U.S. Research April 2016 Please read disclosure/risk information and Analyst Certification beginning on slide 77. Published by Raymond James & Associates.

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U.S. Research April 2016 Please read disclosure/risk information and Analyst Certification beginning on slide 77. Published by Raymond James & Associates Raymond James Energy Group (800) Presentation to Energy Prospectus Group Don’t Worry, Oil Won’t Stay in the $30s Forever © 2016 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida |

© 2013 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida |  No excess oil capacity – first time in 40 years  U.S. has become lowest cost producer for oil & gas –Most underestimate the U.S. efficiency gains –Extraction cost falling rapidly –U.S. oil supply is cheap, resilient, and substantial  U.S. growth displaces offshore/international  Shift has massive geopolitical considerations –Stronger $, U.S. manufacturing wins, trade balances shift, global consumers win Published by Raymond James & Associates U.S. Research © 2016 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida | How has the Oil & Gas World Changed?

© 2013 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida | The Oil Truck Has No Shock Absorbers U.S. Research Published by Raymond James & Associates © 2016 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida |

© 2013 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida | ♦ U.S. $ surging ♦ OPEC flooding the market – (Saudi, Iraq, Iran) ♦ U.S. supply posting huge growth  First time in 40 years ♦ China not a problem (yet), supply is the problem U.S. Research Published by Raymond James & Associates U.S. Research © 2016 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida | Why Have Global Oil & Gas Prices Collapsed?

© 2013 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida | U.S. Research Published by Raymond James & Associates U.S. Research © 2016 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida | Problem #1: Saudi Production Surging

© 2013 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida | U.S. Research Published by Raymond James & Associates U.S. Research © 2016 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida | Problem #2: Iran Returns to Market

© 2013 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida | U.S. Research Published by Raymond James & Associates U.S. Research © 2016 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida | Problem #3: Iraq’s Mysterious Production Surge

© 2013 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida | Efficiency Gains are Driving Growth U.S. Research Published by Raymond James & Associates U.S. Research © 2016 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida |

© 2013 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida | U.S. Supply Down in 2016, Rebound Big by U.S. Research Published by Raymond James & Associates U.S. Research © 2016 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida | U.S. Rigs Y/Y U.S. Oil Supply

© 2013 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida | U.S. Oil Supply Bottoms in Late U.S. Research Published by Raymond James & Associates U.S. Research © 2016 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida | Estimates * Assuming 500 Average U.S. Rigs in 2016

© 2013 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida | OIL DEMAND IS NOT THE PROBLEM 11 U.S. Research Published by Raymond James & Associates U.S. Research © 2016 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida |

© 2013 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida | U.S. Research Published by Raymond James & Associates U.S. Research © 2016 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida | Yes, Long-Term Efficiency Trends Are Real

© 2013 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida | U.S. Research Published by Raymond James & Associates U.S. Research Source: IEA, Raymond James Research © 2016 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida | Oil Demand Recovering From Crisis & $100 Oil

© 2013 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida | U.S. Research Published by Raymond James & Associates U.S. Research © 2016 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida | Cheap Gasoline is Slowing U.S. Efficiency Trend

© 2013 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida | Driving Trends Are Changing Why the Stagnation? -Urbanization? -Demographics? -Low Employment? -High Gasoline Prices? -Internet? U.S. Research Published by Raymond James & Associates U.S. Research © 2016 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida |

© 2013 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida | So, U.S. Gasoline Demand Is Responding! Published by Raymond James & Associates U.S. Research © 2016 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida | What ?

© 2013 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida | China Problem Overstated ! U.S. Research Published by Raymond James & Associates U.S. Research © 2016 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida |

© 2013 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida | U.S. Research Published by Raymond James & Associates U.S. Research © 2016 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida | We Think Global Oil Demand is Stout!

© 2013 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida | U.S. Research Published by Raymond James & Associates U.S. Research © 2016 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida | Where Does That Leave Our Global Oil Model? (Assumes No Additional Interruptions)

© 2013 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida | U.S. Research Published by Raymond James & Associates U.S. Research © 2016 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida | When Will Oil Prices Improve? Source: IEA, Raymond James Estimates

© 2013 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida | U.S. Research Published by Raymond James & Associates © 2016 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida | Our Oil Price Outlook 21

© 2013 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida | Bearish: Will We Run Out of Storage Capacity? Will U.S. Efficiency Gains Continue? Does Saudi Have More Capacity? Hyperbolic U.S. $ Risk? Bullish: Will OPEC Cut? Will Non-US, Non-OPEC Supply Fall More/Sooner? Middle East Production Risk Still Exists! U.S. Research Published by Raymond James & Associates © 2016 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida | Where Could We Be Wrong on Oil? 22

© 2013 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida | U.S. Research Published by Raymond James & Associates Non-OPEC, Non-U.S. Oil Supply Big Wildcard! © 2016 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida | Source: IEA, Raymond James Research

© 2013 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida | Global Capex Down 30+% Two Years in a Row U.S. Research Published by Raymond James & Associates U.S. Research © 2016 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida | Source: IEA, Raymond James Research

© 2013 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida | ♦ Oil prices ugly in 2015/16, better in 2017/18 ♦ U.S. can find a lot of $60-$70 ♦ U.S. rig activity down 2016, surges in 2017/18 ♦ Oil Market Wildcards U.S. Research Published by Raymond James & Associates © 2016 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida | Conclusion 25

© 2016 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida |

© 2016 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida |

© 2016 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida |

© 2016 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved. International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida |