Equity Research. ACAT/DOO/HOG/PII: Wells Fargo CDF July/Early-Aug Retail Trends. August 12, 2016

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1 August 12, 2016 Equity Research ACAT/DOO/HOG/PII: Wells Fargo CDF July/Early-Aug Retail Trends Sector Rating: Powersports, Overweight Price FY EPS FY P/E Company Name Rating 08/11/ E 2017E Powersports Arctic Cat Inc. (ACAT) 2 V $15.17 $-0.71 A $-0.93 NM NM BRP Inc. (DOO) 1 C$22.37 C$1.71 A C$ x 12.2x Harley-Davidson, Inc. (HOG) 2 $53.78 $3.93 $ x 12.2x Polaris Industries, Inc. (PII) 2 $94.86 $6.13 $ x 13.4x Source: Company data and Wells Fargo Securities, LLC estimates 1= Outperform, 2 = Market Perform, 3 = Underperform, V = Volatile, = Company is on the Priority Stock List NA = Not Available, NC = No Change, NE = No Estimate, NM = Not Meaningful ACAT FYE March 31 st, DOO FYE January 31 st We hosted a conference call with colleagues from the traditional powersports group of Wells Fargo Commercial Distribution Finance (formerly GE). Wells Fargo CDF provides wholesale floorplan financing for most OEMs (excluding Harley-Davidson, Honda, and Kawasaki who each have captive finance divisions) to powersports dealers selling motorcycles, all-terrain vehicles (ATV), side-by-sides (SxS), snowmobiles, personal watercraft (PWC), and outboard marine engines. The traditional North American powersports industry remains challenged YTD despite positive economic/environment indicators (real personal income, consumer credit outstanding, interest rates, unemployment, marine/rv retail, weather) due to sustained underperformance of employment/wage growth in key sectors (oil, ag, manufacturing, construction). Positively, industry aged channel inventory and inventory turns remain stable yr/yr at healthy levels. Promotions/incentives are flat yr/yr, but more surgically targeted at isolated aged inventory pockets. Initial August retail trends appear more favorable. H216 outlook similar to H116, with modest upside potential if employment metrics in key industries rebound. Overall, we remain near-term cautious on non-marine powersport names. U.S. Industry Unit Retail July/YTD: Motorcycles (7%)/(3%), ATV (5%)/(6%), SxS +LSD% YTD, PWC +14%/+7%. Regionally, Pacific NW outperforming, NE underperforming. U.S. CDF Portfolio Unit Trends- July/YTD: Motorcycles (4%)/flattish, ATV (9%)/(5%). Canada Industry Unit Retail-July/YTD: Motorcycles (10%)/+1%, ATV (14%)/(9%). 5 of 6 key provinces performing well, but Alberta remains a drag (oil/gas exposure). Canada CDF Portfolio Unit Trends-July/YTD. Motorcycles (8%)/flattish, ATV (17%) YTD. See page 2 for summary table. Wells Fargo CDF Wholesale/Liquidation $. Wells Fargo CDF Powersports wholesale portfolio $ flat YTD with portfolio liquidation $ +3% YTD as dollar growth outpaces unit growth, favorable OEM mix, and inclusion of PWC/outboards. June/July liquidations were down low-single digits yr/yr, but were up yr/yr August-to-date with improvement in motorcycles and SxS. Implications. Given CDF's portfolio skew, outperformance of CDF s motorcycle portfolio in July/YTD suggests PII (Indian/Slingshot), European OEMs, Yamaha, continue to gain motorcycle share versus other N. American and Japanese OEMs. Modest underperformance of CDF s ATV portfolio in July suggests Honda and potentially Kawasaki gained ATV share with other OEMs losing/maintaining share. Please see page 11 for rating definitions, important disclosures and required analyst certifications All estimates/forecasts are as of 08/12/16 unless otherwise stated. Timothy Conder, CPA, Senior Analyst ( 314) tim.conder@wellsfargo.com Marc J. Torrente, Associate Analyst ( 314) marc.torrente@wellsfargo.com Karen Tan, Associate Analyst ( 314) karen.tan@wellsfargo.com Lyn Rhoads Walther, CFA, Associate Analyst (443) lyn.walther@wellsfargo.com Wells Fargo Securities, LLC 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 the report and investors should consider this report as only a single factor in making their investment decision.

2 Leisure Wells Fargo CDF Powersports Industry Trends Summary The table below summarizes the powersports monthly/ytd trends and industry outlook from our past Wells Fargo CDF conference calls. Wells Fargo CDF finances ~40% of U.S. motorcycle wholesale market and 55% of ATV/SxS wholesale market. Wells Fargo CDF - Powersports Industry Trends Summary May 2016 June 2016 July 2016 Q116 May YTD June June YTD July July YTD Industry Unit Grow th: U.S. Motorcycle +4% -2% -2% -2% -7% -3% U.S. All-Terrain Vehicles Flattish -4% -8% -6% -5% -6% U.S. Side-by-Sides +LSD% Flattish +LSD% U.S. PWC +3% +14% +7% U.S. Outboard Marine Engines +HSD% Canada Motorcycles Flattish -10% +1% Canada All-Terrain Vehicles -18% -8% -14% -9% Wells Fargo CDF Unit Growth: U.S. Motorcycle -2% +2% -4% Flattish U.S. All-Terrain Vehicles -5% -4% -9% -5% U.S. Side-by-Sides Flattish Canada Motorcycles -8% Flattish Canada All-Terrain Vehicles -17% Wells Fargo CDF Dealer Trends: Aged Inventory Inventory Turns Promotions/Incentives Improved yr/yr, w ith snow mobiles the only noted major exception Seasonally accelerating, but comparable yr/yr, surgically targeted at aged inventory pockets Improved yr/yr, aging is not w idespread, mostly in select pockets Consistent yr/yr in the mid-2x. Slight acceleration sequentially from May. Flat-to-slightly dow n yr/yr, surgically targeted at aged inventory pockets Consistent yr/yr, w ith select pockets of makes/models Flat yr/yr at 2.7x Consistent yr/yr, surgically targeted at aged inventory pockets Next Month Outlook Early June retail has not recovered as initially anticipated No meaningful changes in trends for the first 2 w eeks of July Initial August liquidations up yr/yr, w ith modest acceleration for motorcycles, sluggish ATV, +LSD-MSD% SxS Rest of Year Outlook Q216 retail to remain challenged segment outlook: Motorcycles +LSD%, ATV flattish, SxS +MSD%, Snow mobiles dependent on Q416 snow fall H216 trends similar to H116 H216 trends similar to H116 Source: Wells Fargo Commercial Distribution Finance (CDF), Wells Fargo Securities, LLC Estimated Powersports Global Market Share Worldwide SxS Market Share Arctic Cat Honda Kaw asaki Polaris Kubota J. Deere Yamaha Can-Am % 11% 17% 30% 13% 12% 16% 0% % 9% 16% 36% 12% 11% 12% 2% % 6% 14% 40% 11% 12% 9% 4% % 5% 13% 42% 10% 12% 6% 6% % 4% 10% 43% 11% 14% 4% 8% % 3% 9% 44% 10% 14% 4% 8% % 5% 7% 44% 10% 14% 5% 7% 2016E 8% 7% 6% 43% 9% 13% 5% 9% 2017E 9% 8% 5% 44% 8% 12% 4% 10% Source: PII, ACAT, and DOO Company Reports, Wells Fargo Securities, LLC estimates Note from PII 10-K: global side-by-side retail sales increased 4% to ~439,000 units in

3 ACAT/DOO/HOG/PII: Wells Fargo CDF July/Early-Aug Retail Trends Worldwide ATV Market Share Arctic Cat Honda Kaw asaki Polaris Suzuki Yamaha Can-Am % 31% 12% 16% 13% 28% 0% % 29% 13% 20% 10% 28% 0% % 30% 12% 25% 7% 26% 0% % 31% 11% 27% 8% 23% 0% % 31% 10% 26% 7% 24% 0% % 30% 9% 28% 5% 25% 0% % 30% 9% 27% 5% 25% 0% % 32% 7% 26% 5% 26% 0% % 33% 6% 24% 4% 26% 2% % 30% 7% 25% 4% 25% 2% % 31% 9% 21% 11% 21% 3% % 30% 8% 22% 9% 22% 2% % 30% 8% 21% 9% 22% 3% % 30% 9% 18% 11% 21% 4% % 30% 8% 19% 11% 21% 4% % 30% 7% 21% 9% 21% 5% % 30% 7% 22% 7% 21% 5% % 29% 6% 24% 5% 20% 8% % 28% 6% 27% 4% 19% 8% % 27% 5% 31% 3% 17% 8% % 26% 4% 32% 2% 17% 9% % 26% 4% 34% 2% 16% 10% % 27% 4% 34% 1% 15% 11% 2016E 7% 28% 3% 33% 1% 15% 13% 2017E 7% 28% 2% 34% 1% 15% 13% Source: ACAT, DOO, PII Company Reports, and Wells Fargo Securities, LLC estimates Note from PII 10-K: global ATV retail sales decreased 2% to ~412,000 units in 2015 Worldwide Snowmobile Market Share (Units) Year Arctic Cat BRP (Ski Doo/Lynx) Polaris Yamaha % 26% 38% 11% % 28% 40% 8% % 31% 35% 12% % 31% 32% 14% % 32% 33% 13% % 33% 34% 12% % 34% 34% 11% % 35% 35% 10% % 38% 31% 10% % 39% 30% 9% % 40% 29% 10% % 41% 28% 12% % 42% 27% 11% % 42% 27% 12% % 43% 28% 10% % 45% 26% 10% % 44% 29% 9% % 44% 30% 7% % 45% 31% 6% % 44% 30% 7% % 45% 32% 5% % 48% 33% 4% 2017E 15% 48% 33% 4% Source: PII, ACAT, and DOO Company Reports, ISMA and Wells Fargo Securities, LLC estimates Note from PII 10K: global snow mobile retail sales -4% to 151,000 units for 2015 season Note: Years indicate the season ending March 31 of that year. 3

4 Leisure Powersports Correlation to Economic/Housing Statistics Consumer Confidence Cons Conf - Pres Situation Cons Conf - Expectations Real Personal Disp Inc Real Personal Consum Expend Non- Farm Payrolls Gasoline Prices Consumer Confidence Cons Conf - Pres Situation Cons Conf - Expectations Real Personal Disp Inc Real Personal Consum Expend Non- Farm Payrolls Gasoline Prices Consumer Confidence Cons Conf - Pres Situation U.S. Powersports Unit Correlation Table - Economic Data Annual Correlations (No Lag) - December Year End Total New Powerboat Unit : Cons Conf - Expectations ATV Unit : Snowmobile Unit : Real Personal Disp Inc Real Personal Consum Expend Non- Farm Payrolls Gasoline Prices Note: Annual unit sales correlations run for various metrics with 0, 3, 6, and 9 month lags. The resulting period with the strongest correlations is shown with +/- >0.65 highlighted. Consumer Confidence Cons Conf - Pres Situation Cons Conf - Expectations Real Personal Disp Inc Real Personal Consum Expend Non- Farm Payrolls Gasoline Prices Consumer Confidence Cons Conf - Pres Situation Total Motorcycle Unit : On- Highway Motorcycle Unit : Cons Conf - Expectations Real Personal Disp Inc Real Personal Consum Expend Non- Farm Payrolls Gasoline Prices Source: National Marine Manufacturers Association Annual Statistical Abstract, Motorcycle Industry Council, International Snowmobile Manufacturers Association, FactSet, Federal Reserve, U.S. Energy Information Association, and Wells Fargo Securities, LLC Note : Consumer Confidence, Present Situations, Expectations present Disposable Income present Personal Consumption present Non- Farm Payrolls present Gasoline Prices is present Single Family - Exist Single Family - Single Family - Housing Starts Exist Mo Supply Total - Exist Total - Housing Starts Total - Existing Mo Supply 30 Yr Mortgage Rate Refinancing Activity $B Home Equity Cashed Out $B Single Family - Exist Single Family - Single Family - Housing Starts Exist Mo Supply Total - Exist Total - Housing Starts Total - Existing Mo Supply 30 Yr Mortgage Rate Refinancing Activity $B Home Equity Cashed Out $B Single Family - Exist Single Family - Single Family - Housing Starts Exist Mo Supply Total - Exist Total - Housing Starts Total - Existing Mo Supply 30 Yr Mortgage Rate Refinancing Activity $B Home Equity Cashed Out $B Single Family - Exist Single Family - Single Family - Housing Starts Exist Mo Supply Total - Exist Total - Housing Starts Total - Existing Mo Supply 30 Yr Mortgage Rate Refinancing Activity $B Home Equity Cashed Out $B Single Family - Exist Single Family - Single Family - Housing Starts Exist Mo Supply U.S. Powersports Unit Correlation Table - Housing Data Annual Correlations (9-Month Lag) - December Year End Total New Powerboat Unit : Total - Exist ATV Unit : Snowmobile Unit : Total Motorcycle Unit : On- Highway Motorcycle Unit : Total - Housing Starts Total - Existing Mo Supply 30 Yr Mortgage Rate Refinancing Activity $B Home Equity Cashed Out $B Source: National Marine Manufacturers Association Annual Statistical Abstract, Motorcycle Industry Council, International Snowmobile Manufacturers Association, FactSet, Federal Reserve, Mortgage Bankers Association, Freddie Mac, and Wells Fargo Securities, LLC Note : Single Family - Exist Present Single Family - Housing Starts Present Single Family - Exist Mo Supply Present Total - Exist Present Total - Housing Starts Present Total - Existing Mo Supply Present 30 Yr Mortgage Rate Present Refinancing Activity $B Present Home Equity Cashed Out $B Present 4

5 ACAT/DOO/HOG/PII: Wells Fargo CDF July/Early-Aug Retail Trends Total Vehicle Light Vehicle Total Auto Domestic Auto Foreign Auto Total Truck Light Truck Heavy Truck Total Vehicle Light Vehicle Total Auto Domestic Auto Foreign Auto Total Truck Light Truck Heavy Truck Total Vehicle Light Vehicle Total Auto Domestic Auto Foreign Auto Total Truck Light Truck Heavy Truck Total Vehicle Light Vehicle Total Auto Domestic Auto Foreign Auto Total Truck Light Truck Heavy Truck Total Vehicle Light Vehicle U.S. Powersports Unit Correlation Table - Auto & Truck Annual Correlations (3-Month Lag) - December Year End Total New Powerboat Unit : Total Auto ATV Unit : Snowmobile Unit : Total Motorcycle Unit : On- Highway Motorcycle Unit : Domestic Auto Foreign Auto Total Truck Light Truck Heavy Truck Source: National Marine Manufacturers Association Annual Statistical Abstract, Motorcycle Industry Council, International Snowmobile Manufacturers Association, FactSet, U.S. Bureau of Economic Analysis, and Wells Fargo Securities, LLC Note : All Auto/Truck data Present Put in Place Overall Industrial Agriculture Farm Price Index Put in Place Overall Industrial Agriculture Farm Price Index Put in Place Overall Industrial Agriculture Farm Price Index Put in Place Overall Industrial Agriculture Farm Price Index U.S. Powersports Unit Correlation Table - ///Agriculture Annual Correlations (No Lag) - December Year End Put in Place Total New Powerboat Unit : ATV Unit : Snowmobile Unit : Total Motorcycle Unit : On- Highway Motorcycle Unit : Overall Industrial Agriculture Farm Price Index Source: National Marine Manufacturers Association Annual Statistical Abstract, Motorcycle Industry Council, International Snowmobile Manufacturers Association, FactSet, U.S. Bureau of Labor Statistics, USDA, and Wells Fargo Securities, LLC Note : Present Present Present Present Present Agriculture Farm Price Index Present Put in Place Present Present Industrial Overall Present Present 5

6 Leisure Average Precipitation Year/Year Comparisons by State July precipitation was elevated in the Midwest and Pacific Northwest, but below average in the South and Southwest. Overall, precipitation remains favorable yr/yr. Source for all charts: Climate Prediction Center, NOAA, Wells Fargo Securities, LLC 6

7 ACAT/DOO/HOG/PII: Wells Fargo CDF July/Early-Aug Retail Trends Average Temperature Year/Year Comparisons by State July temperatures were above average across the southern half and Atlantic coast of the U.S. Overall, temperatures remain favorable yr/yr. Source for all charts: Climate Prediction Center, NOAA, Wells Fargo Securities, LLC 7

8 Leisure 6 Month U.S. Weather Outlook U.S. Precipitation & Temperature Forecasts August October 2016 U.S. Precipitation & Temperature Forecasts November 2016-January 2017 Source for all charts: Climate Prediction Center, NOAA, Wells Fargo Securities, LLC 8

9 ACAT/DOO/HOG/PII: Wells Fargo CDF July/Early-Aug Retail Trends 6 Month European Weather Outlook European Precipitation & Temperature Forecasts August October 2016 European Precipitation & Temperature Forecasts November January 2017 Source for all charts: Climate Prediction Center, NOAA, Wells Fargo Securities, LLC 9

10 Leisure Rating Basis Information: ACAT Thesis: ACAT is leading powersports manufacturer with opportunity to participate beyond the general market recovery through (1) product/geographic white space fill-in, (2) partnership opportunities, and (3) sustained product innovation. Key for ACAT in the near-term is (1) right-sizing channel inventory, (2) improving dealer relations, and (3) streamlining operations, in our view. DOO Thesis: BRP is positioned for continued margin expansion and enhanced ROIC given (1) market fundamentals aligned for recovery, (2) industry-leading innovation supporting market share gains, (3) geographic/product whitespace opportunities and (4) continued manufacturing investment for operating leverage. HOG Thesis: Harley-Davidson is the global leader in heavyweight motorcycles with an iconic brand (image and lifestyle), top U.S. market share, and solid financials. However, we are cautious on HOG shares as weakening industry fundamentals/retail demand and ongoing competitive pressures limit near-term upside potential. PII Thesis: Polaris' business model, management depth, and international expansion should generate midsingle digit organic revenue and ~10% annual EPS growth over the next 3 years despite more difficult comparisons and increasing competition. 10

11 ACAT/DOO/HOG/PII: Wells Fargo CDF July/Early-Aug Retail Trends Required Disclosures 11

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13 ACAT/DOO/HOG/PII: Wells Fargo CDF July/Early-Aug Retail Trends 13

14 Leisure Additional Information Available Upon Request I certify that: 1) All views expressed in this research report accurately reflect my personal views about any and all of the subject securities or issuers discussed; and 2) No part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by me in this research report. 14

15 ACAT/DOO/HOG/PII: Wells Fargo CDF July/Early-Aug Retail Trends Wells Fargo Securities, LLC maintains a market in the common stock of Arctic Cat Inc., Polaris Industries, Inc., Harley-Davidson, Inc. Wells Fargo Securities, LLC or its affiliates intends to seek or expects to receive compensation for investment banking services in the next three months from Harley-Davidson, Inc., Polaris Industries, Inc. Wells Fargo Securities, LLC or its affiliates received compensation for investment banking services from Harley-Davidson, Inc. in the past 12 months. Wells Fargo Securities, LLC and/or its affiliates, have beneficial ownership of 1% or more of any class of the common stock of Polaris Industries, Inc. Harley-Davidson, Inc. currently is, or during the 12-month period preceding the date of distribution of the research report was, a client of Wells Fargo Securities, LLC. Wells Fargo Securities, LLC provided investment banking services to Harley-Davidson, Inc. Harley-Davidson, Inc. currently is, or during the 12-month period preceding the date of distribution of the research report was, a client of Wells Fargo Securities, LLC. Wells Fargo Securities, LLC provided noninvestment banking securities-related services to Harley-Davidson, Inc. Polaris Industries, Inc. currently is, or during the 12-month period preceding the date of distribution of the research report was, a client of Wells Fargo Securities, LLC. Wells Fargo Securities, LLC provided nonsecurities services to Polaris Industries, Inc. An affiliate of Wells Fargo Securities, LLC has received compensation for products and services other than investment banking services from Polaris Industries, Inc., Harley-Davidson, Inc. in the past 12 months. Wells Fargo Securities, LLC received compensation for products or services other than investment banking services from Harley- Davidson, Inc., Polaris Industries, Inc. in the past 12 months. Wells Fargo Securities, LLC or its affiliates has a significant financial interest in Polaris Industries, Inc., Harley-Davidson, Inc. Wells Fargo Securities, LLC or its affiliates intends to seek or expects to receive compensation for investment banking services in the next three months from an affiliate of Harley-Davidson, Inc. Wells Fargo Securities, LLC or its affiliates managed or co-managed a public offering of securities for an affiliate of Harley- Davidson, Inc. within the past 12 months. Wells Fargo Securities, LLC or its affiliates received compensation for investment banking services from an affiliate of Harley- Davidson, Inc. in the past 12 months. ACAT: Risk to our valuation include (1) global economic downturn, (2) competition from other OEMs for product innovation and dealer network, (3) adverse weather affecting seasonal business, (4) input price increases, (5) FX exposure, (6) outstanding litigation/regulation. DOO: Risks to our valuation include (1) global economic downturn impacting consumer spending, (2) adverse weather affecting sales,(3) availability of affordable financing to suppliers, dealers and end consumers, (4) limited control of public shareholders and (5) foreign exchange volatility impacting revenues/costs. HOG: Risks to our valuation include (1) a prolonged U.S. (about 65% of sales) economic downturn, (2) credit market issues negatively impacting HDFS funding costs, (3) employment & used bike price implications for credit losses on existing loan portfolios, and (4) health of key int'l economies (W. Europe, Japan, Australia, Mexico, Brazil). PII: Risks to our valuation:(1) ORV (core ATV and/or side-by-side) market deceleration (60-65% of sales), (2) disappointing Indian results, (3) U.S./international economic issues, (4) credit market issues negatively impacting consumer credit affordability, and (5) irrational pricing/production competitor actions. Wells Fargo Securities, LLC does not compensate its research analysts based on specific investment banking transactions. Wells Fargo Securities, LLC s research analysts receive compensation that is based upon and impacted by the overall profitability and revenue of the firm, which includes, but is not limited to investment banking revenue. STOCK RATING 1=Outperform: The stock appears attractively valued, and we believe the stock's total return will exceed that of the market over the next 12 months. BUY 2=Market Perform: The stock appears appropriately valued, and we believe the stock's total return will be in line with the market over the next 12 months. HOLD 3=Underperform: The stock appears overvalued, and we believe the stock's total return will be below the market over the next 12 months. SELL SECTOR RATING O=Overweight: Industry expected to outperform the relevant broad market benchmark over the next 12 months. M=Market Weight: Industry expected to perform in-line with the relevant broad market benchmark over the next 12 months. U=Underweight: Industry expected to underperform the relevant broad market benchmark over the next 12 months. VOLATILITY RATING V = A stock is defined as volatile if the stock price has fluctuated by +/-20% or greater in at least 8 of the past 24 months or if the analyst expects significant volatility. All IPO stocks are automatically rated volatile within the first 24 months of trading. 15

16 Leisure As of: August 11, % of companies covered by Wells Fargo Securities, LLC Equity Research are rated Outperform. 56% of companies covered by Wells Fargo Securities, LLC Equity Research are rated Market Perform. 3% of companies covered by Wells Fargo Securities, LLC Equity Research are rated Underperform. Wells Fargo Securities, LLC has provided investment banking services for 37% of its Equity Research Outperform-rated companies. Wells Fargo Securities, LLC has provided investment banking services for 27% of its Equity Research Market Perform-rated companies. Wells Fargo Securities, LLC has provided investment banking services for 4% of its Equity Research Underperform-rated companies. Important Disclosure for International Clients EEA The securities and related financial instruments described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. 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17 ACAT/DOO/HOG/PII: Wells Fargo CDF July/Early-Aug Retail Trends This report is for your information only and is not an offer to sell, or a solicitation of an offer to buy, the securities or instruments named or described in this report. Interested parties are advised to contact the entity with which they deal, or the entity that provided this report to them, if they desire further information. The information in this report has been obtained or derived from sources believed by Wells Fargo Securities, LLC, to be reliable, but Wells Fargo Securities, LLC does not represent that this information is accurate or complete. Any opinions or estimates contained in this report represent the judgment of Wells Fargo Securities, LLC, at this time, and are subject to change without notice. All Wells Fargo Securities research reports published by its Global Research Department ( WFS Research ) are disseminated and available to all clients simultaneously through electronic publication to our internal client websites. Additional distribution may be done by sales personnel via , fax or regular mail. Clients may also receive our research via third party vendors. Not all research content is redistributed to our clients or available to third-party aggregators, nor is WFS Research responsible for the redistribution of our research by third party aggregators. For research or other data available on a particular security, please contact your sales representative or go to For the purposes of the U.K. Financial Conduct Authority's rules, this report constitutes impartial investment research. Each of Wells Fargo Securities, LLC and Wells Fargo Securities International Limited is a separate legal entity and distinct from affiliated banks. Copyright 2016 Wells Fargo Securities, LLC SECURITIES: NOT FDIC-INSURED/NOT BANK-GUARANTEED/MAY LOSE VALUE 17