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Daily Letter |128 January 2014______

Canaccord Genuity is the global capital markets group of Canaccord Genuity Group Inc. (CF : TSX | CF. : LSE)The recommendations and opinions expressed in this research report accurately reflect the Investment Analysts personal independentand objective views about any and all the Designated Investments and Relevant Issuers discussed herein. For important information,please see the Important Disclosures section in the appendix of this document or visit Canaccord Genuitys OnlineDisclosure Database.

Under ArmourCamilo Lyon - Canaccord Genuity Inc. (US)[email protected] 212.849.3978

Patrick O Brien - Canaccord Genuity Inc. (US)[email protected] 212.849.3915

UA : NYSE : US$82.93 BUY

Target: US$92.00

COMPANY STATISTICS:

Market Cap (000s): US$8,849.9

52-week Range: 44.32 - 83.40

Avg. Daily Vol.: 2,005.6

EARNINGS SUMMARY:FYE Dec 2012A 2013E 2014EP/Sales: 4.8x 3.9x 3.2xP/E: 66.2x 55.6x 44.9x

Revenue: Q1 384.4 471.6A 583.8Q2 369.5 454.5A 554.2

Q3 575.2 723.1A 879.6

Q4 505.9 623.1 767.7

Total 1,834.9 2,272.4 2,785.3

EPS: Q1 0.14 0.07A 0.11Q2 0.06 0.16A 0.22

Q3 0.54 0.68A 0.80

Q4 0.47 0.53 0.66

Total 1.21 1.44 1.78

SHARE PRICE PERFORMANCE:

Source: Interactive Data Corporation

COMPANY DESCRIPTION:Under Armour is a leading manufacturer of athleticapparel, footwear, and accessories. The company sellsthrough wholesale channels of distribution, factory outletstores, and through its e-commerce platform.Geographically, North America represents 94% of UA'ssales with the remaining 6% from international countries.

All amounts in US$ unless otherwise noted.

Consumer & Retail -- Footwear and Apparel

SOLID MOMENTUM CONTINUINGINTO 2014; REITERATE BUY

Investment recommendation

UA will report Q4 results on Thursday, January 30. We believe our 53c

EPS estimate will prove conservative as our checks suggest favorable

weather drove solid sales growth of outerwear, particularly fleece and

UAs latest platform, ColdGear Infrared. Moreover, we suspect limited

discounting and no further action from the Canadian Customs helped

preserve gross margin, suggesting it could be closer to flat than to our

estimate for 56bps of gross margin contraction. That said, we acknowledg

a portion of EPS upside will likely be reinvested into longer-term brand-

enhancing projects such as international expansion (as UA has clearly

stated); however, we are focusing on the consistency of the 20%-25% sales

growth trajectory as this tends to be the more accurate barometer of shar

gains both domestically and abroad. We reiterate our BUY rating.

Investment highlights

We see upside potential to our Q4 23% sales growth estimatestemming from a full in-stock position in fleece vs. last year, the

likelihood of seasonal ColdGear reorders, DTC growth, and an

incremental ~130 shop-in-shops at DKS.

We expect 2014 sales growth to be boosted by both ASP growth fromnew innovations (e.g., MagZig and CGI) and unit growth as UA

expands its womens and kids offerings as well as its international

penetration with particular focus on Latin America.

We expect 2014 guidance will be updated, but with only modest (andprudent) tweaks to sales and margins, given recent challenges to the

overall retail landscape.

Valuation

Our $92 target is a blend of 40x 2015E EPS, 20x EBITDA, and DCF.

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Daily Letter |228 January 2014

Figure 1: Projected UA income statement

Under Armour, Inc.December Fiscal

Income Statement 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13E 1Q14E 2Q14E 3Q14E 4Q14E 2010 2011 2012 2013E 2014E 2015E

Revenue

Apparel 283.3 252.8 444.6 404.5 345.5 310.2 560.9 501.6 421.5 378.5 684.3 612.0 853.5 1,122.0 1,385.4 1,718.3 2,096.3 2,557.5

Footw ear 63.7 67.4 63.2 44.7 80.8 81.7 81.0 47.8 109.1 102.1 101.3 69.4 127.2 181.7 239.0 291.3 381.8 487.7

Accessories 29.6 39.2 54.4 42.6 36.1 51.0 64.4 57.5 43.3 61.2 76.0 67.9 43.9 132.4 165.8 209.0 248.4 301.3

Total Net Sales 376.6 359.5 562.2 491.8 462.4 442.9 706.3 607.0 573.9 541.8 861.5 749.2 1,024.6 1,436.1 1,790.1 2,218.6 2,726.4 3,346.5

Licensing revenues 7.8 10.0 13.0 14.0 9.2 11.6 16.9 16.1 9.9 12.5 18.0 18.5 39.4 36.6 44.8 53.8 58.9 65.5

Total Net Revenue 384.4 369.5 575.2 505.9 471.6 454.5 723.1 623.1 583.8 554.2 879.6 767.7 1,063.9 1,472.7 1,834.9 2,272.4 2,785.3 3,412.0

COGS 209.2 200.0 294.8 251.6 255.1 234.9 373.0 313.4 312.3 282.7 451.2 383.9 533.4 759.8 955.6 1,176.4 1,430.1 1,738.9

Gross Prof it 175.2 169.5 280.4 254.2 216.6 219.6 350.1 309.7 271.4 271.6 428.3 383.9 530.5 712.8 879.3 1 ,096.0 1 ,355.2 1 ,673.1

SG&A 150.8 157.7 189.4 172.6 203.1 187.3 229.3 214.3 251.0 232.2 283.2 264.9 418.2 550.1 670.6 834.0 1,031.3 1,273.8

Operating Income 24.4 11.7 91.0 81.6 13.5 32.3 120.8 95.3 20.4 39.3 145.1 119.0 112.4 162.8 208.7 262.0 323.9 399.2

Other Income, net (1.3) (0.8) (1.3) (1.8) (0.5) (1.5) (0.8) ( 0.5) (0.5) (0.5) (0.5) (0.5) (3.4) (5.9) (5.3) (3.3) (2.0) (2.0)

Pretax Income 23.1 10.9 89.6 79.8 13.0 30.8 120.0 94.8 19.9 38.8 144.6 118.5 108.9 156.9 203.4 258.7 321.9 397.2

Taxes 8.5 4.2 32.3 29.6 5.2 13.2 47.2 37.9 8.0 15.5 57.9 47.4 40.4 59.9 74.7 103.6 128.8 151.0

Net Income $14.7 $6.7 $57.3 $50.1 $7.8 $17.6 $72.8 $56.9 $12.0 $23.3 $86.8 $71.1 $68.5 $96.9 $128.8 $155.1 193.1 246.3

EPS, diluted $0.14 $0.06 $0.54 $0.47 $0.07 $0.16 $0.68 $0.53 $0.11 $0.22 $0.80 $0.66 $0.67 $0.92 $1.21 $1.44 $1.78 $2.27

First Call Consensus $0.12 $0.05 $0.52 $0.46 $0.03 $0.14 $0.66 $0.53 $0.11 $0.21 $0.81 $0.65 $1.25 $1.84 $1.20 $1.44 $1.78 $2.24

Shares outstanding, diluted 105.7 106.0 106.8 107.1 107.1 107.4 107.8 108.3 108.3 108.3 108.3 108.3 102.6 105.1 106.4 107.6 108.3 108.3

Margin Analysis

Gross Margin Total 45.6% 45.9% 48.7% 50.3% 45.9% 48.3% 48.4% 4 9.7% 46.5% 49.0% 48.7% 50.0% 49.9% 48.4% 47.9% 48.2% 48.7% 49.0%

y/y change (bps) (0.81%) (0.40%) 0.39% (1.32%) 0.34% 2.45% (0.33%) (0.56%) 0.58% 0.68% 0.28% 0.30% 1.97% (1.46%) (0.48%) 0.31% 0.43% 0.38%

SG&A 39.2% 42.7% 32.9% 34.1% 43.1% 41.2% 31.7% 34.4% 43.0% 41.9% 32.2% 34.5% 39.3% 37.4% 36.5% 36.7% 37.0% 37.3%

le ve rag e/( dele ver ag e) 0 .3 9% ( 0. 33 %) ( 0. 68 %) 3. 73 % ( 3. 83 %) 1. 48 % 1. 22 % ( 0. 27 %) 0. 06 % ( 0. 69 %) ( 0. 49 %) ( 0. 10 %) ( 1. 37 %) 1. 95 % 0 .8 0% ( 0. 16 %) ( 0. 32 %) ( 0. 31 %)

EBIT Margin 6.3% 3.2% 15.8% 16.1% 2.9% 7.1% 16.7% 15.3% 3.5% 7.1% 16.5% 15.5% 10.6% 11.1% 11.4% 11.5% 11.6% 11.7%

Other income (0.3%) (0.2%) (0.2%) (0.4%) (0.1%) (0.3%) (0.1%) (0.1%) (0.1%) (0.1%) (0.1%) (0.1%) (0.3%) (0.4%) (0.3%) (0.1%) (0.1%) (0.1%)

Taxes 36.6% 38.9% 36.1% 37.1% 39.9% 43.0% 39.4% 40.0% 40.0% 40.0% 40.0% 40.0% 37.1% 38.2% 36.7% 40.1% 40.0% 38.0%

Net Income 3.8% 1.8% 10.0% 9.9% 1.7% 3.9% 10.1% 9.1% 2.0% 4.2% 9.9% 9.3% 6.4% 6.6% 7.0% 6.8% 6.9% 7.2%

Growth Analysis

Revenue

Apparel 22.9% 23.5% 22.4% 25.1% 22.0% 22.7% 26.1% 24.0% 22.0% 22.0% 22.0% 22.0% 30.9% 31.5% 23.5% 24.0% 22.0% 22.0%

Footw ear 23.8% 43.8% 21.4% 42.7% 26.9% 21.1% 28.3% 7.0% 35.0% 25.0% 25.0% 45.0% ( 6.6%) 42.9% 31.5% 21.9% 31.1% 27.8%

Accessories 25.9% 21.1% 37.1% 15.8% 21.8% 30.1% 18.4% 35.0% 20.0% 20.0% 18.0% 18.0% 25.1% 201.7% 25.3% 26.0% 18.8% 21.3%

Total Net Sales 23.3% 26.6% 23.5% 25.6% 22.8% 23.2% 25.6% 23.4% 24.1% 22.3% 22.0% 23.4% 24.5% 40.2% 24.7% 23.9% 22.9% 22.7%

Licensing revenues 7.2% 37.1% 24.8% 20.7% 18.8% 16.7% 29.4% 15.0% 7.0% 7.0% 7.0% 15.0% 18.1% (7.1%) 22.5% 20.2% 9.4% 11.2%

Total Net Revenue 22.9% 26.8% 23.6% 25.5% 22.7% 23.0% 25.7% 23.2% 23.8% 21.9% 21.6% 23.2% 24.2% 38.4% 24.6% 23.8% 22.6% 22.5%

Gross Prof it Dollars 20.8% 25.7% 24.6% 22.3% 23.6% 29.6% 24.9% 21.8% 25.4% 23.6% 22.3% 24.0% 29.4% 34.4% 23.4% 24.6% 23.7% 23.5%

Gr os s Pr of it Dollars ex -lic ens ing rev s 21.5% 25.1% 24.6% 22.4% 23.8% 30.4% 24.7% 22.2% 26.2% 24.6% 23.1% 24.5% 30.3% 37.7% 23.4% 24.9% 24.4% 24.0%

SG&A 21.7% 27.8% 26.2% 13.1% 34.7% 18.7% 21.1% 24.2% 23.6% 24.0% 23.5% 23.6% 28.7% 31.5% 21.9% 24.4% 23.7% 23.5%

EBIT 15.4% 3.2% 2 1.4% 4 7.5% (44.7%) 175.7% 3 2.8% 1 6.8% 5 1.4% 2 1.8% 2 0.1% 2 4.8% 31.8% 4 4.9% 2 8.2% 2 5.5% 2 3.6% 2 3.3%

Net Income 20.8% 6.8% 24.6% 54.0% (46.7%) 163.4% 27.0% 13.5% 53.0% 32.7% 19.2% 25.0% 46.3% 41.5% 32.9% 20.4% 24.6% 27.5%

EPS 19.7% 5.9% 22.6% 51.5% ( 47.4%) 159.9% 25.8% 12.3% 51.3% 31.6% 18.6% 25.0% 44.5% 38.2% 31.2% 19.0% 23.8% 27.5% Source: Company reports, Canaccord Genuity research

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APPENDIX: IMPORTANT DISCLOSURESAnalyst Certification: Each authoring analyst of Canaccord Genuity whose name appears on the front page of this research hereby

certifies that (i) the recommendations and opinions expressed in this research accurately reflect the authoringanalysts personal, independent and objective views about any and all of the designated investments orrelevant issuers discussed herein that are within such authoring analysts coverage universe and (ii) no partof the authoring analysts compensation was, is, or will be, directly or indirectly, related to the specificrecommendations or views expressed by the authoring analyst in the research.

Analysts employed outside the US are not registered as research analysts with FINRA. These analysts maynot be associated persons of Canaccord Genuity Inc. and therefore may not be subject to the NASD Rule 2711and NYSE Rule 472 restrictions on communications with a subject company, public appearances and tradingsecurities held by a research analyst account.

Compendium Report: If this report covers six or more subject companies, it is a compendium report and Canaccord Genuity and itsaffiliated companies hereby direct the reader to the specific disclosures related to the subject companiesdiscussed in this report, which may be obtained at the following website (provided as a hyperlink if thisreport is being read electronically)http://disclosures.canaccordgenuity.com/EN/Pages/default.aspx;or bysending a request to Canaccord Genuity Corp. Research, Attn: Disclosures, P.O. Box 10337 Pacific Centre,2200-609 Granville Street, Vancouver, BC, Canada V7Y 1H2; or by sending a request by email [email protected] reader may also obtain a copy of Canaccord Genuitys policies andprocedures regarding the dissemination of research by following the steps outlined above.

Site Visit: An analyst has visited the issuer's material operations in Baltimore, Maryland. No payment orreimbursement was received from the issuer for the related travel costs.

Price Chart:*

Distribution of Ratings:Global Stock Ratings(as of 31 December 2013)

Coverage UniverseIB ClientsRating % %

Buy 564 57.0% 38.1%Speculative Buy 47 4.7% 42.6%Hold 325 32.8% 11.4%Sell 50 5.1% 6.0%

990 100.0%*Total includes stocks that are Under Review
http://disclosures.canaccordgenuity.com/EN/Pages/default.aspxhttp://disclosures.canaccordgenuity.com/EN/Pages/default.aspxhttp://disclosures.canaccordgenuity.com/EN/Pages/default.aspxhttp://disclosures.canaccordgenuity.com/EN/Pages/default.aspx

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Canaccord GenuityRatings System:

BUY:The stock is expected to generate risk-adjusted returns of over 10% during the next 12 months.HOLD:The stock is expected to generate risk-adjusted returns of 0-10% during the next 12 months.SELL:The stock is expected to generate negative risk-adjusted returns during the next 12 months.NOT RATED:Canaccord Genuity does not provide research coverage of the relevant issuer.Risk-adjusted return refers to the expected return in relation to the amount of risk associated with thedesignated investment or the relevant issuer.

Risk Qualifier: SPECULATIVE:Stocks bear significantly higher risk that typically cannot be valued by normal fundamentalcriteria. Investments in the stock may result in material loss.

Canaccord Genuity Research Disclosures as of 28 January 2014Company DisclosureUnder Armour 5, 71 The relevant issuer currently is, or in the past 12 months was, a client of Canaccord Genuity or its affiliated

companies. During this period, Canaccord Genuity or its affiliated companies provided the following servicesto the relevant issuer:

A. investment banking services.

B. non-investment banking securities-related services.

C. non-securities related services.

2 In the past 12 months, Canaccord Genuity or its affiliated companies have received compensation forCorporate Finance/Investment Banking services from the relevant issuer.

3 In the past 12 months, Canaccord Genuity or any of its affiliated companies have been lead manager, co-leadmanager or co-manager of a public offering of securities of the relevant issuer or any publicly disclosed offerof securities of the relevant issuer or in any related derivatives.

4 Canaccord Genuity acts as corporate broker for the relevant issuer and/or Canaccord Genuity or any of itsaffiliated companies may have an agreement with the relevant issuer relating to the provision of CorporateFinance/Investment Banking services.

5 Canaccord Genuity or one or more of its affiliated companies is a market maker or liquidity provider in thesecurities of the relevant issuer or in any related derivatives.

6 In the past 12 months, Canaccord Genuity, its partners, affiliated companies, officers or directors, or anyauthoring analyst involved in the preparation of this research has provided services to the relevant issuer forremuneration, other than normal course investment advisory or trade execution services.

7 Canaccord Genuity or one or more of its affiliated companies intend to seek or expect to receive

compensation for Corporate Finance/Investment Banking services from the relevant issuer in the next sixmonths.

8 The authoring analyst, a member of the authoring analysts household, or any individual directly involved inthe preparation of this research, has a long position in the shares or derivatives, or has any other financialinterest in the relevant issuer, the value of which increases as the value of the underlying equity increases.

9 The authoring analyst, a member of the authoring analysts household, or any individual directly involved inthe preparation of this research, has a short position in the shares or derivatives, or has any other financialinterest in the relevant issuer, the value of which increases as the value of the underlying equity decreases.

10 Those persons identified as the author(s) of this research, or any individual involved in the preparation of thisresearch, have purchased/received shares in the relevant issuer prior to a public offering of those shares, andsuch persons name and details are disclosed above.

11 A partner, director, officer, employee or agent of Canaccord Genuity or its affiliated companies, or a memberof his/her household, is an officer, or director, or serves as an advisor or board member of the relevant issuerand/or one of its subsidiaries, and such persons name is disclosed above.

12 As of the month end immediately preceding the date of publication of this research, or the prior month end if

publication is within 10 days following a month end, Canaccord Genuity or its affiliated companies, in theaggregate, beneficially owned 1% or more of any class of the total issued share capital or other commonequity securities of the relevant issuer or held any other financial interests in the relevant issuer which aresignificant in relation to the research (as disclosed above).

13 As of the month end immediately preceding the date of publication of this research, or the prior month end ifpublication is within 10 days following a month end, the relevant issuer owned 1% or more of any class of thetotal issued share capital in Canaccord Genuity or any of its affiliated companies.

14 Other specific disclosures as described above.

Canaccord Genuity is the business name used by certain wholly owned subsidiaries of Canaccord Genuity

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Group Inc., including Canaccord Genuity Inc., Canaccord Genuity Limited, Canaccord Genuity Corp., andCanaccord Genuity (Australia) Limited, an affiliated company that is 50%-owned by Canaccord Genuity GroupInc.

The authoring analysts who are responsible for the preparation of this research are employed by CanaccordGenuity Corp. a Canadian broker-dealer with principal offices located in Vancouver, Calgary, Toronto,

Montreal, or Canaccord Genuity Inc., a US broker-dealer with principal offices located in New York, Boston,San Francisco and Houston, or Canaccord Genuity Limited., a UK broker-dealer with principal offices locatedin London (UK) and Dublin (Ireland), or Canaccord Genuity (Australia) Limited, an Australian broker-dealerwith principal offices located in Sydney and Melbourne.

The authoring analysts who are responsible for the preparation of this research have received (or willreceive) compensation based upon (among other factors) the Corporate Finance/Investment Bankingrevenues and general profits of Canaccord Genuity. However, such authoring analysts have not received, andwill not receive, compensation that is directly based upon or linked to one or more specific CorporateFinance/Investment Banking activities, or to recommendations contained in the research.

Canaccord Genuity and its affiliated companies may have a Corporate Finance/Investment Banking or otherrelationship with the issuer that is the subject of this research and may trade in any of the designatedinvestments mentioned herein either for their own account or the accounts of their customers, in good faithor in the normal course of market making. Accordingly, Canaccord Genuity or their affiliated companies,principals or employees (other than the authoring analyst(s) who prepared this research) may at any timehave a long or short position in any such designated investments, related designated investments or inoptions, futures or other derivative instruments based thereon.

Some regulators require that a firm must establish, implement and make available a policy for managingconflicts of interest arising as a result of publication or distribution of research. This research has beenprepared in accordance with Canaccord Genuitys policy on managing conflicts of interest, and informationbarriers or firewalls have been used where appropriate. Canaccord Genuitys policy is available upon request.

The information contained in this research has been compiled by Canaccord Genuity from sources believed tobe reliable, but (with the exception of the information about Canaccord Genuity) no representation orwarranty, express or implied, is made by Canaccord Genuity, its affiliated companies or any other person asto its fairness, accuracy, completeness or correctness. Canaccord Genuity has not independently verified thefacts, assumptions, and estimates contained herein. All estimates, opinions and other information containedin this research constitute Canaccord Genuitys judgement as of the date of this research, are subject tochange without notice and are provided in good faith but without legal responsibility or liability.

Canaccord Genuitys salespeople, traders, and other professionals may provide oral or written marketcommentary or trading strategies to our clients and our proprietary trading desk that reflect opinions that arecontrary to the opinions expressed in this research. Canaccord Genuitys affiliates, principal trading desk,and investing businesses may make investment decisions that are inconsistent with the recommendations orviews expressed in this research.

This research is provided for information purposes only and does not constitute an offer or solicitation to buyor sell any designated investments discussed herein in any jurisdiction where such offer or solicitation wouldbe prohibited. As a result, the designated investments discussed in this research may not be eligible for salein some jurisdictions. This research is not, and under no circumstances should be construed as, a solicitationto act as a securities broker or dealer in any jurisdiction by any person or company that is not legallypermitted to carry on the business of a securities broker or dealer in that jurisdiction. This material isprepared for general circulation to clients and does not have regard to the investment objectives, financialsituation or particular needs of any particular person. Investors should obtain advice based on their ownindividual circumstances before making an investment decision. To the fullest extent permitted by law, noneof Canaccord Genuity, its affiliated companies or any other person accepts any liability whatsoever for anydirect or consequential loss arising from or relating to any use of the information contained in this research.

For Canadian Residents: This research has been approved by Canaccord Genuity Corp., which accepts sole responsibility for thisresearch and its dissemination in Canada. Canadian clients wishing to effect transactions in any designatedinvestment discussed should do so through a qualified salesperson of Canaccord Genuity Corp. in their

particular province or territory.

For United StatesResidents:

Canaccord Genuity Inc., a US registered broker-dealer, accepts responsibility for this research and itsdissemination in the United States. This research is intended for distribution in the United States only tocertain US institutional investors. US clients wishing to effect transactions in any designated investmentdiscussed should do so through a qualified salesperson of Canaccord Genuity Inc. Analysts employed outsidethe US, as specifically indicated elsewhere in this report, are not registered as research analysts with FINRA.These analysts may not be associated persons of Canaccord Genuity Inc. and therefore may not be subject tothe NASD Rule 2711 and NYSE Rule 472 restrictions on communications with a subject company, publicappearances and trading securities held by a research analyst account.

For United Kingdom and This research is distributed in the United Kingdom and elsewhere Europe, as third party research by

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European Residents: Canaccord Genuity Limited, which is authorized and regulated by the Financial Conduct Authority. Thisresearch is for distribution only to persons who are Eligible Counterparties or Professional Clients only and isexempt from the general restrictions in section 21 of the Financial Services and Markets Act 2000 on thecommunication of invitations or inducements to engage in investment activity on the grounds that it is beingdistributed in the United Kingdom only to persons of a kind described in Article 19(5) (InvestmentProfessionals) and 49(2) (High Net Worth companies, unincorporated associations etc) of the FinancialServices and Markets Act 2000 (Financial Promotion) Order 2005 (as amended). It is not intended to bedistributed or passed on, directly or indirectly, to any other class of persons. This material is not fordistribution in the United Kingdom or elsewhere in Europe to retail clients, as defined under the rules of theFinancial Conduct Authority.

For Jersey, Guernseyand Isle of ManResidents:

This research is sent to you by Canaccord Genuity Wealth (International) Limited (CGWI) for informationpurposes and is not to be construed as a solicitation or an offer to purchase or sell investments or relatedfinancial instruments. This research has been produced by an affiliate of CGWI for circulation to itsinstitutional clients and also CGWI. Its contents have been approved by CGWI and we are providing it to youon the basis that we believe it to be of interest to you. This statement should be read in conjunction with yourclient agreement, CGWI's current terms of business and the other disclosures and disclaimers containedwithin this research. If you are in any doubt, you should consult your financial adviser.CGWI is licensed and regulated by the Guernsey Financial Services Commission, the Jersey Financial ServicesCommission and the Isle of Man Financial Supervision Commission. CGWI is registered in Guernsey and is awholly owned subsidiary of Canaccord Genuity Group Inc.

For AustralianResidents:

This research is distributed in Australia by Canaccord Genuity (Australia) Limited ABN 19 075 071 466holder of AFS Licence No 234666. To the extent that this research contains any advice, this is limited togeneral advice only. Recipients should take into account their own personal circumstances before making aninvestment decision. Clients wishing to effect any transactions in any financial products discussed in theresearch should do so through a qualified representative of Canaccord Genuity (Australia) Limited. CanaccordGenuity Wealth Management is a division of Canaccord Genuity (Australia) Limited.

For SingaporeResidents: This research is distributed pursuant to 32C of the Financial Advisers under an arrangement between each ofthe Canaccord Genuity entities that publish research and Canaccord Genuity Singapore Pte. Ltd who are an

exempt financial adviser under section 23(1)(d) of the Financial Advisers Act. This research is only intendedfor persons who fall within the definition of accredited investor, expert investor or institutional investor asdefined under section 4A of the Securities and Futures Act It is not intended to be distributed or passed on,directly or indirectly, to any other class of persons. Recipients of this report can contact Canaccord GenuitySingapore Pte. Ltd. (Contact Person: Tom Gunnersens tel # is +852 3919 2561) in respect of any mattersarising from, or in connection with, the [analyses or report].

For Hong Kong

Residents:

This research is distributed in Hong Kong by Canaccord Genuity (Hong Kong) Limited who is licensed by theSecurities and Futures Commission. This research is only intended for persons who fall within the definitionof professional investor as defined in the Securities and Futures Ordinance. It is not intended to be distributedor passed on, directly or indirectly, to any other class of persons. Recipients of this report can contactCanaccord Genuity (Hong Kong). Ltd. (Contact Person: Tom Gunnersens tel # is +852 3919 2561) in respectof any matters arising from, or in connection with, the research.Additional information is available on request.Copyright Canaccord Genuity Corp. 2014. Member IIROC/Canadian Investor Protection FundCopyright Canaccord Genuity Limited 2014. Member LSE, authorized and regulated by the FinancialConduct Authority.Copyright Canaccord Genuity Inc. 2014. Member FINRA/SIPC

Copyright Canaccord Genuity (Australia) Limited 2014. Participant of ASX Group, Chi-x Australia and ofthe NSX. Authorized and regulated by ASIC.

All rights reserved. All material presented in this document, unless specifically indicated otherwise, is undercopyright to Canaccord Genuity Corp., Canaccord Genuity Limited, Canaccord Genuity Inc. or CanaccordGenuity Group Inc. None of the material, nor its content, nor any copy of it, may be altered in any way, ortransmitted to or distributed to any other party, without the prior express written permission of the entitieslisted above.

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