er Secondaries (announced/priced): ACHN, IVR, PSEC, FSC IPO's: N/A Key Research: GS cautious on MU, RBC upgrades ARE/BXP/DRE & downgrades BDN/PDM, Wunderlich upgrades SPWRA Key Research: DB upgrades BIIB (buy), KBW downgrades PNC & initiates WY (op), Piper upgrades WSO Key Research: JPM initiates CRM (

UNS (buy), Bofa downgrades WRB Key Research: Piper upgrades URBN/WTSLA/ZUM2, Baird upgrades FMO & initiates JMF, Opco upgrades BRCM Key Research: Wunderlich downgrades CVLT & upgrades CMO, CS upgrades AXA, Kaufman reinstates EBAY (buy) Key Research: Cowen lowers estimates NVDA, Susquehanna raises target

tracts per day. Secondaries/Blocks (announced/priced): RBCN, CDR, RSE, KGX GY IPO's: City Office REIT (OFFC) files for $115M IPO through Janney and Wunderlich US Key Research: Bofa upgrades IART & cuts TCS, Barcap cuts HUMIMGLN, Berenberg cuts VECO • BMO downgrades LLY, BTIG initiates BSX/ELGX/STJ (buy)

ates SAVE/NMM/ALGT (op's), RBC upgrades Key Research: CRT initiates HII (buy) and MRCY/LLL/RTN/AVAV (fairly GD/LMT/NOC/IRBT (sell's) Key Research: Wunderlich downgrades UBNT, Sterne Agee initiates ANF WWW Key Research: PSX (neut) Key Research: MAS, Canaccord cuts PLX valued) and (neut), Jeff upgrade

) and SGNT (neut), Brean Murray upgrades NJR (buy), Davenport initiates LL (neut) Key Research: Evercore upgrades NOK, Stifel initiates AYI (hold), Wunderlich upgrades XXIA (buy) & downgrades IBKC Key Research: GS downgrades LL & upgrades WR, UBS initiates SAM (neut) & assumes OKS (neut), CLSA upgrades D

Key Research: Jefferies upgrades CNOOC (883 HK), Stifel initiates BX (buy), Nomura upgrades GPN (buy) Key initiates WIRE (hold), Piper initiates Wunderlich downgrades FSLR (sell), Reporting Pre-Open: ABT, APH, BK, BLK, DGX, HAL, HBAN, PNC, STJ, TXT, ASML, BLX, CTBI, FCFS, FRC, JAKK, MEG, MIICF, NYB, PI

p), DB upgrades ABT (buy), Evercore upgrades NVDA JPM downgrades RDC & upgrades ESV and COF (buy) & downgrades Euro Mining Opco initiates YUM (op), Wunderlich downgrade CFR, Piper upgrades DWA UBS downgrades DSV DC & initiates EPAM (buy) & upgrades NUE/STLD (buy's) Enskilda downgrades HMB SS, HSBC downgra

esearch: Picks Live Key Research: Key Research: Jeff downgrades PMCS & initiates CMCSA/DTV/TWC (buy's) and CHTR/CVC/DISH Wedbush downgrades LNN, Wunderlich downgrades PMCS, CS downgrades CBI Swedbank downgrades ESV, Axiom initiates X (seil), Citi removes CVC from Top DB upgrades AF FP & downgrades STL

op's), GS downgrades Russian Oil sector Key Research: GS upgrades KBR (conviction buy) & initiates MSI (buy) & downgrades IM, Wells upgrades CR20, Wunderlich downgrades RIMM Key Research: Moke initiates LOGM & ZIXI (op's), MS upgrades CRM, Opco initiates AIS (op), Bofa resumes THC (neutral) Key Research

C Capital Markets FBR 12,000,000 Shares American Farmland Company Common Stock I'cr ',hart Taal $ Janney Montgomery Scott Oppenheimer & Co. Wunderlich CU CU .= I— .0 The dale of this pospecto 2015 CONFIDENTIAL - PURSUANT TO FED. R CRIM P 6(e) DB-SDNY-0085554 CONFIDENTIAL SDNY_GM_00231738 E