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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. | 2100 - 925 West Georgia Street | Vancouver BC Canada V6C 3L2

Monthly Research Register - November 2012 October 31, 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 18 analysts covering approximately 250 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-26-12 RATING ANALYST

Oct-3-12 B2Gold Corp. BTO-TSX C$4.07 2 Chris Thompson, M.Sc. (Eng), P.Geo Oct-12-12 LGX Oil + Gas Inc. OIL-TSXV C$0.83 R Kristopher Zack, CA, CFA Oct-23-12 Atacama Pacific Gold Corp ATM-TSXV C$3.35 2 Gary Baschuk Oct-30-12 Oil Sands – PXX, HSE, MEG, IMO Justin Bouchard, P.Eng., CFA Oct-30-12 Duluth Metals Limited DM-TSX C$2.22 2 Alex Terentiew, MBA, P.Geo Oct-30-12 Teck Resources Limited TCK.B-TSX C$31.20 2 Alex Terentiew, MBA, P.Geo

Monthly Research Register - November 2012 Canada Research | of 30

Raymond James Ltd. | 2100 – 925 West Georgia Street | Vancouver BC Canada V6C 3L2

Analyst Index Page Analyst Index (continued) Page

Ken Avalos 19Gary Baschuk 15Frederic Bastien, CFA 6,9,19Justin Bouchard, P.Eng., CFA 10Andrew Bradford, CFA 10Ben Cherniavsky 6,8Steve Hansen, CMA, CFA 6,8,10,15Nick Heffernan 10Brad Humphrey 15Rafi Khouri, B.Sc, MBA 10Steven Li, CFA 10,20

Adam Low, CFA 15Luc Mageau, CFA 10Jamil Murji, CFA 6,9Theoni Pilarinos, CFA 6,8,10David Sadowski 15Daryl Swetlishoff, CFA 15Alex Terentiew, MBA, P.Geo 15Chris Thompson, M.Sc. (Eng), P.Geo 15Kenric S. Tyghe, MBA 9Kristopher Zack, CA, CFA 10

Industry Index Page

Industry Index (continued) Page

Industrial 6-7Chemicals 6Infrastructure & Construction 6-7

Construction 6Engineering 6Machinery 6Related Products & Services 7

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

Consumer 9Consumer Products & Retail 9

Energy 10-14Senior Oil & Gas Producers 10Intermediate Oil & Gas Producers 11Junior Oil & Gas Producers 12Oil Sands & Producers 12International Oil & Gas 12-13Oil & Gas Energy Services 13-14

Well Site & Other Services 13Contract Drillers 13Facilities & Infrastructure 14Pressure Pumpers 14

Alternative Energy & Clean Tech 14Mining & Natural Resources 15-18

Mining 15-17Base Metals & Minerals 15Iron Ore 15Platinum Group Metals 16Precious Metals - Gold 16Precious Metals - Silver 17Uranium 17

Forest Products 17-18Building Materials 17Pulp & Paper 17-18

Agribusiness & Food Products 18Fertilizers 18

Real Estate 19Real Estate 19

Healthcare 19Industrial 19Multiresidential 19Office/Diversified 19Real Estate Services 19Retail 19

Technology & Communications 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 3 7Advantage Oil & Gas Ltd. AAV-TSX 2 11Aecon Group ARE-TSX 1 6Agnico-Eagle Mines AEM-NYSE 3 16Aimia AIM-TSX 2 9Air Canada AC.B-TSX 3 8Alacer Gold Corp ASR-TSX 3 16Alamos Gold Inc. AGI-TSX 2 16Alderon Iron Ore Corp. ADV-TSX 2 15Allana Potash Corporation AAA-TSX 3 18Alliance Grain Traders Inc. AGT-TSX 2 18Allied Properties REIT AP.UN-TSX 3 19Alter NRG NRG-TSX 2 14Alterra Power Corp. AXY-TSX 2 14Amerigo Resources Ltd. ARG-TSX UR 27Amica Mature Lifestyles Inc. ACC-TSX 2 19Antofagasta Plc. ANTO-LSE UR 27Arc Resources Ltd. ARX-TSX 3 11Armtec Infrastructure Inc. ARF-TSX 3 7Artis REIT AX.UN-TSX 2 19Asia Bio-Chem Group Corp. ABC-TSX 4 18ATAC Resources Ltd. ATC-TSXV 2 16Atacama Pacific Gold Corp * ATM-TSXV 2 16Athabasca Oil Corp. ATH-TSX 2 12Atlatsa Resources Corp. ATL-TSXV UR 27Atrium Innovations Inc. ATB-TSX 2 9Aura Minerals Inc. ORA-TSX UR 27Aurizon Mines Ltd. ARZ-TSX UR 27AutoCanada Inc. ACQ-TSX UR 27AvenEx Energy Corp. AVF-TSX 3 11Avigilon Corporation AVO-TSX 2 20B2Gold Corp. * BTO-TSX 2 27Baja Mining Corp. BAJ-TSX 3 15Bankers Petroleum BNK-TSX 3- 12Batero Gold Corp. BAT-TSXV 2 16Baytex Energy Corp. BTE-TSX 2 11Bear Creek Mining Corp. BCM-TSXV 2 17BioExx Specialty Proteins Ltd. BXI-TSX UR 18Birchcliff Energy Ltd. BIR-TSX 3 11Bird Construction Inc. BDT-TSX 2 6Black Diamond Group Ltd. BDI-TSX 1 14BlackPearl Resources Inc. * PXX-TSX 2 12Boardwalk REIT BEI.UN-TSX 3 19Bombardier Inc. BBD.B-TSX 2 8Bonavista Energy Corporation BNP-TSX 3 11Bonnett's Energy Services Trust BT.UN-TSX UR 27Brookfield Canada Office Properties BOX.UN-TSX 3 19CAE Inc. CAE-TSX 2 8Calfrac Well Services CFW-TSX 3 14Calloway REIT CWT.UN-TSX 2 19Cameco Corp. CCO-TSX 2 17Canadian Apartment Properties REIT CAR.UN-TSX 2 19Canadian National Railway CNR-TSX 3 8Canadian Natural Resources Ltd CNQ-TSX 2+ 10Canadian Oil Sands Limited COS-TSX 4 12Canadian Pacific Railway CP-TSX 3 8Canadian Tire Corporation CTC.A-TSX UR 27Canam Group CAM-TSX 2 7Candente Copper Corp. DNT-TSX 2 15Canfor Corp. CFP-TSX 2 17Canfor Pulp Products Inc. CFX-TSX 2 17

CanWel Building Materials Group Ltd. CWX-TSX 2 8Canyon Services Group Inc. FRC-TSX 2 14Capstone Mining Corp. CS-TSX 2 15Caterpillar Inc. CAT-NYSE 3 6Cenovus Energy CVE-TSX 2 12Cequence Energy Inc. CQE-TSX 3 12Cervus Equipment Corp. CVL-TSX 2 6CGA Mining Ltd. CGA-TSX UR 27CGI Group GIB.A-TSX 2 20Champion Iron Mines Ltd. CHM-TSX 2 15The Churchill Corp. CUQ-TSX 3 6Cineplex Inc. CGX-TSX 2 9CML Healthcare Inc. CLC-TSX 3 9Cominar REIT CUF.UN-TSX UR 27Commercial Solutions CSA-TSX 3 7Conifex Timber Inc. CFF-TSXV 2 17Connacher Oil and Gas CLL-TSX 3 12Continental Gold Ltd. CNL-TSX 2 16Copper Mountain Mining CUM-TSX 2 15Coro Mining Corp. COP-TSX UR 27CREIT REF.UN-TSX 3 19Crescent Point Energy CPG-TSX 3 11Crew Energy Inc. CR-TSX 2 11Crocodile Gold Corp. CRK-TSX 2 16Crocotta Energy Inc. CTA-TSX 2 12Crombie REIT CRR.UN-TSX 3 19DeeThree Exploration Ltd. DTX-TSX 2 12Denison Mines Corp. DML-TSX 3 17Detour Gold Corp. DGC-TSX 2 16Dollarama DOL-TSX 3 9Domtar UFS-NYSE 2- 18DragonWave DWI-TSX 3 20Duluth Metals Limited * DM-TSX 2 15Dundee REIT D.UN-TSX UR 27Eastern Platinum Ltd. ELR-TSX 2 16Easyhome Ltd. EH-TSX 2 9Eldorado Gold Corp. EGO-NYSE 2 16Enablence Technologies ENA-TSXV UR 20EnCana Corporation ECA-TSX 3 10Endeavour Mining Corp. EDV-TSX 2 16Enerflex Ltd. EFX-TSX 2 14Enerplus Corporation ERF-TSX 2 11Ensign Energy Services Inc. ESI-TSX 3 13ENTREC Corporation ENT-TSXV 2 7Essential Energy Services Ltd. ESN-TSX 2 13Evertz Technologies Ltd. ET-TSX 2 20Exchange Income Corp EIF-TSX 2 8Fairborne Energy Inc FEL-TSX 3 11Finning International FTT-TSX 2 6First Capital Realty FCR-TSX UR 27First Quantum Minerals Ltd. FM-TSX 3 15FirstService Corp. FSRV-NASDAQ 2 19Fortress Paper FTP-TSX 2 18Galway Resources Ltd. GWY-TSXV 2- 16GasFrac Energy Services Ltd. GFS-TSX 2+ 14Genivar Inc. GNV-TSX 2 6Geologix Explorations Inc. GIX-TSX 2 16Gildan Activewear GIL-NYSE 2 9Glacier Media Inc. GVC-TSX 2 9GLG Life Tech Corporation GLG-TSX UR 18GLV Inc. GLV.A-TSX 3 7

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

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



Golden Star Resources GSS-AMEX 3 16Gran Tierra Energy GTE-TSX 1 13Great Basin Gold Ltd. GBG-AMEX 4 16Great Canadian Gaming GC-TSX 3 9Greenfields Petroleum Corporation GNF-TSXV 3 13Guyana Goldfields Inc. GUY-TSX 2 16H&R REIT HR.UN-TSX 3 19Hana Mining Ltd. HMG-TSXV 3 15Heroux-Devtek Inc. HRX-TSX 3 8Horizon North Logistics Inc. HNL-TSX 2 14HudBay Minerals, Inc. HBM-TSX 3 15Husky Energy Inc. * HSE-TSX 3 10IBI Group Inc. IBG-TSX 2 6Imperial Oil Limited * IMO-TSX 2 10Inmet Mining Corporation IMN-TSX 2 15Insignia Energy Ltd. ISN-TSX 3 12Interfor IFP.A-TSX 2 17InterRent REIT IIP.UN-TSX 2 19Kaminak Gold Corporation KAM-TSXV 2 16Killam Properties Inc. KMP-TSX 2 19Kirkland Lake Gold Inc. KGI-TSX UR 27Kiska Metals Corporation KSK-TSXV UR 27Labrador Iron Mines Holdings Ltd. LIM-TSX 3 15Lake Shore Gold Corp. LSG-TSX UR 27Legacy Oil & Gas Inc. LEG-TSX 1 11Leisureworld Senior Care Corp. LW-TSX 2 19LGX Oil + Gas Inc. * OIL-TSXV R 12Liquor Stores Income Fund LIQ.UN-TSX UR 27Loblaw Companies Ltd. L-TSX 2 9Lone Pine Resources, Inc. LPR-TSX 3 11Lumina Copper Corp. LCC-TSXV 1 15Lundin Mining Corporation LUN-TSX 3 15MacDonald Dettwiler & Associates MDA-TSX 3 20MAG Silver MAG-TSX 2 17Magellan Aerospace MAL-TSX 3 8Manitok Energy Inc. MEI-TSXV 2 12MBAC Fertilizer Corporation MBC-TSX 2 18McCoy Corporation MCB-TSX 3 13MEG Energy Corp. * MEG-TSX 2 12Mercator Minerals Limited ML-TSX 2 15Mercer International Inc. MERC-NASDAQ 2 18Methanex MEOH-NASDAQ 2+ 6Minco Silver MSV-TSX 3 17Mirabela Nickel Ltd. MNB-TSX UR 27Mullen Group Ltd. MTL-TSX 3+ 13New Millennium Iron Corp. NML-TSX 2 15Nexen Inc. NXY-TSX 3 10NexJ Systems Inc. NXJ-TSX 2 20Niko Resources Ltd NKO-TSX 3 13Norbord Inc. NBD-TSX 3- 17North 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 12Omni-Lite Industries OML-TSXV 3 8Open Text OTEX-NASDAQ 2 20Orezone Gold Corp. ORE-TSX 2 16Orvana Minerals Corp. ORV-TSX 2 16Osisko Mining Corp. OSK-TSX 3 16Pacific Rubiales Energy PRE-TSX 1 13Paladin Energy PDN-TSX 2 17

Pan American Silver PAAS-NASDAQ 2 17Pan Orient Energy POE-TSXV 2+ 13Parex Resources Inc. PXT-TSX 2 13Pengrowth Energy Corporation PGF-TSX 3 11Perpetual Energy Inc. PMT-TSX 3 11PetroAmerica Oil Corp. PTA-TSXV 2 13PetroBakken Energy Ltd. PBN-TSX 3 11Petrobank Energy and Resources Ltd. PBG-TSX 3 12PetroDorado Energy Ltd. PDQ-TSXV 2 13Petromanas Energy Inc. PMI-TSXV R 13Petrominerales PMG-TSX 4 13PetroNova Inc. PNA-TSXV 2 13Platinum Group Metals Ltd. PTM-TSX 2 16PMI Gold Corporation PMV-TSXV R 16Porto Energy Corp. PEC-TSXV 4- 13Potash Corp. of Saskatchewan Inc. POT-NYSE 2 18Precision Drilling Corporation PD-TSX 2- 13Primaris Retail REIT PMZ.UN-TSX R 19Progress Energy Resources Corp. PRQ-TSX 3 11Pure Industrial Real Estate Trust AAR.UN-TSX 2 19Ram Power RPG-TSX 3 14Renegade Petroleum Ltd. RPL-TSXV 2 12Research in Motion RIMM-NASDAQ 3 20RioCan REIT REI.UN-TSX 3 19Ritchie Bros. Auctioneers RBA-NYSE 2 6Rocky Mountain Dealerships Inc. RME-TSX 3 6Route1 Inc ROI-TSXV 2 20Russel Metals RUS-TSX 3 7San Gold Corp. SGR-TSX UR 27Savanna Energy Services SVY-TSX 1 13Secure Energy Services Inc. SES-TSX 2 14Shoppers Drug Mart SC-TSX 2 9Sierra Wireless SWIR-NASDAQ 2 20Silver Wheaton SLW-NYSE 2 17Silvercorp Metals Inc. SVM-NYSE 2 17SNC-Lavalin SNC-TSX 2 6Softchoice SO-TSX 2 20Southern Pacific Resources Corp. STP-TSX 1 12Spartan Oil Corp. STO-TSX 1 12Stantec Inc STN-TSX 2 6Stornoway Diamond Corp. SWY-TSX UR 27Strad Energy Services Ltd. SDY-TSX 2 13Strategic Oil & Gas Ltd. SOG-TSXV 2 12Strathmore Minerals Corp STM-TSX UR 27Strongco Corp. SQP-TSX 3 6Student Transportation Inc. STB-TSX 3- 8Sulliden Gold Corporation Ltd. SUE-TSX 1 16Suncor Energy Inc SU-TSX 2 12Suroco Energy Inc SRN-TSXV 2 13Talisman Energy Inc. TLM-TSX 2 10Taseko Mines Ltd. TKO-TSX UR 27Teck Resources Limited * TCK.B-TSX 2 15Tim Hortons THI-TSX 3 9Toromont Industries TIH-TSX 3 6TransGlobe Energy Corporation TGL-TSX 2 13Trevali Mining Corporation TV-TSX 2 15Trican Well Service TCW-TSX 3 14Trinidad Drilling Ltd. TDG-TSX 1 13TriOil Resources Ltd. TOL-TSXV 2 12Turquoise Hill Resources Ltd. TRQ-TSX UR 27Tuscany International Drilling Inc. TID-TSX 3- 13Twin Butte Energy Inc. TBE-TSX 1 11

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

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



U.S. Geothermal GTH-TSX 2 14Ur-Energy Inc. URE-TSX 1 17Uranium One Inc. UUU-TSX 2 17Uranium Participation Corporation U-TSX 2 17Vecima Networks VCM-TSX UR 27Vermilion Energy Inc. VET-TSX 2 11Vero Energy Inc. VRO-TSX 2 12Victoria Gold Corp. VIT-TSXV UR 27Viterra Inc. VT-TSX 3 18Wajax Corp. WJX-TSX 3 6Waldron Energy Corporation WDN-TSX 3 12West Fraser Timber WFT-TSX 2 17Western Energy Services Corp. WRG-TSX 2 13

Western Forest Products Inc. WEF-TSX 2 17Western Potash Corp. WPX-TSX 3 18WesternOne Equity Income Fund WEQ.UN-TSX 2 7WesternZagros Resources WZR-TSXV 3 13WestJet Airlines WJA-TSX 2 8Whitecap Resources Inc. WCP-TSX 1+ 12Winpak Ltd. WPK-TSX 2 9Yamana Gold Inc. AUY-NYSE 2 16Yangarra Resources Ltd. YGR-TSXV 2 12Zargon Oil & Gas Ltd. ZAR-TSX 2 11ZCL Composites ZCL-TSX 2 7Zodiac Exploration Inc. ZEX-TSXV 3 12

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



Industrial Frederic Bastien, CFA | 604.659.8232 | [email protected] Ben Cherniavsky | 604.659.8244 | [email protected] Steve Hansen, CMA, CFA | 604.659.8208 | [email protected]

Jamil Murji, CFA | 604.659.8261 | [email protected] Theoni Pilarinos, CFA | 604.659.8234 | [email protected]

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Chemicals Methanex (6b,>) MEOH-NASDAQ MX-TSX 2+ US$34.00 US$29.31 19% Dec 16.0 US$2.05 US$1.83 US$3.25 2.5% NA US$2,752 SH

Infrastructure & Construction

Construction Aecon Group (6a,<) ARE-TSX 1 C$16.50 C$11.60 45% Dec 10.5 C$0.84 C$1.10 C$1.50 2.4% NA C$810 FB Bird Construction Inc. (6a,ev) BDT-TSX 2 C$16.00 C$14.55 15% Dec 14.6 C$0.70 C$1.00 C$1.30 4.9% NA C$614 FB The Churchill Corp. (6a,h,<) CUQ-TSX 3 C$10.00 C$8.43 24% Dec NA C$0.91 C$(0.04) C$0.65 5.7% NA C$236 FB North American Energy Partners (6a,6b,f) NOA-TSX NOA-NYSE 3 C$3.50 C$2.80 25% Mar 11.2 C$(0.85) C$(0.58) A C$0.25 NA NA C$102 BC

Engineering Genivar Inc. (6a,h) GNV-TSX 2 C$27.00 C$21.53 32% Dec 18.7 C$1.91 C$1.15 C$1.80 7.0% NA C$1,087 FB IBI Group Inc. (3r,6a,ev,h) IBG-TSX 2 C$13.00 C$9.25 52% Dec 9.7 C$0.88 C$0.95 C$1.10 11.9% NA C$259 FB SNC-Lavalin (6a) SNC-TSX 2 C$46.00 C$40.08 17% Dec 18.6 C$2.49 C$2.15 C$2.90 2.2% NA C$6,052 FB Stantec Inc (6a) STN-TSX STN-NYSE 2 C$36.00 C$34.41 6% Dec 14.2 C$2.24 C$2.43 C$2.65 1.7% NA C$1,583 BC|FB

Machinery Caterpillar Inc. (6a,s,<) CAT-NYSE 3 US$92.50 US$84.25 12% Dec 9.4 US$7.40 US$9.00 US$7.70 2.5% NA US$56,363 TP|BC Cervus Equipment Corp. (1c,1f,3r,6a,h) CVL-TSX 2 C$23.00 C$20.40 16% Dec 11.7 C$1.22 C$1.75 C$1.84 3.7% NA C$312 BC Finning International (6a,s,<) FTT-TSX 2 C$29.50 C$23.00 31% Dec 11.8 C$1.56 C$1.95 C$2.35 2.3% NA C$3,965 BC Ritchie Bros. Auctioneers (3r,6a,s,<) RBA-NYSE RBA-TSX 2 US$23.00 US$20.86 13% Dec 26.7 US$0.69 US$0.78 US$1.10 2.3% NA US$2,228 BC Rocky Mountain Dealerships Inc. (6a) RME-TSX 3 C$13.00 C$10.88 22% Dec 8.1 C$1.22 C$1.35 C$1.33 2.5% NA C$207 BC Strongco Corp. (<) SQP-TSX 3 C$6.75 C$4.68 44% Dec 6.1 C$0.76 C$0.77 C$0.75 NA NA C$62 BC Toromont Industries (6a,6b,s,<) TIH-TSX 3 C$21.00 C$19.30 11% Dec 13.1 C$1.33 C$1.47 C$1.49 2.5% NA C$1,482 BC Wajax Corp. (6a) WJX-TSX 3 C$45.00 C$44.35 9% Dec 11.2 C$3.78 C$3.95 C$3.75 7.3% NA C$750 BC

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

Related Products & Services ADF Group Inc. (6a) DRX-TSX 3 C$1.50 C$1.25 22% Jan NA C$0.11 C$0.05 A C$0.00 1.6% NA C$41 FB Armtec Infrastructure Inc. (6a,ev) ARF-TSX 3 C$3.00 C$2.38 26% Dec NA C$(11.74) C$(0.55) C$0.05 0.0% NA C$57 FB Canam Group (6a,>) CAM-TSX 2 C$7.00 C$5.49 28% Dec 13.4 C$(0.72) C$0.41 C$0.60 NA NA C$231 FB Commercial Solutions (6a) CSA-TSX 3 UR C$0.83 NA Sep 11.9 NA NA NA NA NA C$17 BC ENTREC Corporation (6a,h) ENT-TSXV 2 C$2.25 C$1.60 41% Dec 7.3 C$0.01 C$0.22 C$0.33 NA NA C$109 BC|TP GLV Inc. (6a) GLV.A-TSX 3 C$3.00 C$2.10 43% Mar NA C$(0.30) C$(0.16) A C$0.00 NA NA C$93 FB Russel Metals (6a,h,<) RUS-TSX 3 C$26.00 C$28.13 (3)% Dec 16.5 C$1.92 C$1.70 C$1.90 5.0% NA C$1,885 FB WesternOne Equity Income Fund (6a,h) WEQ.UN-TSX 2 C$10.00 C$8.46 25% Dec NA C$(1.21) C$(0.80) C$0.10 7.1% NA C$287 FB|JM ZCL Composites (6a) ZCL-TSX 2 C$5.75 C$4.87 19% Dec 12.8 C$0.11 C$0.38 C$0.48 1.2% NA C$141 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.6a - Raymond James 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 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.



Transportation Ben Cherniavsky | 604.659.8244 | [email protected] Steve Hansen, CMA, CFA | 604.659.8208 | [email protected]

Theoni Pilarinos, CFA | 604.659.8234 | [email protected]

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Aerospace & Aviation Bombardier Inc. (6a,6b,f,adj) BBD.B-TSX 2 C$5.00 C$3.78 35% Dec 8.8 US$0.47 US$0.43 US$0.52 2.6% NA C$6,566 SH|BC CAE Inc. (6a,f) CAE-TSX CAE-NYSE 2 C$12.00 C$10.65 15% Mar 14.0 C$0.62 C$0.71 A C$0.76 1.9% NA C$2,758 BC Heroux-Devtek Inc. (6a,6b,f) HRX-TSX 3 C$13.50 C$13.40 1% Mar 26.8 C$0.64 C$0.86 A C$0.50 NA NA C$415 BC Magellan Aerospace (6a,s) MAL-TSX 3 UR C$3.34 NA Dec 7.0 C$0.48 E C$0.55 NA NA NA C$194 BC|SH Omni-Lite Industries (6a,s,adj) OML-TSXV 3 C$1.50 C$0.80 93% Dec 16.0 US$0.05 US$0.05 US$0.07 5.0% NA C$10 SH|TP

Airlines Air Canada (1c,1f,6a,>) AC.B-TSX 3 UR C$1.80 NA Dec NA C$(0.92) C$(0.68) C$0.24 NA NA C$499 BC WestJet Airlines (1c,1f,6a,>) WJA-TSX 2 C$22.50 C$17.51 30% Dec 10.9 C$1.06 C$1.60 C$1.85 1.8% NA C$2,399 BC

Railroads Canadian National Railway (6a,<) CNR-TSX CNI-NYSE 3 C$92.00 C$86.18 8% Dec 15.5 C$4.84 C$5.55 C$6.18 1.7% NA C$37,566 SH Canadian Pacific Railway (6a,<) CP-TSX CP-NYSE 3 C$92.00 C$91.69 2% Dec 21.1 C$3.12 C$4.35 C$5.85 1.5% NA C$15,862 SH

Transportation & Logistics CanWel Building Materials Group Ltd. (6a) CWX-TSX 2 C$3.00 C$2.65 24% Dec 14.7 C$(0.01) C$0.18 C$0.28 10.6% NA C$157 SH Exchange Income Corp (3r,6a,6b,h) EIF-TSX 2 C$31.50 C$26.25 26% Dec 17.7 C$1.21 C$1.48 C$1.93 6.2% NA C$583 SH|TP Student Transportation Inc. (1c,1f,6a,h,adj,<) STB-TSX STB-NASDAQ 3- C$6.75 C$6.44 14% Jun 161.0 US$0.02 US$0.05 A US$0.04 8.7% NA C$489 SH|TP

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 James 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 Frederic Bastien, CFA | 604.659.8232 | [email protected] Jamil Murji, CFA | 604.659.8261 | [email protected] Kenric S. Tyghe, MBA | 416.777.7188 | [email protected]

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Consumer Products & Retail Aimia (6a,ev) AIM-TSX 2 C$18.00 C$14.85 26% Dec 0.0 C$368.00 C$385.00 C$423.00 4.3% NA C$2,554 KT Atrium Innovations Inc. (6a) ATB-TSX 2 C$15.00 C$10.60 42% Dec 6.4 C$1.61 C$1.65 C$1.74 0.0% NA C$334 KT Cineplex Inc. (6a) CGX-TSX 2 C$32.00 C$30.75 8% Dec 21.1 C$0.85 C$1.46 C$1.65 4.4% NA C$1,876 KT CML Healthcare Inc. (6a) CLC-TSX 3 C$10.00 C$8.50 27% Dec 11.8 C$0.75 C$0.72 C$0.75 8.9% NA C$763 JM Dollarama (6a,f) DOL-TSX 3 C$63.00 C$62.75 1% Jan 21.8 C$1.55 C$2.30 A C$2.88 0.7% NA C$4,756 KT Easyhome Ltd. (3r,6a) EH-TSX 2 C$9.00 C$6.35 47% Dec 7.3 C$0.81 C$0.87 C$1.10 5.4% NA C$76 FB Gildan Activewear (6a) GIL-NYSE GIL-TSX 2 US$34.00 US$33.52 2% Sep 24.8 US$2.01 US$1.35 US$2.42 0.9% NA US$4,089 KT Glacier Media Inc. (6a,h) GVC-TSX 2 C$2.50 C$1.85 38% Dec 6.9 C$0.29 C$0.27 C$0.34 3.2% NA C$165 KT Great Canadian Gaming (6a) GC-TSX 3 C$10.00 C$9.59 4% Dec 19.6 C$0.35 C$0.49 C$0.53 NA NA C$772 KT Loblaw Companies Ltd. (6a) L-TSX 2 C$42.00 C$34.64 24% Dec 14.2 C$2.73 C$2.44 C$2.79 2.4% NA C$9,748 KT Shoppers Drug Mart (6a) SC-TSX 2 C$48.00 C$41.65 18% Dec 14.1 C$2.84 C$2.95 C$3.11 2.5% NA C$8,747 KT Tim Hortons (6a) THI-TSX THI-NYSE 3 C$52.00 C$49.68 6% Dec 18.5 C$2.35 C$2.69 C$3.05 1.7% NA C$7,750 KT Winpak Ltd. (1c,1f,3r,adj,<) WPK-TSX 2 C$18.00 C$15.74 15% Dec 14.8 US$0.98 US$1.06 US$1.24 0.8% NA C$1,023 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 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 James Ltd - the analyst and/or associate has viewed the material operations of the issuer. < - 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.



Energy Justin Bouchard, P.Eng., CFA | 403.509.0523 | [email protected] Andrew Bradford, CFA | 403.509.0503 | [email protected] Steve Hansen, CMA, CFA | 604.659.8208 | [email protected] Nick Heffernan, | 403.509.0511 | [email protected] Rafi Khouri, B.Sc, MBA | 403.509.0560 | [email protected]

Steven Li, CFA | 416.777.4918 | [email protected] Luc Mageau, CFA | 403.509.0505 | [email protected] Theoni Pilarinos, CFA | 604.659.8234 | [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$35.00 C$30.04 18% Dec 5.4 C$5.81 C$5.54 C$6.29 1.4% 40.59 C$32,981 JB|KZ EnCana Corporation (6b,cf,adj,>) ECA-TSX ECA-NYSE 3 C$20.50 C$23.15 (8)% Dec 4.8 US$5.66 US$4.84 US$3.95 3.4% 20.19 C$17,045 KZ|JB Husky Energy Inc. HSE-TSX 3 C$28.00 C$27.14 8% Dec 6.0 C$5.04 C$4.54 C$4.40 4.4% 32.07 C$26,632 JB|KZ Imperial Oil Limited (6a) IMO-TSX IMO-AMEX 2 C$50.00 C$44.75 13% Dec 9.1 C$4.69 C$4.94 C$5.08 1.1% 51.42 C$38,109 JB|KZ Nexen Inc. (6a,6b,cf,>) NXY-TSX NXY-NYSE 3 C$27.23 C$24.50 12% Dec 5.1 C$4.49 C$4.82 C$4.81 0.8% 17.51 C$12,958 KZ|JB Talisman Energy Inc. (cf,adj,>) TLM-TSX TLM-NYSE 2 C$16.00 C$11.50 41% Dec 3.8 US$3.36 US$3.01 US$3.17 2.3% 18.24 C$12,466 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.3r - Raymond James Ltd. makes a market in the securities of the issuer. 6a - Raymond James 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. cf - EPS is Cash Flow per share.



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Intermediate Oil & Gas Producers Advantage Oil & Gas Ltd. (cf,>) AAV-TSX AAV-NYSE 2 C$3.75 C$3.47 8% Dec 9.6 C$0.91 C$0.36 C$0.55 0.0% 4.43 C$580 LM Arc Resources Ltd. (cf,h,>) ARX-TSX 3 C$24.00 C$24.28 4% Dec 10.1 C$2.91 C$2.41 C$2.50 4.9% 19.34 C$7,464 KZ AvenEx Energy Corp. (cf,>) AVF-TSX 3 C$3.00 C$3.50 (2)% Dec 4.5 C$0.96 C$0.77 C$0.76 12.0% 2.40 C$190 KZ Baytex Energy Corp. (5a,cf,>) BTE-TSX BTE-NYSE 2 C$48.00 C$45.60 11% Dec 10.2 C$4.66 C$4.48 C$4.31 5.8% 47.57 C$5,422 KZ Birchcliff Energy Ltd. (3r,cf,h,>) BIR-TSX 3 C$6.75 C$8.40 (20)% Dec 11.2 C$1.00 C$0.75 C$1.01 0.0% 6.16 C$1,188 LM Bonavista Energy Corporation (cf,>) BNP-TSX 3 C$17.00 C$17.84 3% Dec 8.6 C$3.32 C$2.07 C$2.29 8.1% 15.84 C$3,395 KZ Crescent Point Energy (cf,>) CPG-TSX 3 C$44.00 C$41.79 12% Dec 8.8 C$4.62 C$4.76 C$4.92 6.6% 36.58 C$13,870 KZ Crew Energy Inc. (cf,<) CR-TSX 2 C$10.00 C$7.76 29% Dec 5.2 C$1.39 C$1.50 C$1.71 0.0% 11.74 C$937 LM Enerplus Corporation (cf,h,>) ERF-TSX ERF-NYSE 2 C$18.50 C$16.11 22% Dec 5.1 C$3.06 C$3.15 C$3.56 6.7% 17.32 C$3,179 KZ Fairborne Energy Inc (cf,>) FEL-TSX 3 C$1.70 C$1.62 5% Dec 4.1 C$0.97 C$0.40 C$0.34 0.0% 1.90 C$166 KZ Legacy Oil & Gas Inc. (cf,h,>) LEG-TSX 1 C$11.50 C$6.85 68% Dec 4.5 C$1.31 C$1.52 C$1.83 0.0% 9.53 C$982 KZ Lone Pine Resources, Inc. (adj,<) LPR-TSX LPR-NYSE 3 C$2.50 C$1.46 71% Dec 1.6 US$1.45 US$0.94 US$0.67 0.0% 9.34 C$124 KZ Pengrowth Energy Corporation (cf,h,>) PGF-TSX PGH-NYSE 3 C$7.50 C$5.85 36% Dec 5.8 C$1.87 C$1.01 C$1.21 8.2% 6.63 C$2,928 KZ Perpetual Energy Inc. (cf,>) PMT-TSX 3 C$1.50 C$1.49 1% Dec 4.8 C$0.47 C$0.31 C$0.41 0.0% 1.47 C$219 KZ PetroBakken Energy Ltd. (6a,cf,<) PBN-TSX 3 C$14.50 C$12.00 29% Dec 3.8 C$3.78 C$3.16 C$3.55 8.0% 7.47 C$2,255 JB Progress Energy Resources Corp. (cf,>) PRQ-TSX 3 C$22.00 C$19.89 11% Dec 28.8 C$0.97 C$0.69 C$1.00 0.0% 11.20 C$4,646 KZ Twin Butte Energy Inc. (3r,cf,h,>) TBE-TSX 1 C$3.50 C$3.00 23% Dec 4.8 C$0.45 C$0.63 C$0.73 6.3% 3.49 C$738 LM Vermilion Energy Inc. (cf,h,>) VET-TSX 2 C$50.00 C$47.36 10% Dec 8.7 C$4.89 C$5.45 C$5.66 4.8% 44.41 C$4,655 KZ Zargon Oil & Gas Ltd. (cf,h,>) ZAR-TSX 2 C$10.50 C$8.30 35% Dec 4.6 C$2.11 C$1.82 C$2.04 8.7% 9.87 C$246 KZ

Footnote Section 1 - Strong Buy. 2 - Outperform. 3 - Market Perform. 4 - Underperform. UR – Under Review. NM – Not Meaningful. NA – Not Available. R - Restricted. A (+) or (-) indicates a rating upgrade or downgrade, respectively. Pricing information for equities provided by Thomson Reuters. Current year P/E shown is calculated as close price divided by most current estimated EPS. Market cap shown is based on current basic shares outstanding. P/E multiple and Dividend Yield have been translated to the currency shown where components of each are reported in different currencies.3r - Raymond James Ltd. makes a market in the securities of the issuer. 5a - Rusty Goepel who is an employee of Raymond James Ltd. or its affiliates serves as a director of the issuer. 6a - Raymond James 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$1.75 C$1.88 (7)% Dec 13.4 C$0.29 C$0.14 C$0.21 0.0% 2.07 C$361 LM Crocotta Energy Inc. (cf,h,>) CTA-TSX 2 C$3.75 C$3.22 16% Dec 5.9 C$0.38 C$0.55 C$0.82 0.0% 4.20 C$288 LM DeeThree Exploration Ltd. (h,>) DTX-TSX 2 C$7.50 C$6.74 11% Dec 9.9 C$0.21 C$0.68 C$1.51 0.0% 6.79 C$452 KZ Insignia Energy Ltd. (cf,>) ISN-TSX 3 C$1.00 C$0.78 28% Dec 3.1 C$0.72 C$0.25 C$0.33 0.0% 0.95 C$48 LM LGX Oil + Gas Inc. (h) OIL-TSXV R R C$0.83 R Dec R R R R R R R KZ Manitok Energy Inc. (h,>) MEI-TSXV 2 C$2.00 C$2.48 (19)% Dec 11.3 C$0.04 C$0.22 C$0.59 0.0% 2.04 C$171 LM Novus Energy Inc. (cf,>) NVS-TSXV 2 C$1.25 C$0.85 47% Dec 3.9 C$0.15 C$0.22 C$0.30 0.0% 1.27 C$163 LM Renegade Petroleum Ltd. (1f,cf,h,<) RPL-TSXV 2 C$3.50 C$2.43 53% Dec 4.2 C$0.54 C$0.58 C$0.62 9.5% 4.14 C$498 LM Spartan Oil Corp. (6a,<) STO-TSX 1 C$6.50 C$4.58 42% Dec 7.3 C$0.16 C$0.63 C$1.17 0.0% 6.31 C$381 LM Strategic Oil & Gas Ltd. (h,<) SOG-TSXV 2 C$1.50 C$0.85 76% Dec 6.5 C$0.01 C$0.13 C$0.26 0.0% 1.99 C$159 LM TriOil Resources Ltd. (6a,h,<) TOL-TSXV 2 C$3.50 C$2.82 24% Dec 6.4 C$0.31 C$0.44 C$0.93 0.0% 3.40 C$180 LM Vero Energy Inc. (6a,h) VRO-TSX 2 C$3.25 C$2.63 24% Dec 4.0 C$1.34 C$0.65 C$0.93 0.0% 2.84 C$129 LM Waldron Energy Corporation (h,>) WDN-TSX 3 C$0.80 C$0.46 74% Dec 1.6 C$0.41 C$0.28 C$0.38 0.0% 0.58 C$16 KZ Whitecap Resources Inc. (6a,>) WCP-TSX 1+ C$11.50 C$7.70 49% Dec 5.3 C$1.16 C$1.46 C$2.25 0.0% 10.28 C$986 LM Yangarra Resources Ltd. (h,>) YGR-TSXV 2 C$0.60 C$0.35 71% Dec 2.2 C$0.14 C$0.16 C$0.23 0.0% 0.83 C$43 LM Zodiac Exploration Inc. ZEX-TSXV 3 C$0.10 C$0.09 11% Sep NA C$(0.01) E C$(0.01) NA 0.0% 0.10 C$32 JB

Oil Sands & Producers Athabasca Oil Corp. (>) ATH-TSX 2 C$16.00 C$12.13 32% Dec NA C$(0.07) C$(0.06) C$0.18 0.0% 17.33 C$4,839 JB BlackPearl Resources Inc. (3r) PXX-TSX 2 C$5.00 C$3.48 44% Dec 13.4 C$0.25 C$0.26 C$0.32 0.0% 4.99 C$1,061 JB Canadian Oil Sands Limited (6a,cf,>) COS-TSX 4 C$17.50 C$21.20 (11)% Dec 6.2 C$3.91 C$3.40 C$2.41 6.6% 19.51 C$10,274 JB Cenovus Energy (6a,6b,cf,>) CVE-TSX CVE-NYSE 2 C$40.00 C$34.78 18% Dec 6.6 C$4.32 C$5.28 C$4.47 2.5% 42.73 C$26,377 JB|KZ Connacher Oil and Gas (6a,cf,>) CLL-TSX 3 C$0.50 C$0.46 9% Dec 9.2 C$0.10 C$0.05 C$0.02 0.0% 0.56 C$206 JB MEG Energy Corp. MEG-TSX 2 C$46.00 C$36.75 25% 34.0 C$1.50 C$1.08 C$1.43 0.0% 45.82 C$7,288 JB Petrobank Energy and Resources Ltd. (6a,cf,<) PBG-TSX 3 C$14.50 C$13.19 10% Dec 2.3 C$6.49 C$5.65 C$6.67 0.0% 13.96 C$1,331 JB Southern Pacific Resources Corp. (6a,cf,h,<) STP-TSX 1 C$2.00 C$1.36 47% Dec 15.1 C$0.13 C$0.09 C$0.21 0.0% 1.98 C$464 JB Suncor Energy Inc (6a,cf,>) SU-TSX SU-NYSE 2 C$37.00 C$33.27 13% Dec 5.4 C$6.19 C$6.21 C$6.08 1.6% 32.80 C$51,722 JB

International Oil & Gas Bankers Petroleum (6a,cf,adj,>) BNK-TSX 3- C$3.50 C$2.84 23% Dec 3.6 US$0.60 US$0.78 US$1.10 0.0% 4.03 C$785 RK

Footnote Section 1 - Strong Buy. 2 - Outperform. 3 - Market Perform. 4 - Underperform. UR – Under Review. NM – Not Meaningful. NA – Not Available. R - Restricted. A (+) or (-) indicates a rating upgrade or downgrade, respectively. Pricing information for equities provided by Thomson Reuters. Current year P/E shown is calculated as close price divided by most current estimated EPS. Market cap shown is based on current basic shares outstanding. P/E multiple and Dividend Yield have been translated to the currency shown wherecomponents of each are reported in different currencies.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 James 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 analystand/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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International Oil & Gas Gran Tierra Energy (1c,1f,6a,cf,adj,>) GTE-TSX GTE-AMEX 1 C$8.00 C$4.93 62% Dec 4.8 US$1.16 US$1.02 US$1.36 0.0% 9.07 C$1,468 RK Greenfields Petroleum Corporation (cf,h,adj,>) GNF-TSXV 3 C$5.50 C$5.80 (5)% Dec NA US$(0.14) US$(0.54) US$0.57 0.0% 8.62 C$99 RK Niko Resources Ltd (6a,6b,cf,adj,<) NKO-TSX 3 C$13.00 C$12.10 7% Mar 4.2 US$5.50 US$4.54 A US$2.89 0.0% 12.97 C$673 RK Pacific Rubiales Energy (6a,6b,cf,adj,>) PRE-TSX 1 C$34.00 C$24.19 42% Dec 4.4 US$5.03 US$5.50 US$6.58 1.8% 36.68 C$7,753 RK Pan Orient Energy (cf,h,<) POE-TSXV 2+ C$3.50 C$3.12 12% Dec 4.3 C$0.93 C$0.72 C$0.82 0.0% 3.58 C$189 RK Parex Resources Inc. (cf,adj,<) PXT-TSX 2 C$5.50 C$4.58 20% Dec 1.9 US$0.92 US$2.44 US$2.04 0.0% 6.33 C$573 RK PetroAmerica Oil Corp. (cf,h,>) PTA-TSXV 2 C$0.30 C$0.25 20% Dec 8.3 C$(0.03) C$0.03 C$0.12 0.0% 0.33 C$246 RK PetroDorado Energy Ltd. (1c,1f,cf,h,adj) PDQ-TSXV 2 C$0.30 C$0.16 88% Dec NA US$0.00 US$(0.01) US$0.00 0.0% 0.33 C$112 RK Petromanas Energy Inc. (cf,h) PMI-TSXV R R C$0.19 R Dec R R R R R R R RK Petrominerales (6a,cf,adj,>) PMG-TSX 4 C$7.50 C$8.19 (2)% Dec 1.3 US$7.69 US$6.40 US$5.76 6.1% 7.42 C$1,048 RK PetroNova Inc. (h,adj,>) PNA-TSXV 2 C$1.10 C$0.43 156% Dec NA US$(0.04) US$(0.03) US$(0.04) 0.0% 1.13 C$71 RK Porto Energy Corp. (6a,h,adj) PEC-TSXV 4- C$0.15 US$0.23 (35)% Aug NA US$(0.03) US$(0.03) US$(0.02) 0.0% 0.16 C$60 RK Suroco Energy Inc (6b,cf,adj,>) SRN-TSXV 2 C$0.70 C$0.36 94% Dec 2.8 US$0.09 US$0.13 US$0.28 0.0% 0.82 C$51 RK TransGlobe Energy Corporation (3r,adj,>) TGL-TSX TGA-NASDAQ 2 C$12.00 C$10.60 13% Dec 4.9 US$1.64 US$2.16 US$2.69 0.0% 11.48 C$0 RK WesternZagros Resources (cf,adj) WZR-TSXV 3 C$1.30 C$1.34 (3)% Dec NA US$(0.02) US$(0.01) US$(0.02) 0.0% 1.33 C$588 RK

Oil & Gas Energy Services

Well Site & Other Services Essential Energy Services Ltd. (6a,q) ESN-TSX 2 C$2.70 C$2.15 30% Dec 6.7 C$0.31 C$0.32 C$0.31 4.7% NA C$284 AB McCoy Corporation (6a) MCB-TSX 3 C$4.00 C$3.60 14% Dec 10.6 C$0.44 C$0.34 C$0.40 3.3% NA C$97 SH|TP Mullen Group Ltd. (6a,q,<) MTL-TSX 3+ C$22.00 C$20.83 10% Dec 14.4 C$1.52 C$1.45 C$1.37 4.8% NA C$1,956 AB Strad Energy Services Ltd. (3r,6a,h,<) SDY-TSX 2 C$5.75 C$4.17 43% Dec 9.9 C$0.46 C$0.42 C$0.47 5.3% NA C$167 AB

Contract Drillers Ensign Energy Services Inc. (6a,q) ESI-TSX 3 C$17.25 C$14.86 19% Dec 11.3 C$1.31 C$1.31 C$1.12 2.8% NA C$2,439 AB Precision Drilling Corporation (6a,q,<) PD-TSX PDS-NYSE 2- C$10.00 C$7.22 39% Dec 10.2 C$0.96 C$0.71 C$0.49 0.0% NA C$2,168 AB Savanna Energy Services (6a,q,<) SVY-TSX 1 C$10.75 C$7.04 58% Dec 11.7 C$0.55 C$0.60 C$0.76 5.1% NA C$637 AB Trinidad Drilling Ltd. (6a,6b,q,s,>) TDG-TSX 1 C$9.50 C$6.71 45% Dec 8.2 C$0.63 C$0.82 C$0.72 3.0% NA C$819 AB Tuscany International Drilling Inc. (adj,<) TID-TSX 3- C$0.35 C$0.34 3% Dec NA US$(0.08) US$0.00 US$0.01 0.0% NA US$139 AB Western Energy Services Corp. (6a,h,q,<) WRG-TSX 2 C$9.75 C$7.20 40% Dec 10.0 C$0.98 C$0.72 C$0.81 4.2% NA C$454 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 James 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.



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Facilities & Infrastructure Black Diamond Group Ltd. (1c,1f,6a,h,q) BDI-TSX 1 C$28.00 C$21.49 34% Dec 16.5 C$1.15 C$1.30 C$1.67 3.4% NA C$958 AB Enerflex Ltd. (6a) EFX-TSX 2 C$14.00 C$11.50 24% Dec 11.2 C$0.75 C$1.03 C$1.06 2.1% NA C$919 AB Horizon North Logistics Inc. (>) HNL-TSX 2 C$9.75 C$7.59 31% Dec 11.7 C$0.49 C$0.65 C$0.70 2.6% NA C$865 NH|AB Secure Energy Services Inc. (3r,6a,h,q) SES-TSX 2 C$10.50 C$9.73 8% Dec 22.1 C$0.29 C$0.44 C$0.60 0.0% NA C$1,088 AB

Pressure Pumpers Calfrac Well Services (6a,q,<) CFW-TSX 3 C$25.00 C$23.35 11% Dec 12.5 C$4.41 C$1.87 C$1.20 4.3% NA C$1,114 AB Canyon Services Group Inc. (6a,q,<) FRC-TSX 2 C$14.25 C$10.58 40% Dec 9.9 C$1.53 C$1.07 C$1.08 5.7% NA C$681 AB GasFrac Energy Services Ltd. (6a,h,q,<) GFS-TSX 2+ C$2.00 C$1.31 53% Dec NA C$(0.04) C$(0.36) C$(0.10) 0.0% NA C$92 AB Trican Well Service (1c,1f,6a,q,<) TCW-TSX 3 C$14.00 C$11.70 22% Dec 28.5 C$2.21 C$0.41 C$0.64 2.6% NA C$1,845 AB

Alternative Energy & Clean Tech Alter NRG (6a,6b,cf) NRG-TSX 2 C$1.00 C$0.25 300% Dec NA C$(0.07) E C$0.05 NA 0.0% 1.02 C$16 JB Alterra Power Corp. (3r,6a,adj) AXY-TSX 2 C$0.75 C$0.45 67% Dec NA US$0.02 US$(0.08) US$(0.08) 0.0% 4.84 C$210 SL Ram Power (h,ng,adj) RPG-TSX 3 C$0.45 C$0.29 55% Dec NA US$(0.62) US$(0.02) US$(0.05) 0.0% NA C$83 SL U.S. Geothermal (adj) GTH-TSX 2 US$0.80 C$0.33 142% Dec NA US$(0.06) US$(0.06) US$0.02 0.0% 4.73 US$28 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 James 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. ng - EPS is Non-GAAP EPS. q - EPS is Operating EPS.



Mining & Natural Resources Gary Baschuk | 416.777.7098 | [email protected] Steve Hansen, CMA, CFA | 604.659.8208 | [email protected] Brad Humphrey | 416.777.4917 | [email protected] Adam Low, CFA | 416.777.4943 | [email protected]

David Sadowski | 604.659.8255 | [email protected] Daryl Swetlishoff, CFA | 604.659.8246 | [email protected] Alex Terentiew, MBA, P.Geo | 416.777.4912 | [email protected] Chris Thompson, M.Sc. (Eng), P.Geo | 604.659.8439 | [email protected]

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Base Metals & Minerals Baja Mining Corp. (6a,6b,adj,<) BAJ-TSX 3 C$0.10 C$0.11 (9)% Dec NA US$0.03 US$(0.38) US$(0.03) 0.0% 0.19 US$37 AL Candente Copper Corp. (6b,g,adj,>) DNT-TSX 2 C$1.70 C$0.37 359% Dec NA US$(0.07) US$(0.02) US$(0.04) 0.0% 6.69 US$45 AL Capstone Mining Corp. (6a,6b,adj,>) CS-TSX 2 C$3.75 C$2.49 51% Dec 13.8 US$0.18 US$0.18 US$0.27 NA 5.06 C$949 AT Copper Mountain Mining (6a,g,adj,>) CUM-TSX 2 C$5.85 C$3.99 47% Dec 16.6 C$(0.13) C$0.24 C$0.95 0.0% 7.37 US$393 AL Duluth Metals Limited (6a,6b,g) DM-TSX 2 C$3.75 C$2.22 69% Dec NA C$(0.22) C$(0.28) C$(0.19) NA 5.61 C$278 AT First Quantum Minerals Ltd. (6b,g,adj,>) FM-TSX FQM-LSE 3 C$22.00 C$22.17 (1)% Dec 22.4 US$1.18 US$0.99 US$1.15 0.2% 21.46 C$10,560 AT Hana Mining Ltd. (6a,6b,g,adj) HMG-TSXV 3 C$0.82 C$0.79 4% Dec NA C$(0.09) C$(0.05) C$(0.04) 0.0% 5.02 US$78 AL HudBay Minerals, Inc. (6a,6b,>) HBM-TSX HBM-NYSE 3 C$11.00 C$9.05 24% Dec 100.6 C$0.71 C$0.09 C$0.05 2.2% 13.44 C$1,556 AT Inmet Mining Corporation (3r,6a,6b,g,adj,>) IMN-TSX 2 C$74.00 C$51.37 44% Dec 10.6 US$5.15 US$4.83 US$5.15 0.4% 86.65 C$3,565 AT Lumina Copper Corp. (5c,6b,g,h,adj,>) LCC-TSXV 1 C$22.00 C$9.40 134% Dec NA C$(0.01) C$(0.04) C$(0.07) 0.0% 80.27 US$385 AL Lundin Mining Corporation (6a,6b,adj,>) LUN-TSX 3 C$5.75 C$5.11 13% Dec 15.0 US$0.36 US$0.34 US$0.51 NA 5.98 C$2,980 AT Mercator Minerals Limited (6a,6b,h,adj,<) ML-TSX 2 C$1.50 C$0.50 200% Dec 50.0 US$0.41 US$0.01 US$0.10 0.0% 3.03 US$130 AL Teck Resources Limited TCK.B-TSX TCK-NYSE 2 C$40.00 C$31.20 31% Dec 11.6 C$4.34 C$2.69 C$2.90 2.6% 35.43 C$18,283 AT Trevali Mining Corporation (6a,6b,h,adj,<) TV-TSX 2 C$1.85 C$1.04 78% Dec NA C$(0.08) C$(0.06) C$0.00 0.0% 2.42 US$207 AL

Iron Ore Alderon Iron Ore Corp. (6a,6b,adj) ADV-TSX AXX-NYSE 2 C$3.70 C$1.68 120% Dec NA C$(0.44) C$(0.51) C$(0.06) 0.0% 7.28 US$168 AL Champion Iron Mines Ltd. (6a,6b,adj,<) CHM-TSX 2 C$2.50 C$0.58 331% Dec NA C$(0.10) C$(0.07) C$(0.04) 0.0% 7.08 US$69 AL Labrador Iron Mines Holdings Ltd.

(6a,6b,h,adj,>) LIM-TSX 3 C$1.50 C$0.98 53% Dec NA C$(0.29) C$(0.56) C$(0.21) 0.0% 3.02 US$96 AL

New Millennium Iron Corp. (6a,6b,g,adj,<) NML-TSX 2 C$2.90 C$1.44 101% Dec NA C$0.12 C$(0.04) C$0.02 0.0% 9.88 US$257 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.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 James Ltd - the analyst and/or associate has viewed the material operations of the issuer. 6b - Raymond James Ltd - within the last 12 months, the issuer has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate. < - EPS revision downward. > - EPS revision upward. ce - EPS is Cash EPS. g - EPS is GAAP EPS. h - Raymond James & Associates managed/co-managed a public/follow-on offering of these shares or has provided investment banking services within the past 12 months.



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Platinum Group Metals Eastern Platinum Ltd. (1c,1f,6b,ce,adj) ELR-TSX EPS-JSE 2 C$0.35 C$0.17 106% Dec NA US$(0.03) US$(0.02) US$(0.01) NA 0.39 C$158 AT North American Palladium Ltd. (6a,6b,h,<) PDL-TSX PAL-AMEX 2 C$2.75 C$1.60 72% Dec NA C$(0.10) C$(0.09) C$0.15 NA 3.77 C$279 AT Platinum Group Metals Ltd. (6b,ce) PTM-TSX PLG-AMEX 2 C$1.70 C$1.01 68% Aug NA C$(0.07) C$(0.05) C$(0.01) NA 2.01 C$179 AT

Precious Metals – Gold Agnico-Eagle Mines (6a,6b,>) AEM-NYSE AEM-TSX 3 US$60.00 US$55.63 9% Dec 25.3 US$1.96 US$2.20 US$2.11 1.5% 38.28 US$9,568 BH Alacer Gold Corp (6a,6b,>) ASR-TSX 3 C$8.00 C$5.33 50% Dec 15.2 C$0.38 C$0.35 C$0.40 0.0% 6.73 C$1,535 BH Alamos Gold Inc. (1c,1f,6a,6b,adj,<) AGI-TSX 2 C$24.50 C$19.39 27% Dec 20.0 US$0.51 US$0.97 US$1.27 0.5% 20.00 C$2,435 GB ATAC Resources Ltd. (6a,6b,h,>) ATC-TSXV 2 C$6.25 C$2.33 168% Dec NA C$(0.20) C$(0.08) C$(0.03) NA 5.77 C$263 GB Atacama Pacific Gold Corp (6a,6b) ATM-TSXV 2 C$6.75 C$3.35 101% Mar NA NA C$(0.05) A C$(0.07) 0.0% 6.86 C$187 GB B2Gold Corp. (1c,1f,6a) BTO-STX 2 C$5.50 C$4.07 41% Dec NA 0.32 0.27 0.50 0.0% 3.88 C$1,549 CT Batero Gold Corp. (6a,6b,h) BAT-TSXV 2 C$1.45 C$0.49 196% Aug NA C$(0.30) C$(0.07) C$(0.06) 0.0% 2.22 C$39 GB Continental Gold Ltd. (6a,6b,adj) CNL-TSX 2 C$11.25 C$9.45 19% Dec NA US$0.17 US$(0.10) US$(0.16) 0.0% 12.27 C$1,189 GB Crocodile Gold Corp. (6a,6b,h,>) CRK-TSX 2 C$0.80 C$0.41 95% Dec 10.3 C$(0.12) C$0.04 C$0.20 0.0% 1.16 C$171 GB Detour Gold Corp. (6a,h,>) DGC-TSX 2 C$38.00 C$27.79 37% Dec NA C$(0.60) C$(0.35) C$(0.20) 0.0% 31.11 C$3,251 BH Eldorado Gold Corp. (5c,6a,6b,<) EGO-NYSE ELD-TSX 2 US$20.00 US$13.96 45% Dec 31.0 US$0.63 US$0.45 US$0.70 1.3% 14.16 US$10,177 BH Endeavour Mining Corp. (6a,adj,>) EDV-TSX EVR-ASX 2 C$4.00 C$2.36 69% Dec 10.3 US$0.27 US$0.23 US$0.29 0.0% 3.38 C$960 BH Galway Resources Ltd. (6a,6b) GWY-TSXV 2- C$2.80 C$2.22 26% Dec NA C$(0.20) C$(0.19) C$(0.18) 0.0% 2.81 C$338 GB Geologix Explorations Inc. (6a,6b) GIX-TSX 2 C$1.10 C$0.22 400% Dec NA C$(0.05) C$(0.03) C$(0.02) 0.0% 1.35 C$37 GB Golden Star Resources (3r,6a,>) GSS-AMEX GSC-TSX 3 US$2.40 US$2.09 15% Dec 13.1 US$(0.08) US$0.16 US$0.21 0.0% 2.13 US$558 BH Great Basin Gold Ltd. (6a,6b,h,adj) GBG-AMEX GBG-TSX 4 US$0.30 US$0.09 233% Dec NA C$0.03 C$(0.10) C$0.00 0.0% 0.62 US$55 BH Guyana Goldfields Inc. (6a,6b) GUY-TSX 2 C$5.00 C$2.88 74% Oct NA C$(0.07) C$(0.12) C$(0.27) 0.0% 6.53 C$297 BH Kaminak Gold Corporation (6a,6b,h) KAM-TSXV 2 C$3.30 C$1.95 69% Sep NA C$(0.11) C$(0.07) C$(0.06) NA 3.08 C$175 GB Orezone Gold Corp. (6a) ORE-TSX 2 C$3.10 C$1.90 63% Dec NA C$(0.32) C$(0.30) C$(0.21) 0.0% 4.01 C$179 BH Orvana Minerals Corp. (6a,6b,h,<) ORV-TSX 2 C$2.60 C$0.89 192% Sep 5.9 C$(0.10) C$0.15 C$0.42 0.0% 5.09 C$126 GB Osisko Mining Corp. (6a,6b,<) OSK-TSX 3 C$11.50 C$9.61 20% Dec 29.1 C$0.12 C$0.33 C$0.95 0.0% 8.55 C$3,738 BH PMI Gold Corporation (6a,6b,h) PMV-TSXV R R C$0.84 R Jun R R R R R R R BH Sulliden Gold Corporation Ltd. (6a,6b,h) SUE-TSX 1 C$2.00 C$0.94 113% Apr NA C$(0.05) C$(0.05) A C$(0.03) 0.0% 1.95 C$249 GB Yamana Gold Inc. (1c,1f,6a,6b,>) AUY-NYSE YRI-TSX 2 US$24.00 US$18.68 30% Dec 19.1 US$0.96 US$0.98 US$1.20 1.2% 14.72 US$14,141 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 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. 5c - Ross Cory who is an employee of Raymond James Ltd. or its affiliates serves as a director of the issuer. 6a - Raymond James 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/orassociate. < - EPS revision downward. > - EPS revision upward. ce - EPS is Cash EPS. h - Raymond James & Associates managed/co-managed a public/follow-on offering of these shares or has provided investment banking services within the past 12 months.




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Precious Metals – Silver Bear Creek Mining Corp. (<) BCM-TSXV 2 C$5.35 C$3.48 54% Dec NA C$(0.23) C$(0.18) C$(0.18) 0.0% 7.37 C$320 BH MAG Silver (3r,6a,6b,ce,h,adj) MAG-TSX MVG-AMEX 2 C$16.00 C$12.19 31% Dec NA US$(0.12) US$(0.12) US$(0.12) NA 12.68 C$722 DSa Minco Silver (6a) MSV-TSX 3 C$2.50 C$1.88 33% Dec NA C$(0.10) C$(0.09) C$(0.09) 0.0% 3.88 C$111 BH Pan American Silver (6a,6b,<) PAAS-NASDAQ PAA-TSX 2 US$28.50 US$21.30 35% Dec 15.4 US$2.37 US$1.38 US$2.06 0.7% 23.10 US$3,472 BH Silver Wheaton (6a,>) SLW-NYSE SLW-TSX 2 US$45.50 US$39.26 17% Dec 23.5 US$1.57 US$1.67 US$1.97 0.9% 28.43 US$14,016 BH Silvercorp Metals Inc. (6a,6b,f,>) SVM-NYSE SVM-TSX 2 US$9.75 US$5.88 68% Mar 21.0 US$0.37 US$0.46 A US$0.28 1.7% 7.68 US$1,005 BH

Uranium Cameco Corp. (6a,6b,ce,<) CCO-TSX CCJ-NYSE 2 C$26.00 C$19.08 38% Dec 17.2 C$1.28 C$1.11 C$1.50 2.1% 17.70 C$7,542 DSa Denison Mines Corp. (6a,6b,ce,h,adj) DML-TSX DNN-AMEX 3 C$1.70 C$1.27 34% Dec NA US$(0.13) US$(0.05) US$(0.06) NA 1.81 C$494 DSa Paladin Energy (3r,ce,adj,<) PDN-TSX PDN-ASX 2 C$2.00 C$1.20 67% Jun NA US$(0.08) US$(0.07) A US$(0.11) NA 1.77 C$1,003 DSa Uranium One Inc. (1c,1f,6a,6b,ce,adj) UUU-TSX UUU-JSE 2 C$3.60 C$2.17 66% Dec 18.1 US$0.11 US$0.12 US$0.15 NA 3.86 C$2,077 DSa Uranium Participation Corporation (ce,<) U-TSX 2 C$7.20 C$5.03 43% Feb NA C$2.88 C$(2.09) A C$(1.22) NA 5.95 C$535 DSa Ur-Energy Inc. (1c,1f,3r,6a,6b,ce) URE-TSX URG-AMEX 1 C$1.80 C$0.87 107% Dec NA C$(0.16) C$(0.09) C$(0.10) NA 2.10 C$105 DSa

Forest Products

Building Materials Canfor Corp. (3r,6a,6b,<) CFP-TSX 2 C$16.25 C$14.28 14% Dec 129.8 C$(0.22) C$0.11 C$1.04 0.0% NA C$2,039 DS Conifex Timber Inc. (6a,6b,h,<) CFF-TSXV 2 C$11.00 C$7.65 44% Dec NA C$(1.11) C$(0.73) C$0.77 NA NA C$167 DS Interfor (6a,<) IFP.A-TSX 2 C$6.75 C$6.40 5% Dec NA C$(0.11) C$(0.03) C$0.48 0.0% NA C$358 DS Norbord Inc. (6a,>) NBD-TSX 3- C$19.00 C$20.99 (9)% Dec 19.4 C$(0.25) C$1.08 C$2.20 0.0% NA C$1,201 DS West Fraser Timber (6a,h,>) WFT-TSX 2 C$68.00 C$60.18 14% Dec 23.4 C$0.08 C$2.57 C$5.48 0.9% NA C$2,696 DS Western Forest Products Inc. (6a,<) WEF-TSX 2 C$1.35 C$1.27 6% Dec 15.9 C$0.05 C$0.08 C$0.19 NA NA C$602 DS

Pulp & Paper Canfor Pulp Products Inc. (6a,<) CFX-TSX 2 C$13.00 C$9.06 43% Dec 50.3 C$2.08 C$0.18 C$1.18 0.0% NA C$646 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 James 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. f - Fiscal years ending before May are treated as previous year. h - Raymond James & Associates managed/co-managed a public/follow-on offering of these shares or has provided investment banking services within the past 12 months.




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Pulp & Paper Domtar (6a,<) UFS-NYSE UFS-TSX 2- US$105.00 US$79.34 35% Dec 11.5 US$11.21 US$6.90 US$8.69 2.3% NA US$2,840 DS Fortress Paper (6a,6b,h,<) FTP-TSX 2 C$27.00 C$13.05 107% Dec NA C$(1.47) C$(1.22) C$1.98 0.0% NA C$200 DS Mercer International Inc. (3r,6a,h,adj,<) MERC-NASDAQ MRI.U-TSX 2 US$11.00 US$7.34 50% Dec 8.2 €0.90 E €0.21 €0.72 0.0% NA US$410 DS

Agribusiness & Food Products Alliance Grain Traders Inc. (6a) AGT-TSX 2 C$19.00 C$13.60 44% Dec 30.9 C$1.13 C$0.44 C$1.70 4.4% NA C$271 SH Asia Bio-Chem Group Corp. (6a,6b,h) ABC-TSX 4 C$0.00 C$0.05 (100)% Dec NA C$(0.07) C$(0.27) C$(0.17) 0.0% NA C$4 SH BioExx Specialty Proteins Ltd. (6a) BXI-TSX UR UR C$0.09 NA Dec NA NA NA NA 0.0% NA C$19 SH GLG Life Tech Corporation (6a) GLG-TSX GLGL-NASDAQ UR UR C$0.66 NA Dec NA NA E NA NA 0.0% NA C$22 SH Viterra Inc. (6a) VT-TSX 3 C$16.25 C$15.75 4% Oct 21.3 C$0.71 C$0.74 C$0.81 1.0% NA C$5,859 SH

Fertilizers Allana Potash Corporation (6a,>) AAA-TSX 3 C$1.00 C$0.50 100% Jul NA C$(0.05) C$(0.03) C$(0.07) 0.0% 3.09 C$114 SH MBAC Fertilizer Corporation (6a,6b,h,adj) MBC-TSX 2 C$4.50 C$3.18 42% Dec NA US$(0.03) US$(0.31) US$0.08 0.0% 6.31 C$377 SH Potash Corp. of Saskatchewan Inc. (<) POT-NYSE POT-TSX 2 US$50.00 US$40.12 27% Dec 16.4 US$3.51 US$2.45 US$3.45 2.1% NA US$35,145 SH Western Potash Corp. (3r,6a) WPX-TSX 3 C$0.75 C$0.46 63% Sep NA C$(0.10) C$(0.06) C$(0.10) 0.0% 5.00 C$74 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.3r - Raymond James Ltd. makes a market in the securities of the issuer. 6a - Raymond James Ltd - the analyst and/or associate has viewed the material operations of the issuer. 6b - Raymond James Ltd - within the last 12 months, the issuer has paid for all or a material portion of the travel costs associated with a site visit by the analyst and/or associate. < - EPS revision downward. > - EPS revision upward. h - Raymond James & Associates managed/co-managed a public/follow-on offering of these shares or has provided investment banking services within the past 12 months.



Real Estate Ken Avalos | (416) 777-7086 | [email protected] Frederic Bastien, CFA | 604.659.8232 | [email protected]

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Healthcare Amica Mature Lifestyles Inc. (3r,6a,h) ACC-TSX 2 C$10.00 C$9.55 9% May 18.4 C$0.41 C$0.56 A C$0.52 4.4% 9.45 C$295 KA Leisureworld Senior Care Corp. (6a,h) LW-TSX 2 C$13.00 C$12.35 12% Dec 12.1 C$0.85 C$1.02 C$1.06 6.9% 11.13 C$362 KA

Industrial Pure Industrial Real Estate Trust (6a,h) AAR.UN-TSX 2 C$5.50 C$4.93 18% Dec 13.3 C$0.35 C$0.37 C$0.42 6.1% 4.67 C$340 KA

Multiresidential Boardwalk REIT (6a,px,>) BEI.UN-TSX 3 NM C$64.18 NA Dec 22.2 C$2.52 C$2.89 C$3.09 3.0% 60.83 C$3,357 KA Canadian Apartment Properties REIT (6a,h,px,>) CAR.UN-TSX 2 C$26.00 C$24.39 11% Dec 17.1 C$1.34 C$1.43 C$1.51 4.6% 23.60 C$2,256 KA InterRent REIT (6a,px) IIP.UN-TSX 2 C$6.00 C$5.49 12% Dec 18.3 C$0.13 C$0.30 C$0.36 2.9% 5.37 C$245 KA Killam Properties Inc. (6a,px,<) KMP-TSX 2 C$14.00 C$12.90 13% Dec 18.2 C$0.70 C$0.71 C$0.77 4.6% 13.15 C$649 KA

Office/Diversified Allied Properties REIT (6a,px,<) AP.UN-TSX 3 NM C$31.26 NA Dec 17.5 C$1.39 C$1.79 C$1.92 4.2% 26.37 C$1,838 KA Artis REIT (3r,6a,h) AX.UN-TSX 2 C$17.00 C$16.27 11% Dec 12.6 C$1.21 C$1.29 C$1.38 6.6% 15.91 C$1,786 KA Brookfield Canada Office Properties (6a,h) BOX.UN-TSX 3 NM C$29.60 NA Dec 19.9 C$1.36 C$1.49 C$1.62 4.0% 29.37 C$2,759 KA CREIT (6a,px,>) REF.UN-TSX 3 NM C$41.60 NA Dec 16.1 C$2.36 C$2.59 C$2.68 3.6% 38.68 C$2,825 KA H&R REIT (6a,h,px,>) HR.UN-TSX 3 NM C$23.98 NA Dec 14.5 C$1.62 C$1.65 C$1.69 5.0% 24.07 C$5,048 KA

Real Estate Services FirstService Corp. (6a,<) FSRV-NASDAQ FSV-TSX 2 US$33.00 US$29.73 11% Dec 17.0 US$1.81 US$1.75 US$2.10 0.0% NA US$904 FB

Retail Calloway REIT (6a,h,px,<) CWT.UN-TSX 2 C$31.00 C$28.82 13% Dec 16.4 C$1.70 C$1.76 C$1.82 5.4% 28.70 C$3,637 KA Crombie REIT (3r,6a,h,px,<) CRR.UN-TSX 3 NM C$15.00 NA Dec 14.6 C$1.05 C$1.03 C$1.07 5.9% 14.92 C$1,275 KA Primaris Retail REIT (6a,h,px,<) PMZ.UN-TSX R R C$24.00 R Dec R R R R R R R KA RioCan REIT (6a,h,px,<) REI.UN-TSX 3 NM C$26.91 NA Dec 18.1 C$1.43 C$1.49 C$1.57 5.1% 23.34 C$7,823 KA

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 James Ltd - the analyst and/or associate has viewed the material operations of the issuer. < - EPS revision downward. > - EPS revision upward. h - Raymond James & Associates managed/co-managed a public/follow-on offering of these shares or has provided investment banking services within the past 12 months. px - P/E is P/FFO



Technology & CommunicationsSteven Li, CFA | 416.777.4918 | [email protected] Tavis C. McCourt, CFA | (615) 665-3644 | [email protected]

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IT Hardware Avigilon Corporation (3r,6a,h) AVO-TSX 2 C$8.50 C$9.63 (12)% Dec 60.2 C$0.12 C$0.16 C$0.35 0.0% NA C$337 SL Enablence Technologies (6a,f) ENA-TSXV UR UR C$0.01 NA Jun NA C$(0.02) NA NA 0.0% NA C$4 SL Evertz Technologies Ltd. (6a,f) ET-TSX 2 C$16.00 C$14.46 15% Apr 13.6 C$1.03 C$0.81 A C$1.06 3.9% NA C$1,061 SL Research in Motion (6a,f,m) RIMM-NASDAQ RIM-TSX 3 NM US$7.57 NA Feb NA US$6.34 US$2.22 A US$(1.72) 0.0% NA US$3,968 SL|TMC Sierra Wireless (6a,m) SWIR-NASDAQ SW-TSX 2 US$11.25 US$7.90 42% Dec 9.8 US$0.12 US$0.81 US$0.82 0.0% NA US$247 SL

Software/IT Services CGI Group (6a) GIB.A-TSX GIB-NYSE 2 C$28.00 C$25.66 9% Sep 15.8 C$1.58 C$1.62 C$2.26 0.0% NA C$7,878 SL DragonWave (6a,<) DWI-TSX DRWI-NASDAQ 3 C$2.75 C$2.42 14% Feb NA C$0.07 C$(1.08) A C$(1.12) 0.0% NA C$92 SL MacDonald Dettwiler & Associates (1c,1f,6a) MDA-TSX 3 C$55.00 C$56.21 0% Dec 15.8 C$3.31 C$3.55 C$3.87 2.3% NA C$1,799 SL NexJ Systems Inc. (6a,h) NXJ-TSX 2 C$6.75 C$4.39 54% Dec NA C$(0.42) C$(0.71) C$(0.33) 0.0% NA C$86 SL Open Text (6a,h) OTEX-NASDAQ OTC-TSX 2 US$72.00 US$52.70 37% Jun 10.4 US$4.04 US$4.58 A US$5.07 0.0% NA US$3,099 SL Route1 Inc (6a) ROI-TSXV 2 C$0.12 C$0.04 200% Dec NA C$0.00 E C$0.00 C$0.01 0.0% NA C$16 SL Softchoice (6a,adj) SO-TSX 2 C$13.50 C$12.59 7% Dec 10.0 US$1.11 US$1.26 US$1.52 0.0% NA C$249 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 James Ltd - the analyst and/or associate has viewed the material operations of the issuer. < - EPS revision downward. 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.



Analyst Profiles Head of Equity Research

Daryl Swetlishoff, CFA | 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.

Energy

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

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.

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. Luc Mageau, CFA | 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.

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.



Industrial Ben Cherniavsky | Head of Industrial Research | Infrastructure & Construction / Transportation

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 | Infrastructure & 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 | Transportation / 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.


Brad Humphrey | Head of Mining Research |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 / Iron Ore

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.



David Sadowski | Uranium

David Sadowski joined Raymond James in June 2008, and covers the uranium space, as well as precious metals exploration and development companies. Prior to joining the firm, David worked as a geologist in central and northern BC with multiple Vancouver-based junior exploration companies, focused on base and precious metals. David holds a Bachelor of Science in Geological Sciences from the University of British Columbia.

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

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.

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

Chris joined Raymond James in September 2012 as a mining equity research analyst focusing on precious metals small to mid-capital developers and producers. Prior to joining Raymond James Chris worked for Haywood Securities for seven years covering small to mid-capital explorers, developers and producers, and as a geologist and mineral economist for junior exploration through to major mining companies. Chris holds a MSc in Mineral Economics, a Graduate Diploma in Mining Engineering and a BSc in Mining and Exploration Geology from the University of the Witwatersrand in South Africa and is a registered P.Geo with the Association of Professional Engineers and Geoscientists of British Columbia, and a member of the Prospectors and Developers Association of Canada. Chris was awarded the 2011 StarMine Top Analyst Award for Stock Picker in the Metals and Mining sector.

Consumer

Kenric S. Tyghe, MBA | Consumer Products & Retail

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 | Real Estate & REITS

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 & Communications

Steven Li, CFA | Technology / Alternative Energy & Clean Tech

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 2100, 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.

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

With respect to materials prepared by Raymond James Ltd. (“RJL”), all expressions of opinion reflect the judgment of the Research Department of RJL, or its affiliates, at this date and are subject to change. RJL may perform investment banking or other services for, or solicit investment banking business from, any company mentioned in this document.

All Raymond James Ltd. research reports are distributed electronically and are available to clients at the same time via the firm’s website (http://www.raymondjames.ca). Immediately upon being posted to the firm’s website, the research reports are then distributed electronically to clients via email upon request and to clients with access to Bloomberg (home page: RJLC), Capital IQ and Thomson Reuters. Selected research reports are also printed and mailed at the same time to clients upon request. Requests for Raymond James Ltd. research may be made by contacting the Raymond James Product Group during market hours at (604) 659-8000.

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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, at least a small dividend, and the potential for long-term price appreciation.

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

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

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

Research Coverage

ADDITIONS: Atacama Pacific Gold Corp (ATM-TSXV), B2Gold Corp. (BTO-TSX), BlackPearl Resources Inc. (PXX-TSX), Duluth Metals Limited (DM-TSX), Husky Energy Inc. (HSE-TSX), Imperial Oil Limited (IMO-TSX), LGX Oil + Gas Inc. (OIL-TSXV), MEG Energy Corp. (MEG-TSX), Teck Resources Limited (TCK.B-TSX)

DELETIONS: Open Range Energy Corp. (ONR), Pure Energy Services Ltd. (PSV), WestFire Energy Ltd. (WFE)

PENDING REASSIGNMENT: Amerigo Resources Ltd. (ARG-TSX/C$0.56/Under Review) Antofagasta Plc. (ANTO-LSE/£1266.00/Under Review) Atlatsa Resources Corp. (ATL-TSXV/C$0.15/Under Review) Aura Minerals Inc. (ORA-TSX/C$0.31/Under Review) Aurizon Mines Ltd. (ARZ-TSX/C$4.57/Under Review) AutoCanada Inc. (ACQ-TSX/C$13.80/Under Review) Bonnett's Energy Services Trust (BT.UN-TSX/C$4.40/Under Review) CGA Mining Ltd. (CGA-TSX/C$2.98/Under Review) Canadian Tire Corporation (CTC.A-TSX/C$71.59/Under Review) Cominar REIT (CUF.UN-TSX/C$23.62/Under Review) Coro Mining Corp. (COP-TSX/C$0.30/Under Review) Dundee REIT (D.UN-TSX/C$36.56/Under Review) First Capital Realty (FCR-TSX/C$18.29/Under Review) Kirkland Lake Gold Inc. (KGI-TSX/C$9.40/Under Review) Kiska Metals Corporation (KSK-TSXV/C$0.18/Under Review) Lake Shore Gold Corp. (LSG-TSX/C$0.81/Under Review) Liquor Stores Income Fund (LIQ.UN-TSX/C$18.55/Under Review) Mirabela Nickel Ltd. (MNB-TSX/C$0.47/Under Review) Northern Dynasty Minerals Ltd. (NDM-TSX/C$3.50/Under Review) Northern Property REIT (NPR.UN-TSX/C$31.13/Under Review) San Gold Corp. (SGR-TSX/C$0.93/Under Review) Stornoway Diamond Corp. (SWY-TSX/C$0.60/Under Review) Strathmore Minerals Corp. (STM-TSX/C$0.22/Under Review) Taseko Mines Ltd. (TKO-TSX/C$2.75/Under Review) Turquoise Hill Resources Ltd. (TRQ-TSX/C$7.81/Under Review) Vecima Networks (VCM-TSX/C$5.10/Under Review) Victoria Gold Corp. (VIT-TSXV/C$0.29/Under Review)



Rating Distributions

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

Strong Buy and Outperform (Buy) 66% 52% 27% 53% 36% 19% 0% 0% Market Perform (Hold) 32% 41% 61% 36% 15% 9% 2% 0% Underperform (Sell) 2% 7% 12% 11% 60% 0% 0% 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/Disclosures/index 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.

For clients in the United Kingdom: For clients of Raymond James & Associates (London Branch) and Raymond James Financial International Limited (RJFI): This document and any investment to which this document relates is intended for the sole use of the persons to whom it is

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addressed, being persons who are Eligible Counterparties or Professional Clients as described in the FSA rules or persons described in Articles 19(5) (Investment professionals) or 49(2) (High net worth companies, unincorporated associations etc) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) or any other person to whom this promotion may lawfully be directed. It is not intended to be distributed or passed on, directly or indirectly, to any other class of persons and may not be relied upon by such persons and is therefore not intended for private individuals or those who would be classified as Retail Clients.

For clients of Raymond James Investment Services, Ltd.: This report is for the use of professional investment advisers and managers and is not intended for use by clients. For purposes of the Financial Services Authority requirements, this research report is classified as independent with respect to conflict of interest management. RJA, RJFI, and Raymond James Investment Services, Ltd. are authorised and regulated by the Financial Services Authority in the United Kingdom. For clients in France: This document and any investment to which this document relates is intended for the sole use of the persons to whom it is addressed, being persons who are Eligible Counterparties or Professional Clients as described in “Code Monétaire et Financier” and Règlement Général de l’Autorité des Marchés Financiers. It is not intended to be distributed or passed on, directly or indirectly, to any other class of persons and may not be relied upon by such persons and is therefore not intended for private individuals or those who would be classified as Retail Clients. For institutional clients in the European Economic Area (EEA) outside of the United Kingdom: This document (and any attachments or exhibits hereto) is intended only for EEA institutional clients or others to whom it may lawfully be submitted. Raymond James International and Raymond James Euro Equities are authorized by the Autorité de Contrôle Prudentiel in France and regulated by the Autorité de Contrôle Prudentiel and the Autorité des Marchés Financiers. Proprietary Rights Notice: By accepting a copy of this report, you acknowledge and agree as follows:

This report is provided to clients of Raymond James only for your personal, noncommercial use. Except as expressly authorized by Raymond James, you may not copy, reproduce, transmit, sell, display, distribute, publish, broadcast, circulate, modify, disseminate or commercially exploit the information contained in this report, in printed, electronic or any other form, in any manner, without the prior express written consent of Raymond James. You also agree not to use the information provided in this report for any unlawful purpose. This is RJA client releasable research This report and its contents are the property of Raymond James and are protected by applicable copyright, trade secret or other intellectual property laws (of the United States and other countries). United States law, 17 U.S.C. Sec.501 et seq, provides for civil and criminal penalties for copyright infringement.

Additional information is available upon request. This document may not be reprinted without permission.

RJL is a member of the Canadian Investor Protection Fund. ©2012 Raymond James Ltd.



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

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

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