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Raymond James Ltd. | 2200 - 925 West Georgia Street | Vancouver BC Canada V6C 3L2

Monthly Research Register - March 2012 March 1, 2012

Daryl Swetlishoff CFA | 604.659.8246 | [email protected]

Raymond James Ltd. is a wholly owned subsidiary of U.S.-based Raymond James Financial Inc. (RJF-NYSE), and is a prominent, independent, full-service investment dealer in Canada. Raymond James Ltd. has Private Client offices across Canada and Equity Capital Markets offices in Toronto, Vancouver, Calgary and Montreal. The firm is a member of the Toronto Stock Exchange, the Montreal Exchange, and the TSX Venture Exchange as well as the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada.

Leveraging deep industry knowledge, Raymond James’ equity research division is focused on providing our valued clients with timely, moneymaking ideas. Our research-driven business model is geared towards generating insightful commentary and analysis on companies in the following sectors: Consumer Products & Retail, Energy, Industrial Special Situations, Mining, Paper & Forest Products, Real Estate, and Technology. Our Canadian research effort currently consists of 16 analysts covering approximately 240 companies.

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We hope you find our research products useful and encourage feedback as we continually strive to improve.

Daryl Swetlishoff, CFA Head of Research

RECENTLY RELEASED EQUITY RESEARCH REPORTS DATE REPORT NAME SYMBOL PRICE

FEB-28-12 RATING ANALYST

Feb-15-12 Energy Justin Bouchard, P.Eng., CFAFeb-1-12 Alderon Iron Ore Corp. ADV-TSX C$3.30 3 Adam Low, CFA Feb-1-12 Champion Minerals Inc. CHM-TSX C$1.79 2 Adam Low, CFA Feb-1-12 New Millennium Iron Corp. NML-TSX C$2.72 2 Adam Low, CFA Feb-1-12 Exploration & Development Adam Low, CFA

Monthly Research Register - March 2012 Canada Research | Page 2 of 31

Raymond James Ltd. | 2200 – 925 West Georgia Street | Vancouver BC Canada V6C 3L2

Analyst Index Page Analyst Index (continued) Page

Gary Baschuk 15Frederic Bastien, CFA 6,9,15,19Justin Bouchard, P.Eng., CFA 10,20Andrew Bradford, CFA 10Ben Cherniavsky 6Steve Hansen, CMA, CFA 6Brad Humphrey 15Rafi Khouri, B.Sc, MBA 10Steven Li, CFA 20Adam Low, CFA 15

Luc Mageau, CFA 10Jamil Murji, CFA (Associate) 6,9Research Pend. Reassign RJL 9-10,15,19-20Theoni Pilarinos, CFA (Associate) 6David Sadowski 15Daryl Swetlishoff, CFA 14Alex Terentiew, MBA, P.Geo 15Kenric S. Tyghe, MBA 9Kristopher Zack, CA, CFA 10

Industry Index Page

Industry Index (continued) Page

Industrial 6-8Agribusiness & Food Products 6Chemicals 6Infrastructure & Construction 6-7

Construction 6Engineering 6Equipment Distributors 6-7Materials & Engineered Products 7Original Equipment Manufacturers 7Related Products 7Steel Processors & Building Components 7

Transportation 7-8Aerospace & Aviation 7-8Airlines 8Railroads 8Transportation & Logistics 8

Consumer 9Consumer Products & Retail 9

Energy 10-13Intermediate Oil & Gas Producers 10International Oil & Gas 11Junior Oil & Gas Producers 12Oil Sands & Producers 12Oil & Gas Energy Services 12-13

Completion Services 12Contract Drillers 12-13Field Services 13Pressure Pumpers 13

Senior Oil & Gas Producers 13Forest Products 14

Building Materials 14Pulp & Paper 14

Mining 15-18Base Metals & Minerals 15

Exploration & Development 15-16Production 15-16Special Situations 15

Iron Ore 15Exploration & Development 15-16

Platinum Group Metals 16Exploration & Development 15-16Production 15-16

Precious Metals 17-18Gold 17Silver 18

Real Estate 19Real Estate 19

Multiresidential Office/Diversified Real Estate Services 19Retail

Technology 20Alternative Energy & Clean Tech 20IT Hardware 20Software/IT Services 20


A (+) or (-) designates a rating upgrade or downgrade, respectively. Please see page 26 for definitions of ratings and other important disclosure information.

Company Index Sym Rating Page Company Index (continued) Sym Rating Page


ADF Group Inc. DRX-TSX 2 7Advantage Oil & Gas Ltd. AAV-TSX 2 10Aecon Group ARE-TSX 2 6Agnico-Eagle Mines AEM-NYSE 2 17Aimia AIM-TSX 2 9Air Canada AC.B-TSX 3 8Alacer Gold Corp ASR-TSX 3 17Alamos Gold Inc. AGI-TSX 2 17Alderon Iron Ore Corp. * ADV-TSX 3 15Alliance Grain Traders Inc. AGT-TSX 2- 6Allied Properties REIT AP.UN-TSX UR 28Alter NRG NRG-TSX 2 20Alterra Power Corp. AXY-TSX 2 20Amerigo Resources Ltd. ARG-TSX UR 28Anooraq Resources Corp. ARQ-TSXV UR 28Antofagasta Plc. ANTO-LSE UR 28Anvil Mining Limited AVM-TSX UR 28Arc Resources Ltd. ARX-TSX 3 10Armtec Infrastructure Inc. ARF-TSX 3 7ArPetrol Ltd. RPT-TSXV 2 11Asia Bio-Chem Group Corp. ABC-TSX 3 6Athabasca Oil Sands Corp. ATH-TSX 2 12Atrium Innovations Inc. ATB-TSX 2 9Aura Minerals Inc. ORA-TSX UR 28AuRico Gold Inc. AUQ-NYSE UR 28Aurizon Mines Ltd. ARZ-TSX UR 28AutoCanada Inc. ACQ-TSX UR 28AvenEx Energy Corp. AVF-TSX 3 10Avigilon Corporation AVO-TSX 2 20Azure Dynamics AZD-TSX 3 20B2Gold Corp. BTO-TSX UR 17Baja Mining Corp. BAJ-TSX 2 15Bankers Petroleum BNK-TSX 1 11Batero Gold Corp. BAT-TSXV 3- 17Baytex Energy Corp. BTE-TSX 3 10Bear Creek Mining Corp. BCM-TSXV 2 18BioExx Specialty Proteins Ltd. BXI-TSX UR 6Birchcliff Energy Ltd. BIR-TSX 3 10Bird Construction Inc. BDT-TSX 2 6Black Diamond Group Ltd. BDI-TSX 2 13Boardwalk REIT BEI.UN-TSX UR 28Bombardier Inc. BBD.B-TSX 2 7Bonavista Energy Corporation BNP-TSX 3 10Bonnett's Energy Services Trust BT.UN-TSX UR 28CAE Inc. CAE-TSX 3 8Calfrac Well Services CFW-TSX 1 13Calloway REIT CWT.UN-TSX UR 28Cameco Corp. CCO-TSX UR 16Canadian Apartment REIT CAR.UN-TSX UR 28Canadian National Railway CNR-TSX 3 8Canadian Natural Resources Ltd CNQ-TSX 2 13Canadian Oil Sands Limited COS-TSX 3 12Canadian Pacific Railway CP-TSX 3 8Canadian Tire Corporation CTC.A-TSX UR 28Canam Group CAM-TSX 3 7Candente Copper Corp. DNT-TSX 2 15Canfor Corp. CFP-TSX 2 14Canfor Pulp Products Inc. CFX-TSX 1+ 14CanWel Building Materials Group Ltd. CWX-TSX 2- 8Canyon Services Group Inc. FRC-TSX 1 13Caterpillar Inc. CAT-NYSE 2 7

Cenovus Energy CVE-TSX 2 12Cequence Energy Inc. CQE-TSX 3 12Cervus Equipment Corp. CVL-TSX 1 6CGA Mining Ltd. CGA-TSX UR 28CGI Group GIB.A-TSX 2 20Champion Minerals Inc. * CHM-TSX 2 15The Churchill Corp. CUQ-TSX 2+ 6Cineplex Inc. CGX-TSX 3 9CML Healthcare Inc. CLC-TSX 2 9Cominar REIT CUF.UN-TSX UR 28Commercial Solutions CSA-TSX UR 7Compton Petroleum CMT-TSX UR 28Conifex Timber Inc. CFF-TSXV 2 14Connacher Oil and Gas CLL-TSX 3 12Continental Gold Ltd. CNL-TSX 2 17Copper Mountain Mining CUM-TSX 2 15Coro Mining Corp. COP-TSX UR 15CREIT REF.UN-TSX UR 28Crescent Point Energy CPG-TSX 3 10Crew Energy Inc. CR-TSX 2 10Crocodile Gold Corp. CRK-TSX R 17Crocotta Energy Inc. CTA-TSX 2 12Crombie REIT CRR.UN-TSX UR 28DAY4 Energy DFE-TSX UR 28Denison Mines Corp. DML-TSX UR 16Detour Gold Corp. DGC-TSX 2 17Dollarama DOL-TSX 3 9Domtar UFS-NYSE 1 14DragonWave DWI-TSX 2 20Duluth Metals Limited DM-TSX UR 28Dundee REIT D.UN-TSX UR 28Eastern Platinum Ltd. ELR-TSX 2 16Easyhome Ltd. EH-TSX 2 9Eldorado Gold Corp. EGO-NYSE 2 17Enablence Technologies ENA-TSXV UR 20EnCana Corporation ECA-TSX 3- 13Endeavour Mining Corp. EDV-TSX 2 17Enerflex Ltd. EFX-TSX 2- 13Enerplus Corporation ERF-TSX 3 10Ensign Energy Services Inc. ESI-TSX 1 13ENTREC Transportation Services Ltd. * ENT-TSXV 2 7Essential Energy Services Ltd. ESN-TSX 1 12Evertz Technologies Ltd. ET-TSX 2 20Exchange Income Corp EIF-TSX R 8Fairborne Energy Inc FEL-TSX 2 10Fibrek Inc. FBK-TSX R 14Finning International FTT-TSX 2 7First Capital Realty FCR-TSX UR 28First Quantum Minerals Ltd. FM-TSX UR 15FirstService Corp. FSRV-NASDAQ 2+ 19Flint Energy Services Ltd. * FES-TSX 3- 6Fortress Paper FTP-TSX 1 14Galway Resources Ltd. GWY-TSXV 1 17GasFrac Energy Services Ltd. GFS-TSX 2 13Genivar Inc. GNV-TSX 2 6Gennum Corporation GND-TSX UR 28Geologix Explorations Inc. GIX-TSX 2 17Gildan Activewear GIL-NYSE 2 9Glacier Media Inc. GVC-TSX 2 9GLG Life Tech Corporation GLG-TSX 3 6GLV Inc. GLV.A-TSX 2 7

A (+) or (-) designates a rating upgrade or downgrade, respectively.

Please see page 26 for definitions of ratings and other important disclosure information.



Golden Star Resources GSS-AMEX 3 17Gran Tierra Energy GTE-TSX 1 11Great Basin Gold Ltd. GBG-AMEX 3 17Great Canadian Gaming GC-TSX 2 9Greenfields Petroleum Corporation GNF-TSXV 2 11Guyana Goldfields Inc. GUY-TSX 2 17H&R REIT HR.UN-TSX UR 28Hana Mining Ltd. HMG-TSX 2 15Heroux-Devtek Inc. HRX-TSX 2 8IBI Group Inc. IBG-TSX 2 6Inmet Mining Corporation IMN-TSX UR 15Insignia Energy Ltd. ISN-TSX 3 12Interfor IFP.A-TSX 2 14Ivanhoe Mines Ltd. IVN-TSX UR 15Killam Properties KMP-TSX UR 28Kirkland Lake Gold Inc. KGI-TSX UR 28Kiska Metals Corporation KSK-TSXV UR 28Lake Shore Gold Corp. LSG-TSX UR 17Legacy Oil & Gas Inc. LEG-TSX 1 10Liquor Stores Income Fund LIQ.UN-TSX UR 28Loblaw Companies Ltd. L-TSX 2 9Lone Pine Resources, Inc. LPR-TSX 2 10Lumina Copper Corp. LCC-TSXV 1 15MacDonald Dettwiler & Associates MDA-TSX 2 20MAG Silver MAG-TSX UR 18Magellan Aerospace MAL-TSX 3 8Manitok Energy Inc. MEI-TSXV 2 12McCoy Corporation MCB-TSX 1 7Mercer International Inc. MERC-NASDAQ R 14Methanex MEOH-NASDAQ 2 6Minco Silver MSV-TSX 3 18Mirabela Nickel Ltd. MNB-TSX UR 28Miranda Technologies Inc. MT-TSX 2 20Mullen Group Ltd. MTL-TSX 3 13NAL Energy Corporation NAE-TSX 3 10Neo Material Technologies NEM-TSX 2 15New Millennium Iron Corp. * NML-TSX 2 15Nexen Inc. NXY-TSX 2+ 13NexJ Systems Inc. NXJ-TSX 2 20Niko Resources Ltd NKO-TSX 2 11Norbord Inc. NBD-TSX 3 14North American Energy Partners NOA-TSX 3 6North American Palladium Ltd. PDL-TSX 2 16Northern Dynasty Minerals Ltd. NDM-TSX UR 28Northern Property REIT NPR.UN-TSX UR 28Novus Energy Inc. NVS-TSXV 2 12Omni-Lite Industries OML-TSXV 2 8Open Range Energy Corp. ONR-TSX 3 12Open Text OTEX-NASDAQ 2 20Orezone Gold Corp. ORE-TSX 2 17Orvana Minerals Corp. ORV-TSX 3 17Osisko Mining Corp. OSK-TSX 3 17Pacific Rubiales Energy PRE-TSX 1 11Paladin Energy PDN-TSX UR 16Pan American Silver PAAS-NASDAQ 2 18Pan Orient Energy POE-TSXV 2 11Parex Resources Inc. PXT-TSX 2 11Pengrowth Energy Corporation PGF-TSX 2 10Perpetual Energy Inc. PMT-TSX 3 10PetroAmerica Oil Corp. PTA-TSXV R 11PetroBakken Energy Ltd. PBN-TSX 3 10Petrobank Energy and Resources Ltd. PBG-TSX 3 12

PetroDorado Energy Ltd. PDQ-TSXV 2 11PetroMagdalena Energy Corp. PMD-TSXV 2 11Petromanas PMI-TSXV 3- 11Petrominerales PMG-TSX 3 11Petronova Inc. PNA-TSXV 2 11Platinum Group Metals Ltd. PTM-TSX 2 16Porto Energy Corp. PEC-TSXV 2 11Precision Drilling Corporation PD-TSX 2 13Primaris Retail REIT PMZ.UN-TSX UR 28Progress Energy Resources Corp. PRQ-TSX 2 10Pure Energy Services Ltd. PSV-TSX 1 12Quadra FNX Mining Ltd QUX-TSX UR 28Ram Power RPG-TSX 3- 20Reliable Energy Ltd. REL-TSXV 2 12Renegade Petroleum Ltd. RPL-TSXV 2 12Research in Motion RIMM-NASDAQ 3 20RioCan REIT REI.UN-TSX UR 28Ritchie Bros. Auctioneers RBA-NYSE 2 7Rocky Mountain Dealerships Inc. RME-TSX 2 7Route1 Inc ROI-TSXV 2+ 20Russel Metals RUS-TSX 2 7San Gold Corp. SGR-TSX UR 28Savanna Energy Services SVY-TSX 2 13Secure Energy Services Inc. SES-TSX 2 13ShaMaran Petroleum Corp. SNM-TSXV 4 11Shoppers Drug Mart SC-TSX 2 9Sierra Wireless SWIR-NASDAQ 3 20Silver Wheaton SLW-NYSE 2 18Silvercorp Metals Inc. SVM-NYSE 2 18SNC-Lavalin SNC-TSX 3- 6Softchoice SO-TSX 2 20Southern Pacific Resources Corp. STP-TSX 1 12Stantec Inc STN-TSX 3- 6Stornoway Diamond Corp. SWY-TSX UR 15Strad Energy Services Ltd. SDY-TSX 1 13Strategic Oil & Gas Ltd. SOG-TSXV 2 12Strathmore Minerals Corp STM-TSX UR 16Strongco Corp. SQP-TSX 2 7Student Transportation Inc. STB-TSX R 8Sulliden Gold Corporation Ltd. SUE-TSX 1 17Suncor Energy Inc SU-TSX 2 12Suroco Energy Inc SRN-TSXV 2 11Talisman Energy Inc. TLM-TSX 3 11Taseko Mines Ltd. TKO-TSX UR 28Tim Hortons THI-TSX 3 9Toromont Industries TIH-TSX 2- 7Trelawney Mining and Exploration Inc. TRR-TSXV UR 17Trevali Mining Corporation TV-TSX 2 15Trican Well Service TCW-TSX 2 13Trinidad Drilling Ltd. TDG-TSX 1 13Tuscany International Drilling Inc. TID-TSX 2 13Twin Butte Energy Inc. TBE-TSX 1 12U.S. Geothermal GTH-TSX 2 20Ur-Energy Inc. URE-TSX UR 16Uranium One Inc. UUU-TSX UR 16Uranium Participation Corporation U-TSX UR 16Vecima Networks VCM-TSX UR 28Vermilion Energy Inc. VET-TSX 2 10Victoria Gold Corp. VIT-TSXV UR 17Viterra Inc. VT-TSX 2 6Wajax Corp. WJX-TSX 2 7Waldron Energy Corporation WDN-TSX 3- 12

A (+) or (-) designates a rating upgrade or downgrade, respectively.

Please see page 26 for definitions of ratings and other important disclosure information.



West Fraser Timber WFT-TSX 2 14Western Energy Services Corp. WRG-TSXV 1 13Western Forest Products Inc. WEF-TSX 2 14WesternZagros Resources WZR-TSXV 3 11WestFire Energy Ltd. WFE-TSX 2 12WestJet Airlines WJA-TSX 2 8

Winpak Ltd. WPK-TSX 2 9Yamana Gold Inc. AUY-NYSE 2 17Yangarra Resources Ltd. YGR-TSXV 2 12Zargon Oil & Gas Ltd. ZAR-TSX 3- 10ZCL Composites ZCL-TSX 3 7Zodiac Exploration Inc. ZEX-TSXV 2 12

* Denotes addition to this month’s Research Register. © 2012 Raymond James Ltd. This document may not be reprinted without permission.



Industrial Ben Cherniavsky | 604.659.8244 | [email protected] Frederic Bastien, CFA | 604.659.8232 | [email protected]

Steve Hansen, CMA, CFA | 604.659.8208 | [email protected] Theoni Pilarinos, CFA | 604.659.8234 | [email protected]

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Agribusiness & Food Products Alliance Grain Traders Inc. (6a,<) AGT-TSX 2- C$24.00 C$15.96 54% Dec 11.3 C$1.41 E C$2.05 NA 3.8% NA C$319 SH Asia Bio-Chem Group Corp. (6a,6b,h) ABC-TSX 3 C$0.50 C$0.19 163% Dec NA C$(0.02) E C$0.06 NA 0.0% NA C$16 SH BioExx Specialty Proteins Ltd. (6a) BXI-TSX UR UR C$0.26 NA Dec NA NA E NA NA 0.0% NA C$55 SH GLG Life Tech Corporation (6a) GLG-TSX GLGL-NASDAQ 3 C$2.25 C$1.30 73% Dec NA C$(1.47) E C$(0.30) NA 0.0% NA C$43 SH Viterra Inc. (6a) VT-TSX 2 C$14.00 C$10.66 33% Oct 13.5 C$0.71 C$0.79 NA 1.4% NA C$3,998 SH

Chemicals Methanex (6b) MEOH-NASDAQ MX-TSX 2 US$35.00 US$31.25 14% Dec 10.4 US$2.05 US$3.00 US$4.25 2.2% NA US$2,944 SH

Infrastructure & Construction

Construction Aecon Group (6a,h,>) ARE-TSX 2 C$15.00 C$11.73 30% Dec 15.2 C$0.77 E C$1.20 C$1.50 1.7% NA C$823 FB Bird Construction Inc. (6a,ev) BDT-TSX 2 C$15.00 C$12.99 21% Dec 19.1 C$0.68 E C$1.20 NA 5.1% NA C$548 FB The Churchill Corp. (6a) CUQ-TSX 2+ C$15.00 C$14.06 10% Dec 14.8 C$0.95 E C$1.30 NA 3.4% NA C$394 FB Flint Energy Services Ltd. (6a) FES-TSX 3- C$25.00 C$24.91 0% Dec 39.5 C$0.63 E C$1.55 NA 0.0% NA C$1,203 FB|JM North American Energy Partners (6a,6b,f,<) NOA-TSX NOA-NYSE 3 C$6.25 C$5.71 9% Mar NA C$(0.85) C$(0.15) C$0.46 NA NA C$206 BC

Engineering Genivar Inc. (6a) GNV-TSX 2 C$33.00 C$27.60 25% Dec 14.0 C$1.97 E C$2.00 NA 5.4% NA C$911 FB IBI Group Inc. (3r,6a,ev,h) IBG-TSX 2 C$16.50 C$14.25 24% Dec 17.4 C$0.82 E C$1.25 NA 7.7% NA C$342 FB SNC-Lavalin (6a,<) SNC-TSX 3- C$48.00 C$38.43 27% Dec 15.9 C$2.42 E C$2.90 NA 2.2% NA C$5,841 FB Stantec Inc (6a,<) STN-TSX STN-NYSE 3- C$32.00 C$29.37 11% Dec 12.2 C$2.24 C$2.40 C$2.65 2.0% NA C$1,322 BC|FB

Equipment Distributors Cervus Equipment Corp. (1c,1f,3r,6a) CVL-TSX 1 C$20.00 C$17.28 20% Dec 13.4 C$1.29 E C$1.75 NA 4.2% NA C$259 BC

Footnote Section 1 - Strong Buy. 2 - Outperform. 3 - Market Perform. 4 - Underperform. UR – Under Review. NM – Not Meaningful. NA – Not Available. R - Restricted. A (+) or (-) indicates a rating upgrade or downgrade, respectively. Pricing information for equities provided by Thomson Reuters. Current year P/E shown is calculated as close price divided by most current estimated EPS. Market cap shown is based on current basic shares outstanding. P/E multiple and Dividend Yield have been translated to the currency shown wherecomponents of each are reported in different currencies.1c - Raymond James Ltd. has provided non-investment banking securities-related services within the last 12 months with respect to the issuer. 1f - Raymond James Ltd. has received compensation for services other than investment banking within the last 12 months with respect to the issuer. 3r - Raymond James Ltd. makes a market in the securities of the issuer. 6a - Raymond Lames Ltd - the analyst and/or associate has viewed the material operations of the issuer. 6b - Raymond James Ltd -within the last 12 months, the issuer has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate. < - EPS revision downward. > - EPS revision upward. ev - Current Year P/E is Current Year EV/EBITDA f - Fiscal years ending before May are treated as previous year. h - Raymond James & Associates managed/co-managed a public/follow-on offering of these shares or has provided investment banking services within the past 12 months.



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Equipment Distributors Finning International (6a,s,>) FTT-TSX 2 C$33.50 C$29.13 17% Dec 14.6 C$1.56 C$2.00 C$2.65 1.8% NA C$5,010 BC Ritchie Bros. Auctioneers (3r,6a,s,<) RBA-NYSE RBA-TSX 2 US$27.00 US$23.90 15% Dec 23.9 US$0.69 US$1.00 US$1.22 1.9% NA US$2,557 BC Rocky Mountain Dealerships Inc. (6a,h) RME-TSX 2 C$13.50 C$10.60 29% Dec 8.8 C$1.21 E C$1.35 NA 1.7% NA C$244 BC Strongco Corp. SQP-TSX 2 C$9.50 C$6.32 50% Dec 7.0 C$0.90 E C$0.95 NA NA NA C$82 BC Toromont Industries (6a,6b,s,>) TIH-TSX 2- C$27.00 C$23.77 15% Dec 14.9 C$1.33 C$1.60 C$1.80 1.9% NA C$1,821 BC Wajax Corp. (6a) WJX-TSX 2 C$45.50 C$43.47 10% Dec 11.7 C$3.71 E C$3.75 NA 5.5% NA C$739 BC

Materials & Engineered Products Armtec Infrastructure Inc. (6a,ev,h) ARF-TSX 3 C$3.00 C$2.22 35% Dec NA C$(8.93) E C$(0.40) NA 0.0% NA C$64 FB GLV Inc. (6a,f,<) GLV.A-TSX 2 C$6.00 C$3.10 94% Mar NA C$(0.30) C$0.00 C$0.35 0.0% NA C$137 FB ZCL Composites (6a) ZCL-TSX 3 C$3.75 C$3.24 16% Dec 24.9 C$0.13 E C$0.27 NA NA NA C$93 BC

Original Equipment Manufacturers Caterpillar Inc. (6a,s) CAT-NYSE 2 US$140.00US$115.76 23% Dec 12.4 US$7.40 US$9.35 US$11.00 1.6% NA US$77,096 TP|BC

Related Products Commercial Solutions (6a) CSA-TSX UR UR C$0.90 NA Sep 12.9 NA NA NA NA NA C$18 BC ENTREC Transportation Services Ltd. (6a) ENT-TSXV 2 C$2.00 C$1.15 74% Dec 10.5 C$0.01 C$0.11 C$0.20 NA NA C$39 BC|TP McCoy Corporation (6a) MCB-TSX 1 C$5.50 C$3.81 45% Dec 9.5 C$0.40 E C$0.48 NA 1.0% NA C$102 SH|BC

Steel Processors & Building Components ADF Group Inc. (6a) DRX-TSX 2 C$2.00 C$1.37 47% Jan 19.6 C$0.11 C$0.07 C$0.06 1.5% NA C$46 FB Canam Group (6a,h) CAM-TSX 3 C$5.50 C$5.00 10% Dec 25.0 C$(0.72) C$0.20 C$0.50 0.0% NA C$224 FB Russel Metals (6a) RUS-TSX 2 C$29.00 C$26.80 13% Dec 12.8 C$1.92 C$2.10 C$2.30 4.5% NA C$1,793 FB

Transportation

Aerospace & Aviation Bombardier Inc. (6a,f,adj) BBD.B-TSX 2 C$5.75 C$4.83 21% Jan 10.5 US$0.42 US$0.46 US$0.52 2.1% NA C$8,390 SH|BC

Footnote Section 1 - Strong Buy. 2 - Outperform. 3 - Market Perform. 4 - Underperform. UR – Under Review. NM – Not Meaningful. NA – Not Available. R - Restricted. A (+) or (-) indicates a rating upgrade or downgrade, respectively. Pricing information for equities provided by Thomson Reuters. Current year P/E shown is calculated as close price divided by most current estimated EPS. Market cap shown is based on current basic shares outstanding. P/E multiple and Dividend Yield have been translated to the currency shown where components of each are reported in different currencies.3r - Raymond James Ltd. makes a market in the securities of the issuer. 6a - Raymond Lames Ltd - the analyst and/or associate has viewed the material operations of the issuer. 6b - Raymond James Ltd - within the last 12 months, the issuer has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate. < - EPS revision downward. > - EPS revision upward. ev - Current Year P/E is Current Year EV/EBITDA f - Fiscal years ending before May are treated as previous year. h - Raymond James & Associates managed/co-managed a public/follow-on offering of these shares or has provided investment banking services within the past 12 months. s - The analyst or research associate own shares of stock in this company.



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Aerospace & Aviation CAE Inc. (6a,f,>) CAE-TSX CAE-NYSE 3 C$12.00 C$10.72 13% Mar 15.1 C$0.62 C$0.71 C$0.80 1.5% NA C$2,766 BC|SH Heroux-Devtek Inc. (6a,6b,f,>) HRX-TSX 2 C$12.00 C$9.00 33% Mar 10.3 C$0.64 C$0.87 C$0.95 NA NA C$279 BC|SH Magellan Aerospace (6a,s) MAL-TSX 3 UR C$3.20 NA Dec 6.7 C$0.48 E C$0.55 NA NA NA C$186 BC|SH Omni-Lite Industries (6a,h,s,adj) OML-TSXV 2 C$2.50 C$1.52 67% Dec 19.0 US$0.08 E US$0.22 NA 2.6% NA C$21 SH

Airlines Air Canada (1c,1f,6a,<) AC.B-TSX 3 C$1.50 C$1.00 50% Dec NA C$(0.92) C$(0.29) C$(0.17) NA NA C$277 BC|SH WestJet Airlines (1c,1f,6a,>) WJA-TSX 2 C$17.50 C$13.58 31% Dec 10.9 C$1.06 C$1.25 C$1.35 1.8% NA C$1,888 BC|SH

Railroads Canadian National Railway (6a) CNR-TSX CNI-NYSE 3 C$82.50 C$76.47 10% Dec 14.7 C$4.84 C$5.21 C$5.95 2.0% NA C$34,205 SH Canadian Pacific Railway (6a) CP-TSX CP-NYSE 3 C$67.00 C$74.97 (9)% Dec 17.6 C$3.12 C$4.25 C$5.10 1.6% NA C$12,820 SH

Transportation & Logistics CanWel Building Materials Group Ltd. (6a,<) CWX-TSX 2- C$3.00 C$2.77 18% Dec 138.5 C$0.02 E C$0.25 NA 10.1% NA C$169 SH Exchange Income Corp (3r,6a,6b,h) EIF-TSX R R C$24.75 R Dec R R R R R R R SH Student Transportation Inc. (6a,h,adj,<) STB-TSX STB-NASDAQ R R C$6.80 R Jun R R R R R R R SH

Footnote Section 1 - Strong Buy. 2 - Outperform. 3 - Market Perform. 4 - Underperform. UR – Under Review. NM – Not Meaningful. NA – Not Available. R - Restricted. A (+) or (-) indicates a rating upgrade or downgrade, respectively. Pricing information for equities provided by Thomson Reuters. Current year P/E shown is calculated as close price divided by most current estimated EPS. Market cap shown is based on current basic shares outstanding. P/E multiple and Dividend Yield have been translated to the currency shown where components of each are reported in different currencies.1c - Raymond James Ltd. has provided non-investment banking securities-related services within the last 12 months with respect to the issuer. 1f - Raymond James Ltd. has received compensation for services other than investment banking within the last 12 months with respect to the issuer. 3r - Raymond James Ltd. makes a market in the securities of the issuer. 6a - Raymond Lames Ltd - the analyst and/or associate has viewed the material operations of the issuer. 6b - Raymond James Ltd -within the last 12 months, the issuer has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate. < - EPS revision downward. > - EPS revision upward. f - Fiscal years ending before May are treated as previous year. h - Raymond James & Associates managed/co-managed a public/follow-on offering of these shares or has provided investment banking services within the past 12 months. s - The analyst or research associate own shares of stock in this company.



Consumer Kenric S. Tyghe, MBA | 416.777.7188 | [email protected]

Frederic Bastien, CFA | 604.659.8232 | [email protected] Jamil Murji, CFA (Associate) | 604.659.8261 | [email protected]

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Consumer Products & Retail Aimia (6a,ev,<) AIM-TSX 2 C$17.00 C$12.46 41% Dec 0.0 C$368.00 C$378.00 C$418.00 4.8% NA C$2,205 KT Atrium Innovations Inc. (6a,<) ATB-TSX 2 C$18.00 C$12.01 50% Dec 6.9 C$1.74 E C$1.86 NA 0.0% NA C$396 KT Cineplex Inc. (6a,<) CGX-TSX 3 C$27.00 C$26.80 6% Dec 23.7 C$0.85 C$1.13 C$1.37 4.8% NA C$1,554 KT CML Healthcare Inc. (6a) CLC-TSX 2 C$11.25 C$10.49 14% Dec 14.6 C$0.72 E C$0.75 NA 7.2% NA C$942 JM Dollarama (6a,f,h) DOL-TSX 3 C$38.00 C$42.20 (9)% Jan 20.3 C$1.55 C$2.08 C$2.41 0.9% NA C$3,186 KT Easyhome Ltd. (3r,6a,h) EH-TSX 2 C$9.00 C$7.50 25% Dec 9.4 C$0.80 E C$1.00 NA 4.5% NA C$90 FB Gildan Activewear (6a,<) GIL-NYSE GIL-TSX 2 US$28.00 US$24.94 13% Sep 18.9 US$2.01 US$1.32 US$2.22 1.2% NA US$3,018 KT Glacier Media Inc. (1c,1f,6a) GVC-TSX 2 C$3.00 C$2.30 33% Dec 10.0 C$0.23 E C$0.35 NA 2.6% NA C$206 KT Great Canadian Gaming (6a) GC-TSX 2 C$10.00 C$8.78 14% Dec 22.5 C$0.39 E C$0.52 NA NA NA C$738 KT Loblaw Companies Ltd. (6a,<) L-TSX 2 C$44.00 C$34.48 30% Dec 12.8 C$2.86 C$2.70 C$3.15 2.4% NA C$9,979 KT Shoppers Drug Mart (6a,<) SC-TSX 2 C$48.00 C$41.70 18% Dec 13.6 C$2.84 C$3.06 C$3.34 2.5% NA C$8,924 KT Tim Hortons (6a,>) THI-TSX THI-NYSE 3 C$48.00 C$52.99 (8)% Dec 19.6 C$2.35 C$2.71 C$2.97 1.6% NA C$8,372 KT Winpak Ltd. (1c,1f,3r,adj,<) WPK-TSX 2 C$14.00 C$14.00 1% Dec 13.2 US$0.98 US$1.06 US$1.20 0.9% NA C$910 KT

Footnote Section 1 - Strong Buy. 2 - Outperform. 3 - Market Perform. 4 - Underperform. UR – Under Review. NM – Not Meaningful. NA – Not Available. R - Restricted. A (+) or (-) indicates a rating upgrade or downgrade, respectively. Pricing information for equities provided by Thomson Reuters. Current year P/E shown is calculated as close price divided by most current estimated EPS. Market cap shown is based on current basic shares outstanding. P/E multiple and Dividend Yield have been translated to the currency shown where components of each are reported in different currencies.1c - Raymond James Ltd. has provided non-investment banking securities-related services within the last 12 months with respect to the issuer. 1f - Raymond James Ltd. has received compensation for services other than investment banking within the last 12 months with respect to the issuer. 3r - Raymond James Ltd. makes a market in the securities of the issuer. 6a - Raymond Lames Ltd - the analyst and/or associate has viewed the material operations of the issuer. < - EPS revision downward. > - EPS revision upward. ev - Current Year P/E is Current Year EV/EBITDA f - Fiscal years ending before May are treated as previous year. h - Raymond James & Associates managed/co-managed a public/follow-on offering of these shares or has provided investment banking services within the past 12 months.

mailto:[email protected]



Energy Justin Bouchard, P.Eng., CFA | 403.509.0523 | [email protected] Bradford, CFA | 403.509.0503 | [email protected]

Luc Mageau, CFA | 403.509.0505 | [email protected] Rafi Khouri, B.Sc, MBA | 403.509.0560 | [email protected] Kristopher Zack, CA, CFA | 403.221.0414 | [email protected]

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Intermediate Oil & Gas Producers Advantage Oil & Gas Ltd. (cf,<) AAV-TSX AAV-NYSE 2 C$5.75 C$3.89 48% Dec 4.3 C$0.90 E C$0.62 C$0.84 0.0% 6.80 C$644 LM Arc Resources Ltd. (cf,<) ARX-TSX 3 C$23.00 C$25.55 (5)% Dec 8.8 C$2.91 E C$2.46 C$2.90 4.7% 18.21 C$7,351 KZ AvenEx Energy Corp. (cf,<) AVF-TSX 3 C$4.75 C$5.68 (7)% Dec 6.0 C$0.95 E C$0.91 C$0.97 9.5% 4.33 C$303 KZ Baytex Energy Corp. (5a,cf,>) BTE-TSX BTE-NYSE 3 C$54.50 C$57.61 (1)% Dec 12.1 C$4.78 E C$5.51 C$5.89 4.6% 46.06 C$6,683 KZ Birchcliff Energy Ltd. (3r,cf,>) BIR-TSX 3 C$11.00 C$11.32 (3)% Dec 10.6 C$1.07 E C$1.01 C$1.28 0.0% 12.96 C$1,487 LM Bonavista Energy Corporation (cf,<) BNP-TSX 3 C$23.50 C$22.97 9% Dec 6.9 C$3.34 E C$2.95 C$3.37 6.3% 19.16 C$3,806 KZ Crescent Point Energy (cf,>) CPG-TSX 3 C$43.00 C$46.46 (2)% Dec 10.5 C$4.43 E C$4.49 C$5.17 5.9% 40.96 C$13,283 KZ Crew Energy Inc. (cf,<) CR-TSX 2 C$15.50 C$13.13 18% Dec 8.9 C$1.48 E C$2.15 C$2.67 0.0% 16.31 C$1,570 LM Enerplus Corporation (cf,h,<) ERF-TSX ERF-NYSE 3 C$23.50 C$23.85 8% Dec 7.3 C$3.06 C$3.28 C$4.18 9.1% 20.39 C$4,682 KZ Fairborne Energy Inc (cf,<) FEL-TSX 2 C$4.50 C$2.66 69% Dec 2.7 C$1.00 E C$0.81 C$1.07 0.0% 5.11 C$273 KZ Legacy Oil & Gas Inc. (cf,h,<) LEG-TSX 1 C$15.00 C$11.22 34% Dec 8.6 C$1.30 E C$1.84 C$2.24 0.0% 10.58 C$1,603 KZ Lone Pine Resources, Inc. (h,adj,<) LPR-TSX LPR-NYSE 2 C$11.00 US$7.55 46% Dec 5.2 US$1.45 E US$2.21 US$2.75 0.0% 9.34 C$642 KZ NAL Energy Corporation (3r,cf,h,<) NAE-TSX 3 C$8.25 C$7.67 15% Dec 4.9 C$1.58 E C$1.62 C$1.77 7.8% 9.11 C$1,144 KZ Pengrowth Energy Corporation (cf,h,<) PGF-TSX PGH-NYSE 2 C$11.00 C$9.83 20% Dec 5.4 C$1.83 E C$1.75 C$2.08 8.5% 10.80 C$3,530 KZ Perpetual Energy Inc. (cf,<) PMT-TSX 3 C$1.25 C$0.84 70% Dec 1.8 C$0.47 E C$0.47 C$0.68 21.4% 3.51 C$124 KZ PetroBakken Energy Ltd. (6a,cf,<) PBN-TSX 3 C$15.00 C$16.16 (1)% Dec 4.4 C$3.66 E C$4.20 C$4.48 5.9% 7.47 C$3,025 JB Progress Energy Resources Corp. (cf,>) PRQ-TSX 2 C$12.50 C$10.97 18% Dec 11.2 C$0.98 E C$0.76 C$1.08 3.6% 16.16 C$2,542 KZ Vermilion Energy Inc. (cf,h,<) VET-TSX 2 C$50.00 C$48.63 8% Dec 10.0 C$4.87 E C$5.67 C$5.92 4.7% 43.08 C$4,683 KZ Zargon Oil & Gas Ltd. (cf,<) ZAR-TSX 3- C$14.50 C$14.99 5% Dec 7.1 C$2.11 E C$2.48 C$3.05 8.0% 13.95 C$438 KZ

Footnote Section 1 - Strong Buy. 2 - Outperform. 3 - Market Perform. 4 - Underperform. UR – Under Review. NM – Not Meaningful. NA – Not Available. R - Restricted. A (+) or (-) indicates a rating upgrade or downgrade, respectively. Pricing information for equities provided by Thomson Reuters. Current year P/E shown is calculated as close price divided by most current estimated EPS. Market cap shown is based on current basic shares outstanding. P/E multiple and Dividend Yield have been translated to the currency shown where components of each are reported in different currencies.3r - Raymond James Ltd. makes a market in the securities of the issuer. 5a - Rusty Goepel who is an employee of Raymond James Ltd. or its affiliates serves as a director of the issuer. 6a - Raymond Lames Ltd - the analyst and/or associate has viewed the material operations of the issuer. < - EPS revision downward. > - EPS revision upward. cf - EPS is Cash Flow per share. h - Raymond James & Associates managed/co-managed a public/follow-on offering of these shares or has provided investment banking services within the past 12 months.





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International Oil & Gas ArPetrol Ltd. (h) RPT-TSXV 2 C$0.30 C$0.08 275% Dec NA C$(0.01) E C$0.03 NA 0.0% 0.29 C$67 RK Bankers Petroleum (1c,1f,6a,cf,h,adj,<) BNK-TSX 1 C$8.50 C$4.97 71% Dec 7.8 US$0.64 E US$0.96 US$1.30 0.0% 8.52 C$1,353 RK Gran Tierra Energy (1c,1f,6a,cf,adj,>) GTE-TSX GTE-AMEX 1 C$10.00 US$5.79 73% Dec 4.9 US$1.16 US$1.17 US$1.50 0.0% 9.94 C$1,731 RK Greenfields Petroleum Corporation (cf,h,adj) GNF-TSXV 2 C$12.00 C$6.20 94% Dec NA US$(0.08) E US$1.05 NA 0.0% 11.83 C$104 RK Niko Resources Ltd (6a,6b,cf,>) NKO-TSX 2 C$63.00 C$46.81 35% Mar 10.3 C$5.50 C$4.56 C$3.40 0.3% 63.15 C$2,593 RK Pacific Rubiales Energy (6a,6b,cf,adj,<) PRE-TSX 1 C$45.00 C$28.99 57% Dec 5.7 US$5.07 E US$5.83 NA 1.3% 44.70 C$8,526 RK Pan Orient Energy (cf,h,>) POE-TSXV 2 C$6.00 C$4.20 43% Dec 4.5 C$0.94 E C$1.27 NA 0.0% 5.93 C$254 RK Parex Resources Inc. (cf,h,adj,<) PXT-TSX 2 C$8.50 C$6.88 24% Dec 7.6 US$0.91 E US$2.38 NA 0.0% 8.33 C$784 RK PetroAmerica Oil Corp. (cf,h) PTA-TSXV R R C$0.19 R Dec R R R R R R R RK PetroDorado Energy Ltd. (cf,h,adj) PDQ-TSXV 2 C$0.40 C$0.24 67% Dec NA US$0.00 E US$0.00 NA 0.0% 0.41 C$167 RK PetroMagdalena Energy Corp. (cf,adj) PMD-TSXV 2 C$2.25 C$1.75 29% Dec 9.7 US$0.18 E US$0.35 NA 0.0% 2.19 C$298 RK Petromanas (cf,h) PMI-TSXV 3- C$0.35 C$0.27 30% Dec NA C$(0.01) E C$(0.01) NA 0.0% 0.34 C$251 RK Petrominerales (6a,cf,adj,<) PMG-TSX 3 C$18.00 C$17.72 4% Dec 2.5 US$7.04 E US$5.12 NA 2.8% 17.75 C$1,916 RK Petronova Inc. (adj) PNA-TSXV 2 C$2.00 C$0.93 115% Dec NA US$(0.04) E US$(0.03) NA 0.0% 2.05 C$154 RK Porto Energy Corp. (6a,h,adj,>) PEC-TSXV 2 C$0.15 C$0.21 (29)% Aug NA US$(0.03) US$(0.02) NA 0.0% 0.15 C$54 RK ShaMaran Petroleum Corp. (cf,adj) SNM-TSXV 4 C$0.10 C$0.27 (63)% Dec NA US$0.00 E US$0.00 NA 0.0% 0.12 C$219 RK Suroco Energy Inc (6b,cf,adj,<) SRN-TSXV 2 C$1.10 C$0.44 150% Dec 5.5 US$0.08 E US$0.18 US$0.24 0.0% 1.12 C$69 RK Talisman Energy Inc. (cf,adj,>) TLM-TSX TLM-NYSE 3 C$14.00 C$13.90 3% Dec 4.3 US$3.36 US$3.20 US$3.46 1.9% 13.90 C$15,027 RK WesternZagros Resources (cf,adj) WZR-TSXV 3 C$0.70 C$0.70 0% Dec 35.0 US$0.02 E US$0.20 NA 0.0% 0.72 C$273 RK

Footnote Section 1 - Strong Buy. 2 - Outperform. 3 - Market Perform. 4 - Underperform. UR – Under Review. NM – Not Meaningful. NA – Not Available. R - Restricted. A (+) or (-) indicates a rating upgrade or downgrade, respectively. Pricing information for equities provided by Thomson Reuters. Current year P/E shown is calculated as close price divided by most current estimated EPS. Market cap shown is based on current basic shares outstanding. P/E multiple and Dividend Yield have been translated to the currency shown wherecomponents of each are reported in different currencies.1c - Raymond James Ltd. has provided non-investment banking securities-related services within the last 12 months with respect to the issuer. 1f - Raymond James Ltd. has received compensation for services other than investment banking within the last 12 months with respect to the issuer. 6a - Raymond Lames Ltd - the analyst and/or associate has viewed the material operations of the issuer. 6b - Raymond James Ltd - within the last 12 months, the issuer has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate. < - EPS revision downward. > - EPS revision upward. cf - EPS is Cash Flow per share. h - Raymond James & Associates managed/co-managed a public/follow-on offering of these shares or has provided investment banking services within the past 12 months.



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Junior Oil & Gas Producers Cequence Energy Inc. (cf,>) CQE-TSX 3 C$2.00 C$1.51 32% Dec 5.8 C$0.26 E C$0.21 C$0.35 0.0% 2.56 C$239 LM Crocotta Energy Inc. (cf,h,<) CTA-TSX 2 C$4.50 C$3.56 26% Dec 11.1 C$0.32 E C$0.65 C$1.02 0.0% 4.52 C$323 LM Insignia Energy Ltd. (cf,<) ISN-TSX 3 C$1.00 C$0.95 5% Dec 2.4 C$0.40 E C$0.36 C$0.46 0.0% 1.04 C$54 LM Manitok Energy Inc. (h,>) MEI-TSXV 2 C$2.50 C$1.91 31% Dec 47.8 C$0.04 E C$0.45 C$0.84 0.0% 2.20 C$120 LM Novus Energy Inc. (cf,>) NVS-TSXV 2 C$1.50 C$1.04 44% Dec 6.9 C$0.15 E C$0.27 C$0.37 0.0% 1.64 C$202 LM Open Range Energy Corp. (3r,cf,<) ONR-TSX 3 C$1.50 C$1.37 9% Dec 1.5 C$0.91 E C$0.32 C$0.41 0.0% 1.39 C$99 LM Reliable Energy Ltd. (cf,h,<) REL-TSXV 2 C$0.50 C$0.32 56% Dec 4.6 C$0.07 E C$0.10 C$0.13 0.0% 0.62 C$76 LM Renegade Petroleum Ltd. (cf,h) RPL-TSXV 2 C$5.00 C$4.28 17% Dec 8.6 C$0.50 E C$0.93 C$1.22 0.0% 5.16 C$342 LM Strategic Oil & Gas Ltd. (h,>) SOG-TSXV 2 C$1.60 C$0.83 93% Dec 41.5 C$0.02 E C$0.18 C$0.38 0.0% 1.89 C$151 LM Twin Butte Energy Inc. (3r,cf,>) TBE-TSX 1 C$3.50 C$2.75 34% Dec 7.2 C$0.38 E C$0.69 C$0.76 6.5% 3.35 C$529 LM Waldron Energy Corporation (h,<) WDN-TSX 3- C$1.40 C$0.79 77% Dec 1.9 C$0.41 E C$0.33 C$0.40 0.0% 3.48 C$27 KZ WestFire Energy Ltd. (cf,h,<) WFE-TSX 2 C$9.00 C$5.35 68% Dec 6.3 C$0.85 E C$1.51 C$1.94 0.0% 9.49 C$447 LM Yangarra Resources Ltd. (h,>) YGR-TSXV 2 C$0.65 C$0.55 18% Dec 3.9 C$0.14 E C$0.17 C$0.22 0.0% 0.80 C$65 LM Zodiac Exploration Inc. (h) ZEX-TSXV 2 C$1.00 C$0.12 733% Sep NA C$(0.01) E C$(0.01) NA 0.0% 0.87 C$43 JB

Oil Sands & Producers Athabasca Oil Sands Corp. (>) ATH-TSX 2 C$18.50 C$12.18 52% Dec NA C$(0.04) E C$0.07 C$0.33 0.0% 17.33 C$4,860 JB Canadian Oil Sands Limited (6a,cf,<) COS-TSX 3 C$23.50 C$23.34 6% Dec 6.6 C$3.91 C$3.53 C$3.68 5.1% 19.51 C$11,311 JB Cenovus Energy (6a,6b,cf,>) CVE-TSX CVE-NYSE 2 C$45.00 C$38.56 19% Dec 8.2 C$4.32 C$4.70 C$5.19 2.3% 42.73 C$29,213 JB|KZ Connacher Oil and Gas (6a,cf,h,>) CLL-TSX 3 C$1.00 C$1.11 (10)% Dec 9.3 C$0.12 E C$0.27 C$0.22 0.0% 1.04 C$498 JB Petrobank Energy and Resources Ltd. (6a,cf,>) PBG-TSX 3 C$14.50 C$15.88 (9)% Dec 2.5 C$6.26 E C$7.75 C$8.28 0.0% 9.22 C$1,690 JB Southern Pacific Resources Corp. (6a,cf,h) STP-TSX 1 C$2.50 C$1.83 37% Dec 9.6 C$0.13 C$0.19 C$0.48 0.0% 2.37 C$644 JB Suncor Energy Inc (6a,cf,>) SU-TSX SU-NYSE 2 C$41.50 C$36.28 16% Dec 5.7 C$6.19 C$6.34 C$6.96 1.2% 32.80 C$57,105 JB

Oil & Gas Energy Services

Completion Services Essential Energy Services Ltd. (6a,h,q) ESN-TSX 1 C$3.10 C$2.73 14% Dec 9.4 C$0.29 E C$0.35 NA 0.0% NA C$356 AB Pure Energy Services Ltd. (6a,q,<) PSV-TSX 1 C$11.25 C$9.14 27% Dec 10.9 C$0.84 E C$1.23 NA 3.9% NA C$241 AB

Footnote Section 1 - Strong Buy. 2 - Outperform. 3 - Market Perform. 4 - Underperform. UR – Under Review. NM – Not Meaningful. NA – Not Available. R - Restricted. A (+) or (-) indicates a rating upgrade or downgrade, respectively. Pricing information for equities provided by Thomson Reuters. Current year P/E shown is calculated as close price divided by most current estimated EPS. Market cap shown is based on current basic shares outstanding. P/E multiple and Dividend Yield have been translated to the currency shown where components of each are reported in different currencies.3r - Raymond James Ltd. makes a market in the securities of the issuer. 6a - Raymond Lames Ltd - the analyst and/or associate has viewed the material operations of the issuer. 6b - Raymond James Ltd - within the last 12 months, the issuer has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate. < - EPS revision downward. > - EPS revision upward. cf - EPS is Cash Flow per share. h - Raymond James & Associates managed/co-managed a public/follow-on offering of these shares or has provided investment banking services within the past 12 months. q - EPS is Operating EPS.



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Oil & Gas Energy Services

Contract Drillers Ensign Energy Services Inc. (6a,q) ESI-TSX 1 C$21.50 C$17.27 27% Dec 11.5 C$1.50 E C$1.91 NA 2.2% NA C$2,869 AB Precision Drilling Corporation (6a,q,>) PD-TSX PDS-NYSE 2 C$15.50 C$12.16 27% Dec 12.7 C$0.96 E C$1.19 NA 0.0% NA C$3,689 AB Savanna Energy Services (6a,q) SVY-TSX 2 C$11.25 C$7.50 50% Dec 13.4 C$0.56 E C$0.86 NA 0.0% NA C$674 AB Trinidad Drilling Ltd. (6a,6b,q,s) TDG-TSX 1 C$11.00 C$7.80 44% Dec 12.2 C$0.64 E C$0.88 NA 2.6% NA C$990 AB Tuscany International Drilling Inc. (h,adj) TID-TSX 2 C$1.10 C$0.90 22% Dec NA US$(0.05) E US$0.05 NA 0.0% NA US$367 AB Western Energy Services Corp. (6a,h,q) WRG-TSXV 1 C$12.00 C$9.60 25% Dec 9.3 C$1.03 E C$0.81 NA 0.0% NA C$606 AB

Field Services Black Diamond Group Ltd. (6a,h,q) BDI-TSX 2 C$22.25 C$21.51 7% Dec 18.4 C$1.17 E C$1.21 NA 3.1% NA C$867 AB Enerflex Ltd. (6a,<) EFX-TSX 2- C$15.00 C$12.26 24% Dec 10.5 C$0.70 C$1.17 NA 2.0% NA C$976 AB Mullen Group Ltd. (6a,q,>) MTL-TSX 3 C$22.00 C$21.60 6% Dec 15.2 C$1.52 C$1.42 NA 4.6% NA C$2,007 AB Secure Energy Services Inc. (3r,6a,h,q) SES-TSX 2 C$9.50 C$9.11 4% Dec 25.3 C$0.36 E C$0.60 NA 0.0% NA C$890 AB Strad Energy Services Ltd. (3r,6a,h) SDY-TSX 1 C$6.75 C$4.90 38% Dec 9.6 C$0.51 E C$0.58 NA 0.0% NA C$195 AB

Pressure Pumpers Calfrac Well Services (6a,q,>) CFW-TSX 1 C$54.00 C$30.39 81% Dec 6.9 C$4.41 E C$5.35 NA 3.3% NA C$1,425 AB Canyon Services Group Inc. (6a,h,q) FRC-TSX 1 C$18.50 C$14.10 33% Dec 9.3 C$1.51 E C$1.71 NA 1.8% NA C$902 AB GasFrac Energy Services Ltd. (6a,h,q,<) GFS-TSX 2 C$11.00 C$8.28 33% Dec NA C$(0.05) E C$0.55 NA 0.0% NA C$542 AB Trican Well Service (1c,1f,6a,q) TCW-TSX 2 C$28.00 C$17.40 61% Dec 7.9 C$2.21 E C$2.15 NA 0.6% NA C$2,680 AB

Senior Oil & Gas Producers Canadian Natural Resources Ltd (3r,6a,6b,cf,<) CNQ-TSX CNQ-NYSE 2 C$45.00 C$37.49 21% Dec 6.8 C$5.55 E C$7.08 C$8.05 1.0% 40.59 C$41,258 JB|KZ EnCana Corporation (6b,cf,adj,<) ECA-TSX ECA-NYSE 3- C$18.50 C$20.01 (3)% Dec 4.4 US$5.66 US$4.53 US$3.00 4.1% 17.38 C$14,733 KZ|JB Nexen Inc. (6a,6b,cf,<) NXY-TSX NXY-NYSE 2+ C$24.00 C$20.48 18% Dec 4.4 C$4.49 C$4.66 C$5.47 1.0% 23.08 C$10,811 KZ|JB

Footnote Section 1 - Strong Buy. 2 - Outperform. 3 - Market Perform. 4 - Underperform. UR – Under Review. NM – Not Meaningful. NA – Not Available. R - Restricted. A (+) or (-) indicates a rating upgrade or downgrade, respectively. Pricing information for equities provided by Thomson Reuters. Current year P/E shown is calculated as close price divided by most current estimated EPS. Market cap shown is based on current basic shares outstanding. P/E multiple and Dividend Yield have been translated to the currency shown where components of each are reported in different currencies.1c - Raymond James Ltd. has provided non-investment banking securities-related services within the last 12 months with respect to the issuer. 1f - Raymond James Ltd. has received compensation for services other than investment banking within the last 12 months with respect to the issuer. 3r - Raymond James Ltd. makes a market in the securities of the issuer. 6a - Raymond Lames Ltd - the analyst and/or associate has viewed the material operations of the issuer. 6b - Raymond James Ltd -within the last 12 months, the issuer has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate. < - EPS revision downward. > - EPS revision upward. cf - EPS is Cash Flow per share. h - Raymond James & Associates managed/co-managed a public/follow-on offering of these shares or has provided investment banking services within the past 12 months. q - EPS is Operating EPS. s - The analyst or research associate own shares of stock in this company.



Forest Products Daryl Swetlishoff, CFA | 604.659.8246 | [email protected]

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Building Materials Canfor Corp. (3r,6a,6b,<) CFP-TSX 2 C$16.50 C$11.40 45% Dec 71.3 C$(0.22) C$0.16 NA 0.0% NA C$1,627 DS Conifex Timber Inc. (6a,6b,h,<) CFF-TSXV 2 C$12.50 C$7.35 70% Dec 23.7 C$(1.11) C$0.31 NA NA NA C$158 DS Interfor (6a,h,<) IFP.A-TSX 2 C$7.00 C$4.70 49% Dec 27.6 C$(0.11) C$0.17 NA 0.0% NA C$263 DS Norbord Inc. (6a,<) NBD-TSX 3 C$11.00 C$10.40 6% Dec 61.2 C$(0.25) C$0.17 NA 0.0% NA C$453 DS West Fraser Timber (6a,>) WFT-TSX 2 C$65.00 C$48.27 36% Dec 21.5 C$0.08 C$2.24 NA 1.2% NA C$2,066 DS Western Forest Products Inc. (6a) WEF-TSX 2 C$1.20 C$0.95 26% Dec 9.5 C$0.05 C$0.10 NA NA NA C$450 DS

Pulp & Paper Canfor Pulp Products Inc. (6a,>) CFX-TSX 1+ C$17.00 C$13.97 29% Dec 11.3 C$2.08 C$1.24 C$2.20 7.2% NA C$996 DS Domtar (6a,>) UFS-NYSE UFS-TSX 1 US$125.00 US$95.74 32% Dec 10.3 US$11.21 US$9.30 US$10.25 1.5% NA US$3,523 DS Fibrek Inc. (6a) FBK-TSX R R C$1.18 R Dec R R R R R R R DS Fortress Paper (6a,h,<) FTP-TSX 1 C$57.00 C$37.02 54% Dec NA C$(1.38) E C$3.80 C$5.90 0.0% NA C$566 DS Mercer International Inc. (1c,1f,3r,6a,h,adj,<) MERC-NASDAQ MRI.U-TSX R R US$8.62 R Dec R R R R R R R DS

Footnote Section 1 - Strong Buy. 2 - Outperform. 3 - Market Perform. 4 - Underperform. UR – Under Review. NM – Not Meaningful. NA – Not Available. R - Restricted. A (+) or (-) indicates a rating upgrade or downgrade, respectively. Pricing information for equities provided by Thomson Reuters. Current year P/E shown is calculated as close price divided by most current estimated EPS. Market cap shown is based on current basic shares outstanding. P/E multiple and Dividend Yield have been translated to the currency shown wherecomponents of each are reported in different currencies.1c - Raymond James Ltd. has provided non-investment banking securities-related services within the last 12 months with respect to the issuer. 1f - Raymond James Ltd. has received compensation for services other than investment banking within the last 12 months with respect to the issuer. 3r - Raymond James Ltd. makes a market in the securities of the issuer. 6a - Raymond Lames Ltd - the analyst and/or associate has viewed the material operations of the issuer. 6b - Raymond James Ltd -within the last 12 months, the issuer has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate. < - EPS revision downward. > - EPS revision upward. h - Raymond James & Associates managed/co-managed a public/follow-on offering of these shares or has provided investment banking services within the past 12 months.



Mining Brad Humphrey | 416.777.4917 | [email protected] Adam Low, CFA | 416.777.4943 | [email protected] Alex Terentiew, MBA, P.Geo | 416.777.4912 | [email protected]

David Sadowski | 604.659.8255 | [email protected] Frederic Bastien, CFA | 604.659.8232 | [email protected]

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Base Metals & Minerals

Exploration & Development Baja Mining Corp. (6a,6b,h,adj) BAJ-TSX 2 C$1.90 C$1.03 84% Dec 51.5 C$0.02 E C$(0.10) NA 0.0% N/A US$348 AL Candente Copper Corp. (6b,g,h,adj,<) DNT-TSX 2 C$2.55 C$1.06 141% Dec NA US$(0.03) E US$(0.09) NA 0.0% 6.26 US$125 AL Coro Mining Corp. (6b,g,adj) COP-TSX UR UR C$0.47 NA Dec NA NA E NA NA 0.0% 3.06 US$49 AL Hana Mining Ltd. (g,h,>) HMG-TSX 2 C$2.70 C$2.15 26% Dec NA C$(0.06) E C$(0.04) NA 0.0% 6.72 C$211 AL Lumina Copper Corp. (6b,g,h,adj,<) LCC-TSXV 1 C$21.50 C$15.89 35% Dec 1589.0 C$0.01 E C$(0.05) NA 0.0% 53.68 US$651 AL Stornoway Diamond Corp. (3r,ce) SWY-TSX UR UR C$1.01 NA Apr NA C$(0.04) UR UR NA UR NA DS_2 Trevali Mining Corporation (6a,6b,h,>) TV-TSX 2 C$2.05 C$1.51 36% Dec NA C$(0.06) E C$0.05 NA 0.0% 2.91 C$223 AL

Production Copper Mountain Mining (6a,g,h,adj,<) CUM-TSX 2 C$6.75 C$5.16 31% Dec NA C$(0.16) E C$1.04 NA 0.0% 8.45 US$506 AL First Quantum Minerals Ltd. (6b,g,adj) FM-TSX FQM-LSE UR UR C$22.83 NA Dec NA NA E NA NA 0.0% 233.42 US$1,895 UR Inmet Mining Corporation (3r,6b,g,adj) IMN-TSX UR UR C$66.98 NA Dec NA NA E NA NA 0.3% 102.92 US$4,642 UR Ivanhoe Mines Ltd. (g,adj) IVN-TSX IVN-NYSE UR UR C$17.19 NA Dec NA NA E NA NA 0.0% 20.31 US$9,683 UR

Special Situations Neo Material Technologies (1c,1f,6a,h,adj) NEM-TSX 2 C$13.50 C$8.75 54% Dec 5.8 US$1.51 E US$0.90 NA 0.0% NA US$1,212 FB

Iron Ore

Exploration & Development Alderon Iron Ore Corp. (6a,6b,h,adj) ADV-TSX 3 C$3.75 C$3.30 14% Dec NA C$(0.36) E C$(0.15) NA 0.0% 9.37 US$329 AL Champion Minerals Inc. (6a,6b,adj) CHM-TSX 2 C$2.90 C$1.79 62% Dec NA C$(0.08) E C$(0.04) NA 0.0% 7.32 US$158 AL New Millennium Iron Corp. (6a,6b,g,adj,>) NML-TSX 2 C$3.50 C$2.72 29% Dec NA C$(0.05) E C$(0.04) NA 0.0% 11.28 US$479 AL

Footnote Section 1 - Strong Buy. 2 - Outperform. 3 - Market Perform. 4 - Underperform. UR – Under Review. NM – Not Meaningful. NA – Not Available. R - Restricted. A (+) or (-) indicates a rating upgrade or downgrade, respectively. Pricing information for equities provided by Thomson Reuters. Current year P/E shown is calculated as close price divided by most current estimated EPS. Market cap shown is based on current basic shares outstanding. P/E multiple and Dividend Yield have been translated to the currency shown where components of each are reported in different currencies.1c - Raymond James Ltd. has provided non-investment banking securities-related services within the last 12 months with respect to the issuer. 1f - Raymond James Ltd. has received compensation for services other than investment banking within the last 12 months with respect to the issuer. 3r - Raymond James Ltd. makes a market in the securities of the issuer. 6a - Raymond Lames Ltd - the analyst and/or associate has viewed the material operations of the issuer. 6b - Raymond James Ltd -within the last 12 months, the issuer has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate. < - EPS revision downward. > - EPS revision upward. ce - EPS is Cash EPS. g - EPS is GAAP EPS. h - Raymond James & Associates managed/co-managed a public/follow-on offering of these shares or has provided investment banking services within the past 12 months.



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Platinum Group Metals Cameco Corp. (ce) CCO-TSX CCJ-NYSE UR UR C$24.80 NA Dec NA UR E UR NA NA UR NA DS_2 Denison Mines Corp. (6b,ce,h,adj) DML-TSX DNN-AMEX UR UR C$1.93 NA Dec NA UR E UR NA NA UR NA DS_2 Paladin Energy (3r,ce,adj) PDN-TSX PDN-ASX UR UR A$6.19 NA Jun NA US$(0.08) UR NA NA UR NA DS_2 Strathmore Minerals Corp (ce,h) STM-TSX UR UR C$0.53 NA Dec NA UR E UR NA NA 1.74 NA DS_2 Uranium One Inc. (1c,1f,6b,ce,adj) UUU-TSX UUU-JSE UR UR C$3.31 NA Dec NA UR E UR NA NA UR NA DS_2 Uranium Participation Corporation (ce) U-TSX UR UR C$6.13 NA Feb NA C$2.88 UR NA NA UR NA DS_2 Ur-Energy Inc. (1c,1f,3r,6b,ce,h) URE-TSX URG-AMEX UR UR C$1.21 NA Dec NA UR E UR NA NA UR NA DS_2

Exploration & Development Platinum Group Metals Ltd. (6b,ce,h,<) PTM-TSX PLG-AMEX 2 C$1.70 C$1.49 14% Aug NA C$(0.07) C$(0.05) C$(0.02) NA 1.76 C$265 AT

Production Eastern Platinum Ltd. (6b,ce,h,adj,<) ELR-TSX EPS.J-JSE 2 C$0.75 C$0.56 34% Dec NA US$(0.03) E US$(0.03) US$0.00 NA 0.73 C$520 AT North American Palladium Ltd. (6b,adj,>) PDL-TSX PAL-AMEX 2 C$4.75 US$2.97 60% Dec 37.1 C$(0.10) C$0.08 C$0.38 NA 4.22 C$484 AT

Footnote Section 1 - Strong Buy. 2 - Outperform. 3 - Market Perform. 4 - Underperform. UR – Under Review. NM – Not Meaningful. NA – Not Available. R - Restricted. A (+) or (-) indicates a rating upgrade or downgrade, respectively. Pricing information for equities provided by Thomson Reuters. Current year P/E shown is calculated as close price divided by most current estimated EPS. Market cap shown is based on current basic shares outstanding. P/E multiple and Dividend Yield have been translated to the currency shown where components of each are reported in different currencies.1c - Raymond James Ltd. has provided non-investment banking securities-related services within the last 12 months with respect to the issuer. 1f - Raymond James Ltd. has received compensation for services other than investment banking within the last 12 months with respect to the issuer. 3r - Raymond James Ltd. makes a market in the securities of the issuer. 6b - Raymond James Ltd - within the last 12 months, the issuer has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate. < - EPS revision downward. > - EPS revision upward. ce - EPS is Cash EPS. h - Raymond James & Associates managed/co-managed a public/follow-on offering of these shares or has provided investment banking services within the past 12 months.



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Precious Metals

Gold Agnico-Eagle Mines (6a,6b,<) AEM-NYSE AEM-TSX 2 US$45.50 US$37.25 24% Dec 21.9 US$1.96 US$1.70 NA 1.7% 36.44 US$6,444 BH Alacer Gold Corp (6a,6b,>) ASR-TSX 3 C$11.50 C$9.82 17% Dec 24.6 C$0.40 E C$0.48 NA 0.0% 9.04 C$2,730 BH Alamos Gold Inc. (1c,1f,6a,6b,adj,>) AGI-TSX 2 C$25.70 C$19.38 33% Dec 17.9 US$0.51 US$1.08 US$1.34 0.5% 20.26 C$2,419 GB B2Gold Corp. (1c,1f,6b,adj) BTO-TSX UR C$2.30 C$4.14 (44)% Dec NA NA NA NA NA NA NA BH Batero Gold Corp. (6a,6b,<) BAT-TSXV 3- C$1.45 C$1.25 16% Aug NA C$(0.31) E C$(0.30) C$(0.22) 0.0% 2.28 C$84 GB Continental Gold Ltd. (6a,6b,adj) CNL-TSX 2 C$12.50 NA NA Dec NA US$0.20 E US$(0.13) US$(0.16) NA 0.00 NA GB Crocodile Gold Corp. (6a,6b,h,>) CRK-TSX R R C$0.54 R Dec R R R R R R R GB Detour Gold Corp. (6a,h,>) DGC-TSX 2 C$42.00 C$27.54 53% Dec NA C$(0.60) E C$(0.50) NA 0.0% 34.02 C$3,305 BH Eldorado Gold Corp. (5c,6a,6b,>) EGO-NYSE ELD-TSX 2 US$21.00 US$15.52 36% Dec 18.5 US$0.63 US$0.84 NA 0.6% 14.01 US$8,691 BH Endeavour Mining Corp. (6a,adj,<) EDV-TSX EVR.D-ASX 2 C$4.10 NA NA Dec NA US$0.26 E US$0.28 NA NA 3.50 NA BH Galway Resources Ltd. (<) GWY-TSXV 1 C$2.50 C$1.41 77% Dec NA C$(0.14) E C$(0.10) C$(0.08) 0.0% 2.53 C$205 GB Geologix Explorations Inc. (6a,6b,h) GIX-TSX 2 C$1.10 C$0.41 168% Dec NA C$(0.03) E C$(0.03) NA 0.0% 1.39 C$60 GB Golden Star Resources (3r,6a,>) GSS-AMEX GSC-TSX 3 US$2.40 US$2.11 14% Dec 10.0 US$(0.08) US$0.21 NA 0.0% 2.17 US$561 BH Great Basin Gold Ltd. (6a,6b,h,adj,<) GBG-AMEX GBG-TSX 3 US$1.70 US$0.93 83% Dec NA C$(0.05) E C$0.02 NA 0.0% 1.67 US$461 BH Guyana Goldfields Inc. (6a,6b,>) GUY-TSX 2 C$10.00 C$5.85 71% Oct NA C$(0.06) E C$(0.20) NA 0.0% 10.00 C$532 BH Lake Shore Gold Corp. (1c,1f,3r,ce,h) LSG-TSX LSG-AMEX UR UR C$1.67 NA Dec NA UR E UR NA NA 3.42 NA DS_2 Orezone Gold Corp. (6a,h) ORE-TSX 2 C$5.30 C$3.05 74% Dec NA C$(0.32) E C$(0.31) NA 0.0% 6.02 C$275 BH Orvana Minerals Corp. (h,<) ORV-TSX 3 C$2.60 C$1.02 155% Sep 2.6 C$(0.10) C$0.40 NA 0.0% 5.36 C$142 GB Osisko Mining Corp. (6a,6b,<) OSK-TSX 3 C$15.00 C$12.62 19% Dec 157.8 C$0.08 E C$0.81 NA 0.0% 10.52 C$5,136 BH Sulliden Gold Corporation Ltd. (6a,6b,h,<) SUE-TSX 1 C$2.90 C$1.58 84% Apr NA C$(0.05) E C$(0.07) C$(0.07) 0.0% 2.72 C$410 GB Trelawney Mining and Exploration Inc. (6b,h) TRR-TSXV UR UR C$2.36 NA Dec NA UR E UR NA NA UR NA DS_2 Victoria Gold Corp. (6b,ce,h) VIT-TSXV UR UR C$0.44 NA Feb NA C$(0.01) UR UR NA 0.95 NA DS_2 Yamana Gold Inc. (6a,6b,>) AUY-NYSE YRI-TSX 2 US$22.00 US$17.97 23% Dec 16.6 US$0.96 US$1.08 NA 1.0% 13.74 US$13,406 BH

Footnote Section 1 - Strong Buy. 2 - Outperform. 3 - Market Perform. 4 - Underperform. UR – Under Review. NM – Not Meaningful. NA – Not Available. R - Restricted. A (+) or (-) indicates a rating upgrade or downgrade, respectively. Pricing information for equities provided by Thomson Reuters. Current year P/E shown is calculated as close price divided by most current estimated EPS. Market cap shown is based on current basic shares outstanding. P/E multiple and Dividend Yield have been translated to the currency shown where components of each are reported in different currencies.1c - Raymond James Ltd. has provided non-investment banking securities-related services within the last 12 months with respect to the issuer. 1f - Raymond James Ltd. has received compensation for services other than investment banking within the last 12 months with respect to the issuer. 3r - Raymond James Ltd. makes a market in the securities of the issuer. 5c - Ross Cory who is an employee of Raymond James Ltd. or its affiliates serves as a director of the issuer. 6a - Raymond Lames Ltd - the analyst and/or associate has viewed the material operations of the issuer. 6b - Raymond James Ltd - within the last 12 months, the issuer has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate. < - EPS revision downward. > - EPS revision upward. ce - EPS is Cash EPS. h - Raymond James & Associates managed/co-managed a public/follow-on offering of these shares or has provided investment banking services within the past 12 months.



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Silver Bear Creek Mining Corp. (h) BCM-TSXV 2 C$6.00 C$4.09 47% Dec NA C$(0.17) E C$(0.09) NA 0.0% 8.16 C$376 BH MAG Silver (3r,ce) MAG-TSX MVG-AMEX UR UR C$10.11 NA Dec NA UR E UR NA NA UR NA DS_2 Minco Silver (6a,h) MSV-TSX 3 C$3.00 C$2.88 4% Dec NA C$(0.09) E C$(0.07) NA 0.0% 4.71 C$170 BH Pan American Silver (6a,6b,<) PAAS-NASDAQ PAA-TSX 2 US$32.50 US$26.24 24% Dec 13.4 US$2.37 US$1.96 NA 0.1% 22.54 US$3,044 BH Silver Wheaton (6a,<) SLW-NYSE SLW-TSX 2 US$45.00 US$39.90 13% Dec 24.8 US$1.61 E US$2.03 NA 0.3% 26.71 US$14,324 BH Silvercorp Metals Inc. (6a,6b,f,h,<) SVM-NYSE SVM-TSX 2 US$12.50 US$7.81 61% Dec 17.4 US$0.37 US$0.45 US$0.46 1.0% 8.79 US$1,336 BH

Footnote Section 1 - Strong Buy. 2 - Outperform. 3 - Market Perform. 4 - Underperform. UR – Under Review. NM – Not Meaningful. NA – Not Available. R - Restricted. A (+) or (-) indicates a rating upgrade or downgrade, respectively. Pricing information for equities provided by Thomson Reuters. Current year P/E shown is calculated as close price divided by most current estimated EPS. Market cap shown is based on current basic shares outstanding. P/E multiple and Dividend Yield have been translated to the currency shown where components of each are reported in different currencies.3r - Raymond James Ltd. makes a market in the securities of the issuer. 6a - Raymond Lames Ltd - the analyst and/or associate has viewed the material operations of the issuer. 6b - Raymond James Ltd - within the last 12 months, the issuer has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate. < - EPS revision downward. ce - EPS is Cash EPS. f - Fiscal years ending before May are treated as previous year. h - Raymond James & Associates managed/co-managed a public/follow-on offering of these shares or has provided investment banking services within the past 12 months.



Real Estate Frederic Bastien, CFA | 604.659.8232 | [email protected]

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Real Estate

Real Estate Services FirstService Corp. (6a) FSRV-NASDAQ FSV-TSX 2+ US$36.00 US$31.77 13% Dec 15.9 US$1.81 US$2.00 US$2.30 0.0% NA US$963 FB

Footnote Section 1 - Strong Buy. 2 - Outperform. 3 - Market Perform. 4 - Underperform. UR – Under Review. NM – Not Meaningful. NA – Not Available. R - Restricted. A (+) or (-) indicates a rating upgrade or downgrade, respectively. Pricing information for equities provided by Thomson Reuters. Current year P/E shown is calculated as close price divided by most current estimated EPS. Market cap shown is based on current basic shares outstanding. P/E multiple and Dividend Yield have been translated to the currency shown wherecomponents of each are reported in different currencies.6a - Raymond Lames Ltd - the analyst and/or associate has viewed the material operations of the issuer.



Technology Steven Li, CFA | 416.777.4918 | [email protected] Justin Bouchard, P.Eng., CFA | 403.509.0523 | [email protected]

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Alternative Energy & Clean Tech Alter NRG (6a,6b,cf) NRG-TSX 2 C$1.00 C$0.51 96% Dec NA C$(0.07) E C$0.05 NA 0.0% 1.02 C$32 JB Alterra Power Corp. (3r,6a,h,adj) AXY-TSX 2 C$0.75 C$0.69 9% Jun NA US$(0.06) E US$(0.06) NA 0.0% 4.84 C$321 SL Azure Dynamics (6a,h) AZD-TSX 3 C$0.07 C$0.03 133% Dec NA C$(0.04) E C$(0.03) NA 0.0% NA C$21 SL Ram Power (h,ng,adj) RPG-TSX 3- C$0.45 C$0.32 41% Dec NA US$(0.07) E US$(0.04) NA 0.0% 11.60 C$92 SL U.S. Geothermal (h,adj) GTH-TSX 2 C$1.40 C$0.54 159% Mar NA US$(0.02) E US$0.01 US$0.10 0.0% 4.73 US$46 SL

IT Hardware Avigilon Corporation (6a,h) AVO-TSX 2 C$7.00 C$4.18 67% Dec 38.0 C$0.11 E C$0.24 C$0.35 0.0% NA C$145 SL Enablence Technologies (6a,f,h) ENA-TSXV UR UR C$0.05 NA Jun NA C$(0.02) NA NA 0.0% NA C$21 SL Evertz Technologies Ltd. (6a,f) ET-TSX 2 C$15.00 C$14.53 7% Apr 16.1 C$1.03 C$0.90 C$1.20 3.3% NA C$1,081 SL Miranda Technologies Inc. (6a,>) MT-TSX 2 C$12.00 C$11.00 9% Dec 10.9 C$1.01 E C$0.94 C$1.08 0.0% NA C$241 SL Research in Motion (6a,f,m) RIMM-NASDAQ RIM-TSX 3 US$18.00 US$14.50 24% Feb 4.4 US$6.34 US$3.30 US$3.02 0.0% NA US$7,601 SL Sierra Wireless (6a,m,<) SWIR-NASDAQ SW-TSX 3 US$9.00 US$7.64 18% Dec 19.6 US$0.12 US$0.39 US$0.61 0.0% NA US$239 SL

Software/IT Services CGI Group (6a,<) GIB.A-TSX GIB-NYSE 2 C$25.50 C$21.01 21% Sep 12.5 C$1.58 C$1.68 C$1.86 0.0% NA C$5,610 SL DragonWave (6a) DWI-TSX DRWI-NASDAQ 2 C$6.00 C$4.42 36% Feb NA C$0.07 C$(0.96) C$(0.20) 0.0% NA C$157 SL MacDonald Dettwiler & Associates (1c,1f,6a,>) MDA-TSX 2 C$50.00 C$44.55 14% Dec 13.5 C$3.31 E C$3.65 C$4.02 2.2% NA C$1,426 SL NexJ Systems Inc. (6a,h) NXJ-TSX 2 C$8.50 C$8.49 0% Dec NA C$(0.47) E C$(0.10) NA 0.0% NA C$145 SL Open Text (6a,>) OTEX-NASDAQ OTC-TSX 2 US$74.00 US$61.05 21% Jun 12.8 US$4.04 US$4.78 US$5.06 0.0% NA US$3,584 SL Route1 Inc (6a) ROI-TSXV 2+ C$0.12 C$0.10 20% Dec NA C$0.00 E C$0.00 C$0.01 0.0% NA C$39 SL Softchoice (6a,adj) SO-TSX 2 C$13.00 C$11.90 9% Dec 9.8 US$1.22 E US$1.37 NA 0.0% NA C$236 SL

Footnote Section 1 - Strong Buy. 2 - Outperform. 3 - Market Perform. 4 - Underperform. UR – Under Review. NM – Not Meaningful. NA – Not Available. R - Restricted. A (+) or (-) indicates a rating upgrade or downgrade, respectively. Pricing information for equities provided by Thomson Reuters. Current year P/E shown is calculated as close price divided by most current estimated EPS. Market cap shown is based on current basic shares outstanding. P/E multiple and Dividend Yield have been translated to the currency shown where components of each are reported in different currencies.1c - Raymond James Ltd. has provided non-investment banking securities-related services within the last 12 months with respect to the issuer. 1f - Raymond James Ltd. has received compensation for services other than investment banking within the last 12 months with respect to the issuer. 3r - Raymond James Ltd. makes a market in the securities of the issuer. 6a - Raymond Lames Ltd - the analyst and/or associate has viewed the material operations of the issuer. 6b - Raymond James Ltd -within the last 12 months, the issuer has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate. < - EPS revision downward. > - EPS revision upward. cf - EPS is Cash Flow per share. f - Fiscal years ending before May are treated as previous year. h - Raymond James & Associates managed/co-managed a public/follow-on offering of these shares or has provided investment banking services within the past 12 months. m - Raymond James & Associates makes a NASDAQ market in shares of these stocks. ng - EPS is Non-GAAP EPS.



Analyst Profiles Head of Equity Research

Daryl Swetlishoff, CFA | Paper & Forest Products

Daryl Swetlishoff was named Head of Research of Raymond James Ltd. in May 2007. Based in Vancouver, he is responsible for a group of 40 research and operations professionals, providing research coverage on over 240 companies across seven sectors. Daryl is also a ranked analyst covering Paper & Forest sector equities since joining the firm in 2001. Daryl holds the Chartered Financial Analyst designation, and earned an MA (Economics) from the University of Victoria.

Senior Supervisory Analyst

Heather Herron

Heather Herron joined Raymond James Ltd. in July 2008 working with the Energy group and was registered with FINRA as a Supervisory Analyst in June 2009. Prior to joining the firm, Heather worked as an equity research associate for a number of brokerage houses both in Calgary and Toronto and has also held roles in sales & trading. Heather holds a Bachelor's degree from the University of Toronto with majors in finance and economics.

Energy

Andrew Bradford, CFA | Head of Energy Research | Oil & Gas Services

Andrew Bradford originally joined Raymond James in an analyst capacity in 2000, and after a brief hiatus, returned to the firm in December 2007. Andrew has been performing investment analysis for investment dealers on the energy sector and the energy services industry since 1998. Prior to that, he spent two years with a Calgary-based energy-focused private equity firm. Andrew earned a Masters degree in Economics from the University of Calgary in 1996 and is a CFA charterholder.

Rafi Khouri, B.Sc., MBA |International Oil & Gas

Rafi Khouri is an oil & gas equity analyst at Raymond James Ltd., focusing on the international oil & gas sector. Prior to joining the firm, he was an oil and gas analyst at two other investment dealers, including a year with a top tier investment dealer in London (UK). Rafi has also spent 10 years in various technical and managerial roles in the oil & gas industry, including 4 years as a field engineer with Exxon in the Middle East, and one year as a corrosion engineer with Total in West Africa. Rafi holds a B.Sc. in Applied Chemistry from the American University of Beirut and an MBA from the University of Alberta.

Kristopher Zack, CA, CFA |Oil & Gas Producers

Kristopher Zack joined the firm as an equity analyst in April 2006 and is now covering senior / intermediate oil & gas companies. For 2.5 years prior to joining the firm, Kris was employed as an associate analyst at another investment dealer covering integrated oil and gas, senior producers, and oil sands companies. Prior to that, he was employed for six years with Deloitte & Touche and finished as a Manager, Financial Advisory Services. In StarMine’s 2009 annual survey of analyst performance for Canada, Kris was the number one Earnings Estimator for Oil & Gas Royalty Trusts and he was the Starmine Top Stockpicker in the Oil & Gas Royalty Trust space for 2010. Educationally, Kris has a Bachelor of Commerce degree from the University of Alberta (1998) and holds the Chartered Accountant and Chartered Financial Analyst designations.



Justin Bouchard, P.Eng., CFA |Oil Sands / Oil & Gas Producers

Justin Bouchard joined the firm in September 2006 and covers oil sands and oil and gas producer and exploration companies. For the year prior, Justin was employed as a Research Associate at another investment dealer as part of a group covering oil sands companies and producers. Prior to that, he was employed for ten years in various roles in the energy sector including as a Facilities/Production Engineer and Field Operator, and as a Product Manager of specialized oil & gas software products. Justin has an MBA from Queens University (2004), a Bachelor of Science degree (Mechanical Engineering) from the University of Alberta (1995) and holds the Chartered Financial Analyst designation. Luc Mageau, CFA |Oil Sands / Oil & Gas Producers Luc Mageau joined the firm in March 2006. He was promoted to equity analyst in May 2009 and is responsible for covering junior and intermediate oil and gas producers. Prior to joining the firm, Luc was employed as a commercial lender at a major bank and as a research analyst at a U.S. based equity research firm. Educationally, Luc has a Bachelor of Commerce degree from the University of Alberta (2001) and holds the Chartered Financial Analyst designation.

Industrial Special Situations Ben Cherniavsky | Head of Industrial Research | Aerospace & Aviation / Industrial Products & Services

Ben Cherniavsky joined the firm as a research associate in 1998 following his completion of the MBA program at the University of Western Ontario. As an analyst, Ben covers industrial product and aerospace & aviation companies. Prior to his MBA, Ben worked in public finance as a research analyst for the Ministry of Finance in Ottawa and at the University of Toronto’s International Centre for Tax Studies. In addition to his MBA, Ben holds a B.A. in Economics from the University of Alberta.

Frederic Bastien, CFA | Industrial Products & Services | Engineering & Construction

Frederic joined the firm in 2003 and was promoted to equity analyst covering the Industrial sector in 2005. Frederic has achieved Brendan Wood International’s annual ‘Top Gun’ status in the Small Cap/Special Situations category since 2008, and in 2009 he ranked as the number one Diversified Industrials Earnings Estimator in StarMine’s annual survey of analyst performance for Canada. Educationally, Frederic holds an MBA (2002) from the Sauder School of Business at the University of British Columbia, a Bachelor of Engineering (Mechanical) degree (1995) from McGill University, and the CFA designation.

Steven Hansen, CFA, CMA | Industrial Products & Services / Agribusiness & Food Products

Steven Hansen joined the firm in October 2005 as an associate equity analyst covering the Industrial sector and was promoted to equity analyst in April 2007. Prior to joining the firm, Steve was employed as a stock analyst with Morningstar covering the Paper and Forest products sector. Steve holds an MBA (2004) from the Richard Ivey School of Business and a Bachelor of Science in Forestry (1999) from the University of British Columbia. Steve also holds his CMA designation and has the CFA designation.



Mining

Brad Humphrey |Precious Metals

Brad Humphrey joined Raymond James Ltd. in April 2008 as a mining equity research analyst, focusing on the gold and silver sector. Brad has nearly 10 years experience in the investment business providing research on gold and silver equities at several major investment dealers. Prior to beginning his career in the investment industry, he worked in various positions in the mining industry, including underground mining and corporate development.

Gary Baschuk | Precious Metals

Gary joined Raymond James in October 2010 as a mining equity research analyst focusing on precious metals small to mid-capital explorers, developers and producers. Prior to joining the investment business seven years ago, Gary spent twenty years as a geologist employed by Barrick Gold Corp. working in northern Ontario, Quebec, Nevada and Spain. Gary holds a BSc, Geology Specialist degree from the University of Toronto and is a Fellow of the Geological Association of Canada, a member of the Society of Economic Geologists and the Prospectors and Developers Association of Canada.

Bart Jaworski, P.Geo. | Uranium, Junior Exploration

Bart Jaworski joined the firm in May 2003 as an associate equity analyst covering junior mining companies and was promoted to analyst in March 2006. Prior to entering the investment industry, he had over five years of experience as a geologist with various companies. Bart earned a B.Sc. (Honours) in Geology from the University of British Columbia (1996).

Adam Low, CFA | Base Metals & Minerals

Adam Low joined the firm in April 2005. He is part of the equity research team covering base metal producers and developers. Prior to joining the firm, Adam was employed as a financial analyst with IBM. Educationally, Adam has a Bachelor of Commerce degree from the University of Manitoba (2002) and holds the Chartered Financial Analyst designation.

Alex Terentiew, MBA, P.Geo. | Base Metals & Minerals

Alex joined Raymond James in November 2011 as a mining equity research analyst focusing on base metals, both producers and developers. Over the past six years, Alex has provided research coverage of base and precious metals and mining equities in similar roles at Credit Suisse Securities (Canada) and Scotia Capital Inc. Prior to joining the investment industry, Alex worked as a Geoscientist at various environmental and engineering consulting companies. Alex holds a BSc from the Dept. of Geology at the University of Toronto, a MASc in Civil Engineering (U of T), and an MBA (Rotman School of Management at the U of T), is a member of the Association of Professional Geoscientist of Ontario, The Canadian Institute of Mining, Metallurgy and Petroleum (CIM), and the Prospectors and Developers Association of Canada.

Consumer Products & Retail

Kenric S. Tyghe, MBA

Kenric Tyghe joined the firm in July 2009 as an Equity Analyst covering Consumer Products and Retail. Prior to joining the firm Kenric had in excess of 8 years experience in equity research and trading at other leading investment dealers in Canada and South Africa. Kenric holds an MBA from the Richard Ivey School of Business.



Real Estate

Ken Avalos, MBA

Ken joined Raymond James Ltd. in October of 2011 as an equity research analyst covering REITs and real estate operating companies. Ken has over 15 years of experience in the investment, lending and real estate industries. He returns to the Raymond James organization after spending the last two years as the Director of Finance and Capital Markets at First Potomac Realty Trust where he was responsible for debt, equity and hedging transactions, investor relations and risk management. First Potomac is a $2 billion office/industrial REIT based in Washington D.C., which doubled in size during Ken’s tenure. Prior to First Potomac, Ken held various positions in equity research at Raymond James & Associates in St. Petersburg, FL, most recently holding the title of VP – REIT Analyst while covering nearly 25 stocks. Ken holds a BA from Boston College, and earned an MBA from the Stern School of Business at NYU with a concentration in Finance and international Business

Technology

Steven Li, CFA | Technology and Alternative Energy

Steven Li joined the firm in July 2001 as an equity analyst. Before joining Raymond James Ltd., Steven spent a total of four years as a research associate at three other investment dealers. In StarMine’s annual survey of analyst performance for Canada, Steven was the number one Stock Picker for Software and IT Services in 2007. He also ranked 8th in the Top 10 Overall Stock Pickers of 2009 for his coverage of IT Equipment, Software, and IT Services. Steven holds the Chartered Financial Analyst designation and earned a BA and MA from the University of Cambridge (England) and an MBA from York University.



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 which are responsible for the creation and distribution of research in their respective areas; In Canada, Raymond James Ltd., Suite 2200, 925 West Georgia Street, Vancouver, BC V6C 3L2, (604) 659-8200; In Latin America, Raymond James Latin America, Ruta 8, km 17, 500, 91600 Montevideo, Uruguay, 00598 2 518 2033; In Europe, Raymond James European Equities, 40, rue La Boetie, 75008, Paris, France, +33 1 45 61 64 90.

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

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In the event that this is a compendium report (i.e., covers 6 or more subject companies), Raymond James Ltd. may choose to provide specific disclosures for the subject companies by reference. To access these disclosures, clients should refer to: http://www.raymondjames.ca (click on Equity Capital Markets / Equity Research / Research Disclosures) or call toll-free at 1-800-667-2899.

Analyst Information Analyst Compensation: Equity research analysts and associates at Raymond James are compensated on a salary and bonus system. Several factors enter into the compensation determination for an analyst, including i) research quality and overall productivity, including success in rating stocks on an absolute basis and relative to the local exchange composite Index and/or a sector index, ii) recognition from institutional investors, iii) support effectiveness to the institutional and retail sales forces and traders, iv) commissions generated in stocks under coverage that are attributable to the analyst’s efforts, v) net revenues of the overall Equity Capital Markets Group, and vi) compensation levels for analysts at competing investment dealers.

Analyst Stock Holdings: Effective September 2002, Raymond James equity research analysts and associates or members of their households are forbidden from investing in securities of companies covered by them. Analysts and associates are permitted to hold long positions in the securities of companies they cover which were in place prior to September 2002 but are only permitted to sell those positions five days after the rating has been lowered to Underperform.



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

Raymond James Latin American rating definitions Strong Buy (SB1) Expected to appreciate and produce a total return of at least 25.0% over the next twelve months. Outperform (MO2) Expected to appreciate and produce a total return of between 15.0% and 25.0% over the next twelve months. Market Perform (MP3) Expected to perform in line with the underlying country index. Underperform (MU4) Expected to underperform the underlying country index. Suspended (S) The rating and price target have been suspended temporarily. This action may be due to market events that made coverage impracticable, or to comply with applicable regulations or firm policies in certain circumstances, including when Raymond James may be providing investment banking services to the company. The previous rating and price target are no longer in effect for this security and should not be relied upon. 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.

Raymond James European Equities 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.

Suitability Categories (SR) For stocks rated by Raymond James & Associates only, the following Suitability Categories provide an assessment of potential risk factors for investors. Suitability ratings are not assigned to stocks rated Underperform (Sell). Projected 12-month price targets are assigned only to stocks rated Strong Buy or Outperform.

Total Return (TR) Lower risk equities possessing dividend yields above that of the S&P 500 and greater stability of principal.

Growth (G) Low to average risk equities with sound financials, more consistent earnings growth, possibly a small dividend, and the potential for long-term price appreciation.

Aggressive Growth (AG) Medium or higher risk equities of companies in fast growing and competitive industries, with less predictable earnings and acceptable, but possibly more leveraged balance sheets.

High Risk (HR) Companies with less predictable earnings (or losses), rapidly changing market dynamics, financial and competitive issues, higher price volatility (beta), and risk of principal.



Venture Risk (VR) Companies with a short or unprofitable operating history, limited or less predictable revenues, very high risk associated with success, and a substantial risk of principal.



Research Coverage

ADDITIONS: Alderon Iron Ore Corp. (ADV-TSX), Champion Minerals Inc. (CHM-TSX), ENTREC Transportation Services Ltd. (ENT-TSXV), Flint Energy Services Ltd. (FES-TSX), New Millennium Iron Corp. (NML-TSX)

DELETIONS: Compass Petroleum Ltd. (CPO), Intrinsyc Software International Inc. (ICS)

PENDING REASSIGNMENT: Allied Properties REIT (AP.UN-TSX/C$26.81/Under Review) Amerigo Resources Ltd. (ARG-TSX/C$0.93/Under Review) Anooraq Resources Corp. (ARQ-TSXV/C$0.50/Under Review) Antofagasta Plc. (ANTO-LSE/£13.64/Under Review) Anvil Mining Limited (AVM-TSX/C$8.00/Under Review) AuRico Gold Inc. (AUQ-NYSE/US$10.12/Under Review) Aura Minerals Inc. (ORA-TSX/C$1.23/Under Review) Aurizon Mines Ltd. (ARZ-TSX/C$5.56/Under Review) AutoCanada Inc. (ACQ-TSX/C$8.55/Under Review) Boardwalk REIT (BEI.UN-TSX/C$55.38/Under Review) Bonnett's Energy Services Trust (BT.UN-TSX/C$3.17/Under Review) CGA Mining Ltd. (CGA-TSX/US$4.57/Under Review) CREIT (REF.UN-TSX/C$38.27/Under Review) Calloway REIT (CWT.UN-TSX/C$27.15/Under Review) Canadian Apartment REIT (CAR.UN-TSX/C$22.95/Under Review) Canadian Tire Corporation (CTC.A-TSX/C$63.50/Under Review) Cominar REIT (CUF.UN-TSX/C$22.84/Under Review) Compton Petroleum (CMT-TSX/C$4.23/Under Review) Crombie REIT (CRR.UN-TSX/C$14.30/Under Review) DAY4 Energy (DFE-TSX/C$0.10/Under Review) Duluth Metals Limited (DM-TSX/C$2.57/Under Review) Dundee REIT (D.UN-TSX/C$34.36/Under Review) First Capital Realty (FCR-TSX/C$17.71/Under Review) Gennum Corporation (GND-TSX/C$13.50/Under Review) H&R REIT (HR.UN-TSX/C$23.55/Under Review) Killam Properties (KMP-TSX/C$12.42/Under Review) Kirkland Lake Gold Inc. (KGI-TSX/C$17.43/Under Review) Kiska Metals Corporation (KSK-TSXV/C$0.33/Under Review) Liquor Stores Income Fund (LIQ.UN-TSX/C$17.06/Under Review) Mirabela Nickel Ltd. (MNB-TSX/NA/Under Review) Northern Dynasty Minerals Ltd. (NDM-TSX/C$6.90/Under Review) Northern Property REIT (NPR.UN-TSX/C$33.75/Under Review) Primaris Retail REIT (PMZ.UN-TSX/C$21.70/Under Review) Quadra FNX Mining Ltd (QUX-TSX/C$14.97/Under Review) RioCan REIT (REI.UN-TSX/C$27.02/Under Review) San Gold Corp. (SGR-TSX/C$1.69/Under Review) Taseko Mines Ltd. (TKO-TSX/C$4.09/Under Review) Vecima Networks (VCM-TSX/C$3.60/Under Review)

Rating Distributions

Coverage Universe Rating Distribution Investment Banking Distribution RJL RJA RJ LatAm RJL RJA RJ LatAm

Strong Buy and Outperform (Buy) 72% 56% 39% 41% 14% 14% Market Perform (Hold) 28% 38% 54% 29% 5% 3% Underperform (Sell) 1% 6% 7% 0% 4% 0%



Raymond James Relationship Disclosures Raymond James Ltd. or its affiliates expects to receive or intends to seek compensation for investment banking services from all companies under research coverage within the next three months.

Stock Charts, Target Prices, and Valuation Methodologies Valuation Methodology: The Raymond James methodology for assigning ratings and target prices includes a number of qualitative and quantitative factors including an assessment of industry size, structure, business trends and overall attractiveness; management effectiveness; competition; visibility; financial condition, and expected total return, among other factors. These factors are subject to change depending on overall economic conditions or industry- or company-specific occurrences.

Risk Factors General Risk Factors: Following are some general risk factors that pertain to the projected target prices included on Raymond James research: (1) Industry fundamentals with respect to customer demand or product / service pricing could change and adversely impact expected revenues and earnings; (2) Issues relating to major competitors or market shares or new product expectations could change investor attitudes toward the sector or this stock; (3) Unforeseen developments with respect to the management, financial condition or accounting policies or practices could alter the prospective valuation.

Additional Risk and Disclosure information, as well as more information on the Raymond James rating system and suitability categories, is available for Raymond James at rjcapitalmarkets.com/SearchForDisclosures_main.asp and for Raymond James Limited at www.raymondjames.ca/researchdisclosures.

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RAYMOND JAMES LTD. CANADIAN INSTITUTIONAL EQUITY TEAM WWW.RAYMONDJAMES.CAEQUITY RESEARCH HEAD OF EQUITY RESEARCH

DARYL SWETLISHOFF, CFA 604.659.8246 CONSUMER PRODUCTS & RETAIL CONSUMER PRODUCTS & RETAIL

KENRIC TYGHE, MBA 416.777.7188 SARA KOHBODI, CFA (ASSOCIATE) 416.777.4916

ENERGY OIL & GAS ENERGY SERVICES, HEAD OF ENERGY RESEARCH

ANDREW BRADFORD, CFA 403.509.0503 NICK HEFFERNAN (ASSOCIATE) 403.509.0511 VINCENT URNESS (ASSOCIATE) 403.509.0534

INTERNATIONAL OIL & GAS RAFI KHOURI, B.SC, MBA 403.509.0560 CYNTHIA YEE (ASSOCIATE) 403.221.0355 ANA WESSEL (ASSOCIATE) 403.509.0541

OIL & GAS TRUSTS | OIL & GAS PRODUCERS KRISTOPHER ZACK, CA, CFA 403.221.0414 GORDON STEPPAN (ASSOCIATE) 403.221.0411

OIL SANDS | OIL & GAS PRODUCERS JUSTIN BOUCHARD, P.ENG, CFA 403.509.0523 CHRISTOPHER COX (ASSOCIATE) 403.509.0562

OIL & GAS PRODUCERS LUC MAGEAU, CFA 403.509.0505 MATTHEW STEVENSON (ASSOCIATE) 403.509.0518

INDUSTRIAL INDUSTRIAL | AEROSPACE & AVIATION, HEAD OF INDUSTRIAL RESEARCH

BEN CHERNIAVSKY 604.659.8244 THEONI PILARINOS, CFA (ASSOCIATE) 604.659.8234 GREG JACKSON (ASSOCIATE) 604.659.8262

INFRASTRUCTURE & CONSTRUCTION FREDERIC BASTIEN, CFA 604.659.8232 JAMIL MURJI, CFA (ASSOCIATE) 604.659.8261

TRANSPORTATION | AGRIBUSINESS & FOOD PRODUCTS STEVE HANSEN, CMA, CFA 604.659.8208 ARASH YAZDANI, MBA (ASSOCIATE) 604.659.8280

MINING PRECIOUS METALS, HEAD OF MINING RESEARCH

BRAD HUMPHREY 416.777.4917 PHIL RUSSO (ASSOCIATE) 416.777.7084

BASE METALS & MINERALS ADAM LOW, CFA 416.777.4943 TRACY REYNOLDS (ASSOCIATE) 416.777.7042

PRECIOUS METALS GARY BASCHUK 416.777.7098 GORDON LAWSON (ASSOCIATE) 416.777.7102

PLATINUM GROUP METALS ALEX TERENTIEW, MBA, P.GEO 416.777.4912 ROSS YAKOVLEV, CA, MBA (ASSOCIATE) 416.777.7144

URANIUM & JUNIOR EXPLORATION DAVID SADOWSKI (ASSOCIATE) 604.659.8255

FOREST PRODUCTS FOREST PRODUCTS

DARYL SWETLISHOFF, CFA 604.659.8246 DAVID QUEZADA, CFA (ASSOCIATE) 604.659.8257

REAL ESTATE REAL ESTATE & REITS

JOHANN RODRIGUES (ASSOCIATE) 416.777.7189 TECHNOLOGY TECHNOLOGY, ALTERNATIVE ENERGY & CLEAN TECH

STEVEN LI, CFA 416.777.4918 DIANE YU (ASSOCIATE) 416.777.6414

EQUITY RESEARCH PUBLISHING SENIOR SUPERVISORY ANALYST

HEATHER HERRON 403.509.0509 HEAD OF PUBLISHING | SUPERVISORY ANALYST

CYNTHIA LUI 604.659.8210 TYLER BOS (SUPERVISORY ANALYST | EDITOR) 416.777.4948 INDER GILL (RESEARCH EDITOR) 604.659.8202 KEVIN LAROSE (SUPERVISORY ANALYST | EDITOR) 416.777.7172 CHRISTINE MARTE (RESEARCH EDITOR) 604.659.8200 ASHLEY RAMSAY (RESEARCH EDITOR) 604.659.8226

INSTITUTIONAL EQUITY SALES HEAD OF SALES

MIKE WESTCOTT 416.777.4935 MICHELLE MARGUET (MARKETING COORDINATOR) 416.777.4951

TORONTO (CAN 1.888.601.6105 | USA 1.800.290.4847) LAURA ARRELL (U.S. EQUITIES) 416.777.4920 SEAN BOYLE 416.777.4927 JEFF CARRUTHERS, CFA 416.777.4929 RICHARD EAKINS 416.777.4926 JONATHAN GREER 416.777.4930 AMAN JAIN 416.777.4949 DAVE MACLENNAN 416.777.4934 ROBERT MILLS, CFA 416.777.4945 DOUG OWEN 416.777.4925 NICOLE SVEC-GRIFFIS, CFA (U.S. EQUITIES) 416.777.4942 NEIL WEBER 416.777.4931 CARMELA AVELLA (ASSISTANT) 416.777.4915 ORNELLA BURNS (ASSISTANT) 416.777.4928

VANCOUVER (1.800.667.2899) SCOT ATKINSON, CFA 604.659.8225 DOUG BELL 604.659.8220 TERRI MCEWAN (ASSISTANT) 604.659.8228

MONTREAL (514.350.4450 | 1.866.350.4455) JOHN HART 514.350.4462 DAVID MAISLIN, CFA 514.350.4460 ELLIOTT SOIFER 514.350.4472 TANYA HATCHER (ASSISTANT) 514.350.4458

LONDON JON DE VOS 0.207.426.5632 LAKSHMI THURAI 0.207.426.5626 ADAM WOOD 0.207.426.5612

INSTITUTIONAL EQUITY TRADING CO-HEAD OF TRADING

BOB MCDONALD, CFA 604.659.8222 ANDREW FOOTE, CFA 416.777.4924

TORONTO (CANADA 1.888.601.6105 | USA 1.800.290.4847) PAM BANKS 416.777.4923 ANTHONY COX 416.777.4922 ROSS DAVIDSON 416.777.4981 OLIVER HERBST 416.777.4947 ANDY HERRMANN 416.777.4937 ERIC MUNRO, CFA 416.777.4983 JAMES SHIELDS 416.777.4941 BOB STANDING 416.777.4921 PETER MASON (ASSISTANT) 416.777.7195

VANCOUVER (1.800.667.2899) NAV CHEEMA 604.659.8224 FRASER JEFFERSON 604.659.8218 DEREK ORAM 604.659.8223

MONTREAL (514.350.4450 | 1.866.350.4455) JOE CLEMENT 514.350.4470

RETAIL RESEARCH & DISTRIBUTION

LAUREN CORSCADDEN (ASSISTANT) 604.659.8233

INSTITUTIONAL EQUITY OFFICES Calgary Suite 4250 525 8th Avenue SW Calgary, AB T2P 1G1 403.509.0500

Montreal Suite 3000 1800 McGill College Montreal, PQ H3A 3J6 514.350.4450 Toll Free: 1.866.350.4455

Vancouver Suite 2200 925 West Georgia Street Vancouver, BC V6C 3L2 604.659.8200 Toll Free: 1.800.667.2899

Toronto Suite 5400, Scotia Plaza 40 King Street West Toronto, ON M5H 3Y2 416.777.4900 Toll Free Canada: .888.601.6105 Toll Free USA: 1.800.290.4847

International Headquarters The Raymond James Financial Center 880 Carillon Parkway St.Petersburg, FL USA 33716 727.567.1000

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