EquitiesWorldwide 060313 0828 · Trilogy Energy Corp. (TET:T) USA Coventry Health Care (CVH:N) Intermec Inc. (IN:N) Porter Bancorp, Inc. (PBIB:Q) Zebra Technologies (ZBRA:Q) LAT Braskem

Global Research Published by Raymond James & Associates

© 2013 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved.

International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida 33716 | 800-248-8863

June 2013

2 Raymond James Research Register - June 2013

Contents Consumer Healthcare Real Estate

USA .......................... 20

CAN .......................... 24

EUR .......................... 24

LAT ........................... 26

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

USA .......................... 64

CAN .......................... 67

EUR .......................... 68

LAT ........................... 69

Energy Industrial Technology & Communications

USA .......................... 28

CAN .......................... 34

EUR .......................... 37

LAT ........................... 38

USA .......................... 55

CAN ......................... 56

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

USA .......................... 71

CAN .......................... 79

EUR .......................... 80

LAT ........................... 81

Financial Services Mining & Natural Resources Transportation

USA .......................... 39

EUR .......................... 47

LAT ........................... 48

USA .......................... 59

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

EUR .......................... 63

LAT .......................... 63

USA .......................... 82

CAN .......................... 84

EUR .......................... 85

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

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

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

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

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

Companies Under Coverage ...................................................... 20

Research Analysts and Sales & Trading Directories

USA .......................... 86

Canada ..................... 89

Europe ..................... 90

Latin America ........... 91

Raymond James Research Register - June 2013 3

Analyst Index

J. Marshall Adkins (JMA) ............................... 28

Brian G. Alexander, CFA (BGA) ...................... 71

Robert P. Anastasi, CFA (RPA) ....................... 71

Ken Avalos (KA) ............................................. 67

Michael J. Baker (MJB) .................................. 51

Frederic Bastien, CFA (FB) ................... 24,56,67

Jayson Bedford (JB) ....................................... 51

Stephane Beyazian (SB) ................................ 80

Justin Bouchard, P.Eng., CFA (JB) .................. 34

Andrew Bradford, CFA (AB) .......................... 34

Patrick Tyler Brown, CFA (TB) ....................... 82

Benjamin Brownlow (BBL) ....................... 20,28

Budd Bugatch, CFA (BB) ........................... 20,55

Daniel E. Cardenas (DC) ................................ 39

Ben Cherniavsky (BC) ............................... 56,84

Andrew Coleman (AC) ................................... 28

William A. Crow (WAC) ................................. 64

Sam Darkatsh (SD) ................................... 20,55

Hermine de Bentzmann (HB) ........................ 24

Robert Dodd, Ph.D. (RD) ............................... 39

Alexander Y. Draper, CFA (AYD) .................... 51

Bryan C. Elliott, CFA (BCE) ............................. 20

William H. Fisher, CFA (WHF) ........................ 55

John Freeman, CFA (JF) ................................. 28

Cory J. Garcia (CJG) ....................................... 28

Collin Gerry (CG) ........................................... 28

Brian Gesuale (BG) ........................................ 71

Steve Hansen, CMA, CFA (SH) ........ 34,56,60,84

Arthur W. Hatfield, CFA (AH) ........................ 82

Nick Heffernan (NH) ...................................... 34

Bertrand Hodée (BH)..................................... 37

Buck Horne, CFA (BH) .................................... 64

Darren Horowitz (DH) ................................... 28

Joseph D. Hovorka (JDH) ............................... 20

Brad Humphrey (BH) ..................................... 60

Danny Jacques (DJ) ........................................ 47

Nicholas Jansen (NJ) ...................................... 51

Wayne Johnson (WJ) ..................................... 71

Aaron Kessler, CFA (AK) ................................. 71

Lawrence Keusch (LK) ................................... 51

Cedric Lecasble (CL) ...................................... 24

Simon Leopold (SL) ........................................ 71

Steven Li, CFA (SL) .................................... 34,79

David J. Long, CFA (DJL) ................................. 39

Frank G. Louthan IV (FGL) ............................. 71

Adam Low, CFA (AL) ...................................... 60

Luc Mageau, CFA (LM) .................................. 34

Tavis C. McCourt, CFA (TMC).................... 71,79

RJ Milligan (RM) ............................................ 64

Collin Mings, CFA (CM) .................................. 64

Pavel Molchanov (PM) .................................. 28

Hans Mosesmann (HM) ................................ 71

Patrick O'Shaughnessy, CFA (PO) .................. 39

Arnaud Palliez (AP) ................................... 58,63

James D. Parker, Ph.D. (JDP) ......................... 82

Francisco Pereyra (FP) ......................... 26,28,48

C. Gregory Peters (CGP) ................................ 39

Theoni Pilarinos, CFA (TP) ................... 34,56,84

Anthony Polini (AP) .......................................39

Ric Prentiss (RP)............................................. 71

Paul D. Puryear (PDP) .................................... 64

Chris Quilty (CQ) ............................................ 71

John W. Ransom (JWR) .................................. 51

Emmanuel Retif (ER) ..................................... 37

Federico Rey Marino (FRM) .. 26,38,48,63,69,81

Julien Richer (JR) ................................. 24,68,85

James M. Rollyson (JMR) .......................... 28,59

Michael Rose (MR) ........................................ 39

Santiago Ruiz Guinazu (SR) ............. 38,48,63,81

David Sadowski (DSa) .................................... 60

Steven D. Schwartz, CFA (SDS) ...................... 39

J. Steven Smigie (JSS) ..................................... 71

Kevin Smith (KS) ............................................ 28

Daryl Swetlishoff, CFA (DS) ............................ 60

Savanthi Syth, CFA (SS) .................................. 82

Alex Terentiew, MBA, P.Geo (AT) .................. 60

Chris Thompson, M.Sc. (Eng), P.Geo (CT) ...... 60

Terry Tillman (TT) .......................................... 71

Michael Turits, Ph.D. (MT) ............................. 71

Kenric S. Tyghe, MBA (KT) ............................. 24

William J. Wallace IV (WW) ........................... 39

Santiago Wesenack, CFA (SW) .................. 38,63

Dan Wewer, CFA (DW) .................................. 20

Marc Willaume (MW) .................................... 24

Donald A. Worthington (DAW) ...................... 39

Kristopher Zack, CA, CFA (KZ) ........................ 34


Upcoming Events Bouygues Road Show (EUR) June 18-19, 2013; U.S. CGG Road Show (EUR) July 2, 2013; U.S. U.S. Bank Conference (USA) August 22, 2013; Chicago, IL

European Investors North American Equities Conference (USA) September 10, 2013; London, England Transportation Conference (USA) November 6, 2013; New York, NY Global Airline Conference (USA & CAN) November 7, 2013; New York, NY

Research Coverage Changes

Additions Deletions

USA

Blackhawk Network Holdings, Inc. (HAWK:Q)

Central Pacific Financial Corp. (CPF:N)

Chart Industries, Inc. (GTLS:Q)

Fiesta Restaurant Group, Inc. (FRGI:Q)

KNOT Offshore Partners L.P. (KNOP:N)

The Travelers Companies, Inc. (TRV:N)

CAN

Kelt Exploration Ltd. (KEL:T)

Nevsun Resources Ltd. (NSU:T)

Peyto Exploration and Development (PEY:T)

Tourmaline Oil Corp. (TOU:T)

Trilogy Energy Corp. (TET:T)

USA

Coventry Health Care (CVH:N)

Intermec Inc. (IN:N)

Porter Bancorp, Inc. (PBIB:Q)

Zebra Technologies (ZBRA:Q)

LAT

Braskem SA (BRKM5:BR)

Lupatech SA (LUPA3:BR)

Ultrapetrol (Bahamas) Ltd. (ULTR:Q)

Changes

McGraw-Hill Companies (MHP:N) changed its name and symbol to McGraw Hill Financial Inc. (MHFI:N),

MetroPCS (PCS:N) adjusted for 1:2 reverse stock split and return of capital,

MetroPCS (PCS:N) changed its name and symbol to T-Mobile US Inc. (TMUS:N) following merger with T-Mobile USA Inc.,

Parke Bancorp (PKBK:Q) adjusted for 10% stock dividend,

PetroBakken Energy Ltd. (PBN:T) changed its name and symbol to Lightstream Resources Ltd. (LTS:T),

Temper-Pedic International Inc. (TPX:N) changed its name to Temper Sealy International, Inc.,

Yadkin Valley Financial Corporation (YAVY:Q) adjusted for 1:3 reverse split,

Yadkin Valley Financial Corporation (YAVY:Q) changed its name and symbol to Yadkin Financial Corporation (YDKN:Q)


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 below.

Currency = U.S. dollars unless otherwise noted. Currencies are defined below.

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

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

Current Year P/E based on either 2013 estimated or actual earnings per share.

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

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

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

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

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


Exchanges AMS ---- Amsterdam Stock Exchange

BA ---- Buenos Aires SE

BIT ---- Italy - Borsa Italiana

BR ---- Sao Paulo SE

EBR ---- Euronext Brussels

ELI ---- Euronext Lisbon

EPA ---- Euronext Paris

ETR ---- Germany - XETRA

HEL ---- Helsinki Stock Exchange

HKG ---- Hong Kong Stock Exchange

ISE ---- Irish Stock Exchange

LSE ---- London Stock Exchange

M --- NYSE MKT

MAD --- Madrid Stock Exchange

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

N --- NYSE

PRG --- Prague Stock Exchange

Q --- NASDAQ

SN --- Santiago SE

STO --- Stockholm Stock Exchange

SWF --- Switzerland – Swiss Exchange

T --- TSX

V --- TSX Venture

WBAG --- Austria, Wiener Borse

Currencies AR$ ---- Argentine peso

R$ ---- Brazilian real p ---- British pence

£ ---- British pound

C$ ---- Canadian dollar

Ch$ ---- Chilean peso

CZK --- Czech koruna

€ --- Euro

HK$ --- Hong Kong dollar

SEK --- Swedish krona

CHF --- Swiss franc

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

Footnotes

NA ---- Not Available.

NM ---- Not Meaningful.

UR ---- Under Review.

$C ---- EPS is shown in Canadian dollars.

$P ---- EPS is shown in pounds.

ae ---- EPS is Adjusted EBITDA.

af ---- EPS is Adjusted Funds from Operations (AFFO).

cb ---- EPS is EBITDA (mil.).

cf ---- EPS is Cash Flow per share.

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

d ---- EPS is shown in $.

ed ---- EPS is Earnings per ADS.

er --- EPS is shown in €.

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.

vf --- EPS is Valuation Free Cash Flow/Share.

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

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

Company Index


1st Constitution Bancorp (FCCY:Q) 40 1st United Bancorp, Inc. (FUBC:Q) 40 Aaron`s Inc. (AAN:N) 22 Abaxis, Inc. (ABAX:Q) 52 Abbott Laboratories (ABT:N) 53 Abertis (ABE.MC:MAD) 58 Abiomed Inc. (ABMD:Q) 53 Acadia Healthcare Co. (ACHC:Q) 51 Accenture plc (ACN:N) 75 Access Midstream Partners L.P. (ACMP:N) 32 Access National Corporation (ANCX:Q) 40 Accor (ACCP.PA:EPA) 68 Accretive Health (AH:N) 52 ACE Limited (ACE:N) 46 ACI Worldwide, Inc. (ACIW:Q) 78 The Active Network, Inc. (ACTV:N) 74 Adecoagro SA (AGRO:N) 63 ADF Group Inc. (DRX:T) 57 Adidas (ADSGn.DE:ETR) 26 ADP (ADP.PA:EPA) 58 ADTRAN, Inc. (ADTN:Q) 72 Advance Auto Parts, Inc. (AAP:N) 21 Advanced Micro Devices (AMD:N) 76 Advantage Oil & Gas Ltd. (AAV:T) 35 The Advisory Board Company (ABCO:Q) 52 Aecon Group (ARE:T) 57 AEGON (AEGN.AS:AMS) 48 AeroVironment Inc. (AVAV:Q) 76 Aetna (AET:N) 51 Aflac, Inc. (AFL:N) 46 Agnico Eagle Mines (AEM:N) 61 Agree Realty Corporation (ADC:N) 65 Ahold (AHLN.AS:AMS) 25 Aimia (AIM:T) 24 Air Canada (AC.B:T) 84 Air France-KLM (AIRF.PA:EPA) 85 Akamai Technologies, Inc. (AKAM:Q) 74 Alacer Gold Corp (ASR:T) 61 Alaris Royalty Corp. (AD:T) 56 Alaska Air Group (ALK:N) 82 Alaska Communications Systems Group Inc. (ALSK:Q) 77 Alcatel-Lucent (ALU:N) 72 Alderon Iron Ore Corp. (ADV:T) 61 Alere, Inc. (ALR:N) 52 Allana Potash Corporation (AAA:T) 60 Allegiant Travel Co. (ALGT:Q) 83 Alliance Data Systems Corp. (ADS:N) 78 Alliance Grain Traders Inc. (AGT:T) 60 Alliance Holdings GP L.P. (AHGP:Q) 59 Alliance Resource Partners L.P. (ARLP:Q) 59 Allianz (ALVG.DE:ETR) 47 Allied Properties REIT (AP.UN:T) 67 Allscripts Healthcare Solutions Inc. (MDRX:Q) 52 Allstate Corporation (ALL:N) 46 Alpha Natural Resources (ANR:N) 59 Altera Corporation (ALTR:Q) 76 Alterra Power Corp. (AXY:T) 34 Amazon.com Inc. (AMZN:Q) 74 Amedisys (AMED:Q) 51 America Movil, S.A.B. de C.V. (AMX:N) 77 American Equity Investment Life Holding Company (AEL:N) 46 American Financial Group, Inc. (AFG:N) 46

American Midstream Partners L.P. (AMID:N) 32 American National Bankshares, Inc (AMNB:Q) 40 American Railcar Industries, Inc. (ARII:Q) 83 American River Bankshares (AMRB:Q) 40 American Safety Insurance Holdings, Ltd. (ASI:N) 46 American Tower (AMT:N) 76 American Woodmark (AMWD:Q) 22 AmeriGas Partners L.P. (APU:N) 32 AmerisourceBergen Corp. (ABC:N) 52 Ameristar Casinos, Inc. (ASCA:Q) 20 Amica Mature Lifestyles Inc. (ACC:T) 67 AmSurg Corporation (AMSG:Q) 51 Amyris, Inc. (AMRS:Q) 28 Anadarko Petroleum Corp. (APC:N) 29 Analog Devices, Inc. (ADI:Q) 71 Angie's List, Inc. (ANGI:Q) 74 AngioDynamics (ANGO:Q) 53 Aon plc (AON:N) 45 Apache Corporation (APA:N) 29 Apartment Investment and Management Company (AIV:N) 66 Apollo Investment Corp. (AINV:Q) 47 Apple Inc. (AAPL:Q) 73 Applied Micro Circuits Corporation (AMCC:Q) 76 April (APRL.PA:EPA) 48 Arc Resources Ltd. (ARX:T) 35 Arch Coal Inc. (ACI:N) 59 Arctic Cat, Inc. (ACAT:Q) 20 Ares Capital Corp. (ARCC:Q) 47 Argo Group International Holdings, Ltd. (AGII:Q) 46 Arkansas Best Corp. (ABFS:Q) 84 ARM Holdings plc (ARMH:Q) 76 Armtec Infrastructure Inc. (ARF:T) 57 ARRIS Group Inc. (ARRS:Q) 72 Arrow Electronics, Inc. (ARW:N) 75 Arthur J. Gallagher & Co. (AJG:N) 45 Artis REIT (AX.UN:T) 67 Aruba Networks (ARUN:Q) 73 Asia Bio-Chem Group Corp. (ABC:T) 60 Associated Banc-Corp (ASBC:Q) 40 Associated Estates Realty Corporation (AEC:N) 66 Assurant, Inc. (AIZ:N) 46 Astoria Financial Corporation (AF:N) 40 AT&T Inc. (T:N) 77 Athabasca Oil Corp. (ATH:T) 36 athenahealth Inc. (ATHN:Q) 52 Atlantic Tele-Network, Inc. (ATNI:Q) 77 Atmel Corporation (ATML:Q) 76 Atrium Innovations Inc. (ATB:T) 24 Atwood Oceanics (ATW:N) 33 Automatic Data Processing (ADP:Q) 51 AutoZone, Inc. (AZO:N) 21 Avigilon Corporation (AVO:T) 79 Avnet, Inc. (AVT:N) 75 Axa (AXAF.PA:EPA) 47 AXIS Capital Holdings Limited (AXS:N) 46 B2Gold Corp. (BTO:T) 61 Baidu, Inc. (BIDU:Q) 74 Baker Hughes, Inc. (BHI:N) 33 BancFirst Corporation (BANF:Q) 40 Banco Bradesco S.A. (BBD:N) 49 Banco Macro S.A. (BMA:N) 49 Banco Santander (Brasil) S.A. (BSBR:N) 49

Company Index


Bancolombia (CIB:N) 49 BancorpSouth, Inc. (BXS:N) 40 Bank of America Corporation (BAC:N) 40 Bank of Commerce Holdings (BOCH:Q) 40 Bank of Marin Bancorp (BMRC:Q) 40 Bank of New York Mellon Corp (BK:N) 40 Bank of the Ozarks Inc. (OZRK:Q) 40 Banner Corporation (BANR:Q) 40 Basic Energy Services, Inc. (BAS:N) 34 Baxter International Inc. (BAX:N) 53 Baytex Energy Corp. (BTE:T) 35 BB&T Corporation (BBT:N) 40 BBCN Bancorp, Inc. (BBCN:Q) 40 BBVA Banco Frances (BFR:N) 49 BCE Inc. (BCE:N) 77 Beacon Roofing Supply, Inc. (BECN:Q) 55 Bear Creek Mining Corp. (BCM:V) 62 Becton, Dickinson and Company (BDX:N) 53 Bed Bath & Beyond (BBBY:Q) 22 Beiersdorf (BEIG.DE:ETR) 25 Belgacom (BCOM.BR:EBR) 80 Benchmark Electronics, Inc. (BHE:N) 73 Berry Petroleum Company (BRY:N) 29 Best Buy Company, Incorporated (BBY:N) 21 BG Group (BG.L:LSE) 37 BGC Partners, Inc. (BGCP:Q) 45 BIC (BB.FP:EPA) 25 Big Lots Inc. (BIG:N) 21 Bill Barrett Corp. (BBG:N) 29 BioExx Specialty Proteins Ltd. (BXI:T) 60 BioMed Realty Trust Inc. (BMR:N) 66 Birchcliff Energy Ltd. (BIR:T) 35 Bird Construction Inc. (BDT:T) 57 Black Diamond Group Limited (BDI:T) 36 BlackBerry (BBRY:Q) 79 Blackhawk Network Holdings, Inc. (HAWK:Q) 78 BlackPearl Resources Inc. (PXX:T) 36 Bloomin' Brands, Inc. (BLMN:Q) 23 BM&F Bovespa SA (BVMF3:BR) 48 BMC Software, Inc. (BMC:Q) 74 BNC Bancorp (BNCN:Q) 40 Boardwalk Pipeline Partners L.P. (BWP:N) 32 Boardwalk REIT (BEI.UN:T) 67 BofI Holding, Inc. (BOFI:Q) 40 BOK Financial Corp. (BOKF:Q) 40 Bombardier Inc. (BBD.B:T) 84 Bonanza Creek Energy, Inc. (BCEI:N) 29 Bonavista Energy Corporation (BNP:T) 35 Booz Allen Hamilton Holding Corp. (BAH:N) 75 Bottomline Technologies (EPAY:Q) 78 Bouygues (BOUY.PA:EPA) 80 BP (BP.L:LSE) 37 BPZ Resources Inc. (BPZ:N) 29 Brandywine Realty Trust (BDN:N) 66 BrasilAgro (AGRO3:BR) 63 BreitBurn Energy Partners L.P. (BBEP:Q) 29 Briggs & Stratton (BGG:N) 22 Brightcove Inc. (BCOV:Q) 72 Brinker International (EAT:N) 23 Broadcom Corporation (BRCM:Q) 71 BroadSoft, Inc. (BSFT:Q) 73 Brookfield Canada Office Properties (BOX.UN:T) 67

Brookfield Infrastructure Partners L.P. (BIP:N) 56 Brookfield Renewable Energy Partners L.P. (BEP.UN:T) 56 Brookline Bancorp, Inc. (BRKL:Q) 40 Brown & Brown, Inc. (BRO:N) 45 Brunswick Corp. (BC:N) 20 BSkyB (BSY.L:LSE) 80 BT (BT.L:LSE) 80 Buffalo Wild Wings, Inc. (BWLD:Q) 23 Burberry (BRBY.L:LSE) 25 C.H. Robinson Worldwide (CHRW:Q) 83 C.R. Bard, Inc. (BCR:N) 53 CA Technologies (CA:Q) 74 Cablevision Systems Corp. (CVC:N) 77 Cabot Oil & Gas Corp. (COG:N) 29 CACI International Inc. (CACI:N) 75 CAE Inc. (CAE:T) 84 CafePress Inc. (PRSS:Q) 74 Cal Dive International Inc. (DVR:N) 33 Calfrac Well Services (CFW:T) 36 Calix, Inc. (CALX:N) 72 Callaway Golf Co. (ELY:N) 21 Calloway REIT (CWT.UN:T) 68 Calumet Specialty Products Partners L.P. (CLMT:Q) 32 Cameco Corp. (CCO:T) 62 Cameron International Corp. (CAM:N) 33 Campus Crest Communities, Inc. (CCG:N) 66 Canadian Apartment Properties REIT (CAR.UN:T) 67 Canadian National Railway (CNR:T) 84 Canadian Natural Resources Ltd (CNQ:T) 36 Canadian Oil Sands Limited (COS:T) 36 Canadian Pacific Railway (CP:T) 84 Canam Group (CAM:T) 57 Candente Copper Corp. (DNT:T) 61 Canfor Corp. (CFP:T) 60 Canfor Pulp Products Inc. (CFX:T) 60 CanWel Building Materials Group Ltd. (CWX:T) 85 Canyon Services Group Inc. (FRC:T) 36 Capital City Bank Group, Inc. (CCBG:Q) 40 Capital Product Partners L.P. (CPLP:Q) 32 Capital Senior Living Corp. (CSU:N) 51 Capstone Mining Corp. (CS:T) 61 Cardinal Financial Corporation (CFNL:Q) 40 Cardinal Health Inc. (CAH:N) 52 CareFusion Corporation (CFN:N) 53 Carmike Cinemas, Inc. (CKEC:Q) 20 Carnival Corp. (CCL:N) 20 Carrefour (CARR.PA:EPA) 25 Carriage Services, Inc. (CSV:N) 52 Carrols Restaurant Group, Inc. (TAST:Q) 23 Casella Waste Systems, Inc. (CWST:Q) 56 Casey's General Stores, Inc. (CASY:Q) 21 Casino (CASP.PA:EPA) 25 Catamaran (CTRX:Q) 51 Caterpillar Inc. (CAT:N) 57 Cathay General Bancorp (CATY:Q) 40 Cavium Inc. (CAVM:Q) 76 Cbeyond, Inc. (CBEY:Q) 77 CBL & Associates Properties, Inc. (CBL:N) 65 CBOE Holdings, Inc. (CBOE:Q) 45 Cedar Realty Trust, Inc. (CDR:N) 66 Celadon Group, Inc. (CGI:N) 84 Celestica, Inc. (CLS:N) 73

Company Index


Cencosud SA (CENCOSUD:SN) 26 Cenovus Energy (CVE:T) 36 Centene (CNC:N) 51 CenterState Banks, Inc. (CSFL:Q) 40 Central Pacific Financial Corp. (CPF:N) 40 Central Valley Community Bancorp (CVCY:Q) 40 Centrica (CNA.L:LSE) 37 CenturyLink (CTL:N) 77 Cepheid (CPHD:Q) 52 Cequence Energy Inc. (CQE:T) 35 Ceres, Inc. (CERE:Q) 28 Cerner Corporation (CERN:Q) 52 Cervus Equipment Corp. (CVL:T) 57 CEZ (CEZsp.PR:PRG) 37 CGG (CGG.PA:EPA) 37 CGI Group (GIB.A:T) 79 Champion Iron Mines Ltd. (CHM:T) 61 Charles River Laboratories (CRL:N) 54 The Charles Schwab Corporation (SCHW:N) 45 Chart Industries, Inc. (GTLS:Q) 34 Charter Communications, Inc. (CHTR:Q) 77 Check Point Software Technologies (CHKP:Q) 74 Cheesecake Factory Inc. (CAKE:Q) 23 Chemical Financial Corporation (CHFC:Q) 40 Chesapeake Energy Corp. (CHK:N) 29 Chesapeake Granite Wash Trust (CHKR:N) 29 Chevron Corp. (CVX:N) 31 Chipotle Mexican Grill, Inc. (CMG:N) 23 Christian Dior (DIOR.PA:EPA) 25 Chubb Corporation (CB:N) 46 The Churchill Corp. (CUQ:T) 57 Chuy's Holdings, Inc. (CHUY:Q) 23 Ciena Corporation (CIEN:Q) 72 CIGNA Corporation (CI:N) 51 Cimarex Energy Co. (XEC:N) 29 Cincinnati Bell Inc. (CBB:N) 77 Cinemark Holdings, Inc. (CNK:N) 20 Cineplex Inc. (CGX:T) 24 Cisco Systems (CSCO:Q) 72 Citigroup, Inc. (C:N) 40 Citrix Systems Inc. (CTXS:Q) 74 City National Corp. (CYN:N) 40 Clayton Williams Energy, Inc. (CWEI:Q) 29 Clean Energy Fuels Corp. (CLNE:Q) 28 Clean Harbors (CLH:N) 56 Clearwire Corp. (CLWR:Q) 77 Cloud Peak Energy (CLD:N) 59 Club Méditerranée (CMIP.PA:EPA) 68 CME Group Inc. (CME:Q) 45 CML Healthcare Inc. (CLC:T) 24 CNP Assurances (CNPP.PA:EPA) 48 Cogent Communications Group Inc. (CCOI:Q) 77 Colruyt (COLR.BR:EBR) 25 Columbia Banking System, Inc. (COLB:Q) 40 Comcast Corp. (CMCSA:Q) 77 Comerica Inc. (CMA:N) 40 Commerce Bancshares, Inc. (CBSH:Q) 40 Commercial Solutions (CSA:T) 57 Community Bank System (CBU:N) 40 Community Health Systems, Inc. (CYH:N) 53 Community Trust Bancorp, Inc. (CTBI:Q) 41 CommVault Systems Inc. (CVLT:Q) 74

Compass Diversified Holdings (CODI:N) 47 Compass Group (CPG.L:LSE) 25 Compressco Partners (GSJK:Q) 33 Computer Programs and Systems, Inc. (CPSI:Q) 52 Computer Sciences Corporation (CSC:N) 75 Comstock Resources (CRK:N) 29 Comtech Telecommunications Corp. (CMTL:Q) 76 Conceptus, Inc. (CPTS:Q) 53 Concho Resources Inc. (CXO:N) 29 Concur Technologies, Inc. (CNQR:Q) 72 Conifex Timber Inc. (CFF:V) 60 Connacher Oil and Gas (CLL:T) 36 ConocoPhillips (COP:N) 29 CONSOL Energy Inc. (CNX:N) 59 Consolidated Communications Holdings (CNSL:Q) 77 Constant Contact, Inc. (CTCT:Q) 72 Continental Resources Inc. (CLR:N) 29 Con-way Inc. (CNW:N) 84 The Cooper Companies, Inc. (COO:N) 53 Copa Holdings, S.A. (CPA:N) 82 Copper Mountain Mining (CUM:T) 61 Core-Mark Holding Company, Inc. (CORE:Q) 21 Corporate Office Properties Trust (OFC:N) 66 Cosan Ltd. (CZZ:N) 63 Cosan S.A. (CSAN3.BZ:BR) 63 Costco Wholesale Corporation (COST:Q) 22 Covance Inc. (CVD:N) 54 Covanta Holding Corp. (CVA:N) 56 Covidien plc (COV:N) 53 Cracker Barrel Old Country Store, Inc. (CBRL:Q) 23 Crawford & Company (CRD.B:N) 45 Credicorp (BAP:N) 49 Cree, Inc. (CREE:Q) 76 CREIT (REF.UN:T) 67 Crescent Financial Bancshares (CRFN:Q) 41 Crescent Point Energy (CPG:T) 35 Cresud SACIFYA (CRESY:Q) 63 Crew Energy Inc. (CR:T) 35 CRH (CRH.I:ISE) 63 Crocotta Energy Inc. (CTA:T) 35 Crombie REIT (CRR.UN:T) 68 Crosstex Energy Inc. (XTXI:Q) 32 Crosstex Energy L.P. (XTEX:Q) 32 Crown Castle International (CCI:N) 76 CSX Corp. (CSX:N) 83 Ctrip.com International, Ltd. (CTRP:Q) 75 CU Bancorp (CUNB:Q) 41 CubeSmart (CUBE:N) 66 Cubic Corporation (CUB:N) 75 Cullen/Frost Bankers, Inc. (CFR:N) 41 Culp, Inc. (CFI:N) 21 CVB Financial Corp. (CVBF:Q) 41 CVS Caremark Corporation (CVS:N) 52 CyrusOne Inc. (CONE:Q) 77 D.R. Horton, Inc. (DHI:N) 64 Darden Restaurants (DRI:N) 23 DaVita HealthCare Partners Inc. (DVA:N) 51 Dawson Geophysical Company (DWSN:Q) 34 DeeThree Exploration Ltd. (DTX:T) 35 Del Frisco’s Restaurant Group, Inc. (DFRG:Q) 23 Delek Logistics Partners L.P. (DKL:N) 32 Delek US Holdings, Inc. (DK:N) 31

Company Index


Delhaize (DELB.BR:EBR) 25 Dell Inc. (DELL:Q) 75 Delta Air Lines, Inc. (DAL:N) 82 Demandware (DWRE:N) 72 Denbury Resources Inc. (DNR:N) 29 Denison Mines Corp. (DML:T) 62 Detour Gold Corp. (DGC:T) 61 Deutsche Telekom (DTE.DE:ETR) 80 Devon Energy Corporation (DVN:N) 29 DexCom Inc. (DXCM:Q) 53 Dia (DIDA.MC:MAD) 25 Diageo (DGE.L:LSE) 24 Diamond Offshore (DO:N) 33 Diamondback Energy, Inc. (FANG:Q) 29 DiamondRock Hospitality Company (DRH:N) 65 Dick`s Sporting Goods Inc. (DKS:N) 21 Digi International Inc. (DGII:Q) 73 Digital Realty Trust, Inc. (DLR:N) 66 DigitalGlobe, Inc. (DGI:N) 76 Dime Community Bancshares (DCOM:Q) 41 DineEquity, Inc. (DIN:N) 23 Diodes Incorporated (DIOD:Q) 71 The Dixie Group (DXYN:Q) 22 Dollar General Corp. (DG:N) 21 Dollar Tree, Inc. (DLTR:Q) 21 Dollarama (DOL:T) 24 Domtar (UFS:N) 60 Douglas Emmett (DEI:N) 66 Dover Motorsports Inc. (DVD:N) 20 DragonWave (DWI:T) 79 Duluth Metals Limited (DM:T) 61 Dunkin’ Brands Group, Inc. (DNKN:Q) 23 DuPont Fabros Technology Inc. (DFT:N) 66 Dycom Industries, Inc. (DY:N) 72 Dynamics Research Corporation (DRCO:Q) 75 E*TRADE FINANCIAL Corporation (ETFC:Q) 45 E.On (EONGn.DE:ETR) 37 Eagle Rock Energy Partners L.P. (EROC:Q) 32 East West Bancorp, Inc. (EWBC:Q) 41 Eastern Platinum Ltd. (ELR:T) 61 EastGroup Properties, Inc. (EGP:N) 66 Easyhome Ltd. (EH:T) 24 eBay Inc. (EBAY:Q) 74 ECA Marcellus Trust I (ECT:N) 29 Echelon Corp. (ELON:Q) 28 Edenor (EDN:N) 38 Edenred (EDEN.PA:EPA) 25 EDF (EDF.PA:EPA) 37 Eiffage (FOUG.PA:EPA) 58 El Paso Pipeline Partners L.P. (EPB:N) 32 Eldorado Gold Corp. (EGO:N) 61 EMC Corporation (EMC:N) 75 Enablence Technologies (ENA:V) 79 EnCana Corporation (ECA:T) 36 Endeavour Mining Corp. (EDV:T) 61 Endeavour Silver Corp. (EDR:T) 62 Enel (ENEI.MI:MCE) 37 Enerflex Ltd. (EFX:T) 36 Energen Corp. (EGN:N) 29 Energy Transfer Equity L.P. (ETE:N) 32 Energy Transfer Partners L.P. (ETP:N) 32 Energy XXI Limited (EXXI:Q) 29

EnerNOC, Inc. (ENOC:Q) 28 Enerplus Corporation (ERF:T) 35 Eni (ENI.MI:BIT) 37 Enphase Energy, Inc. (ENPH:Q) 28 Ensco plc (ESV:N) 33 Ensign Energy Services Inc. (ESI:T) 36 Enterprise Financial Services Corp. (EFSC:Q) 41 Enterprise Products Partners L.P. (EPD:N) 32 ENTREC Corporation (ENT:V) 57 EOG Resources, Inc. (EOG:N) 29 Equifax, Inc. (EFX:N) 78 Equinix (EQIX:Q) 77 Equity One, Inc. (EQY:N) 66 Equity Residential (EQR:N) 66 Essential Energy Services Ltd. (ESN:T) 36 Essex Property Trust, Inc. (ESS:N) 66 Essilor (ESSI.PA:EPA) 25 Ethan Allen Interiors (ETH:N) 21 Euler Hermes (ELER.PA:EPA) 48 EV Energy Partners L.P. (EVEP:Q) 29 EverBank Financial Corp (EVER:N) 41 Evertz Technologies Ltd. (ET:T) 79 ExactTarget, Inc. (ET:N) 72 Excel Trust, Inc. (EXL:N) 66 Exchange Income Corp (EIF:T) 56 Expedia, Inc. (EXPE:Q) 75 Expeditors International of Washington, Inc. (EXPD:Q) 83 Express Scripts (ESRX:Q) 51 Exterran Partners L.P. (EXLP:Q) 33 Extra Space Storage (EXR:N) 66 Exxon Mobil Corp. (XOM:N) 31 F5 Networks, Inc. (FFIV:Q) 72 Facebook, Inc. (FB:Q) 74 Fairchild Semiconductor International (FCS:N) 71 Falabella SA (FALAB:SN) 26 Family Dollar Stores Inc. (FDO:N) 21 Fastenal Company (FAST:Q) 55 FBL Financial Group (FFG:N) 46 Federal Realty Investment Trust (FRT:N) 66 FedEx Corporation (FDX:N) 83 Ferragamo (SFER.MI:BIT) 25 Ferrellgas Partners L.P. (FGP:N) 32 Ferrovial (FER.MC:MAD) 58 Fidelity National Information Services (FIS:N) 78 Fidus Investment Corporation (FDUS:Q) 47 Fiesta Restaurant Group, Inc. (FRGI:Q) 23 Fifth Street Finance Corporation (FSC:Q) 47 Fifth Third Bancorp (FITB:Q) 41 Finisar Corporation (FNSR:Q) 72 Finning International (FTT:T) 57 First Bancorp (FBNC:Q) 41 First Busey Corporation (BUSE:Q) 41 First Business Financial Services, Inc. (FBIZ:Q) 41 First California Financial Group, Inc. (FCAL:Q) 41 First Community Bancshares, Inc. (FCBC:Q) 41 First Community Corporation (FCCO:Q) 41 First Defiance Financial Corp. (FDEF:Q) 41 First Financial Bancorp (FFBC:Q) 41 First Financial Bankshares, Inc. (FFIN:Q) 41 First Financial Corporation (THFF:Q) 41 First Financial Holdings, Inc. (FFCH:Q) 41 First Horizon National Corporation (FHN:N) 41

Company Index


First Industrial Realty Trust, Inc. (FR:N) 66 First Majestic Silver (FR:T) 62 First Merchants Corporation (FRME:Q) 41 First Midwest Bancorp, Inc. (FMBI:Q) 41 First Niagara Financial Group (FNFG:Q) 41 First of Long Island Corporation (FLIC:Q) 41 First PacTrust Bancorp, Inc. (BANC:Q) 41 First Potomac Realty Trust (FPO:N) 66 First Quantum Minerals Ltd. (FM:T) 61 First Security Group, Inc. (FSGI:Q) 41 First Solar, Inc. (FSLR:Q) 28 Firstbank Corporation (FBMI:Q) 41 FirstMerit Corp. (FMER:Q) 41 FirstService Corp. (FSRV:Q) 67 FleetCor Technologies (FLT:N) 78 Flextronics International Ltd. (FLEX:Q) 73 FLIR Systems (FLIR:Q) 76 Flushing Financial Corp. (FFIC:Q) 41 FMC Technologies, Inc. (FTI:N) 33 Forest Oil Corp. (FST:N) 29 Fortinet Inc. (FTNT:Q) 74 Fortress Paper (FTP:T) 60 Fortum (FUM1V.HE:HEL) 37 Fortuna Silver Mines Inc. (FVI:T) 62 Forward Air Corporation (FWRD:Q) 83 France Telecom (FTE.PA:EPA) 80 Fraport (FRAG.DE:ETR) 58 The Fresh Market, Inc. (TFM:Q) 21 Frontier Communications Corp. (FTR:Q) 77 Fulton Financial (FULT:Q) 41 Furniture Brands International (FBN:N) 21 FXCM Inc. (FXCM:N) 45 GAIN Capital Holdings, Inc. (GCAP:N) 45 GasFrac Energy Services Ltd. (GFS:T) 36 GATX Corporation (GMT:N) 83 GDF Suez (GSZ.PA:EPA) 37 General Communication Inc. (GNCMA:Q) 77 Generali (GASI.MI:BIT) 47 Genesee & Wyoming Inc. (GWR:N) 83 Genesis Energy Partners L.P. (GEL:N) 32 Genivar Inc. (GNV:T) 57 GenMark Diagnostics, Inc. (GNMK:Q) 52 Genomic Health (GHDX:Q) 52 Gentiva Health Services (GTIV:Q) 51 Genworth Financial (GNW:N) 46 GeoPark Holdings (GPK.L:LSE) 38 German American Bancorp, Inc. (GABC:Q) 41 Gevo, Inc. (GEVO:Q) 28 GFI Group, Inc. (GFIG:N) 45 Gildan Activewear (GIL:N) 24 Glacier Bancorp, Inc. (GBCI:Q) 41 Glacier Media Inc. (GVC:T) 24 GLG Life Tech Corporation (GLG:T) 60 Glimcher Realty Trust (GRT:N) 65 Global Geophysical Services, Inc. (GGS:N) 34 Global Partners L.P. (GLP:N) 32 Global Payments Inc. (GPN:N) 78 GLV Inc. (GLV.A:T) 57 GOL Linhas Aereas Inteligentes S.A. (GOL:N) 83 Golar LNG Partners L.P. (GMLP:Q) 32 Golden Star Resources (GSS:M) 61 Goodrich Petroleum Corp. (GDP:N) 29

Google Inc. (GOOG:Q) 74 Great Canadian Gaming (GC:T) 24 Green Dot Corporation (GDOT:N) 78 The Greenbrier Companies, Inc. (GBX:N) 83 Greenway Medical Technologies, Inc. (GWAY:N) 52 Groupe Eurotunnel (GETP.PA:EPA) 58 Groupon, Inc. (GRPN:Q) 74 Grupo Clarin S.A. (GCLA:BA) 81 Grupo Financiero Galicia (GGAL:Q) 49 GT Advanced Technologies, Inc. (GTAT:Q) 28 Guidance Software Inc. (GUID:Q) 76 Gulf Island Fabrication, Inc. (GIFI:Q) 33 Guyana Goldfields Inc. (GUY:T) 61 H&M (HMb.ST:STO) 25 H&R REIT (HR.UN:T) 67 Haemonetics Corporation (HAE:N) 53 Halcón Resources Corp. (HK:N) 29 Halliburton (HAL:N) 33 Hallmark Financial Services Inc (HALL:Q) 46 Hancock Holding Company (HBHC:Q) 42 Hannover Re (HNRGn.DE:ETR) 48 Harley-Davidson, Inc. (HOG:N) 20 Harmonic Inc. (HLIT:Q) 72 Harris Corporation (HRS:N) 73 Harsco Corporation (HSC:N) 56 Haverty Furniture Companies Inc. (HVT:N) 22 HCA Holdings, Inc. (HCA:N) 53 HCC Insurance Holdings (HCC:N) 46 Health Care REIT, Inc. (HCN:N) 65 Health Insurance Innovations, Inc. (HIIQ:Q) 46 Health Management Associates (HMA:N) 53 Healthcare Trust of America, Inc. (HTA:N) 65 HealthSouth Corporation (HLS:N) 51 Heartland Express, Inc. (HTLD:Q) 84 Heartland Financial USA, Inc. (HTLF:Q) 42 Heartland Payment Systems (HPY:N) 78 Heartware International, Inc. (HTWR:Q) 53 HEICO Corporation (HEI:N) 73 HeidelbergCement (HEIG.DE:ETR) 63 Helix Energy Solutions Group (HLX:N) 33 Henkel (HNKG_p.DE:ETR) 25 Hercules Offshore Inc. (HERO:Q) 33 Hercules Technology Growth Capital Inc. (HTGC:N) 47 Heritage Commerce Corp (HTBK:Q) 42 Heritage Financial Corporation (HFWA:Q) 42 Heritage Oaks Bancorp (HEOP:Q) 42 Herman Miller (MLHR:Q) 20 Hermes International (HRMS.PA:EPA) 25 Heroux-Devtek Inc. (HRX:T) 84 Hersha Hospitality Trust (HT:N) 65 Heska Corporation (HSKA:Q) 52 Hess Corp. (HES:N) 31 Hewlett-Packard (HPQ:N) 75 Hibbett Sports, Inc. (HIBB:Q) 21 Hi-Crush Partners L.P. (HCLP:N) 34 Higher One Holdings Inc. (ONE:N) 78 Hill-Rom Holdings, Inc. (HRC:N) 53 Hilltop Holdings Inc. (HTH:N) 46 HNI Corporation (HNI:N) 20 Holcim (HOLN.VX:SWF) 63 Holly Energy Partners L.P. (HEP:N) 32 HollyFrontier Corp. (HFC:N) 31

Company Index


Hologic Inc. (HOLX:Q) 53 Home BancShares, Inc. (HOMB:Q) 42 The Home Depot Inc. (HD:N) 22 HomeAway, Inc. (AWAY:Q) 75 HopFed Bancorp, Inc. (HFBC:Q) 42 Horizon Bancorp (HBNC:Q) 42 Horizon North Logistics Inc. (HNL:T) 36 Horizon Technology Finance Corporation (HRZN:Q) 47 Hospira, Inc. (HSP:N) 53 Host Hotels & Resorts Inc. (HST:N) 65 Houston Wire & Cable Company (HWCC:Q) 55 Hub Group, Inc. (HUBG:Q) 83 HudBay Minerals, Inc. (HBM:T) 61 Hudson City Bancorp (HCBK:Q) 42 Hudson Valley Holding Corp. (HVB:N) 42 Humana (HUM:N) 51 Huntington Bancshares Inc. (HBAN:Q) 42 Husky Energy Inc. (HSE:T) 36 Hyatt Hotels Corporation (H:N) 65 IAG (IAG.L:LSE) 85 IBERIABANK Corporation (IBKC:Q) 42 IBI Group Inc. (IBG:T) 57 ICF International Inc. (ICFI:Q) 75 ICON plc (ICLR:Q) 54 ICU Medical, Inc. (ICUI:Q) 53 IDEXX Laboratories Inc (IDXX:Q) 52 Ignite Restaurant Group, Inc. (IRG:Q) 23 Iliad (ILD.PA:EPA) 80 Imerys (IMTP.PA:EPA) 58 Imperial Oil Limited (IMO:T) 36 Inditex (ITX.MC:MAD) 25 Inergy L.P. (NRGY:N) 32 Infinity Property and Casualty Corporation (IPCC:Q) 46 Informatica Corp. (INFA:Q) 74 Ingram Micro Inc. (IM:N) 75 Inland Real Estate Corporation (IRC:N) 66 Insight Enterprises, Inc. (NSIT:Q) 75 Insignia Energy Ltd. (ISN:T) 35 Insperity (NSP:N) 51 Insulet (PODD:Q) 53 Integra LifeSciences Corp. (IART:Q) 53 Intel Corporation (INTC:Q) 76 Inteliquent (IQNT:Q) 77 Interactive Intelligence Group Inc. (ININ:Q) 73 Intercontinental Hotels (IHG.L:LSE) 68 IntercontinentalExchange, Inc. (ICE:N) 45 Interface, Inc. (TILE:Q) 22 Interfor (IFP.A:T) 60 International Rectifier Corporation (IRF:N) 71 International Speedway Corp. (ISCA:Q) 20 InterOil Corp. (IOC:N) 29 InterRent REIT (IIP.UN:T) 67 Intersil Corporation (ISIL:Q) 71 Intuit Inc. (INTU:Q) 78 Intuitive Surgical, Inc. (ISRG:Q) 53 Inversora Juramento SA (INVJ:BA) 63 Investment Technology Group, Inc. (ITG:N) 45 Iridium Communications Inc. (IRDM:Q) 76 iRobot (IRBT:Q) 76 IRSA Inversiones y Representaciones SA (IRS:N) 69 Itaú Unibanco Holding S.A. (ITUB:N) 49 Ivanplats Limited (IVP:T) 61

J.B. Hunt Transport Services, Inc. (JBHT:Q) 83 Jabil Circuit, Inc. (JBL:N) 73 James River Coal Company (JRCC:Q) 59 Jazztel (JAZ.MC:MCE) 80 JDS Uniphase (JDSU:Q) 72 Jeronimo Martins (JMT.LS:ELI) 25 JetBlue Airways (JBLU:Q) 83 Johnson & Johnson (JNJ:N) 53 Joy Global Inc. (JOY:N) 57 JPMorgan Chase & Co. (JPM:N) 42 Juniper Networks, Inc. (JNPR:N) 72 Kansas City Southern (KSU:N) 83 KB Home (KBH:N) 64 Kelt Exploration Ltd. (KEL:T) 35 Kemper Corp (KMPR:N) 46 Key Energy Services Inc. (KEG:N) 34 KeyCorp (KEY:N) 42 Killam Properties Inc. (KMP:T) 67 Kimco Realty Corporation (KIM:N) 66 Kinder Morgan Energy Partners L.P. (KMP:N) 32 Kinder Morgan, Inc. (KMI:N) 32 KiOR, Inc. (KIOR:Q) 28 Kite Realty Group Trust (KRG:N) 66 Kivalliq Energy Corp. (KIV:V) 62 Knight Capital Group, Inc. (KCG:N) 45 Knight Transportation, Inc. (KNX:N) 84 Knoll, Inc. (KNL:N) 20 KNOT Offshore Partners L.P. (KNOP:N) 32 Kodiak Oil & Gas Corp. (KOG:N) 29 Kosmos Energy Ltd. (KOS:N) 29 KPN (KPN.AS:AMS) 80 KVH Industries (KVHI:Q) 76 Laboratory Corporation of America Holdings (LH:N) 51 Labrador Iron Mines Holdings Ltd. (LIM:T) 61 Labrador Iron Ore Royalty Corp. (LIF:T) 61 Lafarge (LAFP.PA:EPA) 63 Lakeland Bancorp (LBAI:Q) 42 Lakeland Financial Corporation (LKFN:Q) 42 Landstar System, Inc. (LSTR:Q) 83 LaSalle Hotel Properties (LHO:N) 65 LATAM Airlines Group S.A. (LFL:N) 82 Lazard Ltd (LAZ:N) 45 La-Z-Boy Inc. (LZB:N) 21 LCA-Vision, Inc. (LCAV:Q) 51 Leap Wireless International, Inc. (LEAP:Q) 77 Legacy Oil & Gas Inc. (LEG:T) 35 Legacy Reserves L.P. (LGCY:Q) 29 Leggett & Platt (LEG:N) 21 Lehigh Gas Partners L.P. (LGP:N) 32 Leisureworld Senior Care Corp. (LW:T) 67 Lennar Corporation (LEN:N) 64 Level 3 Communications Inc. (LVLT:N) 77 Lexmark International, Inc. (LXK:N) 75 LGX Oil + Gas Inc. (OIL:V) 35 LifePoint Hospitals, Inc. (LPNT:Q) 53 Lightstream Resources Ltd. (LTS:T) 35 Limelight Networks (LLNW:Q) 74 Lincoln National Corp. (LNC:N) 46 Linear Technology Corporation (LLTC:Q) 71 LinkedIn Corp. (LNKD:N) 74 LINN Energy, LLC (LINE:Q) 29 LinnCo, LLC (LNCO:Q) 29

Company Index


LivePerson, Inc. (LPSN:Q) 72 LKQ Corporation (LKQ:Q) 55 LNB Bancorp, Inc. (LNBB:Q) 42 Loblaw Companies Ltd. (L:T) 24 Logitech International SA (LOGI:Q) 73 Lone Pine Resources, Inc. (LPR:T) 35 L'Oréal (OREP.PA:EPA) 25 Lowe`s Companies, Inc. (LOW:N) 22 LRR Energy L.P. (LRE:N) 29 LSI Corporation (LSI:Q) 76 Lufkin Industries, Inc. (LUFK:Q) 33 Lufthansa (LHAG.DE:ETR) 85 Lumber Liquidators Holdings, Inc. (LL:N) 22 Lumina Copper Corp. (LCC:V) 61 Lumos Networks (LMOS:Q) 77 Lundin Mining Corporation (LUN:T) 61 Luxottica (LUX.MI:BIT) 25 LVMH (LVMH.PA:EPA) 25 M&T Bank Corp. (MTB:N) 42 M/A-COM Technology Solutions (MTSI:Q) 71 MacDonald Dettwiler & Associates (MDA:T) 79 MAG Silver (MAG:T) 62 Magellan Aerospace (MAL:T) 84 Magellan Health Services (MGLN:Q) 51 Magellan Midstream Partners L.P. (MMP:N) 32 Main Street Capital Corp (MAIN:N) 47 MainSource Financial Group, Inc. (MSFG:Q) 42 Manchester United plc (MANU:N) 20 Mandalay Resources Corp. (MND:T) 62 Manhattan Associates, Inc. (MANH:Q) 72 Manitok Energy Inc. (MEI:V) 35 ManTech International Corporation (MANT:Q) 75 MAPFRE (MAP.MC:MCE) 47 Marathon Oil Corp. (MRO:N) 30 Marathon Petroleum Corp. (MPC:N) 31 Marine Products Corporation (MPX:N) 20 MarineMax (HZO:N) 20 MarketAxess Holdings Inc. (MKTX:Q) 45 Marriott International, Inc. (MAR:N) 65 Marsh and McLennan Companies, Inc. (MMC:N) 45 Marten Transport, Ltd. (MRTN:Q) 84 Martin Midstream Partners L.P. (MMLP:Q) 32 Masco Corporation (MAS:N) 22 Masimo Corp. (MASI:Q) 53 MasterCard, Inc. (MA:N) 78 Mattress Firm Holding Corp. (MFRM:Q) 22 Maxim Integrated (MXIM:Q) 71 MAXIMUS Inc. (MMS:N) 75 MB Financial, Inc. (MBFI:Q) 42 MBAC Fertilizer Corporation (MBC:T) 60 McCoy Corporation (MCB:T) 36 McDonald's Corporation (MCD:N) 23 McGraw Hill Financial Inc. (MHFI:N) 45 McKesson Corporation (MCK:N) 52 MDC Holdings (MDC:N) 64 Meadowbrook Insurance Group (MIG:N) 46 MedAssets (MDAS:Q) 52 Medidata Solutions, Inc. (MDSO:Q) 54 MEDNAX, Inc. (MD:N) 51 MEG Energy Corp. (MEG:T) 36 Melia Hotels International (MEL.MC:MAD) 68 Memorial Production Partners L.P. (MEMP:Q) 30

MercadoLibre, Inc. (MELI:Q) 74 Mercantile Bank Corporation (MBWM:Q) 42 Mercator Minerals Limited (ML:T) 61 Mercer International Inc. (MERC:Q) 60 Mercury General Corporation (MCY:N) 46 Meridian Bioscience, Inc. (VIVO:Q) 52 Merit Medical Systems Inc. (MMSI:Q) 53 Meta Financial Group, Inc. (CASH:Q) 42 Methanex (MEOH:Q) 56 MetLife, Inc. (MET:N) 46 Metro (MEOG.DE:ETR) 25 MetroCorp Bancshares, Inc. (MCBI:Q) 42 Micron Technology, Inc. (MU:Q) 76 MICROS Systems, Inc. (MCRS:Q) 72 Microsemi Corporation (MSCC:Q) 71 Microsoft (MSFT:Q) 74 MicroStrategy Inc. (MSTR:Q) 72 Mid-America Apartment Communities Inc. (MAA:N) 66 Mid-Con Energy Partners L.P. (MCEP:Q) 30 MidSouth Bancorp, Inc. (MSL:M) 42 MidWestOne Financial Group, Inc. (MOFG:Q) 42 Minco Silver (MSV:T) 62 Mindspeed Technologies (MSPD:Q) 71 Mobistar (MSTAR.BR:EBR) 80 Model N, Inc. (MODN:N) 72 Mohawk Industries (MHK:N) 22 Molina Healthcare (MOH:N) 51 MoneyGram International, Inc. (MGI:Q) 78 Monolithic Power Systems, Inc. (MPWR:Q) 71 Moody's Corporation (MCO:N) 45 Motorola Solutions, Inc. (MSI:N) 73 MRC Global (MRC:N) 55 MSC Industrial Direct (MSM:N) 55 MSCI Inc. (MSCI:N) 45 Mullen Group Ltd. (MTL:T) 36 Munich Re (MUVGn.DE:ETR) 48 Murphy Oil Corp. (MUR:N) 31 MutualFirst Financial Inc. (MFSF:Q) 42 MV Oil Trust (MVO:N) 30 Nabors Industries Ltd. (NBR:N) 34 The NASDAQ OMX Group, Inc. (NDAQ:Q) 45 National Fuel Gas Company (NFG:N) 30 National Interstate Corporation (NATL:Q) 46 National Oilwell Varco Inc. (NOV:N) 33 National Penn Bancshares (NPBC:Q) 42 National Retail Properties, Inc. (NNN:N) 65 Natus Medical Inc. (BABY:Q) 53 NCI, Inc. (NCIT:Q) 75 NeoPhotonics Corporation (NPTN:N) 72 NetApp Inc. (NTAP:Q) 75 Netflix Inc. (NFLX:Q) 74 Netsuite, Inc. (N:N) 72 Nevsun Resources Ltd. (NSU:T) 61 New Millennium Iron Corp. (NML:T) 61 New York Community Bancorp (NYCB:N) 42 NewBridge Bancorp (NBBC:Q) 42 Newell Rubbermaid Inc. (NWL:N) 20 Newfield Exploration Company (NFX:N) 30 Newpark Resources (NR:N) 34 Nexity (NEXI.PA:EPA) 58 NexJ Systems Inc. (NXJ:T) 79 NGP Capital Resources Company (NGPC:Q) 47

Company Index


NH Hoteles (NHH.MC:MAD) 68 NIC Inc. (EGOV:Q) 76 NII Holdings, Inc. (NIHD:Q) 77 Niska Gas Storage Partners LLC (NKA:N) 32 Noble Corporation (NE:N) 33 Noble Energy, Inc. (NBL:N) 30 Nokia (NOK:N) 73 Norbord Inc. (NBD:T) 60 Norfolk Southern Corp. (NSC:N) 83 North American Energy Partners (NOA:T) 57 North American Palladium Ltd. (PDL:T) 61 Northern Oil & Gas Inc. (NOG:M) 30 Northern Trust Corporation (NTRS:Q) 42 Novus Energy Inc. (NVS:V) 35 NTELOS Holdings Corp. (NTLS:Q) 77 Nuance Communications, Inc. (NUAN:Q) 73 NuStar Energy L.P. (NS:N) 32 NuStar GP Holdings, LLC (NSH:N) 32 NVIDIA Corporation (NVDA:Q) 76 NXP Semiconductors N.V. (NXPI:Q) 71 NYSE Euronext (NYX:N) 45 O`Reilly Automotive, Inc. (ORLY:Q) 21 Oasis Petroleum Inc. (OAS:N) 30 Occidental Petroleum Corp. (OXY:N) 30 Ocean Rig UDW (ORIG:Q) 33 Oil States International, Inc. (OIS:N) 33 Oiltanking Partners L.P. (OILT:N) 32 Old Dominion Freight Line, Inc. (ODFL:Q) 84 Old National Bancorp (ONB:N) 42 Old Republic International Corp. (ORI:N) 46 Omni-Lite Industries (OML:V) 84 OmniVision Technologies, Inc. (OVTI:Q) 76 OMV (OMV.AV:WBAG) 37 ON Semiconductor Corporation (ONNN:Q) 71 Open Text (OTEX:Q) 79 OpenTable, Inc. (OPEN:Q) 74 Oracle Corp. (ORCL:Q) 74 OraSure Technologies, Inc. (OSUR:Q) 52 ORBCOMM, Inc. (ORBC:Q) 76 Orbital Sciences (ORB:N) 76 Orezone Gold Corp. (ORE:T) 61 Osisko Mining Corp. (OSK:T) 61 Oxford Resource Partners L.P. (OXF:N) 59 PAA Natural Gas Storage L.P. (PNG:N) 32 Pacer International, Inc. (PACR:Q) 83 Pacific Continental Corporation (PCBK:Q) 42 Pacific Drilling (PACD:N) 33 Pacific Premier Bancorp, Inc. (PPBI:Q) 42 Paladin Energy (PDN:T) 62 Palo Alto Networks (PANW:N) 74 Pampa Energia SA (PAM:N) 38 Pan American Silver (PAAS:Q) 62 Pandora Media, Inc. (P:N) 74 Panera Bread Co. (PNRA:Q) 23 The Pantry, Inc. (PTRY:Q) 21 PAREXEL (PRXL:Q) 54 Park Sterling Corporation (PSTB:Q) 42 Parke Bancorp (PKBK:Q) 43 Parkway Properties (PKY:N) 66 Patterson-UTI Energy, Inc. (PTEN:Q) 34 Paychex (PAYX:Q) 51 PBF Energy, Inc. (PBF:N) 31

PC Connection, Inc. (PCCC:Q) 75 PCM Inc. (PCMI:Q) 75 Peabody Energy Corp. (BTU:N) 59 Pebblebrook Hotel Trust (PEB:N) 65 Pengrowth Energy Corporation (PGF:T) 35 Penn National Gaming, Inc. (PENN:Q) 20 People`s United Financial (PBCT:Q) 43 Peoples Bancorp Inc. (PEBO:Q) 43 Pericom Semiconductor Corporation (PSEM:Q) 76 Pernod Ricard (PERP.PA:EPA) 24 Perpetual Energy Inc. (PMT:T) 35 Petrobank Energy and Resources Ltd. (PBG:T) 36 Petrobras Argentina (PZE:N) 38 Petróleo Brasileiro S.A. (PBR:N) 31 PetroQuest Energy (PQ:N) 30 PetSmart Inc. (PETM:Q) 21 Peyto Exploration and Development (PEY:T) 35 PGT, Inc. (PGTI:Q) 22 Phillips 66 (PSX:N) 31 Pier 1 Imports Incorporated (PIR:N) 22 Pinnacle Entertainment, Inc. (PNK:N) 20 Pinnacle Financial Partners, Inc. (PNFP:Q) 43 Pioneer Energy Services Corp (PES:N) 34 Pioneer Natural Resources Company (PXD:N) 30 Pioneer Southwest Energy Partners L.P. (PSE:N) 30 Plains All American Pipeline L.P. (PAA:N) 32 Plains Exploration & Production Company (PXP:N) 30 Plantronics, Inc. (PLT:N) 73 Platinum Group Metals Ltd. (PTM:T) 61 Plexus Corp. (PLXS:Q) 73 Plum Creek Timber Company, Inc. (PCL:N) 67 PMI Gold Corporation (PMV:T) 61 PNC Financial Services Group, Inc. (PNC:N) 43 Polaris Industries (PII:N) 20 Polycom Inc. (PLCM:Q) 73 Portfolio Recovery Associates Inc. (PRAA:Q) 47 Post Properties, Inc. (PPS:N) 66 Potash Corp. of Saskatchewan Inc. (POT:N) 60 Potlatch Corporation (PCH:Q) 67 Power Integrations, Inc. (POWI:Q) 71 Power-One, Inc. (PWER:Q) 28 PPR (PRTP.PA:EPA) 25 Prada (1913.HK:HKG) 25 Precision Drilling Corporation (PD:T) 36 Preferred Bank (PFBC:Q) 43 Premiere Global Services Inc. (PGI:N) 73 priceline.com Incorporated (PCLN:Q) 75 Primerica, Inc. (PRI:N) 46 Principal Financial Group Inc. (PFG:N) 46 PrivateBancorp, Inc. (PVTB:Q) 43 ProAssurance Corp. (PRA:N) 46 Procera Networks (PKT:Q) 72 Progressive Corporation (PGR:N) 46 Progressive Waste Solutions Ltd. (BIN:N) 56 Prospect Capital Corporation (PSEC:Q) 47 Prosperity Bancshares, Inc. (PB:N) 43 Protective Life Corporation (PL:N) 46 Provident Financial Holdings, Inc. (PROV:Q) 43 Provident Financial Services, Inc. (PFS:N) 43 Prudential Financial, Inc. (PRU:N) 46 Public Storage (PSA:N) 66 Pulaski Financial Corp. (PULB:Q) 43

Company Index


PulteGroup Inc. (PHM:N) 64 Puma (PUMG.DE:ETR) 26 Pure Industrial Real Estate Trust (AAR.UN:T) 67 QCR Holdings, Inc. (QCRH:Q) 43 QEP Resources, Inc. (QEP:N) 30 QR Energy L.P. (QRE:N) 30 QUALCOMM, Inc. (QCOM:Q) 73 Quality Systems Inc. (QSII:Q) 52 Quest Diagnostics Inc. (DGX:N) 51 Questar Corp. (STR:N) 30 Quicksilver Resources Inc. (KWK:N) 30 Quidel Corporation (QDEL:Q) 52 Rackspace Hosting (RAX:N) 77 RadioShack (RSH:N) 21 Rallye (GENC.PA:EPA) 25 Ram Power (RPG:T) 34 Ramco-Gershenson Properties Trust (RPT:N) 66 Range Resources Corp. (RRC:N) 30 Rayonier, Inc. (RYN:N) 67 ReachLocal (RLOC:Q) 75 Realty Income (O:N) 65 Reckitt Benckiser (RB.L:LSE) 25 Red Hat, Inc. (RHT:N) 74 Red Robin Gourmet Burgers, Inc. (RRGB:Q) 23 Regal Entertainment Group (RGC:N) 20 Regency Centers Corp. (REG:N) 66 Regions Financial Corporation (RF:N) 43 Reinsurance Group of America, Inc. (RGA:N) 46 Remy Cointreau (RCOP.PA:EPA) 24 Renasant Corp. (RNST:Q) 43 Renegade Petroleum Ltd. (RPL:V) 35 Rent-A-Center Inc. (RCII:Q) 22 Repsol (REP.MC:MAD) 37 Republic Bancorp, Inc. (RBCAA:Q) 43 Republic Services, Inc. (RSG:N) 56 Resolute Energy Corp. (REN:N) 30 Retail Opportunity Investments Corp. (ROIC:Q) 66 RF Micro Devices (RFMD:Q) 73 Rhino Resource Partners L.P. (RNO:N) 59 Richemont (CFR.VX:SWF) 25 RioCan REIT (REI.UN:T) 68 Ripley Corp S.A. (RIPLEY:SN) 26 Ritchie Bros. Auctioneers (RBA:N) 57 Rite Aid Corporation (RAD:N) 52 Riverview Bancorp, Inc. (RVSB:Q) 43 RLJ Lodging Trust (RLJ:N) 65 Roadrunner Transportation Systems, Inc. (RRTS:N) 83 Rocky Mountain Dealerships Inc. (RME:T) 57 Rogers Communications Inc. (RCI:N) 77 Rosetta Resources Inc. (ROSE:Q) 30 Route1 Inc (ROI:V) 79 Rowan Companies (RDC:N) 33 Royal Caribbean Cruises Ltd. (RCL:N) 20 Royal Dutch Shell (RDSa.AS:AMS) 37 RSA (RSA.L:LSE) 47 RTI Biologics, Inc. (RTIX:Q) 53 Ruby Tuesday, Inc. (RT:N) 23 Rush Enterprises, Inc. (RUSHA:Q) 83 Russel Metals (RUS:T) 57 Ruth`s Hospitality Group, Inc. (RUTH:Q) 23 RWE (RWEG.DE:ETR) 37 Ryanair Holdings plc (RYAAY:Q) 83

Ryder System, Inc. (R:N) 83 The Ryland Group, Inc. (RYL:N) 64 Ryman Hospitality Properties Inc. (RHP:N) 65 S.Y. Bancorp Inc. (SYBT:Q) 43 Saia, Inc. (SAIA:Q) 84 SAIC Inc. (SAI:N) 75 Saint-Gobain (SGOB.PA:EPA) 58 salesforce.com, Inc. (CRM:N) 72 SanDisk Corp. (SNDK:Q) 76 SandRidge Energy Inc. (SD:N) 30 SandRidge Mississippian Trust I (SDT:N) 30 SandRidge Mississippian Trust II (SDR:N) 30 SandRidge Permian Trust (PER:N) 30 Sandy Spring Bancorp, Inc. (SASR:Q) 43 Sanmina Corporation (SANM:Q) 73 Santacruz Silver Mining Ltd. (SCZ:V) 62 Santander Chile (BSAC:N) 49 Santonia Energy Inc. (STE:T) 35 Sapient (SAPE:Q) 75 Saul Centers, Inc. (BFS:N) 66 Savanna Energy Services (SVY:T) 36 SBA Communications (SBAC:Q) 76 ScanSource, Inc. (SCSC:Q) 76 SCBT Financial Corporation (SCBT:Q) 43 Schlumberger Ltd. (SLB:N) 33 SciQuest (SQI:Q) 72 Scor (SCOR.PA:EPA) 48 The Scotts Miracle-Gro Company (SMG:N) 22 Seacoast Banking Corporation of Florida (SBCF:Q) 43 Secure Energy Services Inc. (SES:T) 36 Select Comfort Corp. (SCSS:Q) 21 Selective Insurance Group, Inc. (SIGI:Q) 46 Semtech Corporation (SMTC:Q) 71 Senior Housing Properties Trust (SNH:N) 65 Service Corporation International (SCI:N) 52 Shenandoah Telecommunications Co. (SHEN:Q) 77 Shoppers Drug Mart (SC:T) 24 Shutterfly, Inc. (SFLY:Q) 74 Siderar Sociedad Anonima Industrial Y Comercial (ERAR:BA) 63 Sierra Bancorp (BSRR:Q) 43 Sierra Wireless (SWIR:Q) 79 Signature Bank (SBNY:Q) 43 Silver Wheaton (SLW:N) 62 Silvercorp Metals Inc. (SVM:N) 62 SilverCrest Mines Inc. (SVL:V) 62 Simmons First National Corporation (SFNC:Q) 43 Simon Property Group, Inc. (SPG:N) 65 Skullcandy, Inc. (SKUL:Q) 21 SkyWest, Inc. (SKYW:Q) 83 Skyworks Solutions (SWKS:Q) 73 SLC Agricola S.A. (SLCE3:BR) 63 SM Energy Company (SM:N) 30 SNC-Lavalin (SNC:T) 57 Sociedad Química y Minera de Chile S.A. (SQM:N) 63 Sodexo (EXHO.PA:EPA) 25 Softchoice (SO:T) 79 SolarCity Corp. (SCTY:Q) 28 Solazyme, Inc. (SZYM:Q) 28 Solera Holdings, Inc. (SLH:N) 45 Solta Medical, Inc. (SLTM:Q) 53 Sourcefire Inc. (FIRE:Q) 74 Southcross Energy Partners L.P. (SXE:N) 32

Company Index


Southern Pacific Resources Corp. (STP:T) 36 Southwest Airlines Co. (LUV:N) 83 Southwest Bancorp, Inc. (OKSB:Q) 43 Southwestern Energy Company (SWN:N) 30 Spartan Stores Inc. (SPTN:Q) 21 Spectra Energy Partners L.P. (SEP:N) 32 Speedway Motorsports (TRK:N) 20 Spirit Airlines, Inc. (SAVE:Q) 83 Spirit Realty Capital, Inc. (SRC:N) 65 Sprint Nextel Corp. (S:N) 77 SS&C Technologies Holdings, Inc. (SSNC:Q) 72 SSE (SSE.L:LSE) 37 St. Joe Company (JOE:N) 64 STAG Industrial Inc. (STAG:N) 66 StanCorp Financial Group (SFG:N) 46 Standard Pacific Corporation (SPF:N) 64 Stanley Black & Decker (SWK:N) 22 Stanley Furniture (STLY:Q) 21 Stantec Inc (STN:T) 57 Starwood Hotels & Resorts Worldwide (HOT:N) 65 State Street Corporation (STT:N) 43 Steelcase, Inc. (SCS:N) 20 Steiner Leisure Limited (STNR:Q) 20 StellarOne Corporation (STEL:Q) 43 Stellus Capital Investment Corporation (SCM:N) 47 Stericycle Inc. (SRCL:Q) 56 Steris Corp. (STE:N) 53 Stewart Enterprises, Inc. (STEI:Q) 52 Stifel Financial Corp. (SF:N) 45 Stone Energy Corp. (SGY:N) 30 StoneMor Partners L.P. (STON:N) 52 Strad Energy Services Ltd. (SDY:T) 36 Strategic Hotels & Resorts (BEE:N) 65 Strategic Oil & Gas Ltd. (SOG:V) 35 Strongco Corp. (SQP:T) 57 Student Transportation Inc. (STB:T) 85 Suburban Propane Partners L.P. (SPH:N) 33 Suez Environnement (SEVI.PA:EPA) 37 Sulliden Gold Corporation Ltd. (SUE:T) 61 Summit Hotel Properties, Inc. (INN:N) 65 Suncor Energy Inc (SU:T) 36 SunPower Corp. (SPWR:Q) 28 Sunstone Hotel Investors, Inc. (SHO:N) 65 SunTrust Banks, Inc. (STI:N) 43 Superior Energy Services, Inc. (SPN:N) 34 Surge Energy Inc. (SGY:T) 35 Susquehanna Bancshares (SUSQ:Q) 43 Susser Holdings Corp. (SUSS:N) 21 Susser Petroleum Partners L.P. (SUSP:N) 33 SVB Financial Group (SIVB:Q) 43 Swatch Group (UHR.VX:SWF) 25 Swift Energy Company (SFY:N) 30 Swift Transportation Company (SWFT:N) 84 Swiss Re (SRENH.VX:SWF) 48 Symantec Corp. (SYMC:Q) 74 Symetra Financial Corp. (SYA:N) 46 Synchronoss Technologies, Inc. (SNCR:Q) 73 SYNNEX Corporation (SNX:N) 75 Synovus Financial Corp. (SNV:N) 43 Tahoe Resources Inc. (THO:T) 62 TAL International Group, Inc. (TAL:N) 83 TalkTalk Telecom Group (TALK.L:LSE) 80

Tangoe Inc. (TNGO:Q) 72 Targa Resources Corp. (TRGP:N) 33 Targa Resources Partners L.P. (NGLS:N) 33 Taseko Mines Ltd. (TKO:T) 61 Taylor Capital Group, Inc. (TAYC:Q) 43 TCF Financial Corporation (TCB:N) 43 TD Ameritrade Holding Corporation (AMTD:N) 45 Tech Data Corporation (TECD:Q) 75 Teche Holding Company (TSH:M) 43 Technip (TECF.PA:EPA) 37 Teck Resources Limited (TCK.B:T) 61 Teekay LNG Partners L.P. (TGP:N) 33 Teekay Offshore Partners L.P. (TOO:N) 33 Telecom Argentina S.A. (TEO:N) 81 TeleCommunication Systems (TSYS:Q) 76 Teledyne Technologies Incorporated (TDY:N) 73 Teleflex, Inc. (TFX:N) 53 Telefonica (TEF.MC:MCE) 80 Telenet Group (TNET.BR:EBR) 80 Telephone and Data Systems, Inc. (TDS:N) 77 Tellabs (TLAB:Q) 72 TELUS Corp. (TU:N) 77 Tempur Sealy International, Inc. (TPX:N) 21 Tenaris S.A. (TS:N) 38 Tenet Healthcare Corporation (THC:N) 53 Ternium S.A. (TX:N) 63 Territorial Bancorp Inc. (TBNK:Q) 43 Tesoro Corp. (TSO:N) 31 Tesoro Logistics L.P. (TLLP:N) 33 Tetra Technologies Inc. (TTI:N) 34 Texas Capital Bancshares, Inc. (TCBI:Q) 44 Texas Instruments Incorporated (TXN:Q) 71 Texas Roadhouse, Inc. (TXRH:Q) 23 Textainer Group Holdings Limited (TGH:N) 83 TGLT S.A. (TGLT:BA) 69 Thoratec Corp. (THOR:Q) 53 Tim Hortons (THI:T) 24 Timberland Bancorp, Inc. (TSBK:Q) 44 Time Warner Cable Inc. (TWC:N) 77 T-Mobile US Inc. (TMUS:N) 77 TMS International (TMS:N) 56 Tod's Group (TOD.MI:BIT) 25 Toll Brothers, Inc. (TOL:N) 64 TORC Oil & Gas Ltd. (TOG:T) 35 Torchmark Corporation (TMK:N) 46 The Toro Company (TTC:N) 22 Toromont Industries (TIH:T) 57 Total (TOTF.PA:EPA) 37 Total System Services (TSS:N) 78 Tourmaline Oil Corp. (TOU:T) 35 Towers Watson & Co. (TW:N) 45 Tractor Supply Co. (TSCO:Q) 21 Transener (TRAN:BA) 38 Transocean (RIG:N) 33 Transportadora de Gas del Sur (TGS:N) 38 TravelCenters of America LLC (TA:N) 21 The Travelers Companies, Inc. (TRV:N) 46 Trevali Mining Corporation (TV:T) 61 Triangle Capital Corporation (TCAP:N) 47 Trican Well Service (TCW:T) 36 TriCo Bancshares (TCBK:Q) 44 Trilogy Energy Corp. (TET:T) 35

Company Index


Trina Solar Limited (TSL:N) 28 Trinidad Drilling Ltd. (TDG:T) 36 Trinity Industries, Inc. (TRN:N) 83 TriOil Resources Ltd. (TOL:V) 35 TripAdvisor, Inc. (TRIP:Q) 75 TriQuint Semiconductor, Inc. (TQNT:Q) 73 Trustmark Corporation (TRMK:Q) 44 Tuscany International Drilling Inc. (TID:T) 36 tw telecom inc. (TWTC:Q) 77 Twin Butte Energy Inc. (TBE:T) 35 U.S. Bancorp (USB:N) 44 U.S. Cellular (USM:N) 77 U.S. Geothermal (HTM:M) 34 Ubiquiti Networks, Inc. (UBNT:Q) 73 UEX Corp. (UEX:T) 62 Ultimate Software Group Inc. (ULTI:Q) 72 Ultra Petroleum Corporation (UPL:N) 30 UMB Financial Corporation (UMBF:Q) 44 Umpqua Holdings Corp. (UMPQ:Q) 44 Under Armour Inc. (UA:N) 21 Union First Market Bankshares Corporation (UBSH:Q) 44 Union Pacific Corp. (UNP:N) 83 Unisys Corporation (UIS:N) 75 Unit Corporation (UNT:N) 34 United Bankshares, Inc. (UBSI:Q) 44 United Community Banks, Inc. (UCBI:Q) 44 United Continental Holdings, Inc. (UAL:N) 82 United Insurance Holdings Corp. (UIHC:Q) 46 United Parcel Service (UPS:N) 83 UnitedHealth Group (UNH:N) 51 Universal American Corp. (UAM:N) 51 Universal Health Services, Inc. (UHS:N) 53 Unum Group (UNM:N) 46 Uranium One Inc. (UUU:T) 62 Uranium Participation Corporation (U:T) 62 Ur-Energy Inc. (URE:T) 62 US Airways Group, Inc. (LCC:N) 82 USA Compression Partners L.P. (USAC:N) 33 UTi Worldwide, Inc. (UTIW:Q) 83 Valero Energy Corp. (VLO:N) 31 Valley National Bancorp (VLY:N) 44 ValueClick Inc. (VCLK:Q) 75 Vanguard Natural Resources, LLC (VNR:Q) 30 Vantiv, Inc. (VNTV:N) 78 VCA Antech, Inc. (WOOF:Q) 52 Veolia Environnement (VIE.PA:EPA) 37 Verbund (VERB.VI:WBAG) 37 VeriFone Systems, Inc. (PAY:N) 78 Verisk Analytics Inc. (VRSK:Q) 78 Verizon Communications (VZ:N) 77 Vermilion Energy Inc. (VET:T) 35 ViaSat, Inc. (VSAT:Q) 76 Vicat (VCTP.PA:EPA) 63 Vienna Insurance (VIGR.VI:WBAG) 47 ViewPoint Financial Group (VPFG:Q) 44 Vinci (SGEF.PA:EPA) 58 Virgin Media (VMED.L:LSE) 80 Virginia Commerce Bancorp, Inc. (VCBI:Q) 44 Virtus Investment Partners, Inc. (VRTS:Q) 39 Visa, Inc. (V:N) 78 Vishay Intertechnology, Inc. (VSH:N) 71 Vivendi (VIV.PA:EPA) 80

VMware (VMW:N) 74 VOC Energy Trust (VOC:N) 30 Vocus Inc. (VOCS:Q) 72 Volcano Corporation (VOLC:Q) 53 W&T Offshore, Inc. (WTI:N) 30 W.W. Grainger, Inc. (GWW:N) 55 Wabtec Corporation (WAB:N) 83 Wajax Corp. (WJX:T) 57 Waldron Energy Corporation (WDN:T) 35 Walgreen Co. (WAG:N) 52 Wal-Mart Stores Inc. (WMT:N) 22 Walter Energy Inc. (WLT:N) 59 Washington Banking Company (WBCO:Q) 44 Washington Federal, Inc. (WAFD:Q) 44 Washington REIT (WRE:N) 66 Waste Connections, Inc. (WCN:N) 56 Waste Management, Inc. (WM:N) 56 Weatherford (WFT:N) 33 WebMD Health Corp (WBMD:Q) 52 Webster Financial Corp. (WBS:N) 44 WellCare Health Plans (WCG:N) 51 WellPoint (WLP:N) 51 Wells Fargo & Co. (WFC:N) 44 Werner Enterprises, Inc. (WERN:Q) 84 WesBanco, Inc. (WSBC:Q) 44 WESCO International (WCC:N) 55 West Bancorporation, Inc. (WTBA:Q) 44 West Fraser Timber (WFT:T) 60 Western Energy Services Corp. (WRG:T) 36 Western Forest Products Inc. (WEF:T) 60 Western Potash Corp. (WPX:T) 60 Western Refining, Inc. (WNR:N) 31 Western Union (WU:N) 78 WesternOne Inc. (WEQ:T) 57 WestJet Airlines (WJA:T) 84 Westport Innovations Inc. (WPRT:Q) 28 Weyerhaeuser Company (WY:N) 67 Whirlpool Corp. (WHR:N) 22 Whitbread (WTB.L:LSE) 68 Whitecap Resources Inc. (WCP:T) 35 Whiting Petroleum Corp. (WLL:N) 30 Whiting USA Trust I (WHX:N) 30 Whiting USA Trust II (WHZ:N) 30 Whole Foods Market Inc. (WFM:Q) 21 The Williams Companies, Inc. (WMB:N) 33 Williams Partners L.P. (WPZ:N) 33 Williams-Sonoma (WSM:N) 22 Wilshire Bancorp, Inc. (WIBC:Q) 44 Windstream Corp. (WIN:Q) 77 Winpak Ltd. (WPK:T) 24 Wintrust Financial Corporation (WTFC:Q) 44 Wolseley (WOS.L:LSE) 58 Xilinx, Inc. (XLNX:Q) 76 Xoom Corporation (XOOM:Q) 78 XPO Logistics, Inc. (XPO:N) 83 Yadkin Financial Corporation (YDKN:Q) 44 Yahoo! Inc. (YHOO:Q) 74 Yamana Gold Inc. (AUY:N) 61 Yangarra Resources Ltd. (YGR:V) 35 Yelp, Inc. (YELP:N) 74 YPF (YPF:N) 38 YRC Worldwide Inc. (YRCW:Q) 84

Company Index


YUM! Brands, Inc. (YUM:N) 23 Zargon Oil & Gas Ltd. (ZAR:T) 35 ZCL Composites (ZCL:T) 57 Ziggo (ZIGGO.AS:AMS) 80

Zillow, Inc. (Z:Q) 74 Zions Bancorporation (ZION:Q) 44 Zodiac Exploration Inc. (ZEX:V) 35 Zurich Insurance (ZURN.VX:SWF) 47


Consumer

USA Canada Europe

Entertainment & Leisure ............................................ 20 Cruise Lines .............................................................. 20 Gaming .................................................................... 20 Leisure Products ...................................................... 20 Sports ...................................................................... 20 Theaters................................................................... 20

Furniture & Furnishings Suppliers .............................. 20 Furnishings .............................................................. 20 Office Furniture ....................................................... 20 Residential Furniture ............................................... 21

Hardline Retail ............................................................ 21 Automotive Aftermarket Retailers .......................... 21 Consumer Electronics Retailers ............................... 21 Convenience Stores ................................................. 21 Grocery Stores ......................................................... 21 Pet Food and Farm Supplies .................................... 21 Sporting Goods ........................................................ 21 Value Retailers ......................................................... 21

Home & Building Products .......................................... 22 Appliances ............................................................... 22 Floor Coverings ........................................................ 22 Hardware, Tools, & Decor ....................................... 22 Outdoor Power Equipment & Services .................... 22

Home & Other Retailers ............................................. 22 Big Box Retailers ...................................................... 22 Furniture & Furnishings ........................................... 22

Restaurants ................................................................. 23

Consumer & Retail...................................................... 24

Consumer Goods ......................................................... 24 Beverages ................................................................. 24 Eyecare & Eyewear .................................................. 25 Home & Personal Care ............................................. 25 Luxury Goods ........................................................... 25

Foodservices ............................................................... 25 Retail ........................................................................... 25

Apparel..................................................................... 25 Food Retail ............................................................... 25 Sporting Goods ........................................................ 26

Latin America

Retail & Consumer Goods ........................................... 26


Sym

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Exch

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Ratin

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Suita

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Clos

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May

-28-

13

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Curr

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Year

P/E

EPS

FY E

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. Cap

. (M

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2012

A 20

13E

2014

E

Consumer - USA Budd Bugatch, CFA [email protected] Sam Darkatsh [email protected]

Bryan C. Elliott, CFA [email protected] Joseph D. Hovorka [email protected]

Dan Wewer, CFA [email protected] Benjamin Brownlow [email protected]

Entertainment & Leisure Cruise Lines Carnival Corp. CCL N 3 G $33.00 NM 39.95 30.65 21.7 1.67 1.52 1.80 Nov 25,674 3.0 JDH Royal Caribbean Cruises Ltd. RCL N 3 G $35.71 NM 38.62 22.12 14.9 0.08 2.40 2.70 Dec 7,874 1.1 JDH Steiner Leisure Limited STNR Q 3 AG $51.84 NM 52.85 40.01 15.5 3.53 3.35 3.55 Dec 767 0.0 JDH

Gaming Ameristar Casinos, Inc. ASCA Q 3 G $26.42 NM 27.18 15.04 14.3 2.26 1.85 NA Dec 871 1.9 JDH Penn National Gaming, Inc. PENN Q 3 HR $57.16 NM 59.93 37.00 23.3 2.01 2.45 2.58 Dec 4,427 0.0 JDH Pinnacle Entertainment, Inc. PNK N 3 HR $20.62 NM 21.19 8.89 NM (0.52) (1.14) 0.37 Dec 1,204 0.0 JDH

Leisure Products Arctic Cat, Inc. ACAT Q 1 AG $47.73 54.00 48.84 31.42 16.5 1.72 2.89 A 3.20 Mar 630 0.8 JDH Brunswick Corp. BC N 3 HR $33.49 NM 37.37 19.35 14.4 0.54 2.33 2.70 Dec 3,131 0.2 JDH Harley-Davidson, Inc. HOG N 1 G $56.35 62.00 59.84 37.84 16.7 2.72 3.37 3.90 Dec 12,741 1.1 JDH Marine Products Corporation MPX N 3 AG $7.48 NM 7.70 4.96 35.6 0.19 0.21 0.23 Dec 277 1.6 JDH MarineMax HZO N 2 HR $11.85 13.50 14.18 6.82 NM 0.05 0.10 0.60 Sep 284 0.0 JDH Polaris Industries PII N 1 G $93.13 99.00 94.66 67.69 18.3 4.40 5.09 5.68 Dec 6,594 1.8 JDH

Sports Dover Motorsports Inc. DVD N 4 NM $2.11 NM 2.18 1.19 16.2 0.13 0.13 0.14 Dec 77 1.9 JDH International Speedway Corp. ISCA Q 3 G $35.25 NM 35.75 23.40 27.1 1.18 1.30 1.40 Nov 1,636 0.6 JDH Manchester United plc ($P) MANU N 2 HR $17.21 20.00 19.34 12.00 74.8 0.15 0.23 0.41 Jun 2,820 0.0 JDH Speedway Motorsports TRK N 4 NM $18.42 NM 18.83 14.18 20.9 1.01 0.88 1.05 Dec 763 3.3 JDH

Theaters Carmike Cinemas, Inc. CKEC Q 1 HR $17.87 22.00 18.90 11.04 34.4 5.99 0.52 0.95 Dec 313 0.0 JDH Cinemark Holdings, Inc. CNK N 1 AG $30.64 37.00 31.77 20.99 18.0 1.48 1.70 2.03 Dec 3,493 2.7 JDH Regal Entertainment Group RGC N 1 HR $18.74 20.00 19.00 12.74 19.1 0.93 0.98 1.08 Dec 2,914 4.5 JDH

Furniture & Furnishings Suppliers Furnishings Newell Rubbermaid Inc. NWL N 1 G $27.56 30.00 28.47 16.67 15.1 1.67 1.82 1.96 Dec 8,406 2.2 BB

Office Furniture Herman Miller MLHR Q 2 AG $28.17 31.00 28.36 16.03 20.0 1.37 1.41 1.71 May 1,659 1.8 BB HNI Corporation HNI N 3 G $38.08 NM 38.53 21.57 27.6 1.12 1.38 1.79 Dec 1,744 2.5 BB Knoll, Inc. KNL N 2 AG $15.98 20.00 18.69 11.96 20.0 1.06 0.80 1.15 Dec 749 3.0 BB Steelcase, Inc. SCS N 2 G $13.98 17.50 15.60 7.63 17.7 0.58 0.79 A 0.92 Feb 1,789 2.9 BB


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Consumer - USA Residential Furniture Culp, Inc. CFI N 1 AG $17.55 19.00 18.15 9.00 13.2 0.78 1.33 1.44 Apr 214 0.7 BB Ethan Allen Interiors ETH N 1 AG $32.06 36.00 33.36 18.00 23.9 0.95 1.34 1.65 Jun 936 1.1 BB Furniture Brands International FBN N 4 NM $0.99 NM 1.82 0.88 NM (0.64) (0.68) (0.31) Dec 55 0.0 BB La-Z-Boy Inc. LZB N 1 HR $19.12 21.00 19.69 10.95 23.6 0.56 0.81 1.11 Apr 1,021 0.8 BB Leggett & Platt LEG N 3 TR $33.24 NM 34.28 19.26 20.3 1.46 1.64 1.81 Dec 4,823 3.5 BB Select Comfort Corp. SCSS Q 2 AG $22.48 21.00 34.38 16.62 16.7 1.43 1.35 1.71 Dec 1,281 0.0 BB Stanley Furniture STLY Q 3 HR $4.32 NM 5.00 3.72 NM (0.54) (0.49) (0.32) Dec 61 0.0 BB Tempur Sealy International, Inc. TPX N 1 AG $42.85 55.00 51.02 20.70 15.6 2.62 2.75 3.40 Dec 2,622 0.0 BB

Hardline Retail Automotive Aftermarket Retailers Advance Auto Parts, Inc. AAP N 1 AG $83.63 97.00 88.74 60.87 15.5 5.22 5.41 6.06 Dec 6,172 0.3 DW AutoZone, Inc. AZO N 1 AG $418.95 500.00 435.36 341.98 15.1 23.48 27.75 31.50 Aug 15,292 0.0 DW O`Reilly Automotive, Inc. ORLY Q 1 AG $110.75 117.00 112.92 75.61 18.6 4.75 5.94 6.87 Dec 12,559 0.0 DW

Consumer Electronics Retailers Best Buy Company, Incorporated BBY N 3 G $26.73 NM 27.37 11.20 10.2 3.61 2.62 A 2.50 Jan 9,115 2.5 DW RadioShack RSH N 3 HR $3.88 NM 5.15 1.90 NM (0.74) (0.78) (0.37) Dec 389 0.0 DW Skullcandy, Inc. SKUL Q 4 NM $5.70 NM 16.75 4.80 31.7 1.00 0.18 0.42 Dec 158 0.0 DW

Convenience Stores Casey's General Stores, Inc. CASY Q 3 AG $62.46 NM 63.48 46.15 21.2 3.04 2.94 3.51 Apr 2,393 1.1 BBL,DW Core-Mark Holding Company, Inc. CORE Q 2 G $59.20 58.00 59.41 40.06 15.7 3.18 3.78 4.46 Dec 678 1.3 BBL,DW The Pantry, Inc. PTRY Q 3 AG $13.41 NM 16.36 11.28 23.5 0.21 0.57 1.00 Sep 317 0.0 BBL,DW Susser Holdings Corp. SUSS N 2 AG $51.03 55.00 56.95 28.37 23.6 2.37 2.16 2.79 Dec 1,083 0.0 BBL,DW TravelCenters of America LLC TA N 2 HR $11.40 12.00 12.50 4.18 13.1 1.14 0.87 1.27 Dec 337 0.0 BBL,DW

Grocery Stores The Fresh Market, Inc. TFM Q 1 AG $46.36 50.00 65.69 36.51 30.3 1.34 1.53 1.95 Jan 2,232 0.0 BBL,DW Spartan Stores Inc. SPTN Q 3 AG $18.45 NM 18.79 13.44 12.9 1.39 1.43 A 1.48 Mar 401 2.0 BBL,DW Whole Foods Market Inc. WFM Q 3 G $105.71 NM 107.20 81.39 36.2 2.52 2.92 3.51 Sep 19,599 0.8 BBL,DW

Pet Food and Farm Supplies PetSmart Inc. (f) PETM Q 3 AG $68.75 NM 72.75 61.30 17.1 3.55 4.03 4.56 Jan 7,184 1.0 DW Tractor Supply Co. TSCO Q 1 AG $111.95 123.00 115.96 75.46 25.2 3.80 4.45 5.13 Dec 7,926 0.9 DW

Sporting Goods Callaway Golf Co. ELY N 3 HR $6.80 NM 7.30 5.20 85.0 (0.78) 0.08 0.44 Dec 483 0.6 DW Dick`s Sporting Goods Inc. (f) DKS N 3 AG $51.61 NM 54.25 44.06 18.2 2.53 2.83 3.21 Jan 6,498 1.0 DW Hibbett Sports, Inc. (f) HIBB Q 3 AG $56.70 NM 63.39 49.78 19.5 2.72 2.91 3.28 Jan 1,491 0.0 DW Under Armour Inc. UA N 3 AG $63.29 NM 65.55 44.07 43.1 1.21 1.47 1.76 Dec 6,778 0.0 DW

Value Retailers Big Lots Inc. (f) BIG N 4 NM $38.05 NM 42.26 26.69 12.5 2.98 3.05 3.26 Jan 3,055 0.0 DW Dollar General Corp. (f) DG N 1 AG $54.48 59.00 56.04 39.73 16.5 2.91 3.30 3.80 Jan 17,918 0.0 DW Dollar Tree, Inc. (f) DLTR Q 1 AG $50.56 60.00 56.82 37.12 17.7 2.52 2.86 3.33 Jan 11,482 0.0 DW Family Dollar Stores Inc. FDO N 3 G $63.63 NM 74.73 54.06 16.6 3.64 3.83 4.20 Aug 7,394 1.6 DW


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Consumer - USA Home & Building Products Appliances Whirlpool Corp. WHR N 2 TR $129.61 125.00 134.09 54.08 13.3 7.05 9.75 11.68 Dec 10,395 1.9 SD,BB

Floor Coverings The Dixie Group DXYN Q 1 HR $7.69 8.00 8.05 2.95 48.1 (0.05) 0.16 0.45 Dec 98 0.0 SD,BB Interface, Inc. TILE Q 3 AG $17.23 NM 19.96 11.14 24.6 0.60 0.70 0.95 Dec 1,142 0.6 SD,BB Mohawk Industries MHK N 3 AG $116.63 NM 120.70 62.22 20.5 3.78 5.70 6.90 Dec 8,152 0.0 SD,BB

Hardware, Tools, & Decor American Woodmark AMWD Q 3 HR $37.25 NM 37.40 15.46 67.7 (0.71) 0.55 1.00 Apr 555 0.0 SD,BB Masco Corporation MAS N 4 NM $22.08 NM 22.83 11.53 34.5 0.34 0.64 1.00 Dec 7,772 1.4 SD,BB PGT, Inc. PGTI Q 1 HR $8.18 9.50 9.25 2.37 22.1 0.16 0.37 0.42 Dec 465 0.0 SD,BB Stanley Black & Decker SWK N 3 TR $79.87 NM 83.26 58.59 14.8 4.67 5.40 6.60 Dec 12,699 2.5 SD,BB

Outdoor Power Equipment & Services Briggs & Stratton BGG N 2 TR $23.41 24.50 25.52 16.20 20.2 1.15 1.16 1.65 Jun 1,117 2.1 SD,BB The Scotts Miracle-Gro Company SMG N 3 AG $48.83 NM 49.24 35.49 19.8 2.01 2.47 3.10 Sep 2,998 2.7 SD,BB The Toro Company TTC N 3 AG $48.18 NM 49.38 35.08 19.7 2.18 2.45 2.90 Oct 2,857 1.2 SD,BB

Home & Other Retailers Big Box Retailers Costco Wholesale Corporation COST Q 3 G $114.83 NM 115.77 85.08 25.1 3.96 4.57 5.08 Aug 50,105 1.1 BB The Home Depot Inc. (f) HD N 3 G $79.82 NM 81.56 47.75 22.2 3.08 3.60 4.10 Jan 118,453 2.0 BB Lowe`s Companies, Inc. (f) LOW N 3 G $42.86 NM 43.84 24.76 20.8 1.75 2.06 2.45 Jan 59,747 1.5 BB Lumber Liquidators Holdings, Inc. LL N 4 NM $86.74 NM 90.92 26.52 34.7 1.68 2.50 3.00 Dec 2,370 0.0 BB Wal-Mart Stores Inc. WMT N 3 G $77.32 NM 79.96 65.13 15.4 4.49 5.02 A 5.25 Jan 269,460 2.4 BB

Furniture & Furnishings Aaron`s Inc. AAN N 2 G $28.25 34.00 32.53 24.61 12.7 2.05 2.23 2.53 Dec 2,170 0.3 BB Bed Bath & Beyond (f) BBBY Q 1 G $69.70 85.00 75.84 54.33 14.1 4.56 4.95 5.45 Feb 15,438 0.0 BB Haverty Furniture Companies Inc. HVT N 2 AG $24.96 26.00 25.00 10.39 22.9 0.65 1.09 1.40 Dec 556 0.6 BB Mattress Firm Holding Corp. (f) MFRM Q 2 AG $36.88 37.00 39.35 22.62 18.9 1.49 1.95 2.54 Jan 1,245 0.0 BB Pier 1 Imports Incorporated PIR N 1 AG $23.96 27.00 25.29 14.78 20.0 0.94 1.20 A 1.30 Feb 2,548 0.8 BB Rent-A-Center Inc. RCII Q 2 AG $35.92 41.00 38.23 31.22 11.6 3.09 3.10 3.55 Dec 2,077 2.3 BB Williams-Sonoma (f) WSM N 3 G $55.74 NM 57.22 32.67 20.1 2.59 2.78 3.26 Jan 5,447 2.2 BB


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Consumer - USA Restaurants Bloomin' Brands, Inc. BLMN Q 2 G $23.00 23.00 23.18 11.57 20.0 0.99 1.15 1.35 Dec 2,910 0.0 BCE Brinker International EAT N 2 G $40.45 45.00 41.88 28.11 17.4 1.96 2.33 2.75 Jun 3,022 2.0 BCE Buffalo Wild Wings, Inc. BWLD Q 1 AG $95.90 110.00 97.49 68.71 26.6 3.06 3.60 4.45 Dec 1,803 0.0 BCE Carrols Restaurant Group, Inc. TAST Q 1 HR $5.96 7.00 6.82 4.65 NM (0.44) (0.40) (0.25) Dec 192 0.0 BCE Cheesecake Factory Inc. CAKE Q 3 AG $40.71 NM 41.11 29.44 18.9 1.88 2.15 2.40 Dec 2,243 1.2 BCE Chipotle Mexican Grill, Inc. CMG N 3 AG $370.61 NM 419.69 233.82 35.1 8.75 10.55 12.45 Dec 11,563 0.0 BCE Chuy's Holdings, Inc. CHUY Q 3 AG $34.56 NM 35.63 14.33 50.8 0.60 0.68 0.83 Dec 577 0.0 BCE Cracker Barrel Old Country Store, Inc. CBRL Q 3 G $88.37 NM 88.94 57.99 18.6 4.61 4.75 5.40 Jul 2,112 2.3 BCE Darden Restaurants DRI N 3 G $53.33 NM 57.93 44.11 16.9 3.58 3.15 3.15 May 7,013 3.8 BCE Del Frisco’s Restaurant Group, Inc. DFRG Q 1 AG $19.00 22.00 19.39 11.73 20.0 0.94 0.95 1.07 Dec 452 0.0 BCE DineEquity, Inc. DIN N 1 HR $72.22 85.00 78.40 41.49 19.5 4.25 3.70 3.95 Dec 1,387 4.2 BCE Dunkin’ Brands Group, Inc. DNKN Q 3 G $40.57 NM 42.83 27.93 26.9 1.29 1.51 1.73 Dec 4,311 1.9 BCE Fiesta Restaurant Group, Inc. FRGI Q 1 HR $34.86 38.00 35.36 11.51 44.7 0.55 0.78 0.98 Dec 798 0.0 BCE Ignite Restaurant Group, Inc. IRG Q 2 HR $19.05 19.00 20.42 10.80 30.2 0.60 0.63 0.85 Dec 488 0.0 BCE McDonald's Corporation MCD N 3 G $101.24 NM 103.70 83.31 18.1 5.36 5.60 6.05 Dec 102,323 3.0 BCE Panera Bread Co. PNRA Q 3 AG $193.28 NM 194.27 135.40 27.8 5.89 6.95 7.85 Dec 5,663 0.0 BCE Red Robin Gourmet Burgers, Inc. RRGB Q 1 AG $52.77 65.00 53.83 27.18 24.0 2.06 2.20 2.60 Dec 755 0.0 BCE Ruby Tuesday, Inc. RT N 2 AG $9.50 10.50 9.84 4.98 36.5 0.41 0.26 0.37 May 589 0.0 BCE Ruth`s Hospitality Group, Inc. RUTH Q 3 AG $11.48 NM 12.03 5.65 20.1 0.52 0.57 0.64 Dec 408 1.4 BCE Texas Roadhouse, Inc. TXRH Q 2 AG $23.98 25.00 24.63 15.72 20.9 1.04 1.15 1.30 Dec 1,715 2.0 BCE YUM! Brands, Inc. YUM N 3 G $70.03 NM 74.75 59.68 23.0 3.25 3.05 3.65 Dec 32,564 1.9 BCE


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

Consumer & Retail Aimia (ae) AIM T 2 G C$15.44 20.00 16.63 12.82 NM 399 423 462 Dec C$2,656 4.4 KT Atrium Innovations Inc. ATB T 2 AG C$14.25 15.00 14.49 9.90 8.2 1.65 1.73 1.88 Dec C$450 0.0 KT Cineplex Inc. CGX T 2 TR C$34.26 36.00 34.99 27.81 20.3 1.58 1.69 1.95 Dec C$2,158 3.9 KT CML Healthcare Inc. CLC T 3 TR C$7.72 7.00 10.19 5.42 11.7 0.66 E 0.65 NA Dec C$693 9.8 FB Dollarama (f) DOL T 3 AG C$72.22 67.00 76.61 54.61 20.8 2.30 2.99 A 3.48 Jan C$5,330 0.8 KT Easyhome Ltd. EH T 2 AG C$9.65 12.00 11.00 5.85 8.8 0.90 1.10 1.30 Dec C$116 3.5 FB Gildan Activewear GIL N 2 G US$41.51 48.00 42.98 22.18 15.1 1.34 2.74 3.13 Sep US$5,106 0.9 KT Glacier Media Inc. GVC T 2 TR C$1.58 2.00 2.18 1.51 9.9 0.12 0.16 0.18 Dec C$141 5.1 KT Great Canadian Gaming GC T 3 AG C$9.96 10.00 10.50 8.50 16.9 0.58 0.59 0.64 Dec C$713 NA KT Loblaw Companies Ltd. L T R G C$50.17 R 50.45 31.11 R R R R Dec R R KT Shoppers Drug Mart SC T 2 G C$46.27 48.00 47.49 39.32 15.3 2.94 3.02 3.18 Dec C$9,439 2.5 KT Tim Hortons THI T 3 G C$56.52 50.00 58.85 45.11 19.6 2.67 2.89 3.18 Dec C$8,704 1.8 KT Winpak Ltd. WPK T 3 G C$18.41 20.00 19.85 14.30 15.2 1.10 1.21 1.38 Dec C$1,197 0.7 KT

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Consumer - EUR Hermine de Bentzmann [email protected] Marc Willaume [email protected]

Cedric Lecasble [email protected] Julien Richer [email protected]

Consumer Goods Beverages Diageo DGE.L LSE 2 2047.50p 2120 2115.00 1512.50 19.6 93.70 104.40 115.50 Jun £51,392 2.3 HB Pernod Ricard PERP.PA EPA 2 €95.20 102.00 101.15 75.68 19.5 4.53 4.87 5.59 Jun 25,258 1.8 HB Remy Cointreau RCOP.PA EPA 2 €91.29 101.00 101.55 75.75 24.6 2.50 3.12 A 3.71 Mar 4,648 1.9 HB


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Consumer - EUR Eyecare & Eyewear Essilor ESSI.PA EPA 2 €88.86 95.00 89.99 67.43 29.3 2.80 3.03 3.31 Dec 18,936 1.1 MW Luxottica LUX.MI BIT 2 €41.84 42.50 42.97 24.61 29.3 1.15 1.43 1.67 Dec 19,682 1.7 MW

Home & Personal Care Beiersdorf BEIG.DE ETR 3 €71.97 NM 73.45 49.25 30.1 2.06 2.39 2.70 Dec 18,136 1.1 HB BIC BB.FP EPA 2 €83.99 91.00 101.50 75.55 17.0 5.61 4.95 5.41 Dec 4,057 2.8 HB Henkel HNKG_p.DE ETR 2 €78.47 86.00 78.77 49.22 19.2 3.70 4.08 4.49 Dec 30,917 1.4 HB L'Oréal OREP.PA EPA 2 €136.10 132.00 137.85 86.80 26.5 4.91 5.13 5.68 Dec 82,279 1.8 HB Reckitt Benckiser RB.L LSE 3 4921.00p NM 4958.00 3274.00 18.0 268.00 273.00 290.00 Dec £35,236 2.9 HB

Luxury Goods Burberry BRBY.L LSE 3 1534.00p NM 1558.00 998.00 20.6 53.12 74.46 84.87 Mar £6,783 2.2 MW Christian Dior DIOR.PA EPA 2 €144.00 142.00 148.10 98.08 18.8 7.64 E 8.41 9.63 Dec 26,165 2.1 MW Ferragamo SFER.MI BIT 2 €24.78 27.00 25.25 14.30 28.8 0.63 0.86 1.05 Dec 4,173 2.1 MW Hermes International HRMS.PA EPA 4 €281.75 225.00 283.20 207.70 36.4 6.94 7.73 8.72 Dec 29,744 1.1 MW LVMH LVMH.PA EPA 1 €140.35 163.00 143.40 111.00 19.4 6.70 7.23 8.12 Dec 71,287 2.3 MW PPR PRTP.PA EPA 3 €174.50 NM 179.80 106.35 16.2 10.50 10.76 12.37 Dec 21,982 3.1 MW Prada (er) 1913.HK HKG 3 HK$73.85 NM 84.75 42.25 NM 0.24 0.30 0.36 Jan €18,934 1.7 MW Richemont (er) CFR.VX SWF 1 CHF91.65 100.00 93.10 48.13 22.2 3.66 4.12 4.66 Mar 52,625 1.3 MW Swatch Group UHR.VX SWF 2 CHF577.50 600.00 602.00 341.70 17.3 27.12 33.38 37.59 Dec 31,168 1.4 MW Tod's Group TOD.MI BIT 3 €115.40 NM 116.80 68.55 22.9 4.73 5.04 5.85 Dec 3,532 2.4 MW

Foodservices Compass Group CPG.L LSE 3 901.50p NM 917.00 617.50 19.8 32.10 45.45 50.62 Sep £16,416 2.5 JR Edenred EDEN.PA EPA 2 €25.40 28.00 26.92 20.49 24.9 0.92 1.02 1.21 Dec 5,738 3.4 JR Sodexo EXHO.PA EPA 2 €68.18 70.00 74.91 56.61 25.1 3.48 2.72 3.77 Aug 10,711 2.0 JR

Retail Apparel H&M HMb.ST STO 4 SEK238.50 196.00 257.30 207.00 22.4 10.19 10.64 11.47 Nov 394,741 4.0 CL Inditex ITX.MC MAD 3 €98.61 NM 111.80 64.10 25.7 3.83 E 4.28 4.84 Jan 61,464 2.4 CL

Food Retail Ahold AHLN.AS AMS 2 €13.03 11.70 13.10 9.01 14.8 0.88 E 0.94 1.03 Dec 13,825 3.2 CL Carrefour CARR.PA EPA 3 €23.73 NM 24.42 12.87 17.0 1.30 1.40 1.61 Dec 16,830 2.7 CL Casino CASP.PA EPA 2 €83.26 92.00 86.80 61.69 15.1 5.03 5.53 6.48 Dec 9,381 3.9 CL Colruyt COLR.BR EBR 3 €40.58 NM 41.30 29.85 16.4 2.26 E 2.47 2.71 Mar 6,839 2.4 CL Delhaize DELB.BR EBR 3 €49.89 NM 50.86 25.59 14.9 2.63 3.35 4.56 Dec 5,085 2.1 CL Dia DIDA.MC MAD 3 €6.28 NM 6.37 3.32 19.0 0.29 0.33 0.38 Dec 4,266 2.4 CL Jeronimo Martins JMT.LS ELI 3 €16.90 NM 18.56 11.26 27.3 0.58 0.66 0.76 Dec 10,635 2.0 CL Metro MEOG.DE ETR 4 €27.64 21.00 27.88 19.52 10.9 1.89 1.82 2.08 Dec 8,955 3.6 CL Rallye GENC.PA EPA 1 €31.08 41.00 31.98 19.89 17.8 1.50 1.75 2.49 Dec 1,514 5.9 CL


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Consumer - EUR Sporting Goods Adidas ADSGn.DE ETR 2 €86.53 94.00 88.35 54.75 19.8 3.78 4.37 5.21 Dec 18,104 1.7 CL Puma PUMG.DE ETR 4 €228.65 230.00 252.40 209.05 17.4 13.12 13.82 15.63 Dec 3,448 0.8 CL

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Consumer - LAT Francisco Pereyra [email protected] Federico Rey Marino [email protected]

Retail & Consumer Goods Cencosud SA CENCOSUD SN 3 G Ch$2601.10 NM 3085.00 2457.24 25.0 104.10 E 121.90 NA Dec Ch$6,609,135 0.8 FP Falabella SA FALAB SN 3 G Ch$5511.00 NM 5770.00 4325.00 31.2 154.00 218.80 259.30 Dec Ch$13,329,731 1.1 FP Ripley Corp S.A. RIPLEY SN 3 TR Ch$477.02 NM 548.43 405.12 19.9 23.98 E 24.45 44.78 Dec Ch$923,535 1.2 FP


Energy

USA Canada Europe

Alternative Energy and Clean Technology .................. 28 Fuels and Chemicals ................................................ 28 Power ...................................................................... 28

Exploration and Production ........................................ 29 Integrated Majors and Refiners .................................. 31

Independent Refiners .............................................. 31 Integrated Oil and Gas ............................................. 31

Midstream Suppliers................................................... 32 Oilfield Services .......................................................... 33

Compression ............................................................ 33 Diversified Oilfield Services ..................................... 33 Manufacturing & Fabrication .................................. 33 Offshore Construction/Transportation.................... 33 Offshore Drillers ...................................................... 33 Onshore Drillers ....................................................... 34 Production/Workover/Miscellaneous ..................... 34

Other - Energy ............................................................ 34

Alternative Energy & Clean Tech ................................ 34 Intermediate Oil & Gas Producers .............................. 35 Junior Oil & Gas Producers ......................................... 35 Oil & Gas Energy Services ........................................... 36

Contract Drillers ...................................................... 36 Facilities & Infrastructure ........................................ 36 Pressure Pumpers ................................................... 36 Well Site & Other Services ...................................... 36

Oil Sands & Producers ................................................ 36 Senior Oil & Gas Producers ........................................ 36

Integrated Majors and Refiners .................................. 37 Integrated Majors .................................................... 37

Oilfield Services ........................................................... 37 Diversified Oilfield Services ...................................... 37 Seismic ..................................................................... 37

Utilities ........................................................................ 37 Electricity & Gas ....................................................... 37 Environmental Services ............................................ 37

Latin America

Electric Utilities ........................................................... 38 Exploration and Production ........................................ 38 Gas Utility .................................................................... 38 Integrated Majors and Refiners .................................. 38

Integrated Majors .................................................... 38 Oilfield Services ........................................................... 38

Manufacturing & Fabrication ................................... 38


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Energy - USA J. Marshall Adkins [email protected] Andrew Coleman [email protected]

John Freeman, CFA [email protected] Collin Gerry [email protected]

Darren Horowitz [email protected] Pavel Molchanov [email protected]

James M. Rollyson [email protected] Kevin Smith [email protected]

Benjamin Brownlow [email protected] Cory J. Garcia [email protected]

Francisco Pereyra* [email protected]

Alternative Energy and Clean Technology Fuels and Chemicals Amyris, Inc. AMRS Q 3 VR $2.91 NM 4.56 2.16 NM (2.32) (1.31) (0.65) Dec 213 0.0 PM Ceres, Inc. CERE Q 2 VR $2.02 7.00 11.42 1.89 NM (2.19) (1.36) (1.44) Aug 50 0.0 PM Clean Energy Fuels Corp. CLNE Q 4 NM $13.51 NM 16.75 10.90 NM (0.75) (0.43) (0.31) Dec 1,258 0.0 PM Gevo, Inc. GEVO Q 2 VR $1.79 3.00 9.44 1.36 NM (2.31) (1.43) (0.88) Dec 73 0.0 PM KiOR, Inc. KIOR Q 2 VR $4.71 9.00 9.95 3.82 NM (0.92) (1.03) (0.94) Dec 497 0.0 PM Solazyme, Inc. SZYM Q 2 VR $11.31 10.50 14.34 6.45 NM (1.16) (1.40) (0.81) Dec 696 0.0 PM Westport Innovations Inc. WPRT Q 3 HR $29.43 NM 40.40 21.93 NM (1.83) (1.64) (0.99) Dec 1,627 0.0 PM

Power Echelon Corp. ELON Q 2 HR $2.55 4.00 4.19 2.07 NM (0.11) (0.18) 0.00 Dec 109 0.0 PM EnerNOC, Inc. ENOC Q 1 HR $15.01 20.00 19.08 6.00 23.5 (0.83) 0.64 0.90 Dec 411 0.0 PM Enphase Energy, Inc. ENPH Q 3 HR $8.38 NM 10.00 1.92 NM (0.94) (0.33) 0.09 Dec 344 0.0 PM First Solar, Inc. FSLR Q 4 NM $51.11 NM 59.00 11.43 12.3 4.91 4.15 2.74 Dec 4,569 0.0 PM GT Advanced Technologies, Inc. GTAT Q 3 AG $4.37 NM 7.09 2.61 13.2 0.71 0.33 0.54 Dec 521 0.0 PM Power-One, Inc. PWER Q 3 AG $6.35 NM 7.16 3.72 35.3 0.38 0.18 0.27 Dec 775 0.0 PM SolarCity Corp. SCTY Q 3 HR $46.78 NM 52.77 9.20 NM (4.98) (1.09) (0.49) Dec 3,518 0.0 PM SunPower Corp. SPWR Q 3 VR $19.63 NM 23.76 3.71 28.9 0.18 0.68 0.53 Dec 2,348 0.0 PM Trina Solar Limited (r) TSL N 3 HR $6.79 NM 8.47 2.04 NM (3.44) (2.23) (1.52) Dec 481 0.0 PM

*Francisco Pereyra is a Raymond James Latin America employee.


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Energy - USA Exploration and Production Anadarko Petroleum Corp. APC N 2 AG $91.46 105.00 92.18 56.42 22.4 3.45 4.08 2.59 Dec 45,858 0.4 AC Apache Corporation APA N 2 AG $82.39 100.00 94.87 67.91 11.4 9.67 7.23 4.31 Dec 32,284 1.0 JF Berry Petroleum Company BRY N 3 HR $45.67 NM 48.99 30.21 12.2 3.15 3.75 2.80 Dec 2,486 0.7 AC Bill Barrett Corp. BBG N 4 NM $23.62 NM 27.01 15.42 71.6 0.15 0.33 0.99 Dec 1,137 0.0 JF Bonanza Creek Energy, Inc. BCEI N 2 HR $37.88 40.00 42.36 14.52 24.9 1.31 1.52 1.39 Dec 1,525 0.0 AC BPZ Resources Inc. BPZ N 2 HR $2.11 4.50 3.40 1.89 NM (0.16) (0.25) (0.25) Dec 247 0.0 JF BreitBurn Energy Partners L.P. BBEP Q 3 TR $19.23 NM 21.75 16.06 39.2 0.57 0.49 0.39 Dec 1,917 9.9 KS Cabot Oil & Gas Corp. COG N 2 AG $72.49 77.00 74.23 29.94 55.8 0.63 1.30 2.16 Dec 15,248 0.1 AC Chesapeake Energy Corp. CHK N 3 HR $22.16 NM 22.97 15.48 18.3 0.52 1.21 1.18 Dec 14,825 1.6 JF Chesapeake Granite Wash Trust (cu) CHKR N 3 TR $14.81 NM 23.48 13.07 5.3 2.57 2.78 2.73 Dec 520 17.6 KS Cimarex Energy Co. XEC N 3 HR $73.54 NM 79.69 46.19 14.9 4.20 4.93 3.52 Dec 6,358 0.8 AC Clayton Williams Energy, Inc. CWEI Q 4 NM $44.97 NM 61.09 35.30 28.3 2.27 1.59 (0.81) Dec 547 0.0 AC Comstock Resources CRK N 3 AG $17.33 NM 21.16 12.56 NM (2.60) (0.93) (4.28) Dec 839 2.9 JF Concho Resources Inc. CXO N 2 AG $83.16 121.00 102.26 76.17 17.5 3.74 4.75 4.39 Dec 8,709 0.0 JF ConocoPhillips COP N 4 NM $62.84 NM 64.77 50.62 11.7 6.12 5.37 3.26 Dec 77,664 4.2 PM Continental Resources Inc. CLR N 2 AG $85.14 96.00 93.99 61.02 16.2 3.36 5.27 5.98 Dec 15,805 0.0 AC Denbury Resources Inc. DNR N 2 AG $18.59 24.00 19.65 13.13 14.3 1.43 1.30 0.80 Dec 6,982 0.0 AC Devon Energy Corporation DVN N 2 AG $58.23 70.00 63.95 50.81 23.0 3.26 2.53 4.05 Dec 23,641 1.5 AC Diamondback Energy, Inc. FANG Q 3 AG $34.95 NM 35.91 15.65 34.6 0.45 1.01 1.13 Dec 1,293 0.0 JF ECA Marcellus Trust I (cu) ECT N 3 TR $10.01 NM 22.34 9.06 5.5 2.48 1.82 1.38 Dec 176 27.3 KS Energen Corp. EGN N 3 G $56.18 NM 56.44 40.13 18.0 3.15 3.13 4.07 Dec 4,051 1.0 JF Energy XXI Limited EXXI Q 2 HR $25.97 33.00 37.90 21.49 18.7 3.31 1.39 1.25 Jun 2,061 1.9 AC EOG Resources, Inc. EOG N 2 AG $131.12 148.00 139.00 82.48 17.8 5.67 7.37 5.75 Dec 35,673 0.6 AC EV Energy Partners L.P. EVEP Q 2 HR $40.69 50.00 66.30 39.15 50.9 1.79 0.80 2.56 Dec 1,879 7.5 KS Forest Oil Corp. FST N 3 AG $4.79 NM 9.32 4.05 NM 0.42 (0.03) (0.23) Dec 566 0.0 AC Goodrich Petroleum Corp. GDP N 3 AG $13.24 NM 16.20 7.77 NM (0.90) (0.98) (0.54) Dec 482 0.0 JF Halcón Resources Corp. HK N 2 AG $5.47 8.00 11.10 5.26 14.4 0.06 0.38 0.42 Dec 2,023 0.0 AC InterOil Corp. IOC N 2 HR $79.17 100.00 106.44 50.90 NM (0.03) (0.42) (0.88) Dec 3,903 0.0 PM Kodiak Oil & Gas Corp. KOG N 3 HR $9.06 NM 9.97 6.92 10.8 0.63 0.84 0.80 Dec 2,405 0.0 JF Kosmos Energy Ltd. KOS N 2 HR $10.53 14.00 13.05 8.19 70.2 (0.15) 0.15 (0.30) Dec 3,956 0.0 PM Legacy Reserves L.P. LGCY Q 2 TR $28.02 29.00 29.93 22.33 23.0 1.42 1.22 0.92 Dec 1,598 8.2 KS LINN Energy, LLC LINE Q 1 TR $34.75 44.00 42.57 34.26 26.3 1.43 1.32 1.90 Dec 8,169 8.4 KS LinnCo, LLC LNCO Q 1 TR $37.93 47.00 44.20 35.15 28.7 1.43 1.32 1.90 Dec 1,320 7.5 KS LRR Energy L.P. LRE N 2 TR $14.14 19.00 20.08 12.25 12.9 0.85 1.10 1.22 Dec 317 13.5 KS


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Energy - USA Exploration and Production Marathon Oil Corp. MRO N 3 G $35.48 NM 36.68 23.17 15.2 2.47 2.34 1.89 Dec 25,262 1.9 PM Memorial Production Partners L.P. MEMP Q 1 TR $19.63 24.00 20.75 15.71 11.8 1.01 1.67 1.65 Dec 436 10.4 KS Mid-Con Energy Partners L.P. MCEP Q 2 TR $24.39 25.00 26.50 17.40 12.0 1.61 2.03 2.03 Dec 434 8.3 KS MV Oil Trust (cu) MVO N 3 TR $28.19 NM 38.17 22.16 9.3 3.40 3.03 1.85 Dec 324 12.3 KS National Fuel Gas Company NFG N 3 G $62.17 NM 64.58 41.57 20.3 2.57 3.06 3.20 Sep 5,190 2.4 KS,DH Newfield Exploration Company NFX N 3 AG $24.70 NM 35.65 19.57 19.6 2.27 1.26 (0.55) Dec 3,345 0.0 AC Noble Energy, Inc. NBL N 3 G $118.26 NM 123.21 76.83 17.3 5.12 6.84 6.03 Dec 21,287 1.0 JF Northern Oil & Gas Inc. NOG M 4 NM $13.99 NM 19.70 12.00 10.2 1.05 1.37 1.57 Dec 892 0.0 JF Oasis Petroleum Inc. OAS N 2 AG $38.49 46.00 39.78 22.02 14.5 1.49 2.65 2.27 Dec 3,591 0.0 AC Occidental Petroleum Corp. OXY N 2 G $92.65 100.00 94.42 72.43 13.2 7.08 7.02 4.89 Dec 74,602 2.8 PM PetroQuest Energy PQ N 3 HR $4.87 NM 7.05 3.55 11.3 (0.03) 0.43 0.39 Dec 306 0.0 AC Pioneer Natural Resources Company PXD N 2 AG $145.24 148.00 146.68 77.41 33.4 3.68 4.35 2.87 Dec 19,819 0.1 JF Pioneer Southwest Energy Partners L.P. PSE N 3 TR $34.02 NM 34.23 20.63 17.2 2.06 1.98 2.29 Dec 1,215 6.1 KS Plains Exploration & Production Company PXP N 3 AG $48.96 NM 49.49 30.12 15.4 1.74 3.18 0.35 Dec 6,316 0.0 JF QEP Resources, Inc. QEP N 2 G $28.72 38.00 33.50 24.35 21.6 1.33 1.33 1.15 Dec 5,149 0.3 AC QR Energy L.P. QRE N 2 TR $17.53 19.00 20.99 15.25 12.4 0.67 1.41 1.22 Dec 782 11.1 KS Questar Corp. STR N 3 G $24.37 NM 26.01 17.20 21.0 1.19 1.16 1.19 Dec 4,266 3.0 KS,DH Quicksilver Resources Inc. KWK N 4 NM $2.49 NM 5.90 1.62 NM (0.29) (0.02) (0.17) Dec 431 0.0 JF Range Resources Corp. RRC N 3 AG $77.62 NM 83.15 53.09 61.6 0.92 1.26 1.28 Dec 12,650 0.2 AC Resolute Energy Corp. REN N 2 AG $8.64 11.00 11.56 7.75 NM 0.01 0.02 (0.18) Dec 535 0.0 JF Rosetta Resources Inc. ROSE Q 3 HR $49.32 NM 54.61 32.37 12.9 2.78 3.83 2.97 Dec 2,611 0.0 JF SandRidge Energy Inc. SD N 3 AG $5.13 NM 7.80 4.52 NM 0.22 (0.23) (0.26) Dec 2,531 0.0 JF SandRidge Mississippian Trust I (cu) SDT N 3 TR $13.66 NM 29.43 12.14 5.4 2.85 2.52 2.27 Dec 382 17.3 KS SandRidge Mississippian Trust II (cu) SDR N 3 TR $12.85 NM 21.23 10.50 5.7 1.90 2.24 2.34 Dec 639 16.5 KS SandRidge Permian Trust (cu) PER N 2 TR $14.26 16.00 21.63 13.42 6.1 2.38 2.34 2.60 Dec 749 16.9 KS SM Energy Company SM N 3 AG $62.87 NM 65.55 39.44 20.5 1.18 3.07 1.04 Dec 4,162 0.2 AC Southwestern Energy Company SWN N 2 AG $38.61 48.00 40.34 25.63 18.8 1.40 2.05 2.06 Dec 13,572 0.0 AC Stone Energy Corp. SGY N 3 HR $23.22 NM 27.87 17.34 8.4 3.15 2.75 1.10 Dec 1,130 0.0 JF Swift Energy Company SFY N 3 AG $14.37 NM 23.71 11.97 30.6 0.49 0.47 (0.98) Dec 623 0.0 AC Ultra Petroleum Corporation UPL N 3 AG $23.61 NM 24.52 15.26 14.4 1.83 1.64 1.73 Dec 3,610 0.0 AC Vanguard Natural Resources, LLC VNR Q 2 TR $29.79 32.00 30.22 22.81 25.9 1.18 1.15 1.28 Dec 1,761 8.2 KS VOC Energy Trust (cu) VOC N 3 TR $13.43 NM 20.68 11.69 8.1 2.01 1.65 1.02 Dec 228 7.7 KS W&T Offshore, Inc. WTI N 4 NM $15.28 NM 21.36 10.68 14.7 1.15 1.04 0.09 Dec 1,194 2.4 JF Whiting Petroleum Corp. WLL N 2 AG $45.87 60.00 54.86 35.68 14.0 3.32 3.27 0.45 Dec 5,405 0.0 JF Whiting USA Trust I (cu) WHX N 4 NM $5.06 NM 18.20 4.35 2.8 2.50 1.84 1.14 Dec 70 45.7 KS Whiting USA Trust II (cu) WHZ N 3 TR $12.92 NM 21.86 12.76 4.9 3.26 2.64 1.71 Dec 238 19.5 KS


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Energy - USA Integrated Majors and Refiners Independent Refiners Delek US Holdings, Inc. DK N 2 HR $35.87 45.00 41.47 14.84 8.7 4.71 4.12 4.50 Dec 2,174 1.7 CJG,PM HollyFrontier Corp. HFC N 2 G $49.67 54.00 59.20 28.30 8.4 8.49 5.91 6.75 Dec 10,143 2.4 CJG,PM Marathon Petroleum Corp. MPC N 2 G $83.75 87.00 92.73 33.66 8.7 9.79 9.63 11.25 Dec 27,889 1.7 CJG,PM PBF Energy, Inc. PBF N 2 AG $28.59 39.00 42.50 25.88 6.1 5.07 4.70 6.50 Dec 2,785 4.2 CJG,PM Phillips 66 PSX N 3 G $66.52 NM 70.52 29.25 8.9 8.27 7.50 7.50 Dec 42,280 1.9 CJG,PM Tesoro Corp. TSO N 3 AG $62.16 NM 65.75 21.58 12.0 6.65 5.17 7.50 Dec 8,802 1.3 CJG,PM Valero Energy Corp. VLO N 1 G $40.73 46.00 44.73 18.27 7.4 5.60 5.50 6.75 Dec 22,646 2.0 CJG,PM Western Refining, Inc. WNR N 3 G $33.07 NM 39.42 17.84 7.2 5.16 4.61 5.00 Dec 2,875 1.5 CJG,PM

Integrated Oil and Gas Chevron Corp. CVX N 2 TR $126.43 125.00 127.77 95.73 10.6 12.41 11.94 8.79 Dec 245,767 3.2 PM Exxon Mobil Corp. XOM N 2 TR $92.38 96.00 93.67 77.13 11.6 8.08 7.96 6.39 Dec 414,324 2.7 PM Hess Corp. HES N 3 G $68.52 NM 74.48 39.67 12.0 5.87 5.70 1.93 Dec 23,475 0.6 PM Murphy Oil Corp. MUR N 3 G $61.70 NM 65.68 43.29 11.8 5.69 5.23 3.03 Dec 11,834 2.0 PM Petróleo Brasileiro S.A. (ed,r) PBR N 3 G $18.28 NM 24.83 14.40 9.3 1.69 1.97 1.12 Dec 119,222 2.7 PM,FP


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Energy - USA Midstream Suppliers Access Midstream Partners L.P. ACMP N 2 TR $44.26 45.00 45.05 23.50 36.6 1.11 1.21 1.45 Dec 6,117 4.2 DH American Midstream Partners L.P. AMID N 3 HR $21.49 NM 22.31 13.11 NM (0.70) (0.15) 0.22 Dec 196 8.1 DH AmeriGas Partners L.P. APU N 3 HR $47.40 NM 47.82 37.00 28.7 (0.05) 1.65 2.82 Sep 4,399 7.1 DH Boardwalk Pipeline Partners L.P. BWP N 4 NM $31.52 NM 31.60 23.55 23.9 1.37 1.32 1.38 Dec 7,269 6.8 DH Calumet Specialty Products Partners L.P. CLMT Q 3 HR $35.66 NM 40.25 20.76 18.7 3.53 1.91 2.02 Dec 2,052 7.6 DH,CJG Capital Product Partners L.P. CPLP Q 3 HR $9.12 NM 9.50 5.79 17.9 (0.46) 0.51 0.44 Dec 775 10.2 DH Crosstex Energy Inc. XTXI Q 3 HR $19.91 NM 21.59 11.32 NM (0.26) (0.71) (0.55) Dec 948 2.4 DH Crosstex Energy L.P. XTEX Q 3 HR $21.54 NM 21.74 13.06 NM (1.01) (0.84) (0.81) Dec 1,712 6.1 DH Delek Logistics Partners L.P. DKL N 2 TR $34.72 36.00 35.96 20.52 18.9 0.68 1.84 1.77 Dec 837 4.4 DH,CJG Eagle Rock Energy Partners L.P. EROC Q 4 NM $8.84 NM 10.58 8.23 NM 0.22 (0.25) (0.10) Dec 1,370 10.0 KS,DH El Paso Pipeline Partners L.P. EPB N 3 TR $43.06 NM 44.76 31.52 21.8 2.14 1.98 2.19 Dec 9,505 5.8 DH Energy Transfer Equity L.P. ETE N 2 TR $60.00 61.00 62.50 34.00 49.2 1.08 1.22 1.27 Dec 16,798 4.3 DH Energy Transfer Partners L.P. ETP N 3 TR $51.12 NM 53.00 40.19 19.0 4.64 2.69 3.27 Dec 20,049 7.0 DH Enterprise Products Partners L.P. EPD N 1 TR $62.47 67.00 63.56 45.67 21.3 2.71 2.93 2.94 Dec 55,498 4.3 DH Ferrellgas Partners L.P. FGP N 4 NM $21.51 NM 21.85 15.21 43.0 (0.14) 0.50 0.40 Jul 1,717 9.3 DH Genesis Energy Partners L.P. GEL N 2 TR $52.77 51.00 54.91 26.70 38.0 1.23 1.39 2.18 Dec 4,285 3.8 DH,CJG Global Partners L.P. GLP N 3 TR $36.39 NM 38.45 20.01 14.4 1.71 2.53 2.73 Dec 1,002 6.4 DH,CJG Golar LNG Partners L.P. GMLP Q 2 TR $34.17 33.00 36.00 25.52 15.8 2.11 2.16 2.31 Dec 1,335 5.9 DH Holly Energy Partners L.P. HEP N 3 TR $37.95 NM 44.90 26.12 29.4 1.33 1.29 1.52 Dec 4,310 5.0 DH,CJG Inergy L.P. NRGY N 3 HR $24.39 NM 25.34 13.32 NM 4.22 (0.08) 0.19 Sep 3,213 4.8 DH Kinder Morgan Energy Partners L.P. KMP N 3 TR $87.81 NM 92.99 74.15 29.2 (0.22) 3.01 3.19 Dec 32,770 5.9 DH Kinder Morgan, Inc. KMI N 2 TR $40.42 42.00 41.49 30.51 32.3 0.49 1.25 1.35 Dec 41,864 3.8 DH KNOT Offshore Partners L.P. KNOP N 2 TR $24.15 24.00 24.71 21.35 28.4 NA 0.85 1.24 Dec 423 0.0 DH Lehigh Gas Partners L.P. LGP N 2 TR $25.73 26.00 26.25 16.66 18.4 1.35 1.40 1.63 Dec 389 7.0 DH,BBL Magellan Midstream Partners L.P. MMP N 2 TR $54.16 56.00 56.29 33.31 23.9 1.92 2.27 2.61 Dec 12,251 3.8 DH,CJG Martin Midstream Partners L.P. MMLP Q 3 HR $45.70 NM 46.37 29.46 22.9 1.45 2.00 1.91 Dec 1,214 6.8 DH Niska Gas Storage Partners LLC NKA N 4 NM $14.79 NM 15.86 9.66 NM (2.39) (0.63) A 0.65 Mar 1,010 9.5 DH NuStar Energy L.P. NS N 3 HR $48.63 NM 54.95 38.43 22.4 (3.61) 2.17 2.74 Dec 3,788 9.0 DH,CJG NuStar GP Holdings, LLC NSH N 3 TR $28.91 NM 34.17 24.06 19.8 0.05 1.46 1.62 Dec 1,232 7.5 DH,CJG Oiltanking Partners L.P. OILT N 2 TR $52.50 54.00 53.97 29.01 26.5 1.57 1.98 2.20 Dec 2,042 3.1 DH,CJG PAA Natural Gas Storage L.P. PNG N 3 TR $20.85 NM 23.10 16.51 23.2 0.99 0.90 0.85 Dec 1,766 6.9 DH Plains All American Pipeline L.P. PAA N 2 TR $58.57 61.00 59.52 37.59 17.9 3.35 3.28 3.06 Dec 19,637 3.9 DH,CJG Southcross Energy Partners L.P. SXE N 3 AG $22.64 NM 26.49 18.34 NM 0.27 0.10 0.53 Dec 276 7.1 DH Spectra Energy Partners L.P. SEP N 3 TR $36.45 NM 40.12 27.15 22.9 1.69 1.59 1.75 Dec 3,853 5.5 DH


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Energy - USA Midstream Suppliers Suburban Propane Partners L.P. SPH N 3 HR $48.34 NM 50.25 34.58 27.2 0.50 1.78 2.23 Sep 2,760 7.2 DH Susser Petroleum Partners L.P. SUSP N 2 TR $29.39 33.00 33.41 22.52 17.3 1.57 1.70 1.97 Dec 644 6.0 DH,BBL Targa Resources Corp. TRGP N 2 TR $67.65 73.00 69.43 39.89 34.2 0.91 1.98 3.05 Dec 2,862 2.9 DH Targa Resources Partners L.P. NGLS N 2 TR $49.10 50.00 49.96 32.68 39.3 1.20 1.25 2.07 Dec 4,915 5.7 DH Teekay LNG Partners L.P. TGP N 2 TR $44.15 45.00 45.06 34.50 21.4 1.54 2.06 2.00 Dec 3,076 6.1 DH Teekay Offshore Partners L.P. TOO N 2 TR $33.44 33.00 33.96 24.55 19.7 1.59 1.70 2.10 Dec 2,679 6.3 DH Tesoro Logistics L.P. TLLP N 2 TR $68.09 69.00 71.92 29.25 30.5 1.85 2.23 3.11 Dec 2,484 2.9 DH,CJG The Williams Companies, Inc. WMB N 2 AG $36.40 38.00 38.57 27.25 52.0 1.08 0.70 1.30 Dec 24,825 3.9 KS,DH Williams Partners L.P. WPZ N 2 TR $52.85 60.00 56.17 45.01 35.7 1.84 1.48 2.29 Dec 21,032 6.4 KS,DH

Oilfield Services Compression Compressco Partners GSJK Q 2 TR $20.24 24.00 25.72 11.25 18.4 1.01 1.10 1.30 Dec 314 8.4 JMA,JMR Exterran Partners L.P. EXLP Q 2 TR $29.73 31.50 31.44 18.30 22.0 0.83 1.35 1.50 Dec 1,257 7.0 JMA,JMR USA Compression Partners L.P. USAC N 2 TR $22.12 23.50 22.68 17.25 41.7 0.24 0.53 0.85 Dec 644 7.9 JMA,JMR

Diversified Oilfield Services Baker Hughes, Inc. BHI N 3 AG $47.65 NM 50.97 37.08 15.6 3.21 3.05 3.65 Dec 21,061 1.3 JMA,CG Halliburton HAL N 3 AG $43.37 NM 45.75 26.28 14.2 3.00 3.05 3.25 Dec 40,377 1.2 JMA,CG Schlumberger Ltd. SLB N 2 AG $75.40 77.00 82.00 59.12 16.9 4.18 4.45 5.15 Dec 100,241 1.7 JMA,CG Weatherford WFT N 2 HR $14.12 16.50 14.65 8.84 18.8 0.59 0.75 0.90 Dec 10,813 0.0 JMA,CG

Manufacturing & Fabrication Cameron International Corp. CAM N 2 AG $63.61 77.00 67.42 38.38 17.9 3.14 3.55 4.85 Dec 15,733 0.0 JMA,CG FMC Technologies, Inc. FTI N 2 AG $57.51 60.00 59.27 36.89 26.1 1.86 2.20 2.70 Dec 13,636 0.0 JMA,CG Gulf Island Fabrication, Inc. GIFI Q 3 AG $20.97 NM 31.69 18.76 23.3 0.40 0.90 1.40 Dec 303 1.9 JMA,JMR Lufkin Industries, Inc. LUFK Q 4 NM $88.29 NM 88.65 45.11 26.0 2.87 3.40 3.00 Dec 2,967 0.6 JMA,CG National Oilwell Varco Inc. NOV N 2 AG $71.49 85.00 89.95 59.07 13.5 5.92 5.30 5.40 Dec 30,542 1.5 JMA,CG Oil States International, Inc. OIS N 3 AG $100.17 NM 103.50 60.03 14.8 7.94 6.75 6.95 Dec 5,505 0.0 JMA,CG

Offshore Construction/Transportation Cal Dive International Inc. DVR N 2 HR $2.01 2.30 3.08 1.00 NM (0.43) (0.20) 0.00 Dec 197 0.0 JMA,JMR Helix Energy Solutions Group HLX N 3 AG $24.46 NM 25.99 14.90 20.4 1.65 1.20 1.75 Dec 2,587 0.0 JMA,JMR

Offshore Drillers Atwood Oceanics ATW N 2 HR $54.64 64.00 56.40 34.93 10.6 4.14 5.15 5.90 Sep 3,594 0.0 CG,JMA Diamond Offshore DO N 3 AG $70.53 NM 76.85 55.83 15.7 4.98 4.50 7.55 Dec 9,811 5.0 CG,JMA Ensco plc ESV N 2 AG $62.63 70.00 65.82 41.63 9.8 5.32 6.40 6.90 Dec 14,493 3.2 CG,JMA Hercules Offshore Inc. HERO Q 3 HR $7.22 NM 7.83 2.91 18.1 (0.55) 0.40 0.80 Dec 1,151 0.0 CG,JMA Noble Corporation NE N 3 AG $40.71 NM 42.34 28.73 13.8 2.02 2.95 4.65 Dec 10,309 1.4 CG,JMA Ocean Rig UDW ORIG Q 2 HR $17.70 20.00 18.43 12.14 88.5 (0.71) 0.20 1.95 Dec 2,331 0.0 CG,JMA Pacific Drilling PACD N 2 AG $9.96 11.00 10.99 7.77 33.2 0.06 0.30 0.75 Dec 2,160 0.0 JMA,CG Rowan Companies RDC N 3 AG $34.68 NM 39.40 28.62 13.9 1.81 2.50 3.50 Dec 4,307 0.0 CG,JMA Transocean RIG N 3 AG $52.31 NM 59.50 39.32 11.4 3.56 4.60 5.90 Dec 18,849 0.0 CG,JMA


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Energy - USA Onshore Drillers Nabors Industries Ltd. NBR N 3 AG $16.78 NM 18.24 12.40 18.6 1.84 0.90 0.75 Dec 4,944 1.0 JMA,JMR Patterson-UTI Energy, Inc. PTEN Q 3 AG $21.75 NM 25.48 12.81 19.8 1.91 1.10 0.65 Dec 3,185 0.9 JMA,JMR Pioneer Energy Services Corp PES N 3 HR $7.45 NM 9.91 5.91 NM 0.49 (0.25) (0.40) Dec 466 0.0 JMA,JMR Unit Corporation UNT N 3 AG $45.50 NM 49.68 32.08 14.0 4.15 3.25 2.15 Dec 2,234 0.0 JMA,JMR

Production/Workover/Miscellaneous Basic Energy Services, Inc. BAS N 4 NM $13.90 NM 16.60 8.52 NM 0.82 (0.65) (0.85) Dec 591 0.0 JMA,JMR Dawson Geophysical Company DWSN Q 3 AG $37.93 NM 38.52 20.20 18.1 1.22 2.10 1.15 Sep 305 0.0 JMA,CG Global Geophysical Services, Inc. GGS N 4 NM $4.01 NM 7.59 1.86 NM 0.16 (0.10) (0.30) Dec 151 0.0 JMA,CG Hi-Crush Partners L.P. HCLP N 2 HR $21.38 22.00 23.78 13.21 8.6 1.50 2.50 2.90 Dec 584 9.0 JMA,JMR Key Energy Services Inc. KEG N 3 HR $6.28 NM 10.80 5.61 41.9 0.67 0.15 0.05 Dec 957 0.0 JMA,JMR Newpark Resources NR N 3 HR $11.36 NM 11.78 5.19 15.8 0.66 0.72 0.70 Dec 979 0.0 JMA,JMR Superior Energy Services, Inc. SPN N 2 AG $28.30 30.00 29.22 17.54 15.3 2.88 1.85 1.75 Dec 4,457 0.0 JMA,JMR Tetra Technologies Inc. TTI N 3 HR $10.00 NM 10.74 5.35 14.3 0.63 0.70 0.80 Dec 781 0.0 JMA,JMR

Other - Energy Chart Industries, Inc. GTLS Q 2 AG $97.85 114.00 99.18 55.89 28.8 2.51 3.40 4.51 Dec 2,967 0.0 PM

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Energy - CAN Justin Bouchard, P.Eng., CFA [email protected] Andrew Bradford, CFA [email protected]

Luc Mageau, CFA [email protected] Kristopher Zack, CA, CFA [email protected]

Nick Heffernan [email protected] Steven Li, CFA [email protected]

Theoni Pilarinos, CFA [email protected] Steve Hansen, CMA, CFA [email protected]

Alternative Energy & Clean Tech Alterra Power Corp. AXY T 2 VR C$0.32 0.65 0.59 0.26 NM (0.04) (0.05) NA Dec C$149 0.0 SL Ram Power RPG T 3 VR C$0.20 0.35 0.30 0.16 NM (0.19) (0.06) 0.00 Dec C$59 0.0 SL U.S. Geothermal HTM M 2 VR US$0.43 0.70 0.48 0.26 4.3 (0.02) 0.10 NA Dec US$38 0.0 SL


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Energy - CAN Intermediate Oil & Gas Producers Advantage Oil & Gas Ltd. (cf) AAV T 2 HR C$4.66 4.50 4.68 2.54 6.8 0.35 0.69 0.82 Dec C$785 0.0 LM Arc Resources Ltd. (cf) ARX T 3 TR C$28.08 25.50 28.50 19.26 10.4 2.42 2.69 3.08 Dec C$8,708 4.3 KZ Baytex Energy Corp. (cf) BTE T 2 TR C$39.65 48.00 50.37 36.37 9.0 4.35 4.39 4.98 Dec C$4,857 6.7 KZ Birchcliff Energy Ltd. (cf) BIR T 3 HR C$8.64 8.25 8.80 5.12 7.2 0.87 1.20 1.20 Dec C$1,223 0.0 LM Bonavista Energy Corporation (cf) BNP T 3 TR C$16.18 15.50 19.21 12.25 6.7 2.07 2.43 2.59 Dec C$3,160 5.2 KZ Crescent Point Energy (cf) CPG T 2 TR C$38.44 44.00 45.70 34.53 8.0 4.78 4.82 5.22 Dec C$14,703 7.2 KZ Crew Energy Inc. (cf) CR T 2 HR C$6.18 8.75 8.39 5.03 4.2 1.53 1.47 1.69 Dec C$751 0.0 LM Enerplus Corporation (cf) ERF T 2 TR C$16.75 17.00 16.95 11.53 4.6 3.19 3.63 3.60 Dec C$3,342 6.5 KZ Legacy Oil & Gas Inc. (cf) LEG T 1 AG C$5.53 11.00 8.25 4.80 3.0 1.53 1.87 2.10 Dec C$870 0.0 KZ Lightstream Resources Ltd. (cf) LTS T 3 AG C$8.72 11.00 15.44 7.51 2.5 3.10 3.42 3.44 Dec C$1,690 11.0 JB Lone Pine Resources, Inc. (cf) LPR T 4 HR C$0.99 0.70 3.53 0.88 3.3 0.89 0.30 0.20 Dec C$85 0.0 KZ Pengrowth Energy Corporation (cf) PGF T 3 TR C$5.24 5.25 7.88 3.93 4.7 1.16 1.12 1.15 Dec C$2,701 9.2 KZ Perpetual Energy Inc. (cf) PMT T 3 HR C$1.28 1.35 1.64 0.77 3.4 0.32 0.38 0.42 Dec C$189 0.0 KZ Peyto Exploration and Development (cf) PEY T 2 TR C$31.15 32.00 32.09 16.65 10.1 2.10 3.08 3.86 Dec C$4,626 3.1 KZ Surge Energy Inc. (cf) SGY T 2 HR C$4.98 6.00 8.85 2.68 3.4 1.28 1.48 1.68 Dec C$362 0.0 LM Tourmaline Oil Corp. (cf) TOU T 2 AG C$41.72 49.00 41.99 22.52 11.4 1.65 3.66 5.16 Dec C$7,902 0.0 LM Trilogy Energy Corp. (cf) TET T 2 G C$31.75 35.00 33.14 20.23 9.5 2.04 3.34 4.18 Dec C$3,766 1.3 LM Twin Butte Energy Inc. (cf) TBE T 1 TR C$2.27 3.25 3.02 1.98 4.1 0.65 0.56 0.63 Dec C$567 8.8 LM Vermilion Energy Inc. (cf) VET T 3 TR C$52.26 51.50 53.53 41.27 8.2 5.62 6.36 5.78 Dec C$5,200 4.6 KZ Whitecap Resources Inc. (cf) WCP T 1 G C$11.00 12.50 11.17 5.79 5.6 1.63 1.98 2.12 Dec C$1,634 5.5 LM Zargon Oil & Gas Ltd. (cf) ZAR T 2 TR C$6.13 8.00 10.98 6.00 2.9 1.86 2.08 2.02 Dec C$184 11.8 KZ

Junior Oil & Gas Producers Cequence Energy Inc. (cf) CQE T 3 HR C$1.76 2.00 2.05 0.88 6.5 0.18 0.27 0.32 Dec C$371 0.0 LM Crocotta Energy Inc. (cf) CTA T 2 HR C$3.21 4.25 3.59 1.76 3.5 0.55 0.92 1.10 Dec C$294 0.0 LM DeeThree Exploration Ltd. (cf) DTX T 2 HR C$7.50 8.75 8.36 2.56 5.3 0.66 1.42 2.01 Dec C$572 0.0 KZ Insignia Energy Ltd. (cf) ISN T 3 HR C$1.30 0.85 1.33 0.55 3.7 0.26 0.35 0.37 Dec C$79 0.0 LM Kelt Exploration Ltd. (cf) KEL T 3 AG C$7.43 7.50 7.45 5.30 21.2 NA 0.35 0.72 Dec C$625 0.0 LM LGX Oil + Gas Inc. (cf) OIL V 2 VR C$0.41 1.25 2.25 0.41 5.1 (0.03) 0.08 NA Dec C$36 0.0 KZ Manitok Energy Inc. (cf) MEI V 3 AG C$2.82 3.00 3.49 1.06 4.7 0.29 0.60 0.74 Dec C$205 0.0 LM Novus Energy Inc. (cf) NVS V 2 HR C$0.90 1.00 1.18 0.60 3.1 0.22 0.29 0.29 Dec C$172 0.0 LM Renegade Petroleum Ltd. (cf) RPL V 3 HR C$1.33 2.00 3.35 1.02 2.4 0.60 0.56 0.56 Dec C$270 17.3 LM Santonia Energy Inc. (cf) STE T 3 HR C$1.69 1.70 1.94 1.14 5.1 0.37 0.33 0.40 Dec C$173 0.0 KZ Strategic Oil & Gas Ltd. (cf) SOG V 1 AG C$1.17 1.75 1.45 0.46 4.7 0.11 0.25 0.34 Dec C$249 0.0 LM TORC Oil & Gas Ltd. (cf) TOG T 1 HR C$1.47 3.25 3.32 1.42 5.3 0.10 0.28 0.34 Dec C$284 0.0 KZ TriOil Resources Ltd. (cf) TOL V 2 HR C$2.76 4.00 3.49 1.28 3.4 0.45 0.82 0.96 Dec C$177 0.0 LM Waldron Energy Corporation (cf) WDN T 3 HR C$0.25 0.55 0.60 0.24 1.0 0.22 0.24 0.23 Dec C$10 0.0 KZ Yangarra Resources Ltd. (cf) YGR V 3 VR C$0.32 0.50 0.42 0.23 1.8 0.12 0.18 0.20 Dec C$39 0.0 LM Zodiac Exploration Inc. (cf) ZEX V 3 VR C$0.05 0.10 0.14 0.03 NM (0.01) E NA NA Sep C$18 0.0 JB


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Energy - CAN Oil & Gas Energy Services Contract Drillers Ensign Energy Services Inc. (cb) ESI T 3 HR C$16.51 18.00 18.35 12.89 NM 569 511 479 Dec C$2,699 2.7 AB Precision Drilling Corporation (cb) PD T 2 HR C$8.69 11.00 9.49 5.97 NM 690 672 690 Dec C$2,610 2.3 AB Savanna Energy Services (cb) SVY T 2 HR C$7.18 9.00 8.42 6.30 NM 151 168 163 Dec C$668 5.0 AB Trinidad Drilling Ltd. (cb) TDG T 1 HR C$7.10 9.75 7.72 5.16 NM 282 261 247 Dec C$867 2.8 AB Tuscany International Drilling Inc. (cb) TID T 3 VR C$0.17 0.20 0.55 0.09 NM 63 56 75 Dec US$70 0.0 AB Western Energy Services Corp. (cb) WRG T 2 HR C$7.04 9.25 8.51 5.32 NM 109 130 165 Dec C$535 4.3 AB

Facilities & Infrastructure Black Diamond Group Limited (cb) BDI T 1 AG C$24.25 28.00 24.29 18.26 NM 112 153 185 Dec C$1,089 3.5 AB Enerflex Ltd. (cb) EFX T 3 AG C$13.11 14.00 14.26 10.25 NM 156 134 137 Dec C$1,055 2.1 AB Horizon North Logistics Inc. (cb) HNL T 2 AG C$6.78 8.25 8.49 5.09 NM 145 152 179 Dec C$774 3.7 NH,AB Secure Energy Services Inc. (cb) SES T 2 AG C$13.40 14.00 14.40 7.00 NM 100 142 185 Dec C$1,532 1.1 AB

Pressure Pumpers Calfrac Well Services (cb) CFW T 2 HR C$27.72 30.00 28.57 20.22 NM 264 184 285 Dec C$1,372 3.6 AB Canyon Services Group Inc. (cb) FRC T 2 HR C$11.52 13.00 12.50 8.76 NM 108 71 120 Dec C$751 5.2 AB GasFrac Energy Services Ltd. (cb) GFS T 3 VR C$1.72 1.65 4.46 1.23 NM 0 11 19 Dec C$122 0.0 AB Trican Well Service (cb) TCW T 3 HR C$14.04 15.00 15.42 10.30 NM 250 256 415 Dec C$2,242 2.1 AB

Well Site & Other Services Essential Energy Services Ltd. (cb) ESN T 2 HR C$2.48 2.60 2.68 1.75 NM 72 75 82 Dec C$328 4.0 AB McCoy Corporation MCB T 2 TR C$4.76 5.50 4.81 3.23 9.9 0.49 0.48 0.55 Dec C$134 4.2 TP,SH Mullen Group Ltd. (cb) MTL T 2 AG C$21.52 23.00 23.95 19.85 NM 297 291 300 Dec C$2,025 5.6 AB Strad Energy Services Ltd. (cb) SDY T 3 HR C$3.39 3.50 5.50 2.85 NM 47 41 43 Dec C$135 6.5 AB

Oil Sands & Producers Athabasca Oil Corp. (cf) ATH T 2 HR C$6.30 14.50 14.05 5.59 NM (0.09) 0.03 0.24 Dec C$2,523 0.0 JB BlackPearl Resources Inc. (cf) PXX T 2 HR C$2.22 4.00 4.22 1.90 12.3 0.28 0.18 0.27 Dec C$689 0.0 JB Canadian Oil Sands Limited (cf) COS T 3 TR C$20.31 18.50 22.34 18.21 7.9 3.26 2.58 2.87 Dec C$9,844 6.9 JB Connacher Oil and Gas (cf) CLL T 3 VR C$0.09 0.20 0.62 0.09 NM 0.05 (0.05) 0.03 Dec C$40 0.0 JB MEG Energy Corp. (cf) MEG T 2 HR C$26.87 43.00 41.90 25.50 29.9 0.96 0.90 3.07 Dec C$5,981 0.0 JB Petrobank Energy and Resources Ltd. (cf) PBG T 3 HR C$0.54 0.75 1.29 0.49 NM (0.07) (0.11) (0.10) Dec C$53 0.0 JB Southern Pacific Resources Corp. (cf) STP T 1 HR C$0.51 1.50 1.64 0.34 17.0 0.08 0.03 0.22 Dec C$203 0.0 JB

Senior Oil & Gas Producers Canadian Natural Resources Ltd (cf) CNQ T 2 G C$31.58 38.00 33.97 25.58 4.9 5.49 6.45 7.36 Dec C$34,561 1.6 JB,KZ Cenovus Energy (cf) CVE T 2 G C$31.40 41.00 36.25 28.32 6.2 4.80 5.03 5.13 Dec C$23,820 3.1 JB,KZ EnCana Corporation (cf) ECA T 3 G C$20.23 21.00 23.86 17.64 5.8 4.76 3.50 4.08 Dec C$14,883 4.1 KZ,JB Husky Energy Inc. (cf) HSE T 3 G C$30.09 30.00 32.34 22.04 5.8 5.13 5.21 5.31 Dec C$29,603 4.0 JB,KZ Imperial Oil Limited (cf) IMO T 2 G C$40.76 48.00 48.32 38.58 8.4 5.91 4.85 5.36 Dec C$34,670 1.2 JB,KZ Suncor Energy Inc (cf) SU T 2 G C$32.35 38.00 34.99 26.97 5.0 6.37 6.47 6.64 Dec C$49,292 2.5 JB


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Energy - EUR Emmanuel Retif [email protected] Bertrand Hodée [email protected]

Integrated Majors and Refiners BG Group BG.L LSE 2 1219.00p 1380 1357.00 991.00 NM 1.29 1.08 0.93 Dec £41,641 1.5 BH

Integrated Majors BP (d) BP.L LSE 3 482.65p NM 485.43 391.55 NM 0.91 0.72 0.67 Dec £101,159 5.0 BH Eni ENI.MI BIT 2 €18.44 20.00 19.59 14.94 10.0 1.97 1.84 1.66 Dec 66,797 6.0 BH OMV OMV.AV WBAG 4 €37.38 34.00 39.69 21.21 9.5 4.73 3.94 3.41 Dec 12,193 3.3 BH Repsol REP.MC MAD 2 €18.31 20.00 18.55 10.58 11.5 1.59 1.59 1.34 Dec 23,473 4.4 BH Royal Dutch Shell (d) RDSa.AS AMS 3 €26.34 NM 28.99 24.15 6.6 4.03 4.26 3.54 Dec 168,315 5.3 BH Total TOTF.PA EPA 3 €40.07 NM 42.00 33.42 8.1 5.50 4.95 4.42 Dec 93,259 5.9 BH

Oilfield Services Diversified Oilfield Services Technip TECF.PA EPA 2 €88.60 96.00 92.36 69.21 16.6 4.62 5.33 6.68 Dec 9,684 2.0 BH

Seismic CGG CGG.PA EPA 3 €20.15 NM 25.76 15.31 14.1 0.67 1.43 2.28 Dec 3,516 0.0 BH

Utilities Electricity & Gas Centrica CNA.L LSE 4 392.70p 321.0 395.49 301.20 13.6 27.00 28.90 27.40 Dec £19,827 4.4 ER CEZ CEZsp.PR PRG 4 CZK558.00 478.00 776.60 535.00 7.8 75.30 71.20 65.60 Dec 297,972 6.8 ER E.On EONGn.DE ETR 3 €13.32 NM 19.74 12.42 7.8 1.71 1.22 1.22 Dec 26,653 8.3 ER EDF EDF.PA EPA 4 €17.99 12.90 18.27 13.39 10.5 2.28 1.71 1.81 Dec 33,261 6.4 ER Enel ENEI.MI MCE 3 €3.00 NM 3.30 2.02 8.3 0.36 0.36 0.37 Dec 28,209 4.7 ER Fortum FUM1V.HE HEL 2 €15.03 15.60 16.49 12.81 11.2 1.34 1.34 1.26 Dec 13,352 6.7 ER GDF Suez GSZ.PA EPA 4 €16.44 14.40 20.35 14.05 12.5 1.55 1.31 1.26 Dec 39,642 9.1 ER RWE RWEG.DE ETR 4 €27.42 24.80 36.47 25.83 6.9 4.00 3.97 3.56 Dec 15,318 7.3 ER SSE SSE.L LSE 4 1628.00p 1270 1690.00 1286.00 14.2 112.80 115.00 118.00 Mar £15,482 5.2 ER Verbund VERB.VI WBAG 4 €16.28 15.70 20.09 14.50 16.3 1.12 1.00 0.94 Dec 5,649 6.1 ER

Environmental Services Suez Environnement SEVI.PA EPA 2 €10.21 10.80 11.36 7.81 16.7 0.61 E 0.64 0.75 Dec 5,209 6.4 ER Veolia Environnement VIE.PA EPA 2 €9.78 11.10 11.10 7.38 17.2 0.12 0.57 0.76 Dec 5,082 7.2 ER


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Energy - LAT Federico Rey Marino [email protected] Santiago Ruiz Guinazu [email protected]

Santiago Wesenack, CFA [email protected]

Electric Utilities Edenor EDN N S NM US$2.15 NM 3.01 1.65 NM (9.35) UR UR Dec US$97 0.0 SW,SR Pampa Energia SA PAM N S NM US$3.46 NM 4.78 3.00 NM (2.67) UR UR Dec US$201 0.0 SW,SR Transener TRAN BA S NM AR$0.67 NM 0.92 0.45 NM (0.10) UR UR Dec AR$298 0.0 SR,SW

Exploration and Production GeoPark Holdings GPK.L LSE 2 AG £5.73 6.65 7.70 5.50 19.8 0.88 E 0.96 1.05 Dec £243 0.0 SR,SW

Gas Utility Transportadora de Gas del Sur TGS N 3 TR US$1.77 NM 2.48 1.22 5.5 0.31 0.23 0.40 Dec US$281 3.4 SR,SW

Integrated Majors and Refiners Integrated Majors Petrobras Argentina PZE N 2 TR US$4.40 16.00 6.00 3.41 1.8 0.62 1.35 1.66 Dec US$888 4.8 SW,SR YPF YPF N S TR US$13.78 UR 17.89 9.21 NM 2.12 UR UR Dec US$5,419 0.0 SW,SR

Oilfield Services Manufacturing & Fabrication Tenaris S.A. (cb) TS N 3 G US$42.90 NM 44.88 29.79 14.2 3.03 E 3.45 3.80 Dec US$25,324 2.2 SW,SR


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Financial Services - USA Daniel E. Cardenas [email protected] Robert Dodd, Ph.D. [email protected]

David J. Long, CFA [email protected] Patrick O'Shaughnessy, CFA [email protected]

C. Gregory Peters [email protected] Anthony Polini [email protected]

Michael Rose [email protected] Steven D. Schwartz, CFA [email protected]

William J. Wallace IV [email protected] Donald A. Worthington [email protected]

Asset Management Virtus Investment Partners, Inc. VRTS Q 2 AG $237.54 225.00 248.89 69.00 27.8 4.65 8.55 10.95 Dec 1,506 0.0 SDS

Financial Services

USA Europe

Asset Management ..................................................... 39 Banking ....................................................................... 40 Capital Markets .......................................................... 45 Insurance Brokerage and Services .............................. 45 Life and Health Insurance ........................................... 46 Non-Life Insurance ...................................................... 46 Specialty Finance ........................................................ 47

Investment Companies ............................................ 47 Specialty Consumer Finance .................................... 47

Insurance ..................................................................... 47 Generalist Insurers ................................................... 47 Reinsurers ................................................................ 48 Specialist Insurers .................................................... 48

Latin America

Financial Institutions ................................................... 48 Latin American Banking ............................................... 49


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Financial Services - USA Banking 1st Constitution Bancorp FCCY Q 2 AG $9.22 10.50 9.25 7.00 9.7 0.90 0.95 1.05 Dec 55 0.0 AP 1st United Bancorp, Inc. FUBC Q 3 HR $6.75 NM 6.83 5.30 22.5 0.18 0.30 0.40 Dec 232 0.6 MR Access National Corporation ANCX Q 3 AG $13.37 NM 18.07 10.90 12.7 1.71 1.05 1.00 Dec 138 3.0 WW American National Bankshares, Inc AMNB Q 2 AG $21.70 23.00 23.99 18.50 11.1 1.99 1.95 1.70 Dec 171 4.2 WW American River Bankshares AMRB Q 3 HR $7.79 NM 8.25 6.21 27.8 0.34 0.28 0.34 Dec 72 0.0 DAW Associated Banc-Corp ASBC Q 3 AG $15.53 NM 15.83 11.67 15.5 0.99 1.00 1.01 Dec 2,604 2.1 DJL Astoria Financial Corporation AF N 2 HR $10.33 11.00 11.08 8.36 17.8 0.57 0.58 0.56 Dec 999 1.6 AP BancFirst Corporation BANF Q 2 HR $43.57 48.00 44.90 36.49 12.6 3.30 3.45 3.50 Dec 662 2.7 MR BancorpSouth, Inc. BXS N 3 HR $17.43 NM 18.06 12.48 16.1 0.90 1.08 1.10 Dec 1,659 0.2 MR Bank of America Corporation BAC N 1 AG $13.35 15.00 13.73 6.85 13.9 0.25 0.96 1.34 Dec 154,257 0.3 AP Bank of Commerce Holdings BOCH Q 3 HR $4.88 NM 5.36 3.88 9.0 0.40 0.54 0.60 Dec 78 2.5 DAW Bank of Marin Bancorp BMRC Q 2 G $39.88 44.00 44.09 34.50 12.4 3.28 3.21 3.30 Dec 215 1.8 DAW Bank of New York Mellon Corp BK N 2 G $30.09 31.00 30.64 19.30 13.3 2.23 2.26 2.50 Dec 34,922 2.0 DJL Bank of the Ozarks Inc. OZRK Q 3 AG $44.54 NM 45.70 27.83 18.6 2.18 2.39 2.50 Dec 1,577 1.5 MR Banner Corporation BANR Q 2 G $32.55 35.00 34.30 18.05 13.6 3.16 2.40 2.35 Dec 631 1.5 DAW BB&T Corporation BBT N 1 TR $33.14 36.00 34.37 26.86 11.4 2.70 2.92 3.18 Dec 23,244 2.8 MR BBCN Bancorp, Inc. BBCN Q 3 AG $13.02 NM 13.90 9.98 12.6 0.99 1.03 1.15 Dec 1,016 1.5 DAW BNC Bancorp BNCN Q 3 HR $10.62 NM 11.19 6.72 16.3 0.01 0.65 0.85 Dec 281 1.9 WW BofI Holding, Inc. BOFI Q 2 AG $42.80 45.00 43.53 18.13 14.9 2.33 2.88 3.35 Jun 548 0.0 DAW BOK Financial Corp. BOKF Q 3 G $65.29 NM 66.22 50.89 13.5 5.17 4.85 4.62 Dec 4,485 2.3 MR Brookline Bancorp, Inc. BRKL Q 2 TR $8.65 10.50 9.45 7.54 14.9 0.57 0.58 0.64 Dec 606 3.9 AP Capital City Bank Group, Inc. CCBG Q 3 HR $11.97 NM 12.64 6.52 41.3 0.01 0.29 0.35 Dec 207 0.0 MR Cardinal Financial Corporation CFNL Q 1 AG $15.48 18.00 18.40 10.98 14.3 1.51 1.08 1.20 Dec 469 1.6 MR Cathay General Bancorp CATY Q 3 AG $20.82 NM 21.06 15.10 14.7 1.28 1.42 1.55 Dec 1,643 0.2 DJL CenterState Banks, Inc. CSFL Q 3 HR $8.75 NM 9.22 6.55 16.5 0.38 0.53 0.58 Dec 263 0.5 MR Central Pacific Financial Corp. CPF N 2 HR $18.70 20.00 18.86 12.01 4.4 1.13 4.21 0.82 Dec 784 0.0 DAW Central Valley Community Bancorp CVCY Q 2 HR $9.01 9.50 9.25 6.75 11.4 0.75 0.79 0.88 Dec 86 2.2 DAW Chemical Financial Corporation CHFC Q 3 AG $26.46 NM 26.82 19.25 14.2 1.89 1.87 1.91 Dec 728 3.2 DC Citigroup, Inc. C N 1 AG $51.79 56.00 52.89 24.61 11.0 3.90 4.72 5.35 Dec 157,701 0.1 AP City National Corp. CYN N 2 AG $62.81 61.00 63.15 46.12 16.6 3.81 3.79 3.95 Dec 3,367 1.6 DJL Columbia Banking System, Inc. COLB Q 3 G $21.86 NM 22.41 16.18 15.1 1.16 1.45 1.65 Dec 868 1.8 DAW Comerica Inc. CMA N 4 NM $39.53 NM 40.44 27.72 14.1 2.79 2.80 2.72 Dec 7,408 1.7 MR Commerce Bancshares, Inc. CBSH Q 3 AG $43.70 NM 44.39 34.45 15.2 2.90 2.88 2.98 Dec 3,964 2.1 DJL Community Bank System CBU N 1 TR $29.85 32.00 30.17 25.38 14.8 2.08 2.02 2.10 Dec 1,203 3.6 AP


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Financial Services - USA Banking Community Trust Bancorp, Inc. CTBI Q 3 AG $35.49 NM 36.92 29.60 12.2 2.84 2.91 2.93 Dec 554 3.6 DC Crescent Financial Bancshares CRFN Q 2 HR $4.12 4.50 6.15 3.51 27.5 0.06 0.15 0.36 Dec 147 0.0 WW CU Bancorp CUNB Q 2 AG $14.53 16.00 14.75 10.90 16.3 0.21 0.89 1.15 Dec 157 0.0 DAW Cullen/Frost Bankers, Inc. CFR N 4 NM $65.16 NM 65.32 53.37 17.2 3.86 3.78 3.95 Dec 3,910 3.1 MR CVB Financial Corp. CVBF Q 2 G $11.69 12.00 12.95 9.43 13.8 0.74 0.85 0.90 Dec 1,226 2.9 DAW Dime Community Bancshares DCOM Q 2 TR $14.59 16.00 14.98 12.56 11.6 1.34 1.26 1.30 Dec 509 3.8 AP East West Bancorp, Inc. EWBC Q 2 G $26.25 27.00 26.57 19.68 13.1 1.89 2.01 2.10 Dec 3,586 2.3 DJL Enterprise Financial Services Corp. EFSC Q 3 AG $15.70 NM 16.00 9.94 10.6 1.37 1.48 1.40 Dec 283 1.3 DC EverBank Financial Corp EVER N 1 AG $15.80 18.50 17.29 9.40 11.3 0.83 1.40 1.60 Dec 1,912 0.5 MR Fifth Third Bancorp FITB Q 2 AG $18.43 20.00 18.60 12.04 10.8 1.62 1.70 1.73 Dec 16,119 2.4 DJL First Bancorp FBNC Q 3 AG $15.38 NM 15.57 7.68 20.5 (1.69) 0.75 0.80 Dec 303 2.1 WW First Busey Corporation BUSE Q 3 AG $4.51 NM 5.00 4.09 17.4 0.24 0.26 0.27 Dec 391 3.6 DC First Business Financial Services, Inc. FBIZ Q 2 AG $29.50 32.00 30.10 16.20 9.0 3.29 3.28 3.22 Dec 115 1.9 DC First California Financial Group, Inc. FCAL Q 3 HR $8.54 NM 8.74 6.34 17.1 0.40 E 0.50 NA Dec 250 0.0 DAW First Community Bancshares, Inc. FCBC Q 2 TR $15.47 17.00 16.35 11.66 11.9 1.50 1.30 1.35 Dec 309 3.1 WW First Community Corporation FCCO Q 2 AG $9.40 10.00 9.47 7.60 11.8 0.91 0.80 0.75 Dec 49 2.1 WW First Defiance Financial Corp. FDEF Q 3 HR $23.18 NM 23.75 15.75 11.5 1.74 2.02 2.00 Dec 225 1.7 DC First Financial Bancorp FFBC Q 2 AG $16.05 17.00 18.00 13.87 15.1 1.13 1.06 1.10 Dec 931 6.0 DJL First Financial Bankshares, Inc. FFIN Q 3 TR $55.85 NM 56.73 30.50 22.2 2.37 2.52 2.60 Dec 1,759 1.9 MR First Financial Corporation THFF Q 3 AG $31.14 NM 33.09 27.07 13.4 2.46 2.33 2.26 Dec 414 3.1 DC First Financial Holdings, Inc. FFCH Q 3 AG $21.37 NM 21.79 8.49 17.8 1.29 1.20 1.00 Sep 353 0.9 WW First Horizon National Corporation FHN N 3 HR $11.52 NM 11.60 7.44 15.6 (0.11) 0.74 0.90 Dec 2,779 1.7 MR First Merchants Corporation FRME Q 3 HR $16.88 NM 17.00 10.97 13.1 1.41 1.29 1.44 Dec 484 1.2 DC First Midwest Bancorp, Inc. FMBI Q 3 AG $13.72 NM 13.87 9.42 16.0 (0.30) 0.86 1.00 Dec 1,030 1.2 DJL First Niagara Financial Group FNFG Q 3 AG $9.89 NM 10.17 7.08 13.4 0.71 0.74 0.80 Dec 3,462 3.2 AP First of Long Island Corporation FLIC Q 2 AG $32.00 31.00 32.10 26.25 13.3 2.28 2.40 2.35 Dec 291 3.1 WW First PacTrust Bancorp, Inc. BANC Q 2 AG $13.30 14.00 13.38 10.08 14.0 0.40 0.95 1.30 Dec 154 3.6 DAW First Security Group, Inc. FSGI Q 4 NM $4.55 NM 7.45 1.30 NM (13.16) E (7.10) NA Dec 8 0.0 MR Firstbank Corporation FBMI Q 3 HR $13.20 NM 14.98 7.72 9.9 1.21 1.33 1.28 Dec 106 1.8 DC FirstMerit Corp. FMER Q 3 AG $18.48 NM 18.90 12.95 13.8 1.29 1.34 1.45 Dec 2,025 3.5 DJL Flushing Financial Corp. FFIC Q 2 TR $15.74 17.00 17.10 12.26 14.1 1.16 1.12 1.24 Dec 480 3.3 AP Fulton Financial FULT Q 3 G $11.75 NM 11.91 8.75 14.3 0.80 0.82 0.84 Dec 2,295 2.7 AP German American Bancorp, Inc. GABC Q 3 AG $22.65 NM 25.42 17.86 13.0 1.82 1.74 1.70 Dec 285 2.7 DC Glacier Bancorp, Inc. GBCI Q 3 G $19.97 NM 20.24 13.25 16.0 1.05 1.25 1.26 Dec 1,438 2.8 DC


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Financial Services - USA Banking Hancock Holding Company HBHC Q 3 AG $28.66 NM 33.59 25.00 12.8 2.16 2.24 2.35 Dec 2,433 3.4 MR Heartland Financial USA, Inc. HTLF Q 3 AG $28.00 NM 29.01 17.92 11.4 2.73 2.45 2.41 Dec 470 1.4 DC Heritage Commerce Corp HTBK Q 3 HR $6.99 NM 7.18 5.86 21.8 0.27 0.32 0.35 Dec 184 0.0 DAW Heritage Financial Corporation HFWA Q 2 AG $14.32 16.00 15.57 13.25 17.3 0.87 0.83 1.15 Dec 216 2.2 DAW Heritage Oaks Bancorp HEOP Q 3 HR $5.90 NM 6.05 4.76 15.1 0.44 0.39 0.45 Dec 149 0.0 DAW Home BancShares, Inc. HOMB Q 3 G $43.33 NM 44.30 27.56 17.0 2.27 2.55 2.64 Dec 1,218 1.4 MR HopFed Bancorp, Inc. HFBC Q 3 AG $10.95 NM 11.22 6.81 24.9 0.38 0.44 0.65 Dec 82 0.7 DC Horizon Bancorp HBNC Q 2 HR $19.99 22.00 20.93 15.05 8.9 2.30 2.25 2.20 Dec 172 2.0 DC Hudson City Bancorp HCBK Q 3 HR $8.66 NM 8.82 5.69 24.1 0.51 0.36 0.34 Dec 4,304 1.9 AP Hudson Valley Holding Corp. HVB N 3 AG $18.15 NM 18.65 13.23 25.9 1.01 0.70 0.72 Dec 363 1.3 AP Huntington Bancshares Inc. HBAN Q 1 HR $7.62 8.50 7.81 5.81 10.9 0.67 0.70 0.76 Dec 6,392 2.6 DJL IBERIABANK Corporation IBKC Q 2 AG $51.54 54.00 52.78 44.28 16.4 2.68 3.14 3.60 Dec 1,531 2.6 MR JPMorgan Chase & Co. JPM N 2 TR $54.60 55.00 54.96 30.83 9.8 5.20 5.60 5.75 Dec 210,046 2.8 AP KeyCorp KEY N 3 AG $10.74 NM 11.00 6.80 12.2 0.88 0.88 0.91 Dec 9,943 2.1 DJL Lakeland Bancorp LBAI Q 1 TR $10.08 13.00 11.00 8.31 12.9 0.76 0.78 0.84 Dec 298 2.8 AP Lakeland Financial Corporation LKFN Q 1 G $28.02 30.00 28.82 23.47 12.4 2.21 2.26 2.29 Dec 454 2.7 DC LNB Bancorp, Inc. LNBB Q 3 HR $9.18 NM 9.52 5.46 13.9 0.61 0.66 0.62 Dec 73 0.4 DC M&T Bank Corp. MTB N 2 TR $106.08 118.00 107.41 76.92 13.0 7.84 8.18 8.72 Dec 13,642 2.6 AP MainSource Financial Group, Inc. MSFG Q 3 AG $13.95 NM 15.33 10.66 11.9 1.28 1.17 1.20 Dec 283 1.7 DC MB Financial, Inc. MBFI Q 4 NM $26.16 NM 26.55 17.00 15.0 1.80 1.74 1.80 Dec 1,431 1.5 DJL Mercantile Bank Corporation MBWM Q 3 HR $17.05 NM 18.69 13.41 10.9 1.30 1.56 1.37 Dec 148 2.6 DC Meta Financial Group, Inc. CASH Q 2 AG $27.00 30.00 27.69 19.51 13.6 2.61 1.99 2.66 Sep 149 1.9 DC MetroCorp Bancshares, Inc. MCBI Q 2 HR $10.17 12.00 11.25 8.70 16.1 0.62 0.63 0.75 Dec 190 0.0 DAW MidSouth Bancorp, Inc. MSL M 2 AG $15.34 17.00 17.44 12.72 12.3 0.85 1.25 1.15 Dec 172 1.8 WW MidWestOne Financial Group, Inc. MOFG Q 2 AG $23.98 26.00 24.25 18.76 11.5 1.96 2.08 1.99 Dec 204 2.1 DC MutualFirst Financial Inc. MFSF Q 3 AG $15.34 NM 16.69 10.26 18.1 0.68 0.85 0.99 Dec 109 1.6 DC National Penn Bancshares NPBC Q 1 TR $10.05 11.00 10.84 8.18 15.2 0.65 0.66 0.68 Dec 1,457 4.0 AP New York Community Bancorp NYCB N 1 TR $13.50 16.00 15.05 11.47 13.5 1.13 1.00 1.00 Dec 5,922 7.4 AP NewBridge Bancorp NBBC Q 3 HR $5.85 NM 6.48 3.74 14.6 (1.25) 0.40 0.45 Dec 166 0.0 WW Northern Trust Corporation NTRS Q 2 G $58.84 59.00 59.23 41.11 18.7 2.82 3.14 3.50 Dec 14,075 2.1 DJL Old National Bancorp ONB N 2 AG $13.81 15.00 14.28 10.87 14.0 0.92 0.99 1.08 Dec 1,396 2.9 DJL Pacific Continental Corporation PCBK Q 2 G $11.65 12.00 11.93 8.41 14.6 0.69 0.80 0.95 Dec 209 3.1 DAW Pacific Premier Bancorp, Inc. PPBI Q 1 AG $12.02 15.00 13.29 7.60 13.7 1.44 0.88 1.50 Dec 165 0.0 DAW Park Sterling Corporation PSTB Q 2 HR $5.91 6.50 6.06 4.23 16.4 0.21 0.36 0.40 Dec 261 0.0 WW


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Financial Services - USA Banking Parke Bancorp PKBK Q 2 AG $7.68 9.00 8.50 4.17 7.1 1.06 1.08 1.13 Dec 46 0.0 AP People`s United Financial PBCT Q 2 TR $13.87 14.00 14.31 11.20 17.8 0.75 0.78 0.88 Dec 4,511 4.7 AP Peoples Bancorp Inc. PEBO Q 2 AG $20.64 24.00 23.93 17.54 11.8 1.92 1.75 1.75 Dec 217 2.7 DC Pinnacle Financial Partners, Inc. PNFP Q 3 AG $26.02 NM 26.30 16.65 16.5 1.10 1.58 1.70 Dec 911 0.0 MR PNC Financial Services Group, Inc. PNC N 2 AG $71.03 70.00 73.13 53.36 10.6 6.84 6.70 7.00 Dec 37,504 2.5 AP Preferred Bank PFBC Q 2 HR $16.39 18.00 17.33 10.52 14.0 1.78 1.17 1.25 Dec 216 0.0 DAW PrivateBancorp, Inc. PVTB Q 1 AG $19.94 22.00 20.83 13.30 14.9 0.93 1.34 1.45 Dec 1,547 0.2 DJL Prosperity Bancshares, Inc. PB N 2 G $50.16 50.00 50.76 38.56 14.5 3.34 3.46 3.58 Dec 2,859 1.7 MR Provident Financial Holdings, Inc. PROV Q 2 HR $16.00 18.00 19.69 10.61 7.0 0.96 2.30 1.50 Jun 170 1.8 DAW Provident Financial Services, Inc. PFS N 2 TR $15.74 16.00 16.25 13.13 13.2 1.15 1.19 1.18 Dec 900 3.6 AP Pulaski Financial Corp. PULB Q 3 AG $10.33 NM 10.79 6.90 9.6 0.74 1.08 1.06 Sep 114 3.7 DC QCR Holdings, Inc. QCRH Q 2 AG $15.23 19.00 16.96 11.40 8.2 1.75 1.85 1.92 Dec 75 0.5 DC Regions Financial Corporation RF N 1 HR $9.23 9.50 9.34 5.46 10.9 0.76 0.85 0.90 Dec 13,042 1.3 MR Renasant Corp. RNST Q 2 TR $24.72 26.00 25.17 14.66 18.6 1.06 1.33 1.80 Dec 620 2.8 MR Republic Bancorp, Inc. RBCAA Q 3 HR $23.87 NM 25.29 19.56 15.9 4.07 1.50 1.50 Dec 501 2.9 DC Riverview Bancorp, Inc. RVSB Q 3 HR $2.40 NM 2.80 1.07 20.0 (1.42) 0.12 A 0.22 Mar 54 0.0 DAW S.Y. Bancorp Inc. SYBT Q 3 AG $24.50 NM 25.29 20.86 13.0 1.85 1.88 1.75 Dec 338 3.3 DC Sandy Spring Bancorp, Inc. SASR Q 3 AG $22.00 NM 22.50 16.66 14.2 1.54 1.55 1.55 Dec 550 2.9 WW SCBT Financial Corporation SCBT Q 1 AG $50.94 57.00 51.82 32.86 15.2 2.48 3.35 3.95 Dec 866 1.4 WW Seacoast Banking Corporation of Florida SBCF Q 4 NM $2.14 NM 2.25 1.32 42.8 (0.04) 0.05 0.05 Dec 203 0.0 MR Sierra Bancorp BSRR Q 4 NM $13.92 NM 13.95 8.78 21.4 0.58 0.65 0.75 Dec 196 1.7 DAW Signature Bank SBNY Q 2 AG $77.43 82.00 79.68 57.40 17.7 3.88 4.38 4.84 Dec 3,709 0.0 AP Simmons First National Corporation SFNC Q 3 TR $25.86 NM 26.25 22.36 16.0 1.58 1.62 1.74 Dec 427 3.3 MR Southwest Bancorp, Inc. OKSB Q 3 HR $13.67 NM 14.00 8.89 23.6 0.64 0.58 0.74 Dec 269 0.0 MR State Street Corporation STT N 3 G $67.15 NM 67.40 38.95 15.3 3.95 4.38 4.93 Dec 30,594 1.6 DJL StellarOne Corporation STEL Q 1 AG $16.13 17.00 16.50 11.50 14.7 0.96 1.10 1.10 Dec 365 2.5 WW SunTrust Banks, Inc. STI N 3 AG $32.34 NM 32.72 20.96 12.0 3.59 2.70 2.80 Dec 17,470 1.2 MR Susquehanna Bancshares SUSQ Q 2 HR $12.28 13.00 12.59 8.87 13.6 0.86 0.90 0.94 Dec 2,301 2.6 AP SVB Financial Group SIVB Q 2 AG $75.88 74.00 75.91 52.40 20.7 3.79 3.67 3.90 Dec 3,415 0.0 DJL Synovus Financial Corp. SNV N 3 HR $2.73 NM 2.90 1.67 24.8 0.85 0.11 0.18 Dec 2,150 1.5 MR Taylor Capital Group, Inc. TAYC Q 3 AG $16.75 NM 19.35 12.97 9.6 1.86 1.75 1.70 Dec 482 0.0 DC TCF Financial Corporation TCB N 4 NM $14.42 NM 15.32 9.59 17.0 0.39 0.85 1.08 Dec 2,363 1.4 DJL Teche Holding Company TSH M 3 AG $41.55 NM 42.90 36.21 12.8 3.40 3.25 3.05 Sep 83 3.5 WW Territorial Bancorp Inc. TBNK Q 3 G $22.99 NM 24.38 21.11 17.0 1.45 1.35 1.30 Dec 248 2.3 DAW


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Financial Services - USA Banking Texas Capital Bancshares, Inc. TCBI Q 1 AG $44.55 52.00 52.17 36.75 13.5 3.07 3.30 3.62 Dec 1,818 0.0 MR Timberland Bancorp, Inc. TSBK Q 2 HR $8.22 9.00 9.00 4.55 11.6 0.52 0.71 0.75 Sep 58 0.7 DAW TriCo Bancshares TCBK Q 3 HR $20.05 NM 20.28 14.68 12.5 1.18 1.60 1.45 Dec 321 1.8 DAW Trustmark Corporation TRMK Q 3 TR $26.36 NM 26.87 20.76 14.8 1.77 1.78 1.80 Dec 1,771 3.5 MR U.S. Bancorp USB N 1 AG $35.54 38.00 35.93 28.58 11.8 2.90 3.01 3.16 Dec 66,033 2.2 DJL UMB Financial Corporation UMBF Q 3 AG $53.76 NM 54.07 40.27 18.2 2.58 2.95 3.15 Dec 2,177 1.6 DJL Umpqua Holdings Corp. UMPQ Q 2 AG $13.83 14.00 14.02 11.17 15.5 0.90 0.89 0.90 Dec 1,549 4.3 DJL Union First Market Bankshares Corporation UBSH Q 3 AG $20.30 NM 21.40 13.38 14.5 1.38 1.40 1.30 Dec 505 2.6 WW United Bankshares, Inc. UBSI Q 2 G $26.27 28.00 27.24 22.54 14.6 1.78 1.80 1.90 Dec 1,321 4.7 WW United Community Banks, Inc. UCBI Q 3 HR $11.87 NM 11.97 6.12 16.5 0.44 0.72 0.90 Dec 686 0.0 MR Valley National Bancorp VLY N 4 NM $9.43 NM 11.48 8.65 13.9 0.77 0.68 0.62 Dec 1,877 6.9 AP ViewPoint Financial Group VPFG Q 2 G $19.33 22.00 21.99 14.71 19.3 1.10 1.00 1.10 Dec 772 2.1 MR Virginia Commerce Bancorp, Inc. VCBI Q 3 AG $13.74 NM 14.29 7.82 18.3 0.58 0.75 0.75 Dec 444 0.0 WW Washington Banking Company WBCO Q 2 G $13.70 15.00 15.03 12.52 11.7 1.09 1.17 1.15 Dec 212 4.4 DAW Washington Federal, Inc. WAFD Q 3 AG $17.49 NM 18.25 14.30 13.2 1.29 1.33 1.33 Sep 1,845 2.1 DJL Webster Financial Corp. WBS N 1 HR $23.36 28.00 24.98 18.88 12.8 1.89 1.82 1.90 Dec 2,095 2.6 AP Wells Fargo & Co. WFC N 1 G $40.52 43.00 41.10 29.80 10.9 3.36 3.72 3.85 Dec 216,944 3.0 AP WesBanco, Inc. WSBC Q 3 G $25.14 NM 25.88 19.75 11.7 1.87 2.15 2.10 Dec 734 3.0 WW West Bancorporation, Inc. WTBA Q 3 HR $11.84 NM 12.35 9.02 13.2 0.92 0.90 0.85 Dec 206 3.4 DC Wilshire Bancorp, Inc. WIBC Q 2 HR $6.75 7.00 6.99 4.67 10.7 1.31 0.63 0.65 Dec 481 0.0 DAW Wintrust Financial Corporation WTFC Q 1 AG $38.46 41.00 39.81 31.67 14.8 2.20 2.60 2.70 Dec 1,423 0.5 DJL Yadkin Financial Corporation YDKN Q 2 HR $12.61 13.50 13.25 7.23 12.0 (3.81) 1.05 1.14 Dec 182 0.0 WW Zions Bancorporation ZION Q 1 AG $28.09 29.00 28.27 17.45 15.6 1.77 1.80 2.07 Dec 5,174 0.6 DJL


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Financial Services - USA Capital Markets BGC Partners, Inc. BGCP Q 1 AG $5.73 7.00 6.53 3.11 11.9 0.58 0.48 0.75 Dec 1,932 8.4 PO CBOE Holdings, Inc. CBOE Q 3 G $40.73 NM 41.00 24.80 20.3 1.69 2.01 2.20 Dec 3,556 1.5 PO The Charles Schwab Corporation SCHW N 4 NM $19.77 NM 19.94 11.64 26.7 0.69 0.74 0.85 Dec 25,345 1.2 PO CME Group Inc. CME Q 2 G $65.49 65.00 66.09 49.54 20.6 3.03 3.18 3.85 Dec 21,736 2.7 PO E*TRADE FINANCIAL Corporation ETFC Q 3 HR $11.76 NM 11.86 7.08 27.4 (0.39) 0.43 0.50 Dec 3,430 0.0 PO FXCM Inc. FXCM N 2 HR $14.16 15.50 15.00 8.50 15.4 0.58 0.92 1.25 Dec 1,073 1.7 PO GAIN Capital Holdings, Inc. GCAP N 3 HR $5.35 NM 5.99 3.86 9.1 0.15 0.59 0.65 Dec 200 3.7 PO GFI Group, Inc. GFIG N 2 AG $4.22 4.25 4.44 2.20 19.2 0.07 0.22 0.40 Dec 530 4.7 PO IntercontinentalExchange, Inc. ICE N 2 AG $169.51 200.00 179.10 117.82 19.4 7.60 8.75 9.55 Dec 12,408 0.0 PO Investment Technology Group, Inc. ITG N 3 HR $13.55 NM 13.61 7.43 17.8 0.21 0.76 0.90 Dec 523 0.0 PO Knight Capital Group, Inc. KCG N 3 HR $3.70 NM 12.94 2.24 37.0 (6.05) 0.10 0.20 Dec 1,336 0.0 PO Lazard Ltd LAZ N 2 AG $34.48 41.00 38.36 22.21 20.3 1.44 1.70 2.60 Dec 3,979 2.9 PO MarketAxess Holdings Inc. MKTX Q 1 G $44.00 47.00 46.29 26.14 26.5 1.59 1.66 2.15 Dec 1,659 1.2 PO McGraw Hill Financial Inc. MHFI N 1 HR $54.40 63.00 58.62 42.02 16.7 2.75 3.25 3.70 Dec 14,911 2.1 PO Moody's Corporation MCO N 2 AG $67.63 67.00 69.70 33.86 18.5 2.99 3.65 4.00 Dec 15,075 1.2 PO MSCI Inc. MSCI N 3 HR $35.04 NM 36.89 24.75 15.9 1.94 2.20 2.30 Dec 4,209 0.0 PO The NASDAQ OMX Group, Inc. NDAQ Q 2 AG $31.47 36.00 32.89 21.03 12.4 2.50 2.53 2.75 Dec 5,340 1.7 PO NYSE Euronext NYX N 2 G $40.05 41.00 41.59 22.25 17.0 1.84 2.36 2.85 Dec 9,772 3.0 PO Stifel Financial Corp. SF N 3 AG $36.23 NM 39.72 28.10 15.0 2.20 2.41 2.95 Dec 2,507 0.0 PO TD Ameritrade Holding Corporation AMTD N 3 AG $23.65 NM 23.77 15.09 21.5 1.06 1.10 1.25 Sep 13,102 1.5 PO

Insurance Brokerage and Services Aon plc AON N 3 AG $66.03 NM 66.73 45.04 14.2 4.21 4.65 5.10 Dec 20,410 1.1 CGP Arthur J. Gallagher & Co. AJG N 2 TR $44.81 45.00 45.87 33.81 20.4 1.77 2.20 2.50 Dec 5,682 3.1 CGP Brown & Brown, Inc. BRO N 2 AG $32.61 36.00 32.99 24.71 21.7 1.26 1.50 1.75 Dec 4,696 1.1 CGP Crawford & Company CRD.B N 3 HR $6.98 NM 8.60 3.25 8.2 1.07 0.85 0.90 Dec 379 1.7 CGP Marsh and McLennan Companies, Inc. MMC N 1 AG $40.50 45.00 41.68 30.74 16.9 2.15 2.40 2.70 Dec 22,275 2.5 CGP Solera Holdings, Inc. SLH N 2 G $55.76 64.00 58.75 36.81 20.7 2.71 2.70 3.00 Jun 3,839 0.9 CGP Towers Watson & Co. TW N 2 AG $78.88 82.00 79.43 49.74 14.4 5.18 5.49 5.80 Jun 5,561 0.6 CGP


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Financial Services - USA Life and Health Insurance Aflac, Inc. AFL N 2 G $55.11 63.50 56.77 38.14 9.1 6.60 6.09 6.37 Dec 25,681 2.5 SDS American Equity Investment Life Holding Company AEL N 1 AG $16.17 19.50 16.50 10.00 8.5 1.70 1.90 2.25 Dec 1,025 0.9 SDS Assurant, Inc. AIZ N 3 AG $49.97 NM 51.19 32.41 9.9 5.27 5.05 5.75 Dec 3,983 2.0 SDS FBL Financial Group FFG N 3 AG $41.61 NM 42.07 24.70 12.7 2.96 3.29 3.24 Dec 1,065 1.1 SDS Genworth Financial GNW N 3 HR $10.67 NM 11.13 4.06 10.4 0.72 1.03 1.30 Dec 5,261 0.0 SDS Health Insurance Innovations, Inc. HIIQ Q 1 AG $9.96 17.00 15.86 9.32 21.7 0.22 0.46 0.80 Dec 132 0.0 SDS Kemper Corp KMPR N 3 TR $34.00 NM 34.30 28.14 15.3 0.91 2.23 2.40 Dec 1,982 2.8 SDS Lincoln National Corp. LNC N 1 AG $35.24 45.00 36.11 19.04 7.7 4.46 4.60 5.05 Dec 9,769 1.4 SDS MetLife, Inc. MET N 2 AG $43.24 49.00 43.71 27.60 7.9 5.28 5.45 5.55 Dec 47,313 2.5 SDS Primerica, Inc. PRI N 2 AG $34.67 41.00 35.39 23.28 12.1 2.72 2.86 3.40 Dec 1,966 1.3 SDS Principal Financial Group Inc. PFG N 1 AG $38.01 44.00 38.60 23.09 11.0 2.69 3.45 3.80 Dec 11,148 2.4 SDS Protective Life Corporation PL N 1 AG $38.45 46.00 39.38 24.67 9.7 3.75 3.98 4.70 Dec 3,014 2.1 SDS Prudential Financial, Inc. PRU N 1 AG $67.87 91.00 69.38 44.47 7.9 6.27 8.60 9.00 Dec 31,718 2.4 SDS Reinsurance Group of America, Inc. RGA N 2 G $64.91 72.00 65.34 48.36 8.9 6.96 7.28 7.80 Dec 4,758 1.1 SDS StanCorp Financial Group SFG N 3 AG $44.26 NM 45.16 28.74 11.4 3.25 3.90 4.60 Dec 1,961 2.1 SDS Symetra Financial Corp. SYA N 4 NM $13.39 NM 14.00 10.77 9.7 1.34 1.38 1.42 Dec 1,595 2.4 SDS Torchmark Corporation TMK N 3 G $64.68 NM 65.53 45.09 11.5 5.18 5.65 6.20 Dec 6,067 1.1 SDS Unum Group UNM N 2 G $27.77 32.00 28.98 18.28 8.5 3.15 3.25 3.57 Dec 7,415 1.9 SDS

Non-Life Insurance ACE Limited ACE N 2 AG $89.51 103.00 93.05 68.98 10.9 7.65 8.25 8.45 Dec 30,438 2.3 CGP Allstate Corporation ALL N 1 TR $48.82 57.00 50.69 32.80 10.4 4.36 4.70 5.30 Dec 23,473 2.1 CGP American Financial Group, Inc. AFG N 2 AG $49.01 54.00 49.88 36.28 12.7 3.27 3.85 4.25 Dec 4,406 1.6 CGP American Safety Insurance Holdings, Ltd. ASI N 3 AG $24.14 NM 25.89 15.75 16.1 0.42 1.50 1.50 Dec 234 0.0 CGP Argo Group International Holdings, Ltd. AGII Q 2 AG $43.51 50.00 46.33 27.42 14.8 1.46 2.95 3.40 Dec 1,075 1.4 CGP AXIS Capital Holdings Limited AXS N 2 AG $43.25 50.00 46.14 30.60 7.9 3.41 5.50 5.70 Dec 5,100 2.3 CGP Chubb Corporation CB N 2 TR $87.89 94.00 90.64 68.51 12.4 5.23 7.10 7.00 Dec 23,273 2.0 CGP Hallmark Financial Services Inc HALL Q 3 AG $9.23 NM 9.71 6.71 26.4 0.12 0.35 0.50 Dec 179 0.0 CGP HCC Insurance Holdings HCC N 3 G $42.65 NM 43.69 29.91 12.2 3.67 3.50 3.55 Dec 4,235 1.6 CGP Hilltop Holdings Inc. HTH N 2 HR $15.97 16.00 16.94 9.95 12.8 (0.10) 1.25 1.10 Dec 1,333 0.0 CGP Infinity Property and Casualty Corporation IPCC Q 3 AG $59.47 NM 63.55 45.29 24.8 0.78 2.40 3.20 Dec 702 2.0 CGP Meadowbrook Insurance Group MIG N 3 G $8.02 NM 9.31 5.21 14.6 (0.57) 0.55 0.70 Dec 400 1.0 CGP Mercury General Corporation MCY N 4 NM $46.04 NM 46.98 36.01 20.0 1.34 2.30 2.30 Dec 2,528 5.3 CGP National Interstate Corporation NATL Q 4 NM $29.44 NM 35.23 23.15 18.4 1.53 1.60 1.80 Dec 578 1.5 CGP Old Republic International Corp. ORI N 2 TR $13.94 14.00 14.49 7.76 46.5 (0.39) 0.30 0.60 Dec 4,072 5.2 CGP ProAssurance Corp. PRA N 2 AG $50.16 53.00 51.58 41.38 12.2 4.16 4.10 3.95 Dec 3,100 2.0 CGP Progressive Corporation PGR N 1 AG $25.96 30.00 26.39 19.17 17.9 1.15 1.45 1.65 Dec 15,680 1.1 CGP Selective Insurance Group, Inc. SIGI Q 3 TR $24.11 NM 24.75 16.22 16.6 0.58 1.45 1.65 Dec 1,362 2.2 CGP The Travelers Companies, Inc. TRV N 2 TR $83.22 95.00 89.00 60.08 10.8 6.21 7.70 7.80 Dec 31,324 2.4 CGP United Insurance Holdings Corp. UIHC Q 2 HR $6.32 7.00 6.56 4.60 6.3 0.81 1.00 1.15 Dec 102 1.9 CGP


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Financial Services - USA Specialty Finance Investment Companies Apollo Investment Corp. (ni) AINV Q 3 HR $8.42 NM 9.08 7.20 10.3 0.88 0.82 A 0.78 Mar 1,708 9.5 RD Ares Capital Corp. (ni) ARCC Q 3 HR $17.77 NM 18.67 14.85 11.4 1.52 1.56 1.57 Dec 4,423 8.6 RD Compass Diversified Holdings (y) CODI N 2 HR $17.41 18.00 18.00 12.12 10.2 1.61 1.71 1.79 Dec 841 8.3 RD Fidus Investment Corporation (ni) FDUS Q 1 HR $18.71 21.00 19.49 12.36 11.8 1.54 1.59 1.82 Dec 241 8.1 RD Fifth Street Finance Corporation (ni) FSC Q 1 HR $10.69 11.50 11.13 9.23 9.8 1.11 1.09 1.16 Sep 1,135 10.8 RD Hercules Technology Growth Capital Inc. (ni) HTGC N 2 HR $13.46 14.00 13.71 9.30 12.4 0.96 1.09 1.18 Dec 828 8.0 RD Horizon Technology Finance Corporation (ni) HRZN Q 3 HR $14.58 NM 18.17 13.25 10.9 1.41 1.34 1.39 Dec 140 9.5 RD Main Street Capital Corp (ni) MAIN N 3 HR $29.57 NM 34.45 21.88 14.1 2.01 2.10 2.19 Dec 1,029 6.3 RD NGP Capital Resources Company (ni) NGPC Q 3 HR $6.75 NM 7.98 6.00 13.2 0.55 0.51 0.56 Dec 142 9.5 RD Prospect Capital Corporation (ni) PSEC Q 3 HR $10.82 NM 12.25 9.80 7.3 1.63 1.48 1.28 Jun 2,582 12.2 RD Stellus Capital Investment Corporation (ni) SCM N 2 HR $15.10 16.00 18.21 14.09 10.9 0.11 1.39 1.52 Dec 181 9.0 RD Triangle Capital Corporation (ni) TCAP N 2 HR $28.88 30.00 30.70 19.77 13.0 2.16 2.23 2.31 Dec 788 7.5 RD

Specialty Consumer Finance Portfolio Recovery Associates Inc. PRAA Q 3 AG $150.64 NM 151.51 66.88 16.7 7.39 9.02 10.69 Dec 2,555 0.0 RD

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Financial Services - EUR Danny Jacques [email protected]

Insurance Generalist Insurers Allianz ALVG.DE ETR 3 €120.60 NM 122.10 68.50 11.9 11.42 12.03 12.96 Dec 54,596 3.7 DJ Axa AXAF.PA EPA 1 €15.37 18.60 15.48 8.65 8.7 1.81 2.03 2.23 Dec 36,103 5.0 DJ Generali GASI.MI BIT 4 €14.63 12.70 14.97 8.16 11.3 0.06 1.30 1.37 Dec 22,543 3.6 DJ MAPFRE MAP.MC MCE 4 €2.79 2.13 2.94 1.29 10.3 0.22 0.28 0.30 Dec 8,592 3.9 DJ RSA RSA.L LSE 4 114.80p 112 137.30 97.02 10.4 9.00 11.00 12.00 Dec £4,106 6.1 DJ Vienna Insurance VIGR.VI WBAG 3 €39.21 NM 41.40 27.23 11.2 3.49 E 3.79 3.98 Dec 5,019 3.3 DJ Zurich Insurance ZURN.VX SWF 2 CHF256.10 297.0 270.90 192.50 8.9 24.79 28.72 30.92 Dec 37,555 6.6 DJ


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Financial Services - EUR Reinsurers Hannover Re HNRGn.DE ETR 3 €60.01 NM 64.85 41.23 8.5 7.12 7.07 6.90 Dec 7,237 4.4 DJ Munich Re MUVGn.DE ETR 3 €147.50 NM 158.65 95.85 8.1 17.98 15.92 16.46 Dec 26,377 4.8 DJ Scor SCOR.PA EPA 2 €23.19 24.00 24.13 17.06 10.2 2.27 2.51 2.73 Dec 4,461 5.6 DJ Swiss Re SRENH.VX SWF 4 CHF71.40 63.00 80.45 52.00 9.7 11.39 11.16 11.93 Dec 26,612 10.5 DJ

Specialist Insurers AEGON AEGN.AS AMS 3 €5.07 NM 5.14 2.98 8.0 0.68 0.63 0.64 Dec 10,551 2.4 DJ April APRL.PA EPA 4 €13.55 13.70 16.24 10.54 8.5 1.32 E 1.75 1.85 Dec 549 2.4 DJ CNP Assurances CNPP.PA EPA 3 €11.81 NM 12.90 7.52 7.9 1.48 1.54 1.61 Dec 8,060 6.5 DJ Euler Hermes ELER.PA EPA 2 €72.68 73.00 77.30 46.21 9.3 6.84 7.81 7.84 Dec 3,194 5.8 DJ

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Financial Services - LAT Federico Rey Marino [email protected] Francisco Pereyra [email protected]

Santiago Ruiz Guinazu [email protected]

Financial Institutions BM&F Bovespa SA BVMF3 BR 3 G R$14.50 NM 14.63 9.35 17.5 0.83 0.91 1.03 Dec R$28,201 3.6 FP


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Financial Services - LAT Latin American Banking Banco Bradesco S.A. BBD N 2 G US$16.75 18.50 17.79 12.57 11.0 1.39 1.52 1.76 Dec US$70,472 3.2 FP Banco Macro S.A. BMA N 2 G US$14.79 18.30 19.16 10.74 2.9 5.51 5.89 6.16 Dec US$880 0.0 FRM,SR Banco Santander (Brasil) S.A. BSBR N 3 G US$7.46 NM 8.50 6.56 8.6 0.85 0.87 0.98 Dec US$28,351 6.7 FP Bancolombia CIB N 3 G US$62.05 NM 70.62 53.78 15.0 4.15 E 4.85 5.68 Dec $13,217 3.0 FP BBVA Banco Frances BFR N 3 G US$4.05 NM 5.38 3.05 2.9 1.53 1.71 1.73 Dec US$724 0.0 FRM,SR Credicorp BAP N 3 G US$144.82 NM 167.63 110.15 13.0 9.89 11.11 12.71 Dec US$11,557 1.7 FP Grupo Financiero Galicia GGAL Q 3 G US$5.62 NM 7.26 4.14 2.5 2.36 2.40 2.36 Dec US$697 0.0 FRM,SR Itaú Unibanco Holding S.A. ITUB N 2 G US$15.95 17.27 17.34 11.67 9.3 1.45 1.56 1.79 Dec US$79,166 3.2 FP Santander Chile BSAC N 4 NM US$25.12 NM 31.18 25.00 12.6 1.67 1.99 2.41 Dec US$11,834 4.2 FP


Healthcare

USA

Alternate Site Healthcare Providers ........................... 51 Benefits Management ................................................ 51

Health Benefits Management ................................. 51 Human Resource/Benefits Services ......................... 51 Pharmacy Benefits Management ............................ 51

Clinical Laboratories ................................................... 51 Death Care .................................................................. 52 Diagnostics.................................................................. 52 Drug Distributors ........................................................ 52 Drug Stores ................................................................. 52 Healthcare Information Technology ........................... 52 Hospital Supplies & Equipment .................................. 53 Hospitals ..................................................................... 53 Medical Devices .......................................................... 53 Pharma Services ......................................................... 54


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Healthcare - USA John W. Ransom [email protected] Michael J. Baker [email protected]

Jayson Bedford [email protected] Alexander Y. Draper, CFA [email protected]

Lawrence Keusch [email protected] Nicholas Jansen [email protected]

Alternate Site Healthcare Providers Acadia Healthcare Co. ACHC Q 2 AG $33.44 37.00 34.98 15.02 32.8 0.66 1.02 1.25 Dec 1,671 0.0 JWR,NJ Amedisys AMED Q 4 NM $12.86 NM 15.95 8.81 21.4 1.08 0.60 0.60 Dec 400 0.0 JWR,NJ AmSurg Corporation AMSG Q 3 AG $36.13 NM 36.70 25.00 16.7 1.98 2.16 2.43 Dec 1,153 0.0 JWR,NJ Capital Senior Living Corp. CSU N 1 AG $26.50 32.00 27.90 9.31 16.8 1.21 1.58 1.98 Dec 726 0.0 JWR,NJ DaVita HealthCare Partners Inc. DVA N 2 AG $127.48 125.00 131.33 80.01 17.1 6.18 7.45 7.50 Dec 13,653 0.0 JWR,NJ Gentiva Health Services GTIV Q 4 NM $10.39 NM 12.90 5.13 10.9 1.26 0.95 1.00 Dec 338 0.0 JWR,NJ HealthSouth Corporation HLS N 1 AG $30.50 33.00 30.81 18.44 17.0 1.68 1.79 1.99 Dec 2,736 0.0 JWR,NJ LCA-Vision, Inc. LCAV Q 3 HR $3.12 NM 6.19 2.67 NM (0.24) (0.32) (0.27) Dec 59 0.0 JWR,NJ MEDNAX, Inc. MD N 2 AG $93.20 98.00 94.58 59.24 17.1 4.85 5.45 5.90 Dec 4,676 0.0 JWR,NJ

Benefits Management Health Benefits Management Aetna AET N 3 HR $60.89 NM 61.21 34.58 10.8 5.13 5.66 6.30 Dec 19,844 1.3 MJB Centene CNC N 3 AG $51.23 NM 52.60 24.26 19.6 0.93 2.62 3.47 Dec 2,685 0.0 MJB CIGNA Corporation CI N 3 HR $69.07 NM 69.56 39.01 10.6 6.08 6.53 6.95 Dec 19,167 0.1 MJB Humana HUM N 2 G $80.55 90.00 82.47 59.92 9.4 7.65 8.60 8.40 Dec 12,687 1.3 MJB Magellan Health Services MGLN Q 3 AG $54.33 NM 56.58 40.24 14.2 4.17 3.82 3.40 Dec 1,505 0.0 MJB Molina Healthcare MOH N 3 AG $38.55 NM 38.57 17.63 23.7 0.21 1.63 2.10 Dec 1,751 0.0 MJB UnitedHealth Group UNH N 1 G $63.34 70.00 63.95 50.32 11.6 5.28 5.44 5.95 Dec 68,597 1.3 MJB Universal American Corp. UAM N 3 HR $9.17 NM 11.00 7.68 13.1 0.69 0.70 0.77 Dec 815 0.0 MJB WellCare Health Plans WCG N 2 HR $54.34 65.00 68.65 44.75 11.4 4.92 4.75 5.40 Dec 2,337 0.0 MJB WellPoint WLP N 3 G $78.72 NM 79.58 52.52 9.8 7.56 8.00 8.05 Dec 29,858 1.9 MJB

Human Resource/Benefits Services Automatic Data Processing ADP Q 2 G $70.49 73.00 72.00 50.89 24.2 2.72 2.91 3.20 Jun 35,337 2.5 MJB Insperity NSP N 3 AG $30.60 NM 34.20 23.94 19.6 1.67 1.56 1.87 Dec 783 2.2 MJB Paychex PAYX Q 3 G $38.26 NM 38.66 29.12 23.9 1.51 1.60 1.70 May 13,877 3.5 MJB

Pharmacy Benefits Management Catamaran CTRX Q 3 AG $47.87 NM 58.18 41.67 25.6 1.19 1.87 2.32 Dec 9,813 0.0 MJB Express Scripts ESRX Q 2 AG $63.60 65.00 66.06 49.79 14.9 3.74 4.28 4.85 Dec 51,993 0.0 MJB

Clinical Laboratories Laboratory Corporation of America Holdings LH N 4 NM $100.96 NM 101.69 81.56 14.2 6.82 7.10 7.65 Dec 9,369 0.0 AYD,NJ Quest Diagnostics Inc. DGX N 4 NM $62.76 NM 64.87 53.25 14.4 4.36 4.35 4.80 Dec 9,910 1.9 AYD,NJ


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Healthcare - USA Death Care Carriage Services, Inc. (rf) CSV N 1 G $17.95 20.50 22.32 7.08 12.3 1.00 1.46 1.64 Dec 325 0.6 JWR,NJ Service Corporation International (rf) SCI N 1 AG $17.62 20.00 18.10 10.96 15.3 0.90 1.15 1.30 Dec 3,792 1.6 JWR,NJ Stewart Enterprises, Inc. (rf) STEI Q 3 AG $9.74 NM 10.16 5.87 16.0 0.53 0.61 0.71 Oct 827 1.9 JWR,NJ StoneMor Partners L.P. (y) STON N 2 TR $25.36 30.00 28.68 20.10 9.1 2.70 2.78 3.02 Dec 540 9.4 JWR,NJ

Diagnostics Abaxis, Inc. ABAX Q 3 AG $44.66 NM 49.45 31.04 53.8 0.58 0.83 A 1.05 Mar 1,005 0.0 NJ,JWR Alere, Inc. ALR N 1 AG $25.86 33.00 29.57 17.13 11.7 2.25 2.22 2.55 Dec 2,092 0.0 NJ,JWR Cepheid CPHD Q 2 AG $38.53 43.00 46.00 28.12 NM (0.30) (0.05) 0.17 Dec 2,674 0.0 NJ,JWR GenMark Diagnostics, Inc. GNMK Q 2 AG $14.74 17.50 16.00 4.01 NM (0.84) (0.83) (0.60) Dec 469 0.0 NJ,JWR Genomic Health GHDX Q 3 AG $37.35 NM 37.85 25.25 NM 0.26 (0.08) 0.22 Dec 1,124 0.0 NJ,JWR Heska Corporation HSKA Q 2 AG $7.65 9.50 12.93 7.45 NM 0.22 (0.01) 0.15 Dec 40 5.2 NJ,JWR IDEXX Laboratories Inc IDXX Q 2 AG $84.47 95.00 101.18 81.31 24.6 3.17 3.44 3.85 Dec 4,688 0.0 NJ,JWR Meridian Bioscience, Inc. VIVO Q 3 AG $22.02 NM 23.05 16.19 24.2 0.82 0.91 1.04 Sep 923 3.5 NJ,JWR OraSure Technologies, Inc. OSUR Q 3 AG $4.53 NM 14.01 4.24 NM (0.29) (0.53) (0.27) Dec 251 0.0 NJ,JWR Quidel Corporation QDEL Q 2 AG $23.24 25.00 24.95 14.92 58.1 0.15 0.40 0.60 Dec 804 0.0 NJ,JWR VCA Antech, Inc. WOOF Q 2 AG $25.50 27.00 25.63 17.56 17.1 1.36 1.49 1.68 Dec 2,280 0.0 NJ,JWR

Drug Distributors AmerisourceBergen Corp. ABC N 1 G $54.37 63.00 56.91 36.02 17.8 2.89 3.05 3.55 Sep 12,755 1.5 JWR,NJ Cardinal Health Inc. CAH N 2 AG $47.28 52.00 48.40 36.91 13.4 3.21 3.53 3.55 Jun 16,288 2.6 JWR,NJ McKesson Corporation MCK N 3 G $116.31 NM 119.32 84.65 16.2 6.38 7.20 A 8.00 Mar 27,565 0.7 JWR,AYD

Drug Stores CVS Caremark Corporation CVS N 2 G $60.21 65.00 60.70 43.30 15.2 3.43 3.96 4.45 Dec 73,938 1.5 JWR,MJB Rite Aid Corporation RAD N 2 HR $2.95 3.00 3.04 0.95 24.6 (0.43) 0.12 A 0.12 Feb 2,858 0.0 JWR,NJ Walgreen Co. WAG N 2 G $50.23 50.00 51.25 28.53 15.6 2.93 3.23 3.65 Aug 47,592 2.2 JWR,NJ

Healthcare Information Technology Accretive Health AH N S AG $11.25 NM 14.19 8.55 NM UR UR UR Dec 1,110 0.0 AYD The Advisory Board Company ABCO Q 2 AG $51.74 55.00 55.06 39.73 42.1 1.14 1.23 A 1.34 Mar 1,816 0.0 AYD Allscripts Healthcare Solutions Inc. MDRX Q 2 AG $13.84 16.00 14.24 8.84 41.9 0.67 0.33 0.53 Dec 2,046 0.0 AYD athenahealth Inc. ATHN Q 1 AG $83.18 100.00 99.79 56.33 75.6 1.00 1.10 1.45 Dec 3,049 0.0 AYD Cerner Corporation CERN Q 3 AG $95.45 NM 98.88 67.64 34.0 2.39 2.81 3.25 Dec 16,401 0.0 AYD Computer Programs and Systems, Inc. CPSI Q 3 TR $52.06 NM 59.17 44.95 18.3 2.71 2.84 3.09 Dec 577 3.9 AYD Greenway Medical Technologies, Inc. (ae) GWAY N 1 HR $11.83 16.00 19.65 11.52 NM 12 6 5 Jun 352 0.0 AYD MedAssets MDAS Q 1 AG $17.38 22.00 19.99 10.73 13.7 1.13 1.27 1.40 Dec 1,058 0.0 AYD Quality Systems Inc. QSII Q 3 HR $18.15 NM 29.95 15.04 25.2 1.28 0.72 A 0.84 Mar 1,081 3.9 AYD WebMD Health Corp WBMD Q 1 HR $29.39 33.00 30.69 13.13 NM (0.45) 0.13 0.13 Dec 1,440 0.0 AYD


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Healthcare - USA Hospital Supplies & Equipment Baxter International Inc. BAX N 2 G $72.31 75.00 73.95 48.98 15.6 4.53 4.64 5.20 Dec 39,232 2.7 LK Becton, Dickinson and Company BDX N 4 NM $101.92 NM 102.73 71.56 17.8 5.37 5.73 6.22 Sep 19,798 1.9 LK C.R. Bard, Inc. BCR N 2 G $105.98 115.00 108.31 93.69 16.9 6.57 6.27 7.62 Dec 9,390 0.8 LK CareFusion Corporation CFN N 1 AG $34.90 42.00 35.61 23.77 16.4 1.95 2.13 2.40 Jun 7,713 0.0 LK The Cooper Companies, Inc. COO N 2 AG $110.94 122.00 116.79 71.40 18.3 5.16 6.05 6.66 Oct 5,361 0.1 LK Covidien plc COV N 1 G $66.05 76.00 68.83 50.25 15.0 4.26 4.40 4.74 Sep 33,025 1.6 LK Haemonetics Corporation HAE N 3 AG $41.80 NM 44.44 32.69 21.0 1.64 1.99 A 2.32 Mar 2,159 0.0 LK Hill-Rom Holdings, Inc. HRC N 3 G $36.32 NM 37.44 24.69 17.7 2.24 2.05 2.17 Sep 2,170 1.4 LK Intuitive Surgical, Inc. ISRG Q 2 AG $501.64 620.00 585.67 455.18 28.0 15.98 17.90 20.60 Dec 20,166 0.0 LK Masimo Corp. MASI Q 3 AG $21.97 NM 25.35 18.20 18.9 1.07 1.16 1.22 Dec 1,259 0.0 LK Solta Medical, Inc. SLTM Q 2 HR $2.25 3.00 3.53 1.44 20.5 0.09 0.11 0.17 Dec 179 0.0 LK Steris Corp. STE N 3 G $46.08 NM 46.59 28.77 19.7 2.22 2.34 A 2.54 Mar 2,692 1.7 LK Teleflex, Inc. TFX N 3 G $78.83 NM 87.46 57.26 16.3 4.40 4.85 5.65 Dec 3,404 1.7 LK

Hospitals Community Health Systems, Inc. CYH N 3 HR $44.28 NM 48.59 20.72 12.3 3.55 3.60 4.30 Dec 4,074 0.0 JWR,NJ HCA Holdings, Inc. HCA N 2 AG $38.31 45.00 41.83 23.91 12.4 3.71 3.10 3.60 Dec 17,081 0.0 JWR,NJ Health Management Associates HMA N 3 AG $11.80 NM 13.63 5.92 13.7 0.91 0.86 1.05 Dec 3,075 0.0 JWR,NJ LifePoint Hospitals, Inc. LPNT Q 3 AG $49.05 NM 49.78 34.37 17.1 2.93 2.87 3.25 Dec 2,315 0.0 JWR,NJ Tenet Healthcare Corporation THC N 2 AG $46.64 52.00 49.48 17.24 16.8 2.09 2.78 3.45 Dec 4,855 0.0 JWR,NJ Universal Health Services, Inc. UHS N 2 G $69.37 70.00 69.50 36.90 15.6 4.15 4.45 4.95 Dec 6,840 0.3 JWR,NJ

Medical Devices Abbott Laboratories ABT N 3 G $38.56 NM 38.77 28.45 19.2 1.74 2.01 2.26 Dec 61,156 1.5 JB Abiomed Inc. ABMD Q 3 HR $22.17 NM 24.93 11.80 59.9 0.04 0.37 A 0.31 Mar 856 0.0 JB AngioDynamics ANGO Q 3 AG $11.00 NM 12.91 9.52 17.5 0.69 0.63 0.66 May 388 0.0 JB Conceptus, Inc. CPTS Q 3 HR $30.94 NM 31.10 15.81 56.3 0.39 0.55 0.62 Dec 978 0.0 JB DexCom Inc. DXCM Q 2 HR $20.82 20.00 21.69 10.30 NM (0.74) (0.63) (0.27) Dec 1,453 0.0 JB Heartware International, Inc. HTWR Q 2 HR $94.98 105.00 99.68 74.77 NM (6.16) (3.38) (1.66) Dec 1,558 0.0 JB Hologic Inc. HOLX Q 2 AG $20.31 23.00 23.96 16.18 13.4 1.38 1.52 1.67 Sep 5,445 0.0 JB Hospira, Inc. HSP N 4 NM $35.30 NM 37.78 28.62 17.4 2.01 2.03 2.20 Dec 5,860 0.0 JB ICU Medical, Inc. ICUI Q 2 AG $71.79 65.00 71.88 49.72 25.8 2.80 2.78 3.06 Dec 1,084 0.0 JB Insulet PODD Q 3 HR $30.55 NM 30.85 17.34 NM (1.08) (0.60) 0.19 Dec 1,477 0.0 JB Integra LifeSciences Corp. IART Q 3 AG $36.71 NM 44.53 30.87 14.5 3.06 2.54 3.29 Dec 1,035 0.0 JB Johnson & Johnson JNJ N 2 TR $87.61 92.00 89.99 61.71 16.3 5.11 5.38 5.80 Dec 250,477 3.0 JB Merit Medical Systems Inc. MMSI Q 3 AG $10.37 NM 15.37 9.15 20.3 0.72 0.51 0.63 Dec 444 0.0 JB Natus Medical Inc. BABY Q 2 AG $14.84 17.00 15.18 9.65 17.5 0.63 0.85 0.95 Dec 445 0.0 JB RTI Biologics, Inc. RTIX Q 3 HR $4.04 NM 5.11 3.35 22.4 0.18 0.18 0.21 Dec 227 0.0 JB Thoratec Corp. THOR Q 3 AG $31.54 NM 39.86 29.39 17.6 1.83 1.79 1.95 Dec 1,845 0.0 JB Volcano Corporation VOLC Q 2 HR $18.07 24.00 30.59 16.37 NM 0.15 (0.27) 0.20 Dec 979 0.0 JB


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Healthcare - USA Pharma Services Charles River Laboratories CRL N 3 AG $44.66 NM 46.90 31.48 16.1 2.74 2.78 3.03 Dec 2,154 0.0 AYD Covance Inc. CVD N 3 AG $76.79 NM 78.36 44.92 23.6 1.68 3.25 3.75 Dec 4,233 0.0 AYD ICON plc ICLR Q 1 AG $34.84 37.00 35.86 20.25 23.5 0.92 1.48 1.86 Dec 2,101 0.0 AYD Medidata Solutions, Inc. MDSO Q 2 HR $68.79 70.00 75.22 26.91 54.6 1.04 1.26 1.59 Dec 1,828 0.0 AYD PAREXEL PRXL Q 3 AG $46.61 NM 47.23 25.28 30.9 1.04 1.51 1.87 Jun 2,660 0.0 AYD


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Industrial - USA Budd Bugatch, CFA [email protected] Sam Darkatsh [email protected]

William H. Fisher, CFA [email protected]

Specialty Distribution Beacon Roofing Supply, Inc. BECN Q 3 AG $42.00 NM 42.36 22.55 23.1 1.67 1.82 2.14 Sep 2,037 0.0 SD,BB Fastenal Company FAST Q 3 AG $52.10 NM 53.38 37.61 32.4 1.42 1.61 1.91 Dec 15,489 1.5 SD,BB Houston Wire & Cable Company HWCC Q 2 AG $14.40 15.00 14.82 10.32 14.1 0.96 1.02 1.20 Dec 256 3.1 SD,BB LKQ Corporation LKQ Q 2 AG $25.16 27.50 25.89 15.72 23.7 0.89 1.06 1.30 Dec 7,601 0.0 SD MRC Global MRC N 2 AG $33.20 33.00 34.14 19.04 15.4 1.22 2.15 2.48 Dec 3,400 0.0 SD,BB MSC Industrial Direct MSM N 3 AG $83.21 NM 87.92 61.39 21.3 4.14 3.91 4.70 Aug 5,242 1.4 SD,BB W.W. Grainger, Inc. GWW N 2 G $259.84 279.00 269.17 172.50 21.6 10.43 12.05 13.65 Dec 18,397 1.4 SD,BB WESCO International WCC N 3 AG $74.16 NM 79.20 48.20 13.0 4.49 5.70 6.50 Dec 3,886 0.0 SD,BB

Industrial

USA Canada Europe

Specialty Distribution ................................................. 55 Waste and Industrial Services ..................................... 56

Chemicals ................................................................... 56 Diversified Income Corps. ........................................... 56 Infrastructure & Construction .................................... 56

Asset Ownership & Management ........................... 56 Construction ............................................................ 57 Engineering ............................................................. 57 Machinery ............................................................... 57 Related Products & Services.................................... 57

Infrastructure & Construction ..................................... 58 Building Products ..................................................... 58 Construction Groups ................................................ 58 House Builders ......................................................... 58 Infrastructure Operators .......................................... 58


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Industrial - USA Waste and Industrial Services Casella Waste Systems, Inc. CWST Q 3 VR $4.09 NM 5.88 3.76 NM (0.77) (0.73) (0.29) Apr 162 0.0 WHF Clean Harbors CLH N 3 AG $58.85 NM 64.40 46.94 22.6 2.70 2.60 3.00 Dec 3,566 0.0 WHF Covanta Holding Corp. CVA N 1 AG $20.77 23.00 21.30 15.29 50.7 0.52 0.41 0.55 Dec 2,700 3.2 WHF Harsco Corporation HSC N 2 AG $22.95 27.00 26.02 18.40 20.3 1.19 1.13 1.45 Dec 1,857 3.6 WHF Progressive Waste Solutions Ltd. BIN N 2 AG $23.33 25.00 23.91 17.53 23.1 0.97 1.01 1.15 Dec 2,688 2.3 WHF Republic Services, Inc. RSG N 3 G $34.65 NM 35.28 25.15 18.2 1.80 1.90 2.07 Dec 12,616 2.7 WHF Stericycle Inc. SRCL Q 2 AG $111.08 115.00 113.11 85.21 30.3 3.30 3.67 4.10 Dec 9,577 0.0 WHF TMS International TMS N 1 TR $15.62 17.00 16.00 8.76 16.4 0.86 0.95 1.10 Dec 614 2.6 WHF Waste Connections, Inc. WCN N 2 AG $39.99 41.00 41.02 28.70 24.1 1.43 1.66 1.90 Dec 4,936 1.0 WHF Waste Management, Inc. WM N 3 TR $42.45 NM 43.00 30.82 20.7 1.76 2.05 2.20 Dec 19,804 3.4 WHF

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Industrial - CAN Ben Cherniavsky [email protected] Frederic Bastien, CFA [email protected]

Steve Hansen, CMA, CFA [email protected] Theoni Pilarinos, CFA [email protected]

Chemicals Methanex MEOH Q 2 AG US$44.23 50.00 46.00 25.56 12.1 1.90 3.65 4.50 Dec US$4,180 1.8 SH

Diversified Income Corps. Alaris Royalty Corp. AD T 2 G C$31.04 32.00 31.15 18.75 24.6 0.84 1.26 1.63 Dec C$708 4.1 TP Exchange Income Corp EIF T 2 TR C$27.36 28.50 29.25 22.01 19.0 1.25 1.44 2.20 Dec C$575 6.1 TP,SH

Infrastructure & Construction Asset Ownership & Management Brookfield Infrastructure Partners L.P. (x) BIP N 2 TR US$38.50 44.00 40.88 30.74 11.4 2.41 3.37 3.56 Dec US$7,731 4.5 FB Brookfield Renewable Energy Partners L.P. (x) BEP.UN T 2 TR C$30.83 34.00 32.02 26.41 13.0 1.32 2.38 2.69 Dec US$8,170 4.7 FB


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Industrial - CAN Construction Aecon Group ARE T 1 AG C$10.93 15.00 13.35 9.48 9.9 1.18 1.10 1.70 Dec C$765 2.9 FB Bird Construction Inc. BDT T 2 AG C$11.51 14.00 15.08 11.20 12.8 1.38 0.90 1.15 Dec C$495 6.6 FB The Churchill Corp. CUQ T 3 AG C$8.21 9.00 13.00 7.00 18.2 (2.54) 0.45 0.65 Dec C$230 5.9 FB North American Energy Partners (f) NOA T 3 HR C$4.63 4.50 4.76 2.37 77.2 (0.58) 0.06 0.44 Mar C$168 NA BC

Engineering Genivar Inc. GNV T 2 TR C$25.00 27.00 25.15 18.73 16.1 1.15 1.55 1.80 Dec C$1,275 6.0 FB IBI Group Inc. IBG T 3 HR C$2.36 4.00 11.94 1.64 4.5 (0.70) 0.52 0.70 Dec C$52 23.3 FB SNC-Lavalin SNC T 2 G C$41.26 49.00 49.85 34.36 18.3 2.04 2.25 2.80 Dec C$6,272 2.2 FB Stantec Inc STN T 3 G C$44.46 44.00 45.65 26.30 15.3 2.64 2.90 3.15 Dec C$2,045 1.5 BC,FB

Machinery Caterpillar Inc. CAT N 2 G US$86.19 100.00 99.70 78.25 12.3 8.48 7.00 8.75 Dec US$57,920 2.4 TP,BC Cervus Equipment Corp. CVL T 3 G C$19.30 20.50 21.39 16.90 11.4 1.58 1.70 1.90 Dec C$299 3.9 BC Finning International FTT T 2 G C$23.05 25.50 27.30 20.91 10.9 1.90 2.12 2.45 Dec C$3,974 2.7 BC Joy Global Inc. JOY N 3 G US$54.79 67.00 69.19 47.69 8.6 7.32 6.40 7.00 Oct US$5,873 1.3 TP,BC Ritchie Bros. Auctioneers RBA N 2 G US$20.59 22.00 23.57 17.81 23.9 0.77 0.86 1.00 Dec US$2,203 2.4 BC Rocky Mountain Dealerships Inc. RME T 3 G C$14.81 15.00 14.88 10.07 9.9 1.46 1.50 1.66 Dec C$283 2.7 BC Strongco Corp. SQP T 3 AG C$3.77 4.25 5.88 3.77 18.9 0.58 0.20 0.45 Dec C$50 NA BC Toromont Industries TIH T 2 G C$23.33 25.00 24.48 18.61 15.1 1.56 1.55 1.70 Dec C$1,799 2.2 BC Wajax Corp. WJX T 3 G C$32.79 33.50 53.43 31.39 10.8 3.89 3.05 3.54 Dec C$557 7.3 BC

Related Products & Services ADF Group Inc. DRX T 3 AG C$1.50 1.50 1.58 1.10 37.5 0.05 (0.05) A 0.04 Jan C$49 1.3 FB Armtec Infrastructure Inc. ARF T 2 HR C$2.40 3.00 3.60 1.25 12.0 (1.52) 0.20 0.60 Dec C$58 0.0 FB Canam Group CAM T 2 AG C$9.41 10.00 9.75 4.35 12.5 0.40 0.75 1.10 Dec C$395 NA FB Commercial Solutions CSA T UR HR C$0.70 UR 1.39 0.61 10.0 NA NA NA Sep C$14 NA BC ENTREC Corporation ENT V 3 HR C$1.35 1.60 1.95 1.05 6.8 0.17 0.20 0.23 Dec C$144 NA BC GLV Inc. GLV.A T 2 HR C$2.56 4.00 3.21 1.53 NM (0.16) (0.05) 0.25 Mar C$113 NA FB Russel Metals RUS T 3 TR C$26.85 29.00 29.59 23.61 14.9 1.64 1.80 2.25 Dec C$1,812 5.2 FB WesternOne Inc. WEQ T 2 TR C$8.05 10.00 9.05 7.14 23.0 (0.51) 0.35 0.55 Dec C$264 7.5 FB ZCL Composites ZCL T 2 AG C$5.00 5.75 6.13 3.58 9.1 0.42 0.55 0.60 Dec C$149 2.0 BC


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Industrial - EUR Arnaud Palliez [email protected]

Infrastructure & Construction Building Products Imerys IMTP.PA EPA 2 €49.38 57.00 54.32 36.37 12.5 4.13 3.95 4.11 Dec 3,710 3.2 AP Saint-Gobain SGOB.PA EPA 3 €33.04 NM 33.58 23.90 15.7 2.14 2.11 2.51 Dec 17,549 3.8 AP Wolseley WOS.L LSE 3 3374.00p NM 3483.00 2120.32 28.1 20.00 120.00 196.00 Jul £9,660 2.1 AP

Construction Groups Eiffage FOUG.PA EPA 3 €36.50 NM 37.75 20.53 14.8 2.57 3.23 3.64 Dec 3,181 3.7 AP Vinci SGEF.PA EPA 2 €39.31 44.50 39.45 31.23 10.8 3.57 3.64 3.83 Dec 22,696 4.5 AP

House Builders Nexity NEXI.PA EPA 2 €27.90 32.00 29.66 16.27 14.2 2.20 1.97 1.78 Dec 1,474 7.2 AP

Infrastructure Operators Abertis ABE.MC MAD 3 €14.23 NM 14.85 9.33 16.0 1.36 0.89 0.90 Dec 11,594 4.6 AP ADP ADP.PA EPA 3 €69.41 NM 72.99 55.70 18.4 3.45 3.77 4.19 Dec 6,869 3.5 AP Ferrovial FER.MC MAD 2 €12.74 13.40 13.34 7.41 22.8 0.97 0.56 0.65 Dec 9,345 3.9 AP Fraport FRAG.DE ETR 2 €46.72 51.00 47.88 39.92 18.4 2.58 2.54 2.90 Dec 4,298 2.7 AP Groupe Eurotunnel GETP.PA EPA 3 €6.25 NM 6.93 5.21 78.1 0.06 0.08 0.28 Dec 3,399 2.6 AP


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Mining & Natural Resources - USAJames M. Rollyson [email protected]

Coal Alliance Holdings GP L.P. AHGP Q 1 TR $64.42 62.00 66.27 36.98 18.5 3.58 3.49 3.95 Dec 3,856 4.5 JMR Alliance Resource Partners L.P. ARLP Q 1 TR $76.75 84.00 78.50 52.21 12.8 6.65 6.00 7.20 Dec 2,831 5.9 JMR Alpha Natural Resources ANR N 2 AG $7.04 12.00 11.70 5.28 NM (0.94) (2.10) (1.35) Dec 1,591 0.0 JMR Arch Coal Inc. ACI N 3 HR $5.36 NM 8.86 4.47 NM (0.62) (1.45) (0.90) Dec 1,138 2.2 JMR Cloud Peak Energy CLD N 3 AG $19.72 NM 22.31 14.13 21.9 2.14 0.90 1.15 Dec 1,197 0.0 JMR CONSOL Energy Inc. CNX N 2 AG $35.58 42.00 37.39 26.41 39.5 1.11 0.90 2.15 Dec 8,133 1.4 JMR James River Coal Company JRCC Q 3 HR $3.11 NM 5.89 1.46 NM (4.02) (5.00) (3.65) Dec 112 0.0 JMR Oxford Resource Partners L.P. OXF N 4 NM $3.17 NM 11.75 2.11 NM (0.92) (1.10) (1.30) Dec 66 0.0 JMR Peabody Energy Corp. BTU N 2 AG $20.51 25.00 29.84 18.22 NM 2.27 0.15 1.25 Dec 5,529 1.7 JMR Rhino Resource Partners L.P. RNO N 2 TR $13.98 17.50 17.41 12.11 18.6 1.32 0.75 1.10 Dec 387 12.7 JMR Walter Energy Inc. WLT N 3 AG $18.36 NM 52.70 16.08 NM 0.49 (1.35) 1.30 Dec 1,148 2.7 JMR

Mining & Natural Resources

USA Canada Europe

Coal ............................................................................. 59

Agribusiness ............................................................... 60 Fertilizers .................................................................... 60 Forest Products .......................................................... 60

Building Materials ................................................... 60 Pulp & Paper ........................................................... 60

Mining ........................................................................ 61 Base Metals & Minerals .......................................... 61 Iron Ore ................................................................... 61 Platinum Group Metals ........................................... 61 Precious Metals - Gold ............................................ 61 Precious Metals - Silver ........................................... 62 Uranium .................................................................. 62

Construction Materials ................................................ 63

Latin America

Agribusiness & Natural Resources .............................. 63 Agribusiness ............................................................. 63 Natural Resources .................................................... 63


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Mining & Natural Resources - CANBrad Humphrey [email protected] Adam Low, CFA [email protected]

Daryl Swetlishoff, CFA [email protected] Alex Terentiew, MBA, P.Geo [email protected]

David Sadowski [email protected] Steve Hansen, CMA, CFA [email protected]

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

Agribusiness Alliance Grain Traders Inc. AGT T 2 TR C$13.08 18.00 17.17 10.95 11.1 0.14 1.18 1.26 Dec C$259 4.6 SH Asia Bio-Chem Group Corp. ABC T 4 AG C$0.04 0.00 0.15 0.04 NM (0.27) E (0.17) NA Dec C$3 0.0 SH BioExx Specialty Proteins Ltd. BXI T UR VR C$0.04 UR 0.19 0.03 NM NA NA NA Dec C$9 0.0 SH GLG Life Tech Corporation GLG T UR VR C$0.66 UR 0.00 0.00 NM NA NA NA Dec C$22 0.0 SH

Fertilizers Allana Potash Corporation AAA T 2 VR C$0.55 1.25 0.69 0.35 NM (0.03) E (0.03) NA Jul C$133 0.0 SH MBAC Fertilizer Corporation MBC T 2 VR C$1.81 3.00 3.94 1.60 NM (0.25) (0.05) 0.15 Dec C$233 0.0 SH Potash Corp. of Saskatchewan Inc. POT N 2 G US$41.37 48.00 46.16 36.73 13.4 2.45 3.08 3.35 Dec US$35,789 2.7 SH Western Potash Corp. WPX T 3 VR C$0.70 0.75 1.23 0.40 NM (0.06) E (0.10) NA Sep C$113 0.0 SH

Forest Products Building Materials Canfor Corp. CFP T 2 HR C$17.77 24.50 22.15 10.84 10.2 0.21 1.75 2.54 Dec C$2,538 0.0 DS Conifex Timber Inc. CFF V 1 VR C$7.93 11.25 9.95 6.70 9.6 (0.88) 0.83 2.15 Dec C$190 NA DS Interfor IFP.A T 2 HR C$9.97 12.50 10.95 4.50 9.0 0.07 1.11 1.52 Dec C$557 0.0 DS Norbord Inc. NBD T 3 HR C$33.70 29.00 37.93 11.46 8.8 1.51 3.85 3.55 Dec C$1,847 0.0 DS West Fraser Timber WFT T 2 HR C$79.90 105.00 94.54 44.47 9.1 3.22 8.77 11.45 Dec C$3,540 0.7 DS Western Forest Products Inc. WEF T 3 HR C$1.36 1.40 1.49 0.78 8.5 0.06 0.16 0.20 Dec C$645 NA DS

Pulp & Paper Canfor Pulp Products Inc. CFX T 2 AG C$8.50 14.50 12.21 7.60 9.6 0.15 0.89 1.44 Dec C$606 2.4 DS Domtar UFS N 2 HR US$69.46 95.00 87.08 66.94 11.7 6.45 5.95 7.63 Dec US$2,417 2.6 DS Fortress Paper FTP T 3 HR C$6.68 11.50 23.96 5.82 NM (2.66) (1.71) 0.06 Dec C$102 0.0 DS Mercer International Inc. MERC Q 2 HR US$6.71 11.00 7.80 5.05 17.7 (0.22) 0.38 0.91 Dec US$374 0.0 DS


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Mining & Natural Resources - USAMining Base Metals & Minerals Candente Copper Corp. DNT T 2 VR C$0.26 1.40 0.74 0.24 NM (0.03) (0.04) (0.04) Dec US$32 0.0 AL Capstone Mining Corp. CS T 2 HR C$2.25 4.00 2.91 1.84 10.2 0.18 0.22 0.55 Dec C$851 0.0 AT Copper Mountain Mining CUM T 2 AG C$1.71 5.00 4.53 1.43 12.2 0.20 0.14 0.75 Dec US$169 0.0 AL Duluth Metals Limited DM T 2 VR C$1.40 3.75 2.74 1.29 NM (0.32) (0.29) (0.20) Dec C$176 0.0 AT First Quantum Minerals Ltd. FM T 2 HR C$19.00 24.00 24.90 15.12 16.5 1.11 1.15 1.30 Dec C$10,929 0.3 AT HudBay Minerals, Inc. HBM T 2 HR C$8.53 11.50 12.10 7.36 NM 0.17 0.07 0.38 Dec C$1,467 2.3 AT Ivanplats Limited IVP T 2 VR C$2.29 4.75 5.45 2.24 NM (0.38) (0.21) (0.07) Dec C$1,211 0.0 AT Lumina Copper Corp. LCC V 1 HR C$6.89 20.00 11.87 6.75 NM (0.09) (0.04) (0.05) Dec US$296 0.0 AL Lundin Mining Corporation LUN T 3 HR C$4.42 5.50 5.54 3.69 13.8 0.32 0.32 0.49 Dec C$2,582 0.0 AT Mercator Minerals Limited ML T 3 HR C$0.22 0.75 0.74 0.22 4.4 (0.48) 0.05 0.08 Dec US$69 0.0 AL Nevsun Resources Ltd. NSU T 2 AG C$3.53 4.50 4.96 2.75 13.1 0.73 0.27 0.80 Dec US$702 4.0 AL Taseko Mines Ltd. TKO T 2 HR C$2.30 3.70 3.48 1.95 13.5 (0.08) 0.17 0.42 Dec US$439 0.0 AL Teck Resources Limited TCK.B T 2 AG C$28.22 37.00 38.13 24.10 13.2 2.70 2.14 3.28 Dec C$16,401 3.0 AT Trevali Mining Corporation TV T R VR C$0.61 R 1.32 0.58 R R R R Dec R R AL

Iron Ore Alderon Iron Ore Corp. ADV T 2 HR C$1.15 3.25 2.69 1.00 NM (0.65) (0.07) (0.09) Dec US$150 0.0 AL Champion Iron Mines Ltd. CHM T 3 VR C$0.25 1.45 1.19 0.19 NM (0.07) (0.04) (0.03) Dec US$30 0.0 AL Labrador Iron Mines Holdings Ltd. LIM T 3 HR C$0.53 1.15 3.45 0.52 NM (0.85) (0.20) (0.21) Dec US$68 0.0 AL Labrador Iron Ore Royalty Corp. LIF T 2 TR C$32.42 40.00 37.04 26.02 13.7 1.55 2.37 3.35 Dec US$2,075 4.6 AL New Millennium Iron Corp. NML T 2 HR C$0.87 2.90 1.95 0.76 NM (0.05) (0.05) 0.17 Dec US$157 0.0 AL

Platinum Group Metals Eastern Platinum Ltd. ELR T 3 HR C$0.09 0.20 0.29 0.06 NM (0.03) (0.01) 0.00 Dec C$84 0.0 AT North American Palladium Ltd. PDL T 3 VR C$1.20 1.40 2.52 0.98 NM (0.06) (0.09) 0.08 Dec C$212 0.0 AT Platinum Group Metals Ltd. PTM T 2 VR C$1.00 1.75 1.51 0.74 NM (0.06) (0.02) (0.02) Aug C$403 NA AT

Precious Metals - Gold Agnico Eagle Mines AEM N 3 AG US$28.60 46.00 57.35 27.66 32.1 2.11 0.89 1.67 Dec US$4,948 2.9 BH Alacer Gold Corp ASR T 3 HR C$2.08 4.75 7.42 2.05 23.1 0.31 0.09 0.19 Dec C$601 0.0 BH B2Gold Corp. BTO T 2 HR C$2.27 4.75 4.38 2.00 8.1 0.29 0.28 0.45 Dec C$1,523 0.0 CT Detour Gold Corp. DGC T R VR C$9.82 R 29.07 8.66 R R R R Dec R R BH Eldorado Gold Corp. EGO N 2 HR US$7.18 15.50 16.20 6.58 17.5 0.45 0.41 0.52 Dec US$5,270 2.5 BH Endeavour Mining Corp. EDV T 2 AG C$0.88 3.00 2.56 0.84 9.8 0.13 0.09 0.13 Dec C$363 0.0 BH Golden Star Resources GSS M 3 HR US$0.62 1.10 2.11 0.61 NM 0.03 (0.13) 0.13 Dec US$204 0.0 BH Guyana Goldfields Inc. GUY T 2 VR C$1.35 4.50 4.40 1.33 NM (0.06) (0.14) (0.15) Oct C$139 0.0 BH Orezone Gold Corp. ORE T 2 VR C$0.64 2.40 2.47 0.60 NM (0.05) (0.20) (0.20) Dec C$60 0.0 BH Osisko Mining Corp. OSK T 3 HR C$4.25 6.75 10.62 3.40 17.0 0.28 0.25 0.51 Dec C$1,959 0.0 BH PMI Gold Corporation PMV T 2 VR C$0.34 1.00 0.98 0.33 NM (0.03) (0.03) (0.03) Jun C$141 0.0 BH Sulliden Gold Corporation Ltd. (cf) SUE T 2 VR C$0.92 2.00 1.44 0.67 NM (0.01) 0.00 0.00 Apr C$288 0.0 CT Yamana Gold Inc. AUY N 2 AG US$10.82 19.00 20.59 10.34 15.9 0.93 0.68 0.86 Dec US$8,202 2.0 BH


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Mining & Natural Resources - USAPrecious Metals - Silver Bear Creek Mining Corp. BCM V 2 VR C$2.00 4.00 3.81 1.65 NM (0.25) (0.28) NA Dec C$184 0.0 BH Endeavour Silver Corp. EDR T 2 HR C$4.20 9.25 10.46 3.95 5.8 0.87 0.72 1.03 Dec C$440 0.0 CT First Majestic Silver FR T 2 HR C$10.63 21.00 24.18 9.65 8.5 1.30 1.25 1.94 Dec C$1,309 0.0 CT Fortuna Silver Mines Inc. FVI T 2 HR C$3.12 5.00 5.85 2.65 7.3 0.50 0.43 0.61 Dec C$410 0.0 CT MAG Silver MAG T 2 VR C$7.15 14.00 13.32 6.27 NM (0.22) (0.14) (0.12) Dec C$429 NA DSa Mandalay Resources Corp. MND T 2 VR C$0.80 1.40 1.25 0.50 4.7 0.20 0.17 0.25 Dec C$290 3.8 CT Minco Silver MSV T 3 VR C$0.81 1.65 2.53 0.77 NM (0.04) (0.11) (0.11) Dec C$48 0.0 BH Pan American Silver PAAS Q 2 AG US$11.90 21.00 22.83 11.51 14.7 1.28 0.81 1.60 Dec US$1,821 1.3 BH Santacruz Silver Mining Ltd. SCZ V 2 VR C$1.23 2.40 2.50 0.80 NM (0.03) E 0.08 0.27 Dec C$122 0.0 CT Silver Wheaton SLW N 2 AG US$22.51 41.00 41.30 21.45 14.4 1.68 1.56 1.57 Dec US$8,329 1.6 BH Silvercorp Metals Inc. (f) SVM N 2 AG US$2.78 6.00 6.86 2.48 14.6 0.46 0.24 A 0.19 Mar US$475 3.6 BH SilverCrest Mines Inc. SVL V 2 HR C$1.80 3.40 2.96 1.57 7.8 0.42 0.23 0.39 Dec C$207 0.0 CT Tahoe Resources Inc. THO T 2 VR C$15.28 21.00 21.81 9.74 NM (0.58) (0.29) 2.29 Dec C$2,268 0.0 CT

Uranium Cameco Corp. CCO T 2 AG C$22.78 25.00 23.49 16.50 21.7 1.20 1.05 1.40 Dec C$9,007 1.8 DSa Denison Mines Corp. DML T 2 VR C$1.27 2.00 1.68 1.04 NM (0.07) (0.07) (0.07) Dec C$574 NA DSa Kivalliq Energy Corp. KIV V 2 VR C$0.32 0.70 0.46 0.23 NM (0.04) (0.02) (0.02) Sep C$56 0.0 DSa Paladin Energy PDN T 2 HR C$0.92 1.60 1.52 0.75 NM (0.06) (0.04) 0.01 Jun C$770 NA DSa UEX Corp. UEX T 2 VR C$0.48 1.20 0.84 0.44 NM (0.02) (0.01) (0.01) Dec C$106 0.0 DSa Uranium One Inc. UUU T 3 HR C$2.77 2.86 2.82 1.78 NM 0.07 0.01 0.12 Dec C$2,651 NA DSa Uranium Participation Corporation U T 2 HR C$5.16 7.00 5.80 4.69 NM (2.09) (1.14) 0.20 Feb C$549 NA DSa Ur-Energy Inc. URE T 1 VR C$0.94 1.50 1.21 0.64 NM (0.11) (0.10) 0.08 Dec C$114 NA DSa


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Mining & Natural Resources - EURArnaud Palliez [email protected]

Construction Materials CRH CRH.I ISE 1 €16.85 19.00 18.03 12.81 24.8 0.76 0.68 1.04 Dec 12,365 3.7 AP HeidelbergCement HEIG.DE ETR 3 €59.53 NM 60.89 32.12 17.1 1.13 3.48 4.94 Dec 11,162 1.3 AP Holcim HOLN.VX SWF 2 CHF76.70 80.00 79.10 49.00 17.2 1.91 4.46 5.98 Dec 25,088 1.8 AP Lafarge LAFP.PA EPA 3 €55.03 NM 55.47 28.40 16.0 1.50 3.45 4.70 Dec 15,798 2.0 AP Vicat VCTP.PA EPA 2 €48.28 55.00 50.00 32.71 13.8 2.87 3.49 4.58 Dec 2,168 3.1 AP

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Mining & Natural Resources - LATFederico Rey Marino [email protected] Santiago Ruiz Guinazu [email protected]

Santiago Wesenack, CFA [email protected]

Agribusiness & Natural Resources Cosan Ltd. CZZ N 3 G US$20.16 NM 21.55 11.27 7.7 2.62 0.71 0.81 Mar US$5,336 1.4 SW Cosan S.A. CSAN3.BZ BR 3 G R$47.99 NM 49.40 28.51 7.8 6.14 1.34 1.51 Mar R$19,433 1.3 SW

Agribusiness Adecoagro SA AGRO N 2 AG US$7.51 15.50 10.90 6.91 11.2 0.08 0.67 0.82 Dec US$918 0.0 FRM BrasilAgro AGRO3 BR 3 AG R$10.40 NM 11.00 6.98 23.1 0.04 0.06 0.12 Jun R$607 0.0 FRM Cresud SACIFYA CRESY Q 2 AG US$8.06 17.00 9.89 6.69 10.6 0.36 0.30 0.55 Jun US$405 6.2 FRM Inversora Juramento SA INVJ BA 3 G AR$1.65 NM 1.96 1.48 41.3 0.00 0.04 0.10 Sep AR$607 0.0 FRM SLC Agricola S.A. SLCE3 BR 2 G R$19.29 24.50 24.80 16.15 13.8 0.39 1.40 1.72 Dec R$1,908 3.3 FRM Sociedad Química y Minera de Chile S.A. SQM N 3 G US$47.43 NM 65.31 47.24 23.0 2.53 2.73 2.97 Dec US$5,710 2.6 SW

Natural Resources Siderar Sociedad Anonima Industrial Y Comercial ERAR BA S NM AR$2.25 NM 2.76 1.19 NM NA NA NA Dec AR$782 1.8 SW,SR Ternium S.A. TX N S NM US$23.37 NM 24.61 17.36 NM 0.60 NA NA Dec US$4,587 2.7 SW,SR


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

Buck Horne, CFA [email protected] RJ Milligan [email protected]

Collin Mings, CFA [email protected]

Housing D.R. Horton, Inc. DHI N 3 HR $25.69 NM 27.75 14.37 20.1 2.77 1.28 1.55 Sep 9,387 0.6 BH,PDP KB Home KBH N 3 HR $23.16 NM 25.14 6.46 51.5 (0.76) 0.45 1.20 Nov 1,959 0.4 BH,PDP Lennar Corporation LEN N 2 HR $42.21 47.00 44.40 23.48 24.1 3.11 1.75 2.60 Nov 9,539 0.4 BH,PDP MDC Holdings MDC N 2 HR $39.14 43.00 42.41 24.60 19.6 1.28 2.00 2.10 Dec 1,914 2.6 BH,PDP PulteGroup Inc. PHM N 2 HR $22.79 26.00 24.47 7.63 16.3 0.54 1.40 1.45 Dec 8,872 0.0 BH,PDP The Ryland Group, Inc. RYL N 4 NM $47.60 NM 50.42 19.25 16.4 0.81 2.90 3.15 Dec 2,542 0.3 BH,PDP St. Joe Company JOE N 3 HR $20.75 NM 24.44 14.32 NM 0.07 0.02 0.07 Dec 1,915 0.0 BH,PDP Standard Pacific Corporation SPF N 3 HR $9.52 NM 9.97 4.39 31.7 1.44 0.30 0.52 Dec 3,816 0.0 BH,PDP Toll Brothers, Inc. TOL N 1 HR $36.37 44.00 39.25 23.78 50.5 2.86 0.72 1.60 Oct 6,477 0.0 BH,PDP

Real Estate

USA Canada Europe

Housing ....................................................................... 64 Lodging ....................................................................... 65 REITs ........................................................................... 65

Healthcare ............................................................... 65 Hotels ...................................................................... 65 Malls ........................................................................ 65 Net Lease ................................................................. 65 Office/Industrial ...................................................... 66 Residential ............................................................... 66 Self Storage ............................................................. 66 Shopping Centers .................................................... 66 Timber ..................................................................... 67

Real Estate .................................................................. 67 Healthcare ............................................................... 67 Industrial ................................................................. 67 Multiresidential ....................................................... 67 Office/Diversified .................................................... 67 Real Estate Services ................................................. 67 Retail ....................................................................... 68

Hotels .......................................................................... 68

Latin America

Diversified Real Estate ................................................. 69 Real Estate .................................................................. 69


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Real Estate - USA Lodging Hyatt Hotels Corporation H N 3 AG $41.75 NM 43.69 33.48 54.9 0.65 0.76 1.00 Dec 6,755 0.0 WAC,PDP Marriott International, Inc. MAR N 3 G $43.23 NM 44.45 33.93 21.0 1.72 2.06 2.40 Dec 13,276 1.6 WAC,PDP Starwood Hotels & Resorts Worldwide HOT N 2 TR $69.78 72.00 70.16 47.41 24.7 2.61 2.83 2.96 Dec 13,579 1.8 WAC,PDP

REITs Healthcare Health Care REIT, Inc. (x) HCN N 2 TR $71.91 79.50 80.07 53.51 18.9 3.52 3.80 4.05 Dec 18,797 4.3 CM,PDP Healthcare Trust of America, Inc. (x) HTA N 3 TR $11.86 NM 13.34 9.07 18.3 0.61 0.65 0.68 Dec 2,546 4.9 CM,PDP Senior Housing Properties Trust (x) SNH N 4 NM $27.44 NM 29.99 19.83 15.4 1.75 1.78 1.86 Dec 5,161 5.7 CM,PDP

Hotels DiamondRock Hospitality Company (x) DRH N 3 AG $9.71 NM 10.60 8.11 13.3 0.78 0.73 0.88 Dec 1,897 3.5 WAC,PDP Hersha Hospitality Trust (x) HT N 2 TR $5.98 6.50 6.30 4.19 13.0 0.39 0.46 0.52 Dec 1,253 4.0 WAC,PDP Host Hotels & Resorts Inc. (x) HST N 2 G $18.30 20.00 18.87 13.58 14.3 1.03 1.28 1.43 Dec 14,311 2.2 WAC,PDP LaSalle Hotel Properties (x) LHO N 2 TR $26.87 28.00 30.01 22.33 12.3 2.08 2.18 2.53 Dec 2,580 3.0 WAC,PDP Pebblebrook Hotel Trust (x) PEB N 2 TR $27.20 30.00 28.35 19.17 18.5 1.17 1.47 1.80 Dec 1,670 2.4 WAC,PDP RLJ Lodging Trust (x) RLJ N 2 TR $23.48 25.00 24.00 16.61 11.7 1.74 2.01 2.25 Dec 2,902 3.5 WAC,PDP Ryman Hospitality Properties Inc. (x) RHP N 2 AG $39.92 48.00 48.35 30.85 9.3 NA 4.29 4.15 Dec 2,072 5.0 WAC,PDP Strategic Hotels & Resorts (x) BEE N 2 HR $8.20 9.00 8.56 5.44 21.6 0.26 0.38 0.48 Dec 1,708 0.0 WAC,PDP Summit Hotel Properties, Inc. (x) INN N 2 AG $10.12 11.00 10.56 7.55 11.8 0.82 0.86 1.06 Dec 697 4.5 WAC,PDP Sunstone Hotel Investors, Inc. (x) SHO N 3 HR $12.69 NM 13.33 9.19 13.4 1.01 0.95 1.18 Dec 2,041 0.0 WAC,PDP

Malls CBL & Associates Properties, Inc. (x) CBL N 3 TR $24.95 NM 26.95 16.74 11.8 2.17 2.11 2.10 Dec 4,813 3.7 RM,PDP Glimcher Realty Trust (x) GRT N 2 TR $12.34 13.00 13.34 8.92 19.0 0.58 0.65 0.76 Dec 1,808 3.2 RM,PDP Simon Property Group, Inc. (x) SPG N 2 TR $175.44 190.00 182.45 142.08 20.4 7.98 8.59 9.23 Dec 63,579 2.6 RM,PDP

Net Lease Agree Realty Corporation (x) ADC N 2 HR $33.43 34.00 34.25 20.61 15.6 2.04 2.15 2.25 Dec 435 4.9 RM,PDP National Retail Properties, Inc. (x) NNN N 2 TR $37.58 42.00 41.98 26.07 19.4 1.74 1.94 2.04 Dec 4,393 4.2 RM,PDP Realty Income (x) O N 3 TR $48.79 NM 55.48 37.33 20.5 2.02 2.38 2.50 Dec 9,573 4.5 RM,PDP Spirit Realty Capital, Inc. (x) SRC N 2 TR $21.00 24.00 23.06 14.76 15.0 0.17 1.40 1.51 Dec 1,783 6.0 RM,PDP


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Real Estate - USA Office/Industrial BioMed Realty Trust Inc. (x) BMR N 2 TR $21.75 24.00 23.13 17.52 14.5 1.31 1.50 1.47 Dec 4,115 4.3 WAC,PDP Brandywine Realty Trust (x) BDN N 3 TR $14.70 NM 16.06 10.79 10.5 1.16 1.40 1.46 Dec 2,349 4.1 WAC,PDP Corporate Office Properties Trust (x) OFC N 3 TR $27.93 NM 29.95 21.13 15.2 2.11 1.84 1.98 Dec 2,500 3.9 WAC,PDP Digital Realty Trust, Inc. (x) DLR N 1 TR $62.04 78.00 80.59 59.25 13.1 4.44 4.72 5.20 Dec 8,580 5.0 WAC,PDP Douglas Emmett (x) DEI N 3 TR $26.87 NM 28.59 20.82 18.4 1.36 1.46 1.51 Dec 4,694 2.7 WAC,PDP DuPont Fabros Technology Inc. (x) DFT N 3 TR $25.25 NM 29.00 19.33 13.6 1.48 1.86 2.12 Dec 2,035 4.0 WAC,PDP EastGroup Properties, Inc. (x) EGP N 2 TR $61.98 65.00 66.99 46.75 19.7 3.08 3.14 3.30 Dec 1,878 3.4 WAC,PDP First Industrial Realty Trust, Inc. (x) FR N 3 HR $17.81 NM 18.94 11.13 17.3 0.88 1.03 1.12 Dec 1,915 1.9 WAC,PDP First Potomac Realty Trust (x) FPO N 3 TR $14.38 NM 16.13 10.94 12.5 0.98 1.15 1.11 Dec 775 4.2 WAC,PDP Parkway Properties (x) PKY N 3 TR $17.85 NM 19.59 10.20 15.3 1.35 1.17 1.37 Dec 1,228 3.4 WAC,PDP STAG Industrial Inc. (x) STAG N 2 TR $23.25 25.00 24.35 13.32 16.7 1.25 1.39 1.50 Dec 1,130 5.2 WAC,PDP Washington REIT (x) WRE N 3 TR $29.06 NM 30.58 23.94 15.8 1.84 1.84 1.90 Dec 1,932 4.1 WAC,PDP

Residential Apartment Investment and Management Company (x) AIV N 3 TR $31.22 NM 33.44 24.05 15.4 1.83 2.03 2.20 Dec 4,786 3.1 BH,PDP Associated Estates Realty Corporation (x) AEC N 3 TR $17.97 NM 19.09 14.24 13.9 1.23 1.29 1.38 Dec 899 4.2 BH,PDP Campus Crest Communities, Inc. (x) CCG N 2 TR $13.37 14.00 14.36 10.02 15.7 0.75 0.85 0.94 Dec 628 4.9 BH,PDP Equity Residential (x) EQR N 3 TR $59.41 NM 65.72 53.25 20.9 2.76 2.84 3.15 Dec 20,140 2.3 BH,PDP Essex Property Trust, Inc. (x) ESS N 2 TR $163.54 176.00 171.11 136.38 21.7 6.81 7.55 8.30 Dec 6,476 3.0 BH,PDP Mid-America Apartment Communities Inc. (x) MAA N 2 TR $70.94 76.00 74.94 60.38 14.5 4.57 4.89 5.23 Dec 3,150 3.9 BH,PDP Post Properties, Inc. (x) PPS N 1 TR $49.22 59.00 52.98 45.94 17.0 2.84 2.89 2.76 Dec 2,687 2.0 BH,PDP

Self Storage CubeSmart (x) CUBE N 2 TR $16.40 18.50 17.70 10.72 18.9 0.71 0.87 0.95 Dec 2,258 2.7 RM,PDP Extra Space Storage (x) EXR N 2 TR $43.08 47.00 45.29 27.55 21.5 1.59 2.00 2.19 Dec 4,782 2.3 RM,PDP Public Storage (x) PSA N 3 TR $160.82 NM 168.66 131.26 22.2 6.31 7.24 7.83 Dec 27,822 3.1 RM,PDP

Shopping Centers Cedar Realty Trust, Inc. (x) CDR N 2 TR $6.25 7.50 6.83 4.53 13.0 0.37 0.48 0.53 Dec 454 3.2 RM,PDP Equity One, Inc. (x) EQY N 2 TR $24.86 27.00 26.72 19.13 20.9 0.85 1.19 1.26 Dec 3,219 3.5 RM,PDP Excel Trust, Inc. (x) EXL N 2 HR $14.69 17.00 15.40 11.06 17.5 0.75 0.84 0.90 Dec 710 4.6 RM,PDP Federal Realty Investment Trust (x) FRT N 3 TR $112.46 NM 118.52 95.66 24.5 4.31 4.60 4.98 Dec 7,366 2.6 RM,PDP Inland Real Estate Corporation (x) IRC N 3 TR $11.19 NM 12.05 6.05 12.4 0.88 0.90 0.95 Dec 1,007 5.1 RM,PDP Kimco Realty Corporation (x) KIM N 2 TR $22.82 26.00 25.09 17.16 17.4 1.26 1.31 1.38 Dec 9,324 3.7 RM,PDP Kite Realty Group Trust (x) KRG N 2 TR $6.54 7.50 6.91 3.81 13.9 0.41 0.47 0.50 Dec 509 3.7 RM,PDP Ramco-Gershenson Properties Trust (x) RPT N 2 TR $16.72 18.00 17.94 11.16 14.5 1.02 1.15 1.18 Dec 1,043 4.0 RM,PDP Regency Centers Corp. (x) REG N 3 TR $53.39 NM 59.35 41.65 20.9 2.56 2.56 2.66 Dec 4,891 3.5 RM,PDP Retail Opportunity Investments Corp. (x) ROIC Q 3 TR $14.80 NM 15.79 11.80 19.0 0.75 0.78 0.87 Dec 983 4.1 RM,PDP Saul Centers, Inc. (x) BFS N 2 TR $46.14 49.00 48.42 37.83 19.2 2.26 2.40 2.81 Dec 932 3.1 RM,PDP


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Real Estate - USA Timber Plum Creek Timber Company, Inc. PCL N 2 TR $50.76 53.00 54.62 35.43 35.0 1.25 1.45 1.75 Dec 8,259 3.5 CM,PDP Potlatch Corporation PCH Q 2 TR $49.14 53.00 51.48 28.02 27.3 1.05 1.80 2.05 Dec 1,995 2.5 CM,PDP Rayonier, Inc. RYN N 1 TR $57.57 66.00 60.62 41.33 26.2 2.17 2.20 2.75 Dec 7,100 3.1 CM,PDP Weyerhaeuser Company WY N 1 TR $31.80 36.00 33.24 18.70 24.5 0.71 1.30 1.50 Dec 17,515 2.5 CM,PDP

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Real Estate - CAN Ken Avalos* [email protected] Frederic Bastien, CFA [email protected]

Real Estate Healthcare Amica Mature Lifestyles Inc. (x) ACC T 2 TR C$9.41 10.00 10.01 8.60 20.9 0.56 0.45 0.58 May C$289 4.5 KA Leisureworld Senior Care Corp. (x) LW T 2 HR C$12.99 13.50 13.19 11.35 14.0 0.96 0.93 1.13 Dec C$381 6.9 KA

Industrial Pure Industrial Real Estate Trust (x) AAR.UN T 1 HR C$5.11 5.75 5.39 4.41 12.2 0.35 0.42 0.45 Dec C$507 6.1 KA

Multiresidential Boardwalk REIT (x) BEI.UN T 3 TR C$64.59 NM 67.78 57.07 20.8 2.87 3.10 3.22 Dec C$3,378 3.1 KA Canadian Apartment Properties REIT (x) CAR.UN T 2 TR C$25.50 26.50 26.21 22.95 16.7 1.46 1.53 1.58 Dec C$2,621 4.4 KA InterRent REIT (x) IIP.UN T 1 HR C$6.50 7.00 6.80 4.18 17.1 0.30 0.38 0.42 Dec C$369 3.1 KA Killam Properties Inc. (x) KMP T 1 TR C$12.27 14.00 13.40 11.76 17.0 0.71 0.72 0.81 Dec C$666 4.8 KA

Office/Diversified Allied Properties REIT (x) AP.UN T 2 TR C$33.83 37.50 35.45 27.10 17.9 1.79 1.89 2.16 Dec C$2,297 4.0 KA Artis REIT (x) AX.UN T 2 TR C$16.72 17.50 17.23 14.95 11.7 1.29 1.43 1.46 Dec C$2,291 6.5 KA Brookfield Canada Office Properties (x) BOX.UN T 3 TR C$28.63 NM 30.52 25.22 17.5 1.49 1.64 1.70 Dec C$2,668 4.1 KA CREIT (x) REF.UN T 3 TR C$45.53 NM 48.25 38.66 16.3 2.63 2.79 2.92 Dec C$3,114 3.6 KA H&R REIT (x) HR.UN T 3 TR C$24.12 NM 26.29 22.45 14.2 1.65 1.70 1.73 Dec C$6,416 5.6 KA

Real Estate Services FirstService Corp. FSRV Q 2 AG US$31.87 35.00 34.77 24.62 18.2 1.62 1.75 2.35 Dec US$972 1.3 FB

*Ken Avalos is a Raymond James & Associates employee.


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Real Estate - CAN Retail Calloway REIT (x) CWT.UN T 2 TR C$29.14 31.00 31.25 27.22 15.9 1.78 1.83 1.89 Dec C$3,864 5.3 KA Crombie REIT (x) CRR.UN T 3 TR C$15.55 NM 16.04 13.91 14.0 1.05 1.11 1.14 Dec C$1,427 5.7 KA RioCan REIT (x) REI.UN T 3 TR C$28.66 NM 29.60 25.72 17.9 1.51 1.60 1.65 Dec C$8,655 4.9 KA

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Real Estate - EUR Julien Richer [email protected]

Hotels Accor ACCP.PA EPA 3 €27.35 NM 29.63 21.98 21.0 (2.57) 1.30 1.64 Dec 6,222 2.9 JR Club Méditerranée CMIP.PA EPA 2 €17.27 16.00 17.28 11.50 41.1 0.02 0.42 0.90 Oct 549 0.8 JR Intercontinental Hotels (d) IHG.L LSE 2 1953.00p 2150 2053.00 1436.68 NM 1.42 1.57 1.83 Dec £5,242 2.5 JR Melia Hotels International MEL.MC MAD 3 €5.93 NM 6.59 3.54 53.9 0.11 E 0.19 0.26 Dec 1,097 0.5 JR NH Hoteles NHH.MC MAD 4 €2.74 3.30 3.42 1.70 54.8 (0.03) E 0.05 0.12 Dec 676 0.0 JR Whitbread WTB.L LSE 2 2897.00p 2780 2905.00 1813.00 20.0 145.00 E 168.00 187.00 Feb £5,186 1.8 JR


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Real Estate - LAT Federico Rey Marino [email protected]

Diversified Real Estate IRSA Inversiones y Representaciones SA IRS N 2 G US$8.97 14.00 9.73 6.35 7.5 1.12 1.38 1.46 Jun US$519 7.3 FRM

Real Estate TGLT S.A. TGLT BA 3 AG AR$8.20 NM 10.50 6.30 NM (0.97) E 0.24 1.34 Dec AR$576 0.0 FRM


Technology & Communications

USA Canada Europe

Analog and Communications Semiconductors ........... 71 Application Software .................................................. 72 Communications Equipment ...................................... 72 Communications Technology ..................................... 73

Enterprise Communications .................................... 73 Mobile Devices ........................................................ 73

Defense Communications ........................................... 73 Electronic Manufacturing Services ............................. 73 Infrastructure Software .............................................. 74 Internet ....................................................................... 74

eCommerce ............................................................. 74 Online Advertising ................................................... 74 Online Travel ........................................................... 75 Software & Services ................................................. 75

IT Hardware and Distribution ..................................... 75 IT Services and Security .............................................. 75

IT Services ................................................................ 75 Security .................................................................... 76

Mobile Data Technology ............................................. 76 Satellite & Space ......................................................... 76 Semiconductors .......................................................... 76 Telecommunications Services .................................... 76

Towers ..................................................................... 76 Wireless ................................................................... 77 Wireline ................................................................... 77

Transaction Processing ............................................... 78

IT Hardware ................................................................ 79 Software/IT Services ................................................... 79

Telecommunications Services ..................................... 80

Latin America

Telecom & Media ........................................................ 81 Telecommunications Services ..................................... 81


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Technology & Communications - USABrian G. Alexander, CFA [email protected] Robert P. Anastasi, CFA [email protected]

Ric Prentiss [email protected] Brian Gesuale [email protected]

Wayne Johnson [email protected] Aaron Kessler, CFA [email protected]

Simon Leopold [email protected] Frank G. Louthan IV [email protected]

Tavis C. McCourt, CFA [email protected] Hans Mosesmann [email protected]

Chris Quilty [email protected] J. Steven Smigie [email protected]

Terry Tillman [email protected] Michael Turits, Ph.D. [email protected]

Analog and Communications Semiconductors Analog Devices, Inc. ADI Q 1 AG $45.48 56.00 47.27 35.18 21.8 2.14 2.09 2.53 Oct 14,253 3.0 JSS Broadcom Corporation BRCM Q 3 AG $36.08 NM 37.85 28.60 13.0 2.92 2.77 3.13 Dec 22,153 1.2 JSS Diodes Incorporated DIOD Q 1 AG $23.52 29.00 24.88 12.95 20.1 0.56 1.17 1.84 Dec 1,110 0.0 JSS Fairchild Semiconductor International FCS N 1 AG $14.10 17.00 15.75 11.14 23.9 0.71 0.59 1.23 Dec 1,794 0.0 JSS International Rectifier Corporation IRF N 3 AG $22.20 NM 22.70 14.32 NM (0.06) (1.01) 0.28 Jun 1,538 0.0 JSS Intersil Corporation ISIL Q 3 AG $8.18 NM 10.97 6.31 51.1 0.15 0.16 0.21 Dec 1,033 5.9 JSS Linear Technology Corporation LLTC Q 4 NM $37.24 NM 38.90 28.28 21.0 1.76 1.77 1.80 Jun 8,885 2.8 JSS M/A-COM Technology Solutions MTSI Q 2 AG $14.03 16.00 19.14 10.01 17.1 1.14 0.82 1.07 Sep 641 0.0 JSS Maxim Integrated MXIM Q 2 AG $29.90 38.00 33.67 23.55 16.4 1.57 1.82 2.10 Jun 8,973 3.2 JSS Microsemi Corporation MSCC Q 1 AG $21.85 26.00 23.28 16.57 14.4 1.61 1.52 2.06 Sep 1,991 0.0 JSS Mindspeed Technologies MSPD Q 3 VR $3.37 NM 5.27 2.28 NM (0.76) (0.35) (0.40) Sep 142 0.0 JSS Monolithic Power Systems, Inc. MPWR Q 2 AG $24.46 26.00 25.66 17.07 46.2 0.46 0.53 0.85 Dec 922 0.0 JSS NXP Semiconductors N.V. NXPI Q 2 HR $30.31 32.00 32.99 18.57 12.3 1.70 2.46 3.38 Dec 7,631 0.0 JSS ON Semiconductor Corporation ONNN Q 2 AG $7.98 10.00 8.71 5.70 13.3 0.47 0.60 0.84 Dec 3,611 0.0 JSS Power Integrations, Inc. POWI Q 3 AG $43.16 NM 46.12 27.20 26.5 1.39 1.63 1.75 Dec 1,286 0.7 JSS Semtech Corporation SMTC Q 1 AG $36.39 43.00 37.38 22.22 27.2 1.46 1.34 A 1.83 Jan 2,496 0.0 JSS Texas Instruments Incorporated TXN Q 3 AG $36.20 NM 37.36 26.06 19.3 1.65 1.88 2.24 Dec 40,689 3.1 JSS,HM Vishay Intertechnology, Inc. VSH N 3 AG $14.31 NM 15.14 8.10 16.5 0.71 0.87 1.25 Dec 2,155 0.0 JSS


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Technology & Communications - USAApplication Software Brightcove Inc. BCOV Q 1 HR $7.60 15.00 17.17 4.89 NM (0.34) (0.15) (0.01) Dec 213 0.0 TT Concur Technologies, Inc. CNQR Q 3 AG $83.27 NM 84.86 57.61 58.6 1.39 1.42 1.94 Sep 4,763 0.0 TT Constant Contact, Inc. CTCT Q 3 HR $14.97 NM 21.40 11.50 22.3 0.56 0.67 0.83 Dec 459 0.0 TT Demandware DWRE N 2 AG $31.68 38.00 34.27 21.35 NM (0.04) (0.38) (0.19) Dec 945 0.0 TT ExactTarget, Inc. ET N 1 AG $22.90 31.00 24.93 17.25 NM (0.11) (0.29) (0.14) Dec 1,713 0.0 TT LivePerson, Inc. LPSN Q 2 AG $9.44 16.00 19.60 8.03 52.4 0.31 0.18 0.25 Dec 528 0.0 TT Manhattan Associates, Inc. MANH Q 3 AG $74.15 NM 75.48 40.98 22.8 2.82 3.25 3.63 Dec 1,461 0.0 TT MICROS Systems, Inc. MCRS Q 2 AG $42.63 50.00 55.36 39.31 17.8 2.22 2.39 2.58 Jun 3,432 0.0 TT MicroStrategy Inc. MSTR Q 4 NM $92.34 NM 137.16 83.76 49.4 1.84 1.87 3.55 Dec 1,043 0.0 TT Model N, Inc. MODN N 2 AG $19.87 27.00 22.25 17.13 NM NA (0.09) (0.16) Sep 531 0.0 TT Netsuite, Inc. N N 3 AG $89.52 NM 95.76 44.32 NM 0.26 0.27 0.46 Dec 6,759 0.0 TT salesforce.com, Inc. CRM N 2 AG $41.80 52.50 47.58 30.05 NM 0.34 0.41 A 0.49 Jan 26,025 0.0 TT SciQuest SQI Q 2 AG $23.78 27.50 26.00 13.13 64.3 0.24 0.37 0.51 Dec 545 0.0 TT SS&C Technologies Holdings, Inc. SSNC Q 2 AG $31.97 34.00 34.44 21.00 17.3 1.42 1.85 2.10 Dec 2,666 0.0 TT Tangoe Inc. TNGO Q 1 AG $14.02 26.00 23.00 11.53 20.3 0.49 0.69 0.84 Dec 568 0.0 TT Ultimate Software Group Inc. ULTI Q 3 AG $113.46 NM 116.67 76.22 83.4 1.01 1.36 1.83 Dec 3,256 0.0 TT Vocus Inc. VOCS Q 3 AG $8.51 NM 20.64 8.05 50.1 0.44 0.17 0.47 Dec 206 0.0 TT

Communications Equipment ADTRAN, Inc. ADTN Q 3 G $23.21 NM 31.03 15.38 32.2 0.74 0.72 0.95 Dec 1,495 1.6 SL Alcatel-Lucent (r) ALU N 2 HR $1.58 2.25 1.79 0.91 NM (0.28) (0.27) 0.00 Dec 3,584 0.0 SL ARRIS Group Inc. ARRS Q 2 AG $15.44 19.00 17.98 11.80 9.7 0.93 1.59 2.29 Dec 1,976 0.0 SL Calix, Inc. CALX N 2 AG $10.25 10.50 10.30 4.25 18.6 0.15 0.55 0.70 Dec 501 0.0 SL Ciena Corporation CIEN Q 3 AG $16.10 NM 18.39 11.65 32.2 (0.24) 0.50 0.73 Oct 1,618 0.0 SL Cisco Systems CSCO Q 2 G $23.89 26.00 24.25 14.96 12.0 1.85 2.00 2.07 Jul 130,344 2.9 SL Dycom Industries, Inc. DY N 2 AG $22.64 26.50 23.65 13.04 19.2 1.14 1.18 1.29 Jul 738 0.0 SL F5 Networks, Inc. FFIV Q 3 AG $83.67 NM 111.58 70.60 18.6 4.38 4.50 5.14 Sep 6,558 0.0 SL Finisar Corporation FNSR Q 3 HR $12.84 NM 17.14 10.95 21.1 0.87 0.61 0.89 Apr 1,199 0.0 SL Harmonic Inc. HLIT Q 3 AG $6.25 NM 6.40 3.76 32.9 0.25 0.19 0.37 Dec 714 0.0 SL JDS Uniphase JDSU Q 3 HR $13.37 NM 15.63 8.47 23.9 0.60 0.56 0.76 Jun 3,111 0.0 SL Juniper Networks, Inc. JNPR N 3 AG $17.47 NM 22.98 14.01 14.9 0.86 1.17 1.28 Dec 9,291 0.0 SL NeoPhotonics Corporation NPTN N 2 HR $6.67 7.00 6.90 3.92 NM (0.20) (0.07) 0.33 Dec 204 0.0 SL Procera Networks PKT Q 2 AG $14.26 16.00 25.99 10.12 NM 0.51 0.06 0.44 Dec 293 0.0 SL Tellabs TLAB Q 3 AG $2.04 NM 3.86 1.90 NM 0.00 0.00 0.09 Dec 750 3.9 SL


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Technology & Communications - USACommunications Technology Enterprise Communications BroadSoft, Inc. BSFT Q 3 AG $28.00 NM 42.96 20.13 23.9 1.44 1.17 1.31 Dec 779 0.0 TMC Interactive Intelligence Group Inc. ININ Q 2 AG $49.40 56.00 51.75 24.35 NM 0.50 0.45 0.57 Dec 1,003 0.0 TMC Logitech International SA LOGI Q 3 AG $6.38 NM 10.95 6.24 NM 0.41 0.03 A 0.24 Mar 1,008 12.9 TMC Plantronics, Inc. PLT N 3 G $46.36 NM 47.48 28.76 16.7 2.66 2.77 A 2.97 Mar 1,975 0.9 TMC Polycom Inc. PLCM Q 3 AG $10.92 NM 12.03 7.45 17.1 0.68 0.64 0.76 Dec 1,958 0.0 TMC Premiere Global Services Inc. PGI N 1 HR $11.70 12.00 12.08 7.89 14.3 0.73 0.82 0.95 Dec 559 0.0 TMC

Mobile Devices Apple Inc. AAPL Q 2 G $441.44 600.00 705.07 385.10 11.0 44.14 40.07 48.30 Sep 414,993 2.4 TMC Aruba Networks ARUN Q 3 AG $13.72 NM 26.78 12.36 22.1 0.64 0.62 0.64 Jul 1,543 0.0 TMC Digi International Inc. DGII Q 3 AG $9.96 NM 11.27 8.30 19.5 0.53 0.51 0.54 Sep 259 0.0 TMC Motorola Solutions, Inc. MSI N 2 G $58.53 65.00 64.72 44.49 13.6 3.23 4.30 4.47 Dec 15,903 1.8 TMC Nokia (r) NOK N 4 NM $3.59 NM 4.90 1.63 NM (0.20) 0.01 (0.03) Dec 13,340 5.0 TMC Nuance Communications, Inc. NUAN Q 3 AG $19.50 NM 25.89 18.00 14.2 1.73 1.37 1.47 Sep 6,367 0.0 TMC QUALCOMM, Inc. QCOM Q 1 G $64.07 83.00 68.50 53.09 14.2 3.72 4.52 4.96 Sep 110,585 2.2 TMC RF Micro Devices RFMD Q 3 AG $5.27 NM 5.75 3.45 NM 0.00 (0.21) A 0.19 Mar 1,473 0.0 TMC Skyworks Solutions SWKS Q 2 AG $22.86 29.00 31.44 19.21 10.2 1.92 2.24 2.58 Sep 4,366 0.0 TMC Synchronoss Technologies, Inc. SNCR Q 2 AG $31.38 32.00 32.98 16.89 23.6 1.11 1.33 1.61 Dec 1,211 0.0 TMC TriQuint Semiconductor, Inc. TQNT Q 3 HR $6.87 NM 7.00 4.30 NM (0.01) 0.01 0.17 Dec 1,139 0.0 TMC Ubiquiti Networks, Inc. UBNT Q 2 AG $19.21 21.00 20.89 7.80 22.3 1.09 0.86 1.15 Jun 1,671 0.0 TMC

Defense Communications Harris Corporation HRS N 3 AG $51.23 NM 52.23 38.80 11.0 5.20 4.65 4.95 Jun 5,594 2.9 CQ HEICO Corporation HEI N 2 AG $51.46 55.00 51.81 34.01 28.9 1.60 1.78 1.98 Oct 2,733 0.2 CQ Teledyne Technologies Incorporated TDY N 2 AG $78.46 79.00 79.04 56.90 17.6 4.33 4.46 4.90 Dec 2,931 0.0 CQ

Electronic Manufacturing Services Benchmark Electronics, Inc. BHE N 4 NM $19.55 NM 19.91 12.54 16.3 1.21 1.20 1.45 Dec 1,079 0.0 BGA Celestica, Inc. CLS N 3 AG $9.24 NM 9.35 6.64 17.1 0.81 0.54 0.71 Dec 1,709 0.0 BGA Flextronics International Ltd. FLEX Q 3 AG $7.32 NM 7.60 5.47 10.2 0.66 0.72 A 0.62 Mar 4,863 0.0 BGA Jabil Circuit, Inc. JBL N 1 AG $19.70 24.00 23.95 16.39 10.3 1.95 1.91 2.36 Aug 4,074 1.6 BGA Plexus Corp. PLXS Q 3 AG $29.40 NM 34.24 19.63 13.4 2.39 2.19 2.40 Sep 1,020 0.0 BGA Sanmina Corporation SANM Q 2 HR $13.46 12.50 14.25 6.62 11.9 1.01 1.13 1.47 Sep 1,140 0.0 BGA


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Technology & Communications - USAInfrastructure Software Akamai Technologies, Inc. AKAM Q 3 AG $46.56 NM 48.47 25.90 24.4 1.60 1.91 2.13 Dec 8,282 0.0 MT BMC Software, Inc. BMC Q 3 AG $45.41 NM 47.98 35.48 13.4 3.25 3.40 3.88 Mar 6,534 0.0 MT CA Technologies CA Q 3 AG $27.65 NM 27.96 21.48 10.9 2.27 2.53 A 2.40 Mar 12,391 3.6 MT Check Point Software Technologies CHKP Q 2 AG $49.40 52.00 54.15 40.60 14.8 3.19 3.33 3.67 Dec 10,171 0.0 MT Citrix Systems Inc. CTXS Q 2 AG $64.53 74.00 85.65 56.57 21.5 2.87 3.00 3.54 Dec 12,028 0.0 MT CommVault Systems Inc. CVLT Q 3 AG $71.11 NM 88.14 38.51 47.7 1.01 1.49 A 1.63 Mar 3,275 0.0 MT Fortinet Inc. FTNT Q 2 AG $18.61 21.00 28.23 17.26 38.0 0.53 0.49 0.59 Dec 2,984 0.0 MT Informatica Corp. INFA Q 3 AG $34.74 NM 44.53 23.83 25.2 1.31 1.38 1.58 Dec 3,746 0.0 MT Limelight Networks LLNW Q 3 AG $2.20 NM 3.17 1.62 NM (0.22) (0.19) (0.18) Dec 216 0.0 MT Microsoft MSFT Q 2 TR $35.02 34.00 35.27 26.26 13.0 2.73 2.70 3.01 Jun 292,382 2.6 MT Oracle Corp. ORCL Q 2 G $34.53 36.00 36.43 25.84 12.8 2.46 2.69 2.86 May 162,947 0.7 MT Palo Alto Networks PANW N 1 HR $53.78 70.00 72.61 47.00 NM 0.14 0.20 0.46 Jul 3,705 0.0 MT Red Hat, Inc. RHT N 3 HR $48.64 NM 60.00 46.34 39.5 1.10 1.23 A 1.33 Feb 9,388 0.0 MT Sourcefire Inc. FIRE Q 3 AG $55.77 NM 59.49 39.50 58.1 0.81 0.96 1.14 Dec 1,693 0.0 MT Symantec Corp. SYMC Q 3 AG $22.90 NM 25.26 13.06 12.9 1.61 1.77 A 1.86 Mar 15,984 2.6 MT VMware VMW N 3 AG $73.23 NM 103.02 70.05 22.4 2.85 3.27 3.81 Dec 31,370 0.0 MT

Internet eCommerce The Active Network, Inc. ACTV N 3 AG $6.37 NM 16.32 3.83 NM (0.73) (0.62) (0.34) Dec 412 0.0 AK Amazon.com Inc. AMZN Q 3 AG $267.29 NM 284.72 206.37 NM 1.70 2.66 4.88 Dec 123,755 0.0 AK CafePress Inc. PRSS Q 3 AG $6.61 NM 15.81 4.44 NM 0.00 (0.39) 0.08 Dec 113 0.0 AK eBay Inc. EBAY Q 2 AG $55.53 61.00 58.04 38.00 20.4 2.36 2.72 3.22 Dec 73,244 0.0 AK Groupon, Inc. GRPN Q 4 NM $7.39 NM 12.15 2.60 56.9 0.12 0.13 0.27 Dec 4,959 0.0 AK MercadoLibre, Inc. MELI Q 3 AG $118.35 NM 128.46 64.18 46.4 2.31 2.55 3.27 Dec 5,231 0.5 AK Netflix Inc. NFLX Q 3 AG $214.19 NM 248.85 52.81 NM 0.30 1.84 4.08 Dec 12,873 0.0 AK OpenTable, Inc. OPEN Q 3 AG $66.53 NM 72.18 33.53 33.9 1.69 1.96 2.33 Dec 1,583 0.0 AK Shutterfly, Inc. SFLY Q 2 AG $49.01 51.00 49.57 23.62 NM 0.61 0.44 0.60 Dec 1,813 0.0 AK

Online Advertising Angie's List, Inc. ANGI Q 1 HR $23.54 28.00 26.72 8.94 NM (0.92) (0.44) (0.01) Dec 1,363 0.0 AK Baidu, Inc. (r) BIDU Q 3 AG $97.28 NM 134.71 82.98 18.5 4.85 5.25 6.44 Dec 34,038 0.0 AK Facebook, Inc. FB Q 1 AG $24.10 37.00 33.45 17.55 40.2 0.53 0.60 0.85 Dec 60,395 0.0 AK Google Inc. GOOG Q 2 AG $881.27 875.00 920.60 556.52 19.4 39.87 45.51 51.37 Dec 296,988 0.0 AK LinkedIn Corp. LNKD N 3 AG $169.17 NM 202.91 88.00 NM 0.89 1.47 1.95 Dec 19,455 0.0 AK Pandora Media, Inc. P N 2 AG $16.91 20.00 19.37 7.08 NM (0.02) (0.07) A 0.04 Jan 2,942 0.0 AK Yahoo! Inc. YHOO Q 2 AG $26.07 30.00 27.68 14.59 17.6 1.31 1.48 1.71 Dec 28,886 0.0 AK Yelp, Inc. YELP N 3 AG $29.95 NM 32.88 14.10 NM (0.35) (0.14) 0.07 Dec 1,908 0.0 AK Zillow, Inc. Z Q 3 AG $56.44 NM 63.76 23.00 NM 0.19 (0.67) (0.32) Dec 2,088 0.0 AK


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Technology & Communications - USAOnline Travel Ctrip.com International, Ltd. (r) CTRP Q 1 AG $31.65 37.00 32.25 12.36 24.0 1.22 1.32 1.55 Dec 4,561 0.0 AK Expedia, Inc. EXPE Q 2 AG $58.97 71.00 68.09 43.44 18.2 3.10 3.24 3.74 Dec 8,374 0.9 AK HomeAway, Inc. AWAY Q 2 AG $29.65 36.00 34.30 19.19 48.6 0.48 0.61 0.78 Dec 2,565 0.0 AK priceline.com Incorporated PCLN Q 2 AG $804.33 850.00 847.33 553.43 20.0 30.98 40.28 50.01 Dec 41,503 0.0 AK TripAdvisor, Inc. TRIP Q 3 AG $64.30 NM 64.37 28.63 35.3 1.54 1.82 2.31 Dec 9,324 0.0 AK

Software & Services ReachLocal RLOC Q 3 AG $15.01 NM 17.39 9.18 31.9 0.45 0.47 0.57 Dec 423 0.0 AK ValueClick Inc. VCLK Q 3 AG $26.60 NM 32.25 13.80 14.0 1.65 1.90 2.15 Dec 2,003 0.0 AK

IT Hardware and Distribution Arrow Electronics, Inc. ARW N 3 AG $39.38 NM 42.27 30.84 9.2 4.40 4.30 4.80 Dec 4,245 0.0 BGA Avnet, Inc. AVT N 3 AG $33.57 NM 36.86 25.41 9.7 4.07 3.46 4.12 Jun 4,666 0.0 BGA Dell Inc. DELL Q 3 AG $13.36 NM 14.64 8.69 7.8 2.13 1.72 A 1.05 Jan 22,926 2.4 BGA EMC Corporation EMC N 1 AG $23.87 30.00 28.18 21.45 13.0 1.70 1.83 2.05 Dec 50,147 0.0 BGA Hewlett-Packard HPQ N 3 G $24.65 NM 24.95 11.35 6.8 4.05 3.62 3.75 Oct 47,994 2.2 BGA Ingram Micro Inc. IM N 3 AG $18.30 NM 20.21 14.42 8.3 1.82 2.21 2.63 Dec 2,829 0.0 BGA Insight Enterprises, Inc. NSIT Q 3 AG $19.16 NM 21.44 14.12 10.2 2.11 1.88 2.15 Dec 864 0.0 BGA Lexmark International, Inc. LXK N 3 AG $30.35 NM 31.75 16.10 8.3 3.50 3.65 3.75 Dec 1,939 4.0 BGA NetApp Inc. NTAP Q 2 AG $37.71 42.00 39.15 26.26 16.5 2.41 2.29 A 2.70 Apr 13,591 1.6 BGA PC Connection, Inc. PCCC Q 4 NM $16.99 NM 17.65 8.76 13.2 1.27 1.29 1.39 Dec 447 0.0 BGA PCM Inc. PCMI Q 3 AG $7.69 NM 9.11 5.06 7.6 0.52 1.01 1.35 Dec 92 0.0 BGA SYNNEX Corporation SNX N 2 AG $39.15 42.00 41.22 30.70 10.3 4.00 3.80 4.15 Nov 1,488 0.0 BGA Tech Data Corporation TECD Q 3 AG $49.56 NM 54.60 42.25 10.3 5.13 4.82 A 5.35 Jan 1,888 0.0 BGA

IT Services and Security IT Services Accenture plc ACN N 2 G $83.09 83.00 84.23 54.94 16.9 3.84 4.93 4.69 Aug 57,581 2.0 BG Booz Allen Hamilton Holding Corp. BAH N 3 AG $17.86 NM 19.23 11.85 10.8 1.61 1.65 A 1.58 Mar 2,609 2.2 BG CACI International Inc. CACI N 4 NM $63.86 NM 65.10 41.29 9.9 5.96 6.45 6.11 Jun 1,513 0.0 BG Computer Sciences Corporation CSC N 3 AG $43.20 NM 50.59 22.19 13.5 (28.31) 3.20 A 3.55 Mar 6,487 1.9 BG Cubic Corporation CUB N 2 AG $48.54 50.00 52.53 40.61 17.0 3.44 2.86 3.12 Sep 1,298 0.5 BG Dynamics Research Corporation DRCO Q 4 NM $5.00 NM 7.30 4.84 9.3 0.61 0.54 0.51 Dec 52 0.0 BG ICF International Inc. ICFI Q 3 AG $29.84 NM 30.92 17.28 14.3 1.91 2.09 2.22 Dec 594 0.0 BG ManTech International Corporation MANT Q 4 NM $27.35 NM 28.25 19.74 12.7 2.57 2.16 2.03 Dec 1,015 3.1 BG MAXIMUS Inc. MMS N 2 AG $74.66 88.00 81.37 43.79 23.7 2.36 3.15 3.85 Sep 2,545 0.5 BG NCI, Inc. NCIT Q 3 AG $4.73 NM 8.00 3.27 13.5 0.51 0.35 0.29 Dec 61 0.0 BG SAIC Inc. SAI N 3 G $15.21 NM 15.60 10.69 10.7 1.40 1.42 A 1.24 Jan 5,095 3.2 BG Sapient SAPE Q 2 AG $12.20 14.00 12.60 9.01 25.4 0.44 0.48 0.63 Dec 1,689 0.0 BG Unisys Corporation UIS N 2 HR $19.32 23.00 24.73 14.40 9.4 2.84 2.06 2.98 Dec 850 0.0 BG


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Technology & Communications - USASecurity AeroVironment Inc. AVAV Q 3 AG $20.87 NM 27.82 16.98 45.4 1.36 0.46 0.45 Apr 467 0.0 BG FLIR Systems FLIR Q 3 AG $24.67 NM 27.16 17.99 15.0 1.45 1.64 1.77 Dec 3,609 1.5 BG Guidance Software Inc. GUID Q 2 HR $9.21 10.00 13.08 7.50 NM 0.40 (0.10) 0.25 Dec 235 0.0 BG iRobot IRBT Q 3 AG $33.89 NM 35.36 16.25 31.7 0.61 1.07 1.16 Dec 969 0.0 BG NIC Inc. EGOV Q 2 AG $16.84 19.00 19.35 10.52 33.7 0.40 0.50 0.56 Dec 1,088 0.0 BG

Mobile Data Technology ScanSource, Inc. SCSC Q 2 AG $31.86 38.00 34.08 25.83 13.1 2.68 2.43 2.72 Jun 887 0.0 CQ

Satellite & Space Comtech Telecommunications Corp. (ae) CMTL Q 3 AG $26.75 NM 31.05 22.33 NM 76 52 67 Jul 455 4.1 CQ DigitalGlobe, Inc. (ae) DGI N 1 AG $29.67 35.00 30.50 13.99 NM 211 232 351 Dec 1,397 0.0 CQ Iridium Communications Inc. (ae) IRDM Q 1 AG $7.26 13.00 9.73 5.25 NM 206 218 245 Dec 556 0.0 CQ KVH Industries KVHI Q 1 AG $13.23 17.00 15.00 8.97 31.5 0.26 0.42 0.64 Dec 200 0.0 CQ ORBCOMM, Inc. (ae) ORBC Q 2 HR $3.83 5.25 5.40 2.72 NM 17 15 22 Dec 180 0.0 CQ Orbital Sciences (ae) ORB N 2 AG $18.32 21.00 18.76 10.59 NM 159 160 173 Dec 1,099 0.0 CQ TeleCommunication Systems TSYS Q 3 AG $2.34 NM 2.70 1.10 9.0 0.40 0.26 0.28 Dec 160 0.0 CQ ViaSat, Inc. (ae) VSAT Q 4 NM $70.86 NM 72.61 33.09 NM 149 163 A 206 Mar 3,148 0.0 CQ

Semiconductors Advanced Micro Devices AMD N 2 HR $4.05 5.00 6.46 1.81 NM (1.60) (0.29) 0.28 Dec 3,033 0.0 HM Altera Corporation ALTR Q 1 AG $33.06 39.00 38.80 29.59 23.3 1.72 1.42 1.86 Dec 10,678 1.2 HM Applied Micro Circuits Corporation AMCC Q 2 HR $7.84 9.00 9.64 4.28 NM (0.09) (0.45) A 0.04 Mar 485 0.0 HM ARM Holdings plc (r) ARMH Q 2 G $45.01 50.00 50.56 21.64 47.9 0.71 0.94 1.15 Dec 21,078 0.2 HM Atmel Corporation ATML Q 2 AG $7.46 8.00 7.64 4.37 NM 0.07 0.02 0.29 Dec 3,303 0.0 HM Cavium Inc. CAVM Q 2 AG $32.20 39.00 39.52 22.30 NM (2.24) 0.21 0.72 Dec 1,761 0.0 HM Cree, Inc. CREE Q 4 NM $60.66 NM 63.51 22.25 47.0 0.95 1.29 1.53 Jun 7,194 0.0 HM Intel Corporation INTC Q 4 NM $24.08 NM 27.75 19.23 13.0 2.13 1.85 1.95 Dec 122,326 3.7 HM LSI Corporation LSI Q 1 AG $7.36 9.00 8.10 5.59 11.3 0.76 0.65 0.80 Dec 4,174 0.0 HM Micron Technology, Inc. MU Q 1 AG $11.78 12.00 11.88 5.16 NM (1.04) (0.52) 0.75 Aug 11,968 0.0 HM NVIDIA Corporation NVDA Q 1 AG $14.53 19.00 15.22 11.15 16.1 0.95 0.90 A 0.72 Jan 8,998 2.1 HM OmniVision Technologies, Inc. OVTI Q 3 HR $14.87 NM 17.85 11.82 21.2 1.13 0.70 1.12 Apr 840 0.0 HM Pericom Semiconductor Corporation PSEM Q 2 AG $7.09 8.00 9.22 6.10 32.2 0.28 0.22 0.21 Jun 169 0.0 HM SanDisk Corp. SNDK Q 2 AG $57.84 66.00 59.96 30.99 16.7 1.70 3.47 3.96 Dec 14,206 0.0 HM Xilinx, Inc. XLNX Q 2 G $39.96 42.00 40.33 30.25 22.5 1.99 1.78 A 1.92 Mar 11,073 2.5 HM

Telecommunications Services Towers American Tower (af) AMT N 2 AG $81.50 92.00 85.26 62.54 21.8 3.06 3.74 4.38 Dec 32,241 1.3 RP Crown Castle International (af) CCI N 1 AG $73.33 91.00 81.16 52.84 18.6 3.04 3.95 4.57 Dec 21,456 0.0 RP SBA Communications (af) SBAC Q 1 AG $77.39 90.00 82.31 50.67 19.3 3.09 4.02 4.50 Dec 9,823 0.0 RP


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Technology & Communications - USAWireless America Movil, S.A.B. de C.V. (is,r,vf) AMX N 3 G $20.12 NM 27.60 18.26 15.0 1.27 1.34 1.56 Dec 75,933 1.5 RP Atlantic Tele-Network, Inc. (vf) ATNI Q 2 G $51.03 59.00 51.86 31.95 20.2 4.52 2.53 2.41 Dec 801 2.0 RP BCE Inc. ($C,is,vf) BCE N 3 TR $45.92 NM 48.06 39.14 NM 2.69 3.90 3.82 Dec 35,629 5.1 RP Clearwire Corp. (vf) CLWR Q 4 NM $3.43 NM 3.49 0.83 NM (0.64) (0.80) (0.75) Dec 5,052 0.0 RP Leap Wireless International, Inc. (vf) LEAP Q 3 HR $5.88 NM 8.16 4.28 NM (1.37) (1.22) (1.40) Dec 465 0.0 RP NII Holdings, Inc. (vf) NIHD Q 2 HR $7.87 9.00 12.00 4.11 NM (5.71) (4.59) (3.13) Dec 1,351 0.0 RP NTELOS Holdings Corp. (vf) NTLS Q 3 TR $16.21 NM 21.54 11.68 23.5 1.30 0.69 0.76 Dec 348 10.4 RP Rogers Communications Inc. ($C,is,vf) RCI N 3 TR $45.88 NM 51.98 33.58 NM 3.11 2.70 3.41 Dec 23,858 3.8 RP Shenandoah Telecommunications Co. (vf) SHEN Q 2 G $17.27 19.00 18.99 10.28 NM (0.21) (1.54) 0.79 Dec 414 1.9 RP Sprint Nextel Corp. (vf) S N 3 HR $7.27 NM 7.40 2.44 NM (0.86) (1.17) (0.21) Dec 21,905 0.0 RP Telephone and Data Systems, Inc. (vf) TDS N 2 HR $24.05 31.00 26.99 19.20 NM (0.69) (1.07) 0.32 Dec 2,599 2.0 RP TELUS Corp. ($C,is,vf) TU N 3 TR $35.81 NM 37.48 28.73 NM 2.10 2.07 2.58 Dec 23,408 3.8 RP T-Mobile US Inc. (vf) TMUS N 2 HR $20.56 21.00 29.02 11.06 NM 1.85 (1.03) 1.53 Dec 3,746 0.0 RP U.S. Cellular (vf) USM N 2 HR $40.27 40.00 41.54 33.16 NM (1.34) (1.86) (0.23) Dec 3,390 0.0 RP

Wireline Alaska Communications Systems Group Inc. ALSK Q 4 NM $1.83 NM 2.55 1.55 7.0 0.36 0.26 0.21 Dec 84 0.0 FGL AT&T Inc. T N 3 TR $36.18 NM 39.00 32.71 14.1 2.34 2.56 2.75 Dec 200,075 5.0 FGL Cablevision Systems Corp. (fc) CVC N 2 HR $15.50 16.50 18.86 10.76 NM 0.59 (0.46) 1.00 Dec 4,142 3.9 FGL Cbeyond, Inc. CBEY Q 3 HR $9.00 NM 10.19 5.62 NM (0.08) (0.15) (0.13) Dec 275 0.0 FGL CenturyLink CTL N 3 TR $37.07 NM 43.43 32.05 13.6 2.67 2.73 2.46 Dec 22,819 5.8 FGL Charter Communications, Inc. (fc) CHTR Q 3 HR $114.10 NM 116.42 60.46 25.2 1.49 4.52 4.68 Dec 11,444 0.0 FGL Cincinnati Bell Inc. CBB N 2 HR $3.58 4.25 5.89 2.84 NM 0.07 (0.18) 0.05 Dec 744 0.0 FGL Cogent Communications Group Inc. (fa) CCOI Q 3 AG $28.66 NM 29.78 17.11 44.1 0.39 0.65 1.22 Dec 1,350 1.8 FGL Comcast Corp. CMCSA Q 2 G $41.82 46.00 43.74 28.34 17.9 1.97 2.34 2.72 Dec 111,869 1.9 FGL Consolidated Communications Holdings CNSL Q 2 TR $17.74 20.00 19.10 12.97 27.3 0.76 0.65 0.64 Dec 712 8.7 FGL CyrusOne Inc. (af) CONE Q 2 AG $22.11 26.00 24.84 20.53 18.7 0.84 1.18 1.55 Dec 1,426 2.9 FGL Equinix EQIX Q 1 AG $210.10 245.00 231.56 154.16 69.8 2.64 3.01 3.88 Dec 11,240 0.0 FGL Frontier Communications Corp. FTR Q 3 HR $4.30 NM 5.15 3.30 22.6 0.25 0.19 0.18 Dec 4,265 9.3 FGL General Communication Inc. (fc) GNCMA Q 2 HR $8.96 11.00 10.43 6.18 52.7 (0.33) 0.17 0.75 Dec 376 0.0 FGL Inteliquent IQNT Q 3 HR $5.85 NM 14.15 2.10 30.8 (2.52) 0.19 0.08 Dec 189 0.0 FGL Level 3 Communications Inc. (fc) LVLT N 3 HR $21.57 NM 25.26 16.36 26.3 (0.01) 0.82 1.16 Dec 4,773 0.0 FGL Lumos Networks (vf) LMOS Q 3 TR $15.22 NM 17.06 7.50 32.4 0.72 0.47 0.48 Dec 334 3.7 RP Rackspace Hosting RAX N 3 AG $39.30 NM 81.36 36.48 65.5 0.75 0.60 0.79 Dec 5,628 0.0 FGL Time Warner Cable Inc. TWC N 2 AG $96.27 100.00 102.00 73.52 14.9 5.76 6.47 7.86 Dec 29,420 2.7 FGL tw telecom inc. TWTC Q 3 AG $28.24 NM 29.51 22.46 58.8 0.51 0.48 0.71 Dec 4,276 0.0 FGL Verizon Communications VZ N 2 TR $50.82 54.00 54.31 40.51 18.6 2.31 2.73 3.12 Dec 145,955 4.1 FGL Windstream Corp. WIN Q 2 HR $8.47 10.00 11.04 7.86 23.5 0.46 0.36 0.41 Dec 5,020 11.8 FGL


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Technology & Communications - USATransaction Processing ACI Worldwide, Inc. ACIW Q 3 AG $45.92 NM 51.89 36.51 19.5 1.74 2.35 3.32 Dec 1,812 0.0 WJ Alliance Data Systems Corp. ADS N 3 HR $183.03 NM 185.32 119.82 18.6 8.72 9.85 11.89 Dec 9,078 0.0 WJ Blackhawk Network Holdings, Inc. HAWK Q 2 G $23.80 29.00 27.00 23.05 21.4 1.01 1.11 1.42 Dec 1,211 0.0 WJ Bottomline Technologies EPAY Q 2 AG $27.65 32.00 29.82 16.96 22.5 0.99 1.23 1.27 Jun 982 0.0 WJ Equifax, Inc. EFX N 2 G $61.66 65.00 63.91 43.01 17.1 2.91 3.61 4.04 Dec 7,590 1.4 WJ Fidelity National Information Services FIS N 2 G $45.80 45.00 45.95 30.46 16.4 2.50 2.79 3.11 Dec 13,401 1.9 WJ FleetCor Technologies FLT N 2 AG $84.35 85.00 85.56 33.73 22.7 2.99 3.71 4.18 Dec 7,085 0.0 WJ Global Payments Inc. GPN N 2 G $46.88 55.00 51.24 39.37 12.7 3.53 3.69 4.18 May 3,849 0.2 WJ Green Dot Corporation GDOT N 3 AG $18.30 NM 24.97 9.05 15.3 1.37 1.20 1.23 Dec 659 0.0 WJ Heartland Payment Systems HPY N 2 G $32.10 39.00 34.26 25.76 16.6 1.65 1.93 2.10 Dec 1,175 0.9 WJ Higher One Holdings Inc. ONE N 3 AG $10.95 NM 14.83 8.57 18.6 0.68 0.59 0.80 Dec 508 0.0 WJ Intuit Inc. INTU Q 3 G $59.11 NM 68.41 54.30 17.8 2.98 3.32 3.66 Jul 17,520 1.2 WJ MasterCard, Inc. MA N 3 G $575.74 NM 589.00 389.90 22.6 22.04 25.45 29.20 Dec 70,188 0.4 WJ MoneyGram International, Inc. MGI Q 3 HR $20.25 NM 20.46 11.00 16.3 0.98 1.24 1.46 Dec 1,172 0.0 WJ Total System Services TSS N 2 AG $23.82 25.00 25.06 21.10 17.5 1.29 1.36 1.52 Dec 4,468 1.7 WJ Vantiv, Inc. VNTV N 2 AG $26.53 27.00 26.84 18.85 17.0 1.22 1.56 1.75 Dec 5,693 0.0 WJ VeriFone Systems, Inc. PAY N 2 AG $23.15 30.00 39.00 17.93 11.6 2.74 1.99 2.30 Oct 2,506 0.0 WJ Verisk Analytics Inc. VRSK Q 2 AG $59.50 67.00 62.39 45.04 25.4 2.10 2.34 2.64 Dec 10,282 0.0 WJ Visa, Inc. V N 1 G $180.03 190.00 184.90 111.94 23.8 6.20 7.56 8.48 Sep 142,764 0.7 WJ Western Union WU N 3 G $16.41 NM 19.14 11.93 11.6 1.74 1.41 1.60 Dec 9,180 3.1 WJ Xoom Corporation XOOM Q 3 HR $18.58 NM 26.00 17.68 NM (0.17) (0.13) (0.05) Dec 612 0.0 WJ


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Technology & Communications - CANSteven Li, CFA [email protected] Tavis C. McCourt, CFA* [email protected]

IT Hardware Avigilon Corporation AVO T 2 AG C$16.29 16.50 16.30 4.54 41.8 0.21 0.39 0.64 Dec C$661 0.0 SL BlackBerry (f) BBRY Q 3 HR US$14.36 NM 18.32 6.22 42.2 2.22 (0.60) A 0.34 Feb US$7,571 0.0 SL,TMC Enablence Technologies (f) ENA V UR VR C$0.22 UR 0.40 0.10 NM NA NA NA Jun C$93 0.0 SL Evertz Technologies Ltd. (f) ET T 3 G C$15.50 16.00 17.37 11.85 16.8 0.81 0.92 1.17 Apr C$1,142 4.1 SL Sierra Wireless SWIR Q 2 AG US$11.29 14.00 12.18 7.42 53.8 1.08 0.21 0.69 Dec US$347 0.0 SL

Software/IT Services CGI Group GIB.A T 2 G C$31.84 35.00 33.08 20.64 14.5 0.48 2.19 2.52 Sep C$10,061 0.0 SL DragonWave DWI T 3 HR C$2.63 1.75 4.08 1.38 NM (1.08) (1.57) A (0.70) Feb C$105 0.0 SL MacDonald Dettwiler & Associates MDA T 3 G C$69.80 69.00 75.00 42.79 13.5 3.99 5.17 5.88 Dec C$2,513 1.9 SL NexJ Systems Inc. NXJ T 2 HR C$2.53 3.60 6.83 2.15 NM (0.83) (0.97) (0.64) Dec C$52 0.0 SL Open Text OTEX Q 2 G US$68.08 76.00 71.25 44.67 12.5 4.58 5.46 5.78 Jun US$4,024 0.0 SL Route1 Inc ROI V 2 VR C$0.04 0.08 0.07 0.03 4.0 0.01 E 0.00 NA Dec C$15 0.0 SL Softchoice SO T 2 G C$19.95 20.00 20.19 10.51 12.4 1.37 1.61 1.80 Dec C$399 1.8 SL

*Tavis C. McCourt is a Raymond James & Associates employee.


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Technology & Communications - EURStephane Beyazian [email protected]

Telecommunications Services Belgacom BCOM.BR EBR 4 €18.06 25.00 24.28 16.88 8.2 2.35 E 2.19 2.17 Dec 5,672 12.1 SB Bouygues BOUY.PA EPA 2 €20.64 24.00 24.18 17.54 8.8 2.43 2.35 2.45 Dec 6,687 7.8 SB BSkyB BSY.L LSE 3 798.00p NM 905.50 638.00 14.3 50.00 56.00 60.00 Dec £13,359 3.1 SB BT BT.L LSE 2 312.60p 340 324.00 197.40 12.0 24.00 27.00 A 26.00 Mar £24,624 3.5 SB Deutsche Telekom DTE.DE ETR 2 €9.37 11.00 10.10 7.69 11.3 0.68 0.83 0.85 Dec 40,488 5.3 SB France Telecom FTE.PA EPA 3 €8.30 NM 11.58 7.20 8.7 0.26 0.95 0.94 Dec 21,987 9.6 SB Iliad ILD.PA EPA 3 €172.70 NM 180.60 101.65 72.0 2.40 E 2.86 4.67 Dec 9,844 0.0 SB Jazztel JAZ.MC MCE 1 €5.60 7.00 6.11 3.99 23.3 0.25 0.24 0.32 Dec 1,385 0.0 SB KPN KPN.AS AMS 3 €1.64 NM 4.85 1.49 2.7 0.85 0.61 0.58 Dec 2,348 1.8 SB Mobistar MSTAR.BR EBR 2 €17.04 59.00 28.14 16.40 7.1 2.83 E 2.40 2.32 Dec 1,023 17.1 SB TalkTalk Telecom Group TALK.L LSE 4 230.00p 140 277.50 147.27 12.6 18.00 18.30 20.40 Mar £2,033 4.4 SB Telefonica TEF.MC MCE 4 €11.04 10.20 11.78 7.90 9.7 1.44 1.14 1.21 Dec 50,243 6.8 SB Telenet Group TNET.BR EBR 4 €36.61 32.00 42.40 28.52 41.6 0.29 0.88 1.13 Dec 4,137 3.6 SB Virgin Media (d) VMED.L LSE 3 3355.00p NM 3378.00 1385.00 32.0 107.00 105.00 140.00 Dec £9,025 0.0 SB Vivendi VIV.PA EPA 3 €15.72 NM 17.44 12.68 9.4 1.96 1.68 1.90 Dec 20,829 6.4 SB Ziggo ZIGGO.AS AMS 4 €28.82 21.50 29.01 22.02 20.6 1.20 1.40 1.50 Dec 5,764 6.1 SB


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Technology & Communications - LATFederico Rey Marino [email protected] Santiago Ruiz Guinazu [email protected]

Telecom & Media Grupo Clarin S.A. GCLA BA S NM AR$10.50 NM 11.60 6.25 NM NA NA NA Dec AR$3,018 4.0 FRM,SR

Telecommunications Services Telecom Argentina S.A. TEO N 3 TR US$15.54 NM 16.95 9.12 5.4 2.86 E 2.79 2.74 Dec US$3,060 3.3 FRM,SR


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Transportation - USA Arthur W. Hatfield, CFA [email protected] James D. Parker, Ph.D. [email protected]

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

Airlines Hybrid Carriers Alaska Air Group ALK N 2 AG $56.19 69.00 68.00 32.16 10.0 4.73 5.60 6.30 Dec 3,961 0.0 SS,JDP Copa Holdings, S.A. (is) CPA N 2 AG $132.96 155.00 140.89 72.61 13.9 7.57 9.55 10.75 Dec 5,890 1.7 JDP,SS LATAM Airlines Group S.A. (is,r) LFL N 3 AG $18.36 NM 28.99 18.26 24.8 0.30 0.74 1.50 Dec 8,741 0.0 JDP,SS

Legacy Carriers Delta Air Lines, Inc. DAL N 3 HR $18.72 NM 19.43 8.42 7.3 1.83 2.55 2.72 Dec 16,032 1.3 SS,JDP United Continental Holdings, Inc. UAL N 3 HR $33.83 NM 35.27 17.45 9.3 1.59 3.65 3.85 Dec 11,294 0.0 SS,JDP US Airways Group, Inc. LCC N 3 HR $18.12 NM 19.70 9.74 7.0 2.79 2.60 2.25 Dec 2,945 0.0 SS,JDP

Transportation

USA Canada Europe

Airlines ........................................................................ 82 Hybrid Carriers ........................................................ 82 Legacy Carriers ........................................................ 82 Low Cost Carriers ..................................................... 83 Regional Carriers ..................................................... 83

Transportation Services .............................................. 83 Intermodal and Asset-Light Logistics ....................... 83 Leasing ..................................................................... 83 Parcel Carriers ......................................................... 83 Railroad ................................................................... 83 Transportation Equipment & Supplies .................... 83 Trucking (Truckload and LTL) ................................... 84

Aerospace & Aviation ................................................. 84 Airlines ........................................................................ 84 Railroads ..................................................................... 84 Transportation & Logistics .......................................... 85

Airlines ........................................................................ 85


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Transportation - USA Low Cost Carriers Allegiant Travel Co. ALGT Q 1 AG $93.85 110.00 95.77 61.63 16.3 4.06 5.75 6.80 Dec 1,802 0.0 JDP,SS GOL Linhas Aereas Inteligentes S.A. (r) GOL N 2 HR $5.29 7.50 7.67 3.77 NM (1.43) (0.22) 0.50 Dec 701 0.0 JDP,SS JetBlue Airways JBLU Q 4 NM $6.29 NM 7.28 4.65 13.4 0.38 0.47 0.55 Dec 2,176 0.0 JDP,SS Ryanair Holdings plc (is,r) RYAAY Q 2 AG $49.47 55.00 49.54 27.66 20.0 2.38 2.47 A 3.00 Mar 14,302 0.0 JDP,SS Southwest Airlines Co. LUV N 2 AG $14.27 15.00 14.56 8.45 14.6 0.55 0.98 1.18 Dec 10,422 1.1 JDP,SS Spirit Airlines, Inc. SAVE Q 2 HR $30.08 33.00 31.66 15.64 14.7 1.43 2.05 2.35 Dec 2,042 0.0 JDP,SS

Regional Carriers SkyWest, Inc. SKYW Q 2 HR $14.33 17.00 16.32 6.25 9.8 0.99 1.46 1.55 Dec 743 1.1 JDP,SS

Transportation Services Intermodal and Asset-Light Logistics C.H. Robinson Worldwide CHRW Q 3 G $57.87 NM 67.93 50.81 19.5 2.76 2.97 3.35 Dec 9,300 2.4 TB Expeditors International of Washington, Inc. EXPD Q 3 G $39.59 NM 43.80 34.20 22.4 1.57 1.77 2.00 Dec 8,175 1.5 TB,AH Forward Air Corporation FWRD Q 3 AG $39.62 NM 39.66 29.65 19.8 1.74 2.00 2.25 Dec 1,200 1.0 TB,AH Hub Group, Inc. HUBG Q 3 AG $37.30 NM 41.18 27.26 18.1 1.83 2.06 2.30 Dec 1,404 0.0 TB,AH J.B. Hunt Transport Services, Inc. JBHT Q 2 AG $75.38 78.00 77.20 50.56 25.0 2.59 3.01 3.62 Dec 9,031 0.8 TB Landstar System, Inc. LSTR Q 3 G $53.49 NM 59.97 46.01 20.0 2.77 2.67 3.10 Dec 2,493 0.5 TB,AH Pacer International, Inc. PACR Q 4 NM $6.36 NM 6.64 3.00 20.5 0.14 0.31 0.35 Dec 225 0.0 TB,AH Roadrunner Transportation Systems, Inc. RRTS N 1 AG $27.71 27.00 28.00 15.00 19.4 1.18 1.43 1.70 Dec 952 0.0 AH UTi Worldwide, Inc. UTIW Q 3 AG $15.89 NM 16.29 12.31 43.0 0.85 0.37 A 0.63 Jan 1,651 0.0 TB,AH XPO Logistics, Inc. XPO N 2 HR $16.73 19.50 19.40 11.54 NM (1.48) (1.90) 0.23 Dec 811 0.0 TB,AH

Leasing GATX Corporation GMT N 2 TR $51.90 55.00 54.19 35.52 16.5 2.80 3.15 3.60 Dec 2,427 2.4 AH Ryder System, Inc. R N 1 TR $63.56 74.00 64.68 32.76 13.1 4.41 4.84 5.18 Dec 3,300 2.0 AH TAL International Group, Inc. TAL N 2 TR $44.21 44.00 46.87 30.58 9.8 3.92 4.52 4.80 Dec 1,496 6.0 AH Textainer Group Holdings Limited TGH N 3 TR $38.16 NM 43.96 27.12 10.3 3.64 3.71 4.20 Dec 2,147 4.8 AH

Parcel Carriers FedEx Corporation FDX N 2 G $96.53 117.00 109.66 83.80 15.9 6.57 6.07 7.47 May 30,310 0.6 AH,TB United Parcel Service UPS N 1 TR $86.75 98.00 89.96 69.56 17.4 4.53 5.00 5.70 Dec 84,755 2.9 AH,TB

Railroad CSX Corp. CSX N 3 G $25.30 NM 26.36 18.88 14.2 1.76 1.78 2.00 Dec 25,882 2.4 TB Genesee & Wyoming Inc. GWR N 1 AG $90.04 95.00 94.80 47.08 19.5 2.46 4.62 5.10 Dec 5,087 0.0 TB,AH Kansas City Southern KSU N 1 AG $113.82 123.00 118.88 61.36 27.3 3.56 4.17 5.10 Dec 12,486 0.8 TB,AH Norfolk Southern Corp. NSC N 2 G $77.61 85.00 81.00 56.05 13.5 5.38 5.75 6.60 Dec 24,688 2.6 TB,AH Union Pacific Corp. UNP N 2 AG $157.74 150.00 161.00 105.14 16.5 8.28 9.55 10.80 Dec 73,687 1.8 TB,AH

Transportation Equipment & Supplies American Railcar Industries, Inc. ARII Q 2 AG $33.49 41.00 47.10 20.26 11.4 2.99 2.94 3.60 Dec 715 3.0 AH The Greenbrier Companies, Inc. GBX N 3 AG $24.47 NM 25.24 13.15 12.6 1.95 1.95 2.30 Aug 666 0.0 AH Rush Enterprises, Inc. RUSHA Q 2 AG $27.39 28.00 28.15 14.05 15.0 1.57 1.83 2.19 Dec 1,080 0.0 AH Trinity Industries, Inc. TRN N 2 AG $41.59 47.00 45.67 21.53 10.4 3.19 4.00 4.50 Dec 3,398 1.3 AH Wabtec Corporation WAB N 2 G $110.90 108.00 112.99 68.27 18.8 5.20 5.90 6.75 Dec 5,333 0.0 AH


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Transportation - USA Trucking (Truckload and LTL) Arkansas Best Corp. ABFS Q 3 AG $18.78 NM 19.21 6.43 78.3 (0.58) 0.24 0.80 Dec 481 0.6 AH,TB Celadon Group, Inc. CGI N 1 AG $19.60 20.00 21.99 13.51 17.2 1.12 1.14 1.31 Jun 455 0.4 AH Con-way Inc. CNW N 2 AG $38.83 40.00 39.79 25.97 19.9 1.82 1.95 2.75 Dec 2,174 1.0 AH,TB Heartland Express, Inc. HTLD Q 2 AG $14.32 16.00 14.71 12.43 17.9 0.71 0.80 0.90 Dec 1,214 0.6 AH Knight Transportation, Inc. KNX N 1 AG $17.16 20.00 17.73 13.74 18.1 0.85 0.95 1.10 Dec 1,370 1.4 AH Marten Transport, Ltd. MRTN Q 1 AG $23.70 27.00 24.14 16.75 16.7 1.23 1.42 1.65 Dec 524 0.4 AH Old Dominion Freight Line, Inc. ODFL Q 3 AG $43.56 NM 44.00 26.12 18.8 1.97 2.32 2.65 Dec 3,754 0.0 AH,TB Saia, Inc. SAIA Q 1 AG $48.74 47.00 49.56 18.05 18.1 1.94 2.70 3.50 Dec 789 0.0 AH,TB Swift Transportation Company SWFT N 1 AG $17.14 21.00 17.61 7.47 14.9 1.00 1.15 1.40 Dec 2,397 0.0 AH Werner Enterprises, Inc. WERN Q 2 AG $24.69 28.00 25.44 20.63 17.3 1.40 1.43 1.70 Dec 1,809 0.8 AH YRC Worldwide Inc. YRCW Q 4 NM $19.48 NM 25.00 5.01 NM (13.18) (2.43) (2.92) Dec 155 0.0 AH,TB

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Transportation - CAN Ben Cherniavsky [email protected] Steve Hansen, CMA, CFA [email protected]

Theoni Pilarinos, CFA [email protected]

Aerospace & Aviation Bombardier Inc. (f) BBD.B T 2 AG C$4.74 6.00 4.80 2.97 12.5 0.37 0.38 0.52 Dec C$8,238 2.1 SH,BC CAE Inc. (f) CAE T 2 G C$10.75 12.50 11.44 9.32 14.0 0.71 0.74 A 0.77 Mar C$2,784 1.9 BC Heroux-Devtek Inc. (f) HRX T 3 G C$7.82 8.50 13.99 7.23 18.6 0.86 0.44 A 0.42 Mar C$250 NA BC Magellan Aerospace MAL T 3 HR C$4.19 UR 4.32 2.83 8.7 0.55 E NA NA Dec C$243 NA BC,SH Omni-Lite Industries OML V 3 HR C$0.62 1.50 1.39 0.61 12.4 0.05 E 0.07 NA Dec C$8 6.5 TP,SH

Airlines Air Canada AC.B T 3 HR C$2.02 UR 3.40 0.86 3.1 (0.08) 0.66 0.64 Dec C$553 NA BC WestJet Airlines WJA T 3 AG C$23.54 24.00 25.47 14.56 11.5 1.78 2.05 2.25 Dec C$3,154 1.7 BC

Railroads Canadian National Railway CNR T 2 G C$105.23 115.00 107.57 81.65 16.9 5.61 6.22 7.10 Dec C$44,902 1.6 SH Canadian Pacific Railway CP T 2 G C$139.40 145.00 144.43 71.61 21.4 4.30 6.51 8.05 Dec C$24,507 1.0 SH


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Transportation - CAN Transportation & Logistics CanWel Building Materials Group Ltd. CWX T 2 TR C$2.57 3.00 2.92 2.10 13.5 0.17 0.19 0.27 Dec C$147 10.9 SH Student Transportation Inc. STB T 3 TR C$6.57 6.75 7.38 5.71 NM 0.05 0.02 0.01 Jun US$531 8.5 TP,SH

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Transportation - EUR Julien Richer [email protected]

Airlines Air France-KLM AIRF.PA EPA 2 €7.61 8.00 8.95 3.01 NM (2.09) E (0.81) 0.33 Mar 2,283 0.1 JR IAG IAG.L LSE 3 283.80p NM 286.80 137.50 NM (0.03) E 0.14 0.25 Mar 5,264 0.0 JR Lufthansa LHAG.DE ETR 2 €16.61 13.00 16.82 7.88 16.6 0.43 E 1.00 1.52 Dec 7,607 1.9 JR


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

Management Robert P. Anastasi, CFA (727) 567-2286

Senior Managing Director, Director of Equity Research

Shawn Borgeson (727) 567-2571 Managing Director, Product Development

David A. Henwood, CFA (727) 567-2505 Managing Director, Chief Investment Officer

E. Elkan Scheidt (901) 579-2702 Managing Director Mercedes S. van Woerkom

(727) 567-2601 Managing Director,

Research Associate Manager

Consumer Budd Bugatch, CFA (727) 567-2527 Director of Furnishings Research Sam Darkatsh (727) 567-2537 Home & Building Products Bryan C. Elliott, CFA (404) 442-5856 Restaurants Joseph D. Hovorka (404) 442-5863 Entertainment & Leisure Dan Wewer, CFA (404) 442-5846 Hardline Retailers Benjamin P. Brownlow (404) 442-5859 Hardline Retailers

Energy (800) 945-6275 J. Marshall Adkins Director of Energy Research Andrew Coleman Exploration & Production John Freeman, CFA Exploration & Production Collin Gerry Oilfield Services Darren Horowitz Exploration & Production/

Midstream Suppliers Pavel Molchanov Alternative Energy & Clean Technology/

Integrated Majors & Refiners James M. Rollyson Oilfield Services Kevin Smith Exploration & Production/

Midstream Suppliers Cory J. Garcia Integrated Majors & Refiners/

Midstream Suppliers

Financial Services Daniel E. Cardenas (312) 655-2986 Banking Robert J. Dodd, Ph.D. (901) 579-4560 Specialty Finance David J. Long, CFA (312) 612-7685 Banking Patrick J. O'Shaughnessy, CFA (312) 612-7687 Capital Markets C. Gregory Peters (312) 612-7717 Insurance/Insurance Brokerage & Services Anthony J. Polini (212) 856-4897 Banking Michael Rose (727) 567-2643 Banking Steven D. Schwartz, CFA (312) 612-7686 Insurance 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 Jayson Bedford (727) 567-2565 Medical Devices Alexander Y. Draper, CFA (404) 442-5888 Healthcare Information Technology/

Pharma Services Lawrence S. Keusch (617) 897-8992 Hospital Supplies & Equipment Nicholas Jansen (727) 567-2446 Alternate Site Healthcare Providers/

Death Care/Diagnostics/Drug Distributors/ Drug Stores/Hospitals

Industrial Sam Darkatsh (727) 567-2537 Specialty Distribution William H. Fisher, CFA (404) 442-5858 Waste & Industrial Services

Macro Research

Scott J. Brown, Ph.D. (727) 567-2603 Chief Economist Jeffrey D. Saut (727) 567-2644 Chief Investment Strategist

Mining & Natural Resources James M. Rollyson (713) 278-5254 Coal

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 RJ Milligan (727) 567-2660 REITs

Collin Mings, CFA (727) 567-2585 REITs

Technology & Communications Brian G. Alexander, CFA (727) 567-2312 Director of Technology Research Ric Prentiss (727) 567-2567 Director of Telecommunications

Services Research Brian Gesuale (727) 567-2287 IT Services & Security Wayne Johnson (404) 442-5837 Transaction Processing Aaron Kessler, CFA (415) 616-8959 Internet Simon M. Leopold (212) 856-5464 Communications Equipment Frank G. Louthan IV (404) 442-5867 Telecommunications Services Tavis C. McCourt, CFA (615) 665-3644 Communications Technology Hans C. Mosesmann (727) 567-2498 Semiconductors Chris Quilty (727) 567-2602 Satellite & Space J. Steven Smigie (212) 856-4893 Analog & Communications

Semiconductors Terry Tillman (404) 442-5825 Application Software Michael Turits, Ph.D. (212) 297-5617 Infrastructure Software

Transportation Patrick Tyler Brown, CFA

(404) 442-5803 Transportation Services Arthur W. Hatfield, CFA (901) 579-4868 Transportation Services James D. Parker, Ph.D. (404) 442-5857 Airlines Savanthi Syth, CFA (727) 567-5274 Airlines


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

Institutional Sales St. Petersburg (800) 237-5643 Shawn Borgeson (727) 567-2571 Sarah Concannon (727) 567-2686 Ken Corn (727) 567-2282 Mike Devine (727) 567-2278 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 Jamie Zingaretti (727) 567-2576

Atlanta Mark Starner (404) 442-5862 Dudley Stephens (404) 442-5828

Boston Ryan Bagley (617) 897-8965 Dave Hodges (617) 897-8961 Jeff Jacobs (617) 897-8966 John Leffel (617) 897-8967

Chicago Bill Sammon, Manager

(312) 655-2959 Lou Coines (312) 655-2964 Rick Glaisner (312) 612-7672 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 Todd Raclaw (312) 655-2975 Bob Stocking (312) 612-7674

Los Angeles Mark Hamilton (310) 414-5209 Rob Marckel (310) 414-5201

New York John Fahys (212) 856-5417 Jason Gefaell (212) 672-6828 Jeff Karish (212) 297-5604 Mike Kronenberg (212) 856-5405 Susan Lione (212) 856-4886 Carol McCarthy (212) 297-5605

Institutional Sales (continued)New York Tom Nevitt (212) 297-5608 Gene Pennell (212) 297-5606 Craig Sapuppo (212) 297-5602 Kelly Schaeffer (212) 856-4887 Tara Siegel (212) 856-4389 Scott Sterrett (212) 856-4370 Laura Virostek (212) 297-5615 San Francisco John Cavender (415) 538-5725 Douglas Deubel (888) 734-0540 Zachary Taylor (415) 616-8944

International Institutional Sales & Trading Desk

St. Petersburg (727) 567-2100

Teresa (Terrie) Stewart, Co-head Sharon Agudio Ted Powell Mike Tagliarini Memphis

(800) 564-3678 Byron Mitson, Co-head Tony Johnson Kenny McClain

Corporate & Executive Services

(727) 567-8092 Jeff Fordham Jeanna Gillespie Rachel Jallick Peter Stark

Principal Trading (212) 599-6800 Kenneth Bollinger Eric Braunstein Earl Johnson Jesse Lubarsky Adam Lustig Jeff Melvin Ray Moore Christian O’Brien Kevin Prunty Matt Todd Brandon Veldman Michael Young

Institutional Sales Trading Paul Powers, Head of U.S.

Sales Trading (212) 856-5477 St. Petersburg (727) 567-2100 Ross Barone Jake Shumacker Randy Toomajanian Boston (617) 423-5607 Steve Svensen Stu Wales Thomas Ward Chicago (312) 655-2990 Jeff Grimm Randy Mrozek Jeff Snower Los Angeles (866) 401-8723 David Cantrell New York (212) 599-6800 Jacqueline Britt Lori Burger Michael Cannon Paul Cornette Michael Dalfonzo John Gilmartin Mark Koczan Brendan Moses Gary Muehlemann Frank Sbrochi Eric Siefert Chris Toole San Francisco Michael Christian (415) 616-8933 Michael Schwarz (415) 616-8096 Agency/Retail Trading St. Petersburg (727) 567-6466 Teresa (Terrie) Stewart, Co-head Renee Hollingsworth John MacPherson Brandon Mann James Nielsen Allen Spence Memphis (800) 564-3678 Byron Mitson, Co-head Darin Butler Krystal Butler Kevin Floyd Marilyn Hiner Tony Johnson Kenny McClain


Strategic Options Desk (212) 856-5400

Ryan Sylvester, Co-head Adam Templeton, Co-head Colin Drowica Geoff Gaiss

Stephen Hardin Jeffrey Jacobson Darius Kirksey Andrew Kramer

Rob Mabry Brad Manuilow James “Hector” Murphy Brian Werner

U.S. Equity Advisory Group

Memphis (901) 529-3776

J. Michael Gibbs, Co-head David Hydrick Joey Madere Barbara Metcalf

St. Petersburg (727) 567-2520

Harry G. Katica, CFA, Co-head Ben Cohen Mark Elkins Suzi Fiorini

Justin Jenkins John Messina Michael Saut Julie Lachman (International) (727) 567-5559

ECM International Offices

Raymond James UK, London

011-44-207-426-5600 Robert Nugent, Manager Daniel Acton Jon DeVos Benjamin Gilbert Ted McMillan Ricky Pilgrim G. Eric Rowe Robert Thomas Anthony White Adam Wood Raymond James UK,

Italy 011-44-207-426-5600 Emanuele Badaracco Raymond James UK,

Poland 011-44-207-858-9800 Homan Haghighi Raymond James UK,

United Arab Emirates 011-44-207-858-9800 Homan Haghighi

Raymond James Switzerland, Geneva

011-41-22-818-2828 Jean Wilhelm, Manager Paul Anderson Philip Burgisser Albert Fregosi Rene Lachat Eric Moïa Rudi Moser Raymond James Switzerland,

Lausanne 011-41-21-343-2222

Homan Haghighi Jad Hobeiche Raymond James Switzerland,

Vaduz/Liechtenstein 011-423-233-44-54 Johann Kasamas

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

Emmanuel Laussinotte, Manager Gregoire M. Alexandre Thierry Guille Julie Jourdan Hubert Le Bret Raymond James Germany,

Dusseldorf 011-49-213-293-070

Hans J. Klisch, Manager Falk G. Reissland, Manager Theresia Ennen Sebastian Sattelberger Uwe Werner Raymond James Benelux,

Brussels 011-322-626-1060

Henri de Liedekerke, Manager Diego de Fierlant Carine R. Van Pellecon Stéphane Roffler Jean-Claude Seynave


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 Justin Bouchard, P.Eng., CFA

403.509.0523 Oil Sands / Oil & Gas Producers Andrew Bradford, CFA 403.509.0503 Oil & Gas Energy Services Ben Cherniavsky 604.659.8244 Industrial / Aerospace & Aviation Steve Hansen, CMA, CFA 604.659.8208 Transportation /

Agribusiness & Food Products

Nick Heffernan, CFA 403.509.0511 Oil & Gas Energy Services Brad Humphrey 416.777.4917 Precious Metals Steven Li, CFA 416.777.4918 Technology/

Alternative Energy & Clean Tech Adam Low, CFA 416.777.4943 Base Metals & Minerals / Iron Ore Luc Mageau, CFA 403.509.0505 Oil & Gas Producers Theoni Pilarinos, CFA 604.659.8234 Infrastructure & Construction David Sadowski 604.659.8255 Uranium & Junior Exploration

Daryl Swetlishoff, CFA 604.659.8246 Forest Products Alex Terentiew, MBA, P.Geo 416.777.4912 Base Metals & Minerals /

Platinum Group Metals Chris Thompson, M.Sc. (Eng), P.Geo 604.659.8439 Precious Metals Kenric Tyghe, MBA 416.777.7188 Consumer & Retail Kristopher Zack, CA, CFA 403.221.0414 Oil & Gas Producers

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 Doug Owen 416.777.4925 Neil Weber 416.777.4931

U.S. Equities Toronto Laura Arrell 416.777.4920 Nicole Svec Griffis, CFA 416.777.4942 Vancouver 800.667.2899 Scot Atkinson, CFA 604.659.8225 Doug Bell 604.659.8220

Montreal 514.350.4455, 866.350.4455 John Hart 514.350.4462 David Maislin, CFA 514.350.4460 London Jon De Vos 0.207.426.5632 Adam Wood 0.207.426.5612

Raymond James Ltd. Trading Bob McDonald, CFA 604.659.8222, Co-Head of Trading Andrew Foote, CFA 416.777.4924, Co-Head of Trading

Toronto 888.601.6105 Canada 800.290.4847 USA Pam Banks 416.777.4923 Anthony Cox 416.777.4922 Oliver Herbst 416.777.4947 Andy Herrmann 416.777.4937 Eric Munro, CFA 416.777.4983 James Shields 416.777.4941 Bob Standing 416.777.4921

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


European Equity Research

Hermine de Bentzmann (33-1) 45 64 05 53 Premium Consumer Goods Stéphane Beyazian +44-207-426-5643 Telecom Services Bertrand Hodée (33-1) 45 64 05 46 Oil & Gas Producers/Oil Services

Danny Jacques (33-1) 45 64 05 75 Insurance Cédric Lecasble (33-1) 45 64 05 40 Retail Arnaud Palliez (33-1) 45 64 05 45 Construction & Building materials

Emmanuel Rétif (33-1) 45 64 05 47 Utilities Julien Richer (33-1) 45 64 05 44 Hotels/Tourism/Foodservices Marc Willaume (33-1) 45 64 05 93 Premium Consumer Goods

European Sales & Trading

Paris (33-1) 45 64 05 00 Branch Manager David Kruk Sales Philippe Andrieu Bruno Chabroux Maha Heneine Sebastien Manzoni Laurent Thomasset David Barbe Sales Trading Christophe Gnemmi Laurent Lagneau Trading (33-1) 45 64 05 68 Philippe Vialle Jacques Perez

London 011-44-207-426-5600 Dale Gibson Sebastian Wiesener Jason Keogh

New York (212) 856-4884 Benoit Piussan, Manager Craig McDonough Joe Campo


Latin American Equity Research Federico Rey Marino (5411) 4850-2535

Director of Argentine & Andean Research /Head of the Financial Institutions' Sector Federico Rey Marino (5411) 4850-2535 Electric Utilities (Southern Cone &

Andean)/Financial Institutions/LatAm Strategy/Oil, Gas & Petrochemicals/Telecom & Media (Southern Cone & Andean)

Francisco Pereyra (5982) 518-2033 - ext. 230

Financial Institutions Retail & Consumer Goods (Southern Cone and Andean)

Santiago Ruiz Guiñazu (5411) 4850-2538 Electric Utilities (Southern Cone &

Andean)/Financial Institutions/Oil, Gas & Petrochemicals

Santiago Wesenack (5411) 4850-2537

Agribusiness & Natural Resources Electric Utilities (Southern Cone and Andean) Oil, Gas & Petrochemicals

Latin American Sales & Trading Institutional Trading

Buenos Aires

Esteban Polanski (5411) 4850-2541


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Analyst Information Registration of Non-U.S. Analysts: The analysts listed on the front of this report who are not employees of Raymond James & Associates, Inc., are not registered/qualified as research analysts under FINRA rules, are not associated persons of Raymond James & Associates, Inc., and are not subject to NASD Rule 2711 and NYSE Rule 472 restrictions on communications with covered companies, public companies, and trading securities held by a research analyst account. Analyst Holdings and Compensation: Equity analysts and their staffs at Raymond James are compensated based on a salary and bonus system. Several factors enter into the bonus determination including quality and performance of research product, the analyst's success in rating stocks versus an industry index, and support effectiveness to trading and the retail and institutional sales forces. Other factors may include but are not limited to: overall ratings from internal (other than investment banking) or external parties and the general productivity and revenue generated in covered stocks.

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


Raymond James Ltd. (Canada) definitions Strong Buy (SB1) The stock is expected to appreciate and produce a total return of at least 15% and outperform the S&P/TSX Composite Index over the next six months. Outperform (MO2) The stock is expected to appreciate and outperform the S&P/TSX Composite Index over the next twelve months. Market Perform (MP3) The stock is expected to perform generally in line with the S&P/TSX Composite Index over the next twelve months and is potentially a source of funds for more highly rated securities. Underperform (MU4) The stock is expected to underperform the S&P/TSX Composite Index or its sector over the next six to twelve months and should be sold. Raymond James Latin American rating definitions Strong Buy (SB1) Expected to appreciate and produce a total return of at least 25.0% over the next twelve months. Outperform (MO2) Expected to appreciate and produce a total return of between 15.0% and 25.0% over the next twelve months. Market Perform (MP3) Expected to perform in line with the underlying country index. Underperform (MU4) Expected to underperform the underlying country index. Suspended (S) The rating and price target have been suspended temporarily. This action may be due to market events that made coverage impracticable, or to comply with applicable regulations or firm policies in certain circumstances, including when Raymond James may be providing investment banking services to the company. The previous rating and price target are no longer in effect for this security and should not be relied upon. Raymond James Euro Equities, SAS rating definitions Strong Buy (1) Expected to appreciate, produce a total return of at least 15%, and outperform the Stoxx 600 over the next 6 to 12 months. Outperform (2) Expected to appreciate and outperform the Stoxx 600 over the next 12 months. Market Perform (3) Expected to perform generally in line with the Stoxx 600 over the next 12 months. Underperform (4) Expected to underperform the Stoxx 600 or its sector over the next 6 to 12 months. Suspended (S) The rating and target price have been suspended temporarily. This action may be due to market events that made coverage impracticable, or to comply with applicable regulations or firm policies in certain circumstances, including when Raymond James may be providing investment banking services to the company. The previous rating and target price are no longer in effect for this security and should not be relied upon. In transacting in any security, investors should be aware that other securities in the Raymond James research coverage universe might carry a higher or lower rating. Investors should feel free to contact their Financial Advisor to discuss the merits of other available investments. Rating Distributions

Coverage Universe Rating Distribution Investment Banking Distribution

RJA RJL RJ LatAm RJEE RJA RJL RJ LatAm RJEE

Strong Buy and Outperform (Buy) 51% 65% 32% 42% 22% 27% 0% 0%

Market Perform (Hold) 43% 34% 64% 37% 9% 29% 0% 0%

Underperform (Sell) 6% 1% 4% 20% 2% 0% 0% 0% Suitability Categories (SR) Total Return (TR) Lower risk equities possessing dividend yields above that of the S&P 500 and greater stability of principal. Growth (G) Low to average risk equities with sound financials, more consistent earnings growth, at least a small dividend, and the potential for long-term price appreciation. Aggressive Growth (AG) Medium or higher risk equities of companies in fast growing and competitive industries, with less predictable earnings and acceptable, but possibly more leveraged balance sheets. High Risk (HR) Companies with less predictable earnings (or losses), rapidly changing market dynamics, financial and competitive issues, higher price volatility (beta), and risk of principal. Venture Risk (VR) Companies with a short or unprofitable operating history, limited or less predictable revenues, very high risk associated with success, and a substantial risk of principal.


Risk Factors General Risk Factors: Following are some general risk factors that pertain to the projected target prices included on Raymond James research: (1) Industry fundamentals with respect to customer demand or product / service pricing could change and adversely impact expected revenues and earnings; (2) Issues relating to major competitors or market shares or new product expectations could change investor attitudes toward the sector or this stock; (3) Unforeseen developments with respect to the management, financial condition or accounting policies or practices could alter the prospective valuation; or (4) External factors that affect the U.S. economy, interest rates, the U.S. dollar or major segments of the economy could alter investor confidence and investment prospects. International investments involve additional risks such as currency fluctuations, differing financial accounting standards, and possible political and economic instability. Additional Risk and Disclosure information, as well as more information on the Raymond James rating system and suitability categories, is available at rjcapitalmarkets.com/Disclosures/index. Copies of research or Raymond James’ summary policies relating to research analyst independence can be obtained by contacting any Raymond James & Associates or Raymond James Financial Services office (please see raymondjames.com for office locations) or by calling 727-567-1000, toll free 800-237-5643 or sending a written request to the Equity Research Library, Raymond James & Associates, Inc., Tower 3, 6th 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. 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