RESEARCH QUARTERLY RESEARCH REPORT | 3Q | 2015 Kyle Brandon Managing Director, Director of Research Sharon Sung – Assistant Vice President, Research Justyna Podziemska – Senior Associate, Research Sheeba Ogirala – Intern, Research SIFMA RESEARCH General Research Contact: research@sifma.org Joseph Cox – Assistant Vice President, Capital Markets Craig Griffith – Assistant Vice President, Capital Markets SIFMA CAPITAL MARKETS 22 .