation FHN N SB1 MA/INC 16.39 20.00 19.45 8.53 Dec $9,129 3.7% MR First Merchants Corporation FRME Q MO2 MA/ACC 41.15 47.00 50.65 21.50 Dec $2,221 2.8% DT, DJL First Mid Bancshares, Inc. FMBH Q MP3 MA/ACC 40.90 NM 45.00 22.24 Dec $739 2.5% DT, DJL First Midwest Bancorp, Inc. FMBI Q MP3 MA/ACC 18.73 NM 24.28 10.38 Dec $2,139 3.0% DT, DJL First Republic Bank FRC N MP3 M/ACC 198.94 NM 204.68 100.38 Dec $35,161 0.4% DJL, DT First United Corporation FUNC Q MO2 MA/ACC 18.42 24.00 20.48 10.81 Dec $129 3.3% WW Flagstar Bancorp, Inc. FBC N MP3 MA/ACC 49.46 NM 51.58 27.79 Dec $2,615 0.5% DT, DJL FS Bancorp, Inc. FSBW Q MO2 MA/ACC 34.17 38.50 36.85 19.62 Dec $280 0.8% DF Fulton Financial Corporation FULT Q MP3 MA/ACC 15.85 NM 18.41 8.89 Dec $2,583 3.5% DT, DJL FVCBankcorp, Inc. FVCB Q MO2 MA/ACC 19.78 21.00 20.95 9.35 Dec $267 0.0% WW German American Bancorp, Inc. GABC Q MP3 MA/ACC 37.36 NM 51.11 26.02 Dec $992 2.2% DJL, DT Glacier Bancorp, Inc. GBCI Q MP3 MA/ACC 53.26 NM 67.35 30.05 Dec $5,087 2.4% DF Great Western Bancorp, Inc. GWB N MP3 MA/ACC 30.96 NM 35.18 11.80 Sep $1,706 0.6% DJL, DT Guaranty Bancshares, Inc. GNTY Q MO2 M/ACC 34.32 40.00 41.28 20.98 Dec $420 2.3% MR Guaranty Federal Bancshares, Inc. GFED Q MO2 MA/ACC 24.37 27.00 26.99 13.80 Dec $106 2.5% DT, DJL Hancock Whitney Corporation HWC Q SB1 MA/INC 45.96 54.00 50.69 17.42 Dec $3,998 2.3% MR HBT Financial, Inc. HBT Q MP3 MA/ACC 16.35 NM 18.83 11.01 Dec $447 3.7% DT, DJL Heartland Financial USA, Inc. HTLF Q MP3 MA/ACC 47.03 NM 54.03 28.37 Dec $1,987 2.1% DJL, DT Heritage Commerce Corp HTBK Q MO2 MA/INC 11.27 13.00 12.65 6.13 Dec $678 4.6% DF Heritage Financial Corporation HFWA Q MP3 MA/ACC 25.45 NM 30.86 17.39 Dec $916 3.1% DF Hilltop Holdings Inc. HTH N MP3 MA/ACC 33.47 NM 39.60 17.80 Dec $2,751 1.4% MR Home Bancorp, Inc. HBCP Q MP3 MA/ACC 37.42 NM 39.84 22.71 Dec $326 2.5% WW Home BancShares, Inc. HOMB Q MP3 MA/ACC 22.15 NM 29.76 14.42 Dec $3,650 2.5% MR Horizon Bancorp, Inc. HBNC Q MO2 MA/INC 17.85 21.00 20.17 9.42 Dec $785 2.9% DJL, DT Howard Bancorp, Inc. HBMD Q MP3 A/ACC 19.90 NM 20.50 8.70 Dec $373 0.0% WW Huntington Bancshares Incorporated HBAN Q SB1 MA/INC 15.53 18.00 16.91 8.52 Dec $22,931 3.9% DJL, DT Independent Bank Group, Inc. IBTX Q MP3 MA/ACC 70.43 NM 80.71 41.09 Dec $3,046 1.9% MR Lakeland Bancorp, Inc. LBAI Q SB1 MA/INC 16.88 23.00 19.35 9.49 Dec $852 3.2% WW Lakeland Financial Corporation LKFN Q MP3 MA/ACC 66.41 NM 77.05 39.38 Dec $1,692 2.0% DJL, DT Level One Bancorp, Inc. LEVL Q SB1 MA/ACC 26.84 35.00 28.77 14.72 Dec $205 0.9% DJL, DT

Raymond James Research Register - September 2021 27 52 Week Symbol Exchange Rating Suitability Close Aug-31-21 Target Price High Low FY End Mkt. Cap. (Mil) Div. % Analyst/s

Financial Services - USA

Limestone Bancorp, Inc. LMST Q MO2 MA/ACC 17.30 20.00 17.70 10.18 Dec $132 0.0% DT, DJL Live Oak Bancshares, Inc. LOB Q SB1 MA/ACC 61.21 80.00 72.64 22.02 Dec $2,629 0.2% WW Mercantile Bank Corporation MBWM Q MP3 MA/INC 31.20 NM 34.47 17.09 Dec $503 3.8% DJL, DT Merchants Bancorp MBIN Q SB1 MA/ACC 36.67 49.00 45.67 18.82 Dec $1,055 1.0% DT, DJL Meridian Bancorp, Inc. EBSB Q MP3 MA/ACC 20.78 NM 22.97 9.75 Dec $1,089 1.9% WW Meta Financial Group, Inc. CASH Q SB1 MA/ACC 49.19 63.00 54.65 17.74 Sep $1,586 0.4% WW MetroCity Bankshares, Inc. MCBS Q MP3 MA/ACC 20.71 NM 22.33 12.23 Dec $530 2.3% DF New York Community Bancorp, Inc. NYCB N MP3 MA/INC 12.52 NM 13.23 7.72 Dec $5,831 5.4% WW Northwest Bancshares, Inc. NWBI Q MP3 MA/ACC 13.02 NM 15.48 8.84 Dec $1,665 6.1% DT, DJL OceanFirst Financial Corp. OCFC Q SB1 MA/INC 21.26 27.00 25.76 13.14 Dec $1,274 3.2% WW Old National Bancorp ONB Q MP3 MA/INC 16.66 NM 21.28 12.02 Dec $2,761 3.4% DJL, DT Old Second Bancorp, Inc. OSBC Q SB1 MA/ACC 11.76 15.00 14.45 7.19 Dec $338 1.7% DJL, DT Origin Bancorp, Inc. OBNK Q SB1 MA/ACC 41.15 50.00 46.65 19.40 Dec $967 1.3% WW Pacific Premier Bancorp, Inc. PPBI Q SB1 MA/INC 39.96 45.00 47.46 18.47 Dec $3,782 3.3% DF PacWest Bancorp PACW Q SB1 MA/INC 42.55 55.00 46.75 15.62 Dec $5,087 2.4% DJL, DT PCB Bancorp PCB Q MO2 MA/INC 19.02 21.00 21.29 8.20 Dec $283 2.5% DF People's United Financial, Inc. PBCT Q MP3 MA/INC 16.43 NM 19.62 9.73 Dec $6,991 4.4% WW Peoples Bancorp Inc. PEBO Q MO2 MA/ACC 31.24 35.00 36.75 18.35 Dec $614 4.6% DJL, DT Pinnacle Financial Partners, Inc. PNFP Q MP3 MA/ACC 96.92 NM 98.63 32.80 Dec $7,348 0.7% MR Preferred Bank PFBC Q MO2 MA/ACC 63.89 72.00 69.44 30.65 Dec $956 2.4% DF Premier Financial Corp. PFC Q MO2 MA/ACC 30.40 35.00 35.90 14.74 Dec $1,130 3.6% DJL, DT Professional Holding Corp. PFHD Q MO2 MA/ACC 19.25 22.00 20.66 11.54 Dec $271 0.0% MR Prosperity Bancshares, Inc. PB N MO2 MA/ACC 69.88 80.00 83.02 48.80 Dec $6,494 2.8% MR QCR Holdings, Inc. QCRH Q MO2 MA/ACC 51.95 60.00 52.03 25.54 Dec $819 0.5% DJL, DT Regions Financial Corporation RF N MP3 M/INC 20.43 NM 23.81 10.60 Dec $19,715 3.3% MR Reliant Bancorp, Inc. RBNC Q MO2 MA/ACC 29.00 30.00 31.00 13.00 Dec $475 1.7% WW Renasant Corporation RNST Q MP3 MA/ACC 35.10 NM 46.97 20.89 Dec $1,988 2.5% MR Riverview Bancorp, Inc. RVSB Q MO2 MA/INC 7.34 8.00 7.79 3.77 Mar $164 2.7% DF S&T Bancorp, Inc. STBA Q MP3 MA/INC 29.80 NM 35.80 16.98 Dec $1,171 3.8% WW Seacoast Banking Corporation of Florida SBCF Q MO2 MA/ACC 31.94 37.00 40.93 17.00 Dec $1,771 1.6% DF ServisFirst Bancshares, Inc. SFBS N MP3 MA/ACC 73.42 NM 74.49 31.93 Dec $3,972 1.1% WW Sierra Bancorp BSRR Q MO2 MA/INC 25.42 30.00 29.41 15.84 Dec $392 3.5% DF Signature Bank SBNY Q SB1 MA/ACC 259.33 337.00 268.46 71.44 Dec $14,979 0.9% DJL, DT Simmons First National Corporation SFNC Q MP3 MA/ACC 29.05 NM 33.43 14.84 Dec $3,149 2.5% DF SmartFinancial, Inc. SMBK Q SB1 MA/ACC 24.98 30.00 25.41 12.70 Dec $377 1.0% WW South State Corporation SSB Q MP3 MA/ACC 68.58 NM 93.26 45.00 Dec $4,897 2.9% MR Stock Yards Bancorp, Inc. SYBT Q MP3 MA/ACC 51.58 NM 56.00 32.71 Dec $1,371 2.2% DJL, DT SVB Financial Group SIVB Q MO2 MA/ACC 559.50 660.00 608.84 221.55 Dec $30,510 0.0% DJL, DT Synovus Financial Corp. SNV N MO2 MA/INC 43.10 53.00 50.51 19.39 Dec $6,454 3.1% MR Texas Capital Bancshares, Inc. TCBI Q MO2 MA/ACC 67.99 78.00 93.26 29.45 Dec $3,474 0.0% MR The Bancorp, Inc. TBBK Q SB1 A/ACC 24.66 30.00 26.70 7.95 Dec $1,420 0.0% WW The Bank of N.T. Butterfield & Son NTB N MO2 MA/INC 33.31 38.00 41.36 21.50 Dec $1,652 5.3% DF The First of Long Island Corporation FLIC Q MP3 MA/INC 21.20 NM 23.98 14.12 Dec $506 3.6% WW The PNC Financial Services Group, Inc. PNC N MO2 M/ACC 191.10 215.00 203.88 101.58 Dec $81,600 2.6% MR

28 Raymond James Research Register - September 2021 52 Week Symbol Exchange Rating Suitability Close Aug-31-21 Target Price High Low FY End Mkt. Cap. (Mil) Div. % Analyst/s

Financial Services - USA

TowneBank TOWN Q MP3 MA/ACC 30.47 NM 33.25 15.36 Dec $2,214 2.6% WW TriCo Bancshares TCBK Q MO2 MA/ACC 39.55 46.00 51.66 23.38 Dec $1,175 2.5% DF TriState Capital Holdings, Inc. TSC Q SB1 MA/ACC 20.21 27.00 26.42 12.09 Dec $671 0.0% DT, DJL Triumph Bancorp, Inc. TBK Q SB1 MA/ACC 82.22 112.00 97.49 26.86 Dec $2,073 0.0% MR Truist Financial Corporation TFC N MP3 M/INC 57.06 NM 62.69 34.86 Dec $77,002 3.4% MR Trustmark Corporation TRMK Q MP3 MA/ACC 31.62 NM 36.31 20.08 Dec $2,005 2.9% MR U.S. Bancorp USB N MP3 M/INC 57.39 NM 62.47 34.17 Dec $85,109 2.9% DJL, DT U.S. Century Bank USCB Q MO2 MA/ACC 13.10 13.00 14.28 10.53 Dec $262 0.0% MR UMB Financial Corporation UMBF Q MO2 MA/ACC 91.58 110.00 99.98 45.87 Dec $4,428 1.6% DJL, DT United Bankshares, Inc. UBSI Q MO2 MA/INC 36.33 39.00 42.50 20.57 Dec $4,686 3.9% WW United Community Banks, Inc. UCBI Q MO2 MA/ACC 30.17 36.00 36.67 15.73 Dec $2,637 2.7% MR Univest Financial Corporation UVSP Q MO2 MA/INC 27.08 31.00 30.14 13.92 Dec $794 3.0% WW Veritex Holdings, Inc. VBTX Q SB1 MA/ACC 35.93 42.00 37.99 15.52 Dec $1,808 2.2% MR Webster Financial Corporation WBS N MO2 MA/INC 50.52 60.00 63.81 23.67 Dec $4,561 3.2% WW Wells Fargo & Company WFC N MO2 M/ACC 45.70 55.00 51.41 20.76 Dec $187,736 1.8% DJL, DT WesBanco, Inc. WSBC Q MP3 MA/INC 34.00 NM 39.87 19.56 Dec $2,287 3.9% WW Wintrust Financial Corporation WTFC Q SB1 MA/ACC 74.84 91.00 87.84 37.28 Dec $4,271 1.7% DJL, DT Zions Bancorporation ZION Q SB1 MA/INC 57.90 70.00 60.65 27.55 Dec $9,394 2.6% DJL, DT Capital Markets Brokerages & Exchanges BGC Partners, Inc. BGCP Q MP3 A/ACC 5.15 NM 6.51 2.22 Dec $2,904 0.8% PO Cboe Global Markets, Inc. CBOE B MP3 MA/ACC 126.15 NM 139.00 77.63 Dec $13,485 1.5% PO CBRE Group, Inc. CBRE N MO2 MA/ACC 96.30 103.00 98.93 43.17 Dec $32,694 0.0% PO CME Group Inc. CME Q MO2 M/ACC 201.72 225.00 221.82 146.89 Dec $72,395 1.8% PO Coinbase Global, Inc. COIN Q MU4 A/ACC 259.00 NM 429.54 208.00 Dec $64,270 0.0% PO Cushman & Wakefield plc CWK N MO2 MA/ACC 18.14 23.00 19.44 9.83 Dec $4,105 0.0% PO Intercontinental Exchange, Inc. ICE N SB1 M/ACC 119.53 140.00 122.42 92.41 Dec $67,534 1.1% PO Jones Lang LaSalle Incorporated JLL N MO2 MA/ACC 242.43 279.00 253.93 90.86 Dec $12,685 0.4% PO MarketAxess Holdings Inc. MKTX Q MO2 M/ACC 475.92 530.00 606.45 431.19 Dec $18,134 0.6% PO Nasdaq, Inc. NDAQ Q MP3 M/ACC 195.78 NM 196.19 118.01 Dec $32,578 1.1% PO Newmark Group, Inc. NMRK Q MO2 A/ACC 13.62 20.00 13.90 4.02 Dec $3,726 0.3% PO The Charles Schwab Corporation SCHW N MP3 M/ACC 72.85 NM 76.37 33.79 Dec $138,124 1.0% PO Tradeweb Markets Inc. TW Q MP3 M/ACC 87.01 NM 89.79 52.15 Dec $20,024 0.4% PO Markets Technology & Services AssetMark Financial Holdings, Inc. AMK N SB1 MA/ACC 26.87 41.00 27.19 20.88 Dec $1,974 0.0% PO Black Knight, Inc. BKI N MP3 MA/ACC 75.67 NM 97.19 70.00 Dec $11,782 0.0% PO Broadridge Financial Solutions, Inc. BR N MO2 M/ACC 172.22 187.00 177.16 126.77 Jun $20,288 1.5% PO Dun & Bradstreet Holdings, Inc. DNB N MO2 MA/ACC 18.33 26.00 29.55 17.76 Dec $7,862 0.0% PO Envestnet, Inc. ENV N SB1 MA/ACC 79.87 87.00 88.45 61.00 Dec $5,194 0.0% PO FactSet Research Systems Inc. FDS N MU4 M/ACC 380.22 NM 383.21 294.21 Aug $14,634 0.9% PO Focus Financial Partners Inc. FOCS Q MO2 A/ACC 51.88 64.00 56.56 29.44 Dec $4,206 0.0% PO MarketWise, Inc. MKTW Q MO2 MA/ACC 9.02 15.00 16.97 6.55 Dec $2,851 0.0% PO Moody's Corporation MCO N MO2 M/ACC 380.77 406.00 388.81 253.17 Dec $71,547 0.7% PO MSCI Inc. MSCI N MP3 M/ACC 634.58 NM 643.52 336.03 Dec $52,857 0.7% PO

Raymond James Research Register - September 2021 29 52 Week Symbol Exchange Rating Suitability Close Aug-31-21 Target Price High Low FY End Mkt. Cap. (Mil) Div. % Analyst/s

Financial Services - USA

S&P Global Inc. SPGI N MO2 M/ACC 443.82 455.00 446.63 303.50 Dec $107,316 0.7% PO SEI Investments Company SEIC Q MP3 MA/ACC 62.81 NM 64.78 48.70 Dec $9,058 1.2% PO SS&C Technologies Holdings, Inc. SSNC Q SB1 MA/ACC 75.66 94.00 79.71 58.39 Dec $20,247 0.8% PO Insurance Brokerage & Technology Aon plc AON N MP3 MA/ACC 286.86 NM 288.42 179.52 Dec $64,825 0.7% CGP Arthur J. Gallagher & Co. AJG N MO2 M/ACC 143.62 160.00 154.03 100.32 Dec $27,825 1.3% CGP Brown & Brown, Inc. BRO N MO2 MA/ACC 58.05 60.00 58.49 42.72 Dec $16,375 0.6% CGP BRP Group, Inc. BRP Q MO2 MA/ACC 37.65 38.00 38.04 22.79 Dec $1,607 0.0% CGP GoHealth, Inc. GOCO Q MP3 MA/ACC 4.86 NM 16.37 4.00 Dec $1,561 0.0% CGP HealthEquity, Inc. HQY Q SB1 MA/ACC 64.17 90.00 93.32 45.82 Jan $5,417 0.0% CGP Marsh & McLennan Companies, Inc. MMC N MU4 M/ACC 157.20 NM 157.68 102.11 Dec $79,887 1.4% CGP Verisk Analytics, Inc. VRSK Q MO2 MA/ACC 201.76 210.00 210.66 159.79 Dec $32,845 0.6% CGP Willis Towers Watson Public Ltd Company WLTW Q SB1 MA/ACC 220.72 280.00 271.87 179.31 Dec $28,471 1.4% CGP Commercial Lines American Financial Group, Inc. AFG N MP3 MA/ACC 137.94 NM 141.25 62.30 Dec $11,918 1.4% CGP Argo Group International Holdings, Ltd. ARGO N SB1 MA/ACC 52.90 65.00 58.60 32.59 Dec $1,835 2.3% CGP Chubb Limited CB N SB1 M/ACC 183.92 200.00 187.90 111.93 Dec $82,804 1.7% CGP Conifer Holdings, Inc. CNFR Q MP3 A/ACC 4.02 NM 5.00 2.16 Dec $39 0.0% CGP Hallmark Financial Services, Inc. HALL Q MP3 MA/ACC 3.76 NM 5.70 2.57 Dec $68 0.0% CGP Old Republic International Corporation ORI N SB1 MA/INC 26.00 28.00 26.69 13.93 Dec $7,909 3.4% CGP ProAssurance Corporation PRA N MP3 MA/ACC 25.50 NM 29.15 13.56 Dec $1,374 0.8% CGP The Hartford Financial Services Group, Inc. HIG N MO2 M/ACC 67.22 80.00 69.94 34.69 Dec $24,032 2.1% CGP The Travelers Companies, Inc. TRV N MU4 M/ACC 159.71 NM 163.29 105.67 Dec $40,280 2.2% CGP Life/Health Aflac Incorporated AFL N MO2 M/ACC 56.68 60.00 57.64 33.37 Dec $39,029 2.3% CGP American Equity Investment Life Holding AEL N MO2 MA/ACC 31.69 37.00 34.25 19.06 Dec $3,024 1.0% CGP eHealth, Inc. EHTH Q MP3 MA/ACC 38.65 NM 94.41 36.15 Dec $1,002 0.0% CGP Personal Lines Horace Mann Educators Corporation HMN N MP3 MA/ACC 41.00 NM 44.74 32.35 Dec $1,698 3.0% CGP Kemper Corporation KMPR N MO2 MA/ACC 68.60 75.00 83.98 60.00 Dec $4,490 1.8% CGP Mercury General Corporation MCY N MU4 MA/INC 59.71 NM 67.88 39.48 Dec $3,306 4.2% CGP The Allstate Corporation ALL N SB1 M/ACC 135.28 150.00 140.00 86.51 Dec $40,972 2.4% CGP The Progressive Corporation PGR N MO2 MA/ACC 96.34 105.00 107.58 84.89 Dec $56,431 0.4% CGP United Insurance Holdings Corp. UIHC Q MP3 MA/ACC 3.81 NM 8.16 3.63 Dec $164 6.3% CGP Specialty Finance Business Development Companies Apollo Investment Corporation AINV Q MP3 A/INC 13.75 NM 15.27 7.33 Mar $322 9.0% RD Ares Capital Corporation ARCC Q MO2 MA/INC 19.90 21.00 20.46 13.15 Dec $8,756 8.2% RD Barings BDC, Inc. BBDC N SB1 A/INC 10.79 12.00 11.09 7.41 Dec $705 7.8% RD BlackRock TCP Capital Corp. TCPC Q MO2 A/INC 14.29 15.50 15.07 9.10 Dec $825 8.4% RD Capital Southwest Corporation CSWC Q MO2 A/INC 26.20 29.00 28.10 12.63 Mar $582 6.7% RD Crescent Capital BDC, Inc. CCAP Q MO2 A/INC 18.58 20.00 19.95 12.12 Dec $523 8.8% RD

30 Raymond James Research Register - September 2021 52 Week Symbol Exchange Rating Suitability Close Aug-31-21 Target Price High Low FY End Mkt. Cap. (Mil) Div. % Analyst/s

Financial Services - USA

Fidus Investment Corporation FDUS Q MO2 A/INC 17.66 19.50 18.03 9.28 Dec $432 7.2% RD First Eagle Alternative Capital BDC FCRD Q MP3 A/INC 4.64 NM 4.79 2.37 Dec $140 8.6% RD FS KKR Capital Corp. FSK N MP3 A/INC 23.09 NM 23.41 14.22 Dec $3,472 11.3% RD Goldman Sachs BDC, Inc. GSBD N MP3 A/INC 19.06 NM 20.65 14.88 Dec $1,937 9.4% RD Golub Capital BDC, Inc. GBDC Q MP3 A/INC 15.71 NM 16.22 12.31 Sep $2,643 7.4% RD Investcorp Credit Management BDC, Inc. ICMB Q MP3 A/INC 5.32 NM 6.58 2.89 Jun $74 11.3% RD Main Street Capital Corporation MAIN N MO2 A/INC 41.59 44.00 43.56 26.68 Dec $2,850 6.1% RD Monroe Capital Corp. MRCC Q MP3 A/INC 10.83 NM 11.71 6.35 Dec $231 9.2% RD Newtek Business Services Corp. NEWT Q MU4 A/INC 29.02 NM 38.78 16.24 Dec $654 12.4% RD Owl Rock Capital Corporation ORCC N MO2 A/INC 14.60 15.50 14.97 11.12 Dec $5,721 8.5% RD PennantPark Investment Corporation PNNT Q MO2 A/INC 6.49 8.00 7.41 2.80 Sep $435 7.4% RD Prospect Capital Corporation PSEC Q MU4 A/INC 7.94 NM 9.25 4.91 Jun $3,084 9.1% RD Saratoga Investment Corp. SAR N MO2 A/INC 28.70 31.00 29.16 16.10 Feb $321 7.2% RD Sixth Street Specialty Lending, Inc. TSLX N MO2 A/INC 22.80 23.50 23.97 16.12 Dec $1,654 7.2% RD SLR Investment Corp. SLRC Q MO2 A/INC 18.76 20.00 19.69 15.08 Dec $793 8.7% RD Stellus Capital Investment Corporation SCM N MO2 A/INC 12.95 15.00 13.75 7.90 Dec $252 8.3% RD WhiteHorse Finance, Inc. WHF Q MO2 A/INC 15.68 16.50 16.72 9.02 Dec $323 9.1% RD Investment Companies Compass Diversified Holdings CODI N MP3 A/INC 29.10 NM 29.77 16.35 Dec $1,889 3.4% RD Fortress Transportation & Infrastructure FTAI N MO2 A/INC 26.98 33.00 34.79 15.04 Dec $2,321 4.9% RD Specialty Consumer Finance Encore Capital Group Inc. ECPG Q MP3 MA/ACC 49.21 NM 50.05 29.21 Dec $1,546 0.0% RD PRA Group, Inc. PRAA Q MP3 MA/ACC 42.00 NM 46.78 32.78 Dec $1,934 0.0% RD

Raymond James Research Register - September 2021 31 52 Week Symbol Exchange Rating Suitability Close Aug-31-21 Target Price High Low FY End Mkt. Cap. (Mil) Div. % Analyst/s

Financial Services - CAN

Stephen Boland, CFA [email protected] Steven Li, CFA [email protected]

Diversified Financials Canadian Western Bank CWB T MP3 M/ACC C$36.98 39.25 37.75 23.72 Dec C$3,241 3.1% SB Chesswood Group Limited CHW T MO2 MA/ACC C$11.64 16.00 13.89 4.74 Dec C$195 3.1% SB Dye & Durham Limited DND T MO2 MA/ACC C$47.66 63.00 53.68 19.42 Jun C$3,271 0.1% SB ECN Capital Corp. ECN T MO2 M/ACC C$10.25 4.00 11.97 4.89 Dec C$2,498 1.2% SB Element Fleet Management Corp. EFN T MO2 M/ACC C$13.91 17.50 15.28 10.35 Dec C$5,856 1.9% SB Equitable Group Inc. EQB T MO2 MA/ACC C$153.19 161.00 159.01 73.49 Dec C$2,628 1.0% SB goeasy Ltd. GSY T MO2 MA/ACC C$195.78 182.00 198.00 58.16 Dec C$3,176 1.3% SB Home Capital Group Inc. HCG T MP3 MA/ACC C$39.55 39.00 42.23 21.00 Dec C$1,991 0.0% SB Information Services Corporation ISV T MO2 M/INC C$29.45 37.00 33.87 17.76 Dec C$533 2.7% SB Intact Financial Corporation IFC T SB1 M/INC C$171.83 193.00 178.28 131.94 Dec C$30,256 1.9% SB Mogo Inc. MOGO T MO2 MA/ACC C$6.66 13.50 15.34 1.53 Dec C$463 0.0% SLi Payfare Inc. PAY T MO2 A/ACC C$10.96 13.50 13.79 4.51 Dec C$499 0.0% SB Pollard Banknote Limited PBL T MO2 MA/ACC C$46.12 57.00 67.00 17.04 Dec C$1,241 0.3% SB Quisitive Technology Solutions Inc. QUIS V MO2 MA/ACC C$1.42 2.20 1.97 0.56 Dec C$457 0.0% SB Trisura Group Ltd. TSU T MO2 MA/ACC C$45.43 47.00 49.43 19.11 Dec C$1,869 0.0% SB

32 Raymond James Research Register - September 2021 52 Week Symbol Exchange Rating Suitability Close Aug-31-21 Target Price High Low FY End Mkt. Cap. (Mil) Div. % Analyst/s

Healthcare - USA

Jayson Bedford [email protected] John W. Ransom [email protected] Danielle Brill, PharmD [email protected] Steven Seedhouse, Ph.D. [email protected] Andrew Cooper [email protected] Elliot Wilbur, CFA [email protected] Timur Ivannikov, CFA [email protected] Dane Leone, CFA [email protected]

Alternate Site Healthcare Providers Acadia Healthcare Company, Inc. ACHC Q SB1 MA/ACC 66.12 80.00 68.00 27.07 Dec $5,990 0.0% JWR Addus HomeCare Corporation ADUS Q MO2 M/ACC 89.92 115.00 129.00 80.32 Dec $1,443 0.0% JWR Amedisys, Inc. AMED Q MO2 MA/ACC 183.45 250.00 325.12 174.05 Dec $6,050 0.0% JWR Aveanna Healthcare Holdings Inc. AVAH Q SB1 MA/ACC 9.44 15.00 13.00 8.49 Dec $1,806 0.0% JWR Encompass Health Corporation EHC N SB1 MA/ACC 78.45 107.00 89.68 60.44 Dec $7,861 1.4% JWR Oak Street Health, Inc. OSH N MO2 MA/ACC 46.73 60.00 66.31 37.41 Dec $10,315 0.0% JWR RadNet, Inc. RDNT Q MP3 MA/ACC 31.41 NM 38.84 13.49 Dec $1,669 0.0% JWR Animal Health Covetrus, Inc. CVET Q MO2 MA/ACC 22.59 37.00 40.77 18.74 Dec $3,095 0.0% EW Elanco Animal Health Incorporated ELAN N MP3 MA/ACC 33.38 NM 37.49 25.76 Dec $16,313 0.0% EW Heska Corporation HSKA Q MP3 MA/ACC 265.30 NM 275.26 93.26 Dec $2,794 0.0% EW IDEXX Laboratories, Inc. IDXX Q MP3 MA/ACC 673.76 NM 706.95 347.54 Dec $58,384 0.0% EW PetIQ, Inc. PETQ Q MO2 MA/ACC 25.95 41.00 46.00 23.68 Dec $757 0.0% EW Trupanion, Inc. TRUP Q MP3 MA/ACC 91.58 NM 126.53 62.34 Dec $3,676 0.0% EW Zoetis Inc. ZTS N MP3 MA/ACC 204.56 NM 208.56 141.41 Dec $97,575 0.5% EW Biotechnology 89bio, Inc. ETNB Q MO2 A/ACC 18.51 33.00 42.36 14.70 Dec $371 0.0% SSe, TI ACADIA Pharmaceuticals Inc. ACAD Q MP3 A/ACC 17.51 NM 57.46 16.00 Dec $2,809 0.0% DB Acceleron Pharma Inc. XLRN Q SB1 MA/ACC 133.88 160.00 146.15 85.58 Dec $8,130 0.0% DB Agios Pharmaceuticals, Inc. AGIO Q MP3 A/ACC 44.68 NM 62.16 32.47 Dec $2,728 0.0% DB Allogene Therapeutics, Inc. ALLO Q MP3 A/ACC 23.85 NM 44.92 20.58 Dec $3,355 0.0% DL Amgen Inc. AMGN Q MP3 MA/ACC 225.53 NM 276.69 210.28 Dec $130,259 3.1% DL Apellis Pharmaceuticals, Inc. APLS Q SB1 A/ACC 65.85 102.00 73.00 28.37 Dec $5,311 0.0% SSe, TI Arcturus Therapeutics Holdings Inc. ARCT Q MU4 A/ACC 54.81 NM 129.71 24.87 Dec $1,443 0.0% SSe, TI argenx SE ARGX Q MO2 MA/ACC 331.02 390.00 382.15 212.66 Dec $17,014 0.0% DB Ayala Pharmaceuticals, Inc. AYLA Q MO2 A/ACC 12.67 24.00 28.68 7.74 Dec $162 0.0% DL Biogen Inc. BIIB Q MP3 A/ACC 338.91 NM 468.55 223.25 Dec $50,870 0.0% SSe, TI bluebird bio, Inc. BLUE Q MP3 A/ACC 18.30 NM 61.27 17.17 Dec $1,229 0.0% DL Blueprint Medicines Corporation BPMC Q SB1 A/ACC 93.27 122.00 125.61 66.20 Dec $5,406 0.0% DL BridgeBio Pharma, Inc. BBIO Q MO2 A/ACC 50.11 84.00 73.50 27.47 Dec $7,464 0.0% DL Bristol Myers Squibb Company BMY N MO2 MA/ACC 66.86 78.00 69.75 56.75 Dec $149,798 2.9% DL Catalyst Biosciences, Inc. CBIO Q MO2 A/ACC 4.58 18.00 7.55 3.72 Dec $144 0.0% TI, SSe ChemoCentryx, Inc. CCXI Q MO2 A/ACC 15.81 51.00 70.29 9.53 Dec $1,103 0.0% SSe, TI CRISPR Therapeutics AG CRSP Q MU4 A/ACC 124.95 NM 220.20 76.71 Dec $10,052 0.0% SSe, TI CymaBay Therapeutics, Inc. CBAY Q SB1 A/ACC 3.96 12.00 9.06 3.39 Dec $273 0.0% SSe, TI Cytokinetics, Incorporated CYTK Q MO2 A/ACC 32.97 54.00 34.32 14.71 Dec $2,344 0.0% DL

Raymond James Research Register - September 2021 33 52 Week Symbol Exchange Rating Suitability Close Aug-31-21 Target Price High Low FY End Mkt. Cap. (Mil) Div. % Analyst/s

Healthcare - USA

Denali Therapeutics Inc. DNLI Q MP3 A/ACC 53.20 NM 93.94 29.94 Dec $6,436 0.0% DL Editas Medicine, Inc. EDIT Q MP3 A/ACC 63.59 NM 99.95 27.01 Dec $4,316 0.0% SSe, TI FibroGen, Inc. FGEN Q MP3 A/ACC 11.63 NM 57.21 11.14 Dec $1,073 0.0% DB G1 Therapeutics, Inc. GTHX Q MO2 A/ACC 15.12 41.00 37.07 10.81 Dec $634 0.0% DL Galapagos NV GLPG Q MO2 A/ACC 58.82 100.00 148.68 54.55 Dec $3,847 0.0% DL Galmed Pharmaceuticals Ltd. GLMD Q MO2 A/ACC 3.27 14.00 6.25 2.15 Dec $82 0.0% SSe, TI Gilead Sciences, Inc. GILD Q MP3 MA/ACC 72.78 NM 73.34 56.56 Dec $91,848 3.9% SSe, TI Global Blood Therapeutics, Inc. GBT Q MP3 MA/ACC 28.69 NM 64.49 25.48 Dec $1,788 0.0% DB Immunovant, Inc. IMVT Q MP3 A/ACC 8.66 NM 53.75 6.68 Mar $996 0.0% DB InflaRx N.V. IFRX Q MO2 A/ACC 2.57 10.00 6.88 2.23 Dec $114 0.0% SSe, TI Intellia Therapeutics, Inc. NTLA Q MO2 A/ACC 160.53 181.00 202.73 16.54 Dec $11,717 0.0% SSe, TI Intercept Pharmaceuticals, Inc. ICPT Q MO2 A/ACC 14.91 40.00 49.72 11.60 Dec $495 0.0% SSe, TI Jounce Therapeutics, Inc. JNCE Q MP3 A/ACC 6.22 NM 14.84 5.03 Dec $319 0.0% SSe, TI Kadmon Holdings, Inc. KDMN Q MO2 A/ACC 5.48 10.00 5.73 3.15 Dec $942 0.0% SSe, TI Landos Biopharma, Inc. LABP Q MO2 A/ACC 13.28 35.00 16.99 8.82 Dec $447 0.0% SSe, TI Leap Therapeutics, Inc. LPTX Q MO2 A/ACC 1.72 3.00 3.24 1.33 Dec $131 0.0% TI, SSe Lineage Cell Therapeutics Inc. LCTX N MP3 A/ACC 2.52 NM 3.13 0.84 Dec $378 0.0% DL Madrigal Pharmaceuticals, Inc. MDGL Q MU4 A/ACC 82.75 NM 142.62 78.51 Dec $1,371 0.0% SSe, TI Mirum Pharmaceuticals, Inc. MIRM Q SB1 A/ACC 16.25 52.00 26.99 13.85 Dec $492 0.0% SSe, TI Neurocrine Biosciences, Inc. NBIX Q MO2 MA/ACC 95.20 163.00 120.27 84.77 Dec $9,006 0.0% DB NexImmune, Inc. NEXI Q MO2 A/ACC 14.08 30.00 28.00 10.10 Dec $316 0.0% TI, SSe NGM Biopharmaceuticals, Inc. NGM Q MO2 A/ACC 21.83 27.00 32.12 14.90 Dec $1,717 0.0% SSe, TI Ocular Therapeutix, Inc. OCUL Q SB1 A/ACC 10.56 25.00 24.30 7.14 Dec $795 0.0% DL Passage Bio, Inc. PASG Q MO2 A/ACC 12.02 29.00 30.87 10.51 Dec $641 0.0% DB PTC Therapeutics, Inc. PTCT Q MO2 MA/ACC 43.65 70.00 70.82 36.38 Dec $3,073 0.0% DB Regeneron Pharmaceuticals, Inc. REGN Q MP3 MA/ACC 673.40 NM 681.73 441.00 Dec $72,141 0.0% DL REGENXBIO Inc. RGNX Q SB1 A/ACC 32.30 65.00 50.26 25.93 Dec $1,373 0.0% DL Sage Therapeutics, Inc. SAGE Q MP3 MA/ACC 46.21 NM 98.39 39.77 Dec $2,707 0.0% DB Sarepta Therapeutics, Inc. SRPT Q MP3 MA/ACC 78.12 NM 181.83 65.30 Dec $6,232 0.0% DB Tarsus Pharmaceuticals, Inc. TARS Q SB1 A/ACC 26.50 50.00 63.69 15.32 Dec $538 0.0% DL uniQure N.V. QURE Q SB1 A/ACC 29.00 75.00 52.19 25.80 Dec $1,361 0.0% DB VBI Vaccines Inc. VBIV Q SB1 A/ACC 3.61 9.00 4.83 2.07 Dec $921 0.0% SSe, TI Vertex Pharmaceuticals Inc. VRTX Q MP3 MA/ACC 200.29 NM 283.45 185.32 Dec $52,280 0.0% DB Viking Therapeutics, Inc. VKTX Q MO2 A/ACC 6.61 13.00 10.09 4.95 Dec $515 0.0% SSe, TI Voyager Therapeutics, Inc. VYGR Q MP3 A/ACC 3.26 NM 12.65 2.82 Dec $123 0.0% DL Xencor, Inc. XNCR Q MO2 MA/ACC 33.87 58.00 58.34 30.12 Dec $1,963 0.0% DL Zogenix, Inc. ZGNX Q MP3 A/ACC 14.81 NM 25.31 13.01 Dec $827 0.0% DB Death Care Service Corporation International SCI N MO2 MA/ACC 62.76 70.00 65.73 39.09 Dec $10,723 1.5% JWR Diagnostics & Clinical Laboratories CareDx, Inc. CDNA Q SB1 MA/ACC 73.28 108.00 99.83 29.86 Dec $4,010 0.0% AC Exact Sciences Corporation EXAS Q SB1 MA/ACC 104.38 160.00 159.54 70.75 Dec $19,035 0.0% AC Guardant Health, Inc. GH Q MP3 MA/ACC 127.27 NM 181.07 87.50 Dec $12,876 0.0% AC Invitae Corporation NVTA N MO2 MA/ACC 29.63 38.00 61.59 24.16 Dec $6,721 0.0% AC

34 Raymond James Research Register - September 2021 52 Week Symbol Exchange Rating Suitability Close Aug-31-21 Target Price High Low FY End Mkt. Cap. (Mil) Div. % Analyst/s

Healthcare - USA

Myriad Genetics, Inc. MYGN Q MP3 MA/ACC 35.78 NM 36.95 11.76 Dec $2,719 0.0% AC Natera, Inc. NTRA Q MP3 MA/ACC 118.43 NM 127.19 58.03 Dec $11,922 0.0% AC NeoGenomics, Inc. NEO Q MP3 MA/ACC 48.62 NM 61.57 34.18 Dec $6,832 0.0% AC OraSure Technologies, Inc. OSUR Q MO2 MA/ACC 10.95 12.50 17.79 8.58 Dec $798 0.0% AC Progenity, Inc. PROG Q MP3 A/ACC 0.89 NM 9.75 0.66 Dec $68 0.0% AC Quidel Corporation QDEL Q MO2 MA/ACC 128.95 155.00 288.70 103.31 Dec $5,464 0.0% AC Veracyte, Inc. VCYT Q MO2 MA/ACC 48.11 50.00 86.03 28.82 Dec $3,427 0.0% AC Healthcare Change Healthcare Inc. CHNG Q MP3 M/ACC 21.83 NM 24.21 13.49 Mar $7,041 0.0% JWR Health Catalyst, Inc. HCAT Q SB1 MA/ACC 54.61 70.00 59.50 30.81 Dec $2,497 0.0% JWR HealthStream, Inc. HSTM Q MP3 M/ACC 30.39 NM 31.11 17.95 Dec $961 0.0% JWR Phreesia, Inc. PHR N MO2 MA/ACC 71.55 65.00 81.59 27.42 Jan $3,545 0.0% JWR Simulations Plus, Inc. SLP Q MO2 MA/ACC 44.30 54.00 90.92 41.74 Sep $884 0.5% DL Healthcare Supply Chain Services Premier, Inc. PINC Q MO2 MA/ACC 37.18 45.00 38.77 30.13 Jun $4,612 2.2% JWR , Inc. WBA Q MP3 M/ACC 50.75 NM 57.05 33.36 Aug $44,000 3.8% JWR Hospitals Community Health Systems, Inc. CYH N MP3 A/ACC 12.31 NM 17.04 3.74 Dec $1,650 0.0% JWR HCA Healthcare, Inc. HCA N MO2 MA/ACC 252.98 290.00 257.42 114.38 Dec $84,144 0.8% JWR Tenet Healthcare Corporation THC N MO2 MA/ACC 75.35 100.00 76.16 21.34 Dec $8,181 0.0% JWR Universal Health Services, Inc. UHS N MP3 M/ACC 155.76 NM 165.00 99.47 Dec $13,337 0.5% JWR Hospital Supplies & Equipment Agiliti, Inc. AGTI N MO2 A/ACC 21.33 22.50 26.36 13.56 Dec $2,622 0.0% JWR Avantor, Inc. AVTR N MO2 MA/ACC 39.44 45.00 40.31 20.49 Dec $25,348 0.0% AC Haemonetics Corporation HAE N MO2 MA/ACC 62.75 75.00 142.11 49.26 Mar $3,196 0.0% AC Integrated Benefits Management Alignment Healthcare, Inc. ALHC Q MO2 A/ACC 17.67 30.00 28.59 16.32 Dec $3,125 0.0% JWR Cigna Corporation CI N SB1 M/ACC 211.65 275.00 272.81 158.84 Dec $73,004 1.9% JWR CVS Health Corporation CVS N SB1 M/ACC 86.39 95.00 90.61 55.36 Dec $114,640 2.3% JWR UnitedHealth Group Incorporated UNH N SB1 M/ACC 416.27 515.00 431.36 289.64 Dec $397,954 1.4% JWR Medical Technology Abbott Laboratories ABT N MO2 M/ACC 126.37 128.00 128.54 100.34 Dec $226,581 1.4% JB Abiomed, Inc. ABMD Q MP3 MA/ACC 363.96 NM 387.40 242.73 Mar $16,668 0.0% JB AngioDynamics, Inc. ANGO Q SB1 MA/ACC 28.30 32.00 30.25 8.95 May $1,092 0.0% JB Boston Scientific Corporation BSX N SB1 M/ACC 45.15 53.00 46.28 32.99 Dec $64,835 0.0% JB Brainsway Ltd. BWAY Q MO2 A/ACC 7.94 12.00 11.77 5.55 Dec $131 0.0% JB Cardiovascular Systems, Inc. CSII Q MP3 MA/ACC 35.79 NM 48.28 31.53 Jun $1,393 0.0% JB DexCom, Inc. DXCM Q MO2 MA/ACC 529.42 515.00 530.44 305.63 Dec $52,730 0.0% JB Edwards Lifesciences Corporation EW N MO2 M/ACC 117.18 122.00 119.94 70.92 Dec $73,812 0.0% JB GoodRx Holdings, Inc. GDRX Q MO2 MA/ACC 38.02 45.00 64.22 26.66 Dec $16,306 0.0% JWR Hologic, Inc. HOLX Q MO2 M/ACC 79.15 88.00 85.00 56.81 Sep $20,467 0.0% AC ICU Medical, Inc. ICUI Q MO2 MA/ACC 199.35 220.00 227.07 176.19 Dec $4,325 0.0% JB Insulet Corporation PODD Q MO2 MA/ACC 297.81 285.00 306.46 197.08 Dec $19,863 0.0% JB

Raymond James Research Register - September 2021 35 52 Week Symbol Exchange Rating Suitability Close Aug-31-21 Target Price High Low FY End Mkt. Cap. (Mil) Div. % Analyst/s

Healthcare - USA

Integra LifeSciences Corp. IART Q MP3 MA/ACC 75.23 NM 77.40 42.12 Dec $6,420 0.0% JB Johnson & Johnson JNJ N MO2 M/ACC 173.13 183.00 179.92 133.65 Dec $462,534 2.4% JB Medtronic plc MDT N MO2 M/ACC 133.48 142.00 135.20 98.94 Apr $181,319 1.9% JB Merit Medical Systems, Inc. MMSI Q MO2 MA/ACC 71.77 73.00 72.38 39.45 Dec $4,111 0.0% JB Natus Medical Incorporated NTUS Q MP3 MA/ACC 26.52 NM 29.70 16.38 Dec $898 0.0% JB Senseonics Holdings, Inc. SENS N MU4 A/ACC 4.01 NM 5.56 0.35 Dec $1,784 0.0% JB Tandem Diabetes Care, Inc. TNDM Q MO2 MA/ACC 112.17 120.00 123.74 76.19 Dec $7,313 0.0% JB Specialty Pharmaceuticals Adamis Pharmaceuticals Corporation ADMP Q MP3 A/ACC 1.09 NM 2.34 0.38 Dec $162 0.0% EW ADMA Biologics, Inc. ADMA Q MO2 A/ACC 1.34 6.00 3.11 1.15 Dec $171 0.0% EW Aerie Pharmaceuticals, Inc. AERI Q MP3 A/ACC 14.91 NM 21.30 9.01 Dec $689 0.0% EW Amneal Pharmaceuticals Inc. AMRX N MP3 A/ACC 5.64 NM 7.45 3.45 Dec $1,715 0.0% EW Amphastar Pharmaceuticals, Inc. AMPH Q MP3 MA/ACC 19.66 NM 21.63 16.91 Dec $974 0.0% EW ANI Pharmaceuticals, Inc. ANIP Q MO2 MA/ACC 30.33 60.00 40.00 23.55 Dec $367 0.0% EW Antares Pharma, Inc. ATRS Q SB1 A/ACC 3.94 6.00 5.07 2.59 Dec $689 0.0% EW Endo International plc ENDP Q MP3 A/ACC 2.29 NM 10.89 1.94 Dec $539 0.0% EW Flexion Therapeutics, Inc. FLXN Q SB1 A/ACC 5.98 16.00 13.66 4.30 Dec $299 0.0% EW Lannett Company, Inc. LCI N MP3 A/ACC 3.52 NM 10.70 3.46 Jun $139 0.0% EW Perrigo Company PLC PRGO N MP3 M/ACC 40.95 NM 52.86 38.20 Dec $5,532 2.3% EW PLx Pharma Inc. PLXP Q MP3 A/ACC 17.71 NM 21.50 3.00 Dec $419 0.0% EW PolyPid Ltd. PYPD Q SB1 A/ACC 9.48 23.00 16.50 6.95 Dec $178 0.0% EW Sol-Gel Technologies Ltd. SLGL Q SB1 A/ACC 9.82 23.00 16.69 7.00 Dec $226 0.0% EW Teva Pharmaceutical Industries Ltd. TEVA N MO2 M/ACC 9.42 14.00 13.30 8.24 Dec $10,447 0.0% EW Viatris Inc. VTRS Q MO2 MA/ACC 14.63 19.00 18.86 12.94 Dec $17,685 3.0% EW

36 Raymond James Research Register - September 2021 52 Week Symbol Exchange Rating Suitability Close Aug-31-21 Target Price High Low FY End Mkt. Cap. (Mil) Div. % Analyst/s

Healthcare - CAN

Dane Leone, CFA * [email protected] David Novak, MSc [email protected] Rahul Sarugaser, PhD, MASc [email protected] *Dane Leone is a Raymond James & Associates employee

Biotechnology Alpha Cognition Inc. ACOG V MO2 A/ACC C$1.70 2.50 1.88 0.75 Dec C$76 0.0% RS Antibe Therapeutics Inc. ATE T MO2 A/ACC C$1.26 4.00 7.52 0.87 Dec C$65 0.0% DN Cardiol Therapeutics Inc. CRDL T MO2 A/ACC C$4.68 5.00 5.32 2.32 Dec C$166 0.0% RS IMV Inc. IMV Q MP3 A/ACC 1.77 2.00 5.06 1.31 Dec $145 0.0% DN Opsens Inc. OPS T MO2 MA/ACC C$2.64 2.75 2.98 0.66 Dec C$282 0.0% RS Perimeter Medical Imaging AI Inc. PINK V MO2 A/ACC C$2.65 6.50 4.84 1.60 Dec C$115 0.0% RS Profound Medical Corp. PROF Q SB1 MA/ACC 14.86 36.00 28.97 13.43 Dec $302 0.0% RS Quipt Home Medical Corp. QIPT Q MO2 MA/ACC 6.53 9.00 8.40 3.60 Dec $200 0.0% RS Skylight Health Group Inc. SLHG V MO2 A/ACC C$3.82 7.00 9.50 0.67 Dec C$141 0.0% RS Ziopharm Oncology, Inc. ZIOP Q MP3 A/ACC 1.63 3.00 5.95 1.26 Dec $351 0.0% DN, DL Zymeworks Inc. ZYME N SB1 A/ACC 32.99 74.00 59.03 24.82 Dec $1,530 0.0% DN Cannabis Aleafia Health Inc. (can) AH T MO2 A/ACC C$0.34 0.90 1.28 0.27 Dec C$112 0.0% RS Auxly Cannabis Group Inc. (can) XLY T MO2 A/ACC C$0.27 0.40 0.51 0.12 Dec C$199 0.0% RS Avicanna Inc. (can) AVCN T MO2 A/ACC C$1.08 2.50 1.65 0.75 Dec C$44 0.0% RS Cronos Group Inc. CRON Q MO2 A/ACC 6.61 11.00 15.83 4.92 Dec $2,481 0.0% RS Decibel Cannabis Company Inc. (can) DB V R A/ACC C$0.27 R 0.37 0.06 Dec C$94 0.0% RS OrganiGram Holdings Inc. OGI T MO2 A/ACC C$3.38 5.00 8.00 1.35 Aug C$1,098 0.0% RS Rubicon Organics Inc. (can) ROMJ V MO2 A/ACC C$2.52 5.00 4.40 2.15 Dec C$130 0.0% RS The Valens Company (can) VLNS T MP3 A/ACC C$3.02 3.50 4.00 1.44 Nov C$514 0.0% RS Village Farms International Inc. VFF Q SB1 A/ACC 9.66 27.00 20.32 4.27 Dec $830 0.0% RS Pharmaceuticals BioSyent, Inc. RX V MP3 A/ACC C$7.50 7.50 9.59 6.59 Dec C$95 0.0% DN Eupraxia Pharmaceuticals Inc. EPRX T MO2 A/ACC C$3.00 13.00 7.75 2.74 Dec C$43 0.0% DN HLS Therapeutics Inc. HLS T MO2 MA/ACC C$18.60 26.00 21.76 13.35 Dec C$596 1.1% RS Knight Therapeutics Inc. GUD T MO2 M/ACC C$5.37 8.50 6.23 4.88 Dec C$661 0.0% DN

(can) Not for distribution to US Persons, other than Institutional Accounts (as defined in FINRA Rule 4512(c)). Prior to making any decision to invest in a company involved in the cultivation, possession or distribution of cannabis products, investors should seek their own legal advice and be aware of any legal considerations relevant to making, maintaining or divesting such investment.

Raymond James Research Register - September 2021 37 52 Week Symbol Exchange Rating Suitability Close Aug-31-21 Target Price High Low FY End Mkt. Cap. (Mil) Div. % Analyst/s

Industrial - USA

Felix Boeschen [email protected] Joshua Wilson, CFA [email protected] Patrick Tyler Brown, CFA [email protected] Sam Darkatsh [email protected]

Construction Materials Construction Partners, Inc. ROAD Q MO2 MA/ACC 33.47 35.00 36.58 17.03 Sep $1,736 0.0% JW, SD DIRTT Environmental Solutions Ltd. DRTT Q MO2 MA/ACC 3.66 4.75 4.95 1.34 Dec $312 0.0% JW, SD Eagle Materials Inc. EXP N MO2 MA/ACC 156.84 165.00 160.18 78.23 Mar $6,656 0.6% JW, SD Martin Marietta Materials, Inc. MLM N MP3 M/ACC 381.25 NM 391.76 201.04 Dec $23,828 0.6% JW, SD PGT Innovations, Inc. PGTI N MP3 MA/ACC 21.23 NM 28.11 16.09 Dec $1,275 0.0% JW, SD Tecnoglass Inc. TGLS Q SB1 MA/ACC 22.86 26.00 26.00 4.21 Dec $1,090 0.5% JW, SD Vulcan Materials Company VMC N MP3 M/ACC 185.93 NM 194.17 119.28 Dec $24,823 0.8% JW, SD Machinery Specialty Vehicles Federal Signal Corporation FSS N SB1 MA/ACC 40.63 48.00 43.77 28.03 Dec $2,514 0.9% FBo, TB Oshkosh Corporation OSK N MO2 MA/ACC 114.58 145.00 137.47 66.74 Sep $7,939 1.2% FBo, TB The Shyft Group, Inc. SHYF Q MO2 MA/ACC 44.01 46.00 44.90 17.29 Dec $1,593 0.2% FBo, TB Truck Equipment Allison Transmission Holdings, Inc. ALSN N MP3 MA/ACC 36.98 NM 46.40 31.69 Dec $4,142 2.1% FBo, TB Cummins Inc. CMI N MP3 M/INC 235.98 NM 277.09 199.70 Dec $34,996 2.5% FBo, TB PACCAR Inc PCAR Q SB1 M/ACC 81.87 115.00 103.19 79.05 Dec $28,524 1.7% FBo, TB Wabash National Corporation WNC N SB1 MA/ACC 15.54 18.00 20.55 10.87 Dec $809 2.1% FBo, TB Specialty/Industrial Distribution Beacon Building Products BECN Q MP3 MA/ACC 51.48 NM 60.93 27.61 Sep $4,170 0.0% SD, JW Fastenal Company FAST Q MU4 M/ACC 55.85 NM 56.39 42.57 Dec $32,225 2.0% SD, JW Genuine Parts Company GPC N MP3 M/ACC 122.19 NM 135.93 88.99 Dec $17,715 2.7% SD, JW GMS Inc. GMS N MP3 MA/ACC 49.41 NM 53.85 21.41 Apr $2,117 0.0% SD, JW Hillman Solutions Corp. HLMN Q MO2 MA/ACC 12.28 15.00 13.46 9.60 Dec $2,389 0.0% SD LKQ Corporation LKQ Q MO2 MA/ACC 52.69 60.00 52.99 26.73 Dec $15,884 0.0% SD, JW MSC Industrial Direct Co., Inc. MSM N MP3 MA/ACC 84.21 NM 96.23 60.09 Aug $4,727 3.6% SD, JW W.W. Grainger, Inc. GWW N MP3 M/ACC 433.70 NM 479.87 337.25 Dec $22,769 1.5% SD, JW WESCO International, Inc. WCC N SB1 MA/ACC 117.02 140.00 121.19 39.45 Dec $6,084 0.0% SD, JW Waste and Industrial Services Industrial Services Clean Harbors, Inc. CLH N MO2 MA/ACC 102.62 110.00 103.87 52.22 Dec $5,629 0.0% TB Waste Services Casella Waste Systems, Inc. CWST Q SB1 MA/ACC 73.99 79.00 75.10 51.98 Dec $3,814 0.0% TB Covanta Holding Corporation CVA N MP3 A/ACC 20.05 NM 20.16 7.44 Dec $2,747 1.6% TB GFL Environmental Inc. GFL N MO2 MA/ACC 35.19 39.00 36.70 17.47 Dec $12,604 0.1% TB Republic Services, Inc. RSG N MO2 M/ACC 124.13 125.00 124.91 86.18 Dec $39,722 1.5% TB US Ecology, Inc. ECOL Q MP3 MA/ACC 35.85 NM 45.72 29.89 Dec $1,116 0.0% TB Waste Connections, Inc. WCN N SB1 M/ACC 129.21 144.00 129.81 97.02 Dec $33,778 0.8% TB

38 Raymond James Research Register - September 2021 52 Week Symbol Exchange Rating Suitability Close Aug-31-21 Target Price High Low FY End Mkt. Cap. (Mil) Div. % Analyst/s

Industrial - USA

Waste Management, Inc. WM N MO2 M/ACC 155.11 157.00 155.62 106.11 Dec $65,705 1.5% TB

Raymond James Research Register - September 2021 39 52 Week Symbol Exchange Rating Suitability Close Aug-31-21 Target Price High Low FY End Mkt. Cap. (Mil) Div. % Analyst/s

Industrial - CAN

Frederic Bastien, CFA [email protected] Bryan Fast, CFA [email protected] Michael Glen, CFA [email protected] Steve Hansen, CFA, CPA, CMA [email protected] Daryl Swetlishoff, CFA [email protected]

Aerospace & Aviation Cargojet Inc. CJT T S NM C$209.25 NM 250.01 159.80 Dec C$3,607 0.5% SH Heroux-Devtek Inc. HRX T MO2 MA/ACC C$18.95 20.50 19.20 9.17 Mar C$701 0.0% BF Agribusiness Ag Growth International, Inc. AFN T MO2 A/INC C$29.28 45.00 48.47 25.24 Dec C$550 2.0% SH CubicFarm Systems Corp. CUB V SB1 NM C$1.04 2.50 1.82 0.62 Dec C$151 0.0% SH EnWave Corporation ENW V MO2 MA/ACC C$0.97 1.65 1.82 0.80 Dec C$109 0.0% SH Farmers Edge Inc. FDGE T MP3 A/ACC C$5.67 7.50 21.00 4.04 Dec C$238 0.0% SH Good Natured Products Inc. GDNP V MO2 MA/ACC C$0.96 2.00 1.98 0.13 Dec C$206 0.0% SH Chemicals Chemtrade Logistics Income Fund CHE.UN T MO2 A/INC C$6.78 11.50 8.70 4.07 Dec C$700 8.8% SH Methanex MEOH Q MO2 A/INC 36.71 55.00 49.27 21.67 Dec $2,804 1.4% SH Parkland Corporation PKI T SB1 MA/ACC C$37.67 52.00 45.10 32.18 Dec C$5,685 3.3% SH Superior Plus Corp. SPB T MO2 M/INC C$14.84 17.25 16.24 11.30 Dec C$3,057 4.9% SH Diversified Income Corps. Exchange Income Corporation EIF T SB1 A/INC C$43.71 52.00 44.00 29.77 Dec C$1,588 5.2% SH Fertilizers Itafos IFOS V MO2 A/ACC C$1.17 2.00 1.90 0.23 Dec C$219 0.0% SH Nutrien Ltd. NTR N MO2 M/ACC 60.69 92.00 65.93 36.56 Dec $34,616 3.8% SH Forest Products Building Materials Acadian Timber Corp. ADN T MO2 M/INC C$18.35 21.00 21.57 14.33 Dec C$306 6.3% DS Canfor Corp. CFP T SB1 MA/ACC C$27.08 50.00 35.53 14.64 Dec C$3,391 0.0% DS Conifex Timber Inc. CFF T MO2 A/ACC C$1.83 3.85 2.85 1.01 Dec C$85 0.0% DS Interfor Corporation IFP T SB1 MA/ACC C$26.79 61.00 38.50 14.46 Dec C$1,741 0.0% DS Western Forest Products Inc. WEF T MO2 MA/ACC C$2.15 3.00 2.58 0.84 Dec C$804 1.9% DS West Fraser Timber Co. Ltd. WFG T SB1 MA/ACC C$97.42 170.00 110.81 58.76 Dec C$11,340 1.0% DS Pulp & Paper Canfor Pulp Products Inc. CFX T MO2 MA/ACC C$6.53 11.00 11.06 4.41 Dec C$426 0.0% DS Mercer International Inc. MERC Q SB1 A/INC 11.38 21.50 18.14 5.77 Dec $750 2.3% DS Infrastructure & Construction Construction Aecon Group ARE T SB1 MA/INC C$20.61 26.00 20.98 13.15 Dec C$1,477 3.4% FB, BF Bird Construction Inc. BDT T MO2 M/INC C$9.88 13.50 10.15 5.92 Dec C$531 3.9% FB, BF North American Construction Group NOA T MO2 MA/ACC C$18.05 24.00 21.30 7.99 Dec C$542 0.9% BF

40 Raymond James Research Register - September 2021 52 Week Symbol Exchange Rating Suitability Close Aug-31-21 Target Price High Low FY End Mkt. Cap. (Mil) Div. % Analyst/s

Industrial - CAN

Engineering IBI Group Inc. IBG T MO2 MA/ACC C$11.08 14.00 11.60 6.09 Dec C$426 0.0% FB, BF SNC-Lavalin Group Inc. SNC T MO2 MA/ACC C$34.16 40.00 35.17 17.50 Dec C$5,997 0.2% FB, BF Stantec Inc. STN T MO2 M/INC C$60.89 67.00 61.99 37.46 Dec C$6,804 1.1% FB, BF WSP Global Inc. WSP T MO2 M/INC C$164.73 175.00 170.51 82.95 Dec C$19,307 0.9% FB, BF Machinery Alta Equipment Group Inc. ALTG N MO2 MA/ACC 13.26 16.00 15.33 7.26 Dec $432 0.0% BF Cervus Equipment Corp. CERV T MP3 MA/ACC C$19.32 19.50 19.36 7.27 Dec C$305 2.3% BF Finning International FTT T MO2 M/ACC C$32.84 40.00 35.00 19.14 Dec C$5,301 2.7% BF Ritchie Bros. Auctioneers RBA N MP3 M/ACC 62.59 63.00 78.64 50.61 Dec $6,968 1.6% BF Toromont Industries Ltd. TIH T MO2 M/ACC C$106.08 115.00 110.94 71.95 Dec C$8,719 1.3% BF Wajax Corporation WJX T MP3 MA/ACC C$23.87 26.00 25.95 11.21 Dec C$522 4.2% BF Related Products and Services Black Diamond Group Limited BDI T MO2 MA/ACC C$3.75 6.25 4.74 1.36 Dec C$217 0.0% FB, BF Dexterra Group Inc. DXT T MO2 MA/INC C$7.92 9.00 8.09 4.71 Dec C$518 4.4% FB, BF Russel Metals Inc. RUS T MO2 MA/INC C$34.30 37.00 37.57 17.10 Dec C$2,148 4.4% FB Special Situations 5N Plus Inc. VNP T MO2 MA/ACC C$2.86 5.00 5.01 1.51 Dec C$252 0.0% MG Ballard Power Systems Inc. BLDP Q MO2 MA/ACC 16.80 25.00 42.28 12.68 Dec $5,000 0.0% MG Blackline Safety Corp. BLN T MO2 MA/ACC C$7.71 11.50 9.50 5.93 Oct C$420 0.0% BF Boyd Group Services Inc. BYD T MO2 M/ACC C$246.29 262.00 255.54 184.84 Dec C$5,288 0.2% SH Loop Energy Inc. LPEN T MP3 A/ACC C$5.18 10.00 17.44 3.83 Dec C$174 0.0% MG NanoXplore Inc. GRA T MO2 A/ACC C$5.73 10.00 5.70 1.48 Jun C$905 0.0% MG Neo Performance Materials Inc. NEO T MO2 MA/ACC C$18.77 27.00 21.68 9.76 Dec C$717 2.1% FB The Lion Electric Company LEV N MP3 A/ACC 11.96 20.00 35.25 9.60 Dec $2,742 0.0% MG

Raymond James Research Register - September 2021 41 52 Week Symbol Exchange Rating Suitability Close Aug-31-21 Target Price High Low FY End Mkt. Cap. (Mil) Div. % Analyst/s

Mining - CAN

Farooq Hamed, CA [email protected] Craig Stanley, M.Sc. Geo [email protected] Brian MacArthur, CFA [email protected]

Base Metals & Minerals Adventus Mining Corp. ADZN V MO2 A/ACC C$0.88 2.25 1.35 0.80 Dec C$115 0.0% FH Altius Minerals Corporation ALS T MO2 A/ACC C$16.29 21.00 19.39 9.63 Dec C$676 1.7% BMa Ero Copper Corp. ERO T MO2 MA/ACC C$23.90 31.00 29.76 17.24 Dec C$2,109 0.0% FH First Quantum Minerals Ltd. FM T MO2 MA/ACC C$26.28 38.00 35.07 11.25 Dec C$18,159 0.0% FH Freeport-McMoRan Inc. FCX N MO2 MA/ACC 36.39 47.00 46.10 14.67 Dec $53,966 0.8% BMa Hudbay Minerals, Inc. HBM T MO2 MA/ACC C$7.72 12.00 11.62 5.11 Dec C$2,017 0.3% FH Ivanhoe Mines Ltd. IVN T MO2 MA/ACC C$10.18 12.50 10.22 4.51 Dec C$12,218 0.0% FH Lundin Mining Corporation LUN T MP3 MA/ACC C$10.20 14.50 16.07 6.68 Dec C$7,534 3.5% FH Marimaca Copper Corp. MARI T MO2 A/ACC C$4.00 6.00 5.85 2.75 Dec C$413 0.0% FH Teck Resources Limited TECK.B T MO2 MA/ACC C$28.45 37.00 32.27 14.64 Dec C$15,147 0.7% BMa Trevali Mining Corporation TV T MP3 A/ACC C$0.20 0.25 0.27 0.12 Dec C$198 0.0% BMa Trilogy Metals Inc. TMQ T MO2 A/ACC C$2.57 4.00 3.70 1.90 Nov C$371 0.0% BMa Iron Ore Champion Iron Limited CIA T MO2 MA/ACC C$5.41 8.50 7.24 2.45 Mar C$2,740 0.0% BMa Labrador Iron Ore Royalty Corp. LIF T MP3 M/INC C$44.03 49.00 50.45 23.47 Dec C$2,818 15.9% BMa Precious Metals - Gold Agnico Eagle Mines AEM N MO2 M/ACC 57.52 79.00 89.23 54.66 Dec $14,079 2.4% FH Ascot Resources AOT T SB1 A/ACC C$1.18 1.85 1.63 0.84 Dec C$412 0.0% CS B2Gold Corp. BTG N MO2 MA/ACC 3.89 7.00 7.14 3.65 Dec $4,139 4.9% FH Barrick Gold Corporation GOLD N MO2 M/ACC 20.07 30.00 30.87 18.64 Dec $35,709 1.8% BMa Calibre Mining Corp. CXB T SB1 MA/ACC C$1.67 2.75 2.80 1.34 Dec C$611 0.0% FH Centerra Gold Inc. CG T MP3 MA/ACC C$9.43 11.00 17.79 8.21 Dec C$2,798 3.0% BMa Coeur Mining, Inc. CDE N MP3 MA/ACC 7.05 10.00 12.60 6.09 Dec $1,813 0.0% BMa Franco-Nevada Corporation FNV N MO2 M/ACC 145.85 172.00 163.79 105.62 Dec $28,003 1.0% BMa Corporation IAG N MP3 MA/ACC 2.38 3.50 4.42 2.19 Dec $1,134 0.0% FH Integra Resources Corp. ITR V MO2 A/ACC C$3.53 8.00 5.19 3.13 Dec C$193 0.0% BMa K92 Mining Inc. KNT T MO2 MA/ACC C$7.39 10.00 9.36 5.77 Dec C$1,629 0.0% CS Kinross Gold Corporation KGC N MO2 MA/ACC 6.02 9.00 10.31 5.62 Dec $7,646 2.0% FH Lumina Gold Corp. LUM V MO2 A/ACC C$0.77 2.00 1.10 0.72 Dec C$257 0.0% FH Marathon Gold Corp. MOZ T MO2 A/ACC C$3.06 3.50 3.61 2.04 Dec C$638 0.0% CS Maverix Metals Inc. MMX T MO2 MA/ACC C$5.81 8.25 7.78 5.47 Dec C$823 0.9% BMa Montage Gold Corp. MAU V SB1 A/ACC C$0.69 2.00 1.27 0.63 Dec C$72 0.0% CS Newcore Gold Ltd. NCAU V MO2 A/ACC C$0.56 1.30 0.92 0.51 Dec C$66 0.0% CS New Gold Inc. NGD N MP3 MA/ACC 1.21 2.00 2.40 1.01 Dec $824 0.0% FH Newmont Corporation NEM N MO2 M/ACC 57.99 82.00 75.31 54.18 Dec $46,566 3.8% BMa Nomad Royalty Company Ltd. NSR T MO2 MA/ACC C$8.97 17.00 18.90 7.34 Dec C$509 2.2% BMa OceanaGold Corporation OGC T MO2 MA/ACC C$2.36 3.25 3.07 1.58 Dec C$1,661 0.0% FH Orezone Gold Corporation ORE V SB1 A/ACC C$1.23 2.00 1.70 0.81 Dec C$311 0.0% CS Osisko Gold Royalties Ltd OR T MO2 M/ACC C$15.41 22.00 18.40 12.39 Dec C$2,590 1.4% BMa

42 Raymond James Research Register - September 2021 52 Week Symbol Exchange Rating Suitability Close Aug-31-21 Target Price High Low FY End Mkt. Cap. (Mil) Div. % Analyst/s

Mining - CAN

Rio2 Limited RIO V SB1 A/ACC C$0.69 1.50 1.03 0.57 Dec C$138 0.0% CS Royal Gold Inc. RGLD Q MO2 M/ACC 111.33 146.00 138.23 99.32 Jun $7,292 1.1% BMa Sandstorm Gold Ltd. SAND N MP3 MA/ACC 6.35 10.00 9.67 5.96 Dec $1,238 0.0% BMa Skeena Resources Ltd. SKE T SB1 A/ACC C$14.48 22.00 16.49 8.76 Dec C$883 0.0% CS Triple Flag Precious Metals Corp. TFPM T MO2 MA/ACC C$13.25 24.00 16.46 12.60 Dec C$2,070 1.4% BMa Westhaven Gold Corp. WHN V MO2 A/ACC C$0.52 1.10 1.25 0.48 Dec C$66 0.0% CS Wheaton Precious Metals Corp. WPM N MO2 M/ACC 45.04 60.00 55.63 34.85 Dec $20,282 1.7% BMa Yamana Gold Inc. AUY N MP3 MA/ACC 4.43 6.50 6.43 3.99 Dec $4,278 2.7% FH Precious Metals - Silver Bear Creek Mining Corporation BCM V MO2 A/ACC C$1.36 4.50 3.66 1.24 Dec C$169 0.0% CS MAG Silver Corp. MAG T MO2 MA/ACC C$24.15 28.00 31.21 17.88 Dec C$2,294 0.0% BMa Silvercorp Metals Inc. SVM T MP3 A/ACC C$5.55 8.75 11.62 4.96 Mar C$976 0.5% CS SilverCrest Metals Inc. SIL T MO2 A/ACC C$10.08 15.00 16.37 9.00 Dec C$1,304 0.0% CS Uranium Cameco Corporation CCO T MO2 MA/ACC C$23.31 25.00 26.62 11.84 Dec C$9,273 0.3% BMa Denison Mines Corp. DML T MO2 A/ACC C$1.61 1.80 2.29 0.40 Dec C$1,295 0.0% BMa NexGen Energy Ltd. NXE T MO2 A/ACC C$5.93 6.25 6.08 2.12 Dec C$2,781 0.0% BMa

Raymond James Research Register - September 2021 43 52 Week Symbol Exchange Rating Suitability Close Aug-31-21 Target Price High Low FY End Mkt. Cap. (Mil) Div. % Analyst/s

Real Estate - USA

William A. Crow [email protected] Stephen Laws [email protected] Buck Horne, CFA [email protected] RJ Milligan [email protected] Jonathan Hughes, CFA [email protected]

Housing D.R. Horton, Inc. DHI N SB1 M/ACC 95.62 110.00 106.89 64.32 Sep $34,806 0.8% BH KB Home KBH N SB1 M/ACC 43.03 55.00 52.48 30.25 Nov $4,104 1.4% BH Lennar Corporation LEN N MO2 M/ACC 107.31 105.00 110.61 69.41 Nov $33,147 0.9% BH M.D.C. Holdings, Inc. MDC N SB1 M/ACC 52.25 79.00 63.86 37.85 Dec $3,803 3.1% BH PulteGroup, Inc. PHM N SB1 M/ACC 53.86 80.00 63.91 39.92 Dec $14,152 1.0% BH Toll Brothers, Inc. TOL N MO2 M/ACC 64.06 75.00 68.88 39.80 Oct $8,071 1.1% BH Lodging Hilton Worldwide Holdings Inc. HLT N MO2 M/ACC 124.86 148.00 136.89 81.48 Dec $34,797 0.0% WAC Hyatt Hotels Corporation H N MP3 M/ACC 73.59 NM 92.22 51.21 Dec $7,490 0.0% WAC Marriott International, Inc. MAR Q MP3 M/ACC 135.14 NM 159.98 88.92 Dec $44,002 0.0% WAC REITs Farmland REITs Farmland Partners Inc. FPI N MO2 A/INC 12.25 14.00 14.85 6.27 Dec $396 1.6% BH Healthcare REITs CareTrust REIT, Inc. CTRE Q SB1 MA/INC 21.99 27.00 24.89 16.61 Dec $2,128 4.8% JH Healthcare Realty Trust Incorporated HR N MP3 MA/INC 30.03 NM 34.01 27.18 Dec $4,481 4.0% JH Healthcare Trust of America, Inc. HTA N MP3 MA/INC 30.33 NM 30.39 23.39 Dec $7,028 4.3% JH Healthpeak Properties, Inc. PEAK N MP3 MA/INC 36.00 NM 37.69 25.52 Dec $19,728 3.3% JH Omega Healthcare Investors, Inc. OHI N MO2 MA/INC 33.53 40.00 39.31 28.08 Dec $8,040 8.0% JH Physicians Realty Trust DOC N MP3 MA/INC 18.51 NM 20.13 16.48 Dec $4,124 5.0% JH Sabra Health Care REIT, Inc. SBRA Q MP3 MA/INC 16.00 NM 19.02 12.86 Dec $3,372 7.5% JH Ventas, Inc. VTR N MO2 MA/INC 55.94 65.00 61.09 37.83 Dec $21,891 3.2% JH Welltower Inc. WELL N SB1 MA/INC 87.53 95.00 89.80 51.22 Dec $38,198 2.8% JH Hotel REITs DiamondRock Hospitality Company DRH N MO2 MA/INC 9.04 10.50 11.48 4.52 Dec $1,938 0.0% WAC Hersha Hospitality Trust HT N MU4 A/INC 9.38 NM 13.05 4.70 Dec $424 0.0% WAC Host Hotels & Resorts, Inc. HST Q MP3 MA/INC 16.56 NM 18.52 10.04 Dec $11,945 0.0% WAC Park Hotels & Resorts Inc. PK N MP3 MA/INC 19.14 NM 24.67 8.86 Dec $4,526 0.0% WAC Pebblebrook Hotel Trust PEB N MP3 MA/INC 22.03 NM 26.42 11.42 Dec $2,901 0.2% WAC RLJ Lodging Trust RLJ N MP3 MA/INC 14.43 NM 17.51 7.75 Dec $2,416 0.3% WAC Ryman Hospitality Properties, Inc. RHP N MO2 MA/INC 83.07 88.00 86.58 34.63 Dec $4,574 0.0% WAC Summit Hotel Properties, Inc. INN N MO2 MA/INC 9.32 10.50 11.32 4.72 Dec $991 0.0% WAC Sunstone Hotel Investors, Inc. SHO N MP3 MA/INC 11.59 NM 13.74 7.12 Dec $2,539 0.0% WAC Xenia Hotels & Resorts, Inc. XHR N MO2 MA/INC 17.42 20.00 21.39 7.97 Dec $1,990 0.0% WAC Industrial REITs Americold Realty Trust COLD N MP3 MA/INC 36.74 NM 40.85 32.94 Dec $9,687 2.4% WAC Duke Realty Corporation DRE N MO2 M/INC 52.51 55.00 52.59 35.37 Dec $20,143 1.9% WAC

44 Raymond James Research Register - September 2021 52 Week Symbol Exchange Rating Suitability Close Aug-31-21 Target Price High Low FY End Mkt. Cap. (Mil) Div. % Analyst/s

Real Estate - USA

EastGroup Properties, Inc. EGP N MP3 MA/INC 180.26 NM 180.48 125.43 Dec $7,282 2.0% WAC First Industrial Realty Trust, Inc. FR N MP3 MA/INC 55.99 NM 56.69 38.85 Dec $7,400 1.9% WAC Prologis, Inc. PLD N SB1 M/INC 134.66 143.00 135.03 93.08 Dec $102,241 1.9% WAC STAG Industrial, Inc. STAG N MO2 MA/INC 42.25 45.00 42.73 29.34 Dec $7,218 3.4% WAC Mortgage REITs & Real Estate Finance ACRES Commercial Realty Corp. ACR N MO2 A/ACC 16.82 20.00 18.43 5.28 Dec $159 19.6% SLa Apollo Commercial Real Estate Finance ARI N MP3 MA/INC 15.55 NM 16.94 8.32 Dec $2,175 9.0% SLa Arbor Realty Trust, Inc. ABR N MO2 MA/INC 18.28 21.00 19.49 10.68 Dec $2,890 7.7% SLa Ares Commercial Real Estate Corporation ACRE N MO2 MA/INC 15.78 16.50 16.98 8.86 Dec $742 8.4% SLa Blackstone Mortgage Trust, Inc. BXMT N MP3 MA/INC 32.81 NM 33.88 20.70 Dec $4,834 7.6% SLa BrightSpire Capital, Inc. BRSP N MP3 MA/INC 10.02 NM 10.68 4.37 Dec $1,331 6.4% SLa Broadmark Realty Capital Inc. BRMK N MO2 MA/INC 10.51 12.50 11.10 9.46 Dec $1,394 8.0% SLa Chimera Investment Corporation CIM N MP3 MA/INC 15.32 NM 15.77 8.05 Dec $3,609 8.6% SLa Finance of America Companies Inc. FOA N SB1 MA/ACC 5.50 10.50 11.66 4.96 Dec $1,052 0.0% SLa Granite Point Mortgage Trust Inc. GPMT N MO2 MA/INC 13.76 16.00 15.92 5.52 Dec $754 7.3% SLa Great Ajax Corp. AJX N MO2 MA/INC 14.13 16.00 14.25 7.57 Dec $325 5.9% SLa iStar Inc. STAR N MO2 MA/ACC 26.45 32.00 26.78 11.17 Dec $2,040 1.9% SLa KKR Real Estate Finance Trust Inc. KREF N MO2 MA/INC 21.33 22.00 23.42 16.01 Dec $1,187 8.1% SLa Ladder Capital Corp LADR N SB1 MA/INC 11.41 14.00 12.65 6.33 Dec $1,440 7.0% SLa Lument Finance Trust, Inc. LFT N MO2 A/INC 4.11 4.50 4.48 2.35 Dec $103 8.8% SLa MFA Financial, Inc. MFA N MP3 MA/INC 4.80 NM 4.90 2.56 Dec $2,116 8.3% SLa New Residential Investment Corp. NRZ N MO2 MA/INC 10.92 13.00 11.47 7.11 Dec $5,095 9.2% SLa New York Mortgage Trust, Inc. NYMT N MP3 MA/INC 4.42 NM 4.93 2.40 Dec $1,677 9.0% SLa NexPoint Real Estate Finance, Inc. NREF N SB1 MA/INC 21.45 22.50 23.97 13.13 Dec $457 8.9% SLa Ready Capital Corporation RC N MO2 MA/INC 15.31 16.50 16.78 9.88 Dec $1,091 11.0% SLa Redwood Trust, Inc. RWT N SB1 MA/INC 12.47 16.00 12.71 6.84 Dec $1,410 5.8% SLa Safehold Inc. SAFE N MP3 MA/ACC 89.61 NM 95.29 52.06 Dec $4,780 0.8% SLa Starwood Property Trust Inc. STWD N MO2 MA/INC 25.80 30.00 27.00 13.76 Dec $7,425 7.4% SLa TPG RE Finance Trust, Inc. TRTX N SB1 MA/INC 12.60 15.50 14.55 7.57 Dec $971 6.3% SLa Two Harbors Investment Corp. TWO N MP3 A/INC 6.60 NM 8.15 4.75 Dec $1,807 10.3% SLa Velocity Financial, Inc. VEL N MO2 A/ACC 12.87 17.00 13.80 4.14 Dec $259 0.0% SLa Net Lease REITs Agree Realty Corporation ADC N SB1 M/INC 74.55 83.00 75.95 61.27 Dec $5,137 3.5% RM Alpine Income Property Trust, Inc. PINE N MO2 MA/INC 18.84 23.00 20.75 13.51 Dec $236 5.4% RM EPR Properties EPR N SB1 MA/INC 50.75 62.00 56.07 20.62 Dec $3,796 5.9% RM Essential Properties Realty Trust, Inc. EPRT N MO2 M/INC 32.41 34.00 32.51 16.18 Dec $3,823,829 3.1% RM Four Corners Property Trust, Inc. FCPT N MO2 MA/INC 28.61 30.00 30.42 23.91 Dec $2,185 4.4% RM Gaming and Leisure Properties, Inc. GLPI Q SB1 MA/INC 49.30 52.00 49.46 34.69 Dec $11,460 5.4% RM MGM Growth Properties LLC MGP N MO2 MA/INC 41.46 38.00 41.47 25.84 Dec $10,974 5.0% RM National Retail Properties, Inc. NNN N SB1 MA/INC 47.61 55.00 50.33 31.41 Dec $8,360 4.5% RM Realty Income Corporation O N MO2 M/INC 72.22 76.00 72.73 57.00 Dec $27,456 3.9% RM Spirit Realty Capital, Inc. SRC N MO2 M/INC 51.77 55.00 51.95 29.40 Dec $6,166 4.9% RM STORE Capital Corporation STOR N MP3 M/INC 36.07 NM 37.13 25.23 Dec $9,800 4.0% RM VICI Properties Inc. VICI N SB1 MA/INC 30.91 36.00 33.35 22.04 Dec $16,599 4.7% RM

Raymond James Research Register - September 2021 45 52 Week Symbol Exchange Rating Suitability Close Aug-31-21 Target Price High Low FY End Mkt. Cap. (Mil) Div. % Analyst/s

Real Estate - USA

Office/Mixed REITs Armada Hoffler Properties, Inc. AHH N MP3 MA/INC 13.43 NM 14.38 8.20 Dec $1,099 4.8% WAC Brandywine Realty Trust BDN N MP3 MA/INC 13.88 NM 15.16 8.54 Dec $2,407 5.5% WAC City Office REIT, Inc. CIO N MP3 MA/INC 15.97 NM 16.62 6.12 Dec $704 3.8% WAC Corporate Office Properties Trust OFC N MO2 MA/INC 28.18 33.00 30.51 21.68 Dec $3,206 3.9% WAC Douglas Emmett, Inc. DEI N MP3 MA/INC 33.01 NM 36.95 22.88 Dec $6,805 3.4% WAC Easterly Government Properties, Inc. DEA N MO2 MA/INC 21.37 24.50 25.02 19.64 Dec $2,034 5.0% WAC Washington REIT WRE N MP3 MA/INC 25.14 NM 27.05 16.95 Dec $2,127 2.7% WAC Residential REITs American Homes 4 Rent AMH N SB1 M/ACC 41.94 47.00 42.61 26.96 Dec $15,695 1.0% BH Apartment Investment and Management Co. AIV N MP3 MA/INC 7.18 NM 7.74 3.19 Dec $1,069 0.0% BH Centerspace CSR N MO2 MA/INC 101.18 96.00 101.39 61.49 Dec $1,434 2.8% BH Clipper Realty Inc. CLPR N MO2 MA/INC 8.44 9.00 9.16 5.25 Dec $372 4.5% BH Equity Residential EQR N MP3 M/INC 84.07 NM 85.83 45.42 Dec $32,532 2.9% BH Essex Property Trust, Inc. ESS N MP3 M/INC 330.74 NM 336.75 186.30 Dec $22,257 2.5% BH Invitation Homes Inc. INVH N SB1 M/ACC 41.18 46.00 41.34 26.35 Dec $23,588 1.7% BH Mid-America Apartment Communities, Inc. MAA N MO2 M/INC 192.37 205.00 196.44 110.53 Dec $22,803 2.1% BH NexPoint Residential Trust, Inc. NXRT N MO2 MA/INC 64.79 67.00 65.09 39.13 Dec $1,624 2.1% BH Self Storage REITs CubeSmart CUBE N MP3 MA/INC 53.50 NM 53.79 30.96 Dec $11,184 2.5% JH Extra Space Storage Inc. EXR N MP3 MA/INC 186.91 NM 187.33 102.73 Dec $26,447 2.7% JH Life Storage, Inc. LSI N MO2 MA/INC 124.44 135.00 124.80 68.31 Dec $9,753 2.4% JH Public Storage PSA N MO2 MA/INC 323.61 350.00 326.44 208.19 Dec $56,706 2.5% JH Shopping Center REITs Cedar Realty Trust, Inc. CDR N MO2 MA/INC 17.39 21.00 18.29 4.62 Dec $238 1.5% RM Federal Realty Investment Trust FRT N MP3 M/INC 121.77 NM 125.00 67.01 Dec $9,434 3.5% RM Kimco Realty Corporation KIM N MP3 M/INC 21.79 NM 22.45 10.04 Dec $9,461 3.1% RM Kite Realty Group Trust KRG N SB1 M/INC 20.26 25.00 23.14 10.00 Dec $1,763 3.6% RM Corporation REG Q MP3 M/INC 68.62 NM 69.08 33.29 Dec $11,706 3.5% RM Retail Opportunity Investments Corp. ROIC Q MO2 M/INC 18.08 20.00 18.86 9.63 Dec $2,306 2.4% RM RPT Realty RPT N MO2 M/INC 12.94 15.00 14.00 4.79 Dec $1,075 3.7% RM Saul Centers, Inc. BFS N MO2 M/INC 46.08 51.00 47.83 23.49 Dec $1,474 4.8% RM Timber REITs CatchMark Timber Trust, Inc. CTT N MO2 MA/INC 11.54 13.50 12.78 7.92 Dec $563 4.7% BH PotlatchDeltic Corporation PCH Q SB1 MA/INC 51.95 70.00 65.67 38.46 Dec $3,517 3.2% BH Rayonier Inc. RYN N MP3 MA/INC 36.78 NM 38.98 25.05 Dec $5,243 2.9% BH Weyerhaeuser Company WY N SB1 MA/INC 36.00 45.00 41.68 26.51 Dec $27,054 1.9% BH

46 Raymond James Research Register - September 2021 52 Week Symbol Exchange Rating Suitability Close Aug-31-21 Target Price High Low FY End Mkt. Cap. (Mil) Div. % Analyst/s

Real Estate - CAN

Frederic Bastien, CFA [email protected] Brad Sturges, CFA [email protected]

Real Estate Industrial Dream Industrial REIT DIR.UN T MO2 MA/INC C$16.58 18.00 16.78 10.71 Dec C$3,790 4.2% BS Granite REIT GRT.UN T MO2 M/INC C$91.08 98.00 92.21 71.66 Dec C$5,983 3.3% BS Nexus REIT NXR.UN T SB1 M/ACC C$12.07 13.75 12.60 6.00 Dec C$726 5.3% BS Summit Industrial Income REIT SMU.UN T MO2 M/INC C$21.41 23.00 21.94 11.58 Dec C$3,603 2.6% BS WPT Industrial REIT WIR.U T MP3 MA/INC 21.76 22.00 21.93 12.19 Dec $1,885 0.0% BS Office/Diversified Allied Properties REIT AP.UN T MO2 MA/INC C$43.29 52.00 46.55 31.50 Dec C$5,517 3.9% BS Slate Office REIT SOT.UN T MP3 A/INC C$5.37 5.75 5.48 3.40 Dec C$392 7.4% BS True North Commercial REIT TNT.UN T MP3 A/INC C$7.53 7.50 7.68 5.30 Dec C$684 7.8% BS Real Estate Services Colliers International Group Inc. CIGI Q MO2 MA/ACC 139.75 150.00 142.04 60.24 Dec $6,055 0.1% FB FirstService Corporation FSV Q MP3 M/ACC 186.07 185.00 191.79 121.54 Dec $8,255 0.5% FB Residential BSR Real Estate Investment Trust HOM.U T SB1 MA/INC 16.10 18.00 16.59 9.39 Dec $836 3.1% BS Canadian Apartment Properties REIT CAR.UN T SB1 MA/INC C$61.11 70.50 62.71 42.22 Dec C$10,614 2.4% BS European Residential REIT ERE.UN T MO2 M/INC C$4.61 5.25 4.79 4.04 Dec C$1,065 3.5% BS InterRent Real Estate Investment Trust IIP.UN T MO2 MA/INC C$17.51 20.25 18.46 11.12 Dec C$2,412 1.9% BS Killam Apartment REIT KMP.UN T MO2 M/INC C$21.51 23.75 21.72 15.87 Dec C$2,451 3.2% BS Minto Apartment REIT MI.UN T SB1 M/INC C$23.50 28.00 25.41 15.84 Dec C$1,388 1.9% BS Retail Automotive Properties REIT APR.UN T MO2 MA/INC C$13.04 13.50 13.20 9.60 Dec C$639 6.1% BS Self-Storage StorageVault Canada Inc. SVI V MO2 MA/ACC C$5.59 6.50 5.71 3.00 Dec C$2,070 0.2% BS

Raymond James Research Register - September 2021 47 52 Week Symbol Exchange Rating Suitability Close Aug-31-21 Target Price High Low FY End Mkt. Cap. (Mil) Div. % Analyst/s

Technology & Communications - USA

Nicholas Bacchus [email protected] Frank G. Louthan, IV [email protected] Chris Caso [email protected] Andrew Marok, CFA [email protected] John Davis [email protected] Brian Peterson, CFA [email protected] Melissa Fairbanks [email protected] Ric Prentiss [email protected] Brian Gesuale [email protected] Alexander Sklar, CPA, CFA [email protected] Aaron Kessler, CFA [email protected] Adam Tindle, CFA [email protected] Simon Leopold [email protected]

Advanced Industrial Technology AeroVironment, Inc. AVAV Q MP3 MA/ACC 102.36 NM 143.72 59.13 Apr $2,526 0.0% BG Axon Enterprise, Inc. AXON Q SB1 MA/ACC 181.87 223.00 212.37 79.72 Dec $11,646 0.0% BG Byrna Technologies Inc. BYRN Q SB1 MA/ACC 29.28 36.00 30.55 10.84 Nov $594 0.0% BG Cognex Corporation CGNX Q SB1 MA/ACC 88.62 120.00 101.82 58.82 Dec $15,951 0.3% BG Fortive Corporation FTV N MP3 M/ACC 73.87 NM 76.22 59.34 Dec $24,973 0.4% BG IPG Photonics IPGP Q MP3 MA/ACC 170.68 NM 262.55 156.49 Dec $9,251 0.0% BG iRobot Corporation IRBT Q MP3 MA/ACC 81.12 NM 197.40 67.55 Dec $2,288 0.0% BG L3Harris Technologies, Inc. LHX N MO2 MA/ACC 233.01 250.00 235.10 158.09 Dec $48,583 1.8% BG nLIGHT, Inc. LASR Q SB1 MA/ACC 27.61 50.00 46.45 19.74 Dec $1,253 0.0% BG Roper Technologies ROP N MO2 M/ACC 483.28 550.00 499.21 362.90 Dec $51,228 0.5% BG Trimble Inc. TRMB Q MO2 MA/ACC 94.22 95.00 96.49 46.78 Dec $23,960 0.0% BG Auto Technology Aptiv PLC APTV N MO2 M/ACC 152.19 200.00 170.47 82.12 Dec $41,253 0.0% BG Cerence Inc. CRNC Q MP3 MA/ACC 108.44 NM 139.00 45.86 Sep $4,261 0.0% BG Visteon Corporation VC Q MP3 MA/ACC 105.68 NM 147.55 64.22 Dec $3,001 0.0% BG Application Software Avalara, Inc. AVLR N MO2 MA/ACC 179.70 220.00 185.37 115.00 Dec $16,455 0.0% BP, ASk Benefitfocus, Inc. BNFT Q MP3 MA/ACC 12.07 NM 17.58 9.42 Dec $399 0.0% BP, ASk BigCommerce Holdings, Inc. BIGC Q MP3 MA/ACC 59.54 NM 122.00 42.17 Dec $4,587 0.0% BP, ASk Blackbaud, Inc. BLKB Q MP3 MA/ACC 69.69 NM 80.00 46.86 Dec $3,376 0.0% BP, ASk BlackLine, Inc. BL Q MP3 MA/ACC 109.10 NM 154.61 77.23 Dec $6,782 0.0% ASk, BP Box, Inc. BOX N MO2 MA/ACC 25.78 29.00 27.41 15.07 Jan $4,935 0.0% BP, ASk Chegg, Inc. CHGG N MO2 MA/ACC 83.22 100.00 115.21 62.84 Dec $14,004 0.0% BP, ASk Coupa Software Incorporated COUP Q MO2 MA/ACC 244.81 300.00 377.04 203.50 Jan $18,791 0.0% BP, ASk Coursera, Inc. COUR N MO2 MA/ACC 38.47 45.00 62.53 32.59 Dec $6,285 0.0% BP, ASk Doximity, Inc. DOCS N MO2 MA/ACC 92.00 62.00 95.97 41.17 Mar $20,148 0.0% BP, ASk Duck Creek Technologies, Inc. DCT Q MO2 MA/ACC 46.63 49.00 59.40 33.91 Aug $6,304 0.0% BP, ASk Everbridge, Inc. EVBG Q MO2 MA/ACC 156.97 180.00 178.98 100.17 Dec $6,345 0.0% BP, ASk EverCommerce Inc. EVCM Q MO2 MA/ACC 21.60 24.00 23.41 16.01 Dec $4,350 0.0% BP, ASk Global-E Online Ltd. GLBE Q MO2 MA/ACC 78.96 80.00 83.77 24.22 Dec $13,303 0.0% BP, ASk HubSpot, Inc. HUBS N SB1 MA/ACC 684.47 800.00 715.29 260.79 Dec $34,522 0.0% BP, ASk Instructure Holdings, Inc. INST N MO2 MA/ACC 22.90 24.00 26.29 18.52 Dec $3,301 0.0% BP, ASk Intapp, Inc. INTA Q MO2 MA/ACC 36.50 36.00 40.91 24.94 Jun $2,701 0.0% BP, ASk Karooooo Ltd. KARO Q MO2 MA/ACC 31.47 45.00 42.50 28.35 Feb $983 0.0% ASk, BP

48 Raymond James Research Register - September 2021 52 Week Symbol Exchange Rating Suitability Close Aug-31-21 Target Price High Low FY End Mkt. Cap. (Mil) Div. % Analyst/s

Technology & Communications - USA

Manhattan Associates, Inc. MANH Q MP3 MA/ACC 162.99 NM 167.75 83.74 Dec $10,476 0.0% BP, ASk MeridianLink, Inc. MLNK N MO2 MA/ACC 24.94 30.00 26.84 23.00 Dec $2,106 0.0% ASk, BP MiX Telematics Limited MIXT N SB1 MA/ACC 13.13 18.00 16.79 7.84 Mar $297 2.1% BP, ASk Model N, Inc. MODN N MP3 MA/ACC 33.91 NM 48.20 28.98 Sep $1,248 0.0% BP, ASk nCino, Inc. NCNO Q MP3 MA/ACC 62.01 NM 103.95 48.00 Jan $6,221 0.0% BP, ASk Paycor HCM, Inc. PYCR Q MO2 MA/ACC 36.95 40.00 39.71 24.00 Jun $6,534 0.0% BP, ASk Paylocity Holding Corporation PCTY Q MO2 MA/ACC 269.20 270.00 269.91 130.94 Jun $15,187 0.0% BP, ASk PowerSchool Holdings, Inc. PWSC N MP3 MA/ACC 34.50 NM 35.68 17.57 Dec $6,955 0.0% BP, ASk Q2 Holdings, Inc. QTWO N MO2 MA/ACC 88.09 120.00 148.56 76.90 Dec $5,194 0.0% BP, ASk Qualtrics International Inc. XM Q MO2 MA/ACC 45.28 45.00 57.28 29.36 Dec $26,720 0.0% BP, ASk RingCentral, Inc. RNG N SB1 MA/ACC 252.26 410.00 449.00 229.00 Dec $23,456 0.0% BP, ASk salesforce.com, inc. CRM N SB1 MA/ACC 265.27 340.00 284.50 201.51 Jan $266,862 0.0% BP, ASk Shopify Inc. SHOP N MP3 MA/ACC 1,524.78 NM 1,650.00 839.40 Dec $194,371 0.0% BP, ASk Upland Software, Inc. UPLD Q MO2 MA/ACC 38.98 50.00 53.00 33.80 Dec $1,197 0.0% BP, ASk Veeva Systems Inc. VEEV N MO2 MA/ACC 331.98 335.00 343.96 235.74 Jan $53,851 0.0% BP, ASk Workiva Inc. WK N MP3 MA/ACC 140.27 NM 144.54 52.39 Dec $7,724 0.0% ASk, BP ZoomInfo Technologies Inc. ZI Q MO2 MA/ACC 65.19 70.00 67.63 30.83 Dec $26,453 0.0% BP, ASk Connected Devices Alarm.com Holdings ALRM Q SB1 MA/ACC 84.33 120.00 108.67 52.35 Dec $4,182 0.0% AT Apple Inc. AAPL Q MO2 M/ACC 151.83 185.00 153.49 103.10 Sep $2,570,354 0.6% CCa, MF Arlo Technologies, Inc. ARLO N MO2 A/ACC 6.20 11.00 10.49 4.33 Dec $499 0.0% AT , Inc. MSI N MO2 M/ACC 244.22 245.00 244.90 149.81 Dec $41,281 1.2% AT NETGEAR, Inc. NTGR Q MO2 MA/ACC 35.73 42.00 46.38 27.17 Dec $1,082 0.0% AT Snap One Holdings Corp. SNPO Q MO2 A/ACC 20.42 23.00 21.64 15.25 Dec $1,558 0.0% AT Sonos, Inc. SONO Q MP3 MA/ACC 39.73 NM 44.72 12.40 Sep $4,757 0.0% AT Data Infrastructure Applied Optoelectronics, Inc. AAOI Q MP3 MA/ACC 7.33 NM 13.95 6.39 Dec $197 0.0% SL Arista Networks ANET N MP3 A/ACC 369.53 NM 384.00 192.96 Dec $29,455 0.0% SL Cambium Networks Corporation CMBM Q MP3 MA/ACC 37.47 NM 66.40 12.40 Dec $1,082 0.0% SL Casa Systems, Inc. CASA Q MP3 MA/ACC 7.04 NM 13.15 3.65 Dec $599 0.0% SL Ciena Corporation CIEN N MO2 MA/ACC 57.13 64.00 61.09 38.03 Oct $8,962 0.0% SL Cisco Systems CSCO Q MO2 M/INC 59.02 57.00 60.27 35.28 Jul $250,127 2.5% SL CommScope Holding Company, Inc. COMM Q MP3 MA/ACC 15.80 NM 22.18 8.25 Dec $3,882 0.0% SL Dell Technologies Inc. DELL N MO2 A/ACC 97.46 115.00 104.62 58.88 Jan $76,604 0.0% SL F5 Networks, Inc. FFIV Q MP3 MA/ACC 203.57 NM 216.15 116.79 Sep $12,489 0.0% SL Harmonic Inc. HLIT Q MO2 MA/ACC 9.24 11.00 10.75 5.20 Dec $959 0.0% SL Hewlett Packard Enterprise Company HPE N MO2 MA/INC 15.46 20.00 16.74 8.29 Oct $20,577 3.1% SL II-VI Incorporated IIVI Q MP3 M/ACC 62.98 NM 100.44 36.04 Jun $7,876 0.0% SL Infinera Corporation INFN Q MP3 MA/ACC 8.47 NM 11.51 5.76 Dec $1,751 0.0% SL Juniper Networks, Inc. JNPR N MO2 MA/INC 28.98 30.00 29.77 19.51 Dec $9,575 2.8% SL LM Ericsson Telephone Company ERIC Q MO2 M/ACC 11.82 14.50 15.31 10.30 Dec $39,396 17.0% SL Lumentum Holdings Inc. LITE Q SB1 MA/ACC 86.64 96.00 112.08 65.67 Jun $6,715 0.0% SL NeoPhotonics Corporation NPTN N MU4 MA/ACC 9.34 NM 14.14 5.75 Dec $480 0.0% SL NetApp, Inc. NTAP Q MO2 MA/INC 88.93 104.00 91.29 40.46 Apr $20,365 2.2% SL

Raymond James Research Register - September 2021 49 52 Week Symbol Exchange Rating Suitability Close Aug-31-21 Target Price High Low FY End Mkt. Cap. (Mil) Div. % Analyst/s

Technology & Communications - USA

Nokia NOK N MP3 MA/ACC 5.96 NM 9.79 3.21 Dec $33,769 1.8% SL Nutanix, Inc. NTNX Q MP3 A/ACC 36.91 NM 40.71 20.86 Jul $7,667 0.0% SL Pure Storage, Inc. PSTG N SB1 A/ACC 25.83 31.00 29.53 13.91 Jan $7,755 0.0% SL VMware, Inc. VMW N MO2 MA/ACC 148.87 175.00 172.00 126.79 Feb $62,493 0.0% SL Financial Technology & Payments Bottomline Technologies EPAY Q MO2 MA/ACC 42.27 44.00 55.09 36.05 Jun $1,823 0.0% JD Everi Holdings Inc. EVRI N SB1 MA/ACC 22.75 28.00 25.90 6.71 Dec $2,229 0.0% JD EVERTEC, Inc. EVTC N MO2 MA/ACC 46.25 51.00 46.92 32.79 Dec $3,368 0.4% JD Fidelity National Information Services FIS N SB1 M/ACC 127.77 178.00 156.72 120.17 Dec $79,728 1.2% JD Fiserv, Inc. FISV Q MO2 M/ACC 117.79 136.00 127.34 92.15 Dec $79,237 0.0% JD FleetCor Technologies, Inc. FLT N MP3 MA/ACC 263.28 NM 295.36 214.88 Dec $22,456 0.0% JD Flywire Corporation FLYW Q MO2 MA/ACC 43.91 48.00 45.80 27.63 Dec $4,668 0.0% JD Global Payments Inc. GPN N MO2 M/ACC 162.64 220.00 220.81 153.33 Dec $48,164 0.6% JD GreenSky, Inc. GSKY Q MP3 MA/ACC 7.95 NM 8.33 3.34 Dec $1,430 0.0% JD i3 Verticals, Inc. IIIV Q SB1 MA/ACC 28.91 42.00 35.99 20.25 Sep $978 0.0% JD Jack Henry & Associates, Inc. JKHY Q MO2 M/ACC 176.38 192.00 179.98 141.65 Jun $13,089 1.0% JD loanDepot, Inc. LDI N MO2 MA/ACC 8.23 11.00 39.85 7.90 Dec $2,662 0.0% JD Mastercard, Inc. MA N MO2 M/ACC 346.23 453.00 401.50 281.20 Dec $344,153 0.5% JD Nuvei Corporation NVEI T MO2 MA/ACC C$163.53 143.00 165.78 42.00 Dec C$23,428 0.0% JD Open Lending Corporation LPRO Q SB1 MA/ACC 36.97 52.00 44.00 19.53 Dec $4,668 0.0% JD Paya Holdings Inc. PAYA Q MO2 MA/ACC 9.65 15.00 15.00 8.99 Dec $1,228 0.0% JD Paymentus Holdings, Inc. PAY N MO2 MA/ACC 25.65 38.00 39.23 25.20 Dec $2,795 0.0% JD PayPal Holdings, Inc. PYPL Q MO2 M/ACC 288.66 340.00 310.16 171.63 Dec $342,351 0.0% JD Shift4 Payments, Inc. FOUR N MP3 MA/ACC 85.71 NM 104.11 43.29 Dec $7,298 0.0% JD Square, Inc. SQ N MP3 MA/ACC 268.07 NM 289.23 134.00 Dec $140,087 0.0% JD Visa Inc. V N MO2 M/ACC 229.10 286.00 252.67 179.23 Sep $500,354 0.6% JD WEX Inc. WEX N MP3 MA/ACC 183.57 NM 234.64 122.64 Dec $8,222 0.0% JD Infrastructure Software Internet Digital Media Activision Blizzard, Inc. ATVI Q MO2 MA/ACC 82.37 110.00 104.53 71.19 Dec $64,496 0.6% AM Bumble Inc. BMBL Q MP3 MA/ACC 54.50 NM 84.80 38.91 Dec $10,440 0.0% AM, AK Electronic Arts, Inc. EA Q MO2 MA/ACC 145.21 177.00 150.30 110.15 Mar $41,966 0.5% AM Netflix, Inc. NFLX Q MP3 MA/ACC 569.19 NM 593.29 458.60 Dec $259,055 0.0% AM, AK Peloton Interactive, Inc. PTON Q MP3 MA/ACC 100.19 NM 171.09 72.11 Jun $35,443 0.0% AK, AM Spotify Technology S.A. SPOT N MP3 MA/ACC 234.34 NM 387.44 201.68 Dec $45,482 0.0% AM, AK Take-Two Interactive Software, Inc. TTWO Q MP3 MA/ACC 161.22 NM 214.91 151.00 Mar $18,884 0.0% AM eCommerce 1stdibs.com, Inc. DIBS Q MO2 MA/ACC 16.31 23.00 35.46 12.25 Dec $661 0.0% AK, NB ACV Auctions Inc. ACVA Q MP3 A/ACC 20.41 NM 37.77 18.18 Dec $3,155 0.0% NB, AK Airbnb, Inc. ABNB Q MP3 MA/ACC 154.99 NM 219.94 121.50 Dec $109,369 0.0% AK Alibaba Group Holding Ltd. BABA N SB1 MA/ACC 166.99 300.00 319.32 152.80 Mar $460,016 0.0% AK Amazon.com, Inc. AMZN Q MO2 M/ACC 3,470.79 3,900.00 3,773.08 2,871.00 Dec $1,811,752 0.0% AK, NB

50 Raymond James Research Register - September 2021 52 Week Symbol Exchange Rating Suitability Close Aug-31-21 Target Price High Low FY End Mkt. Cap. (Mil) Div. % Analyst/s

Technology & Communications - USA

Carvana Co. CVNA Q MP3 A/ACC 328.06 NM 376.83 158.25 Dec $57,380 0.0% NB, AK Chewy, Inc. CHWY N MP3 MA/ACC 88.12 NM 120.00 51.25 Jan $37,667 0.0% NB, AK eBay Inc. EBAY Q MP3 M/ACC 76.74 NM 77.83 45.36 Dec $52,567 0.9% AK, NB frontdoor, inc. FTDR Q MO2 MA/ACC 43.62 58.00 58.94 38.46 Dec $3,751 0.0% AK Jumia Technologies AG JMIA N MP3 A/ACC 20.01 NM 69.89 7.00 Dec $2,041 0.0% AK, NB Lyft, Inc. LYFT Q MP3 A/ACC 47.61 NM 68.28 21.34 Dec $16,330 0.0% AK, NB Poshmark, Inc. POSH Q MO2 MA/ACC 29.18 49.00 104.98 25.62 Dec $2,480 0.0% AK, NB Revolve Group, Inc. RVLV N MO2 MA/ACC 57.46 78.00 74.82 16.24 Dec $4,276 0.0% AK, NB The RealReal, Inc. REAL Q MP3 MA/ACC 12.44 NM 30.22 12.03 Dec $1,212 0.0% AK, NB Uber Technologies, Inc. UBER N MP3 MA/ACC 39.14 NM 64.05 31.55 Dec $77,895 0.0% AK, NB Vroom, Inc. VRM Q MO2 A/ACC 26.86 53.00 75.49 24.63 Dec $3,629 0.0% NB, AK Wayfair, Inc. W N MP3 MA/ACC 280.75 NM 369.00 221.09 Dec $32,396 0.0% NB, AK Wheels Up Experience Inc. UP N MO2 A/ACC 6.59 10.00 15.00 6.43 Dec $2,057 0.0% AK Internet Services Cardlytics, Inc. CDLX Q MP3 MA/ACC 90.78 NM 161.47 62.89 Dec $2,994 0.0% AK Duolingo, Inc. DUOL Q MP3 MA/ACC 129.56 NM 152.84 118.55 Dec $5,943 0.0% AK, NB GoDaddy Inc. GDDY N SB1 M/ACC 73.31 108.00 93.75 68.66 Dec $12,687 0.0% AK LegalZoom.com, Inc. LZ Q MP3 MA/ACC 34.23 NM 40.94 32.51 Dec $7,240 0.0% AK Squarespace, Inc. SQSP N MO2 MA/ACC 44.48 55.00 64.71 41.64 Dec $3,243 0.0% AK Wix.com Ltd. WIX Q MP3 MA/ACC 222.08 NM 362.07 196.19 Dec $14,663 0.0% AK ZipRecruiter, Inc. ZIP N SB1 MA/ACC 25.19 40.00 32.00 19.32 Dec $2,437 0.0% AK Online Advertising Alphabet Inc. GOOG Q MO2 M/ACC 2,909.24 3,200.00 2,929.79 1,406.55 Dec $1,977,154 0.0% AK, AM CarGurus, Inc. CARG Q MO2 MA/ACC 30.38 38.00 36.54 19.24 Dec $3,472 0.0% NB, AK Criteo S.A. CRTO Q MO2 A/ACC 37.53 47.00 46.65 11.49 Dec $2,427 0.0% AK, AM EverQuote, Inc. EVER Q MO2 MA/ACC 19.69 41.00 54.96 18.35 Dec $673 0.0% AK Facebook, Inc. FB Q SB1 M/ACC 379.38 450.00 382.76 244.13 Dec $1,091,476 0.0% AK, AM Integral Ad Science Holding Corp. IAS Q MO2 MA/ACC 22.13 22.00 22.91 16.23 Dec $3,408 0.0% AM, AK PubMatic, Inc. PUBM Q MO2 MA/ACC 29.15 43.00 76.96 22.42 Dec $1,645 0.0% AM, AK Snap Inc. SNAP N MP3 MA/ACC 76.11 NM 80.85 21.43 Dec $127,961 0.0% AK, AM TechTarget, Inc. TTGT Q MO2 MA/ACC 84.58 100.00 101.12 37.43 Dec $2,473 0.0% AK The Trade Desk, Inc. TTD Q MP3 MA/ACC 80.05 NM 97.28 40.85 Dec $39,784 0.0% AM, AK Tremor International Ltd. TRMR Q MO2 MA/ACC 20.17 31.00 23.76 16.16 Dec $1,560 0.0% AM, AK Twitter, Inc. TWTR N MP3 MA/ACC 64.50 NM 80.75 38.10 Dec $56,062 0.0% AK, AM Viant Technology Inc. DSP Q MP3 MA/ACC 13.75 NM 69.16 12.84 Dec $846 0.0% AM, AK IT Services Booz Allen Hamilton Holding Corp. BAH N MP3 MA/ACC 81.91 NM 100.26 74.32 Mar $11,302 1.8% BG CACI International Inc CACI N MP3 MA/ACC 257.54 NM 270.73 198.46 Jun $6,144 0.0% BG MAXIMUS, Inc. MMS N MO2 MA/ACC 87.09 105.00 96.05 64.30 Sep $5,439 1.3% BG PAE Incorporated PAE Q MO2 MA/ACC 6.69 15.00 10.70 6.31 Dec $636 0.0% BG IT Supply Chain Arrow Electronics, Inc. ARW N MP3 MA/ACC 121.22 NM 124.76 75.23 Dec $9,043 0.0% AT Avnet, Inc. AVT Q SB1 MA/ACC 40.46 52.00 45.43 24.30 Jun $4,024 2.4% AT

Raymond James Research Register - September 2021 51 52 Week Symbol Exchange Rating Suitability Close Aug-31-21 Target Price High Low FY End Mkt. Cap. (Mil) Div. % Analyst/s

Technology & Communications - USA

CDW Corporation CDW Q MO2 M/ACC 200.61 205.00 201.36 105.87 Dec $28,284 0.8% AT Connection CNXN Q MP3 MA/ACC 48.41 NM 55.21 39.66 Dec $1,267 0.0% AT Flex Ltd. FLEX Q MP3 MA/ACC 18.58 NM 20.04 10.01 Mar $9,275 0.0% AT Insight Enterprises, Inc. NSIT Q MP3 MA/ACC 102.89 NM 107.27 52.63 Dec $3,611 0.0% AT Jabil Inc. JBL N SB1 MA/ACC 61.78 66.00 63.05 30.42 Aug $9,278 0.5% AT Plexus Corp. PLXS Q MP3 MA/ACC 91.83 NM 101.17 64.35 Sep $2,647 0.0% AT ScanSource, Inc. SCSC Q MO2 MA/ACC 35.58 40.00 37.66 18.25 Jun $906 0.0% AT SYNNEX Corporation SNX N SB1 MA/ACC 127.07 140.00 130.93 49.93 Nov $6,557 0.6% AT Security Software Absolute Software Corporation ABST Q MO2 MA/ACC 12.24 19.00 21.20 9.36 Jun $561 2.6% AT Check Point Software Technologies CHKP Q MP3 M/ACC 125.63 NM 139.26 109.07 Dec $17,613 0.0% AT Fortinet, Inc. FTNT Q MO2 MA/ACC 315.14 295.00 321.90 106.75 Dec $51,428 0.0% AT Okta, Inc. OKTA Q SB1 A/ACC 263.60 310.00 294.00 185.05 Jan $34,579 0.0% AT Palo Alto Networks, Inc. PANW N MO2 MA/ACC 461.04 450.00 464.90 219.34 Jul $44,832 0.0% AT Ping Identity Holding Corp. PING N SB1 MA/ACC 25.95 42.00 37.50 19.97 Dec $2,112 0.0% AT Rapid7, Inc. RPD Q MO2 MA/ACC 121.52 130.00 123.39 57.73 Dec $6,403 0.0% AT Semiconductors Advanced Micro Devices, Inc. AMD Q MO2 M/ACC 110.72 110.00 122.49 72.50 Dec $136,407 0.0% CCa, MF Analog Devices, Inc. ADI Q MO2 M/ACC 162.95 185.00 175.25 110.66 Oct $60,593 1.7% CCa, MF Broadcom Inc. AVGO Q MP3 M/ACC 497.21 NM 507.85 343.48 Oct $213,303 2.9% CCa, MF Intel Corporation INTC Q MU4 M/ACC 54.06 NM 68.49 43.61 Dec $220,781 2.6% CCa, MF MACOM Technology Solutions Holdings Inc. MTSI Q MP3 MA/ACC 60.71 NM 69.29 30.78 Sep $4,303 0.0% CCa, MF Marvell Technology, Inc. MRVL Q MP3 M/ACC 61.19 NM 64.07 35.30 Jan $50,241 0.4% CCa, MF Microchip Technology Incorporated MCHP Q SB1 M/ACC 157.36 180.00 166.67 95.53 Mar $44,470 1.1% CCa, MF Micron Technology, Inc. MU Q SB1 MA/ACC 73.70 120.00 96.96 44.45 Aug $85,050 0.5% CCa, MF Monolithic Power Systems, Inc. MPWR Q MO2 M/ACC 494.93 440.00 504.54 235.62 Dec $23,635 0.5% CCa, MF NVIDIA Corporation NVDA Q SB1 M/ACC 223.85 225.00 230.43 115.66 Jan $566,788 0.1% CCa, MF NXP Semiconductors N.V. NXPI Q MO2 M/ACC 215.13 230.00 228.72 117.25 Dec $59,964 1.0% CCa, MF ON Semiconductor Corporation ON Q MO2 M/ACC 44.36 60.00 46.29 19.75 Dec $19,678 0.0% CCa, MF Qorvo, Inc. QRVO Q MO2 MA/ACC 188.03 220.00 201.68 112.03 Mar $21,411 0.0% CCa, MF QUALCOMM Incorporated QCOM Q SB1 M/ACC 146.69 190.00 167.94 108.30 Sep $167,960 1.9% CCa, MF SiTime Corporation SITM Q MO2 MA/ACC 212.84 180.00 216.70 63.00 Dec $4,447 0.0% CCa, MF Skyworks Solutions, Inc. SWKS Q MO2 M/ACC 183.46 220.00 204.00 130.72 Sep $30,638 1.2% CCa, MF Texas Instruments Incorporated TXN Q MO2 M/INC 190.91 230.00 197.58 134.12 Dec $178,883 2.1% CCa, MF Xilinx, Inc. XLNX Q MP3 M/ACC 155.59 NM 159.30 96.71 Mar $38,792 1.0% CCa, MF Telecommunications Services Carriers ATN International, Inc. ATNI Q MO2 MA/ACC 45.59 54.00 59.33 40.99 Dec $725 1.5% RP DISH Network Corporation DISH Q SB1 MA/ACC 43.59 56.00 47.05 24.51 Dec $23,011 0.0% RP Shenandoah Telecommunications Company SHEN Q MP3 MA/ACC 29.83 NM 38.72 24.40 Dec $1,489 1.1% RP Telephone and Data Systems, Inc. TDS N SB1 MA/ACC 20.32 33.00 26.51 16.38 Dec $2,331 3.4% RP T-Mobile US Inc. TMUS Q MO2 MA/ACC 137.02 151.00 150.20 107.56 Dec $171,001 0.0% RP United States Cellular Corporation USM N SB1 MA/ACC 31.95 43.00 39.96 28.19 Dec $2,770 0.0% RP

52 Raymond James Research Register - September 2021 52 Week Symbol Exchange Rating Suitability Close Aug-31-21 Target Price High Low FY End Mkt. Cap. (Mil) Div. % Analyst/s

Technology & Communications - USA

Data Services Akamai Technologies, Inc. AKAM Q MO2 M/ACC 113.25 128.00 124.91 92.64 Dec $18,485 0.0% FGL CoreSite Realty Corporation COR N MO2 MA/ACC 148.37 149.00 149.01 107.23 Dec $8,064 3.4% FGL CyrusOne Inc. CONE Q MO2 MA/ACC 76.98 82.00 83.30 61.64 Dec $9,273 2.7% FGL Digital Realty Trust, Inc. DLR N SB1 M/INC 163.91 175.00 164.25 124.65 Dec $46,078 2.8% FGL Equinix, Inc. EQIX Q SB1 MA/ACC 843.45 915.00 848.48 586.73 Dec $75,777 1.4% FGL Fastly, Inc. FSLY N MP3 MA/ACC 43.60 NM 136.50 33.87 Dec $6,024 0.0% FGL GDS Holdings Limited GDS Q SB1 MA/ACC 58.48 75.00 116.76 49.16 Dec $10,110 0.0% FGL Limelight Networks, Inc. LLNW Q MP3 MA/ACC 2.70 NM 7.04 2.38 Dec $335 0.0% FGL QTS Realty Trust, Inc. QTS N SB1 MA/ACC 77.98 74.00 78.65 55.91 Dec $5,041 2.6% FGL Rackspace Technology, Inc. RXT Q MP3 MA/ACC 13.97 NM 26.43 13.07 Dec $2,949 0.0% FGL Switch, Inc. SWCH N SB1 MA/ACC 24.81 25.00 25.61 13.38 Dec $5,991 0.8% FGL Satellite EchoStar Corporation SATS Q SB1 MA/ACC 27.00 63.00 29.47 19.75 Dec $2,400 0.0% RP Gogo Inc. GOGO Q MP3 MA/ACC 13.45 NM 17.23 5.85 Dec $1,475 0.0% RP Intelsat S.A. INTEQ O MP3 A/ACC 0.22 NM 1.00 0.18 Dec $31 0.0% RP Iridium Communications Inc. IRDM Q MO2 MA/ACC 44.51 46.00 54.65 23.65 Dec $5,871 0.0% RP KVH Industries, Inc. KVHI Q MO2 MA/ACC 10.57 16.00 15.29 7.82 Dec $199 0.0% RP ORBCOMM Inc. ORBC Q MU4 MA/ACC 11.49 NM 11.55 3.32 Dec $916 0.0% RP ViaSat, Inc. VSAT Q SB1 MA/ACC 51.64 70.00 61.35 29.82 Mar $3,759 0.0% RP Towers & Digital Infrastructure American Tower Corporation AMT N MO2 M/INC 292.17 296.00 292.73 197.50 Dec $132,967 1.7% RP Crown Castle International Corp. CCI N MP3 M/INC 194.69 NM 204.62 146.15 Dec $84,106 2.7% RP DigitalBridge Group, Inc. DBRG N MO2 MA/ACC 6.90 8.50 8.70 2.24 Dec $3,360 0.0% RP Landmark Infrastructure Partners LP LMRK Q MU4 MA/INC 16.28 NM 16.36 8.91 Dec $415 4.9% RP Radius Global Infrastructure, Inc. RADI Q MO2 MA/ACC 17.88 19.00 18.04 6.57 Dec $1,354 0.0% RP SBA Communications Corporation SBAC Q SB1 M/INC 358.97 400.00 364.22 232.88 Dec $39,243 0.6% RP Wireline Altice USA, Inc. ATUS N MO2 MA/ACC 27.44 38.00 38.30 25.08 Dec $12,985 0.0% FGL AT&T Inc. T N MO2 M/INC 27.42 33.00 33.88 26.35 Dec $195,553 7.6% FGL Cable One, Inc. CABO N MO2 MA/ACC 2,099.59 2,236.00 2,326.80 1,674.35 Dec $12,950 0.5% FGL Charter Communications, Inc. CHTR Q MO2 MA/ACC 816.66 720.00 820.73 572.46 Dec $177,705 0.0% FGL Cogent Communications Holdings, Inc. CCOI Q MP3 MA/INC 72.58 NM 80.00 53.20 Dec $3,367 4.4% FGL Comcast Corporation CMCSA Q MO2 M/ACC 60.68 65.00 60.76 40.97 Dec $281,859 1.6% FGL Lumen Technologies, Inc LUMN N MU4 MA/INC 12.30 NM 16.60 8.51 Dec $13,427 8.1% FGL Uniti Group Inc. UNIT Q SB1 A/INC 13.07 16.00 13.42 8.70 Dec $3,026 4.6% FGL Verizon Communications Inc. VZ N MO2 M/INC 55.00 64.00 61.95 53.83 Dec $227,810 4.6% FGL WideOpenWest, Inc. WOW N SB1 MA/ACC 21.22 30.00 23.93 4.72 Dec $1,816 0.0% FGL

Raymond James Research Register - September 2021 53 52 Week Symbol Exchange Rating Suitability Close Aug-31-21 Target Price High Low FY End Mkt. Cap. (Mil) Div. % Analyst/s

Technology & Communications - CAN

Steven Li, CFA [email protected]

IT Hardware Baylin Technologies Inc. BYL T R MA/ACC C$0.77 R 2.14 0.70 Dec C$39 0.0% SLi Evertz Technologies Limited ET T MO2 M/ACC C$13.20 16.50 15.90 11.04 Apr C$1,029 5.5% SLi Sierra Wireless, Inc. SWIR Q MP3 MA/ACC 16.36 18.00 22.22 9.78 Dec $605 0.0% SLi Software/IT Services BlackBerry Limited BB N MP3 MA/ACC 11.41 9.50 28.77 4.37 Feb $6,474 0.0% SLi CGI Group GIB.A T MO2 M/ACC C$112.76 129.00 116.07 80.29 Sep C$28,138 0.0% SLi Constellation Software Inc. CSU T MP3 M/ACC C$2138.19 2,100.00 2,180.19 1,366.66 Dec C$45,312 0.2% SLi Converge Technology Solutions Corp. CTS T R MA/ACC C$11.97 R 12.22 1.68 Dec C$2,287 0.0% SLi EMERGE Commerce Ltd. ECOM V MO2 MA/ACC C$0.78 2.25 1.74 0.68 Dec C$86 0.0% SLi Lightspeed POS Inc. LSPD T MO2 MA/ACC C$140.06 140.00 140.36 37.51 Mar C$18,890 0.0% SLi Open Text Corporation OTEX Q MO2 M/ACC 54.83 63.00 55.23 36.18 Jun $15,022 1.6% SLi Optiva Inc. OPT T MP3 MA/ACC C$24.00 38.00 48.00 23.72 Dec C$147 0.0% SLi Quarterhill Inc. QTRH T MO2 A/INC C$2.70 3.80 3.11 1.77 Dec C$311 1.9% SLi Real Matters Inc. REAL T MO2 MA/ACC C$11.60 25.00 27.61 11.44 Sep C$986 0.0% SLi Tecsys Inc. TCS T MO2 MA/ACC C$53.78 70.00 66.58 25.75 Apr C$797 0.5% SLi The Descartes Systems Group Inc. DSGX Q MP3 M/ACC 78.40 67.00 79.44 50.57 Jan $6,746 0.0% SLi

54 Raymond James Research Register - September 2021 52 Week Symbol Exchange Rating Suitability Close Aug-31-21 Target Price High Low FY End Mkt. Cap. (Mil) Div. % Analyst/s

Transportation - USA

Felix Boeschen [email protected] Savanthi Syth, CFA [email protected] Patrick Tyler Brown, CFA [email protected]

Airlines Hybrid Airlines , Inc. ALK N SB1 MA/ACC 57.34 78.00 74.25 34.83 Dec $7,227 0.0% SS Azul S.A. AZUL N MP3 MA/ACC 21.99 NM 29.45 11.16 Dec $2,976 0.0% SS Copa Holdings, S.A. CPA N MO2 MA/INC 75.25 105.00 94.91 46.67 Dec $3,203 4.3% SS Low Cost Carriers GOL Linhas Aereas Inteligentes S.A. GOL N MP3 MA/ACC 7.79 NM 11.43 5.36 Dec $1,541 0.0% SS JetBlue Airways Corporation JBLU Q MO2 MA/ACC 15.13 20.00 21.96 10.93 Dec $4,864 0.0% SS Southwest Airlines Co. LUV N MO2 MA/ACC 49.78 68.00 64.75 35.82 Dec $30,615 0.0% SS Network Airlines Air Canada AC T MO2 MA/ACC C$24.51 35.00 31.00 14.48 Dec C$8,012 0.0% SS Inc. AAL Q MP3 MA/ACC 19.94 NM 26.09 10.63 Dec $13,088 0.0% SS Delta Air Lines, Inc. DAL N SB1 MA/ACC 40.44 58.00 52.28 27.92 Dec $25,962 0.0% SS IAG IAG MAD MP3 MA/ACC €1.86 NM 2.58 0.98 Dec €9,259 0.0% SS , Inc. UAL Q MO2 MA/ACC 46.51 78.00 63.70 31.22 Dec $15,051 0.0% SS Regional Airlines Mesa Air Group, Inc. MESA Q MO2 MA/ACC 7.98 14.00 17.40 2.80 Sep $315 0.0% SS SkyWest, Inc. SKYW Q SB1 MA/ACC 46.65 67.00 61.16 27.44 Dec $2,366 0.0% SS Ultra-Low Cost Carriers Allegiant Travel Company ALGT Q SB1 MA/ACC 192.44 260.00 271.29 112.71 Dec $3,286 0.0% SS Frontier Group Holdings, Inc. ULCC Q MP3 MA/ACC 15.33 NM 22.70 13.71 Dec $3,311 0.0% SS Ryanair Holdings Plc RYAAY Q MO2 MA/ACC 107.70 135.00 121.63 77.09 Mar $24,304 0.0% SS Spirit Airlines, Inc. SAVE N MP3 MA/ACC 24.53 NM 40.77 15.05 Dec $2,582 0.0% SS Transportation Services Intermodal and Asset-Light Logistics C.H. Robinson Worldwide, Inc. CHRW Q MP3 MA/ACC 90.06 NM 106.75 84.67 Dec $12,225 2.3% TB, FBo Forward Air Corporation FWRD Q SB1 MA/ACC 88.17 125.00 100.93 53.28 Dec $2,433 1.0% TB, FBo Hub Group, Inc. HUBG Q MP3 MA/ACC 70.20 NM 74.95 47.18 Dec $2,378 0.0% TB, FBo J.B. Hunt Transport Services, Inc. JBHT Q MO2 MA/ACC 177.40 180.00 184.38 119.22 Dec $18,949 0.7% TB, FBo Landstar System, Inc. LSTR Q MP3 MA/ACC 168.03 NM 182.63 120.92 Dec $6,453 0.6% TB, FBo XPO Logistics, Inc. XPO N MO2 A/INC 86.91 155.00 90.78 46.56 Dec $9,769 0.0% TB, FBo Parcel Carriers FedEx Corporation FDX N MO2 M/ACC 265.69 330.00 319.90 217.40 May $72,108 1.1% TB, FBo United Parcel Service, Inc. UPS N SB1 M/ACC 195.63 240.00 219.59 154.63 Dec $171,763 2.1% TB, FBo Railroad CSX Corporation CSX Q MO2 M/ACC 32.53 36.00 34.96 24.71 Dec $74,364 1.1% TB, FBo Kansas City Southern KSU N MO2 MA/ACC 280.67 281.00 315.39 171.82 Dec $25,476 0.8% TB, FBo Norfolk Southern Corporation NSC N MP3 MA/INC 253.54 NM 295.14 196.15 Dec $63,385 1.7% TB, FBo Union Pacific Corporation UNP N SB1 M/ACC 216.84 265.00 231.26 171.50 Dec $143,136 2.0% TB, FBo

Raymond James Research Register - September 2021 55 52 Week Symbol Exchange Rating Suitability Close Aug-31-21 Target Price High Low FY End Mkt. Cap. (Mil) Div. % Analyst/s

Transportation - USA

Trucking (Truckload and LTL) Old Dominion Freight Line, Inc. ODFL Q MO2 MA/ACC 288.72 280.00 294.76 176.34 Dec $33,653 0.3% TB, FBo Saia, Inc. SAIA Q MO2 MA/ACC 240.13 255.00 259.13 117.07 Dec $6,412 0.0% TB, FBo

56 Raymond James Research Register - September 2021 52 Week Symbol Exchange Rating Suitability Close Aug-31-21 Target Price High Low FY End Mkt. Cap. (Mil) Div. % Analyst/s

Transportation - CAN

Andrew Bradford, CFA [email protected] Steve Hansen, CFA, CPA, CMA [email protected] Daryl Swetlishoff, CFA [email protected]

Railroads Canadian National Railway CNR T MO2 M/ACC C$148.40 152.00 152.20 125.00 Dec C$105,216 1.7% SH Canadian Pacific Railway Limited CP T MO2 M/ACC C$86.69 98.00 100.00 74.66 Dec C$57,796 0.9% SH Transportation & Logistics Doman Building Materials Group Ltd. DBM T MO2 A/INC C$6.64 10.50 10.83 6.01 Dec C$549 7.2% SH, DS Mullen Group Ltd. MTL T MP3 A/INC C$13.25 14.50 13.95 8.84 Dec C$1,275 3.6% AB

Raymond James Research Register - September 2021 57 Raymond James Global Equities

David De Luca (212) 856-4375, Senior Managing Director, Head of Global Equities

Equity Research, U.S. – Raymond James & Associates Brian G. Alexander, CFA (727) 567-2312, Senior Managing Director, Director of Equity Research Shawn Borgeson (727) 567-2571 , Managing Director, Product Development Mercedes S. van Woerkom (727) 567-2601, Managing Director, Equity Research

Consumer Financial Services (continued) Real Estate Joseph Altobello, CFA (212) 883-4606 David J. Long, CFA (312) 612-7685 William A. Crow (727) 567-2594 Leisure Products Banking Lodging/REITs Sam Darkatsh (727) 567-2537 Patrick J. O'Shaughnessy (312) 612-7687 Buck Horne, CFA (727) 567-2561 Building Products Capital Markets Housing/REITs Bobby Griffin, CFA (727) 567-2546 C. Gregory Peters (727) 567-1534 Jonathan Hughes, CFA (727) 567-2438 Furniture & Furnishings Suppliers/ Insurance/Insurance REITs Hardline Retail Brokerage & Technology Stephen Laws (901) 579-4868 Olivia Tong, CFA (212) 856-5415 Michael Rose (312) 655-2940 Mortgage REITs Beauty, Personal Care & Household Products Banking RJ Milligan (727) 567-2585 Brian M. Vaccaro, CFA (404) 442-5866 Daniel Tamayo, CFA (312) 612-7688 REITs Restaurants Banking William J. Wallace IV (301) 657-1548 Technology & Communications Energy Banking Ric Prentiss (727) 567-2567 John Freeman, CFA (713) 278-5251 Director of Telecommunications Exploration & Production Healthcare Services Research Justin Jenkins (713) 278-5258 John W. Ransom (727) 567-2593 Chris Caso (212) 856-4893 Independent Refiners/Integrated Oil & Director of Healthcare Research Semiconductors Gas/Midstream Suppliers Jayson Bedford (727) 567-2565 John Davis (727) 567-2510 Pavel Molchanov (713) 278-5270 Medical Devices Financial Technology/Payments Renewable Energy & Danielle Brill, PharmD (212) 885-1891 Brian Gesuale (727) 567-2287 Clean Technology Biotechnology IT Services/ Advanced Andrew Cooper (727) 567-2295 Industrial Technology Equity Strategy Diagnostics & Clinical Laboratories Aaron Kessler, CFA (415) 616-8959 Tavis McCourt (615) 645-6811 Dane Leone (212) 856-4374 Internet Institutional Equity Strategist Biotechnology Simon M. Leopold (212) 856-5464 Steve Seedhouse, Ph.D. (212) 885-1837 Data Infrastructure Financial Services Biotechnology Frank G. Louthan IV (404) 442-5867 Robert J. Dodd, Ph.D. (901) 579-4560 Elliot Wilbur, CFA (212) 856-4897 Telecommunications Services Specialty Finance Animal Health/Specialty Pharmaceuticals Andrew Marok (212) 856-4885 David Feaster, CFA (727) 567-2560 Internet Banking Industrial Brian Peterson, CFA (404) 442-5888 Felix Boeschen (212) 856-5403 Application Software Machinery Alexander Sklar, CFA, CPA (404) 442-5804 Patrick Tyler Brown, CFA (404) 442-5803 Application Software Waste & Industrial Services Adam Tindle, CFA (727) 567-2693 Sam Darkatsh (727) 567-2537 IT Supply Chain & Connected Devices Specialty/Industrial Distribution Transportation Public Policy Felix Boeschen (212) 856-5403 Chris Meekins (202) 872-5937 Transportation Services Healthcare Policy Patrick Tyler Brown, CFA (404) 442-5803 Edward Mills (202) 872-5933 Transportation Services Washington Policy Savanthi Syth, CFA (727) 567-5274 Airlines

58 Raymond James Research Register - September 2021 Equity Research, Canada – Raymond James Ltd.

Daryl Swetlishoff, CFA (604) 659-8246, Senior Managing Director, Head of Equity Research

Frederic Bastien, CFA (604) 659-8232 Steve Hansen, CFA, CPA, CMA David Quezada, CFA (604) 659-8257 Infrastructure & Construction (604) 659-8208 Special Situations / Stephen Boland, CFA (416) 777-7042 Transportation / Agribusiness Power & Utilities Diversified Financials Steven Li, CFA (416) 777-4918 Rahul Sarugaser, PhD (416) 777-6383 Andrew Bradford, CFA (403) 509-0503 Technology Biotechnology Oil & Gas Energy Services Brian MacArthur, CFA Craig Stanley, M.Sc. Geo Bryan Fast, CFA (604) 659-8262 (416) 777-4914 (416) 777-2291 Industrial / Aerospace & Aviation Basic Materials Precious Metals Michael Glen, CFA (514) 687-5970 Jeremy McCrea, CFA Brad Sturges, CFA Consumer & Diversified Industrials (403) 509-0518 (416) 777-7189 Farooq Hamed, CA (416) 777-7117 Oil & Gas Producers Real Estate Precious Metals David Novak (416) 777-7029 Daryl Swetlishoff, CFA Healthcare & Biotechnology (604) 659-8246 Forest Products

Institutional Equity Sales, U.S. – Raymond James & Associates

Leigh Pollak (312) 612-7744, Senior Managing Director, Institutional Equity Sales Dave Hodges (617) 897-8961, Managing Director, Regional Director, Institutional Equity Sales Bill Sammon (312) 655-2959, Managing Director, Financial Institutions, Sales and Trading Kelly Schaeffer (212) 856-4887, Managing Director, Regional Director, Institutional Equity Sales

Atlanta Dallas New York (continued) Brian Mylod (404) 442-5822 Mark Fote (214) 965-7673 Craig Sapuppo (212) 297-5602 Ben Schwartz (212) 297-5604 Boston Rachel Stephan (212) 883-4031 Ryan Bagley (617) 897-8965 Rob Marckel (310) 414-5201 Chris Doran (617) 897-8966 New York John Cavender (415) 616-8935 Susan Braverman-Lione (212) 856-4886 Zachary Taylor (415) 616-8944 Lou Coines (312) 655-2964 Joe Campo (212) 856-4883 Ed Donnelly (312) 612-7745 Andy De Martino (212) 297-5610 St. Petersburg Rick Glaisner (312) 612-7672 Bryan Fingeroot (212) 297-5605 Sarah Concannon (727) 567-2686 Tim DeLacey (312) 655-2872 Jacob Forney (212) 856-4882 Nick Digirolamo (727) 567-2280 Chris Lambert (312) 655-2974 Jason Gefaell (212) 672-6828 Dana Jacobs (727) 567-2278 Anthony LanFranca (312) 655-2961 Tom Hartigan (212) 856-5474 Eric Kirby (727) 567-2570 Tony Montemurro (312) 612-7676 Andrew Hostetler (212) 856-5417 Patrick Sauve (727) 567-2526 Tim Murnane (312) 655-2988 Matt Krueger (212) 856-5408 Jamie Zingaretti (727) 567-2576 Chris Palermo (312) 655-2967 Tom Nevitt (212) 297-5608 Bob Stocking (312) 612-7674 Betsy Rosen (212) 856-5409

Raymond James Research Register - September 2021 59 Institutional Equity Trading, U.S. – Raymond James & Associates

David De Luca (212) 856-4375, Senior Managing Director, Head of Global Equities, Institutional Sales and Trading Paul Powers (212) 856-5477, Senior Managing Director, Head of U.S. Sales Trading David Cannizzo (212) 883-4069, Managing Director, Head of Electronic Trading and Market Structure

Principal Trading (212) 599-6800 Institutional Sales Trading Event-Driven Trading (212) 297-5600 Eric Braunstein (continued) Jason Caamano Brendan Dooley New York (212) 599-6800 Ryan Kenny Jesse Lubarsky Craig Bugniazet Paul Shea Ray Moore Michael Dalfonzo Greg Mulvaney Tres Green Strategic Options Desk (212) 856-5400 Christian O’Brien Brad Hoenig Brian Werner, Co-Head Doug Shapiro Robert Hyde Corrin Jackson, Co-Head Mark Koczan Matt Friedman Institutional Sales Trading Gary Muehlemann Josh Grant Vincent Sgherza Keith Hughes Boston (617) 423-5607 Nick Shepard Sean McNichol E.J. Coveney Michael Sabat Brendan Moses

Steve Svensen St. Petersburg (727) 567-2100 Electronic Trading Desk (855) 752-5467 Thomas Ward Ross Barone David Cannizzo Jake Shumacker Richard Delayo

Chicago (312) 655-2990 Paul Li Michael Barone San Francisco Ankur Tyagi Ken Goldberger Michael Christian Randy Mrozek (415) 616-8933 Program Trading Desk (212) 883-4057 Jeff Snower Michael Schwarz Elizabeth Guner (415) 616-8096 Joe McGowan Matt McNamara

Institutional Equity Sales, Canada – Raymond James Ltd.

Sean Boyle (416) 777-4927, Senior Managing Director, Co-Head of Institutional Sales Nicole Svec, CFA (416) 777-4942, Senior Managing Director, Co-Head of Institutional Sales

Toronto (888) 601-6105 Canada / (800) 290-4847 USA Jeff Carruthers, CFA (416) 777-4929 Chris Chang (416) 777-4938 Dave MacLennan (416) 777-4934 (800) 667-2899 (514) 350-4450, (866) 350-4455 John Paul Lotesto (416) 777-4931 Scot Atkinson, CFA (604) 659-8225 David Maislin, CFA (514) 350-4460 Nick Pocrnic (416) 777-4945 Alessia Coticone (514) 350-4462 Jake Turcotte (416) 777-4925

60 Raymond James Research Register - September 2021 Institutional Equity Trading, Canada – Raymond James Ltd.

Bob McDonald, CFA (604) 659-8222, Senior Managing Director, 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 Maxime Parisien-LaSalle (514) 350-4465 Marcel Ferreri (416) 777-4930 Derek Oram (604) 659-8223 Andy Herrmann (416) 777-4937 Matt Malowney (416) 777-4941 Eric Munro, CFA (416) 777-4983

U.S. Equities Sales and Trading – Raymond James Europe

Raymond James Financial Raymond James Raymond James & International Limited Euro Equities Associates, Inc.

London, England 44-203-798-5600 Paris, France 33-1-456-40520 Geneva, Switzerland 41-22-818-2828 Robert Nugent, Manager Thierry Guille, Manager Jean Wilhelm, Manager Nicole Baker Gregoire Alexandre Philip Burgisser Stephanie Büchel Hubert Le Bret Albert Fregosi Louisa Dalrymple Eric Moïa Brian Farrell , 32-2626-1060 Rudi Moser Steve Morel Brieuc Verhaegen, Manager Luciano Sargenti Ricky Pilgrim Stéphane Roffler G. Eric Rowe Diego de Fierlant Lausanne, Switzerland 41-21-343-2222

Frankfurt, 49-69-2731-56040 Homan Haghighi, Manager Homan Haghighi, Manager Jad Hobeiche Chiasso, Switzerland 41-91-252-0622 Peter Laux Homan Haghighi, Manager Marcel Daun Emanuele Badaracco Warsaw, 48-22-276-2300 Homan Haghighi, Manager George Jovanovich

Vaduz, Liechtenstein 423-233-44-54 Johann Kasamas

Corporate & Executive Services – Raymond James & Associates (727) 567-2092

Jeff Fordham, Head of Corporate & Executive Services

Jeanna Bryan Nicole Castillo

Raymond James Research Register - September 2021 61 Global Wealth Solutions – Raymond James & Associates

Collie Krausnick, (901) 529-5321, Senior Managing Director – Global Wealth Solutions, Agency/Retail Equity Trading

Equity Advisory Group – Global Wealth Solutions (727) 567-2520

Suzi Fiorini (727) 567-2258, Vice President, Equity Advisory Group

Harold Antor Kenneth Matthews Julie Lachman, International Phil Cox Michael Saut (727) 567-5559 Ardon Currie Steve Roskowski

Equity Agency Trading – Global Wealth Solutions

Byron Mitson, (901) 524-4108, Managing Director – Listed/OTC/International Trading

Memphis (800) 564-3678 Memphis–International St. Petersburg (727) 567-6466 Darin Butler (800) 564-3678 Scott Brown Krystal Butler Tony Johnson Tyson Bryant John Campbell Brian McKane

Ben Cavazos St. Petersburg–International (727) 567-2100 Kevin Floyd Sharon Agudio Kenny McClain James Nielsen Mike Tagliarini

62 Raymond James Research Register - September 2021

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Investor Disclosures 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￿￿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 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. In the United States (or U.S.), RJA is registered with the Financial Industry Regulatory Authority (FINRA) as a member firm. RJA is responsible for the preparation and distribution of reports created in the United States. RJA is located at The Raymond James Financial Center, 880 Carillon Parkway, St. Petersburg, Florida 33716 (Raymond James Financial (RJF) Corporate Headquarters), 727.567.1000. Raymond James Financial Services, Inc. (RJFS) is registered with FINRA as a Member Firm. RJFS is located at the RJF Corporate

Raymond James Research Register - September 2021 63 Headquarters. RJA non-U.S. affiliates, which are not FINRA member firms (with the exception of Raymond James (USA) Ltd.), include the following entities, which are responsible for the creation or distribution of reports in their respective areas: In Canada, RJL is registered with the Investment Industry Regulatory Organization of Canada (IIROC) as a member firm. RJL is responsible for the preparation and distribution of reports created in Canada. RJL is located at Suite 2100, 925 West Georgia Street, Vancouver, BC V6C 3L2 (RJL Head Office), 604.659.8200. Raymond James (USA) Ltd. (RJLU) is registered with FINRA as a member firm, which is responsible for the distribution of reports created in Canada and the United States to both American clients living in Canada and Canadian clients living in the United States. RJLU is located at the RJL Head Office. In the , Raymond James Financial International Ltd. 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With respect to materials prepared by Raymond James, all expressions of opinion reflect the judgment of the Research Departments of Raymond James, or its affiliates, as of the date above and are subject to change. Raymond James may perform investment banking or other services for, or solicit investment banking business from, any company mentioned in this report. Raymond James reports are disseminated and available to Raymond James clients simultaneously via electronic publication to Raymond James' internal proprietary websites (RJA: RJ Client Access & raymondjames.com; RJL: RJL ECM Client Access, RJL Retail Client Access & raymondjames.ca). Not all reports are directly distributed to clients or third-party aggregators. Certain reports may only be disseminated on Raymond James' internal proprietary websites; however, such reports will not contain estimates or changes to earnings forecasts, target price, valuation, or investment or suitability rating. 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64 Raymond James Research Register - September 2021 Notice to RJA PCG Financial Advisors - Non-U.S. securities discussed in this report are generally not eligible for sale in the U.S. unless they are listed on a U.S. securities exchange. This report may not be used to solicit the purchase or sale of a security in any state where such a solicitation would be illegal. By accessing this report, you agree to not solicit the purchase or sale of any security mentioned in the report that is not listed on a U.S. securities exchange, or is not otherwise registered under applicable state Blue Sky laws. Furthermore, you acknowledge that you will be solely responsible for any and all costs associated with the rescission of trades in unregistered securities. Please contact the International Research Liaison with any questions at 727.567.5559.

International Disclosures For clients of RJA: Any foreign securities discussed in this report are generally not eligible for sale in the United States 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 United States, 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 RJA financial advisor for additional details and to determine if a particular security is eligible for purchase in your state. For clients of RJFS: This report was prepared and published by Raymond James and is being provided to you by RJFS solely for informative purposes. Any person receiving this report from RJFS should direct all questions and requests for additional information to their RJFS financial advisor. For clients of RJL: In the case where there is Canadian analyst contribution, the report meets all applicable IIROC disclosure requirements. RJL is a member of the Canadian Investor Protection Fund. For clients of RJFI: This report is prepared for and distributed by RJFI, and any investment to which this report relates is intended for the sole use of the persons to whom it is addressed, being persons who are Eligible Counterparties or Professional Clients as described in the FCA rules or persons described in Articles 19(5) (Investment professionals) or 49(2) (High net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) or any other person to whom this promotion may lawfully be directed. It is not intended to be distributed or passed on, directly or indirectly, to any other class of persons and may not be relied upon by such persons and is, therefore, not intended for private individuals or those who would be classified as retail clients. For clients of RJIS: This report is prepared for and distributed by RJIS, and is for the use of professional investment advisers and managers and is not intended for use by retail clients. For purposes of the FCA requirements, this report is classified as independent with respect to conflict of interest management. RJFI and RJIS are authorised and regulated by the FCA. For clients of Raymond James Euro Equities (RJEE): RJEE is authorised and regulated by the Autorite de Controle Prudentiel et de Resolution and the Autorite des Marches Financiers. As of 30 November, 2020, RJEE is an unaffiliated entity of Raymond James. RJEE is located at SAS, 45 Avenue George V, 75008, Paris, France, +33 1 45 61 64 90. This report is prepared for and distributed by RJEE pursuant to an agreement with Raymond James, and any investment to which this report relates is intended for the sole use of the persons to whom it is addressed, being persons who are Eligible Counterparties or Professional Clients as described in "Code Monetaire et Financier" and Reglement General de l'Autorite des Marches Financiers. It is not intended to be distributed or passed on, directly or indirectly, to any other class of persons and may not be relied upon by such persons and is, therefore, not intended for private individuals or those who would be classified as retail clients. For recipients in : This is a strictly privileged and confidential communication between Raymond James & Associates and its selected clients. This communication contains information addressed only to specific individuals in Brazil and is not intended for distribution to, or use by, any person other than the named addressee. This communication (i) is provided for informational purposes only, (ii) should not be construed in any manner as any solicitation or offer to buy or sell any investment opportunities or any related financial instruments, and (iii) should not be construed in any manner as a public offer of any investment opportunities or any related financial instruments. If you are not the named addressee, you should not disseminate, distribute, or copy this communication. Please notify the sender immediately if you have mistakenly received this communication. The investments analyzed in this report may not be offered or sold to the public in Brazil. Accordingly, the investments in this report have not been and will not be registered with the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários, the “CVM”), nor have they been submitted to the foregoing agency for approval. Documents relating to the investments in this report, as well as the information contained therein, may not be: (i) supplied to the public in Brazil, as the offering of investment products is not a public offering of securities in Brazil; nor (ii) used in connection with any offer for subscription or sale of securities to the public in Brazil. For clients in Australia: Despite anything in this report to the contrary, this report is prepared for and distributed in Australia by RJFI with the assistance of RJA, and RJA at times will act on behalf of RJFI. This report is only available in Australia to persons who are “wholesale clients” (within the meaning of the Corporations Act 2001 (Cth)) and is supplied solely for the use of such wholesale clients and shall not be distributed or passed on to any other person. You represent and warrant that if you are in Australia, you are a “wholesale client”. 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Raymond James Research Register - September 2021 65 clients pursuant to Section 5C of the New Zealand Financial Advisers Act 2008.

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66 Raymond James Research Register - September 2021