Global Research Published by Raymond James & Associates

July 2015

© 2015 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved.

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Contents Consumer USA ..........................19

Healthcare USA .......................... 46

Real Estate USA .......................... 60

CAN ..........................23

CAN .......................... 63

EUR ..........................23

EUR .......................... 65 LAT ........................... 65

Energy

Industrial

Technology & Communications

USA ..........................26

USA .......................... 51

USA .......................... 67

CAN ..........................32

CAN ......................... 52

CAN .......................... 76

EUR ..........................34

EUR .......................... 53

EUR .......................... 77

LAT ...........................35

Financial Services

LAT ........................... 78

Mining & Natural Resources

Transportation

USA ..........................36

CAN ......................... 55

USA .......................... 79

CAN ..........................44

EUR .......................... 58

CAN .......................... 81

LAT ...........................44

LAT .......................... 59

EUR .......................... 82

Analyst Index ................................................................................3 Upcoming Events ..........................................................................4 Research Coverage Changes ........................................................4 About This Publication ..................................................................5 Company Index .............................................................................7

Research Analysts and Sales & Trading Directories USA .......................... 83 Canada ..................... 86 Europe ..................... 87 Latin America ........... 88

Companies Under Coverage .......................................................19

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Raymond James Research Register - July 2015

Analyst Index J. Marshall Adkins (JMA) .......................... 26,51 Buck Horne, CFA (BH) .................................... 60 Paul D. Puryear (PDP) .................................... 60 Brian G. Alexander, CFA (BGA) ...................... 67 Darren Horowitz (DH) ................................... 26 David Quezada, CFA (DQ) .............................. 52 Joseph Altobello, CFA (JA) ............................. 19 Joseph D. Hovorka (JDH) ............................... 19 Chris Quilty (CQ) ............................................ 67 Robert P. Anastasi, CFA (RPA) ....................... 67 Jonathan Hughes (JH) .................................... 60 John W. Ransom (JWR).................................. 46 Ken Avalos (KA) ............................................. 63 Nicholas Jansen (NJ) ...................................... 46 Emmanuel Retif (ER) ..................................... 34 Michael J. Baker (MJB) .................................. 46 Wayne Johnson (WJ) ..................................... 67 Federico Rey Marino (FRM)....... 35,44,59,65,78 Frederic Bastien, CFA (FB) ........................ 23,52 Aaron Kessler, CFA (AK)................................. 67 Julien Richer (JR) ................................. 23,65,82 Jayson Bedford (JB) ....................................... 46 Lawrence Keusch (LK).................................... 46 Johann Rodrigues (JR) ................................... 63 Stephane Beyazian, (SB)............................... 77 Cedric Lecasble (CL) ...................................... 23 Michael Rose (MR) ........................................ 36 Andrew Bradford, CFA (AB) .......................... 32 Simon Leopold (SL) ........................................ 67 Phil Russo (PR) ............................................... 55 Patrick Tyler Brown, CFA (TB) .................. 51,79 Steven Li, CFA (SLi) .............................. 32,67,76 David Sadowski (DSa) .................................... 55 Benjamin Brownlow (BBL) ....................... 19,26 David J. Long, CFA (DJL) ................................. 36 Steven D. Schwartz, CFA (SDS) ...................... 36 Budd Bugatch, CFA (BB) ........................... 19,51 Frank G. Louthan IV (FGL) ............................. 67 J. Steven Smigie (JSS) ..................................... 67 Daniel E. Cardenas (DC) ................................ 36 Tavis C. McCourt, CFA (TMC)......................... 67 Kevin Smith (KS) ............................................ 26 Ben Cherniavsky (BC) ............................... 52,81 Collin Mings, CFA (CM) .................................. 60 Fernando Suarez (FS)...................... 44,59,65,78 Andrew Coleman (AC)................................... 26 Pavel Molchanov (PM) ............................. 26,34 Daryl Swetlishoff, CFA (DS) ....................... 52,55 Chris Cox, CFA (CC)........................................ 32 Kurt Molnar (KM) .......................................... 32 Savanthi Syth, CFA (SS) .................................. 79 William A. Crow (WAC) ............................ 60,67 Hans Mosesmann (HM)................................. 67 Alex Terentiew, MBA, P.Geo (AT) .................. 55 Sam Darkatsh (SD) ................................... 19,51 Praveen Narra (PN) ....................................... 26 Chris Thompson, M.Sc. (Eng), P.Geo (CT) ...... 55 Hermine de Bentzmann (HB) ........................ 23 Patrick O'Shaughnessy, CFA (PO) .................. 36 Terry Tillman (TT) .......................................... 67 Robert Dodd, Ph.D. (RD) ............................... 36 Michael Overvelde, CFA, CPA, CA (MO) ........ 44 Michael Turits, Ph.D. (MT) ............................. 67 John Freeman, CFA (JF) ................................. 26 Arnaud Palliez (AP) ................................... 53,58 Kenric S. Tyghe, MBA (KT) ............................. 23 Cory J. Garcia (CJG) ....................................... 26 Justin Patterson, CFA (JP) .............................. 67 Brian M. Vaccaro, CFA (BV) ........................... 19 Brian Gesuale (BG) ........................................ 67 C. Gregory Peters (CGP) ................................ 36 William J. Wallace IV (WW) ........................... 36 Steve Hansen, CMA, CFA (SH) ........ 32,52,55,81 Brian Peterson, CFA (BP) ............................... 67 Santiago Wesenack, CFA (SW) .................. 35,59 Arthur W. Hatfield, CFA (AH) ........................ 79 Theoni Pilarinos, CFA (TP) ................... 32,52,81 Dan Wewer, CFA (DW) .................................. 19 Bertrand Hodée (BH) .................................... 34 Ric Prentiss (RP) ............................................ 67 Elliot Wilbur, CFA (EW) .................................. 46 Donald A. Worthington (DAW) ...................... 36

Raymond James Research Register - July 2015

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Upcoming Events Stampede One-on-One Conference (CAN) July 7 & 8, 2015; Calgary, Canada

North American Equities Conference (USA) September 22, 2015; London, England

Pernod Ricard (EUR) August 28, 2015; Paris, France

48 Hours in Edmonton Industrials Tour (CAN) October 21 & 22, 2015; Edmonton, Canada

U.S. Bank Conference (USA) September 9, 2015; Chicago, Illinois

Technology and Communications Investors Conference (USA) December 7-9, 2015; New York, New York

Research Coverage Changes Additions USA

Deletions CAN

Akorn, Inc. (AKRX:Q)

Allana Potash Corporation (AAA:T)

Allergan plc (AGN:N)

Western Potash Corp. (WPX:T)

Amphastar Pharmaceuticals, Inc. (AMPH:Q) Black Stone Minerals, L.P. (BSM:N) Endo International plc (ENDP:Q) Fortress Transportation & Infrastructure Investors LLC (FTAI:N) Impax Laboratories, Inc. (IPXL:Q) Lannett Company, Inc. (LCI:N) Mylan N.V. (MYL:Q) Perrigo Company PLC (PRGO:N) Press Ganey Holdings, Inc. (PGND:N) Sagent Pharmaceuticals, Inc. (SGNT:Q) SEI Investments Co. (SEIC:Q) Teva Pharmaceutical Industries, Ltd. (TEVA:N) CAN AltaGas Ltd. (ALA:T) Gibson Energy Inc. (GEI:T) Inter Pipeline Ltd. (IPL:T) Keyera Corp (KEY:T) Pembina Pipeline Corp. (PPL:T) Veresen Inc. (VSN:T) EUR Telecom Italia (TLIT.MI:BIT)

Changes Actavis PLC (ACT:N) changed its name and symbol to Allergan plc (AGN:N) Accor (ACCP.PA:EPA) changed its name to AccorHotels Belgacom (BCOM.BR:EBR) changed its name and symbol to Proximus (PROX.BR:EBR) Hersha Hospitality Trust (HT:N) adjusted 1:4 reverse split IDEXX Laboratories Inc (IDXX:Q) adjusted for 2:1 split Marathon Petroleum Corp. (MPC:N) adjusted for 2:1 split

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Raymond James Research Register - July 2015

About This Publication The Equity Research Register is a monthly statistical summary of financial data. It is compiled from information from each of the contributing entities. Following are some general notes about the information contained in this publication. Symbol and Exchange = the stock exchange where the largest volume of the equity trades and the company’s ticker on that exchange. Specific exchange abbreviations are defined below. Currency = U.S. dollars unless otherwise noted. Currencies are defined below. Closing Price = last price from indicated date on the indicated stock exchange. Target Price = Raymond James & Associates (USA) and Raymond James Latin America have target prices only for stocks with Strong Buy 1 or Outperform 2 ratings. Raymond James Ltd. (Canada) has target prices for all stock ratings. Raymond James Euro Equities has target prices for stocks with Strong Buy 1, Outperform 2, and Underperform 4 ratings. Projected 12-month price targets may not reflect recent stronger price action in a specific stock. Earnings = EPS unless otherwise denoted. Currency for earnings is the same as that of the Closing Price unless otherwise denoted. In situations where the currency for the closing price differs from the currency for earnings, a currency adjustment factor has been employed. See Footnotes below. Analysts = the initials of the lead analyst on the specific stock and the secondary analyst if applicable. Definitions of Stock and Suitability Ratings can be found in the Disclosures section at the back of this publication.

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

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

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Exchanges AMS ---- Amsterdam Stock Exchange BA ---- Buenos Aires SE BIT ---- Italy - Borsa Italiana EBR ---- Euronext Brussels ELI ---- Euronext Lisbon EPA ---- Euronext Paris

MAD --- Madrid Stock Exchange MCE --- Madrid Stock Exchange C.A.T.S. N --- NYSE OTC --- OTC PRG --- Prague Stock Exchange Q --- NASDAQ

ETR ---- Germany - XETRA

STO --- Stockholm Stock Exchange

HEL ---- Helsinki Stock Exchange

SWF --- Switzerland – Swiss Exchange

ISE ---- Irish Stock Exchange L ---- London Stock Exchange M ---- NYSE MKT

T --- TSX V --- TSX Venture WBAG --- Austria, Wiener Borse

Currencies AR$ ---- Argentine peso

€ --- Euro

p ---- British pence

SEK --- Swedish krona

£ ---- British pound

CHF --- Swiss franc

C$ ---- Canadian dollar

US$ or $ --- U.S. dollar

CZK ---- Czech koruna

Footnotes NA ---- Not Available. NM ---- Not Meaningful.

f --- Fiscal years ending before May are treated as previous year.

UR ---- Under Review.

fa --- EPS is Adjusted Free Cash Flow/Share.

$D ---- EPS is shown in U.S. dollars.

fc --- EPS is Free Cash Flow/Share.

$E ---- EPS is shown in Euros.

is --- Reported figures are in accordance with International Financial Reporting Standards (IFRS).

$R ---- EPS is shown in South African rand. ae ---- EPS is Adjusted EBITDA. af ---- EPS is Adjusted Funds from Operations (AFFO). ca ---- EPS is Cash Available for Distribution/Share. cb ---- EPS is EBITDA (mil.). cf ---- EPS is Cash Flow per share. cu ---- EPS is Cash Distribution per Unit.

ni --- EPS is Net Investment Income per share. r --- Figures are based on ADRs/ADSs. rf --- EPS is Recurring Free Cash Flow per share. vf --- EPS is Valuation Free Cash Flow/Share. x --- EPS is Funds From Operations (FFO). y --- EPS is Distributable Cash Flow per share.

ed ---- EPS is Earnings per ADS.

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Raymond James Research Register - July 2015

Company Index 1st Constitution Bancorp (FCCY:Q) AAC Holdings, Inc. (AAC:N) Aaron`s Inc. (AAN:N) Abaxis, Inc. (ABAX:Q) Abbott Laboratories (ABT:N) Abertis (ABE.MC:MAD) Abiomed Inc. (ABMD:Q) Acadia Healthcare Co. (ACHC:Q) Acadian Timber Corp. (ADN:T) Accenture plc (ACN:N) Access National Corporation (ANCX:Q) AccorHotels (ACCP.PA:EPA) ACE Limited (ACE:N) ACI Worldwide, Inc. (ACIW:Q) Adecoagro SA (AGRO:N) Adidas (ADSGn.DE:ETR) ADP (ADP.PA:EPA) The ADT Corporation (ADT:N) ADTRAN, Inc. (ADTN:Q) Advance Auto Parts, Inc. (AAP:N) Advanced Energy Industries, Inc. (AEIS:Q) Advanced Micro Devices (AMD:Q) Advent Software, Inc. (ADVS:Q) The Advisory Board Company (ABCO:Q) Aecon Group (ARE:T) AeroVironment Inc. (AVAV:Q) Aetna (AET:N) Aflac, Inc. (AFL:N) Agnico Eagle Mines (AEM:N) Agree Realty Corporation (ADC:N) Agrium Inc. (AGU:N) AGT Food and Ingredients Inc. (AGT:T) Ahold (AHLN.AS:AMS) AIMIA (AIM:T) Air Canada (AC:T) Air France-KLM (AIRF.PA:EPA) Airgas, Inc. (ARG:N) Akamai Technologies, Inc. (AKAM:Q) Akorn, Inc. (AKRX:Q) Alacer Gold Corp (ASR:T) Alamos Gold Inc. (AGI:N) Alaris Royalty Corp. (AD:T) Alaska Air Group (ALK:N) Alcatel-Lucent (ALU:N) Alcentra Capital Corporation (ABDC:Q) Alere, Inc. (ALR:N) Alibaba Group Holding Ltd. (BABA:N) Allegiant Travel Co. (ALGT:Q) Allergan plc (AGN:N) Alliance Data Systems Corp. (ADS:N) Allied Properties REIT (AP.UN:T) Allscripts Healthcare Solutions Inc. (MDRX:Q) Allstate Corporation (ALL:N) AltaGas Ltd. (ALA:T) Altera Corporation (ALTR:Q) Alterra Power Corp. (AXY:T) Altius Minerals Corp. (ALS:T) Amazon.com Inc. (AMZN:Q) Amber Road, Inc. (AMBR:N) Amedisys (AMED:Q) America Movil, S.A.B. de C.V. (AMX:N) American Airlines Group, Inc. (AAL:Q)

Raymond James Research Register - July 2015

37 46 21 46 48 54 48 46 56 73 37 65 42 76 59 24 54 73 69 20 31 74 41 47 52 73 46 42 57 61 55 55 24 23 81 82 51 71 49 57 57 52 79 69 43 47 71 80 49 76 64 47 42 32 74 32 56 71 68 46 74 79

American Equity Investment Life Holding Company (AEL:N) American Financial Group, Inc. (AFG:N) American Homes 4 Rent (AMH:N) American Midstream Partners L.P. (AMID:N) American National Bankshares, Inc (AMNB:Q) American Railcar Industries, Inc. (ARII:Q) American Residential Properties, Inc. (ARPI:N) American River Bankshares (AMRB:Q) American Tower (AMT:N) AmeriGas Partners L.P. (APU:N) AmerisourceBergen Corp. (ABC:N) Amica Mature Lifestyles Inc. (ACC:T) Amphastar Pharmaceuticals, Inc. (AMPH:Q) AmSurg Corporation (AMSG:Q) Amyris, Inc. (AMRS:Q) Anadarko Petroleum Corp. (APC:N) Analog Devices, Inc. (ADI:Q) Angie's List, Inc. (ANGI:Q) AngioDynamics (ANGO:Q) Antero Midstream Partners L.P. (AM:N) Antero Resources Corporation (AR:N) Anthem (ANTM:N) Aon plc (AON:N) Apache Corporation (APA:N) Apartment Investment and Management Company (AIV:N) Apollo Investment Corp. (AINV:Q) Apple Inc. (AAPL:Q) Applied Micro Circuits Corporation (AMCC:Q) Applied Optoelectronics, Inc. (AAOI:Q) ARC Resources Ltd. (ARX:T) ArcBest Corp (ARCB:Q) Arctic Cat, Inc. (ACAT:Q) Ares Capital Corp. (ARCC:Q) Argo Group International Holdings, Ltd. (AGII:Q) Arista Networks (ANET:N) ARM Holdings plc (ARMH:Q) Armada Hoffler Properties (AHH:N) ARRIS Group Inc. (ARRS:Q) Arrow Electronics, Inc. (ARW:N) Arthur J. Gallagher & Co. (AJG:N) Artis REIT (AX.UN:T) Asanko Gold Inc. (AKG:T) Associated Banc-Corp (ASB:M) Associated Estates Realty Corporation (AEC:N) Assurant, Inc. (AIZ:N) AT&T Inc. (T:N) ATAC Resources Ltd. (ATC:V) Athabasca Oil Corp. (ATH:T) athenahealth Inc. (ATHN:Q) Atlantic Tele-Network, Inc. (ATNI:Q) Atlas Resource Partners L.P. (ARP:N) Atmel Corporation (ATML:Q) Atwood Oceanics (ATW:N) AuRico Gold Inc. (AUQ:N) AutoZone, Inc. (AZO:N) Avago Technologies Ltd. (AVGO:Q) Avigilon Corporation (AVO:T) Avnet, Inc. (AVT:N) B2Gold Corp. (BTO:T) Baker Hughes, Inc. (BHI:N) Banc of California, Inc. (BANC:N) BancFirst Corporation (BANF:Q)

42 42 62 29 37 80 62 37 74 29 47 63 49 46 31 26 67 72 48 29 26 46 41 26 62 43 70 74 69 32 81 19 43 42 69 74 62 69 72 41 64 57 37 62 42 75 57 32 47 74 26 74 30 57 20 67 76 72 57 30 37 37

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Company Index Banco Macro S.A. (BMA:N) The Bancorp, Inc. (TBBK:Q) BancorpSouth, Inc. (BXS:N) Bank of America Corporation (BAC:N) Bank of Commerce Holdings (BOCH:Q) Bank of Marin Bancorp (BMRC:Q) Bank of New York Mellon Corp (BK:N) Bank of the Ozarks Inc. (OZRK:Q) Banner Corporation (BANR:Q) Barrick Gold Corporation (ABX:N) Basic Energy Services, Inc. (BAS:N) Baxter International Inc. (BAX:N) Baylin Technologies Inc. (BYL:T) Baytex Energy Corp. (BTE:T) BB&T Corporation (BBT:N) BBCN Bancorp, Inc. (BBCN:Q) BBVA Banco Frances (BFR:N) Beacon Roofing Supply, Inc. (BECN:Q) Bear Creek Mining Corp. (BCM:V) Becton, Dickinson and Company (BDX:N) Bed Bath & Beyond (BBBY:Q) Beiersdorf (BEIG.DE:ETR) Benchmark Electronics, Inc. (BHE:N) Benefitfocus, Inc. (BNFT:Q) Best Buy Company, Incorporated (BBY:N) BG Group (BG.L:L) BGC Partners, Inc. (BGCP:Q) BIC (BB.FP:EPA) Big Lots Inc. (BIG:N) Bill Barrett Corp. (BBG:N) BioMed Realty Trust Inc. (BMR:N) Birchcliff Energy Ltd. (BIR:T) Bird Construction Inc. (BDT:T) Black Diamond Group Limited (BDI:T) Black Diamond Inc. (BDE:Q) Black Stone Minerals, L.P. (BSM:N) BlackBerry (BBRY:Q) Blackhawk Network Holdings, Inc. (HAWK:Q) Bloomin' Brands, Inc. (BLMN:Q) Blue Capital Reinsurance Holdings Ltd. (BCRH:N) BNC Bancorp (BNCN:Q) Boardwalk Pipeline Partners L.P. (BWP:N) Boardwalk REIT (BEI.UN:T) BofI Holding, Inc. (BOFI:Q) BOK Financial Corp. (BOKF:Q) Bombardier Inc. (BBD.B:T) Bonanza Creek Energy, Inc. (BCEI:N) Booz Allen Hamilton Holding Corp. (BAH:N) Boston Scientific Corp. (BSX:N) Bottomline Technologies (EPAY:Q) Boulder Energy Ltd. (BXO:T) Bourbon (GPBN.PA:EPA) Bouygues (BOUY.PA:EPA) Box, Inc. (BOX:N) Boyd Group Income Fund (BYD.UN:T) BP (BP.L:L) Brandywine Realty Trust (BDN:N) BreitBurn Energy Partners L.P. (BBEP:Q) Briggs & Stratton (BGG:N) Brightcove Inc. (BCOV:Q) Brinker International (EAT:N) Broadcom Corporation (BRCM:Q)

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44 37 37 37 37 37 37 37 37 57 31 48 76 32 37 37 44 51 57 48 21 24 70 68 20 34 41 24 20 26 62 32 52 33 21 26 76 76 22 42 37 29 64 37 37 81 26 73 48 76 32 34 77 68 53 34 62 26 21 68 22 74

Broadridge Financial Solutions, Inc. (BR:N) BroadSoft, Inc. (BSFT:Q) Brookfield Canada Office Properties (BOX.UN:T) Brookfield Infrastructure Partners L.P. (BIP:N) Brookfield Renewable Energy Partners L.P. (BEP:N) Brown & Brown, Inc. (BRO:N) Brunswick Corp. (BC:N) BT (BT.L:L) Buffalo Wild Wings, Inc. (BWLD:Q) C.H. Robinson Worldwide (CHRW:Q) C.R. Bard, Inc. (BCR:N) C1 Financial, Inc. (BNK:N) CA Technologies (CA:Q) Cabela’s Inc. (CAB:N) Cablevision Systems Corp. (CVC:N) Cabot Oil & Gas Corp. (COG:N) CACI International Inc. (CACI:N) CAE Inc. (CAE:T) CafePress Inc. (PRSS:Q) Calfrac Well Services (CFW:T) California Resources Corporation (CRC:N) Calix, Inc. (CALX:N) Callaway Golf Co. (ELY:N) Calloway REIT (CWT.UN:T) Calumet Specialty Products Partners L.P. (CLMT:Q) Cameco Corp. (CCO:T) Cameron International Corp. (CAM:N) Campari (CPR.MI:BIT) Campus Crest Communities, Inc. (CCG:N) Canadian Apartment Properties REIT (CAR.UN:T) Canadian National Railway (CNR:T) Canadian Natural Resources Ltd (CNQ:T) Canadian Oil Sands Limited (COS:T) Canadian Pacific Railway (CP:T) Canadian Tire Corporation (CTC.A:T) Canam Group (CAM:T) Canexus Corporation (CUS:T) Canfor Corp. (CFP:T) Canfor Pulp Products Inc. (CFX:T) CanWel Building Materials Group Ltd. (CWX:T) Canyon Services Group Inc. (FRC:T) Capital Product Partners L.P. (CPLP:Q) Capital Senior Living Corp. (CSU:N) Capstone Mining Corp. (CS:T) Cardinal Financial Corporation (CFNL:Q) Cardinal Health Inc. (CAH:N) CareDx, Inc. (CDNA:Q) Carmike Cinemas, Inc. (CKEC:Q) Carnival Corp. (CCL:N) Carrefour (CARR.PA:EPA) Carriage Services, Inc. (CSV:N) Carrols Restaurant Group, Inc. (TAST:Q) Casella Waste Systems, Inc. (CWST:Q) Casey's General Stores, Inc. (CASY:Q) Casino (CASP.PA:EPA) Castlight Health, Inc. (CSLT:N) Catalent, Inc. (CTLT:N) Catamaran (CTRX:Q) CatchMark Timber Trust, Inc. (CTT:N) Caterpillar Inc. (CAT:N) Cavium Inc. (CAVM:Q) CBL & Associates Properties, Inc. (CBL:N)

41 69 64 52 52 41 19 77 22 80 48 37 71 20 75 26 73 81 71 33 26 69 20 64 29 58 30 23 62 64 81 33 33 81 23 53 52 56 56 82 33 29 46 56 37 47 47 19 19 24 47 22 51 20 24 68 49 46 63 52 74 61

Raymond James Research Register - July 2015

Company Index CBOE Holdings, Inc. (CBOE:Q) CDW Corporation (CDW:Q) Cedar Realty Trust, Inc. (CDR:N) Celadon Group, Inc. (CGI:N) Celestica, Inc. (CLS:N) Cenovus Energy (CVE:T) Centene (CNC:N) CenterState Banks, Inc. (CSFL:Q) Central Pacific Financial Corp. (CPF:N) Centrica (CNA.L:L) CenturyLink (CTL:N) Cepheid (CPHD:Q) Cerner Corporation (CERN:Q) Cervus Equipment Corp. (CVL:T) CEZ (CEZsp.PR:PRG) CGG (CGG.PA:EPA) CGI Group (GIB.A:T) ChannelAdvisor Corporation (ECOM:N) Charles River Laboratories (CRL:N) The Charles Schwab Corporation (SCHW:N) Chart Industries, Inc. (GTLS:Q) Charter Communications, Inc. (CHTR:Q) Check Point Software Technologies (CHKP:Q) Cheesecake Factory Inc. (CAKE:Q) Chegg, Inc. (CHGG:N) Chemical Financial Corporation (CHFC:Q) Chemtrade Logistics Income Fund (CHE.UN:T) Cheniere Energy Partners L.P. (CQP:M) Cheniere Energy, Inc. (LNG:M) Chesapeake Energy Corp. (CHK:N) Chesapeake Granite Wash Trust (CHKR:N) Chevron Corp. (CVX:N) Chinook Energy Inc. (CKE:T) Chipotle Mexican Grill, Inc. (CMG:N) Choice Properties REIT (CHP.UN:T) Christian Dior (DIOR.PA:EPA) Chubb Corporation (CB:N) Church & Dwight Co., Inc. (CHD:N) Chuy's Holdings, Inc. (CHUY:Q) Ciena Corporation (CIEN:N) CIGNA Corporation (CI:N) Cimarex Energy Co. (XEC:N) Cincinnati Bell Inc. (CBB:N) Cinemark Holdings, Inc. (CNK:N) Cineplex Inc. (CGX:T) Cisco Systems (CSCO:Q) Citrix Systems Inc. (CTXS:Q) Civitas Solutions, Inc. (CIVI:N) Clayton Williams Energy, Inc. (CWEI:N) Clean Energy Fuels Corp. (CLNE:Q) Clean Harbors (CLH:N) The Clorox Company (CLX:N) CM Finance Inc. (CMFN:Q) CME Group Inc. (CME:Q) Coeur Mining Inc. (CDE:N) Cogent Communications Holdings Inc. (CCOI:Q) Colgate-Palmolive Company (CL:N) Colruyt (COLR.BR:EBR) Columbia Banking System, Inc. (COLB:Q) Comcast Corp. (CMCSA:Q) Comerica Inc. (CMA:N) Commerce Bancshares, Inc. (CBSH:Q)

Raymond James Research Register - July 2015

41 72 63 81 70 33 46 37 37 34 75 47 47 52 34 34 77 68 49 41 31 75 71 22 71 37 52 29 29 26 26 28 32 22 64 24 42 21 22 69 46 26 75 19 23 69 71 46 26 31 51 21 43 41 57 75 21 24 37 75 37 37

CommScope Holding Company, Inc. (COMM:Q) Community Bank System, Inc. (CBU:N) Community Health Systems, Inc. (CYH:N) Community Trust Bancorp, Inc. (CTBI:Q) CommVault Systems Inc. (CVLT:Q) Compass Diversified Holdings (CODI:N) Compass Group (CPG.L:L) Computer Programs and Systems, Inc. (CPSI:Q) Computer Sciences Corporation (CSC:N) Comstock Resources (CRK:N) Comtech Telecommunications Corp. (CMTL:Q) Concho Resources Inc. (CXO:N) Conifex Timber Inc. (CFF:T) ConnectOne Bancorp, Inc. (CNOB:Q) Connecture Inc. (CNXR:Q) ConocoPhillips (COP:N) CONSOL Energy Inc. (CNX:N) Consolidated Communications Holdings (CNSL:Q) Constant Contact, Inc. (CTCT:Q) Continental Resources Inc. (CLR:N) Control4 Corporation (CTRL:Q) Con-way Inc. (CNW:N) The Cooper Companies, Inc. (COO:N) Copa Holdings, S.A. (CPA:N) Copper Mountain Mining (CUM:T) Core-Mark Holding Company, Inc. (CORE:Q) Corporate Office Properties Trust (OFC:N) Costco Wholesale Corporation (COST:Q) Covanta Holding Corp. (CVA:N) Crawford & Company (CRD.B:N) Credit Acceptance Corp. (CACC:Q) Cree, Inc. (CREE:Q) CREIT (REF.UN:T) Crescent Point Energy (CPG:T) Crestwood Equity Partners L.P. (CEQP:N) Crestwood Midstream Partners L.P. (CMLP:N) Cresud SACIFYA (CRESY:Q) Crew Energy Inc. (CR:T) CRH (CRH.I:ISE) Criteo S.A. (CRTO:Q) Crombie REIT (CRR.UN:T) CrossAmerica Partners L.P. (CAPL:N) Crown Castle International (CCI:N) CSI Compressco Partners L.P. (CCLP:Q) CST Brands, Inc. (CST:N) CSX Corp. (CSX:N) CT Real Estate Investment Trust (CRT.UN:T) Ctrip.com International, Ltd. (CTRP:Q) CU Bancorp (CUNB:Q) CubeSmart (CUBE:N) Cubic Corporation (CUB:N) Culp, Inc. (CFI:N) CVB Financial Corp. (CVBF:Q) CVS Health (CVS:N) Cypress Energy Partners, L.P. (CELP:N) CyrusOne Inc. (CONE:Q) D.R. Horton, Inc. (DHI:N) Darden Restaurants (DRI:N) Dave & Buster’s Entertainment, Inc. (PLAY:Q) DaVita HealthCare Partners Inc. (DVA:N) Dawson Geophysical Company (DWSN:Q) Del Frisco’s Restaurant Group, Inc. (DFRG:Q)

69 37 48 37 71 43 24 47 73 26 73 26 56 37 47 26 26 75 68 26 70 81 48 79 56 20 62 21 51 41 43 74 64 32 29 29 59 32 58 71 64 29 74 30 20 80 64 72 37 62 73 19 37 47 31 75 60 22 22 46 31 22

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Company Index Delek Logistics Partners L.P. (DKL:N) Delek US Holdings, Inc. (DK:N) Delhaize (DELB.BR:EBR) Delphi Energy Corp. (DEE:T) Delta Air Lines, Inc. (DAL:N) Demandware (DWRE:N) Denbury Resources Inc. (DNR:N) Denison Mines Corp. (DML:T) The Descartes Systems Group Inc. (DSGX:Q) Detour Gold Corp. (DGC:T) Deutsche Telekom (DTE.DE:ETR) Devon Energy Corporation (DVN:N) DexCom Inc. (DXCM:Q) DH Corporation (DH:T) Dia (DIDA.MC:MAD) Diageo (DGE.L:L) Diamond Offshore (DO:N) Diamondback Energy, Inc. (FANG:Q) DiamondRock Hospitality Company (DRH:N) Dick`s Sporting Goods Inc. (DKS:N) Digi International Inc. (DGII:Q) Digital Realty Trust, Inc. (DLR:N) DigitalGlobe, Inc. (DGI:N) DineEquity, Inc. (DIN:N) Diodes Incorporated (DIOD:Q) Diplomat Pharmacy, Inc. (DPLO:N) DIRECTV (DTV:Q) DIRTT Environmental Solutions Ltd. (DRT:T) DISH Network Corp. (DISH:Q) The Dixie Group (DXYN:Q) Dollar General Corp. (DG:N) Dollar Tree, Inc. (DLTR:Q) Dollarama (DOL:T) Domtar (UFS:N) Douglas Emmett (DEI:N) DragonWave (DRWI:Q) Dresser-Rand Group, Inc. (DRC:N) Dunkin’ Brands Group, Inc. (DNKN:Q) DuPont Fabros Technology Inc. (DFT:N) Dycom Industries, Inc. (DY:N) E*TRADE FINANCIAL Corporation (ETFC:Q) E.On (EONGn.DE:ETR) Eagle Rock Energy Partners L.P. (EROC:Q) East West Bancorp, Inc. (EWBC:Q) Easterly Government Properties, Inc. (DEA:N) Eastern Platinum Ltd. (ELR:T) Eastern Virginia Bankshares, Inc. (EVBS:Q) EastGroup Properties, Inc. (EGP:N) Easyhome Ltd. (EH:T) easyJet plc (EZJ.L:L) eBay Inc. (EBAY:Q) ECA Marcellus Trust I (ECT:N) EchoStar Corporation (SATS:Q) Ecopetrol S.A. (EC:N) Edenor (EDN:N) Edenred (EDEN.PA:EPA) EDF (EDF.PA:EPA) Eiffage (FOUG.PA:EPA) Eldorado Gold Corp. (EGO:N) Element Financial Corporation (EFN:T) Elizabeth Arden Inc. (RDEN:Q) EMC Corporation (EMC:N)

10

29 28 24 32 79 68 26 58 77 57 77 26 48 76 24 23 30 26 61 20 70 62 73 22 67 49 75 53 75 20 20 20 23 56 62 76 30 22 62 69 41 34 26 37 62 56 38 62 23 82 71 26 73 28 35 24 34 53 57 44 21 72

Empire Company Limited (EMP.A:T) Encore Capital Group Inc. (ECPG:Q) Endeavour Mining Corp. (EDV:T) Endeavour Silver Corp. (EDR:T) Endo International plc (ENDP:Q) Enel (ENEI.MI:BIT) Enerflex Ltd. (EFX:T) Energen Corp. (EGN:N) Energy Transfer Equity L.P. (ETE:N) Energy Transfer Partners L.P. (ETP:N) Energy XXI Limited (EXXI:Q) EnerNOC, Inc. (ENOC:Q) Engie (GSZ.PA:EPA) Eni (ENI.MI:BIT) EnLink Midstream LLC (ENLC:N) EnLink Midstream Partners L.P. (ENLK:N) Enphase Energy, Inc. (ENPH:Q) Ensco plc (ESV:N) Ensign Energy Services Inc. (ESI:T) Enterprise Financial Services Corp. (EFSC:Q) Enterprise Products Partners L.P. (EPD:N) Envestnet, Inc. (ENV:N) Enviva Partners L.P. (EVA:N) EOG Resources, Inc. (EOG:N) Equifax, Inc. (EFX:N) Equinix (EQIX:Q) Equity One, Inc. (EQY:N) Equity Residential (EQR:N) Ericsson (ERIC:Q) Essential Energy Services Ltd. (ESN:T) Essex Property Trust, Inc. (ESS:N) Essilor (ESSI.PA:EPA) Estee Lauder Companies (EL:N) Ethan Allen Interiors (ETH:N) EV Energy Partners L.P. (EVEP:Q) EverBank Financial Corp (EVER:N) Evertz Technologies Ltd. (ET:T) Excel Trust, Inc. (EXL:N) Exchange Income Corp (EIF:T) Expedia, Inc. (EXPE:Q) Expeditors International of Washington, Inc. (EXPD:Q) Express Scripts (ESRX:Q) Exterran Partners L.P. (EXLP:Q) Extra Space Storage (EXR:N) Extreme Networks, Inc. (EXTR:Q) Exxon Mobil Corp. (XOM:N) F5 Networks, Inc. (FFIV:Q) Facebook, Inc. (FB:Q) FactSet Research Systems Inc. (FDS:N) Fairchild Semiconductor International (FCS:Q) Family Dollar Stores Inc. (FDO:N) Farmers Capital Bank Corp. (FFKT:Q) Fastenal Company (FAST:Q) FBL Financial Group (FFG:N) Federal Realty Investment Trust (FRT:N) Federated National Holding Company (FNHC:Q) FedEx Corporation (FDX:N) Ferragamo (SFER.MI:BIT) Ferrellgas Partners L.P. (FGP:N) Ferrovial (FER.MC:MAD) Fidelity National Information Services (FIS:N) Fidus Investment Corporation (FDUS:Q)

23 43 57 57 49 34 33 26 29 29 26 31 34 34 29 29 31 30 33 38 29 41 31 26 76 75 63 62 69 33 62 23 21 19 26 38 76 63 52 72 80 46 30 62 69 28 69 72 41 67 20 38 51 42 63 42 80 24 29 54 76 43

Raymond James Research Register - July 2015

Company Index Fiesta Restaurant Group, Inc. (FRGI:Q) Fifth Street Finance Corp. (FSC:Q) Fifth Third Bancorp (FITB:Q) Financial Engines, Inc. (FNGN:Q) Finisar Corporation (FNSR:Q) Finning International (FTT:T) FireEye Inc. (FEYE:Q) First Bancorp (FBNC:Q) First Busey Corporation (BUSE:Q) First Business Financial Services, Inc. (FBIZ:Q) First Community Corporation (FCCO:Q) First Defiance Financial Corp. (FDEF:Q) First Financial Bancorp (FFBC:Q) First Financial Corporation (THFF:Q) First Horizon National Corporation (FHN:N) First Industrial Realty Trust, Inc. (FR:N) First Majestic Silver (FR:T) First Merchants Corporation (FRME:Q) First Midwest Bancorp, Inc. (FMBI:Q) First of Long Island Corporation (FLIC:Q) First Potomac Realty Trust (FPO:N) First Quantum Minerals Ltd. (FM:T) First Republic Bank (FRC:N) First Security Group, Inc. (FSGI:Q) First Solar, Inc. (FSLR:Q) FirstMerit Corp. (FMER:Q) Fission Uranium Corp. (FCU:T) FleetCor Technologies (FLT:N) Flextronics International Ltd. (FLEX:Q) FLIR Systems (FLIR:Q) FMC Technologies, Inc. (FTI:N) Fnac (FNAC.PA:EPA) Fortinet Inc. (FTNT:Q) Fortress Paper (FTP:T) Fortress Transportation & Infrastructure Investors LLC (FTAI:N) Fortum (FUM1V.HE:HEL) Fortuna Silver Mines Inc. (FVI:T) Forward Air Corporation (FWRD:Q) Franco-Nevada Corp. (FNV:N) Fraport (FRAG.DE:ETR) The Fresh Market, Inc. (TFM:Q) Frontier Communications Corp. (FTR:Q) Fulton Financial (FULT:Q) FXCM Inc. (FXCM:N) GAIN Capital Holdings, Inc. (GCAP:N) Garmin Ltd. (GRMN:Q) GATX Corporation (GMT:N) Genesee & Wyoming Inc. (GWR:N) Genesis Energy L.P. (GEL:N) GenMark Diagnostics, Inc. (GNMK:Q) Genomic Health (GHDX:Q) Genworth Financial (GNW:N) GeoPark Limited (GPRK:N) German American Bancorp, Inc. (GABC:Q) Gibson Energy Inc. (GEI:T) Gigamon Inc. (GIMO:N) Gildan Activewear (GIL:N) Glacier Bancorp, Inc. (GBCI:Q) Glacier Media Inc. (GVC:T) Global Partners L.P. (GLP:N) Global Payments Inc. (GPN:N) GOL Linhas Aereas Inteligentes S.A. (GOL:N)

Raymond James Research Register - July 2015

22 43 38 41 69 52 71 38 38 38 38 38 38 38 38 62 57 38 38 38 62 56 38 38 31 38 58 76 70 73 30 24 71 56 80 34 57 80 57 54 20 75 38 41 41 70 80 80 29 47 47 42 35 38 32 69 23 38 23 29 76 80

Golar LNG Partners L.P. (GMLP:Q) Goldcorp Inc. (GG:N) Goldman Sachs BDC, Inc. (GSBD:N) Golub Capital BDC, Inc. (GBDC:Q) Goodrich Petroleum Corp. (GDP:N) Google Inc. (GOOG:Q) GoPro, Inc. (GPRO:Q) Granite Oil Corp. (GXO:T) Great Canadian Gaming (GC:T) The Greenbrier Companies, Inc. (GBX:N) Grenville Strategic Royalty Corp. (GRC:V) Groupe Eurotunnel (GETP.PA:EPA) Groupon, Inc. (GRPN:Q) GrubHub Inc. (GRUB:N) Grupo Clarin S.A. (GCLA:BA) Grupo Financiero Galicia (GGAL:Q) Guaranty Federal Bancshares Inc. (GFED:Q) Guyana Goldfields Inc. (GUY:T) H&M (HMb.ST:STO) H&R REIT (HR.UN:T) The Habit Restaurants, Inc. (HABT:Q) Haemonetics Corporation (HAE:N) Halcón Resources Corp. (HK:N) Halliburton (HAL:N) Hallmark Financial Services Inc (HALL:Q) Halogen Software, Inc. (HGN:T) Hancock Holding Company (HBHC:Q) Hanmi Financial Corporation (HAFC:Q) Harley-Davidson, Inc. (HOG:N) Harman International, Inc. (HAR:N) Harmonic Inc. (HLIT:Q) Harris Corporation (HRS:N) Haverty Furniture Companies Inc. (HVT:N) HCA Holdings, Inc. (HCA:N) HCC Insurance Holdings (HCC:N) HD Supply Holdings Inc. (HDS:Q) Health Care REIT, Inc. (HCN:N) Health Insurance Innovations, Inc. (HIIQ:Q) Healthcare Trust of America, Inc. (HTA:N) HealthEquity, Inc. (HQY:Q) HealthSouth Corporation (HLS:N) Heartland Express, Inc. (HTLD:Q) Heartland Financial USA, Inc. (HTLF:Q) Heartland Payment Systems (HPY:N) Heartware International, Inc. (HTWR:Q) HEICO Corporation (HEI:N) HeidelbergCement (HEIG.DE:ETR) Helix Energy Solutions Group (HLX:N) Henkel (HNKG_p.DE:ETR) Hercules Offshore Inc. (HERO:Q) Hercules Technology Growth Capital Inc. (HTGC:N) Heritage Financial Corporation (HFWA:Q) Heritage Oaks Bancorp (HEOP:Q) Herman Miller (MLHR:Q) Hermes International (HRMS.PA:EPA) Héroux-Devtek Inc. (HRX:T) Hersha Hospitality Trust (HT:N) Heska Corporation (HSKA:Q) Hess Corp. (HES:N) Hewlett-Packard (HPQ:N) Hibbett Sports, Inc. (HIBB:Q) Hi-Crush Partners L.P. (HCLP:N)

29 57 43 43 26 72 70 32 23 80 52 54 71 71 78 44 38 57 24 64 22 48 27 30 42 68 38 38 19 70 69 70 21 48 42 51 61 42 61 41 46 81 38 76 48 70 58 30 24 30 43 38 38 19 24 81 61 46 27 72 20 31

11

Company Index Hill-Rom Holdings, Inc. (HRC:N) Hilltop Holdings Inc. (HTH:N) Hilton Worldwide Holdings Inc. (HLT:N) HNI Corporation (HNI:N) Holcim (HOLN.VX:SWF) Holly Energy Partners L.P. (HEP:N) HollyFrontier Corp. (HFC:N) Hologic Inc. (HOLX:Q) Home BancShares, Inc. (HOMB:Q) The Home Depot Inc. (HD:N) HomeAway, Inc. (AWAY:Q) HopFed Bancorp, Inc. (HFBC:Q) Horizon Bancorp (HBNC:Q) Horizon North Logistics Inc. (HNL:T) Horizon Technology Finance Corporation (HRZN:Q) Hospira, Inc. (HSP:N) Host Hotels & Resorts Inc. (HST:N) Houston Wire & Cable Company (HWCC:Q) Hub Group, Inc. (HUBG:Q) HubSpot, Inc. (HUBS:N) HudBay Minerals, Inc. (HBM:T) Humana (HUM:N) Huntington Bancshares Inc. (HBAN:Q) Husky Energy Inc. (HSE:T) Hyatt Hotels Corporation (H:N) IAG (IAG.MC:MAD) IAMGOLD Corp. (IAG:N) IBERIABANK Corporation (IBKC:Q) IBI Group Inc. (IBG:T) ICON plc (ICLR:Q) ICU Medical, Inc. (ICUI:Q) IDEXX Laboratories Inc (IDXX:Q) Ignite Restaurant Group, Inc. (IRG:Q) Iliad (ILD.PA:EPA) Imerys (IMTP.PA:EPA) Impax Laboratories, Inc. (IPXL:Q) Imperial Oil Limited (IMO:T) INC Research Holdings (INCR:Q) Inditex (ITX.MC:MAD) Infinity Property and Casualty Corporation (IPCC:Q) Informatica Corp. (INFA:Q) Ingram Micro Inc. (IM:N) Inland Real Estate Corporation (IRC:N) Insight Enterprises, Inc. (NSIT:Q) Insperity (NSP:N) Insulet (PODD:Q) Integra LifeSciences Corp. (IART:Q) Intel Corporation (INTC:Q) Inteliquent (IQNT:Q) Intelsat S.A. (I:N) Inter Parfums, Inc. (IPAR:Q) Inter Pipeline Ltd. (IPL:T) Interactive Intelligence Group Inc. (ININ:Q) Intercontinental Exchange, Inc. (ICE:N) Intercontinental Hotels (IHG.L:L) Interface, Inc. (TILE:Q) Interfor Corp. (IFP:T) Internap Network Services Corp. (INAP:Q) InterOil Corp. (IOC:N) InterRent REIT (IIP.UN:T) InterXion Holding NV (INXN:N) Intuit Inc. (INTU:Q)

12

48 38 61 19 58 29 28 48 38 21 72 38 38 33 43 48 61 51 80 68 56 46 38 33 61 82 57 38 52 49 48 46 22 77 53 49 33 49 24 42 71 72 63 72 46 48 48 74 75 73 21 32 69 41 65 20 56 75 27 64 75 76

Intuitive Surgical, Inc. (ISRG:Q) Inversora Juramento SA (INVJ:BA) Iridium Communications Inc. (IRDM:Q) iRobot Corporation (IRBT:Q) IRSA Inversiones y Representaciones SA (IRS:N) Ivanhoe Mines Ltd. (IVN:T) J.B. Hunt Transport Services, Inc. (JBHT:Q) Jabil Circuit, Inc. (JBL:N) Jarden Corp. (JAH:N) Jazztel (JAZ.MC:MCE) JDS Uniphase (JDSU:Q) Jernigan Capital, Inc. (JCAP:N) Jeronimo Martins (JMT.LS:ELI) JetBlue Airways (JBLU:Q) Johnson & Johnson (JNJ:N) Joy Global Inc. (JOY:N) Juniper Networks, Inc. (JNPR:N) Kaminak Gold Corporation (KAM:V) Kansas City Southern (KSU:N) KB Home (KBH:N) KCG Holdings, Inc. (KCG:N) Kelt Exploration Ltd. (KEL:T) Kemper Corp (KMPR:N) Kering (KER.PA:EPA) Key Energy Services Inc. (KEG:N) KeyCorp (KEY:N) Keyera Corp (KEY:T) Killam Properties Inc. (KMP:T) Kimco Realty Corporation (KIM:N) Kinder Morgan, Inc. (KMI:N) Kinross Gold Corporation (KGC:N) Kite Realty Group Trust (KRG:N) Kivalliq Energy Corp. (KIV:V) Knight Transportation, Inc. (KNX:N) Knoll, Inc. (KNL:N) KNOT Offshore Partners L.P. (KNOP:N) Kona Grill, Inc. (KONA:Q) Kosmos Energy Ltd. (KOS:N) KPN (KPN.AS:AMS) KVH Industries (KVHI:Q) Laboratory Corporation of America Holdings (LH:N) Labrador Iron Ore Royalty Corp. (LIF:T) Lafarge (LAFP.PA:EPA) Lakeland Bancorp, Inc. (LBAI:Q) Lakeland Financial Corporation (LKFN:Q) Landmark Infrastructure Partners L.P. (LMRK:Q) Landstar System, Inc. (LSTR:Q) Lannett Company, Inc. (LCI:N) Laredo Petroleum Inc. (LPI:N) LaSalle Hotel Properties (LHO:N) LATAM Airlines Group S.A. (LFL:N) Lazard Ltd (LAZ:N) La-Z-Boy Inc. (LZB:N) Legacy Reserves L.P. (LGCY:Q) LegacyTexas Financial Group, Inc. (LTXB:Q) Leggett & Platt (LEG:N) Legumex Walker Inc. (LWP:T) Lennar Corporation (LEN:N) Leucrotta Exploration Inc. (LXE:V) Level 3 Communications Inc. (LVLT:N) Lexmark International, Inc. (LXK:N) LifePoint Hospitals, Inc. (LPNT:Q)

48 59 73 73 65 56 80 70 21 77 69 62 24 80 48 52 69 57 80 60 41 32 42 24 31 39 32 64 63 29 57 63 58 81 19 29 22 27 77 73 46 56 58 39 39 74 80 49 27 61 79 41 19 27 39 19 55 60 32 75 72 48

Raymond James Research Register - July 2015

Company Index Limelight Networks (LLNW:Q) Lincoln National Corp. (LNC:N) Linear Technology Corporation (LLTC:Q) LinkedIn Corp. (LNKD:N) LINN Energy, LLC (LINE:Q) LinnCo, LLC (LNCO:Q) LKQ Corporation (LKQ:Q) Loblaw Companies Ltd. (L:T) Logitech International SA (LOGI:Q) L'Oréal (OREP.PA:EPA) Lowe`s Companies, Inc. (LOW:N) LRR Energy L.P. (LRE:N) Lufthansa (LHAG.DE:ETR) Lumber Liquidators Holdings, Inc. (LL:N) Lumenpulse Inc. (LMP:T) Lundin Mining Corporation (LUN:T) Luxottica (LUX.MI:BIT) LVMH (LVMH.PA:EPA) M/A-COM Technology Solutions (MTSI:Q) MacDonald Dettwiler & Associates (MDA:T) MAG Silver (MAG:T) Magellan Health (MGLN:Q) Magellan Midstream Partners L.P. (MMP:N) Main Street Capital Corp (MAIN:N) Malibu Boats, Inc. (MBUU:Q) Mandalay Resources Corp. (MND:T) Manhattan Associates, Inc. (MANH:Q) Manning & Napier Inc. (MN:N) Marathon Oil Corp. (MRO:N) Marathon Petroleum Corp. (MPC:N) Marine Products Corporation (MPX:N) MarineMax (HZO:N) MarketAxess Holdings Inc. (MKTX:Q) Marketo, Inc. (MKTO:Q) Marriott International, Inc. (MAR:Q) Marsh and McLennan Companies, Inc. (MMC:N) Marten Transport, Ltd. (MRTN:Q) Martin Midstream Partners L.P. (MMLP:Q) Marvell Technology Group, Ltd. (MRVL:Q) Masco Corporation (MAS:N) Masimo Corp. (MASI:Q) MasterCard, Inc. (MA:N) Mattress Firm Holding Corp. (MFRM:Q) Maxim Integrated (MXIM:Q) MAXIMUS Inc. (MMS:N) MB Financial, Inc. (MBFI:Q) McCoy Global (MCB:T) McDonald's Corporation (MCD:N) McGraw Hill Financial Inc. (MHFI:N) McKesson Corporation (MCK:N) MDC Holdings (MDC:N) MedAssets (MDAS:Q) MEDNAX, Inc. (MD:N) MEG Energy Corp. (MEG:T) Melia Hotels International (MEL.MC:MAD) Memorial Production Partners L.P. (MEMP:Q) Memorial Resource Development Corp (MRD:Q) Mercantile Bank Corporation (MBWM:Q) Mercer International Inc. (MERC:Q) Mercury General Corporation (MCY:N) Meridian Bioscience, Inc. (VIVO:Q) Merit Medical Systems Inc. (MMSI:Q)

Raymond James Research Register - July 2015

71 42 67 72 27 27 51 23 69 24 21 27 82 21 76 56 23 24 67 77 57 46 29 43 19 57 68 36 27 28 19 19 41 68 61 41 81 29 74 21 48 76 21 67 73 39 33 22 41 47 60 47 46 33 65 27 27 39 56 42 47 48

Meta Financial Group, Inc. (CASH:Q) Methanex (MEOH:Q) MetLife, Inc. (MET:N) Metro (MEOG.DE:ETR) Metro, Inc. (MRU:T) The Michaels Companies, Inc. (MIK:Q) Micron Technology, Inc. (MU:Q) Microsemi Corporation (MSCC:Q) Microsoft (MSFT:Q) Mid-America Apartment Communities Inc. (MAA:N) Mid-Con Energy Partners L.P. (MCEP:Q) MidSouth Bancorp, Inc. (MSL:N) MidWestOne Financial Group, Inc. (MOFG:Q) MiX Telematics Limited (MIXT:N) MobileIron, Inc. (MOBL:Q) Mobileye N.V. (MBLY:N) Mobistar (MSTAR.BR:EBR) Model N, Inc. (MODN:N) Mohawk Industries (MHK:N) Molina Healthcare (MOH:N) Monolithic Power Systems, Inc. (MPWR:Q) Moody's Corporation (MCO:N) Mosaic Capital Corporation (M:V) Motorola Solutions, Inc. (MSI:N) MRC Global (MRC:N) MSC Industrial Direct (MSM:N) MSCI Inc. (MSCI:N) Mullen Group Ltd. (MTL:T) Murphy Oil Corp. (MUR:N) Murphy USA Inc. (MUSA:N) MV Oil Trust (MVO:N) Mylan N.V. (MYL:Q) Nabors Industries Ltd. (NBR:N) The NASDAQ OMX Group, Inc. (NDAQ:Q) National Commerce Corporation (NCOM:Q) National Fuel Gas Company (NFG:N) National Interstate Corporation (NATL:Q) National Oilwell Varco Inc. (NOV:N) National Retail Properties, Inc. (NNN:N) Natus Medical Inc. (BABY:Q) NCI, Inc. (NCIT:Q) NeoPhotonics Corporation (NPTN:N) NetApp Inc. (NTAP:Q) Netflix Inc. (NFLX:Q) NETGEAR Inc. (NTGR:Q) NetSuite, Inc. (N:N) Nevsun Resources Ltd. (NSU:T) New Gold, Inc. (NGD:M) New Relic, Inc. (NEWR:N) New York Community Bancorp, Inc. (NYCB:N) NewBridge Bancorp (NBBC:Q) Newell Rubbermaid Inc. (NWL:N) Newfield Exploration Company (NFX:N) Newpark Resources (NR:N) Nexity (NEXI.PA:EPA) NexJ Systems Inc. (NXJ:T) NGL Energy Partners L.P. (NGL:N) NH Hoteles (NHH.MC:MAD) NIC Inc. (EGOV:Q) Nimble Storage (NMBL:N) Niska Gas Storage Partners LLC (NKA:N) Noble Corp plc (NE:N)

39 52 42 24 23 20 74 67 71 62 27 39 39 68 71 70 77 68 20 46 67 41 52 70 51 51 41 33 27 20 27 49 31 41 39 27 42 30 61 48 73 69 72 71 70 68 56 57 71 39 39 21 27 31 53 77 29 65 73 72 29 30

13

Company Index Noble Energy, Inc. (NBL:N) Nokia (NOK:N) Norbord Inc. (NBD:T) Norfolk Southern Corp. (NSC:N) North American Energy Partners (NOA:T) Northern Oil & Gas Inc. (NOG:M) Northern Trust Corporation (NTRS:Q) NOW Inc. (DNOW:N) NTELOS Holdings Corp. (NTLS:Q) Nuance Communications, Inc. (NUAN:Q) NuStar Energy L.P. (NS:N) NuStar GP Holdings, LLC (NSH:N) NuVista Energy Ltd. (NVA:T) NVIDIA Corporation (NVDA:Q) NXP Semiconductors N.V. (NXPI:Q) O`Reilly Automotive, Inc. (ORLY:Q) Oasis Petroleum Inc. (OAS:N) Occidental Petroleum Corp. (OXY:N) Ocean Rig UDW (ORIG:Q) Oil States International, Inc. (OIS:N) Old Dominion Freight Line, Inc. (ODFL:Q) Old Line Bancshares Inc. (OLBK:Q) Old National Bancorp (ONB:Q) Old Republic International Corp. (ORI:N) OmniVision Technologies, Inc. (OVTI:Q) OMV (OMV.AV:WBAG) On Deck Capital, Inc. (ONDK:N) ON Semiconductor Corporation (ON:Q) Open Text (OTEX:Q) Oracle Corp. (ORCL:N) Orange (ORA.PA:EPA) OraSure Technologies, Inc. (OSUR:Q) ORBCOMM, Inc. (ORBC:Q) Orbital ATK, Inc. (OA:N) Orezone Gold Corp. (ORE:T) Ovivo Inc. (OVI.A:T) Pacific Continental Corporation (PCBK:Q) Pacific Drilling (PACD:N) Pacific Premier Bancorp, Inc. (PPBI:Q) Paladin Energy Ltd. (PDN:T) Palo Alto Networks (PANW:N) Pampa Energia SA (PAM:N) Pan American Silver (PAAS:Q) Pandora Media, Inc. (P:N) Panera Bread Co. (PNRA:Q) Papa Murphy's Holdings, Inc. (FRSH:Q) Paramount Resources Ltd. (POU:T) PAREXEL (PRXL:Q) Park Sterling Corporation (PSTB:Q) Parkway Properties (PKY:N) Parsley Energy, Inc. (PE:N) Pattern Energy Group Inc. (PEGI:Q) Patterson-UTI Energy, Inc. (PTEN:Q) Paylocity Holding Corporation (PCTY:Q) PBF Energy, Inc. (PBF:N) PC Connection, Inc. (PCCC:Q) Pebblebrook Hotel Trust (PEB:N) Pembina Pipeline Corp. (PPL:T) Pengrowth Energy Corporation (PGF:T) Peoples Bancorp Inc. (PEBO:Q) Pericom Semiconductor Corporation (PSEM:Q) Pernod Ricard (PERP.PA:EPA)

14

27 69 56 80 52 27 39 51 74 70 29 29 32 74 67 20 27 27 30 30 81 39 39 42 74 34 76 67 77 71 77 47 73 73 57 53 39 30 39 58 71 35 57 72 22 22 32 49 39 62 27 52 31 68 28 72 61 32 32 39 74 23

Perrigo Company PLC (PRGO:N) Petrobras Argentina (PZE:N) Petróleo Brasileiro S.A. (PBR:N) PetroQuest Energy (PQ:N) Peyto Exploration and Development (PEY:T) PGT, Inc. (PGTI:Q) Phillips 66 (PSX:N) Physicians Realty Trust (DOC:N) Pier 1 Imports Incorporated (PIR:N) Pinnacle Financial Partners, Inc. (PNFP:Q) Pioneer Energy Services Corp (PES:N) Pioneer Natural Resources Company (PXD:N) Plains All American Pipeline L.P. (PAA:N) Plains GP Holdings L.P. (PAGP:N) Plantronics, Inc. (PLT:N) Platinum Group Metals Ltd. (PTM:T) Plexus Corp. (PLXS:Q) Plum Creek Timber Company, Inc. (PCL:N) PNC Financial Services Group, Inc. (PNC:N) Polaris Industries (PII:N) Polycom Inc. (PLCM:Q) Post Properties, Inc. (PPS:N) Potash Corp. of Saskatchewan Inc. (POT:N) Potlatch Corporation (PCH:Q) Power Integrations, Inc. (POWI:Q) PRA Group Inc. (PRAA:Q) Praxair, Inc. (PX:N) Precision Drilling Corporation (PD:T) Preferred Bank (PFBC:Q) Premier, Inc. (PINC:Q) Premiere Global Services Inc. (PGI:N) Press Ganey Holdings, Inc. (PGND:N) Prestige Brands Holdings Inc. (PBH:N) priceline.com Incorporated (PCLN:Q) Primerica, Inc. (PRI:N) Principal Financial Group Inc. (PFG:N) PrivateBancorp, Inc. (PVTB:Q) ProAssurance Corp. (PRA:N) The Procter & Gamble Company (PG:N) Progressive Corporation (PGR:N) Progressive Waste Solutions Ltd. (BIN:N) Prospect Capital Corporation (PSEC:Q) Prosperity Bancshares, Inc. (PB:N) Proximus (PROX.BR:EBR) Prudential Financial, Inc. (PRU:N) Public Storage (PSA:N) Pulaski Financial Corp. (PULB:Q) PulteGroup Inc. (PHM:N) Puma (PUMG.DE:ETR) Pure Industrial Real Estate Trust (AAR.UN:T) Q2 Holdings Inc. (QTWO:N) QCR Holdings, Inc. (QCRH:Q) QEP Resources, Inc. (QEP:N) Qorvo, Inc. (QRVO:Q) QUALCOMM, Inc. (QCOM:Q) Quality Systems Inc. (QSII:Q) Quest Diagnostics Inc. (DGX:N) Questar Corp. (STR:N) Quidel Corporation (QDEL:Q) Quintiles Transnational Holdings (Q:N) Rackspace Hosting (RAX:N) Rallye (GENC.PA:EPA)

49 35 28 27 32 21 28 61 21 39 31 27 29 29 69 56 70 63 39 19 69 62 55 63 67 43 51 33 39 47 69 47 21 72 42 42 39 42 21 42 51 43 39 77 42 62 39 60 24 63 68 39 27 67 70 47 46 27 47 49 75 24

Raymond James Research Register - July 2015

Company Index Ramco-Gershenson Properties Trust (RPT:N) Range Resources Corp. (RRC:N) Rayonier, Inc. (RYN:N) RB (RB.L:L) Realty Income (O:N) Red Hat, Inc. (RHT:N) Red Robin Gourmet Burgers, Inc. (RRGB:Q) Redknee Solutions Inc. (RKN:T) Regal Entertainment Group (RGC:N) Regency Centers Corp. (REG:N) Regions Financial Corporation (RF:N) Reinsurance Group of America, Inc. (RGA:N) Remy Cointreau (RCOP.PA:EPA) Renasant Corporation (RNST:Q) Rent-A-Center Inc. (RCII:Q) Repsol (REP.MC:MAD) Republic Bancorp, Inc. (RBCAA:Q) Republic Services, Inc. (RSG:N) Resolute Energy Corp. (REN:N) Restoration Hardware Holdings, Inc. (RH:N) Retail Opportunity Investments Corp. (ROIC:Q) Rexel (RXL.PA:EPA) RingCentral, Inc. (RNG:N) RioCan REIT (REI.UN:T) Ritchie Bros. Auctioneers (RBA:N) Rite Aid Corporation (RAD:N) Riverview Bancorp, Inc. (RVSB:Q) RLJ Lodging Trust (RLJ:N) RMP Energy Inc. (RMP:T) Roadrunner Transportation Systems, Inc. (RRTS:N) Rocky Mountain Dealerships Inc. (RME:T) Romarco Minerals Inc. (R:T) Rosetta Resources Inc. (ROSE:Q) Rowan Companies (RDC:N) Roxgold Inc. (ROG:V) Royal Caribbean Cruises Ltd. (RCL:N) Royal Dutch Shell (RDSa.AS:AMS) Royal Gold Inc. (RGLD:Q) RSP Permian Inc. (RSPP:N) RTI Surgical Inc. (RTIX:Q) Rubicon Project, Inc. (RUBI:N) Rush Enterprises, Inc. (RUSHA:Q) Russel Metals (RUS:T) Ruth`s Hospitality Group, Inc. (RUTH:Q) RWE (RWEG.DE:ETR) Ryanair Holdings plc (RYAAY:Q) Ryder System, Inc. (R:N) The Ryland Group, Inc. (RYL:N) Ryman Hospitality Properties Inc. (RHP:N) S&T Bancorp, Inc. (STBA:Q) Sabra Health Care REIT, Inc. (SBRA:Q) Sagent Pharmaceuticals, Inc. (SGNT:Q) Saia, Inc. (SAIA:Q) Saint-Gobain (SGOB.PA:EPA) Saipem (SPMI.MI:BIT) salesforce.com, Inc. (CRM:N) Sally Beauty Holdings Inc. (SBH:N) SanDisk Corp. (SNDK:Q) SandRidge Energy Inc. (SD:N) SandRidge Mississippian Trust I (SDT:N) SandRidge Mississippian Trust II (SDR:N) SandRidge Permian Trust (PER:N)

Raymond James Research Register - July 2015

63 27 63 24 61 71 22 77 19 63 39 42 23 39 21 34 39 51 27 21 63 54 68 64 52 47 39 61 32 80 52 57 27 30 57 19 34 57 27 48 72 80 53 22 34 80 80 60 61 39 61 49 81 53 34 68 21 74 27 27 27 27

Sandstorm Gold Ltd. (SSL:T) Sandy Spring Bancorp, Inc. (SASR:Q) Sanmina Corporation (SANM:Q) Santacruz Silver Mining Ltd. (SCZ:V) Saul Centers, Inc. (BFS:N) Savanna Energy Services (SVY:T) SBA Communications (SBAC:Q) ScanSource, Inc. (SCSC:Q) Schlumberger Ltd. (SLB:N) Schneider Electric (SU.PA:EPA) SciQuest (SQI:Q) The Scotts Miracle-Gro Company (SMG:N) Secure Energy Services Inc. (SES:T) SEI Investments Co. (SEIC:Q) Select Comfort Corp. (SCSS:Q) SEMAFO Inc. (SMF:T) Semtech Corporation (SMTC:Q) Senior Housing Properties Trust (SNH:N) Service Corporation International (SCI:N) ServiceNow, Inc. (NOW:N) ServisFirst Bancshares, Inc. (SFBS:Q) Seven Generations Energy Ltd. (VII:T) Shenandoah Telecommunications Co. (SHEN:Q) Shutterfly, Inc. (SFLY:Q) Shutterstock, Inc. (SSTK:N) Siderar Sociedad Anonima Industrial Y Comercial (ERAR:BA) Sienna Senior Living Inc. (SIA:T) Sierra Bancorp (BSRR:Q) Sierra Wireless (SWIR:Q) Signature Bank (SBNY:Q) Silver Spring Networks, Inc. (SSNI:N) Silver Wheaton (SLW:N) Silvercorp Metals Inc. (SVM:N) Silvercrest Asset Management Group Inc. (SAMG:Q) SilverCrest Mines Inc. (SVL:T) Simmons First National Corporation (SFNC:Q) Simon Property Group, Inc. (SPG:N) Skullcandy, Inc. (SKUL:Q) Sky (SKY.L:L) SkyWest, Inc. (SKYW:Q) Skyworks Solutions (SWKS:Q) SM Energy Company (SM:N) SNC-Lavalin (SNC:T) Sodexo (EXHO.PA:EPA) SolarCity Corp. (SCTY:Q) Solazyme, Inc. (SZYM:Q) Solera Holdings, Inc. (SLH:N) Southcross Energy Partners L.P. (SXE:N) Southwest Airlines Co. (LUV:N) Southwest Bancorp, Inc. (OKSB:Q) Southwestern Energy Company (SWN:N) Sovran Self Storage, Inc. (SSS:N) Spectra Energy Partners L.P. (SEP:N) Spirit Airlines, Inc. (SAVE:Q) Spirit Realty Capital, Inc. (SRC:N) Sprague Resources L.P. (SRLP:N) Springleaf Holdings, Inc. (LEAF:N) Sprint Corp. (S:N) SS&C Technologies Holdings, Inc. (SSNC:Q) SSE (SSE.L:L) St. Joe Company (JOE:N) STAG Industrial Inc. (STAG:N)

57 39 70 57 63 33 74 72 30 53 68 21 33 41 19 57 67 61 47 71 39 32 74 71 71 59 63 39 76 40 31 57 57 36 57 40 61 20 77 80 67 28 52 24 31 31 41 29 80 40 28 62 29 80 61 30 43 74 41 34 60 62

15

Company Index StanCorp Financial Group (SFG:N) Standard Pacific Corporation (SPF:N) Stanley Black & Decker (SWK:N) Stanley Furniture (STLY:Q) Stantec Inc (STN:T) Starwood Hotels & Resorts Worldwide (HOT:N) State Street Corporation (STT:N) Steelcase, Inc. (SCS:N) Steiner Leisure Limited (STNR:Q) Stellus Capital Investment Corporation (SCM:N) Stericycle Inc. (SRCL:Q) Steris Corp. (STE:N) Stock Yards Bancorp Inc. (SYBT:Q) Stone Energy Corp. (SGY:N) StoneMor Partners L.P. (STON:N) STORE Capital Corporation (STOR:N) Storm Resources Ltd. (SRX:V) Strad Energy Services Ltd. (SDY:T) Strategic Hotels & Resorts (BEE:N) Strongco Corp. (SQP:T) Stuart Olson Inc. (SOX:T) Student Transportation Inc. (STB:T) Suburban Propane Partners L.P. (SPH:N) Suez Environnement (SEVI.PA:EPA) Summit Hotel Properties, Inc. (INN:N) Suncor Energy Inc (SU:T) Sunoco L.P. (SUN:N) SunPower Corp. (SPWR:Q) Sunstone Hotel Investors, Inc. (SHO:N) SunTrust Banks, Inc. (STI:N) Superior Energy Services, Inc. (SPN:N) Superior Plus Corporation (SPB:T) SVB Financial Group (SIVB:Q) Swift Energy Company (SFY:N) Swift Transportation Company (SWFT:N) Symantec Corp. (SYMC:Q) Symetra Financial Corp. (SYA:N) Synchronoss Technologies, Inc. (SNCR:Q) SYNNEX Corporation (SNX:N) Synovus Financial Corp. (SNV:N) Tahoe Resources Inc. (THO:T) TAL International Group, Inc. (TAL:N) TalkTalk Telecom Group (TALK.L:L) Talmer Bancorp, Inc. (TLMR:Q) Tangoe Inc. (TNGO:Q) Targa Resources Corp. (TRGP:N) Targa Resources Partners L.P. (NGLS:N) Tarkett (TKTT.PA:EPA) Taseko Mines Ltd. (TKO:T) TCF Financial Corporation (TCB:N) TCP Capital Corp. (TCPC:Q) TD Ameritrade Holding Corporation (AMTD:N) Tech Data Corporation (TECD:Q) Technip (TECF.PA:EPA) Teck Resources Limited (TCK.B:T) Teekay Corporation (TK:N) Teekay LNG Partners L.P. (TGP:N) Teekay Offshore Partners L.P. (TOO:N) Telecom Argentina S.A. (TEO:N) Telecom Italia (TLIT.MI:BIT) TeleCommunication Systems (TSYS:Q) Teledyne Technologies Incorporated (TDY:N)

16

42 60 21 19 52 61 40 19 19 43 48 48 40 28 47 61 32 33 61 52 52 82 30 34 61 33 30 31 61 40 31 52 40 28 81 71 42 70 72 40 57 80 77 40 68 30 30 53 56 40 43 41 72 34 56 30 30 30 78 77 73 70

Teleflex, Inc. (TFX:N) Telefonica (TEF.MC:MCE) Telenet Group (TNET.BR:EBR) Telephone and Data Systems, Inc. (TDS:N) TeliaSonera AB (TLSN.ST:STO) Tempur Sealy International, Inc. (TPX:N) Tenaris S.A. (TS:N) Tenet Healthcare Corporation (THC:N) Territorial Bancorp Inc. (TBNK:Q) Tesoro Corp. (TSO:N) Tesoro Logistics L.P. (TLLP:N) TETRA Technologies Inc. (TTI:N) Teva Pharmaceutical Industries, Ltd. (TEVA:N) Texas Capital Bancshares, Inc. (TCBI:Q) Texas Instruments Incorporated (TXN:Q) Texas Roadhouse, Inc. (TXRH:Q) Textainer Group Holdings Limited (TGH:N) TGLT S.A. (TGLT:BA) Thoratec Corp. (THOR:Q) Timbercreek Mortgage Investment Corporation (TMC:T) Timbercreek Senior Mortgage Investment Corp. (MTG:T) Time Warner Cable Inc. (TWC:N) T-Mobile US Inc. (TMUS:N) Toll Brothers, Inc. (TOL:N) Torchmark Corporation (TMK:N) The Toro Company (TTC:N) Toromont Industries (TIH:T) Total (TOTF.PA:EPA) Total System Services (TSS:N) Tourmaline Oil Corp. (TOU:T) Towers Watson & Co. (TW:Q) Tractor Supply Co. (TSCO:Q) Transener (TRAN:BA) TransEnterix, Inc. (TRXC:M) TransGlobe Energy Corp. (TGA:Q) Transocean (RIG:N) Transportadora de Gas del Sur (TGS:N) TravelCenters of America LLC (TA:N) The Travelers Companies, Inc. (TRV:N) Tree Island Steel Ltd. (TSL:T) Trevali Mining Corporation (TV:T) Triangle Capital Corporation (TCAP:N) Trican Well Service (TCW:T) TriCo Bancshares (TCBK:Q) Tricon Capital Group Inc. (TCN:T) Trilogy Energy Corp. (TET:T) Trina Solar Limited (TSL:N) Trinidad Drilling Ltd. (TDG:T) Trinity Industries, Inc. (TRN:N) TripAdvisor, Inc. (TRIP:Q) True North Apartment REIT (TN.UN:T) True North Commercial REIT (TNT.UN:T) Trustmark Corporation (TRMK:Q) TubeMogul, Inc. (TUBE:Q) Twitter, Inc. (TWTR:N) U.S. Bancorp (USB:N) U.S. Cellular (USM:N) U.S. Ecology, Inc. (ECOL:Q) U.S. Geothermal (HTM:M) Ubiquiti Networks, Inc. (UBNT:Q) UEX Corp. (UEX:T) Ulta Salon, Cosmetics & Fragrance, Inc. (ULTA:Q)

48 77 77 74 77 19 35 48 40 28 30 31 49 40 67 22 80 65 48 64 64 75 74 60 42 21 52 34 76 32 41 20 35 48 28 30 35 20 42 53 56 43 33 40 64 32 31 33 80 72 64 64 40 71 72 40 74 51 32 70 58 21

Raymond James Research Register - July 2015

Company Index Ultimate Software Group Inc. (ULTI:Q) Ultra Petroleum Corporation (UPL:N) UMB Financial Corporation (UMBF:Q) Umpqua Holdings Corp. (UMPQ:Q) Under Armour Inc. (UA:N) Union Bankshares Corporation (UBSH:Q) Union Pacific Corp. (UNP:N) Unisys Corporation (UIS:N) Unit Corporation (UNT:N) United Bankshares, Inc. (UBSI:Q) United Community Banks, Inc. (UCBI:Q) United Continental Holdings, Inc. (UAL:N) United Insurance Holdings Corp. (UIHC:Q) United Parcel Service (UPS:N) UnitedHealth Group (UNH:N) Universal American Corp. (UAM:N) Universal Health Services, Inc. (UHS:N) Unum Group (UNM:N) Upland Software, Inc. (UPLD:Q) Uranium Participation Corporation (U:T) Ur-Energy Inc. (URE:T) USA Compression Partners L.P. (USAC:N) UTi Worldwide, Inc. (UTIW:Q) Valero Energy Corp. (VLO:N) Vanguard Natural Resources, LLC (VNR:Q) Vantiv, Inc. (VNTV:N) VCA Inc. (WOOF:Q) Veolia Environnement (VIE.PA:EPA) Verbund (VERB.VI:WBAG) Veresen Inc. (VSN:T) VeriFone Systems, Inc. (PAY:N) Verisk Analytics Inc. (VRSK:Q) Verizon Communications (VZ:N) ViaSat, Inc. (VSAT:Q) Vicat (VCTP.PA:EPA) Vinci (SGEF.PA:EPA) Viper Energy Partners L.P. (VNOM:Q) Virgin America Inc. (VA:Q) Virtus Investment Partners, Inc. (VRTS:Q) Visa, Inc. (V:N) Vishay Intertechnology, Inc. (VSH:N) Vivendi (VIV.PA:EPA) VMware (VMW:N) VOC Energy Trust (VOC:N) Vodafone (VOD.L:L) Voya Financial Inc. (VOYA:N) W&T Offshore, Inc. (WTI:N) W.W. Grainger, Inc. (GWW:N) Wabtec Corporation (WAB:N) Wajax Corp. (WJX:T) Walgreens Boots Alliance Inc. (WBA:Q) Wal-Mart Stores Inc. (WMT:N) Washington Federal, Inc. (WAFD:Q)

Raymond James Research Register - July 2015

68 28 40 40 20 40 80 73 31 40 40 79 42 80 46 46 48 42 68 58 58 30 80 28 28 76 46 34 34 32 76 41 75 73 58 53 28 79 36 76 67 77 71 28 77 42 28 51 80 52 47 21 40

Washington REIT (WRE:N) Waste Connections, Inc. (WCN:N) Waste Management, Inc. (WM:N) Wayfair, Inc. (W:N) WCI Communities, Inc. (WCIC:N) Weatherford (WFT:N) WebMD Health Corp (WBMD:Q) Webster Financial Corp. (WBS:N) WellCare Health Plans (WCG:N) Wells Fargo & Co. (WFC:N) Werner Enterprises, Inc. (WERN:Q) WesBanco, Inc. (WSBC:Q) WESCO International (WCC:N) West Fraser Timber (WFT:T) Western Energy Services Corp. (WRG:T) Western Forest Products Inc. (WEF:T) Western Refining, Inc. (WNR:N) WesternOne Inc. (WEQ:T) WestJet Airlines (WJA:T) Westport Innovations Inc. (WPRT:Q) Weyerhaeuser Company (WY:N) Whirlpool Corp. (WHR:N) Whistler Blackcomb Holdings Inc. (WB:T) Whitbread (WTB.L:L) Whiting Petroleum Corp. (WLL:N) Whiting USA Trust II (WHZ:N) Whole Foods Market Inc. (WFM:Q) The Williams Companies, Inc. (WMB:N) Williams Partners L.P. (WPZ:N) Williams-Sonoma (WSM:N) Wilshire Bancorp, Inc. (WIBC:Q) Windstream Holdings Inc. (WIN:Q) Winpak Ltd. (WPK:T) Wintrust Financial Corporation (WTFC:Q) Wix.com Ltd. (WIX:Q) Wolseley (WOS.L:L) Workiva Inc. (WK:N) WPX Energy Inc. (WPX:N) WSP Global Inc. (WSP:T) Xilinx, Inc. (XLNX:Q) XPO Logistics, Inc. (XPO:N) Yadkin Financial Corporation (YDKN:N) Yahoo! Inc. (YHOO:Q) Yamana Gold Inc. (AUY:N) Yelp, Inc. (YELP:N) YPF (YPF:N) YRC Worldwide Inc. (YRCW:Q) YUM! Brands, Inc. (YUM:N) Zayo Group Holdings, Inc. (ZAYO:N) ZCL Composites (ZCL:T) Zillow Group, Inc. (Z:Q) Zions Bancorporation (ZION:Q)

62 51 51 71 60 30 47 40 46 40 81 40 51 56 33 56 28 53 81 31 63 20 53 65 28 28 20 30 30 21 40 75 23 40 71 54 68 28 52 74 80 40 72 57 72 35 81 22 75 53 72 40

17

Consumer USA

Canada

Europe

Entertainment & Leisure ............................................ 19

Consumer & Retail...................................................... 23

Consumer Goods .........................................................23

Cruise Lines.............................................................. 19

Beverages .................................................................23

Leisure Products ...................................................... 19

Eyecare & Eyewear ..................................................23

Theaters................................................................... 19

Home & Personal Care .............................................24

Furniture & Furnishings Suppliers .............................. 19

Luxury Goods ...........................................................24

Office Furniture ....................................................... 19

Foodservices ...............................................................24

Residential Furniture ............................................... 19

Retail ...........................................................................24

Hardline Retail ............................................................ 20

Apparel.....................................................................24

Automotive Aftermarket Retailers .......................... 20

Consumer Electronics ..............................................24

Consumer Electronics Retailers ............................... 20

Food Retail ...............................................................24

Convenience Stores ................................................. 20

Sporting Goods ........................................................24

Grocery Stores ......................................................... 20 Hardlines ................................................................. 20 Pet Food and Farm Supplies .................................... 20 Sporting Goods ........................................................ 20 Value Retailers......................................................... 20 Home & Building Products.......................................... 20 Appliances ............................................................... 20 Floor Coverings ........................................................ 20 Hardware, Tools, & Decor ....................................... 21 Outdoor Power Equipment & Services .................... 21 Home & Other Retailers ............................................. 21 Big Box Retailers ...................................................... 21 Furniture & Furnishings ........................................... 21 Household & Personal Care Products ......................... 21 Restaurants................................................................. 22

Raymond James Research Register - July 2015

18

Div. %

Analyst/s

26.00 38.17 53.04 16.16 5.87 15.20 127.27

32.9 18.3 14.5 25.0 23.1 27.0 20.1

2.90 2.58 3.88 0.47 0.24 0.46 6.65

0.38 A 2.85 3.97 0.87 0.28 0.87 7.40

1.05 3.35 4.20 1.40 0.32 1.00 8.30

Mar Dec Dec Jun Dec Sep Dec

452 4,968 12,173 493 242 595 10,154

1.8 1.1 1.9 0.0 1.9 0.0 1.7

JDH JDH JDH JDH JDH JDH JDH

35.76 45.68 24.52

24.00 29.42 17.87

46.9 19.6 18.4

(0.38) 1.68 0.68

0.57 2.10 1.16

0.93 2.35 1.29

Dec Dec Dec

666 4,748 3,345

0.0 3.0 4.1

JDH JDH JDH

33.00 54.00 27.00 23.00

32.35 57.74 25.81 20.45

26.74 34.62 16.45 14.30

17.3 20.6 17.7 17.9

1.68 1.97 1.09 0.82

1.75 2.56 1.46 0.89 A

2.00 3.05 1.58 1.09

May Dec Dec Feb

1,809 2,335 1,230 2,458

1.9 2.4 1.9 2.2

BB BB BB BB

NM 34.00 30.00 NM 39.50 NM NM

30.26 32.63 28.38 49.95 35.75 3.64 66.41

16.60 22.06 19.03 32.53 18.75 2.27 48.12

18.1 18.8 17.7 23.8 19.8 NM 22.4

1.31 1.45 1.12 1.78 1.21 UR 2.65

1.55 A 1.41 1.26 A 2.07 1.52 UR 2.95

1.64 1.82 1.51 2.32 1.82 NA 3.41

Apr Jun Apr Dec Dec Dec Dec

362 776 1,394 6,781 1,608 42 4,026

0.8 1.9 1.2 2.5 0.0 0.0 0.0

BB BB BB BB BB BB BB

FY End

JDH JDH JDH

2016E

2.5 1.3 0.0

2015E

39,031 17,669 709

2014A

Nov Dec Dec

Current Year P/E

2.97 5.30 3.55

Low

2.40 4.48 3.25

High

Mkt. Cap. (Mil)

EPS

20.9 1.58 17.8 3.43 16.7 (11.20)

Target Price

Close Jun-25-15

Suitability

Rating

Exchange

Symbol

52 Week

Consumer - USA Budd Bugatch, CFA [email protected]

Joseph Altobello, CFA [email protected]

Sam Darkatsh [email protected]

Joseph D. Hovorka [email protected]

Brian M. Vaccaro, CFA [email protected]

Dan Wewer, CFA [email protected]

Benjamin Brownlow [email protected]

Entertainment & Leisure Cruise Lines Carnival Corp. Royal Caribbean Cruises Ltd. Steiner Leisure Limited

CCL RCL STNR

N N Q

2 3 3

G G AG

50.04 79.95 54.13

54.00 NM NM

51.00 85.56 55.97

33.11 52.32 35.94

ACAT BC HOG MBUU MPX HZO PII

Q N N Q N N N

1 2 3 1 3 1 1

AG HR G AG AG HR G

34.51 52.18 57.42 21.74 6.48 23.52 149.10

40.00 59.00 NM 28.00 NM 32.00 170.00

40.59 56.63 70.65 24.14 9.12 28.69 159.33

CKEC CNK RGC

Q N N

3 1 1

HR TR TR

26.75 41.25 21.36

NM 47.00 25.00

MLHR HNI KNL SCS

Q N N N

2 2 2 1

AG G AG G

30.30 52.70 25.79 19.51

CFI ETH LZB LEG SCSS STLY TPX

N N N N Q Q N

3 1 1 3 1 S 3

AG AG AG TR AG HR AG

29.69 26.47 26.75 49.21 30.17 2.97 66.11

Leisure Products Arctic Cat, Inc. Brunswick Corp. Harley-Davidson, Inc. Malibu Boats, Inc. Marine Products Corporation MarineMax Polaris Industries

Theaters Carmike Cinemas, Inc. Cinemark Holdings, Inc. Regal Entertainment Group

Furniture & Furnishings Suppliers Office Furniture Herman Miller HNI Corporation Knoll, Inc. Steelcase, Inc.

Residential Furniture Culp, Inc. Ethan Allen Interiors La-Z-Boy Inc. Leggett & Platt Select Comfort Corp. Stanley Furniture Tempur Sealy International, Inc.

Raymond James Research Register - July 2015

19

High

Low

164.20 680.31 231.77

183.00 795.00 260.00

165.00 705.00 233.45

119.71 491.93 145.51

19.8 18.9 26.7

7.78 31.57 7.34

BBY SKUL

N Q

3 3

G HR

33.83 8.02

NM NM

42.00 11.83

28.80 6.67

14.0 21.7

2.07 0.26

CASY CORE CST MUSA TA

Q Q N N N

2 2 3 3 3

AG G AG AG HR

97.34 59.26 40.83 58.20 15.23

99.00 65.00 NM NM NM

98.22 71.51 45.25 73.97 18.10

65.70 43.07 32.48 47.20 8.27

22.8 25.8 26.7 17.3 13.7

TFM WFM

Q Q

2 3

AG G

32.39 40.70

43.00 NM

42.12 57.57

29.31 36.08

MIK

Q

2

AG

26.54

31.00

30.00

TSCO

Q

1

AG

92.70

105.00

CAB ELY DKS HIBB UA

N N N Q N

2 3 3 3 3

AG HR AG AG AG

50.59 9.50 52.28 47.68 85.15

BIG DG DLTR FDO

N N Q N

3 1 1 4

HR AG AG NM

WHR

N

3

DXYN TILE MHK

Q Q N

2 3 1

Dec Aug Dec

12,019 23,063 25,193

0.1 0.0 0.0

DW DW DW

2.60 A 0.37

2.41 0.45

Jan Dec

11,915 226

2.7 0.0

DW DW

3.26 2.05 2.50 4.66 1.66

4.62 A 2.30 1.53 3.36 1.11

4.26 2.61 1.77 3.16 0.80

Apr Dec Dec Dec Dec

3,782 1,371 3,139 2,634 584

0.9 1.0 0.6 0.0 0.0

BBL,DW BBL,DW BBL,DW BBL,DW BBL,DW

17.3 23.7

1.62 1.56

1.87 1.72

2.15 1.94

Jan Sep

1,572 14,664

0.0 1.3

BBL,DW BBL,DW

14.51

15.9

1.48

1.67

1.87

Jan

5,506

0.0

DW

93.99

55.95

29.7

2.66

3.12

3.60

Dec

13,136

0.9

DW

62.00 NM NM NM NM

63.95 10.20 60.33 55.97 88.15

46.24 6.79 41.30 41.16 56.79

15.9 73.1 16.2 15.7 80.3

2.88 0.20 2.87 2.87 0.95

3.18 0.13 3.23 3.04 1.06

3.66 0.23 3.58 3.37 1.42

Dec Dec Jan Jan Dec

3,627 726 6,545 1,244 18,469

0.0 0.5 1.0 0.0 0.0

DW DW DW DW DW

46.22 78.71 80.46 79.28

NM 90.00 93.00 NM

51.75 78.93 84.22 80.97

38.15 53.78 52.92 59.81

16.0 19.8 24.3 29.1

2.46 3.50 3.12 3.05

2.89 3.98 3.31 2.72

3.34 4.53 4.19 2.84

Jan Jan Jan Aug

2,574 24,424 16,712 9,054

1.6 1.1 0.0 1.6

DW DW DW DW

TR

178.27

NM

217.11

135.37

14.7

11.39

12.15

15.70

Dec

14,262

1.8

SD,BB

HR AG AG

10.93 24.91 191.90

11.00 NM 220.00

11.40 25.24 195.30

6.00 12.98 120.37

36.4 25.7 18.9

0.01 0.62 8.15

0.30 0.97 10.15

0.74 1.14 12.00

Dec Dec Dec

168 1,652 14,105

0.0 0.6 0.0

SD,BB SD,BB SD,BB

FY End

9.60 40.81 9.90

2014A

8.29 35.97 8.67

Current Year P/E

Analyst/s

Target Price

AG AG AG

Div. %

Close Jun-25-15

1 1 1

Mkt. Cap. (Mil)

Suitability

N N Q

2016E

Rating

AAP AZO ORLY

2015E

Exchange

EPS

Symbol

52 Week

Consumer - USA Hardline Retail Automotive Aftermarket Retailers Advance Auto Parts, Inc. AutoZone, Inc. O`Reilly Automotive, Inc.

Consumer Electronics Retailers Best Buy Company, Incorporated Skullcandy, Inc.

Convenience Stores Casey's General Stores, Inc. Core-Mark Holding Company, Inc. CST Brands, Inc. Murphy USA Inc. TravelCenters of America LLC

Grocery Stores The Fresh Market, Inc. (f) Whole Foods Market Inc.

Hardlines The Michaels Companies, Inc. (f)

Pet Food and Farm Supplies Tractor Supply Co.

Sporting Goods Cabela’s Inc. Callaway Golf Co. Dick`s Sporting Goods Inc. (f) Hibbett Sports, Inc. (f) Under Armour Inc.

Value Retailers Big Lots Inc. (f) Dollar General Corp. (f) Dollar Tree, Inc. (f) Family Dollar Stores Inc.

Home & Building Products Appliances Whirlpool Corp.

Floor Coverings The Dixie Group Interface, Inc. Mohawk Industries

Raymond James Research Register - July 2015

20

2015E

2016E

Mkt. Cap. (Mil)

Div. %

Analyst/s

27.41 14.47 105.70

30.00 13.50 NM

28.38 15.35 107.69

19.84 7.34 79.03

22.1 23.0 18.5

1.02 0.43 5.37

1.24 0.63 5.70

1.54 0.81 6.65

Dec Dec Dec

9,511 724 16,542

1.6 0.0 2.0

SD,BB SD,BB SD,BB

BGG TTC

N N

3 3

TR AG

19.37 68.49

NM NM

21.09 70.59

17.14 55.77

14.7 20.0

0.82 3.02

1.32 3.43

1.38 3.85

Jun Oct

856 3,911

2.6 1.4

SD,BB SD,BB

COST HD LOW LL WMT

Q N N N N

3 3 3 3 1

G G G HR G

137.45 112.24 69.66 21.20 71.86

NM NM NM NM 86.00

156.85 117.99 76.25 77.27 90.97

114.90 77.95 46.48 20.01 71.70

26.6 21.5 21.3 23.0 14.9

4.65 4.58 2.68 2.31 5.11

5.16 5.21 3.27 0.92 5.07 A

5.59 5.85 3.81 1.45 4.83

Aug Jan Jan Dec Jan

60,443 145,800 65,968 574 232,826

1.2 2.1 1.6 0.0 2.7

BB BB BB BB BB

AAN BBBY HVT MFRM PIR RCII RH WSM

N Q N Q N Q N N

2 1 3 2 1 2 2 3

G G AG AG AG AG AG G

36.63 69.23 22.30 62.22 12.33 30.42 95.70 81.12

37.00 85.00 NM 73.00 17.00 34.00 105.00 NM

36.98 79.64 26.84 71.82 17.52 37.49 102.00 84.75

23.25 54.96 19.54 43.31 11.38 23.42 69.80 62.35

16.6 13.2 17.4 24.7 14.5 14.2 30.8 23.2

1.69 5.03 1.28 2.03 1.01 1.95 2.36 3.20

2.21 5.25 1.28 2.52 0.84 A 2.14 3.11 3.50

2.42 5.78 1.58 3.20 0.85 2.45 3.98 4.04

Dec Feb Dec Jan Feb Dec Jan Jan

2,663 12,058 505 2,189 1,109 1,613 3,824 7,434

0.3 0.0 1.4 0.0 2.3 3.9 0.0 1.7

BB BB BB BB BB BB BB BB

BDE CHD CLX CL RDEN EL IPAR JAH NWL PBH PG SBH SMG ULTA

Q N N N Q N Q N N N N N N Q

3 3 3 3 4 2 3 1 2 3 3 2 3 2

AG G TR G NM G G AG G AG G AG AG AG

9.72 82.81 106.22 66.46 14.46 86.75 35.04 53.56 41.35 47.27 79.39 30.80 60.18 154.84

NM NM NM NM NM 95.00 NM 63.00 44.00 NM NM 35.00 NM 175.00

11.65 87.25 112.70 71.56 24.00 90.33 35.22 54.57 42.00 47.80 93.89 35.27 69.27 159.85

6.25 63.85 86.03 62.53 13.20 70.18 22.33 36.27 30.63 30.02 77.10 24.09 52.38 88.14

NM 25.3 23.5 23.1 NM 31.5 35.0 19.1 19.1 22.5 19.9 18.8 17.2 33.3

(0.28) 3.01 4.39 2.93 (0.55) 3.16 0.95 2.70 2.00 1.53 4.09 1.53 3.29 3.98

(0.07) 3.27 4.52 2.88 (1.10) 2.75 1.00 2.80 2.16 1.86 A 3.98 1.64 3.50 4.65

0.08 3.60 4.78 3.12 0.20 3.30 1.20 3.15 2.38 2.10 4.22 1.88 3.90 5.55

Dec Dec Jun Dec Jun Jun Dec Dec Dec Mar Jun Sep Sep Jan

318 10,818 13,916 60,118 431 32,824 1,086 10,310 11,276 2,472 215,385 4,838 3,671 9,938

0.0 1.6 3.5 2.8 0.0 1.3 1.4 0.0 1.8 0.0 3.3 0.0 3.0 0.0

JA JA JA JA JA JA JA JA JA JA JA JA JA JA

FY End

2014A

HR HR TR

Current Year P/E

Close Jun-25-15

2 1 3

Low

Suitability

N Q N

High

Rating

MAS PGTI SWK

Target Price

Exchange

EPS

Symbol

52 Week

Consumer - USA Hardware, Tools, & Decor Masco Corporation PGT, Inc. Stanley Black & Decker

Outdoor Power Equipment & Services Briggs & Stratton The Toro Company

Home & Other Retailers Big Box Retailers Costco Wholesale Corporation The Home Depot Inc. (f) Lowe`s Companies, Inc. (f) Lumber Liquidators Holdings, Inc. Wal-Mart Stores Inc.

Furniture & Furnishings Aaron`s Inc. Bed Bath & Beyond (f) Haverty Furniture Companies Inc. Mattress Firm Holding Corp. (f) Pier 1 Imports Incorporated Rent-A-Center Inc. Restoration Hardware Holdings, Inc. Williams-Sonoma (f)

Household & Personal Care Products Black Diamond Inc. Church & Dwight Co., Inc. The Clorox Company Colgate-Palmolive Company Elizabeth Arden Inc. Estee Lauder Companies Inter Parfums, Inc. Jarden Corp. Newell Rubbermaid Inc. Prestige Brands Holdings Inc. The Procter & Gamble Company Sally Beauty Holdings Inc. The Scotts Miracle-Gro Company Ulta Salon, Cosmetics & Fragrance, Inc.

Raymond James Research Register - July 2015

21

15.01 43.83 122.15 6.49 42.00 575.92 18.40 43.56 15.89 17.87 74.93 40.50 41.70 29.05 3.37 16.02 87.62 142.41 8.08 47.45 10.39 24.51 65.81

Analyst/s

Low

26.25 63.40 195.83 10.91 55.48 727.97 36.71 73.40 38.16 28.21 114.23 55.19 69.00 44.20 14.86 28.66 101.89 188.24 22.72 89.70 16.29 38.42 95.90

Div. %

High

26.00 66.00 NM 11.50 NM NM 27.50 77.00 38.50 24.00 120.00 NM 60.00 NM NM 28.00 NM NM 21.00 100.00 17.00 41.00 NM

Mkt. Cap. (Mil)

Target Price

21.67 58.61 158.74 10.65 54.79 607.38 25.93 71.23 36.90 18.69 99.17 54.60 49.94 33.28 5.38 20.77 95.79 176.89 21.27 84.60 16.03 37.20 91.38

FY End

Close Jun-25-15

AG G AG HR G AG AG G AG AG G G AG AG HR HR G G AG AG G AG G

2016E

Suitability

1 2 3 1 3 3 2 2 2 2 1 3 2 3 3 2 3 3 2 1 2 2 3

2015E

Rating

Q N Q Q Q N Q N Q Q N Q Q Q Q Q N Q Q Q Q Q N

2014A

Exchange

BLMN EAT BWLD TAST CAKE CMG CHUY DRI PLAY DFRG DIN DNKN FRGI HABT IRG KONA MCD PNRA FRSH RRGB RUTH TXRH YUM

EPS Current Year P/E

Symbol

52 Week

2,778 3,886 3,032 471 2,805 19,193 433 9,146 1,579 441 1,884 5,267 1,322 865 138 234 94,238 4,705 355 1,210 569 2,619 41,121

1.1 2.3 0.0 0.0 1.5 0.0 0.0 3.1 0.0 0.0 3.4 1.9 0.0 0.0 0.0 0.0 4.4 0.0 0.0 0.0 1.7 1.8 1.8

BV BV BV BV BV BV BV BV BV BV BV BV BV BV BV BV BV BV BV BV BV BV BV

Consumer - USA Restaurants Bloomin' Brands, Inc. Brinker International Buffalo Wild Wings, Inc. Carrols Restaurant Group, Inc. Cheesecake Factory Inc. Chipotle Mexican Grill, Inc. Chuy's Holdings, Inc. Darden Restaurants Dave & Buster’s Entertainment, Inc. Del Frisco’s Restaurant Group, Inc. DineEquity, Inc. Dunkin’ Brands Group, Inc. Fiesta Restaurant Group, Inc. The Habit Restaurants, Inc. Ignite Restaurant Group, Inc. Kona Grill, Inc. McDonald's Corporation Panera Bread Co. Papa Murphy's Holdings, Inc. Red Robin Gourmet Burgers, Inc. Ruth`s Hospitality Group, Inc. Texas Roadhouse, Inc. YUM! Brands, Inc.

Raymond James Research Register - July 2015

16.9 18.9 27.9 NM 24.4 35.7 33.2 22.6 34.2 19.7 16.8 28.6 31.0 NM NM NM 20.3 28.5 40.1 26.9 19.1 25.1 27.1

1.10 2.71 4.95 (0.44) 1.97 14.13 0.69 1.71 0.76 0.82 4.72 1.74 1.35 0.16 (0.19) 0.07 5.08 6.69 0.43 2.66 0.74 1.23 3.09

1.28 1.50 3.10 3.75 5.68 7.05 (0.30) (0.12) 2.25 2.55 17.00 19.95 0.78 0.90 2.63 A 3.15 1.08 1.37 0.95 1.10 5.90 6.25 1.91 2.21 1.61 1.85 0.25 0.30 (0.15) (0.07) (0.25) (0.13) 4.72 5.15 6.20 6.55 0.53 0.67 3.15 3.75 0.84 0.95 1.48 1.80 3.37 3.95

Dec Jun Dec Dec Dec Dec Dec May Jan Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec

22

Mkt. Cap. (Mil)

Div. %

Analyst/s

FY End

2016E

2015E

2014A

Current Year P/E

EPS

Low

High

Target Price

Close Jun-25-15

Suitability

Rating

Exchange

Symbol

52 Week

2,329 10,595 2,973 10,008 286 8,390 8,237 107 1,666 27,221 8,641 2,517

5.5 1.5 3.3 0.5 2.0 1.2 0.8 6.7 NA 1.5 1.4 0.3

KT KT KT KT FB KT KT KT KT KT KT KT

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

Frederic Bastien, CFA [email protected]

Consumer & Retail 12.50 100.16 38.18 43.69 16.56 66.41 24.99 1.19 15.33 47.01 21.33 24.37

NM 17.0 25.5 28.7 12.4 16.1 21.8 8.0 19.9 18.4 16.9 23.2

315 7.94 1.21 1.74 1.34 4.84 1.14 0.20 1.08 3.10 1.71 1.21

294 8.88 2.12 2.66 2.20 6.54 1.98 0.13 1.31 4.18 2.23 1.85

Dec Dec Dec Jan Dec Apr Dec Dec Dec Dec Sep Dec

Mkt. Cap. (Mil)

Div. %

Analyst/s

Dec Jun Jun Mar

4,084 £48,269 28,559 3,311

1.3 2.8 1.7 2.6

HB HB HB HB

Dec Dec

23,576 29,822

1.2 1.5

CL CL

FY End

2014A

Current Year P/E

EPS

Low

High

52 Week

239 7.97 1.85 2.19 A 1.65 5.63 1.55 0.15 1.18 3.55 2.01 1.67

2016E

19.83 137.48 51.01 77.09 26.14 95.93 34.08 1.69 24.81 66.88 37.10 43.29

2015E

18.00 152.00 50.00 78.00 32.00 99.00 38.00 1.75 25.00 69.00 38.00 45.00

Target Price

C$13.62 C$135.83 C$47.19 C$76.40 C$20.42 C$90.80 US$33.76 C$1.20 C$23.50 C$65.42 C$34.06 C$38.73

Close Jun-25-15

G G TR AG AG G G HR AG G G G

Suitability

2 2 2 2 2 2 1 3 2 2 2 2

Rating

T T T T T T N T T T T T

Exchange

AIM CTC.A CGX DOL EH EMP.A GIL GVC GC L MRU WPK

Symbol

AIMIA (ae) Canadian Tire Corporation Cineplex Inc. Dollarama Easyhome Ltd. Empire Company Limited Gildan Activewear Glacier Media Inc. Great Canadian Gaming Loblaw Companies Ltd. Metro, Inc. Winpak Ltd.

Consumer - EUR Hermine de Bentzmann, RJEE [email protected]

Cedric Lecasble, RJEE [email protected]

Julien Richer, RJEE [email protected]

Consumer Goods Beverages Campari Diageo Pernod Ricard Remy Cointreau

CPR.MI DGE.L PERP.PA RCOP.PA

BIT L EPA EPA

4 3 2 3

€7.03 1,920p €107.60 €67.97

6.00 NM 128.00 NM

7.40 2,055 117.75 75.00

4.89 1,690 82.23 50.42

22.7 21.0 20.9 31.3

0.27 95.50 4.46 1.63

ESSI.PA LUX.MI

EPA BIT

2 3

€112.00 €62.35

121.00 NM

115.80 62.50

71.16 34.74

29.2 33.7

2.99 1.42

0.31 0.34 91.40 98.40 5.15 5.94 1.95 A 2.17

Eyecare & Eyewear Essilor Luxottica

Raymond James Research Register - July 2015

3.83 1.85

4.38 2.07

23

84.28 158.75 115.70 181.30 6,130

60.78 94.76 72.16 117.05 4,784

28.1 2.53 21.7 5.58 21.1 4.38 26.2 5.34 24.1 268.00

DIOR.PA SFER.MI HRMS.PA KER.PA LVMH.PA

EPA BIT EPA EPA EPA

2 2 S 4 2

€190.00 €28.52 €356.85 €162.00 €170.90

199.00 27.00 NM 148.00 190.00

192.80 32.55 365.55 198.50 175.40

112.35 17.61 229.00 140.05 109.41

11.7 27.2 40.9 17.9 20.9

CPG.L EDEN.PA EXHO.PA

L EPA EPA

3 4 4

1,095p €22.73 €89.00

NM 23.00 90.00

1,223 27.15 95.76

924 19.27 69.49

19.9 22.1 23.2

48.80 0.73 3.23

HMb.ST ITX.MC

STO MAD

4 3

SEK329.00 €30.39

270.00 NM

368.50 31.20

269.60 19.29

24.6 32.3

FNAC.PA

EPA

2

€56.40

65.00

64.00

25.47

AHLN.AS CARR.PA CASP.PA COLR.BR DELB.BR DIDA.MC JMT.LS MEOG.DE GENC.PA

AMS EPA EPA EBR EBR MAD ELI ETR EPA

3 2 4 4 3 1 3 2 4

€17.67 €29.98 €71.01 €40.91 €79.40 €7.12 €12.07 €29.62 €28.32

NM 34.00 69.00 38.00 NM 8.70 NM 37.00 31.00

19.90 33.25 97.53 44.45 89.98 7.70 13.39 34.81 41.18

ADSGn.DE PUMG.DE

ETR ETR

4 3

€70.99 €144.70

65.00 NM

78.05 211.75

Dec Dec Dec Dec Dec

19,815 7,319 41,339 93,978 £40,717

0.9 2.0 1.4 1.9 2.2

HB HB HB HB HB

7.90 16.19 1.05 E 1.26 8.72 E 9.74 9.35 9.06 6.14 8.19

10.60 NA NA 10.28 8.97

Jun Dec Dec Dec Dec

34,523 4,803 37,673 20,456 86,761

4.0 1.8 0.9 2.7 2.0

HB HB HB HB HB

55.07 1.03 3.83

60.39 1.21 4.32

Sep Dec Aug

£18,188 5,201 13,982

2.5 3.9 2.4

JR JR JR

12.07 0.80

13.39 0.94

14.61 1.05

Nov Jan

544,528 94,701

3.1 2.0

CL CL

16.9

2.97

3.34

3.45

Dec

936

0.0

CL

11.57 21.42 70.02 32.12 47.86 4.48 6.94 22.13 25.94

18.0 17.8 16.6 16.3 16.5 16.5 22.8 17.5 2.0

0.88 1.47 4.91 2.42 0.87 0.42 0.48 1.84 (0.66)

0.98 1.68 4.28 2.51 4.81 0.43 0.53 1.69 14.13

1.09 1.93 4.63 2.59 5.15 0.51 0.59 1.68 7.94

Dec Dec Dec Mar Dec Dec Dec Sep Dec

15,797 22,033 8,037 6,407 8,219 4,633 7,592 9,678 1,379

2.8 2.6 4.4 2.7 1.7 2.7 2.2 3.0 6.5

CL CL CL CL CL CL CL CL CL

52.94 140.95

21.1 53.0

3.05 4.29

3.36 2.73

3.51 4.33

Dec Dec

14,853 2,182

2.1 0.3

CL CL

FY End

2.97 7.35 5.40 6.86 254.00

2014A

2.80 7.03 4.93 6.38 236.00

Current Year P/E

Analyst/s

Low

69.00 NM 115.00 191.00 NM

Div. %

High

€78.63 €152.80 €104.10 €167.45 5,692p

Mkt. Cap. (Mil)

Target Price

4 3 2 2 3

2016E

Close Jun-25-15

ETR EPA ETR EPA L

2015E

Rating

BEIG.DE BB.FP HNKG_p.DE OREP.PA RB.L

Suitability

Exchange

EPS

Symbol

52 Week

Consumer - EUR Home & Personal Care Beiersdorf BIC Henkel L'Oréal RB

Luxury Goods Christian Dior Ferragamo Hermes International Kering LVMH

Foodservices Compass Group Edenred Sodexo

Retail Apparel H&M Inditex

Consumer Electronics Fnac

Food Retail Ahold Carrefour Casino Colruyt Delhaize Dia Jeronimo Martins Metro Rallye

Sporting Goods Adidas Puma

Raymond James Research Register - July 2015

24

Energy USA

Canada

Europe

Exploration and Production ........................................ 26

Alternative Energy & Clean Tech ................................ 32

Integrated Majors and Refiners ..................................34

Integrated Majors and Refiners .................................. 28

Energy Infrastructure ................................................. 32

Oilfield Services ...........................................................34

Independent Refiners .............................................. 28

Midstream ............................................................... 32

Diversified Oilfield Services ......................................34

Integrated Oil and Gas ............................................. 28

Intermediate Oil & Gas Producers .............................. 32

Seismic .....................................................................34

Midstream Suppliers................................................... 29

Junior Oil & Gas Producers ......................................... 32

Utilities ........................................................................34

Oilfield Services .......................................................... 30

Oil & Gas Energy Services ........................................... 33

Electricity & Gas .......................................................34

Compression ............................................................ 30

Contract Drillers ...................................................... 33

Environmental Services ............................................34

Diversified Oilfield Services ..................................... 30

Facilities & Infrastructure ........................................ 33

Manufacturing & Fabrication .................................. 30

Pressure Pumpers ................................................... 33

Latin America

Offshore Construction ............................................. 30

Well Site & Other Services ...................................... 33

Electric Utilities ...........................................................35

Offshore Drillers ...................................................... 30

Oil Sands ..................................................................... 33

Exploration and Production ........................................35

Onshore Drillers....................................................... 31

Senior Oil & Gas Producers ........................................ 33

Gas Utility ....................................................................35

Production/Workover/Miscellaneous ..................... 31

Integrated Majors and Refiners ..................................35

Renewable Energy and Clean Technology .................. 31

Integrated Majors ....................................................35

Fuels and Chemicals ................................................ 31

Oilfield Services ...........................................................35

Power ...................................................................... 31

Manufacturing & Fabrication ...................................35

Raymond James Research Register - July 2015

25

Div. %

Analyst/s

Mkt. Cap. (Mil)

FY End

2016E

2015E

2014A

Current Year P/E

EPS

Low

High

Target Price

Close Jun-25-15

Suitability

Rating

Exchange

Symbol

52 Week

1.7 0.0 2.2 31.7 0.0 6.0 0.0 27.5 0.3 0.6 3.2 20.7 0.7 0.0 0.0 0.0 5.8 1.4 0.0 3.8 1.6 0.0 10.9 10.9 0.5 12.5 0.8 20.4 0.0

AC JF JF KS JF KS AC KS AC PM JF KS AC AC JF JF PM AC AC AC AC JF KS,DH KS JF AC AC KS JF

Energy - USA J. Marshall Adkins [email protected]

Andrew Coleman [email protected]

John Freeman, CFA [email protected]

Cory J. Garcia [email protected]

Darren Horowitz [email protected]

Pavel Molchanov [email protected]

Kevin Smith [email protected]

Benjamin Brownlow [email protected]

Praveen Narra [email protected]

Exploration and Production Anadarko Petroleum Corp. Antero Resources Corporation Apache Corporation Atlas Resource Partners L.P. Bill Barrett Corp. Black Stone Minerals, L.P. (cu) Bonanza Creek Energy, Inc. BreitBurn Energy Partners L.P. Cabot Oil & Gas Corp. California Resources Corporation Chesapeake Energy Corp. Chesapeake Granite Wash Trust (cu) Cimarex Energy Co. Clayton Williams Energy, Inc. Comstock Resources Concho Resources Inc. ConocoPhillips CONSOL Energy Inc. Continental Resources Inc. Denbury Resources Inc. Devon Energy Corporation Diamondback Energy, Inc. Eagle Rock Energy Partners L.P. ECA Marcellus Trust I (cu) Energen Corp. Energy XXI Limited EOG Resources, Inc. EV Energy Partners L.P. Goodrich Petroleum Corp.

Raymond James Research Register - July 2015

APC AR APA ARP BBG BSM BCEI BBEP COG CRC CHK CHKR XEC CWEI CRK CXO COP CNX CLR DNR DVN FANG EROC ECT EGN EXXI EOG EVEP GDP

N N N N N N N Q N N N N N N N N N N N N N Q Q N N Q N Q N

2 2 2 3 4 2 2 4 3 3 3 4 3 3 4 2 3 3 2 4 2 2 3 3 3 3 2 3 3

HR HR HR TR NM TR HR NM HR HR HR NM HR HR NM HR TR HR HR NM HR HR HR TR HR HR HR TR HR

80.73 35.20 57.80 6.92 8.53 17.61 19.20 5.04 31.91 7.16 11.11 7.55 115.76 72.98 3.85 117.07 62.22 22.78 43.99 6.56 60.38 76.39 2.57 3.13 68.43 3.04 87.65 12.49 1.83

100.00 51.00 80.00 NM NM 20.00 28.00 NM NM NM NM NM NM NM NM 143.00 NM NM 57.00 NM 78.00 100.00 NM NM NM NM 102.00 NM NM

113.51 66.10 104.57 20.94 27.56 19.46 62.89 23.15 35.64 9.87 29.92 11.78 150.71 142.28 29.49 148.61 87.09 46.73 80.91 18.58 80.63 91.01 5.25 7.44 90.50 24.06 118.81 41.97 27.95

71.00 33.25 54.34 6.56 7.44 16.59 16.36 4.55 26.01 3.75 11.00 4.80 91.74 42.44 3.23 77.22 60.57 22.25 30.06 6.04 51.76 51.69 1.78 2.98 53.78 2.30 81.07 11.95 1.55

NM 69.0 NM NM NM 25.2 NM NM NM NM NM 5.6 NM NM NM NM NM 31.2 NM 18.2 20.6 49.9 NM 12.0 78.7 NM NM NM NM

4.13 1.20 5.60 (0.71) (0.52) NA 1.64 (0.96) 0.96 1.70 1.88 2.18 5.76 4.03 (0.66) 4.06 5.31 0.87 3.43 1.04 4.91 2.31 0.21 1.00 2.71 0.67 4.95 2.37 (1.99)

(2.34) 0.51 (0.56) (0.51) (0.27) 0.70 (0.60) (0.18) 0.24 (0.69) (0.54) 1.35 (0.75) (5.18) (4.61) 1.17 0.44 0.73 0.41 0.36 2.93 1.53 (0.13) 0.26 0.87 (2.94) 0.39 0.12 (1.54)

(1.77) 0.74 2.68 (0.32) (0.85) 1.13 (0.51) (0.32) 0.61 (0.03) (0.33) 0.63 1.45 (1.50) (4.36) 1.69 2.44 1.20 1.19 (0.01) 3.49 1.94 (0.30) 0.39 (0.68) (4.53) 2.25 (0.38) (1.88)

Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Jun Dec Dec Dec

41,003 9,225 21,786 608 427 2,954 953 1,063 13,198 2,736 7,372 353 10,149 888 183 14,050 77,495 5,209 16,414 2,342 24,816 4,508 383 55 4,996 287 48,104 607 105

26

1.01 63.80 33.23 6.96 7.00 8.06 9.05 8.58 5.61 24.28 11.75 15.30 4.25 41.78 10.74 57.73 22.31 41.01 4.79 10.64 71.70 11.11 1.70 127.31 18.11 20.97 43.88 0.55 15.92 19.36 0.98 3.00 3.60 5.60

(0.02) (3.08) (1.78) (0.16) (0.08) (0.48) 0.12 0.10 (0.03) (0.73) 0.83 0.48 0.28 (2.62) 0.88 3.09 0.68 0.05 0.59 0.60 0.96 (0.18) (0.88) (0.25) (0.47) 1.26 0.62 (1.01) 0.15 0.52 (0.27) 1.24 0.82 1.73

(0.16) (0.76) (1.86) 0.03 (0.09) (0.17) (0.32) (0.42) 0.58 0.25 0.77 0.73 0.40 (0.76) 1.53 2.88 1.13 0.83 0.17 (0.03) 2.40 0.23 (0.73) 1.38 (0.11) 1.42 0.93 (0.31) 1.14 0.48 (0.56) 0.49 0.59 1.08

Analyst/s

Low

7.50 104.50 65.00 11.26 31.23 32.61 32.74 31.57 20.11 41.92 24.75 30.32 24.39 68.43 29.15 78.79 45.43 78.63 17.09 58.09 100.26 24.33 7.82 234.60 35.91 26.44 87.54 8.77 55.45 32.94 7.20 6.91 8.41 13.08

Div. %

High

NM 92.00 75.00 NM NM NM 14.00 15.00 NM 36.00 20.00 25.00 NM NM NM NM NM NM NM 21.00 96.00 22.00 3.00 193.00 28.00 NM NM NM NM 35.00 NM NM NM NM

Mkt. Cap. (Mil)

Target Price

1.27 68.03 60.71 8.68 13.61 10.05 10.00 10.23 7.95 26.81 15.65 18.42 5.31 42.18 11.11 60.32 37.63 44.93 7.06 16.19 78.53 18.58 2.04 142.24 18.65 21.16 51.04 1.08 24.31 29.36 1.00 4.45 4.23 7.54

FY End

Close Jun-25-15

NM AG HR HR HR TR TR TR TR TR TR HR TR NM TR G HR HR HR HR TR HR HR HR HR TR HR NM HR HR NM TR TR TR

2016E

Suitability

4 2 2 3 3 3 2 1 3 2 2 2 3 4 3 3 3 3 3 2 1 2 2 2 2 3 3 4 3 2 4 3 3 3

2015E

Rating

N N N N N Q Q Q N N Q Q Q N N N N N M N N N N N N N N N Q N N N N N

2014A

Exchange

HK HES IOC KOS LPI LGCY LINE LNCO LRE MRO MEMP MRD MCEP MUR MVO NFG NFX NBL NOG OAS OXY PE PQ PXD QEP STR RRC REN ROSE RSPP SD SDT SDR PER

EPS Current Year P/E

Symbol

52 Week

0.0 1.5 0.0 0.0 0.0 13.9 12.5 12.2 9.4 3.1 14.1 0.0 33.8 3.3 9.4 2.6 0.0 1.6 0.0 0.0 3.7 0.0 0.0 0.1 0.4 4.0 0.3 0.0 0.0 0.0 0.0 29.7 27.4 34.0

AC PM PM PM JF KS KS KS KS PM KS JF KS PM KS KS,DH AC JF JF AC PM JF AC JF AC KS,DH AC JF JF JF JF KS KS KS

Energy - USA Exploration and Production Halcón Resources Corp. Hess Corp. InterOil Corp. Kosmos Energy Ltd. Laredo Petroleum Inc. Legacy Reserves L.P. LINN Energy, LLC LinnCo, LLC LRR Energy L.P. Marathon Oil Corp. Memorial Production Partners L.P. Memorial Resource Development Corp Mid-Con Energy Partners L.P. Murphy Oil Corp. MV Oil Trust (cu) National Fuel Gas Company Newfield Exploration Company Noble Energy, Inc. Northern Oil & Gas Inc. Oasis Petroleum Inc. Occidental Petroleum Corp. Parsley Energy, Inc. PetroQuest Energy Pioneer Natural Resources Company QEP Resources, Inc. Questar Corp. Range Resources Corp. Resolute Energy Corp. Rosetta Resources Inc. RSP Permian Inc. SandRidge Energy Inc. SandRidge Mississippian Trust I (cu) SandRidge Mississippian Trust II (cu) SandRidge Permian Trust (cu)

Raymond James Research Register - July 2015

NM NM NM NM NM NM 83.3 NM NM NM 18.9 38.4 19.0 NM 12.6 19.5 55.3 NM 12.0 27.0 81.8 NM NM NM NM 16.8 82.3 NM NM 56.5 NM 3.6 5.2 4.4

0.14 4.25 (2.31) 0.27 0.96 0.29 2.25 2.25 1.11 2.53 0.67 0.48 1.06 3.40 3.25 3.44 1.76 2.41 0.94 2.22 5.86 0.33 0.41 5.00 1.39 1.29 1.58 (0.32) 2.35 0.90 0.25 1.34 1.82 2.55

Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Sep Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec

554 19,287 2,999 3,302 2,911 693 3,369 3,386 208 18,097 689 3,514 95 7,516 128 5,090 6,122 17,523 435 2,254 60,437 2,482 132 21,194 3,295 3,718 8,622 84 1,796 2,445 484 125 210 396

27

Div. %

Analyst/s

90.38 46.08 47.11 13.12 7.61 29.77 33.04 34.64 17.24 16.75 92.92 13.33 26.79

29.41 21.46 12.07 1.97 2.67 11.31 11.90 13.79 4.71 4.63 24.13 3.07 10.01

38.4 33.4 NM NM NM 23.7 31.6 26.0 12.1 NM NM 11.4 NM

5.64 2.28 0.67 0.10 0.71 2.55 1.10 0.50 1.38 (0.19) 4.07 2.47 0.28

1.23 0.70 (0.21) (2.53) (0.15) 0.55 0.48 0.80 0.49 (2.85) (0.66) 0.28 0.13

2.60 1.24 0.29 (2.03) 0.09 1.07 0.43 1.13 0.39 (1.43) 1.09 1.11 (0.17)

Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec

3,184 8,987 757 102 332 2,017 1,286 1,655 101 436 7,270 59 2,691

0.3 0.0 0.0 0.0 5.0 0.0 9.3 3.6 8.2 7.0 0.0 1.3 0.0

AC AC JF AC PM AC KS KS KS JF JF KS AC

DK HFC MPC PBF PSX TSO VLO WNR

N N N N N N N N

3 3 2 3 2 3 2 3

AG G G AG G AG G AG

36.25 41.52 51.44 28.57 78.89 85.65 60.31 43.81

NM NM 58.00 NM 88.00 NM 67.00 NM

41.15 51.31 54.16 34.62 87.98 94.83 64.49 51.31

25.15 30.15 37.32 21.02 57.33 55.59 42.53 31.83

12.2 9.8 8.3 8.3 11.2 11.4 8.3 9.6

4.23 2.66 4.47 4.52 6.62 6.90 6.58 4.72

2.97 4.23 6.20 3.44 7.07 7.51 7.26 4.58

3.50 4.00 5.00 4.50 8.00 7.75 6.75 4.25

Dec Dec Dec Dec Dec Dec Dec Dec

2,077 8,101 28,292 2,620 43,571 10,869 31,120 4,185

2.8 3.2 1.9 4.2 2.8 2.0 2.7 3.3

CJG CJG CJG CJG CJG CJG CJG CJG

CVX EC XOM PBR

N N N N

2 3 3 3

TR G TR G

98.34 13.29 83.93 9.03

125.00 NM NM NM

135.10 36.86 104.76 20.94

98.29 12.75 82.68 4.90

28.8 66.4 23.8 22.6

10.14 2.03 7.60 1.22

3.41 0.20 3.53 0.40

5.41 0.88 4.67 0.58

Dec Dec Dec Dec

184,535 27,322 353,429 58,894

4.4 1.2 3.5 0.0

PM PM PM PM

Mkt. Cap. (Mil)

2016E

NM NM NM NM 6.50 NM 17.00 NM NM NM 44.00 4.50 18.00

FY End

2015E

47.20 23.37 13.70 2.30 4.04 13.01 15.17 20.76 5.94 5.74 35.97 3.18 13.14

2014A

HR HR HR NM HR HR TR TR TR NM HR HR HR

Current Year P/E

3 3 3 4 2 3 2 3 3 4 2 2 2

Low

N N N N Q N Q Q N N N N N

High

Suitability

SM SWN SGY SFY TGA UPL VNR VNOM VOC WTI WLL WHZ WPX

Target Price

Rating

Close Jun-25-15

Exchange

EPS

Symbol

52 Week

Energy - USA Exploration and Production SM Energy Company Southwestern Energy Company Stone Energy Corp. Swift Energy Company TransGlobe Energy Corp. Ultra Petroleum Corporation Vanguard Natural Resources, LLC Viper Energy Partners L.P. (cu) VOC Energy Trust (cu) W&T Offshore, Inc. Whiting Petroleum Corp. Whiting USA Trust II (cu) WPX Energy Inc.

Integrated Majors and Refiners Independent Refiners Delek US Holdings, Inc. HollyFrontier Corp. Marathon Petroleum Corp. PBF Energy, Inc. Phillips 66 Tesoro Corp. Valero Energy Corp. Western Refining, Inc.

Integrated Oil and Gas Chevron Corp. Ecopetrol S.A. (ed, r) Exxon Mobil Corp. Petróleo Brasileiro S.A. (ed, r)

Raymond James Research Register - July 2015

28

Div. %

Analyst/s

Mkt. Cap. (Mil)

FY End

2016E

2015E

2014A

Current Year P/E

EPS

Low

Suitability TR HR G G HR HR HR HR TR TR TR TR TR TR TR TR TR NM TR TR TR TR TR TR TR TR TR HR HR TR TR TR AG TR

High

Rating 3 3 1 3 3 3 3 3 2 2 2 2 1 2 2 3 1 4 2 3 3 3 2 2 2 2 2 3 3 3 2 2 2 2

Target Price

Exchange N N N N Q Q M M N N N N N N N N N N N N Q N N N N Q N N N N N N N N

Close Jun-25-15

Symbol AMID APU AM BWP CLMT CPLP CQP LNG CEQP CMLP CAPL DKL ETE ETP ENLC ENLK EPD FGP GEL GLP GMLP HEP KMI KNOP MMP MMLP NGL NKA NS NSH PAA PAGP SXE SEP

52 Week

11.0 7.9 2.5 2.7 10.3 14.4 5.2 0.0 12.3 13.7 7.6 4.7 3.1 7.4 2.9 6.3 4.9 8.6 5.4 8.2 8.9 6.1 4.9 9.4 3.5 9.9 7.7 0.0 7.1 5.5 6.0 3.3 13.2 6.1

DH DH,BBL DH DH CJG,DH DH,BBL DH,PM PM,DH DH DH BBL,DH CJG,DH DH DH DH DH DH DH,BBL DH,CJG DH,CJG DH,BBL CJG,DH DH DH,BBL DH,CJG DH DH DH DH,CJG DH,CJG DH,CJG DH,CJG DH DH

Energy - USA Midstream Suppliers American Midstream Partners L.P. AmeriGas Partners L.P. Antero Midstream Partners L.P. Boardwalk Pipeline Partners L.P. Calumet Specialty Products Partners L.P. Capital Product Partners L.P. Cheniere Energy Partners L.P. Cheniere Energy, Inc. Crestwood Equity Partners L.P. Crestwood Midstream Partners L.P. CrossAmerica Partners L.P. Delek Logistics Partners L.P. Energy Transfer Equity L.P. Energy Transfer Partners L.P. EnLink Midstream LLC EnLink Midstream Partners L.P. Enterprise Products Partners L.P. Ferrellgas Partners L.P. Genesis Energy L.P. Global Partners L.P. Golar LNG Partners L.P. Holly Energy Partners L.P. Kinder Morgan, Inc. KNOT Offshore Partners L.P. Magellan Midstream Partners L.P. Martin Midstream Partners L.P. NGL Energy Partners L.P. Niska Gas Storage Partners LLC NuStar Energy L.P. NuStar GP Holdings, LLC Plains All American Pipeline L.P. Plains GP Holdings L.P. Southcross Energy Partners L.P. Spectra Energy Partners L.P.

Raymond James Research Register - July 2015

17.18 46.75 28.92 15.09 26.72 8.09 32.89 70.53 4.48 11.98 28.90 45.55 63.18 53.56 32.30 23.60 30.19 23.26 44.79 33.17 26.04 35.39 38.98 21.70 77.30 32.54 32.48 3.73 61.77 39.82 44.58 26.90 12.16 47.54

NM NM 33.00 NM NM NM NM NM 8.00 16.00 37.00 48.00 77.00 62.00 39.00 NM 39.00 NM 53.00 NM NM NM 45.00 25.00 88.00 39.00 34.00 NM NM NM 52.00 31.00 16.00 61.00

32.01 52.72 30.77 20.51 33.30 11.63 34.55 85.00 15.40 24.25 40.87 47.55 70.88 69.66 42.10 32.77 41.38 28.70 56.88 45.75 39.35 37.44 44.71 28.80 90.08 41.64 44.86 16.10 68.33 45.52 61.09 32.26 24.88 60.07

15.71 42.06 20.50 14.67 18.66 6.54 25.08 58.10 4.43 11.81 25.55 30.16 45.88 53.12 28.23 22.69 30.17 21.67 34.57 30.45 24.12 28.50 33.25 18.21 66.36 24.03 22.57 1.21 50.91 30.77 43.61 22.51 11.22 47.01

31.2 21.2 68.9 19.9 19.5 23.8 NM NM NM NM NM 13.1 45.8 69.6 37.6 53.6 23.4 37.5 37.3 17.4 9.9 21.6 50.6 12.9 24.7 31.0 41.6 NM 19.3 22.2 22.1 35.9 NM 16.2

(6.47) 2.83 0.09 0.58 (1.80) 0.31 (0.87) (1.93) 0.30 (0.46) (0.25) 2.87 1.17 1.86 0.55 0.59 1.47 0.41 1.18 3.96 2.77 1.21 0.90 1.34 3.69 (0.40) 0.39 (0.24) 2.10 1.44 2.43 0.48 (1.25) 2.84

0.55 1.28 2.21 2.91 0.42 1.21 0.76 0.84 1.37 2.40 0.34 0.37 (0.38) 0.50 (1.54) (1.80) 0.01 0.11 (0.07) (0.07) 0.28 0.77 3.49 4.30 1.38 1.67 0.77 1.19 0.86 1.68 0.44 0.82 1.29 1.36 0.62 0.53 1.20 1.40 1.91 2.10 2.62 2.86 1.64 1.70 0.77 0.85 1.68 1.64 3.13 3.65 1.05 1.26 (0.36) A 0.78 (9.26) A (1.27) 3.20 2.56 1.79 1.68 2.02 2.39 0.75 0.88 (0.71) 0.30 2.94 3.05

Dec Sep Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Jul Dec Dec Dec Dec Dec Dec Dec Dec Mar Mar Dec Dec Dec Dec Dec Dec

398 4,343 4,392 3,771 2,024 859 11,110 15,954 835 2,256 711 1,111 34,073 22,841 5,297 5,428 56,576 1,943 4,256 1,021 1,604 2,076 84,403 495 17,552 1,154 3,375 142 4,811 1,709 17,709 6,026 148 14,329

29

2014A

2015E

2016E

Div. %

Analyst/s

TR HR TR TR TR TR TR TR TR TR TR

26.42 39.82 45.35 91.07 40.27 44.15 33.48 20.00 59.06 55.25 49.84

NM NM 53.00 118.00 51.00 53.00 NM 24.00 66.00 56.00 62.50

28.90 46.65 59.99 145.00 74.51 67.98 47.49 37.39 73.99 61.38 62.92

19.00 39.47 42.28 82.09 37.33 41.12 32.68 18.91 49.01 40.07 44.85

9.6 22.4 15.2 36.1 36.6 NM 14.9 37.0 18.6 35.0 NM

5.86 1.55 1.81 2.43 2.77 (0.76) 2.30 0.21 1.10 2.92 0.81

2.75 1.78 2.99 2.52 1.10 0.02 2.25 0.54 3.18 1.58 0.35

3.60 1.96 2.79 5.62 1.41 1.48 2.31 1.58 3.87 0.78 0.99

Dec Sep Dec Dec Dec Dec Dec Dec Dec Dec Dec

291 2,408 1,587 5,102 7,188 3,209 2,623 1,848 4,857 41,327 29,936

7.2 8.9 5.7 3.6 8.0 2.9 8.3 10.8 4.7 4.3 6.8

DH DH,BBL BBL,DH DH DH DH,BBL DH,BBL DH,BBL CJG,DH DH DH

CCLP EXLP USAC

Q Q N

1 2 2

TR TR TR

18.40 22.92 19.30

23.00 30.00 26.00

28.00 30.64 26.44

12.70 19.01 14.45

46.0 20.8 32.2

0.93 1.18 0.57

0.40 1.10 0.60

0.40 1.10 0.60

Dec Dec Dec

610 1,277 562

10.8 9.6 10.7

JMA,PN JMA,PN JMA,PN

BHI HAL SLB WFT

N N N N

1 1 3 3

AG AG AG HR

62.06 43.50 86.67 12.66

79.00 58.00 NM NM

75.64 74.33 118.76 24.88

47.51 37.21 75.60 9.40

NM 33.5 27.1 NM

4.21 4.02 5.57 1.01

(0.20) 1.30 3.20 (0.10)

0.40 1.65 2.80 0.20

Dec Dec Dec Dec

26,996 36,932 110,071 9,799

1.1 1.9 2.5 0.0

JMA,PN JMA,PN JMA,PN JMA,PN

CAM DRC FTI NOV OIS

N N N N N

2 4 3 2 2

AG NM AG HR AG

53.99 85.04 42.23 48.97 38.25

57.00 NM NM 56.00 45.00

74.89 85.19 63.92 86.55 65.05

39.52 56.79 34.85 46.08 38.06

16.6 38.1 17.2 16.6 58.8

4.26 2.23 E 2.95 6.06 4.39

3.25 UR 2.45 2.95 0.65

2.45 UR 1.85 2.40 1.00

Dec Dec Dec Dec Dec

10,343 6,542 9,764 19,346 1,973

0.0 0.0 0.0 3.8 0.0

JMA,PN JMA,PN JMA,PN JMA,PN JMA,PN

HLX

N

3

HR

13.16

NM

28.00

13.00

23.9

1.79

0.55

0.60

Dec

1,394

0.0

JMA,PN

ATW DO ESV HERO NE ORIG PACD RDC RIG

N N N Q N Q N N N

3 3 3 4 3 3 3 2 4

HR HR HR NM HR HR HR HR NM

26.37 26.26 21.78 0.28 14.88 5.57 2.84 20.66 16.00

NM NM NM NM NM NM NM 26.00 NM

53.00 50.50 55.85 4.28 29.51 19.32 10.35 32.16 45.22

26.12 25.97 19.78 0.22 13.15 5.47 2.81 17.23 13.28

3.6 15.4 5.2 NM 6.5 3.2 8.1 7.9 6.2

4.87 3.26 6.15 (0.12) 2.95 2.46 0.87 2.12 4.98

7.25 1.70 4.20 (1.50) 2.30 1.75 0.35 2.60 2.60

3.40 (0.20) 2.20 (1.20) 1.15 0.35 (0.70) 2.10 (1.00)

Sep Dec Dec Dec Dec Dec Dec Dec Dec

1,705 3,653 5,040 45 3,600 734 601 2,566 5,814

2.8 1.9 2.8 0.0 12.6 13.6 0.0 1.9 3.8

PN,JMA PN,JMA PN,JMA PN,JMA PN,JMA PN,JMA PN,JMA PN,JMA PN,JMA

Mkt. Cap. (Mil)

High

3 3 2 1 2 1 3 2 1 2 2

FY End

Target Price

N N N N N N N N N N N

Current Year P/E

Suitability

SRLP SPH SUN TRGP NGLS TK TGP TOO TLLP WMB WPZ

Low

Rating

Close Jun-25-15

Exchange

EPS

Symbol

52 Week

Energy - USA Midstream Suppliers Sprague Resources L.P. Suburban Propane Partners L.P. Sunoco L.P. Targa Resources Corp. Targa Resources Partners L.P. Teekay Corporation Teekay LNG Partners L.P. Teekay Offshore Partners L.P. Tesoro Logistics L.P. The Williams Companies, Inc. Williams Partners L.P.

Oilfield Services Compression CSI Compressco Partners L.P. Exterran Partners L.P. USA Compression Partners L.P.

Diversified Oilfield Services Baker Hughes, Inc. Halliburton Schlumberger Ltd. Weatherford

Manufacturing & Fabrication Cameron International Corp. Dresser-Rand Group, Inc. FMC Technologies, Inc. National Oilwell Varco Inc. Oil States International, Inc.

Offshore Construction Helix Energy Solutions Group

Offshore Drillers Atwood Oceanics Diamond Offshore Ensco plc Hercules Offshore Inc. Noble Corp plc Ocean Rig UDW Pacific Drilling Rowan Companies Transocean

Raymond James Research Register - July 2015

30

Div. %

Analyst/s

30.24 38.43 18.40 70.37

9.91 13.30 3.67 24.76

NM NM NM NM

1.14 1.62 0.24 4.22

(0.55) (0.70) (0.70) (0.25)

(0.20) (0.80) (1.00) 0.25

Dec Dec Dec Dec

4,079 2,737 386 1,417

1.7 2.7 0.0 0.0

JMA,PN JMA,PN JMA,PN JMA,PN

BAS CELP DWSN HCLP KEG NR SPN TTI

N N Q N N N N N

3 2 2 2 3 1 1 2

HR TR AG HR HR HR AG HR

7.16 16.73 4.94 31.67 1.98 8.35 20.62 6.09

NM 17.00 7.00 43.00 NM 11.00 31.00 9.00

29.84 25.78 17.28 71.88 9.21 13.60 37.05 12.11

5.00 11.54 4.22 27.53 1.00 7.29 16.70 4.72

NM 20.4 NM 14.7 NM NM NM NM

0.43 0.99 (1.65) 2.98 (0.57) 0.85 1.79 0.26

(3.65) 0.82 (1.25) 2.15 (0.85) 0.05 (0.85) 0.00

(2.55) 1.29 (0.65) 3.40 (0.40) 0.39 0.00 0.20

Dec Dec Dec Dec Dec Dec Dec Dec

305 199 104 1,170 309 702 3,100 485

0.0 9.7 0.0 8.5 0.0 0.0 1.6 0.0

JMA,PN JMA,PN JMA,PN JMA,PN JMA,PN JMA,PN JMA,PN JMA,PN

AMRS GTLS CLNE SZYM WPRT

Q Q Q Q Q

3 2 4 2 3

VR AG NM VR HR

1.87 35.32 6.50 3.37 4.94

NM 52.00 NM 7.00 NM

4.50 84.25 11.79 12.13 18.98

1.56 27.34 3.99 2.00 3.24

NM 18.4 NM NM NM

(1.30) 2.74 (0.87) (1.77) (1.84)

(1.00) 1.92 (1.04) (1.37) (1.12)

(0.53) 2.80 (0.91) (0.56) (0.93)

Dec Dec Dec Dec Dec

148 1,084 593 269 315

0.0 0.0 0.0 0.0 0.0

PM PM PM PM PM

AEIS ENOC ENPH EVA FSLR SSNI SCTY SPWR TSL

Q Q Q N Q N Q Q N

1 1 3 2 3 2 2 2 3

AG HR HR TR HR HR HR HR HR

29.00 10.33 8.50 18.04 50.97 12.97 56.36 30.96 12.66

30.00 22.00 NM 26.00 NM 13.00 75.00 35.00 NM

29.50 21.25 17.97 22.46 73.78 15.20 79.40 42.07 15.15

16.00 9.45 8.40 18.02 39.18 6.90 45.91 22.75 7.52

14.6 NM 50.0 17.5 35.4 NM NM 38.2 19.2

1.73 1.40 0.06 0.01 3.64 (0.50) (3.96) 1.33 0.75

1.98 (1.55) 0.17 1.03 1.44 0.12 (6.21) 0.81 0.66

2.04 (0.21) 0.44 1.33 3.91 0.23 (6.20) 1.27 0.73

Dec Dec Dec Dec Dec Dec Dec Dec Dec

1,192 289 428 430 5,117 660 5,450 4,824 1,080

0.0 0.0 0.0 9.1 0.0 0.0 0.0 0.0 0.0

PM PM PM PM PM PM PM PM PM

Mkt. Cap. (Mil)

2016E

17.00 28.00 NM NM

FY End

2015E

14.03 18.69 6.16 28.12

2014A

AG AG NM AG

Current Year P/E

2 1 4 3

Low

N Q N N

High

Suitability

NBR PTEN PES UNT

Target Price

Rating

Close Jun-25-15

Exchange

EPS

Symbol

52 Week

Energy - USA Onshore Drillers Nabors Industries Ltd. Patterson-UTI Energy, Inc. Pioneer Energy Services Corp Unit Corporation

Production/Workover/Miscellaneous Basic Energy Services, Inc. Cypress Energy Partners, L.P. Dawson Geophysical Company Hi-Crush Partners L.P. Key Energy Services Inc. Newpark Resources Superior Energy Services, Inc. TETRA Technologies Inc.

Renewable Energy and Clean Technology Fuels and Chemicals Amyris, Inc. Chart Industries, Inc. Clean Energy Fuels Corp. Solazyme, Inc. Westport Innovations Inc.

Power Advanced Energy Industries, Inc. EnerNOC, Inc. Enphase Energy, Inc. Enviva Partners L.P. First Solar, Inc. Silver Spring Networks, Inc. SolarCity Corp. SunPower Corp. Trina Solar Limited (r)

Raymond James Research Register - July 2015

31

Analyst/s

(0.07) 0.01

0.03 0.04

0.10 NA

Dec Dec

204 58

0.0 0.0

SLi SLi

ALA GEI IPL KEY PPL VSN

T T T T T T

2 3 3 2 2 3

TR TR TR TR TR TR

C$38.91 C$23.60 C$29.85 C$42.75 C$41.30 C$17.77

46.00 26.00 33.00 50.00 50.00 17.00

53.06 37.77 38.95 49.92 53.04 19.80

36.19 21.84 27.13 34.50 36.16 13.52

12.8 13.3 15.2 15.8 18.9 16.6

3.25 2.11 1.53 2.31 2.37 1.09

3.03 1.77 1.97 2.70 2.18 1.07

3.53 2.09 2.05 2.81 2.59 1.00

Dec Dec Dec Dec Dec Dec

5,268 2,948 9,895 7,220 14,042 5,088

4.9 5.4 4.9 3.2 4.4 5.6

CC CC CC CC CC CC

ARX ATH BTE BIR CPG CR KEL NVA POU PGF PEY VII TOU TET

T T T T T T T T T T T T T T

3 2 3 2 2 1 R 2 1 3 2 2 2 3

HR HR AG HR G HR HR HR HR AG G HR HR HR

C$21.92 C$2.11 C$20.67 C$7.26 C$26.93 C$5.86 C$8.89 C$6.81 C$29.63 C$3.08 C$32.19 C$16.36 C$38.82 C$6.18

27.50 3.00 22.00 11.50 35.00 7.50 R 11.00 45.00 4.00 43.50 23.00 49.50 10.00

32.60 8.00 49.49 14.30 47.46 11.87 15.61 12.47 66.37 7.70 40.87 24.70 58.73 29.65

20.75 1.61 14.56 5.99 21.20 4.66 5.79 5.87 21.72 2.77 29.67 14.25 32.80 5.27

11.4 NM NM 7.9 NM 9.5 R 7.8 10.2 NM 9.1 11.4 9.2 7.0

3.54 (38) 621 1.97 3,139 1.39 R 0.81 1.39 (8) 4.31 1.46 4.58 2.79

1.93 (31) 644 0.92 1,951 0.62 R 0.87 2.90 445 3.55 1.43 4.21 0.88

2.16 44 627 1.27 2,131 0.63 R 1.01 5.45 469 4.16 1.92 5.47 1.01

Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec

7,437 849 4,653 1,105 12,024 821 R 945 3,105 1,687 4,948 4,011 8,381 778

5.5 0.0 5.8 0.0 10.2 0.0 R 0.0 0.0 7.8 4.1 0.0 0.0 0.0

KM CC CC KM CC KM KM KM KM CC KM KM KM KM

BXO CKE DEE GXO LXE RMP SRX

T T T T V T V

2 2 1 2 2 2 2

HR HR HR HR HR HR HR

C$8.70 C$0.99 C$1.31 C$6.50 C$1.19 C$2.58 C$4.75

13.50 1.65 2.15 10.50 1.65 4.50 7.25

12.03 2.60 4.58 14.94 2.49 9.93 6.16

8.04 0.96 1.08 4.94 0.85 2.49 3.02

9.7 19.8 4.7 4.1 NM 3.1 11.0

NA 0.23 0.42 1.95 0.12 1.30 0.41

0.90 0.05 0.28 1.57 0.01 0.82 0.43

2.03 0.11 0.35 1.46 0.04 0.90 0.61

Dec Dec Dec Dec Dec Dec Dec

396 213 204 197 197 315 567

0.0 0.0 0.0 5.5 0.0 0.0 0.0

KM KM KM KM KM KM KM

FY End

14.5 13.3

2016E

0.29 0.38

2015E

0.46 0.73

2014A

0.45 0.65

Current Year P/E

C$0.44 US$0.53

Low

VR VR

High

2 3

Target Price

T M

Rating

AXY HTM

Symbol

Div. %

EPS

Mkt. Cap. (Mil)

Close Jun-25-15

Suitability

Exchange

52 Week

Energy - CAN Andrew Bradford, CFA [email protected]

Steven Li, CFA [email protected]

Theoni Pilarinos, CFA [email protected]

Steve Hansen, CMA, CFA [email protected]

Kurt Molnar [email protected]

Chris Cox, CFA [email protected]

Alternative Energy & Clean Tech Alterra Power Corp. U.S. Geothermal

Energy Infrastructure Midstream AltaGas Ltd. (af) Gibson Energy Inc. (af) Inter Pipeline Ltd. (af) Keyera Corp (af) Pembina Pipeline Corp. (af) Veresen Inc. (af)

Intermediate Oil & Gas Producers ARC Resources Ltd. (cf) Athabasca Oil Corp. (cb) Baytex Energy Corp. (cf) Birchcliff Energy Ltd. (cf) Crescent Point Energy (cf) Crew Energy Inc. (cf) Kelt Exploration Ltd. (cf) NuVista Energy Ltd. (cf) Paramount Resources Ltd. (cf) Pengrowth Energy Corporation (cf) Peyto Exploration and Development (cf) Seven Generations Energy Ltd. (cf) Tourmaline Oil Corp. (cf) Trilogy Energy Corp. (cf)

Junior Oil & Gas Producers Boulder Energy Ltd. (cf) Chinook Energy Inc. (cf) Delphi Energy Corp. (cf) Granite Oil Corp. (cf) Leucrotta Exploration Inc. (cf) RMP Energy Inc. (cf) Storm Resources Ltd. (cf)

Raymond James Research Register - July 2015

32

2016E

Div. %

Analyst/s

10.25 8.75 2.75 R 7.25

17.74 15.65 8.64 12.44 11.54

8.17 5.70 1.41 3.82 4.88

NM NM NM R NM

540 817 158 R 177

340 452 72 R 97

378 680 112 R 138

Dec Dec Dec Dec Dec

2,050 2,504 147 R 456

3.9 3.4 0.0 R 5.2

AB AB AB AB AB

BDI EFX HNL SES

T T T T

2 3 R 2

AG AG AG AG

C$17.61 C$13.74 C$4.10 C$13.64

16.75 16.00 R 19.25

34.52 21.50 7.69 28.05

9.65 13.70 1.80 12.79

NM NM R NM

140 181 R 211

108 233 R 168

120 219 R 253

Dec Dec Dec Dec

778 1,114 R 1,971

5.5 2.5 R 1.8

AB AB AB AB

CFW FRC TCW

T T T

3 3 4

HR HR HR

C$8.07 C$5.85 C$4.29

9.75 8.00 3.75

22.57 20.05 18.00

7.30 5.60 3.03

NM NM NM

361 121 269

63 26 (10)

205 90 125

Dec Dec Dec

835 425 704

3.1 5.1 7.0

AB AB AB

ESN MCB MTL SDY

T T T T

2 2 4 2

HR AG AG HR

C$1.15 C$4.99 C$20.72 C$3.00

1.40 5.25 20.00 3.90

2.80 6.64 31.34 5.09

1.00 3.22 18.11 2.55

NM 27.7 NM NM

68 0.38 286 59

20 0.18 215 19

55 0.19 274 35

Dec Dec Dec Dec

153 138 1,950 119

10.4 4.0 5.8 9.3

AB TP,SH AB AB

COS MEG

T T

4 2

AG AG

C$10.04 C$20.34

11.00 29.00

24.37 40.75

6.01 13.30

NM NM

1,192 556

510 113

1,002 801

Dec Dec

4,865 4,554

2.0 0.0

CC CC

CNQ CVE HSE IMO SU

T T T T T

3 2 3 3 2

G G G G G

C$35.13 C$21.07 C$24.45 C$49.05 C$34.56

42.00 27.00 27.00 56.00 44.00

49.57 34.79 34.83 57.96 46.00

31.00 18.72 21.39 44.08 30.89

NM 10,366 NM 3,552 NM 6,018 NM 6,121 NM 12,159

5,800 2,724 4,375 3,987 8,661

12,685 2,419 4,739 5,123 9,103

Dec Dec Dec Dec Dec

38,376 16,538 24,054 41,717 49,950

2.6 5.0 4.9 1.1 3.2

CC CC CC CC CC

Mkt. Cap. (Mil)

2015E

C$12.30 C$8.26 C$1.53 C$4.20 C$5.76

FY End

2014A

HR HR HR HR HR

Current Year P/E

Close Jun-25-15

3 3 2 R 2

Low

Suitability

T T T T T

High

Rating

ESI PD SVY TDG WRG

Target Price

Exchange

EPS

Symbol

52 Week

Energy - CAN Oil & Gas Energy Services Contract Drillers Ensign Energy Services Inc. (cb) Precision Drilling Corporation (cb) Savanna Energy Services (cb) Trinidad Drilling Ltd. (cb) Western Energy Services Corp. (cb)

Facilities & Infrastructure Black Diamond Group Limited (cb) Enerflex Ltd. (cb) Horizon North Logistics Inc. (cb) Secure Energy Services Inc. (cb)

Pressure Pumpers Calfrac Well Services (cb) Canyon Services Group Inc. (cb) Trican Well Service (cb)

Well Site & Other Services Essential Energy Services Ltd. (cb) McCoy Global Mullen Group Ltd. (cb) Strad Energy Services Ltd. (cb)

Oil Sands Canadian Oil Sands Limited (cb) MEG Energy Corp. (cb)

Senior Oil & Gas Producers Canadian Natural Resources Ltd (cb) Cenovus Energy (cb) Husky Energy Inc. (cb) Imperial Oil Limited (cb) Suncor Energy Inc (cb)

Raymond James Research Register - July 2015

33

Analyst/s

1.8 6.2 4.8 4.9 5.8 6.7 5.3

BH BH,PM BH BH BH BH BH

4 2 4

€15.10 €10.07 €57.70

16.00 16.00 50.00

24.23 20.32 82.24

14.82 7.09 44.91

88.8 12.7 11.1

0.17 E (0.40) 0.41 0.79 4.74 5.18

(0.28) 1.29 4.59

Dec Dec Dec

1,126 4,445 6,307

6.6 2.6 3.6

BH BH BH

EPA

4

€5.48

5.80

10.85

4.25

NM

(0.36)

(0.05)

Dec

956

0.0

BH

CNA.L CEZsp.PR EONGn.DE EDF.PA ENEI.MI GSZ.PA FUM1V.HE RWEG.DE SSE.L VERB.VI

L PRG ETR EPA BIT EPA HEL ETR L WBAG

2 4 3 2 1 1 4 4 2 3

277p CZK559.10 €12.46 €21.06 €4.24 €17.61 €16.57 €19.94 1,612p €13.17

310 458.00 NM 27.40 4.80 22.50 17.40 23.50 1,645 NM

327 671.80 15.46 26.12 4.50 20.57 21.59 32.98 1,696 17.40

234 546.50 12.16 20.00 3.36 16.17 16.16 19.11 1,423 12.82

15.5 19.20 17.90 10.1 55.10 E 42.90 14.2 0.84 0.88 9.6 2.19 E 1.94 12.8 0.32 0.33 15.0 1.13 1.17 15.3 1.19 1.08 9.4 2.09 2.11 13.7 123.00 118.00 25.3 0.62 0.52

19.50 40.20 0.83 2.00 0.33 1.57 1.04 1.94 113.00 0.44

Dec Dec Dec Dec Dec Dec Dec Dec Mar Dec

£13,826 298,559 23,771 38,928 39,868 42,481 14,720 12,246 £15,798 4,568

4.3 5.3 4.0 5.9 4.0 5.7 9.7 4.0 5.5 2.0

ER ER ER ER ER ER ER ER ER ER

SEVI.PA VIE.PA

EPA EPA

2 2

€17.78 €19.23

19.90 21.00

19.22 19.73

11.74 11.99

0.85 0.99

Dec Dec

9,605 10,507

3.7 3.6

ER ER

FY End

£37,223 £87,536 61,001 8,323 22,364 167,199 110,432

2016E

Dec Dec Dec Dec Dec Dec Dec

2015E

0.83 0.45 1.05 2.43 1.24 2.89 5.03

2014A

0.46 0.38 0.65 2.13 1.10 2.26 4.09

Current Year P/E

1.19 0.65 1.02 3.47 1.28 E 3.71 5.68

Low

NM NM 25.9 12.0 12.9 11.8 11.4

High

781 364 12.98 19.54 13.85 24.30 38.25

Target Price

1,302 526 20.46 33.47 18.46 31.13 53.65

Rating

1,350 NM 18.50 24.50 NM 34.00 55.00

Exchange

1,110p 442p €16.84 €25.52 €16.51 €26.60 €46.45

Symbol

Div. %

EPS

Mkt. Cap. (Mil)

Close Jun-25-15

Suitability

52 Week

Energy - EUR Emmanuel Retif, RJEE [email protected]

Bertrand Hodée, RJEE [email protected]

Pavel Molchanov* [email protected]

Integrated Majors and Refiners BG Group ($D) BP ($D) Eni OMV Repsol Royal Dutch Shell ($D) Total ($D)

BG.L BP.L ENI.MI OMV.AV REP.MC RDSa.AS TOTF.PA

L L BIT WBAG MAD AMS EPA

2 3 2 4 3 2 2

GPBN.PA SPMI.MI TECF.PA

EPA BIT EPA

CGG.PA

TR

Oilfield Services Diversified Oilfield Services Bourbon Saipem Technip

Seismic CGG ($D)

(1.15)

Utilities Electricity & Gas Centrica CEZ E.On EDF Enel Engie Fortum RWE SSE Verbund

Environmental Services Suez Environnement Veolia Environnement

22.2 23.2

0.61 0.47

0.80 0.83

*Pavel Molchanov is a Raymond James & Associates employee.

Raymond James Research Register - July 2015

34

Analyst/s

(2.42) 1.55 0.33

NA NA NA

NA NA NA

Dec Dec Dec

597 727 2,068

0.0 0.0 0.0

SW,FRM SW,FRM SW,FRM

GPRK

N

2

AG

US$4.79

10.25

11.00

3.60

5.3

0.13

1.67

2.38

Dec

277

0.0

SW,FRM

TGS

N

2

TR

US$4.62

6.20

6.00

2.58

NM

0.07

0.01

0.15

Dec

735

0.8

SW,FRM

PZE YPF

N N

2 2

TR TR

US$6.70 US$27.82

6.00 37.30

7.90 41.74

4.32 20.83

11.0 9.9

0.35 2.89

0.61 2.82

0.51 3.97

Dec Dec

1,353 10,923

1.3 0.5

SW,FRM SW,FRM

TS

N

3

G

US$27.74

NM

48.45

26.28

25.7

1.96

1.08

1.34

Dec

16,375

2.4

SW,FRM

FY End

NM NM NM

2016E

8.66 8.44 2.00

2015E

18.97 19.78 7.20

2014A

NM NM NM

Current Year P/E

US$13.30 US$13.82 AR$4.65

Low

NM NM NM

High

S S S

Target Price

N N BA

Rating

EDN PAM TRAN

Symbol

Div. %

EPS

Mkt. Cap. (Mil)

Close Jun-25-15

Suitability

Exchange

52 Week

Energy - LAT Federico Rey Marino [email protected]

Santiago Wesenack, CFA [email protected]

Electric Utilities Edenor (ed, r) Pampa Energia SA (ed, r) Transener

Exploration and Production GeoPark Limited

Gas Utility Transportadora de Gas del Sur (ed, r)

Integrated Majors and Refiners Integrated Majors Petrobras Argentina (ed, r) YPF (ed, r)

Oilfield Services Manufacturing & Fabrication Tenaris S.A. (ed, r)

Raymond James Research Register - July 2015

35

Financial Services USA

Canada

Asset Management ..................................................... 36

Diversified Financials .................................................. 44

Banking ....................................................................... 37 Capital Markets .......................................................... 41 Brokerages & Exchanges ......................................... 41 Capital Markets Technology .................................... 41 Insurance .................................................................... 41 Insurance Technology & Brokerage ......................... 41 Life and Health Insurance ........................................ 42

Latin America

Non-Life Insurance .................................................. 42

Latin American Banking...............................................44

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

Div. %

Analyst/s

Mkt. Cap. (Mil)

FY End

2016E

2015E

2014A

EPS Current Year P/E

Low

High

52 Week Target Price

Close Jun-25-15

Suitability

Rating

Exchange

Symbol

Specialty Consumer Finance .................................... 43

6.1 3.4 1.3

SDS SDS SDS

Financial Services - USA Daniel E. Cardenas [email protected]

Robert Dodd, Ph.D. [email protected]

David J. Long, CFA [email protected]

Patrick O'Shaughnessy, CFA [email protected]

C. Gregory Peters [email protected]

Michael Rose [email protected]

Steven D. Schwartz, CFA [email protected]

William J. Wallace IV [email protected]

Donald A. Worthington [email protected]

Asset Management Manning & Napier Inc. Silvercrest Asset Management Group Inc. Virtus Investment Partners, Inc.

MN SAMG VRTS

Raymond James Research Register - July 2015

N Q Q

2 2 2

TR G AG

10.57 14.16 136.40

14.00 17.00 142.00

18.87 17.59 227.29

10.17 12.47 113.47

9.4 17.5 14.4

1.23 0.86 10.51

1.13 0.81 9.45

1.16 0.82 10.30

Dec Dec Dec

886 176 1,216

36

1.25 1.35 1.75 0.51 1.20 1.11 3.91 0.50 1.45 1.36 0.54 3.20 2.67 2.16 2.75 2.82 1.12 1.46 5.20 4.38 1.12 1.45 0.82 1.30 2.35 1.82 2.98 2.58 2.19 2.61 1.50 1.24 0.92 2.67

1.25 1.30 1.85 0.58 1.35 1.28 4.10 0.90 1.70 1.58 0.70 3.40 3.15 2.54 3.20 3.30 1.26 1.70 6.60 4.85 1.72 1.60 0.92 1.50 2.71 1.98 3.35 2.88 2.30 2.71 1.75 1.55 1.09 2.90

Analyst/s

0.65 1.17 1.67 0.54 1.17 0.91 3.98 0.13 1.24 0.36 0.41 3.29 2.40 1.55 2.79 2.72 1.11 1.24 3.85 4.32 0.58 1.11 0.54 1.07 2.10 1.52 3.14 2.54 2.27 2.47 1.28 0.75 0.98 2.44

Div. %

13.08 23.29 25.00 9.99 20.79 14.24 69.49 12.24 26.55 18.21 6.59 53.63 44.10 48.68 50.50 41.70 16.48 19.00 107.10 70.77 19.70 22.44 13.96 25.34 34.25 33.32 53.45 48.00 39.01 37.54 21.89 23.00 18.08 46.50

Mkt. Cap. (Mil)

High

13.00 NM NM NM NM 14.00 NM 12.00 27.00 18.00 6.50 NM 46.00 46.00 51.00 42.00 16.00 20.00 105.00 NM 22.00 22.00 13.00 26.00 NM 32.00 NM NM NM NM 23.00 23.00 NM 47.00

FY End

Target Price

11.50 20.35 23.64 9.35 20.72 14.20 67.95 10.40 26.05 17.37 5.82 50.36 42.85 47.89 48.83 41.02 15.33 18.93 105.67 70.53 19.24 22.20 13.88 24.51 33.76 33.24 52.41 47.42 38.08 35.19 21.88 22.09 17.94 45.62

2016E

Close Jun-25-15

G AG AG HR AG AG TR HR HR TR HR G G G G TR AG AG AG G AG AG HR HR AG G G NM G TR AG AG G G

2015E

Suitability

2 3 3 3 3 2 3 2 2 2 2 3 2 1 2 2 2 2 2 3 1 2 2 2 3 2 3 4 3 3 1 2 3 2

2014A

Rating

Q Q Q Q M N Q Q N N Q Q N Q Q N Q Q Q Q N Q Q N Q Q N Q N Q Q Q Q Q

Current Year P/E

Exchange

FCCY ANCX AMNB AMRB ASB BANC BANF TBBK BXS BAC BOCH BMRC BK OZRK BANR BBT BBCN BNCN BOFI BOKF BNK CFNL CSFL CPF CHFC COLB CMA CBSH CBU CTBI CNOB CUNB CVBF EWBC

EPS

Low

Symbol

52 Week

86 214 206 72 3,183 498 1,053 392 2,514 182,680 77 302 48,056 4,157 1,025 29,666 1,219 619 1,617 4,860 310 715 630 853 1,107 1,918 9,334 4,576 1,550 616 653 371 1,905 6,559

0.0 3.3 4.9 0.0 1.9 3.4 2.0 0.0 1.2 1.2 2.6 1.7 1.6 1.1 1.5 3.0 2.6 1.1 0.0 2.4 0.0 2.2 0.6 1.7 3.5 2.3 1.5 1.9 3.2 3.4 1.4 0.0 2.9 2.1

WW WW WW DAW DJL DAW DC WW MR MR DAW DAW DJL MR DAW MR DAW WW DAW MR MR MR MR DAW DC DAW MR DJL WW DC WW DAW DAW DJL

Financial Services - USA Banking 1st Constitution Bancorp Access National Corporation American National Bankshares, Inc American River Bankshares Associated Banc-Corp Banc of California, Inc. BancFirst Corporation The Bancorp, Inc. BancorpSouth, Inc. Bank of America Corporation Bank of Commerce Holdings Bank of Marin Bancorp Bank of New York Mellon Corp Bank of the Ozarks Inc. Banner Corporation BB&T Corporation BBCN Bancorp, Inc. BNC Bancorp BofI Holding, Inc. BOK Financial Corp. C1 Financial, Inc. Cardinal Financial Corporation CenterState Banks, Inc. Central Pacific Financial Corp. Chemical Financial Corporation Columbia Banking System, Inc. Comerica Inc. Commerce Bancshares, Inc. Community Bank System, Inc. Community Trust Bancorp, Inc. ConnectOne Bancorp, Inc. CU Bancorp CVB Financial Corp. East West Bancorp, Inc.

Raymond James Research Register - July 2015

9.24 14.05 20.90 8.32 16.26 10.18 55.51 7.81 19.22 14.84 5.48 44.01 35.06 29.14 37.50 34.50 12.77 15.51 64.62 53.01 15.98 16.32 10.03 17.12 25.99 23.90 40.09 38.10 32.84 31.53 17.76 16.49 13.35 30.50

9.2 15.1 13.5 18.3 17.3 12.8 17.4 20.8 18.0 12.8 10.8 15.7 16.0 22.2 17.8 14.5 13.7 13.0 20.3 16.1 17.2 15.3 16.9 18.9 14.4 18.3 17.6 18.4 17.4 13.5 14.6 17.8 19.5 17.1

Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Jun Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec

37

Analyst/s

0.45 1.65 1.72 1.83 1.76 1.50 0.49 4.52 1.05 2.72 1.34 2.54 1.02 1.92 1.25 2.00 3.50 NA 1.52 0.92 2.25 1.80 1.55 2.35 1.85 2.75 1.40 0.64 1.85 2.25 0.64 2.45 0.87 5.10

Div. %

2016E

0.36 1.55 1.42 1.76 1.56 1.45 0.44 4.16 0.92 2.63 1.24 2.45 0.82 1.83 1.15 1.75 3.07 0.06 1.41 0.86 2.15 1.63 1.45 2.09 1.55 2.60 1.25 0.55 1.76 2.00 0.47 2.20 0.81 4.45

Mkt. Cap. (Mil)

2015E

0.28 1.49 1.13 1.95 1.68 1.20 0.38 3.67 0.85 2.33 1.19 2.55 0.91 1.64 0.94 1.64 2.97 0.02 1.39 0.84 2.07 1.53 1.32 2.32 1.56 2.11 0.82 0.27 1.17 1.77 0.50 1.93 0.76 3.65

FY End

2014A

Current Year P/E

EPS

Low

Suitability AG AG AG AG AG AG AG AG AG AG AG AG HR HR AG AG AG AG AG G AG G AG AG AG AG AG HR HR G AG HR AG AG

High

Rating 3 3 1 3 3 2 3 2 2 2 2 3 3 3 3 3 3 3 3 3 2 3 2 3 2 2 2 2 2 2 3 2 2 3

Target Price

Exchange Q Q N Q Q Q Q Q Q Q Q Q N Q Q Q N Q Q Q Q Q Q Q Q Q Q Q N Q Q Q Q Q

Close Jun-25-15

Symbol EVBS EFSC EVER FFKT FITB FBNC BUSE FBIZ FCCO FDEF FFBC THFF FHN FRME FMBI FLIC FRC FSGI FMER FULT GABC GBCI GFED HBHC HAFC HTLF HFWA HEOP HTH HOMB HFBC HBNC HBAN IBKC

52 Week

79 461 2,405 209 17,449 333 581 201 81 339 1,145 467 3,698 943 1,540 396 9,054 165 3,494 2,387 401 2,257 64 2,534 814 774 540 283 2,442 2,525 98 235 9,241 2,680

0.7 0.9 1.0 0.0 2.4 2.4 3.0 1.8 2.1 2.3 3.5 2.7 1.4 1.7 2.2 3.3 1.1 0.0 3.8 2.7 2.2 2.9 1.4 3.7 1.4 1.3 2.5 2.9 0.0 1.4 1.3 2.5 2.1 1.9

WW DC MR DC DJL WW DC DC WW DC DC DC MR DC DC WW DJL WW DJL DAW DC DC DC MR DAW DC DAW DAW MR MR DC DC DJL MR

Financial Services - USA Banking Eastern Virginia Bankshares, Inc. Enterprise Financial Services Corp. EverBank Financial Corp Farmers Capital Bank Corp. Fifth Third Bancorp First Bancorp First Busey Corporation First Business Financial Services, Inc. First Community Corporation First Defiance Financial Corp. First Financial Bancorp First Financial Corporation First Horizon National Corporation First Merchants Corporation First Midwest Bancorp, Inc. First of Long Island Corporation First Republic Bank First Security Group, Inc. FirstMerit Corp. Fulton Financial German American Bancorp, Inc. Glacier Bancorp, Inc. Guaranty Federal Bancshares Inc. Hancock Holding Company Hanmi Financial Corporation Heartland Financial USA, Inc. Heritage Financial Corporation Heritage Oaks Bancorp Hilltop Holdings Inc. Home BancShares, Inc. HopFed Bancorp, Inc. Horizon Bancorp Huntington Bancshares Inc. IBERIABANK Corporation

Raymond James Research Register - July 2015

6.10 23.19 19.88 27.89 21.41 16.88 6.69 46.79 12.14 36.89 18.55 35.91 15.79 24.94 19.25 28.32 63.71 2.47 21.11 13.33 30.15 29.90 14.55 32.53 25.50 37.58 17.89 8.33 24.35 37.35 12.39 25.58 11.43 70.15

NM NM 22.00 NM NM 19.00 NM 51.00 13.00 37.00 19.00 NM NM NM NM NM NM NM NM NM 32.00 NM 17.00 NM 26.00 38.00 19.00 8.50 25.00 39.00 NM 27.00 12.50 NM

6.57 23.23 20.61 31.98 21.90 18.86 6.86 48.25 12.97 37.97 19.04 36.43 16.00 25.16 19.53 29.28 64.63 2.57 21.40 13.52 30.99 30.27 15.50 36.47 25.52 38.20 18.09 8.92 24.70 37.60 13.86 26.75 11.72 71.21

5.33 16.38 17.24 19.97 17.14 15.00 5.41 36.63 10.24 26.95 15.00 30.49 11.09 19.46 15.01 22.22 44.56 1.90 16.26 10.43 25.24 22.16 12.11 24.96 19.33 23.10 15.38 6.70 17.34 27.68 11.11 20.59 8.80 54.34

16.9 15.0 14.0 15.8 13.7 11.6 15.2 11.2 13.2 14.0 15.0 14.7 19.3 13.6 16.7 16.2 20.8 41.2 15.0 15.5 14.0 18.3 10.0 15.6 16.5 14.5 14.3 15.1 13.8 18.7 26.4 11.6 14.1 15.8

Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec

38

Mkt. Cap. (Mil)

Div. %

Analyst/s

FY End

2016E

2015E

2014A

Current Year P/E

EPS

Low

Suitability AG G G G AG HR AG AG AG AG TR AG G AG AG G AG AG AG AG TR HR AG NM AG AG G TR HR HR G AG AG HR

High

Rating 3 2 2 2 3 3 1 3 2 2 3 3 2 2 3 2 2 3 1 2 3 2 1 4 3 2 1 1 3 3 3 3 2 2

Target Price

Exchange N Q Q Q Q Q Q N Q Q N Q Q Q Q Q Q Q Q Q N Q Q N Q Q N Q Q Q Q Q Q Q

Close Jun-25-15

Symbol KEY LBAI LKFN LTXB MBFI MBWM CASH MSL MOFG NCOM NYCB NBBC NTRS OLBK ONB PCBK PPBI PSTB PEBO PNFP PNC PFBC PVTB PB PULB QCRH RF RNST RBCAA RVSB STBA SASR SFBS BSRR

52 Week

13,078 454 722 1,460 2,647 370 297 168 274 239 8,197 332 18,133 177 1,730 269 287 323 449 1,961 50,960 413 3,221 4,106 156 254 14,196 1,038 542 96 1,037 704 948 234

2.0 2.6 2.0 2.0 1.7 2.9 1.2 2.4 1.8 0.0 5.4 0.7 1.9 1.5 3.2 2.9 0.0 1.7 2.5 0.9 2.1 1.1 0.1 1.8 2.9 0.4 2.0 2.1 3.6 1.2 3.0 3.6 0.7 2.3

DJL WW DC MR DJL DC DC WW DC WW WW WW DJL WW DJL DAW DAW WW DC MR MR DAW DJL MR DC DC MR MR DC DAW WW WW MR DAW

Financial Services - USA Banking KeyCorp Lakeland Bancorp, Inc. Lakeland Financial Corporation LegacyTexas Financial Group, Inc. MB Financial, Inc. Mercantile Bank Corporation Meta Financial Group, Inc. MidSouth Bancorp, Inc. MidWestOne Financial Group, Inc. National Commerce Corporation New York Community Bancorp, Inc. NewBridge Bancorp Northern Trust Corporation Old Line Bancshares Inc. Old National Bancorp Pacific Continental Corporation Pacific Premier Bancorp, Inc. Park Sterling Corporation Peoples Bancorp Inc. Pinnacle Financial Partners, Inc. PNC Financial Services Group, Inc. Preferred Bank PrivateBancorp, Inc. Prosperity Bancshares, Inc. Pulaski Financial Corp. QCR Holdings, Inc. Regions Financial Corporation Renasant Corporation Republic Bancorp, Inc. Riverview Bancorp, Inc. S&T Bancorp, Inc. Sandy Spring Bancorp, Inc. ServisFirst Bancshares, Inc. Sierra Bancorp

Raymond James Research Register - July 2015

15.37 11.99 43.48 30.68 35.24 21.76 42.98 14.90 32.63 25.35 18.45 8.51 77.69 16.44 14.79 13.79 16.97 7.20 24.42 54.63 97.40 30.11 40.93 58.65 12.92 21.70 10.57 32.94 26.05 4.26 29.80 28.15 36.90 17.20

NM 13.00 44.00 28.00 NM NM 46.00 NM 34.00 24.00 NM NM 80.00 18.00 NM 14.50 18.00 NM 30.00 53.00 NM 32.00 43.00 NM NM 24.00 11.50 35.00 NM NM NM NM 37.00 18.00

15.70 12.29 44.15 31.06 35.77 23.58 43.81 20.34 33.40 25.69 18.73 9.18 78.88 17.00 15.16 14.66 17.46 7.80 28.00 55.39 99.61 30.18 41.33 63.73 13.38 22.75 10.96 32.97 27.00 4.76 30.80 28.76 38.00 18.00

11.55 9.67 35.50 19.34 24.44 18.40 32.02 12.94 22.73 20.51 14.61 7.20 60.78 13.58 12.05 12.49 13.74 6.44 22.63 33.93 76.69 21.36 26.51 45.01 11.00 16.91 8.59 26.14 22.00 3.30 23.07 22.55 27.52 14.66

13.7 13.3 15.5 19.1 16.8 14.0 12.6 14.9 13.2 26.7 17.4 14.2 20.7 14.3 15.4 14.4 15.0 18.0 13.0 21.0 13.7 15.0 19.3 14.1 12.4 11.7 12.9 15.8 17.3 18.5 14.9 16.1 16.4 14.2

1.10 0.83 2.62 1.01 1.84 1.53 2.64 1.39 2.17 0.98 1.05 0.49 3.40 0.72 0.99 0.89 0.96 0.31 1.72 2.01 6.93 1.78 2.00 4.33 0.89 1.72 0.78 1.89 1.38 0.87 1.95 1.67 2.16 1.08

1.12 0.90 2.80 1.61 2.10 1.55 3.42 1.00 2.48 0.95 1.06 0.60 3.76 1.15 0.96 0.96 1.13 0.40 1.88 2.60 7.10 2.01 2.12 4.15 1.04 1.85 0.82 2.08 1.51 0.20 A 2.00 1.75 2.25 1.21

1.24 0.99 3.03 1.80 2.30 1.75 3.86 1.50 2.90 1.35 1.05 0.70 4.45 1.30 1.07 1.16 1.65 0.45 2.13 3.15 7.80 2.18 2.44 4.10 1.18 1.96 0.95 2.50 1.60 0.23 2.25 1.90 2.70 1.32

Dec Dec Dec Dec Dec Dec Sep Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Sep Dec Dec Dec Dec Mar Dec Dec Dec Dec

39

101.87 35.72 14.97 64.21 28.51 33.97 91.54 21.91 12.65 13.78 19.90 40.40 21.56 21.05 38.10 47.26 14.70 19.92 30.39 15.16 19.52 26.53 46.44 28.87 8.80 41.04 17.50 23.72

6.00 2.29 0.86 5.06 2.36 3.39 5.51 1.30 0.64 1.13 1.51 2.88 1.46 1.83 3.05 2.89 1.08 1.43 1.94 1.11 1.55 2.08 4.10 2.41 0.75 3.03 1.37 1.78

6.88 3.20 0.91 5.21 2.47 3.15 6.28 1.58 0.90 1.05 1.51 2.95 1.73 1.66 3.26 2.84 1.21 1.50 2.05 1.28 1.58 2.20 4.22 2.45 0.90 3.32 1.60 1.54

7.90 3.52 1.11 5.90 2.61 3.35 7.50 1.90 1.15 1.24 1.60 3.60 1.95 1.70 3.54 3.35 1.33 1.75 2.20 1.55 1.62 2.45 4.56 2.65 1.00 3.80 1.75 2.02

Analyst/s

Low

149.65 48.01 18.91 81.20 38.45 44.69 149.62 31.11 17.39 17.29 24.00 62.62 26.65 25.55 46.10 65.30 18.92 26.23 40.44 21.00 24.25 41.34 58.26 35.70 12.92 54.00 21.75 32.66

Div. %

High

150.00 49.00 20.00 NM NM NM 160.00 31.00 18.00 NM NM 60.00 27.00 NM NM NM 19.00 NM 39.00 NM NM NM 61.00 NM 11.50 59.00 23.00 34.00

Mkt. Cap. (Mil)

Target Price

147.03 47.94 18.35 78.66 37.81 43.81 146.80 31.00 17.10 17.03 23.90 62.48 24.49 25.23 44.56 57.71 18.72 23.35 39.67 20.96 23.80 40.21 57.17 34.74 12.89 53.62 21.65 32.21

FY End

Close Jun-25-15

AG TR AG G AG AG AG HR AG AG G AG AG TR G NM AG AG G AG AG G G G HR AG AG AG

2016E

Suitability

2 2 2 3 3 3 1 2 1 3 3 2 2 3 3 4 2 3 2 3 3 3 2 3 2 1 1 1

2015E

Rating

Q Q Q N Q N Q N Q N Q Q Q Q N Q Q Q Q Q Q N N Q Q Q N Q

2014A

Exchange

SBNY SFNC OKSB STT SYBT STI SIVB SNV TLMR TCB TBNK TCBI TCBK TRMK USB UMBF UMPQ UBSH UBSI UCBI WAFD WBS WFC WSBC WIBC WTFC YDKN ZION

EPS Current Year P/E

Symbol

52 Week

7,454 1,433 349 32,353 560 22,869 7,501 4,151 1,212 2,863 232 2,862 556 1,706 79,317 2,643 4,128 1,054 2,753 1,264 2,294 3,643 295,169 1,334 1,009 2,542 684 6,545

0.0 1.9 1.3 1.7 2.5 2.2 0.0 1.2 0.2 1.5 3.3 0.0 1.9 3.6 2.2 1.6 3.2 3.3 3.2 0.9 2.2 2.6 2.6 2.6 1.6 0.8 0.0 0.7

DJL MR DC DJL DC MR DJL MR DJL DJL DAW MR DAW MR DJL DJL DJL WW WW MR DAW WW DJL WW DAW DJL WW DJL

Financial Services - USA Banking Signature Bank Simmons First National Corporation Southwest Bancorp, Inc. State Street Corporation Stock Yards Bancorp Inc. SunTrust Banks, Inc. SVB Financial Group Synovus Financial Corp. Talmer Bancorp, Inc. TCF Financial Corporation Territorial Bancorp Inc. Texas Capital Bancshares, Inc. TriCo Bancshares Trustmark Corporation U.S. Bancorp UMB Financial Corporation Umpqua Holdings Corp. Union Bankshares Corporation United Bankshares, Inc. United Community Banks, Inc. Washington Federal, Inc. Webster Financial Corp. Wells Fargo & Co. WesBanco, Inc. Wilshire Bancorp, Inc. Wintrust Financial Corporation Yadkin Financial Corporation Zions Bancorporation

Raymond James Research Register - July 2015

21.4 15.0 20.2 15.1 15.3 13.9 23.4 19.6 19.0 16.2 15.8 21.2 14.2 15.2 13.7 20.3 15.5 15.6 19.4 16.4 15.1 18.3 13.5 14.2 14.3 16.2 13.5 20.9

Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Sep Dec Dec Dec Dec Dec Dec Dec

40

Close Jun-25-15

Target Price

High

Low

2015E

2016E

Mkt. Cap. (Mil)

Div. %

Analyst/s

2 2 3 3 2 4 2 2 2 2 3 1 2

AG G AG G AG NM HR AG HR AG G AG AG

8.90 57.56 33.25 94.00 30.75 1.63 10.38 227.73 12.75 56.93 97.34 49.96 37.78

12.00 63.00 NM NM 34.00 NM 13.00 260.00 15.00 59.00 NM 58.00 41.00

10.27 68.00 33.78 100.61 31.48 17.44 10.38 242.96 13.75 58.85 98.88 52.94 39.05

6.87 46.52 23.35 69.74 18.20 1.22 5.89 182.40 9.92 43.12 47.26 37.31 28.34

12.4 26.3 33.6 24.4 26.5 NM 10.7 20.7 20.6 16.0 37.4 16.3 24.7

0.62 2.28 0.96 3.38 1.13 0.35 0.85 8.90 0.49 3.20 1.97 2.88 1.42

0.72 2.19 0.99 3.86 1.16 UR 0.97 11.00 0.62 3.56 2.60 3.06 1.53

0.85 2.80 1.49 4.55 1.38 UR 1.10 13.70 0.80 3.95 3.20 3.55 1.85

Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Sep

3,331 4,835 43,990 31,716 9,062 131 459 25,506 1,448 7,388 3,660 8,628 20,666

7.0 1.5 0.7 2.1 0.0 0.0 1.9 1.2 0.0 2.5 0.8 1.7 1.6

PO PO PO PO PO PO PO PO PO PO PO PO PO

ADVS BR ENV FDS FNGN MHFI MCO MSCI SEIC SSNC

Q N N N Q N N N Q Q

3 2 1 3 3 3 3 3 2 3

G G AG G AG G G AG G AG

44.20 51.56 42.89 164.95 43.75 103.32 109.24 63.32 49.82 64.01

NM 57.00 67.00 NM NM NM NM NM 54.00 NM

44.36 55.78 58.21 168.70 47.62 109.13 111.06 63.80 50.75 65.19

28.78 38.28 37.76 110.77 29.40 73.96 85.50 41.16 31.80 41.51

29.5 20.8 41.6 29.4 46.1 23.3 24.0 29.6 23.8 24.6

1.44 2.25 0.80 4.99 0.92 3.88 4.22 2.00 1.83 2.36

1.50 2.48 1.03 5.61 0.95 4.44 4.56 2.14 2.09 2.60

1.60 2.85 1.70 6.20 1.10 5.10 5.20 2.55 2.45 2.80

Dec Jun Dec Aug Dec Dec Dec Dec Dec Dec

2,329 6,141 1,510 6,867 2,332 28,279 22,085 7,118 8,274 5,620

0.0 2.1 0.0 1.1 0.6 1.5 1.1 0.9 1.0 0.6

PO PO PO PO PO PO PO PO PO PO

AON AJG BRO CRD.B HQY MMC SLH TW VRSK

N N N N Q N N Q Q

3 2 2 2 2 2 2 2 3

G TR AG HR AG G G AG AG

103.05 48.43 33.12 8.76 33.90 58.23 46.44 140.43 74.66

NM 53.00 37.00 9.00 30.00 60.00 60.00 140.00 NM

107.08 49.59 33.81 11.00 34.06 59.99 69.60 141.00 78.09

78.26 43.36 30.02 7.07 16.11 48.66 45.69 98.10 57.97

16.8 18.6 19.5 15.9 NM 19.1 15.3 23.0 25.7

5.71 2.47 1.63 0.52 (1.15) 2.82 2.76 5.76 2.40

6.12 2.60 1.70 0.55 0.22 A 3.05 3.04 6.10 2.90

6.65 3.10 1.85 0.85 0.31 3.25 3.35 6.35 3.20

Dec Dec Dec Dec Jan Dec Jun Jun Dec

28,854 7,700 4,816 484 1,854 31,794 3,115 9,760 11,819

1.0 3.8 1.6 2.3 0.0 2.5 2.0 0.4 0.0

CGP CGP CGP CGP CGP CGP CGP CGP CGP

FY End

Suitability

Q Q N Q Q N N N N N Q Q N

2014A

Rating

BGCP CBOE SCHW CME ETFC FXCM GCAP ICE KCG LAZ MKTX NDAQ AMTD

Current Year P/E

Exchange

EPS

Symbol

52 Week

Financial Services - USA Capital Markets Brokerages & Exchanges BGC Partners, Inc. CBOE Holdings, Inc. The Charles Schwab Corporation CME Group Inc. E*TRADE FINANCIAL Corporation FXCM Inc. GAIN Capital Holdings, Inc. Intercontinental Exchange, Inc. KCG Holdings, Inc. Lazard Ltd MarketAxess Holdings Inc. The NASDAQ OMX Group, Inc. TD Ameritrade Holding Corporation

Capital Markets Technology Advent Software, Inc. Broadridge Financial Solutions, Inc. Envestnet, Inc. FactSet Research Systems Inc. Financial Engines, Inc. McGraw Hill Financial Inc. Moody's Corporation MSCI Inc. SEI Investments Co. SS&C Technologies Holdings, Inc.

Insurance Insurance Technology & Brokerage Aon plc Arthur J. Gallagher & Co. Brown & Brown, Inc. Crawford & Company HealthEquity, Inc. Marsh and McLennan Companies, Inc. Solera Holdings, Inc. Towers Watson & Co. Verisk Analytics Inc.

Raymond James Research Register - July 2015

41

2015E

2016E

Mkt. Cap. (Mil)

Div. %

Analyst/s

63.34 27.45 68.03 58.20 7.79 4.78 38.58 60.36 56.86 46.69 52.08 89.73 96.61 77.37 24.90 58.69 36.39 47.52

70.00 NM NM NM 12.50 9.50 NM 67.00 NM NM 60.00 102.50 NM NM NM NM 39.00 55.50

65.10 29.90 69.94 63.24 17.85 14.24 40.13 62.08 58.23 55.77 55.07 94.30 98.45 79.07 25.92 59.34 37.17 48.30

54.99 21.36 59.73 42.28 6.75 4.58 31.82 45.25 46.10 43.40 46.01 74.51 72.34 59.28 20.23 49.71 30.72 33.94

10.5 11.0 22.7 14.7 8.3 29.9 16.1 10.0 9.7 13.0 12.1 9.0 11.7 13.6 14.0 13.7 10.3 13.9

6.16 2.38 6.01 4.28 (0.75) 0.38 1.80 6.02 5.74 3.31 4.41 9.21 9.12 5.01 1.95 4.03 1.74 3.14

6.02 2.50 3.00 3.95 0.94 0.16 2.40 6.05 5.89 3.60 4.32 9.95 8.26 5.70 1.78 4.27 3.53 3.41

6.19 2.75 6.25 4.25 1.00 0.40 2.75 6.65 6.20 4.15 4.65 9.90 9.10 5.85 2.10 4.66 3.70 3.64

Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec

27,477 2,111 4,708 1,443 3,869 70 1,998 15,265 63,359 2,409 15,306 40,693 6,637 3,265 2,891 7,471 9,079 11,438

2.5 0.7 2.0 2.6 0.0 0.0 3.1 1.3 3.1 1.4 2.9 3.1 0.7 1.7 1.8 0.9 1.8 0.1

SDS SDS SDS SDS SDS SDS SDS SDS SDS SDS SDS SDS SDS SDS SDS SDS SDS SDS

ACE ALL AFG AGII BCRH CB FNHC HALL HCC IPCC MCY NATL ORI PRA PGR TRV UIHC

N N N Q N N Q Q N Q N Q N N N N Q

2 1 2 1 2 2 1 3 2 2 4 4 2 3 2 3 2

AG TR AG AG HR TR HR AG G AG NM NM TR AG AG TR HR

102.75 65.03 65.76 55.67 17.88 95.71 24.02 11.84 77.20 77.72 56.52 27.83 15.88 46.64 28.17 97.81 15.76

115.00 82.00 70.00 60.00 19.00 106.00 36.00 NM 64.00 84.00 NM NM 16.00 NM 31.00 NM 22.00

117.89 72.87 66.72 56.56 20.05 105.30 37.04 12.67 77.40 87.89 60.31 30.54 17.08 48.34 28.50 110.49 28.43

99.45 56.63 54.63 44.85 16.63 86.40 19.70 8.66 46.51 62.19 46.00 24.60 13.43 42.93 23.20 88.81 12.91

11.3 11.3 12.4 15.5 11.2 12.9 10.9 14.8 18.8 17.7 23.1 20.6 14.8 17.3 15.1 10.6 13.7

9.80 5.42 4.82 3.22 1.71 7.65 2.74 0.69 4.01 4.71 2.28 0.40 0.84 3.15 1.91 10.55 2.07

9.10 5.75 5.30 3.60 1.60 7.40 2.20 0.80 4.10 4.40 2.45 1.35 1.07 2.70 1.87 9.25 1.15

9.15 6.15 5.30 3.75 1.50 7.85 2.40 0.80 4.15 4.70 2.65 1.60 1.10 2.40 1.90 9.40 1.95

Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec

33,608 26,597 5,820 1,592 157 21,994 329 229 7,380 894 3,114 552 4,086 2,635 16,513 31,172 334

3.2 1.8 1.5 1.4 8.8 2.8 0.7 0.0 1.5 2.2 5.4 2.2 4.7 2.7 2.4 2.3 1.1

CGP CGP CGP CGP CGP CGP CGP CGP CGP CGP CGP CGP CGP CGP CGP CGP CGP

FY End

2014A

G AG AG AG HR AG TR AG AG AG AG AG G AG AG NM G AG

Current Year P/E

2 3 3 3 1 1 3 1 3 3 2 1 3 3 3 4 2 2

Low

N N N N N Q N N N N N N N N N N N N

High

Suitability

AFL AEL AIZ FFG GNW HIIQ KMPR LNC MET PRI PFG PRU RGA SFG SYA TMK UNM VOYA

Target Price

Rating

Close Jun-25-15

Exchange

EPS

Symbol

52 Week

Financial Services - USA Life and Health Insurance Aflac, Inc. American Equity Investment Life Holding Company Assurant, Inc. FBL Financial Group Genworth Financial Health Insurance Innovations, Inc. Kemper Corp Lincoln National Corp. MetLife, Inc. Primerica, Inc. Principal Financial Group Inc. Prudential Financial, Inc. Reinsurance Group of America, Inc. StanCorp Financial Group Symetra Financial Corp. Torchmark Corporation Unum Group Voya Financial Inc.

Non-Life Insurance ACE Limited Allstate Corporation American Financial Group, Inc. Argo Group International Holdings, Ltd. Blue Capital Reinsurance Holdings Ltd. Chubb Corporation Federated National Holding Company Hallmark Financial Services Inc HCC Insurance Holdings Infinity Property and Casualty Corporation Mercury General Corporation National Interstate Corporation Old Republic International Corp. ProAssurance Corp. Progressive Corporation The Travelers Companies, Inc. United Insurance Holdings Corp.

Raymond James Research Register - July 2015

42

CACC ECPG PRAA LEAF

Q Q Q N

3 2 3 3

AG AG AG AG

229.69 44.19 63.50 46.84

NM 53.00 NM NM

241.99 46.40 65.00 54.34

110.98 36.40 47.84 24.98

16.2 8.2 13.6 23.0

11.93 4.52 3.80 2.07

Analyst/s

0.86 0.90 1.43 0.64 1.18 1.62 1.00 1.77 1.25 1.16 1.11 2.20 1.19 1.34 1.59 2.08

Div. %

9.5 8.8 10.9 9.1 11.6 10.1 8.3 11.7 13.9 11.5 10.3 14.7 7.5 9.0 9.9 11.5

Mkt. Cap. (Mil)

10.60 6.80 14.63 9.64 15.35 13.56 6.69 19.50 15.92 11.40 12.61 26.42 7.18 11.76 14.93 18.18

1.48 0.82 1.61 1.42 1.62 1.75 0.82 2.06 1.24 1.36 1.45 2.30 1.02 1.39 1.66 2.31

Dec Mar Dec Jun Dec Dec Sep Dec Sep Dec Dec Dec Jun Dec Dec Dec

184 1,700 5,189 186 807 216 1,042 824 792 864 147 1,286 1,987 150 478 671

11.3 11.1 9.2 10.3 8.6 9.7 10.6 7.7 7.6 10.5 10.9 6.5 13.0 11.4 9.3 9.0

RD RD RD RD RD RD RD RD RD RD RD RD RD RD RD RD

14.57 6.04 5.25 2.05

Dec Dec Dec Dec

4,731 1,149 3,068 5,390

0.0 0.0 0.0 0.0

RD RD RD RD

FY End

15.50 8.87 17.93 14.90 18.80 21.13 10.20 23.53 18.43 16.99 15.07 33.47 11.05 14.80 18.55 28.67

2016E

16.00 NM NM 16.00 18.50 21.00 NM NM 18.00 15.00 NM 34.00 NM 14.50 19.00 26.00

2015E

13.65 7.18 16.50 13.55 16.71 15.64 6.80 23.29 16.77 11.85 12.68 32.39 7.70 11.97 15.41 24.05

2014A

HR HR HR HR HR HR HR HR HR HR HR HR HR HR HR HR

Current Year P/E

1 3 3 1 2 1 3 3 2 2 3 2 3 2 2 2

Low

Q Q Q Q N Q Q N Q N Q N Q N Q N

High

Suitability

ABDC AINV ARCC CMFN CODI FDUS FSC GSBD GBDC HTGC HRZN MAIN PSEC SCM TCPC TCAP

Target Price

Rating

Close Jun-25-15

Exchange

EPS

Symbol

52 Week

Financial Services - USA Specialty Finance Investment Companies Alcentra Capital Corporation (ni) Apollo Investment Corp. (ni) Ares Capital Corp. (ni) CM Finance Inc. (ni) Compass Diversified Holdings (y) Fidus Investment Corporation (ni) Fifth Street Finance Corp. (ni) Goldman Sachs BDC, Inc. (ni) Golub Capital BDC, Inc. (ni) Hercules Technology Growth Capital Inc. (ni) Horizon Technology Finance Corporation (ni) Main Street Capital Corp (ni) Prospect Capital Corporation (ni) Stellus Capital Investment Corporation (ni) TCP Capital Corp. (ni) Triangle Capital Corporation (ni)

1.44 0.96 A 1.51 1.49 1.44 1.55 0.82 1.99 1.21 1.03 1.23 2.20 1.03 1.33 1.56 2.10

Specialty Consumer Finance Credit Acceptance Corp. Encore Capital Group Inc. PRA Group Inc. Springleaf Holdings, Inc.

Raymond James Research Register - July 2015

14.16 5.40 4.67 2.04

43

Analyst/s

1.46

Div. %

2016E

1.04

Mkt. Cap. (Mil)

2015E

0.57

FY End

2014A

Current Year P/E

EPS

Low

Close Jun-25-15 C$18.99

High

Suitability G

Target Price

Rating

Exchange

Symbol

2

52 Week

n/a

MO

Financial Services - CAN Michael Overvelde, CFA, CPA, CA [email protected] 5,120

Analyst/s

FY End

2014A

Current Year P/E

EPS

Low

High

52 Week

Dec

Div. %

18.3

Mkt. Cap. (Mil)

11.50

2016E

19.63

2015E

21.00

Target Price

Close Jun-25-15

Suitability

T

Exchange

EFN

Symbol

Element Financial Corporation

Rating

Diversified Financials

2.8 0.1 0.5

FRM,FS FRM,FS FRM,FS

Financial Services - LAT Federico Rey Marino [email protected]

Fernando Suarez [email protected]

Latin American Banking Banco Macro S.A. (ed, r) BBVA Banco Frances (ed, r) Grupo Financiero Galicia (ed, r)

Raymond James Research Register - July 2015

BMA BFR GGAL

N N Q

2 3 3

G G G

US$46.10 US$17.04 US$19.54

29.00 NM NM

67.00 24.74 26.13

28.03 8.99 10.33

6.8 9.3 7.9

7.41 2.26 3.16

6.36 1.73 2.36

6.49 1.80 2.45

Dec Dec Dec

2,697 3,047 2,540

44

Healthcare USA Alternate Site Healthcare Providers ........................... 46 Animal Health ............................................................. 46 Benefits Management ................................................ 46 Health Benefits Management ................................. 46 Pharmacy Benefits Management ............................ 46 Clinical Laboratories ................................................... 46 Death Care .................................................................. 47 Diagnostics.................................................................. 47 Drug Distributors ........................................................ 47 Drug Stores ................................................................. 47 Healthcare Information Technology ........................... 47 Hospital Supplies & Equipment .................................. 48 Hospitals ..................................................................... 48 Medical Devices .......................................................... 48 Pharma Services ......................................................... 49 Specialty Pharmaceuticals .......................................... 49

Raymond James Research Register - July 2015

45

Analyst/s

0.62 2.14 1.40 3.38 1.25 0.68 3.82 2.38 3.57

1.39 2.68 1.55 3.85 1.61 0.82 4.00 2.89 3.99

Dec Dec Dec Dec Dec Sep Dec Dec Dec

925 5,545 1,307 3,688 717 787 17,266 4,366 7,029

0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.8 0.0

JWR JWR,NJ JWR,NJ JWR,NJ JWR,NJ JWR JWR,NJ JWR,NJ JWR,NJ

ABAX HSKA IDXX WOOF

Q Q Q Q

3 2 2 2

AG AG AG AG

52.58 29.86 64.38 54.73

NM 32.00 78.50 62.00

66.89 32.98 84.26 56.01

41.57 10.40 56.75 34.58

42.1 66.4 30.7 24.1

0.72 0.41 1.85 1.89

0.91 A 0.45 2.10 2.27

1.25 0.75 2.25 2.65

Mar Dec Dec Dec

1,204 194 6,148 4,564

0.8 0.0 0.0 0.0

NJ NJ NJ NJ

AET ANTM CNC CI HUM NSP MGLN MOH UNH UAM WCG

N N N N N N Q N N N N

3 3 3 3 3 3 3 3 1 4 3

AG G AG AG G AG AG AG G NM HR

132.60 170.34 81.48 169.77 197.37 51.88 72.01 71.53 122.33 10.61 89.14

NM NM NM NM NM NM NM NM 138.00 NM NM

133.05 173.59 81.80 170.40 219.79 55.42 73.00 73.98 123.76 11.16 95.09

71.81 106.37 35.49 85.75 115.51 27.01 52.37 39.23 78.74 7.63 55.43

18.0 17.0 29.3 19.9 22.9 23.8 33.2 27.2 19.6 53.0 27.0

6.70 8.85 2.23 7.43 7.51 1.45 2.90 1.44 5.70 0.08 2.06

7.35 10.00 2.78 8.52 8.60 2.18 2.17 2.63 6.25 0.20 3.30

8.05 10.98 3.20 9.45 9.85 2.43 3.00 3.45 7.22 0.34 4.55

Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec

46,304 64,610 9,687 47,111 29,562 1,328 1,995 3,570 132,483 891 3,833

0.7 1.2 0.0 0.0 0.6 1.7 0.0 0.0 1.6 0.0 0.0

MJB MJB MJB MJB MJB MJB MJB MJB MJB MJB MJB

CTRX ESRX

Q Q

3 3

AG AG

61.12 91.18

NM NM

61.42 92.46

39.40 65.08

23.7 16.8

2.28 4.88

2.58 5.43

2.88 5.95

Dec Dec

12,530 66,498

0.0 0.0

MJB MJB

LH DGX

N N

2 3

AG G

120.95 72.83

150.00 NM

131.19 89.00

95.61 56.27

15.6 15.2

6.80 4.50

7.75 4.80

8.75 5.10

Dec Dec

12,155 10,488

0.0 2.4

NJ NJ

FY End

0.31 1.54 0.73 2.75 0.99 0.00 3.64 2.10 3.17

2016E

70.0 36.2 28.5 21.4 20.0 31.2 21.2 19.7 21.1

2015E

17.60 43.45 13.25 44.61 20.33 11.88 70.41 34.76 49.82

2014A

45.48 78.51 43.61 72.85 27.75 22.52 85.17 48.13 75.43

Current Year P/E

41.00 80.00 NM 73.00 31.00 25.00 NM 53.00 80.00

Low

43.43 77.45 39.96 72.17 25.06 21.22 80.91 47.00 75.22

High

VR AG NM AG AG HR AG AG AG

Target Price

2 2 4 1 1 1 3 2 2

Rating

N Q Q Q N N N N N

Exchange

AAC ACHC AMED AMSG CSU CIVI DVA HLS MD

Symbol

Div. %

EPS

Mkt. Cap. (Mil)

Close Jun-25-15

Suitability

52 Week

Healthcare - USA John W. Ransom [email protected]

Michael J. Baker [email protected]

Jayson Bedford [email protected]

Nicholas Jansen [email protected]

Lawrence Keusch [email protected]

Elliot Wilbur, CFA [email protected]

Alternate Site Healthcare Providers AAC Holdings, Inc. Acadia Healthcare Co. Amedisys AmSurg Corporation Capital Senior Living Corp. Civitas Solutions, Inc. DaVita HealthCare Partners Inc. HealthSouth Corporation MEDNAX, Inc.

Animal Health Abaxis, Inc. Heska Corporation IDEXX Laboratories Inc VCA Inc.

Benefits Management Health Benefits Management Aetna Anthem Centene CIGNA Corporation Humana Insperity Magellan Health Molina Healthcare UnitedHealth Group Universal American Corp. WellCare Health Plans

Pharmacy Benefits Management Catamaran Express Scripts

Clinical Laboratories Laboratory Corporation of America Holdings Quest Diagnostics Inc.

Raymond James Research Register - July 2015

46

2016E

Div. %

Analyst/s

31.00 32.00 32.00

25.65 30.23 30.92

15.76 19.74 23.50

10.7 17.5 11.9

2.07 1.30 2.30

2.29 1.70 2.55

2.53 1.85 3.05

Dec Dec Dec

452 6,172 885

0.5 1.3 8.3

JWR,NJ JWR,NJ JWR,NJ

ALR CDNA CPHD GNMK GHDX VIVO OSUR QDEL

N Q Q Q Q Q Q Q

1 2 2 2 4 4 2 2

AG VR AG AG NM NM AG AG

51.79 6.92 59.90 9.80 27.96 18.78 5.64 23.25

60.00 6.50 62.00 13.50 NM NM 8.00 27.00

53.09 10.89 62.00 14.40 37.75 21.22 10.93 29.38

33.76 4.60 36.94 8.62 25.06 15.56 4.42 20.65

21.3 NM NM NM NM 22.1 NM NM

1.76 (0.10) (0.72) (0.93) (0.78) 0.83 (0.08) (0.21)

2.43 (0.83) (0.45) (1.11) (0.74) 0.85 0.03 (0.06)

2.95 (0.78) (0.06) (1.06) 0.15 0.91 0.08 0.25

Dec Dec Dec Dec Dec Sep Dec Dec

4,396 82 4,439 410 898 789 323 830

0.0 0.0 0.0 0.0 0.0 4.3 0.0 0.0

NJ NJ NJ NJ NJ NJ NJ NJ

ABC CAH MCK

N N N

2 2 1

G G G

107.61 86.67 229.33

130.00 95.00 265.00

120.68 91.91 243.61

72.01 68.44 178.28

21.8 19.9 18.3

3.97 3.84 8.60

4.93 5.50 4.36 5.00 11.11 A 12.55

Sep Jun Mar

24,793 28,948 54,122

1.1 1.8 0.4

JWR,NJ JWR,NJ JWR,NJ

CVS RAD WBA

N N Q

2 2 3

G HR G

105.01 8.60 86.36

120.00 10.00 NM

106.88 9.07 93.42

74.69 4.42 57.75

20.5 50.6 24.0

4.49 0.23 3.28

5.11 2.08 A 3.60

5.99 0.17 4.40

Dec Feb Aug

118,346 8,849 95,022

ABCO MDRX ATHN CERN CPSI CNXR MDAS PINC PGND QSII WBMD

Q Q Q Q Q Q Q Q N Q Q

2 2 3 2 3 1 3 2 2 3 1

AG AG AG AG AG AG AG AG AG AG AG

54.24 14.14 115.13 69.19 54.20 11.02 22.22 37.76 27.79 16.70 45.03

62.00 14.50 NM 80.00 NM 14.50 NM 42.00 31.00 NM 50.00

56.49 17.17 153.25 75.72 66.71 14.39 25.57 39.81 29.20 18.75 53.30

37.47 11.00 107.88 50.30 47.40 8.04 17.00 27.95 26.20 13.01 34.48

39.3 1.33 33.7 0.31 95.9 1.31 32.9 1.65 20.6 2.97 NM (10.27) 18.5 1.35 26.4 1.29 31.2 0.74 24.6 0.70 34.6 0.97

1.38 0.42 1.20 2.10 2.63 (0.12) 1.20 1.43 0.89 0.62 A 1.30

1.74 0.52 1.45 2.50 3.05 0.20 1.28 1.55 0.98 0.68 1.55

Dec Dec Dec Dec Dec Dec Dec Jun Dec Mar Dec

1,952 2,554 4,431 23,797 613 239 1,341 5,439 1,451 1,007 1,647

Mkt. Cap. (Mil)

2015E

24.40 29.70 30.30

FY End

2014A

G AG TR

Current Year P/E

1 1 2

Low

N N N

High

Suitability

CSV SCI STON

Target Price

Rating

Close Jun-25-15

Exchange

EPS

Symbol

52 Week

Healthcare - USA Death Care Carriage Services, Inc. (rf) Service Corporation International (rf) StoneMor Partners L.P. (y)

Diagnostics Alere, Inc. CareDx, Inc. Cepheid GenMark Diagnostics, Inc. Genomic Health Meridian Bioscience, Inc. OraSure Technologies, Inc. Quidel Corporation

Drug Distributors AmerisourceBergen Corp. Cardinal Health Inc. McKesson Corporation

Drug Stores CVS Health Rite Aid Corporation Walgreens Boots Alliance Inc.

1.2 JWR,MJB 0.0 JWR,NJ 1.6 JWR,NJ

Healthcare Information Technology The Advisory Board Company Allscripts Healthcare Solutions Inc. athenahealth Inc. Cerner Corporation Computer Programs and Systems, Inc. Connecture Inc. MedAssets Premier, Inc. Press Ganey Holdings, Inc. Quality Systems Inc. WebMD Health Corp

Raymond James Research Register - July 2015

0.0 0.0 0.0 0.0 4.7 0.0 0.0 0.0 0.0 4.2 0.0

NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ NJ

47

64.01 112.15 141.49 134.42 33.75 38.85 376.00 19.30 114.26 49.78 101.95 1.40

17.9 20.0 19.1 23.3 20.7 22.1 29.1 29.4 29.0 20.3 21.6 NM

4.90 6.50 8.40 7.29 2.19 2.25 16.10 1.30 4.27 2.48 5.74 (0.64)

CYH HCA LPNT THC UHS

N N Q N N

3 2 3 2 2

HR AG AG AG G

62.45 90.72 83.40 56.21 140.78

NM 90.00 NM 65.00 135.00

63.36 92.63 84.39 63.61 144.00

42.05 53.61 60.04 41.47 91.26

15.4 17.1 21.1 22.9 21.5

3.30 4.70 3.45 1.43 5.78

ABT ABMD ANGO BSX DXCM HTWR HOLX HSP ICUI PODD IART JNJ MMSI BABY RTIX THOR

N Q Q N Q Q Q N Q Q Q N Q Q Q Q

2 3 2 2 2 2 3 3 1 3 3 2 1 2 3 2

G HR AG AG HR AG AG AG AG HR AG TR AG AG HR AG

49.33 66.05 16.76 18.23 77.76 76.24 37.69 88.69 95.90 31.36 69.04 99.12 21.63 43.76 6.69 45.24

52.00 NM 20.00 21.00 75.00 98.00 NM NM 102.00 NM NM 111.00 24.00 45.00 NM 52.00

50.47 76.90 19.80 18.62 78.38 95.59 38.54 88.87 98.95 47.97 70.32 109.49 22.15 44.37 7.11 46.50

39.28 21.84 13.13 11.10 34.67 69.05 22.70 46.56 56.62 24.95 45.07 95.10 11.41 24.03 3.50 22.50

22.9 NM 28.9 20.5 NM NM 23.7 26.2 33.0 NM 21.0 16.1 24.6 29.4 30.4 37.1

1.98 0.18 0.56 0.84 (0.30) (1.14) 1.46 2.59 2.38 (0.19) 2.96 6.39 0.78 1.26 0.11 1.40

Analyst/s

77.31 149.98 180.94 190.00 45.43 57.95 559.04 39.91 142.69 71.39 136.91 5.80

Div. %

Low

NM 165.00 195.00 200.00 NM NM 570.00 46.00 NM 72.00 140.00 5.50

Mkt. Cap. (Mil)

High

72.34 141.91 172.86 175.70 42.11 55.69 494.86 39.73 135.01 66.00 134.57 3.06

Dec Sep Dec Oct Mar Sep Dec Dec Dec Mar Dec Dec

39,342 29,714 13,829 8,537 2,176 3,155 18,211 2,090 11,504 3,939 5,588 193

2.9 1.7 0.6 0.0 0.0 1.1 0.0 0.0 0.0 1.4 1.3 0.0

LK LK LK LK LK LK LK LK LK LK LK LK

4.25 5.60 4.05 2.75 7.05

Dec Dec Dec Dec Dec

7,182 38,028 3,845 5,677 14,162

0.0 0.0 0.0 0.0 0.3

JWR,NJ JWR,NJ JWR,NJ JWR,NJ JWR,NJ

2.15 2.43 0.64 A 0.60 0.58 0.70 0.89 1.05 (0.08) 0.54 (3.12) (1.98) 1.59 1.76 3.39 3.76 2.91 3.20 (0.33) (0.09) 3.28 3.69 6.14 6.35 0.88 1.00 1.49 1.72 0.22 0.25 1.22 1.44

Dec Mar May Dec Dec Dec Sep Dec Dec Dec Dec Dec Dec Dec Dec Dec

74,784 2,730 612 24,429 6,050 1,311 10,838 15,556 1,554 1,778 2,299 280,113 954 1,448 387 2,484

1.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.6 0.0 0.0 0.0 0.0

JB JB JB JB JB JB JB JB JB JB JB JB JB JB JB JB

FY End

Target Price

G G G AG AG G AG AG AG G G VR

2016E

Close Jun-25-15

3 1 2 2 3 3 2 1 3 2 2 2

2015E

Suitability

N N N N N N Q Q Q N N M

2014A

Rating

BAX BDX BCR COO HAE HRC ISRG MASI SRCL STE TFX TRXC

Current Year P/E

Exchange

EPS

Symbol

52 Week

Healthcare - USA Hospital Supplies & Equipment Baxter International Inc. Becton, Dickinson and Company C.R. Bard, Inc. The Cooper Companies, Inc. Haemonetics Corporation Hill-Rom Holdings, Inc. Intuitive Surgical, Inc. Masimo Corp. Stericycle Inc. Steris Corp. Teleflex, Inc. TransEnterix, Inc.

4.05 4.32 7.08 8.51 9.03 10.02 7.55 8.80 1.85 A 2.03 2.52 2.72 17.00 20.16 1.35 1.58 4.65 5.29 2.99 A 3.25 6.24 6.84 (0.52) (0.36)

Hospitals Community Health Systems, Inc. HCA Holdings, Inc. LifePoint Hospitals, Inc. Tenet Healthcare Corporation Universal Health Services, Inc.

4.05 5.30 3.95 2.45 6.55

Medical Devices Abbott Laboratories Abiomed Inc. AngioDynamics Boston Scientific Corp. DexCom Inc. Heartware International, Inc. Hologic Inc. Hospira, Inc. ICU Medical, Inc. Insulet Integra LifeSciences Corp. Johnson & Johnson Merit Medical Systems Inc. Natus Medical Inc. RTI Surgical Inc. Thoratec Corp.

Raymond James Research Register - July 2015

48

19.30 52.02 15.04 45.50 19.61 51.79 51.09

18.6 20.4 71.4 18.8 26.0 24.0 23.6

NA 3.46 0.73 2.87 0.83 2.17 2.70

1.61 3.57 0.62 3.67 1.51 2.74 3.11

1.82 3.90 0.91 4.05 1.71 3.19 3.56

Jun Dec Dec Dec Dec Jun Dec

3,715 3,450 2,886 4,176 2,402 3,597 9,183

AKRX AGN AMPH ENDP IPXL LCI MYL PRGO SGNT TEVA

Q N Q Q Q N Q N Q N

2 2 1 3 4 2 3 3 1 3

AG AG HR AG NM AG AG G AG TR

44.81 309.15 18.19 82.22 46.86 59.75 70.36 189.21 24.84 58.98

53.00 344.00 23.00 NM NM 63.00 NM NM 31.00 NM

57.10 317.72 18.24 96.58 52.10 72.44 76.69 215.73 33.60 68.75

30.09 201.91 8.32 57.14 22.12 33.51 44.80 135.00 21.84 47.36

22.6 17.3 NM 18.4 38.7 15.1 17.2 24.3 92.0 11.4

1.16 13.98 (0.25) 4.30 1.31 2.00 3.56 6.27 0.52 5.07

1.98 17.82 (0.54) 4.46 1.21 3.97 4.09 7.78 0.27 5.17

2.35 21.11 (0.35) 4.89 1.88 3.81 4.61 8.98 0.67 5.33

Dec Dec Dec Dec Dec Jun Dec Dec Dec Dec

5,007 121,280 812 14,685 3,356 2,159 34,441 26,641 797 50,251

Analyst/s

32.11 84.69 47.47 72.40 42.45 72.69 73.76

Div. %

2016E

33.00 NM 50.00 NM 39.00 NM 78.00

Mkt. Cap. (Mil)

2015E

29.91 72.85 44.26 68.93 39.22 65.80 73.49

FY End

2014A

AG AG AG AG AG AG AG

Current Year P/E

2 3 2 3 2 3 1

Low

N N N Q Q Q N

High

Suitability

CTLT CRL DPLO ICLR INCR PRXL Q

Target Price

Rating

Close Jun-25-15

Exchange

EPS

Symbol

52 Week

Healthcare - USA Pharma Services Catalent, Inc. Charles River Laboratories Diplomat Pharmacy, Inc. ICON plc INC Research Holdings PAREXEL Quintiles Transnational Holdings

0.0 JWR,MJB 0.0 MJB 0.0 JWR 0.0 MJB 0.0 MJB 0.0 MJB 0.0 MJB

Specialty Pharmaceuticals Akorn, Inc. Allergan plc Amphastar Pharmaceuticals, Inc. Endo International plc Impax Laboratories, Inc. Lannett Company, Inc. Mylan N.V. Perrigo Company PLC Sagent Pharmaceuticals, Inc. Teva Pharmaceutical Industries, Ltd. (r)

Raymond James Research Register - July 2015

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.3 0.0 2.3

EW EW EW EW EW EW EW EW EW EW

49

Industrial USA

Canada

Europe

Specialty Distribution ................................................. 51

Chemicals ................................................................... 52

Infrastructure & Construction .....................................53

Waste and Industrial Services..................................... 51

Diversified Income Corps. ........................................... 52

Building Products .....................................................53

Industrial Services.................................................... 51

Infrastructure & Construction .................................... 52

Construction Groups ................................................53

Waste Services ........................................................ 51

Asset Ownership & Management ........................... 52

Electrical Equipment ................................................53

Construction ............................................................ 52

House Builders .........................................................53

Engineering ............................................................. 52

Infrastructure Operators ..........................................54

Machinery ............................................................... 52

Specialty Distribution ..................................................54

Related Products & Services.................................... 53 Special Situations ....................................................... 53

Raymond James Research Register - July 2015

50

Mkt. Cap. (Mil)

Div. %

Analyst/s

2.1 0.0 2.5 0.0 4.9 0.0 0.0 2.3 0.0 2.8 2.0 0.0

SD SD,BB SD,BB SD,BB SD,BB SD SD,BB SD,BB SD,JMA SD SD,BB SD,BB

2.22

Dec

3,158

0.0

TB

(0.01) 0.48 1.50 2.18 2.20 2.26 2.67

Dec Dec Dec Dec Dec Dec Dec

231 2,851 3,130 14,068 1,057 5,915 21,487

0.0 4.6 1.9 2.8 1.5 1.1 4.0

TB TB TB TB TB TB TB

FY End

8,076 1,630 12,647 6,964 170 9,311 1,582 4,302 2,236 35,234 16,288 3,742

2016E

Mar Sep Dec Jan Dec Dec Dec Aug Dec Dec Dec Dec

2015E

2014A

Current Year P/E

EPS

Low

High

Target Price

Close Jun-25-15

Suitability

Rating

Exchange

Symbol

52 Week

Industrial - USA Patrick Tyler Brown, CFA [email protected]

Sam Darkatsh [email protected]

J. Marshall Adkins [email protected]

Budd Bugatch, CFA [email protected]

Specialty Distribution Airgas, Inc. Beacon Roofing Supply, Inc. Fastenal Company HD Supply Holdings Inc. Houston Wire & Cable Company LKQ Corporation MRC Global MSC Industrial Direct NOW Inc. Praxair, Inc. W.W. Grainger, Inc. WESCO International

ARG BECN FAST HDS HWCC LKQ MRC MSM DNOW PX GWW WCC

N Q Q Q Q Q N N N N N N

3 3 3 3 4 2 3 2 3 1 3 3

G AG AG AG NM AG AG AG AG TR G AG

107.17 32.93 42.74 35.10 9.76 30.33 15.48 69.84 20.90 122.21 239.53 71.69

NM NM NM NM NM 30.00 NM 75.00 NM 140.00 NM NM

119.00 34.31 50.22 35.73 14.00 30.50 28.55 95.90 37.65 134.06 261.57 88.31

99.61 23.04 39.46 22.18 8.80 22.90 10.20 68.16 20.00 117.19 223.92 65.38

21.4 24.9 23.6 17.1 17.1 21.4 20.4 18.4 NM 20.5 19.5 14.2

4.72 1.08 1.66 1.25 0.85 1.27 1.40 3.93 1.06 6.27 12.26 5.18

4.85 A 5.00 1.32 1.62 1.81 2.03 2.05 2.73 0.57 0.63 1.42 1.74 0.76 0.80 3.79 4.25 (0.16) 0.27 5.95 6.70 12.27 13.50 5.05 5.60

CLH

N

2

AG

53.61

61.00

65.53

43.05

29.9

1.53

1.79

CWST CVA BIN RSG ECOL WCN WM

Q N N N Q N N

2 1 1 1 2 2 3

VR AG AG G AG AG TR

5.71 21.60 27.82 39.65 48.71 47.75 46.94

7.00 24.00 33.00 46.00 52.00 53.00 NM

6.30 25.35 31.47 42.05 52.42 50.93 55.93

3.41 19.25 23.93 36.72 38.42 42.05 43.49

NM 63.5 20.9 19.8 27.5 24.1 19.1

(0.03) 0.35 1.33 1.96 2.02 2.04 2.48

(0.18) 0.34 1.33 2.00 1.77 1.98 2.46

Waste and Industrial Services Industrial Services Clean Harbors

Waste Services Casella Waste Systems, Inc. Covanta Holding Corp. Progressive Waste Solutions Ltd. Republic Services, Inc. U.S. Ecology, Inc. Waste Connections, Inc. Waste Management, Inc.

Raymond James Research Register - July 2015

51

Analyst/s

(1.39) 0.27 4.13 0.24

0.02 0.40 2.90 0.45

0.14 0.93 5.45 1.23

Dec Dec Dec Dec

275 1,264 5,266 1,686

2.7 5.8 1.9 5.4

SH SH SH SH

AD EIF GRC M

T T V V

R 3 2 3

HR AG VR AG

C$31.06 C$20.53 C$0.88 C$10.30

R 26.00 1.20 11.50

37.20 23.80 0.95 14.95

27.60 14.30 0.52 9.00

R 16.4 11.0 NM

R (0.53) 0.00 25

R 1.25 0.08 28

R 1.43 0.10 37

Dec Dec Dec Dec

R 480 113 84

R 8.5 5.7 3.9

TP TP,SH DQ TP

BIP BEP PEGI

N N Q

2 2 2

TR TR TR

US$45.40 US$30.88 US$30.60

50.00 34.00 35.00

46.95 33.63 34.51

36.66 27.26 22.68

12.9 14.7 25.5

3.45 2.03 1.47

3.51 2.10 1.20

3.84 2.60 2.50

Dec Dec Dec

10,510 8,514 2,017

4.7 5.4 4.5

FB FB FB

ARE BDT NOA SOX

T T T T

2 3 2 2

AG AG HR AG

C$12.28 C$10.74 C$3.06 C$7.02

17.50 11.00 4.50 9.00

17.10 15.35 8.65 11.25

9.51 9.28 3.00 4.51

11.7 14.3 NM 15.6

0.26 0.85 (0.02) 0.28

1.05 0.75 (0.02) 0.45

1.15 0.75 0.17 0.65

Dec Dec Dec Dec

799 456 106 184

3.3 7.1 2.6 6.8

FB FB BC FB

IBG SNC STN WSP

T T T T

3 3 2 2

HR G G TR

C$2.25 C$43.04 C$36.49 C$41.11

2.00 43.00 39.00 50.00

2.95 59.63 38.14 45.50

1.10 36.24 28.78 31.02

17.3 26.1 17.4 19.1

0.26 8.74 1.74 0.98

0.13 1.65 2.10 2.15

0.30 3.20 2.32 2.70

Dec Dec Dec Dec

51 6,568 3,467 3,659

NM 2.3 1.2 3.6

FB FB BC,FB FB

CAT CVL FTT JOY RBA RME SQP TIH WJX

N T T N N T T T T

3 3 3 3 2 3 3 2 3

G G G G G G AG G G

US$86.72 C$15.83 C$23.85 US$37.41 US$28.74 C$8.75 C$2.59 C$31.31 C$21.62

85.00 18.00 26.00 44.50 32.00 10.00 3.00 34.25 25.00

111.46 22.69 34.34 65.36 30.85 11.55 4.10 34.17 38.90

78.19 15.80 20.52 37.26 21.58 8.20 2.01 24.83 20.55

17.8 14.4 13.9 15.0 26.1 8.8 14.4 16.9 10.4

6.38 1.15 1.96 3.30 0.86 0.98 (0.43) 1.71 2.42

4.86 1.10 1.72 2.50 1.10 1.00 0.18 1.85 2.07

5.15 1.50 1.92 2.75 1.20 1.16 0.30 2.00 2.50

Dec Dec Dec Oct Dec Dec Dec Dec Dec

53,159 255 4,117 3,666 3,098 170 34 2,445 370

3.2 5.3 3.1 2.1 1.9 5.3 NM 2.2 4.6

TP,BC BC BC TP,BC BC BC BC BC BC

FY End

74.0 51.6 19.7 29.7

2016E

1.37 18.36 42.32 11.29

2015E

5.49 22.47 70.89 15.06

2014A

1.80 23.00 70.00 14.00

Current Year P/E

C$1.48 C$20.65 US$57.11 C$13.36

Low

AG TR AG AG

High

3 2 1 3

Target Price

T T Q T

Rating

CUS CHE.UN MEOH SPB

Symbol

Div. %

EPS

Mkt. Cap. (Mil)

Close Jun-25-15

Suitability

Exchange

52 Week

Industrial - CAN Ben Cherniavsky [email protected]

Frederic Bastien, CFA [email protected]

Steve Hansen, CMA, CFA [email protected]

Theoni Pilarinos, CFA [email protected]

Daryl Swetlishoff, CFA [email protected]

David Quezada, CFA (Associate Analyst) [email protected]

Chemicals Canexus Corporation Chemtrade Logistics Income Fund Methanex Superior Plus Corporation

Diversified Income Corps. Alaris Royalty Corp. Exchange Income Corp Grenville Strategic Royalty Corp. Mosaic Capital Corporation (cb)

Infrastructure & Construction Asset Ownership & Management Brookfield Infrastructure Partners L.P. (x) Brookfield Renewable Energy Partners L.P. (x) Pattern Energy Group Inc. (ca)

Construction Aecon Group Bird Construction Inc. North American Energy Partners Stuart Olson Inc.

Engineering IBI Group Inc. SNC-Lavalin Stantec Inc WSP Global Inc.

Machinery Caterpillar Inc. Cervus Equipment Corp. Finning International Joy Global Inc. Ritchie Bros. Auctioneers Rocky Mountain Dealerships Inc. Strongco Corp. Toromont Industries Wajax Corp.

Raymond James Research Register - July 2015

52

0.70 (0.60) 1.95 0.55 0.54

BYD.UN DRT TSL WB

T T T T

2 1 2 2

G AG HR TR

C$53.75 C$7.11 C$3.28 C$19.94

60.00 10.00 4.00 22.00

57.84 9.19 3.43 21.07

36.45 3.12 1.61 16.68

NM 20.9 12.6 NM

69 0.08 0.03 93

Analyst/s

13.0 80.0 16.5 NM 13.9

Div. %

9.09 1.30 22.39 0.73 5.50

Mkt. Cap. (Mil)

15.00 3.60 37.63 8.68 7.95

1.10 (0.76) A 1.40 (0.05) 0.50

1.35 0.02 1.90 0.10 0.60

Dec Mar Dec Dec Dec

684 71 1,584 31 213

1.1 NM 6.6 NM 2.6

FB FB FB FB BC

101 0.45 0.41 104

Dec Dec Dec Sep

882 622 102 758

0.9 0.0 NA 4.9

TP DQ,DS DQ TP

FY End

18.00 2.25 28.00 1.25 8.50

2016E

C$14.32 C$1.60 C$23.12 C$0.80 C$6.96

2015E

2014A

AG AG TR HR AG

Current Year P/E

Close Jun-25-15

2 2 2 3 2

Low

Suitability

T T T T T

High

Rating

CAM OVI.A RUS WEQ ZCL

Target Price

Exchange

EPS

Symbol

52 Week

Industrial - CAN Related Products & Services Canam Group Ovivo Inc. Russel Metals WesternOne Inc. ZCL Composites

2016E

Mkt. Cap. (Mil)

Div. %

Analyst/s

73.93 44.00 28.31

50.45 29.51 17.09

16.0 16.6 20.2

4.15 1.97 0.96

4.43 2.59 1.00

4.84 2.98 1.24

Dec Dec Dec

5,647 24,066 1,290

2.6 3.1 2.0

AP AP AP

FOUG.PA SGEF.PA

EPA EPA

2 2

€52.68 €54.95

61.00 65.00

57.75 57.66

36.60 39.65

17.3 12.3

3.05 E 4.47 E

3.42 3.46

4.01 3.70

Dec Dec

4,712 32,422

2.8 3.5

AP AP

SU.PA

EPA

3

€65.82

NM

75.29

52.59

19.2

3.55

3.42

3.69

Dec

37,662

2.9

AP

NEXI.PA

EPA

2

€36.30

42.00

40.67

26.00

18.0

1.59

2.02

2.14

Dec

1,967

5.5

AP

FY End

2015E

74.50 NM 24.00

Current Year P/E

€70.95 €42.95 €20.25

Low

2 3 2

High

EPA EPA EPA

Target Price

2014A

Close Jun-25-15

Rating

EPS

Exchange

52 Week

88 0.34 0.26 92

IMTP.PA SGOB.PA TKTT.PA

Symbol

Boyd Group Income Fund (cb) DIRTT Environmental Solutions Ltd. Tree Island Steel Ltd. Whistler Blackcomb Holdings Inc. (cb)

Suitability

Special Situations

Industrial - EUR Arnaud Palliez, RJEE [email protected]

Infrastructure & Construction Building Products Imerys Saint-Gobain Tarkett

Construction Groups Eiffage Vinci

Electrical Equipment Schneider Electric

House Builders Nexity

Raymond James Research Register - July 2015

53

High

2014A

2015E

2016E

Mkt. Cap. (Mil)

Div. %

Analyst/s

€15.33 €107.30 €20.12 €58.19 €13.78

NM 100.00 22.20 53.00 NM

17.19 117.20 20.80 63.01 14.57

13.07 82.94 13.41 46.65 8.62

17.6 23.9 35.9 21.3 51.0

0.73 4.06 0.55 2.54 0.11

0.87 4.49 0.56 2.73 0.27

1.00 4.99 0.66 3.06 0.33

Dec Dec Dec Dec Dec

13,771 10,618 14,734 5,365 7,430

4.5 2.5 3.7 2.3 1.9

AP AP AP AP AP

RXL.PA WOS.L

EPA L

2 3

€15.28 4,240p

18.00 NM

18.18 4,285

12.71 2,966

15.1 0.97 18.4 196.00

1.01 231.00

1.35 269.00

Dec Jul

4,460 £10,962

4.9 2.4

AP AP

FY End

Target Price

3 4 2 4 3

Current Year P/E

Close Jun-25-15

MAD EPA MAD ETR EPA

Low

Rating

ABE.MC ADP.PA FER.MC FRAG.DE GETP.PA

Suitability

Exchange

EPS

Symbol

52 Week

Industrial - EUR Infrastructure Operators Abertis ADP Ferrovial Fraport Groupe Eurotunnel

Specialty Distribution Rexel Wolseley

Raymond James Research Register - July 2015

54

Mining & Natural Resources Canada

Europe

Agribusiness ............................................................... 55

Construction Materials................................................58

Fertilizers .................................................................... 55 Forest Products .......................................................... 56 Building Materials ................................................... 56 Pulp & Paper ........................................................... 56 Mining ........................................................................ 56 Base Metals & Minerals .......................................... 56 Iron Ore ................................................................... 56

Latin America

Platinum Group Metals ........................................... 56

Agribusiness & Natural Resources ..............................59

Precious Metals - Gold ............................................ 57

Agribusiness .............................................................59

Precious Metals - Silver ........................................... 57

1.75 (1.08)

1.67 (0.76)

2.12 0.22

Dec Dec

767 46

1.8 0.0

SH SH

AGU POT

N N

3 2

G G

US$106.04 US$31.89

120.00 36.00

116.81 38.18

82.02 30.13

14.0 17.2

5.80 1.81

7.60 1.85

9.10 2.15

Dec Dec

15,270 26,660

3.3 4.8

SH SH

FY End

19.7 NM

2016E

19.83 2.13

2015E

33.44 5.20

2014A

34.00 5.00

Current Year P/E

C$32.91 C$2.84

Low

AG AG

High

2 2

Target Price

T T

Rating

AGT LWP

Symbol

Analyst/s

EPS

Div. %

Close Jun-25-15

Suitability

Exchange

52 Week

Mkt. Cap. (Mil)

Natural Resources ....................................................59

Uranium .................................................................. 58

Mining & Natural Resources - CAN Daryl Swetlishoff, CFA [email protected]

Alex Terentiew, MBA, P.Geo [email protected]

David Sadowski [email protected]

Steve Hansen, CMA, CFA [email protected]

Chris Thompson, M.Sc. (Eng), P.Geo [email protected]

Phil Russo [email protected]

Agribusiness AGT Food and Ingredients Inc. Legumex Walker Inc.

Fertilizers Agrium Inc. Potash Corp. of Saskatchewan Inc.

Raymond James Research Register - July 2015

55

2016E

Div. %

Analyst/s

12.90 21.75 5.10 14.15 20.14 46.15 1.78

39.7 16.6 10.4 22.0 63.9 14.4 9.6

2.58 1.38 0.22 0.62 0.48 3.86 0.17

0.48 1.67 0.63 0.93 0.43 4.86 0.24

1.17 3.17 1.16 2.47 1.99 8.03 0.42

Dec Dec Dec Dec Dec Dec Dec

318 3,729 150 1,434 2,400 6,004 935

4.7 0.0 NA 0.0 3.6 0.4 3.5

DS DS DS DS DS DS DS

CFX UFS FTP MERC

T N T Q

1 2 3 1

AG HR HR HR

C$15.80 US$43.22 C$4.00 US$14.12

23.50 48.00 2.50 20.00

17.02 48.30 4.85 15.95

10.20 33.04 1.43 9.06

8.5 17.9 NM 8.1

1.28 3.61 (4.39) 1.81

1.86 2.42 (1.91) 1.74

1.93 3.05 0.00 2.55

Dec Dec Dec Dec

1,111 2,753 59 911

1.6 3.7 0.0 0.0

DS DS DS DS

ALS CS CUM FM HBM IVN LUN NSU TKO TCK.B TV

T T T T T T T T T T T

2 2 3 2 2 2 1 2 3 3 2

AG HR AG HR HR VR HR AG HR AG VR

C$14.44 C$1.21 C$1.25 C$17.28 C$10.67 C$0.92 C$5.32 C$5.02 C$0.70 C$13.13 C$0.92

17.00 2.25 1.50 23.00 14.00 2.75 8.00 5.50 1.50 19.00 1.60

15.47 3.11 3.15 27.29 12.61 1.61 6.57 5.35 2.79 26.98 1.41

9.86 1.04 0.97 9.89 7.50 0.67 3.68 3.61 0.68 12.46 0.91

NM NM 11.4 48.0 42.7 1.3 10.4 18.6 NM 14.8 18.4

(0.18) 0.09 0.13 0.79 (0.11) (0.35) 0.24 0.47 (0.19) 0.78 (0.03)

(0.10) (0.09) 0.11 0.36 0.25 0.71 0.51 0.27 (0.11) 0.89 0.05

0.20 0.10 0.23 1.28 0.78 (0.13) 0.50 0.05 0.04 1.31 0.20

Apr Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec

578 462 149 10,377 2,466 644 3,822 1,004 156 7,564 US$293

0.0 0.0 0.0 0.2 0.2 0.0 0.0 3.2 0.0 6.9 0.0

AT AT AT AT AT AT AT AT AT AT AT

LIF

T

3

HR

C$15.96

14.00

31.80

10.81

45.6

1.56

0.35

0.36

Dec

1,021

12.8

AT

ELR PTM

T T

3 3

HR VR

C$1.66 C$0.51

2.25 1.25

2.26 1.32

0.79 0.50

NM NM

(1.35) (0.01)

(0.16) (0.01)

(0.12) (0.01)

Dec Aug

154 281

0.0 NM

AT AT

Mkt. Cap. (Mil)

2015E

19.32 31.93 8.46 23.61 29.23 78.55 2.80

FY End

2014A

20.00 34.00 9.50 27.50 30.00 83.00 3.25

Current Year P/E

C$19.04 C$27.79 C$6.53 C$20.48 C$27.46 C$69.98 C$2.30

Low

TR HR VR HR HR HR HR

High

2 2 2 1 2 2 1

Target Price

Close Jun-25-15

T T T T T T T

Exchange

ADN CFP CFF IFP NBD WFT WEF

Symbol

Suitability

EPS

Rating

52 Week

Mining & Natural Resources - CAN Forest Products Building Materials Acadian Timber Corp. Canfor Corp. Conifex Timber Inc. Interfor Corp. Norbord Inc. West Fraser Timber Western Forest Products Inc.

Pulp & Paper Canfor Pulp Products Inc. Domtar Fortress Paper Mercer International Inc.

Mining Base Metals & Minerals Altius Minerals Corp. Capstone Mining Corp. Copper Mountain Mining First Quantum Minerals Ltd. HudBay Minerals, Inc. Ivanhoe Mines Ltd. Lundin Mining Corporation Nevsun Resources Ltd. Taseko Mines Ltd. Teck Resources Limited Trevali Mining Corporation

Iron Ore Labrador Iron Ore Royalty Corp.

Platinum Group Metals Eastern Platinum Ltd. Platinum Group Metals Ltd.

Raymond James Research Register - July 2015

56

Mkt. Cap. (Mil)

Div. %

Analyst/s

21.65 1.77 5.11 1.50 0.41 2.52 1.65 10.04 6.02 4.00 0.38 44.66 16.18 2.15 1.62 0.53 2.00 0.81 3.53 0.33 0.40 0.39 55.55 2.80 2.39 13.19 3.07

NM 16.4 NM NM NM NM 9.9 24.4 NM 57.7 1.9 76.0 46.0 NM NM NM NM 5.2 59.5 NM NM NM 60.6 NM 7.6 R NM

1.07 0.17 (0.02) (0.10) (0.02) (0.15) 0.17 0.68 (0.50) 0.19 0.26 0.91 0.61 (0.09) 0.09 (0.27) 0.11 0.18 0.09 (0.13) (0.02) (0.02) 0.94 0.09 0.43 R 0.05

0.20 0.18 (0.05) (0.02) (0.02) (0.14) 0.20 0.45 (0.23) 0.07 0.32 0.64 0.36 (0.01) (0.22) (0.21) 0.00 0.19 0.06 (0.08) (0.03) (0.03) 1.03 0.01 0.48 R (0.08)

0.46 0.09 0.10 0.35 (0.02) 0.02 0.22 1.06 0.50 0.15 0.26 0.75 0.64 0.30 (0.42) (0.07) 0.11 0.23 0.13 (0.07) (0.02) 0.04 1.19 0.08 0.51 R 0.13

Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Oct Dec Dec Dec Dec Dec Dec Dec Dec Jun Dec Dec Dec Dec

6,330 US$870 726 459 59 809 1,909 12,803 US$2,520 2,897 252 7,636 13,824 577 US$1,083 116 2,633 426 US$1,829 33 541 210 4,059 436 1,068 R 2,889

1.1 0.0 1.1 0.0 0.0 2.4 0.0 1.8 0.0 0.5 0.0 1.7 3.6 0.0 0.0 0.0 0.0 3.0 0.0 0.0 0.0 0.0 1.4 0.0 0.0 R 1.9

PR PR PR CT DSa PR CT PR PR PR CT PR PR PR PR DSa PR CT PR DSa DSa DSa PR PR CT CT PR

BCM CDE EDR FR FVI MAG PAAS SCZ SLW SVM SVL

V N T T T T Q V N N T

2 3 3 3 1 1 3 3 2 2 2

VR AG HR AG HR VR AG VR AG AG HR

C$0.93 US$5.68 C$2.50 C$6.31 C$4.69 C$10.14 US$9.09 C$0.17 US$17.77 US$1.11 C$1.27

2.50 7.00 3.30 8.00 7.00 17.00 11.75 0.70 30.00 1.90 1.80

5.20 9.32 7.06 12.27 6.59 11.35 15.97 1.00 27.66 2.22 2.37

0.89 3.37 1.98 3.81 3.71 6.56 8.49 0.16 16.57 1.04 1.24

NM 8.7 6.0 9.4 12.3 NM 11.4 NM 27.3 6.9 7.9

(0.16) (0.05) (0.02) 0.38 0.65 0.15 0.29 0.42 0.48 0.63 0.67 0.81 0.47 0.38 0.53 (0.25) (0.13) (0.14) 0.93 0.80 1.01 (0.03) E 0.01 NA 0.74 0.65 0.74 0.20 0.29 A 0.16 0.12 0.16 0.15

Dec Dec Dec Dec Dec Dec Dec Dec Dec Mar Dec

94 780 255 772 621 702 1,383 18 7,179 191 161

0.0 0.0 0.0 0.0 0.0 nm 2.2 0.0 1.2 1.8 0.0

CT CT CT CT CT DSa CT CT PR CT CT

FY End

2016E

42.41 3.11 10.55 2.95 1.32 4.69 3.17 19.49 16.37 8.60 1.00 61.47 29.65 4.09 4.55 1.19 4.47 1.22 7.23 1.07 0.98 0.93 82.84 8.19 5.48 30.15 9.04

2014A

41.00 4.25 10.00 3.50 1.20 4.50 3.15 15.50 18.50 8.50 1.00 60.00 27.00 4.25 3.25 2.20 4.25 1.30 5.00 1.50 0.90 1.20 94.00 5.75 5.25 R 6.50

Current Year P/E

US$29.58 C$2.96 US$5.67 C$2.21 C$0.50 US$2.87 C$1.98 US$10.99 C$14.48 US$4.04 C$0.61 US$48.64 US$16.56 C$3.85 C$2.77 C$0.81 US$2.30 C$0.99 C$3.57 C$0.34 C$0.44 C$0.73 US$62.45 C$3.73 C$3.63 C$15.97 US$3.08

Low

AG HR AG HR VR HR AG AG VR HR HR AG AG VR AG VR AG HR HR VR VR VR AG HR AG AG AG

High

1 2 3 2 3 1 2 3 2 2 2 2 2 2 3 2 2 1 3 2 2 1 2 3 2 R 2

Target Price

2015E

Close Jun-25-15

N T N T V N T N T N T N N T N V N T M T T V Q T T T N

Exchange

AEM ASR AGI AKG ATC AUQ BTO ABX DGC EGO EDV FNV GG GUY IAG KAM KGC MND NGD ORE R ROG RGLD SSL SMF THO AUY

Symbol

Suitability

EPS

Rating

52 Week

Mining & Natural Resources - CAN Precious Metals - Gold Agnico Eagle Mines Alacer Gold Corp Alamos Gold Inc. Asanko Gold Inc. ATAC Resources Ltd. AuRico Gold Inc. B2Gold Corp. (cf) Barrick Gold Corporation Detour Gold Corp. Eldorado Gold Corp. Endeavour Mining Corp. (cf) Franco-Nevada Corp. Goldcorp Inc. Guyana Goldfields Inc. IAMGOLD Corp. Kaminak Gold Corporation Kinross Gold Corporation Mandalay Resources Corp. (cf) New Gold, Inc. Orezone Gold Corp. Romarco Minerals Inc. Roxgold Inc. Royal Gold Inc. Sandstorm Gold Ltd. SEMAFO Inc. Tahoe Resources Inc. (cf) Yamana Gold Inc.

Precious Metals - Silver Bear Creek Mining Corp. (cf) Coeur Mining Inc. (cf) Endeavour Silver Corp. First Majestic Silver (cf) Fortuna Silver Mines Inc. (cf) MAG Silver Pan American Silver (cf) Santacruz Silver Mining Ltd. (cf) Silver Wheaton Silvercorp Metals Inc. (cf) SilverCrest Mines Inc. (cf)

Raymond James Research Register - July 2015

57

Div. %

Analyst/s DSa DSa DSa DSa DSa DSa DSa DSa

Div. %

Analyst/s

Mkt. Cap. (Mil)

2.2 nm 0.0 0.0 nm 0.0 nm nm

Mkt. Cap. (Mil)

1.33 (0.04) (0.03) (0.01) (0.06) (0.01) 1.10 A (0.02)

FY End

2015E

1.48 (0.05) (0.02) (0.01) (0.10) (0.04) (0.64) (0.07)

2016E

2014A

Current Year P/E

EPS

Low

Close Jun-25-15 C$18.28 C$0.95 C$1.02 C$0.10 C$0.27 C$0.25 C$5.26 C$1.00

High

Suitability AG VR VR VR HR VR HR VR

Target Price

Rating

Exchange

Symbol

2 2 1 3 3 2 2 2

52 Week

21,515 13,993 23,452 17,560 2,881

2.5 2.0 1.9 1.6 2.3

AP AP AP AP AP

Mining & Natural Resources - CAN 16.73 0.93 0.65 0.10 0.27 0.25 4.74 0.83

13.7 NM NM NM NM NM 12.5 NM

Dec Dec Jun Sep Jun Dec Feb Dec

1.09 4.64 4.12 2.25 3.68

1.31 5.41 5.27 3.34 4.64

FY End

2014A

Current Year P/E

EPS

Low

High

52 Week

1.70 (0.03) (0.03) (0.01) (0.02) (0.01) 0.42 0.07

2016E

23.26 1.53 1.38 0.23 0.45 0.47 5.76 1.46

2015E

28.00 1.80 2.30 0.30 0.40 0.80 6.25 2.10

Target Price

Close Jun-25-15

Suitability

T T T V T T T T

Exchange

CCO DML FCU KIV PDN UEX U URE

Symbol

Cameco Corp. (cf) Denison Mines Corp. Fission Uranium Corp. Kivalliq Energy Corp. Paladin Energy Ltd. UEX Corp. Uranium Participation Corporation Ur-Energy Inc.

Rating

Uranium 7,235 492 390 22 442 62 613 130

Mining & Natural Resources - EUR Arnaud Palliez, RJEE [email protected]

Construction Materials CRH HeidelbergCement Holcim Lafarge Vicat

CRH.I HEIG.DE HOLN.VX LAFP.PA VCTP.PA

Raymond James Research Register - July 2015

ISE ETR SWF EPA EPA

3 2 1 1 2

€26.46 €74.63 CHF71.70 €61.07 €64.17

NM 80.00 90.00 78.00 70.00

27.34 77.18 81.60 67.16 68.60

15.25 48.32 56.50 48.51 48.90

24.3 16.1 17.4 27.1 21.8

0.79 3.54 3.95 0.50 2.94 E

Dec Dec Dec Dec Dec

58

Analyst/s

0.02 (2.13) (0.04)

0.95 (0.45) 0.14

1.10 (0.04) 0.16

Dec Jun Sep

1,163 677 1,674

0.0 4.9 0.0

FRM,FS FRM,FS FS,FRM

ERAR

BA

S

G

AR$6.22

NM

8.42

3.38

NM

0.72

NA

NA

Dec

28,096

0.0

FS,SW

FY End

11.6 NM 45.5

2016E

7.61 9.07 3.50

2015E

11.42 15.17 6.35

2014A

15.50 23.00 NM

Current Year P/E

US$9.50 US$13.48 AR$4.55

Low

AG AG G

High

2 2 3

Target Price

N Q BA

Rating

AGRO CRESY INVJ

Symbol

Div. %

EPS

Mkt. Cap. (Mil)

Close Jun-25-15

Suitability

Exchange

52 Week

Mining & Natural Resources - LAT Federico Rey Marino [email protected]

Santiago Wesenack, CFA [email protected]

Fernando Suarez [email protected]

Agribusiness & Natural Resources Agribusiness Adecoagro SA Cresud SACIFYA (ed, r) Inversora Juramento SA

Natural Resources Siderar Sociedad Anonima Industrial Y Comercial

Raymond James Research Register - July 2015

59

Real Estate USA

Canada

Europe

Housing ....................................................................... 60

Real Estate .................................................................. 63

Hotels ..........................................................................65

Lodging ....................................................................... 61

Healthcare ............................................................... 63

REITs ........................................................................... 61

Industrial ................................................................. 63

Healthcare ............................................................... 61

Mortgage Investment Corporations ........................ 64

Hotels ...................................................................... 61

Office/Diversified .................................................... 64

Malls ........................................................................ 61

Residential ............................................................... 64

Net Lease ................................................................. 61

Retail ....................................................................... 64

Office/Industrial ...................................................... 62

Latin America

Residential ............................................................... 62

Diversified Real Estate.................................................65

Self Storage ............................................................. 62

Real Estate ..................................................................65

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

Mkt. Cap. (Mil)

Div. %

Analyst/s

FY End

2016E

2015E

2014A

Current Year P/E

EPS

Low

High

52 Week Target Price

Close Jun-25-15

Suitability

Rating

Exchange

Symbol

Timber ..................................................................... 63

10,291 1,753 11,847 1,506 7,557 2,732 1,398 3,620 7,080 678

0.9 0.7 0.3 4.1 1.6 0.3 0.0 0.0 0.0 0.0

BH,PDP BH,PDP BH,PDP BH,PDP BH,PDP BH,PDP BH,PDP BH,PDP BH,PDP BH,PDP

Real Estate - USA Paul D. Puryear [email protected]

William A. Crow [email protected]

Buck Horne, CFA [email protected]

Collin Mings, CFA [email protected]

Jonathan Hughes [email protected]

Housing D.R. Horton, Inc. KB Home Lennar Corporation MDC Holdings PulteGroup Inc. The Ryland Group, Inc. St. Joe Company Standard Pacific Corporation Toll Brothers, Inc. WCI Communities, Inc.

Raymond James Research Register - July 2015

DHI KBH LEN MDC PHM RYL JOE SPF TOL WCIC

N N N N N N N N N N

2 3 3 3 3 3 3 3 2 1

AG AG AG AG AG AG HR AG AG AG

27.86 17.27 51.44 30.79 20.42 47.10 15.15 9.09 38.31 25.67

29.00 NM NM NM NM NM NM NM 41.00 30.00

29.29 18.98 53.67 31.23 23.36 49.66 26.23 9.19 40.33 26.02

19.29 11.76 35.74 23.67 16.56 30.33 14.94 6.52 28.92 17.08

14.7 19.0 16.1 19.2 15.2 13.1 NM 15.2 18.7 20.4

1.50 9.25 2.80 1.29 1.26 3.08 4.40 0.54 1.84 0.86

1.90 0.91 3.20 1.60 1.34 3.60 (0.01) 0.60 2.05 1.26

2.15 1.15 3.85 2.15 1.60 4.10 0.00 0.78 2.95 1.95

Sep Nov Nov Dec Dec Dec Dec Dec Oct Dec

60

2015E

2016E

Mkt. Cap. (Mil)

Div. %

Analyst/s

27.99 57.60 76.17 82.22

34.00 NM 90.00 92.00

31.60 64.52 85.00 87.99

20.72 54.08 59.61 68.53

35.0 47.6 24.6 27.5

0.69 1.09 2.54 3.02

0.80 1.21 3.09 2.99

0.99 1.62 3.76 3.45

Dec Dec Dec Dec

27,639 8,421 21,319 14,125

0.0 0.0 1.1 1.8

WAC,PDP WAC,PDP WAC,PDP WAC,PDP

HCN HTA DOC SBRA SNH

N N N Q N

3 3 2 2 4

TR TR TR TR NM

65.98 23.80 15.12 25.40 17.78

NM NM 18.00 32.00 NM

84.88 30.28 18.12 34.44 24.50

61.42 23.02 13.51 24.01 17.71

15.1 15.7 15.4 11.2 9.8

4.13 1.46 0.72 1.62 1.75

4.36 1.52 0.98 2.26 1.82

4.63 1.65 1.13 2.45 1.90

Dec Dec Dec Dec Dec

23,119 2,980 1,119 1,671 4,178

4.9 4.9 6.0 6.1 8.8

JH,PDP JH,PDP JH,PDP JH,PDP JH,PDP

DRH HT HST LHO PEB RLJ RHP BEE INN SHO

N N N N N N N N N N

3 3 4 2 2 2 3 2 2 3

TR TR NM TR TR TR TR AG TR TR

13.09 25.87 20.30 35.88 43.28 30.06 54.64 12.34 12.99 15.09

NM NM NM 42.00 51.00 34.00 NM 14.00 15.00 NM

16.01 29.96 24.50 43.56 50.17 36.25 64.97 14.26 14.42 18.01

12.15 24.60 19.33 32.94 36.20 27.76 42.73 11.01 10.17 13.07

12.8 11.4 13.1 12.5 17.2 11.8 10.9 13.4 11.4 11.5

0.87 1.98 1.50 2.58 1.96 2.40 4.68 0.68 0.97 1.17

1.02 2.27 1.55 2.87 2.52 2.54 5.03 0.92 1.14 1.31

1.15 2.52 1.72 3.15 3.04 2.78 5.50 0.99 1.26 1.45

Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec

2,635 1,335 16,177 4,080 3,116 4,001 2,819 3,424 1,133 3,149

3.8 4.3 3.9 5.0 2.9 4.4 4.8 0.0 3.6 1.3

WAC,PDP WAC,PDP WAC,PDP WAC,PDP WAC,PDP WAC,PDP WAC,PDP WAC,PDP WAC,PDP WAC,PDP

CBL SPG

N N

3 2

TR TR

16.40 172.36

NM 220.00

21.36 206.31

16.28 162.43

7.3 17.6

2.26 8.90

2.25 9.80

2.31 10.75

Dec Dec

3,277 62,739

6.3 3.5

CM,PDP CM,PDP

ADC NNN O SRC STOR

N N N N N

2 2 3 2 2

TR TR TR TR TR

29.58 35.35 44.42 10.00 20.47

35.00 40.00 NM 12.50 23.00

36.15 44.43 55.54 13.00 24.06

27.00 34.34 40.56 9.99 19.25

12.5 16.0 16.3 12.0 15.5

2.18 2.08 2.58 0.61 1.26

2.37 2.21 2.73 0.83 1.32

2.54 2.32 2.85 0.89 1.50

Dec Dec Dec Dec Dec

521 4,716 10,083 4,184 2,360

6.3 4.8 5.1 6.8 3.0

CM,PDP CM,PDP CM,PDP CM,PDP CM,PDP

FY End

2014A

AG AG G G

Current Year P/E

2 3 2 2

Low

N N Q N

High

Suitability

HLT H MAR HOT

Target Price

Rating

Close Jun-25-15

Exchange

EPS

Symbol

52 Week

Real Estate - USA Lodging Hilton Worldwide Holdings Inc. Hyatt Hotels Corporation Marriott International, Inc. Starwood Hotels & Resorts Worldwide

REITs Healthcare Health Care REIT, Inc. (x) Healthcare Trust of America, Inc. (x) Physicians Realty Trust (x) Sabra Health Care REIT, Inc. (x) Senior Housing Properties Trust (x)

Hotels DiamondRock Hospitality Company (x) Hersha Hospitality Trust (x) Host Hotels & Resorts Inc. (x) LaSalle Hotel Properties (x) Pebblebrook Hotel Trust (x) RLJ Lodging Trust (x) Ryman Hospitality Properties Inc. (x) Strategic Hotels & Resorts (x) Summit Hotel Properties, Inc. (x) Sunstone Hotel Investors, Inc. (x)

Malls CBL & Associates Properties, Inc. (x) Simon Property Group, Inc. (x)

Net Lease Agree Realty Corporation (x) National Retail Properties, Inc. (x) Realty Income (x) Spirit Realty Capital, Inc. (x) STORE Capital Corporation (x)

Raymond James Research Register - July 2015

61

2016E

Div. %

Analyst/s

12.00 23.50 NM 30.50 NM 33.00 NM 17.00 66.00 NM NM 20.50 25.00 NM

11.12 25.11 17.13 30.94 75.39 30.92 38.30 16.86 69.90 22.60 13.52 21.80 27.61 30.15

8.86 19.54 13.55 24.51 57.27 25.46 25.80 15.18 55.00 16.76 9.88 16.03 20.53 24.28

12.2 11.9 9.4 12.3 12.4 17.1 12.8 15.1 15.8 16.1 10.7 12.7 13.9 15.8

0.80 1.57 1.34 1.88 5.03 1.54 2.37 NA 3.47 1.16 0.92 1.34 1.45 1.51

0.85 1.65 1.44 2.00 5.34 1.61 2.37 1.05 3.65 1.20 0.97 1.36 1.48 1.62

0.98 1.48 1.48 2.19 5.34 1.68 2.65 1.09 3.94 1.38 1.01 1.50 1.64 1.72

Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec

414 4,088 2,476 2,407 9,210 4,893 2,460 628 1,862 2,227 637 2,014 1,407 1,748

6.6 5.3 4.4 4.5 5.1 3.1 5.5 5.2 4.0 2.6 5.8 4.3 6.7 4.7

WAC,PDP WAC,PDP WAC,PDP WAC,PDP WAC,PDP WAC,PDP WAC,PDP WAC,PDP WAC,PDP WAC,PDP WAC,PDP WAC,PDP WAC,PDP WAC,PDP

AMH ARPI AIV AEC CCG EQR ESS MAA PPS

N N N N N N N N N

1 1 2 3 3 3 4 3 2

AG HR TR TR TR TR NM TR TR

16.21 18.99 37.13 28.62 5.60 70.65 213.30 73.27 54.35

20.00 23.00 42.00 NM NM NM NM NM 63.00

18.85 19.68 41.55 28.70 9.19 82.53 243.17 83.50 63.78

15.91 16.83 31.51 17.26 5.23 60.44 176.70 65.05 50.34

23.2 22.6 17.4 NM NM 20.6 22.5 14.0 18.7

0.43 0.39 2.07 1.26 UR 3.17 8.54 4.99 2.44

0.70 0.84 2.14 UR UR 3.43 9.50 5.25 2.91

0.90 1.20 2.36 UR UR 3.69 10.40 5.69 3.10

Dec Dec Dec Dec Dec Dec Dec Dec Dec

4,309 625 6,082 1,666 365 26,734 14,312 5,825 2,973

1.2 0.0 3.7 2.9 0.0 3.1 2.6 4.1 3.2

BH,PDP BH,PDP BH,PDP BH,PDP BH,PDP BH,PDP BH,PDP BH,PDP BH,PDP

CUBE EXR JCAP PSA SSS

N N N N N

1 2 2 3 2

TR TR HR TR TR

23.29 65.41 20.51 183.62 86.13

28.00 78.00 25.00 NM 102.00

25.78 72.46 21.99 206.92 97.76

17.72 50.11 20.01 162.34 73.59

19.6 22.6 64.1 21.2 17.9

1.03 2.52 NA 7.98 4.08

1.19 2.90 0.32 8.67 4.82

1.32 3.45 1.50 9.25 5.29

Dec Dec Dec Dec Dec

3,922 8,124 123 31,693 3,083

2.5 3.6 1.7 3.2 3.5

JH,PDP JH,PDP JH,PDP JH,PDP JH,PDP

Mkt. Cap. (Mil)

2015E

10.37 19.56 13.55 24.51 66.21 27.52 30.45 15.81 57.66 19.35 10.37 17.30 20.57 25.63

FY End

2014A

TR TR TR TR TR TR TR G TR TR TR TR TR TR

Current Year P/E

2 2 3 2 3 2 3 2 2 3 3 2 2 3

Low

N N N N N N N N N N N N N N

High

Suitability

AHH BMR BDN OFC DLR DEI DFT DEA EGP FR FPO PKY STAG WRE

Target Price

Rating

Close Jun-25-15

Exchange

EPS

Symbol

52 Week

Real Estate - USA Office/Industrial Armada Hoffler Properties (x) BioMed Realty Trust Inc. (x) Brandywine Realty Trust (x) Corporate Office Properties Trust (x) Digital Realty Trust, Inc. (x) Douglas Emmett (x) DuPont Fabros Technology Inc. (x) Easterly Government Properties, Inc. (x) EastGroup Properties, Inc. (x) First Industrial Realty Trust, Inc. (x) First Potomac Realty Trust (x) Parkway Properties (x) STAG Industrial Inc. (x) Washington REIT (x)

Residential American Homes 4 Rent (x) American Residential Properties, Inc. (x) Apartment Investment and Management Company (x) Associated Estates Realty Corporation (x) Campus Crest Communities, Inc. (x) Equity Residential (x) Essex Property Trust, Inc. (x) Mid-America Apartment Communities Inc. (x) Post Properties, Inc. (x)

Self Storage CubeSmart (x) Extra Space Storage (x) Jernigan Capital, Inc. Public Storage (x) Sovran Self Storage, Inc. (x)

Raymond James Research Register - July 2015

62

High

Low

2014A

2015E

2016E

Div. %

Analyst/s

TR NM TR TR NM TR TR TR TR TR TR

6.54 23.80 15.92 129.40 9.62 23.12 25.67 16.50 59.90 15.78 49.81

8.00 NM NM NM NM NM 32.00 20.00 72.00 19.00 NM

8.36 28.23 15.96 151.11 11.73 28.54 31.57 20.20 70.80 18.73 60.86

5.85 21.32 11.46 116.50 9.61 21.54 22.92 15.82 53.28 14.50 45.80

12.3 18.9 16.9 25.7 9.7 15.9 12.8 12.8 20.2 17.2 17.0

0.51 1.21 0.72 4.94 0.95 1.40 1.57 0.95 2.82 0.85 2.79

0.53 1.26 0.94 5.04 0.99 1.45 2.01 1.29 2.97 0.92 2.93

0.58 1.39 1.00 5.83 1.02 1.52 2.16 1.38 3.21 1.00 3.12

Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec

554 3,349 1,009 8,890 966 9,542 2,146 1,337 5,649 1,475 1,041

3.1 3.7 4.5 2.7 5.8 4.1 4.1 4.8 3.2 4.3 3.5

CM,PDP CM,PDP CM,PDP CM,PDP CM,PDP CM,PDP CM,PDP CM,PDP CM,PDP CM,PDP CM,PDP

CTT PCL PCH RYN WY

N N Q N N

2 3 2 3 2

TR TR TR TR TR

11.95 40.86 36.08 25.66 31.86

14.00 NM 45.00 NM 38.00

13.77 45.45 44.20 36.30 37.04

10.28 38.70 35.00 24.70 31.06

19.3 35.5 28.9 75.5 27.7

0.60 1.21 2.20 0.76 3.18

0.62 1.15 1.25 0.34 1.15

0.68 1.50 1.95 0.43 1.70

Dec Dec Dec Dec Dec

470 7,175 1,476 3,254 16,803

4.2 5.4 4.1 3.9 3.6

CM,PDP CM,PDP CM,PDP CM,PDP CM,PDP

Mkt. Cap. (Mil)

Close Jun-25-15

2 4 3 3 4 3 2 2 2 2 3

FY End

Suitability

N N N N N N N N N Q N

Current Year P/E

Rating

CDR EQY EXL FRT IRC KIM KRG RPT REG ROIC BFS

Target Price

Exchange

EPS

Symbol

52 Week

Real Estate - USA Shopping Centers Cedar Realty Trust, Inc. (x) Equity One, Inc. (x) Excel Trust, Inc. (x) Federal Realty Investment Trust (x) Inland Real Estate Corporation (x) Kimco Realty Corporation (x) Kite Realty Group Trust (x) Ramco-Gershenson Properties Trust (x) Regency Centers Corp. (x) Retail Opportunity Investments Corp. (x) Saul Centers, Inc. (x)

0.48 1.12

0.55 1.17

0.62 1.23

May Dec

246 610

5.3 5.8

KA KA

AAR.UN

T

2

HR

C$4.83

5.25

5.25

4.18

12.1

0.37

0.40

0.43

Dec

912

6.4

KA

FY End

14.5 13.3

2016E

6.41 12.71

2015E

8.06 16.16

2014A

8.35 NM

Current Year P/E

C$8.00 C$15.59

Low

TR HR

High

2 3

Target Price

T T

Rating

ACC SIA

Symbol

Analyst/s

EPS

Div. %

52 Week

Mkt. Cap. (Mil)

Close Jun-25-15

Suitability

CatchMark Timber Trust, Inc. (ca) Plum Creek Timber Company, Inc. Potlatch Corporation Rayonier, Inc. Weyerhaeuser Company

Exchange

Timber

Real Estate - CAN Ken Avalos* [email protected]

Johann Rodrigues, (Associate Analyst) [email protected]

Real Estate Healthcare Amica Mature Lifestyles Inc. (x) Sienna Senior Living Inc. (x)

Industrial Pure Industrial Real Estate Trust (x)

*Ken Avalos is a Raymond James & Associates employee.

Raymond James Research Register - July 2015

63

2016E

Div. %

Analyst/s

9.00 9.25

9.65 9.45

7.30 8.15

11.5 13.4

0.64 0.59

0.74 0.62

0.76 0.65

Dec Dec

346 262

8.5 7.2

JR,KA KA

AP.UN AX.UN BOX.UN REF.UN HR.UN TNT.UN

T T T T T T

2 2 3 2 3 2

TR TR TR TR TR HR

C$35.91 C$13.97 C$26.92 C$43.47 C$22.51 C$5.95

45.00 16.00 NM 47.00 NM 6.35

41.37 16.10 30.68 50.00 25.27 7.00

33.63 13.58 25.80 42.25 20.73 5.74

16.2 9.4 16.5 14.4 12.0 9.0

2.06 1.42 1.57 2.96 1.79 0.57

2.22 1.49 1.63 3.02 1.88 0.66

2.48 1.55 1.68 3.12 1.93 0.72

Dec Dec Dec Dec Dec Dec

2,787 2,056 2,512 3,156 6,798 127

4.1 7.7 4.6 4.1 6.0 9.9

KA KA KA JR,KA KA JR,KA

BEI.UN CAR.UN IIP.UN KMP TCN TN.UN

T T T T T T

1 3 2 2 2 3

TR TR HR TR G HR

C$58.14 C$27.97 C$6.35 C$10.40 C$11.15 C$8.11

70.00 NM 7.00 12.00 12.50 NM

71.40 30.25 6.75 11.24 11.97 8.93

57.22 22.59 5.24 9.95 7.17 7.37

16.2 16.4 16.3 13.5 24.2 11.6

3.37 1.65 0.32 0.72 0.60 0.69

3.58 1.71 0.39 0.77 0.46 0.70

3.65 1.77 0.48 0.82 0.38 0.75

Dec Dec Dec Dec Dec Dec

3,023 3,256 446 644 1,015 265

3.5 4.4 3.5 5.7 2.2 8.6

KA KA KA KA KA KA

CWT.UN CHP.UN CRR.UN CRT.UN REI.UN

T T T T T

2 3 2 3 3

TR TR TR TR TR

C$29.31 C$10.82 C$12.68 C$12.18 C$27.05

33.00 NM 14.00 NM NM

32.75 11.85 13.87 13.50 30.25

25.43 10.24 12.13 10.50 25.11

14.0 11.4 11.1 11.8 15.5

1.96 0.91 1.10 0.98 1.68

2.09 0.95 1.14 1.03 1.74

2.17 0.97 1.18 1.06 1.80

Dec Dec Dec Dec Dec

4,405 4,285 1,659 2,269 8,596

5.5 6.0 7.0 5.4 5.2

KA KA KA KA KA

Mkt. Cap. (Mil)

2015E

C$8.50 C$8.29

FY End

2014A

TR TR

Current Year P/E

Close Jun-25-15

2 2

Low

Suitability

T T

High

Rating

TMC MTG

Target Price

Exchange

EPS

Symbol

52 Week

Real Estate - CAN Mortgage Investment Corporations Timbercreek Mortgage Investment Corporation Timbercreek Senior Mortgage Investment Corp.

Office/Diversified Allied Properties REIT (x) Artis REIT (x) Brookfield Canada Office Properties (x) CREIT (x) H&R REIT (x) True North Commercial REIT (x)

Residential Boardwalk REIT (x) Canadian Apartment Properties REIT (x) InterRent REIT (x) Killam Properties Inc. (x) Tricon Capital Group Inc. True North Apartment REIT (x)

Retail Calloway REIT (x) Choice Properties REIT (x) Crombie REIT (x) CT Real Estate Investment Trust (x) RioCan REIT (x)

Raymond James Research Register - July 2015

64

Div. %

Analyst/s

2.18 2.08 0.45 0.18 258.00

Mkt. Cap. (Mil)

2016E

1.87 1.79 0.34 0.03 225.00

FY End

2015E

2014A

Current Year P/E

EPS

Low

High

Target Price

Close Jun-25-15

Rating 2 2 1 3 2

Suitability

Exchange

Symbol

EPA L MAD MAD L

52 Week

11,199 $9,516 2,410 1,839 £9,446

2.3 2.1 0.6 0.0 1.7

JR JR JR JR JR

Real Estate - EUR Julien Richer, RJEE [email protected] 55.00 2,850 12.50 NM 5,400

51.65 2,967 12.20 5.49 5,475

28.87 2,085 7.28 3.06 3,767

25.8 0.97 NM 1.58 35.6 0.15 NM (0.03) 23.1 214.00

NM

(1.80)

(0.05)

(0.14)

Jun

1,094

3.1

FRM,FS

TGLT

BA

3

AG

AR$10.70

NM

11.45

5.50

NM

(0.27)

1.49

1.88

Dec

752

0.0

FRM,FS

FY End

12.50

2016E

21.50

2015E

24.00

2014A

US$18.89

Current Year P/E

G

Low

2

High

N

Target Price

IRS

Rating

Analyst/s

EPS

Div. %

52 Week

Dec Dec Dec Dec Feb

Mkt. Cap. (Mil)

Close Jun-25-15

€48.27 2,711p €12.11 €5.26 5,190p

Suitability

ACCP.PA IHG.L MEL.MC NHH.MC WTB.L

Symbol

AccorHotels Intercontinental Hotels ($D) Melia Hotels International NH Hoteles Whitbread

Exchange

Hotels

Real Estate - LAT Federico Rey Marino [email protected]

Fernando Suarez [email protected]

Diversified Real Estate IRSA Inversiones y Representaciones SA (ed, r)

Real Estate TGLT S.A.

Raymond James Research Register - July 2015

65

Technology & Communications USA

Canada

Europe

Analog and Communications Semiconductors ........... 67

IT Hardware ................................................................ 76

Telecommunications Services .....................................77

Application Software .................................................. 68

Software/IT Services ................................................... 77

Communications Equipment ...................................... 69 Communications Technology ..................................... 69 Enterprise Communications .................................... 69 Mobile Devices ........................................................ 70 Defense Communications ........................................... 70 Electronic Manufacturing Services ............................. 70 Infrastructure Software .............................................. 71 Internet ....................................................................... 71 eCommerce ............................................................. 71

Latin America Telecom & Media ........................................................78 Telecommunications Services .....................................78

Internet & Advertising Technology.......................... 71 Online Advertising ................................................... 72 Online Travel ........................................................... 72 IT Hardware and Distribution ..................................... 72 IT Services and Security .............................................. 73 IT Services ................................................................ 73 Security .................................................................... 73 Satellite & Space ......................................................... 73 Semiconductors .......................................................... 74 Telecommunications Services .................................... 74 Towers ..................................................................... 74 Wireless ................................................................... 74 Wireline ................................................................... 75 Transaction Processing ............................................... 76

Raymond James Research Register - July 2015

66

Mkt. Cap. (Mil)

Div. %

Analyst/s

FY End

2016E

2015E

2014A

Current Year P/E

EPS

Low

High

Target Price

Close Jun-25-15

Suitability

Rating

Exchange

Symbol

52 Week

21,109 36,133 1,245 2,203 11,321 2,190 10,176 3,523 2,185 23,964 5,503 1,414 12,789 1,411 21,447 57,076 1,839

2.4 1.1 0.0 0.0 2.6 0.0 3.2 0.0 1.5 0.0 0.0 1.0 0.0 0.0 0.5 2.5 2.0

JSS JSS JSS JSS JSS JSS JSS JSS JSS JSS JSS JSS JSS JSS JSS JSS,HM JSS

Technology & Communications - USA Brian G. Alexander, CFA [email protected]

Robert P. Anastasi, CFA [email protected]

Ric Prentiss [email protected]

Brian Gesuale [email protected]

Wayne Johnson [email protected]

Aaron Kessler, CFA [email protected]

Simon Leopold [email protected]

Steven Li, CFA* [email protected]

Frank G. Louthan IV [email protected]

Tavis C. McCourt, CFA [email protected]

Hans Mosesmann [email protected]

Chris Quilty [email protected]

J. Steven Smigie [email protected]

Terry Tillman [email protected]

Michael Turits, Ph.D. [email protected]

Justin Patterson, CFA [email protected]

Brian Peterson, CFA [email protected]

William A. Crow [email protected]

Analog and Communications Semiconductors Analog Devices, Inc. Avago Technologies Ltd. Diodes Incorporated Fairchild Semiconductor International Linear Technology Corporation M/A-COM Technology Solutions Maxim Integrated Microsemi Corporation Monolithic Power Systems, Inc. NXP Semiconductors N.V. ON Semiconductor Corporation Power Integrations, Inc. Qorvo, Inc. Semtech Corporation Skyworks Solutions Texas Instruments Incorporated Vishay Intertechnology, Inc.

ADI AVGO DIOD FCS LLTC MTSI MXIM MSCC MPWR NXPI ON POWI QRVO SMTC SWKS TXN VSH

Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q N

1 2 2 3 4 2 1 1 2 1 2 3 1 2 1 1 3

AG AG AG AG NM AG AG AG AG AG AG AG AG AG AG AG AG

66.59 139.23 25.40 18.36 46.19 41.65 35.34 36.97 53.81 102.63 12.51 46.97 84.98 21.16 109.87 53.80 12.04

72.00 151.00 29.00 NM NM 34.00 41.00 43.00 57.00 127.00 14.00 NM 94.00 25.00 117.00 62.00 NM

68.97 150.50 30.65 20.84 49.57 42.81 36.37 37.41 56.19 114.00 13.50 64.54 88.35 30.01 112.88 59.99 16.34

42.57 68.71 19.66 12.01 37.56 18.23 25.28 20.61 33.99 53.81 6.76 42.50 36.60 20.55 44.06 41.47 12.01

23.4 17.9 17.2 17.0 21.6 31.1 23.9 16.0 55.5 18.1 12.6 27.0 16.8 21.8 21.4 18.6 12.8

2.40 4.37 1.45 0.86 1.96 1.08 1.64 1.76 0.87 4.23 0.75 1.96 1.13 1.22 3.23 2.73 0.92

2.85 7.76 1.48 1.08 2.14 1.34 1.48 2.31 0.97 5.67 0.99 1.74 3.97 A 1.16 A 5.14 2.89 0.94

3.28 8.46 1.87 1.35 2.31 1.89 2.04 2.83 1.22 6.53 1.25 2.22 5.06 0.97 5.87 3.20 1.00

Oct Oct Dec Dec Jun Sep Jun Sep Dec Dec Dec Dec Mar Jan Sep Dec Dec

* Steven Li is a Raymond James Ltd. employee.

Raymond James Research Register - July 2015

67

Mkt. Cap. (Mil)

Div. %

Analyst/s

6.81 19.58 16.41 5.06 6.52 8.22 25.00 47.30 7.59 25.79 28.24 24.56 5.36 8.56 78.23 18.50 12.44 10.02 51.04 13.31 11.03 125.68 5.89 12.25

FY End

Low

18.09 47.75 24.73 10.93 16.50 27.16 43.18 72.68 11.15 54.92 61.63 35.63 10.59 12.70 113.88 37.96 27.77 19.60 78.46 19.10 15.35 183.25 12.20 16.53

2016E

High

11.00 50.00 NM NM 12.50 NM NM 70.00 11.50 48.00 63.00 40.00 9.00 NM NM 40.00 26.00 21.00 85.00 18.00 NM 195.00 9.00 18.00

2015E

Target Price

7.22 43.83 19.35 7.33 8.66 12.20 29.66 72.50 C$11.05 50.76 60.45 29.65 7.85 12.19 94.76 35.48 27.73 19.41 73.61 15.39 12.99 168.38 9.10 14.35

2014A

Close Jun-25-15

AG HR HR HR HR HR AG AG HR HR AG AG AG HR AG AG AG HR AG AG AG AG HR HR

EPS Current Year P/E

Suitability

Rating

Exchange

Symbol

52 Week

188 1,363 2,672 238 872 310 954 2,712 249 1,893 4,510 1,319 252 317 7,467 1,898 1,134 1,398 47,648 429 529 4,984 141 597

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

TT,BP TT,BP TT,BP TT,BP TT,BP TT,BP TT,BP TT,BP TT,SLi TT,BP TT,BP TT,BP TT,BP TT,BP TT,BP TT,BP TT,BP TT,BP TT,BP TT,BP TT,BP TT,BP TT,BP TT,BP

Technology & Communications - USA Application Software Amber Road, Inc. Benefitfocus, Inc. Box, Inc. Brightcove Inc. Castlight Health, Inc. ChannelAdvisor Corporation Constant Contact, Inc. Demandware Halogen Software, Inc. ($D, is) HubSpot, Inc. Manhattan Associates, Inc. Marketo, Inc. MiX Telematics Limited ($R) Model N, Inc. NetSuite, Inc. Paylocity Holding Corporation Q2 Holdings Inc. RingCentral, Inc. salesforce.com, Inc. SciQuest Tangoe Inc. Ultimate Software Group Inc. Upland Software, Inc. Workiva Inc.

AMBR BNFT BOX BCOV CSLT ECOM CTCT DWRE HGN HUBS MANH MKTO MIXT MODN N PCTY QTWO RNG CRM SQI TNGO ULTI UPLD WK

Raymond James Research Register - July 2015

N Q N Q N N Q N T N Q Q N N N Q N N N Q Q Q Q N

2 1 3 3 2 3 3 2 2 2 1 2 2 3 3 2 2 2 1 2 3 2 2 2

NM NM NM NM NM NM 22.8 NM NM NM 44.8 NM NM NM NM NM NM NM NM 49.6 17.3 69.0 NM NM

(0.12) (2.10) NA (0.13) (0.94) (1.06) 1.08 0.11 (0.71) (2.77) 1.16 (0.67) 0.20 (0.41) 0.32 (0.04) (0.52) (0.49) 0.35 0.30 0.70 2.11 (0.22) (1.02)

(0.60) (0.42) (2.13) (1.53) (8.14) A (1.18) (0.08) (0.05) (0.68) (0.48) (0.88) (0.72) 1.30 1.55 (0.01) 0.22 (0.65) (0.54) (0.96) (0.88) 1.35 1.56 (0.83) (0.46) 0.19 A 0.15 (0.31) (0.17) 0.21 0.35 (0.03) 0.07 (0.43) (0.34) (0.23) 0.00 0.53 A 0.71 0.31 0.38 0.75 0.95 2.44 3.01 (0.24) (0.15) (0.93) (0.88)

Dec Dec Jan Dec Dec Dec Dec Dec Dec Dec Dec Dec Mar Sep Dec Jun Dec Dec Jan Dec Dec Dec Dec Dec

68

0.80 (0.07) 0.68 1.58 2.76 0.29 0.54 2.06 2.24 1.17 0.67 0.30 5.44 1.53 0.11 0.16 0.56 1.46 (0.30) 0.25

BSFT ININ LOGI PLT PLCM PGI

Q Q Q N Q N

1 3 3 2 2 2

AG AG AG G AG HR

36.37 44.99 15.02 57.75 11.54 10.43

45.00 NM NM 63.00 15.00 13.50

38.83 56.64 16.38 58.66 14.22 14.05

19.12 35.87 11.20 42.65 10.33 8.61

23.9 NM 17.7 19.2 12.5 11.5

1.36 0.09 0.75 2.84 0.85 0.89

Analyst/s

31.4 42.4 19.1 35.6 12.7 74.9 20.2 13.0 15.5 26.9 16.6 NM 19.7 15.9 51.3 23.8 23.0 15.8 16.2 23.4

Div. %

15.67 2.28 8.17 56.11 23.71 7.25 13.77 22.49 19.68 24.84 10.81 2.33 106.57 14.22 9.95 5.61 10.62 18.41 2.20 6.30

Mkt. Cap. (Mil)

24.13 4.96 24.10 94.84 37.50 11.60 26.20 30.31 32.53 60.82 13.28 5.49 136.11 23.38 34.80 7.98 14.25 28.26 11.19 8.73

0.53 0.09 1.00 2.40 2.52 0.11 1.24 2.19 2.03 2.23 0.66 (0.08) 6.44 1.05 A 0.67 0.30 0.54 1.71 0.57 0.31

0.82 0.20 1.76 2.53 3.16 0.42 1.50 2.28 2.12 1.96 0.77 0.04 7.40 1.19 0.79 0.32 0.64 1.81 0.71 0.36

Dec Dec Dec Dec Dec Dec Oct Jul Dec Jul Dec Jun Sep Apr Dec Dec Jun Dec Dec Dec

901 10,651 293 5,670 4,769 427 2,703 146,885 5,942 2,047 35,981 279 9,068 1,970 1,156 633 2,885 11,658 303 26,795

2.2 0.0 0.0 0.0 0.0 0.0 0.0 3.0 0.0 0.0 3.6 0.0 0.0 0.0 0.0 0.0 0.0 1.5 0.0 2.1

SL SL SL SL SL SL SL SL SL SL SL SL SL SL SL SL SL SL SL SL

1.52 2.00 (0.27) (0.13) 1.05 A 0.85 3.06 A 3.01 0.92 1.03 0.91 0.94

Dec Dec Mar Mar Dec Dec

1,057 963 2,424 2,402 1,606 475

0.0 0.0 1.9 1.0 0.0 0.0

TMC TMC TMC TMC TMC TMC

FY End

2014A

NM NM 26.00 NM 43.00 NM NM 33.00 NM NM NM NM 123.00 24.00 28.00 NM NM NM 11.00 NM

2016E

Low

16.65 3.82 19.13 85.36 31.99 8.24 25.07 28.40 31.37 60.08 10.98 2.77 126.55 18.96 34.39 7.13 12.40 26.96 9.22 7.24

2015E

High

G HR HR AG AG AG AG G HR NM TR HR AG HR AG NM HR AG HR NM

Current Year P/E

Target Price

3 3 1 3 1 3 3 2 3 4 3 3 2 2 2 4 3 3 2 4

Rating

Q N Q N Q N N Q Q N Q Q Q Q N Q Q N N N

Exchange

ADTN ALU AAOI ANET ARRS CALX CIEN CSCO COMM DY ERIC EXTR FFIV FNSR GIMO HLIT JDSU JNPR NPTN NOK

Symbol

Close Jun-25-15

EPS

Suitability

52 Week

Technology & Communications - USA Communications Equipment ADTRAN, Inc. Alcatel-Lucent (r) Applied Optoelectronics, Inc. Arista Networks ARRIS Group Inc. Calix, Inc. Ciena Corporation Cisco Systems CommScope Holding Company, Inc. Dycom Industries, Inc. Ericsson Extreme Networks, Inc. F5 Networks, Inc. Finisar Corporation Gigamon Inc. Harmonic Inc. JDS Uniphase Juniper Networks, Inc. NeoPhotonics Corporation Nokia (r)

Communications Technology Enterprise Communications BroadSoft, Inc. Interactive Intelligence Group Inc. Logitech International SA Plantronics, Inc. Polycom Inc. Premiere Global Services Inc.

Raymond James Research Register - July 2015

69

2015E

2016E

Mkt. Cap. (Mil)

Div. %

Analyst/s

NM NM NM NM 63.00 150.00 60.00 NM NM 22.00 NM 56.00 NM

134.54 20.20 10.78 62.05 98.47 149.12 60.28 70.26 36.70 19.28 81.97 54.05 50.00

89.80 8.75 6.90 44.03 28.65 84.48 31.11 56.83 29.20 13.20 62.26 32.26 25.50

14.3 29.2 74.5 15.0 34.5 22.0 NM 17.6 16.5 15.2 13.4 23.5 16.8

6.45 0.53 0.07 3.10 1.32 4.41 0.21 2.72 2.54 1.12 5.27 1.78 2.00

8.93 0.31 0.13 3.05 1.65 5.64 0.39 3.32 1.88 1.19 4.87 2.10 1.94

8.20 0.48 0.23 3.07 2.10 6.85 0.75 3.82 2.32 1.38 4.94 2.56 2.17

Sep Dec Sep Dec Dec Jun Dec Dec Dec Sep Sep Dec Jun

743,835 220 242 8,757 8,457 8,665 13,132 12,308 1,095 5,877 106,570 2,321 2,864

1.5 0.0 0.0 4.5 0.0 1.1 0.0 2.3 0.0 0.0 2.6 0.0 0.5

TMC TMC TMC TMC TMC TMC TMC TMC TMC TMC TMC TMC TMC

HRS HEI TDY

N N N

2 2 2

AG AG AG

78.40 61.80 107.15

85.00 67.00 112.00

82.79 63.73 110.08

60.78 46.03 90.54

15.5 32.0 19.1

5.00 1.80 5.76

5.05 1.93 5.62

5.07 2.11 5.73

Jun Oct Dec

8,170 4,128 3,786

2.4 0.3 0.0

CQ CQ CQ

BHE CLS FLEX JBL PLXS SANM

N N Q N Q Q

3 3 3 2 2 3

AG AG AG AG AG HR

22.30 12.03 11.85 22.04 44.97 20.95

NM NM NM 27.00 47.00 NM

26.06 13.07 12.86 24.95 46.44 26.08

20.37 9.20 8.46 18.03 34.07 16.57

13.9 12.0 10.7 11.1 15.0 9.6

1.65 1.00 0.89 0.52 2.72 1.99

1.60 1.00 1.08 A 1.99 3.00 2.19

1.75 1.20 1.11 2.40 3.35 2.30

Dec Dec Mar Aug Sep Sep

1,184 2,097 6,896 4,326 1,542 1,821

0.0 0.0 0.0 1.5 0.0 0.0

BGA BGA BGA BGA BGA BGA

FY End

2014A

127.50 9.04 9.69 45.73 56.91 124.28 55.41 58.35 31.02 18.09 65.26 49.28 32.60

Current Year P/E

High

G HR AG G AG G HR TR NM AG G AG AG

Low

Target Price

3 3 3 3 2 1 2 3 4 2 3 2 3

Rating

Q Q Q Q Q N N N Q Q Q Q Q

Exchange

AAPL CTRL DGII GRMN GPRO HAR MBLY MSI NTGR NUAN QCOM SNCR UBNT

Symbol

Close Jun-25-15

EPS

Suitability

52 Week

Technology & Communications - USA Mobile Devices Apple Inc. Control4 Corporation Digi International Inc. Garmin Ltd. GoPro, Inc. Harman International, Inc. Mobileye N.V. Motorola Solutions, Inc. NETGEAR Inc. Nuance Communications, Inc. QUALCOMM, Inc. Synchronoss Technologies, Inc. Ubiquiti Networks, Inc.

Defense Communications Harris Corporation HEICO Corporation Teledyne Technologies Incorporated

Electronic Manufacturing Services Benchmark Electronics, Inc. Celestica, Inc. Flextronics International Ltd. Jabil Circuit, Inc. Plexus Corp. Sanmina Corporation

Raymond James Research Register - July 2015

70

Mkt. Cap. (Mil)

Div. %

Analyst/s

29.3 12.4 20.3 20.0 32.7 NM 85.7 29.8 NM 19.0 NM NM 15.6 NM 43.2 NM 13.1 22.4

2.48 3.02 3.72 3.30 1.94 (1.96) 0.48 1.58 (0.13) 2.63 (1.03) (0.76) 2.87 0.40 1.49 (0.07) 1.95 3.56

2.44 2.53 3.98 3.58 1.40 (1.83) 0.49 1.63 (0.14) 2.40 (0.85) (0.85) 2.77 0.82 1.60 0.18 1.88 3.98

2.84 2.43 4.50 4.01 1.37 (1.31) 0.59 1.86 (0.11) 2.78 (0.62) (0.99) 2.64 1.58 1.83 0.47 1.85 4.65

Dec Mar Dec Dec Mar Dec Dec Dec Dec Jun Dec Mar May Jul Feb Dec Mar Dec

12,753 13,141 14,837 11,464 2,019 9,630 7,103 5,059 409 370,358 492 1,646 179,555 14,949 14,523 12,951 16,522 38,019

0.0 3.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.7 0.0 0.0 1.5 0.0 0.0 0.0 3.1 0.0

MT MT MT MT MT MT MT MT MT MT MT MT MT MT MT MT MT MT

BABA AMZN PRSS CHGG EBAY GRPN GRUB NFLX SFLY SSTK W

N Q Q N Q Q N Q Q N N

2 2 3 2 2 3 1 2 2 2 2

AG AG AG HR AG AG AG AG AG AG HR

85.24 440.10 4.49 7.88 61.60 5.32 35.78 664.24 48.44 62.45 37.24

109.00 485.00 NM 10.00 66.00 NM 50.00 585.00 51.00 78.00 35.00

120.00 452.65 5.52 8.85 63.30 8.43 47.95 706.24 54.79 86.79 39.43

77.77 284.00 1.95 5.53 46.34 5.26 30.62 315.54 38.95 54.46 16.74

32.9 NM NM NM 19.8 31.3 77.8 NM NM 44.9 NM

1.90 1.53 (1.03) (0.75) 2.95 0.13 0.30 4.32 (0.20) 1.06 (1.39)

2.25 A 2.59 3.29 6.69 (0.78) (0.72) (0.95) (0.68) 3.11 3.32 0.17 0.24 0.46 0.67 0.71 2.25 (0.45) (0.08) 1.39 1.93 (0.93) (0.50)

Mar Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec

222,476 209,048 79 668 75,700 3,645 3,045 41,050 1,841 2,237 3,108

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

AK,JP AK,JP AK,JP AK,JP AK,JP AK,JP AK,JP JP,AK AK,JP AK,JP AK,JP

CRTO TUBE WIX

Q Q Q

2 3 2

AG HR HR

48.59 15.34 24.56

53.00 NM 30.00

51.43 23.83 25.82

28.31 8.15 15.60

44.2 NM NM

0.85 (0.22) (1.06)

1.10 (0.93) (0.87)

Dec Dec Dec

2,959 464 944

0.0 0.0 0.0

JP,AK JP,AK AK,JP

FY End

51.74 25.25 63.70 56.47 39.58 24.81 23.07 29.87 2.11 40.12 5.88 29.66 35.82 73.12 52.53 54.05 21.66 73.65

2016E

78.44 33.42 88.49 73.12 56.17 55.33 44.12 48.77 4.43 50.05 12.96 38.65 46.71 185.00 81.49 83.52 27.32 103.86

2015E

NM NM 94.00 NM NM NM 40.00 NM NM NM 8.00 43.00 45.00 187.00 85.00 81.00 29.00 94.00

2014A

71.37 30.18 80.73 71.61 44.74 51.61 41.97 48.55 4.11 45.65 6.31 34.93 41.06 178.82 79.12 78.92 24.16 89.34

Current Year P/E

High

AG AG AG AG AG HR AG AG NM G HR HR G AG HR AG TR AG

Low

Target Price

3 3 2 3 3 3 2 3 4 3 2 2 2 1 2 1 2 2

Rating

Q Q Q Q Q Q Q Q Q Q Q N N N N N Q N

Exchange

AKAM CA CHKP CTXS CVLT FEYE FTNT INFA LLNW MSFT MOBL NEWR ORCL PANW RHT NOW SYMC VMW

Symbol

Close Jun-25-15

EPS

Suitability

52 Week

Technology & Communications - USA Infrastructure Software Akamai Technologies, Inc. CA Technologies Check Point Software Technologies Citrix Systems Inc. CommVault Systems Inc. FireEye Inc. Fortinet Inc. Informatica Corp. Limelight Networks Microsoft MobileIron, Inc. New Relic, Inc. Oracle Corp. Palo Alto Networks Red Hat, Inc. ServiceNow, Inc. Symantec Corp. VMware

A

A

A A A A

Internet eCommerce Alibaba Group Holding Ltd. Amazon.com Inc. CafePress Inc. Chegg, Inc. eBay Inc. Groupon, Inc. GrubHub Inc. Netflix Inc. Shutterfly, Inc. Shutterstock, Inc. Wayfair, Inc.

Internet & Advertising Technology Criteo S.A. ($E) TubeMogul, Inc. Wix.com Ltd.

Raymond James Research Register - July 2015

1.44 (0.65) (0.48)

71

2015E

2016E

Mkt. Cap. (Mil)

Div. %

Analyst/s

NM 90.00 625.00 262.00 NM 24.00 NM 51.00 55.00 NM

12.65 89.40 598.01 276.18 30.48 20.59 55.99 52.62 86.88 164.90

4.36 62.21 486.23 153.31 14.50 8.76 33.51 32.93 37.91 81.07

28.7 42.7 18.8 NM NM 65.9 NM 57.8 NM NM

(0.21) 1.76 25.59 2.02 0.20 0.20 0.15 1.62 0.48 (1.08)

0.23 2.06 28.49 1.94 0.14 0.25 0.31 0.71 0.14 (3.22)

0.42 2.73 32.92 3.84 0.49 0.37 0.73 0.68 0.37 0.94

Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec

386 249,511 368,773 27,955 3,583 625 24,619 38,930 3,465 4,920

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

AK,JP AK,JP AK,JP JP,AK JP,AK AK,JP AK,JP AK,JP AK,JP AK,JP

CTRP EXPE AWAY PCLN TRIP

Q Q Q Q Q

1 2 2 1 3

AG AG AG AG AG

73.85 109.27 31.19 1149.19 88.16

111.00 120.00 35.00 1435.00 NM

87.62 115.00 36.90 1329.90 111.24

40.74 70.91 25.13 990.69 66.04

89.0 28.1 51.1 20.7 38.7

0.78 3.98 0.67 53.34 1.93

0.83 3.89 0.61 55.57 2.28

1.93 5.15 0.79 66.91 2.83

Dec Dec Dec Dec Dec

10,391 14,358 2,951 61,137 12,968

0.0 0.8 0.0 0.0 0.0

AK,JP AK,JP AK,JP AK,JP AK,JP

ARW AVT CDW EMC HPQ IM NSIT LXK NTAP NMBL PCCC SCSC SNX TECD

N N Q N N N Q N Q N Q Q N Q

3 3 2 1 3 1 4 3 3 1 4 2 3 3

AG AG AG AG G AG NM TR AG HR NM AG AG AG

59.02 42.56 36.47 27.04 31.21 26.47 31.99 44.70 32.65 30.33 25.12 39.00 82.34 61.88

NM NM 42.00 32.00 NM 32.00 NM NM NM 33.00 NM 44.00 NM NM

64.98 47.27 39.32 30.92 41.10 30.46 32.80 51.77 43.75 32.16 29.50 42.52 85.25 71.31

45.47 35.53 27.59 25.07 31.00 22.22 21.59 37.18 30.85 20.82 19.60 31.32 59.27 52.22

9.7 9.7 13.4 14.2 8.6 9.8 14.7 12.8 15.2 NM 15.0 15.9 13.1 13.0

5.94 4.24 2.37 1.90 3.74 2.56 2.00 4.06 2.78 (0.56) 1.61 2.54 6.16 4.52

6.06 6.70 4.41 4.70 2.72 3.00 1.91 2.15 3.63 3.80 2.70 3.20 2.17 2.45 3.50 3.87 2.70 A 2.15 (0.58) A (0.22) 1.67 1.75 2.46 2.77 6.30 7.20 4.97 A 4.75

Dec Jun Dec Dec Oct Dec Dec Dec Apr Jan Dec Jun Nov Jan

5,731 5,861 6,328 53,972 57,302 4,240 1,280 2,789 9,993 2,361 668 1,115 3,236 2,290

0.0 1.9 0.7 1.7 2.6 0.0 0.0 4.0 2.1 0.0 0.0 0.0 0.6 0.0

BGA BGA BGA BGA BGA BGA BGA BGA BGA BGA BGA CQ BGA BGA

FY End

Low

6.59 87.98 535.23 217.89 16.36 16.48 35.17 41.07 44.88 89.29

2014A

High

NM AG AG AG AG AG AG AG AG AG

Current Year P/E

Target Price

4 2 2 1 3 2 3 2 2 3

Rating

Q Q Q N N N N Q N Q

Exchange

ANGI FB GOOG LNKD P RUBI TWTR YHOO YELP Z

Symbol

Close Jun-25-15

EPS

Suitability

52 Week

Technology & Communications - USA Online Advertising Angie's List, Inc. Facebook, Inc. Google Inc. LinkedIn Corp. Pandora Media, Inc. Rubicon Project, Inc. Twitter, Inc. Yahoo! Inc. Yelp, Inc. Zillow Group, Inc.

Online Travel Ctrip.com International, Ltd. (r) Expedia, Inc. HomeAway, Inc. priceline.com Incorporated TripAdvisor, Inc.

IT Hardware and Distribution Arrow Electronics, Inc. Avnet, Inc. CDW Corporation EMC Corporation Hewlett-Packard Ingram Micro Inc. Insight Enterprises, Inc. Lexmark International, Inc. NetApp Inc. Nimble Storage PC Connection, Inc. ScanSource, Inc. SYNNEX Corporation Tech Data Corporation

Raymond James Research Register - July 2015

72

Mkt. Cap. (Mil)

Div. %

Analyst/s

2.1 2.0 0.0 1.4 0.5 0.3 0.0 0.0

BG BG BG BG BG BG BG BG

2.10 0.34 1.90 1.57 0.67

Sep Apr Dec Dec Dec

5,824 614 4,422 995 1,203

2.5 0.0 1.4 0.0 0.0

BG BG BG BG BG

53 63 371 388 949 1,005 1,829 1,778 231 259 0.86 1.17 43 53 4.44 5.53 0.24 0.32 345 A 359

Jul Dec Dec Dec Dec Dec Dec Dec Dec Mar

493 2,095 4,593 1,116 931 209 503 2,369 241 2,981

3.9 0.0 0.0 0.0 0.0 0.0 0.0 2.1 0.0 0.0

CQ CQ CQ CQ CQ CQ CQ CQ CQ CQ

FY End

64,990 4,000 2,065 9,208 1,339 4,414 137 1,032

2016E

Aug Mar Jun Mar Sep Sep Dec Dec

2015E

2014A

Current Year P/E

EPS

Low

High

Target Price

Close Jun-25-15

Suitability

Rating

Exchange

Symbol

52 Week

Technology & Communications - USA IT Services and Security IT Services Accenture plc Booz Allen Hamilton Holding Corp. CACI International Inc. Computer Sciences Corporation Cubic Corporation MAXIMUS Inc. NCI, Inc. Unisys Corporation

ACN BAH CACI CSC CUB MMS NCIT UIS

N N N N N N Q N

3 2 2 2 2 3 3 3

G AG AG AG AG AG AG HR

99.48 26.54 84.30 66.35 49.82 67.01 10.05 20.68

NM 30.00 96.00 80.00 55.00 NM NM NM

100.47 31.30 92.20 73.29 55.73 69.04 13.13 30.65

73.98 20.65 67.01 54.23 40.69 37.94 8.03 18.72

20.9 16.1 16.3 13.8 42.6 27.8 13.6 NM

4.52 1.63 5.38 4.27 2.59 2.10 0.69 0.95

ADT AVAV FLIR IRBT EGOV

N Q Q Q Q

2 3 2 2 3

TR AG AG AG AG

34.01 26.59 31.25 32.95 18.36

45.00 NM 38.00 41.00 NM

42.88 36.45 35.29 42.00 19.41

30.45 24.73 28.32 28.05 15.00

17.0 NM 18.7 26.8 29.6

2.02 0.60 1.39 1.25 0.59

CMTL DGI SATS I IRDM KVHI ORBC OA TSYS VSAT

Q N Q N Q Q Q N Q Q

3 1 2 3 1 1 1 2 3 3

AG AG AG AG AG AG HR AG AG AG

30.57 28.89 49.81 10.33 9.85 13.38 7.14 74.16 3.52 62.49

NM 40.00 60.00 NM 13.00 17.00 9.00 90.00 NM NM

40.69 35.91 56.00 20.08 11.36 15.79 7.62 80.99 3.94 68.84

26.30 23.85 43.00 10.09 7.85 10.87 5.40 46.77 2.72 51.50

NM NM NM NM NM 15.6 NM 16.7 14.7 NM

61 286 905 1,959 217 0.61 18 4.20 0.20 221

4.76 5.05 1.60 A 1.65 5.17 5.64 4.64 A 4.81 1.17 2.99 2.41 2.97 0.74 0.76 (0.90) (1.15)

Security The ADT Corporation AeroVironment Inc. FLIR Systems iRobot Corporation NIC Inc.

2.00 0.00 1.67 1.23 0.62

Satellite & Space Comtech Telecommunications Corp. (ae) DigitalGlobe, Inc. (ae) EchoStar Corporation (ae) Intelsat S.A. (ae) Iridium Communications Inc. (ae) KVH Industries ORBCOMM, Inc. (ae) Orbital ATK, Inc. TeleCommunication Systems ViaSat, Inc. (ae)

Raymond James Research Register - July 2015

73

2016E

Mkt. Cap. (Mil)

Div. %

Analyst/s

(0.45) 1.40 (0.22) 1.42 0.46 2.90 0.41 0.92 2.05 1.15 2.69 1.12 1.58 0.72 1.66 2.35

(0.02) 1.88 (0.11) 1.68 0.58 2.95 1.73 1.12 2.05 0.60 2.92 0.84 0.93 0.84 2.94 2.25

Dec Dec Mar Dec Dec Dec Dec Jun Dec Jan Aug Jan Apr Jun Dec Mar

2,005 15,548 614 25,497 4,344 32,434 4,349 3,070 157,199 7,412 28,103 12,025 1,657 330 13,734 12,311

0.0 1.4 0.0 0.7 1.6 1.2 0.0 0.0 2.9 2.1 0.0 2.1 0.0 0.8 2.2 3.2

HM HM HM HM HM HM,JSS HM HM HM HM HM HM HM HM HM HM

4.97 4.30 5.71

5.77 4.84 7.06

Dec Dec Dec

40,082 27,197 15,477

1.7 3.4 0.0

RP RP RP

1.25 1.42 1.31 (1.06) 1.20 (0.59) (1.75) 0.63 (2.70)

1.42 1.62 1.49 (0.95) 1.28 (0.63) 0.35 2.16 (0.89)

Dec Dec Dec Dec Dec Mar Dec Dec Dec

77,386 1,124 130 127 830 18,221 3,257 29,947 3,230

1.6 2.0 7.2 0.0 1.4 0.0 1.8 0.0 0.0

RP RP RP RP RP RP RP RP RP

FY End

2015E

2014A

Current Year P/E

EPS

Low

High

Target Price

Close Jun-25-15

Suitability

Rating

Exchange

Symbol

52 Week

Technology & Communications - USA Semiconductors Advanced Micro Devices Altera Corporation Applied Micro Circuits Corporation ARM Holdings plc (r) Atmel Corporation Broadcom Corporation Cavium Inc. Cree, Inc. Intel Corporation Marvell Technology Group, Ltd. Micron Technology, Inc. NVIDIA Corporation OmniVision Technologies, Inc. Pericom Semiconductor Corporation SanDisk Corp. Xilinx, Inc.

AMD ALTR AMCC ARMH ATML BRCM CAVM CREE INTC MRVL MU NVDA OVTI PSEM SNDK XLNX

Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q

2 3 1 2 2 3 1 4 4 2 1 1 3 2 3 1

HR AG HR G AG AG AG NM NM AG AG AG HR AG AG G

2.58 51.28 7.60 53.86 10.21 52.91 73.47 27.51 31.99 14.32 24.02 21.17 26.64 14.33 63.35 45.68

3.30 NM 11.00 62.00 11.00 NM 94.00 NM NM 16.00 38.00 27.00 NM 16.00 NM 60.00

4.80 51.91 11.19 54.82 10.50 57.70 77.42 53.33 37.90 16.78 36.59 23.61 28.95 16.81 108.77 49.50

2.14 30.47 4.61 37.75 6.32 34.50 38.73 26.92 29.31 11.65 23.33 16.77 20.71 8.40 63.00 36.24

NM 36.6 NM 37.9 22.2 18.2 NM 29.9 15.6 23.9 8.9 25.2 28.6 19.9 38.2 20.3

(0.52) 1.51 0.08 1.18 0.39 2.35 (0.29) 1.65 2.32 1.02 3.23 0.74 1.70 0.36 4.23 2.19

AMT CCI SBAC

N N Q

1 2 1

AG TR AG

94.74 81.92 119.58

115.00 92.00 141.00

106.31 89.44 126.65

88.55 72.53 98.52

19.1 19.1 20.9

4.54 4.19 5.22

AMX ATNI LMRK NTLS SHEN S TDS TMUS USM

N Q Q Q Q N N N N

3 2 1 3 3 3 1 2 1

G G TR VR G HR HR HR HR

21.58 70.59 16.63 5.72 34.31 4.62 30.15 39.30 38.44

NM 74.00 22.00 NM NM NM 38.00 37.00 45.00

26.95 74.03 19.25 13.61 37.57 8.68 30.76 40.77 42.00

19.39 53.25 15.66 3.85 23.67 3.79 22.19 24.26 31.79

17.3 49.7 12.7 NM 28.6 NM NM 62.4 NM

1.18 3.39 0.15 (0.08) 2.20 (0.50) (1.78) (0.17) (2.74)

A

A A A

A

Telecommunications Services Towers American Tower (af) Crown Castle International (af) SBA Communications (af)

Wireless America Movil, S.A.B. de C.V. (is, r, vf) Atlantic Tele-Network, Inc. (vf) Landmark Infrastructure Partners L.P. (y) NTELOS Holdings Corp. (vf) Shenandoah Telecommunications Co. (vf) Sprint Corp. (f, vf) Telephone and Data Systems, Inc. (vf) T-Mobile US Inc. (vf) U.S. Cellular (vf)

Raymond James Research Register - July 2015

74

Analyst/s

2.61 1.50 2.52 9.84 0.13 1.38 3.88 0.77 2.22 5.89 1.97 5.68 0.13 1.15 (0.38) 0.62 2.56 1.03 8.70 4.02 (3.02) 0.71

Div. %

2.50 1.38 2.57 7.45 0.06 0.56 3.42 0.74 1.97 5.72 2.17 4.88 0.11 1.18 (0.54) 0.52 1.77 0.86 7.20 3.85 (2.05) 0.15

Mkt. Cap. (Mil)

32.07 16.94 29.89 137.51 2.85 29.70 49.33 18.89 23.59 82.04 56.17 182.83 4.86 10.06 6.27 24.53 37.61 28.80 128.78 45.09 6.98 21.21

FY End

Low

37.48 26.50 45.67 199.00 4.16 40.48 61.46 28.81 32.86 94.41 80.75 274.13 8.46 20.31 10.75 33.16 57.08 56.20 184.89 53.66 21.50 32.18

2016E

High

39.00 22.00 NM 210.00 4.00 35.00 67.00 NM 34.00 98.00 NM 275.00 6.00 20.00 11.00 NM NM 60.00 170.00 55.00 NM 31.00

2015E

Target Price

36.18 24.23 29.92 167.84 3.97 34.38 60.88 21.60 29.96 93.76 69.66 256.59 5.08 19.31 9.45 28.14 54.32 37.86 177.17 47.44 7.01 27.81

2014A

Close Jun-25-15

TR HR TR AG HR AG G TR AG AG HR AG TR HR HR HR HR AG AG TR HR AG

EPS Current Year P/E

Suitability

Rating

Exchange

Symbol

52 Week

Technology & Communications - USA Wireline AT&T Inc. Cablevision Systems Corp. (fc) CenturyLink Charter Communications, Inc. (fc) Cincinnati Bell Inc. Cogent Communications Holdings Inc. (fa) Comcast Corp. Consolidated Communications Holdings CyrusOne Inc. (af) DIRECTV DISH Network Corp. Equinix Frontier Communications Corp. Inteliquent Internap Network Services Corp. InterXion Holding NV ($E) Level 3 Communications Inc. (fc) Rackspace Hosting Time Warner Cable Inc. Verizon Communications Windstream Holdings Inc. Zayo Group Holdings, Inc. (fc)

T CVC CTL CHTR CBB CCOI CMCSA CNSL CONE DTV DISH EQIX FTR IQNT INAP INXN LVLT RAX TWC VZ WIN ZAYO

Raymond James Research Register - July 2015

N N N Q N Q Q Q Q Q Q Q Q Q Q N N N N N Q N

2 2 3 2 2 2 1 3 1 2 3 1 2 2 2 3 3 2 2 2 3 1

14.5 17.6 11.6 22.5 66.2 61.4 17.8 29.2 15.2 16.4 32.1 52.6 46.2 16.4 NM NM 30.7 44.0 24.6 12.3 NM NM

2.50 1.40 2.61 1.58 0.31 0.09 2.93 0.92 1.71 6.08 2.04 3.09 0.19 1.16 (0.77) 0.46 1.21 0.77 7.57 3.43 0.61 1.04

Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Jun

188,823 6,680 16,921 19,218 832 1,588 155,609 1,091 1,962 47,253 32,205 15,216 5,053 648 519 1,957 19,237 5,459 50,476 195,500 700 6,741

5.1 FGL 3.1 FGL 7.2 FGL 0.0 FGL 0.0 FGL 3.8 FGL 1.6 FGL 7.2 FGL 4.2 FGL,WAC 0.0 FGL 0.0 FGL 2.6 FGL 8.3 FGL 3.1 FGL 0.0 FGL 0.0 FGL 0.0 FGL 0.0 FGL 2.1 FGL 4.6 FGL 8.6 FGL 0.0 FGL

75

Analyst/s

0.78 17.00 2.56 1.60 2.48 4.84 3.55 7.05 5.27 3.20 3.82 3.69 0.48 2.53 2.52 2.22 2.83

Div. %

0.73 14.91 2.22 1.44 2.30 4.32 3.27 6.11 4.78 2.85 2.56 3.28 (0.22) 2.22 2.15 1.83 2.49

Mkt. Cap. (Mil)

17.32 230.54 26.14 21.01 29.85 69.04 51.38 121.42 67.34 40.61 77.96 69.64 12.09 28.54 29.35 28.19 48.80

FY End

25.80 312.00 42.39 30.83 43.25 101.13 68.98 165.67 107.81 56.28 109.21 96.31 28.98 43.00 41.09 39.25 70.69

2016E

Low

NM 325.00 44.00 29.00 NM NM 68.00 165.00 NM 55.00 119.00 NM NM 41.00 43.00 44.00 NM

2015E

High

25.34 303.97 41.94 28.68 C$40.11 99.63 63.13 160.11 105.89 54.44 103.60 94.46 12.39 42.50 38.87 35.16 68.62

2014A

Target Price

NM AG AG AG TR G G AG G G G G AG AG AG AG G

Current Year P/E

Close Jun-25-15

EPS

Suitability

Rating

Exchange

Symbol

52 Week

2,957 18,880 2,323 1,087 3,473 12,125 17,885 15,034 7,126 1,990 28,559 107,964 711 7,833 7,801 4,017 152,954

0.0 0.0 0.0 0.0 3.2 1.2 1.6 0.0 0.1 0.7 1.0 0.6 0.0 0.9 0.0 0.0 0.7

WJ WJ WJ WJ WJ WJ WJ WJ WJ WJ WJ WJ WJ WJ WJ WJ WJ

Technology & Communications - USA

1.20 0.18 (0.19) (0.12) 1.00 0.47 1.57

Analyst/s

2016E

0.85 (0.49) (0.09) (0.32) 0.87 0.07 1.20

FY End

2015E

2014A

Current Year P/E

EPS

Low

High

Dec Dec Dec Jun Dec Dec Dec Dec May Dec Jul Dec Dec Dec Dec Oct Sep

Div. %

0.72 12.61 1.77 1.28 2.34 3.89 3.10 5.15 4.12 1.36 3.49 3.10 (0.09) 1.95 1.87 1.51 2.19

Mkt. Cap. (Mil)

34.7 20.4 18.9 19.9 17.4 23.1 19.3 26.2 22.2 19.1 40.5 28.8 NM 19.1 18.1 19.2 27.6

52 Week Target Price

Close Jun-25-15

4 2 2 2 3 3 2 2 3 2 1 3 3 2 2 2 3

Rating

Q N Q Q T N N N N N Q N N N N N N

Exchange

ACIW ADS HAWK EPAY DH EFX FIS FLT GPN HPY INTU MA ONDK TSS VNTV PAY V

Symbol

ACI Worldwide, Inc. Alliance Data Systems Corp. Blackhawk Network Holdings, Inc. Bottomline Technologies DH Corporation Equifax, Inc. Fidelity National Information Services FleetCor Technologies Global Payments Inc. Heartland Payment Systems Intuit Inc. MasterCard, Inc. On Deck Capital, Inc. Total System Services Vantiv, Inc. VeriFone Systems, Inc. Visa, Inc.

Suitability

Transaction Processing

0.0 0.0 0.0 0.0 4.3 0.0 0.0

SLi SLi SLi SLi SLi SLi SLi

Technology & Communications - CAN Steven Li, CFA [email protected]

IT Hardware Avigilon Corporation Baylin Technologies Inc. BlackBerry (f) DragonWave Evertz Technologies Ltd. (f) Lumenpulse Inc. Sierra Wireless

Raymond James Research Register - July 2015

AVO BYL BBRY DRWI ET LMP SWIR

T T Q Q T T Q

2 2 3 3 2 2 3

AG AG HR HR G AG AG

C$17.75 C$1.70 US$8.63 US$0.55 C$16.79 C$16.43 US$26.13

24.00 3.25 10.25 0.80 19.00 20.00 37.00

25.75 4.45 12.63 2.55 18.73 23.95 49.13

13.15 1.60 8.56 0.50 14.82 13.06 18.50

20.9 NM NM NM 16.8 35.0 21.8

0.80 (0.75) (1.35) (1.01) 0.85 (0.38) 0.63

A A A A

Dec Dec Feb Feb Apr Apr Dec

845 32 4,567 40 1,259 424 836

76

Mkt. Cap. (Mil)

Div. %

Analyst/s

16,484 1,244 3,338 32 5,064 US$535

0.0 0.0 1.6 0.0 1.7 0.0

SLi SLi SLi SLi SLi SLi

Div. %

Analyst/s

FY End

2016E

2015E

2014A

Current Year P/E

EPS

Low

High

Target Price

Close Jun-25-15

Suitability

Rating

Exchange

Symbol

52 Week

4.6 3.0 3.4 0.3 0.0 2.3 0.0 4.1 4.6 3.1 4.1 0.0 5.6 7.9 6.0 12.6 4.8

SB SB SB SB SB SB SB SB SB SB SB SB SB SB SB SB SB

Technology & Communications - CAN 16.6 26.3 14.3 NM 12.4 30.6

2.80 0.54 5.76 (0.59) 3.37 (0.01)

NM 438 16.70 232.00 NM 3.80 23.00 NM 28.00 NM NM 1.32 NM NM 47.00 NM NM

39.24 473 17.63 237.95 13.25 3.50 21.43 16.45 35.88 1,116 415 1.21 13.96 57.00 55.85 24.75 258

23.70 352 10.08 149.35 8.56 2.13 13.00 10.20 23.21 839 261 0.74 10.34 38.03 45.36 17.26 179

2014A

Low

€35.16 461p €16.27 €210.40 €13.12 €3.44 €17.46 €14.55 €32.56 1,069p 393p €1.18 €13.42 €50.59 SEK50.25 €23.83 239p

Sep Jan Dec Dec Jun Sep

EPS Current Year P/E

High

52 Week

3.08 3.43 0.57 A 0.62 6.45 7.27 (0.26) (0.19) 3.33 3.67 0.16 0.25

FY End

36.15 12.45 78.23 1.15 41.01 2.83

2016E

57.69 16.63 101.42 2.94 61.74 5.60

2015E

60.00 17.50 93.00 2.50 60.00 6.00

Target Price

C$51.05 US$16.30 C$92.47 C$1.56 US$41.14 C$4.90

Close Jun-25-15

G G G HR G AG

Suitability

2 2 3 3 2 2

Rating

T Q T T Q T

Exchange

GIB.A DSGX MDA NXJ OTEX RKN

Symbol

CGI Group The Descartes Systems Group Inc. MacDonald Dettwiler & Associates NexJ Systems Inc. Open Text Redknee Solutions Inc.

Mkt. Cap. (Mil)

Software/IT Services

Technology & Communications - EUR Stephane Beyazian, RJFI [email protected]

Telecommunications Services Bouygues BT Deutsche Telekom Iliad Jazztel KPN Mobistar Orange Proximus Sky TalkTalk Telecom Group Telecom Italia Telefonica Telenet Group TeliaSonera AB Vivendi Vodafone

BOUY.PA BT.L DTE.DE ILD.PA JAZ.MC KPN.AS MSTAR.BR ORA.PA PROX.BR SKY.L TALK.L TLIT.MI TEF.MC TNET.BR TLSN.ST VIV.PA VOD.L

Raymond James Research Register - July 2015

EPA L ETR EPA MCE AMS EBR EPA EBR L L BIT MCE EBR STO EPA L

3 4 2 2 3 2 1 3 4 3 3 2 3 3 4 3 3

25.3 14.4 19.8 35.5 36.4 49.1 21.5 17.3 21.6 18.7 28.1 19.6 14.9 28.4 12.3 43.3 46.9

1.45 1.39 1.57 28.00 32.00 A 32.00 0.54 0.82 0.99 4.91 5.93 7.69 0.31 0.36 0.62 (0.03) 0.07 0.09 1.05 0.81 0.95 0.64 0.84 0.95 1.71 1.51 1.47 60.00 57.10 67.50 14.00 E 8.20 A 18.00 0.10 0.06 0.07 0.80 0.90 0.73 1.48 1.78 2.01 3.63 4.08 3.88 0.46 0.55 0.57 17.40 5.50 A 5.10

Dec Mar Dec Dec Dec Dec Dec Dec Dec Jun Mar Dec Dec Dec Dec Dec Mar

11,812 £35,831 73,810 12,203 3,239 14,676 1,047 38,530 10,419 £18,376 £3,627 21,563 64,526 5,868 217,583 32,218 £68,964

77

Analyst/s

NA

NA

Dec

23,568

1.0

FRM,FS

TEO

N

3

TR

US$18.42

NM

26.39

17.90

8.0

2.33

1.62

1.68

Dec

3,627

4.0

FRM,FS

FY End

2.80

2016E

NM

2015E

35.20

2014A

95.00

Current Year P/E

NM

Low

AR$82.00

High

NM

Target Price

S

Rating

BA

Exchange

GCLA

Symbol

Div. %

EPS

Mkt. Cap. (Mil)

Close Jun-25-15

Suitability

52 Week

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

Fernando Suarez [email protected]

Telecom & Media Grupo Clarin S.A.

Telecommunications Services Telecom Argentina S.A. (ed, r)

Raymond James Research Register - July 2015

78

Transportation USA

Canada

Europe

Airlines ........................................................................ 79

Aerospace & Aviation ................................................. 81

Airlines ........................................................................82

Hybrid Carriers ........................................................ 79

Airlines........................................................................ 81

Legacy Carriers ........................................................ 79

Railroads ..................................................................... 81

Low Cost Carriers ..................................................... 80

Transportation & Logistics .......................................... 82

Regional Carriers ..................................................... 80 Transportation Services .............................................. 80 Intermodal and Asset-Light Logistics ....................... 80 Leasing ..................................................................... 80 Parcel Carriers ......................................................... 80 Railroad ................................................................... 80 Transportation Equipment & Supplies .................... 80

4.18 11.14 0.18 2.48

5.90 7.51 0.45 4.00

6.05 7.90 0.55 4.30

Dec Dec Dec Dec

8,535 3,714 3,884 1,267

1.2 5.4 0.0 0.0

SS SS SS SS

AAL DAL UAL

Q N N

3 2 2

HR HR HR

42.24 42.60 54.94

NM 53.00 68.00

56.20 51.06 74.52

28.10 30.12 36.65

5.2 10.6 5.4

5.71 3.38 5.06

8.18 4.00 10.20

8.10 4.45 10.50

Dec Dec Dec

30,286 34,774 21,014

0.9 0.8 0.0

SS SS SS

FY End

11.1 11.2 15.8 7.0

2016E

40.69 83.60 7.08 26.50

2015E

71.40 157.98 13.73 45.43

2014A

80.00 NM NM 36.00

Current Year P/E

65.43 84.22 7.12 28.15

Low

AG AG NM AG

High

1 3 4 2

Target Price

N N N Q

Rating

ALK CPA LFL VA

Symbol

Analyst/s

EPS

Div. %

52 Week

Mkt. Cap. (Mil)

Close Jun-25-15

Suitability

Exchange

Trucking (Truckload and LTL) ................................... 81

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

Arthur W. Hatfield, CFA [email protected]

Savanthi Syth, CFA [email protected]

Airlines Hybrid Carriers Alaska Air Group Copa Holdings, S.A. (is) LATAM Airlines Group S.A. (is, r) Virgin America Inc.

Legacy Carriers American Airlines Group, Inc. Delta Air Lines, Inc. United Continental Holdings, Inc.

Raymond James Research Register - July 2015

79

High

Low

AG HR AG AG AG AG

180.64 2.43 21.17 72.53 34.49 63.49

NM NM 24.00 NM NM 85.00

199.20 7.04 22.40 73.94 47.17 85.35

104.52 2.31 9.38 49.70 25.86 52.75

16.3 NM 12.6 18.1 10.8 13.7

6.34 (0.65) 0.74 2.39 2.02 3.23

SKYW

Q

2

HR

15.87

16.50

17.20

7.01

12.7

0.51

CHRW EXPD FWRD HUBG JBHT LSTR RRTS UTIW XPO

Q Q Q Q Q Q N Q N

3 3 3 3 3 3 2 3 2

G G AG AG AG G AG AG HR

62.47 46.86 52.40 41.37 83.92 67.11 26.47 9.98 45.97

NM NM NM NM NM NM 30.00 NM 53.00

77.49 49.51 57.65 51.47 93.50 81.80 29.02 14.75 50.96

61.46 38.14 43.30 32.69 71.00 60.51 19.57 8.74 25.77

19.2 21.8 21.0 21.8 22.8 20.6 15.6 NM NM

3.05 1.92 1.96 1.73 3.16 3.07 1.36 (0.13) (1.01)

GMT R TAL TGH

N N N N

2 2 3 3

TR G TR TR

54.35 89.68 33.72 27.43

63.00 104.00 NM NM

68.45 100.64 47.60 39.76

52.51 77.14 33.60 27.31

10.2 13.7 10.2 9.6

4.48 5.60 3.80 2.86

5.35 6.54 3.30 2.86

FDX UPS

N N

1 3

G TR

172.80 98.94

205.00 NM

185.19 114.40

145.08 94.05

15.7 19.3

CSX GWR KSU NSC UNP

N N N N N

3 1 1 3 1

G AG AG G G

33.70 77.63 92.42 88.76 96.97

NM 94.00 109.00 NM 115.00

37.99 106.02 126.49 117.64 124.52

29.07 77.52 90.02 88.74 96.17

Q N N Q N N

4 1 4 1 4 3

NM TR NM AG NM G

50.21 18.11 49.50 26.41 28.09 95.76

NM 21.00 NM 36.00 NM NM

82.82 19.20 78.32 38.27 50.77 105.10

46.18 15.85 42.62 25.55 24.41 70.20

1.50

Dec

820

1.0

SS

3.25 3.55 2.15 2.35 2.50 2.84 1.90 2.15 3.68 4.15 3.25 3.60 1.70 2.00 (0.78) A (0.14) (1.07) (1.69)

Dec Dec Dec Dec Dec Dec Dec Jan Dec

9,146 8,956 1,624 1,519 9,886 2,980 1,010 1,054 4,859

2.4 2.1 0.9 0.0 1.2 0.5 0.0 0.0 0.0

TB AH,TB AH,TB TB,AH TB TB,AH AH AH,TB TB,AH

4.75 7.20 3.50 2.92

Dec Dec Dec Dec

2,386 4,781 1,121 1,563

2.6 2.0 8.5 8.6

AH AH AH AH

6.75 4.75

8.92 A 11.00 5.13 5.63

May Dec

48,885 96,664

0.6 3.5

AH,TB AH,TB

16.8 19.2 20.5 15.6 16.9

1.92 4.10 4.82 6.39 5.75

2.01 4.05 4.50 5.70 5.75

2.20 4.75 5.35 6.45 6.55

Dec Dec Dec Dec Dec

33,430 4,440 10,212 27,480 85,079

2.1 0.0 1.3 2.6 2.6

TB TB,AH TB,AH TB,AH TB,AH

8.7 22.9 8.3 14.3 6.2 23.1

4.72 0.15 3.08 1.96 4.19 3.62

5.80 0.79 5.95 1.85 4.50 4.14

3.96 1.66 4.94 2.10 3.10 4.57

Dec Dec Aug Dec Dec Dec

1,072 969 1,308 1,063 4,351 9,251

4.0 0.0 1.2 0.0 1.4 0.2

AH AH AH AH AH AH

FY End

SS SS SS SS SS SS

2016E

0.3 0.0 0.0 0.0 0.9 0.0

2015E

3,125 756 7,323 20,098 23,050 4,660

2014A

Dec Dec Dec Mar Dec Dec

Current Year P/E

Analyst/s

Close Jun-25-15

3 3 2 3 3 1

Div. %

Suitability

Q N Q Q N Q

Mkt. Cap. (Mil)

Rating

ALGT GOL JBLU RYAAY LUV SAVE

Target Price

Exchange

EPS

Symbol

52 Week

Transportation - USA Low Cost Carriers Allegiant Travel Co. GOL Linhas Aereas Inteligentes S.A. (r) JetBlue Airways Ryanair Holdings plc (is, r) Southwest Airlines Co. Spirit Airlines, Inc.

11.05 10.90 (0.42) (0.12) 1.68 1.80 4.14 A 4.00 3.20 3.40 4.65 5.20

Regional Carriers SkyWest, Inc.

1.25

Transportation Services Intermodal and Asset-Light Logistics C.H. Robinson Worldwide Expeditors International of Washington, Inc. Forward Air Corporation Hub Group, Inc. J.B. Hunt Transport Services, Inc. Landstar System, Inc. Roadrunner Transportation Systems, Inc. UTi Worldwide, Inc. XPO Logistics, Inc.

Leasing GATX Corporation Ryder System, Inc. TAL International Group, Inc. Textainer Group Holdings Limited

Parcel Carriers FedEx Corporation United Parcel Service

Railroad CSX Corp. Genesee & Wyoming Inc. Kansas City Southern Norfolk Southern Corp. Union Pacific Corp.

Transportation Equipment & Supplies American Railcar Industries, Inc. ARII Fortress Transportation & Infrastructure Investors LLC FTAI The Greenbrier Companies, Inc. GBX Rush Enterprises, Inc. RUSHA Trinity Industries, Inc. TRN Wabtec Corporation WAB

Raymond James Research Register - July 2015

80

Div. %

Analyst/s

3.70 1.61 3.56 1.10 1.73 1.39 4.06 3.00 2.05 2.00 0.98

Mkt. Cap. (Mil)

2016E

2.50 1.44 2.76 1.00 1.50 1.22 3.61 2.50 1.74 1.72 (0.20)

FY End

2015E

2014A

Current Year P/E

EPS

Low

Suitability AG AG AG AG AG AG AG AG AG AG HR

High

Rating 1 3 2 3 2 3 3 1 1 2 3

Target Price

Exchange Q N N Q N Q Q Q N Q Q

Close Jun-25-15

Symbol ARCB CGI CNW HTLD KNX MRTN ODFL SAIA SWFT WERN YRCW

52 Week

0.6 0.4 1.5 0.4 1.1 0.5 0.0 0.0 0.0 0.9 0.0

AH,TB AH AH,TB AH AH AH AH,TB AH,TB AH AH AH,TB

Transportation - USA 48.00 NM 50.00 NM 36.00 NM NM 51.00 32.00 33.00 NM

47.52 29.15 53.54 27.96 34.73 24.92 81.48 62.31 29.44 33.42 29.21

30.14 18.12 38.85 20.04 23.17 15.36 61.17 37.01 18.53 23.50 12.90

13.0 15.2 14.1 20.2 17.8 17.3 19.1 15.3 13.2 15.6 NM

1.81 0.93 2.32 0.96 1.25 0.89 3.10 2.04 1.38 1.37 (2.33)

0.35 0.71 0.48

0.22 0.76 A 0.55 A

0.11 0.85 0.66

Dec Mar Mar

4,352 4,106 395

0.0 1.8 NA

SH,BC BC BC

AC WJA

T T

3 3

HR AG

C$13.90 C$26.74

14.00 31.00

15.09 34.95

6.52 25.36

3.7 8.4

0.34 2.46

3.71 3.20

3.43 3.65

Dec Dec

4,114 3,449

NM 2.1

BC BC

CNR CP

T T

2 2

G G

C$73.06 C$200.08

81.00 245.00

88.89 247.56

67.94 190.76

17.9 18.9

3.76 8.50

4.09 10.60

4.60 12.80

Dec Dec

59,135 32,993

1.7 0.7

SH SH

FY End

11.2 18.1 17.1

2016E

2.26 13.15 9.50

2015E

4.43 16.53 11.94

2014A

2.75 16.00 14.50

Current Year P/E

C$2.47 C$15.38 C$11.28

Low

AG G G

High

3 3 2

Target Price

T T T

Rating

Analyst/s

EPS

845 531 2,246 1,770 2,200 702 5,931 957 3,271 1,929 436

Div. %

52 Week

Dec Jun Dec Dec Dec Dec Dec Dec Dec Dec Dec

Mkt. Cap. (Mil)

Close Jun-25-15

Suitability

32.52 21.90 38.98 20.16 26.75 21.14 69.03 38.15 22.98 26.76 13.65

BBD.B CAE HRX

Symbol

ArcBest Corp Celadon Group, Inc. Con-way Inc. Heartland Express, Inc. Knight Transportation, Inc. Marten Transport, Ltd. Old Dominion Freight Line, Inc. Saia, Inc. Swift Transportation Company Werner Enterprises, Inc. YRC Worldwide Inc.

Exchange

Trucking (Truckload and LTL)

Transportation - CAN Ben Cherniavsky [email protected]

Steve Hansen, CMA, CFA [email protected]

Theoni Pilarinos, CFA [email protected]

Aerospace & Aviation Bombardier Inc. (f) CAE Inc. (f) Héroux-Devtek Inc. (f)

Airlines Air Canada WestJet Airlines

Railroads Canadian National Railway Canadian Pacific Railway

Raymond James Research Register - July 2015

81

Mkt. Cap. (Mil)

Div. %

Analyst/s

R US$512

R 9.5

SH TP,SH

Div. %

Analyst/s

R 87

Mkt. Cap. (Mil)

2016E

R 77

FY End

2015E

2014A

Close Jun-25-15 C$5.90 C$5.88

Current Year P/E

Suitability TR TR

EPS

Low

Rating R 3

High

Exchange T T

Target Price

Symbol CWX STB

52 Week

1,944 £6,336 14,754 5,454

0.0 3.4 0.0 4.9

JR JR JR JR

Transportation - CAN 5.26 5.85

R NM

R 89

Dec Jun

0.30 133.90 0.76 1.39

1.25 148.00 0.87 2.62

FY End

2014A

Current Year P/E

EPS

Low

High

52 Week

2016E

6.55 7.48

2015E

R 7.25

Target Price

2 2 3 3

Close Jun-25-15

EPA L MAD ETR

Suitability

Rating

Symbol

CanWel Building Materials Group Ltd. Student Transportation Inc. (cb)

Exchange

Transportation & Logistics

Transportation - EUR Julien Richer, RJEE [email protected]

Airlines Air France-KLM easyJet plc IAG Lufthansa

AIRF.PA EZJ.L IAG.MC LHAG.DE

Raymond James Research Register - July 2015

€6.48 1,596p €7.24 €11.78

9.50 1,950 NM NM

10.04 1,929 8.56 16.27

5.68 1,207 3.85 10.69

21.6 (0.67) 11.9 114.50 9.5 0.48 8.5 0.12

Mar Sep Mar Dec

82

U.S. Equity Research (800) 248-8863 Management Robert P. Anastasi, CFA (727) 567-2286 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, Research Associate Manager

Financial Services Daniel E. Cardenas (312) 655-2986 Banking

Robert J. Dodd, Ph.D. (901) 579-4560 Specialty Finance

David J. Long, CFA (312) 612-7685 Banking

Patrick J. O'Shaughnessy, CFA (312) 612-7687 Capital Markets

C. Gregory Peters

Consumer Budd Bugatch, CFA (727) 567-2527 Director of Furnishings Research

Joseph Altobello, CFA (212) 883-4606 Household & Personal Care Products Sam Darkatsh (727) 567-2537 Home & Building Products Joseph D. Hovorka (404) 442-5863 Entertainment & Leisure

Brian M. Vaccaro, CFA (404) 442-5866 Restaurants

Dan Wewer, CFA (404) 442-5846 Hardline Retailers

Benjamin P. Brownlow (404) 442-5859 Hardline Retailers

(727) 567-1534 Insurance Michael Rose (312) 655-2940 Banking

Steven D. Schwartz, CFA (312) 612-7686 Insurance/Asset Management William J. Wallace IV (301) 657-1548 Banking

Donald A. Worthington (415) 538-5733 Banking

Healthcare John W. Ransom (727) 567-2593 Director of Healthcare Research

Michael J. Baker (727) 567-2499 Benefits Management/Pharma Services

Jayson Bedford (727) 567-2565 Medical Devices

Energy

(800) 945-6275

J. Marshall Adkins Director of Energy Research

Andrew Coleman Exploration & Production

John Freeman, CFA Exploration & Production

Cory J. Garcia Integrated Majors & Refiners/ Midstream Suppliers

Darren Horowitz Midstream Suppliers

Pavel Molchanov Renewable Energy & Clean Technology/ Exploration & Production/ Integrated Majors & Refiners

Kevin Smith Exploration & Production

Praveen Narra Oilfield Services

Nicholas Jansen (727) 567-2446 Animal Health/Diagnostics/ Healthcare Information Technology Lawrence S. Keusch (617) 897-8992 Hospital Supplies & Equipment Elliot Wilbur, CFA (212) 856-4897 Specialty Pharmaceuticals

Industrial Patrick Tyler Brown, CFA (404) 442-5803 Waste & Industrial Services

Sam Darkatsh (727) 567-2537 Specialty Distribution

Real Estate Paul D. Puryear (727) 567-2253 Director of Real Estate Research William A. Crow (727) 567-2594 Lodging/REITs Buck Horne, CFA (727) 567-2561 Housing/REITs Collin Mings, CFA (727) 567-2585 REITs Jonathan Hughes (727) 567-2438 REITs

Technology & Communications Brian G. Alexander, CFA (727) 567-2312 Director of Technology Research Ric Prentiss (727) 567-2567 Director of Telecommunications Services Research Brian Gesuale (727) 567-2287 IT Services & Security Wayne Johnson (404) 442-5837 Transaction Processing Aaron Kessler, CFA (415) 616-8959 Internet Simon M. Leopold (212) 856-5464 Communications Equipment Frank G. Louthan IV (404) 442-5867 Telecommunications Services Tavis C. McCourt, CFA (615) 665-3644 Communications Technology Hans C. Mosesmann (727) 567-2498 Semiconductors Chris Quilty (727) 567-2602 Defense Communications/Satellite & Space J. Steven Smigie (212) 856-4893 Analog & Communications Semiconductors Terry Tillman (404) 442-5825 Application Software Michael Turits, Ph.D. (212) 297-5617 Infrastructure Software Justin Patterson, CFA (415) 616-8035 Internet Brian Peterson, CFA (404) 442-5888 Application Software

Transportation Patrick Tyler Brown, CFA (404) 442-5803 Transportation Services

Macro Research Scott J. Brown, Ph.D. (727) 567-2603 Chief Economist Jeffrey D. Saut (727) 567-2644 Chief Investment Strategist

Raymond James Research Register - July 2015

Arthur W. Hatfield, CFA (901) 579-4868 Transportation Services Savanthi Syth, CFA (727) 567-5274 Airlines

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

Institutional Sales

Institutional Sales (continued)

St. Petersburg (800) 237-5643 Shawn Borgeson (727) 567-2571 Sarah Concannon (727) 567-2686 Ken Corn (727) 567-2282 Nick Digirolamo (727) 567-2280 Mark Fote (727) 567-2439 Peter L. Gairing (727) 567-2530 Eric Kirby (727) 567-2570 Kevin McElligott (727) 567-2597 Ted Mortonson (727) 567-2285 Mark Ranney (727) 567-1850 David Schaffer (727) 567-2598 Patrick Sauve (727) 567-2526 Dana Williams (727) 567-2278 Jamie Zingaretti (727) 567-2576 Atlanta Mark Starner (404) 442-5862 Dudley Stephens (404) 442-5828 Boston Ryan Bagley (617) 897-8965 Joe Durkin (617) 897-8964 Dave Hodges (617) 897-8961 Jeff Jacobs (617) 897-8966 John Leffel (617) 897-8967 Chicago Bill Sammon, Manager (312) 655-2959 Lou Coines (312) 655-2964 Miranda Davidson (312) 655-2948 Rick Glaisner (312) 612-7672 Lonnie Hatcher (312) 612-7673 Chris Lambert (312) 655-2974 Anthony LanFranca (312) 655-2961 Adin Lohry (727) 567-3468 Tony Montemurro (312) 655-2948 Tim Murnane (312) 655-2988 Andrew K. Northwick (312) 612-7675 Chris Palermo (312) 655-2967 Leigh Pollak (312) 612-7744 Todd Raclaw (312) 655-2975 Bob Stocking (312) 612-7674 Los Angeles Mark Hamilton (310) 414-5209 Rob Marckel (310) 414-5201 New York Greg Giannakopoulos, Manager (212) 856-5405 George Billington (212) 297-5607 Jason Gefaell (212) 672-6828 Tom Hartigan (212) 856-5474 Brian Hicks (212) 297-5618 Jeff Karish (212) 297-5604

New York Susan Lione (212) 856-4886 Carol McCarthy (212) 297-5605 Tom Nevitt (212) 297-5608 Gene Pennell (212) 297-5606 Craig Sapuppo (212) 297-5602 Kelly Schaeffer (212) 856-4887 Rod Spiegel (212) 297-5610 Lauren Stellato (212) 856-4389 Scott Sterrett (212) 856-4370 Nick Zager (212) 297-5615 San Francisco John Cavender (415) 538-5725 Douglas Deubel (888) 734-0540 Zachary Taylor (415) 616-8944

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International Institutional Sales & Trading Desk Byron Mitson, Head of Agency/ Retail Trading (800) 564-3678 St. Petersburg (727) 567-2100

Sharon Agudio Ted Powell Mike Tagliarini Memphis (800) 564-3678

Tony Johnson Kenny McClain

Corporate & Executive Services (727) 567-8092 Jeff Fordham Jeanna Bryan Rachel Jallick Nicole Middents Dakota Rockwell Scott Warnock

Principal Trading Kenneth Bollinger Eric Braunstein Earl Johnson Jesse Lubarsky Adam Lustig Jeff Melvin Ray Moore Christian O’Brien Kevin Prunty Doug Shapiro Brandon Veldman

Institutional Sales Trading Paul Powers, Head of U.S. Sales Trading (212) 856-5477 St. Petersburg (727) 567-2100

Ross Barone Jake Shumacker Boston (617) 423-5607 Steve Svensen Brendan Moses Thomas Ward Chicago (312) 655-2990 Jeff Grimm Randy Mrozek Jeff Snower Los Angeles (866) 401-8723 David Cantrell New York (212) 599-6800 Jacqueline Britt Craig Bugniazet Michael Cannon Brian Cohan Paul Cornette Michael Dalfonzo John Gilmartin Mark Koczan Gary Muehlemann Vincent Sgherza Nick Shepard Eric Siefert San Francisco Michael Christian (415) 616-8933 Michael Schwarz (415) 616-8096

Agency/Retail Trading (212) 599-6800

Byron Mitson, Head of Agency/ Retail Trading (800) 564-3678 St. Petersburg (727) 567-6466 Scott Brown Renee Hollingsworth James Nielsen Allen Spence Memphis (800) 564-3678 Darin Butler Krystal Butler Kevin Floyd Marilyn Hiner Tony Johnson Kenny McClain

Raymond James Research Register - July 2015

Strategic Options Desk (212) 856-5400 Ryan Sylvester, Co-head Adam Templeton, Co-head

Andrew Kramer Alec Levine Rob Mabry Brad Manuilow James “Hector” Murphy Brian Werner

Colin Drowica Geoff Gaiss Stephen Hardin Jeffrey Jacobson Darius Kirksey

U.S. Equity Portfolio & Technical Strategy (901) 529-3776 J. Michael Gibbs, Director, Equity Portfolio & Technical Strategy

Jeff Harvey David Hydrick

Joey Madere Andrew Rumbelow Barbara Metcalf

Equity Advisory Group (727) 567-2520 Harry G. Katica, CFA, Director, Equity Advisory Group

Suzi Fiorini, Manager, Equity Advisory Group

Phil Cox Bonnie Harper John Messina Michael Saut

Justin Wai Travis Workman Julie Lachman, International (727) 567-5559

ECM International Offices Raymond James UK, London 011-44-207-426-5600

Robert Nugent, Manager Daniel Acton Emanuele Badaracco Nicole Baker Benjamin Gilbert Ricky Pilgrim G. Eric Rowe Anthony White Adam Wood

Raymond James France, Paris Raymond James Poland, Warsaw +48 (22) 276 2300

Homan Haghighi

Raymond James Switzerland, Lausanne 011-41-21-343-2222

Raymond James Switzerland, Geneva

Homan Haghighi Jad Hobeiche

011-41-22-818-2828

Jean Wilhelm, Manager Paul Anderson Philip Burgisser Albert Fregosi Eric Moïa Rudi Moser Andreas Spiegelberg

Raymond James Switzerland, Vaduz/Liechtenstein 011-423-233-44-54

Johann Kasamas

Raymond James Research Register - July 2015

011-33-1-456-40520

Emmanuel Laussinotte, Manager Gregoire M. Alexandre Thierry Guille Hubert Le Bret

Raymond James Germany, Dusseldorf 011-49-213-293-070

Hans J. Klisch, Manager Falk G. Reissland, Manager Sebastian Sattelberger

Raymond James Benelux, Brussels 011-322-626-1060

Henri de Liedekerke, Manager Diego de Fierlant Carine R. Van Pellecon Stéphane Roffler

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Canadian Equity Research Daryl Swetlishoff, CFA 604.659.8246, Head of Equity Research Ken Avalos, MBA 727.567.1756 Real Estate & REITs

Kurt Molnar 403.221.0414 Oil & Gas Producers

David Sadowski 604.659.8255 Uranium & Junior Exploration

Frederic Bastien, CFA 604.659.8232 Infrastructure & Construction

Michael Overvelde, CFA, CPA, CA 416.777.4943 Diversified Financials

Daryl Swetlishoff, CFA 604.659.8246 Forest Products

Andrew Bradford, CFA 403.509.0503 Oil & Gas Energy Services Ben Cherniavsky 604.659.8244 Industrial / Aerospace & Aviation Chris Cox, CFA 403.509.0523 Sr. Oil & Gas Producers / Energy Infrastructure Steve Hansen, CMA, CFA 604.659.8208 Transportation / Agribusiness Steven Li, CFA 416.777.4918 Technology / Alternative Energy & Clean Tech

Theoni Pilarinos, CFA 604.659.8234 Infrastructure & Construction David Quezada, CFA 604.659.8257 Industrial Special Situations Johann Rodrigues 416.777.7189 Real Estate & REITs Phil Russo 416.777.7084 Precious Metals

Alex Terentiew, MBA, P.Geo 416.777.4912 Base Metals & Minerals / Platinum Group Metals Chris Thompson, M.Sc. (Eng), P.Geo 604.659.8439 Precious Metals Kenric Tyghe, MBA 416.777.7188 Consumer & Retail

Canadian Sales & Trading Raymond James Ltd. Sales Mike Westcott 416.777.4935, Head of Sales Toronto 888.601.6105 Canada 800.290.4847 USA Sean Boyle 416.777.4927 Jeff Carruthers, CFA 416.777.4929 Richard Eakins 416.777.4926 Jonathan Greer 416.777.4930 Dave MacLennan 416.777.4934 Robert Mills, CFA 416.777.4945 Neil Weber 416.777.4931

U.S. Equities Toronto Laura Arrell 416.777.4920 Nicole Svec Griffis, CFA 416.777.4942

Vancouver 800.667.2899 Scot Atkinson, CFA 604.659.8225 Nick Pocrnic 604.659.8230

Montreal 514.350.4450, 866.350.4455 John Hart 514.350.4462 David Maislin, CFA 514.350.4460

London Adam Wood 0.207.426.5612

Raymond James Ltd. Trading Bob McDonald, CFA 604.659.8222, Co-Head of Trading Andrew Foote, CFA 416.777.4924, Co-Head of Trading Toronto 888.601.6105 Canada 800.290.4847 USA Pam Banks 416.777.4923 Oliver Herbst 416.777.4947 Andy Herrmann 416.777.4937 Eric Munro, CFA 416.777.4983 James Shields 416.777.4941 Bob Standing 416.777.4921

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Vancouver 800.667.2899

Montreal 866.350.4455

Nav Cheema 604.659.8224 Fraser Jefferson 604.659.8218 Derek Oram 604.659.8223

Joe Clement 514.350.4470 Patrick Sanche 514.350.4465

Raymond James Research Register - July 2015

European Equity Research Emmanuel Rétif, RJEE +33 (1) 45 64 05 47 Managing Director – European Research Utilities Hermine de Bentzmann, RJEE +33 (1) 45 64 05 53 Premium Consumer Goods Stéphane Beyazian, RJFI +44 (0)20 3798 5643 Telecom Services

Harry Breach, RJFI +44 (0)20 3798 5641 Aerospace & Defence/Industrials

Arnaud Palliez, RJEE +33 (1) 45 64 05 45 Construction & Building materials

Bertrand Hodée, RJEE +33 (1) 45 64 05 46 Oil & Gas Producers/Oil Services

Julien Richer, RJEE +33 (1) 45 64 05 44 Hotels/Tourism/Foodservices

Cédric Lecasble, RJEE +33 (1) 45 64 05 40 Retail

European Sales & Trading Paris

London

New York

+33 (1) 45 64 05 00

+44 (0)20 7426 5600

(212) 856-4884

Head of Sales Bruno Chabroux

Sales Dale Gibson Cara McPhillips

Manager Benoit Piussan

Sales Philippe Andrieu Sebastien Manzoni Laurent Thomasset David Barbe

Sales Trading Jason Keogh Ken Wesson

Sales Joe Campo

Sales Trading Laurent Lagneau Jacques Perez Trading +33 (1) 45 64 05 68 Philippe Vialle

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Latin American Equity Research Argentine Research (Equity) Buenos Aires Federico Rey Marino, Head of Argentine Research (+5411) 4850-2535 Agribusiness & Natural Resources/ Financial Institutions/ LatAm Strategy/ Real Estate/ Telecom & Media

Santiago Wesenack, CFA (+5411) 4850-2537 Electric Utilities/ Natural Resources/ Oil, Gas & Petrochemicals

Fernando Suarez (+5411) 4850-2538 Agribusiness & Natural Resources/ LatAm Strategy/ Telecommunications

Latin American Sales & Trading Institutional Trading (Equity) Buenos Aires

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Institutional Trading (Fixed Income) Buenos Aires

Institutional Sales Buenos Aires

Esteban Polanski (+5411) 4850-2541

Joaquin Alonso (+5411) 4850-2547

Diego Trucco, Head of Sales (+5411) 4850-2512

Héctor Canzani (+5411) 4850-2542

Miguel Bueno (+5411) 4850-2546

Sabrina Valverde, Sales – Domestic Institutions (+5411) 4850-2548

Raymond James Research Register - July 2015

Important Investor Disclosures Raymond James & Associates (RJA) is a FINRA member firm and is responsible for the preparation and distribution of research created in the United States. Raymond James & Associates is located at The Raymond James Financial Center, 880 Carillon Parkway, St. Petersburg, FL 33716, (727) 567-1000. Non-U.S. affiliates, which are not FINRA member firms, include the following entities that are responsible for the creation and distribution of research in their respective areas: in Canada, Raymond James Ltd., Suite 2100, 925 West Georgia Street, Vancouver, BC V6C 3L2, (604) 659-8200; in Latin America, Raymond James Latin America, Ruta 8, km 17, 500, 91600 Montevideo, Uruguay, 00598 2 518 2033; in Europe, Raymond James Euro Equities SAS (also trading as Raymond James International), 40, rue La Boetie, 75008, Paris, France, +33 1 45 64 0500, and Raymond James Financial International Ltd., Broadwalk House, 5 Appold Street, London, England EC2A 2AG, +44 203 798 5600. This document is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident of or located in any locality, state, country, or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. The securities discussed in this document may not be eligible for sale in some jurisdictions. This research is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Investors should consider this report as only a single factor in making their investment decision. For clients in the United States: Any foreign securities discussed in this report are generally not eligible for sale in the U.S. unless they are listed on a U.S. exchange. This report is being provided to you for informational purposes only and does not represent a solicitation for the purchase or sale of a security in any state where such a solicitation would be illegal. Investing in securities of issuers organized outside of the U.S., including ADRs, may entail certain risks. The securities of non-U.S. issuers may not be registered with, nor be subject to the reporting requirements of, the U.S. Securities and Exchange Commission. There may be limited information available on such securities. Investors who have received this report may be prohibited in certain states or other jurisdictions from purchasing the securities mentioned in this report. Please ask your Financial Advisor for additional details and to determine if a particular security is eligible for purchase in your state. The information provided is as of the date above and subject to change, and it should not be deemed a recommendation to buy or sell any security. Certain information has been obtained from third-party sources we consider reliable, but we do not guarantee that such information is accurate or complete. Persons within the Raymond James family of companies may have information that is not available to the contributors of the information contained in this publication. Raymond James, including affiliates and employees, may execute transactions in the securities listed in this publication that may not be consistent with the ratings appearing in this publication. Additional information is available on request.

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

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

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Raymond James Ltd. (Canada) definitions Strong Buy (SB1) The stock is expected to appreciate and produce a total return of at least 15% and outperform the S&P/TSX Composite Index over the next six months. Outperform (MO2) The stock is expected to appreciate and outperform the S&P/TSX Composite Index over the next twelve months. Market Perform (MP3) The stock is expected to perform generally in line with the S&P/TSX Composite Index over the next twelve months and is potentially a source of funds for more highly rated securities. Underperform (MU4) The stock is expected to underperform the S&P/TSX Composite Index or its sector over the next six to twelve months and should be sold. Raymond James Latin American rating definitions Strong Buy (SB1) Expected to appreciate and produce a total return of at least 25.0% over the next twelve months. Outperform (MO2) Expected to appreciate and produce a total return of between 15.0% and 25.0% over the next twelve months. Market Perform (MP3) Expected to perform in line with the underlying country index. Underperform (MU4) Expected to underperform the underlying country index. Suspended (S) The rating and price target have been suspended temporarily. This action may be due to market events that made coverage impracticable, or to comply with applicable regulations or firm policies in certain circumstances, including when Raymond James may be providing investment banking services to the company. The previous rating and price target are no longer in effect for this security and should not be relied upon. Raymond James Europe rating definitions Strong Buy (1) Expected to appreciate, produce a total return of at least 15%, and outperform the Stoxx 600 over the next 6 to 12 months. Outperform (2) Expected to appreciate and outperform the Stoxx 600 over the next 12 months. Market Perform (3) Expected to perform generally in line with the Stoxx 600 over the next 12 months. Underperform (4) Expected to underperform the Stoxx 600 or its sector over the next 6 to 12 months. Suspended (S) The rating and target price have been suspended temporarily. This action may be due to market events that made coverage impracticable, or to comply with applicable regulations or firm policies in certain circumstances, including when Raymond James may be providing investment banking services to the company. The previous rating and target price are no longer in effect for this security and should not be relied upon. In transacting in any security, investors should be aware that other securities in the Raymond James research coverage universe might carry a higher or lower rating. Investors should feel free to contact their Financial Advisor to discuss the merits of other available investments. Rating Distributions Coverage Universe Rating Distribution* RJA

RJL

RJ LatAm RJ Europe

Strong Buy and Outperform (Buy)

55%

67%

57%

Market Perform (Hold)

40%

32%

Underperform (Sell)

5%

2%

Investment Banking Distribution RJA

RJL

RJ LatAm RJ Europe

46%

23%

43%

0%

0%

43%

32%

9%

20%

0%

0%

0%

22%

2%

0%

0%

0%

* Columns may not add to 100% due to rounding.

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

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Risk Factors General Risk Factors: Following are some general risk factors that pertain to the projected target prices included on Raymond James research: (1) Industry fundamentals with respect to customer demand or product / service pricing could change and adversely impact expected revenues and earnings; (2) Issues relating to major competitors or market shares or new product expectations could change investor attitudes toward the sector or this stock; (3) Unforeseen developments with respect to the management, financial condition or accounting policies or practices could alter the prospective valuation; or (4) External factors that affect the U.S. economy, interest rates, the U.S. dollar or major segments of the economy could alter investor confidence and investment prospects. International investments involve additional risks such as currency fluctuations, differing financial accounting standards, and possible political and economic instability. Additional Risk and Disclosure information, as well as more information on the Raymond James rating system and suitability categories, is available at rjcapitalmarkets.com/Disclosures/index. Copies of research or Raymond James’ summary policies relating to research analyst independence can be obtained by contacting any Raymond James & Associates or Raymond James Financial Services office (please see raymondjames.com for office locations) or by calling 727-567-1000, toll free 800-237-5643 or th sending a written request to the Equity Research Library, Raymond James & Associates, Inc., Tower 3, 6 Floor, 880 Carillon Parkway, St. Petersburg, FL 33716. For clients in the United Kingdom: For clients of Raymond James & Associates (London Branch) and Raymond James Financial International Limited (RJFI): This document and any investment to which this document relates is intended for the sole use of the persons to whom it is addressed, being persons who are Eligible Counterparties or Professional Clients as described in the FCA rules or persons described in Articles 19(5) (Investment professionals) or 49(2) (High net worth companies, unincorporated associations etc) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) or any other person to whom this promotion may lawfully be directed. It is not intended to be distributed or passed on, directly or indirectly, to any other class of persons and may not be relied upon by such persons and is therefore not intended for private individuals or those who would be classified as Retail Clients. For clients of Raymond James Investment Services, Ltd.: This report is for the use of professional investment advisers and managers and is not intended for use by clients. For purposes of the Financial Conduct Authority requirements, this research report is classified as independent with respect to conflict of interest management. RJA, RJFI, and Raymond James Investment Services, Ltd. are authorised and regulated by the Financial Conduct Authority in the United Kingdom. For clients in France: This document and any investment to which this document relates is intended for the sole use of the persons to whom it is addressed, being persons who are Eligible Counterparties or Professional Clients as described in “Code Monétaire et Financier” and Règlement Général de l’Autorité des Marchés Financiers. It is not intended to be distributed or passed on, directly or indirectly, to any other class of persons and may not be relied upon by such persons and is therefore not intended for private individuals or those who would be classified as Retail Clients. For clients of Raymond James Euro Equities: Raymond James Euro Equities is authorised and regulated by the Autorité de Contrôle Prudentiel et de Résolution and the Autorité des Marchés Financiers. For institutional clients in the European Economic Area (EEA) outside of the United Kingdom: This document (and any attachments or exhibits hereto) is intended only for EEA institutional clients or others to whom it may lawfully be submitted. For Canadian clients: This report is not prepared subject to Canadian disclosure requirements, unless a Canadian analyst has contributed to the content of the report. In the case where there is Canadian analyst contribution, the report meets all applicable IIROC disclosure requirements. Proprietary Rights Notice: By accepting a copy of this report, you acknowledge and agree as follows: This report is provided to clients of Raymond James only for your personal, noncommercial use. Except as expressly authorized by Raymond James, you may not copy, reproduce, transmit, sell, display, distribute, publish, broadcast, circulate, modify, disseminate or commercially exploit the information contained in this report, in printed, electronic or any other form, in any manner, without the prior express written consent of Raymond James. You also agree not to use the information provided in this report for any unlawful purpose. This is RJA client releasable research This report and its contents are the property of Raymond James and are protected by applicable copyright, trade secret or other intellectual property laws (of the United States and other countries). United States law, 17 U.S.C. Sec.501 et seq, provides for civil and criminal penalties for copyright infringement. No copyright claimed in incorporated U.S. government works.

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