U.S. Research Published by Raymond James & Associates

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1 Continental Resources Inc. (CLR-NYSE) John Freeman, CFA, (713) , Kevin Smith, (713) , Carlos Newall, Res. Assoc., (713) , Exploration and Production Upgrading to Strong Buy; Poised to Capitalize on an Oil Price Recovery Recommendation: Continental is one of a handful of E&Ps with exposure to Mid-continent resource plays (e.g. SCOOP, STACK, and Springer), and combined with its peer-leading Bakken position, we see shares offering attractive leverage to the turn in oil prices. Both SCOOP and STACK wells are delivering impressive results and the company continues to drive down costs. Lastly, Continental has an extensive Bakken DUC inventory, touting attractive RoRs, to draw on once oil prices recover. For these reasons, we have increased confidence in Continental s ability to capitalize on our extremely bullish oil price outlook; we are upgrading shares to Strong Buy and are increasing our price target to $50 from $42 based on our company NAV. Unhedged leverage to oil price upside. In November 2014, Continental surprised the market by unwinding its hedges, or in other words went naked. The decision was essentially a gamble on oil prices. Up until now, the call has been problematic for Continental, but given our bullish sentiment on a strong 2H16 and 2017 oil price recovery, we believe Continental is poised to post an even wider stock outperformance as oil prices rebound even further. Additionally, Continental has accumulated a war chest of DUCs (245 YE16), both in the Bakken and in Oklahoma, that it can begin to draw down once prices recover more meaningfully. In doing so, Continental should be able to rapidly ramp production higher and cash margins per well will undoubtedly impress as the capital outlay per well is virtually cut in half. In fact, the company could have arguably the highest capital efficiency in the industry over that time period. Drilling efficiencies continue. Recall, Continental unveiled its STACK model type curve at year-end Due to drilling efficiencies achieved during 1Q16, Continental was able to drive down STACK completed well costs (9,800 lateral) to $9.5 million from its prior $10 million estimate. Faster cycle times drove most of the savings, with spud-to-tds averaging 30 days, down from 44 days in In the Bakken, completed well costs have trended down to $6.3 million during the quarter, down from $6.8 million. Management expects to achieve well costs of $6 million by year-end. The combination of lower well costs and faster cycle times provide meaningful upside to our net asset value analysis. Wyoming may be the first of non-core sales. In conjunction with earnings, Continental announced the sale (late April) of 132,000 net acres in the Washakie Basin in Wyoming for $110 million. The asset was non-core, non-producing. Proceeds from the deal were used to pay down debt. According to Continental, it has other non-core assets it is interested in selling. In doing so, Continental high-grades its asset base and shores up its relatively levered balance sheet. Note, however, the bulk of Continental s debt maturities are post-2020, so near-term liquidity is not an issue. Valuation: Our $50 target price is based on our total company net asset value analysis (NAV). Refer to page 3 for further detail and our bull/bear NAV analysis. Published by Raymond James & Associates May 5, 2016 Company Comment Rating Change Old: Outperform 2 New: Strong Buy 1 Current and Target Price Current Price (May-04-16) $34.85 Target Price: Old: $42.00 New: $ Week Range $ $13.94 Suitability High Risk/Growth Market Data Shares Out. (mil.) Market Cap. (mil.) $12,999 Avg. Daily Vol. (10 day) 5,729,434 Dividend/Yield $0.00/0.0% Book Value (Mar-15) $12.62 LT Debt (mil.)/% Cap. $7,193/62% Proved NAV/Share $9.67 Earnings & Valuation Metrics 2015A 2016E 2017E P/E Ratios (Non-GAAP) NM NM 19.7x EBITDAX (mil.) Old $1,979 $1,757 $3,009 New $1,979 $1,906 $3,279 Cash Flow/Share Old $4.40 $3.87 $7.09 New $4.40 $4.28 $7.78 P/CFPS Ratios 7.9x 8.1x 4.5x Company Description Continental Resources, Inc., based in Oklahoma City, Oklahoma, is an independent oil and gas company. Principal operations are in the Bakken in North Dakota and Montana, with other operations in the Oklahoma SCOOP. The company focuses on the development of long-lived oil properties using conventional drilling and enhanced recovery. Proved reserves at year-end 2015 were 1,226 MMboe (43% developed). Non-GAAP Q1 Q2 Q3 Q4 Full GAAP EPS Revenues EPS Mar Jun Sep Dec Year Full Year (mil.) 2015A $(0.09) $0.13 $(0.12) $(0.23) $(0.31) $(0.96) $2,659 Old 2016E (0.36) (0.24) (0.37) (0.37) 2,351 New 2016E (0.41)A (0.31) (0.03) 0.05 (0.69) (0.82) 2,508 Old 2017E ,760 New 2017E ,069 Rows may not add due to rounding. Non-GAAP EPS excludes unrealized hedging losses, property impairments, and other extraordinary items. Please read domestic and foreign disclosure/risk information beginning on page 6 and Analyst Certification on page 6. International Headquarters: The Raymond James Financial Center 880 Carillon Parkway St. Petersburg, Florida

2 First quarter in review: Continental reported adjusted EPS/CFPS/EBITDA of $(0.41)/$0.63/$315 million, relative to our $(0.36)/$0.65/$311 million forecasts and consensus' $(0.36)/$0.63/$292 million. Results were driven by higher-than-expected production and lower cash operating costs, partially offset by lower pre-hedge realizations. DD&A was 10% higher than expected. Production of 231 Mboe/d was considerably higher than both our 216 Mboe/d estimate and consensus 217 Mboe/d estimate. Building off its operational momentum, Continental raised its full-year 2016 production guidance to Mboe/d from 200 Mboe/d, while maintaining its full-year capital budget of $920 million. Further, the expected 4Q16 exit rate is Mboe/d, up from Mboe/d, which should facilitate a 2017 production ramp. Continental still plans to run an average of 19 rigs (4 rigs in Bakken, 5-6 in SCOOP, 4-5 in STACK, 4-5 in NW Cana JDA) and completion crews during the year. The first of three STACK density pilots commenced drilling. In 1Q16, Continental grew its STACK/NW Cana production 44% q/q to ~11 Mboe/d, reported three new completions and five completions-in-progress, and realized cost reductions due to drilling efficiencies. The three aforementioned completions and four of the remaining five yet-to-be-completed wells are testing the Meramec formation in the over-pressurized oil window of its STACK acreage utilizing various lateral lengths, while one of the yet-tobe-completed wells is testing the condensate window. Additionally (and perhaps most notably), Continental began drilling its first STACK density pilot at the Ludwig unit in Blaine county. This will be one of three pilots testing optimal well spacing this year. As shown on the image below, the pilot will consist of nine wells: four targeting the upper Meramec, four targeting the Middle Meramec, and one in the Woodford. Lateral spacing within each horizon will be 1,320, with 660 offsets between horizons. Results are expected in 4Q16. Successful pilot testing could increase our model s STACK inventory as we currently assume three wells per section. Separately, Continental added ~15,000 net acres in the STACK during 1Q16, bringing total net acreage to 171,000 net acres. Source: Continental Resources Fourth SCOOP Woodford density pilot brought online. Continental recently completed another Woodford dual level density pilot in the Newy unit with a total of eight wells (seven of which were recently drilled). The pilot s combined peak 24-hour rate (on the seven new wells) of 18,475 Boe/d, or 2,639 Boe/d (21% oil) on a per-well basis, screens well relative to the previous three pilots, which highlights the repeatability of the play. As the wells continue to flow, management expects peak-ips on the Newy unit to increase. Like the Vanarkel density pilot, the Newy pilot utilized 96% more proppant than the Poteet and Honeycutt (while costing 16% less), thus wells could track above the existing type curve. One other density pilot, the May unit testing the SCOOP oil window, is currently waiting on completion. International Headquarters: The Raymond James Financial Center 880 Carillon Parkway St. Petersburg, Florida

3 Bull/Base/Bear NAV Analysis: As part of our NAV, we conduct a sensitivity analysis with regards to commodity price forecasts. Based on differing commodity prices, we adjust four main variables: (1) inventory prospectivity, (2) cost inflation/deflation, (3) rig count, and (4) commodity price. In both the bull and bear cases, we are simply adjusting the assumptions in our base model for the four previously mentioned variables by a certain percentage. For our bull case, we raised prospectivity by 10%, inflated costs by 10%, raised rig count by 25%, and held our long-term oil/gas prices at ~$80/~$3.50 respectively. This resulted in a valuation of $77/share, or roughly 120% upside from where the stock currently trades. For our bear case, we lowered prospectivity by 10%, deflated costs by 10%, lowered rig count by 25%, and held our long-term oil/gas prices at ~$50/~$2.00 respectively. This resulted in a valuation of $16/share, or roughly 55% downside from where the stock currently trades. Note that our base case NAV of $50/share utilizes a long-term oil/gas price of $70/$2.50, respectively. Continental Resources Inc. NAV Analysis ($ in thousands, except per unit data) Proved NAV (1) Mboe Value $ / Share Proved Reserves 1,225,812 $ 11,692,598 $ Acquisitions/Divestitures YTD Reserve Additions Proved Reserve Sub-Total 1,225,812 $ 11,692,598 $ Gross Asset Value Excluding Unproved Reserves $ 11,692,598 $ Current Assets (3)(4) 760, Current Liabilities (3) (863,601) (2.30) Long-Term Debt & Other Liabilities (3)(4) (7,324,035) (19.54) Present Value of Hedges 123, Overhead (G&A) (763,871) (2.04) Proved Net Asset Value $ 3,624,944 $ 9.67 Fully Diluted Shares Outstanding 374,853 Total Company NAV (1) (2) Mboe Value $ / Share Proved Developed Reserves 525,188 $ 6,739,620 $ Balance Sheet Adjustments $ (8,067,655) $ (21.52) Undeveloped Upside: + Anadarko Basin SCOOP Springer (Oil) 960,537 3,439, SCOOP Woodford (Condensate) 2,479,058 1,063, STACK 1,100,150 5,498, NW Cana JDA w/ SK Carry 318, , Williston Basin North Dakota Bakken/TFS Core 4,293,998 8,916, North Dakota Bakken/TFS Non-Core 2,964, , Montana Bakken/TFS 100, , Net Asset Value 12,742,712 $ 18,777,172 $ (1) Assumes RJ&A published forecasts (2) Ascribes value to current probable and possible value (3) Excludes fair value of derivatives (4) Excludes deferred taxes Source: Continental Resources, Raymond James research. International Headquarters: The Raymond James Financial Center 880 Carillon Parkway St. Petersburg, Florida

4 Continental Resources Inc. ($ in thousands, except unit data) Pricing & Production Q116 Q216E Q316E Q416E 2016E Q117E Q217E Q317E Q417E 2017E Commodity Price Forecast Gas - Henry Hub ($ / MMbtu) $ 4.38 $ 2.66 $ 2.01 $ 1.85 $ 2.05 $ 2.30 $ 2.05 $ 2.70 $ 2.60 $ 2.55 $ 2.75 $ 2.65 Oil - WTI ($ / bbl) $ $ $ $ $ $ $ $ $ $ $ $ Average Price Differential (Pre-hedge) Gas - ($ / Mcf) $ 1.11 $ (0.33) $ (0.65) $ 0.50 $ (0.50) $ (0.40) $ (0.26) $ (0.30) $ (0.28) $ (0.28) $ (0.29) $ (0.29) Oil - WTI ($ / bbl) $ (13.47) $ (8.30) $ (7.78) $ (7.00) $ (8.00) $ (8.00) $ (7.70) $ (7.00) $ (7.00) $ (7.00) $ (7.00) $ (7.00) Company Realizations (Pre-hedge) Gas - ($ / Mcf) $ 5.40 $ 2.31 $ 1.36 $ 2.35 $ 1.55 $ 1.90 $ 1.79 $ 2.40 $ 2.32 $ 2.27 $ 2.46 $ 2.36 Oil - WTI ($ / bbl) $ $ $ $ $ $ $ $ $ $ $ $ Production Gas (MMcf) 114, ,454 46,046 44,664 44,252 43, ,772 43,714 45,526 48,788 52, ,232 Oil & Liquids (Mbbls) 44,530 53,517 13,329 12,396 11,905 11,667 49,297 11,756 12,481 13,501 14,581 52,320 Total (MBoe) 63,579 80,926 21,003 19,840 19,281 18,969 79,092 19,042 20,069 21,633 23,282 84,025 Gas (MMcf/d) Oil & Liquids (Mbbls/d) Total (MBoe/d) % Gas 179.8% 203.2% 219.2% 225.1% 229.5% 231.0% 226.0% 229.6% 226.9% 225.5% 224.2% 226.4% Sequential Change 2.6% -5.5% -3.9% -1.6% 2.6% 4.2% 6.6% 7.6% Yr / Yr Change 28.2% 27.3% 11.6% -3.8% -8.2% -8.3% -2.5% -8.3% 1.2% 12.2% 22.7% 6.5% Unit Operating Statistics ($ / Mcfe) Q116 Q216E Q316E Q416E 2016E Q117E Q217E Q317E Q417E 2017E Revenue $ $ $ $ $ $ $ $ $ $ $ $ Operating Costs DD&A G&A Cash Taxes (4.48) (11.56) (0.52) (0.06) 0.09 (3.19) Operating Income $ $ 6.59 $ 4.16 $ (0.12) $ 7.93 $ $ 5.52 $ $ $ $ $ Income Statement Q116 Q216E Q316E Q416E 2016E Q117E Q217E Q317E Q417E 2017E Revenues Oil & Gas Revenues $ 4,588,372 $ 2,622,084 $ 442,781 $ 547,288 $ 715,297 $ 768,850 $ 2,474,216 $ 908,472 $ 959,114 $ 1,033,949 $ 1,123,790 $ 4,025,325 Other Revenues 38,837 36,551 7,470 8,964 9,860 7,888 34,183 9,466 11,359 12,495 9,996 43,316 Total Revenue $ 4,627,209 $ 2,658,635 $ 450,251 $ 556,252 $ 725,157 $ 776,738 $ 2,508,399 $ 917,938 $ 970,473 $ 1,046,444 $ 1,133,786 $ 4,068,641 Expenses Operating Costs $ 702,232 $ 549,534 $ 109,133 $ 122,629 $ 135,870 $ 139,179 $ 506,811 $ 149,281 $ 158,450 $ 171,887 $ 186,926 $ 666,544 DD&A 1,358,669 1,749, , , , ,726 1,701, , , , ,890 1,814,938 G&A 184, ,846 32,407 29,620 26,857 27, ,256 38,083 40,137 43,265 46, ,050 Exploration 50,067 19,413 3,066 3,066 3,066 3,066 12,264 4,000 4,000 4,000 4,000 16,000 Other 638, ,825 83,679 87,807 89,510 87, ,732 8,519 10,223 11,246 8,996 38,985 Operating Income $ 1,693,427 $ (246,039) $ (242,026) $ (103,505) $ 59,176 $ 109,660 $ (176,695) $ 306,754 $ 324,181 $ 348,782 $ 384,409 $ 1,364,125 Other Income (Expense) Other Income (Expense) $ (21,870) $ 2,501 $ 384 $ - $ - $ - $ 384 $ - $ - $ - $ - $ - Gain / (Loss) 174,409 21,532 2, , Interest Expense (283,928) (313,079) (80,953) (79,638) (79,538) (78,273) (318,401) (75,600) (76,008) (76,631) (76,399) (304,639) Income (Loss) Before Taxes $ 1,562,038 $ (535,085) $ (319,672) $ (183,144) $ (20,362) $ 31,388 $ (491,790) $ 231,153 $ 248,173 $ 272,150 $ 308,010 $ 1,059,486 Current Income Taxes (1,169,374) 362, ,698 10,301 1,145 (1,765) 252,379 (13,002) (13,959) (15,308) (17,325) (59,594) Deferred Income Taxes 584,677 (181,441) (121,352) 58,374 6,490 (10,005) (66,493) (73,676) (79,101) (86,743) (98,173) (337,693) Change in Accounting Principle Net Income (Loss) $ 977,341 $ (353,668) $ (198,326) $ (114,469) $ (12,727) $ 19,618 $ (305,904) $ 144,475 $ 155,113 $ 170,099 $ 192,512 $ 662,199 Preferred Dividends Net Income (Loss) to Common $ 977,341 $ (353,668) $ (198,326) $ (114,469) $ (12,727) $ 19,618 $ (305,904) $ 144,475 $ 155,113 $ 170,099 $ 192,512 $ 662,199 Non-Operating Adjustments Impairment / Provisions 294, ,715 47, , Asset Sales & Other (Gain) / Loss (377) (11,572) (67) (67) Tax Adjustment Operating Earnings 1,271,165 (115,525) (150,467) (114,469) (12,727) 19,618 (258,045) 144, , , , ,199 Weighted Average Basic Shares 368, , , , , , , , , , , ,853 Weighted Average Fully Diluted Shares 370, , , , , , , , , , , ,853 Earnings (Loss) / Share Basic $2.65 ($0.96) ($0.54) ($0.31) ($0.03) $0.05 ($0.82) $0.39 $0.41 $0.45 $0.51 $1.77 Reported Fully Diluted $2.64 ($0.96) ($0.54) ($0.31) ($0.03) $0.05 ($0.82) $0.39 $0.41 $0.45 $0.51 $1.77 Operating Fully Diluted $3.43 ($0.31) ($0.41) ($0.31) ($0.03) $0.05 ($0.69) $0.39 $0.41 $0.45 $0.51 $1.77 Operating CFPS $9.39 $4.40 $0.63 $0.91 $1.30 $1.43 $4.28 $1.74 $1.85 $2.00 $2.19 $7.78 EBITDAX 3,776,051 1,978, , , , ,405 1,905, , , , ,581 3,279,088 International Headquarters: The Raymond James Financial Center 880 Carillon Parkway St. Petersburg, Florida

5 Continental Resources Inc. ($ in thousands, except unit data) Summary Cash Flow Statement Q116 Q216E Q316E Q416E 2016E Q117E Q217E Q317E Q417E 2017E Operating Cash Flow Net Income $ 977,341 $ (353,668) $ (198,326) $ (114,469) $ (12,727) $ 19,618 $ (305,904) $ 144,475 $ 155,113 $ 170,099 $ 192,512 $ 662,199 DD&A 1,368,311 1,746, , , , ,726 1,702, , , , ,890 1,814,938 Deferred Income Tax 584,677 (181,441) (121,352) (58,374) (6,490) 10,005 (176,211) 73,676 79,101 86,743 98, ,693 Impairment & Other 552, ,134 88,675 97,031 95,788 96, ,513 23,042 24,069 25,633 27, ,025 Cash Flow Before Changes in WC $ 3,482,394 $ 1,628,479 $ 234,448 $ 340,823 $ 487,249 $ 535,368 $ 1,597,888 $ 652,494 $ 691,764 $ 749,740 $ 820,857 $ 2,914,854 Working Capital Changes (126,679) 228,622 44, , Net Operating Cash Flow $ 3,355,715 $ 1,857,101 $ 278,902 $ 340,823 $ 487,249 $ 535,368 $ 1,642,342 $ 652,494 $ 691,764 $ 749,740 $ 820,857 $ 2,914,854 Investing Cash Flow Acquisitions of O&G Assets $ (48,917) $ (557) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - CAPEX on O&G Assets (4,604,468) (3,042,747) (359,090) (170,000) (190,000) (215,000) (934,090) (365,000) (370,000) (400,000) (435,000) (1,570,000) Other 65,986 (2,943) Net Investing Cash Flow $ (4,587,399) $ (3,046,247) $ (358,811) $ (170,000) $ (190,000) $ (215,000) $ (933,811) $ (365,000) $ (370,000) $ (400,000) $ (435,000) $ (1,570,000) Financing Cash Flows Debt Proceeds (Payments) $ 1,244,298 $ 1,185,922 $ 81,382 $ (180,750) $ (297,249) $ (320,368) $ (716,985) $ (141,633) $ - $ - $ - $ (141,633) Stock Issuance (Repurchase) Other (16,583) 1,267 (40) (40) Net Financing Cash Flow $ 1,227,715 $ 1,187,189 $ 81,342 $ (180,750) $ (297,249) $ (320,368) $ (717,025) $ (141,633) $ - $ - $ - $ (141,633) Summary Balance Sheet Q116 Q216E Q316E Q416E 2016E Q117E Q217E Q317E Q417E 2017E Cash & Equivalents $ 24,381 $ 11,463 $ 12,927 $ 3,000 $ 3,000 $ 3,000 $ 3,000 $ 148,861 $ 470,625 $ 820,365 $ 1,206,222 $ 1,206,222 Other Current Assets 1,365, , , , , , , , , , , ,254 Total Current Assets $ 1,389,601 $ 822,339 $ 760,181 $ 750,254 $ 750,254 $ 750,254 $ 750,254 $ 896,115 $ 1,217,879 $ 1,567,619 $ 1,953,476 $ 1,953,476 Oil & Gas and Other Properties, Net $ 13,635,852 $ 14,063,328 $ 13,843,132 $ 13,515,861 $ 13,214,547 $ 12,939,185 $ 12,939,185 $ 12,892,884 $ 12,829,402 $ 12,762,137 $ 12,694,247 $ 12,694,247 Other Assets $ 119,617 $ 34,141 $ 30,076 $ 30,076 $ 30,076 $ 30,076 $ 30,076 $ 30,076 $ 30,076 $ 30,076 $ 30,076 $ 30,076 Total Assets $ 15,145,070 $ 14,919,808 $ 14,633,389 $ 14,296,191 $ 13,994,877 $ 13,719,515 $ 13,719,515 $ 13,819,075 $ 14,077,357 $ 14,359,832 $ 14,677,799 $ 14,677,799 Payables & Accrued Expenses $ 1,948,290 $ 917,301 $ 861,439 $ 861,439 $ 861,439 $ 861,439 $ 861,439 $ 861,439 $ 861,439 $ 861,439 $ 861,439 $ 861,439 Fair Value of Derivatives $ 1,645 $ 3,583 $ 1,757 $ 1,757 $ 1,757 $ 1,757 $ 1,757 $ 1,757 $ 1,757 $ 1,757 $ 1,757 $ 1,757 Current Debt 2,078 2,144 2,162 2,162 2,162 2,162 2,162 2,162 2,162 2,162 2,162 2,162 Total Current Liabilities $ 1,952,013 $ 923,028 $ 865,358 $ 865,358 $ 865,358 $ 865,358 $ 865,358 $ 865,358 $ 865,358 $ 865,358 $ 865,358 $ 865,358 Long-Term Debt $ 5,995,837 $ 7,115,644 $ 7,203,440 $ 7,022,690 $ 6,725,440 $ 6,405,073 $ 6,405,073 $ 6,263,440 $ 6,263,440 $ 6,263,440 $ 6,263,440 $ 6,263,440 Other Liabilities 87, , , , , , , , , , , ,793 Deferred Taxes 2,141,447 2,090,228 1,968,876 1,910,502 1,904,012 1,914,017 1,914,017 1,987,693 2,066,794 2,153,537 2,251,710 2,251,710 Total Long-Term Liabilities $ 8,225,213 $ 9,327,880 $ 9,292,911 $ 9,056,853 $ 8,756,179 $ 8,448,883 $ 8,448,883 $ 8,384,926 $ 8,468,027 $ 8,558,770 $ 8,660,943 $ 8,660,943 Common Stock, Net 1,291,276 1,346,000 1,350,546 1,363,875 1,375,961 1,388,278 1,388,278 1,407,320 1,427,388 1,449,021 1,472,303 1,472,303 Retained Earnings 3,676,568 3,322,900 3,124,574 3,010,105 2,997,379 3,016,996 3,016,996 3,161,472 3,316,584 3,486,683 3,679,195 3,679,195 Total Stockholders' Equity $ 4,967,844 $ 4,668,900 $ 4,475,120 $ 4,373,980 $ 4,373,340 $ 4,405,274 $ 4,405,274 $ 4,568,791 $ 4,743,972 $ 4,935,704 $ 5,151,498 $ 5,151,498 Total Liabilities & Equity $ 15,145,070 $ 14,919,808 $ 14,633,389 $ 14,296,191 $ 13,994,877 $ 13,719,515 $ 13,719,515 $ 13,819,075 $ 14,077,357 $ 14,359,832 $ 14,677,799 $ 14,677,799 International Headquarters: The Raymond James Financial Center 880 Carillon Parkway St. Petersburg, Florida

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Several factors enter into the bonus determination including quality and performance of research product, the analyst's success in rating stocks versus an industry index, and support effectiveness to trading and the retail and institutional sales forces. Other factors may include but are not limited to: overall ratings from internal (other than investment banking) or external parties and the general productivity and revenue generated in covered stocks. The views expressed in this report accurately reflect the personal views of the analyst(s) covering the subject securities. No part of said person's compensation was, is, or will be directly or indirectly related to the specific recommendations or views contained in this research report. In addition, said analyst has not received compensation from any subject company in the last 12 months. Ratings and Definitions 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 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 months. International Headquarters: The Raymond James Financial Center 880 Carillon Parkway St. Petersburg, Florida

7 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 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 Argentina S.A. 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 Europe (Raymond James Euro Equities SAS & Raymond James Financial International Limited) 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. Rating Distributions Coverage Universe Rating Distribution* Investment Banking Distribution RJA RJL RJ Arg RJEE/RJFI RJA RJL RJ Arg RJEE/RJFI Strong Buy and Outperform (Buy) 55% 66% 53% 48% 18% 42% 0% 0% Market Perform (Hold) 39% 31% 47% 38% 6% 14% 0% 0% Underperform (Sell) 6% 3% 0% 14% 5% 0% 0% 0% * Columns may not add to 100% due to rounding. Suitability Ratings (SR) Medium Risk/Income (M/INC) Lower to average risk equities of companies with sound financials, consistent earnings, and dividend yields above that of the S&P 500. Many securities in this category are structured with a focus on providing a consistent dividend or return of capital. Medium Risk/Growth (M/GRW) Lower to average risk equities of companies with sound financials, consistent earnings growth, the potential for long-term price appreciation, a potential dividend yield, and/or share repurchase program. High Risk/Income (H/INC) Medium to higher risk equities of companies that are structured with a focus on providing a meaningful dividend but may face less predictable earnings (or losses), more leveraged balance sheets, rapidly changing market dynamics, financial and competitive issues, higher price volatility (beta), and potential risk of principal. Securities of companies in this category may have a less predictable income stream from dividends or distributions of capital. International Headquarters: The Raymond James Financial Center 880 Carillon Parkway St. Petersburg, Florida

8 High Risk/Growth (H/GRW) Medium to higher risk equities of companies in fast growing and competitive industries, with less predictable earnings (or losses), more leveraged balance sheets, rapidly changing market dynamics, financial or legal issues, higher price volatility (beta), and potential risk of principal. High Risk/Speculation (H/SPEC) High risk equities of companies with a short or unprofitable operating history, limited or less predictable revenues, very high risk associated with success, significant financial or legal issues, or a substantial risk/loss of principal. Raymond James Relationship Disclosures Raymond James expects to receive or intends to seek compensation for investment banking services from the subject companies in the next three months. Company Name Continental Resources Inc. Disclosure Raymond James & Associates makes a market in shares of CLR. 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. Only stocks rated Strong Buy (SB1) or Outperform (MO2) have target prices and thus valuation methodologies. Target Prices: The information below indicates our target price and rating changes for CLR stock over the past three years. Valuation Methodology: Our valuation methodology for Continental is based on a net asset value (NAV) analysis and EV/EBITDA multiple. Risk Factors General Risk Factors: Following are some general risk factors that pertain to the businesses of the subject companies and the projected target prices and recommendations 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; or (4) External factors that affect the U.S. economy, interest rates, the U.S. dollar or major segments of the economy could alter investor confidence and investment prospects. International investments involve additional risks such as currency fluctuations, differing financial accounting standards, and possible political and economic instability. International Headquarters: The Raymond James Financial Center 880 Carillon Parkway St. Petersburg, Florida

9 Specific Investment Risks Related to the Industry or Issuer Oil and Gas Price Volatility Profitability of companies producing crude oil and natural gas is directly affected by changes in oil and gas prices. These prices are influenced by a multitude of regional, national and global factors, many of which are outside the control of companies in the industry. Supply-related factors include industrywide levels of capital spending and production decisions by OPEC. Demand-related factors include macroeconomic conditions. Company-Specific Risks for Continental Resources Inc. Significant Ownership by Management Continental's chairman and CEO owns approximately 70% of the company's common stock. As a result, he has the ability to exert a high degree of influence and control on all matters requiring stockholder approval. Also, he may in the future divest some or all of his Continental shares, which could lead to weakness in the share price. Gas and Oil Price Volatility Prices for natural gas and oil fluctuate widely, and Continental's revenues, profitability, and future growth depend substantially on prevailing prices for gas and oil. Also, lower oil and gas prices can influence the company's cash flow and capital available to reinvest in drilling projects, which could impact Continental's ability to grow its operations. Future Acquisition Risks Acquisitions are integral to Continental's business model, and future transactions are likely. Even though the company has previously been successful in executing and integrating several acquisitions, the success of future transactions or the availability of favorable future opportunities is difficult to predict. Ultimate transaction prices, economics, and form of consideration, future production, etc. can all affect future profitability and Continental's stock price performance. Potential Increases in Service Costs Future increases in drilling and other service costs could affect Continental's profitability. As industry participants begin to accelerate drilling activity in response to higher commodity prices, costs will likely rise. However, attractive rates of return may continue to be achievable, depending on the level of future commodity prices and Continental's hedging program. Additional Risk and Disclosure information, as well as more information on the Raymond James rating system and suitability categories, is available at rjcapitalmarkets.com/disclosures/index. Copies of research or Raymond James summary policies relating to research analyst independence can be obtained by contacting any Raymond James & Associates or Raymond James Financial Services office (please see raymondjames.com for office locations) or by calling , toll free or sending a written request to the Equity Research Library, Raymond James & Associates, Inc., Tower 3, 6 th Floor, 880 Carillon Parkway, St. Petersburg, FL 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 addressed, being persons who are Eligible Counterparties or Professional Clients as described in the FCA 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 Conduct 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 Conduct 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 clients of Raymond James Euro Equities: Raymond James Euro Equities is authorised and regulated by the Autorité de Contrôle Prudentiel et de Résolution and the Autorité des Marchés Financiers. International Headquarters: The Raymond James Financial Center 880 Carillon Parkway St. Petersburg, Florida

10 releasable resear ch Raymond James 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. For Canadian clients: This report is not prepared subject to Canadian disclosure requirements, unless a Canadian analyst has contributed to the content of the report. In the case where there is Canadian analyst contribution, the report meets all applicable IIROC disclosure requirements. 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 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. No copyright claimed in incorporated U.S. government works. International Headquarters: The Raymond James Financial Center 880 Carillon Parkway St. Petersburg, Florida