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April 2017

2 Raymond James Research Register - April 2017

Contents Consumer Healthcare Real Estate

USA .......................... 19

CAN .......................... 22

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

USA .......................... 45

USA .......................... 57

CAN .......................... 60

EUR .......................... 61

Energy Industrial Technology & Communications

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

CAN .......................... 31

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

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

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

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

USA .......................... 63

CAN .......................... 71

EUR .......................... 72

Financial Services Mining & Natural Resources Transportation

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

CAN .......................... 43

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

USA .......................... 73

CAN .......................... 75

EUR .......................... 75

Analyst Index ................................................................................3

Upcoming Events ..........................................................................4

Research Coverage Changes ........................................................4

About This Publication ..................................................................5

Company Index .............................................................................7

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

Research Analysts and Sales & Trading Directories

USA .......................... 76

Canada ..................... 79

Europe ..................... 80

Raymond James Research Register - April 2017 3

Analyst Index

J. Marshall Adkins (JMA) ............................... 26

Brian G. Alexander, CFA (BGA) ...................... 63

Joseph Altobello, CFA (JA) ............................. 19

Ken Avalos (KA) ............................................. 60

Michael J. Baker (MJB) .................................. 45

Frederic Bastien, CFA (FB) ................... 31,52,60

Jayson Bedford (JB) ....................................... 45

Reni Benjamin, Ph.D. (RB) ............................. 45

Stephane Beyazian (SB) ................................ 72

Mehdi Boudokhane (MB) .............................. 53

Andrew Bradford, CFA (AB) .......................... 31

Harry Breach (HB) ......................................... 53

Patrick Tyler Brown, CFA (TB) .................. 51,73

Benjamin Brownlow (BBL) ....................... 19,26

Budd Bugatch, CFA (BB) ................................ 19

Daniel E. Cardenas (DC) ................................ 36

Ben Cherniavsky (BC) ............................... 52,75

Laura Chico, Ph.D. (LC) .................................. 45

Chris Cox, CFA (CC) ........................................ 31

William A. Crow (WAC) ................................. 57

Sam Darkatsh (SD) ................................... 19,51

Hermine de Bentzmann (HB) ........................ 23

Jean-Pierre Dmirdjian (JPD) .......................... 34

Robert Dodd, Ph.D. (RD) ............................... 36

John Freeman, CFA (JF) ................................. 26

Brian Gesuale (BG) ........................................ 63

Steve Hansen, CFA, CPA, CMA (SH) ..... 52,55,75

Tara Hassan, P.Eng (TH) ................................ 55

Buck Horne, CFA (BH) .................................... 57

Darren Horowitz (DH) ................................... 26

Jonathan Hughes, CFA (JH) ............................ 57

Nicholas Jansen (NJ) ...................................... 45

Justin Jenkins (JJ) ........................................... 26

Wayne Johnson (WJ) ..................................... 63

Aaron Kessler, CFA (AK)................................. 63

Lawrence Keusch (LK).................................... 45

Patrick Lambert (PL) ...................................... 53

Cedric Lecasble (CL) ...................................... 23

Simon Leopold (SL) ........................................ 63

Steven Li, CFA (SLi) .............................. 31,63,71

David J. Long, CFA (DJL) ................................. 36

Frank G. Louthan IV (FGL) ............................. 63

Brian Martin, CFA (BM) ................................. 52

Tavis C. McCourt, CFA (TMC)......................... 63

Jeremy McCrea, CFA (JM) ............................. 31

Collin Mings, CFA (CM) .................................. 57

Pavel Molchanov (PM) .................................. 26

Kurt Molnar (KM) .......................................... 31

Praveen Narra, CFA (PN) ............................... 26

Patrick O'Shaughnessy, CFA (PO) .................. 36

Justin Patterson, CFA (JP) .............................. 63

C. Gregory Peters (CGP) ................................ 36

Brian Peterson, CFA (BP) ............................... 63

Brenna Phelan, CFA, CPA, CA (BP) ............ 43,52

Ric Prentiss (RP)............................................. 63

Paul D. Puryear (PDP) ............................... 57,63

David Quezada, CFA (DQ) ......................... 31,52

John W. Ransom (JWR).................................. 45

Christopher Raymond (CR) ............................ 45

Emmanuel Retif (ER) ..................................... 34

Julien Richer, CFA (JR) ......................... 23,61,75

Johann Rodrigues (JR) ................................... 60

Michael Rose (MR) ........................................ 36

J. Steven Smigie (JSS) ..................................... 63

Daryl Swetlishoff, CFA (DS) ....................... 52,55

Savanthi Syth, CFA (SS) .................................. 73

Chris Thompson, M.Sc. (Eng), P.Geo (CT) ...... 55

Terry Tillman (TT) .......................................... 63

Adam Tindle, CFA (AT) ................................... 63

Michael Turits, Ph.D. (MT) ............................. 63

Kenric S. Tyghe, MBA (KT) ............................. 22

Brian M. Vaccaro, CFA (BV) ........................... 19

William J. Wallace IV (WW) ........................... 36

Dan Wewer, CFA (DW) .................................. 19

Elliot Wilbur, CFA (EW) .................................. 45

Donald A. Worthington (DAW) ...................... 36

4 Raymond James Research Register - April 2017

Upcoming Events

Commercial Aviation Symposium (USA) April 5, 2017; New York, New York Credit Officers Symposium (USA) May 22, 2017; New York, New York

Boston Spring Investors Conference (USA) June 6, 2017; Boston, Massachusetts The New Hybrid World: A Physical and Virtual Tour In

Networking and IT Infrastructure (USA) June 7-9, 2017; San Jose, California

Research Coverage Changes

Additions Deletions

USA

Cantel Medical Corp. (CMD:N)

City Office REIT, Inc. (CIO:N)

Cotiviti Holdings, Inc. (COTV:N)

Dermira, Inc. (DERM:Q)

Foundation Building Materials, Inc. (FBM:N)

HMS Holdings Corp. (HMSY:Q)

Invitation Homes Inc. (INVH:N)

Kimbell Royalty Partners L.P. (KRP:N)

Leap Therapeutics, Inc. (LPTX:Q)

Park Hotels & Resorts Inc. (PK:N)

Square, Inc. (SQ:N)

CAN

Founders Advantage Capital Corp. (FCF:V)

USA

BATS Global Markets, Inc. (BATS:BATS)

Equity One, Inc. (EQY:N)

Harman International, Inc. (HAR:N)

Linear Technology Corporation (LLTC:Q)

Ocean Rig UDW (ORIG:Q)

TransGlobe Energy Corp. (TGA:Q)

Trina Solar Limited (TSL:N)

Yadkin Financial Corporation (YDKN:N)

CAN

Canexus Corporation (CUS:T)

Changes

Crown Capital Partners Inc. (CRN:T) has changed its symbol to CRWN:T

Synergy Resources Corporation (SYRG:M) changed its name and symbol to SRC Energy Inc. (SRCI:M)

Raymond James Research Register - April 2017 5

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

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

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

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

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

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

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

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

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

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

6 Raymond James Research Register - April 2017

Exchanges

AMS ---- Amsterdam Stock Exchange

BIT ---- Italy – Borsa Italiana

EBR ---- Euronext Brussels

ELI ---- Euronext Lisbon

EPA ---- Euronext Paris

ETR ---- Germany – XETRA

HEL ---- Helsinki Stock Exchange

L ---- London Stock Exchange

M ---- NYSE MKT

MAD --- Madrid Stock Exchange

MCE ---- Madrid Stock Exchange C.A.T.S.

N --- NYSE

OSL --- Oslo Stock Exchange

OTC ---- OTC

PRG --- Prague Stock Exchange

Q --- NASDAQ

STO --- Stockholm Stock Exchange

SWF --- Switzerland – Swiss Exchange

T --- TSX

V --- TSX Venture

WBAG --- Austria, Wiener Borse

Currencies

p ---- British pence

£ ---- British pound

C$ ---- Canadian dollar

CZK ---- Czech koruna

€ ---- Euro

NOK --- Norwegian krone

SEK --- Swedish krona

CHF --- Swiss franc

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

Footnotes

NA ---- Not Available.

NM ---- Not Meaningful.

R ---- Research Restricted.

UR ---- Under Review.

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

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

$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.

ct ---- EPS is EBITDA (000s).

cu ---- EPS is Cash Distribution per Unit.

ed --- EPS is Earnings per ADS.

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

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

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

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

ni --- EPS is Net Investment Income per Share.

r --- Figures are based on ADRs/ADSs.

rf --- EPS is Recurring Free Cash Flow per Share.

sa --- EPS is Sales (mil.).

x --- EPS is Funds From Operations (FFO).

y --- EPS is Distributable Cash Flow per Share.

Company Index

Raymond James Research Register - April 2017 7

1st Constitution Bancorp (FCCY:Q) 36 8point3 Energy Partners L.P. (CAFD:Q) 30 AAC Holdings, Inc. (AAC:N) 45 Aaron's Inc. (AAN:N) 20 Abaxis, Inc. (ABAX:Q) 45 Abbott Laboratories (ABT:N) 48 AbbVie Inc. (ABBV:N) 46 Abertis (ABE.MC:MAD) 54 Abiomed Inc. (ABMD:Q) 48 Acadia Healthcare Company, Inc. (ACHC:Q) 45 Acadian Timber Corp. (ADN:T) 56 Accenture plc (ACN:N) 68 Access National Corporation (ANCX:Q) 36 AccorHotels (ACCP.PA:EPA) 61 ACI Worldwide, Inc. (ACIW:Q) 66 Acorda Therapeutics, Inc. (ACOR:Q) 46 Acushnet Holdings Corp. (GOLF:N) 19 Adaptimmune Therapeutics plc (ADAP:Q) 46 Adidas (ADSGn.DE:ETR) 24 ADMA Biologics, Inc. (ADMA:Q) 46 ADP (ADP.PA:EPA) 54 ADTRAN, Inc. (ADTN:Q) 65 Advance Auto Parts, Inc. (AAP:N) 20 Advanced Energy Industries, Inc. (AEIS:Q) 30 Advantage Oil & Gas Ltd. (AAV:T) 31 The Advisory Board Company (ABCO:Q) 47 Aecon Group (ARE:T) 52 Aerie Pharmaceuticals, Inc. (AERI:Q) 49 AeroVironment Inc. (AVAV:Q) 63 Aetna (AET:N) 45 Aflac, Inc. (AFL:N) 41 Agree Realty Corporation (ADC:N) 58 Agrium Inc. (AGU:N) 55 AGT Food and Ingredients Inc. (AGT:T) 55 Ahold Delhaize (AD.AS:AMS) 24 AIMIA (AIM:T) 22 Air Canada (AC:T) 75 Air France-KLM (AIRF.PA:EPA) 75 Air Liquide (AIRP.PA:EPA) 54 Airbus Group (AIR.PA:EPA) 53 Akamai Technologies, Inc. (AKAM:Q) 66 Akorn, Inc. (AKRX:Q) 49 AkzoNobel (AKZO.AS:AMS) 54 Alaris Royalty Corp. (AD:T) 52 Alarm.com Holdings (ALRM:Q) 68 Alaska Air Group (ALK:N) 73 Alcentra Capital Corporation (ABDC:Q) 42 Alere, Inc. (ALR:N) 47 Alexion Pharmaceuticals, Inc. (ALXN:Q) 46 Algonquin Power & Utilities (AQN:T) 32 Alibaba Group Holding Ltd. (BABA:N) 67 Allegiant Travel Co. (ALGT:Q) 74 Allergan plc (AGN:N) 49 Alliance Data Systems Corp. (ADS:N) 66 Allied Properties REIT (AP.UN:T) 60 Allscripts Healthcare Solutions Inc. (MDRX:Q) 47 Allstate Corporation (ALL:N) 41 Alphabet, Inc. (GOOG:Q) 67 AltaGas Ltd. (ALA:T) 33 Alterra Power Corp. (AXY:T) 33 AMAG Pharmaceuticals, Inc. (AMAG:Q) 46 Amazon.com Inc. (AMZN:Q) 67

Amber Road, Inc. (AMBR:N) 64 Amec Foster Wheeler (AMFW.L:L) 34 Amedisys (AMED:Q) 45 America Movil, S.A.B. de C.V. (AMX:N) 70 American Airlines Group, Inc. (AAL:Q) 73 American Equity Investment Life Holding Company (AEL:N) 41 American Financial Group, Inc. (AFG:N) 41 American Homes 4 Rent (AMH:N) 59 American National Bankshares, Inc. (AMNB:Q) 36 American River Bankshares (AMRB:Q) 36 American Tower (AMT:N) 69 AmeriGas Partners L.P. (APU:N) 28 AmerisourceBergen Corp. (ABC:N) 47 Amgen, Inc. (AMGN:Q) 46 Amphastar Pharmaceuticals, Inc. (AMPH:Q) 49 Anadarko Petroleum Corp. (APC:N) 26 Analog Devices, Inc. (ADI:Q) 69 Angie's List, Inc. (ANGI:Q) 67 AngioDynamics (ANGO:Q) 48 ANI Pharmaceuticals, Inc. (ANIP:Q) 49 Antero Midstream Partners L.P. (AM:N) 28 Antero Resources Corporation (AR:N) 26 Anthem (ANTM:N) 45 Aon plc (AON:N) 41 Apache Corporation (APA:N) 26 Apartment Investment and Management Company (AIV:N) 59 Apollo Investment Corp. (AINV:Q) 42 Apple Inc. (AAPL:Q) 68 Applied Optoelectronics, Inc. (AAOI:Q) 65 AquaVenture Holdings Ltd. (WAAS:N) 30 ARC Resources Ltd. (ARX:T) 31 Archrock Partners L.P. (APLP:Q) 29 Ares Capital Corp. (ARCC:Q) 42 Argo Group International Holdings, Ltd. (AGII:Q) 41 Arista Networks (ANET:N) 65 Arkema (AKE.PA:EPA) 54 Armada Hoffler Properties (AHH:N) 59 ARRIS (ARRS:Q) 65 Arrow Electronics, Inc. (ARW:N) 68 Arthur J. Gallagher & Co. (AJG:N) 41 Artis REIT (AX.UN:T) 60 Asanko Gold Inc. (AKG:T) 56 Associated Banc-Corp (ASB:M) 36 Asterias Biotherapeutics (AST:M) 46 AT&T Inc. (T:N) 70 Athabasca Oil Corp. (ATH:T) 31 athenahealth Inc. (ATHN:Q) 47 Atlantic Capital Bancshares, Inc. (ACBI:Q) 36 Atlassian (TEAM:Q) 66 ATN International, Inc. (ATNI:Q) 70 Atwood Oceanics (ATW:N) 29 Autogrill (AGL.BIT:BIT) 23 AutoZone, Inc. (AZO:N) 20 Avigilon Corporation (AVO:T) 71 Avnet, Inc. (AVT:N) 68 B2Gold Corp. (BTO:T) 56 BAE Systems (BAES.L:L) 53 Baker Hughes, Inc. (BHI:N) 29 Banc of California, Inc. (BANC:N) 36 BancFirst Corporation (BANF:Q) 36 The Bancorp, Inc. (TBBK:Q) 36 BancorpSouth, Inc. (BXS:N) 36

Company Index

8 Raymond James Research Register - April 2017

Bank of America Corporation (BAC:N) 36 Bank of Commerce Holdings (BOCH:Q) 36 Bank of Marin Bancorp (BMRC:Q) 36 The Bank of N.T. Butterfield & Son Limited (NTB:N) 36 Bank of New York Mellon Corp (BK:N) 36 Bank of the Ozarks Inc. (OZRK:Q) 36 Banner Corporation (BANR:Q) 36 BASF (BASFn.DE:ETR) 54 Baxter International Inc. (BAX:N) 48 Baylin Technologies Inc. (BYL:T) 71 Baytex Energy Corporation (BTE:T) 31 BB&T Corporation (BBT:N) 36 Beacon Roofing Supply, Inc. (BECN:Q) 51 Bear Creek Mining Corp. (BCM:V) 56 Becton, Dickinson and Company (BDX:N) 48 Bed Bath & Beyond (BBBY:Q) 20 Beiersdorf (BEIG.DE:ETR) 23 Bellatrix Exploration Ltd. (BXE:T) 31 Bellicum Pharmaceuticals, Inc. (BLCM:Q) 46 Benefitfocus, Inc. (BNFT:Q) 64 Best Buy Company, Incorporated (BBY:N) 20 BGC Partners, Inc. (BGCP:Q) 40 BIC (BICP.PA:EPA) 23 Big Lots Inc. (BIG:N) 20 Biogen Inc. (BIIB:Q) 46 BioMarin Pharmaceutical Inc. (BMRN:Q) 46 Bioverativ (BIVV:Q) 46 Birchcliff Energy Ltd. (BIR:T) 31 Bird Construction Inc. (BDT:T) 52 Black Diamond Group Limited (BDI:T) 32 Black Stone Minerals L.P. (BSM:N) 26 BlackBerry (BBRY:Q) 71 Blackhawk Network Holdings, Inc. (HAWK:Q) 66 BlackLine, Inc. (BL:Q) 64 Bloomin' Brands, Inc. (BLMN:Q) 21 Blue Capital Reinsurance Holdings Ltd. (BCRH:N) 41 Blueprint Medicines Corporation (BPMC:Q) 46 Boardwalk Pipeline Partners L.P. (BWP:N) 28 Boardwalk REIT (BEI.UN:T) 60 BofI Holding, Inc. (BOFI:Q) 36 BOK Financial Corp. (BOKF:Q) 36 Bombardier Inc. (BBD.B:T) 52 Bonavista Energy Corporation (BNP:T) 31 Bonterra Energy Corp. (BNE:T) 31 Booz Allen Hamilton Holding Corp. (BAH:N) 68 Boralex, Inc. (BLX:T) 33 Boston Scientific Corp. (BSX:N) 48 Bottomline Technologies (EPAY:Q) 66 Bouygues (BOUY.PA:EPA) 72 Box, Inc. (BOX:N) 64 Boyd Group Income Fund (BYD.UN:T) 53 BP (BP.L:L) 34 Brandywine Realty Trust (BDN:N) 59 Briggs & Stratton Corporation (BGG:N) 19 Brightcove Inc. (BCOV:Q) 64 Brinker International, Inc. (EAT:N) 21 Broadcom Limited (AVGO:Q) 69 Broadridge Financial Solutions, Inc. (BR:N) 40 BroadSoft, Inc. (BSFT:Q) 68 Brookfield Canada Office Properties (BOX.UN:T) 60 Brookfield Infrastructure Partners L.P. (BIP:N) 32 Brookfield Renewable Partners L.P. (BEP:N) 33

Brown & Brown, Inc. (BRO:N) 41 Brunswick Corp. (BC:N) 21 BT (BT.L:L) 72 Buffalo Wild Wings, Inc. (BWLD:Q) 21 C.H. Robinson Worldwide, Inc. (CHRW:Q) 74 C.R. Bard, Inc. (BCR:N) 48 CA Technologies (CA:Q) 66 Cabela’s Inc. (CAB:N) 20 Cabot Oil & Gas Corporation (COG:N) 26 CACI International Inc. (CACI:N) 68 CAE Inc. (CAE:T) 52 CafePress Inc. (PRSS:Q) 67 CalAtlantic Group, Inc. (CAA:N) 57 Calfrac Well Services (CFW:T) 32 California Resources Corporation (CRC:N) 26 Calix, Inc. (CALX:N) 65 Callaway Golf Company (ELY:N) 19 Calumet Specialty Products Partners, L.P. (CLMT:Q) 28 Campari (CPR.MI:BIT) 23 Canadian Apartment Properties REIT (CAR.UN:T) 60 Canadian Energy Services & Technology Corp. (CEU:T) 32 Canadian National Railway (CNR:T) 75 Canadian Natural Resources Ltd (CNQ:T) 33 Canadian Pacific Railway Limited (CP:T) 75 Canadian Tire Corporation (CTC.A:T) 22 Canam Group (CAM:T) 53 Canfor Corp. (CFP:T) 56 Canfor Pulp Products Inc. (CFX:T) 56 Cantel Medical Corp. (CMD:N) 48 CanWel Building Materials Group Ltd. (CWX:T) 75 Canyon Services Group Inc. (FRC:T) 32 Capital Power Corporation (CPX:T) 33 Capital Product Partners L.P. (CPLP:Q) 28 CapStar Financial Holdings, Inc. (CSTR:Q) 36 Cara Operations Limited (CARA:T) 22 Cardinal Financial Corporation (CFNL:Q) 36 Cardinal Health, Inc. (CAH:N) 47 CareDx, Inc. (CDNA:Q) 47 CareTrust REIT, Inc (CTRE:Q) 58 Carolina Financial Corporation (CARO:Q) 36 Carrefour (CARR.PA:EPA) 24 Carrizo Oil & Gas, Inc. (CRZO:Q) 26 Carrols Restaurant Group, Inc. (TAST:Q) 21 Cascadian Therapeutics Inc. (CASC:Q) 46 Casella Waste Systems, Inc. (CWST:Q) 51 Casey's General Stores, Inc. (CASY:Q) 20 Casino (CASP.PA:EPA) 24 Castlight Health, Inc. (CSLT:N) 64 Catalent, Inc. (CTLT:N) 49 CatchMark Timber Trust, Inc. (CTT:N) 59 Cavium, Inc. (CAVM:Q) 69 CBL & Associates Properties, Inc. (CBL:N) 58 CBOE Holdings, Inc. (CBOE:Q) 40 CDW Corporation (CDW:Q) 68 Cedar Realty Trust, Inc. (CDR:N) 59 Celgene Corporation (CELG:Q) 46 Cempra, Inc. (CEMP:Q) 46 Cenovus Energy, Inc. (CVE:T) 33 Centene Corporation (CNC:N) 45 CenterState Banks, Inc. (CSFL:Q) 36 Central Pacific Financial Corp. (CPF:N) 36 CenturyLink, Inc. (CTL:N) 70

Company Index

Raymond James Research Register - April 2017 9

Cerner Corporation (CERN:Q) 47 Cervus Equipment Corp. (CERV:T) 52 CEZ (CEZsp.PR:PRG) 34 CGI Group (GIB.A:T) 71 ChannelAdvisor Corporation (ECOM:N) 64 Charles River Laboratories International, Inc. (CRL:N) 49 The Charles Schwab Corporation (SCHW:N) 40 Chart Industries, Inc. (GTLS:Q) 30 Charter Communications, Inc. (CHTR:Q) 70 Check Point Software Technologies (CHKP:Q) 66 Cheesecake Factory Inc. (CAKE:Q) 21 Chegg, Inc. (CHGG:N) 67 Chemical Financial Corp. (CHFC:Q) 36 Chemtrade Logistics Income Fund (CHE.UN:T) 52 Cheniere Energy Partners, L.P. (CQP:M) 28 Cheniere Energy, Inc. (LNG:M) 28 Chesapeake Energy Corporation (CHK:N) 26 Chevron Corp. (CVX:N) 27 Chinook Energy, Inc. (CKE:T) 31 Chipotle Mexican Grill, Inc. (CMG:N) 21 Choice Properties REIT (CHP.UN:T) 60 Christian Dior (DIOR.PA:EPA) 23 Chubb Limited (CB:N) 41 Church & Dwight Co., Inc. (CHD:N) 21 Chuy's Holdings, Inc. (CHUY:Q) 21 Ciena Corporation (CIEN:N) 65 Cigna Corporation (CI:N) 45 Cimarex Energy Co. (XEC:N) 26 Cincinnati Bell Inc. (CBB:N) 70 Cineplex Inc. (CGX:T) 22 Cisco Systems (CSCO:Q) 65 Citrix Systems, Inc. (CTXS:Q) 66 City Office REIT, Inc. (CIO:N) 59 Civitas Solutions, Inc. (CIVI:N) 45 Clariant (CLN.VX:SWF) 54 Clayton Williams Energy, Inc. (CWEI:N) 26 Clean Energy Fuels Corp. (CLNE:Q) 30 Clean Harbors, Inc. (CLH:N) 51 The Clorox Company (CLX:N) 21 CM Finance Inc. (CMFN:Q) 42 CME Group Inc. (CME:Q) 40 Cobham (COB.L:L) 53 Coeur Mining Inc. (CDE:N) 56 Cogent Communications Holdings, Inc. (CCOI:Q) 70 Cognex Corporation (CGNX:Q) 63 Colliers International Group Inc. (CIGI:Q) 60 Colruyt (COLR.BR:EBR) 24 Columbia Banking System, Inc. (COLB:Q) 36 Comcast Corporation (CMCSA:Q) 70 Comerica Inc. (CMA:N) 36 Commerce Bancshares, Inc. (CBSH:Q) 36 CommScope Holding Company, Inc. (COMM:Q) 65 Community Bank System, Inc. (CBU:N) 37 Community Health Systems, Inc. (CYH:N) 48 Community Trust Bancorp, Inc. (CTBI:Q) 37 CommVault Systems, Inc. (CVLT:Q) 66 Compass Diversified Holdings (CODI:N) 42 Compass Group (CPG.L:L) 23 Computer Programs and Systems, Inc. (CPSI:Q) 47 Computer Sciences Corporation (CSC:N) 68 Concho Resources Inc. (CXO:N) 26 Conifer Holdings, Inc. (CNFR:Q) 41

Conifex Timber, Inc. (CFF:T) 56 Connection (CNXN:Q) 68 ConnectOne Bancorp, Inc. (CNOB:Q) 37 Connecture, Inc. (CNXR:Q) 47 ConocoPhillips (COP:N) 26 CONSOL Energy Inc. (CNX:N) 26 Consolidated Communications Holdings (CNSL:Q) 70 Constellation Software Inc. (CSU:T) 71 Continental Resources Inc. (CLR:N) 26 Control4 Corporation (CTRL:Q) 68 The Cooper Companies, Inc. (COO:N) 48 Copa Holdings, S.A. (CPA:N) 73 Core-Mark Holding Company, Inc. (CORE:Q) 20 CoreSite Realty Corporation (COR:N) 69 Corporate Office Properties Trust (OFC:N) 59 Costco Wholesale Corporation (COST:Q) 20 Cotiviti Holdings, Inc. (COTV:N) 47 Coupa Software Incorporated (COUP:Q) 64 Covanta Holding Corp. (CVA:N) 51 Covestro (1COV.DE:ETR) 54 CPI Card Group Inc. (PMTS:Q) 66 Crawford & Company (CRD.B:N) 41 Credit Acceptance Corp. (CACC:Q) 42 CREIT (REF.UN:T) 60 Crescent Point Energy (CPG:T) 31 Crestwood Equity Partners L.P. (CEQP:N) 28 Crew Energy Inc. (CR:T) 31 Criteo S.A. (CRTO:Q) 67 Crombie REIT (CRR.UN:T) 60 CrossAmerica Partners L.P. (CAPL:N) 28 Crown Capital Partners Inc. (CRWN:T) 43 Crown Castle International (CCI:N) 69 CSI Compressco Partners L.P. (CCLP:Q) 29 CSRA Inc. (CSRA:N) 68 CST Brands, Inc. (CST:N) 20 CSX Corp. (CSX:Q) 74 CT Real Estate Investment Trust (CRT.UN:T) 60 Ctrip.com International, Ltd. (CTRP:Q) 67 CU Bancorp (CUNB:Q) 37 CubeSmart (CUBE:N) 59 Cubic Corporation (CUB:N) 63 Culp, Inc. (CFI:N) 19 CVB Financial Corp. (CVBF:Q) 37 CVS Health (CVS:N) 47 Cypress Energy Partners L.P. (CELP:N) 30 CyrusOne Inc. (CONE:Q) 69 D.R. Horton, Inc. (DHI:N) 57 Darden Restaurants (DRI:N) 21 Dave & Buster's Entertainment, Inc. (PLAY:Q) 21 DaVita HealthCare Partners Inc. (DVA:N) 45 Dawson Geophysical Company (DWSN:Q) 30 DCT Industrial Trust, Inc. (DCT:N) 59 DDR Corp. (DDR:N) 59 Del Frisco’s Restaurant Group, Inc. (DFRG:Q) 21 Delek Logistics Partners L.P. (DKL:N) 28 Delek US Holdings, Inc. (DK:N) 27 Delphi Energy Corp. (DEE:T) 31 Delta Air Lines, Inc. (DAL:N) 73 Dermira, Inc. (DERM:Q) 49 The Descartes Systems Group Inc. (DSGX:Q) 71 Deutsche Telekom (DTE.DE:ETR) 72 Devon Energy Corporation (DVN:N) 26

Company Index

10 Raymond James Research Register - April 2017

DexCom Inc. (DXCM:Q) 48 DH Corporation (DH:T) 66 Dia (DIDA.MC:MAD) 24 Diageo (DGE.L:L) 23 Diamond Offshore (DO:N) 29 Diamondback Energy, Inc. (FANG:Q) 26 DiamondRock Hospitality Company (DRH:N) 58 Dick`s Sporting Goods Inc. (DKS:N) 20 Digi International Inc. (DGII:Q) 68 Digital Realty Trust, Inc. (DLR:N) 69 DineEquity, Inc. (DIN:N) 21 Diodes Incorporated (DIOD:Q) 69 Dipexium Pharmaceuticals, Inc. (DPRX:Q) 49 Diplomat Pharmacy, Inc. (DPLO:N) 49 DIRTT Environmental Solutions Ltd. (DRT:T) 53 DISH Network Corp. (DISH:Q) 70 The Dixie Group (DXYN:Q) 19 Dollar General Corp. (DG:N) 20 Dollar Tree, Inc. (DLTR:Q) 20 Dollarama (DOL:T) 22 Domtar (UFS:N) 56 Douglas Emmett (DEI:N) 59 DragonWave (DRWI:Q) 71 DSM (DSMN.AMS:AMS) 54 Duluth Holdings Inc. (DLTH:Q) 19 DuPont Fabros Technology Inc. (DFT:N) 69 E*TRADE Financial Corporation (ETFC:Q) 40 E.On (EONGn.DE:ETR) 34 East West Bancorp, Inc. (EWBC:Q) 37 Easterly Government Properties, Inc. (DEA:N) 59 Eastern Virginia Bankshares, Inc. (EVBS:Q) 37 EastGroup Properties, Inc. (EGP:N) 59 easyJet plc (EZJ.L:L) 75 eBay Inc. (EBAY:Q) 67 EchoStar Corporation (SATS:Q) 69 ECN Capital Corp. (ECN:T) 43 Ecopetrol S.A. (EC:N) 27 Edenred (EDEN.PA:EPA) 23 EDF (EDF.PA:EPA) 34 Eiffage (FOUG.PA:EPA) 54 Element Fleet Management Corp. (EFN:T) 43 Elior (ELIOR.PA:EPA) 23 Emera Inc. (EMA:T) 32 Empire Company Limited (EMP.A:T) 22 Encore Capital Group Inc. (ECPG:Q) 42 Endeavour Mining Corp. (EDV:T) 56 Endeavour Silver Corp. (EDR:T) 56 Endo International plc (ENDP:Q) 49 Enel (ENEI.MI:BIT) 34 Enerflex Ltd. (EFX:T) 32 Energen Corp. (EGN:N) 26 Energy Transfer Equity L.P. (ETE:N) 28 Energy Transfer Partners L.P. (ETP:N) 28 EnerNOC, Inc. (ENOC:Q) 30 Enerplus Corporation (ERF:T) 31 Engie (GSZ.PA:EPA) 34 Eni (ENI.MI:BIT) 34 EnLink Midstream LLC (ENLC:N) 28 EnLink Midstream Partners L.P. (ENLK:N) 28 Enphase Energy, Inc. (ENPH:Q) 30 Ensco plc (ESV:N) 29 Ensign Energy Services Inc. (ESI:T) 32

Enterprise Products Partners L.P. (EPD:N) 28 Envestnet, Inc. (ENV:N) 40 Envision Healthcare Corporation (EVHC:N) 45 Enviva Partners L.P. (EVA:N) 30 EOG Resources, Inc. (EOG:N) 26 Equinix (EQIX:Q) 69 Equity Residential (EQR:N) 59 Ericsson (ERIC:Q) 65 Essential Energy Services Ltd. (ESN:T) 32 Essex Property Trust, Inc. (ESS:N) 59 Essilor (ESSI.PA:EPA) 23 Estee Lauder Companies (EL:N) 21 Ethan Allen Interiors (ETH:N) 19 EverBank Financial Corp (EVER:N) 37 Everbridge, Inc. (EVBG:Q) 64 Evertz Technologies Ltd. (ET:T) 71 Exchange Income Corp (EIF:T) 52 Expedia, Inc. (EXPE:Q) 67 Express Scripts (ESRX:Q) 45 Extra Space Storage (EXR:N) 59 Extreme Networks, Inc. (EXTR:Q) 65 Exxon Mobil Corp. (XOM:N) 27 F5 Networks, Inc. (FFIV:Q) 65 Facebook, Inc. (FB:Q) 67 FactSet Research Systems Inc. (FDS:N) 40 Farmers Capital Bank Corp. (FFKT:Q) 37 Farmers National Banc Corp. (FMNB:Q) 37 Fastenal Company (FAST:Q) 51 Fate Therapeutics, Inc. (FATE:Q) 46 FBL Financial Group (FFG:N) 41 FCB Financial Holdings, Inc. (FCB:N) 37 Federal Realty Investment Trust (FRT:N) 59 Federated National Holding Company (FNHC:Q) 41 FedEx Corporation (FDX:N) 74 Ferrellgas Partners L.P. (FGP:N) 28 Ferrovial (FER.MC:MAD) 54 Fidelity National Information Services (FIS:N) 66 Fidus Investment Corporation (FDUS:Q) 42 Fiesta Restaurant Group, Inc. (FRGI:Q) 21 Fifth Street Finance Corp. (FSC:Q) 42 Fifth Third Bancorp (FITB:Q) 37 Financial Engines, Inc. (FNGN:Q) 40 Finisar Corporation (FNSR:Q) 65 Finning International (FTT:T) 52 FireEye Inc. (FEYE:Q) 66 First Bancorp (FBNC:Q) 37 First Busey Corporation (BUSE:Q) 37 First Business Financial Services, Inc. (FBIZ:Q) 37 First Capital Realty (FCR:T) 60 First Commonwealth Financial Corp. (FCF:N) 37 First Community Corporation (FCCO:Q) 37 First Defiance Financial Corp. (FDEF:Q) 37 First Financial Bancorp (FFBC:Q) 37 First Financial Corporation (THFF:Q) 37 First Foundation Inc. (FFWM:Q) 37 First Horizon National Corporation (FHN:N) 37 First Industrial Realty Trust, Inc. (FR:N) 59 First Majestic Silver (FR:T) 56 First Midwest Bancorp, Inc. (FMBI:Q) 37 The First of Long Island Corporation (FLIC:Q) 37 First Potomac Realty Trust (FPO:N) 59 First Republic Bank (FRC:N) 37

Company Index

Raymond James Research Register - April 2017 11

First Solar, Inc. (FSLR:Q) 30 FirstService Corporation (FSV:Q) 60 Fitbit, Inc. (FIT:N) 68 FleetCor Technologies (FLT:N) 66 Flex (FLEX:Q) 65 Flexion Therapeutics, Inc. (FLXN:Q) 49 FLIR Systems, Inc. (FLIR:Q) 63 Fnac (FNAC.PA:EPA) 23 Fortinet Inc. (FTNT:Q) 66 Fortis, Inc. (FTS:T) 32 Fortive Corporation (FTV:N) 63 Fortress Paper (FTP:T) 56 Fortress Transportation & Infrastructure Investors LLC (FTAI:N) 42 Fortum (FUM1V.HE:HEL) 34 Fortuna Silver Mines Inc. (FVI:T) 56 Forward Air Corporation (FWRD:Q) 74 Foundation Building Materials, Inc. (FBM:N) 51 Founders Advantage Capital Corp. (FCF:V) 43 Four Corners Property Trust, Inc. (FCPT:N) 58 Franklin Financial Network, Inc. (FSB:N) 37 Fraport (FRAG.DE:ETR) 54 Freehold Royalties Ltd. (FRU:T) 31 Frontier Communications Corp. (FTR:Q) 70 Fulgent Genetics, Inc. (FLGT:Q) 47 Fulton Financial (FULT:Q) 37 GAIN Capital Holdings, Inc. (GCAP:N) 40 Galena Biopharma Inc. (GALE:Q) 46 Garmin Ltd. (GRMN:Q) 68 Genesee & Wyoming Inc. (GWR:N) 74 Genesis Energy L.P. (GEL:N) 28 GenMark Diagnostics, Inc. (GNMK:Q) 47 Genomic Health (GHDX:Q) 47 German American Bancorp, Inc. (GABC:Q) 37 Gibson Energy Inc. (GEI:T) 33 Gigamon Inc. (GIMO:N) 65 GigPeak, Inc. (GIG:M) 69 Gildan Activewear (GIL:N) 22 Givaudan (GIVN.VX:SWF) 54 GKN (GKN.L:L) 53 Glacier Bancorp, Inc. (GBCI:Q) 37 Global Partners L.P. (GLP:N) 28 Global Payments Inc. (GPN:N) 66 GMS Inc. (GMS:N) 51 GoDaddy Inc. (GDDY:N) 67 goeasy Ltd. (GSY:T) 43 GOL Linhas Aereas Inteligentes S.A. (GOL:N) 74 Golar LNG Partners L.P. (GMLP:Q) 28 Goldman Sachs BDC, Inc. (GSBD:N) 42 Golub Capital BDC, Inc. (GBDC:Q) 42 GoPro, Inc. (GPRO:Q) 68 Granite Oil Corp. (GXO:T) 31 Great Ajax Corp. (AJX:N) 42 Great Canadian Gaming (GC:T) 22 Green Plains Partners L.P. (GPP:Q) 30 GreenSpace Brands Inc. (JTR:V) 22 Grenville Strategic Royalty Corp. (GRC:V) 52 Groupon, Inc. (GRPN:Q) 67 GrubHub Inc. (GRUB:N) 67 Guaranty Federal Bancshares Inc. (GFED:Q) 37 H&M (HMb.ST:STO) 23 H&R REIT (HR.UN:T) 60 The Habit Restaurants, Inc. (HABT:Q) 21

Haemonetics Corporation (HAE:N) 48 Halliburton (HAL:N) 29 Hallmark Financial Services Inc. (HALL:Q) 41 Halogen Software, Inc. (HGN:T) 64 Halyard Health Inc. (HYH:N) 48 Hancock Holding Company (HBHC:Q) 37 Hanmi Financial Corporation (HAFC:Q) 37 Harley-Davidson, Inc. (HOG:N) 21 Harmonic Inc. (HLIT:Q) 65 Harris Corporation (HRS:N) 63 Haverty Furniture Companies Inc. (HVT:N) 20 HCA Holdings, Inc. (HCA:N) 48 HCP, Inc. (HCP:N) 58 HD Supply Holdings Inc. (HDS:Q) 51 Health Insurance Innovations, Inc. (HIIQ:Q) 41 Healthcare Trust of America, Inc. (HTA:N) 58 HealthEquity, Inc. (HQY:Q) 41 HealthSouth Corporation (HLS:N) 45 HealthStream, Inc. (HSTM:Q) 47 Heartland Financial USA, Inc. (HTLF:Q) 37 Helix Energy Solutions Group (HLX:N) 29 Henkel (HNKG_p.DE:ETR) 23 Hercules Capital, Inc. (HTGC:N) 42 Heritage Financial Corporation (HFWA:Q) 37 Heritage Oaks Bancorp (HEOP:Q) 38 Herman Miller (MLHR:Q) 19 Hermès (RMS.PA:EPA) 23 Héroux-Devtek Inc. (HRX:T) 52 Hersha Hospitality Trust (HT:N) 58 Heska Corporation (HSKA:Q) 45 Hess Corp. (HES:N) 26 Hewlett Packard Enterprise Company (HPE:N) 65 Hibbett Sports, Inc. (HIBB:Q) 20 Hi-Crush Partners L.P. (HCLP:N) 30 Hill-Rom Holdings, Inc. (HRC:N) 48 Hilltop Holdings Inc. (HTH:N) 38 Hilton Worldwide Holdings Inc. (HLT:N) 58 HMS Holdings Corp. (HMSY:Q) 47 HNI Corporation (HNI:N) 19 Holly Energy Partners L.P. (HEP:N) 28 HollyFrontier Corp. (HFC:N) 27 Hologic Inc. (HOLX:Q) 48 Home Bancorp, Inc. (HBCP:Q) 38 Home BancShares, Inc. (HOMB:Q) 38 Home Capital Group Inc. (HCG:T) 43 The Home Depot Inc. (HD:N) 20 Hope Bancorp, Inc. (HOPE:Q) 38 HopFed Bancorp, Inc. (HFBC:Q) 38 Horizon Bancorp (HBNC:Q) 38 Horizon North Logistics Inc. (HNL:T) 32 Horizon Technology Finance Corporation (HRZN:Q) 42 Host Hotels & Resorts Inc. (HST:N) 58 Houston Wire & Cable Company (HWCC:Q) 51 Howard Bancorp, Inc. (HBMD:Q) 38 Hub Group, Inc. (HUBG:Q) 74 HubSpot, Inc. (HUBS:N) 64 Humana (HUM:N) 45 Huntington Bancshares Inc. (HBAN:Q) 38 Husky Energy Inc. (HSE:T) 33 Hyatt Hotels Corporation (H:N) 58 Hydro One Ltd. (H:T) 32 IAG (IAG.MC:MAD) 75

Company Index

12 Raymond James Research Register - April 2017

IBERIABANK Corporation (IBKC:Q) 38 IBI Group Inc. (IBG:T) 52 ICON plc (ICLR:Q) 49 ICU Medical, Inc. (ICUI:Q) 48 IDEXX Laboratories, Inc. (IDXX:Q) 45 Iliad (ILD.PA:EPA) 72 Impax Laboratories, Inc. (IPXL:Q) 49 Imperial Oil Limited (IMO:T) 33 INC Research Holdings (INCR:Q) 49 Incyte Corporation (INCY:Q) 46 Independent Bank Group, Inc. (IBTX:Q) 38 Inditex (ITX.MC:MAD) 23 Infinera Corporation (INFN:Q) 65 Infinity Property and Casualty Corporation (IPCC:Q) 41 Innergex Renewable Energy, Inc. (INE:T) 33 Insight Enterprises, Inc. (NSIT:Q) 68 Insperity (NSP:N) 45 Instructure, Inc. (INST:N) 64 Insulet (PODD:Q) 48 Intact Financial Corporation (IFC:T) 43 Integra Gold Corporation (ICG:V) 56 Integra LifeSciences Corp. (IART:Q) 48 Intel Corporation (INTC:Q) 69 Intelsat S.A. (I:N) 69 Inter Parfums, Inc. (IPAR:Q) 21 Inter Pipeline Ltd. (IPL:T) 33 Intercontinental Exchange, Inc. (ICE:N) 40 Intercontinental Hotels (IHG.L:L) 61 Interface, Inc. (TILE:Q) 19 Interfor Corp. (IFP:T) 56 Internap Network Services Corp. (INAP:Q) 69 InterRent REIT (IIP.UN:T) 60 Interxion Holding NV (INXN:N) 69 Intuit Inc. (INTU:Q) 66 Intuitive Surgical, Inc. (ISRG:Q) 48 Investar Holding Corporation (ISTR:Q) 38 Invitation Homes Inc. (INVH:N) 59 InVivo Therapeutics (NVIV:Q) 46 IPG Photonics (IPGP:Q) 63 Iridium Communications Inc. (IRDM:Q) 69 iRobot Corporation (IRBT:Q) 63 J.B. Hunt Transport Services, Inc. (JBHT:Q) 74 Jabil Circuit, Inc. (JBL:N) 65 Jernigan Capital, Inc. (JCAP:N) 59 Jeronimo Martins (JMT.LS:ELI) 24 JetBlue Airways (JBLU:Q) 74 Johnson & Johnson (JNJ:N) 48 Juniper Networks, Inc. (JNPR:N) 65 Juno Therapeutics, Inc. (JUNO:Q) 46 Kansas City Southern (KSU:N) 74 Karyopharm Therapeutics Inc. (KPTI:Q) 46 KB Home (KBH:N) 57 Kelt Exploration Ltd. (KEL:T) 31 Kemper Corp. (KMPR:N) 41 Kering (KER.PA:EPA) 23 Keryx Biopharmaceuticals, Inc. (KERX:Q) 46 KeyCorp (KEY:N) 38 Keyera Corp (KEY:T) 33 Killam Apartment REIT (KMP.UN:T) 60 Kimbell Royalty Partners L.P. (KRP:N) 26 Kimco Realty Corporation (KIM:N) 59 Kinder Morgan, Inc. (KMI:N) 28

Kite Pharma, Inc. (KITE:Q) 46 Kite Realty Group Trust (KRG:N) 59 Knoll, Inc. (KNL:N) 19 KNOT Offshore Partners L.P. (KNOP:N) 28 Kona Grill, Inc. (KONA:Q) 21 Kosmos Energy Ltd. (KOS:N) 26 KPN (KPN.AS:AMS) 72 KVH Industries (KVHI:Q) 69 La Quinta Holdings, Inc. (LQ:N) 58 Laboratory Corporation of America Holdings (LH:N) 47 Lakeland Bancorp, Inc. (LBAI:Q) 38 Lakeland Financial Corporation (LKFN:Q) 38 Landmark Infrastructure Partners LP (LMRK:Q) 70 Landstar System, Inc. (LSTR:Q) 74 Lannett Company, Inc. (LCI:N) 49 Lanxess (LXSG.DE:ETR) 54 Laredo Petroleum Inc. (LPI:N) 26 LaSalle Hotel Properties (LHO:N) 58 LATAM Airlines Group S.A. (LFL:N) 73 Lazard Ltd (LAZ:N) 40 La-Z-Boy Inc. (LZB:N) 19 Leap Therapeutics, Inc. (LPTX:Q) 46 LegacyTexas Financial Group, Inc. (LTXB:Q) 38 Leggett & Platt (LEG:N) 19 Lending Club (LC:N) 66 Lennar Corporation (LEN:N) 57 Leucrotta Exploration Inc. (LXE:V) 31 Level 3 Communications Inc. (LVLT:N) 70 Life Storage Inc. (LSI:N) 59 LifePoint Health, Inc. (LPNT:Q) 48 Limelight Networks (LLNW:Q) 66 LKQ Corporation (LKQ:Q) 51 Loblaw Companies Ltd. (L:T) 22 Logitech International SA (LOGI:Q) 68 L'Oréal (OREP.PA:EPA) 23 Lowe's Companies, Inc. (LOW:N) 20 Lufthansa (LHAG.DE:ETR) 75 Lumber Liquidators Holdings, Inc. (LL:N) 20 Lumenpulse Inc. (LMP:T) 71 Lumentum Holdings, Inc. (LITE:Q) 65 Luxottica (LUX.MI:BIT) 23 LVMH (LVMH.PA:EPA) 23 MacDonald Dettwiler & Associates (MDA:T) 71 MACOM Technology Solutions Holdings, Inc. (MTSI:Q) 69 MAG Silver (MAG:T) 56 Magellan Health (MGLN:Q) 45 Magellan Midstream Partners L.P. (MMP:N) 28 Main Street Capital Corp. (MAIN:N) 42 Malibu Boats, Inc. (MBUU:Q) 21 Mallinckrodt PLC (MNK:N) 49 Mammoth Energy Services, Inc. (TUSK:Q) 30 Mandalay Resources Corp. (MND:T) 56 Manhattan Associates, Inc. (MANH:Q) 64 Marathon Oil Corp. (MRO:N) 26 Marathon Petroleum Corp. (MPC:N) 27 MarineMax (HZO:N) 21 MarketAxess Holdings Inc. (MKTX:Q) 40 Marriott International, Inc. (MAR:Q) 58 Marsh and McLennan Companies, Inc. (MMC:N) 41 Martin Midstream Partners L.P. (MMLP:Q) 28 Masco Corporation (MAS:N) 19 Masimo Corp. (MASI:Q) 48

Company Index

Raymond James Research Register - April 2017 13

Mastercard, Inc. (MA:N) 66 Matador Resources Company (MTDR:N) 26 Maxim Integrated (MXIM:Q) 69 MAXIMUS Inc. (MMS:N) 68 MB Financial, Inc. (MBFI:Q) 38 MCBC Holdings, Inc. (MCFT:Q) 21 McDonald's Corporation (MCD:N) 21 McKesson Corporation (MCK:N) 47 MDC Holdings (MDC:N) 57 MedEquities Realty Trust, Inc. (MRT:N) 58 MEDNAX, Inc. (MD:N) 45 MEG Energy Corp. (MEG:T) 32 Meggitt (MGGT.L:L) 53 Melia Hotels International (MEL.MC:MAD) 61 Mercantile Bank Corp. (MBWM:Q) 38 Mercer International Inc. (MERC:Q) 56 Mercury General Corporation (MCY:N) 41 Meridian Bioscience, Inc. (VIVO:Q) 47 Merit Medical Systems Inc. (MMSI:Q) 48 Meta Financial Group, Inc. (CASH:Q) 38 Methanex (MEOH:Q) 52 Metro (MEOG.DE:ETR) 24 Metro, Inc. (MRU:T) 22 The Michaels Companies, Inc. (MIK:Q) 20 Microsemi Corporation (MSCC:Q) 69 Microsoft (MSFT:Q) 66 Mid-America Apartment Communities, Inc. (MAA:N) 59 MidSouth Bancorp, Inc. (MSL:N) 38 MidWestOne Financial Group, Inc. (MOFG:Q) 38 Milestone Apartments REIT (MST.UN:T) 60 MiX Telematics Limited (MIXT:N) 64 MobileIron, Inc. (MOBL:Q) 66 Mobileye N.V. (MBLY:N) 67 Model N, Inc. (MODN:N) 64 Mohawk Industries (MHK:N) 19 Molina Healthcare (MOH:N) 45 Monolithic Power Systems, Inc. (MPWR:Q) 69 Monroe Capital Corp. (MRCC:Q) 42 Moody's Corporation (MCO:N) 40 Motorola Solutions, Inc. (MSI:N) 68 MPLX L.P. (MPLX:N) 28 MRC Global (MRC:N) 51 MSC Industrial Direct (MSM:N) 51 MSCI Inc. (MSCI:N) 40 MTU Aero Engines (MTXGn.DE:ETR) 53 Mullen Group Ltd. (MTL:T) 32 Murphy Oil Corp. (MUR:N) 26 Murphy USA Inc. (MUSA:N) 20 Mylan N.V. (MYL:Q) 49 Nabors Industries Ltd. (NBR:N) 30 NantKwest, Inc. (NK:Q) 46 NAPEC Inc. (NPC:T) 52 Nasdaq Inc. (NDAQ:Q) 40 National Commerce Corporation (NCOM:Q) 38 National Fuel Gas Company (NFG:N) 26 National Oilwell Varco Inc. (NOV:N) 29 National Retail Properties, Inc. (NNN:N) 58 Natus Medical Inc. (BABY:Q) 48 NeoGenomics, Inc. (NEO:Q) 47 NeoPhotonics Corporation (NPTN:N) 65 NetApp, Inc. (NTAP:Q) 65 Netflix Inc. (NFLX:Q) 67

NETGEAR, Inc. (NTGR:Q) 68 NeuroDerm Ltd. (NDRM:Q) 46 New Relic, Inc. (NEWR:N) 66 New York Community Bancorp, Inc. (NYCB:N) 38 Newell Brands Inc. (NWL:N) 21 Newfield Exploration Company (NFX:N) 26 Newpark Resources (NR:N) 30 Newtek Business Services Corp. (NEWT:Q) 42 Nexity (NEXI.PA:EPA) 54 NexJ Systems Inc. (NXJ:T) 71 NextEra Energy Partners, L.P. (NEP:N) 30 NGL Energy Partners L.P. (NGL:N) 28 NH Hotel Group (NHH.MC:MAD) 61 NIC Inc. (EGOV:Q) 68 Nimble Storage (NMBL:N) 65 Nivalis Therapeutics, Inc. (NVLS:Q) 46 Noble Corp plc (NE:N) 29 Noble Energy, Inc. (NBL:N) 26 Nokia (NOK:N) 65 Norbord Inc. (OSB:T) 56 Norfolk Southern Corp. (NSC:N) 74 North American Energy Partners (NOA:T) 52 Northern Oil & Gas Inc. (NOG:M) 26 Northern Trust Corporation (NTRS:Q) 38 Northland Power, Inc. (NPI:T) 33 NOW Inc. (DNOW:N) 51 Nuance Communications, Inc. (NUAN:Q) 68 NuStar Energy L.P. (NS:N) 28 NuStar GP Holdings, LLC (NSH:N) 28 Nutanix, Inc. (NTNX:Q) 65 NuVista Energy Ltd. (NVA:T) 31 NVIDIA Corporation (NVDA:Q) 69 NXP Semiconductors N.V. (NXPI:Q) 69 O`Reilly Automotive, Inc. (ORLY:Q) 20 Oasis Petroleum Inc. (OAS:N) 27 Occidental Petroleum Corp. (OXY:N) 27 OceanaGold Corp. (OGC:T) 56 Oil States International, Inc. (OIS:N) 29 Old Dominion Freight Line, Inc. (ODFL:Q) 74 Old Line Bancshares Inc. (OLBK:Q) 38 Old National Bancorp (ONB:Q) 38 Old Republic International Corp. (ORI:N) 41 ON Semiconductor Corporation (ON:Q) 69 OnDeck Capital, Inc. (ONDK:N) 66 OneMain Holdings, Inc. (OMF:N) 42 Open Text (OTEX:Q) 71 Oracle Corp. (ORCL:N) 66 Orange (ORA.PA:EPA) 72 Orange Belgium (OBEL.BR:EBR) 72 OraSure Technologies, Inc. (OSUR:Q) 47 ORBCOMM, Inc. (ORBC:Q) 69 Orezone Gold Corp. (ORE:V) 56 Organovo Holdings, Inc. (ONVO:Q) 46 Pacific Continental Corporation (PCBK:Q) 38 Pacific Drilling (PACD:N) 29 Pacific Premier Bancorp, Inc. (PPBI:Q) 38 PacWest Bancorp (PACW:Q) 38 Painted Pony Petroleum Ltd. (PPY:T) 31 Palo Alto Networks (PANW:N) 66 Pan American Silver Corp. (PAAS:Q) 56 Pandora Media, Inc. (P:N) 67 Panera Bread Co. (PNRA:Q) 21

Company Index

14 Raymond James Research Register - April 2017

Paragon Commercial Corporation (PBNC:Q) 38 Paramount Resources Ltd. (POU:T) 31 PAREXEL (PRXL:Q) 49 Park Hotels & Resorts Inc. (PK:N) 58 Park Sterling Corporation (PSTB:Q) 38 Parsley Energy, Inc. (PE:N) 27 Patheon N.V. (PTHN:N) 49 Pattern Energy Group Inc. (PEGI:Q) 33 Patterson-UTI Energy, Inc. (PTEN:Q) 30 Paylocity Holding Corporation (PCTY:Q) 64 PayPal Holdings, Inc. (PYPL:Q) 66 PBF Energy, Inc. (PBF:N) 27 PBF Logistics L.P. (PBFX:N) 28 Pebblebrook Hotel Trust (PEB:N) 58 Pembina Pipeline Corp. (PPL:T) 33 Pengrowth Energy Corporation (PGF:T) 31 Penn West Petroleum Ltd. (PWT:T) 31 PennTex Midstream Partners L.P. (PTXP:Q) 28 Peoples Bancorp Inc. (PEBO:Q) 38 Pernod Ricard (PERP.PA:EPA) 23 Perrigo Company PLC (PRGO:N) 49 Petrofac (PFC.L:L) 34 Petróleo Brasileiro S.A. (PBR:N) 27 Peyto Exploration and Development (PEY:T) 31 PGT Innovations, Inc. (PGTI:N) 19 Phillips 66 (PSX:N) 27 Phillips 66 Partners L.P. (PSXP:N) 28 Physicians Realty Trust (DOC:N) 58 Pier 1 Imports Incorporated (PIR:N) 20 Pinnacle Financial Partners, Inc. (PNFP:Q) 38 Pioneer Energy Services Corp (PES:N) 30 Pioneer Natural Resources Company (PXD:N) 27 Plains All American Pipeline L.P. (PAA:N) 28 Plains GP Holdings L.P. (PAGP:N) 28 Plantronics, Inc. (PLT:N) 68 Plaza Retail REIT (PLZ.UN:T) 60 PNC Financial Services Group, Inc. (PNC:N) 38 Polaris Industries (PII:N) 21 Potash Corp. of Saskatchewan Inc. (POT:N) 55 Potlatch Corporation (PCH:Q) 59 PRA Group Inc. (PRAA:Q) 42 PrairieSky Royalty Ltd. (PSK:T) 31 Praxair, Inc. (PX:N) 51 Precision Drilling Corporation (PD:T) 32 Preferred Bank (PFBC:Q) 39 Premier, Inc. (PINC:Q) 47 Prestige Brands Holdings Inc. (PBH:N) 21 priceline.com Incorporated (PCLN:Q) 67 PrivateBancorp, Inc. (PVTB:Q) 39 ProAssurance Corp. (PRA:N) 41 The Procter & Gamble Company (PG:N) 21 Progressive Corporation (PGR:N) 41 Prospect Capital Corporation (PSEC:Q) 42 Prosperity Bancshares, Inc. (PB:N) 39 Proteon Therapeutics, Inc. (PRTO:Q) 46 Proximus (PROX.BR:EBR) 72 Public Storage (PSA:N) 59 PulteGroup Inc. (PHM:N) 57 Puma (PUMG.DE:ETR) 24 Pure Gold Mining Inc. (PGM:V) 56 Pure Industrial Real Estate Trust (AAR.UN:T) 60 Pure Storage, Inc. (PSTG:N) 65

Q2 Holdings Inc. (QTWO:N) 64 QCR Holdings, Inc. (QCRH:Q) 39 QEP Resources, Inc. (QEP:N) 27 Qorvo, Inc. (QRVO:Q) 69 QTS Realty Trust (QTS:N) 69 QUALCOMM, Inc. (QCOM:Q) 68 Quality Systems Inc. (QSII:Q) 47 Quest Diagnostics Inc. (DGX:N) 47 Quidel Corporation (QDEL:Q) 47 Quintiles IMS Holdings (Q:N) 49 Raging River Exploration Inc. (RRX:T) 31 Rallye (GENC.PA:EPA) 24 Ramco-Gershenson Properties Trust (RPT:N) 59 Range Resources Corp. (RRC:N) 27 Rapid7, Inc. (RPD:Q) 66 Rayonier, Inc. (RYN:N) 59 RB (RB.L:L) 23 Realty Income Corporation (O:N) 58 Red Hat, Inc. (RHT:N) 66 Red Robin Gourmet Burgers, Inc. (RRGB:Q) 21 Redknee Solutions Inc. (RKN:T) 71 Regency Centers Corp. (REG:N) 59 Regeneron Pharmaceuticals, Inc. (REGN:Q) 46 Regions Financial Corporation (RF:N) 39 Remy Cointreau (RCOP.PA:EPA) 23 Renasant Corporation (RNST:Q) 39 Rent-A-Center Inc. (RCII:Q) 20 Repsol (REP.MC:MAD) 34 Republic Services, Inc. (RSG:N) 51 Retail Opportunity Investments Corp. (ROIC:Q) 59 RH (RH:N) 20 RingCentral, Inc. (RNG:N) 64 RioCan REIT (REI.UN:T) 60 Ritchie Bros. Auctioneers (RBA:N) 52 Rite Aid Corporation (RAD:N) 47 Riverview Bancorp, Inc. (RVSB:Q) 39 RLJ Lodging Trust (RLJ:N) 58 RMP Energy Inc. (RMP:T) 31 Rocky Mountain Dealerships Inc. (RME:T) 52 Rolls-Royce (RR.L:L) 53 Roper Technologies (ROP:N) 63 Rowan Companies (RDC:N) 29 Roxgold Inc. (ROG:V) 56 Royal Dutch Shell (RDSb.L:AMS) 34 RPC, Inc. (RES:N) 30 RSP Permian, Inc. (RSPP:N) 27 RTI Surgical Inc. (RTIX:Q) 48 Rubicon Project, Inc. (RUBI:N) 67 Russel Metals (RUS:T) 53 Ruth`s Hospitality Group, Inc. (RUTH:Q) 21 RWE (RWEG.DE:ETR) 34 Ryanair Holdings plc (RYAAY:Q) 74 Ryman Hospitality Properties Inc. (RHP:N) 58 S&P Global Inc. (SPGI:N) 40 S&T Bancorp, Inc. (STBA:Q) 39 Sabra Health Care REIT, Inc. (SBRA:Q) 58 Safran (SAF.PA:EPA) 53 Sage Therapeutics, Inc. (SAGE:Q) 46 Saia, Inc. (SAIA:Q) 74 Saint-Gobain (SGOB.PA:EPA) 54 Saipem (SPMI.MI:BIT) 34 salesforce.com, Inc. (CRM:N) 64

Company Index

Raymond James Research Register - April 2017 15

Sally Beauty Holdings Inc. (SBH:N) 21 Salvatore Ferragamo (SFER.MI:BIT) 23 Saul Centers, Inc. (BFS:N) 59 Savanna Energy Services (SVY:T) 32 SBA Communications (SBAC:Q) 69 ScanSource, Inc. (SCSC:Q) 68 Schlumberger Ltd. (SLB:N) 29 The Scotts Miracle-Gro Company (SMG:N) 21 Seacoast Banking Corporation of Florida (SBCF:Q) 39 Secure Energy Services Inc. (SES:T) 32 SEI Investments Co. (SEIC:Q) 40 Select Comfort Corp. (SCSS:Q) 19 SEMAFO Inc. (SMF:T) 56 SemGroup Corporation (SEMG:N) 28 Semtech Corporation (SMTC:Q) 69 Senior (SNR.L:L) 53 Senior Housing Properties Trust (SNH:Q) 58 Senseonics Holdings, Inc. (SENS:M) 48 Service Corporation International (SCI:N) 47 ServiceNow, Inc. (NOW:N) 66 ServisFirst Bancshares, Inc. (SFBS:Q) 39 Seven Generations Energy Ltd. (VII:T) 31 SFR Group (SFR.PA:EPA) 72 Shenandoah Telecommunications Co. (SHEN:Q) 70 Shopify Inc. (SHOP:N) 64 Shutterfly, Inc. (SFLY:Q) 67 Shutterstock, Inc. (SSTK:N) 67 Sienna Senior Living Inc. (SIA:T) 60 Sierra Bancorp (BSRR:Q) 39 Sierra Wireless (SWIR:Q) 71 Signature Bank (SBNY:Q) 39 Silver Spring Networks, Inc. (SSNI:N) 30 Silvercorp Metals Inc. (SVM:T) 56 Simmons First National Corporation (SFNC:Q) 39 Simon Property Group, Inc. (SPG:N) 58 Sky (SKY.L:L) 72 SkyWest, Inc. (SKYW:Q) 74 Skyworks Solutions (SWKS:Q) 69 Slate Retail REIT (SRT.U:T) 60 Sleep Country Canada Holdings Inc. (ZZZ:T) 22 SM Energy Company (SM:N) 27 SmartFinancial, Inc. (SMBK:Q) 39 SmartREIT (SRU.UN:T) 60 SNC-Lavalin (SNC:T) 52 Sodexo (EXHO.PA:EPA) 23 Solvay (SOLB.BR:EBR) 54 Southcross Energy Partners L.P. (SXE:N) 29 Southwest Airlines Co. (LUV:N) 74 Southwest Bancorp, Inc. (OKSB:Q) 39 Southwestern Energy Company (SWN:N) 27 Spectra Energy Partners L.P. (SEP:N) 29 Spectranetics Corp (SPNC:Q) 48 Spectrum Brands Holdings, Inc. (SPB:N) 21 Spirit Airlines, Inc. (SAVE:Q) 74 Spirit Realty Capital, Inc. (SRC:N) 58 Splunk Inc. (SPLK:Q) 66 Sprague Resources L.P. (SRLP:N) 29 Sprint Corp. (S:N) 70 Square, Inc. (SQ:N) 66 SRC Energy Inc. (SRCI:M) 27 SS&C Technologies Holdings, Inc. (SSNC:Q) 40 St. Joe Company (JOE:N) 57

STAG Industrial Inc. (STAG:N) 59 Stanley Black & Decker (SWK:N) 19 Stantec Inc (STN:T) 52 State Street Corporation (STT:N) 39 Steelcase, Inc. (SCS:N) 19 Stellus Capital Investment Corporation (SCM:N) 42 Stericycle Inc. (SRCL:Q) 48 STERIS plc (STE:N) 48 Stock Yards Bancorp Inc. (SYBT:Q) 39 Stonegate Bank (SGBK:Q) 39 StoneMor Partners L.P. (STON:N) 47 StorageVault Canada Inc. (SVI:V) 60 STORE Capital Corporation (STOR:N) 58 Storm Resources Ltd. (SRX:V) 31 Strad Energy Services Ltd. (SDY:T) 32 Street Capital Group (SCB:T) 43 Strongco Corp. (SQP:T) 52 Stuart Olson Inc. (SOX:T) 52 Student Transportation Inc. (STB:Q) 74 Suburban Propane Partners L.P. (SPH:N) 29 Suez Environnement (SEVI.PA:EPA) 34 Summit Hotel Properties, Inc. (INN:N) 58 Suncor Energy Inc (SU:T) 33 Sunoco L.P. (SUN:N) 29 SunPower Corp. (SPWR:Q) 30 Sunstone Hotel Investors, Inc. (SHO:N) 58 SunTrust Banks, Inc. (STI:N) 39 Superior Energy Services, Inc. (SPN:N) 30 Superior Plus Corporation (SPB:T) 52 Surgery Partners, Inc. (SGRY:Q) 45 SVB Financial Group (SIVB:Q) 39 Swift Transportation Company (SWFT:N) 74 Symantec Corp. (SYMC:Q) 66 Symrise (SY1G.DE:ETR) 54 Synchronoss Technologies, Inc. (SNCR:Q) 68 Syngenta (SYNN.VX:SWF) 54 SYNNEX Corporation (SNX:N) 68 Synovus Financial Corp. (SNV:N) 39 Tahoe Resources Inc. (THO:T) 56 TalkTalk Telecom Group (TALK.L:L) 72 Tangoe Inc. (TNGO:OTC) 64 Targa Resources Corp. (TRGP:N) 29 Tarkett S.A. (TKTT.PA:EPA) 54 Taubman Centers, Inc. (TCO:N) 58 TCF Financial Corporation (TCB:N) 39 TCP Capital Corp. (TCPC:Q) 42 TD Ameritrade Holding Corporation (AMTD:Q) 40 Tech Data Corporation (TECD:Q) 68 TechnipFMC plc (FTI:N) 29 Teekay Corporation (TK:N) 29 Teekay LNG Partners L.P. (TGP:N) 29 Teekay Offshore Partners L.P. (TOO:N) 29 Telecom Italia (TLIT.MI:BIT) 72 Teleflex, Inc. (TFX:N) 48 Telefonica (TEF.MC:MCE) 72 Telenet Group (TNET.BR:EBR) 72 Telephone and Data Systems, Inc. (TDS:N) 70 Telia Company (TELIA.ST:STO) 72 Teligent, Inc. (TLGT:Q) 49 Tempur Sealy International, Inc. (TPX:N) 19 Tenet Healthcare Corporation (THC:N) 48 Territorial Bancorp Inc. (TBNK:Q) 39

Company Index

16 Raymond James Research Register - April 2017

Tesaro, Inc. (TSRO:Q) 46 Tesoro Corp. (TSO:N) 27 Tesoro Logistics L.P. (TLLP:N) 29 TETRA Technologies Inc. (TTI:N) 30 Teva Pharmaceutical Industries, Ltd. (TEVA:N) 49 Texas Capital Bancshares, Inc. (TCBI:Q) 39 Texas Instruments Incorporated (TXN:Q) 69 Texas Roadhouse, Inc. (TXRH:Q) 21 TG Therapeutics, Inc. (TGTX:Q) 46 Thales (TCFP.PA:EPA) 53 THL Credit, Inc. (TCRD:Q) 42 Timbercreek Financial Corp. (TF:T) 60 T-Mobile US Inc. (TMUS:Q) 70 Tod's Group (TOD.MI:BIT) 23 Toll Brothers, Inc. (TOL:N) 57 The Toro Company (TTC:N) 19 Toromont Industries (TIH:T) 52 Total (TOTF.PA:EPA) 34 Tourmaline Oil Corp. (TOU:T) 31 TowneBank (TOWN:Q) 39 TPG Specialty Lending, Inc. (TSLX:N) 42 TPI Composites, Inc. (TPIC:Q) 30 Tractor Supply Co. (TSCO:Q) 20 The Trade Desk, Inc. (TTD:Q) 67 TransAlta Renewables Inc. (RNW:T) 33 TransEnterix, Inc. (TRXC:M) 48 Transocean (RIG:N) 29 TravelCenters of America LLC (TA:Q) 20 The Travelers Companies, Inc. (TRV:N) 41 Tree Island Steel Ltd. (TSL:T) 53 Triangle Capital Corporation (TCAP:N) 42 Trican Well Service (TCW:T) 32 TriCo Bancshares (TCBK:Q) 39 Tricon Capital Group Inc. (TCN:T) 60 Trilogy Energy Corp. (TET:T) 31 Trimble Inc. (TRMB:Q) 63 Trinidad Drilling Ltd. (TDG:T) 32 Trinity Biotech plc (TRIB:Q) 47 TripAdvisor, Inc. (TRIP:Q) 67 True North Commercial REIT (TNT.UN:T) 60 Trustmark Corporation (TRMK:Q) 39 Twitter, Inc. (TWTR:N) 67 U.S. Bancorp (USB:N) 39 U.S. Cellular (USM:N) 70 U.S. Ecology, Inc. (ECOL:Q) 51 U.S. Geothermal (HTM:M) 33 Ubiquiti Networks, Inc. (UBNT:Q) 68 Ulta Beauty, Inc. (ULTA:Q) 21 Ultimate Software Group Inc. (ULTI:Q) 64 Ultragenyx Pharmaceutical Inc. (RARE:Q) 46 UMB Financial Corporation (UMBF:Q) 39 Umpqua Holdings Corp. (UMPQ:Q) 39 Under Armour Inc. (UAA:N) 19 Union Bankshares Corporation (UBSH:Q) 39 Union Pacific Corp. (UNP:N) 74 Uniper (UN01.DE:ETR) 34 Unit Corporation (UNT:N) 30 United Bankshares, Inc. (UBSI:Q) 39 United Community Banks, Inc. (UCBI:Q) 39 United Continental Holdings, Inc. (UAL:N) 73 United Insurance Holdings Corp. (UIHC:Q) 41 United Parcel Service (UPS:N) 74

UnitedHealth Group (UNH:N) 45 Uniti Group Inc. (UNIT:Q) 70 Universal American Corp. (UAM:N) 45 Universal Health Services, Inc. (UHS:N) 48 Upland Software, Inc. (UPLD:Q) 64 UrtheCast Corp. (UR:T) 71 USA Compression Partners L.P. (USAC:N) 29 Valero Energy Corp. (VLO:N) 27 Valero Energy Partners L.P. (VLP:N) 29 Vantiv, Inc. (VNTV:N) 66 VCA Inc. (WOOF:Q) 45 Veeva Systems Inc. (VEEV:N) 64 Ventas, Inc. (VTR:N) 58 Veolia Environnement (VIE.PA:EPA) 34 Verastem, Inc. (VSTM:Q) 46 Verbund (VERB.VI:WBAG) 34 Veresen Inc. (VSN:T) 33 Verifone Systems, Inc. (PAY:N) 66 Verisk Analytics Inc. (VRSK:Q) 41 Verizon Communications (VZ:N) 70 Vertex Pharmaceuticals Inc. (VRTX:Q) 46 ViaSat, Inc. (VSAT:Q) 69 Victoria Gold Corporation (VIT:V) 56 Vinci (SGEF.PA:EPA) 54 Viper Energy Partners L.P. (VNOM:Q) 27 Visa, Inc. (V:N) 66 Visteon Corporation (VC:N) 67 Vivendi (VIV.PA:EPA) 72 VMware (VMW:N) 66 Vocera Communications, Inc. (VCRA:N) 47 Vodafone (VOD.L:L) 72 W.W. Grainger, Inc. (GWW:N) 51 Wajax Corp. (WJX:T) 52 Walgreens Boots Alliance Inc. (WBA:Q) 47 Wal-Mart Stores Inc. (WMT:N) 20 Washington Federal, Inc. (WAFD:Q) 39 Washington REIT (WRE:N) 59 WashingtonFirst Bankshares, Inc. (WFBI:Q) 40 Waste Connections, Inc. (WCN:N) 51 Waste Management, Inc. (WM:N) 51 Wayfair, Inc. (W:N) 67 Weatherford (WFT:N) 29 WebMD Health Corp (WBMD:Q) 47 Webster Financial Corp. (WBS:N) 40 WellCare Health Plans (WCG:N) 45 Wells Fargo & Co. (WFC:N) 40 Welltower Inc. (HCN:N) 58 WesBanco, Inc. (WSBC:Q) 40 WESCO International (WCC:N) 51 West Fraser Timber (WFT:T) 56 Western Energy Services Corp. (WRG:T) 32 Western Forest Products Inc. (WEF:T) 56 Western Refining Logistics L.P. (WNRL:N) 29 Western Refining, Inc. (WNR:N) 27 WesternOne Inc. (WEQ:T) 53 WestJet Airlines (WJA:T) 75 Weyerhaeuser Company (WY:N) 59 Whirlpool Corp. (WHR:N) 19 Whitbread (WTB.L:L) 61 Whitecap Resources Inc. (WCP:T) 31 Whiting Petroleum Corp. (WLL:N) 27 WildHorse Resource Development Corporation (WRD:N) 27

Company Index

Raymond James Research Register - April 2017 17

The Williams Companies, Inc. (WMB:N) 29 Williams Partners L.P. (WPZ:N) 29 Williams-Sonoma (WSM:N) 20 Willis Towers Watson plc (WLTW:Q) 41 Windstream Holdings Inc. (WIN:Q) 70 Winpak Ltd. (WPK:T) 22 Wintrust Financial Corporation (WTFC:Q) 40 Wix.com Ltd. (WIX:Q) 67 Wood Group (WG.L:L) 34 Workiva Inc. (WK:N) 64 WPX Energy Inc. (WPX:N) 27 WSP Global Inc. (WSP:T) 52 Xenia Hotels & Resorts, Inc. (XHR:N) 58 Xenith Bankshares, Inc. (XBKS:Q) 40

Xilinx, Inc. (XLNX:Q) 69 XPO Logistics, Inc. (XPO:N) 74 Yahoo! Inc. (YHOO:Q) 67 Yangarra Resources Ltd. (YGR:T) 31 Yara (YAR.OL:OSL) 54 Yelp, Inc. (YELP:N) 67 YPF S.A. (YPF:N) 27 Zayo Group Holdings, Inc. (ZAYO:N) 70 ZCL Composites (ZCL:T) 53 Zillow Group, Inc. (Z:Q) 67 Zions Bancorporation (ZION:Q) 40 ZIOPHARM Oncology, Inc. (ZIOP:Q) 46 Zodiac Aerospace (ZODC.PA:EPA) 53

Raymond James Research Register - April 2017 18

Consumer

USA Canada Europe

Building Products ........................................................ 19

Appliances and Other Building Products ................. 19

Floor Covering ......................................................... 19

Tools and Outdoor Power Equipment ..................... 19

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

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

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

Hardline Retail ............................................................ 19

Active Lifestyle Brand .............................................. 19

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

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

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

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

Sporting Goods ........................................................ 20

Value Retailers ......................................................... 20

Home & Other Retailers ............................................. 20

Big Box Retailers ...................................................... 20

Furniture & Furnishings ........................................... 20

Household & Personal Care Products ......................... 21

Leisure Products ......................................................... 21

Restaurants ................................................................. 21

Consumer & Retail...................................................... 22

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

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

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

Home & Personal Care ............................................. 23

Luxury Goods ........................................................... 23

Foodservices ............................................................... 23

Retail ........................................................................... 23

Apparel..................................................................... 23

Consumer Electronics .............................................. 23

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

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

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Consumer - USA Budd Bugatch, CFA Budd.Bugatch@RaymondJames.com Joseph Altobello, CFA Joe.Altobello@RaymondJames.com

Sam Darkatsh Sam.Darkatsh@RaymondJames.com Brian M. Vaccaro, CFA Brian.Vaccaro@RaymondJames.com

Dan Wewer, CFA Dan.Wewer@RaymondJames.com Benjamin Brownlow Benjamin.Brownlow@RaymondJames.com

Building Products Appliances and Other Building Products Masco Corporation MAS N 2 H/GRW 33.97 37.00 37.38 29.11 18.2 1.19 1.51 A 1.87 Dec 10,972 1.2 SD PGT Innovations, Inc. PGTI N 1 H/GRW 10.50 12.50 12.49 9.24 17.5 0.58 0.53 A 0.60 Dec 532 0.0 SD Whirlpool Corp. WHR N 3 M/INC 169.85 NM 194.10 145.91 11.2 12.38 14.06 A 15.15 Dec 12,960 2.4 SD

Floor Covering The Dixie Group DXYN Q 2 H/GRW 3.45 5.00 5.56 3.00 34.5 (0.03) (0.27) A 0.10 Dec 54 0.0 SD Interface, Inc. TILE Q 4 NM 18.70 NM 19.93 14.56 17.0 1.10 1.03 A 1.10 Dec 1,208 1.3 SD Mohawk Industries MHK N 1 H/GRW 227.99 270.00 233.70 175.52 17.1 10.20 12.61 A 13.35 Dec 17,008 0.0 SD

Tools and Outdoor Power Equipment Briggs & Stratton Corporation BGG N 3 M/INC 21.73 NM 24.19 17.90 15.7 1.42 1.25 A 1.38 Jun 915 2.6 SD Stanley Black & Decker SWK N 3 M/INC 132.10 NM 136.90 103.57 18.7 6.16 6.51 A 7.05 Dec 19,736 1.8 SD The Toro Company TTC N 3 H/GRW 61.61 NM 62.49 40.43 26.6 1.78 2.06 A 2.32 Oct 6,826 1.1 SD

Furniture & Furnishings Suppliers Office Furniture Herman Miller MLHR Q 3 M/GRW 31.35 NM 36.46 26.99 15.1 1.82 2.17 A 2.07 May 1,878 2.2 BB HNI Corporation HNI N 3 M/GRW 45.23 NM 56.96 37.24 15.1 2.58 2.62 A 3.00 Dec 2,013 2.4 BB Knoll, Inc. KNL N 3 H/GRW 23.43 NM 28.40 20.37 14.6 1.52 1.68 A 1.60 Dec 1,150 2.6 BB Steelcase, Inc. SCS N 1 M/GRW 16.80 19.00 18.14 12.67 15.6 0.89 1.04 A 1.08 A Feb 2,029 2.9 BB

Residential Furniture Culp, Inc. CFI N 3 M/GRW 30.85 NM 37.80 24.47 15.8 1.55 1.86 A 1.95 Apr 379 1.0 BB Ethan Allen Interiors ETH N 1 H/GRW 30.00 36.00 38.80 27.75 17.9 1.41 1.92 A 1.68 Jun 831 2.5 BB La-Z-Boy Inc. LZB N 3 H/GRW 26.85 NM 32.90 22.09 16.1 1.26 1.62 A 1.67 Apr 1,310 1.6 BB Leggett & Platt LEG N 1 M/INC 50.07 54.00 54.63 44.02 18.8 2.34 2.48 A 2.67 Dec 6,684 2.7 BB Select Comfort Corp. SCSS Q 1 H/GRW 24.13 26.00 28.34 17.95 18.4 0.97 1.10 A 1.31 Dec 1,052 0.0 BB Tempur Sealy International, Inc. TPX N 2 M/GRW 44.51 53.00 82.32 41.11 14.8 3.19 4.05 A 3.00 Dec 2,421 0.0 BB

Hardline Retail Active Lifestyle Brand Acushnet Holdings Corp. GOLF N 2 M/GRW 17.09 22.00 22.31 16.84 15.5 NM 0.61 A 1.10 Dec 1,336 0.0 DW Callaway Golf Company ELY N 3 H/GRW 11.08 NM 12.56 8.78 38.2 0.17 0.24 A 0.29 Dec 1,053 0.4 DW Duluth Holdings Inc. DLTH Q 2 H/GRW 21.58 27.00 38.19 17.02 30.8 0.66 0.66 A 0.70 Feb 697 0.0 DW Under Armour Inc. UAA N 4 NM 19.91 NM 47.95 18.40 47.4 0.53 0.58 A 0.42 Dec 8,637 0.0 DW

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Consumer - USA Automotive Aftermarket Retailers Advance Auto Parts, Inc. AAP N 1 H/GRW 148.36 190.00 177.83 132.98 19.7 7.82 7.15 A 7.55 Dec 10,860 0.2 DW AutoZone, Inc. AZO N 1 M/GRW 716.99 930.00 819.54 705.30 15.7 36.03 40.70 A 45.58 Aug 24,306 0.0 DW O`Reilly Automotive, Inc. ORLY Q 1 M/GRW 269.71 330.00 292.84 248.02 21.3 9.29 10.73 A 12.64 Dec 29,317 0.0 DW

Consumer Electronics Retailers Best Buy Company, Incorporated BBY N 1 M/GRW 46.97 51.00 49.40 28.76 13.2 2.60 2.78 A 3.56 A Jan 16,543 2.4 DW

Convenience Stores Casey's General Stores, Inc. CASY Q 2 H/GRW 110.48 127.00 136.22 105.17 24.7 4.62 5.73 A 4.47 Apr 4,331 0.9 BBL,DW Core-Mark Holding Company, Inc. CORE Q 2 M/GRW 30.72 39.00 50.00 30.17 19.9 1.17 1.44 A 1.54 Dec 1,418 1.2 BBL,DW CST Brands, Inc. CST N 3 H/GRW 48.22 NM 48.50 36.02 26.3 1.95 1.35 A 1.83 Dec 3,653 5.1 BBL,DW Murphy USA Inc. MUSA N 3 H/GRW 71.15 NM 80.44 56.92 16.6 3.24 4.20 A 4.29 Dec 2,628 0.0 BBL,DW TravelCenters of America LLC TA Q 3 H/GRW 6.05 NM 9.23 5.60 55.0 0.93 0.00 A 0.11 Dec 239 0.0 BBL,DW

Hardline Retail The Michaels Companies, Inc. (f) MIK Q 3 M/GRW 22.23 NM 31.37 19.00 10.6 1.72 1.88 A 2.10 Jan 4,297 0.0 DW Tractor Supply Co. TSCO Q 3 M/GRW 67.97 NM 97.25 61.50 19.4 3.00 3.27 A 3.50 Dec 9,631 1.4 DW

Sporting Goods Cabela’s Inc. CAB N 3 H/GRW 46.25 NM 63.60 45.00 16.6 2.88 2.60 A 2.79 Dec 3,316 0.0 DW Dick`s Sporting Goods Inc. (f) DKS N 3 H/GRW 46.86 NM 62.88 37.96 12.7 2.87 3.11 A 3.70 Jan 5,867 1.5 DW Hibbett Sports, Inc. (f) HIBB Q 3 H/GRW 28.40 NM 45.85 27.25 10.4 2.87 2.72 A 2.74 Jan 741 0.0 DW

Value Retailers Big Lots Inc. (f) BIG N 3 H/GRW 48.71 NM 56.54 41.61 11.7 3.01 3.64 A 4.15 Jan 2,713 2.1 DW Dollar General Corp. (f) DG N 1 M/GRW 68.55 90.00 96.88 66.50 15.3 3.96 4.47 A 4.49 Jan 21,271 1.5 DW Dollar Tree, Inc. (f) DLTR Q 3 H/GRW 76.55 NM 99.93 72.55 17.8 2.59 3.91 A 4.30 Jan 15,899 0.0 DW

Home & Other Retailers Big Box Retailers Costco Wholesale Corporation COST Q 3 M/GRW 166.77 NM 178.71 138.57 29.3 5.25 5.33 A 5.69 Aug 73,202 1.1 BB The Home Depot Inc. (f) HD N 3 M/GRW 147.20 NM 150.15 119.20 20.5 5.40 6.45 A 7.18 Jan 177,082 2.4 BB Lowe's Companies, Inc. (f) LOW N 3 M/GRW 82.40 NM 84.00 64.87 17.7 3.29 3.99 A 4.65 Jan 71,358 1.7 BB Lumber Liquidators Holdings, Inc. LL N 3 H/SPEC 18.62 NM 20.10 11.07 NM (2.08) (2.51) A (0.50) Dec 526 0.0 BB Wal-Mart Stores Inc. WMT N 1 M/GRW 70.32 80.00 75.19 62.72 16.3 5.07 4.59 A 4.32 A Jan 216,093 2.9 BB

Furniture & Furnishings Aaron's Inc. AAN N 3 M/GRW 29.04 NM 34.22 20.51 12.7 2.14 2.30 A 2.28 Dec 2,114 0.4 BB Bed Bath & Beyond (f) BBBY Q 3 M/GRW 39.10 NM 52.33 37.78 8.6 5.04 4.54 4.90 Feb 5,877 1.3 BB Haverty Furniture Companies Inc. HVT N 3 H/GRW 23.30 NM 25.50 16.57 20.3 1.20 1.18 A 1.15 Dec 492 2.1 BB Pier 1 Imports Incorporated PIR N 3 H/GRW 6.88 NM 9.68 3.73 16.0 0.84 0.46 A 0.43 Feb 571 4.1 BB Rent-A-Center Inc. RCII Q 3 H/INC 9.10 NM 16.02 7.76 NM 2.03 0.77 A 0.05 Dec 484 3.5 BB RH RH N 3 H/GRW 38.00 NM 46.87 24.41 18.9 2.72 1.27 A 2.01 Jan 1,550 0.0 BB Williams-Sonoma (f) WSM N 3 M/GRW 49.49 NM 61.97 45.96 14.0 3.37 3.43 A 3.53 Jan 4,322 3.2 BB

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Consumer - USA Household & Personal Care Products Church & Dwight Co., Inc. CHD N 3 M/GRW 50.26 NM 53.68 42.56 26.6 1.63 1.77 A 1.89 Dec 12,764 1.5 JA The Clorox Company CLX N 3 M/INC 136.96 NM 140.47 111.24 25.8 4.57 4.92 A 5.30 Jun 17,555 2.3 JA Estee Lauder Companies EL N 2 M/GRW 85.61 89.00 97.48 75.30 25.8 2.83 3.20 A 3.32 Jun 31,345 1.6 JA Inter Parfums, Inc. IPAR Q 3 M/GRW 36.88 NM 38.20 27.05 29.5 0.98 1.11 A 1.25 Dec 1,148 1.8 JA Newell Brands Inc. NWL N 1 M/GRW 47.70 55.00 55.45 43.11 15.6 2.18 2.89 A 3.05 Dec 23,020 1.6 JA Prestige Brands Holdings Inc. PBH N 3 H/GRW 56.36 NM 58.09 44.64 23.9 1.86 2.17 A 2.36 Mar 2,984 0.0 JA The Procter & Gamble Company PG N 3 M/GRW 90.76 NM 92.00 79.10 23.7 3.76 3.67 A 3.83 Jun 242,148 3.0 JA Sally Beauty Holdings Inc. SBH N 4 NM 19.95 NM 32.93 19.77 11.3 1.53 1.72 A 1.77 Sep 2,847 0.0 JA The Scotts Miracle-Gro Company SMG N 3 H/GRW 93.07 NM 98.82 65.80 21.6 3.53 3.75 A 4.30 Sep 5,677 2.1 JA Spectrum Brands Holdings, Inc. SPB N 2 H/GRW 140.22 160.00 143.20 106.34 23.8 4.31 5.20 A 5.90 Sep 8,248 1.2 JA Ulta Beauty, Inc. (f) ULTA Q 3 H/GRW 282.86 NM 289.27 191.37 35.4 4.98 6.52 A 8.00 Jan 17,627 0.0 JA

Leisure Products Brunswick Corp. BC N 3 H/GRW 60.82 NM 61.74 41.19 15.2 2.41 2.98 A 4.00 Dec 5,547 1.1 JA Harley-Davidson, Inc. HOG N 4 NM 60.69 NM 63.40 41.63 15.8 3.69 3.83 A 3.85 Dec 10,779 2.3 JA Malibu Boats, Inc. MBUU Q 1 H/GRW 22.04 23.00 22.95 11.38 15.7 0.93 1.07 A 1.40 Jun 425 0.0 JA MarineMax HZO N 1 H/GRW 21.80 26.00 23.50 15.10 17.4 1.92 0.92 A 1.25 Sep 543 0.0 JA MCBC Holdings, Inc. MCFT Q 1 H/GRW 15.79 18.00 16.23 10.25 13.5 0.29 0.57 A 1.17 Jun 295 0.0 JA Polaris Industries PII N 3 M/GRW 83.76 NM 104.25 70.14 19.0 6.75 3.27 A 4.40 Dec 5,386 2.8 JA

Restaurants Bloomin' Brands, Inc. BLMN Q 2 H/GRW 19.21 22.00 19.99 15.82 13.5 1.27 1.29 A 1.42 Dec 2,015 1.7 BV Brinker International, Inc. EAT N 3 M/GRW 43.42 NM 55.84 40.92 14.1 3.09 3.55 A 3.08 Jun 2,193 3.1 BV Buffalo Wild Wings, Inc. BWLD Q 3 H/GRW 146.60 NM 175.10 122.25 25.7 4.97 5.12 A 5.70 Dec 2,639 0.0 BV Carrols Restaurant Group, Inc. TAST Q 1 H/GRW 14.25 17.50 17.55 9.60 38.5 0.30 0.40 A 0.37 Dec 643 0.0 BV Cheesecake Factory Inc. CAKE Q 3 M/GRW 62.46 NM 64.41 46.93 20.8 2.37 2.83 A 3.00 Dec 3,048 1.5 BV Chipotle Mexican Grill, Inc. CMG N 4 NM 426.23 NM 473.75 352.96 55.4 15.10 0.77 A 7.70 Dec 12,361 0.0 BV Chuy's Holdings, Inc. CHUY Q 3 H/GRW 29.40 NM 37.78 25.87 26.2 0.93 1.08 A 1.12 Dec 500 0.0 BV Darden Restaurants DRI N 3 M/GRW 82.62 NM 82.82 59.50 20.8 2.63 3.53 A 3.98 May 10,402 2.7 BV Dave & Buster's Entertainment, Inc. PLAY Q 2 H/GRW 62.19 67.00 62.88 36.83 25.9 1.52 2.10 A 2.40 Jan 2,699 0.0 BV Del Frisco’s Restaurant Group, Inc. DFRG Q 2 H/GRW 17.85 19.00 18.50 13.01 20.5 0.78 0.82 A 0.87 Dec 418 0.0 BV DineEquity, Inc. DIN N 3 M/GRW 53.02 NM 95.12 49.53 10.5 6.19 6.00 A 5.03 Dec 954 7.3 BV Fiesta Restaurant Group, Inc. FRGI Q 3 H/GRW 23.50 NM 36.02 19.40 21.4 1.52 1.28 A 1.10 Dec 629 0.0 BV The Habit Restaurants, Inc. HABT Q 2 H/GRW 16.90 18.00 20.01 13.20 65.0 0.29 0.31 A 0.26 Dec 439 0.0 BV Kona Grill, Inc. KONA Q 2 H/GRW 6.00 10.00 14.44 5.75 NM (0.38) (0.85) A (0.58) Dec 63 0.0 BV McDonald's Corporation MCD N 3 M/GRW 129.45 NM 131.96 110.33 21.2 4.97 5.72 A 6.12 Dec 107,405 2.9 BV Panera Bread Co. PNRA Q 3 M/GRW 256.97 NM 260.24 185.69 33.6 6.21 6.74 A 7.65 Dec 5,885 0.0 BV Red Robin Gourmet Burgers, Inc. RRGB Q 1 H/GRW 57.15 65.00 67.05 40.85 21.2 3.32 2.78 A 2.70 Dec 737 0.0 BV Ruth`s Hospitality Group, Inc. RUTH Q 2 M/GRW 20.00 20.00 20.15 13.74 18.2 0.87 0.95 A 1.10 Dec 622 1.8 BV Texas Roadhouse, Inc. TXRH Q 3 H/GRW 44.14 NM 50.51 37.23 23.6 1.37 1.67 A 1.87 Dec 3,143 1.9 BV

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Consumer - CAN Kenric S. Tyghe, MBA kenric.tyghe@raymondjames.ca

Consumer & Retail AIMIA (ae) AIM T 2 M/GRW C$9.05 12.50 9.49 6.91 NM 226 232 A 248 Dec 1,376 8.8 KT Canadian Tire Corporation CTC.A T 2 M/GRW C$154.91 175.00 159.79 128.12 15.4 8.28 9.23 A 10.08 Dec 10,999 1.7 KT Cara Operations Limited CARA T 3 H/GRW C$26.91 30.00 33.59 23.66 16.8 1.30 1.24 A 1.60 Dec 1,480 1.5 KT Cineplex Inc. CGX T 2 M/INC C$50.09 58.00 53.41 48.26 25.2 1.55 1.25 A 1.99 Dec 3,191 3.2 KT Dollarama DOL T 2 M/GRW C$99.83 115.00 104.94 80.60 27.7 2.19 3.00 A 3.61 Jan 11,880 0.4 KT Empire Company Limited EMP.A T 3 M/GRW C$19.71 18.00 22.72 14.74 28.6 1.87 1.50 A 0.69 Apr 5,355 2.1 KT Gildan Activewear GIL N 1 M/GRW US$26.56 36.00 32.20 23.55 15.4 1.47 1.51 A 1.72 Dec 6,188 1.2 KT Great Canadian Gaming GC T 3 H/GRW C$24.59 25.00 26.20 16.55 17.6 1.12 1.25 A 1.40 Dec 1,549 0.0 KT GreenSpace Brands Inc. (ct) JTR V 1 H/GRW C$1.54 2.00 1.70 0.63 NM NA (1,729) A 1,816 Mar 81 0.0 KT Loblaw Companies Ltd. L T 2 M/GRW C$72.70 80.00 74.58 62.33 16.6 3.45 4.08 A 4.38 Dec 29,589 1.4 KT Metro, Inc. MRU T 2 M/GRW C$41.47 50.00 48.19 38.00 15.8 2.03 2.39 A 2.62 Sep 9,700 1.5 KT Sleep Country Canada Holdings Inc. ZZZ T 2 H/INC C$32.49 34.00 34.15 18.54 20.3 1.05 1.36 A 1.60 Dec 1,235 1.7 KT Winpak Ltd. WPK T 2 H/GRW C$53.42 51.00 54.09 42.40 30.7 1.55 1.61 A 1.74 Dec 3,472 0.2 KT

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Consumer - EUR Hermine de Bentzmann, RJEE Hermine.De-Bentzmann@RaymondJames.com Cedric Lecasble, RJEE Cedric.Lecasble@RaymondJames.com

Julien Richer, CFA, RJEE Julien.Richer@RaymondJames.com

Consumer Goods Beverages Campari CPR.MI BIT 2 €10.44 11.10 10.44 8.10 24.3 0.32 0.34 A 0.43 Dec 6,066 0.5 HB Diageo DGE.L L 3 2,306p NM 2,348 1,737 21.9 88.80 89.40 A 105.20 Jun £58,042 2.6 HB Pernod Ricard PERP.PA EPA 3 €108.80 NM 111.65 90.00 18.8 4.99 5.20 A 5.79 Jun 28,878 1.8 HB Remy Cointreau RCOP.PA EPA 3 €89.75 NM 90.00 64.68 35.6 1.95 2.27 A 2.52 Mar 4,460 2.0 HB

Eyecare & Eyewear Essilor ESSI.PA EPA 2 €113.85 132.00 124.55 93.41 28.0 3.50 3.71 A 4.07 Dec 24,432 1.4 CL Luxottica LUX.MI BIT 2 €51.70 60.00 56.90 39.92 26.4 1.77 1.84 A 1.96 Dec 24,775 1.9 CL

Home & Personal Care Beiersdorf BEIG.DE ETR 4 €88.54 71.00 88.61 75.00 29.4 2.91 3.01 3.24 Dec 22,312 0.8 HB BIC BICP.PA EPA 3 €113.55 NM 141.70 112.55 17.4 6.72 6.24 A 6.52 Dec 5,394 3.2 HB Henkel HNKG_p.DE ETR 1 €119.20 130.00 123.00 93.50 19.8 4.88 5.36 A 6.01 Dec 47,494 1.6 HB L'Oréal OREP.PA EPA 2 €178.70 201.00 179.60 151.30 25.6 6.18 6.46 A 6.99 Dec 100,033 2.0 HB RB RB.L L 3 7,320p NM 7,786 6,496 22.3 259.00 302.00 A 328.00 Dec £51,246 2.3 HB

Luxury Goods Christian Dior DIOR.PA EPA 2 €215.10 220.00 215.40 133.75 19.6 7.92 9.67 A 10.99 Dec 39,089 1.9 HB Hermès RMS.PA EPA 2 €436.75 465.00 438.05 289.20 38.4 9.32 10.48 A 11.38 Dec 45,703 1.2 HB Kering KER.PA EPA 1 €238.55 270.00 243.10 136.55 20.3 8.07 10.17 A 11.73 Dec 30,122 2.1 HB LVMH LVMH.PA EPA 2 €201.45 210.00 203.10 130.55 22.1 7.51 8.13 A 9.12 Dec 102,131 2.0 HB Salvatore Ferragamo SFER.MI BIT 3 €27.80 NM 28.60 17.26 22.8 1.03 1.20 A 1.22 Dec 4,692 1.7 HB Tod's Group TOD.MI BIT 4 €72.75 60.00 73.80 45.62 24.7 3.03 2.61 A 2.94 Dec 2,407 2.5 HB

Foodservices Autogrill AGL.BIT BIT 2 €9.22 10.00 9.26 6.83 23.1 0.25 0.39 A 0.40 Dec 2,342 2.0 JR Compass Group CPG.L L 3 1,507p NM 1,559 1,204 21.8 52.30 60.40 A 69.09 Sep £24,775 2.3 JR Edenred EDEN.PA EPA 2 €21.88 24.60 22.45 15.70 19.7 0.78 0.78 A 1.11 Dec 5,113 4.0 JR Elior ELIOR.PA EPA 2 €20.96 24.50 22.11 17.90 17.0 0.79 1.05 A 1.23 Sep 3,605 2.3 JR Sodexo EXHO.PA EPA 2 €107.90 114.00 111.15 87.73 21.5 4.60 4.77 A 5.01 Aug 16,584 2.5 JR

Retail Apparel H&M HMb.ST STO 3 SEK235.40 NM 305.10 226.20 19.4 12.63 11.26 A 12.16 Nov 389,611 4.2 CL Inditex ITX.MC MAD 2 €32.51 38.00 33.47 27.18 27.8 0.92 1.01 A 1.17 Jan 101,324 2.3 CL

Consumer Electronics Fnac FNAC.PA EPA 1 €66.63 70.00 70.80 46.04 21.3 3.33 3.13 3.27 Dec 1,306 0.0 CL

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Consumer - EUR Food Retail Ahold Delhaize AD.AS AMS 1 €19.90 24.50 22.20 17.89 14.5 1.10 1.17 A 1.37 Dec 25,318 2.9 CL Carrefour CARR.PA EPA 2 €21.76 26.00 26.74 20.90 13.6 1.54 1.39 A 1.60 Dec 16,456 3.3 CL Casino CASP.PA EPA 2 €49.80 53.00 55.34 41.25 16.6 3.23 2.62 A 3.00 Dec 5,527 6.3 CL Colruyt COLR.BR EBR 4 €45.08 40.00 54.98 44.04 17.5 2.49 2.57 2.62 Mar 6,744 2.6 CL Dia DIDA.MC MAD 1 €5.25 6.40 5.80 4.15 11.7 0.41 0.42 A 0.45 Dec 3,270 4.2 CL Jeronimo Martins JMT.LS ELI 3 €16.06 NM 16.59 12.85 24.0 0.53 0.62 A 0.67 Dec 10,106 3.9 CL Metro MEOG.DE ETR 1 €29.08 36.00 32.27 24.46 14.0 1.48 1.88 A 2.07 Sep 9,501 3.6 CL Rallye GENC.PA EPA 3 €18.70 NM 22.69 13.41 NM (0.28) 0.34 A 1.50 Dec 913 7.5 CL

Sporting Goods Adidas ADSGn.DE ETR 4 €177.95 149.00 185.05 100.45 29.8 3.44 4.66 A 5.97 Dec 37,231 1.4 CL Puma PUMG.DE ETR 3 €296.90 NM 311.45 185.80 71.2 2.48 4.17 6.82 Dec 4,477 0.3 CL

Raymond James Research Register - April 2017 25

Energy

USA Canada Europe

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

Independent Refiners ................................................. 27

Integrated Oil and Gas ................................................ 27

Midstream Suppliers................................................... 28

Oilfield Services .......................................................... 29

Compression ............................................................ 29

Diversified Oilfield Services ..................................... 29

Manufacturing & Fabrication .................................. 29

Offshore Construction ............................................. 29

Offshore Drillers ...................................................... 29

Onshore Drillers....................................................... 30

Production/Workover/Miscellaneous ..................... 30

Renewable Energy and Clean Technology .................. 30

Fuels and Chemicals ................................................ 30

Power ...................................................................... 30

Water....................................................................... 30

Intermediate Oil & Gas Producers .............................. 31

Junior Oil & Gas Producers ......................................... 31

Oil & Gas Energy Services ........................................... 32

Ancillary Wellsite Services ....................................... 32

Blended Production/Midstream/Wellsite ............... 32

Contract Drillers ...................................................... 32

Pressure Pumpers ................................................... 32

Workforce Accommodations .................................. 32

Oil Sands ..................................................................... 32

Power & Energy Infrastructure ................................... 32

Diversified & Utilities............................................... 32

Independent Power Producers ............................... 33

Pipelines & Midstream ............................................ 33

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

Integrated Oil and Gas ................................................ 34

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

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

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

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

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

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Energy - USA J. Marshall Adkins Marshall.Adkins@RaymondJames.com John Freeman, CFA John.Freeman@RaymondJames.com

Darren Horowitz Darren.Horowitz@RaymondJames.com Pavel Molchanov Pavel.Molchanov@RaymondJames.com

Benjamin Brownlow Benjamin.Brownlow@RaymondJames.com Justin Jenkins Justin.Jenkins@RaymondJames.com

Praveen Narra, CFA Praveen.Narra@RaymondJames.com

Exploration and Production Anadarko Petroleum Corp. APC N 3 H/GRW 61.14 NM 73.33 43.52 36.4 (2.00) (3.07) A 1.68 Dec 33,700 0.3 JF Antero Resources Corporation AR N 1 H/GRW 22.67 36.00 30.66 22.08 30.2 0.57 0.72 A 0.75 Dec 6,388 0.0 JF Apache Corporation APA N 2 H/GRW 51.22 65.00 69.00 46.15 12.2 (0.38) (0.66) A 4.19 Dec 19,435 2.0 JF Black Stone Minerals L.P. (cu) BSM N 2 H/INC 16.39 21.00 19.86 13.47 13.3 0.79 1.13 A 1.23 Dec 3,129 7.5 JF Cabot Oil & Gas Corporation COG N 1 H/GRW 23.55 32.00 26.74 20.02 34.6 0.13 (0.21) A 0.68 Dec 10,954 0.3 JF California Resources Corporation CRC N 3 H/GRW 13.89 NM 25.50 8.79 17.1 (8.12) (7.86) A 0.81 Dec 581 0.0 PM Carrizo Oil & Gas, Inc. CRZO Q 1 H/GRW 28.53 45.00 43.96 26.08 24.4 1.07 1.13 A 1.17 Dec 1,858 0.0 JF Chesapeake Energy Corporation CHK N 4 NM 5.39 NM 8.20 3.53 7.0 (0.21) (0.06) A 0.77 Dec 4,824 0.0 JF Cimarex Energy Co. XEC N 3 H/GRW 119.47 NM 146.96 93.00 19.7 (0.59) 0.69 A 6.07 Dec 11,364 0.3 JF Clayton Williams Energy, Inc. CWEI N 3 H/GRW 131.77 NM 149.86 6.35 NM (5.81) (9.26) A (4.06) Dec 2,323 0.0 JF Concho Resources Inc. CXO N 1 H/GRW 127.62 165.00 147.55 95.87 56.2 0.98 0.74 A 2.27 Dec 18,640 0.0 JF ConocoPhillips COP N 3 M/INC 45.38 NM 53.17 38.19 11.6 (1.39) (2.66) A 3.90 Dec 56,557 2.3 PM CONSOL Energy Inc. CNX N 3 H/GRW 16.00 NM 22.34 10.38 50.0 (0.41) (0.37) A 0.32 Dec 3,671 0.0 JF Continental Resources Inc. CLR N 1 H/GRW 43.39 61.00 60.30 27.46 25.7 (0.31) (0.88) A 1.69 Dec 16,249 0.0 JF Devon Energy Corporation DVN N 3 H/GRW 39.62 NM 50.69 24.58 18.1 2.53 (0.07) A 2.19 Dec 20,721 0.6 JF Diamondback Energy, Inc. FANG Q 2 H/GRW 101.23 120.00 114.00 73.12 17.5 1.78 1.79 A 5.79 Dec 9,125 0.0 JF Energen Corp. EGN N 2 H/GRW 52.84 66.00 64.44 32.25 33.4 0.81 (1.44) A 1.58 Dec 5,126 0.0 JF EOG Resources, Inc. EOG N 3 H/GRW 95.29 NM 109.37 69.66 27.2 0.06 (1.63) A 3.50 Dec 54,954 0.7 JF Hess Corp. HES N 2 H/GRW 47.45 75.00 65.56 45.12 NM (3.92) (4.93) (0.38) Dec 14,866 2.1 PM Kimbell Royalty Partners L.P. (cu) KRP N 1 H/INC 19.50 25.00 20.89 18.06 12.2 NA NA 1.60 Dec 318 0.0 JF Kosmos Energy Ltd. KOS N 1 H/GRW 6.17 8.00 7.39 4.39 NM (0.11) (0.26) A (0.01) Dec 2,383 0.0 PM Laredo Petroleum Inc. LPI N 2 H/GRW 14.01 19.00 16.47 7.23 12.3 0.21 0.49 A 1.14 Dec 3,389 0.0 JF Marathon Oil Corp. MRO N 1 M/GRW 15.23 23.00 19.28 9.77 31.1 (1.28) (0.85) A 0.49 Dec 12,900 1.3 PM Matador Resources Company MTDR N 2 H/GRW 22.84 33.00 28.51 17.76 13.8 0.79 (0.03) A 1.65 Dec 2,273 0.0 JF Murphy Oil Corp. MUR N 3 M/INC 27.26 NM 37.48 23.24 13.6 (3.08) (1.36) A 2.00 Dec 4,694 3.7 PM National Fuel Gas Company NFG N 3 H/GRW 59.74 NM 61.25 47.49 18.3 2.97 3.10 A 3.26 Sep 5,095 2.7 JF Newfield Exploration Company NFX N 1 H/GRW 35.74 48.00 50.00 30.88 16.9 1.05 1.21 A 2.11 Dec 7,111 0.0 JF Noble Energy, Inc. NBL N 3 H/GRW 34.15 NM 42.03 28.82 48.1 0.53 (0.58) A 0.71 Dec 14,702 1.2 JF Northern Oil & Gas Inc. NOG M 3 H/GRW 2.60 NM 5.85 1.55 11.3 0.78 0.19 A 0.23 Dec 164 0.0 JF

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Energy - USA Exploration and Production Oasis Petroleum Inc. OAS N 1 H/GRW 13.18 20.00 17.08 6.44 94.1 0.78 (0.51) A 0.14 Dec 3,115 0.0 JF Occidental Petroleum Corp. OXY N 2 M/INC 63.40 80.00 78.48 61.01 23.3 0.11 (1.01) A 2.72 Dec 48,444 4.8 PM Parsley Energy, Inc. PE N 1 H/GRW 31.57 40.00 39.82 21.23 45.1 (0.18) 0.12 A 0.70 Dec 8,663 0.0 JF Pioneer Natural Resources Company PXD N 1 H/GRW 185.37 240.00 199.83 134.95 NM (0.12) (0.20) 3.48 Dec 31,462 0.0 JF QEP Resources, Inc. QEP N 1 H/GRW 12.81 22.00 21.12 11.69 NM 0.04 (1.08) A (0.51) Dec 3,069 0.0 JF Range Resources Corp. RRC N 2 H/GRW 27.79 42.00 46.96 26.61 33.9 0.46 0.03 A 0.82 Dec 6,868 0.3 JF RSP Permian, Inc. RSPP N 1 H/GRW 40.33 56.00 46.92 27.19 22.3 0.56 (0.07) A 1.81 Dec 5,724 0.0 JF SM Energy Company SM N 2 H/GRW 23.06 39.00 43.09 16.24 NM (0.54) (1.98) A (0.91) Dec 2,566 0.4 JF Southwestern Energy Company SWN N 3 H/GRW 7.89 NM 15.59 7.11 7.5 0.19 (0.03) A 1.05 Dec 3,907 0.0 JF SRC Energy Inc. SRCI M 1 H/GRW 8.08 11.00 10.38 5.34 21.3 0.32 (0.02) A 0.38 Dec 1,627 0.0 JF Viper Energy Partners L.P. (cu) VNOM Q 1 H/INC 17.59 23.00 20.25 13.53 11.7 0.84 0.80 A 1.50 Dec 1,544 5.9 JF Whiting Petroleum Corp. WLL N 1 H/GRW 8.70 16.00 14.44 6.38 NM (0.78) (2.18) A (0.24) Dec 3,150 0.0 JF WildHorse Resource Development Corporation WRD N 1 H/GRW 11.56 22.00 16.48 11.01 NM NA (0.03) 0.91 Dec 1,052 0.0 JF WPX Energy Inc. WPX N 2 H/GRW 12.75 17.00 16.17 6.04 NM (0.50) (0.74) A (0.52) Dec 4,395 24.5 JF

Independent Refiners Delek US Holdings, Inc. DK N 2 H/GRW 24.13 30.00 26.06 11.41 NM 1.68 (1.35) A 0.20 Dec 1,494 2.5 JJ HollyFrontier Corp. HFC N 3 H/GRW 26.80 NM 37.98 22.07 13.4 4.72 0.51 A 2.00 Dec 4,719 4.9 JJ Marathon Petroleum Corp. MPC N 1 H/GRW 49.03 65.00 54.59 32.02 17.2 5.91 2.13 A 2.85 Dec 25,937 2.9 JJ PBF Energy, Inc. PBF N 3 H/GRW 21.11 NM 35.68 19.47 16.9 4.25 (1.28) A 1.25 Dec 2,212 5.7 JJ Phillips 66 PSX N 2 H/GRW 77.92 93.00 89.31 73.67 16.9 7.67 2.83 A 4.60 Dec 41,009 3.2 JJ Tesoro Corp. TSO N 3 H/GRW 81.63 NM 93.06 69.49 15.9 14.04 4.29 A 5.15 Dec 9,649 2.7 JJ Valero Energy Corp. VLO N 2 H/GRW 66.29 75.00 71.40 46.88 11.5 9.11 3.72 A 5.75 Dec 30,029 4.2 JJ Western Refining, Inc. WNR N 3 H/GRW 35.26 NM 40.09 18.14 15.7 4.88 1.20 A 2.25 Dec 3,506 4.3 JJ

Integrated Oil and Gas Chevron Corp. CVX N 3 M/INC 107.17 NM 119.00 92.43 14.6 3.41 0.97 A 7.36 Dec 202,551 4.0 PM Ecopetrol S.A. (ed, r) EC N 3 H/GRW 9.10 NM 10.29 7.65 7.6 0.26 0.33 A 1.19 Dec 18,708 0.1 PM Exxon Mobil Corp. XOM N 4 NM 81.84 NM 95.55 80.31 14.4 3.85 2.36 A 5.69 Dec 341,764 3.7 PM Petróleo Brasileiro S.A. (ed, r) PBR N 3 H/GRW 9.31 NM 12.56 5.19 6.7 0.00 (0.12) A 1.38 Dec 60,722 0.0 PM YPF S.A. (ed, r) YPF N 2 H/GRW 23.90 23.00 24.18 15.00 NM 1.43 0.00 A (0.17) Dec 9,395 1.3 PM

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Energy - USA Midstream Suppliers AmeriGas Partners L.P. APU N 3 H/INC 45.93 NM 50.11 40.81 18.7 1.92 1.79 A 2.45 Sep 4,268 8.2 BBL,DH Antero Midstream Partners L.P. AM N 1 H/GRW 32.55 39.00 35.74 20.52 19.7 0.76 1.24 A 1.65 Dec 5,823 3.3 DH Boardwalk Pipeline Partners L.P. BWP N 3 H/INC 17.51 NM 18.95 13.51 13.3 0.87 1.18 A 1.32 Dec 4,383 2.3 DH Calumet Specialty Products Partners, L.P. CLMT Q 4 NM 3.70 NM 12.69 2.79 NM (2.00) (4.19) A (1.64) Dec 283 0.0 JJ,DH Capital Product Partners L.P. CPLP Q 3 H/INC 3.36 NM 4.05 2.41 16.0 0.37 0.34 A 0.21 Dec 410 9.5 BBL,DH Cheniere Energy Partners, L.P. CQP M 3 H/INC 32.34 NM 33.33 25.87 37.6 (0.43) (0.28) A 0.86 Dec 10,924 5.3 DH,PM Cheniere Energy, Inc. LNG M 3 H/GRW 45.58 NM 50.53 31.02 NM (2.14) (1.94) A (0.68) Dec 10,433 0.0 PM,DH Crestwood Equity Partners L.P. CEQP N 2 H/INC 25.40 28.00 28.30 9.58 70.6 (54.00) (3.55) A 0.36 Dec 4,735 9.4 DH CrossAmerica Partners L.P. CAPL N 2 H/INC 25.41 28.00 27.94 22.29 60.5 0.35 0.32 A 0.42 Dec 851 9.6 BBL,DH Delek Logistics Partners L.P. DKL N 2 H/INC 31.50 37.00 36.05 21.30 13.1 2.53 2.07 A 2.40 Dec 769 8.6 JJ,DH Energy Transfer Equity L.P. ETE N 2 H/GRW 18.78 23.00 20.05 6.37 9.3 1.13 0.93 A 2.01 Dec 19,662 6.1 DH Energy Transfer Partners L.P. ETP N 2 H/INC 35.44 42.00 43.50 28.06 48.5 0.01 (2.00) A 0.73 Dec 25,178 11.9 DH EnLink Midstream LLC ENLC N 2 H/GRW 18.60 22.00 20.45 9.91 NM (2.17) (2.57) A (0.03) Dec 3,050 5.5 DH EnLink Midstream Partners L.P. ENLK N 2 H/INC 17.51 20.00 19.89 10.51 NM (4.33) (1.99) A (0.32) Dec 4,027 8.9 DH Enterprise Products Partners L.P. EPD N 1 H/INC 27.01 33.00 30.25 23.56 19.7 1.27 1.20 A 1.37 Dec 50,617 6.1 DH Ferrellgas Partners L.P. FGP N 4 NM 6.21 NM 20.85 5.04 NM 0.28 (6.74) A (0.37) Jul 609 6.4 BBL,DH Genesis Energy L.P. GEL N 2 H/INC 31.17 41.00 40.90 29.19 24.4 4.12 1.00 A 1.28 Dec 3,677 9.0 DH,JJ Global Partners L.P. GLP N 3 H/INC 19.15 NM 21.95 12.28 47.9 1.16 (5.91) A 0.40 Dec 647 9.7 BBL,DH Golar LNG Partners L.P. GMLP Q 3 H/INC 22.16 NM 25.82 13.91 9.6 2.58 2.74 A 2.30 Dec 1,354 10.4 BBL,DH Holly Energy Partners L.P. HEP N 3 H/INC 34.11 NM 38.09 29.53 18.3 1.62 1.69 A 1.86 Dec 2,141 7.1 JJ,DH Kinder Morgan, Inc. KMI N 1 M/INC 21.42 27.00 23.36 16.63 31.5 0.14 0.24 A 0.68 Dec 47,769 2.3 DH KNOT Offshore Partners L.P. KNOP N 2 H/INC 22.50 25.00 24.68 16.07 12.6 1.48 2.07 A 1.79 Dec 657 9.2 BBL,DH Magellan Midstream Partners L.P. MMP N 2 H/INC 75.66 85.00 81.77 63.40 19.7 3.59 3.52 A 3.84 Dec 17,234 4.5 DH,JJ Martin Midstream Partners L.P. MMLP Q 2 H/INC 18.90 21.00 25.38 15.58 54.0 0.62 0.65 A 0.35 Dec 670 10.6 DH MPLX L.P. MPLX N 1 H/GRW 35.18 44.00 39.43 25.98 26.3 1.26 0.00 A 1.34 Dec 12,700 5.9 JJ,DH NGL Energy Partners L.P. NGL N 2 H/INC 21.15 26.00 25.80 7.10 16.9 (0.36) (2.35) A 1.25 Mar 2,307 7.4 DH NuStar Energy L.P. NS N 3 H/INC 50.57 NM 55.64 37.15 39.8 3.30 1.27 2.23 Dec 3,976 8.7 DH,JJ NuStar GP Holdings, LLC NSH N 3 H/INC 27.20 NM 31.50 19.27 15.9 1.68 1.28 A 1.71 Dec 1,168 8.0 DH,JJ PBF Logistics L.P. PBFX N 2 H/INC 21.35 23.00 23.49 17.45 8.2 2.18 2.04 A 2.59 Dec 891 8.4 JJ,DH PennTex Midstream Partners L.P. PTXP Q 2 H/INC 16.83 18.00 18.00 9.01 25.5 0.17 0.00 A 0.66 Dec 673 7.0 DH Phillips 66 Partners L.P. PSXP N 2 H/INC 49.90 65.00 64.83 42.47 22.6 1.89 2.21 3.21 Dec 5,458 4.5 JJ,DH Plains All American Pipeline L.P. PAA N 3 H/INC 31.48 NM 33.95 19.76 18.7 1.46 0.93 A 1.68 Dec 21,066 7.0 DH,JJ Plains GP Holdings L.P. PAGP N 3 H/INC 31.77 NM 36.59 20.89 18.9 1.41 0.94 A 1.68 Dec 3,209 6.9 DH,JJ SemGroup Corporation SEMG N 3 H/INC 33.55 NM 43.20 20.06 20.5 0.69 (0.13) A 1.64 Dec 2,218 5.4 DH,JJ

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Energy - USA Midstream Suppliers Southcross Energy Partners L.P. SXE N 4 NM 3.37 NM 3.70 0.97 NM (1.69) (1.48) A (4.10) Dec 262 0.0 DH Spectra Energy Partners L.P. SEP N 2 H/INC 42.21 47.00 50.43 40.19 13.5 3.30 2.84 A 3.12 Dec 13,018 6.5 DH Sprague Resources L.P. SRLP N 2 H/INC 26.65 32.00 30.35 18.15 8.4 3.65 0.38 A 3.19 Dec 568 8.7 JJ,DH Suburban Propane Partners L.P. SPH N 3 H/INC 26.56 NM 37.10 24.00 19.0 1.38 0.23 A 1.40 Sep 1,622 13.4 BBL,DH Sunoco L.P. SUN N 2 H/INC 23.99 31.00 37.25 21.01 15.3 1.57 (4.93) A 1.57 Dec 2,356 13.8 BBL,DH Targa Resources Corp. TRGP N 2 H/GRW 57.32 64.00 61.83 26.46 NM 0.42 (1.69) A (0.47) Dec 10,588 6.4 DH Teekay Corporation TK N 3 H/GRW 9.10 NM 11.85 5.45 NM 1.12 (1.70) A (1.07) Dec 779 2.4 BBL,DH Teekay LNG Partners L.P. TGP N 3 H/INC 17.50 NM 19.90 9.47 9.2 2.31 1.87 A 1.90 Dec 1,393 3.2 BBL,DH Teekay Offshore Partners L.P. TOO N 2 H/INC 4.84 8.00 7.25 4.06 5.5 0.95 0.18 A 0.88 Dec 714 9.1 BBL,DH Tesoro Logistics L.P. TLLP N 1 H/INC 52.17 65.00 60.14 41.22 16.9 2.33 1.91 A 3.08 Dec 5,373 7.0 JJ,DH Valero Energy Partners L.P. VLP N 2 H/GRW 47.54 55.00 51.00 38.90 12.6 2.09 2.82 A 3.78 Dec 3,104 3.4 JJ,DH Western Refining Logistics L.P. WNRL N 1 H/GRW 24.70 28.00 26.58 18.85 12.9 1.31 1.20 A 1.91 Dec 1,504 7.1 JJ,DH The Williams Companies, Inc. WMB N 2 H/GRW 28.59 31.00 32.69 14.60 15.8 (0.76) (0.56) A 1.81 Dec 21,443 4.2 DH Williams Partners L.P. WPZ N 1 H/INC 39.88 44.00 42.32 17.08 24.5 (3.28) (0.08) A 1.63 Dec 24,875 8.5 DH

Oilfield Services Compression Archrock Partners L.P. APLP Q 2 H/INC 17.00 19.00 18.55 9.61 27.0 1.15 0.71 A 0.63 Dec 1,015 6.7 JMA,PN CSI Compressco Partners L.P. CCLP Q 2 H/INC 9.09 12.00 13.54 5.17 NM 0.10 (0.84) A (0.70) Dec 302 16.6 JMA,PN USA Compression Partners L.P. USAC N 2 H/INC 16.37 20.00 19.78 10.31 54.6 (2.65) 0.34 A 0.30 Dec 476 12.8 JMA,PN

Diversified Oilfield Services Baker Hughes, Inc. BHI N 2 H/GRW 59.07 70.00 68.59 38.16 NM (0.48) (1.47) A 0.45 Dec 25,046 1.2 JMA,PN Halliburton HAL N 1 H/GRW 48.02 62.00 58.78 33.26 35.6 1.56 (0.02) A 1.35 Dec 41,585 1.5 JMA,PN Schlumberger Ltd. SLB N 3 H/GRW 78.31 NM 87.84 71.34 47.5 3.36 1.16 A 1.65 Dec 108,929 2.6 JMA,PN Weatherford WFT N 2 H/GRW 6.50 7.00 8.49 3.73 NM (0.33) (1.29) A (0.65) Dec 6,390 0.0 JMA,PN

Manufacturing & Fabrication National Oilwell Varco Inc. NOV N 2 H/GRW 39.30 45.00 43.63 26.86 NM 2.75 (0.85) A 0.30 Dec 14,880 0.5 JMA,PN Oil States International, Inc. OIS N 2 H/GRW 31.45 41.00 41.75 27.07 NM 0.83 (0.88) A (0.65) Dec 1,616 0.0 JMA,PN TechnipFMC plc FTI N 3 H/GRW 31.97 NM 36.14 30.61 32.0 2.23 1.00 0.95 Dec 7,216 0.0 JMA,PN

Offshore Construction Helix Energy Solutions Group HLX N 3 H/GRW 7.29 NM 11.87 4.87 NM 0.20 (0.32) A (0.25) Dec 879 0.0 JMA,PN

Offshore Drillers Atwood Oceanics ATW N 4 NM 9.38 NM 15.37 6.12 NM 7.74 4.84 A (0.60) Sep 609 0.0 PN,JMA Diamond Offshore DO N 3 H/GRW 16.06 NM 26.72 14.48 14.6 2.98 1.24 A 1.10 Dec 2,234 0.0 PN,JMA Ensco plc ESV N 3 H/GRW 8.65 NM 12.36 6.50 NM 4.43 1.57 A (0.35) Dec 2,002 0.5 PN,JMA Noble Corp plc NE N 3 H/GRW 6.14 NM 12.19 4.45 NM 2.61 (0.06) A (1.40) Dec 1,493 0.0 PN,JMA Pacific Drilling PACD N 4 NM 2.23 NM 11.56 1.82 NM 8.10 (3.69) (18.50) Dec 47 0.0 PN,JMA Rowan Companies RDC N 3 H/GRW 15.02 NM 21.68 12.00 NM 3.54 2.00 A (1.80) Dec 1,865 0.0 PN,JMA Transocean RIG N 4 NM 12.23 NM 16.66 8.34 NM 3.83 0.84 A (1.25) Dec 4,762 0.0 PN,JMA

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Energy - USA Onshore Drillers Nabors Industries Ltd. NBR N 1 H/GRW 12.49 19.00 18.40 7.61 NM (0.29) (1.25) A (0.85) Dec 3,546 1.9 JMA,PN Patterson-UTI Energy, Inc. PTEN Q 1 H/GRW 23.45 34.00 29.76 16.06 NM (0.72) (2.25) A (1.20) Dec 3,474 0.3 JMA,PN Pioneer Energy Services Corp PES N 3 H/SPEC 3.85 NM 7.20 1.98 NM (0.87) (1.26) A (0.60) Dec 241 0.0 JMA,PN Unit Corporation UNT N 1 H/GRW 22.37 33.00 30.63 8.12 11.8 (0.15) (0.29) A 1.90 Dec 1,152 0.0 JMA,PN

Production/Workover/Miscellaneous Cypress Energy Partners L.P. CELP N 3 H/INC 8.15 NM 14.27 7.34 18.1 0.83 0.67 A 0.45 Dec 97 20.0 JMA,PN Dawson Geophysical Company DWSN Q 1 H/SPEC 5.48 9.00 9.00 4.00 NM (1.14) (1.84) A (1.10) Dec 116 0.0 JMA,PN Hi-Crush Partners L.P. HCLP N 1 H/GRW 16.55 28.00 23.30 4.25 13.8 0.81 (0.79) A 1.20 Dec 1,054 0.0 JMA,PN Mammoth Energy Services, Inc. TUSK Q 2 H/GRW 19.59 25.00 24.54 11.91 65.3 (0.73) (0.80) A 0.30 Dec 735 0.0 PN,JMA Newpark Resources NR N 1 H/GRW 7.80 10.00 8.75 3.74 NM (0.23) (0.40) A 0.00 Dec 661 0.0 JMA,PN RPC, Inc. RES N 1 H/GRW 17.24 26.00 23.36 13.12 57.5 (0.45) (0.72) A 0.30 Dec 3,750 1.2 JMA,PN Superior Energy Services, Inc. SPN N 1 H/GRW 13.07 20.00 19.83 12.25 NM (1.29) (2.49) A (1.45) Dec 1,985 0.0 JMA,PN TETRA Technologies Inc. TTI N 2 H/GRW 3.90 5.50 7.75 3.46 NM 0.31 (0.59) A (0.35) Dec 448 0.0 JMA,PN

Renewable Energy and Clean Technology Fuels and Chemicals Chart Industries, Inc. GTLS Q 3 H/GRW 33.14 NM 40.87 19.79 41.9 1.25 1.18 A 0.79 Dec 1,031 0.0 PM Clean Energy Fuels Corp. CLNE Q 3 H/GRW 2.54 NM 4.80 2.38 NM (0.78) (0.32) A (0.46) Dec 353 0.0 PM Green Plains Partners L.P. GPP Q 1 M/INC 19.95 23.00 21.75 13.01 9.6 0.76 1.75 A 2.07 Dec 634 8.6 PM

Power 8point3 Energy Partners L.P. CAFD Q 1 M/INC 13.90 20.00 17.34 12.04 17.8 0.79 1.27 A 0.78 Nov 987 7.4 PM Advanced Energy Industries, Inc. AEIS Q 3 H/GRW 66.75 NM 70.64 31.98 17.2 1.84 3.12 A 3.89 Dec 2,670 0.0 PM EnerNOC, Inc. ENOC Q 1 H/GRW 5.65 10.00 7.88 4.80 NM (1.74) (2.00) A (2.25) Dec 167 0.0 PM Enphase Energy, Inc. ENPH Q 3 H/GRW 1.25 NM 2.80 0.95 NM (0.17) (1.04) A (0.28) Dec 92 0.0 PM Enviva Partners L.P. EVA N 2 M/INC 28.10 30.00 29.98 19.31 17.6 1.03 1.57 A 1.60 Dec 717 7.6 PM First Solar, Inc. FSLR Q 3 H/GRW 28.28 NM 70.29 27.75 74.4 4.96 5.17 A 0.38 Dec 2,941 0.0 PM NextEra Energy Partners, L.P. NEP N 2 M/INC 33.15 35.00 33.90 23.90 18.2 NA 2.05 A 1.82 Dec 1,797 4.3 PM Silver Spring Networks, Inc. SSNI N 1 H/GRW 10.84 16.00 15.40 10.18 43.4 0.09 0.22 A 0.25 Dec 590 0.0 PM SunPower Corp. SPWR Q 2 H/GRW 6.11 15.00 23.30 5.84 27.8 2.16 (0.46) A 0.22 Dec 846 0.0 PM TPI Composites, Inc. TPIC Q 2 H/GRW 17.40 24.00 23.30 11.31 52.7 1.23 0.50 A 0.33 Dec 586 0.0 PM

Water AquaVenture Holdings Ltd. WAAS N 1 H/GRW 17.09 27.00 26.33 14.30 NM (0.76) (0.83) A (0.48) Dec 441 0.0 PM

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Energy - CAN Andrew Bradford, CFA andrew.bradford@raymondjames.ca Steven Li, CFA steven.li@raymondjames.ca

Kurt Molnar kurt.molnar@raymondjames.ca Chris Cox, CFA chris.cox@raymondjames.ca

Jeremy McCrea, CFA jeremy.mccrea@raymondjames.ca Frederic Bastien, CFA frederic.bastien@raymondjames.ca

David Quezada, CFA david.quezada@raymondjames.ca

Intermediate Oil & Gas Producers Advantage Oil & Gas Ltd. (cf) AAV T 2 H/GRW C$8.64 13.25 10.33 6.41 7.6 0.72 0.92 A 1.13 Dec 1,596 0.0 KM ARC Resources Ltd. (cf) ARX T 2 H/INC C$19.27 29.00 24.94 17.43 8.2 2.26 1.80 A 2.34 Dec 6,958 3.1 JM Athabasca Oil Corp. (cb) ATH T 2 H/GRW C$1.45 3.00 2.14 0.94 NM (26) (65) 210 Dec 734 0.0 CC Baytex Energy Corporation (cf) BTE T 3 H/GRW C$4.47 7.50 9.04 4.02 NM 542 344 456 Dec 1,031 0.0 CC Bellatrix Exploration Ltd. (cf) BXE T 3 H/GRW C$1.03 1.50 1.68 0.96 2.8 0.57 0.20 A 0.37 Dec 198 0.0 JM Birchcliff Energy Ltd. (cf) BIR T 2 H/GRW C$7.41 13.00 10.50 4.04 5.2 1.04 0.73 A 1.43 Dec 1,956 1.3 KM Bonavista Energy Corporation (cf) BNP T 3 H/GRW C$3.35 4.50 5.58 2.23 2.6 1.72 1.10 A 1.31 Dec 868 1.2 JM Bonterra Energy Corp. (cf) BNE T 2 H/INC C$22.47 31.00 29.76 19.42 5.1 3.62 2.91 A 4.38 Dec 744 5.3 JM Crescent Point Energy (cf) CPG T 2 H/GRW C$14.82 24.00 24.01 13.79 NM 1,978 1,652 1,864 Dec 8,024 2.4 CC Crew Energy Inc. (cf) CR T 1 H/GRW C$4.95 10.75 8.10 3.46 5.3 0.60 0.55 A 0.94 Dec 727 0.0 KM Enerplus Corporation (cf) ERF T 2 H/GRW C$10.59 16.00 13.55 4.56 5.5 2.39 1.32 A 1.91 Dec 2,547 1.1 KM Freehold Royalties Ltd. (cf) FRU T 3 M/INC C$13.35 15.50 15.16 9.66 11.7 1.14 0.85 A 1.14 Dec 1,574 4.5 JM Kelt Exploration Ltd. (cf) KEL T 1 H/GRW C$6.39 10.00 7.49 3.42 8.8 0.36 0.33 A 0.73 Dec 1,227 0.0 JM NuVista Energy Ltd. (cf) NVA T 2 H/GRW C$6.19 10.00 7.80 4.45 6.0 0.84 0.87 A 1.03 Dec 1,070 0.0 KM Painted Pony Petroleum Ltd. (cf) PPY T R H/GRW C$5.67 R 10.50 4.00 R R R R Dec R R JM Paramount Resources Ltd. (cf) POU T 1 H/GRW C$16.27 27.50 18.92 5.44 10.2 0.88 0.34 A 1.59 Dec 1,721 0.0 KM Pengrowth Energy Corporation (cf) PGF T 3 H/INC C$1.38 1.75 2.70 1.29 NM 643 566 A 267 Dec 756 0.0 CC Penn West Petroleum Ltd. (cf) PWT T 2 H/GRW C$2.19 2.75 2.72 0.78 5.5 0.36 (0.06) A 0.40 Dec 1,101 0.0 JM Peyto Exploration and Development (cf) PEY T 2 M/GRW C$27.32 41.00 39.41 26.25 6.7 3.59 3.17 A 4.07 Dec 4,497 4.8 KM PrairieSky Royalty Ltd. (cf) PSK T 2 M/INC C$28.18 34.00 34.32 22.59 23.9 1.14 0.88 A 1.18 Dec 6,715 2.7 JM Raging River Exploration Inc. (cf) RRX T 3 H/GRW C$9.37 11.00 11.87 8.33 7.3 0.81 0.83 A 1.29 Dec 2,253 0.0 JM Seven Generations Energy Ltd. (cf) VII T 1 H/GRW C$23.10 40.50 32.90 18.53 6.3 1.66 2.30 A 3.64 Dec 8,092 0.0 KM Tourmaline Oil Corp. (cf) TOU T 2 H/GRW C$29.39 45.00 39.77 24.62 5.6 3.96 3.12 A 5.29 Dec 7,894 0.0 KM Trilogy Energy Corp. (cf) TET T 2 H/GRW C$4.64 12.00 8.33 3.26 4.1 0.87 0.44 A 1.13 Dec 585 0.0 KM Whitecap Resources Inc. (cf) WCP T 2 H/INC C$10.30 14.00 12.90 7.03 6.9 1.69 1.12 A 1.50 Dec 3,836 2.7 JM

Junior Oil & Gas Producers Chinook Energy, Inc. (cf) CKE T 4 H/GRW C$0.38 0.35 0.59 0.37 7.5 0.04 0.00 A 0.05 Dec 81 0.0 KM Delphi Energy Corp. (cf) DEE T 1 H/GRW C$1.33 2.75 1.79 0.72 4.3 0.28 0.19 A 0.31 Dec 207 0.0 KM Granite Oil Corp. (cf) GXO T 1 H/INC C$6.25 10.50 8.22 4.31 7.2 2.38 0.75 A 0.87 Dec 211 6.7 KM Leucrotta Exploration Inc. (cf) LXE V 2 H/GRW C$2.23 2.85 2.45 1.27 NM 0.00 0.00 0.17 Dec 368 0.0 KM RMP Energy Inc. (cf) RMP T 3 H/GRW C$0.70 0.75 1.97 0.62 4.4 0.75 0.20 A 0.16 Dec 106 0.0 KM Storm Resources Ltd. (cf) SRX V 2 H/GRW C$4.00 6.00 5.66 3.22 5.7 0.34 0.29 A 0.70 Dec 478 0.0 KM Yangarra Resources Ltd. (cf) YGR T 2 H/GRW C$2.59 3.50 2.85 0.66 4.0 0.33 0.21 A 0.65 Dec 205 0.0 JM

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Energy - CAN Oil & Gas Energy Services Ancillary Wellsite Services Essential Energy Services Ltd. (cb) ESN T 1 H/GRW C$0.67 1.50 0.90 0.52 NM 21 (2) 26 Dec 102 0.0 AB Strad Energy Services Ltd. (cb) SDY T 1 H/GRW C$1.38 2.65 1.95 1.32 NM 18 3 29 Dec 85 0.0 AB

Blended Production/Midstream/Wellsite Canadian Energy Services & Technology Corp. (cb) CEU T 1 H/GRW C$7.21 7.50 8.65 2.85 NM 89 47 133 Dec 2,033 0.4 AB Enerflex Ltd. (cb) EFX T 2 H/INC C$18.45 17.50 19.17 8.59 NM 193 177 230 Dec 1,662 1.8 AB Mullen Group Ltd. (cb) MTL T 2 M/INC C$16.75 18.50 20.32 13.28 NM 213 186 A 218 Dec 1,777 2.1 AB Secure Energy Services Inc. (cb) SES T 1 H/INC C$9.84 13.15 12.04 7.61 NM 111 90 158 Dec 1,666 2.4 AB

Contract Drillers Ensign Energy Services Inc. (cb) ESI T 3 H/INC C$7.89 9.45 10.41 5.58 NM 326 187 262 Dec 1,329 6.1 AB Precision Drilling Corporation (cb) PD T 3 H/GRW C$6.02 8.25 8.21 4.66 NM 489 256 A 348 Dec 1,825 0.0 AB Savanna Energy Services (cb) SVY T R H/GRW C$1.98 R 2.24 1.22 R R R R Dec R R AB Trinidad Drilling Ltd. (cb) TDG T 2 H/GRW C$2.27 4.10 3.77 1.53 NM 186 142 127 Dec 618 0.0 AB Western Energy Services Corp. (cb) WRG T R H/GRW C$2.40 R 3.71 1.95 R R R R Dec R R AB

Pressure Pumpers Calfrac Well Services (cb) CFW T 3 H/GRW C$3.39 4.95 5.34 1.19 NM 32 (41) 72 Dec 481 0.0 AB Canyon Services Group Inc. (cb) FRC T 2 H/GRW C$6.33 9.45 7.58 3.38 NM 31 (21) 49 Dec 574 0.0 AB Trican Well Service (cb) TCW T 2 H/GRW C$3.88 6.15 5.59 1.06 NM (53) (62) 59 Dec 815 0.0 AB

Workforce Accommodations Black Diamond Group Limited (cb) BDI T 2 H/INC C$3.87 6.50 6.79 2.97 NM 90 45 58 Dec 194 7.8 AB Horizon North Logistics Inc. (cb) HNL T 3 H/INC C$1.76 2.00 2.35 1.09 NM 62 32 48 Dec 271 4.5 AB

Oil Sands MEG Energy Corp. (cb) MEG T 2 H/GRW C$6.26 8.00 9.83 4.72 NM 303 157 A 719 Dec 1,419 0.0 CC

Power & Energy Infrastructure Diversified & Utilities Algonquin Power & Utilities AQN T 1 M/INC C$12.90 15.00 12.98 10.47 18.2 0.47 0.57 A 0.71 Dec 4,923 4.7 DQ Brookfield Infrastructure Partners L.P. (x) BIP N 2 M/INC US$38.78 43.00 38.96 26.07 12.7 2.40 2.72 A 3.05 Dec 14,329 4.5 FB Emera Inc. EMA T 3 M/INC C$47.08 51.50 50.19 43.76 17.4 2.26 2.77 A 2.70 Dec 9,604 4.4 DQ Fortis, Inc. FTS T 3 M/INC C$44.10 50.00 44.87 38.52 17.5 2.08 2.31 A 2.52 Dec 17,706 3.6 DQ Hydro One Ltd. H T 2 M/INC C$24.05 25.00 26.80 22.06 19.9 1.16 1.21 1.25 Dec 14,360 3.5 FB

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Energy - CAN Independent Power Producers Alterra Power Corp. AXY T 2 H/SPEC C$4.66 8.00 7.50 4.20 77.7 (0.04) (0.24) A 0.06 Dec 273 1.1 DQ Boralex, Inc. BLX T 2 M/INC C$21.57 24.50 21.66 15.82 40.7 (0.21) (0.03) A 0.53 Dec 1,654 2.8 DQ Brookfield Renewable Partners L.P. (x) BEP N 2 M/INC US$29.32 33.00 31.85 26.61 14.3 1.69 1.45 A 2.05 Dec 8,770 6.4 FB Capital Power Corporation CPX T 2 M/GRW C$26.22 28.00 26.43 17.31 18.5 0.97 1.22 A 1.42 Dec 2,591 5.9 DQ Innergex Renewable Energy, Inc. INE T 1 M/GRW C$14.54 17.50 15.80 12.43 27.4 (0.37) 0.28 A 0.53 Dec 1,567 4.5 DQ Northland Power, Inc. NPI T 2 M/GRW C$24.85 29.50 25.14 20.65 24.6 0.16 0.64 A 1.01 Dec 4,304 4.3 DQ Pattern Energy Group Inc. (ca) PEGI Q 2 H/INC US$20.27 26.00 25.13 17.70 11.3 1.31 1.70 A 1.80 Dec 1,774 8.2 FB TransAlta Renewables Inc. RNW T 2 M/GRW C$15.79 17.00 15.94 12.15 16.1 1.10 (0.01) A 0.98 Dec 3,539 5.6 DQ U.S. Geothermal HTM M 2 H/SPEC US$4.11 5.00 5.40 3.66 12.5 0.30 0.33 0.40 Dec 78 0.0 SLi

Pipelines & Midstream AltaGas Ltd. (af) ALA T 3 M/INC C$30.96 33.00 35.55 28.86 11.0 2.79 2.81 1.89 Dec 5,108 6.8 CC Gibson Energy Inc. (af) GEI T 2 H/INC C$19.45 22.00 20.31 13.95 20.3 1.75 0.96 1.07 Dec 2,754 6.8 CC Inter Pipeline Ltd. (af) IPL T 3 M/INC C$28.36 30.00 30.07 24.92 13.3 2.02 2.14 2.47 Dec 9,606 5.7 CC Keyera Corp (af) KEY T 2 M/INC C$38.90 47.00 43.21 36.03 15.2 2.85 2.56 3.26 Dec 7,158 4.1 CC Pembina Pipeline Corp. (af) PPL T 2 M/INC C$42.91 47.00 43.90 33.52 17.5 2.52 2.45 3.06 Dec 16,821 4.5 CC Veresen Inc. (af) VSN T 2 H/INC C$14.36 14.00 14.45 8.15 12.8 1.07 1.12 1.10 Dec 4,486 7.0 CC

Senior Oil & Gas Producers Canadian Natural Resources Ltd (cb) CNQ T 2 M/GRW C$42.82 53.00 46.74 32.68 NM 5,758 4,432 A 9,194 Dec 50,249 2.6 CC Cenovus Energy, Inc. (cb) CVE T 3 M/GRW C$17.36 23.00 22.06 15.72 NM 2,010 1,400 2,761 Dec 14,466 1.2 CC Husky Energy Inc. (cb) HSE T 3 M/GRW C$15.58 18.00 18.10 13.92 NM 3,536 2,144 3,777 Dec 15,666 0.0 CC Imperial Oil Limited (cb) IMO T 3 M/GRW C$41.97 52.00 48.72 38.41 NM 3,412 2,971 5,502 Dec 35,708 1.4 CC Suncor Energy Inc (cb) SU T 2 M/GRW C$41.42 51.00 44.90 32.69 NM 8,030 6,648 11,548 Dec 69,006 3.1 CC

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Energy - EUR Emmanuel Retif, RJEE Emmanuel.Retif@RaymondJames.com Jean-Pierre Dmirdjian, RJEE jean-pierre.dmirdjian@raymondjames.com

Integrated Oil and Gas BP BP.L L 3 453p NM 521 335 NM 0.32 0.14 0.41 Dec £88,304 7.3 JPD Eni ENI.MI BIT 2 €15.05 17.50 15.92 12.18 13.0 0.12 (0.09) A 1.16 Dec 54,695 5.3 JPD Repsol REP.MC MAD 3 €14.34 NM 14.74 8.69 6.6 1.30 1.30 A 2.16 Dec 21,445 4.2 JPD Royal Dutch Shell ($D) RDSb.L AMS 3 €24.41 NM 26.87 20.33 26.8 1.67 0.91 2.45 Dec 202,818 7.7 JPD Total ($D) TOTF.PA EPA 2 €46.42 53.00 49.50 38.07 8.9 4.56 3.38 A 5.19 Dec 113,884 5.3 JPD

Oilfield Services Diversified Oilfield Services Amec Foster Wheeler AMFW.L L 2 531p 590 631 353 10.4 68.10 50.80 44.00 Dec £2,069 1.4 JPD Petrofac PFC.L L 1 926p 1,150 979 635 NM 0.03 0.93 A 1.08 Dec £3,203 5.9 JPD Saipem SPMI.MI BIT 4 €0.42 0.35 0.58 0.30 14.1 (1.38) 0.03 0.02 Dec 4,266 0.0 JPD Wood Group WG.L L 2 759p 810 909 570 NM 0.84 0.64 A 0.61 Dec £2,906 3.8 JPD

Utilities Electricity & Gas CEZ CEZsp.PR PRG S CZK442.80 NM 477.20 387.00 NM UR UR NA Dec 236,455 UR ER E.On EONGn.DE ETR 4 €7.31 5.40 8.53 5.99 17.0 0.86 0.43 0.47 Dec 13,942 2.7 ER EDF EDF.PA EPA 2 €7.64 11.60 11.88 7.33 11.6 2.15 1.70 A 0.66 Dec 16,103 5.2 ER Enel ENEI.MI BIT 1 €4.34 4.70 4.35 3.54 13.6 0.31 0.32 0.35 Dec 44,123 4.1 ER Engie GSZ.PA EPA 1 €12.73 13.90 15.21 10.77 12.9 1.03 0.99 0.98 Dec 30,989 7.9 ER Fortum FUM1V.HE HEL 4 €14.47 11.20 15.74 11.06 20.7 0.82 0.70 0.61 Dec 12,855 4.8 ER RWE RWEG.DE ETR 2 €14.70 17.00 16.49 10.60 15.6 1.83 0.94 0.51 Dec 9,030 0.0 ER Uniper UN01.DE ETR 2 €15.45 12.00 15.48 9.80 11.5 0.55 1.34 0.94 Dec 5,655 3.6 ER Verbund VERB.VI WBAG S €15.68 NM 16.49 10.50 NM UR UR UR Dec 5,441 UR ER

Environmental Services Suez Environnement SEVI.PA EPA 1 €14.21 18.50 16.84 12.73 18.0 0.77 0.79 0.90 Dec 7,674 4.6 ER Veolia Environnement VIE.PA EPA 2 €17.05 19.10 21.73 15.01 16.1 0.88 1.03 A 1.06 Dec 9,316 4.8 ER

Raymond James Research Register - April 2017 35

Financial Services

USA Canada

Banking ....................................................................... 36

Capital Markets .......................................................... 40

Brokerages & Exchanges ......................................... 40

Capital Markets Technology .................................... 40

Insurance .................................................................... 41

Brokerage & Technology ......................................... 41

Commercial Lines .................................................... 41

Life/Health ............................................................... 41

Personal Lines .......................................................... 41

Specialty Finance ........................................................ 42

Investment Companies ............................................ 42

Specialty Consumer Finance .................................... 42

Diversified Financials .................................................. 43

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Financial Services - USA Daniel E. Cardenas Daniel.Cardenas@RaymondJames.com Robert Dodd, Ph.D. Robert.Dodd@RaymondJames.com

David J. Long, CFA David.J.Long@RaymondJames.com Patrick O'Shaughnessy, CFA Patrick.OShaughnessy@RaymondJames.com

C. Gregory Peters Greg.Peters@RaymondJames.com Michael Rose Michael.Rose@RaymondJames.com

William J. Wallace IV William.Wallace@RaymondJames.com Donald A. Worthington Don.Worthington@RaymondJames.com

Banking 1st Constitution Bancorp FCCY Q 3 H/GRW 18.15 NM 20.85 11.70 15.8 1.07 1.13 A 1.15 Dec 145 0.3 WW Access National Corporation ANCX Q 3 H/INC 29.50 NM 33.18 18.00 18.2 1.47 1.60 A 1.62 Dec 313 2.0 WW American National Bankshares, Inc. AMNB Q 2 M/INC 36.70 38.00 39.40 24.36 18.5 1.83 1.84 A 1.98 Dec 316 2.6 WW American River Bankshares AMRB Q 3 H/GRW 14.94 NM 15.99 9.69 16.8 0.70 0.94 A 0.89 Dec 100 1.3 DAW Associated Banc-Corp ASB M 3 H/GRW 23.75 NM 26.70 15.72 17.7 1.17 1.23 A 1.34 Dec 3,612 2.0 DJL Atlantic Capital Bancshares, Inc. ACBI Q 3 H/GRW 18.50 NM 20.20 12.92 27.2 0.57 0.52 A 0.68 Dec 464 0.0 WW Banc of California, Inc. BANC N 2 H/GRW 20.95 22.00 23.24 10.93 12.0 1.34 1.94 A 1.75 Dec 1,045 2.5 DAW BancFirst Corporation BANF Q 3 M/GRW 89.40 NM 98.35 55.05 19.6 3.80 4.44 A 4.57 Dec 1,404 1.7 DC The Bancorp, Inc. TBBK Q 3 H/SPEC 4.98 NM 8.20 4.41 16.6 0.06 (0.06) A 0.30 Dec 275 0.0 WW BancorpSouth, Inc. BXS N 3 M/GRW 29.90 NM 32.40 20.19 18.5 1.43 1.50 A 1.62 Dec 2,802 1.7 MR Bank of America Corporation BAC N 2 M/GRW 23.48 28.00 25.80 12.05 13.0 1.31 1.50 A 1.81 Dec 237,709 1.3 MR Bank of Commerce Holdings BOCH Q 2 H/GRW 11.00 11.00 11.00 6.05 13.6 0.62 0.39 A 0.81 Dec 147 1.1 DAW Bank of Marin Bancorp BMRC Q 3 M/GRW 64.95 NM 75.05 47.16 19.0 3.04 3.78 A 3.42 Dec 396 1.7 DAW The Bank of N.T. Butterfield & Son Limited NTB N 2 H/GRW 30.37 36.00 34.92 23.75 10.9 1.23 1.18 A 2.78 Dec 1,619 4.2 DAW Bank of New York Mellon Corp BK N 1 M/GRW 47.00 57.00 49.54 35.44 13.4 2.88 3.17 A 3.51 Dec 49,233 1.6 DJL Bank of the Ozarks Inc. OZRK Q 1 M/GRW 50.52 65.00 56.86 33.51 16.4 2.15 2.62 A 3.08 Dec 6,128 1.3 MR Banner Corporation BANR Q 2 M/GRW 54.63 62.00 60.97 38.77 17.6 1.89 2.52 A 3.11 Dec 1,814 1.7 DAW BB&T Corporation BBT N 3 M/INC 44.90 NM 49.88 32.22 14.4 2.55 2.77 A 3.12 Dec 36,347 2.7 MR BofI Holding, Inc. BOFI Q 1 H/GRW 28.08 35.00 32.57 15.29 13.3 1.34 1.85 A 2.11 Jun 1,780 0.0 DAW BOK Financial Corp. BOKF Q 3 M/GRW 76.63 NM 85.25 51.38 17.0 4.24 3.70 A 4.50 Dec 5,004 2.2 MR CapStar Financial Holdings, Inc. CSTR Q 3 H/GRW 19.19 NM 22.35 15.50 20.9 0.73 0.82 A 0.92 Dec 215 0.0 DC Cardinal Financial Corporation CFNL Q 3 M/GRW 29.15 NM 34.75 19.21 17.7 1.39 1.65 1.55 Dec 944 1.8 MR Carolina Financial Corporation CARO Q 2 H/GRW 30.00 33.00 31.50 16.01 16.7 1.54 1.62 A 1.80 Dec 376 0.5 WW CenterState Banks, Inc. CSFL Q 2 H/GRW 24.97 28.00 26.94 14.15 19.2 0.87 1.28 A 1.30 Dec 1,201 1.0 MR Central Pacific Financial Corp. CPF N 3 H/GRW 29.78 NM 33.12 20.15 18.5 1.40 1.50 A 1.61 Dec 917 2.1 DAW Chemical Financial Corp. CHFC Q 1 H/GRW 50.26 64.00 55.55 34.29 16.0 2.54 2.90 A 3.14 Dec 3,548 2.1 DJL Columbia Banking System, Inc. COLB Q 3 M/GRW 38.32 NM 45.68 26.17 18.2 1.71 1.81 A 2.11 Dec 2,223 2.3 DAW Comerica Inc. CMA N 2 M/GRW 67.97 79.00 75.00 36.27 16.6 2.66 3.02 A 4.10 Dec 11,915 1.4 MR Commerce Bancshares, Inc. CBSH Q 3 H/GRW 55.05 NM 60.61 40.93 19.6 2.36 2.60 A 2.81 Dec 5,588 1.6 DJL

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Financial Services - USA Banking Community Bank System, Inc. CBU N 3 M/INC 53.96 NM 63.04 36.61 21.6 2.31 2.31 A 2.50 Dec 2,396 2.4 WW Community Trust Bancorp, Inc. CTBI Q 3 M/INC 44.20 NM 51.35 32.99 15.7 2.66 2.68 A 2.81 Dec 778 2.9 DC ConnectOne Bancorp, Inc. CNOB Q 1 H/GRW 23.40 31.00 26.65 15.09 13.8 1.29 0.87 A 1.70 Dec 748 1.3 WW CU Bancorp CUNB Q 3 H/GRW 38.65 NM 40.30 20.35 21.8 1.18 1.50 A 1.77 Dec 688 0.0 DAW CVB Financial Corp. CVBF Q 3 M/GRW 21.50 NM 24.63 15.25 20.5 0.93 0.94 A 1.05 Dec 2,328 2.2 DAW East West Bancorp, Inc. EWBC Q 4 NM 50.99 NM 56.97 31.34 15.9 2.66 2.92 A 3.20 Dec 7,353 1.6 DJL Eastern Virginia Bankshares, Inc. EVBS Q 3 H/GRW 10.25 NM 11.10 6.60 20.5 0.38 0.43 A 0.50 Dec 134 1.2 WW EverBank Financial Corp EVER N 3 M/GRW 19.44 NM 19.52 13.37 14.4 1.23 1.35 1.45 Dec 2,352 1.2 MR Farmers Capital Bank Corp. FFKT Q 3 H/GRW 40.40 NM 44.65 24.71 19.2 1.93 1.79 A 2.10 Dec 303 1.0 DC Farmers National Banc Corp. FMNB Q 3 H/GRW 13.35 NM 15.50 8.54 14.8 0.54 0.77 A 0.90 Dec 361 1.5 DC FCB Financial Holdings, Inc. FCB N 3 M/GRW 47.85 NM 50.33 30.23 17.6 1.86 2.30 A 2.72 Dec 1,969 0.0 MR Fifth Third Bancorp FITB Q 3 M/GRW 25.24 NM 28.97 16.02 14.4 1.54 1.69 A 1.75 Dec 18,943 2.2 DJL First Bancorp FBNC Q 2 H/GRW 29.06 33.00 31.31 17.15 16.6 1.30 1.52 A 1.75 Dec 604 1.1 WW First Busey Corporation BUSE Q 3 H/GRW 29.00 NM 31.91 19.00 16.8 1.36 1.62 A 1.73 Dec 1,108 2.5 DC First Business Financial Services, Inc. FBIZ Q 3 H/GRW 25.39 NM 26.47 18.76 14.5 1.93 1.77 A 1.75 Dec 221 2.0 DC First Commonwealth Financial Corp. FCF N 3 H/GRW 13.11 NM 14.61 8.33 17.0 0.61 0.69 A 0.77 Dec 1,167 2.4 DC First Community Corporation FCCO Q 3 H/GRW 22.20 NM 23.55 13.56 20.4 0.92 0.96 A 1.09 Dec 149 1.6 WW First Defiance Financial Corp. FDEF Q 3 H/GRW 49.33 NM 52.31 34.80 14.6 2.82 3.20 A 3.39 Dec 444 2.0 DC First Financial Bancorp FFBC Q 3 H/GRW 26.95 NM 29.80 16.93 17.5 1.26 1.41 A 1.54 Dec 1,671 2.5 DC First Financial Corporation THFF Q 3 H/GRW 46.90 NM 53.49 31.81 16.9 2.35 2.66 A 2.77 Dec 572 2.1 DC First Foundation Inc. FFWM Q 2 H/GRW 15.44 18.00 17.26 10.00 17.0 0.58 0.70 A 0.91 Dec 505 0.0 DAW First Horizon National Corporation FHN N 3 H/GRW 18.38 NM 20.84 12.46 17.5 0.83 0.94 A 1.05 Dec 4,294 2.0 MR First Midwest Bancorp, Inc. FMBI Q 3 H/GRW 23.16 NM 25.83 15.86 15.3 1.12 1.21 A 1.51 Dec 1,883 1.6 DC The First of Long Island Corporation FLIC Q 3 M/INC 26.55 NM 29.67 18.06 17.7 1.21 1.35 A 1.50 Dec 629 2.1 WW First Republic Bank FRC N 2 H/GRW 92.73 104.00 97.43 63.97 20.2 3.18 3.92 A 4.58 Dec 14,307 0.7 DJL Franklin Financial Network, Inc. FSB N 2 H/GRW 37.35 46.00 42.80 24.80 15.1 1.50 2.27 A 2.48 Dec 402 0.0 DC Fulton Financial FULT Q 3 M/GRW 17.60 NM 19.75 12.66 16.8 0.85 0.93 A 1.05 Dec 3,047 2.5 DAW German American Bancorp, Inc. GABC Q 3 M/GRW 47.70 NM 54.46 30.35 18.3 2.27 2.46 A 2.60 Dec 730 1.6 DC Glacier Bancorp, Inc. GBCI Q 3 M/GRW 32.88 NM 38.17 24.18 18.4 1.56 1.63 A 1.79 Dec 2,515 2.4 DC Guaranty Federal Bancshares Inc. GFED Q 2 H/GRW 20.16 23.00 21.95 14.90 14.3 1.34 1.24 A 1.41 Dec 88 2.0 DC Hancock Holding Company HBHC Q 1 H/GRW 44.40 54.00 49.50 20.01 17.4 1.78 1.87 A 2.55 Dec 3,738 2.2 MR Hanmi Financial Corporation HAFC Q 2 H/GRW 29.95 36.00 35.85 20.64 15.3 1.68 1.75 A 1.96 Dec 968 2.5 DAW Heartland Financial USA, Inc. HTLF Q 1 H/GRW 48.95 58.00 51.70 29.58 15.6 2.59 2.97 A 3.13 Dec 1,278 0.9 DC Heritage Financial Corporation HFWA Q 3 H/GRW 23.80 NM 26.98 16.40 17.5 1.25 1.30 A 1.36 Dec 714 2.0 DAW

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Financial Services - USA Banking Heritage Oaks Bancorp HEOP Q 3 H/GRW 12.88 NM 14.44 7.50 22.6 0.45 0.49 A 0.57 Dec 442 1.9 DAW Hilltop Holdings Inc. HTH N 3 H/GRW 26.60 NM 30.60 17.91 15.6 1.56 1.69 A 1.70 Dec 2,620 0.9 MR Home Bancorp, Inc. HBCP Q 2 H/GRW 34.13 39.00 39.75 24.76 14.2 1.94 2.24 A 2.40 Dec 251 1.5 WW Home BancShares, Inc. HOMB Q 3 M/GRW 27.00 NM 29.69 18.32 19.1 1.02 1.28 A 1.41 Dec 3,794 1.3 MR Hope Bancorp, Inc. HOPE Q 2 H/GRW 19.12 23.00 22.99 13.99 14.3 1.16 1.10 A 1.34 Dec 2,585 2.5 DAW HopFed Bancorp, Inc. HFBC Q 3 H/GRW 14.81 NM 15.45 10.82 25.1 0.30 0.39 A 0.59 Dec 92 1.1 DC Horizon Bancorp HBNC Q 2 H/GRW 25.40 30.00 28.63 15.83 14.1 1.46 1.54 A 1.80 Dec 561 1.6 DC Howard Bancorp, Inc. HBMD Q 1 M/GRW 17.35 20.00 19.00 12.01 19.3 NA 0.73 A 0.90 Dec 121 0.0 WW Huntington Bancshares Inc. HBAN Q 2 M/GRW 13.22 16.00 14.74 8.05 13.2 0.85 0.87 A 1.00 Dec 14,353 2.4 DJL IBERIABANK Corporation IBKC Q 2 M/GRW 77.40 96.00 91.10 47.87 17.1 4.05 4.42 A 4.52 Dec 3,468 1.9 MR Independent Bank Group, Inc. IBTX Q 2 M/GRW 61.25 73.00 66.85 25.50 16.8 2.36 3.08 A 3.65 Dec 1,158 0.7 MR Investar Holding Corporation ISTR Q 2 M/GRW 22.10 25.00 22.50 14.61 19.2 0.97 0.98 A 1.15 Dec 157 0.4 WW KeyCorp KEY N 3 M/GRW 17.49 NM 19.53 10.21 13.0 1.10 1.15 A 1.35 Dec 18,877 1.9 DJL Lakeland Bancorp, Inc. LBAI Q 3 M/GRW 19.20 NM 20.88 10.10 18.3 0.88 1.01 A 1.05 Dec 906 2.0 WW Lakeland Financial Corporation LKFN Q 3 M/GRW 42.64 NM 48.88 28.94 19.0 1.84 2.05 A 2.24 Dec 1,070 1.8 DC LegacyTexas Financial Group, Inc. LTXB Q 2 M/GRW 39.65 45.00 44.94 17.83 17.1 1.56 2.08 A 2.32 Dec 1,898 1.5 MR MB Financial, Inc. MBFI Q 3 H/GRW 42.09 NM 48.47 30.53 16.1 2.06 2.36 A 2.61 Dec 3,523 1.8 DJL Mercantile Bank Corp. MBWM Q 3 M/GRW 34.36 NM 38.68 21.05 18.3 1.65 1.81 A 1.88 Dec 564 2.1 DC Meta Financial Group, Inc. CASH Q 1 H/GRW 86.80 119.00 106.90 43.55 13.4 3.01 4.26 A 6.47 Sep 738 0.6 DC MidSouth Bancorp, Inc. MSL N 2 H/GRW 14.15 16.00 15.25 7.37 16.1 0.82 0.59 A 0.88 Dec 161 2.5 WW MidWestOne Financial Group, Inc. MOFG Q 2 H/GRW 34.16 38.00 39.20 25.49 13.4 2.53 1.96 A 2.54 Dec 389 1.9 DC National Commerce Corporation NCOM Q 3 H/GRW 37.35 NM 39.99 21.37 18.2 1.08 1.59 A 2.05 Dec 408 0.0 WW New York Community Bancorp, Inc. NYCB N 3 M/INC 14.11 NM 17.68 13.67 16.6 1.10 1.03 A 0.85 Dec 6,873 4.8 WW Northern Trust Corporation NTRS Q 1 M/GRW 86.19 102.00 91.14 61.32 18.3 3.88 4.34 A 4.72 Dec 19,703 1.8 DJL Old Line Bancshares Inc. OLBK Q 2 H/GRW 28.15 30.00 29.26 17.11 17.6 1.05 1.21 A 1.60 Dec 307 1.1 WW Old National Bancorp ONB Q 3 H/GRW 16.95 NM 18.95 11.58 16.0 0.97 1.01 A 1.06 Dec 2,292 3.1 DJL Pacific Continental Corporation PCBK Q 3 M/GRW 23.95 NM 26.85 14.35 18.3 0.96 0.95 A 1.31 Dec 541 1.8 DAW Pacific Premier Bancorp, Inc. PPBI Q 2 H/GRW 37.15 44.00 41.90 20.05 19.2 1.19 1.46 A 1.93 Dec 1,029 0.0 DAW PacWest Bancorp PACW Q 2 H/GRW 51.67 63.00 57.53 35.56 16.6 2.92 2.90 A 3.12 Dec 6,267 3.9 DJL Paragon Commercial Corporation PBNC Q 2 H/GRW 53.45 48.00 54.20 27.00 18.4 2.39 2.64 A 2.90 Dec 291 0.0 WW Park Sterling Corporation PSTB Q 3 H/GRW 11.90 NM 12.37 6.41 20.5 0.41 0.53 A 0.58 Dec 632 1.3 WW Peoples Bancorp Inc. PEBO Q 3 H/GRW 31.36 NM 33.56 18.43 16.7 1.13 1.77 A 1.88 Dec 571 2.6 DC Pinnacle Financial Partners, Inc. PNFP Q 3 M/GRW 64.45 NM 71.85 44.61 18.2 2.61 3.07 A 3.54 Dec 2,990 0.9 MR PNC Financial Services Group, Inc. PNC N 3 M/GRW 120.27 NM 131.83 77.40 15.0 7.04 7.26 A 8.00 Dec 58,331 1.8 MR

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Financial Services - USA Banking Preferred Bank PFBC Q 2 H/GRW 52.05 61.00 58.12 27.07 17.3 2.13 2.56 A 3.00 Dec 734 1.4 DAW PrivateBancorp, Inc. PVTB Q 3 H/GRW 56.65 NM 58.30 34.00 19.2 2.31 2.64 A 2.95 Dec 4,521 0.1 DJL Prosperity Bancshares, Inc. PB N 2 M/GRW 68.67 80.00 77.87 43.28 16.8 4.08 3.94 A 4.08 Dec 4,773 2.0 MR QCR Holdings, Inc. QCRH Q 2 H/GRW 41.70 48.00 45.00 22.96 15.4 1.98 2.29 A 2.71 Dec 546 0.5 DC Regions Financial Corporation RF N 2 M/GRW 14.40 17.00 16.03 7.53 14.7 0.71 0.87 A 0.98 Dec 17,490 1.8 MR Renasant Corporation RNST Q 2 M/GRW 39.54 48.00 44.65 30.21 16.5 2.09 2.47 A 2.40 Dec 1,752 1.8 MR Riverview Bancorp, Inc. RVSB Q 2 H/GRW 7.26 8.50 8.16 4.20 22.0 0.20 0.28 A 0.33 Mar 163 1.1 DAW S&T Bancorp, Inc. STBA Q 3 H/GRW 34.05 NM 39.84 23.06 15.3 2.02 1.99 A 2.22 Dec 1,189 2.3 DC Seacoast Banking Corporation of Florida SBCF Q 2 M/GRW 23.69 27.00 25.13 15.21 19.3 0.74 1.00 A 1.23 Dec 902 0.0 MR ServisFirst Bancshares, Inc. SFBS Q 3 M/GRW 35.73 NM 42.66 20.70 21.3 1.19 1.39 A 1.68 Dec 1,879 0.6 WW Sierra Bancorp BSRR Q 3 H/GRW 26.40 NM 29.50 15.61 17.7 1.33 1.29 A 1.49 Dec 364 2.1 DAW Signature Bank SBNY Q 1 H/GRW 145.39 183.00 164.23 113.53 15.4 7.29 7.38 A 9.43 Dec 7,938 0.0 DJL Simmons First National Corporation SFNC Q 4 NM 54.90 NM 67.00 42.02 15.1 3.18 3.28 A 3.64 Dec 1,718 1.8 MR SmartFinancial, Inc. SMBK Q 2 H/GRW 20.57 23.00 23.20 14.21 23.4 NA 0.78 A 0.88 Dec 121 0.0 DC Southwest Bancorp, Inc. OKSB Q 4 NM 26.05 NM 29.70 14.46 21.7 0.99 0.97 A 1.20 Dec 487 1.2 DC State Street Corporation STT N 3 M/GRW 79.40 NM 83.49 50.60 13.8 4.88 5.14 A 5.75 Dec 30,323 1.9 DJL Stock Yards Bancorp Inc. SYBT Q 3 M/GRW 39.80 NM 48.05 24.45 20.5 1.66 1.80 A 1.94 Dec 895 1.9 DC Stonegate Bank SGBK Q 3 M/GRW 47.91 NM 48.53 29.06 18.9 2.03 2.19 A 2.53 Dec 683 0.7 MR SunTrust Banks, Inc. STI N 2 M/GRW 55.10 64.00 61.69 35.10 14.1 3.58 3.60 A 3.90 Dec 27,065 1.7 MR SVB Financial Group SIVB Q 1 H/GRW 182.02 224.00 198.83 82.90 20.7 6.62 7.31 A 8.80 Dec 9,520 0.0 DJL Synovus Financial Corp. SNV N 3 M/GRW 40.01 NM 44.09 26.90 17.4 1.62 1.90 A 2.30 Dec 4,893 1.5 MR TCF Financial Corporation TCB N 3 H/GRW 16.31 NM 20.03 11.62 13.0 1.07 1.16 A 1.25 Dec 2,789 1.8 DJL Territorial Bancorp Inc. TBNK Q 3 M/GRW 31.00 NM 34.00 24.96 16.1 1.59 1.76 A 1.92 Dec 304 2.6 DAW Texas Capital Bancshares, Inc. TCBI Q 2 M/GRW 80.75 98.00 93.35 34.54 18.4 2.91 3.11 A 4.40 Dec 3,997 0.0 MR TowneBank TOWN Q 3 M/GRW 31.90 NM 34.55 18.62 19.1 1.19 1.38 A 1.67 Dec 1,993 1.6 WW TriCo Bancshares TCBK Q 2 H/GRW 34.34 40.00 37.45 23.51 16.8 1.90 1.94 A 2.05 Dec 786 1.7 DAW Trustmark Corporation TRMK Q 3 M/INC 31.23 NM 36.79 21.93 17.2 1.71 1.69 A 1.82 Dec 2,111 2.9 MR U.S. Bancorp USB N 3 M/GRW 52.71 NM 56.61 38.48 15.0 3.16 3.22 A 3.51 Dec 89,449 2.1 DJL UMB Financial Corporation UMBF Q 3 H/GRW 74.18 NM 81.55 48.49 20.5 2.43 3.20 A 3.62 Dec 3,687 1.4 DJL Umpqua Holdings Corp. UMPQ Q 2 H/GRW 17.36 21.00 19.50 14.61 14.8 1.16 1.13 A 1.17 Dec 3,823 3.7 DJL Union Bankshares Corporation UBSH Q 2 H/INC 34.46 38.00 39.37 23.28 17.2 1.45 1.77 A 2.00 Dec 1,503 2.3 WW United Bankshares, Inc. UBSI Q 3 M/INC 41.25 NM 49.35 34.50 19.6 1.96 2.03 A 2.10 Dec 3,341 3.2 WW United Community Banks, Inc. UCBI Q 2 H/GRW 27.00 32.00 30.47 17.07 16.4 1.27 1.48 A 1.65 Dec 1,914 1.3 MR Washington Federal, Inc. WAFD Q 3 H/GRW 32.65 NM 35.95 21.63 17.6 1.67 1.78 A 1.85 Sep 2,929 1.8 DAW

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Financial Services - USA Banking WashingtonFirst Bankshares, Inc. WFBI Q 3 M/GRW 27.98 NM 30.58 18.57 17.5 1.14 1.36 A 1.60 Dec 361 0.8 WW Webster Financial Corp. WBS N 3 H/GRW 49.09 NM 57.50 31.29 20.0 2.09 2.08 A 2.45 Dec 4,502 2.0 WW Wells Fargo & Co. WFC N 4 NM 55.96 NM 59.99 43.55 13.8 4.12 3.99 A 4.05 Dec 280,701 2.7 DJL WesBanco, Inc. WSBC Q 3 M/GRW 36.35 NM 44.19 28.50 14.4 2.33 2.34 A 2.52 Dec 1,596 2.9 DC Wintrust Financial Corporation WTFC Q 1 H/GRW 68.23 83.00 76.71 42.15 17.0 3.10 3.58 A 4.02 Dec 3,541 0.8 DJL Xenith Bankshares, Inc. XBKS Q 2 H/GRW 25.25 31.00 30.13 16.70 23.0 0.25 0.41 A 1.10 Dec 584 0.0 WW Zions Bancorporation ZION Q 3 H/GRW 41.30 NM 48.33 23.02 16.8 1.63 2.04 A 2.46 Dec 8,388 0.8 DJL

Capital Markets Brokerages & Exchanges BGC Partners, Inc. BGCP Q 1 H/INC 11.02 14.00 11.85 8.18 11.6 0.79 0.83 A 0.95 Dec 4,776 5.8 PO CBOE Holdings, Inc. CBOE Q 3 M/GRW 79.14 NM 81.37 61.22 33.4 2.39 2.42 A 2.37 Dec 6,434 1.3 PO The Charles Schwab Corporation SCHW N 3 M/GRW 40.49 NM 43.65 23.83 26.0 1.03 1.31 A 1.56 Dec 54,297 0.7 PO CME Group Inc. CME Q 3 M/GRW 118.82 NM 127.60 89.00 23.8 4.05 4.55 A 5.00 Dec 40,316 2.0 PO E*TRADE Financial Corporation ETFC Q 2 H/GRW 34.25 43.00 38.61 21.52 17.7 1.17 1.87 A 1.94 Dec 9,446 0.0 PO GAIN Capital Holdings, Inc. GCAP N 3 H/GRW 8.35 NM 8.59 4.54 9.3 0.67 0.92 A 0.90 Dec 407 2.9 PO Intercontinental Exchange, Inc. ICE N 2 M/GRW 59.83 63.00 61.98 45.88 19.6 2.43 2.78 A 3.05 Dec 35,898 1.3 PO Lazard Ltd LAZ N 2 H/GRW 45.43 51.00 47.09 26.21 14.7 3.60 3.09 A 3.10 Dec 5,549 3.3 PO MarketAxess Holdings Inc. MKTX Q 2 M/GRW 185.91 190.00 200.90 117.60 45.3 2.55 3.34 A 4.10 Dec 7,009 0.7 PO Nasdaq Inc. NDAQ Q 2 M/GRW 69.14 75.00 72.52 61.19 16.7 3.39 3.68 A 4.15 Dec 11,463 1.9 PO TD Ameritrade Holding Corporation AMTD Q 2 M/GRW 38.23 45.00 47.41 26.37 22.6 1.49 1.58 A 1.69 Sep 20,262 1.8 PO

Capital Markets Technology Broadridge Financial Solutions, Inc. BR N 3 M/GRW 67.84 NM 71.74 57.33 21.9 2.48 2.73 A 3.10 Jun 8,019 1.9 PO Envestnet, Inc. ENV N 1 H/GRW 31.70 42.00 41.47 25.61 24.4 0.98 0.98 A 1.30 Dec 1,371 0.0 PO FactSet Research Systems Inc. FDS N 4 NM 164.57 NM 183.64 145.48 22.4 5.74 6.40 A 7.34 Aug 6,534 1.2 PO Financial Engines, Inc. FNGN Q 3 M/GRW 41.25 NM 45.75 23.56 30.1 0.93 1.13 A 1.37 Dec 2,582 0.7 PO Moody's Corporation MCO N 3 M/GRW 111.26 NM 114.03 87.30 21.3 4.60 4.81 A 5.23 Dec 21,217 1.4 PO MSCI Inc. MSCI N 3 M/GRW 96.61 NM 109.29 71.37 26.8 2.32 3.03 A 3.60 Dec 8,819 1.2 PO S&P Global Inc. SPGI N 3 M/GRW 128.72 NM 133.08 95.83 21.3 4.69 5.35 A 6.05 Dec 33,338 1.3 PO SEI Investments Co. SEIC Q 2 M/GRW 50.63 53.00 52.60 41.25 23.0 1.97 2.03 A 2.20 Dec 8,052 1.1 PO SS&C Technologies Holdings, Inc. SSNC Q 2 H/GRW 35.54 39.00 37.48 26.15 18.5 1.33 1.64 A 1.92 Dec 7,364 0.7 PO

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Financial Services - USA Insurance Brokerage & Technology Aon plc AON N 4 NM 118.88 NM 119.88 100.55 19.6 6.18 6.59 A 6.05 Dec 31,218 1.1 CGP Arthur J. Gallagher & Co. AJG N 2 M/INC 57.01 56.00 57.82 43.17 19.3 2.58 2.74 A 2.95 Dec 10,165 2.7 CGP Brown & Brown, Inc. BRO N 2 H/GRW 42.57 47.00 45.77 34.23 23.0 1.67 1.86 A 1.85 Dec 5,964 1.3 CGP Crawford & Company CRD.B N 2 H/GRW 9.72 13.00 14.37 5.63 13.0 0.45 0.71 A 0.75 Dec 544 2.1 CGP Health Insurance Innovations, Inc. HIIQ Q 3 H/SPEC 14.90 NM 21.00 3.72 17.5 0.27 0.85 1.00 Dec 216 0.0 CGP HealthEquity, Inc. HQY Q 2 H/GRW 39.53 48.00 49.25 22.26 89.8 0.22 0.28 A 0.44 A Jan 2,352 0.0 CGP Marsh and McLennan Companies, Inc. MMC N 2 M/GRW 74.92 73.00 75.52 59.78 20.2 3.04 3.42 A 3.70 Dec 38,509 1.8 CGP Verisk Analytics Inc. VRSK Q 3 H/GRW 80.06 NM 87.40 75.72 24.6 3.08 3.11 A 3.25 Dec 13,362 0.0 CGP Willis Towers Watson plc WLTW Q 1 H/GRW 131.93 145.00 133.40 112.59 15.7 NA 7.99 A 8.40 Dec 18,206 1.6 CGP

Commercial Lines American Financial Group, Inc. AFG N 2 H/GRW 94.53 95.00 97.00 66.78 15.1 5.44 6.03 A 6.25 Dec 8,215 1.3 CGP Argo Group International Holdings, Ltd. AGII Q 1 H/GRW 65.80 77.00 69.03 49.10 16.0 3.70 4.03 A 4.10 Dec 1,974 1.3 CGP Blue Capital Reinsurance Holdings Ltd. BCRH N 3 H/INC 18.95 NM 20.83 17.01 11.8 2.36 1.63 A 1.60 Dec 167 11.3 CGP Chubb Limited CB N 2 H/GRW 138.00 145.00 140.56 116.65 13.3 9.76 10.10 A 10.35 Dec 64,304 2.0 CGP Conifer Holdings, Inc. CNFR Q 2 H/GRW 7.20 8.00 9.02 6.02 24.0 (0.09) (1.21) A 0.30 Dec 55 0.0 CGP Hallmark Financial Services Inc. HALL Q 3 H/GRW 11.09 NM 12.09 9.50 11.1 1.04 0.35 A 1.00 Dec 206 0.0 CGP Old Republic International Corp. ORI N 2 M/INC 20.22 23.00 21.19 16.51 13.9 1.28 1.47 A 1.45 Dec 5,251 3.8 CGP ProAssurance Corp. PRA N 3 H/GRW 59.70 NM 63.53 47.19 26.5 2.59 2.43 A 2.25 Dec 3,182 2.1 CGP The Travelers Companies, Inc. TRV N 3 M/INC 121.80 NM 125.49 103.45 12.7 10.88 10.12 A 9.60 Dec 34,055 2.2 CGP

Life/Health Aflac, Inc. AFL N 3 M/GRW 72.31 NM 74.50 62.59 11.4 6.16 6.79 A 6.35 Dec 29,343 2.4 CGP American Equity Investment Life Holding Company AEL N 2 H/GRW 23.43 30.00 28.00 12.77 9.8 2.42 1.43 A 2.40 Dec 2,062 1.0 CGP FBL Financial Group FFG N 4 NM 64.00 NM 82.60 56.41 15.6 4.19 4.25 A 4.10 Dec 1,594 2.8 CGP

Personal Lines Allstate Corporation ALL N 1 M/GRW 81.89 94.00 83.09 64.36 12.6 5.22 4.89 A 6.50 Dec 29,972 1.8 CGP Federated National Holding Company FNHC Q 2 H/GRW 17.31 24.00 22.93 14.03 9.1 2.73 (0.21) A 1.90 Dec 233 1.8 CGP Infinity Property and Casualty Corporation IPCC Q 3 H/GRW 94.85 NM 99.55 73.80 20.8 4.35 3.68 A 4.55 Dec 1,053 2.2 CGP Kemper Corp. KMPR N 3 M/INC 39.50 NM 45.95 28.42 19.8 1.35 0.24 A 2.00 Dec 2,026 2.4 CGP Mercury General Corporation MCY N 3 H/INC 59.95 NM 64.52 49.69 29.2 2.34 1.73 A 2.05 Dec 3,315 4.2 CGP Progressive Corporation PGR N 2 H/GRW 39.85 42.00 40.74 30.54 19.4 2.03 1.71 A 2.05 Dec 23,145 1.7 CGP United Insurance Holdings Corp. UIHC Q 1 H/GRW 15.65 20.00 19.73 9.52 8.9 1.24 0.25 A 1.75 Dec 338 1.5 CGP

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Financial Services - USA Specialty Finance Investment Companies Alcentra Capital Corporation (ni) ABDC Q 1 H/INC 13.99 16.00 14.23 11.00 9.1 1.43 1.66 A 1.53 Dec 189 9.7 RD Apollo Investment Corp. (ni) AINV Q 3 H/INC 6.24 NM 6.58 5.03 9.5 0.96 0.83 A 0.66 Mar 1,371 9.6 RD Ares Capital Corp. (ni) ARCC Q 2 H/INC 17.28 19.00 17.87 13.85 10.5 1.62 1.57 A 1.64 Dec 5,426 8.8 RD CM Finance Inc. (ni) CMFN Q 2 H/INC 10.05 11.00 10.50 7.75 8.4 1.48 1.45 A 1.19 Jun 138 14.0 RD Compass Diversified Holdings (y) CODI N 2 H/INC 16.50 18.00 19.50 14.70 9.9 1.52 1.40 A 1.67 Dec 988 8.7 RD Fidus Investment Corporation (ni) FDUS Q 1 H/INC 16.96 20.00 17.54 14.33 10.0 1.64 1.46 A 1.70 Dec 373 9.2 RD Fifth Street Finance Corp. (ni) FSC Q 3 H/INC 4.77 NM 6.32 4.31 8.7 0.75 0.72 A 0.55 Sep 731 15.1 RD Fortress Transportation & Infrastructure Investors LLC FTAI N 2 H/INC 15.00 17.00 15.91 8.92 30.6 0.12 (0.15) A 0.49 Dec 1,136 8.8 RD Goldman Sachs BDC, Inc. (ni) GSBD N 3 H/INC 24.89 NM 25.60 19.30 13.1 2.15 2.10 A 1.90 Dec 904 7.2 RD Golub Capital BDC, Inc. (ni) GBDC Q 2 H/INC 19.50 19.50 19.76 16.70 15.4 1.20 1.25 A 1.27 Sep 1,077 6.6 RD Great Ajax Corp. AJX N 2 H/INC 12.82 16.00 14.48 10.97 7.4 1.61 1.66 A 1.74 Dec 232 7.8 RD Hercules Capital, Inc. (ni) HTGC N 3 H/INC 15.08 NM 15.47 11.55 11.9 1.05 1.36 A 1.27 Dec 1,200 8.2 RD Horizon Technology Finance Corporation (ni) HRZN Q 3 H/INC 10.84 NM 13.95 9.64 8.7 1.25 1.48 A 1.24 Dec 126 11.1 RD Main Street Capital Corp. (ni) MAIN N 3 H/INC 37.73 NM 38.00 30.33 16.6 2.18 2.23 A 2.27 Dec 1,985 5.9 RD Monroe Capital Corp. (ni) MRCC Q 2 H/INC 15.36 18.00 16.37 13.08 10.0 1.61 1.55 A 1.54 Dec 255 9.1 RD Newtek Business Services Corp. (ni) NEWT Q 2 H/SPEC 16.69 18.50 17.58 11.83 9.3 2.06 1.60 A 1.79 Dec 244 9.2 RD Prospect Capital Corporation (ni) PSEC Q 4 NM 9.10 NM 9.58 7.02 9.9 1.03 1.04 A 0.92 Jun 3,232 11.0 RD Stellus Capital Investment Corporation (ni) SCM N 3 H/INC 14.20 NM 14.82 9.62 9.9 1.33 1.39 A 1.44 Dec 177 9.6 RD TCP Capital Corp. (ni) TCPC Q 2 H/INC 17.12 19.00 17.31 14.11 10.8 1.65 1.51 A 1.58 Dec 902 8.4 RD THL Credit, Inc. (ni) TCRD Q 2 H/INC 9.66 11.00 11.84 8.75 8.6 1.41 1.35 A 1.12 Dec 318 11.2 RD TPG Specialty Lending, Inc. (ni) TSLX N 2 H/INC 20.00 21.00 20.20 15.78 10.6 1.77 1.83 A 1.89 Dec 1,194 7.8 RD Triangle Capital Corporation (ni) TCAP N 3 H/INC 18.89 NM 21.35 16.00 10.5 2.16 1.62 A 1.80 Dec 763 9.5 RD

Specialty Consumer Finance Credit Acceptance Corp. CACC Q 4 NM 190.38 NM 221.10 160.63 10.3 14.32 16.34 A 18.57 Dec 3,784 0.0 RD Encore Capital Group Inc. ECPG Q 3 H/GRW 31.30 NM 35.93 17.66 8.3 5.15 3.46 A 3.78 Dec 801 0.0 RD OneMain Holdings, Inc. OMF N 3 H/GRW 24.98 NM 33.31 16.03 6.7 2.36 3.60 A 3.75 Dec 3,369 0.0 RD PRA Group Inc. PRAA Q 3 H/GRW 32.55 NM 42.70 21.93 14.7 3.99 1.98 A 2.22 Dec 1,508 0.0 RD

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Financial Services - CAN Brenna Phelan, CFA, CPA, CA brenna.phelan@raymondjames.ca

Diversified Financials Crown Capital Partners Inc. CRWN T 2 H/INC C$10.00 11.00 11.90 7.63 13.2 NA 0.52 A 0.76 Dec 97 4.8 BP ECN Capital Corp. ECN T 2 H/GRW C$3.54 4.40 3.70 2.60 5.9 0.40 0.31 A 0.60 Dec 1,384 1.1 BP Element Fleet Management Corp. EFN T 1 M/GRW C$12.31 17.00 14.42 10.42 11.8 1.07 1.15 A 1.04 Dec 4,765 2.4 BP Founders Advantage Capital Corp. (ae) FCF V 2 H/INC C$3.40 4.50 6.70 1.65 NM NA 6.50 31.50 Dec 128 1.5 BP goeasy Ltd. GSY T 2 H/INC C$29.50 36.00 31.33 16.25 10.0 1.69 2.43 A 2.95 Dec 404 2.4 BP Home Capital Group Inc. HCG T 2 H/INC C$25.06 34.00 39.84 23.41 6.1 4.11 3.95 A 4.11 Dec 1,616 4.2 BP Intact Financial Corporation IFC T 3 M/INC C$94.39 98.00 97.56 84.88 13.8 5.54 4.53 A 6.82 Dec 12,375 2.7 BP Street Capital Group SCB T 2 H/GRW C$1.54 1.85 2.44 1.15 11.0 0.21 0.13 A 0.14 Dec 187 0.0 BP

Raymond James Research Register - April 2017 44

Healthcare

USA

Alternate Site Healthcare Providers ........................... 45

Animal Health ............................................................. 45

Benefits Management ................................................ 45

Health Benefits Management ................................. 45

Pharmacy Benefits Management ............................ 45

Biotechnology ............................................................. 46

Clinical Laboratories ................................................... 47

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 - April 2017 45

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Healthcare - USA John W. Ransom John.Ransom@RaymondJames.com Michael J. Baker Michael.Baker@RaymondJames.com

Jayson Bedford Jayson.Bedford@RaymondJames.com Reni Benjamin, Ph.D. Ren.Benjamin@RaymondJames.com

Nicholas Jansen Nicholas.Jansen@RaymondJames.com Lawrence Keusch Lawrence.Keusch@RaymondJames.com

Christopher Raymond Chris.Raymond@RaymondJames.com Elliot Wilbur, CFA Elliot.Wilbur@RaymondJames.com

Laura Chico, Ph.D. Laura.Chico@RaymondJames.com

Alternate Site Healthcare Providers AAC Holdings, Inc. AAC N 3 H/SPEC 8.28 NM 24.38 6.01 15.6 0.97 0.71 A 0.53 Dec 191 0.0 JWR Acadia Healthcare Company, Inc. ACHC Q 1 H/GRW 43.59 60.00 65.00 32.54 17.4 2.23 2.44 A 2.50 Dec 3,788 0.0 JWR,NJ Amedisys AMED Q 3 H/GRW 51.30 NM 55.16 34.58 25.3 1.48 1.55 A 2.03 Dec 1,739 0.0 JWR,NJ Civitas Solutions, Inc. CIVI N 3 H/GRW 17.65 NM 23.20 15.87 22.9 0.48 0.59 A 0.77 Sep 658 0.0 JWR DaVita HealthCare Partners Inc. DVA N 2 H/GRW 67.69 75.00 78.77 54.50 18.4 3.83 3.85 A 3.67 Dec 13,315 0.0 JWR,NJ Envision Healthcare Corporation EVHC N 1 H/GRW 63.90 90.00 83.27 57.32 14.7 3.71 4.34 4.76 Dec 7,924 0.0 JWR,NJ HealthSouth Corporation HLS N 2 H/GRW 42.57 50.00 43.38 34.79 15.7 2.24 2.67 A 2.71 Dec 3,857 2.3 JWR,NJ MEDNAX, Inc. MD N 3 H/GRW 69.39 NM 76.96 59.36 15.8 4.07 3.99 A 4.40 Dec 6,503 0.0 JWR,NJ Surgery Partners, Inc. SGRY Q 1 H/GRW 19.60 25.00 22.85 11.76 27.6 0.79 0.66 A 0.71 Dec 945 0.0 JWR

Animal Health Abaxis, Inc. ABAX Q 4 NM 48.21 NM 55.95 41.78 37.4 0.91 1.36 A 1.29 Mar 1,099 1.2 NJ Heska Corporation HSKA Q 2 H/GRW 95.76 100.00 99.98 26.26 64.3 0.74 1.43 A 1.49 Dec 673 0.0 NJ IDEXX Laboratories, Inc. IDXX Q 3 H/GRW 153.81 NM 154.57 75.03 52.1 2.11 2.44 A 2.95 Dec 13,935 0.0 NJ VCA Inc. WOOF Q 3 H/GRW 91.52 NM 91.70 56.00 28.6 2.38 2.89 A 3.20 Dec 7,486 0.0 NJ

Benefits Management Health Benefits Management Aetna AET N 3 M/GRW 127.01 NM 136.50 104.59 14.2 7.71 8.23 A 8.97 Dec 44,669 1.6 MJB Anthem ANTM N 3 M/GRW 164.60 NM 170.79 114.85 14.3 10.16 11.00 A 11.50 Dec 62,433 1.6 MJB Centene Corporation CNC N 3 H/GRW 70.83 NM 75.57 50.00 15.1 3.03 4.43 A 4.68 Dec 12,177 0.0 MJB Cigna Corporation CI N 3 H/GRW 148.30 NM 154.83 115.03 15.6 8.66 8.10 A 9.50 Dec 41,153 0.0 MJB Humana HUM N 3 M/GRW 206.63 NM 220.49 150.00 18.9 7.75 9.57 A 10.93 Dec 30,851 0.8 MJB Insperity NSP N 3 H/GRW 87.25 NM 90.55 50.61 20.3 2.19 3.59 A 4.30 Dec 2,234 1.1 MJB Magellan Health MGLN Q 3 H/GRW 66.95 NM 84.71 49.50 16.5 1.21 3.38 A 4.05 Dec 1,855 0.0 MJB Molina Healthcare MOH N 3 H/GRW 45.74 NM 67.87 42.56 22.2 2.73 1.28 A 2.06 Dec 2,607 0.0 MJB UnitedHealth Group UNH N 1 M/GRW 165.35 185.00 172.14 125.26 17.4 6.45 8.05 A 9.50 Dec 179,074 1.5 MJB Universal American Corp. UAM N 3 M/GRW 9.97 NM 10.13 6.72 49.9 (0.14) 0.20 0.35 Dec 587 0.0 MJB WellCare Health Plans WCG N 3 H/GRW 139.35 NM 151.93 86.75 22.1 3.44 5.96 A 6.30 Dec 5,992 0.0 MJB

Pharmacy Benefits Management Express Scripts ESRX Q 3 H/GRW 64.84 NM 80.02 63.22 9.4 5.53 6.39 A 6.92 Dec 39,261 0.0 MJB

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Healthcare - USA Biotechnology AbbVie Inc. ABBV N 2 H/GRW 65.98 84.00 68.12 55.06 11.9 4.30 4.82 A 5.53 Dec 105,074 3.9 CR,LC Acorda Therapeutics, Inc. ACOR Q 3 H/GRW 26.10 NM 33.00 16.40 25.1 1.05 0.16 A 1.04 Dec 1,192 0.0 CR,LC Adaptimmune Therapeutics plc ADAP Q 2 H/SPEC 4.59 16.00 11.59 3.76 NM (0.86) (1.01) A (1.06) Dec 325 0.0 RB ADMA Biologics, Inc. ADMA Q 3 H/SPEC 4.88 NM 8.85 4.34 NM (1.73) (1.61) A (0.87) Dec 63 0.0 RB Alexion Pharmaceuticals, Inc. ALXN Q 1 H/GRW 118.53 176.00 162.00 109.12 22.6 4.65 4.62 A 5.25 Dec 26,551 0.0 CR,LC AMAG Pharmaceuticals, Inc. AMAG Q 4 NM 22.25 NM 36.83 17.92 3.3 4.43 5.97 A 6.84 Dec 764 0.0 CR,LC Amgen, Inc. AMGN Q 3 M/GRW 164.71 NM 184.21 133.64 13.2 10.38 11.65 A 12.50 Dec 121,589 2.8 CR,LC Asterias Biotherapeutics AST M 2 H/SPEC 3.55 5.00 5.80 2.30 NM (0.42) (0.83) A (0.63) Dec 174 0.0 RB Bellicum Pharmaceuticals, Inc. BLCM Q 2 H/SPEC 11.92 29.00 23.11 7.57 NM (1.84) (2.57) A (2.96) Dec 324 0.0 RB Biogen Inc. BIIB Q 1 H/GRW 274.11 325.00 307.33 205.43 13.0 17.01 20.22 A 21.10 Dec 59,180 0.0 CR,LC BioMarin Pharmaceutical Inc. BMRN Q 2 H/GRW 89.10 102.00 102.49 73.45 NM (0.89) (0.21) A 0.26 Dec 15,383 0.0 CR,LC Bioverativ BIVV Q 1 H/GRW 52.14 59.00 54.20 40.00 20.1 NA NA 2.60 Dec 5,629 0.0 CR,LC Blueprint Medicines Corporation BPMC Q 2 H/SPEC 42.31 41.00 44.54 13.27 NM (3.07) (2.64) A (3.30) Dec 1,401 0.0 CR,LC Cascadian Therapeutics Inc. CASC Q 2 H/SPEC 4.12 13.00 10.98 3.49 NM (2.02) (3.13) A (1.21) Dec 93 0.0 RB Celgene Corporation CELG Q 1 H/GRW 124.43 152.00 127.64 94.42 17.3 4.71 5.94 A 7.20 Dec 96,881 0.0 CR,LC Cempra, Inc. CEMP Q 3 H/SPEC 4.20 NM 26.95 2.55 NM (2.09) (2.34) A (1.34) Dec 220 0.0 LC,CR Fate Therapeutics, Inc. FATE Q 2 H/SPEC 4.61 7.00 5.68 1.47 NM (1.18) (1.05) A (0.81) Dec 191 0.0 RB Galena Biopharma Inc. GALE Q 3 H/SPEC 0.64 NM 49.80 0.53 NM (5.00) (2.36) A (0.58) Dec 10 0.0 RB Incyte Corporation INCY Q 2 H/GRW 139.48 135.00 153.15 67.52 NM 0.03 0.54 A 0.29 Dec 26,341 0.0 RB InVivo Therapeutics NVIV Q 1 H/SPEC 4.15 10.00 7.94 3.80 NM (1.26) (0.76) A (0.80) Dec 133 0.0 RB Juno Therapeutics, Inc. JUNO Q 3 H/SPEC 20.97 NM 49.72 17.52 NM (2.72) (2.42) A (2.77) Dec 2,168 0.0 RB Karyopharm Therapeutics Inc. KPTI Q 2 H/SPEC 11.31 20.00 14.63 6.27 NM (3.32) (2.92) A (2.95) Dec 474 0.0 CR,LC Keryx Biopharmaceuticals, Inc. KERX Q 2 H/SPEC 5.93 7.00 7.80 4.03 NM (1.19) (1.52) A (0.69) Dec 628 0.0 RB Kite Pharma, Inc. KITE Q 2 H/SPEC 78.61 82.00 88.58 39.82 NM (2.33) (5.46) A (8.87) Dec 3,914 0.0 RB Leap Therapeutics, Inc. LPTX Q 2 H/SPEC 8.13 13.00 10.10 6.01 NM NA (2.92) (2.10) Dec 76 0.0 RB NantKwest, Inc. NK Q 3 H/SPEC 3.60 NM 10.26 3.23 NM (3.31) (1.47) A (1.42) Dec 295 0.0 RB NeuroDerm Ltd. NDRM Q 2 H/SPEC 27.10 35.00 30.45 13.46 NM (0.82) (1.52) (1.77) Dec 589 0.0 CR,LC Nivalis Therapeutics, Inc. NVLS Q 3 H/SPEC 2.88 NM 9.35 2.00 NM (2.43) (2.03) A (1.86) Dec 45 0.0 LC,CR Organovo Holdings, Inc. ONVO Q 2 H/SPEC 3.03 5.00 4.99 2.01 NM NA (0.43) A (0.40) Mar 315 0.0 RB Proteon Therapeutics, Inc. PRTO Q 3 H/SPEC 1.60 NM 11.63 1.40 NM (1.30) (1.72) A (1.32) Dec 27 0.0 CR,LC Regeneron Pharmaceuticals, Inc. REGN Q 2 H/GRW 382.55 420.00 452.96 325.35 25.6 12.07 11.32 A 14.95 Dec 40,553 0.0 CR,LC Sage Therapeutics, Inc. SAGE Q 1 H/SPEC 64.30 84.00 70.98 26.55 NM (3.40) (4.75) A (6.95) Dec 2,393 0.0 LC,CR Tesaro, Inc. TSRO Q 3 H/SPEC 154.90 NM 192.94 36.68 NM (6.38) (8.13) A (7.56) Dec 8,306 0.0 CR,LC TG Therapeutics, Inc. TGTX Q 1 H/SPEC 11.60 15.00 15.05 4.10 NM (1.38) (1.60) A (1.69) Dec 659 0.0 RB Ultragenyx Pharmaceutical Inc. RARE Q 2 H/SPEC 67.66 91.00 91.35 46.52 NM (3.96) (6.21) A (6.84) Dec 2,790 0.0 CR,LC Verastem, Inc. VSTM Q 2 H/SPEC 1.90 3.00 2.09 1.05 NM (1.61) (0.99) A (1.05) Dec 70 0.0 RB Vertex Pharmaceuticals Inc. VRTX Q 3 H/GRW 89.67 NM 103.73 71.46 53.4 (1.11) 0.85 A 1.68 Dec 22,095 0.0 LC,CR ZIOPHARM Oncology, Inc. ZIOP Q 3 H/SPEC 6.62 NM 9.19 4.45 NM (0.96) (1.32) A (0.78) Dec 876 0.0 RB

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Healthcare - USA Clinical Laboratories Laboratory Corporation of America Holdings LH N 2 H/GRW 142.91 155.00 145.00 113.46 14.9 7.91 8.83 A 9.60 Dec 14,677 0.0 NJ NeoGenomics, Inc. NEO Q 2 H/GRW 7.59 10.50 9.88 6.15 42.2 0.02 0.15 A 0.18 Dec 596 0.0 NJ Quest Diagnostics Inc. DGX N 3 M/GRW 98.84 NM 100.00 69.88 18.1 4.77 5.15 A 5.45 Dec 13,541 1.8 NJ

Death Care Service Corporation International (rf) SCI N 1 H/GRW 30.47 37.00 32.21 22.92 19.0 1.64 1.66 A 1.60 Dec 5,881 1.7 JWR,NJ StoneMor Partners L.P. (y) STON N 2 H/SPEC 7.95 13.00 26.90 7.74 NM UR UR UR Dec 301 16.6 JWR,NJ

Diagnostics Alere, Inc. ALR N 3 H/GRW 39.19 NM 50.91 31.47 21.7 2.14 1.81 2.15 Dec 3,445 0.0 NJ CareDx, Inc. CDNA Q 3 H/SPEC 1.55 NM 6.08 1.38 NM (1.05) (0.86) (1.08) Dec 33 0.0 NJ Fulgent Genetics, Inc. FLGT Q 2 H/SPEC 11.09 13.50 13.90 7.59 32.6 0.26 0.01 A 0.34 Dec 197 0.0 NJ GenMark Diagnostics, Inc. GNMK Q 2 H/GRW 12.45 13.50 13.62 4.73 NM (1.00) (1.15) A (0.90) Dec 579 0.0 NJ Genomic Health GHDX Q 2 H/GRW 31.69 34.00 33.96 22.90 NM (1.04) (0.42) A (0.04) Dec 1,096 0.0 NJ Meridian Bioscience, Inc. VIVO Q 4 NM 13.55 NM 21.49 10.75 20.8 0.85 0.80 A 0.65 Sep 576 3.7 NJ OraSure Technologies, Inc. OSUR Q 2 H/GRW 12.73 13.00 12.74 5.57 34.4 0.14 0.35 A 0.37 Dec 728 0.0 NJ Quidel Corporation QDEL Q 2 H/GRW 22.11 23.00 23.94 15.15 NM (0.18) (0.42) A 0.17 Dec 727 0.0 NJ Trinity Biotech plc TRIB Q 2 H/GRW 5.60 7.00 13.68 5.20 93.3 0.46 0.22 A 0.06 Dec 131 0.0 NJ

Drug Distributors AmerisourceBergen Corp. ABC N 3 M/GRW 87.50 NM 94.50 68.38 14.9 4.94 5.62 A 5.86 Sep 19,425 1.7 JWR,NJ Cardinal Health, Inc. CAH N 3 M/GRW 82.20 NM 87.85 62.70 15.3 4.38 5.24 A 5.37 Jun 26,222 2.2 JWR,NJ McKesson Corporation MCK N 3 M/GRW 149.88 NM 199.43 114.53 12.0 11.11 12.08 A 12.45 Mar 33,273 0.7 JWR,NJ

Drug Stores CVS Health CVS N 2 M/GRW 78.61 85.00 106.67 69.30 13.5 5.16 5.84 A 5.81 Dec 83,405 2.5 JWR,MJB Rite Aid Corporation RAD N 3 H/GRW 4.53 NM 8.77 4.39 90.6 2.08 0.16 A 0.05 Feb 4,808 0.0 JWR,NJ Walgreens Boots Alliance Inc. WBA Q 2 M/GRW 83.74 95.00 88.00 75.74 16.9 3.88 4.59 A 4.95 Aug 91,134 1.8 JWR,NJ

Healthcare Information Technology The Advisory Board Company ABCO Q 3 H/GRW 46.95 NM 51.23 24.85 23.7 1.50 2.24 A 1.98 Dec 1,887 0.0 NJ Allscripts Healthcare Solutions Inc. MDRX Q 3 H/GRW 12.71 NM 15.17 9.80 20.8 0.47 0.55 A 0.61 Dec 2,360 0.0 NJ athenahealth Inc. ATHN Q 2 H/GRW 111.77 140.00 143.85 90.11 46.2 1.35 1.90 A 2.42 Dec 4,415 0.0 NJ Cerner Corporation CERN Q 3 H/GRW 59.26 NM 67.50 47.01 23.7 2.11 2.30 A 2.50 Dec 19,535 0.0 NJ Computer Programs and Systems, Inc. CPSI Q 3 H/INC 27.80 NM 54.09 18.25 16.4 2.13 1.71 A 1.70 Dec 376 3.6 NJ Connecture, Inc. CNXR Q 3 H/GRW 1.10 NM 3.24 1.04 NM (0.34) (1.31) A (0.67) Dec 48 0.0 NJ Cotiviti Holdings, Inc. COTV N 3 H/GRW 40.36 NM 41.38 17.00 26.4 NA 1.40 A 1.53 Dec 3,662 0.0 NJ HealthStream, Inc. HSTM Q 3 H/GRW 23.92 NM 28.84 19.71 NM 0.28 0.12 A 0.17 Dec 759 0.0 NJ HMS Holdings Corp. HMSY Q 2 H/GRW 19.05 23.00 24.00 13.06 24.4 NA 0.75 A 0.78 Dec 1,592 0.0 NJ Premier, Inc. PINC Q 2 H/GRW 31.85 36.00 35.11 28.27 17.1 1.43 1.61 A 1.86 Jun 4,500 0.0 NJ Quality Systems Inc. QSII Q 3 H/GRW 14.95 NM 15.90 10.61 18.7 0.62 0.72 A 0.80 Mar 933 0.0 NJ Vocera Communications, Inc. VCRA N 2 H/GRW 24.12 24.00 24.67 10.46 NM (0.20) 0.07 A 0.20 Dec 665 0.0 NJ WebMD Health Corp WBMD Q 2 H/GRW 50.23 60.00 67.55 48.10 24.9 1.48 1.97 A 2.02 Dec 1,919 0.0 NJ

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Healthcare - USA Hospital Supplies & Equipment Baxter International Inc. BAX N 3 M/GRW 51.89 NM 52.33 40.27 24.0 1.38 1.96 A 2.16 Dec 28,000 1.0 LK Becton, Dickinson and Company BDX N 2 M/GRW 183.92 195.00 186.11 148.59 19.5 7.16 8.59 A 9.45 Sep 39,143 1.6 LK C.R. Bard, Inc. BCR N 1 M/GRW 250.48 265.00 252.25 198.60 21.6 9.08 10.29 A 11.60 Dec 20,038 0.4 LK Cantel Medical Corp. CMD N 3 H/GRW 79.38 NM 88.81 64.52 38.9 NA 1.68 A 2.04 Jul 3,312 0.2 LK The Cooper Companies, Inc. COO N 2 H/GRW 199.06 220.00 202.70 148.76 21.6 7.44 8.44 A 9.20 Oct 9,734 0.0 LK Haemonetics Corporation HAE N 4 NM 39.73 NM 41.65 25.98 25.5 1.85 1.64 A 1.56 Mar 2,059 0.0 LK Halyard Health Inc. HYH N 3 H/GRW 37.99 NM 41.84 26.05 20.3 2.11 1.97 A 1.87 Dec 1,773 0.0 LK Hill-Rom Holdings, Inc. HRC N 3 M/GRW 70.37 NM 70.60 46.79 18.5 2.64 3.34 A 3.80 Sep 4,598 1.0 LK Intuitive Surgical, Inc. ISRG Q 2 H/GRW 764.47 750.00 770.28 582.00 32.9 19.28 22.36 A 23.27 Dec 29,661 0.0 LK Masimo Corp. MASI Q 3 H/GRW 93.54 NM 96.68 39.85 40.7 1.56 2.22 A 2.30 Dec 4,695 0.0 LK Stericycle Inc. SRCL Q 3 H/GRW 81.13 NM 128.94 71.52 17.4 4.71 4.52 A 4.65 Dec 6,908 0.0 LK STERIS plc STE N 2 M/GRW 67.92 78.00 74.63 63.26 18.3 2.99 3.39 A 3.72 Mar 5,768 1.8 LK Teleflex, Inc. TFX N 1 M/GRW 194.88 215.00 198.89 136.53 24.1 6.33 7.34 A 8.09 Dec 8,589 0.7 LK TransEnterix, Inc. TRXC M 3 H/SPEC 1.20 NM 6.10 1.03 NM (0.64) (1.07) A (0.41) Dec 76 0.0 LK

Hospitals Community Health Systems, Inc. CYH N 4 NM 9.25 NM 17.60 4.15 13.6 3.24 0.46 A 0.68 Dec 1,027 0.0 JWR,NJ HCA Holdings, Inc. HCA N 1 H/GRW 89.63 95.00 91.03 67.00 11.9 5.56 6.87 A 7.55 Dec 34,508 0.0 JWR,NJ LifePoint Health, Inc. LPNT Q 2 H/GRW 63.90 70.00 75.70 50.60 15.0 4.09 3.61 A 4.25 Dec 2,626 0.0 JWR,NJ Tenet Healthcare Corporation THC N 3 H/GRW 18.35 NM 34.08 14.06 16.0 2.06 1.05 A 1.15 Dec 1,853 0.0 JWR,NJ Universal Health Services, Inc. UHS N 3 M/GRW 125.47 NM 139.77 99.72 15.1 6.87 7.32 A 8.30 Dec 12,284 0.3 JWR,NJ

Medical Devices Abbott Laboratories ABT N 2 M/GRW 44.70 45.00 45.84 36.76 18.3 2.15 2.20 A 2.44 Dec 66,424 2.3 JB Abiomed Inc. ABMD Q 2 H/GRW 125.05 118.00 132.95 89.74 NM 0.64 0.85 A 1.16 Mar 5,441 0.0 JB AngioDynamics ANGO Q 3 H/GRW 17.05 NM 18.18 10.71 25.4 0.58 0.58 A 0.67 May 626 0.0 JB Boston Scientific Corp. BSX N 1 H/GRW 24.70 29.00 25.65 17.99 19.9 0.93 1.11 A 1.24 Dec 33,644 0.0 JB DexCom Inc. DXCM Q 2 H/GRW 84.01 92.00 96.38 57.68 NM (0.26) (0.78) A (0.81) Dec 7,099 0.0 JB Hologic Inc. HOLX Q 3 H/GRW 42.53 NM 42.97 32.64 22.2 1.67 1.96 A 1.92 Sep 12,087 0.0 JB ICU Medical, Inc. ICUI Q 1 H/GRW 153.60 177.00 159.95 98.10 42.3 3.96 4.93 A 3.63 Dec 3,149 0.0 JB Insulet PODD Q 3 H/GRW 42.43 NM 48.23 26.50 NM (0.82) (0.33) A (0.49) Dec 2,438 0.0 JB Integra LifeSciences Corp. IART Q 2 H/GRW 42.60 47.00 45.87 32.05 22.4 1.55 1.76 A 1.90 Dec 3,319 0.0 JB Johnson & Johnson JNJ N 2 M/INC 125.66 122.00 129.00 107.69 18.0 6.20 6.73 A 7.00 Dec 349,963 2.5 JB Merit Medical Systems Inc. MMSI Q 1 H/GRW 28.90 33.00 31.70 17.52 24.9 0.87 1.01 A 1.16 Dec 1,306 0.0 JB Natus Medical Inc. BABY Q 3 H/GRW 38.70 NM 44.39 29.54 21.4 1.55 1.62 A 1.81 Dec 1,277 0.0 JB RTI Surgical Inc. RTIX Q 3 H/GRW 3.75 NM 4.65 2.50 53.6 0.23 0.04 A 0.07 Dec 219 0.0 JB Senseonics Holdings, Inc. SENS M 2 H/SPEC 1.86 4.00 4.24 1.78 NM (0.45) (0.49) A (0.52) Dec 174 0.0 JB Spectranetics Corp SPNC Q 2 H/GRW 28.55 31.00 29.00 14.10 NM (0.89) (1.02) A (1.12) Dec 1,236 0.0 JB

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Healthcare - USA Pharma Services Catalent, Inc. (ae) CTLT N 3 H/GRW 28.51 NM 32.24 20.94 NM 443 401 A 443 Jun 3,557 0.0 MJB,JWR Charles River Laboratories International, Inc. CRL N 3 H/GRW 89.36 NM 91.57 67.20 17.6 3.76 4.56 A 5.07 Dec 4,232 0.0 MJB Diplomat Pharmacy, Inc. DPLO N 3 H/GRW 15.37 NM 38.94 12.25 22.6 0.75 0.75 A 0.68 Dec 1,025 0.0 JWR ICON plc ICLR Q 3 H/GRW 80.20 NM 88.90 62.31 15.8 3.98 4.77 A 5.08 Dec 4,373 0.0 MJB INC Research Holdings INCR Q 2 H/GRW 43.50 51.00 57.11 36.70 16.5 2.00 2.50 A 2.64 Dec 2,339 0.0 MJB PAREXEL PRXL Q 4 NM 62.70 NM 72.32 51.16 19.5 2.79 3.43 A 3.22 Jun 3,191 0.0 MJB Patheon N.V. (ae) PTHN N 2 H/GRW 25.96 31.00 32.95 23.72 NM 375 395 A 432 Oct 3,768 0.0 MJB,JWR Quintiles IMS Holdings Q N 3 M/GRW 78.70 NM 83.04 61.21 17.6 3.33 4.00 A 4.46 Dec 18,526 0.0 MJB

Specialty Pharmaceuticals Aerie Pharmaceuticals, Inc. AERI Q 3 H/SPEC 45.45 NM 51.85 10.82 NM (2.38) (2.82) A (2.50) Dec 1,521 0.0 EW Akorn, Inc. AKRX Q 3 H/GRW 24.77 NM 35.40 17.61 15.2 2.02 2.25 A 1.63 Dec 3,081 0.0 EW Allergan plc AGN N 2 M/GRW 240.53 265.00 277.96 184.50 15.0 13.20 13.51 A 16.03 Dec 80,553 1.2 EW Amphastar Pharmaceuticals, Inc. AMPH Q 2 H/GRW 14.63 18.00 21.75 11.37 43.0 0.10 0.48 A 0.34 Dec 677 0.0 EW ANI Pharmaceuticals, Inc. ANIP Q 1 H/GRW 48.90 69.00 70.92 30.60 12.4 2.72 2.96 A 3.94 Dec 567 0.0 EW Dermira, Inc. DERM Q 4 NM 35.21 NM 38.75 19.99 NM NA (2.70) A (3.73) Dec 1,482 0.0 EW Dipexium Pharmaceuticals, Inc. DPRX Q 3 H/SPEC 1.35 NM 17.75 1.05 NM (1.99) (1.81) (0.45) Dec 15 0.0 EW Endo International plc ENDP Q 3 H/GRW 10.74 NM 35.34 9.70 2.3 4.66 4.73 3.62 Dec 2,395 0.0 EW Flexion Therapeutics, Inc. FLXN Q 1 H/SPEC 27.48 35.00 29.41 8.16 NM (2.15) (2.84) A (2.98) Dec 868 0.0 EW Impax Laboratories, Inc. IPXL Q 3 H/GRW 12.80 NM 37.20 7.75 14.5 1.45 1.17 A 0.88 Dec 946 0.0 EW Lannett Company, Inc. LCI N 2 H/GRW 22.60 29.00 39.99 16.75 6.6 4.04 3.42 A 3.42 Jun 833 0.0 EW Mallinckrodt PLC MNK N 2 M/GRW 44.33 68.00 85.83 41.57 5.9 7.03 7.79 A 7.48 Dec 4,640 0.0 EW Mylan N.V. MYL Q 1 H/GRW 41.72 57.00 50.40 33.60 7.8 4.30 4.89 A 5.32 Dec 22,334 0.0 EW Perrigo Company PLC PRGO N 3 M/GRW 68.91 NM 133.53 66.86 9.7 7.59 7.11 4.93 Dec 9,882 0.9 EW Teligent, Inc. TLGT Q 1 H/GRW 7.97 11.00 8.66 4.63 21.5 (0.06) 0.08 A 0.37 Dec 424 0.0 EW Teva Pharmaceutical Industries, Ltd. (r) TEVA N 3 M/GRW 32.96 NM 58.16 31.90 6.6 5.42 5.14 A 5.02 Dec 33,454 4.1 EW

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USA Canada Europe

Specialty/Industrial Distribution ................................. 51

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

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

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

Aerospace & Aviation ................................................. 52

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

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

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

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

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

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

Related Products & Services.................................... 53

Special Situations ....................................................... 53

Aerospace & Defence .................................................. 53

Commercial Aerospace ............................................ 53

Defence .................................................................... 53

Chemicals .................................................................... 54

Agrochemicals .......................................................... 54

Consumer Chemicals ................................................ 54

Diversified Chemicals ............................................... 54

Industrial Chemicals ................................................. 54

Industrial Gases ........................................................ 54

Infrastructure & Construction ..................................... 54

Building Products ..................................................... 54

Construction Groups ................................................ 54

House Builders ......................................................... 54

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

Raymond James Research Register - April 2017 51

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Industrial - USA Patrick Tyler Brown, CFA Tyler.Brown@RaymondJames.com Sam Darkatsh Sam.Darkatsh@RaymondJames.com

Specialty/Industrial Distribution Beacon Roofing Supply, Inc. BECN Q 1 H/GRW 48.18 54.00 50.61 39.50 20.5 1.38 2.10 A 2.35 Sep 2,939 0.0 SD Fastenal Company FAST Q 3 H/GRW 50.88 NM 52.64 37.70 27.7 1.77 1.73 A 1.84 Dec 14,714 2.5 SD Foundation Building Materials, Inc. FBM N 2 H/GRW 16.02 20.00 17.91 15.05 25.4 NA NA 0.63 Dec 692 0.0 SD GMS Inc. GMS N 2 H/GRW 35.38 35.00 35.73 19.28 20.6 0.98 1.43 A 1.72 Apr 1,472 0.0 SD HD Supply Holdings Inc. HDS Q 3 H/GRW 40.56 NM 44.73 30.05 12.2 1.72 2.63 A 3.32 Jan 8,144 0.0 SD Houston Wire & Cable Company HWCC Q 3 H/GRW 6.75 NM 8.05 5.10 NM 0.30 (0.21) A 0.00 Dec 109 1.8 SD LKQ Corporation LKQ Q 2 H/GRW 29.62 36.00 36.35 29.03 15.9 1.49 1.69 A 1.86 Dec 9,182 0.0 SD MRC Global MRC N 3 H/GRW 18.03 NM 22.52 11.50 90.2 (3.38) (1.10) A 0.20 Dec 1,715 0.0 SD MSC Industrial Direct MSM N 3 H/GRW 100.34 NM 105.70 67.74 25.7 3.79 3.77 A 3.90 Aug 5,679 1.8 SD NOW Inc. DNOW N 3 H/GRW 16.02 NM 23.53 15.47 NM (0.61) (1.39) A (0.26) Dec 1,714 0.0 SD Praxair, Inc. PX N 1 M/INC 118.78 131.00 125.00 106.31 21.7 5.81 5.47 5.96 Dec 33,841 2.5 SD W.W. Grainger, Inc. GWW N 3 M/GRW 239.19 NM 262.72 201.94 20.3 11.94 11.58 A 11.80 Dec 14,256 2.0 SD WESCO International WCC N 3 H/GRW 68.15 NM 76.15 49.67 17.9 4.18 3.80 A 3.80 Dec 3,319 0.0 SD

Waste and Industrial Services Industrial Services Clean Harbors, Inc. CLH N 4 NM 54.23 NM 59.17 43.03 65.3 1.30 0.03 A 0.83 Dec 3,113 0.0 TB

Waste Services Casella Waste Systems, Inc. CWST Q 1 H/SPEC 13.99 15.00 14.23 6.31 36.8 (0.21) 0.14 A 0.38 Dec 581 0.0 TB Covanta Holding Corp. CVA N 1 H/INC 15.05 17.50 17.22 13.45 NM 0.07 (0.12) A 0.04 Dec 1,972 6.6 TB Republic Services, Inc. RSG N 1 M/GRW 62.42 67.00 63.84 45.56 26.4 2.06 2.22 A 2.36 Dec 21,348 2.1 TB U.S. Ecology, Inc. ECOL Q 3 H/GRW 46.10 NM 54.00 38.00 25.3 1.61 1.53 A 1.82 Dec 1,005 1.6 TB Waste Connections, Inc. WCN N 1 H/GRW 86.97 100.00 88.59 58.40 29.2 NA 2.57 A 2.98 Dec 15,298 0.8 TB Waste Management, Inc. WM N 3 M/INC 72.34 NM 73.90 56.05 22.7 2.62 2.91 A 3.18 Dec 31,780 2.4 TB

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Industrial - CAN Ben Cherniavsky ben.cherniavsky@raymondjames.ca Frederic Bastien, CFA frederic.bastien@raymondjames.ca

Steve Hansen, CFA, CPA, CMA steve.hansen@raymondjames.ca Daryl Swetlishoff, CFA daryl.swetlishoff@raymondjames.ca

David Quezada, CFA david.quezada@raymondjames.ca Brian Martin, CFA (Associate Analyst) brian.martin@raymondjames.ca

Brenna Phelan, CFA, CPA, CA brenna.phelan@raymondjames.ca

Aerospace & Aviation Bombardier Inc. BBD.B T 3 H/GRW C$2.08 2.50 2.76 1.21 NM 0.16 (0.16) A (0.01) Dec 4,609 0.0 SH,BC CAE Inc. (f) CAE T 3 M/GRW C$20.20 20.75 20.72 14.50 19.4 0.76 0.86 A 1.04 Mar 5,454 1.6 BC Héroux-Devtek Inc. (f) HRX T 3 M/GRW C$11.63 13.00 16.05 11.06 16.6 0.55 0.77 A 0.70 Mar 419 0.0 BC

Chemicals Chemtrade Logistics Income Fund CHE.UN T 2 M/INC C$18.60 23.00 19.23 16.10 23.3 (0.95) (0.24) A 0.80 Dec 1,691 6.5 SH Methanex MEOH Q 2 H/INC US$45.35 60.00 53.35 26.83 8.4 1.20 (0.35) A 5.42 Dec 4,077 2.4 SH Superior Plus Corporation SPB T 2 H/INC C$12.93 15.00 13.24 8.78 23.5 0.12 0.79 A 0.55 Dec 1,846 5.6 SH

Diversified Income Corps. Alaris Royalty Corp. AD T 3 H/INC C$22.20 23.00 31.20 17.80 24.9 1.68 1.81 A 0.89 Dec 815 7.3 BP Exchange Income Corp EIF T 1 M/INC C$39.58 48.00 45.28 27.33 17.1 1.60 1.88 A 2.32 Dec 1,571 5.3 SH Grenville Strategic Royalty Corp. GRC V 3 H/SPEC C$0.13 0.25 0.80 0.10 4.2 0.08 (0.10) A 0.03 Dec 13 0.0 DQ

Infrastructure & Construction Construction Aecon Group ARE T 2 H/INC C$17.36 19.00 19.19 13.07 20.4 1.03 0.76 A 0.85 Dec 1,217 2.9 FB Bird Construction Inc. BDT T 2 H/INC C$10.14 11.00 14.19 7.26 22.5 0.98 0.65 A 0.45 Dec 431 3.8 FB NAPEC Inc. (cb) NPC T 2 H/GRW C$1.05 1.40 1.27 0.81 NM 20 24 38 Dec 109 0.0 FB,BM North American Energy Partners NOA T 2 H/INC C$5.92 9.00 7.48 2.45 32.9 (0.23) (0.01) A 0.18 Dec 174 1.4 BC Stuart Olson Inc. SOX T 3 H/INC C$6.00 6.00 7.13 5.06 24.0 0.39 (0.18) A 0.25 Dec 161 8.0 FB

Engineering IBI Group Inc. IBG T 3 H/GRW C$6.27 6.50 6.73 3.60 15.7 0.49 0.11 A 0.40 Dec 235 NM FB SNC-Lavalin SNC T 2 M/GRW C$53.08 63.00 59.63 44.84 18.6 2.68 1.73 A 2.85 Dec 7,983 2.1 FB Stantec Inc STN T 2 M/GRW C$34.76 39.00 36.85 28.74 23.2 1.60 1.22 A 1.50 Dec 3,963 1.4 BC,FB WSP Global Inc. WSP T 1 M/INC C$46.98 55.00 48.50 36.37 18.4 1.87 2.15 A 2.55 Dec 4,759 3.2 FB

Machinery Cervus Equipment Corp. CERV T 3 M/GRW C$11.71 13.25 16.52 10.62 10.6 0.82 0.69 A 1.10 Dec 196 2.4 BC Finning International FTT T 3 M/GRW C$24.64 25.50 28.02 18.37 20.5 1.29 0.88 A 1.20 Dec 4,142 3.0 BC Ritchie Bros. Auctioneers RBA N 3 M/GRW US$32.77 37.50 39.96 25.88 26.2 1.13 1.24 A 1.25 Dec 3,546 2.0 BC Rocky Mountain Dealerships Inc. RME T 2 H/GRW C$9.95 11.50 11.25 5.80 10.5 0.71 0.83 A 0.95 Dec 193 4.6 BC Strongco Corp. SQP T 3 H/GRW C$1.36 1.40 1.80 1.30 NM (0.22) (2.70) A (0.35) Dec 18 0.0 BC Toromont Industries TIH T 3 M/GRW C$46.25 43.00 48.86 32.26 21.5 1.86 1.98 A 2.15 Dec 3,635 1.6 BC Wajax Corp. WJX T 3 H/GRW C$22.38 24.00 25.76 13.34 16.6 1.50 1.01 A 1.35 Dec 454 4.5 BC

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Industrial - CAN Related Products & Services Canam Group CAM T 3 H/INC C$6.48 7.50 13.62 5.57 16.2 1.08 (0.28) A 0.40 Dec 296 2.5 FB Russel Metals RUS T 3 H/INC C$26.31 26.00 29.78 18.97 17.5 (1.42) 1.01 A 1.50 Dec 1,636 5.8 FB WesternOne Inc. WEQ T R H/GRW C$1.50 R 18.55 1.20 R R R R Dec R R FB ZCL Composites ZCL T 2 H/GRW C$13.58 14.50 13.74 7.60 16.0 0.44 0.68 A 0.85 Dec 421 3.5 BC

Special Situations Boyd Group Income Fund (cb) BYD.UN T 2 M/GRW C$82.65 90.00 92.75 69.83 NM 96 124 A 146 Dec 1,488 0.2 SH DIRTT Environmental Solutions Ltd. DRT T 1 H/GRW C$6.88 9.00 7.51 4.58 17.2 0.22 0.09 A 0.40 Dec 630 0.0 DQ,DS Tree Island Steel Ltd. TSL T 2 H/GRW C$4.25 5.75 6.55 2.91 9.4 0.52 0.45 0.47 Dec 132 1.9 DQ

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Industrial - EUR Harry Breach, RJFI Harry.Breach@RaymondJames.com Mehdi Boudokhane, RJEE Mehdi.Boudokhane@RaymondJames.com

Patrick Lambert, RJFI Patrick.Lambert@RaymondJames.com

Aerospace & Defence Commercial Aerospace Airbus Group AIR.PA EPA 1 €70.83 85.00 71.85 48.07 23.2 3.41 3.05 3.60 Dec 54,732 2.0 HB GKN GKN.L L 1 370p 440 379 249 12.7 27.80 29.00 33.50 Dec £6,335 2.4 HB Meggitt MGGT.L L 1 445p 625 485 362 12.7 31.60 35.00 39.00 Dec £3,452 3.4 HB MTU Aero Engines MTXGn.DE ETR 4 €119.50 85.00 121.60 78.74 18.0 6.01 6.65 6.70 Dec 6,137 1.6 HB Rolls-Royce RR.L L 3 754p NM 870 584 26.0 59.00 29.00 41.50 Dec £13,855 1.6 HB Safran SAF.PA EPA 3 €69.76 NM 70.10 53.00 17.9 3.55 3.89 3.53 Dec 29,051 2.2 HB Senior SNR.L L 3 204p NM 245 161 14.5 19.00 14.00 15.50 Dec £854 3.4 HB Zodiac Aerospace ZODC.PA EPA 3 €23.55 NM 28.85 16.70 39.9 0.72 0.59 0.45 Aug 6,529 1.4 HB

Defence BAE Systems BAES.L L 4 651p 525 657 465 16.3 40.20 40.00 43.00 Dec £20,660 3.4 HB Cobham COB.L L 4 129p 80 188 103 14.3 16.50 9.00 6.00 Dec £2,198 1.6 HB Thales TCFP.PA EPA 3 €90.15 NM 93.92 67.65 21.5 3.89 4.20 4.80 Dec 19,062 1.5 HB

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Industrial - EUR Chemicals Agrochemicals Syngenta (sa) SYNN.VX SWF 1 CHF433.90 470.00 444.60 360.50 NM 13,411 12,777 13,066 Dec 40,014 0.0 PL Yara (sa) YAR.OL OSL 3 NOK327.80 NM 362.00 256.10 NM 111,896 97,921 109,171 Dec 89,561 3.1 PL

Consumer Chemicals AkzoNobel (sa) AKZO.AS AMS 3 €77.60 NM 79.73 52.58 NM 14,859 14,229 14,879 Dec 19,570 2.1 PL Givaudan (sa) GIVN.VX SWF 2 CHF1790.00 2262.00 2116.00 1710.00 NM 4,396 4,663 5,023 Dec 16,472 3.0 PL Symrise (sa) SY1G.DE ETR 3 €60.56 NM 69.32 53.00 NM 2,602 2,893 3,005 Dec 7,861 1.4 PL

Diversified Chemicals BASF (sa) BASFn.DE ETR 3 €91.54 NM 91.59 61.58 NM 70,449 56,965 62,820 Dec 84,078 3.3 PL DSM (sa) DSMN.AMS AMS 1 €63.22 80.00 64.39 47.24 NM 8,935 7,920 A 8,419 Dec 11,064 2.8 PL

Industrial Chemicals Arkema (sa) AKE.PA EPA 1 €92.22 109.00 97.24 63.16 NM 7,683 7,535 A 8,259 Dec 6,977 3.3 PL Clariant (sa) CLN.VX SWF 2 CHF18.57 24.00 19.43 15.59 NM 5,807 5,847 A 6,236 Dec 6,018 2.4 PL Covestro (sa) 1COV.DE ETR 2 €70.10 76.00 73.27 30.76 NM 12,082 11,904 A 13,616 Dec 14,195 1.9 PL Lanxess (sa) LXSG.DE ETR 2 €62.04 75.00 68.84 37.28 NM 7,902 7,717 9,067 Dec 5,678 1.1 PL Solvay (sa) SOLB.BR EBR 1 €111.65 125.00 116.95 79.10 NM 10,577 11,767 12,315 Dec 11,586 2.9 PL

Industrial Gases Air Liquide (sa) AIRP.PA EPA 2 €106.20 129.00 106.90 85.96 NM 16,380 18,135 A 20,789 Dec 41,299 3.7 PL

Infrastructure & Construction Building Products Saint-Gobain SGOB.PA EPA S €46.67 NM 48.12 32.15 NM 2.30 NA NA Dec 26,153 2.8 MB Tarkett S.A. TKTT.PA EPA 2 €41.50 43.00 42.13 26.09 20.1 1.31 1.87 A 2.06 Dec 2,644 1.6 MB

Construction Groups Eiffage FOUG.PA EPA 3 €72.66 NM 72.79 58.58 17.3 3.44 4.20 4.87 Dec 6,934 2.1 MB Vinci SGEF.PA EPA 2 €73.93 82.00 75.03 49.93 16.0 3.69 4.52 A 4.61 Dec 43,568 3.1 MB

House Builders Nexity NEXI.PA EPA 2 €44.56 54.00 50.15 42.03 17.8 2.28 2.50 3.02 Dec 2,440 4.9 MB

Infrastructure Operators Abertis ABE.MC MAD 2 €14.96 16.50 15.11 12.12 14.8 0.76 0.88 A 1.01 Dec 13,594 4.7 MB ADP ADP.PA EPA 3 €115.60 NM 115.80 83.50 28.0 4.35 4.13 4.60 Dec 11,440 2.1 MB Ferrovial FER.MC MAD 1 €18.79 22.40 18.92 14.83 31.3 0.98 0.51 A 0.60 Dec 13,766 4.0 MB Fraport FRAG.DE ETR 4 €65.20 44.00 65.71 44.96 21.8 2.99 E 2.89 3.21 Dec 6,011 2.1 MB

Raymond James Research Register - April 2017 55

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Mining & Natural Resources - CAN Daryl Swetlishoff, CFA daryl.swetlishoff@raymondjames.ca Steve Hansen, CFA, CPA, CMA steve.hansen@raymondjames.ca

Chris Thompson, M.Sc. (Eng), P.Geo chris.thompson@raymondjames.ca Tara Hassan, P.Eng tara.hassan@raymondjames.ca

Agribusiness AGT Food and Ingredients Inc. AGT T 2 H/INC C$30.60 42.00 42.16 29.39 11.8 2.02 1.96 A 2.59 Dec 737 0.5 SH

Fertilizers Agrium Inc. AGU N 3 M/GRW US$95.20 110.00 111.88 81.17 18.9 7.25 4.88 A 5.05 Dec 13,138 3.7 SH Potash Corp. of Saskatchewan Inc. POT N 3 M/GRW US$17.10 17.00 20.27 15.21 38.9 1.52 0.41 A 0.44 Dec 14,354 2.3 SH

Mining & Natural Resources

Canada

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

Fertilizers .................................................................... 55

Forest Products .......................................................... 56

Building Materials ................................................... 56

Pulp & Paper ........................................................... 56

Mining ........................................................................ 56

Precious Metals - Gold ............................................ 56

Precious Metals - Silver ........................................... 56

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Mining & Natural Resources - CAN Forest Products Building Materials Acadian Timber Corp. ADN T 1 M/INC C$18.51 23.00 20.20 15.70 20.3 0.81 0.96 A 0.91 Dec 309 5.9 DS Canfor Corp. CFP T 2 H/GRW C$17.99 24.00 18.53 11.96 13.7 0.43 1.10 A 1.31 Dec 2,389 0.0 DS Conifex Timber, Inc. CFF T 2 H/SPEC C$3.09 6.00 3.74 2.01 10.0 (0.82) 3.09 A 0.31 Dec 66 0.0 DS Interfor Corp. IFP T 1 H/GRW C$16.65 24.00 18.75 10.21 10.2 (0.29) 0.94 A 1.63 Dec 1,165 0.0 DS Norbord Inc. OSB T 1 H/GRW C$37.01 47.00 40.06 23.11 9.9 (0.12) 2.13 A 3.73 Dec 3,212 1.1 DS West Fraser Timber WFT T 2 H/GRW C$55.27 67.00 58.89 35.35 12.1 0.57 4.11 A 4.57 Dec 4,388 0.5 DS Western Forest Products Inc. WEF T 2 H/GRW C$2.06 2.75 2.40 1.79 6.9 0.18 0.24 A 0.30 Dec 838 3.9 DS

Pulp & Paper Canfor Pulp Products Inc. CFX T 2 H/GRW C$11.90 14.25 12.43 9.45 10.1 1.59 0.86 A 1.18 Dec 794 2.1 DS Domtar UFS N 2 M/INC US$37.21 52.00 44.58 32.74 11.7 3.33 2.04 A 3.18 Dec 2,333 4.3 DS Fortress Paper FTP T 2 H/GRW C$8.10 9.00 8.70 2.84 15.6 (2.19) 0.45 A 0.52 Dec 116 0.0 DS Mercer International Inc. MERC Q 2 H/INC US$11.85 13.50 12.98 7.03 7.6 1.17 0.54 A 1.56 Dec 773 3.9 DS

Mining Precious Metals - Gold Asanko Gold Inc. AKG T 2 H/GRW C$3.48 5.25 6.09 2.71 11.2 (0.04) 0.31 0.41 Dec 767 0.0 CT B2Gold Corp. (cf) BTO T 2 H/GRW C$3.78 5.30 4.74 2.06 13.5 0.18 0.28 0.22 Dec 3,810 0.0 CT Coeur Mining Inc. (cf) CDE N 2 H/GRW US$7.89 12.60 16.41 5.21 7.4 0.54 0.98 A 1.07 Dec 1,428 0.0 CT Endeavour Mining Corp. (cf) EDV T 2 H/GRW C$23.90 31.25 28.81 10.51 12.4 3.30 1.93 2.67 Dec 2,201 0.0 CT Integra Gold Corporation (cf) ICG V 2 H/SPEC C$0.89 1.35 0.96 0.45 NM (0.01) (0.01) (0.01) Dec 431,197 0.0 TH Mandalay Resources Corp. (cf) MND T 2 H/INC C$0.58 0.80 1.35 0.58 3.9 0.17 0.12 A 0.15 Dec 262 3.4 CT OceanaGold Corp. (cf) OGC T 2 H/GRW C$3.93 5.60 5.56 3.24 6.6 0.50 0.45 A 0.60 Dec 2,401 0.5 CT Orezone Gold Corp. ORE V 2 H/SPEC C$0.53 0.95 1.28 0.42 NM (0.06) (0.03) (0.03) Dec 82 0.0 CT Pure Gold Mining Inc. (cf) PGM V 2 H/SPEC C$0.55 1.00 0.77 0.24 NM (0.05) (0.04) A (0.14) Mar 112 0.0 TH Roxgold Inc. ROG V 2 H/GRW C$1.33 1.95 1.76 0.86 66.5 (0.02) 0.02 0.17 Dec 492 0.0 CT SEMAFO Inc. SMF T 2 H/GRW C$4.10 5.50 7.46 3.60 9.3 0.50 0.44 0.40 Dec 1,332 0.0 CT Tahoe Resources Inc. (cf) THO T 2 H/INC C$10.52 17.00 22.13 9.58 10.1 0.86 1.09 A 1.04 Dec US$3,304 2.3 CT Victoria Gold Corporation (cf) VIT V 2 H/SPEC C$0.57 0.95 0.80 0.21 NM (0.01) (0.01) (0.01) Feb 320 0.0 CT

Precious Metals - Silver Bear Creek Mining Corp. (cf) BCM V 2 H/SPEC C$2.23 3.75 3.77 1.20 NM (0.14) (0.11) (0.13) Dec 246 0.0 CT Endeavour Silver Corp. EDR T 3 H/GRW C$4.12 5.50 7.75 3.07 17.9 0.35 0.23 0.39 Dec 537 0.0 CT First Majestic Silver (cf) FR T 4 H/GRW C$10.66 11.40 24.96 7.92 17.5 0.36 0.61 0.65 Dec 1,826 0.0 CT Fortuna Silver Mines Inc. (cf) FVI T 2 H/GRW C$6.60 10.75 12.73 4.84 15.3 0.32 0.43 0.54 Dec 1,059 0.0 CT MAG Silver (cf) MAG T 2 H/SPEC C$18.37 23.50 23.32 11.95 NM (0.06) (0.08) NA Dec US$1,482 0.0 CT Pan American Silver Corp. (cf) PAAS Q 2 H/INC US$17.62 23.00 21.59 10.38 11.4 0.55 1.54 1.28 Dec 2,699 0.3 CT Silvercorp Metals Inc. (cf) SVM T 4 H/GRW C$4.47 4.10 5.90 1.69 10.6 0.29 0.19 A 0.42 Mar 778 0.4 CT

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Real Estate - USA Paul D. Puryear Paul.Puryear@RaymondJames.com William A. Crow Bill.Crow@RaymondJames.com

Buck Horne, CFA Buck.Horne@RaymondJames.com Collin Mings, CFA Collin.Mings@RaymondJames.com

Jonathan Hughes, CFA Jonathan.Hughes@RaymondJames.com

Housing CalAtlantic Group, Inc. CAA N 2 M/GRW 37.22 36.00 40.94 30.18 10.9 2.26 3.42 3.90 Dec 5,066 0.4 BH,PDP D.R. Horton, Inc. DHI N 3 M/GRW 33.27 NM 34.56 26.69 12.8 2.00 2.36 A 2.60 Sep 12,553 1.2 BH,PDP KB Home KBH N 4 NM 19.82 NM 19.90 12.38 13.1 0.83 1.12 A 1.51 Nov 1,897 0.5 BH,PDP Lennar Corporation LEN N 1 M/GRW 51.36 51.00 53.79 39.68 12.2 3.47 3.93 A 4.20 Nov 11,926 0.3 BH,PDP MDC Holdings MDC N 3 H/INC 29.96 NM 31.24 20.52 15.8 1.28 1.90 2.38 Dec 1,543 3.3 BH,PDP PulteGroup Inc. PHM N 3 M/GRW 23.73 NM 24.05 16.60 15.6 1.36 1.52 2.05 Dec 8,125 1.5 BH,PDP St. Joe Company JOE N 3 M/GRW 17.00 NM 21.90 15.74 NM (0.02) 0.15 0.03 Dec 1,263 0.0 BH,PDP Toll Brothers, Inc. TOL N 1 M/GRW 36.42 37.00 37.28 25.29 11.6 1.97 2.18 A 3.15 Oct 6,253 0.9 BH,PDP

Real Estate

USA Canada Europe

Housing ....................................................................... 57

Lodging ....................................................................... 58

REITs ........................................................................... 58

Healthcare ............................................................... 58

Hotels ...................................................................... 58

Malls ........................................................................ 58

Net Lease ................................................................. 58

Office/Industrial ...................................................... 59

Residential ............................................................... 59

Self Storage ............................................................. 59

Shopping Centers .................................................... 59

Timber ..................................................................... 59

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

Healthcare ............................................................... 60

Industrial ................................................................. 60

Mortgage Investment Corporations ........................ 60

Office/Diversified .................................................... 60

Real Estate Services ................................................. 60

Residential ............................................................... 60

Retail ....................................................................... 60

Self-Storage ............................................................. 60

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

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Real Estate - USA Lodging Hilton Worldwide Holdings Inc. HLT N 2 M/GRW 58.67 65.00 60.49 42.81 33.9 0.81 2.68 A 1.73 Dec 19,323 1.4 WAC,PDP Hyatt Hotels Corporation H N 3 H/GRW 53.01 NM 58.05 44.30 43.8 0.90 1.65 A 1.21 Dec 6,934 0.0 WAC,PDP La Quinta Holdings, Inc. LQ N 3 H/GRW 13.22 NM 15.05 9.73 30.7 0.54 0.49 A 0.43 Dec 1,544 0.0 WAC,PDP Marriott International, Inc. MAR Q 3 M/GRW 94.49 NM 94.99 60.87 24.4 3.15 3.63 A 3.87 Dec 36,520 1.3 WAC,PDP

REITs Healthcare CareTrust REIT, Inc (x) CTRE Q 2 M/INC 16.08 17.00 16.10 12.04 13.1 0.94 1.10 A 1.23 Dec 1,064 4.6 JH,PDP HCP, Inc. (x) HCP N 4 NM 31.00 NM 36.54 27.61 16.3 3.16 2.74 A 1.90 Dec 14,750 4.8 JH,PDP Healthcare Trust of America, Inc. (x) HTA N 2 M/INC 31.37 33.00 34.64 26.34 18.3 1.53 1.61 A 1.71 Dec 4,580 3.8 JH,PDP MedEquities Realty Trust, Inc. (x) MRT N 2 M/INC 10.94 13.00 12.05 10.28 6.6 1.38 1.65 1.26 Dec 331 7.7 JH,PDP Physicians Realty Trust (x) DOC N 1 M/INC 19.75 22.00 22.03 17.12 16.5 0.93 0.99 A 1.20 Dec 2,753 4.6 JH,PDP Sabra Health Care REIT, Inc. (x) SBRA Q 3 M/INC 27.61 NM 27.99 18.80 12.0 2.33 2.31 2.35 Dec 1,819 6.1 JH,PDP Senior Housing Properties Trust (x) SNH Q 4 NM 20.23 NM 23.85 17.05 10.8 1.84 1.88 1.89 Dec 4,805 7.7 JH,PDP Ventas, Inc. (x) VTR N 3 M/INC 64.69 NM 76.80 56.20 15.4 4.47 4.13 A 4.20 Dec 23,088 4.8 JH,PDP Welltower Inc. (x) HCN N 3 M/INC 70.61 NM 80.19 59.39 16.6 4.38 4.55 A 4.25 Dec 25,603 4.9 JH,PDP

Hotels DiamondRock Hospitality Company (x) DRH N 3 M/INC 10.86 NM 12.00 8.22 11.1 1.01 1.02 A 0.98 Dec 2,184 4.6 WAC,PDP Hersha Hospitality Trust (x) HT N 3 M/INC 18.53 NM 22.14 15.36 8.3 2.35 2.41 A 2.23 Dec 826 6.0 WAC,PDP Host Hotels & Resorts Inc. (x) HST N 3 M/INC 18.17 NM 20.21 14.30 11.0 1.54 1.69 A 1.65 Dec 13,564 4.4 WAC,PDP LaSalle Hotel Properties (x) LHO N 2 M/INC 28.54 32.00 31.87 21.56 10.7 2.83 2.90 A 2.67 Dec 3,242 6.3 WAC,PDP Park Hotels & Resorts Inc. (x) PK N 2 M/INC 26.14 29.00 33.40 25.40 9.5 NA 2.97 A 2.75 Dec 5,620 6.6 WAC,PDP Pebblebrook Hotel Trust (x) PEB N 2 M/INC 28.24 31.00 31.85 23.46 12.0 2.50 2.78 A 2.35 Dec 2,042 5.4 WAC,PDP RLJ Lodging Trust (x) RLJ N 3 M/INC 23.10 NM 25.10 18.86 9.7 2.50 2.67 A 2.38 Dec 2,885 5.7 WAC,PDP Ryman Hospitality Properties Inc. (x) RHP N 2 M/INC 61.25 71.00 67.97 47.16 11.4 5.30 5.49 A 5.39 Dec 3,142 5.2 WAC,PDP Summit Hotel Properties, Inc. (x) INN N 2 M/INC 15.46 17.00 16.40 10.99 11.3 1.25 1.41 A 1.37 Dec 1,452 4.2 WAC,PDP Sunstone Hotel Investors, Inc. (x) SHO N 2 M/GRW 14.79 16.00 16.05 11.26 12.7 1.31 1.21 A 1.16 Dec 3,255 4.6 WAC,PDP Xenia Hotels & Resorts, Inc. (x) XHR N 3 M/INC 16.57 NM 19.87 14.49 8.9 2.15 2.21 A 1.87 Dec 1,770 6.6 WAC,PDP

Malls CBL & Associates Properties, Inc. (x) CBL N 3 M/INC 9.12 NM 14.30 8.72 4.1 2.32 2.41 A 2.24 Dec 1,558 11.6 CM,PDP Simon Property Group, Inc. (x) SPG N 2 M/INC 168.05 220.00 229.10 163.55 14.3 9.86 10.49 A 11.75 Dec 52,612 4.2 CM,PDP Taubman Centers, Inc. (x) TCO N 3 M/INC 64.55 NM 81.68 62.67 17.1 3.31 3.92 A 3.77 Dec 3,901 3.9 CM,PDP

Net Lease Agree Realty Corporation (x) ADC N 2 M/INC 47.82 48.00 51.33 38.00 18.8 2.39 2.55 2.79 Dec 1,251 4.1 CM,PDP Four Corners Property Trust, Inc. (x) FCPT N 3 M/INC 22.19 NM 22.88 16.71 16.2 1.51 1.35 A 1.37 Dec 1,330 4.4 CM,PDP National Retail Properties, Inc. (x) NNN N 3 M/INC 43.48 NM 53.60 39.86 18.3 2.15 2.28 A 2.37 Dec 6,398 4.2 CM,PDP Realty Income Corporation (x) O N 4 NM 58.89 NM 72.30 52.72 20.7 2.76 2.85 3.05 Dec 15,211 4.3 CM,PDP Spirit Realty Capital, Inc. (x) SRC N 3 M/INC 9.99 NM 13.97 9.93 11.8 0.82 0.85 0.89 Dec 4,831 7.2 CM,PDP STORE Capital Corporation (x) STOR N 2 M/INC 24.28 26.00 31.44 22.27 15.8 1.41 1.54 1.67 Dec 3,869 4.8 CM,PDP

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Real Estate - USA Office/Industrial Armada Hoffler Properties (x) AHH N 2 M/INC 13.51 15.00 15.50 11.02 13.4 0.87 0.96 A 1.01 Dec 747 5.6 WAC,PDP Brandywine Realty Trust (x) BDN N 2 M/INC 16.07 18.00 17.05 13.60 11.6 1.45 0.94 A 1.38 Dec 2,857 3.7 WAC,PDP City Office REIT, Inc. CIO N 3 M/INC 11.92 NM 13.93 11.01 11.5 1.22 1.01 A 1.04 Dec 362 7.9 WAC,PDP Corporate Office Properties Trust (x) OFC N 3 M/INC 32.91 NM 34.25 24.92 16.2 2.01 2.01 A 2.03 Dec 3,360 3.3 WAC,PDP DCT Industrial Trust, Inc. (x) DCT N 2 M/INC 47.07 49.00 50.57 39.07 19.6 1.94 2.26 A 2.40 Dec 4,308 2.6 WAC,PDP Douglas Emmett (x) DEI N 2 M/INC 37.88 42.00 40.79 29.34 19.7 1.63 1.82 A 1.92 Dec 6,834 2.3 WAC,PDP Easterly Government Properties, Inc. (x) DEA N 3 M/GRW 19.31 NM 21.07 17.58 15.1 1.04 1.21 A 1.28 Dec 888 5.0 WAC,PDP EastGroup Properties, Inc. (x) EGP N 3 M/INC 72.27 NM 76.13 58.02 17.2 3.67 4.02 A 4.21 Dec 2,407 3.4 WAC,PDP First Industrial Realty Trust, Inc. (x) FR N 2 M/INC 26.18 29.00 29.75 22.22 17.2 1.27 1.45 A 1.52 Dec 3,170 3.2 WAC,PDP First Potomac Realty Trust (x) FPO N 3 M/INC 10.14 NM 11.16 8.01 12.4 0.90 0.97 A 0.82 Dec 618 3.9 WAC,PDP STAG Industrial Inc. STAG N 2 M/INC 24.65 26.50 26.24 19.31 14.6 1.49 1.58 A 1.69 Dec 2,078 5.7 WAC,PDP Washington REIT (x) WRE N 2 M/INC 30.71 35.50 34.61 27.65 17.0 1.59 1.74 A 1.81 Dec 2,300 3.9 WAC,PDP

Residential American Homes 4 Rent (x) AMH N 1 M/GRW 22.96 26.00 23.98 15.36 26.1 0.62 0.88 1.09 Dec 6,750 0.9 BH,PDP Apartment Investment and Management Company (x) AIV N 1 M/INC 44.35 50.00 47.91 39.14 19.2 2.23 2.31 2.50 Dec 7,318 3.2 BH,PDP Equity Residential (x) EQR N 4 NM 62.41 NM 75.49 58.28 20.3 3.46 3.08 3.10 Dec 23,866 3.2 BH,PDP Essex Property Trust, Inc. (x) ESS N 2 M/INC 233.00 236.00 238.57 200.01 21.1 9.82 11.04 11.90 Dec 15,821 3.0 BH,PDP Invitation Homes Inc. (x) INVH N 1 M/GRW 21.64 25.00 22.15 19.80 19.0 0.85 1.14 0.99 Dec 6,538 0.0 BH,PDP Mid-America Apartment Communities, Inc. (x) MAA N 2 M/INC 101.02 105.00 110.01 85.04 17.3 5.51 5.85 5.90 Dec 8,051 3.4 BH,PDP

Self Storage CubeSmart (x) CUBE N 2 M/INC 26.10 29.00 33.52 23.65 18.3 1.25 1.43 1.59 Dec 4,753 4.1 JH,PDP Extra Space Storage (x) EXR N 2 M/INC 74.76 83.00 94.81 68.09 19.7 3.13 3.79 4.15 Dec 10,085 4.2 JH,PDP Jernigan Capital, Inc. JCAP N 2 H/GRW 22.70 22.00 23.30 10.10 7.9 (0.61) 2.86 2.07 Dec 204 6.2 JH,PDP Life Storage Inc. (x) LSI N 3 M/INC 82.99 NM 118.18 77.00 16.0 4.94 5.19 5.55 Dec 3,876 4.6 JH,PDP Public Storage (x) PSA N 3 M/INC 222.16 NM 277.60 200.65 22.7 8.90 9.77 10.50 Dec 38,500 3.6 JH,PDP

Shopping Centers Cedar Realty Trust, Inc. (x) CDR N 3 M/INC 5.05 NM 8.08 4.86 9.7 0.53 0.48 A 0.52 Dec 414 4.0 CM,PDP DDR Corp. (x) DDR N 2 M/INC 12.49 17.00 19.92 12.37 10.9 1.23 1.28 A 1.15 Dec 4,563 6.1 CM,PDP Federal Realty Investment Trust (x) FRT N 3 M/INC 133.26 NM 171.08 126.02 22.7 5.05 5.65 A 5.88 Dec 9,594 2.9 CM,PDP Kimco Realty Corporation (x) KIM N 2 M/INC 22.09 27.00 32.24 21.46 14.2 1.46 1.50 A 1.56 Dec 9,389 4.9 CM,PDP Kite Realty Group Trust (x) KRG N 1 M/INC 21.08 29.00 30.45 19.91 10.3 2.11 2.00 A 2.04 Dec 1,761 5.7 CM,PDP Ramco-Gershenson Properties Trust (x) RPT N 2 M/INC 13.72 17.50 20.24 13.26 10.1 1.36 1.35 A 1.36 Dec 1,088 6.4 CM,PDP Regency Centers Corp. (x) REG N 3 M/INC 66.62 NM 85.35 61.90 19.2 3.04 3.29 A 3.47 Dec 6,938 3.1 CM,PDP Retail Opportunity Investments Corp. (x) ROIC Q 1 M/INC 20.82 26.00 23.05 18.45 18.3 0.96 1.08 A 1.14 Dec 2,276 3.5 CM,PDP Saul Centers, Inc. (x) BFS N 3 M/INC 61.58 NM 68.75 50.77 20.1 2.94 3.06 3.23 Dec 1,337 3.3 CM,PDP

Timber CatchMark Timber Trust, Inc. (ca) CTT N 2 M/INC 11.22 13.00 12.58 10.05 15.8 0.66 0.71 A 0.71 Dec 435 4.8 CM,PDP Potlatch Corporation PCH Q 2 M/INC 44.85 46.00 45.50 30.00 28.9 0.77 0.27 A 1.55 Dec 1,843 3.3 CM,PDP Rayonier, Inc. RYN N 2 M/INC 28.29 30.00 29.86 23.85 80.8 0.37 1.73 A 0.35 Dec 3,477 3.5 CM,PDP Weyerhaeuser Company WY N 1 M/INC 33.63 36.00 34.37 26.55 33.0 0.89 1.39 A 1.02 Dec 25,317 3.7 CM,PDP

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Real Estate - CAN Ken Avalos* Ken.Avalos@RaymondJames.com Frederic Bastien, CFA frederic.bastien@raymondjames.ca

Johann Rodrigues, (Associate Analyst) Johann.Rodrigues@RaymondJames.ca

Real Estate Healthcare Sienna Senior Living Inc. (x) SIA T 3 H/INC C$17.62 NM 18.14 15.23 14.0 1.15 1.26 1.30 Dec 811 5.1 KA

Industrial Pure Industrial Real Estate Trust (x) AAR.UN T R M/INC C$6.04 R 6.24 4.59 R R R R Dec R R KA

Mortgage Investment Corporations Timbercreek Financial Corp. TF T 2 M/INC C$9.41 10.00 9.54 7.86 12.9 NA 0.70 A 0.73 Dec 695 7.2 JR,KA

Office/Diversified Allied Properties REIT (x) AP.UN T 2 M/INC C$36.44 38.00 39.70 32.37 16.3 2.17 2.15 A 2.24 Dec 3,086 4.0 KA Artis REIT (x) AX.UN T 3 M/INC C$13.37 NM 13.77 11.37 9.1 1.49 1.50 A 1.47 Dec 2,014 8.1 KA Brookfield Canada Office Properties (x) BOX.UN T 3 M/INC C$31.45 NM 32.23 24.97 18.9 1.61 1.66 A 1.66 Dec 2,934 4.2 KA CREIT (x) REF.UN T 3 M/INC C$49.07 NM 51.49 43.78 15.2 3.03 3.17 A 3.23 Dec 3,592 3.7 JR,KA H&R REIT (x) HR.UN T 2 M/INC C$23.10 24.00 23.83 20.57 12.0 1.92 1.93 A 1.92 Dec 7,210 6.0 KA True North Commercial REIT (x) TNT.UN T 2 M/INC C$6.17 6.75 6.73 5.60 9.6 0.67 0.62 A 0.64 Dec 207 9.6 JR,KA

Real Estate Services Colliers International Group Inc. CIGI Q 2 H/GRW US$47.00 57.00 52.70 32.93 17.1 2.29 2.44 A 2.75 Dec 1,828 0.2 FB FirstService Corporation FSV Q 2 H/GRW US$59.45 60.00 59.68 39.05 31.3 1.20 1.62 A 1.90 Dec 2,158 0.8 FB

Residential Boardwalk REIT (x) BEI.UN T 2 M/INC C$47.20 48.50 59.76 41.00 19.4 3.56 2.84 A 2.43 Dec 2,393 4.8 KA Canadian Apartment Properties REIT (x) CAR.UN T 2 M/INC C$33.35 35.00 33.64 28.14 18.2 1.67 1.75 A 1.83 Dec 4,559 3.8 KA InterRent REIT (x) IIP.UN T 2 M/INC C$7.79 8.25 8.65 6.97 17.7 0.35 0.38 A 0.44 Dec 561 3.1 KA Killam Apartment REIT (x) KMP.UN T 2 M/INC C$12.89 13.25 13.30 11.53 14.5 0.78 0.86 A 0.89 Dec 1,007 4.8 KA Milestone Apartments REIT (x) MST.UN T 3 M/INC C$21.78 NM 21.92 16.40 18.2 1.05 1.12 A 1.20 Dec 1,995 2.5 KA,JR Tricon Capital Group Inc. TCN T 1 M/GRW C$10.80 13.00 11.16 8.10 18.3 0.56 0.56 A 0.59 Dec 1,339 2.4 KA

Retail Choice Properties REIT (x) CHP.UN T 3 M/INC C$14.02 NM 14.69 12.19 13.5 0.97 1.00 A 1.04 Dec 5,757 5.1 KA Crombie REIT (x) CRR.UN T 3 M/INC C$13.90 NM 15.79 13.02 11.4 1.13 1.17 A 1.22 Dec 2,066 6.4 KA CT Real Estate Investment Trust (x) CRT.UN T 3 M/INC C$15.19 NM 15.76 14.10 13.6 1.04 1.07 A 1.12 Dec 3,141 4.6 KA First Capital Realty (x) FCR T 1 M/INC C$19.86 23.00 23.31 19.19 17.3 1.05 1.10 A 1.15 Dec 4,836 4.3 KA,JR Plaza Retail REIT (x) PLZ.UN T 3 M/INC C$4.84 NM 5.28 4.60 13.8 0.32 0.33 A 0.35 Dec 489 5.6 JR,KA RioCan REIT (x) REI.UN T 2 M/INC C$25.96 29.00 30.35 25.10 15.4 1.74 1.68 A 1.69 Dec 8,479 5.4 KA Slate Retail REIT (x) SRT.U T 2 M/INC US$10.80 11.50 11.37 9.94 8.2 1.32 1.32 A 1.31 Dec 443 7.5 JR,KA SmartREIT (x) SRU.UN T 3 M/INC C$32.63 NM 38.91 29.22 14.6 2.10 2.17 A 2.23 Dec 5,080 5.2 KA

Self-Storage StorageVault Canada Inc. SVI V 1 H/GRW C$2.09 2.25 2.27 0.68 52.2 0.02 0.04 0.07 Dec 626 0.5 JR,KA

*Ken Avalos is a Raymond James & Associates employee.

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Real Estate - EUR Julien Richer, CFA, RJEE Julien.Richer@RaymondJames.com

Hotels AccorHotels ACCP.PA EPA 1 €39.16 43.00 41.25 32.12 21.1 0.88 0.88 A 1.86 Dec 11,159 2.4 JR Intercontinental Hotels ($D) IHG.L L 2 3,843p 3,300 4,029 2,504 NM 1.75 2.22 2.38 Dec $9,475 2.1 JR Melia Hotels International MEL.MC MAD 1 €12.80 14.50 12.94 7.16 33.7 0.16 0.38 0.47 Dec 2,944 0.6 JR NH Hotel Group NHH.MC MAD 2 €4.34 4.80 4.84 3.41 48.2 0.00 0.09 0.16 Dec 1,517 0.0 JR Whitbread WTB.L L 3 3,933p NM 4,402 3,283 16.4 239.00 240.00 264.00 Feb £7,206 2.4 JR

Raymond James Research Register - April 2017 62

Technology & Communications

USA Canada Europe

Advanced Industrial Technology ................................. 63

Application Software .................................................. 64

Communications Equipment ...................................... 65

Electronic Manufacturing Services ............................. 65

FinTech & Transaction Processing .............................. 66

Infrastructure Software .............................................. 66

Internet ....................................................................... 67

eCommerce ............................................................. 67

Internet & Advertising Technology .......................... 67

Online Advertising ................................................... 67

Online Travel ........................................................... 67

Internet of Things ....................................................... 67

Auto Technology...................................................... 67

Connected Devices .................................................. 68

IoT Software ............................................................ 68

IT Hardware and Distribution ..................................... 68

IT Services ................................................................... 68

Satellite & Space ......................................................... 69

Semiconductors .......................................................... 69

Telecommunications Services .................................... 69

Data Centers ............................................................ 69

Towers ..................................................................... 69

Wireless ................................................................... 70

Wireline ................................................................... 70

IT Hardware ................................................................ 71

Software/IT Services ................................................... 71

Telecoms ..................................................................... 72

Raymond James Research Register - April 2017 63

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Technology & Communications - USA Brian G. Alexander, CFA Brian.Alexander@RaymondJames.com Ric Prentiss Ric.Prentiss@RaymondJames.com

Brian Gesuale Brian.Gesuale@RaymondJames.com Wayne Johnson Wayne.Johnson@RaymondJames.com

Aaron Kessler, CFA Aaron.Kessler@RaymondJames.com Simon Leopold Simon.Leopold@RaymondJames.com

Steven Li, CFA* steven.li@raymondjames.ca Frank G. Louthan IV Frank.Louthan@RaymondJames.com

Tavis C. McCourt, CFA Tavis.McCourt@RaymondJames.com J. Steven Smigie Steve.Smigie@RaymondJames.com

Terry Tillman Terry.Tillman@RaymondJames.com Michael Turits, Ph.D. Michael.Turits@RaymondJames.com

Justin Patterson, CFA Justin.Patterson@RaymondJames.com Brian Peterson, CFA Brian.C.Peterson@RaymondJames.com

Adam Tindle, CFA Adam.Tindle@RaymondJames.com Paul D. Puryear Paul.Puryear@RaymondJames.com

Advanced Industrial Technology AeroVironment Inc. AVAV Q 3 H/GRW 27.55 NM 32.44 22.16 NM 0.13 0.39 A 0.19 Apr 636 0.0 BG Cognex Corporation CGNX Q 3 H/GRW 82.15 NM 82.83 35.15 41.7 1.22 1.72 A 1.97 Dec 7,060 0.4 BG Cubic Corporation CUB N 2 H/GRW 52.30 53.00 55.65 37.24 30.4 2.79 1.36 A 1.72 Sep 1,417 0.5 BG FLIR Systems, Inc. FLIR Q 3 H/GRW 36.30 NM 37.44 28.26 19.9 1.66 1.69 A 1.82 Dec 5,038 1.3 BG Fortive Corporation FTV N 2 M/GRW 59.59 60.00 60.18 43.00 22.1 2.37 2.52 A 2.70 Dec 20,612 0.5 BG Harris Corporation HRS N 2 H/GRW 111.69 115.00 113.00 73.32 20.3 5.14 5.12 A 5.51 Jun 13,880 1.9 BG IPG Photonics IPGP Q 3 H/GRW 120.01 NM 124.27 76.22 22.1 4.53 4.85 A 5.43 Dec 6,391 0.0 BG iRobot Corporation IRBT Q 3 H/GRW 64.43 NM 64.66 33.20 40.8 1.47 1.49 A 1.58 Dec 1,901 0.0 BG Roper Technologies ROP N 1 M/GRW 207.36 232.00 214.44 159.28 22.9 7.72 7.84 A 9.04 Dec 21,083 0.7 BG Trimble Inc. TRMB Q 2 H/GRW 31.71 33.00 32.19 22.69 23.0 1.13 1.19 A 1.38 Dec 7,902 0.0 BG

*Steven Li is a Raymond James Ltd. employee.

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Technology & Communications - USA Application Software Amber Road, Inc. AMBR N 2 H/GRW 7.73 12.00 12.30 4.50 NM (0.73) (0.44) A (0.34) Dec 216 0.0 TT,BP Benefitfocus, Inc. BNFT Q 2 H/GRW 27.45 34.00 44.98 24.55 NM (1.79) (0.73) A (0.33) Dec 884 0.0 BP,TT BlackLine, Inc. BL Q 2 H/GRW 29.06 33.00 31.40 21.66 NM NA (0.39) A (0.31) Dec 1,592 0.0 TT,BP Box, Inc. BOX N 3 H/GRW 16.40 NM 18.36 9.86 NM (8.14) (1.12) A (0.56) A Jan 2,422 0.0 TT,BP Brightcove Inc. BCOV Q 3 H/GRW 8.80 NM 13.80 5.83 88.0 0.03 0.00 A 0.10 Dec 313 0.0 TT,BP Castlight Health, Inc. CSLT N 3 H/GRW 3.60 NM 5.50 2.98 NM (0.68) (0.30) A (0.09) Dec 414 0.0 BP,TT ChannelAdvisor Corporation ECOM N 3 H/GRW 10.65 NM 15.91 10.20 NM (0.29) 0.20 A 0.00 Dec 294 0.0 TT,BP Coupa Software Incorporated COUP Q 2 H/GRW 24.49 33.00 41.61 22.50 NM NA (7.08) A (1.39) A Jan 1,479 0.0 TT,BP Everbridge, Inc. EVBG Q 2 H/GRW 20.33 24.00 20.95 11.76 NM NA (0.33) A (0.31) Dec 552 0.0 TT,BP Halogen Software, Inc. (is) HGN T 3 H/GRW C$12.42 NM 13.09 7.75 NM (0.61) 0.08 0.18 Dec 271 0.0 TT,SLi HubSpot, Inc. HUBS N 2 H/GRW 59.30 73.00 66.10 39.01 NM (0.74) (0.36) A (0.27) Dec 2,384 0.0 TT,BP Instructure, Inc. INST N 1 H/GRW 23.95 29.00 26.92 16.06 NM (2.08) (1.55) A (1.33) Dec 754 0.0 TT,BP Manhattan Associates, Inc. MANH Q 3 M/GRW 49.69 NM 68.57 46.11 26.0 1.52 1.87 A 1.91 Dec 3,533 0.0 TT,BP MiX Telematics Limited ($R) MIXT N 2 H/GRW 6.77 9.50 8.14 3.71 NM 0.13 0.23 A 0.14 Mar 206 2.1 BP,TT Model N, Inc. MODN N 3 H/GRW 10.10 NM 13.98 6.98 NM (0.29) (0.64) A (0.69) Sep 293 0.0 BP,TT Paylocity Holding Corporation PCTY Q 2 H/GRW 38.57 45.00 49.65 29.44 91.8 0.01 0.30 A 0.42 Jun 2,079 0.0 TT,BP Q2 Holdings Inc. QTWO N 2 H/GRW 35.55 41.00 37.58 21.51 NM (0.37) (0.32) A (0.20) Dec 1,586 0.0 TT,BP RingCentral, Inc. RNG N 1 H/GRW 27.25 32.00 28.18 14.13 NM (0.13) 0.09 A 0.16 Dec 2,115 0.0 TT,BP salesforce.com, Inc. CRM N 1 H/GRW 82.14 105.00 84.48 66.43 81.3 0.53 0.75 A 1.01 A Jan 58,402 0.0 TT,BP Shopify Inc. SHOP N 2 H/GRW 72.37 66.00 73.00 24.96 NM (0.13) (0.12) A (0.19) Dec 7,114 0.0 TT,BP Tangoe Inc. TNGO OTC S NM 5.30 NM 10.39 4.50 NM UR UR UR Dec 218 0.0 BP,TT Ultimate Software Group Inc. ULTI Q 2 H/GRW 193.75 260.00 224.07 180.29 49.1 2.65 3.19 A 3.95 Dec 5,909 0.0 TT,BP Upland Software, Inc. UPLD Q 2 H/GRW 15.47 16.50 16.00 6.73 24.6 (0.11) 0.30 A 0.63 Dec 271 0.0 TT,BP Veeva Systems Inc. VEEV N 3 H/GRW 51.13 NM 51.48 23.88 70.0 NA 0.51 A 0.73 A Jan 7,557 0.0 BP,TT Workiva Inc. WK N 2 H/GRW 15.55 16.00 19.04 11.14 NM (0.81) (0.73) A (0.75) Dec 669 0.0 TT,BP

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Technology & Communications - USA Communications Equipment ADTRAN, Inc. ADTN Q 3 M/GRW 21.05 NM 23.75 17.06 33.4 0.36 0.72 A 0.63 Dec 1,021 1.7 SL Applied Optoelectronics, Inc. AAOI Q 1 H/GRW 58.56 62.00 60.19 8.08 15.2 1.03 1.39 A 3.85 Dec 1,083 0.0 SL Arista Networks ANET N 3 H/GRW 133.97 NM 134.18 57.89 34.9 2.43 3.29 A 3.84 Dec 9,967 0.0 SL ARRIS ARRS Q 1 H/GRW 26.70 36.00 31.52 20.05 10.7 2.16 2.87 A 2.49 Dec 5,137 0.0 SL Calix, Inc. CALX N 3 H/GRW 7.00 NM 8.20 6.15 NM 0.12 (0.14) A (0.13) Dec 347 0.0 SL Ciena Corporation CIEN N 2 H/GRW 23.51 29.00 26.84 15.62 13.0 1.26 1.37 A 1.81 Oct 4,102 0.0 SL Cisco Systems CSCO Q 2 M/GRW 34.02 34.00 34.53 25.81 14.1 2.21 2.36 A 2.41 Jul 171,461 3.4 SL CommScope Holding Company, Inc. COMM Q 3 H/GRW 41.18 NM 41.56 26.16 14.2 1.86 2.64 A 2.91 Dec 7,944 0.0 SL Ericsson ERIC Q 3 M/GRW 6.45 NM 10.20 4.83 23.0 0.72 0.31 A 0.28 Dec 21,337 7.1 SL Extreme Networks, Inc. EXTR Q 3 H/GRW 6.53 NM 7.11 3.01 14.8 0.06 0.28 A 0.44 Jun 658 0.0 SL F5 Networks, Inc. FFIV Q 3 H/GRW 147.13 NM 149.50 93.64 17.6 6.63 7.32 A 8.34 Sep 9,505 0.0 SL Finisar Corporation FNSR Q 1 H/GRW 28.88 40.00 36.85 15.21 13.9 1.05 1.03 A 2.08 Apr 3,318 0.0 SL Gigamon Inc. GIMO N 3 H/GRW 34.90 NM 61.25 28.16 30.3 0.81 1.26 A 1.15 Dec 1,274 0.0 SL Harmonic Inc. HLIT Q 4 NM 5.75 NM 6.18 2.51 30.3 0.10 (0.03) A 0.19 Dec 450 0.0 SL Hewlett Packard Enterprise Company HPE N 2 H/GRW 23.01 26.00 24.88 15.38 11.9 1.84 1.92 A 1.93 Oct 39,117 1.1 SL Infinera Corporation INFN Q 3 H/GRW 10.59 NM 16.25 7.23 NM 0.78 0.34 A (0.18) Dec 1,536 0.0 SL Juniper Networks, Inc. JNPR N 3 H/GRW 27.79 NM 29.21 21.18 13.0 2.04 2.10 A 2.13 Dec 10,716 1.4 SL Lumentum Holdings, Inc. LITE Q 1 H/GRW 54.70 46.00 55.20 20.80 25.1 1.10 1.30 A 2.18 Jun 3,430 0.0 SL NeoPhotonics Corporation NPTN N 1 H/GRW 9.42 10.00 18.51 6.90 NM 0.53 0.50 A 0.02 Dec 444 0.0 SL NetApp, Inc. NTAP Q 3 H/GRW 41.15 NM 43.14 22.50 15.2 2.70 2.15 A 2.70 Apr 11,563 1.8 SL Nimble Storage NMBL N 3 H/GRW 12.48 NM 12.58 6.18 NM (0.58) (0.47) A (0.75) Jan 1,077 0.0 SL Nokia (r) NOK N 3 M/GRW 5.40 NM 6.31 4.04 22.5 0.42 0.24 A 0.24 Dec 31,203 3.3 SL Nutanix, Inc. NTNX Q 3 H/SPEC 19.92 NM 46.78 19.00 NM NA (1.25) A (1.33) Jul 3,745 0.0 SL Pure Storage, Inc. PSTG N 2 H/GRW 9.73 15.00 15.35 9.12 NM (0.89) (0.89) A (0.50) A Jan 1,875 0.0 SL

Electronic Manufacturing Services Flex FLEX Q 1 H/GRW 16.62 17.00 16.99 11.39 14.1 1.08 1.14 A 1.18 Mar 9,058 0.0 AT,BGA Jabil Circuit, Inc. JBL N 3 H/GRW 28.95 NM 29.27 16.78 13.9 2.07 1.86 A 2.08 Aug 5,440 1.1 AT,BGA

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Technology & Communications - USA FinTech & Transaction Processing ACI Worldwide, Inc. ACIW Q 2 M/GRW 21.43 25.00 22.96 15.11 53.6 0.80 0.41 A 0.40 Dec 2,515 0.0 WJ Alliance Data Systems Corp. ADS N 3 H/GRW 244.70 NM 251.19 185.02 13.2 15.05 16.93 A 18.49 Dec 14,046 0.9 WJ Blackhawk Network Holdings, Inc. HAWK Q 2 H/GRW 38.20 39.00 39.55 28.88 23.4 1.59 1.42 A 1.63 Dec 2,177 0.0 WJ Bottomline Technologies EPAY Q 3 H/GRW 23.53 NM 31.52 18.48 25.0 1.44 1.52 A 0.94 Jun 890 0.0 WJ CPI Card Group Inc. PMTS Q 2 H/GRW 4.30 6.00 9.25 3.25 10.5 0.83 0.28 A 0.41 Dec 238 4.2 WJ DH Corporation DH T 3 M/INC C$25.20 NM 40.22 14.06 11.2 2.56 2.01 A 2.25 Dec 2,693 1.9 WJ Fidelity National Information Services FIS N 2 M/GRW 80.29 81.00 83.86 62.05 19.0 3.22 3.83 A 4.23 Dec 26,335 1.4 WJ FleetCor Technologies FLT N 2 H/GRW 157.50 180.00 176.42 133.64 19.2 6.30 6.90 A 8.20 Dec 14,994 0.0 WJ Global Payments Inc. GPN N 3 M/GRW 78.75 NM 81.56 60.02 20.7 2.52 3.19 A 3.81 Dec 12,198 0.1 WJ Intuit Inc. INTU Q 3 M/GRW 118.00 NM 128.45 99.20 27.1 2.64 3.78 A 4.35 Jul 30,208 1.2 WJ Lending Club LC N 3 H/GRW 5.45 NM 8.41 3.44 NM 0.14 (0.10) A 0.03 Dec 2,169 0.0 WJ Mastercard, Inc. MA N 3 M/GRW 112.47 NM 113.50 86.65 26.3 3.43 3.77 A 4.28 Dec 121,580 0.8 WJ OnDeck Capital, Inc. ONDK N 3 H/GRW 4.78 NM 8.94 3.64 NM 0.13 (0.94) A (0.11) Dec 342 0.0 WJ PayPal Holdings, Inc. PYPL Q 2 H/GRW 43.15 47.00 44.52 34.00 24.8 1.28 1.50 A 1.74 Dec 52,082 0.0 WJ Square, Inc. SQ N 3 H/GRW 17.23 NM 18.17 8.42 NM NA 0.04 A 0.15 Dec 6,281 0.0 WJ Vantiv, Inc. VNTV N 2 M/GRW 63.93 67.00 66.24 50.52 20.2 2.24 2.73 A 3.17 Dec 12,607 0.0 WJ Verifone Systems, Inc. PAY N 1 H/GRW 19.03 25.00 29.73 14.94 13.7 1.83 1.66 A 1.39 Oct 2,123 0.0 WJ Visa, Inc. V N 3 M/GRW 89.12 NM 92.05 73.25 27.1 2.62 2.84 A 3.29 Sep 206,922 0.7 WJ

Infrastructure Software Akamai Technologies, Inc. AKAM Q 3 H/GRW 63.25 NM 71.64 47.80 23.6 2.52 2.70 A 2.68 Dec 10,958 0.0 MT Atlassian TEAM Q 2 H/GRW 29.81 33.00 35.16 20.51 93.2 0.28 0.35 A 0.32 Jun 7,044 0.0 MT CA Technologies CA Q 3 H/INC 31.84 NM 34.99 29.12 13.0 2.53 2.43 A 2.44 Mar 13,158 3.2 MT Check Point Software Technologies CHKP Q 3 H/GRW 103.79 NM 104.35 74.34 20.2 4.17 4.72 A 5.15 Dec 18,153 0.0 MT Citrix Systems, Inc. CTXS Q 3 H/GRW 83.99 NM 87.99 60.42 18.1 4.34 5.32 A 4.63 Dec 13,128 0.0 MT CommVault Systems, Inc. CVLT Q 3 H/GRW 49.25 NM 57.55 39.81 49.3 1.40 0.91 A 1.00 Mar 2,214 0.0 MT FireEye Inc. FEYE Q 3 H/GRW 12.51 NM 18.73 10.35 NM (1.61) (0.99) A (0.66) Dec 2,092 0.0 MT Fortinet Inc. FTNT Q 2 H/GRW 36.56 41.00 38.33 28.08 41.5 0.51 0.73 A 0.88 Dec 6,328 0.0 MT Limelight Networks LLNW Q 4 NM 2.46 NM 2.90 1.17 61.5 (0.11) 0.01 A 0.04 Dec 263 0.0 MT Microsoft MSFT Q 1 M/GRW 65.29 73.00 65.91 48.04 22.6 2.63 2.79 A 2.89 Jun 504,692 2.4 MT MobileIron, Inc. MOBL Q 2 H/GRW 4.30 5.00 5.00 2.56 NM (0.71) (0.36) A (0.18) Dec 383 0.0 MT New Relic, Inc. NEWR N 2 H/GRW 37.06 41.00 40.10 23.45 NM (0.85) (0.85) A (0.53) Mar 1,953 0.0 MT Oracle Corp. ORCL N 2 M/GRW 44.69 48.00 46.99 37.62 17.0 2.77 2.61 A 2.63 May 183,899 1.7 MT Palo Alto Networks PANW N 2 H/GRW 112.87 145.00 165.69 110.04 45.5 0.86 1.67 A 2.48 Jul 10,384 0.0 MT Rapid7, Inc. RPD Q 2 H/SPEC 14.50 16.00 19.29 10.63 NM (1.45) (0.71) A (0.66) Dec 608 0.0 MT Red Hat, Inc. RHT N 2 H/GRW 86.48 97.00 87.91 68.54 38.1 1.60 1.91 A 2.27 A Feb 15,455 0.0 MT ServiceNow, Inc. NOW N 1 H/GRW 86.00 105.00 94.72 59.93 78.9 0.40 0.70 A 1.09 Dec 14,844 0.0 MT Splunk Inc. SPLK Q 2 H/GRW 61.26 73.00 66.46 45.07 NM 0.09 0.18 A 0.41 A Jan 8,058 0.0 MT Symantec Corp. SYMC Q 3 M/INC 30.36 NM 31.10 16.25 25.5 1.88 1.03 A 1.19 Mar 18,779 1.0 MT VMware VMW N 2 H/GRW 92.14 98.00 93.05 49.76 18.9 4.07 4.39 A 4.87 Dec 37,625 0.0 MT

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Technology & Communications - USA Internet eCommerce Alibaba Group Holding Ltd. BABA N 1 H/GRW 107.80 138.00 109.87 73.30 30.5 2.25 2.61 A 3.53 Mar 277,154 0.0 AK,JP Amazon.com Inc. AMZN Q 2 M/GRW 856.00 925.00 862.80 576.50 70.0 6.06 10.05 A 12.23 Dec 425,432 0.0 AK,JP CafePress Inc. PRSS Q 4 NM 3.04 NM 3.95 2.80 NM (0.36) (1.58) A (0.25) Dec 51 0.0 AK,JP Chegg, Inc. CHGG N 3 H/GRW 8.18 NM 8.57 4.18 NM (0.68) (0.46) A (0.32) Dec 821 0.0 AK,JP eBay Inc. EBAY Q 3 H/GRW 33.53 NM 34.43 22.30 16.7 1.83 1.88 A 2.01 Dec 37,520 0.0 AK,JP Groupon, Inc. GRPN Q 3 H/GRW 3.96 NM 5.94 2.92 33.0 0.14 0.04 A 0.12 Dec 2,291 0.0 AK,JP GrubHub Inc. GRUB N 2 H/GRW 33.31 46.00 44.58 21.41 31.4 0.68 0.89 A 1.06 Dec 2,888 0.0 AK,JP Netflix Inc. NFLX Q 2 H/GRW 145.17 160.00 147.70 84.50 NM 0.28 0.43 A 1.29 Dec 63,643 0.0 JP,AK Shutterfly, Inc. SFLY Q 3 H/GRW 46.77 NM 54.60 41.91 93.5 (0.02) 0.46 A 0.50 Dec 1,618 0.0 AK,JP Shutterstock, Inc. SSTK N 3 H/GRW 41.05 NM 65.16 35.10 27.2 1.21 1.54 A 1.51 Dec 1,441 0.0 AK,JP Wayfair, Inc. W N 3 H/GRW 39.01 NM 49.34 27.60 NM (0.56) (1.67) A (1.49) Dec 3,348 0.0 AK,JP

Internet & Advertising Technology Criteo S.A. CRTO Q 2 H/GRW 51.10 52.00 52.87 32.83 20.6 1.38 2.08 A 2.48 Dec 3,269 0.0 JP,AK GoDaddy Inc. GDDY N 2 H/GRW 36.30 42.00 38.00 28.11 NM (0.81) (0.20) A 0.21 Dec 6,066 0.0 AK,JP The Trade Desk, Inc. TTD Q 2 H/GRW 36.49 50.00 46.21 22.00 62.9 0.43 0.53 A 0.58 Dec 1,428 0.0 AK,JP Wix.com Ltd. WIX Q 2 H/GRW 66.30 74.00 71.10 19.40 NM (0.71) (0.42) A 0.47 Dec 2,670 0.0 AK,JP

Online Advertising Alphabet, Inc. GOOG Q 2 M/GRW 820.92 950.00 853.50 663.28 24.8 22.84 27.83 A 33.13 Dec 574,644 0.0 AK,JP Angie's List, Inc. ANGI Q 2 H/SPEC 5.62 9.00 10.76 5.22 NM 0.18 (0.13) A (0.28) Dec 338 0.0 AK,JP Facebook, Inc. FB Q 1 H/GRW 141.76 180.00 142.31 106.31 25.0 2.28 4.24 A 5.68 Dec 416,491 0.0 AK,JP Pandora Media, Inc. P N 3 H/GRW 11.69 NM 14.98 8.05 NM 0.09 (0.51) A (0.24) Dec 2,738 0.0 JP,AK Rubicon Project, Inc. RUBI N 3 H/GRW 5.40 NM 20.37 5.39 NM 1.08 1.18 A (0.36) Dec 267 0.0 AK,JP Twitter, Inc. TWTR N 4 NM 14.94 NM 25.25 13.73 51.5 0.40 0.57 A 0.29 Dec 10,876 0.0 AK,JP Yahoo! Inc. YHOO Q 2 H/GRW 46.57 57.00 47.19 35.01 59.7 0.59 0.62 A 0.78 Dec 44,642 0.0 AK,JP Yelp, Inc. YELP N 2 H/GRW 31.81 47.00 43.41 18.71 NM (0.44) 0.20 A 0.08 Dec 2,685 0.0 AK,JP Zillow Group, Inc. Z Q 3 H/GRW 32.94 NM 39.88 19.63 NM (0.87) (1.22) A (0.03) Dec 6,578 0.0 AK,JP

Online Travel Ctrip.com International, Ltd. (r) CTRP Q 2 H/GRW 49.53 55.00 50.37 37.36 51.1 1.37 0.58 A 0.97 Dec 28,529 0.0 JP,AK Expedia, Inc. EXPE Q 2 H/GRW 129.03 135.00 133.55 96.58 25.2 3.70 4.50 A 5.12 Dec 20,129 0.9 JP,AK priceline.com Incorporated PCLN Q 2 H/GRW 1788.45 1915.00 1798.75 1148.06 24.0 51.92 65.66 A 74.39 Dec 89,422 0.0 JP,AK TripAdvisor, Inc. TRIP Q 3 H/GRW 43.13 NM 71.69 40.45 31.9 2.05 1.40 A 1.35 Dec 6,297 0.0 JP,AK

Internet of Things Auto Technology Mobileye N.V. MBLY N 3 H/GRW 60.85 NM 61.51 33.69 59.1 0.48 0.73 A 1.03 Dec 14,513 0.0 TMC Visteon Corporation VC N 2 M/GRW 97.40 105.00 103.20 63.04 18.0 2.81 5.37 A 5.41 Dec 3,214 0.0 TMC

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Technology & Communications - USA Connected Devices Apple Inc. AAPL Q 2 M/GRW 143.80 152.00 144.04 89.47 16.4 9.22 8.31 A 8.76 Sep 804,417 1.6 TMC Control4 Corporation CTRL Q 2 H/GRW 15.40 17.00 16.02 7.01 16.2 0.32 0.84 A 0.95 Dec 383 0.0 TMC Digi International Inc. DGII Q 3 H/GRW 11.85 NM 14.15 8.37 28.9 0.26 0.49 A 0.41 Sep 313 0.0 TMC Fitbit, Inc. FIT N 2 H/GRW 5.75 9.00 18.85 5.31 NM 1.07 (0.15) A (0.28) Dec 1,298 0.0 TMC Garmin Ltd. GRMN Q 3 M/GRW 51.01 NM 56.19 38.58 19.2 2.52 2.83 A 2.65 Dec 9,619 4.0 TMC GoPro, Inc. GPRO Q 4 NM 8.57 NM 17.68 7.15 35.7 0.76 (1.57) A 0.24 Dec 1,252 0.0 TMC Logitech International SA LOGI Q 3 H/GRW 31.38 NM 31.92 14.36 24.7 1.09 0.98 A 1.27 Mar 5,078 1.8 TMC Motorola Solutions, Inc. MSI N 3 M/GRW 84.00 NM 87.55 62.76 16.5 3.46 4.96 A 5.08 Dec 13,835 2.2 TMC NETGEAR, Inc. NTGR Q 3 M/GRW 49.15 NM 60.82 38.25 15.2 2.25 3.10 A 3.24 Dec 1,735 0.0 TMC Plantronics, Inc. PLT N 3 M/GRW 53.49 NM 57.79 36.81 17.1 3.06 2.84 A 3.13 Mar 1,782 1.1 TMC QUALCOMM, Inc. QCOM Q 3 M/GRW 57.38 NM 71.62 49.67 12.8 4.65 4.45 A 4.47 Sep 84,808 3.7 TMC Ubiquiti Networks, Inc. UBNT Q 3 H/GRW 50.88 NM 64.62 32.04 16.9 1.97 2.42 A 3.01 Jun 4,183 0.0 TMC

IoT Software Alarm.com Holdings ALRM Q 3 H/GRW 30.05 NM 34.43 19.91 41.2 0.36 0.64 A 0.73 Dec 1,386 0.0 TMC BroadSoft, Inc. BSFT Q 1 H/GRW 41.20 51.00 48.40 35.01 18.2 1.98 2.29 A 2.26 Dec 1,251 0.0 TMC Nuance Communications, Inc. NUAN Q 1 H/GRW 16.90 24.00 19.27 13.44 10.8 1.28 1.53 A 1.57 Sep 5,313 0.0 TMC Synchronoss Technologies, Inc. SNCR Q 1 H/GRW 24.12 50.00 49.94 23.59 9.6 2.24 1.98 A 2.50 Dec 1,151 0.0 TMC

IT Hardware and Distribution Arrow Electronics, Inc. ARW N 3 M/GRW 72.85 NM 75.88 58.09 10.6 6.19 6.63 A 6.90 Dec 6,607 0.0 BGA,AT Avnet, Inc. AVT N 1 M/GRW 44.71 54.50 51.50 38.16 13.5 4.49 4.21 A 3.30 Jun 5,812 1.6 BGA,AT CDW Corporation CDW Q 3 H/GRW 56.86 NM 61.00 37.80 15.2 2.93 3.43 A 3.73 Dec 9,285 1.1 BGA,AT Connection CNXN Q 3 M/GRW 28.30 NM 29.74 21.59 13.8 1.76 1.85 A 2.05 Dec 756 0.0 AT,BGA Insight Enterprises, Inc. NSIT Q 4 NM 40.80 NM 46.00 23.31 14.4 2.12 2.52 A 2.84 Dec 1,469 0.0 AT,BGA ScanSource, Inc. SCSC Q 2 H/GRW 39.40 44.00 44.95 29.05 14.0 2.53 2.71 A 2.82 Jun 995 0.0 AT,BGA SYNNEX Corporation SNX N 3 H/GRW 112.39 NM 129.24 77.54 14.1 6.28 7.04 A 7.95 Nov 4,462 0.9 AT,BGA Tech Data Corporation TECD Q 3 M/GRW 90.95 NM 96.38 61.99 14.3 4.97 5.77 A 6.36 A Jan 3,229 0.0 BGA,AT

IT Services Accenture plc ACN N 3 M/GRW 121.35 NM 126.53 108.66 20.9 4.82 5.34 A 5.82 Aug 77,795 2.0 BG Booz Allen Hamilton Holding Corp. BAH N 2 H/GRW 35.80 36.00 38.54 27.02 20.8 1.60 1.65 A 1.72 Mar 5,356 1.7 BG CACI International Inc. CACI N 2 H/GRW 119.40 133.00 135.35 87.31 18.9 5.17 5.76 A 6.33 Jun 2,949 0.0 BG Computer Sciences Corporation CSC N 3 H/GRW 69.07 NM 71.79 32.25 25.0 2.24 2.52 A 2.76 Mar 9,780 0.8 BG CSRA Inc. CSRA N 2 H/GRW 29.50 36.00 33.54 21.95 14.7 1.77 1.96 A 2.01 Mar 4,838 1.4 BG MAXIMUS Inc. MMS N 3 H/GRW 62.05 NM 62.35 43.69 20.7 2.39 2.64 A 3.00 Sep 4,012 0.3 BG NIC Inc. EGOV Q 3 H/GRW 19.90 NM 25.90 17.06 28.4 0.63 0.84 A 0.70 Dec 1,313 1.6 BG

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Technology & Communications - USA Satellite & Space EchoStar Corporation (cb) SATS Q 2 H/GRW 54.43 67.00 57.28 36.43 NM 865 884 A 769 Dec 5,138 0.0 RP Intelsat S.A. (ae) I N 4 NM 4.25 NM 5.87 2.12 NM 1,855 1,651 A 1,674 Dec 459 0.0 RP Iridium Communications Inc. (ae) IRDM Q 1 H/GRW 8.95 11.00 11.54 6.80 NM 234 254 A 261 Dec 858 0.0 RP KVH Industries KVHI Q 2 H/GRW 8.10 9.00 12.75 7.31 NM 21 16 A 9 Dec 136 0.0 RP ORBCOMM, Inc. (ae) ORBC Q 1 H/GRW 9.16 11.00 10.98 7.15 NM 42 47 A 57 Dec 651 0.0 RP ViaSat, Inc. (ae) VSAT Q 2 H/GRW 62.77 75.00 82.19 62.25 NM 345 331 A 347 Mar 3,615 0.0 RP

Semiconductors Analog Devices, Inc. ADI Q 2 H/GRW 82.20 90.00 84.24 52.17 20.0 3.16 3.07 A 4.12 Oct 28,523 2.2 JSS Broadcom Limited AVGO Q 2 H/GRW 220.95 250.00 227.75 139.18 17.1 NA 9.73 A 12.92 Oct 98,986 1.8 JSS Cavium, Inc. CAVM Q 1 H/GRW 71.90 85.00 73.01 35.90 NM (0.31) (2.42) A 0.01 Dec 4,810 0.0 JSS Diodes Incorporated DIOD Q 2 H/GRW 23.70 26.00 27.17 16.75 19.8 0.86 0.77 A 1.20 Dec 1,194 0.0 JSS GigPeak, Inc. GIG M 3 H/SPEC 3.07 NM 3.11 1.63 21.9 0.09 0.12 A 0.14 Dec 206 0.0 JSS Intel Corporation INTC Q 4 NM 35.60 NM 38.45 29.50 14.8 2.33 2.12 A 2.40 Dec 173,764 2.9 JSS MACOM Technology Solutions Holdings, Inc. MTSI Q 2 H/GRW 46.19 53.00 53.80 29.56 22.0 1.15 1.41 A 2.10 Sep 2,485 0.0 JSS Maxim Integrated MXIM Q 2 H/GRW 44.92 48.00 46.22 33.39 21.8 1.53 1.63 A 2.06 Jun 12,941 2.9 JSS Microsemi Corporation MSCC Q 1 H/GRW 51.88 65.00 57.97 29.68 16.7 2.25 2.39 A 3.11 Sep 6,034 0.0 JSS Monolithic Power Systems, Inc. MPWR Q 1 H/GRW 92.67 100.00 94.49 60.02 51.2 0.95 1.30 A 1.81 Dec 3,929 0.9 JSS NVIDIA Corporation NVDA Q 1 H/GRW 107.69 140.00 120.92 34.40 42.2 1.12 1.07 A 2.55 A Jan 71,075 0.5 JSS NXP Semiconductors N.V. NXPI Q 3 H/GRW 103.18 NM 107.54 73.62 18.6 4.82 4.96 A 5.56 Dec 34,606 0.0 JSS ON Semiconductor Corporation ON Q 2 H/GRW 15.29 16.50 16.06 8.11 13.3 0.83 0.91 A 1.15 Dec 6,527 0.0 JSS Qorvo, Inc. QRVO Q 2 H/GRW 68.25 73.00 69.12 43.79 15.1 3.97 4.37 A 4.53 Mar 8,975 0.0 JSS Semtech Corporation SMTC Q 2 H/GRW 34.00 39.00 37.35 20.09 34.0 1.16 0.61 A 1.00 A Jan 2,271 0.0 JSS Skyworks Solutions SWKS Q 2 H/GRW 97.93 95.00 99.38 57.11 15.7 5.27 5.56 A 6.22 Sep 18,342 1.1 JSS Texas Instruments Incorporated TXN Q 2 H/INC 80.61 85.00 82.44 56.08 22.0 3.02 3.47 A 3.66 Dec 82,061 2.5 JSS Xilinx, Inc. XLNX Q 1 M/GRW 57.97 67.00 62.24 41.53 25.4 2.35 2.05 A 2.28 Mar 15,698 2.3 JSS

Telecommunications Services Data Centers CoreSite Realty Corporation (af) COR N 3 H/GRW 87.92 NM 91.91 64.81 22.8 2.26 3.28 A 3.85 Dec 4,194 3.6 FGL,PDP CyrusOne Inc. (af) CONE Q 1 H/GRW 50.58 61.00 57.00 38.80 18.5 2.31 2.53 A 2.73 Dec 4,456 3.3 FGL,PDP Digital Realty Trust, Inc. (af) DLR N 3 M/INC 103.50 NM 113.21 85.50 18.6 4.35 5.28 A 5.57 Dec 17,015 3.4 FGL,PDP DuPont Fabros Technology Inc. (af) DFT N 2 M/INC 48.40 54.00 52.03 37.54 15.2 2.64 2.81 A 3.19 Dec 4,371 4.1 FGL,PDP Equinix (af) EQIX Q 1 H/GRW 384.86 430.00 392.92 314.55 20.7 13.68 16.14 A 18.61 Dec 27,710 2.1 FGL,PDP Internap Network Services Corp. INAP Q 2 H/GRW 3.61 4.00 3.86 0.80 NM (0.94) (2.40) A (0.31) Dec 209 0.0 FGL Interxion Holding NV ($E) INXN N 2 H/GRW 38.55 44.00 40.00 32.21 NM 0.54 0.51 A 0.53 Dec 2,722 0.0 FGL,PDP QTS Realty Trust (af) QTS N 2 H/GRW 47.36 58.00 59.41 43.01 17.7 2.19 2.49 A 2.68 Dec 2,633 3.3 FGL,PDP

Towers American Tower (af) AMT N 1 H/GRW 120.39 138.00 120.72 99.72 18.4 5.08 5.80 A 6.56 Dec 51,419 2.1 RP Crown Castle International (af) CCI N 2 M/INC 94.58 104.00 102.82 79.38 18.7 4.30 4.72 A 5.06 Dec 33,377 4.0 RP SBA Communications (af) SBAC Q 1 H/GRW 118.55 150.00 119.03 95.66 16.6 5.69 5.95 A 7.16 Dec 14,735 0.0 RP

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Technology & Communications - USA Wireless America Movil, S.A.B. de C.V. (cb, is, r) AMX N 3 M/GRW 14.37 NM 15.95 11.02 NM 16,915 13,776 14,133 Dec 51,531 2.1 RP ATN International, Inc. (cb) ATNI Q 2 M/GRW 71.65 79.00 87.82 62.70 NM 140 149 A 165 Dec 1,156 1.9 RP DISH Network Corp. DISH Q 3 H/GRW 62.92 NM 64.74 43.29 22.6 1.61 3.05 A 2.79 Dec 29,273 0.0 RP Landmark Infrastructure Partners LP (y) LMRK Q 1 M/INC 15.20 20.00 18.44 12.55 10.8 1.30 1.21 A 1.41 Dec 230 9.2 RP Shenandoah Telecommunications Co. SHEN Q 2 M/GRW 28.03 31.00 42.66 22.05 NM 150 246 A 269 Dec 1,371 0.9 RP Sprint Corp. (cb, f) S N 3 H/GRW 8.33 NM 9.65 3.22 NM 8,146 9,987 11,371 Mar 32,854 0.0 RP Telephone and Data Systems, Inc. TDS N 3 H/GRW 25.50 NM 32.98 24.12 NM 981 916 A 908 Dec 2,984 2.3 RP T-Mobile US Inc. (cb) TMUS Q 2 H/GRW 64.23 71.00 65.41 36.83 NM 7,393 10,389 A 10,646 Dec 48,943 0.0 RP U.S. Cellular USM N 3 H/GRW 36.81 NM 46.01 33.30 NM 675 618 A 590 Dec 3,129 0.0 RP

Wireline AT&T Inc. T N 2 M/INC 41.56 44.00 43.89 36.10 14.1 2.70 2.85 A 2.95 Dec 256,882 4.7 FGL CenturyLink, Inc. CTL N 3 M/INC 22.52 NM 33.45 22.33 11.3 2.72 2.45 A 1.99 Dec 12,308 9.6 FGL Charter Communications, Inc. (fc) CHTR Q 1 H/GRW 324.08 375.00 341.50 214.06 24.5 9.43 13.09 A 13.23 Dec 100,692 0.0 FGL Cincinnati Bell Inc. CBB N 4 NM 17.80 NM 25.65 17.33 93.7 0.34 0.20 A 0.19 Dec 749 0.0 FGL Cogent Communications Holdings, Inc. (fa) CCOI Q 3 H/GRW 42.30 NM 44.40 34.23 24.9 0.74 1.29 A 1.70 Dec 1,924 4.0 FGL Comcast Corporation CMCSA Q 1 M/GRW 37.09 43.00 38.44 29.81 20.6 1.63 1.74 A 1.80 Dec 178,774 1.7 FGL Consolidated Communications Holdings CNSL Q 2 M/INC 23.28 26.00 30.23 21.85 42.3 0.76 0.65 A 0.55 Dec 1,178 6.7 FGL Frontier Communications Corp. FTR Q 2 M/INC 1.98 4.50 5.75 1.92 NM 0.13 (0.09) A (0.23) Dec 2,305 21.2 FGL Level 3 Communications Inc. (fc) LVLT N 3 H/GRW 55.77 NM 60.13 44.01 19.0 1.81 2.91 A 2.93 Dec 20,078 0.0 FGL Uniti Group Inc. (af) UNIT Q 1 H/INC 25.72 35.00 32.73 20.76 9.9 1.78 2.61 A 2.60 Dec 3,990 9.3 FGL Verizon Communications VZ N 3 M/INC 49.30 NM 56.95 46.01 12.8 3.99 3.86 A 3.85 Dec 201,489 4.7 FGL Windstream Holdings Inc. WIN Q 4 NM 5.28 NM 10.46 5.16 NM 1.07 (3.93) A (1.67) Dec 946 11.4 FGL Zayo Group Holdings, Inc. (fc) ZAYO N 1 H/GRW 32.90 40.00 35.65 23.32 NM 0.29 0.05 A 0.27 Jun 8,080 0.0 FGL

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Technology & Communications - CAN Steven Li, CFA steven.li@raymondjames.ca

IT Hardware Avigilon Corporation AVO T 2 H/GRW C$15.19 20.00 17.30 7.76 21.4 0.86 0.61 A 0.71 Dec 673 0.0 SLi Baylin Technologies Inc. BYL T 2 H/GRW C$1.95 3.25 2.60 1.75 27.9 (0.78) (0.19) A 0.07 Dec 43 0.0 SLi DragonWave DRWI Q UR H/GRW US$1.35 NM 10.66 1.00 NM (0.32) (0.28) (0.14) Feb 102 0.0 SLi Evertz Technologies Ltd. (f) ET T 2 M/GRW C$16.19 18.00 19.24 15.72 20.5 0.87 0.92 A 0.79 Apr 1,216 4.4 SLi Lumenpulse Inc. LMP T 3 H/GRW C$12.74 14.00 19.14 12.10 29.0 0.07 0.25 A 0.44 Apr 341 0.0 SLi Sierra Wireless SWIR Q 3 H/GRW US$27.50 30.00 30.60 12.30 34.0 0.80 0.79 A 0.81 Dec 891 0.0 SLi UrtheCast Corp. UR T 2 H/GRW C$1.65 3.00 2.17 0.69 NM (0.41) (0.28) A (0.10) Dec 194 0.0 SLi

Software/IT Services BlackBerry (f) BBRY Q 2 H/GRW US$7.03 9.50 8.46 6.23 NM (0.09) (0.20) A 0.00 Feb 3,698 0.0 SLi CGI Group GIB.A T 2 M/GRW C$63.36 72.00 67.14 53.55 16.9 3.13 3.46 A 3.74 Sep 19,597 0.0 SLi Constellation Software Inc. CSU T 3 M/GRW C$654.33 615.00 659.21 457.67 30.6 17.51 18.64 A 21.38 Dec 13,872 0.8 SLi The Descartes Systems Group Inc. DSGX Q 2 M/GRW US$22.55 24.50 23.75 18.09 30.1 0.57 0.64 A 0.75 A Jan 1,727 0.0 SLi MacDonald Dettwiler & Associates MDA T 3 M/GRW C$69.35 84.00 92.92 63.52 12.6 6.08 5.78 A 5.52 Dec 2,524 2.1 SLi NexJ Systems Inc. NXJ T 2 H/GRW C$4.65 4.50 4.90 1.71 17.2 (0.04) 0.02 A 0.27 Dec 97 0.0 SLi Open Text OTEX Q 2 M/GRW US$34.00 40.00 35.07 24.77 16.3 3.46 3.54 A 2.09 Jun 8,415 2.7 SLi Redknee Solutions Inc. RKN T 2 H/GRW C$1.34 1.95 2.75 0.94 67.0 0.13 (0.11) A 0.02 Sep 207 0.0 SLi

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Technology & Communications - EUR Stephane Beyazian, RJFI Stephane.Beyazian@RaymondJames.com

Telecoms Bouygues BOUY.PA EPA 3 €38.25 NM 39.06 24.75 18.7 1.45 2.05 2.26 Dec 13,196 4.2 SB BT BT.L L 4 324p 370 457 298 10.5 32.00 33.00 A 31.00 Mar £32,247 4.6 SB Deutsche Telekom DTE.DE ETR 2 €16.28 17.80 16.65 13.37 18.9 0.90 0.86 1.02 Dec 76,142 3.7 SB Iliad ILD.PA EPA 3 €212.95 NM 234.50 166.70 31.6 5.79 6.73 7.48 Dec 12,564 0.2 SB KPN KPN.AS AMS 4 €2.79 2.70 3.71 2.51 25.4 0.09 0.11 0.11 Dec 11,913 9.3 SB Orange ORA.PA EPA 2 €14.69 17.70 15.68 12.38 16.0 0.87 0.92 1.00 Dec 39,062 4.8 SB Orange Belgium OBEL.BR EBR 1 €20.17 25.00 22.44 18.45 22.7 0.52 0.89 1.30 Dec 1,210 2.7 SB Proximus PROX.BR EBR 2 €29.25 31.00 31.14 25.13 15.6 1.83 1.88 1.99 Dec 9,419 5.1 SB SFR Group SFR.PA EPA 3 €29.30 NM 39.18 19.51 69.8 0.84 0.42 1.24 Dec 12,921 0.0 SB Sky SKY.L L 3 977p NM 1,050 748 15.6 56.00 62.60 51.50 Jun £16,786 3.0 SB TalkTalk Telecom Group TALK.L L 1 185p 240 280 145 13.2 8.20 8.40 A 14.00 Mar £1,755 8.6 SB Telecom Italia TLIT.MI BIT 1 €0.85 1.00 0.99 0.63 14.2 0.05 0.06 A 0.06 Dec 16,638 0.0 SB Telefonica TEF.MC MCE 3 €10.51 NM 10.63 7.16 15.0 0.65 0.70 0.67 Dec 52,928 7.1 SB Telenet Group TNET.BR EBR 4 €55.34 47.00 56.02 38.15 31.6 1.65 1.75 2.06 Dec 6,475 0.0 SB Telia Company TELIA.ST STO 4 SEK37.23 34.00 42.52 33.93 10.9 4.09 3.40 3.46 Dec 161,206 5.4 SB Vivendi VIV.PA EPA 3 €17.41 NM 20.09 14.87 29.5 0.52 0.59 0.70 Dec 22,407 2.3 SB Vodafone VOD.L L 3 210p NM 240 187 32.9 5.50 6.90 A 6.40 Mar £58,744 6.7 SB

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Transportation - USA Patrick Tyler Brown, CFA Tyler.Brown@RaymondJames.com Savanthi Syth, CFA Savanthi.Syth@RaymondJames.com

Airlines Hybrid Carriers Alaska Air Group ALK N 2 H/GRW 96.33 110.00 101.43 54.51 12.8 6.52 7.32 A 7.50 Dec 11,880 1.2 SS Copa Holdings, S.A. (is) CPA N 2 H/INC 109.50 125.00 112.00 48.57 15.0 4.93 4.89 A 7.30 Dec 4,643 1.9 SS LATAM Airlines Group S.A. (is, r) LFL N 3 H/GRW 13.24 NM 13.28 5.81 27.6 0.11 (0.02) A 0.48 Dec 8,029 0.0 SS

Legacy Carriers American Airlines Group, Inc. AAL Q 3 H/GRW 42.60 NM 50.64 24.85 9.4 9.12 5.70 A 4.55 Dec 22,067 0.9 SS Delta Air Lines, Inc. DAL N 2 H/GRW 46.53 60.00 52.76 32.60 9.3 4.64 5.31 A 5.00 Dec 34,001 1.7 SS United Continental Holdings, Inc. UAL N 2 H/GRW 70.74 84.00 76.80 37.41 10.9 11.88 8.73 A 6.50 Dec 22,256 0.0 SS

Transportation

USA Canada Europe

Airlines ........................................................................ 73

Hybrid Carriers ........................................................ 73

Legacy Carriers ........................................................ 73

Low Cost Carriers ..................................................... 74

Regional Carriers ..................................................... 74

Transportation Services .............................................. 74

Intermodal and Asset-Light Logistics ....................... 74

Parcel Carriers ......................................................... 74

Railroad ................................................................... 74

Transportation & Logistics ....................................... 74

Trucking (Truckload and LTL) ................................... 74

Airlines ........................................................................ 75

Railroads ..................................................................... 75

Transportation & Logistics .......................................... 75

Airlines ........................................................................ 75

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Transportation - USA Low Cost Carriers Allegiant Travel Co. ALGT Q 3 H/GRW 161.25 NM 183.91 121.70 14.5 12.93 13.20 A 11.10 Dec 2,645 1.7 SS GOL Linhas Aereas Inteligentes S.A. (r) GOL N 3 H/GRW 26.27 NM 31.82 6.00 NM (9.90) (2.97) A (0.35) Dec 909 0.0 SS JetBlue Airways JBLU Q 3 H/GRW 20.82 NM 23.15 14.76 11.9 1.98 2.20 A 1.75 Dec 7,120 0.0 SS Ryanair Holdings plc (is, r) RYAAY Q 2 M/GRW 83.58 96.00 89.67 66.09 14.5 4.15 5.06 A 5.78 Mar 20,836 0.0 SS Southwest Airlines Co. LUV N 3 H/GRW 54.19 NM 59.68 35.42 14.8 3.53 3.74 A 3.65 Dec 35,094 0.7 SS Spirit Airlines, Inc. SAVE Q 1 H/GRW 52.02 67.00 60.40 37.17 12.5 4.36 4.13 A 4.15 Dec 3,621 0.0 SS

Regional Carriers SkyWest, Inc. SKYW Q 2 H/GRW 34.80 42.00 39.60 18.46 11.1 1.99 2.73 A 3.14 Dec 1,801 0.9 SS

Transportation Services Intermodal and Asset-Light Logistics C.H. Robinson Worldwide, Inc. CHRW Q 3 M/GRW 77.52 NM 81.16 65.57 21.4 3.51 3.59 A 3.62 Dec 11,023 2.3 TB Forward Air Corporation FWRD Q 3 H/GRW 47.11 NM 51.51 40.07 20.7 2.09 2.09 A 2.28 Dec 1,432 1.3 TB Hub Group, Inc. HUBG Q 3 H/GRW 46.30 NM 52.50 34.35 19.5 2.01 2.28 A 2.37 Dec 1,567 0.0 TB J.B. Hunt Transport Services, Inc. JBHT Q 3 H/GRW 92.34 NM 102.38 75.71 22.4 3.66 3.76 A 4.13 Dec 10,370 1.0 TB Landstar System, Inc. LSTR Q 4 NM 84.20 NM 90.80 62.38 24.9 3.37 3.24 A 3.38 Dec 3,523 0.4 TB XPO Logistics, Inc. XPO N 2 H/GRW 47.48 60.00 54.70 22.23 27.1 (0.67) 1.02 A 1.75 Dec 5,897 0.0 TB

Parcel Carriers FedEx Corporation FDX N 2 M/GRW 189.89 220.00 201.57 145.00 16.0 8.95 10.80 A 11.90 May 51,460 0.8 TB United Parcel Service UPS N 3 M/INC 106.19 NM 120.44 100.05 17.8 5.43 5.75 A 5.97 Dec 93,022 3.1 TB

Railroad CSX Corp. CSX Q 3 M/GRW 47.34 NM 50.31 24.36 23.2 2.00 1.81 A 2.04 Dec 44,263 1.5 TB Genesee & Wyoming Inc. GWR N 1 H/GRW 66.41 85.00 80.73 52.21 20.6 3.68 3.65 A 3.23 Dec 3,905 0.0 TB Kansas City Southern KSU N 1 H/GRW 85.98 101.00 100.69 79.05 16.2 4.49 4.49 A 5.30 Dec 9,208 1.5 TB Norfolk Southern Corp. NSC N 3 M/GRW 113.32 NM 125.00 78.15 18.7 5.10 5.59 A 6.05 Dec 33,282 2.2 TB Union Pacific Corp. UNP N 1 M/GRW 105.50 126.00 111.38 77.29 18.4 5.49 5.07 A 5.72 Dec 86,069 2.1 TB

Transportation & Logistics Student Transportation Inc. STB Q 2 M/INC 5.81 6.50 6.08 4.66 NM NA 0.07 A 0.05 Jun 535 7.6 TB

Trucking (Truckload and LTL) Old Dominion Freight Line, Inc. ODFL Q 3 H/GRW 86.01 NM 94.97 56.74 22.3 3.57 3.56 A 3.86 Dec 7,089 0.5 TB Saia, Inc. SAIA Q 2 H/GRW 44.25 54.00 50.80 23.27 20.3 2.16 1.87 A 2.18 Dec 1,121 0.0 TB Swift Transportation Company SWFT N 1 H/GRW 20.22 28.00 27.18 14.31 16.6 1.50 1.22 A 1.22 Dec 2,690 0.0 TB

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Transportation - CAN Ben Cherniavsky ben.cherniavsky@raymondjames.ca Steve Hansen, CFA, CPA, CMA steve.hansen@raymondjames.ca

Airlines Air Canada AC T 3 H/GRW C$13.82 12.50 14.85 8.05 6.3 4.18 4.06 A 2.20 Dec 3,856 0.0 BC WestJet Airlines WJA T 3 H/INC C$22.90 24.50 24.98 19.31 10.0 2.90 2.45 A 2.30 Dec 2,748 2.4 BC

Railroads Canadian National Railway CNR T 2 M/GRW C$98.82 110.00 99.14 72.78 18.9 4.45 4.59 A 5.23 Dec 75,765 1.5 SH Canadian Pacific Railway Limited CP T 2 M/GRW C$197.86 230.00 209.12 156.01 16.8 10.12 10.32 A 11.75 Dec 28,947 1.0 SH

Transportation & Logistics CanWel Building Materials Group Ltd. CWX T R H/INC C$6.15 R 7.09 4.37 R R R R Dec R R SH

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Transportation - EUR Julien Richer, CFA, RJEE Julien.Richer@RaymondJames.com

Airlines Air France-KLM AIRF.PA EPA 2 €7.20 7.00 8.49 4.61 4.9 0.34 1.68 A 1.47 Mar 2,160 0.0 JR easyJet plc EZJ.L L 3 999p NM 1,578 851 13.3 139.10 108.40 A 75.10 Sep £3,964 3.8 JR IAG IAG.MC MAD 3 €6.18 NM 7.29 3.95 6.9 0.74 0.93 A 0.89 Mar 13,102 3.6 JR Lufthansa LHAG.DE ETR 4 €14.96 10.00 15.60 9.10 5.6 3.67 2.65 2.28 Dec 7,016 3.2 JR

76 Raymond James Research Register - April 2017

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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

Reni Benjamin, Ph.D. (212) 883-4615

Biotechnology

Nicholas Jansen (727) 567-2446

Healthcare Information

Technology/Diagnostics

Lawrence S. Keusch (617) 897-8992

Hospital Supplies & Equipment

Christopher Raymond (312) 655‐2672

Biotechnology

Elliot Wilbur, CFA (212) 856-4897

Specialty Pharmaceuticals

Laura Chico, Ph.D. (312) 655-2701

Biotechnology

Industrial

Patrick Tyler Brown, CFA (404) 442-5803

Waste & Industrial Services

Sam Darkatsh (727) 567-2537

Specialty/Industrial Distribution

Macro Research

Scott J. Brown, Ph.D. (727) 567-2603

Chief Economist

Jeffrey D. Saut (727) 567-2644

Chief Investment Strategist

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, CFA (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/

Advanced Industrial Technology

Wayne Johnson (404) 442-5837

FinTech & 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) 645-6811

Internet of Things

J. Steven Smigie (212) 856-4893

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

Adam Tindle, CFA (727) 567-2693

IT Hardware & Distribution

Transportation

Patrick Tyler Brown, CFA

(404) 442-5803

Transportation Services

Savanthi Syth, CFA

(727) 567-5274

Airlines

Raymond James Research Register - April 2017 77

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 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

Brian Mylod (404) 442-5822 Mark Starner (404) 442-5862

Dudley Stephens (404) 442-5828

Boston

Ryan Bagley (617) 897-8965

Grant Hall (617) 897-8966

Dave Hodges (617) 897-8961

John Leffel (617) 897-8967

Chicago

Bill Sammon, Manager (312) 655-2959

Lou Coines (312) 655-2964

Rick Glaisner (312) 612-7672

Lonnie Hatcher (312) 612-7673

Chris Lambert (312) 655-2974

Anthony LanFranca (312) 655-2961

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

Bob Stocking (312) 612-7674

Los Angeles

Mark Hamilton (310) 414-5209

Rob Marckel (310) 414-5201

New York

Tom Healy, Head of New York Sales

(212) 856-5406

Alastair Barnes (212) 856-5417 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

Institutional Sales (continued) New York

Susan Lione (212) 856-4886

Carol McCarthy (212) 297-5605

Tom Nevitt (212) 297-5608

Gene Pennell (212) 297-5606

Paul Salmore (212) 856-4368

Craig Sapuppo (212) 297-5602

Kelly Schaeffer (212) 856-4887

Rod Spiegel (212) 297-5610

San Francisco

John Cavender (415) 538-5725

Douglas Deubel (888) 734-0540

Jacob Forney (415) 616-8080

Zachary Taylor (415) 616-8944

International Institutional

Sales & Trading Desk Byron Mitson, Head of Agency/

Retail Trading (800) 564-3678

St. Petersburg (727) 567-2100

Sharon Agudio

James Nielsen

Mike Tagliarini

Memphis (800) 564-3678

Tony Johnson

Kenny McClain

Corporate &

Executive Services (727) 567-2092

Jeff Fordham, Head of

Corporate & Executive Services

Jeanna Bryan

Nicole Castillo

Rachel Jallick

Brandon Moore

Scott Warnock

Principal Trading

(212) 599-6800

Eric Braunstein

Brendan Dooley Jesse Lubarsky

Adam Lustig

Ray Moore

Greg Mulvaney

Christian O’Brien

Kevin Prunty

Owen Rice

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

Tom Del Zoppo

Boston (617) 423-5607

Brendan Moses

Steve Svensen

Thomas Ward

Chicago (312) 655-2990

Michael Barone

Ken Goldberger

Jeff Grimm

Randy Mrozek

Jeff Snower

New York (212) 599-6800

Craig Bugniazet

Michael Cannon

Brian Cohan

Paul Cornette

Michael Dalfonzo

John Gilmartin

Robert Hyde

Mark Koczan

Gary Muehlemann

Vincent Sgherza

Nick Shepard

Eric Siefert

Neil Vankawala

San Francisco

Michael Christian (415) 616-8933

Michael Schwarz (415) 616-8096

Agency/Retail Trading Byron Mitson, Head of Agency/

Retail Trading (800) 564-3678

St. Petersburg (727) 567-6466

Scott Brown

Tyson Bryant

Renee Hollingsworth

Allen Spence

Sara Zampell

Memphis (800) 564-3678

Darin Butler

Krystal Butler

Kevin Floyd

Marilyn Hiner

Tony Johnson

Kenny McClain

78 Raymond James Research Register - April 2017

Strategic Options Desk (212) 856-5400

Ryan Sylvester, Co-head

Adam Templeton, Co-head

Colin Drowica

Geoff Gaiss

Corrin Jackson

Jeffrey Jacobson

Darius Kirksey

Andrew Kramer

Alec Levine

Rob Mabry

Brad Manuilow

Johnny Martin

James “Hector” Murphy

Brian Werner

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

J. Michael Gibbs, Director,

Equity Portfolio & Technical Strategy Jeff Harvey

David Hydrick

Joey Madere

Barbara Metcalf

Andrew Rumbelow

Equity Advisory Group (727) 567-2520

Harry G. Katica, CFA, Director,

Equity Advisory Group

Suzi Fiorini, Manager,

Equity Advisory Group

Phil Cox

John Messina

Michael Saut

Daniel Sprusansky

Justin Wai

Spencer Williams

Julie Lachman, International (727) 567-5559

ECM International Office Locations

Raymond James Financial International Limited Raymond James Euro Equities

London, England 011-44-203-798-5600

Robert Nugent, Manager

Nicole Baker

Charles Cooper

Dale Gibson

Benjamin Gilbert

Vernon Golding

Cara McPhillips

Matt Patterson

Ricky Pilgrim

G. Eric Rowe

Anthony White

Adam Wood

Brussels, Belgium 011-322-626-1060

Henri de Liedekerke, Manager

Diego de Fierlant

Carine R. Van Pellecon

Stéphane Roffler

Dusseldorf, Germany

011-49-213-293-070

Hans J. Klisch, Manager

Falk G. Reissland, Manager

Marcel Daun

Sebastian Sattelberger

Vaduz, Liechtenstein

011-423-233-44-54

Johann Kasamas Warsaw, Poland

011-48 (22) 276 2300

Homan Haghighi, Manager

Janusz Dancewicz

George Jovanovich

Paris, France 011-33-1-456-40520

Emmanuel Laussinotte, Manager

Gregoire M. Alexandre Nicholas de Posson Thierry Guille Thomas Guille Hubert Le Bret Alexandre Stamatiou

Raymond James & Associates, Inc.

Geneva, Switzerland 011-41-22-818-2828

Jean Wilhelm, Manager Paul Anderson Philip Burgisser Albert Fregosi Eric Moïa Rudi Moser

Lausanne, Switzerland 011-41-21-343-2222

Homan Haghighi Jad Hobeiche

Raymond James Research Register - April 2017 79

Canadian Equity Research Daryl Swetlishoff, CFA 604.659.8246, Head of Equity Research

Ken Avalos, MBA 727.567.1756 Real Estate & REITs

Frederic Bastien, CFA 604.659.8232 Infrastructure & Construction

Andrew Bradford, CFA 403.509.0503 Oil & Gas Energy Services

Ben Cherniavsky 604.659.8244 Industrial / Aerospace & Aviation

Chris Cox, CFA 416.777.7175 Sr. Oil & Gas Producers / Energy

Infrastructure

Steve Hansen, CFA, CPA, CMA 604.659.8208

Transportation / Agribusiness

Tara Hassan, P. Eng 416.777.6372 Precious Metals

Steven Li, CFA 416.777.4918 Technology

Jeremy McCrea 403.509.0518 Oil & Gas Producers

Kurt Molnar 403.221.0414 Oil & Gas Producers

Brenna Phelan, CFA, CPA, CA 416.777.7042

Diversified Financials

David Quezada, CFA 604.659.8257 Special Situations / Power & Utilities

Johann Rodrigues 416.777.7189 Real Estate & REITs

Daryl Swetlishoff, CFA 604.659.8246 Forest Products

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 Brady Pimlott 416.777.4993 Neil Weber 416.777.4931

U.S. Equities Toronto 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 Mark Armstrong 416.777.4981 Pam Banks 416.777.4923 Oliver Herbst 416.777.4947 Andy Herrmann 416.777.4937 Matt Malowney 416.777.4937 Eric Munro, CFA 416.777.4983 Bob Standing 416.777.4921

Vancouver 800.667.2899 Nav Cheema 604.659.8224 Fraser Jefferson 604.659.8218 Derek Oram 604.659.8223

Montreal 866.350.4455 Joe Clement 514.350.4470 Patrick Sanche 514.350.4465

80 Raymond James Research Register - April 2017

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) 203 798 5643 Telecom Services

Mehdi Boudokhane, RJEE +33 (1) 45 64 05 55 Infrastructure & Construction Harry Breach, RJFI +44 (0) 203 798 5641 Aerospace & Defence Jean-Pierre Dmirdjian, RJEE + 33 (1) 45 64 05 46 Energy

Patrick Lambert, RJFI +44 (0) 203 798 5645 Chemicals Cédric Lecasble, RJEE +33 (1) 45 64 05 40 Retail Julien Richer, CFA, RJEE +33 (1) 45 64 05 44 Hotels/Tourism/Foodservices

European Sales & Trading

Paris +33 (1) 45 64 05 00 Sales

Philippe Andrieu Eric Blain Mikael Certner Bruno Chabroux Cedric Danon Julien David Caroline David-Tracaz Wilfred Dechanaud Frederic LeBoulenger Sebastien Manzoni Laurent Thomasset

Sales Trading

Laurent Lagneau Trading +33 (1) 45 64 05 15

Jacques Perez Philippe Vialle

London +44 (0) 203 798 5600 Sales

Cara McPhillips Matt Patterson

Sales Trading

Jason Keogh Ken Wesson

New York (212) 856-4884 Sales

Benoit Piussan Joe Campo

Raymond James Research Register - April 2017 81

Important Investor Disclosures

Raymond James & Associates (RJA) is a FINRA member firm and is responsible for the preparation and distribution of research created in the United States. Raymond James & Associates is located at The Raymond James Financial Center, 880 Carillon Parkway, St. Petersburg, FL 33716, (727) 567-1000. Non-U.S. affiliates, which are not FINRA member firms, include the following entities that are responsible for the creation and distribution of research in their respective areas: in Canada, Raymond James Ltd. (RJL), Suite 2100, 925 West Georgia Street, Vancouver, BC V6C 3L2, (604) 659-8200; in Europe, Raymond James Euro Equities SAS (also trading as Raymond James International), 40, rue La Boetie, 75008, Paris, France, +33 1 45 64 0500, and Raymond James Financial International Ltd., Broadwalk House, 5 Appold Street, London, England EC2A 2AG, +44 203 798 5600.

This document is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident of or located in any locality, state, country, or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. The securities discussed in this document may not be eligible for sale in some jurisdictions. This research is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Investors should consider this report as only a single factor in making their investment decision.

For clients in the United States: Any foreign securities discussed in this report are generally not eligible for sale in the U.S. unless they are listed on a U.S. exchange. This report is being provided to you for informational purposes only and does not represent a solicitation for the purchase or sale of a security in any state where such a solicitation would be illegal. Investing in securities of issuers organized outside of the U.S., including ADRs, may entail certain risks. The securities of non-U.S. issuers may not be registered with, nor be subject to the reporting requirements of, the U.S. Securities and Exchange Commission. There may be limited information available on such securities. Investors who have received this report may be prohibited in certain states or other jurisdictions from purchasing the securities mentioned in this report. Please ask your Financial Advisor for additional details and to determine if a particular security is eligible for purchase in your state.

The information provided is as of the date above and subject to change, and it should not be deemed a recommendation to buy or sell any security. Certain information has been obtained from third-party sources we consider reliable, but we do not guarantee that such information is accurate or complete. Persons within the Raymond James family of companies may have information that is not available to the contributors of the information contained in this publication. Raymond James, including affiliates and employees, may execute transactions in the securities listed in this publication that may not be consistent with the ratings appearing in this publication.

Raymond James (“RJ”) research reports are disseminated and available to RJ’s retail and institutional clients simultaneously via electronic publication to RJ's internal proprietary websites (RJ Investor Access & RJ Capital Markets). Not all research reports are directly distributed to clients or third-party aggregators. Certain research reports may only be disseminated on RJ's internal proprietary websites; however such research reports will not contain estimates or changes to earnings forecasts, target price, valuation, or investment or suitability rating. Individual Research Analysts may also opt to circulate published research to one or more clients electronically. This electronic communication distribution is discretionary and is done only after the research has been publically disseminated via RJ’s internal proprietary websites. The level and types of communications provided by Research Analysts to clients may vary depending on various factors including, but not limited to, the client’s individual preference as to the frequency and manner of receiving communications from Research Analysts. For research reports, models, or other data available on a particular security, please contact your RJ Sales Representative or visit RJ Investor Access or RJ Capital Markets.

Additional information is available on request.

Analyst Information

Registration of Non-U.S. Analysts: The analysts listed on the front of this report who are not employees of Raymond James & Associates, Inc., are not registered/qualified as research analysts under FINRA rules, are not associated persons of Raymond James & Associates, Inc., and are not subject to FINRA Rule 2241 restrictions on communications with covered companies, public companies, and trading securities held by a research analyst account.

Analyst Holdings and Compensation: Equity analysts and their staffs at Raymond James are compensated based on a salary and bonus system. Several factors enter into the bonus determination including quality and performance of research product, the analyst's success in rating stocks versus an industry index, and support effectiveness to trading and the retail and institutional sales forces. Other factors may include but are not limited to: overall ratings from internal (other than investment banking) or external parties and the general productivity and revenue generated in covered stocks.

Ratings and Definitions

Raymond James & Associates (U.S.) definitions

Strong Buy (SB1) Expected to appreciate, produce a total return of at least 15%, and outperform the S&P 500 over the next six to 12 months. For higher yielding and more conservative equities, such as REITs and certain MLPs, a total return of at least 15% is expected to be realized over the next 12 months.

Outperform (MO2) Expected to appreciate and outperform the S&P 500 over the next 12-18 months. For higher yielding and more conservative equities, such as REITs and certain MLPs, an Outperform rating is used for securities where we are comfortable with the relative safety of the dividend and expect a total return modestly exceeding the dividend yield over the next 12-18 months.

82 Raymond James Research Register - April 2017

Market Perform (MP3) Expected to perform generally in line with the S&P 500 over the next 12 months.

Underperform (MU4) Expected to underperform the S&P 500 or its sector over the next six to 12 months and should be sold.

Suspended (S) The rating and price target have been suspended temporarily. This action may be due to market events that made coverage impracticable, or to comply with applicable regulations or firm policies in certain circumstances, including when Raymond James may be providing investment banking services to the company. The previous rating and price target are no longer in effect for this security and should not be relied upon.

Raymond James Ltd. (Canada) definitions

Strong Buy (SB1) The stock is expected to appreciate and produce a total return of at least 15% and outperform the S&P/TSX Composite Index over the next six months.

Outperform (MO2) The stock is expected to appreciate and outperform the S&P/TSX Composite Index over the next twelve months.

Market Perform (MP3) The stock is expected to perform generally in line with the S&P/TSX Composite Index over the next twelve months and is potentially a source of funds for more highly rated securities.

Underperform (MU4) The stock is expected to underperform the S&P/TSX Composite Index or its sector over the next six to twelve months and should be sold.

Raymond James Europe (Raymond James Euro Equities SAS & Raymond James Financial International Limited) rating definitions

Strong Buy (1) Expected to appreciate, produce a total return of at least 15%, and outperform the Stoxx 600 over the next 6 to 12 months.

Outperform (2) Expected to appreciate and outperform the Stoxx 600 over the next 12 months.

Market Perform (3) Expected to perform generally in line with the Stoxx 600 over the next 12 months.

Underperform (4) Expected to underperform the Stoxx 600 or its sector over the next 6 to 12 months.

Suspended (S) The rating and target price have been suspended temporarily. This action may be due to market events that made coverage impracticable, or to comply with applicable regulations or firm policies in certain circumstances, including when Raymond James may be providing investment banking services to the company. The previous rating and target price are no longer in effect for this security and should not be relied upon.

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

Rating Distributions

Coverage Universe Rating Distribution* Investment Banking Distribution

RJA RJL RJEE/RJFI RJA RJL RJEE/RJFI

Strong Buy and Outperform (Buy) 51% 72% 54% 23% 50% 0%

Market Perform (Hold) 44% 26% 32% 10% 17% 0%

Underperform (Sell) 5% 2% 14% 7% 0% 0%

* Columns may not add to 100% due to rounding.

Suitability Ratings (SR)

Medium Risk/Income (M/INC) Lower to average risk equities of companies with sound financials, consistent earnings, and dividend yields above that of the S&P 500. Many securities in this category are structured with a focus on providing a consistent dividend or return of capital.

Medium Risk/Growth (M/GRW) Lower to average risk equities of companies with sound financials, consistent earnings growth, the potential for long-term price appreciation, a potential dividend yield, and/or share repurchase program.

High Risk/Income (H/INC) Medium to higher risk equities of companies that are structured with a focus on providing a meaningful dividend but may face less predictable earnings (or losses), more leveraged balance sheets, rapidly changing market dynamics, financial and competitive issues, higher price volatility (beta), and potential risk of principal. Securities of companies in this category may have a less predictable income stream from dividends or distributions of capital.

High Risk/Growth (H/GRW) Medium to higher risk equities of companies in fast growing and competitive industries, with less predictable earnings (or losses), more leveraged balance sheets, rapidly changing market dynamics, financial or legal issues, higher price volatility (beta), and potential risk of principal.

High Risk/Speculation (H/SPEC) High risk equities of companies with a short or unprofitable operating history, limited or less predictable revenues, very high risk associated with success, significant financial or legal issues, or a substantial risk/loss of principal.

Raymond James Research Register - April 2017 83

Risk Factors

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

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

th 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.

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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 re search

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