February 2014 - Raymond James Financial, Inc. · Raymond James Research Register - February 2014 5...

Global Research Published by Raymond James & Associates

© 2014 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved.

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

February 2014

2 Raymond James Research Register - February 2014

Contents Consumer Healthcare Real Estate

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

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

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

USA .......................... 49

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

CAN .......................... 65

EUR .......................... 67

LAT ........................... 67

Energy Industrial Technology & Communications

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

CAN .......................... 33

EUR .......................... 35

LAT ........................... 36

USA .......................... 52

CAN ......................... 53

EUR .......................... 55

USA .......................... 69

CAN .......................... 77

EUR .......................... 78

LAT ........................... 79

Financial Services Mining & Natural Resources Transportation

USA .......................... 38

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

LAT ........................... 47

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

CAN ......................... 57

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

LAT .......................... 61

USA .......................... 80

CAN .......................... 82

EUR .......................... 83

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 .......................... 84

Canada ..................... 87

Europe ..................... 88

Latin America ........... 89

Raymond James Research Register - February 2014 3

Analyst Index

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

Brian G. Alexander, CFA (BGA) ...................... 69

Robert P. Anastasi, CFA (RPA) ....................... 69

Ken Avalos (KA) ............................................. 65

Michael J. Baker (MJB) .................................. 49

Frederic Bastien, CFA (FB) ................... 23,53,65

Jayson Bedford (JB) ....................................... 49

Stephane Beyazian (SB) ................................ 78

Andrew Bradford, CFA (AB) .......................... 33

Patrick Tyler Brown, CFA (TB) ....................... 80

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

Budd Bugatch, CFA (BB) ........................... 19,52

Daniel E. Cardenas (DC) ................................ 38

Raphael Caruso (RC)...................................... 47

Ben Cherniavsky (BC) ............................... 53,82

Andrew Coleman (AC) ................................... 26

Chris Cox, CFA (CC) ........................................ 33

William A. Crow (WAC) ............................ 63,69

Sam Darkatsh (SD) ................................... 19,52

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

Robert Dodd, Ph.D. (RD) ............................... 38

Bryan C. Elliott, CFA (BCE) ............................. 19

William H. Fisher, CFA (WHF) ........................ 52

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

Cory J. Garcia (CJG) ....................................... 26

Collin Gerry (CG) ........................................... 26

Brian Gesuale (BG) ........................................ 69

Steve Hansen, CMA, CFA (SH) ........ 33,53,57,82

Arthur W. Hatfield, CFA (AH) ........................ 80

Nick Heffernan (Associate Analyst) (NH) ....... 33

Bertrand Hodée (BH) ..................................... 35

Buck Horne, CFA (BH) .................................... 63

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

Joseph D. Hovorka (JDH) ............................... 19

Nicholas Jansen (NJ) ...................................... 49

Wayne Johnson (WJ) ..................................... 69

Aaron Kessler, CFA (AK) ................................. 69

Lawrence Keusch (LK) ................................... 49

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

Simon Leopold (SL) ........................................ 69

Steven Li, CFA (SL) ............................... 33,69,77

David J. Long, CFA (DJL) ................................. 38

Frank G. Louthan IV (FGL) ............................. 69

Adam Low, CFA (AL) ...................................... 57

Tavis C. McCourt, CFA (TMC).................... 69,77

David Meats (DMe) ....................................... 26

RJ Milligan (RM) ............................................ 63

Collin Mings, CFA (CM) .................................. 63

Pavel Molchanov (PM) ............................. 26,35

Kurt Molnar (KM) .......................................... 33

Hans Mosesmann (HM) ................................ 69

Patrick O'Shaughnessy, CFA (PO) .................. 38

Arnaud Palliez (AP) ................................... 55,60

James D. Parker, Ph.D. (JDP) ......................... 80

Francisco Pereyra (FP) .................... 36,47,67,79

C. Gregory Peters (CGP) ................................ 38

Theoni Pilarinos, CFA (TP) ................... 33,53,82

Anthony Polini (AP) ....................................... 38

Ric Prentiss (RP) ............................................ 69

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

David Quezada, CFA (Associate Analyst) (DQ) ...................................................................... 53

Chris Quilty (CQ) ............................................ 69

John W. Ransom (JWR) .................................. 49

Emmanuel Retif (ER) ..................................... 35

Federico Rey Marino (FRM) ....... 36,47,61,67,79

Julien Richer (JR) ................................. 23,67,83

James M. Rollyson (JMR) .......................... 26,56

Michael Rose (MR) ........................................ 38

Santiago Ruiz Guinazu (SR) ............. 36,47,61,79

Phil Russo (PR) ............................................... 57

David Sadowski (DSa) .................................... 57

Steven D. Schwartz, CFA (SDS) ...................... 38

J. Steven Smigie (JSS) ..................................... 69

Kevin Smith (KS) ............................................ 26

Daryl Swetlishoff, CFA (DS) ....................... 53,57

Savanthi Syth, CFA (SS) .................................. 80

Martin Tapia (MT) .................................... 61,67

Alex Terentiew, MBA, P.Geo (AT) .................. 57

Chris Thompson, M.Sc. (Eng), P.Geo (CT) ...... 57

Terry Tillman (TT) .......................................... 69

Michael Turits, Ph.D. (MT) ............................. 69

Kenric S. Tyghe, MBA (KT) ............................. 23

Brian M. Vaccaro, CFA ................................... 19

William J. Wallace IV (WW) ........................... 38

Santiago Wesenack, CFA (SW) .................. 36,61

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

Donald A. Worthington (DAW) ...................... 38


Upcoming Events

Total Road Show (EUR) February 17, 2014; Geneva

5th Annual Raymond James Methanol Forum (CAN) February 20, 2014; Toronto, Canada

Saint-Gobain Road Show (EUR) February 26-27, 2014; U.S.

Institutional Investors Conference (USA) March 2-5, 2014; Orlando, Florida

Vinci Road Show (EUR) March 3-5, 2014; U.S.

Melia Hotels International Road Show (EUR) March 6, 2014; Paris

Mobistar Road Show (EUR) March 12, 2014; Paris

Orange Road Show (EUR) March 20-21, 2014; UK

Centrica Road Show (EUR) April 3, 2014; Paris

Whitbread Road Show (EUR) May 22, 2014; Paris

Research Coverage Changes

Additions Deletions

USA

CatchMark Timber Trust, Inc. (CTT:N)

ConnectOne Bancorp, Inc. (CNOB:Q)

Eastern Virginia Bankshares, Inc. (EVBS:Q)

Ecopetrol S.A. (EC:N)

Hilton Worldwide Holdings Inc. (HLT:N)

Murphy USA Inc. (MUSA:N)

The Bancorp, Inc. (TBBK:Q)

CAN

Baylin Technologies Inc. (BYL:T)

Choice Properties REIT (CHP.UN:T)

DIRTT Environmental Solutions Ltd. (DRT:T)

Probe Mines Ltd. (PRB:V)

EUR

Tarkett (TKTT.PA:EPA)

TeliaSonera AB (TLSN.ST:STO)

USA

Baidu, Inc. (BIDU:Q)

BCE Inc. (BCE:N)

Health Management Associates (HMA:N)

MetroCorp Bancshares, Inc. (MCBI:Q)

MicroStrategy Inc. (MSTR:Q)

Rogers Communications Inc. (RCI:N)

Solta Medical, Inc. (SLTM:Q)

TELUS Corp. (TU:N)

CAN

Novus Energy Inc. (NVS:V)

Changes

Energy Transfer Equity L.P. (ETE:NYSE) adjusted for 2:1 split,

Manhattan Associates, Inc. (MANH:NASDAQ) adjusted for 4:1 split,

MasterCard, Inc. (MA:NYSE) adjusted for 10:1 split,

West Fraser Timber (WFT:TSX) adjusted for 2:1 stock dividend).


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

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

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

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

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

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

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

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

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

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

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


Exchanges

AMS ---- Amsterdam Stock Exchange

BA ---- Buenos Aires SE

BIT ---- Italy - Borsa Italiana

EBR ---- Euronext Brussels

ELI ---- Euronext Lisbon

EPA ---- Euronext Paris

ETR ---- Germany - XETRA

HEL ---- Helsinki Stock Exchange

ISE ---- Irish Stock Exchange

L ---- London Stock Exchange

M ---- NYSE MKT

MAD --- Madrid Stock Exchange

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

N --- NYSE

PRG --- Prague Stock Exchange

Q --- NASDAQ

STO --- Stockholm Stock Exchange

SWF --- Switzerland – Swiss Exchange

T --- TSX

V --- TSX Venture

WBAG --- Austria, Wiener Borse

Currencies

AR$ ---- Argentine peso

p ---- British pence

£ ---- British pound

C$ ---- Canadian dollar

CZK ---- Czech koruna

€ --- Euro

SEK --- Swedish krona

CHF --- Swiss franc

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

Footnotes

NA ---- Not Available.

NM ---- Not Meaningful.

UR ---- Under Review.

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

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

$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.

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

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

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

Company Index


1st Constitution Bancorp (FCCY:Q) 39 1st United Bancorp, Inc. (FUBC:Q) 39 Aaron`s Inc. (AAN:N) 21 Abaxis, Inc. (ABAX:Q) 49 Abbott Laboratories (ABT:N) 51 Abertis (ABE.MC:MAD) 55 Abiomed Inc. (ABMD:Q) 51 Acadia Healthcare Co. (ACHC:Q) 49 Accenture plc (ACN:N) 73 Access Midstream Partners L.P. (ACMP:N) 30 Access National Corporation (ANCX:Q) 39 Accor (ACCP.PA:EPA) 67 ACE Limited (ACE:N) 45 ACI Worldwide, Inc. (ACIW:Q) 76 Adecoagro SA (AGRO:N) 61 ADF Group Inc. (DRX:T) 54 Adidas (ADSGn.DE:ETR) 24 ADP (ADP.PA:EPA) 55 ADTRAN, Inc. (ADTN:Q) 70 Advance Auto Parts, Inc. (AAP:N) 20 Advanced Energy Industries, Inc. (AEIS:Q) 26 Advanced Micro Devices (AMD:N) 74 Aecon Group (ARE:T) 54 AEGON (AEGN.AS:AMS) 47 AeroVironment Inc. (AVAV:Q) 73 Aetna (AET:N) 49 Aflac, Inc. (AFL:N) 45 Agnico Eagle Mines (AEM:N) 59 Agree Realty Corporation (ADC:N) 64 Agrium Inc. (AGU:N) 57 Ahold (AHLN.AS:AMS) 24 AIMIA (AIM:T) 23 Ainsworth Lumber Co. Ltd. (ANS:T) 57 Air Canada (AC.B:T) 82 Air France-KLM (AIRF.PA:EPA) 83 Air Products & Chemicals, Inc. (APD:N) 53 Airgas, Inc. (ARG:N) 53 Akamai Technologies, Inc. (AKAM:Q) 72 Alacer Gold Corp (ASR:T) 59 Alamos Gold Inc. (AGI:N) 59 Alaris Royalty Corp. (AD:T) 54 Alaska Air Group (ALK:N) 80 Alaska Communications Systems Group Inc. (ALSK:Q) 75 Alcatel-Lucent (ALU:N) 70 Alderon Iron Ore Corp. (ADV:T) 58 Alere, Inc. (ALR:N) 50 Allana Potash Corporation (AAA:T) 57 Allegiant Travel Co. (ALGT:Q) 81 Alliance Data Systems Corp. (ADS:N) 76 Alliance Grain Traders Inc. (AGT:T) 57 Alliance Holdings GP L.P. (AHGP:Q) 56 Alliance Resource Partners L.P. (ARLP:Q) 56 Allianz (ALVG.DE:ETR) 47 Allied Properties REIT (AP.UN:T) 66 Allstate Corporation (ALL:N) 45 Alpha Natural Resources (ANR:N) 56 Altera Corporation (ALTR:Q) 74 Alterra Power Corp. (AXY:T) 33 Amazon.com Inc. (AMZN:Q) 72 Amedisys (AMED:Q) 49 America Movil, S.A.B. de C.V. (AMX:N) 75 American Airlines Group, Inc. (AAL:Q) 80

American Equity Investment Life Holding Company (AEL:N) 45 American Financial Group, Inc. (AFG:N) 45 American Midstream Partners L.P. (AMID:N) 30 American National Bankshares, Inc (AMNB:Q) 39 American Railcar Industries, Inc. (ARII:Q) 81 American Residential Properties, Inc. (ARPI:N) 64 American River Bankshares (AMRB:Q) 39 American Tower (AMT:N) 74 American Woodmark (AMWD:Q) 21 AmeriGas Partners L.P. (APU:N) 30 AmerisourceBergen Corp. (ABC:N) 50 Amica Mature Lifestyles Inc. (ACC:T) 65 AmSurg Corporation (AMSG:Q) 49 Amyris, Inc. (AMRS:Q) 26 Anadarko Petroleum Corp. (APC:N) 27 Analog Devices, Inc. (ADI:Q) 69 Angie's List, Inc. (ANGI:Q) 72 AngioDynamics (ANGO:Q) 51 Antero Resources Corporation (AR:N) 27 Aon plc (AON:N) 46 Apache Corporation (APA:N) 27 Apartment Investment and Management Company (AIV:N) 64 Apollo Investment Corp. (AINV:Q) 46 Apple Inc. (AAPL:Q) 71 Applied Micro Circuits Corporation (AMCC:Q) 74 Applied Optoelectronics, Inc. (AAOI:Q) 70 Arch Coal Inc. (ACI:N) 56 Arctic Cat, Inc. (ACAT:Q) 19 Ares Capital Corp. (ARCC:Q) 46 Argo Group International Holdings, Ltd. (AGII:Q) 45 Arkansas Best Corp. (ABFS:Q) 82 ARM Holdings plc (ARMH:Q) 74 Armada Hoffler Properties (AHH:N) 63 Armtec Infrastructure Inc. (ARF:T) 54 ARRIS Group Inc. (ARRS:Q) 70 Arrow Electronics, Inc. (ARW:N) 73 Artek Exploration Ltd. (RTK:T) 33 Arthur J. Gallagher & Co. (AJG:N) 46 Artis REIT (AX.UN:T) 66 Aruba Networks (ARUN:Q) 71 Associated Banc-Corp (ASBC:Q) 39 Associated Estates Realty Corporation (AEC:N) 64 Assurant, Inc. (AIZ:N) 45 Astoria Financial Corporation (AF:N) 39 AT&T Inc. (T:N) 75 ATAC Resources Ltd. (ATC:V) 59 Athabasca Oil Corp. (ATH:T) 33 Atlantic Tele-Network, Inc. (ATNI:Q) 75 Atmel Corporation (ATML:Q) 74 Atrium Innovations Inc. (ATB:T) 23 Atwood Oceanics (ATW:N) 32 AuRico Gold Inc. (AUQ:N) 59 Automatic Data Processing (ADP:Q) 49 AutoZone, Inc. (AZO:N) 20 Avigilon Corporation (AVO:T) 77 Avnet, Inc. (AVT:N) 73 Axa (AXAF.PA:EPA) 47 AXIS Capital Holdings Limited (AXS:N) 45 B2Gold Corp. (BTO:T) 59 Baker Hughes, Inc. (BHI:N) 31 Banc of California, Inc. (BANC:Q) 39 BancFirst Corporation (BANF:Q) 39

Company Index


Banco Macro S.A. (BMA:N) 47 The Bancorp, Inc. (TBBK:Q) 39 BancorpSouth, Inc. (BXS:N) 39 Bank of America Corporation (BAC:N) 39 Bank of Commerce Holdings (BOCH:Q) 39 Bank of Marin Bancorp (BMRC:Q) 39 Bank of New York Mellon Corp (BK:N) 39 Bank of the Ozarks Inc. (OZRK:Q) 39 Banner Corporation (BANR:Q) 39 Basic Energy Services, Inc. (BAS:N) 32 Baxter International Inc. (BAX:N) 50 Baylin Technologies Inc. (BYL:T) 77 BB&T Corporation (BBT:N) 39 BBCN Bancorp, Inc. (BBCN:Q) 39 BBVA Banco Frances (BFR:N) 47 Beacon Roofing Supply, Inc. (BECN:Q) 52 Bear Creek Mining Corp. (BCM:V) 59 Becton, Dickinson and Company (BDX:N) 50 Bed Bath & Beyond (BBBY:Q) 21 Beiersdorf (BEIG.DE:ETR) 24 Belgacom (BCOM.BR:EBR) 78 Benchmark Electronics, Inc. (BHE:N) 71 Benefitfocus, Inc. (BNFT:Q) 70 Best Buy Company, Incorporated (BBY:N) 20 BG Group (BG.L:L) 35 BGC Partners, Inc. (BGCP:Q) 44 BIC (BB.FP:EPA) 24 Big Lots Inc. (BIG:N) 21 Bill Barrett Corp. (BBG:N) 27 BioMed Realty Trust Inc. (BMR:N) 64 Bird Construction Inc. (BDT:T) 54 Black Diamond Group Limited (BDI:T) 34 BlackBerry (BBRY:Q) 77 Blackhawk Network Holdings, Inc. (HAWK:Q) 76 Bloomin' Brands, Inc. (BLMN:Q) 22 Blue Capital Reinsurance Holdings Ltd. (BCRH:N) 45 BNC Bancorp (BNCN:Q) 39 Boardwalk Pipeline Partners L.P. (BWP:N) 30 Boardwalk REIT (BEI.UN:T) 66 BofI Holding, Inc. (BOFI:Q) 39 BOK Financial Corp. (BOKF:Q) 39 Bombardier Inc. (BBD.B:T) 82 Bonanza Creek Energy, Inc. (BCEI:N) 27 Booz Allen Hamilton Holding Corp. (BAH:N) 73 Bottomline Technologies (EPAY:Q) 76 Bourbon (GPBN.PA:EPA) 35 Bouygues (BOUY.PA:EPA) 78 BP (BP.L:L) 35 BPZ Resources Inc. (BPZ:N) 27 Brandywine Realty Trust (BDN:N) 64 BreitBurn Energy Partners L.P. (BBEP:Q) 27 Briggs & Stratton (BGG:N) 21 Brightcove Inc. (BCOV:Q) 70 Brinker International (EAT:N) 22 Broadcom Corporation (BRCM:Q) 74 BroadSoft, Inc. (BSFT:Q) 71 Brookfield Canada Office Properties (BOX.UN:T) 66 Brookfield Infrastructure Partners L.P. (BIP:N) 54 Brookfield Renewable Energy Partners L.P. (BEP:N) 54 Brookline Bancorp, Inc. (BRKL:Q) 39 Brown & Brown, Inc. (BRO:N) 46 Brunswick Corp. (BC:N) 19

BSkyB (BSY.L:L) 78 BT (BT.L:L) 78 Buffalo Wild Wings, Inc. (BWLD:Q) 22 C.H. Robinson Worldwide (CHRW:Q) 81 C.R. Bard, Inc. (BCR:N) 50 CA Technologies (CA:Q) 72 Cablevision Systems Corp. (CVC:N) 75 Cabot Oil & Gas Corp. (COG:N) 27 CACI International Inc. (CACI:N) 73 CAE Inc. (CAE:T) 82 CafePress Inc. (PRSS:Q) 72 Cal Dive International Inc. (DVR:N) 31 Calfrac Well Services (CFW:T) 34 Calix, Inc. (CALX:N) 70 Callaway Golf Co. (ELY:N) 20 Calloway REIT (CWT.UN:T) 66 Calumet Specialty Products Partners L.P. (CLMT:Q) 30 Cameco Corp. (CCO:T) 60 Cameron International Corp. (CAM:N) 31 Campus Crest Communities, Inc. (CCG:N) 64 Canadian Apartment Properties REIT (CAR.UN:T) 66 Canadian National Railway (CNR:T) 83 Canadian Natural Resources Ltd (CNQ:T) 34 Canadian Oil Sands Limited (COS:T) 34 Canadian Pacific Railway (CP:T) 83 Canam Group (CAM:T) 54 Candente Copper Corp. (DNT:T) 58 Canfor Corp. (CFP:T) 57 Canfor Pulp Products Inc. (CFX:T) 57 CanWel Building Materials Group Ltd. (CWX:T) 83 Canyon Services Group Inc. (FRC:T) 34 Capital City Bank Group, Inc. (CCBG:Q) 39 Capital Product Partners L.P. (CPLP:Q) 30 Capital Senior Living Corp. (CSU:N) 49 Capstone Mining Corp. (CS:T) 58 Cardinal Financial Corporation (CFNL:Q) 39 Cardinal Health Inc. (CAH:N) 50 CareFusion Corporation (CFN:N) 50 Carmike Cinemas, Inc. (CKEC:Q) 19 Carnival Corp. (CCL:N) 19 Carrefour (CARR.PA:EPA) 24 Carriage Services, Inc. (CSV:N) 50 Carrols Restaurant Group, Inc. (TAST:Q) 22 Casella Waste Systems, Inc. (CWST:Q) 53 Casey's General Stores, Inc. (CASY:Q) 20 Casino (CASP.PA:EPA) 24 Catamaran (CTRX:Q) 49 CatchMark Timber Trust, Inc. (CTT:N) 65 Caterpillar Inc. (CAT:N) 54 Cathay General Bancorp (CATY:Q) 39 Cavium Inc. (CAVM:Q) 74 Cbeyond, Inc. (CBEY:Q) 75 CBL & Associates Properties, Inc. (CBL:N) 64 CBOE Holdings, Inc. (CBOE:Q) 44 CDW Corporation (CDW:Q) 73 Cedar Realty Trust, Inc. (CDR:N) 65 Celadon Group, Inc. (CGI:N) 82 Celestica, Inc. (CLS:N) 71 Cenovus Energy (CVE:T) 34 Centene (CNC:N) 49 CenterState Banks, Inc. (CSFL:Q) 39 Central Pacific Financial Corp. (CPF:N) 39

Company Index


Central Valley Community Bancorp (CVCY:Q) 39 Centrica (CNA.L:L) 36 CenturyLink (CTL:N) 75 Cepheid (CPHD:Q) 50 Cervus Equipment Corp. (CVL:T) 54 CEZ (CEZsp.PR:PRG) 36 CGG (CGG.PA:EPA) 35 CGI Group (GIB.A:T) 77 Champion Iron Mines Ltd. (CHM:T) 58 ChannelAdvisor Corporation (ECOM:N) 70 The Charles Schwab Corporation (SCHW:N) 44 Chart Industries, Inc. (GTLS:Q) 26 Charter Communications, Inc. (CHTR:Q) 75 Check Point Software Technologies (CHKP:Q) 72 Cheesecake Factory Inc. (CAKE:Q) 22 Chegg, Inc. (CHGG:N) 72 Chemical Financial Corporation (CHFC:Q) 39 Chesapeake Energy Corp. (CHK:N) 27 Chesapeake Granite Wash Trust (CHKR:N) 27 Chevron Corp. (CVX:N) 29 Chipotle Mexican Grill, Inc. (CMG:N) 22 Choice Properties REIT (CHP.UN:T) 66 Christian Dior (DIOR.PA:EPA) 24 Chubb Corporation (CB:N) 45 The Churchill Corp. (CUQ:T) 54 Chuy's Holdings, Inc. (CHUY:Q) 22 Ciena Corporation (CIEN:N) 70 CIGNA Corporation (CI:N) 49 Cimarex Energy Co. (XEC:N) 27 Cincinnati Bell Inc. (CBB:N) 75 Cinemark Holdings, Inc. (CNK:N) 19 Cineplex Inc. (CGX:T) 23 Cisco Systems (CSCO:Q) 70 Citigroup, Inc. (C:N) 39 Citrix Systems Inc. (CTXS:Q) 72 City National Corp. (CYN:N) 39 Clayton Williams Energy, Inc. (CWEI:N) 27 Clean Energy Fuels Corp. (CLNE:Q) 26 Clean Harbors (CLH:N) 53 Cloud Peak Energy (CLD:N) 56 Club Méditerranée (CMIP.PA:EPA) 67 CME Group Inc. (CME:Q) 44 Coeur Mining Inc. (CDE:N) 59 Cogent Communications Group Inc. (CCOI:Q) 75 Colruyt (COLR.BR:EBR) 24 Columbia Banking System, Inc. (COLB:Q) 39 Comcast Corp. (CMCSA:Q) 75 Comerica Inc. (CMA:N) 39 Commerce Bancshares, Inc. (CBSH:Q) 40 CommScope Holding Company, Inc. (COMM:Q) 70 Community Bank System (CBU:N) 40 Community Health Systems, Inc. (CYH:N) 51 Community Trust Bancorp, Inc. (CTBI:Q) 40 CommVault Systems Inc. (CVLT:Q) 72 Compass Diversified Holdings (CODI:N) 46 Compass Group (CPG.L:L) 24 Compressco Partners (GSJK:Q) 31 Computer Sciences Corporation (CSC:N) 73 Comstock Resources (CRK:N) 27 Comtech Telecommunications Corp. (CMTL:Q) 74 Concho Resources Inc. (CXO:N) 27 Concur Technologies, Inc. (CNQR:Q) 70

Conifex Timber Inc. (CFF:V) 57 ConnectOne Bancorp, Inc. (CNOB:Q) 40 ConocoPhillips (COP:N) 27 CONSOL Energy Inc. (CNX:N) 56 Consolidated Communications Holdings (CNSL:Q) 75 Constant Contact, Inc. (CTCT:Q) 70 Continental Resources Inc. (CLR:N) 27 Control4 Corporation (CTRL:Q) 71 Con-way Inc. (CNW:N) 82 The Cooper Companies, Inc. (COO:N) 50 Copa Holdings, S.A. (CPA:N) 80 Copper Mountain Mining (CUM:T) 58 Core-Mark Holding Company, Inc. (CORE:Q) 20 Corporate Office Properties Trust (OFC:N) 64 Cosan Ltd. (CZZ:N) 26 Costco Wholesale Corporation (COST:Q) 21 Covanta Holding Corp. (CVA:N) 53 Covidien plc (COV:N) 50 Cracker Barrel Old Country Store, Inc. (CBRL:Q) 22 Crawford & Company (CRD.B:N) 46 Credit Acceptance Corp. (CACC:Q) 46 Cree, Inc. (CREE:Q) 74 CREIT (REF.UN:T) 66 Crestwood Equity Partners L.P. (CEQP:N) 30 Crestwood Midstream Partners L.P. (CMLP:N) 30 Cresud SACIFYA (CRESY:Q) 61 CRH (CRH.I:ISE) 60 Crombie REIT (CRR.UN:T) 66 Crosstex Energy Inc. (XTXI:Q) 30 Crosstex Energy L.P. (XTEX:Q) 30 Crown Castle International (CCI:N) 74 CST Brands, Inc. (CST:N) 20 CSX Corp. (CSX:N) 81 Ctrip.com International, Ltd. (CTRP:Q) 73 CU Bancorp (CUNB:Q) 40 CubeSmart (CUBE:N) 64 Cubic Corporation (CUB:N) 73 Cullen/Frost Bankers, Inc. (CFR:N) 40 Culp, Inc. (CFI:N) 20 CVB Financial Corp. (CVBF:Q) 40 CVS Caremark Corporation (CVS:N) 50 CyrusOne Inc. (CONE:Q) 75 D.R. Horton, Inc. (DHI:N) 63 Darden Restaurants (DRI:N) 22 DaVita HealthCare Partners Inc. (DVA:N) 49 Dawson Geophysical Company (DWSN:Q) 32 Del Frisco’s Restaurant Group, Inc. (DFRG:Q) 22 Delek Logistics Partners L.P. (DKL:N) 30 Delek US Holdings, Inc. (DK:N) 29 Delhaize (DELB.BR:EBR) 24 Delphi Energy Corp. (DEE:T) 33 Delta Air Lines, Inc. (DAL:N) 80 Demandware (DWRE:N) 70 Denbury Resources Inc. (DNR:N) 27 Denison Mines Corp. (DML:T) 60 Detour Gold Corp. (DGC:T) 59 Deutsche Telekom (DTE.DE:ETR) 78 Devon Energy Corporation (DVN:N) 27 DexCom Inc. (DXCM:Q) 51 Dia (DIDA.MC:MAD) 24 Diageo (DGE.L:L) 23 Diamond Offshore (DO:N) 32

Company Index


Diamondback Energy, Inc. (FANG:Q) 27 DiamondRock Hospitality Company (DRH:N) 63 Dick`s Sporting Goods Inc. (DKS:N) 20 Digi International Inc. (DGII:Q) 71 Digital Realty Trust, Inc. (DLR:N) 64 DigitalGlobe, Inc. (DGI:N) 74 Dime Community Bancshares (DCOM:Q) 40 DineEquity, Inc. (DIN:N) 22 Diodes Incorporated (DIOD:Q) 69 DIRECTV (DTV:Q) 75 DIRTT Environmental Solutions Ltd. (DRT:T) 55 DISH Network Corp. (DISH:Q) 75 The Dixie Group (DXYN:Q) 21 Dollar General Corp. (DG:N) 21 Dollar Tree, Inc. (DLTR:Q) 21 Dollarama (DOL:T) 23 Domtar (UFS:N) 57 Douglas Emmett (DEI:N) 64 Dover Motorsports Inc. (DVD:N) 19 DragonWave (DWI:T) 77 Dresser-Rand Group, Inc. (DRC:N) 31 Duluth Metals Limited (DM:T) 58 Dunkin’ Brands Group, Inc. (DNKN:Q) 22 DuPont Fabros Technology Inc. (DFT:N) 64 Dycom Industries, Inc. (DY:N) 70 E*TRADE FINANCIAL Corporation (ETFC:Q) 44 E.On (EONGn.DE:ETR) 36 Eagle Rock Energy Partners L.P. (EROC:Q) 27 East West Bancorp, Inc. (EWBC:Q) 40 Eastern Platinum Ltd. (ELR:T) 58 Eastern Virginia Bankshares, Inc. (EVBS:Q) 40 EastGroup Properties, Inc. (EGP:N) 64 Easyhome Ltd. (EH:T) 23 eBay Inc. (EBAY:Q) 72 ECA Marcellus Trust I (ECT:N) 27 Echelon Corp. (ELON:Q) 26 EchoStar Corporation (SATS:Q) 74 Ecopetrol S.A. (EC:N) 29 Edenor (EDN:N) 36 Edenred (EDEN.PA:EPA) 24 EDF (EDF.PA:EPA) 36 Eiffage (FOUG.PA:EPA) 55 El Paso Pipeline Partners L.P. (EPB:N) 30 Eldorado Gold Corp. (EGO:N) 59 EMC Corporation (EMC:N) 73 Encore Capital Group Inc. (ECPG:Q) 46 Endeavour Mining Corp. (EDV:T) 59 Endeavour Silver Corp. (EDR:T) 59 Enel (ENEI.MI:MCE) 36 Enerflex Ltd. (EFX:T) 34 Energen Corp. (EGN:N) 27 Energy Transfer Equity L.P. (ETE:N) 30 Energy Transfer Partners L.P. (ETP:N) 30 Energy XXI Limited (EXXI:Q) 27 EnerNOC, Inc. (ENOC:Q) 26 Eni (ENI.MI:BIT) 35 Enphase Energy, Inc. (ENPH:Q) 26 Ensco plc (ESV:N) 32 Ensign Energy Services Inc. (ESI:T) 33 Enterprise Financial Services Corp. (EFSC:Q) 40 Enterprise Products Partners L.P. (EPD:N) 30 Entrec Corporation (ENT:V) 54

EOG Resources, Inc. (EOG:N) 27 Equifax, Inc. (EFX:N) 76 Equinix (EQIX:Q) 75 Equity One, Inc. (EQY:N) 65 Equity Residential (EQR:N) 64 Essential Energy Services Ltd. (ESN:T) 34 Essex Property Trust, Inc. (ESS:N) 64 Essilor (ESSI.PA:EPA) 23 Ethan Allen Interiors (ETH:N) 20 EV Energy Partners L.P. (EVEP:Q) 27 EverBank Financial Corp (EVER:N) 40 Evertz Technologies Ltd. (ET:T) 77 Excel Trust, Inc. (EXL:N) 65 Exchange Income Corp (EIF:T) 54 Expedia, Inc. (EXPE:Q) 73 Expeditors International of Washington, Inc. (EXPD:Q) 81 Express Scripts (ESRX:Q) 49 Exterran Partners L.P. (EXLP:Q) 31 Extra Space Storage (EXR:N) 64 Exxon Mobil Corp. (XOM:N) 29 F5 Networks, Inc. (FFIV:Q) 70 Facebook, Inc. (FB:Q) 72 FactSet Research Systems Inc. (FDS:N) 44 Fairchild Semiconductor International (FCS:Q) 69 Family Dollar Stores Inc. (FDO:N) 21 Fastenal Company (FAST:Q) 52 FBL Financial Group (FFG:N) 45 Federal Realty Investment Trust (FRT:N) 65 Federated National Holding Company (FNHC:Q) 45 FedEx Corporation (FDX:N) 81 Ferragamo (SFER.MI:BIT) 24 Ferrellgas Partners L.P. (FGP:N) 30 Ferrovial (FER.MC:MAD) 55 Fidelity National Information Services (FIS:N) 76 Fidus Investment Corporation (FDUS:Q) 46 Fiesta Restaurant Group, Inc. (FRGI:Q) 22 Fifth Street Finance Corporation (FSC:Q) 46 Fifth Third Bancorp (FITB:Q) 40 Finisar Corporation (FNSR:Q) 70 Finning International (FTT:T) 54 First Bancorp (FBNC:Q) 40 First Busey Corporation (BUSE:Q) 40 First Business Financial Services, Inc. (FBIZ:Q) 40 First Community Bancshares, Inc. (FCBC:Q) 40 First Community Corporation (FCCO:Q) 40 First Defiance Financial Corp. (FDEF:Q) 40 First Financial Bancorp (FFBC:Q) 40 First Financial Bankshares, Inc. (FFIN:Q) 40 First Financial Corporation (THFF:Q) 40 First Financial Holdings, Inc. (SCBT:Q) 40 First Horizon National Corporation (FHN:N) 40 First Industrial Realty Trust, Inc. (FR:N) 64 First Majestic Silver (FR:T) 59 First Merchants Corporation (FRME:Q) 40 First Midwest Bancorp, Inc. (FMBI:Q) 40 First Niagara Financial Group (FNFG:Q) 40 First of Long Island Corporation (FLIC:Q) 40 First Potomac Realty Trust (FPO:N) 64 First Quantum Minerals Ltd. (FM:T) 58 First Republic Bank (FRC:N) 40 First Security Group, Inc. (FSGI:Q) 40 First Solar, Inc. (FSLR:Q) 26

Company Index


Firstbank Corporation (FBMI:Q) 40 FirstMerit Corp. (FMER:Q) 40 FirstService Corp. (FSRV:Q) 66 Fission Uranium Corp. (FCU:V) 60 FleetCor Technologies (FLT:N) 76 Flextronics International Ltd. (FLEX:Q) 71 FLIR Systems (FLIR:Q) 73 Flushing Financial Corp. (FFIC:Q) 40 FMC Technologies, Inc. (FTI:N) 31 Fnac (FNAC.PA:EPA) 24 Forest Oil Corp. (FST:N) 27 Fortinet Inc. (FTNT:Q) 72 Fortress Paper (FTP:T) 57 Fortum (FUM1V.HE:HEL) 36 Fortuna Silver Mines Inc. (FVI:T) 59 Forward Air Corporation (FWRD:Q) 81 Franco-Nevada Corp. (FNV:N) 59 Fraport (FRAG.DE:ETR) 55 The Fresh Market, Inc. (TFM:Q) 20 Frontier Communications Corp. (FTR:Q) 75 Fulton Financial (FULT:Q) 40 FXCM Inc. (FXCM:N) 44 GAIN Capital Holdings, Inc. (GCAP:N) 44 Garmin Ltd. (GRMN:Q) 71 GasFrac Energy Services Ltd. (GFS:T) 34 GATX Corporation (GMT:N) 81 GDF Suez (GSZ.PA:EPA) 36 General Communication Inc. (GNCMA:Q) 75 Generali (GASI.MI:BIT) 47 Genesee & Wyoming Inc. (GWR:N) 81 Genesis Energy Partners L.P. (GEL:N) 30 GenMark Diagnostics, Inc. (GNMK:Q) 50 Genomic Health (GHDX:Q) 50 Gentiva Health Services (GTIV:Q) 49 Genworth Financial (GNW:N) 45 GeoPark Holdings (GPK.L:L) 36 German American Bancorp, Inc. (GABC:Q) 41 GFI Group, Inc. (GFIG:N) 44 Gigamon Inc. (GIMO:N) 70 Gildan Activewear (GIL:N) 23 Glacier Bancorp, Inc. (GBCI:Q) 41 Glacier Media Inc. (GVC:T) 23 Glimcher Realty Trust (GRT:N) 64 Global Geophysical Services, Inc. (GGS:N) 32 Global Partners L.P. (GLP:N) 30 Global Payments Inc. (GPN:N) 76 GLV Inc. (GLV.A:T) 54 GOL Linhas Aereas Inteligentes S.A. (GOL:N) 81 Golar LNG Partners L.P. (GMLP:Q) 30 Golden Star Resources (GSS:M) 59 Goodrich Petroleum Corp. (GDP:N) 27 Google Inc. (GOOG:Q) 72 Great Canadian Gaming (GC:T) 23 Green Dot Corporation (GDOT:N) 76 The Greenbrier Companies, Inc. (GBX:N) 81 Groupe Eurotunnel (GETP.PA:EPA) 55 Groupon, Inc. (GRPN:Q) 72 Grupo Clarin S.A. (GCLA:BA) 79 Grupo Financiero Galicia (GGAL:Q) 47 GT Advanced Technologies, Inc. (GTAT:Q) 26 Guidance Software Inc. (GUID:Q) 73 Gulf Island Fabrication, Inc. (GIFI:Q) 31

Guyana Goldfields Inc. (GUY:T) 59 H&M (HMb.ST:STO) 24 H&R REIT (HR.UN:T) 66 Haemonetics Corporation (HAE:N) 50 Halcón Resources Corp. (HK:N) 27 Halliburton (HAL:N) 31 Hallmark Financial Services Inc (HALL:Q) 45 Halogen Software, Inc. (HGN:T) 70 Hancock Holding Company (HBHC:Q) 41 Hannover Re (HNRGn.DE:ETR) 47 Harley-Davidson, Inc. (HOG:N) 19 Harmonic Inc. (HLIT:Q) 70 Harris Corporation (HRS:N) 71 Harsco Corporation (HSC:N) 53 Haverty Furniture Companies Inc. (HVT:N) 21 HCA Holdings, Inc. (HCA:N) 51 HCC Insurance Holdings (HCC:N) 45 HD Supply Holdings Inc. (HDS:Q) 52 Health Care REIT, Inc. (HCN:N) 63 Health Insurance Innovations, Inc. (HIIQ:Q) 45 Healthcare Trust of America, Inc. (HTA:N) 63 HealthSouth Corporation (HLS:N) 49 Heartland Express, Inc. (HTLD:Q) 82 Heartland Financial USA, Inc. (HTLF:Q) 41 Heartland Payment Systems (HPY:N) 76 Heartware International, Inc. (HTWR:Q) 51 HEICO Corporation (HEI:N) 71 HeidelbergCement (HEIG.DE:ETR) 60 Helix Energy Solutions Group (HLX:N) 31 Henkel (HNKG_p.DE:ETR) 24 Hercules Offshore Inc. (HERO:Q) 32 Hercules Technology Growth Capital Inc. (HTGC:N) 46 Heritage Commerce Corp (HTBK:Q) 41 Heritage Financial Corporation (HFWA:Q) 41 Heritage Oaks Bancorp (HEOP:Q) 41 Herman Miller (MLHR:Q) 19 Hermes International (HRMS.PA:EPA) 24 Heroux-Devtek Inc. (HRX:T) 82 Hersha Hospitality Trust (HT:N) 63 Heska Corporation (HSKA:Q) 49 Hess Corp. (HES:N) 29 Hewlett-Packard (HPQ:N) 73 Hibbett Sports, Inc. (HIBB:Q) 20 Hi-Crush Partners L.P. (HCLP:N) 32 Higher One Holdings Inc. (ONE:N) 76 Hill-Rom Holdings, Inc. (HRC:N) 50 Hilltop Holdings Inc. (HTH:N) 41 Hilton Worldwide Holdings Inc. (HLT:N) 63 HNI Corporation (HNI:N) 19 Holcim (HOLN.VX:SWF) 60 Holly Energy Partners L.P. (HEP:N) 30 HollyFrontier Corp. (HFC:N) 29 Hologic Inc. (HOLX:Q) 51 Home BancShares, Inc. (HOMB:Q) 41 The Home Depot Inc. (HD:N) 21 HomeAway, Inc. (AWAY:Q) 73 HopFed Bancorp, Inc. (HFBC:Q) 41 Horizon Bancorp (HBNC:Q) 41 Horizon North Logistics Inc. (HNL:T) 34 Horizon Technology Finance Corporation (HRZN:Q) 46 Hospira, Inc. (HSP:N) 51 Host Hotels & Resorts Inc. (HST:N) 63

Company Index


Houston Wire & Cable Company (HWCC:Q) 52 Hub Group, Inc. (HUBG:Q) 81 HudBay Minerals, Inc. (HBM:T) 58 Hudson City Bancorp (HCBK:Q) 41 Hudson Valley Holding Corp. (HVB:N) 41 Humana (HUM:N) 49 Huntington Bancshares Inc. (HBAN:Q) 41 Husky Energy Inc. (HSE:T) 34 Hyatt Hotels Corporation (H:N) 63 IAG (IAG.L:L) 83 IBERIABANK Corporation (IBKC:Q) 41 IBI Group Inc. (IBG:T) 54 ICF International Inc. (ICFI:Q) 73 ICU Medical, Inc. (ICUI:Q) 51 IDEXX Laboratories Inc (IDXX:Q) 49 Ignite Restaurant Group, Inc. (IRG:Q) 22 Iliad (ILD.PA:EPA) 78 Imerys (IMTP.PA:EPA) 55 Imperial Oil Limited (IMO:T) 34 Inditex (ITX.MC:MAD) 24 Infinity Property and Casualty Corporation (IPCC:Q) 45 Informatica Corp. (INFA:Q) 72 ING U.S., Inc. (VOYA:N) 45 Ingram Micro Inc. (IM:N) 73 Inland Real Estate Corporation (IRC:N) 65 Insight Enterprises, Inc. (NSIT:Q) 73 Insperity (NSP:N) 49 Insulet (PODD:Q) 51 Integra LifeSciences Corp. (IART:Q) 51 Intel Corporation (INTC:Q) 74 Inteliquent (IQNT:Q) 75 Intelsat S.A. (I:N) 74 Interactive Intelligence Group Inc. (ININ:Q) 71 Intercontinental Hotels (IHG.L:L) 67 IntercontinentalExchange Group (ICE:N) 44 Interface, Inc. (TILE:Q) 21 Internap Network Services Corp. (INAP:Q) 75 International Forest Products Ltd. (IFP.A:T) 57 International Rectifier Corporation (IRF:N) 69 International Speedway Corp. (ISCA:Q) 19 InterOil Corp. (IOC:N) 27 InterRent REIT (IIP.UN:T) 66 Intersil Corporation (ISIL:Q) 69 Intuit Inc. (INTU:Q) 76 Intuitive Surgical, Inc. (ISRG:Q) 50 Inversora Juramento SA (INVJ:BA) 61 Investment Technology Group, Inc. (ITG:N) 44 Iridium Communications Inc. (IRDM:Q) 74 iRobot (IRBT:Q) 73 IRSA Inversiones y Representaciones SA (IRS:N) 67 Ivanhoe Mines Ltd. (IVN:T) 58 J.B. Hunt Transport Services, Inc. (JBHT:Q) 81 Jabil Circuit, Inc. (JBL:N) 71 James River Coal Company (JRCC:Q) 56 Jazztel (JAZ.MC:MCE) 78 JDS Uniphase (JDSU:Q) 70 Jeronimo Martins (JMT.LS:ELI) 24 JetBlue Airways (JBLU:Q) 81 Johnson & Johnson (JNJ:N) 51 Joy Global Inc. (JOY:N) 54 JPMorgan Chase & Co. (JPM:N) 41 Juniper Networks, Inc. (JNPR:N) 70

Kaminak Gold Corporation (KAM:V) 59 Kansas City Southern (KSU:N) 81 KB Home (KBH:N) 63 KCG Holdings, Inc. (KCG:N) 44 Kemper Corp (KMPR:N) 45 Kering (KER.PA:EPA) 24 Key Energy Services Inc. (KEG:N) 32 KeyCorp (KEY:N) 41 Killam Properties Inc. (KMP:T) 66 Kimco Realty Corporation (KIM:N) 65 Kinder Morgan Energy Partners L.P. (KMP:N) 30 Kinder Morgan, Inc. (KMI:N) 30 KiOR, Inc. (KIOR:Q) 26 Kite Realty Group Trust (KRG:N) 65 Kivalliq Energy Corp. (KIV:V) 60 Knight Transportation, Inc. (KNX:N) 82 Knoll, Inc. (KNL:N) 19 KNOT Offshore Partners L.P. (KNOP:N) 30 Kodiak Oil & Gas Corp. (KOG:N) 27 Kosmos Energy Ltd. (KOS:N) 27 KPN (KPN.AS:AMS) 78 KVH Industries (KVHI:Q) 74 Laboratory Corporation of America Holdings (LH:N) 50 Labrador Iron Mines Holdings Ltd. (LIM:T) 58 Labrador Iron Ore Royalty Corp. (LIF:T) 58 Lafarge (LAFP.PA:EPA) 60 Lakeland Bancorp (LBAI:Q) 41 Lakeland Financial Corporation (LKFN:Q) 41 Landstar System, Inc. (LSTR:Q) 81 LaSalle Hotel Properties (LHO:N) 63 LATAM Airlines Group S.A. (LFL:N) 80 Lazard Ltd (LAZ:N) 44 La-Z-Boy Inc. (LZB:N) 20 LCA-Vision, Inc. (LCAV:Q) 49 Leap Wireless International, Inc. (LEAP:Q) 75 Legacy Reserves L.P. (LGCY:Q) 27 Leggett & Platt (LEG:N) 20 Legumex Walker Inc. (LWP:T) 57 Lehigh Gas Partners L.P. (LGP:N) 30 Leidos Holdings, Inc. (LDOS:N) 73 Leisureworld Senior Care Corp. (LW:T) 65 Lennar Corporation (LEN:N) 63 Level 3 Communications Inc. (LVLT:N) 75 Lexmark International, Inc. (LXK:N) 73 LifePoint Hospitals, Inc. (LPNT:Q) 51 Limelight Networks (LLNW:Q) 72 Lincoln National Corp. (LNC:N) 45 Linear Technology Corporation (LLTC:Q) 69 LinkedIn Corp. (LNKD:N) 72 LINN Energy, LLC (LINE:Q) 27 LinnCo, LLC (LNCO:Q) 27 LKQ Corporation (LKQ:Q) 52 Loblaw Companies Ltd. (L:T) 23 Logitech International SA (LOGI:Q) 71 L'Oréal (OREP.PA:EPA) 24 Lowe`s Companies, Inc. (LOW:N) 21 LRR Energy L.P. (LRE:N) 28 LSI Corporation (LSI:Q) 74 Lufthansa (LHAG.DE:ETR) 83 Lumber Liquidators Holdings, Inc. (LL:N) 21 Lumina Copper Corp. (LCC:V) 58 Lumos Networks (LMOS:Q) 75

Company Index


Lundin Mining Corporation (LUN:T) 58 Luxottica (LUX.MI:BIT) 23 LVMH (LVMH.PA:EPA) 24 M&T Bank Corp. (MTB:N) 41 M/A-COM Technology Solutions (MTSI:Q) 69 MacDonald Dettwiler & Associates (MDA:T) 77 MAG Silver (MAG:T) 59 Magellan Health Services (MGLN:Q) 49 Magellan Midstream Partners L.P. (MMP:N) 30 Main Street Capital Corp (MAIN:N) 46 MainSource Financial Group, Inc. (MSFG:Q) 41 Manchester United plc (MANU:N) 19 Mandalay Resources Corp. (MND:T) 59 Manhattan Associates, Inc. (MANH:Q) 70 ManTech International Corporation (MANT:Q) 73 MAPFRE (MAP.MC:MCE) 47 Marathon Oil Corp. (MRO:N) 28 Marathon Petroleum Corp. (MPC:N) 29 Marine Products Corporation (MPX:N) 19 MarineMax (HZO:N) 19 MarketAxess Holdings Inc. (MKTX:Q) 44 Marketo, Inc. (MKTO:Q) 70 Marriott International, Inc. (MAR:Q) 63 Marsh and McLennan Companies, Inc. (MMC:N) 46 Marten Transport, Ltd. (MRTN:Q) 82 Martin Midstream Partners L.P. (MMLP:Q) 30 Marvell Technology Group, Ltd. (MRVL:Q) 74 Masco Corporation (MAS:N) 21 Masimo Corp. (MASI:Q) 50 MasterCard, Inc. (MA:N) 76 Mattress Firm Holding Corp. (MFRM:Q) 21 Maxim Integrated (MXIM:Q) 69 MAXIMUS Inc. (MMS:N) 73 MB Financial, Inc. (MBFI:Q) 41 MBAC Fertilizer Corporation (MBC:T) 57 McCoy Corporation (MCB:T) 34 McDonald's Corporation (MCD:N) 22 McGraw Hill Financial Inc. (MHFI:N) 44 McKesson Corporation (MCK:N) 50 MDC Holdings (MDC:N) 63 Meadowbrook Insurance Group (MIG:N) 45 MEDNAX, Inc. (MD:N) 49 MEG Energy Corp. (MEG:T) 34 Melia Hotels International (MEL.MC:MAD) 67 Memorial Production Partners L.P. (MEMP:Q) 28 Mercantile Bank Corporation (MBWM:Q) 41 Mercator Minerals Limited (ML:T) 58 Mercer International Inc. (MERC:Q) 57 Mercury General Corporation (MCY:N) 45 Meridian Bioscience, Inc. (VIVO:Q) 50 Merit Medical Systems Inc. (MMSI:Q) 51 Meta Financial Group, Inc. (CASH:Q) 41 Methanex (MEOH:Q) 53 MetLife, Inc. (MET:N) 45 Metro (MEOG.DE:ETR) 24 Micron Technology, Inc. (MU:Q) 74 MICROS Systems, Inc. (MCRS:Q) 70 Microsemi Corporation (MSCC:Q) 69 Microsoft (MSFT:Q) 72 Mid-America Apartment Communities Inc. (MAA:N) 64 Mid-Con Energy Partners L.P. (MCEP:Q) 28 MidSouth Bancorp, Inc. (MSL:N) 41

MidWestOne Financial Group, Inc. (MOFG:Q) 41 MiX Telematics Limited (MIXT:N) 70 Mobistar (MSTAR.BR:EBR) 78 Model N, Inc. (MODN:N) 70 Mohawk Industries (MHK:N) 21 Molina Healthcare (MOH:N) 49 MoneyGram International, Inc. (MGI:Q) 76 Monolithic Power Systems, Inc. (MPWR:Q) 69 Moody's Corporation (MCO:N) 44 Mosaic Capital Corporation (M:V) 54 Motorola Solutions, Inc. (MSI:N) 71 MRC Global (MRC:N) 52 MSC Industrial Direct (MSM:N) 52 MSCI Inc. (MSCI:N) 44 Mullen Group Ltd. (MTL:T) 34 Munich Re (MUVGn.DE:ETR) 47 Murphy Oil Corp. (MUR:N) 29 Murphy USA Inc. (MUSA:N) 20 MutualFirst Financial Inc. (MFSF:Q) 41 MV Oil Trust (MVO:N) 28 Nabors Industries Ltd. (NBR:N) 32 The NASDAQ OMX Group, Inc. (NDAQ:Q) 44 National Fuel Gas Company (NFG:N) 28 National Interstate Corporation (NATL:Q) 45 National Oilwell Varco Inc. (NOV:N) 31 National Penn Bancshares (NPBC:Q) 41 National Retail Properties, Inc. (NNN:N) 64 Natus Medical Inc. (BABY:Q) 51 NCI, Inc. (NCIT:Q) 73 NeoPhotonics Corporation (NPTN:N) 70 NetApp Inc. (NTAP:Q) 73 Netflix Inc. (NFLX:Q) 72 NETGEAR Inc. (NTGR:Q) 71 NetSuite, Inc. (N:N) 70 Nevsun Resources Ltd. (NSU:T) 58 New Millennium Iron Corp. (NML:T) 58 New York Community Bancorp (NYCB:N) 41 NewBridge Bancorp (NBBC:Q) 41 Newell Rubbermaid Inc. (NWL:N) 19 Newfield Exploration Company (NFX:N) 28 Newpark Resources (NR:N) 32 Nexity (NEXI.PA:EPA) 55 NexJ Systems Inc. (NXJ:T) 77 NGL Energy Partners L.P. (NGL:N) 30 NGP Capital Resources Company (NGPC:Q) 46 NH Hoteles (NHH.MC:MAD) 67 NIC Inc. (EGOV:Q) 73 NII Holdings, Inc. (NIHD:Q) 75 Niska Gas Storage Partners LLC (NKA:N) 30 Noble Corp plc (NE:N) 32 Noble Energy, Inc. (NBL:N) 28 Nokia (NOK:N) 71 Norbord Inc. (NBD:T) 57 Norfolk Southern Corp. (NSC:N) 81 North American Energy Partners (NOA:T) 54 North American Palladium Ltd. (PDL:T) 58 Northern Oil & Gas Inc. (NOG:M) 28 Northern Trust Corporation (NTRS:Q) 41 NTELOS Holdings Corp. (NTLS:Q) 75 Nuance Communications, Inc. (NUAN:Q) 71 NuStar Energy L.P. (NS:N) 30 NuStar GP Holdings, LLC (NSH:N) 30

Company Index


NuVista Energy Ltd. (NVA:T) 33 NVIDIA Corporation (NVDA:Q) 74 NXP Semiconductors N.V. (NXPI:Q) 69 O`Reilly Automotive, Inc. (ORLY:Q) 20 Oasis Petroleum Inc. (OAS:N) 28 Occidental Petroleum Corp. (OXY:N) 28 Ocean Rig UDW (ORIG:Q) 32 Oil States International, Inc. (OIS:N) 31 Oiltanking Partners L.P. (OILT:N) 30 Old Dominion Freight Line, Inc. (ODFL:Q) 82 Old National Bancorp (ONB:Q) 41 Old Republic International Corp. (ORI:N) 45 Omni-Lite Industries (OML:V) 82 OmniVision Technologies, Inc. (OVTI:Q) 74 OMV (OMV.AV:WBAG) 35 ON Semiconductor Corporation (ONNN:Q) 69 Open Text (OTEX:Q) 77 OpenTable, Inc. (OPEN:Q) 72 Oracle Corp. (ORCL:N) 72 Orange (ORA.PA:EPA) 78 OraSure Technologies, Inc. (OSUR:Q) 50 ORBCOMM, Inc. (ORBC:Q) 74 Orbital Sciences (ORB:N) 74 Orezone Gold Corp. (ORE:T) 59 Oritani Financial Corp. (ORIT:Q) 41 Osisko Mining Corp. (OSK:T) 59 Oxford Resource Partners L.P. (OXF:N) 56 Pacer International, Inc. (PACR:Q) 81 Pacific Continental Corporation (PCBK:Q) 41 Pacific Drilling (PACD:N) 32 Pacific Premier Bancorp, Inc. (PPBI:Q) 42 Paladin Energy (PDN:T) 60 Palo Alto Networks (PANW:N) 72 Pampa Energia SA (PAM:N) 36 Pan American Silver (PAAS:Q) 59 Pandora Media, Inc. (P:N) 72 Panera Bread Co. (PNRA:Q) 22 The Pantry, Inc. (PTRY:Q) 20 Paramount Resources Ltd. (POU:T) 33 Park Sterling Corporation (PSTB:Q) 42 Parke Bancorp (PKBK:Q) 42 Parkway Properties (PKY:N) 64 Patterson-UTI Energy, Inc. (PTEN:Q) 32 Paychex (PAYX:Q) 49 PBF Energy, Inc. (PBF:N) 29 PC Connection, Inc. (PCCC:Q) 73 PCM Inc. (PCMI:Q) 73 Peabody Energy Corp. (BTU:N) 56 Pebblebrook Hotel Trust (PEB:N) 63 Penn National Gaming, Inc. (PENN:Q) 19 People`s United Financial (PBCT:Q) 42 Peoples Bancorp Inc. (PEBO:Q) 42 Pericom Semiconductor Corporation (PSEM:Q) 74 Pernod Ricard (PERP.PA:EPA) 23 Petrobras Argentina (PZE:N) 37 Petróleo Brasileiro S.A. (PBR:N) 29 PetroQuest Energy (PQ:N) 28 PetSmart Inc. (PETM:Q) 20 Peyto Exploration and Development (PEY:T) 33 PGT, Inc. (PGTI:Q) 21 Phillips 66 (PSX:N) 29 Pier 1 Imports Incorporated (PIR:N) 21

Pinnacle Entertainment, Inc. (PNK:N) 19 Pinnacle Financial Partners, Inc. (PNFP:Q) 42 Pioneer Energy Services Corp (PES:N) 32 Pioneer Natural Resources Company (PXD:N) 28 Plains All American Pipeline L.P. (PAA:N) 30 Plains GP Holdings L.P. (PAGP:N) 30 Plantronics, Inc. (PLT:N) 71 Platinum Group Metals Ltd. (PTM:T) 58 Plexus Corp. (PLXS:Q) 71 Plum Creek Timber Company, Inc. (PCL:N) 65 PMI Gold Corporation (PMV:T) 59 PNC Financial Services Group, Inc. (PNC:N) 42 Polaris Industries (PII:N) 19 Polycom Inc. (PLCM:Q) 71 Portfolio Recovery Associates Inc. (PRAA:Q) 46 Post Properties, Inc. (PPS:N) 64 Potash Corp. of Saskatchewan Inc. (POT:N) 57 Potlatch Corporation (PCH:Q) 65 Power Integrations, Inc. (POWI:Q) 69 Praxair, Inc. (PX:N) 53 Precision Drilling Corporation (PD:T) 33 Preferred Bank (PFBC:Q) 42 Premiere Global Services Inc. (PGI:N) 71 priceline.com Incorporated (PCLN:Q) 73 Primerica, Inc. (PRI:N) 45 Principal Financial Group Inc. (PFG:N) 45 PrivateBancorp, Inc. (PVTB:Q) 42 ProAssurance Corp. (PRA:N) 45 Probe Mines Ltd. (PRB:V) 59 Procera Networks (PKT:Q) 70 Progressive Corporation (PGR:N) 45 Progressive Waste Solutions Ltd. (BIN:N) 53 Prospect Capital Corporation (PSEC:Q) 46 Prosperity Bancshares, Inc. (PB:N) 42 Protective Life Corporation (PL:N) 45 Provident Financial Holdings, Inc. (PROV:Q) 42 Provident Financial Services, Inc. (PFS:N) 42 Prudential Financial, Inc. (PRU:N) 45 Public Storage (PSA:N) 64 Pulaski Financial Corp. (PULB:Q) 42 PulteGroup Inc. (PHM:N) 63 Puma (PUMG.DE:ETR) 24 Pure Industrial Real Estate Trust (AAR.UN:T) 65 QCR Holdings, Inc. (QCRH:Q) 42 QEP Resources, Inc. (QEP:N) 28 QR Energy L.P. (QRE:N) 28 QUALCOMM, Inc. (QCOM:Q) 71 Quest Diagnostics Inc. (DGX:N) 50 Questar Corp. (STR:N) 28 Quicksilver Resources Inc. (KWK:N) 28 Quidel Corporation (QDEL:Q) 50 Rackspace Hosting (RAX:N) 75 RadioShack (RSH:N) 20 Rallye (GENC.PA:EPA) 24 Ram Power (RPG:T) 33 Ramco-Gershenson Properties Trust (RPT:N) 65 Range Resources Corp. (RRC:N) 28 Rayonier, Inc. (RYN:N) 65 Realty Income (O:N) 64 Reckitt Benckiser (RB.L:L) 24 Red Hat, Inc. (RHT:N) 72 Red Robin Gourmet Burgers, Inc. (RRGB:Q) 22

Company Index


Regal Entertainment Group (RGC:N) 19 Regency Centers Corp. (REG:N) 65 Regency Energy Partners L.P. (RGP:N) 30 Regions Financial Corporation (RF:N) 42 Reinsurance Group of America, Inc. (RGA:N) 45 Remy Cointreau (RCOP.PA:EPA) 23 Renasant Corp. (RNST:Q) 42 Rent-A-Center Inc. (RCII:Q) 21 Repsol (REP.MC:MAD) 35 Republic Bancorp, Inc. (RBCAA:Q) 42 Republic Services, Inc. (RSG:N) 53 Resolute Energy Corp. (REN:N) 28 Retail Opportunity Investments Corp. (ROIC:Q) 65 RF Micro Devices (RFMD:Q) 69 Rhino Resource Partners L.P. (RNO:N) 56 RingCentral, Inc. (RNG:N) 70 Rio Alto Mining Ltd. (RIO:T) 59 RioCan REIT (REI.UN:T) 66 Ritchie Bros. Auctioneers (RBA:N) 54 Rite Aid Corporation (RAD:N) 50 Riverview Bancorp, Inc. (RVSB:Q) 42 RLJ Lodging Trust (RLJ:N) 63 RMP Energy Inc. (RMP:T) 33 Roadrunner Transportation Systems, Inc. (RRTS:N) 81 Rocky Mountain Dealerships Inc. (RME:T) 54 Rosetta Resources Inc. (ROSE:Q) 28 Route1 Inc (ROI:V) 77 Rowan Companies (RDC:N) 32 Roxgold Inc. (ROG:V) 59 Royal Caribbean Cruises Ltd. (RCL:N) 19 Royal Dutch Shell (RDSa.AS:AMS) 35 Royal Gold Inc. (RGLD:Q) 59 RSA (RSA.L:L) 47 RTI Surgical Inc. (RTIX:Q) 51 Ruby Tuesday, Inc. (RT:N) 22 Rush Enterprises, Inc. (RUSHA:Q) 81 Russel Metals (RUS:T) 54 Ruth`s Hospitality Group, Inc. (RUTH:Q) 22 RWE (RWEG.DE:ETR) 36 Ryanair Holdings plc (RYAAY:Q) 81 Ryder System, Inc. (R:N) 81 The Ryland Group, Inc. (RYL:N) 63 Ryman Hospitality Properties Inc. (RHP:N) 63 S.Y. Bancorp Inc. (SYBT:Q) 42 Sabra Health Care REIT, Inc. (SBRA:Q) 63 Saia, Inc. (SAIA:Q) 82 Saint-Gobain (SGOB.PA:EPA) 55 salesforce.com, Inc. (CRM:N) 70 SanDisk Corp. (SNDK:Q) 74 SandRidge Energy Inc. (SD:N) 28 SandRidge Mississippian Trust I (SDT:N) 28 SandRidge Mississippian Trust II (SDR:N) 28 SandRidge Permian Trust (PER:N) 28 Sandstorm Gold Ltd. (SSL:T) 59 Sandy Spring Bancorp, Inc. (SASR:Q) 42 Sanmina Corporation (SANM:Q) 71 Santacruz Silver Mining Ltd. (SCZ:V) 59 Sapient (SAPE:Q) 73 Saul Centers, Inc. (BFS:N) 65 Savanna Energy Services (SVY:T) 33 SBA Communications (SBAC:Q) 74 ScanSource, Inc. (SCSC:Q) 73

Schlumberger Ltd. (SLB:N) 31 SciQuest (SQI:Q) 70 Scor (SCOR.PA:EPA) 47 The Scotts Miracle-Gro Company (SMG:N) 21 Seacoast Banking Corporation of Florida (SBCF:Q) 42 Secure Energy Services Inc. (SES:T) 34 Select Comfort Corp. (SCSS:Q) 20 Selective Insurance Group, Inc. (SIGI:Q) 45 Semtech Corporation (SMTC:Q) 69 Senior Housing Properties Trust (SNH:N) 63 Service Corporation International (SCI:N) 50 ServiceNow, Inc. (NOW:N) 72 Shenandoah Telecommunications Co. (SHEN:Q) 75 Shoppers Drug Mart (SC:T) 23 Shutterfly, Inc. (SFLY:Q) 72 Siderar Sociedad Anonima Industrial Y Comercial (ERAR:BA) 61 Sierra Bancorp (BSRR:Q) 42 Sierra Wireless (SWIR:Q) 77 Signature Bank (SBNY:Q) 42 Silver Wheaton (SLW:N) 59 Silvercorp Metals Inc. (SVM:N) 59 Silvercrest Asset Management Group Inc. (SAMG:Q) 38 SilverCrest Mines Inc. (SVL:V) 59 Simmons First National Corporation (SFNC:Q) 42 Simon Property Group, Inc. (SPG:N) 64 Skullcandy, Inc. (SKUL:Q) 20 SkyWest, Inc. (SKYW:Q) 81 Skyworks Solutions (SWKS:Q) 69 SM Energy Company (SM:N) 28 SNC-Lavalin (SNC:T) 54 Sodexo (EXHO.PA:EPA) 24 SolarCity Corp. (SCTY:Q) 26 Solazyme, Inc. (SZYM:Q) 26 Solera Holdings, Inc. (SLH:N) 46 Southcross Energy Partners L.P. (SXE:N) 31 Southern Pacific Resource Corp. (STP:T) 34 Southwest Airlines Co. (LUV:N) 81 Southwest Bancorp, Inc. (OKSB:Q) 42 Southwestern Energy Company (SWN:N) 28 Sovran Self Storage, Inc. (SSS:N) 64 Spartan Stores Inc. (SPTN:Q) 20 Spectra Energy Partners L.P. (SEP:N) 31 Speedway Motorsports (TRK:N) 19 Spirit Airlines, Inc. (SAVE:Q) 81 Spirit Realty Capital, Inc. (SRC:N) 64 Sprague Resources L.P. (SRLP:N) 31 Sprint Corp. (S:N) 75 SS&C Technologies Holdings, Inc. (SSNC:Q) 70 SSE (SSE.L:L) 36 St. Joe Company (JOE:N) 63 STAG Industrial Inc. (STAG:N) 64 StanCorp Financial Group (SFG:N) 45 Standard Pacific Corporation (SPF:N) 63 Stanley Black & Decker (SWK:N) 21 Stanley Furniture (STLY:Q) 20 Stantec Inc (STN:T) 54 Starwood Hotels & Resorts Worldwide (HOT:N) 63 State Street Corporation (STT:N) 42 Steelcase, Inc. (SCS:N) 19 Steiner Leisure Limited (STNR:Q) 19 Stellus Capital Investment Corporation (SCM:N) 46 Stericycle Inc. (SRCL:Q) 53

Company Index


Steris Corp. (STE:N) 50 Stifel Financial Corp. (SF:N) 44 Stone Energy Corp. (SGY:N) 28 StoneMor Partners L.P. (STON:N) 50 Strad Energy Services Ltd. (SDY:T) 34 Strategic Hotels & Resorts (BEE:N) 63 Strongco Corp. (SQP:T) 54 Student Transportation Inc. (STB:T) 83 Suburban Propane Partners L.P. (SPH:N) 31 Suez Environnement (SEVI.PA:EPA) 36 Sulliden Gold Corporation Ltd. (SUE:T) 59 Summit Hotel Properties, Inc. (INN:N) 63 Suncor Energy Inc (SU:T) 34 SunPower Corp. (SPWR:Q) 26 Sunstone Hotel Investors, Inc. (SHO:N) 63 SunTrust Banks, Inc. (STI:N) 42 Superior Energy Services, Inc. (SPN:N) 32 Susquehanna Bancshares (SUSQ:Q) 42 Susser Holdings Corp. (SUSS:N) 20 Susser Petroleum Partners L.P. (SUSP:N) 31 SVB Financial Group (SIVB:Q) 42 Swift Energy Company (SFY:N) 28 Swift Transportation Company (SWFT:N) 82 Symantec Corp. (SYMC:Q) 72 Symetra Financial Corp. (SYA:N) 45 Synchronoss Technologies, Inc. (SNCR:Q) 71 SYNNEX Corporation (SNX:N) 73 Synovus Financial Corp. (SNV:N) 42 Tahoe Resources Inc. (THO:T) 59 TAL International Group, Inc. (TAL:N) 81 TalkTalk Telecom Group (TALK.L:L) 78 Tangoe Inc. (TNGO:Q) 70 Targa Resources Corp. (TRGP:N) 31 Targa Resources Partners L.P. (NGLS:N) 31 Tarkett (TKTT.PA:EPA) 55 Taseko Mines Ltd. (TKO:T) 58 Taylor Capital Group, Inc. (TAYC:Q) 42 TCF Financial Corporation (TCB:N) 42 TCP Capital Corp. (TCPC:Q) 46 TD Ameritrade Holding Corporation (AMTD:N) 44 Tech Data Corporation (TECD:Q) 73 Teche Holding Company (TSH:M) 42 Technip (TECF.PA:EPA) 35 Teck Resources Limited (TCK.B:T) 58 Teekay LNG Partners L.P. (TGP:N) 31 Teekay Offshore Partners L.P. (TOO:N) 31 Telecom Argentina S.A. (TEO:N) 79 TeleCommunication Systems (TSYS:Q) 74 Teledyne Technologies Incorporated (TDY:N) 71 Teleflex, Inc. (TFX:N) 50 Telefonica (TEF.MC:MCE) 78 Telenet Group (TNET.BR:EBR) 78 Telephone and Data Systems, Inc. (TDS:N) 75 TeliaSonera AB (TLSN.ST:STO) 78 Tempur Sealy International, Inc. (TPX:N) 20 Tenaris S.A. (TS:N) 37 Tenet Healthcare Corporation (THC:N) 51 Territorial Bancorp Inc. (TBNK:Q) 42 Tesoro Corp. (TSO:N) 29 Tesoro Logistics L.P. (TLLP:N) 31 Tetra Technologies Inc. (TTI:N) 32 Texas Capital Bancshares, Inc. (TCBI:Q) 43

Texas Instruments Incorporated (TXN:Q) 69 Texas Roadhouse, Inc. (TXRH:Q) 22 Textainer Group Holdings Limited (TGH:N) 81 TGLT S.A. (TGLT:BA) 67 Thoratec Corp. (THOR:Q) 51 Tim Hortons (THI:T) 23 Timberland Bancorp, Inc. (TSBK:Q) 43 Time Warner Cable Inc. (TWC:N) 75 T-Mobile US Inc. (TMUS:N) 75 Toll Brothers, Inc. (TOL:N) 63 Torchmark Corporation (TMK:N) 45 The Toro Company (TTC:N) 21 Toromont Industries (TIH:T) 54 Total (TOTF.PA:EPA) 35 Total System Services (TSS:N) 76 Tourmaline Oil Corp. (TOU:T) 33 Towers Watson & Co. (TW:N) 46 Tractor Supply Co. (TSCO:Q) 20 Transener (TRAN:BA) 36 Transocean (RIG:N) 32 Transportadora de Gas del Sur (TGS:N) 37 TravelCenters of America LLC (TA:N) 20 The Travelers Companies, Inc. (TRV:N) 45 Trevali Mining Corporation (TV:T) 58 Triangle Capital Corporation (TCAP:N) 46 Trican Well Service (TCW:T) 34 TriCo Bancshares (TCBK:Q) 43 Trilogy Energy Corp. (TET:T) 33 Trina Solar Limited (TSL:N) 26 Trinidad Drilling Ltd. (TDG:T) 33 Trinity Industries, Inc. (TRN:N) 81 TripAdvisor, Inc. (TRIP:Q) 73 TriQuint Semiconductor, Inc. (TQNT:Q) 69 True North Apartment REIT (TN.UN:T) 66 Trustmark Corporation (TRMK:Q) 43 tw telecom inc. (TWTC:Q) 75 U.S. Bancorp (USB:N) 43 U.S. Cellular (USM:N) 75 U.S. Ecology, Inc. (ECOL:Q) 53 U.S. Geothermal (HTM:M) 33 Ubiquiti Networks, Inc. (UBNT:Q) 71 UEX Corp. (UEX:T) 60 Ultimate Software Group Inc. (ULTI:Q) 70 Ultra Petroleum Corporation (UPL:N) 28 UMB Financial Corporation (UMBF:Q) 43 Umpqua Holdings Corp. (UMPQ:Q) 43 Under Armour Inc. (UA:N) 20 Union First Market Bankshares Corporation (UBSH:Q) 43 Union Pacific Corp. (UNP:N) 81 Unisys Corporation (UIS:N) 73 Unit Corporation (UNT:N) 32 United Bankshares, Inc. (UBSI:Q) 43 United Community Banks, Inc. (UCBI:Q) 43 United Continental Holdings, Inc. (UAL:N) 80 United Insurance Holdings Corp. (UIHC:Q) 45 United Parcel Service (UPS:N) 81 UnitedHealth Group (UNH:N) 49 Universal American Corp. (UAM:N) 49 Universal Health Services, Inc. (UHS:N) 51 Unum Group (UNM:N) 45 Uranium Participation Corporation (U:T) 60 Ur-Energy Inc. (URE:T) 60

Company Index


USA Compression Partners L.P. (USAC:N) 31 UTi Worldwide, Inc. (UTIW:Q) 81 Valero Energy Corp. (VLO:N) 29 Valley National Bancorp (VLY:N) 43 ValueClick Inc. (VCLK:Q) 72 Vanguard Natural Resources, LLC (VNR:Q) 28 VantageSouth Bancshares, Inc. (VSB:M) 43 Vantiv, Inc. (VNTV:N) 76 VCA Antech, Inc. (WOOF:Q) 49 Veolia Environnement (VIE.PA:EPA) 36 Verbund (VERB.VI:WBAG) 36 VeriFone Systems, Inc. (PAY:N) 76 Verisk Analytics Inc. (VRSK:Q) 46 Verizon Communications (VZ:N) 75 ViaSat, Inc. (VSAT:Q) 74 Vicat (VCTP.PA:EPA) 60 Vienna Insurance (VIGR.VI:WBAG) 47 ViewPoint Financial Group (VPFG:Q) 43 Vinci (SGEF.PA:EPA) 55 Virginia Commerce Bancorp, Inc. (VCBI:Q) 43 Virtus Investment Partners, Inc. (VRTS:Q) 38 Visa, Inc. (V:N) 76 Vishay Intertechnology, Inc. (VSH:N) 69 Vivendi (VIV.PA:EPA) 78 VMware (VMW:N) 72 VOC Energy Trust (VOC:N) 28 Vocus Inc. (VOCS:Q) 70 Vodafone (VOD.L:L) 78 Volcano Corporation (VOLC:Q) 51 W&T Offshore, Inc. (WTI:N) 28 W.W. Grainger, Inc. (GWW:N) 52 Wabtec Corporation (WAB:N) 81 Wajax Corp. (WJX:T) 54 Walgreen Co. (WAG:N) 50 Wal-Mart Stores Inc. (WMT:N) 21 Walter Energy Inc. (WLT:N) 56 Washington Federal, Inc. (WAFD:Q) 43 Washington REIT (WRE:N) 64 Waste Connections, Inc. (WCN:N) 53 Waste Management, Inc. (WM:N) 53 WCI Communities, Inc. (WCIC:N) 63 Weatherford (WFT:N) 31 Webster Financial Corp. (WBS:N) 43 WellCare Health Plans (WCG:N) 49 WellPoint (WLP:N) 49

Wells Fargo & Co. (WFC:N) 43 Werner Enterprises, Inc. (WERN:Q) 82 WesBanco, Inc. (WSBC:Q) 43 WESCO International (WCC:N) 52 West Bancorporation, Inc. (WTBA:Q) 43 West Fraser Timber (WFT:T) 57 Western Energy Services Corp. (WRG:T) 33 Western Forest Products Inc. (WEF:T) 57 Western Potash Corp. (WPX:T) 57 Western Refining, Inc. (WNR:N) 29 Western Union (WU:N) 76 WesternOne Inc. (WEQ:T) 54 WestJet Airlines (WJA:T) 82 Westport Innovations Inc. (WPRT:Q) 26 Weyerhaeuser Company (WY:N) 65 Whirlpool Corp. (WHR:N) 21 Whitbread (WTB.L:L) 67 Whiting Petroleum Corp. (WLL:N) 28 Whiting USA Trust I (WHX:N) 28 Whiting USA Trust II (WHZ:N) 28 Whole Foods Market Inc. (WFM:Q) 20 The Williams Companies, Inc. (WMB:N) 31 Williams Partners L.P. (WPZ:N) 31 Williams-Sonoma (WSM:N) 21 Wilshire Bancorp, Inc. (WIBC:Q) 43 Windstream Holdings Inc. (WIN:Q) 75 Winpak Ltd. (WPK:T) 23 Wintrust Financial Corporation (WTFC:Q) 43 Wolseley (WOS.L:L) 55 WSP Global Inc. (WSP:T) 54 Xilinx, Inc. (XLNX:Q) 74 Xoom Corporation (XOOM:Q) 76 XPO Logistics, Inc. (XPO:N) 81 Yadkin Financial Corporation (YDKN:Q) 43 Yahoo! Inc. (YHOO:Q) 72 Yamana Gold Inc. (AUY:N) 59 Yelp, Inc. (YELP:N) 72 YPF (YPF:N) 37 YRC Worldwide Inc. (YRCW:Q) 82 YUM! Brands, Inc. (YUM:N) 22 ZCL Composites (ZCL:T) 54 Ziggo (ZIGGO.AS:AMS) 78 Zillow, Inc. (Z:Q) 72 Zions Bancorporation (ZION:Q) 43 Zurich Insurance (ZURN.VX:SWF) 47


Consumer

USA Canada Europe

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

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

Gaming .................................................................... 19

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

Sports ...................................................................... 19

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

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

Furnishings .............................................................. 19

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

Residential Furniture ............................................... 20

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

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

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

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

Grocery Stores ......................................................... 20

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

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

Value Retailers ......................................................... 21

Home & Building Products .......................................... 21

Appliances ............................................................... 21

Floor Coverings ........................................................ 21

Hardware, Tools, & Decor ....................................... 21

Outdoor Power Equipment & Services .................... 21

Home & Other Retailers ............................................. 21

Big Box Retailers ...................................................... 21

Furniture & Furnishings ........................................... 21

Restaurants ................................................................. 22

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

Brian M. Vaccaro, CFA [email protected]

Entertainment & Leisure Cruise Lines Carnival Corp. CCL N 3 G 40.59 NM 41.89 31.44 25.4 1.67 1.39 A 1.60 Nov 31,538 2.5 JDH Royal Caribbean Cruises Ltd. RCL N 3 G 49.66 NM 50.24 31.35 15.5 0.08 2.14 A 3.20 Dec 11,005 0.8 JDH Steiner Leisure Limited STNR Q 3 AG 50.01 NM 61.74 43.93 15.2 3.53 3.30 3.55 Dec 745 0.0 JDH

Gaming Penn National Gaming, Inc. PENN Q 3 HR 11.29 NM 15.50 10.61 9.8 2.01 1.15 0.62 Dec 895 0.0 JDH Pinnacle Entertainment, Inc. PNK N 3 HR 20.91 NM 26.58 13.28 NM (0.52) (4.42) 1.95 Dec 1,235 0.0 JDH

Leisure Products Arctic Cat, Inc. ACAT Q 3 AG 41.84 NM 61.13 33.62 14.4 1.72 2.89 A 2.90 Mar 573 1.0 JDH Brunswick Corp. BC N 3 HR 41.15 NM 47.08 29.92 19.3 0.54 2.13 2.53 Dec 3,868 0.2 JDH Harley-Davidson, Inc. HOG N 1 G 64.91 74.00 70.04 49.15 20.0 2.72 3.24 3.90 Dec 14,507 1.0 JDH Marine Products Corporation MPX N 3 AG 7.95 NM 10.30 6.19 41.8 0.19 0.19 0.22 Dec 296 1.5 JDH MarineMax HZO N 2 HR 15.25 16.50 16.95 10.17 36.3 0.05 0.63 A 0.42 Sep 371 0.0 JDH Polaris Industries PII N 1 G 128.12 152.00 146.99 82.80 19.4 4.40 5.40 A 6.60 Dec 8,904 1.3 JDH

Sports Dover Motorsports Inc. DVD N 4 NM 2.23 NM 2.75 1.64 18.6 0.13 0.12 0.14 Dec 81 2.2 JDH International Speedway Corp. ISCA Q 3 G 34.41 NM 38.01 27.00 30.7 1.18 1.12 1.40 Nov 1,600 0.6 JDH Manchester United plc ($P) MANU N 2 HR 14.95 17.50 19.34 14.41 74.7 0.15 0.89 A 0.20 Jun 2,449 0.0 JDH Speedway Motorsports TRK N 4 NM 19.58 NM 20.75 16.10 26.5 1.01 0.74 0.98 Dec 811 3.1 JDH

Theaters Carmike Cinemas, Inc. CKEC Q 3 HR 26.62 NM 28.95 14.95 55.5 5.99 0.48 1.10 Dec 572 0.0 JDH Cinemark Holdings, Inc. CNK N 1 AG 29.96 37.00 34.35 25.00 19.3 1.48 1.55 2.08 Dec 3,427 3.3 JDH Regal Entertainment Group RGC N 1 HR 19.89 22.00 20.14 14.54 18.2 0.93 1.09 1.14 Dec 3,099 4.2 JDH

Furniture & Furnishings Suppliers Furnishings Newell Rubbermaid Inc. NWL N 1 G 30.97 35.00 32.54 22.24 16.9 1.67 1.83 2.01 Dec 8,984 1.9 BB

Office Furniture Herman Miller MLHR Q 2 AG 27.57 31.00 32.31 23.14 16.7 1.37 1.47 A 1.65 May 1,635 2.0 BB HNI Corporation HNI N 3 G 35.35 NM 40.73 28.28 25.8 1.12 1.37 1.72 Dec 1,619 2.7 BB Knoll, Inc. KNL N 2 AG 16.31 20.00 18.69 13.46 24.0 1.06 0.68 1.10 Dec 778 2.9 BB Steelcase, Inc. SCS N 2 G 14.53 17.50 16.95 12.16 17.3 0.58 0.79 A 0.84 Feb 1,855 2.8 BB


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Consumer - USA Residential Furniture Culp, Inc. CFI N 1 AG 20.42 23.50 21.10 14.76 13.6 0.78 1.37 A 1.50 Apr 251 1.0 BB Ethan Allen Interiors ETH N 1 AG 25.81 36.00 33.36 23.88 17.6 0.95 1.31 A 1.47 Jun 756 1.5 BB La-Z-Boy Inc. LZB N 1 HR 27.73 34.50 31.22 15.00 22.7 0.56 0.84 A 1.22 Apr 1,456 0.6 BB Leggett & Platt LEG N 3 TR 29.71 NM 34.28 28.00 17.5 1.47 1.54 A 1.70 Dec 4,195 4.0 BB Select Comfort Corp. SCSS Q 1 AG 16.75 24.00 27.84 16.30 15.2 1.43 1.10 1.40 Dec 933 0.0 BB Stanley Furniture STLY Q 3 HR 3.82 NM 4.85 3.27 NM (0.54) (0.65) (0.39) Dec 55 0.0 BB Tempur Sealy International, Inc. TPX N 1 AG 46.96 55.00 55.25 35.08 20.1 2.61 2.34 2.93 Dec 2,893 0.0 BB

Hardline Retail Automotive Aftermarket Retailers Advance Auto Parts, Inc. AAP N 1 AG 116.25 125.00 120.31 72.14 21.2 5.22 5.48 7.31 Dec 8,498 0.2 DW AutoZone, Inc. AZO N 1 AG 501.03 550.00 508.99 361.24 15.9 23.48 27.79 A 31.47 Aug 17,386 0.0 DW O`Reilly Automotive, Inc. ORLY Q 3 AG 132.06 NM 137.28 91.39 22.1 4.75 5.97 6.80 Dec 14,553 0.0 DW

Consumer Electronics Retailers Best Buy Company, Incorporated BBY N 3 G 24.72 NM 44.66 13.83 13.3 3.61 2.62 A 1.86 Jan 8,514 2.8 DW RadioShack RSH N 3 HR 2.40 NM 4.36 2.02 NM (0.74) (2.12) (1.83) Dec 240 0.0 DW Skullcandy, Inc. SKUL Q 3 HR 7.20 NM 8.02 4.80 NM 1.00 (0.03) 0.26 Dec 200 0.0 DW

Convenience Stores Casey's General Stores, Inc. CASY Q 2 AG 67.65 77.00 77.58 52.84 19.2 3.04 2.96 A 3.52 Apr 2,603 1.1 BBL,DW Core-Mark Holding Company, Inc. CORE Q 2 G 77.05 80.00 79.28 45.56 19.3 3.58 4.00 4.70 Dec 888 1.1 BBL,DW CST Brands, Inc. CST N 3 AG 32.08 NM 36.92 27.01 17.4 2.13 1.84 1.99 Dec 2,419 0.8 BBL,DW Murphy USA Inc. MUSA N 3 AG 39.49 NM 46.91 36.12 10.4 2.48 3.81 2.46 Dec 1,845 0.0 BBL,DW The Pantry, Inc. PTRY Q 3 AG 16.63 NM 17.62 10.99 19.3 0.21 0.00 A 0.86 Sep 392 0.0 BBL,DW Susser Holdings Corp. SUSS N 2 AG 60.54 65.00 66.69 40.66 36.3 2.37 1.67 2.64 Dec 1,294 0.0 BBL,DW TravelCenters of America LLC TA N 3 HR 8.44 NM 12.50 6.70 22.8 1.14 0.37 1.19 Dec 250 0.0 BBL,DW

Grocery Stores The Fresh Market, Inc. TFM Q 1 AG 35.36 53.00 57.17 34.72 24.6 1.34 1.44 1.86 Jan 1,705 0.0 BBL,DW Spartan Stores Inc. SPTN Q 3 AG 23.01 NM 25.74 15.20 14.6 1.39 1.43 A 1.58 Mar 503 1.6 BBL,DW Whole Foods Market Inc. WFM Q 3 G 52.00 NM 65.59 40.70 30.8 1.26 1.47 A 1.69 Sep 19,365 0.9 BBL,DW

Pet Food and Farm Supplies PetSmart Inc. (f) PETM Q 3 AG 63.30 NM 77.32 61.30 15.9 3.55 3.99 4.40 Jan 6,628 1.2 DW Tractor Supply Co. TSCO Q 1 AG 70.68 NM 78.17 46.46 30.7 1.90 2.30 2.68 Dec 10,008 0.7 DW

Sporting Goods Callaway Golf Co. ELY N 1 HR 8.80 NM 9.16 6.15 NM (0.78) 0.07 0.36 Dec 759 0.5 DW Dick`s Sporting Goods Inc. (f) DKS N 3 AG 51.99 NM 58.87 45.00 19.5 2.53 2.66 3.00 Jan 6,540 1.0 DW Hibbett Sports, Inc. (f) HIBB Q 3 AG 59.84 NM 68.31 50.01 21.6 2.72 2.77 3.06 Jan 1,568 0.0 DW Under Armour Inc. UA N 3 AG 85.78 NM 88.77 46.31 59.6 1.21 1.44 1.75 Dec 9,187 0.0 DW


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Consumer - USA Value Retailers Big Lots Inc. (f) BIG N 3 HR 27.49 NM 39.22 27.25 11.2 3.21 2.46 2.55 Jan 1,581 0.0 DW Dollar General Corp. (f) DG N 3 AG 57.27 NM 62.93 43.35 17.6 2.91 3.26 3.77 Jan 18,647 0.0 DW Dollar Tree, Inc. (f) DLTR Q 1 AG 51.11 67.00 60.19 38.43 18.4 2.52 2.78 3.35 Jan 11,464 0.0 DW Family Dollar Stores Inc. FDO N 4 NM 63.14 NM 75.29 54.06 17.6 3.64 3.80 A 3.58 Aug 7,267 1.6 DW

Home & Building Products Appliances Whirlpool Corp. WHR N 3 TR 143.90 NM 160.01 104.06 14.3 7.05 10.08 12.20 Dec 11,656 1.7 SD,BB

Floor Coverings The Dixie Group DXYN Q 1 HR 13.77 15.00 14.48 4.05 43.0 (0.05) 0.32 0.67 Dec 178 0.0 SD,BB Interface, Inc. TILE Q 3 AG 20.79 NM 22.46 15.13 30.1 0.60 0.69 0.97 Dec 1,378 0.6 SD,BB Mohawk Industries MHK N 1 AG 142.60 160.00 155.48 100.52 21.9 3.78 6.50 8.20 Dec 10,424 0.0 SD,BB

Hardware, Tools, & Decor American Woodmark AMWD Q 3 HR 35.55 NM 39.97 26.87 22.9 (0.71) 0.68 A 1.55 Apr 555 0.0 SD,BB Masco Corporation MAS N 3 HR 21.77 NM 23.60 17.66 26.9 0.37 0.81 1.14 Dec 7,663 1.4 SD,BB PGT, Inc. PGTI Q 1 HR 10.45 12.50 11.69 4.40 24.9 0.16 0.42 0.55 Dec 515 0.0 SD,BB Stanley Black & Decker SWK N 3 TR 77.93 NM 92.76 73.77 14.4 4.76 4.98 A 5.40 Dec 12,406 2.6 SD,BB

Outdoor Power Equipment & Services Briggs & Stratton BGG N 3 TR 20.90 NM 25.52 18.21 19.0 1.15 0.93 A 1.10 Jun 1,003 2.3 SD,BB The Scotts Miracle-Gro Company SMG N 3 AG 60.05 NM 63.39 42.01 18.8 2.01 2.79 A 3.20 Sep 3,723 2.9 SD,BB The Toro Company TTC N 3 AG 62.15 NM 65.31 43.14 21.1 2.18 2.62 A 2.95 Oct 3,654 1.3 SD,BB

Home & Other Retailers Big Box Retailers Costco Wholesale Corporation COST Q 3 G 114.38 NM 126.12 98.95 24.0 3.96 4.49 A 4.76 Aug 50,295 1.1 BB The Home Depot Inc. (f) HD N 2 G 78.54 85.50 82.57 63.82 20.7 3.08 3.80 4.40 Jan 110,584 2.0 BB Lowe`s Companies, Inc. (f) LOW N 3 G 46.96 NM 52.08 35.86 21.6 1.75 2.17 2.61 Jan 49,261 1.5 BB Lumber Liquidators Holdings, Inc. LL N 4 NM 91.70 NM 119.98 53.73 33.0 1.68 2.78 3.45 Dec 2,532 0.0 BB Wal-Mart Stores Inc. WMT N 2 G 74.67 85.00 81.37 68.13 14.5 4.49 5.01 A 5.15 Jan 244,246 2.5 BB

Furniture & Furnishings Aaron`s Inc. AAN N 2 G 26.87 30.00 30.45 26.18 14.4 2.05 1.86 1.91 Dec 2,061 0.3 BB Bed Bath & Beyond (f) BBBY Q 1 G 65.09 85.00 80.82 56.37 13.4 4.56 4.85 5.38 Feb 13,859 0.0 BB Haverty Furniture Companies Inc. HVT N 2 AG 28.15 33.00 31.67 16.35 20.7 0.65 1.36 1.56 Dec 634 1.1 BB Mattress Firm Holding Corp. (f) MFRM Q 2 AG 41.95 45.00 46.85 26.15 23.3 1.49 1.80 2.33 Jan 1,422 0.0 BB Pier 1 Imports Incorporated PIR N 1 AG 19.42 27.00 25.29 19.00 17.7 0.94 1.20 A 1.10 Feb 2,006 1.2 BB Rent-A-Center Inc. RCII Q 2 AG 24.30 40.00 40.81 24.02 8.6 3.06 2.82 3.37 Dec 1,300 3.8 BB Williams-Sonoma (f) WSM N 3 G 54.20 NM 61.56 43.49 18.9 2.59 2.87 3.25 Jan 5,115 2.3 BB


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Consumer - USA Restaurants Bloomin' Brands, Inc. BLMN Q 2 AG 22.98 26.00 27.27 16.65 20.9 0.99 1.10 1.27 Dec 2,974 0.0 BCE Brinker International EAT N 3 G 48.77 NM 50.74 30.89 17.9 1.96 2.34 A 2.72 Jun 3,346 2.0 BCE Buffalo Wild Wings, Inc. BWLD Q 3 AG 133.30 NM 152.53 72.75 36.0 3.06 3.70 5.10 Dec 2,506 0.0 BCE Carrols Restaurant Group, Inc. TAST Q 2 HR 6.17 8.00 6.98 4.65 NM (0.44) (0.53) (0.44) Dec 199 0.0 BCE Cheesecake Factory Inc. CAKE Q 3 AG 44.89 NM 49.74 32.64 21.5 1.88 2.09 2.33 Dec 2,451 1.2 BCE Chipotle Mexican Grill, Inc. CMG N 3 AG 491.87 NM 550.28 302.50 47.3 8.75 10.40 13.22 Dec 15,396 0.0 BCE Chuy's Holdings, Inc. CHUY Q 3 AG 36.04 NM 44.06 25.62 53.0 0.60 0.68 0.82 Dec 602 0.0 BCE Cracker Barrel Old Country Store, Inc. CBRL Q 4 NM 98.99 NM 118.63 63.89 17.4 4.61 4.97 A 5.68 Jul 2,366 3.0 BCE Darden Restaurants DRI N 3 G 50.16 NM 55.25 44.11 19.7 3.58 3.14 A 2.55 May 6,661 4.4 BCE Del Frisco’s Restaurant Group, Inc. DFRG Q 2 AG 22.89 24.00 24.27 14.58 26.3 0.94 0.87 1.00 Dec 545 0.0 BCE DineEquity, Inc. DIN N 2 HR 79.53 95.00 85.74 64.44 18.8 4.25 4.22 4.33 Dec 1,519 3.8 BCE Dunkin’ Brands Group, Inc. DNKN Q 3 G 46.79 NM 49.48 35.68 31.0 1.29 1.51 1.73 Dec 4,990 1.6 BCE Fiesta Restaurant Group, Inc. FRGI Q 2 HR 43.25 62.50 53.08 17.05 52.1 0.55 0.83 1.25 Dec 1,023 0.0 BCE Ignite Restaurant Group, Inc. IRG Q 3 HR 12.15 NM 21.28 11.26 NM 0.60 (0.25) 0.00 Dec 311 0.0 BCE McDonald's Corporation MCD N 3 G 94.18 NM 103.70 93.14 16.3 5.36 5.55 A 5.78 Dec 94,576 3.4 BCE Panera Bread Co. PNRA Q 4 NM 167.04 NM 194.77 150.33 25.2 5.89 6.63 6.97 Dec 4,827 0.0 BCE Red Robin Gourmet Burgers, Inc. RRGB Q 2 AG 64.53 80.00 86.83 35.97 28.1 2.06 2.30 2.70 Dec 942 0.0 BCE Ruby Tuesday, Inc. RT N 4 NM 5.81 NM 9.90 5.35 NM 0.41 0.14 A (1.17) May 349 0.0 BCE Ruth`s Hospitality Group, Inc. RUTH Q 3 G 12.71 NM 15.30 7.37 19.0 0.52 0.67 0.70 Dec 455 1.3 BCE Texas Roadhouse, Inc. TXRH Q 2 AG 24.64 29.00 29.07 16.90 22.4 1.04 1.10 1.25 Dec 1,764 1.9 BCE YUM! Brands, Inc. YUM N 3 G 68.20 NM 78.68 59.68 23.8 3.25 2.87 3.35 Dec 31,440 2.2 BCE


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

Consumer & Retail AIMIA (ae) AIM T 2 G C$19.30 22.00 19.88 13.62 NM 399 357 372 Dec C$3,339 3.5 KT Atrium Innovations Inc. ATB T 3 AG C$23.94 24.00 24.50 11.51 14.8 1.65 1.62 1.91 Dec C$749 0.0 KT Cineplex Inc. CGX T 2 TR C$40.97 44.00 44.85 31.98 26.4 1.58 1.55 2.02 Dec C$2,581 3.3 KT Dollarama (f) DOL T 2 AG C$84.94 90.00 90.74 58.25 24.6 2.30 2.99 A 3.45 Jan C$6,201 0.7 KT Easyhome Ltd. EH T 2 AG C$15.75 16.00 18.09 8.81 14.3 0.90 1.10 1.30 Dec C$214 2.2 FB Gildan Activewear GIL N 2 G US$52.27 65.00 55.00 34.53 16.5 1.34 2.80 A 3.16 Sep US$6,429 0.8 KT Glacier Media Inc. GVC T 2 TR C$1.31 2.00 2.18 1.12 16.4 0.12 0.08 0.11 Dec C$117 6.1 KT Great Canadian Gaming GC T 3 AG C$13.74 12.50 15.14 8.50 21.5 0.58 0.64 0.73 Dec C$955 NA KT Loblaw Companies Ltd. L T 2 G C$42.91 56.00 52.06 39.10 17.3 2.09 2.48 2.72 Dec C$12,066 2.2 KT Shoppers Drug Mart SC T 3 G C$58.54 62.00 61.77 41.11 19.5 2.94 3.00 3.18 Dec C$11,708 1.9 KT Tim Hortons THI T 3 G C$58.71 66.00 64.18 48.68 19.8 2.67 2.96 3.28 Dec C$8,865 1.8 KT Winpak Ltd. WPK T 3 G C$22.81 23.00 25.20 16.92 20.2 1.10 1.13 1.35 Dec C$1,483 0.5 KT

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Consumer - EUR Hermine de Bentzmann [email protected] Cedric Lecasble [email protected]

Julien Richer [email protected]

Consumer Goods Beverages Diageo DGE.L L 2 1,903p 2200 2153 1810 18.0 93.70 103.70 A 105.70 Jun £47,753 2.7 HB Pernod Ricard PERP.PA EPA 3 €82.20 NM 101.15 78.84 16.6 4.53 4.71 A 4.95 Jun 21,818 2.3 HB Remy Cointreau RCOP.PA EPA 3 €57.22 NM 101.55 54.50 24.5 2.50 3.09 A 2.34 Mar 2,847 2.4 HB

Eyecare & Eyewear Essilor ESSI.PA EPA 2 €77.11 88.00 89.99 71.90 26.7 2.77 2.89 3.10 Dec 16,224 1.3 CL Luxottica LUX.MI BIT 1 €38.53 48.00 42.97 32.88 29.4 1.21 1.31 1.50 Dec 18,225 1.6 CL


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Consumer - EUR Home & Personal Care Beiersdorf BEIG.DE ETR 3 €74.56 NM 77.33 63.38 32.0 2.06 2.33 2.61 Dec 18,789 1.1 HB BIC BB.FP EPA 2 €87.62 101.00 101.50 75.01 17.2 5.61 5.10 5.69 Dec 4,171 2.9 HB Henkel HNKG_p.DE ETR 1 €81.08 95.00 85.99 63.64 19.8 3.70 4.10 4.52 Dec 56,246 1.4 HB L'Oréal OREP.PA EPA 2 €123.30 136.00 137.85 107.55 24.3 4.91 5.07 5.57 Dec 75,090 2.1 HB Reckitt Benckiser RB.L L 3 4,637p NM 4986 4168 17.0 268.00 272.00 281.00 Dec £33,374 2.9 HB

Luxury Goods Christian Dior DIOR.PA EPA 2 €130.00 164.00 148.10 119.65 15.2 7.64 8.41 A 8.53 Dec 23,621 2.4 HB Ferragamo SFER.MI BIT 2 €23.07 27.00 29.85 18.39 26.8 0.63 0.86 1.05 Dec 3,885 2.3 HB Hermes International HRMS.PA EPA S €235.05 NM 283.20 232.40 30.4 6.94 7.73 8.72 Dec 24,814 1.3 HB Kering KER.PA EPA 3 €146.55 NM 185.15 143.00 13.6 10.50 10.76 12.37 Dec 18,461 3.7 HB LVMH LVMH.PA EPA 2 €124.10 167.00 150.05 117.80 18.2 6.70 6.82 7.77 Dec 63,050 2.5 HB

Foodservices Compass Group CPG.L L 3 933p NM 986 756 20.2 32.10 46.06 50.49 Sep £16,757 2.5 JR Edenred EDEN.PA EPA 2 €21.50 26.00 27.10 21.33 23.4 0.92 0.92 1.11 Dec 4,857 3.6 JR Sodexo EXHO.PA EPA 3 €75.68 NM 77.72 62.00 22.9 3.48 2.55 A 3.30 Aug 11,889 2.2 JR

Retail Apparel H&M HMb.ST STO 4 SEK284.70 242.00 300.70 210.00 27.1 10.19 10.49 11.62 Nov 471,207 3.3 CL Inditex ITX.MC MAD 2 €111.35 124.00 121.80 90.13 27.8 3.79 4.01 4.61 Jan 69,404 2.1 CL

Consumer Electronics Fnac FNAC.PA EPA 2 €23.75 24.00 25.00 14.27 14.9 0.76 1.59 1.64 Dec 394 0.0 CL

Food Retail Ahold AHLN.AS AMS 2 €12.42 12.90 14.18 10.53 14.3 0.78 0.87 0.99 Dec 13,172 3.5 CL Carrefour CARR.PA EPA 2 €25.74 30.00 29.16 19.37 18.9 1.31 1.36 1.61 Dec 18,632 2.1 CL Casino CASP.PA EPA 3 €77.60 NM 86.80 68.50 14.1 5.03 5.50 5.76 Dec 8,762 4.1 CL Colruyt COLR.BR EBR 4 €41.11 38.00 44.73 34.57 16.7 2.26 2.46 2.62 Mar 6,927 2.6 CL Delhaize DELB.BR EBR 3 €48.56 NM 53.37 34.92 14.5 2.63 3.35 4.56 Dec 4,949 2.2 CL Dia DIDA.MC MAD 3 €6.18 NM 7.02 5.31 18.7 0.29 0.33 0.38 Dec 4,026 2.4 CL Jeronimo Martins JMT.LS ELI 2 €13.05 17.20 18.56 12.60 21.0 0.57 0.62 0.71 Dec 8,212 2.5 CL Metro MEOG.DE ETR 4 €31.90 21.00 38.10 20.61 17.5 1.89 1.82 2.08 Dec 10,336 3.1 CL Rallye GENC.PA EPA 1 €29.75 41.00 32.10 25.50 17.0 1.50 1.75 2.49 Dec 1,449 6.2 CL

Sporting Goods Adidas ADSGn.DE ETR 2 €85.59 97.00 93.22 66.51 21.5 3.78 3.99 4.79 Dec 17,907 1.6 CL Puma PUMG.DE ETR 4 €227.00 210.00 249.40 205.35 23.2 13.12 9.80 11.41 Dec 3,423 0.6 CL


Energy

USA Canada Europe

Alternative Energy and Clean Technology .................. 26

Fuels and Chemicals ................................................ 26

Power ...................................................................... 26

Exploration and Production ........................................ 27

Integrated Majors and Refiners .................................. 29

Independent Refiners .............................................. 29

Integrated Oil and Gas ............................................. 29

Midstream Suppliers................................................... 30

Oilfield Services .......................................................... 31

Compression ............................................................ 31

Diversified Oilfield Services ..................................... 31

Manufacturing & Fabrication .................................. 31

Offshore Construction ............................................. 31

Offshore Drillers ...................................................... 32

Onshore Drillers ....................................................... 32

Production/Workover/Miscellaneous ..................... 32

Alternative Energy & Clean Tech ................................ 33

Intermediate Oil & Gas Producers .............................. 33

Junior Oil & Gas Producers ......................................... 33

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

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

Facilities & Infrastructure ........................................ 34

Pressure Pumpers ................................................... 34

Well Site & Other Services ...................................... 34

Oil Sands ..................................................................... 34

Senior Oil & Gas Producers ........................................ 34


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

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

Seismic ..................................................................... 35

Utilities ........................................................................ 36

Electricity & Gas ....................................................... 36

Environmental Services ............................................ 36

Latin America

Electric Utilities ........................................................... 36

Exploration and Production ........................................ 36

Gas Utility .................................................................... 37


Integrated Majors .................................................... 37

Oilfield Services ........................................................... 37

Manufacturing & Fabrication ................................... 37


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

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

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

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

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

David Meats [email protected]

Alternative Energy and Clean Technology Fuels and Chemicals Amyris, Inc. AMRS Q 3 VR 4.40 NM 6.11 2.17 NM (2.32) (1.22) (0.92) Dec 335 0.0 PM Chart Industries, Inc. GTLS Q 2 AG 83.82 130.00 130.85 64.61 27.8 2.51 3.01 3.79 Dec 2,546 0.0 PM Clean Energy Fuels Corp. CLNE Q 4 NM 11.57 NM 14.82 10.63 NM (0.75) (0.55) (0.51) Dec 1,091 0.0 PM Cosan Ltd. CZZ N 3 AG 12.22 NM 21.55 12.07 21.1 0.48 0.58 0.69 Dec 3,235 2.5 PM KiOR, Inc. KIOR Q 3 VR 1.27 NM 6.35 1.26 NM (0.92) (1.42) (0.86) Dec 136 0.0 PM Solazyme, Inc. SZYM Q 2 VR 9.62 12.50 13.09 7.01 NM (1.16) (1.28) (1.21) Dec 623 0.0 PM Westport Innovations Inc. WPRT Q 3 HR 17.29 NM 35.40 16.93 NM (1.83) (2.09) (1.22) Dec 1,105 0.0 PM

Power Advanced Energy Industries, Inc. AEIS Q 2 AG 25.46 28.00 27.74 14.69 14.5 0.65 1.76 2.00 Dec 1,034 0.0 PM Echelon Corp. ELON Q 2 HR 3.68 4.00 3.84 1.99 NM (0.11) (0.20) (0.10) Dec 158 0.0 PM EnerNOC, Inc. ENOC Q 1 HR 22.84 26.00 23.00 11.58 14.4 (0.83) 1.59 1.84 Dec 637 0.0 PM Enphase Energy, Inc. ENPH Q 3 HR 7.41 NM 10.00 3.51 NM (0.94) (0.46) (0.06) Dec 308 0.0 PM First Solar, Inc. FSLR Q 3 HR 50.36 NM 65.99 24.46 11.3 4.91 4.45 3.29 Dec 5,056 0.0 PM GT Advanced Technologies, Inc. GTAT Q 3 AG 9.82 NM 10.75 2.61 NM 0.71 (0.41) 0.00 Dec 1,200 0.0 PM SolarCity Corp. SCTY Q 3 HR 74.07 NM 79.86 14.15 NM (4.98) (1.74) (1.72) Dec 6,681 0.0 PM SunPower Corp. SPWR Q 3 VR 32.56 NM 36.25 7.48 22.5 0.18 1.45 1.11 Dec 5,011 0.0 PM Trina Solar Limited (r) TSL N 3 HR 14.81 NM 17.84 3.31 NM (3.44) (1.17) (0.02) Dec 1,052 0.0 PM


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Energy - USA Exploration and Production Anadarko Petroleum Corp. APC N 2 AG 81.11 100.00 98.47 73.60 19.2 3.45 4.22 4.91 Dec 40,815 0.9 AC Antero Resources Corporation AR N 1 AG 58.96 76.00 63.57 51.56 NM NA 0.55 1.81 Dec 15,450 0.0 JF Apache Corporation APA N 2 AG 81.99 100.00 94.84 67.91 10.1 9.67 8.12 6.69 Dec 33,117 1.0 JF,DMe Bill Barrett Corp. BBG N 4 NM 27.83 NM 30.69 15.50 NM 0.15 (0.59) 0.86 Dec 1,363 0.0 JF Bonanza Creek Energy, Inc. BCEI N 2 HR 42.49 55.00 57.47 29.67 22.4 1.31 1.90 2.84 Dec 1,711 0.0 AC BPZ Resources Inc. BPZ N 2 HR 2.08 4.50 3.30 1.58 NM (0.16) (0.45) (0.29) Dec 245 0.0 JF,DMe BreitBurn Energy Partners L.P. BBEP Q 2 TR 20.35 21.00 21.40 14.01 35.7 0.57 0.57 0.84 Dec 2,028 9.7 KS Cabot Oil & Gas Corp. COG N 2 AG 40.39 46.00 40.62 25.76 56.1 0.32 0.72 1.16 Dec 17,010 0.2 AC Chesapeake Energy Corp. CHK N 3 HR 26.76 NM 29.06 18.21 14.6 0.52 1.83 2.58 Dec 17,801 1.3 JF,DMe Chesapeake Granite Wash Trust (cu) CHKR N 3 TR 11.64 NM 19.15 9.90 4.4 2.57 2.65 2.14 Dec 409 23.0 KS Cimarex Energy Co. XEC N 2 HR 99.77 121.00 113.03 62.52 18.0 4.20 5.54 5.40 Dec 8,664 0.6 AC Clayton Williams Energy, Inc. CWEI N 3 G 69.45 NM 85.05 35.30 18.7 2.27 3.71 2.71 Dec 845 0.0 AC Comstock Resources CRK N 3 AG 17.49 NM 18.91 12.83 NM (2.60) (1.27) 0.24 Dec 834 2.9 JF Concho Resources Inc. CXO N 2 AG 97.82 128.00 122.81 78.58 27.0 3.74 3.62 3.78 Dec 10,278 0.0 JF,DMe ConocoPhillips COP N 3 TR 66.21 NM 74.59 56.38 11.5 6.12 5.74 5.83 Dec 82,127 4.2 PM Continental Resources Inc. CLR N 2 AG 108.80 125.00 121.78 72.35 19.1 3.36 5.69 7.52 Dec 20,200 0.0 AC Denbury Resources Inc. DNR N 3 AG 16.16 NM 19.65 15.62 10.6 1.43 1.53 1.36 Dec 5,925 0.0 AC Devon Energy Corporation DVN N 2 AG 59.29 79.00 66.92 50.81 13.5 3.26 4.39 7.86 Dec 24,072 1.5 AC,DMe Diamondback Energy, Inc. FANG Q 2 AG 49.80 58.00 58.71 19.57 41.8 0.45 1.19 2.20 Dec 2,342 0.0 JF Eagle Rock Energy Partners L.P. EROC Q 3 HR 5.70 NM 10.52 5.01 NM 0.22 (0.38) 0.11 Dec 890 10.5 KS,DH ECA Marcellus Trust I (cu) ECT N 3 TR 8.96 NM 19.17 7.00 5.2 2.48 1.72 1.25 Dec 158 17.4 KS Energen Corp. EGN N 3 G 70.97 NM 89.92 44.46 22.9 3.15 3.10 3.87 Dec 5,146 0.8 JF Energy XXI Limited EXXI Q 2 HR 23.34 31.00 35.10 21.49 14.1 3.31 1.72 A 1.66 Jun 1,769 2.1 AC,DMe EOG Resources, Inc. EOG N 2 AG 167.22 200.00 188.30 112.05 21.0 5.67 7.97 9.22 Dec 45,638 0.4 AC EV Energy Partners L.P. EVEP Q 2 HR 36.36 47.00 59.86 30.53 79.0 1.79 0.46 2.09 Dec 1,549 8.5 KS Forest Oil Corp. FST N 3 AG 3.28 NM 7.40 3.24 18.2 0.42 0.18 0.66 Dec 393 0.0 AC Goodrich Petroleum Corp. GDP N 2 HR 16.16 25.00 28.55 9.48 NM (0.90) (2.21) (1.07) Dec 594 0.0 JF Halcón Resources Corp. HK N 2 AG 3.58 5.50 8.20 3.16 17.9 0.06 0.20 0.29 Dec 1,484 0.0 AC InterOil Corp. IOC N 2 HR 51.76 100.00 106.44 43.85 NM (0.03) (0.45) (0.41) Dec 2,521 0.0 PM Kodiak Oil & Gas Corp. KOG N 3 HR 10.65 NM 14.11 7.27 15.7 0.63 0.68 1.14 Dec 2,833 0.0 JF Kosmos Energy Ltd. KOS N 3 HR 10.61 NM 12.87 9.71 NM (0.15) (0.19) (0.25) Dec 4,007 0.0 PM Legacy Reserves L.P. LGCY Q 2 TR 27.11 29.00 29.49 24.29 23.4 1.42 1.16 1.17 Dec 1,553 8.6 KS LINN Energy, LLC LINE Q 2 TR 32.99 35.00 39.50 20.35 31.1 1.43 1.06 2.50 Dec 7,759 8.8 KS LinnCo, LLC LNCO Q 1 TR 32.38 37.00 44.20 23.03 30.5 1.43 1.06 2.50 Dec 1,127 9.0 KS


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Energy - USA Exploration and Production LRR Energy L.P. LRE N 2 TR 17.22 18.00 19.10 13.13 16.2 0.85 1.06 1.29 Dec 451 11.3 KS Marathon Oil Corp. MRO N 2 G 33.36 39.00 38.18 29.47 12.1 2.47 2.76 2.70 Dec 23,719 2.3 PM Memorial Production Partners L.P. MEMP Q 1 TR 21.98 24.00 22.50 17.61 14.7 1.01 1.50 2.02 Dec 967 10.0 KS Mid-Con Energy Partners L.P. MCEP Q 3 TR 23.38 NM 27.05 21.04 12.2 1.61 1.92 2.04 Dec 416 8.8 KS MV Oil Trust (cu) MVO N 3 TR 24.07 NM 32.60 23.11 8.9 3.40 3.38 A 2.69 Dec 277 13.8 KS National Fuel Gas Company NFG N 3 G 73.29 NM 73.81 53.88 22.1 2.57 3.15 A 3.31 Sep 6,132 2.0 KS,DH Newfield Exploration Company NFX N 3 AG 24.62 NM 32.55 19.57 11.8 2.27 2.08 1.41 Dec 3,351 0.0 AC Noble Energy, Inc. NBL N 3 G 63.31 NM 78.01 52.62 18.9 2.56 3.35 2.92 Dec 22,855 0.9 JF,DMe Northern Oil & Gas Inc. NOG M 4 NM 15.13 NM 17.90 11.80 12.7 1.05 1.19 1.36 Dec 935 0.0 JF Oasis Petroleum Inc. OAS N 2 AG 41.68 54.00 57.33 31.58 13.9 1.49 2.99 3.46 Dec 3,905 0.0 AC Occidental Petroleum Corp. OXY N 2 G 88.31 102.00 99.42 77.21 12.7 7.08 6.96 6.34 Dec 71,151 2.9 PM PetroQuest Energy PQ N 3 HR 4.07 NM 5.29 3.55 16.3 (0.03) 0.25 0.49 Dec 258 0.0 AC Pioneer Natural Resources Company PXD N 2 AG 174.49 230.00 227.42 109.19 40.1 3.68 4.35 4.38 Dec 24,196 0.0 JF QEP Resources, Inc. QEP N 2 G 30.61 37.00 34.24 26.24 21.1 1.24 1.45 1.45 Dec 5,476 0.3 AC QR Energy L.P. QRE N 2 TR 17.81 19.00 18.69 14.76 15.9 0.67 1.12 1.32 Dec 794 10.9 KS Questar Corp. STR N 3 G 23.21 NM 26.01 21.44 19.7 1.19 1.18 1.26 Dec 4,063 3.1 KS,DH Quicksilver Resources Inc. KWK N 4 NM 3.16 NM 3.54 1.44 NM (0.29) (0.07) 0.14 Dec 560 0.0 JF,DMe Range Resources Corp. RRC N 3 AG 86.52 NM 88.71 66.02 61.4 0.92 1.41 1.01 Dec 14,130 0.2 AC Resolute Energy Corp. REN N 2 AG 8.43 11.00 11.56 7.41 NM 0.01 0.03 0.12 Dec 647 0.0 JF Rosetta Resources Inc. ROSE Q 3 HR 45.00 NM 65.30 40.83 11.6 2.78 3.89 3.34 Dec 2,757 0.0 JF SandRidge Energy Inc. SD N 3 AG 6.27 NM 7.47 4.52 39.2 0.22 0.16 0.07 Dec 3,076 0.0 JF SandRidge Mississippian Trust I (cu) SDT N 3 TR 10.09 NM 19.65 8.65 4.3 2.85 2.37 1.79 Dec 283 23.4 KS SandRidge Mississippian Trust II (cu) SDR N 3 TR 9.74 NM 18.95 8.59 4.1 1.90 2.35 2.27 Dec 484 23.0 KS SandRidge Permian Trust (cu) PER N 2 TR 13.20 14.00 19.48 11.57 5.6 2.38 2.34 2.55 Dec 693 17.7 KS SM Energy Company SM N 3 AG 84.25 NM 94.00 54.95 18.6 1.18 4.54 5.33 Dec 5,642 0.1 AC Southwestern Energy Company SWN N 3 AG 41.57 NM 42.85 31.91 20.7 1.40 2.01 2.07 Dec 14,622 0.0 AC Stone Energy Corp. SGY N 3 HR 31.05 NM 37.96 17.34 10.1 3.17 3.07 1.96 Dec 1,513 0.0 JF Swift Energy Company SFY N 3 AG 13.31 NM 16.88 10.90 21.8 0.49 0.61 (0.14) Dec 578 0.0 AC,DMe Ultra Petroleum Corporation UPL N 3 AG 23.40 NM 24.19 15.26 14.4 1.83 1.62 2.27 Dec 3,580 0.0 AC,DMe Vanguard Natural Resources, LLC VNR Q 2 TR 30.28 32.00 30.66 24.23 26.3 1.18 1.15 1.39 Dec 2,359 8.2 KS VOC Energy Trust (cu) VOC N 3 TR 15.05 NM 17.51 11.69 9.6 2.01 1.99 A 1.56 Dec 256 10.9 KS W&T Offshore, Inc. WTI N 4 NM 14.93 NM 20.43 10.68 15.2 1.15 0.98 0.77 Dec 1,124 2.7 JF Whiting Petroleum Corp. WLL N 2 AG 58.38 74.00 70.57 42.44 14.2 3.32 4.12 2.60 Dec 6,927 0.0 JF,DMe Whiting USA Trust I (cu) WHX N 4 NM 6.08 NM 9.57 3.29 2.8 2.50 2.14 1.93 Dec 85 29.6 KS Whiting USA Trust II (cu) WHZ N 3 TR 13.50 NM 17.63 12.49 4.2 3.26 3.18 2.33 Dec 248 21.9 KS


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Energy - USA Integrated Majors and Refiners Independent Refiners Delek US Holdings, Inc. DK N 3 AG 29.52 NM 41.47 19.83 13.8 4.71 2.14 2.75 Dec 1,762 2.0 CJG,PM HollyFrontier Corp. HFC N 3 G 46.48 NM 59.20 38.98 12.7 8.49 3.67 5.25 Dec 9,273 6.9 CJG,PM Marathon Petroleum Corp. MPC N 2 G 83.17 105.00 92.73 61.32 14.1 9.79 5.91 10.00 Dec 25,866 2.0 CJG,PM PBF Energy, Inc. PBF N 3 AG 26.19 NM 42.50 20.15 20.8 5.07 1.26 4.00 Dec 2,535 4.6 CJG,PM Phillips 66 PSX N 2 G 75.08 90.00 79.00 54.80 13.5 8.27 5.58 7.50 Dec 46,137 2.1 CJG,PM Tesoro Corp. TSO N 3 AG 50.88 NM 65.75 40.90 16.7 6.65 3.04 6.50 Dec 6,960 2.0 CJG,PM Valero Energy Corp. VLO N 2 G 50.20 63.00 53.64 33.00 13.8 5.60 3.65 5.75 Dec 27,359 1.8 CJG,PM Western Refining, Inc. WNR N 3 AG 38.58 NM 43.00 25.62 12.4 5.16 3.12 4.50 Dec 3,076 2.3 CJG,PM

Integrated Oil and Gas Chevron Corp. CVX N 2 TR 116.84 132.00 127.83 113.50 10.6 12.41 11.06 12.29 Dec 225,478 3.4 PM Ecopetrol S.A. (ed,r) EC N 2 AG 34.59 40.00 64.06 33.90 9.2 4.00 3.76 3.63 Dec 71,110 8.1 PM Exxon Mobil Corp. XOM N 2 TR 95.65 104.00 101.74 84.79 12.8 8.08 7.49 8.14 Dec 420,382 2.6 PM Hess Corp. HES N 3 G 76.80 NM 85.15 61.32 13.3 5.87 5.77 5.09 Dec 26,365 1.3 PM Murphy Oil Corp. MUR N 3 G 61.17 NM 66.20 50.88 11.3 5.69 5.41 5.96 Dec 11,518 2.0 PM Petróleo Brasileiro S.A. (ed,r) PBR N 3 G 11.66 NM 19.65 11.50 6.7 1.69 1.75 1.88 Dec 76,047 4.3 PM


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Energy - USA Midstream Suppliers Access Midstream Partners L.P. ACMP N 2 TR 55.76 56.00 57.48 35.45 38.2 1.11 1.46 1.41 Dec 9,669 3.8 DH American Midstream Partners L.P. AMID N 3 HR 26.35 NM 28.95 15.65 NM(0.70(5.97) (0.54) Dec129 6.9 DH AmeriGas Partners L.P. APU N 3 HR 42.87 NM 50.45 41.23 15.5 (0.05) 1.43 A 2.76 Sep 3,979 7.8 DH Boardwalk Pipeline Partners L.P. BWP N 4 NM 24.79 NM 33.00 23.90 21.0 1.37 1.18 1.19 Dec 6,031 8.6 DH Calumet Specialty Products Partners L.P. CLMT Q 3 HR 30.16 NM 40.25 24.84 NM 3.53 (0.09) 1.23 Dec 2,091 9.1 DH,CJG Capital Product Partners L.P. CPLP Q 3 HR 10.14 NM 10.80 7.55 8.7 (0.46) 1.17 0.27 Dec 718 9.2 DH Crestwood Equity Partners L.P. CEQP N 2 TR 12.90 15.00 16.89 11.20 NM 4.26 0.07 0.16 Dec 2,393 4.2 DH Crestwood Midstream Partners L.P. CMLP N 2 TR 23.06 23.00 26.01 20.40 NM 0.62 (0.08) 0.44 Dec 1,981 7.0 DH Crosstex Energy Inc. XTXI Q 3 HR 37.10 NM 38.37 15.78 NM (0.26) (0.74) (0.17) Dec 1,771 1.6 DH Crosstex Energy L.P. XTEX Q 3 HR 27.42 NM 29.50 16.07 NM (1.01) (1.54) 0.30 Dec 2,471 5.3 DH Delek Logistics Partners L.P. DKL N 2 TR 33.49 36.00 35.96 25.24 17.1 0.68 1.96 2.06 Dec 810 4.8 DH,CJG El Paso Pipeline Partners L.P. EPB N 3 TR 33.64 NM 44.99 33.30 18.6 2.14 1.86 A 1.81 Dec 7,477 7.7 DH Energy Transfer Equity L.P. ETE N 2 TR 41.15 44.00 43.11 24.28 50.8 0.54 0.81 0.61 Dec 23,110 3.3 DH Energy Transfer Partners L.P. ETP N 3 TR 54.08 NM 57.31 45.16 24.9 4.64 2.17 2.03 Dec 20,442 6.7 DH Enterprise Products Partners L.P. EPD N 1 TR 64.47 70.00 66.92 54.30 22.7 2.71 2.84 3.04 Dec 57,275 4.3 DH Ferrellgas Partners L.P. FGP N 4 NM 25.01 NM 25.13 18.10 29.4 (0.14) 0.67 A 0.85 Jul 1,998 8.0 DH Genesis Energy Partners L.P. GEL N 2 TR 53.92 54.00 55.99 39.30 49.5 1.23 1.09 1.70 Dec 4,782 3.7 DH,CJG Global Partners L.P. GLP N 3 TR 39.57 NM 40.99 30.01 27.9 1.71 1.42 1.51 Dec 1,088 6.2 DH,CJG Golar LNG Partners L.P. GMLP Q 3 TR 31.05 NM 36.00 27.55 13.7 2.11 2.27 2.39 Dec 1,590 6.7 DH Holly Energy Partners L.P. HEP N 3 TR 33.40 NM 44.90 29.55 40.2 1.33 0.83 1.10 Dec 1,959 5.9 DH,CJG Kinder Morgan Energy Partners L.P. KMP N 3 TR 81.54 NM 92.99 77.13 27.8 (0.22) 3.80 A 2.93 Dec 35,700 6.7 DH Kinder Morgan, Inc. KMI N 2 TR 35.89 37.00 41.49 32.30 30.9 0.35 1.15 A 1.16 Dec 37,170 4.6 DH KNOT Offshore Partners L.P. KNOP N 2 TR 26.02 29.00 29.39 20.68 28.6 NA 0.91 1.32 Dec 455 6.7 DH Lehigh Gas Partners L.P. LGP N 2 TR 28.52 33.00 29.18 19.49 24.2 1.35 1.18 1.35 Dec 530 7.0 DH,BBL Magellan Midstream Partners L.P. MMP N 2 TR 64.16 62.00 64.98 47.22 25.2 1.92 2.55 2.83 Dec 14,513 3.5 DH,CJG Martin Midstream Partners L.P. MMLP Q 2 HR 43.63 49.00 48.90 33.59 33.3 1.45 1.31 1.39 Dec 1,162 7.2 DH NGL Energy Partners L.P. NGL N 2 TR 35.17 34.00 36.59 23.65 34.8 NA 0.96 A 1.01 Mar 2,507 5.8 DH Niska Gas Storage Partners LLC NKA N 4 NM 15.51 NM 17.00 11.51 16.5 (2.39) (0.63) A 0.94 Mar 541 9.0 DH NuStar Energy L.P. NS N 3 HR 48.44 NM 54.95 36.15 40.4 (3.61) 1.20 2.08 Dec 3,773 9.0 DH,CJG NuStar GP Holdings, LLC NSH N 3 TR 28.05 NM 34.17 19.34 24.0 0.05 1.17 1.43 Dec 1,196 7.8 DH,CJG Oiltanking Partners L.P. OILT N 2 TR 63.96 63.00 65.99 39.30 26.5 1.57 2.41 2.68 Dec 2,488 2.9 DH,CJG Plains All American Pipeline L.P. PAA N 2 TR 50.55 61.00 59.52 47.26 17.1 3.35 2.96 2.91 Dec 17,336 4.9 DH,CJG Plains GP Holdings L.P. PAGP N 2 TR 24.82 24.00 27.04 21.50 NM NA 0.20 0.49 Dec 3,286 2.6 DH,CJG Regency Energy Partners L.P. RGP N 3 G 27.25 NM 29.52 23.11 90.8 0.13 0.30 0.57 Dec 5,913 6.9 DH


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Energy - USA Midstream Suppliers Southcross Energy Partners L.P. SXE N 3 AG 17.94 NM 26.49 16.21 NM 0.27 (0.97) 0.22 Dec 219 8.9 DH Spectra Energy Partners L.P. SEP N 2 TR 43.90 48.00 47.73 33.68 24.1 1.69 1.82 2.40 Dec 5,191 4.7 DH Sprague Resources L.P. SRLP N 3 TR 18.39 NM 18.58 16.73 14.5 NA 1.27 1.50 Dec 371 9.0 DH Suburban Propane Partners L.P. SPH N 3 HR 45.46 NM 50.25 40.16 24.4 0.50 1.51 A 1.86 Sep 2,738 7.7 DH Susser Petroleum Partners L.P. SUSP N 2 TR 33.90 35.00 36.66 25.85 19.8 1.57 1.71 1.94 Dec 742 5.5 DH,BBL Targa Resources Corp. TRGP N 2 TR 89.35 80.00 91.50 58.55 58.0 0.91 1.54 1.76 Dec 3,782 2.7 DH Targa Resources Partners L.P. NGLS N 2 TR 51.26 55.00 54.25 39.37 52.3 1.20 0.98 1.13 Dec 5,560 5.8 DH Teekay LNG Partners L.P. TGP N 2 TR 40.39 45.00 45.42 37.73 17.0 1.54 2.37 1.90 Dec 2,857 6.9 DH Teekay Offshore Partners L.P. TOO N 2 TR 32.20 36.00 36.09 26.71 33.2 1.59 0.97 1.86 Dec 2,695 7.2 DH Tesoro Logistics L.P. TLLP N 2 TR 52.94 58.00 71.92 42.76 34.6 1.85 1.53 2.66 Dec 2,487 4.1 DH,CJG The Williams Companies, Inc. WMB N 2 AG 39.80 38.00 39.95 31.25 54.5 1.08 0.73 1.16 Dec 27,183 3.8 KS,DH Williams Partners L.P. WPZ N 2 TR 50.37 56.00 54.66 45.37 29.6 1.84 1.70 3.21 Dec 22,094 7.0 KS,DH

Oilfield Services Compression Compressco Partners GSJK Q 2 TR 23.00 24.00 25.72 18.07 23.2 1.01 0.99 1.25 Dec 357 7.6 JMA,JMR Exterran Partners L.P. EXLP Q 2 TR 29.90 32.00 32.39 22.03 32.5 0.83 0.92 0.99 Dec 1,477 7.1 JMA,JMR USA Compression Partners L.P. USAC N 2 TR 27.42 29.00 28.00 17.55 78.3 0.24 0.35 0.86 Dec 798 6.7 JMA,JMR

Diversified Oilfield Services Baker Hughes, Inc. BHI N 3 AG 56.24 NM 58.83 42.60 13.3 3.21 2.79 A 4.22 Dec 24,914 1.1 JMA,CG Halliburton HAL N 2 AG 48.33 63.00 56.52 36.77 11.9 3.00 3.15 A 4.05 Dec 40,936 1.2 JMA,CG Schlumberger Ltd. SLB N 2 AG 87.76 103.00 94.91 69.08 15.4 4.18 4.79 A 5.70 Dec 115,576 1.8 JMA,CG Weatherford WFT N 3 HR 13.89 NM 17.38 11.11 18.3 0.59 0.76 1.05 Dec 10,664 0.0 JMA,CG

Manufacturing & Fabrication Cameron International Corp. CAM N 1 AG 57.55 70.00 67.42 52.50 17.9 3.14 3.21 3.70 Dec 13,725 0.0 JMA,CG Dresser-Rand Group, Inc. DRC N 2 AG 56.89 69.00 67.38 52.75 18.8 2.35 3.02 3.60 Dec 4,340 0.0 JMA,CG FMC Technologies, Inc. FTI N 3 AG 49.19 NM 59.79 45.96 23.4 1.86 2.10 2.65 Dec 11,648 0.0 JMA,CG Gulf Island Fabrication, Inc. GIFI Q 3 AG 21.25 NM 26.82 18.76 22.4 0.40 0.95 1.30 Dec 307 1.9 JMA,JMR National Oilwell Varco Inc. NOV N 2 AG 73.31 90.00 84.71 63.08 13.8 5.92 5.31 6.00 Dec 31,356 1.4 JMA,CG Oil States International, Inc. OIS N 3 AG 94.23 NM 113.64 71.36 15.2 7.94 6.19 6.30 Dec 5,196 0.0 JMA,CG

Offshore Construction Cal Dive International Inc. DVR N 3 HR 1.73 NM 2.38 1.51 NM (0.43) (0.36) (0.15) Dec 169 0.0 JMA,JMR Helix Energy Solutions Group HLX N 3 AG 21.09 NM 27.58 20.33 18.8 1.65 1.12 1.70 Dec 2,231 0.0 JMA,JMR


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Energy - USA Offshore Drillers Atwood Oceanics ATW N 2 HR 48.22 65.00 59.49 43.91 8.2 4.14 5.33 A 5.90 Sep 3,089 0.0 CG,JMA Diamond Offshore DO N 3 AG 50.69 NM 76.85 50.43 11.3 4.98 4.49 4.70 Dec 7,051 6.9 CG,JMA Ensco plc ESV N 2 AG 51.43 60.00 65.82 50.82 8.2 5.32 6.24 6.65 Dec 11,901 5.8 CG,JMA Hercules Offshore Inc. HERO Q 3 HR 5.09 NM 7.96 4.62 24.2 (0.55) 0.21 0.75 Dec 813 0.0 CG,JMA Noble Corp plc NE N 2 AG 32.25 37.00 42.34 32.03 9.5 2.02 2.89 A 3.40 Dec 8,197 3.1 CG,JMA Ocean Rig UDW ORIG Q 2 HR 17.46 26.00 20.97 13.45 24.2 (0.71) 0.72 1.90 Dec 2,299 0.0 CG,JMA Pacific Drilling PACD N 2 AG 10.24 14.00 12.25 8.89 28.4 0.06 0.36 0.85 Dec 2,222 0.0 JMA,CG Rowan Companies RDC N 3 AG 32.56 NM 38.65 30.21 16.5 1.81 1.97 3.25 Dec 4,044 0.0 CG,JMA Transocean RIG N 3 AG 44.97 NM 59.50 44.14 10.6 3.56 4.26 5.45 Dec 16,214 6.7 CG,JMA

Onshore Drillers Nabors Industries Ltd. NBR N 3 AG 17.13 NM 18.33 14.34 21.4 1.84 0.80 1.00 Dec 5,055 0.9 JMA,JMR Patterson-UTI Energy, Inc. PTEN Q 3 AG 25.37 NM 26.09 18.83 22.7 1.91 1.12 1.00 Dec 3,660 0.8 JMA,JMR Pioneer Energy Services Corp PES N 3 HR 8.17 NM 9.91 6.46 NM 0.49 (0.10) (0.25) Dec 511 0.0 JMA,JMR Unit Corporation UNT N 3 AG 50.97 NM 52.81 40.51 13.9 4.15 3.68 3.70 Dec 2,502 0.0 JMA,JMR

Production/Workover/Miscellaneous Basic Energy Services, Inc. BAS N 4 NM 17.10 NM 17.99 11.06 NM 0.82 (0.80) (0.35) Dec 722 0.0 JMA,JMR Dawson Geophysical Company DWSN Q 2 AG 33.70 38.00 40.86 25.22 27.0 1.22 1.33 A 1.25 Sep 272 0.0 JMA,CG Global Geophysical Services, Inc. GGS N 4 NM 1.47 NM 4.96 1.33 NM 0.16 (1.18) (1.60) Dec 56 0.0 JMA,CG Hi-Crush Partners L.P. HCLP N 2 HR 37.27 37.00 39.08 16.58 17.5 1.50 2.13 2.45 Dec 1,216 5.5 JMA,JMR Key Energy Services Inc. KEG N 3 HR 7.26 NM 9.55 5.61 NM 0.67 (0.05) 0.18 Dec 1,106 0.0 JMA,JMR Newpark Resources NR N 2 HR 11.44 14.50 13.64 8.17 15.7 0.66 0.73 0.90 Dec 1,119 0.0 JMA,JMR Superior Energy Services, Inc. SPN N 2 AG 24.32 30.00 29.22 22.89 15.8 2.71 1.54 1.80 Dec 3,879 1.3 JMA,JMR Tetra Technologies Inc. TTI N 3 HR 10.68 NM 13.41 8.15 17.2 0.63 0.62 0.75 Dec 841 0.0 JMA,JMR


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Energy - CAN Andrew Bradford, CFA [email protected] Nick Heffernan (Associate Analyst) [email protected]

Steven Li, CFA [email protected] Theoni Pilarinos, CFA [email protected]

Steve Hansen, CMA, CFA [email protected] Kurt Molnar [email protected]

Chris Cox, CFA [email protected]

Alternative Energy & Clean Tech Alterra Power Corp. AXY T 2 VR C$0.31 0.65 0.42 0.26 30.5 (0.04) 0.01 0.03 Dec C$142 0.0 SL Ram Power RPG T 3 VR C$0.07 0.24 0.27 0.07 NM (0.19) (0.11) (0.06) Dec C$19 0.0 SL U.S. Geothermal HTM M 3 VR US$0.50 0.60 0.62 0.26 24.8 (0.02) 0.02 0.01 Dec US$61 0.0 SL

Intermediate Oil & Gas Producers Athabasca Oil Corp. (cf) ATH T 2 HR C$7.66 10.00 11.28 5.47 NM 314 (15) 17 Dec C$3,066 0.0 CC NuVista Energy Ltd. NVA T 2 HR C$7.53 8.50 8.40 5.16 12.3 0.75 0.61 0.90 Dec C$1,016 0.0 KM Paramount Resources Ltd. (cf) POU T 1 HR C$42.20 54.00 44.00 31.68 57.0 0.67 0.74 3.24 Dec C$4,081 0.0 KM Peyto Exploration and Development (cf) PEY T 2 G C$32.94 40.00 34.66 22.65 11.1 2.19 2.98 4.52 Dec C$4,901 2.9 KM Tourmaline Oil Corp. (cf) TOU T 2 HR C$47.35 54.00 49.44 32.63 16.5 1.68 2.87 5.71 Dec C$9,167 0.0 KM Trilogy Energy Corp. (cf) TET T 2 HR C$26.32 37.00 33.14 25.78 10.3 2.03 2.55 3.01 Dec C$3,293 1.6 KM

Junior Oil & Gas Producers Artek Exploration Ltd. (cf) RTK T 2 HR C$3.85 4.35 3.95 2.87 9.6 0.37 0.40 0.61 Dec C$258 0.0 KM Delphi Energy Corp. (cf) DEE T 1 HR C$2.11 2.70 2.22 0.99 8.8 0.24 0.24 0.41 Dec C$323 0.0 KM RMP Energy Inc. (cf) RMP T 2 HR C$6.10 8.00 6.49 3.22 9.4 0.52 0.65 1.08 Dec C$719 0.0 KM

Oil & Gas Energy Services Contract Drillers Ensign Energy Services Inc. (cb) ESI T 3 HR C$16.23 18.75 18.44 15.19 NM 569 512 506 Dec C$2,652 2.9 AB Precision Drilling Corporation (cb) PD T 2 HR C$9.94 11.50 11.53 7.47 NM 690 643 736 Dec C$2,998 2.4 AB Savanna Energy Services (cb) SVY T 2 HR C$8.14 9.00 8.56 6.45 NM 151 157 179 Dec C$759 4.4 AB Trinidad Drilling Ltd. (cb) TDG T 1 HR C$9.26 12.00 10.84 6.46 NM 282 254 287 Dec C$1,292 2.2 AB Western Energy Services Corp. (cb) WRG T 2 HR C$7.61 9.00 8.86 6.49 NM 109 110 141 Dec C$593 3.9 AB


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Energy - CAN Facilities & Infrastructure Black Diamond Group Limited (cb) BDI T 1 AG C$30.02 34.00 30.30 19.01 NM 112 141 185 Dec C$1,372 3.0 AB Enerflex Ltd. (cb) EFX T 3 AG C$15.10 15.50 15.48 11.99 NM 156 139 152 Dec C$1,213 1.9 AB Horizon North Logistics Inc. (cb) HNL T 2 AG C$7.44 8.50 10.05 5.09 NM 145 127 153 Dec C$856 3.4 NH,AB Secure Energy Services Inc. (cb) SES T 2 AG C$16.24 18.00 17.92 10.05 NM 100 138 194 Dec C$2,017 0.9 AB

Pressure Pumpers Calfrac Well Services (cb) CFW T 2 HR C$29.86 35.50 35.90 23.41 NM 264 200 312 Dec C$1,487 3.3 AB Canyon Services Group Inc. (cb) FRC T 2 HR C$10.92 13.25 12.96 9.60 NM 108 41 113 Dec C$717 5.5 AB GasFrac Energy Services Ltd. (cb) GFS T 3 VR C$1.84 1.90 2.40 1.26 NM 0 11 19 Dec C$170 0.0 AB Trican Well Service (cb) TCW T 2 HR C$12.79 16.50 16.23 11.97 NM 250 207 365 Dec C$2,049 2.3 AB

Well Site & Other Services Essential Energy Services Ltd. (cb) ESN T 3 HR C$2.50 3.20 3.25 1.94 NM 72 71 84 Dec C$333 4.8 AB McCoy Corporation MCB T 2 TR C$7.20 7.75 7.71 4.11 15.3 0.49 0.47 0.60 Dec C$194 2.8 TP,SH Mullen Group Ltd. (cb) MTL T 3 AG C$27.07 26.50 29.72 19.85 NM 297 319 337 Dec C$2,547 4.4 AB Strad Energy Services Ltd. (cb) SDY T 2 HR C$3.68 4.40 4.05 2.85 NM 47 41 47 Dec C$147 6.0 AB

Oil Sands Canadian Oil Sands Limited (cf) COS T 3 TR C$19.99 19.00 21.93 18.62 NM 1,741 1,614 1,578 Dec C$9,687 7.0 CC MEG Energy Corp. (cf) MEG T 2 G C$30.03 41.00 36.69 25.50 NM 318 312 1,056 Dec C$6,673 0.0 CC Southern Pacific Resource Corp. (cf) STP T 3 VR C$0.20 0.30 1.24 0.11 NM 45 5 A 17 Dec C$78 0.0 CC

Senior Oil & Gas Producers Canadian Natural Resources Ltd (cf) CNQ T 3 G C$36.30 38.00 36.42 28.44 NM 7,309 8,380 10,034 Dec C$39,545 2.2 CC Cenovus Energy (cf) CVE T 2 G C$29.03 40.00 34.13 28.32 NM 3,655 3,571 4,298 Dec C$21,976 3.3 CC Husky Energy Inc. (cf) HSE T 2 G C$32.75 41.00 33.85 26.97 NM 5,543 5,816 6,803 Dec C$32,331 3.7 CC Imperial Oil Limited (cf) IMO T 3 G C$45.75 52.00 47.57 38.58 NM 5,753 4,299 6,891 Dec C$38,933 1.0 CC Suncor Energy Inc (cf) SU T 2 G C$36.72 46.00 38.56 27.50 NM 11,557 11,811 13,109 Dec C$55,007 2.2 CC


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

Pavel Molchanov* [email protected]

Integrated Majors and Refiners BG Group ($D) BG.L L 2 1,054p 1350 1356 1027 NM 1.29 1.29 1.07 Dec $36,961 1.7 BH BP ($D) BP.L L 3 TR 477p NM 500 427 NM 0.91 0.70 0.74 Dec £99,953 5.1 BH,PM Eni ENI.MI BIT 3 €16.89 NM 19.31 15.16 13.8 1.97 1.22 1.45 Dec 61,182 6.7 BH OMV OMV.AV WBAG 4 €34.33 32.00 39.69 29.20 9.0 4.74 3.83 3.57 Dec 11,197 3.6 BH Repsol REP.MC MAD 3 €17.65 NM 19.42 14.36 12.3 1.57 1.43 1.16 Dec 23,231 5.5 BH Royal Dutch Shell ($D) RDSa.AS AMS 2 €25.79 28.00 27.06 23.40 8.3 4.03 3.11 3.39 Dec 164,769 5.3 BH Total TOTF.PA EPA 2 €42.75 49.00 45.67 35.18 8.8 5.50 4.86 4.65 Dec 99,485 5.8 BH

Oilfield Services Diversified Oilfield Services Bourbon GPBN.PA EPA 4 €20.77 19.00 22.00 17.27 32.4 0.34 0.64 0.66 Dec 1,549 4.3 BH Technip TECF.PA EPA 3 €63.85 NM 92.49 60.20 13.5 4.62 4.73 4.76 Dec 6,979 2.8 BH

Seismic CGG CGG.PA EPA 3 €11.70 NM 22.60 11.49 23.4 0.67 0.50 1.13 Dec 2,042 0.0 BH

*Pavel Molchanov is a Raymond James & Associates employee.


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Energy - EUR Utilities Electricity & Gas Centrica CNA.L L 4 314p 312 403 314 11.9 27.00 26.30 25.70 Dec £16,176 5.5 ER CEZ CEZsp.PR PRG 4 CZK500.00 478.00 640.00 421.00 7.0 75.30 71.20 65.60 Dec 267,000 7.6 ER E.On EONGn.DE ETR 3 €13.31 NM 14.92 11.82 11.5 1.71 1.16 0.90 Dec 26,623 5.0 ER EDF EDF.PA EPA 4 €24.90 19.70 27.57 13.58 13.1 2.28 1.90 2.03 Dec 46,037 4.6 ER Enel ENEI.MI MCE 3 €3.38 NM 3.54 2.28 9.4 0.36 0.36 0.37 Dec 31,782 4.4 ER Fortum FUM1V.HE HEL 4 €16.60 14.70 18.18 13.39 13.1 1.34 1.27 1.21 Dec 14,747 6.0 ER GDF Suez GSZ.PA EPA 4 €16.38 14.40 19.52 14.05 12.5 1.55 1.31 1.26 Dec 39,485 9.2 ER RWE RWEG.DE ETR 1 €26.81 35.00 30.98 20.48 6.8 4.00 3.97 2.27 Dec 15,436 3.7 ER SSE SSE.L L 4 1,310p 1270 1690 1297 11.1 112.80 118.00 A 118.00 Mar £12,458 6.6 ER Verbund VERB.VI WBAG 2 €16.29 19.10 18.23 13.97 12.2 1.12 1.33 0.90 Dec 5,651 6.1 ER

Environmental Services Suez Environnement SEVI.PA EPA 2 €13.42 12.00 14.20 9.22 21.0 0.61 0.64 0.75 Dec 6,847 4.8 ER Veolia Environnement VIE.PA EPA 2 €11.79 14.50 13.95 8.51 49.1 0.14 0.24 0.46 Dec 6,442 5.9 ER

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

Francisco Pereyra [email protected] Santiago Wesenack, CFA [email protected]

Electric Utilities Edenor EDN N S NM US$5.22 NM 9.60 1.85 NM (10.39) UR UR Dec US$234 0.0 SW,SR Pampa Energia SA PAM N S NM US$4.19 NM 6.93 2.85 NM (2.66) UR UR Dec US$220 0.0 SW,SR Transener TRAN BA S NM AR$1.17 NM 1.67 0.54 NM (0.1) UR UR Dec AR$520 0.0 SR,SW

Exploration and Production GeoPark Holdings GPK.L L 2 AG £5.60 8.00 7.01 4.95 13.0 0.27 0.43 1.16 Dec £244 0.0 SR,SW


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Energy - LAT Gas Utility Transportadora de Gas del Sur TGS N 3 TR US$1.96 NM 2.93 1.52 9.8 0.33 0.20 0.16 Dec US$312 3.1 SR,SW

Integrated Majors and Refiners Integrated Majors Petrobras Argentina PZE N 2 TR US$4.88 6.00 7.48 3.37 7.3 0.68 0.67 0.72 Dec US$985 0.0 SW,SR YPF YPF N 2 TR US$25.23 40.80 34.24 12.11 11.3 2.19 2.24 2.40 Dec US$9,922 0.6 SW,SR

Oilfield Services Manufacturing & Fabrication Tenaris S.A. (cb) TS N 3 G US$44.01 NM 49.87 38.47 14.8 2.88 2.98 3.28 Dec US$25,979 1.8 SW,SR


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

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

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

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

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

Asset Management Silvercrest Asset Management Group Inc. SAMG Q 1 G 16.01 19.00 18.00 11.25 22.2 0.63 0.72 0.83 Dec 192 3.0 SDS Virtus Investment Partners, Inc. VRTS Q 3 AG 193.75 NM 248.89 141.66 22.3 4.65 8.68 10.47 Dec 1,763 0.0 SDS

Financial Services

USA Europe

Asset Management ..................................................... 38

Banking ....................................................................... 39

Capital Markets .......................................................... 44

Life and Health Insurance ........................................... 45

Non-Life Insurance ...................................................... 45

Services & Insurance Brokerage ................................. 46

Specialty Finance ........................................................ 46

Investment Companies ............................................ 46

Specialty Consumer Finance .................................... 46

Insurance ..................................................................... 47

Generalist Insurers ................................................... 47

Reinsurers ................................................................ 47

Latin America

Latin American Banking ............................................... 47


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Financial Services - USA Banking 1st Constitution Bancorp FCCY Q 2 AG 10.67 12.00 11.90 8.50 10.9 0.90 0.98 1.05 Dec 66 0.0 AP 1st United Bancorp, Inc. FUBC Q 2 HR 7.32 8.50 8.25 5.93 28.2 0.18 0.26 0.40 Dec 247 0.5 MR Access National Corporation ANCX Q 3 AG 16.60 NM 18.07 10.90 15.1 1.71 1.19 A 1.10 Dec 173 2.7 WW American National Bankshares, Inc AMNB Q 3 AG 24.56 NM 27.74 19.60 14.4 1.99 1.99 A 1.70 Dec 194 3.7 WW American River Bankshares AMRB Q 3 HR 9.50 NM 10.29 7.03 25.0 0.34 0.34 A 0.38 Dec 88 0.0 DAW Associated Banc-Corp ASBC Q 4 NM 17.00 NM 17.89 13.57 16.3 0.99 1.07 A 1.04 Dec 2,764 2.1 DJL Astoria Financial Corporation AF N 2 HR 13.69 14.50 14.47 9.22 22.1 0.57 0.62 0.64 Dec 1,331 1.2 AP Banc of California, Inc. BANC Q 2 AG 13.22 14.50 15.88 10.08 45.6 0.40 0.29 1.08 Dec 153 3.6 DAW BancFirst Corporation BANF Q 2 HR 54.42 60.00 58.02 39.27 15.2 3.30 3.48 A 3.58 Dec 833 2.3 DC The Bancorp, Inc. TBBK Q 2 AG 19.23 21.00 19.86 11.47 19.2 0.49 0.62 A 1.00 Dec 723 0.0 WW BancorpSouth, Inc. BXS N 3 HR 24.60 NM 25.54 14.30 17.8 0.90 1.12 A 1.38 Dec 2,344 0.8 MR Bank of America Corporation BAC N 2 AG 16.73 20.00 17.42 10.98 12.9 0.25 0.90 A 1.30 Dec 190,796 0.2 AP Bank of Commerce Holdings BOCH Q 3 HR 6.27 NM 6.69 4.80 12.1 0.40 0.52 0.60 Dec 100 1.9 DAW Bank of Marin Bancorp BMRC Q 3 G 43.74 NM 46.21 36.89 13.7 3.28 2.57 A 3.20 Dec 236 1.7 DAW Bank of New York Mellon Corp BK N 2 G 32.22 37.00 35.66 26.64 13.4 2.23 2.26 A 2.41 Dec 36,805 1.9 DJL Bank of the Ozarks Inc. OZRK Q 2 G 59.03 62.00 60.15 36.17 21.1 2.18 2.41 A 2.80 Dec 2,178 1.5 MR Banner Corporation BANR Q 2 G 38.60 46.00 45.15 29.14 15.6 3.16 2.48 2.44 Dec 749 1.6 DAW BB&T Corporation BBT N 1 TR 37.88 45.00 39.34 29.18 12.4 2.70 2.91 A 3.06 Dec 26,766 2.4 MR BBCN Bancorp, Inc. BBCN Q 2 AG 15.49 17.50 16.91 11.99 12.7 0.99 1.05 A 1.22 Dec 1,208 1.9 DAW BNC Bancorp BNCN Q 2 HR 16.89 19.00 17.57 8.05 15.4 0.01 0.75 A 1.10 Dec 461 1.2 WW BofI Holding, Inc. BOFI Q 3 AG 80.68 NM 82.99 30.18 21.8 2.33 2.89 A 3.70 Jun 1,033 0.0 DAW BOK Financial Corp. BOKF Q 3 G 65.11 NM 69.36 55.65 14.2 5.17 4.59 4.25 Dec 4,480 2.5 MR Brookline Bancorp, Inc. BRKL Q 2 TR 9.33 10.00 10.10 8.21 17.3 0.57 0.54 0.60 Dec 654 3.6 AP Capital City Bank Group, Inc. CCBG Q 3 HR 12.85 NM 13.08 10.12 32.1 0.01 0.35 A 0.40 Dec 224 0.0 MR Cardinal Financial Corporation CFNL Q 2 AG 17.41 19.00 19.02 14.40 15.8 1.51 0.84 A 1.10 Dec 528 1.4 MR Cathay General Bancorp CATY Q 2 AG 23.59 30.00 27.94 17.87 14.1 1.28 1.43 A 1.67 Dec 1,878 0.8 DJL CenterState Banks, Inc. CSFL Q 3 HR 10.03 NM 10.80 7.38 15.9 0.38 0.42 A 0.63 Dec 302 0.4 MR Central Pacific Financial Corp. CPF N 2 HR 19.51 20.00 20.52 14.67 4.8 1.13 4.05 0.85 Dec 821 1.6 DAW Central Valley Community Bancorp CVCY Q 3 HR 11.41 NM 12.82 8.00 14.6 0.75 0.78 0.80 Dec 110 1.8 DAW Chemical Financial Corporation CHFC Q 3 AG 30.12 NM 32.64 23.18 14.9 1.89 2.00 A 2.02 Dec 898 3.1 DC Citigroup, Inc. C N 1 AG 49.60 62.00 55.28 40.28 9.3 3.90 4.47 A 5.34 Dec 150,829 0.1 AP City National Corp. CYN N 2 AG 73.80 81.00 81.34 52.62 18.4 3.81 3.90 A 4.02 Dec 4,000 1.4 DJL Columbia Banking System, Inc. COLB Q 3 G 26.85 NM 28.56 19.56 22.2 1.16 1.21 1.75 Dec 1,066 1.6 DAW Comerica Inc. CMA N 3 G 46.78 NM 49.95 33.29 15.3 2.79 2.85 A 3.05 Dec 8,528 1.5 MR


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Financial Services - USA Banking Commerce Bancshares, Inc. CBSH Q 3 AG 44.91 NM 46.49 35.29 15.9 2.76 2.76 A 2.82 Dec 4,307 1.9 DJL Community Bank System CBU N 2 TR 36.93 40.00 40.46 27.55 16.9 2.08 2.10 A 2.18 Dec 1,518 3.0 AP Community Trust Bancorp, Inc. CTBI Q 3 AG 41.63 NM 46.28 32.15 13.9 2.84 3.11 A 3.00 Dec 649 3.1 DC ConnectOne Bancorp, Inc. CNOB Q 1 AG 45.99 60.00 49.25 28.01 33.6 2.52 2.06 A 1.37 Dec 235 0.0 WW CU Bancorp CUNB Q 3 AG 17.97 NM 19.30 11.76 20.2 0.21 0.89 1.10 Dec 194 0.0 DAW Cullen/Frost Bankers, Inc. CFR N 3 TR 73.60 NM 76.51 58.37 19.4 3.86 3.80 4.10 Dec 4,453 2.7 MR CVB Financial Corp. CVBF Q 3 G 15.59 NM 17.48 10.29 17.5 0.74 0.89 0.90 Dec 1,635 2.6 DAW Dime Community Bancshares DCOM Q 2 TR 16.81 18.00 17.92 13.33 14.5 1.34 1.23 A 1.16 Dec 600 3.3 AP East West Bancorp, Inc. EWBC Q 2 G 34.91 40.00 36.94 22.56 15.1 1.89 2.10 A 2.31 Dec 4,804 1.7 DJL Eastern Virginia Bankshares, Inc. EVBS Q 3 AG 6.93 NM 7.50 4.75 31.5 (0.23) 0.22 0.35 Dec 82 0.0 WW Enterprise Financial Services Corp. EFSC Q 3 AG 19.14 NM 20.96 13.00 13.3 1.37 1.77 A 1.44 Dec 345 1.1 DC EverBank Financial Corp EVER N 1 AG 17.40 21.00 18.97 12.75 15.8 1.20 1.10 1.40 Dec 2,105 0.7 MR Fifth Third Bancorp FITB Q 3 AG 21.30 NM 21.96 15.43 12.3 1.62 1.72 A 1.73 Dec 18,218 2.3 DJL First Bancorp FBNC Q 3 AG 17.20 NM 17.40 11.98 16.2 (1.69) 1.06 1.10 Dec 339 1.9 WW First Busey Corporation BUSE Q 3 AG 5.51 NM 6.10 4.16 18.4 0.24 0.30 0.36 Dec 477 2.9 DC First Business Financial Services, Inc. FBIZ Q 2 AG 39.20 42.00 41.49 23.50 11.5 3.29 3.41 3.57 Dec 153 1.4 DC First Community Bancshares, Inc. FCBC Q 3 TR 16.11 NM 18.29 14.62 14.1 1.50 1.14 1.10 Dec 321 3.0 WW First Community Corporation FCCO Q 2 AG 10.75 12.00 11.16 8.44 12.4 0.91 0.81 A 0.87 Dec 57 2.2 WW First Defiance Financial Corp. FDEF Q 3 HR 26.26 NM 28.46 19.50 12.7 1.74 2.20 A 2.07 Dec 255 2.3 DC First Financial Bancorp FFBC Q 2 AG 17.04 18.50 17.77 14.31 15.8 1.13 1.08 1.13 Dec 983 3.5 DJL First Financial Bankshares, Inc. FFIN Q 3 AG 63.38 NM 67.52 40.79 23.0 2.37 2.55 A 2.76 Dec 2,028 1.6 MR First Financial Corporation THFF Q 3 AG 32.83 NM 37.00 28.61 14.7 2.46 2.24 2.15 Dec 437 2.9 DC First Financial Holdings, Inc. SCBT Q 1 AG 61.76 75.00 68.69 40.63 17.2 2.48 3.17 A 3.60 Dec 1,488 1.2 WW First Horizon National Corporation FHN N 3 HR 11.83 NM 12.75 9.47 18.5 (0.11) 0.10 A 0.64 Dec 2,797 1.7 MR First Merchants Corporation FRME Q 3 HR 20.77 NM 23.35 14.08 14.9 1.41 1.39 1.54 Dec 596 1.0 DC First Midwest Bancorp, Inc. FMBI Q 3 AG 16.32 NM 18.49 11.57 15.4 (0.3) 0.91 A 1.06 Dec 1,226 1.7 DJL First Niagara Financial Group FNFG Q 3 AG 8.68 NM 11.34 7.68 12.1 0.71 0.77 A 0.72 Dec 3,044 3.7 AP First of Long Island Corporation FLIC Q 3 AG 40.75 NM 43.06 28.05 17.5 2.28 2.33 2.40 Dec 371 2.6 WW First Republic Bank FRC N 2 AG 49.45 56.00 52.94 35.10 16.2 2.75 3.10 A 3.05 Dec 6,536 1.0 DJL First Security Group, Inc. FSGI Q 4 NM 2.07 NM 7.45 1.76 NM (13.16) E (7.10) NA Dec 4 0.0 MR Firstbank Corporation FBMI Q 3 HR 18.24 NM 20.79 11.11 12.8 1.21 1.42 1.28 Dec 146 1.3 DC FirstMerit Corp. FMER Q 3 AG 21.15 NM 23.51 14.81 14.1 1.29 1.21 A 1.50 Dec 3,491 3.0 DJL Flushing Financial Corp. FFIC Q 2 TR 20.86 23.00 21.70 15.02 14.7 1.16 1.34 A 1.42 Dec 622 2.5 AP Fulton Financial FULT Q 3 G 12.74 NM 13.40 10.30 15.2 0.80 0.85 A 0.84 Dec 2,455 2.5 AP


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Financial Services - USA Banking German American Bancorp, Inc. GABC Q 2 AG 28.10 30.00 30.58 19.90 15.0 1.82 1.87 1.95 Dec 354 2.1 DC Glacier Bancorp, Inc. GBCI Q 3 G 27.70 NM 30.88 15.44 17.8 1.05 1.32 A 1.56 Dec 1,994 2.3 DC Hancock Holding Company HBHC Q 3 AG 35.46 NM 37.42 25.00 14.7 2.16 2.26 A 2.42 Dec 2,915 2.7 MR Heartland Financial USA, Inc. HTLF Q 2 AG 26.12 32.00 30.99 22.40 11.9 2.73 2.10 A 2.20 Dec 439 1.5 DC Heritage Commerce Corp HTBK Q 2 HR 8.00 8.50 8.50 6.32 22.2 0.27 0.36 0.42 Dec 210 1.5 DAW Heritage Financial Corporation HFWA Q 2 AG 17.51 19.00 18.64 13.25 21.4 0.87 0.82 1.15 Dec 264 1.8 DAW Heritage Oaks Bancorp HEOP Q 2 HR 7.64 8.00 8.10 5.35 17.8 0.44 0.43 0.49 Dec 193 0.0 DAW Hilltop Holdings Inc. HTH N 1 HR 23.99 27.00 25.61 12.34 17.6 (0.10) 1.36 1.60 Dec 2,015 0.0 MR Home BancShares, Inc. HOMB Q 3 G 32.47 NM 38.98 16.68 17.8 1.13 1.35 A 1.82 Dec 2,114 0.9 MR HopFed Bancorp, Inc. HFBC Q 3 AG 11.28 NM 11.75 9.00 32.2 0.38 0.35 0.40 Dec 85 1.4 DC Horizon Bancorp HBNC Q 2 HR 23.01 24.00 26.71 18.60 11.5 2.30 2.17 A 2.00 Dec 198 1.9 DC Hudson City Bancorp HCBK Q 3 HR 9.04 NM 9.79 7.67 26.6 0.51 0.34 0.25 Dec 4,505 1.8 AP Hudson Valley Holding Corp. HVB N 3 AG 18.36 NM 21.36 13.23 26.2 1.01 0.70 0.80 Dec 365 1.3 AP Huntington Bancshares Inc. HBAN Q 1 AG 9.35 11.00 9.91 6.75 12.5 0.67 0.71 A 0.75 Dec 7,770 2.1 DJL IBERIABANK Corporation IBKC Q 2 AG 62.63 70.00 64.19 44.91 16.6 2.68 2.92 A 3.78 Dec 1,866 2.2 MR JPMorgan Chase & Co. JPM N 1 TR 55.74 72.00 59.82 46.05 9.0 5.20 4.34 A 6.20 Dec 209,973 2.7 AP KeyCorp KEY N 3 AG 12.96 NM 14.14 9.14 13.2 0.88 1.02 A 0.98 Dec 11,543 1.7 DJL Lakeland Bancorp LBAI Q 1 TR 11.51 13.50 12.70 9.02 14.8 0.76 0.78 0.84 Dec 411 2.6 AP Lakeland Financial Corporation LKFN Q 1 G 37.98 42.00 39.32 23.92 14.8 2.21 2.33 A 2.56 Dec 615 2.0 DC M&T Bank Corp. MTB N 3 TR 111.25 NM 119.54 95.68 14.4 7.84 8.07 A 7.70 Dec 14,518 2.5 AP MainSource Financial Group, Inc. MSFG Q 3 AG 15.95 NM 18.44 12.02 12.1 1.28 1.32 1.35 Dec 324 2.0 DC MB Financial, Inc. MBFI Q 3 AG 28.87 NM 32.85 20.53 15.2 1.80 1.80 A 1.90 Dec 1,585 1.7 DJL Mercantile Bank Corporation MBWM Q 3 HR 20.58 NM 22.52 16.03 12.9 1.30 2.04 A 1.59 Dec 179 2.3 DC Meta Financial Group, Inc. CASH Q 1 AG 40.50 43.00 42.18 22.69 12.9 2.61 2.08 A 3.15 Sep 223 1.3 DC MidSouth Bancorp, Inc. MSL N 2 AG 16.38 17.00 18.17 14.01 14.8 0.85 1.11 1.15 Dec 185 2.0 WW MidWestOne Financial Group, Inc. MOFG Q 3 AG 23.59 NM 29.30 22.13 11.5 1.96 2.17 A 2.05 Dec 201 2.1 DC MutualFirst Financial Inc. MFSF Q 3 AG 18.24 NM 20.99 11.93 18.2 0.68 1.00 1.14 Dec 130 1.3 DC National Penn Bancshares NPBC Q 2 TR 10.78 12.00 11.63 9.35 15.4 0.65 0.67 A 0.70 Dec 1,574 3.7 AP New York Community Bancorp NYCB N 1 TR 16.72 18.50 17.39 12.90 16.1 1.13 1.04 1.05 Dec 7,347 6.0 AP NewBridge Bancorp NBBC Q 2 HR 6.92 8.00 9.17 5.21 17.3 (1.25) 0.40 0.52 Dec 197 0.0 WW Northern Trust Corporation NTRS Q 2 G 60.76 67.00 63.00 51.18 18.1 2.82 2.99 A 3.36 Dec 14,418 2.0 DJL Old National Bancorp ONB Q 3 AG 14.21 NM 15.80 11.68 14.2 0.92 1.00 1.09 Dec 1,431 2.8 DJL Oritani Financial Corp. ORIT Q 2 TR 15.66 18.50 16.90 14.49 17.0 NA 0.90 A 0.92 Jun 716 4.5 AP Pacific Continental Corporation PCBK Q 2 G 14.74 16.00 16.28 9.86 16.4 0.69 0.76 A 0.90 Dec 264 2.7 DAW


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Financial Services - USA Banking Pacific Premier Bancorp, Inc. PPBI Q 2 AG 15.93 18.00 16.67 10.61 12.3 1.44 0.54 A 1.30 Dec 218 0.0 DAW Park Sterling Corporation PSTB Q 2 HR 6.78 7.00 7.28 5.16 18.3 0.21 0.37 0.39 Dec 300 1.2 WW Parke Bancorp PKBK Q 2 AG 10.28 13.00 10.50 5.96 8.4 1.06 1.19 A 1.22 Dec 62 0.0 AP People`s United Financial PBCT Q 2 TR 14.60 16.00 15.70 12.28 17.4 0.75 0.77 A 0.84 Dec 4,412 4.5 AP Peoples Bancorp Inc. PEBO Q 2 AG 22.79 26.00 24.00 19.30 11.9 1.98 1.93 A 1.92 Dec 239 2.5 DC Pinnacle Financial Partners, Inc. PNFP Q 3 AG 33.74 NM 35.14 20.94 17.2 1.10 1.67 A 1.96 Dec 1,188 0.9 MR PNC Financial Services Group, Inc. PNC N 2 TR 81.24 90.00 84.43 60.37 11.6 6.81 6.94 A 7.00 Dec 43,463 2.2 AP Preferred Bank PFBC Q 2 HR 21.13 24.00 21.49 14.64 13.2 1.78 1.42 A 1.60 Dec 279 0.0 DAW PrivateBancorp, Inc. PVTB Q 1 AG 28.94 33.00 30.69 16.94 17.2 0.93 1.60 A 1.68 Dec 2,249 0.1 DJL Prosperity Bancshares, Inc. PB N 3 G 64.43 NM 66.90 44.33 15.2 3.34 3.69 A 4.25 Dec 4,252 1.5 MR Provident Financial Holdings, Inc. PROV Q 3 HR 14.55 NM 18.62 14.12 22.4 0.96 2.38 A 0.65 Jun 154 2.7 DAW Provident Financial Services, Inc. PFS N 2 TR 18.25 20.00 19.93 14.41 14.5 1.15 1.26 1.25 Dec 1,044 3.3 AP Pulaski Financial Corp. PULB Q 3 AG 11.28 NM 11.74 9.52 10.3 0.74 0.74 A 1.09 Sep 124 3.4 DC QCR Holdings, Inc. QCRH Q 2 AG 17.11 19.00 18.20 13.18 9.2 1.75 1.86 1.72 Dec 84 0.5 DC Regions Financial Corporation RF N 1 HR 10.53 12.50 11.08 7.42 12.0 0.76 0.78 A 0.88 Dec 14,510 1.1 MR Renasant Corp. RNST Q 3 TR 29.59 NM 32.04 18.62 17.2 1.06 1.38 A 1.72 Dec 929 2.3 MR Republic Bancorp, Inc. RBCAA Q 3 HR 23.11 NM 28.23 20.40 15.9 4.07 1.21 A 1.45 Dec 485 3.0 DC Riverview Bancorp, Inc. RVSB Q 3 HR 3.15 NM 3.25 2.00 24.2 (1.42) 0.12 A 0.13 Mar 71 0.0 DAW S.Y. Bancorp Inc. SYBT Q 3 AG 29.60 NM 33.84 21.27 13.8 1.85 1.99 A 2.15 Dec 408 2.8 DC Sandy Spring Bancorp, Inc. SASR Q 3 AG 25.86 NM 29.45 18.66 16.7 1.54 1.77 A 1.55 Dec 647 2.8 WW Seacoast Banking Corporation of Florida SBCF Q 3 HR 11.83 NM 12.51 8.30 4.8 (0.20) 2.44 0.52 Dec 225 0.0 MR Sierra Bancorp BSRR Q 3 HR 16.92 NM 19.89 12.01 16.1 0.58 0.94 A 1.05 Dec 239 1.9 DAW Signature Bank SBNY Q 2 AG 122.32 132.00 129.83 70.58 22.2 3.88 4.74 A 5.52 Dec 5,896 0.0 AP Simmons First National Corporation SFNC Q 2 TR 36.10 40.00 38.54 23.16 16.1 1.58 1.62 A 2.24 Dec 585 2.3 MR Southwest Bancorp, Inc. OKSB Q 3 HR 17.89 NM 18.77 11.82 21.6 0.61 0.90 A 0.83 Dec 352 0.9 DC State Street Corporation STT N 3 G 68.88 NM 76.24 54.57 13.7 3.95 4.52 A 5.02 Dec 29,901 1.5 DJL SunTrust Banks, Inc. STI N 3 AG 38.04 NM 40.21 26.93 12.7 3.59 2.41 A 3.00 Dec 20,393 1.1 MR Susquehanna Bancshares SUSQ Q 4 NM 11.31 NM 14.35 11.18 13.5 0.86 0.90 A 0.84 Dec 2,127 2.8 AP SVB Financial Group SIVB Q 2 AG 112.11 129.00 121.92 62.92 21.9 3.79 4.70 A 5.12 Dec 5,135 0.0 DJL Synovus Financial Corp. SNV N 3 HR 3.47 NM 3.79 2.44 17.4 0.85 0.13 A 0.20 Dec 3,374 1.2 MR Taylor Capital Group, Inc. TAYC Q 3 AG 22.79 NM 27.00 12.97 15.1 1.86 1.56 A 1.51 Dec 656 0.0 DC TCF Financial Corporation TCB N 4 NM 16.45 NM 17.12 12.89 19.4 0.39 0.85 1.05 Dec 2,711 1.2 DJL Teche Holding Company TSH M 3 AG 71.50 NM 73.11 38.36 20.1 3.40 3.50 A 3.55 Sep 143 2.1 WW Territorial Bancorp Inc. TBNK Q 3 G 22.64 NM 24.38 21.05 15.5 1.45 1.46 1.40 Dec 245 2.5 DAW


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Financial Services - USA Banking Texas Capital Bancshares, Inc. TCBI Q 1 AG 59.95 74.00 63.99 36.75 17.7 3.07 2.87 A 3.38 Dec 2,458 0.0 MR Timberland Bancorp, Inc. TSBK Q 2 HR 11.00 10.50 11.11 7.36 13.8 0.52 0.58 A 0.80 Sep 77 1.1 DAW TriCo Bancshares TCBK Q 2 HR 26.65 29.00 29.30 15.64 15.1 1.18 1.77 1.60 Dec 426 1.7 DAW Trustmark Corporation TRMK Q 3 TR 25.58 NM 28.88 22.45 13.5 1.77 1.90 1.78 Dec 1,719 3.6 MR U.S. Bancorp USB N 1 AG 40.54 47.00 41.86 31.99 12.9 2.90 3.00 A 3.15 Dec 73,986 2.3 DJL UMB Financial Corporation UMBF Q 3 AG 64.59 NM 68.27 43.56 21.5 2.58 3.01 3.08 Dec 2,881 1.4 DJL Umpqua Holdings Corp. UMPQ Q 2 AG 18.11 23.00 19.65 11.45 17.1 0.93 0.93 A 1.06 Dec 2,028 3.3 DJL Union First Market Bankshares Corporation UBSH Q 2 AG 23.85 27.00 26.29 17.00 13.6 1.38 1.47 A 1.75 Dec 596 2.3 WW United Bankshares, Inc. UBSI Q 2 G 29.89 34.00 32.71 24.46 17.2 1.78 1.74 1.90 Dec 1,506 4.3 WW United Community Banks, Inc. UCBI Q 1 HR 17.26 21.00 19.35 10.15 15.4 0.44 4.44 A 1.12 Dec 1,025 0.0 MR Valley National Bancorp VLY N 4 NM 9.95 NM 10.73 8.75 15.8 0.77 0.63 0.62 Dec 1,980 4.4 AP VantageSouth Bancshares, Inc. VSB M 1 HR 5.88 6.50 5.98 3.77 34.6 0.06 0.17 0.32 Dec 270 0.0 WW ViewPoint Financial Group VPFG Q 2 G 25.26 26.00 27.89 17.88 29.4 1.10 0.86 1.17 Dec 1,009 1.9 MR Virginia Commerce Bancorp, Inc. VCBI Q 3 AG 16.22 NM 17.88 11.86 19.3 0.58 0.84 UR Dec 524 0.0 WW Washington Federal, Inc. WAFD Q 3 AG 22.58 NM 24.35 15.79 14.7 1.29 1.45 A 1.54 Sep 2,310 1.8 DJL Webster Financial Corp. WBS N 2 TR 30.66 34.00 32.67 21.82 15.2 1.89 1.97 A 2.02 Dec 2,778 2.0 AP Wells Fargo & Co. WFC N 1 G 45.96 52.00 46.84 34.52 11.3 3.36 3.89 A 4.05 Dec 246,281 2.6 AP WesBanco, Inc. WSBC Q 3 G 29.36 NM 32.58 22.58 13.2 1.87 2.23 2.20 Dec 863 2.7 WW West Bancorporation, Inc. WTBA Q 3 HR 14.76 NM 16.64 10.10 13.4 0.92 1.02 A 1.10 Dec 257 3.0 DC Wilshire Bancorp, Inc. WIBC Q 2 HR 10.33 11.00 11.24 5.82 15.9 1.31 0.65 0.78 Dec 737 1.2 DAW Wintrust Financial Corporation WTFC Q 1 AG 45.49 54.00 48.06 34.63 16.4 2.20 2.77 A 2.78 Dec 2,097 0.4 DJL Yadkin Financial Corporation YDKN Q 2 HR 18.93 NM 19.30 9.60 16.8 (3.81) 1.13 1.30 Dec 273 0.0 WW Zions Bancorporation ZION Q 2 AG 29.76 32.00 32.29 22.62 16.0 1.77 1.79 A 1.86 Dec 5,497 0.5 DJL


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Financial Services - USA Capital Markets BGC Partners, Inc. BGCP Q 2 AG 6.42 7.00 6.67 3.62 13.7 0.58 0.47 0.60 Dec 2,280 7.5 PO CBOE Holdings, Inc. CBOE Q 3 G 50.19 NM 54.79 33.37 25.2 1.69 1.99 2.30 Dec 4,397 1.4 PO The Charles Schwab Corporation SCHW N 4 NM 25.20 NM 27.11 15.96 26.5 0.69 0.78 A 0.95 Dec 32,861 1.0 PO CME Group Inc. CME Q 3 G 73.20 NM 84.71 56.39 23.8 3.03 3.07 3.65 Dec 24,500 2.4 PO E*TRADE FINANCIAL Corporation ETFC Q 3 HR 20.37 NM 21.60 9.52 24.0 (0.39) 0.29 A 0.85 Dec 5,960 0.0 PO FactSet Research Systems Inc. FDS N 4 NM 104.84 NM 119.08 88.67 21.0 NA 4.59 A 5.00 Aug 4,507 1.3 PO FXCM Inc. FXCM N 2 HR 16.35 19.00 19.97 11.79 21.8 0.58 0.75 0.80 Dec 1,249 1.5 PO GAIN Capital Holdings, Inc. GCAP N 2 HR 8.96 14.00 14.62 3.97 11.2 0.14 0.80 0.90 Dec 356 2.2 PO GFI Group, Inc. GFIG N 3 AG 4.09 NM 4.58 3.16 34.1 0.07 0.12 0.20 Dec 525 4.9 PO IntercontinentalExchange Group ICE N 2 AG 206.90 235.00 229.50 134.87 26.3 7.60 7.88 11.65 Dec 15,207 1.3 PO Investment Technology Group, Inc. ITG N 3 HR 17.57 NM 20.87 9.63 19.5 0.21 0.90 1.05 Dec 664 0.0 PO KCG Holdings, Inc. KCG N 2 HR 11.42 13.00 13.29 8.11 10.2 (6.05) 1.12 0.85 Dec 1,311 0.0 PO Lazard Ltd LAZ N 1 AG 43.63 54.00 48.70 30.63 23.5 1.44 1.86 2.70 Dec 5,631 2.3 PO MarketAxess Holdings Inc. MKTX Q 3 G 61.54 NM 71.62 35.89 33.8 1.63 1.82 2.15 Dec 2,339 0.8 PO McGraw Hill Financial Inc. MHFI N 2 HR 75.17 84.00 78.81 42.07 22.7 2.75 3.31 3.80 Dec 20,356 1.5 PO Moody's Corporation MCO N 2 G 74.70 82.00 79.15 40.67 20.9 2.99 3.58 3.95 Dec 16,070 1.5 PO MSCI Inc. MSCI N 3 HR 42.34 NM 45.42 31.63 19.0 1.94 2.23 2.50 Dec 5,120 0.0 PO The NASDAQ OMX Group, Inc. NDAQ Q 1 AG 37.65 46.00 40.74 27.40 14.4 2.50 2.62 3.20 Dec 6,480 1.4 PO Stifel Financial Corp. SF N 2 AG 46.57 50.00 50.50 30.85 19.2 2.31 2.42 3.05 Dec 3,451 0.0 PO TD Ameritrade Holding Corporation AMTD N 2 AG 31.67 35.00 35.16 18.66 22.1 1.06 1.22 A 1.43 Sep 17,577 1.5 PO


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Financial Services - USA Insurance Life and Health Insurance Aflac, Inc. AFL N 3 G 62.45 NM 67.62 48.17 10.2 6.60 6.15 6.18 Dec 29,083 2.4 SDS American Equity Investment Life Holding Company AEL N 3 AG 22.28 NM 26.46 13.23 10.0 1.70 2.22 2.20 Dec 1,457 0.8 SDS Assurant, Inc. AIZ N 3 AG 65.53 NM 68.95 37.87 10.8 5.27 6.07 6.70 Dec 4,882 1.5 SDS FBL Financial Group FFG N 3 AG 38.99 NM 46.82 34.00 10.2 2.96 3.83 3.85 Dec 963 1.5 SDS Genworth Financial GNW N 3 HR 15.21 NM 16.75 8.08 13.7 0.72 1.11 1.45 Dec 7,517 0.0 SDS Health Insurance Innovations, Inc. HIIQ Q 1 AG 11.40 16.50 15.86 8.39 35.6 0.22 0.32 0.66 Dec 158 0.0 SDS ING U.S., Inc. VOYA N 2 AG 33.90 38.00 37.19 19.20 10.8 2.59 3.14 2.77 Dec 8,841 0.1 SDS Kemper Corp KMPR N 3 TR 37.19 NM 41.31 30.04 14.9 0.91 2.49 2.50 Dec 2,083 2.6 SDS Lincoln National Corp. LNC N 2 AG 47.82 59.00 52.55 27.82 9.7 4.46 4.91 5.43 Dec 12,543 1.3 SDS MetLife, Inc. MET N 3 AG 49.63 NM 54.70 33.89 9.0 5.28 5.49 5.48 Dec 54,424 2.2 SDS Primerica, Inc. PRI N 1 AG 42.71 51.00 45.61 30.81 14.6 2.72 2.93 3.45 Dec 2,336 1.0 SDS Principal Financial Group Inc. PFG N 3 AG 44.30 NM 50.97 30.13 12.4 2.69 3.58 3.86 Dec 13,020 2.3 SDS Protective Life Corporation PL N 3 AG 49.29 NM 53.08 31.02 12.5 3.75 3.95 4.75 Dec 3,874 1.6 SDS Prudential Financial, Inc. PRU N 1 AG 84.46 106.00 92.68 53.70 8.7 6.28 9.70 9.25 Dec 39,180 2.5 SDS Reinsurance Group of America, Inc. RGA N 3 G 73.51 NM 77.58 55.77 16.6 6.96 4.44 7.86 Dec 5,182 1.0 SDS StanCorp Financial Group SFG N 3 AG 63.65 NM 69.11 37.96 12.6 3.25 5.06 5.35 Dec 2,801 1.7 SDS Symetra Financial Corp. SYA N 3 AG 18.58 NM 19.91 12.35 12.1 1.34 1.54 1.65 Dec 2,189 1.9 SDS Torchmark Corporation TMK N 4 NM 74.64 NM 79.42 54.50 13.1 5.18 5.68 6.23 Dec 6,777 0.9 SDS Unum Group UNM N 3 G 32.31 NM 35.40 22.94 9.8 3.15 3.29 3.50 Dec 8,436 1.8 SDS

Non-Life Insurance ACE Limited ACE N 2 AG 94.57 103.00 104.07 82.94 10.5 7.65 9.00 8.50 Dec 32,160 2.7 CGP Allstate Corporation ALL N 1 TR 51.77 62.00 54.84 43.40 9.8 4.36 5.30 5.20 Dec 24,363 1.9 CGP American Financial Group, Inc. AFG N 2 AG 54.97 60.00 58.44 42.40 13.4 3.27 4.10 4.60 Dec 4,881 1.6 CGP Argo Group International Holdings, Ltd. AGII Q 2 AG 45.82 50.00 48.75 28.64 15.0 1.33 3.05 3.25 Dec 1,228 1.3 CGP AXIS Capital Holdings Limited AXS N 2 AG 45.11 50.00 49.75 37.24 8.4 3.41 5.38 5.10 Dec 5,037 2.4 CGP Blue Capital Reinsurance Holdings Ltd. BCRH N 2 HR 17.09 20.00 21.02 16.78 NM NA (0.11) 1.60 Dec 150 0.0 CGP Chubb Corporation CB N 2 TR 86.95 96.00 97.79 80.25 10.9 5.23 8.00 7.35 Dec 22,216 2.0 CGP Federated National Holding Company FNHC Q 2 HR 13.17 16.00 15.10 5.31 12.5 0.46 1.05 1.20 Dec 106 0.9 CGP Hallmark Financial Services Inc HALL Q 3 AG 8.86 NM 10.03 8.03 NM 0.12 0.05 0.25 Dec 171 0.0 CGP HCC Insurance Holdings HCC N 3 G 43.27 NM 46.38 38.37 11.5 3.67 3.75 3.65 Dec 4,288 2.1 CGP Infinity Property and Casualty Corporation IPCC Q 2 AG 72.82 74.00 75.66 54.32 29.1 0.78 2.50 3.40 Dec 837 1.6 CGP Meadowbrook Insurance Group MIG N 3 G 6.29 NM 8.90 5.86 89.9 (0.57) 0.07 0.40 Dec 314 1.3 CGP Mercury General Corporation MCY N 4 NM 46.46 NM 51.00 36.03 19.7 1.34 2.36 2.40 Dec 2,555 5.3 CGP National Interstate Corporation NATL Q 4 NM 23.15 NM 36.36 21.33 36.2 1.53 0.64 1.60 Dec 455 1.9 CGP Old Republic International Corp. ORI N 2 TR 15.69 18.00 17.45 11.25 16.5 (0.39) 1.25 A 0.95 Dec 4,037 4.6 CGP ProAssurance Corp. PRA N 2 AG 46.30 55.00 55.44 42.29 12.3 4.16 3.75 3.70 Dec 2,861 2.6 CGP Progressive Corporation PGR N 3 AG 23.46 NM 28.54 22.33 14.2 1.15 1.59 A 1.65 Dec 14,132 0.0 CGP Selective Insurance Group, Inc. SIGI Q 3 TR 24.42 NM 28.31 19.58 14.8 0.58 1.65 1.65 Dec 1,382 2.1 CGP The Travelers Companies, Inc. TRV N 2 TR 83.10 95.00 91.68 77.09 10.4 6.21 9.45 A 8.00 Dec 29,376 2.4 CGP United Insurance Holdings Corp. UIHC Q 2 HR 13.12 15.00 14.48 4.77 12.1 0.81 1.08 1.15 Dec 213 0.9 CGP


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Financial Services - USA Services & Insurance Brokerage Aon plc AON N 3 AG 80.08 NM 84.63 54.65 16.7 4.21 4.80 5.15 Dec 24,625 0.9 CGP Arthur J. Gallagher & Co. AJG N 2 TR 47.44 51.00 49.46 35.69 22.2 1.77 2.14 2.40 Dec 6,058 3.0 CGP Brown & Brown, Inc. BRO N 2 AG 31.95 36.00 35.13 27.18 21.3 1.26 1.50 1.80 Dec 4,646 1.3 CGP Crawford & Company CRD.B N 3 HR 8.63 NM 11.30 5.62 9.6 1.07 0.90 0.90 Dec 472 1.9 CGP Marsh and McLennan Companies, Inc. MMC N 2 AG 45.92 51.00 48.83 34.43 18.5 2.15 2.48 2.70 Dec 25,210 2.2 CGP Solera Holdings, Inc. SLH N 2 G 68.51 75.00 71.15 50.39 26.0 2.71 2.73 A 2.63 Jun 4,713 1.0 CGP Towers Watson & Co. TW N 2 AG 120.19 140.00 131.73 59.91 21.3 5.18 5.57 A 5.65 Jun 8,497 0.5 CGP Verisk Analytics Inc. VRSK Q 2 AG 63.86 69.00 69.09 53.50 28.5 2.10 2.24 2.45 Dec 10,984 0.0 CGP

Specialty Finance Investment Companies Apollo Investment Corp. (ni) AINV Q 3 HR 8.71 NM 9.09 7.28 10.1 0.88 0.82 A 0.86 Mar 1,957 9.2 RD Ares Capital Corp. (ni) ARCC Q 3 HR 17.74 NM 18.67 16.15 10.9 1.52 1.63 1.56 Dec 4,765 8.6 RD Compass Diversified Holdings (y) CODI N 2 HR 18.20 19.50 19.84 15.02 11.8 1.61 1.54 1.30 Dec 879 7.9 RD Fidus Investment Corporation (ni) FDUS Q 1 HR 21.11 22.00 22.50 15.87 15.4 1.54 1.37 1.80 Dec 289 7.2 RD Fifth Street Finance Corporation (ni) FSC Q 2 HR 9.32 10.00 11.13 8.94 9.3 1.11 1.04 A 1.00 Sep 990 10.7 RD Hercules Technology Growth Capital Inc. (ni) HTGC N 3 HR 15.86 NM 17.25 11.57 13.0 0.96 1.22 1.22 Dec 979 7.8 RD Horizon Technology Finance Corporation (ni) HRZN Q 4 NM 14.44 NM 15.74 12.77 10.3 1.41 1.40 1.47 Dec 139 9.6 RD Main Street Capital Corp (ni) MAIN N 3 HR 33.96 NM 35.72 25.52 16.8 2.01 2.02 2.22 Dec 1,348 5.8 RD NGP Capital Resources Company (ni) NGPC Q 3 HR 7.48 NM 7.79 6.00 11.5 0.55 0.65 0.66 Dec 153 8.6 RD Prospect Capital Corporation (ni) PSEC Q 3 HR 11.06 NM 11.62 10.05 9.1 1.63 1.60 A 1.22 Jun 2,853 11.9 RD Stellus Capital Investment Corporation (ni) SCM N 2 HR 14.85 15.50 15.62 14.10 11.3 0.11 1.32 1.40 Dec 178 9.2 RD TCP Capital Corp. (ni) TCPC Q 2 HR 17.23 17.50 17.70 14.66 10.8 2.00 1.60 1.59 Dec 534 8.4 RD Triangle Capital Corporation (ni) TCAP N 3 HR 27.16 NM 30.70 25.47 12.2 2.16 2.23 2.27 Dec 741 8.0 RD

Specialty Consumer Finance Credit Acceptance Corp. CACC Q 3 AG 129.12 NM 143.23 95.71 12.3 8.58 10.50 11.40 Dec 2,971 0.0 RD Encore Capital Group Inc. ECPG Q 2 AG 47.74 49.00 51.95 26.84 13.0 2.70 3.67 4.23 Dec 1,213 0.0 RD Portfolio Recovery Associates Inc. PRAA Q 3 AG 50.30 NM 63.96 35.07 14.8 2.46 3.39 3.66 Dec 2,502 0.0 RD


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Financial Services - EUR Raphael Caruso [email protected]

Insurance Generalist Insurers AEGON AEGN.AS AMS 2 €6.58 7.40 6.99 4.23 19.3 0.68 0.34 0.84 Dec 13,840 3.5 RC Allianz ALVG.DE ETR 3 €126.10 NM 134.40 100.25 9.4 11.56 13.47 13.47 Dec 57,085 4.4 RC Axa AXAF.PA EPA 1 €19.47 22.70 20.64 12.72 9.2 1.81 2.12 2.27 Dec 45,721 4.1 RC Generali GASI.MI BIT 3 €16.45 NM 17.70 11.79 12.4 0.06 1.33 1.43 Dec 25,415 3.2 RC MAPFRE MAP.MC MCE 3 €3.11 NM 3.46 2.10 10.4 0.22 0.30 0.34 Dec 9,568 3.9 RC RSA RSA.L L 4 101p 90 137 78 21.5 9.40 4.70 9.70 Dec £3,609 4.2 RC Vienna Insurance VIGR.VI WBAG 4 €36.69 34.50 42.81 34.21 15.6 3.17 2.35 3.62 Dec 4,696 3.3 RC Zurich Insurance ZURN.VX SWF 3 CHF264.00 NM 275.10 225.60 11.2 24.79 23.50 25.59 Dec 38,713 6.4 RC

Reinsurers Hannover Re HNRGn.DE ETR 3 €59.42 NM 64.85 51.75 8.5 7.12 6.96 6.65 Dec 7,166 4.4 RC Munich Re MUVGn.DE ETR 3 €152.00 NM 162.70 132.30 10.0 17.98 15.18 15.76 Dec 27,182 4.6 RC Scor SCOR.PA EPA 2 €23.97 28.00 26.60 20.85 8.3 2.27 2.88 2.63 Dec 4,610 5.4 RC

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

Francisco Pereyra [email protected]

Latin American Banking Banco Macro S.A. BMA N 2 G US$19.40 18.30 32.85 13.53 3.3 5.51 5.89 6.16 Dec US$1,154 0.0 FRM,SR BBVA Banco Frances BFR N 3 G US$6.62 NM 9.37 3.53 3.9 1.53 1.71 1.73 Dec US$1,184 0.0 FRM,SR Grupo Financiero Galicia GGAL Q 3 G US$8.51 NM 13.05 4.96 3.5 2.36 2.40 2.36 Dec US$1,056 0.0 FRM,SR


Healthcare

USA

Alternate Site Healthcare Providers ........................... 49

Animal Health ............................................................. 49

Benefits Management ................................................ 49

Health Benefits Management ................................. 49

Human Resource/Benefits Services ......................... 49

Pharmacy Benefits Management ............................ 49

Clinical Laboratories ................................................... 50

Death Care .................................................................. 50

Diagnostics.................................................................. 50

Drug Distributors ........................................................ 50

Drug Stores ................................................................. 50

Hospital Supplies & Equipment .................................. 50

Hospitals ..................................................................... 51

Medical Devices .......................................................... 51


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

Jayson Bedford [email protected] Lawrence Keusch [email protected]

Nicholas Jansen [email protected]

Alternate Site Healthcare Providers Acadia Healthcare Co. ACHC Q 2 AG 51.44 52.00 53.87 24.93 48.5 0.66 1.06 1.40 Dec 2,574 0.0 JWR,NJ Amedisys AMED Q 4 NM 15.41 NM 18.70 8.81 51.4 1.10 0.30 0.12 Dec 485 0.0 JWR,NJ AmSurg Corporation AMSG Q 3 AG 43.19 NM 48.71 29.02 19.6 1.98 2.20 2.55 Dec 1,382 0.0 JWR,NJ Capital Senior Living Corp. CSU N 1 AG 22.10 28.00 27.90 19.87 21.9 1.21 1.01 1.44 Dec 606 0.0 JWR,NJ DaVita HealthCare Partners Inc. DVA N 2 AG 64.32 75.00 66.76 52.75 16.9 3.12 3.81 3.59 Dec 13,822 0.0 JWR,NJ Gentiva Health Services GTIV Q 4 NM 12.38 NM 13.85 8.47 13.8 1.26 0.90 1.10 Dec 389 0.0 JWR,NJ HealthSouth Corporation HLS N 3 AG 31.18 NM 37.01 22.38 16.3 1.68 1.91 1.99 Dec 2,688 2.3 JWR,NJ LCA-Vision, Inc. LCAV Q 3 HR 4.05 NM 4.93 2.78 NM (0.24) (0.06) 0.07 Dec 78 0.0 JWR,NJ MEDNAX, Inc. MD N 2 AG 53.74 60.00 56.45 41.83 19.5 2.42 2.75 3.05 Dec 5,401 0.0 JWR,NJ

Animal Health Abaxis, Inc. ABAX Q 3 AG 41.07 NM 51.84 32.11 54.8 0.58 0.83 A 0.75 Mar 928 0.0 NJ Heska Corporation HSKA Q 2 AG 8.97 7.50 9.37 5.16 NM 0.22 (0.42) 0.04 Dec 52 0.0 NJ IDEXX Laboratories Inc IDXX Q 2 AG 113.11 113.00 115.00 81.57 32.6 3.17 3.47 3.85 Dec 6,017 0.0 NJ VCA Antech, Inc. WOOF Q 2 AG 32.23 36.00 33.65 20.89 19.1 1.52 1.69 1.87 Dec 2,894 0.0 NJ

Benefits Management Health Benefits Management Aetna AET N 3 HR 68.93 NM 72.16 46.05 11.0 5.39 6.25 6.35 Dec 25,332 1.3 MJB Centene CNC N 3 AG 60.30 NM 67.84 41.64 21.3 0.93 2.83 3.42 Dec 3,303 0.0 MJB CIGNA Corporation CI N 3 HR 85.94 NM 90.63 55.97 12.5 6.08 6.90 7.25 Dec 23,848 0.0 MJB Humana HUM N 2 G 96.02 107.00 105.80 65.88 10.9 7.65 8.77 7.68 Dec 14,971 1.1 MJB Magellan Health Services MGLN Q 3 AG 60.14 NM 62.00 46.00 12.6 4.17 4.76 2.60 Dec 1,666 0.0 MJB Molina Healthcare MOH N 3 AG 35.98 NM 40.90 28.21 31.0 0.21 1.16 2.10 Dec 1,646 0.0 MJB UnitedHealth Group UNH N 1 G 71.71 87.00 77.33 52.51 12.7 5.28 5.50 A 5.65 Dec 77,662 1.6 MJB Universal American Corp. UAM N 4 NM 7.09 NM 11.13 6.85 88.6 0.69 0.08 0.30 Dec 630 0.0 MJB WellCare Health Plans WCG N 2 HR 65.76 73.00 75.31 50.05 14.1 4.92 4.65 5.22 Dec 2,828 0.0 MJB WellPoint WLP N 3 G 84.30 NM 94.36 60.41 9.9 7.56 8.53 8.30 Dec 31,975 1.8 MJB

Human Resource/Benefits Services Automatic Data Processing ADP Q 2 G 77.03 78.00 83.82 59.26 24.2 2.72 2.89 A 3.18 Jun 38,615 2.5 MJB Insperity NSP N 3 AG 32.95 NM 39.69 26.44 23.9 1.67 1.38 1.71 Dec 844 2.1 MJB Paychex PAYX Q 3 G 42.29 NM 45.95 31.95 24.7 1.51 1.60 A 1.71 May 15,339 3.3 MJB

Pharmacy Benefits Management Catamaran CTRX Q 2 AG 49.45 53.00 58.73 43.49 25.0 1.19 1.98 2.33 Dec 10,137 0.0 MJB Express Scripts ESRX Q 2 AG 74.26 72.00 75.13 53.27 17.2 3.74 4.32 4.85 Dec 59,839 0.0 MJB


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Healthcare - USA Clinical Laboratories Laboratory Corporation of America Holdings LH N 4 NM 90.30 NM 108.00 87.01 12.9 6.82 6.98 6.75 Dec 7,928 0.0 NJ Quest Diagnostics Inc. DGX N 4 NM 53.36 NM 64.10 51.90 13.7 4.36 3.90 4.30 Dec 7,758 2.2 NJ

Death Care Carriage Services, Inc. (rf) CSV N 1 G 20.80 22.50 22.48 13.50 10.7 1.00 1.95 2.15 Dec 379 0.5 JWR,NJ Service Corporation International (rf) SCI N 1 AG 17.71 21.00 19.59 14.79 15.3 0.89 1.16 1.12 Dec 3,832 1.6 JWR,NJ StoneMor Partners L.P. (y) STON N 2 TR 25.94 30.00 28.00 21.23 7.8 2.70 3.34 3.02 Dec 555 9.3 JWR,NJ

Diagnostics Alere, Inc. ALR N 1 AG 38.00 43.00 39.90 20.70 16.2 2.25 2.35 2.65 Dec 3,110 0.0 NJ Cepheid CPHD Q 2 AG 47.50 50.00 49.97 30.95 NM (0.30) (0.24) (0.19) Dec 3,316 0.0 NJ GenMark Diagnostics, Inc. GNMK Q 2 AG 13.09 14.00 16.00 8.75 NM (0.84) (0.86) (0.96) Dec 550 0.0 NJ Genomic Health GHDX Q 4 NM 30.84 NM 38.99 26.25 NM 0.26 (0.31) (0.04) Dec 996 0.0 NJ Meridian Bioscience, Inc. VIVO Q 3 AG 24.14 NM 27.72 19.15 25.4 0.82 0.91 A 0.95 Sep 1,014 3.3 NJ OraSure Technologies, Inc. OSUR Q 2 AG 6.07 7.50 7.42 3.75 NM (0.29) (0.26) (0.38) Dec 337 0.0 NJ Quidel Corporation QDEL Q 2 AG 30.47 35.00 32.24 20.27 NM 0.15 0.27 0.45 Dec 1,036 0.0 NJ

Drug Distributors AmerisourceBergen Corp. ABC N 2 G 67.72 79.00 71.92 45.02 18.3 3.08 3.21 A 3.70 Sep 15,941 1.4 JWR,NJ Cardinal Health Inc. CAH N 2 AG 67.39 75.00 69.51 41.42 18.1 3.21 3.55 A 3.72 Jun 23,182 1.8 JWR,NJ McKesson Corporation MCK N 1 G 175.26 210.00 177.50 101.46 20.4 6.38 7.18 A 8.60 Mar 40,836 0.5 JWR,NJ

Drug Stores CVS Caremark Corporation CVS N 2 G 68.52 80.00 71.99 50.21 17.3 3.43 3.96 4.45 Dec 82,498 1.6 JWR,MJB Rite Aid Corporation RAD N 2 HR 5.55 6.50 6.15 1.52 27.8 (0.43) 0.12 A 0.20 Feb 5,488 0.0 JWR,NJ Walgreen Co. WAG N 3 G 57.02 NM 62.24 39.71 16.8 2.93 3.12 A 3.40 Aug 54,179 2.2 JWR,NJ

Hospital Supplies & Equipment Baxter International Inc. BAX N 3 G 68.50 NM 74.60 62.80 13.2 4.67 4.86 A 5.18 Dec 37,199 2.9 LK Becton, Dickinson and Company BDX N 4 NM 108.21 NM 112.71 83.63 17.5 5.37 5.81 A 6.20 Sep 20,993 2.0 LK C.R. Bard, Inc. BCR N 2 G 130.75 150.00 141.02 97.14 22.7 6.57 5.75 7.48 Dec 10,460 0.6 LK CareFusion Corporation CFN N 1 AG 39.92 48.00 41.52 30.75 16.8 1.95 2.12 A 2.37 Jun 8,483 0.0 LK The Cooper Companies, Inc. COO N 2 AG 123.72 145.00 135.41 100.14 18.1 5.16 5.95 A 6.83 Oct 5,938 0.0 LK Covidien plc COV N 1 G 68.85 80.00 70.42 54.43 17.2 3.61 3.72 A 4.00 Sep 34,425 1.9 LK Haemonetics Corporation HAE N 3 AG 39.00 NM 45.90 37.64 16.7 1.64 1.99 A 2.33 Mar 2,010 0.0 LK Hill-Rom Holdings, Inc. HRC N 3 G 36.87 NM 44.64 32.11 16.4 2.24 2.38 A 2.25 Sep 2,158 1.5 LK Intuitive Surgical, Inc. ISRG Q 3 AG 409.54 NM 585.67 351.14 27.8 15.98 16.73 A 14.75 Dec 15,603 0.0 LK Masimo Corp. MASI Q 3 AG 30.07 NM 32.20 19.03 25.9 1.07 1.16 1.23 Dec 1,700 0.0 LK Steris Corp. STE N 3 G 46.95 NM 49.92 37.19 18.9 2.22 2.34 A 2.48 Mar 2,765 1.8 LK Teleflex, Inc. TFX N 2 G 93.60 100.00 99.13 73.83 18.9 4.40 4.95 5.65 Dec 4,045 1.5 LK


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Healthcare - USA Hospitals Community Health Systems, Inc. CYH N 3 HR 41.40 NM 51.29 36.52 16.9 3.55 2.45 3.40 Dec 3,912 0.0 JWR,NJ HCA Holdings, Inc. HCA N 2 AG 49.52 59.00 51.76 34.90 14.6 3.71 3.39 3.82 Dec 22,164 0.0 JWR,NJ LifePoint Hospitals, Inc. LPNT Q 3 AG 53.03 NM 56.77 42.09 19.1 2.93 2.77 3.10 Dec 2,535 0.0 JWR,NJ Tenet Healthcare Corporation THC N 3 AG 45.80 NM 49.48 36.29 27.9 2.09 1.64 2.11 Dec 4,722 0.0 JWR,NJ Universal Health Services, Inc. UHS N 2 G 80.66 90.00 86.08 55.30 17.7 4.15 4.56 5.20 Dec 8,034 0.2 JWR,NJ

Medical Devices Abbott Laboratories ABT N 3 G 36.37 NM 39.86 32.70 16.5 1.74 2.01 A 2.21 Dec 56,992 2.4 JB Abiomed Inc. ABMD Q 3 HR 26.56 NM 30.77 12.41 NM 0.04 0.37 A 0.14 Mar 1,048 0.0 JB AngioDynamics ANGO Q 3 AG 16.67 NM 19.00 9.52 25.3 0.69 0.64 A 0.66 May 590 0.0 JB DexCom Inc. DXCM Q 2 HR 37.10 41.00 38.20 14.05 NM (0.74) (0.44) (0.14) Dec 2,649 0.0 JB Heartware International, Inc. HTWR Q 2 HR 99.59 115.00 105.84 69.31 NM (6.16) (3.02) (2.43) Dec 1,663 0.0 JB Hologic Inc. HOLX Q 3 AG 20.95 NM 23.96 18.46 15.5 1.38 1.50 A 1.35 Sep 5,738 0.0 JB Hospira, Inc. HSP N 4 NM 44.21 NM 45.24 28.71 21.2 2.01 2.09 2.17 Dec 7,383 0.0 JB ICU Medical, Inc. ICUI Q 3 AG 64.05 NM 85.00 53.01 25.4 2.80 2.52 2.66 Dec 974 0.0 JB Insulet PODD Q 2 HR 43.56 50.00 44.61 20.87 NM (1.08) (0.67) 0.01 Dec 2,375 0.0 JB Integra LifeSciences Corp. IART Q 3 AG 46.71 NM 49.90 30.87 18.2 3.06 2.56 3.18 Dec 1,317 0.0 JB Johnson & Johnson JNJ N 2 TR 90.10 102.00 95.99 73.56 15.5 5.11 5.52 A 5.80 Dec 258,767 2.9 JB Merit Medical Systems Inc. MMSI Q 1 AG 14.63 19.00 17.08 9.15 21.2 0.72 0.69 0.79 Dec 628 0.0 JB Natus Medical Inc. BABY Q 2 AG 24.09 27.00 26.47 11.40 24.8 0.64 0.97 1.14 Dec 742 0.0 JB RTI Surgical Inc. RTIX Q 3 HR 3.19 NM 5.11 2.77 NM 0.18 0.00 0.09 Dec 180 0.0 JB Thoratec Corp. THOR Q 2 AG 34.84 46.00 43.58 29.91 19.0 1.83 1.83 1.85 Dec 2,028 0.0 JB Volcano Corporation VOLC Q 3 HR 20.97 NM 26.23 16.37 NM 0.25 (0.27) 0.03 Dec 1,072 0.0 JB


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

William H. Fisher, CFA [email protected]

Specialty Distribution Beacon Roofing Supply, Inc. BECN Q 3 AG 38.71 NM 42.70 32.97 22.8 1.67 1.45 A 1.70 Sep 1,924 0.0 SD,BB Fastenal Company FAST Q 3 AG 44.41 NM 53.38 43.75 26.0 1.42 1.51 A 1.71 Dec 13,216 2.3 SD,BB HD Supply Holdings Inc. HDS Q 2 AG 21.76 25.00 25.06 17.80 40.3 (1.01) 0.54 1.38 Jan 4,178 0.0 SD,BB Houston Wire & Cable Company HWCC Q 3 AG 13.28 NM 15.07 11.38 15.4 0.96 0.86 0.98 Dec 236 3.3 SD,BB LKQ Corporation LKQ Q 2 AG 26.62 35.00 34.32 20.09 25.4 0.89 1.05 1.30 Dec 8,111 0.0 SD MRC Global MRC N 3 AG 28.49 NM 34.14 23.15 17.4 1.22 1.64 1.94 Dec 2,917 0.0 SD,BB MSC Industrial Direct MSM N 2 AG 84.45 90.00 89.36 74.87 21.1 4.14 3.94 A 4.00 Aug 5,337 1.6 SD,BB W.W. Grainger, Inc. GWW N 3 G 237.86 NM 276.38 215.09 19.0 10.43 11.52 A 12.50 Dec 16,698 1.6 SD,BB WESCO International WCC N 3 AG 85.86 NM 94.75 64.26 17.1 4.49 5.01 5.60 Dec 4,508 0.0 SD,BB

Industrial

USA Canada Europe

Specialty Distribution ................................................. 52

Waste and Industrial Services ..................................... 53

Industrial Gas ........................................................... 53

Industrial Services.................................................... 53

Waste Services ........................................................ 53

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

Diversified Income Corps. ........................................... 54

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

Asset Ownership & Management ........................... 54

Construction ............................................................ 54

Engineering ............................................................. 54

Machinery ............................................................... 54

Related Products & Services.................................... 54

Special Situations ....................................................... 55

Infrastructure & Construction ..................................... 55

Building Products ..................................................... 55

Construction Groups ................................................ 55

House Builders ......................................................... 55

Infrastructure Operators .......................................... 55


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Industrial - USA Waste and Industrial Services Industrial Gas Air Products & Chemicals, Inc. APD N 2 TR 107.79 115.00 114.75 84.04 18.7 5.40 5.50 A 5.75 Sep 22,763 2.6 WHF Airgas, Inc. ARG N 3 G 107.43 NM 113.16 92.50 22.2 NA 4.35 A 4.85 Mar 7,911 1.8 WHF Praxair, Inc. PX N 1 TR 125.70 145.00 134.23 107.69 21.2 5.57 5.92 6.67 Dec 37,001 1.9 WHF

Industrial Services Clean Harbors CLH N 3 AG 56.53 NM 64.12 48.22 28.7 2.70 1.97 2.42 Dec 3,431 0.0 WHF Harsco Corporation HSC N 3 AG 25.74 NM 28.99 20.98 33.4 1.19 0.77 1.20 Dec 2,085 3.2 WHF

Waste Services Casella Waste Systems, Inc. CWST Q 3 VR 5.26 NM 6.20 3.81 NM (0.77) (0.87) A (0.33) Apr 210 0.0 WHF Covanta Holding Corp. CVA N 2 AG 17.58 23.00 21.89 16.70 43.9 0.52 0.40 0.25 Dec 2,268 3.8 WHF Progressive Waste Solutions Ltd. BIN N 2 AG 23.21 30.00 27.18 20.07 22.3 0.97 1.04 1.18 Dec 2,674 2.3 WHF Republic Services, Inc. RSG N 3 G 32.15 NM 35.61 29.96 17.0 1.80 1.89 1.95 Dec 11,715 3.2 WHF Stericycle Inc. SRCL Q 3 AG 115.18 NM 121.61 93.74 30.9 3.30 3.73 4.13 Dec 9,870 0.0 WHF U.S. Ecology, Inc. ECOL Q 2 AG 37.02 40.00 39.77 23.45 20.3 1.39 1.82 1.50 Dec 796 1.9 WHF Waste Connections, Inc. WCN N 2 AG 40.53 48.00 46.49 33.26 24.3 1.43 1.67 1.85 Dec 5,007 1.1 WHF Waste Management, Inc. WM N 3 TR 41.44 NM 46.38 35.50 19.7 1.76 2.10 2.25 Dec 19,443 3.5 WHF

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

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

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

Chemicals Methanex MEOH Q 2 AG US$57.15 68.00 65.16 33.84 12.2 1.90 4.70 5.73 Dec US$5,458 1.4 SH


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Industrial - CAN Diversified Income Corps. Alaris Royalty Corp. AD T 3 G C$25.93 34.50 37.69 23.99 16.4 0.84 1.58 1.64 Dec C$749 5.6 TP Exchange Income Corp EIF T R TR C$22.13 R 29.11 16.75 R R R R Dec R R TP,SH Mosaic Capital Corporation M V 2 AG C$11.25 14.50 14.26 6.25 NM 17 20 30 Dec C$95 2.1 TP

Infrastructure & Construction Asset Ownership & Management Brookfield Infrastructure Partners L.P. (x) BIP N 2 TR US$36.68 44.00 41.50 34.01 10.9 2.41 3.36 3.58 Dec US$7,699 4.7 FB Brookfield Renewable Energy Partners L.P. (x) BEP N 2 TR US$26.01 30.50 31.60 24.69 12.0 1.32 2.17 2.48 Dec US$6,900 5.6 FB

Construction Aecon Group ARE T 2 AG C$15.74 18.00 16.40 10.32 18.1 1.18 0.87 1.35 Dec C$1,234 2.0 FB Bird Construction Inc. BDT T 3 AG C$13.31 12.00 14.45 11.17 36.0 1.38 0.37 1.00 Dec C$566 5.7 FB The Churchill Corp. CUQ T 2 AG C$9.89 11.00 10.76 7.00 43.0 (2.54) 0.23 0.40 Dec C$283 4.9 FB North American Energy Partners NOA T 2 HR C$6.87 7.50 6.91 3.61 NM (0.43) (0.40) 0.19 Dec C$249 NM BC

Engineering IBI Group Inc. IBG T 3 HR C$1.69 1.50 7.43 0.65 NM (0.70) (5.49) 0.30 Dec C$38 NM FB SNC-Lavalin SNC T 2 G C$46.97 50.00 49.85 39.47 NM 2.04 0.07 2.80 Dec C$7,121 2.0 FB Stantec Inc STN T 2 G C$67.76 73.00 72.34 38.30 21.2 2.64 3.20 3.65 Dec C$3,185 1.0 BC,FB WSP Global Inc. WSP T 2 TR C$32.87 33.00 33.68 20.86 23.5 1.15 1.40 1.70 Dec C$1,709 4.6 FB

Machinery Caterpillar Inc. CAT N 3 G US$92.47 94.00 99.70 79.49 17.3 8.48 5.75 A 5.34 Dec US$60,106 2.6 TP,BC Cervus Equipment Corp. CVL T 2 G C$23.72 26.00 24.49 18.50 15.0 1.58 1.58 1.85 Dec C$368 3.2 BC Finning International FTT T 2 G C$27.00 30.00 27.72 20.37 13.6 1.90 1.98 2.27 Dec C$4,652 2.3 BC Joy Global Inc. JOY N 3 G US$53.87 57.00 68.21 47.83 15.6 7.32 5.83 A 3.45 Oct US$5,710 1.3 TP,BC Ritchie Bros. Auctioneers RBA N 3 G US$22.97 22.00 23.89 18.08 26.7 0.77 0.86 0.95 Dec US$2,458 2.3 BC Rocky Mountain Dealerships Inc. RME T 3 G C$13.22 12.25 14.88 10.98 10.7 1.46 1.23 1.45 Dec C$255 3.0 BC Strongco Corp. SQP T 3 AG C$4.20 5.00 5.88 3.21 14.5 0.58 0.29 0.45 Dec C$55 NM BC Toromont Industries TIH T 3 G C$25.38 28.00 26.94 21.30 14.9 1.56 1.70 1.75 Dec C$1,959 2.0 BC Wajax Corp. WJX T 3 G C$36.81 37.50 46.24 29.38 13.1 3.89 2.80 3.10 Dec C$626 6.5 BC

Related Products & Services ADF Group Inc. DRX T 2 AG C$3.30 4.00 3.56 1.21 13.2 0.05 (0.05) A 0.25 Jan C$109 0.6 FB Armtec Infrastructure Inc. ARF T 3 HR C$1.75 2.50 2.94 1.25 NM (1.52) (0.04) 0.30 Dec C$42 NM FB Canam Group CAM T 1 AG C$13.85 15.00 14.33 6.49 19.0 0.40 0.73 1.15 Dec C$662 1.2 FB Entrec Corporation ENT V 3 HR C$1.70 1.60 1.79 1.05 10.6 0.17 0.16 0.20 Dec C$216 NM BC GLV Inc. GLV.A T 2 AG C$4.33 5.00 4.82 1.67 19.7 (0.16) 0.01 A 0.22 Mar C$191 NM FB Russel Metals RUS T 3 TR C$28.56 26.00 31.62 23.23 21.2 1.64 1.35 1.90 Dec C$1,936 4.9 FB WesternOne Inc. WEQ T 2 TR C$7.58 9.00 9.05 7.00 68.9 (0.51) 0.11 0.30 Dec C$310 7.9 FB ZCL Composites ZCL T 3 AG C$6.99 7.50 7.76 4.63 12.3 0.42 0.57 0.65 Dec C$207 1.4 BC


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Industrial - CAN Special Situations DIRTT Environmental Solutions Ltd. DRT T 1 AG C$2.66 4.50 2.97 2.30 NM (0.20) (0.11) 0.19 Dec C$179 NA DQ,DS

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Industrial - EUR Arnaud Palliez [email protected]

Infrastructure & Construction Building Products Imerys IMTP.PA EPA 3 €61.25 NM 64.79 45.31 15.2 4.13 4.04 4.25 Dec 4,602 2.6 AP Saint-Gobain SGOB.PA EPA 3 €39.38 NM 41.67 27.11 21.8 2.14 1.81 2.32 Dec 21,342 3.1 AP Tarkett TKTT.PA EPA 2 €29.36 33.00 30.80 25.60 17.2 1.32 1.71 2.04 Dec 1,870 2.7 AP Wolseley WOS.L L 4 3,315p 2900 3537 2914 17.2 20.00 162.00 A 193.00 Jul £8,801 2.3 AP

Construction Groups Eiffage FOUG.PA EPA 2 €43.88 48.00 44.99 30.51 14.6 2.57 3.01 3.55 Dec 3,825 3.1 AP Vinci SGEF.PA EPA 2 €49.36 53.00 49.50 33.25 14.4 3.57 3.42 3.66 Dec 29,553 3.6 AP

House Builders Nexity NEXI.PA EPA 2 €28.85 32.00 30.30 22.33 14.4 2.20 2.00 1.83 Dec 1,524 6.9 AP

Infrastructure Operators Abertis ABE.MC MAD 2 €16.40 17.20 17.61 11.47 20.2 1.36 0.81 0.85 Dec 13,363 4.0 AP ADP ADP.PA EPA 3 €83.36 NM 85.75 60.59 26.0 3.45 3.21 3.91 Dec 8,249 2.5 AP Ferrovial FER.MC MAD 2 €14.43 14.70 15.10 10.99 18.7 0.97 0.77 0.64 Dec 10,581 4.9 AP Fraport FRAG.DE ETR 2 €55.50 60.00 57.50 42.66 22.3 2.58 2.49 2.90 Dec 5,106 2.3 AP Groupe Eurotunnel GETP.PA EPA 3 €8.20 NM 8.42 5.08 NM 0.06 0.02 0.10 Dec 4,459 1.5 AP


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

Coal Alliance Holdings GP L.P. AHGP Q 3 TR 58.30 NM 66.27 48.66 15.2 3.58 3.83 3.95 Dec 3,490 5.4 JMR Alliance Resource Partners L.P. ARLP Q 2 TR 80.14 84.00 81.00 59.38 11.3 6.65 7.31 A 7.10 Dec 2,965 6.0 JMR Alpha Natural Resources ANR N 3 AG 5.84 NM 9.90 4.78 NM (0.94) (2.28) (2.30) Dec 1,320 0.0 JMR Arch Coal Inc. ACI N 4 NM 4.20 NM 7.56 3.47 NM (0.62) (1.38) (1.55) Dec 898 2.9 JMR Cloud Peak Energy CLD N 3 AG 18.94 NM 20.30 14.25 28.3 2.14 0.67 0.65 Dec 1,150 0.0 JMR CONSOL Energy Inc. CNX N 2 AG 37.66 50.00 39.57 26.25 NM 1.11 (0.19) 0.80 Dec 8,622 1.3 JMR James River Coal Company JRCC Q 4 NM 1.18 NM 3.50 1.10 NM (4.02) (4.89) (6.05) Dec 43 0.0 JMR Oxford Resource Partners L.P. OXF N 4 NM 1.28 NM 4.61 1.08 NM (0.92) (1.18) (1.20) Dec 27 0.0 JMR Peabody Energy Corp. BTU N 3 AG 17.32 NM 27.20 14.34 NM 2.27 (0.04) (0.25) Dec 4,673 2.0 JMR Rhino Resource Partners L.P. RNO N 2 TR 12.02 14.50 16.94 9.81 NM 1.32 0.06 0.10 Dec 333 14.8 JMR Walter Energy Inc. WLT N 3 HR 11.71 NM 40.60 9.88 NM 0.49 (3.53) (3.00) Dec 733 0.3 JMR

Mining & Natural Resources

USA Canada Europe

Coal ............................................................................. 56

Agribusiness ............................................................... 57

Fertilizers .................................................................... 57

Forest Products .......................................................... 57

Building Materials ................................................... 57

Pulp & Paper ........................................................... 57

Mining ........................................................................ 58

Base Metals & Minerals .......................................... 58

Iron Ore ................................................................... 58

Platinum Group Metals ........................................... 58

Precious Metals - Gold ............................................ 59

Precious Metals - Silver ........................................... 59

Uranium .................................................................. 60

Construction Materials ................................................ 60

Latin America

Agribusiness & Natural Resources .............................. 61

Agribusiness ............................................................. 61

Natural Resources .................................................... 61


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

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

Steve Hansen, CMA, CFA [email protected] Chris Thompson, M.Sc. (Eng), P.Geo [email protected]

Phil Russo [email protected]

Agribusiness Alliance Grain Traders Inc. AGT T 2 TR C$18.07 19.50 18.94 11.52 16.4 0.14 1.10 1.48 Dec C$363 3.3 SH Legumex Walker Inc. LWP T 1 AG C$5.45 8.75 6.20 2.75 NM (0.73) (1.17) 0.15 Dec C$89 0.0 SH

Fertilizers Agrium Inc. AGU N 2 G US$88.25 106.00 114.92 77.19 11.9 10.30 7.42 7.70 Dec US$12,796 3.4 SH Allana Potash Corporation AAA T 3 VR C$0.50 0.65 0.65 0.27 NM (0.03) (0.04) (0.03) Jul NA 0.0 SH MBAC Fertilizer Corporation MBC T 2 VR C$1.29 3.00 3.48 1.20 NM (0.25) (0.15) 0.02 Dec NA 0.0 SH Potash Corp. of Saskatchewan Inc. POT N 2 G US$32.05 37.00 44.13 28.55 15.1 2.45 2.12 1.99 Dec US$28,021 4.4 SH Western Potash Corp. WPX T 3 VR C$0.36 0.75 0.76 0.26 NM (0.12) (0.09) (0.05) Sep C$80 0.0 SH

Forest Products Building Materials Ainsworth Lumber Co. Ltd. ANS T UR HR C$4.07 3.76 4.31 2.56 18.5 0.28 0.22 0.45 Dec C$989 0.0 DS Canfor Corp. CFP T 2 HR C$27.93 32.00 28.88 17.28 18.1 0.21 1.54 2.36 Dec C$3,949 0.0 DS Conifex Timber Inc. CFF V 1 VR C$8.89 12.00 9.95 6.40 18.9 (0.88) 0.47 1.42 Dec C$224 NA DS International Forest Products Ltd. IFP.A T 1 HR C$15.45 19.00 15.71 8.51 19.8 0.07 0.78 1.72 Dec C$973 0.0 DS Norbord Inc. NBD T 3 HR C$30.19 34.00 37.93 25.10 11.2 1.51 2.70 2.61 Dec C$1,660 7.9 DS West Fraser Timber WFT T 2 HR C$57.32 65.00 59.50 37.53 13.2 1.61 4.35 5.02 Dec C$5,079 1.0 DS Western Forest Products Inc. WEF T R HR C$2.24 R 2.35 1.20 R R R R Dec R R DS

Pulp & Paper Canfor Pulp Products Inc. CFX T 2 AG C$12.30 14.00 12.49 8.02 17.8 0.15 0.69 1.18 Dec C$873 1.6 DS Domtar UFS N 2 HR US$93.85 112.00 96.78 65.01 22.3 6.45 4.21 7.94 Dec US$3,078 1.9 DS Fortress Paper FTP T 4 HR C$4.01 NM 11.00 3.53 NM (2.66) (4.30) (2.52) Dec C$59 0.0 DS Mercer International Inc. MERC Q 2 HR US$9.46 13.50 10.55 5.87 NM (0.22) (0.16) 0.57 Dec US$529 0.0 DS


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Mining & Natural Resources - CAN Mining Base Metals & Minerals Candente Copper Corp. DNT T 3 VR C$0.25 0.75 0.59 0.15 NM (0.03) (0.01) (0.02) Dec US$33 0.0 AL Capstone Mining Corp. CS T 1 HR C$3.08 4.25 3.35 1.68 30.8 0.18 0.10 0.27 Dec C$1,173 0.0 AT Copper Mountain Mining CUM T 2 AG C$1.59 3.25 3.76 1.36 NM 0.20 (0.02) 0.44 Dec US$185 0.0 AL Duluth Metals Limited DM T 2 VR C$0.96 2.50 2.35 0.73 NM (0.32) (0.35) (0.21) Dec C$121 0.0 AT First Quantum Minerals Ltd. FM T 2 HR C$20.36 25.00 21.95 14.22 24.0 1.11 0.85 0.98 Dec C$12,029 0.8 AT HudBay Minerals, Inc. HBM T R HR C$9.24 R 11.89 6.02 R R R R Dec R R AT Ivanhoe Mines Ltd. IVN T 2 VR C$1.65 3.50 5.11 1.29 NM (0.38) (0.31) (0.11) Dec C$874 0.0 AT Lumina Copper Corp. LCC V 1 HR C$5.82 17.00 9.58 3.86 NM (0.09) (0.05) (0.04) Dec US$256 0.0 AL Lundin Mining Corporation LUN T 2 HR C$5.02 6.25 5.30 3.68 21.8 0.32 0.23 0.32 Dec C$2,933 0.0 AT Mercator Minerals Limited ML T 3 HR C$0.10 0.10 0.50 0.04 NM (0.48) (0.47) (0.03) Dec US$30 0.0 AL Nevsun Resources Ltd. NSU T 2 AG C$4.13 5.50 4.47 2.77 59.0 0.73 0.07 0.62 Dec US$822 3.4 AL Taseko Mines Ltd. TKO T 2 HR C$2.33 3.00 3.40 1.88 NM (0.08) (0.08) 0.30 Dec US$449 0.0 AL Teck Resources Limited TCK.B T 3 AG C$27.73 30.00 37.59 21.11 14.8 2.88 1.87 1.81 Dec C$15,978 3.2 AT Trevali Mining Corporation TV T 2 VR C$1.00 1.40 1.10 0.49 NM (0.04) (0.03) 0.03 Dec US$279 0.0 AL

Iron Ore Alderon Iron Ore Corp. ADV T 2 HR C$1.84 2.60 1.95 0.88 NM (0.65) (0.10) (0.20) Dec US$239 0.0 AL Champion Iron Mines Ltd. CHM T 3 VR C$0.35 0.45 0.59 0.16 NM (0.07) (0.06) (0.05) Dec US$48 0.0 AL Labrador Iron Mines Holdings Ltd. LIM T 3 HR C$0.26 0.35 0.94 0.17 NM (0.85) (1.17) (0.58) Dec US$32 0.0 AL Labrador Iron Ore Royalty Corp. LIF T 2 TR C$32.50 37.25 37.04 28.12 15.1 1.55 2.15 3.30 Dec US$2,080 8.1 AL New Millennium Iron Corp. NML T 2 HR C$0.60 2.00 1.26 0.58 NM (0.05) (0.06) (0.12) Dec US$108 0.0 AL

Platinum Group Metals Eastern Platinum Ltd. ELR T 3 HR C$0.09 0.15 0.23 0.06 NM (0.03) (0.17) 0.00 Dec C$84 0.0 AT North American Palladium Ltd. PDL T 4 VR C$0.65 0.50 1.97 0.40 NM (0.06) (0.15) (0.18) Dec C$128 0.0 AT Platinum Group Metals Ltd. PTM T 3 VR C$1.31 1.50 1.51 0.87 NM (0.06) (0.04) A 0.00 Aug C$722 nm AT


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Mining & Natural Resources - CAN Precious Metals - Gold Agnico Eagle Mines AEM N 2 AG US$30.60 36.00 47.81 23.77 34.8 2.11 0.88 1.60 Dec US$5,324 2.9 PR Alacer Gold Corp ASR T 3 HR C$2.50 2.75 4.70 1.95 10.4 0.31 0.24 0.13 Dec C$725 0.0 PR Alamos Gold Inc. AGI N 3 AG US$9.08 15.25 17.38 8.88 16.8 0.93 0.54 0.13 Dec US$1,189 2.2 PR ATAC Resources Ltd. ATC V 2 VR C$0.67 1.40 1.89 0.52 NM (0.08) (0.03) (0.03) Dec C$76 0.0 DSa AuRico Gold Inc. AUQ N 2 HR US$4.61 5.50 7.43 3.33 92.2 0.12 0.05 0.14 Dec US$1,139 2.2 PR B2Gold Corp. BTO T 2 AG C$2.59 4.00 3.94 1.87 12.9 0.29 0.20 0.31 Dec C$1,857 0.0 CT Detour Gold Corp. DGC T 2 VR C$6.36 11.00 23.51 2.88 NM (0.40) (0.32) 0.05 Dec C$878 0.0 PR Eldorado Gold Corp. EGO N 2 HR US$6.36 9.50 11.89 5.35 19.9 0.45 0.32 0.35 Dec US$4,547 0.8 PR Endeavour Mining Corp. EDV T 2 AG C$0.68 2.50 2.24 0.42 NM 0.36 NA NA Dec C$280 0.0 CT Franco-Nevada Corp. FNV N 3 AG US$46.57 45.00 55.20 31.54 52.9 1.28 0.88 1.14 Dec US$6,846 1.5 AT Golden Star Resources GSS M UR HR US$0.63 NM 1.73 0.39 NM 0.03 UR UR Dec NA UR PR Guyana Goldfields Inc. GUY T 2 VR C$2.41 3.25 3.73 1.17 NM (0.06) (0.06) (0.11) Oct C$304 0.0 PR Kaminak Gold Corporation KAM V 2 VR C$0.79 1.20 1.44 0.46 NM (0.08) (0.04) (0.04) Sep C$72 0.0 DSa Orezone Gold Corp. ORE T 2 VR C$0.64 1.50 1.75 0.32 NM (0.05) (0.20) (0.20) Dec C$59 0.0 PR Osisko Mining Corp. OSK T 3 HR C$6.61 6.50 7.12 2.98 27.5 0.28 0.24 0.28 Dec C$2,889 0.0 PR PMI Gold Corporation PMV T 3 VR C$0.37 0.45 0.80 0.24 NM (0.03) (0.02) A (0.03) Jun C$151 0.0 CT,PR Probe Mines Ltd. PRB V 2 VR C$2.75 3.50 2.87 1.10 NM NA (0.35) A (0.21) Apr C$208 0.0 DSa Rio Alto Mining Ltd. RIO T 2 HR C$2.22 3.50 5.48 1.33 7.9 0.58 0.28 0.29 Dec US$393 0.0 AL Roxgold Inc. ROG V 2 VR C$0.62 1.00 0.76 0.36 NM (0.26) (0.04) (0.03) Dec C$113 0.0 DSa Royal Gold Inc. RGLD Q 1 AG US$55.21 74.00 78.99 38.64 53.1 1.63 1.26 A 1.04 Jun US$3,544 1.4 AT Sandstorm Gold Ltd. SSL T 2 HR C$5.55 6.75 12.50 4.17 69.4 0.20 0.08 0.13 Dec C$555 0.0 AT Sulliden Gold Corporation Ltd. (cf) SUE T 2 VR C$0.76 1.80 1.17 0.60 NM (0.01) (0.02) (0.02) Apr C$269 0.0 CT Yamana Gold Inc. AUY N 2 AG US$9.37 12.00 17.00 8.31 21.3 0.93 0.44 0.63 Dec US$7,056 2.8 PR

Precious Metals - Silver Bear Creek Mining Corp. BCM V 2 VR C$1.89 3.50 3.41 1.17 NM (0.27) (0.17) (0.17) Dec C$189 0.0 CT Coeur Mining Inc. CDE N 2 AG US$10.60 14.00 23.65 9.93 7.1 3.78 1.49 1.67 Dec US$1,106 0.0 CT Endeavour Silver Corp. EDR T 3 HR C$4.83 5.50 7.49 3.03 6.0 0.87 0.81 0.63 Dec C$515 0.0 CT First Majestic Silver FR T 1 AG C$11.68 17.00 19.16 9.25 9.7 1.30 1.20 1.35 Dec C$1,433 0.0 CT Fortuna Silver Mines Inc. FVI T 1 HR C$4.01 5.50 4.93 2.65 14.9 0.50 0.27 0.49 Dec C$531 0.0 CT MAG Silver MAG T 2 VR C$6.88 9.00 11.25 5.15 NM (0.22) (0.26) (0.12) Dec C$413 nm DSa Mandalay Resources Corp. MND T 2 HR C$0.85 1.30 1.20 0.60 4.5 0.20 0.19 0.20 Dec C$317 4.7 CT Pan American Silver PAAS Q 2 AG US$12.57 16.00 18.26 9.78 13.2 1.51 0.95 1.77 Dec US$2,017 4.0 CT Santacruz Silver Mining Ltd. SCZ V 2 VR C$0.99 1.70 2.15 0.85 NM (0.04) (0.02) 0.14 Dec C$99 0.0 CT Silver Wheaton SLW N 1 AG US$21.92 30.00 37.46 17.75 21.3 1.68 1.03 1.16 Dec US$7,825 2.0 AT Silvercorp Metals Inc. (f) SVM N 3 AG US$2.58 3.25 4.56 2.18 13.6 0.65 0.43 A 0.19 Mar US$454 3.9 CT SilverCrest Mines Inc. SVL V 2 HR C$2.12 2.30 2.69 1.19 8.8 0.42 0.24 0.27 Dec C$245 0.0 CT Tahoe Resources Inc. THO T 2 HR C$19.49 23.00 20.64 12.44 NM (0.58) (0.38) 1.96 Dec C$2,906 0.0 CT


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Mining & Natural Resources - CAN Uranium Cameco Corp. CCO T 2 AG C$24.53 25.00 25.40 17.89 18.6 1.20 1.32 1.06 Dec C$9,702 1.6 DSa Denison Mines Corp. DML T 2 VR C$1.54 2.00 1.60 1.01 NM (0.07) (0.13) (0.05) Dec C$746 nm DSa Fission Uranium Corp. FCU V 1 VR C$1.24 2.00 1.48 0.52 NM (0.08) (0.05) A (0.03) Jun C$400 0.0 DSa Kivalliq Energy Corp. KIV V 3 VR C$0.24 0.50 0.42 0.18 NM (0.04) (0.02) (0.02) Sep C$44 0.0 DSa Paladin Energy PDN T 3 HR C$0.54 0.70 1.30 0.38 NM (0.06) (0.05) A (0.11) Jun C$520 nm DSa UEX Corp. UEX T 3 VR C$0.53 0.50 0.77 0.31 NM (0.02) (0.01) (0.01) Dec C$121 0.0 DSa Uranium Participation Corporation U T R HR C$5.63 R 5.92 4.70 R R R R Feb R R DSa Ur-Energy Inc. URE T 1 VR C$1.52 1.80 1.66 0.73 NM (0.11) (0.12) 0.00 Dec C$193 nm DSa

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

Construction Materials CRH CRH.I ISE 4 €19.57 17.70 20.09 14.68 32.6 0.76 0.60 0.92 Dec 14,361 3.2 AP HeidelbergCement HEIG.DE ETR 2 €57.02 66.00 60.89 44.94 16.3 1.13 3.50 4.65 Dec 10,691 1.3 AP Holcim HOLN.VX SWF 3 CHF66.60 NM 79.10 62.70 17.2 1.91 3.88 4.75 Dec 21,784 2.0 AP Lafarge LAFP.PA EPA 1 €53.27 64.00 57.50 43.81 26.8 1.50 1.99 3.58 Dec 15,293 2.1 AP Vicat VCTP.PA EPA 2 €52.52 59.00 56.00 43.18 16.8 2.87 3.12 3.98 Dec 2,358 2.9 AP


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

Santiago Ruiz Guinazu [email protected] Santiago Wesenack, CFA [email protected]

Agribusiness & Natural Resources Agribusiness Adecoagro SA AGRO N 2 AG US$7.71 15.50 9.14 6.01 11.5 0.08 0.67 0.82 Dec US$944 0.0 FRM,MT Cresud SACIFYA CRESY Q 2 AG US$8.79 18.50 11.80 7.00 NM (0.11) (0.08) A (0.82) Jun US$441 4.6 FRM,MT Inversora Juramento SA INVJ BA 3 G AR$2.60 NM 2.65 1.28 NM 0.04 (0.18) A 0.10 Sep AR$957 0.0 FRM,MT

Natural Resources Siderar Sociedad Anonima Industrial Y Comercial ERAR BA S G AR$3.38 NM 3.53 1.60 NM 0.12 UR UR Dec AR$15,268 1.1 SW,SR


Real Estate

USA Canada Europe

Housing ....................................................................... 63

Lodging ....................................................................... 63

REITs ........................................................................... 63

Diversified................................................................ 63

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

Hotels ...................................................................... 63

Malls ........................................................................ 64

Net Lease ................................................................. 64

Office/Industrial ...................................................... 64

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

Self Storage ............................................................. 64

Shopping Centers .................................................... 65

Timber ..................................................................... 65

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

Healthcare ............................................................... 65

Industrial ................................................................. 65

Multiresidential ....................................................... 66

Office/Diversified .................................................... 66

Real Estate Services ................................................. 66

Retail ....................................................................... 66

Hotels .......................................................................... 67

Latin America

Diversified Real Estate ................................................. 67

Real Estate .................................................................. 67


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

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

Collin Mings, CFA [email protected]

Housing D.R. Horton, Inc. DHI N 3 HR 23.00 NM 27.75 17.52 15.3 2.77 1.33 A 1.50 Sep 8,381 0.0 BH,PDP KB Home KBH N 3 HR 18.37 NM 25.14 15.48 14.7 (0.76) 0.46 A 1.25 Nov 1,723 0.5 BH,PDP Lennar Corporation LEN N 1 HR 38.52 46.00 44.40 30.90 15.4 3.11 2.15 A 2.50 Nov 8,694 0.4 BH,PDP MDC Holdings MDC N 2 HR 30.53 35.00 42.41 27.00 4.7 1.28 6.54 1.60 Dec 1,493 0.0 BH,PDP PulteGroup Inc. PHM N 3 HR 19.45 NM 24.47 14.23 2.9 0.54 6.61 1.10 Dec 7,510 1.0 BH,PDP The Ryland Group, Inc. RYL N 3 HR 43.28 NM 50.42 33.04 6.5 0.81 6.71 2.95 Dec 2,497 0.3 BH,PDP St. Joe Company JOE N 2 HR 18.10 20.00 24.05 16.82 NM 0.07 0.04 0.02 Dec 1,671 0.0 BH,PDP Standard Pacific Corporation SPF N 3 HR 8.78 NM 9.97 7.03 18.3 1.44 0.48 0.58 Dec 3,536 0.0 BH,PDP Toll Brothers, Inc. TOL N 1 HR 36.44 43.00 39.25 29.64 23.5 2.86 0.97 A 1.55 Oct 6,490 0.0 BH,PDP WCI Communities, Inc. WCIC N 1 HR 18.29 22.00 20.00 14.50 NM 3.50 (0.03) 1.50 Dec 474 0.0 BH,PDP

Lodging Hilton Worldwide Holdings Inc. HLT N 2 AG 21.90 24.50 25.95 21.15 35.9 NA 0.61 0.56 Dec 21,563 0.0 WAC,PDP Hyatt Hotels Corporation H N 3 AG 48.48 NM 50.76 37.74 46.2 0.65 1.05 1.16 Dec 7,718 0.0 WAC,PDP Marriott International, Inc. MAR Q 3 G 49.70 NM 51.53 38.17 24.7 1.72 2.01 2.39 Dec 14,930 1.4 WAC,PDP Starwood Hotels & Resorts Worldwide HOT N 2 TR 77.20 82.00 81.39 58.26 26.2 2.61 2.95 2.90 Dec 14,869 1.7 WAC,PDP

REITs Diversified Armada Hoffler Properties (x) AHH N 2 TR 9.29 11.00 11.85 8.89 12.1 NA 0.77 0.76 Dec 299 6.9 RM,PDP

Healthcare Health Care REIT, Inc. (x) HCN N 2 TR 56.79 71.00 80.07 52.43 15.0 3.52 3.78 4.05 Dec 16,378 5.4 CM,PDP Healthcare Trust of America, Inc. (x) HTA N 3 TR 10.74 NM 13.34 9.71 16.8 0.61 0.64 0.68 Dec 2,532 5.4 CM,PDP Sabra Health Care REIT, Inc. (x) SBRA Q 2 HR 28.81 30.00 32.40 21.55 18.4 1.40 1.57 2.10 Dec 1,095 4.7 CM,PDP Senior Housing Properties Trust (x) SNH N 4 NM 22.45 NM 29.99 21.31 13.3 1.75 1.69 1.75 Dec 4,225 6.9 CM,PDP

Hotels DiamondRock Hospitality Company (x) DRH N 3 AG 11.68 NM 12.21 8.50 16.2 0.78 0.72 0.85 Dec 2,286 2.9 WAC,PDP Hersha Hospitality Trust (x) HT N 3 TR 5.43 NM 6.30 5.18 13.2 0.39 0.41 0.45 Dec 1,138 4.4 WAC,PDP Host Hotels & Resorts Inc. (x) HST N 2 G 18.51 21.00 19.71 15.60 14.9 1.03 1.24 1.43 Dec 14,697 2.8 WAC,PDP LaSalle Hotel Properties (x) LHO N 2 TR 30.66 32.50 32.21 22.84 13.4 2.08 2.28 2.51 Dec 2,949 3.7 WAC,PDP Pebblebrook Hotel Trust (x) PEB N 2 TR 30.36 34.00 31.75 23.12 21.1 1.17 1.44 1.88 Dec 1,946 2.1 WAC,PDP RLJ Lodging Trust (x) RLJ N 2 TR 24.87 27.00 25.57 20.38 12.3 1.74 2.03 2.33 Dec 3,074 3.3 WAC,PDP Ryman Hospitality Properties Inc. (x) RHP N 3 AG 42.31 NM 48.35 32.97 10.2 NA 4.14 3.63 Dec 2,145 4.7 WAC,PDP Strategic Hotels & Resorts (x) BEE N 2 HR 9.36 10.00 9.75 7.07 22.8 0.26 0.41 0.50 Dec 1,947 0.0 WAC,PDP Summit Hotel Properties, Inc. (x) INN N 2 AG 8.95 10.00 10.56 8.50 11.2 0.82 0.80 0.99 Dec 771 5.0 WAC,PDP Sunstone Hotel Investors, Inc. (x) SHO N 2 HR 12.76 14.50 14.10 11.04 13.9 1.01 0.92 1.14 Dec 2,334 1.6 WAC,PDP


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Real Estate - USA Malls CBL & Associates Properties, Inc. (x) CBL N 3 TR 16.41 NM 26.95 16.30 7.4 2.17 2.22 2.27 Dec 3,274 6.0 RM,PDP Glimcher Realty Trust (x) GRT N 2 TR 8.80 12.00 13.34 8.74 12.6 0.58 0.70 0.77 Dec 1,296 4.5 RM,PDP Simon Property Group, Inc. (x) SPG N 2 TR 152.05 175.00 182.45 142.47 17.3 7.98 8.80 9.43 Dec 55,118 3.2 RM,PDP

Net Lease Agree Realty Corporation (x) ADC N 2 TR 28.59 35.00 34.25 26.62 13.5 2.04 2.12 2.28 Dec 377 5.7 RM,PDP National Retail Properties, Inc. (x) NNN N 2 TR 32.92 36.00 41.98 30.01 17.2 1.74 1.91 2.03 Dec 4,013 4.9 RM,PDP Realty Income (x) O N 3 TR 40.55 NM 55.48 36.58 16.8 2.02 2.41 2.55 Dec 7,960 5.4 RM,PDP Spirit Realty Capital, Inc. (x) SRC N 2 TR 10.64 10.00 12.11 8.24 21.7 0.17 0.49 0.73 Dec 3,941 6.2 RM,PDP

Office/Industrial BioMed Realty Trust Inc. (x) BMR N 2 TR 19.10 24.00 23.13 17.90 12.9 1.31 1.48 1.42 Dec 3,772 4.9 WAC,PDP Brandywine Realty Trust (x) BDN N 2 TR 14.22 15.00 16.06 12.23 10.2 1.16 1.39 1.45 Dec 2,278 4.2 WAC,PDP Corporate Office Properties Trust (x) OFC N 3 TR 24.87 NM 29.95 21.48 15.0 2.11 1.66 1.91 Dec 2,273 4.4 WAC,PDP Digital Realty Trust, Inc. (x) DLR N 3 TR 52.12 NM 74.00 43.04 11.3 4.44 4.62 4.85 Dec 7,208 6.0 WAC,PDP Douglas Emmett (x) DEI N 3 TR 25.01 NM 28.59 22.27 16.8 1.36 1.49 1.55 Dec 4,372 3.2 WAC,PDP DuPont Fabros Technology Inc. (x) DFT N 3 TR 25.37 NM 27.92 21.26 17.6 1.48 1.44 2.30 Dec 2,045 3.9 WAC,PDP EastGroup Properties, Inc. (x) EGP N 2 TR 57.95 71.00 66.99 52.47 17.9 3.08 3.23 3.44 Dec 1,773 3.7 WAC,PDP First Industrial Realty Trust, Inc. (x) FR N 3 HR 16.66 NM 18.95 14.11 16.8 0.88 0.99 1.16 Dec 1,909 2.0 WAC,PDP First Potomac Realty Trust (x) FPO N 2 TR 12.83 15.00 16.13 10.96 14.3 0.98 0.90 0.96 Dec 788 4.7 WAC,PDP Parkway Properties (x) PKY N 2 TR 17.84 21.00 19.67 15.60 21.8 0.00 0.82 1.44 Dec 1,224 4.2 WAC,PDP STAG Industrial Inc. (x) STAG N 2 TR 21.86 25.00 24.35 18.76 16.1 1.25 1.36 1.48 Dec 1,115 5.8 WAC,PDP Washington REIT (x) WRE N 3 TR 22.91 NM 30.58 22.48 13.4 1.84 1.71 1.72 Dec 1,524 5.2 WAC,PDP

Residential American Residential Properties, Inc. (x) ARPI N 1 HR 18.49 23.00 21.05 16.21 97.3 NA 0.19 0.60 Dec 605 0.0 BH,PDP Apartment Investment and Management Company (x) AIV N 3 TR 27.08 NM 33.44 24.78 13.3 1.83 2.04 2.20 Dec 4,162 3.5 BH,PDP Associated Estates Realty Corporation (x) AEC N 3 TR 16.01 NM 19.09 13.10 12.7 1.23 1.26 1.28 Dec 805 4.7 BH,PDP Campus Crest Communities, Inc. (x) CCG N 3 TR 9.15 NM 14.36 8.82 11.4 0.75 0.80 0.84 Dec 595 7.2 BH,PDP Equity Residential (x) EQR N 2 TR 53.86 62.00 60.97 50.08 19.0 2.76 2.84 3.11 Dec 20,176 2.5 BH,PDP Essex Property Trust, Inc. (x) ESS N 3 TR 153.12 NM 172.16 137.53 20.2 6.81 7.59 8.30 Dec 6,201 3.2 BH,PDP Mid-America Apartment Communities Inc. (x) MAA N 2 TR 62.82 76.00 74.94 59.23 12.8 4.57 4.91 5.15 Dec 4,994 4.6 BH,PDP Post Properties, Inc. (x) PPS N 2 TR 45.29 56.00 52.57 42.43 15.2 2.84 2.98 2.77 Dec 2,459 2.9 BH,PDP

Self Storage CubeSmart (x) CUBE N 3 TR 15.98 NM 19.69 14.14 18.0 0.71 0.89 1.03 Dec 2,181 3.3 RM,PDP Extra Space Storage (x) EXR N 2 TR 44.65 56.00 49.29 36.50 21.9 1.59 2.04 2.39 Dec 4,965 3.6 RM,PDP Public Storage (x) PSA N 3 TR 154.73 NM 176.68 145.04 20.7 6.31 7.46 7.96 Dec 26,768 3.6 RM,PDP Sovran Self Storage, Inc. (x) SSS N 3 TR 65.85 NM 80.24 60.29 17.8 3.14 3.70 4.08 Dec 2,107 4.1 RM,PDP


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Real Estate - USA Shopping Centers Cedar Realty Trust, Inc. (x) CDR N 2 TR 6.46 6.50 6.83 4.75 13.2 0.37 0.49 0.53 Dec 467 3.1 RM,PDP Equity One, Inc. (x) EQY N 2 TR 22.75 27.00 26.72 20.71 19.3 0.85 1.18 1.29 Dec 2,944 3.9 RM,PDP Excel Trust, Inc. (x) EXL N 2 TR 11.21 14.00 15.40 10.96 12.5 0.75 0.90 0.92 Dec 554 6.2 RM,PDP Federal Realty Investment Trust (x) FRT N 3 TR 108.28 NM 118.52 94.35 23.9 4.31 4.54 4.87 Dec 7,179 2.9 RM,PDP Inland Real Estate Corporation (x) IRC N 3 TR 10.42 NM 12.05 8.93 11.1 0.88 0.94 0.96 Dec 1,039 5.5 RM,PDP Kimco Realty Corporation (x) KIM N 2 TR 20.70 24.00 25.09 19.22 15.7 1.26 1.32 1.39 Dec 8,481 4.3 RM,PDP Kite Realty Group Trust (x) KRG N 2 TR 6.34 7.50 6.91 5.27 12.9 0.41 0.49 0.51 Dec 595 3.8 RM,PDP Ramco-Gershenson Properties Trust (x) RPT N 2 TR 15.66 18.00 17.94 14.11 13.4 1.02 1.17 1.25 Dec 1,007 4.8 RM,PDP Regency Centers Corp. (x) REG N 3 TR 48.07 NM 59.35 45.31 18.4 2.56 2.61 2.68 Dec 4,446 3.8 RM,PDP Retail Opportunity Investments Corp. (x) ROIC Q 3 TR 14.10 NM 15.79 12.60 13.3 0.75 1.06 0.86 Dec 1,017 4.3 RM,PDP Saul Centers, Inc. (x) BFS N 2 TR 46.62 51.00 49.82 41.30 19.8 2.26 2.36 2.83 Dec 956 3.1 RM,PDP

Timber CatchMark Timber Trust, Inc. (ca) CTT N 2 TR 13.78 15.50 14.40 13.22 NM NA (0.04) 0.46 Dec 344 3.2 CM,PDP Plum Creek Timber Company, Inc. PCL N 2 TR 44.57 52.00 54.62 42.71 33.0 1.25 1.35 1.62 Dec 7,265 3.9 CM,PDP Potlatch Corporation PCH Q 2 TR 40.71 51.00 51.48 37.59 23.7 1.05 1.72 2.00 Dec 1,657 3.4 CM,PDP Rayonier, Inc. RYN N 3 TR 44.42 NM 60.62 39.49 19.3 2.17 2.30 1.90 Dec 5,607 4.4 CM,PDP Weyerhaeuser Company WY N 1 TR 30.73 36.00 33.24 26.38 27.2 0.71 1.13 1.40 Dec 18,045 2.9 CM,PDP

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

Real Estate Healthcare Amica Mature Lifestyles Inc. (x) ACC T 2 TR C$8.03 10.00 9.80 7.70 14.6 0.56 0.42 A 0.55 May C$249 5.2 KA Leisureworld Senior Care Corp. (x) LW T 2 HR C$12.35 13.50 13.19 10.00 14.2 0.96 0.87 1.15 Dec C$474 7.3 KA

Industrial Pure Industrial Real Estate Trust (x) AAR.UN T 3 HR C$4.44 NM 5.39 3.97 10.8 0.35 0.41 0.45 Dec C$614 7.0 KA

*Ken Avalos is a Raymond James & Associates employee.


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Real Estate - CAN

Multiresidential Boardwalk REIT (x) BEI.UN T 1 TR C$58.45 65.00 67.78 53.19 18.2 2.87 3.21 3.37 Dec C$3,063 3.4 KA Canadian Apartment Properties REIT (x) CAR.UN T 2 TR C$20.92 23.50 26.06 20.09 13.3 1.46 1.57 1.63 Dec C$2,261 5.5 KA InterRent REIT (x) IIP.UN T 1 HR C$5.47 6.50 6.80 4.83 15.2 0.30 0.36 0.41 Dec C$312 3.7 KA Killam Properties Inc. (x) KMP T 2 TR C$10.57 12.00 13.19 9.91 14.7 0.71 0.72 0.81 Dec C$577 5.6 KA True North Apartment REIT (x) TN.UN T 3 HR C$7.98 NM 9.98 7.64 11.1 0.13 0.72 0.78 Dec C$185 8.8 KA

Office/Diversified Allied Properties REIT (x) AP.UN T 2 TR C$32.18 36.00 35.45 29.28 16.6 1.79 1.94 2.22 Dec C$2,208 4.4 KA Artis REIT (x) AX.UN T 3 TR C$15.02 NM 17.03 13.42 10.5 1.29 1.43 1.46 Dec C$1,896 7.2 KA Brookfield Canada Office Properties (x) BOX.UN T 3 TR C$25.76 NM 30.52 23.95 16.6 1.49 1.55 1.72 Dec C$2,401 4.5 KA CREIT (x) REF.UN T 2 TR C$41.95 50.00 48.25 39.51 14.9 2.63 2.82 2.95 Dec C$2,874 3.9 KA H&R REIT (x) HR.UN T 3 TR C$20.80 NM 25.10 20.33 11.8 1.65 1.76 1.80 Dec C$5,601 6.5 KA

Real Estate Services FirstService Corp. FSRV Q 2 AG US$38.80 48.00 43.86 28.80 19.9 1.62 1.95 2.40 Dec US$1,319 1.0 FB

Retail Calloway REIT (x) CWT.UN T 2 TR C$24.55 29.00 30.43 23.87 13.3 1.78 1.85 1.92 Dec C$3,287 6.3 KA Choice Properties REIT (x) CHP.UN T 3 TR C$10.36 NM 10.97 9.50 24.7 NA 0.42 0.88 Dec C$3,832 6.3 KA Crombie REIT (x) CRR.UN T 3 TR C$13.29 NM 16.04 12.48 12.0 1.05 1.11 1.15 Dec C$1,616 6.7 KA RioCan REIT (x) REI.UN T 2 TR C$24.59 27.00 29.60 23.46 15.3 1.51 1.61 1.68 Dec C$7,468 5.7 KA


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Real Estate - EUR Julien Richer [email protected]

Hotels Accor ACCP.PA EPA 3 €35.90 NM 36.19 24.54 27.6 (2.57) 1.30 1.72 Dec 8,167 2.2 JR Club Méditerranée CMIP.PA EPA 3 €17.36 NM 17.88 11.91 41.3 0.02 0.42 0.90 Oct 552 0.7 JR Intercontinental Hotels ($D) IHG.L L 2 1,984p 2150 2053 1730 NM 1.42 1.57 1.64 Dec $8,232 2.2 JR Melia Hotels International MEL.MC MAD 1 €9.51 11.00 9.99 5.18 55.9 0.22 0.17 0.32 Dec 1,758 0.0 JR NH Hoteles NHH.MC MAD 4 €4.74 3.30 5.04 2.20 NM (0.03) E 0.05 0.12 Dec 1,168 0.0 JR Whitbread WTB.L L 2 3,794p 3700.00 3995.00 2382.00 23.1 171.00 164.00 192.00 Feb £6,829 1.8 JR

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Real Estate - LAT Federico Rey Marino [email protected] Martin Tapia [email protected]


Diversified Real Estate IRSA Inversiones y Representaciones SA IRS N 2 G US$10.00 18.00 12.96 6.87 32.3 0.80 0.87 A 0.31 Jun US$579 7.4 FRM,FP

Real Estate TGLT S.A. TGLT BA 3 AG AR$9.67 NM 9.80 7.00 40.3 (2.03) 0.24 1.34 Dec AR$680 0.0 FRM,MT


Technology & Communications

USA Canada Europe

Analog and Communications Semiconductors ........... 69

Application Software .................................................. 70

Communications Equipment ...................................... 70

Communications Technology ..................................... 71

Enterprise Communications .................................... 71

Mobile Devices ........................................................ 71

Defense Communications ........................................... 71

Electronic Manufacturing Services ............................. 71

Infrastructure Software .............................................. 72

Internet ....................................................................... 72

eCommerce ............................................................. 72

Online Advertising ................................................... 72

Online Travel ........................................................... 73

IT Hardware and Distribution ..................................... 73

IT Services and Security .............................................. 73

IT Services ................................................................ 73

Security .................................................................... 73

Satellite & Space ......................................................... 74

Semiconductors .......................................................... 74

Telecommunications Services .................................... 74

Towers ..................................................................... 74

Wireless ................................................................... 75

Wireline ................................................................... 75

Transaction Processing ............................................... 76

IT Hardware ................................................................ 77

Software/IT Services ................................................... 77

Telecommunications Services ..................................... 78

Latin America

Telecom & Media ........................................................ 79

Telecommunications Services ..................................... 79


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

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

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

Simon Leopold [email protected] Steven Li, CFA* [email protected]

Frank G. Louthan IV [email protected] Tavis C. McCourt, CFA [email protected]

Hans Mosesmann [email protected] Chris Quilty [email protected]

J. Steven Smigie [email protected] Terry Tillman [email protected]

Michael Turits, Ph.D. [email protected] William A. Crow [email protected]

Analog and Communications Semiconductors Analog Devices, Inc. ADI Q 1 AG 48.51 56.00 51.20 41.81 20.0 2.14 2.16 A 2.42 Oct 15,387 2.8 JSS Diodes Incorporated DIOD Q 2 AG 23.26 25.00 28.46 17.78 23.3 0.56 1.00 1.71 Dec 1,116 0.0 JSS Fairchild Semiconductor International FCS Q 3 AG 12.93 NM 15.65 11.48 17.0 0.71 0.49 A 0.76 Dec 1,660 0.0 JSS International Rectifier Corporation IRF N 1 AG 26.64 31.00 28.19 17.62 30.6 (0.06) (0.90) A 0.87 Jun 1,910 0.0 JSS Intersil Corporation ISIL Q 3 AG 11.41 NM 12.00 7.17 26.5 0.15 0.43 0.46 Dec 1,490 4.2 JSS Linear Technology Corporation LLTC Q 4 NM 44.76 NM 47.55 34.21 23.4 1.76 1.79 A 1.91 Jun 10,711 2.4 JSS M/A-COM Technology Solutions MTSI Q 2 AG 16.28 18.00 18.25 12.45 16.6 1.14 0.83 A 0.98 Sep 757 0.0 JSS Maxim Integrated MXIM Q 2 AG 29.92 33.00 33.67 26.49 17.7 1.57 1.77 A 1.69 Jun 8,635 3.5 JSS Microsemi Corporation MSCC Q 1 AG 23.70 32.00 26.72 18.96 13.4 1.61 1.57 A 1.77 Sep 2,216 0.0 JSS Monolithic Power Systems, Inc. MPWR Q 2 AG 33.41 31.00 34.76 20.64 58.6 0.46 0.57 0.79 Dec 1,303 0.0 JSS NXP Semiconductors N.V. NXPI Q 2 HR 46.69 46.00 47.90 24.66 16.9 1.70 2.76 3.85 Dec 11,754 0.0 JSS ON Semiconductor Corporation ONNN Q 2 AG 8.45 8.00 8.97 6.80 15.9 0.47 0.53 0.69 Dec 3,820 0.0 JSS Power Integrations, Inc. POWI Q 2 AG 59.89 66.00 62.67 37.02 31.5 1.39 1.90 2.44 Dec 1,839 0.5 JSS RF Micro Devices RFMD Q 1 AG 4.89 6.50 6.20 4.30 11.4 NA 0.18 A 0.43 Mar 1,408 0.0 JSS Semtech Corporation SMTC Q 2 AG 22.96 26.00 37.45 22.57 19.5 1.46 1.34 A 1.18 Jan 1,582 0.0 JSS Skyworks Solutions SWKS Q 1 AG 30.05 38.00 31.80 19.57 11.5 1.90 2.25 A 2.61 Sep 5,746 0.0 JSS Texas Instruments Incorporated TXN Q 3 AG 42.90 NM 44.82 32.19 19.4 1.65 1.89 A 2.21 Dec 47,748 2.8 JSS,HM TriQuint Semiconductor, Inc. TQNT Q 3 HR 8.36 NM 9.05 4.31 NM (0.01) 0.06 0.49 Dec 1,370 0.0 JSS Vishay Intertechnology, Inc. VSH N 3 AG 13.83 NM 15.39 10.76 18.4 0.71 0.75 1.21 Dec 2,101 0.0 JSS

* Steven Li is a Raymond James Ltd. employee.


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Technology & Communications - USA Application Software Benefitfocus, Inc. BNFT Q 1 HR 66.18 55.00 77.00 37.32 NM NA (1.32) (1.58) Dec 1,827 0.0 TT Brightcove Inc. BCOV Q 1 HR 11.57 16.00 16.25 4.89 NM (0.34) (0.05) 0.04 Dec 348 0.0 TT ChannelAdvisor Corporation ECOM N 2 HR 46.10 40.00 49.75 14.25 NM NA (0.90) (0.99) Dec 1,189 0.0 TT Concur Technologies, Inc. CNQR Q 3 AG 111.57 NM 115.68 62.01 NM 1.39 1.32 A 0.96 Sep 6,583 0.0 TT Constant Contact, Inc. CTCT Q 3 HR 29.78 NM 32.91 11.75 41.4 0.56 0.72 0.94 Dec 914 0.0 TT Demandware DWRE N 2 AG 63.50 64.00 71.30 23.90 NM (0.04) (0.22) (0.11) Dec 1,949 0.0 TT Halogen Software, Inc. ($D,is) HGN T 2 HR C$13.79 C$18.00 C$16.07 C$11.75 NM NA (0.75) (0.47) Dec C$298 0.0 TT,SL Manhattan Associates, Inc. MANH Q 2 AG 32.25 35.00 33.98 15.83 35.4 0.71 0.91 1.01 Dec 2,503 0.0 TT Marketo, Inc. MKTO Q 2 AG 41.91 38.00 45.00 17.20 NM NA (1.44) (0.80) Dec 1,878 0.0 TT MICROS Systems, Inc. MCRS Q 2 AG 55.05 56.00 59.46 40.25 22.0 2.22 2.38 A 2.50 Jun 4,277 0.0 TT MiX Telematics Limited ($R) MIXT N 2 AG 12.72 19.50 20.25 11.05 84.8 NA 0.19 A 0.15 Mar 415 0.0 TT Model N, Inc. MODN N 3 AG 10.26 NM 24.80 7.55 NM NA 0.31 A (0.88) Sep 266 0.0 TT NetSuite, Inc. N N 3 AG 105.65 NM 114.00 65.31 NM 0.26 0.25 0.26 Dec 7,860 0.0 TT RingCentral, Inc. RNG N 2 HR 18.38 22.50 19.80 15.75 NM NA (1.06) (0.58) Dec 1,283 0.0 TT salesforce.com, Inc. CRM N 1 AG 59.37 64.00 61.45 36.09 NM 0.34 0.41 A 0.34 Jan 38,003 0.0 TT SciQuest SQI Q 2 AG 27.25 28.00 30.83 15.88 77.9 0.24 0.35 0.44 Dec 640 0.0 TT SS&C Technologies Holdings, Inc. SSNC Q 2 AG 41.81 42.50 46.61 22.28 21.2 1.42 1.97 2.17 Dec 3,600 0.0 TT Tangoe Inc. TNGO Q 1 AG 17.87 22.00 26.05 11.68 27.5 0.49 0.65 0.81 Dec 731 0.0 TT Ultimate Software Group Inc. ULTI Q 3 AG 156.32 NM 162.88 91.59 NM 1.01 1.46 1.82 Dec 4,486 0.0 TT Vocus Inc. VOCS Q 3 AG 12.63 NM 18.01 8.05 63.2 0.44 0.20 0.27 Dec 306 0.0 TT

Communications Equipment ADTRAN, Inc. ADTN Q 3 G 25.20 NM 27.98 18.00 24.2 0.74 0.77 A 1.04 Dec 1,623 1.4 SL Alcatel-Lucent (r) ALU N 3 HR 4.01 NM 4.68 1.27 NM (0.28) (0.77) 0.05 Dec 9,626 0.0 SL Applied Optoelectronics, Inc. AAOI Q 1 HR 13.84 16.50 16.61 9.07 NM (0.05) 0.05 1.05 Dec 194 0.0 SL ARRIS Group Inc. ARRS Q 2 AG 25.84 31.50 27.83 14.07 16.7 0.93 1.55 2.11 Dec 3,633 0.0 SL Calix, Inc. CALX N 3 AG 8.18 NM 13.98 7.26 20.5 0.15 0.40 0.70 Dec 407 0.0 SL Ciena Corporation CIEN N 3 AG 22.24 NM 27.94 14.14 30.1 (0.24) 0.52 A 0.74 Oct 2,284 0.0 SL Cisco Systems CSCO Q 2 G 21.75 26.00 26.49 19.98 10.9 1.85 2.02 A 1.99 Jul 118,103 3.1 SL CommScope Holding Company, Inc. COMM Q 2 HR 17.61 18.50 19.64 14.72 11.0 1.20 1.60 1.60 Dec 2,728 0.0 SL Dycom Industries, Inc. DY N 3 AG 27.71 NM 31.75 17.87 19.5 1.14 1.18 A 1.42 Jul 935 0.0 SL F5 Networks, Inc. FFIV Q 2 AG 109.74 113.00 110.42 67.53 21.4 4.38 4.60 A 5.14 Sep 8,345 0.0 SL Finisar Corporation FNSR Q 1 HR 22.83 29.00 26.66 12.17 14.4 0.87 0.64 A 1.59 Apr 2,194 0.0 SL Gigamon Inc. GIMO N 3 AG 30.01 NM 41.81 23.02 66.7 0.44 0.45 0.43 Dec 906 0.0 SL Harmonic Inc. HLIT Q 4 NM 6.67 NM 8.25 4.85 26.7 0.25 0.18 A 0.25 Dec 673 0.0 SL JDS Uniphase JDSU Q 3 HR 11.89 NM 16.61 11.68 21.6 0.60 0.56 A 0.55 Jun 2,767 0.0 SL Juniper Networks, Inc. JNPR N 3 AG 27.51 NM 28.75 15.62 20.1 0.86 1.29 A 1.37 Dec 13,909 0.0 SL NeoPhotonics Corporation NPTN N 2 HR 6.61 8.50 9.77 4.75 NM (0.20) (0.43) 0.12 Dec 205 0.0 SL Procera Networks PKT Q 2 AG 11.88 17.00 18.37 10.12 NM 0.51 (0.13) 0.27 Dec 245 0.0 SL


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Technology & Communications - USA Communications Technology Enterprise Communications BroadSoft, Inc. BSFT Q 3 AG 28.07 NM 39.35 20.45 23.8 1.44 1.18 1.33 Dec 792 0.0 TMC Interactive Intelligence Group Inc. ININ Q 3 AG 70.36 NM 72.81 39.30 NM 0.50 0.60 0.61 Dec 1,456 0.0 TMC Logitech International SA LOGI Q 3 AG 16.16 NM 16.30 6.24 23.8 0.41 0.31 A 0.68 Mar 2,573 1.4 TMC Plantronics, Inc. PLT N 3 G 43.00 NM 49.84 38.45 15.6 2.66 2.77 A 2.75 Mar 1,882 0.9 TMC Polycom Inc. PLCM Q 2 AG 12.17 14.00 12.25 9.00 16.2 0.68 0.55 A 0.75 Dec 1,840 0.0 TMC Premiere Global Services Inc. PGI N 1 HR 10.71 13.00 12.74 8.77 13.7 0.73 0.78 0.85 Dec 501 0.0 TMC

Mobile Devices Apple Inc. AAPL Q 2 G 506.50 550.00 575.14 385.10 12.2 44.14 39.76 A 41.46 Sep 455,451 2.4 TMC Aruba Networks ARUN Q 3 AG 20.54 NM 26.78 12.38 27.4 0.64 0.64 A 0.75 Jul 2,241 0.0 TMC Control4 Corporation CTRL Q 2 HR 26.53 24.00 32.50 13.77 85.6 0.15 0.31 0.52 Dec 626 0.0 TMC Digi International Inc. DGII Q 3 AG 10.19 NM 12.75 8.51 48.5 0.29 0.22 A 0.21 Sep 260 0.0 TMC Garmin Ltd. GRMN Q 3 TR 45.65 NM 50.39 32.52 18.6 2.85 2.45 2.45 Dec 8,912 3.9 TMC Motorola Solutions, Inc. MSI N 3 G 64.34 NM 67.69 53.28 16.1 3.23 4.77 A 4.00 Dec 16,646 1.9 TMC NETGEAR Inc. NTGR Q 2 AG 33.03 35.00 39.13 26.82 14.8 2.57 2.23 2.43 Dec 1,295 0.0 TMC Nokia (r) NOK N 4 NM 7.00 NM 8.20 3.02 25.0 (0.14) 0.32 A 0.28 Dec 25,984 0.0 TMC Nuance Communications, Inc. NUAN Q 3 AG 15.17 NM 24.85 13.00 13.3 1.73 1.33 A 1.14 Sep 4,818 0.0 TMC QUALCOMM, Inc. QCOM Q 3 G 71.99 NM 75.90 59.02 14.4 3.72 4.51 A 5.00 Sep 121,303 1.9 TMC Synchronoss Technologies, Inc. SNCR Q 1 AG 28.01 40.00 39.30 23.67 21.2 1.11 1.32 1.65 Dec 1,123 0.0 TMC Ubiquiti Networks, Inc. UBNT Q 2 AG 41.78 47.00 48.00 11.93 23.2 1.09 0.92 A 1.80 Jun 3,661 0.0 TMC

Defense Communications Harris Corporation HRS N 2 AG 70.44 68.00 72.33 41.08 14.8 5.20 4.92 A 4.76 Jun 7,520 2.4 CQ HEICO Corporation HEI N 2 AG 55.59 63.00 62.30 32.61 33.5 1.28 1.52 A 1.66 Oct 3,689 0.2 CQ Teledyne Technologies Incorporated TDY N 2 AG 92.61 100.00 96.49 67.97 18.4 4.33 4.87 A 5.04 Dec 3,475 0.0 CQ

Electronic Manufacturing Services Benchmark Electronics, Inc. BHE N 4 NM 23.29 NM 24.54 16.08 19.4 1.21 1.20 1.50 Dec 1,272 0.0 BGA Celestica, Inc. CLS N 2 AG 9.85 12.00 11.50 7.60 14.9 0.81 0.66 0.78 Dec 1,836 0.0 BGA Flextronics International Ltd. FLEX Q 3 AG 7.66 NM 9.71 6.09 10.9 0.66 0.72 A 0.70 Mar 4,777 0.0 BGA Jabil Circuit, Inc. JBL N 1 AG 18.05 20.00 24.32 15.30 22.3 1.95 1.96 A 0.81 Aug 3,772 1.8 BGA Plexus Corp. PLXS Q 4 NM 40.08 NM 44.16 23.57 15.2 2.39 2.33 A 2.64 Sep 1,391 0.0 BGA Sanmina Corporation SANM Q 3 HR 16.71 NM 18.44 9.12 10.8 1.01 1.22 A 1.55 Sep 1,459 0.0 BGA


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Technology & Communications - USA Infrastructure Software Akamai Technologies, Inc. AKAM Q 3 AG 48.35 NM 53.61 32.64 24.3 1.60 1.99 2.02 Dec 8,640 0.0 MT CA Technologies CA Q 3 AG 32.55 NM 36.22 23.98 10.5 2.27 2.52 A 3.09 Mar 14,538 3.1 MT Check Point Software Technologies CHKP Q 2 AG 65.93 72.00 67.25 44.41 18.3 3.19 3.43 A 3.60 Dec 13,122 0.0 MT Citrix Systems Inc. CTXS Q 3 AG 58.73 NM 77.16 54.52 20.0 2.87 2.94 3.38 Dec 10,996 0.0 MT CommVault Systems Inc. CVLT Q 3 AG 76.10 NM 90.00 66.00 43.0 1.01 1.49 A 1.77 Mar 3,582 0.0 MT Fortinet Inc. FTNT Q 2 AG 22.00 24.00 25.35 16.29 47.8 0.53 0.46 0.56 Dec 3,593 0.0 MT Informatica Corp. INFA Q 3 AG 41.42 NM 43.79 30.27 25.4 1.31 1.44 A 1.63 Dec 4,492 0.0 MT Limelight Networks LLNW Q 4 NM 1.96 NM 2.56 1.80 NM (0.22) (0.21) (0.25) Dec 191 0.0 MT Microsoft MSFT Q 3 G 36.27 NM 38.98 27.10 13.8 2.73 2.58 A 2.63 Jun 301,041 3.1 MT Oracle Corp. ORCL N 2 G 37.10 38.00 38.77 29.86 12.7 2.46 2.68 A 2.93 May 167,173 1.3 MT Palo Alto Networks PANW N 2 HR 61.44 56.00 64.92 39.08 NM 0.14 0.24 A 0.40 Jul 4,453 0.0 MT Red Hat, Inc. RHT N 2 HR 57.23 59.00 60.19 41.89 38.9 1.10 1.23 A 1.47 Feb 10,847 0.0 MT ServiceNow, Inc. NOW N 1 AG 58.96 70.00 63.04 25.71 NM (0.12) (0.07) 0.22 Dec 9,675 0.0 MT Symantec Corp. SYMC Q 3 AG 23.30 NM 27.10 20.89 13.3 1.63 1.76 A 1.75 Mar 16,263 2.6 MT VMware VMW N 1 AG 94.94 109.00 101.52 64.86 27.2 2.85 3.38 A 3.49 Dec 40,919 0.0 MT

Internet eCommerce Amazon.com Inc. AMZN Q 1 AG 394.43 446.00 408.06 245.75 NM 1.70 2.18 4.69 Dec 180,255 0.0 AK CafePress Inc. PRSS Q 3 AG 6.40 NM 7.47 5.31 NM 0.00 (0.33) 0.05 Dec 110 0.0 AK Chegg, Inc. CHGG N 2 HR 6.98 12.00 11.25 6.77 NM (0.70) (2.27) (0.31) Dec 603 0.0 AK eBay Inc. EBAY Q 2 AG 53.16 62.00 58.04 48.06 17.9 2.36 2.71 A 2.97 Dec 69,905 0.0 AK Groupon, Inc. GRPN Q 3 AG 10.52 NM 12.76 4.24 NM 0.12 0.09 0.24 Dec 7,206 0.0 AK Netflix Inc. NFLX Q 3 AG 406.77 NM 407.41 156.63 89.6 0.30 1.85 A 4.54 Dec 24,935 0.0 AK OpenTable, Inc. OPEN Q 3 AG 79.00 NM 87.48 48.81 40.1 1.69 1.97 2.30 Dec 1,896 0.0 AK Shutterfly, Inc. SFLY Q 2 AG 46.22 60.00 59.93 32.03 NM 0.61 0.27 (0.07) Dec 1,835 0.0 AK

Online Advertising Angie's List, Inc. ANGI Q 1 HR 17.02 23.00 28.32 11.55 NM (0.92) (0.49) (0.07) Dec 996 0.0 AK Facebook, Inc. FB Q 2 AG 55.14 63.00 59.31 22.67 65.6 0.53 0.84 1.10 Dec 139,394 0.0 AK Google Inc. GOOG Q 2 AG 1123.01 1260.00 1167.89 746.54 25.4 39.76 44.15 50.52 Dec 380,700 0.0 AK LinkedIn Corp. LNKD N 3 AG 212.69 NM 257.56 122.02 NM 0.89 1.60 1.98 Dec 24,800 0.0 AK Pandora Media, Inc. P N 3 AG 33.94 NM 36.30 10.82 NM (0.02) (0.06) A NA Jan 6,676 0.0 AK ValueClick Inc. VCLK Q 4 NM 21.80 NM 32.25 18.62 14.7 1.42 1.48 1.99 Dec 1,642 0.0 AK Yahoo! Inc. YHOO Q 2 AG 38.22 42.00 41.72 19.31 20.7 1.31 1.52 A 1.85 Dec 39,711 0.0 AK Yelp, Inc. YELP N 3 AG 76.09 NM 83.96 20.10 NM (0.35) (0.14) 0.15 Dec 4,915 0.0 AK Zillow, Inc. Z Q 3 AG 83.35 NM 103.00 34.51 NM 0.19 (0.46) (0.15) Dec 3,059 0.0 AK


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Technology & Communications - USA Online Travel Ctrip.com International, Ltd. (r) CTRP Q 1 AG 40.26 56.00 61.09 18.87 27.0 1.22 1.49 1.65 Dec 6,240 0.0 AK Expedia, Inc. EXPE Q 3 AG 66.95 NM 72.19 45.69 21.2 3.10 3.16 3.69 Dec 9,440 0.9 AK HomeAway, Inc. AWAY Q 1 AG 40.62 50.00 43.39 22.72 64.5 0.48 0.63 0.75 Dec 3,583 0.0 AK priceline.com Incorporated PCLN Q 2 AG 1162.53 1200.00 1214.97 665.05 28.3 30.98 41.08 51.42 Dec 61,847 0.0 AK TripAdvisor, Inc. TRIP Q 3 AG 77.77 NM 90.43 42.04 46.0 1.54 1.69 2.21 Dec 11,432 0.0 AK

IT Hardware and Distribution Arrow Electronics, Inc. ARW N 3 AG 52.07 NM 54.77 36.11 10.8 4.40 4.82 5.65 Dec 5,415 0.0 BGA Avnet, Inc. AVT N 3 AG 41.32 NM 45.47 31.02 9.5 4.07 3.64 A 4.37 Jun 5,789 1.5 BGA CDW Corporation CDW Q 2 AG 23.70 27.00 25.58 17.38 13.6 1.45 1.74 2.07 Dec 4,074 0.8 BGA EMC Corporation EMC N 1 AG 25.38 31.00 27.34 21.45 14.3 1.70 1.77 2.00 Dec 52,232 1.6 BGA Hewlett-Packard HPQ N 3 G 29.00 NM 30.13 16.03 7.9 4.05 3.56 A 3.67 Oct 56,260 2.0 BGA Ingram Micro Inc. IM N 2 AG 24.87 30.00 26.12 16.96 10.8 1.94 2.31 2.65 Dec 3,907 0.0 BGA Insight Enterprises, Inc. NSIT Q 3 AG 21.64 NM 25.19 15.75 11.7 2.11 1.85 2.10 Dec 922 0.0 BGA Lexmark International, Inc. LXK N 3 AG 38.13 NM 41.45 21.65 9.7 3.78 4.19 A 3.92 Dec 2,429 3.1 BGA NetApp Inc. NTAP Q 2 AG 43.74 45.00 45.96 32.75 16.2 2.41 2.29 A 2.70 Apr 14,950 1.4 BGA PC Connection, Inc. PCCC Q 4 NM 22.30 NM 25.94 12.30 16.6 1.27 1.34 1.45 Dec 589 0.0 BGA PCM Inc. PCMI Q 3 AG 10.83 NM 11.96 6.02 12.7 0.52 0.85 1.13 Dec 130 0.0 BGA ScanSource, Inc. SCSC Q 2 AG 39.99 40.00 43.65 25.83 16.1 2.68 2.53 A 2.49 Jun 1,123 0.0 CQ SYNNEX Corporation SNX N 3 AG 56.32 NM 68.71 32.04 12.8 4.00 4.13 A 4.40 Nov 2,123 0.0 BGA Tech Data Corporation TECD Q 3 AG 52.20 NM 55.36 43.02 9.8 5.13 4.82 A 5.35 Jan 1,989 0.0 BGA

IT Services and Security IT Services Accenture plc ACN N 3 G 81.30 NM 85.88 69.00 17.9 3.84 4.93 A 4.54 Aug 53,937 2.3 BG Booz Allen Hamilton Holding Corp. BAH N 3 AG 18.02 NM 22.27 12.51 10.6 1.61 1.65 A 1.70 Mar 2,676 2.2 BG CACI International Inc. CACI N 4 NM 77.40 NM 79.44 49.98 12.7 5.96 6.35 A 6.10 Jun 1,920 0.0 BG Computer Sciences Corporation CSC N 3 AG 53.68 NM 57.42 41.73 14.5 (28.31) 3.02 A 3.69 Mar 7,925 1.5 BG Cubic Corporation CUB N 2 AG 51.30 57.00 56.92 40.61 18.9 3.44 0.74 A 2.72 Sep 1,372 0.5 BG ICF International Inc. ICFI Q 3 AG 34.89 NM 36.29 22.44 17.5 1.91 1.99 2.12 Dec 698 0.0 BG Leidos Holdings, Inc. LDOS N 3 G 45.64 NM 49.18 30.73 45.2 NA 3.64 A 1.01 Jan 3,879 2.8 BG ManTech International Corporation MANT Q 4 NM 30.04 NM 31.10 23.20 14.8 2.57 2.03 1.76 Dec 1,117 2.8 BG MAXIMUS Inc. MMS N 2 AG 42.12 53.00 50.55 33.30 21.9 1.18 1.60 A 1.92 Sep 2,886 0.4 BG NCI, Inc. NCIT Q 3 AG 6.89 NM 7.39 4.10 13.5 0.51 0.51 0.38 Dec 88 0.0 BG Sapient SAPE Q 3 AG 16.06 NM 17.95 10.58 27.2 0.44 0.59 0.67 Dec 2,250 0.0 BG Unisys Corporation UIS N 2 HR 30.92 28.00 34.78 15.68 18.1 2.84 1.71 2.75 Dec 1,357 0.0 BG

Security AeroVironment Inc. AVAV Q 3 AG 28.88 NM 31.50 16.98 NM 1.36 0.47 A 0.26 Apr 656 0.0 BG FLIR Systems FLIR Q 1 AG 32.69 40.00 34.19 23.00 26.2 1.45 1.25 1.71 Dec 4,701 1.1 BG Guidance Software Inc. GUID Q 2 HR 9.98 10.00 12.90 7.00 NM 0.40 (0.46) (0.04) Dec 258 0.0 BG iRobot IRBT Q 1 AG 35.97 39.00 41.12 19.91 36.7 0.61 0.98 1.16 Dec 1,050 0.0 BG NIC Inc. EGOV Q 2 AG 22.05 25.00 25.99 15.51 40.1 0.40 0.55 0.65 Dec 1,433 0.0 BG


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Technology & Communications - USA Satellite & Space Comtech Telecommunications Corp. (ae) CMTL Q 3 AG 30.79 NM 33.65 22.65 NM 76 50 A 57 Jul 503 3.9 CQ DigitalGlobe, Inc. (ae) DGI N 1 AG 39.06 50.00 43.13 25.21 NM 211 228 330 Dec 2,937 0.0 CQ EchoStar Corporation (ae) SATS Q 2 AG 47.39 60.00 51.90 35.81 NM 572 627 729 Dec 4,269 0.0 CQ Intelsat S.A. (ae) I N 3 G 20.48 NM 26.80 16.90 NM 2,012 2,019 2,006 Dec 2,212 0.0 CQ Iridium Communications Inc. (ae) IRDM Q 2 AG 6.31 10.00 9.22 5.37 NM 206 202 208 Dec 484 0.0 CQ KVH Industries KVHI Q 1 AG 13.39 17.00 15.00 11.98 31.1 0.26 0.43 0.63 Dec 204 0.0 CQ ORBCOMM, Inc. (ae) ORBC Q 2 HR 7.84 7.25 8.21 3.40 NM 17 16 23 Dec 374 0.0 CQ Orbital Sciences (ae) ORB N 2 AG 23.59 26.00 25.52 14.01 NM 159 161 169 Dec 1,426 0.0 CQ TeleCommunication Systems TSYS Q 3 AG 2.43 NM 3.21 1.82 40.5 0.40 0.06 0.09 Dec 166 0.0 CQ ViaSat, Inc. (ae) VSAT Q 4 NM 61.65 NM 73.43 37.78 NM 149 163 A 210 Mar 2,810 0.0 CQ

Semiconductors Advanced Micro Devices AMD N 2 HR 3.54 5.00 4.65 2.26 15.4 (1.60) (0.11) A 0.23 Dec 2,712 0.0 HM Altera Corporation ALTR Q 1 AG 32.35 40.00 39.18 30.62 23.3 1.72 1.36 A 1.39 Dec 10,417 1.9 HM Applied Micro Circuits Corporation AMCC Q 1 HR 11.00 17.00 15.09 6.51 NM (0.09) (0.45) A 0.07 Mar 811 0.0 HM ARM Holdings plc (r) ARMH Q 2 G 46.82 65.00 55.26 34.75 48.3 0.71 0.97 1.25 Dec 22,029 0.2 HM Atmel Corporation ATML Q 2 AG 8.27 8.00 8.91 5.89 29.5 0.33 0.28 0.45 Dec 3,629 0.0 HM Broadcom Corporation BRCM Q 3 AG 28.96 NM 37.85 23.25 10.8 2.92 2.69 2.65 Dec 17,521 1.5 HM,JSS Cavium Inc. CAVM Q 2 AG 35.34 43.00 42.41 28.65 NM (2.24) 0.07 0.74 Dec 1,968 0.0 HM Cree, Inc. CREE Q 4 NM 62.75 NM 76.00 41.73 38.0 0.95 1.31 A 1.65 Jun 7,731 0.0 HM Intel Corporation INTC Q 4 NM 24.90 NM 27.12 20.10 13.8 2.13 1.89 A 1.80 Dec 127,065 3.6 HM LSI Corporation LSI Q 3 AG 11.02 NM 11.05 5.99 17.2 0.76 0.64 0.65 Dec 6,211 1.1 HM Marvell Technology Group, Ltd. MRVL Q 2 AG 14.93 15.00 15.82 9.16 15.1 NA 0.86 A 0.99 Jan 7,344 1.6 HM Micron Technology, Inc. MU Q 1 AG 23.05 30.00 24.50 7.54 9.6 (1.04) 1.00 A 2.40 Aug 27,568 0.0 HM NVIDIA Corporation NVDA Q 1 AG 15.61 20.00 16.44 12.04 23.3 0.95 0.90 A 0.67 Jan 9,191 2.2 HM OmniVision Technologies, Inc. OVTI Q 3 HR 15.14 NM 20.48 12.06 11.9 1.13 0.80 A 1.27 Apr 889 0.0 HM Pericom Semiconductor Corporation PSEM Q 2 AG 8.43 9.50 9.67 6.10 29.1 0.28 0.25 A 0.29 Jun 197 0.0 HM SanDisk Corp. SNDK Q 2 AG 69.60 83.00 74.14 48.75 13.7 1.70 4.37 A 5.07 Dec 15,924 1.3 HM Xilinx, Inc. XLNX Q 3 G 46.41 NM 48.91 34.98 21.0 1.99 1.78 A 2.21 Mar 13,375 2.2 HM

Telecommunications Services Towers American Tower (af) AMT N 1 AG 80.56 100.00 85.26 67.89 21.8 3.06 3.70 4.33 Dec 31,784 1.4 RP Crown Castle International (af) CCI N 1 AG 71.00 85.00 81.16 66.13 15.4 3.04 4.25 A 4.62 Dec 22,692 0.0 RP SBA Communications (af) SBAC Q 1 AG 89.93 106.00 92.78 66.68 22.2 3.09 4.05 4.60 Dec 11,523 0.0 RP


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Technology & Communications - USA Wireless America Movil, S.A.B. de C.V. (is,r,vf) AMX N 3 G 21.28 NM 25.71 18.26 14.6 1.27 1.46 1.53 Dec 76,310 1.2 RP Atlantic Tele-Network, Inc. (vf) ATNI Q 2 G 59.80 62.00 61.99 41.86 NM 1.59 0.19 2.42 Dec 942 1.8 RP Leap Wireless International, Inc. (vf) LEAP Q 4 NM 17.44 NM 17.55 5.15 NM (1.37) 0.15 (1.97) Dec 1,384 0.0 RP NII Holdings, Inc. (vf) NIHD Q 2 HR 2.75 6.00 9.82 1.90 NM (5.71) (5.46) (6.55) Dec 474 0.0 RP NTELOS Holdings Corp. (vf) NTLS Q 3 TR 18.11 NM 23.03 12.11 13.0 1.30 1.39 0.80 Dec 389 9.3 RP Shenandoah Telecommunications Co. (vf) SHEN Q 2 G 23.96 29.00 29.15 13.06 NM (0.18) (0.58) 0.28 Dec 575 1.5 RP Sprint Corp. (vf) S N 3 HR 8.86 NM 11.47 5.15 NM (0.86) (1.78) (0.97) Dec 34,775 0.0 RP Telephone and Data Systems, Inc. (vf) TDS N 2 HR 27.42 43.00 31.52 20.57 NM (0.69) (2.20) (1.19) Dec 2,975 1.9 RP T-Mobile US Inc. (vf) TMUS N 2 HR 32.31 34.00 34.10 12.63 NM 1.90 (0.52) 1.01 Dec 23,457 0.0 RP U.S. Cellular (vf) USM N 2 HR 44.45 51.00 48.98 32.25 NM (1.34) (3.26) (2.32) Dec 3,738 0.0 RP

Wireline Alaska Communications Systems Group Inc. ALSK Q 4 NM 2.23 NM 3.90 1.55 1.0 0.36 2.20 0.14 Dec 108 0.0 FGL AT&T Inc. T N 3 TR 33.70 NM 39.00 33.09 12.4 2.34 2.55 A 2.72 Dec 178,037 5.5 FGL Cablevision Systems Corp. (fc) CVC N 2 HR 16.35 20.00 20.16 13.62 35.5 0.59 0.46 1.15 Dec 4,377 3.7 FGL Cbeyond, Inc. CBEY Q 2 HR 6.70 7.00 9.60 5.39 NM (0.08) (0.42) (0.73) Dec 201 0.0 FGL CenturyLink CTL N 3 TR 28.95 NM 42.01 28.87 10.9 2.67 2.66 2.33 Dec 17,182 7.5 FGL Charter Communications, Inc. (fc) CHTR Q 3 HR 136.65 NM 144.02 76.19 38.6 1.49 3.54 5.36 Dec 15,250 0.0 FGL Cincinnati Bell Inc. CBB N 2 HR 3.60 4.25 4.93 2.62 NM 0.07 (0.17) 0.06 Dec 749 0.0 FGL Cogent Communications Group Inc. (fa) CCOI Q 3 AG 41.00 NM 42.63 23.78 85.4 0.39 0.48 0.97 Dec 1,941 1.5 FGL Comcast Corp. CMCSA Q 1 G 53.35 61.00 54.65 37.81 18.5 1.97 2.48 A 2.88 Dec 141,484 1.7 FGL Consolidated Communications Holdings CNSL Q 2 TR 19.30 20.00 20.42 15.83 20.3 0.76 0.95 0.92 Dec 774 8.0 FGL CyrusOne Inc. (af) CONE Q 1 AG 21.96 26.00 24.84 17.41 20.1 0.84 1.09 1.47 Dec 1,421 2.9 FGL,WAC DIRECTV DTV Q 2 AG 69.05 75.00 73.44 47.71 13.3 4.61 5.20 5.87 Dec 36,655 0.0 FGL DISH Network Corp. DISH Q 4 NM 55.40 NM 58.55 33.79 36.7 1.41 1.51 1.90 Dec 25,360 0.0 FGL Equinix EQIX Q 1 AG 182.60 245.00 231.56 152.82 61.9 2.64 2.95 3.46 Dec 9,787 0.0 FGL Frontier Communications Corp. FTR Q 3 HR 4.91 NM 5.02 3.71 22.3 0.25 0.22 0.22 Dec 4,876 8.1 FGL General Communication Inc. (fc) GNCMA Q 2 HR 10.20 11.00 11.75 7.67 NM (0.33) (1.39) 0.11 Dec 422 0.0 FGL Inteliquent IQNT Q 2 HR 11.57 12.00 13.21 2.56 6.9 (2.52) 1.67 0.89 Dec 334 2.2 FGL Internap Network Services Corp. INAP Q 2 HR 8.12 8.25 9.60 6.51 NM (0.09) (0.35) (0.47) Dec 436 0.0 FGL Level 3 Communications Inc. (fc) LVLT N 3 HR 32.67 NM 34.71 19.12 60.5 (0.01) 0.54 1.18 Dec 7,280 0.0 FGL Lumos Networks (vf) LMOS Q 3 TR 19.33 NM 25.10 9.29 32.2 0.72 0.60 0.64 Dec 426 2.9 RP Rackspace Hosting RAX N 2 AG 37.32 43.00 77.10 32.62 63.3 0.75 0.59 0.65 Dec 5,355 0.0 FGL Time Warner Cable Inc. TWC N 2 AG 133.71 135.00 139.85 84.57 20.7 5.76 6.47 7.78 Dec 38,642 1.9 FGL tw telecom inc. TWTC Q 3 AG 29.56 NM 31.89 24.16 73.9 0.51 0.40 0.33 Dec 4,270 0.0 FGL Verizon Communications VZ N 2 TR 47.36 54.00 54.31 42.72 13.8 2.31 2.84 A 3.43 Dec 136,160 4.5 FGL Windstream Holdings Inc. WIN Q 2 HR 7.52 10.00 9.90 7.49 25.9 0.46 0.29 0.29 Dec 4,458 13.3 FGL


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Technology & Communications - USA Transaction Processing ACI Worldwide, Inc. ACIW Q 3 AG 61.22 NM 65.94 42.74 25.2 1.74 2.43 3.27 Dec 2,353 0.0 WJ Alliance Data Systems Corp. ADS N 2 HR 245.89 285.00 265.35 151.40 24.8 8.72 9.92 12.12 Dec 11,966 0.0 WJ Blackhawk Network Holdings, Inc. HAWK Q 2 G 26.87 29.00 29.73 20.25 22.2 1.01 1.21 1.46 Dec 1,408 0.0 WJ Bottomline Technologies EPAY Q 1 AG 33.10 41.00 36.66 24.62 27.8 0.99 1.26 A 1.19 Jun 1,255 0.0 WJ Equifax, Inc. EFX N 2 G 68.87 67.00 71.62 52.79 19.1 2.91 3.61 3.85 Dec 8,533 1.3 WJ Fidelity National Information Services FIS N 2 G 50.96 54.00 53.73 35.21 17.9 2.50 2.84 3.16 Dec 14,834 1.7 WJ FleetCor Technologies FLT N 2 AG 106.19 120.00 123.96 58.79 26.4 2.99 4.02 4.81 Dec 9,016 0.0 WJ Global Payments Inc. GPN N 3 G 67.46 NM 70.32 43.73 16.7 3.53 3.65 A 4.04 May 4,904 0.1 WJ Green Dot Corporation GDOT N 3 AG 25.78 NM 26.61 13.19 22.0 1.37 1.17 1.39 Dec 963 0.0 WJ Heartland Payment Systems HPY N 2 G 44.00 45.00 50.44 29.35 22.6 1.65 1.95 2.11 Dec 1,622 0.6 WJ Higher One Holdings Inc. ONE N 3 AG 7.75 NM 11.93 6.97 13.4 0.68 0.58 0.71 Dec 364 0.0 WJ Intuit Inc. INTU Q 1 G 73.48 84.00 77.78 55.54 20.4 2.98 3.20 A 3.60 Jul 20,931 1.0 WJ MasterCard, Inc. MA N 3 G 78.83 NM 84.75 50.74 30.3 2.20 2.60 3.04 Dec 94,891 0.6 WJ MoneyGram International, Inc. MGI Q 3 HR 18.51 NM 24.88 13.69 14.9 0.98 1.24 1.45 Dec 1,073 0.0 WJ Total System Services TSS N 2 AG 30.58 33.00 33.44 21.53 15.9 1.46 1.73 A 1.92 Dec 5,792 1.3 WJ Vantiv, Inc. VNTV N 2 AG 31.47 31.00 34.42 20.39 20.2 1.22 1.56 1.93 Dec 6,325 0.0 WJ VeriFone Systems, Inc. PAY N 2 AG 29.38 37.00 35.69 15.34 21.3 2.74 1.44 A 1.38 Oct 3,209 0.0 WJ Visa, Inc. V N 1 G 220.96 235.00 235.50 154.14 24.9 6.20 7.59 A 8.86 Sep 172,349 0.7 WJ Western Union WU N 3 G 15.90 NM 19.50 13.80 11.1 1.74 1.43 1.44 Dec 8,774 3.1 WJ Xoom Corporation XOOM Q 1 HR 26.94 33.00 36.46 17.68 NM (0.17) 0.19 0.36 Dec 1,006 0.0 WJ


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

IT Hardware Avigilon Corporation AVO T 3 AG C$32.93 22.50 34.50 10.75 63.3 0.21 0.52 0.76 Dec C$1,363 0.0 SL Baylin Technologies Inc. BYL T 2 AG C$7.30 9.00 8.35 7.00 20.3 0.11 0.36 0.36 Dec C$137 0.0 SL BlackBerry (f) BBRY Q 3 HR US$10.04 NM 17.22 5.44 NM 2.22 (0.60) A (2.17) Feb US$5,278 0.0 SL,TMC Evertz Technologies Ltd. (f) ET T 2 G C$16.60 19.00 17.89 13.87 20.5 0.81 0.85 A 0.81 Apr C$1,232 3.9 SL Sierra Wireless SWIR Q 3 AG US$21.30 17.00 26.65 9.85 NM 1.08 0.20 0.63 Dec US$665 0.0 SL

Software/IT Services CGI Group GIB.A T 2 G C$35.23 44.00 41.47 23.92 12.8 0.48 2.29 A 2.75 Sep C$11,242 0.0 SL DragonWave DWI T 3 HR C$1.76 1.80 3.68 1.13 NM (1.08) (1.57) A (0.90) Feb C$83 0.0 SL MacDonald Dettwiler & Associates MDA T 3 G C$77.56 76.00 85.30 61.25 15.2 3.99 5.09 5.71 Dec C$2,792 1.7 SL NexJ Systems Inc. NXJ T 2 HR C$2.18 3.60 4.00 1.71 NM (0.83) (0.90) (0.43) Dec C$44 0.0 SL Open Text OTEX Q 2 G US$98.29 115.00 104.21 53.53 15.5 4.58 5.57 A 6.33 Jun US$5,986 1.2 SL Route1 Inc ROI V 2 VR C$0.05 0.08 0.08 0.03 NM 0.01 0.00 0.00 Dec C$17 0.0 SL

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


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Technology & Communications - EUR Stephane Beyazian [email protected]

Telecommunications Services Belgacom BCOM.BR EBR 4 €21.31 18.50 22.70 15.93 11.3 2.28 1.89 1.68 Dec 6,775 10.3 SB Bouygues BOUY.PA EPA 3 €28.49 NM 31.75 18.61 12.2 2.43 2.34 2.28 Dec 9,229 5.6 SB BSkyB BSY.L L 3 867p NM 951 761 15.5 50.00 56.00 60.00 Dec £14,514 2.9 SB BT BT.L L 1 377p 465 389 244 14.0 24.00 27.00 A 27.00 Mar £29,712 2.9 SB Deutsche Telekom DTE.DE ETR 3 €12.42 NM 12.92 7.98 18.5 0.59 0.67 0.69 Dec 55,259 4.0 SB Iliad ILD.PA EPA 3 €169.70 NM 188.90 136.10 29.5 3.91 5.76 6.72 Dec 9,843 0.0 SB Jazztel JAZ.MC MCE 3 €9.04 NM 9.19 5.05 34.8 0.25 0.26 0.29 Dec 2,235 0.0 SB KPN KPN.AS AMS 3 €2.70 NM 2.78 1.38 18.0 0.85 0.15 0.09 Dec 11,475 0.0 SB Mobistar MSTAR.BR EBR 3 €14.15 NM 20.97 10.07 12.0 2.99 1.18 0.74 Dec 849 0.0 SB Orange ORA.PA EPA 3 €9.04 NM 10.70 7.03 9.2 0.26 0.98 0.74 Dec 23,934 8.9 SB TalkTalk Telecom Group TALK.L L 4 318p 196 329 207 22.7 18.00 14.00 A 14.00 Mar £2,813 3.8 SB Telefonica TEF.MC MCE 3 €11.39 NM 13.14 9.47 12.8 1.44 0.89 0.91 Dec 51,836 6.6 SB Telenet Group TNET.BR EBR 2 €43.53 46.00 44.87 32.67 35.4 0.29 1.23 1.94 Dec 4,919 3.0 SB TeliaSonera AB TLSN.ST STO 2 SEK50.05 60.00 54.90 41.80 12.1 NA 4.14 4.25 Dec 222,773 6.0 SB Vivendi VIV.PA EPA 2 €19.23 20.60 20.04 14.00 17.3 1.96 1.11 1.19 Dec 25,480 5.2 SB Vodafone VOD.L L 2 223p 275 241 160 14.0 NA 15.50 A 15.90 Mar £108,187 4.9 SB Ziggo ZIGGO.AS AMS 3 €32.39 NM 34.00 22.35 20.6 1.20 1.59 A 1.57 Dec 6,478 5.4 SB


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


Telecom & Media Grupo Clarin S.A. GCLA BA S NM AR$25.40 NM 29.50 9.00 NM 1.48 NA NA Dec AR$7,300 1.6 FRM,SR

Telecommunications Services Telecom Argentina S.A. TEO N 3 TR US$15.30 NM 21.56 11.90 5.1 2.99 3.00 2.88 Dec US$3,013 4.5 FRM,SR


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

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

Airlines Hybrid Carriers Alaska Air Group ALK N 2 AG 79.53 91.00 82.08 45.77 12.4 4.73 5.40 A 6.40 Dec 5,539 1.0 SS,JDP Copa Holdings, S.A. (is) CPA N 1 AG 133.87 190.00 162.83 97.66 13.5 7.57 9.89 11.25 Dec 5,944 2.2 JDP,SS LATAM Airlines Group S.A. (is,r) LFL N 1 AG 14.86 21.00 25.25 11.62 59.4 0.31 0.25 0.80 Dec 7,192 0.0 JDP,SS

Legacy Carriers American Airlines Group, Inc. AAL Q 2 HR 31.96 38.00 32.20 23.45 7.7 0.60 2.64 A 4.15 Dec 23,714 0.0 SS,JDP Delta Air Lines, Inc. DAL N 2 HR 30.90 37.00 32.92 13.16 12.9 1.83 3.14 A 2.40 Dec 26,436 0.8 SS,JDP United Continental Holdings, Inc. UAL N 3 HR 46.03 NM 49.20 23.62 10.5 1.50 2.67 A 4.40 Dec 16,657 0.0 SS,JDP

Transportation

USA Canada Europe

Airlines ........................................................................ 80

Hybrid Carriers ........................................................ 80

Legacy Carriers ........................................................ 80

Low Cost Carriers ..................................................... 81

Regional Carriers ..................................................... 81

Transportation Services .............................................. 81

Intermodal and Asset-Light Logistics ....................... 81

Leasing ..................................................................... 81

Parcel Carriers ......................................................... 81

Railroad ................................................................... 81

Transportation Equipment & Supplies .................... 81

Trucking (Truckload and LTL) ................................... 82

Aerospace & Aviation ................................................. 82

Airlines ........................................................................ 82

Railroads ..................................................................... 83

Transportation & Logistics .......................................... 83

Airlines ........................................................................ 83


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Transportation - USA Low Cost Carriers Allegiant Travel Co. ALGT Q 3 AG 102.52 NM 114.77 72.54 21.3 4.06 4.81 5.80 Dec 1,968 0.0 JDP,SS GOL Linhas Aereas Inteligentes S.A. (r) GOL N 3 HR 4.19 NM 7.67 2.74 NM (1.43) (0.56) (0.10) Dec 557 0.0 JDP,SS JetBlue Airways JBLU Q 4 NM 8.74 NM 9.45 5.70 16.8 0.38 0.52 0.65 Dec 3,007 0.0 JDP,SS Ryanair Holdings plc (is,r) RYAAY Q 1 AG 48.86 56.00 54.74 37.91 20.8 2.38 2.47 A 2.35 Mar 13,969 0.0 JDP,SS Southwest Airlines Co. LUV N 3 AG 21.31 NM 22.10 11.15 16.4 0.55 1.12 A 1.30 Dec 15,563 0.8 JDP,SS Spirit Airlines, Inc. SAVE Q 2 HR 47.35 54.00 51.95 18.51 20.0 1.43 2.37 2.80 Dec 3,457 0.0 JDP,SS

Regional Carriers SkyWest, Inc. SKYW Q 3 HR 14.17 NM 17.29 12.25 12.9 0.99 1.10 1.00 Dec 726 1.1 JDP,SS

Transportation Services Intermodal and Asset-Light Logistics C.H. Robinson Worldwide CHRW Q 3 G 57.45 NM 67.93 53.74 21.2 2.76 2.71 3.00 Dec 9,020 2.4 TB Expeditors International of Washington, Inc. EXPD Q 3 G 41.52 NM 46.90 34.83 23.7 1.57 1.75 1.95 Dec 8,531 1.4 TB,AH Forward Air Corporation FWRD Q 3 AG 44.80 NM 46.66 35.93 24.6 1.74 1.82 2.10 Dec 1,389 0.9 TB,AH Hub Group, Inc. HUBG Q 3 AG 40.20 NM 43.09 33.10 21.3 1.83 1.89 2.00 Dec 1,513 0.0 TB,AH J.B. Hunt Transport Services, Inc. JBHT Q 2 AG 74.73 83.00 79.89 65.53 22.6 2.59 2.87 A 3.30 Dec 8,893 0.8 TB Landstar System, Inc. LSTR Q 3 G 56.74 NM 59.74 50.39 22.8 2.77 2.49 2.83 Dec 2,594 0.0 TB,AH Pacer International, Inc. PACR Q 3 AG 8.86 NM 9.23 4.00 28.6 0.14 0.31 0.42 Dec 313 0.0 TB,AH Roadrunner Transportation Systems, Inc. RRTS N 1 AG 26.50 39.00 30.98 18.84 19.6 1.18 1.35 1.77 Dec 993 0.0 AH UTi Worldwide, Inc. UTIW Q 3 AG 16.07 NM 17.70 13.78 94.5 0.85 0.37 A 0.17 Jan 1,683 0.4 TB,AH XPO Logistics, Inc. XPO N 2 HR 26.17 33.00 30.90 15.48 NM (1.48) (2.37) 0.05 Dec 1,439 0.0 TB,AH

Leasing GATX Corporation GMT N 2 TR 59.74 64.00 61.16 43.88 15.1 2.80 3.50 A 3.95 Dec 2,761 2.1 AH Ryder System, Inc. R N 1 TR 71.45 87.00 75.20 52.58 14.8 4.41 4.83 5.24 Dec 3,758 1.9 AH TAL International Group, Inc. TAL N 3 TR 45.00 NM 57.82 38.50 10.8 3.92 4.18 4.25 Dec 1,523 6.2 AH Textainer Group Holdings Limited TGH N 3 TR 36.51 NM 43.96 33.53 11.7 3.64 3.11 3.39 Dec 2,057 5.1 AH

Parcel Carriers FedEx Corporation FDX N 1 G 134.34 190.00 144.39 90.61 18.7 6.57 6.23 A 7.19 May 42,183 0.4 AH,TB United Parcel Service UPS N 2 TR 95.81 111.00 105.37 79.00 21.0 4.53 4.57 5.24 Dec 93,606 2.6 AH,TB

Railroad CSX Corp. CSX N 3 G 26.52 NM 29.25 21.45 14.0 1.75 1.83 A 1.89 Dec 26,865 2.3 TB Genesee & Wyoming Inc. GWR N 1 AG 89.50 114.00 102.20 79.22 20.5 2.46 4.37 5.00 Dec 5,075 0.0 TB,AH Kansas City Southern KSU N 2 AG 101.57 109.00 125.96 91.89 22.1 3.56 3.98 A 4.60 Dec 11,213 0.8 TB,AH Norfolk Southern Corp. NSC N 2 G 91.26 100.00 95.10 68.18 13.9 5.38 5.85 A 6.55 Dec 28,500 2.4 TB,AH Union Pacific Corp. UNP N 1 AG 172.80 200.00 175.00 130.50 16.1 8.28 9.42 A 10.75 Dec 79,625 1.8 TB,AH

Transportation Equipment & Supplies American Railcar Industries, Inc. ARII Q 4 NM 48.05 NM 49.36 29.86 12.3 2.99 3.91 4.35 Dec 1,026 2.1 AH The Greenbrier Companies, Inc. GBX N 4 NM 36.76 NM 38.35 18.85 14.1 1.95 1.99 A 2.60 Aug 1,031 0.0 AH Rush Enterprises, Inc. RUSHA Q 3 AG 28.07 NM 30.38 21.82 20.3 1.57 1.38 1.65 Dec 1,108 0.0 AH Trinity Industries, Inc. TRN N 4 NM 57.88 NM 60.59 34.57 12.4 3.19 4.67 6.00 Dec 4,520 1.0 AH Wabtec Corporation WAB N 3 G 72.82 NM 77.64 45.65 23.9 2.60 3.05 3.40 Dec 7,013 0.2 AH


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Transportation - USA Trucking (Truckload and LTL) Arkansas Best Corp. ABFS Q 1 AG 33.08 46.00 35.96 9.50 80.7 (0.58) 0.41 2.00 Dec 851 0.4 AH,TB Celadon Group, Inc. CGI N 3 AG 19.23 NM 21.99 16.29 15.3 1.12 1.17 A 1.26 Jun 448 0.4 AH Con-way Inc. CNW N 2 AG 39.02 51.00 46.52 31.18 22.8 1.82 1.71 2.65 Dec 2,220 1.0 AH,TB Heartland Express, Inc. HTLD Q 2 AG 20.38 22.00 21.60 12.99 24.3 0.71 0.84 1.05 Dec 1,729 0.4 AH Knight Transportation, Inc. KNX N 1 AG 20.92 24.00 21.47 15.02 24.3 0.85 0.86 1.07 Dec 1,675 1.1 AH Marten Transport, Ltd. MRTN Q 1 AG 19.75 25.00 21.47 12.33 16.2 0.82 0.91 A 1.22 Dec 656 0.5 AH Old Dominion Freight Line, Inc. ODFL Q 3 AG 53.32 NM 57.00 34.58 21.6 1.97 2.47 2.80 Dec 4,594 0.0 AH,TB Saia, Inc. SAIA Q 2 AG 32.00 42.00 35.31 16.30 18.3 1.29 1.75 2.41 Dec 782 0.0 AH,TB Swift Transportation Company SWFT N 1 AG 21.60 30.00 23.74 12.58 14.4 1.00 1.23 A 1.50 Dec 3,027 0.0 AH Werner Enterprises, Inc. WERN Q 2 AG 25.86 30.00 26.87 21.80 22.1 1.40 1.17 1.55 Dec 1,875 0.8 AH YRC Worldwide Inc. YRCW Q 4 NM 19.91 NM 36.99 5.75 NM (13.18) (11.35) (4.02) Dec 202 0.0 AH,TB

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

Theoni Pilarinos, CFA [email protected]

Aerospace & Aviation Bombardier Inc. (f) BBD.B T 3 AG C$4.01 4.50 5.43 3.80 10.6 0.37 0.38 0.41 Dec C$6,981 2.5 SH,BC CAE Inc. (f) CAE T 3 G C$14.38 12.50 14.99 9.80 20.0 0.71 0.74 A 0.72 Mar C$3,768 1.7 BC Heroux-Devtek Inc. (f) HRX T 3 G C$10.85 9.50 11.34 7.23 27.1 0.86 0.44 A 0.40 Mar C$347 NA BC Omni-Lite Industries OML V 3 HR C$0.78 1.50 0.92 0.58 15.6 0.05 E 0.07 NA Dec C$10 5.1 TP,SH

Airlines Air Canada AC.B T 3 HR C$7.63 8.00 9.90 1.96 NM (0.08) (0.10) 0.95 Dec C$2,159 NM BC WestJet Airlines WJA T 3 AG C$24.83 31.00 28.99 19.65 12.3 1.78 2.02 2.30 Dec C$3,278 1.6 BC


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Transportation - CAN Railroads Canadian National Railway CNR T 2 G C$57.78 68.00 62.20 47.16 18.9 2.81 3.05 3.63 Dec C$48,483 1.5 SH Canadian Pacific Railway CP T 2 G C$158.15 184.00 167.35 111.65 24.9 4.30 6.36 8.43 Dec C$27,692 0.9 SH

Transportation & Logistics CanWel Building Materials Group Ltd. CWX T 3 TR C$2.79 3.00 3.22 2.33 18.6 0.17 0.15 0.23 Dec C$160 10.0 SH Student Transportation Inc. STB T 3 TR C$6.74 6.75 6.92 6.05 96.3 0.05 0.04 A 0.07 Jun US$549 8.3 TP,SH

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Transportation - EUR Julien Richer [email protected]

Airlines Air France-KLM AIRF.PA EPA 2 €8.71 8.00 9.44 5.46 NM (2.09) E (0.81) 0.33 Mar 2,614 0.1 JR IAG IAG.L L 3 408p NM 443 209 NM (0.03) E 0.14 0.25 Mar £7,565 0.0 JR Lufthansa LHAG.DE ETR 2 €17.80 13.00 18.73 12.54 41.4 0.43 E 1.00 1.52 Dec 8,150 1.8 JR


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

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

Senior Managing Director,

Director of Equity Research

Shawn Borgeson (727) 567-2571

Managing Director, Product Development

David A. Henwood, CFA (727) 567-2505

Managing Director,

Chief Investment Officer

Mercedes S. van Woerkom (727) 567-2601

Managing Director,

Research Associate Manager

Consumer Budd Bugatch, CFA (727) 567-2527

Director of Furnishings Research

Sam Darkatsh (727) 567-2537

Home & Building Products

Bryan C. Elliott, CFA (404) 442-5856

Restaurants

Joseph D. Hovorka (404) 442-5863

Entertainment & Leisure

Dan Wewer, CFA (404) 442-5846

Hardline Retailers

Benjamin P. Brownlow (404) 442-5859

Hardline Retailers

Brian M. Vaccaro, CFA (404) 442-5866

Restaurants

Energy (800) 945-6275 J. Marshall Adkins

Director of Energy Research

Andrew Coleman

Exploration & Production

John Freeman, CFA


Collin Gerry Oilfield Services

Darren Horowitz

Exploration & Production/

Midstream Suppliers

Pavel Molchanov

Alternative Energy & Clean Technology/

Integrated Majors & Refiners

James M. Rollyson

Oilfield Services

Kevin Smith

Exploration & Production/

Midstream Suppliers

Cory J. Garcia

Integrated Majors & Refiners/

Midstream Suppliers

David Meats


Financial Services Daniel E. Cardenas (312) 655-2986

Banking

Robert J. Dodd, Ph.D. (901) 579-4560

Specialty Finance

David J. Long, CFA (312) 612-7685

Banking

Patrick J. O'Shaughnessy, CFA

(312) 612-7687

Capital Markets

C. Gregory Peters (312) 612-7717

Insurance/Insurance Brokerage

& Services

Anthony J. Polini (212) 856-4897

Banking

Michael Rose (727) 567-2643

Banking

Steven D. Schwartz, CFA

(312) 612-7686

Insurance

William J. Wallace IV (301) 657-1548

Banking

Donald A. Worthington

(415) 538-5733

Banking

Healthcare John W. Ransom (727) 567-2593

Director of Healthcare Research

Michael J. Baker (727) 567-2499

Benefits Management

Jayson Bedford (727) 567-2565

Medical Devices

Lawrence S. Keusch (617) 897-8992

Hospital Supplies & Equipment

Nicholas Jansen (727) 567-2446

Animal Health/Diagnostics/

Healthcare Information Technology

Industrial Sam Darkatsh (727) 567-2537

Specialty Distribution

William H. Fisher, CFA (404) 442-5858

Waste & Industrial Services

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

Chief Economist

Jeffrey D. Saut (727) 567-2644

Chief Investment Strategist

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

Coal

Real Estate Paul D. Puryear (727) 567-2253

Director of Real Estate Research

William A. Crow (727) 567-2594

Lodging/REITs

Buck Horne, CFA (727) 567-2561

Housing/REITs

RJ Milligan (727) 567-2660

REITs

Collin Mings, CFA (727) 567-2585

REITs

Technology & Communications Brian G. Alexander, CFA

(727) 567-2312

Director of Technology Research

Ric Prentiss (727) 567-2567

Director of Telecommunications

Services Research

Brian Gesuale (727) 567-2287

IT Services & Security

Wayne Johnson (404) 442-5837

Transaction Processing

Aaron Kessler, CFA (415) 616-8959

Internet

Simon M. Leopold (212) 856-5464

Communications Equipment

Frank G. Louthan IV (404) 442-5867

Telecommunications Services

Tavis C. McCourt, CFA (615) 665-3644

Communications Technology

Hans C. Mosesmann (727) 567-2498

Semiconductors

Chris Quilty (727) 567-2602

Satellite & Space

J. Steven Smigie (212) 856-4893

Analog & Communications

Semiconductors

Terry Tillman (404) 442-5825

Application Software

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

Infrastructure Software

Transportation Patrick Tyler Brown, CFA

(404) 442-5803

Transportation Services

Arthur W. Hatfield, CFA

(901) 579-4868

Transportation Services

James D. Parker, Ph.D. (404) 442-5857

Airlines

Savanthi Syth, CFA (727) 567-5274

Airlines


U.S. Equity Capital Markets – Sales & Trading

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

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

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

Mike Devine (727) 567-2278

Nick Digirolamo (727) 567-2280

Mark Fote (727) 567-2439

Peter L. Gairing (727) 567-2530

Eric Kirby (727) 567-2570

Kevin McElligott (727) 567-2597

Ted Mortonson (727) 567-2285

Mark Ranney (727) 567-1850

David Schaffer (727) 567-2598

Patrick Sauve (727) 567-2526

Jamie Zingaretti (727) 567-2576

Atlanta

Mark Starner (404) 442-5862

Dudley Stephens (404) 442-5828

Boston

Ryan Bagley (617) 897-8965

Dave Hodges (617) 897-8961

Jeff Jacobs (617) 897-8966

John Leffel (617) 897-8967

Chicago

Bill Sammon, Manager, (312) 655-2959

Lou Coines (312) 655-2964

Rick Glaisner (312) 612-7672

Chris Lambert (312) 655-2974

Anthony LanFranca (312) 655-2961

Tony Montemurro (312) 655-2948

Tim Murnane (312) 655-2988

Andrew K. Northwick (312) 612-7675

Chris Palermo (312) 655-2967

Leigh Pollak (312) 612-7744

Todd Raclaw (312) 655-2975

Bob Stocking (312) 612-7674

Los Angeles

Mark Hamilton (310) 414-5209

Rob Marckel (310) 414-5201

New York

Greg Giannokopoulos, Manager

(212) 856-5405

John Fahys (212) 856-5417

Jason Gefaell (212) 672-6828

Jeff Karish (212) 297-5604

Susan Lione (212) 856-4886

Institutional Sales (continued) New York

Carol McCarthy (212) 297-5605

Tom Nevitt (212) 297-5608

Gene Pennell (212) 297-5606

Craig Sapuppo (212) 297-5602

Kelly Schaeffer (212) 856-4887

Tara Siegel (212) 856-4389

Scott Sterrett (212) 856-4370

San Francisco

John Cavender (415) 538-5725

Douglas Deubel (888) 734-0540

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) 567-8092

Jeff Fordham

Jeanna Gillespie

Rachel Jallick

Peter Stark

Principal Trading (212) 599-6800

Kenneth Bollinger

Eric Braunstein

Earl Johnson

Jesse Lubarsky

Adam Lustig

Jeff Melvin

Ray Moore

Christian O’Brien

Kevin Prunty

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

Randy Toomajanian

Boston (617) 423-5607

Steve Svensen

Stu Wales

Thomas Ward

Chicago (312) 655-2990

Jeff Grimm

Randy Mrozek

Jeff Snower

Los Angeles (866) 401-8723

David Cantrell

New York (212) 599-6800

Jacqueline Britt

Craig Bugniazet

Michael Cannon

Paul Cornette

Michael Dalfonzo

John Gilmartin

Mark Koczan

Brendan Moses

Gary Muehlemann

Vincent Sgherza

Eric Siefert

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


Scott Brown

Renee Hollingsworth

Brandon Mann

James Nielsen

Allen Spence

Memphis (800) 564-3678

Darin Butler

Krystal Butler

Kevin Floyd

Marilyn Hiner

Tony Johnson

Kenny McClain


Strategic Options Desk (212) 856-5400

Ryan Sylvester, Co-head

Adam Templeton, Co-head

Colin Drowica

Geoff Gaiss

Stephen Hardin

Jeffrey Jacobson

Darius Kirksey

Andrew Kramer

Rob Mabry

Brad Manuilow

James “Hector” Murphy

Brian Werner

U.S. Equity Advisory Group

Memphis (901) 529-3776

J. Michael Gibbs, Co-head

David Hydrick

Joey Madere

Barbara Metcalf


Harry G. Katica, CFA, Co-head

Michael Berger

Heather Boksen

Suzi Fiorini

John Messina

Dylan Moore

Michael Saut

David Vargas

Julie Lachman

(International)

(727) 567-5559

ECM International Offices Raymond James UK,

London 011-44-207-426-5600

Robert Nugent, Manager

Daniel Acton

Jon DeVos

Benjamin Gilbert

Ted McMillan

Ricky Pilgrim

G. Eric Rowe

Robert Thomas

Anthony White

Adam Wood

Raymond James UK, Italy

011-44-207-426-5600

Emanuele Badaracco

Raymond James UK, Eastern Europe

011-44-207-858-9800

Homan Haghighi

Raymond James Switzerland, Geneva

011-41-22-818-2828

Jean Wilhelm, Manager

Paul Anderson

Philip Burgisser

Albert Fregosi

Eric Moïa

Rudi Moser

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

Homan Haghighi

Jad Hobeiche

Raymond James

Switzerland, Vaduz/Liechtenstein

011-423-233-44-54

Johann Kasamas

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

Emmanuel Laussinotte, Manager

Gregoire M. Alexandre

Thierry Guille

Julie Jourdan

Hubert Le Bret

Raymond James Germany, Dusseldorf 011-49-213-293-070

Hans J. Klisch, Manager

Falk G. Reissland, Manager

Theresia Ennen

Sebastian Sattelberger

Uwe Werner

Raymond James Benelux,

Brussels 011-322-626-1060

Henri de Liedekerke, Manager

Diego de Fierlant

Carine R. Van Pellecon

Stéphane Roffler


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 403.509.0523 Sr. Oil & Gas Producers / Oil Sands

Steve Hansen, CMA, CFA 604.659.8208 Transportation / Agribusiness

Nick Heffernan, CFA 403.509.0511 Oil & Gas Energy Services

Steven Li, CFA 416.777.4918 Technology /

Alternative Energy & Clean Tech

Adam Low, CFA 416.777.4943 Base Metals & Minerals / Iron Ore

Kurt Molnar 403.221.0414 Oil & Gas Producers

Theoni Pilarinos, CFA 604.659.8234 Infrastructure & Construction

David Quezada, CFA 604.659.8257 Industrial Special Situations

Phil Russo 416.777.7084 Precious Metals

David Sadowski 604.659.8255 Uranium & Junior Exploration

Daryl Swetlishoff, CFA 604.659.8246 Forest Products

Alex Terentiew, MBA, P.Geo 416.777.4912 Base Metals & Minerals /

Platinum Group Metals

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

Kenric Tyghe, MBA 416.777.7188 Consumer & Retail

Canadian Sales & Trading

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

Toronto 888.601.6105 Canada 800.290.4847 USA Sean Boyle 416.777.4927 Jeff Carruthers, CFA 416.777.4929 Richard Eakins 416.777.4926 Jonathan Greer 416.777.4930 Dave MacLennan 416.777.4934 Robert Mills, CFA 416.777.4945 Doug Owen 416.777.4925 Neil Weber 416.777.4931

U.S. Equities Toronto Laura Arrell 416.777.4920 Nicole Svec Griffis, CFA 416.777.4942 Vancouver 800.667.2899 Scot Atkinson, CFA 604.659.8225 Nick Pocrnic 604.659.8230

Montreal 514.350.4450, 866.350.4455 John Hart 514.350.4462 David Maislin, CFA 514.350.4460 London Jon De Vos 0.207.426.5632 Adam Wood 0.207.426.5612

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

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

Vancouver 800.667.2899 Nav Cheema 604.659.8224 Fraser Jefferson 604.659.8218 Derek Oram 604.659.8223

Montreal 866.350.4455 Joe Clement 514.350.4470 Patrick Sanche 514.350.4465


European Equity Research

Hermine de Bentzmann +33 (1) 45 64 05 53 Premium Consumer Goods Stéphane Beyazian +44 (0)20 7426 5643 Telecom Services Raphael Caruso +33 (1) 45 64 05 72 Insurance

Bertrand Hodée +33 (1) 45 64 05 46 Oil & Gas Producers/Oil Services Cédric Lecasble +33 (1) 45 64 05 40 Retail Arnaud Palliez +33 (1) 45 64 05 45 Construction & Building materials

Emmanuel Rétif +33 (1) 45 64 05 47 Utilities Julien Richer +33 (1) 45 64 05 44 Hotels/Tourism/Foodservices

European Sales & Trading

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

London +44 (0)20 7426 5600 Sales Dale Gibson Sales Trading Jason Keogh Ken Wesson

New York (212) 856-4884 Manager Benoit Piussan Sales Joe Campo

Sales Trading Craig McDonough


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

Head of Argentine Research

Federico Rey Marino (5411) 4850-2535

Agribusiness & Natural Resources/Financial Institutions/ LatAm Strategy/ Real Estate/ Telecom & Media

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

Agribusiness & Natural Resources/ Real Estate/ Telecom & Media

Santiago Ruiz Guiñazu (5411) 4850-2538

Electric Utilities/Financial Institutions/ Oil, Gas & Petrochemicals/ Telecom & Media

Santiago Wesenack (5411) 4850-2537

Electric Utilities/ Natural Resources/ Oil, Gas & Petrochemicals

Martin Tapia (5411) 4850-2596 Agribusiness & Natural Resources/ LatAm Strategy/ Real Estate

Latin American Sales & Trading Institutional Trading (Equity)

Buenos Aires

Esteban Polanski (5411) 4850-2541

Héctor Canzani (5411) 4850-2542

Institutional Trading (Fixed Income)

Buenos Aires

Miguel Bueno (5411) 4850-2546


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. (RJL), Suite 2100, 925 West Georgia Street, Vancouver, BC V6C 3L2, (604) 659-8200; In Latin America, Raymond James Latin America (RJLatAm), Ruta 8, km 17, 500, 91600 Montevideo, Uruguay, 00598 2 518 2033; In Europe, Raymond James Euro Equities, SAS (RJEE), 40, rue La Boetie, 75008, Paris, France, +33 1 45 61 64 90.

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

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

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

Additional information is available on request.

Analyst Information

Registration of Non-U.S. Analysts: The analysts listed on the front of this report who are not employees of Raymond James & Associates, Inc., are not registered/qualified as research analysts under FINRA rules, are not associated persons of Raymond James & Associates, Inc., and are not subject to NASD Rule 2711 and NYSE Rule 472 restrictions on communications with covered companies, public companies, and trading securities held by a research analyst account.

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

Ratings and Definitions

Raymond James & Associates (U.S.) definitions

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

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

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

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

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


Raymond James Ltd. (Canada) definitions

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

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

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

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

Raymond James Latin American rating definitions

Strong Buy (SB1) Expected to appreciate and produce a total return of at least 25.0% over the next twelve months.

Outperform (MO2) Expected to appreciate and produce a total return of between 15.0% and 25.0% over the next twelve months.

Market Perform (MP3) Expected to perform in line with the underlying country index.

Underperform (MU4) Expected to underperform the underlying country index.

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

Raymond James Euro Equities, SAS rating definitions

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

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

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

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

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

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

Rating Distributions

Coverage Universe Rating Distribution Investment Banking Distribution

RJA RJL RJ LatAm RJEE RJA RJL RJ LatAm RJEE

Strong Buy and Outperform (Buy) 50% 64% 50% 44% 24% 39% 0% 0%

Market Perform (Hold) 44% 34% 50% 38% 9% 24% 0% 0%

Underperform (Sell) 6% 1% 0% 18% 2% 33% 0% 0%

Suitability Categories (SR)

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

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

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

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

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


Risk Factors

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

Additional Risk and Disclosure information, as well as more information on the Raymond James rating system and suitability categories, is available at rjcapitalmarkets.com/Disclosures/index. Copies of research or Raymond James’ summary policies relating to research analyst independence can be obtained by contacting any Raymond James & Associates or Raymond James Financial Services office (please see raymondjames.com for office locations) or by calling 727-567-1000, toll free 800-237-5643 or sending a written request to the Equity Research Library, Raymond James & Associates, Inc., Tower 3, 6th Floor, 880 Carillon Parkway, St. Petersburg, FL 33716.

For clients in the United Kingdom:

For clients of Raymond James & Associates (London Branch) and Raymond James Financial International Limited (RJFI): This document and any investment to which this document relates is intended for the sole use of the persons to whom it is addressed, being persons who are Eligible Counterparties or Professional Clients as described in the FCA rules or persons described in Articles 19(5) (Investment professionals) or 49(2) (High net worth companies, unincorporated associations etc) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) or any other person to whom this promotion may lawfully be directed. It is not intended to be distributed or passed on, directly or indirectly, to any other class of persons and may not be relied upon by such persons and is therefore not intended for private individuals or those who would be classified as Retail Clients.

For clients of Raymond James Investment Services, Ltd.: This report is for the use of professional investment advisers and managers and is not intended for use by clients.

For purposes of the Financial Conduct Authority requirements, this research report is classified as independent with respect to conflict of interest management. RJA, RJFI, and Raymond James Investment Services, Ltd. are authorised and regulated by the Financial Conduct Authority in the United Kingdom.

For clients in France:

This document and any investment to which this document relates is intended for the sole use of the persons to whom it is addressed, being persons who are Eligible Counterparties or Professional Clients as described in “Code Monétaire et Financier” and Règlement Général de l’Autorité des Marchés Financiers. It is not intended to be distributed or passed on, directly or indirectly, to any other class of persons and may not be relied upon by such persons and is therefore not intended for private individuals or those who would be classified as Retail Clients.

For institutional clients in the European Economic Area (EEA) outside of the United Kingdom:

This document (and any attachments or exhibits hereto) is intended only for EEA institutional clients or others to whom it may lawfully be submitted.

Raymond James International and Raymond James Euro Equities are authorized by the Autorité de contrôle prudentiel et de résolution in France and regulated by Autorité de contrôle prudentiel et de résolution and the Autorité des Marchés Financiers.

For Canadian clients:

This report is not prepared subject to Canadian disclosure requirements, unless a Canadian analyst has contributed to the content of the report. In the case where there is Canadian analyst contribution, the report meets all applicable IIROC disclosure requirements.

Proprietary Rights Notice: By accepting a copy of this report, you acknowledge and agree as follows:

This report is provided to clients of Raymond James only for your personal, noncommercial use. Except as expressly authorized by Raymond James, you may not copy, reproduce, transmit, sell, display, distribute, publish, broadcast, circulate, modify, disseminate or commercially exploit the information contained in this report, in printed, electronic or any other form, in any manner, without the prior express written consent of Raymond James. You also agree not to use the information provided in this report for any unlawful purpose. This is RJA client releasable research

This report and its contents are the property of Raymond James and are protected by applicable copyright, trade secret or other intellectual property laws (of the United States and other countries). United States law, 17 U.S.C. Sec.501 et seq, provides for civil and criminal penalties for copyright infringement.

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