U.S. Research Published by Raymond James & Associates

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1 SBA Communications (SBAC-NASDAQ) Ric Prentiss, (727) , Alan Salinas, Sr. Res. Assoc., (727) , Telecommunications Services: Towers Leasing Revenue Set to Accelerate in 2017 and 2018; Target Price to $150 Recommendation: We reiterate our Strong Buy rating and increase our target price to $150 (from $128), or ~33% upside potential from current levels. We were glad to see SBAC deliver a beat and raise quarter in 2Q16, increasing the midpoints of 2016 guidance for AFFO and leasing revenues by 1.5% and 1.2%, respectively. Looking forward to 4Q16, 2017 and 2018 the company is poised to deliver accelerating net organic leasing revenue growth as we expect 1) the drag from iden churn to abate in 4Q16, 2) U.S. leasing trends to improve from late 2016 into 2017, and 3) current FX rates to become a tailwind vs. a major headwind over the last two years. Lastly, SBAC trades at just 16.2x our 2017 AFFO/share estimate (excluding the $16.5 million revenue reserve for Oi restructuring that SBAC took in 2Q16 that we assume is collected in 1Q17). This represents a significant discount to the 2017 multiples that AMT (~18x), CCI (~19x), and the median REIT (~20x) are trading at, and we expect SBAC will convert into a REIT in late 2017/early Guidance: SBAC raised the midpoint of leasing revenue guidance by $18 million, or 1.2%, due to higher U.S. leasing revenue and more favorable FX conditions. AFFO guidance was raised by $11 million, or 1.5%, for the same reasons as revenue and lower interest expense from a refinancing. The company did lower tower builds expected in 2016 for the second quarter in a row, this time to (vs and originally ) primarily due to Brazilian projects slipping out and to a lesser extent fewer opportunities to build towers with acceptable returns in the U.S. Buybacks: While management prefers to allocate capital to portfolio growth, if there are not enough opportunities to buy or build towers at acceptable returns, the company will likely continue to aggressively buy back its stock. Management reiterated that it believes shares are trading below intrinsic value and bought back $100 million worth of stock in 2Q16. Since our estimates don t include any unannounced M&A and we expect leverage to remain on the high side of the x target range, we assume the company repurchases $1 billion and $1.2 billion worth of stock in 2017 and 2018, respectively. Estimates: Even though SBAC excludes the $16.5 million Oi reserve from guidance, we include it in our numbers to be consistent with how American Tower is handling the same issue. We are thus reducing our 2016 AFFO/share estimate to $5.90 (from $6.01) vs. raising our estimate by $0.01 absent this one-time item. We are increasing our 2017 AFFO/share estimate to $7.09 (from $6.93) due to a lower cost of debt and collecting the $16.5 million Oi reserve in 1Q17. Lastly, we are introducing our initial 2018 AFFO/share estimate of $7.91 as SBAC heads towards its stated goal of at least $10 of AFFO/share in Valuation: We arrive at our YE17 target price of $150 by applying a 19x multiple to our 2018 AFFO/share estimate of $7.91, a discount to the Raymond James REIT coverage universe (excl. lodging) trading at ~20x. AFFO Q1 Q2 Q3 Q4 Full Total /Share Mar Jun Sep Dec Year Revenues (mil.) 2015A $1.41 $1.42 $1.43 $1.43 $5.69 $1,638 Old 2016E 1.45A ,641 New 2016E 1.45A 1.35A ,642 Old 2017E ,749 New 2017E ,740 Old 2018E NA NA NA NA NA NA New 2018E ,830 Rows may not add due to rounding. We define AFFO as C-EBITDA minus cost of debt minus maintenance capex minus taxes. Please read domestic and foreign disclosure/risk information beginning on page 3 and Analyst Certification on page 4. Published by Raymond James & Associates July 29, 2016 Company Comment Rating Strong Buy 1 Current and Target Price Current Price (Jul-28-16) $ Target Price: Old: $ New: $ Week Range $ $82.80 Suitability High Risk/Growth Market Data Shares Out. (mil.) Market Cap. (mil.) $14,116 Avg. Daily Vol. (10 day) 768,669 Dividend/Yield $0.00/0.0% BVPS (Jun-16) -$12.78 Net Debt (mil.)/% Cap. $8,323/85% Earnings & Valuation Metrics 2015A 2016E 2017E 2018E P/AFFO 19.8x 19.1x 15.9x 14.2x C-EBITDA (mil.) Old $1,095 $1,129 $1,227 NA New $1,095 $1,109 $1,241 $1,315 Company Description SBA Communications (SBAC), headquartered in Boca Raton, Florida, is one of the largest providers of communication tower space in the United States, Central America, and Brazil. SBA also provides customers with site development services in the U.S. International Headquarters: The Raymond James Financial Center 880 Carillon Parkway St. Petersburg, Florida

2 SBAC Financials ('000) Q15 2Q15 3Q15 4Q Q16 2Q16 3Q16E 4Q16E 2016E 1Q17E 2Q17E 3Q17E 4Q17E 2017E 1Q18E 2Q18E 3Q18E 4Q18E 2018E Domestic Towers 15,124 15,151 15,467 15,509 15,778 15,778 15,840 15,843 15,875 15,929 15,929 15,949 15,969 15,989 16,009 16,009 16,029 16,049 16,069 16,089 16,089 International Towers 9,168 9,242 9,341 9,602 9,687 9,687 9,748 9,827 9,952 10,137 10,137 10,237 10,337 10,437 10,537 10,537 10,637 10,737 10,837 10,937 10,937 Towers EOP 24,292 24,393 24,808 25,111 25,465 25,465 25,588 25,670 25,827 26,066 26,066 26,186 26,306 26,426 26,546 26,546 26,666 26,786 26,906 27,026 27,026 Domestic Site Leasing 1,157, , , , ,316 1,236, , , , ,850 1,275, , , , ,460 1,335, , , , ,616 1,407,158 Same-tower net cash growth y/y 7.3% 6.0% 5.0% 2.5% 5.2% 2.9% 3.2% 3.2% 5.5% 3.7% 6.5% 7.0% 7.0% 7.0% 6.9% 6.5% 7.0% 7.0% 5.9% 6.6% International Site Leasing 202,909 63,777 63,101 58,862 58, ,876 59,220 65,001 68,000 70, ,385 73,437 75,500 76,569 78, ,487 82,685 85,022 86,233 88, ,903 Same-tower net cash growth y/y 10.0% 11.5% 11.5% 11.0% 11.1% 12.1% 10.1% 10.0% 10.0% 10.6% 10.0% 11.0% 12.0% 13.0% 11.6% 13.0% 13.0% 13.0% 13.0% 13.0% Site Leasing Revenue 1,360, , , , ,452 1,480, , , , ,014 1,537, , , , ,442 1,640, , , , ,580 1,750,061 y/y growth 20.1% 19.5% 8.8% 6.6% 1.9% 8.9% 1.3% 3.1% 4.6% 6.4% 3.8% 6.5% 6.8% 6.6% 6.7% 6.7% 6.6% 7.0% 7.0% 6.2% 6.7% Cash Tower Revenue 1,303, , , , ,489 1,431, , , , ,389 1,503, , , , ,617 1,621, , , , ,555 1,750,761 y/y growth 22.1% 19.2% 9.8% 8.4% 3.2% 9.8% 2.8% 4.4% 5.5% 7.2% 5.0% 7.4% 7.9% 8.1% 8.1% 7.9% 7.9% 8.3% 8.3% 7.4% 8.0% 10.8% 7.5% 6.5% 6.1% 3.6% 5.9% 4.2% 4.1% 4.0% 6.1% 4.6% 6.9% 7.5% 7.7% 7.9% 7.5% 7.5% 7.9% 7.9% 7.0% 7.6% NOC Growth Rate Site Development Revenue 166,794 40,367 40,242 38,742 38, ,840 25,319 23,689 25,000 30, ,008 25,000 25,000 25,000 25, ,000 20,000 20,000 20,000 20,000 80,000 Total Operating Revenue 1,526, , , , ,941 1,638, , , , ,014 1,641, , , , ,442 1,740, , , , ,580 1,830,061 Cost of Site Leasing 301,311 80,217 81,731 81,346 81, ,651 82,762 86,493 86,245 87, ,528 86,402 88,361 89,851 90, ,411 92,470 94,927 96,554 96, ,874 Domestic Cost of Leasing 247,235 61,686 63,563 63,587 63, ,488 64,475 66,199 65,844 65, ,498 65,105 66,466 67,646 67, ,110 68,491 70,271 71,547 71, ,432 International Cost of Leasing 54,076 18,531 18,168 17,759 17,705 72,163 18,287 20,294 20,400 21,049 80,030 21,297 21,895 22,205 22,905 88,301 23,979 24,656 25,008 25,800 99,442 Cost of Site Development 127,173 30,893 30,381 30,387 28, ,744 19,833 20,074 20,000 24,000 83,907 20,000 20,000 20,000 20,000 80,000 16,000 16,000 16,000 16,000 64,000 Domesic Tower Cash Flow 909, , , , , , , , , ,652 1,029, , , , ,249 1,097, , , , ,174 1,170,450 International Tower Cash Flow 129,066 39,429 39,852 36,606 36, ,379 37,035 40,929 43,894 45, ,467 48,834 50,499 51,458 53, ,162 56,200 58,059 59,120 61, ,637 Tower Cash Flow 1,038, , , , ,542 1,141, , , , ,261 1,196, , , , ,620 1,301, , , , ,432 1,405,088 TCF Margin 79.7% 79.9% 79.5% 79.8% 79.7% 79.7% 79.7% 79.4% 79.7% 79.7% 79.6% 80.2% 80.2% 80.3% 80.3% 80.3% 80.2% 80.2% 80.3% 80.3% 80.3% Site Development Gross Profit 39,621 9,474 9,861 8,355 10,406 38,096 5,486 3,615 5,000 6,000 20,101 5,000 5,000 5,000 5,000 20,000 4,000 4,000 4,000 4,000 16,000 Gross Profit 1,098, , , , ,501 1,194, , , , ,986 1,215, , , , ,645 1,304, , , , ,657 1,385,188 SG&A Expense 103,316 29,884 28,262 27,872 28, ,951 30,406 47,664 31,468 30, ,439 14,922 32,087 32,610 32, ,503 33,386 34,228 34,797 34, ,255 Add: Non-Cash Compensation and other 24,152 7,445 8,616 7,145 7,308 30,514 8,240 9,294 7,500 7,500 32,534 8,000 8,000 8,000 8,000 32,000 8,000 8,000 8,000 8,000 32,000 Add: Net Non-Cash Tower Adjustment (20,595) (5,519) (4,695) (3,087) (1,553) (14,854) (353) 1,019 (175) 1,275 1,766 2,375 3,575 4,775 5,975 16,700 7,175 8,375 9,575 10,775 35,900 C-EBITDA 998, , , , ,323 1,094, , , , ,860 1,108, , , , ,737 1,240, , , , ,589 1,315,833 Margin % 65.4% 66.1% 66.8% 67.0% 67.4% 66.8% 68.7% 64.5% 68.5% 68.4% 67.6% 73.8% 70.2% 70.5% 70.8% 71.3% 71.5% 71.8% 72.0% 72.2% 71.9% Depreciation and Amortization 627, , , , , , , , , , , , , , , , , , , , ,880 Interest Expense, net 336,610 82,185 83,141 85,853 87, ,130 87,658 86,730 87,079 87, ,071 88,557 89,681 90,906 92, ,408 93,588 94,825 96,144 97, ,154 Other Income (Loss) (47,176) (91,129) 5,717 (174,967) 13,811 (246,568) 36,535 29,864 (20,500) (17,000) 28,899 (1,000) (1,000) (1,000) (1,000) (4,000) (1,000) (1,000) (1,000) (1,000) (4,000) Income Taxes 8,636 2,963 2,224 1,926 1,948 9,061 2,205 2, ,293 2,467 1,816 1,920 1,889 8,092 1,915 2,165 2,282 2,133 8,495 Net Income (24,296) (79,030) 28,305 (155,946) 31,019 (175,652) 53,639 32,711 7,961 12, ,996 46,867 34,500 36,474 35, ,739 36,386 41,129 43,366 40, ,404 Shares Outstanding 128, , , , , , , , , , , , , , , , , , , , ,463 Diluted Shares 131, , , , , , , , , , , , , , , , , , , , ,463 Dilluted EPS ($0.19) ($0.61) $0.22 ($1.23) $0.24 ($1.38) $0.43 $0.26 $0.06 $0.10 $0.85 $0.38 $0.29 $0.31 $0.30 $1.28 $0.31 $0.36 $0.38 $0.36 $1.41 AFFO ('000) Q15 2Q15 3Q15 4Q Q16 2Q16 3Q16E 4Q16E 2016E 1Q17E 2Q17E 3Q17E 4Q17E 2017E 1Q18E 2Q18E 3Q18E 4Q18E 2018E C-EBITDA 998, , , , ,323 1,094, , , , ,860 1,108, , , , ,737 1,240, , , , ,589 1,315,833 Maintenance Cap Ex 27,244 7,376 8,539 8,727 8,958 33,600 7,824 8,749 8,903 8,960 34,435 9,338 9,374 9,410 9,446 37,567 9,482 9,518 9,554 9,590 38,143 Cash Taxes 5,931 1,257 2,625 1,490 1,478 6,850 2,088 2,209 2,139 2,219 8,655 2,758 2,520 2,586 2,601 10,465 2,638 2,762 2,836 2,805 11,041 Cost of Debt 291,925 77,361 78,193 80,601 82, ,471 81,938 80,945 82,079 82, ,566 83,557 84,681 85,906 87, ,408 88,588 89,825 91,144 92, ,154 Other 6,055 (457) (403) (443) (463) (1,766) (455) (401) - - (856) AFFO 679, , , , , , , , , , , , , , , , , , , , ,494 AFFO per Share ($) $5.22 $1.41 $1.42 $1.43 $1.43 $5.69 $1.45 $1.35 $1.53 $1.58 $5.90 $1.78 $1.72 $1.78 $1.81 $7.09 $1.87 $1.96 $2.03 $2.05 $7.91 YoY growth 27.4% 19.4% 8.2% 7.4% 2.4% 9.0% 2.2% -5.2% 6.8% 10.8% 3.7% 23.3% 27.7% 16.1% 14.7% 20.1% 4.7% 13.8% 14.1% 13.3% 11.5% Balance Sheet ('000) Q15 2Q15 3Q15 4Q Q16 2Q16 3Q16E 4Q16E 2016E 1Q17E 2Q17E 3Q17E 4Q17E 2017E 1Q18E 2Q18E 3Q18E 4Q18E 2018E 97, , , , , , , , , , , , , , , , , , , , ,418 Cash Debt 7,860,574 7,963,579 8,256,400 8,486,850 8,542,305 8,542,305 8,472,270 8,482,803 8,781,850 8,851,850 8,851,850 8,971,850 9,091,850 9,236,850 9,381,850 9,381,850 9,501,850 9,621,850 9,766,850 9,911,850 9,911,850 Net Debt 7,763,063 7,854,954 8,138,794 8,366,092 8,398,207 8,398,207 8,343,158 8,323,179 8,461,517 8,548,878 8,548,878 8,648,978 8,724,489 8,829,560 8,937,921 8,937,921 9,089,142 9,203,270 9,345,259 9,492,432 9,492,432 Leverage (Run-Rate) 7.3x 7.2x 7.4x 7.6x 7.7x 7.7x 7.6x 8.0x 7.5x 7.4x 7.4x 6.9x 7.2x 7.1x 7.1x 7.1x 7.1x 7.0x 7.0x 7.1x 7.1x Capital Redeployment ('000) Q15 2Q15 3Q15 4Q Q16 2Q16 3Q16E 4Q16E 2016E 1Q17E 2Q17E 3Q17E 4Q17E 2017E 1Q18E 2Q18E 3Q18E 4Q18E 2018E Cumulative Share Repurchases (18,414) (18,414) (19,719) (21,914) (22,396) (22,396) (22,903) (23,926) (25,665) (27,304) (27,304) (29,242) (31,080) (32,829) (34,495) (34,495) (36,495) (38,495) (40,495) (42,495) (42,495) Repurchase Price/Share Buy Back Value ($) , ,000 50, ,000 50, , , , , , , , ,000 1,000, , , , ,000 1,200,000 Shares Bought - - 1,305 2, , ,022 1,739 1,639 4,908 1,938 1,838 1,748 1,667 7,191 2,000 2,000 2,000 2,000 8,000 Dividend/Share Dividend Augmentation Capex 72,329 22,232 14,967 11,494 12,717 61,410 9,292 10,104 9,000 9,000 37,396 12,000 12,000 12,000 12,000 48,000 12,000 12,000 12,000 12,000 48,000 Discretionary Cap Ex ($) 1,783, , , , , , ,081 82,724 82,300 36, ,605 37,000 37,000 37,000 37, ,000 37,000 37,000 37,000 37, ,000 Total Cash Redeployment ($) 1,783, , , , ,257 1,234, , , , , , , , , ,000 1,148, , , , ,000 1,348,000 International Headquarters: The Raymond James Financial Center 880 Carillon Parkway St. Petersburg, Florida

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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 covering analyst and/or research associate owns shares of the common stock of SBA Communications. 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. International Headquarters: The Raymond James Financial Center 880 Carillon Parkway St. Petersburg, Florida

4 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. 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) 54% 69% 56% 51% 19% 39% 10% 0% Market Perform (Hold) 42% 30% 44% 36% 6% 15% 0% 0% Underperform (Sell) 4% 2% 0% 14% 3% 0% 0% 0% * Columns may not add to 100% due to rounding. International Headquarters: The Raymond James Financial Center 880 Carillon Parkway St. Petersburg, Florida

5 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. 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 SBA Communications Disclosure Raymond James & Associates makes a market in shares of SBAC. Raymond James & Associates received non-securities-related compensation from SBAC within the past 12 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. 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 SBAC stock over the past three years. Valuation Methodology: Our valuation methodology for SBAC takes into consideration the company's projected equity/affo multiple and AFFO growth rate. The basis of this valuation technique is in an earnings model that is available upon request. International Headquarters: The Raymond James Financial Center 880 Carillon Parkway St. Petersburg, Florida

6 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. Specific Investment Risks Related to the Industry or Issuer Company-Specific Risks for SBA Communications Demand for Tower Space We assume SBA is able to purchase additional towers at reasonable prices. SBA's ability to grow its tower cash flows, EBITDA, and free cash flow is largely contingent upon wireless carriers continuing to have incremental demand for tower space. SBA has operations in Brazil and thus has exposure to currency fluctuations. Leverage SBA Communications has a significant amount of debt relative to its current cash flows. 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. 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. International Headquarters: The Raymond James Financial Center 880 Carillon Parkway St. Petersburg, Florida

7 releasable resear ch Raymond James 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