published by raymond james ltd monthly research register ...this publication is a statistical...

Canada Research Published by Raymond James Ltd

This publication is a statistical summary of financial data. For additional disclosure information on stocks listed in this publication, please see www.raymondjames.ca/researchdisclosures

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

Monthly Research Register - November 2011 October 31, 2011

Daryl Swetlishoff CFA | 604.659.8246 | [email protected]

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

Leveraging deep industry knowledge, Raymond James’ equity research division is focused on providing our valued clients with timely, moneymaking ideas. Our research-driven business model is geared towards generating insightful commentary and analysis on companies in the following sectors: Consumer Products & Retail, Energy, Industrial Special Situations, Mining, Paper & Forest Products, Real Estate, and Technology. Our Canadian research effort currently consists of 15 analysts covering approximately 240 companies.

We are committed to creating an environment that rewards our analysts for developing innovative ideas and value-added analysis. The challenge involves going beyond basic maintenance reporting functions, instead concentrating effort on creative thinking and the provision of timely, differentiated information. Our equity research products have been carefully structured to communicate important need-to-know information on investment opportunities and actionable ideas to clients in a concise, reader-friendly manner.

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

Daryl Swetlishoff, CFA Head of Research

RECENTLY RELEASED EQUITY RESEARCH REPORTS DATE REPORT NAME SYMBOL PRICE

OCT-28-11 RATING ANALYST

Oct-17-11 Colombia Oil & Gas Rafi Khouri, B.Sc, MBA Oct-18-11 NexJ Systems Inc. NXJ-TSX C$7.78 2 Steven Li, CFA Oct-21-11 Lone Pine Resources, Inc. LPR-TSX C$7.68 2 Kristopher Zack, CA, CFA Oct-24-11 North American Palladium Ltd. PDL-TSX C$3.42 2 Bart Jaworski, P.Geo.

Monthly Research Register - November 2011 Canada Research | of 28

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

Analyst Index Page Analyst Index (continued) Page

Gary Baschuk 15Frederic Bastien, CFA 6,9,15,18Justin Bouchard, P.Eng., CFA 10,19Andrew Bradford, CFA 10Ben Cherniavsky 6Steve Hansen, CMA, CFA 6Brad Humphrey 15Bart Jaworski, P.Geo. 15Rafi Khouri, B.Sc, MBA 10

Steven Li, CFA 19Adam Low, CFA 15Luc Mageau, CFA 10Jamil Murji, CFA (Associate) Theoni Pilarinos, CFA (Associate) Daryl Swetlishoff, CFA 14Kenric S. Tyghe, MBA 9Kristopher Zack, CA, CFA 10

Industry Index Page

Industry Index (continued) Page

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

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

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

Chemicals 8Consumer 9

Consumer Products & Retail 9Energy 10-13

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

Completion Services 13Contract Drillers 13

Field Services 13Pressure Pumpers 13

Forest Products 14Building Materials 14Pulp & Paper 14

Mining 15-17Base Metals & Minerals 15

Production 15Exploration & Development 15Special Situations 15

Precious Metals 16Gold 16Silver 16

Uranium & Junior Exploration 17Uranium 17Platinum 17

Real Estate 18Real Estate 18

Real Estate Services 18Retail Office/Diversified Multiresidential

Technology 19Software/IT Services 19IT Hardware 19Alternative Energy & Clean Tech 19


A (+) or (-) designates a rating upgrade or downgrade, respectively. Please see page 24 for definitions of ratings and other important disclosure information.

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


ADF Group Inc. DRX-TSX 2 7Advantage Oil & Gas Ltd. AAV-TSX 2 10Aecon Group ARE-TSX 2 6Agnico-Eagle Mines AEM-NYSE 2 16Aimia AIM-TSX 2 9Air Canada AC.B-TSX 3 7Alacer Gold Corp ASR-TSX 3 16Alamos Gold Inc. AGI-TSX 2 16Alliance Grain Traders Inc. AGT-TSX 1 6Allied Properties REIT AP.UN-TSX UR 25Alter NRG NRG-TSX 2 19Alterra Power Corp. AXY-TSX 2 19Amerigo Resources Ltd. ARG-TSX UR 25Anooraq Resources Corp. ARQ-TSXV 3 17Antofagasta Plc. ANTO-LSE UR 25Anvil Mining Limited AVM-TSX UR 25Arc Resources Ltd. ARX-TSX 3 10Arise Technologies APV-TSX UR 25Armtec Infrastructure Inc. ARF-TSX 3 6ArPetrol Ltd. RPT-TSXV 2 12Asia Bio-Chem Group Corp. ABC-TSX 3 6Athabasca Oil Sands Corp. ATH-TSX 2 12Atrium Innovations Inc. ATB-TSX 2 9Aura Minerals Inc. ORA-TSX UR 25AuRico Gold Inc. AUQ-NYSE UR 25Aurizon Mines Ltd. ARZ-TSX UR 25AutoCanada Inc. ACQ-TSX UR 25AvenEx Energy Corp. AVF-TSX 2 10Azure Dynamics AZD-TSX R 19B2Gold Corp. BTO-TSX UR 25Baja Mining Corp. BAJ-TSX 2 15Bankers Petroleum BNK-TSX 1 12Baytex Energy Corp. BTE-TSX 3 10Bear Creek Mining Corp. BCM-TSXV 3 16BioExx Specialty Proteins Ltd. BXI-TSX 3 6Birchcliff Energy Ltd. BIR-TSX 3 10Bird Construction Inc. BDT-TSX 2 6Black Diamond Group Ltd. BDI-TSX 2 13Boardwalk REIT BEI.UN-TSX UR 25Bombardier Inc. BBD.B-TSX 3 7Bonavista Energy Corporation BNP-TSX 2 10Bonnett's Energy Services Trust BT.UN-TSX UR 25CAE Inc. CAE-TSX 3 7Calfrac Well Services CFW-TSX 1 13Calloway REIT CWT.UN-TSX UR 25Cameco Corp. CCO-TSX 2 17Canadian Apartment REIT CAR.UN-TSX R 25Canadian National Railway CNR-TSX 3- 8Canadian Natural Resources Ltd CNQ-TSX 2 10Canadian Oil Sands Limited COS-TSX 3- 12Canadian Pacific Railway CP-TSX 3- 8Canadian Tire Corporation CTC.A-TSX UR 25Canam Group CAM-TSX 3 7Candente Copper Corp. DNT-TSX 2 15Canfor Corp. CFP-TSX 2 14Canfor Pulp Products Inc. CFX-TSX 3- 14CanWel Building Materials Group Ltd. CWX-TSX 1+ 8Canyon Services Group Inc. FRC-TSX 1 13Caterpillar Inc. CAT-NYSE 2 6Cenovus Energy CVE-TSX 2 12Cequence Energy Inc. CQE-TSX 3 11

Cervus Equipment Corp. CVL-TSX 1 7CGA Mining Ltd. CGA-TSX UR 25CGI Group GIB.A-TSX 2 19The Churchill Corp. CUQ-TSX 2 6Cineplex Inc. CGX-TSX 2 9CML Healthcare Inc. CLC-TSX 2+ 9Cominar REIT CUF.UN-TSX UR 25Commercial Solutions CSA-TSX 3 7Compass Petroleum Ltd. CPO-TSXV 2 11Compton Petroleum CMT-TSX UR 25Conifex Timber Inc. CFF-TSXV 2 14Connacher Oil and Gas CLL-TSX 2 12Copper Mountain Mining CUM-TSX 2 15Coro Mining Corp. COP-TSX UR 25CREIT REF.UN-TSX UR 25Crescent Point Energy CPG-TSX 2 10Crew Energy Inc. CR-TSX 2 10Crocodile Gold Corp. CRK-TSX 2 16Crocotta Energy Inc. CTA-TSX 2 11Crombie REIT CRR.UN-TSX UR 25DAY4 Energy DFE-TSX UR 25Daylight Energy Ltd. DAY-TSX 2 10Denison Mines Corp. DML-TSX 3 17Detour Gold Corp. DGC-TSX 2 16Dollarama DOL-TSX 3 9Domtar UFS-NYSE 1 14DragonWave DWI-TSX 3+ 19Duluth Metals Limited DM-TSX UR 25Dundee REIT D.UN-TSX UR 25Eastern Platinum Ltd. ELR-TSX 2 17Easyhome Ltd. EH-TSX 2 9Eldorado Gold Corp. EGO-NYSE 2 16Enablence Technologies ENA-TSXV 3 19EnCana Corporation ECA-TSX 2 10Enerflex Ltd. EFX-TSX 2 13Enerplus Corporation ERF-TSX 3 10Ensign Energy Services Inc. ESI-TSX 2 13Essential Energy Services Ltd. ESN-TSX 2- 13Evertz Technologies Ltd. ET-TSX 2 19Exchange Income Corp EIF-TSX 2 8Fairborne Energy Inc FEL-TSX 2 10Fibrek Inc. FBK-TSX 3 14Finning International FTT-TSX 2 7First Capital Realty FCR-TSX UR 25First Quantum Minerals Ltd. FM-TSX UR 25First Uranium Corp. FIU-TSX 3 17FirstService Corp. FSRV-NASDAQ 3 18Fortress Paper FTP-TSX 2- 14GasFrac Energy Services Ltd. GFS-TSX 2 13Genivar Inc. GNV-TSX 2 6Gennum Corporation GND-TSX UR 25Geologix Explorations Inc. GIX-TSX 2 16Gildan Activewear GIL-NYSE 2 9Glacier Media Inc. GVC-TSX 2 9GLG Life Tech Corporation GLG-TSX 3- 6GLV Inc. GLV.A-TSX 2 6Golden Star Resources GSS-AMEX 3 16Gran Tierra Energy GTE-TSX 1 12Great Basin Gold Ltd. GBG-AMEX 2 16Great Canadian Gaming GC-TSX 2 9Greenfields Petroleum Corporation GNF-TSXV 2 12

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

Please see page 24 for definitions of ratings and other important disclosure information.



Guyana Goldfields Inc. GUY-TSX 2 16H&R REIT HR.UN-TSX UR 25Hana Mining Ltd. HMG-TSX 2 15Hathor Exploration Limited HAT-TSX 2 17Heroux-Devtek Inc. HRX-TSX 2 7IBI Group Inc. IBG-TSX 2 6Inmet Mining Corporation IMN-TSX UR 25Insignia Energy Ltd. ISN-TSX 3- 11Interfor IFP.A-TSX 2 14Intrinsyc Software International Inc. ICS-TSX 3 19Ivanhoe Mines Ltd. IVN-TSX UR 25Killam Properties KMP-TSX UR 25Kirkland Lake Gold Inc. KGI-TSX UR 25Kiska Metals Corporation KSK-TSXV 1 16Lake Shore Gold Corp. LSG-TSX 2 16Legacy Oil & Gas Inc. LEG-TSX 1 10Liquor Stores Income Fund LIQ.UN-TSX UR 25Lone Pine Resources, Inc. * LPR-TSX 2 10Lumina Copper Corp. LCC-TSXV 1 15MacDonald Dettwiler & Associates MDA-TSX 2+ 19MAG Silver MAG-TSX 2 16Magellan Aerospace MAL-TSX 3 7McCoy Corporation MCB-TSX 1+ 7Mercer International Inc. MERC-NASDAQ 3- 14Methanex MEOH-NASDAQ 1 8Minco Silver MSV-TSX 3 16Mirabela Nickel Ltd. MNB-TSX UR 25Miranda Technologies Inc. MT-TSX 2 19Mullen Group Ltd. MTL-TSX 3 13NAL Energy Corporation NAE-TSX 2 10Neo Material Technologies NEM-TSX 2 15New Millennium Iron Corp. NML-TSXV UR 25Nexen Inc. NXY-TSX 3 10NexJ Systems Inc. * NXJ-TSX 2 19Niko Resources Ltd NKO-TSX 2+ 12Norbord Inc. NBD-TSX 3 14North American Energy Partners NOA-TSX 3 6North American Palladium Ltd. * PDL-TSX 2 17Northern Dynasty Minerals Ltd. NDM-TSX UR 25Northern Property REIT NPR.UN-TSX UR 25Novus Energy Inc. NVS-TSXV 2 11Omni-Lite Industries OML-TSXV 1 7Open Range Energy Corp. ONR-TSX 2 11Open Text OTEX-NASDAQ 2 19OPTI Canada Inc. OPC-TSX UR 12Orezone Gold Corp. ORE-TSX 2 16Orvana Minerals Corp. ORV-TSX 2 16Osisko Mining Corp. OSK-TSX 3 16Pacific Rubiales Energy PRE-TSX 1 12Paladin Energy PDN-TSX 2 17Pan American Silver PAAS-NASDAQ 1 16Pan Orient Energy POE-TSXV 2 12Parex Resources Inc. PXT-TSX 2 12Pengrowth Energy Corporation PGF-TSX 2 10Perpetual Energy Inc. PMT-TSX 3 10PetroAmerica Oil Corp. PTA-TSXV 2 12PetroBakken Energy Ltd. PBN-TSX 3- 10Petrobank Energy and Resources Ltd. PBG-TSX 2 12PetroDorado Energy Ltd. PDQ-TSXV 2 12PetroMagdalena Energy Corp. PMD-TSXV 2 12Petromanas PMI-TSXV 2 12Petrominerales PMG-TSX 4- 12

Petronova Inc. PNA-TSXV 2 12Platinum Group Metals Ltd. PTM-TSX 2 17Porto Energy Corp. PEC-TSXV 2 12Precision Drilling Corporation PD-TSX 1+ 13Primaris Retail REIT PMZ.UN-TSX UR 25Progress Energy Resources Corp. PRQ-TSX 2 10Pure Energy Services Ltd. PSV-TSX 1 13Quadra FNX Mining Ltd QUX-TSX UR 25Ram Power RPG-TSX 2 19Reliable Energy Ltd. REL-TSXV 2 11Renegade Petroleum Ltd. RPL-TSXV 2 11Research in Motion RIMM-NASDAQ 3 19RioCan REIT REI.UN-TSX R 25Ritchie Bros. Auctioneers RBA-NYSE 2 7Rocky Mountain Dealerships Inc. RME-TSX 2 7Route1 Inc ROI-TSXV 3 19Russel Metals RUS-TSX 2 7San Gold Corp. SGR-TSX UR 25Savanna Energy Services SVY-TSX 2 13Secure Energy Services Inc. SES-TSX 2 13ShaMaran Petroleum Corp. SNM-TSXV 2 12Shoppers Drug Mart SC-TSX 3 9Sierra Wireless SWIR-NASDAQ 2 19Silver Wheaton SLW-NYSE 2 16Silvercorp Metals Inc. SVM-NYSE 2 16SNC-Lavalin SNC-TSX 1 6Softchoice SO-TSX 2 19Southern Pacific Resources Corp. STP-TSX 1 12Stantec Inc STN-TSX 2 6Stornoway Diamond Corp. SWY-TSX 2 15Strad Energy Services Ltd. SDY-TSX 1 13Strategic Oil & Gas Ltd. SOG-TSXV 2 11Strathmore Minerals Corp STM-TSX 3 17Strongco Corp. SQP-TSX 2 7Student Transportation Inc. STB-TSX 3 8Sulliden Gold Corporation Ltd. SUE-TSX 1 16Suncor Energy Inc SU-TSX 3- 12Suroco Energy Inc SRN-TSXV 2 12Talisman Energy Inc. TLM-TSX 3 12Taseko Mines Ltd. TKO-TSX UR 25Tim Hortons THI-TSX 3 9Toromont Industries TIH-TSX 2 7Trelawney Mining and Exploration Inc. TRR-TSXV 2 16Trevali Mining Corporation TV-TSX R 15Trican Well Service TCW-TSX 2- 13Trinidad Drilling Ltd. TDG-TSX 1 13Tuscany International Drilling Inc. TID-TSX 2 13Twin Butte Energy Inc. TBE-TSX 2 11U.S. Geothermal GTH-TSX 2 19Ur-Energy Inc. URE-TSX 2 17Uranium One Inc. UUU-TSX 2 17Uranium Participation Corporation U-TSX 2 17Vecima Networks VCM-TSX UR 25Vermilion Energy Inc. VET-TSX 3- 10Victoria Gold Corp. VIT-TSXV R 16Viterra Inc. VT-TSX 2 6Wajax Corp. WJX-TSX 2 7Waldron Energy Corporation WDN-TSX 2 11West Fraser Timber WFT-TSX 2 14Western Energy Services Corp. WRG-TSXV 1+ 13WesternZagros Resources WZR-TSXV 4 12WestFire Energy Ltd. WFE-TSX 1 11

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

Please see page 24 for definitions of ratings and other important disclosure information.



WestJet Airlines WJA-TSX 2 7Winpak Ltd. WPK-TSX 2 9Yamana Gold Inc. AUY-NYSE 2 16Yangarra Resources Ltd. YGR-TSXV 2 11

Zargon Oil & Gas Ltd. ZAR-TSX 2 10ZCL Composites ZCL-TSX 3 6Zodiac Exploration Inc. ZEX-TSXV 2 11

* Denotes addition to this month’s Research Register. © 2011 Raymond James Ltd. This document may not be reprinted without permission.



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

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

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Agribusiness & Food Products Alliance Grain Traders Inc. AGT-TSX 1 C$30.00 C$21.55 42% Dec 12.2 C$1.00 C$1.76 C$2.60 2.8% NA C$431 SH Asia Bio-Chem Group Corp. (6b,h,<) ABC-TSX 3 C$1.00 C$0.31 223% Dec 5.2 C$0.14 C$0.06 C$0.11 0.0% NA C$27 SH BioExx Specialty Proteins Ltd. BXI-TSX 3 C$1.00 C$0.33 203% Dec NA C$(0.09) C$(0.09) C$(0.07) 0.0% NA C$63 SH GLG Life Tech Corporation (<) GLG-TSX GLGL-NASDAQ 3- C$4.50 C$1.75 157% Dec NA C$(0.11) C$(0.87) C$0.10 0.0% NA C$57 SH Viterra Inc. VT-TSX 2 C$13.50 C$10.48 30% Oct 14.4 C$0.47 C$0.73 C$0.77 1.0% NA C$3,899 SH

Infrastructure & Construction

Construction Aecon Group (1c,1f,h) ARE-TSX 2 C$12.50 C$9.16 39% Dec 12.2 C$0.49 C$0.75 C$1.30 2.2% NA C$644 FB Bird Construction Inc. (ev,h) BDT-TSX 2 C$15.00 C$10.69 46% Dec 18.8 C$1.12 C$0.57 C$1.15 6.2% NA C$449 FB The Churchill Corp. (h) CUQ-TSX 2 C$21.00 C$15.25 41% Dec 12.2 C$1.85 C$1.25 C$2.15 3.1% NA C$427 FB North American Energy Partners (6b,f) NOA-TSX NOA-NYSE 3 C$6.75 C$7.21 (6)% Mar 721.0 C$0.57 C$(0.85) A C$0.01 NA NA C$260 BC

Original Equipment Manufacturers Caterpillar Inc. (s,>) CAT-NYSE 2 US$126.00 US$96.85 32% Dec 14.2 US$4.19 US$6.83 US$9.35 1.9% NA US$64,502 TP|BC

Engineering Genivar Inc. GNV-TSX 2 C$33.00 C$23.64 46% Dec 11.8 C$1.70 C$2.00 C$2.30 6.3% NA C$615 FB IBI Group Inc. (3r,ev,h) IBG-TSX 2 C$16.50 C$12.34 43% Dec 13.7 C$1.11 C$0.90 C$1.50 8.9% NA C$296 FB SNC-Lavalin SNC-TSX 1 C$60.00 C$51.85 17% Dec 19.6 C$2.87 C$2.65 C$3.35 1.6% NA C$7,881 FB Stantec Inc STN-TSX STN-NYSE 2 C$27.00 C$24.90 8% Dec 11.0 C$2.07 C$2.26 C$2.70 NA NA C$1,145 BC|FB

Materials & Engineered Products Armtec Infrastructure Inc. (ev,h) ARF-TSX 3 C$3.00 C$2.40 25% Dec NA C$0.06 C$(6.10) C$(0.05) 0.0% NA C$67 FB GLV Inc. (f,h) GLV.A-TSX 2 C$8.00 C$4.04 98% Mar 80.8 C$(0.20) C$(0.30) A C$0.05 0.0% NA C$178 FB ZCL Composites ZCL-TSX 3 C$3.75 C$3.20 17% Dec 16.8 C$(0.12) C$0.19 C$0.35 NA NA C$92 BC

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



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Related Products Commercial Solutions CSA-TSX 3 UR C$1.01 NA Sep 14.4 C$0.01 E NA NA NA NA C$20 BC McCoy Corporation MCB-TSX 1+ C$5.50 C$3.20 73% Dec 7.8 C$0.17 C$0.41 C$0.48 1.3% NA C$86 SH|BC

Equipment Distributors Cervus Equipment Corp. (1c,1f,3r) CVL-TSX 1 C$20.00 C$16.31 27% Dec 11.7 C$0.92 C$1.40 C$1.71 4.4% NA C$245 BC Finning International (1c,1f,s,<) FTT-TSX 2 C$25.00 C$23.68 8% Dec 15.7 C$1.19 C$1.51 C$2.00 2.2% NA C$4,073 BC Ritchie Bros. Auctioneers (3r,s) RBA-NYSE RBA-TSX 2 US$27.00 US$21.69 27% Dec 26.8 US$0.58 US$0.81 US$1.15 2.0% NA US$2,321 BC Rocky Mountain Dealerships Inc. (h) RME-TSX 2 C$15.00 C$9.30 63% Dec 7.7 C$0.83 C$1.21 C$1.50 1.9% NA C$205 BC Strongco Corp. SQP-TSX 2 C$9.50 C$5.39 76% Dec 6.1 C$(0.04) C$0.88 C$0.95 NA NA C$70 BC Toromont Industries (6b,s) TIH-TSX 2 C$22.75 C$19.40 20% Dec 16.3 C$1.18 C$1.19 C$1.30 2.3% NA C$1,513 BC Wajax Corp. WJX-TSX 2 C$45.50 C$37.14 29% Dec 10.8 C$2.05 C$3.45 C$3.50 6.5% NA C$631 BC

Steel Processors & Building Components ADF Group Inc. DRX-TSX 2 C$2.50 C$1.33 89% Jan 12.1 C$0.19 C$0.11 A C$0.11 1.5% NA C$44 FB Canam Group (h,>) CAM-TSX 3 C$5.50 C$3.96 39% Dec NA C$0.00 C$(0.73) C$0.20 0.0% NA C$180 FB Russel Metals RUS-TSX 2 C$27.00 C$23.12 22% Dec 12.2 C$1.16 C$1.90 C$2.10 5.2% NA C$1,544 FB

Transportation

Aerospace & Aviation Bombardier Inc. (f,adj) BBD.B-TSX 3 C$5.75 C$4.41 33% Jan 9.4 US$0.39 US$0.42 A US$0.47 2.3% NA C$7,709 SH|BC CAE Inc. (f) CAE-TSX CAE-NYSE 3 C$12.00 C$10.70 14% Mar 16.2 C$0.66 C$0.62 A C$0.72 1.5% NA C$2,761 BC|SH Heroux-Devtek Inc. (6b,f) HRX-TSX 2 C$12.00 C$6.50 85% Mar 8.2 C$0.52 C$0.64 A C$0.79 NA NA C$202 BC|SH Magellan Aerospace (s) MAL-TSX 3 UR C$3.01 NA Dec 5.5 C$0.51 C$0.55 C$0.63 NA NA C$175 BC|SH Omni-Lite Industries (h,s,adj) OML-TSXV 1 C$3.00 C$1.65 84% Dec 12.7 US$0.17 US$0.13 US$0.28 2.4% NA C$23 SH

Airlines Air Canada (1c,1f) AC.B-TSX 3 C$3.00 C$1.39 116% Dec NA C$(0.09) C$(0.18) C$(0.43) NA NA C$517 BC|SH WestJet Airlines (1c,1f,h) WJA-TSX 2 C$17.50 C$13.35 33% Dec 12.7 C$0.67 C$1.05 C$1.25 1.5% NA C$1,882 BC|SH

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



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Railroads Canadian National Railway (>) CNR-TSX CNI-NYSE 3- C$80.00 C$79.75 2% Dec 16.7 C$4.20 C$4.78 C$5.50 1.6% NA C$35,999 SH Canadian Pacific Railway (<) CP-TSX CP-NYSE 3- C$57.50 C$63.80 (8)% Dec 20.1 C$3.85 C$3.18 C$4.25 1.9% NA C$10,910 SH

Transportation & Logistics CanWel Building Materials Group Ltd. (h,<) CWX-TSX 1+ C$3.00 C$2.01 63% Dec 25.1 C$0.27 C$0.08 C$0.27 13.9% NA C$123 SH Exchange Income Corp (3r,6b,h) EIF-TSX 2 C$28.00 C$20.90 42% Dec 17.4 C$0.96 C$1.20 C$1.47 7.8% NA C$357 SH Student Transportation Inc. (h,adj) STB-TSX STB-NASDAQ 3 C$6.50 C$6.06 17% Jun 67.3 US$0.10 US$0.02 A US$0.09 9.2% NA C$350 SH

Chemicals Methanex (1c,1f,6b,<) MEOH-NASDAQ MX-TSX 1 US$35.00 US$26.59 34% Dec 13.3 US$0.85 US$2.00 US$3.85 2.6% NA US$2,510 SH

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



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

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

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Consumer Products & Retail Aimia (ev,h) AIM-TSX 2 C$18.00 C$11.65 60% Dec 0.0 C$341.00 C$359.00 C$397.00 5.2% NA C$2,099 KT Atrium Innovations Inc. ATB-TSX 2 C$20.00 C$13.10 53% Dec 7.0 C$1.55 C$1.86 C$2.03 0.0% NA C$434 KT Cineplex Inc. CGX-TSX 2 C$27.00 C$26.42 7% Dec 29.0 C$0.88 C$0.91 C$1.24 4.9% NA C$1,532 KT CML Healthcare Inc. (>) CLC-TSX 2+ C$10.50 C$9.66 17% Dec 16.1 C$0.35 C$0.60 C$0.71 7.9% NA C$867 JM Dollarama (f,h) DOL-TSX 3 C$36.00 C$37.38 (3)% Jan 18.5 C$1.39 C$1.55 A C$2.02 1.0% NA C$2,826 KT Easyhome Ltd. (3r,h) EH-TSX 2 C$11.50 C$6.68 77% Dec 7.4 C$0.92 C$0.90 C$1.35 5.1% NA C$80 FB Gildan Activewear GIL-NYSE GIL-TSX 2 US$45.00 US$26.38 72% Sep 13.3 US$1.67 US$1.99 US$2.46 1.1% NA US$3,245 KT Glacier Media Inc. (1c,1f) GVC-TSX 2 C$2.75 C$1.90 48% Dec 8.6 C$0.22 C$0.22 C$0.25 3.2% NA C$172 KT Great Canadian Gaming GC-TSX 2 C$10.00 C$8.29 21% Dec 18.8 C$0.39 C$0.44 C$0.53 NA NA C$701 KT Shoppers Drug Mart SC-TSX 3 C$44.00 C$42.27 6% Dec 14.8 C$2.75 C$2.85 C$3.18 2.4% NA C$9,215 KT Tim Hortons THI-TSX THI-NYSE 3 C$46.00 C$49.64 (6)% Dec 21.3 C$2.04 C$2.33 C$2.63 1.4% NA C$8,141 KT Winpak Ltd. (1c,1f,3r,adj) WPK-TSX 2 C$14.00 C$11.61 23% Dec 12.0 US$0.81 US$0.97 US$1.09 2.6% NA C$755 KT

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



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

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

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Senior Oil & Gas Producers Canadian Natural Resources Ltd (3r,6b,cf,<) CNQ-TSX CNQ-NYSE 2 C$38.00 C$36.58 5% Dec 7.1 C$5.58 C$5.17 C$6.34 1.0% 50.2 C$40,253 JB|KZ EnCana Corporation (6b,cf,adj,>) ECA-TSX ECA-NYSE 2 C$28.00 C$22.30 29% Dec 3.8 US$5.98 US$5.81 US$5.59 3.6% 29.7 C$16,419 KZ|JB Nexen Inc. (6b,cf) NXY-TSX NXY-NYSE 3 C$20.50 C$16.73 24% Dec 3.5 C$4.08 C$4.77 C$4.63 1.2% 22.0 C$8,817 KZ|JB

Intermediate Oil & Gas Producers Advantage Oil & Gas Ltd. (cf,<) AAV-TSX AAV-NYSE 2 C$8.00 C$5.41 48% Dec 5.8 C$1.07 C$0.94 C$0.98 0.0% 10.3 C$893 LM Arc Resources Ltd. (cf,h,>) ARX-TSX 3 C$22.00 C$25.82 (10)% Dec 8.4 C$2.54 C$3.06 C$3.00 4.6% 19.2 C$7,310 KZ AvenEx Energy Corp. (cf,h,<) AVF-TSX 2 C$4.75 C$5.49 (4)% Dec 5.7 C$0.97 C$0.96 C$0.91 9.8% 4.3 C$290 KZ Baytex Energy Corp. (5a,cf,<) BTE-TSX BTE-NYSE 3 C$43.00 C$54.57 (17)% Dec 12.0 C$3.92 C$4.54 C$4.90 4.4% 40.6 C$6,330 KZ Birchcliff Energy Ltd. (3r,cf,<) BIR-TSX 3 C$14.00 C$15.37 (9)% Dec 14.0 C$0.79 C$1.10 C$1.17 0.0% 13.4 C$1,974 LM Bonavista Energy Corporation (cf,<) BNP-TSX 2 C$25.00 C$26.36 0% Dec 7.6 C$3.31 C$3.45 C$3.36 5.5% 19.5 C$4,152 KZ Crescent Point Energy (cf,>) CPG-TSX 2 C$42.00 C$43.26 3% Dec 9.9 C$3.64 C$4.37 C$4.41 6.4% 41.0 C$12,355 KZ Crew Energy Inc. (cf,<) CR-TSX 2 C$15.00 C$11.42 31% Dec 7.2 C$1.24 C$1.58 C$2.31 0.0% 14.9 C$1,378 LM Daylight Energy Ltd. (cf,h,>) DAY-TSX 2 C$10.08 C$9.84 9% Dec 6.6 C$1.46 C$1.48 C$1.34 6.1% 8.1 C$2,092 KZ Enerplus Corporation (cf,>) ERF-TSX ERF-NYSE 3 C$26.00 C$28.36 (1)% Dec 7.8 C$4.04 C$3.64 C$4.36 7.6% 29.2 C$5,105 KZ Fairborne Energy Inc (cf) FEL-TSX 2 C$5.50 C$3.72 48% Dec 3.8 C$1.18 C$0.99 C$0.95 0.0% 5.1 C$382 KZ Legacy Oil & Gas Inc. (cf,h,<) LEG-TSX 1 C$13.00 C$9.51 37% Dec 7.2 C$1.17 C$1.32 C$1.70 0.0% 10.6 C$1,359 KZ Lone Pine Resources, Inc. (h,adj) LPR-TSX LPR-NYSE 2 C$12.00 C$7.68 59% Dec 5.3 NA US$1.45 US$2.35 0.0% 9.3 C$655 KZ NAL Energy Corporation (3r,cf,h,<) NAE-TSX 2 C$11.00 C$8.86 34% Dec 5.2 C$1.73 C$1.72 C$1.86 9.5% 10.1 C$1,315 KZ Pengrowth Energy Corporation (cf,>) PGF-TSX PGH-NYSE 2 C$11.50 C$10.89 13% Dec 5.4 C$1.98 C$2.03 C$1.98 7.7% 12.7 C$3,577 KZ Perpetual Energy Inc. (cf,<) PMT-TSX 3 C$3.25 C$1.58 117% Dec 2.7 C$1.62 C$0.59 C$0.62 11.4% 3.5 C$233 KZ PetroBakken Energy Ltd. (cf,<) PBN-TSX 3- C$7.50 C$9.30 (9)% Dec 2.7 C$3.45 C$3.39 C$3.32 10.3% 6.7 C$1,752 JB Progress Energy Resources Corp. (cf,>) PRQ-TSX 2 C$16.50 C$14.70 15% Dec 13.7 C$1.01 C$1.07 C$1.11 2.7% 12.3 C$3,380 KZ Vermilion Energy Inc. (cf,h,>) VET-TSX 3- C$46.00 C$48.55 (1)% Dec 9.9 C$4.02 C$4.89 C$5.41 4.7% 42.1 C$4,384 KZ Zargon Oil & Gas Ltd. (cf,>) ZAR-TSX 2 C$16.00 C$14.12 22% Dec 5.8 C$2.80 C$2.44 C$3.14 8.5% 18.7 C$411 KZ

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



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Junior Oil & Gas Producers Cequence Energy Inc. (cf,<) CQE-TSX 3 C$4.00 C$4.67 (14)% Dec 16.7 C$0.26 C$0.28 C$0.50 0.0% 4.7 C$673 LM Compass Petroleum Ltd. (1c,1f,h,<) CPO-TSXV 2 C$2.25 C$1.64 37% Jun 7.8 C$0.10 C$0.21 C$0.47 0.0% 2.8 C$98 LM Crocotta Energy Inc. (cf,h,>) CTA-TSX 2 C$3.50 C$2.92 20% Dec 7.7 C$0.22 C$0.38 C$0.76 0.0% 3.8 C$238 LM Insignia Energy Ltd. (cf,<) ISN-TSX 3- C$1.50 C$1.15 30% Dec 3.0 C$0.46 C$0.38 C$0.41 0.0% 1.7 C$65 LM Novus Energy Inc. (cf,h,<) NVS-TSXV 2 C$1.25 C$0.84 49% Dec 6.0 C$0.02 C$0.14 C$0.21 0.0% 1.4 C$145 LM Open Range Energy Corp. (3r,cf,h,>) ONR-TSX 2 C$9.50 C$11.09 (14)% Dec 10.4 C$0.50 C$1.07 C$0.57 0.0% 3.0 C$785 LM Reliable Energy Ltd. (cf,h,>) REL-TSXV 2 C$0.50 C$0.27 85% Dec 4.5 C$0.02 C$0.06 C$0.11 0.0% 0.6 C$65 LM Renegade Petroleum Ltd. (cf,h,<) RPL-TSXV 2 C$4.00 C$2.75 45% Dec 5.4 C$0.20 C$0.51 C$0.80 0.0% 4.6 C$215 LM Strategic Oil & Gas Ltd. (h,<) SOG-TSXV 2 C$1.50 C$0.92 63% Dec 92.0 C$(0.01) C$0.01 C$0.18 0.0% 1.9 C$130 LM Twin Butte Energy Inc. (3r,cf,<) TBE-TSX 2 C$2.50 C$1.90 32% Dec 4.6 C$0.32 C$0.41 C$0.51 0.0% 2.9 C$264 LM Waldron Energy Corporation (h,>) WDN-TSX 2 C$3.00 C$1.59 89% Dec 3.3 C$0.35 C$0.48 C$0.67 0.0% 3.7 C$54 KZ WestFire Energy Ltd. (cf,h,<) WFE-TSX 1 C$10.00 C$4.77 110% Dec 5.2 C$0.52 C$0.92 C$1.78 0.0% 10.8 C$396 LM Yangarra Resources Ltd. (h,<) YGR-TSXV 2 C$0.75 C$0.64 17% Dec 5.3 C$0.03 C$0.12 C$0.17 0.0% 0.7 C$76 LM Zodiac Exploration Inc. (h) ZEX-TSXV 2 C$1.00 C$0.21 376% Sep NA C$(0.01) C$(0.01) C$(0.01) 0.0% 1.0 C$78 JB

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



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International Oil & Gas ArPetrol Ltd. (h,<) RPT-TSXV 2 C$0.30 C$0.08 275% Dec NA NA C$(0.01) C$0.03 0.0% 0.3 C$48 RK Bankers Petroleum (1c,1f,cf,h,adj,<) BNK-TSX 1 C$10.50 C$5.40 94% Dec 8.2 US$0.30 US$0.66 US$1.01 0.0% 10.3 C$1,459 RK Gran Tierra Energy (1c,1f,cf,adj,<) GTE-TSX GTE-AMEX 1 C$10.50 C$6.44 63% Dec 5.6 US$0.80 US$1.15 US$1.22 0.0% 10.7 C$1,931 RK Greenfields Petroleum Corporation (cf,h,adj,<) GNF-TSXV 2 C$12.00 C$6.70 79% Dec NA US$(0.35) US$(0.13) US$1.05 0.0% 11.7 C$112 RK Niko Resources Ltd (6b,cf,<) NKO-TSX 2+ C$60.00 C$57.35 5% Mar 13.4 C$4.30 C$5.50 A C$4.29 0.2% 59.6 C$3,212 RK Pacific Rubiales Energy (6b,cf,adj,<) PRE-TSX 1 C$42.00 C$24.22 75% Dec 4.8 US$2.52 US$5.04 US$5.62 1.6% 42.4 C$7,118 RK Pan Orient Energy (cf,h,<) POE-TSXV 2 C$5.00 C$2.30 117% Dec 2.4 C$1.21 C$0.96 C$1.36 0.0% 4.9 C$140 RK Parex Resources Inc. (cf,h,adj,<) PXT-TSX 2 C$9.00 C$8.17 10% Dec 9.1 US$(0.12) US$0.90 US$2.40 0.0% 9.0 C$930 RK PetroAmerica Oil Corp. (cf,h) PTA-TSXV 2 C$0.30 C$0.10 200% Dec NA C$(0.05) C$(0.03) C$0.02 0.0% 0.3 C$94 RK PetroDorado Energy Ltd. (cf,h,adj) PDQ-TSXV 2 C$0.40 C$0.22 82% Dec NA US$(0.01) US$0.00 US$0.00 0.0% 0.4 C$153 RK PetroMagdalena Energy Corp. (cf,h,adj,<) PMD-TSXV 2 C$2.30 C$1.60 44% Dec 9.4 US$(0.04) US$0.17 US$0.34 0.0% 2.3 C$271 RK Petromanas (cf,h,<) PMI-TSXV 2 C$0.40 C$0.14 186% Dec NA C$0.00 C$0.00 C$(0.01) 0.0% 0.4 C$121 RK Petrominerales (cf,adj,<) PMG-TSX 4- C$20.00 C$27.20 (25)% Dec 3.8 US$6.00 US$7.23 US$7.29 1.8% 20.3 C$3,019 RK Petronova Inc. (h,adj) PNA-TSXV 2 C$1.80 C$0.63 186% Dec NA nm US$(0.04) US$(0.03) 0.0% 1.9 C$104 RK Porto Energy Corp. (h,adj,<) PEC-TSXV 2 C$0.80 C$0.38 111% Aug NA US$(0.03) US$(0.03) US$(0.01) 0.0% 0.8 C$97 RK ShaMaran Petroleum Corp. (cf,h,adj) SNM-TSXV 2 C$0.40 C$0.40 0% Dec NA US$0.00 US$0.00 US$0.00 0.0% 0.4 C$273 RK Suroco Energy Inc (6b,cf,adj,<) SRN-TSXV 2 C$1.10 C$0.49 124% Dec 4.1 US$0.05 US$0.12 US$0.25 0.0% 1.1 C$76 RK Talisman Energy Inc. (cf,adj,<) TLM-TSX TLM-NYSE 3 C$14.00 C$14.88 (4)% Dec 4.8 US$3.00 US$3.13 US$3.04 1.8% 14.3 C$16,094 RK WesternZagros Resources (cf,adj) WZR-TSXV 4 C$0.55 C$0.75 (27)% Dec NA nm US$(0.02) US$0.07 0.0% 0.5 C$293 RK

Oil Sands & Producers Athabasca Oil Sands Corp. (h) ATH-TSX 2 C$16.50 C$13.35 24% Dec NA C$(0.02) NA NA 0.0% 16.7 C$5,333 JB Canadian Oil Sands Limited (cf,>) COS-TSX 3- C$20.00 C$24.03 (12)% Dec 6.0 C$2.42 C$3.98 C$3.03 5.0% 19.5 C$11,645 JB Cenovus Energy (6b,cf,>) CVE-TSX CVE-NYSE 2 C$42.00 C$36.00 19% Dec 8.0 C$3.20 C$4.49 C$5.29 2.2% 43.5 C$27,310 JB|KZ Connacher Oil and Gas (cf,h,<) CLL-TSX 2 C$0.75 C$0.50 50% Dec 6.3 C$0.08 C$0.08 C$0.07 0.0% 0.7 C$224 JB OPTI Canada Inc. (cf) OPC-TSX UR UR C$0.11 NA Dec NA C$(1.37) C$(0.79) C$(0.45) 0.0% 0.1 C$31 JB Petrobank Energy and Resources Ltd. (cf,>) PBG-TSX 2 C$8.00 C$9.30 (14)% Dec 1.6 C$5.94 C$5.84 C$5.72 0.0% 8.4 C$989 JB Southern Pacific Resources Corp. (cf,h,<) STP-TSX 1 C$2.00 C$1.48 35% Dec 8.7 C$0.14 C$0.13 A C$0.17 0.0% 2.8 C$516 JB Suncor Energy Inc (cf,<) SU-TSX SU-NYSE 3- C$32.00 C$33.07 (2)% Dec 6.1 C$3.91 C$5.46 C$5.09 1.2% 30.8 C$52,046 JB

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



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Completion Services Essential Energy Services Ltd. (h,q,>) ESN-TSX 2- C$2.50 C$1.77 41% Dec 8.9 C$0.07 C$0.20 C$0.26 0.0% NA C$231 AB Pure Energy Services Ltd. (q,>) PSV-TSX 1 C$11.25 C$6.55 72% Dec 7.4 C$0.24 C$0.89 C$1.15 0.0% NA C$172 AB

Contract Drillers Ensign Energy Services Inc. (q,>) ESI-TSX 2 C$21.50 C$15.59 40% Dec 10.1 C$0.71 C$1.54 C$1.94 2.4% NA C$2,579 AB Precision Drilling Corporation (q,<) PD-TSX PDS-NYSE 1+ C$16.50 C$12.48 32% Dec 13.9 C$0.53 C$0.90 C$1.22 0.0% NA C$3,718 AB Savanna Energy Services (h,q,<) SVY-TSX 2 C$10.50 C$8.80 19% Dec 16.6 C$0.11 C$0.53 C$0.81 0.0% NA C$782 AB Trinidad Drilling Ltd. (1c,1f,6b,q,s,>) TDG-TSX 1 C$11.00 C$8.18 37% Dec 13.2 C$0.26 C$0.62 C$0.80 2.4% NA C$1,038 AB Tuscany International Drilling Inc. (h,adj) TID-TSX 2 C$1.10 C$0.70 57% Dec NA US$(0.15) US$(0.04) US$0.06 0.0% NA US$293 AB Western Energy Services Corp. (h,q,<) WRG-TSXV 1+ C$11.25 C$8.46 33% Dec 8.7 C$0.02 C$0.97 C$0.88 0.0% NA C$534 AB

Field Services Black Diamond Group Ltd. (h,q,<) BDI-TSX 2 C$17.25 C$15.30 16% Dec 14.4 C$0.58 C$1.06 C$1.17 3.7% NA C$617 AB Enerflex Ltd. EFX-TSX 2 C$13.25 C$10.31 31% Dec 16.9 C$0.21 C$0.61 C$0.82 2.3% NA C$817 AB Mullen Group Ltd. (q,>) MTL-TSX 3 C$22.00 C$20.60 12% Dec 14.1 C$0.78 C$1.46 C$1.37 4.9% NA C$1,926 AB Secure Energy Services Inc. (3r,h,q,<) SES-TSX 2 C$9.50 C$8.15 17% Dec 24.0 C$0.08 C$0.34 C$0.42 0.0% NA C$786 AB Strad Energy Services Ltd. (3r,h,>) SDY-TSX 1 C$6.25 C$4.00 56% Dec 9.3 C$0.31 C$0.43 C$0.58 0.0% NA C$159 AB

Pressure Pumpers Calfrac Well Services (q,>) CFW-TSX 1 C$54.00 C$31.65 71% Dec 8.5 C$1.19 C$3.73 C$4.86 0.5% NA C$1,494 AB Canyon Services Group Inc. (h,q,<) FRC-TSX 1 C$18.50 C$12.51 49% Dec 9.3 C$0.99 C$1.34 C$1.68 0.8% NA C$802 AB GasFrac Energy Services Ltd. (h,q,<) GFS-TSX 2 C$12.00 C$7.87 52% Dec 157.4 C$0.07 C$0.05 C$0.99 0.0% NA C$515 AB Trican Well Service (q,>) TCW-TSX 2- C$28.00 C$17.90 57% Dec 9.6 C$1.09 C$1.86 C$2.00 0.6% NA C$2,764 AB

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



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

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Building Materials Canfor Corp. (3r,6b,<) CFP-TSX 2 C$16.00 C$10.21 57% Dec 255.3 C$0.32 C$0.04 C$0.37 0.0% NA C$1,457 DS Conifex Timber Inc. (6b,h,>) CFF-TSXV 2 C$14.50 C$7.72 88% Dec NA C$(1.02) C$(0.64) C$0.42 NA NA C$130 DS Interfor (h,<) IFP.A-TSX 2 C$7.00 C$4.04 73% Dec NA C$(0.06) C$(0.05) C$0.27 0.0% NA C$226 DS Norbord Inc. (<) NBD-TSX 3 C$11.00 C$8.93 23% Dec NA C$0.49 C$(0.09) C$0.24 0.0% NA C$389 DS West Fraser Timber (<) WFT-TSX 2 C$65.00 C$43.28 51% Dec 50.9 C$4.16 C$0.85 C$1.90 1.3% NA C$1,939 DS

Pulp & Paper Canfor Pulp Products Inc. (<) CFX-TSX 3- C$16.00 C$13.30 32% Dec 5.9 C$2.91 C$2.24 C$1.82 12.0% NA C$948 DS Domtar (>) UFS-NYSE UFS-TSX 1 US$125.00 US$84.90 49% Dec 7.6 US$10.93 US$11.19 US$9.81 1.6% NA US$3,235 DS Fibrek Inc. (<) FBK-TSX 3 C$1.00 C$0.98 2% Dec 32.7 C$0.14 C$0.03 C$0.03 0.0% NA C$127 DS Fortress Paper (h,<) FTP-TSX 2- C$48.00 C$39.17 23% Dec 206.2 C$0.90 C$0.19 C$6.48 0.0% NA C$599 DS Mercer International Inc. (3r,adj,<) MERC-NASDAQ MRI.U-TSX 3- US$10.00 US$7.14 40% Dec 6.0 €1.47 €1.19 €0.99 0.0% NA US$408 DS

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



Mining Gary Baschuk | 416.777.7098 | [email protected] Adam Low, CFA | 416.777.4943 | [email protected]

Brad Humphrey | 416.777.4917 | [email protected] Bart Jaworski, P.Geo. | 604.659.8282 | [email protected] Frederic Bastien, CFA | 604.659.8232 | [email protected]

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Base Metals & Minerals

Production Copper Mountain Mining (g,h,adj,<) CUM-TSX 2 C$7.50 C$5.42 38% Dec 30.1 C$0.03 C$0.18 C$2.26 0.0% 9.5 US$531 AL

Exploration & Development Baja Mining Corp. (6b,h,adj) BAJ-TSX 2 C$1.90 C$0.99 92% Dec NA C$(0.48) C$(0.17) C$(0.10) 0.0% N/A US$334 AL Candente Copper Corp. (6b,g,h,adj) DNT-TSX 2 C$2.55 C$1.19 114% Dec NA US$(0.02) US$(0.03) US$(0.06) 0.0% 5.2 US$140 AL Hana Mining Ltd. (g,h,<) HMG-TSX 2 C$2.75 C$1.70 62% Dec NA C$(0.05) C$(0.06) C$(0.05) 0.0% 6.9 C$148 AL Lumina Copper Corp. (6b,g,h,adj) LCC-TSXV 1 C$11.00 C$8.40 31% Dec NA C$0.11 C$(0.06) C$(0.08) 0.0% 28.4 US$328 AL Stornoway Diamond Corp. (3r,ce,h) SWY-TSX 2 C$2.90 C$1.44 101% Apr NA C$(0.09) C$(0.04) A C$(0.14) NA 3.2 C$171 BJ Trevali Mining Corporation (6b,h) TV-TSX R R C$0.91 R Dec R R R R R R R AL

Special Situations Neo Material Technologies (h,adj) NEM-TSX 2 C$13.50 C$8.00 69% Dec 5.3 US$0.46 US$1.50 US$1.10 0.0% NA US$1,115 FB

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



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Gold Agnico-Eagle Mines (6b,h,<) AEM-NYSE AEM-TSX 2 US$65.00 US$43.73 50% Dec 21.6 US$1.78 US$2.02 US$2.15 1.5% 36.4 US$7,565 BH Alacer Gold Corp (6b,<) ASR-TSX 3 C$10.60 C$11.60 (9)% Dec 33.1 C$(0.27) C$0.35 C$0.45 0.0% 7.4 C$3,225 BH Alamos Gold Inc. (1c,1f,6b,<) AGI-TSX 2 C$24.60 C$18.85 31% Dec 30.4 C$0.49 C$0.62 C$1.13 0.5% 18.4 C$2,354 GB Crocodile Gold Corp. (6b,h,>) CRK-TSX 2 C$1.60 C$0.52 208% Dec 52.0 C$(0.06) C$0.01 C$0.24 0.0% 1.7 C$167 GB Detour Gold Corp. (h) DGC-TSX 2 C$45.00 C$33.17 36% Dec NA C$(0.77) C$(0.64) C$(0.55) 0.0% 33.6 C$3,417 BH Eldorado Gold Corp. (5c,6b,>) EGO-NYSE ELD-TSX 2 US$24.00 US$19.66 23% Dec 29.8 US$0.42 US$0.66 US$0.99 0.5% 12.4 US$10,852 BH Geologix Explorations Inc. (6b,h,<) GIX-TSX 2 C$1.10 C$0.29 279% Dec NA C$(0.04) C$(0.03) C$(0.03) 0.0% 1.3 C$42 GB Golden Star Resources (3r,<) GSS-AMEX GSC-TSX 3 US$3.00 US$2.05 46% Dec 102.5 US$(0.02) US$0.02 US$0.01 0.0% 2.5 US$545 BH Great Basin Gold Ltd. (6b,h,adj,<) GBG-AMEX GBG-TSX 2 US$3.70 US$1.49 148% Dec 49.7 C$(0.05) C$0.03 C$0.16 0.0% 3.1 US$739 BH Guyana Goldfields Inc. (6b) GUY-TSX 2 C$15.00 C$8.96 67% Oct NA C$(0.05) C$(0.07) C$(0.20) 0.0% 13.2 C$815 BH Kiska Metals Corporation (6b,ce,h,<) KSK-TSXV 1 C$1.50 C$0.42 257% Dec NA C$(0.17) C$(0.22) C$(0.14) NA 3.5 C$42 BJ Lake Shore Gold Corp. (1c,1f,3r,ce,h,>) LSG-TSX LSG-AMEX 2 C$3.10 C$1.60 94% Dec NA C$(0.02) C$0.00 C$0.06 NA 3.4 C$639 BJ Orezone Gold Corp. (h) ORE-TSX 2 C$6.00 C$3.60 67% Dec NA C$0.02 C$(0.34) C$(0.31) 0.0% 6.0 C$324 BH Orvana Minerals Corp. (h,<) ORV-TSX 2 C$4.75 C$1.78 167% Sep NA C$(0.02) C$(0.03) C$0.88 0.0% 6.6 C$215 GB Osisko Mining Corp. (6b,<) OSK-TSX 3 C$16.75 C$12.56 33% Dec 157.0 C$(0.05) C$0.08 C$0.87 0.0% 11.0 C$5,124 BH Sulliden Gold Corporation Ltd. (6b,h,>) SUE-TSX 1 C$2.90 C$1.89 53% Apr NA C$(0.06) C$(0.05) C$(0.05) 0.0% 2.9 C$432 GB Trelawney Mining and Exploration Inc. TRR-TSXV 2 C$5.90 C$3.77 56% Dec NA C$(0.13) C$(0.42) C$(0.05) 0.0% 4.9 C$533 BJ Victoria Gold Corp. (6b,ce,h) VIT-TSXV R R C$0.45 R Feb R R R R R R R BJ Yamana Gold Inc. (1c,1f,6b,h,<) AUY-NYSE YRI-TSX 2 US$19.25 US$15.55 25% Dec 15.2 US$0.61 US$1.02 US$1.08 1.2% 11.8 US$11,663 BH

Silver Bear Creek Mining Corp. (h) BCM-TSXV 3 C$7.80 C$4.00 95% Dec NA C$(0.20) C$(0.17) C$(0.09) 0.0% 10.6 C$368 BH MAG Silver (3r,ce,h) MAG-TSX MVG-AMEX 2 C$14.50 C$9.83 48% Dec NA C$(0.24) C$(0.13) C$(0.14) NA 9.5 C$545 BJ Minco Silver (h) MSV-TSX 3 C$5.90 C$2.47 139% Dec NA C$(0.08) C$(0.12) C$(0.10) 0.0% 7.3 C$143 BH Pan American Silver (6b,<) PAAS-NASDAQ PAA-TSX 1 US$50.00 US$29.56 69% Dec 11.0 US$1.07 US$2.68 US$3.82 0.1% 26.2 US$3,459 BH Silver Wheaton (<) SLW-NYSE SLW-TSX 2 US$52.00 US$35.97 45% Dec 19.9 US$0.80 US$1.81 US$2.40 0.3% 26.8 US$12,913 BH Silvercorp Metals Inc. (6b,f,h,<) SVM-NYSE SVM-TSX 2 US$16.00 US$9.89 63% Dec 17.1 US$0.34 US$0.37 A US$0.55 0.9% 9.2 US$1,647 BH

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



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Uranium & Junior Exploration

Uranium Cameco Corp. (ce) CCO-TSX CCJ-NYSE 2 C$32.20 C$22.47 45% Dec 21.2 C$1.31 C$1.06 C$1.47 1.8% 22.3 C$8,869 BJ Denison Mines Corp. (6b,ce,h,adj) DML-TSX DNN-AMEX 3 C$2.00 C$1.62 23% Dec NA US$(0.04) US$(0.23) US$(0.10) NA 1.8 C$623 BJ First Uranium Corp. (6b,ce,h,adj) FIU-TSX FUM-JSE 3 C$0.70 C$0.30 133% Mar 10.0 US$(0.56) US$(0.38) A US$0.03 NA 2.2 C$71 BJ Hathor Exploration Limited (6b,ce,h) HAT-TSX 2 C$5.00 C$4.59 9% Mar NA C$(0.03) C$(0.05) A C$(0.04) NA 4.4 C$575 BJ Paladin Energy (3r,ce,adj) PDN-TSX PDN-ASX 2 C$2.40 C$1.68 43% Jun NA US$(0.08) US$(0.08) A US$(0.02) NA 2.9 C$1,452 BJ Strathmore Minerals Corp (ce,h) STM-TSX 3 C$0.90 C$0.52 73% Dec NA C$0.20 C$(0.03) C$(0.03) NA 1.7 C$47 BJ Uranium One Inc. (1c,1f,6b,ce,adj) UUU-TSX UUU-JSE 2 C$5.20 C$3.03 72% Dec 33.7 US$(0.04) US$0.09 US$0.22 NA 3.8 C$2,900 BJ Uranium Participation Corporation (ce) U-TSX 2 C$8.50 C$5.89 44% Feb NA C$0.59 C$2.88 A C$(0.79) NA 7.0 C$634 BJ Ur-Energy Inc. (1c,1f,3r,6b,ce,h) URE-TSX URG-AMEX 2 C$2.20 C$1.30 69% Dec NA C$(0.17) C$(0.14) C$(0.10) NA 2.5 C$135 BJ

Platinum Anooraq Resources Corp. (6b,ce) ARQ-TSXV ANO-AMEX 3 C$0.70 C$0.50 40% Dec NA C$(0.12) C$(0.16) C$(0.14) NA 0.7 C$215 BJ Eastern Platinum Ltd. (ce,h,adj) ELR-TSX ELR-AIM 2 C$1.80 C$0.70 157% Dec NA US$0.01 US$(0.02) US$0.03 NA 1.2 C$636 BJ North American Palladium Ltd. (adj) PDL-TSX PAL-AMEX 2 C$4.50 C$3.42 32% Dec NA C$(0.16) C$0.01 C$0.10 0.0% 2.9 C$467 BJ Platinum Group Metals Ltd. (ce,h) PTM-TSX PLG-AMEX 2 C$2.80 C$1.30 115% Aug NA C$(0.18) C$(0.08) C$(0.14) NA 3.2 C$231 BJ

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



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

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Real Estate Services FirstService Corp. (h,<) FSRV-NASDAQ FSV-TSX 3 US$31.00 US$28.42 9% Dec 16.2 US$1.61 US$1.75 US$2.00 0.0% NA US$867 FB

Footnote Section 1 - Strong Buy. 2 - Outperform. 3 - Market Perform. 4 - Underperform. UR – Under Review. NM – Not Meaningful. NA – Not Available. R - Restricted. A (+) or (-) indicates a rating upgrade or downgrade, respectively. Pricing information for equities provided by Thomson Reuters. Current year P/E shown is calculated as close price divided by most current estimated EPS. Market cap shown is based on current basic shares outstanding. P/E multiple and Dividend Yield have been translated to the currency shown where components of each are reported in different currencies.< - EPS revision downward. h - Raymond James & Associates managed/co-managed a public/follow-on offering of these shares or has provided investment banking services within the last three years.



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

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Software/IT Services CGI Group GIB.A-TSX GIB-NYSE 2 C$24.50 C$20.71 18% Sep 12.6 C$1.24 C$1.64 C$1.70 0.0% NA C$5,447 SL DragonWave (<) DWI-TSX DRWI-NASDAQ 3+ C$4.00 C$3.38 18% Feb NA C$0.92 C$0.07 A C$(0.63) 0.0% NA C$120 SL Intrinsyc Software International Inc. (adj) ICS-TSX 3 C$0.15 C$0.08 88% Dec NA NA NA NA NA NA NA SL MacDonald Dettwiler & Associates (1c,1f,>) MDA-TSX 2+ C$50.00 C$43.43 17% Dec 15.3 C$2.37 C$2.84 C$3.64 2.3% NA C$1,390 SL NexJ Systems Inc. (6a,h) NXJ-TSX 2 C$8.50 C$7.78 9% Dec NA C$(0.05) C$(0.57) C$(0.10) 0.0% NA C$133 SL Open Text (>) OTEX-NASDAQ OTC-TSX 2 US$74.00 US$60.39 23% Jun 12.9 US$3.10 US$4.04 A US$4.69 0.0% NA US$3,539 SL Route1 Inc (adj) ROI-TSXV 3 C$0.12 C$0.14 (14)% Dec NA NA NA NA NA NA NA SL Softchoice (h,adj) SO-TSX 2 C$12.00 C$8.67 38% Dec 7.5 US$0.91 US$1.15 US$1.20 0.0% NA C$172 SL

IT Hardware Enablence Technologies (f,h,<) ENA-TSXV 3 C$0.13 C$0.08 63% Jun NA C$(0.13) C$(0.02) A C$0.00 0.0% NA C$34 SL Evertz Technologies Ltd. (f) ET-TSX 2 C$15.00 C$13.15 18% Apr 12.8 C$0.83 C$1.03 A C$1.03 3.7% NA C$985 SL Miranda Technologies Inc. MT-TSX 2 C$8.50 C$6.68 27% Dec 9.2 C$0.54 C$0.73 C$0.83 0.0% NA C$146 SL Research in Motion (f,m) RIMM-NASDAQ RIM-TSX 3 US$27.00 US$21.30 27% Feb 4.4 US$4.37 US$6.34 A US$4.82 0.0% NA US$11,165 SL Sierra Wireless (m) SWIR-NASDAQ SW-TSX 2 US$13.00 US$7.67 69% Dec 63.9 US$0.64 US$0.12 US$0.84 0.0% NA US$240 SL

Alternative Energy & Clean Tech Alter NRG (1c,1f,6b,cf) NRG-TSX 2 C$1.00 C$0.69 45% Dec NA C$(0.20) C$(0.07) C$0.05 0.0% 1.0 C$43 JB Alterra Power Corp. (3r,h,adj) AXY-TSX 2 C$1.25 C$0.47 166% Jun NA US$(0.07) US$(0.06) US$0.00 0.0% 4.8 C$144 SL Azure Dynamics (h) AZD-TSX R R C$0.12 R Dec R R R R R R R SL Ram Power (h,ng,adj) RPG-TSX 2 C$0.75 C$0.31 142% Dec NA US$(0.14) US$(0.07) US$(0.04) 0.0% 11.6 C$89 SL U.S. Geothermal (h,adj) GTH-TSX 2 C$1.40 C$0.42 233% Mar NA US$(0.04) US$(0.02) US$0.01 0.0% 4.7 US$36 SL

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



Analyst Profiles Head of Equity Research

Daryl Swetlishoff, CFA | Paper & Forest Products

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

Senior Supervisory Analyst

Heather Herron

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

Energy

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

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

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

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

Kristopher Zack, CA, CFA |Oil & Gas Producers

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



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

Justin Bouchard joined the firm in September 2006 and covers oil sands and oil and gas producer and exploration companies. For the year prior, Justin was employed as a Research Associate at another investment dealer as part of a group covering oil sands companies and producers. Prior to that, he was employed for ten years in various roles in the energy sector including as a Facilities/Production Engineer and Field Operator, and as a Product Manager of specialized oil & gas software products. Justin has an MBA from Queens University (2004), a Bachelor of Science degree (Mechanical Engineering) from the University of Alberta (1995) and is a Level 3 CFA candidate.

Luc Mageau, CFA |Oil Sands / Oil & Gas Producers

Luc Mageau joined the firm in March 2006. He was promoted to equity analyst in May 2009 and is responsible for covering junior and intermediate oil and gas producers. Prior to joining the firm, Luc was employed as a commercial lender at a major bank and as a research analyst at a U.S. based equity research firm. Educationally, Luc has a Bachelor of Commerce degree from the University of Alberta (2001) and holds the Chartered Financial Analyst designation.

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

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

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

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

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

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



Mining

Brad Humphrey |Precious Metals

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

Gary Baschuk | Precious Metals

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

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

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

Adam Low, CFA | Base Metals & Minerals

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

Consumer Products & Retail

Kenric S. Tyghe, MBA

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

Technology

Steven Li, CFA | Technology and Alternative Energy

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



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

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



Ratings and Definitions Raymond James Ltd. (Canada) definitions Strong Buy (SB1) The stock is expected to appreciate and produce a total return of at least 15% and outperform the S&P/TSX Composite Index over the next six months. Outperform (MO2) The stock is expected to appreciate and outperform the S&P/TSX Composite Index over the next twelve months. Market Perform (MP3) The stock is expected to perform generally in line with the S&P/TSX Composite Index over the next twelve months and is potentially a source of funds for more highly rated securities. Underperform (MU4) The stock is expected to underperform the S&P/TSX Composite Index or its sector over the next six to twelve months and should be sold.

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

Raymond James Latin American rating definitions Strong Buy (SB1) Expected to appreciate and produce a total return of at least 25.0% over the next twelve months. Outperform (MO2) Expected to appreciate and produce a total return of between 15.0% and 25.0% over the next twelve months. Market Perform (MP3) Expected to perform in line with the underlying country index. Underperform (MU4) Expected to underperform the underlying country index. Suspended (S) The rating and price target have been suspended temporarily. This action may be due to market events that made coverage impracticable, or to comply with applicable regulations or firm policies in certain circumstances, including when Raymond James may be providing investment banking services to the company. The previous rating and price target are no longer in effect for this security and should not be relied upon. In transacting in any security, investors should be aware that other securities in the Raymond James research coverage universe might carry a higher or lower rating. Investors should feel free to contact their Financial Advisor to discuss the merits of other available investments.

Raymond James European Equities rating definitions Strong Buy (1) Expected to appreciate, produce a total return of at least 15%, and outperform the Stoxx 600 over the next 6 to 12 months. Outperform (2) Expected to appreciate and outperform the Stoxx 600 over the next 12 months. Market Perform (3) Expected to perform generally in line with the Stoxx 600 over the next 12 months. Underperform (4) Expected to underperform the Stoxx 600 or its sector over the next 6 to 12 months.

Suitability Categories (SR) For stocks rated by Raymond James & Associates only, the following Suitability Categories provide an assessment of potential risk factors for investors. Suitability ratings are not assigned to stocks rated Underperform (Sell). Projected 12-month price targets are assigned only to stocks rated Strong Buy or Outperform. Total Return (TR) Lower risk equities possessing dividend yields above that of the S&P 500 and greater stability of principal.

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

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

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



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

Research Coverage

ADDITIONS: Lone Pine Resources, Inc. (LPR-TSX), NexJ Systems Inc. (NXJ-TSX), North American Palladium Ltd. (PDL-TSX)

DELETIONS:

PENDING REASSIGNMENT: Allied Properties REIT (AP.UN-TSX/C$24.00/Under Review) Amerigo Resources Ltd. (ARG-TSX/C$0.67/Under Review) Antofagasta Plc. (ANTO-LSE/£12.55/Under Review) Anvil Mining Limited (AVM-TSX/C$7.85/Under Review) Arise Technologies (APV-TSX/C$0.02/Under Review) AuRico Gold Inc. (AUQ-NYSE/US$10.15/Under Review) Aura Minerals Inc. (ORA-TSX/C$1.60/Under Review) Aurizon Mines Ltd. (ARZ-TSX/C$5.85/Under Review) AutoCanada Inc. (ACQ-TSX/C$4.03/Under Review) B2Gold Corp. (BTO-TSX/C$3.77/Under Review) Boardwalk REIT (BEI.UN-TSX/C$48.94/Under Review) Bonnett's Energy Services Trust (BT.UN-TSX/C$2.85/Under Review) CGA Mining Ltd. (CGA-TSX/C$2.51/Under Review) CREIT (REF.UN-TSX/C$35.55/Under Review) Calloway REIT (CWT.UN-TSX/C$26.21/Under Review) Canadian Apartment REIT (CAR.UN-TSX/C$20.24/R) Canadian Tire Corporation (CTC.A-TSX/C$59.84/Under Review) Cominar REIT (CUF.UN-TSX/C$22.25/Under Review) Compton Petroleum (CMT-TSX/C$6.35/Under Review) Copper Mountain Mining Corp. (COP-TSX/C$5.42/Under Review) Crombie REIT (CRR.UN-TSX/C$13.30/Under Review) DAY4 Energy (DFE-TSX/C$0.15/Under Review) Duluth Metals Limited (DM-TSX/C$2.60/Under Review) Dundee REIT (D.UN-TSX/C$32.90/Under Review) First Capital Realty (FCR-TSX/C$16.35/Under Review) First Quantum Minerals Ltd. (FM-TSX/C$22.26/Under Review) Gennum Corporation (GND-TSX/C$6.42/Under Review) H&R REIT (HR.UN-TSX/C$21.50/Under Review) Inmet Mining Corporation (IMN-TSX/C$61.13/Under Review) Ivanhoe Mines Ltd. (IVN-TSX/C$20.78/Under Review) Killam Properties (KMP-TSX/C$10.80/Under Review) Kirkland Lake Gold Inc. (KGI-TSX/C$19.23/Under Review) Liquor Stores Income Fund (LIQ.UN-TSX/C$14.40/Under Review) Mirabela Nickel Ltd. (MNB-TSX/C$1.76/Under Review) New Millennium Capital (NML-TSX/C$1.67/Under Review) Northern Dynasty Minerals Ltd. (NDM-TSX/C$8.58/Under Review) Northern Property REIT (NPR.UN-TSX/C$28.89/Under Review) Primaris Retail REIT (PMZ.UN-TSX/C$20.55/Under Review) Quadra FNX Mining Ltd (QUX-TSX/C$12.00/Under Review) RioCan REIT (REI.UN-TSX/C$24.90/R) San Gold Corp. (SGR-TSX/C$2.12/Under Review) Taseko Mines Ltd. (TKO-TSX/C$3.79/Under Review) Vecima Networks (VCM-TSX/C$2.85/Under Review)



Rating Distributions

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

Strong Buy and Outperform (Buy) 75% 58% 38% 55% 15% 33% Market Perform (Hold) 25% 37% 55% 29% 5% 3% Underperform (Sell) 1% 5% 8% 0% 7% 0% Raymond James Relationship Disclosures Raymond James Ltd. or its affiliates expects to receive or intends to seek compensation for investment banking services from all companies under research coverage within the next three months.

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

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

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

International Disclosures For clients in the United States: 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. Raymond James Ltd. is not a U.S. broker-dealer and therefore is not governed by U.S. laws, rules or regulations applicable to U.S. broker-dealers. Consequently, the persons responsible for the content of this publication are not licensed in the U.S. as research analysts in accordance with applicable rules promulgated by the U.S. Self Regulatory Organizations. Any U.S. Institutional Investor wishing to effect trades in any security should contact Raymond James (USA) Ltd., a U.S. broker-dealer affiliate of Raymond James Ltd.



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

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

KENRIC TYGHE, MBA 416.777.7188 SARA KOHBODI (ASSOCIATE) 416.777.4916

ENERGY OIL & GAS ENERGY SERVICES, HEAD OF ENERGY RESEARCH

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

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

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

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

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

INDUSTRIAL INDUSTRIAL | AEROSPACE & AVIATION, HEAD OF INDUSTRIAL RESEARCH

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

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

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

MINING BASE METALS & MINERALS

ADAM LOW, CFA 416.777.4943 PRECIOUS METALS

BRAD HUMPHREY 416.777.4917 GARY BASCHUK 416.777.7098 GORDON LAWSON (ASSOCIATE) 416.777.7102 PHIL RUSSO (ASSOCIATE) 416.777.7084

URANIUM & JUNIOR EXPLORATION BART JAWORSKI, P.GEO. 604.659.8282 DAVID SADOWSKI (ASSOCIATE) 604.659.8255

FORESTRY FORESTRY

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

REAL ESTATE REAL ESTATE & REITS

TRACY REYNOLDS (ASSOCIATE) 416.777.7042 TECHNOLOGY TECHNOLOGY, ALTERNATIVE ENERGY & CLEAN TECH

STEVEN LI, CFA 416.777.4918 DIANE YU (ASSOCIATE) 416.777.6414

EQUITY RESEARCH PUBLISHING SENIOR SUPERVISORY ANALYST

HEATHER HERRON 403.509.0509 HEAD OF PUBLISHING | SUPERVISORY ANALYST

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

INSTITUTIONAL EQUITY SALES HEAD OF SALES

MIKE WESTCOTT 416.777.4935 MICHELLE MARGUET (MARKETING COORDINATOR) 416.777.4951

TORONTO (CAN 1.888.601.6105 | USA 1.800.290.4847) LAURA ARRELL (U.S. EQUITIES) 416.777.4920 SEAN BOYLE 416.777.4927 JEFF CARRUTHERS, CFA 416.777.4929 JON DE VOS (LONDON) 0.207.426.5632 RICHARD EAKINS 416.777.4926 JONATHAN GREER 416.777.4930 AMAN JAIN 416.777.4949 DAVE MACLENNAN 416.777.4934 ROBERT MILLS, CFA 416.777.4945 DOUG OWEN 416.777.4925 NICOLE SVEC-GRIFFIS, CFA (U.S. EQUITIES) 416.777.4942 LAKSHMI THURAI (LONDON) 0.207.426.5626 NEIL WEBER 416.777.4931 CARMELA AVELLA (ASSISTANT) 416.777.4915 ORNELLA BURNS (ASSISTANT) 416.777.4928

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

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

INSTITUTIONAL EQUITY TRADING CO-HEAD OF TRADING

BOB MCDONALD, CFA 604.659.8222 ANDREW FOOTE, CFA 416.777.4924

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

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

MONTREAL (514.350.4450 | 1.866.350.4455) SEBASTIEN BENOIT 514.350.4466 JOE CLEMENT 514.350.4470

RETAIL RESEARCH & DISTRIBUTION

LAUREN CORSCADDEN (ASSISTANT) 604.659.8233

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

Montreal Suite 1420 1002 Sherbrooke St W Montreal, PQ H3A 3L6 514.350.4450 Toll Free: 1.866.350.4455

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

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

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

published by raymond james ltd monthly research register ...this publication is a statistical...

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