Global Research Published by Raymond James & Associates

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January 2017

2 Raymond James Research Register - January 2017

Contents Consumer Healthcare Real Estate

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

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

EUR .......................... 22

USA .......................... 44

USA .......................... 56

CAN .......................... 59

EUR .......................... 60

Energy Industrial Technology & Communications

USA .......................... 25

CAN .......................... 30

EUR .......................... 32

USA .......................... 50

CAN ......................... 51

EUR .......................... 52

USA .......................... 62

CAN .......................... 70

EUR .......................... 71

Financial Services Mining & Natural Resources Transportation

USA .......................... 35

CAN .......................... 42

CAN ......................... 54

USA .......................... 72

CAN .......................... 74

EUR .......................... 74

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

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

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

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

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

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

Research Analysts and Sales & Trading Directories

USA .......................... 75

Canada ..................... 78

Europe ..................... 79

Raymond James Research Register - January 2017 3

Analyst Index

J. Marshall Adkins (JMA) ............................... 25

Brian G. Alexander, CFA (BGA) ...................... 62

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

Ken Avalos (KA) ............................................. 59

Michael J. Baker (MJB) .................................. 44

Frederic Bastien, CFA (FB) ................... 30,51,59

Jayson Bedford (JB) ....................................... 44

Reni Benjamin, Ph.D. (RB) ............................. 44

Stephane Beyazian (SB) ................................ 71

Mehdi Boudokhane (MB) .............................. 52

Andrew Bradford, CFA (AB) .......................... 30

Harry Breach (HB) ......................................... 52

Patrick Tyler Brown, CFA (TB) .................. 50,72

Benjamin Brownlow (BBL) ....................... 19,25

Budd Bugatch, CFA (BB) ........................... 19,50

Daniel E. Cardenas (DC) ................................ 35

Ben Cherniavsky (BC) ............................... 51,74

Chris Cox, CFA (CC) ........................................ 30

William A. Crow (WAC) ................................. 56

Sam Darkatsh (SD) ................................... 19,50

Hermine de Bentzmann (HB) ........................ 22

Jean-Pierre Dmirdjian (JPD) ..................... 25,32

Robert Dodd, Ph.D. (RD) ............................... 35

John Freeman, CFA (JF) ................................. 25

Brian Gesuale (BG) ........................................ 62

Steve Hansen, CFA, CPA, CMA (SH) ..... 51,54,74

Buck Horne, CFA (BH) .................................... 56

Darren Horowitz (DH) ................................... 25

Jonathan Hughes, CFA (JH) ............................ 56

Nicholas Jansen (NJ) ...................................... 44

Justin Jenkins (JJ) ........................................... 25

Wayne Johnson (WJ) ..................................... 62

Aaron Kessler, CFA (AK)................................. 62

Lawrence Keusch (LK).................................... 44

Patrick Lambert (PL) ...................................... 52

Cedric Lecasble (CL) ...................................... 22

Simon Leopold (SL) ........................................ 62

Steven Li, CFA (SLi) .............................. 30,62,70

David J. Long, CFA (DJL) ................................. 35

Frank G. Louthan IV (FGL) ............................. 62

Tavis C. McCourt, CFA (TMC)......................... 62

Jeremy McCrea, CFA (JM) ............................. 30

Collin Mings, CFA (CM) .................................. 56

Pavel Molchanov (PM) .................................. 25

Kurt Molnar (KM) .......................................... 30

Praveen Narra, CFA (PN) ............................... 25

Patrick O'Shaughnessy, CFA (PO) .................. 35

Michael Overvelde, CFA, CPA, CA (MO) ... 42,51

Justin Patterson, CFA (JP) .............................. 62

C. Gregory Peters (CGP) ................................ 35

Brian Peterson, CFA (BP) ............................... 62

Ric Prentiss (RP)............................................. 62

Paul D. Puryear (PDP) ............................... 56,62

David Quezada, CFA (DQ) ......................... 30,51

John W. Ransom (JWR).................................. 44

Christopher Raymond (CR) ............................ 44

Emmanuel Retif (ER) ..................................... 32

Julien Richer, CFA (JR) ......................... 22,60,74

Johann Rodrigues (JR) ................................... 59

Michael Rose (MR) ........................................ 35

J. Steven Smigie (JSS) ..................................... 62

Daryl Swetlishoff, CFA (DS) ....................... 51,54

Savanthi Syth, CFA (SS) .................................. 72

Chris Thompson, M.Sc. (Eng), P.Geo (CT) ...... 54

Terry Tillman (TT) .......................................... 62

Michael Turits, Ph.D. (MT) ............................. 62

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

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

William J. Wallace IV (WW) ........................... 35

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

Elliot Wilbur, CFA (EW) .................................. 44

Donald A. Worthington (DAW) ...................... 35

4 Raymond James Research Register - January 2017

Upcoming Events

7th Annual Raymond James Forest Forum (CAN) January 12, 2017; Toronto Canada

38th Annual Institutional Investors Conference (USA) March 5-8, 2017; Orlando, Florida

Research Coverage Changes

Additions Deletions

USA

Bellicum Pharmaceuticals, Inc. (BLCM:Q)

Carrizo Oil & Gas, Inc. (CRZO:Q)

FCB Financial Holdings, Inc. (FCB:N)

Flexion Therapeutics, Inc. (FLXN:Q)

Mammoth Energy Services, Inc. (TUSK:Q)

PacWest Bancorp (PACW:Q)

Seacoast Banking Corporation of Florida (SBCF:Q)

Spectranetics Corp (SPNC:Q)

Stonegate Bank (SGBK:Q)

Student Transportation Inc. (STB:Q)

YPF S.A. (YPF:N)

CAN

StorageVault Canada Inc. (SVI:V)

USA

Bonanza Creek Energy, Inc. (BCEI:N)

Celadon Group, Inc. (CGI:N)

Denbury Resources Inc. (DNR:N)

EV Energy Partners L.P. (EVEP:Q)

Ingram Micro Inc. (IM:N)

Interactive Intelligence Group Inc. (ININ:Q)

Legacy Reserves L.P. (LGCY:Q)

LinkedIn Corp. (LNKD:N)

Memorial Production Partners L.P. (MEMP:Q)

Mid-Con Energy Partners L.P. (MCEP:Q)

Post Properties, Inc. (PPS:N)

TubeMogul, Inc. (TUBE:Q)

Vanguard Natural Resources, LLC (VNR:Q)

Virgin America Inc. (VA:Q)

CAN

Newmarket Gold Inc. (NMI:T)

Changes

AmSurg Corporation (AMSG:Q) changed its name and symbol to Envision Healthcare Corporation (EVHC:N)

Cara Operations Limited (CAO:T) has changed its symbol to CARA:T

Cascadian Therapeutics Inc. (CASC:Q) adjusted for 1:6 reverse split

Commerce Bancshares, Inc. (CBSH:Q) adjusted for 5% stock dividend

MDC Holdings (MDC:N) adjusted for 5% stock dividend

PGT, Inc. (PGTI:Q) changed its name to PGT Innovations, Inc. (PGTI:N) and now trades on the NYSE

ServisFirst Bancshares, Inc. (SFBS:Q) adjusted for 2:1 split

The First of Long Island Corporation (FLIC:Q) adjusted for 3:2 split

Under Armour Inc. (UA:N) changed its symbol to UAA:N

WashingtonFirst Bankshares Inc. (WFBI:Q) adjusted for 5% stock dividend

Raymond James Research Register - January 2017 5

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

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

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

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

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

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

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

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

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

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

On December 6, 2016, we dropped coverage of the companies covered by ECM-Research at Raymond James Argentina S.A. due to a strategic decision by RAYMOND JAMES® to exit the Argentine region.

6 Raymond James Research Register - January 2017

Exchanges

AMS ---- Amsterdam Stock Exchange

BATS --- BATS BZX

BIT ---- Italy – Borsa Italiana

EBR ---- Euronext Brussels

ELI ---- Euronext Lisbon

EPA ---- Euronext Paris

ETR ---- Germany – XETRA

HEL ---- Helsinki Stock Exchange

L ---- London Stock Exchange

M ---- NYSE MKT

MAD --- Madrid Stock Exchange

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

N --- NYSE

OSL --- Oslo Stock Exchange

PRG --- Prague Stock Exchange

Q --- NASDAQ

STO --- Stockholm Stock Exchange

SWF --- Switzerland – Swiss Exchange

T --- TSX

V --- TSX Venture

WBAG --- Austria, Wiener Borse

Currencies

p ---- British pence

£ ---- British pound

C$ ---- Canadian dollar

CZK ---- Czech koruna

€ ---- Euro

NOK --- Norwegian krone

SEK --- Swedish krona

CHF --- Swiss franc

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

Footnotes

NA ---- Not Available.

NM ---- Not Meaningful.

R ---- Research Restricted.

UR ---- Under Review.

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

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

$R ---- EPS is shown in South African rand.

ae ---- EPS is Adjusted EBITDA.

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

ca ---- EPS is Cash Available for Distribution/Share.

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

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

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

ed --- EPS is Earnings per ADS.

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

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

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

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

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

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

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

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

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

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

Company Index

Raymond James Research Register - January 2017 7

1st Constitution Bancorp (FCCY:Q) 35 8point3 Energy Partners L.P. (CAFD:Q) 29 AAC Holdings, Inc. (AAC:N) 44 Aaron's Inc. (AAN:N) 20 Abaxis, Inc. (ABAX:Q) 44 Abbott Laboratories (ABT:N) 47 AbbVie Inc. (ABBV:N) 45 Abiomed Inc. (ABMD:Q) 47 Acadia Healthcare Company, Inc. (ACHC:Q) 44 Acadian Timber Corp. (ADN:T) 55 Accenture plc (ACN:N) 67 Access National Corporation (ANCX:Q) 35 AccorHotels (ACCP.PA:EPA) 60 ACI Worldwide, Inc. (ACIW:Q) 65 Acorda Therapeutics, Inc. (ACOR:Q) 45 Acushnet Holdings Corp. (GOLF:N) 20 Adaptimmune Therapeutics plc (ADAP:Q) 45 Adidas (ADSGn.DE:ETR) 23 ADMA Biologics, Inc. (ADMA:Q) 45 ADP (ADP.PA:EPA) 53 ADTRAN, Inc. (ADTN:Q) 64 Advance Auto Parts, Inc. (AAP:N) 19 Advanced Energy Industries, Inc. (AEIS:Q) 29 Advantage Oil & Gas Ltd. (AAV:T) 30 The Advisory Board Company (ABCO:Q) 46 Aecon Group (ARE:T) 51 Aerie Pharmaceuticals, Inc. (AERI:Q) 48 AeroVironment Inc. (AVAV:Q) 62 Aetna (AET:N) 44 Aflac, Inc. (AFL:N) 40 Agree Realty Corporation (ADC:N) 57 Agrium Inc. (AGU:N) 54 AGT Food and Ingredients Inc. (AGT:T) 54 Ahold Delhaize (AD.AS:AMS) 23 AIMIA (AIM:T) 22 Air Canada (AC:T) 74 Air France-KLM (AIRF.PA:EPA) 74 Air Liquide (AIRP.PA:EPA) 53 Airbus Group (AIR.PA:EPA) 52 Akamai Technologies, Inc. (AKAM:Q) 65 Akorn, Inc. (AKRX:Q) 48 AkzoNobel (AKZO.AS:AMS) 53 Alaris Royalty Corp. (AD:T) 51 Alarm.com Holdings (ALRM:Q) 67 Alaska Air Group (ALK:N) 72 Alcentra Capital Corporation (ABDC:Q) 41 Alere, Inc. (ALR:N) 46 Alexion Pharmaceuticals Inc. (ALXN:Q) 45 Algonquin Power & Utilities (AQN:T) 31 Alibaba Group Holding Ltd. (BABA:N) 66 Allegiant Travel Co. (ALGT:Q) 73 Allergan plc (AGN:N) 48 Alliance Data Systems Corp. (ADS:N) 65 Allied Properties REIT (AP.UN:T) 59 Allscripts Healthcare Solutions Inc. (MDRX:Q) 46 Allstate Corporation (ALL:N) 40 Alphabet, Inc. (GOOG:Q) 66 AltaGas Ltd. (ALA:T) 32 Alterra Power Corp. (AXY:T) 31 AMAG Pharmaceuticals, Inc. (AMAG:Q) 45 Amazon.com Inc. (AMZN:Q) 66 Amber Road, Inc. (AMBR:N) 63

Amec Foster Wheeler (AMFW.L:L) 33 Amedisys (AMED:Q) 44 America Movil, S.A.B. de C.V. (AMX:N) 69 American Airlines Group, Inc. (AAL:Q) 72 American Equity Investment Life Holding Company (AEL:N) 40 American Farmland Company (AFCO:M) 57 American Financial Group, Inc. (AFG:N) 40 American Homes 4 Rent (AMH:N) 58 American National Bankshares, Inc. (AMNB:Q) 35 American River Bankshares (AMRB:Q) 35 American Tower (AMT:N) 69 AmeriGas Partners L.P. (APU:N) 27 AmerisourceBergen Corp. (ABC:N) 46 Amgen, Inc. (AMGN:Q) 45 Amphastar Pharmaceuticals, Inc. (AMPH:Q) 48 Anadarko Petroleum Corp. (APC:N) 25 Analog Devices, Inc. (ADI:Q) 68 Angie's List, Inc. (ANGI:Q) 66 AngioDynamics (ANGO:Q) 47 ANI Pharmaceuticals, Inc. (ANIP:Q) 48 Antero Midstream Partners L.P. (AM:N) 27 Antero Resources Corporation (AR:N) 25 Anthem (ANTM:N) 44 Aon plc (AON:N) 39 Apache Corporation (APA:N) 25 Apartment Investment and Management Company (AIV:N) 58 Apollo Investment Corp. (AINV:Q) 41 Apple Inc. (AAPL:Q) 67 Applied Micro Circuits Corporation (AMCC:Q) 68 Applied Optoelectronics, Inc. (AAOI:Q) 64 AquaVenture Holdings Ltd. (WAAS:N) 29 ARC Resources Ltd. (ARX:T) 30 Archrock Partners L.P. (APLP:Q) 28 Ares Capital Corp. (ARCC:Q) 41 Argo Group International Holdings, Ltd. (AGII:Q) 40 Arista Networks (ANET:N) 64 Arkema (AKE.PA:EPA) 53 Armada Hoffler Properties (AHH:N) 58 ARRIS (ARRS:Q) 64 Arrow Electronics, Inc. (ARW:N) 67 Arthur J. Gallagher & Co. (AJG:N) 39 Artis REIT (AX.UN:T) 59 Asanko Gold Inc. (AKG:T) 55 Associated Banc-Corp (ASB:M) 35 Asterias Biotherapeutics (AST:M) 45 AT&T Inc. (T:N) 69 Athabasca Oil Corp. (ATH:T) 30 athenahealth Inc. (ATHN:Q) 46 Atlantic Capital Bancshares, Inc. (ACBI:Q) 35 Atlassian (TEAM:Q) 65 ATN International Inc. (ATNI:Q) 69 Atwood Oceanics (ATW:N) 28 Autogrill (AGL.BIT:BIT) 23 AutoZone, Inc. (AZO:N) 19 Avigilon Corporation (AVO:T) 70 Avnet, Inc. (AVT:N) 67 B2Gold Corp. (BTO:T) 55 BAE Systems (BAES.L:L) 52 Baker Hughes, Inc. (BHI:N) 28 Banc of California, Inc. (BANC:N) 35 BancFirst Corporation (BANF:Q) 35 The Bancorp, Inc. (TBBK:Q) 35

Company Index

8 Raymond James Research Register - January 2017

BancorpSouth, Inc. (BXS:N) 35 Bank of America Corporation (BAC:N) 35 Bank of Commerce Holdings (BOCH:Q) 35 Bank of Marin Bancorp (BMRC:Q) 35 The Bank of N.T. Butterfield & Son Limited (NTB:N) 35 Bank of New York Mellon Corp (BK:N) 35 Bank of the Ozarks Inc. (OZRK:Q) 35 Banner Corporation (BANR:Q) 35 BASF (BASFn.DE:ETR) 53 BATS Global Markets, Inc. (BATS:BATS) 39 Baxter International Inc. (BAX:N) 47 Baylin Technologies Inc. (BYL:T) 70 Baytex Energy Corporation (BTE:T) 30 BB&T Corporation (BBT:N) 35 Beacon Roofing Supply, Inc. (BECN:Q) 50 Bear Creek Mining Corp. (BCM:V) 55 Becton, Dickinson and Company (BDX:N) 47 Bed Bath & Beyond (BBBY:Q) 20 Beiersdorf (BEIG.DE:ETR) 23 Bellatrix Exploration Ltd. (BXE:T) 30 Bellicum Pharmaceuticals, Inc. (BLCM:Q) 45 Benefitfocus, Inc. (BNFT:Q) 63 Best Buy Company, Incorporated (BBY:N) 19 BGC Partners, Inc. (BGCP:Q) 39 BIC (BICP.PA:EPA) 23 Big Lots Inc. (BIG:N) 20 Biogen Inc. (BIIB:Q) 45 BioMarin Pharmaceutical Inc. (BMRN:Q) 45 Birchcliff Energy Ltd. (BIR:T) 30 Bird Construction Inc. (BDT:T) 51 Black Diamond Group Limited (BDI:T) 31 Black Stone Minerals L.P. (BSM:N) 25 BlackBerry (BBRY:Q) 70 Blackhawk Network Holdings, Inc. (HAWK:Q) 65 BlackLine, Inc. (BL:Q) 63 Bloomin' Brands, Inc. (BLMN:Q) 21 Blue Capital Reinsurance Holdings Ltd. (BCRH:N) 40 Blueprint Medicines Corporation (BPMC:Q) 45 Boardwalk Pipeline Partners L.P. (BWP:N) 27 Boardwalk REIT (BEI.UN:T) 60 BofI Holding, Inc. (BOFI:Q) 35 BOK Financial Corp. (BOKF:Q) 35 Bombardier Inc. (BBD.B:T) 51 Bonavista Energy Corporation (BNP:T) 30 Bonterra Energy Corp. (BNE:T) 30 Booz Allen Hamilton Holding Corp. (BAH:N) 67 Boralex, Inc. (BLX:T) 31 Boston Scientific Corp. (BSX:N) 47 Bottomline Technologies (EPAY:Q) 65 Bouygues (BOUY.PA:EPA) 71 Box, Inc. (BOX:N) 63 Boyd Group Income Fund (BYD.UN:T) 52 BP plc (BP:N) 26 Brandywine Realty Trust (BDN:N) 58 Briggs & Stratton (BGG:N) 19 Brightcove Inc. (BCOV:Q) 63 Brinker International (EAT:N) 21 Broadcom Limited (AVGO:Q) 68 Broadridge Financial Solutions, Inc. (BR:N) 39 BroadSoft, Inc. (BSFT:Q) 67 Brookfield Canada Office Properties (BOX.UN:T) 59 Brookfield Infrastructure Partners L.P. (BIP:N) 31

Brookfield Renewable Energy Partners L.P. (BEP:N) 31 Brown & Brown, Inc. (BRO:N) 39 Brunswick Corp. (BC:N) 21 BT (BT.L:L) 71 Buffalo Wild Wings, Inc. (BWLD:Q) 21 C.H. Robinson Worldwide (CHRW:Q) 73 C.R. Bard, Inc. (BCR:N) 47 CA Technologies (CA:Q) 65 Cabela’s Inc. (CAB:N) 20 Cabot Oil & Gas Corp. (COG:N) 25 CACI International Inc. (CACI:N) 67 CAE Inc. (CAE:T) 51 CafePress Inc. (PRSS:Q) 66 CalAtlantic Group Inc. (CAA:N) 56 Calfrac Well Services (CFW:T) 31 California Resources Corporation (CRC:N) 25 Calix, Inc. (CALX:N) 64 Callaway Golf Co. (ELY:N) 20 Calumet Specialty Products Partners L.P. (CLMT:Q) 27 Campari (CPR.MI:BIT) 22 Canadian Apartment Properties REIT (CAR.UN:T) 60 Canadian Energy Services & Technology Corp. (CEU:T) 31 Canadian National Railway (CNR:T) 74 Canadian Natural Resources Ltd (CNQ:T) 32 Canadian Pacific Railway Limited (CP:T) 74 Canadian Tire Corporation (CTC.A:T) 22 Canam Group (CAM:T) 52 Canexus Corporation (CUS:T) 51 Canfor Corp. (CFP:T) 55 Canfor Pulp Products Inc. (CFX:T) 55 CanWel Building Materials Group Ltd. (CWX:T) 74 Canyon Services Group Inc. (FRC:T) 31 Capital Power Corporation (CPX:T) 31 Capital Product Partners L.P. (CPLP:Q) 27 CapStar Financial Holdings, Inc. (CSTR:Q) 35 Cara Operations Limited (CARA:T) 22 Cardinal Financial Corporation (CFNL:Q) 35 Cardinal Health Inc. (CAH:N) 46 CareDx, Inc. (CDNA:Q) 46 CareTrust REIT, Inc (CTRE:Q) 57 Carolina Financial Corporation (CARO:Q) 35 Carrefour (CARR.PA:EPA) 23 Carrizo Oil & Gas, Inc. (CRZO:Q) 25 Carrols Restaurant Group, Inc. (TAST:Q) 21 Cascadian Therapeutics Inc. (CASC:Q) 45 Casella Waste Systems, Inc. (CWST:Q) 50 Casey's General Stores, Inc. (CASY:Q) 20 Casino (CASP.PA:EPA) 23 Castlight Health, Inc. (CSLT:N) 63 Catalent, Inc. (CTLT:N) 48 CatchMark Timber Trust, Inc. (CTT:N) 59 Cavium, Inc. (CAVM:Q) 68 CBL & Associates Properties, Inc. (CBL:N) 57 CBOE Holdings, Inc. (CBOE:Q) 39 CDW Corporation (CDW:Q) 67 Cedar Realty Trust, Inc. (CDR:N) 58 Celgene Corporation (CELG:Q) 45 Cempra, Inc. (CEMP:Q) 45 Cenovus Energy, Inc. (CVE:T) 32 Centene (CNC:N) 44 CenterState Banks, Inc. (CSFL:Q) 35 Central Pacific Financial Corp. (CPF:N) 35

Company Index

Raymond James Research Register - January 2017 9

CenturyLink (CTL:N) 69 Cerner Corporation (CERN:Q) 46 Cervus Equipment Corp. (CVL:T) 51 CEZ (CEZsp.PR:PRG) 33 CGI Group (GIB.A:T) 70 ChannelAdvisor Corporation (ECOM:N) 63 Charles River Laboratories (CRL:N) 48 The Charles Schwab Corporation (SCHW:N) 39 Chart Industries, Inc. (GTLS:Q) 29 Charter Communications, Inc. (CHTR:Q) 69 Check Point Software Technologies (CHKP:Q) 65 Cheesecake Factory Inc. (CAKE:Q) 21 Chegg, Inc. (CHGG:N) 66 Chemical Financial Corp. (CHFC:Q) 35 Chemtrade Logistics Income Fund (CHE.UN:T) 51 Cheniere Energy Partners L.P. (CQP:M) 27 Cheniere Energy, Inc. (LNG:M) 27 Chesapeake Energy Corp. (CHK:N) 25 Chevron Corp. (CVX:N) 26 Chinook Energy Inc. (CKE:T) 30 Chipotle Mexican Grill, Inc. (CMG:N) 21 Choice Properties REIT (CHP.UN:T) 60 Christian Dior (DIOR.PA:EPA) 23 Chubb Limited (CB:N) 40 Church & Dwight Co., Inc. (CHD:N) 21 Chuy's Holdings, Inc. (CHUY:Q) 21 Ciena Corporation (CIEN:N) 64 CIGNA Corporation (CI:N) 44 Cimarex Energy Co. (XEC:N) 25 Cincinnati Bell Inc. (CBB:N) 69 Cineplex Inc. (CGX:T) 22 Cisco Systems (CSCO:Q) 64 Citrix Systems Inc. (CTXS:Q) 65 Civitas Solutions, Inc. (CIVI:N) 44 Clariant (CLN.VX:SWF) 53 Clayton Williams Energy, Inc. (CWEI:N) 25 Clean Energy Fuels Corp. (CLNE:Q) 29 Clean Harbors (CLH:N) 50 The Clorox Company (CLX:N) 21 CM Finance Inc. (CMFN:Q) 41 CME Group Inc. (CME:Q) 39 Cobham (COB.L:L) 52 Coeur Mining Inc. (CDE:N) 55 Cogent Communications Holdings Inc. (CCOI:Q) 69 Cognex Corporation (CGNX:Q) 62 Colliers International Group Inc. (CIGI:Q) 59 Colruyt (COLR.BR:EBR) 23 Columbia Banking System, Inc. (COLB:Q) 35 Comcast Corp. (CMCSA:Q) 69 Comerica Inc. (CMA:N) 35 Commerce Bancshares, Inc. (CBSH:Q) 35 CommScope Holding Company, Inc. (COMM:Q) 64 Communications Sales & Leasing, Inc. (CSAL:Q) 69 Community Bank System, Inc. (CBU:N) 36 Community Health Systems, Inc. (CYH:N) 47 Community Trust Bancorp, Inc. (CTBI:Q) 36 CommVault Systems Inc. (CVLT:Q) 65 Compass Diversified Holdings (CODI:N) 41 Compass Group (CPG.L:L) 23 Computer Programs and Systems, Inc. (CPSI:Q) 46 Computer Sciences Corporation (CSC:N) 67 Concho Resources Inc. (CXO:N) 25

Conifer Holdings, Inc. (CNFR:Q) 40 Conifex Timber Inc. (CFF:T) 55 Connection (CNXN:Q) 67 ConnectOne Bancorp, Inc. (CNOB:Q) 36 Connecture Inc. (CNXR:Q) 46 ConocoPhillips (COP:N) 25 CONSOL Energy Inc. (CNX:N) 25 Consolidated Communications Holdings (CNSL:Q) 69 Constellation Software Inc. (CSU:T) 70 Continental Resources Inc. (CLR:N) 25 Control4 Corporation (CTRL:Q) 67 The Cooper Companies, Inc. (COO:N) 47 Copa Holdings, S.A. (CPA:N) 72 Core-Mark Holding Company, Inc. (CORE:Q) 20 CoreSite Realty Corporation (COR:N) 68 Corporate Office Properties Trust (OFC:N) 58 Costco Wholesale Corporation (COST:Q) 20 Coupa Software Incorporated (COUP:Q) 63 Covanta Holding Corp. (CVA:N) 50 Covestro (1COV.DE:ETR) 53 CPI Card Group Inc. (PMTS:Q) 65 Crawford & Company (CRD.B:N) 39 Credit Acceptance Corp. (CACC:Q) 41 CREIT (REF.UN:T) 59 Crescent Point Energy (CPG:T) 30 Crestwood Equity Partners L.P. (CEQP:N) 27 Crew Energy Inc. (CR:T) 30 Criteo S.A. (CRTO:Q) 66 Crombie REIT (CRR.UN:T) 60 CrossAmerica Partners L.P. (CAPL:N) 27 Crown Capital Partners Inc. (CRN:T) 42 Crown Castle International (CCI:N) 69 CSI Compressco Partners L.P. (CCLP:Q) 28 CSRA Inc. (CSRA:N) 67 CST Brands, Inc. (CST:N) 20 CSX Corp. (CSX:Q) 73 CT Real Estate Investment Trust (CRT.UN:T) 60 Ctrip.com International, Ltd. (CTRP:Q) 66 CU Bancorp (CUNB:Q) 36 CubeSmart (CUBE:N) 58 Cubic Corporation (CUB:N) 62 Culp, Inc. (CFI:N) 19 CVB Financial Corp. (CVBF:Q) 36 CVS Health (CVS:N) 46 Cypress Energy Partners L.P. (CELP:N) 29 CyrusOne Inc. (CONE:Q) 68 D.R. Horton, Inc. (DHI:N) 56 Darden Restaurants (DRI:N) 21 Dave & Buster's Entertainment, Inc. (PLAY:Q) 21 DaVita HealthCare Partners Inc. (DVA:N) 44 Dawson Geophysical Company (DWSN:Q) 29 DCT Industrial Trust, Inc. (DCT:N) 58 DDR Corp. (DDR:N) 58 Del Frisco’s Restaurant Group, Inc. (DFRG:Q) 21 Delek Logistics Partners L.P. (DKL:N) 27 Delek US Holdings, Inc. (DK:N) 26 Delphi Energy Corp. (DEE:T) 30 Delta Air Lines, Inc. (DAL:N) 72 The Descartes Systems Group Inc. (DSGX:Q) 70 Deutsche Telekom (DTE.DE:ETR) 71 Devon Energy Corporation (DVN:N) 25 DexCom Inc. (DXCM:Q) 47

Company Index

10 Raymond James Research Register - January 2017

DH Corporation (DH:T) 65 Dia (DIDA.MC:MAD) 23 Diageo (DGE.L:L) 22 Diamond Offshore (DO:N) 28 Diamondback Energy, Inc. (FANG:Q) 25 DiamondRock Hospitality Company (DRH:N) 57 Dick`s Sporting Goods Inc. (DKS:N) 20 Digi International Inc. (DGII:Q) 67 Digital Realty Trust, Inc. (DLR:N) 68 DineEquity, Inc. (DIN:N) 21 Diodes Incorporated (DIOD:Q) 68 Dipexium Pharmaceuticals, Inc. (DPRX:Q) 48 Diplomat Pharmacy, Inc. (DPLO:N) 48 DIRTT Environmental Solutions Ltd. (DRT:T) 52 DISH Network Corp. (DISH:Q) 69 The Dixie Group (DXYN:Q) 19 Dollar General Corp. (DG:N) 20 Dollar Tree, Inc. (DLTR:Q) 20 Dollarama (DOL:T) 22 Domtar (UFS:N) 55 Douglas Emmett (DEI:N) 58 DragonWave (DRWI:Q) 70 DSM (DSMN.AMS:AMS) 53 Duluth Holdings Inc. (DLTH:Q) 20 DuPont Fabros Technology Inc. (DFT:N) 68 E*TRADE Financial Corporation (ETFC:Q) 39 E.On (EONGn.DE:ETR) 33 East West Bancorp, Inc. (EWBC:Q) 36 Easterly Government Properties, Inc. (DEA:N) 58 Eastern Virginia Bankshares, Inc. (EVBS:Q) 36 EastGroup Properties, Inc. (EGP:N) 58 easyJet plc (EZJ.L:L) 74 eBay Inc. (EBAY:Q) 66 EchoStar Corporation (SATS:Q) 68 ECN Capital Corp. (ECN:T) 42 Ecopetrol S.A. (EC:N) 26 Edenred (EDEN.PA:EPA) 23 EDF (EDF.PA:EPA) 33 Eiffage (FOUG.PA:EPA) 53 Element Fleet Management Corp. (EFN:T) 42 Elior (ELIOR.PA:EPA) 23 Emera Inc. (EMA:T) 31 Empire Company Limited (EMP.A:T) 22 Encore Capital Group Inc. (ECPG:Q) 41 Endeavour Mining Corp. (EDV:T) 55 Endeavour Silver Corp. (EDR:T) 55 Endo International plc (ENDP:Q) 48 Enel (ENEI.MI:BIT) 33 Enerflex Ltd. (EFX:T) 31 Energen Corp. (EGN:N) 25 Energy Transfer Equity L.P. (ETE:N) 27 Energy Transfer Partners L.P. (ETP:N) 27 EnerNOC, Inc. (ENOC:Q) 29 Enerplus Corporation (ERF:T) 30 Engie (GSZ.PA:EPA) 33 Eni (ENI.MI:BIT) 32 EnLink Midstream LLC (ENLC:N) 27 EnLink Midstream Partners L.P. (ENLK:N) 27 Enphase Energy, Inc. (ENPH:Q) 29 Ensco plc (ESV:N) 28 Ensign Energy Services Inc. (ESI:T) 31 Enterprise Products Partners L.P. (EPD:N) 27

Envestnet, Inc. (ENV:N) 39 Envision Healthcare Corporation (EVHC:N) 44 Enviva Partners L.P. (EVA:N) 29 EOG Resources, Inc. (EOG:N) 25 Equinix (EQIX:Q) 68 Equity One, Inc. (EQY:N) 58 Equity Residential (EQR:N) 58 Ericsson (ERIC:Q) 64 Essential Energy Services Ltd. (ESN:T) 31 Essex Property Trust, Inc. (ESS:N) 58 Essilor (ESSI.PA:EPA) 22 Estee Lauder Companies (EL:N) 21 Ethan Allen Interiors (ETH:N) 19 EverBank Financial Corp (EVER:N) 36 Everbridge, Inc. (EVBG:Q) 63 Evertz Technologies Ltd. (ET:T) 70 Exchange Income Corp (EIF:T) 51 Expedia, Inc. (EXPE:Q) 66 Express Scripts (ESRX:Q) 44 Extra Space Storage (EXR:N) 58 Extreme Networks, Inc. (EXTR:Q) 64 Exxon Mobil Corp. (XOM:N) 26 F5 Networks, Inc. (FFIV:Q) 64 Facebook, Inc. (FB:Q) 66 FactSet Research Systems Inc. (FDS:N) 39 Farmers Capital Bank Corp. (FFKT:Q) 36 Farmers National Banc Corp. (FMNB:Q) 36 Fastenal Company (FAST:Q) 50 Fate Therapeutics, Inc. (FATE:Q) 45 FBL Financial Group (FFG:N) 40 FCB Financial Holdings, Inc. (FCB:N) 36 Federal Realty Investment Trust (FRT:N) 58 Federated National Holding Company (FNHC:Q) 40 FedEx Corporation (FDX:N) 73 Ferrellgas Partners L.P. (FGP:N) 27 Ferrovial (FER.MC:MAD) 53 Fidelity National Information Services (FIS:N) 65 Fidus Investment Corporation (FDUS:Q) 41 Fiesta Restaurant Group, Inc. (FRGI:Q) 21 Fifth Street Finance Corp. (FSC:Q) 41 Fifth Third Bancorp (FITB:Q) 36 Financial Engines, Inc. (FNGN:Q) 39 Finisar Corporation (FNSR:Q) 64 Finning International (FTT:T) 51 FireEye Inc. (FEYE:Q) 65 First Bancorp (FBNC:Q) 36 First Busey Corporation (BUSE:Q) 36 First Business Financial Services, Inc. (FBIZ:Q) 36 First Capital Realty (FCR:T) 60 First Commonwealth Financial Corp. (FCF:N) 36 First Community Corporation (FCCO:Q) 36 First Defiance Financial Corp. (FDEF:Q) 36 First Financial Bancorp (FFBC:Q) 36 First Financial Corporation (THFF:Q) 36 First Foundation Inc. (FFWM:Q) 36 First Horizon National Corporation (FHN:N) 36 First Industrial Realty Trust, Inc. (FR:N) 58 First Majestic Silver (FR:T) 55 First Midwest Bancorp, Inc. (FMBI:Q) 36 The First of Long Island Corporation (FLIC:Q) 36 First Potomac Realty Trust (FPO:N) 58 First Republic Bank (FRC:N) 36

Company Index

Raymond James Research Register - January 2017 11

First Solar, Inc. (FSLR:Q) 29 FirstService Corporation (FSV:Q) 59 Fitbit, Inc. (FIT:N) 67 FleetCor Technologies (FLT:N) 65 Flex (FLEX:Q) 64 Flexion Therapeutics, Inc. (FLXN:Q) 48 FLIR Systems (FLIR:Q) 62 FMC Technologies, Inc. (FTI:N) 28 Fnac (FNAC.PA:EPA) 23 Fortinet Inc. (FTNT:Q) 65 Fortis, Inc. (FTS:T) 31 Fortive Corporation (FTV:N) 62 Fortress Paper (FTP:T) 55 Fortress Transportation & Infrastructure Investors LLC (FTAI:N) 41 Fortum (FUM1V.HE:HEL) 33 Fortuna Silver Mines Inc. (FVI:T) 55 Forward Air Corporation (FWRD:Q) 73 Four Corners Property Trust, Inc. (FCPT:N) 57 Franklin Financial Network, Inc. (FSB:N) 36 Fraport (FRAG.DE:ETR) 53 Freehold Royalties Ltd. (FRU:T) 30 Frontier Communications Corp. (FTR:Q) 69 Fulgent Genetics, Inc. (FLGT:Q) 46 Fulton Financial (FULT:Q) 36 GAIN Capital Holdings, Inc. (GCAP:N) 39 Galena Biopharma Inc. (GALE:Q) 45 Garmin Ltd. (GRMN:Q) 67 Genesee & Wyoming Inc. (GWR:N) 73 Genesis Energy L.P. (GEL:N) 27 GenMark Diagnostics, Inc. (GNMK:Q) 46 Genomic Health (GHDX:Q) 46 German American Bancorp, Inc. (GABC:Q) 36 Gibson Energy Inc. (GEI:T) 32 Gigamon Inc. (GIMO:N) 64 GigPeak, Inc. (GIG:M) 68 Gildan Activewear (GIL:N) 22 Givaudan (GIVN.VX:SWF) 53 GKN (GKN.L:L) 52 Glacier Bancorp, Inc. (GBCI:Q) 36 Global Partners L.P. (GLP:N) 27 Global Payments Inc. (GPN:N) 65 GMS Inc. (GMS:N) 50 GoDaddy Inc. (GDDY:N) 66 goeasy Ltd. (GSY:T) 42 GOL Linhas Aereas Inteligentes S.A. (GOL:N) 73 Golar LNG Partners L.P. (GMLP:Q) 27 Goldman Sachs BDC, Inc. (GSBD:N) 41 Golub Capital BDC, Inc. (GBDC:Q) 41 GoPro, Inc. (GPRO:Q) 67 Granite Oil Corp. (GXO:T) 30 Great Ajax Corp. (AJX:N) 41 Great Canadian Gaming (GC:T) 22 Green Plains Partners L.P. (GPP:Q) 29 Grenville Strategic Royalty Corp. (GRC:V) 51 Groupon, Inc. (GRPN:Q) 66 GrubHub Inc. (GRUB:N) 66 Guaranty Federal Bancshares Inc. (GFED:Q) 36 H&M (HMb.ST:STO) 23 H&R REIT (HR.UN:T) 59 The Habit Restaurants, Inc. (HABT:Q) 21 Haemonetics Corporation (HAE:N) 47 Halliburton (HAL:N) 28

Hallmark Financial Services Inc. (HALL:Q) 40 Halogen Software, Inc. (HGN:T) 63 Halyard Health Inc. (HYH:N) 47 Hancock Holding Company (HBHC:Q) 36 Hanmi Financial Corporation (HAFC:Q) 36 Harley-Davidson, Inc. (HOG:N) 21 Harman International, Inc. (HAR:N) 66 Harmonic Inc. (HLIT:Q) 64 Harris Corporation (HRS:N) 62 Haverty Furniture Companies Inc. (HVT:N) 20 HCA Holdings, Inc. (HCA:N) 47 HCP, Inc. (HCP:N) 57 HD Supply Holdings Inc. (HDS:Q) 50 Health Insurance Innovations, Inc. (HIIQ:Q) 44 Healthcare Trust of America, Inc. (HTA:N) 57 HealthEquity, Inc. (HQY:Q) 39 HealthSouth Corporation (HLS:N) 44 HealthStream, Inc. (HSTM:Q) 46 Heartland Financial USA, Inc. (HTLF:Q) 36 Helix Energy Solutions Group (HLX:N) 28 Henkel (HNKG_p.DE:ETR) 23 Hercules Capital, Inc. (HTGC:N) 41 Heritage Financial Corporation (HFWA:Q) 36 Heritage Oaks Bancorp (HEOP:Q) 37 Herman Miller (MLHR:Q) 19 Hermès (RMS.PA:EPA) 23 Héroux-Devtek Inc. (HRX:T) 51 Hersha Hospitality Trust (HT:N) 57 Heska Corporation (HSKA:Q) 44 Hess Corp. (HES:N) 25 Hewlett Packard Enterprise Company (HPE:N) 64 Hibbett Sports, Inc. (HIBB:Q) 20 Hi-Crush Partners L.P. (HCLP:N) 29 Hill-Rom Holdings, Inc. (HRC:N) 47 Hilltop Holdings Inc. (HTH:N) 37 Hilton Worldwide Holdings Inc. (HLT:N) 57 HNI Corporation (HNI:N) 19 Holly Energy Partners L.P. (HEP:N) 27 HollyFrontier Corp. (HFC:N) 26 Hologic Inc. (HOLX:Q) 47 Home Bancorp, Inc. (HBCP:Q) 37 Home BancShares, Inc. (HOMB:Q) 37 Home Capital Group Inc. (HCG:T) 42 The Home Depot Inc. (HD:N) 20 Hope Bancorp, Inc. (HOPE:Q) 37 HopFed Bancorp, Inc. (HFBC:Q) 37 Horizon Bancorp (HBNC:Q) 37 Horizon North Logistics Inc. (HNL:T) 31 Horizon Technology Finance Corporation (HRZN:Q) 41 Host Hotels & Resorts Inc. (HST:N) 57 Houston Wire & Cable Company (HWCC:Q) 50 Hub Group, Inc. (HUBG:Q) 73 HubSpot, Inc. (HUBS:N) 63 Humana (HUM:N) 44 Huntington Bancshares Inc. (HBAN:Q) 37 Husky Energy Inc. (HSE:T) 32 Hyatt Hotels Corporation (H:N) 57 Hydro One Ltd. (H:T) 31 IAG (IAG.MC:MAD) 74 IBERIABANK Corporation (IBKC:Q) 37 IBI Group Inc. (IBG:T) 51 ICON plc (ICLR:Q) 48

Company Index

12 Raymond James Research Register - January 2017

ICU Medical, Inc. (ICUI:Q) 47 IDEXX Laboratories, Inc. (IDXX:Q) 44 Iliad (ILD.PA:EPA) 71 Impax Laboratories, Inc. (IPXL:Q) 48 Imperial Oil Limited (IMO:T) 32 INC Research Holdings (INCR:Q) 48 Incyte Corporation (INCY:Q) 45 Independent Bank Group, Inc. (IBTX:Q) 37 Inditex (ITX.MC:MAD) 23 Infinera Corporation (INFN:Q) 64 Infinity Property and Casualty Corporation (IPCC:Q) 40 Innergex Renewable Energy, Inc. (INE:T) 31 Insight Enterprises, Inc. (NSIT:Q) 67 Insperity (NSP:N) 44 Instructure, Inc. (INST:N) 63 Insulet (PODD:Q) 47 Intact Financial Corporation (IFC:T) 42 Integra LifeSciences Corp. (IART:Q) 47 Intel Corporation (INTC:Q) 68 Inteliquent (IQNT:Q) 69 Intelsat S.A. (I:N) 68 Inter Parfums, Inc. (IPAR:Q) 21 Inter Pipeline Ltd. (IPL:T) 32 Intercontinental Exchange, Inc. (ICE:N) 39 Intercontinental Hotels (IHG.L:L) 60 Interface, Inc. (TILE:Q) 19 Interfor Corp. (IFP:T) 55 Internap Network Services Corp. (INAP:Q) 68 InterOil Corp. (IOC:N) 25 InterRent REIT (IIP.UN:T) 60 Interxion Holding NV (INXN:N) 68 Intuit Inc. (INTU:Q) 65 Intuitive Surgical, Inc. (ISRG:Q) 47 Investar Holding Corporation (ISTR:Q) 37 InVivo Therapeutics (NVIV:Q) 45 IPG Photonics (IPGP:Q) 62 Iridium Communications Inc. (IRDM:Q) 68 iRobot Corporation (IRBT:Q) 62 J.B. Hunt Transport Services, Inc. (JBHT:Q) 73 Jabil Circuit, Inc. (JBL:N) 64 Jernigan Capital, Inc. (JCAP:N) 58 Jeronimo Martins (JMT.LS:ELI) 23 JetBlue Airways (JBLU:Q) 73 Johnson & Johnson (JNJ:N) 47 Juniper Networks, Inc. (JNPR:N) 64 Juno Therapeutics, Inc. (JUNO:Q) 45 Kansas City Southern (KSU:N) 73 Karyopharm Therapeutics Inc. (KPTI:Q) 45 KB Home (KBH:N) 56 Kelt Exploration Ltd. (KEL:T) 30 Kemper Corp. (KMPR:N) 40 Kering (KER.PA:EPA) 23 Keryx Biopharmaceuticals, Inc. (KERX:Q) 45 KeyCorp (KEY:N) 37 Keyera Corp (KEY:T) 32 Killam Apartment REIT (KMP.UN:T) 60 Kimco Realty Corporation (KIM:N) 58 Kinder Morgan, Inc. (KMI:N) 27 Kite Pharma, Inc. (KITE:Q) 45 Kite Realty Group Trust (KRG:N) 58 Knoll, Inc. (KNL:N) 19 KNOT Offshore Partners L.P. (KNOP:N) 27

Kona Grill, Inc. (KONA:Q) 21 Kosmos Energy Ltd. (KOS:N) 25 KPN (KPN.AS:AMS) 71 KVH Industries (KVHI:Q) 68 La Quinta Holdings, Inc. (LQ:N) 57 Laboratory Corporation of America Holdings (LH:N) 45 Lakeland Bancorp, Inc. (LBAI:Q) 37 Lakeland Financial Corporation (LKFN:Q) 37 Landmark Infrastructure Partners LP (LMRK:Q) 69 Landstar System, Inc. (LSTR:Q) 73 Lannett Company, Inc. (LCI:N) 48 Lanxess (LXSG.DE:ETR) 53 Laredo Petroleum Inc. (LPI:N) 25 LaSalle Hotel Properties (LHO:N) 57 LATAM Airlines Group S.A. (LFL:N) 72 Lazard Ltd (LAZ:N) 39 La-Z-Boy Inc. (LZB:N) 19 LegacyTexas Financial Group, Inc. (LTXB:Q) 37 Leggett & Platt (LEG:N) 19 Lending Club (LC:N) 65 Lennar Corporation (LEN:N) 56 Leucrotta Exploration Inc. (LXE:V) 30 Level 3 Communications Inc. (LVLT:N) 69 Life Storage Inc. (LSI:N) 58 LifePoint Health, Inc. (LPNT:Q) 47 Limelight Networks (LLNW:Q) 65 Linear Technology Corporation (LLTC:Q) 68 LKQ Corporation (LKQ:Q) 50 Loblaw Companies Ltd. (L:T) 22 Logitech International SA (LOGI:Q) 67 L'Oréal (OREP.PA:EPA) 23 Lowe's Companies, Inc. (LOW:N) 20 Lufthansa (LHAG.DE:ETR) 74 Lumber Liquidators Holdings, Inc. (LL:N) 20 Lumenpulse Inc. (LMP:T) 70 Lumentum Holdings, Inc. (LITE:Q) 64 Luxottica (LUX.MI:BIT) 22 LVMH (LVMH.PA:EPA) 23 MacDonald Dettwiler & Associates (MDA:T) 70 MACOM Technology Solutions Holdings, Inc. (MTSI:Q) 68 MAG Silver (MAG:T) 55 Magellan Health (MGLN:Q) 44 Magellan Midstream Partners L.P. (MMP:N) 27 Main Street Capital Corp. (MAIN:N) 41 Malibu Boats, Inc. (MBUU:Q) 21 Mallinckrodt PLC (MNK:N) 48 Mammoth Energy Services, Inc. (TUSK:Q) 29 Mandalay Resources Corp. (MND:T) 55 Manhattan Associates, Inc. (MANH:Q) 63 Marathon Oil Corp. (MRO:N) 25 Marathon Petroleum Corp. (MPC:N) 26 MarineMax (HZO:N) 21 MarketAxess Holdings Inc. (MKTX:Q) 39 Marriott International, Inc. (MAR:Q) 57 Marsh and McLennan Companies, Inc. (MMC:N) 39 Martin Midstream Partners L.P. (MMLP:Q) 27 Masco Corporation (MAS:N) 19 Masimo Corp. (MASI:Q) 47 Mastercard, Inc. (MA:N) 65 Maxim Integrated (MXIM:Q) 68 MAXIMUS Inc. (MMS:N) 67 MB Financial, Inc. (MBFI:Q) 37

Company Index

Raymond James Research Register - January 2017 13

MCBC Holdings, Inc. (MCFT:Q) 21 McDonald's Corporation (MCD:N) 21 McKesson Corporation (MCK:N) 46 MDC Holdings (MDC:N) 56 MedEquities Realty Trust, Inc. (MRT:N) 57 MEDNAX, Inc. (MD:N) 44 MEG Energy Corp. (MEG:T) 31 Meggitt (MGGT.L:L) 52 Melia Hotels International (MEL.MC:MAD) 60 Mercantile Bank Corp. (MBWM:Q) 37 Mercer International Inc. (MERC:Q) 55 Mercury General Corporation (MCY:N) 40 Meridian Bioscience, Inc. (VIVO:Q) 46 Merit Medical Systems Inc. (MMSI:Q) 47 Meta Financial Group, Inc. (CASH:Q) 37 Methanex (MEOH:Q) 51 Metro (MEOG.DE:ETR) 23 Metro, Inc. (MRU:T) 22 The Michaels Companies, Inc. (MIK:Q) 20 Microsemi Corporation (MSCC:Q) 68 Microsoft (MSFT:Q) 65 Mid-America Apartment Communities, Inc. (MAA:N) 58 MidSouth Bancorp, Inc. (MSL:N) 37 MidWestOne Financial Group, Inc. (MOFG:Q) 37 Milestone Apartments REIT (MST.UN:T) 60 MiX Telematics Limited (MIXT:N) 63 MobileIron, Inc. (MOBL:Q) 65 Mobileye N.V. (MBLY:N) 66 Model N, Inc. (MODN:N) 63 Mohawk Industries (MHK:N) 19 Molina Healthcare (MOH:N) 44 Monolithic Power Systems, Inc. (MPWR:Q) 68 Monroe Capital Corp. (MRCC:Q) 41 Moody's Corporation (MCO:N) 39 Motorola Solutions, Inc. (MSI:N) 67 MPLX L.P. (MPLX:N) 27 MRC Global (MRC:N) 50 MSC Industrial Direct (MSM:N) 50 MSCI Inc. (MSCI:N) 39 MTU Aero Engines (MTXGn.DE:ETR) 52 Mullen Group Ltd. (MTL:T) 31 Murphy Oil Corp. (MUR:N) 25 Murphy USA Inc. (MUSA:N) 20 Mylan N.V. (MYL:Q) 48 Nabors Industries Ltd. (NBR:N) 29 NantKwest, Inc. (NK:Q) 45 Nasdaq Inc. (NDAQ:Q) 39 National Commerce Corporation (NCOM:Q) 37 National Fuel Gas Company (NFG:N) 25 National Oilwell Varco Inc. (NOV:N) 28 National Retail Properties, Inc. (NNN:N) 57 Natus Medical Inc. (BABY:Q) 47 NeoGenomics, Inc. (NEO:Q) 45 NeoPhotonics Corporation (NPTN:N) 64 NetApp, Inc. (NTAP:Q) 64 Netflix Inc. (NFLX:Q) 66 NETGEAR, Inc. (NTGR:Q) 67 NeuroDerm Ltd. (NDRM:Q) 45 New Relic, Inc. (NEWR:N) 65 New York Community Bancorp, Inc. (NYCB:N) 37 Newell Brands Inc. (NWL:N) 21 Newfield Exploration Company (NFX:N) 25

Newpark Resources (NR:N) 29 Newtek Business Services Corp. (NEWT:Q) 41 Nexity (NEXI.PA:EPA) 53 NexJ Systems Inc. (NXJ:T) 70 NGL Energy Partners L.P. (NGL:N) 27 NH Hoteles (NHH.MC:MAD) 60 NIC Inc. (EGOV:Q) 67 Nimble Storage (NMBL:N) 64 Nivalis Therapeutics, Inc. (NVLS:Q) 45 Noble Corp plc (NE:N) 28 Noble Energy, Inc. (NBL:N) 25 Nokia (NOK:N) 64 Norbord Inc. (OSB:T) 55 Norfolk Southern Corp. (NSC:N) 73 North American Energy Partners (NOA:T) 51 Northern Oil & Gas Inc. (NOG:M) 25 Northern Trust Corporation (NTRS:Q) 37 Northland Power, Inc. (NPI:T) 31 NOW Inc. (DNOW:N) 50 Nuance Communications, Inc. (NUAN:Q) 67 NuStar Energy L.P. (NS:N) 27 NuStar GP Holdings, LLC (NSH:N) 27 Nutanix, Inc. (NTNX:Q) 64 NuVista Energy Ltd. (NVA:T) 30 NVIDIA Corporation (NVDA:Q) 68 NXP Semiconductors N.V. (NXPI:Q) 68 O`Reilly Automotive, Inc. (ORLY:Q) 19 Oasis Petroleum Inc. (OAS:N) 25 Occidental Petroleum Corp. (OXY:N) 26 Ocean Rig UDW (ORIG:Q) 28 OceanaGold Corp. (OGC:T) 55 Oil States International, Inc. (OIS:N) 28 Old Dominion Freight Line, Inc. (ODFL:Q) 73 Old Line Bancshares Inc. (OLBK:Q) 37 Old National Bancorp (ONB:Q) 37 Old Republic International Corp. (ORI:N) 40 ON Semiconductor Corporation (ON:Q) 68 OnDeck Capital, Inc. (ONDK:N) 65 OneMain Holdings, Inc. (OMF:N) 41 Open Text (OTEX:Q) 70 Oracle Corp. (ORCL:N) 65 Orange (ORA.PA:EPA) 71 Orange Belgium (OBEL.BR:EBR) 71 OraSure Technologies, Inc. (OSUR:Q) 46 ORBCOMM, Inc. (ORBC:Q) 68 Orezone Gold Corp. (ORE:V) 55 Pacific Continental Corporation (PCBK:Q) 37 Pacific Drilling (PACD:N) 28 Pacific Premier Bancorp, Inc. (PPBI:Q) 37 PacWest Bancorp (PACW:Q) 37 Painted Pony Petroleum Ltd. (PPY:T) 30 Palo Alto Networks (PANW:N) 65 Pan American Silver (PAAS:Q) 55 Pandora Media, Inc. (P:N) 66 Panera Bread Co. (PNRA:Q) 21 Papa Murphy's Holdings, Inc. (FRSH:Q) 21 Paragon Commercial Corporation (PBNC:Q) 37 Paramount Resources Ltd. (POU:T) 30 PAREXEL (PRXL:Q) 48 Park Sterling Corporation (PSTB:Q) 37 Parsley Energy, Inc. (PE:N) 26 Patheon N.V. (PTHN:N) 48

Company Index

14 Raymond James Research Register - January 2017

Pattern Energy Group Inc. (PEGI:Q) 31 Patterson-UTI Energy, Inc. (PTEN:Q) 29 Paylocity Holding Corporation (PCTY:Q) 63 PayPal Holdings, Inc. (PYPL:Q) 65 PBF Energy, Inc. (PBF:N) 26 PBF Logistics L.P. (PBFX:N) 27 Pebblebrook Hotel Trust (PEB:N) 57 Pembina Pipeline Corp. (PPL:T) 32 Pengrowth Energy Corporation (PGF:T) 30 Penn West Petroleum Ltd. (PWT:T) 30 PennTex Midstream Partners L.P. (PTXP:Q) 27 Peoples Bancorp Inc. (PEBO:Q) 37 Pernod Ricard (PERP.PA:EPA) 22 Perrigo Company PLC (PRGO:N) 48 Petrofac (PFC.L:L) 33 Petróleo Brasileiro S.A. (PBR:N) 26 Peyto Exploration and Development (PEY:T) 30 PGT Innovations, Inc. (PGTI:Q) 19 Phillips 66 (PSX:N) 26 Phillips 66 Partners L.P. (PSXP:N) 27 Physicians Realty Trust (DOC:N) 57 Pier 1 Imports Incorporated (PIR:N) 20 Pinnacle Financial Partners, Inc. (PNFP:Q) 37 Pioneer Energy Services Corp (PES:N) 29 Pioneer Natural Resources Company (PXD:N) 26 Plains All American Pipeline L.P. (PAA:N) 27 Plains GP Holdings L.P. (PAGP:N) 27 Plantronics, Inc. (PLT:N) 67 Plaza Retail REIT (PLZ.UN:T) 60 PNC Financial Services Group, Inc. (PNC:N) 37 Polaris Industries (PII:N) 21 Potash Corp. of Saskatchewan Inc. (POT:N) 54 Potlatch Corporation (PCH:Q) 59 PRA Group Inc. (PRAA:Q) 41 PrairieSky Royalty Ltd. (PSK:T) 30 Praxair, Inc. (PX:N) 50 Precision Drilling Corporation (PD:T) 31 Preferred Bank (PFBC:Q) 37 Premier, Inc. (PINC:Q) 46 Prestige Brands Holdings Inc. (PBH:N) 21 priceline.com Incorporated (PCLN:Q) 66 PrivateBancorp, Inc. (PVTB:Q) 38 ProAssurance Corp. (PRA:N) 40 The Procter & Gamble Company (PG:N) 21 Progressive Corporation (PGR:N) 40 Prospect Capital Corporation (PSEC:Q) 41 Prosperity Bancshares, Inc. (PB:N) 38 Proteon Therapeutics, Inc. (PRTO:Q) 45 Proximus (PROX.BR:EBR) 71 Public Storage (PSA:N) 58 PulteGroup Inc. (PHM:N) 56 Puma (PUMG.DE:ETR) 23 Pure Industrial Real Estate Trust (AAR.UN:T) 59 Pure Storage, Inc. (PSTG:N) 64 Q2 Holdings Inc. (QTWO:N) 63 QCR Holdings, Inc. (QCRH:Q) 38 QEP Resources, Inc. (QEP:N) 26 Qorvo, Inc. (QRVO:Q) 68 QTS Realty Trust (QTS:N) 68 QUALCOMM, Inc. (QCOM:Q) 67 Quality Systems Inc. (QSII:Q) 46 Quest Diagnostics Inc. (DGX:N) 45

Quidel Corporation (QDEL:Q) 46 Quintiles IMS Holdings (Q:N) 48 Raging River Exploration Inc. (RRX:T) 30 Rallye (GENC.PA:EPA) 23 Ramco-Gershenson Properties Trust (RPT:N) 58 Range Resources Corp. (RRC:N) 26 Rapid7, Inc. (RPD:Q) 65 Rayonier, Inc. (RYN:N) 59 RB (RB.L:L) 23 Realty Income (O:N) 57 Red Hat, Inc. (RHT:N) 65 Red Robin Gourmet Burgers, Inc. (RRGB:Q) 21 Redknee Solutions Inc. (RKN:T) 70 Regency Centers Corp. (REG:N) 58 Regeneron Pharmaceuticals, Inc. (REGN:Q) 45 Regions Financial Corporation (RF:N) 38 Remy Cointreau (RCOP.PA:EPA) 22 Renasant Corporation (RNST:Q) 38 Rent-A-Center Inc. (RCII:Q) 20 Repsol (REP.MC:MAD) 32 Republic Services, Inc. (RSG:N) 50 Restoration Hardware Holdings, Inc. (RH:N) 20 Retail Opportunity Investments Corp. (ROIC:Q) 58 RingCentral, Inc. (RNG:N) 63 RioCan REIT (REI.UN:T) 60 Ritchie Bros. Auctioneers (RBA:N) 51 Rite Aid Corporation (RAD:N) 46 Riverview Bancorp, Inc. (RVSB:Q) 38 RLJ Lodging Trust (RLJ:N) 57 RMP Energy Inc. (RMP:T) 30 Rocky Mountain Dealerships Inc. (RME:T) 51 Rolls-Royce (RR.L:L) 52 Roper Technologies (ROP:N) 62 Rowan Companies (RDC:N) 28 Roxgold Inc. (ROG:V) 55 Royal Dutch Shell (RDSa.AS:AMS) 32 RPC, Inc. (RES:N) 29 RSP Permian, Inc. (RSPP:N) 26 RTI Surgical Inc. (RTIX:Q) 47 Rubicon Project, Inc. (RUBI:N) 66 Russel Metals (RUS:T) 52 Ruth`s Hospitality Group, Inc. (RUTH:Q) 21 RWE (RWEG.DE:ETR) 33 Ryanair Holdings plc (RYAAY:Q) 73 Ryman Hospitality Properties Inc. (RHP:N) 57 S&P Global Inc. (SPGI:N) 39 S&T Bancorp, Inc. (STBA:Q) 38 Sabra Health Care REIT, Inc. (SBRA:Q) 57 Safran (SAF.PA:EPA) 52 Sage Therapeutics, Inc. (SAGE:Q) 45 Saia, Inc. (SAIA:Q) 73 Saint-Gobain (SGOB.PA:EPA) 53 Saipem (SPMI.MI:BIT) 33 salesforce.com, Inc. (CRM:N) 63 Sally Beauty Holdings Inc. (SBH:N) 21 Salvatore Ferragamo (SFER.MI:BIT) 23 Saul Centers, Inc. (BFS:N) 58 Savanna Energy Services (SVY:T) 31 SBA Communications (SBAC:Q) 69 ScanSource, Inc. (SCSC:Q) 67 Schlumberger Ltd. (SLB:N) 28 The Scotts Miracle-Gro Company (SMG:N) 21

Company Index

Raymond James Research Register - January 2017 15

Seacoast Banking Corporation of Florida (SBCF:Q) 38 Secure Energy Services Inc. (SES:T) 31 SEI Investments Co. (SEIC:Q) 39 Select Comfort Corp. (SCSS:Q) 19 SEMAFO Inc. (SMF:T) 55 SemGroup Corporation (SEMG:N) 27 Semtech Corporation (SMTC:Q) 68 Senior (SNR.L:L) 52 Senior Housing Properties Trust (SNH:Q) 57 Senseonics Holdings, Inc. (SENS:M) 47 Service Corporation International (SCI:N) 46 ServiceNow, Inc. (NOW:N) 65 ServisFirst Bancshares, Inc. (SFBS:Q) 38 Seven Generations Energy Ltd. (VII:T) 30 SFR Group (SFR.PA:EPA) 71 Shenandoah Telecommunications Co. (SHEN:Q) 69 Shopify Inc. (SHOP:N) 63 Shutterfly, Inc. (SFLY:Q) 66 Shutterstock, Inc. (SSTK:N) 66 Sienna Senior Living Inc. (SIA:T) 59 Sierra Bancorp (BSRR:Q) 38 Sierra Wireless (SWIR:Q) 70 Signature Bank (SBNY:Q) 38 Silver Spring Networks, Inc. (SSNI:N) 29 Silvercorp Metals Inc. (SVM:T) 55 Simmons First National Corporation (SFNC:Q) 38 Simon Property Group, Inc. (SPG:N) 57 Sky (SKY.L:L) 71 SkyWest, Inc. (SKYW:Q) 73 Skyworks Solutions (SWKS:Q) 68 Slate Retail REIT (SRT.U:T) 60 Sleep Country Canada Holdings Inc. (ZZZ:T) 22 SM Energy Company (SM:N) 26 SmartREIT (SRU.UN:T) 60 SNC-Lavalin (SNC:T) 51 Sodexo (EXHO.PA:EPA) 23 Solvay (SOLB.BR:EBR) 53 Southcross Energy Partners L.P. (SXE:N) 28 Southwest Airlines Co. (LUV:N) 73 Southwest Bancorp, Inc. (OKSB:Q) 38 Southwestern Energy Company (SWN:N) 26 Spectra Energy Corp. (SE:N) 28 Spectra Energy Partners L.P. (SEP:N) 28 Spectranetics Corp (SPNC:Q) 47 Spectrum Brands Holdings, Inc. (SPB:N) 21 Spirit Airlines, Inc. (SAVE:Q) 73 Spirit Realty Capital, Inc. (SRC:N) 57 Splunk Inc. (SPLK:Q) 65 Sprague Resources L.P. (SRLP:N) 28 Sprint Corp. (S:N) 69 SS&C Technologies Holdings, Inc. (SSNC:Q) 39 St. Joe Company (JOE:N) 56 STAG Industrial Inc. (STAG:N) 58 Stanley Black & Decker (SWK:N) 19 Stantec Inc (STN:T) 51 State Street Corporation (STT:N) 38 Steelcase, Inc. (SCS:N) 19 Stellus Capital Investment Corporation (SCM:N) 41 Stericycle Inc. (SRCL:Q) 47 STERIS plc (STE:N) 47 Stock Yards Bancorp Inc. (SYBT:Q) 38 Stonegate Bank (SGBK:Q) 38

StoneMor Partners L.P. (STON:N) 46 StorageVault Canada Inc. (SVI:V) 60 STORE Capital Corporation (STOR:N) 57 Storm Resources Ltd. (SRX:V) 30 Strad Energy Services Ltd. (SDY:T) 31 Street Capital Group (SCB:T) 42 Strongco Corp. (SQP:T) 51 Stuart Olson Inc. (SOX:T) 51 Student Transportation Inc. (STB:Q) 73 Suburban Propane Partners L.P. (SPH:N) 28 Suez Environnement (SEVI.PA:EPA) 33 Summit Hotel Properties, Inc. (INN:N) 57 Suncor Energy Inc (SU:T) 32 Sunoco L.P. (SUN:N) 28 SunPower Corp. (SPWR:Q) 29 Sunstone Hotel Investors, Inc. (SHO:N) 57 SunTrust Banks, Inc. (STI:N) 38 Superior Energy Services, Inc. (SPN:N) 29 Superior Plus Corporation (SPB:T) 51 Surgery Partners, Inc. (SGRY:Q) 44 SVB Financial Group (SIVB:Q) 38 Swift Transportation Company (SWFT:N) 73 Symantec Corp. (SYMC:Q) 65 Symrise (SY1G.DE:ETR) 53 Synchronoss Technologies, Inc. (SNCR:Q) 67 Synergy Resources Corporation (SYRG:M) 26 Syngenta (SYNN.VX:SWF) 53 SYNNEX Corporation (SNX:N) 67 Synovus Financial Corp. (SNV:N) 38 Tahoe Resources Inc. (THO:T) 55 TalkTalk Telecom Group (TALK.L:L) 71 Tangoe Inc. (TNGO:Q) 63 Targa Resources Corp. (TRGP:N) 28 Tarkett S.A. (TKTT.PA:EPA) 53 Taubman Centers, Inc. (TCO:N) 57 TCF Financial Corporation (TCB:N) 38 TCP Capital Corp. (TCPC:Q) 41 TD Ameritrade Holding Corporation (AMTD:Q) 39 Tech Data Corporation (TECD:Q) 67 Technip (TECF.PA:EPA) 33 Teekay Corporation (TK:N) 28 Teekay LNG Partners L.P. (TGP:N) 28 Teekay Offshore Partners L.P. (TOO:N) 28 Telecom Italia (TLIT.MI:BIT) 71 Teleflex, Inc. (TFX:N) 47 Telefonica (TEF.MC:MCE) 71 Telenet Group (TNET.BR:EBR) 71 Telephone and Data Systems, Inc. (TDS:N) 69 Telia Company (TELIA.ST:STO) 71 Teligent, Inc. (TLGT:Q) 48 Tempur Sealy International, Inc. (TPX:N) 19 Tenet Healthcare Corporation (THC:N) 47 Territorial Bancorp Inc. (TBNK:Q) 38 Tesaro, Inc. (TSRO:Q) 45 Tesoro Corp. (TSO:N) 26 Tesoro Logistics L.P. (TLLP:N) 28 TETRA Technologies Inc. (TTI:N) 29 Teva Pharmaceutical Industries, Ltd. (TEVA:N) 48 Texas Capital Bancshares, Inc. (TCBI:Q) 38 Texas Instruments Incorporated (TXN:Q) 68 Texas Roadhouse, Inc. (TXRH:Q) 21 TG Therapeutics, Inc. (TGTX:Q) 45

Company Index

16 Raymond James Research Register - January 2017

Thales (TCFP.PA:EPA) 52 THL Credit, Inc. (TCRD:Q) 41 Timbercreek Financial Corp. (TF:T) 59 T-Mobile US Inc. (TMUS:Q) 69 Tod's Group (TOD.MI:BIT) 23 Toll Brothers, Inc. (TOL:N) 56 The Toro Company (TTC:N) 19 Toromont Industries (TIH:T) 51 Total (TOTF.PA:EPA) 32 Tourmaline Oil Corp. (TOU:T) 30 TowneBank (TOWN:Q) 38 TPG Specialty Lending, Inc. (TSLX:N) 41 TPI Composites, Inc. (TPIC:Q) 29 Tractor Supply Co. (TSCO:Q) 20 The Trade Desk, Inc. (TTD:Q) 66 TransAlta Renewables Inc. (RNW:T) 31 TransEnterix, Inc. (TRXC:M) 47 TransGlobe Energy Corp. (TGA:Q) 26 Transocean (RIG:N) 28 TravelCenters of America LLC (TA:Q) 20 The Travelers Companies, Inc. (TRV:N) 40 Tree Island Steel Ltd. (TSL:T) 52 Triangle Capital Corporation (TCAP:N) 41 Trican Well Service (TCW:T) 31 TriCo Bancshares (TCBK:Q) 38 Tricon Capital Group Inc. (TCN:T) 60 Trilogy Energy Corp. (TET:T) 30 Trimble Navigation Limited (TRMB:Q) 62 Trina Solar Limited (TSL:N) 29 Trinidad Drilling Ltd. (TDG:T) 31 Trinity Biotech plc (TRIB:Q) 46 TripAdvisor, Inc. (TRIP:Q) 66 True North Commercial REIT (TNT.UN:T) 59 Trustmark Corporation (TRMK:Q) 38 Twitter, Inc. (TWTR:N) 66 U.S. Bancorp (USB:N) 38 U.S. Cellular (USM:N) 69 U.S. Ecology, Inc. (ECOL:Q) 50 U.S. Geothermal (HTM:M) 31 Ubiquiti Networks, Inc. (UBNT:Q) 67 Ulta Salon, Cosmetics & Fragrance, Inc. (ULTA:Q) 21 Ultimate Software Group Inc. (ULTI:Q) 63 Ultragenyx Pharmaceutical Inc. (RARE:Q) 45 UMB Financial Corporation (UMBF:Q) 38 Umpqua Holdings Corp. (UMPQ:Q) 38 Under Armour Inc. (UAA:N) 20 Union Bankshares Corporation (UBSH:Q) 38 Union Pacific Corp. (UNP:N) 73 Uniper (UN01.DE:ETR) 33 Unit Corporation (UNT:N) 29 United Bankshares, Inc. (UBSI:Q) 38 United Community Banks, Inc. (UCBI:Q) 38 United Continental Holdings, Inc. (UAL:N) 72 United Insurance Holdings Corp. (UIHC:Q) 40 United Parcel Service (UPS:N) 73 UnitedHealth Group (UNH:N) 44 Universal American Corp. (UAM:N) 44 Universal Health Services, Inc. (UHS:N) 47 Upland Software, Inc. (UPLD:Q) 63 UrtheCast Corp. (UR:T) 70 USA Compression Partners LP (USAC:N) 28 Valero Energy Corp. (VLO:N) 26

Valero Energy Partners L.P. (VLP:N) 28 Vantiv, Inc. (VNTV:N) 65 VCA Inc. (WOOF:Q) 44 Veeva Systems Inc. (VEEV:N) 63 Ventas, Inc. (VTR:N) 57 Veolia Environnement (VIE.PA:EPA) 33 Verastem, Inc. (VSTM:Q) 45 Verbund (VERB.VI:WBAG) 33 Veresen Inc. (VSN:T) 32 Verifone Systems, Inc. (PAY:N) 65 Verisk Analytics Inc. (VRSK:Q) 39 Verizon Communications (VZ:N) 69 Vertex Pharmaceuticals Inc. (VRTX:Q) 45 ViaSat, Inc. (VSAT:Q) 68 Victoria Gold Corporation (VIT:V) 55 Vinci (SGEF.PA:EPA) 53 Viper Energy Partners L.P. (VNOM:Q) 26 Visa, Inc. (V:N) 65 Visteon Corporation (VC:N) 66 Vivendi (VIV.PA:EPA) 71 VMware (VMW:N) 65 Vocera Communications, Inc. (VCRA:N) 46 Vodafone (VOD.L:L) 71 W.W. Grainger, Inc. (GWW:N) 50 Wajax Corp. (WJX:T) 51 Walgreens Boots Alliance Inc. (WBA:Q) 46 Wal-Mart Stores Inc. (WMT:N) 20 Washington Federal, Inc. (WAFD:Q) 38 Washington REIT (WRE:N) 58 WashingtonFirst Bankshares, Inc. (WFBI:Q) 38 Waste Connections, Inc. (WCN:N) 50 Waste Management, Inc. (WM:N) 50 Wayfair, Inc. (W:N) 66 WCI Communities, Inc. (WCIC:N) 56 Weatherford (WFT:N) 28 WebMD Health Corp (WBMD:Q) 46 Webster Financial Corp. (WBS:N) 38 WellCare Health Plans (WCG:N) 44 Wells Fargo & Co. (WFC:N) 38 Welltower Inc. (HCN:N) 57 WesBanco, Inc. (WSBC:Q) 38 WESCO International (WCC:N) 50 West Fraser Timber (WFT:T) 55 Western Energy Services Corp. (WRG:T) 31 Western Forest Products Inc. (WEF:T) 55 Western Refining Logistics L.P. (WNRL:N) 28 Western Refining, Inc. (WNR:N) 26 WesternOne Inc. (WEQ:T) 52 WestJet Airlines (WJA:T) 74 Weyerhaeuser Company (WY:N) 59 Whirlpool Corp. (WHR:N) 19 Whitbread (WTB.L:L) 60 Whitecap Resources Inc. (WCP:T) 30 Whiting Petroleum Corp. (WLL:N) 26 The Williams Companies, Inc. (WMB:N) 28 Williams Partners L.P. (WPZ:N) 28 Williams-Sonoma (WSM:N) 20 Willis Towers Watson plc (WLTW:Q) 39 Windstream Holdings Inc. (WIN:Q) 69 Winpak Ltd. (WPK:T) 22 Wintrust Financial Corporation (WTFC:Q) 38 Wix.com Ltd. (WIX:Q) 66

Company Index

Raymond James Research Register - January 2017 17

Wood Group (WG.L:L) 33 Workiva Inc. (WK:N) 63 WPX Energy Inc. (WPX:N) 26 WSP Global Inc. (WSP:T) 51 Xenia Hotels & Resorts, Inc. (XHR:N) 57 Xilinx, Inc. (XLNX:Q) 68 XPO Logistics, Inc. (XPO:N) 73 Yadkin Financial Corporation (YDKN:N) 38 Yahoo! Inc. (YHOO:Q) 66 Yangarra Resources Ltd. (YGR:T) 30

Yara (YAR.OL:OSL) 53 Yelp, Inc. (YELP:N) 66 YPF S.A. (YPF:N) 26 Zayo Group Holdings, Inc. (ZAYO:N) 69 ZCL Composites (ZCL:T) 52 Zillow Group, Inc. (Z:Q) 66 Zions Bancorporation (ZION:Q) 38 ZIOPHARM Oncology, Inc. (ZIOP:Q) 45 Zodiac Aerospace (ZODC.PA:EPA) 52

Raymond James Research Register - January 2017 18

Consumer

USA Canada Europe

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

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

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

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

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

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

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

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

Automotive Aftermarket Retailers .......................... 19

Consumer Electronics Retailers ............................... 19

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

Hardlines ................................................................. 20

Pet Food and Farm Supplies .................................... 20

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

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

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

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

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

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

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

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

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

Consumer Goods ......................................................... 22

Beverages ................................................................. 22

Eyecare & Eyewear .................................................. 22

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

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

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

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

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

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

Food Retail ............................................................... 23

Sporting Goods ........................................................ 23

Raymond James Research Register - January 2017 19

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

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

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

Building Products Appliances and Other Building Products Masco Corporation MAS N 2 H/GRW 32.24 37.00 37.38 23.10 20.7 1.19 1.56 1.92 Dec 10,607 1.2 SD,BB PGT Innovations, Inc. PGTI Q 1 H/GRW 11.50 12.50 12.49 8.69 21.7 0.58 0.53 0.65 Dec 583 0.0 SD,BB Whirlpool Corp. WHR N 3 M/INC 183.65 NM 194.10 123.60 13.0 12.38 14.10 14.90 Dec 14,068 2.2 SD,BB

Floor Covering The Dixie Group DXYN Q 2 H/GRW 3.70 5.00 5.66 3.00 NM (0.03) (0.09) 0.11 Dec 58 0.0 SD,BB Interface, Inc. TILE Q 4 NM 18.75 NM 19.97 13.70 18.4 1.10 1.02 1.14 Dec 1,215 1.3 SD,BB Mohawk Industries MHK N 1 H/GRW 203.73 245.00 216.58 148.56 16.2 10.20 12.60 13.35 Dec 15,198 0.0 SD,BB

Tools and Outdoor Power Equipment Briggs & Stratton BGG N 3 M/INC 23.02 NM 24.48 15.47 16.6 1.42 1.25 A 1.39 Jun 988 2.4 SD,BB Stanley Black & Decker SWK N 3 M/INC 116.49 NM 126.72 88.72 17.9 5.92 6.49 6.88 Dec 17,241 2.0 SD,BB The Toro Company TTC N 3 H/GRW 56.50 NM 58.26 32.36 24.6 1.78 2.06 A 2.30 Oct 6,311 1.2 SD,BB

Furniture & Furnishings Suppliers Office Furniture Herman Miller MLHR Q 3 H/GRW 34.35 NM 36.46 22.60 15.6 1.82 2.17 A 2.20 May 2,058 2.0 BB HNI Corporation HNI N 3 M/GRW 56.20 NM 56.96 29.84 21.3 2.58 2.64 3.00 Dec 2,501 2.0 BB Knoll, Inc. KNL N 3 H/GRW 28.21 NM 28.40 16.42 16.8 1.52 1.68 1.77 Dec 1,385 2.1 BB Steelcase, Inc. SCS N 3 M/GRW 17.70 NM 18.10 11.67 17.0 0.89 1.04 A 1.04 Feb 2,138 2.7 BB

Residential Furniture Culp, Inc. CFI N 3 M/GRW 37.15 NM 37.55 22.61 18.6 1.55 1.86 A 2.00 Apr 457 0.9 BB Ethan Allen Interiors ETH N 3 H/GRW 37.60 NM 38.80 22.46 18.5 1.41 1.92 A 2.03 Jun 1,042 2.0 BB La-Z-Boy Inc. LZB N 1 H/GRW 31.70 32.00 32.90 19.56 19.0 1.26 1.62 A 1.67 Apr 1,553 1.3 BB Leggett & Platt LEG N 3 M/INC 49.91 NM 54.63 36.64 19.7 2.34 2.53 2.60 Dec 6,673 2.7 BB Select Comfort Corp. SCSS Q 1 H/GRW 23.62 26.00 28.34 14.28 19.7 0.97 1.20 1.60 Dec 1,061 0.0 BB Tempur Sealy International, Inc. TPX N 2 H/GRW 68.74 75.00 82.32 50.55 17.5 3.19 3.92 4.62 Dec 4,014 0.0 BB

Hardline Retail Automotive Aftermarket Retailers Advance Auto Parts, Inc. AAP N 1 H/GRW 171.84 180.00 177.83 131.59 23.6 7.82 7.27 7.84 Dec 12,579 0.1 DW AutoZone, Inc. AZO N 1 M/GRW 803.57 930.00 819.54 681.01 17.6 36.03 40.70 A 45.70 Aug 27,241 0.0 DW O`Reilly Automotive, Inc. ORLY Q 1 M/GRW 283.65 330.00 292.84 225.12 26.5 9.29 10.72 12.45 Dec 30,833 0.0 DW

Consumer Electronics Retailers Best Buy Company, Incorporated BBY N 1 M/GRW 44.75 53.00 49.40 25.31 13.6 2.60 2.78 A 3.29 Jan 15,761 2.5 DW

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Consumer - USA Convenience Stores Casey's General Stores, Inc. CASY Q 2 H/GRW 119.87 139.00 136.22 98.80 23.7 4.62 5.73 A 5.05 Apr 4,682 0.8 BBL,DW Core-Mark Holding Company, Inc. CORE Q 2 M/GRW 43.20 46.00 50.00 31.54 30.9 1.17 1.40 1.66 Dec 1,996 0.8 BBL,DW CST Brands, Inc. CST N 3 H/GRW 48.17 NM 48.43 29.73 32.5 1.95 1.48 1.92 Dec 3,646 5.0 BBL,DW Murphy USA Inc. MUSA N 3 H/GRW 63.68 NM 80.44 51.68 15.5 3.24 4.10 4.78 Dec 2,458 0.0 BBL,DW TravelCenters of America LLC TA Q 3 H/GRW 7.25 NM 9.89 5.65 NM 0.93 0.02 0.41 Dec 282 0.0 BBL,DW

Hardlines Duluth Holdings Inc. DLTH Q 2 H/GRW 26.17 30.00 38.19 13.52 47.6 0.66 0.55 0.65 Feb 845 0.0 DW The Michaels Companies, Inc. (f) MIK Q 3 M/GRW 20.66 NM 31.37 19.46 10.9 1.72 1.89 2.04 Jan 4,227 0.0 DW

Pet Food and Farm Supplies Tractor Supply Co. TSCO Q 3 M/GRW 76.53 NM 97.25 61.50 23.5 3.00 3.25 3.50 Dec 10,844 1.3 DW

Sporting Goods Acushnet Holdings Corp. GOLF N 2 M/GRW 19.43 23.00 22.31 16.90 29.0 NM 0.67 1.14 Dec 1,440 0.0 DW Cabela’s Inc. CAB N 3 H/GRW 61.79 NM 63.60 38.90 22.4 2.88 2.76 3.02 Dec 4,430 0.0 DW Callaway Golf Co. ELY N 3 H/GRW 11.06 NM 12.56 8.00 30.7 0.17 0.36 0.32 Dec 1,051 0.4 DW Dick`s Sporting Goods Inc. (f) DKS N 3 H/GRW 53.11 NM 62.88 33.44 16.9 2.87 3.14 3.71 Jan 6,649 1.1 DW Hibbett Sports, Inc. (f) HIBB Q 3 H/GRW 37.65 NM 45.85 28.23 13.0 2.87 2.89 3.08 Jan 983 0.0 DW Under Armour Inc. UAA N 3 M/GRW 29.31 NM 47.95 29.04 48.8 0.53 0.60 0.65 Dec 12,715 0.0 DW

Value Retailers Big Lots Inc. (f) BIG N 3 H/GRW 51.65 NM 56.54 33.78 14.2 3.01 3.65 3.96 Jan 2,877 1.6 DW Dollar General Corp. (f) DG N 1 M/GRW 74.53 90.00 96.88 66.50 16.9 3.96 4.41 4.61 Jan 23,127 1.3 DW Dollar Tree, Inc. (f) DLTR Q 3 H/GRW 78.12 NM 99.93 72.52 20.1 2.59 3.89 4.55 Jan 16,226 0.0 DW

Home & Other Retailers Big Box Retailers Costco Wholesale Corporation COST Q 3 M/GRW 162.05 NM 169.59 138.57 27.4 5.25 5.33 A 5.91 Aug 70,901 1.1 BB The Home Depot Inc. (f) HD N 3 M/GRW 135.26 NM 139.00 109.62 21.3 5.40 6.34 7.22 Jan 165,017 2.0 BB Lowe's Companies, Inc. (f) LOW N 3 M/GRW 72.23 NM 83.65 62.62 18.4 3.29 3.92 4.50 Jan 62,826 1.9 BB Lumber Liquidators Holdings, Inc. LL N 3 H/SPEC 16.53 NM 20.10 10.01 NM (2.08) (2.59) (0.26) Dec 450 0.0 BB Wal-Mart Stores Inc. WMT N 1 M/GRW 69.70 80.00 75.19 60.20 16.2 5.07 4.59 A 4.30 Jan 215,582 2.9 BB

Furniture & Furnishings Aaron's Inc. AAN N 1 M/GRW 32.28 34.00 34.22 20.24 14.3 2.14 2.25 2.48 Dec 2,350 0.3 BB Bed Bath & Beyond (f) BBBY Q 3 M/GRW 40.99 NM 52.71 38.61 9.0 5.04 4.54 4.90 Feb 6,423 1.2 BB Haverty Furniture Companies Inc. HVT N 3 H/GRW 23.85 NM 24.55 16.57 20.9 1.20 1.14 1.23 Dec 503 2.0 BB Pier 1 Imports Incorporated PIR N 3 H/GRW 8.79 NM 9.68 3.73 22.5 0.84 0.46 A 0.39 Feb 734 3.2 BB Rent-A-Center Inc. RCII Q 3 H/INC 11.67 NM 16.37 8.00 10.6 2.03 1.10 1.20 Dec 620 2.7 BB Restoration Hardware Holdings, Inc. RH N 3 H/GRW 30.64 NM 81.72 24.75 24.7 2.72 1.24 2.00 Jan 1,249 0.0 BB Williams-Sonoma (f) WSM N 3 M/GRW 48.85 NM 61.97 45.96 14.4 3.37 3.40 3.77 Jan 4,299 3.0 BB

Raymond James Research Register - January 2017 21

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Consumer - USA Household & Personal Care Products Church & Dwight Co., Inc. CHD N 3 M/GRW 45.03 NM 53.68 38.43 25.6 1.63 1.76 1.90 Dec 11,634 1.6 JA The Clorox Company CLX N 3 M/INC 121.93 NM 140.47 111.24 23.0 4.57 4.92 A 5.30 Jun 15,772 2.6 JA Estee Lauder Companies EL N 2 M/GRW 78.23 92.00 97.48 75.30 22.9 2.83 3.20 A 3.42 Jun 28,770 1.7 JA Inter Parfums, Inc. IPAR Q 3 M/GRW 33.80 NM 36.40 20.37 30.7 0.98 1.10 1.25 Dec 1,051 2.0 JA Newell Brands Inc. NWL N 1 M/GRW 45.49 57.00 55.45 33.26 15.8 2.18 2.88 3.00 Dec 21,953 1.7 JA Prestige Brands Holdings Inc. PBH N 3 H/GRW 52.39 NM 58.09 43.63 22.3 1.86 2.17 A 2.35 Mar 2,764 0.0 JA The Procter & Gamble Company PG N 3 M/GRW 84.60 NM 90.33 74.46 21.7 3.76 3.67 A 3.89 Jun 225,713 3.2 JA Sally Beauty Holdings Inc. SBH N 4 NM 26.50 NM 32.93 23.72 14.7 1.53 1.72 A 1.80 Sep 3,870 0.0 JA The Scotts Miracle-Gro Company SMG N 3 H/GRW 95.71 NM 98.82 62.20 22.8 3.53 3.75 A 4.20 Sep 5,838 2.1 JA Spectrum Brands Holdings, Inc. SPB N 2 H/GRW 121.82 135.00 138.95 87.65 20.8 4.31 5.20 A 5.85 Sep 7,236 1.2 JA Ulta Salon, Cosmetics & Fragrance, Inc. (f) ULTA Q 3 H/GRW 258.73 NM 278.63 146.77 40.4 4.98 6.40 7.85 Jan 16,123 0.0 JA

Leisure Products Brunswick Corp. BC N 3 H/GRW 55.38 NM 56.30 36.05 16.1 2.41 3.43 3.85 Dec 5,089 1.2 JA Harley-Davidson, Inc. HOG N 4 NM 58.44 NM 62.35 36.36 15.2 3.69 3.85 4.15 Dec 10,478 2.1 JA Malibu Boats, Inc. MBUU Q 1 H/GRW 18.99 23.00 20.10 11.38 14.5 0.93 1.07 A 1.31 Jun 365 0.0 JA MarineMax HZO N 1 H/GRW 19.50 21.00 22.05 13.56 17.0 1.92 0.92 A 1.15 Sep 488 0.0 JA MCBC Holdings, Inc. MCFT Q 1 H/GRW 14.07 15.00 15.97 10.25 11.4 0.29 0.57 A 1.23 Jun 263 0.0 JA Polaris Industries PII N 3 M/GRW 80.55 NM 104.25 67.80 23.7 6.75 3.40 5.20 Dec 5,236 2.7 JA

Restaurants Bloomin' Brands, Inc. BLMN Q 2 H/GRW 18.24 21.00 19.99 14.91 13.8 1.27 1.32 1.50 Dec 2,050 1.5 BV Brinker International EAT N 3 M/GRW 50.49 NM 55.84 43.30 14.6 3.09 3.55 A 3.45 Jun 2,807 2.7 BV Buffalo Wild Wings, Inc. BWLD Q 3 H/GRW 160.20 NM 175.10 122.25 29.0 4.97 5.53 6.55 Dec 2,948 0.0 BV Carrols Restaurant Group, Inc. TAST Q 1 H/GRW 15.05 15.00 15.25 9.60 28.9 0.23 0.52 0.51 Dec 676 0.0 BV Cheesecake Factory Inc. CAKE Q 3 M/GRW 61.11 NM 64.41 44.16 21.7 2.37 2.82 3.05 Dec 3,007 1.6 BV Chipotle Mexican Grill, Inc. CMG N 4 NM 388.75 NM 542.50 352.96 NM 15.10 1.28 8.40 Dec 11,352 0.0 BV Chuy's Holdings, Inc. CHUY Q 3 H/GRW 32.95 NM 37.78 25.87 31.1 0.93 1.06 1.21 Dec 560 0.0 BV Darden Restaurants DRI N 3 M/GRW 74.37 NM 79.43 55.77 19.0 2.63 3.53 A 3.92 May 9,289 3.0 BV Dave & Buster's Entertainment, Inc. PLAY Q 2 H/GRW 56.80 60.00 58.00 29.54 27.3 1.52 2.08 2.40 Jan 2,459 0.0 BV Del Frisco’s Restaurant Group, Inc. DFRG Q 2 H/GRW 17.45 18.00 18.50 13.01 21.8 0.80 0.80 0.88 Dec 408 0.0 BV DineEquity, Inc. DIN N 2 M/GRW 78.37 105.00 98.82 75.05 12.9 6.19 6.09 6.30 Dec 1,411 5.0 BV Fiesta Restaurant Group, Inc. FRGI Q 2 H/GRW 30.50 32.50 38.54 20.15 24.0 1.52 1.27 1.40 Dec 816 0.0 BV The Habit Restaurants, Inc. HABT Q 2 H/GRW 17.85 18.00 24.50 13.20 63.8 0.29 0.28 0.30 Dec 464 0.0 BV Kona Grill, Inc. KONA Q 2 H/GRW 12.85 13.00 17.27 9.75 NM (0.38) (0.69) (0.10) Dec 135 0.0 BV McDonald's Corporation MCD N 3 M/GRW 123.07 NM 131.96 110.33 21.7 4.97 5.67 6.05 Dec 104,326 3.1 BV Panera Bread Co. PNRA Q 3 M/GRW 210.40 NM 224.15 178.99 31.4 6.21 6.69 7.50 Dec 4,923 0.0 BV Papa Murphy's Holdings, Inc. FRSH Q 3 H/GRW 4.61 NM 12.96 3.56 32.9 0.47 0.14 0.00 Dec 77 0.0 BV Red Robin Gourmet Burgers, Inc. RRGB Q 1 H/GRW 56.35 65.00 68.97 40.85 19.7 3.32 2.86 3.00 Dec 744 0.0 BV Ruth`s Hospitality Group, Inc. RUTH Q 2 M/GRW 18.20 18.00 19.65 13.74 18.8 0.87 0.97 1.12 Dec 577 1.5 BV Texas Roadhouse, Inc. TXRH Q 3 H/GRW 49.56 NM 50.51 33.80 28.5 1.37 1.74 2.00 Dec 3,519 1.5 BV

Raymond James Research Register - January 2017 22

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

Consumer & Retail AIMIA (ae) AIM T 2 M/GRW C$8.69 12.50 10.12 6.91 NM 226 229 239 Dec 1,321 9.2 KT Canadian Tire Corporation CTC.A T 2 M/GRW C$139.32 165.00 147.00 101.53 15.3 8.28 9.09 10.37 Dec 10,170 1.9 KT Cara Operations Limited CARA T 3 M/GRW C$24.53 30.00 33.59 22.85 19.3 1.30 1.27 1.60 Dec 1,398 1.7 KT Cineplex Inc. CGX T 2 M/INC C$51.07 58.00 52.50 44.67 35.2 1.55 1.45 2.07 Dec 3,217 3.2 KT Dollarama DOL T 2 M/GRW C$97.88 115.00 104.94 70.29 27.1 2.19 3.00 A 3.61 Jan 11,648 0.4 KT Empire Company Limited EMP.A T 3 M/GRW C$15.32 18.00 27.03 14.74 21.0 1.87 1.50 A 0.73 Apr 4,170 2.7 KT Gildan Activewear GIL N 1 M/GRW US$25.62 36.00 32.20 22.43 17.1 1.47 1.50 1.74 Dec 5,969 1.2 KT Great Canadian Gaming GC T 3 H/GRW C$23.91 25.00 26.20 14.66 18.4 1.12 1.30 1.48 Dec 1,506 0.0 KT Loblaw Companies Ltd. L T 2 M/GRW C$70.62 80.00 74.59 61.25 17.3 3.45 4.08 4.39 Dec 28,742 1.5 KT Metro, Inc. MRU T 2 M/GRW C$40.19 50.00 48.19 37.75 15.3 2.03 2.39 A 2.63 Sep 9,537 1.3 KT Sleep Country Canada Holdings Inc. ZZZ T 2 M/INC C$28.69 34.00 34.15 15.12 21.6 1.05 1.33 1.61 Dec 1,090 2.0 KT Winpak Ltd. WPK T 2 M/GRW C$46.39 51.00 50.91 38.92 29.4 1.55 1.58 1.76 Dec 3,015 0.3 KT

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

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

Consumer Goods Beverages Campari CPR.MI BIT 2 €9.29 11.10 10.28 6.88 28.2 0.32 0.33 0.45 Dec 5,397 1.0 HB Diageo DGE.L L 3 2,097p NM 2,287 1,725 20.8 88.80 89.40 A 100.60 Jun £52,782 2.8 HB Pernod Ricard PERP.PA EPA 3 €102.55 NM 111.65 90.00 18.1 4.99 5.20 A 5.67 Jun 27,219 2.0 HB Remy Cointreau RCOP.PA EPA 2 €80.94 86.00 81.73 58.10 32.6 1.95 2.27 A 2.48 Mar 4,022 2.2 HB

Eyecare & Eyewear Essilor ESSI.PA EPA 2 €105.85 117.00 124.55 93.41 29.0 3.50 3.65 4.03 Dec 22,631 1.1 CL Luxottica LUX.MI BIT 2 €51.55 51.00 61.45 39.92 29.6 1.77 1.74 1.85 Dec 24,723 1.7 CL

Raymond James Research Register - January 2017 23

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Consumer - EUR Home & Personal Care Beiersdorf BEIG.DE ETR 4 €81.15 71.00 85.88 75.00 27.0 2.92 3.01 3.19 Dec 20,450 0.9 HB BIC BICP.PA EPA 3 €128.95 NM 155.00 114.30 21.2 6.72 6.08 6.76 Dec 6,177 2.7 HB Henkel HNKG_p.DE ETR 1 €113.90 130.00 123.00 87.89 21.3 4.88 5.35 5.99 Dec 46,185 1.4 HB L'Oréal OREP.PA EPA 2 €172.70 191.00 177.90 142.65 26.7 6.18 6.47 6.96 Dec 96,674 1.9 HB RB RB.L L 3 6,811p NM 7,786 5,839 23.2 259.00 294.00 343.00 Dec £47,864 2.2 HB

Luxury Goods Christian Dior DIOR.PA EPA 2 €199.75 190.00 200.20 133.75 19.8 7.92 9.00 A 10.08 Jun 36,295 1.9 HB Hermès RMS.PA EPA 2 €389.70 408.00 399.00 281.20 36.9 9.32 10.56 11.55 Dec 40,779 1.3 HB Kering KER.PA EPA 3 €213.15 NM 214.80 136.55 21.6 8.07 9.87 11.38 Dec 26,914 2.0 HB LVMH LVMH.PA EPA 1 €179.95 182.00 180.30 130.55 22.4 7.51 8.04 8.76 Dec 91,368 2.2 HB Salvatore Ferragamo SFER.MI BIT 3 €22.29 NM 23.17 17.26 22.5 1.03 0.99 1.05 Dec 3,762 2.0 HB Tod's Group TOD.MI BIT 4 €60.65 46.00 75.90 45.62 25.9 3.03 2.34 2.65 Dec 2,007 2.7 HB

Foodservices Autogrill AGL.BIT BIT 2 €8.61 10.00 8.85 6.11 19.6 0.31 0.44 0.48 Dec 2,186 2.1 JR Compass Group CPG.L L 3 1,456p NM 1,559 1,079 21.0 52.30 60.40 A 69.17 Sep £23,908 2.4 JR Edenred EDEN.PA EPA 2 €18.83 24.60 22.45 13.22 19.8 0.78 0.95 1.15 Dec 4,402 4.3 JR Elior ELIOR.PA EPA 2 €21.38 23.00 21.55 16.65 17.7 0.79 1.05 A 1.21 Sep 3,677 2.2 JR Sodexo EXHO.PA EPA 2 €108.80 114.00 109.00 81.75 21.7 4.60 4.77 A 5.01 Aug 16,723 2.5 JR

Retail Apparel H&M HMb.ST STO 3 SEK255.30 NM 305.10 234.50 22.9 12.63 11.15 12.30 Nov 422,547 3.8 CL Inditex ITX.MC MAD 2 €32.25 36.00 33.47 26.60 31.6 0.92 1.02 1.15 Jan 100,498 2.1 CL

Consumer Electronics Fnac FNAC.PA EPA 1 €64.24 70.00 69.50 46.04 20.5 3.33 3.13 3.27 Dec 1,678 0.0 CL

Food Retail Ahold Delhaize AD.AS AMS 1 €19.68 23.50 22.20 17.89 17.3 1.10 1.14 1.32 Dec 25,037 2.8 CL Carrefour CARR.PA EPA 2 €22.58 28.00 27.37 20.90 14.5 1.54 1.56 1.81 Dec 17,076 3.1 CL Casino CASP.PA EPA 2 €45.16 53.00 55.34 34.38 28.8 3.23 1.57 2.93 Dec 5,057 6.9 CL Colruyt COLR.BR EBR 4 €46.72 40.00 54.98 44.06 18.2 2.49 2.57 2.62 Mar 6,990 2.5 CL Dia DIDA.MC MAD 1 €4.62 6.20 5.80 4.15 12.2 0.41 0.38 0.43 Dec 2,878 4.1 CL Jeronimo Martins JMT.LS ELI 3 €14.56 NM 16.40 10.66 24.7 0.53 0.59 0.69 Dec 9,159 2.1 CL Metro MEOG.DE ETR 1 €31.25 38.00 31.93 21.58 14.0 1.48 1.88 A 2.23 Sep 10,212 3.9 CL Rallye GENC.PA EPA 3 €18.32 NM 18.50 11.93 NM (0.28) E 0.71 2.29 Dec 894 10.0 CL

Sporting Goods Adidas ADSGn.DE ETR 4 €145.55 125.00 160.30 82.09 31.4 3.44 4.64 5.59 Dec 30,452 1.6 CL Puma PUMG.DE ETR 3 €245.70 NM 249.00 167.15 62.0 2.48 3.96 6.63 Dec 3,705 0.2 CL

Raymond James Research Register - January 2017 24

Energy

USA Canada Europe

Exploration and Production ........................................ 25

Independent Refiners ................................................. 26

Integrated Oil and Gas ................................................ 26

Midstream Suppliers................................................... 27

Oilfield Services .......................................................... 28

Compression ............................................................ 28

Diversified Oilfield Services ..................................... 28

Manufacturing & Fabrication .................................. 28

Offshore Construction ............................................. 28

Offshore Drillers ...................................................... 28

Onshore Drillers....................................................... 29

Production/Workover/Miscellaneous ..................... 29

Renewable Energy and Clean Technology .................. 29

Fuels and Chemicals ................................................ 29

Power ...................................................................... 29

Water....................................................................... 29

Intermediate Oil & Gas Producers .............................. 30

Junior Oil & Gas Producers ......................................... 30

Oil & Gas Energy Services ........................................... 31

Ancillary Wellsite Services ....................................... 31

Blended Production/Midstream/Wellsite ............... 31

Contract Drillers ...................................................... 31

Pressure Pumpers ................................................... 31

Workforce Accommodations .................................. 31

Oil Sands ..................................................................... 31

Power & Energy Infrastructure ................................... 31

Diversified & Utilities............................................... 31

Independent Power Producers ............................... 31

Pipelines & Midstream ............................................ 32

Senior Oil & Gas Producers ........................................ 32

Integrated Oil and Gas ................................................ 32

Oilfield Services ........................................................... 33

Diversified Oilfield Services ...................................... 33

Utilities ........................................................................ 33

Electricity & Gas ....................................................... 33

Environmental Services ............................................ 33

Raymond James Research Register - January 2017 25

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

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

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

Praveen Narra, CFA Praveen.Narra@RaymondJames.com Jean-Pierre Dmirdjian* jean-pierre.dmirdjian@raymondjames.com

Exploration and Production Anadarko Petroleum Corp. APC N 2 H/GRW 71.54 69.00 73.33 28.16 NM (2.00) (2.67) 4.35 Dec 39,419 0.3 JF Antero Resources Corporation AR N 2 H/GRW 24.38 33.00 30.66 19.00 35.3 0.57 0.69 0.94 Dec 6,870 0.0 JF Apache Corporation APA N 2 H/GRW 66.34 72.00 69.00 32.20 NM (0.38) (0.17) 2.52 Dec 25,171 1.5 JF Black Stone Minerals L.P. (cu) BSM N 2 H/INC 19.20 21.00 19.86 10.71 17.0 0.79 1.13 1.23 Dec 3,666 6.0 JF Cabot Oil & Gas Corp. COG N 1 H/GRW 23.15 28.00 26.74 14.88 NM 0.13 (0.28) 0.09 Dec 10,768 0.3 JF California Resources Corporation CRC N 3 H/GRW 20.18 NM 25.50 2.81 NM (8.12) (6.08) 7.86 Dec 844 0.0 PM Carrizo Oil & Gas, Inc. CRZO Q 1 H/GRW 39.13 60.00 43.96 16.10 39.5 1.07 0.99 2.88 Dec 2,313 0.0 JF Chesapeake Energy Corp. CHK N 4 NM 7.59 NM 8.20 1.50 NM (0.21) (0.05) 1.16 Dec 5,888 4.6 JF Cimarex Energy Co. XEC N 3 H/GRW 136.71 NM 146.96 72.77 NM (0.59) 0.90 6.25 Dec 12,983 0.2 JF Clayton Williams Energy, Inc. CWEI N 3 H/GRW 118.06 NM 124.73 6.35 NM (5.81) (9.38) (4.47) Dec 2,065 0.0 JF Concho Resources Inc. CXO N 1 H/GRW 136.98 168.00 147.55 69.94 NM 0.98 0.56 1.20 Dec 17,672 0.0 JF ConocoPhillips COP N 3 M/INC 51.60 NM 53.17 31.05 NM (1.39) (1.84) 4.98 Dec 64,294 1.9 PM CONSOL Energy Inc. CNX N 3 H/GRW 19.31 NM 22.34 4.54 NM (0.41) (0.55) 0.16 Dec 4,430 0.2 JF Continental Resources Inc. CLR N 1 H/GRW 52.63 64.00 60.30 13.94 NM (0.31) (0.86) 2.08 Dec 19,712 0.0 JF Devon Energy Corporation DVN N 3 H/GRW 46.84 NM 50.69 18.07 NM 2.53 (0.06) 1.64 Dec 24,544 0.5 JF Diamondback Energy, Inc. FANG Q 2 H/GRW 103.85 122.00 113.23 55.48 72.6 1.78 1.43 5.05 Dec 7,447 0.0 JF Energen Corp. EGN N 2 H/GRW 59.92 66.00 64.44 20.76 NM 0.81 (1.31) 0.99 Dec 5,813 0.0 JF EOG Resources, Inc. EOG N 3 H/GRW 102.54 NM 109.37 57.15 NM 0.06 (1.48) 3.05 Dec 56,523 0.7 JF Hess Corp. HES N 2 H/GRW 64.41 75.00 65.56 32.41 NM (3.92) (4.50) 1.32 Dec 20,173 1.6 PM InterOil Corp. IOC N 3 H/SPEC 47.50 NM 51.49 21.18 NM (3.31) (2.16) (1.47) Dec 2,361 0.0 PM Kosmos Energy Ltd. KOS N 1 H/GRW 7.05 7.00 7.09 3.17 NM (0.11) (0.23) (0.06) Dec 2,721 0.0 PM Laredo Petroleum Inc. LPI N 2 H/GRW 14.31 17.00 16.47 3.90 25.6 0.21 0.56 1.21 Dec 3,463 0.0 JF Marathon Oil Corp. MRO N 1 M/GRW 18.14 23.00 19.28 6.52 NM (1.28) (0.78) 1.12 Dec 15,365 1.1 PM Murphy Oil Corp. MUR N 3 M/INC 32.81 NM 37.48 14.30 NM (3.08) (0.98) 2.97 Dec 5,650 3.0 PM National Fuel Gas Company NFG N 3 H/GRW 57.84 NM 59.62 39.79 18.7 2.97 3.10 A 3.09 Sep 4,923 2.8 JF Newfield Exploration Company NFX N 1 H/GRW 42.27 54.00 50.00 20.84 37.1 1.05 1.14 2.29 Dec 8,406 0.0 JF Noble Energy, Inc. NBL N 3 H/GRW 39.31 NM 42.03 23.77 NM 0.53 (0.77) 0.78 Dec 16,892 1.0 JF Northern Oil & Gas Inc. NOG M 3 H/GRW 2.95 NM 5.85 1.55 14.8 0.78 0.20 (0.06) Dec 186 0.0 JF Oasis Petroleum Inc. OAS N 1 H/GRW 15.88 18.00 17.08 3.40 NM 0.78 (0.57) 0.40 Dec 2,877 0.0 JF

*Jean-Pierre Dmirdjian is a Raymond James Euro Equities SAS employee.

Raymond James Research Register - January 2017 26

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Energy - USA Exploration and Production Occidental Petroleum Corp. OXY N 2 M/INC 72.35 85.00 78.48 58.22 NM 0.11 (0.55) 3.69 Dec 55,275 4.2 PM Parsley Energy, Inc. PE N 1 H/GRW 35.67 51.00 39.82 14.51 NM (0.18) 0.18 1.35 Dec 7,369 0.0 JF Pioneer Natural Resources Company PXD N 1 H/GRW 185.00 242.00 195.00 103.50 NM (0.12) 0.87 8.57 Dec 31,398 0.0 JF QEP Resources, Inc. QEP N 1 H/GRW 19.12 34.00 21.12 8.54 NM 0.04 (1.14) (0.01) Dec 4,581 0.4 JF Range Resources Corp. RRC N 2 H/GRW 34.77 54.00 46.96 19.21 NM 0.46 (0.36) 0.44 Dec 8,592 0.2 JF RSP Permian, Inc. RSPP N 1 H/GRW 45.67 57.00 46.44 16.74 NM 0.56 (0.03) 1.38 Dec 4,642 0.0 JF SM Energy Company SM N 2 H/GRW 35.62 60.00 43.09 6.99 NM (0.54) (2.14) (0.32) Dec 3,094 0.3 JF Southwestern Energy Company SWN N 3 H/GRW 11.02 NM 15.59 5.30 NM 0.19 0.02 1.00 Dec 5,437 0.0 JF Synergy Resources Corporation SYRG M 1 H/GRW 9.21 13.00 10.38 5.01 NM 0.32 (0.02) 0.40 Dec 1,847 0.0 JF TransGlobe Energy Corp. TGA Q 2 H/GRW 1.72 5.00 2.25 1.00 NM (0.42) (0.55) 0.38 Dec 124 0.0 PM Viper Energy Partners L.P. (cu) VNOM Q 3 H/INC 16.49 NM 20.25 12.69 17.5 0.84 0.94 2.21 Dec 1,448 4.6 JF Whiting Petroleum Corp. WLL N 1 H/GRW 12.51 17.00 14.44 3.35 NM (0.78) (2.06) 0.06 Dec 3,557 0.0 JF WPX Energy Inc. WPX N 2 H/GRW 15.08 15.00 16.17 2.53 NM (0.50) (0.93) (0.76) Dec 5,195 20.7 JF

Independent Refiners Delek US Holdings, Inc. DK N 2 H/GRW 24.89 27.00 25.34 11.41 NM 1.68 (1.36) 0.50 Dec 1,538 2.4 JJ HollyFrontier Corp. HFC N 3 H/GRW 33.52 NM 41.61 22.07 59.9 4.72 0.56 2.30 Dec 5,900 3.9 JJ Marathon Petroleum Corp. MPC N 1 H/GRW 51.12 60.00 53.18 29.24 24.3 5.91 2.10 3.25 Dec 27,094 2.8 JJ PBF Energy, Inc. PBF N 3 H/GRW 27.90 NM 38.27 19.47 NM 4.25 (0.65) 2.50 Dec 2,876 4.3 JJ Phillips 66 PSX N 2 H/GRW 87.74 93.00 90.87 71.74 26.0 7.67 3.37 5.50 Dec 46,397 2.9 JJ Tesoro Corp. TSO N 3 H/GRW 90.43 NM 109.24 67.80 18.2 14.04 4.96 7.00 Dec 10,788 2.4 JJ Valero Energy Corp. VLO N 2 H/GRW 69.45 73.00 72.49 46.88 18.2 9.11 3.81 5.50 Dec 31,947 3.5 JJ Western Refining, Inc. WNR N 3 H/GRW 39.14 NM 40.09 18.14 27.2 4.88 1.44 2.50 Dec 3,888 3.9 JJ

Integrated Oil and Gas BP plc (ed, r) BP N 3 M/INC 37.11 NM 37.28 27.01 29.2 1.93 1.27 4.82 Dec 120,067 6.5 PM,JPD Chevron Corp. CVX N 3 M/INC 118.22 NM 119.00 75.33 51.4 3.41 2.30 9.44 Dec 222,608 3.7 PM Ecopetrol S.A. (ed, r) EC N 3 H/GRW 9.13 NM 10.29 5.16 20.3 0.26 0.45 1.94 Dec 18,769 0.0 PM Exxon Mobil Corp. XOM N 4 NM 90.75 NM 95.55 71.55 35.2 3.85 2.58 7.25 Dec 379,154 3.3 PM Petróleo Brasileiro S.A. (ed, r) PBR N 3 H/GRW 10.15 NM 12.56 2.71 48.3 0.00 0.21 2.13 Dec 66,200 0.0 PM YPF S.A. (ed, r) YPF N 2 H/GRW 15.54 23.00 22.22 12.67 NM 1.43 (0.27) 0.84 Dec 6,109 2.0 PM

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Energy - USA Midstream Suppliers AmeriGas Partners L.P. APU N 3 H/INC 47.29 NM 50.11 32.36 17.4 1.92 1.79 A 2.72 Sep 4,394 8.0 BBL,DH Antero Midstream Partners L.P. AM N 1 H/GRW 31.14 35.00 31.39 17.00 25.5 0.76 1.22 1.62 Dec 5,510 3.2 DH Boardwalk Pipeline Partners L.P. BWP N 3 H/INC 18.37 NM 18.49 8.86 16.1 0.87 1.14 1.26 Dec 4,598 2.2 DH Calumet Specialty Products Partners L.P. CLMT Q 4 NM 4.05 NM 20.65 2.79 NM (2.00) (3.78) (1.43) Dec 309 0.0 JJ,DH Capital Product Partners L.P. CPLP Q 3 H/INC 3.23 NM 5.60 2.41 10.1 0.37 0.32 0.24 Dec 391 9.3 BBL,DH Cheniere Energy Partners L.P. CQP M 3 H/INC 29.27 NM 31.49 19.22 NM (0.43) (0.71) 0.18 Dec 9,887 5.8 DH,PM Cheniere Energy, Inc. LNG M 3 H/GRW 41.98 NM 46.00 22.80 NM (2.14) (2.21) (1.04) Dec 9,609 0.0 PM,DH Crestwood Equity Partners L.P. CEQP N 3 H/INC 24.70 NM 24.95 7.90 NM (54.00) (2.06) (0.13) Dec 4,604 9.7 DH CrossAmerica Partners L.P. CAPL N 2 H/INC 25.23 28.00 27.91 17.39 64.7 0.35 0.39 0.72 Dec 843 9.6 BBL,DH Delek Logistics Partners L.P. DKL N 2 H/INC 28.55 28.00 36.69 21.30 13.6 2.53 2.10 2.36 Dec 697 9.2 JJ,DH Energy Transfer Equity L.P. ETE N 3 H/GRW 19.53 NM 19.99 4.00 21.7 1.13 0.90 1.26 Dec 20,448 5.8 DH Energy Transfer Partners L.P. ETP N 2 H/INC 36.16 42.00 43.50 18.62 NM 0.01 (0.21) 1.99 Dec 22,087 11.7 DH EnLink Midstream LLC ENLC N 2 H/GRW 19.25 18.00 19.55 6.41 NM (2.17) (2.54) 0.20 Dec 3,157 5.3 DH EnLink Midstream Partners L.P. ENLK N 3 H/INC 18.56 NM 19.89 6.32 NM (4.33) (1.91) (0.29) Dec 4,269 8.4 DH Enterprise Products Partners L.P. EPD N 1 H/INC 26.93 30.00 30.11 19.00 22.6 1.26 1.19 1.35 Dec 50,467 6.0 DH Ferrellgas Partners L.P. FGP N 4 NM 6.67 NM 20.85 5.04 60.6 0.28 (6.74) A 0.11 Jul 660 30.7 BBL,DH Genesis Energy L.P. GEL N 2 H/INC 35.28 41.00 40.90 19.55 31.8 4.12 1.11 1.52 Dec 4,162 7.9 DH,JJ Global Partners L.P. GLP N 3 H/INC 17.55 NM 19.82 12.28 NM 1.16 (4.11) (0.50) Dec 593 10.5 DH,JJ Golar LNG Partners L.P. GMLP Q 3 H/INC 23.12 NM 23.62 8.02 9.5 2.58 2.44 2.86 Dec 1,413 10.0 BBL,DH Holly Energy Partners L.P. HEP N 4 NM 32.95 NM 36.99 21.44 18.7 1.62 1.76 1.75 Dec 1,956 7.2 JJ,DH Kinder Morgan, Inc. KMI N 1 M/INC 21.14 27.00 23.36 11.20 55.6 0.14 0.38 0.70 Dec 47,144 2.4 DH KNOT Offshore Partners L.P. KNOP N 2 H/INC 23.40 22.00 23.65 9.68 12.5 1.48 1.87 1.93 Dec 683 8.9 BBL,DH Magellan Midstream Partners L.P. MMP N 1 H/INC 75.14 78.00 77.45 55.25 21.4 3.59 3.51 4.05 Dec 17,116 4.3 DH,JJ Martin Midstream Partners L.P. MMLP Q 2 H/INC 17.35 23.00 25.38 13.27 35.4 0.62 0.49 0.96 Dec 615 11.5 DH MPLX L.P. MPLX N 1 H/GRW 33.77 42.00 40.41 16.34 NM 1.23 (0.05) 1.19 Dec 11,921 6.1 JJ,DH NGL Energy Partners L.P. NGL N 3 H/INC 21.15 NM 21.50 5.57 13.2 (0.36) (2.35) A 1.60 Mar 2,203 7.4 DH NuStar Energy L.P. NS N 3 H/INC 50.46 NM 53.47 25.65 23.9 3.30 2.11 2.39 Dec 3,960 8.7 DH,JJ NuStar GP Holdings, LLC NSH N 3 H/INC 28.85 NM 29.30 12.86 18.6 1.68 1.55 1.69 Dec 1,239 7.6 DH,JJ PBF Logistics L.P. PBFX N 2 H/INC 18.35 23.00 23.49 15.39 9.2 2.18 1.99 2.33 Dec 719 9.6 JJ,DH PennTex Midstream Partners L.P. PTXP Q 2 H/INC 14.96 19.00 18.00 8.54 29.9 0.17 0.50 0.60 Dec 601 7.6 DH Phillips 66 Partners L.P. PSXP N 2 H/INC 49.00 57.00 66.81 42.47 21.5 1.89 2.28 3.37 Dec 5,159 4.3 JJ,DH Plains All American Pipeline L.P. PAA N 3 H/INC 33.49 NM 33.95 14.82 30.7 1.46 1.09 1.70 Dec 13,668 6.6 DH,JJ Plains GP Holdings L.P. PAGP N 3 H/INC 35.59 NM 36.59 12.57 NM 1.41 UR UR Dec 8,702 6.2 DH,JJ SemGroup Corporation SEMG N 3 H/INC 42.55 NM 42.95 13.98 NM 0.69 (0.07) 1.31 Dec 2,812 4.2 DH,JJ

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Energy - USA Midstream Suppliers Southcross Energy Partners L.P. SXE N 4 NM 1.40 NM 4.00 0.38 NM (1.69) (1.45) (2.11) Dec 92 0.0 DH Spectra Energy Corp. SE N 2 M/INC 41.76 44.00 44.00 23.12 36.0 0.29 1.16 1.31 Dec 29,274 3.9 DH Spectra Energy Partners L.P. SEP N 2 H/INC 46.06 47.00 50.48 39.54 15.4 3.30 2.99 3.87 Dec 14,093 5.9 DH Sprague Resources L.P. SRLP N 2 H/INC 27.40 28.00 27.75 15.55 16.8 3.65 1.63 3.25 Dec 584 8.2 JJ,DH Suburban Propane Partners L.P. SPH N 3 H/INC 29.91 NM 37.10 20.93 18.7 1.38 0.23 A 1.60 Sep 1,818 11.9 BBL,DH Sunoco L.P. SUN N 2 H/INC 27.23 34.00 40.06 21.01 12.5 1.57 2.18 1.73 Dec 2,598 12.1 BBL,DH Targa Resources Corp. TRGP N 3 H/GRW 58.20 NM 58.43 14.55 NM 0.42 (0.65) (0.07) Dec 10,080 6.3 DH Teekay Corporation TK N 3 H/GRW 8.20 NM 11.85 4.37 NM 1.12 (1.01) 0.91 Dec 702 2.7 BBL,DH Teekay LNG Partners L.P. TGP N 3 H/INC 14.20 NM 16.94 7.92 11.8 2.31 1.20 2.65 Dec 1,130 3.9 BBL,DH Teekay Offshore Partners L.P. TOO N 2 H/INC 5.12 8.00 7.25 2.30 NM 0.95 (0.07) 1.40 Dec 733 8.6 BBL,DH Tesoro Logistics L.P. TLLP N 1 H/INC 51.50 55.00 51.87 35.18 24.5 2.33 2.10 2.50 Dec 5,258 6.8 JJ,DH Valero Energy Partners L.P. VLP N 2 H/GRW 44.28 50.00 52.20 38.90 15.4 2.09 2.87 3.88 Dec 2,891 3.5 JJ,DH Western Refining Logistics L.P. WNRL N 1 H/GRW 20.95 28.00 26.58 17.35 17.6 1.31 1.19 1.74 Dec 1,276 8.1 JJ,DH The Williams Companies, Inc. WMB N 2 H/GRW 31.78 32.00 31.94 10.22 NM (0.76) (0.37) 1.70 Dec 23,835 2.5 DH Williams Partners L.P. WPZ N 3 H/INC 37.97 NM 40.36 12.69 NM (3.28) 0.12 1.54 Dec 23,246 9.0 DH

Oilfield Services Compression Archrock Partners L.P. APLP Q 2 H/INC 15.76 18.00 17.47 5.36 23.5 1.15 0.67 0.80 Dec 946 7.2 JMA,PN CSI Compressco Partners L.P. CCLP Q 2 H/INC 9.40 13.00 11.81 3.74 NM 0.10 (0.62) (0.16) Dec 313 16.1 JMA,PN USA Compression Partners LP USAC N 2 H/INC 16.61 20.00 19.33 7.03 59.3 (2.65) 0.28 0.17 Dec 483 12.6 JMA,PN

Diversified Oilfield Services Baker Hughes, Inc. BHI N 2 H/GRW 65.55 65.00 68.59 37.58 NM (0.48) (1.31) 0.80 Dec 27,728 1.0 JMA,PN Halliburton HAL N 1 H/GRW 54.91 65.00 56.08 27.64 NM 1.56 (0.04) 1.50 Dec 47,442 1.3 JMA,PN Schlumberger Ltd. SLB N 3 H/GRW 85.44 NM 87.00 59.60 74.3 3.36 1.15 1.85 Dec 118,847 2.3 JMA,PN Weatherford WFT N 2 H/GRW 5.08 6.50 9.00 3.73 NM (0.33) (1.27) (0.40) Dec 4,552 0.0 JMA,PN

Manufacturing & Fabrication FMC Technologies, Inc. FTI N 3 H/GRW 35.67 NM 36.51 22.30 34.3 2.23 1.04 1.15 Dec 8,051 0.0 JMA,PN National Oilwell Varco Inc. NOV N 2 H/GRW 38.92 39.00 43.63 25.74 NM 2.75 (1.02) 0.10 Dec 14,699 0.5 JMA,PN Oil States International, Inc. OIS N 2 H/GRW 40.35 34.00 41.75 21.44 NM 0.83 (0.85) (0.45) Dec 2,073 0.0 JMA,PN

Offshore Construction Helix Energy Solutions Group HLX N 3 H/GRW 9.41 NM 11.87 2.60 NM 0.20 (0.27) (0.10) Dec 1,134 0.0 JMA,PN

Offshore Drillers Atwood Oceanics ATW N 4 NM 13.53 NM 15.37 4.82 NM 7.74 4.84 A (0.45) Sep 877 0.0 PN,JMA Diamond Offshore DO N 3 H/GRW 18.53 NM 26.72 14.18 18.0 2.98 1.03 0.60 Dec 2,578 0.0 PN,JMA Ensco plc ESV N 3 H/GRW 10.06 NM 16.10 6.50 6.8 4.43 1.48 0.00 Dec 2,328 0.4 PN,JMA Noble Corp plc NE N 3 H/GRW 6.22 NM 13.90 4.45 NM 2.61 (0.17) (1.35) Dec 1,513 0.0 PN,JMA Ocean Rig UDW ORIG Q 4 NM 1.73 NM 3.38 0.66 0.8 2.28 2.11 (2.10) Dec 147 0.0 PN,JMA Pacific Drilling PACD N 4 NM 4.30 NM 11.56 2.80 NM 8.10 (2.49) (15.20) Dec 91 0.0 PN,JMA Rowan Companies RDC N 3 H/GRW 19.57 NM 21.68 10.67 10.6 3.54 1.84 (1.10) Dec 2,431 0.0 PN,JMA Transocean RIG N 4 NM 15.22 NM 16.66 7.67 20.8 3.83 0.73 (0.60) Dec 5,646 0.0 PN,JMA

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Energy - USA Onshore Drillers Nabors Industries Ltd. NBR N 1 H/GRW 16.53 15.00 17.68 4.93 NM (0.29) (1.27) (0.70) Dec 4,684 1.5 JMA,PN Patterson-UTI Energy, Inc. PTEN Q 1 H/GRW 27.09 32.00 29.56 10.94 NM (0.72) (2.28) (1.50) Dec 4,013 0.3 JMA,PN Pioneer Energy Services Corp PES N 3 H/SPEC 6.95 NM 7.00 0.95 NM (0.87) (1.17) (0.70) Dec 435 0.0 JMA,PN Unit Corporation UNT N 1 H/GRW 28.11 29.00 28.51 3.90 NM (0.15) (0.51) 1.60 Dec 1,448 0.0 JMA,PN

Production/Workover/Miscellaneous Cypress Energy Partners L.P. CELP N 3 H/INC 10.95 NM 12.36 5.28 14.6 0.83 0.75 0.68 Dec 130 14.8 JMA,PN Dawson Geophysical Company DWSN Q 1 H/SPEC 8.38 10.00 9.00 2.90 NM (1.14) (1.83) (0.90) Dec 177 0.0 JMA,PN Hi-Crush Partners L.P. HCLP N 1 H/GRW 20.10 21.00 20.65 3.55 NM 0.81 (0.85) 0.10 Dec 1,280 0.0 JMA,PN Mammoth Energy Services, Inc. TUSK Q 2 H/GRW 15.44 18.00 19.05 11.91 NM (0.73) (0.80) (0.15) Dec 579 0.0 PN,JMA Newpark Resources NR N 1 H/GRW 8.05 9.00 8.20 3.35 NM (0.23) (0.42) 0.00 Dec 681 0.0 JMA,PN RPC, Inc. RES N 1 H/GRW 20.18 22.00 22.28 9.73 NM (0.45) (0.75) 0.25 Dec 4,390 1.0 JMA,PN Superior Energy Services, Inc. SPN N 1 H/GRW 16.68 18.00 19.83 8.25 NM (1.29) (2.48) (1.35) Dec 2,531 0.0 JMA,PN TETRA Technologies Inc. TTI N 2 H/GRW 4.94 5.50 7.85 4.36 NM 0.31 (0.53) (0.35) Dec 444 7.3 JMA,PN

Renewable Energy and Clean Technology Fuels and Chemicals Chart Industries, Inc. GTLS Q 3 H/GRW 37.42 NM 40.74 13.27 28.1 1.25 1.33 1.32 Dec 1,164 0.0 PM Clean Energy Fuels Corp. CLNE Q 3 H/GRW 3.06 NM 4.80 2.15 NM (0.78) (0.30) (0.43) Dec 399 0.0 PM Green Plains Partners L.P. GPP Q 1 M/INC 19.50 23.00 21.75 12.41 11.1 0.76 1.75 1.97 Dec 620 8.6 PM

Power 8point3 Energy Partners L.P. CAFD Q 1 M/INC 13.18 20.00 17.34 12.04 11.1 0.79 1.19 0.33 Nov 936 7.3 PM Advanced Energy Industries, Inc. AEIS Q 3 H/GRW 56.91 NM 56.99 24.25 19.8 1.84 2.88 3.07 Dec 2,276 0.0 PM EnerNOC, Inc. ENOC Q 1 H/GRW 6.15 12.00 7.88 2.92 NM (1.74) (1.71) (1.81) Dec 211 0.0 PM Enphase Energy, Inc. ENPH Q 3 H/GRW 1.06 NM 3.83 0.98 NM (0.17) (0.96) (0.34) Dec 50 0.0 PM Enviva Partners L.P. EVA N 2 M/INC 26.95 30.00 29.85 13.73 16.7 1.03 1.61 1.55 Dec 685 7.9 PM First Solar, Inc. FSLR Q 3 H/GRW 33.99 NM 74.29 28.60 7.2 4.96 4.72 0.47 Dec 3,525 0.0 PM Silver Spring Networks, Inc. SSNI N 1 H/GRW 13.43 16.00 15.40 9.55 67.2 0.09 0.20 0.25 Dec 724 0.0 PM SunPower Corp. SPWR Q 2 H/GRW 7.24 15.00 30.75 6.00 NM 2.16 (0.11) 0.45 Dec 1,027 0.0 PM TPI Composites, Inc. TPIC Q 2 H/GRW 16.39 24.00 23.30 11.31 58.5 1.23 0.28 0.30 Dec 554 0.0 PM Trina Solar Limited (ng,r) TSL N 3 H/GRW 9.30 NM 11.23 6.91 8.8 1.26 1.06 0.52 Dec 988 0.0 PM

Water AquaVenture Holdings Ltd. WAAS N 2 H/GRW 25.50 27.00 26.33 19.37 NM (0.76) (0.78) (0.48) Dec 673 0.0 PM

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

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

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

David Quezada, CFA david.quezada@raymondjames.ca

Intermediate Oil & Gas Producers Advantage Oil & Gas Ltd. (cf) AAV T 2 H/GRW C$9.10 13.50 10.33 6.10 10.1 0.72 0.90 1.20 Dec 1,680 0.0 KM ARC Resources Ltd. (cf) ARX T 2 H/INC C$22.85 29.40 24.94 14.43 12.4 2.26 1.85 2.29 Dec 8,231 2.6 JM Athabasca Oil Corp. (cb) ATH T 2 H/GRW C$1.95 3.50 2.02 0.91 NM (26) (61) 144 Dec 983 0.0 CC Baytex Energy Corporation (cf) BTE T 3 H/GRW C$6.52 8.00 9.04 1.57 NM 542 352 429 Dec 1,504 0.0 CC Bellatrix Exploration Ltd. (cf) BXE T 3 H/GRW C$1.23 1.50 1.99 0.96 5.3 0.57 0.23 0.33 Dec 303 0.0 JM Birchcliff Energy Ltd. (cf) BIR T 2 H/GRW C$9.32 12.00 10.50 2.85 12.1 1.04 0.77 1.32 Dec 2,452 1.1 KM Bonavista Energy Corporation (cf) BNP T 3 H/GRW C$4.67 4.75 5.58 0.94 4.2 1.72 1.10 1.26 Dec 1,210 0.9 JM Bonterra Energy Corp. (cf) BNE T 2 H/INC C$28.99 32.00 29.63 11.71 10.0 3.62 2.91 3.87 Dec 960 4.1 JM Crescent Point Energy (cf) CPG T 2 H/GRW C$18.17 25.00 24.01 11.42 NM 1,978 1,671 1,832 Dec 9,837 2.0 CC Crew Energy Inc. (cf) CR T 1 H/GRW C$7.47 9.75 8.10 2.65 13.6 0.60 0.55 0.80 Dec 1,079 0.0 KM Enerplus Corporation (cf) ERF T 2 H/GRW C$12.54 15.00 13.55 2.68 9.6 2.39 1.30 2.21 Dec 3,016 1.0 KM Freehold Royalties Ltd. (cf) FRU T 2 H/INC C$13.77 15.00 15.16 8.29 16.4 1.14 0.84 1.00 Dec 1,628 3.5 JM Kelt Exploration Ltd. (cf) KEL T 2 H/GRW C$6.59 8.00 7.06 2.51 20.0 0.36 0.33 0.69 Dec 1,151 0.0 JM NuVista Energy Ltd. (cf) NVA T 2 H/GRW C$6.85 9.00 7.80 2.72 8.5 0.84 0.81 0.88 Dec 1,181 0.0 KM Painted Pony Petroleum Ltd. (cf) PPY T 2 H/GRW C$9.08 14.00 10.50 2.72 16.2 0.28 0.56 1.56 Dec 909 0.0 JM Paramount Resources Ltd. (cf) POU T 2 H/GRW C$18.04 23.00 19.25 2.86 69.4 0.88 0.26 1.04 Dec 1,918 0.0 KM Pengrowth Energy Corporation (cf) PGF T 3 H/INC C$1.92 2.50 2.70 0.66 NM 643 526 290 Dec 1,051 0.0 CC Penn West Petroleum Ltd. (cf) PWT T 2 H/GRW C$2.32 3.00 2.60 0.70 21.1 0.36 0.11 0.38 Dec 1,166 0.0 JM Peyto Exploration and Development (cf) PEY T 2 M/GRW C$33.58 42.00 39.41 24.06 10.3 3.59 3.26 4.41 Dec 5,527 3.9 KM PrairieSky Royalty Ltd. (cf) PSK T R H/INC C$31.88 R 34.32 17.15 R R R R Dec R R JM Raging River Exploration Inc. (cf) RRX T 3 H/GRW C$10.53 12.00 11.87 7.17 13.3 0.81 0.79 1.14 Dec 2,532 0.0 JM Seven Generations Energy Ltd. (cf) VII T 1 H/GRW C$30.60 39.50 32.90 11.84 12.3 1.66 2.49 3.84 Dec 10,581 0.0 KM Tourmaline Oil Corp. (cf) TOU T 2 H/GRW C$36.01 43.00 39.77 21.14 11.4 3.96 3.17 5.22 Dec 9,604 0.0 KM Trilogy Energy Corp. (cf) TET T 2 H/GRW C$7.29 11.50 8.33 1.99 15.8 0.87 0.46 0.97 Dec 919 0.0 KM Whitecap Resources Inc. (cf) WCP T 2 H/INC C$12.21 13.50 12.90 5.60 10.9 1.69 1.12 1.45 Dec 4,553 2.3 JM

Junior Oil & Gas Producers Chinook Energy Inc. (cf) CKE T 3 H/GRW C$0.44 0.50 0.62 0.40 NM 0.04 (0.01) 0.07 Dec 95 0.0 KM Delphi Energy Corp. (cf) DEE T 1 H/GRW C$1.56 2.10 1.67 0.62 7.4 0.28 0.21 0.31 Dec 243 0.0 KM Granite Oil Corp. (cf) GXO T 1 H/INC C$5.79 10.00 8.43 4.31 7.7 2.38 0.75 0.87 Dec 195 7.3 KM Leucrotta Exploration Inc. (cf) LXE V 2 H/GRW C$2.15 2.65 2.42 0.70 NM 0.00 0.00 0.18 Dec 355 0.0 KM RMP Energy Inc. (cf) RMP T 3 H/GRW C$0.75 1.00 1.97 0.62 3.3 0.75 0.23 0.12 Dec 113 0.0 KM Storm Resources Ltd. (cf) SRX V 2 H/GRW C$5.15 6.50 5.66 2.91 16.6 0.34 0.31 0.70 Dec 620 0.0 KM Yangarra Resources Ltd. (cf) YGR T 2 H/GRW C$1.93 1.60 1.97 0.40 9.2 0.33 0.21 0.40 Dec 153 0.0 JM

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Energy - CAN Oil & Gas Energy Services Ancillary Wellsite Services Essential Energy Services Ltd. (cb) ESN T 1 H/GRW C$0.85 1.50 0.90 0.45 NM 21 (2) 26 Dec 129 0.0 AB Strad Energy Services Ltd. (cb) SDY T 1 H/GRW C$1.73 2.90 1.90 1.32 NM 18 4 32 Dec 88 0.0 AB

Blended Production/Midstream/Wellsite Canadian Energy Services & Technology Corp. (cb) CEU T 1 H/GRW C$7.22 7.50 7.58 2.85 NM 89 47 133 Dec 2,036 0.4 AB Enerflex Ltd. (cb) EFX T 2 H/INC C$17.09 17.50 18.06 8.59 NM 193 177 230 Dec 1,540 2.0 AB Mullen Group Ltd. (cb) MTL T 2 H/INC C$19.66 18.75 20.24 13.02 NM 213 201 254 Dec 2,086 1.8 AB Secure Energy Services Inc. (cb) SES T 1 H/INC C$11.16 12.00 11.52 5.33 NM 111 89 151 Dec 1,879 2.2 AB

Contract Drillers Ensign Energy Services Inc. (cb) ESI T 3 H/INC C$9.45 8.00 10.41 4.72 NM 326 181 229 Dec 1,580 5.1 AB Precision Drilling Corporation (cb) PD T 3 H/GRW C$7.31 6.10 8.21 3.42 NM 489 241 302 Dec 2,216 0.0 AB Savanna Energy Services (cb) SVY T 1 H/GRW C$1.96 3.50 2.00 0.97 NM 100 54 59 Dec 191 0.0 AB Trinidad Drilling Ltd. (cb) TDG T 2 H/GRW C$3.28 3.75 3.77 1.41 NM 186 151 124 Dec 736 0.0 AB Western Energy Services Corp. (cb) WRG T 2 H/GRW C$3.06 4.00 4.00 1.95 NM 61 6 37 Dec 240 0.0 AB

Pressure Pumpers Calfrac Well Services (cb) CFW T 2 H/GRW C$4.67 5.50 4.97 1.06 NM 32 (37) 87 Dec 597 0.0 AB Canyon Services Group Inc. (cb) FRC T 2 H/GRW C$6.79 7.20 7.58 2.85 NM 31 (27) 32 Dec 613 0.0 AB Trican Well Service (cb) TCW T 2 H/GRW C$4.38 4.00 4.88 0.34 NM (53) (73) 23 Dec 911 0.0 AB

Workforce Accommodations Black Diamond Group Limited (cb) BDI T 2 H/INC C$4.43 6.50 7.39 2.97 NM 90 45 58 Dec 222 6.8 AB Horizon North Logistics Inc. (cb) HNL T 3 H/INC C$1.92 2.00 2.34 1.06 NM 62 32 48 Dec 296 4.2 AB

Oil Sands MEG Energy Corp. (cb) MEG T 2 H/GRW C$9.26 9.00 9.79 3.46 NM 303 242 639 Dec 2,098 0.0 CC

Power & Energy Infrastructure Diversified & Utilities Algonquin Power & Utilities AQN T 1 M/INC C$11.42 14.50 12.45 10.30 22.4 0.47 0.51 0.65 Dec 3,130 5.0 DQ Brookfield Infrastructure Partners L.P. (x) BIP N 2 M/INC US$33.38 39.00 35.03 20.33 12.5 2.40 2.66 3.14 Dec 12,327 4.7 FB Emera Inc. EMA T 3 M/INC C$45.28 51.50 50.19 41.90 18.8 2.26 2.41 2.70 Dec 9,115 4.6 DQ Fortis, Inc. FTS T 2 M/INC C$41.50 50.00 44.87 35.53 18.0 2.08 2.30 2.52 Dec 16,592 3.9 DQ Hydro One Ltd. H T 2 M/INC C$23.49 25.00 26.80 21.85 19.3 1.16 1.22 1.25 Dec 14,026 3.6 FB

Independent Power Producers Alterra Power Corp. AXY T 2 H/SPEC C$5.18 7.50 7.50 4.00 27.3 (0.04) 0.19 0.31 Dec 244 1.0 SLi Boralex, Inc. BLX T 2 M/INC C$17.54 23.25 20.46 13.51 83.5 (0.21) 0.21 0.63 Dec 1,145 3.2 DQ Brookfield Renewable Energy Partners L.P. (x) BEP N 2 M/INC US$29.33 33.00 31.85 20.36 17.4 1.69 1.69 2.05 Dec 8,770 6.1 FB Capital Power Corporation CPX T 2 M/GRW C$23.54 27.50 24.49 16.37 21.8 0.97 1.08 1.15 Dec 2,262 6.6 DQ Innergex Renewable Energy, Inc. INE T 1 M/GRW C$13.94 17.50 15.80 9.98 51.6 (0.37) 0.27 0.53 Dec 1,508 4.6 DQ Northland Power, Inc. NPI T 2 M/GRW C$23.04 27.00 25.14 16.90 34.9 0.16 0.66 1.23 Dec 3,972 4.7 DQ Pattern Energy Group Inc. (ca) PEGI Q 2 M/INC US$19.32 30.00 25.13 14.56 11.1 1.31 1.74 2.09 Dec 1,690 8.4 FB TransAlta Renewables Inc. RNW T 2 M/GRW C$14.17 16.00 15.09 8.99 NM 1.10 0.13 0.94 Dec 3,175 6.2 DQ U.S. Geothermal HTM M 2 H/SPEC US$4.06 5.00 5.40 2.94 12.3 0.30 0.33 0.40 Dec 77 0.0 SLi

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Energy - CAN Pipelines & Midstream AltaGas Ltd. (af) ALA T 3 M/INC C$34.17 32.00 35.55 27.25 11.7 2.79 2.92 3.00 Dec 5,607 6.1 CC Gibson Energy Inc. (af) GEI T 2 M/INC C$19.25 21.00 19.36 11.46 19.4 1.75 0.99 1.39 Dec 2,726 6.9 CC Inter Pipeline Ltd. (af) IPL T 3 M/INC C$29.72 30.00 30.05 18.43 13.9 2.02 2.14 2.50 Dec 10,066 5.5 CC Keyera Corp (af) KEY T 2 M/INC C$40.58 46.00 43.21 32.87 15.7 2.85 2.58 3.19 Dec 7,195 3.9 CC Pembina Pipeline Corp. (af) PPL T 2 M/INC C$42.50 43.00 42.73 26.05 17.5 2.52 2.43 3.03 Dec 16,660 4.5 CC Veresen Inc. (af) VSN T 3 M/INC C$12.63 13.00 13.78 6.65 11.3 1.07 1.12 1.07 Dec 3,946 7.9 CC

Senior Oil & Gas Producers Canadian Natural Resources Ltd (cb) CNQ T 2 M/GRW C$43.52 49.00 46.74 20.99 NM 5,758 4,161 7,271 Dec 47,963 2.3 CC Cenovus Energy, Inc. (cb) CVE T 3 M/GRW C$20.47 23.00 22.06 12.74 NM 2,010 1,437 2,238 Dec 17,058 1.0 CC Husky Energy Inc. (cb) HSE T 3 M/GRW C$16.38 18.00 18.10 11.34 NM 3,536 2,201 3,281 Dec 16,470 0.0 CC Imperial Oil Limited (cb) IMO T 2 M/GRW C$47.34 49.00 48.72 37.25 NM 3,412 2,087 4,252 Dec 40,267 1.3 CC Suncor Energy Inc (cb) SU T 2 M/GRW C$44.36 47.00 44.64 27.32 NM 8,030 6,290 10,112 Dec 73,837 2.6 CC

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

Integrated Oil and Gas Eni ENI.MI BIT 2 €15.34 16.00 15.45 10.93 NM 0.12 (0.28) 1.47 Dec 55,749 5.2 JPD Repsol REP.MC MAD 3 €13.48 NM 13.90 7.56 10.9 1.30 1.24 2.47 Dec 19,754 4.5 JPD Royal Dutch Shell ($D) RDSa.AS AMS 3 €26.04 NM 26.39 16.53 21.3 1.67 1.22 2.92 Dec 215,450 7.2 JPD Total ($D) TOTF.PA EPA 2 €48.38 47.00 48.50 35.21 14.8 4.56 3.26 5.29 Dec 117,461 5.0 JPD

Raymond James Research Register - January 2017 33

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Energy - EUR Oilfield Services Diversified Oilfield Services Amec Foster Wheeler AMFW.L L 3 467p NM 631 322 8.9 68.10 52.30 45.40 Dec £1,820 4.6 JPD Petrofac PFC.L L 1 874p 1,150 1,016 635 NM 0.03 0.90 1.09 Dec £3,023 7.5 JPD Saipem SPMI.MI BIT 4 €0.52 0.35 0.98 0.28 17.4 (1.38) 0.03 0.02 Dec 5,267 0.0 JPD Technip TECF.PA EPA 3 €68.20 NM 69.45 35.11 13.4 3.50 5.10 3.79 Dec 8,128 3.0 JPD Wood Group WG.L L 2 863p 900 899 532 NM 0.84 0.65 0.69 Dec £3,288 3.9 JPD

Utilities Electricity & Gas CEZ CEZsp.PR PRG S CZK422.60 NM 477.20 362.10 NM UR UR NA Dec 225,668 UR ER E.On EONGn.DE ETR 4 €6.65 5.40 8.66 5.99 15.5 0.86 0.43 0.47 Dec 12,679 3.0 ER EDF EDF.PA EPA 2 €9.78 14.90 13.74 9.13 6.1 2.15 1.60 1.25 Dec 20,632 10.2 ER Enel ENEI.MI BIT 1 €4.16 4.70 4.17 3.33 13.0 0.31 0.32 0.35 Dec 42,343 4.3 ER Engie GSZ.PA EPA 1 €12.07 13.90 16.62 11.22 12.2 1.03 0.99 0.98 Dec 29,394 8.3 ER Fortum FUM1V.HE HEL 4 €14.71 11.20 15.74 10.99 21.0 0.82 0.70 0.61 Dec 13,068 4.8 ER RWE RWEG.DE ETR 2 €11.68 17.00 16.49 9.99 12.4 1.83 0.94 0.51 Dec 7,175 0.0 ER Uniper UN01.DE ETR 2 €12.97 12.00 13.19 9.80 9.7 0.55 1.34 0.94 Dec 4,745 4.2 ER Verbund VERB.VI WBAG S €15.09 NM 15.84 10.00 NM UR UR UR Dec 5,236 UR ER

Environmental Services Suez Environnement SEVI.PA EPA 1 €13.96 18.50 17.55 12.73 17.7 0.77 0.79 0.90 Dec 7,539 4.7 ER Veolia Environnement VIE.PA EPA 1 €16.08 22.90 22.67 15.22 16.6 0.88 0.97 1.16 Dec 8,783 5.0 ER

Raymond James Research Register - January 2017 34

Financial Services

USA Canada

Banking ....................................................................... 35

Capital Markets .......................................................... 39

Brokerages & Exchanges ......................................... 39

Capital Markets Technology .................................... 39

Insurance .................................................................... 39

Brokerage & Technology ......................................... 39

Commercial ............................................................. 40

Life/Health ............................................................... 40

Personal ................................................................... 40

Specialty Finance ........................................................ 41

Investment Companies ............................................ 41

Specialty Consumer Finance .................................... 41

Diversified Financials .................................................. 42

Raymond James Research Register - January 2017 35

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

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

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

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

Banking 1st Constitution Bancorp FCCY Q 3 H/GRW 18.10 NM 18.25 11.27 16.6 1.07 1.09 1.10 Dec 145 0.3 WW Access National Corporation ANCX Q 3 H/INC 28.51 NM 28.91 16.26 17.2 1.47 1.66 1.65 Dec 302 2.1 WW American National Bankshares, Inc. AMNB Q 2 M/INC 35.90 37.00 36.25 22.29 20.2 1.83 1.78 1.95 Dec 309 2.7 WW American River Bankshares AMRB Q 3 H/GRW 15.90 NM 15.99 9.69 18.3 0.70 0.87 0.90 Dec 107 0.0 DAW Associated Banc-Corp ASB M 3 H/GRW 25.15 NM 25.43 15.45 20.6 1.17 1.22 1.32 Dec 3,803 1.9 DJL Atlantic Capital Bancshares, Inc. ACBI Q 3 H/GRW 18.95 NM 19.20 11.55 30.1 0.57 0.63 0.85 Dec 470 0.0 WW Banc of California, Inc. BANC N 2 H/GRW 17.55 18.00 23.24 10.93 9.2 1.34 1.91 2.03 Dec 872 3.0 DAW BancFirst Corporation BANF Q 3 M/GRW 94.00 NM 94.45 51.14 21.4 3.80 4.40 4.48 Dec 1,476 1.6 DC The Bancorp, Inc. TBBK Q 1 H/SPEC 7.98 8.50 8.20 3.88 NM 0.06 0.03 0.40 Dec 441 0.0 WW BancorpSouth, Inc. BXS N 3 M/GRW 31.60 NM 31.70 18.69 21.5 1.43 1.47 1.66 Dec 2,974 1.6 MR Bank of America Corporation BAC N 2 M/GRW 22.61 26.00 23.39 10.99 15.1 1.31 1.50 1.70 Dec 228,901 1.3 MR Bank of Commerce Holdings BOCH Q 2 H/GRW 9.30 10.00 9.35 5.05 22.7 0.62 0.41 0.85 Dec 125 1.3 DAW Bank of Marin Bancorp BMRC Q 3 M/GRW 69.90 NM 75.05 45.65 19.0 3.04 3.67 3.40 Dec 426 1.5 DAW The Bank of N.T. Butterfield & Son Limited NTB N 2 H/GRW 32.51 33.00 32.90 23.75 16.6 1.23 1.96 2.68 Dec 1,717 1.2 DAW Bank of New York Mellon Corp BK N 1 M/GRW 47.73 57.00 49.54 32.20 15.1 2.88 3.17 3.55 Dec 50,465 1.6 DJL Bank of the Ozarks Inc. OZRK Q 1 M/GRW 54.42 65.00 54.89 33.51 21.3 2.15 2.56 3.00 Dec 6,590 1.2 MR Banner Corporation BANR Q 2 M/GRW 56.26 58.00 56.34 35.39 22.0 1.89 2.56 3.15 Dec 1,907 1.6 DAW BB&T Corporation BBT N 3 M/INC 47.71 NM 47.85 29.95 17.2 2.55 2.78 3.15 Dec 38,860 2.5 MR BofI Holding, Inc. BOFI Q 1 H/GRW 29.78 34.00 30.23 13.47 13.8 1.34 1.85 A 2.16 Jun 1,885 0.0 DAW BOK Financial Corp. BOKF Q 3 M/GRW 84.01 NM 85.00 44.13 21.5 4.24 3.91 4.75 Dec 5,536 2.0 MR CapStar Financial Holdings, Inc. CSTR Q 3 H/GRW 21.84 NM 21.93 15.50 27.3 0.73 0.80 0.91 Dec 244 0.0 DC Cardinal Financial Corporation CFNL Q 3 M/GRW 33.28 NM 34.75 17.51 20.2 1.39 1.65 1.55 Dec 1,078 1.4 MR Carolina Financial Corporation CARO Q 2 H/GRW 31.11 32.00 31.19 15.26 19.4 1.54 1.60 1.90 Dec 390 0.5 WW CenterState Banks, Inc. CSFL Q 2 H/GRW 25.54 26.00 25.83 12.57 20.1 0.87 1.27 1.39 Dec 1,226 0.6 MR Central Pacific Financial Corp. CPF N 3 H/GRW 31.75 NM 31.99 18.47 21.5 1.40 1.48 1.57 Dec 982 2.0 DAW Chemical Financial Corp. CHFC Q 1 H/GRW 54.77 64.00 55.55 29.40 19.6 2.54 2.80 3.19 Dec 3,861 2.0 DJL Columbia Banking System, Inc. COLB Q 3 M/GRW 45.13 NM 45.27 26.17 25.5 1.71 1.77 2.03 Dec 2,618 1.8 DAW Comerica Inc. CMA N 2 M/GRW 69.59 76.00 70.44 30.48 23.4 2.66 2.97 4.15 Dec 11,976 1.3 MR Commerce Bancshares, Inc. CBSH Q 3 H/GRW 58.61 NM 59.22 35.66 22.5 2.36 2.60 2.78 Dec 5,943 1.5 DJL

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Financial Services - USA Banking Community Bank System, Inc. CBU N 3 M/INC 62.24 NM 62.34 34.27 27.1 2.31 2.30 2.45 Dec 2,763 2.1 WW Community Trust Bancorp, Inc. CTBI Q 3 M/INC 48.70 NM 48.95 30.89 18.0 2.66 2.71 2.79 Dec 857 2.6 DC ConnectOne Bancorp, Inc. CNOB Q 1 H/GRW 26.05 31.00 26.65 14.86 29.6 1.29 0.88 1.75 Dec 787 1.2 WW CU Bancorp CUNB Q 3 H/GRW 35.30 NM 35.85 20.35 23.9 1.18 1.48 1.75 Dec 625 0.0 DAW CVB Financial Corp. CVBF Q 3 M/GRW 23.19 NM 23.23 14.02 25.2 0.93 0.92 1.01 Dec 2,507 2.1 DAW East West Bancorp, Inc. EWBC Q 3 H/GRW 51.55 NM 51.70 27.25 17.7 2.66 2.92 3.05 Dec 7,428 1.6 DJL Eastern Virginia Bankshares, Inc. EVBS Q 3 H/GRW 10.15 NM 10.50 6.60 24.2 0.38 0.42 0.45 Dec 133 1.2 WW EverBank Financial Corp EVER N 3 M/GRW 19.44 NM 19.47 12.32 14.4 1.23 1.35 1.45 Dec 2,352 1.2 MR Farmers Capital Bank Corp. FFKT Q 3 H/GRW 44.00 NM 44.65 24.65 23.7 1.93 1.86 2.13 Dec 330 0.9 DC Farmers National Banc Corp. FMNB Q 3 H/GRW 14.35 NM 15.50 8.00 18.6 0.54 0.77 0.87 Dec 388 1.1 DC FCB Financial Holdings, Inc. FCB N 3 M/GRW 48.80 NM 48.90 28.64 21.3 1.86 2.29 2.63 Dec 1,997 0.0 MR Fifth Third Bancorp FITB Q 3 M/GRW 27.76 NM 27.88 13.84 16.9 1.55 1.64 1.71 Dec 20,975 2.0 DJL First Bancorp FBNC Q 2 H/GRW 28.00 30.00 28.49 17.15 18.7 1.30 1.50 1.75 Dec 563 1.1 WW First Busey Corporation BUSE Q 3 H/GRW 30.91 NM 31.01 17.68 19.0 1.36 1.63 1.80 Dec 1,181 2.2 DC First Business Financial Services, Inc. FBIZ Q 3 H/GRW 23.90 NM 25.94 18.76 14.7 1.93 1.63 1.74 Dec 208 2.0 DC First Commonwealth Financial Corp. FCF N 3 H/GRW 14.18 NM 14.34 7.85 22.2 0.61 0.64 0.77 Dec 1,262 2.0 DC First Community Corporation FCCO Q 3 H/GRW 18.30 NM 18.95 12.66 18.9 0.92 0.97 1.05 Dec 123 1.7 WW First Defiance Financial Corp. FDEF Q 3 H/GRW 51.27 NM 52.31 34.80 16.6 2.82 3.09 3.30 Dec 461 1.7 DC First Financial Bancorp FFBC Q 3 H/GRW 28.70 NM 29.80 13.76 20.4 1.26 1.41 1.52 Dec 1,779 2.2 DC First Financial Corporation THFF Q 3 H/GRW 52.35 NM 53.25 31.15 19.8 2.35 2.65 2.75 Dec 639 1.9 DC First Foundation Inc. FFWM Q 2 H/GRW 28.80 32.00 29.95 20.00 22.7 1.16 1.27 1.60 Dec 469 0.0 DAW First Horizon National Corporation FHN N 3 H/GRW 20.58 NM 20.76 11.51 21.2 0.83 0.97 1.15 Dec 4,799 1.4 MR First Midwest Bancorp, Inc. FMBI Q 3 H/GRW 25.48 NM 25.49 14.56 20.7 1.12 1.23 1.42 Dec 2,072 1.4 DC The First of Long Island Corporation FLIC Q 3 M/INC 28.80 NM 29.67 17.43 21.0 1.21 1.37 1.50 Dec 680 1.9 WW First Republic Bank FRC N 2 H/GRW 92.07 98.00 92.30 56.32 23.6 3.18 3.90 4.45 Dec 13,821 0.7 DJL Franklin Financial Network, Inc. FSB N 2 H/GRW 42.05 46.00 42.15 22.83 18.0 1.50 2.34 2.50 Dec 452 0.0 DC Fulton Financial FULT Q 3 M/GRW 19.35 NM 19.45 11.48 20.8 0.85 0.93 0.98 Dec 3,349 2.1 DAW German American Bancorp, Inc. GABC Q 3 M/GRW 53.18 NM 54.46 29.24 21.8 2.27 2.44 2.61 Dec 814 1.4 DC Glacier Bancorp, Inc. GBCI Q 3 M/GRW 36.50 NM 37.87 21.90 22.4 1.56 1.63 1.78 Dec 2,792 2.1 DC Guaranty Federal Bancshares Inc. GFED Q 2 H/GRW 18.89 20.00 20.46 14.80 14.9 1.34 1.27 1.41 Dec 84 1.7 DC Hancock Holding Company HBHC Q 2 H/GRW 44.00 48.00 45.50 20.01 23.4 1.78 1.88 2.26 Dec 3,414 2.2 MR Hanmi Financial Corporation HAFC Q 2 H/GRW 35.35 36.00 35.40 18.92 20.1 1.68 1.76 1.97 Dec 1,140 2.1 DAW Heartland Financial USA, Inc. HTLF Q 1 H/GRW 48.20 53.00 49.15 25.95 16.0 2.59 3.01 3.07 Dec 1,181 0.8 DC Heritage Financial Corporation HFWA Q 3 H/GRW 26.10 NM 26.48 16.40 20.2 1.25 1.29 1.35 Dec 780 1.8 DAW

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Financial Services - USA Banking Heritage Oaks Bancorp HEOP Q 3 H/GRW 12.15 NM 12.52 6.95 24.8 0.45 0.49 0.59 Dec 417 2.0 DAW Hilltop Holdings Inc. HTH N 3 H/GRW 30.14 NM 30.15 14.28 17.8 1.56 1.69 1.78 Dec 2,969 0.8 MR Home Bancorp, Inc. HBCP Q 2 H/GRW 39.00 39.00 39.75 21.29 17.6 1.94 2.21 2.40 Dec 286 1.2 WW Home BancShares, Inc. HOMB Q 3 M/GRW 28.29 NM 28.62 16.94 22.5 1.02 1.26 1.40 Dec 3,975 1.3 MR Hope Bancorp, Inc. HOPE Q 2 H/GRW 22.41 24.00 22.56 13.59 19.8 1.16 1.13 1.41 Dec 3,028 2.1 DAW HopFed Bancorp, Inc. HFBC Q 3 H/GRW 13.68 NM 14.10 10.82 38.0 0.30 0.36 0.54 Dec 85 1.2 DC Horizon Bancorp HBNC Q 2 H/GRW 27.70 30.00 28.36 14.61 17.8 1.46 1.56 1.78 Dec 612 1.4 DC Huntington Bancshares Inc. HBAN Q 2 M/GRW 13.44 15.00 13.64 7.83 15.6 0.85 0.86 0.99 Dec 14,580 2.4 DJL IBERIABANK Corporation IBKC Q 2 M/GRW 86.45 96.00 91.10 42.20 19.7 4.05 4.38 4.50 Dec 3,553 1.6 MR Independent Bank Group, Inc. IBTX Q 2 M/GRW 63.35 73.00 65.65 25.50 20.4 2.40 3.10 3.55 Dec 1,172 0.6 MR Investar Holding Corporation ISTR Q 2 M/GRW 18.30 21.00 19.58 13.63 18.3 0.97 1.00 1.25 Dec 130 0.2 WW KeyCorp KEY N 3 M/GRW 18.54 NM 18.62 9.88 16.9 1.10 1.10 1.34 Dec 20,062 1.8 DJL Lakeland Bancorp, Inc. LBAI Q 3 M/GRW 19.45 NM 20.05 9.72 19.5 0.88 1.00 1.00 Dec 864 2.0 WW Lakeland Financial Corporation LKFN Q 3 M/GRW 48.06 NM 48.40 26.54 23.7 1.84 2.03 2.12 Dec 1,206 1.6 DC LegacyTexas Financial Group, Inc. LTXB Q 2 M/GRW 43.81 46.00 43.85 16.79 21.0 1.56 2.09 2.35 Dec 2,093 1.4 MR MB Financial, Inc. MBFI Q 3 H/GRW 47.67 NM 48.06 27.98 20.0 2.06 2.38 2.62 Dec 3,985 1.6 DJL Mercantile Bank Corp. MBWM Q 2 M/GRW 38.00 38.00 38.68 20.84 21.3 1.65 1.78 2.01 Dec 619 1.8 DC Meta Financial Group, Inc. CASH Q 1 H/GRW 105.20 119.00 106.85 36.22 15.9 3.01 4.26 A 6.62 Sep 894 0.5 DC MidSouth Bancorp, Inc. MSL N 2 H/GRW 13.45 16.00 14.50 6.51 23.6 0.82 0.57 0.85 Dec 153 2.7 WW MidWestOne Financial Group, Inc. MOFG Q 2 H/GRW 37.96 41.00 39.20 24.71 17.8 2.53 2.13 2.62 Dec 433 1.7 DC National Commerce Corporation NCOM Q 3 H/GRW 37.65 NM 37.70 20.50 24.6 1.08 1.53 1.95 Dec 411 0.0 WW New York Community Bancorp, Inc. NYCB N 3 M/INC 15.85 NM 17.68 13.74 15.1 1.10 1.05 1.03 Dec 7,721 4.3 WW Northern Trust Corporation NTRS Q 1 M/GRW 89.84 105.00 90.96 54.38 20.8 3.88 4.31 4.72 Dec 20,340 1.7 DJL Old Line Bancshares Inc. OLBK Q 2 H/GRW 24.22 28.00 25.99 16.75 20.9 1.05 1.16 1.60 Dec 263 1.0 WW Old National Bancorp ONB Q 3 H/GRW 18.35 NM 18.40 10.69 18.4 0.97 1.00 1.08 Dec 2,477 2.8 DJL Pacific Continental Corporation PCBK Q 2 M/GRW 21.90 22.50 21.95 13.60 23.8 0.96 0.92 1.34 Dec 495 2.0 DAW Pacific Premier Bancorp, Inc. PPBI Q 2 H/GRW 35.10 38.00 35.35 18.32 24.2 1.19 1.45 1.90 Dec 972 0.0 DAW PacWest Bancorp PACW Q 2 H/GRW 55.15 60.00 56.07 29.05 19.0 2.92 2.91 3.06 Dec 6,718 3.6 DJL Paragon Commercial Corporation PBNC Q 2 H/GRW 42.70 46.00 43.38 26.25 16.1 2.39 2.65 2.85 Dec 233 0.0 WW Park Sterling Corporation PSTB Q 3 H/GRW 11.01 NM 11.04 5.90 21.2 0.41 0.52 0.55 Dec 587 1.5 WW Peoples Bancorp Inc. PEBO Q 3 H/GRW 32.26 NM 32.98 16.34 18.2 1.13 1.77 1.86 Dec 587 2.1 DC Pinnacle Financial Partners, Inc. PNFP Q 3 M/GRW 70.60 NM 71.85 43.32 23.1 2.61 3.05 3.48 Dec 3,262 0.8 MR PNC Financial Services Group, Inc. PNC N 3 M/GRW 118.31 NM 118.52 77.40 16.6 7.04 7.12 7.60 Dec 57,735 1.9 MR Preferred Bank PFBC Q 2 H/GRW 51.95 53.00 52.50 26.35 20.7 2.13 2.51 2.85 Dec 732 1.2 DAW

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Financial Services - USA Banking PrivateBancorp, Inc. PVTB Q 3 H/GRW 54.72 NM 55.12 31.18 21.4 2.31 2.56 2.82 Dec 4,356 0.1 DJL Prosperity Bancshares, Inc. PB N 2 M/GRW 73.20 76.00 73.68 33.57 18.6 4.08 3.94 4.05 Dec 5,087 1.9 MR QCR Holdings, Inc. QCRH Q 2 H/GRW 43.85 48.00 44.80 18.05 19.7 1.98 2.23 2.70 Dec 517 0.4 DC Regions Financial Corporation RF N 2 M/GRW 14.64 16.00 14.73 7.00 17.0 0.71 0.86 0.96 Dec 18,099 1.8 MR Renasant Corporation RNST Q 2 M/GRW 42.88 48.00 44.65 29.49 18.7 2.09 2.29 2.36 Dec 1,805 1.7 MR Riverview Bancorp, Inc. RVSB Q 2 H/GRW 7.53 7.50 8.16 4.15 23.5 0.20 0.28 A 0.32 Mar 169 1.1 DAW S&T Bancorp, Inc. STBA Q 3 H/GRW 38.62 NM 39.11 23.06 19.1 2.02 2.02 2.20 Dec 1,348 2.1 DC Seacoast Banking Corporation of Florida SBCF Q 2 M/GRW 22.90 23.50 22.91 13.40 23.1 0.74 0.99 1.28 Dec 871 0.0 MR ServisFirst Bancshares, Inc. SFBS Q 3 M/GRW 37.83 NM 38.65 17.06 27.4 1.19 1.38 1.59 Dec 1,990 0.4 WW Sierra Bancorp BSRR Q 3 H/GRW 26.00 NM 27.04 15.61 20.8 1.33 1.25 1.48 Dec 359 1.8 DAW Signature Bank SBNY Q 1 H/GRW 151.33 183.00 157.46 113.53 20.4 7.29 7.43 9.43 Dec 8,263 0.0 DJL Simmons First National Corporation SFNC Q 3 M/INC 62.95 NM 67.00 38.30 19.8 3.18 3.18 3.55 Dec 1,970 1.5 MR Southwest Bancorp, Inc. OKSB Q 3 H/GRW 29.10 NM 29.35 14.00 32.7 0.99 0.89 1.22 Dec 544 1.1 DC State Street Corporation STT N 3 M/GRW 79.00 NM 81.91 50.60 15.4 4.88 5.13 5.81 Dec 30,407 1.9 DJL Stock Yards Bancorp Inc. SYBT Q 3 M/GRW 46.45 NM 46.75 22.67 25.9 1.66 1.79 1.85 Dec 1,045 1.6 DC Stonegate Bank SGBK Q 3 M/GRW 42.80 NM 43.50 28.21 20.5 2.03 2.09 2.44 Dec 607 0.7 MR SunTrust Banks, Inc. STI N 2 M/GRW 56.39 60.00 56.48 31.07 16.1 3.58 3.51 3.80 Dec 27,964 1.7 MR SVB Financial Group SIVB Q 1 H/GRW 174.22 195.00 175.74 77.87 24.2 6.62 7.19 8.30 Dec 9,077 0.0 DJL Synovus Financial Corp. SNV N 3 M/GRW 41.78 NM 41.80 25.48 22.0 1.62 1.90 2.25 Dec 5,076 1.1 MR TCF Financial Corporation TCB N 3 H/GRW 19.91 NM 19.96 10.37 16.6 1.07 1.20 1.29 Dec 3,405 1.5 DJL Territorial Bancorp Inc. TBNK Q 3 M/GRW 33.03 NM 33.32 24.87 18.9 1.59 1.75 1.90 Dec 324 2.2 DAW Texas Capital Bancshares, Inc. TCBI Q 1 M/GRW 80.25 90.00 81.25 29.78 26.0 2.91 3.09 4.20 Dec 3,692 0.0 MR TowneBank TOWN Q 3 M/GRW 33.65 NM 34.55 16.50 23.7 1.19 1.42 1.65 Dec 2,099 1.5 WW TriCo Bancshares TCBK Q 2 H/GRW 34.44 37.00 34.48 23.47 18.3 1.90 1.88 2.04 Dec 785 1.7 DAW Trustmark Corporation TRMK Q 3 M/INC 36.20 NM 36.79 19.75 21.5 1.71 1.68 1.80 Dec 2,447 2.5 MR U.S. Bancorp USB N 3 M/GRW 52.31 NM 52.68 37.07 16.1 3.16 3.24 3.50 Dec 89,189 2.1 DJL UMB Financial Corporation UMBF Q 4 NM 77.25 NM 81.11 39.55 24.7 2.43 3.13 3.50 Dec 3,832 1.3 DJL Umpqua Holdings Corp. UMPQ Q 2 H/GRW 19.17 21.00 19.30 13.46 17.6 1.16 1.09 1.20 Dec 4,221 3.3 DJL Union Bankshares Corporation UBSH Q 2 H/INC 36.63 38.00 36.68 20.57 21.2 1.45 1.73 2.00 Dec 1,595 2.2 WW United Bankshares, Inc. UBSI Q 3 M/INC 47.20 NM 49.35 32.22 23.6 1.96 2.00 2.10 Dec 3,606 2.8 WW United Community Banks, Inc. UCBI Q 2 H/GRW 29.83 32.00 30.22 15.74 20.3 1.27 1.47 1.64 Dec 2,115 1.1 MR Washington Federal, Inc. WAFD Q 3 H/GRW 35.05 NM 35.95 19.11 19.0 1.67 1.78 A 1.84 Sep 3,144 1.6 DAW WashingtonFirst Bankshares, Inc. WFBI Q 3 M/GRW 29.49 NM 30.58 18.57 22.0 1.14 1.34 1.50 Dec 380 0.8 WW Webster Financial Corp. WBS N 3 H/GRW 55.09 NM 55.80 30.09 26.2 2.09 2.10 2.35 Dec 5,052 1.8 WW Wells Fargo & Co. WFC N 4 NM 55.95 NM 58.02 43.55 13.9 4.12 4.03 4.06 Dec 281,087 2.7 DJL WesBanco, Inc. WSBC Q 3 M/GRW 43.32 NM 43.48 26.93 18.6 2.33 2.33 2.52 Dec 1,902 2.2 DC Wintrust Financial Corporation WTFC Q 1 H/GRW 73.54 80.00 73.57 37.96 20.5 3.10 3.58 3.96 Dec 3,802 0.7 DJL Yadkin Financial Corporation YDKN N 3 H/GRW 34.60 NM 35.18 20.42 20.4 1.50 1.70 NA Dec 1,785 1.2 WW Zions Bancorporation ZION Q 3 H/GRW 43.93 NM 44.15 19.65 22.4 1.63 1.96 2.35 Dec 8,957 0.5 DJL

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Financial Services - USA Capital Markets Brokerages & Exchanges BATS Global Markets, Inc. BATS BATS 3 M/GRW 33.43 NM 34.43 22.40 23.5 1.09 1.42 1.60 Dec 3,243 0.0 PO BGC Partners, Inc. BGCP Q 1 H/INC 10.34 14.00 10.63 8.18 12.8 0.79 0.81 0.95 Dec 4,444 6.2 PO CBOE Holdings, Inc. CBOE Q 3 M/GRW 73.74 NM 77.29 58.43 30.9 2.39 2.39 2.55 Dec 5,995 1.4 PO The Charles Schwab Corporation SCHW N 3 M/GRW 40.47 NM 40.58 21.51 30.9 1.03 1.31 1.65 Dec 53,987 0.7 PO CME Group Inc. CME Q 3 M/GRW 116.69 NM 124.01 81.87 26.3 4.05 4.43 4.90 Dec 39,570 2.1 PO E*TRADE Financial Corporation ETFC Q 2 H/GRW 35.58 43.00 36.04 19.61 19.3 1.17 1.84 1.90 Dec 9,802 0.0 PO GAIN Capital Holdings, Inc. GCAP N 3 H/GRW 6.68 NM 8.20 4.54 11.3 0.77 0.59 0.70 Dec 325 3.6 PO Intercontinental Exchange, Inc. ICE N 2 M/GRW 57.28 63.00 59.86 45.44 21.0 2.43 2.73 3.11 Dec 34,368 1.2 PO Lazard Ltd LAZ N 1 H/GRW 41.38 45.00 46.45 26.21 13.7 3.60 3.01 3.05 Dec 5,131 3.7 PO MarketAxess Holdings Inc. MKTX Q 3 M/GRW 149.49 NM 178.21 98.00 45.4 2.55 3.29 3.85 Dec 5,651 0.7 PO Nasdaq Inc. NDAQ Q 2 M/GRW 67.53 73.00 71.92 55.27 18.6 3.39 3.64 4.20 Dec 11,446 1.9 PO TD Ameritrade Holding Corporation AMTD Q 2 M/GRW 44.49 47.00 44.79 24.88 25.7 1.49 1.58 A 1.73 Sep 23,535 1.5 PO

Capital Markets Technology Broadridge Financial Solutions, Inc. BR N 3 M/GRW 66.29 NM 71.74 48.56 21.4 2.48 2.73 A 3.10 Jun 7,842 2.0 PO Envestnet, Inc. ENV N 1 H/GRW 35.55 45.00 41.47 19.30 35.9 0.98 0.99 1.45 Dec 1,526 0.0 PO FactSet Research Systems Inc. FDS N 4 NM 165.06 NM 183.17 135.95 22.5 5.74 6.40 A 7.32 Aug 6,609 1.2 PO Financial Engines, Inc. FNGN Q 3 M/GRW 37.65 NM 39.95 23.22 33.0 0.93 1.14 1.32 Dec 2,357 0.7 PO Moody's Corporation MCO N 3 M/GRW 95.70 NM 110.83 77.76 20.2 4.60 4.73 5.05 Dec 18,295 1.6 PO MSCI Inc. MSCI N 3 M/GRW 78.85 NM 90.79 62.17 26.5 2.32 2.98 3.50 Dec 7,465 1.4 PO S&P Global Inc. SPGI N 3 M/GRW 109.43 NM 128.40 78.55 20.5 4.69 5.34 5.90 Dec 29,108 1.3 PO SEI Investments Co. SEIC Q 2 M/GRW 49.88 49.00 53.39 32.01 24.8 1.97 2.01 2.25 Dec 7,979 1.1 PO SS&C Technologies Holdings, Inc. SSNC Q 2 H/GRW 28.99 35.00 34.58 23.62 17.9 1.33 1.62 1.85 Dec 5,989 0.9 PO

Insurance Brokerage & Technology Aon plc AON N 4 NM 112.50 NM 116.59 83.83 17.4 6.18 6.47 7.00 Dec 30,330 1.2 CGP Arthur J. Gallagher & Co. AJG N 2 M/INC 51.95 54.00 52.34 35.96 19.0 2.55 2.73 2.95 Dec 9,242 2.9 CGP Brown & Brown, Inc. BRO N 2 H/GRW 44.90 41.00 45.62 28.41 24.3 1.67 1.85 1.90 Dec 6,299 1.2 CGP Crawford & Company CRD.B N 2 H/GRW 13.04 13.00 14.37 3.99 18.4 0.45 0.71 0.85 Dec 726 1.5 CGP HealthEquity, Inc. HQY Q 2 H/GRW 41.40 48.00 45.00 15.80 98.6 0.22 0.28 A 0.42 Jan 2,455 0.0 CGP Marsh and McLennan Companies, Inc. MMC N 2 M/GRW 68.20 70.00 69.77 50.81 20.3 3.04 3.36 3.65 Dec 35,191 1.9 CGP Verisk Analytics Inc. VRSK Q 3 H/GRW 82.15 NM 86.00 64.79 26.5 3.08 3.10 3.35 Dec 13,826 0.0 CGP Willis Towers Watson plc WLTW Q 1 H/GRW 124.28 145.00 133.40 104.11 16.4 NA 7.60 8.40 Dec 17,151 1.5 CGP

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Financial Services - USA Commercial American Financial Group, Inc. AFG N 2 H/GRW 87.72 83.00 88.04 64.87 15.5 5.44 5.65 5.85 Dec 7,614 1.4 CGP Argo Group International Holdings, Ltd. AGII Q 1 H/GRW 66.70 68.00 67.60 41.55 16.3 3.70 4.10 4.10 Dec 2,001 1.3 CGP Blue Capital Reinsurance Holdings Ltd. BCRH N 3 H/INC 18.35 NM 19.51 16.46 14.1 2.36 1.30 1.60 Dec 161 11.7 CGP Chubb Limited CB N 2 H/GRW 132.68 142.00 133.89 106.82 13.7 9.76 9.68 10.25 Dec 61,734 2.1 CGP Conifer Holdings, Inc. CNFR Q 2 H/GRW 7.35 9.00 9.40 5.32 NM (0.09) (0.79) 0.40 Dec 56 0.0 CGP Hallmark Financial Services Inc. HALL Q 3 H/GRW 11.82 NM 12.76 9.50 13.0 1.04 0.91 1.10 Dec 220 0.0 CGP Old Republic International Corp. ORI N 2 M/INC 19.07 20.00 20.00 16.51 14.2 1.28 1.34 1.45 Dec 4,947 3.9 CGP ProAssurance Corp. PRA N 3 H/GRW 56.60 NM 63.53 45.78 25.3 2.59 2.24 2.25 Dec 3,011 2.2 CGP The Travelers Companies, Inc. TRV N 3 M/INC 121.98 NM 123.09 101.23 12.9 10.88 9.48 9.65 Dec 34,655 2.2 CGP

Life/Health Aflac, Inc. AFL N 3 M/GRW 70.40 NM 74.50 54.57 10.1 6.16 6.96 6.90 Dec 28,723 2.4 CGP American Equity Investment Life Holding Company AEL N 2 H/GRW 22.85 24.00 24.88 12.65 16.9 2.42 1.35 2.35 Dec 2,009 1.1 CGP FBL Financial Group FFG N 3 H/GRW 79.05 NM 82.60 55.18 18.4 4.19 4.30 4.15 Dec 1,968 2.1 CGP

Personal Allstate Corporation ALL N 1 M/GRW 74.51 80.00 74.77 56.03 18.0 5.22 4.15 6.50 Dec 27,435 1.8 CGP Federated National Holding Company FNHC Q 2 H/GRW 18.73 24.00 30.70 14.03 34.1 2.73 0.55 2.05 Dec 259 1.7 CGP Infinity Property and Casualty Corporation IPCC Q 2 H/GRW 88.60 86.00 90.50 73.27 23.9 4.35 3.70 4.95 Dec 975 2.3 CGP Kemper Corp. KMPR N 3 M/INC 44.45 NM 45.95 23.51 NM 1.35 0.10 2.15 Dec 2,276 2.2 CGP Mercury General Corporation MCY N 3 H/INC 60.35 NM 61.19 42.97 34.5 2.34 1.75 2.10 Dec 3,337 4.1 CGP Progressive Corporation PGR N 2 H/GRW 35.73 38.00 35.95 29.32 22.9 2.03 1.56 1.75 Dec 20,720 2.5 CGP United Insurance Holdings Corp. UIHC Q 2 H/GRW 15.68 18.00 20.04 9.52 39.2 1.24 0.40 1.50 Dec 339 1.5 CGP

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Financial Services - USA Specialty Finance Investment Companies Alcentra Capital Corporation (ni) ABDC Q 1 H/INC 12.61 16.00 13.47 8.87 8.0 1.43 1.57 1.56 Dec 170 10.8 RD Apollo Investment Corp. (ni) AINV Q 3 H/INC 5.83 NM 6.27 4.26 9.1 0.96 0.83 A 0.64 Mar 1,318 10.3 RD Ares Capital Corp. (ni) ARCC Q 2 H/INC 16.25 18.00 16.91 12.31 10.8 1.62 1.51 1.60 Dec 5,102 9.4 RD CM Finance Inc. (ni) CMFN Q 2 H/INC 9.35 11.00 10.59 6.33 7.6 1.48 1.45 A 1.23 Jun 128 15.1 RD Compass Diversified Holdings (y) CODI N 2 H/INC 17.95 19.50 19.50 13.65 12.5 1.52 1.44 1.77 Dec 1,075 8.0 RD Fidus Investment Corporation (ni) FDUS Q 1 H/INC 16.08 20.00 17.09 11.34 11.0 1.64 1.46 1.70 Dec 354 9.7 RD Fifth Street Finance Corp. (ni) FSC Q 3 H/INC 5.43 NM 6.52 4.40 8.0 0.75 0.72 A 0.68 Sep 832 13.3 RD Fortress Transportation & Infrastructure Investors LLC FTAI N 1 H/INC 13.44 15.00 13.95 8.65 NM 0.12 (0.13) 0.42 Dec 1,018 9.8 RD Goldman Sachs BDC, Inc. (ni) GSBD N 2 H/INC 23.65 24.00 23.81 16.66 11.0 2.15 2.15 2.11 Dec 858 7.6 RD Golub Capital BDC, Inc. (ni) GBDC Q 2 H/INC 18.33 19.00 19.76 14.80 14.3 1.20 1.25 A 1.28 Sep 1,009 7.0 RD Great Ajax Corp. AJX N 2 H/INC 13.50 16.00 14.48 9.06 7.4 1.61 1.82 2.20 Dec 244 7.4 RD Hercules Capital, Inc. (ni) HTGC N 2 H/INC 14.25 15.00 14.26 9.92 11.6 1.05 1.23 1.31 Dec 1,089 8.7 RD Horizon Technology Finance Corporation (ni) HRZN Q 3 H/INC 10.52 NM 13.95 9.01 7.2 1.25 1.46 1.20 Dec 122 11.4 RD Main Street Capital Corp. (ni) MAIN N 2 H/INC 37.34 35.00 37.57 24.21 16.8 2.18 2.22 2.25 Dec 1,964 5.9 RD Monroe Capital Corp. (ni) MRCC Q 2 H/INC 15.60 18.50 16.37 10.02 9.8 1.61 1.59 1.62 Dec 259 9.0 RD Newtek Business Services Corp. (ni) NEWT Q 2 H/SPEC 15.81 16.00 16.09 9.37 9.8 2.06 1.61 1.75 Dec 231 9.7 RD Prospect Capital Corporation (ni) PSEC Q 4 NM 8.50 NM 8.68 5.21 9.2 1.03 1.04 A 0.92 Jun 3,019 11.8 RD Stellus Capital Investment Corporation (ni) SCM N 3 H/INC 12.20 NM 12.75 7.15 9.0 1.33 1.36 1.38 Dec 152 11.1 RD TCP Capital Corp. (ni) TCPC Q 2 H/INC 16.87 19.00 17.25 12.00 11.0 1.65 1.53 1.57 Dec 1,061 8.5 RD THL Credit, Inc. (ni) TCRD Q 2 H/INC 9.92 11.00 11.84 8.58 7.2 1.41 1.37 1.21 Dec 329 10.9 RD TPG Specialty Lending, Inc. (ni) TSLX N 2 H/INC 18.88 19.50 19.20 15.11 10.4 1.77 1.81 1.93 Dec 1,125 8.3 RD Triangle Capital Corporation (ni) TCAP N 3 H/INC 18.35 NM 21.35 14.91 11.4 2.16 1.61 1.91 Dec 741 9.8 RD

Specialty Consumer Finance Credit Acceptance Corp. CACC Q 4 NM 217.82 NM 223.57 160.63 13.3 14.32 16.39 19.22 Dec 4,428 0.0 RD Encore Capital Group Inc. ECPG Q 3 H/GRW 28.35 NM 31.41 16.09 8.5 5.15 3.35 4.21 Dec 724 0.0 RD OneMain Holdings, Inc. OMF N 3 H/GRW 22.64 NM 41.75 16.03 6.3 2.36 3.61 3.90 Dec 3,051 0.0 RD PRA Group Inc. PRAA Q 3 H/GRW 37.15 NM 38.90 20.00 13.5 3.99 2.75 3.29 Dec 1,722 0.0 RD

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Financial Services - CAN Michael Overvelde, CFA, CPA, CA michael.overvelde@raymondjames.ca

Diversified Financials Crown Capital Partners Inc. CRN T 2 H/INC C$9.48 11.00 9.99 6.72 16.1 NA 0.59 0.98 Dec 90 4.6 MO ECN Capital Corp. ECN T 2 H/GRW C$3.14 4.40 3.59 2.60 10.8 0.40 0.29 0.41 Dec 1,228 1.3 MO Element Fleet Management Corp. EFN T 1 M/GRW C$12.41 17.00 13.61 9.14 10.7 1.07 1.16 1.10 Dec 4,854 0.8 MO goeasy Ltd. GSY T 2 H/INC C$24.25 30.00 27.00 15.34 10.1 1.69 2.39 3.15 Dec 332 2.1 MO Home Capital Group Inc. HCG T 2 H/INC C$30.50 34.00 39.84 22.87 7.7 4.11 3.97 4.20 Dec 1,973 3.4 MO Intact Financial Corporation IFC T 3 M/INC C$97.13 98.00 97.32 77.49 20.2 5.54 4.81 7.06 Dec 12,734 2.4 MO Street Capital Group SCB T 2 H/GRW C$1.77 1.95 2.44 1.09 11.8 0.21 0.15 0.17 Dec 216 0.0 MO

Raymond James Research Register - January 2017 43

Healthcare

USA

Alternate Site Healthcare Providers ........................... 44

Animal Health ............................................................. 44

Benefits Management ................................................ 44

Health Benefits Management ................................. 44

Pharmacy Benefits Management ............................ 44

Biotechnology ............................................................. 45

Clinical Laboratories ................................................... 45

Death Care .................................................................. 46

Diagnostics.................................................................. 46

Drug Distributors ........................................................ 46

Drug Stores ................................................................. 46

Healthcare Information Technology ........................... 46

Hospital Supplies & Equipment .................................. 47

Hospitals ..................................................................... 47

Medical Devices .......................................................... 47

Pharma Services ......................................................... 48

Specialty Pharmaceuticals .......................................... 48

Raymond James Research Register - January 2017 44

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

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

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

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

Alternate Site Healthcare Providers AAC Holdings, Inc. AAC N 3 H/SPEC 7.16 NM 24.38 6.01 10.4 0.97 0.69 0.83 Dec 165 0.0 JWR Acadia Healthcare Company, Inc. ACHC Q 1 H/GRW 33.96 65.00 65.89 32.54 14.0 2.23 2.42 2.65 Dec 2,948 0.0 JWR,NJ Amedisys AMED Q 3 H/GRW 43.77 NM 55.16 31.16 29.2 1.48 1.50 1.97 Dec 1,479 0.0 JWR,NJ Civitas Solutions, Inc. CIVI N 3 H/GRW 19.75 NM 30.23 15.19 26.0 0.48 0.59 A 0.76 Sep 737 0.0 JWR DaVita HealthCare Partners Inc. DVA N 2 H/GRW 65.01 75.00 78.77 54.50 16.4 3.83 3.96 3.69 Dec 13,457 0.0 JWR,NJ Envision Healthcare Corporation EVHC N 1 H/GRW 65.78 90.00 83.27 57.32 15.2 3.71 4.34 4.76 Dec 8,157 0.0 JWR,NJ HealthSouth Corporation HLS N 2 H/GRW 42.16 50.00 43.38 30.26 16.3 2.28 2.59 2.74 Dec 3,832 2.3 JWR,NJ MEDNAX, Inc. MD N 3 H/GRW 67.81 NM 76.96 59.36 16.8 4.07 4.04 4.53 Dec 6,345 0.0 JWR,NJ Surgery Partners, Inc. SGRY Q 1 H/GRW 14.90 25.00 21.39 11.76 23.7 0.94 0.63 0.92 Dec 715 0.0 JWR

Animal Health Abaxis, Inc. ABAX Q 3 H/GRW 52.38 NM 58.15 37.71 40.3 0.91 1.36 A 1.30 Mar 1,189 1.1 NJ Heska Corporation HSKA Q 2 H/GRW 72.75 78.00 74.33 26.26 56.0 0.74 1.30 1.45 Dec 502 0.0 NJ IDEXX Laboratories, Inc. IDXX Q 3 H/GRW 119.75 NM 121.77 63.48 50.3 2.11 2.38 2.85 Dec 10,909 0.0 NJ VCA Inc. WOOF Q 2 H/GRW 68.47 74.00 73.69 44.00 23.4 2.38 2.93 3.35 Dec 5,594 0.0 NJ

Benefits Management Health Benefits Management Aetna AET N 3 M/GRW 126.23 NM 136.50 92.42 15.8 7.71 8.01 8.68 Dec 44,294 0.8 MJB Anthem ANTM N 3 M/GRW 145.68 NM 148.26 114.85 13.5 10.16 10.80 11.50 Dec 55,256 1.8 MJB Centene CNC N 3 H/GRW 58.64 NM 75.57 47.36 13.5 3.03 4.35 4.65 Dec 10,019 0.0 MJB CIGNA Corporation CI N 3 H/GRW 139.39 NM 148.99 115.03 17.4 8.66 8.00 9.50 Dec 38,681 0.0 MJB Health Insurance Innovations, Inc. HIIQ Q 3 H/SPEC 18.65 NM 19.25 3.72 19.6 0.27 0.95 1.00 Dec 270 0.0 MJB Humana HUM N 3 M/GRW 206.06 NM 217.80 150.00 21.7 7.75 9.51 10.65 Dec 30,724 0.6 MJB Insperity NSP N 3 H/GRW 71.55 NM 82.18 41.83 20.1 2.19 3.56 4.15 Dec 1,832 1.4 MJB Magellan Health MGLN Q 3 H/GRW 76.80 NM 77.35 49.50 23.5 1.21 3.27 4.30 Dec 2,127 0.0 MJB Molina Healthcare MOH N 3 H/GRW 55.11 NM 67.87 44.50 19.8 2.73 2.78 3.65 Dec 3,141 0.0 MJB UnitedHealth Group UNH N 1 M/GRW 162.64 185.00 164.00 107.51 20.3 6.45 8.01 9.50 Dec 176,139 1.5 MJB Universal American Corp. UAM N 3 M/GRW 10.01 NM 10.13 5.55 50.1 (0.14) 0.20 0.35 Dec 589 0.0 MJB WellCare Health Plans WCG N 3 H/GRW 138.41 NM 141.88 69.16 25.3 3.44 5.46 6.20 Dec 5,952 0.0 MJB

Pharmacy Benefits Management Express Scripts ESRX Q 3 H/GRW 69.60 NM 88.63 64.46 10.9 5.53 6.40 6.92 Dec 42,915 0.0 MJB

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Healthcare - USA Biotechnology AbbVie Inc. ABBV N 2 H/GRW 62.50 82.00 68.12 50.71 13.0 4.30 4.82 5.49 Dec 101,557 4.1 CR Acorda Therapeutics, Inc. ACOR Q 3 H/GRW 18.35 NM 43.63 16.40 NM 1.05 0.14 0.61 Dec 847 0.0 CR Adaptimmune Therapeutics plc ADAP Q 2 H/SPEC 4.16 16.00 12.85 3.76 NM (0.86) (1.04) (0.98) Dec 295 0.0 RB ADMA Biologics, Inc. ADMA Q 3 H/SPEC 4.49 NM 8.85 4.15 NM (1.73) (1.57) (0.94) Dec 58 0.0 RB Alexion Pharmaceuticals Inc. ALXN Q 1 H/GRW 126.06 198.00 193.45 109.12 27.0 4.65 4.67 5.94 Dec 29,171 0.0 CR AMAG Pharmaceuticals, Inc. AMAG Q 3 H/GRW 35.05 NM 36.83 17.92 5.7 4.43 6.11 7.03 Dec 1,199 0.0 CR Amgen, Inc. AMGN Q 3 M/GRW 148.36 NM 176.85 133.64 12.8 10.38 11.58 11.70 Dec 110,499 3.1 CR Asterias Biotherapeutics AST M 2 H/SPEC 4.85 5.00 5.80 2.26 NM (0.42) (0.76) (0.70) Dec 222 0.0 RB Bellicum Pharmaceuticals, Inc. BLCM Q 2 H/SPEC 14.50 29.00 23.11 7.24 NM (1.84) (2.59) (3.26) Dec 393 0.0 RB Biogen Inc. BIIB Q 1 H/GRW 291.12 375.00 333.65 223.02 14.5 17.01 20.10 21.21 Dec 63,340 0.0 CR BioMarin Pharmaceutical Inc. BMRN Q 2 H/GRW 85.08 108.00 107.56 62.12 NM (0.89) (0.04) 0.22 Dec 14,608 0.0 CR Blueprint Medicines Corporation BPMC Q 2 H/SPEC 28.06 34.00 38.33 13.04 NM (3.07) (2.72) (3.31) Dec 766 0.0 CR Cascadian Therapeutics Inc. CASC Q 2 H/SPEC 4.68 13.00 14.82 4.52 NM (2.02) (3.41) (2.07) Dec 106 0.0 RB Celgene Corporation CELG Q 1 H/GRW 117.92 155.00 127.00 93.05 20.0 4.71 5.91 6.95 Dec 91,435 0.0 CR Cempra, Inc. CEMP Q 3 H/SPEC 5.90 NM 32.31 5.70 NM (2.09) (2.21) (2.41) Dec 309 0.0 CR Fate Therapeutics, Inc. FATE Q 2 H/SPEC 2.87 4.00 3.82 1.46 NM (1.18) (1.15) (0.87) Dec 98 0.0 RB Galena Biopharma Inc. GALE Q 3 H/SPEC 1.96 NM 49.80 1.84 NM (5.00) (1.60) (2.40) Dec 21 0.0 RB Incyte Corporation INCY Q 2 H/GRW 102.53 115.00 111.20 55.00 NM 0.03 0.59 1.98 Dec 19,302 0.0 RB InVivo Therapeutics NVIV Q 1 H/SPEC 4.35 10.00 10.36 3.50 NM (1.26) (0.78) (0.77) Dec 139 0.0 RB Juno Therapeutics, Inc. JUNO Q 3 H/SPEC 19.47 NM 49.72 17.52 NM (2.72) (2.57) (3.12) Dec 1,998 0.0 RB Karyopharm Therapeutics Inc. KPTI Q 2 H/SPEC 9.37 13.00 14.13 4.83 NM (3.32) (3.01) (2.79) Dec 372 0.0 CR Keryx Biopharmaceuticals, Inc. KERX Q 2 H/SPEC 6.00 7.00 7.80 2.80 NM (1.19) (1.46) (0.74) Dec 636 0.0 RB Kite Pharma, Inc. KITE Q 2 H/SPEC 47.72 61.00 64.30 38.41 NM (2.33) (5.50) (7.07) Dec 2,377 0.0 RB NantKwest, Inc. NK Q 3 H/SPEC 6.11 NM 18.74 5.43 NM (3.31) (1.59) (1.87) Dec 503 0.0 RB NeuroDerm Ltd. NDRM Q 2 H/SPEC 22.30 27.00 23.70 11.76 NM (0.82) (1.52) (1.77) Dec 484 0.0 CR Nivalis Therapeutics, Inc. NVLS Q 3 H/SPEC 2.16 NM 9.35 2.00 NM (2.43) (2.16) (1.85) Dec 33 0.0 CR Proteon Therapeutics, Inc. PRTO Q 3 H/SPEC 1.95 NM 16.48 1.90 NM (1.30) (1.78) (1.63) Dec 32 0.0 CR Regeneron Pharmaceuticals, Inc. REGN Q 2 H/GRW 385.95 459.00 553.75 325.35 34.6 12.07 11.15 16.06 Dec 40,703 0.0 CR Sage Therapeutics, Inc. SAGE Q 1 H/SPEC 49.44 84.00 60.27 26.28 NM (3.40) (4.40) (5.37) Dec 1,837 0.0 CR Tesaro, Inc. TSRO Q 3 H/SPEC 136.66 NM 148.74 29.51 NM (6.38) (7.55) (6.60) Dec 7,059 0.0 CR TG Therapeutics, Inc. TGTX Q 1 H/SPEC 4.75 15.00 12.22 4.50 NM (1.38) (1.47) (1.31) Dec 260 0.0 RB Ultragenyx Pharmaceutical Inc. RARE Q 2 H/SPEC 73.86 91.00 117.12 46.52 NM (3.96) (6.19) (6.90) Dec 2,958 0.0 CR Verastem, Inc. VSTM Q 2 H/SPEC 1.15 3.00 1.95 1.05 NM (1.61) (0.90) (1.03) Dec 43 0.0 RB Vertex Pharmaceuticals Inc. VRTX Q 3 H/GRW 75.19 NM 129.18 71.46 NM (1.11) 0.74 1.71 Dec 18,527 0.0 CR ZIOPHARM Oncology, Inc. ZIOP Q 3 H/SPEC 5.59 NM 9.74 4.45 NM (0.96) (1.33) (0.53) Dec 736 0.0 RB

Clinical Laboratories Laboratory Corporation of America Holdings LH N 2 H/GRW 128.69 148.00 141.32 97.79 14.6 7.91 8.80 9.60 Dec 13,229 0.0 NJ NeoGenomics, Inc. NEO Q 2 H/GRW 8.85 11.50 9.88 5.49 63.2 0.02 0.14 0.22 Dec 695 0.0 NJ Quest Diagnostics Inc. DGX N 3 M/GRW 92.51 NM 93.57 59.66 18.1 4.77 5.10 5.45 Dec 12,859 1.9 NJ

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Healthcare - USA Death Care Service Corporation International (rf) SCI N 1 H/GRW 28.62 32.00 28.81 20.21 15.6 1.64 1.84 1.90 Dec 5,627 1.8 JWR,NJ StoneMor Partners L.P. (y) STON N 2 H/SPEC 8.41 13.00 29.69 7.74 NM UR UR UR Dec 299 15.7 JWR,NJ

Diagnostics Alere, Inc. ALR N 3 H/GRW 39.75 NM 54.13 31.47 22.0 2.14 1.81 2.15 Dec 3,494 0.0 NJ CareDx, Inc. CDNA Q 3 H/SPEC 2.65 NM 6.84 2.55 NM (1.05) (1.03) (0.84) Dec 52 0.0 NJ Fulgent Genetics, Inc. FLGT Q 2 H/SPEC 10.08 11.00 12.15 7.59 32.5 0.26 0.31 0.50 Dec 185 0.0 NJ GenMark Diagnostics, Inc. GNMK Q 2 H/GRW 12.18 13.50 13.29 4.20 NM (1.00) (1.07) (0.82) Dec 563 0.0 NJ Genomic Health GHDX Q 2 H/GRW 30.14 34.00 35.79 22.00 NM (1.04) (0.46) 0.02 Dec 1,007 0.0 NJ Meridian Bioscience, Inc. VIVO Q 4 NM 17.65 NM 21.49 15.75 21.5 0.85 0.80 A 0.82 Sep 750 4.5 NJ OraSure Technologies, Inc. OSUR Q 3 H/GRW 8.86 NM 9.53 5.09 30.6 0.14 0.29 0.22 Dec 501 0.0 NJ Quidel Corporation QDEL Q 2 H/GRW 20.72 24.00 23.94 13.21 NM (0.18) (0.14) 0.25 Dec 678 0.0 NJ Trinity Biotech plc TRIB Q 2 H/GRW 6.83 8.50 13.68 5.76 NM 0.46 (2.55) 0.18 Dec 160 0.0 NJ

Drug Distributors AmerisourceBergen Corp. ABC N 3 M/GRW 78.82 NM 105.81 68.38 13.5 4.94 5.62 A 5.82 Sep 17,955 1.9 JWR,NJ Cardinal Health Inc. CAH N 3 M/GRW 73.07 NM 91.23 62.70 13.5 4.38 5.24 A 5.43 Jun 23,529 2.5 JWR,NJ McKesson Corporation MCK N 3 M/GRW 142.07 NM 202.20 114.53 11.5 11.11 12.08 A 12.40 Mar 32,392 0.8 JWR,NJ

Drug Stores CVS Health CVS N 2 M/GRW 79.29 85.00 106.67 69.30 13.7 5.16 5.78 5.82 Dec 84,523 2.1 JWR,MJB Rite Aid Corporation RAD N 3 H/GRW 8.32 NM 8.69 6.33 NM 2.08 0.16 A 0.05 Feb 8,831 0.0 JWR,NJ Walgreens Boots Alliance Inc. WBA Q 2 M/GRW 84.49 95.00 102.82 71.50 16.5 3.88 4.59 A 5.11 Aug 92,010 1.8 JWR,NJ

Healthcare Information Technology The Advisory Board Company ABCO Q 3 H/GRW 33.25 NM 51.71 18.87 18.8 1.50 1.77 1.95 Dec 1,334 0.0 NJ Allscripts Healthcare Solutions Inc. MDRX Q 3 H/GRW 10.60 NM 15.57 9.80 18.9 0.47 0.56 0.63 Dec 2,004 0.0 NJ athenahealth Inc. ATHN Q 2 H/GRW 107.16 140.00 167.46 90.11 61.2 1.35 1.75 2.55 Dec 4,224 0.0 NJ Cerner Corporation CERN Q 3 H/GRW 48.28 NM 67.50 47.01 20.9 2.11 2.31 2.55 Dec 16,390 0.0 NJ Computer Programs and Systems, Inc. CPSI Q 3 H/INC 23.55 NM 59.16 18.25 13.6 2.13 1.73 1.78 Dec 319 4.1 NJ Connecture Inc. CNXR Q 3 H/GRW 1.73 NM 3.90 1.15 NM (0.34) (0.70) (0.26) Dec 59 0.0 NJ HealthStream, Inc. HSTM Q 3 H/GRW 25.05 NM 28.84 17.80 NM 0.28 0.14 0.21 Dec 795 0.0 NJ Premier, Inc. PINC Q 2 H/GRW 30.64 36.00 37.00 28.27 16.5 1.43 1.61 A 1.86 Jun 4,320 0.0 NJ Quality Systems Inc. QSII Q 3 H/GRW 13.08 NM 17.50 10.61 17.2 0.62 0.72 A 0.76 Mar 798 0.0 NJ Vocera Communications, Inc. VCRA N 2 H/GRW 17.88 23.00 20.00 10.46 NM (0.20) 0.06 0.24 Dec 485 0.0 NJ WebMD Health Corp WBMD Q 2 H/GRW 50.07 60.00 67.55 45.46 26.2 1.48 1.91 2.06 Dec 1,993 0.0 NJ

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Healthcare - USA Hospital Supplies & Equipment Baxter International Inc. BAX N 3 M/GRW 44.38 NM 50.16 34.06 23.0 1.38 1.93 2.11 Dec 24,139 1.2 LK Becton, Dickinson and Company BDX N 1 M/GRW 167.06 200.00 181.76 129.50 17.6 7.16 8.59 A 9.50 Sep 35,632 1.7 LK C.R. Bard, Inc. BCR N 2 M/GRW 223.52 250.00 239.43 172.21 21.8 9.09 10.27 11.41 Dec 17,882 0.5 LK The Cooper Companies, Inc. COO N 2 H/GRW 177.44 200.00 190.99 119.28 19.4 7.44 8.44 A 9.15 Oct 8,656 0.0 LK Haemonetics Corporation HAE N 4 NM 40.60 NM 41.41 25.98 27.1 1.85 1.64 A 1.50 Mar 2,068 0.0 LK Halyard Health Inc. HYH N 3 H/GRW 38.29 NM 39.54 22.76 19.9 2.11 1.92 1.94 Dec 1,787 0.0 LK Hill-Rom Holdings, Inc. HRC N 3 M/GRW 57.17 NM 63.12 42.99 15.1 2.64 3.34 A 3.79 Sep 3,756 1.2 LK Intuitive Surgical, Inc. ISRG Q 2 H/GRW 639.51 765.00 727.25 502.01 29.1 19.28 22.00 24.47 Dec 24,749 0.0 LK Masimo Corp. MASI Q 2 H/GRW 67.85 60.00 68.88 33.03 31.9 1.56 2.13 2.20 Dec 3,371 0.0 LK Stericycle Inc. SRCL Q 3 H/GRW 77.17 NM 128.94 71.52 16.2 4.71 4.76 4.65 Dec 6,564 0.0 LK STERIS plc STE N 2 M/GRW 68.87 78.00 78.77 61.38 17.5 2.99 3.39 A 3.93 Mar 5,917 1.8 LK Teleflex, Inc. TFX N 1 M/GRW 161.53 180.00 188.79 125.28 22.1 6.33 7.30 8.05 Dec 7,115 0.8 LK TransEnterix, Inc. TRXC M 2 H/SPEC 1.39 2.50 6.10 1.03 NM (0.64) (0.43) (0.31) Dec 88 0.0 LK

Hospitals Community Health Systems, Inc. CYH N 4 NM 5.71 NM 23.31 4.15 NM 3.24 0.00 0.46 Dec 634 0.0 JWR,NJ HCA Holdings, Inc. HCA N 1 H/GRW 74.37 95.00 83.69 60.07 11.2 5.57 6.65 7.05 Dec 29,004 0.0 JWR,NJ LifePoint Health, Inc. LPNT Q 2 H/GRW 58.68 70.00 75.94 50.60 16.3 4.09 3.60 4.22 Dec 2,529 0.0 JWR,NJ Tenet Healthcare Corporation THC N 3 H/GRW 15.02 NM 34.08 14.06 12.4 2.06 1.21 2.03 Dec 1,517 0.0 JWR,NJ Universal Health Services, Inc. UHS N 3 M/GRW 107.17 NM 139.77 99.72 14.4 6.87 7.42 8.39 Dec 10,535 0.4 JWR,NJ

Medical Devices Abbott Laboratories ABT N 2 M/GRW 38.60 45.00 46.03 36.00 17.5 2.15 2.20 2.46 Dec 57,321 2.7 JB Abiomed Inc. ABMD Q 2 H/GRW 113.74 118.00 132.95 67.81 NM 0.64 0.85 A 1.11 Mar 4,845 0.0 JB AngioDynamics ANGO Q 3 H/GRW 16.85 NM 17.64 9.71 25.1 0.58 0.58 A 0.67 May 618 0.0 JB Boston Scientific Corp. BSX N 1 H/GRW 21.76 27.00 24.79 15.67 19.8 0.93 1.10 1.27 Dec 29,625 0.0 JB DexCom Inc. DXCM Q 2 H/GRW 62.40 85.00 96.38 47.92 NM (0.26) (0.79) (0.23) Dec 5,248 0.0 JB Hologic Inc. HOLX Q 3 H/GRW 40.28 NM 41.01 31.84 18.8 1.67 1.96 A 2.14 Sep 11,379 0.0 JB ICU Medical, Inc. ICUI Q 1 H/GRW 145.95 170.00 154.80 85.56 30.0 3.96 4.86 5.02 Dec 2,525 0.0 JB Insulet PODD Q 3 H/GRW 37.94 NM 45.60 23.94 NM (0.82) (0.25) 0.07 Dec 2,178 0.0 JB Integra LifeSciences Corp. IART Q 2 H/GRW 86.43 89.00 88.86 54.75 24.8 3.08 3.49 3.91 Dec 3,362 0.0 JB Johnson & Johnson JNJ N 2 M/INC 115.91 125.00 126.07 94.28 17.3 6.20 6.70 7.00 Dec 322,809 2.8 JB Merit Medical Systems Inc. MMSI Q 1 H/GRW 26.35 27.00 26.85 15.47 26.6 0.87 0.99 1.16 Dec 1,186 0.0 JB Natus Medical Inc. BABY Q 2 H/GRW 34.95 47.00 49.95 29.54 21.4 1.55 1.63 1.78 Dec 1,153 0.0 JB RTI Surgical Inc. RTIX Q 3 H/GRW 3.30 NM 4.65 2.50 NM 0.23 0.02 0.05 Dec 192 0.0 JB Senseonics Holdings, Inc. SENS M 2 H/SPEC 2.72 4.00 4.24 2.17 NM (0.45) (0.51) (0.58) Dec 254 0.0 JB Spectranetics Corp SPNC Q 2 H/GRW 25.00 28.00 25.81 11.09 NM (0.89) (1.08) (1.00) Dec 1,080 0.0 JB

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Healthcare - USA Pharma Services Catalent, Inc. CTLT N 3 H/GRW 26.83 NM 32.24 18.92 19.4 1.63 1.22 A 1.38 Jun 3,346 0.0 JWR,MJB Charles River Laboratories CRL N 3 H/GRW 76.04 NM 89.18 65.70 17.0 3.76 4.46 5.00 Dec 3,599 0.0 MJB Diplomat Pharmacy, Inc. DPLO N 3 H/GRW 13.06 NM 38.94 12.47 15.2 0.75 0.86 0.80 Dec 893 0.0 JWR ICON plc ICLR Q 3 H/GRW 75.26 NM 85.74 62.31 15.9 3.98 4.72 5.32 Dec 4,202 0.0 MJB INC Research Holdings INCR Q 2 H/GRW 51.60 56.00 57.11 34.19 20.6 2.00 2.50 2.95 Dec 2,765 0.0 MJB PAREXEL PRXL Q 3 H/GRW 65.58 NM 71.13 51.16 17.8 2.79 3.43 A 3.68 Jun 3,469 0.0 MJB Patheon N.V. (ae) PTHN N 2 H/GRW 28.51 32.50 31.02 24.11 NM 375 395 A 478 Oct 4,136 0.0 MJB,JWR Quintiles IMS Holdings Q N 3 M/GRW 75.85 NM 81.45 55.01 19.5 3.33 3.88 4.45 Dec 9,056 0.0 MJB

Specialty Pharmaceuticals Aerie Pharmaceuticals, Inc. AERI Q 1 H/SPEC 38.50 48.00 43.40 10.82 NM (2.38) (2.70) (2.16) Dec 1,285 0.0 EW Akorn, Inc. AKRX Q 3 H/GRW 21.48 NM 39.46 17.57 9.5 2.02 2.25 2.34 Dec 2,690 0.0 EW Allergan plc AGN N 2 M/GRW 200.49 232.00 317.48 184.50 15.0 13.26 13.41 16.68 Dec 76,828 1.4 EW Amphastar Pharmaceuticals, Inc. AMPH Q 1 H/GRW 18.57 21.00 21.75 10.50 35.7 0.10 0.52 0.51 Dec 855 0.0 EW ANI Pharmaceuticals, Inc. ANIP Q 1 H/GRW 63.05 73.00 70.92 26.80 15.4 2.72 4.09 4.41 Dec 731 0.0 EW Dipexium Pharmaceuticals, Inc. DPRX Q 3 H/SPEC 1.95 NM 17.75 1.15 NM (1.99) (1.81) (0.45) Dec 20 0.0 EW Endo International plc ENDP Q 3 H/GRW 15.90 NM 63.12 12.56 3.4 4.66 4.69 4.63 Dec 3,543 0.0 EW Flexion Therapeutics, Inc. FLXN Q 1 H/SPEC 20.73 35.00 23.57 7.56 NM (2.15) (2.65) (2.53) Dec 655 0.0 EW Impax Laboratories, Inc. IPXL Q 3 H/GRW 13.25 NM 44.74 12.28 11.0 1.45 1.20 1.67 Dec 980 0.0 EW Lannett Company, Inc. LCI N 2 H/GRW 22.80 29.00 41.95 16.75 7.2 4.04 3.42 A 3.17 Jun 835 0.0 EW Mallinckrodt PLC MNK N 2 M/GRW 51.77 72.00 85.83 50.59 6.1 6.79 7.85 A 8.51 Sep 5,548 0.0 EW Mylan N.V. MYL Q 1 H/GRW 37.58 57.00 55.51 33.60 8.0 4.30 4.70 5.32 Dec 20,108 0.0 EW Perrigo Company PLC PRGO N 3 M/GRW 85.18 NM 152.36 79.72 12.1 7.59 7.03 7.58 Dec 12,215 0.7 EW Teligent, Inc. TLGT Q 1 H/GRW 6.52 11.00 9.18 4.46 93.1 (0.06) 0.07 0.27 Dec 346 0.0 EW Teva Pharmaceutical Industries, Ltd. (r) TEVA N 3 M/GRW 36.34 NM 66.55 34.57 7.1 5.46 5.12 5.81 Dec 36,885 3.7 EW

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Industrial

USA Canada Europe

Specialty Distribution ................................................. 50

Waste and Industrial Services ..................................... 50

Industrial Services.................................................... 50

Waste Services ........................................................ 50

Aerospace & Aviation ................................................. 51

Chemicals ................................................................... 51

Diversified Income Corps. ........................................... 51

Infrastructure & Construction .................................... 51

Construction ............................................................ 51

Engineering ............................................................. 51

Machinery ............................................................... 51

Related Products & Services.................................... 52

Special Situations ....................................................... 52

Aerospace & Defence .................................................. 52

Commercial Aerospace ............................................ 52

Defence .................................................................... 52

Chemicals .................................................................... 53

Agrochemicals .......................................................... 53

Consumer Chemicals ................................................ 53

Diversified Chemicals ............................................... 53

Industrial Chemicals ................................................. 53

Industrial Gases ........................................................ 53

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

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

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

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

Infrastructure Operators .......................................... 53

Raymond James Research Register - January 2017 50

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

Budd Bugatch, CFA Budd.Bugatch@RaymondJames.com

Specialty Distribution Beacon Roofing Supply, Inc. BECN Q 1 H/GRW 47.74 54.00 49.32 32.24 21.9 1.38 2.10 A 2.18 Sep 2,903 0.0 SD,BB Fastenal Company FAST Q 3 H/GRW 48.33 NM 49.99 35.10 28.4 1.77 1.70 1.75 Dec 13,977 2.5 SD,BB GMS Inc. GMS N 2 H/GRW 29.91 30.00 30.35 19.28 17.3 0.98 1.43 A 1.73 Apr 1,235 0.0 SD HD Supply Holdings Inc. HDS Q 3 H/GRW 43.73 NM 44.20 21.26 16.6 1.72 2.63 3.17 Jan 8,779 0.0 SD,BB Houston Wire & Cable Company HWCC Q 3 H/GRW 6.80 NM 7.71 4.79 NM 0.30 (0.16) 0.04 Dec 111 1.8 SD,BB LKQ Corporation LKQ Q 2 H/GRW 31.33 36.00 36.35 23.95 17.4 1.49 1.80 1.96 Dec 9,712 0.0 SD MRC Global MRC N 3 H/GRW 21.45 NM 22.52 8.50 NM (3.38) (1.11) 0.02 Dec 2,057 0.0 SD,BB MSC Industrial Direct MSM N 3 H/GRW 94.73 NM 94.79 54.19 24.9 3.79 3.77 A 3.80 Aug 5,712 1.8 SD,BB NOW Inc. DNOW N 3 H/GRW 21.54 NM 23.53 12.03 NM (0.61) (1.41) (0.30) Dec 2,305 0.0 SD Praxair, Inc. PX N 1 M/INC 118.55 131.00 125.00 95.60 21.7 5.81 5.47 5.96 Dec 33,833 2.5 SD W.W. Grainger, Inc. GWW N 3 M/GRW 238.03 NM 240.74 176.85 20.7 11.94 11.52 11.65 Dec 14,377 2.1 SD,BB WESCO International WCC N 3 H/GRW 68.80 NM 73.40 34.00 18.2 4.18 3.78 3.80 Dec 3,351 0.0 SD,BB

Waste and Industrial Services Industrial Services Clean Harbors CLH N 4 NM 56.45 NM 58.23 37.09 NM 1.30 0.12 0.95 Dec 3,246 0.0 TB

Waste Services Casella Waste Systems, Inc. CWST Q 1 H/SPEC 12.37 13.00 13.41 4.97 NM (0.21) 0.10 0.26 Dec 513 0.0 TB Covanta Holding Corp. CVA N 1 H/INC 15.70 17.50 17.75 12.48 NM 0.07 (0.08) 0.02 Dec 2,057 6.4 TB Republic Services, Inc. RSG N 1 M/GRW 57.41 58.00 58.00 41.82 26.1 2.06 2.20 2.36 Dec 19,749 2.2 TB U.S. Ecology, Inc. ECOL Q 3 H/GRW 49.50 NM 50.25 29.89 31.3 1.61 1.58 1.85 Dec 1,079 1.5 TB Waste Connections, Inc. WCN N 1 H/GRW 79.03 87.00 79.90 47.33 31.4 NA 2.52 3.00 Dec 13,893 0.9 TB Waste Management, Inc. WM N 3 M/INC 70.96 NM 71.78 50.36 24.3 2.62 2.92 3.18 Dec 31,364 2.3 TB

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

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

David Quezada, CFA david.quezada@raymondjames.ca Michael Overvelde, CFA, CPA, CA michael.overvelde@raymondjames.ca

Aerospace & Aviation Bombardier Inc. BBD.B T 2 H/GRW C$2.11 2.75 2.28 0.72 NM 0.16 (0.12) (0.01) Dec 4,691 0.0 SH,BC CAE Inc. (f) CAE T 3 M/GRW C$18.84 20.00 19.93 13.04 18.8 0.76 0.86 A 1.00 Mar 5,087 1.7 BC Héroux-Devtek Inc. (f) HRX T 3 M/GRW C$14.85 15.00 16.05 11.70 19.5 0.55 0.77 A 0.76 Mar 535 0.0 BC

Chemicals Canexus Corporation CUS T 3 H/INC C$1.64 1.65 1.64 1.06 13.7 0.02 0.12 0.13 Dec 307 2.4 SH Chemtrade Logistics Income Fund CHE.UN T 2 M/INC C$19.06 19.50 19.22 14.38 NM (0.95) (0.18) 0.72 Dec 1,317 6.3 SH Methanex MEOH Q 2 H/INC US$44.95 48.00 46.95 22.73 NM 1.20 (0.40) 1.79 Dec 4,037 2.4 SH Superior Plus Corporation SPB T 2 H/INC C$12.64 14.00 12.91 8.42 11.4 0.12 1.11 0.57 Dec 1,805 5.7 SH

Diversified Income Corps. Alaris Royalty Corp. AD T 3 H/INC C$23.68 23.00 31.20 17.80 13.9 1.68 1.70 1.08 Dec 869 6.8 MO Exchange Income Corp EIF T R H/INC C$42.33 R 45.28 21.21 R R R R Dec R R SH Grenville Strategic Royalty Corp. GRC V 3 H/SPEC C$0.16 0.30 0.80 0.10 NM 0.08 (0.05) 0.03 Dec 17 0.0 DQ

Infrastructure & Construction Construction Aecon Group ARE T 3 H/INC C$15.16 17.00 19.19 12.75 24.5 1.03 0.62 0.78 Dec 1,063 3.0 FB Bird Construction Inc. BDT T 3 H/INC C$9.09 10.00 14.19 7.26 15.2 0.98 0.60 0.45 Dec 386 4.3 FB North American Energy Partners NOA T 2 H/INC C$5.17 5.00 5.57 1.95 NM (0.23) (0.01) 0.10 Dec 152 1.5 BC Stuart Olson Inc. SOX T 3 H/INC C$5.90 6.00 7.13 4.45 NM 0.39 (0.06) 0.25 Dec 158 8.1 FB

Engineering IBI Group Inc. IBG T 2 H/GRW C$5.85 7.00 6.73 2.07 34.4 0.49 0.17 0.45 Dec 219 NM FB SNC-Lavalin SNC T 2 M/GRW C$58.50 63.00 59.63 36.47 25.5 2.68 2.29 3.25 Dec 8,798 1.8 FB Stantec Inc STN T 2 M/GRW C$34.38 38.00 36.85 27.99 19.3 1.60 1.78 1.90 Dec 3,919 1.3 BC,FB WSP Global Inc. WSP T 2 M/INC C$45.38 50.00 48.50 35.11 21.1 1.87 2.15 2.55 Dec 4,574 3.3 FB

Machinery Cervus Equipment Corp. CVL T 2 M/GRW C$15.84 16.00 16.52 10.41 15.2 0.82 1.04 1.35 Dec 266 1.8 BC Finning International FTT T 3 M/GRW C$26.26 24.00 28.02 16.37 29.5 1.29 0.89 1.32 Dec 4,417 2.8 BC Ritchie Bros. Auctioneers RBA N 3 M/GRW US$34.02 35.00 39.96 21.03 30.1 1.13 1.13 1.36 Dec 3,657 3.3 BC Rocky Mountain Dealerships Inc. RME T 2 M/GRW C$9.60 12.00 9.89 5.50 10.8 0.71 0.89 1.00 Dec 186 4.8 BC Strongco Corp. SQP T 3 H/GRW C$1.36 1.40 1.80 1.36 NM (0.22) (2.66) 0.02 Dec 18 0.0 BC Toromont Industries TIH T 3 M/GRW C$42.35 40.00 44.44 27.25 21.7 1.86 1.95 2.12 Dec 3,341 1.7 BC Wajax Corp. WJX T 3 M/GRW C$23.11 18.00 25.76 13.34 24.3 1.50 0.95 1.35 Dec 467 4.3 BC

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Industrial - CAN Related Products & Services Canam Group CAM T 2 H/INC C$9.36 12.50 14.00 8.41 NM 1.08 0.05 1.20 Dec 436 1.7 FB Russel Metals RUS T 3 M/INC C$26.26 25.00 27.78 13.95 29.2 (1.42) 0.90 1.40 Dec 1,623 5.8 FB WesternOne Inc. WEQ T 3 H/GRW C$1.40 2.80 18.55 1.20 NM (17.50) NM (0.35) Dec 24 NM FB ZCL Composites ZCL T 2 H/GRW C$12.85 12.00 13.08 6.29 19.5 0.44 0.66 0.80 Dec 396 2.5 BC

Special Situations Boyd Group Income Fund (cb) BYD.UN T 2 M/GRW C$86.10 90.00 91.31 54.16 NM 96 124 145 Dec 1,558 0.6 SH DIRTT Environmental Solutions Ltd. DRT T 1 H/GRW C$6.30 7.50 7.01 4.58 57.3 0.22 0.11 0.35 Dec 569 0.0 DQ,DS Tree Island Steel Ltd. TSL T 2 H/GRW C$4.95 5.75 6.55 2.90 10.3 0.52 0.48 0.63 Dec 154 1.6 DQ

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

Patrick Lambert, RJFI Patrick.Lambert@RaymondJames.com

Aerospace & Defence Commercial Aerospace Airbus Group AIR.PA EPA 1 €62.92 80.00 64.98 48.07 20.6 3.41 3.05 3.80 Dec 48,601 2.4 HB GKN GKN.L L 1 331p 440 340 246 11.4 27.80 29.00 34.50 Dec £5,665 2.7 HB Meggitt MGGT.L L 1 466p 625 485 342 13.3 31.60 35.00 39.00 Dec £3,616 3.2 HB MTU Aero Engines MTXGn.DE ETR 4 €110.95 85.00 111.45 73.88 17.3 6.01 6.40 6.55 Dec 5,698 1.6 HB Rolls-Royce RR.L L 3 681p NM 870 489 23.5 59.00 29.00 41.50 Dec £12,513 1.8 HB Safran SAF.PA EPA 3 €68.00 NM 69.89 48.87 17.9 3.55 3.79 3.89 Dec 28,318 2.2 HB Senior SNR.L L 3 192p NM 245 161 13.7 19.00 14.00 15.50 Dec £804 3.7 HB Zodiac Aerospace ZODC.PA EPA 3 €21.94 NM 24.14 14.08 37.2 0.72 0.59 0.65 Aug 6,350 1.5 HB

Defence BAE Systems BAES.L L 4 594p 525 632 455 14.8 40.20 40.00 43.00 Dec £18,835 3.7 HB Cobham COB.L L 4 167p 145 245 124 15.2 16.50 11.00 12.00 Dec £2,859 4.2 HB Thales TCFP.PA EPA 3 €92.25 NM 93.33 59.77 22.0 3.89 4.20 4.80 Dec 19,457 1.5 HB

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Industrial - EUR Chemicals Agrochemicals Syngenta (sa) SYNN.VX SWF 1 CHF409.10 471.00 433.30 348.10 NM 13,411 12,826 13,378 Dec $37,549 2.6 PL Yara (sa) YAR.OL OSL 3 NOK338.70 NM 385.90 256.10 NM 111,896 92,699 87,243 Dec 92,539 4.4 PL

Consumer Chemicals AkzoNobel (sa) AKZO.AS AMS 3 €59.39 NM 65.06 49.91 NM 14,859 14,467 14,780 Dec 14,943 2.6 PL Givaudan (sa) GIVN.VX SWF 2 CHF1842.00 2526.00 2116.00 1707.00 NM 4,396 4,747 5,053 Dec 16,981 2.9 PL Symrise (sa) SY1G.DE ETR 3 €58.06 NM 69.32 53.00 NM 2,602 2,891 3,022 Dec 7,537 1.4 PL

Diversified Chemicals BASF (sa) BASFn.DE ETR 4 €87.74 77.00 87.94 56.01 NM 70,449 57,510 61,146 Dec 80,587 3.3 PL DSM (sa) DSMN.AMS AMS 1 €57.11 76.00 64.39 40.89 NM 8,935 7,932 8,425 Dec 10,091 2.9 PL

Industrial Chemicals Arkema (sa) AKE.PA EPA 1 €93.35 101.00 95.28 48.17 NM 7,683 7,603 8,179 Dec 7,049 3.1 PL Clariant (sa) CLN.VX SWF 3 CHF17.24 NM 19.17 15.26 NM 5,807 5,886 6,247 Dec 5,564 2.3 PL Covestro (sa) 1COV.DE ETR 2 €67.01 68.00 67.14 24.51 NM 12,082 11,718 12,543 Dec 13,570 1.0 PL Lanxess (sa) LXSG.DE ETR 2 €62.29 61.00 62.93 32.90 NM 7,902 7,627 8,068 Dec 5,701 1.0 PL Solvay (sa) SOLB.BR EBR 1 €111.70 123.00 112.10 70.52 NM 10,577 11,784 12,283 Dec 11,591 2.8 PL

Industrial Gases Air Liquide (sa) AIRP.PA EPA 2 €105.40 134.00 106.30 85.96 NM 16,380 18,711 21,506 Dec 37,264 3.6 PL

Infrastructure & Construction Building Products Saint-Gobain SGOB.PA EPA S €43.71 NM 44.00 31.47 NM 2.30 NA NA Dec 24,492 3.0 MB Tarkett S.A. TKTT.PA EPA 1 €34.16 40.00 36.88 20.55 24.1 1.31 1.42 1.64 Dec 2,176 1.8 MB

Construction Groups Eiffage FOUG.PA EPA 3 €66.45 NM 72.77 55.65 15.8 3.44 4.20 4.87 Dec 6,341 2.3 MB Vinci SGEF.PA EPA 2 €64.53 77.00 69.80 49.93 15.2 3.69 4.24 4.45 Dec 37,973 3.2 MB

House Builders Nexity NEXI.PA EPA 2 €44.41 54.00 50.15 37.27 17.8 2.28 2.50 3.02 Dec 2,432 5.0 MB

Infrastructure Operators ADP ADP.PA EPA 2 €101.30 91.00 112.20 83.50 24.4 4.35 4.15 4.54 Dec 10,025 2.5 MB Ferrovial FER.MC MAD 1 €17.22 21.80 20.28 14.83 33.8 0.98 0.51 0.58 Dec 12,608 4.1 MB Fraport FRAG.DE ETR 4 €55.99 44.00 59.95 44.96 18.7 2.99 E 2.89 3.21 Dec 5,163 2.4 MB

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

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

Agribusiness AGT Food and Ingredients Inc. AGT T 1 H/INC C$36.30 46.00 42.16 31.56 17.1 2.02 2.12 3.06 Dec 875 1.7 SH

Fertilizers Agrium Inc. AGU N 3 M/GRW US$102.98 96.00 109.73 79.94 21.7 7.25 4.75 5.30 Dec 14,211 3.4 SH Potash Corp. of Saskatchewan Inc. POT N 3 M/GRW US$18.63 17.00 19.88 14.64 44.4 1.52 0.42 0.52 Dec 15,645 2.1 SH

Mining & Natural Resources

Canada

Agribusiness ............................................................... 54

Fertilizers .................................................................... 54

Forest Products .......................................................... 55

Building Materials ................................................... 55

Pulp & Paper ........................................................... 55

Mining ........................................................................ 55

Precious Metals - Gold ............................................ 55

Precious Metals - Silver ........................................... 55

Raymond James Research Register - January 2017 55

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Mining & Natural Resources - CAN Forest Products Building Materials Acadian Timber Corp. ADN T 1 M/INC C$18.51 22.00 20.59 15.70 16.7 0.81 1.11 1.12 Dec 309 5.4 DS Canfor Corp. CFP T 2 H/GRW C$15.31 18.00 21.25 11.96 14.3 0.43 1.07 1.14 Dec 2,033 0.0 DS Conifex Timber Inc. CFF T 2 H/SPEC C$2.93 4.00 3.74 1.50 0.9 (0.82) 3.16 0.45 Dec 62 0.0 DS Interfor Corp. IFP T 1 H/GRW C$15.25 19.00 15.99 8.67 19.6 (0.29) 0.78 1.56 Dec 1,068 0.0 DS Norbord Inc. OSB T 1 H/GRW C$34.43 46.00 36.00 19.44 16.4 (0.12) 2.10 3.57 Dec 2,989 1.2 DS West Fraser Timber WFT T 2 M/GRW C$48.47 51.00 54.77 35.35 11.7 0.57 4.14 3.98 Dec 3,975 0.6 DS Western Forest Products Inc. WEF T 2 H/GRW C$1.91 2.50 2.40 1.77 9.5 0.18 0.20 0.30 Dec 777 4.2 DS

Pulp & Paper Canfor Pulp Products Inc. CFX T 2 H/GRW C$10.10 14.00 13.93 9.05 10.3 1.59 0.98 1.09 Dec 674 2.5 DS Domtar UFS N 2 H/INC US$40.12 50.00 42.95 29.88 19.4 3.33 2.07 2.76 Dec 2,516 4.0 DS Fortress Paper FTP T 2 H/GRW C$7.00 8.50 7.73 2.84 7.1 (2.19) 0.99 0.80 Dec 99 0.0 DS Mercer International Inc. MERC Q 2 H/INC US$10.70 12.50 10.75 5.95 21.4 1.17 0.50 1.49 Dec 698 4.3 DS

Mining Precious Metals - Gold Asanko Gold Inc. AKG T 2 H/GRW C$3.68 4.75 6.09 1.85 11.9 (0.04) 0.31 0.37 Dec 811 0.0 CT B2Gold Corp. (cf) BTO T 2 H/GRW C$2.86 4.00 4.74 0.86 10.2 0.18 0.28 0.24 Dec 2,883 0.0 CT Coeur Mining Inc. (cf) CDE N 2 H/GRW US$9.14 11.75 16.41 1.62 8.6 0.54 1.06 1.17 Dec 1,654 0.0 CT Endeavour Mining Corp. (cf) EDV T 2 H/GRW C$17.73 24.50 27.17 6.83 9.0 3.30 1.97 2.52 Dec 1,633 0.0 CT Mandalay Resources Corp. (cf) MND T 2 H/INC C$0.75 0.85 1.35 0.59 5.4 0.17 0.14 0.11 Dec 338 4.0 CT OceanaGold Corp. (cf) OGC T 1 H/GRW C$3.51 5.00 5.56 2.50 8.8 0.50 0.40 0.56 Dec 2,145 0.6 CT Orezone Gold Corp. ORE V 2 H/SPEC C$0.50 0.90 1.28 0.22 NM (0.06) (0.03) (0.03) Dec 76 0.0 CT Roxgold Inc. ROG V 2 H/GRW C$1.17 1.75 1.76 0.68 58.5 (0.02) 0.02 0.11 Dec 432 0.0 CT SEMAFO Inc. SMF T 2 H/GRW C$3.95 5.25 7.46 3.19 9.0 0.50 0.44 0.35 Dec 1,283 0.0 CT Tahoe Resources Inc. (cf) THO T 2 H/INC C$11.83 19.00 22.13 9.45 10.4 0.86 1.14 1.20 Dec US$3,719 2.0 CT Victoria Gold Corporation (cf) VIT V 2 H/SPEC C$0.45 0.75 0.80 0.15 NM (0.01) (0.01) (0.01) Feb 253 0.0 CT

Precious Metals - Silver Bear Creek Mining Corp. (cf) BCM V 2 H/SPEC C$2.00 3.25 3.77 0.50 NM (0.14) (0.11) (0.13) Dec 221 0.0 CT Endeavour Silver Corp. EDR T 3 H/GRW C$4.40 4.75 7.75 1.46 16.9 0.35 0.26 0.29 Dec 573 0.0 CT First Majestic Silver (cf) FR T 3 H/GRW C$9.28 9.00 24.96 3.50 14.7 0.36 0.63 0.64 Dec 1,577 0.0 CT Fortuna Silver Mines Inc. (cf) FVI T 2 H/GRW C$6.88 9.50 12.73 2.92 15.6 0.32 0.44 0.57 Dec 1,024 0.0 CT MAG Silver (cf) MAG T 1 H/SPEC C$14.04 19.50 23.32 8.79 NM (0.06) (0.08) NA Dec US$1,133 0.0 CT Pan American Silver (cf) PAAS Q 2 H/INC US$14.79 18.00 21.59 5.38 9.7 0.55 1.53 1.18 Dec 2,263 0.3 CT Silvercorp Metals Inc. (cf) SVM T 3 H/GRW C$2.84 3.15 4.73 0.60 8.1 0.29 0.19 A 0.35 Mar 492 0.7 CT

Raymond James Research Register - January 2017 56

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

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

Jonathan Hughes, CFA Jonathan.Hughes@RaymondJames.com

Housing CalAtlantic Group Inc. CAA N 2 M/GRW 34.92 36.00 40.94 26.97 10.2 2.26 3.42 3.90 Dec 4,753 0.5 BH,PDP D.R. Horton, Inc. DHI N 3 M/GRW 27.93 NM 34.56 22.97 10.7 2.00 2.36 A 2.60 Sep 10,538 1.4 BH,PDP KB Home KBH N 3 H/GRW 16.26 NM 17.38 9.04 14.6 0.83 1.11 1.70 Nov 1,548 0.6 BH,PDP Lennar Corporation LEN N 1 M/GRW 43.36 51.00 50.11 37.14 10.3 3.47 3.93 A 4.20 Nov 10,068 0.4 BH,PDP MDC Holdings MDC N 3 H/INC 26.20 NM 27.58 18.36 13.8 1.28 1.90 2.38 Dec 1,349 3.6 BH,PDP PulteGroup Inc. PHM N 3 M/GRW 18.62 NM 22.40 14.61 12.3 1.36 1.52 2.05 Dec 6,375 1.9 BH,PDP St. Joe Company JOE N 3 M/GRW 19.75 NM 21.90 14.27 NM (0.02) 0.15 0.03 Dec 1,467 0.0 BH,PDP Toll Brothers, Inc. TOL N 1 M/GRW 31.91 37.00 34.12 23.75 10.1 1.97 2.18 A 3.15 Oct 5,479 0.0 BH,PDP WCI Communities, Inc. WCIC N 3 M/GRW 23.35 NM 24.28 15.41 17.6 1.34 1.33 2.00 Dec 623 0.0 BH,PDP

Real Estate

USA Canada Europe

Housing ....................................................................... 56

Lodging ....................................................................... 57

REITs ........................................................................... 57

Farmland ................................................................. 57

Healthcare ............................................................... 57

Hotels ...................................................................... 57

Malls ........................................................................ 57

Net Lease ................................................................. 57

Office/Industrial ...................................................... 58

Residential ............................................................... 58

Self Storage ............................................................. 58

Shopping Centers .................................................... 58

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

Real Estate .................................................................. 59

Healthcare ............................................................... 59

Industrial ................................................................. 59

Mortgage Investment Corporations ........................ 59

Office/Diversified .................................................... 59

Real Estate Services ................................................. 59

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

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

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

Hotels .......................................................................... 60

Raymond James Research Register - January 2017 57

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Real Estate - USA Lodging Hilton Worldwide Holdings Inc. HLT N 2 M/GRW 27.43 30.00 27.95 16.16 31.5 0.81 0.87 1.00 Dec 27,150 1.0 WAC,PDP Hyatt Hotels Corporation H N 3 H/GRW 56.43 NM 58.05 34.06 35.7 0.90 1.58 1.50 Dec 7,381 0.0 WAC,PDP La Quinta Holdings, Inc. LQ N 3 H/GRW 14.34 NM 14.51 9.42 28.1 0.54 0.51 0.44 Dec 1,675 0.0 WAC,PDP Marriott International, Inc. MAR Q 3 M/GRW 84.14 NM 86.15 56.43 23.3 3.15 3.61 4.02 Dec 32,857 1.4 WAC,PDP

REITs Farmland American Farmland Company (x) AFCO M 2 H/INC 7.91 8.00 8.12 4.95 43.9 (0.51) 0.18 0.35 Dec 160 3.2 CM,PDP

Healthcare CareTrust REIT, Inc (x) CTRE Q 2 M/INC 15.18 15.00 15.88 9.12 13.8 0.94 1.10 1.24 Dec 978 4.5 JH,PDP HCP, Inc. (x) HCP N 4 NM 29.37 NM 36.54 22.69 10.8 3.16 2.72 1.87 Dec 13,939 5.0 JH,PDP Healthcare Trust of America, Inc. (x) HTA N 2 M/INC 28.43 33.00 34.64 25.90 17.8 1.53 1.60 1.71 Dec 4,154 4.2 JH,PDP MedEquities Realty Trust, Inc. (x) MRT N 2 M/INC 11.09 13.00 12.05 10.28 6.7 1.38 1.65 1.26 Dec 125 7.6 JH,PDP Physicians Realty Trust (x) DOC N 1 M/INC 18.60 22.00 22.03 15.41 18.8 0.93 0.99 1.18 Dec 2,571 4.8 JH,PDP Sabra Health Care REIT, Inc. (x) SBRA Q 3 M/INC 23.57 NM 26.40 14.92 10.2 2.33 2.31 2.35 Dec 1,553 7.1 JH,PDP Senior Housing Properties Trust (x) SNH Q 4 NM 18.14 NM 23.85 13.53 9.6 1.84 1.88 1.89 Dec 4,308 8.6 JH,PDP Ventas, Inc. (x) VTR N 3 M/INC 61.53 NM 76.80 46.87 14.9 4.47 4.12 4.25 Dec 21,942 5.0 JH,PDP Welltower Inc. (x) HCN N 3 M/INC 65.86 NM 80.19 52.80 14.5 4.38 4.55 4.40 Dec 23,868 5.2 JH,PDP

Hotels DiamondRock Hospitality Company (x) DRH N 3 M/INC 11.48 NM 11.61 7.28 11.4 1.01 1.01 0.94 Dec 2,319 4.4 WAC,PDP Hersha Hospitality Trust (x) HT N 3 M/INC 21.35 NM 22.80 15.36 8.9 2.35 2.40 2.29 Dec 950 5.2 WAC,PDP Host Hotels & Resorts Inc. (x) HST N 3 M/INC 18.96 NM 19.51 12.17 11.5 1.54 1.65 1.60 Dec 14,163 4.2 WAC,PDP LaSalle Hotel Properties (x) LHO N 3 M/INC 30.91 NM 31.15 19.01 10.7 2.83 2.88 2.71 Dec 3,496 5.8 WAC,PDP Pebblebrook Hotel Trust (x) PEB N 2 M/INC 30.14 31.00 31.85 20.51 11.2 2.50 2.70 2.50 Dec 2,176 5.0 WAC,PDP RLJ Lodging Trust (x) RLJ N 3 M/INC 24.69 NM 25.10 16.15 9.5 2.50 2.60 2.36 Dec 3,084 5.3 WAC,PDP Ryman Hospitality Properties Inc. (x) RHP N 2 M/INC 63.19 62.00 64.09 41.50 11.8 5.30 5.37 5.57 Dec 3,235 4.7 WAC,PDP Summit Hotel Properties, Inc. (x) INN N 2 M/INC 15.78 15.50 16.30 9.00 11.5 1.25 1.37 1.40 Dec 1,385 4.1 WAC,PDP Sunstone Hotel Investors, Inc. (x) SHO N 2 M/GRW 15.64 15.50 16.05 9.53 13.3 1.31 1.18 1.21 Dec 3,388 4.5 WAC,PDP Xenia Hotels & Resorts, Inc. (x) XHR N 3 M/INC 19.36 NM 19.87 12.10 8.9 2.15 2.17 2.06 Dec 2,083 5.7 WAC,PDP

Malls CBL & Associates Properties, Inc. (x) CBL N 3 M/INC 11.70 NM 14.30 8.86 4.9 2.32 2.37 2.39 Dec 1,998 9.1 CM,PDP Simon Property Group, Inc. (x) SPG N 2 M/INC 175.96 220.00 229.10 174.51 16.2 9.86 10.85 11.79 Dec 55,293 3.8 CM,PDP Taubman Centers, Inc. (x) TCO N 3 M/INC 72.77 NM 81.68 63.32 19.2 3.31 3.79 3.90 Dec 4,396 3.3 CM,PDP

Net Lease Agree Realty Corporation (x) ADC N 2 M/INC 44.61 48.00 51.33 31.75 17.5 2.39 2.55 2.79 Dec 1,065 4.4 CM,PDP Four Corners Property Trust, Inc. (x) FCPT N 3 M/INC 19.87 NM 24.44 14.09 15.1 1.51 1.32 1.35 Dec 1,190 4.9 CM,PDP National Retail Properties, Inc. (x) NNN N 3 M/INC 42.89 NM 53.60 38.29 18.9 2.15 2.27 2.43 Dec 6,310 4.2 CM,PDP Realty Income (x) O N 3 M/INC 56.43 NM 72.30 50.47 19.8 2.76 2.85 3.06 Dec 14,576 4.3 CM,PDP Spirit Realty Capital, Inc. (x) SRC N 3 M/INC 10.61 NM 13.97 8.90 12.5 0.82 0.85 0.89 Dec 5,131 6.6 CM,PDP STORE Capital Corporation (x) STOR N 2 M/INC 24.19 26.00 31.44 22.01 15.7 1.41 1.54 1.67 Dec 3,768 4.8 CM,PDP

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Real Estate - USA Office/Industrial Armada Hoffler Properties (x) AHH N 2 M/INC 14.27 15.50 15.50 9.76 15.5 0.87 0.92 1.05 Dec 742 5.0 WAC,PDP Brandywine Realty Trust (x) BDN N 3 M/INC 15.97 NM 17.05 11.22 17.4 1.45 0.92 1.41 Dec 2,846 3.8 WAC,PDP Corporate Office Properties Trust (x) OFC N 2 M/INC 30.99 31.00 31.51 19.52 15.5 2.01 2.00 2.12 Dec 3,049 3.5 WAC,PDP DCT Industrial Trust, Inc. (x) DCT N 2 M/INC 47.01 49.00 50.57 32.88 21.0 1.94 2.24 2.38 Dec 4,272 2.6 WAC,PDP Douglas Emmett (x) DEI N 2 M/INC 35.77 40.00 39.25 24.73 19.9 1.63 1.80 1.93 Dec 6,435 2.5 WAC,PDP Easterly Government Properties, Inc. (x) DEA N 2 M/GRW 19.66 20.50 20.82 16.41 16.1 1.04 1.22 1.29 Dec 873 4.7 WAC,PDP EastGroup Properties, Inc. (x) EGP N 2 M/INC 72.86 71.00 76.00 49.31 18.2 3.67 4.00 4.20 Dec 2,397 3.4 WAC,PDP First Industrial Realty Trust, Inc. (x) FR N 2 M/INC 27.64 29.00 29.75 18.89 19.2 1.27 1.44 1.53 Dec 3,347 2.7 WAC,PDP First Potomac Realty Trust (x) FPO N 3 M/INC 10.70 NM 11.70 7.90 11.1 0.90 0.96 0.84 Dec 652 3.7 WAC,PDP STAG Industrial Inc. STAG N 2 M/INC 23.53 24.50 25.51 14.97 14.9 1.49 1.58 1.70 Dec 1,774 5.9 WAC,PDP Washington REIT (x) WRE N 3 M/INC 32.17 NM 34.61 23.89 18.5 1.59 1.74 1.76 Dec 2,403 3.7 WAC,PDP

Residential American Homes 4 Rent (x) AMH N 1 M/GRW 20.63 26.00 22.99 13.16 23.4 0.62 0.88 1.09 Dec 6,065 1.0 BH,PDP Apartment Investment and Management Company (x) AIV N 1 M/INC 44.31 50.00 47.91 34.97 19.2 2.23 2.31 2.50 Dec 7,311 3.0 BH,PDP Equity Residential (x) EQR N 4 NM 63.19 NM 82.39 58.28 20.5 3.46 3.08 3.10 Dec 24,164 3.2 BH,PDP Essex Property Trust, Inc. (x) ESS N 2 M/INC 229.29 236.00 244.71 191.25 20.8 9.82 11.04 11.90 Dec 15,569 2.8 BH,PDP Mid-America Apartment Communities, Inc. (x) MAA N 2 M/INC 96.33 105.00 110.01 82.91 16.5 5.51 5.85 5.90 Dec 7,678 3.6 BH,PDP

Self Storage CubeSmart (x) CUBE N 2 M/INC 26.31 29.00 33.52 23.65 18.4 1.25 1.43 1.59 Dec 4,788 4.1 JH,PDP Extra Space Storage (x) EXR N 2 M/INC 75.38 83.00 94.81 68.09 19.9 3.13 3.79 4.15 Dec 10,146 4.1 JH,PDP Jernigan Capital, Inc. JCAP N 2 H/GRW 20.30 22.00 22.02 10.10 7.1 (0.61) 2.86 2.07 Dec 185 6.9 JH,PDP Life Storage Inc. (x) LSI N 3 M/INC 82.39 NM 118.18 77.00 15.9 4.94 5.19 5.55 Dec 3,839 4.6 JH,PDP Public Storage (x) PSA N 3 M/INC 220.14 NM 277.60 200.65 22.5 8.90 9.77 10.50 Dec 38,282 3.6 JH,PDP

Shopping Centers Cedar Realty Trust, Inc. (x) CDR N 2 M/INC 6.27 7.00 8.08 5.92 12.3 0.53 0.51 0.58 Dec 514 3.2 CM,PDP DDR Corp. (x) DDR N 2 M/INC 14.90 18.00 19.92 14.67 11.6 1.23 1.28 1.18 Dec 5,439 5.1 CM,PDP Equity One, Inc. (x) EQY N 3 M/INC 30.05 NM 33.46 25.02 23.1 1.22 1.30 1.46 Dec 4,350 2.9 CM,PDP Federal Realty Investment Trust (x) FRT N 3 M/INC 140.10 NM 171.08 134.39 24.9 5.05 5.63 5.87 Dec 10,057 2.8 CM,PDP Kimco Realty Corporation (x) KIM N 3 M/INC 25.04 NM 32.24 24.75 16.6 1.46 1.51 1.59 Dec 10,642 4.3 CM,PDP Kite Realty Group Trust (x) KRG N 2 M/INC 23.00 29.00 30.45 22.94 11.4 2.11 2.01 2.12 Dec 1,922 5.3 CM,PDP Ramco-Gershenson Properties Trust (x) RPT N 2 M/INC 16.30 19.00 20.24 15.50 12.1 1.36 1.35 1.43 Dec 1,292 5.4 CM,PDP Regency Centers Corp. (x) REG N 2 M/INC 67.40 88.00 85.35 65.16 20.7 3.04 3.26 3.52 Dec 7,020 3.0 CM,PDP Retail Opportunity Investments Corp. (x) ROIC Q 1 M/INC 20.63 26.00 23.05 16.90 19.5 0.96 1.06 1.12 Dec 2,252 3.5 CM,PDP Saul Centers, Inc. (x) BFS N 3 M/INC 65.61 NM 68.75 46.46 21.4 2.94 3.06 3.23 Dec 1,419 3.1 CM,PDP

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Real Estate - USA Timber CatchMark Timber Trust, Inc. (ca) CTT N 2 M/INC 10.98 13.00 12.58 9.70 15.9 0.66 0.69 0.74 Dec 426 4.9 CM,PDP Potlatch Corporation PCH Q 2 M/INC 42.05 45.00 44.00 24.01 NM 0.77 0.21 1.60 Dec 1,720 3.6 CM,PDP Rayonier, Inc. RYN N 3 M/INC 26.70 NM 28.47 17.85 19.8 0.37 1.35 0.40 Dec 3,281 3.7 CM,PDP Weyerhaeuser Company WY N 2 M/INC 30.43 35.00 33.28 22.06 38.0 0.89 0.80 1.15 Dec 22,902 4.1 CM,PDP

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

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

Real Estate Healthcare Sienna Senior Living Inc. (x) SIA T 2 H/INC C$16.50 17.00 17.94 14.54 13.1 1.15 1.26 1.36 Dec 759 5.5 KA

Industrial Pure Industrial Real Estate Trust (x) AAR.UN T 3 M/INC C$5.49 NM 5.80 4.10 14.1 0.39 0.39 0.43 Dec 1,335 5.6 KA

Mortgage Investment Corporations Timbercreek Financial Corp. TF T 2 M/INC C$8.75 8.75 8.99 7.86 12.7 NA 0.69 0.73 Dec 647 7.8 JR,KA

Office/Diversified Allied Properties REIT (x) AP.UN T 2 M/INC C$35.32 38.00 39.70 29.11 16.3 2.17 2.17 2.37 Dec 2,992 4.1 KA Artis REIT (x) AX.UN T 1 M/INC C$12.47 12.50 13.77 10.45 8.3 1.49 1.50 1.54 Dec 1,868 8.7 KA Brookfield Canada Office Properties (x) BOX.UN T 3 M/INC C$26.12 NM 29.73 23.46 15.7 1.61 1.66 1.71 Dec 2,437 5.0 KA CREIT (x) REF.UN T 3 M/INC C$45.62 NM 51.49 38.50 14.6 3.03 3.12 3.16 Dec 3,339 4.0 JR,KA H&R REIT (x) HR.UN T 2 M/INC C$22.04 24.00 23.83 18.03 11.5 1.92 1.91 1.84 Dec 6,859 6.3 KA True North Commercial REIT (x) TNT.UN T 2 M/INC C$6.09 6.75 6.73 4.67 9.5 0.67 0.64 0.66 Dec 177 9.7 JR,KA

Real Estate Services Colliers International Group Inc. CIGI Q 2 H/GRW US$36.25 44.00 46.54 30.76 15.6 2.29 2.32 2.65 Dec 1,414 0.3 FB FirstService Corporation FSV Q 2 M/GRW US$47.39 53.00 53.15 32.71 30.4 1.20 1.56 1.85 Dec 1,725 0.9 FB

*Ken Avalos is a Raymond James & Associates employee.

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Real Estate - USA Residential Boardwalk REIT (x) BEI.UN T 2 M/INC C$47.47 52.50 59.76 38.47 16.0 3.56 2.97 2.80 Dec 2,407 4.7 KA Canadian Apartment Properties REIT (x) CAR.UN T 2 M/INC C$30.96 32.00 33.64 25.99 17.7 1.67 1.75 1.81 Dec 4,217 3.9 KA InterRent REIT (x) IIP.UN T 2 M/INC C$7.41 8.00 8.65 6.21 18.5 0.35 0.40 0.48 Dec 534 3.2 KA Killam Apartment REIT (x) KMP.UN T 2 M/INC C$11.99 13.75 13.30 9.80 13.8 0.78 0.87 0.91 Dec 811 4.9 KA Milestone Apartments REIT (x) MST.UN T 2 M/INC C$18.95 21.00 21.33 13.83 17.2 1.05 1.10 1.20 Dec 1,736 2.9 KA,JR Tricon Capital Group Inc. TCN T 1 M/GRW C$9.51 12.50 10.34 7.53 17.9 0.56 0.53 0.55 Dec 1,179 2.7 KA

Retail Choice Properties REIT (x) CHP.UN T 3 M/INC C$13.40 NM 14.69 11.07 13.4 0.97 1.00 1.03 Dec 5,483 5.3 KA Crombie REIT (x) CRR.UN T 2 M/INC C$13.56 16.00 15.79 12.29 11.7 1.13 1.16 1.21 Dec 2,006 6.6 KA CT Real Estate Investment Trust (x) CRT.UN T 3 M/INC C$14.86 NM 15.76 12.46 13.9 1.04 1.07 1.11 Dec 3,073 4.7 KA First Capital Realty (x) FCR T 2 M/INC C$20.80 23.00 23.31 17.56 18.7 1.05 1.11 1.15 Dec 5,059 4.1 KA,JR Plaza Retail REIT (x) PLZ.UN T 2 M/INC C$5.00 5.25 5.28 4.19 14.7 0.32 0.34 0.37 Dec 497 5.4 JR,KA RioCan REIT (x) REI.UN T 2 M/INC C$26.38 29.00 30.35 22.32 15.8 1.74 1.67 1.72 Dec 8,608 5.3 KA Slate Retail REIT (x) SRT.U T 2 M/INC US$11.05 11.50 11.37 9.20 8.4 1.32 1.32 1.38 Dec 391 7.3 JR,KA SmartREIT (x) SRU.UN T 3 M/INC C$31.89 NM 38.91 28.51 14.8 2.10 2.16 2.25 Dec 4,953 5.3 KA

Self-Storage StorageVault Canada Inc. SVI V 1 H/GRW C$1.36 1.50 1.40 0.60 34.0 0.02 0.04 0.05 Dec 394 0.7 JR,KA

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

Hotels AccorHotels ACCP.PA EPA 1 €35.95 43.00 41.25 29.96 24.3 0.88 1.48 1.63 Dec 10,246 2.5 JR Intercontinental Hotels ($D) IHG.L L 2 3,601p 3,300 3,601 2,171 NM 1.75 2.22 2.38 Dec $8,048 2.1 JR Melia Hotels International MEL.MC MAD 1 €11.02 14.50 12.30 7.16 29.0 0.16 0.38 0.47 Dec 2,533 0.7 JR NH Hoteles NHH.MC MAD 3 €3.85 NM 5.19 3.17 42.8 0.00 0.09 0.17 Dec 1,347 0.0 JR Whitbread WTB.L L 2 3,762p 3,850 4,479 3,283 17.1 239.00 220.00 244.00 Feb £6,892 2.3 JR

Raymond James Research Register - January 2017 61

Technology & Communications

USA Canada Europe

Advanced Industrial Technology ................................. 62

Application Software .................................................. 63

Communications Equipment ...................................... 64

Electronic Manufacturing Services ............................. 64

FinTech & Transaction Processing .............................. 65

Infrastructure Software .............................................. 65

Internet ....................................................................... 66

eCommerce ............................................................. 66

Internet & Advertising Technology .......................... 66

Online Advertising ................................................... 66

Online Travel ........................................................... 66

Internet of Things ....................................................... 66

Auto Technology...................................................... 66

Connected Devices .................................................. 67

IoT Software ............................................................ 67

IT Hardware and Distribution ..................................... 67

IT Services ................................................................... 67

Satellite & Space ......................................................... 68

Semiconductors .......................................................... 68

Telecommunications Services .................................... 68

Data Centers ............................................................ 68

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

Wireless ................................................................... 69

Wireline ................................................................... 69

IT Hardware ................................................................ 70

Software/IT Services ................................................... 70

Telecoms ..................................................................... 71

Raymond James Research Register - January 2017 62

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

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

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

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

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

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

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

Paul D. Puryear Paul.Puryear@RaymondJames.com

Advanced Industrial Technology AeroVironment Inc. AVAV Q 3 H/GRW 27.36 NM 32.44 22.16 NM 0.13 0.39 A 0.19 Apr 632 0.0 BG Cognex Corporation CGNX Q 3 H/GRW 64.67 NM 65.95 28.01 41.5 1.22 1.56 1.51 Dec 5,540 0.5 BG Cubic Corporation CUB N 2 H/GRW 49.20 48.00 50.60 30.11 28.4 2.79 1.36 A 1.73 Sep 1,328 0.5 BG FLIR Systems FLIR Q 2 H/GRW 36.72 36.00 37.17 26.48 22.8 1.56 1.61 1.82 Dec 5,097 1.3 BG Fortive Corporation FTV N 2 M/GRW 54.46 58.00 56.24 43.00 22.0 2.37 2.48 2.73 Dec 18,827 0.5 BG Harris Corporation HRS N 2 H/GRW 103.43 100.00 107.54 70.97 17.9 5.14 5.70 A 5.78 Jun 12,892 2.0 BG IPG Photonics IPGP Q 3 H/GRW 102.03 NM 102.90 73.55 22.0 4.53 4.63 5.07 Dec 5,421 0.0 BG iRobot Corporation IRBT Q 3 H/GRW 59.21 NM 60.86 28.02 42.6 1.47 1.39 1.84 Dec 1,747 0.0 BG Roper Technologies ROP N 1 M/GRW 186.20 215.00 193.32 155.79 28.6 6.95 6.51 8.21 Dec 18,887 0.8 BG Trimble Navigation Limited TRMB Q 2 H/GRW 30.73 29.00 30.83 18.36 26.0 1.13 1.18 1.38 Dec 7,658 0.0 BG

*Steven Li is a Raymond James Ltd. employee.

Raymond James Research Register - January 2017 63

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Technology & Communications - USA Application Software Amber Road, Inc. AMBR N 2 H/GRW 9.66 12.00 12.30 3.60 NM (0.73) (0.44) (0.34) Dec 269 0.0 TT,BP Benefitfocus, Inc. BNFT Q 2 H/GRW 30.30 34.00 44.98 21.04 NM (1.79) (0.77) (0.48) Dec 976 0.0 BP,TT BlackLine, Inc. BL Q 2 H/GRW 26.85 31.00 28.77 21.66 NM NA (0.43) (0.40) Dec 1,485 0.0 TT,BP Box, Inc. BOX N 3 H/GRW 13.91 NM 16.59 8.82 NM (8.14) (1.12) A (0.60) Jan 2,014 0.0 TT,BP Brightcove Inc. BCOV Q 3 H/GRW 8.20 NM 13.80 4.70 NM 0.03 0.06 0.10 Dec 292 0.0 TT,BP Castlight Health, Inc. CSLT N 2 H/GRW 5.35 4.50 5.50 2.54 NM (0.68) (0.33) (0.11) Dec 614 0.0 BP,TT ChannelAdvisor Corporation ECOM N 3 H/GRW 14.90 NM 15.91 10.28 NM (0.29) (0.10) (0.03) Dec 419 0.0 TT,BP Coupa Software Incorporated COUP Q 2 H/GRW 25.81 33.00 41.61 24.19 NM NA (7.08) A (1.70) Jan 1,564 0.0 TT,BP Everbridge, Inc. EVBG Q 2 H/GRW 18.83 20.00 20.66 11.76 NM NA (0.35) (0.27) Dec 511 0.0 TT,BP Halogen Software, Inc. (is) HGN T 2 H/GRW C$8.17 10.50 10.45 6.52 NM (0.61) 0.08 0.18 Dec 178 0.0 TT,SLi HubSpot, Inc. HUBS N 1 H/GRW 47.20 64.00 59.97 27.00 NM (0.74) (0.43) (0.36) Dec 1,893 0.0 TT,BP Instructure, Inc. INST N 2 H/GRW 19.25 23.00 26.92 13.21 NM (2.08) (1.63) (1.44) Dec 608 0.0 TT,BP Manhattan Associates, Inc. MANH Q 2 M/GRW 53.97 65.50 70.06 44.14 29.3 1.52 1.84 2.02 Dec 3,870 0.0 TT,BP MiX Telematics Limited ($R) MIXT N 2 H/GRW 6.22 7.00 6.85 3.33 NM 0.13 0.23 A 0.15 Mar 190 2.3 BP,TT Model N, Inc. MODN N 3 H/GRW 8.70 NM 13.98 6.98 NM (0.29) (0.64) A (0.72) Sep 271 0.0 BP,TT Paylocity Holding Corporation PCTY Q 2 H/GRW 30.98 48.00 49.65 24.00 81.5 0.01 0.30 A 0.38 Jun 1,679 0.0 TT,BP Q2 Holdings Inc. QTWO N 2 H/GRW 29.20 33.00 32.85 16.44 NM (0.37) (0.35) (0.18) Dec 1,273 0.0 TT,BP RingCentral, Inc. RNG N 1 H/GRW 21.60 32.00 25.00 13.88 NM (0.13) 0.09 0.17 Dec 1,665 0.0 TT,BP salesforce.com, Inc. CRM N 1 H/GRW 69.85 105.00 84.48 52.60 71.3 0.53 0.75 A 0.98 Jan 49,223 0.0 TT,BP Shopify Inc. SHOP N 2 H/GRW 43.64 50.00 45.45 18.48 NM (0.13) (0.14) (0.04) Dec 4,290 0.0 TT,BP Tangoe Inc. TNGO Q 3 H/GRW 8.26 NM 10.39 5.32 NM UR UR UR Dec 339 0.0 BP,TT Ultimate Software Group Inc. ULTI Q 2 H/GRW 184.50 260.00 224.07 148.26 58.0 2.65 3.18 3.76 Dec 5,627 0.0 TT,BP Upland Software, Inc. UPLD Q 2 H/GRW 8.93 10.00 10.60 5.95 26.3 (0.11) 0.34 0.40 Dec 155 0.0 TT,BP Veeva Systems Inc. VEEV N 3 H/GRW 42.11 NM 47.95 19.97 61.0 NA 0.51 A 0.69 Jan 6,207 0.0 BP,TT Workiva Inc. WK N 2 H/GRW 13.70 18.00 19.04 10.92 NM (0.81) (0.84) (0.64) Dec 584 0.0 TT,BP

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Technology & Communications - USA Communications Equipment ADTRAN, Inc. ADTN Q 3 M/GRW 22.70 NM 23.75 16.27 34.4 0.36 0.66 0.63 Dec 1,101 1.6 SL Applied Optoelectronics, Inc. AAOI Q 1 H/GRW 24.72 30.00 27.28 8.08 23.5 1.03 1.05 1.85 Dec 455 0.0 SL Arista Networks ANET N 3 H/GRW 97.82 NM 98.90 52.51 31.5 2.43 3.11 3.34 Dec 7,063 0.0 SL ARRIS ARRS Q 1 H/GRW 30.86 36.00 31.50 20.05 11.1 2.16 2.79 3.23 Dec 5,910 0.0 SL Calix, Inc. CALX N 3 H/GRW 7.80 NM 8.20 5.64 NM 0.12 (0.02) 0.13 Dec 380 0.0 SL Ciena Corporation CIEN N 2 H/GRW 24.91 27.00 25.19 15.62 14.5 1.26 1.37 A 1.72 Oct 4,347 0.0 SL Cisco Systems CSCO Q 2 M/GRW 30.68 33.00 31.95 22.46 12.7 2.21 2.36 A 2.42 Jul 155,425 3.4 SL CommScope Holding Company, Inc. COMM Q 2 H/GRW 37.20 36.00 38.00 19.37 14.4 1.86 2.59 3.00 Dec 7,175 0.0 SL Ericsson ERIC Q 3 M/GRW 5.80 NM 10.20 4.83 16.1 0.72 0.36 0.34 Dec 19,146 7.9 SL Extreme Networks, Inc. EXTR Q 3 H/GRW 5.06 NM 5.20 2.32 13.7 0.06 0.28 A 0.37 Jun 510 0.0 SL F5 Networks, Inc. FFIV Q 3 H/GRW 145.33 NM 148.34 86.03 18.1 6.63 7.32 A 8.04 Sep 9,853 0.0 SL Finisar Corporation FNSR Q 2 H/GRW 31.45 43.00 36.85 11.94 14.7 1.05 1.03 A 2.14 Apr 3,560 0.0 SL Gigamon Inc. GIMO N 3 H/GRW 47.45 NM 61.25 21.23 38.0 0.81 1.25 1.57 Dec 1,732 0.0 SL Harmonic Inc. HLIT Q 4 NM 5.25 NM 6.13 2.51 NM 0.10 (0.06) 0.22 Dec 411 0.0 SL Hewlett Packard Enterprise Company HPE N 2 H/GRW 23.74 28.00 24.79 11.63 11.6 1.84 1.92 A 2.04 Oct 39,551 1.1 SL Infinera Corporation INFN Q 3 H/GRW 8.52 NM 19.16 7.23 24.3 0.78 0.35 (0.03) Dec 1,235 0.0 SL Juniper Networks, Inc. JNPR N 3 H/GRW 28.68 NM 29.21 21.18 13.9 2.04 2.06 2.08 Dec 11,027 1.4 SL Lumentum Holdings, Inc. LITE Q 1 H/GRW 41.15 45.00 45.25 18.10 19.9 1.10 1.30 A 2.07 Jun 2,568 0.0 SL NeoPhotonics Corporation NPTN N 1 H/GRW 11.16 13.00 18.51 7.61 23.7 0.53 0.47 0.83 Dec 472 0.0 SL NetApp, Inc. NTAP Q 3 H/GRW 36.61 NM 39.00 20.66 14.2 2.70 2.15 A 2.58 Apr 10,287 2.1 SL Nimble Storage NMBL N 3 H/GRW 8.22 NM 9.90 5.64 NM (0.58) (0.47) A (0.75) Jan 709 0.0 SL Nokia (r) NOK N 3 M/GRW 4.91 NM 7.55 4.04 24.5 0.42 0.20 0.24 Dec 28,439 3.3 SL Nutanix, Inc. NTNX Q 3 H/SPEC 28.60 NM 46.78 23.11 NM NA (1.25) A (1.37) Jul 3,718 0.0 SL Pure Storage, Inc. PSTG N 2 H/GRW 11.65 17.00 16.95 9.62 NM (0.89) (0.89) A (0.55) Jan 2,245 0.0 SL

Electronic Manufacturing Services Flex FLEX Q 1 H/GRW 14.63 17.00 15.09 8.85 12.4 1.08 1.14 A 1.18 Mar 7,959 0.0 BGA Jabil Circuit, Inc. JBL N 1 H/GRW 24.16 26.00 25.14 16.78 11.5 2.07 1.86 A 2.11 Aug 4,540 1.3 BGA

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Technology & Communications - USA FinTech & Transaction Processing ACI Worldwide, Inc. ACIW Q 4 NM 18.38 NM 23.20 15.07 38.3 0.80 0.48 0.49 Dec 2,156 0.0 WJ Alliance Data Systems Corp. ADS N 2 H/GRW 233.71 246.00 280.95 176.63 13.8 15.05 16.89 18.65 Dec 13,508 0.9 WJ Blackhawk Network Holdings, Inc. HAWK Q 2 H/GRW 37.60 43.00 45.89 28.88 23.8 1.59 1.58 1.89 Dec 2,143 0.0 WJ Bottomline Technologies EPAY Q 3 H/GRW 25.41 NM 31.52 18.48 29.9 1.44 1.52 A 0.85 Jun 960 0.0 WJ CPI Card Group Inc. PMTS Q 2 H/GRW 4.10 6.00 11.10 3.25 16.4 0.83 0.25 0.51 Dec 227 4.4 WJ DH Corporation DH T 1 M/INC C$21.99 24.00 40.22 14.06 10.5 2.56 2.09 2.44 Dec 2,349 5.8 WJ Fidelity National Information Services FIS N 2 M/GRW 76.67 87.00 81.67 55.11 20.0 3.22 3.83 4.40 Dec 25,148 1.4 WJ FleetCor Technologies FLT N 2 H/GRW 143.93 185.00 176.42 107.56 21.0 6.30 6.86 8.14 Dec 13,717 0.0 WJ Global Payments Inc. GPN N 3 M/GRW 70.73 NM 79.93 51.29 20.2 2.52 2.98 A 3.50 May 10,956 0.1 WJ Intuit Inc. INTU Q 3 M/GRW 116.90 NM 118.66 88.17 26.9 2.64 3.78 A 4.35 Jul 30,143 1.2 WJ Lending Club LC N 3 H/GRW 5.47 NM 11.40 3.44 NM 0.14 (0.12) 0.03 Dec 2,144 0.0 WJ Mastercard, Inc. MA N 3 M/GRW 104.80 NM 108.93 78.52 27.9 3.43 3.76 4.37 Dec 114,442 0.8 WJ OnDeck Capital, Inc. ONDK N 3 H/GRW 4.60 NM 11.10 3.64 NM 0.13 (0.66) (0.23) Dec 327 0.0 WJ PayPal Holdings, Inc. PYPL Q 2 H/GRW 39.72 47.00 44.52 30.52 26.7 1.28 1.49 1.69 Dec 47,902 0.0 WJ Vantiv, Inc. VNTV N 2 M/GRW 59.54 65.00 60.25 42.01 22.2 2.24 2.68 3.08 Dec 11,747 0.0 WJ Verifone Systems, Inc. PAY N 1 H/GRW 17.97 20.00 29.73 14.94 13.0 1.83 1.66 A 1.38 Oct 1,994 0.0 WJ Visa, Inc. V N 3 M/GRW 78.35 NM 83.96 66.12 24.1 2.62 2.84 A 3.25 Sep 183,561 0.8 WJ

Infrastructure Software Akamai Technologies, Inc. AKAM Q 3 H/GRW 68.09 NM 71.04 39.43 25.6 2.52 2.66 2.84 Dec 11,825 0.0 MT Atlassian TEAM Q 2 H/GRW 24.31 33.00 35.16 16.92 71.5 0.28 0.35 A 0.34 Jun 5,744 0.0 MT CA Technologies CA Q 3 H/INC 32.23 NM 34.99 25.18 12.8 2.53 2.43 A 2.52 Mar 13,298 3.2 MT Check Point Software Technologies CHKP Q 3 H/GRW 86.33 NM 89.98 71.64 19.1 4.17 4.51 4.92 Dec 15,099 0.0 MT Citrix Systems Inc. CTXS Q 3 H/GRW 90.97 NM 92.40 60.91 17.5 4.34 5.19 4.64 Dec 14,163 0.0 MT CommVault Systems Inc. CVLT Q 3 H/GRW 52.95 NM 57.25 29.41 53.5 1.40 0.91 A 0.99 Mar 2,337 0.0 MT FireEye Inc. FEYE Q 3 H/GRW 12.39 NM 22.48 10.87 NM (1.61) (1.13) (0.54) Dec 2,044 0.0 MT Fortinet Inc. FTNT Q 2 H/GRW 30.08 36.00 37.48 23.16 47.0 0.51 0.64 0.78 Dec 5,219 0.0 MT Limelight Networks LLNW Q 4 NM 2.48 NM 2.90 0.90 NM (0.11) 0.01 0.02 Dec 261 0.0 MT Microsoft MSFT Q 1 M/GRW 63.28 69.00 64.10 48.04 21.8 2.63 2.79 A 2.90 Jun 494,090 2.5 MT MobileIron, Inc. MOBL Q 2 H/GRW 3.95 4.50 4.78 2.56 NM (0.71) (0.40) (0.24) Dec 347 0.0 MT New Relic, Inc. NEWR N 2 H/GRW 28.52 37.00 38.72 20.39 NM (0.85) (0.85) A (0.60) Mar 1,425 0.0 MT Oracle Corp. ORCL N 2 M/GRW 38.82 45.00 42.00 33.13 15.2 2.77 2.61 A 2.56 May 160,365 1.5 MT Palo Alto Networks PANW N 2 H/GRW 127.09 160.00 180.10 111.09 45.9 0.86 1.67 A 2.77 Jul 11,502 0.0 MT Rapid7, Inc. RPD Q 2 H/SPEC 12.32 16.00 19.29 9.05 NM (1.45) (0.85) (0.78) Dec 499 0.0 MT Red Hat, Inc. RHT N 2 H/GRW 70.19 90.00 84.44 59.59 30.9 1.60 1.91 A 2.27 Feb 12,717 0.0 MT ServiceNow, Inc. NOW N 1 H/GRW 76.88 96.00 89.79 46.00 NM 0.40 0.69 1.07 Dec 13,269 0.0 MT Splunk Inc. SPLK Q 2 H/GRW 53.32 69.00 65.75 29.85 NM 0.09 0.18 A 0.32 Jan 7,229 0.0 MT Symantec Corp. SYMC Q 3 M/INC 24.36 NM 25.72 16.14 21.2 1.88 1.03 A 1.15 Mar 14,908 1.2 MT VMware VMW N 2 H/GRW 80.21 90.00 83.00 43.25 18.4 4.07 4.37 4.66 Dec 33,197 0.0 MT

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Technology & Communications - USA Internet eCommerce Alibaba Group Holding Ltd. BABA N 1 H/GRW 87.54 124.00 109.87 59.25 26.0 2.25 2.61 A 3.37 Mar 224,628 0.0 AK,JP Amazon.com Inc. AMZN Q 2 M/GRW 771.40 900.00 847.21 474.00 75.3 6.06 10.24 15.09 Dec 382,614 0.0 AK,JP CafePress Inc. PRSS Q 4 NM 3.05 NM 3.99 2.80 NM (0.37) (1.70) (0.28) Dec 51 0.0 AK,JP Chegg, Inc. CHGG N 3 H/GRW 7.62 NM 8.57 3.15 NM (0.68) (0.49) (0.27) Dec 694 0.0 AK,JP eBay Inc. EBAY Q 3 H/GRW 30.24 NM 33.19 21.52 16.0 1.83 1.89 2.04 Dec 34,443 0.0 AK,JP Groupon, Inc. GRPN Q 3 H/GRW 3.60 NM 5.94 2.15 NM 0.14 0.00 0.10 Dec 2,112 0.0 AK,JP GrubHub Inc. GRUB N 2 H/GRW 38.18 44.00 44.58 17.77 42.4 0.68 0.90 1.10 Dec 3,299 0.0 AK,JP Netflix Inc. NFLX Q 2 H/GRW 128.35 140.00 129.29 79.95 NM 0.28 0.44 1.22 Dec 56,269 0.0 JP,AK Shutterfly, Inc. SFLY Q 3 H/GRW 50.42 NM 54.60 35.91 81.3 (0.02) 0.62 1.11 Dec 1,709 0.0 AK,JP Shutterstock, Inc. SSTK N 3 H/GRW 47.79 NM 65.16 25.44 31.9 1.21 1.50 1.58 Dec 1,678 0.0 AK,JP Wayfair, Inc. W N 2 H/GRW 36.25 38.00 50.00 27.60 NM (0.56) (1.78) (1.26) Dec 3,096 0.0 AK,JP

Internet & Advertising Technology Criteo S.A. ($E) CRTO Q 2 H/GRW 41.50 48.00 47.81 24.23 NM 1.38 1.98 2.39 Dec 2,646 0.0 JP,AK GoDaddy Inc. GDDY N 2 H/GRW 35.05 37.00 37.40 23.88 NM (0.81) (0.07) 0.56 Dec 5,795 0.0 AK,JP The Trade Desk, Inc. TTD Q 2 H/GRW 29.94 32.00 33.40 22.00 63.7 0.43 0.47 0.72 Dec 1,153 0.0 AK,JP Wix.com Ltd. WIX Q 2 H/GRW 43.65 56.00 52.50 14.79 NM (0.71) (0.43) 0.37 Dec 1,758 0.0 AK,JP

Online Advertising Alphabet, Inc. GOOG Q 2 M/GRW 791.55 920.00 816.68 663.06 22.8 29.48 34.68 40.89 Dec 552,502 0.0 AK,JP Angie's List, Inc. ANGI Q 2 H/SPEC 8.62 12.00 10.76 6.32 NM 0.18 (0.26) (0.10) Dec 513 0.0 AK,JP Facebook, Inc. FB Q 2 H/GRW 118.01 160.00 133.50 89.37 28.4 2.28 4.16 5.41 Dec 343,999 0.0 AK,JP Pandora Media, Inc. P N 3 H/GRW 13.25 NM 14.98 7.10 NM 0.09 (0.67) (0.72) Dec 3,024 0.0 JP,AK Rubicon Project, Inc. RUBI N 3 H/GRW 7.71 NM 20.37 6.12 8.4 1.08 0.92 0.54 Dec 378 0.0 AK,JP Twitter, Inc. TWTR N 3 H/GRW 16.61 NM 25.25 13.73 30.2 0.40 0.55 0.64 Dec 11,974 0.0 AK,JP Yahoo! Inc. YHOO Q 2 H/GRW 38.92 53.00 44.92 26.15 64.9 0.59 0.60 0.77 Dec 37,157 0.0 AK,JP Yelp, Inc. YELP N 2 H/GRW 39.95 46.00 43.36 14.53 NM (0.44) (0.14) 0.22 Dec 3,312 0.0 AK,JP Zillow Group, Inc. Z Q 3 H/GRW 37.66 NM 39.88 15.36 NM (0.87) (1.10) 0.12 Dec 7,521 0.0 AK,JP

Online Travel Ctrip.com International, Ltd. (r) CTRP Q 2 H/GRW 40.15 53.00 49.62 35.50 NM 1.37 0.25 0.88 Dec 23,126 0.0 JP,AK Expedia, Inc. EXPE Q 2 H/GRW 113.63 135.00 133.55 88.40 25.1 3.70 4.53 6.36 Dec 17,613 0.9 JP,AK priceline.com Incorporated PCLN Q 2 H/GRW 1493.42 1700.00 1600.93 954.02 22.9 51.92 65.27 76.46 Dec 75,268 0.0 JP,AK TripAdvisor, Inc. TRIP Q 3 H/GRW 47.29 NM 86.93 45.63 31.7 2.05 1.49 1.47 Dec 6,952 0.0 JP,AK

Internet of Things Auto Technology Harman International, Inc. HAR N 2 M/GRW 111.03 112.00 111.32 64.93 15.9 5.71 6.24 A 7.00 Jun 7,777 1.3 TMC Mobileye N.V. MBLY N 2 H/GRW 35.21 58.00 51.15 23.57 49.6 0.48 0.71 1.00 Dec 8,398 0.0 TMC Visteon Corporation VC N 3 M/GRW 80.81 NM 116.90 58.83 17.3 2.81 4.68 4.60 Dec 2,748 0.0 TMC

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Technology & Communications - USA Connected Devices Apple Inc. AAPL Q 2 M/GRW 117.26 148.00 118.69 89.47 12.7 9.22 8.31 A 9.26 Sep 655,952 1.9 TMC Control4 Corporation CTRL Q 3 H/GRW 10.90 NM 12.60 5.41 14.3 0.32 0.76 0.88 Dec 271 0.0 TMC Digi International Inc. DGII Q 3 H/GRW 13.90 NM 14.15 7.70 33.9 0.26 0.49 A 0.41 Sep 362 0.0 TMC Fitbit, Inc. FIT N 2 H/GRW 7.83 12.00 30.96 7.20 13.5 1.07 0.58 0.80 Dec 1,752 0.0 TMC Garmin Ltd. GRMN Q 3 M/GRW 50.65 NM 56.19 30.93 18.8 2.52 2.70 2.70 Dec 9,545 4.0 TMC GoPro, Inc. GPRO Q 3 H/GRW 9.09 NM 20.50 8.54 NM 0.76 (1.42) 0.20 Dec 1,328 0.0 TMC Logitech International SA LOGI Q 3 H/GRW 24.56 NM 25.87 13.25 21.7 1.09 0.98 A 1.13 Mar 4,002 2.2 TMC Motorola Solutions, Inc. MSI N 3 M/GRW 83.52 NM 87.55 59.13 17.7 3.46 4.72 5.08 Dec 13,873 2.3 TMC NETGEAR, Inc. NTGR Q 2 M/GRW 54.75 55.00 60.82 33.39 18.3 2.25 3.00 3.30 Dec 1,933 0.0 TMC Plantronics, Inc. PLT N 3 M/GRW 54.91 NM 56.43 32.13 17.7 3.06 2.84 A 3.11 Mar 1,830 1.1 TMC QUALCOMM, Inc. QCOM Q 3 M/GRW 67.25 NM 71.62 42.24 15.4 4.65 4.45 A 4.36 Sep 99,261 3.2 TMC Ubiquiti Networks, Inc. UBNT Q 3 H/GRW 58.22 NM 59.43 25.75 19.4 1.97 2.42 A 3.00 Jun 4,755 0.0 TMC

IoT Software Alarm.com Holdings ALRM Q 3 H/GRW 27.36 NM 34.43 14.00 46.4 0.36 0.59 0.67 Dec 1,256 0.0 TMC BroadSoft, Inc. BSFT Q 1 H/GRW 42.15 51.00 48.40 26.99 19.9 1.98 2.12 2.26 Dec 1,267 0.0 TMC Nuance Communications, Inc. NUAN Q 1 H/GRW 15.17 24.00 20.56 13.44 9.7 1.28 1.53 A 1.57 Sep 4,769 0.0 TMC Synchronoss Technologies, Inc. SNCR Q 1 H/GRW 39.64 50.00 49.94 20.33 19.7 2.24 2.01 2.50 Dec 1,891 0.0 TMC

IT Hardware and Distribution Arrow Electronics, Inc. ARW N 3 M/GRW 72.44 NM 73.15 45.23 10.9 6.19 6.63 6.90 Dec 6,657 0.0 BGA Avnet, Inc. AVT N 1 M/GRW 48.38 54.50 51.50 37.10 14.2 4.49 4.21 A 3.40 Jun 6,280 1.4 BGA CDW Corporation CDW Q 3 H/GRW 53.31 NM 55.47 30.40 15.9 2.93 3.36 3.60 Dec 8,791 1.2 BGA Connection CNXN Q 3 M/GRW 28.60 NM 29.74 19.19 15.7 1.76 1.82 1.95 Dec 764 0.0 BGA Insight Enterprises, Inc. NSIT Q 3 H/GRW 41.35 NM 41.81 18.26 16.7 2.12 2.47 2.70 Dec 1,480 0.0 BGA ScanSource, Inc. SCSC Q 2 H/GRW 41.15 41.00 43.49 27.46 15.0 2.53 2.71 A 2.75 Jun 1,054 0.0 BGA SYNNEX Corporation SNX N 3 H/GRW 123.81 NM 128.06 75.87 18.9 6.28 6.56 7.60 Nov 4,890 0.8 BGA Tech Data Corporation TECD Q 3 M/GRW 87.24 NM 91.47 57.99 14.4 4.97 5.77 A 6.06 Jan 3,097 0.0 BGA

IT Services Accenture plc ACN N 3 M/GRW 117.55 NM 125.72 91.40 20.2 4.82 5.34 A 5.83 Aug 75,536 2.1 BG Booz Allen Hamilton Holding Corp. BAH N 2 H/GRW 36.27 36.00 38.54 25.03 20.8 1.60 1.65 A 1.74 Mar 5,426 1.7 BG CACI International Inc. CACI N 2 H/GRW 125.35 110.00 133.70 78.08 20.3 5.17 5.76 A 6.18 Jun 3,096 0.0 BG Computer Sciences Corporation CSC N 3 H/GRW 61.09 NM 63.34 24.27 22.5 2.24 2.52 A 2.72 Mar 8,650 0.9 BG CSRA Inc. CSRA N 2 H/GRW 32.02 34.00 32.84 20.98 15.9 1.77 1.96 A 2.01 Mar 5,251 1.2 BG MAXIMUS Inc. MMS N 3 H/GRW 55.58 NM 61.68 43.69 18.5 2.39 2.64 A 3.01 Sep 3,625 0.3 BG NIC Inc. EGOV Q 3 H/GRW 24.35 NM 25.90 14.48 32.0 0.63 0.76 0.74 Dec 1,607 0.0 BG

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Technology & Communications - USA Satellite & Space EchoStar Corporation (cb) SATS Q 2 H/GRW 51.97 58.00 53.79 30.86 NM 865 870 901 Dec 4,888 0.0 RP Intelsat S.A. (ae) I N 4 NM 2.85 NM 4.54 1.44 NM 1,855 1,634 1,646 Dec 308 0.0 RP Iridium Communications Inc. (ae) IRDM Q 1 H/GRW 10.65 11.00 11.15 6.14 NM 234 253 267 Dec 1,020 0.0 RP KVH Industries KVHI Q 1 H/GRW 12.40 11.00 12.60 7.31 26.4 0.75 0.47 0.90 Dec 205 0.0 RP ORBCOMM, Inc. (ae) ORBC Q 1 H/GRW 8.47 11.00 10.98 6.80 NM 42 47 58 Dec 601 0.0 RP ViaSat, Inc. (ae) VSAT Q 3 H/GRW 67.92 NM 82.19 56.02 NM 345 331 A 359 Mar 3,323 0.0 RP

Semiconductors Analog Devices, Inc. ADI Q 2 H/GRW 74.31 80.00 74.87 47.24 23.0 3.16 3.07 A 3.23 Oct 23,155 2.3 JSS Applied Micro Circuits Corporation AMCC Q 3 H/SPEC 8.50 NM 9.05 4.93 NM (0.22) (0.11) A 0.03 Mar 719 0.0 JSS Broadcom Limited AVGO Q 2 H/GRW 182.31 205.00 183.99 114.25 15.4 NA 9.73 A 11.83 Oct 81,493 2.2 JSS Cavium, Inc. CAVM Q 1 H/GRW 64.27 68.00 67.89 35.90 NM (0.31) (0.43) 0.96 Dec 3,856 0.0 JSS Diodes Incorporated DIOD Q 2 H/GRW 26.96 26.00 27.17 16.58 36.4 0.86 0.74 1.40 Dec 1,345 0.0 JSS GigPeak, Inc. GIG M 2 H/SPEC 2.57 3.50 3.42 1.63 23.4 0.09 0.11 0.14 Dec 174 0.0 JSS Intel Corporation INTC Q 4 NM 37.07 NM 38.36 27.68 18.0 2.33 2.06 2.54 Dec 180,383 2.8 JSS Linear Technology Corporation LLTC Q 3 M/INC 62.66 NM 64.42 37.33 29.7 2.13 2.02 A 2.11 Jun 15,396 2.0 JSS MACOM Technology Solutions Holdings, Inc. MTSI Q 2 H/GRW 47.96 50.00 53.80 29.56 22.6 1.15 1.41 A 2.12 Sep 2,575 0.0 JSS Maxim Integrated MXIM Q 2 H/GRW 39.40 43.00 42.37 30.28 19.5 1.53 1.63 A 2.02 Jun 11,371 3.4 JSS Microsemi Corporation MSCC Q 1 H/GRW 56.19 57.00 57.32 28.91 18.2 2.25 2.39 A 3.08 Sep 6,484 0.0 JSS Monolithic Power Systems, Inc. MPWR Q 1 H/GRW 85.02 100.00 88.09 55.05 68.6 0.95 1.24 1.82 Dec 3,562 0.9 JSS NVIDIA Corporation NVDA Q 1 H/GRW 117.32 90.00 117.36 24.75 49.9 1.12 1.07 A 2.35 Jan 69,571 0.5 JSS NXP Semiconductors N.V. NXPI Q 3 H/GRW 99.00 NM 107.54 61.61 20.3 4.82 4.88 6.34 Dec 33,013 0.0 JSS ON Semiconductor Corporation ON Q 2 H/GRW 13.13 13.00 13.32 6.97 15.4 0.83 0.85 1.12 Dec 5,512 0.0 JSS Qorvo, Inc. QRVO Q 2 H/GRW 55.54 56.00 64.80 33.30 11.6 3.97 4.37 A 4.79 Mar 7,348 0.0 JSS Semtech Corporation SMTC Q 2 H/GRW 32.50 31.00 33.25 15.70 32.2 1.16 0.61 A 1.01 Jan 2,152 0.0 JSS Skyworks Solutions SWKS Q 2 H/GRW 78.33 82.00 82.28 54.50 12.6 5.27 5.56 A 6.21 Sep 14,789 1.4 JSS Texas Instruments Incorporated TXN Q 2 H/INC 74.87 77.00 75.25 46.73 22.0 3.02 3.40 3.53 Dec 76,143 2.7 JSS Xilinx, Inc. XLNX Q 1 M/GRW 61.24 60.00 61.58 40.44 27.5 2.35 2.05 A 2.23 Mar 16,553 2.2 JSS

Telecommunications Services Data Centers CoreSite Realty Corporation (af) COR N 3 H/GRW 79.17 NM 91.91 54.23 23.4 2.26 3.38 4.10 Dec 3,784 4.0 FGL,PDP CyrusOne Inc. (af) CONE Q 1 H/GRW 44.59 61.00 57.00 32.42 18.9 2.31 2.36 2.62 Dec 3,732 3.4 FGL,PDP Digital Realty Trust, Inc. (af) DLR N 3 M/INC 96.42 NM 113.21 69.89 18.5 4.27 5.21 5.64 Dec 16,006 3.5 FGL,PDP DuPont Fabros Technology Inc. (af) DFT N 2 M/INC 43.97 47.00 48.97 28.83 16.4 2.53 2.68 3.02 Dec 3,962 4.3 FGL,PDP Equinix (af) EQIX Q 1 H/GRW 356.72 400.00 391.07 255.45 22.1 13.68 16.14 18.71 Dec 25,648 2.0 FGL,PDP Internap Network Services Corp. INAP Q 2 H/GRW 1.71 3.00 6.82 0.80 NM (0.94) (2.30) (0.66) Dec 100 0.0 FGL Interxion Holding NV ($E) INXN N 2 H/GRW 35.03 41.00 38.85 26.75 NM 0.54 0.51 0.53 Dec 2,458 0.0 FGL,PDP QTS Realty Trust (af) QTS N 2 H/GRW 48.56 58.00 59.41 40.50 19.4 2.19 2.50 2.80 Dec 2,705 3.0 FGL,PDP

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Technology & Communications - USA Towers American Tower (af) AMT N 1 H/GRW 106.29 138.00 118.26 83.07 18.5 5.08 5.74 6.47 Dec 45,239 2.2 RP Crown Castle International (af) CCI N 2 M/INC 87.53 104.00 102.82 75.71 18.5 4.30 4.74 5.03 Dec 29,541 4.3 RP SBA Communications (af) SBAC Q 1 H/GRW 105.33 150.00 118.57 82.80 17.8 5.69 5.91 7.03 Dec 13,092 0.0 RP

Wireless America Movil, S.A.B. de C.V. (cb, is, r) AMX N 3 M/GRW 12.51 NM 15.95 11.02 NM 16,915 13,776 14,133 Dec 44,861 2.4 RP ATN International Inc. (cb) ATNI Q 2 M/GRW 83.34 81.00 84.07 62.70 NM 140 153 192 Dec 1,345 1.6 RP DISH Network Corp. DISH Q 3 H/GRW 59.55 NM 60.25 38.85 20.5 1.61 2.90 2.59 Dec 27,691 0.0 RP Landmark Infrastructure Partners LP (y) LMRK Q 1 M/INC 15.48 20.00 18.44 11.52 12.4 1.30 1.25 1.47 Dec 234 8.7 RP Shenandoah Telecommunications Co. SHEN Q 2 M/GRW 29.40 28.00 42.66 19.18 NM 150 239 262 Dec 1,438 0.9 RP Sprint Corp. (cb, f) S N 3 H/GRW 8.69 NM 8.98 2.18 NM 8,146 9,789 11,547 Mar 34,273 0.0 RP Telephone and Data Systems, Inc. TDS N 1 H/GRW 29.88 43.00 32.00 20.83 NM 981 888 909 Dec 3,287 1.9 RP T-Mobile US Inc. (cb) TMUS Q 2 H/GRW 58.32 55.00 59.19 33.23 NM 7,393 10,419 11,060 Dec 44,440 0.0 RP U.S. Cellular USM N 1 H/GRW 44.30 50.00 45.87 32.72 NM 675 590 619 Dec 3,765 0.0 RP

Wireline AT&T Inc. T N 2 M/INC 42.65 42.00 43.89 33.41 15.1 2.70 2.83 2.94 Dec 263,961 4.6 FGL CenturyLink CTL N 3 M/INC 24.14 NM 33.45 21.94 9.8 2.72 2.47 2.23 Dec 13,197 8.9 FGL Charter Communications, Inc. (fc) CHTR Q 1 H/GRW 291.80 300.00 294.66 172.67 25.4 9.43 11.49 13.83 Dec 91,946 0.0 FGL Cincinnati Bell Inc. CBB N 4 NM 22.75 NM 25.65 14.00 NM 0.34 0.18 (0.10) Dec 956 0.0 FGL Cogent Communications Holdings Inc. (fa) CCOI Q 3 H/GRW 41.65 NM 43.61 29.65 33.9 0.74 1.23 1.74 Dec 1,897 3.8 FGL Comcast Corp. CMCSA Q 1 M/GRW 70.87 78.00 71.32 52.34 20.2 3.25 3.50 3.78 Dec 172,285 1.6 FGL Communications Sales & Leasing, Inc. (af) CSAL Q 1 H/INC 26.48 35.00 32.73 15.13 10.1 1.78 2.61 2.68 Dec 4,108 9.1 FGL Consolidated Communications Holdings CNSL Q 3 M/INC 27.62 NM 30.23 17.76 38.9 0.76 0.71 0.70 Dec 1,399 5.6 FGL Frontier Communications Corp. FTR Q 2 M/INC 3.42 5.50 5.85 3.10 NM 0.13 (0.09) (0.11) Dec 3,981 12.3 FGL Inteliquent IQNT Q 4 NM 22.90 NM 23.67 14.56 21.0 1.12 1.09 1.20 Dec 788 2.8 FGL Level 3 Communications Inc. (fc) LVLT N 3 H/GRW 56.89 NM 57.59 41.73 19.1 1.81 2.98 3.14 Dec 20,463 0.0 FGL Verizon Communications VZ N 2 M/INC 53.64 56.00 56.95 43.79 13.8 3.99 3.90 4.03 Dec 219,173 4.3 FGL Windstream Holdings Inc. WIN Q 4 NM 7.77 NM 10.46 4.75 NM 1.07 (3.47) (1.92) Dec 721 7.7 FGL Zayo Group Holdings, Inc. (fc) ZAYO N 1 H/GRW 33.69 40.00 35.65 19.59 91.1 0.29 0.05 A 0.37 Jun 8,220 0.0 FGL

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

IT Hardware Avigilon Corporation AVO T 3 H/GRW C$12.06 12.00 17.00 7.76 23.2 0.86 0.52 0.61 Dec 534 0.0 SLi Baylin Technologies Inc. BYL T 2 H/GRW C$1.93 3.25 2.60 1.62 NM (0.78) (0.12) 0.15 Dec 36 0.0 SLi DragonWave DRWI Q UR H/GRW US$2.60 NM 10.66 1.40 NM (0.32) (0.28) (0.14) Feb 196 0.0 SLi Evertz Technologies Ltd. (f) ET T 2 M/GRW C$16.69 19.00 19.24 15.72 17.0 0.87 0.92 A 0.98 Apr 1,253 4.3 SLi Lumenpulse Inc. LMP T 2 H/GRW C$18.45 19.00 19.19 13.86 26.7 0.07 0.25 A 0.69 Apr 493 0.0 SLi Sierra Wireless SWIR Q 3 H/GRW US$16.15 16.00 20.28 9.69 27.8 0.80 0.58 0.89 Dec 517 0.0 SLi UrtheCast Corp. UR T 2 H/GRW C$0.82 3.00 1.64 0.69 NM (0.41) (0.23) (0.06) Dec 86 0.0 SLi

Software/IT Services BlackBerry (f) BBRY Q 2 H/GRW US$7.08 9.50 9.46 6.23 NM (0.09) (0.20) A 0.00 Feb 3,725 0.0 SLi CGI Group GIB.A T 2 M/GRW C$63.73 72.00 67.14 52.61 16.9 3.13 3.46 A 3.76 Sep 19,731 0.0 SLi Constellation Software Inc. CSU T 3 M/GRW C$612.54 600.00 650.00 427.99 32.8 17.51 18.67 22.38 Dec 12,986 0.9 SLi The Descartes Systems Group Inc. DSGX Q 2 M/GRW US$21.20 24.50 22.90 15.01 28.3 0.57 0.64 A 0.75 Jan 1,622 0.0 SLi MacDonald Dettwiler & Associates MDA T 3 M/GRW C$67.32 84.00 92.92 64.04 11.6 6.08 5.79 5.52 Dec 2,450 2.2 SLi NexJ Systems Inc. NXJ T 2 H/GRW C$3.20 3.25 3.80 1.47 NM (0.04) (0.01) 0.15 Dec 65 0.0 SLi Open Text OTEX Q 2 M/GRW US$61.51 80.00 66.84 41.93 14.1 3.46 3.54 A 4.35 Jun 7,529 1.5 SLi Redknee Solutions Inc. RKN T 2 H/GRW C$1.58 1.95 3.20 1.33 79.0 0.13 (0.11) A 0.02 Sep US$171 0.0 SLi

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

Telecoms Bouygues BOUY.PA EPA 3 €34.32 NM 38.60 24.75 19.3 1.45 1.78 2.13 Dec 11,840 4.4 SB BT BT.L L 4 370p 430 502 342 13.2 32.00 33.00 A 28.00 Mar £36,728 4.1 SB Deutsche Telekom DTE.DE ETR 2 €16.15 16.60 16.99 13.37 19.7 0.82 E 0.89 0.99 Dec 74,403 3.4 SB Iliad ILD.PA EPA 3 €183.05 NM 238.10 166.70 27.0 5.79 6.77 7.84 Dec 10,800 0.2 SB KPN KPN.AS AMS 3 €2.80 NM 3.71 2.56 25.5 0.09 0.11 0.10 Dec 11,969 14.6 SB Orange ORA.PA EPA 2 €14.28 17.70 16.67 12.38 15.9 0.87 0.90 0.99 Dec 37,971 4.9 SB Orange Belgium OBEL.BR EBR 3 €19.68 NM 22.60 17.51 22.6 0.52 0.87 1.42 Dec 1,180 2.2 SB Proximus PROX.BR EBR 2 €27.22 33.00 31.98 25.13 15.6 1.83 1.75 2.00 Dec 8,763 5.5 SB SFR Group SFR.PA EPA 3 €26.10 NM 39.22 19.51 26.6 0.84 0.98 1.27 Dec 11,536 0.0 SB Sky SKY.L L 3 983p NM 1,134 748 15.7 56.00 62.60 51.50 Jun £16,889 3.0 SB TalkTalk Telecom Group TALK.L L 1 167p 275 280 145 9.9 8.20 8.40 A 16.80 Mar £1,579 9.6 SB Telecom Italia TLIT.MI BIT 2 €0.87 1.08 1.19 0.63 14.5 0.05 0.06 0.06 Dec 16,200 0.0 SB Telefonica TEF.MC MCE 3 €8.83 NM 10.16 7.16 14.7 0.65 0.60 0.60 Dec 44,043 8.5 SB Telenet Group TNET.BR EBR 3 €53.05 NM 53.63 38.15 37.1 1.65 1.43 1.96 Dec 6,207 0.0 SB Telia Company TELIA.ST STO 3 SEK37.02 NM 43.43 33.93 10.9 4.09 3.40 3.46 Dec 160,297 5.4 SB Vivendi VIV.PA EPA 3 €17.86 NM 20.32 14.87 36.4 0.52 0.49 0.65 Dec 23,836 2.2 SB Vodafone VOD.L L 3 201p NM 240 189 35.2 5.50 5.10 A 5.70 Mar £53,264 5.9 SB

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

Airlines Hybrid Carriers Alaska Air Group ALK N 2 H/GRW 90.54 98.00 91.89 54.51 12.8 6.52 7.07 7.50 Dec 11,161 1.2 SS Copa Holdings, S.A. (is) CPA N 2 H/INC 92.88 110.00 97.00 42.61 20.3 4.93 4.57 6.30 Dec 4,022 2.2 SS LATAM Airlines Group S.A. (is, r) LFL N 3 H/GRW 8.28 NM 9.93 4.35 NM 0.11 0.05 0.38 Dec 4,517 0.0 SS

Legacy Carriers American Airlines Group, Inc. AAL Q 3 H/GRW 48.61 NM 50.64 24.85 8.5 9.12 5.71 4.40 Dec 33,103 0.8 SS Delta Air Lines, Inc. DAL N 2 H/GRW 50.36 55.00 52.76 32.60 9.7 4.64 5.18 4.92 Dec 37,084 1.6 SS United Continental Holdings, Inc. UAL N 2 H/GRW 74.67 80.00 76.80 37.41 9.0 11.88 8.34 6.00 Dec 23,738 0.0 SS

Transportation

USA Canada Europe

Airlines ........................................................................ 72

Hybrid Carriers ........................................................ 72

Legacy Carriers ........................................................ 72

Low Cost Carriers ..................................................... 73

Regional Carriers ..................................................... 73

Transportation Services .............................................. 73

Intermodal and Asset-Light Logistics ....................... 73

Parcel Carriers ......................................................... 73

Railroad ................................................................... 73

Transportation & Logistics ....................................... 73

Trucking (Truckload and LTL) ................................... 73

Airlines ........................................................................ 74

Railroads ..................................................................... 74

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

Airlines ........................................................................ 74

Raymond James Research Register - January 2017 73

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Transportation - USA Low Cost Carriers Allegiant Travel Co. ALGT Q 3 H/GRW 169.75 NM 183.91 121.70 12.9 12.93 13.13 10.85 Dec 2,784 1.6 SS GOL Linhas Aereas Inteligentes S.A. (r) GOL N 3 H/GRW 14.06 NM 27.08 2.44 NM (11.65) (5.20) (3.10) Dec 425 0.0 SS JetBlue Airways JBLU Q 3 H/GRW 22.28 NM 23.67 14.76 10.1 1.98 2.20 1.70 Dec 7,653 0.0 SS Ryanair Holdings plc (is, r) RYAAY Q 2 M/GRW 83.34 95.00 89.67 66.09 14.2 4.15 5.06 A 5.88 Mar 22,152 0.0 SS Southwest Airlines Co. LUV N 3 H/GRW 50.49 NM 51.31 33.96 13.8 3.53 3.65 3.62 Dec 32,247 0.8 SS Spirit Airlines, Inc. SAVE Q 1 H/GRW 58.51 66.00 60.40 35.17 14.6 4.36 4.00 4.10 Dec 4,148 0.0 SS

Regional Carriers SkyWest, Inc. SKYW Q 2 H/GRW 39.05 40.00 39.60 13.23 14.5 1.99 2.70 3.10 Dec 2,021 0.5 SS

Transportation Services Intermodal and Asset-Light Logistics C.H. Robinson Worldwide CHRW Q 3 M/GRW 74.48 NM 77.89 60.31 21.0 3.51 3.55 3.65 Dec 10,643 2.4 TB Forward Air Corporation FWRD Q 3 H/GRW 48.13 NM 50.72 36.00 23.5 2.09 2.05 2.35 Dec 1,468 1.2 TB Hub Group, Inc. HUBG Q 3 H/GRW 44.10 NM 46.15 28.19 19.7 2.01 2.24 2.30 Dec 1,493 0.0 TB J.B. Hunt Transport Services, Inc. JBHT Q 3 H/GRW 98.01 NM 102.38 63.58 25.8 3.66 3.80 4.20 Dec 11,114 0.9 TB Landstar System, Inc. LSTR Q 3 M/GRW 85.20 NM 90.80 53.03 26.9 3.37 3.17 3.40 Dec 3,559 0.4 TB XPO Logistics, Inc. XPO N 2 H/GRW 44.07 42.00 49.86 18.04 45.4 (0.67) 0.97 1.62 Dec 5,416 0.0 TB

Parcel Carriers FedEx Corporation FDX N 3 M/GRW 190.55 NM 201.57 119.71 15.9 8.95 10.80 A 12.00 May 51,449 0.8 TB United Parcel Service UPS N 3 M/INC 116.13 NM 120.44 87.30 20.0 5.43 5.80 6.10 Dec 102,775 2.7 TB

Railroad CSX Corp. CSX Q 3 M/GRW 36.86 NM 37.42 21.33 20.6 2.00 1.79 2.02 Dec 34,759 2.0 TB Genesee & Wyoming Inc. GWR N 1 H/GRW 70.62 85.00 80.73 41.56 20.0 3.68 3.53 3.60 Dec 4,110 0.0 TB Kansas City Southern KSU N 1 H/GRW 86.16 103.00 100.69 62.20 19.3 4.49 4.47 5.40 Dec 9,288 1.5 TB Norfolk Southern Corp. NSC N 3 M/GRW 109.45 NM 111.43 64.51 19.6 5.10 5.58 6.05 Dec 32,255 2.2 TB Union Pacific Corp. UNP N 1 M/GRW 105.71 105.00 106.62 67.06 21.1 5.49 5.00 5.70 Dec 87,232 2.1 TB

Transportation & Logistics Student Transportation Inc. STB Q 2 M/INC 5.58 6.50 6.08 3.02 69.7 NA 0.07 A 0.08 Jun 513 7.9 TB

Trucking (Truckload and LTL) Old Dominion Freight Line, Inc. ODFL Q 3 H/GRW 87.20 NM 91.69 48.92 24.4 3.57 3.57 3.90 Dec 7,201 0.0 TB Saia, Inc. SAIA Q 1 H/GRW 45.45 40.00 48.85 18.28 23.9 2.16 1.90 2.30 Dec 1,146 0.0 TB Swift Transportation Company SWFT N 1 H/GRW 24.49 29.00 27.18 11.74 20.1 1.50 1.22 1.30 Dec 3,241 0.0 TB

Raymond James Research Register - January 2017 74

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

Airlines Air Canada AC T 3 H/GRW C$13.97 12.50 14.85 6.81 3.5 4.18 3.94 3.07 Dec 3,912 0.0 BC WestJet Airlines WJA T 3 H/INC C$23.41 24.50 24.98 14.67 9.9 2.90 2.37 2.32 Dec 2,809 2.4 BC

Railroads Canadian National Railway CNR T 3 M/GRW C$91.52 94.00 92.35 66.62 20.2 4.45 4.53 5.00 Dec 70,681 1.6 SH Canadian Pacific Railway Limited CP T 2 M/GRW C$193.87 230.00 209.12 140.02 18.5 10.12 10.49 12.40 Dec 28,557 1.0 SH

Transportation & Logistics CanWel Building Materials Group Ltd. CWX T 2 H/INC C$5.97 7.25 7.09 3.70 14.2 0.38 0.42 0.44 Dec 356 9.4 SH

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

Airlines Air France-KLM AIRF.PA EPA 2 €5.36 6.70 8.84 4.61 3.3 0.34 1.62 1.24 Mar 1,608 0.0 JR easyJet plc EZJ.L L 3 1,035p NM 1,771 851 11.7 139.10 108.40 A 88.10 Sep £4,109 4.3 JR IAG IAG.MC MAD 3 €5.27 NM 8.38 3.95 6.8 0.74 0.78 0.75 Mar 11,175 3.6 JR Lufthansa LHAG.DE ETR 4 €12.88 10.00 15.41 9.10 4.9 3.67 2.65 2.28 Dec 6,038 3.7 JR

Raymond James Research Register - January 2017 75

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

Management

Robert P. Anastasi, CFA

(727) 567-2286

Chairman, Global Equity Research

Brian G. Alexander, CFA

(727) 567-2312

Senior Managing Director,

Director of Equity Research

Shawn Borgeson (727) 567-2571

Managing Director,

Product Development

Mercedes S. van Woerkom (727) 567-2601

Managing Director, Equity Research

Consumer

Budd Bugatch, CFA (727) 567-2527

Director of Furnishings Research

Joseph Altobello, CFA (212) 883-4606

Household, Personal Care,

and Leisure Products

Sam Darkatsh (727) 567-2537

Building Products

Brian M. Vaccaro, CFA

(404) 442-5866

Restaurants

Dan Wewer, CFA (404) 442-5846

Hardline Retailers

Benjamin P. Brownlow

(404) 442-5859

Convenience Stores

Energy (800) 945-6275

J. Marshall Adkins

Director of Energy Research

John Freeman, CFA

Exploration & Production

Darren Horowitz

Midstream Suppliers

Pavel Molchanov

Integrated Oil & Gas/ Renewable

Energy & Clean Technology/

Exploration & Production

Benjamin P. Brownlow

(404) 442-5859

Midstream Suppliers

Justin Jenkins

Independent Refiners/

Midstream Suppliers

Praveen Narra, CFA

Oilfield Services

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 (727) 567-1534

Insurance/Insurance Brokerage &

Technology

Michael Rose (312) 655-2940

Banking

William J. Wallace IV (301) 657-1548

Banking

Donald A. Worthington (415) 538-5733

Banking

Healthcare

John W. Ransom (727) 567-2593

Director of Healthcare Research

Michael J. Baker (727) 567-2499

Benefits Management/Pharma Services

Jayson Bedford (727) 567-2565

Medical Devices

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

Biotechnology

Nicholas Jansen (727) 567-2446

Healthcare Information

Technology/Diagnostics

Lawrence S. Keusch (617) 897-8992

Hospital Supplies & Equipment

Christopher Raymond (312) 655‐2672

Biotechnology

Elliot Wilbur, CFA (212) 856-4897

Specialty Pharmaceuticals

Industrial

Patrick Tyler Brown, CFA (404) 442-5803

Waste & Industrial Services

Sam Darkatsh (727) 567-2537

Specialty Distribution

Macro Research

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

Chief Economist

Jeffrey D. Saut (727) 567-2644

Chief Investment Strategist

Real Estate

Paul D. Puryear (727) 567-2253

Director of Real Estate Research

William A. Crow (727) 567-2594

Lodging/REITs

Buck Horne, CFA (727) 567-2561

Housing/REITs

Collin Mings, CFA (727) 567-2585

REITs

Jonathan Hughes, CFA (727) 567-2438 REITs

Technology &

Communications

Brian G. Alexander, CFA

(727) 567-2312

Director of Technology Research

Ric Prentiss (727) 567-2567

Director of Telecommunications

Services Research

Brian Gesuale (727) 567-2287

IT Services/

Advanced Industrial Technology

Wayne Johnson (404) 442-5837

FinTech & Transaction Processing

Aaron Kessler, CFA (415) 616-8959

Internet

Simon M. Leopold (212) 856-5464

Communications Equipment

Frank G. Louthan IV (404) 442-5867

Telecommunications Services

Tavis C. McCourt, CFA (615) 645-6811

Internet of Things

J. Steven Smigie (212) 856-4893

Semiconductors

Terry Tillman (404) 442-5825

Application Software

Michael Turits, Ph.D. (212) 297-5617

Infrastructure Software

Justin Patterson, CFA (415) 616-8035

Internet

Brian Peterson, CFA (404) 442-5888

Application Software

Transportation

Patrick Tyler Brown, CFA

(404) 442-5803

Transportation Services

Savanthi Syth, CFA

(727) 567-5274

Airlines

76 Raymond James Research Register - January 2017

U.S. Equity Capital Markets – Sales & Trading

Dan H. McMahon (212) 599-6800, Senior Managing Director – Director, Equity Trading

Paul G. Steinhauser (727) 567-2513, Senior Managing Director – Director, Institutional Sales

Collie Krausnick (901) 529-5321, Senior Managing Director – Director, Agency/Retail Equity Trading and Equity Advisory Group

Institutional Sales St. Petersburg (800) 237-5643

Shawn Borgeson (727) 567-2571

Sarah Concannon (727) 567-2686

Ken Corn (727) 567-2282

Nick Digirolamo (727) 567-2280

Mark Fote (727) 567-2439

Peter L. Gairing (727) 567-2530

Eric Kirby (727) 567-2570

Kevin McElligott (727) 567-2597

Ted Mortonson (727) 567-2285

Mark Ranney (727) 567-1850

David Schaffer (727) 567-2598

Patrick Sauve (727) 567-2526

Dana Williams (727) 567-2278

Jamie Zingaretti (727) 567-2576

Atlanta

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

Dudley Stephens (404) 442-5828

Boston

Ryan Bagley (617) 897-8965

Grant Hall (617) 897-8966

Dave Hodges (617) 897-8961

John Leffel (617) 897-8967

Chicago

Bill Sammon, Manager (312) 655-2959

Lou Coines (312) 655-2964

Rick Glaisner (312) 612-7672

Lonnie Hatcher (312) 612-7673

Chris Lambert (312) 655-2974

Anthony LanFranca (312) 655-2961

Tony Montemurro (312) 655-2948

Tim Murnane (312) 655-2988

Andrew K. Northwick (312) 612-7675

Chris Palermo (312) 655-2967

Leigh Pollak (312) 612-7744

Bob Stocking (312) 612-7674

Los Angeles

Mark Hamilton (310) 414-5209

Rob Marckel (310) 414-5201

New York

Tom Healy, Head of New York Sales

(212) 856-5406

Alastair Barnes (212) 856-5417 George Billington (212) 297-5607 Jason Gefaell (212) 672-6828

Tom Hartigan (212) 856-5474 Brian Hicks (212) 297-5618 Jeff Karish (212) 297-5604

Institutional Sales (continued) New York

Susan Lione (212) 856-4886

Carol McCarthy (212) 297-5605

Tom Nevitt (212) 297-5608

Gene Pennell (212) 297-5606

Paul Salmore (212) 856-4368

Craig Sapuppo (212) 297-5602

Kelly Schaeffer (212) 856-4887

Rod Spiegel (212) 297-5610

San Francisco

John Cavender (415) 538-5725

Douglas Deubel (888) 734-0540

Jacob Forney (415) 616-8080

Zachary Taylor (415) 616-8944

International Institutional

Sales & Trading Desk Byron Mitson, Head of Agency/

Retail Trading (800) 564-3678

St. Petersburg (727) 567-2100

Sharon Agudio

Ted Powell

Mike Tagliarini

Memphis (800) 564-3678

Tony Johnson

Kenny McClain

Corporate &

Executive Services (727) 567-2092

Jeff Fordham, Head of

Corporate & Executive Services

Jeanna Bryan

Nicole Castillo

Rachel Jallick

Brandon Moore

Scott Warnock

Principal Trading

(212) 599-6800

Eric Braunstein

Brendan Dooley Jesse Lubarsky

Adam Lustig

Ray Moore

Greg Mulvaney

Christian O’Brien

Kevin Prunty

Owen Rice

Doug Shapiro

Brandon Veldman

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

(212) 856-5477

St. Petersburg (727) 567-2100

Ross Barone

Jake Shumacker

Tom Del Zoppo

Boston (617) 423-5607

Brendan Moses

Steve Svensen

Thomas Ward

Chicago (312) 655-2990

Michael Barone

Ken Goldberger

Jeff Grimm

Randy Mrozek

Jeff Snower

New York (212) 599-6800

Craig Bugniazet

Michael Cannon

Brian Cohan

Paul Cornette

Michael Dalfonzo

John Gilmartin

Robert Hyde

Mark Koczan

Gary Muehlemann

Vincent Sgherza

Nick Shepard

Eric Siefert

Neil Vankawala

San Francisco

Michael Christian (415) 616-8933

Michael Schwarz (415) 616-8096

Agency/Retail Trading Byron Mitson, Head of Agency/

Retail Trading (800) 564-3678

St. Petersburg (727) 567-6466

Scott Brown

Renee Hollingsworth

Justin Miller

James Nielsen

Allen Spence

Memphis (800) 564-3678

Darin Butler

Krystal Butler

Kevin Floyd

Marilyn Hiner

Tony Johnson

Kenny McClain

Raymond James Research Register - January 2017 77

Strategic Options Desk (212) 856-5400

Ryan Sylvester, Co-head

Adam Templeton, Co-head

Colin Drowica

Geoff Gaiss

Corrin Jackson

Jeffrey Jacobson

Darius Kirksey

Andrew Kramer

Alec Levine

Rob Mabry

Brad Manuilow

Johnny Martin

James “Hector” Murphy

Brian Werner

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

J. Michael Gibbs, Director,

Equity Portfolio & Technical Strategy Jeff Harvey

David Hydrick

Joey Madere

Barbara Metcalf

Andrew Rumbelow

Equity Advisory Group (727) 567-2520

Harry G. Katica, CFA, Director,

Equity Advisory Group

Suzi Fiorini, Manager,

Equity Advisory Group

Phil Cox

Bonnie Harper

John Messina

Michael Saut

Daniel Sprusansky

Justin Wai

Spencer Williams Julie Lachman, International (727) 567-5559

ECM International Office Locations

Raymond James Financial International Limited Raymond James Euro Equities

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

Robert Nugent, Manager

Nicole Baker

Charles Cooper

Dale Gibson

Benjamin Gilbert

Vernon Golding

Cara McPhillips

Matt Patterson

Ricky Pilgrim

G. Eric Rowe

Anthony White

Adam Wood

Brussels, Belgium 011-322-626-1060

Henri de Liedekerke, Manager

Diego de Fierlant

Carine R. Van Pellecon

Stéphane Roffler

Dusseldorf, Germany

011-49-213-293-070

Hans J. Klisch, Manager

Falk G. Reissland, Manager

Marcel Daun

Sebastian Sattelberger

Vaduz, Liechtenstein

011-423-233-44-54

Johann Kasamas Warsaw, Poland

011-48 (22) 276 2300

Homan Haghighi, Manager

Janusz Dancewicz

George Jovanovich

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

Emmanuel Laussinotte, Manager

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

Raymond James & Associates, Inc.

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

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

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

Homan Haghighi Jad Hobeiche

78 Raymond James Research Register - January 2017

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

Ken Avalos, MBA 727.567.1756 Real Estate & REITs

Frederic Bastien, CFA 604.659.8232 Infrastructure & Construction

Andrew Bradford, CFA 403.509.0503 Oil & Gas Energy Services

Ben Cherniavsky 604.659.8244 Industrial / Aerospace & Aviation

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

Infrastructure

Steve Hansen, CFA, CPA, CMA 604.659.8208

Transportation / Agribusiness

Steven Li, CFA 416.777.4918 Technology /

Alternative Energy & Clean Tech

Jeremy McCrea 403.509.0518 Oil & Gas Producers

Kurt Molnar 403.221.0414 Oil & Gas Producers

Michael Overvelde, CFA, CPA, CA 416.777.4943

Diversified Financials

David Quezada, CFA 604.659.8257 Special Situations / Power & Utilities

Johann Rodrigues 416.777.7189 Real Estate & REITs

Daryl Swetlishoff, CFA 604.659.8246 Forest Products

Chris Thompson, M.Sc. (Eng), P.Geo 604.659.8439 Precious Metals

Kenric Tyghe, MBA 416.777.7188 Consumer & Retail

Canadian Sales & Trading

Raymond James Ltd. Sales Mike Westcott 416.777.4935, Head of Sales

Toronto 888.601.6105 Canada 800.290.4847 USA Sean Boyle 416.777.4927 Jeff Carruthers, CFA 416.777.4929 Richard Eakins 416.777.4926 Jonathan Greer 416.777.4930 Dave MacLennan 416.777.4934 Robert Mills, CFA 416.777.4945 Brady Pimlott 416.777.4993 Neil Weber 416.777.4931

U.S. Equities Toronto Nicole Svec Griffis, CFA 416.777.4942 Vancouver 800.667.2899 Scot Atkinson, CFA 604.659.8225 Nick Pocrnic 604.659.8230

Montreal 514.350.4450, 866.350.4455 John Hart 514.350.4462 David Maislin, CFA 514.350.4460 London Adam Wood 0.207.426.5612

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

Toronto 888.601.6105 Canada 800.290.4847 USA Mark Armstrong 416.777.4981 Pam Banks 416.777.4923 Oliver Herbst 416.777.4947 Andy Herrmann 416.777.4937 Matt Malowney 416.777.4937 Eric Munro, CFA 416.777.4983 Bob Standing 416.777.4921

Vancouver 800.667.2899 Nav Cheema 604.659.8224 Fraser Jefferson 604.659.8218 Derek Oram 604.659.8223

Montreal 866.350.4455 Joe Clement 514.350.4470 Patrick Sanche 514.350.4465

Raymond James Research Register - January 2017 79

European Equity Research

Emmanuel Rétif, RJEE +33 (1) 45 64 05 47 Managing Director – European Research Utilities Hermine de Bentzmann, RJEE +33 (1) 45 64 05 53 Premium Consumer Goods Stéphane Beyazian, RJFI +44 (0) 203 798 5643 Telecom Services

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

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

European Sales & Trading

Paris +33 (1) 45 64 05 00 Sales

Philippe Andrieu Mikael Certner Bruno Chabroux Sebastien Manzoni Laurent Thomasset

Sales Trading

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

Jacques Perez Philippe Vialle

London +44 (0) 203 798 5600 Sales

Cara McPhillips Matt Patterson

Sales Trading

Jason Keogh Ken Wesson

New York (212) 856-4884 Sales

Benoit Piussan Joe Campo

80 Raymond James Research Register - January 2017

Important Investor Disclosures

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

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

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Analyst Information

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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.

Raymond James Research Register - January 2017 81

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

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

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

Raymond James Ltd. (Canada) definitions

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

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

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

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

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

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

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

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

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

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

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

Rating Distributions

Coverage Universe Rating Distribution* Investment Banking Distribution

RJA RJL RJEE/RJFI RJA RJL RJEE/RJFI

Strong Buy and Outperform (Buy) 52% 73% 52% 20% 48% 0%

Market Perform (Hold) 44% 27% 36% 8% 19% 0%

Underperform (Sell) 4% 0% 13% 0% 0% 0%

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

Suitability Ratings (SR)

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

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

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

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

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

82 Raymond James Research Register - January 2017

Risk Factors

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

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

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