Corporations & Institutions Global Equities & Investment Banking Equity Research Equity Research Broad scope, deep coverage. Having the right resources, tools and information can make all the difference when you’re investing. That’s why at Raymond James, we are committed to being one of the premier research providers covering growth companies and serving the institutional and retail communities that invest in them. Raymond James Equity Research serves as a cornerstone of the firm, with more than 60 research analysts who cover more than 1,100 companies in nine highly focused industries in North America. Our analysts possess more than 15 years of experience, on average, which affords them the wisdom to make informed investment recommendations. While our focus remains on small and mid- capitalization companies, our supply chain approach and desire to develop deep sector expertise results in substantial coverage of large-cap companies as well, ensuring we can provide stock recommendations across the market cap spectrum. Our fundamental approach incorporates our view of an industry’s complete supply chain from key suppliers to manufacturers to distributors to end users. This comprehensive coverage is designed to help investors “connect the dots” in key industries and across national borders and is often supported by proprietary research including surveys, deep dives and access to industry experts. Overall, we seek to leverage information from a multitude of sources and offer informed investment perspectives. In addition to our company- and industry-focused research, we offer deep insights into public policy issues, including Washington policy and healthcare policy. Additionally, our institutional equity strategy team provides unique and differentiated insights that are geared toward senior investment professionals, portfolio managers and generalists, and is highly complementary to our fundamental research offering. Our research can be further complemented by the expertise of the Raymond James Investment Strategy team, including our chief investment officer, chief economist, and our Equity Portfolio & Technical Strategy team. By the Numbers Raymond James is regularly recognized as a top provider of equity research. Currently ranked in the top five of research providers in North America for the number of companies under coverage and in the top three for North American SMID-cap research. Ranked #1 in three categories and #2 in six categories by Greenwich Associates in 2020. Our recognition includes thematic and forward-looking research, knowledge of companies and industries, and client service intensity. The firm ranks in the top 10 among all brokers in the U.S. in the StarMine Analyst Awards from Refinitiv over the past 10-year period for total awards won. Disclosures for these awards can be found here. Industry Coverage Consumer Our Consumer equity research team Our U.S. coverage includes beauty, personal care and household products, building products, furniture and furnishings suppliers, hardline retail, leisure products, and restaurants. We also cover consumer and retail companies based in Canada. Energy Our Energy team is one of the largest in Raymond James’ equity research offering, with Our U.S. team covers the sectors of exploration & production, independent refiners, integrated oil & gas, midstream suppliers and renewable energy and clean technology. Our Canadian team covers oil & gas producers, oil & gas energy services, and power & energy infrastructure. Overall, our coverage includes companies throughout the production and distribution chain of both fossil fuels and emerging renewable energy and clean technology resources. Financial Services The Financial Services equity research team spanning the four key sectors of banking, capital markets, insurance, and specialty finance. The majority of the companies under coverage are in the banking sector; our coverage of this sector is among the broadest in the U.S. and includes large-cap multinational financial institutions and small-cap community banks located throughout the U.S, plus a broad array of national and larger regional banks. We also cover the diversified financials sector in Canada. Healthcare Our coverage of the Healthcare industry . Our North American team covers alternate site healthcare providers, animal health, biotechnology, diagnostics & clinical laboratories, healthcare information technology, healthcare supply chain services, hospitals, integrated benefits management, medical devices, and specialty pharmaceuticals. Industrial The Industrial equity research team based throughout North America in the sectors of agribusiness, chemicals, construction materials, forest products, infrastructure & construction, machinery, specialty/industrial distribution, and waste & industrial services. Infrastructure & construction includes coverage of the construction, engineering, and equipment distributors segments in Canada. Specialty/industrial distribution includes distributors of various construction and industrial supplies in the U.S., and waste & industrial services includes waste collection and industrial services providers throughout North America. Mining The Mining team covers based throughout Canada. The Canada-based mining team boasts a broad coverage universe encompassing the segments of base metals and minerals, precious metals, and uranium. Real Estate Our Real Estate research team including housing, lodging, and REITs focused on the healthcare, hotel, industrial, mortgage, net lease, residential, self-storage, shopping center, and timber sectors. In addition to the usual periodic company-specific research, our real estate team offers clients access to a variety of comprehensive quarterly and annual industry overviews that detail both recent significant events and the prospects for the industry, plus the companies within it. Technology & Communications Technology & Communications coverage operating in 13 sectors spanning the entire IT supply chain. The hallmark of Raymond James’ technology & communications research is an expansive look at the channels and markets for technology products and providers in addition to broad-ranging company-specific research, a necessary approach in this dynamic industry. Our coverage universe includes smaller, leading edge companies and the most widely known companies in this vital industry. The bulk of our coverage focuses on companies based in North America, though many operate worldwide. Our analysts cover the sectors of advanced industrial technology, application software, connected devices, data infrastructure, financial technology & payments, IT hardware, Internet, IT supply chain, IT services, semiconductors, software/IT services, and telecommunications services. Transportation Our coverage of the Transportation industry . Our coverage universe includes the sectors of airlines and a wide array of segments within the broader transportation services sector. We cover airlines based in the U.S., Canada, Europe, and Latin America; our coverage includes the hybrid carriers, legacy carriers, low cost carriers, and regional carriers operating throughout these four regions. On the transportation services side, we cover companies operating in the railroads, trucking, and intermodal and asset-light logistics segments throughout North America, in addition to the major parcel carriers based in the U.S. (but operating worldwide). Macro Insights As business and policy increasingly intersect, there’s a deep need to understand how regulatory issues will impact the industries we cover now and in the future. Our team includes specialized analysts who offer added layers of insight and context to better support our research and your investment decisions. Our Washington policy analyst, Ed Mills, concentrates on the impact of Wall Street reform and housing finance policy on the financial markets and provides in-depth analysis of student lending, budget, and corporate taxation policy. He is frequently consulted by policymakers and stakeholders, and his work has been featured extensively in media outlets, including , , , and CNBC. Chris Meekins, our healthcare policy analyst, focuses on key regulatory and policy issues impacting the healthcare sector, enabling our analysts to deliver differentiated investment ideas to our retail and institutional clients. His broad and deep knowledge of our healthcare system allows him to connect the dots between policy, business fundamentals and equity values. Our institutional equity strategist, Tavis McCourt, works collaboratively with our fundamental research analysts to identify key investment themes that may cross sectors, regions and asset classes – providing timely investment ideas, particularly in the small- and mid-cap space. It’s a different approach from many other institutional strategists, who tend to operate independent from fundamental research teams while focusing on large-cap stocks. Small and mid-cap securities generally involve greater risks and are not suitable for all investors. Companies engaged in business related to a specific sector are subject to fierce competition and their products and services may be subject to rapid obsolescence. There are additional risks associated with investing in an individual sector, including limited diversification. International investing involves additional risks such as currency fluctuations, differing financial accounting standards, and possible political and economic instability. These risks are greater in emerging markets. Explore featured research Find extensive research gathered by our experienced analysts in nine focused industries. Learn More Disclosures & Definitions To better understand our offerings at Raymond James Equity Research, review these key terms and disclosures. Learn More Log in to Equity Research Institutional clients can find find recommended lists, market commentaries, equity research, and company information when you log in to your account. If you are already a client but do not have a log-in, or if you do have a log-in but would like to gain access to the equity research of an additional region, please contact your institutional salesperson. Interested in becoming a client of Raymond James? Please contact rjsales@raymondjames.com and a member of the institutional sales department will be in touch to assist you. 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