Global Equity Research - Evan Hennessy Equity...April 2016 Global Equity Research Hugo J. Warns, III, CFA, Director of Research Keith Gay, Associate Director of Research Stifel does

April 2016

Global Equity Research

Hugo J. Warns, III, CFA, Director of Research

Keith Gay, Associate Director of Research

Stifel does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.

All relevant disclosures and certifications appear on pages 27-30 of this report.

Stifel Overview

2

Stifel Overview

3 3

(1) As of 4/5/16 (2) As of 12/31/15 (3) As of 12/31/15

Global Wealth Management (GWM)

Institutional Group (IG)

Independent Research Institutional Equity & Fixed Income

Brokerage Equity & Fixed Income Capital Raising M&A Advisory/Restructuring Largest U.S. equity research platform Broad product portfolio & industry

expertise $976 million net revenues(2)

Private Client Stifel Bank & Trust

Margin & Securities-based Lending Asset Management National presence with over 2,800

Financial Advisors in 360 branches $1.4 billion net revenues(2) $234 billion in total client assets(3)

Stifel Financial (NYSE: SF)

Financial services firm demonstrating growth, scale and stability

$2.0 billion market capitalization(1)

2015 represented Stifel’s 20th year of consecutive record net revenues Balanced business model Top performing financial stock over the past ten years

Who We Are - A Premier Investment Bank

Transportation

Diversified Industrials

Energy & Power

Financial Institutions

Healthcare

Internet &

Media

Consumer & Retail

Real Estate

Technology

Aerospace, Defense &

Government Services

Full Service

Industry Focused

Middle Market

Investment Bank

Full Service

Industry Focused

Middle Market

Investment Bank

Source: Company data 4

Business Services

Metals & Mining

$178 $188 $217 $247 $264

$452

$763 $870

$1,091

$1,384 $1,417

$1,594

$1,978

$2,208 $2,331

$-

$500

$1,000

$1,500

$2,000

$2,500

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

2005 Legg Mason’s Capital Markets

Division Acquired

2009 56 UBS Private Client Branches

Acquired

2007 Ryan Beck

Acquisition

2011 Stone & Youngberg Acquisition

Ne

t Re

ve

nu

es ($

M)

As of 2/29/16; Source: Factset, Company Data *Tied for #1 based on 19 total awards pro forma

Stifel Overview

5

2008 #1 Ranked in FT/

StarMine Stock Picking

2010 #1 Ranked in both FT/StarMine & WSJ Best on

the Street; Thomas Weisel Partners Merger

Significant Growth, Unwavering Commitment

2013 #2 Ranked in FT/StarMine Award; Keefe, Bruyette & Woods; Knight Capital Group’s

Fixed Income Division Acquisitions

2014 Oriel, 1919 Investment Counsel, De LA Rosa Acquisitions

2012 #1 Ranked in FT/StarMine Award* ; Miller Buckfire & Co. Acquisition

2015 Barclays Wealth & Investment Management, Sterne Agee, Sidoti Joint Venture,

Leumi Partners Collaboration Agreement

2016 Easton Partners LLC

ISM Capital

Global Equity Research

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• Largest U.S. Equity Research platform1

• Second Largest provider of global small cap coverage1

• Fourth Largest provider of global financial coverage1

• Fifth Largest provider of global real estate coverage1

• 14th largest provider of global coverage1

• 1,742 global stocks under coverage1, 128 analysts across 12 sectors 1

• Ranked in StarMine top 10 for 12 consecutive years

• Largest global provider of Banks • #1 U.S. provider of Financial Services coverage • #4 global provider of Financial Services coverage • 585 stocks, 46 analysts • IIA2 #1 in Consumer Finance • 2015 Thomson Reuters Starmine Top 3 in:

− Banks − Capital Markets − Insurance − Thrifts & Mortgage Finance

• 9th largest provider of U.S. coverage • #2 provider of U.S. Small Cap coverage • 1,157 stocks, 82 analysts* • Ranked #1 in 2015 EXTEL UK Small & Mid Cap: Real Estate • 2015 Thomson Reuters Starmine Top 3 in:

− Air Freight & Logistics − Building Products − Business & Consumer Services − Hotels & Leisure − IT Services − Real Estate − Tobacco

Global Research Footprint

7 Source: Company data as of 3/31/16; (1) Includes KBW; (2) 2014 Institutional Investor Award; *Includes UK.

//upload.wikimedia.org/wikipedia/commons/c/cd/BlankEurope.png

Diversified, Balanced Global Coverage

8 Source: Company data; as of 3/31/16

Deep Expertise Across 12 Major Sectors

U.S. Europe Asia Total

Aerospace, Defense & Gov't Svcs. 18 0 0 18

Business Services 17 29 0 46

Consumer & Retail 175 41 0 216

Diversified Industrials 88 19 0 107

Energy & Power 86 17 0 103

Financial Institutions 444 127 14 585

Healthcare 135 21 0 156

Internet, Media & Telecom 53 0 10 63

Metals & Mining 20 11 0 31

Real Estate 79 30 0 109

Technology 214 7 0 221

Transportation 87 0 0 87

Total 1,416 302 24 1,742

Median Market Cap (bn) 2.1 2.1 9.9 2.0

//upload.wikimedia.org/wikipedia/commons/c/cd/BlankEurope.png

Large Cap, 32%

Mid Cap, 34%

Small Cap, 34%

Large Cap: > $5bn Mid Cap: $1bn - $5bn Small Cap: <$1bn

Median: $14.3bn

Median: $2.3bn

Median: $347mn

Diversified Global Coverage

9 Source: Company data; as of 3/31/16

Balanced Market Cap Sector

Analysts Coverage %

Financial Institutions 46 585 34%

Technology 14 221 13%

Consumer & Retail 14 216 12%

Healthcare 12 156 9%

Real Estate 5 109 6%

Diversified Industrials 8 107 6%

Energy & Power 6 103 6%

Transportation 5 87 5%

Internet, Media & Telecom 5 63 4%

Business Services 3 46 3%

Metals & Mining 4 31 2%

Aerospace, Defense & Gov't Svcs. 1 18 1%

Market Strategy 5 0 0%

Total 128 1,742 100%

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Notes: •U.S. only stocks •Excludes ADRs •Large Cap: > $5bn •Mid Cap: $1bn- $5bn •Small Cap: < $1bn •Source: StarMine through 3/31/16; Overall coverage includes only companies with a rating & domiciled in the U.S.

#1 Provider of U.S. Research

Competitor Stocks Competitor Stocks Competitor Stocks

Stifel / KBW 1335 Stifel / KBW 456 Stifel / KBW 477

JPMorgan 1146 BofA Merrill Lynch 409 Raymond James 302

BofA Merrill Lynch 1077 JPMorgan 398 Piper Jaffray 238

Wells Fargo Securities, Llc 1017 Wells Fargo Securities, Llc 368 Jefferies & Co. 228

Barclays 975 Raymond James 339 Wells Fargo Securities, Llc 215

Goldman Sachs 960 Goldman Sachs 327 JPMorgan 202

Raymond James 955 Jefferies & Co. 317 Cowen And Company 200

Jefferies & Co. 946 Barclays 311 William Blair & Company, L.L.C. 181

Morgan Stanley 937 RBC Capital Markets 309 Stephens Inc. 181

Citi 899 Morgan Stanley 302 Roth Capital Partners LLC 180

RBC Capital Markets 892 Citi 294 JMP Securities 176

Deutsche Bank Securities 879 Deutsche Bank Securities 279 BofA Merrill Lynch 170

Credit Suisse 869 Credit Suisse 276 Credit Suisse 165

UBS 797 Keybanc Capital Markets 256 Sidoti & Company LLC 162

Cowen And Company 679 Suntrust Robinson Humphrey 256 Craig-Hallum Capital 162

Piper Jaffray 677 Robert W. Baird & Co., Inc. 248 FBR Capital Markets & Co. 161

Robert W. Baird & Co., Inc. 674 UBS 214 Suntrust Robinson Humphrey 155

Suntrust Robinson Humphrey 632 Piper Jaffray 209 RBC Capital Markets 150

William Blair & Company, L.L.C. 585 Stephens Inc. 208 Deutsche Bank Securities 147

Evercore Isi 553 William Blair & Company, L.L.C. 205 Sandler O'Neill & Partners L.P. 144

Keybanc Capital Markets 541 Cowen And Company 201 Robert W. Baird & Co., Inc. 143

Macquarie Research Equities 531 Macquarie Research Equities 188 Barclays 143

Morningstar, Inc. 517 BB&T Capital Markets 153 Canaccord Genuity 139

Stephens Inc. 499 BMO Capital Markets 149 Morgan Stanley 138

BMO Capital Markets 490 Evercore Isi 148

Overall Region Coverage Mid Cap Region Coverage Small Cap Region Coverage

No. 1 Sector Rankings: Out of 64 sectors Stifel/KBW had 5 No. 1 rankings Niamh Alexander, No. 1 in Stock Picking, Capital Markets John Cahill, No. 1 in Stock Picking, Real Estate Jade Rahmani, No. 1 in Stock Picking, Household Durables (Two-time award winner) Michael Widner, No. 1 in Earnings Estimate Accuracy, Real Estate Investment Trusts Simon Yarmak, No. 1 in Earnings Estimate Accuracy, Hotels & Leisure (Two-time award winner)

Top 3 Sector Rankings John Baugh, No. 2 in Stock Picking, Building Products (Three-time award winner) Hector Forsythe, No. 2 in Stock Picking, Business & Consumer Services (Two-time award winner) Bose George, No. 2 in Earnings Estimate Accuracy, Real Estate Investment Trusts (Four-time award winner) David Grossman, No. 2 in Stock Picking, IT Services John Larkin, No. 2 in Stock Picking, Air Freight & Logistics (Six-time award winner) John Baugh, No. 3 in Earnings Estimate Accuracy, Household Durables Christopher Brendler, No. 3 in Earnings Estimate Accuracy, IT Services (Two-time award winner) Collyn Gilbert, No. 3 in Stock Picking, Banks (Three-time award winner) Christopher Growe, No. 3 in Stock Picking, Tobacco (Three-time award winner)

#7 out of 167 qualifying U.S. Firms, with a combined 12 awards* 12th consecutive year in the top 10

Award Winning Research

Thomson Reuters StarMine Analyst Awards 2015: Stifel & KBW

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Source: StarMine 2015 For more information on the Thomson Reuters StarMine Analyst Awards, see www.stifel.com/research *Does not include UK or Europe

Bose George #1 ranked, Consumer & Specialty Finance (2-time winner) Mark Swartzberg, #2 ranked, Beverages (4-time winner) Dan Bernstein, #2 ranked, Health Care Josh Barber, #3 ranked, Real Estate* Jeff Schuman, #3 ranked, Insurance-Life (3-time winner)

Institutional Investor’s 2014 annual “All America Research Team” Sanjay Sakhrani, #1 ranked, Consumer Finance Matt Sheerin, Runner Up, Technology Supply Chain

Greenwich Associates' 2012 “The Top U.S. Analysts” Jefferson Harralson, #2 ranked, Banks/Regional Sanjay Sakhrani, #2 ranked, Finance/Consumer & Specialty

Award Winning Research

Wall Street Journal’s 2013 “Best on the Street” Analyst Survey

Additional Awards

12

Ranked 4th with 5 Awards

Source: WSJ, IIA, Greenwich; * No longer with the firm.

13 Source: WSJ - 2004-2013; StarMine Survey Awards 2004-2015; includes Legg Mason, Ryan Beck, Thomas Weisel Partners and KBW

Breadth & Depth in our Awards

53

33 3627

21

11 12 1510 8

2 1

43

144

8

9

8 8 34

4

4 30

20

40

60

80

100

120

FIG Cons. Tech I & M RE HC Transp. Bus.Srvcs

Div.Indus.

A&D E&P M&M

Starmine WSJ Best on the Street

419 516 601 700 763 846

1200 1202 1242

1579 16391847

1742

3442

4758

61 61

84 8486

111116

136

128

0

20

40

60

80

100

120

140

160

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Mar-16

Co

mp

an

ies U

nd

er

Co

ve

rag

e

Sr.

Pu

bli

sh

ing

A

na

lysts

# of Companies

# of Analysts

14

Staff up 276%; coverage up 316%

285 Professionals in Equity Research: 128 analysts, 112 associates

Significant investment in Research staff and coverage since 2004

Unparalleled Investment & Commitment to Research

Source: Company data; as of 3/31/16

15

Source: Company Data as of 12/31/15; US only

*Excludes Terminations, Retirements, KBW

Platform stability drives performance

Internally develop, train, and retain talent

• Over 50% of our analysts are home-grown

• Over 56% of the analysts have received external recognition

• Over 35% of the analysts have the CFA designation

― 46% of associates with CFA or in process

• Over 60% have advanced degrees

• Average analyst has over 11 years of experience

• Very low analyst turnover

― 95% retention rate over past 5 years *

― Solid retention drives continuity, experience, and better research

How Do We Do It? Expertise & Experience

Equity Research – Regional Highlights

16

63 analysts covering 982 stocks, 9th largest coverage overall

Second largest provider of U.S. small cap equity coverage

Top 10 provider of U.S. equity coverage in:

17 Source: StarMine , US domicile only, 3/31/16; Large Cap: > $5bn; Mid Cap: $1bn - $5bn; Small Cap: <$1bn

Transportation Technology

Stifel Research Highlights – U.S. Coverage

Market leader following significant investments over the past 10 years

Real Estate

Diversified Industrials

Consumer & Retail Healthcare Internet & Media

18

Ranked in StarMine top 10 for the past 12 years

Ranked 5th overall in total StarMine awards since 2004*

Award Winning Research - Stifel

Source: StarMine For more information on the Thomson Reuters StarMine Analyst Awards, see www.stifel.com/research *Includes Legg Mason Capital Markets, Ryan Beck and Thomas Weisel Partners; 2014 and 2015 includes KBW

Thomson Reuters StarMine World’s Top Analysts Survey recognizes analysts who have turned in exemplary performances either as earnings estimators or stock pickers during the year.

Ranked #1, 19 Awards

Ranked #7, 9 Awards

Ranked # 3,14 Awards





Ranked #2, 15 Awards Ranked #3,

14 Awards


Ranked#5,

12 Awards

Ranked #5,

12 Awards

0

5

10

15

20

25

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

19 Source: Starmine 3/31/16

KBW Research Highlights

Unparalleled Coverage of the U.S. & Europe Financial Services Sector

0

100

200

300

400

500

600

Keefe,Bruyette &

Woods

BofAMerrillLynch

JPMorgan Citi DeutscheBank

Securities

GoldmanSachs

RBCCapitalMarkets

Barclays SandlerO'Neill &Partners

L.P.

CreditSuisse

MorganStanley

RaymondJames

WellsFargo

Securities,Llc

Capital Markets Banks Div. Fin. Svc Insurance Thrifts & Mortgage Finance Real Estate Investment Trusts (REITs)

Large Cap, 32%

Mid Cap, 34%

Small Cap, 33%


Source: Company data; as of 2/29/16-includes UK

Median: $14.2bn

Median: $328mn

Median: $2.3bn

Balanced Market Cap

Stifel Sector Coverage

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Sector

Analysts Coverage %

Consumer & Retail 14 216 19%

Technology 14 221 19%

Healthcare 12 156 13%

Real Estate 5 109 9%

Diversified Industrials 8 107 9%

Energy & Power 6 103 9%

Transportation 5 87 8%

Internet, Media & Telecom 5 63 5%

Business Services 3 46 4%

Aerospace, Defense & Gov't Svcs. 1 18 2%

Metals & Mining 4 31 3%


Total 82 1157 100%

Large Cap, 30%

Mid Cap, 34%

Small Cap, 36%


KBW Sector Coverage

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Median: $383mn

Median: $15.3bn

Median: $2.2bn

Source: Company data; as of 2/29/16; Includes UK

46 analysts covering 585 stocks

Largest provider of U.S. equity research in Financial Institutions

7th largest provider of U.S. small cap equity coverage

Covering 87% of the financials within the S & P 500

Market Cap Sector

Analysts Coverage %

Banks 26 325 56%

Diversified Financials 6 120 21%

Insurance 9 99 17%

Capital Markets 3 41 7%


Total 46 585 100%

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24 Months (April 2014 – March 2016)

Source: StarMine 3/31/16

Outperforming Russell 2000 Consistently Over Time - Stifel

60 Months (April 2011 – March 2016)

YTD (Jan. 2016 – March 2016) 12 months (April 2015 – March 2016)

-2.2%

-8.6%

-36.7%

-5.8%

-5.0%

10.0%

-40%

-20%

0%

20%

Buy Hold Sell Coverage Russell2000

S & P 500

-10.6%

-13.1%

-15.6%

-11.8%-11.8%

-0.4%

-20%

-10%

0%


S & P 500

-8.7%

-6.0%

-12.5%

-7.6%

0.8%

-5.5%

-15%

-10%

-5%

0%

5%


S & P 500

47.2%34.8%

-51.0%

39.3% 39.3%

55.4%

-100%

-50%

0%

50%

100%


S & P 500

23 Source: StarMine 3/31/16

Outperforming Russell 2000 Consistently Over Time - KBW

24 Months (April 2014 – March 2016) 12 Months (April 2015 – March 2016)

YTD (Jan. 2016 – March 2016)

8.7%

2.5%

-29.1%

4.2%

-5.0%

10.0%

-40.0%

-30.0%

-20.0%

-10.0%

0.0%

10.0%

20.0%


S & P 500

-1.8%

-2.6%

-15.9%

-2.7%

-11.8%

-0.4%

-20.0%

-10.0%

0.0%


S & P 500

-3.8%

-3.0%-1.7%

-3.3%

0.8% 0.8%

-5.0%

-4.0%

-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%


S & P 500

24

Softlines Retail Senior Executive – Dress Barn

Restaurant Owner and Executive – Food.com

Marketing Associate – Anheuser Busch

Consumer

Transportation

Technology

Real Estate

Internet & Media

Healthcare

Industry Experience - Stifel

Research thought leaders across sectors

Energy & Power

Geophysical Analyst – Chevron

Energy Analyst – EOG Resources

CIO of a publicly traded REIT – Duke Realty

Senior Healthcare Benefits Consultant – KPMG

Research Scientist – Imclone, Mt. Sinai School of Medicine

Professor of Biochemistry – Albert Einstein College of Medicine

Film Distributor and Internet company – Workin’ Man Films, Theatre.com

CEO of Railroad Services Company – RailWorks, CSX

Sales Veteran – Texas Instruments, Advanced Micro Devices

Director of Business Development – Critical Path

25

P & C insurance actuary – Zurich Federal Bank Regulator – Office of the Comptroller M&A Advisory – Silverton Bank Strategy & Technology Consultant – Wells Fargo Supervisory Senior Auditor – KPMG Economist – Bank of America Actuary – CIGNA Strategic Investment Group – Instinet Legislative assistant to 2 U. S. House of Representatives

Insurance

Financial

Insurance

Financial

Financial

Financial

Financial

Financial

Industry Expertise - KBW

Research thought leaders

Washington

Policy

2016 Conferences

Seniors Housing & Healthcare Real Estate, Jan 25-26, Phoenix

Transportation & Logistics, Feb. 9-10, Key Biscayne

Financials Conference, Feb 11-12, Boca Raton

Cards, Payments & Financial Technology Symposium, Feb 22, NY

Streamsong Resort Executive Summit, March 9 – 10, Streamsong, FL

Mortgage Finance Conference, June 1, NY

Dental & Veterinary, June 1, NY

Asset Management & Capital Markets Conference, June 2, NY

Technology, Internet & Media, June 6-7, SF

WasteExpo Investor Summit, June 6, Las Vegas

Industrial Conference, June 13, NY

U.S. Regional Bank Leaders Conference, June 13, London

KBW Growth Bank Conference, June 14, London

Community Bank Investor Conference, Aug 2-3, NY

Insurance Conference, Sept 7-8, NY

Baltusrol Executive Summit, Sept 12, Springfield, NJ

Consumer Conference, Sept 15, NY

Midwest One-on-One, Nov. 10, Chicago

Healthcare Conference, Nov. 15-16, NY

26

2016 Industry Conferences

27

We, Hugo J. Warns and Keith Gay, certify that the views expressed in this research report accurately reflect my personal views about the subject securities or issuers; and We, Hugo J. Warns and Keith Gay, certify that no part of my compensation was, is, or will be directly or indirectly related to the specific recommendations or views contained in this research report. Our European Policy for Managing Research Conflicts of Interest is available at www.stifel.com The equity research analyst(s) responsible for the preparation of this report receive(s) compensation based on various factors, including Stifel’s overall revenue, which includes investment banking revenue. Our investment rating system is three tiered, defined as follows: BUY – We expect a total return of greater than 10% over the next 12 months with total return equal to the percentage price change plus dividend yield. HOLD – We expect a total return between -5% and 10% over the next 12 months with total return equal to the percentage price change plus dividend yield. SELL – We expect a total return below -5% over the next 12 months with total return equal to the percentage price change plus dividend yield. Occasionally, we use the ancillary rating of SUSPENDED (SU) to indicate a long-term suspension in rating and/or target price, and/or coverage due to applicable regulations or Stifel policies. SUSPENDED indicates the analyst is unable to determine a “reasonable basis” for rating/target price or estimates due to lack of publicly available information or the inability to quantify the publicly available information provided by the company and it is unknown when the outlook will be clarified. SUSPENDED may also be used when an analyst has left the firm. Of the securities we rate, 50% are rated Buy, 40% are rated Hold, and 3% are rated Sell and 7% are rated Suspended. Within the last 12 months, Stifel or an affiliate has provided investment banking services for 16%, 7%, 7% and 7% of the companies whose shares are rated Buy, Hold, Sell and Suspended respectively.

Important Disclosures and Certifications

27

http://www.stifel.com/

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Please visit the Research Page at www.stifel.com for the current research disclosures and respective target price methodology applicable to the companies mentioned in this publication that are within Stifel's coverage universe. For a discussion of risks to target price please see our stand-alone company reports and notes for all Buy-rated and Sell-rated stocks. The information contained herein has been prepared from sources believed to be reliable but is not guaranteed by us and is not a complete summary or statement of all available data, nor is it considered an offer to buy or sell any securities referred to herein. Opinions expressed are subject to change without notice and do not take into account the particular investment objectives, financial situation or needs of individual investors. Employees of Stifel, or its affiliates may, at times, release written or oral commentary, technical analysis or trading strategies that differ from the opinions expressed within. Past performance should not and cannot be viewed as an indicator of future performance. As a multi-disciplined financial services firm, Stifel regularly seeks investment banking assignments and compensation from issuers for services including, but not limited to, acting as an underwriter in an offering or financial advisor in a merger or acquisition, or serving as a placement agent in private transactions. Affiliate Disclosures “Stifel”, includes Stifel Nicolaus & Company (“SNC”), a US broker-dealer registered with the United States Securities and Exchange Commission and the Financial Industry National Regulatory Authority and Stifel Nicolaus Europe Limited (“SNEL”), which is authorized and regulated by the Financial Conduct Authority (“FCA”), (FRN 190412) and is a member of the London Stock Exchange. Registration of non-US Analysts: Any non-US research analyst employed by SNEL contributing to this report is not registered/qualified as a research analyst with FINRA and is not an associated person of the US broker-dealer and therefore many not be subject to FINRA Rule 2241 or NYSE Rule 472 restrictions on communications with a subject company, public appearances, and trading securities held by a research analyst account.

Additional Disclosures

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http://www.stifel.com/

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Country Specific and Jurisdictional Disclosures United States: Research produced and distributed by SNEL is distributed by SNEL to “Major US Institutional Investors” as defined in Rule 15a-6 under the US Securities Exchange Act of 1934, as amended. SNEL is a non-US broker-dealer and accordingly, any transaction by Major US Institutional Investors in the securities discussed in the document would need to be effected by SNC. SNC may also distribute research prepared by SNEL directly to US clients that are professional clients as defined by FCA rules. In these instances, SNC accepts responsibility for the content. Research produced by SNEL is not intended for use by and should not be made available to retail clients, as defined by the FCA rules. Canadian Distribution: Research produced by SNEL is distributed in Canada by SNC in reliance on the international dealer exemption. This material is intended for use only by professional or institutional investors. None of the investments or investment services mentioned or described herein is available to other persons or to anyone in Canada who is not a “permitted client” as defined under applicable Canadian securities laws. UK and European Economic Area (EEA): This report is distributed in the EEA by SNEL, which is authorized and regulated in the United Kingdom by the FCA. In these instances, SNEL accepts responsibility for the content. Research produced by SNEL is not intended for use by and should not be made available to non-professional clients. Brunei: This document has not been delivered to, registered with or approved by the Brunei Darussalam Registrar of Companies, Registrar of International Business Companies, the Brunei Darussalam Ministry of Finance or the Autoriti Monetari Brunei Darussalam. This document and the information contained within will not be registered with any relevant Brunei Authorities under the relevant securities laws of Brunei Darussalam. The interests in the document have not been and will not be offered, transferred, delivered or sold in or from any part of Brunei Darussalam. This document and the information contained within is strictly private and confidential and is being distributed to a limited number of accredited investors, expert investors and institutional investors under the Securities Markets Order, 2013 ("Relevant Persons") upon their request and confirmation that they fully understand that neither the document nor the information contained within have been approved or licensed by or registered with the Brunei Darussalam Registrar of Companies, Registrar of International Business Companies, the Brunei Darussalam Ministry of Finance, the Autoriti Monetari Brunei Darussalam or any other relevant governmental agencies within Brunei Darussalam. This document and the information contained within must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which the document or information contained within is only available to, and will be engaged in only with Relevant Persons.


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Additional Information Is Available Upon Request © 2016 Stifel. This report is produced for the use of Stifel customers and may not be reproduced, re-distributed or passed to any other person or published in whole or in part for any purpose without the prior consent of Stifel. Stifel, Nicolaus & Company, Incorporated, One South Street, Baltimore, MD 21202.

Documents

Global Equity Research - Evan Hennessy Equity...April 2016 Global Equity Research Hugo J. Warns, III, CFA, Director of Research Keith Gay, Associate Director of Research Stifel does