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Monthly Research Register - April 2012 March 30, 2012

Daryl Swetlishoff CFA | 604.659.8246 | [email protected]

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

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

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Daryl Swetlishoff, CFA Head of Research

RECENTLY RELEASED EQUITY RESEARCH REPORTS DATE REPORT NAME SYMBOL PRICE

MAR-29-12 RATING ANALYST

Mar-29-12 Fertilizers Steve Hansen, CMA, CFA

Monthly Research Register - April 2012 Canada Research | of 30

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

Analyst Index Page Analyst Index (continued) Page

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

Adam Low, CFA 15Luc Mageau, CFA 10Jamil Murji, CFA 9Theoni Pilarinos, CFA 6David Sadowski 15Daryl Swetlishoff, CFA 14Alex Terentiew, MBA, P.Geo 15Kenric S. Tyghe, MBA 9Kristopher Zack, CA, CFA 10

Industry Index Page

Industry Index (continued) Page

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

Construction 6Engineering 6-7Equipment Distributors 7Materials & Engineered Products 7Original Equipment Manufacturers 7Related Products 7Steel Processors & Building Components 7-8

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

Consumer 9Consumer Products & Retail 9

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

Completion Services 13Contract Drillers

Field Services 13Pressure Pumpers 13

Senior Oil & Gas Producers 10Forest Products 14

Building Materials 14Pulp & Paper 14

Mining 15-18Base Metals & Minerals 15

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

Iron Ore 15Exploration & Development 15-16

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

Precious Metals 17-18Gold 17Silver 18

Real Estate 19Real Estate 19

Real Estate Services 19Technology 20

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


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

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


ADF Group Inc. DRX-TSX 2 7Advantage Oil & Gas Ltd. AAV-TSX 2 10Aecon Group ARE-TSX 1+ 6Agnico-Eagle Mines AEM-NYSE 2 17Aimia AIM-TSX 2 9Air Canada AC.B-TSX 3 8Alacer Gold Corp ASR-TSX 3 17Alamos Gold Inc. AGI-TSX 2 17Alderon Iron Ore Corp. ADV-TSX 3 15Allana Potash Corporation * AAA-TSX 3 6Alliance Grain Traders Inc. AGT-TSX 2 6Allied Properties REIT AP.UN-TSX UR 27Alter NRG NRG-TSX 2 20Alterra Power Corp. AXY-TSX 2 20Amerigo Resources Ltd. ARG-TSX UR 27Anooraq Resources Corp. ARQ-TSXV UR 27Antofagasta Plc. ANTO-LSE UR 27Arc Resources Ltd. ARX-TSX 3 10Armtec Infrastructure Inc. ARF-TSX 3 7ArPetrol Ltd. RPT-TSXV 2 12Asia Bio-Chem Group Corp. ABC-TSX 3 6Athabasca Oil Sands Corp. ATH-TSX 2 11Atrium Innovations Inc. ATB-TSX 2 9Aura Minerals Inc. ORA-TSX UR 27AuRico Gold Inc. AUQ-NYSE UR 27Aurizon Mines Ltd. ARZ-TSX UR 27AutoCanada Inc. ACQ-TSX UR 27AvenEx Energy Corp. AVF-TSX 3 10Avigilon Corporation AVO-TSX 2 20B2Gold Corp. BTO-TSX UR 27Baja Mining Corp. BAJ-TSX 2 15Bankers Petroleum BNK-TSX 2- 12Batero Gold Corp. BAT-TSXV 2+ 17Baytex Energy Corp. BTE-TSX 3 10Bear Creek Mining Corp. BCM-TSXV 2 18BioExx Specialty Proteins Ltd. BXI-TSX UR 6Birchcliff Energy Ltd. BIR-TSX 3 10Bird Construction Inc. BDT-TSX 2 6Black Diamond Group Ltd. BDI-TSX 2 13Boardwalk REIT BEI.UN-TSX UR 27Bombardier Inc. BBD.B-TSX 3- 8Bonavista Energy Corporation BNP-TSX 3 10Bonnett's Energy Services Trust BT.UN-TSX UR 27CAE Inc. CAE-TSX 3 8Calfrac Well Services CFW-TSX 1 13Calloway REIT CWT.UN-TSX UR 27Cameco Corp. CCO-TSX UR 16Canadian Apartment REIT CAR.UN-TSX UR 27Canadian National Railway CNR-TSX 3 8Canadian Natural Resources Ltd CNQ-TSX 2 10Canadian Oil Sands Limited COS-TSX 3 11Canadian Pacific Railway CP-TSX 3 8Canadian Tire Corporation CTC.A-TSX UR 27Canam Group CAM-TSX 3 8Candente Copper Corp. DNT-TSX 2 15Canfor Corp. CFP-TSX 2 14Canfor Pulp Products Inc. CFX-TSX 1 14CanWel Building Materials Group Ltd. CWX-TSX 2 8Canyon Services Group Inc. FRC-TSX 2- 13Caterpillar Inc. CAT-NYSE 2 7Cenovus Energy CVE-TSX 2 11

Cequence Energy Inc. CQE-TSX 3 11Cervus Equipment Corp. CVL-TSX 1 7CGA Mining Ltd. CGA-TSX UR 27CGI Group GIB.A-TSX 2 20Champion Minerals Inc. CHM-TSX 2 15The Churchill Corp. CUQ-TSX 3- 6Cineplex Inc. CGX-TSX 3 9CML Healthcare Inc. CLC-TSX 3- 9Cominar REIT CUF.UN-TSX UR 27Commercial Solutions CSA-TSX UR 7Compton Petroleum CMT-TSX UR 27Conifex Timber Inc. CFF-TSXV 2 14Connacher Oil and Gas CLL-TSX 3 11Continental Gold Ltd. CNL-TSX 2 17Copper Mountain Mining CUM-TSX 2 15Coro Mining Corp. COP-TSX UR 27CREIT REF.UN-TSX UR 27Crescent Point Energy CPG-TSX 3 10Crew Energy Inc. CR-TSX 2 10Crocodile Gold Corp. CRK-TSX 2 17Crocotta Energy Inc. CTA-TSX 2 11Crombie REIT CRR.UN-TSX UR 27DAY4 Energy DFE-TSX UR 27Denison Mines Corp. DML-TSX UR 16Detour Gold Corp. DGC-TSX 2 17Dollarama DOL-TSX 3 9Domtar UFS-NYSE 1 14DragonWave DWI-TSX 2 20Duluth Metals Limited DM-TSX UR 27Dundee REIT D.UN-TSX UR 27Eastern Platinum Ltd. ELR-TSX 2 16Easyhome Ltd. EH-TSX 2 9Eldorado Gold Corp. EGO-NYSE 2 17Enablence Technologies ENA-TSXV UR 20EnCana Corporation ECA-TSX 3 10Endeavour Mining Corp. EDV-TSX 2 17Enerflex Ltd. EFX-TSX 2 13Enerplus Corporation ERF-TSX 3 10Ensign Energy Services Inc. ESI-TSX 3- 13ENTREC Transportation Services Ltd. ENT-TSXV 2 7Essential Energy Services Ltd. ESN-TSX 3- 13Evertz Technologies Ltd. ET-TSX 2 20Exchange Income Corp EIF-TSX 2 8Fairborne Energy Inc FEL-TSX 2 10Fibrek Inc. FBK-TSX R 14Finning International FTT-TSX 2 7First Capital Realty FCR-TSX UR 27First Quantum Minerals Ltd. FM-TSX UR 27FirstService Corp. FSRV-NASDAQ 2 19Flint Energy Services Ltd. FES-TSX 3 6Fortress Paper FTP-TSX 2- 14Galway Resources Ltd. GWY-TSXV 1 17GasFrac Energy Services Ltd. GFS-TSX 3- 13Genivar Inc. GNV-TSX 2 6Geologix Explorations Inc. GIX-TSX 2 17Gildan Activewear GIL-NYSE 2 9Glacier Media Inc. GVC-TSX 2 9GLG Life Tech Corporation GLG-TSX 3 6GLV Inc. GLV.A-TSX 2 7Golden Star Resources GSS-AMEX 3 17Gran Tierra Energy GTE-TSX 1 12

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

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



Great Basin Gold Ltd. GBG-AMEX R 17Great Canadian Gaming GC-TSX 3- 9Greenfields Petroleum Corporation GNF-TSXV 2 12Guyana Goldfields Inc. GUY-TSX 2 17H&R REIT HR.UN-TSX UR 27Hana Mining Ltd. HMG-TSX 2 15Heroux-Devtek Inc. HRX-TSX 2 8IBI Group Inc. IBG-TSX R 7Inmet Mining Corporation IMN-TSX UR 27Insignia Energy Ltd. ISN-TSX 3 11Interfor IFP.A-TSX 2 14Ivanhoe Mines Ltd. IVN-TSX UR 27Killam Properties KMP-TSX UR 27Kirkland Lake Gold Inc. KGI-TSX UR 27Kiska Metals Corporation KSK-TSXV UR 27Lake Shore Gold Corp. LSG-TSX UR 17Legacy Oil & Gas Inc. LEG-TSX 1 10Liquor Stores Income Fund LIQ.UN-TSX UR 27Loblaw Companies Ltd. L-TSX 2 9Lone Pine Resources, Inc. LPR-TSX 2 10Lumina Copper Corp. LCC-TSXV 1 15MacDonald Dettwiler & Associates MDA-TSX 2 20MAG Silver MAG-TSX UR 18Magellan Aerospace MAL-TSX 3 8Manitok Energy Inc. MEI-TSXV 2 11MBAC Fertilizer Corporation * MBC-TSX 2 6McCoy Corporation MCB-TSX 2- 7Mercer International Inc. MERC-NASDAQ R 14Methanex MEOH-NASDAQ 2 6Minco Silver MSV-TSX 3 18Mirabela Nickel Ltd. MNB-TSX UR 27Miranda Technologies Inc. MT-TSX 2 20Mullen Group Ltd. MTL-TSX 3 13NAL Energy Corporation NAE-TSX 3 10Neo Material Technologies NEM-TSX 3- 15New Millennium Iron Corp. NML-TSX 2 15Nexen Inc. NXY-TSX 2 10NexJ Systems Inc. NXJ-TSX 2 20Niko Resources Ltd NKO-TSX 2 12Norbord Inc. NBD-TSX 3 14North American Energy Partners NOA-TSX 3 6North American Palladium Ltd. PDL-TSX 2 16Northern Dynasty Minerals Ltd. NDM-TSX UR 27Northern Property REIT NPR.UN-TSX UR 27Novus Energy Inc. NVS-TSXV 2 11Omni-Lite Industries OML-TSXV 2 8Open Range Energy Corp. ONR-TSX 3 11Open Text OTEX-NASDAQ 2 20Orezone Gold Corp. ORE-TSX 2 17Orvana Minerals Corp. ORV-TSX 3 17Osisko Mining Corp. OSK-TSX 3 17Pacific Rubiales Energy PRE-TSX 1 12Paladin Energy PDN-TSX UR 16Pan American Silver PAAS-NASDAQ 2 18Pan 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 R 12PetroBakken Energy Ltd. PBN-TSX 3 10Petrobank Energy and Resources Ltd. PBG-TSX 3 11PetroDorado Energy Ltd. PDQ-TSXV 2 12

PetroMagdalena Energy Corp. PMD-TSXV 2 12Petromanas PMI-TSXV 2+ 12Petrominerales PMG-TSX 4- 12Petronova Inc. PNA-TSXV 2 12Platinum Group Metals Ltd. PTM-TSX 2 16Porto Energy Corp. PEC-TSXV 2 12Potash Corp. of Saskatchewan Inc. * POT-NYSE 2 6Precision Drilling Corporation PD-TSX 2 13Primaris Retail REIT PMZ.UN-TSX UR 27Progress Energy Resources Corp. PRQ-TSX 2 10Pure Energy Services Ltd. PSV-TSX 2- 13Ram Power RPG-TSX 3 20Reliable Energy Ltd. REL-TSXV R 11Renegade Petroleum Ltd. RPL-TSXV R 11Research in Motion RIMM-NASDAQ 3 20RioCan REIT REI.UN-TSX UR 27Ritchie Bros. Auctioneers RBA-NYSE 2 7Rocky Mountain Dealerships Inc. RME-TSX 2 7Route1 Inc ROI-TSXV 2 20Russel Metals RUS-TSX 2 8San Gold Corp. SGR-TSX UR 27Savanna Energy Services SVY-TSX 1+ 13Secure Energy Services Inc. SES-TSX 3- 13ShaMaran Petroleum Corp. SNM-TSXV 4 12Shoppers Drug Mart SC-TSX 2 9Sierra Wireless SWIR-NASDAQ 3 20Silver Wheaton SLW-NYSE 2 18Silvercorp Metals Inc. SVM-NYSE 2 18SNC-Lavalin SNC-TSX 2- 7Softchoice SO-TSX 2 20Southern Pacific Resources Corp. STP-TSX 1 11Stantec Inc STN-TSX 3 7Stornoway Diamond Corp. SWY-TSX UR 15Strad Energy Services Ltd. SDY-TSX 2- 13Strategic Oil & Gas Ltd. SOG-TSXV 2 11Strathmore Minerals Corp STM-TSX UR 16Strongco Corp. SQP-TSX 2 7Student Transportation Inc. STB-TSX 2+ 8Sulliden Gold Corporation Ltd. SUE-TSX 1 17Suncor Energy Inc SU-TSX 2 11Suroco Energy Inc SRN-TSXV 2 12Talisman Energy Inc. TLM-TSX 3 12Taseko Mines Ltd. TKO-TSX UR 27Tim Hortons THI-TSX 3 9Toromont Industries TIH-TSX 2 7Trelawney Mining and Exploration Inc. TRR-TSXV UR 17Trevali Mining Corporation TV-TSX 2 15Trican Well Service TCW-TSX 2 13Trinidad Drilling Ltd. TDG-TSX 1 13Tuscany International Drilling Inc. TID-TSX 2 13Twin Butte Energy Inc. TBE-TSX 1 11U.S. Geothermal GTH-TSX 2 20Ur-Energy Inc. URE-TSX UR 16Uranium One Inc. UUU-TSX UR 16Uranium Participation Corporation U-TSX UR 16Vecima Networks VCM-TSX UR 27Vermilion Energy Inc. VET-TSX 2 10Victoria Gold Corp. VIT-TSXV UR 17Viterra Inc. VT-TSX 3- 6Wajax Corp. WJX-TSX 3- 7Waldron Energy Corporation WDN-TSX 3 11West Fraser Timber WFT-TSX 2 14

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

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



Western Energy Services Corp. WRG-TSX 2- 13Western Forest Products Inc. WEF-TSX 2 14Western Potash Corp. * WPX-TSX 2 6WesternZagros Resources WZR-TSXV 3 12WestFire Energy Ltd. WFE-TSX 2 11WestJet Airlines WJA-TSX 2 8

Winpak Ltd. WPK-TSX 2 9Yamana Gold Inc. AUY-NYSE 2 17Yangarra Resources Ltd. YGR-TSXV 2 11Zargon Oil & Gas Ltd. ZAR-TSX 3 10ZCL Composites ZCL-TSX 3 7Zodiac Exploration Inc. ZEX-TSXV 2 11

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



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

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

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Agribusiness & Food Products Alliance Grain Traders Inc. (6a,<) AGT-TSX 2 C$22.00 C$15.34 47% Dec 11.8 C$1.13 C$1.30 C$2.33 3.9% NA C$307 SH Asia Bio-Chem Group Corp. (6a,6b,h,s,<) ABC-TSX 3 C$0.35 C$0.17 106% Dec NA C$(0.07) C$(0.02) C$0.04 0.0% NA C$15 SH BioExx Specialty Proteins Ltd. (6a) BXI-TSX UR UR C$0.18 NA Dec NA NA E NA NA 0.0% NA C$38 SH GLG Life Tech Corporation (6a) GLG-TSX GLGL-NASDAQ 3 C$2.25 C$1.03 118% Dec NA C$(1.47) E C$(0.30) NA 0.0% NA C$34 SH Viterra Inc. (6a,<) VT-TSX 3- C$16.25 C$15.92 3% Oct 21.5 C$0.71 C$0.74 C$0.81 0.9% NA C$5,922 SH

Chemicals Methanex (6b) MEOH-NASDAQ MX-TSX 2 US$35.00 US$31.82 12% Dec 10.6 US$2.05 US$3.00 US$4.25 2.1% NA US$2,997 SH

Fertilizers Allana Potash Corporation AAA-TSX 3 C$1.00 C$0.65 54% Jul NA C$(0.05) C$(0.05) C$(0.08) 0.0% 3.08 C$149 SH MBAC Fertilizer Corporation MBC-TSX 2 C$4.50 C$3.10 45% Jul NA C$(0.03) C$(0.11) C$0.13 0.0% 6.80 C$344 SH Potash Corp. of Saskatchewan Inc. POT-NYSE POT-TSX 2 US$60.00 US$45.01 35% Dec 13.2 US$3.51 US$3.40 US$4.00 1.2% NA US$39,415 SH Western Potash Corp. (3r,6a) WPX-TSX 2 C$2.00 C$1.10 82% Sep NA C$(0.10) C$(0.09) C$(0.09) 0.0% 5.00 C$177 SH

Infrastructure & Construction

Construction Aecon Group (6a,h) ARE-TSX 1+ C$16.50 C$13.06 28% Dec 10.9 C$0.84 C$1.20 C$1.50 2.1% NA C$909 FB Bird Construction Inc. (6a,ev) BDT-TSX 2 C$16.50 C$14.99 15% Dec 12.5 C$0.70 C$1.20 C$1.55 4.8% NA C$633 FB The Churchill Corp. (6a,<) CUQ-TSX 3- C$16.50 C$15.36 11% Dec 12.3 C$0.91 C$1.25 C$1.60 3.1% NA C$430 FB Flint Energy Services Ltd. (6a) FES-TSX 3 C$25.00 C$24.91 0% Dec 16.1 C$0.50 C$1.55 NA 0.0% NA C$1,206 FB North American Energy Partners (6a,6b,f,<) NOA-TSX NOA-NYSE 3 C$6.25 C$4.77 31% Mar NA C$(0.85) C$(0.24) C$0.65 NA NA C$172 BC

Engineering Genivar Inc. (6a,<) GNV-TSX 2 C$31.00 C$26.27 24% Dec 14.2 C$1.91 C$1.85 C$2.35 5.7% NA C$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 wherecomponents of each are reported in different currencies.3r - Raymond James Ltd. makes a market in the securities of the issuer. 6a - Raymond Lames Ltd - the analyst and/or associate has viewed the material operations of the issuer. 6b - Raymond James Ltd - within the last 12 months, the issuer has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate. < - EPS revision downward. ev - Current Year P/E is Current Year EV/EBITDA f - Fiscal years ending before May are treated as previous year. h - Raymond James & Associates managed/co-managed a public/follow-on offering of these shares or has provided investment banking services within the past 12 months. s - The analyst or research associate own shares of stock in this company.



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Engineering IBI Group Inc. (3r,6a,ev,h,<) IBG-TSX R R C$15.24 R Dec R R R R R R R FB SNC-Lavalin (6a,<) SNC-TSX 2- C$48.00 C$39.86 23% Dec 14.8 C$2.49 C$2.70 C$3.40 2.2% NA C$6,059 FB Stantec Inc (6a) STN-TSX STN-NYSE 3 C$32.00 C$31.63 3% Dec 13.2 C$2.24 C$2.40 C$2.65 1.9% NA C$1,423 BC|FB

Equipment Distributors Cervus Equipment Corp. (1c,1f,3r,6a) CVL-TSX 1 C$21.00 C$18.45 18% Dec 10.5 C$1.22 C$1.75 C$1.95 4.1% NA C$277 BC Finning International (6a,s) FTT-TSX 2 C$33.50 C$27.28 25% Dec 13.6 C$1.56 C$2.00 C$2.65 1.9% NA C$4,692 BC Ritchie Bros. Auctioneers (3r,6a,s) RBA-NYSE RBA-TSX 2 US$27.00 US$23.74 16% Dec 23.7 US$0.69 US$1.00 US$1.22 1.9% NA US$2,540 BC Rocky Mountain Dealerships Inc. (6a,h) RME-TSX 2 C$13.50 C$11.73 17% Dec 8.7 C$1.22 C$1.35 C$1.60 1.5% NA C$270 BC Strongco Corp. (<) SQP-TSX 2 C$8.00 C$6.10 31% Dec 7.6 C$0.76 C$0.80 C$0.90 NA NA C$79 BC Toromont Industries (6a,6b,s) TIH-TSX 2 C$27.00 C$23.05 19% Dec 14.4 C$1.33 C$1.60 C$1.80 1.9% NA C$1,766 BC Wajax Corp. (6a,>) WJX-TSX 3- C$49.00 C$48.24 8% Dec 11.8 C$3.78 C$4.10 C$4.25 6.7% NA C$820 BC

Materials & Engineered Products Armtec Infrastructure Inc. (6a,ev,h,<) ARF-TSX 3 C$3.00 C$2.19 37% Dec NA C$(11.74) C$(0.55) C$0.05 0.0% NA C$53 FB GLV Inc. (6a,f) GLV.A-TSX 2 C$6.00 C$3.03 98% Mar NA C$(0.30) C$0.00 C$0.35 0.0% NA C$134 FB ZCL Composites (6a,<) ZCL-TSX 3 C$3.50 C$3.25 9% Dec 13.5 C$0.11 C$0.24 C$0.30 1.2% NA C$94 BC

Original Equipment Manufacturers Caterpillar Inc. (6a,s) CAT-NYSE 2 US$130.00US$106.02 24% Dec 11.3 US$7.40 US$9.35 US$11.00 1.7% NA US$70,609 TP|BC

Related Products Commercial Solutions (6a) CSA-TSX 3 UR C$0.91 NA Sep 13.0 NA NA NA NA NA C$18 BC ENTREC Transportation Services Ltd. (6a,>) ENT-TSXV 2 C$2.00 C$1.24 61% Dec 10.3 C$0.01 C$0.12 C$0.20 NA NA C$42 BC McCoy Corporation (6a) MCB-TSX 2- C$5.50 C$3.90 44% Dec 8.1 C$0.44 C$0.48 C$0.50 3.1% NA C$105 SH|BC

Steel Processors & Building Components ADF Group Inc. (6a) DRX-TSX 2 C$2.00 C$1.51 34% Jan 21.6 C$0.11 C$0.07 C$0.06 1.3% NA C$50 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.1c - Raymond James Ltd. has provided non-investment banking securities-related services within the last 12 months with respect to the issuer. 1f - Raymond James Ltd. has received compensation for services other than investment banking within the last 12 months with respect to the issuer. 3r - Raymond James Ltd. makes a market in the securities of the issuer. 6a - Raymond Lames Ltd - the analyst and/or associate has viewed the material operations of the issuer. 6b - Raymond James Ltd -within the last 12 months, the issuer has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate. < - EPS revision downward. > - EPS revision upward. ev - Current Year P/E is Current Year EV/EBITDA f - Fiscal years ending before May are treated as previous year. h - Raymond James & Associates managed/co-managed a public/follow-on offering of these shares or has provided investment banking services within the past 12 months. s - The analyst or research associate own shares of stock in this company.



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Steel Processors & Building Components Canam Group (6a,h) CAM-TSX 3 C$5.50 C$5.12 7% Dec 25.6 C$(0.72) C$0.20 C$0.50 0.0% NA C$229 FB Russel Metals (6a) RUS-TSX 2 C$29.00 C$26.30 15% Dec 12.5 C$1.92 C$2.10 C$2.30 4.6% NA C$1,759 FB

Transportation

Aerospace & Aviation Bombardier Inc. (6a,f,adj,<) BBD.B-TSX 3- C$5.00 C$4.17 22% Jan 9.3 US$0.42 US$0.47 A US$0.45 2.4% NA C$7,243 SH|BC CAE Inc. (6a,f) CAE-TSX CAE-NYSE 3 C$12.00 C$10.08 21% Mar 14.2 C$0.62 C$0.71 C$0.80 1.6% NA C$2,601 BC|SH Heroux-Devtek Inc. (6a,6b,f) HRX-TSX 2 C$12.00 C$8.66 39% Mar 10.0 C$0.64 C$0.87 C$0.95 NA NA C$268 BC|SH Magellan Aerospace (6a,s) MAL-TSX 3 UR C$3.30 NA Dec 6.9 C$0.48 E C$0.55 NA NA NA C$191 BC|SH Omni-Lite Industries (6a,h,s,adj) OML-TSXV 2 C$2.50 C$1.48 72% Dec 18.5 US$0.08 E US$0.22 NA 2.7% NA C$20 SH

Airlines Air Canada (1c,1f,6a) AC.B-TSX 3 C$1.50 C$1.00 50% Dec NA C$(0.92) C$(0.29) C$(0.17) NA NA C$277 BC|SH WestJet Airlines (1c,1f,6a) WJA-TSX 2 C$17.50 C$13.43 32% Dec 10.7 C$1.06 C$1.25 C$1.35 1.8% NA C$1,867 BC|SH

Railroads Canadian National Railway (6a) CNR-TSX CNI-NYSE 3 C$82.50 C$79.09 6% Dec 15.2 C$4.84 C$5.21 C$5.95 1.9% NA C$35,377 SH Canadian Pacific Railway (6a) CP-TSX CP-NYSE 3 C$67.00 C$76.19 (10)% Dec 17.9 C$3.12 C$4.25 C$5.10 1.6% NA C$13,028 SH

Transportation & Logistics CanWel Building Materials Group Ltd. (6a) CWX-TSX 2 C$3.00 C$2.49 32% Dec 10.0 C$(0.01) C$0.25 C$0.29 11.2% NA C$148 SH Exchange Income Corp (3r,6a,6b,h,<) EIF-TSX 2 C$30.00 C$24.56 29% Dec 15.0 C$1.21 C$1.64 NA 6.6% NA C$481 SH Student Transportation Inc. (6a,h,adj,>) STB-TSX STB-NASDAQ 2+ C$7.50 C$7.05 14% Jun NA US$0.02 US$(0.02) US$0.10 7.9% NA C$527 SH

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



Consumer Kenric S. Tyghe, MBA | 416.777.7188 | [email protected] Frederic Bastien, CFA | 604.659.8232 | [email protected]

Jamil Murji, CFA | 604.659.8261 | [email protected]

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Consumer Products & Retail Aimia (6a,ev) AIM-TSX 2 C$17.00 C$12.28 43% Dec 0.0 C$368.00 C$378.00 C$418.00 4.9% NA C$2,174 KT Atrium Innovations Inc. (6a,<) ATB-TSX 2 C$16.00 C$11.44 40% Dec 6.7 C$1.61 C$1.72 C$1.91 0.0% NA C$396 KT Cineplex Inc. (6a) CGX-TSX 3 C$27.00 C$28.29 0% Dec 25.0 C$0.85 C$1.13 C$1.37 4.6% NA C$1,641 KT CML Healthcare Inc. (6a,>) CLC-TSX 3- C$11.25 C$10.54 14% Dec 13.7 C$0.75 C$0.77 C$0.78 7.2% NA C$946 JM Dollarama (6a,f,h) DOL-TSX 3 C$38.00 C$46.00 (17)% Jan 22.1 C$1.55 C$2.08 C$2.41 0.8% NA C$3,473 KT Easyhome Ltd. (3r,6a,h) EH-TSX 2 C$9.00 C$7.45 25% Dec 7.5 C$0.81 C$1.00 C$1.20 4.6% NA C$89 FB Gildan Activewear (6a) GIL-NYSE GIL-TSX 2 US$28.00 US$27.05 5% Sep 20.5 US$2.01 US$1.32 US$2.22 1.1% NA US$3,273 KT Glacier Media Inc. (1c,1f,6a) GVC-TSX 2 C$3.00 C$2.31 32% Dec 6.6 C$0.29 C$0.35 C$0.40 2.6% NA C$208 KT Great Canadian Gaming (6a,<) GC-TSX 3- C$10.00 C$8.02 25% Dec 17.8 C$0.35 C$0.45 C$0.50 NA NA C$671 KT Loblaw Companies Ltd. (6a) L-TSX 2 C$44.00 C$34.05 32% Dec 12.6 C$2.86 C$2.70 C$3.15 2.5% NA C$9,854 KT Shoppers Drug Mart (6a) SC-TSX 2 C$48.00 C$43.88 12% Dec 14.3 C$2.84 C$3.06 C$3.34 2.4% NA C$9,390 KT Tim Hortons (6a) THI-TSX THI-NYSE 3 C$48.00 C$54.05 (10)% Dec 19.9 C$2.35 C$2.71 C$2.97 1.6% NA C$8,540 KT Winpak Ltd. (1c,1f,3r,adj) WPK-TSX 2 C$14.00 C$14.23 (1)% Dec 13.4 US$0.98 US$1.06 US$1.20 0.8% NA C$925 KT

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



Energy Justin Bouchard, P.Eng., CFA | 403.509.0523 | [email protected] Luc Mageau, CFA | 403.509.0505 | [email protected]

Andrew Bradford, CFA | 403.509.0503 | [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,6a,6b,cf,<) CNQ-TSX CNQ-NYSE 2 C$43.00 C$32.46 34% Dec 5.0 C$5.81 C$6.45 C$7.92 1.3% 40.59 C$35,810 JB|KZ EnCana Corporation (6b,cf,adj) ECA-TSX ECA-NYSE 3 C$18.50 C$19.70 (2)% Dec 4.3 US$5.66 US$4.53 US$3.00 4.2% 17.38 C$14,505 KZ|JB Nexen Inc. (6a,6b,cf) NXY-TSX NXY-NYSE 2 C$24.00 C$17.96 35% Dec 3.9 C$4.49 C$4.66 C$5.47 1.1% 23.08 C$9,481 KZ|JB

Intermediate Oil & Gas Producers Advantage Oil & Gas Ltd. (cf,<) AAV-TSX AAV-NYSE 2 C$5.00 C$3.40 47% Dec 6.2 C$0.91 C$0.55 C$0.79 0.0% 6.78 C$565 LM Arc Resources Ltd. (cf) ARX-TSX 3 C$23.00 C$23.06 5% Dec 7.9 C$2.91 E C$2.46 C$2.90 5.2% 18.21 C$6,634 KZ AvenEx Energy Corp. (cf) AVF-TSX 3 C$4.75 C$5.43 (3)% Dec 5.7 C$0.95 E C$0.91 C$0.97 9.9% 3.94 C$290 KZ Baytex Energy Corp. (5a,cf,<) BTE-TSX BTE-NYSE 3 C$54.50 C$51.38 11% Dec 9.5 C$4.66 C$5.40 C$5.72 5.1% 52.21 C$6,058 KZ Birchcliff Energy Ltd. (3r,cf,<) BIR-TSX 3 C$7.50 C$7.01 7% Dec 8.3 C$1.00 C$0.84 C$1.07 0.0% 8.22 C$1,010 LM Bonavista Energy Corporation (cf) BNP-TSX 3 C$23.50 C$19.95 25% Dec 6.0 C$3.34 E C$2.95 C$3.37 7.2% 17.45 C$3,306 KZ Crescent Point Energy (cf,>) CPG-TSX 3 C$47.00 C$43.05 16% Dec 9.3 C$4.62 C$4.62 C$5.38 6.4% 43.78 C$13,866 KZ Crew Energy Inc. (cf,<) CR-TSX 2 C$15.50 C$9.58 62% Dec 5.0 C$1.39 C$1.93 C$2.49 0.0% 16.75 C$1,157 LM Enerplus Corporation (cf,h) ERF-TSX ERF-NYSE 3 C$23.50 C$22.40 15% Dec 6.8 C$3.06 C$3.28 C$4.18 9.6% 20.39 C$4,397 KZ Fairborne Energy Inc (cf,<) FEL-TSX 2 C$4.00 C$2.28 75% Dec 3.4 C$0.97 C$0.68 C$0.88 0.0% 2.81 C$234 KZ Legacy Oil & Gas Inc. (cf,h) LEG-TSX 1 C$15.00 C$9.24 62% Dec 5.0 C$1.31 C$1.84 C$2.24 0.0% 13.18 C$1,324 KZ Lone Pine Resources, Inc. (h,adj) LPR-TSX LPR-NYSE 2 C$11.00 C$6.48 70% Dec 4.5 US$1.45 E US$2.21 US$2.75 0.0% 9.34 C$551 KZ NAL Energy Corporation (3r,cf,h) NAE-TSX 3 C$8.56 C$8.03 14% Dec 5.0 C$1.58 C$1.62 C$1.77 7.5% 9.11 C$1,218 KZ Pengrowth Energy Corporation (cf,h,<) PGF-TSX PGH-NYSE 2 C$11.00 C$9.43 26% Dec 6.2 C$1.87 C$1.52 C$2.06 8.9% 9.72 C$3,398 KZ Perpetual Energy Inc. (cf,>) PMT-TSX 3 C$1.25 C$0.74 93% Dec 1.4 C$0.47 C$0.52 C$0.65 24.3% 1.29 C$109 KZ PetroBakken Energy Ltd. (6a,cf,>) PBN-TSX 3 C$15.00 C$16.53 (3)% Dec 3.8 C$3.78 C$4.37 C$4.85 5.8% 7.47 C$3,103 JB Progress Energy Resources Corp. (cf) PRQ-TSX 2 C$12.50 C$9.98 29% Dec 10.2 C$0.98 E C$0.76 C$1.08 4.0% 16.16 C$2,312 KZ Vermilion Energy Inc. (cf,h,<) VET-TSX 2 C$51.50 C$46.07 17% Dec 8.5 C$4.89 C$5.39 C$5.85 4.9% 46.51 C$4,441 KZ Zargon Oil & Gas Ltd. (cf,<) ZAR-TSX 3 C$14.50 C$14.11 11% Dec 6.4 C$2.11 C$2.22 C$2.65 8.5% 12.73 C$415 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. 6a - Raymond Lames Ltd - the analyst and/or associate has viewed the material operations of the issuer. < - EPS revision downward. > - EPS revision upward. cf - EPS is Cash Flow per share. h - Raymond James & Associates managed/co-managed a public/follow-on offering of these shares or has provided investment banking services within the past 12 months.



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Junior Oil & Gas Producers Cequence Energy Inc. (cf,<) CQE-TSX 3 C$2.00 C$1.27 57% Dec 7.1 C$0.29 C$0.18 C$0.30 0.0% 2.67 C$206 LM Crocotta Energy Inc. (cf,h) CTA-TSX 2 C$4.50 C$2.90 55% Dec 4.5 C$0.38 C$0.65 C$1.02 0.0% 4.99 C$263 LM Insignia Energy Ltd. (cf,>) ISN-TSX 3 C$1.00 C$1.00 0% Dec 2.4 C$0.72 C$0.42 C$0.51 0.0% 1.11 C$59 LM Manitok Energy Inc. (h) MEI-TSXV 2 C$2.50 C$1.79 40% Dec 44.8 C$0.04 E C$0.45 C$0.84 0.0% 2.20 C$113 LM Novus Energy Inc. (cf) NVS-TSXV 2 C$1.50 C$1.06 42% Dec 7.1 C$0.15 E C$0.27 C$0.37 0.0% 1.64 C$206 LM Open Range Energy Corp. (3r,cf,>) ONR-TSX 3 C$1.75 C$1.19 47% Dec 3.7 C$0.89 C$0.32 C$0.52 0.0% 1.65 C$89 LM Reliable Energy Ltd. (cf,h) REL-TSXV R R C$0.34 R Dec R R R R R R R LM Renegade Petroleum Ltd. (cf,h,<) RPL-TSXV R R C$3.49 R Dec R R R R R R R LM Strategic Oil & Gas Ltd. (h) SOG-TSXV 2 C$1.60 C$0.87 84% Dec 43.5 C$0.02 E C$0.18 C$0.38 0.0% 1.89 C$159 LM Twin Butte Energy Inc. (3r,cf,<) TBE-TSX 1 C$3.50 C$2.45 50% Dec 3.7 C$0.45 C$0.67 C$0.76 7.3% 3.57 C$472 LM Waldron Energy Corporation (h,>) WDN-TSX 3 C$1.40 C$0.75 87% Dec 1.8 C$0.41 E C$0.34 C$0.42 0.0% 1.36 C$26 KZ WestFire Energy Ltd. (cf,h,<) WFE-TSX 2 C$7.75 C$5.10 52% Dec 3.7 C$1.17 C$1.38 C$1.79 0.0% 8.33 C$426 LM Yangarra Resources Ltd. (h,>) YGR-TSXV 2 C$0.75 C$0.44 70% Dec 3.1 C$0.14 E C$0.18 C$0.23 0.0% 1.07 C$52 LM Zodiac Exploration Inc. (h) ZEX-TSXV 2 C$1.00 C$0.09 1011% Sep NA C$(0.01) E C$(0.01) NA 0.0% 0.87 C$32 JB

Oil Sands & Producers Athabasca Oil Sands Corp. (<) ATH-TSX 2 C$18.50 C$11.00 68% Dec 275.0 C$(0.07) C$0.04 C$0.25 0.0% 17.33 C$4,393 JB Canadian Oil Sands Limited (6a,cf) COS-TSX 3 C$23.50 C$21.44 15% Dec 6.1 C$3.91 C$3.53 C$3.68 5.6% 19.51 C$10,390 JB Cenovus Energy (6a,6b,cf) CVE-TSX CVE-NYSE 2 C$45.00 C$35.79 28% Dec 7.6 C$4.32 C$4.70 C$5.19 2.5% 42.73 C$27,115 JB|KZ Connacher Oil and Gas (6a,cf,h,<) CLL-TSX 3 C$1.00 C$0.95 5% Dec 3.8 C$0.10 C$0.25 C$0.27 0.0% 0.96 C$426 JB Petrobank Energy and Resources Ltd. (6a,cf,<) PBG-TSX 3 C$15.50 C$15.33 1% Dec 2.0 C$6.49 C$7.72 C$8.78 0.0% 15.53 C$1,631 JB Southern Pacific Resources Corp. (6a,cf,h) STP-TSX 1 C$2.50 C$1.63 53% Dec 8.6 C$0.13 C$0.19 C$0.48 0.0% 2.37 C$574 JB Suncor Energy Inc (6a,cf) SU-TSX SU-NYSE 2 C$41.50 C$32.41 29% Dec 5.1 C$6.19 C$6.34 C$6.96 1.4% 32.80 C$51,013 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.3r - Raymond James Ltd. makes a market in the securities of the issuer. 6a - Raymond Lames Ltd - the analyst and/or associate has viewed the material operations of the issuer. 6b - Raymond James Ltd - within the last 12 months, the issuer has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate. < - EPS revision downward. > - EPS revision upward. cf - EPS is Cash Flow per share. h - Raymond James & Associates managed/co-managed a public/follow-on offering of these shares or has provided investment banking services within the past 12 months. q - EPS is Operating EPS.



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International Oil & Gas ArPetrol Ltd. (h,<) RPT-TSXV 2 C$0.20 C$0.06 233% Dec NA C$(0.01) E C$(0.01) C$0.00 0.0% 0.20 C$50 RK Bankers Petroleum (1c,1f,6a,cf,h,adj,<) BNK-TSX 2- C$7.00 C$3.98 76% Dec 4.9 US$0.60 US$0.81 US$1.06 0.0% 6.86 C$1,085 RK Gran Tierra Energy (1c,1f,6a,cf,adj) GTE-TSX GTE-AMEX 1 C$10.00 C$5.85 71% Dec 5.0 US$1.16 US$1.17 US$1.50 0.0% 9.94 C$1,749 RK Greenfields Petroleum Corporation (cf,h,adj) GNF-TSXV 2 C$12.00 C$5.75 109% Dec NA US$(0.08) E US$1.05 NA 0.0% 11.83 C$96 RK Niko Resources Ltd (6a,6b,cf,>) NKO-TSX 2 C$62.00 C$34.88 78% Mar 7.6 C$5.50 C$4.56 C$3.45 0.3% 61.90 C$1,932 RK Pacific Rubiales Energy (6a,6b,cf,adj,>) PRE-TSX 1 C$45.00 C$29.10 56% Dec 5.2 US$5.03 US$5.64 US$6.32 1.5% 44.63 C$9,155 RK Pan Orient Energy (cf,h,<) POE-TSXV 2 C$6.00 C$3.97 51% Dec 4.4 C$0.90 E C$1.27 NA 0.0% 6.01 C$240 RK Parex Resources Inc. (cf,h,adj,>) PXT-TSX 2 C$8.50 C$7.01 21% Dec 2.9 US$0.92 US$2.45 US$2.25 0.0% 8.57 C$830 RK PetroAmerica Oil Corp. (cf,h) PTA-TSXV R R C$0.15 R Dec R R R R R R R RK PetroDorado Energy Ltd. (cf,h,adj) PDQ-TSXV 2 C$0.40 C$0.24 67% Dec NA US$0.00 E US$0.00 NA 0.0% 0.41 C$167 RK PetroMagdalena Energy Corp. (cf,adj) PMD-TSXV 2 C$2.25 C$1.66 36% Dec 9.2 US$0.18 E US$0.35 NA 0.0% 2.19 C$283 RK Petromanas (cf,h) PMI-TSXV 2+ C$0.35 C$0.24 46% Dec NA C$(0.01) E C$(0.01) C$(0.01) 0.0% 0.34 C$223 RK Petrominerales (6a,cf,adj,>) PMG-TSX 4- C$14.00 C$18.02 (20)% Dec 2.9 US$7.69 US$6.29 US$6.15 2.8% 14.21 C$1,926 RK Petronova Inc. (adj) PNA-TSXV 2 C$2.00 C$0.70 186% Dec NA US$(0.04) E US$(0.03) NA 0.0% 2.00 C$116 RK Porto Energy Corp. (6a,h,adj) PEC-TSXV 2 C$0.25 C$0.14 79% Aug NA US$(0.03) US$(0.02) US$(0.02) 0.0% 0.26 C$36 RK ShaMaran Petroleum Corp. (cf,adj) SNM-TSXV 4 C$0.10 C$0.27 (63)% Dec NA US$0.00 E US$0.00 NA 0.0% 0.12 C$219 RK Suroco Energy Inc (6b,cf,adj) SRN-TSXV 2 C$1.10 C$0.45 144% Dec 5.6 US$0.08 E US$0.18 US$0.24 0.0% 1.09 C$70 RK Talisman Energy Inc. (cf,adj) TLM-TSX TLM-NYSE 3 C$14.00 C$12.39 15% Dec 3.9 US$3.36 US$3.20 US$3.46 2.2% 13.90 C$13,395 RK WesternZagros Resources (cf,adj,<) WZR-TSXV 3 C$0.80 C$0.80 0% Dec NA US$(0.02) US$(0.02) US$(0.02) 0.0% 0.83 C$312 RK

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



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Oil & Gas Energy Services

Completion Services Essential Energy Services Ltd. (6a,h,q,<) ESN-TSX 3- C$3.10 C$2.33 37% Dec 6.9 C$0.31 C$0.34 C$0.39 4.3% NA C$305 AB Pure Energy Services Ltd. (6a,q,>) PSV-TSX 2- C$11.75 C$7.70 57% Dec 6.1 C$0.88 C$1.26 C$1.66 4.7% NA C$204 AB

Contract Drillers

Ensign Energy Services Inc. (6a,q,<) ESI-TSX 3- C$20.00 C$14.54 40% Dec 10.1 C$1.31 C$1.44 C$1.65 2.9% NA C$2,425 AB Precision Drilling Corporation (6a,q,<) PD-TSX PDS-NYSE 2 C$15.50 C$9.61 61% Dec 8.8 C$0.96 C$1.09 C$1.25 0.0% NA C$2,922 AB Savanna Energy Services (6a,q,>) SVY-TSX 1+ C$12.00 C$7.46 66% Dec 8.4 C$0.55 C$0.89 C$1.12 4.8% NA C$671 AB Trinidad Drilling Ltd. (6a,6b,q,s,<) TDG-TSX 1 C$10.25 C$6.32 65% Dec 9.2 C$0.63 C$0.69 C$0.80 3.2% NA C$772 AB Tuscany International Drilling Inc. (h,adj,<) TID-TSX 2 C$1.10 C$0.75 47% Dec 18.8 US$(0.08) US$0.04 US$0.05 0.0% NA US$306 AB Western Energy Services Corp. (6a,h,q,>) WRG-TSX 2- C$12.00 C$8.05 49% Dec 8.2 C$0.98 C$0.98 C$1.20 0.0% NA C$508 AB

Field Services Black Diamond Group Ltd. (6a,h,q,>) BDI-TSX 2 C$23.00 C$19.69 20% Dec 16.1 C$1.15 C$1.22 C$1.60 3.4% NA C$795 AB Enerflex Ltd. (6a,<) EFX-TSX 2 C$15.00 C$11.08 38% Dec 9.6 C$0.70 C$1.16 C$1.39 2.2% NA C$885 AB Mullen Group Ltd. (6a,q,<) MTL-TSX 3 C$22.00 C$20.77 11% Dec 15.5 C$1.52 C$1.34 C$1.43 4.8% NA C$1,930 AB Secure Energy Services Inc. (3r,6a,h,q,<) SES-TSX 3- C$9.50 C$7.54 26% Dec 14.8 C$0.29 C$0.51 C$0.73 0.0% NA C$738 AB Strad Energy Services Ltd. (3r,6a,h) SDY-TSX 2- C$7.00 C$5.35 35% Dec 9.2 C$0.46 C$0.58 C$0.77 4.1% NA C$212 AB

Pressure Pumpers Calfrac Well Services (6a,q,<) CFW-TSX 1 C$48.00 C$27.55 78% Dec 5.8 C$4.41 C$4.76 C$5.74 3.6% NA C$1,298 AB Canyon Services Group Inc. (6a,h,q,<) FRC-TSX 2- C$17.50 C$12.01 51% Dec 8.8 C$1.53 C$1.36 C$1.94 5.0% NA C$765 AB GasFrac Energy Services Ltd. (6a,h,q,<) GFS-TSX 3- C$9.50 C$7.02 35% Dec 17.1 C$(0.04) C$0.41 NA 0.0% NA C$490 AB Trican Well Service (1c,1f,6a,q,<) TCW-TSX 2 C$22.00 C$14.44 54% Dec 7.5 C$2.21 C$1.93 C$2.58 2.1% NA C$2,245 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. 6a - Raymond Lames Ltd - the analyst and/or associate has viewed the material operations of the issuer. 6b - Raymond James Ltd -within the last 12 months, the issuer has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate. < - EPS revision downward. > - EPS revision upward. cf - EPS is Cash Flow per share. h - Raymond James & Associates managed/co-managed a public/follow-on offering of these shares or has provided investment banking services within the past 12 months. q - EPS is Operating EPS. s - The analyst or research associate own shares of stock in this company.



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

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Building Materials Canfor Corp. (3r,6a,6b) CFP-TSX 2 C$16.50 C$11.76 40% Dec 73.5 C$(0.22) C$0.16 C$0.52 0.0% NA C$1,678 DS Conifex Timber Inc. (6a,6b,h) CFF-TSXV 2 C$12.50 C$6.90 81% Dec 22.3 C$(1.11) C$0.31 C$1.16 NA NA C$148 DS Interfor (6a,h) IFP.A-TSX 2 C$7.00 C$4.85 44% Dec 28.5 C$(0.11) C$0.17 C$0.37 0.0% NA C$271 DS Norbord Inc. (6a) NBD-TSX 3 C$11.00 C$11.63 (5)% Dec 68.4 C$(0.25) C$0.17 C$0.48 0.0% NA C$507 DS West Fraser Timber (6a) WFT-TSX 2 C$65.00 C$45.65 44% Dec 20.4 C$0.08 C$2.24 C$4.01 1.2% NA C$1,958 DS Western Forest Products Inc. (6a) WEF-TSX 2 C$1.20 C$0.99 21% Dec 9.9 C$0.05 C$0.10 C$0.12 NA NA C$469 DS

Pulp & Paper Canfor Pulp Products Inc. (6a) CFX-TSX 1 C$19.00 C$14.89 34% Dec 12.0 C$2.08 C$1.24 C$2.20 6.7% NA C$1,062 DS Domtar (6a) UFS-NYSE UFS-TSX 1 US$125.00 US$95.11 33% Dec 10.2 US$11.21 US$9.30 US$10.25 1.5% NA US$3,500 DS Fibrek Inc. (6a) FBK-TSX R R C$1.03 R Dec R R R R R R R DS Fortress Paper (6a,h,<) FTP-TSX 2- C$52.00 C$28.99 79% Dec 12.5 C$(1.47) C$2.31 C$5.90 0.0% NA C$444 DS Mercer International Inc. (1c,1f,3r,6a,h,adj) MERC-NASDAQ MRI.U-TSX R R US$8.08 R Dec R R R R R R R DS

Footnote Section 1 - Strong Buy. 2 - Outperform. 3 - Market Perform. 4 - Underperform. UR – Under Review. NM – Not Meaningful. NA – Not Available. R - Restricted. A (+) or (-) indicates a rating upgrade or downgrade, respectively. Pricing information for equities provided by Thomson Reuters. Current year P/E shown is calculated as close price divided by most current estimated EPS. Market cap shown is based on current basic shares outstanding. P/E multiple and Dividend Yield have been translated to the currency shown 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. h - Raymond James & Associates managed/co-managed a public/follow-on offering of these shares or has provided investment banking services within the past 12 months.



Mining Brad Humphrey | 416.777.4917 | [email protected] Gary Baschuk | 416.777.7098 | [email protected] Alex Terentiew, MBA, P.Geo | 416.777.4912 | [email protected]

Adam Low, CFA | 416.777.4943 | [email protected] David Sadowski | 604.659.8255 | [email protected] Frederic Bastien, CFA | 604.659.8232 | [email protected]

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Base Metals & Minerals

Exploration & Development Baja Mining Corp. (6a,6b,h,adj,<) BAJ-TSX 2 C$1.90 C$0.95 100% Dec 47.5 C$0.02 E C$(0.11) C$0.42 0.0% 2.70 US$321 AL Candente Copper Corp. (6b,g,h,adj) DNT-TSX 2 C$2.55 C$1.00 155% Dec NA US$(0.03) E US$(0.09) NA 0.0% 6.26 US$118 AL Hana Mining Ltd. (g,h) HMG-TSX 2 C$2.70 C$1.90 42% Dec NA C$(0.06) E C$(0.04) NA 0.0% 6.72 C$186 AL Lumina Copper Corp. (6b,g,h,adj) LCC-TSXV 1 C$21.50 C$16.34 32% Dec 1634.0 C$0.01 E C$(0.05) NA 0.0% 53.87 US$670 AL Stornoway Diamond Corp. (3r,ce) SWY-TSX UR UR C$0.87 NA Apr NA C$(0.04) UR UR NA UR NA DS_2 Trevali Mining Corporation (6a,6b,h) TV-TSX 2 C$2.15 C$1.39 55% Dec NA C$(0.06) E C$0.05 NA 0.0% 2.87 C$224 AL

Production Copper Mountain Mining (6a,g,h,adj,<) CUM-TSX 2 C$6.50 C$4.30 51% Dec 5.6 C$(0.13) C$0.77 C$1.68 0.0% 8.26 US$421 AL

Special Situations Neo Material Technologies (1c,1f,6a,h,adj) NEM-TSX 3- C$11.30 C$11.28 0% Dec 12.5 US$1.59 US$0.90 NA 0.0% NA US$1,514 FB

Iron Ore

Exploration & Development Alderon Iron Ore Corp. (6a,6b,h,adj) ADV-TSX 3 C$3.75 C$2.99 25% Dec NA C$(0.36) E C$(0.15) NA 0.0% 9.37 US$298 AL Champion Minerals Inc. (6a,6b,adj,>) CHM-TSX 2 C$2.90 C$1.62 79% Dec NA C$(0.10) C$(0.03) C$(0.03) 0.0% 7.36 US$143 AL New Millennium Iron Corp. (6a,6b,g,adj) NML-TSX 2 C$3.50 C$2.19 60% Dec NA C$(0.05) E C$(0.04) NA 0.0% 11.28 US$386 AL

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



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Platinum Group Metals Cameco Corp. (ce) CCO-TSX CCJ-NYSE UR UR C$21.51 NA Dec NA UR E UR NA NA UR NA DS_2 Denison Mines Corp. (6b,ce,h,adj) DML-TSX DNN-AMEX UR UR C$1.51 NA Dec NA UR E UR NA NA UR NA DS_2 Paladin Energy (3r,ce,adj) PDN-TSX PDN-ASX UR UR C$1.94 NA Jun NA US$(0.08) UR NA NA UR NA DS_2 Strathmore Minerals Corp (ce,h) STM-TSX UR UR C$0.52 NA Dec NA UR E UR NA NA UR NA DS_2 Uranium One Inc. (1c,1f,6b,ce,adj) UUU-TSX UUU-JSE UR UR C$2.79 NA Dec NA UR E UR NA NA UR NA DS_2 Uranium Participation Corporation (ce) U-TSX UR UR C$5.75 NA Feb NA C$2.88 UR NA NA UR NA DS_2 Ur-Energy Inc. (1c,1f,3r,6b,ce,h) URE-TSX URG-AMEX UR UR C$1.23 NA Dec NA UR E UR NA NA UR NA DS_2

Exploration & Development Platinum Group Metals Ltd. (6b,ce,h) PTM-TSX PLG-AMEX 2 C$1.70 C$1.42 20% Aug NA C$(0.07) C$(0.05) C$(0.02) NA 1.76 C$252 AT

Production Eastern Platinum Ltd. (6b,ce,h,adj) ELR-TSX EPS-JSE 2 C$0.75 C$0.40 88% Dec NA US$(0.03) US$(0.03) US$0.00 NA 0.73 C$371 AT North American Palladium Ltd. (6a,6b) PDL-TSX PAL-AMEX 2 C$4.75 C$2.70 76% Dec 33.8 C$(0.10) C$0.08 C$0.38 NA 4.22 C$440 AT

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



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Precious Metals

Gold Agnico-Eagle Mines (6a,6b) AEM-NYSE AEM-TSX 2 US$45.50 US$32.96 40% Dec 19.4 US$1.96 US$1.70 NA 1.9% 36.44 US$5,702 BH Alacer Gold Corp (6a,6b,>) ASR-TSX 3 C$11.50 C$8.45 36% Dec 16.3 C$0.38 C$0.52 NA 0.0% 9.04 C$2,349 BH Alamos Gold Inc. (1c,1f,6a,6b,adj) AGI-TSX 2 C$25.70 C$17.42 48% Dec 16.1 US$0.51 US$1.08 US$1.34 0.6% 20.26 C$2,174 GB Batero Gold Corp. (6a,6b,>) BAT-TSXV 2+ C$1.45 C$0.86 69% Aug NA C$(0.30) C$(0.09) C$(0.22) 0.0% 2.36 C$58 GB Continental Gold Ltd. (6a,6b,adj) CNL-TSX 2 C$12.50 NA NA Dec NA US$0.20 E US$(0.13) US$(0.16) NA 0.00 NA GB Crocodile Gold Corp. (6a,6b,h,<) CRK-TSX 2 C$1.30 C$0.54 141% Dec 13.5 C$(0.12) C$0.04 NA 0.0% 1.83 C$175 GB Detour Gold Corp. (6a,h) DGC-TSX 2 C$42.00 C$23.67 77% Dec NA C$(0.60) E C$(0.50) NA 0.0% 34.02 C$2,840 BH Eldorado Gold Corp. (5c,6a,6b) EGO-NYSE ELD-TSX 2 US$21.00 US$13.40 57% Dec 16.0 US$0.63 US$0.84 NA 0.7% 14.01 US$7,504 BH Endeavour Mining Corp. (6a,adj) EDV-TSX EVR-ASX 2 C$4.10 NA NA Dec NA US$0.27 US$0.28 NA NA 3.50 NA BH Galway Resources Ltd. (>) GWY-TSXV 1 C$2.50 C$1.55 61% Dec NA C$(0.14) E C$(0.09) C$(0.08) 0.0% 2.53 C$225 GB Geologix Explorations Inc. (6a,6b,h) GIX-TSX 2 C$1.10 C$0.32 244% Dec NA C$(0.03) E C$(0.03) NA 0.0% 1.37 C$46 GB Golden Star Resources (3r,6a) GSS-AMEX GSC-TSX 3 US$2.40 US$1.85 30% Dec 8.8 US$(0.08) US$0.21 NA 0.0% 2.17 US$492 BH Great Basin Gold Ltd. (6a,6b,h,adj) GBG-AMEX GBG-TSX R R US$0.68 R Dec R R R R R R R BH Guyana Goldfields Inc. (6a,6b,<) GUY-TSX 2 C$8.50 C$3.31 157% Oct NA C$(0.06) E C$(0.21) NA 0.0% 0.00 C$301 BH Lake Shore Gold Corp. (1c,1f,3r,ce,h) LSG-TSX LSG-AMEX UR UR C$1.09 NA Dec NA UR E UR NA NA UR NA DS_2 Orezone Gold Corp. (6a,h) ORE-TSX 2 C$4.35 C$2.15 102% Dec NA C$(0.32) E C$(0.31) NA 0.0% 4.89 C$187 BH Orvana Minerals Corp. (h,<) ORV-TSX 3 C$2.60 C$0.86 202% Sep 5.1 C$(0.10) C$0.17 NA 0.0% 5.09 C$121 GB Osisko Mining Corp. (6a,6b) OSK-TSX 3 C$15.00 C$11.25 33% Dec 140.6 C$0.08 E C$0.81 NA 0.0% 10.52 C$4,579 BH Sulliden Gold Corporation Ltd. (6a,6b,h,<) SUE-TSX 1 C$2.90 C$1.30 123% Apr NA C$(0.05) C$(0.08) C$(0.07) 0.0% 2.77 C$345 GB Trelawney Mining and Exploration Inc. (6b,h) TRR-TSXV UR UR C$2.47 NA Dec NA UR E UR NA NA UR NA DS_2 Victoria Gold Corp. (6b,ce,h) VIT-TSXV UR UR C$0.34 NA Feb NA C$(0.01) UR UR NA UR NA DS_2 Yamana Gold Inc. (6a,6b) AUY-NYSE YRI-TSX 2 US$22.00 US$15.43 44% Dec 14.3 US$0.96 US$1.08 NA 1.2% 13.74 US$11,511 BH

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



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Silver Bear Creek Mining Corp. (h) BCM-TSXV 2 C$6.00 C$3.51 71% Dec NA C$(0.17) E C$(0.09) NA 0.0% 8.16 C$323 BH MAG Silver (3r,ce) MAG-TSX MVG-AMEX UR UR C$10.00 NA Dec NA UR E UR NA NA UR NA DS_2 Minco Silver (6a,h) MSV-TSX 3 C$3.00 C$2.19 37% Dec NA C$(0.09) E C$(0.07) NA 0.0% 4.71 C$129 BH Pan American Silver (6a,6b) PAAS-NASDAQ PAA-TSX 2 US$32.50 US$21.68 50% Dec 11.1 US$2.37 US$1.96 NA 0.1% 22.54 US$2,515 BH Silver Wheaton (6a,<) SLW-NYSE SLW-TSX 2 US$45.00 US$33.06 36% Dec 16.8 US$1.57 US$1.97 NA 0.4% 27.27 US$11,869 BH Silvercorp Metals Inc. (6a,6b,f,h) SVM-NYSE SVM-TSX 2 US$12.50 US$6.80 85% Dec 15.1 US$0.37 US$0.45 US$0.46 1.2% 8.79 US$1,163 BH

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



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

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Real Estate Services FirstService Corp. (6a) FSRV-NASDAQ FSV-TSX 2 US$36.00 US$30.68 17% Dec 15.3 US$1.81 US$2.00 US$2.30 0.0% NA US$930 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.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. h - Raymond James & Associates managed/co-managed a public/follow-on offering of these shares or has provided investment banking services within the past 12 months. px - P/E is P/FFO



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

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Alternative Energy & Clean Tech Alter NRG (6a,6b,cf) NRG-TSX 2 C$1.00 C$0.57 75% Dec NA C$(0.07) E C$0.05 NA 0.0% 1.02 C$36 JB Alterra Power Corp. (3r,6a,h,adj,>) AXY-TSX 2 C$0.75 C$0.61 23% Jun NA US$(0.06) US$(0.02) NA 0.0% 4.84 C$284 SL Ram Power (h,ng,adj) RPG-TSX 3 C$0.45 C$0.35 29% Dec NA US$(0.07) E US$(0.04) NA 0.0% 11.60 C$100 SL U.S. Geothermal (h,adj) GTH-TSX 2 C$1.40 C$0.47 198% Mar NA US$(0.02) E US$0.01 US$0.10 0.0% 4.73 US$40 SL

IT Hardware Avigilon Corporation (6a,h,<) AVO-TSX 2 C$7.00 C$3.90 79% Dec 20.5 C$0.12 C$0.19 C$0.35 0.0% NA C$124 SL Enablence Technologies (6a,f,h) ENA-TSXV UR UR C$0.04 NA Jun NA C$(0.02) NA NA 0.0% NA C$17 SL Evertz Technologies Ltd. (6a,f,<) ET-TSX 2 C$16.00 C$14.40 15% Apr 16.7 C$1.03 C$0.86 C$1.11 3.9% NA C$1,064 SL Miranda Technologies Inc. (6a) MT-TSX 2 C$12.00 C$12.74 (6)% Dec 13.6 C$1.03 C$0.94 C$1.08 0.0% NA C$279 SL Research in Motion (6a,f,m,<) RIMM-NASDAQ RIM-TSX 3 US$15.00 US$13.73 9% Feb 5.4 US$6.34 US$2.22 A US$2.55 0.0% NA US$7,197 SL Sierra Wireless (6a,m) SWIR-NASDAQ SW-TSX 3 US$9.00 US$7.36 22% Dec 18.9 US$0.12 US$0.39 US$0.61 0.0% NA US$230 SL

Software/IT Services CGI Group (6a) GIB.A-TSX GIB-NYSE 2 C$25.50 C$21.83 17% Sep 13.0 C$1.58 C$1.68 C$1.86 0.0% NA C$5,829 SL DragonWave (6a) DWI-TSX DRWI-NASDAQ 2 C$6.00 C$4.02 49% Feb NA C$0.07 C$(0.96) C$(0.20) 0.0% NA C$143 SL MacDonald Dettwiler & Associates (1c,1f,6a,>) MDA-TSX 2 C$50.00 C$44.40 15% Dec 13.4 C$3.31 E C$3.65 C$4.02 2.3% NA C$1,421 SL NexJ Systems Inc. (6a,h,<) NXJ-TSX 2 C$8.50 C$6.99 22% Dec NA C$(0.42) C$(0.25) C$(0.02) 0.0% NA C$138 SL Open Text (6a) OTEX-NASDAQ OTC-TSX 2 US$74.00 US$60.19 23% Jun 12.6 US$4.04 US$4.78 US$5.06 0.0% NA US$3,533 SL Route1 Inc (6a) ROI-TSXV 2 C$0.12 C$0.08 50% Dec NA C$0.00 E C$0.00 C$0.01 0.0% NA C$31 SL Softchoice (6a,adj,<) SO-TSX 2 C$14.50 C$13.22 10% Dec 9.7 US$1.11 US$1.36 US$1.63 0.0% NA C$262 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 wherecomponents of each are reported in different currencies.1c - Raymond James Ltd. has provided non-investment banking securities-related services within the last 12 months with respect to the issuer. 1f - Raymond James Ltd. has received compensation for services other than investment banking within the last 12 months with respect to the issuer. 3r - Raymond James Ltd. makes a market in the securities of the issuer. 6a - Raymond Lames Ltd - the analyst and/or associate has viewed the material operations of the issuer. 6b - Raymond James Ltd -within the last 12 months, the issuer has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate. < - EPS revision downward. > - EPS revision upward. cf - EPS is Cash Flow per share. f - Fiscal years ending before May are treated as previous year. h - Raymond James & Associates managed/co-managed a public/follow-on offering of these shares or has provided investment banking services within the past 12 months. m - Raymond James & Associates makes a market in shares of these stocks. ng - EPS is Non-GAAP EPS.



Analyst Profiles Head of Equity Research

Daryl Swetlishoff, CFA | Paper & Forest Products

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

Senior Supervisory Analyst

Heather Herron

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

Energy

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

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

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

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

Kristopher Zack, CA, CFA |Oil & Gas Producers

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



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

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

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

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

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

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

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

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



Mining

Brad Humphrey |Precious Metals

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

Gary Baschuk | Precious Metals

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

Adam Low, CFA | Base Metals & Minerals

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

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

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

Consumer Products & Retail

Kenric S. Tyghe, MBA

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



Real Estate

Ken Avalos, MBA

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

Technology

Steven Li, CFA | Technology and Alternative Energy

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



Important Investor Disclosures Raymond James & Associates (RJA) is a FINRA member firm and is responsible for the preparation and distribution of research created in the United States. Raymond James & Associates is located at The Raymond James Financial Center, 880 Carillon Parkway, St. Petersburg, FL 33716, (727) 567-1000. Non-U.S. affiliates, which are not FINRA member firms, include the following entities which are responsible for the creation and distribution of research in their respective areas; In Canada, Raymond James Ltd., Suite 2200, 925 West Georgia Street, Vancouver, BC V6C 3L2, (604) 659-8200; In Latin America, Raymond James Latin America, Ruta 8, km 17, 500, 91600 Montevideo, Uruguay, 00598 2 518 2033; In Europe, Raymond James Euro Equities, SAS, 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 nor does it take into account the particular investment objectives, financial situations, or needs of individual clients. Information in this report should not be construed as advice designed to meet the individual objectives of any particular investor. Investors should consider this report as only a single factor in making their investment decision. Consultation with your investment advisor is recommended. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur.

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

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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.

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.

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: Allana Potash Corporation (AAA-TSX), MBAC Fertilizer Corporation (MBC-TSX), Potash Corp. of Saskatchewan Inc. (POT-NYSE), Western Potash Corp. (WPX-TSX)

DELETIONS: Anvil Mining Limited (AVM), Azure Dynamics (AZD), Gennum Corporation (GND), Quadra FNX Mining Ltd (QUX)

PENDING REASSIGNMENT: Allied Properties (AP.UN-TSX/C$25.44/Under Review) Amerigo Resources Ltd. (ARG-TSX/C$0.78/Under Review) Anooraq Resources Corp. (ARQ-TSXV/C$0.40/Under Review) Antofagasta Plc. (ANTO-LSE/£11.22/Under Review) AuRico Gold Inc. (AUQ-NYSE/US$8.70/Under Review) Aura Minerals Inc. (ORA-TSX/C$1.04/Under Review) Aurizon Mines Ltd. (ARZ-TSX/C$4.73/Under Review) AutoCanada Inc. (ACQ-TSX/C$10.18/Under Review) B2Gold Corp. (BTO-TSX/C$4.17/Under Review) Boardwalk REIT (BEI.UN-TSX/C$57.50/Under Review) Bonnett's Energy Services Trust (BT.UN-TSX/C$3.87/Under Review) Calloway REIT (CWT.UN-TSX/C$26.39/Under Review) CGA Mining Ltd. (CGA-TSX/C$1.96/Under Review) CAP REIT (CAR.UN-TSX/C$22.30/Under Review) Canadian Tire Corporation (CTC.A-TSX/C$64.82/Under Review) Cominar REIT (CUF.UN-TSX/C$23.25/Under Review) Compton Petroleum (CMT-TSX/C$3.90/Under Review) Coro Mining (COP-TSX/C$0.46/Under Review) CREIT (REF.UN-TSX/C$36.88/Under Review) Crombie REIT (CRR.UN-TSX/C$13.92/Under Review) DAY4 Energy (DFE-TSX/C$0.08/Under Review) Duluth Metals Limited (DM-TSX/C$2.21/Under Review) Dundee REIT (D.UN-TSX/C$35.20/Under Review) First Capital Realty (FCR-TSX/C$17.57/Under Review) First Quantum Minerals Ltd. (FM-TSX/C$19.10/Under Review) H&R REIT (HR.UN-TSX/C$23.57/Under Review) Inmet Mining Corporation (IMN-TSX/C$56.00/Under Review) Ivanhoe Mines Ltd. (IVN-TSX/C$15.56/Under Review) Killam Properties (KMP-TSX/C$12.34/Under Review) Kirkland Lake Gold Inc. (KGI-TSX/C$14.30/Under Review) Kiska Metals Corporation (KSK-TSXV/C$0.28/Under Review) Liquor Stores Income Fund (LIQ.UN-TSX/C$17.70/Under Review) Mirabela Nickel Ltd. (MNB-TSX/C$0.63/Under Review) Northern Dynasty Minerals Ltd. (NDM-TSX/C$5.96/Under Review) Northern Property REIT (NPR.UN-TSX/C$30.86/Under Review) Primaris Retail REIT (PMZ.UN-TSX/C$21.66/Under Review) RioCan REIT (REI.UN-TSX/C$26.65/Under Review) San Gold Corp. (SGR-TSX/C$1.38/Under Review) Taseko Mines Ltd. (TKO-TSX/C$3.47/Under Review) Vecima Networks (VCM-TSX/C$3.80/Under Review)



Rating Distributions

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

Strong Buy and Outperform (Buy) 68% 56% 37% 41% 16% 14% Market Perform (Hold) 31% 37% 53% 27% 6% 2% Underperform (Sell) 1% 7% 10% 0% 3% 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, CFA (ASSOCIATE) 416.777.4916

ENERGY OIL & GAS ENERGY SERVICES, HEAD OF ENERGY RESEARCH

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

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

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

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

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

INDUSTRIAL INDUSTRIAL | AEROSPACE & AVIATION, HEAD OF INDUSTRIAL RESEARCH

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

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

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

MINING PRECIOUS METALS, HEAD OF MINING RESEARCH

BRAD HUMPHREY 416.777.4917 PHIL RUSSO (ASSOCIATE) 416.777.7084

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

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

PRECIOUS METALS GARY BASCHUK 416.777.7098 GORDON LAWSON (ASSOCIATE) 416.777.7102

URANIUM & JUNIOR EXPLORATION DAVID SADOWSKI (ASSOCIATE) 604.659.8255

FOREST PRODUCTS FOREST PRODUCTS

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

REAL ESTATE REAL ESTATE & REITS

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

STEVEN LI, CFA 416.777.4918 DIANE YU (ASSOCIATE) 416.777.6414

EQUITY RESEARCH PUBLISHING SENIOR SUPERVISORY ANALYST

HEATHER HERRON 403.509.0509 HEAD OF PUBLISHING | SUPERVISORY ANALYST

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

INSTITUTIONAL EQUITY SALES HEAD OF SALES

MIKE WESTCOTT 416.777.4935 MICHELLE MARGUET (MARKETING COORDINATOR) 416.777.4951

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

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

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

LONDON JON DE VOS 0.207.426.5632 LAKSHMI THURAI 0.207.426.5626 ADAM WOOD 0.207.426.5612

INSTITUTIONAL EQUITY TRADING CO-HEAD OF TRADING

BOB MCDONALD, CFA 604.659.8222 ANDREW FOOTE, CFA 416.777.4924

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

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

MONTREAL (514.350.4450 | 1.866.350.4455) JOE CLEMENT 514.350.4470 PATRICK SANCE 514.350.4465

RETAIL RESEARCH & DISTRIBUTION

LAUREN CORSCADDEN (ASSISTANT) 604.659.8233

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

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

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

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

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

Published by Raymond James Ltd Monthly Research Register ...Raymond James Ltd. is a wholly owned...

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